The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
~Jr€Q$>
H I
là
V.
M
IM
PnOIW 5030
JUN Î 4 1972
TREASURY DEPARTMENT
* '
•.r.
,
S -.
7/ r,
FOR IMMEDIATE RELEASE,
October 8f 19k6
}
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President1s proclamation
of May 28, 1941, as modified by the Presidentfs proclamations of April 13, 194',
and Aprfil 29, 1943, for the 12 months commencing May 29, 194$, as follows:
Wheat
Country
of
Origin
Established
Quota
(Bushels)
Canada
795,000
a
China
Hungary
dP?\y •
Hong Kong
Japan
; A100
United Kingdom
Australia
100
Germany
Syria
100
Hew Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
1,000
France 1
Greece
100
Mexi co
Panama
Uruguay
.:—
A
Poland and Danzig
—
Sweden
Yugoslavia
Norway
—
Canary Islands
1,000
Rumania
100
Guat emala
\
100
3razil
Union of Soviet
Socialist Republics
1Q0
100
Belgium
800,000
:
Imports
jMay 29, 194^, to
$«pt. 28, 19k6
"\(3ushela)
221
—
*“ 'm
A
_
'
-
—
-,
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
Established :
Quota
: May 29, 1946
: to Sept* 28«
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
p;
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
. A
-
U79,279
2ii0
■— ■
/ 4
^
~
;H
- ,
**
mm
839
■.■ |'
*•
-
—
—
mm
*■
—
' -
—
iil
-oO o-
4,000,000
—
'
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, October 8, 1946
Press Service
No, S-107
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the Import quotas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943* for the 12 months commencing May 29, 1946, as follows:
Country
of
Origin
Wheat flour, semolina,
crushed or cracked
Wheat
wheat, and similar
wheat products
Established :
Imports
Imports
Established:
Quota
Quota
: May 29, 1946,
;May 29, 1946, to
: Sept,. 28, 1946
:t o Sept* 28, 1946
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
Japan
—
United Kingdom
. 100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
France
1,000
Greece
Mexico
100
Panama
Uruguay
mm
Poland and Danzig
—
Sweden
,—
Yugoslavia
Norway
—
Canary Islands
—
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
800,000
(Bushels)
(Pounds)
(Pounds)
221
3,815,000
24,000
13,000
479,279
13 , 0 0 0
240
—
—
—
«T
«i.
ym
—
mm
mm
mm
mm
mm
mm
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
l'ooo
1,000
I'OOO
1, 000
839
mm
221
-oOo-
4,000,000
4.80,358
||sl|p|||^|i|i:\ ’$;:
.43*; ' I»-'. -S':W M ■
-‘:' '
-
2
-
As presently stored, the sliver Is mostly In the form
of slabs cut from bus bar sections, the slabs being 8 to 12
Inches wide, approximately half an Inch thick, and two to six
feet long.
The two Mints and the Assay Office will recast
it Into either coinage Ingots or commercial bars.
About 138 tons of the silver will be recovered from
large electrical transformers, In which It was used In place
of copper as winding material.
In most of the war plants, silver loss or damage
apparently was negligible.
In some Instances there was loss
from such causes as oxidation, melting, or the effects of
acid.
Preliminary estimates are that the total loss will be
but a small percentage of the total weight of 474,194,634
fine troy ounces originally delivered to the plants.
The war plant silver is carried on the Treasury’s books
at a total value of about $551,000,000.
Most of It Is
*
"monetized
sliver,, valued at $1.29 per ounce.
Approximately 14,000 tons of Treasury silver remains on loan
no the War Department. It was 'borrowed for electrical
conductor use in the atomic “bomb project plant at Oak Ridge,
?enn*
o-
m
is t
¡iiwcr
.^■^l^uwmffaQtS^WSWE&S^SSStf^S^p
proposed
rnEOo n m a a s B -
7
Arrangements have b e e n completed by the Treasury and
the Office of Defense Plants, Reconstruction Finance
Corporation, for the return to the Treasury of approximately
16,300 tons of sliver borrowed in 1942 for use In RFC war
plants, Secieslazy anydwr announced today.
The silver was borrowed by the Defense Plant Corpora
tion (now the Office of Defense Plants, RFC) for Installation
in war plants In the form of electrical conductors, chiefly
heavy duty conductors known as bus bars.
The Installations
were made in 13 plants located in 11 States.
The plants were
engaged in the production of scarce metals such as aluminum
and magnesium.
In Its bus bar role the silver replaced copper, and its
use released an equivalent amount of copper for other vital
war purposes.
; *
Since the closing down of the war plants the silver has
been In storage, under the protection of RFC guards.
The
storage points are scattered from coast to coast.
The RFC will deliver the silver to the United States
Mints at Denver and Philadelphia and the Assay Office in
New York City.
TREASURY DEPARTMENT
Washington
POP RELEASE, MORNING NEWS PA PERS
kiursday, October 10, 1946
Press Service
No. S-108
Arrangements have been completed by the Treasury and the
Office of Defense Plants, Reconstruction Finance Corporation!
ior the return to the .treasury of approximately 16,300 tons of
silver borrowed in 1948 for use in RFC war plants, the Treasury
Department announced today.
J
,
* » ' * » j * * was borrowed by the Defense Plant Corporation
(now the Office of Defense Plants, RFC) for installation in
war plants in the form of electrical conductors, chiefly heavy
duty conductors known as bus bars.' The installations were
made in 13 plants located in 11 States.
The plants were en
gaged in the production of scarce metals such as aluminum and
magnesium,
•
‘
u
In its bus bar role the silver replaced copper, and its
use released an equivalent amount of copper for other vital
war purposes.
**
■u.
Since the closing down of the war plants the silver has
St?r?S e ' under the protection of RFC guards.
The
storage points are scattered from coast to coast.
The
Will deliver the silver to the United States Mints
City6nVer Snd PhiiadelPhla and
Assay Office in New York
s l a b s ^ m s ^ o r e d » t he s i l v e r i s m o s t ly in th e form o f
:
c u t from b u e b a r s e c t i o n s , t h e s l a b s b e in g 8 to 12 in c h e s
I o n ! ’ aThp0i linai® 1? h a l f' Sn ln c h t h i c k > and two to s i x ' f e e t
I???*
i n L M 0 ? t n t f and fche A s s a ? O f f i c e w i l l r e c a s t i t i n t o
t h e r c o in a g e in g o t s o r co m m e rcia l b a r s .
e le c t r i'c p !* f S h nS ° f t h ? s l l v e r w111 b e r e c o v e r e d from l a r g e
n a n s fo r m e r s , i n w h ich i t was u se d in p la c e o f c o p per as w in d in g m a t e r i a l ,
:
y
was n e g l i g i b l e f
War ^}an^8^ s i l v e r l o s s o r damage a p p a r e n t ly
ca u se s as o x l d « t J
some i n s t a n c e s t h e r e was l o s s fro m su ch
n a rv
° * N a t i o n , m e l t i n g , o r th e e f f e c t s o f a c i d .
P r e lim ic “n t a l ! t n ?!
nth a t th e t o t a l l o s s w i l l be b u t a s m a ll p e r S S S S ili
^ 7
0 f 4 7 4 . 1 9 4 ,6 3 4 f i n e t r o y o u n ces
£ ; ? i e a ol ffi M
i t o , th a P,l a n t s - T h® wan p la n t s i l v e r i s
f55i%o ! o oo!e l Z t o 7 n i°s°"s
at a totalsilver,
value valued
of about
monetized”
at
1 1 .8 9 per ounce..
loan to the
conductor use
Tennessee
''
14,00° tons of Treasury silver remains on
^
* It was borrowed for electrical
^
atomic bomb project plant at Oak Ridge,
ALBM
- 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.
slphac
-
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
October 17. 19li6
* Wc
The income derived from Treasury bills, yrhether 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 115> of
the Revenue Act of 19hl, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
I M
TREASURY DEPARTMENT
Washington
j
^
^
FOR RELEASE, MORNING NEWSPAPERS,
Friday, October 11, I 9 k 6 _____ |
The Secretary of the Treasury, by this public notice, invites tenders for
$ lfIQOjOTpjnon i or thereabouts, of
-day Treasury bills, to be issued
on a discount basis under competitive and-fixed-price bidding as hereinafter
provided.
The bills of this series vdll be dated
will mature
out interest.
October
and
January 16, 19it7____ * when the face amount vdll be payable withThey trill be issued in bearer form only, and in denominations
Tenders vd.ll be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, October lU, 19H6
5§t5c
Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of ¡$1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e. g., 9 9 .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 vdll 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, October 11, 1946
'
£ress Service
N o , S-109
The Secretary of the Treasury, by this public notice, invites
tenders for $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and
fixed-price bidding as hereinafter provided.
The bills of this
series will be dated October 17, 1946, and will mature January 16,
1947, 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 1clock p fm., Eastern Stan
dard time, Monday, October 14, 1946.
Tenders will not be
received at the Treasury Department, Washington.- EaOh 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 a n d <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 October .17,'1946.
The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss ¡from the.sale or
other disposition of Treasury bills shall not have any special
2
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 b e ’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 author
ity, 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 bo so; .a. redeemed or.otherwide.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 pur
chase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular Ho, 418, as amended, and this
notice,' prescribe the »terms of the Treasury bills and governthe conditions of their issue. Copies of the circular may be
obtained from any Federal Reserve Bank or Branch*-
oOo
BIOGRAPHICAL SKETCH
Lester, Wilbur R#
Born December 9# 1915» Para, Henry County, Illinois
Barents - Rufus.Lester and flattie Brown Lester
Attended rural grade school 1921-1928
Attended Kewaneo High School 1928-1952
Attended Monmouth College, Illinois, 1952*1956
Received A*B* Degree
Attended Northwestern University Law School
1956-1959» Received J.D. Degree
Attended Harvard Law School, 1939-19Î4.O
Received U.M» Degree
Legal Assistant to Judge Fred 1« Vinson, U, s«
Court of Appeals, District of Columbia,
September 19LO through September 19L2
Attorney, Department of Justice, October 19l{2 through
May Í9L5
Attorney Consultant, Office of Economic Stabilization,
June 19L5 through February 19L5
Assistant to the Administrator, Federal Loan Agency,
March 19L5
Special Assistant to the Director,of War Mobilization
and Reconversion, April 19L5 through July 22, 19L5 .
Assistant to the Secretary of the Treasury, from
(Member of the following fraternities:
Delta Theta Rii (legal){ Theta Chi (social)}
P i Kappa Delta (forensic); a n d National
Collegiate Players (dramatic).
o ffic ia lly
commended t h e ^ v a l u a b l e
d e r e d b y M r,
an d e f f i c i e n t
s e r v i c e ” ren
L e s t e r w h ile a s s o c i a t e d w it h t h e T r e a s u r y
D e p a r tm e n t .
,M r. an d M r s .
L e s t e r an d
so n , B yron ,
P r e s id e n t i a l G ard en s , A le x a n d r ia , V i r g i n i a .
.
r e s id e a t
RELEASE
S e c r e t a r y S n y d er to d a y an n oun ced th e r e s ig n a t io n o f
R*
W ilb u r f e
L e s t e r , who h a s s e r v e d a s A s s i s t a n t t o t h e S e c r e t a r y
o f th e T re a su ry s in c e J u l y
23» 19^5*
M r. L e s t e r w i l l e n -
g a g e i n t h e p r a c t i c e o f la w i n W a s h in g t o n , D .
th e fir m o f C o v in g to n , B u r lin g ,
S h o r b , w it h o f f i c e s
C c# a a s * * »wcw-
R u b le e , A c h e s o n an d
t h e U n io n £m*k B u i l d i n g *
in
l i n a t i v e o f I l l i n o i s , M r. L e s t e r r e c e i v e d
h ip edu-
c a t i o n a t M onmouth C o l l e g e , N o r t h w e s t e r n U n i v e r s i t y ,
Law S c h o o l , h a v i n g &
u n iv e r s it y in
earn ed h is
LL.M *
an d Harvardj
d e g r e e fro m t h e l a t t e r
19^-0.
^ I n S e p t e m b e r , 1 9 ^ 0 , M r. L e s t e r w as a p p o in t e d l e g a l a s
s is ta n t
to J u d g e F r e d M. V i n s o n , U .
o f C o lu m b ia ,
S.
C o u r t o f A p p e a l s , D istri^
s e r v i n g i n t h a t c a p a c i t y u n t i l t h e f a l l o f 1 9 ^2 ,
when he w ent t o
t h e D e p a r tm e n t o f J u s t i c e
a s an a t t o r n e y .
Fronftday^ 1 9 ^ 3 ,
gbo
A c j Z ' Z ^ j h i J for*
íaentusiaj
Si £?i&r*S*.
¿ ^ a tto r n e y c o n s u lt a n t in th e O f f i c e
i6
o f E c o n o m ie S t a b i l i z a t i o n ;
M M E S # a s s i s t a n t t o t h e A d m i n i s t r a t o r o f t h e F e d e r a l Loan
A gency;
s p e c ia l a s s is t a n t
t o t h e D i r e c t o r o f War M o b i l i z a t i o n
a n d R e c o n v e r s io n , an d A s s i s t a n t t o t h e S e c r e t a r y o f t h e
T reasu ry.
In a c c e p t in g h is r e s ig n a t io n ,
fp
S e c re ta ry
Snyder
TREASURY DEPARTMENT
W a s h in g to n
FOR IMM E D I A T E R E L E A S E
Friday, O c t o b e r 11, 1946
Press Service
No, S - 110
S e c r e t a r y S n y d e r today a n n o u n c e d the r e s i g n a t i o n of
W i l b u r R. Lester, w h o has served as A s s i s t a n t to the S e c r e t a r y
of the T r e a s u r y since July 23, 1945.
Mr. L e s t e r will engage
in the p r a ctice of law in Washington, D. C.
He wil l be a s s o c i
ated w i t h the f i r m of Covington, Bu r ling, Burlee, A c h e s o n and
Shorb, w i t h offices in the U n i o n T r ust Bu i l d i n g .
A nati v e of Illinois, M r. L e s t e r r e c e i v e d his e d u c a t i o n
at M o n m o u t h College, N o r t h w e s t e r n U n i v e r s i t y L a w School, and
H a r vard L aw School, h a v i n g earned his LL.M. d e g r e e f r o m the
latter u n i v e r s i t y in 1940.
In S e p t e m b e r 1940, Mr, L e s t e r was a p p o i n t e d legal
a s s i s t a n t to Judge Fred M. Vinson, U. S. C o urt of Appeals,
D i s trict of Columbia, serving in that c a p acity u n til the
fall of 1942, w h e n he w e n t to the D e p a r t m e n t of Justice as
an attorney.
From June 194 3 to the present, Mr. L e s t e r has held the
f o l lowing G o v e r n m e n t positions:
A t t o r n e y Consultant in the
Office o f E c o n o m i c S t a b i l i z a t i o n ;
A s s i s t a n t to the .Adminis
trator of the Federal L oan Agency;
S p e cial A s s i s t a n t to the
Director of W a r M o b i l i z a t i o n a n d R e c o n version, and A s s i s t a n t
to the Se c r e t a r y of the Treasury.
In a c c e p t i n g his resignation, S e c r e t a r y S n y d e r o f f i c i a l l y
commended the "very valuable and e f f i c i e n t s e r v i c e ” rendered b y
Mr. Lester w h ile ass o c i a t e d w i t h the T r e a s u r y D e p a r tment,
Mr. and Mrs. L e s t e r a n d son, Byron,
Gardens,
Alexandria,
Virginia.
oOo
reside at P r e s i d e n t i a l
S ' i / i
October 9, 1946
TO ME* BARTILTi
The following market transactions were mad© during the month
of September, 1946, in direct and guaranteed securities of the
Government for Treasury Investment and other accounts%
Sales *****•*»»**••«••••**•* $74f053,450
Purchases «•••••••**••••••••
none
Met sales •*«**••****»* $74,053,450
(Sad) Joeegfe (teeenfcerg
Joseph Greenberg
Assistant Commissioner of Accounts
CC to: Mr. Heffelfinger
Mr. Shaeffer
Miss Sanford
HN&ud
TREASURY
DEPARTMENT'■■■'■'
y
'V
•
.
Washington
FOR IMMEDIATE RELEASE
Monday,,, October-14»; 19,4(5*.
Press Service
No* S-111
During the month of September, 1946, market transactions in
direct and guaranteed securities of the Government for Treasuryinvestment and other accounts resulted in net salés of
$7 4 ?0 5 3 ,450, Secretary Snyder announced today*
0O0
FOREIGN FUNDS CONTROL
Miss Bell, FFC, has original with
Mr# Snyder^s initials
f r m m Soroiae
M . S.-112
GWaite
■S
Cbroem Im
Im h i
p§ bloaked «oeonato w
ay be jo-
m&xr* o f § « m l I4o»aoe 3«« f 9*
bong» «if letters k l «
ek ftaboooy «eetissg
m
the
behalf of
lm lo 7 Sirdar tiillir to
be iiefroetiag of the e&a&triea
Copies of the letter warn wmil~
of 800 Terkp Chicago m i &m
10/7/46
From:..... Mi.'Jit.
(Room)
4
0 '
O fL/'
n#'
Hliselliebb
9/ M A *
deetgaated tbo Busk of <5reoee
s
nm & m m * m p a s/p m e m
wm m m m , m m m
Tuesday. October .15,. X9¿6 ....
P r e m Servios
S©. S -112
&apte mmmmosá today t e t Greece t e t e *
added %m t e lie t e f emateritm « te e blocked account* m y be * * -
immé trate m k eertiftette procedure «T t e m i I t e m Se« 95
m e eeticm m e t e t e a fter mi meste»» a* le t t e » te m e » t e
t e r g e b i f f a t e * %.i«* «f t e O r t e l a t e a y t e i m
te M
Ä
t e a l f «df
t e le t r y «£ Finance t e t e r e t e y isqrte »telle r te
tee» mitte le emetelm «itli te tetteleg df te mteriee
prmrteely m e» t i t e ite m « Coclee af t e le tte ere «mH«
t e e et t e t e m i t e e i u t e e f t e Ieri» C&taaeo t e t e
temeieee*
thè Ortet tegamate te telgmted te Beale ef Or»te
«* ite eerfcifytag »getti*
L
1
M teiliebb
9/20/46
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, October 15, 1946
Press Service
No. S-112
Secretary Snyder announced today that Greece 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
Charge d TAffaires a.i,, of the Greek Embassy acting on behalf
of the Greek Ministry of Finance and Secretary Snyder similar
to those written in connection with the defrosting of the
countries previously named in the license.
Copies of the letter
are available at the Federal Reserve Banks of New York, Chicago
and San Francisco.
The Greek Government» has designated the Bank of Greece as
its certifying agent-.
0 O0
your
influence
corm t)unitiesf
you to
in w id e s p r e a d
I know
I can
a g a in work w ith us
renewed bond d rive
-•
I
co u n t on
I
in t h i s
I
particu larly
I
in p r o m o tin g th e p a y r o l l s a v i n g s p la n .I
o
stab ility
of our N ation.
The exp erien ce
period,
o f th e war
and th e p e rio d
that
!
lies
betw een V J Day and th e
present hour,
has taught the Treasury
Departm ent
that
on you r
it can alw ays r e ly
for
fin e,
the
good deeds of the
your
cooperation.
For
p a s t , and fo r
continuing e ffo r ts
I again
the
effective
group
in th e
future,
e x t e n d my p e r s o n a l t h a n k s anti
thanks of~your
governm ent*
in y o u r own p l a n t s ,
business con nections,
through your
and th ro u g h
*►
against
19
in flation ,
m aintain
the
*
is h e lp in g to
a w idespread ow nership of
public debt.
to do b e t t e r .
N aturally,
We w a n t t o
sm all bond sa le s —
and more o f th o se
w hich
and
count
to b rin g
hard-to-get
to buy *
the fu tu re
in dividu al,
in m ore
d ollars,
is a good
and you are doin g a favo r
to
increase
the m ost*
The E bond
you urge
we w ant
to
the one
You are con trib u tin g
w ell-bein g of
the
and to the econom ic
'■**
Series
16
£ savin gs bonds,
p ayab le
dem and, g iv e s p ro te ctio n ,
on
so fa r
as
it can be p ro vid ed
fin a n cia lly,
a ga in st m isfortu n e
in w h a t e v e r fo rm
i t may s t r i k e *
greater
person has
p e a c e o f m in d when he know s
th a t he h a s,
a reserve.
that
Every
or
is a c cu m u la tin g ,
Every
su rv e y h a s show n
th e m o st com m on r e a s o n
b u yin g sa v in g s bonds
p ro vid e
such
fo r a rain y
given
is s t i l l ,
for
” to
d a y .”
B u t s a v in g s b o n d s p r o v id e m ore
than
s e c u r ity ; they
also
p ro vid e
A sharp
decrease,
be expected
after
of course,
was to
th e end o f th e w ar,
I
im p ortan t ca u se s
I
But t h e r e a r e a l s o
w h ich yo u can do so m eth in g a b o u t*
m ajor one
is lab o r tu rn over*
A
I
W hen a
I
man c h a n g e s jo b s ,
h is o ld
sa v in gs allo tm en t
is a u to m a tic a lly
can celled *
p a yro ll
It req u ires a co n scio u s
effo rt •*
and o fte n
jo b
g e t him b a ck on the
to
a rea l sa le s
s a v in g s p la n a t flit new p la c e
em p lo ym en t*
T h is
p a yro ll
of
is one o f th e ways
m onth o n ly
soul® t y p e
if
they p a r tic ip a te
of re g u la r savin gs
The p a y ro ll savin gs
p lan
in
p lan .
p ro vid es
t h e m o s t c o n v e n i e n t tim thod o f b u y in g
savin gs bonds «• and,
assures th eir
purchase
in a d d i t i o n ,
in a d v a n c e o f
e x p e n d itu r e s on co n su m ers9 go o d s.
I th in k
in terested
th at you w ill be
in som e o f th e r e s u l t s
an a n a ly s is w h ich we h ave made o f
the
present
savin gs
status
p lan .
of the
p a yro ll
T otal p a rticip a tio n
of
than
But
I sh o u ld
the
fin e
sa le s
up,
h igh
fo r
sa le s
part,
by
o f $ 1 ,0 0 0
£ bonds —
w h ich are
the m ost p a rt,
in st itu t io n al
by
in v e s to r s and by
in d iv id u a ls w ith
Sales
in l a r g e
been h elp ed by the
d en om in atio n
bought,
go fu r th e r
o f S e r ie s F and Q b ond s.
It has a lso
co n tin u ed
to
o v e r - a ll r e c o r d , w h ich
has been b u ilt
h igh
lik e
h igh
in co m es.
o f sm a lle r d en om in ation
bonds have fa lle n
o f f m ore th an th e
9
as fo r a l l se rie s«
Cash s a le s of
E bonds during the f i r s t nine months
lL
¿p
& i> £ h
o f the year amounted to 3^,5 ¿ U i + e o .
dosHaFs, and f e l l short of
/
1
4ja0|o® ^
redemptions by about#800, flmMMBn
i‘Mkmt**. — a record which I consider
remarkably good» e s p e c ia lly in view
of the period which m have been
through, and o f the p r e d ic tio n s ,
which a l l of you heard, about the
flo o d of savings bond redemptions
which would fo llo w the end o f the
continue
to
to m aintain
take*
plenty
our saving®
The o v e r -a ll record
bond sale®
good*
o f h ard work
bond record*
of savings
and red em p tions
Cash
sales
savin gs bonds
m onths o f th is
of a ll
series
in t h e f i r s t
year
is very
of
nine
am ounted t e t y »
, and exceeded
,
red em p tion s by about|900J
dmMr&'Po .
record
epO/P60
For £ bonds only,
is a lso
the
go o d ; but not as good
6
m aking p o s s ib le
the
retirem ent
of
a d d itio n a l am ounts o f b a n k -h eld
As you know,
needs
the
debt#
Sovernraent no lo n g e r
the net proceed® of sa vin gs
bond sa le s
to
help fin a n ce
The acco u n ts of
the U nited S ta te s
now m ore th an b a la n c e d
basis#
a d eficit.
are
on a ca sh
Every a d d itio n a l d o lla r w hich
we r a is e
by the
sale
of sa v in gs bonds,
therefore,
makes p o ssib le
retirem ent
of another d o lla r
bank-held
debt.
the
of
5
the
p r e s e n t > when
contribute
to
the
to
fu ture,
m aintain
fu ll
it w ould
in flation ary
when
pressures,
it w ill
help to
em ploym ent*
B u y in g b o n d s now
is lik e
storing
up th e w a te rs o f a s p r in g fr e s h e t
behind
an
irrigation
dam; so
in stea d o f w ashing out
that,
the bare
plow ed f i e l d s
in t h e s p r i n g t i m e ,
w i l l make th e
field s
even
summer
greener*
The purchase
also
of the
they
help s
of
to com bat
savings bonds
in flation
by
2
*
w hich arc co n tin u in g
savings
plan s.
expense to
are
active
O ften
at considerable
them selves,
these
perform ing a p a tr io tic
and,
their
at
the
p ayroll
same tim e ,
are
concerns
service
doing
em ployees a r e a l fa v o r .
The T r e a s u r y D e p a rtm e n t h a s tw o
m ain o b je c t i v e s
in p r o m o tin g th e s a le
of savings bonds.
continue
and,
if
The fi r s t
p ossible,
th e w ide d is t r ib u t io n
ow nership
of the
doing t h is ,
is to
to fu rth er
in t h e
pu blic debt.
we m a in t a in
an
In
im portant
j
The savings bond program of the
Treasury Department is very c lo se to
j
my h e a r t ,
]
i t is a program that I am
always happy to d is c u s s .
But,
first,
1
I want to express
■
my sincere appreciation of what you
I
people and the organization s which
1
you represent are doing to forward
I
t h i s program, and to thank the
I
business concerns of t h i s community
1
•f
>
(The fo llo w in g luncheon address by S e c re ta ry Snyder a t a
Savings Bond r a l l y sponsored by the Fed eral Reserve Bank
o f S t* L o u is , Mo*, fo r the in d u s t r ia l workers o f th a t c i t y ,
i s scheduled f o r d e liv e r y a t the S t a t l e r H o te l, S t* L o u is ,
a t 1*30 P .M*» GJ3* T . O c t o b e r
1946» * and i s fo r re le a se
a t th a t tim e/)
FQR RELEASE, 1.30 P .M ., C .S.T «
" October 23. 194-6.
Press S e rv ice
No. S ~ // 3
TREASURY DEPARTMENT
Washington
FOR RELEASE, Is 30 P.M., C.S*T.
Wednesday, October 23, 1946 __
Press Service
Ro# S-U3
(The following luncheon address by Secretary Snyder
at a Savings Bond rally sponsored by the Federal
Reserve Bank of St« Louis, Mo*, for the industrial
workers of that city, is scheduled for delivery
at the Statler Hotel, St. Louis, at 1 ; 3 0 P.M.,
C.S.T., Wednesday, October 23, 1946, and is for
release at that time.)
The savings bond program of the Treasury Department is
very close to my heart*
It is a program that I am always
happy to discuss.
But, first, I want to express my sincere appreciation of
what you people and^the organizations which you represent are
doing to forward this program, and to thank the business con
cerns of this community which are continuing active payroll
savings plans*
Often at considerable expense to themselves,
these concerns are performing a patriotic service and, at the
same time, are doing their employees a real favor.
The Treasury Department has two main objectives in pro
moting the sale of savings bonds*
The first is to continue
and, if possible, to further the wide distribution in the
ownership of the public debt*
In doing this, we maintain an
important element of stability in our economy*
We all have many ties linking us with our country. We
are citizens and we are taxpayers*
Most of us are voters*
Many of us have fought as soldiers* When we are also bond
holders it adds ^another strong, enduring tie to those already
®x;j;Sting* ^It gives us another common interest.
It makes for
better citizenship and for a more thoughtful consideration of
national^problems * Keeping the ownership of the public debt
Sir distributed is, therefore, one of the major objectives
01 the savings bond program.
The second major objective of the savings bond program is
o aid m combating inflation.
It does this by drawing pur
chasing ^power off the market at a time when goods are scarce saving^it for a time when they will be abundant*
The purchase
01
bonds defers spending from the present, when it
would contribute to inflationary pressures, to the future,
when it will help to maintain full employment*
2
Buying bonds now is like storing up the waters of a spring"
freshet behind an irrigation dam; so that, instead of washing
out the bare plowed fields in the springtime, they will make
the fields of the summer even greener.
The purchase of savings bonds also helps to combat infla
tion by making possible the retirement of additional amounts
of bank-held debt, As you know, the Government no longer
needs the net proceeds of savings bond sales to help finance
a deficit.
The accounts of the United States are now more
than balanced on a cash basis,
Every additional dollar which
we raise by the sale of savings bonds, therefore, makes pos
sible the retirement of another dollar of bank-held debt.
These, then, are the two primary objectives of the savings
bond programs
to maintain a widespread distribution of the
public debt, and to aid in our fight against inflation.
Some
dollars, I think you will agree, are much more important than
others in attaining these objectives; and, almost without
exception, it is the hard-to-get money which is the most
important.
That is why we need salesmen and sales promotion.
That is why it is taking, and why it will continue to take,
plenty of hard work to maintain our savings bond record,.
The over-all record of savings bond sales and redemptions
is very good.
Cash sales of all series of savings bonds in
the first nine months of this year amounted to $5?900,000,000,
and exceeded redemptions by about $900,000,000,
For E bonds
only, the record is also good.; but not as good as for all
series,. Cash sales of E bonds during the first nine months of
the year amounted to $ 3 ,9 0 0 ?0 0 0 ,0 0 0 , and fell short of redemp
tions by about $800,000,000 -- a record which I consider
remarkably good, especially in view of the period which we
have been through, and of the predictions, which all of you
heard, about the flood of savings bond, redemptions which would
follow the end of the war.
But I should like to go further than the fine over-all
record, which has been built up, in large part, by high sales
of Series F and 0 bonds.
It has also been helped by the
continued high sales of $1,000 denomination E bonds
which
are bought, for the most part, by institutional investors and
by individuals with high incomes,
5?les oi> smallcr denomination bonds have fallen off more
ove:r"a ^-l figures, and it is the sales of these bonds
which coiint the most in the terms of either of our major
objecbives -- that of combating inflation or that of maintain
ing a widespread ownership of the public debt.
3
Our most powerful instrument for selling bonds to the
small investor is the payroll savings plan*
Experience has
demonstrated that most people can save money month after month
only if they participate in some type of regular savings
plan.
The payroll savings plan provides the most convenient
method of buying savings bonds -- and, in addition, assures
their purchase in advance of expenditures on consumers’ goods.,
I
think that you will be interested in some of the results
of an analysis which we have made of the present status of
the payroll savings plan.
Total participation in the plan has
fallen from a high of about 2 7 ,0 0 0 , 0 0 0 persons during the war
to about 7 >5 0 0 , 0 0 0 at the present time; but the average deduc
tion has continued about the same, amounting now to around
$18,50 a month*
This means that many of the employees with
smaller deductions have dropped out of the plan altogether.
There have been many causes for the decrease in employee
participation,
A sharp decrease, of course, was to be expected
after the end of the war.
But there are also important causes
which you can do something about, A major one is labor turn
over. When a man changes jobs, his old payroll savings allot
ment is' automatically cancelled.
It requires a conscious
effort -- and often a real sales job -- to get him back on the
payroll savings plan at his new place of employment.
This is
one of the ways in which you are now helping the most, and in
which, I am sure, you will help.
There are plenty of reasons, based on legitimate selfinterest, why every worker should want to get on the payroll
savings plan, or to increase his allotment if he is already
a participant*
The most powerful of these reasons is also the most
general one. A reserve accumulated in the form of Series E
savings bonds, payable on demand, gives protection, so far as
it can be provided financially, against misfortune in whatever
form it may strike.
Every person has greater peace of mind
when he knows that he has, or is accumulating, such a reserve.
Every survey has shown that the most common reason given for
buying savings bonds is still, "to provide for a rainy day,"
But savings bonds provide more than security;
provide opportunity,
®aqy provide family opportunity
a reserve for educating our children,
or a farm.
they also
opportunity to provide
or for purchasing a home
They provide individual opportunity -- opportunity to
accumulate the capital necessary to go into business for o n e ’s
self, or for further education or travel.
4
Savings bonds represent the ideal way of holding purchasing
power in reserve.
Today we are confronted with shortages on
every side.
But in the years to come, goods will be available
in greater variety and for immediate delivery. We shall be
able to get what we want when we want it.
This is worth saving
for.
It is worth buying bonds for.
In conclusion, I leave this message with you.
The savings
bond program, backed so unselfishly by you people, is doing
well.
It is having its effect in the battle against inflation,
and is helping to maintain a widespread ownership of the public
debt. Naturally, v i e want to do better. We want to increase
small bond sales -- to bring in more and more of those hard-toget dollars, which count the most.
The E bond is a good investment -- and you are doing
a favor to the one you urge to buy.
You are contributing to
the future well-being of the individual, and to the economic
stability of our Nation.
,
The experience of the war period, and the period that lies
oetween VJ Day and the present hour, has taught the Treasury
Department that it can always rely on your group for fine,
effective cooperation. For the good deeds of the past, and for
your continuing efforts in the future, I again extend my
personal thanks a.nd the thanks of your Government.
In your
through your
count on you
particularly
own plants, through your business connections, and
influence in widespread communities, I know I can
to again work with us in this renewed bond drive -in promoting the payroll savings plan.
0 O0
0
shkisbkt dkpam m m
Washington
FOB REMASE, IfMXlCI im SPAW tS,
f m m Service
Tuesdays October 1$» 19k6.
The Secretary of the Treasury announced la s t evening that the tender« for
11»300,000,000, or thereabouts^ of 91-day Treasury b ills to be dated October 1?» 19k6*
and to mature January 16, 19k7» which were offered on October 11, 19k&> were opened at
the Federal Reserve Banks on October Ik«
The d etails of this issue are as follows:
Total applied for — &1» S0k>729»000
Total accepted
- 1*306,59k»000
Average price
(includes |3k»19k,000 entered on a fixecUprice
basis at 99*905 and accepted in fu ll)
- 99*90$/ Equivalent rate of discount approx. 0.37$% per annum
Bangs of accepted competitive bids:
m ph
g f
- 99*907 Equivalent rate of discount approx. 0.368# per annua
• 99*905
*
a
0*376# ■
*
(70 percent of the amount bid for at the low price was accepted)
federal Reserve
d is tr ic t_____
Total
A p p lied f o r
Boston
Hew fork
Philadelphia
Cleveland
|
12, 300,000
1 ,3 9 9 ,2 6 s ,000
18, 13 0,00 0
U,010,000
n,i3S,ooo
Hjghafind
Atlanta
Chicago
St* Louis ¿4 .
Minneapolis
Kansas City
I
8 ,970,0 »
1,001,390,000
114.830.000
U,010,000
10.385.000
.
12 ,850,000
12 850.000
187,085,000
20.966.000
1 ,190,000
1,190,000
23.1160.000
18.598.000
7,800,000
19.130.000
$1,301»,729,000
$l,306,59lt,000
20.098.000
7 ,780,000
TOTAL
Accepted______
265,535,000
88, 976,000
San Francisco
Total
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G N E W S P A P E R S
Tuesday/, O c t o b e r 15, 1946_______
Press Service
No. S-114
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the tenders for { l ,300,000,000, or t h e r e a b o u t s of 9 1 - d a y
T r e a s u r y bills to be d a t e d O c t o b e r 17, 1946, and to m a t u r e
January 16, 1947, w h i c h were of f e r e d on O c t o b e r 11, 1946, wer e
opened at the Federal Reserve Banks on O c t o b e r 14.
The details
issue
are as follows;
a p p l i e d for - ^ 1 , 8 0 4 , 7 2 9 , 0 0 0
accepted
1,306,594,000
A v e rage price
of a c c e p t e d c o m p e t i t i v e bids;
rate of d i s c o u n t a p p r o x 0 . 3 6 8 % p e r a n n u m
Tf
tr
v
”
0.376%
"
M
Federal R e s e r v e
Dis trie t
Boston
New Y o r k
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
S t , Lou is
linn e a p o l i s
Fansas City
Pallas’
San Francisco
for at the low price was accepted)
Total
Applied
$
12,300,000
1,399,265,000
18,130,000
4,010,000
11,135,000
12,850,000
265,535,000
28,976,000
1,190,000
20,098,000
7,780,000
23,460,000
{1,804,729,000
oOo
T o tal
Accepted
for
CO
(70 p e r c e n t of the a m o u n t b i d
-u
o
o
o
o
High - 9 9 . 9 0 7 Equiv.
Low
- 99.9 0 5
n
00
Range
- 9 9 . 9 0 5 / Equiv.
(includes { 3 4 , 1 9 4 , 0 0 0
en t e r e d on a fixe d - p r i c e
basis at 9 9 . 9 0 5 and a c
cepted in full)
rate of d i s c o u n t approx. 0 . 3 7 5 %
per a n n u m
#0=
Total
Total
of this
1,001,390,000
14,830,000
4,010,000
10,385,000
12,850,000
187,085,000
20,966,000
1,190,000
18,598,000
7,210,000
19,110,000
{1,306,594,000
W K W K S l H S
B
•8-
The investigation of thi» case la Piqua, Ohio resulted
ia oase Ohio 8105 ia whieh Genevieve Higgi# 1111 Part Avenue,
Piqua, Ohio, and Joseph f# Hilary# Sr»# 744 Biltnore Hotel#
Piqua, Ohio were named together with Warren 0# Higgs# 1111 Bart
Avenue, Piqua, Ohio, Colonel Pain D*0riay and Joseph 0# Hilary,
Jr* as defendants* Due to the feet that the evidenae against
Genevieve Higgs and Joseph C* Cilery, Sr* is negligible# we
have not named them as defendants ia the eases ia this district*
Bespeetfully,
G arland H* W illiam s
D i s t r i c t Su p erviso r
eo D i s t r i c t $9
ee District §X0
ifm
Bernard Goldberg
# Barm/ Goodman
308 West 94th Street
Hew York, Sew fork
John Doe
@ S* Para
801 Beat Overland Street
El Paso, Texas
1942 Chryeler
Town & City Station Wagon
Lioenae P M 7 California 1946
€
Serial #70611880
Motor #034*20118
Chevrolet Coupe
Lloen«« BA 946
Texas 1946
regiatered to Lula Ocaae*
811 Texas Street
El Paso» Texas
1940 Paokard Coupe
lioenae #6H 3809» ÌU Y* 1946
Serial #14962489
Motor #0305898
1940 Buick Sedan» Model 48
Motor #45798540
Serial #13601352
Xn addition the following defendants ware named In two
ease« whioh arose out of the investigation of this jacketed
ease*
HTSi 755*1
Arthur MeMillon
§ 3 9 st* Hieholas Avenue
Hew York» Hew York
Paul Douglas
889 St* Hioholas Avenue
Hew York» New York
Lawrence F« Douglas
1184 Jackson Avenue
Bronx» Hew York
Jose Armendaris Ô Pepe
© Jose Castenada
Juares» Mexieo
John Oos 4S« Fera
801 E« Overland Street
Bl Faso» Texas
Ford Convertible
1946 Mexloan licenae
blue JE2741
NYE1 756*41
Jose Àraendari* 4 Pepe
Thomas Ambrosio
2115 Saat First Street
Brooklyn» Hew York
Juares» Mexieo
John Doe # Francesco Feres
2306 Canal Street
£1 Faso» Texas
Plymouth Sedan
1946 Mexican license
yellow 15903
© Jose Castenada
October S| 1946
I» ret Colonel Fain B*Orsay et al
SE 225
IYSì 747-41
fir* fi* J* Asalinger
Commissioner of Herooties
Treasury Department
Tower Building
Washington 28» D* C*
Sir»
Pursuant to the verbal request of Hr* 1* L* Barney»
Assistant to the Commissioner, the following list of de
fendants in SI 228 is forwarded!
FIS* 747-M (This is the basic ease In this investigation)
\ Colonel Fain D'Orsay
Woodward Hotel
55th Street A Broadway
Hew York» Hew fork
Joseph C. Ullery
65 Riverside Drive
Hew York» Hew York
Jose Amendaris
# Jose Castenada # Pope
Juares» Mexico
Arthur S* Zweier @ Dutch
920 1* Yandell Boulevard
11 Paso, Texas
Jesus Armendaris
11 Paso» Texas
Snrique Treviso 6 Charlie
Huevo Laredo, Mexico
Alias Manuel
Nuevo Laredo» Mexico
Alias Jose
Huevo Laredo, Mexico
Arthur Denison
2556 55th Street
Astoria» L*I«» H* Y*
Thomas McOreal
21 West 65th Street
Hew York» Hew York
Michael F* Tierney
1965 Broadway
Hew York, Hew York
Warren G* Higgs
1111 Park Avenue
Piqua, Ohio
Frank Bitil
St« Hieholas Hotel
Deoateur, Illinois
Luciano Sana
2501 Marcella
Laredo, Texas
Removal Notice
The item identified below has been removed in accordance with FRASER's policy on handling
sensitive information in digitization projects due to copyright protections.
Citation Information
Document Type: Newspaper Article
Number of Pages Removed: 1
Author(s):
Title:
"International Dope Ring Smashed by Seizure Here"
Date:
1946-10-05
Journal:
Times of El Paso, Texas
Volume:
Page(s):
URL:
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
2- Mr# Georg© H# Coffelt - Octaber 14, 1946
r^*
I
Another 54fejM4F48acCE figure was Arthur G# ZWEIER,
alias ^Dutch’*, of El Paso, Texas# Behind the front
of a legitimate business-man, he was the go-between
* for New York jgjieketeers and Mexican smugglers#
* M frim iiifprr h U h */ xmporliant source of marihuana was jbU0P
Enrique TREVINO, of Nuevo Laredo, Mexico, who employed
smugglers to deliver marihuana to American dealers at
Laredo, Texas# During the course of the investigation,
one of his smugglers, Luciano GARZA, was arrested
at Laredo, Texas in possession of six kilos of marihuana^
which he had just smuggled across the Tntnrnntl min 1 Trftim
¿ 0 ^ October 4, 1946. Rodolpho CASTRO, smuggler for
"Pepe" was arrested while attempting to ship approximately
12 pounds of marihuana to New York# On the same day,
Arthur G# ZWEIER was arrested at El Paso, Texas# Simultane
ously, American narcotic and customs officers furnished
information to the Mexican authorities u " I'ft’O Mux itrena
nr iIII«t-rrn Jose ARMENDARIZ, alias "Pepe"
in Juarez, Mexico^, S^ptemrra:fk quantity of marihuana and**
heroin/in his possession# ^
fa**'
Texa^indicted
substantive charges».
Federal Grand Jury at El Paso,
£ • ZWEIER and
CASTRO on
PA if
jcolone 1 BW&Ll D ’CRSAY and Joseph ‘
•ftt ULLERY^ with some
minor accomplices^, had been arrested in New York
âïri“L#!f
August .1946 when about 30 pounds of marihuana
in their possession« Also^iiguiiTTrfr m New York
September were Arthur McMILLON, ^ftHl
and
Paul DOTJGLAS^j^Q^ they received a 8h 1pm cmt of approxi
mately IJL-^ftSunds of marihuana
g
«
..
!
&
I
-■ *
homes AMBROSIO was arrested in September also at
New Yorkjwhen he claimed another shipment of 12 pounds
of marihuana# Both of these shipments had been forwarded
from El Paso, Texas•
i
;oge;
approximately
the„
A t
thei
idenc'
of >mar ihi
attachments (3)
Newspaper clipping
cc-ltr.10/3/46 from NY
cc-Teletype from NY
es
i
O . J . O
u
,te& to
Í
TREASURY DEPARTMENT
IN T E R O F F I C E
C O M M U N IC A T IO N
DATE
to
Mr# George H# Coffelt
from
H. J* Anslinger
October 14, 1946
Climaxing several weeks of int^ens^,3«s investigati»
indictments were returned in the Sojìrenern District oj
aj*rfins\ the followi:
New York on
(to be supplì'
teletype)
These persons>ere alleged to be involvA in the
smuggling and "wholesaling^ end of one of JcheNdargest
marihuana distributing organizations brought twilight
in recent years
The investigation origin^ed witp the Bureau
Narcotics at New York City, tfXTOnded/through Ohio
Illinois to Texas where itycontitoueu along the Maxicai
bond'er with the assistancsr there '01Sthe Bureau <*r Customs#
Amtang the principals in New York were Coaonel flitliTT
D’ORSAYXand Joseph CyOJLLE^Y# With several/accomplices,
they contrived to have mariVuana shipped ov express, as
air or radl passenger baggage,. or by automdd>ile from
Mexico, after having it smuggled into tbnls \ountry in the
vicinity oV Laredo, Texas and Ei Paso, Aexas\ The mari
huana usually was forwarded in l/b^s approximating twenty
or thirty p^upras#
To dis^fu^se the ultimate destination of the^ma^ihuana,
use was spihetikes made of t r a n s - shipment stations/^ One such
was Piqu^ OhioV Warren G# HIGGrjs, of Pi^qua, Oh^e w^®
indict^n as a re\ult of his activities iiiN^his^respe^t•
Frank BITIL, &S Decatur^Jllinois asso ated himself
eir marihuana
the New York traffickers in some o
;ures and his indtojanent resulted#
IThe investigation^revealed an important smuggler in
the person of Jose ARMENDARIZ alias "Pepe", of Juarez,
Mexico, who supplied and caused to be smuggled into Texas
much of the marihuana handled by the ring#
TREASURY D E P A R T M E N T .
BUREAU OF NARCOTICS
Office of the
Assistant to the Commissioner
____ Mr •
of^^eXjb__ ____ _
\
■.
OCT 1 4 IMS
Copy of teletype will follow,
as soon as received from
York •
T
(2-N)
New
RECEIVED 12:30 PM
OCTOBER 15* 1946
YYYFFFFFFFFFFFFFFFX
WA BUR NAR
THIS IS WILLIAMS AT NEW YORK
REFERENCE
SE 223
THE GRAND JURY IN THE SOUTHERN DISRICT OF NEW YORK HAS TODAY VOTED
SEVEN INDICTMENTS IN THIS CASE
THE BASIC INDICTMENT IS A CONSPIRACY TO VIOLATE
2593
A
THAT IS TO SAY
SECTIONS
2591 A 1
AND
SALES AND POSSESSION COUNTS
THE FOWOLLOWING PERSONS ARE NAMED IN THIS CONSPIRACY INDICTMENT
/tfORSAY
vT)ENNISON
TIERNEY
JOHN DOE ALIAS MANUEL *
JOSE ARMENDA^RIZ
MCGREAL
.ST
BITEL
JOHN DOE ALIAS JOSE
RUDOLPH CASTRO
ENRIQUE TREVINO
ULLERY
-GOLDBERG'
ZWEIE-R-
JESUS ARMENDAREZ AND WARREN HIGGS
OA IS TAT OK FOR THE FIRST ONE GA V
MR HARNEY IS OUT TO LUNCH
GA
OK I WILL GO ON
ANOTHER
IS A SUBSTANTIVE INDICTMENT CHARGING SALE OF
GOLDBERG AND INVCLUDES D'ORSAY
TWO POUNDS TO
MCGREAL AND ULLERY
ANOTHER SUBSTANTIVE INDICTMENT IS FOR GOLDBERG ALONE FOR POSSESSION
J OF TWO POUNDS
ANOTHER SUBSTANTIVE IS POSSESSION OF THIRTY POUNDS AND INCLUDES
D'ORSAY
ULLERY AND HIGGS
ANOTHER SUBSTANTIVE AND CONSPIRACY INDICTMENT IS
AGAINST AMBROSIO AND
FRANCISCO PEREZ
M *" A/l isCJLtrvy.
ANOTHER COMNSPOIRACY AND SUBSTANTIVE
INCLUDES MCttirAN
PAUL DOUGLAS
LAWRENCE DOUGLAS AND RUDOLPH CASTRO
ANOTHER SUBSTANTIVE IS AGAINST PAUL DOUGLAS ALONE
IN TOTAL THERE ARE TWENTY DEFENDANTS IN THE SEVEN INDICTMENTS
THANKS
0
END
END
TREASURY DEPARTMENT
W a s h in g to n
RELEASE MBRNING NEWSPAPERS
Wednesday,
P erez,
o f El Paoo, Texas; Arthur McMillon,
Of
New York; Paul
Douglas and Lawrence D o u g la s ,o f New York,
pounds o f marijuana was seized
by N a rc o tic s agents during the I n v e s t i g a t i o n o f t h i s dope rin g,
acco rd in g to an announcement made by Commissioner Harry J.
A n s lin g e r o f the Bureau o f N a r c o tic s .
s e v e r a l weeks,
In p rogress f o r #$######
the search began in New York, extended to Ohio
and I l l i n o i s and f i n a l l y to Texas,' where I t continued along the
Mexican border, w ith the a s s is t a n c e th ere o f the Bureau o f Cus
toms, another Treasury enforcement agency.
I Evidence submitted to the grand Jury which r e s u lte d in
to d ay*s indictm ents in d i c a t e th at Colonel D*Orsay and Joseph
among the
U l l e r y w e r e / p r in c lp a ls In the New York d i s t r i b u t i o n organization.
With the help o f s e v e r a l a cco m p lice s, th ey c o n triv e d to have
shipments made from Texas to New York by exp ress,
a f t e r the mari
juana had been smuggled acro ss the border a t fNHWMHNHWhWfr points
n eat E l Paso and Laredo.
pounds in w eight,
In l o t s approximating twenty to t h i r t y
the drug was concealed f o r shipment in passenger
baggage.
^ T o j l i s g u l s e the u ltim a te d e s t i n a t i o n o f the Marijuana,
the r in g le a d e r s o f the o r g a n iz a tio n sometimes made use o f trans
shipment s t a t i o n s .
Such a s t a t i o n was maintained, a t Piqua, Ohio,
where Warren Higgs was a r r e s t e d as a r e s u l t o f h is p a r t ic ip a tio n
in i t s a c t i v i t i e s . The a r r e s t o f Frabk B l t i l , o f Decatur, 1 1 1 . ,
who had become a s s o c ia te d w ith the New York # t r a f f i c k e r s , f o l
lowed s h o r tly afterw ard.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, October 1 % 19^6
E
Climaxing s e v e r a l weeks o f i n t e n s i v e i n v e s t i g a t i o n by
agen ts o f the Bureau o f N a r c o tic s , Treasury Department, a grand
ju r y In the Southern D i s t r i c t o f New York today returned i n d i c t twenty
ments a g a in s t ##### persons a l l e g e d to be Involved in the
smuggling and 11w h o le s a lin g ” end o f one o f the l a r g e s t marihuana
d i s t r i b u t i n g o r g a n iz a tio n s brought to l i g h t in re ce n t years.
— *
an
] Named in j m indictment# charging co n sp iracy to v i o l a t e
n a r c o tic s laws p e r t a i n i n g to the s a le and p o sse ssio n o f
m
marihuana were C olonel lirain D* Or say, o f New York;
Arthur Dennison,of A s t o r i a ,
York;
L, I ;
Michael F. T ie rn e y , o f New
Thomas McGreal, o f New York; Frank B i t i l ,
o f Decatur,
1 11 .;
Enrique Trevino and John Doe ( a l i a s J o s e ) , o f Nuevo
Mexico;
Laredo,
John Doe ( a l i a s Manuel), o f Nuevo Laredo, Mexico;
Joseph C. U l l e r y ,
of New Yor$; Bernard G o ld b e r g ,o f New York;
A rthur G. Zweier, o f E l Paso, Texas; Jose Armendariz, o f Juarez,
Mexico;
Texas,
Rudolph Castro and Jesus 1ÜÉÉ Armenderlz, o f E l Paso,
and Warren H iggs, o f Piqua, Ohio,
subs t a n tiv e
I S ix
in d ictm en ts, charging c o n sp ira c y , possession or
»------a ls o
s a l e o f marijuana, were/brought a g a in s t Goldberg, D*Orsay,
r-?
McGreal, U lle r y and Higgs.
Other defendants named in these in
dictm ents are Thomas Ambrozio, of Brooklyn, New York; Francisco
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE
Tuesday, October 15, 1946
Press Service/
No. S-115
Climaxing several weeks of intensive investigation by
agents of the Bureau of Narcotics, Treasury Department, a grand
jury in the Southern District of New York today returned
indictments against twenty persons alleged to be involved in
the smuggling and "wholesaling” end of one of the largest
marihuana distributing organizations brought to light in recent
years.
Named in an indictment charging conspiracy to violate
narcotics laws pertaining to the sale and possession of mari
huana were Colonel Pain D ’Orsay, of New York; Arthur Dennison,
of Astoria,- 1,- I.; Michael P. Tierney, of New York; Thomas
McG-real, of New York; Prank Bitil, of Decatur, 111.;
Enrique Pr.evino and John Doe (alias Jose), of Nuevo Laredo,
Mexico; John Doe (alias Manuel), of Nuevo Laredo, Mexico;
Joseph C. Ullery, of New York; Bernard Goldberg, of New York;
Arthur G, Zweier, of El Paso, Texas; Jose Armendariz, of
Juarez, Mexico; Rudolph Castro and Jesus Armenderiz, of El Paso,
Texas, and Warren Higgs, of Piqua, Ohio.
Six substantive indictments, charging conspiracy, posses
sion or sale of marihuana, were also brought against Goldberg,
D ’Orsay, McG-real, Ullery and Higgs.
Other defendants named
in these indictments are Thomas Ambrozio, of Brooklyn, New York;
Prancisco Perez, of El Paso, Texas,-Arthur McMillon, of New
York; Paul Douglas and Lawrence Douglas, of New York.
Two hundred and ninety-six pounds of marihuana was seized
by Narcotics agents during the investigation of this dope ring,
according to an announcement made by Commissioner Harry J.
Anslinger of the Bureau of Narcotics.
In progress for several
weeks, the search began in New York, extended to Ohio and
Illinois and finally to Texas, where it continued along the
Mexican border, with the assistance there of the Bureau of
Customs, another Treasury enforcement agency..
Evidence submitted to the grand jury which resulted in
today s indictments indicate that Colonel D ’Orsay and Joseph
Ullery were among the principals in the New York distribution
organization. With the help of several accomplices, they contrived to have shipments made from Texas to New York by express
after the marihuana had.been smuggled across the border at
near El Paso and Laredo.
In lots approximating twenty
,0 "thirty pounds in weight, the drug was concealed for shipment
m passenger baggage.
2
To disguise the ultimate destination of the marihuana,
the ringleaders of the organization sometimes made use of
trans-shipment stations.
Such a station was maintained at
Piqua, Ohio, where Warren Higgs was arrested as a result of his
participation in its activities.
The arrest of Prank Bitil,
of Decatur , 111., who had become associated with the Hew York
traffickers, followed shortly afterward.
The investigation revealed an important smuggler in the
person of Jose ARMEHDARIZ alias nPepe,f, of Juarez, Mexico, who
supplied and caused to be smuggled into Texas much of the
marihuana handled by the ring.
Another leading figure was Arthur G. ZWEIER, alias "Dutch” ,
of El Paso, Texas.
Behind the front of a legitimate business
man, he was the go-between for Hew York racketeers and Mexican
smugglers*.
The investigation disclosed that a highly-important source
of marihuana was Enrique TREVIHO, of Huevo Baredo, Mexico, who
employed smugglers to deliver marihuana to American dealers at
Laredo, Texas.
During the course of tho investigation, one of
his smugglers, Luciano GARZA, was arrested at Laredo, Texas in
possession of six kilos of marihuana, which he had just smuggled
across the International Border.
On October 4, 1946, Rodolpho CASTRO, smuggler for "Pepe”
was arrested while attempting to ship approximately 12 pounds
of marihuana to Hew York,
On the same day, Arthur G-. ZWEIER
was arrested at El Paso, Texas.
Simultaneously, American
narcotic and customs officers furnished information to the
Mexican authorities which resulted in the arrest of Jose
ARMEHDARIZ, alias !,Pepe??, in Juarez, Mexico.
A *quantity of
marihuana and heroin was found in his possession.
The federal Grand Jury at El Paso, Texas later indicted
ZWEIER and CASTRO on substantive charges.
Colonel D ’ORSAY and Joseph U11ERY, with some minor ac
complices, had been arrested in Hew York during August 1946
when about 30 pounds of marihuana was seized in their possession.
Also apprehended in Hew York in September were Arthur McMILLOH,
Lawrence E. DOUGLAS and Paul DOUGLAS, taken in customdy as they
received a shipment of approximately 18 pounds of marihuana.
Thomas AMBROSIO was arrested in September, also at Hew York,
•when he claimed another shipment of 12 pounds of marihuana.
Both of these shipments had been forwarded from El Paso, Texas*
oOo
Al^PHA
-3 sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner ox 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 tne 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* I4I 8 , as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
-
2
-
Immediately after the closing hour, tenders
Trill
be opened at the Federal
Reserve Banks and Branches, lolloping vrtiich public announcement
-Fill
be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders vri.ll 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 v/hole 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 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
October 2kf 19U&
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
k.2 and 117 (a) (1) 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
TREASURY DEPARTIRENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,,
Friday, October 18, 19h&
------------- -
m
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 Yri.ll be dated
October 2ii, 19ii6
, and
----- itet —
will mature
out interest.
January 23, 19L.7
, when
the
face amount Will be payable
Tilth-
They Till 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, two o ’clock p.m., Eastern Standard time,
Monday, October 21, 19i|6 .
r
Tenders Will not be received at the Treasury Department, Washington. Each
m
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
FOR RELEASE, MORNING.NEWSPAPERS
Friday, October 18, 1946 •
Press Service
No. S-116
" The'Secretary of Treasury,: by this public notice, invites
tenders for f 1,300,000,000, *or 'thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and
fixed-price bidding as hereinafter provided. . The bills of this
series will, be dated October 24, 1946, and will mature January
23, 1947, when the face amount will be payable without interest,
They will be issued, in hearer form only, and in denominations
of *1,000,
*5,000, ‘ 110,.000, •1100,000,
1**500,000, and
^1,000,000,000 (maturity; value),
renders will, be received at Federal Reserve Banks and
Branches up to the closing hour, two o* clock p;m., Eastern
Standard time, Monday, October 21, 1946. "Tender's will not b©
received at the Treasury Department, Washington.' Each.tender
must be for an even multiple of <irl,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,
ft
is urged that tenders be made on the printed forms and for- :
warded in the special envelopes which'will be supplied by
Federal Reserve Banks o.r; 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
y 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
Public announcement will be made by the Secretary of
the Treasury of the amount and price range of accepted b i d s .
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
or 1iJ.Pa y’t 3’ and his action in any such' respect shall be
iinai.
oubject to these r e s e r v a t i o n s t e n d e r s for $200 .000
ba<?i s Swi iT°>! an^" °n f bidder at 99*905 entered on a fixed-price
Wlld be accepted in full.. Payment of accepted tenders
Ro
prices offered must be made or completed at the Federal
October 2 f k1946CaSh
* *
° th8r lmmediately available funds on
-
2
-
The income derived from Treasury bills, whether interest
or gain from the, sale or other dispositiorr'of "the «bills,; shall
not have, any exemption, as such, and Icfes: from ‘the bale or ■
other disposition of Treasury bills’ s h a l l ’not* have '"any special
treatment, as such, under Federal tax Acts now or hereafter
;anaeted.
The- bills.- shall; .be .subject to::estatey 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' possessionsrpf 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^ tp accrue;until such bills shall'b e 'sold, re
deemed or otherwise disposed o f , ’and such bills are excluded
from .consideration as. capital assets . Accordingly, 'the owner
of .Treasury bills (other than life insurance companies) is
sued hereunder need include in his Income tax' return'onlv the
difference between the- price paid, for .such.bills, whether onoriginal issue or on ;subsequent purchase, and the amount
actually received either upon sale or redemption at maturity'
during the taxable -year for wrhich the return is made, as '
ordinary gain or loss.
\ -Treasury Department Circular No, 418, as amended, andthis notice, prescribe the terms of the Treasury'-bills and
govern .the conditions of their issue. •Copies of the circular '
may -be obtained from any Federal Reserve Bank or Branch.
oOo
DIVISION OF PUBLIC RELATIONS
Assignment sheet*
Release date
Title
10/21/46
fe lli
Press Service No*
Bldg*
disti
G
Mailing
list
No* copies
to he sent
65
65
60
60
15S
as® deliver) » • • • « • • *
136
200
135
115
1,367
540
207
600
32$
551
17 S
825
27$
469
1,575
mi
25
Press room • * * .
Ol/i/I
•
• • • • *'*•■'••
Building distribution
7/1/45
n
155
D
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, October 21, 19U6.______
Press Service
No. S-117
Secretary of the Treasury Snyder today announced the offering, through the
Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of
Series K-19U7, open on an exchange basis, par for par, to holders of Treasury
Certificates of Indebtedness of Series J-19^6, in the amount of $3,777,773,000,
which will mature on November 1, 19i|6. Since it is planned to retire about
$2,000,000,000 of the maturing certificates on cash redemption, subscriptions
Will be received subject to allotment to all holders on an equal percentage basis,
except that subscriptions in amounts up to $2£,000 will be allotted in full.
Cash subscriptions will not be received.
,The certificates now offered will be dated November 1, 19U6, and will bear
interest from that date at the rate of seven-eighths of one percent per annum,
payable with the principal at maturity on November 1, 19U7. They will be issued
in bearer form only, in denominations of $1,000, $£,000, $10,000, $100,000 and
$1,000,000,
Pursuant to 'the provisions of the Public Debt Act of 19Ul, 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,
October 23, except for the receipt of subscriptions from holders of $2£,000
or less of the maturing certificates. The subscription books will close for*
the receipt of subscriptions of the latter class at the close of business
Thursday, October 2U,
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 AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES K-191+7
Dated and bearing interest from November 1, 191*6
Department
19U6
Circular No ■. 796
Due November 1, 191*7
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, October 21, 191*6.
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, desigD
nated 7/8 percent Treasury Certificates of Indebtedness of Series K-19l*7, in
exchange for Treasury Certificates of Indebtedness of Series J-19i*6, maturing
November 1, 19h6i Approximately $2,000,000,000 of the maturing certificates will
be retired on cash redemption.
II.
DESCRIPTION OF CERTIFICATES
1* The certificates will be dated November 1, 191*6, and will bear interest
from that date at the rate of 7/8 percent per annum, payable with the principal
at maturity on November 1, 19if?i They will not be subject to call for redemption
prior to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation how or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
1*. Bearer certificates will be issued in denominations of $1,000, $5,000,
$10,000, $100,000 and $1,000,000. The certificates will not be issued in regis
tered form*
5» The certificates vo.ll be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States cer
tificates.
III.
SUBSCRIPTION Al© ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Ba.nks 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, ihe Secretary of the Treasury reserves the right to reject any sub
scription, in wrhole or in part, to allot less than the amount of certificates
applied f o T ) and to close the books as to any or all subscriptions at any time
without notice; and any action he may take in these respects shall be final.
Subject to these reservations, subscriptions for amounts up to and including
$25,000 will be allotted in full, and subscriptions for amounts over $25,000
will be allotted to all holders on an equal percentage basis, but not less than
$25,000 on any one subscription. The basis of the allotment will be publicly
announced, and allotment notices will be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or
before November 1, 19U6, or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series J-19U6, maturing November 1, 19U6, which
will be accepted at par, and should accompany the subscription.
V.
GENERAL PROVISIONS
1. As fiscal agents of the Inited States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,
to receive payment for certificates allotted, to make delivery of certificates
on full—paid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve Banks.
John W. Snyder,
Secretary of the Treasury.
TBMsmx mvmtwm
Washingtan
FOB U S , MOmMQ ISiSPAPEBS,
Tuesday, October 22, 19^6*
the Secretary o f the Treasury announced la s t evening that the tenders for
11,300,000,000, or thereabouts* of 91-day Treasury b ills to be dated October 2k, 19i*6,
and to mature January 23» l$k7* which mere offered on October 18* 19l*6, mere opened at
the Federal Reserve Banka cm October 21*
I
The d etails o f th is issue are as follow s:
Total applied for - $1,790,66$* 000
Total accepted
- 1*3G1,90$,OOQ
Average price
(includes $30*?$0*000 entered cm a fixed-price]
basis at 99*905 and accepted in fu ll)
- 99*905/ Equivalent rate of discount approx* 0*37$$ per annua jjfl
Bangs o f accepted competitive bids:
High
Urn
- 99*90? Equivalent rate of discount approx* 0*368$ per annua
m 99.90$
•
*
•
*
•
0.376$ *
«
(70 percent o f the amount bid fo r at the lev price mas accepted)
Federal Reserve
D istrict
Total
Applied for
Total
Accepted
Boston
Bern York
pm i
a
Cleveland
M fthtarmrl
Atlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Balias
San Francisco
1
6,680,000
1,389,ftO ,000
y? 13,760,000
10,280,000
H i,680,000
3,095,000
260,71(0,000
1 1 3,320,000
W>.
k , 105,000
: »>,025,000
l
6,930,00)
57,200,000
I
11,790,665,000
*1,301,905,000
TOTAL
5,210,000
999,930,000
10,1(30,000
8,1(20,000
11,230,000
3,095,000
186,790,000
2,81(0,000
3,575,000
17,955,000
6,630,000
1(5,800,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, October 22, 1946_______
Press Service
No.. S-118
The Secretary jof the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 9 1 -day
Treasury bills to be dated October 24, 1946, and to mature
January 23, _ 1947, -which were offered on October 18, 1946, were
opened at the Federal Reserve Banks on October 21.
The details of this issue are as follows:
Total applied for - $ 1 , 790, 665,000
Total accepted
- $1,301,905,000 (includes $30,750,000
Average price
- 99 <905/
entered on a fixed-price
basis at 99*905 and accepted
in full)
Equivalent rate of discount approx.
0,375$ per annum
Range of accepted competitive bids:
High - 99*907 Equivalent rate of discount approx. 0.368$ per annum
low -199,905
"
"
"
"
n
0.376$ ?!
«
(70 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
$
6,680,000
1 , 389, 540,000
13, 760,000
.10,280,000
14,680,000
3 , 095,000
260, 740,000
3 , 320,000
TOTAL
Total
Accepted
$
5 , 210,000
999.930.000
1 0 ,4 3 0 , 0 0 0
8 , 420,000
11,230,000
3.095.000
.
186 790.000
4.415.000
2 0 ,0 2 5 , 0 0 0
6.930.000
57,200,000
2, 840,,0Q0
. 3,575*000
17,955,000
6.630.000
45,800,,000
$1,790,665,000
$1,301,905,000
Page'ék ^)'
Assets and liabilities of all active banks in the United States and possessions, by classes,
June 29, 1946 - Contd.
(in thousands of dollars)
all banks
$
s
banks
e
LIABILITIES
Dem
and deposits of individuals,
partnerships, and corporations.•
Tim
e deposits of individuals,
partnerships, and corporations..
U. S. Governm
ent and postal
savings deposits
Deposits of States and political
subdivisions......................................
Deposits of banks...........................
Other deposits (certified and
cashiers1chedks, etc.).............
Total deposits...............................
Bills payable, rediscounts, and
other liabilities for borrowed
money.......................................................
Acceptances executed by or for
account of reporting banks..........
Other liabilities....................................
Total liabilities.........................
CAPITAL ACCOUNTS
Capital notes and debentures............
Preferred stock........................................
Com
m
on stock.........................................
Surplus............................................ ..
Undivided profits...................................
Reserves and retirement account
for preferred stock and capital
notes and debentures.........................
Total capital accounts. . . . . . .
Total liabilities and capital accounts............................
Banks other than national
: other than : State
: Mutual : Private
mercial : savings :
: national : com
$42 ,560,021
$34 ,345.290
$34,180,820
$10,935
48,480,943
17 , 173.998
31 . 306 . 9H
5
15,054,458
16 , 229,292
13,55«,237
7 . 696,306
5 , 861,931
5.859.5H8
2,380
6 . 679.719
12 ,36^,396
4 , 006,759
7,816,787
2 , 672,960
4 , 547.609
2,668,915
4,489,954
*•8
2 . 360.799
160, 349,405
1.240.887
80,494,758
1.119.912
79.854,647
1.114.342
63,368,037
93.966
24,441
69.525
66,710
51,807
40,038
$76, 905,311
122,868
959.222
ibi.525 .w1
72.493
126,991
3 ,051,502
5 , 215,735
2 , 030,028
680.054
11 . 176.803
71.061
529.217
$153,535
23.195
3
2,172
57,201
A 3.457
16,248,391
2.113
238,219
980
1,835
11.769
2.070
253.893
430.005
80.405.984
, 370.185
¿3.844.970
2,100,222
7««,759
72,493
79,567
1 .H15 .H37
3.115,513
1,241,269
67,591
79,567
1,408,934
1,946,217
750,489
1,156,822
490,332
12,474
448
v 301.107
H.873.577
378.947
6.303.226
, 313.695
H.566> 9 3
62.135
OÄ!i91
22.542
68.411.463
18.021.312
81.1191477
47,424
1 , 636,065
172. 702. 26H ____85,993,054
86 . 709.210
57.750
16.307.121
4,902
6,503
3.117
...
Z& Ü 2 Î
Page ^
ii~
Assets and liabilities of all active banks ia the United States and possessions, by classes,
Juno 29, 1946
(In thousand* of dollars)
Banks other than national
All banks s __________________
national
Total
o
th
e
r
t
h
a
n
i
S
ta
te
: Mutual
Private
banks
all banks
national t commercial* : savings
J6
9 . 6O
8
5.018
J 21
9.Q39,
Hum
ber of banks..........................................ss===5=i==
ASSETS
Loans on real estate.............................
$10,1^6,353
Other loans, including rediscounts
and overdrafts••••••*••••**••••**
Total loans•«*•*»•••»••*•••*•• 3*^*»^93»^9^...
U, S. Governm
ent securities:
direct obligations.........................
96*^69*780
Guaranteed obligations.............•
27*307
Obligations of States and political
subdivisions...........................................
**-*2.65,h-72
Other bonds, notes, and debentures.
it,$21,$11
Corporate stocks, including stocks
of federal Reserve banks••••*....
537.5*t7
Total securities••••••••..•... 105.722,017
Currency and coin......................................
1,729,03^
Balances with other banks, includ
ing reserve balances........................
31 , 732,067
Bank premises owned, furniture
and fixtures........................
1,017,040
Real estate ow
ned other than bank
premises..............................
50,520
Investments and other assets in
directly representing bank prem
isos or other real estate...............
73*880
Custom
ers* liability on accept
ances outstanding...........................
104,076
Other a
s s e
t s ^
.
Total assets.....................................
♦ Includes trust com
panies and stock savings banks
$2,747,984
$7,398,369
11.750.457
14.498.M
41
9 . 796.682
17.195.051
47.4657,4
75
.401
$3,115,439
$4,280,165
$2,765
9 . 669.206
6*
6
5.969______61,507
61.507
4.346.134
fa4.272
49,004,305
19,906
37,498,828
11,427,746
3.283
77.731
I.597.719
1,489,004
63,488
50,000
1,945,946
1,711.207
2.575.965
143.6
52.01( f t
805,575
393.893
53.705.271
923.459
218.042
40.820.212'
17 , 856,276
13.875,791
13.157.382
660,243
427,305
93.316
487
2 ,454,265
495.932
521,108
12.784.b45
16,619
836,920
1 ,080,756
170.484
12.745.757
84,532
4
6,205
5.367
139.307
2,007
58,166
10,038
40,482
22.355
17,804
323
46,916
26,964
21,703
5.236
25
68.290
18.021,312
10,649
1.199
276,435
58,049
205.086
85.993.054
^,027
(5.052
35.378
305.563
86.709^10^ 68.4ll.463
Conparison of assets and liabilities of all banks - Continued
(In thousands of dollars)
Ju n e 29,
19U6
\
;
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand... ................. ............
$76,905,311
u2.4eo.9H3
Time... ....... ............................ .
U. S. Government and postal savings deposits.............
1 3 ,5 5 s,237
Deposits of States and political subdivisions...........
6,679,719
12.36U.396
Deposits of banks................................ .
Other deposits (certified and cashiers’ checks, etc.).....
2.360,799
Total deposits.............. ................ .
l6o,3U9,U05
Bills payable, rediscounts, and other liabilities for
borrowed money...................................
Acceptances executed by or for account of reporting banks....
122,868
Interest, discount, rent, and other income collected but
not earned,............................... ..... . )
(
Interest, taxes, and other expenses accrued and unpaid..... )
(
Other liabilities.............. .............. .
)
(
Total liabilities.................... ........
161.525.U61
CAPITAL ACCOUNTS
Capital notes and debentures...... ..................
.U
Preferred stock.......... .........................
126,991
Common stock.................... ............... .
,
Surplus................ .........................
,
Undivided profits......... ............... ........
2,030,028
Reserves and retirement account for preferred stock and
capital notes and debentures................. ..... .
680,05H
Total capital accounts......... ................
11,176,803
Total liabilities and capital accounts.............
172,702,26^
93,966
959,222
72 93
3051,502
5215,735
D ec.
31*
19U5
•
73932
24779,196
5820,735
$66,709,190
U1.3U7.701
$ .
.^16
lK,291,SU5
,
,
1U.029.6U7
2,616,25^
5 1.597
.UU
12,626,^62
1.26U.157
.
151932,691
81,075
56,330
166,530,093
227,150
36.635
59.299
383.183
U53,ioU
l6
7. 739.U 6U
72,080
163,3U0
.
. U
5,00U ,221
1,781,100
295198
638,862
10,611,611
1 7 s,351,075
June 30,
J______ 19U5
)
)
)
80^,912
152,875,008
78,762
186, 01*1
2.853.3U0
U, 661,967
,
1759,^73
612,^15
10, 151,971
163,026,979
Pag® 3 s
Assets and Liabilities of All Active Banks in the United States and Possessions on June 29,
19^5, and June 30, 191*5
* , December 31»
19 1 6
(Amounts in thousands o f d o lla r s )
*
;
•
Humber of banks........... .............. .............
June 29,
191*6
Dec. 3 1 ,
1 9 H5
!
!
1 ^ ,6 2 6
!
1
June 30,
1 9 H5
lH, 5 8 7 *
lU,598*
ASSETS
Tirtnnp on real estate..................................
Other loans, including overdrafts.....................
Total loans....................................
U. S. G-overnment securities:
Direct obligations............................
Guar ant e ed obi igat i ons.............. ..........
Obligations of States and political subdivisions...,.
Other* bends. 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...........
Heal estate owned other than bank premises..... .
Investments and other assets indirectly representing
bank premises or other real estate................. .
Customers1 liability on acceptances outstanding......
Interest, commissions, reg£, and other income
earned or accrued but(not)eollected................. )
)
Other assets..••••••••• .77......• ••....... ...... .
Total assets,
* Excludes banks in The Philippines.
$io,lU6,353
21,5^7.139
$ 8 ,9 7 9 ,2 7 2
2l.H86.995
$8.7H3,03H
1 9 .3 H 9 .1 0 6
31.693.^92
3 0 ,H6 6 ,8 6 7
28,092,llK)
9 6 .H6 9 .7 gO
1 0 1 ,8 7 9 ,1 6 5
2M-,908
H,0 8 3 ,2 6 7
9 H, 1 9 2 ,6 8 2
H7 .7 6 3
27,307
H. 1 6 5 ,1+72
U,521,9ll
537.5H7
105, 722,017
1. 729. 03H
31,732.067
1,017,01*0
50,520
73.880
1o H ,o 76
580,13s
172,702,26H
(
(
3.990.H67
3,892,U s H
3 .6 0 9 .H96
537.926
5 3 0 ,^ 6 0
110, 515,733
2,025,088
33. 589.693
1, 020,023
72.930
77. 2HH
75.856
295.803
211,838
173, 351,075
,
102 272,885
l,6
U9,HS 7
29, 21*6, 1*07
i ,o i * l ,
995
113,868
79.31H
HS
.037
)
)
1*82,81*6
163,026,979
-
2
-
$10,1*46,000,000 in June 19*46. Other loans showed a net increase of approxi
mately $6 0 ,0 0 0 ,0 0 0 *
Cash and balances with other banks, including reserve balances, in June
19*46 were $33**461,000,000, a decrease of $2,15*4,000,000 since December 19*45.
Total capital accounts were $1 1 ,1 7 7 *0 0 0 *0 0 0 , an increase of $5 6 5 *00 0 ,000 ,
or 5 percent, in the first half of the year.
Deposits of individuals, partnerships, and corporations in June 19*46 were
$125,3^6,000,000, an increase of $6,162,000,000 since December 19*45» and United
States Government and postal savings deposits were $13,552,000,000, a reduction
of $1 1 ,2 2 1 ,0 0 0 ,0 0 0 , or *45 percent in the period, due principally to the with
drawal of War loan accounts to provide for Pederal debt retirement. Deposits
of States and political subdivisions showed an increase of $£>59,000,000, or
nearly
15
percent, in the first half of the year, being $6,680,000,000 on
June 29, 19*46* Deposits of banks were $12,36*4,000,000, a decrease of
$1 ,7 2 5 ,0 0 0 ,0 0 0 , and other deposits were $2 ,3 6 1 ,000 ,0 0 0 , a decrease of $2 5 5 ,000 ,000,
TREASURY DEPARTMENT
Courptroller of the Currency
Washington
S
R RELEASE, MORNING NEWSPAPERS
VIPress bervice
V o . ' S - Z / l
The total deposits of all commercial and savings hanks in the United
States and possessions on June 29,
** , amounted to $1 6 0 ,3^9,000,000,
19 6
Comptroller of the Currency Preston Delano announced today. This figure,
which covers the returns of the
1 ^ ,6 2 6
active hanks of all classes, was a
decrease of $6,181,000,000, or nearly k percent, in the amount of deposits
reported hy the active hanks on December 31* 19**5,
2111
increase of
$8 ,*H7,000,000, or 5-| percent, in the amount reported on June 30, 19^5«
The total assets at the end of June
U amounted to $172,702,000,000,
19 6
which was $5,6^9,000,000, or 3 percent, less than at the end of December 19**5,
hut $9,675,000,000, or
6
percent, more than at the end of June 19*1-5* Most of
the decline in assets between December
19
U5 end June
19
U6 was in holdings of
United States Government obligations, due to the retirement of such securities
held by the banks.
The banks held obligations of the United States Government, direct and
guaranteed, of $9 6 ,**97,000,000 in June I9 H6 , a decrease of $5,*107,000,000, or
5 percent, since December 19**-5* Obligations of States and political sub
divisions held amounted to $H,1 6 5 ,0 0 0 ,0 0 0 , an increase of $82,000,000, and
other securities held amounted to $5 ,0 6 0 ,0 0 0 ,0 0 0 , an increase of $5 3 1 ,0 0 0 ,000 .
The aggregate of all securities held in June
19**6
was $1 0 5 ,7 2 2 ,0 0 0 ,0 0 0 , and
represented 6 l percent of the banks* total assets. At the end of December 19**5
the ratio was
62
percent.
Loans totaled $31,693,000,000 in June I9 H6 , a net increase of
$1,227,000,000, or U percent, since December 19**5, a*1*3- increase of
$3,601,000,000, or nearly 13 percent since June last year. The total of loans
on real estate held increased 13 percent since December
19**5, « A
amounted to
TREASURY DEPARTMENT
Comptroller of the Currency
"Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, October IS, 1946_______
Press Service
No. S-119
The total deposits of all commercial and savings banks in the United
States and possessions on June 29, 1946, amounted to $160,349,000,000,
Comptroller of the Currency Preston Delano announced today. This figure,
which covers the returns of the 14,626 active banks of all classes, was
a decrease of $6,181,000,000, or nearly 4 percent, in the amount of deposits
reported by the active banks on December 31, 1945, but an increase of
$8,417,000,000, or 5§ percent, in the amount reported on June 30, 1945.
The total assets at the end of June 1946 amounted to $172,702,000,000,
which was $5,649,000,000, or 3 percent, less than at the end of December 1945,
but $9,675,000,000, or 6 percent, more than at the end of June 1945« Most of
the decline in assets between December 1945 and June 1946 was in holdings of
United States Government obligations, due to the retirement of such securities
held by the banks.
The banks held obligations of the United States Government, direct and
guaranteed, of $96,497,000,000 in June 1946, a decrease of $5,407,000,000,
or 5 percent, since December 1945* Obligations of States and political sub
divisions held amounted to $4,165,000,000, an increase of $82,000,000, and
other securities held amounted to $5,060,000,000,• an increase of $531,000,000,
The aggregate of all securities held in June 1946 was $105,722,000,000, and
represented 61 percent of the banks’ total assets. At the end of December 1945
the ratio was 62 percent.
Loans totaled $31,693,000,000 in June 1946, a net increase of
$1,227,000,000, or 4 percent, since December 1945, and an increase of
$3,601,000,000, or nearly 13 percent since June last year. The total of loans
on real estate held increased 13 percent since December 1945, and amounted to
$10,146,000,000 in June 1946. Other loans showed a net increase of approxi
mately $60,000,000.
Cash and balances with other banks, including reserve balances, in June
1946 were $33,461,000,000, a decrease of $2,154,000,000 since December 1945*
Total capital accounts were $11,177,000,000, an increase of $565,000,000,
or 5 percent, in the first half of the year.
Deposits of individuals, partnerships, and corporations in June 1946 were
$125,386,000,000, an increase of $6,162,000,000 since December 1945, and Unitec
States Government and postal savings deposits were $13,558,000,000, a reduction
of .$11,221,000,000, or 45 percent in the period, due principally to the with
drawal of War loan accounts to provide for Federal debt retirement. Deposits
of States and political subdivisions shovrcd an increase of $859,000,000, or
nearly 15 percent, in the first half of the year, being $6,680,000,000 on
June 29, 1946. Deposits of banks were $12,364,000,000, a decrease of
$1,725,000,000, and other deposits were $2,361,000,000, a decrease of
$255,000,000.
O
0
Q
Page 2
Assets and Liabilities of All Active Banks in the United States and Possessions on June 29, 191*6 , December 31»
19^5, and June 3 0 , 19^5
(Amounts in thousands of dollars)
*
Number of banks.......... ....................... ...
.i
ASSETS • >
Loans on real estate............. ...................
Other loans, including overdrafts.......... ........
Total loans..... .. .......-.......... ....
U. S. Government securities:
Direct obligations. 1......... ...............
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 representing
bank premises or other real estate..... ..........
Customers1 liability on acceptances outstanding.... .
Interest, commissions, rent, and other income
earned or accrued but note collected...........
Other assets..... '. ..... ............................ ■ )
Total assets.................... •'.........••• .
* Excludes banks in The Philippines.
June 29,
:
Dec. 3 1 ,
I9U6
;
191*5
ii*,626
:
:
ll*,598*
June 30,
I9U5
lU,587*
$10,146,353
21.5^7.139
3 1 .693.U92
$8,979,872
2 1 ,1*86,995
3 0 ,1*66,867
$S,7U3,03U
19,3^9,106
28,092,11*0
96,^69,780
27,307
4 ,165,472
U,521,911
101,879,165
21*,908
1*,083,267
3,990,U67
9U,I9 2 ,682
47,763
3,892,1*81*
3 ,609,496
537,926
110,515,733
530,1*60
102,272,885
2 ,025,088
33,589,693
1,020,028
,72,930
1 ,61*9 ,1*87
29,21*6,1*07
i,04i,995
113,868
77.2UU
75,856
79,314
1*8,037
537,547
105,722,017 .
1,729,031*
31 ,732,067
1 ,0 17,0U0
50,520
73,880
1011,076
580,138
172,702,261*
(
(
295,803
211,83s
178,351,075
)
)
1*82,8U6
163,026,979
Page 3
Comparison of assets and liabilities of all banks - Continued
(In thousands of dollars)
June 29,
:
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 cashiers1 cheeks, 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............ .
I9I+6
$7 6 ,9 0 5,311
1+8,1+80,9^3
13,558,237
6,679,719
1 2 ,36U, 396
2 ,360,799
I60,3I+9 ,1+05
93,966
122,868
(
959,222 (
(
161,525,1+61
72,993
126,991
3 ,051,502
5 ,215,735
2 ,030,028
680,051+ .
11,176,803
172,702,26*+
;
.
Dec. 31,
.
June 30,
19U5
:
1995
$7 3 ,932,916
95,291,295
29,779,196
5,820,735
li+,089,647
2 ,616,251+
166,530,093
..$66,709,190
91,397,701
2l+,51+3,581+
5,991,597
12,626,1+62
1 ,269,157
151,932,691
227,150
86,635
59,299
383,183
1+53,101+
167,739,969
81,075
56,330
)
)
)
80l+,912
152,875,008
72,080
163,31+0
2 »95i,9Ii8
5 ,00l+,281
1,781,100
78,762
186,0lU
2 ,353,390
1+,661,967
1 ,759,973
638,862
10,6ll,6ll
612,1+15
10,151,971
!7S,35lf075
163,026,979
Page 4
Assets and liabilities of all active banks in the United States and possessions, by classes,
June 29» 1946
(In thousands of dollars)
Banks other than national
: All banks
Total
Fational
\
State
: other than
: Mutual
*
etJ-JL UdIiJ\.o
UclIXK.0
Privât e
commercial* î savings
: national
T*
lU,626
Fumber of banks...... .............. ..
ASSETS
.'.$10,146,353
Loans on real estate...... .
Other loans, including rediscounts
and overdrafts................... .. 2 1 .5U 7.139
Total loans.......... ......... .. 3 1 .693,492
U. S. Government securities:
Direct obligations............ .. 9 6 ,469,780
Guaranteed obligations........
27.307
Obligations of States and -political
subdivisions...................... .. 4 ,1 6 5 ,4 7 ?
Other bonds, notes, and debentures*. .. U, 521,911
Corporate stocks, including stocks
of Eederal Deserve banks...... ...
537,5U7
Total securities.............. ..105,722,017
Currency and coin.............. .
.. 1.729.03U
Balances with other banks, including reserve balances............. .. 3 1 ,732.067
Bank premises owned, furniture
and fixtures......... ............ .. 1,017,040
Real estate owned other than bank
-premises......... ................
50,520
Investments and other assets in
directly representing bank premlees or other real estate........
73,380
Customers’ liability on acceptances outstanding...... .
104,076
Other assets....................... ..
580,138
Total asset s..... ;............ ..172,702,264
^Includes trust companies and stock savings banks.
5,018
9,608
9,039
«
«
533
36
$2,765
\
$2,747,934
$7 .392,369
$ 3 ,1 1 5 ,4.39 $U,280,165
il.750.U57
14,498,441
9,796,682
17,195,051
9 ,669,206
12,784,645
65,969
4,346,134
’ 64,272
u7 .u6 5 .u75
7,Uoi
49,004,305
19,906
37,498,828 11,427,746
16,619
3,283
77,731
4
2 .U5 U .265
1,945,946
1 ,711,207
1,597,719
1,489,004
63,488
1 ,080,756
50,000
218,042
2,575,965
61 , 5 0 7
6,205
143,654
393,893
170,484
52,0 16 ,7Ul
305,575
53,705,27b
923,459
5,367
40,820,212 12,745,757
836,920
84,532
139,307
2,007
1 7,856,276
13,275,791
13,157,332
660,243
58,166
U95.932
521,108
427,305
93.316
487
10,038
40,482
22,355
17,804
323
46,916
26,964
21,703
5.236
25
58,049
205,086
85,993,054
46,027
375,052
86,709,210
3 5 .37s
305.563
68.250
68,411,463 18,021,312
10*649
1,199
276,435
Page 5
Assets and liabilities of all active banks in the United States and possessions» by classes,
June 29, 1946 - Cont’d*
(in thousands of dollars)
*
,
LIABILITIES
Demand deposits of individuals,
partnerships, and corporations.*
Time deposits of individuals,
partnerships, and corporations.*
U. S, Government and postal
savings deposits.............. .
Deposits of States and political
subdivisions................ ..,
Deposits of banks................
Other deposits (certified and
cashiers1 checks, etc*)...... .*
Total depo sit s...............
Bills payable, rediscounts, and
other liabilities for borrowed
money................. .........
Acceptances executed by or for
account of reporting banks..... *
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 capi
ital accounts.... .........
Total
all banks
Fational
banks
All banks
other than
national
Banks other than national
State
:
Mutual
¡Private
commercial
:
savings
$7 6 ,905,311
$42,560,021
$34,345,290
$34,180,820
$10,935
$153,535
48,480,943
1 7 ,173,998
3 1 ,3 0 6 ,91+5
15,054,458
16,229,292
23,195
1 3 .5 5 s .237
7 ,696,306
5 ,8 6 1 , 9 3 1
5,859,548
2,330
3
6 ,6 7 9,719
1 2 ,36^,396
^,0 0 6 , 7 5 9
7,816,787
2,672,960
!+, 5^7,609
2 ,668,915
MS9,95it
1,873
454
2,172
57 , 2 0 1
2 ,360,799
1 6 0 ,349,405
13240:887
80,494,752
1,119,912
79,854,61+7
6 3 .3 6 8,037
3,1+57
16,248,391
2,113
238,219
93,966
24,441
69,525
66,710
980
1,835
122,868
959,222
1 6 1 ,5 2 5,461
71,061
40,038
529,217
81,119,477
51,807
43 0 , 0 0 5
7 2 ,1+93
126,991
3 .0 5 1 , 5 0 2
1+7 ,
1 ,636,065
5.215.735
2,030,028
2,100,222
788,759
72,1+93
79,567
1 ,1+1 5 ,1+37
3,H5,513
1,241,269
680,054
11,176,803
301,107
U, 873,577
6 ,303,226
313,695
1+, 5 6 6 ,1+93
1,711+, 191
3,117
22,542
1 7 2 ,7 0 2,264
85,993,054
86,709,210
68,411,463
18,021,312
2 7 6 ,1+75
80,405,984
378,91+7
1,114,342
11,769
370,185
63,844,970
1 6 ,307,121
67,591
4,902
79,567
1,408,934
1 ,91+6,217
.7 5 0 ,1+89
57,750
— _
—
1 ,156,822
490,332
62,175
2,070
253,893
———
6 ,503
12,U7l+
448
DIVISION OF PUBLIC RELATIONS
1943* Part 2
Release date
loAe/te
s-1 2 0
Press Service No*
Bldg.
dist*
(
) Special messenger • • * . • • « » •
Mailing
list
No* copies
to be sent
65
65
60
60
*
G
( ) General « * * . • • • • * • « • • •
TAC
( ) Trade Agreement Commodities « • • «
22
158
CFQ {
) Coffee Quotas * • • • • « * • * # < *
22
136
CQ
(
) Cotton quotas
22
135
WQ
(
) Wheat quotas
22
115
BUL
X
( ) Treasury monthly Bulletin «
-
1,367
F
(
) Finance
167
540
NM
(
) Net Market tr;
142
207
T
(
) Taxes •
167
600
»j
626
i
151
325
174
551
( ) Weekly bill offering.
150
178
( ) Bills & Bonds other than weekly • •
156
275
DLI
( ) Debt liinitation • • • • ♦ ^
SF
( ) Stabilization fund*
B
B&B
FE
NE
(
(
(
• • • V
•
•
•
•
) Financial Editori
) News Editors •
) Speech list « •’ ,
469
lf575
186
—
:
—
PUBLIC RELATIONS, Room 4416 . . . .
Press room . • • •
26
OWI . . ........
160
Building, distribution
3
7/1/45
R
¿- A
TREASURY DEPARTMENT
Washington
-FOR RELEASE,
Friday, October 18, I9 U6
Press Service
No# S-120
Secretary of the Treasury Snyder today made public the first
of a series of tabulations which will appear in the report “Statistics
of income for 1943, Part 2,” compiled from corporation income and de
clared value excess-profits tax returns, excess profits tax returns,
and personal holding company returns# These data are prepared under
the direction of Commissioner of Internal Revenue Joseph. D# Nunan, Jr#
SUMMARY DATA
The number of corporation income and declared value excessprofits tax returns for 1943 is 455,894, of which 283,735 show net
income of $28,717,966,215, while 136,786 show deficit of $898,721,600,
and 35,373 have no income data (inactive corporations).
The income tax liability reported on these returns is $4,479,165,784
and the declared value excess-profits tax is $154,933,526, while an
excess profits tax liability of $>11,291,483,093, after credits, is re
ported on 68,202 corporation excess profits tax returns for the same
period# Thus the total amount of corporation income and excess profits
taxes is $15,925,582,403, representing an increase of 30 percent as
compared with the total for 1942# The amounts of iixjome tax and excess
profits tax liability do not take into account any credit claimed for
income and profits taxes paid to a foreign country or United States
possession#
The 68,202 taxable corporation excess profits tax returns for 1943
show excess profits net income of $22,306,883,041 and adjusted excess
profits net income of $14,552,877,667,
2
A comparison of the 1943 returns with the 1942 returns is pro
vided in the following summary:
Corporation returns, 1943 and 1942: Summary data
(Money figures in thousands of dollars)
Increase
decrease
1942
1943
Number or
amount
Income and declared value excess-profits tax returns
Total number of income and
declared value excess-profits
tax returns, Form 1120
-23,783
-5
269,942
13,793
283,735
28,717,966 24,052,358 4,665,609
5
19
141,438
3
88,079
6é,854
7,851,814 3,439,669
132
44
15,925,582 12,256,396 3,669,186
30
172,723
1,000,746
-35,937
-102,025
-21
-10
Number of returns of inactive
37,012
corporations
35,373
Excess profits tax returns
-1,639
—4
14,200
54,002
22,306,883 17,084,370 5,222,513
26
31
14,552,878 10,494,667 4,058,210
See above
39
Returns with net income: if
Number
Net income "U
Tax liability:
Income tax ZJ
Declared value excessprofits tax zj
Excess profits tax 4/
Total
Returns with no net income: 1/
Number
Deficit if
Taxable excess profits tax
returns. Form 1121:
Number
Excess profits net income 5/
Adjusted excess profits ne€
income 6/
Excess profits tax
For footnotes, see p* 12
455,894
4,479,166
154,934
11,291,483
136,786
898,722
479,677
or
(-)
Percent
4,337,728
68,202
-3Allowance of the net operating loss deduction reduced the net
income for declared value excess-profits tax computation by
$224,952*476 on.44,585 returns filed for 1943, as compared with
$378,113,851 on 46,008 returns filed for 1942. See note 15, page lg.
RETURNS INCLUDED
The data presented in these tabulations are from returns for the
calendar year ending December 31, 1943, a fiscal year ending within
the period July 1943 through June 1944, and a part year with the
greater portion of the accounting period in 1943,
The data are from corporation income and declared value excessprofits tax returns, Form 1120} life insurance company income tax re
turns, Form 1120L} mutual insurance company income tax returns, Form
112011} and corporation excess profits tax returns, Form 1121.. in
cluded for this purpose in addition to returns filed by domestic cor
porations are the returns filed by foreign corporations engaged in
business within the United States, Amended returns and tentative re
turns are not included.. The complete report. Statistics of Income
for 1943, Part
will contain more detailed statistics from corpora
tion income and declared value excess-profits tax returns and from
corporation excess profits tax returns, together with data from per
sonal holding company returns, Form 1120H.
The statistics are compiled from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of
Internal Revenue and prior to changes which may result from carry
backs, from relief granted under section 722, or from the renegotia
tion of war contracts, after the returns were filed. The effect of
renegotiation settlements reached to date with respect to the tax
year 1943 will be shown in a special tabulation to be included in the
complete report, Statistics of Income for 1943, Part 2.
CHANGES IN LAW AFFECTING CORPORATION RETURNS
The provisions of the Revenue Act of 1942 continue in effect for
the calendar year 1943, for a fiscal year ending in the period July
ihrough November 1943, and for a part year beginning and ending in
In the oase of returns for fiscal years ending in the period
IJSnuary through June 1944, and returns for part years ending in 1944
with the greater part of the accounting period falling in 1943, the
tax liability is affected by certain changes in law introduced by the
Revenue Act of 1943. These changes are described below*
-4
Income and Declared Value Excess-Profit8
Tax Returns,
Form
1120 -
(1) The amount of income subject to excess profits tax which is
a credit against net income in arriving at normal-tax net income and
surtax net income is decreased by $5,000* This is the result of a
change in the excess profits tax law which provides an increase in the
specific exemption from #5,000 to $10 ,0 0 0 for purposes of determining
adjusted excess profits net income«
(2) Corporations filing returns for taxable years beginning in
1943 and ending in 1944 are required to compute two tentative taxes,
one under the 1942 Act, the other under the 1943 Act, and prorate e*ch
on the basis of the number of days before January 1, 1944, and the
number after December 31, 1943, respectively. The prorated portions
of the two tentative taxes are then combined to determine the actual
liability, which is the amount tabulated in this report. Amounts
tabulated from these returns for all items other than the tax liabilit,
are the amounts used in computing the tentative tax for 1943 under
provisions of the Revenue Act of 1942#
Excess Profits Tax Returns, Form 1121 (1) The excess profits tax rate is increased from 90 to 95 per
cent of adjusted excess profits net income#
(2) The specific exemption allowed a corporation, or an affili
ated group of corporations filing a consolidated return, in determin
ing adjusted excess profits net inoome is increased from $5,000 to
$10,000. Exemption from filing an exoess profits tax return is ac- .
oordingly extended to cover corporations with excess profits net in
come up to #10,000, as against the $5,000 limitation previously in
effect«
(3)
The percentage of invested capital allowed as a credit under
the invested capital method is reduced as follows*
Invested capital
First $5,000,000
Next
5,000,000
Next 190,000,000
Over 200,000,000
Percentage allowed as a oredit
under the Revenue Act of —
1943
1942
8
6
8
5
5
6
7
5
(4)
The limitation on post-war credit is amended to give effect
to the increase in excess profits tax rate from 90 to 95 percent, and
-5special rules are provided for the computation of post-war refunds on
/fiscal year returns.
(6) Corporations with taxable years beginning in 1943 and ending
in 1944 are required to compute two tentative taxes and prorate each
in a manner similar to that described above for income tax. As in the
case of the income tax returns, the only item in this report affected
by this change is the tax liability, all other items having been tabu
lated in the amounts determined under the provisions of the 1942 Act.
CLASSIFICATIONS PRESENTED
In table 1, pages 6 — 10, selected data from corporation in
come and declared value exoess-profits tax returns for 1943 and ex
cess profits tax liability from corporation excess profits tax returns
are shown by major and minor industrial groups for returns with net
inoome end returns with no net income.
The industrial classification is based on the business activity
reported on the return. Nhen multiple businesses are reported on a
return, the classification is determined by the business activity
which accounts for the largest percentage of total receipts. There
fore, the industrial groups do not reflect pure industry classifica
tions.
The only change in the industrial groups between 1942'and 1943 is
the transfer of mutual fire insurance companies issuing perpetual
polioies to the minor group "Other insurance carriers" from the minor
group "Mutual insurance, except life or marine."
The classification of the returns by net income and deficit
classes, shown in table 2, and the classification by returns with net
income and returns with no net inoome, shown in both tables* are
based on the amount reported for declared value excess-profits tax
computation, adjusted by excluding the net operating loss deduction.
Certain tabulations prepared from the 1943 returns were made
public previously in a preliminary report issued as of March 8, 1946,
and are omitted from this series of releases. Table 1-A of the pre
liminary report shows by major industrial groups the number of con
solidated inoome tax returns filed by affiliated corporations, with
the corresponding amount of total compiled receipts, net income, in
come subject to excess profits tax, income tax, declared value exoessprofits tax, excess profits tax, and dividends paid. In table 3 of
the preliminary report,- there is shown by adjusted excess profits net
income classes and by method of credit computation the number of tax
able corporation exoess profits tax returns for 1943, with the corre
sponding amount of excess profits net inoome, exoess profits credit,
adjusted excess profits net inoome, exoess profits tax, credit for
debt retirement, and post-war refund.
Lin a number
T a b le 1 . • C o rp o ra tio n inco ne and d e c la re d v a lu e e x c e s s - p r o f i t s t a x r e tu r n s , 1945, by m ajor i n d u s t r ia l groups and m inor i n d u s t r ia l g ro u p s, f o r re tu r n s w ith n e t inoo ns and re tu r n s w ith no
n s t incom ei Number o f r e tu r n s , t o t a l oom piled r e c e i p t s , n e t Income o r d e f i c i t , and d iv id en d s p a id i n c a s h and a s s e t s o th e r th a n Own s to o k j a l s o , f o r re tu r n s w ith n e t I ncome» T o ta l t a x ,
income t a x , d e c la re d v a lu e e x c e s s - p r o fi t s t a x , e x ce ss p r o f i t s t a x , and income s u b je c t t o e x ce ss p r o f i t s t a x
M ajor I n d u s t r ia l groups and minor
in d u s t r ia l groups J j
1 111 i n d u s t r ia l groups
2 M ining and q u a rryin g
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
55
34
35
86
37
58
39
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
Number o f
re tu r n s
T o ta l
com piled
r e c e ip t s 3 /
98
95
222
889
192
592
145
l',7 8 5
4,0 6 1
5,553
285,735
4 ,0 5 1
250
53
18
60
58
55
48
74
975
1,9 6 5
1,724
240,856,898
5 ,221,996
770,263
159,637
259,590
178,177
24,961
79,824
68,075
273,080
1 ,2 7 7 ,6 6 6
555,630
449,259
2 8 ,717,966
587,649
129,553
10,891
66,976
16,200
4 ,7 0 5
22,755
8,0 1 0
10,511
105,155
94,991
83,432
14,3 6 6 ,7 01
86,520
81,666
2,542
25,174
1,4 6 5
120
4,2 0 4
159
1,582
26,599
10,031
8,412
15,925,582
169,840
56,578
4,8 1 9
81,641
' 6 ,5 9 5
1,5 0 5
9,774
2,442
4 ,1 2 3
49,244
54,631
29,930
4 ,4 7 9 ,1 8 6
99,477
80,886
2 ,7 8 8
12,842
5,198
1 ,4 0 0
6 ,8 5 5
2,5 0 5
5,055
27,485
26,441
25,124
508
1,553
1,154
368
31
694
81,477
9,528
1,556
552
1 ,5 5 7
879
1 ,0 0 0
55
1 ,6 8 7
144
1 ,7 9 7
501
2,832
505
277
162
1,8 4 3
45
221
820
5,665
524
259
745
594
141
8
26
61,705
7 ,2 7 0
1,2 2 9
495
1,0 3 7
669
816
36
1,2 3 5
127
1,589
257
2 ,3 0 5
428
157
131
1,5 5 8
29
.160
742
5,132
464
106,571
533,575
214,652
116,420
2 ,5 2 5
11,981
145,619,413
18,6 5 2 ,7 29
1 ,4 8 2 ,4 5 8
755,532
1 ,5 1 5 ,7 6 2
7,268,252
2 ,4 2 0 ,8 0 8
241,205
2 ,3 5 5 ,0 3 8
791,612
1 ,3 0 7 ,7 4 3
536,319
5,2 2 8 ,8 6 5
1 ,5 2 9 ,7 3 0
1 ,0 7 6 ,2 7 5
106,176
505,652
15,050
2 ,0 8 6 ,7 2 5
2 ,9 0 5 ,1 0 0
5,03 8 ,2 7 9
1 ,4 3 9 ,9 4 2
11,560
47,949
25,745
22,058
169
1,712
1 6 ,728,107
1 ,1 3 1 ,4 4 5
120,959
118,012
155,425
166,680
125,579
54,565
136,491
55,024
173,453
49,678
867,057
171,859
89,122
16,163
88,858
1,0 6 5
184,275
528,217
511,655
148,762
1,619
15,642
8,314
7,238
89
1,0 0 1
10,4 5 6 ,8 97
500,079
53,945
6 9,120
78,591
85,672
46,223
16,708
60,845
7,8 4 0
64,798
18,558
171,715
71,714
51,910
12,079
55,600
410
49,455
228,476
307,790
100,555
4 ,7 0 1
24,243
12,858
11,292
97
1,0 2 7
1 0 ,5 4 8 ,0 88
688,401
68,885
74,189
90,478
100,509
64,888
20,597
77,899
25,254
92,127
26,501
209,507
95,761
54,922
10,607
47,711
505
92,135
221,185
525,796
99,747
5,516
11,497
6 ,0 7 0
5,402
25
205
2 ,2 6 6 ,1 1 0
226,481
24,758
18,257
27,588
29,204
24,078
7,002
28,322
16,756
59,574
10,962
71,734
37,305
14,225
1,154
18,900
152
51,998
57,865
74,619
18,155
429
1,1 8 5
259
118
495
376
. 1,0 4 1
192
91
423
765,800
1 ,0 6 6 ,6 5 9
151,122
283,449
468,814
78,592
105,004
9,829
18,105
60,776
43,571
60,061
5,131
5,197
39,969
48,054
65,078
5,024
9,046
59,596
417
256
355
190
467,105
597,408
50,875
39,711
28,506
26,821
8,195
1,669
5,358
745
411
1,645
369
7,006
1 ,4 5 9
2 ,9 4 3
595
351
1,5 7 7
285
4 ,0 1 0 ,4 6 9
1 ,3 5 9 ,0 2 4
1 ,5 0 1 ,5 7 1
157,923
72,030
795,943
125,976
254,729
101,499
77,404
4 ,4 1 0
2,4 3 9
60,916
8,061
2,0 6 5
541
933
767
24
1,814
304
821
667
22
2 ,1 2 1 ,1 4 7
578,787
1 ,2 2 6 ,9 3 3
295,664
19,763
151,576
47,125
81,647
21,100
1,504
455,894
10,124
M sta l m ining
Ir o n
Copper
Lead and l in e
Q old and s i l v e r
O th er m e ta l m ining
M e tal m ining n o t a llo c a b le
A n th r a c ite m ining
Bitum inous c o a l , l i g n i t e , p e a t, e t c .
Crude petroleum and n a tu r a l gas p r o d u ctio n
Crude p etroleu m , n a tu r a l g a s , and n a tu r a l g a s o lin e p ro d u ctio n
F i e l d s e r v ic e o p e ra tio n s
N o n m sta llic m ining and q u a rryin g
S to n e , sa n d , and g r a v e l
O th er n o n m e ta llie m ining and q u a rryin g
N o m e t a llic m ining and q u a rry in g n o t a llo c a b le
M in in g and q u a rry in g n o t a llo c a b le
M an u factu ring
Food and k in d re d produ cts
Bakery produ cts
C o n fe ctio n e r y
Canning f r u i t s , v e g e ta b le s , and se a fo o d s
Meat p rod u cts
D ra in m i l l p r o d u c ts, exce p t c e r e a l preparation»
C e r e a l p re p a ra tio n s
D a ir y produ cts
Sugar
O th er fo o d , in c lu d in g i c e and fla v o r in g syrups
Food and kin d red produ cts not a l lo c a b l e
Beverages
M a lt liq u o r s and m alt
D i s t i l l e d , r e c t i f i e d , and blended liq u o r s
Wine
N o n a lc o h o lic beverages
Beverages n o t a llo c a b le
Tobacco m anufactures
C o tto n m anufactures
T e x t i l e - m i l l p ro d u cts, e x ce p t c o tto n
Woolen and w orsted m an u factu re s, in c lu d in g
dye in g and f i n i s h in g
Rayon and s i l k m anufactures
K n it goods
H a ts , e x ce p t c lo t h and m illin e r y
C a rp e ts and o th e r f l o o r c o v e rin g s
D yeing and f i n i s h in g t e x t i l e s , e x ce p t woolen
and w orsted
O th er t e x t i l e - m i l l prod u cts
T e x t i l e * « i l l p r o d u cts, e x ce p t c o tto n , n o t
a llo c a b le
A p p arel and prod u cts made from fa b r ic s
M en's c lo th in g
Women's c lo th in g
Fur garments and a c c e s s o r ie s
M illin e r y
O ther a p p a re l and produ cts made from fa b r ic s
A pparel and produ cts made from f a b r ic s not
a llo c a b le
Le ath e r and products
L e a th e r, tann ed, c u r r ie d , and fin is h e d
Footw ear, e x ce p t rubber
O ther le a th e r products
1
L eather and produ cts n o t a llo c a b le
For fo o tn o te s ,
T o ta l
number
o f re
tu rn s £ /
(Money f i g u r e s i n thousands o f d o l l a r s )
R eturns w ith n e t income 1 /
Taxi•a
Income su b N et
D ecla re d
Income
Income 1 /
J e o t to e x : T o ta l
ta x i/
v a lu e
cess p r o fits
ta x
excesst a x 10/
p r o fits
ta x $ /
1,888
E xce ss
p r o fits
ta x 4/
154,934 11 ,2 9 1 ,4 85
680
69,688
100
25,657
2,0 5 9
22
28
18,771
8
1,187
6
97
27
3,593
129
8
8
1,0 8 1
280
21,499
206
7,984
6 ,6 7 4
132
D ividends
p a id i n
cash and
a s s e ts
o th e r
th an own
sto c k
Be tu rn s w ith n n e t income 1 7 ------------Number o f T o ta l asm» D e f i c i t ¿ / D iv id e n d s
re tu r n s
p ile d re
p a id i n
c e ip ts j /
c ash and
a sse ts
o th e r
th a n own
s to c k
aH
■
-)
5,63 1 ,0 2 5
195,269
81,715
7,2 7 5
54,714
15,850
5,525
16,117
6,455
6,492
25,982
60,767
58,874
156,786
4,102
747
38
36
76
349
104
145
65
648
1,799
1 ,5 9 8
8 ,9 1 5 ,5 9 5
509,412
76,826
43,209
7,5 1 8
5,105
6 ,2 4 4
5,999
8 ,7 5 0
62,684
169,381
149,369
118,526
898,722
49,430
13,548
1 ,2 1 3
690
1,1 1 8
2,8 2 1
5,531
1 ,9 7 5
2,8 1 4
6,9 9 6
20,018
17,175
114,510
8,558
253
802
1 ,3 1 3
1,822
5,431
17
414
125
242
119
1,418
780
201
201
204
55
162
857
5,270
1,224
1 ,5 1 0
12,671
6 ,7 2 0
5,879
72
810
8 ,1 6 2 ,6 6 5
403,382
43,375
55,149
61,572
69,282
57,379
15,577
49,162
6,5 5 4
52,511
15,220
156,356
57,677
40,499
9,252
28,608
320
39,975
182,483
245,906
80,569
1,892
19,717
5,755
13,919
65
618
2,6 1 5 ,7 2 6
247,556
27,366
23,718
28,107
27,429
16,750
10,512
25,109
25,314
51,744
15,507
85,150
59,623
21,700
776
22,960
71
67,495
4 5 , 511
66,429
11,681
201
694
499
182
IS
149
17,011
1 ,7 4 9
289
41
242
190
155
13
388
16
365
52
384
49
41
25
261
10
S3
73
465
51
30,843
4 9,189
39,545
8,756
838
2,012
2 ,9 3 9 ,9 9 1
420,567
81,718
2 ,2 7 5
51,412
154,541
23,080
362
73,448
52,559
62,562
8,8 1 4
58,077
17,622
18,829
1,286
15,120
5,221
5,802
32,537
73,145
19,157
2 ,8 4 3
5,044
5,425
1 ,5 7 3
49
1 ,2 1 0
146,210
12,278
839
73
2 ,7 4 1
2 ,8 2 9
747
144
649
1,5 4 6
2 ,5 2 9
579
2,6 5 0
925
686
249
718
272
160
1,6 5 4
4 ,7 5 0
740
12,938
16,008
2,405
4,7 4 0
7,360
327
866
98
69
360
54,789
48,204
2 ,5 2 1
4,236
51,676
14,249
15,541
1,712
6,066
5,595
45
122
45
22
66
4,046
15,705
4 ,7 1 5
4,402
10,862
254
850
197
428
872
31,504
26,147
8,2 3 1
4 ,7 8 5
221
104
22,851
21,260
9,845
5,945
59
55
11,556
4,742
1,172
256
15
1
47
48
143,871
55,277
44,051
699
484
58,832
4 ,5 2 8
152,350
61,098
45,829
1,538
896
38,205
4 ,7 8 5
35,466
16,069
9,825
898
470
7,087
1 ,1 1 9
2 ,4 5 9
671
1 ,0 5 3
74
31
578
51
114,446
44,559
34,973
566
395
50,539
5,615
28,401
15,566
7,257
207
320
6 ,4 6 0
591
1,089
194
568
147
57
245
78
95,159
25,462
29,161
10,674
3,689
17,825
8,3 2 7
2,6 5 4
957
649
207
60
499
502
209
55
81
4
49
20
49
50
51
52
55
54
55
77,360
24,404
59,954
12,400
622
89,756
28,547
47,561
12,821
827
26,537
8,564
15,083
2,5 7 8
311
931
316
251
352
11
62,288
19,666
32,227
9,891
504
28,510
7,721
18,023
2,181
385
218
35
97
8 $s
1
57,103
10,546
20,920
5,634
2
1,3 5 6
487
695
152
1
56
51
4
1
56
57
58
59
60
75
75
65
12
<U)
U
1
2
5
4
5
mm
6
7
8
9
10
11
12
15
sod
65
1,158
125
1
45
4
27
14
16
58
2 ,0 6 4
45
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
55
34
55
56
57
58
59
40
41
—
45
2
1,9 6 2
42
45
44
45
46
352
289
42
—
58
1 5,928
2,1 5 8
19
174
565
250
mm
iwi i.iiilj
Table 1* — Corporation income and declared value excess— prof its tax r
eturns, 1945, b y major industrial groups and minor industrial
net incane*
Number of returns, total compiled receipts, net income
groups, for returns vdth net income a n d returns wi th
or deficit, an d dividends paid in cash and assets other than
income tax, declared value excess-profits tax, excess profits tax,
own stock; also, for returns with net income* Total
and Income subject to excess profits tax - Continued
96,655
7 ,1 2 9
1,006
47
75
475
275
140
559
1 ,2 1 0
4 ,2 0 5
5,905
see p . 12«
■MmfaJ
u
1
no
ta x ,
Table 1* — Corporation income and declared value excess—profits tax returns, 1943, b y major industrial groups and minor industrial groups, for returns with net Income a n d returns wi t h no
net Incomes
Number of returns, total compiled receipts, net Income or deficit, and dividends paid in cash and assets other than ow n stock; also, for returns with net incomes Total tax,
Income tax, declared value excess—profits tax, excess profits tax, and income subject to excess profits tax — Continued
(Money figures in thousands of dollars)
I
1
e
Major in d u s t r ia l groups and minor
i n d u s t r ia l groups 7/ - Continued
T o ta l
number
o f re
tu rn s 8/
Number o f
retu rns
T o ta l
Net
compiled
income
r e c e ip ts 9/
•H
*-4
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
ns
U4
ns
116
117
ns
n9
120
121
M anufacturing - Continued
Rubber products
Tires, and in n e r tubes
Other rubber p ro d u cts, in clu d in g rubberized
fa b r ic s and c lo th in g
Lumber and tim ber b a s ic products
Logging camps and saw m ills
P la n in g m ills
FU m iture and fin is h e d lumber products
FUrniture (wood and m etal)
P a r tit io n s and fix t u r e s
Wooden c o n ta in e rs
Matches
Other fin is h e d lu sb e r p ro d u cts, in c lu d in g
cork products
FU rniture and fin is h e d lumber products not
a llo c a b le
Paper and a l l i e d products
P u lp , paper, and paperboard
Pulp goods and converted paper products
Paper and a l l i e d products not a llo c a b le
P r in tin g and p u b lish in g in d u s tr ie s
Newspapers
P e r io d ic a ls
Books and music
Commercial p r in tin g
O ther p r in tin g and p u b lish in g
P r in tin g and p u b lish in g in d u s tr ie s not
a llo c a b le
Chem icals and a l l i e d products ,
P a in ts , v a r n ish e s, and c o lo r s
Soap and g ly c e r in
D rugs, t o i l e t p re p a ra tio n s, e t c .
Rayon (raw m a te r ia l) and a l l i e d products
F e r t i liz e r s
O i l s , animal and v e g e ta b le , except lu b rica n ts
and cooking o i l s
P l a s t ic m a te r ia ls
I n d u s tr ia l chem icals
O ther chem ical products
Chem icals and a l l i e d products not a llo c a b le
Petroleum and c o a l products
Petroleum r e fin in g
O ther petroleum and c o a l products
Petroleum and c o a l products not a llo c a b le
S to n e, c la y , and g la s s products
Cut—stone products
S tr u c tu r a l c la y products
P o tte ry and p o rc e la in products
G la s s and g la s s products
Cement
Concrete and gypsum p ro d u cts, w allboard
A brasives and a sb e sto s products
S to n e , c la y , and g la s s products not a llo ca b le
Ir o n , s t e e l , and products
B la s t fu rnaces and r o l l in g m ills
S tr u c tu r a l s t e e l , fa b r ic a t e d ; ornamental
m etal work
T in cans and oth e r tinw are
Hand t o o l s , c u t le r y , and hardware
H eating ap p a ra tu s, except e l e c t r i c a l , and
plumbers' su p p lie s
Firearm s, guns, h o w itz e rs, m ortars, and
r e la te d equipment
Ammunition
Tanks
S ig h tin g and f i r e - c o n t r o l equipment
(except o p t ic a l)
Ordnance and a c c e s s o r ie s , not elsewhere
c l a s s i f j ed
O ther ir o n , s t e e l , and products
(not c la s s i f i e d below)
Ir o n , s t e e l , and products not a llo c a b le
F o r fo o tn o te s , see p# 12
Returns w ith net income A/
Income sub____ J t Lxes
T o ta l
Income
j e c t to
D eclared
exoess
ta x
ta x 2/
v a lu e
p r o fit s
e x ce ss ta x 10/
p r o fi t s
ta x 3/
Dividends
p a id in cash
and a s s e ts
o ther than
own sto ck
Excess
p r o fit s
ta x
Rate
Number o f
retu rns
p ile d re
c e ip ts 9/
7---------------D e f i c i t 1/
p a id in
cash and
a s s e ts
o th e r than
463
42
421
360
57
323
2,979,713
2,456,037
523,676
364,968
512,'540
52,427
280,676
245,307
35,369
255,279
221,039
34,240
31,553
25,444
6,108
3,655
3,158
497
220,071
192,437
27,634
• 34,676
28,703
5,972
77
1
76
4,423
47
4,376
379
8
372
12
2,546
1,768
778
5,993
1,783
372
514
18
1,183
1,705
1,165
540
2,984
1,372
262
414
15
833
1,569,443
1,198,198
371,246
1,830,862
822,951
93,256
286,200
76,691
483,120
177,060
144,171
32,889
146,993
62,381
8,101
25,069
9,516
36,306
88,039
68,813
19,226
68,492
27,783
4,751
13,868
- 3,995
15,120
102,250
82,364
19,886
82,644
34,521
4,836
14,941
5,369
19,537
31,044
26,542
4,502
26,769
11,817
1,009
3,628
2,052
7,261
698
487
211
1,248
523
109
214
87
275
70,508
55,334
15,173
54,627
22,181
3,718
11,099
3,230
12,001
38,565
34,334
4,230
24,558
9,987
638
3,148
2,456
7,675
733
sgo
213
936
384
101
91
7,624
5^456
2/167
6j022
Z , 363
484
531
587
1,847
1,506
1^256
250
558
555
55
58
325
114,482
81,845
32,637
U S , 709
52,385
7,687
12,389
42
36,075
123
90
68,684
5,820
2,975
3,441
1,002
40
2,399
653
32
5,181
* 210
2,149
466
1,673
10
10,426
2,390
943
772
3,175
1,441
1,705
1,838
390
1,439
9
7,168
1,691
659
463
2,250
1,097
1,008
3,227,588
1,799,766
1,425,537
4,285
2,978,077
1,096,287
466,489
272,752
709,176
232,373
200,999
397,647
230^451
167,049
147
450,954
215,456
89,867
35,914
70,692
23,843
17,162
210,929
108,951
101,930
68
202,106
95,818
48,405
15,405
30,834
7,796
5,847
240,269
134,199
105,986
83
252,706
121,484
53,441
19,103
38,847
11,526
8,305
69,022
45,736
23,258
28
85,949
42,549
14,129
7,715
15,123
5,038
3,395
1,372
374
997
1
4,081
1,385
649
693
923
232
200
169,875
88,090
81,731
54
162,676
77,550
38,663
10,695
24,802
6,256
4,710
76,410
51,687
24,699
24
87,828
44,405
14,733
8,208
13,016
4 , 543
2,922
275
61
212
57,839
34,301
23,537
3,136
2,015
1,121
509
475
54
2,963
660
252
274
880
326
571
148,133
30,839
U ,5 0 5
22,561
40,256
16,979
25,994
9,935
1,921
1,392
2,832
1,691
773
1,324
538
349
5
86
41
26
31
6,545
856
183
2,379
6
266
260
4,539
649
127
1,511
5
226
215
8,591,252
916,999
680,316
1,197,849
169,428
256,492
728,289
1,2 72,343
62,687
71,338
242,932
37,053
22,595
48,440
605,560
22,335
9,048
121,487
20,285
7,576
29,676
730,719
53,199
32,698
143,194
23,095
11,985
30,701
240,790
14,952
25,020
44,864
6,664
5,591
6,803
3,620
265
723
681
320,602
15,092
22,883
57,775
8,960
6,032
6,505
1,703
182
46
728
1
35
40
134,886
21,853
1,499
17,052
1 ,0 U
5,999
13,834
10,764
1,264
70
1,627
25
182
330
708
7
(14)
3B
178
307
486,308
,17,981
6,955
97,648
16,431
6,216
23,591
121
666
1,173
635
526
353
171
2
2,942
336
714
217
426
90
718
397
44
6,509
140
785
81
489
807
429
332
231
100
1
1>721
199
296
155
307
59
575
304
26
5,028
107
602
168,422
5,185,505
470,444
817,709
8,605,894
7,975,192
-629,872
830
2 ,227,010
30,478
192,779
156,548
681,360
179,168
232,773
728,357
25,547
20,831,531
7,502,559
586,773
26,006
18,680
591,557
286,240
26,461
49,881
119,854
65,871
761,438
94,865
722,971
77,790
38,437
17,073
30
318,067
168,319
5,152
543
17,734
4,166
15,989
8,263
105,392
60,397
30,413
6,057
25,000
9,193
117,127
78,589
3,281
1,111
2,719,124 1 ,928,490
644,029
357,187
82,174
61,109
17,435
336,290
29,495
72,629
312,248
290,203
22,036
9
191,496
1,267
8,243
9,488
65,494
14,313
13,276
77,677
1,739
1,800,587
392,784
55,651
2,699
105,072
8,251
20,874
233,888
225,680
8,199
9
55,566
815
4,831
2,846
16,843
9,372
5,854
14,168
837
291,687
112,667
7,171
132
418
263
653
1,632
1,621
11
14,602
230,799
20,981
51,102
76,728
62,902
13,826
27
159
313
172
150
93
57
1,360
45,861
19,639
8,778
45,390
22,983
= 22,407
197
4,706
1,173
1,191
2,205
1,151
1,054
901
13
58
47
382
27
47
325
3
22,686
863
1,114
135,029
439
3,354
6,595
48,269
4,914
7,375
63,185
899
1,486,214
279,253
47,367
3,050
167,461
11,075
21,769
317,438
309,716
7,687
35
67,958
476
5,311
2,769
22,029
14,436
6,552
15,406
979
302,219
. 73,480
6,183
1,114
125
391
56
104
51
312
80
15
1,312
27
167
154,961
4,148
54,277
17,681
19,875
24,263
24,982
8,921
815
338,763
70,250
15,629
16,338
460
5,082
2,254
2 ,2 U
3,738
1,941
499
153
22,486
6,573
1,091
77
721
1,075
53
562
787
362,761
665,952
1,556,186
27,280
126,323
246,670
2,229
86,337
185,622
11,590
82,814
165,512
9,788
14,582
20,996
19
1,059
2,651
1,783
67,173
141,865
14,004
16,532
24,667
21
132
242
40,864
20,408
40,041
994
1,361
5,153
93
1,238,448
150,961
115,513
104,680
12,985
2,120
89,575
11,577
15
4,205
714
147
10
19
1,998,556
691,417
507,412
361,165
107,611
76,502
294,301
94,088
36,547
251,063
78,150
41,576
24,470
4,633
13,135
3,614
1,802
284
222,979
71,715
28,158
42,178
15,544
14,912
9
1
1
7,256
771
no
156
n
20
V
-
-
-
-
_
..—
..
12
no
I
s
■M
pA
61
62
65
64
65
66
67
68
69
70
71
72
75
1
51
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
95
94
95
96
97
98
99
970 100
13 101
357 102
43 103
44 104
204 105
71 106
57 107
182 108
2,261 109
1,330 n o
25 i n
345
256
10
1,008
683
325
44
95
152
112
113
114
115
100
116
117
118
(14)
183
i
U
64
51
176,478
10,879
7,935
7,328
1,031
98
6,199
856
12
2,540
259
3,066
2,352
4,261,308
680,341
518,577
464,807
57,477
6,181
401,149
67,423
645
126,555
7,031
505
120
286
245
1,303,881
205,186
169,046
144,631
12,752
2,881
128,998
14,862
40
10,835
729
9
121
119
Table 1 . - C orporation income and d e cla re d v a lu e e x c e s s -p r o fits ta x r e tu r n s , 1945, by major i n d u s t r ia l groups and minor in d u s t r ia l grou ps, f o r retu rns w ith net income and retu rns w ith no
n e t income: Number o f r e tu r n s , t o t a l compiled r e c e ip ts , net income or d e f i c i t , and d ivid en d s paid i n cash and a s s e ts oth e r than own s to c k ; a l s o , f o r retu rn s w ith net income: T o ta l t a x ,
income t a x , d e cla re d v a lu e e x c e s s -p r o fits t a x , excess p r o f i t s t a x , and income su b je c t to e xce ss p r o f i t s ta x - Continued
•
•g
1
M ajor in d u s t r ia l groups and minor
in d u s t r ia l groups J j - Continued
T o ta l .
number
o f re tu rn s 8/
T o ta l
Net
compiled
income
R e ce ip ts 9/
Number o f
retu rns
s
i-a
122
125
124
125
126
127
128
129
150
151
152
155
154
155
156
157
158
159
140
141
142
145
144
145
146
147
148
149
150
151
152
155
154
155
156
157
158
159
160
161
162
165
164
165
166
167
168
169
170
M anufacturing — Continued
Nonferrous m etals and t h e ir products
Nonferrous m etal b a s i c •products
C lo c k s and watches
Jew elry (except costum e), s ilv e rw a r e , p la te d
ware
O ther m anufactures o f nonferrous m etals and
t h e ir a llo y s
Nonferrous m etals and products not a llo c a b le
E l e c t r i c a l machinery and equipment
E l e c t r i c a l equipment f o r p u b lic u t i l i t y ,
m an ufactu ring, m ining, tr a n sp o rta tio n
(except a u tom otive), and co n stru c tio n use
Automotive e l e c t r i c a l equipment
Communication equipment and phonographs
E l e c t r i c a l a p p lia n ce s
Q ther e l e c t r i c a l machinery and equipment
E l e c t r i c a l nachinery and equipment not
a llo c a b le
M achinery, except tr a n sp o rta tio n equipment
and e l e c t r i c a l
S p e c ia l in d u str y machinery
G eneral in d u stry machinery
M etal-w orking m achinery, in c lu d in g
machine to o ls
Engines and tu rb in e s
C o n stru c tio n and m ining machinery
'
A g r ic u ltu r a l machinery
O f f i c e and s to re machines
Household and s e r v ic e -in d u s tr y machines
M achinery, e xce p t tr a n sp o rta tio n equipment
and e l e c t r i c a l , not a llo c a b le
Autom obiles and equipm ent, except e l e c t r i c a l
Automobiles and tru c k s (in c lu d in g bodies and
in d u s t r ia l t r a i l e r s )
Automobile a c c e s s o r ie s , p a rts (except
e l e c t r i c a l ) , and passenger t r a i l e r s
Automobiles and equipm ent, exce p t e l e c t r i c a l ,
not a llo c a b le
T ran sp o rta tion equipment, except autom obiles
R a ilr o a d and ra ilw a y equipment
A ir c r a f t and p a rts
Ship and b o at b u ild in g
M otorcycles and b ic y c le s
O ther tr a n sp o rta tio n equipment, except
autom obiles
T ran sp o rta tio n equipm ent, exce p t autom obiles,
n o t a llo c a b le
O ther m anufacturing
M anufacturing not a llo c a b le
P u b lic u t i l i t i e s
T ran sp o rtation
R a ilr o a d s , sw itc h in g , te rm in a l, and passenger
c a r s e r v ic e companies
Railw ay express companies
R ailw ay s, s t r e e t , suburban, and in te ru rb an ,
in c lu d in g bus l in e s operated i n con ju n ction
therew ith
Taxicab companies
O ther highway passenger tr a n sp o rta tio n
Highway f r e ig h t tr a n s p o r ta tio n , warehousing,
and sto rage
A ir tr a n sp o rta tio n and a l l i e d s e rv ic e s
Pipe l in e tr a n sp o rta tio n
Water tr a n sp o rta tio n
S e r v ic e s in c id e n ta l to tr a n sp o rta tio n
T ran sp o rta tio n not a llo c a b le
(Money fig u r e s i n thousands o f d o lla r s )
Return; w ith n e t income 1/
Taxes
Income
D eclared
T o ta l
Income
su b je c t
X l
valu e
ta x
ta x 2/
to excess
e x ce ss p r o fit s
p r o fit s
ta x 10/
ta x 3/
D ividends
paid i n cash
and a s s e ts
oth e r than
own sto ck
Excess
p r o fit s
ta x 4/•
Ret:irns w ith no n e t income . V
Number o f
T o ta l com- D e f i c i t 1/ D ividends
retu rns
p ile d r e p a id i n
c e ip ts % /
cash and
a s s e ts
o th e r than
owe sto ck
122
87,851
51,910
3,557
5,124
494
42
10
82
55,814
7,686
278
7,429
2,565
468
25
208
209
7
(14)
17
160,800
27,258
360
40,421
1,864
185
8,571
635,097
517,132
21,982
142,619
90,072
•*
359
121
—
40,751
24,561
*“
5,018
1,559
158
65
127
128
129
275
3,297
209
174
452
33,860
171,806
5,230
19,707
87,562
5,505
25,100
1,280
5,625
15,057
11
61
45
98
23
96
5,841
1,668
8,252
353
105
479
160
624
94
•
ii
61
-
150
151
152
155
154
165,901
. 20,881
1,558,917
197,512
1,143
153,697
11,981
1,489
74,967
342,679
421,861
24,516
58,761
41,348
194
349
259
19,506
42,992
47,561
1,115
3; 558
5,421
116
908
191
156
157
158
7,957
21,244
56,155
15,407
5,831
10,552
7
49
60
58
89
78
5,565
5,803
3,625
3,590
12,785
12,875
848
568
161
467
986
1,057
49
15
196
14
159
140
141
142
145
144
28,718
19,439
100
40
9,458
3,037
576
200
28
-
145
146
375
28
2,418
250
76
585
1,855
196
65
491
4,297,219
1,431,100
164,687
285,506
530,526
152,912
22,547
31,203
338,256
92,510
12,502
19,554
339,168
95,966
13,876
19,708
69,692
22,859
3,748
3,886
2,717
918
196
375
266,759
72,210
9,932
15,447
1,501
1,097
1 ,9 9 5 ,0 2 6
275,668
203,567
189,051
27,055
1,216
6
1,755
661
6
1,502
525
421,100
6 ,813,140
2,9 64,559
48,196
1,088,044
543,454
10,343
805,767
400,508
20,566
740,815
372,180
12,183
98,160
51,876
12
7,556
3,172
78
402
149
515
150
62
321
92
202
100
274,206
2,186,556
73,549
3$1,633
982,857
54,250
294, 578
11,557
37,742
146,665
45,059
222,069
6,526
24,463
109,142
38,319
197,166
7,969
24,499
101,580
4,187
22,063
1,630
4,618
15,787
6,207
4,825
11,379,991
2,207,319
1,743,786
1,525,700
1,065
1,777
1,585
856
1,548
1,298
904,494
2,624,504
2,679,855
152,552
541,275
649,179
95,668
449,048
555,066
96,069
380,424
459,999
20,059
51,716
32,662
1,045
6,029
5,476
95
400
296
188
507
496
85
552
218
118
194
598
1,086,884
1,145,766
1,362,279
550,051
246,844
999,315
170,840
217,898
188,404
72,111
51,520
183,541
151,622
170,529
109,794
42,625
19,855
149,579
122,527
152,805
119,152
45,810
20,124
128,990
6,839
17,346
50,482
11,359
4,226
11,215
1,550
1,791
961
122
208
5,922
114,158
135,668
87,708
54,329
15,690
115,855
599
272
477
225
4 ,052,827
5,215,799
415,677
268,641
265,405
142,655
265,487
159,861
57,702
48,992
5,560
2,068
202,225
108,802
316
243
810,780
146,487
122,264
105,243
8,695
1,491
93,059
9,274
59
6,395
11
9
6,248
550
484
582
17
1
564
5
1
6
1,226
86
511
580
20
25
887
61
585
407
17
16
21,993,253
1,102,831
15,914,263
4,9 21,981
48,469
5,237
2,335,210
150,945
1,822,269
554,736
6,690
544
1,756,425
110,767
1 , 339,768
301,565
4,327
185
1,576,841
104,750
1,218,962
248,422
4,435
278
217,201
15,356
181,996
18,859
867
121
16,105
768
13,404
1,802
122
7
1,543,535
88,605
1,023,562
227,762
5,444
150
243,935
25,589
187,094
52,256
823
172
271
21
106
153
5
7
725,455
3,512
212,578
507,785
610
968
6
3
472
26
• 14
16
5
1
12
2
1
2
1
64,278
59,802
910,756
805,005
261,005
4,866
3* 965
121,802
106,470
77,975
' .
T
(1*)
14,691
158
5*637
8,815
48
52
125
124
125
148
402 149
38 150
168 151
172 152
25 155
154
"* 155
804
243
57363
1*465
26
156
157
158
159
160
40,708
25,777
997,422
591,598
466,643
3,559
2,444
3,642
2,959
488
216,867
112,392
1,406,616
1,060,745
850,710
41,283
36,941
1,170,466
332,934
213,165
15,113
261,134
140,613
2,4 07,679
1,655,301
1,317,841
g .
19
34,195
870
482
6,109
4,013
215
1
22,025
18
17
12,152
10,125
5
51
124
97,337
2
7,055
16,159
191,722
76,740
10,113
134,107
25,471
9,653
123,256
36,520
1,749
18,266
15,706
81
390
450
7,823
104,599
20,364
1,517
25,550
12,278
129
376
2,211
12,013
16,992
264,528
256
1*043
10*475
27
16
366
165
164
165
53,340
60,593
113,545
55,778
3,151
4,969
9,382
42,025
23,922
1,764
15,393
27,649
58,477
30,449
1,849
10,769
20,111
24, 315
11, 556
456
600
55
638
209
13
4,024
7,484
33,524
18,684
1,580
7,452
18,976
26,664
16,658
550
105
34
410
453
46
12,926
20,700
40,180
74,905
2,292
1,253
601
4*899
2,728
206
22
2
924
80
2
166
167
168
169
170
5,795
2,278
20,679
15,759
765
2,799
1,458
13,170
8,798
412
2,607,457
1,610,844
20,426,894
13,570,720
9,529,507
395,497
218,507
4,6 16,319
2,9 00,499
2,272,547
277,853
145,393
1,751,822
1,322,074
1,055,208
6
149
5
92
208,568
511,898
23
76,919
655
1,828
7,081
465
1,587
4,556
139,551
655,545
918,384
269
155
1,389
1,299
163
100
111
860
742
70
215,715
226,129
669,618
276,278
21,927
For footnot68} see p. 12
U i
p 161
*■ 162
¡rrws.’sr.s
r* - *-» -■
Table 1. - Corporation income and declared value excess-profits ta x returns, 1945, b y m ajor industrial groups and minor Industrial groups, f o v returns with net income and returns with no
z..
________________________ (Money figures in thousands of Hollars)
Major i n d u s t r ia l groups and minor
i n d u s t r ia l groups 7/ - Continued
P u b lic u t i l i t i e s — Continued
171
Communication
172
Telephone (wire and ra d io )
173
Telegraph (wire and ra d io ) and cable
174
Radio b ro a d ca stin g and t e le v is io n
175
O ther communication
176
Other p u b lic u t i l i t i e s
177
E l e c t r i c l i g h t and power
178
G a s, d is t r ib u t io n and manufacture
179
Water
180
P u b lic u t i l i t i e s not elsew here c la s s if i e d
181
O ther p u b lic u t i l i t i e s not a llo c a b le
182 Trade,
183
Wholesale
184
Commission merchants
185
O ther w h olesalers
186
Food, in c lu d in g market m ilk d e ale rs
187
A lc o h o lic beverages
188
A pparel and dry goods
189
C h em icals, p a in t s , and drugs
190
Hardware, e l e c t r i c a l goods, plumbing and
h e a tin g equipment
191
Lumber and m illwork
192
W h olesalers, not elsewhere c la s s if i e d
193
W h olesalers, not a llo c a b le
194
R e t a il
195
G eneral merchandise
196
Departm ent, d ry goods, other general
merchandise
197
Lim ited—p r ic e v a r ie t y sto re s
198
M ail-o rd e r houses
199
Food s t o r e s , in c lu d in g market m ilk d e ale rs
200
Package liq u o r sto re s
201
Drug stq re s
A pparel and a cc e s so r ie s
203
Fu rn itu re and house fu r n is h in g s
204
E a tin g and d rin k in g p la ce s
205
Automotive d e a le rs
206
Automobiles and tru ck s
207
A c c e s s o r ie s , p a r t s , e t c .
208
F i l l i n g s ta tio n s
209
Hardware
210
1 B u ild in g m a te r ia ls , f u e l , and ic e
211
O ther r e t a i l trade
212
R e t a il tr a d e not a llo c a b le
213
Trade not a llo c a b le
214 S e r v ice
215
H otels and oth e r lo d g in g p la ce s
216
P e rso n al s e rv ic e
217
La u n d rie s, c le a n e r s , and dyers
218
Photographic stu d io s
219
O th er personal se rv ic e
220
Person al s e rv ic e not a llo c a b le
221
B u siness se rv ic e
222
A d v e rtisin g
223
O ther bu sin ess s e rv ic e
224
Business s e r v ic e 'n o t a llo c a b le
225
Automotive re p a ir se rv ic e s and garages
226
M iscellan eo u s re p a ir s e r v ic e s , hand trad e s
227
M otion p ic tu r e s
228
M o tio n -p ictu re produ ction
229
M o tio n -p ictu re th e a tre s
230
Amusement, e xce p t motion p ic tu r e s
231
O ther s e r v ic e , in c lu d in g sch o ols
252
S e r v ic e not a llo c a b le
202
For fo o tn o te s , see p . 12
T o ta l
number
o f re
turn s 8/
3,629
2,954
19
6£5
ccm piled
income 1/
r e c e ip ts jj/
2,241
1,728
s u b je c t
to excess
p r o fi t s
t a x 10/
T o ta l
ta x
Income
ta x 2/
2,4 83,031
2,062,441
189,895
230,695
686,519
616,831
20,097
49,591
199,258
172,653
1,479
25,126
293,246
255,596
8,321
2 9 ,32S
131,609
115,634
7,082
8,894
2,131
4,573,142
580
3,635,690
447
829,663
971
91,576
99
13,599
34
2,814
94,644 56,182,260
27,551 27,151,587
3,726
1,458,342
23,825 25,715,246
4,962
6 ,423,204
1,014
1,592,250
2,545
2,140,274
1,105
1 ,282,240
1,784
1 ,571,605
1,029,501
824,160
178,900
24,054
1,694
493
5,156,477
1,216,042
95,747
1 ,120,295
187,864
101,613
127,480
85,718
97,777
230,490
200,580
27,549
1,8 6 5
489
9
1,525,865
620,998
44,661
576,337
87,733
72,289
79,938
48,332
44,884
459,132
572,074
77,092
8,989
803
174
1,782,867
698,554
50,882
647,671
104,205
67,788
79,696
52,833
55,200
274,214
¿11,456
54,729
7,459
405
165
538,508
194,085
14,694
179,391
32,165
9,714
15,211
13,098
18,742
1,020
12,967
1,833
74,263
5,792
5,323
795
10,186
1,438
56,615
4,893
4,555
665,469
10,492,398
1,5 47,807
24,438,072
8,246,534
6,780,956
23,669
427.627
68,548
1,674,886
788.627
636,003
10,265
202,498
30,398
798,891
448,564
370,142
12,470
238,010
57,472
946,825
492,317
399,661
288
181
5,881
1,797
4,600
10,440
4,718
9,787
8,229
7,405
824
1,934
2,335
7,490
7,325
3,935
14,510
38,768
4,521
8,536
4,577
590
5,359
10
7,169
1,666
5,483
20
3,398
1,501
4,067
591
5,476
4,766
4,698
112
233
105
4,117
<1,484
3,507
8,720
3,714
6,4 7 0
6,170
5,546
624
1,025
1,934
5,591
5,723
5,267
10,478
21,605
2,971
5,489
3,018
360
2,107
4
3,875
1,036
2,828
11
1,718
1,052
2,897
277
2,620
1,701
1,870
50
1,3 19,855
145,743
5,295,729
160,139
925,602
2 ,848,019
814,869
1,104,779
1,190,092
1,024,441
165,651
182,785
189,726
1,237,747
1,8 33,748
910,302
4 ,5 4 2 ,6 0 0
4,5 5 3 ,7 0 3
809,011
718,251
536,841
44,897
153,775
2,718
822,139
459,564
360,247
2,328
114,711
135,069
1,321,536
608,574
712,962
224,783
575,069
33,155
140,299
12,525
134,567
7,601
57,197
218,802
96,285
69,510
65,081
54,355
10,728
11,486
14,607
70,460
97,747
45,116
265,548
594,857
96,706
54,517
55,330
4,987
13,562
639
71,413
26,832
44,202
579
8,853
14,879
262,933
126,090
136,843
38,536
45,915
1,124
70,726
7,695
48,465
1 ,8 5 0
28,474
122,105
21,157
28,261
16,093
15,065
3,030
4,293
4,084
17,817
43,875
13,855
105,976
255,511
32,496
15,061
9,172
2,716
2,888
284
21,353
6,955
14,220
198
2,158
9,667
127,495
56,664
70,831
19,265
25,698
519
84,991
7,665
70,158
3,054
32,171
129,427
42,956
34,549
27,222
22,180
5,042
6,010
6,299
50,408
51,919
20,552
137,490
511,479
45,927
23,500
15,035
2,817
5,513
335
33,429
12,466
20,733
231
3,534
8,987
147,580
69,002
78,377
22,013
26,173
537
1
3,291
822
637
1,577
179
76
124,122'
55,549
5,555
29,794
6,097
1,205
2,893
1,472
2,307
11
502
D eclared
v a lu e
excessp r o fit s
ta x 3/
Excess
p r o fit s
ta x 4/
dends
i n cash
a sse ts
i r than
sto ck
Number o f
retu rns
T o ta l com
p ile d re
c e ip ts 9/
D e f i c i t l / D ividends
p a id in
cash and
a s s e ts
-other than
574
is :
42
181
161,265
139,812
1,198
20,253
562,26’
346,514
3,702
12,048
1,102
6
104
32,120
8,802
18,237
5,082
• 6,506
582
5,483
441
509
215
68
25
184,609
160,403
22,296
1,507
396
25,172
3,657
589
9,068
1,882
1,209
969
442
548
1,219,187
494,812
55,600
459,212
70,156
56,866
63,515
39,293
35,910
475,269
386,946
77,756
9,758
639
170
538,270
191,437
19,427
172,010
31,644
7,541
12,995
13,520
20,782
884
168
169
454
71
22
26,236
6,897
1,656
5,241!
979
153
308
316
483
75,634
50,455
16,525
5,526
2,709
420
2,217,334
968,118
132,808
855,310
273,406
22,357
32,825
18,862
56,860
8,826
5,342
2,068
1,097
289
30
64,596
26,499
3,741
22,758
3,387
736
783
628
4,992
4,163
75,780
12,519
292,129
126,525
97,503
96
5,370
551
12,831
4,282
3,903
8,211
160,860
24,402
641,864
361,510
298,255
4,177
68,286
13,066
311,458
161,911
123,723
200
2,487
315
15,995
799
682
21,309
368,574
41,137
974,630
48,484
45,041
766
10,353
1,113
28,083
1,493
1,354
27,444
1,577
30,283
1,316
8,755
29,910
25,850
11,009
15,685
11,205
2,478
2,459
2,766
15,096
15,787
8,730
52,295
106,091
19,334
10,914
7,403
620
2,785
105
16,065
6,845
9,156
62
1,695
1,304
44,336
23,202
21,133
6,199
5,974
274
298
81
826
252
432
1,622
886
880
481
559
122
92
263
942
1,338
555
2,684
2,824
462
478
201
82
195
368
127
252
8
93
121
416
106
309
514
367
5
57,249
6,006
39,049
1,506
23,004
97,896
16,220
22,661
, 13,059
10,616
2,445
3,479
5,271
14,370
34,795
11,047
82,511
202,564
26,131
12,108
7,431
2,114
2,332
230
16,998
5,495
11,344
160
1,747
7,562
102,628
45,695
56,955
15,300
19,832
258
36,446
1,742
33,067
323
10,332
26,609
19,526
9,866
9,992
8,381
1,611
3,159
2,557
15,707
11,869
6,782
35,374
104,587
10,223
9,022
p,221
377
2,259
164
19,076
5,975
13,040
61
1,533
950
53,571
22,256
51,515
4,949
5,098
367
51
66
1,595
298
999
1,479
917
3,095
1,775
1,595
182
849
573
1,757
1,450
609
5,344
13,991
1,389
2,678
1,358
153
1,162
5
2,733
521
2,204
8
1,571
436
1,008
244
764
2,224
1,912
40
1,745
1,698
195,920
13,357
43,709
75,111
57,581
156,996
90,268
82,213
8,056
49,584
10,279
135,315
78,877
39,150
274,585
603,877
134,768
143,889
119,050
5,610
20,746
483
81,129
18,298
62,597
234
46,143
14,503
66,014
15,842
50,172
51,285
65,365
980
47
92
5,107
279
932
2,050
1,916
4,897
2,824
2,581
243
1,505
428
4,680
2,979
994
10,015
48,410
14,407
5,755
4,509
242
987
16
4,852
860
3,989
2
2,426
859
5,382
5,084
2,298
6,023
8,673
35
(
1,212
258
257
,
171
172
175
1 174
175
3,640 176
3,260 177
46 178
328 179
7 180
181
5,166 182
2,101 183
575 184
1,525 185
260 186
346 187
58 188
24 189
133 190
111
519
73
2,676
611
610
1
379
3
28
17
319
31
345
314
31
64
12
394
576
98
390
1,030
227
274
250
1
23
191
192
195
194
195
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
215
214
215
216
217
218
219
220
251
171
80
46
1
55
5
48
75
103
Table 1 . - C orp oratio n 1noose and d eolared valu e e x c e s s -p r o fits ta x re tu r n s , 1945, by m ajor I n d u s t r ia l groups and minor I n d u s t r ia l grou ps, f o r re tu rn s w ith n e t lndone and re tu rn s w ith no
n e t Income: Nunber o f re tu r n s , t o t a l compiled r e c e ip t s , n e t income o r d e f i c i t , and divid en d s p a id i n cash and a s s e ts oth e r th a n own sto ck } a l s o , f o r re tu rn s w ith n e t inooast T o ta l t a x ,
income t a x , d eolared v a lu e e x c e s s -p r o fits t a x , excess p r o f i t s t a x , and income s u b je c t to excess p r o f i t s ta x - Continued
u
1
I
•H
ess
254
255
256
257
258
259
240
241
242
245
244
245
246
247
248
249
250
251
252
255
254
255
256
257
258
259
260
261
262
265
264
265
266
267
268
269
270
271
272
275
274
275
276
277
278
279
280
281
282
285
Major in d u s t r ia l groups and minor
i n d u s t r ia l groups i j - Continued
T o ta l
number
o f re
tu rn s §
Number o f
retu rns
/
142,189
F in a n ce, in su ra n ce , r e a l e s t a t e , and le s s o r s o f
r e a l property
55,111
Finance
Banks and t r u s t companies
15,821
lon g-term c r e d it a g e n c ie s , mortgage companies.
5,252
exce p t banks
5,950
S h o rt-term c r e d it a g e n c ie s , exce p t banks
1,786
S a le s fin a n c e and in d u s t r ia l c r e d it
1,516
P e rso n al c r e d it
165
O ther sh ort-term c r e d it a ge n cie s
S h o rt-term c r e d it a g e n c ie s , e xce p t banks,
485
not a llo c a b le
Investm ent tr u s ts and investm ent companies 11/ ' 5,579
426
Management type
70
Fixed o r se m ifixe d type
65
In sta llm e n t investm ent p la n s and
guaranteed face-am ount c e r t i f i c a t e s
154
M in e ra l, o i l , and gas r o y a lty companies
2,684
Investm ent t r u s t s and investm ent
companies not a llo c a b le
1,895
Other investm ent companies, in clu d in g
h o ld in g companies
935
H oldin g companies 12/
O p e ra tin g-h o ld in g companies 15/
960
S e c u r ity and commodity-exchange brokers
1,448
and d e a le rs
1,692
O ther fin a n c e companies
5,674
Finance not a llo c a b le
Insurance c a r r i e r s , a g e n ts , e t c .
7,909
1,925
■Insurance c a r r ie r s
752
l i f e insu ran ce companies
458
M utual in su ra n ce , except l i f e o r marine
o r f i r e insu ran ce companies is s u in g
p e rp etu a l p o li c i e s
O ther insu ran ce c a r r ie r s
755
5,986
Insuran ce a g e n ts , b r o k e r s, e t c ,
R eal e s t a t e , in c lu d in g le s s o r s o f b u ild in g s
91,788
72,919
Owner op erators and le s s o r s o f b u ild in g s
Lessee op erators o f b u ild in g s
2,185
4,565
Owners f o r improvement
2,221
T rading fo r own account
R e a l e s ta te a g e n ts , b ro k e rs, e t c .
5,055
1,294
T i t l e a b s tr a c t companies
5,551
R e a l e s t a t e , in c lu d in g I s ssorss o f b u ild in g s ,
n o t a llo c a b le
Lesso rs o f r e a l p ro p e rty, except b u ild in g s
7,581
A g r ic u lt u r a l, f o r e s t , e t c , , p ro p e rtie s
1,511
2,786
M in in g, o i l , e t c . , p ro p e rtie s
455
R a ilr o a d p ro p e rtie s
201
P u b lic u t i l i t y p ro p e rtie s
O ther r e a l p ro p e rty, e xce p t b u ild in g s
2,109
519
Lessors o f r e a l p ro p e rty , exce p t b u ild in g s ,
not a llo c a b le
15,525
C o n stru ctio n
G en e ra l c o n tra cto rs
6,128
S p e c ia l tra d e c o n tra cto rs
6,987
C o n stru ctio n not a llo c a b le
210
A g r ic u ltu r e , fo r e s t r y , and fis h e r y
7,295
A g ric u ltu r e and s e r v ic e s
6,595
F o re stry
455
269
F ish ery
Mature o f b u sin e ss n o t a llo c a b le
17,915
F or fo o tn o te s , see p . 12
Net
T o ta l
Income 1/
compiled
r e c e ip ts 9/
Return s w ith net income 1 /
Income
I s ixes
T o ta l
Income
D eclared
s u b je c t
to excess
valu e
ta x
ta x Z ¡
e x ce ss p r o fi t s
p r o fi t s
ta x 10/
ta x y
Dividends
p a id i n cash
and a s s e ts
o th e r than
own. sto ck
Excess
p r o fit s
ta x 4/
Number o f
retu rn s
Ri tu rn s w ith no n e t income v
T o ta l com
D e f i c i t i , Dividends
p a id in
p ile d re
cash and
c e ip ts 9/
a s s e ts
o th e r than
own sto ck
u
!8
■rt
74,956
8,0 62,415
2,7 86,738
69,217
464,088
404,921
5,055
56,115
944,115
58,699
1,157,184
409,586
57,818
255
25,251
12,557
1,465
3,041,478
1,979,505
27,057
1,033,818
456,975
6,495
12,394
3,476
175
206,519
118,898
1,959
194,919
115,298
1,787
1,473
812
11
9,928
2,788
140
669,247
224,570
2,530
9,877
2,510
1,618
257,788
184,625
7,172
98,065
57,049
10,725
41,055
14,181
6,565
254
255
256
2,555
1,045
992
90
250
197,401
65,268
122,688
1,441
8,004
53,496
19,719
51,567
438
1,772
3,140
1,947
1,181
(14)
15
20,412
7,660
12,082
125
547
17,825
6,069
11,105
121
552
68
36
25
2
4
24,568
7,741
15,429
222
976
1,295
585
471
51
188
14,709
7 ,U S
6,537
204
852
3,682
1,956
1,494
51
200
1,510
525
117
2
666
257
258
259
240
241
2,438
546
57
49
223,522
98,999
12,455
17,974
164,095
74,958
11,038
2,244
722
.••
-
10,621
5,152
698
120
9,850
3,045
684
114
200
88
14
6
571
-
139,480
62,589
8,7S5
594
884
71
12
15
4 ,7 *4
1,002
44
275
5,509
940
561
141
1,458
20
•
50
242
245
244
245
85
1,901
5,705
88,191
2,775
75,077
662
60
1,217
5,454
692
5,317
4
88
522
50
2,006
65,957
44
742
757
2,636
188
5,479
209
1,199
246
247
1,561
407,689
290,054
1,012
54,650
53,610
220
820
253,605
477
18,095
15,059
8,555
248
624
737
910
221,966
185,725
127,610
191,714
98,539
50,835
90
921
1,097 .
17,288
17, 361
8,408
17,061
16,549
7,475
154
66
51
75
747
881
159,615
93,988
10,296
255
222
450
13,622
4,475
13,511
12,295
2,764
2,486
7,586
970
374
249
250
251
681
1,464
5,156
1,557
563
592
48,221
50,674
3,491,354
5,502,071
1,5 45,019
22,016
21,988
9,885
1,587,502
1,357,906
1,0 92,705
16,558
2,450
525
26,101
20,619
8,967
2,426
132,292
120,891
54,482
5,682
6,942
2,151
111,062
104,185
54,482
5,682
79
52
106
9
-
1,946
262
21,124
16,697
-
9,503
5,098
157,451
124,467
41,884
85
790
1,853
2,418
279
78
46
9,855
5,155
180,274
143,780
252
669
14,761
8,996
97,087
94,151
149
216
4,652
4,559
3,009
2,829
26
-
252
255
254
255
256
257
582
5,599
45,290
36,552
1,180
1,400
722
1,707
741
988
1,955,057
189,285
1,3 27,500
1,136,095
46,176
23,058
8,236
60,713
25,206
27,815
248,645
29,596
259,166
225,465
5,001
6,402
2,530
7,662
4,477
7,629
20,619
5,481
17,969
15,295
572
651
79
645
617
154
80,727
11,401
80,905
70,950
1,584
1,918
696
2,373
1,539
1,845
64,021
6,877
65,130
57,657
1,092
1,563
587
1,767
988
1,676
9
97
1,284
976
55
51
45
73
47
59
16,697
4,427
14,491
12,317
460
505
65
535
504
109
82,500
12,984
74,731
65,057
949
1,756
429 '
1,479
2,005
3,079
155
2,139
43,049
55,071
930
2,372
1,218
1,160
472
1,826
142,859
56,494
655,782
587,985
21,848
H ,1 5 5
3,569
15,452
5,855
13,920
93,766
2,956
194,559
146,909
2,556
14,560
5,759
1,125
599
23,255
2,805
180
11,622
8,798
10
411
291
7
21
2,084
258
259
260
261
262
265
264
265
266
267
3,299
650
1,598
226
114
605
126
202,280
9,686
82,588
89,096
14,471
5,575
2,866
106,252
4,099
40,567
52,757
5,859
1,603
1,567
12,754
202
6,409
5,639
365
119
22
44,573
1,358
16,479
25,366
2,390
501
499
53,811
1,141
11,187
18,534
2,087
598
463
190
52
112
14
8
7
17
10,572
165
5,180
4,817
294
96
18
62,684
1,914
28,757
29,142
1,071
680
1,121
5,555
625
1,058
156
78
1,155
285
43,559
2,469
6,725
27,842
4,516
1,050
940
19,875
2,455
4,468
7,172
2,285
2,269
1,250
2,154
504
664
1,027
1
88
49
268
269
270
271
272
275
274
7,477
5,150
4,280
47
4,252
5,894
208
150
1,897
5,875,640
2,855,421
1,005,585
12,655
765,215
725,517
17,084
22,814
201,564
294,555
218,485
75,367
703
128,219
120,946
4,054
5,219
25,046
175,450
128,649
44,488
515
44,158
42,640
150
1,588
5,458
174,659
130,061
44,216
562
62,576
59,927
1,063
1,586
9,351
36,065
27,547
8,604
113
25,831
24,462
951
458
4,742
5,585
2,565
1,020
2
1,597
1,540
26
51
271
155,190
100,551
54,592
247
55,148
55,926
106
1,116
4,517
29,665
25,790
5,818
85
29,506
25,787
5,568
550
5,575
4,651
2,219
2,576
56
2,652
2,565
177
90
5,555
468,982
358,695
108,884
1,405
102,524
97,446
5,227
1,852
25,556
27,155
21,177
5,871
87
14,574
12,752
1,191
451
17,578
1,605
1,545
262
•
1,581
1,216
562
5
1,052
275
276
277
278
279
280
281
282
285
-
-
2,519
1,555
954
(14)
1
10
-
Bible 2. - Corporation income and declared value excess-profits tax returns, 1943, by net income and deficit classes,
for returns with net income and returns with no net incomes Number of returns, and net income or deficit; also for
returns with net incomes
Total tax, income tax, declared value excess-profits tax, excess profits fc»y, and income
subject to excess profits tax
Returns with net income
Net Income and deficit
classes 1/
Under 1
1 under 2
2 under 3
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
Tax on returns with no
net income Z j 3/
Tbtal
No income data (inactive
•corporations)
For footnotes, see p. 12
1/
,
Returns with no net
income 1/
Number
of
Deficit 1/
returns
Net
income 1/
Income
subject to
excess prof
its tax 10/
62,933
29,718
21,048
16,777
15,837
40,570
19,829
12,095
8,478
20,294
13,840
11,158
4,860
2,852
2,665
391
390
25,543
43,514
52,160
58,536
71,534
290,834
243,215
209,207
189,952
715,465
977,169
1« 748,589
h 700,087
1, 983,564
5, 395,744
2,745,948
12, 266,904
38
120
181
261
266
11,056
30,329
39,180
45,180
232,328
409,931
868,756
925,949
li,079,424
s» 026,314
li 510,926
6, 186,481
5,108
9,297
11,652
13,560
17,003
76,297
77,573
74,730
73,507
323,856
515,936
997,619
1, 001,292
1, 160,129
s, 192,622
1, 599,912
6, 775,232
4,915
8,846
11,014
12,742
15,977
64,090
50,058
40,276
34,546
131,438
179,354
293,213
260)307
303,516
790,889
407,374
1,870,505
164
353
497
603
805
3,047
2,534
2,150
1,827
6,315
7,823
12,534
11,977
13,024
>51,469
17,541
42,124
-
-
-
256
108
148
-
-
283', 735
28, 717,966
14, 366,701
15, 925,582
4,479,166
154,934
H , 291,483
136,786
-
-
-
-
-
of
returns
Total
tax
Income
tax 2/
Taxes
Declared
value excessprofits
tax 3/
Excess
profits
tax 4 /
32
99
140
216
221
9,160
24'981
32'304
37)134
186'103
328'760
69l'873
729'009
843'589
2,370'264
1 I 74 '998
4, 862'605
,
84,297
16'605
8'304
5 )081
3,516
8,230
3 )373
1^739
l)l75
2)302
l)l74
651
218
73
45
2
3
35,373 j
22,978
23)828
2o)362
17 )596
15)749
57)700
41)089
30)030
26*183
79)456
80)976
9fi)662
75 '802
50*731 101*254
n)989
146,356
_
898,722
-
Footnotes for tables in this release
l/ "Set income" or "Deficit" for 1942-43 is
the amount reported for declared value excessprofits tax computation adjusted by excluding net
operating loss deduction (items 31 and 27, respec
tively, page 1, Form 1120)« See note 15«
2/ "Income tax" for 1942-43 consists of nor
mal tax, surtax, and, for taxable years beginning
after December 31, 1941, alternative tax reported
in lieu of normal tax and surtax where the income
includes an exoess of net long-term oapital gain
over net short-term capital loss, if and only if
such tax is less than the normal tax and surtax.
Tabulated with the income tax for returns with net
income is a small amount of surtax reported on re
turns with no net income, where receipts for the
taxable year include interest on obligations of
certain instrumentalities of the United States,
3/ Although the filing of consolidated returns
is n o 7 permitted for declared value excess-profits
far purposes, the declared value exoess—profits tax
reported by the members of an affiliated group of
corporations filing a consolidated inoome tax re
turn is ordinarily tabulated under the same classi
fications as the income tax return. A small amount
of declared value excess-profits tax reported by
corporations whose consolidated inoome tax returns
show no net income is included with the declared
value excess-profit8 tax shown for returns with net
inoome.
4/ The excess profits tax shown is that im
posed by section 710 of the Internal Revenue Code
as emended and should not be confused with the de
clared value excess—profits tarn. The amount shown
is the excess profits tax liability reported on
corporation excess profits tax returns, less the
oredit for debt retirement and the net post-war re
fund. Throughout this release, the 1943 tax is be
fore the amount deferred under section 710(a)(5)
(relating to abnormalities under section 722) and
after any adjustments under other relief provisions.
5/ The excess profits net inoome for returns
with taxable year beginning in 1943 is obtained, as
in 1942, from the normal-tax net income (computed
without allowance of oredit for income subject to
exoess profits tax and without allowance of divi
dends reoeived credit) by making certain adjust
ments, consisting principally of the exclusion of
long-term capital gains and losses, and dividends
reoeived from domestic corporations.
6/ The adjusted excess profits net inoome is
the exoess profits net income less the sum of the
specific exemption, exoess profits credit, and un
used excess profits credit adjustment. For part
year returns, the amounts of excess profits net in
oome and adjusted excess profits net income have
been placed on an annual basis.
7/ The industrial classification is based on
the business activity reported on the return. Tlhen
multiple businesses are reported on a return, the
classification is determined by the business ac
tivity which accounts for the largest percentage of
total receipts. Therefore, the industrial groups
do not refloot pure industry classifications. The
only change in the industrial groups between 1942
and 1943 is the transfer of mutual fire insurance
companies issuing perpetual policies to the minor
group "Other insurance carriers" from the minor
group "Mutual insurance, except life or marine."
8/ Total number of returns inoludes returns of
inactive corporations.
9/ "Total compiled receipts" consists of gross
sales (less returns and allowances), gross reoeipts
from operations (where inventories are not an inoomedetermining factor), all interest reoeived on
Government obligations (less amortisable bond pre
mium), other interest, rents and royalties, net capi
tal gain, net gain from sale or exohange of property
other than oapital assets, dividends, and other re
ceipts required to be inoluded in gross inoome.
"Total compiled receipts" excludes nontaxable inoome
other than tax-exempt interest reoeived on certain
Government obligations.
10/ "Income subject to exoess profits tax," al—
l o w e T a s a oredit in computing normal tax and surtax
net income for taxable years beginning after
December 31, 1941, is, in general, equal to the ad
justed exoess profits net inoome. However, in case
the exoess profits tax is determined as provided in
section 721 (relating to abnormalities in inoome in
the taxable period), section 726 (relating to corpo
rations completing contracts under the Merchant
Marine Aot of 1936), seotion 731 (relating to corpo
rations engaged in mining strategic minerals), or
section 736(b) (relating to corporations with inoome
from long-term contracts), the credit for inoome sub
ject to excess profits tax is the amount of which the
excess profits tax is 90 percent. For the purpose
of computing such credit, the excess profits tax used
is the tax computed without regard to the limitation
provided in section 710(a)(1)(B) (the 80 percent
limitation), without regard to the oredit provided in
seotion 729(c) and (d) for foreign taxes paid, and
without regard to the adjustments provided in sec
tion 734 in case of position inconsistent with prior
income tax liability.
11/ The industrial classification designated
"Investment trusts and investment companies" consists
of corporations which derived 90 percent or more of
receipts from investments and which at no^ time during
the taxable year had investments in corporations in
which they owned 50 percent or more of the voting
stock.
12/ The industrial classification designated
"Holding companies" consists of corporations which
derived 90 percent or more of receipts from invest
ments and whioh at some time during the taxable year
had investments in corporations in whioh they owned
50 percent or more of the voting stock.
13/ The industrial classification designatbd
"OperSting-holding companies" consists of corpora
tions whioh derived less than 90 percent but more
than 50 percent of receipts from investments.
14/ Less than $500.
15/ The net operating loss deduction tabulated
herein is the amount originally reported, consisting
only of the net operating loss carry-over reduced
by certain adjustments, and does not take into ac
count whatever revisions may subsequently be made
as the result of any carry-back of net operating
loss from th® two succeeding tax years. In general,
the net operating loss carry-over is the sum of
the net operating losses, if any, for the two pre
ceding taxable years. If there is net income in
the first preceding taxable year, the net operating
loss for the second preceding taxable year is
reduced to the extent such loss has been absorbed
b y such net income.
Press Service
No. 3-121
Lc the second in
port "Statistics of
icome and declared
returns, and personal
>r the direction of
•eturns for 1 9 U3 ,
>d include number of
i;ax returns, items
| net profit or net
|ion, income subject
>ss-profits tax, exlotal tax, and divlwjy "v’y p b
ui
u. a v l u e a u «
/
In analyzing the data compiled from returns classified under the
majo? group "Insurance carriers, agents, etc./ it should be noted that
life, insurance companies are required to include only interest, dividends,
and rent8 in gross income. Beginning 19^2, life insurance companies were
allowed a "reserve and other policy liability credit" equal to a flat per
centage of investment income less tax-exempt interest. This credit," which
is deducted after arriving at net income, takes the place of the deductions
for reserve earnings, deferred dividends, and interest paid, which formerly
were allowed in computing net income. For 1 9 I+3 the credit rate is 91.98
percent and for normal tax purposes the aggregate amount of reserve and
other policy liability credit is $902,706/98, reported only on returns
with net income. As an offset to this credit, adjustment for certain non
life insurance reserves is reported in total amount of $5,202,812 on re
turns with net income. The latter adjustment, which is made in order to
include in the tax base the interest received on non—life insurance re
serves, applies only to life insurance companies deriving a portion of
their income from contracts other than life insurance, annuities, or noncancellable health and accident insurance.
The statistics are compiled from the returns as filed, prior to re
visions that may be made as a result of audit by the Bureau of Internal
Revenue and prior to changes which may result from carry-backs, from
relief granted under section 7 2 2 , or from the renegotiation of war contracts,
after the returns were filed. The effect of renegotiation settlements
reached to date with respect to the t^x year I9 U3 will be shown in a
special tabulation to be included in the complete report, "Statistics of
Income for I9H3 , Part 2 ."
TREASURY DEPARTMENT
Washington
TOR RELEASE,
Tuesday. October 22. lÿ*6
Press Service
No. 3-121
Secretary of the Treasury Snyder today made public the second in
the series of tabulations which will appear in the report "Statistics of
Income for 19^3t
2," compiled from corporation income and declared
value excess-profits tax returns, excess profits tax returns, and personal
holding company returns. These data are prepared under the direction of
Commissioner of Internal Revenue Joseph D. Nunan, Jr.
The following table shows data from corporation returns for 1 9 H3 ,
classified by major industrial groups. Items tabulated include number of
corporation income and declared value excess-profits tax returns, items
of compiled receipts and compiled deductions, compiled net profit or net
loss, net income or deficit, net pperating loss deduction, income subject
to excess profits tax, income tax, declared value excess-profits tax, ex
cess profits tax, total tax, compiled net profit less total tax, and divi
dends paid by type of dividend.
In analyzing the data compiled from returns classified under the
majo^ group "Insurance carriers, agents, etc.," it should be noted that
life insurance companies are required to include only interest, dividends,
and rents in gross income. Beginning 19*4-2, life insurance companies were
allowed a "reserve and other policy liability credit" equal to a flat per
centage of investment income less tax-exempt interest. This credit* which
is deducted after arriving at net income, takes the place of the deductions
for reserve earnings, deferred dividends, and interest paid, which formerly
were allowed in computing net income. Tor 19^+3 the credit rate is 91.98
percent and for normal tax purposes the aggregate amount of reserve and
other policy liability credit is $902,706,Uag, reported only on returns
with net income. As an offset to this credit, adjustment for certain non
life insurance reserves is reported in total amount of $5,202,812 on re
turns with net income. The latter adjustment, which is made in order to
include in the tax base the interest received on non-life insurance re
serves, applies only to life insurance companies deriving a portion of
their income from contracts other than life insurance, annuities, or non—
cancellable health and accident insurance.
The statistics are compiled from the returns as filed, prior to re
visions that may be made as a result of audit by the Bureau of Internal
Revenue and prior to changes which may result from carry-backs, from
relief granted under section 7 2 2 , or from the renegotiation of war contracts,
after the returns were filed. The effect of renegotiation settlements
reached to date with respect to the tox year 19 ^ 3 will be shown in a
special tabulation to be included in the complete report, "Statistics of
Income for 1 9 *+3 , Part 2."
Corporation income and declared value excess-profits tax returns, 1945, by major industrial groups» »umber of returns, c(»piled receipts, «— ^ 1 ^ deductions,
compiled net profitor net loss, net income or deficit, net operating loss deduction, income subject to excess profits tax, income tax, declared value excess.profits tax, excess profits tax, total tax, compiled net profit less total tax, and dividends paid by type of dividend
dtaàev figures in thousands of dollars)
All
industrial
groups
1
2
S
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
Number of returns 4/
Receipts t
Gross sales 5/
Gross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium)»
Wholly taxable 7/
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other interest
> .
Rents and royalties 11/
Net capital gain 12/
Net gain, sales other than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations 15/
Other receipts
Total compiled receipts 16/
Deductions t
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortization 21/
Net loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
Net income or deficit 22/ (51 less (6 + 7))
Net operating loss deduction 25/
Income subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax 26/
Sxcess profits tax 27/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paid»
Cash and assets other than own stock
Corporation's own stock
For footnotes, see p. 8
420,521
Total
mining
listai
and
mining
quarrying
8,155
997
and auarrd£g___________________
Crude
Nonme- Mining
petrole tallic and
um and
mining quarry
natural and
ing not
gas pro quarry alloca
duction ing
ble
Bituminous
Anthra coal,
cite
lignite,
mining peat, etc.
139
1,625
200,619,014: 5,258,297 798,399 506,820
521,976 16,654 14,907
59,765,059
1,315,591
96,085
3,762
1,457
481,546 545,378
165,510 26,822
664,468
552,856
2,552
1,114
1,214
452
140
163
462
210
427
227
29,522
277,885
2,257,510
2,558,555
294,549
150,554
24
729
6,662
50,276
50,205
5,894
'3
302
1,245
5,063
1,436
256
2
19
445
11,156
215
61
15
84
2,051
18,110
3,700
742
2
272
2,459
12,502
25,541
2,591
5
52
450
5,509
941
453‘
1,554,402
155,546
1,575,215
25,158
446
50,094
12,280
257
9,587
416
1,421
2,558
101
7,578
8,445
54
8,225
1,413
54
3,096
249,772,495 5,751,407 847,088 335,765
1,447,048
152,568,155 2,224,754 531,428 252,161
209,656 11,086
22,070,790
9,678
28/ 5,745,209
52,880
4,663
2,654
2,582,626
18,994
1,367
1,556
2,505,299
55,581
5,365
7,970
418,224
5,520
400
310
52,539
, 2,550,929
3,531
6,258
5,699,221
121,249 50,725 12,585
159,221
2,309
816
76
5,916,525
145,925 26,588
7,136
645,891
224,321 70,123
7,941
690,560
7,420
3,887
445
585,884
6,207
14,819
1,465
1,011,543
66,951
14,563
5,642
25,907
1,231
6,778
41,741
662
38,672
40,038
988
3,562
24,551,510
276,690
34,416
18,013
92,915
.29/221,646,042 5,392,456 750,599 328,247
1,350,791
28,126,451
27,819,245
224,952
14,566,701
4,479,166
154,954
11,291,485
15,925,582
12,200,869
5,727,676
224,848
284
79
175
Manufacturing
Total
manufac
turing
78,716
Food and
kindred
products
9,019
Beverages
Tobacco
manufac
tures
2,687
215
815
Apparel
and
products
made from
5,597
8,097
10,965 136,989,755 18,728,708 5,245,612 2,074,988 2,894,640 4,972,583
2,199
7,913,476
146,202
11,768
2,275
16,121
96^490
5,999,185
' 79^829
1
5
5
52,240
10,269
2,821
543
801
166
166
208
1,029
148
1,778
'164
447
132
4
25
89610,899
22,569
21,559
1,088
50
168
2*687
5,417
2,720
566
17
96
2,492
2,680
321
21
15
124
1,720
7,585
1,157
102
IS
175
3,513
6,681
1,947
302
5
59
1,504
7,440
'496
121
6
(32)
51
137
575
11
785
11,000
117,657
309,555
89,586
8,658
66
187
511,708
85,166
659,614
4,012
15
15,177
4,450
741
2,070
2,648
33
12,357
4,179
1,005
22,596
1,545
118
12,948
12
705,000 582,514
15,994 146,559,404 19,073,296 5,286,941 2,090,525 2,957,457 5,111,425
4^.05,606
15
207,285 214,536
105,595 14,871
17,635 13,096
7,325
3,012
4,135 12,095
2,687
689
12,816
2,785
26,014
9,925
454
293
57,490 15,576
94,480 11,313
979
1,101
2,901
809
8,003 103,269,037 15,657,729 1,955,709 1,628,891 2,315,837 5,920,248
1,456
66,766
5,775,159
4,945
65
6,567
62,526
269
1,582,948
131,020
39,850
5,870
22,398
85,946
92
’'519,846
42,290
7,241
1,514
1,859
15,823
110
1,861,532
144,598
21,542
2,113
52,423
47,465
204
93,225
8,448
3,676
424
433
1,667
-ft 172
429,501
42,711
11,585
9,700
6,505
15,254
261
2,913,302
206,240
481,728
125,793
47,877
77,823
9
92,625
7,489
5,209
854
5,121
5,633
662
1,826,133
156,521
41,870
7,040
59,959
60,759
•
427
368,884
568
42
5
81
20
535,663
326
4,519
2,561
2,112
75
116,295
15,100
3,107
354
1,940
12,810
5,192,468
60,076
124,564
27,975
8,574
2,205
7,496
47,070
4,055
14,094
50
256
954
16
17
18
19
25
24
25
26
27
28
500,204
361,896
29
15,492 129,965,725 17,953,211 2,922,556 1,906,298 2,610,716 4,604,532
5,851,489
50
507,092
506,905
2,880
507,790
74,619
3,270
245,906
523,796
183,296
252,118
252,074
5,451
145,871
55,466
2,439
114,446
152,350
99,768
51
52
55
54
55
56
57
58
59
68,494
28,456
28,610
5,575
40
41
89,836
59,779
629,753 359,554
1,733
10,583,577
26,975
8,505
102,527
1,469,410
569*929
125,681
358,972 116,489
558,219 116,184
547
7,198
86,320 31,666
99,477 30,856
680
100
69,683 25,637
169,840 56,573
169,132 59,917
7,518
7,497
822
1,382
5,053
8
1,081
4,123
3,595
96,256
96,157
2,551
26,599
27,465
280
21,499
49,244
47,012
75,247
74,974
2,797
10,031
26,441
206
7,984
34,631
40,616
42,959
42,905
441
15,642
11,497
75
12,671
24,243
18,717
502
502
39
1,001
205
11
810
1,027
51/52S
16,593,679
16,581,896
79,464
10,458,897
2,266,110
114,310
8,162,663
10,543,083
6,050,597
1,120,085
1,119,166
8,699
500,079
226,481
8,538
403,382
638,401
481,684
364,405
564,206
5,983
171,715
71,734
1,418
156,356
209,507
154,898
184,227
184,115
411
49,455
51,998
162
39,975
92,135
92,092
200,417
5,580
6,850
•
25,191
579
64,971
4,967
20,048
30
656
-
2,631,654
114,405
249,494
6,383
85,175
15,409
67, 5 U
95
82,720
5.
TextileCotton
mill
manufac products,
tures
except
151,455
326,720
326,583
345
228,476
37,865
837
182,483
221,185
105,535
43,549
1,402 K
5
7
8
9
10
11
15
14
20
21
22
N
C o r p o r a tio n in c o m and d e c la r e d v a lu e e x c e s s - p r o f i t s t a x r e t u r n s , 1 9 4 3 , b y major i n d u s t r i a l g r o u p s : Number o f r e t u r n s , c o m p ile d r e c e i p t s , co m p ile d d e d u c tio n s ,
co m p ile d n e t p r o f i t o r n e t l o s s , n e t incom e o r d e f i c i t , n e t o p e r a t in g l o s s d e d u c tio n , incom e s u b je c t t o e x c e s s p r o f i t s t a x , Incom e t a x , d e c la r e d v a lu e e x c e s s p r o f i t s t a x , e x c e s s p r o f i t s t a x , t o t a l t a x , c o m p ile d n e t p r o f i t l e s s t o t a l t a x , a n d d iv id e n d s p a id b y ty p e o f d iv id e n d - C o n tin u e d
Leather
and
products
1
2
5
4
5
6
7
8
9
10
n
12
IS
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
51
32
33
34
35
36
37
38
39
40
41
Number of returns 4/
Receipts :
Cross sales 5/
Cross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium):
Wholly taxable 7/
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/ ”
Other interest
Rents and royalties 11/
Net capital gain \Z/
Net gain, sales other than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations 15/
Other receipts
Total compiled receipts 16/
Deductions :
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortization 21/
Net loss, sales other than capital
assets 13/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 30)
Set income or deficit 22/ (31 less (6 + 7))
Set operating loss deduction 25/
Encorne subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax 26/
3x c 68S p r o f i t s t a x 27/
Total tax
Compiled net profit less total tax
(31 less 38)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
For footnotes, see p. 8
2,032
Rubber
products
457
Lumber
and
timber
basic
products
2,438
(Money figures in thousands of dollars)
Major industrial groupe l/ - Continued
Manufacturing - Continued
Furniture
Stone,
Chemicals Petroleum clay,
Paper and Printing
and
and
and coal
and
and pub
finished allied
allied
lumber
glass
products lishing
products
industries products
products
products
5,920
2,111
2,134,281 2,895,894 1,628,478 1,871,375 3,232,815
11,076
9,557
60,917
20,328
53,011
Nonferrous
metale and
their
products
Electrical
machinery
and equip
ment
Machinery,
except trans
portation
equipaient and
electrical '
Automobiles
and equip
ment, except
electrical
6,340
2,347
1,661
5,968
577
1
2,870,606 8,494,103 7,861,247 2,334,198 20,138,982
84,176
548,126
190,948
12,848
815,376
4,200,943
110,598
6,658,127
118,446
11,226,576
185,963
5,985,591
58,501
2
4
5
10,131
6,242
482
2,855
Iron,
steel,
and
products
3
590
80
575
54
811
102
525
147
1,559
501
1,151
961
4,419
1,252
2,562
601
1,491
560
11,915
1>755
1,747
191
2,602
372
6,608
1,085
846
111
1
43
1,003
1,707
423
64
2
17
1,464
6,237
185
17
5
63
1,621
7,818
8,464
1,029
26
314
1,064
2,707
2,048
605
15
300
3,938
7,798
2,307
531
28
716
3,180
17,358
1,524
955
161
1,599
8,056
25,702
5,594
453
70
874
13,227
52,356
17,967
319
25
257
1,579
6,573
1,388
428
104
1,214
19,756
46,613
4,965
728
6
342
2,124
4,346
950
138
117
2,125
8,005
15,906
3,608
156
28
970
6,780
57,197
4,064
841
102
1,508
3,627
1,185
18
1,283
7
9,412
1,569
8,834
8,774
2,733
35
12,438
1,391
284
11,073
' 6,558
1,922
16,306
10,549
856
27,597
59,856
6,967
36,020
75,995
16,552
61,789
6,419
2,751
15,655
32,261
6,423
90,204
4,907
5,138
21,603
20,578
7,759
18,111
10,944
7,164
45,668
344
925
9,704
12
2,158,251 2,984,136 1,683,925 1,944,571 3,285,427
5,126,210 8,726,157 8,651,284 2,381,971 21,170,294
4,553,034
6,855,891
11,533,689
4,042,265
15
1,742,698 2,208,141 1,198,041 1,429,297 2,324,774
16,476
6,330
10,368
41,232
4,960
41,427
13,846
32,026
59,061
54,875
9,950
7,761
4,023
9,844
12,625
13,284
15,691
33,839
18,775
60,801
946
2,419
2,569
2,446
2,858
3,946
8,201
6,247
4,875
14,121
27,599
50,293
30,660
35,007
59,308
1,723
, 863
1,020
1,315
2,560
11,595
20,556
32,315
32,380
72,788
95
201
28,843
4,746
681
202
6,022
1,695
915
7,615
1,568
2,245
622
1,721
1,517
1,741,262 5,707,717 5,629,481 1,601,972 15,125,357
94,096
23,372
7,586
538,711
214,182
116,071
109,990
20,229
211,381
44,502
25,607
73,544
7,625
32,280
73,555
107,107
132,007
12,345
47,865
513,617
11,676
2,203
11,256
11,340
6,352
19,071
13,825
63,830
6,375
89,018
370,837
57,003
134,105
253,551
46,770
5,024
6,541
3,124
1,754
13,252
46,076
320,625
54,002
318,216
170,292
1,766
53
10,934
261,603
26,610
93
54,025
48,301
6,743
152,740
11,287
12,503
6,935
3,742
17,735
5,164,456
71,524
56,609
34,093
63,386
1,798
9,797
75,547
5,047
63,846
29,767
46,190
5,226
4,868,624
48,358
56,707
21,007
75,381
5,221
22,227
121,268
4,199
65,885
37
27,237
1,360
7,587,184
43,103
175,397
36,282
169,596
6,069
21,452
197,801
10,792
107,868
391
66,310
7,059
3,248,406
21,505
17,309
7,412
81,537
3,667
5,137
47,884
3,164
32,292
528
15,019
370
16
17
18
19
23
24
25
26
27
28
1,012,072
199,440
451,135
908,066
142,826
29
2,684,464 7,462,998 7,891,107 2,079,959 18,472,359
3,824,725
146,806
236,907
149,948
181,596
263,280
2,008,167 2,619,529 1,514,421 1,803,260 2,890,600
150,084
150,040
1,141
77,360
26,537
93i
62,288
89,756
60,328
364,608
364,588
354
280,676
31,553
3,655
220,071
255,279
109,329
169,504
169,436
1,509
88,039
31,044
698
70,508
102,250
67,254
141,311
140,971
1,719
68,492
26,769
1,248
54,627
82,644
58,667
394,826
394,511
1,952
210,929
69,022
1,372
169,875
240,269
154,558
28,346
824
34,688
221
40,071
3,136
25,116
2,411
76,919
2,803
543,709 1,070,058
441,746 1,263,140
441,001 1,261,580
9,210 .
5,011
202,106
605,360
85,949
240,790
4,081
3,620
162,676
486,308
252,706
730,719
532,421
189,040
88,367
2,557
321,510
6,625
857,345
247,056
6
7
8
9
10
11
13
14
20
21
22
5,766,624
9,337,351
3,627,057
30
760,177
759,233
8,510
94,863
233,888
1,632
76,728
312,248
447,929
302,012
301,730
773
168,319
55,566
901
135,029
191,496
110,516
2,697,955
2.696.637
4,919
1,928,490
291,687
22,686
1,486,214
1,800,587
897,368
528,309
527,961
2,006
338,256
69,692
2,717
266,759
339,168
189,141
1,087,267
1,085,026
9,506
805,767
98,160
7,556
635,097
740,813
346,454
2,196,337
2,195,339
4,539
1,743,786
165,901
20,881
1,338,917
1,525,700
670,638
415,209
415,102
578
265,403
57,702
3,560
202,225
263,487
151,722
31
32
33
34
35
36
37
38
39
518,446
11,088
68,928
2,621
304,479
9,292
88,040
2,201
142,757
1,565
199,001
6,611
28,745
836
40
41
Corporation income and declared value e x ce ss -p r o fits ta x re tu rn s, 1943, by major in d u s tr ia l groupsi Number o f returns, compiled re c e ip ts , compiled deductions,
compiled net p r o fit or net lo s s , net income or d e f i c i t , net operating lo s s deduction, income su bject to excess p r o fits ta x , income ta x , declared value excessp r o fits ta x , excess p r o fits ta x , t o ta l ta x , compiled net p r o fit le s s t o t a l ta x , and dividends paid by type o f dividend - Continued
(Money fig u re s In thousands o f d o lla rs )
Manufacturing - Continued
Transpor
Other
fa c ta tio n
tu rln g
equipment, manufac
not
tu rin g
except
a llo
automo
cable
b ile s
1
V
2
S
4
5
6
7
8
9
10
U
12
15
14
15
Number o f returns 4/
Receipts t
Gross sa les 5/
Gross re ceip ts from operations 6/
In te re st on Government o b ligation s
(le ss amortizable bond premium)s
Wholly taxable 7/
Subject to declared value excessp r o fits ta x and surtax 0 /
Subject to surtax only 9/
Wholly tax-exempt 10/
Other in te re s t
Rents and r o y a ltie s 11/
Net c a p ita l ga in 1 2 / ^
Net g a in , sa les other than c a p ita l
asse ts 13/
D ividends, domestic corporations 14/
Dividends, fo re ig n corporations 15/
Other receip ts
T o tal compiled re ceip ts 16/
Deductions t
Cost o f goods sold 17/
Cost o f operations 17/
Compensation o f o ffic e r s
Rent paid on business property
Repairs 18/
Bad debts
In te re st paid
Taxes paid 19/
Contributions or g i f t s 20/
Depreciation
Depletion
Amortization 21/
Net lo s s , sa le s other than c a p ita l
a sse ts 13/
Other deductions
29
Trade
Public u t i l i t i e s
T o tal
pu b lic
u t ilit ie s
Communi
Trans
p o rtation cation
Wholesale
Other
public
u tilitie s
Total
trade
Total
wholesale
Commis
sion
merchants
Other
whole
sa lers
Total
re ta il
R e ta il
Food
Package
General sto re s,
merchan including liq u o r
market
stores
dise
m ilk
dealers
1,782
1
327,017
117,395 56,323,047 27,118,471 1,125,403 25,995,068 24,538,826 7,991,432 5,429,191 168,731
17,311,624 2,629,880 1,601,495 1,816,795 1,572,382
4,463
38,542
111,162
410,596
322,316
385,243
732,912
48,781 18,625,325 12,295,956 1,970,005 4,361,381 1,195,046
5,256,061
16,478
2
3
1,158
3,669
1,940
19,279
12,811
3,453
5,015
120,680
34,448
5,382
29,066
72,610
5,692
5,712
6,520
8781
1,215
89
462
192
13,087
2,280
7,288
1,922
2,267
41
3,535
316
11,181
1,429
3,891
600
365
46
3,526
555
6,610
714
4,323
322
239
47
82
499
17,712
14,593
6,894
223
4
170
2,129
3,930
910
174
4
95
1,895
5,296
951
199
121
4,419
112,575
338,509
21,738
5,775
59
2,153
56,636
289,963
14,924
5,497
4
176
4,683
26,588
905
51
57
2,090
51,255
21,958
5,910
246
250
1,839
47,385
135,799
18,024
7,796
51
877
23,451
26,096
10,717
4,856
6
104
5,053
1,929
926
168
45
772
18,399
24,167
9,790
4,688
162
879
19,850
95,400
5,345
1,990
85
529
7,219
49,202
1,157
154
9
106
741
5,224
659
219
28,953
5,572
89,315
2,356
3,548
10,872
1,446
214
9,616
322,831
5,220
68,982
76,760
744
51,459
177,954
' 1,483
3,999
68,116
2,993
13,525
46,821
25,143
537,855
24,665
9,212
163,906
7,619
193
20,742
17,046
9,018
143,164
18,831
3,709
355,144
8,693
3,658
117,086
1,550
5
13,315
10
4
5
6
7
24
83
22
20
8
9
10
11
“
144
12
13
14
22,718,707 2,671,735 1,670,646 21,357,650 14,173,723 2,515,151 4,648,776 58,349,594 28,119,705 1,571,150 26,548,555 25,412,703 8,295,018 5,489,649 173,496
15
58,168 44,404,827 25,503,811 1,054,322 22,449,489 17,211,039 5,179,413 4,391>891 134,733
142,358
27,766
3,732
65,765
219,914
159,818
187,735
601,149
347,554
934,455 1,872,268
8,184
39,067
74,715
422,476
504,724
57,508
479,985
25,870 1,099,866
11,384
63,203
3,252
617,248
192,440
87,874
8,229
96,104
757,353
48,045
23,678
16,626
237
52,422
95,632
33,001
1,139
34,140
7,147
1,295
143,980
2,936
42
63,705
26,011
23,939
2,831
26,770
101,535
5,181
24,550
406
6,246
23,388
58,975
40,604
4,783
45,388
387,247
113,915
69,184
2,597
130,969
43,720
331,799
144,854
154,973
10,119
414,731
536,295
171,041
58
1,678
9,621
18,978
10,685
1,253
11,938
5,031
53,450
2,815
618
37,273
67,209
195,120
67,051
70,581
3,330
296,861
258,866
436,451
34
1
67
371
61
1,025
1,086
1,842
14,586
4
77
38
607
2,176
9
2,165
30,596
3,089
364
16
1,779
28,158
15,701
5,621
376
57,542
5,997
5,116
12,213
16
17
18
19
20
21
22
25
24
25
26
27
28
(32)
16
17
18
19
20
21
22
25
24
25
26
27
28
14,107,557 1,780,824 1,158,584 1,023,615
19,779 10,081,293
8,410
4,404,245
148,865
64,009
41,924
57,956
660,977
6,808
48,486
14,244
37,926
23,211
18,050
218,725
57,455
1,494
3,941
2,119
6,456
5,804 1,054,786
37,952
26,392 1,324,811
336,718
56,03Q
1,072
11,589
2,594
6,43S
26,291
16,669 1,059,444
114,216
22,944
147
1,052
702
143,513
6,241
4,654
80,286
1,438
115,929
5,835
870
825,088
7,274,591
111,611
589,256
29,484
7,*723
578,355
739,039
3,745
384,127
8,354
112,552
96,600
1,137,446
618,958
12,297
29
50
20,397,607 2,280,931 1,456,005 16,858,594 11,377,482 1,834,959 3,626,153 55,255,645 26,929,235 1,479,053 25,450,201 25,764,859 7,507,272 5,358,074 166,174
50
51
52
55
54
35
36
37
58
39
40
41
T o ta l compiled deductions
Compiled net p r o fit or net lo s s (15 le s s 30)
Net income or d e f i c i t 22/ (31 le s s (6+7))
Net operating lo s s deduction 23/
Income su b je ct to excess p r o fits ta x 24/
Income ta x 25/
Declared value e x ce ss -p r o fits ta x 26/
Excess p r o fits ta x 27/
T o tal ta x
Compiled net p r o fit le s s t o ta l ta x (31 le s s 58)
Dividends paid*
Cash and a sse ts other than own stock
Corporation's own stock
For fo o tn o te s, see p . 8
974,772
289,705
152,286
1,576,841
'744^259
390,805
590,631
4,151
277,853
40,708
3,559
216,867
261,134
129,671
214,641
214,542
1,833
145,595
25,777
2,444
112,592
140,613
74,028
4,499,056
4,494,517
36,142
1,751,822
997,422
5,642
1,406,616
2,407,679
2,091,377
2,796,241
2,794,029
28,731
1,322,074
591,598
2,959
1,060,743
1,655,301
1,140,940
244,357
2,745
42,087
1,656
37,185
2,096
1,175,829
7,075
334,399
5,504
2,321,100
2,320,519
3,98!
"1,756,42$
217,201
16,105
1,343,535
199,021
319,467
7,124,164
2,148,926
680,192 1,022,623 5,095,949
680,013 1,020,475 3,091,881
53,455
791
6,620
230,490 1,'523,865
199,258
274,214
538,508
151,609
25,172
309
574
184,609 1,219,187
161,263
459,132 1,782,867
293,246
386,946
563,491 1,311,082
1,190,471
1,189,543
11,369
620,998
194,085
9,657
494,812
698,554
491,917
543,456
30,608
193,538
18,118
562,521
384
478,909
5,184
147,338
2,001,588
4,418,592 1,689,475
725,818
92,116 1,098,354
92,006 1,097,537
10,266
1,102
576,337
44,661
179,391
14,694
9,068
589
35,600 . 459,212
647,671
50,882
450,683
41,254
1,647,844
1,646,803
18,937
798,891
292,129
12,831
641,864
946,823
701,021
787,746
787,134
1,267
448,564
126,525
4,282
361,510
492,517
295,429
131,575
131,460
2,246
48,465
30,283
826
39,049
70,158
61,417
7,322
7,322
465
1,850
1,316
232
1,506
5,054
4,268
31
32
33
54
35
36
57
58
59
175,535
17,397
314,154
10,178
162,522
2,271
33,446
1,262
526
1
40
41
20,002
721
Corporation Income and declared value e xce ss-p ro fits ta x returns, 1943, by major in d u s tr ia l groupst Humber o f retu rns, compiled re c e ip ts , compiled deductions,
compiled net p r o fit or net lo s s , net income or d e f i c i t , net operating lo s s deduction, income su b je ct to excess p r o fits ta x , income ta x , declared value excessp r o fits ta x , excess p r o fits ta x , t o t a l ta x , compiled net p r o fit le s s to ta l ta x, and dividends paid by type o f dividend - Continued
____________________________________ (Money figu re s in thousands o f d o lla rs)
Major in d u s tr ia l groups 1/ - Continued
Trade - Continued
Furniture
Apparel and and house
accessories furnishings
Drug
stores
1
2
S
4
S
6
7
8
9
10
11
12
15
14
IS
18
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
Number o f returns 4/
R eceip ts:
Gross sa les 5/
Gross re c e ip ts from operations 6/
In te re st on Government o b liga tio n s
( le s s amortizable bond premium):
Wholly taxable 7/
Sub ject to deolared value e x ce ss -p ro fits
ta x and surtax 8/
Sub ject to surtax only 2/
Wholly tax-exempt 10/
Other in te r e s t
Rents and ro y a ltie s 11/
Net c a p ita l gain 1Z !
Net g a in , sa les other than c a p ita l a sse ts 15/
Dividends, domestic corporations 14/
Dividends, fo re ig n corporations 15/
Other re ceip ts
T o tal compiled re ceip ts 16/
Deductions:
Cost o f goods sold 17/
Cost o f operations 17/
Condensation o f o ffic e r s
Rent paid on business property
Repairs 18/
Bad debts
In te re st paid
Taxes paid 19/
Contributions or g i f t s 20/
D epreciation
Depletion
Amortization 21/
Net lo s s , sa le s other than c a p ita l a sse ts 15,
Other deductions
T o tal compiled deductions
ompiled net p r o fit or net lo s s (15 le s s 50)
e t income or d e f i c i t 22/ (51 le s s (6+7))
e t operating lo ss deduction 25/
ncome su b je ct to excess p r o fits tax 24/
ncome ta x 25/
eclared value e x ce ss -p ro fits ta x 26/
xcess p r o fits tax 27/
T o tal tax
ompiled net p r o fit le s s t o ta l ta x (51 le s s 38'
ividends paid:
Cash and a sse ts other than cam stock
Corporation's own stock
For fo otn otes, see p* 8
4,506
10,199
950,387
6,135
2,831,017
21,996
96
8
524
40
5
574
2,324
69
35
1,955
6
7,742
4
57
1,171
15,132
182
62
2,374
(52)
50,572
969,312
4,631
Eating
and
Automotive F i ll i n g
drinking dealers
sta tio n s
places
Building
Hardware m ate ria ls,
fu e l, and
ic e
9,565
7,945
1,874
2,307
754,844 1,172,209
16,873
77,554
1,215,845
44,205
225,216
3,174
193,815
2,458
409
51
97
31
253
51
34
50
41
2
5
26
1,455
2,521
194
75
612
6
75,602
5
10
217
4,679
213
183
914
2
5,685
4
44
2,470
3,819
354
171
370
1
12,773
35
12
91
1,821
64
45
128
(52)
1,698
5
439
476
64
76
89
(32)
2,540
2,925,130
852,450 1,261,775
1,280,360
232,368
200,005
651,768
3,906
21,295
34,564
3,889
474
2,509
12,060
583
7,446
5
2
742
173,998
1,850,517
8,976
85,043
146,575
8,287
7,623
4, 299
32,428
2,859
17,093
8
23
1,469
541,316
415,609
2,075
41,682
27,706
2,424
6,438
2,562
15,029
920
5,452
10
7
1,656
256,482
675,350
50,917
43,817
61,416
12,855
659
2,763
28,287
575
19,035
19
14
1,269
500,413
882,194
23,723
59,782
25,884
4,530
4,241
7,255
15,464
636
9,149
33
92
434
186,639
167,991
1,981
4,791
3,976
1,160
532
578
3,781
43
4,340
4
17
90
35,256
915,041
2,706,316
758,050 1,197,349
1,218,055
56,270
56,265
67S
28,474
8,735
452
23,004
32,171
24,100
216,814
216,752
2,129
122,105
29,910
1,622
97,896
129,427
87,386
94, 400
94,369
1,054
21,157
25,850
886
16,220
42,956
51,444
64,427
64,414
4,961
28,261|
11,009
880
22,661
34,549
29,877
62,305
62,257
1,686
16,093
13,683
481
13,059
27,222
■55,082
10,360
437
26,626
1,527
19,845
2,010
9,896
212
10,536
942
(32)
7,340
gentes.
Other
r e ta il
trade
7,173
1,323,308 1,360,816
25,179
26,059
R e ta il
Trade
trade not npt
a llo ca b le a llo ca b le
5,876
15,822
T o tal
serv ice
H otels
and other Personal
lodging
service
55,594
4,360
8,167
1
922,017 4,665,750
832,559
7,465
76,891 4,132,901
333,464
555,794
191,782
659^306
2
5
267
52
210
49
105
33
680
115
1,404
261
381
29
78
26
4
5
14
29
2,193
5,085
1,443
568
1,127
5
13,791
2
38
2,152
5,296
661
246
829
25
18,240
5
17
1,105
1,938
264
138
411
2
15,956
16
85
4,083
14,505
1,962
950
5,325
10,222
38,805
28
215
7,814
88,815
7,489
2,856
23,238
2,817
57,386
1
19
1,252
40,295
2,052
550
1,405
93
8,461
4
44
396
3,016
l 'l 5 1
346
810
2
5,157
6
7
1,573,062 1,412,624
949,452 4,817,186 5,157,580
943,779
862,121
15
139,396
1,394
11,219
5,496
337
754
481
2,715
142
1,126
(52)
4
64
24,691
1,005,775
17,087
46,510
7,522
7,273
6,795
4,035
17,570
723
13,239
47
214
1,811
178,640
972,708
9,295
50,024
37,146
5,282
4,495
2,789
18,960
940
7,803
12
108
2,713
207,544
743,914 5,689,978
472,844
3,299
33,681 2,040,81?
18,595
115,159
227,115
12,069
44,001
227,480
2,311
14,208
69,632
2,927
11,059
12,818
1,663
55,272
9,552
8,219
49,521
139,349
401
2,515
4,248
5,537
31,361
144,613
129
386
244
297
10
893
415
3,187
21,270
556,646 1,194,305
108,022
174,701
186' 923
18,760
50^709
31,322
2^232
29,004
44^572
'764
47,080
12
19
12,866
262^496
104,623
376'609
53^717
23'878
11^ 290
3'084
4'115
21^419
665
24,197
9
72
669
188,962
16
17
18
19
20
21
22
25
24
25
26
27
28
29
222,341
185,820
1,307,239 1,317,816
907,511 4,561,551 4,510,891
861,459
813,509
50
10,027
9,981
129
4,293
2,439
92
3,479
6,010
4,017
14,185
14,180
148
4,084
2,766
263
3,271
6,299
7,886
65,823
65,780
1,566
17,817
15,096
942
14,370
30, 408
35,415
94,809
94,768
2,366
43,875
15,787
1,338
34,793
51,919
42,890
42,141
42,122
447
13,855
8,730
555
11,047
20,332
21,809
255,654
255,535
3,150
103,976
52,295
2,684
82,511
137,490
118,145
546,689
546,447
18,929
253,511
106,091
2,824
20t, 564
311,479
235,210
82,320
82j 300
8,725
32,496
19,354
462
26,131
45,927
56,393
48,811
48^763
1,941
15j 061
10,914
478
12,108
23j 500
25,512
51
52
55
54
55
56
57
58
59
3,203
33
2,549
183
16,101
656
12,244
442
6,880
424
35,764
2,313
105,617
2,960
10,449
ii
9,296
'394
40
41
(32)
8
9
10
11
12
15
14
Corporation Income and declared value e x ce ss -p r o fits ta x re tu rn s, 1945, by major in d u s tr ia l groupas Humber o f re tu rn s, compiled re c e ip ts , compiled deductions.
°® Ç ” “
Pr o i i t or
lo s s , n e t income or d e f i c i t , net operating lo s s deduction, income su b je ct to excess p r o fits ta x , income ta x , ctoolared value excessp r o fits ta x , exoess p r o fits t a x , t o t a l t a x , compiled net p r o fit le s s t o t a l ta x , and dividends paid by type o f dividend - Continued
'
Automo
tiv e
Business repair
service serv ices
and
garages
Number o f returns 4/
6,608
5,289
58,908
822,085
78,758
74,085
256
128
55
2
1,468
“
Motion
pictu res
---------------- -------I / -
------------------------------------------------------------------- -----
Total
Amuse
fin a n c e ,
Other
ment,
insurance,
except
se rv ic e , Service
re a l e s ta te ,
motion
including not
and le sso rs
p ictu res schools
a llo ca b le o f re a l
property
5,782
90
155,655
55,108
15,067
5,085
5,650
5,522
1,858
52,242
45,942
96,278 1,275,220
29,178
254,278
42,725
585,222
1,558
52,657
61,044
5,657,042
29,647
571,601
540,600
15,744
526
94,795
5,261
4o)585
151
45
2
“
582,564
556,657
402,056
251,592
592,256
227,097
116
24
602
45
2,004
l)009
1,704
'516
28,108
20,609
259,049
185,445
1,957,511 1,024,688
1,400,820
150,682
10S,686
72,655
96,277
52,197
590,850
461,629
16,591
14,045
147,419
82,641
19,957
179,082
806,465
91,674
54,159
2,009
20,550
448
50,048
6
118
15,099
2)515
849
588
265
4
5,105
9,199,597 5,299,266 2,164,125
54,229
212,110
228,056
425,784
565
208,986
41,552
11,122
87,899
186,798
116,914
7,020
50,046
147
1,966
5,067
868
208
2,455
5,956
2,027
46
759
52
500
12,754
17'298
6*831
351
15,812
21j 087
6,984
361
2,185
8
10
7,691
673
90
2,726
16)806
4*927
*554
461
1,847
14,S9Q
1,477
9^258
1*505
'846
12,155
40^371
9^737
'537
5,590
947
65
9,189
14
1
596
23
114
7
(52)
(52)
28
175
57
25
25
•
550
5
45
5,695
25j096
780
294
17,567
2,465
20,227
i
n
250
4,990
575
455
452
4
5,796
12
54
1,150
5,160
1,562
425
450
15
5,705
•
4
65
5
(32)
27
40
149,572 1,587,549
276,068
440,455
54,155
28,529
581,448
25,717
84,052
11,816
2,624
15,824
51,897
1,117
29,902
25
55
5,448
515,521
15,852
105,628
15,552
15,466
4,210
555
2,500
11,049
529
10,017
98
5
866
65,481
26,245
204,145
27,674
21,751
5,689
1,819
1,604
8,952
287
8,695
64
545
456
97,444
897
26,884
957
285
45
16
57
161
7
200
8
1
5,526
100,647
755,686
4,492
14,481
452
79,557
1,591
50)614
155,552 1,129,951
245,544
405,145
55,044 29/ 6,555,087 2,157,459 1,545,161
58,556
162,180
67,770
149,802
T o ta l compiled re ceip ts 16/
905,268
160,854
Deductionsi
Cost o f goods sold 17/
Cost o f operations 17/
Compensation o f o ffic e r s
Rent paid on business property
Repairs 16/
Bad debts
In te re s t paid
Taxes paid 19/
Contributions or g i f t s 20/
D epreciation
D epletion
A m ortisation 21/
Net l o s s , sa le s other than c a p ita l a sse ts 15/
Other deductions
59,595
465,476
62,408
16,967
4,601
1,675
2,092
15,661
707
15,578
25
56
505
215,522
49,558
52,092
10,980
14,522
1,742
550
1,646
4,757
60
6,811
9
856,645
154,445
66,626
66,561
1,825
21,5S5
16,065
568
16,998
55,429
55,196
6,409
6,407
442
2,158
1,695
95
1,747
5,554
2,875
14,020
14,019
546
9,667
1,504
121
7,562
8,987
5,055
257,599
257,551
5,279
127,495
44,556
416
102,628
147,580
110,219
52,525
52,515
952
19,265
6,199
514
15,500
22,015
10,512
57,288
57,242
1,599
25,698
5,974
567
19,852
26,175
11,115
1,091
1,091
25
519
274
5
258
557
554
19,527
97
1,579
25
951
254
55,624
1,655
5,024
566
5,201
160
567
*
T o ta l compiled deductions
Compiled net p r o fit or net lo s s (15 le s s 50)
Net income or d e f i c i t 22/ (51 le s s (6+7))
Net operating lo s s deduction 25/
Income su b je ct to excess p r o fits ta x 24/
Income ta x 25/
Declared value e x c e ss -p r o fits ta x 26/
Excess p r o fits ta x 27/
T o tal ta x
Compiled net p r o fit le s s t o t a l ta x (51 le s s 58)
Dividends paldt
Cash and a sse ts other than own stock
Corporation's own stock
For fo o tn o te s, see p . 8
n
Other in
vestment
companies,
inclu ding
holding
compa
n ie s 5/
5,925
2
87
4,881
400
202
89
(52)
2,518
190
51,559
Invest
ment
tr u s ts
and in
vestment
compa
nies 2/
5,905
5
59
975
7,155
1,150
565
2,654
258
9,154
(52)
Total
finance
Finance
Long-term Short
c re d it
term
Banks and agencies, c re d it
tr u s t
mortgage
agencies,
companies companies, except
except
banks
banks
55,070
65,608
11,569
1,872
918
286
451
2,901
111
2,155
2
565
271
17,815
.
57,862
105,512
28/ 446,109
168,906
105,762
148,872
640,510
590,655
11,595
566,847
25,005
795
267,061
5,625,798
19,950
27,525
279,540
56,715
15,549
126,529
282,985
149,545
8,580
64,157
5,086
65
155,205
990,672
11
29
105
1,455
26^119
99,875
1^555
6,660
l'll4
17^003
448
1^937
2,091 157j 769
4*298
13
10,957
4)495
64
924
6 1 ,6 7 7
9'861
lû'ofiû
"678
268,946
9'149
4)875
45)726
2,664,510 1,141,807
2,577,555
955,755
57,692
15,150
69,217
12,594
404,921
194,919
5,055
1,475
S6,11S
9,928
464,088
206,519
2,200,421
955,488
618,965
419,926
4,257
5,476
115,298
812
2,788
118,898
500,067
50/ 4,107
50/ 4.250
592
175
1,787
11
140
1,959
51/ 6,045
49,950
49,814
494
5,140
17,825
68
2,519
20,412
29,518
160,266
158,784
1)415
722
9,850
200
571
10,621
149,645
275,982
274,994
l)597
l)012
55,610
220
820
54,650
241,552
1,001,952
60,959
258,551
45,509
6,895
1,042
25,679
748
140,958
1,657
261,958
5,752
710,501
51,615
3333
Receipts s
Gross sa le s 5/
Gross re o eip ts from operations 6/
In te re st on Government o b liga tio n s
( le s s amortisable bond premium)!
Wholly taxable 7/
Su b ject to declared value e xcessp r o fits ta x and su rtax 8/
S u b ject to su rtax only 9/
Wholly tax-exempt 10/
Other in te r e s t
Rents and r o y a ltie s 11/
Het c a p ita l gain 12/
Net g a l a , sa les other than c a p ita l asse ts 15/
D ividends, domestic corporations 14/
D ividends, fo re ig n corporations 15/
Other re c e ip ts
M iscel
laneous
rep air
se rv ic e s,
hand
trades
'
Corporation Incorna and declared value e x ce ss-p ro fits ta x retu rn s, 1943, by major In d u str ia l groups: Number o f retu rn s, compiled r e c e ip ts , compiled deductions,
compiled net p r o fit or net lo s s , net Income or d e f i c i t , net operating lo ss deduction, Income su bject to excess p r o fits ta x , income ta x , declared valufe excessp r o fits ta x , excess, p r o fits ta x , t o t a l ta x , compiled net p r o fit le s s t o t a l ta x , and dividends paid by type o f dividend - Continued
(Money figu re s In thousands o f d o lla rs )
Major in d u str ia l groups 1/
Finance, insurance, r e a l e s ta te , and le sso rs o f re a l property - Continued
Finance
Continued
Insurance c a r rie r s , agents. e t c .
S ecu rity
Real
and
T o tal
Insurance e s ta te ,
conmodity- Other
Finance
insurance
Insurance agents,
including
exchange
not
c a r r ie r s ,
finance
c a rrie rs
brokers, le ssors
companies a llo ca b le
brokers
agent8,
etc*
o f b u ild
and
etc*
ings
dealers
1
2
3
4
S
6
7
8
9
10
U
12
13
14
15
Number o f returns 4/
R e ce ip ts:
Cross sa les 5/
Gross re ceip ts from operations 6/
In te re st on Government o b lig a tio n s (le ss
amortisable bond premium):
Wholly taxable 7/
Su b ject to declared value e x ce ss -p r o fits
ta x and surtax 8/
Sub ject to surtax only 9/
Wholly tax-exempt 10/
Other in te re s t
Rents and ro y a ltie s 11/
Net c a p ita l gain 12t
Net g a in , sa le s other than c a p ita l asse ts 15/
D ividends, domestic corporations 14/
D ividends, fo r e ig n corporations 15/
Other re c eip ts
T o ta l compiled re c e ip ts 16/
Deductions:
16
Cost o f goods sold 17/
17
Cost o f operations 17/
18
Compensation o f o ffic e r s
19
Rent paid on business property
Repairs 18/
20
Bad debts
21
In te re st paid
22
Taxes paid 19/
23
24
Contributions or g i f t s 20/
25
D epreciation
26
D epletion
27
Am ortisation 21/
28
Net l o s s , sa les other than c a p ita l a sse ts 15/
29
Other deductions
30
SI
32
33
34
35
86
57
58
39
40
41
T o ta l compiled deductions
Compiled net p r o fit or n e t lo s s (15 le s s 30)
Net income or d e f i c i t 22/ (31 le s s (6 * 7))
Net operating lo s s deduction 23/
Income su bject to excess p r o fits ta x 24/
Income ta x 25/
Declared value e x ce ss -p ro fits ta x 26/
Excess p r o fits ta x 27/
T o tal ta x
Compiled net p r o fit le s s t o t a l ta x (51 le s s 38)
Dividends pa id :
Cash and a sse ts other than own stock
Corporation's own stock
For fo o tn o te s, see p . 6
1,360
1,471
3,317
7,554
55,971
7,396
6,607
14,038
4,401
2,551
83
35
521
2,957
4,036
1,250
5,135
45,469
14,532
52
4,285
1,816
5,758
86,339
2,130,457
1,918,373
212,083
25,210
933,615
891
118
177,065
105,943
176,899
103,922
167
21
5,202
1,071
7
10
3,136
35,187
1,056
498
828
21
5,190
14
796
10,282
2,223
5,258
570
1,869
80
1,688
7,397
72,478
.882,118
165,787
5,342
348
U l , 153
1,364
14,177
7,393
72,455
881,249
164,410
4,960
240
107,650
1,150
7,171
4
23
869
1,377
382
108
3,523
214
7,006
141,121
58,054
55,807
5,671,629
5,445,852
225,777
5,031
994
3,501
517
143
5,962
1,647
2,045
36
5,008
49
_
8,049
23,951
4,017
479
764
5,130
4,836
202
1,268
46
28,190
2g/58,580
21,055
1,814
5,971
5,612
96,657
1,199
33,167
14
9,821
2,041,260
-
_
_
6,259
585
240
5,252
1
6,187
491,081
1,368 3,756,244
699,053
126,397
671,006
115,797
11,210
3,393
16,836
7,207
147,607
56,655
2
3
144
67
4
5
6
7
19
8
16
-
97
5
966
160
28,465
2,240
872,490 211,861
22,246
5,464
42,985
748
I S , 986
2,082
861
520
36,428
14,173
8
334
2,527
13,167
10,976
1,824
7,760
112
57,628
4
209
2,681
14,062
7,151
2,371
4,274
20
10,586
4
202
2,329
13,571
3,747
1,003
4,112
17
10,085
7
335
377
3,151
1,359
137
2
315
17
114
253
10
25
(32)
188
16
92
2,900
7,554
5,495
925
1,763
33
5,650
9
10
U
12
15
14
1,983,082
245,619 4,542,622
867,739
822,763
2 0 ,S U
24,665
226,900
15
4,138
573,350
330 3,189,673
4,894
144,437
14,541
3,174
1,256
19,130
5,496
524
62,204
10,350
45,779
20,204
100
2,540
43,256
10,130
19,413
374
101
1,026
2,103
n , S 81
222,826
21,228
448,889
51,472
26,106
U ,6 1 3
11,755
4,460
10,655
21,624
669
28,780
1,751
23
7,131
128,752
427,601
46,455
24,552
11,244
10,944
4,246
9,450
20,242
642
27,847
658
23
6,751
123,749
9,176 12, U 2
1,256
3,760
873
701
63
307
736
75
175
39
1,127
98
997
586
22
5
349
585
1,092
1
'352
29
2,073
2,929
112,995
18,285
16,885
2,916
2,002
8,843
5,601
6,159
218
4,668
526
140
5,934
57,951
16
17
18
19
20
21
22
23
24
25
26
27
28
29
159,077 4,074,860
-
-
-
7,263
20,613
9,505
1,955,724
318
105,535
109,294
50,810
34,108 29/2,301,358 29/2,102,229
14,155
38
6,884
321
569
-
10,670
855
12,128
356
577
9,60S
50,968
51,827
7,244
28,349
7,227
495
3,130
1,097
2,450
7,475
6,942
51
79
1,946
881
8,408
8,967
23,420 31/1,723
6,654
Nature o f
A g ricu l Forestry Fishery business
ture and
not
services
a llo ca b le
960
202
15,794
47,469
103,096
87,962
87,543
17,848
289,710
524,449
1,715
259,413
493
628
110,656
572,658
28/10,715
15,584
1,556
2,256
4,627
92,051
788
31,441
7
A g ricu ltu re , fo r e s tr y , and fis h e r y
Lessors
T o tal
o f real
a g r ic u l
property Construc tu re ,
tio n
except
fo r e s tr y ,
and
bu ild
fish e ry
ings
240
231
1,510
5,808
971
110
2,761
5,208
1,874
43
820
10
1,965
15,028
28,190
47,866
7,471
278
1,715
985
4,606
412
1,726
7
- Continued
m
8
199,109
1,917,212
753,681
714,365
17,440
21,878
219,123
30
1,699
889
1,375
325
2,151
52
262
2,426
31/726
1,570,291
1,290,415
4,135
26,101
111,062
106
21,124
132,292
1,237,999
1,545,623
1,263,775
5,673
20,619
104,185
9
16,697
120,891
1,222,732
26,668
26,640
461
5,481
6,877
97
4,427
n ,4 0 1
15,267
65,870
64,807
18,988
17,969
65,130
1,284
14,491
80,905
31/15,035
86,542
86,377
1,421
12,754
33,8 U
190
10,572
44,573
41,969
267,762
267,420
4,829
173,450
36,Q6S
3,585
135,190
174,639
95,123
114,058
115,845
4,335
44,158
25,831
1,597
55,148
62,576
51,482
108,400
108,194
3,462
42,640
24,462
1,540
33,926
59,927
48,475
2,870
2,863
573
150
931
26
106
1,063
1,808
2,788
2,788
500
1,588
438
31
1,116
1,586
1,202
7,776
7,668
2,908
5,458
4,742
271
4,317
9,331
¡0/1,554
31
32
S3
34
55
56
37
58
59
9,457
18
140,460
7,506
127,295
6,907
13,164
601
86,553
1,612
64,819
226
51,298
1,869
31,087
756
27,004
736
3,750
353
*
6,404
859
40
41
-
8
-
Footnotes f o r ta b le in t h is re le a s e
i / The in d u s t r ia l c l a s s i f i c a t i o n i s based on the b u sin e ss a c t iv
i t y reported on th e return« When m u ltip le ' bu sinesses are reported on
a r e tu r n , the c l a s s i f i c a t i o n i s determ ined by th e b u sin e ss a c t i v i t y
which accounts f o r th e la r g e s t percentage o f t o t a l r e c e i p t s . There
fo r e , th e in d u s t r ia l groups do n o t r e f l e c t pure in d u stry c l a s s i f i c a t i o n s .
The o n ly change i n th e i n d u s t r ia l groups between 1942 and 1948 i s th e tr a n s fe r
o f mutual f i r e insurance companies is s u in g p e rp etu a l p o li c i e s to the
minor group "O th e r insu ran ce c a r r ie r s " from th e minor group "M utual in
su ran ce , except l i f e . o r m arin e."
2/ The in d u s t r ia l c l a s s i f i c a t i o n d esign ated "Investm ent tr u s ts and
investm ent companies" c o n s is ts o f corp oration s which d e rive d 90 percen t
or more o f r e c e ip ts from investm ents and which a t no tim e du ring the
ta x a b le y e a r bad investm ents in co rp o ra tio n s i n which th ey owned SO per
ce n t or more o f th e v o tin g s to c k .
5 / The in d u s t r ia l c l a s s i f i c a t i o n d esign ated "O th er Investm ent com
p a n ie s , in c lu d in g h o ld in g com panies," c o n s is t s o f (1) corp oration s which
d e rived 90 percen t o r more o f r e c e ip ts from investm ents and which a t some
tim e during th e ta x a b le y e a r had investm ents i n co rp o ra tio n s in which th ey
owned 50 p ercen t or more o f the v o tin g sto ck and (2) corp oration s which
d e rived le s s than 90 percen t but more than 50 p ercen t o f re c e ip ts from in
vestm ents..
4/
Number o f retu rn s exclu d es retu rns o f in a c tiv e c o rp o ra tio n s.
15/ "D ivid en d s, fo r e ig n corp o ra tio n s" i s the amount re po rted in
column 5 , schedule E , page 3 , Form 1120, and i s not used f o r th e com
p u ta tio n o f d ivid en d s re ceive d c r e d it .
16/ "T o ta l compiled r e c e ip ts " exclu d es nontaxable Income other
than tax-exem pt in t e r e s t re ceive d on c e r ta in Government o b lig a t io n s .
17/ Where th e amount reported a s "C o st o f goods so ld " o r "C ost o f
op eratio n s" in clu d e s item s o f d ed uctions such as d e p r e c ia tio n , ta x e s ,
e t c . , th ese item s o r d in a r ily are not tra n sfe r re d to t h e ir s p e c if i c head
in g s . However, an e xce p tio n i s made w ith re sp ect to a m o rtisa tio n o f
emergency f a c i l i t i e s reported in c o s t s , such amount bein g tra n sfe rre d to
"A m o rtisa tio n ."
18/ Amount shown as "R ep a irs" i s th e c o s t o f in c id e n ta l r e p a ir s ,
in c lu d in g la b o r and su p p lie s , which do n o t add m a te r ia lly to the valu e
o f th e property o r a p p re c ia b ly prolon g i t s l i f e .
19/ The item "Taxes p a id " exclu d es (1) F e d e ra l income ta x and Fed
e r a l excess p r o f i t s t a x e s , (2) e s t a t e , in h e r it a n c e , le g a c y , su cce ssion ,
and g i f t ta x e s , (3) ihcome ta x e s p a id to a fo r e ig n country o r possession
o f the U nited S ta te s i f any p o rtio n i s claim ed a s a ta x c r e d it , (4) taxes
a sse sse d a g a in s t l o c a l b e n e fit s , (5) F e d era l ta xe s p a id on ta x - fr e e cove
nant bonds, and (6) ta xe s reported in "C o st o f goods so ld " and "C ost o f
o p e r a tio n s. "
¿ / "Gross s a le s " c o n s is ts o f amounts re ceive d fo r goods, le s s re
tu rn s and allo w a n ces, i n tr a n sa ctio n s where in v e n to r ie s are an incomedeterm ining f a c t o r . F or "C o st o f goods s o l d ," see "D e d u ctio n s."
20/ The ded uction claim ed fo r "C o n trib u tio n s or g i f t s " i s lim ite d
to 5 p ercen t o f n e t income a s computed w ithout the b e n e fit o f t h is de
d u ctio n .
6/ "Gross re c e ip ts from o p eratio n s" c o n s is ts o f amounts re ceive d
from tr a n sa c tio n s i n which in v e n to r ie s a re n o t an incom e-determ ining
f a c t o r . For "C o s t o f o p e r a tio n s ," see "D e d u ctio n s."
21/ Amount shown as "A m o rtisation " i s the d ed uction provided by the
Second Revenue A c t o f 1940 w ith re sp e c t to the a m o rtisa tio n o f the cost
o f emergency f a c i l i t i e s n ecessary f o r n a tio n a l d e fe n se .
7/ " I n t e r e s t re c e iv e d on Government o b lig a t io n s , w h olly ta x a b le "
c o n s is ts o f in te r e s t on Treasury notes Issu ed on o r a f t e r December 1 ,
1940, and o b lig a tio n s is s u e d on o r a ft e r March 1 , 1941, by th e United
S ta te s or any agency or in s tr u m e n ta lity th e r e o f, reported as item 9
( b ), page 1 , Form 1120.
22/ "N et income" or " D e f i c i t * i s th e amount reported f o r declared
v a lu e e x c e s s -p r o fits ta x computation a d ju ste d by e xclu d in g n e t operating
lo s s ded uction (item s 31 and -27, r e s p e c tiv e ly , page 1 , Form 1120).
See note 23.
j/
c la r e d
U n ited
amount
9 (a ),
" I n t e r e s t re ceive d on Government o b lig a t io n s , su b je c t to de
valu e e x c e s s -p r o fits ta x and su rta x " c o n s is ts o f in t e r e s t on
S ta te s savin g s bonds and Treasury bonds owned in p r in c ip a l
o f over $5,000 issu e d p r io r to March 1 , 1941, reported as item
page 1 , Form 1120.
9/ " I n t e r e s t re ceive d on Government o b lig a tio n s , s u b je c t to sur1on ly" c o n s is ts o f in te r e s t on o b lig a tio n s o f in s tr u m e n ta litie s o f
th e U n ited S ta te s (other than o b lig a tio n s o f F e d era l lan d banks, jo in t
sto ck la n d banks, and Fe d era l interm ed iate c r e d it banks) issu e d p r io r
to March 1 , 1941, repo rted as item 92, page 1 , Form 1120.
10/ " I n t e r e s t received on Government o b lig a tio n s , w h olly t a x exempt" c o n s is ts o f in t e r e s t on o b lig a tio n s o f S t a t e s , T e r r it o r ie s , or
p o l i t i c a l su b d iv isio n s th e r e o f, the D i s t r i c t o f Colum bia, and U nited
S ta te s p o sse ssio n s; o b lig a tio n s o f th e U n ited S ta te s issu ed on o r b efo re
September 1 , 1917; a l l p o s ta l sa vin g s bonds; Treasury n otes issu ed p r io r
to December 1 , 1940; Treasury b i l l s issu e d p r io r to March 1 , 1941; U n ited
S ta te s savin g s bonds and Treasury bonds owned in p r in c ip a l amount o f .
#5,000 o r l e s s , issu e d p r io r to March 1 , 1941; and o b lig a tio n s issu ed
p r io r to March 1 , 1941, by Fed eral la n d banks, j o in t sto ck la n d banks,
and F e d era l interm ediate c r e d it banks. I n te r e s t from such sources i s
repo rted under item 15 (a) o f schedule M, page 4 , Form 1120.
11/ Amount shown as "Rents and r o y a ltie s " c o n s is ts o f gro ss amounts
r e c e iv e d . The amounts o f d e p r e c ia tio n , r e p a ir s , i n t e r e s t , ta x e s , and other
expenses, which are d e d u c tib le from the gross amount re ceive d fo r r e n ts ,
and th e amount o f d e p le tio n , which i s d e d u c tib le from the gross amount o f
r o y a lt ie s re c e iv e d , are in clu d e d in the re sp e c tiv e ded uction ite m s.
12/ "Net c a p it a l ga in " i s the n e t amount o f g a in a r is in g from the
s a le o r exchange o f c a p i t a l a s s e t s . (A net lo s s from t h is source i s n o t
d e d u ctib le fo r th e c u rre n t y e a r , but may be c a r rie d over and a p p lie d
a g a in s t c a p i t a l g a in s in the f i v e su cceeding ta x a b le y e a r s .) The term
" C a p ita l a s s e ts " means property h eld by th e taxpayer (whether or not con
nected w ith trade o r b u s in e s s ) , b u t exclu d es (1) sto ck in trad e o r oth e r
property which would p ro p e rly be inclu d ed in in ve n tory i f on hand a t the
c lo s e o f th e ta x a b le y e a r , (2) prop erty h eld p r im a r ily fo r s a le to cus
tomers in th e ord in ary course o f trad e or b u s in e s s , (8) property used in
trad e o r b u sin e ss, o f a c h a ra cter which i s su b je c t to the allow ance f o r
d e p r e c ia tio n , (4) Government o b lig a tio n s issu ed on o r a f t e r March 1 , 1941,
on a d isco u n t b a s is and payaDle w ithout I n t e r e s t a t a fix e d m atu rity d ate
n o t exceedin g one year from the d a te o f is s u e , and (5) r e a l p roperty used
i n th e trade or bu siness o f the ta x p a y e r. Beginning 1942 ga in s and lo s s e s
from (a) s a le o r exchange o f d e p re cia b le property and r e a l p ro p e rty , used
in th e trade or bu siness and h eld fo r more than 6 months, and from (b)
in v o lu n ta ry conversion o f such property and o f c a p i t a l a s s e ts h eld fo r
more than 5 months are tr e a te d as lon g-term c a p it a l ga in s and lo s s e s , i f
the ga in s exceed the l o s s e s . I f th e lo s s e s exceed the g a in s , th e net
lo s s i s d e d u c tib le as an ord in ary l o s s . F o r ta x a b le years beginning
a f t e r December 51, 1941, "sh o rt-te rm " a p p lie s to ga in s o r lo s s e s on the
s a le or exchange o f c a p it a l a s s e ts h e ld s i x months or l e s s ; "lon g-term "
a p p lie s to g a in s or lo s s e s on c a p it a l a s s e ts h e ld over s i x months.
15/ "N et g a in or l o s s , s a le s o ther th a n o a p it a l a s s e ts " i s th e net
amount o f g a in o r lo s s a r is in g from th e s a ls or exchange o f d e p re cia b le
prop erty and r e a l property used in tra d e or b u s in e s s . I f such property
has been h eld f o r more than 6 months, s p e c ia l treatm ent o f th e g a in or
lo s s i s provided as d e scrib ed in note 12 above.
14/ "D ivid en d s, dom estic corp oration s* c o n s is ts o f d ivid en d s re
c e iv e d from dom estic corp oration s s u b je c t t o income ta x a tio n under
chapter 1 o f the In te r n a l Revenue Code. Th is item i s reported i n c o l
umn 2 , schedule E , page 8 , Font 1120, and i s th e amount used f o r com
p u ta tio n o f the dividen d s re ceive d c r e d i t . There i s excluded from t h is
amount dividen ds from corp ora tion s organised under th e China Trade A c t,
1922, and co rp o ra tio n s e n t i t l e d to the b e n e fits o f s e c tio n 251 o f the
I n te r n a l Revenue Code (corp ora tion s re c e iv in g a la r g e p o rtio n o f t h e ir
gross income from sources w ith in a po sse ssio n o f the U nited S t a t e s ) ,
such dividen ds being in clu d ed i n "O th er r e c e i p t s ."
23/ The n e t op eratin g lo s s ded uction ta b u la te d h ere in i s the
amount o r ig in a l l y re p o rte d , c o n s is tin g on ly o f th e n e t op eratin g lo ss
carry -o v e r reduced by c e r ta in ad ju stm en ts, and does not take in to account
whatever re v is io n s may subsequently be made as th e r e s u lt o f any c a n y back o f net op eratin g lo s s from th e two succeeding ta x y e a r s . In
g e n e r a l, th e n e t op eratin g lo s s c arry -o ve r i s th e sum o f the net op
e r a tin g l o s s e s , i f any, f o r the two preced ing ta x a b le y e a r s . I f there
i s net income in the f i r s t preceding ta x a b le y e a r , the net operating
lo s s f o r th e second preced ing ta x a b le year i s reduced to the extent
such lo s s has been absorbed by such n e t income.
24/ "Income s u b je c t to excess p r o fi t s t a x ," allow ed as a c re d it
in computing normal ta x and su rta x n e t income fo r ta x a b le years
beginn in g a f t e r December 31, 1941, i s , i n g e n e r a l, equ al t o the
a d ju ste d e xce ss p r o fit s net incom e. However, in case th e excess
p r o fi t s ta x i s determined as provided in s e c tio n 721 ( r e la tin g to
a b n o rm alities in income i n the ta x a b le p e r io d ) , s e c tio n 726 (re la tin g
to corp oration s com pleting c o n tr a c ts under th e Merchant Marine Act
o f 1936), s e c tio n 731 ( r e la tin g to corp oration s engaged in min
in g s t r a t e g ic m in e r a ls), or se c tio n 756 (b) ( r e la t in g t o corporations
w ith income from lon g-term c o n tr a c ts ) , th e c r e d it fo r income su b je ct
to excess p r o f i t s ta x i s th e amount o f which th e excess p r o fit s ta x
i s 9 0 ,p e rc e n t. For the purpose o f computing such c r e d i t , the excess
p r o fi t s ta x used i s th e ta x commuted w ithout regard to the lim ita tio n
provided in se c tio n 710 (a )(1 )(B ) (th e 80 percen t l im i t a t io n ) , without
regard to th e c r e d it provided in s e c tio n 729 ( c ) and (d) fo r fo re ig n
ta xe s p a id , and w ithout regard to th e adjustm ents provided in
s e c tio n 734 in case o f p o s itio n in c o n s is te n t w ith p r io r income ta x
lia b ilit y .
25/ "Income ta x " fo r 1943 c o n s is ts o f normal t a x , s u r ta x , and
a lte r n a tiv e ta x reported in l i e u o f normal ta x and su rta x where the
incprae in clu d e s an excess o f net long-term c a p it a l gain over net
sh ort-term c a p it a l l o s s , i f and on ly i f such ta x i s le s s than the
normal ta x and s u r ta x . Tabulated w ith the income ta x fo r retu rns,
w ith net income i s a sm all amount o f su rtax reported on retu rn s with
no net income, where r e c e ip ts fo r th e ta x a b le year in clu d e in te r e s t
on o b lig a tio n s o f c e r ta in In s tr u m e n ta litie s o f th e United S ta te s ,
d e scrib ed in note 9 .
26/ Although th e f i l i n g o f c o n so lid a te d re tu rn s i s not permitted
fo r d e cla re d v a lu e e x c e s s -p r o fits ta x purposes, the d eclared value
e x c e s s -p r o fits ta x reported by th e members o f an a f f i l i a t e d group
o f corp oration s f i l i n g a co n so lid a te d income ta x retu rn i s o r d in a rily
ta b u la te d under th e same c la s s if i c a t i o n s as th e income ta x re tu rn .
A sm all amount o f d e cla re d v a lu e e x c e s s -p r o fits ta x reported by
co rp o ra tio n s whose c o n so lid a te d income ta x re tu rn s show no net income
i s inclu d ed w ith th e d eclared valu e e xce ss—p r o f i t s ta x shown fo r
re tu rn s w ith n e t income.
27/ The excess p r o fit s ta x shown i s th a t imposed by se ctio n 710
o f th e I n te r n a l Revenue Code as amended and should not be confused
w ith the d eclared v a lu e e x c e s s -p r o fits t a x . The amount shown i s the
excess p r o fi t s ta x l i a b i l i t y reported on corp oration e xce ss p r o fits
ta x r e tu r n s , le s s the c r e d it f o r debt re tire m en t and the n e t post
war re fu n d . Throughout t h is r e le a s e , th e 1943 ta x i s b efo re the
amount d eferred under s e c tio n 710(a)(5) ( r e la tin g to abn orm alities
under s e c tio n 722) and a f t e r any adjustm ents under other r e l i e f
p r o v is io n s ,
28/ Amount shown a s "Compensation o f o f f i c e r s " excludes com
p ensation o f o f f i c e r s o f l i f e insurance companies.which f i l e
Form 11201. Data not a v a ila b le .
29/
See note 28.
30/
Compiled n e t lo s s or d e f i c i t .
31/
Compiled n e t lo s s a ft e r t o t a l ta x payment.
32/
Less than #500.
31
- 15 -
Footnotes for tables In this release - Continued
20/ "Net gain or loss, sales other than capital as
sets" is the net amount of gain or loss arising from the
sale or exchange of depreciable property and real prop
erty used in trade or business.\ If such property has
bpen held for more than six months, special treatment of
the gain or loss is provided as described in note 19
above.
21/ "Dividends, domestic corporations" consists of
dividends received from domestic corporations subject to
incone taxation under chapter 1 of the Internal Revenue
Code. This item is reported in column 2, schedule E,
page 3, Form 1120, and is the amount used for computation
of the dividends received credit. There is excluded from
this amount dividends from corporations organized under
the China Trade Act, 1922/ and corporations entitled to
the benefits of section 251 of the Internal Revenue Code
(corporations receiving a large portion of their gross
income from sources within a possession of the Uhited
States), such dividends being included in "Other re
ceipts."
22/ "Dividends, foreign corporations" is the amount
reported in column 3, schedule E, page 3, Form 1120, and
is not used for the computation of dividends received
credit.
23/ "Total compiled receipts" excludes nontaxable
income other than tax-exempt interest received on certain
Government obligations.
24/ Where the amount reported as "Cost of goods
* Bold" or "Cost of operations" includes items of deductions
such as depreciation, taxes, etc., these items ordinarily
are not transferred to their specific headings. However,
an exception is made with respect to amortization of
emergency facilities reported in costs, such amount being
transferred to "Amortization."
25/ Amount shown as "Repairs" is the cost of inciden
tal repairs, including labor and supplies, ihich do not
add materially to the value of the property or appreciably
prolong its life.
26/ The item "Taxes paid" excludes (1) Federal income
tax and Federal excess profits taxes, (2) estate, inherit
ance, legacy, succession, and gift taxes, (3) income taxes
paid to a foreign country or possession of the United
States if any portion is claimed as, a tax credit, (4)
taxes assessed against local benefits, (5) Federal taxes
- paid on tax-free covenant bonds, and (6) taxes reported in
"Cost of goods sold" and "Cost of operations."
27/ The deduction claimed for "Contributions or gifts"
is limited to 5 percent of net income as computed without
the benefit of this deduction.
28/ Amount shown as "Amortization" is the deduction
provided by the Second Revenue Act of 1940 with respect
to the amortization of the cost of emergency facilities
necessary for national defense.
29/ The net operating loss deduction tabulated herein
is the amount originally reported, consisting only of the
net operating loss carry-over reduced by certain adjust
ments, and does not take into account whatever revisions
may subsequently be made as the result of .any carry-back
of net operating loss from the two succeeding tax years.
In general, the net operating loss carry-over is the sum
of the net operating losses, if any, for the two preced
ing taxable years. If there is net income in the first
preceding taxable year, the net operating loss for the
second preceding taxable year is reduced to the extent
such loss has been absorbed by such net income.
C
:
A
30/ "Income suoject to excess profits tax," allowed
as a credit in computing normal tax and surtax ret income
for taxable years beginning after December 31, 1 9 4 ^ is, in
general, equal to the adjusted excess profits net income
However, in case the excess profits tax is determined as*
provided in section 721 (relating to abnormalities in
income in the taxable period), section 726 (relating to
corporations completing contracts under the Merchant
Marine Act of 1936), section 731 (relating to corpora
tions engaged in mining strategic minerals), or sec
tion 736(b) (relating to coruorations with income from
long-term contracts), the credit for income subject to
excess profits tax is the amount of which the excess
profits tax is 90 percent. For the purpose of comput
ing such credit, the excess profits tax used is the
tax computed without regard to the limitation provided
in section 710(a)(1)(B) (the 80 percent limitation),
without regard to the credit provided in section
729(c) and (d) for foreign taxsc paid, and without re
gard to the adjustments provided in section 734 in
case of position inconsistent with prior income tax
liability.
31/ "Income tax" for 1943 consists of normal tax
surtax, a>id alternative tax reported in lieu of nornal
tax and surtax where the income includes an excess of
net long-term capital gain over net short-term capital
loss, if and only if such tax is less than the normal
tax and surtax. Tabulated with the income tax for re
turns wi-th ret income is a small amount of surtax re
ported on returns with no net income, where receipts for
the taxable year include interest on obligations of cer
tain instrumentalities of the United States, described
in note 16.
|
1
^
52/ Although the filing of consolidated returns is
not permitted for declared value excess-profits tax pur
poses, the declared value excess-profits tax reported by
\ the members of an affiliated group of corporations filim
a consolidated inopme tax return is ordinarily tabulated
under the same classifications as the incooe tax return,
A small amount of declared value excess-profits tax re
ported by corporations whose consolidated income tax re
turns show no net income is included with the declared
value excess-profits tax shown for returns with net in
come .
33/ The excess profits tax shown is that imposed bysection 710 of the Internal Revenue Code as amended and
^
should'not oe confused with the declared value excessprofits tax. The amount shown is the excess profits tax
liability reported on corporation excess profits tax
returns, less the credit for debt retirement and the net
post-wrar refund. Throughout this release, the 1943 tax is
before the amount deferred under section 710(a)(5) (relating
to abnormalities under section 722) and after any adjustments
under other relief provisions.
54/ Amount shown as "Compensation of officers" excludes
compensation of officers of life insurance companies which
file Form 1120L. Data not available.
55/ See note 34.
36/ Less than $500.
37/ Compiled net loss or deficit.
-
- y
if
1
Footnotes for tables in this release
l/ "Net income" or "Deficit" is the amount re
1 3 / "Gross receipts from operations" consists of amounts
received from transactions in which inventories are not an
income-determining factor. For "Cost of operations," see
"Deductions."
ported for declared value excess-profits tax compu
tation adjusted by excluding net operating loss deduc
tion (items 31 and 27, respectively, page 1, Form 1120).
See note 29.
14/ "Interest received on Government obligations, wholly
taxable" consists of interest on Treasury notes issued on or
after December 1, 1940, and obligations issued on or after
March 1, 1941, by the United States or any agency or instru
mentality thereof, reported as item 9(b), page 1 , Form 1120.
2/ The industrial classification is based on
the business activity reported on the return. When mul
tiple businesses are reported on a return, the classifi
cation is determined by the business activity which
accounts for the largest percentage of total receipts.
Therefore, the industrial groups do not reflect pure
industry classifications. The only change in the indus
trial groups between 1942 and 1943 is the transfer of
mutual fire insurance companies issuing perpetual policies
to the minor group "Other insurance carriers" from
the minor group "Mutual insurance, except life or
marine."
15/ "Interest received on Government obligations, subject
to declared value excess-profits tax and surtax" consists of
interest on United States savings bonds and Treasury bonds
owned in principal amount of over $5,000 issued prior to
March 1, 1941, reported as item 9(a), page 1, Form 1120.
16/ "Interest received on Government obligations, subject to surtax only" consists of interest on obligations of
instrumentalities of the United States (other than obliga
tions of Federal land banks, joint stock land banks, and
Federal intermediate credit banks) issued prior to March 1 ,
1941, reported as item 32, page 1 , Form 1120.
3/ The industrial classification designated "Invest
ment trusts and investment companies" consists of corpora
tions which derived 90 percent or more of receipts from
investments and which at no time during the taxable year
had investments in corporations in which they owned 50
percent or more of the voting stock.
17/ "interest received on Government obligations, wholly
tax-exempt" consists of interest on obligations of States,
Territories, or political subdivisions thereof, the District
of Columbia, and United States possessions; obligations of
the United States issued on or before September 1 , 1917» all
postal savings bonds; Treasury notes issued prior to
•
December 1 , 1940; Treasury bills issued prior to March 1
1941; United States savings bonds and Treasury bonds owned
m principal amount of $5,000 or less, issued prior to
March 1, 1941; and obligations issued prior to March 1
f;9*1* by Federal land banks, joint stock land banks, and
Federal intermediate credit banks. Interest from such
sources is reported under item 15(a) of schedule M, page 4,
Form 1120.
*
>
4/ The industrial classification designated "Other
investment companies, including holding companies," con
sists of (1) corporations which derived 90 percent or more
of receipts from investments and which at some time during
the taxable year had investments in corporations in which
they owned 50 percent or more of the voting stock and (2)
corporations which derived less than 90 percent but more
than 50 percent of receipts from investments.
5/ "Number of returns with balance sheets" excludes
returns of inactive corporations and returns of active
corporations for which balance sheet data are lacking.
6/ Amount shown as "Cash" includes bank deposits.
Ifi/ Amount shown as "Rents and royalties" consists of
gross amounts deceived. The amounts of depreciation, re% a 2 n h i n t e r e s t * taxes> and other expenses, which are de
ductible from the gross amount received for rents, and the
amount of depletion, which is deductible from the gross,
amount of royalties received, are included in the respec
tive deduction items.
y
7/ Amount shown as "Investments, Government obliga
tions1^ consists of obligations of the United States or
agency or instrumentality thereof as well as obligations
of States, Territories, and political subdivisions there
of, the District of Columbia, and United Statbs pos
sessions.
8/ Amount shown as "Capital assets" consists of (1)
depreciable tangible assets such as buildings, fixed
mechanical equipment, manufacturing facilities, transpor
tation facilities, and furniture and fixtures; (2 ) depletable tangible assets - natural resources, and (3 ) in
tangible assets such as patents, franchises, formulas,
copyrights, leaseholds, goodwill, and trade-marks.
(Amounts in both tables of this release exclude land.)
9/ Assets and liabilities are tabulated as of
December 31, 1943, or close of fiscal year nearest thereto.
Total assets classes are based on the net amount of total .
assets after reserves for depreciation, depletion, amorti
zation, and bad debts. Adjustments are made in tabulating
the data, as follows: (1) Reserves, when shown under
liabilities, ar*e used to reduce corresponding asset ac
counts, and "Total assets" and "Total liabilities" are de
creased by the amount of such reserves, and (2 ) a deficit
in surplus, shown under assets, is transferred to liabili
ties, and "Total assets" and "Total liabilities" are de
creased by the amount of the deficit.
1£/ Amount shown as "Surplus and undivided profits"
consists of paid-in or capital surplus and earned surplus
and undivided profits. See note 11.
11/ Amount shown as "Deficit" consists of negative
amounts of earned surplus and undivided profits.
12/ "Gross sales" consists of amounts received for
w T l I?53 returns and allowances, in transactions where
inventories are an income-determining factor. For "Cost
01 goods sold," see "Deductions."
from t I p S t * Capita? galn" ls the net amount of gain arising
from 2 ?
°r ?Xchange of capital assets. (A net loss
Kthj s°u rce is not deductible for the current year, but
may be carried over and applied against capital gains in the
five succeeding taxable years.) The term "Capital assets"
Z T r r / ?
?Sld by the taxp^ er (*»ther
not connected with trade or business) but excludes (1) stock in
J " £ V or obber Property which would properly be included in
inventory if on hand at the close of the taxable year, (2)
held Primarily for sale to customers in the ordi-
orTusine«« ° % tradu °r buslness> (3) property used in trade
f - a ®haraoter which is subject to the allow-
»Li?V,f *
or aftei MlrchCiatiq2i 4) Government obligations issued on
h
1941 * °n a disoount basis and payable
ye 2 from^hrd»/
r f1“ * matur? H date not exceeding one
the trad«
hd ? ° 1 l 8 U e ’ Snd (5) real Property used in
2 d losses f r 2 S2 l SS ?f
taxpa3rer* Beginning 1942 gains
2d
!
V a) sale or exchange of depreciable property
tTr
2 ° Periy ’ US6d in the trade or business and held
2
months> and from (b) involuntary converthan °
L
Pr0perty and of capital assets held for more
losses i ? L
r * tr6ated as long-tern capital gains and
losses, if the gains exceed the losses. If the losses exloss
Forat a « b l 2 061 1k SS/ S deducbible as an ordinary
"short-teL"
yefrS beglnning after December 31, 1941,
b
applies to gains or losses on the sale or ex
term"6 ° 1°apib®l assets held six months or less; "long-
r
i
s
r
to 8,ins
T able 2 . - C o rp o ra tio n income and d e cla re d v a lu e e x c e s s - p r o fi t s t a x r e t u r n w ith b a la n ce s h e e t s , 1943, by t o t a l a aa e ta c la a a e a : Number o f r e tu r n s , a s s e ts and l i a b i l i t i e s , com piled r e c e ip t s ,
com piled d e d u c tio n s , e c a p lle d n e t p r o f i t o r n e t l o s s , n e t income o r d e f i c i t , n e t o p e r a tin g l o s s d e d u c tio n , Income s u b je c t t o e x c e s s p r o f i t s t a x , In m a n t a x , d e cla re d v a lu e e x c e s s - p r o fit s
t a x , e x ce ss p r o f i t s t a x , t o t a l t a x , com piled n e t p r o f i t l e s s t o t a l t a x , and d iv id e n d s p a id by ty p e o f d iv id en d
T o ta l
1
2
S
4
S
6
7
e
9
xo
n
12
15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
35
34
55
36
57
58
39
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
Number o f re tu r n s v i t h b a lan ce s h e e ts _§/
is s e ts i
Cash 6/
Notes and aocou nts re c e iv a b le ( le s s re se rv e )
In v e n to r ie s
In v e stm e n ts , Government o b lig a tio n s 7/
O th er investm ents
Gross c a p i t a l a s s e t s f j j (e xce p t la n d )
L e ss re se rv e s
Land
O th er a s s e ts
T o ta l a s s e ts £ /
L ia b ilit ie s t
A ccounts p ayab le
Bonds, n o te s , m ortgages payable«
M a tu r ity l e s s th a n 1 y e a r
M a tu r ity 1 y e a r o r more
O th er l i a b i l i t i e s
C a p it a l s t o c k , p r e fe r r e d
C a p it a l s t o c k , common
S u rp lu s r e se r v e s
S u r p lu s and u n d ivid ed p r o f i t s 10/
L e ss d e f i c i t 11/
T o ta l l i a b i l i t i e s ¿ /
Receipts«
Gross s a le s 12/
G ross r e c e ip t s from o p eratio n s 13/
I n t e r e s t on Government o b lig a tio n s ( le s s
a m o rtisa b le bond premium)«
■ h o lly ta x a b le 14/
S u b je o t t o d e c la r e d v a lu e e x o e s s - p r o flt s ta x and
s u r ta x i s /
S u b je c t t o s u r ta x o n ly 16/
■ h o lly tax-exem pt 17/
O th er i n t e r e s t
Rents and r o y a l t i e s 18/
N et c a p i t a l g a in 19/
N et g a in , s a le s o th e r than c a p i t a l a s s e ts 20/
D iv id e n d s , dom estic c o rp o ra tio n s 21/
D iv id e n d s , f o r e ig n c o rp o ra tio n s 227
O th er r e c e ip t s
T o ta l com piled r e c e ip t s 25/
D edu ctions«
C o s t o f goods s o ld 24/
C o s t o f o p eratio n s 24/
Com pensation o f o f f i c e r s
Rent p a id on b u sin e ss p ro p e rty
R e p a irs 25/
Bad debts
I n t e r e s t p a id
Taxes p a id 26/
C o n trib u tio n s o r g i f t s 27/
D e p re c ia tio n
D e p le tio n
A m o rtiza tio n 28/
N et l o s s , s a le s o th e r th an c a p i t a l a s s e t s 20/
O th er d e d u ctio n s
T o ta l com piled d e d u ctio n s
Compiled n e t p r o f i t o r n e t lo s s (35 l e s s 50)
Net income o r d e f i o i t 1 / ( 5 1 l e s s (26 p lu s 2 7))
Net o p e r a tin g l o s s d e d u ctio n 29/
Incoete s u b je c t to e x ce ss p r o f i t s t a x 30/
Income t a x 51/
D eclared v a lu e e x c e s s - p r o fit s ta x 32/
Excess p r o f i t s t a x 55/
T o ta l ta x
Compiled n e t p r o f i t l e s s t o t a l t a x (51 l e s s 58)
D ividends paid«
Cash and a s s e ts o th e r than own s to c k
C o r p o r a tio n 's own sto ck
Fbr footnotes, m
( T o ta l ass**-« ria<r«ee a n d money f i g u r e s i n thousands o f d o l l a r s )
T o ta l a s e s ta c la s s e s 9/
100 under
50 under
250 under
500 under
1,000 under
Under 50
250
100
1-000
5.000
500
5,000 under
10.000
10,000 under 50,000 under
50.000
100.000
1 0 0 ,0 0 0
and
orar
566,870
181,961
56,579
56,105
26,787
17,893
20,737
5,232
2,719
596
491
50,271,478
45,728,416
27,1 87,202
86,6 5 5 ,2 58
7 2 ,064,554
136,551,452
47,1 9 9 ,5 85
8 ,5 7 6 ,5 2 9
9 ,8 8 8 ,7 0 5
589, 525,611
577,662
670,744
572,506
51,479
154,655
1,9 8 9 ,8 9 6
910,648
501,544
150,891
5 ,5 5 8 ,5 5 1
541,891
716,157
605,668
100,908
205,649
2 ,1 6 4 ,7 7 8
884,921
438,861
146,794
4 ,0 3 5 ,7 8 5
1,06 9 ,9 2 4
1 ,5 0 7 ,7 8 9
1 ,2 5 9 ,9 5 5
856,719
561,235
4 ,7 1 8 ,8 4 6
1 ,9 2 2 ,1 6 0
974,369
308,680
8 ,8 5 5 ,3 3 7
1 ,2 5 5 ,9 6 9
1 ,5 8 5 ,0 8 9
1 ,2 9 4 ,2 7 9
671,625
802,567
4 ,4 9 2 ,0 4 2
1 ,8 4 1 ,7 2 9
887,529
290,795
9 ,4 1 8 ,1 6 2
1 ,9 2 2 ,2 7 4
2,1 1 5 ,5 1 6
1 ,5 1 6 ,8 4 5
1 ,5 7 5 ,8 4 6
1 ,1 8 5 ,5 2 8
5 ,180,878
2 ,1 9 2 ,7 5 5
936,155
565,674
12,605,962
7,2 9 1 ,0 0 6
6 ,6 6 4 ,4 0 1
4 ,245,436
8,9 1 4 ,4 4 6
5 ,3 4 0 , S72
15,939,825
5,9 06,759
2 ,0 6 3 ,1 5 9
1 ,0 5 8 ,5 5 4
45,610,657
3,5 39,417
3 ,049,379
2,02 2 ,4 8 2
5,1 6 8 ,7 3 3
3,0 00,666
7,1 3 7 ,3 3 7
2,8 7 9 ,7 4 9
781,709
576,692
2 2 ,396,665
7,9 6 5 ,9 9 9
6 ,7 5 6 ,5 1 3
4 ,6 6 9 ,5 9 0
1 2 ,309,463
9 ,427,478
18,888,007
7,58 9 ,6 2 4
1 ,1 8 8 ,8 5 0
1,59 8 ,4 2 7
55,214,704
5,76 7 ,3 0 8
2 ,9 4 5 ,0 9 7
2,12 9 ,2 8 4
6 ,0 7 2 ,9 4 8
5,8 96,626
10,4 02,662
5,2 06,892
549,522
951,180
2 7 , 507,714
22,540,028
19,7 1 7 ,7 81
8 ,8 7 1 ,5 7 9
51,435,094
47,489,378
67,4 3 7 ,1 85
19,914,548
704,651
4 ,4 4 1 ,0 3 6
202, 520, U 5
17,495,162
746,878
550,596
1 ,0 0 2 ,9 6 5
881,624
942,541
2 ,5 6 5 ,8 6 4
1 ,0 3 1 ,5 7 9
2 ,5 2 9 ,5 6 5
1,10 2 ,9 5 2
6 ,5 4 2 ,6 1 9
6 ,7 6 9 ,8 2 4
45,7 5 4 ,6 09
175,859,315
15,1 4 2 ,0 14
65,0 3 6 ,1 95
12,4 0 9 ,2 05
62,797,382
9 ,720,092
389,525,611
279,729
610,150
374,116
120,185
2 ,0 1 5 ,2 8 0
26,158
747,676
1 ,5 5 9 ,6 4 0
5,55 8 ,5 5 1
242,092
761,666
547,644
128,259
1 ,6 1 5 ,2 5 2
41,195
917,070
567,969
4 ,0 3 5 ,7 8 5
480,837
1 ,8 0 2 ,7 2 6
852,626
542,416
3,00 0 ,4 5 4
141,541
2 ,1 6 0 ,9 1 6
928,925
8 f 8 5 5 ,387
465,974
1 ,6 5 5 ,2 5 8
1 ,4 6 1 ,5 5 5
405,712
2 ,6 9 2 ,6 6 7
221,461
2 ,5 6 8 ,8 5 0
732,715
9,41 8 ,1 6 2
551,604
1,6 8 2 ,1 9 4
3 ,304,054
547,677
5,0 0 5 ,6 0 5
342,959
2 ,9 9 9 ,4 0 1
770,071
12,605,962
1 ,4 4 0 ,4 4 9
5,929,874
17,571,457
1 ,7 6 3 ,3 8 1
7,7 2 4 ,2 6 6
1 ,4 1 5 ,7 7 9
9,1 5 5 ,2 7 2
1 ,7 5 1 ,7 0 4
45,610,657
595,059
1,76 0 ,4 8 7
9 ,5 6 2 ,1 0 4
827,614
3,61 7 ,2 6 7
849,221
4 ,7 7 9 ,7 6 5
626,411
22,5 9 6 ,6 65
1 ,2 5 5 ,7 3 0
5 ,0 0 5 ,0 1 0
2 5 ,339,115
2,69 5 ,5 1 7
8 ,5 6 7 ,3 4 0
2 ,5 7 8 ,5 7 0
1 0 ,838,847
1 ,3 7 0 ,5 8 8
55,214,704
425,509
5,9 65,217
1 1 ,275,895
1,64 9 ,1 5 2
4 ,1 1 8 ,5 3 8
1,16 5 ,0 5 7
4,01 7 ,0 8 2
411,447
2 7 ,307,714
1 ,0 5 4 ,8 6 0
22,564,027
107,770,969
6 ,6 6 4 ,5 0 0
28,8 8 1 ,7 70
5,629,687
24,812,506
1,2 00,624
202,520,115
197,928,499
38,771,039
7 ,1 9 2 ,5 0 5
1 ,6 9 4 ,5 3 4
6 ,5 4 5 ,0 1 0
1 ,0 7 6 ,8 5 7
1 2 ,8 7 0 ,5 48
1 ,8 8 1 ,2 6 8
1 2 ,4 5 0 ,6 15
1 ,8 4 8 ,1 2 6
15 ,6 5 9 ,5 93
1 ,8 7 1 , S71
54,097,257
4 ,2 1 8 ,1 0 5
1 5 ,965,550
2 ,2 1 5 ,7 8 8
50,702,088
6 ,1 0 2 ,2 6 3
12,724,427
5,5 75,382
55,720,909
14,489,168
660,989
351,947
1 ,0 9 3
129
1,189
124
2,9 2 9
561
4 ,5 5 8
1,3 5 1
10,223
5,326
58,041
22,630
85,958
16,102
87,216
44,915
46,052
19,704
413,929
243,104
29,164
276,717
2 ,2 1 6 ,1 5 0
2 ,2 5 7 ,1 5 1
280,835
121,964
1 ,5 1 4 ,7 8 5
153,408
1 ,5 4 3 ,2 6 5
245,885,911
12
145
9,772
171,775
9,829
18,584
5,929
100
85,214
9 ,1 8 7 ,6 1 9
23
129
11,872
155,197
8,0 6 7
11,207
5,509
39
74,076
7 ,8 8 7 ,2 7 9
87
719
29,482
516,377
17,009
16,476
14,711
766
139,786
1 5 ,2 9 0 ,7 20
212
1,8 8 4
54,675
134,071
19,557
16,871
18,641
879
115,104
1 4 ,6 4 6 ,5 40
561
5,346
62,202
151,395
19,574
12,938
31,030
689
129,080
15,937,526
5,081
32,071
255,750
266,583
6 0,060
19,803
145,098
7,566
284,953
59,470,956
1 ,9 1 5
16,879
115,182
124,228
53,099
9,267
89,304
3,014
128,143
16,754,426
5,547
36,376
254,379
219,781
59,008
4,551
235,014
22,097
187,572
57,958,605
1,815
18,049
114,181
U S , 666
11,225
2,654
101,140
10,324
128,7*74
1 6 ,665,393
18,114
165,120
1 ,5 2 8 ,6 7 8
624,080
43,408
9,614
672,407
87,932
270,584
72,0 87,048
150,264,168
a , 523,917
3,6 3 5 ,0 9 5
2 , 555,423
2 ,2 7 7 ,2 1 0
599,290
2 ,2 7 9 ,5 6 5
5,6 0 8 ,6 2 5
157,557
5 ,857,165
651,140
681,452
524,073
23 ,7 7 8 ,2 80
217,952,736
27,933,175
2 7 ,627,293
214,068
1 4 ,199,911
4 ,4 3 8 ,5 8 3
152,075
11,161,517
1 5 ,752,175
12 ,1 8 1 ,0 00
5,4 4 0 ,8 6 9
925,292
605,245
244,527
54,023
27,014
42,485
1S2,689
5,120
114,239
3,971
461
34,135
1 ,5 1 6 ,3 3 2
8 ,9 6 2 ,4 0 1
225,218
225,061
51,146
42,238
70,864
5,639
54,766
111,269
115,949
5,07 1 ,4 5 0
614,838
386,661
< 122,184
42,666
19,502
4 5,953
128,965
5,451
101,201
4,011
806
14,284
992,624
7 ,5 4 8 ,5 9 5
338,684
338,532
17,165
113,923
67,837
4 ,9 2 5
92,405
165,165
173,518
1 0 ,0 2 5 ,0 75
1 ,1 0 7 ,5 7 9
602,205
174,245
83,793
83,295
100,678
256,572
8,756
196,159
12,385
5,812
24,140
1 ,8 1 3 ,5 9 6
14,4 3 9 ,8 84
850,836
850,030
24,497
592,095
140,654
9,445
313,155
46 5 ,2 5 4
387,582
9,65 1 ,0 7 6
1 ,0 6 7 ,4 5 6
444,881
157,881
80,179
27,055
89,637
253,252
10,086
180,702
13,417
*
7,226
20,877
1 ,6 4 7 ,9 1 1
13 ,6 3 1 ,6 53
1 ,0 1 4 ,7 0 7
1 ,0 1 2 ,6 1 0
16,802
556,582
155,674
9,557
440,507
605,738
408,968
1 0 ,491,991
C l ,101, 895
382,245
156,975
97,435
24,057
97,602
294,738
12,262
194,609
23,017
12,696
22,058
1 ,6 9 4 ,8 2 0
14,586,396
1 ,5 5 1 ,1 8 0
1 ,3 4 5 ,2 2 4
16,016
798,472
205,235
11,558
627,684
842,475
508,655
25,825,459
2 , 399,107
605,973
275,501
301,898
61,982
250,375
819,707
32,332
484,154
63,035
60,579
6 8,420
4 ,0 8 5 ,9 3 6
35,332,439
4 ,1 3 8 ,5 1 7
4 ,1 0 5 ,3 6 6
40,725
2 ,4 8 6 ,1 3 7
594,770
- 30,514
1 ,9 4 1 ,5 5 4
2,66 6 ,8 3 8
1 ,5 7 1 ,6 7 8
10,1 6 1 ,7 59
1 ,2 8 3 ,5 0 1
160,162
108,111
165,567
21,505
110,922
590,646
15,336
224,546
4 3 ,a 9
38,794
36,215
1 ,8 4 2 ,1 6 5
14,6 02,427
2,15 1 ,9 9 8
2,15 5 ,2 0 6
12,721
1 ,2 8 2 ,5 8 9
305,418
16,687
1,00 1 ,7 4 9
1 ,5 2 1 ,8 5 5
830,145
22 ,5 4 8 ,7 19
5,500,396
229,779
218,175
446,099
46,099
267,263
869,578
28,839
541,476
105,940
112,512
74,542
3,878,498
32,865,909
5,0 92,696
5,05 2 ,9 7 5
12,827
5,02 5 ,9 7 1
729,451
37,649
2 ,5 5 3 ,5 5 3
5 ,120,434
1 ,9 7 2 ,2 6 3
9,4 50,822
1 ,9 1 5 ,0 5 5
81,027
U 7 ,1 7 9
198,807
17,595
181,508
572,577
9,806
266,600
52,561
55,550
27,£57
1 ,7 7 3 ,2 5 1
1 4 ,479,551
2,1 8 5 ,8 4 2
2 ,1 6 5 ,9 7 8
4,694
1 ,2 0 1 ,4 0 9
555,866
6,645
959,525
1,2 8 2 ,0 5 2
903,810
41,598,989
"7,609,025
160,921
800,647
806,746
121,190
1,095,142
2 ,0 6 9 ,9 0 1
55,569
1,5 5 5 ,4 7 7
5SL,S86
589,016
202,147
4,7 5 5 ,5 4 6
61,5 05,501
10,585,547
10,400,515
87,473
4 ,3 0 0 ,4 9 5
1 ,8 5 6 ,8 5 5
19,459
3,4 16,821
5 ,273,116
5,51 0 ,4 5 1
5 ,6 2 7 ,9 5 0
212,220
6 2,190
1,766
61,967
5,250
152,478
9,1 4 0
170,739
15,720
680,777
54,297
373,057
27,898
1 ,015,802
39,857
496,752
4,6 6 6
2 ,5 9 5 ,6 7 5
38,358
218,495
17,507
pp. la — is
* 1» - Corporation ineema and declared value excess pr o fi t e ta x «retorna with
«meets, le a s , «y M jo r lis t «s t r i a i croups, fo r retarme « lt k net l n » s > • s i
Tor f o o t n o t t i
M
pp.
14 — I S
T r t l i 1« — Corporation i m i M and docl a rad value axe— ■ p r o fit« ta x returns with bal anco sheets, I M S , bp n ajo r 1nrtuatrial group«, fo r ra tio n s with not lncons and returns with no net loo cent ] /
a —k T . 0 f re tu rn s, asse ts and X l a b ll l t i o s , compiled re o aip ta , eenpdlad dsdaetlona, i w p l l i i ' net p r o fit or not lo o s , net incone or d e f i c i t , and dividends paid bp tppa o f dividend; a le e , fo r
returns w ith net lnconst Met operating le s s deduction, inccns su b je ct to aoccaas p r o fits t a x , incaae t a x , daolarad value e x ce ss-p ro fits t a x , excess p r o fits t a x , t o t a l t a x , and
net
p r o fit le s s t o t a l tax. - Continued
08 ffi838SSES»PSS65SS;t66PSSS5S 8888086838 88
88 08663868
Huahai o f returns w ith balance sheets ¿ /
A ssets*
Cash J /
Motes and accounts receivable ( la s s reserve)
Inven tories
In v e stn sn ts, Qovernaent o b lig a tio n s 7/
Other ln v a s tu s its
Gross c a p it a l a sse ts § / (except land)
Lass reserves
la n d
Other a sse ts
T o ta l a sse ts
L ia b ilit ie s ;
Accounts payable
Bends, n o te s, nortgages payable;
M aturity le s s than 1 year
M aturity 1 year o r nore
Other l i a b i l i t i e s
C a p ita l sto ck , preferred
C a p ita l sto ck , e canon
Surplus reserves
Surplus and undivided p r o fit s 10/
L e st d e fic it J J /
T o ta l l i a b i l i t i e s % J
R e ce ip ts;
Gross s a le s 11/
Qrosa ra c sip ts fro o operations 18/
In te r e s t on O o v s m s n t o b lig a tio n s ( lo ts
snortlm abls bond prasdus)i
Wholly ta xa b le J J /
S u b je c t to declared valu e e x c e ss -p r o fits tax.
and su rtax lb /
Su b ject to surtax on ly 16/
Wholly tax—exenpt 17/
Other in te r e s t
Rants and r o y a ltie s 18/
Met c a p it a l gain
S e t g a in , s a le s other than c a p ita l a sse ts SO/
D ividends, do ssstie corporations CL/
D ividends, fo re ig n corporations 887
Other re c e ip ts
T o ta l een pilad re c e ip ts £8/
Deductions;
C ost o f goods sold 84/
C ost o f operations 84/
Condensation o f o f fic e r s
Rant paid on business property
Repairs 85/
Baa debts
I n te r e s t paid
Taxes paid 86/
C on tribu tions or g i f t s 87/
D epreciation
D epletion
in e r tis a tio n 88/
Mat lu e s , sa le s other than c a p it a l a s s e ts 80/
Other deductions
T o ta l eonp ilsd deductions
Compiled net p r o fit or net Io c s (85 le s s 50)
Met ineoae or d e f i c i t ¿ / ( S I lu es (86 4 87))
Net operating lo s s deduction 89/
In case su b je c t to excess p r o fits ta x 50/
Insane ta x 51/
Declared value s x c a s s -p r o fits ta x 58/
T r u s s p r o fit s ta x 55/
T o ta l ta x
C o d d le d net p r o fit le s s t o t a l tax. (51 lo s s 58)
Dividends pa id ;
Cash and a sse ts other than can stock
C orporatio n's own sto ck
For fo o tn o te s, see p p , 14 - 15
T o ta l a g r ic u ltu r e ,
fo r e s tr y , and fis h e r y
so net
1 st
incone
incone
Mo net
lucone
A gricu ltu re and services
Sat
Ho net
inccns________ lneozn
Natura
Forest r s
Hot
inccns
Ho net
N«t
Hot
Ho net
Ho net
6,987
5,780
8,675
1,884
5,568
1,679
18«
15«
68
1,605
879,586
8T4.660
189,869
186,785
187,111
486,456
889,485
48,960
78,716
1,558;806
88,147
105,818
16,948
10,618
86,456
97,817
48,968
18,865
18,180
878,081
106,848
106,666
140,619
69,851
156,019
621,428
887,046
850,106
58,049
1,178,545
10,977
16,648
19,511
1,974
45,105
180,159
58,988
58,171
7,608
846,957
99,114
96,557
155,458
65,641
125,560
569,898
877,504
857,101
50,486
1,079,998
9,705
16,913
18,575
1,885
40,801
90,541
88,869
55,087
7,118
809,654
4,608
6,409
8,875
8,180
9,799
41,605
6,189
11,781
1,855
75,698
1,054
1,500
584
188
1,498
87,060
5,40S
4,805
221
55,806
8,858
5,880
8 '« 4
1,450
8,860
9,958
5,558
1,886
590
« ,8 5 8
m
855
411
«
804
t ,« 7
715
540
80S
4,090
52,664
67,961
is'ft66
10^711
7 5 ,0 «
MIL,245
50,010
50,705
10,658
515,886
m
8
c tio n
H
Met
<,MgTr
8 *
1
a
0
__________________________________________________________________________________________RaTor in d u s tr ia l groups 8/ - Continued________________________
8 ,8 «
11,847
S8¡888
S ',5 «
6 ,5 «
60,*00
78,858
» ¡1 5 0
86¡741
15,086
« £ ¡8 7 5
816,085
6 8 ,O K
77,878
57,160
70,598
58,961
5,« 8
8,665
4,102
1,556
56,758
40,905
104,649
70,114
845,066
87,405
868,664
55,081
468,885
88,169
1,888,806
86,907
48,881
88,848
11,868
88,898
8,808
88,881
55,088
878,061
*56,754
109,716
70,619
41,586
479,810
58,896
884,594
98,650
1,175,548
16,648
48,909
16,956
11,651
129,890
1,865
70,014
88,957
846,957
55,784
95,555
60,871
54,551
448,598
49,849
549,800
75,587
1,079,998
17,897
48,851
16,684
11,041
107,406
855
51,788
71,188
809,654
1 ,1 «
15,790
8,564
6,867
5 1 ,« 8
1,052
87,548
81,991
75,698
484
5,669
8,864
567
19,907
546
17,186
15,815
55,806
•79
5«
1,585
506
6,794
8 ,COS
7 ,8 «
1,158
« ¡8 5 8
867
999
70
45
1,977
«4
1,100
1,960
4,090
10,847
46,41*
58,575
» ¡7 4 *
110,474
15,850
109,144
0 0 ,1 «
« 6 ,8 8 5
14,054
« ,8 6 5
« ¡1 0 5
17,80«
1*5,080
6,050
68,545
165,808
818,275
575,081
5,888,857
101,881
888,848
809,099
96,011
•7,587
16,814
584,456
87,059
64,501
15,818
8 ,9 «
8,521
1 ,9 «
495
15,711
6 ,0 «
1,064
500
1*6,604
« ,1 * 7
0,805
9,516
696
186
60
16
840
578
10
5
507
566
•
4
17
7
1
1
10
107
45
55
85
48
574
8,818
1,087
808
814
8
5,889
487,477
5
178
8,167
18,100
6,101
1,789
5,977
14
8,551
759,881
1
55
449
1,541
507
869
814
5
1,595
88,568
5
169
1,850
11,715
5,874
611
5,885
12
8,161
701,989
1
58
480
1,476
217
189
806
5
1,519
8 5 ,9 « .
7
508
SIS
2,687
1,118
ISO
8
818
15,985
1
87
55
89
76
5
5
•0
8,489
5,41*
8,604
657
1,460
88
5,968
1*4,654
14
18
558
1,175
569
1«
8«
4
807
« ,7 5 4
57,967
10,456
5,854
998
1,455
699
8,746
8,515
24
5,849
888
5
4,697
18,540
100,597
52/12,089
52/18,065
52/18,089
567,196
88,750
19,785
9,998
9,105
5,488
6,557
17,065
611
85,690
598
18
1,545
106,750
584,715
117,874
117,101
5,875
41,708
85,675
1,47*
55,166
58, 5 U
58,965
52/10,813
97,188
11,761
18,679
1,958
1,659
711
1,056
4,605
1*65,889
540
90
585
26,196
162,585
88,129
88,046
1,608
5,875
4,870
885
4,175
8,666
15,404
7,065
5,586
8,969
668
558
507
1,190
1,114
88
1,048
96
52/85,455
575,515
58,548
80,957
19,896
9,790
5,665
7,868
18,085
655
24,551
1,865
18
1,557
110,507
615,859
125,988
185,805
4,150
45,815
84,900
1,586
54,585
60,810
65,178
1,406
76
87,655
585
1,080
75
84,008
585
656
75
6
898
1,906
10,077
9,790
898
7,581
,106
60,881
5,759,787
(86)
860,798
8,789,064
116,190
11,895
15,711
5,475
7,598
57,780
8,848
85,861
*48
1,001
988
177,558
5,458,985
880,808
880,508
4,594
168,718
55,510
8,658
187,116
165,084
115,719
88,544
896,666
85,878
8,748
8,001
1,876
8,667
6,647
54
6,484
88
18
1,089
98,859
468,912
12/65.455
57/25.478
88,907
1,598 .
■B
ns
ns
m
.
•
«*
a.
•
•
ns
,
66,856
9,880
8,996
941
1,554
689
8,465
8,059
81 3,059
' 56
5
4,550
11,516
94,804
12/10,813
52/10,846
•a .
•a
•
. m
m
(50)
a.
a.
7,890
896
500
49
51
189
848
685
•
* 185 .
666
m
m
64
.8,784
1,685
858
158
10
56
9
858
880
1
185
172
m
5
1,104
18,594
5,591
5,584
564
150
810
86
106
9«
8,650
158
555
5,617
12/654
52/855
5,543
15
78
800
0
88
.
1
80
8
4
8
155
« ,8 4 7
11
1,695
11,089
8,788
678858
657
58
69
555
80
458
1 ’
1,016
550
80
41
66
1
86
56
8
85
.
(56)
•
6
8,475
18,729
5,118
5,118
898
1,585
«16
so
1,118
16
271
1,976
17/585
12/585
52/854
1^559
57/583
568
888
5
an
m
*
-
m
..
...
5,126
'101
..
8,024
7,984
2 8 ,« 4
12/7,079
12/7,105
a*
a.
a.
a.
57/7.079
645
850
„ h _ m H a t m t m »«4 a ssiéra * n i a « M a f n t f i t i ts x re tira « ( M M I i i m ata « ta , 1848, by ne) or indua t r i a l groupa, fa r r a to n s w ith a a t lmsana aà* rotor ma w its aa a a t laoeaai y
Kaakar a f rato raa,
aaaata
l i a k l l i t i a a , aoaplla« ra a a lp ta , so n p lls* 4a4oatloaa, aoopllad not p r o fit or not le a s , a a t Inc one or d s f l o l t , and dividends paid by typa o f dlTldandi a ls o , f e r ratoraa w ith a a t laaoasi S at oparating
lo ss éadn otlaa, îasoaa subject ta sasaas p r o fita t a x , lnaoaa ta x , 4aslara4 ta in s axo saa -p ro flts ta x , sxoaaa p r o fits ta x , t o ta l t a x , an* se a p lls* a a t p r o fit Isa s t o t a l ta x - Csa t la ss*
, R. “_________________________ _______________ '
_______ (Money flg oraa l a thousands o f d o lla rs )
.
.
__________ _
Minano», inaurane». r a s i a s ta ta , aad le sso r a o f r a s i property - Conti n e*
M in u t e * - C o n tin u e d
O th e r fin a n ç a
c o m p a n ies
S e c u r it y a n i
o o É m o d ity -e x o h a n g e
b ro k e r s and d e a le r s
Vo n e t
TPE
in e o n a
in e o n a
1
s
■ m fcer o f r e t u r n s w i t h b a la n c e a h e e t s t /
A sse tsi
C ask y
• M a te s a n d a o o o u n t s r e c e i v a b l e ( l a s s r e s e r v e )
«
I
T
I n v a s t m s n t « , O o v e ra n e n t o b l i g a t i o n s 7 /
O th e r l i r r v f l t M n t i
Or o s« o s p i t s l M N t i %/ ( o x o o p t la n d )
U a i ro sorro s
«
U
11
U
U
14
li
16
1T
M
u
20
tl
M
28
24
as
24
2T
22
sa
so
51
52
SS
54
55
SS
ST
38
sa
40
41
42
4S
44
45
44
47
44
43
O tk tr n i t t i
T o t a l a a a a ta 9/
L ia b ilitie s «
A o o o u n ts p a y a b le
B o n d s , n o to a * m o r tg a g e s p a y a b lo t
M a tu r ity la a a th a n 1 y t a r
M a t u r i t y 1 y o a r o r more
O th o r l i a b i l i t i o a
C a p i t a l a to o k * p r o fo r r o d
C a p i t a l a t o o k * oonaton
S u r p lu s r o s o r r o s
S u r p lu s a n d u n d i r i d o d p r o f i t s 10/
Laisa d a f i o i t 11/
T o ta l li a b i li t i e s 9/
le e a lp t a i
d ro ss s a le s 12/
a r o s e r s o e lp t e fr o » o p e r a tio n s 13/
I n t s r o s t o n G o ve rn a m n t o b l i g a t i o n s ( l o s s a m o r t is a b l e
b o nd prem ium ) i
W h o lly t a x a b l e 14 /
B u b j e o t t o d e o la r e d t s I u o o x o o s s - p r o f i t s t a x
a n d s u r t a x 16/
S u b je c t t o s u r ta x o n ly Id /
W h o lly t a x - e x e m p t 17/ * "
R a n t s opd r o y a l t i e s 18 /
B a t o a p i t a l g a i n 19 /
B a t g a i n * s a lo a o*Eher t h a n o a p i t a l a a a a t a 2 0 /
D i v i d e n d s , d o m e s t ic c o r p o r a t io n s 2 1 /
D i r i d e n d a , f o r e i g n o o r p o r a t io n a ZT/
O th o r r e o e i p t a
T o t a l c o m p ile d r e c e i p t s 2 3 /
D e d u c t io n s t
C o s t o f g o o d s s o l d 24/
C o a t o f o p e r a tio n s 3 y
C o m p e n s a tio n o f o f & o e r s
R e n t p a id on b u s in e s s p r o p e r ty
R e p a ir s 26/
Bad d e b t s
I n t o r e s t p a id
T axes p a id 26/
C o n tr ib u t io n s o r g i f t s 27/
D t p r e e ia tio n
D e p le t i o n
A m o r tis a tio n 28/
B e t lo s s * s a lo a o th o r th a n o a p i t a l a a a a ta 20/
T o t a l o o u p ilo d d e d u c t io n s
C o m p ile d n o t p r o f i t o r n o t l o s s (3 5 l e s s 60)
Net inco m e o r d e f i c i t 1 / (6 1 lo a a (2 6 / 2 7 ) )
SS ! Net operating lose deduction 29/
54 ■ Incom e s u b j e o t t o e x c e s s o r o f T t s t a x 3 0 /
Incom e t a x 3 1 /
se
D e c la r e d v a l u e e x c e s s - p r o f i t # t a x 3 2 /
64
ST B x c e a s p r o f i t s t a x 3 3 /
68
C o m p ile d n e t p r o f i t le a a t o t a l t a x (6 1 l e s s 6 6 )
59
D iv id e n d s p a id «
C a s h and a s s e t s o t h e r t h a n own s t o c k
60
61
Corporation's own atook
SO
61
sa
For footnotes* ••• pp* 14 — 15
S96
870
7 6 ,9 6 0
1 2 4 ,6 8 4
•
2 6 9 ,4 1 0
S 6 0 .8 2 9
2 8 ,1 5 8
1 5 ,7 3 4
1 0 ,2 9 9
2 3 ,2 0 6
8 6 9 ,6 8 1
Vo n e t
in o o a e
Bet
incorna
1 0 , 069
1 4 , 692
•
1 6 1 , 876
6 6 , 896
8 , 194
2 , 76S
3 f 2S1
3« 457
265 622
402
1 6 ,6 7 6
1 8 ,8 1 8
620
7 ,5 7 0
4 6 ,8 6 9
7 4 ,8 8 8
2 7 ,9 1 3
1 ,6 1 7
3 ,4 2 5
1 4 1 ,2 6 9
t m r u u i oa r r i e r a , a g e n t ,. • t e .
T o t a l in s u r a n c e
ln a n r a n o a a g e n t s ,
In a u ra n e # e a r r i e r a
b ro k sra , a t a .
e a r r ie r s , a g e n ts , e ta
F in a n c e n e t
a llo c a b le
n e t
inco m e
648
1 2 , 707
3 6 , 247
506
2 067
9 7 , 487
7 6 , 207
11 442
2 , 121
1 6 , 404
2 3 0 , 104
1 , 216
6 4 , 386
7 1 , 239
806
2 2 , 660
1 8 0 , 673
18 236
6 , 271
9« 906
1 5 , 237
3 6 6 , 770
17 669
Bat
Inco m e
Vo n e t
in o o o e
i , 426
Vo n e t
in e o n a
4 , 630
2 0 , 286 1 ,6 3 3 , 186
1 3 9 , 658
8 3 , 763
•
1 , 167
1 2 , 840 1 6 ,4 3 7 , 169
106 091 2 4 ,1 9 2 , 971
3 8 6 , 448
3 1 , 832
8 , 323
1 6 , 622
2 1 , 746
1 3 , 876
6 , 806 1 ,7 3 6 , 618
2 7 7 , 206 4 4 ,6 2 2 , 266
38 600
1 6 5 , ¿3 1
39 116
7 ,8 9 6
827
118
SS4
691
914
144
OSO
465
622
7 ,7 4 6
6 ,7 6 3
1 2 ,7 3 6
2 ,9 8 9
6 2 ,6 9 3
1 2 ,1 9 4
4 9 ,4 8 6
2 1 ,1 2 2
1 4 1 ,2 6 9
6 0 ,8 2 1
4 380
7 ,3 0 0
6 ,4 9 7
80
984
12 642
788
1 ,9 5 1 067
3 ,9 4 1
2 ,S S I
449
220
61
SO
21
5
743
83
87
43
176 108
102 S I I
620
1 ,6 6 1
3 ,2 7 6
744
4 ,9 4 9
3 9 ,8 5 8
1 4 ,0 4 9
16
3 ,0 9 7
1 2 5 ,2 6 1
i
i ,2 7 7
754
468
168
4 ,2 9 2
430
17
562
12 ,7 7 8
1
4
826
3 0 ,4 1 5
676
428
648
20
897
4 8 ,7 0 3
6
4
2 211
3 ,4 6 6
14
39
266
IS
692
7 131
i ,9 6 3
2 689
426
i ,4 7 7
78
i ,1 3 1
29 ,0 4 7
96
2 666
196
143
86
62
(3 6 )
28C
4 ,4 6 8
1 9 7 ,9 2 9
2 7 2 ,8 3 6
1 4 7 ,2 9 7
6 7 ,3 9 9
1 9 ,6 6 2
6 9 ,0 6 6
9 ,9 6 3
1 3 7 ,9 3 6
4 8 ,0 9 7
8 6 9 ,6 8 1
96
78
5
6
29
2
18
19
266
7 ,1 6 0
2 0 ,6 6 4
3 ,2 5 7
184
316
4 ,1 9 9
4 ,1 9 6
196
946
46
519
2 ,9 0 3
727
282
441
900
679
4
287
1
8 ,7 5 6
4 3 ,9 8 3
9 3 ,7 7 1
3 1 ,4 9 0
2 9 ,3 0 9
2,666
1 ,0 8 5
7 ,1 8 0
61
871
8 ,1 0 1
2 3 ,3 8 9
830
6 ,3 7 7
13 ,8 4 9
&7/1 ,0 7 1
5 7 /2 ,3 5 0
•
•
-
1 0 ,0 9 2
866
4 ,9 7 7
896
2 ,6 1 3
348
41
191
615
1 ,0 2 7
36
1 ,8 1 1
36
10 182
r
16
69
62
8
48
7
71
53
230
430
726
638
284
833
032
662
672
104
(3 6 )
2 ,1 4 6
9 ,4 4 0
28
92
818
147
88
3 ,0 3 2
1 ,0 8 7
942
(5 6 )
3 ,1 1 3
13
25
36
124
36
147
10
88
119
866
782
353
607
688
983
602
265
938
770
i ,1 4 7
2 ,6 0 6
760
•S
637
1 ,4 1 6
1 ,0 9 3
38
343
8
4 ,9 2 0
6 ,2 9 7
20 ,6 7 7
3 7/11 ,1 3 7
S T / 1 1 ,1 4 7
-
ST/1 ,0 7 1
67
1 2 ,9 6 9
2 5 ,4 1 4
2 1 ,2 8 9
2 1 ,2 8 4
433
2 ,4 0 4
8 ,7 3 6
73
1 ,9 0 8
8 ,7 1 7
1 2 ,6 7 2
¡ y a ,1 3 7
33
11 ,3 2 3
19 ,3 6 8
9 ,6 7 9
8 ,9 7 4
i ,3 4 1
242
1 ,9 8 1
26
196
2 ,2 0 3
7 ,4 7 6
356
-
9 ,3 7 2
36
4 ,1 4 7
“
8 ,6 5 6
8
-
*
7
96
26
19
161
8
64
146
277
6 , 144
666
1 0 , 985
896
311 3 9 ,9 3 6 , 278
900
2 1 , 299
003
770 09 7
787
12 323
697 3 ,6 4 0 211
642
38 400
206 4 4 ,6 2 2 , 268
123
941
171
31
1 ,9 3 0
2 ,5 8 4
476
411
7
71
877
162
4
107
i
11
3 ,4 7 4
339
263
828
660
956
297
670
223
910
607
17 ,6 8 7
34/47 ,7 4 3
18 ,4 2 6
1 ,0 3 7
2 ,8 8 4
2 ,5 0 1
91 ,0 8 5
1 ,1 6 7
32 ,2 6 1
10
le ft
ln o o a e
1 , 811
le t
i n e a sa
Mo n e t
in to n e
1 ,3 4 8
4 8 , 836 1 6 6 4 ,2 0 2
2 2 , 761
1 6 6 , 904 16 4 2 2 ,4 2 5
1 7 9 , 132 24 1 4 6 ,9 7 6
2 7 , 161
3 4 2 ,7 6 9
9 ,2 2 0
4 , 170
1 0 ,7 0 6
4 , 029
1 0 6 , 686 i 7 1 6 ,4 0 8
6 4 0 , 206 44 1 8 4 ,2 6 7
191
4 0 ,9 1 9
—
1 6 6 ,1 7 7
1 7 3 ,6 1 4
1 8 ,3 0 6
2 ,6 4 4
2 ,9 6 7
1 0 1 ,6 2 2
4 8 9 ,8 6 2
137 ,0 6 5
7 ,4 8 5
Bo n e t
incorna
8 ,2 6 4
i . 616
7 8 ,9 8 4
1 3 9 ,6 8 8
1 4 ,7 3 3
4 5 ,9 9 6
4 3 ,6 6 9
7 ,8 0 2
5 ,1 6 9
1 9 ,2 0 4
3 3 8 ,0 1 1
7 , 916
2 2 , 761
—
727
i , 617
• m666
1 , 627
1 , 072
4 , 943
6 0 , 368
3 6 , 102
3 0 4 , 87*
4 * 8 , 796
lì# O S*
1 6 1 , 7 *1
7 88, 90*
6 .6 9 6 , *4 0
1 ,7 1 6 , 6*6
2 ,2 4 7 , *0 4
1 * 7 , 2 *1
7 , 9 * * , 222
L essors o f r e a l
p ro p e rty , except
b u ild in g s
le a s i
T e i
ln o o a e
inco m e
8 2 ,9 1 7
2 ,7 0 0
2 ,6 8 8
1
1 6 8 ,1 0 4
2 6 8 ,6 6 3
1 3 ,6 2 3
1 0 8 ,2 1 3
6 7 1 ,6 6 7
3 8 6 6 ,0 6 *
1 0 1 * ,0 1 0
1 6 * 2 ,* 1 *
9 9 ,4 6 1
* 6 1 6 ,6 0 1
6 1 ,6 0 0
6 6 ,6 7 7
6 ,6 1 6
3 2 ,3 6 7
1 6 7 ,6 9 0
2 ,4 1 3 ,6 9 6
2 4 8 ,4 8 4
>
1 8 9 ,4 3 7
6 7 ,2 1 1
2 ,6 9 9 ,6 1 0
1 6 ,8 2 6
3 8 ,2 7 1
3 ,2 6 4
2 ,6 S 6
1 9 7 ,9 6 3
1 ,4 8 4 ,2 1 4
T8T¡Ü9T
2
S
4
i
4
T
5
1 1 0 ,0 2 8
7 1 ,4 8 9
1 ,7 6 6 ,6 4 3
10
11
a
-
1 6 6 ,3 3 1
2 6 , 298
* 1 1 , 162
* 6 7 ,2 1 6
4 3 ,8 1 7
6 7 ,3 4 6
12
321
708
689 39 9 1 2 ,5 8 6
160
4 ,6 7 6
7 0 6 ,2 2 7
326
926
9 9 , 997 8 6 9 0 ,0 6 4
3 1 ,2 6 6
228 368
640 206 44 1 8 4 ,2 6 7
6 7 1 ,3 6 2
182
4 4 ,8 8 2
9 3 ,9 0 6
2 1 9 ,9 1 9
4 8 9 ,8 6 2
6 ,1 4 4
1 0 ,9 6 6
2 2 ,7 1 2
1 4 ,6 2 8
6 3 ,6 7 0
1 2 ,3 2 8
6 0 ,1 6 7
7 ,1 3 6
3 8 8 ,0 1 1
S , 621
3 708
6 , 267
1 , 016
1 1 , 945
926
•< 09 1
• 439
60 863
S O S , 160
8 ,6 3 9 , 698
3 4 0 , 263
2 9 1 , 166
2 ,1 1 7 , 770
1 4 « , 129
l , t S 3 , 908
669, 006
7 ,9 9 6 , 222
2 6 9 ,4 9 4
8 2 8 3 ,0 6 4
* 3 4 ,( 9 4
2 0 8 ,« 9 »
1 * 6 4 ,4 * 6
1 1 6 ,8 8 0
6 2 5 , 566
1 ,3 4 8 ,0 7 4
5 6 1 6 ,8 0 1
1 7 ,6 6 4
1 ,0 4 7 ,6 8 8
1 0 1 ,8 8 9
9 6 ,8 6 2
9 8 7 ,2 7 1
1 9 ,4 0 7
6 2 6 ,2 1 6
1 3 9 ,9 3 6
2 ,6 9 9 ,5 1 0
2 6 ,6 1 0
9 4 8 ,1 8 2
1 5 9 ,9 2 8
6 1 ,1 6 6
6 1 4 ,0 8 8
1 3 ,3 5 1
5 1 8 ,1 6 8
8 6 0 ,6 1 6
1 ,7 6 6 ,8 4 3
1S
M
li
14
IT
15
18
20
21
161 166
i ,7 7 8 ,1 4 1
1 3 0 ,2 9 9
1 7 2 ,9 2 6
30 866
1 6 , 960
6 8 7 , 926
6 ,2 6 7
3 1 7 ,1 3 2
6 ,6 2 4
68
193
1 ,2 9 3
22
ZS
788
1 627
1 7 6 ,9 4 4
1 0 2 ,2 9 1
731
1 ,6 2 6
169
20
6
1
2 204
667
808
473
216
222
20
8
24
.
2i
p
22
910
3 369
2 606
363
24
3 168
127
1 991
176 ,9 8 6 ,3
7 ,3 3 6
7 1 ,2 5 6
8 7 7 ,0 7 7
1 6 1 ,6 2 3
4 ,6 0 4
227
1 0 4 ,1 9 3
1 ,0 1 0
6 ,7 9 1
,2 9 0 ,3 7 0
21
906
3 ,2 8 6
2 ,4 2 6
345
18
3 ,1 1 6
127
31«
1 4 3 ,1 1 6
67
764
649
01 6
722
093
400
299
(8 6 )
22 1641
1 ,6 7 3
32 ,8 7 1 1 ,2 6 9 ,1 8 8
32
189
9 ,6 6 9
2 8 9 ,3 0 2
1 ,7 6 6
9 ,4 9 1
1 ,3 8 4
18
1 1 ,6 8 0
6 9 7 ,0 0 0
4
163
1 ,9 3 6
1 6 6 ,6 6 6
3 ,2 0 7
664
1 ,9 9 0
18
1 2 ,6 2 8
1 9 3 ,3 9 1
24
2T
28
28
•
3 ,1 3 3
9 914
1 6 ,2 2 7
26 ,2 6 6
67 ,9 9 3
2 6 ,7 6 6
2 9 ,7 1 1
64 ,7 4 6
5 4 ,8 7 6
46 ,4 0 5
1 2 ,3 6 6
4 ,5 6 3
1 2 0 ,7 2 0
151 ,1 5 8
1 2 4 ,1 8 6
180 ,1 6 6
216
1 ,3 8 9
9 4 ,2 1 0
160 ,3 9 9
170
284
384
196
7 4 ,4 4 6
6 ,3 4 9
2 1 5 ,3 3 9
320 ,9 3 3
7 6 1 ,6 4 0
1 ,0 2 1 ,9 3 5
247 ,2 6 2 3 7 / 1 6 4 ,5 4 0
246 ,4 3 1 3 7 / 1 6 4 ,7 6 1
17 ,6 3 6
17 ,0 6 3
62 ,2 6 1
1 , 13b
15 ,7 4 7
77 ,1 6 3
170 ,0 8 9 8 7 / 1 6 4 ,5 4 0
8 ,8 1 2
20
3 ,2 8 9
1 ,6 1 2
798
168
3 2 ,4 8 0
1 8 ,0 2 4
90
7 ,0 6 9
1 6 ,6 4 2
91
669
1 2 ,6 8 2
9 2 ,1 2 0
1 0 1 ,2 7 1
1 0 1 ,1 1 4
1 ,3 1 6
1 2 ,3 8 2
3 2 ,4 1 1
178
1 0 ,2 7 0
4 2 ,8 6 0
6 8 ,4 1 2
7 ,8 2 9
114
6 8 ,4 2 0
76
-
26 298
3
3
577
i
56
3 ,0 4 6
34/8 ,5 2 6
2 ,2 7 4
760
1 ,0 0 7
3 ,0 4 4
6 ,2 8 4
23
780
-
-
3 4 / 1 0 ,0 9 6
1 2 ,6 1 8
813
1 ,9 6 2
1 ,9 0 4
8 7 ,1 6 2
777
3 0 ,8 3 9
7
34/688
917
719
297
2 ,7 0 4
4 ,7 2 0
10
624
6 ,3 6 7
3 ,0 9 2
6 ,5 6 4
1 ,3 7 1
3 ,2 4 2
2 1 9 ,2 1 7
1,792 567
236 ,39C
1,706,163
2 ,6 7 !
,4
9
7
35/fe¿10
3
6
/
2
3
6 ,0 8 2
36/271
,6
9
1
3 /1 ,8 5 6 ,4 2 2
10 ,7 2 8
1,464 ,110 f y 95 ,7 0 4
1,434,949 T Û 9 2 ,9 6 7
37/6 ,2 7 0
,5
1
8
1,385
1
7
/
96
,8
3
6
1,356,378
T
y
9
3
,8 9 2
,3
6
9
57/6
3 ,4 9 1
“
3 ,9 2 7
2 0 ,6 1 5
26 ,0 7 3
1 0 4 ,0 6 6
“
110 ,8 3 0
9
100
*
1 6 ,6 9 4
21 ,1 0 2
1 2 0 ,7 6 0
132 ,0 3 2
1,3 1 4 ,1 8 8 3 y 9 2 ,9 6 7
37/6 ,2 7 0
1 ,3 3 2 ,0 7 8 3 7 / 96 ,7 0 4
3 ,6 2 1
(3 6 )
R asi a s ta ta ,
I n o l u d I n g le s e a r a
a f b u ild in g s
Ve n e t
Bat
inco m e
iaeo m e
2 ,9 9 1
25
1 2 4 ,1 4 2
6 ,8 8 2
2 ,8 1 5
25
4
It
7 *1
1 ,1 2 7
362
TOj
3 ,4 7 7
214
6 ,1 1 9
1 9 4 ,2 3 7
1 7 ,5 8 7
3 7 ,6 4 1
6 ,8 0 7
223
932
696
8 ,9 2 1
390
1 ,4 1 2
4
160
8 6 ,4 0 4
1 6 5 ,0 7 6
2 9 ,1 6 2
2 9 ,1 4 0
436
6 ,4 6 6
6 ,7 7 2
92t
4 ,4 0 8
1 1 ,2 7 2
1 7 ,8 9 0
1 2 ,9 1 3
a
601
i
6
82
177
18
11
48
8 ,0 4 6
7 ,9 3 7
1 ,3 6 7
41
710
340
SOS
13
266
8
167
16 ,1 7 3
55 ,6 0 9
87/2 ,7 3 7
V f/ 2 ,7 4 3
37/2 ,7 3 7
176
*
17
566
17
30
14
69 ,1 1 3
1 ,4 1 5
263
3 6 ,6 4 2
146
121
50
51
52
843
1 ,1 1 4
4 0 ,7 0 8
SS
139
310
1 ,0 7 3
1 ,6 3 3
376
362
2 7 ,1 8 3
6 ,2 1 4
SS
ST
SS
2 ,8 0 1
1 ,7 4 7
84
SS
sa
40
41
42
45
44
46
46
4T
6 ,1 5 8
ö ,8 6 8
6 4 ,7 6 0
3 7 / 1 4 ,0 4 2
3 7 / 1 4 ,0 4 9
48
49
60
61
62
SS
64
66
66
er
M
3 7 /1 4 ,0 4 2
1
69
1 ,1 3 6 ] 60
1491 61
For footoot«e,
pp» 14 — 15
T*bl« 1* - Corporation income »V« declared value excess-profits tax returns with balance sheets, 1945, by major industrial groups, for returns with net income and returns with no net incanet 1/ Humber of returns,
assets »»v* liabilities, compiled receipts, eospiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividends also, for returns with net income: Het operating
loss deduction, income subject to exoese profits tax, income tax, deolared value excess-profits tax, excess profits tax, total tax, and compiled net profit less total tax - Continued
_____________________________________ _____________ figures in thousands of dollars)__________________________________ .
S e r v io e - C o n 't
Not
SSSsSSSSS
85883Ü33*!3S5358d8!8,ïi88
Number o f returns w ith balance sheets £/
46
A ssets)
Cash £/
1,845
4,607
Kota* and accounts receiva b le ( la s s reserve)
Inven tories
1,101
Investments, Oorernaent o b lig a tio n s 2 /
861
886
Otbar lnrasbaanta
dross c a p ita l a sse ts 8/ (except land)
8,504
956
Lasa ra ssrras
814
Land
Other a sse ts
878
T o ta l a sse ts 9/
9,866
L ia U U tle a i
8,846
Accounts payable
Bonds, n o tes, aortgages payable!
M aturity le s s than 1 year
706
941
M aturity 1 year or acre
Other l i a b i l i t i e s
1,581
788
C a p ita l sto ck , preferred
C a p ita l sto ck , eoaaon
1,188
Surplus reserves
78
1,646
Surplus and undivided p r o fits ID/
178
Less d e f i c i t X L /
T o ta l l i a b i l i t i e s % /
9,885
R eceipts!
1,171
dross s a le s 11/
dross re c e ip ts ft o a operations IS /
51,751
In te r e s t on Geveraaent o b lig a tio n s ( Is a s a a o rtisa b li
bond preaiua)t
8
■holly taxable 14/
•
S u b ject t o d eclared valu e e x ce ss -p r o fits ta x and
su rtax 16/
ess
S u b ject to su rtax only 16/
m
■holly tax-exeept 17/
8
Other in te r e s t
65
Kents and r o y a ltie s lfi/
8
■at c a p ita l ga in V i !
(86)
Mat g a in , s a le s other than c a p ita l a a s sts 80/
87
Dividends, doaeatie corporations 81/
«
D ividends, fo re ig n corporations 887
Other receip ts
89
88,060
T o tal c c a l l e d re c e ip ts 88/
Deduotioasi
804
C ost o f goods sold 84/
88,781
Cost o f operations 84/
Compensation o f o f fic e r s
688
886
Kant paid on business property
41
Repairs 86/
14
Bad debts
84
In te r e s t paid
189
Taxes paid 86/
6
C ontributions o r g i f t s 87/
191
Depreciation
aa
D epletion
Am ortisation 88/
8
(86)
■at l o s s , s a le s other than c a p i t a l a sse ts 80/
8,109
Other deductions
81,966
T o ta l compiled deduction«
1,094
Compiled n rt p r o fit b r not lo o t (56 lo o t 50)
1,094
M et'lnccaa or d e f i c i t ¿ / (81 le e s (£6 + 87))
88
l e t operating Io c s Reduction 29/
819
Income su b je ct to excess p r o fit , ta x ¿2 /
865
laooas ta x 81/
Deolared value e x c e ss -p r o fits ta x 88/
6
858
Xxoess p r o fits ta x 88/
688
Total ta x
666
C capiled a c t p r o fit le a s t o t a l ta x (61 le s s 68)
Dividends g a M ,
Cash and a sse ts other than am stock
867
C orporation's can stock
Fer footnotes^ see pp« 1 4 - 1 5
No not
88
67,871
88,600,640
48
68
80,098,841
51,607
80
•• 70,180,410
84
44,887,556
9,815,450
877
8,850,091
49
5
8,605,565
8,889,596
688
1,081 176,168,558
70
999,585
SO
1,010,851
88
6,090,915
410 141,455,855
26
8,880,144
860 10,071,489
878
1,655,188
88
14,195,685
96
1,875,158
1,081 176,168,568
T o tal finance
Not
income
No net
income
21,959
8,807
8,118,96! 26,610,980
1,929,881 19,461,929
9,056
19,584
4,115,48! 55,499,124
5,606,627 19,088,066
5,666,604 1,417,966
1,225,85!
254,500
202,447
1,757,069
909,264
418,29!
16,401,61! 180,944,565
1,880,199
1,610,897
8,787
8,855,581
8,659,985
556,175
66,601
90,697
140,759
10,507,770
479,874
185,611
45,581
Banks and tr u s t
. companies
Net
No not
income
income
Long-term c re d it
agencies, mortgage
companies, except bank*
No not
Net
income
income
2,818
1,895
1,289
2,834
85,967,580 1,785,758
17,995,185 1,887,598
a.
' 58,615,865 5,650,875
938,057
9,797,488
1,055,184
155,658
89,771
184,781
81,808
15,005
48,504
778,541
10%155,995 7,841,889
84,595
60,475
8,097
106,547
10,819
8,586
7,201
9,898
885,645
12,994
25,670
8,881
47,848
18,830
8,054
18,545
8,188
187,886
115,804
700,451
5,554
89,007
88,855
85,588
9,495
8,896
18,586
1,018,681
18,889
15,615
14,684
71,674
ea
aa
896,906
597,45<
688,675
ea
••
4,825,88! 1,498,541
590,596
6,808,14! 101,068,485 7,550,987 100,511.676 7,811,516
84,685
648,569
198,789
909,58! 1,871,558
8,858,66! 6,196,891 1,517,884 8,456,917
511,515
218,851
818,086
88,011
346,SSI 1,475,869
8,006,56! 8,494,895
764,646 4,160,697
886,155
8,978,66« . 606,811 1,045,417
10,060
140,858
18,401,61! £0,944,555 10,607,770 108,155,996 7,841,889
56,988
49,665
50,184
9,496
59,555
5,755
59,568
80,890
885,645
18,550
59,446
15,988
14,569
78,487
4,514
88,995
101,271
127,856
851,817
161,848
56,594
111,110
190,467
51,309
167,881
5,419
1,018,681
658,469
*
i ,u o
8,199
157,146
11,884
140,051
55,905
726
858,178
5,585
14,498 8,150,828
77,861
5,855
976
88,167
445
18,058
30,848
2,558
95,401 5,784,160
690
61,687
45,522
59,657
100,640
88,61»
78,690
150,798
46,156
108,549
881,087
588,520
1,864
984
104
17
1,591
495
57
IS
88
1,046
84,548
5,75»
15,807
1,575
149,860
4,805
4,096
814,480
7
584
864
588
298
550
1,61»
58
311
4,518
68
848
57,988
9,059
9,041
6U
845,854
8,958
4,188
899,490
1
48
5,868
686
51»
a
18,858
157
544
17,818
517
48,654
•* —
506,885
•
88,547
«
11,816
•
-
646,68»
884,948
5 8 ,6 «
10,844
568,566
221,842
51,055
8,856
559,580
817,888
50,864
6,550
75
16
88
4
570
48
88
1
86,751
840,459
1,880,814
1,014,811
98,561
76,111
558,985
15,188
118,786
7,940,808
1,80]
17,501
104,75!
897,17!
5,67!
14,944
81,561
1,88!
85,101
1,060,688
19,550
168,88»
922,901
189,87»
66,477
45,159
489,864
18,648
66,568
8,008,615
1,148
16,408
91,556
18,687
5,599
5,50»
16,958
898
10,481
846,954
18,719
165,885
787,585
79,116
51,560
1,585
17,048
857
41,806
1,967,881
1,189
14,581
78,554
18,164
8,158
507
8,206
98
5,581
177,668
5
65
9,974
1,815
787
420
804
4
1,818
85,980
1
61
8,488
880
95
10»
59
(**)
557
6,870
10
98
»1,646
1,810
1,088
259
8,060
18
9,541
194,945
«i
8
6,806
(86)
1,051
. 14,064
m
19,4011
874
28,601
5,980
455
88
244,0 U
51,148
188.544
81,446
5,681
5,678
57,108
50,168
1,985
9,785
1,555
11,818
48,578
81,578
78,869
64,868
27,797
885,805
68,781
157,155
10,801
181,868
14,718
106,988
8,886
185
6,845
147
45,875
8,916
58,865
10,748
7
8,748
140
581
‘•
•
•
66
88,878
a , 886
87,808
88,688
78,17»
871,006
104,881
•58,874
198(584
1,808.884
510,584 1,881,487
686,884 *7 /1 4 ,8 «
1,201,858 57/88.590
458,781 ■37/50.576
1,015,698 57/81,140
—
4,188
•
18,858
•
12,198
*,♦41
114,695
198,094
ea
801
1,888
9,766
m
8,765
•
808,848
118,161
998,090 52/88.590
518,885 17/14,866
408
8,947
701
79
880
8,848
970
89
40»
29
878
9,568
19,871
6,059
5*991
57«
w
1,618
11
187
1,788
4,898
1,886
910
188
181
1,168
8,181
778
18
888
8
—
. 5,578
4,198
14,914
£2/6,544
£7/8,598
—
•
57/8,544
500
11,076
14,554
6,046
294
10,868
19,054
5,574
549
1,964
8
•
158
78,984
141,957
55,009
58,906
469
8 ,1 »
17,648
6«
8,499
80,887
58,781
—
•
—
1,55»
10
566
8,614
6,888
657
588
61
44
60
18
8,176
861
1,680
1,878
18,788
8,715
562
498
4,197
889
8
8
196
866
79
1,848
504
(85)
—
•
•
889
188
975
88,019
7,115
1,564
17,087
68,584
8,508
£2/8,948 _ 157,884 £2/4,190
£2/8,958
168,765 £2/4,551
•
•
1,888
721
—
-•
9;164
•
—
144
—
570
—
•
9,879
87/2,943
147,955 £2/4,190
1
888
7*
112
see
46
8
8
1
19
1
8
m
(86)
889
908
1Z/M
2/»«
12/M
88,127
8,84«
68,478
87,80!
£1/565,069
54/67,49!
184,846
89,190
68,455
57,99!
88,6»!
86,465
411,944
805,68«
418,654
160,40«
10,978
48C
108,684
848,882
19,888
2,88]
840
19!
98,988
189,891
661.80!
2,997,088
£5/4,986,886 H f l , 888,504
8,018,966 87/527,877
8,746,786 £2 /5 4 6 .5 «
85,881
«7,701
897,61«
8,796
84,684
485,897
8,568,669 £2/887,871
988,69»
87,151
42,74«
8,54*
658,111
48,178
80,790
8,064
888,167
41,568
18,684
8,060
8,177
159
811
88,898
744
47
76
55
675
4
88,918
69,474
88,648
178,868
594,706
169,468
108,112
431,868
1,178,818
515,070
8,068,185
421,088
60,481
181,887
8,007,542
558,696
140,088
6,406,151 L,895,858
887
886
28,955
522,651
sea
106,815
a , 188
40,510
5,77'
588,814
i
«
ea
«
«
—
5,751
480
•
55,787
5,061,698
586
87,960
1,285
19,486
9,168
200,205
57,444
555,148
70,178
—
4,297
588
80,175
257,242
6,488
290,597 5,571,192 L,108, 748
19,107
150,51»
88,099
7,714
5,558
48,755
70,695
88,150
6,454
44,611
47,005
9,888
588,520 6,405,151 L,895,868
19,168
58,098
16,707
497,541
7,480
168,275
515,446
9,981
50,470 1,146,755
166,459
1,175
io ,3 o e 1,845,150
10,465
447,811
95,401 5,784,160
8,649
Other inveì tment
companies, in clu d ici
holding co ooaniea 4;
No net
Not
income
In q o M .,..
186
784
m
—
8,168
Investment tr u s ts
and investment
companies 5/
Net
Mo net
incoa»___
. lfl9PB9
Short-term c re d it
agencies, except
banks
No net
Met
income
inccee
«■
6,861
185,808
1,860
990
15,984
846
1,466
7
944
7,994
1,880
95
771
68
601
11,595
18,597
87,845
7,569
7a
504
7
8,119
418
»41
2
•
88
2,008
7,077
8,884
41,147
88,887
U S , 901
885,58» ¡2/14,570
884,684 ¡2/14,618
m
1,845
1,011
•
88,187
•
—
ao
880
—
54,187
2SL,40t ¡7/14,570
850,546
8,768
7,607
e gaSSSSSPSÉÊSftSiÎd&ÊS
T o tal fin a n c e , insurance,
re a l e s ta te , and le sso rs
o f r e a l property
No net
Not
income
Service not
a llo ca b le
Tkble
_ corporation income and declared value e x ce ss -p r o fits ta x retum p with balance sh e ets, 1945, by major in d u e tria l groups, fo r returns with net income and returns with no net in c is e i 1/ Humber o f retu rn s,
a sse ts and l i a b i l i t i e s , eoaiplled re c e ip ts , compiled deductions, compiled n e t p r o fit or net lo s s , net income or d e f i c i t , and dividends paid by type o f dividend; a ls o , fo r returns with net incomet Hat operating
lo s s deduction, income su b je ct to excess p r o fits t a x , income ta x , declared value e x ce ss -p ro fits ta x , excess p r o fits ta x , t o t a l ta x , and compiled n e t p r o fit le s s t o t a l ta x - Continued
(Money figu re s in thousands o f d o lla rs )
Hotels and other
lodging places
Personal service
— BSE--------- Mo net
income
income
1
z
5
4
5
6
7
8
9
10
n
12
IS
14
15
16
17
18
19
20
21
22
25
24
?s
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Number o f returns with balance sheets 5J
Assetst
Cash 9 /
Motes and accounts receivable (le s s reserve)
Inventories
Investments, Government o b liga tio n s 7/
Other investments
Gross c a p ita l a sse ts 0 / (except land)
Lass reserves
Other a sse ts
Total assets 9 /
lia b ilit ie s :
Accounts payable
Bonds, n o te s, mortgages payable:
M aturity le s s than 1 year
M aturity 1 year or more
Other l i a b i l i t i e s
C a p ita l sto ck , preferred
C a p ita l s to ck , common
Surplus reserves
Surplus and undivided p r o fits 10/
Less d e f i c i t 11/
•
Total l i a E i l i t i e s 9/
R eceipts:
Qross sa le s 12/
Gross re ceip ts from operations 15/
In te re st on Government o b lig a tio n s (le ss
amortisable bond premium):
Wholly taxable 14/
Subject to declared value e xee sa -p ro fits ta x
and su rtax 15/
Sub ject to su rtax only 16/
Wholly tax-exempt 17/
Other in te r e s t
Rents and ro y a ltie s 18/
Hat c a p ita l gain 19/~~^
Met g a in , sa le s other than c a p ita l a sse ts 20/
Dividends, domestic corporations 21/
Dividends, fo re ig n corporations ¿2/
Other receip ts
T o tal compiled re ceip ts 25/
Deductions:
Cost o f goods sold 24/
Cost o f operations ST/
Compensation o f o ffic e r s
Rent p a id on business property
Repairs 25/
Bad debts
In te re st paid
Taxes paid 26/
Contributions or g i f t s 27/
D epreciation
Depletion
Amortisation 28/
Met lo s s , a ales other than c a p ita l a sse ts 20/
Other deductions
Tbtal compiled deductions
Compiled net p r o fit or net lo s s (35 le ss 50)
Met income or d e f i c i t 1/ (S I le s s (26 + 2'i))
Nefc operating lo s s deduction 29/
Income su b je ct to excess p r o fits ta x 50/
Income ta x 51/
Declared value e x ce ss-p ro fits ta x 52/
Excess p r o fits ta x 53/
Total ta x
Compiled net p r o fit le s s t o t a l ta x (51 le s s 58)
Dividends paid r
Cash and a sse ts other than own stock
C orporation's own stock
For footnotes, see pp. 14 - IS
Business service
T e E ----------- No net
Income
income
“Bet
income
Automotive repair
serv ices and
Met
income
No net
income
Ho net
income
M iscellaneous re
p a ir se rv ic e s,
hand trades
Net
Mo net
income
income
2,680
1,018
4,925
1,979
5,555
2,096
1,538
1,262
904
80,714
57,215
55,925
25,069
56,170
1,006,279
408,108
206,274
29'217
1,066,755
12,598
9,582
6,048
1,289
. 11,717
264,344
101,288
55,185
6,615
266,086
49,196
51,807
33,642
12,090
30,769
357,937
183,685
31,122
20,482
403,360
5,152
9,940
4,225
630
3,946
89,919
49,922
7,167
4,058
75,096
103,711
117,633
14,421
30,136
78,764
194,354
81,611
12,619
28,512
498,558
15,191
14,717
3,068
4,653
6,952
51,422
18,506
3,136
5,968
86,799
10,094
10,462
5,212
1,819
2,422
54,708
26,535
11,269
2,587
72,039
2,401
3,417
2,197
122
1,722
36,799
14,839
15,577
1,771
49,187
10,379
14,299
7,790
3,320
2,254
26,279
11,917
1,359
2,650
56,413
50,829
21,381
32,122
11,204
88,133
18,905
8,314
5,923
8,048
2,714
838
1,410
1,525
1,595
1,570
143,825
700
2,523
75,705
897
220,108
14
75,446
263
316,015
603,638
3,525
1,590
294,735
135
168,151
50,261
292
6,956 1,354,410
3,970
5,222
2,426
242
4,5S7
45,109
19,999
17,592
2,930
61,850
40,293
13,711
2,185
14,050
15,276
156,815
60,309
24,998
8,622
195,621
4,028
3,955
1,526
1,755
2,081
62,967
22,749
21,450
3,547
78,339
40,899
42,828
8,620
16,155
23,697
120,965
52,199
15,240
11,641
227,844
5,450
11,192
2,255
1,342
14,980
41,868
14,695
2,708
8,452
73,502
4
5
6
7
8
9
10
11
96,892
19,579
13,705
13,082
25,552
9,798
12
5,227
28,687
23,916
5,097
11,922
99
29,629
60,107
61,850
5,097
29,725
24,019
6,065
61,461
5,605
62,568
12,422
195,621
7,708
29,197
8,852
4,942
32,614
944
15,984
33,045
78,339
7 , 255
18,188
54,481
7,716
64,981
11,582
74,182
13,831
227,844
6,016
0,697
10,622
2,587
37,086
1,077
16,150
19,528
75,502
19
14
15
16
17
18
19
20
21
540
1 ,U 2
2
s
2,816
22,462
4,503
3,717
15,850
562
6,949
13,415
49,167
2,643
4,961
10,595
1,083
14,352
2,730
14,230
2,208
56,415
48,744
744,900
8,677
62,845
52,506
51,460
20,829
17,408
41,289
84,701
8,589
4,515
41,107
1,173,809
1,777
52,955
17,07S
190,605
8,575
52,732
54,497
315,396
7,179
48,785
22
29
8
5
234
81
21
47
15
2
IS
15
1
1
-
577
23
17
(36)
88
7
24
(56)
114
40
11
5
24
25
e
49
269
41
118
20
1,002
152,455
4
56
874
5,365
1,014
359
2,599
258
8^747
811,174
2
25
89
1,390
69
180
52
1,906
75,280
(86)
(36)
22
125
45
17
22
470
126,706
5
58
7
5
2
5
45
5,558
22,550
694
255
17,314
2,463
18,934
1,280,895
(56)
98
2,531
18
10
'
15
i
10
208
5,520
507
252
397
4
3,542
216,014
5,491
15,598
6,769
7,794
55,755
1,152
14,295
20,958
75,096
14,812
36,276
69,253
27,945
126,543
19,869
129,621
13,711
498,538
277,155
465,027
45,124
69,475
146,472
539,565
55,103
95,822
548
25
51
4
65
24
1
19
1,062
28,652
1,772
559
1,278
95
6,507
782,278
(56)
(36)
171
9,584
62
69
127
1,672
126,118
4
41
345
2,649
1,077
184
790
2
4,025
695,242
148,451
159,562
15,417
59,394
25,013
1,842
20,802
55,055
720
56,855
7
15
966
204,252
688,351
93,947
93,927
8,525
51,455
18,880
410
25,319
44,609
49,338
20,565
19,075
2,356
8,565
5,116
516
7,176
8,052
20
8,656
1
4
10,699
48,067
158,448
57/12,550
37/12.550
- ,
«
57/12,530
(56)
76,778
22,375
304,427
59,652
42,757
7,989
4,271
18,204
8,810
2,058
2,419
521
3,117
848
5,569
17,069
603
18
4,525
18,942
8
(36)
69
4
282
275
51,547
148,887
137, 411
642,551
52,891 57/4,976
52,845 37/4.978
1,861
14,722
10,609
444
11,833
22,886
50,005 52/4,976
8,889
594
Mo net
income
TeE
income
Mo net
income
3,190
16,236
6,111
3,958
20,462
915
17,406
4,553
72,059
14,804
42,040
37,629
26,920
138,052
5,944
126,813
20,966
403,360
?
Met
Inc cm»
3,255
16,458
17,489
6,802
28,397
843
22,585
27,935
86,799
21,219
158,783
46,051
15,195
51,052
11,285
42,011
100,871
266,086
217
No net
income
Met
Incase
Other se rv ie e ,
including schools
16,247
472
232,623
709
127,948
815
65,460
1,286
257,141
3,186
127,495
16
482,041
981
i , see
29,437
6,956 1,354,410
50,554
459,714
87,075
8 5 ,O U
225,814
14,074
222,992
107,541
1,066,755
9,058
n
Amusement, except
motion p ictu res
Motion pictu res
258
S
'
32,798
5,682
25,831
431,946
7,502
52,709
2,101
14,595
305
4,149
1,229
553
1,456
562
11,919
1,432
683
14
12,699
2,495
10
15
31
5
206
220
35,047
176,395
740,605
79,545
70,569
37/4.264
77/4.289
70,529
1,747
21,146
15,888
359
16,835
—
35,085
37,486 12/ 4,264
18,948
81
229
1
(86)
2
49
2,405
505
152
87
1,400
108,578
5S
2,141
67
24
:
(86)
838
41,358
26,207
52,767
15;260
54,820
7,652
21,860
2,953
9,556
7,010
7,357
6,412
1,416
772
537
1,263
244
172
539
697
548
837
2 ,U 2
2,876
1,592
10
108
46
5,029
1,472
1,780
2
543
3
25
25
119
8,803
14,345
20,661
45,464 • 112,382
100,075
8,505 37/2.106
14,324
14,525
8,305 1 ^ 2 ,1 0 6
267
408
9,467
2,018
1,241
1,609
116
78
7,402
1,631
8,760
3,318
5,564
4,987 37/2,106
1,253
14
41
9
938
254
42
13,201
26,748
524,222
21,539
74,792
10,954
2,370
11,872
29,528
1,036
27,491
21
32
4,804
290,609
1,025,818
ST /m
255,075
T fijin
255,027
3,210
121,966
43,542
589
98,284
—
142,215
37/727
112,860
5,599
5,459
1,510
293
117
28
50
506
2
225
(36)
238
2,502
13,928
1
53,577
1,610
1,012
58,452
1,241
28,072
2,693
7,964
691
239
1,477
1,665
7
1,946
2
542
15,854
62,594
37/4,163
37/4,165
•
—
37/4,163
47
45
(38)
1
21
1,520
51
152
F 34
2,078
45,168
9,061
81,853
11,064
9,194
5,158
257
1,504
8,122
501
6,483
30
5
358
46,574
178,158
57,878
37,865
902
19,143
6,078
498
15,201
21,777
16,100
4,808
17,229
5,055
5,106
790
279
857
2 ,2 U
14
2,804
68
2
402
14,574
50,252
SV 5 ,0 6 4
| y 5 ,0 6 4
4,899
566
55
*
“
—
52/5,064
12
31
552
2,271
1,256
246
420
15
5,617
558,446
(56)
2
602
743
48
122
25
”
1,709
59,252
5,012
20,498
172,477
25,598
6,618
19,875
3,580
17,180
428
5,096
434
1,558
1,101
432
7,187
1,459
10
269
6,755
1,663
62
1
509
53
150
283
63,690
22,029
67,361
313,766
44,681 37/8,129
44,638 37/8.132
1,254
“*
25,218
5,805
•
556
19,455
25,594
—
19,087 5 ^ 8,129
5,029
160
93
26
27
28
29
50
51
92
55
54
55
56
57
51
52
55
54
55
56
57
58
59
60
61
'
«
1
For footnote«,
rfW*Wä
Jtb lm 1 . - C o r p o r a t io n in c o n e a n d d e c la r e d v a l u e e x c e s s - p r o f i t s t a x r e t u r n s w i t h b a la n o e s h e e t s , I M S , h r a a j o r i n d u s t r i a l g r o u p s , t o r r e t u r n s w it h n e t ln o a e e a n d r e t u r n s w i t h n o n e t in c o m e : ^
>naber o f re tu r n s,
a s s e t s a n d l i a b i l i t i e s , c o m p ile d r e c e i p t s , c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r n e t l o s s , n e t i n c a s e o r d e f i c i t , e n d d iv id e n d s p a i d b y ty p e o f d iv i d e n d ) a l s o , f o r r e t u r n s w i t h n e t i n c a s e t M e t o p e r a t i n g
l o s s d e d u c t i o n , in c o n e s u b j e c t t o e x c e s s p r o f i t s t a x , in c o n e t a x , d e c la r e d v a l u e e x c e s s - p r o f i t s t a x , e x c e s s p r o f i t s t a x , t o t a l t a x , a n d c c n p i l e d n e t p r o f i t l e s s t o t a l t a x - C o n tin u e d
(M oney f i g u r e s i n th o u s a n d s o f d o l l a r s )
For fo o tn o te s, see pp« 14 - I S
5,822
1,475
952
676
97,238
78,305
187,297
40,963
26,002
127,387
62,019
25,147
15,237
535,549
7,612
8,887
15,460
1,189
3,258
21,200
9,542
4,791
1,580
54,435
15,728
15,417
12,753
6,380
6,206
55,891
31,586
17,041
1,662
95,492
2,462
3,275
2,815
208
1,045
16,932
8,512
8,558
870
27,650
,
1,763
270
5,574
20,193
17,518
35,839
6,560
5,103
19,079
8,879
5,929
2,588
101,931
695
1,152
2,129
86
165
1,354
554
149
166
5", 338
115,060
•147,057
145,294
58,480
49,407
215,797
120,837
52,457
17,489
658,204
1,505
7,901
20,020
13,539
1,337
6,743
36,249
19,917
9,190
2,218
77,279 x
Trade not
a llo ca b le
Ho net
Net
income
Income
Total serv ice
No net
Tet
income
income
5,261
1,087
3,039
485
9,828
2,651
19,343
10,456
98,161
114,752
187,825
34,795
55,745
119,553
61,075
13,746
18,847
560,330
5,223
5,467
11,816
675
2,557
15,333
4,065
1,235
1,342
37,366
53,195
59,527
93,765
19,454
16,027
93,007
47,555
10,961
7,369
305,551
1,864
3,738
6,743
244
1,718
7,259
5,455
948
738
19,776
265,366
577,222
485,715
121,481
261,596
490,855
256,881
91,855
46,968
1,882,178
24,222
30,172
27,854
2,174
10,222
64,141
31,067
10,249
4,519
142,266
480,455
566,268
329,002
174,414
525,689
2,505,478
1,120,052
471,245
154,345
5,884,845
49,554
60,591
22,475
10,045
45,992
596,229
.245,257
122,952
54,237
698,816
52,265
6,380
11,948
3,614
9,291
1,052
57,543
11,895
89,287
7,594
50,115
2,549
246,357
27,016
824,621
101,182
69,157
45,757
44,723
12,784
162,391
6,862
165,684
24,071
535,549
6,168
7,823
4,528
1,049
24,926
568
14,735
11,740
54,435
3,331
4,507
11,985
1,506
38,009
2,064
23,407
1,044
95,492
1,447
4,963
1,267
598
15,758
44
4,896
2,918
27,650
2,865
4,091
3,188
1,855
44,999
1,425
34,501
3,285
101,931
414
422
210
127
4,263
23
975
2,128
5,358
26,326
28,549
55,743
22,620
285,266
11)458
212,083
19,382
658,204
6,617
10,398
3,968
5,249
41,978
1,064
18,008
21,894
77,279
19,870
52,272
68,830
26,047
154,470
22,315
168,255
20,995
560,530
2,22S
8,155
7,574
5,112
15,906
836
7,072
15,106
37,366
9,608
13,761
30,928
12,427
102,244
10,393
101,988
5,911
505,551
1,541
2,368
1,334
1,286
9, n o
259
4,407
2,877
19,776
77,699
82,094
164,869
91,848
531, n o
78,823
659,286
47,908
1,882,178
U .1 7 4
15,855
14, SM
6,724
65,509
3,200
53,95S
35,559
142,266
95,305
840,705
398,633
222,970
887,715
188,266
1,151,279
204,649
5,864,845
52,504
281,613
119,408
45,445
214,102
16,049
146,601
277,887
666; 816
1,094,153
56,879
77,235
5,405
174,953
1,365
43,807
833
177,830
1,434
7,790
385
1,179,175
18,160
120,628
4,974
1,257,826
20,860
66,704
1,905
853,230
5,654
34,766
422
4,510,278
66,052
242,554
5,610
659,997
5,597,212
156,009
585,258
250
50
20
(56)
26
49
6
1
40
2
258
41
7
9
189
47
16
1
102
S3
2
*
641
ns
32
1
1,255
202
ÌS2
59
4
S3
2,158
5,026
321
108
344
1
11,234
1,148,520
(56)
11
222
624
10
25
«
18
1,033
82,602
35
12
69
1,371
45
25
124
(56)
1,416
179,487
(56)
22
410
20
17
4
260
45,380
2
37
2
206
2,014
883
2,549
52
576
105
170
765
a
25
1,390
17,395
128,277 1,302,255
1
87
687
261
12
66
422
70,162
5
17
1,031
1,779
242
115
397
2
15,459
878,064
16
79
25
3,852
U4
18,015
1,717
6
10
653
2
2,790
10,221
828
35,472
55,673 4,444,897
25
185
4
157
6,635
1,015
67,200
6,673
132
249
1,783
124
22,935
1
2,815
2,092
45,280
251,971 4,412,192
3
28
1,071
18,016
362
661
255
(56)
10,254
552,107
791,527
18,951
52,500
20,716
4,031
5,473
6,223
13,599
594
7,824
26
90
166
- 166,614
1,086,163
62,558
62,321
1,826
15,203
13,200
464
12,329
25,992
36,366
129,010
56,165
2,501
780
2,787
4,926
2,220
2,207
560
880
578
218
751
324
1,275
2,759
14
59
996
3,282
7
1
1
17
112
61
15,271
25,690
84,960
168,054
37/2,558 ' 11,453
11,387
37/2.570
US
4,270
2,422
90
3,480
5,973
37/2,358
5,460
55,954
426
1,647
1,535
254
99
228
889
3
982
4
(56)
29
6,728
46,757
57/1,576
37/1.577
50,009
1,133
3,428
2,763
253
212
269
900
5
565
1
(36)
2,363
10,773
72,674
37/2,512
37/2.514
•
-
37/2,512
688,584
2,066
16,542
U ,0 7 5
2,120
2,660
1,595
7,457
587
4,784
129
10
333
100,035
857,355
40,709
40,690
419
12,430
8,452'
529
9,870
18,851
21,858
28,148
264
1,364
624
U2
155
202
391
3
875
(36)
•
43
4,804
36,486
37/4,067
896,872
5,895
44,192
35,155
2,915
4,090
2,458
17,504
908
6,993
11
108
513
191,627
1,206,997
95,256
95,217
2,270
42,831
15,440
1,304
53,972
50,716
44,540
377
15
11,348
4SÎ4
337
*
6,542
409
87
IS
9,274
899
114
3,139
33
(56)
5
422
416
49
67
88
(56)
2,385
182,741
14
27
8
1,972
26
4,125
(56)
1,329
2
419
(56)
1,102
5
65
12,204
8,275 1,218,830
37/1,376
127,517
641
9,872
3,009
502
662
409
2,485
135
1,002
(56)
4
27
22,705
168,568
14,173
14,167
140
4,049
2,669
954
3,242
6,164
8,009
5,885
891,644
11,388
293
762
40,110
257
6,186
14
6,356
6Ç
5,535
41
5,111
115
15,497
1
692
54
11,255
(56)
29
143
767
12
1,040
158,705
8,556 1,149,218
57/260
69,612
3ÿèeo
69,572
1,316
17,705
14,911
*
924
14,274
50,109
37/260
39,505
62
(56)
2,227
183
-
(56)
12
15,259
621
(M )
95,519
4,047
5,571
1,106
803
1,285
858
1,767
23
1,786
17
71
79!
18,919
132,344
57/4,087
Ï7/4.06S
-
m
5,400,502
27,570
102,196
39,476
12,893
9,401
8,127
44,127
2,446
26,702
255
296
2,132
507,671
4,183,775
261,122
261,026
8,041,
102,591
51,475
2,626
81,574
•m
135,475
37/813
125,647
HH
«0 00
Number o f returns with balance sheets 5/
A ssets:
Cash 6 /
Notes and accounts receivable ( le ss reserve)
Inventories
Investm ents, Government o b liga tio n s i j
Other Investments
Gross c a p ita l asse ts 8 / (except land)
Less reserves
Land
Other assets
Total a sse ts 9 /
L i a b il it ie s :
Accounts payable
Bonds, no te s, mortgages payable:
M aturity le s s than 1 year
M aturity 1 year or more
Other l i a b i l i t i e s
C a p ita l sto ck , preferred
C a p ita l sto c k , common
Surplus reserves
Surplus and undivided p r o fits 10/
Lass d e f i c i t U /
Total l i a E i l i t i e s 9/
R eceiptsr
Gross sa le s 12/
Gross re ceip ts from operations IS/
In te r e s t on Government o b lig a tio n s (le s s
am ortisable bond premium):
Wholly taxable 14/
Sub ject to declared value e xce se -p ro flte ta x and
su rtax 15/
S u b jec t to su rtax on ly 18/
Wholly tax-exempt 17/
Other in te r e s t
Rents and r o y a ltie s 18/
Net c a p ita l gain 19/~^
Net g a in , s a le s oTHer than c a p ita l a sse ts 20/
D ividends, domestic corporations 21/
D ividends, fo re ig n corporations 25/
Other re ceip ts
Total compiled re c e ip ts 23/
Deductions:
Coat o f goods sold 24/
Cost o f operations T & J
Compensation o f o ffic e r s
Rent paid on business property
Repairs 25/
Bad debts
I n te r e s t paid
Ihxes paid 26/
Contributions o r g i f t s 27/
D epreciation
Depletion
Amortisation 28/
Net lo s e , sa le s other than c a p ita l a sse ts 20/
Other deductions
Total compiled deductions
Compiled net p r o fit or b et lo s s (35 la s s 50)
Net Income or d e f i c i t
(51 le s s (26 + 27))
Net operating lo s s deduction 29/
Income su b je c t to excess p r o fits ta x 30/
Income ta x 31/
Declared value e x ce ss -p r o fits ta x 32/
Excess p r o fits ta x 55/
Total ta x
Compiled n e t p r o f i t le s s t o t a l ta x (51 le s s 58)
Dividends paid:
Cash and a sse ts other than own stock
Corporation's own stock
Hardware
Net
No net
income
income
F i ll i n g sta tio n s
Net
No net
income
income
Service
R e ta il trade
not a llo ca b le
No net
Net
income
income
54,871
2,275
197,403
874, n 2
78,216
2,450 1,777,898
186,442
54,758
9,241
180,341
56,337
5,590
182,167
9,825
865
57,236
1,271
10,032
2,325
12,102
1,066
41,072
114,136
3,854
20,519
27
3,968
96
U 6 , 205
23,590
3,840
159
92
154
49
1
818
12,781
840
6,812
176,763
36,480
968,502
260,863 8,855,430
593,891
37/8,892
578,762 37/41,785
37/8.896
578,552 37/41.815
18,196
245,455
105,915
*
2,635
196,219
502,769
275,992 37/41,785
37/8,892
527
9
202,759
2,889
937
55
s&sspgs&ss&g&fte&gsss sssssps
Automotive dealers
Net
No net
income
Income
Major in d u str ia l groups 2/ - Continued
Trade - Continued
R e ta il - Continued
Building m ate ria ls,
fu e l, and le e
Other r e t a i l trade
Net
No net
Net
No net
income
income
income
income
lfcble 1« - Corporation incase end declared value excess—p r o fits ta x returns with balance sh e e ts , 1945, b j major in d u s tr ia l groups, fo r returns with net income a d re ta in s with no net l n c o e t 1/ Number o f re tu rn s,
a sse ts and l i a b i l i t i e s , compiled re c e ip ts , compiled deductions, compiled n e t p r o fit or n e t l o s s , n e t b c o n e or d e f i c i t , and dividends paid by type o f dividend; a ls o , fo r returns with n e t lncaaet Net operating
lo s s deduction, income su b je c t to excess p r o fits ta x , income ta x , declared value e x ce ss -p r o fits t a x , excess p r o fits t a x , t o t a l ta x , and compiled n e t p r o fit le s s t o t a l ta x - Continued
Trade - Continued
R e ta il
Food sto re s. including
Dru; stores
Package 1: qruor stores
market m ilk dealers
U e t ------ No net
No net
Net
Ho net
Net
incase
income
boome
incase
income
income
General merchandise
T ê t ----------- No net
income
income
T o tal r e t a i l
T e i ----------- No net
income
income
Apparel and
accessories
Ttal
Ho net
income
income
8,000
1 ,U 4
3,498
728
5,528
2,085
1
687
188,095
751
175,475
4,611
558,051
81,972
45
68,819
149
4,508
224;788
120,517
1,959
28,445
93
59,871
515
8,998 1,045,177
2,965
4,90S
11,517
755
55S
U ,6 5 E
5,045
406
884
28,582
90,926
172,215
139,558
62,297
27,562
88,936
59,043
17,850
16,066
576,145
2,889
7,289
9,008
585
720
6,756
4,419
1,145
1,025
24,798
60,978
19,685
48,874
15,977
26,982
244,484
125,800
52,145
14,670
557,992
2,715
2,185
4,592
70
668
50,947
12,088
2,528
1,877
55,290
2
S
4
S
6
7
8
9
10
11
7,681
56,556
5,660
44,085
10,096
12
1,583
5,514
2,282
3,058
10,817
520
6,889
7,543
28,582
16,050
18,406
78,351
41,100
177,946
20,854
204,082
16,940
576,145
2,014
2,552
2,200
900
12,940
741
4,715
6,722
24,798
U ,7 5 5
59,147
41,560
18,655
86,900
U ,3 9 5
99,586
14,868
557,992
5,551
10,278
4,283
854
15,560
157
2,441
11,688
55,290
15
14
15
16
17
18
19
64,473
827
704,656
15,545
31,764
611
985,602
88,058
U O ,205
10,990
22
23
1
405
A
z
91
51
1
24
25
-
5
8
202
4,074
175
108
915
*
~
14
509
15
19
1
•
682
122,454
26
27
28
29
SO
51
52
SS
54
55
1
51,550
11,926
4,458
551
5,605
1,150
1,502
198
2,928
2
S
4
S
1,566,568
1,672,717
2,985,928
924,126
688,934
. 3,552,990
1,632,841
564,464
>20,626
10,413,312
40,877
68,421
99,277
5,410
20,454
197,535
89,666
51,818
14,468
588,592
606,105
766,695
1,195,028
561,591
564,690
1,558,676
716,626
505,057
159,485
4,758,678
2,175
4,779
6,495
257
1,991
20,665
8,378
1,165
953
50,096
165,250
79,908
451,420
58,759
50,196
489,801
243,542
44,656
56,262
1,092,710
3,500
5,852
9,474
146
1,057
26,255
U ,5 S 2
1,787
2,579
58,697
7,765
2,931
20,450
477
,
595
6,555
2,587
276
1,537
37,998
592
117
1,079
18
46
665
179
28
121
2,286
49,681
27,659
150,014
16,420
15,600
U 1 ,2 S 5
55,575
4,777
9,546
509,557
1,425,945
74,960
711,955
4,753
176,656
10,508
7,169
652
40,167
157,152
276,235
655,551
1,058,975
657,815
2,827,965
521,008
5,208,152
196,112
10,413,812
52,465
65,925
52,972
18,484
181,107
4,950
81,779
104,029
588,592
54,871
291,735
486,977
526,338
1,210,7S6
525,821
1,400,474
28,246
4,7S8,678
2,157
6,853
1,504
908
U ,I 8 7
621
11,500
9,547
50,096
41,748
86,908
75,597
76,584
243,525
45,498
559,704
11,087
1,092,710
5,584
6,815
2,764
1,245
17,510
285
4,974
8,787
58,697
4,468
4,566
5,894
522
8,969
230
9,210
852
57,998
453
454
263
805
16
204
518
2,286
5,866
55,828
28,813
27,040
70,520
21,806
105,231
25,715
509,557
751
50,560
50,207
1,552
147,607
795
158
70,358
244,171
4,774
42,907
17
524,168
966
25,755
2,781
8,998 1,045,177
25,242,547
288,120
801,577
57,206
7,891,799
107,452
39,289
2 ,U 7
5,196,650
19,975
166,447
9,529
146,860:
1,467
6,962
485
878,564
2,881
50,508 2,704,268
727
18,614
6,515
695
60
15
4,520
521
1
(86).
255
47
4
10
•
95
8
S l7
57
161
852
18,829
89,958
4,574
1,596
18,616
5,709
521,256
25,997,210
1
15
689
4,260
456
265
179
85
529
7,108
48,752
1,041
109
8,655
5,658
U S , 441
8,189,248
(56)
(56)
52
266
15
2C
56
9
84
720
4,591
590
155
1,547
5
12,677
5,257,079
s
561
2,177
60
21
1,950
6
7,425
895,729
4
50
1,150
4
57
14,828
5
162
49
1
2,569
2
—
(56)
47,825
155
51,456 2,789,875
Number o f returns w ith balance sheets 5/
A ssets:
Cash 6 /
Notes and accounts receivable (le a s reserve)
Inventories
Inveetaen ta, Government o b liga tio n s T j
Other investments
•
7
Gross C a p ita l a sse ts 0 / (except land)
Less reserves
8
Land
9
Other a sse ts
10
Total asse ts 9 /
11
L i a b il it ie s :
Accounts payable
12
Bonds, n o tes, mortgages payable:
M aturity le s s than 1 year
IS
M aturity 1 year or more
U
Other l i a b i l i t i e s
15
C a p ita l sto ck , preferred
1«
C a p ita l sto ck , common
17
18
Surplus reserves
Surplus mid undivided p r o fits 10/
U
20
Lass d e f i c i t 11/
Total l i a b i l i t i e s 9/
21
R eceipts:
22
Gross sa le s 12/
25
Gross re c e ip ts from operations 18/
In te r e s t on Government o b lig a tio n s ( le s s
am ortisable bond premium) :
24
N h olly taxable 14/
- S u b ject to declared value e x ce ss -p ro fits ta x
25
' and su rtax 15/
Subjleot to su rtax only 16/
28
27
N h olly tax-exempt 17/
Other in te r e s t
28
29
Rants, and r o y a ltie s 18/
Nat c a p ita l gain 19/'
S0
Net g a in , sa les otfisr than c a p ita l assets 2 0 /
SI
D ividends, domestic corporations 21/
82
D ividends, fo re ig n corporations H j
SS
Other receip ts
84
56
T o tal compiled re ceip ts 25/
Deductions:
56
C ost o f goods sold 24/
Cost o f operations 24/
S7
Compensation o f o ffic e r s
58
Rant paid on business property
S9
40
Repairs 25/
Bad debts
41
In te re s t paid
42
45
Ihxes paid 2 6 /
Contributions or g i f t s 27/
44
D epreciation
45
Depletion
46
Am ortisation 28/
47
Net l o s s , {sales other than c a p ita l a sse ts 20/
48
Other deductions
49
50
T o tal compiled deductions
51 Compiled net p r o fit o r .n e t lo ss (35 le s s 50)
52 Net income or d e f i c i t 1 / (51 le s s (26 + 27))
SS
Net operating lo s s deduction 29/
54 Income su b je c t to excsss p r o fits ta x 50/
55 b o o n s ta x 81/
56 Declared value e x ce ss -p r o fits ta x 82/
57 Excess p r o fits ta x 35/
58
Total ta x
59 Compiled net p r o fit le s s t o t a l ta x (51 le s s 58)
Dividends paid:
60
Cash and asaats other than own stock
61
Corporation’ s own stock
—
8,520
855,020
67*
42,868
8
5
—
4
9,461
(56)
-
. 19* 8 .
(56)
7
146
5
7
2
1,541
67,010
27
84
24
16
z
Z
511
1,566
55,897 1,051,751
57/1,590
52,427
52/1,521
52,290
555
SC
280
(56)
10,250
457
24,916
1,275
6
18,221
2,006
2Ì
9,455
127
52/569
i n d u s t r i a l g r o u p e , f o r „ t u ™ , w it h m at
10
859
U ,6 4 9
68,600
57/1,590
3 ^ 1 ,5 9 0
*
(56)
585,729
1,582
57,505
25,509
2,261
5,856
2,254
14,200
895
5,064
10
7
1,553
225,192
705,197
94,859
94,808
997
20,983
25,462
875
16,075
42,412
20,077
20C
5,095
1,474
95
594
216
517
!
269
(56)
66,465
559,750
7,607
25,915
5,149
55,080
51,411
5,951
1,105
10,851
220
565
450
2,146
2,913
22,549
496
52
15,459
2,416
3
15
1
9
1,019
129
33,771
245,551
966,555 126,189
65,216 52/3,755
65,204 S y s ,7 s s
4,522
"
27,177
“ •
10,566
“
741
21,819
“
52,926
*
87,284
•
-
7,493
440
509
196
14
1
27
192
1
47
(56)
45,119
526
5,544
5,705
164
595
288
878
5
465
5
26
1,400
2,206
167
49
604
6
75,157
798,056
57/2,594
J
116,161
1,209
6,905
2,761
192
55
560
2,086
51
515
(56)
Fbr footn otes, aee pp. 14 - 15
• h^
(56)
10
10,286
140,571
7,027
7,027
586
1,802
1,202
215
1,466
2,884
4,148
52,577
1,224
161,110
2,226
-
(56)
2,767
25,007 1,764,127
7,686
591
77,845
1,616
159,955
1,586
81
7,994
59
6,954
3,824
79
50,710
599
2,814
5
16,501
286
8
(56)
(56)
15
508
59
516,172
4,458
52,004 2,574,888
215,005
57/569
214,951
37/569
1,965
120,790
29,515
1,570
96,858
127,721
547
U
1,944
72
504,577
9,865
«
-
-
—
22
64
18
9
(56)
127
147,598
626
597,894
1,552
17,427
51,859
5,696
575
2,563
11,065
562
6,889
4
1
5
645
164,144
707
9,650
858,035
55,696
57/168
37/168 ' 55,690
594
28,156
8,47C
581
22,745
31,594
24,101
57/168
51/1,190
57/22,775
a.
me'
me
506
176,025
155,069
7,456
3,75]
3,007
87C
555
378
1,525
IS
1,866
(56)
]
262
24,105
178,615
37/2.594
37/2.594
51,727
1,167
1,196
649
71
567
226
510
5
609
(88)
1
92
6,956
45,578
57/1,190
37/1.190
598,618
26,432
86,558
24,868
4,196
4,186
5,949
12,271
111
10,715
54
86
4,756
149,241
875,795
57/22,778
37/22.791
15
46É
25
25
1
4,201,784
15,027
35,182
59,046
15,494
2,508
5,782
41,565
1,645
54,794
54
57
1,454
695,892
5,104,194
152,884
152,792
1,992
47,999
50,019
794
58,665
69,478
68,406
5,105,609
65,515
71,707
190,655
52,207
25,595
23,017
129,619
9,562
66,256
64
76
15,581
1.875.757
7,404,798
784,450
785,859
1,220
445,942
125,915
4,169
559,405
489,487
294,965
16,251,757
151,786
445,254
577,462
89,276
57,904
55,645
511,075
18,580
180,595
850
514
22,247
4,190,548
22,548,552
1,648,858
1,647,664
17,557
789,556
287,840
12,510
654,157
954,508
714,550
(56)
Bating and
drinking places
No net
Net
income
income
Furniture and house
fu rnishings
le t
No net
beon e
income
20
9,056
55,418
57/1,521
3 ^ 1 ,5 2 1
H
-
S 7 / i,7 6 S
19
20
21
36
57
S8
59
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
M U « 1« — Corporation incorna a n i declarad vaina axeaaa-profita ta z retam a with balance shoe t a , 1943, by major indua t r i a l groupa, fe r retom a with net incóate and re turna with no net income i 1/ Bumber
o f r a t o n a , aaaete and l i a b i l i t i e s , compiled re c e ip ta , compilad deductions, oompiled n e t p r o fit or net lo a a , net incoa« or d e f i c i t , and dividende paid by type o f dividendi a ln o , fo r re turna with net
incarnai Hat operating loea deduction, incóate su bject to excess p r o fita t a z , incoa« t a z , declared value excesa—
p r o fita ta z , excess p r o fita t a z , t o t a l t a z , and compiled net p r o fit le ca to ta l taw - Continued
(Money figu re s in thousands o f d ollaro )
Total ou bli
income
1
2
s
4
5
6
7
8
»
10
U
12
18
14
IS
16
17
18
19
20
21
22
25
24
ES
26
27
28
29
SO
SI
52
53
34 i
35
56
57
58
59
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Dauber o f returns w ith balance cheats 5/
le a s t s i
Cash 8/
lo ta s and accounts receivable (le as reserve)
In v w to r le e
Investments, Government o b ligation s 7/
Other investments
Gross c a p ita l a sse ts 8/ (except land)
Less reserves
Tunri
Other a sse ts
Total assets 9/
L i a b il it ie s :
Accounts payable
Bonds, n o te s, aortgages payable:
M aturity le s s than 1 year
M aturity 1 year or.more
Other l i a b i l i t i e s
C a p ita l sto ck , preferred
C a p ita l sto ck , common
Surplus reserves
Surplus and undivided p r o fits 10/
Less d e f i c i t 11/
T o tal l i a b i l i t i e s 9/
H eoelpts:
Gross s a le s 12/
_ Gross re c e ip ts from operations 13/
In te r e s t on Government o b liga tio n s (la s s
amortizable bond premium):
Wholly taxable 14/
Sub ject to declared value e x ce ss -p ro fits tax
and su rtax 15/
S u b ject to su rtax only 16/
Mholly tax-exempt 17/
Other in te r e s t
Bents and ro y a ltie s 18/
Met c a p ita l gain 1S /
Met g a in , Bales o^her than c a p ita l a sse ts 20/
D ividends, domestic corporations 21/
D ividends, fo re ig n corporations 21/
Other re ceip ts
T o tal oompiled receip ta 23/
Deductions:
C o s t'o f goods so ld 24/
Cost o f operations 14/
Compensation o f o ffic e r s
Kent paid on business property
Repairs 25/
Bad debts
In te re s t paid
Taxes paid 26/
Contributions or g i f t s 27/
D epreciation
Depletion
Amortization 28/
Met l o s s , sa les other than c a p ita l a sse ts 20/
Other deductions
Ib ta l compiled deductions
Compiled net p r o fit or net lo s s (35 le s s 50)
Net income or d e f i c i t 1/ (51 le s s (26 * 27))
Net operating lo s s deduction 29/
Income su b je ct t o excess p r o fits ta x 50/
Income ta x 51/
Declared value e x ce ss -p ro fits ta x 52/
Excess p r o fits ta x 35/
. ib t a l ta x
Compiled net p r o fit le s s t o ta l ta x (51 le s s 58)
Dividends p aid:
Cash szxl a sse ts other than own stock
Corporation's own sto ck
income
Income
Other pabilo
u tilitie s
T ieS
No net
income
income
ccmmunicat ion
No net
income
income
No net
Income
11,768
4,469
8,027
8,207
1,804
5,028,295
2,282,574
955,727
777,154
11,254,442
55,151,755
11,155,815
591,515
1,995,557
62,665,764
102,170
108,229
35,562
26,857
132,667
2,095,966
897,520
24,596
116,151
2,244,659
1,942,358
1,550,627
614,829
598,990
5,557,419
27,121,722
5,528,396
199,384
1,308,349
32,965,262
90,799
96,490
30,085
22,688
107,952
1,756,400
322,691
18,909
102,219
1,904,831
174,695
258,852
71,278
34,918
5,243,591
8,605,214
2,127,129
15,057
90,540
8,366,974
1,637,587
204,912
1,301,540
181, OSS
127,523
522,889
21,794,137
6,660,223
4,101,250
18,679,294
1,555,845
9,555,142
1,416,605
62,665,764
67,688
1,068,922
412,334
164,815
647,280
45,152
201,618
568,040
2,244,659
139,162
11,498,349
4,841,336
1,283,119
7,997,524
618,526
6,337,544
1,051,638
32,965,262
50,509
905,734
372,499
126,898
570,378
38,097
166,167
504,507
1,904,831
17,683
1,842,395
517,252
147,421
4,797,830
41,669
887,991
12,789
8,366,974
1,323
166,045
6,935 8,453,394
1,978 1,301,633
2,792 2,670,710
9,082 5,883,940
695
693, 65C
4,412 2,307,607
352,177
3,555
25,134 21,333,528
1,758,259
17,724,787
53,722
765,210
1,316,389
11,513,355
51,662
684,913
328,500
1,955,168
294
11,777
115,370
4,276,266
12,546
2,189
492
86
6,915
1,851
551
66
2,261
41
4
3,370
297
119
4,289
104,184
522,927
20,577
4,447
521,457
5,158
62,521
20,343,471
i
59
125
2,029
2,275
48,322
12,923
275,150
588
13,892
1,095
4,197
721
75,840
52
739
4,911
45,919
842,201 15,504,656
978,665
42,112
779,590
' 9,486,217
510,848
6,749,200
127,422
18,679
92,553
625,055
31,025
555,318
30,452
5,522
25,062
21,054
16,107
5,265
970,567
50,529
524,311
1,274,250
42,780
697,041
11,379
150
3,608
1 , 014, 515
37,754
350,848
20,635
2,192
6,276
139,757
5,628
109,011
52,740
79,929
16,701
1,002,166
111,496
497,510
15,754,675
950,728 10,410,074
4,608,798 57/108,527
2,894,582
4,604,390 y y io e ,6 5 s
2,892,494
35,231
27,865
1,747,738
1,518,525
995,276
590,491
5 , 541
2,874
“
1,403,396
1,057,957
2,402,213
1,651,522
2,206,585 37/106,527
1,243,260
1,166,564
7,016
4,688
24
332,240
3,462
(56)
119
2,222
12,517
563
1,078
673
5
4,364
758,511
4
176
4,665
26,141
- 901
a
561
1,471
(36)
15
170
1
1
17
208,724
56
2,084
51,196
21,636
5,784
228
67,687
2,946
15,041
4,559,960
701
20,386
26,128
5,809
8,397
1,197,296
2,234,141
2,365,326
585,936
824,502
1,238,508
589,299
172,809
252,255
8,28l)274
58,255
111,781
69,953
21,523
29'341
96,344
33,386
15,125
14,491
381'208
155,166
262,676
44,046
66,405
159,784
52'818
21,152
6,932
2 0 'll2
726,589
12,510 1,062,130
25,206 l ' 971^465
5', 637 2 '5 2 l'280
1,907
' 519'531
6Í115
664'717
9,252 1,185)690
2,944
*568)147
1*147
165,877
2'179
252^143
59'008 7, 554)686
522)199
2
5
4
5
6
7
8
9
10
11
205,405
1,§£8,959
103,429
206,100
25,576
1,350,860
77,852
12
15,854
951,695
79,154
158,252 1,177,343
154,123
57,857 2,021,746
89,818
35,125 1,169,912
42,374
67,819 5,425,597 ' 387,763
6,341
940,375
13,109
31,059 6,087,559
186,260
59,980
386,724
225,939
314,894 20,576,764
912,066
577,760
439,718
797,904
440,449
2,066,522
342,545
2,220,120
142'704
8,281,274
35,515
52,346
42,452
17,166
141,146
4,979
70,528
86,551
381,208
31,457
28'745
55,699
50,250
145,983
28,917
189,908
12,468
726,589
2,947
546,505
6'417
410^976
7)215
742'205
1.584
390^199
2 0'398 1,920)540
684
513,628
6,791 2,050^212
12^404
130^236
5 9 ,0 0 8
7,554)686
32,569
45^929
35^237
15^782
120)748
15
14
15
16
17
18
19
20
21
794,780 1,040,175
88,841
324,396
62,865 24,768,916
SS)l41
'275)291
731,915
22,386
158
20
845
10
362,223
384
472,101
5,171
10,808
1,586
294
57
3,652
577
1
228
51
i
5
1,754
44
844
40
45,060
1,552
22,380
236
126,850
6,950
23,858
24
15,978
1,376
9,686
18
6,588
871
4,339
32
45,506
611
25,900
47
23,141
2
9,211
386
508,610
19,510
151,883
71,252 55,101,264 2,001,80! 26,659,158
37/99,505
258
3,209,261
1,766 53,361,916 1,838,911 25,809,091
68,520
953,859
131,657
599,687
124
56,949
1,014
4,682 1,828,243
36,551
542
24,596
1,027
1,244
23,061
27C
589
1,015
200
57
10,777
13,756
251
377,692
8,455
696
408,084
4,944
4
4,970
39
1,227
427,831
, 7,03!
14,355
228
30,383
98
51C
11,463
215
3,372
312,458
5,806
13,279 3,551,876
79,635
37/841 1,028,084 5 ^8,383
5^/841 1,025,944 Vf/ ,389
8
6,601
230,071
273,289
«
302
-184,27C
«e
457,860
32/841
570,224 37/8,383
- ■
-
■0 net
le t
125,353
23D, 57!
197,044
28,907
60,017
358,020
154,119
55,192
33,278
912,066
142,127
908,77E
10,493
46,677
6,573
5,012
68,564
169,126
*2,802
235,636
3
362
4,573
192,199
1,792,723
686,131
685,952
765
199,141
151,496
565
161,169
293,030
393,101
40,974
489,614
15,110
29,509
4,733
2,293
41,845
37,140
87
29,494
1,964
3,530
79,203
102,518
857,814
57/99,503
1 ^ 9 9 ,4 2 5
T é ? --------- Ho n e i
87,281
161
12,438
-
T ñ ---------- lo net
income
Income
9,756 3,029,030
8,506 4,284,081
4,716 5,834,969
8,76! 1,631,542
23,378 1,775,032
313,769 5,062,155
67,419 2,479,021
5,386
819,126
15,034
619,849
314,694 20,576,764
177,951
1,483
3,561
2,478,855
"
Kor fo o tn o te s, see pp. 1 4 - 1 5
1,927
1,615
911,265
1,453
473,116
559
269,621
406
343,246
1,557 2,633,431
25,797 19,454,800
7,210 3,503,291
299
176,895
877
594,446
25,134 21,533,528
Wholesale
Total trade
Net--------- No~net
income
income
5,585
13
41,990,851
430,027
983,777
704,871
133,875
90,715
103,296
500,099
52, 711
271,395
1,560
2,842
28,066
6,717,464
51,991,549
3,109,715
3,107,733
31,247
1,505,572
530,752
24,442
1,204,362
1,759,556
1,350,159
1,505,779
90,498
75,490
54,565
6,838
8,196
8,004
21,794
217
19,267
250
236
7,683
275,933
2 ,0 5 4 ,S71
37/52,769
3/5 2 ,8 1 4
526,487
29,963
5,587
218
201
23
343
44
(36)
6
25
99
686
4,829
1,676
1,531
809
892
559
109
513
7,491
1
193
9,098
16,739
896,811 1,396,868
22,338,611
709,763
973,892
250,671
61,616
121,990
438,327
29,911
48,559
87,932
6,106
6*828
1,777
31,706
877
23,409
2,759
2,235
41,524
2'969
4,247
144,900
5'688
9,201
11,685
80
1,219
64,298
4,712
2)751
994
85
52
2,032
152
9
3,688
2,086
125
2,019,445
90,232
128,374
25,459,225
917,914 1,302,560
1,199,935 37/21,102
94'508
1,199,041 5/21,127
94,403
10,649
1,041
me
613,445
44'462
19l)437
14*589
•
9,505
568
488*831
35,440
689'775
50)396
37/52,769
310,162 37/21,102
44,111
_
_
187,039
17,823
1,316
158
19,027
721
1,522
22,726
4,487
45,745
86*574
66'297
19^416
2 3 ,2 2 6
87*092
50*442
11^978
12'312
4^295
63*735
75^947
322)199
. 1
33)700
22
25
'534
185
21
24
25
45
5
745
205
17,551
549
22)327
22
8^794
57
4'250
105
16)409
(36)
9,018
2,968
135)124
121,734 25,262)290
(36)
Í9
483
1,326
'787
302
208
(36)
6,129
775)077
26
27
28
29
30
51
32
33
54
35
59,644 21,562,719
650,118
4l)299
'128)881
20¡317
6,484
389'768
25*426
1,088
81'l0 5
5*018
150
so) 829
1^627
532
21,175
2 ,2 0 7
449
37^276
Z ,520
615
155'698
5¡07S
16
1 0'466
65
61'547
454
4,278
8
943
75
*
2,023
152
241
3¡563
1,846
14,207 1,891'070
76*025
125)168 24' 156' 862 792¡746
37/ 3)433 1) 105)428 ¿7/17)669
5 / 3 ,4 3 9 1,104,638 57/17,889
9,608
568'982
177'048
8'938
453¡391
639'377
37/3,435
466)051 37/17,669
56
37
38
39
40
41
42
45
44
45
46
47
48
49
SO
SI
52
53
54
SS
56
57
58
59
17
2
3,309
_
267
168,012
17)l02
1,050
*138
60
61
Table 1» - Corporation Income and declared value e xo e e s-p ro flts ta x returns w ith balanee sh e e ts , 1943, by major in d u s tr ia l groups, fo r returns with net lneqne and returns with no net lqcomet 1/ Hunter o f re tu rn s,
asse ts and l i a b i l i t i e s , compiled r e c e ip ts , compiled deductions, compiled net p r o fit or net lo s s , n e t Income or d e f i c i t , and dividends paid by type o f dividend) a ls o , fo r returns with n e t incomet Net operating
lo ss deduction, inoome su bject to exoess p r o fits t a x , income ta x , deolared value e x c e ss -p r o fits ta x , exoess p r o fits t a x , t o t a l t a x , and compiled net p r o fit le ss t o ta l ta x - Continued
iro n , s t e e l, and
products
Net
inoome
1
2
S
4
6
S
7
8
9
10
U
12
1S
14
18
16
17
18
19
20
21
22
28
24
28
26
27
26
29
80
81
82
88
84
88
86
87
86
89
40
41
42
48
44
46
46
47
48
49
80
61
82
68
84
b»
66
67
66
69
60
61
Humber o f return« w ith balance «beet« b /
▲«•etas
Cash 6 /
Hotea and accounts receivable (le s s reserve)
Inventories
Investments, Government o b liga tio n s 7 /
Other investments
Gross c a p ita l assets 0 / (except land)
Lees reserves
land
Other assets
Total aeaeta 9/
L i a b il it ie s i
Aooounte payable
Bonds, n o te s, mortgages payables
M aturity lees than 1 year
M aturity 1 year or more
Other l i a b i l i t i e s
C a p ita l atook, preferred
C a p ita l s to c k , common
8urplus reserves
Surplus and undivided p r o fits 10/
Lsss d e fio lt 11/
Total l i a b i l i t i e s 9/
H scelptsi
Cross sales 12/
* Gross re ceip ts from operations 18/
In te re st on Government o b liga tio n s ( le ss
asw rtlsable bond premium)»
H holly taxable 14/
S u b ject to deolared value e x ce ss -p r o fits ta x
and surtax 16/
Subjaot to su rtax only 16/
Mholly tax-exempt 17/
Othar in te re s t
Rente and r o y a ltie s 18/
Met o a p ita l gain 19/
Hat g a in , s a le s othar than o a p ita l assots 20/
D ividends, domestic corporations 21/
D ividends, fo reign corporations z T /
Other reoelpts
T o tal oompiled reo elpts 28/
Deductions«
Coat o f goods sold 24/
Cost o f operations T t /
Compensation o f o fflo e rs
Bant paid on business property
Repairs 26/
Bad debts
In te re st paid
Taxes paid 26/
Contributions or g i f t s 27/
D epreciation
Depletion
A m ortisation 28/
l o t lo s s , so les other then o a p ita l a sse ts 20/
Other deductions
Total oompiled deductions
Compiled net p r o f i t or net lo ss (86 le ss 60)
Hat incons or d e f l o i t > ]/ (81 le ss (28 / 27))
l e t operating lo ss -deduction 29/
Income su bject to exoess prom ts ta x 80/
Inoome ta x 31/
Daolarad value e xo e se -p ro fits ta x 82/
txo sss p r o fits ta x 88/
Total tax
Compiled net p r o fit le ss t o t a l ta x (61 la s s 69)
Dividends peldt
Cash and a sse ts other than own atook
C orporation's own «took
4,908
>
rfo net
income
(Honey fig u re s in thousands o f d o lla rs )
Major in d u str ia l" groups 2/ - Continued
Manufacturing - Continued
Honferroue m etals and
E le c t r ic a l machinery Machinery, except
Automobiles and
th e ir produota
and equipment
tran spo rtation equip* equipment, a xoept e le o trio a l
ment and e le e tr io a l
Sai
Vo n e t
Met
Ho net
Net
Mo net
Mo net
Net
Inoome
inoome
inoome
inoome
income
inoome
inoome
inoome
1,206
1,770
450
1,266
522
4,670
1,987,608
1,966,166
2,684,297
1,667,623
1,680,281
8,736,280»
4,287,898
222,882
609,663
15,096,292
80,418
56,664
64,857
4,390
10,684
212,228
76,792
9,811
12,648
805,027
522,095
577,767
685,760
261,780
213,272
2,875,888
1,216,962
24,462
110,74)5
3,060,730
2,986
6,144
7,599
741
1,647
16,645
7,319
967
1,375
29,485
624,292
926,639
1,228,600
680,250
711,869
1,051,807
646,130
41,260
160,035
4,769,622
2,019
6,550
8,564
91
1,327
15,462
4,336
642
1,926
30,234
1,211,626
1,272,620
1,793,580
1,228,886
404,708
2,462,402
1,217,460
102,027
311,962
7,669,806
1,497,671
31,524
227,765
4,886
682,674
4,947
786,788
416,893
963,381
2,411,189
1,002,628
8,024,662
1,137,841
4,674,896
88,460
16,096,292
46,848
46,907
25,488
10,486
85,899
15,812
89,562
40,694
805,027
64,340
269,371
433,673
259,655
930,713
168,003
736,016
8,673
5,080,790
2,628
6,610
2,138
5,997
11,421
186
5,588
7,869
29,485
341,421
228,046
1,093,263
76,657
944,456
613,319
897,615
7,819
4,769,622
3,676
3,241
5,858
5,065
9,219
245
7,658
5,645
50,234
19,789,876
809,921
822,168
5,428
4,133,697
108,872
63,344
498
6,687,296
117,926
11,811
1,757
66
16
1,787
191
10
•
2,592
57*
lO f
1,180
19,611
46,767
4,421
479
82,088
6,418
87,988
20,760,767
8
54,
224
788
892
,280
177
6
1,916
829,427
6
842
2,099
4,266
957
119
4,898
8,188
21,278
4,288,576
•
(86)
23
72
10
17
9
•
299
84,282
117
2,124
7,991
18,828
8)600
118
20,640
7,759
17,768
6,782,021
14,798,881
684,261
197,669
71,642
507,288
10,670
88,078
861,720
13,169
809,260
28,484
149,847
16,428
970,689
18,060,868
2,710,469
2,709,127
4,896
1,921,261
290,706
22,688
1,480,816
1,793,869
916,649
269,296
8,146
11,786
1,518
4,428
624
2,698
7,431
26
8,191
8,120
1,989
1,262
89,126
880,812
87/20,886
17/20.M 1
••
87/20,886
8,108,798
70,646
62,660
88,208
62,988
1,701
9,808
74,476
8,036
68,119
29,767
46,028
6,112
192,678
8,788,698
629,981
629,683
1,927
387,773
69,809
2,704
266,861
358,694
191,286
800,790
9,290
2,248
0 7 ,7 0 »
2,201
44,496
267
8,196
757
869
81
261
919
8
668
166
110
8,418
66,688
87/2,403
V [ / 2,408
- «
37/2,403
176
994
461
66
856
416,848
8,661
413.282
23,760
24,578
408,005
152,817
4,616
68.020
8,182
65.690
878.196
26.249
417,092
59.539
4.240
6,548
49.486
118,666 1,983,899
664
1,461
1,80]
171
299
2,261
824
ses
560
6,58]
1,907,680
5,288,561
2,426,005
1,266,789
465,540
2,669,717
1,406,429
90,276
727,676
11,422.507
Sable 1. - Corporation Inoome and deolared value ......___ »... »
259
Manufacturing
Other manufeoturinj not a llo ca b le
Bet
inoome
Ho net
inoome
Net
inoome
ko net
inoome
2,654
758
410
1
84,981
229,876
118,192
852,867
79,272
466,874
1,054
205,655
7,417
129,642
486,508
110,011
241,767
21,980
1,066
21,818
14,946
68,668
840,010 1,696,786
6,800
8,168
14,065
1,206
1,791
26,645
10,686
1,082
4,131
68,162
142,983
234,006
181,546
88,458
100,746
318,696
148,128
17,612'
54,556
970,076
4,089
8,268
9,672
1,807
2,624
26,459
9,119
906
2,409
46,995
2
148,449
6,916
105,998
7,866
12
1,401
8
4
6
6
7
8
9
10
11
891,962
2,222 1,926,748
285,262
254,176
1,766,340
424,621
1,313,814
856,463
1,948,847
58,876
7,669.806
15.565
81.872
17,041
84,419
14,768
882,681
7,687
59,677
59.533
746,758
4,627
101,128
26,441
261,602
24,066
6,691
118,666 1,988.899
448,199
1,820
660
891,640
1,946 8,762,124
548
836,872
2,031 1,112,561
526 1,392,787
926 2,187,226
76,146
8,108
6,68] 11,422,607
46,055
96,886
198,711
90,084
46,378
896,012
64,694
4,125
15.192
849,860
164,262
6,681
406,427
7,811
19,629
20,826
840,010 1,696,736
4,974
6,411
4,268
6,226
21,884
266
16,278
12,066
58,162
47,599
68,367
179,691
61,944
169,657
61,771
290,287
13,009
970,076
6,186
4,464
8,846
4,278
18,886
821
11,825
8,192
46,995
U
14
16
16
17
18
19
20
21
39,460 Ll.061,864
546
178,701
141,109 8,686,718
6.669
58,171
9,075 16,911,008
96 4,470,217
288,102 2,666,266
488,848
12,681
67,674 1,682,879
5,067
47,514
65,484
1,027
22
28
11
24
*5
i
6,568
1,068
28
(36)
878
8,681
IS
67
86,469
6
8,908
22
608
88
10,860
•
. 7,164
44,689
226
40.170' 11,346,504
4,814,299
47,969
64,048
20,604
74,901
8,062
21,828
120,161
4,192
66,242
87
87,104
1.884
442,746
6,697,406
1,084,816
X . 052,375
9,604
800,738
•7,830
7,460
681,691
786,872
847,744
30,801
288
2,227
422
204
181
261
698
8
590
•
68
12
7,404
48,109
87/2,940
W /2,940
-
142,603
1,470
128
18,469
88
16
846j
101
(86)
102
92
864
1,494
712
8,847
60
1,164
168
1C
70
211
(86)
921
862
8 ,sec
149,186 8,741,68:
7,462,484
112,706 2,986,111
38,647
8,726
21,874
165,466
7,898
16,606
84,829
1,246
6,651
167,984
1,884
79.67C
6,699
864
8,616
20,138
1,176
5,046
46,079
2,749
194,428
10,747
19
8,180
104,276
3,106
81,486
887
4
826
86,576
14.68S
781
3,772
8,141
846
882,419
21,182
129,276
9,145,886
160,081 8,843.874
2,202,618 87/10,917
898,809
2,201,712 37/11,008
596,202
4,414
673
•
1,789,660
280.17S
B
•
166.520
66,866
am
•
20.868
8,666
- 1,886,686
190,52:
- 1,622,067
260,944
87/2,940
680,661 5 y i0 ,9 1 7
147,886
198,809
6,624
1,847
'
Imi fo otn otes, see pp. 1 4 - 1 6
Transportation
equipment, except
automobiles
Met
Mo net
inoome
income
22,821
821
4
6,478
874
«2
498
17,605
61
14.166
6,662
166
28,818
5,672
86
86,909
9,821 21,647,848
89,760
40
(56)
1,196
85
4
169
(36)
100
2,075
8,611
181
266
884
146
81
2,818
878
•
8,548
10,144
1,842
724,480 2,692,084
16
S
460
192
.
4
(86)
82
64
1,744
4,864
511
868
26
24
176
19
1,414
214
8
618
9,016
81,805 1,699,206
15
144
420
7
16
6
.
606
57,688
7,679 18,806,187
182,672 1,728,280
46,146 1,102,798
46,282
107 8,619,810
478,987
1,981
662
6,994
18,902
66,717
3,991
88,627
641
64,148
8,106
2,881
6,147
189
18,050
974
46,642
60S
1,663
81
22,698
414
17,884
660
218,611
2,610
43
8.474
448
1,866
225
1,866
no
74
269
29,828
6,128
520
5,248
6,648
24,969
166
8,616
64,276
1,484
1,244
822,308
1
2,877
6
1,042
17
6,822
12
171
112,262
1,626
24,670
16,666
1,468
966
.
147
(86)
1
1,061
618
90
57
6,171
4,147
477
68
66,081
4,999
21
809
718
124
206
1,180
48,247
277,678
9,292
148,681
781
780.218
6,613
789,087 2,197,919
9.89C 19,288,974
66,875 1.881,832
61,182
57/669 2.288,874 S y i4 ,5 9 7
894,165 37/4,579
217,876 s y s .4 9 9
2/569 2,262,798 S y i4 ,8 9 7
898,992 *57/4,672
217,289 17/5.812
"f
m
.
.
8,972
4,084
1,776
. 1,710,294
.
me
144,640
277,118
•
•
214,771
40,810
28,678
.
•
’ 16,084
8,847
2,426
. 1,808,408
•
mi
•
216,268
111,811
. 1,689,218
•
«
280,824
189,918
sy ees
744,161 S y i4 ,6 9 7
77,460 8 y 8,499
188,841 S y 4 ,6 7 2
14
li
286,998
2,746
402
‘
41,071
1,810
804
98
86,871
2,096
284
26
27
28
29
80
SI
82
SS
84
86
86
87
88
89
40
41
42
48
44
46
46
47
48
49
60
81
62
68
64
66
66
67
66
69
80
81
Tfcbla 1* - Corporation lnooaa and daolared vmlu. oxeoaa-proflta ta x raturaa with balane# shaota, 1943, by najor in d u str ia l groups, fo r rsturns w ith not lnoons and returns with no not inconei 1 / (umber o f retu rns,
assets and l i a b i l i t i e s , oomplled re o e ip ts, oompiled deductions, compiled net p r o fit or net loa n , not inoosm or d e f l o i t , and ditldends paid by type o f dividends a ls o , fo r returns w ith net inoonst l e t operating
loss deduotion, lnoons subjeot to exoess p r o fits ta x , inoome ta x , deolared value e xce ss-p ro fits ta x , excess p r o fits ta x , t o t a l t a x , and oostpiled net p r o fit le ss t o t a l ta x - Continued
(Money figu re s in thousands o f d o lla rs )
fclajor in d u s tr ia l groups 2/ - Continued
Lumber and timber
baslo products
No net
inoome
inoome
Rubber pz oducts
inoome
1
2
S
4
5
6
7
8
8
10
11
12
13
U
IS
16
IT
18
18
20
21
22
23
24
28
26
27
28
29
30
.3 1
32
33
34
36
36
37
38
39
40
41
42
43
44
46
46
47
48
49
60
SI
62
S3
54
66
66
67
68
69
60
61
Hunber o f returns with balsnoe sheets 6/
Ahsates
Cash 6/
Votes and aooounts receivable ( le s s reserve)
Inventories
Investments, Government o b ligation s T J
Other investments
Gross o a p ita l assets 8/ (except land)
Less reserves
D ug
Other assets
T o ta l assets 9 /
Ida o i l !t i e s s
Accounts payable
Bonds, n o te s, mortgages payablet
M aturity le ss than 1 year
M aturity 1 year or more
Other l i a b i l i t i e s
C a p ita l stook, preferred
C a p ita l sto ok , common
Surplus reserves
Surplus and undivided p r o fits 10/
Less d e fio it 11/
Total l i a b i l i t i e s 9 /
Receipt#«
Cross te le s 12/
Croee re c eip ts from operations 13/
In te re st on Government o b liga tio n s (le ss
amortisable bond premium)«
Wholly taxable 14/
Sub ject to deolared value exo e ss-p ro fits tax
and surtax 15/
Subjeot to surtax only 16/
Wholly tax-exempt 17/
Other in te rs a t
Rente and ro y a ltie s 16/
Net o a p ita l g a in \ 9 /
Net g a in , sa les o^her than c a p ita l assets 20/
D ividends, domestic corporations 21/
D ividends, fo reign corporations 2T f
Other reo eip ts
Total compiled re ceip ts 23/
Deductions«
Cost o f goods sold 24/
Cost o f operations %4/
Compensation o f o ffio e rs
Rent paid on business property
Repairs 26/
Bad de bts
In te re st paid
Taxes paid 26/
Contributions or g i f t s 27/
-D epreciation
Depletion
Am ortisation 26/
Net lo s s , sa les other than o a p ita l assets 20/
Other deductions
Total oompiled deductions
Compiled net p r o fit or net lo ss (35 le ss 50)
let Inoome or d e f i c i t 1 / (51 le ss (26 / 27))
let operating loss deduction 29/
income su b je ct to exoese p r o fits ta x 30/
[noone ta x 31/
)eolared value e x ce ss -p ro fits tax 32/
Sxoess p r o fits tax 35/
Total tax
Compiled net p r o fit le ss t o t a l ta x (51 le ss 68)
)ividends paid«
Cash ana a sse ts other than own «took
Corporation's own stock
fo o tn o te s, see pp« 14 - 15
inoome
Furniture ind f i n ished lumber product
Net
No net
inoome
inoome
Paper and a llie d
products
Net
No net
inoome income
Printing and publie h in g indu stries
Net
Ilo net
incoae
inoome
ÓKemioale and
a llie d produets
Net
Wo net
income
products
uots
No net
547
69
1,584
596
2,866
147,686
358,07&
561,172
182,421
180,974
729,943
377,012
17,741
22,385
1,625,36b
519
523
714
41
328
2,226
851
259
128
3,886
129,749
146,164
164,487
117,268
117,413
897,967
383 ,433
55,714
46,722
1,291,051
6,421
16,265
14,442
2,166
6,558
98,660
34,336
5,368
4,111
118,696
132,036
162,856
269,722
82,783
77,433
458,651
238,729
51,445
30,801
996,897
246,793
446
68,066
12,469
74,001
102,376
12,054
19,173
162,10b
523,568
229,027
256,503
96,149
314,299
3,030
1,623,38b
142
413
296
677
1,439
6
1,213
645
3,886
31,927
72,700
121,186
44,363
437,680
42,616
542,308
69,716
1,291,061
13,003
18,397
9,224
7,706
48,071
1,651
31,089
22,984
118,605
44,921
33,392
92,448
62,672
318,626
56,070
343,476
14, ,706
996,897
6,670
26,014
8,033
266,830
3,366
247,029
8,670
389,126
38,316
635,440
1,276
146,82!
18,664
816,268
14,992
21,001
70,444 2,616,611
3,497
65,415
9,120
182,269
1,700
346,326
6,149
203,336
26,002
698,462
563
139,628
10,162
907,298
5,318
81,945
64,707 2,522,817
11,108
205,263
16,178
323,080
12,608
803,302
9,962
629,926
66,580 1,903,791
2,388
600,361
16,916 2,418,168
38,510
31,346
103,383 7,368,461
62,087
7,616
14,717 1,561,098
6,023
627,366
' 11,166
468,190
60,672 3,793,228
736,019
1,823
22,394 3,444,950
24,500
15,979
108,453 11,342,616
4,329
28,803
5,481
71,612
2,356
226,091
2,406
122,572
14,470
693,582
29
111,460
6,788
661,243
6,114
18,285
34,534 1,888,462
8,709
29,694
10,878
22,322
117,396
6,827
67,680
43,606
221,935
2,890,291
60,631
4,263
8
1,466,193
15,303
104,198
3,427
1,746,768
61,861
105,200 5,162,434
1,004
10,536
54,947 2,736,443
170
169,406
114,722 8,289,098
21,407
79,640
123,565 7,674,699
616,449
2,173
41,488 2,171,884
7,979
1,863
144,423
4,622
i
794
101
18
1
606
140
6
61
1,415
7,276
8,089
677
2,623
2
11,127
1,533,667
2
180
482
268
301
63
33
. 1,062
110,022
373
54
2
17
1,459
6,207
179
10
I * 566
6,834
8,724
2,978,047
2,203,804
16,106
13,442
7,691
33,773
2,414
8,171
50,176
861
32,204
201
6,022
2,186
236,131
2,613,182
364,865
364,846
348
280,612
31,639
3,654 j
220,019 !
255,212
109,653
34,625
221
•
•
5
17
(36)
1
3
•
46
4,534
3,312
7
323
66
61
5
29
103
1
100
“
43
641
4,689
37/356
37/355
*
-
37/358
-
1
i
‘
-
26
294
1,017
2,370
1,886
465
1,384
279
10,236
1,815,920
1,079,499
7,361
.27,476
5,468
14,340
2,122
4,974
28,014
999
28,686
26,953
1,419
340
134,113
1,359,764
173,903
173,837
1,429
85,848
30,769
672
68,721
100,151
73,753
37/6,973
1,326,432
40,101
48,661
9,645
17,688
2,151
4,175
32,693
1,296
18¿766
631
875
712
167,416
1,669,443
146,477
146,156
1,666
68,253
26,629
1,234
54,435
82,297
64,180
37,676
3,132
1,092
4
23,899
2,368
69,636
2,003
3,469
448
925
648
1,118
2,142
10
3,005
1,670
266
66
11,691
116,996
37/6,973
37/6,975
9 ^ ;
-
623
1,792
6,962
279,661
11,868
284,096
17,680
369,403
2,131
239,839
4,381
340,726
43,320 1,956,907
23,062
993,684
3,822
61,615
3,362
79,360
70,444 2,616,611
8,462
16
8
119,262
1,633
478
(36)
16
20
268
38
3,803
329
7,675
63
2,179
136
222
6,437
6
6
1,922
714
15,761
107,636 3,203,163
263
6,763
2,438
4,332
1,429
321
3,862
811,261
5,633
343,363
6,065
236,922
1,663
265,413
10,103
286,916
62,624 1,469,998
29,752
690,364
2,431
86,452
1,977
118,867
64,707 2,522,617
7,696
21,750
16,094
1,707
7,186
85,842
45,916
3,433
6,691
103,363
933,341
862,898
1,330,617
695,937
1,253,688
3,816,447
1,821,246
125,607
172,177
7.368.461
6,361
14,111
21,663
2,046
4,900
77,021
31,384
4,622
7,011
108,463
868,696
1,122,022
1,026,731
678,915
1,926,361
10,973,847
6,678,291
266,617
178,717
11,342,616
17,164
616,918
18,642
786,606
4,841
13
23
170,130
1,116
949
28
32
685
3,069
63
150
16,466
86
1,432
66
318
36
10,464
(36)
855
387
26,069
55,962 2,956,270
12
5
(36)
160
4
1,376
74
7,930
24,972
823
36
3,209
60
873
43
68,893
(36)
6,964
34,699
1,163
138,348 6,612,916
67,504 2,260,141
45,847 1,654,750
74,766
774
4,623
79
76,143
13,422
4,983
66,666
1,516
103,915
9,881
989
12,169
28,347
326
3,380
l(008
69,701
944
11,644
680
370
2,029
317
8,509
2,730
619
407
12,687
12,960
1,004
. 2,026
57,845
1,090
53,683
2,618
il
2,640
5
4,962
43
1,632
70,537
1,671
2,972
42,595
50
4,653
48
93
5
40
6,944
665
91
1
920
1,124
308
10,848
227
12,279
255,306
6,697
600,419
35,899
113,204 2,807,440
58,966 2,507,841 1147,628
37/5,668
396,723 37/3,004
448,429 37/9,180
V T / 6,688
395,440 37/3,037
447,717 ■ W /9,184
1,561
8,613
210,558
201,086
.
68,578
85,449
.
1,354
4,046
169,416
161,849
.
239,348
261,344
37/5,668
166,376 37/3,004
197,086 37/9,180
282
76,080
2,688
279
87,248
2,547
4,374
1,225
511
5,558,633
21,149
102,728
24,24b
104,708
10,668
17,669
126,683
6 ,5 «
166,340
10,873
53,052
8,356
1,039,808
7,250,117
1,262,798
1,261,260
2,946
598,053
239,746
3,610
480,810
724,165
536,633
319,624
6,578
18
6
2,342
601
(3b)
70
21
874
8S
13,111
416
61,282
61
17,736
6€
252
se
76,232
2
16,362
994
61,250
127,434 8,430,146
1,660
1,014
228,630
1,963
3,194
256,120
2,747
291,291
411
250,608
4,292
166,324
41,317 1,303,665
21,670
687,304
927
61,942
57,289
1,362
54,584 1,888^462
135
15,669
16,972
51,471
5,180
9^214
252,106
125,876
18,873
6,426
221,936
4,809
2
-
1,443
536
40
24
1
10
248
1,466
6,294
1,056
187
6,320
2,760
237
12,297
44,089 2,211,469
16
25
166
233
67
8
101
1,030
533
214
97
(36)
1,286
152,096
97,221 6,490,766
36,128 1,473,064
117,010
1,01!
197,243
1,474
3,917
3,474
37,685
6,776
18,836
710
6,100
l ,i s e
71,935
168
6,415
1,163
1,674
131.U 1
764
43,576
3,646
989
6,172
27
445
1,740
792
62,785
539
4,713
1,624
2,100
248,640
761
42,160
4,186
12
3,068
1
1,726
21
2,718
308,923
1,664
46,180
7,077
69
254,061
362
1,596
147
866
44,114
96
6,666
6€
6,572
3,705
94
1,728
1,924
19(067
843,023
3,674
224,163
20,66C
137,132 7,687,239
46,181 1,895,520
167,937
742,907 37/2,093
3V9,698
316,939 S y i6 ,8 4 l
3^9,719
741,963 3 ^ 2 ,093
315,682 T jV lô ,864
.
6,610
762
.
_
86,607
167,416
_
229,706
55,024
_
1,621
882
_
_
70,047
134,296
301,573
190,204
37/9,698
441,534 37/2,093
126,735 37/16,841
702
25
317,284
1,878
1,008
18
67,320
2,621
970
1
Table 1* - Corporation inoome and declared value e x c e s s -p r o fits ta x returns w ith balance s h e e ts , 1943, by major in d u s tr ia l groups, fo r returns with n e t incos» and returns w ith no n e t income x \ J Number o f re tu r n s,
a sse ts and l i a b i l i t i e s , compiled r e c e ip ts , compiled d ed uctions, compiled net p r o f i t or net lo s s , n e t income or d e f i c i t ,
dividends paid by type o f dividen d; a ls o , fo r returns w ith n e t income; Net operating
lo s s deduction, inoome su b je c t to excess p/rofits ta x , income t a x , declared valu e e x o e s s -p r o fits t a x , excess p r o fits t a x , t o t a l t a x , and compiled net p r o fit le s s t o t a l ta x - Continued
(Money fig u re s in thousands o f d o lla r s )
______________________ Major In d u s tr ia l groups 2/
Manufacturing
Cotton
Tobacco
Food ancL kindred products
Beverages
manufactures«
manufactures
Net
No net
No net
No net
Net
Net
Net
No net
income
inoome
income
income
income
income
income
income
T o tal manufacturing
No net
Net
inoome
income
1
2
3
4
5
6
7
e
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
S3
34
35
36
37
38
39
40
41
42
43
44
46
46
47
48
49
50
51
62
53
54
55
66
57
58
59
60
61
Number o f returns w ith balance sneets 5/
is s e t s ;
Cash 6/
Notes and accounts re ceiva b le ( le s s reserve)
Inventories
Investm ents, Government o b lig a tio n s 7/
Other investments
Gross c a p ita l a sse ts 8/ (exoept land)
Less reserves
Land
Other a sse ts
T o ta l a sse ts 9 /
L ia b ilit ie s ;
Accounts payable
Bonds, n o te s, mortgages payablet
M aturity le s s than 1 year
M aturity 1 year or more
Other l i a b i l i t i e s
C a p ita l s to c k , preferred
C a p ita l s to c k , common
Surplus reserves
Surplus and undivided p r o fits 10/
Less d e f i c i t 11/ «
T o ta l l i a b i l i t i e s 9 /
Receipts;
Gross s a le s 12/
Gross reoeip^s from operations 13/
In te re s t on Government o b lig a tio n s ( le s s
am ortisable bond premium);
N h olly ta xa b le 14/
S u b ject t o declared value e x c e s s -p r o fits ta x
and su rtax 15/
* S u b ject t o su rtax on ly 16/
Ifh o lly tax-exem pt 17/
Other in te r e s t
Rents and r o y a ltie s 18/
Net c a p it a l ga in 19/"“
Net g a in , s a le s other than c a p it a l a s s e ts 20/
D ividends, domestic corporations 21/
D ividends, fo re ig n corporations 237
Other re c e ip ts
T o ta l compiled re c e ip ts 23/
Deductions;
C ost o f goods sold 24/
C ost o f operations 23/
Compensation o f o f fic e r s
Rent paid on business property
Repairs 25/
Bad debts
In te r e s t paid
Taxes paid 26/
C on tribu tions or g i f t s 27/
D ep reciation
D epletion
A m ortisation 28/
Net lo s s , s a le s other than o'apital asse ts 20/
Other deductions
T o tal compiled deductions
Compiled net p r o fit or n e t lo ss (35 le s s 60)
5;
Set income or d e f i c i t 1 / (51 le s s (26 / 27))
Set operating lo s s deduction 29/
Inoome su b je c t to excess p r b fits ta x 30/
Income ta x 31/
Declared value e x c e s s -p r o fits ta x 32/
Excess p r o fits ta x 33/
T o tal ta x
Compiled n e t p r o f i t le s s 't o t a l ta x (51 le s s 56)
Dividends p&idt
Cash and assets other than o m
Corporation's owe stock
stock
68,683
14,466
6,840
1,369
11,684,820
14,868,227
18,768,392
9,118,899
9,221,298
48,610,616
24,013,472
1,699,612
3,226,069
92,778,161
167,621
344,938
386,283
36,732
127,129
1,339,031
563,078
64,376
86,439
1,989,470
694,656
896,087
1,789,248
476,623
665,689
3,715,401
1,766,786
272,824
187,643
6,931,387
13,680
29,895
29,705
6,245
42,226
128,096
58,003
7,296
6,930
206,067
" 182,184
176,239
445,572
120,906
117,130
843,779
337,082
61,601
69,106
1,679,433
2,197
309
164
2,096
77,749
5,247
258,363
13,096
846,910
67
34,661
417
88,863
247,121
26,811
9,619
98,062
1,306
9,612
1,812
14,681
41,322 1,476,708
45
731
144
160,884
337
185,012
586
418,710
14
181,983
80
69,302
936 1,102,053
366
624,948
41
26,466
40,834
96
1,866 1,560,293
T e x tile - m ill prod- Apparel and product
u c ts , exoe p t cotton made from fa b r ic s
Net
No net
Net
Ño net
income
income
inoome
income
66
3,019
1,288
366,110
2,046
382,016
3,007
722,060
183
280,401
577
156,379
8,730 1,498,295
3,854
807,768
288
66,961
319
80,149
12,684 2,734,691
408
Leather and
products
Net
No net
income
income
6,360
879
1,717
192
6,672
197,144
5,959
281,896
8,014
453,138
90,879
553
2,527
61,846
26,402
270,261
13,354
132,099
14,349
1,032
1,480
41,328
39,265 1,278,737
2,080
6,182
6,606
334
791
8,105
3,482
234
747
20,597
142,339
161,646
293,761
107,965
49,433
260,407
146,834
12,215
26,533
898,464
1,822
3,684
6,294
136
428
13.638
4,400
498
656
21,664
9,096,938
246,069
622,262
23,611
166,474
183,942
4,750
89,176
4,676
2,976,738
6,143,984
14,802,931
6,740,236
21,444,220
7,445,004
28,787,161
689,083
92,778,161
221,100
428,792
164,430
134,718
688,793
45,604
410,083
349,108
1,989,470
291,024
676,674
618,068
' 688,300
1,916,784
522,248
1,963,179
65,041
•6,931,387
19,238
32,767
9,553
21,498
71,490
2,597
56,9K2
29,789
206,067
57,506
164,416
237,147
87,000
329,823
76,900
683,701
23,634
1,679,453
10,366
112,969
4,666
214,639
141,460
2,763
2,345
144,163
427,112
13,940
696
28,169
8,946
362,990
7,778
4,615
41,322 1,476,708
230
138
67
199
1,147
68,626
41,401
194,7Q6
94,961
421,041
142,304
421
539,453
702
11,803
1,866 1,660,293
81,417
858
1,576
128,946
806
306,268
971
271,603
6,847
678,678
296
217,406
2,586
919,343
45,738
4,008
12,684 2,734,591
3,478
70,681
47,917
6,769
168,099
2,525
81,484
1,881
319,372
25,702
66,865
1,001
8,669
366,560
17,766
16,082
39,285 1,278,737
3,402
2,998
2,509
1,338
9,163
130
2,410
6,102
20,597
27,089
28,334
86,021
78,686
246,963
68,804
288,613
13,130
898,464
1,639
1,906
645
1,327
9,469
342
6,366
4,934
21,664
135,507,088
6,986,822
2,240,697
564,743
18,157,268
114,668
376,947
9,877
3,146,100
10,283
62,062 2,066,729
668
2,255
3,658 2,669,542
2
16,009
31,613 4,§67,227
86
91,121
66,428 3,790,993
4,226
59,402
72,018 2 076.433
11,769
7,901
34,893
1,076
81,628
10,114
388
134
2,772
508
24
28
766
166
763
10,736
114,338
300,009
86,824
6,780
307,872
88,104
638,974
141,908,018
19
229
1,886
7,284
2,001
1,767
1,617
49
16,973
2,837,677
23
892
10,469
21,667
21,033
689
26,628
8,493
98,312
18,463,303
100,314,467
6,094,494
1,470,873
491,071
1,824,432
83,100
401,693
2,831,682
91,770
1,769,729
566,676
807,630
93,045
10,018,693
188,538,150
16,663,682
16,552,364
76,911
10,337,170
2,248,509
113,601
8,068,166
10,430,066
6,133,797
1,839,368
627,209
84,673
20,096
26,619
8,682
21,906
47,137
241
46,611
6,774
17,280
20,208
308,650
2,973,353
37/135,675
57/136,923
16,160,768
62,057
122,010
39,394
139,620
7,672
39,717
200,297
7,406
149,665
421
4,124
12,845
1,417,397
17,353,371
1,109,931
1,109,017
8,285
486,837
223,364.
8,381
392,605
624,361
485,681
2,581,312
105,463
14,415
1,043
-
37/136,676
-
-
166
208
..
17
96
2,425
2,668
320
16
i
4,289
741
2,067
429
63,423 2,081,986
38,390 1,622,316
60
300
5,669
1,172
388
1,462
544
2,094
381
164
472
9,691
4,330
125,696
3
853
7,007
1,276
37/10,330
1,864,151
4,288
37,654
6,481
20,674
3,464
10,930
473,756
3,162
40,052
42
290
2,479
356,206
2,823,630
362,006
361,807
3,931
168,715
70,973
1,395
133,682
206,051
155,955
1,913
-
79,645
13,409
-
3,472
390,898
331,906
7,690
6,382
2,076
3,396
611
2,604
3,925
28
5,190
146
63
1,60 ?
36,003
401,227
37/10,330
37/10,332
-
-
.
(36)
69,640
30
168
2,658
6,120
2,659
276
3,992
16
14,403
3,186,636
2
502
656
81
192
318
243,294
6,585
6,600
-
12
174
21
56
-
-
36
209
246
122,682
8,469
55,790 1,898,220
37/2,367
183,766
37/2,367
183,653
409
49,453
51,811
162
39,973
91,946
37/2,367
91,821
24
66,946
95
371
(36)
69,716
3,663
176,681
1.026
148
1,705
162
13
124
1,680
7,267
1,128
98
2,646
33
12,221
3,681 2,901,935
13
174
3,464
6,371
1,751
224
4,167
1,002
110
22,162
31,876 4,999,532
”
(36)
13
40
110
7,134
68
1
444
151
4
1
39
18
1,288
241
7,364
32
454
52
86
10
1,641
(36)
118
277
12,368
71,334 3,874,222
(56)
(56)
62
16
29
(56)
299
84,199
689
80
1
43
993
1,634
421
50
1,275
‘7
9,198
2 098,624
(56)
(56)
-
(56)
S
7C
1
13
6
141
36,216
2,882 2,282,677
28,188 3,832,431
56,647 3,021,296
60,171 1 694,407
29,736
44
6,601
89,274
2,615
44,266
9,383
5,122
894
82,366
165
21/913
423
2,318
114,311
4,540
39,205
1,290
39
1,712
140
26,307
12,795
830
1,326
9,446
316
32,105
291
46,460
810
7,826
294
12,897
336
42
10
1,336
423
119
1,922
195
860
68
6,307
187
466
336
12,623
6,880
3,720
186
67
47,419
76,084
44,171
1,241
423
26,777
1,320
662
5,598
3,119
6
3,955
1,706
1
27
39,368
546
59,258
1,199
13,246
639
11,064
4371
' 4
(36)
61
21
23
95
(56)
2,556
2,094
37|
232
10
23
164
127
698
1,241
9,744
2,995
786
110
1,162
• 386
447
129,181
1,982
290,990
§,476
340,636
8,276
3,261
141,768
3,815 2,573,783
33,482 4,491,112
75,751 3,624,763
86,526 1 948,395
37,616
37/134
328,162 37/1,607
508,420 37/4,417
249,469 37/2,328
160,231 37/1,301
37/134
328,014 57/1,607
508,234 Sj/4,418
249,426 37/2,328
160,187 37/1.301
540
2,730
3,083
1,111
228,330
305,762
141,682
76,720
a.
37,841
74,252
34,750
26,402
a.
636
3,232
2,409
905
182,360
244,303
112,674
61,784
_
221,036
321,787
149,832
69,09l|
37/134
107,115 3 ^ 1 ,6 0 7
99,637 37/2,328
166,633 37/4,417
61,139] 37/1,301
16
-
45,501
581
38
821
64,729
28,432
2,061
8
27,639
6,057
135
66
28,04if
612
____________________ i
For footnote 8
K M « X . - C o r p o r a t i o n ln o a n a a n d d s o l a r e d t a l u a a x o e e s - p r o f l t s t a * r e t u r n s w l t b B a la n ç a s h o o t a , 1 9 4 5 , b y M a jo r I n d u s t r i a l c r o u p s , f o r r a turns with n o t m a _ a , a i ,
_____
. . . . ________ . .
, ,
_
asaata and liabilities, eoapiled reoolpte, oonpilad deductions, oowpilad net profit or not loss, not lnooso or deficit and di-rîdand.^aiÎ t,
return« with no hat inooas! 1/ »unbar of return«,
loss deduction, m o o n s subject to .-a... nrofit. taa.
__________ . . a . - ' j " . ' " T “ ! or da n o It. and dlTldend. paid by type of dlwldondt alao, for returns wi t h net income : »at r m a r a M u .
86
4
i.
For footnoteBf >e« pp* 14 — 15
fa to X * x . _ c o r p o r a t i o n ino am e a n d d s o l a r e d v a l u e e x o e s s - p r o f i t s t a x r e t u r n « w i t h b a l a n c e « b e e t « , 1 9 4 3 , by m a jo r I n d u s t r i a l g r o u p « , f o r r e t u r n s « I t k n e t In o o a o a n d r e t u r n s « 1 t h n o n e t in c o m e : 1 / Humber o f r e t u r n s ,
a s s e t s a n d l i a b i l i t i e s , a o m p lle d r e o e l p t s , o o m p ile d d e d u c t i o n s , o c s s p llo d n e t p r o f i t o r n o t l o s s , n s t Inco m e o r d e f l e l t , and d i v i d e n d s p a id b y t y p e o f d i v i d e n d | a l s o , f o r r e t u r n s « i t h n e t In c o m e :
H a t o p e r a tin g
l o s s o e d u o t l o n , in e o s m s u b j e c t t o e x e o s a p r o f i t s t a x , l n o o n s t a x , d s o l a r e d v a l u e e x c e s s - p r o f i t s t a x , e x c e s s p r o f i t s t a x , t o t a l t a x , a n d o o m p ile d n e t p r o f i t l o s s t o t a l t a x
(M o ney f i g u r e s i n t h o u s a n d s o f d o l l a r s )
_________ ____________________
* 3 or in d u s t r ia l groups X T
A l l in d u s tr ia l groups
Rat
inooms
Vo n s t
ino on»
T o ta l mining and quarrying
tesi
incorno
teo n st
inooms
Mining and quarrying
Bituminous o o a l,
Crude petroleum and
1i g n i t o , p o s t,sto * n a tu ra l gas pro
du ction <
Rat
Vo nst
Vet .
Ro n st
Vat
Ro net
inooms
inoosn
income
inooms
income
income
M etal n in ln g
Vet
Ino one
A nth racite ninlng
Vo net
ino one
106,529
3,700
3,336
236
681
71
47,613,069
2,668,419
Cash 6/
42,644,670
2,883,746
Rotes and accounts receiva b le (le a e reserve)
735,139
26,462,062
Inven tories
62.406,666
4,248,605
Investm ents, Government o b lig a tio n s 7/
67,669,149
4,196,206
Other investments
124,664,616 11,696,637
Gross c a p ita l a s s e ts 8/(exospt land)
1
45,876,759
3.520,824
Lass reserves
6,407,064
2,169,265
Land
762,030
9,126,673
Other a sse ts
863,496,190
26,026,421
T o tal a sse ts 9/
L ia b ilit ie s :
1,634,367
Accounts payable
16,860,796
Bonds, n o te s, mortgages payable:
I
M aturity la s s the« 1 year
6,612,325
1,167,499
86,684,150
7,100,46»
M aturity 1 year or aaro
Other l i a b i l i t i e s
166,094,319
9,764,993
l C a p it a l s to c k , preferred
13,762,233
1,379,780
C a p ita l s to c k , oamaon
68,898.06^
6,188,136
Surplus reserves
11,908,681
600,624
Surplus sad undivided p r o fit s 10/
69,407,869
3,390,012
4,682,644
la s s d e flo it- 11/
6,037,448
T o tal l i a b i l i t i e s % J
363,496,190 26,028,421
Receipts«
Gross so la s I t /
193,061,889
4,846,610
Gross r e c e ip ts frost operations 13/
86,972,008
2,799,031
In te r e s t an Government o b lig a tio n s ( lo s s
am ortisable bond premium)«
» h o lly ta xa b le 14/
626,884
34,106
540,714
S u b je c t t o S e a ls red value sxsos e-pro f i t s ta x end
11,233
su rtax 16/
S u b ject to su rtax on ly 16/
27,924
1,240
» h o lly tax-exem pt IT/
266,646
18,069
2,102,911
113,238
Other in te r e s t
354,040
Rents and r o y a ltie s 18/
1,903,111
1 s t c a p it a l ga in 19/
13,692
267,143
1 s t g a in , so los other than e a p ita l a sse ts 20/
99,758 •
22,226
D ividends, domestic corporations 21/
1,288,832
26,961
D ividends, fo re ig n corporations 2T J
131,948
1,460
Other re c e ip ts
91,127
1,462,138
T o ta l o « p i le d re o elp ts 23/
237,553,889
8,332,022
Deductions«
C o st o f goods so ld 24/
3,910,986
146,353,182
C ost o f operations 14/
19,613,444
1,710,473
Compensation o f o f fic e r s
34/3,316,673 34/319,422
Rant paid on business property
2,165,621
169,602
R epairs 26/
2,178,898
98,312
41
Bad debts
302,372
96,918
42
I n te r e s t paid
1,967,657
311,908
Taxes paid 26/
43
6,298,416
310,209
44
C on tribu tion s or g i f t s 27/
1,284
166,073
46
D ep reciatio n
3,582,323
274,840
46
D ep letion
_
43,177
687,963
47
A m ortisation 28/
658,965
22,467
48
Ret l o s s , s a le s other than e a p ita l a sse ts 20/
262,391
261,662
49
Other deductions
22,225,742
1,662,638
55/208,868,719 56/9,084,017
50
T o ta l compiled deductions
61 Compiled n s t p r o fit or n e t l o s s .(36 la s s SO)
28,686,170 57/751,996
52 Ret Income or d e f l o i t 1/ (61 le s s (26 / 27))
28,398*598 37/771,304
63 Ret operating lo s s deduction 29/
- •
214,068
64 Income su h jeot to exoass p r o fit s ta x 30/
14,199,911
66 Income ta x 51/
4,438,683
56 Dsolared value e x e a a s -p ro fits ta x 32/
162,075
67 Exoess p r o fit s ta x 33/
11,161,517
68
T o tal ta x
15,752,176
59 Compiled net p r o fi t lo s s t o t a l ta x (61 la s s 68)
12,932,995 37/751,996
Dividends paid«
60
Cash and a s s e ts other than own stook
5,662,136
76,794
61
C orp ora tio n 's own stook
208,113
4,106
471,081
401,672
246,616
362,640
648,082
4,464,077
2,324,821
97,406
127,280
4,364,032
45,405
74,429
34,664
11,634
90,416
1,561,694
646,126
46,602
' 39,834
1,049,662
166,217
66,882
116,639
171,681
166,818
1,061,967
596,880
24,677
63,011
1,260,012
9,171
15,207
11,066
2,826
17,403
426,167
199,262
16,674
14,473
316,713
26,869
26,992
8,868
20,963
27,683
408,638
181,734
6,898
10,104
362,673
266,169
104,094
74,638
23,482
14,361
96,316
361,621
328,864
164,048
1,608,866
209,407
1,712,044
264,483
4,384,032
79,617
216,236
86,874
42,644
671,320
22,383
263,007
356,627
1,049,662
15,391
28,426
114,636
28,086
841,811
69,976
617,338
36,092
1,260,012
8,611
29,443
19,183
4,403
196,626
1,861
98,322
66,118
316,713
2,791
120,37«
41,488
11,442
111,737
8,224
70,460
28,194
362,673
1,188
20,278
2,281
88,979
4,022
73,266
1,072
44,669
9,727
469,546
866
47,647
7,662
462,198
10,969
73,276
22,602 1,186,267
22,677
61,464
38,166
101,046
13,421
71,443
9,949
46,869
67,678
447,766
1,977
68,910
34,086
412,749
41,430
102,406
160,366 1,163,903
2,830,186
229,200
393,844
78,674
728,689
11,275
67,653
4,376
246,360
10,636
67,862 1,172,690
4,132
66,20«
131,367
22,965
370,163
128,976
2,417
1,081
106
29
1,181
428
88
4
124
154
8
14
391
224
3
292
1,094
4,662
1,112
38
12,232
177
6,611
768,095
10
121
496
,192
196
58
69
2,716
76,794
l Buber o f returns w ith balance sh eets
Assetsf
p p . 14 - ib
6/
260,841
24
678
6,978
43,742
27,144
2,000
24,573
386
22,678
3,169,885
1,908,621
143,162
40,365
14,081
47,391
3,166
22,768
102,297
2,211
115,137
168,424
6,363
5,084
207,771
2,806,732
363,163
382,461
6,925
86,268
98,235
662
68,828
167,715
216,438
190,660
6,366
(56)
49
668
6,160
1,967
1,706
611
69
6,843
490,028
294,429
57,268
10,860
4,396
7,722
2,233
9,097
17,602
70
28,333
32,272
1,056
3,876
61,746
530,646
37/40,818
37/40,868
.
63,675
3,181
641
606
1,763
113
791
4,420
2
4,144
6,736
793
686
8,205
84,455
37/8,660
T f / 8,670
37/40,818
476,862
7,298
3,902
824
3,566
262
2,663
26,179
813
22,249
64,119
3,094
1,692
26,631
638,662
129,441
129,146
545
31,642
30,718
99
25,618
56,434
73,007
6,350
26
81,695
“
-
-so
!
2
18
437
10,817
44
39
404
-
1,243
270,177
a*
37/8,660
198,426
6,470
1,899
1,468
7,408
244
6,036
10,838
73
6,948
7,636
445
176
13,124
260,078
10,099
10,079
822
1,301
2,996
8
1,018
4,021
6,078
1,006
5
6,108
*
.
.
•
66
896
3,091
102,076
3,692
140,678
1,066
43,702
1,472
73,236
812
142,631
28,364 1,161,375
17,349
610,646
373
18,701
791
23,513
22,302 1,165,267
6,533
16
7
76,939
460
195
492
1,774
1,616
701
604
23
88
1
6,723
116,600
11,863
108,661
6,686
36,330
1,460
62,911
10,836
181,066
207,124 1,464,005
93,097
847,392
6,451
27,196
6,299
24,307
160,366 1,163,903
22,683
36,642
11,725
4,656
53,032
682,381
292,607
16,012
16,102
448,728
67,479
38,966
41,674
33,468
30,451
370,980
184,600
v20,441
16,156
425,212
4,208
7,261
4,958
1,190
6,720
98,395
41,376
6,921
2,905
84,202
641
1,378
202
392
634
7,111
3,671
93
190
6,966
528
745
177
10
2,610
14,272
1,536
1,170
263
18,240
2
8
4
5
36,185
23,645
(36)
16
71
1,865
16,673
3,496
468
2,426
•
100
162
6,666
62,062 1,269,408
1
6
389
22
22
12
61,146
3,081
722
97
668
56
146
1,673
1
1,088
404
13
106
2,148
134
213
84
•
921
167,993
37/1,910
889,661
43,269
12,348
4,826
22,873
930
5,084
36,228
646
33,276
57,336
972
1,986
77,633
L,1671066
102,352
102,266
2,498
26,242
27,310
276
21,206
48,792
‘ 63,560
37/6,235
339
*
23,113
379
1,004
-
-
467
4,533
63,972
37/1,910
sT/i.911
me
•
m
•
•
V o n n eta llie min Mining and quar-l
ing and quarrying ry ln g not
a llo e a b le
Hex
teo n e i
T K ----- teo net
inooms inooms
inooms inooms
112,770
16,066
1,836
544
* 2,906
287
1,644
6,050
8
4,962
2,430
14
1,161
12,640
164,228
57/6,236
37/6,248
.
•
•
.
82,064
2
248
2,176
9,310
21,541
1,218
7,903
64
6,694
642,690
7
8
9
10
11
16,474
12,632
803
1,198
12
42,991
7,969
124,890 62,666
46,606 27,163
18,148 23,686
256,173 147,264
15,666 29,468
100,810 166,030
191,346 16,396
446,728 426,212
3,648
17,764
4,820
8,716
38,068
1,806
18,011
21,461
84,202
433
481
964
66
913
182
3,269
116
6,966
608
5,694
928
361
16,048
4,707
8,301
13,240
13
M
16
16
17
18
19
21
98,698 804,772
38,024 16,304
37,165
8,636
7,321
1,903
1,339
224
22
28
266
77
18
5
6
5
-
24
25
3
49
390
3,062
696
246
1,360
64
2,328
2,328
144,976 329,589
2
69
599
176
186
63
(66)
666
47,438
16
127
266
1
58
36
10
1
9
8
36
9,728
140
1,766
6,171
1,273
176
36
91
26
67
176
4
513
343
7
3
617
8,492
1,236
1,236
39
660
172
9
534
714
521
1,036
129
60
63
13
178
113
45
31
2
23
248
2,769
1,463
1,082
407
156,280
47,718 183,631
28,186
76,719
27,116
8,134
6,676
10,287
11,763
5,023
2,549
4,702
2,462
2,236
713
3,264
766 10,199
1,724
1,258
1,361
438
236
7,001
5,596
1,938
807
20,487
4,997
8,389
1,318
9
SO
283
393
41,110
14,909 12,043
3,069
68,127
291
23,332 10,963
909
44
192
936
606
422
366
1,233
68,696
28,593 32,071
7,071
450,485
163,367 281,966
62,082
92,405 37/18,381 47,621 37/4,644
92,166 37/18,405 47,669 37/4,646
•
2,598
422
.
•
9,862
15,569
25,634
11,406
_
•
188
74
•
«
7,848
12,604
33,669
24,084
68,736 37/18,381 23,536 37/4,644
_
59,846
4,947
6
3,649
20
19,660
30
316
-
(86)
6
_
,
528
-
«.
142
79
’ IS
71
802
2,752
37/987
57/187
_
20
26
27
28
29
30
31
32
33
34
35
36
87
56
39
40
41
42
43
44
45
46
47
48
49
60
51
62
53
54
66
66
57/987
38
67
68
69
60
61
Press Service
No, S-122
3lie the third in the
rt "Statistics of
'income and declared
|c returns» and personal
fcdei* the direction of
|r .
bion income and declared
3 » classified by major
isses in table 2. Tabu
laturns, items of assets
, items of compiled
|tt or net loss» net
¡borne subject to excess
¡its tax» excess profits
__ ___ ___ ________ ____ ___ ____________ I*turn8» total tax,
complied"’nei^profit less Total taxTarid dividends paid by type of dividend.
In analysing the data compiled from returns classified under the major
group "Insurance oarriers, agents, etc,," it should be noted that life
insurance companies are Required to include only interest, dividends, and
rents in gross income. Beginning 1942, life insurance companies were allowed
a "reserve and other policy liability credit" equal to a flat percentage of
investment income less tax-exempt interest. This credit, whioh is deducted
after arriving at net income, takes the place of the deductions for reserve
earnings, deferred dividends, and interest paid, which formerly were allowed
in computing net income. For 1943 the credit rate is 91.98 percent; for
normal tax purposes the aggregate amount of reserve and other polioy lia
bility credit reported on returns with balance sheets is $901,880,385,
applicable only to returns with net income. As an offset to this credit,
adjustment for certain non-life insurance reserves is reported in total
amount of $5,194,445 on returns with balance sheets. The latter adjustment,
which is made in order to include in the tax base the interest received on
non-life insurance reserves, applies only to life insurance companies de
riving a portion of their income from contracts other than life insurance,
annuities, or non—cancellable health and accident insurance.
The statistics are compiled from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of Internal
Revenue and prior to changes«which may result from carry-backs* from
relief granted under section 722, or from the renegotiation of war con
tracts, after the returns were filed. The effect of renegotiation settle
ments reached to date with respect to the tax year 1943 will be shown in
a special tabulation to be included in the complete report, "Statistics of
Income for 1943, Part 2."
TREASURY DEPARTMENT
Washington
FOR RELEASE«
Tuesday, October 29» 19^-6
Press Service
No, S-122
Secretary of the Treasury Snyder today made public the third in the
series of tabulations which will appear in the report "Statistics of
Income for 1943, Part 2," compiled from corporation income and declared
value excess-profits tax returns, excess profits tax returns, and personal
holding company returns. These data are prepared under the direction of
.Commissioner of Internal Revenue Joseph D. Nunan, Jr#
The accompanying tables show data from corporation income and declared
value excess-profits tax returns with balanoe sheets, classified by major
industrial groups in table 1 and by total assets classes in table 2. Tabu
lated under each classification are the number of returns, items of assets
and liabilities as of the close of the taxable year, items of compiled
receipts and compiled deductions, compiled net profit or net loss, net
Income or. deficit, net operating loss deduction, income subject to excess
profits tea:, income tax, declared value excess-profits tax, excess profits
tax as reported on corporation excess profits tax returns, total tax,
compiled net profit less total tax, and dividends paid by type of dividend.
In analysing the data compiled from returns classified under the major
group "Insurance oarriers, agents, etc.," it should be noted that life
insurance companies are ^required to include only interest, dividends, and
rents in gross income. Beginning 1942, life insurance companies were allowed
a "reserve and other policy liability credit" equal to a flat percentage of
investment income less tax-exempt interest. This credit, which is deducted
after arriving at net income, takes the place of the deductions for reserve
earnings, deferred dividends, and interest paid, which formerly were allowed
in computing net income. For 1943 the credit rate is 91.98 percent; for
normal tax purposes the aggregate amount of reserve and other policy lia
bility credit reported on returns with balance sheets is $901,880,385,
applicable only to returns with net income. As an offset to this credit,
adjustment for certain non-life insurance reserves is reported in total
amount of $5,194,445 on returns with balance sheets. The latter adjustment,
which is made in order to include in the tax base the interest received on
non-life insurance reserves, applies only to life insurance companies de
riving a portion of their income from contracts other than life insurance,
annuities, or non-oanceliable health and accident insurance.
The statistics are compiled from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of Internal
Revenue and prior to changes which may result from carry-backs, from
relief granted under section 722, or from the renegotiation of war oontracts, after the returns were filed. The effect of renegotiation settle
ments reached to date with respect to the tax year 1943 will be shown in
a special tabulation to be included in the complete report, "Statistics of
Income for 1943, Part 2."
FOE IMMEDIATE RELEASE,
October È U »
21 196
The Bureau of Customs announced today that the quota of
1,000
pounds of wheat flour, semolina, crushed or cracked wheat, and
similar wheat products, the product of Mexico, which may be entered
for consumption or withdrawn from warehouse for consumption during
29, 19U6, through May 28, 19l*7, established by
the Presidentfs proclamation of May 28, 1
9U1* as modified by the
President*s proclamations of April 13* 1
9U2, and April 29* 19ii3*
the quota year Ifey
has been filled*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
Monday, October 21, 1946
No. S-123
The Bureau of Customs announced today that the quota
of 1,000 pounds of wheat flour,
semolina,
cracked wheat, and similar wheat products,
crushed or
the product of
Mexico, which may be entered for consumption or withdrawn
from warehouse for consumption during the quota year
May 29, 1946,
through May 28, 1947, established by the
President’s proclamation'of May 28, 1^41, as modified by, .
the President’s proclamations of April 13, 1942, and April 29,
1943, has been filled.
oOo
have o nly begun to r e a l i z e the greatness
of t h i s c o u n try a t home and abroad.
But we must never f o r g e t wherein
l i e s our s t r e n g t h .
That u n i t y of
purpose which c a r r i e d us to m i l i t a r y
v ic to ry
i s one of the g r e a t e s t s i n g l e
f o r c e s in the m ajesty of t h i s co un try.
T h is u n it y
y
i s the power of our p a st
achievements and the hope f o r our
f uture.
A,
o Vo
as i n d i v i d u a l s and as c i t i z e n s .
T h e ir s o l u t i o n must come from
w i t h i n , through v ig o r o u s s e l f - d i s c i p l i n e , l
I b e l i e v e t h a t we Americans, as
in d iv id u a l c it iz e n s ,
have the f o r e s i g h t
to see beyond the n a t u r a l
i n t e r e s t we
have in the a f f a i r s of any group to
I
j
which we may belong.
| ¡30 | ieve t h a t we have the
j
f o r t i t u d e to d i s c i p l i n e o u r s e l v e s to
I
the e x e r c i s e of our i n d i v i d u a l
I
re sp o n sib ility .
With these c o n v i c t i o n s !
| am c o n f id e n t we would f i n d t h a t we
|
No f a m i ly f a l l s so low in p r e s t i g e and
r e s p e c t in a community as th a t one which
i s t o rn by i n t e r n a l s t r i f e .
So i t can
well be in world a f f a i r s .
Can we c o n tin u e to d i s m i s s as ju s t
"growing p a i n s " of our American system,
the extremes to which i n d u s t r i a l s t r i f e
has gone in some in s t a n c e s ?
Or the
s e l f i s h g r a s p in g f o r more and more,
r e g a r d l e s s of the p u b l i c w e l f a r e ,
that
has been apparent in some q u a r t e r s of
our economy?
These are problems th a t s t i r deeply,
down to the moral f i b e r s of a l l of us
For the saxe of o u r own w e lf a r e ,
ana f o r the saxe of our i n f l u e n c e in
the w orld, we must combat those f o r c e s
th a t would undermine the economic
progress of t h is country.
For, what s h a l l
or' a n a tio n - -
i t p r o f i t a man —
i f he s h a l l gain the
whole w orld, and lose h i s own s o u l?
I wonder sometimes i f we r e a l i z e
how much the e x p l o i t a t i o n of our
domestic c o n f l i c t s s e r v e s to dim inish
our f o r c e f o r good among n a t i o n s .
o u r p a r t toward r e l i e f of human
s u f f e r i n g throughout the world and
of our e f f o r t s to a t t a i n a broadening
p r o s p e r i t y through the expansion of
in te rn atio n a I trade.
Let us t u r n to the second of the
dangers I mentioned.
Having developed
the m a g n if ic e n t co u n try we have here,
cannot perm it se4 *f—i tat o r - e s - 4 ,
of u n i t y ,
laCK
or laCK of c o o p e r a t io n to
d e s tro y the f r u i t s of these g re a t
accompI i shments.
-
a few weeKS ago.
16
-
I t was my p r i v i l e g e ,
as Chairman of the Boards of Governors,
to p r e s i d e at these meetings.
I
e x p e r ie n c e d at first hand the e n t h u s i a s t i c
sup po rt of r e p r é s e n t â t iv es of many
n a t i o n s f or the p r i n c i p l e s of
i n t e r n a t i onaI good w i l l and cooperation
upon which a l l of us hope w i l l be b u i l t
an era of s p i r i t u a l
He
and m a t e r i a l progrès^
should be proud of the p a r t
the United S t a t e s has p l a y e d in
t h i s endeavor; we should be proud o f
15
A people u n i t e d i s one f o r c e the
f I
n a t i o n s of the world wi I I understand
We have but l a t e l y had a s p l e n d i d
proof that
in te rn e tio n a I cooperation
f o r good can be acco mplis hed, and that
t h i s n a t i o n can occupy a p o s i t i o n of
wise l e a d e r s h i p
in such an e f f o r t .
Bearing f r u i t from f a r - s i g h t e d
p l a n n i n g , the f i r s t annual meetings of
the I n t e r n a t i ona I BanK f o r R e c o n s t r u c t ior
and Development and of the I n t e r n a t i o n a
Monetary Fund were held in
Ju st t h is afternoon,
in New Yo t k ,
the Assembly of the United Nations began
d e I i b e r a t i o n s which a l l
of us hope w i l l
c o n t r i b u t e g r e a t l y to c o o p e r a t i o n among I
nations.
P r e s i d e n t Truman,
in addressing!
t h a t Assembly's opening s e s s i o n , stated
anew the determ i nat i on of the United
S t a t e s to devote i t s every energy toward
p e a c e f u l s o l u t i o n of the problems that
still
t r o u b l e the peo pl es of the world.
We must, a l l o f us, stand behind
the P r e s i d e n t as he
end.
toward that
- 13 wars.
In our own s e l f - i n t e r e s t ,
can
we do other than e x e r t o u r s e l v e s to
the utmost in b u i l d i n g up the p l a n s for
economic s t a b i l i t y ,
looking toward
e f f e c t i n g a genuine world peace?
We
as a people, w i e l d a
c o n t i n u i n g and powerful
toward t h a t end.
influence
We must have patience,
we must s t r i v e f o r u n d e r s t a n d i n g of
our n e i g h b o r s , above a l l
we must s t r i v e
toward a s o l i d a r i t y at home behind the
f o r e i g n p o l i c y program of our country.
The young R e p u b l i c ' s « a n i f e s t a t i o n
of a s u c c e s s f u l democracy s e t a pattern
f o r worldwide p o l i t i c a l
reform,
imbedoe
in the a s p i r a t i o n s of a l l pe o pl es .
During the y e a r s our m a t e r i a l
p r o g r e s s has s e t a goal toward wnich
the r e s t of the world c o n s t a n t l y i s
strivi
, within a generation, th is
f o r c e f o r good in world a f f a i r s has
been ex er t ed mil i t ant. I y a g a i n s t tne
f o r c e s of d e s t r u c t i o n
in two world
From the old world came
seek i ng t h is new, t h i s novel way of
life .
In our growing c i t i e s ,
our f e r t i l e p l a i n s ,
and in
ana in the wealth
of our r e s o u r c e s , we made a p l a c e f o r
them.
I t is not too much to say that
these new c i t i z e n s
in turn made a place
f o r us among the g r e a t n a t i o n s ; f o r out
of t h e i r energy ana z e a l ,
and out of the
s t r e n g t h of t h e i r c h a r a c t e r ,
came much
Even before we were a n a t i o n ,
these sh o re s a f f o r d e d a haven f o r
those trampled under the heel of hate,
of d i s c r i m i n a t I o n , of p e r s e c u t i o n ,
whether p o l i t i c a l ,
relig io u s,
or
economic.
As a y o u t h f u l , growing n a t i o n ,
the United S t a t e s continued to stand
as a beacon f o r a l l mankind, o f f e r i n g
those freedoms of s p i r i t and opportunity
which were p e c u l i a r to t h i s c o u n t r y .
- ychances f o r a pr osperous economy and
our p o t e n t i a l as a f o r c e f o r good in
the world.
To prevent t h i s
is a
r e s p o n s i b i I i t y e q u a l l y of c a p i t a l ,
agriculture,
labor and management.
A g la n c e at h i s t o r y r e v e a l s t h a t ,
whether we have wi I led i t or not, our
co untry has, almost from i t s founding,
e x e r t e d an ever growing i n f l u e n c e upon
world a f f a i r s .
resp o n sib iIity.
'He
He
cannot escape our
must advance or
re c ed e; we cannot stand s t i l l
we move we must move t o g e t h e r .
— and as
-
8
-
con t r i but ions to the n a t i o n a l w e l f a r e
ana to a p e a c e f u l , pro spe ro us world.
There are two c e r t a i n dangers we
must guard a g a i n s t d u r i n g t h i s period
of r e a d j u s t m e n t .
F irst,
although at
times the p r o g r e s s toward a l a s t i n g
world peace seems so p a i n f u l l y slow,
we must c o n s t a n t l y r e s i s t the temptation
to r e t i r e smugly,
into the t en t of a new
i so I at i on ism.
Ano second, we must a l s o see to it
that s e l f i s h n e s s , ana g r a s p i n g d e s i r e s ,
ana lack of u n i t y do not gain ascendency
w i t h i n our c o u n t r y , so as to d e s t r o y our
7
our n a t i o n a l u n i t y and m i l i
g r e a t n e s s , we achieved v i c t o r y over our
enemies, tnere have appeared f o r c e s and
t e n d e n c i e s in our co untry t ha t are more
tnan a l i t t l e
dîsturûing.
I t i s not in any s p i r i t of
M
criticism ,
but r a t h e r from a f e e l in
t we must, as a peop le, e x p e r ie n c e
a r e su r ge n c e of g r e a t n e s s ,
like,
that I should!
t o n i g h t , to suggest t h a t we
thor oug hl y examine o u r s e l v e s ;
t h a t we
look at o u r s e l v e s as i n d i v i d u a l s ,
as c i t i z e n s ,
M
in the l i g h t of our
ana
U
-
6
-
T r u l y , as our world
shr un k, our
p l a c e in i t s a f f a i r s has loomed ever
I arger
u
We have
iad to r a i s e our s i g h t s , am
to expand our t h i n k i n g .
I t augurs well
f o r the n a t i o n a l w e l l - b e i n g t h a t out her
in t h i s almost se I f - ouf f i e-i-e n t mid-west,
the people are so keen ly i n t e r e s t e d in,
and so concerned f o r , our n a t i o n a l
problems and our i n t e r n a t i o n a I
respons i b i I i t i e s .
Yet,
in the l i t t l e more than a year
t h a t has ela ps ed s i n c e ,
at the peak of
United S t a t e s Navy a i r c r a f t ,
the
’' T r u c u l e n t T u r t l e , ” f l y non-stop from
A u s t r a I I a to Oh i o , a d i s t a n c e of 11,236
mijes,
in only 55 ho u rs; and an e q u a ll y
g r e a t Army crew f l y the ’’ Dreamboat”
a c r o s s the P o l a r cap from Honolulu to
C a i r o , 9,500 m i l e s ,
in 39 1/2 hours.
Many o f you here t o n i g h t r e c a l l
our amazed e l a t i o n when, but 19 years
ago, the ” S p i r i t o f St. L o u i s ” flew from
New Yqpk to P a r i s ,
a then almost
u n b e l i e v a b l e non-stop d i s t a n c e .
HoCKies,
into a n a t i o n a l c o n s c i o u s n e s s
t y p i c a l o f the u n i t y that c a r r i e d us 'to
m ilita ry victory.
As a n a t i o n we have
broadened our h o r i z o n s beyond the
%
A t l a n t i c and beyond the P a c i f i c ,
into
a growing a p p r e c i a t i o n of our p o s i t i o n
as a AorId Power s t r i v i n g f or peace and
progre Q c
be
have r e c e n t l y had a s t i r r i n g
demonstration o f the f o r c e s t h a t have
impel lea us along t h i s path.
He
saw
w i t h i n the span o f a few days, a great
During the y e a r s in which i t was my
*
privi
to have a p a r t in your business
-■■•».
i i f e here in St. L o u i s ,
I came to
deep a p p r e c i a t i o n of the t h i n g s t h i s
community stands f o r , symbolic as i t is o
the p r o g r e s s of the Middlewest, of which
i t is the h e a r t .
We have come a long way d u r i n g these
years.
As a community, you here in
St. L o u i s have widened your h o r i z o n s
beyond the A l l e g h e n i e s and beyond the
A n Address by John
-H.
S ny o er ,
S e c r e t a r y of the T r ea su ry Before
the St. L o u i s Chamber of Commerce o n
Octooer 23.
1346
TREASURY DEPARTMENT
Washington
^
Press Serv
No. S-12
>h
FOR RELEASE 9:50 P.M., C.S.T.,
Wednesday, October 25, 1946,
(The following address by Secretary Snyder
before the St. Louis Chamber of" Commerce
in the Jefferson Hotel, St. Louis, Mo.,
is scheduled for delivery at 9:50 P.M.,
C.S.T., Wednesday, October 25, 1946 and
is for release at that time.)
During the years in which it was my privilege to have a
part in your business life here in St. Lov^s, I came to have
a deep appreciation of the things this community stands for,
s y m b o l i c as it is of the progress of the Middlewest, of which
it is the heart.
We have come a long way during these years.
As a commu
nity, you here in St. Louis have widened your horizons beyond
the Alleghenies and beyond the Rockies, into a national con
sciousness, typical of the unity that carried us to military
victory. As a nation we have broadened our horizons beyond
the Atlantic and beyond the Pacific, into a growing apprecia
tion of our position as a World Pnwer striving for peace and
progress.
We have recently had a stirring demonstration of the forces
that have impelled us along this path. We saw within the span
of a few days, a great United States Navy aircraft, the
"Truculent Turtle", fly non-stop from Australia to Ohio, a dis
tance of 11,256 miles, in only 55 hours; and an equally great
^rmy crew fly the "Dreamboat" across the Polar cap from
Honolulu to Cairo, 9,500 miles, in 59 l/2 hours.
Many of you here tonight recall our amazed elation when,
but 19 years ago, the "Spirit of St. Louis" flew from New York
to Paris, a then almost unbelievable non-stop distance.
Truly, as our world has shrunk, our place in its affairs
has loomed ever larger.
2
We have had to raise our sights, and to expand our think
ing.
It augurs well for the national well-being that out here
in this almost self-sustaining mid-west, the people are so
keenly interested in, and so concerned for, our national prob
lems and our international responsibilities.
Yet, in the little more than a year that has elapsed
since, at the peak of our national unity and military greatness,
we achieved victory over our enemies, there have appeared
forces and tendencies in our country that are more than a little
disturbing.
It is not in any spirit of criticism, but rather' from a
feeling that we must, as a people, experience a resurgence of
greatness, that I should like, tonight, to suggest that we
thoroughly examine ourselves; that we look at ourselves as
individuals, and as citizens, in the light of our contribu
tions to the national welfare and to a peaceful, prosperous
world•
There are two certain dangers we must guard against during
this period of readjustment.
First, although at times the pro
gress toward a lasting world peace seems so painfully slow, we
must constantly resist the temptation to retire smugly, into
the tent of a new isolationism.
And second, we must also see to it that selfishness, and
grasping desires, and lack of unity do not gain ascendency
within our country, so as to destroy our chances for a pros
perous economy and our potential as a force for good in the
world. To prevent this is a responsibility equally of capital,
agriculture, labor and management.
A glance at history reveals that, whether we have willed
it or not, our country has, almost from its founding, exerted
an ever growing influence upon world affairs. We cannot
escape our responsibility.
We must advance or recede; we
cannot stand still -- and as we move we must move together.
Even before we were a nation, these shores afforded a
haven for those trampled under the heel of hate, of discrimi
nation, of persecution, whether political-, religious, or
economic.
As a youthful, growing nation, the United States continued
to stand as a beacon for all mankind, offering those freedoms
of spirit and opportunity which were peculiar to this country.
5
Prom the old world came the legions seeking this new,
this novel way of life.
In our growing cities, and in our
fertile plains, and in the wealth of our resources, we made
a place for them.
It is not too much to say that these newcitizens in turn made a place for us among the great nations;
for out of their energy and zeal, and out of the strength of
their character, came much of our vitality as a people.
The young Republic1s manifestation of a successful
democracy set a pattern for worldwide political reform, imbedded in the aspirations of all peoples.
During the years our material progress has set a goal
toward which the rest of the world constantly is striving.
Now, within a generation, this force for good in world
affairs has been exerted militantly against the forces of
destruction in two world wars.
In our own self-interest,
can we do other than exert ourselves to the utmost in build
ing up the plans for economic stability, looking toward
effecting a genuine world peace?
We can, as a people, wield a continuing and powerful
-influence toward that end. We must have patience, we must
strive for understanding of our neighbors, above all we must
strive toward a solidarity at home behind the foreign policy
program of our country.
Just this afternoon, in New York, the Assembly of the
United Nations began deliberations which all of us hope will
contribute greatly to cooperation among nations.
President
Truman, in addressing that Assembly’s opening session, stated
anew the determination of the United States to devote its
every energy toward peaceful solution of the problems that
still trouble the peoples of the world.
We must,, all of us, stand behind the President as he
works toward that end.
A people united is one force the nations of the world
will understand,
We have but lately had a splendid proof that international
cooperation for good can be accomplished, and that this nation
can occupy a position of wise leadership in such an effort.
4
Bearing fruit from far-sighted planning, the first annual
meetings of the International Bank for Reconstruction and
Development and of the International Monetary Fund were held
In Washington a few weeks ago.
It was my privilege, as Chair
man of the Boards of Governors, to preside at these meetings.
I experienced at first hand the enthusiastic support of repre
sentatives of many nations for the principles of international
good will and cooperation upon which all of us hope will be
built an era of spiritual and material progress.
We should be proud of the part the United States has
played in this endeavor; we should be proud of our part toward
relief of human suffering throughout the world and of our ef
forts to attain a broadening prosperity through the expansion
of international trade.
Let us turn to the second of the dangers I mentioned.
Having developed the magnificent country we have here, we
cannot permit impatience, lack of unity, or lack of co
operation to destroy the fruits of these great accomplish
ments .
For the sake of our own welfare, and for the sake of our
influence in the world, we must combat those forces that would
undermine the economic progress of this country.
For, what shall it profit a man — *...or a nation -- if he
shall gain the whole world, and lose his own soul?
I
wonder sometimes if we realize how much the exploit
ation of our domestic conflicts serves to diminish our force
for good among nations;
No family falls so low in prestige
and respect in a community as that one which is torn by
internal strife.
So it can well be in world affairs.
Can we continue to dismiss as just "growing pains" of
our American system, the extremes to which industrial strife
has gone in some instances? Or the selfish grasping for
more and more,, regardless of the public welfare, that has
been apparent in some quarters of our economy?
These are problems that stir deeply, down to the moral
fibers of all of us as individuals and as citizens.
Their solution must come from within,
self-discipline.
through vigorous
5
I
believe that we Americans, as individual citizens,
have the foresight to see beyond the natural interest we have
in the affairs of any group to which we may belong.
I believe that we have the fortitude to discipline our
selves to the exercise of our individual responsibility.
With these convictions I am confident we would find that we
have only begun to realize the greatness of this country at
home and abroad
But we must- never forget wherein lies our strength. That
unity of purpose which carried us to military victory is one
of the greatest single forces in the majesty of this country.
This unity is the power of our past achievements and the
hope for our future.
0O0
mm
- 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. I4.I8, 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.
a m
-
2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be friade
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
■9
.
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99.905> entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
October 3 1 , 19L6
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as 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, i
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
¿4.2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 113> of
the Revenue Act of 19i|l, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
im
- 5 - / ^
H
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS v
F r id a y , October 25, 191*6
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1.3Q0.Q00.000 , or thereabouts, of
Si*
91
in
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series vri.ll be dated
m i l mature
out interest.
January 30. 19k7
*5Sr
October 31. 19li6
, and
XXS:
, v;hen 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, $500,000, 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. Mo™*ay. O ctober 28. 19L6
iff"
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, October 25, 1946
Press Service
No. S-125
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 compe
titive and. fixed-price bidding as hereinafter provided.
The
bills of this series will be dated October 31, 1946, and will
mature January 30,' 1947, when the face amount will be payable
without interest,. They will be issued in bearer form only,
and in denominations of $1,000,
45,000,
$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, October 28, 1946.
T e n d e r s ‘will not
be received at the Treasury Department, Washington,. Each
tender must be for an even multiple of $>1,000, and the price
offered must be expressed on the basis of 100, with not more
than three decimals, e.g,, 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and for
warded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment 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
t rus 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 Treas
ury of the amount and price range of accepted bids.
Those sub
mitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the
right to accept or reject any or all tenders,.in whole or in
part, and his action in any such respect shall be final.
Sub
ject to these reservations, tenders for $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 completad at the Federal Reserve
Bank in cash or other immediately available funds on October 31,
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 A cts 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.
Far 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 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.
Copies of the circular
may be obtained from any Federal Reserve Bank or Branch.
oOo
T reasury Department
Dureau o f In te r n a l Revenue
W ashington, D* C .
Q&gasBsmb
J-/3-6
üf feiterngrihTteyenue-y
announced today th e appointm ent o f H arold Dudley G re e le y , New York
a tto rn e y and a cco u n ta n t, a s a member o f th e E xcess P r o fit s Tax C o u n cil*
sir* G re eley was born in M in n ea p o lis, M inn *, in 1882*
He
re ce iv e d law degrees from New York U n iv e r s ity (L L .B *) and th e U n iv e rs ity
o f Maine (L L.M .) and a ls o took graduate stu d ie s a t Harvard U n iv e r s ity .
He was adm itted to th e bar in New York and C o n n ecticu t and a ls o q u a li
fie d a s a c e r t ifie d p u b lic accountant in New York*
He has been engaged in th e p r a c tic e o f both law and acco u n tin g
sin ce 1912, and has a ls o been a p ro fesso r o f ta x a tio n a t th e New York
Law Sch oo l and a le c tu r e r on ta x a tio n and e s ta te s a t Columbia U n iv e r s ity ,
New York U n iv e r s ity , and o th er in s titu tio n s * ,
..— —-
'
_
M r. G re eley *s appointm ent com pleted th e r o s te r o f th e 15~member
c o u n c il, which r e c e n tly began i t s program o f ad m in isterin g claim s o f
co rp o rate taxp ayers fo r r e l i e f from th e wartime excess p r o fit s t a x ,
under S e c tio n 722 o f th e In te r n a l Revenue Code*
chairm an o f th e co u n cil*
C h a rle s D* Hamel i s
.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, October 29* 1946.______
Press Service
No. S-126
The Treasury Department announced today the appointment of
Harold Dudley Greeley, New York attorney and accountant, as a member
of the Excess Profits Tax Council.
Mr. Greeley’s appointment completed the roster of the 15-member
council, which recently began its program of administering claims of
corporate taxpayers for relief from the wartime excess profits tax,
under Section 722 of the Internal Revenue Code.
Charles D. Hamel is
chairman of the council.
Mr. Greeley was born in Minneapolis, Minnesota, in 1882.
He
received law degrees from New York University (LL.B.) and the University
of Maine (LL.M*) and also took graduate studies at Harvard University.He was admitted to the bar in New York and Connecticut and also
qualified as a certified public accountant in New York.
He has been engaged in the practice of both law and accounting
since 1912, and has also been a professor of taxation at the New York
Law School and a lecturer on taxation and estates at Columbia University,
New York University, and other institutions.
-0O 0-
t B M S m D E P A R T Sif
'Washington
FOR IMMEDIATE RELEASE,
Monday, October 28, 19^6.
P ress S e rv ice
^
/
the Treasury today announced the subscription figures and the basis
of allotment fo r the offering of 7/8 percent Treasury C ertificates of
Indebtedness of Series 1-191*7 in exchange fo r C ertificates of Indebtedness
o f Series <?-19b6, maturing November 1 , 19ii6, in the amount o f 13,777,773,000.
Reports received from the Federal Reserve Banks show that subscriptions
aggregate 13,432,000,000.
Subscriptions in amounts up to and including
125,000, totalin g about #40,000,000, were allotted in fu ll*
Subscriptions
in amounts ever $25,000 were allotted 51 percent on a straight percentage
b asis, but not less than $25,000 to any one subscriber, with adjustments,
where necessary, to the next highest $1,000.
R etails as to subscriptions and allotments w ill be announced when fin al
reports are received from the Federal Reserve Banks.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, October 28, 1946
Press Service
No. S-127
The Treasury today announced the subscription figures and
the basis of allotment for the offering of 7/8 percent Treasury
Certificates of Indebtedness of Series K-1947 in exchange for
Certificates of Indebtedness of Series J-1946, maturing
November 1, 1946,
in the amount of $3?777,773,000,
Reports received from the Federal Reserve Banks show that
subscriptions aggregate $3,432,000,000?
up to and including $25,000,
allotted in full.
Subscriptions in amounts
totaling about $40,000,000, were
.Subscriptions in amounts over $ 2 5 , 0 0 0 were
allotted 5 1 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 final reports are received from the Federal Reserve Banks.
oOo
TREASURY DEPAffHiENT
Washington
1
FOR MLM3&, W O W i m HMSPAPERS,
Tuesdayj October 29, 19b6.
Press Service
M
-i-/2
I
The Secretary of the Treasury announced la s t evening that the tenders fo r
$1*300,000,000, or thereabouts, of 91-day Treasury b ills to be dated October 31, 191*6,
and to mature January 30, 19b?, which were offered m October 25, 191*6, were opened at
the Federal Reserve Banks on October 28«
the d etails of th is issue are as follows s
m
m
Total applied fo r - $l,75b,b60,000
Total accepted
- 1,303,261,000
Average price
(includes $29,bb5»000 entered on a fixed-price j
basis at 99*905 and accepted in fu ll)
- 99*905/ Equivalent rate of discount approx* 0*316% per
1
Range o f accepted competitive bids:
High
Low
- 99*906 Equivalent rate of discount approx. 0*372$ per annua
- 99.905
*
»
*
*
•
0.376$ *
»
(73 percent of the amount bid fo r at the low price was accepted)
Federal Reserve
D istrict
to ta l
Applied for
Boston
lew Toxic
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
3,769,000
1,31*3,216,000
H i,110,000
15,790,000
8, 605,000
1,690,000
273,1*00,000
33,210,000
2,065,000
I k ,915,000
5,71*0,000
&
37,950,000
1
f $1,751»,1*60,000
11,,303,261,000
t
Kansas City
Ball»*
San Francisco
TOTAL
Total
Accepted
2*932,000
990,583,000
10,600,000
13,138,000
7,930,000
,
1 630,000
201,057,000
2k,7»,000
2,065,000
l?.75k,000
,
s k 70»000
29*330,000
TREASURY DEPARTMENT
Washington
POP. RELEASE, MORNING NEWSPAPERS,
Tuesday, October 29,, 1946
Press Service
No. S-128
The Secretary of the Treasury announced last evening
that the tenders for $1,300,000,000, or thereabouts, of 91-day
Treasury bills to be dated October 31, 1946, and to mature
January 30, 1947, which were offered on October 25, 1946, were
opened at the Federal Reserve Banks on October 28.
The details of this issue ’are as follows:
Total applied for - $1,754,460,000
Total accepted
- 1,303,261,000 (includes $29,445,000 entered
on a fixed-price basis at
99.905
Average price - 99.905 / Squiv. rate of discount approx 0.376$
pe r annum
Range of accepted competitive bids:
High - 99.906
Low - 99.905
;quiv
tf
rate of discount approx. 0. 712% ne]
tt
tf
t»
>76$ "
annum
tt
(73 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dalla s
San Francisco
TOTAL
Total
Applied for
Total
Accepted
f;
3,769,000
1,343,216,000
14.110.000
15.790.000
8.605.000
1.690.000
273,400,000
33.210.000
2.065.000
14.915.000
P,740,000
37.950.000
$
$1,754,460,090
$1,303,261,000
oOo
2,932,000
990.583.000
10,600,000
13.138.000
7.930.000
1.690.000
201.057.000
24.732.000
2.065.000
13.754.000
3.470.000
29.310.000
-
2
-
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
•;in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, ARB ROVING WASTE, WHETHER
•:0R NOT MANUEACTIIREB OR OTHERWISE ADVANCED IN VALUE. Annual auotas commencing
September 20, by Countries of Origin:
Total quota, provided, hov/ever, that not more than 33-1/3 percent of the quotas
shall he 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.,.. Prance, Netherlands,...Switzerland,; Belgium,
Germany, and Italy;
i . ' ■
(in Pounds)
*
; ESTABLISHED ; ■IMPORTS
Established ! TOTAL IMPORTS
Country: of Origin ; TOTAL QUOTA ; Sept* 20, 194^ ; 33fl/3$ of :. Sept. 20, 194
t
to Oct. 1?,
i; f Total Quota ; to Opt. 19, 1/
19uo.
196
j
United Kingdom......
Canada..
.......
Prance.*............
British India.......
Netherlands.........
Switzerland.........
Belgium...... .
Japan....... .
China............ ..
Egypt......... .
Cuba................
Germany,............
Italy.
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
TOTALS
5,482,509
l/
31,337
•r -
69,627
—
—
—
—
**
—
—.
100, 961*
Included in total imports, column 2.
-oOo-
' 1,441,152
75,807 ‘
22,747
14,796
12,853
■,r
25,44‘3 ‘‘‘
7,088’ '
1,-599,-886 ■■
- ■■
“
—
“
—
—
...
FOR IMMEDIATE RELEASE
O ctober 29. 191*6_______
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 auotas established by the President's proclamations of September 5, 1939,
as amended by the proclamations of December 19, .1940, -March 31, 1942, and June
29', 1942, during the period September 20, 1946, to O ctober 1 9 , 19l*6.
COTTON HAYING- A STAPLE OF LESS THAN 1-11/16 INCHES"'(OTHER :THAN HARSH OR ROUGH
COTTON OE LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LI1TTERS), -Annual quotas
commencing September 20, by Countries of Origin:
; .
(In Pounds)
Country:of
Origin
Staple, length less
than 1-1/8"
Imports ;Sept, :
{Established: 20, 1946, to ;
Oct. 19, 191*6 :
:
Quo ta
Egypt and the AngloEgyptian Sudan....,.,
783,816
247,952'
P e r u . ......... ,
British India.......... . 2,003,483
China.................. . 1,370,791
. 8,883,259
Mexico..... ........
618,723
Brazil*................
Union of Soviet
475,124
Socialist Republics.,
5,203
Argentina.............. .
,
237
9,-333
Ecuador,...............
752
Honduras..... ......... .
871
Paraguay...............
124
C o l o m b i a . ....
195
Iraq.......... .
.
2,240
British East Africa. .,.
71,388
Netherlands East Indies
Barbados.............. .
Other British Nest
.
21,321
Indies 1
5,377
Nigeria....... .
Other British Nest
16,004
Africa 2 / ....... ....
689
Other French Africa. 3/, ,
Algeria and Tunisia..., ,
14,516,882
1/
2/
3/
Staple length 1-1/8" or more
but less than 1-11/16"
Established.: Imports Sept.
■ Quota
; 20, 1946, to
45,656,420 :0ct. 19, 191*6
• ••:■
163,067
730,262
8,883,259
618,723
13,3214,635
• 3,CW-,883
bint . .
••....
....
$,10U
—.
-
.r, . .
?»
^
-
'.......
'‘•g *......
;— ■
— ■
—
-
—
—
—
—
501
«
-
-
-
10,1*00,1*1$
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
16,373,019
TREASURY DEPARTMENT
Washington
FOR-IMMEDIATE RELEASE,
Tuesday.' October 29, 1946,
Press Service
No. S-129
The Bureau of Customs announced today that preliminary reports frcm the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the Presidents proclamations of September 5, 1939,
as a mended by the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to October 19, 1946.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of
Origin
Staple length less
1 Staple length l-l/8n or more
than 1-1/8”
:
but less than l-ll/l6n
:
:Imports Sept.: Established :Imports Sept.
:Established520, 1946, to î
Quota
;20, 1946, to
Quota
:0ct* 19, 1946: 45,656,420 :0ct. 19, 1946
Egypt and the AngloEgyptian Sudan.......
Peru.............. .....
British India...........
China....'...... .
MEXICO«
Brazil..................
Union of Soviet
Socialist Republics...
Argentina. ..............
Haiti................
Ecuador.................
Honduras .-...............
Paraguay............. ..
Colombia..... .
X^TciCj*
British East Africa....
Netherlands East Indies.
Barbados.... ...........
Other British West
Indies 1/.............
Nigeria.,....... .
Other British Yifest
Africa 2/.............
Other French Africa 3/..
Algeria and Tunisia....
e * 6 a o o o « * o o o o a o e «
» « a o c o e o o o o e o o o o e o *
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
—
1 3 , 324,635
163,067
730,262
3,047,883
—
8,883,259
618,723
—
5,104
—
—
—
—
—
_
—.
21,321
5,377
501
16,004
689
-
_
14,516,882
—
10,400,415
45,656,420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
16,373,019
,
-
-
2
-
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches op more in staple length in the case of the following
countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
iEstablished:T0TAL SPORTS
:ESTABLISHED*
IMPORTS
Country of O rigin »TOTAL QUOTA* Sept* 20, 194-6, 533—1/3/ of :Sep t* 20, 194-6,
:
United Kingdom.. . . .
British I n d ia ,...........
Netherlands. . . . . . . .
Sw itzerland,................
Belgium...........................
Japan, . . . . . . . . . . . . .
China........................... ....
Egypt............. ....................
Cuba...............
Germany,...........................
Ita ly .......................... ..
TOTALS
ito Oct, 19, 194-6îTotal Quota:to Oct, 19, 1946.
4,323,457
239,690
227,420
69,627
31,337
-
1,441,152
75,307
69,627
-
-
22,747
14,796
12,853
-
68,240
—
—
-
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
~
25,443
7,088
-
5,432,509
100,964
1,599,886
-
-
1/ Included in total imports, column 2,
oOo
/
-
-
-
1/
Press;Service
No
S-130
[lie. notice,
lut3 ,. of 9 1 -day
is under compe*provided.
The
1946, and ¥111
[ill be payable
Ir form only', and
[0 0 ,0 0 0 , -'$5 0 0 ,0 0 0 ,
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o ’clock p.m., Eastern
Standard time, Monday, November 4, 1946.
Tenders will not be
received at the Treasury Department, Washington. 'Each tender
must be for an .even multiple of $1,000, and the price offered
must be expressed'on the basis, of 100, with not more than three
decimals ,.e .-g ., 99*925* Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded
in the special envelopes which will b e .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 Treasur
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 ^anks 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 rejec
tion 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
November1 7, 1946.
TREASURY DEPARTMENT
'Washington
FOR RELEASE, MORNING NEWSPAPERS,'
Friday,, November 1, 19^6.
•
' : * ,>
Press,Service
No.. S -130
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 compe
titive and fixed-price bidding a's hereinafter provided.
The
bills of this series will be .dated November- 7, 1$)46, and will
mature February ^6, 19^7, when the face amount will be payable
without interest.
They will be issued in bearer form only, and
in denominations of $1,000,-$5,000, $10,000, $100,000,-$500,000,
and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks.and
Branches up to the closing hour, two o ’clock p.m.. Eastern
Standard time, Monday, November A, 1946. Tenders will not be
received at the Treasury Department, -Washington. -Each tender
must be for an .even multiple of $1,000, and the price offered
must be expressed on the basis of 100, with not more than three
decimals, e.g., 99*925* Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded
in the special envelopes which will b e .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 3anks 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 rejec
tion 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 f u l l , Payment of accepted tenders at the
prices offered must be made or completed at the Federal
Reserve Bank in cash or other immediately available funds on
November 7, 1946.
2
The income derived from Treasury hills, 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 hills shall not have any
special treatment, as such,, under Federal Tax Acts now or
hereafter enacted.
The hills shall he subject to estate, in
heritance, gift, or other excise taxes, whether Federal or
State, hut shall he exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or
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 he considered to be interest.
Under
Sections 42 and 117 (a) (l) of the Internal Revenue Code, as
Amended by Section 115 of the Revenue Act of 1941, the amount
of discount at which bills issued hereunder are sold shall
not he considered to accrue until such hills shall he sold,
redeemed or otherwise disposed of, and 3uch hills are excluded
from consideration as capital assets.
Accordingly, the owner
of Treasury hills (other than life insurance companies) is
sued hereunder need include in his income tax return only the
difference between the price paid for such hills, 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 Wo. .418, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. Copies of the circu
lar may he obtained from any Federal Reserve Bank or.Branch.
oOo
TKEASÜRÏ DEPAKTIffiHT
Washington
m tm a m m RELEASE,
Thursday r October 31» 1^6«
***** S e r v ie
fh» Secretary o f ti» Treasury today announced th# fin a l subscription
and allotm ent figures with respect to the currant offering o f ?/8 percent
Treasury C e rtifica te s o f Indebtedness o f Series i- Î Â I *
Subscriptions far
amounts up to and including $25,000 sere allo tted in f o i l end aasmatod to
1^0,563,000.
Subscriptions and allotments aere â it iÉ d among the several Federal
Reserve D istricts and the Treasury as fo llo sss
Federal Heserve
D istr ict_________
to ta l Subscriptlons Repaired
to ta l Sabscrlptlona A llotted
Boston
I
$
Sea fo r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
81,2«»,000
2,026,663,000
82, 21*9,000
90.592.000
75.380.000
80.539.000
321*,216,000
61*.602,000
.
S t . bon is
66 531.000
Minneapolis
Kansas C ity
D allas
San Francisco
123.102.000
/
tost!
$2,319,000
169.758.000
35.039.000
38. 008.000
66, 855,000
333.899.000
11,288.000
37,715,000
171.263.000
5.778,000
$3,1*32,1*10,0»
$1,77$,552,000
72, 105,000
trcMHiry
1 * 2 ,2 0 8 ,0 0 0
1,036,1*50,000
$2,569,0»
$7,31*1*, 000
39,21*6,000
TREASURY DEPARTMENT
Washington
Press Service
No. S - 1 3 1
FOR IMMEDIATE RELEASE,
Thursday, October 31* 1946
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 K 1947.
Subscriptions for amounts up to and
including $25*000 were allotted in full and amounted to
$40,563*000.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury". as
follows:
Federal Reserve
District
Total Subs criptions Rece ived
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
TOTAL
81,244 ,000
2,026,663 ,000
82.24g .000
90,592 , 0 0 0
75*380 , 0 0 0
80,539 , 0 0 0
324,216 , 0 0 0
64,602 , 0 0 0
66,531 , 0 0 0
123*102 , 0 0 0
72,105 , 0 0 0
333,899 , 0 0 0
11,28 8 ,000
$3*432,410,000
0O0
Total Subscrip
tions Allotted
$
42,208,000
1 ,0 3 6 ,4 5 0 , 0 0 0
4 2 .5 6 9 .OOO
47*344,000
39*246,000
42,319*000
1 6 9 ,7 5 8 , 0 0 0
35*039*000
3 8 ,0 0 8 , 0 0 0
6 6 ,8 5 5 * 0 0 0
37,715*000
1 7 1 *2 6 3 , 0 0 0
5,778,000
$1,774,552,000
PRESS RELEASE
By Under S e cre ta ry o f the Treasury 0 . Max Gardner
October 31* 194-6
In view o f the numerous comments and p erso n al in q u ir ie s th a t have
come to me* some o f w hich have appeared in th e p r e s s , con cern in g the
co n sid e ratio n o f my name by the P re sid e n t fo r appointm ent to th e Court
o f £>aint Jam es, I d e sire to say th a t I have n o t been tendered th e
appointm ent, and, i f I should be so honored, I am n o t in a p o s itio n to
a c c e p t .I I g r e a tly ap p re cia te the con fid en ce o f those who have suggeste
........
my name t© the P resid en t and S e cre ta ry B yrnes.
d
(Do
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, November 1, 19^-6
0.
.
Press Service
'No. S-132
Max Gardner, Under Secretary of the Treasury,
today issued the following statement:
In view of the numerous comments and
personal Inquiries that have come to me, some
of which have appeared in the press, concernthe consideration of my name by the President
for appointment to the Court of Saint James,
I desire to say that I have not been tendered
the appointment, and, if I should be so honored,
I am not in a position to accept.
I
greatly appreciate the confidence of
those who have suggested my name to the President
and Secretary Byrnes.
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
. '■
<; W ! '.
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. I4.I8, 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.
\ |
.
I
s
I\ n
-
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.
I^
The Secretary of the Treasury expressly reserves the right to accept
f
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
November I k . 19li6
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.
bZ
Under Sections
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday» November 5 . 19L6________ .
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
trill mature
out interest.
19R7
, 19^6
NovfrmN»*»
> and
-j When the face amount trill be payable with
They trill be issued in bearer form only, and in denominations
of # , 000* $5 *000, $10,000, $100,000, $500,000, 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, Friday. November 8. 1916
r
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 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
Tuesday, November 5 3 1946
Press Service
No. S - 1 3 3
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 compe
titive and fixed-price bidding as hereinafter provided.
The
bills of this series -will be dated November 14, 1946,. and
will mature February 13 , 194?3 when the face amount will- be
payable without interest.
They will be issued in bearer
form only, and. in denominations of $ 1 ,0 0 0 , $5 ,0 0 0 , $ 1 0 ,0 0 0 ,
$1 0 0 ,0 0 0 , $500,000, and $ 1 ,0 0 0 , 0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock, p.m., Eastern
Standard time, Friday, November *8 , 1946.
Tenders will not
be receoved at the Treasury Department, Washington.
Each
tender must be fbr an even multiple of $1 ,0 0 0 , "and the price
offered must be expressed on the basis of 1 0 0 , with not- more
than three decimals, e.g., 99.925;
Fractions may not be used.
It is urged that tenders be made on the printed forms and fo r
warded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorpo
rated banks and trust companies and fr*Qiri 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 fo)r, unless the tenders
are accompanied by an express guaranty c j f payment by an in
corporated bank or trust company. ;
F
Immediately after the closing hour, tenders will be
opened at the Federal Reserve Banks and Branches, following
which public announcement will be made b y 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 a n y or all tenders, in
whole or in^part, and his action in any such respect shall be
final.' Subject to these reservations, tedders for $2 0 0 , 0 0 0
or^ less from any one bidder at 9 9 * 9 0 5 entered on a fixedprice basis will be accepted irr full. Payment of accepted
,^nc^®:rs
the prices offered must be made ¿>r completed at
the Federal Reserve Bank in cash or other immediately avail
able funds on November 1 \ 3 1946.
2
The income derived from Treasury bills, whether interest
or gain from the salé 6r 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
treatment, as such, under Federal Tax Acts now or hereafter
enacted.
The bills shall be..subject to estate,, inheritance,
gift-, or other excise taxes, whether Federal or State/ but
shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United -States, or by any local taxing '
authority.. For purposes of taxation the amount of discount
at which Treasury bills; are originally sold by the -United
States, shall be considered, to be interest . Under Sections 42
and 117' (a) (1") of the Internal Revenue Code, asV amended by
Section 115 of the. Revenue Act of 19 ^ 1 / 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 are1 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'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. 4l8, as amended, and
this notice, prescribe .the t e rms•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
TREASURI DEPARTMENT
Washington
S
-
l
3
j|
Pres» Service
FOR EEtEASE, MOBKIHG NEWSPAPERS,
Toesday,
5» 191*6.
The Secretary of the Treasury announced la s t evening that the tenders for
#1,300,000,000, or thereabouts, of 91-dagr Treasury b ills to be dated Bovember 7, 19k6, and
to mature February 6, 15%7# which sere offered on November 1 , 19^6, were opened at the
Federal Reserve Banks on lovember U.
The d etails of th is issue are as fd lo w st
Total a l l i e d for - # 1,80ij,8lh,0Q0
Total accepted
- 1,311,97^,000
Average price
(includes |29,lh9,000 entered on a fixed-price
basis at 99*90$ and accepted in fu ll)
~ 99.90$/ Equivalent rate of discount approx. 0*376# per annua
Bangs of accepted competitive bids«
High
Low
- 99*907 Equivalent rate of discount approx* 0*363# per annum
- 99*90$
*
*
0
*
*
0*376# 11 «
(71 percent of the amount bid for a t the lew price was accepted)
Federal Reserve
D istrict
to ta l
Applied to r
Total
Accepted
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Balias
San Francisco
*
t
TOTAL
5 , 8 10 ,0 0 0
1,365,671,000
16,115,000
7,152,000
8,360,000
5,975,000
277,012,000
5,681,000
29,225,000
9,695,000
12,9k8,000
59,150,000
*l,8Qk,8U*,000
lj,389,000
981i,553,ooo
13,21*3,000
5,702,000
7,91*5,000
5,975,000
198,81*3,000
5,275,000
21,1*53,000
3>yi8fQD0
10,338,000
1*5,810,000
* 1 ,3 1 1 ,97k,000
TREASURY DEPARTMENT
Washington
POR RELEASE,. MORNING NEWSPAPERS,
Tuesday, November 5* 1946
Press Service
No. S-I3 4
The Secretary of the Treasury announced last evening that
the tenders for $ 1 13 0 0 ^0 0 0 ,6 0 0 , or thereabouts,, of 9 1 -day
Treasury bills to be dated November 7., 1946, and to. mature
February 6 , 1947, which "were offered on November 1, 1946, were
opened at the Federal Reserve Banks on November 4.
The details of this issue are as follows:
Total applied for - $1,804,814,000
Total accepted
- 1,311 ,'974,000 (includes $29,149,000 entered
on a fixed-price basis at
"0 \
9 9 * 9 0 5 and accepted in full)
Average price
- 199*905 / Evuiv. rate, of discount approx,
0 .3 7 6 $ per annum
Range of accepted competitive bids:
High - 99.907 Equiv. rate of discount approx.
Low - 9 9 . 9 0 5
'
”
"
M
* "
(71
0 .3 6 8 $
0 .3 7 6 $
per annuit
"
"
percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dalla s
San Francisco
Total
Applied for
$
5,810,000
1,365,671,000
18,115,000
7 .1 5 2 . 0 0 0
.
8 380.000
5.975.000
277.012.000
5 .6 8 1 .000
2 9 .2 2 5 . 0 0 0
9.695.000
12.948.000
1 59.150.000
TOTAL
$1,804,814,000
0O0
Total
Accepted
4,389 , 0 0 0
984,553 , 0 0 0
13,243 , 0 0 0 '
5,702 , 000::
7,945 , 0 0 0
5 "975 , 0 0 0 198,843 ,0 0 0
5,275 , 0 0 0
21,453 ,0 0 0
8,448 ,0 0 0
10,338 ,000
45,810 , 000
$1,.311,974, 0 0 0
2
COTTON CARD STRIPS made .from cottons having a staple of .less than* 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, E S T H E R r
OR NOT MAMJRACTITRED OR OTHERWISE ADVANCED IN VALUE«. Annual -quotas commencing
September 20, by Countries of Origin:
.
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
s h a l l b e .filled by..hotton; wastes other, 'than .comber wastes made .from cottons Cl
of 1^3/16;; inches'or. more in staple''length, .in the .case of the. f o l l o w i n g ' "'
countries: TJnit.ed' Kingdom,..Erance,'.. Netherlands, Switzerland, •Relgium,.:. '^.• ”
Germany, and Italy:
*
' •
'
(In Pounds.)
■*....
t
Country of Origin
: ESTABLISHED : IÎ4P0IITS
Established 5 TOTAL IMPORTS.
Sept-,. '20',,1946 , : 33-1/3jo of : Sept, 20, 194
TOTAL' quO-TA -:
# to Oct# 26, X9h6 ; Total Quota : to Oct . 26,1/
19k6
United Kingdom.,♦...
Canada.»«•»•«*.»••••
Erance.
British India.......
Netherlands, f,......
Switzerland.........
Ja/pciii#,.# ••**•••••••••
China••••.»,»»»•»»,»
Egypt--- .....----C\ibct••.♦•••••• ••••••*
Germany..............................
I t al y...♦,»*».»*»*».
TOTALS
l]
:4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76, 329
21,263
'’■'
5,482,509
Included in total imports, column 2,
^
' 1,441,152
31,337
' r-
:r;v
75,807
:
69,627
im
:m
-...
- ....-
'
K)0,961t
;;
22,747
.14,796
12,853
-~
.jt<
25,443
%
— ...
■■■mm■;
mm,,
-mm
r— ... .
:—
r. -
:.
.....
rnm.V. \ ■
. 7,b88
1,599', 886' • • . . . . . .
v ; ;'
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
Liminary reports from the
cto'n vraste chargeable to the
pations of September 5, 1939,
D, March 31, 1942, and June
PLEASE FORWARD 10 COPIES TO ROOM h03, WILKINS
BLDG.
October 2 6 , 19^6.
KOTHER THAN.HARSH OR ROUGH
CHIEFLY USED IN THE MANUk .LIFTERS). "Annual quo tas
..
Country of
'
.Origin.....
V
'
Staple length less
; Staple length 1-1/8" or more
than 1-1/8"
. .but less than 1-11/16"
.
j Imports Sept, : "Established : Imports Sept.
,Established: 20*, 1946 , to :
; 20, 194 6 to
y Quota
Quota
:0et. 2 6 , I 9I4.6: 45,656,420 :0ct. 26, 191*6
Egypt and the AngloEgyptian Sudan........
Peru........ ...........
British India...... . ...
China................. . *
Mexico..... ........ .. ...
Brazil. ....................
Union of Soviet
Socialist Republics,..
Argentina. ................ .
Haiti ................ ....
Ecuador....................
Honduras..... .. ,-k I......
Paraguay. ,......*.-.... ♦.
Colombia............... .
Iraq. .................. *
British East Africa.....
Netherlands East Indies.
Barbados ........... .
Other British T'rest
Indies 1/.»,.,,........
Nigeria.. . . . . . . . . . . . . . . .
Other British Uest
Africa 2 / ..... ...... ...
Other French Africa. 3/..
Algeria and Tunisia....
1/
8/
3/
783,816
-
. 17,051,208
247,952
2,003,483
1,370,791
8,883,259
618,723
160,617
811t,330
3,396,039
■—
■V■■
8,883,259
618,723
475,124
5,203
5,104
237
• 9,1533
752
...
871- ■•••;...
124
195
—
2,240
71,388
- > <•
»
—
—
—
...
'
31,900
—
—
-
-
-
-
-
21,321
5,377
-
501
—
—
16,004
689
_
—
an.
-
-
—
14,516,882
10,482,033
45,656,420
20,479,648
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar*
iminary reports from the
ton vraste chargeable to the
jations of September 5, 1939,
, March 31, 1942, and June
ctober 26, 19U6.
(OTHER THAN.HARSH OR ROUGH
CHIEFLY USED ITT THE MANU(.L UTTERS). 'Annual quo ta s
Country of
" .Origin .
. .
Staple length 1-1/8" or more
Staple length less
than 1-1/81'
jImports Sept,: Established : Imports Sept.
..jjjstabTished: 20*, 1946, to : ' Ojuota
: 20, 194 6 to
Quota
:0ct. 26, 1$?U6 : 45,656,420 sOet. 26, 1$U6
Egypt and the AngloEgyptian Sudan........
Peru..... ...,..........
British India...... .. ..
...... . *
China.
Mexico................ ..
Brazil................% .
Union of Soviet
Socialist Republics,..
Argentina...............
Haiti....... ........
Ecuador.............
Honduras.... ...........
Paraguay,
.....
Colombia................
Iraq....................
British East Africa.....
Netherlands East Indies.
Barbados...... .......
Other British T‘rest
Indies 1/•»,.........
Nigeria.................
Other British Uest
Africa 2 / ....... .
Other French Africa. 3/..
1/
2/
3/
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
. 17,051,208
3,396,039
160,617
811*,330
:
■-
—
—
—
-
*
8,883,259
618,723
475,124
5,203
5,ipl*
237
• 9,-333
¡f •
752
871- ........... 124
195
—
2,240
71,388
-
..........
31,900
.—
-
-
21,321
5,377
_
—
5o-i
16,004
689
-
-
14,516,882
10,i*82,033
45,656,420
20,^79,6^8
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
^FCE IMMEDIATE) RELEASE
November 53 19U6
The .Bureau of Customs anno'OJiced to clay.that preliminary reports from the
collectors of customs; show imports Of cotton and cotton waste chargeable to the
import auotas established by the President* s proclamations of September 5, 19.39,
as amended by the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to October 26, 19l*6.
COTTON HAVING A STAPLE OF LESS THAI'! 1-11/16 INCHES (OTHER THAN. HARSH OR ROUGH
COTTON OE LESS THAN 3/4 INCH' IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU■ FACTORS* OF BLANKETS AND 3LANXETING, AND OTHER THAN .LINTERS), Annual quotas
commencing September 20, by Countries of Origin:
istvit
(In Pounds)
Country of
..Origin
Staple length less.
;_ Staple length 1-1/8" or more
than 1-1/811_______ ; . :but less than 1-11/1611
:Imports Sept,: Established : Imports Sept.
Established:20’, 1946','to” :
Quota
: 20, 194 6 to
Quota
:Qct« 26, 191*6: 45,656,420 ;Qct. 26, 19l*6
Egypt and the AngloEgyptian Sudan........
Peru................. ..
British India......
China. ..................
Mexico..... ,V....
Brazil.... ,.............
Union of Soviet
Socialist Republics,..
Argentina............ . f
Haiti...................
Ecuador............. ......
Honduras.... ...........
Paraguay.
,. ,..
Colombia................
Iraq....................
British East Africa.....
Netherlands East Indies.
Barbado s...... .
Other British T‘rest
Indies l/..... ♦......
Nigeria.................
Other British West
Africa 2 / ....... .
Other French Africa.3/..
Algeria and Tunisia,....
783,816
247,952'
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
. 9,-333
752
871124
195
2,240
71,388
.
:
—
8,883,259
618,723
— '
5,101*
*
V
'
_
•
............
31,900
21,321
5,377
16,004
689
14,516,882
1/
2/
3/
17,051,208
3,396,039
- ;
160,617
8111,330
10,1*82,033
45,656,420
20,1*79,61*8
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
TREASURY DEPARTMENT
Washington
Press Service
No. S-135
for immediate release ,
■iw.sdav, November 5, 1940»
The Bureau of Customs announced today that preliminary reports from the
Hectors of customs show imports of cotton and cotton waste chargeable to the
-hnnort quotas established by the President's proclamations of September 5, 1939,
as^amended by the proclamations of December 19, 19AO, March 31, 1942, and June
29 1942, during the period September 20, 194 6 , to October 26, 1940«
mTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUt?aPTIIRE OF BLANKETS AND BLANKETING, AND OTHER THAN RENTERS),
Annual quotas
S Z i n g September 20, by Countries of Origin:
(In Pounds)
Country of
Origin
Egypt and the AngloEgyptian Sudan.........
Peru. ....»*♦♦• **• .... .
British India.......... .
China.
Mexico..... ........ .
Brazil................. .
Union of Soviet
Socialist Republics..••
Argentina........ .
Haiti........ .
Ecuador............. .
Honduras.................
Paraguay.......... .
Colombia............... .
Iraq....................
British East Africa......
Netherlands East Indies..
Barbados
.... •••••
Other British west
Indies 1/........ .
•
Nigeria..................
Other British West
Africa 2/....... .
Other French Africa 2/•• •
Algeria and Tunisia.... .
1/
2/
3/
Staple length lesb
than 1-1/8"
:Imports Sept*
Established:20, 1940, to
Quota
jOct. 26, 1946
Staple length 1-1/8" or more
but less than 1-11/16"
Established : Imports Sept.
Quota
: 20, 1946, to
45,656,420 f. Oct. 26, 1946
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
1 6 0 ,617
814,330
8,883,259
618,723
17,051,20S
3,396,039
475,124
5,203
237
9,333
'752
871
—
5,104
-
31,900
124
195
2, 2 4 0
71,388
21,321
5,377
501
—
689
«
-
14,516,882
10,482,033
1 6 ,004
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar*
20,479,648
W
~r~^gL
-
2
-
fOTTON CARD STEEPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND BOVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shanl 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,
Gem a n y , and 11 aly s
(In Pounds)
Established
Country of Origin :
TOTAL QUOTA
United Kingdom....
Canada.... ..... .
France«.... .
British India.....
N etherlands.......
Switzerland.......
Belgium........ . •
Japan...... .
China.
Egypt............
Cuba........ ....
Germany......... .
X13.1y
TOTALS
1/
*
TOTAL IMPORTS : ESTABLISHED
Sept« 20, 1946 : 33-1/3$ of
to Oct. 26,1946: Total Quota
4,323,457
239,690
227,420
69,627
31,337
-
68,240
-
1,441,152
75,807
22,747
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
-
14,796
—
-*
-
12,853
—
—
5,482,509
69 , 6 2 7
—
100,964
Included in total imports, column 2»
-h
o
O
o
-
-
—
25,443
7,088
1 ,5 9 9 , 8 8 6
IMPORTS ,
:Sept« 20,1946 to
: Oct. 26,1946 1/
-
—
—
—
—
—
-
-
STATUTORY DEBT LIMITATION
AS Of OCTOBER SU" 1946
6>f /F^
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) , Hshall not exceed in the
aggregate $275,OCX),000,000 outstanding at any one time, for purposes of this section
the current redemption value of any obligation issued on a discount basis which is
redeemable prior to maturity at the option of the holder shall be considered as its
face amount.n
?he following table shows the face amount of obligations outstanding and the face
amount which 'can still be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding October 31, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills........... ..$ 16,987,448,000
Certificates of indebtedness.... 32,477,753,000
Treasury notes..... .... ..
19 ,354,334,600 $ 68,819,535,600
Bonds
Treasury.
119,322,900,450
^Savings (currentredemp.value) 49,624,316,866
Depositary.............
383,370,500
Armed forces Leave .......
70,263,200
Special funds
Certificates of indebtedness.. 11,580,100,000
Treasury notes.......
12,435,271,000
Total interest-bearing.............
Matured, interest-eeased....................
Bearing no interest
V
War savings stamps......
82,988,276
Excess profits tax refund bonds. ____54,564,841
Total..............
•
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: f.l.A. ..........
43,553,636
Demand obligations: C.C.C. .....
335,955,586
Matured, interest-ceased......... . • ....... ••
$275,000,000,000
169,400,851,016
24.015,371,000
262,235,757,616
235,535,800
117,553,117
262.588,846,533
377,509,222
-----8,301,175
385.810,597
$262.974.656 ,93
Grand total outstanding.... ...... ............. •..... .
12.025,343,07
Balance face amount of obligations issuable under above authority.....
Reconcilement with Statement of the Public Debt — October 31, 1946
(Daily Statement of the United States Treasury, November 1, 1946)
Outstanding October 31, 1946
263,531,856,3]
Total gross public debt................................... .
385.810,3
Guaranteed obligations not owned hjr the Treasury.............
263,917,666,7(
Total gross public debt and guaranteed obligations
Deduct - other outstanding public debt obligations
943.009 X
not subject to debt limitation ............ ............
262.974,656^9!
STATUTORY DbBT LIMITATION
AS OF OCTOBER 31,,1946
November 6 , 1946
Section 21 of the Second Liberty Bond Act., as amended., provides that the face
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 4275*000,000,000 outstanding at any one time.
For purposes
of this section the current redemption value of any obligation issued on a discount
basis which is redeemable prior to maturity at the option of the holder shall be
considered as its face amount,”
amount
The following table shoves the face amount of obligations outstanding and the face
which can still be issued under this limitation:
amount
Total face-amount that may be outstanding at any one time
^275* 000,000, OQC
Outstanding October 31, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills,,............ V 16,987,448,000
Certificates of indebtedness
32,477,753*000
Treasury notes............ .
19»354» 334» 600 4 68,819*535*600
Bonds •
. Treasury....,.... ,...... ,.
119*322,900,450
«■Savings (current reemp,value )49* 624* 316,8 6 6
Depositary................
383* 370,500
A r m e d Forces Leave.,.•••••
70»263»200
Special Funds
Certificates of indebtedness 11,580,100,000
Treasury notes...........•
12,435»271»000
Total interest-bearing.,, .......... * • .
Matured, interest-ceased.......................
Bearing no interest.
War savings stamps,.,.......
82,988,276
Excess profits tax refund bonds
34»564*841
Total.
..... .............. ......
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A. .........
43*553*636
Demand obligations: C.C.C...
333»955,586
Matured, interest-ceased.... .
169* 400,851* 016
24»015»371»000
, * ,
262 235 757 616
235* 535* 800
117» 553»117
262,588,846,533
377,599*222
.......8,301,175
385,810,397
Grand total outstanding.
....
ialance face amount of obligations issuable under above authority....
262,974,656,939
12,025,343,070
Reconcilement with Statement of the Public .Debt - October 31* 1946
(Daily Statement of the United States Treasury, November 1, 1946)
Mstanding October 3.1*. 1946
Total gross public d
e
b
t
.
vv
•
263*531*856,311
385,810,397
Guaranteed obligations not owned by the Treasury ♦.... •. •*... • •. •«•
263,917*666,708
Total gross public debt and guaranteed obligations............**•»
)educt - other outstanding public debt obligations
943,009,778
not subject to debt limitation
t’...
...
262,974*656,930
>-136
the border immediately f o r use in the Veterans Emergency
Housing Program.
/The
a tt a c h e d . ^
3
The r e g u la tio n s i n s t r u c t C o l l e c t o r s o f Customs to
suspend the l i q u i d a t i o n o f e n t r i e s f o r a period o f 45 days
from the date o f e n try when the importer announces on en try
t h a t f r e e e n tr y w i l l he claimed pursuant to the Proclamation.
T h is w i l l g i v e importers an op po rtu n ity to a p p ly to the
Housing E x p ed iter f o r a c e r t i f i c a t i o n in cases not provided
f o r in the r e g u l a t i o n , and w i l l hold the tr a n s a c t io n open
pending the d e c is io n o f the Housing E x p e d ite r .
Importers o f manufactured wood products c l a s s i f i a b l e
under S e c tio n 412, such as p r e fa b r ic a te d houses or panels
f o r p r e fa b r ic a te d houses, w i l l forward co p ies o f t h e i r
Customs e n t r i e s to the o f f i c e of the Housing E x p e d ite r f o r
c e r tific a tio n .
The o f f i c e of the Housing E xp ed iter s t a t e s th a t the
great
bulk o f d u t y - f r e e imports w i l l be house co n stru ctio n
lumber.
The need f o r packing boxes i s made im perative by
the f a c t th a t many a r t i c l e s used in housing cannot be
shipped uncrated and th a t a shortage o f boxes could e a s i l y
d e la y completion o f homes.
Approximately 1,200,000,000 board f e e t of tim ber,
lumber and lumber products are expected to be imported in
1946.
A backlog o f lumber shipments has been h eld up along
the Canadian border by Canadian p ro d u cer-exp o rters aw aiting
announcement o f d u t y - f r e e entrance in to t h i s country.
Housing o f f i c i a l s exp ect t h i s lumber to b egin moving across
The r e g u la tio n s is su e d today au th o rize C o l l e c t o r s of
Customs to permit these a r t i c l e s to he entered f o r con
sumption or withdrawn from warehouse f o r consumption on or
a f t e r the d ate o f the Proclam ation, and u n t i l the termina
t i o n o f the p r o v is io n s o f the V eterans Housing Act of 1946,
or u n t i l the P resid e n t shal^
d e c la r e th a t the emergency
d e c la r e d in the Proclamation has term inated, whichever s h a ll
fir st
occur, f r e e of the duty provided f o r in the T a r i f f Act
o f 1930 and the import ta x e s provided f o r in S e c tio n 3420 of
the In te r n a l Revenue Code, which import ta x e s are designated
as ”d u t i e s ” by S e c tio n 3430 of the In te r n a l Revenue Code.
The r e g u la tio n s a ls o announce th a t the Housing
E x p ed iter may d e sig n a te and c e r t i f y a d d itio n a l item s, par
t i c u l a r l y c e r t a i n manufactures o f wood c l a s s i f i a b l e under
paragraph 412 o f the T a r i f f A c t , and a u th o r iz e s C o l l e c t o r s
o f Customs to accord f r e e e n tr y to such a d d i t i o n a l items as
are c e r t i f i e d d i r e c t l y to them by the Housing E x p ed iter in
connection w ith s p e c i f i e d e n t r i e s .
I f c e r t a i n manufactures o f wood c l a s s i f i a b l e under
paragraph 412 are in p a rt o f copper (such as w eath er-stripp in g
th e y w i l l be exempt from the import t a x , or d u ty, on copper
provided f o r in S e c tio n 3425 o f the In te r n a l Revenue Code.
TREASURY DEPARTMENT
W a s h in g to n
FOR IMMEDIATE R ELEASE
T h u r s d a y , N ovem ber 7, 19^6
_
P r e s s S e r v ic e
Wo#
- ' ^ 7
S e c r e ta r y Snyder today made p u b lic the re gu latio n s under
which s i x groups o f tim ber, lumber and lumber products may
be imported f r e e o f d u ty, in compliance w ith P r e s i d e n t i a l
Proclam ation 2708, dated October 25, 19^6.
The Proclamation provided th a t Housing E xp ed iter Wilson
W. Wyatt should fu r n is h to the S e c r e ta r y o f the Treasury a
list
of a r t i c l e s
s u i t a b l e fo r the c o n s tr u c tio n or completion
o f housing accommodations, to a s s i s t i n a l l e v i a t i n g
an un-
precedented emergency shortage o f housing, p a r t i c u l a r l y fo r
vete ran s o f World War IX and t h e i r f a m i l i e s ,
f o r e n tr y free
o f import l e v i e s .
The fo llo w in g l i s t o f m a t e r i a l s , covered by the r e g u la
t i o n s , was submitted by Mr. Wyatt:
1.
Sawed lumber and timber o f variou s woods.
2.
„ flo o r in g of, maple (excep t Japanese maple),
C b ir c h and jbee ch.
3.
Plywood.
4.
Packing boxes (empty), and packing box shooks.
5.
Red cedar s h i n g le s .
6.
Sawed limber and tim b er, not fu r th e r manu
fa c tu r e d than planed, and tongued and grooved.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, November 7* 1946
Press Service
No. S-137
Secretary Snyder today made public the regulations
lumber and lumber pro
ducts may be imported free of duty,.in compliance with
P r e s i d e n t i a l Proclamation 2708, dated October 25* 19-46.
under which six groups of timber,
The Proclamation provided that Housing Expediter
Wilson W. Wyatt should furnish to the Secretary of the
Treasury a list of articles suitable for the construc
tion or completion of housing accommodations, to assist
In alleviating "an unprecedented emergency shortage of
housing, particularly for veterans of World War'll and
their families"* for entry free of import levies.
The following list of materials,
lations, was submitted by Mr. Wyatt:
covered by the regu
1.
Sawed lumber and timber of various w o o d s .
2.
Flooring of maple (except Japanese maple),
birch and beech.
3.
Plywood.
4.
Packing boxes (empty), and packing box shooks.
5.
Red cedar shingles,
6.
Sawed lumber and timber, not further manufac
tured than planed, and tongued and grooved.
The regulations issued today authorize Collectors of
Customs to permit these articles to be entered for consump
tion or withdrawn from warehouse for consumption on or
after the date of the Proclamation, and until the termina
tion of the provisions of the Veterans Housing Act of 1946
or until the President shall declare that the emergency
declared in the Proclamation has terminated, whichever
shall first occur, free of the duty provided for in the
Tariff Act of 1930 and the import taxes provided for in
Section 3420 of the Internal Revenue Code, which import
taxes are designated as "duties" by Section 3430 of the
Internal Revenue Code.
2
The regulations also announce that the Housing
Expediter may designate and certify additional items,
particularly certain manufactures of wood classifiable
under paragraph 412 of the Tariff Act, and authorizes
Collectors of Customs to accord free entry to such addi
tional items as are
certified directly to them by the
Housing Expediter in connection with specified entries.
If certain manufactures of wood classifiable under,
paragraph 412 are in part of copper (such as weather-^
stripping), they will be exempt from the import tax, or
duty, on copper provided for in Section 3425 of the
Internal Revenue Code.
The regulations instruct Collectors of Customs to
suspend-the liquidation of entries for a period of 45 days
from the date of entry when the importer announces on entry
that free entry will be claimed pursuant to the Proclama
tion.
This will give importers an ^opportunity to apply to
the Housing Expediter for a certification in cases not pro
vided for in the regulation, and will hold the transaction
open pending the decision of the Housing Expediter.
Importers of manufactured wood products classifiable
under Section 412, such as prefabricated houses or panels
for prefabricated houses, will forward copies of their
Customs entries to the Office of the Housing Expediter
for certification.
The Office of the Housing Expediter states that the
great bulk of duty-free Imports will be house construction
lumber.
The need for packing boxes Is made Imperative 'by
the fact that many articles used in housing cannot be
shipped uncrated and that a shortage of boxes could easily
delay coipletion of homes.
Approximately 1,200,000,000 board feet of timber,
lumber and lumber products are expected to be imported In
1946. A backlog of lumber shipments has been held up along
the Canadian border by Canadian produaer-exporters awaiting
announcement of duty-free entrance into this country.
Housing officials expect this lumber to begin moving across
the border Immediately for use In the Veterans Emergency
Housing Program.
(The regulations are attached)
oOo
012.1
(T. D. 51565)
EMERGENCY - FREE ENTRY OF TIMBER, LIMBER,
AND LIMBER PRODUCTS
Timber, limber, and. limber products designated arid certified
by Housing Expediter to be admitted free under regulations
pursuant to proclamation of the President under section 313,
Tariff Act of 1930.
TREASURY DEPARTMENT
WASHINGTON, D. C.
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED!
TITLE 19 —
CHAPTER I —
PART 53 —
CUSTOMS DUTIES
BUREAU OF CUSTOMS
FREE IMPORTATION PURSUANT TO PROCLAMATION OF THE
PRESIDENT UNDER SECTION 318, TARIFF ACT OF 1930.
Sec. 53*3 Timber«, limber, and limber products specified
by Housing Expediter admissible free of duty and import tax.—
(a) pursuant to the authority contained in the proclamation of
the Presidert dated October 25, 1946 1/ collectors of customs are
hereby authorized to admit free of duty, and import taxes pro
vided for in section 3420, Internal Revenue Code, if entered
for consumption or withdrawn from warehouse for consumption on
and after the date of the proclamation and until the termination
of the provisions of the Veterans' Emergency Housing Act of 1946,
or until the President shall have declared that the emergency
declared in the proclamation has terminated, whichever shall
first occur, the classes of timber, lumber, and lumber products
set forth in the following list 2/ which have been designated
and certified by the Housing Expediter as timber, lumber, or
limber products suitable for the construction and/or
completion of housing accommodations;
1/
See page
4»
2/
The fact that rates of duty on articles covered by the list
have been reduced pursuant to trade agreements is immaterial
for the purposes of this regulation.
1. Sawed lumber and timber, not specially provided forj
all the foregoing, if of fir, spruce, pine, hemlock, or larch,
classifiable under paragraph 401^ Tariff Act of 1930, and
section 3424, Internal Revenue Code.
2. Maple (except Japanese maple), birch and beech:
Flooring, classifiable under paragraph 402, Tariff Act of
1930.
3# Plywood, classifiable under paragraph 405, Tariff
Act of 1930.
4* Packing boxes (empty), and packing box shooks, of
wood, not specially provided for, classifiable under para
graph 407, Tariff Act of 1930.
5. Red cedar shingles, such as are provided for in
paragraph 1760, Tariff Act of 1930, and subject to duty under
the Act of July 1, 1940 (19 U.S.C. 1332a).
6.
Sawed lumber and timber, not further manufactured
than planed, and tongued and grooved, all the foregoing not
specially provided for, classifiable under paragraph 1803,
Tariff Act of 1930, and section 3424, Internal Revenue Code.
(b) The Housing Expediter may designate and certify
under the proclamation other articles or classes of articles,
such as millwork as defined in Civilian Production Ad
ministration Order L-359, paragraph 5, of October 18, 1946,
prefabricated and ready-cut houses, portable houses, pre
fabricated panels for houses, and panelized parts, all the
foregoing in chief value of wood* In such an event, the
Housing Expediter will forward his certificate to the
Secretary of the Treasury and the list in paragraph (a)
will be amended, or he will forward a certificate covering
each entry directly to the collector of customs* Collectors
of customs are hereby authorized to grant entry free of duty,
and import taxes provided for in section 3420, Internal
Revenue Code, to articles covered by such certificates when
the articles are entered for consumption or withdrawn from
warehouse for consumption during the period prescribed in
paragraph (a).
(c) The usual procedure provided for in the Customs Regu
lations of 1943 (19CFR, Cum. Supp., Chapter I), as amended,
shall be followed in connection with entries covering articles
within the scope of the proclamation, except that the liquidati
- 3 of such, entries covering articles not included, in the list in
pnrcLgrsph (a) of this section shs.ll he suspended xor s period, of
45 days after the date of filing if they bear a notation in sub
stantially the following language: "Suspend liquidations; certi
fication under Proclamation No. 2708 applied for." When a
certificate of the Housing Expediter designating the mer
chandise in accordance with the proclamation is not received
vdthin the 45-day period, the entry shall be liquidated in
the usual course of business, except that the collector may
grant extensions of the period for such further periods and
under such circumstances as he may deem appropriate, and that
a certificate received after the 45-day period but before
the liquidation of an entry shall be accepted as the basis
for free entry under the authorization contained in paragraph
(b) of this section.
(d) The import tax prescribed in sections 3420 and 3425,
Internal Revenue Code, for articles dutiable under the Tariff
Act of 1930, containing 4 percent or more of copper by weight,
but which are not in chief value of copper, is not applicable
to articles in chief value of wood which are certified
pursuant to these regulations.
(e) As time is an important factor in efforts to cope with
the housing emergency, publication of notico and public procedure,
as provided for in the Administrative Procedure Act (Public Law
No.'404, 79th Congress), arc found to be impracticable. (Sec.
318, 46 Stat. 696; 19 U.S.C. 1318. Proc# 2708, Oct. 25, 1946;
F. R*
)
0. Max Gardner
Acting Secretary of the Treasury
- 4
PROCLAMATION 2708
1/ EMERGENCY DUE TO HOUSING SHORTAGE— FREE IMPORTATION
OF TIMBER, LIMBER, AND LIMBER PRODUCTS
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
WHEREAS the long-term housing shortage and the war have
combined to create an unprecedented emergency shortage'of housing,
particularly for veterans of World War II and their families] and
WHEREAS section 1 of the Veterans* Emergency Housing Act of
1946 recognizes the aforesaid unprecedented emergency] and
WHEREAS it is imperative that immediate action be taken on
a temporary basis to increase the available supplies of timber,
lumber, and lumber products for housing purposes:
NOW, THEREFORE, I, HARRY S. TRUMAN, President of the United
States of America, under and by virtue of the authority vested
in me by the Constitution and laws of the United States, and in
particular by section 318 of the Tariff Act of 1930 (46 Stat.
5 9 0 , 6 9 6 ), do hereby declare an emergency to exist, and do hereby
authorize the Secretary of the Treasury to permit, until the
termination of the provisions of the Veterans’ Emergency Housing
Act of 1946, or until the President shall have declared that the
emergency declared herein has terminated, whichever shall first
occur, under such regulations and subject to such conditions as
the Secretary may deem necessary, the importation free of duty
of any articles which the Housing Expediter designates and certi
fies as timber, lumber, or lumber products suitable for the con
struction or completion of housing accommodations,
IN WITNESS WHEREOF, I have hereunto set my hand and caused
the seal of the United States to be affixed,
DONE at the City of Washington this 25th day of October
in the year of our
Lord nineteen hundred
and forty-six, and of
(SEAL)
the Independence of
the United States of
America the one hundred
and seventy-first
TRIM AN
1
have a f i r m b e l i e f t h a t the
same system of f r e e e n t e r p r i s e th a t
made our own c o u n try s t ro n g and
p ro sp ero u s no la s the g r e a t e s t promise
to the world f o r p r o s p e r i t y and
-
26
-
but submerge immediate s e l f - i n t e r e s t s
and c o n c e n tra te on long-range
advantages.
I f we can match the elements of
m a t e r ia l stamina t h a t e x i s t
in our
country with an equal moral stamina,
th ere need be no i n t e r r u p t i o n of our
e ra of p r o g r e s s .
Then, our American
system of democracy and f r e e e n t e r p r is e
will
c a r r y us forward to new h e ig h ts
of p r o s p e r i t y at home, and to new
h e ig h t s of o p p o r t u n it y in the community
of n a t i o n s .
of our people r e p r e s e n t a tremendous
p u r c h a s in g power.
There i s the deaana
f o r consumer goods, a v a s t , u n s a t i s f i e d
demand a t home and throughout the
world.
There i s the g r e a t p o t e n t i a l
expansion of our f a c i l i t i e s f o r
p r o v i d i n g p ro d u c ts and s e r v i c e s f o r
our own c o u n try and f o r e x p o r t .
As 1 have s a i d b e fo r e ,
I do not
b e l i e v e there i s reason f o r a depression
psych o lo g y. Most of our s o - c a l l e d
o b s t a c l e s to c o n t i n u in g economic
w e ll-b e in g wi l l
d is a p p e a r
i f we w i l l
24
from our concern f o r a s t a b l e world
economy.
A c o n t i n u in g p r o s p e r i t y in
these U nited S t a t e s in the long run
will
c o n t r i b u t e more d e c id e d ly to
world h e a lt n than a l l the s t e p s we have
taken thus f a r .
There are many elements of
s t r e n g t h in our p re se n t s i t u a t i o n that
hold f o r t h a promise of co n tin u ed f u l l
p r o d u c tio n and wi de d i s t r i b u t i o n of
goods, and of an expanding t r a d e
a long p e r io d ahead.
fo r
C u r re n t record
e a r n in g s ana the accumulated s a v in g s
as tnose i n v o l v i n g labor ana management,
annoying ones, such as our temporary
s h o rt a g e s of t h i s or t h a t .
But along w ith our amazingly rapid
r e c o n v e r s i o n to peace,
t i a e of p r o a u c t io n ,
in the s w e l l i n g
in the r e c o r d level
of empIoyment, and in the g r e a t e s t
m a t e r ia l p r o s p e r i t y we or any o ther
n a t io n has ever a c h ie v e d , we must fin d
time to c o n s i d e r our i n t e r n a t i onaI
resp o n sib i I ¡ t i e s .
A c t u a l l y we cannot s e p a r a t e our
cancern f o r a s t a b l e economy at home
have to combat i s the tem ptation to
c o n c e n t r a t e our a t t e n t i o n , and our
e n e r g i e s , on our own domestic a f f a i r s ,
to the e x c l u s i o n of i n t e r n a t i o n a I
re sp o n s ib iIitie s .
I t i s t r u e th a t we
can meet tnose r e s p o n s i b i I i t i e s only if
we remain s t ro n g ana h e a lth y at home.
But we must not e n t i r e l y
lose s i g h t
of the r e s t of the world in our
p re o c c u p a tio n w ith p o l i t i c a l and
economic c o m p li c a t io n s here.
No one would deny t h a t we do have
problems a t nome - - s e r i o u s ones, such
i n f l u e n c e f o r world betterment
d i s s i pated.
i ng on w ith the
a t ie n c e f o r
job has c o n t r i b u t e d much to our materia
p r o g r e s s as a n a t io n .
But we should
never have any i I l u s i o n s about the
e x t e n t of time and e f f o r t n e c e s s a ry to
cure the i l l s of a war-wrecked u n iv e r s e . !
He must d i s p l a y
f o r b e a r a n c e , we must
s t r i v e f o r sympathy and un derstanding
w ith our n e ig h b o r s .
Above a l l ,
we must
not become d is c o u ra g e d .
Another danger we American people
I
I
-
¿U
-
Our c o n t r i b u t i o n s to these
i n t e r n a t i o n a l c o o p e r a t iv e e n t e r p r i s e s
f o r world r e c o v e r y and p r o g re s s
c o n s t i t u t e a b e g in n in g , r a t h e r than
the f u l f i l l m e n t of our aims.
We must guard a g a i n s t t h a t q u a lit y
of impatience in our American character
which might impel us in to a "w hat’ s
the use" psych o lo g y.
We must not d r i f t
in to a new i s o l a t i o n i s m of f r u s t r a t i o n
under which t h i s r i c h e s t and most
powerful n a t io n w i l l j l e t
i t s p o t e n t ia l
f o r ^ o r I a le & d e rsh ip be curbed or Its
O b vi o u sl y the United S t a t e s must
be the major source of such p r i v a t e
c a p ita l for several
years, since
v i r t u a l l y a l l c r e d i t o r n a t i o n s have
been devas ta te d by war.
Th is prospect
o f f e r s a c h a l l e n g e to the a b i l i t y of
our c a p i t a l to f u n c t i o n
and f l e x i b l y .
/
P P tS l
Jf
| J'
S
" '•
|
‘ -"
inteI Iig e n tIy
U n l e s s i t a v o i d s the
|
1 |
|
^
m is t a k e s of the pa st we w i l l
have
wasted not only our r e s o u r c e s , but
a critic a l
o p p o r t u n i t y and
responsibi I i t y .
f t must remember that
unproductive c a p it a l
impoverishes both
the lender and the borrower.
e n t e r p r i s e and p r i v a t e c a p i t a l
venture.
Once the i n s t i t u t i o n s we have
helped to c r e a t e , and our d i r e c t
advances ana r e l i e f e x p e n d it u r e s have
g i v e n new l i f e to the p r o d u c t iv e
c a p a c i t y of the w orld, and have created
f a i r p r a c t i c e s under which i t s aaxitium
ûeve
I o patent
can be achieved
--
then
we wi I I have the id e a l f o u n d a tio n for
the f r e e o p e r a t io n of e n t e r p r i s e and
-
I?
the w j r I d through our c o n t r i b u t i o n
to UtotrtA, our s u b s c r i p t i o n s to the
Puna and San*, and our investments in
cire ct cred its,
will,
a lo n e,
br in g us
a new world in which everyone is
prosperous.
he
have simply teKen the b a s i c
s t e p s n e c e s s a r y to permit the o r d e r l y
development of world economy.
l i f e blood of i t s f u l l
The
development wi l l
ano d i s c r i m i n a t i n g t ra d e p r a c t i c e s ,
both o f # h i c h are r u in o u s to economic
s t a b i l i t y and * o r Id p r o s o e r i t y .
ouch methods r e s t r i c t r a t h e r than
expand the b e n e f i t s of o r o d u c t i v i t y .
They breed d i s t r u s t and d is c o n t e n t
th e t undermtne our whole o r o c e s s o
i n t e r n a t i o n a I c o o p e r a t io n and
th r e a t e n the oeace.
I
No one is i n c l i n e d to b e l i e v e
th a t the d o l l a r s made a v a i l a b l e to
11
15
the r e s u l t s of our a c t i o n s now.
The I n t e r n a t i o n a l Monetary Fund
p r o v i d e s one of our p r i n c i p a l hopes
of profnoting common s t a n d a r d s of f a i r
practice
in the commericel r e l a t i o n s
of n a t i o n s .
Ae have a t ta c h ed the g r e a t e s t
importance to the program of b u i l d i n g
a souno b a s i s f o r world t r a d e ,
it
since
i s the only a l t e r n a t i v e to
uncontrolled currency r e s t r i c t i o n s
a r e a s , I n o the more enduring f u n c t i o n
of s t i m u l a t i n g the f 11 >« of i n t e r n e t i ona I
csoitel
f o r development p u r po s es .
Through my per son al aCGuaintance
* i th the Governors, the P r e s i d e n t ,
and the E x e c u t i v e S t a f f of the Ban«,
I
have become f u l l y c o n f i d e n t t ha t i t s
o p e r a t i o n s wi I I be sound and * i I I
produce the maximum of b e n e f i t s .
i s most important,
private
larger
This
f o r the trend of
investment in the f u t u r e , much
in scope, w i l l
necessarily
inheri
Meeting of the Boards of Governors of
the i n t e r n a t i o n e I Ssrm f o r Re c o ns tru et io n
and Development and of the I n t e r n a t i o n e I
Monetary Fund.
each of these i n s t i t u t i o n s has
D is tin c t functions,
but both neve the
common o b j e c t i v e of a balanced world
economy.
The I n t e r n e t i o n e I Ban« w i l l
assume
the immediate f u n c t i o n of s u p p l y i n g caoits
f or the r e c o n s t r u c t i o n of war-devastated
r e s t o r a t i o n of our world p a t i e n t ,
but
should a f f o r d r e a l p r o t e c t i o n a g a i n s t
r e c u r r i ng a i s a s t e r .
C ertainly
in such
a summary we should mention the permanent
United Nations o r g a n i z a t i o n which we hope
w ill
be the medium f o r c a r r y i n g out these
same g o a l s in the p o l i t i c s I realm.
The United S t a t e s has been in
the f o r e f r o n t of the e f f o r t a t b u i l d i n g
a s t a b l e economic world.
And we must
c o n t i n u e to e x e r t t h a t l e a d e r s h i p .
11 was r e c e n t l y my p l e a s u r e to
preside,
as Chairman, at the Annua I
and Development.
Posi t i ve s t e o s are
to
enaole the l o r Id to g a in i t s max imum
development through
t r a d e , and the I n t e r n a t i o n a I Monetary
Fund i s no* p r e p a r i n g to f a c i l i t a t e that
development.
The t ra d e p r o v i s i o n s of
the Anglo-American F i n a n c i a l Agreement,
ana other e f f o r t s
in the same f i e l d ,
as the 1n t e r n a t i o n a I
such
Trade O rg a n iz at io n ,
*¡11 c o n t r i b u t e f u r t h e r to the expanding
f I o * of commerce.
These c o o p e r a t i v e e f f o r t s should
not only a s s i s t
immeasurably in the
f o r e i g n trad e
In itia l
s t e c s to\ar'° i or*e i f n
rehab i I S t at io n were
s t a t e s through
d i r e c t l y as i n
e>, by the United
e x t e n s i o n 0^ c r e d i t s ,
se of
(0
V
ted
V
by the Congress to Great B r i t a i n ; andy
X
o the r n a t i o n s through the fried i urn of the
E x p o r t - I m p o r t Banx.
And now, ready to taxe over the
longer range f i n a n c i n g of r e c o n s t r u c t i o n ,
ready because of the s e r i o u s study
give n befo re the end of h o s t i l i t i e s ,
is
the In te r n a t ione I BansK f o r R e c o n s t r u c t ion
» or 1o product ive capacity,
ootn
i n o u s t r i a l ana a g r i c u l t u r a l ,
that I
been c r i p p l e d through d e s t r u c t i o n and
d eterio ratio n.
T r a n s p o r t s t i o n and
s h i p p i n g f a c i l i t i e s had to be r e s t o r e d ,
and the enormous damage to a l l
types
of p u b l i c and p r i v a t e p r o p e r t y had to
repaired.
The adoption of such a
c o u rs e ass a b s o l u t e l y n e c e s s a ry fo r t h e
p r o t e c t i o n of our o *n economy.
America
must m a in ta in her merchant marine and
she must u " f a I t e r i n g | y support her
5
accomplishment th a t w itnessed not one
but a l l
the U nited N a tio n s assuming
each a share o f the respons i b i I i t i es
f o r r e v i v a l ana r e c o n s t r u c t i o n .
We were fac ed with the n e c e s s i t y
of t a K in g immediate, c o n c r e t e s t e p s
to a i d a world s i c k from d e v a s t a t i o n ,
hunger and e x h a u s t i o n .
We can be
proud of our c o n t r i b u t i o n , g r e a t e r
than t h a t of any other n a t i o n . t o
t h is obIi g a tio n .
- 7 than th a t which d e t a i l s how the great
and small n a t i o n s ,
war f o r s u r v i v a l ,
in the midst of a
had the wisdom to
p la n c o o p e r a t i v e l y f o r the d i f f i c u l t
days to f o l l o w the a r m i s t i c e .
The people of the United St
can be proud t h a t our n a t io n too
lead in t h i s program, and th a t t
them selves, and a Congress r i s i n
above p o l i t i c a l
d i v i s i o n s , gave e ff e c t
to i t .
Nor would I o v e rlo o k the moral
the p o l i c i e s of t h i s n a t io n in the
in te rn a tio n a I p o l i t i c a l
fie ld .
!
These
p o l i c i e s , a b ly pursued by S e c r e t a r y
Byrnes and our other re p re s e n t a t i v e s in
the United N a tio n s, are above p a rty or
fa ctio n .
They have r e c e i v e d , and w i l l
c o n tin u e to r e c e i v e , the f u l l
support
of the American people.
Today,
1 should l i k e to deal
p r i m a r i l y with the problems of economic
s ta b i I i t y .
i am co n vinced t h a t you cannot be
s t a b l e on the one hand and s t a t i c on the
other.
The h i s t o r y of t h i s c r i t i c a l era
w i l l c o n t a in no b r i g h t e r ch ap ter
p r e s t i g e , arid tne m a t e r ia l f o r c e of
t h i s n a t io n in to the c o o p e r a t i v e
e f f o r t toward world s e c u r i t y .
For the p r o s p e r i t y of our own
in d u s t r y and la b o r, we must bend
every e f f o r t toward a p ro sp ero us
w o rld , one in which the in terchang e
of goods and s e r v i c e s w i l l b e n e f i t a l l .
In our s e a r c h f o r peace and
s e c u r i t y we must deal w ith both
p o l i t i c a l and economic s t a b i l i t y .
P r e s i d e n t Truman has s e t f o r t h c l e a r l y
J u s t as a whole c i t y may be
engulfed- in an epidemic from d is e a s e
bred in some b l i g h t e d slum s, so the
whole world can be e n g u lfe d by the
germ of s t r i f e bred in the e n v i r o n s of
a moraI Iy or economi caI Iy b I i ghted
people.
We have seen i t happen before
and we have not been a b le to save
o u r s e l v e s from i t s consequences.
For the sake of world peace, and
th a t means f o r our own sake, we must
c o n tin u e to throw the power and the
cause f o r g r a t i f i c a t i o n .
Real progress
toward w r i t i n g the peace t r e a t i e s has
been made.
D e s p it e the c o n f l i c t s of
i n t e r e s t and of temperament, and of
1b
p o l i t i c a l p h i l o s o p h i e s , the n a t io n s
a re endeavoring w ith a l l
s i n c e r i t y to
a t t a i n a p r a c t i c a l u n d e rs ta n d in g among
p eo p Ies.
Our own c o u n t ry has a v i t a l
\
|
stake
|| [I ,
in the c r e a t i o n of a sound and s t a b le
economy throughout the world.
- Z?-m Wmfu n d e rs t a n d in g .
■
Undoubtedly, our own
n a t i o n a l s e c u r i t y , and the s a l v a t i o n
of a l l n a t i o n s ,
a fu ll
i s dependent upon
comprehe ns i on of world interests.!
The winning of, a m i l i t a r y v ic t o r y
over our enemies was but a mi iep o st
along the road to a world of peace and
s e c u r i t y , and we are f u l l y determined
to p e r s i s t in our co u rse unti I the
H ;Ptrv:
f i n a l goal
is r e a l i z e d .
I b e l i e v e tha t we have in our
:
p re se n t .degree of accomplishment much
| | | i|
An Address by the Secretory o f the Treasury
Prepared for Delivery at a Meeting Before the
foreign Policy Association in Philadelphia on
November 9, 1946
I t i s a p le a s u r e to have t h i s
o p p o r t u n it y t o d i s c u s s with you some
of the problems th a t c o n f r o n t t h i s
n a t io n in our e f f o r t s toward world
r e c o v e r y , p r o s p e r i t y , and l a s t i n g
p6aC6•
The American people, and the
w orld, have cause to be g r a t e f u l to
o r g a n i z a t i o n s such as yours - u e d ic a te d to in c re a s e d i n t e r n a t i o n a 1
TREASURY DEPARTMENT
Washington
FOR RELEASE 12:30 P.M,, E.S.T.,
Saturday, November 9, 19^6
Press Service
No. S -1 3 8
(The following address by Secretary Snyder
before a luncheon of the Foreign Policy
Association,, Benjamin Franklin Hotel,
Philadelphia, Pennsylvania, is scheduled
for delivery at. 12:30 P.M., E. S. T . ,
Saturday, November 9, 1946, and is for
release at that time .)
It is a pleasure to have this opportunity to discuss
with you some of the problems that confront this nation in
our efforts toward world recovery, prosperity, and lasting
peace.
The American people, and the world, have cause to be
grateful to organizations such as yours • dedicated to in
creased international understanding.
Undoubtedly, our own
national security, and the salvation of all nations, Is
dependent upon a full comprehension of world interests.
The winning of a military victory over our enemies was
but a milepost along. thP- road to a world of peace and security,
and we are fully determined to persist in our course until the
final goal is realized.
I
believe that we have in our present degree of accom
plishment much cause for gratification.
Real progress toward
writing the peace treaties has been made . Despite the con
flicts of interest and of temperament, and of political
philosophies, the nations are endeavoring with all sincerity
to attain a practical understanding among peoples.
Our own country has a vital stake in the creation of a
s^und and stable economy throughout the world.
Just as a whole city may be engulfed in an epidemic from
disease bred in some blighted slums, so the whole world can
be engulfed by the germ of strife bred in the environs of a
morally or economically blighted people.
We have seen it hap
pen before, and we have not been able to save ourselves from
its consequences,
For the sake of world peace, and that means for-our own
sake, we must continue to throw the power and .the prestige,
and the material force of this nation into the cooperative
effort toward world security.
2
For the prosperity of our own industry and labor, we must
bend every effort toward a prosperous tforld, one in which the
interchange of goods and services will benefit all.
In our search for peace and security we must deal with-'
both political and economic stability.
President Truman has
set forth clearly the policies of this nation in the inter
national political field.
These policies, ably pursued by
Secretary Byrnes and our other representatives in the United
Nations, are above party or faction.
They have received, and
will continue to receive, the full support of the American
people.
Today, I should like to deal primarily with the problems
of economic stability.
I
am convinced that you cannot be stable on the one hand
and static on the other.
The history of ithis critical era
will contain no brighter chapter than that which details how
the great and small nations, in the midst of a war for surviv
al! . had the wisdom to plan cooperatively for the difficult
days to follow the armistice.
The people of the United States can be proud that our
nation took the lead in this program, and that they themselves,
and a Congress rising above political divisions, gave effect
to i t .
Nor would I overlook the moral accomplishment that w i t
nessed not one, but all the United Nations assuming each a
share of the responsibilities for revival and reconstruction.
We were faced with the necessity of taking immediate,
concrete steps to aid a world sick from devastation, hunger
and exhaustion.
We can be proud of our contribution, greater
than that of any other nation, to this obligation.
New life had to be injected into world productive capacity,
both industrial and agricultural, that had been crippled through
destruction and deterioration.
Transportation and shipping
facilities had to be restored, and the enormous damage to all
types of public and private property had to be repaired.
The
adoption of such a course was absolutely necessary for the
protection of our own economy.
America must maintain her m e r
chant marine and she must unfalteringly support her foreign
trade.
q
Initial steps toward foreign rehabilitation were taken
by the United States through the extension of credits, directly
as in the case of that voted by the Congress to Great Britain;
and to other nations through the medium of the Export-Import
Bank.
And now, ready to take over the longer range financing of
reconstruction, ready because of the serious study given before
the end of hostilities, is the International Bank for Reconstruc
tion and Development.
Positive steps are necessary to enable the world to gain
its maximum development through a free exchange of trade, and
the International Monetary Fund is now preparing to facilitate
that development.
The trade provisions of the Anglo-American
Financial Agreement, and other efforts in the same field, such
as the International Trade Organization, will contribute fu r
ther to the expanding flow of commerce.
These cooperative efforts should not only assist immeasur
ably in the restoration of our world patient, but should afford
real protection against recurring disaster.
Certainly in such
a summary we should mention the permanent United Nations organ
ization which we hope will be the medium for carrying out these
same goals in the political realm.
The United States has been in the forefront of the effort
at building a stable economic world.
And we must continue to
exert that leadership.
It was recently .my pleasure to preside, as Chairman, at
the Annual Meeting of the Boards of Governors of the Inter
national Bank for Reconstruction and Development and of the
International Monetary Fund.
Each of these Institutions has distinct functions, but
both have the common objective of a balanced world economy.
The International Bank will assume the immedia.te function
of supplying capital for the reconstruction of war-devastated
areas, and the more enduring function of stimulating the flow
of international capital for development purposes.
Through my personal acquaintance with the Governors, the
President, and the Executive Staff of the Bank, I have become
fully confident that its operations will be sound and will
produce the maximum of benefits.
This is most important, for
the trend of private investment in the future, much larger In
scope, will necessarily Inherit the results of our actions
now.
4
The International Monetary Fund provides one of our pr i n
cipal hopés of promoting.common standards of fair practice in
the commercial relations of nations.
We have attached the greatest importance to the program
of building a sound basis for World trade, since it is the
only -alternative to uncontrolled currency restrictions and
discriminating trade practices, both of which are ruinous to
economic stability and. world prosperity.
Such methods r e
strict rather than expand the benefits of productivity._ They
breed distrust and discontent that undermine our whole process
of International cooperation and threaten the peace.
No one is inclined to believe that the dollars made avail
able to the world through our contribution to UNRRA, our sub
scriptions to the Fund and Bank, and our investments In direct
crédits, will, alone, bring us a new world in which everyone
is prosperous.
'
' " ’' ’„ '
'
c o y
We have simply taken the basic steps necessary to permit
the orderly development of world economy.
The- life blood of
its full development will be, as it has been in the past, free
enterprise and private capital venture-.
Once the institutions we have helped to create, and our
direct advances and relief expenditures have given new life to
the productive capacity of the world, and have created fair
practices under which its maximum development can be achieved
then we will have the ideal foundation for the free operation
of enterprise and capital.
Obviously the United States must be the.major source of
such private capital for several y e ars,"since virtually all
creditor nations have been devastated by war.
This prospect
offers a challenge to the ability of our capital to function
intelligently arid flexibly.
Unless it avoids the mistakes
of the past we will have wasted not only our resources, but
a critical opportunity and responsibility.
We must remember
that unproductive capital Impoverishes both the lender and
the borrower.
Our contributions t;o these international cooperative
enterprises for world recovery and progress constitute . a b e
ginning, rather than the fulfillment of our aims.
We must guard against that quality of impatience in our
American character which might Impel us Into' a Mw h a t 1s the use
psychology.
We must sot drift into a new isolationism of frus
tration under which this n h'best and mo^t powerful nation will
-
5
-
let its potential for world leadership be curbed or its
influence for world betterment be dissipated.
Impatience for getting on with the job has contributed
much to our material progress as a nation. But we should never
have any illusions about the extent of time and effort necessary
to cure the ills of a war-wrecked universe.
We must display
forbearance., we must strive for sympathy and understanding with
our neighbors.
Above all. we must not become discouraged.
Another danger we American people have to combat is the
temptation to concentrate our attention, and our energies, on .
our own domestic affairs, to the exclusion of international
responsibilities It is true that we can meet those responsi
bilities only if we remain strong and healthy at home, "But
we must not entirely lose sight of the rest of the world in
our preoccupation with political and economic complications
here .
No one would deny that we do have problems at home,
serious ones, such as those involving labor and management,
annoying ones, such as our temporary shortages of this or
that,
But along with our amazingly rapid reconversion to peace,
in the swelling tide of production, in the record level of
employment, and in the greatest material prosperity we or
any other nation has ever achieved, we must find time to con
sider our international responsibilities.
Actually we cannot separate our concern for a stable
economy at home from our concern for a stable world economy
A continuing prosperity in these United States In the long"
run will contribute more decidedly to world health than all
the steps we have taken thus far.
There are many elements of strength In our present situa
tion that hold forth a promise of continued full production
and wide distribution of goods, and of an expanding trade for
a long period ahead.
Current record earnings and the accumu'H
latednsavings of our people represent a tremendous purchasing
power. There is the demand for consumer g~ods, a vast, un^
satisfied demand at- home and throughout the world.
There is
the great potential expansion of our fa.cI3 1.ties for providing
products and services for our own country *and for export.
o
As I have said before, I do not believe there is reason
for a depression psychology. Most of our so-called obstacles
to continuing economic veil being wit'l disappear, if we will
but submerge immediate self-interests and concentrate on longrange advantages.
If we can match the elements of material stamina that
ex; .st In our count; T with an equal moral stamina, there need
be no interruption of our erra of progress.
Then. our American
to new heig]
of prosper Ity at h o m e , and to new heigh' ;s o;
-Í 4--TJopportunity _n the commun a-Ly
of nat i o n s .
1nm belief thsit
prise that made our own country strong and prosperous holds
the greatest promise to the world for prosperity and peace.
oOo
TREASURY DEPARTMENT
Washington
FOB RELEASE, MORNING NEWSPAPERS,
Saturday, November 9> 19U6.
Press Service
s
r
r
z
f
the Secretary of the Treasury announced la s t evening that the tenders for
* i ,300,000,000, or thereabouts, of 91-day Treasury b ills to be dated Sovesber 14, i$46
and to mature February 13, 194?* which
warm
offered on November $, 1946, sere opened at
the Federal Reserve Banks on Wovesber 8«
The d etails of th is issue are as follows:
Total applied for - $1,755*891*000
Total accepted
- 1,313*712*000
(includes $21,768,000 entered on a fixed-price
basis at 99*905 and accepted in fell)
Average price
-
99*90$/ Equivalent
rate of discount approx. 0*376% per
mmm
Bangs of accepted competitive bids»
High
Low
« 99*967 Equivalent rate of discount approx. CU3685 per annum
- 99*90$
*
m m m
m
*
*
(73 percent of the secant bid for at the Ice price was accepted)
Federal Reserve
D istrict
Total
Applied for
fe ta l
Accepted
Boston
Hew fork
Philadelphia
Cleveland
Blefoaprynd
Atlanta
Chicago
St« Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
#
TOTAL
6,81*5,000
1,351,323,000
21,9l»3,ooo
7,885,000
11,380,000
10,870,000
285,685,000
23,01*0,000
1,620,000
7 , M 5,ooo
3,105,000
2 3 , 960,000
#1,755,891,000
S*l98,ooo
1,002,088,000
17,623,000
6,1*51*,000
io ,975,ooo
3,224*000
212,380,000
17,262,000
1,620,000
6,751*,000
3,11*5,000
21,989,000
#1,313,712,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, NovemberA9, 1946
Press Service
Mo. S-139
The Secretary of the Treasury announced last evening
that the tenders for 41,300,000,000", or thereabouts, of 91dav Treasury bills to be dated November 14, 1946, and to
mature February 13, 1947, which were offered on November 5,
194 6, were opened at the Federal Reserve Banks on November 8.
The details of this issue are as follows?
Total applied for - | l ,755,891,000
Total accepted
- 1,313, 712,000( includes $21,768,000 entered
on a fixed-price basis at
9 9 ?905 and accepted in full)
Average price
- 99,905/ Equivalent rate of discount
approximately 0.376/ per annum
Range of accepted competitive bids?
High - 99.907 Equiv. rate of discount approx. 0.368/ per annum
Low I - 99,905
tr
Tt
n
”
"
0.376/
M
ff
(73 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlant a
Chi cago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
Ì
6,845,000
1,351,353,000
21.943.000
7.885.000
11.380.000
.10,870,000
285,685,000
23,040*, 000
1.620.000
7 9 1 5; 0 00
3,415,000
23.960.000
,
|l,755,S91,000
oOo
Total.
Accented
4
5,198,000
1,002,088,000
17.623.000
6.454.000
10.975.000
8.224.000
212,380,000
17.262.000
* 1,620,000
6.754.000
3, 145,000
21.989.000
,4k 1
^7
a
712,000
Page
U-
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
: Sept. 3 0 ,
:
19^
♦ June 29»
,
19M6
_
°19»45 ’
»Increase or decrease
?Blnee
29. 19*+6
* ' Amount
Percent
In crease or decrease
s in c e Dec, 31» 19**5
Amount
Percent
LIABILITIES
D eposits o f in d iv id u a ls , p a rtn e rDemand....................... ......................
Time.................................................................
P o s ta l savin gs deposit s . . . . . . . . . .
D eposits o f U. S . Government:
War lo an end S e r ie s E bond a c c t s .
O ther U . S . G ovH d e p o s i t s . . . . . .
D eposits o f S ta te s and p o l i t i c a l
s u b d iv isio n s .............. .........................
D eposits o f banks...................................... ....
Other dep osits ( c e r t i f i e d and
c a s h ie r s 1 checks, e t c . ) . . . . . . . .
T o ta l d e p o sits.............. .................
B i l l s p a y a b le , red isco u n ts & o th er
l i a b i l i t i e s fo r borrowed money..
Other l i a b i l i t i e s .............................. ....
T o ta l l i a b i l i t i e s , exclu din g
c a p it a l accou nts..............
CAPITAL ACCOUNTS
C a p ita l sto ck :
P r e fe rre d sto ck
Common s t o c k . . .
T o ta l.................
S u rp lu s.........................
Undivided p r o f it s
R eserves...................
T o ta l s u rp lu s, p r o f it s and
res erves. . . . . . . . . . . . . . . . . . .
T o ta l c a p ita l acco u n ts...........
-,
T o ta l l i a b i l i t i e s and c a p ita l
acco u n ts.......................................................
R atio o f loan s to t o t a l dep osits
NOTE:
Minus s ig n denotes decrease.
$*+*+, 320,2++++ $1*2,560,021 $*»,970,935 $1,760,223
5*+*t,576
17.718,57*+ 17,173,998 X5,960,05X
-IO5
2,892
2.7S7
2,979
i+,791,103
282,523
7,>+31.239
262,175
X3,8l+X,89l+ -2 ,61», 136
3X8,280
20,348
3.939,025
7,712,905
>*,006,759
7,8X6,787
3,1+87,7X1
9,230.786
-67,73*+
-103,882
I.IO2A73
79Ì869Ì6#
1.21+0,887
80,1+9*+, 758
1.1*30.311
85,2*+2,9*+7
-138,1+11+
-625,121+
20,786
11.31+1+
2**,****1
**.l**
3.17
-3.63
$3.31+9.309
1,758,523
-192
8.17
11.02
-6.1+5
-35.53
7.76
-9,050,791
-35,757
-65.39
-11.23
-1.69
-1.33
**51,31**
-1,517,881
12.9*+
-16.1*1+
-327.838
-5.373,313
-22.92
85.05
-32.7*+2
1.89 ______ 52.519
-*+1.99
9.39
-11.15 .
-.78
6II.622
600.278
77.969
559.103
80.526,^83
81,119,1+77
85,880,019
1+1+.612
1.703.976
1Ì74SI588
■2717s 30
1+7,1+21+
1,636,065
li683il+8q
2, 100,222
70,39*1
1.588,1+1+5
1.¿58,839
2,0Ì1,H 03
322.872
301,10?
296,509
9**, *+79
21.765
-5 .9 3
*1.15
87
3t?
3. 5 T
11.98
7.23
3.382.7*+0
5.131.328
5.190.088
.873.577
2.996,898
*+.655.737
192.652
257.751
6,01+
JLÜ
85, 657,811
85,993,05**
18.0 x55
90,535.756
-335.2*+3
-.3 9
**5,227
883,238
688,986
788,759
—
-592.99^
- 2 ,8 X 2
67.911
> 5.099
76
.M 0 8
-.7 3
-5.353.536
-25.782
115.531
891T O
165,227
19*+, 252
26.363
■
81+2
521
-*+,877.9*15
-6! 30
-6 .2 3
•36.63
7.27
S. 2 1
2S.19
JL-gj
1 2 .8 7
10.22
-5 .3 9
ViPI
Statement siiowing comparison of principal items of assets and. liabilities of active national banks
a s o f S e p t . 3 0 , 1 9 4 6 , Ju n e 2 9 , 3.946, a n d Decem ber 3 1 , 1945
(In thousands of dollars)
i Dec. 31,
I Sept. 30, : June 29,
:
I 9U 5
i
19116
: 19**6
----■1
1
..... . t
5 Increase or decrease ; jIncrease or decrease
t since June 29. 1946 ♦ *since Dec. 31. 1945
s Percent t Amount t Percent
t Amount
-.0 8
-9
5,01k
5,018
Number of banks.................. .. ,.
ASSETS
loans on real estate..... ....... .
)ilK «ni
'$15*801,498^^^
Other loans, including overdrafts...
5,023
-4
$2,206,472
11,71+1,570
] $1 ,303,057
. 1 5 ,801 ,1*98 14,498,1+41
13,948,042
1.303,057
51.1+59,960
7,7116
5l.H67.706
\ - 2 .157.367
-H. 51+ - 6 ,152,197
-11.95 %
-2.157.367
-l+.5>+ -6.152.197
-11.95
Total loans....................
U. S. Government securities!
Direct obiigations............. •)4.Rl ^i *v ?&a(47,465,475
Obligations fully guaranteed... . r 5k315,909(
m
Total U. S. securities...... . ‘+5,315,509 1+7,1+12.876
Obligations of States and political
subdivisions........ ............. . 2,670,103 2,i*54,265
Other bonds, notes and debentures..* . 1 ,971,20!+ 1,9H5.9>*6
Corporate stocks, including stocks
of Federal Reserve Banks.......... .
153 .HH8
l‘+3.,65‘+
Total securities........... . . 50.110.261+ 52,016,71+1
Total loans and securities... . 65.911.762 66,515.182
.
957,986
805,575
Currency and coin........ .
Reserve with Federal Reserve Banks.. . 10 ,1+96,652 10 ,1+58 ,1+9*+
— 7.1+55.805 7.397.782
Balances with other banks...... .
Total cash, balances with
other banks, including reserve
balances and cash items in
■nrocess of collection......... 18.910.443 18 .661,851
835.606
816.021
Oljlisr sssots»• ••••#•••••••#• ++ + •»••♦
Totd>l. 8.8S 6^St »•#•*»•#•••»•*•♦<.. 85.657.811 85.993.051+
2.31+1,725
215,838
1 ,656,865
25.25«
11+5,313
9.791+
. -1, 906,1+77
-603.}+»
152 ,1+11
38,158
58.023
55 ,611.609
69 .559.651
1,008,644
10,451,020
8.719.125
20.178,789
797.316
90.5351756
21+8,592
19,585
-335. ¿1+3
-.18
8.99 $1,853.1+56
13.29
1.853,H 56
13.29
8.99
328,378
3H+.339
14.02
18.97
6 .8
2
8.135
-3.67 - 5 .5OI. 3&5
_____ -.91 -3.647,889
18.92
- 93,658
.36
H5.632
.78 -1.263.320
-9.8?
-5.24
- 5.02
.44
-l4.49
8.79
1.30
1.33 - 1 .268.3H6
38.290
2 .HO
-.39 - M 7 7 . 9 * + 5
5.60
-6.29
4.80
-5.39
2
of $1,853,000,000, or more than 1 3 percent, since December last year,
The hanks held obligations of the United States Government of
$^5 t3 1 6 ,0 0 0 ,0 0 0 , a decrease of $2 ,1 5 7 ,0 0 0 ,0 0 0 , or more than ^ percent,
since June, and a decrease of $6,152,000,000, or nearly 12 percent, since
last December* Obligations of States and political subdivisions held in
September amounted to $2,670,000,000, an increase of $216,000,000 over the
June figure, and other securities of $2,125*000,000, an increase of $35»000,000,
Cash of $958,000,000, balances with other banks (including cash items
in process of collection) of $7 ,**5 6 ,0 0 0 ,0 0 0 , and reserves with Federal
Reserve banks of $10,*4-96 ,000,000, a total of $18,910,000,000, increased
$2*4-9,000,000 since June 29*
The unimpaired capital stock of the banks on September Jfi)» 19*^6 was
$1,7*48,000,000, including $¥i-,000,000 of preferred stock. Surplus was
$2 ,1 7 7 ,0 0 0 ,0 0 0 , undivided profits $8 8 3 ,0 0 0 ,0 0 0 , and reserves $3 2 3 ,0 0 0 ,000 .
Total capital accounts of $5,131,000,000 was $258,000,000, or 5 percent,
more than at the end of June*
The percentage of loans and discounts to total deposits on September 30»
19*4-6 was 19*78 percent, in comparison with 18.01 percent on June 29» 19*4-6,
and
1 6 .3 6
percent on December
31
» 19^5•
IREASURT DEPAETMEM
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPER
Press Service
?>c4k|>/
Ko*
The total assets of national hanks on September 30 of this year
amounted to $85,653,000,000, it was announced today by Comptroller of
the Currency Preston Delano. The returns from the call covered the 5*01*4active banks in the United States and possessions* The assets were
$3 3 5 ,0 0 0 ,0 0 0 less than the amount reported by the 5,018 active national
banks on June 29» 19*4-6» the date of the previous call, and were
$*4-,8 7 8 ,0 0 0 ,0 0 0 less than the amount reported by the
5»023
active banks
as of December Jl, 19^-5*
The deposits of national banks on September
30
» 19*4-6 were nearly
$80,000,000,000, which was a decrease of $625,000,000 since June 19*+6,
and a decrease of $5,373,000,000 since December 19*4-5* Included in the
current deposit figures are demand deposits of individuals, partnerships,
and corporations of $^, 3 2 0 ,0 0 0 ,0 0 0 , which increased $1 ,7 6 0 ,0 0 0 ,0 0 0 , or
|.percent, in the three-month period, and time deposits of individuals,
1
partnerships, and corporations of $1 7 ,7 1 9 *0 0 0 ,0 0 0 , which increased
$5^5,000,000, or 3 percent. Deposits of the United States Government of
$5,07*4-,000,000 were $2,620,000,000, or 3*1-percent, less than in June, due
principally to the withdrawal of War loan accounts to provide for Federal
debt retirement* Deposits of States and political subdivisions of nearly
$^-,0 0 0 ,0 0 0 ,0 0 0 showed a decrease of $6 8 ,000 ,0 0 0 , or nearly
June, and deposits of banks of $7»713»000,000
2
percent, since
$10*4-,000,000, or more
than 1 percent, less than in June*
Loans and discounts were $15,801,000,000 on September 3®» which was
an increase of $1,303*000,000, or 9 percent, since June, and an increase
TREASURY DEPARTMENTT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, November 15« 1946_____
Press Service
No* S-140
The total assets of national banks on September 30 of this year
amounted to $85,658,000,000, it was announced today by Comptroller of the
Currency Preston Delano. The returns from the call covered the 5,014
active banks in the United States and possessions. The assets were
$335,000,000 less than the amount reported by the 5,018 active national
banks on June 29, 1946, the date of the previous call, and were
$4,878,000,000 less than the amount reported by the 5,023 active banks
as of December 31, 1945.
The deposits of national banks on September 30, 1946 were nearly
$80,000,000,000, which was a decrease of $625,000,000 since June 1946,
and a decrease of $5,373,000,000 since December 1945. Included in the
current deposit figures are demand deposits of individuals, partnerships,
and corporations of $4 4 , 320 ,0 0 0 ,0 0 0 , which increased $ 1 ,7 6 0 ,0 0 0 ,0 0 0 , or
4 percent, in the three-month period, and time deposits of individuals,
partnerships, and corporations of $17,719,000,000, which increased
$545,000,000, or 3 percent. Deposits of the United States Government of
$5,074,000,000 were $2,620,000,000, or 34 percent, less than in June, due
principally to the withdrawal of War loan accounts to provide for Federal
debt retirement. Deposits of States and political subdivisions of nearly
$4 ,0 0 0 ,000 , 0 0 0 showed a decrease of $ 68 ,0 0 0 ,0 0 0 , or nearly 2 percent, since
June, and deposits of banks of $7,713,000,000 were $104,000,000, or more
than 1 percent, less than in June.
Loans and discounts were $15,801,000,000 on September 30, which was
an increase of $1,303,000,000, or 9 percent, since June, and an increase
of $1,853,000,000, or more than 13 percent, since December last year*
The banks held obligations of the United States Government of
$45,316,000,000, a decrease of $2,157,000,000, or more than 4 percent,
since June, and a decrease of $6,152,000,000, or nearly 12 percent, since
last December. Obligations of States and political subdivisions held in
September amounted to $2,670,000,000, an increase of $216,000,000 over the
Juno figure, and other securities of $2,125,000,000, an increase of
$35,000,000.
Cash of $958,000,000, balances with other banks (including cash items
in process of collection) of $7,456,000,000, and reserves with Federal
Reserve banks of $10,496,000,000, a total of $18,910,000,000, ^increased
$249,000,000 since June. 29.
The unimpaired capital stock of the banks on September 30, 1946 was
$1,748,000,000, including $44,000,000 of preferred stock, Surplus was
$2,177,000,000, undivided profits $883,000,000, and reserves $323,000,000.
Total capital accounts of $5,131,000,000 was $258,000,000, or 5 percent,
more than at the end of June.
The percentage of loans and discounts to total deposits on September 30
1946 was 19*78 percent, in comparison with 18.01 percent on June 29, 1946,
and 16.36 percent on December 31, 1945.
Page 2
Statement showing comparison of principal items of assets and liabilities of active national banks
as of Sept. 30* 1946, June 29» 1946, and December 3 1 » 19^5
(in thousands of dollars)
* Sept. 30*
•
1946
________________ __________________ _JL
Fumber of banks . .......... .
ASSETS
5 ,0 1 4
Loans on real estate.......... ****)$15 SOI 498
Other loans, including overdrafts.}.
*-
June 29,
1946
**
5.018
($2,71+7,981+
(1 1 ,7 5 0 ,1+57
... -Total loans.......v..-.....'.>*• 15,801,498
14,498,441
U. S. Government securities:
Direct obligations........... ) ■+5 .3 1 5 .5 0 9 (■+7 ,1+6 5 ,1+75
Obligations fully guaranteed.)
(
7,1+01
Total U. S. securities...... ■¡+57315.509 47,1+72,876“
Obligations of States and political
subdivi sions.................. .
2,454,265
2 ,6 7 0 ,1 0 3
Other bonds, notes and debentures..
1,971,201+
1,945 »946
Corporate stocks, including stocks
of Federal Reserve B a n k s .........
153,448
143,654
Total securities............ 50 ,116,264' 52,016,741
Total loans and securities.* 65.9ll.76T 66,515,182
Currency and coin...................
957,986
805,575
Reserve with Federal Reserve Banks. 1 0 ,1+9 6 ,6 5 2
1 0 ,4 5 8 ,4 9 4
Balances with other banks..........
7,1+55,805
7,397.782
Total cash, balances with
other banks, including reserve
balances and cash items in
process of collection....... 18,910,443 18,661,851
Other assets.............
Total assets.................
835,606
85,657,811
816,021
85,993,054
• Dec.
31,
:
191+5
♦
:
:
;
Increase or decrease
since June 29* 1946
4 m0unt
: Percent
¡Increase or■ derease
:since Dec. 3 1 , 1 9 4 5
: Amount
': Percent
-4
-.08
$2 ,2 0 6 ,4 7 2 ) $1 ,3 0 3 ,0 5 7
1 1 ,71+1 ,5 7 0 )
8.99
$ 1 ,8 5 3 ,4 5 6
1 3 .2 9
1 ,3 0 3 ,0 5 7
8.99
1 ,8 5 3 ,4 5 6
13.29
5 1 ,4 5 9 ,9 6 0 )
-2 ,1 5 7 , 3 6 7
7 ,71+6 >
-4.54
- 6 ,1 5 2 , 1 9 7
-11.95
51,467,706
-2,157,367
-4.54
- 6 ,1 5 2 , 1 9 7
-11.95
2 ,31+1 . 7 2 5
1 ,6 5 6 ,8 6 5
215,838
25,258
8.79
1 .3 0
328,378
14*02
314,339-
18.97
11+5.313
55,611,609
69,559,651
1,008,644
10,451,020
8,719,125
9,794
-1,906,477
-603,420
1 5 2 ,1+11
3 8 ,1 5 8
58,023
6 .8 2
- 3 .6 7
-♦91
5,023
“ 1 3 ,948,1)42
20,178,789
797 TT590,535,756
18^92
.3 6
-9
8,135
5-60
-5 ,501,345
-9.89
-5.24
- 5 .0 2
• .44
- i 4.49
-3,647,889
-50,658
45,632
.78
-1,263,320
248,592
1* 33
19,585
2.4o
-.59
-1,268,346
38,290
-4,877,945
-335,243
-.18
-6 .2 9
4,80
-5.39
page 3
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
__________________
LIABILITIES
:
iSept. 30»
; 1946
:
: Increase or decrease I Increase or decrease
:Dec. 3 1 »
:
since June 29» 1946 : since Dec, 31* 1945
: 1945______ ;
Amount
: Percent ; Amount
; Percent
•->
Deposits of individuals, partnerships and corporations:
$44,320,244
Demand......................
17,718,574
Time..... .........*.........
Postal savings deposits........ .
2,787
Deposits of U. S. Government:
War loan and Series E bond accts.
M9f;ioj
Other U. S. Gov’t deposits.... .
282,523
Deposits of States and political
subdivisions...........
3.939.025
Deposits of banks................
7,712,905
Other deposits (certified and
cashiers’ checks, etc.).......
1.3,02, 473
7 9 ,8 6 9 , 6 3 4
Total deposits...... ........
Bills payable, rediscounts & other
liabilities for borrowed money..
45,227
611,622
Other liabilities......... .......
Total liabilities, excluding
80,526,483
capital accounts.... .
CAPITAL ACCOUNTS
Capital stock:
Preferred stock....... .......,.
44,612
Common stock,..................
1 .703.976
Total.... ...................
1,748,588
Surplus.... '................ .
2 ,176,630
Undivided profits.................
883,238
Reserves..... ....................
322,872
Total surplus, profits and
reserves..... ...............
3,382,740
Total capital accounts.......
5.131,328
Total liabilities and capital
accounts....................
85,657,811
Ratio of loans to total deposits
19.78%
HOTE:
:
’
•June 29,
;iq46
Minus sign denotes decrease.
H.l4
$112,560,021
17,173,998
2,892
$40,970,935
1 5 ,9 6 0,051
2,979
$1,760,223
544,576
-IO5
1 1
-3.63
7, >+31.239
262,175
13,841,894
318,280
-2,640,136
20,348
4,006,759
7,816,787
3,487,711
9,230,786
1,240,887
80,494,758
$3 ,349,309
1 .7 5 s .523
8.17
11.02
-192
-6.45
-35.53
7.76
- 9 ,0 5 0 , 7 9 1
- 35,757
-65.39
-II .23
-67, 7 3 4
-103,882
-I .69
-1.33
451,314
- 1 ,517,881
12.9^
- 16.44
1,430,311
85,242,947
-1 3 8 ,4i4
- 6 2 5,124
-11.15
-.78
-327,838
-5,373,313
-22.92
-6.30
24,441
600,278
77,969
559,103
20,786
11,344
85.05
1.89
-32.742
52,519
-41.99
9.39
81,119,477
85,880,019
-5 9 2 , 9 9 4
-.73
-5,353,536
- 6.23
70 , 3 9 4
-5.93
4.15
3.87
3 .64
-25.782
115,531
89,749
1 6 5 ,22 ?
-36 . 6 3
7.27
5*41
11.98
296,509
-2,812
67,911
65,099
76,408
94,479
21,765
194,252
26,563
3,190,088
4,873,577
2 ,9 9 6 ,89 s
4,655,737
192,652
257,751
6.o4
5.29
475,591
12.87
10.22
85,993,054
18.01$
90,535.756
I6.36 fo
-335,243
-.39
-4,877,945
-5. 39
47,U 2 U
1 ,636,065
1,683,489
2,100,222
788,759
301,107
1,588,445
1,658,839
2 ,01 1 , 4 0 3
688,986
7.23
385,842
8.21
28.19
8.89
-
2
-
COTTON CARD STRIPS made from cottons having a staple of less'than 1-3/16 inches
in length, COMBER UASTE, LAP WASTE,. SLIVER WASTE, ADD ROVING ¡WASTE, WHETHER.
OR NOT MANUFACTURED OR 0THERWISE 'ADVANCED IN VALUE. Annual quotas ^commencing.
September 20, by Countries of Origin:-.
• ■,*/
■
Total quota, provided, however, that not more than 33—1/3 percent of the quotas
shall be filled by cotton.wastes other than comber wastes made from cot’tonsTC
of "l-r-,3/16 inches,; or more in staple length. In the case of the following I:
countries: United Kingdom, .France:, Netherlands,: Switzerland, Belgium? ' '
Germany, and Italy:
(In Pounds)
.•*.....-4
v;
;
.
rv
t
Established : TOTAL IMPORTS
Country -of Origin -;
TOTAL: QUOTA : Sept- 20, ,1946,
t to Nov# 2* 19ii6
\■
• *
•
United Kingdom* a.. ..
Ceiricidel•t•4 *i•*4 i i4•
France... *. *> ♦».•*..♦,.
British India* **,...
Netherlands..♦♦*..*•
Switzerland.
B e l g i u m . i**...
«JcHD3,n.t„
China. ...i...«*!**..
Egypt....**...*,***.
C\lbc
l••• ••4 •
4 4 4 i4 ?
G e r m a n y .. i> . . , i * * **
X tS/ly# • 9 f 0 » 0 0 0 9 0 9 0 0 9
4,323,457
239,690
227,420.
69,627
68,240
44,388.
38,559
341,535
17,322"
8,135
6* 544
76,329
21,263
TOTALS
5 , 482 , 509;
0 9 0
1/
... - ...
31,337
Mm
69,627
—
—
—
_
_
■
9>m
100,9%
Included in total imports, column 2,
-oOo-
/, j
ESTABLISHED } IMPORTS
33-1/3$ of : Sept. 20, 194^
Total Quota : toNov* 2,
.....19k6. '
1,441,152 "
■ .m,■
75,807 .
—
mm 22,747
•
'
14,796
'
'
12,853
—
•9m
'mm
mm
—
—
"25,'443'
• '7,'088'
1,599,-886 • ■• . . . . .
"1:
FOR IMMEDIATE RELEASE
November 12, 19U6
The Bureau of Customs announced today that preliminary reports from the
collectors o f tcustoms -show imports of cotton and. cotton waste chargeable to the
import auotas established ."by the President1s .proclamations of September^5, 1939,
as amended by the proclamations of December 19, 1940, March 31, 194S, and June
29, 1942, during the period September 20, 1946, to November 2, 19k6.
COTTON HAY BIG- A. STAPLE OF-LESS THAN 1-11/16 INCHES (OTHER. THAN HARSH OR 'ROUGH
COTTON OE LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE; MANU
FACTURE QF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of
Origin
:
:
Staple length less
: Staple length. 1-1/8’!...or more
but less than 1-11/16"
than l-l/8 "
’:
'
:Imports Sept»;: Established
Imports Sept,
20, 1946, to
Quota
Established:20, 1946, to ;:
Quota
:Nov. 2, 19U6 ; 45,656,420 :Nov. 9, 19U6 h/
•.
ìC;.t'
Egypt and the Anglo783,816
Egyptian Sudan.......
Peru...................
247,95)3
160,6X7
Fritish India.......... . 2,003,483
8Hi,330
. 1,370,791
China.
.... .
Mexico.................
8,883,259
8,883,259
Brazil.................
618,723
618,723
Union of Soviet
475,124
Socialist Republics.,
5,203
5,10k
Argentina..............
,
237
9,333
Ecuador.
752
Honduras...........•••* .
871
Paraguay,.............. .1. :
124
Colombia........ .
195
Iraq................ ..
2,240
British East Africa..,. .
71,388
Netherlands East Indies
—
Barbados,..... . ....... .
Other British *rest
21,321
Indies 1/........... .
5,377
Nigeria....... ........ .
Other British West
16,004
Africa 2/ ...........
689
Other French Africa.3/. .
Algeria and Tunisia,... .
14,516,882
1/
10,1*82,033
■ 20,218,1*01;
U,229,932
WSSÊ . ÿ\r-, .i 1f ;
,. .
.
.- • ■ ...... ,.
31,900 «
.. ^
*;
—
.501
45,656,420
3/
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
k/
Figures as of November 9. 19k6, for long staple cotton.
2/
.
*.i«. . , .
21*,1*80,737
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, November 12, 194-6,
Press Rp Ipasp
No# g~I41
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President’s proclamations of September 5, 1939,
as amended by the proclamations of December 19, 1940, March 31, 1942, and*June *
29, 1942, during the period September 20, 1946, to November 2, 1946*
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS.THAN 3 /4 inch IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Staple length less
than l~l/8"
:Imports Sept,
Established;20, 1946, to
Quota
:Nov, 2, 1946
Egypt and the Anglos
Egyptian Sudan....
Peru,...............
British India.......
China........................................
Mexico......... ....»
Brazil........ .
Union of Soviet
Socialist Republics
Argentina,...........
Haiti....... -.......
Ecuador.... ..
Honduras.....
Paraguay.... .
Colombia......
Iraq.......
British East Africa,...
Netherlands East Indies
Barbados.........
Other British West
Indies 1/.... .......
Nigeria.... ...........
Other-British West
Africa 2/.......
Other French Africa 3/.
Algeria and Tunisia..,.
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
1/ Other than
Other than
3/ Other than
y
Figures as
20,218,404
4,229,932
160,617
814,330
8,883,259
618,723
31,900
5,104
21, 321
5,377
501
16,004
689
14,516,882
z i
Staple length l~l/8” or more
but less than l~ll/l6”_____
Established ; Imports Sept.
Quota
; 20, 1946, to
45,656,420 : Nov. 9, 1946 4/
10,482,033
45,656,420
Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Gold Coast and Nigeria*
Algeria, Tunisia, and Madagascar*
of November 9, 1946, for long staple cotton.
24,480,737
-
2
-
COTTON CARD STRIPS made frcm cottons having a staple of less than'1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota,^ provided, however, that not more than *33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches or more in staple length in the -case of the following
countries: United Kingdom, France, Netherlands, -Switzerland, Belgium,
Germany, and Italy;
(in Pounds)
TOTAL IMPORTS
: ESTABLISHED
Country of Origin : Established * Sept* 20, 1946, : 33-1/3$ of
TOTAL QUOTA *
to Nov. 2, 1946 : Total Quota
United Kingdom......
Canada.
France....... '.....
British India.... .
N ethe rlands .........
Switzerland.........
Belgium............
Japan........ .
China..............
Egypt........ .
Cuba..... ..........
Germany.............
Italy..... .........
TOTALS
4,323,457
239,690
227,420
69, 627
68, 240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1 ,4 4 1 , 1 5 2
31,337
—
69, 627
—
—
%
—
'mi
—
—
—
L
75,807
¿~
22,747
14,796
12,853
-*
w
_
_
25,443
7,088
5,482,509
100,964
1/ Included in total imports, column 2*
-oOo—
1,599,886
IMPORTS
r
November K ,
s
/
POE IMMEDIATI RELEASE
&*£*■ *%.
19**6
I U
f ¥
V"
The Bureau o f Customs announced today p re lim in a ry fig u r e s shoving the
imports f o r consumption o f commodities w ith in quota lim ita tio n s provided fo r
under tra d e agreem ents, from the beginning o f the quota p e rio d s to November ,
* , in c lu s iv e as fo llo w s :
2
1916
eq
Commodity
: U nit
t Imports as
:
of
:
E sta b lish e d Quota
:o f Nov. 2,
{Period and Country: Q uantity : Q u an tity : 191*6
Whole M ilk , fr e s h
or sour
Calendar year
3, 000,000
G allo n
8,821
Cream, fr e s h or sour
Calendar year
1, 500,000
C a llo n
2,220
F is h , fr e s h or fro ze n
f i l l e t e d , e t c , , cod
haddock, hake, p o llo c k ,
cu sk , and r o s e fis h
Calendar year
20,330,721*
Pound
Quota
F ille d
90, 000,000
60, 000,000
Pound
Pound
.
1 .^7,032
White or I r is h p o ta to e s:
c e r t i f i e d seed
oth er
12 months
from
S e p t. 15, 1 9 ^
8 385.915
Cuban f i l l e r tobacco un stemmed or stemmed (Other
than c ig a r e tte l e a f tobacco)
and scrap tob acco
Calendar year
Red cedar s h in g le s
Calendar year
1. 396.**23
Square
1.253,22H
M olasses and sugar siru p s
co n ta in in g so lu b le non
sugar s o lid s equal to more
than # o f t o t a l so lu b le
s o lid s
Calendar year
1, 500,000
G allo n
1*68,159
S ilv e r or b la ck fo x e s , f u r s ,
and a r t i c l e s : Foxes valued
under
each and whole
fu r s and skins
May-Nov, I H
All co u n tries
67,012
Number
27,128
6
$250
T a ils
96
12
months from
D ee. 1 , I U
95
Paws, heads or oth er
separated p a r ts
It
P ie c e p la te s
It
A r t i c l e s , other than
p ie c e p la te s
tt
Pound
(un stemmed
22,000,000 eq uivalent)
5,000
P ie c e
500
550
Pound
500
U nit
Quota
F ille d
1*90
Pound
133
TREASURY1DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, November 14, 1946
Press Service
No. S~142
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within quota limitations provided for under trade
agreements, from the beginning of the quota periods to November 2, 1946, inclusive
as follows:
Commodity
: Unit
:Imports as
:
Established Quota
: of
:of Nov. 2,
:Period and Country: Quantity :Quantity : 1946
Calendar year
3,000,000
Gallon
8,821
Cream, fresh or sour
Calendar year
1,500,000
Gallon
2,220
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
20,380,724
Pound
Quota
Filled
12 months from
Sept, 15, 1946
0
0
0
0
0
0
0
Pound
Pound
8,385,915
1,447,032
White' or Irish potatoes:
certified seed
other
0
0
0
0
0
0«\
0
Whole Milk, fresh
or sour
Cuban filler tobacco un
stemmed or stemmed (Other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
22,000,000
Red cedar shingles
Cal endar year
1,396^423
Square
1,253,224
Molasses and sugar sirups
containing soluble non
sugar solids equal to more
than 6% of total soluble
solids
Calendar year
1,500,000
Gallon
468,159
Silver or black foxes, furs,
and articles: Foxes valued
under $250 each and whole
furs and skins
May-Nov. 1946
All countries
67,012
Number
27,128
12 months from
Dec. 1, 1945
5,000
Piece
500
Pound
HHft
Pound
500
Unit
Tails
Paws, heads or other
separated parts
11
Piece plates
u
Articles, other than
piece plates
Pound
(unstemmed Quota
equivalent) Filled
490
133
gy y g g a r ' i
.
'
ft ,
•■ ■■-■"■
•■ --~.■
t
r
1
i
f
1
-
::•
1■ ~ ,■ :v
„ - .v - :- w f M B i t a r
■■■".'
'- ■
/%
:
-'.
- -— *■ ■^ j m
< . _ ■:
f
b b m h i-.-m
<&_■#
Tfip
FOR IMMEDIATE RELEASE,
Itoamher
19 ij6 ______
JKSf*
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 Aprfil 29, 1943, for the 12 months commencing May 29, 1946» as follows:
Wheat flour, semolina,■
crushed or cracked
:
wheat, and similar
:
wheat products
:
Imports
.«Established :
Imports
Quota
:May 29, 1946, to :
: May 29, 1946,
i toNov* 2 f 19ii6
{November 2 f 19ii6
(Pounds)
(Bushels)
(Pounds)
Wheat
Country
of
Origin
Established
Quota
(Bushels)
Canada
795,000
China
Hungary
- —
Hong Kong
Japan
United Kingdom
' 100
Australia
Germany
100
Syria
100
Is
Hew Zealand
•m'S- ■
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
Prance
1,000
’Greece
Mexico
100
—
Panama
Uruguay
Poland and Danzig'
—
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
3razil
. 100
Union of Soviet
Socialist Republics
1Q0 '
Belgium
100
800,000
V
3,815,000
24,000
13,000
13,000
239
- "*
21(0
/ |
-
8,000
75,000
1,000
5,000
5,000
-
-
635,103
■■
—
m
—
—
s «■»
-
1,000
1,0 0 0
1,000
14,000
2,000
12,000
1,0 00
1,000
1,000
1,000
1,000
1,000
1,009
1,000
1,0 0 0
1,000
-
-
—
—
jm
| | §f '
¡HR m b E !§f i '*"
1,000
-
.
-
-
-
1•
—
|
-
mm
—
4 ,000,000
w
oOo-
■;
c
1.
**
"636,r s
■
TREASURY DEPARTMENT
'Washington
FOR IMMEDIATE RELEASE
Thursday, November 14, 1946
Press Service
No. S-143
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered* or withdrawn from warehouse* for
consumption under the import quotas established in the President's proclamation
of May 28* 1941, as modified by the President's proclamations of April 13, 1942,
and April 29* 1943* for the 12 months commencing May 29* 1946* as follows;
Wheat
Country
of
Origin
:
:Established
Quota
(Bushels)
795,000
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
Argentina
2*000
Italy
100 .
Cuba
France
1*000
Greece
Mexico
100
Panama
Uruguay
—
Poland and Danzig
—
Sweden
—
Yugoslavia
Norway
—
Canary Islands
—
Rumania
1*000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republi cs
100
Belgium
100
-
-
:
Imports
:Iviay 29* 1946* to
:November 2, 1946
(Bushels)
239
-
-
—
-
—
800*000
—
-
—
—
—
—
—
—
—
—
-
'.'¿heat flour* semolina*
crushed or cracked
wheat* and similar
wheat products
Established ;
Imports
Quota
¡May 29, 1946 to
;Nov ember 2, 1946
(Pounds)
3*815*000
24 *000
13*000
13*000
8*000
75*000
1*000
5,000
5*000
1*000
1*000
1*000
14*000
2*000
12*000
1,000
1*000
1*000
1*000
1*000
1*000
1*000
1*000
1*000
1*000
_
(Pounds)
635*433
240
-
—
_
_
_
—
_
_
—
—
1*000
—
—
—
_
_
__
—
-
-
-
239
4* 000* 000
636* 673
hovemfeer 7, 194.6
to IK. BAKTELTt
The following market transaction© were made during the month
of October, 1946, in direct and guaranteed securities of the
Government for Treasury investment and other accountss
Bales .............. *............$122,954*250
Purchases
none
Set s a l e s ........ ......... 1122.954.25,0
(§Igned) R. W. Maxwell
Commissioner of Account®
CC tot
HRaud
Mr. Heffelfinger
(fir. Shaeffg£>
Miss Sanford
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, November 15. 19^-6
Press Service
No. S-iLL
During the month of October, 19^6 , market trans
actions in direct and guaranteed securities of the
Government for Treasury investment
and other accounts
resulted in net sales of $122,95^->'250, Secretary
Snyder announced today.
oOo
§1 •
gja|seoretary^arinounoed today that the Procurement
Division will be known as the "Bureau of Federal Supply"
effective January 1, 1947*
He said the change in designation is being made to
depict more accurately the scope of Procurement’s supply
activities, which are nation-wide, and which involve buying,
except military items, for nearly every agency of government.
Designation of the new name does not affect policies and does
not involve any expansion in personnel*
Sino^ 1910, with the establishment of the General
Supply Committee, the Treasury has been increasingly responsible
for purchase activities. By 1930 a Federal warehouse had been
built to centrally locate stock issue items for government agen
cies in Vfashington. And when the Procurement Division took over
the warehouse in 1933 it consolidated all purchasing functions
into a central unit.
However, changes in nomenclature have since created
the impression that the Division buys solely for the Treasury,
which is not the case. As the government’s sole permanent
peacetime agency devoted exclusively to purchasing, the Divi
sion buys items ranging from office supplies to industrial
machinery, and arranges schedule contracts for the use of all
agencies*
During the war it acted as a purchasing agent for
Lend-Lease and executed almost 93,000 contracts amounting to
six billion dollars. It is also the purchasing agent on other
large-scale buying programs as they arise, such as the current
task of purchasing strategic materials for the national stock
pile. In addition to the actual buying job, peacetime functions
include the conduct.of a traffic service for the movement of
government goods, a system of national warehouses to supply
field units with commonly used items; a standards activity estab
lishing uniform specifications and nomenclature of the thousands
of things the government buys,
' Tbs
sQ aa
that the title of
Clifton E. Mack, Di/ector of Procurement, would be changed to
"Director, Bureau of Federal Supply"*
o & o
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, November 19, 1946,
Press Service
No. S-145
Secretary Snyder announced today that the Procurement Divi
sion will be known as the "Bureau of Federal Supply" effective
January 1, 19^7.
He said the change in designation is being made to depict
more accurately the scope of Procurement’s supply activities,
which are nation-wide, and which involve buying, except military
items, for nearly every agency of government, Designation of
the new name does not affect policies and does not involve any
expansion in personnel.
Since 1910, with the establishment of the General Supply
Committee, the Treasury has been increasingly responsible for
purchase activities.
By 1930 a Federal warehouse had been built
to centrally locate stock issue items for government agencies In
Washington. And when the Procurement Division took over the
warehouse in 1 9 3 3 it consolidated all purchasing functions into
a central u n i t .
However, changes in nomenclature have since created the im
pression that the Division buys solely for the Treasury, which is
not the case. As the government’s sole permanent peacetime agency
devoted exclusively to purchasing, the Division buys items ranging
from office supplies to industrial machinery, and arranges sched
ule contracts for the use of all agencies.
During the war it acted as purchasing agent for Lend-Lease
and executed almost 9 3 ^ 0 0 0 contracts amounting to six billion
dollars.
It is also the purchasing agent on other large-scale
buying programs as they arise, such as the current task of
purchasing strategic materials for the national stockpile.
In
addition to the actual buying job, peacetime functions ^include
the conduct' of a traffic service for the movement of government
goods, a system of national warehouses to supply field units with
commonly used items; a standards activity establishing uniform
specifications and nomenclature of the thousands of things the
government b u y s .
Mr. Snyder said that the title of Clifton E. Mack, Director
of Procurement, would be changed to "Director, Bureau of Federal
Supply" .
0O0
-
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 betffgen 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 Tail 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
November 21, 19U6
y
5S*
/
The income derived from Treasury bills, whether interest or gain from the
available funds on
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.
bZ
Under Sections
and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 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
W M
TREASURY ;DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPER
Friday« November I e?. 1 9 l i 6 _
The Secretary of the Treasury, by this public notice, invites tenders for
f 1.300.000.000 3 or thereabouts, of
iajb
91 -day Treasury bills, to be issued
w
r
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series will be dated
Will mature
out' interest.
February 20, 19U7,
November 21, 19ii6
-----
,
and
j 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, November 18. 19k6.
ss
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*
9 9 .9
25.
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 NEUSPAPSRS,
F-pidav. November IS. IQ46______
Press. '^©rv1 o©
No. .S-iii-6
The Secretary of the Treasury,, by this'^public notice,
invites, tenders fo~ $1,1G0,000,OOP, or thereabouts, of 91-day
T r e a s u r y 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 November 2 1 , 1 9 ^6 , and
yi 11 mature February 2 0 , 19^7, when the face amount will be
payable without interest,
They will be-issued in bearer form,
only, and in denominations of $1 ,0 0 0 , $*,.0 0 0 , $ 1 0 0 0 0 ,
$ 1 0 0 ,0001/ $*0 0 ,0 0 0 , and $ 1 ,0 Q0 , 0 6 0 (maturi ty value) .
Tenders will be received at Federal Reserve Banks and
Branches u p to the closing, hour, two o-'clock o.m., Eastern
Standard time, Monday, November 1.R, 19^-6. ';Tenders wi.l not
be received .at the Treasury.department,, Wqshingtch. Each
tender must be for an even multiple of $l ,000,. and/ the price
o-fered must be expressed on the basis of 100';■ with not more
than three decimals, e . g ., 99*990. Fractions'may not be used.
It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which .widl. "be suool led by
Federal Reserve Banks or Blanches on application thenefnr .
Tenders will be- received without deposit from incorporate
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 fenders 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 Bpanches, following
which public announcement wi 11 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.
Tbe Secretary of the Tpea.sury 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 $2 0 0 , 0 0 0
or less from any one bidder at 99*90* entered on s. 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 November 2 1 , 1 9 ^-6 .
2
The income derived from Treasury hills, 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 hills shall not have any special
treatment, as such, under Federal Tax Acts nor or hereafter
enacted. The hills shall he subject to estate, inheritance,
gift, or other excise taxes, whether Federal or State, hut
shall he exempt from all taxation now or hereafter imposed on
the principal or interest thereof hy any State, or any of.the
possessions of /the United States, or hy any local taxing
authority. For,purposes of taxation the amount of discount
at which Treasury#hills are originally sold hy the United.
States shall, he considered to he interest. Under Sections: k2
and 117(a)(l) of the Internal Revenue Code, as amended hy
Section 115 of the. Revenue Act of 1 9 ^1 ., the amount of discount
at which bills' issued hereunder are sold shall not he con
sidered to accrue until such hills shall he sold, redeemed or
otherwise disposed of, and such hills are excluded from con
sideration as capital assets. Accordingly, the owner of
Treasury hills (other than life insurance companies) issued
hereunder need include in his income tax return only the dif
ference between the price' paid for such hills, 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 dreturn is made, as
ordinary gain or loss.
Treasury Department Circular. No. 4l8, as amended, and
this notice, prescribe the terms of the Treasury hills and
govern the conditions of their issue. Copies of the circular
may he obtained from any Federal Reserve Bank or Branch.
0O0
v
DIVISION OF PUBLIC RELATIONS
Building distribution
/
% L_
/$/4
7/1/45
TREASURY DEPART! ¡ENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, November 18, 191+6._____
Press Service
No".' S-147
Secretary of the Treasury Snyder today announced that the 1-1/2 percent
Notes of Series B-191+6,.in the amount of §3,260,777,000, which will
mature on December 15, 191+6, will'be redeemed in cash.
Treasury
At the same time, the Secretary announced the offering, through the Federal
Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of Series
L-191+7, open on an exchange basis, par for par, to holders of Treasury Certifi
cates of Indebtedness of Series Kt-191+6, in the amount of §3,768,201,000, which
will mature on December 1, 19i+6. Cash subscriptions will not be received.
The certificates now offered will be dated December 1, 191+6, and m i l bear
interest from that date at the rate of seven-eighths of one percent per annum,
payable with the principal at maturity on pecember 1, 191+7. They will be issued
in bearer form only, in denominations of §1,000, $5*300, $10,000, $100,000 and
$1 ,000 ,000 .
Pursuant to the provisions of the Public Debt Act of 191+1, interest upon
the certificates no*w offered shall not have any exemption, as such, under
Federal tax Acts now or hereafter enacted. The full provisions relating to
taxability are s q t forth in the official circular released today.
Subscriptions m i l be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Washington,' and should be accompanied by a'.like
face amount of the maturing certificates. .Subject to the usual reservations,
all subscriptions will be allotted in full.
The subscription books will close at the close of business "Wednesday,
November 20, except for the receipt of subscriptions from holders of $25,000 or
less of the maturing certificates. The subscription books will close for the '
receipt of subscriptions of the latter class at the close cf business Thursday,
November 21.
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 AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES L-l?l*7
Dated and bearing interest from December 1, 19I46
19U6
Department Circular No. 797
Due December 1, 19l;7
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, November 18, I9I46.
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 L—19li-7i in exchange f#r
Treasury Certificates of Indebtedness of Series K—19U6, maturing December 1 , I9J16.
II.
DESCRIPTION OF CERTIFICATES
-l. The certificates id.ll be dated December 1, I9J4.
6 , and will bear interest
from that date at the rate of 7/8 percent per annum, payable with the principal at
maturity on December 1, 19U7. They 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
l#cal taxing authority.
3; The certificates will be acceptable to secure deposits $f public moneys.
They vail not be acceptable in payment of taxes.
(
“'-in n^* ®earer cer^’i^ica'tes will be issued in denominations of $1,000,
,000,
^10,000, $100,000 and $1,000,000. The certificates Will not be issued' in registered form.
$ .
The certificates will be subject to the general regulations of the Treasury
uepartment, now or hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
,
Subscriptions will be received at the Federal Reserve Banks and Branches
a,
treasury Department, Washington. Banking institutions generally may
an/Jw subscriptions for account pf customers, but only the Federal Reserve Banks
tne 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, all subscriptions will be allotted in full. Allotment notices
will be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par for certificates allotted hereunder must be made an or
before December 2, 19U6, or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series K-19U6, maturing December 1, 19i|6, which
will be accepted at par, and should accompany the subscription.
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are author
ized and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Re
serve Banks of the respective Districts, to issue allotment notices, to receive
payment for certificates allotted, to make delivery of certificates on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery of
the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
John hi. Snyder,
Secretary of the Treasury.
TREASURY DEPARTMENT
Washington
FOR RELEASE 10:00 PM., EST.,
Wednesday, November 20, 19^6,
Press Service
No. S-148
(The following address by Secretary Snyder
before the Economic Club of New York, at
the Hotel Astor, New York City, is sched
uled for delivery at 10:00 PM, EST, on
Wednesday, November 20, 19^6, and' is for
release at that time.)''
It is a pleasure to meet here with the Economic Club
of New York, and to have the privilege of talking with so
many of the business, industrial, and professional leaders
of this great community.
Mr. Riehle tells me that this meeting marks the beginning
of the fortieth year of the Economic Club.
I
want to congratulate you on having achieved this milepost
of service in the cause of further enlightenment of
public opinion.
We all have a community of interest in our efforts to
insure a healthy domestic economy, to maintain a sound
Government financial program, to Insure stability of our
currency, and to stimulate expansion of our world trade.
Upon a successful solution of the problems before us
today depends, to such an important extent, the fashion in
which we build our '’America of Tomorrow" .
During recent months, the attention of the American
people has been centered on politics.
But the outcome of
the recent election, has not changed the necessity for a
bi-partisan approach to our basic problems.
Whatever happens in elections, the administration of
public affairs cannot be halted for a day, for a month, or
for a y e a r . It is vital thaj^ t h e ^operations of Government
proceed on a sensible and eSéÉIÉ*$fDa sis, 'with full co
operation between the various elements.
The difficulties we will encounter in the solving of
troublesome Issues remain the same. And the solution to
these questions cannot be found by any one man, or by any
one group of men.
2
President Truman has pledged the best efforts of his
administration toward such cooperation, and the response
to his plea for unity of effort has been most gratifying.
"Facts are facts." Whatever has taken place politi
cally, the bright aspects of our national material progress
are still bright.
T-te-yproblems tdarb remain to be solved, gmo-olrni wi-Ua»
P j and I would not belittle their importance and signifi
cance. But I would remind you that it is against the
background of an America flourishing as it has never f l o u r
ished before in its history that we must solve these
problems.
It is of extreme importance that the Legislative and
the Executive branches work out a program of cooperation to
assure our present state of full production, full employment,
and high national income; to maintain our standard of living,
and our continued prosperity.
Let me repeat the one fact of which we must not lose
sight.
This country is now experiencing the greatest period
of prosperity in its history.
It is important that we focus our attention on this
fact - because it is the key to the formulation of our.
fiscal program.
Consideration must be given our present prosperity
when-we come to determine the level of taxes which may be
maintained at this time without imposing undue restraints
upon enterprise.
The amount of our revenues will, in turn,
determine the surplus that can be applied to the reduction
of our public d e b t .
On the fiscal side of the picture, one of the most
important problems is the maintaining of the integrity of
our currency.
It is vital to us domestically, and it is
extremely important to us in the foreign field.
We nw cit
^ PPT '..ni'iy)C'Pl ye.^ i n r p n n i f i i ' n ---- "Mini "m
i n ""Tt i l l t i n r ' F
When I took office as Secretary of the Treasury, I
stated that it is the responsibility of the Government to
reduce its expenditures in every possible way, and to
achieve a balanced budget,
I would add that it is impera
tive that we reduce our debt burden now, while we are
experiencing great prosperity.
We must approach this issue
with the same courage that we have other important problems
of the p a s t .
Aside from its relation to our fiscal policies, there
are other urgent reasons why we should keep firmly in mind
the fact of our present economic well-being.
We need to
guard against the developing depression psychology, in this
country, which might, if unrestrained, see'us literally
talk ourselves into at least a temporary period of hard
t ime s .
I
believe you will agree that a man perfectly well
might find himself in a hospital in short order if his
friends should start collectively feeling his pulse at f r e
quent intervals, running apprehensive hands over his brow,
and telling him again and again, how wretched he looked.
He would be a strong minded man indeed if he didn't get
sick under such treatment.
I
do not see how a fair appraisal of "America Today"
can justify any feeling that a material recession in
"America Tomorrow" is inevitable.
We now have the highest level of employment ever e x
perienced in peacetime in the history of this country.
We
have the huge accumulation of personal savings; the u n
precedented demand for goods and services.
Tjidices
of material production, carloadings, electric power, and
the like, bear eloquent testimony to our progress since the
cessation of hostilities.
Freight carloadings late in October rose to the high
est level since October 1930, when the average per-car
capacity was much smaller than it is now.
Industrial production has risen to a peacetime high.
The Federal Reserve Board's adjusted index of production
for September stands at 177 percent of the 1935-39 average.
Steel ingot production in November has risen above
91 percent of capacity - a new post-war high.
Electric power output in the first week of this month
rose to the highest level on record, although the seasonal
peak has not yet been reached.
Textile production in September equalled the peacetime
peak reached earlier this year, with output at 165 percent of
the 1935-39 average.
More and more durable consumer goods are reaching
the market in quantities exceeding those of before the war in September, shipments of washing machines, vacuum clean
ers, electric ranges, radios and gas ranges were from 20
to 50 percent above prewar levels.
Private building construction is at the highest level
since'the ’20's. The output of many building materials
reached new postwar highs in September; some reached alltime highs .
The production of lumber products in September was
135 percent of the 1935-39 average.
Civilian employment has increased four million since
the end of the ■war, and was approximately fifty-seven m i l
lion four hundred thousant in October.
And yet there exists the greatest demand for every
product of the manufacturer and the farmer.
Our present
production, despite its record volume, still in insuffi •Stent to meet that demand.
I
am not trying to paint an over-optimistic picture.
As scarce items begin to reappear in volume, there will be
less of a rush to purchase than appears today.
But even
with liberal allowance for this factor,.I :feel that we can
be assured of continued prosperous, business for some years
to come - if we have continued cooperation in all fields Government, management, capital, labor and agriculture.
And in addition there is the foreign demand for our
products, the greatest ever, a demand "which we have not
even begun to meet.
Reestablishment of world shipping,
with our own Merchant Marine playing an important role,
will provide a vast outlet for our farms and factories.
With our full support and leadership, the nations have
set out to create a favorable atmosphere for expanding world
trade.
The mechanisms set up to expedite world reconstruc
tion and development are now functioning, and from these co
operative endeavors we
shall be in a position to profit
greatly in both a material and a moral sense.
It is net necessary to detail the causes and manifes
tations of the depression of the '30's in refuting any
similarity between present conditions and the economic
trends of the ’20's.
,
*
T
'
-
5
-
#B u t , fully as important as the vastly improved economic
and financial situation of this year 1946, as compared with
1929, is this significant factor.
Out of the new social con
sciousness of the American people have been created
safe
guards and supports that have basically strengthened the
foundations of our economy.
X am confident that these social gains made in recent
years, wi.ll go a long way in preventing any future recession
from reaching such proportions as the last economic breakdown.
To^ cite'one example, I am sure that there is no one
here^tonight who would be willing to give up the safeguards
provided for the savings of our people by the Federal
Deposit Insurance legislation.
The near collapse of our banking system was one of the
most serious developments .(^f the degression of the '30's,. By
contrast ,^our banks
in aVs^undijfc position, & m r j r '
fnr<iiM*nrinnL
We can count among our very real assets the
confidence of the people in our banking structure.
Economists agree that the marked decline in farm
incomes was one of the major causes of the last depression.
1 oday, farm income Is not only at record levels, but preven
tive measures have been provided to check any downward trend
that might develop.
Not only Is employment now at a peacetime peak, but
through the provisions of the Soci a l .Security legislation,
we have ^Federally-sponsored state unemployment i n s u r a n c e /
T'vith this protection there is no danger of a sudden, and
far reaching curtailment of individual Income.
I
am sure that none of us would want to abandon the
Social Security program.
Another cause for economic assurance is found in the
operations of the Securities and Exchange Commission;
Through its protective services, investors in securities
are more certain of the soundness of their investments
today
There have, perhaps, been...excesses of speculation in
some areas; but, due to safeguards established, the over
expansion of credit in this field during inflationary times,
has been held to a minimum.
' ■
_
- 29 -
<
s u r r o u n d in g s , and get an o b j e c t i v e
v i e# of America, we would see a r e a l l y
powerful and m a g n if ic e n t Iy prosperous
c o u n t r y , the I 1Ke of which has never
been seen in the world.
Let us combine a l l
of our advantag
into a driving; f o r c e to in s u r e a r ic h
/ r
and p ro sp e ro u s
o o
Ù
28
r i s i n g t i d e of p r o d u c t io n can a ssu re
adequate s u p p l i e s of a l l goods at f a ir
p ric e s
But,
as a p e o p le , we have cause
i f i c a t i o n th a t
from the war y e a rs with renewed f a i t h
in the fundamenta I p r i n c i p l e of a free
i se system.
b e lie ve ,
- - --
s the
11 is under such
th a t the individua
e s t o p p o r t u n i t y fo r
p r o s p e r i t y and common s e r v i c e
I am c e r t a in th a t i f
«**
C W
V*
h o u r s e l v e s from our immediate
27
I would not d is c o u n t those
problems th a t are s t i l l
to be met in
our t r a n s i t i o n from war to peace.
Foremost among them is the f a c t that
we s t i l l
a re faced with a g r e a t number
of s h o rta g e s in m a t e r i a l s ,
and c e rta in
p r o d u c t io n l i m i t a t i o n s which,
in the
face o f e xc e ss demands, cause
i n f l a t i o n a r y t re n d s to p e r s i s t .
It
is s t i l l
e s s e n t i a l th a t
consumer, d i s t r i b u t o r , and producer
a I i k e e x e r c i s e r e s t r a i n t u n t i l the
s
ii
In the realm of u n s a t i s f i e d
p r o d u c t io n demand, the p r e s e n t
sho rtag e of housing looms la r g e .
w ill
ta«e y e a r s to f i l l
It
t h i s demand.
T h is housing sh o rta g e , moreover,
is
matched by a la rg e volume of p r i v a t e
funds ready to be used in the b u ild in g
program,
i e have p ro v id e d machinery,
such as Federal Housing Adm i n i s t r a t i on
and the Home Loan Ban« System, to bring
b u i l d e r s and len d ers t o g e t h e r .
The l i q u i d a s s e t s of i n d i v i d u a l s
O Q O jO O O j& Q t z
are now about $190, b i I I ~rbn - - an a l l
time h ig h .
q
T h is compares with le s s
OC^
than $70, bj.i..|_i^n at the end of 1941.
These a s s e t s are more w id e ly distributed
than ever b e fo r e , which i s another
important f a c t o r
in our economic
we I I -be i n g .
The net worKing c a p i t a l of
i
American c o r p o r a t i o n s n e a r l y doubled
a
d u rin g the war y e a r s ,
and was estimated
OCOj
at $54, bxi-J"ian at t h e end of June -a r e c o r d h ig h .
I
■
.
i
Another cause f o r economic
a ss u ra n c e i s found in the o p e r a t io n s
of the S e c u r i t i e s and Exchange
Commission.
se rv ice s,
Through i t s p r o t e c t i v e
in vesto rs
in s e c u r i t i e s are
more c e r t a i n of the soundness of t h e ir
investm ents today.
There have, p erha p s, been excesses
of s p e c u l a t i o n
in some a r e a s ; but, due
to s a f e g u a r d s e s t a b l i s h e d ,
expansion o f c r e d i t
the over
in t h i s f i e l d during!
i n f l a t i o n a r y times has been held to
a minimum.
l e v e l s , but p r e v e n t i v e measures have
been p ro v id e d to cheCK any d
tre n d th a t mi g
Not o n ly
is employment now at a
peacetime p e a x , but through the
p r o v i s i o n s of the S o c ia l S e c u r i t y
le g isla tio n ,
we have Federal ly-sponsored
s t a t e unemployment in s u r a n c e .
With
t h i s p r o t e c t i o n th e re is no danger of
a sudden, and f a r r e a c h in g c u rta ilm e n t
of i n d i v i d u a l
income.
i am su re th a t none o f us would
want to abandon the Soc i a I Secur i ty
program.
The near c o l l a p s e of our banKing
system was one of the most s e r i o u s
developments of the d e p r e s s io n of the
' 30 *s .
By c o n t r a s t ,
our banKS were
never in a sounder p o s i t i o n than they
are today.
®e can count among our very
r e a l a s s e t s the c o n fid e n c e of the people
in our banKing s t r u c t u r e .
Economists agree th a t the marKed
d e clin e
in farm incomes was one of the
major causes of the l a s t d e p r e s s io n .
Today, farm income is not only at record
I am c o n f i d e n t t h a t these soc i a I
g a in s made in r e c e n t y e a r s , » i l l
go a
long way in p r e v e n t in g any f u t u r e
r e c e s s i o n from r e a c h in g such
p r o p o r t i o n s as the l a s t economic
breaKdown.
To c i t e one example,
l am sure
th a t th ere is no one here t o n ig h t who
would be w i l l i n g to g iv e up the
s a fe g u a rd s p ro v id e d f o r the s a v in g s of
our oeooIe by the Federal D ep o sit
In su ra n c e l e g i s l a t i o n .
depress t on
s im i
'3 0 's
in r e f u t í
con
ty
*
*
♦
economic t re n d s of the *20 ’ s
But, f u l l y as important as the
va stly
improved economic and f i n a n c i a
s i t u a t i o n of t h i s year
with 1929,
, as compared
is t h is s i g n i f i c a n t f a c t o r .
Out of
i ousness of
the American people have been crea ted
and su p p o rts th a t have
b a s i c a l l y stre n g th e n e d the foundations
of our economy.
n
our f u l l
sup p o rt and
the n a t io n s have s e t out
expanding world t r a d e .
The mechanisms
s e t up to e x p e d it e world r e c o n s t r u c t i n
and development are now f u n c t i o n i n g ,
and from these c o o p e r a t i v e endeavors
we s h a l l be in a p o s i t i o n to p r o f i t
g re a tly
In both a m a t e r ia l and a
moral sense.
It
i s not n e c e s s a ry to d e t a i l
the ca u se s and man i f e s t a t i ons of the
-
18
-
have co n tinu ed c o o p e r a t io n in a i l
f i e l d s - - Government, management,
c a p ita l,
labor and a g r i c u l t u r e .
And in a d d i t i o n th e re is the
f o r e i g n demand f o r our p r o d u c t s ,
the
g r e a t e s t e v e r , a demand which we
have not even begun to meet.
R e e sta b lish m e n t of world s h i p p in g ,
with our own Merchant Marine p la y in g
an important r o l e ,
will
p ro v id e
a v a s t o u t l e t f o r our farms and
f a c t o r i es.
IT
manufactuer and the farm er.
Our
p re se n t p r o d u c t io n , d e s p i t e i t s
re c o rd volume, s t i l l
is
in su ffic ie n t
to meet t h a t demand.
I am not t r y i n g to p a in t an
o ve r-o p tim istic p ictu re .
As s c a rc e
items begin to reappear in volume,
th e re w i l l
be l e s s of a rush to
purchase than appears today.
even with l i b e r a l
factor,
But
a llow a n ce f o r t h i s
I f e e l t h a t we can be assured
of co n tinu ed p ro sp ero us b u s in e s s
f o r some years to come - -
i f we
16 -
]% û 1^
i m e a t t&s,.
The output of many
b u i l d i n g m a t e r i a l s reached new
postwar highs in September; some
reached a l l - t i m e h ig h s .
The p r o d u c t io n of
lumber products
X
in September was 13 5 p ercent of the
1935-33 average.
C i v i l i a n employment has increased
f o u r m i l l i o n s i n c e the end of the war,
'f
and was a p p ro x im a te ly f i f t y - s e v e n
m i l l i o n f o u r hundred thousand in October
And yet there e x i s t s the g r e a t e s t
demand f o r every product o f the
I
■Jig
- 15
^
e a r l i e r t h i s y e a r , with output at
165 p e rc e n t of the 1935-53 average.
More ano more Durable consumer
goops are r e a c h in g the market in
q u a n t i t i e s exceed in g those of
--
in
shi pments
machines, vacuum
s.
"O r
§
e l e c t r i c ran g es, r a d i o s and
ran ges were from 20 to 50 p e rc e n t
above prewar l e v e l s .
H rivate b u ild in g c o n stru ctio n
is a t the h ig h e s t l ev el s i n c e the
Reserve B oard’ s a d ju s t e d index of
p r o d u c t io n f o r September stan ds at
177 p ercen t of the 1935-39 average.
Steel
ingot p ro d u c tio n in
.)
November has r i s e n above 91 p ercen t
of c a p a c i t y - - a new po st-w ar high.
E l e c t r i c power output in the
f i r s t week of t h i s month rose to the
h ig h e s t l evel on r e c o r d , alth o u g h the
seasonal peak has not yet been reached.
T e x t i l e p ro d u c tio n in September
e q u a lle d the peacetime peak reached
-
13
-
i n d i c e s of m a t e r ia l p r o d u c t io n ,
c a r i o a d l n g s , e l e c t r i c power, and the
lik e ,
bear elo q u en t testimony to our
p r o g r e s s s i n c e the c e s s a t i o n of
h o s tilitie s .
1
F r e i g h t c a r Io a d in g s la t e in
October ro se to the h ig h e s t le v e l
s i n c e October 1930, when the average
p e r - c a r c a p a c i t y was much s m a l l e r
than i t
is now.
In d u stria l
p ro d u c tio n has r i s e n
to a peacetime hig h.
The F e d e ra l
1 2
-
-
d i d n ’ t get s i c k under such treatment.
j u s t i f y any f e e l i n g th a t a m a t e r ia l
recession
in ' a M6$\MSA T
N '--
*♦*
,
i
t
s
inev i t a b l e .
We now have the h ig h e s t le v e l
of employment ever e x p e rie n c e d in
in the h i s t o r y of th is
c o u n t ry .
have the huge accumulation
of personal s a v i n g s ; the unprecedented
demand f o r goods and s e r v i c e s .
Those
at l e a s t a temporary p e rio d of ^hard
t i me s'4*'.
I be i i eve you w i l l agree
th a t a man p e r f e c t l y well might
f i n d h im s e lf in a h o s p i t a l
in s h o rt
o rd e r i f h is f r i e n d s should s t a r t
c o l l e c t i v e l y f e e l i n g h i s p u ls e at
fre q u e n t
in te rv a ls,
ru n n in g
a p p re h e n s iv e hands over h is brow, and
t e l l i n g him again and a g a in , how
wretched he looked.
He would be
a stro n g minded man indeed i f he
the same courage tha t we have other
important problems of the pas
Aside from i t s r e l a t i o n to our
fis c a l
p o lic ie s,
there are other
urgent reaso n s why we should keep
firm ly
in mind the f a c t of our
p re se n t economic w e l l - b e i n g ,
fie
need to guard a g a i n s t the developing
d e p r e s s io n ps)
gy*\
see us l i t e r a l l y t a l k
in t h i s
ves into
foreign f ie
mus t
o u r s e l v e s in a p o s i t i o n so th a t
I tÎ
I took o f f i c e
of the
s t a t e d th a t
is
the respons i b i I i ty of the Government
to reduce i t s e x p e n d i t u r e s ?n every
p o s s i b l e way, and to a c h ie v e a
balanced budget.
I would add th a t
i t i s im p e ra tiv e th a t we reduce our
debt burden now, w hiIe we are
exp erien cin g great p ro s p e rity .
oetermine the le v e l of ta xes which
may be m a in tained at t h i s time without
imposing undue r e s t r a i n t s upon
e n te rp rise .
The amount of our
revenues wi l l *
in t u r n , determine the
s u r p l u s tha t can be a p p lie d to the
r e d u c t io n of our p u b l i c debt.
On the f i s c a l s i d e of the
p i c t u r e , one of the most important
problems i s the m a in t a in in g of
the i n t e g r i t y of our c u r r e n c y .
is v it a l
it
It
to us d o m e s t i c a l l y , and
i s extrem ely important to us in
\
s - 7-
m
and our co n tin u ed p r o s p e r i t y .
Let me re p e a t the one f a c t of
which we must not lose s i g h t .
T h is
co u n try i s now e x p e r i e n c i n g the
g r e a t e s t p e rio d of p r o s p e r i t y
in i t s
h isto ry .
1t i s important t h a t we focus our
a t t e n t i o n on t h i s f a c t - - because i t
i s the key to the f o r m u la t io n of our
f i s c a l program.
Cons i d e ra t i on must be g iven our
p re se n t p r o s p e r i t y when we come to
i ns t
must so
Legi s i at i v©
Execut i
I income;
m a in ta in our
I i v in
ward such c o o p e r a t io n , and
u n it y
response to h i s p le a
e f f o r t has been most
¿ ra tify in g .
facts
If
55*
Whatever has taken p la c e p o l i t i c a l l y
the b r i g h t a s p e c t s of our n a t io n s
m a t e r ia l
p r o g r e s s are s t i l l
b rig h t.
The problems th a t remain to
be so lv e d are s t i l l
I
with us,
not b e l i t t l e t h e i r importance
t
or
s
It
vital
I c o o p e ra tio n
i ous e
The d i f f i c u l t i e s we w i l l
encounter in
i s s u e s r e g a in the
best e f f o r t s of h i s admin i s t r a t i o n
f a s h io n
in which we b u i l d our
During r e c e n t months, the
a t t e n t i o n of the American people has
been c en tered on p o l i t i c s .
But the
outcome of the r e c e n t e l e c t i o n ,
has not changed the n e c e s s i t y f o r
a b i - p a r t i s a n approach to our b a s ic
probIems.
Whatever happens in e l e c t i o n s ,
the adm i n i s t r a t i on of p u b l i c a f f a i r s
cannot be h a lte d f o r a day, f o r a
achieved t h i s m ile p o s t of s e r v i c e
in
the cause of f u r t h e r enIightenm ent of
pub I ic o p in io n .
We at I have a community of
in te re st
in our e f f o r t s to in s u r e a
h e a lth y domestic economy, to maintain
a sound Government f i n a n c i a l program,
to in s u r e s t a b i l i t y of our c u r r e n c y ,
and to s t i m u l a t e expansion of our
World t r a d e .
p in a s u c c e s s f u l s o l u t i o n of
g;.
_
,
•
:
;
oblems before us today depends,
Address by the Secretary of the Treasury
Prepared for Delivery at a Meeting of
the Economic Club of New York on
November 20, 1946
■»
It
i s a p le a s u r e to meet here
with the Economic Club of New York,
and to have the p r i v i l e g e of t a l k i n g
with so many of the b u s i n e s s ,
in d u s tria l,
of t h i s
and p r o f e s s i o n a l
Ufeat
leaders
community.
Mr. R ie h le t e l l s me tha t t h i s
meeting marks the b eg in ning of the
f o r t i e t h year of the Economic Club.
I want to c o n g ra tu I ate you on having
TREASURY DEPARTMENT
Washington
FOR RELEASE 3.0:00 PM., E S T .,
Wednesday, November 20, 19^6.
Press Service
No. S-148
(The following address by Secretary Snyder
before the Economic Club of New York, at^
the Hotel Astor, New York City, is sched
uled for delivery at 10:00 PM, EST, on
Wednesday, November 20, 194'6T and is for
release at ¿hat timeV)
It is a pleasure to meet here with the Economic Club
of New York, and to have the privilege of talking with so
many of the business, industrial, and professional leaders
of this great community.
Mr. Riehle tells me that this meeting marks the b e
ginning of the fortieth year of the Economic Club.
I w^ant
to congratulate you on having achieved this milepost of
service in the cause of further enlightenment of public
opinion.
We all have a community of interest in our efforts to
insure a healthy domestic economy, to maintain7a sound
Government financial program, to insure stability of our
currency, and to stimulate expansion of our world trade.
Upon a successful solution of the problems before us
today depends, to such an important extent, the fashion in
which we build our "America of Tomorrow".
During recent months, the attention of the American
people has been centered on politics. But the outcome of
the recent election, has not changed the necessity for a
bi-partisan approach to our basic problems.
Whatever happens in elections, the administration of
public affairs cannot be halted for a day, for a month, or
for a year.
It is vi^al that the operations of Government
proceed on a sensible and efficient basis, with full co
operation between the various elements.
The difficulties we will encounter In the solving of
troublesome issues remain the same. And the solution to
these questions cannot be found by any one man, or by any
one group of men.
2
President Truman has pledged the best efforts of his
and the response to
his plea for unity of effort has been most gratifying.
a d m i n i s t r a t i o n toward such cooperation,
"Facts are facts." Whatever has taken place politi
cally, the bright aspects of our national material progress
are still bright.
Many problems remain to be solved, and I would not b e
little their importance and significance. But I would remind
you that it is against the background of an America flourish
ing as it has never flourished before,in its history that we
must solve these problems.
It is of extreme importance that the Legislative and
the Executive branches work out a program of cooperation to
assure our present state of full production, full employment,
and high national income; to maintain our standard of living,
and our continued prosperity.
Let me repeat the one fact of which we must not lose^
sight.
This country is now experiencing the greatest period
of prosperity in its history.
It is important that we focus our attention on this
fact - because it is the key to the formulation of our fiscal
program.
Consideration must be given our present prosperity
when we come to determine the level of taxes which may be
maintained at this time without imposing undue^restraints
upon enterprise.
The amount of our revenues will, in turn,
determine the surplus that can be applied to the reduction
of our public debt.
On the fiscal side of the picture, one of the most
important problems is the maintaining of the integrity of
our currency.
It is vital to us' domestically, and it is
extremely important to us in the foreign field.
When I took office as Secretary of the Treasury, I stated
that it is the responsibility of the Government to reduce its
expenditures, in every possible way, and to achieve a balanced
budget.
I would add that it is imperative that we reduce
our debt burden now, while we are experiencing great prosperity.
We must approach this issue with the same courage that we
have other important problems of the past.
_ o
J
Aside from its relation to our fiscal policies, there
are other urgent reasons why we should keep firmly in mind
the fact of our1 present economic well-being.
We need to
guard against the developing depression psychology, in this
country, which might, if wirestrained, see us. literally
talk ourselves into at least a temporary period of hard
t ime s .
I
believe you will agree that a man perfectly well
might find himself in a hospital in short order if his
friends should start collectively feeling his pulse at
frequent intervals, running apprehensive hands over his brow,
and telling him again and again how wretched he looked,
He
would be a strong minded man indeed if he didn't get sick
under such treatment.
I do not see how a fair appraisal of "America Today"
can justify any feeling that a material recession in
"America Tomorrow" is inevitable.
We now have the highest level of employment ever e x
perienced in peacetime in the history of this country.
We
have the huge accumulation of personal savings; the u n
precedented demand for goods and services.
Indices of
material production, carloadings, electric power, and the
like, bear eloquent testimony to our progress since the
cessation of hostilities.
Freight carloadings late in October rose to the high
est level since October 1930, when the average per-car
capacity was much smaller than it is now.
Industrial production has risen to a peacetime high.
The Federal Reserve Board's adjusted index of production
for September stands at 177 percent of the 1935-39 average.
Steel ingot production in November has risen 'above
91 percent of capacity - a new post-war high.
Electric power output in the first week of this month
rose to the highest level on record, although the seasonal
peak has not yet been reached.
Textile production in September equalled the peacetime
peak reached earlier this year, with output at 165 percent
of the 1 9 3 5 - 3 9 average.
More and more durable consumer goods are reaching
the market in quantities exceeding those of before the war in September, shipments of washing machines, vacuum clean
ers,, electric ranges, x-adios and gas ranges were from 2 0
to 5 0 percent above prewar levels.
Private building construction is at the highest level
since the ’20's. The output of many building materials
reached new postwar highs in September; some reached alltime h i g h s .
The production of lumber products in September was
135 percent of the 193f>~39 average.
Civilian employment has increased four million since
the end of the war, and was approximately fifty-seven m i l
lion four hundred thousant in October.
And yet there exists the greatest demand for ever;y
of the manufacturer and the farmier. Our present
production, despite its record volume, still in i n s u f f i
cient to meet that demand.
product
1 am not trying to paint an over-^optimistic picture,
As scarce items begin to reappear in v o lu m e , there will be
less of a rush to purchase than appears today.
But even
with liberal allowance for this factor,.i'feel that we can
be assured of continued prosperous business for some years
to come - if we have continued cooperation in all fields Government, management, capital, labor and agriculture.
And in addition there is the foreign demand for our
products, the greatest ever, a demand which we have not
even begun to meet,
neestablishment of world shipping,
with our own Merchant Marine playing an important role,
will provide a vast putlet for our farms and factories.
With our full support and leadership, the nations have
set out to Create a favorable atmosphere for expanding world
trade.
The mechanisms set up to expedite world reconstruc
tion and development are now functioning, and from these co
operative endeavors we
shall be in a position to profit
greatly in both a material and a moral sense.
and manifs
It is not necessary to detail the c & \ u
tations of the depression of the ^ O ’s in refuting any
similarity between present conditions and the economic
trends of the '2 0 's.
_
G,
_
But, fully as impo£tant as the vastly improved economic
and financial situation of this year 1946, as compared with
1929, is this significant factor.
Out of the new social
consciousness of the American people have been created safe
guards and supports that have basically strengthened the
foundations of our economy.
I am confident that these social gains made in recent
years will go a long way in preventing any future recession
from reaching such proportions as the last economic breakdown.
To cite one example, I am sure that there is no one here
tonight who would be willing to give up the safeguards p r o
vided for the savings of our people by the Federal Deposit
Insurance legislation.
The near collapse of our banking system was one of the
most serious developments of the depression of the f3 0 ’s. By
contrast, our banks are today in a very sound position.
We
can count amopg our very real assets the confidence of the
people in our banking structure.
Economists agree that the marked decline in farm incomes
was one of the major causes of the last depression.
Today,
farm income is not only at record levels, but preventive
measures have been provided to check any downward trend that
might develop.
Not only is employment now at a peacetime peak, but
through the provisions of the Social Security legislation, we
have Federally-sponsored state unemployment insurance.
With
this protection there is no danger of a sudden and far reach
ing curtailment of individual income,
I am sure that none of us would want to abandon the
Social Security program.
Another cause for economic assurance is found in the
operations of the Securities and Exchange Commission,
Through
its protective services, investors in securities are more
certain of the soundness of their investments today.
There have, perhaps, been excesses of speculation in some
areas; but, due to safeguards established, the over expansion
of credit in this field during inflationary times has been
held to a minimum.
6
The liquid assets of individuals are now about
$190,000,000,000 - an all time high.
This compares with
less than $70,000,000,000 at the end of 19^1.
These a s
sets are more widely distributed than ever before, which
is another important fector in our economic well-being.
The net working capital of American corporations
nearly doubled during the war years, and was estimated
at $5^,000,000,000 at the end of June - a record high.
In the realm of unsatisfied production demand, the
present shortage of housing looms large.
It will take
years to fill this demand.
This housing shortage, moreover,
is matched by a large volume of private funds ready to be
used in the building program.
We have provided machinery,
such as Federal Housing Administration and the Home Loan
Bank System, to bring builders ana lenders together.
I would not discount those problems that are still to
be met in our transition from war to peace.
Foremost among them is the fstct that we still are faced with a great, n u m
ber of shortages in materials, and certain production limi
tations which, in the face of excess demands, cause infla
tionary trends to persist.
It is still essential that consumer, distributor, and
producer alike exercise restraint until the rising tide of
production can assure adequate supplies of all goods at
fair prices.
But, as a people, we have cause for gratification that
we have emerged from the war years with renewed faith in the
fundamental principle of a free enterprise system.
It is
under such a system, I believe, that the individual has the
greatest opportunity for prosperity and common service.
I am certain that if we could detach ourselves from
our immediate surroundings,
and get an objective view of
America, we would see a really powerful and magnificently
prosperous country, the like of which has never been seen
in the world.
Let us combine all of our advantages into a driving
force to insure a rich and prosperous "Amierica of
Tomorrow".
oOo
TREASURY DEPARTMENT
Washington
Press Service
FOR 1ELEASE, MORNING NEWSPAPERS,
Tuesdays November 19» I?lt6.
/ y
^
The Secretary of the Treasury announced la s t evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury b ills to be dated November 21, 191*6,
and to mature February 20, 19U7, which were offered on November 1$, 19fc6, were opened at
the Federal Reserve Banks on November 13.
The d etails of th is issue are as follows *
Total applied fo r - $1,326,79k$000
Total accepted
- 1,313,661,000
Average price
(includes $33*310,000 entered on a fixedprice basis at 99.90*> and accepted in fu ll)
- 99*90$/ Equivalent rate of discount approx. 0.376$ per annum
Range of accepted competitive bidet
High
Low
- 99*90*1 Equivalent rate o f discount approx. 0.363$ per annum
- 99*90$
m
m
m
m
n
0.376$ *
•
(70 percent o f the amount bid fo r at the low price was accepted)
Federal Reserve
D istrict
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
t
$
TOTAL
6, mo, ooo
1,363,01*9,000
20,990,000
11,120,000
9,335,000
2,130,000
290,785,000
15,590,000
1 0 , 19 5 ,0 0 0
19,010,000
7,925,000
70,525,000
$1,826,791,000
U,700,ooo
971,21*9,000
17,570,000
9,56o,ooo
8,812,000
2,130,000
205,130,000
12,230,000
7,795,000
16,355,000
7,055,000
51,025,000
$1,313,661,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, November 19, 1946,.
Press Service
N o . S-1^9
The Secretary of the Treasury announced last evening that
*
the tenders fo'r $1 ,3 0 0 ,0 0 0 , 0 0 0 or thereabouts,
of 9 1 -hay
Treasury bills to be dated November 21,. 19.46,. and to mature
February 20., ..1 9 4 7 ,: which were offered on November 1 5 , 1946, were
opened at the Federal Reserve Banks on November 1 8 .
The details of this issue are as follows:
Total applied for -- $1,826,704,000
Total accepted
- 1,3 1 3 ,6 6 1 ,000 (includes $33,810,000
entered
on a fixed-price basis a t
9 9 . 9 0 5 and accepted in .full)
Average price
-'99*905/ Equivalent rate of discount approx.
'0.376$ per annum
Range of accepted competitive bids;
. $
. $
High -- 99.907 Equivalent rate of discount approx. 0 368
Low - 99 *.905
I
,r
"
0 376
. .f: - ?f f
per annum
"
n
( 7 0 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
$
6,140:, 000
1,363,049,000
2 0 ,9 9 0 , 0 0 0
11,120,000
9.335.000
2 .1 3 0 . 0 0 0
2 9 0 ,7 8 5 , 0 0 0
15.590.000
1 0 .1 9 5 . 0 0 0
1 9 ,0 1 0 , 0 0 0
7,925,000
70,5-25,000
TOTAL
$1 ,8 2 6 ,794, 0 0 0
0O0
Total
Accepted
$
4,700,000
971.249.000
17 ,570,000
9 ,5 6 0 , 0 0 0
8 ,8 1 2 , 0 0 0
2 ,1 3 0 , 0 0 0
2 0 5 .1 8 0 . 0 0 0
1 2 ,2 3 0 , 0 0 0
7 ,795,000
1 6 ,3 5 5 , 0 0 0
7 .0 5 5 , 0 0 0
51,025,000
$1 ,3 1 3 ,6 6 1 , 0 0 0
«
esp ecially
45
to cooperate in
w hich we are co n d u ctin g
A rm istice
th e cam paign
b e t w e e n N o v e m b e r 11
iîa.yL a n d D e c e m b e r 7 t P e a r l
H arbor Day —
ft
»
to g e t every
Protect his Future"
in d iv id u a l to
and buy an e x t r a
m
bond,
it
is a w o rth y c a u s e .
deserving of your
one
to
of t h e w a y s
b u ild
It
is
personal e ffo rt,
it
is
i n w h i c h y o u c a n cooperate
up a p ro sp e ro u s and s t a b l e
A m erica
**
approached
it
in t h i s
44
•
sp irit,
is a pow erful fo rce
for
i know th a t
im proving
labor-m anagem ent r e la t io n s ,
ju st ify
item
itself
on t h i s
s c o r e a l o n e a s an
in y o u r e x p e n s e b u d g e t *
I ask you, th e r e fo r e ,
w ith th e T reasury
up th e
uals
and can
to
Departm ent
cooperate
in b u ild in g
sa le of Savin gs Bonds to
dur ing th e m on ths a h e a d .
individ
1 ask you
espec ¡ally
- 43 Above a ll,
the
plan
I ask
that you approach
in a b ro a d c o o p e r a t i v e
sp irit,
We w a n t t h e p a y r o l l s a v i n g s
plan to
c o n s t i t u t e a bond o f common
interest
betw een em p lo yer and em ployee -»
relationship
in w h ic h th e y
a s man t o m an ,
workm an.
rather
a
can p a rticip a te
than as b o ss and
When t h e p a y r o l l p la n
is
approached
atten tio n
of your
m ust rea ch your
are
ca ll
new e m p lo y e e s, you
o ld em p lo yees a ls o .
d oin g them , to o ,
th eir
atten tio n
a favor
to
the
when you
advantages
of jo in in g
or of
allo tm en ts
if they are alrea d y
thus
in creasin g
form
of Series
You
in creasin g th e ir
th eir re se rv e s
E savin gs
on
it —
in t h e
ion d s.
Above
41
Sut they don»t ;
sign
and* g e n e ra lly
they
aon’ t
tip f o r n # w d e d u c t i o n s u n t i l t h e y a r t
asked.
—
■m
It
is so m e ti tes a s e a sy a s t h a t
m e r e ly a s k in g y o u r new w o r k e r s t o
do th e m se lv e s a fa v o r *
In a d d i t i o n
to m ain tain in g th e
m ech an ical f a c i l i t i e s
sa v in g s p lan
and
of the
ca llin g
p a yro ll
th ese to the
atten tio n
tend
39
But p assive
m ain ten an ce of
fa cilitie s
o f th e p lan
it
the f irst step*
is o n ly
is n ot
A g r e a t many o f th e
w ere on t h e
h is
jo b ,
jo b s*
he
enough —
e m p lo y e e s who
p a y r o ll p lan b e fo re V J-D a y
have dropped
changed
the
out because
Every
they have
tim e a w o rk er changes
is d ro p p ed a u t o m a t ic a lly
from
the
I
'; s
sav in gs
ies
p lan
and to
in
in it
d r o p p i n g th © B -s c tt& n fc s o f th©
p lan #
is an a p p a llin g ly
econom y*
d o lla r spent
n earsigh ted
in m a i n t a i n i n g t h e
p lan w ill pay o ff*
in
p a yro ll
term s o f b e tte r
p u b lic r e la tio n s and b e tte r
T h is
em p lo yee-
m anagem ent r e la tio n s *
as w ell
as any
d o lla r
in y o u r e n t i r e
personnel or
p u b lic
re la tio n s budgets,
A
i
Why
is th is
can
so?
have
35
p r e ss u r e o f any k in d be p u t o n any o f
yo u r em p lo yees
to
jo in
the
in o rd e r to
in d u ce them
p lan»(
M anagem ent, n e v e r th e le s s ,
very
P lan *
resp o n sib le ro le
in
has a
p rom otin g
the
W hether your em p lo yees are
p articip atin g
in t h i s
p lan
is
large ly
up to you*
Why
* *
34
**
The p a y ro ll sa v in g s plan does t h is ,
as no o th er
bonds does*
plan
plan
fo r buying
That
savings
is why th e p a y r o l l
gets r e s u lts .
The p a y r o ll sa v in g s plan
course,
en tirely
th e w ish o f
volun tary.
the T reasu ry
is,
It
of
is not
Departm ent th at
pressure
The p ayro ll
p rin cip le
to
plan
of "first
saving money.
d ollars,
first
have had th e ir
in p r a c t i c e ,
com e,
In o r d e r
a savings
b efo re the
applies
first
served"
to get the
plan m ust
consum ption
inning*
the
T his
get there
d ollars
m eans,
at th e tim e th a t th e
p a y ro ll envelope
is b e in g made up.
The
program means the
It
is th e
A savings
investm ent
only
p a y ro ll sa v in g s plan
plan w hich r e a lly
works
p la n w h ic h d e p e n d s on t h e
of money
left
over a fte r
con su m p tion e x p e n d itu r e s have been met
is lic k e d b e fo r e
it s t a r t s .
The
m aturity,
w hich
is ten years a fte r
reasons,
program ,
issue
then
w hether
30
a reserve
is
in a b e t t e r
position
than
t h e man w ho h a s n o t*
And th e r e
w hich to
Series
Issue
accum ulate a re se rv e
E savings
backed by
they
is no b e tte r form
the
bonds*
in
than
in
These bonds are
U nited S ta te s Sovernm ent;
a re p a y a b le on demand 60 d ays a fte r
date;
and they
pay
back $4 fo r
every
.
be fa m ily
educate
farm *
--
opportunity
ch ild ren ,
one’ s se lf,
opportunity
to
or to buy a home o r a
I t may be
opportunity
—
in d ivid u al opportunity
to
go
or for
into
further
business
for
education
or
travel*
But w hether
sunny,
w hether
opportun ity,
it
the
day be r a in y
or
brings m isfortune
or
t h e man who h a s a c c u m u la te d
m
28
*
h a n d jp m o u t h c a n n e v e r k n o w *
,
more out o f
life *
it com es, rather
.
.
•
-
He gets
..
-
/
/
-
/
.
/
He can ta k e to d ay as
than spend
it w orrying
about tom orrow *
But not a ll
rainy
to
done fo r a
d a y ; much sa v in g u ltim a te ly
have been
Saving
saving is
d o n e f o r a ws u n n y d a y . *
does more than p ro v id e
it opens the
proves
door o f
secu rity;
opportunity*
I t may
be
that the
saving
This
is
com m onest
is "to
reason
provide fo r
a good reason*
m an’ s way o f
red u cing to
the m u ltitu d e
given
of
from human l i f e .
up a re s e r v e
for
of security
w hich
for
a rainy
it
is
fi
t h e common
a sin gle
u n certa int ies
day
phrase
inseparable
T h e man who h a s s a v e d
a rainy
day has a sense
t h e man who l i v e s
from
hand
I
t hem
the i r
—,
consum ers*
p erm its the
b an k -h eld
I have
•
goods m arkets.
Second*
it
retirem en t o f
a d o lla r
of
debt.
o b je ctiv e s.
25
These are w o rth -w h ile
They
ju st
are w orth
d escrib ed
and econ o m ic o b je c t iv e s o f
strivin g
for,
t h e m a jo r sooia
the savin gs
bond program —
its
advantages to our
w h o le s o c ie t y *
T h e y a r e a d v a n t a g e s w hich]
you r w orkers can u n d erstan d as w e ll as
yo u rselves.
S a v in g up p u rch a sin g power
d eferrin g
it
from
f u t u r e «*• i s ,
the present to
th erefo re,
the
one o f
t h e m ajor
■
o f the sa v in g s bond program .
H
o b je ctiv e s
Every
the
at
d o lla r
present
put in to
savin gs bonds at
tim e h e lp s to
in flatio n *
'v
strik e
It does th is
'-r*.
a blow
in tw o ways;
'
- - V ;.
/
/
f
F irst,
it
w ith h o ld s a d o lla r from
the
consumers’
:: ;
O
•
v-v;
■ m<
D u rin g t h is
23
Q;?:;:*®
*
**
p e r i o d , we o u s t k e e p up our
sa v in g s and buy o n ly
w hat we need*
The
d o lla r s w h ich we sa v e now w i l l sta n d u s
and th e w h o le econom y
som e l a t e r
d o lla r
in g o o d s t e a d a t
t in e when every
ad d itio n al
spent w ill m ean, not h igh er
today,
m
war p la n ts
goods«
States
2 2
a re now p r o d u c in g p e a ce tim e
The cash re ce ip ts
Governm ent exceed
o f th e U n ited
Its cash
exp en d itu res*
But the p rocess of re sto rin g
B alan ce
in t h e e co n o m y
We m ust h ave p a tie n c e *
is a slo w
There
one*
is a huge
.
B ack lo g of
lin e s of
d e m a n d t o b e m e t , a n d t h e pip
in d u stry
■■‘t k . .■
-
are fa r
from
fu ll*
D u rin g
¿¡P;
21
it
gam e* we may r e g r e t i t fo r y e a r s *
if we c o n tin u e t o
there
is every
exercise r e s tr a in t
in
prospect that w
p rim ary ca u se s
ve
fell
are back at th e ir c iv ilia n
Co m b atin g
in f la t io n may seem l i k e
w hipping 'a dead dog.
But i t ' doesn’ t
seem th a t way to your workmen’ s w ive s,
o r even tq your ov/n, when they buy the
fa m ily g r o c e r ie s .
When you lo o k at it
t h e ir way, in f la t io n seems s t i l l to have
a lo t of l i f e .
The t ru t h
in f la t io n
*
is th a t the f ig h t against
is not y e t o v e r.
I f we
abandon
m
19 «*
e q u a ls - - and, p erh ap s, tra n sc e n d s —
the lo n g -ru n o b je c t iv e in p re se n t
economic s ig n if ic a n c e .
o b je c t iv e
T h is immediate
is th a t of h e lp in g
in the
f ig h t a g a in s t i n f l a t i o n .
|§|3
pf f ; | ■
i|
The o b je c t iv e of combating in f la t io n
may have a h o llo w r in g to some of you.
You may be t h in k in g o f the sto c k market
and of the co rn m arket.
Combat in '
- IB We w a n t ,
and,
if
possible,
broad base
debt.
T his
plan •
present
savings
is
T his
public
long-run
bond program
payroll savings
there
the
ow nership o f the
sh o rt run - -
ahead --
to m aintain
enlarge
is the m ajor
of the
and of the
of the
to
of the
ob jective
in t h e
therefore,
plan.
during the
But,
year
an a d d i t i o n a l o b je c tiv e
im m ediate
objective
equals
greater sense of economic se cu rity and
fin a n ce s of the United
***
16
*
During the war, the great M ajority of
the people became 6overn®ent bondholders,
A very la rg e proportion of the people
who bought bonds during the war s t i l l
hold the®*
Many of the® are s t i l l
purchasing more*
We want to keep i t th a t way*
i t is
good fo r the® and i t i s good fo r the
co u n try .
I t gives to the people a
greater
sal© of savings bonds to sm all investors
j ■S - ' i .
There are two major s o c ia l o b je c tiv e s
a long-term one and a short-term one.
The long-term o b je c tiv e is to
m aintain and, i f p ossib le* to increase
the present widespread d is tr ib u tio n of
the p u b lic debt*
Before the war*
stood on a r e la t iv e ly narro
■ **
14
m :
a d d itio n a l d o lla r of debt held by banks,
It is c le a r , th e re fo re , that the
o b je c tiv e s of the savings bond program
are not f i s c a l .
They are not based on
the needs of the Treasury,
They are
based on co n sid eratio n s concerning the
w elfare of the whole economy.
What are these co n sid eratio n s?
What
are our r e a l o b je c tiv e s in pushing the
sale
r
v m
ill
that
bonds
ïs é
of savings
we r a i s e
in e x c e s s o f r
i o n s c a n b e used
is,
I
to r e tir e
an
—■ 1 2
w ithout
sale
raising
any new m oney
from th e
of sa vin gs bonds or m arketable
o b ligation s.
have
«
M ost o f you know th a t
reduced the
b illion
d ollars
and S e cre ta ry
p u b l i c d e b t b y a b o u t 18
in t h e
to
last
e i g h t ] m onths,
S n y d e r a n n o u n c e d l a s t week
a fu rth er reduction
dollars
we
take
of 3-1/4 b illio n
place
r e d u c t ion t h r o u g h th e
in D e c e m b e r.
use of
surplus
This
cash
i n the
-
I sh all
the
But,
describe
sa vin gs bond
first,
program
w hich
to you
presently,
Governm ent w ill
than
an
it does not have.
se llin g savings
a d e ficit.
more cash
o b je ctiv e s of
I want to d e s c r ib e
We a r e n o t
finance
the
I w ant to make a n e g a tiv e
statem ent —
ob jective
11
take
b o n d s to
The U nited S ta te s
in
substan tially
it w i l l pay
o u t t h i s year
w ithout
10
Treasury
-- what
accom plish;
picture
of
how
it
it f i t s
econom ic
how you c a n
help
is in te n d e d
to
into
to
the
developm ents;
a d i s c u s s ion
is th e need fo r
What are
ob jectives?
intended, to
and
p u t ft o v e r .
The n atu ral s ta r tin g point
its
general
for
the
What
is
such
program;
it
accom plish?
I
9
such
as yo u rselves
in o r d e r t o
over the country
e n lis t your cooperation
the co o p eratio n
renewed
all
drive to
of
management »-
—
in a
in crease the number of
p a r tic ip a n ts and th e amount
of
deductions
in t h e p a y r o l l s a v i n g s p l a n ,
I want to ta lk
th is
to you about
program as we see
it
in t h e
T reasury
-
the
to
for
p ayroll
be an
over
we th in k
im portant
-
plan
force
has continued
in th e economy
a y e a r now s in c e V J-Q a y .
that
th is record
effort
savings
3
it
is p o ssib le
even b e tte r
on th e
part of
But
to make
by an enhanced
b o t h e m p l o y e r s and
em ployees.
It
is
for
th is reason
holding a se ries
t h a t we are
o f m e e t i n g s w i t h men
such
6
bond per m onth.
to tal of
T his
gives
ab o u t $ 1 3 5 *0 0 0 ,0 0 0 *
A su b stan tial declin e
of participants
plan w as,
a m onthly
in t h e
of course,
th e end of the w ar,
to
in t h e num ber
p a yro ll savings
be e x p e c t e d
No n eed
a fte r
in p e a c e
tim e
7-1/2
are
rate
of one
\
been,
T h e s a v i n g s b o n d proghaffl h a s
and c o n tin u e s
to b e,
the
the T reasury*s e ffo r ts
savers*
The
• , . • ft
keystone
heart
p ayro ll saving^’
of that
is
■;i 4 \ : y ''
program ,
and
night
like
those
b j.ç " y
it
is
\
.
firm s
of
sm all
to r
J
the
m
represented
höre
n
v
to
■
th a t the p a y r o ll sa v in g s plan
can
in
I
Un i on
r b o n d ci
L*
£
It w as
a raised .
in
sta
Finance
Clark
thi ngs
among
was
Commi
sen
H ational
«
• 3 #
the d r iv e s conducted on a S ta te b a s is —
th a t i s , from the T h ird War Loan through
the V ic t o r y Loan -** Iowa ra te d among the
f i r s t s i x S ta te s in the p ro p o rtio n of it s
£ bond quota which it achieved*
It s
minimum achievem ent in any War Loan was
112 p e rce n t of i t s E bond q u o ta .
In order
to p o in t up v/hat an achievem ent t h i s was,
I sh o u ld aud th a t Iowa was the o n ly State
in
-
2
-
the r o le o f th a t program in to d a y ’ s
economy*
At the o u t s e t , i want to thank a l l
of y o u who have p a r t ic ip a t e d
in the savin g
bond program , both d u rin g the war and
s in c e V J-O ay, f o r c o n tr ib u t ing so g re a tly
to i t s s u c c e s s .
Iowa had a d is t in g u is h e d E bond recortj
d u rin g th e War Loan d r iv e s .
In each of
the
—
.... . "
A ddress by
H onorable Edward H* F o le y , Jr*
A s s is t a n t S e c re ta ry of the T re a s u ry ,
at a S a v in g s Bond R a lly
b e fo re th e
F e d e ra l R eserve In d u s t r ia l D inner M eeting
a t th e
H o te l F o rt Des M o ines, Oes M oines, Iowa,
Wednesday, November 2 0, 1946, 7 ;0 0 P.M. CST
FOR IMMEDIATE RELEASE
November 19» 1946.
The Bureau of Customs announced today that preliminary reports from the
collectors of customs■show imports-of..cot.ton.and cotton waste chargeable to the
import auotas established by the President ’s .proclamations'of September 5, 1939,
as amended by the proclamations:of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to November 9 , 19k6* (See footnote L
COTTON HAVING- A STAPLE OP LESS THAN 1-11/16. INCHES .(OTHER- THAN HARSH OR ROUGH
COTTON OP LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEPLY USED. IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER: THAN LIFTERS). Annual quotas
commencing September 20, by Countries of Origin:
N 1 ‘t/;
(In Pounds)
Staple length less
: Staple.length 1-1/8" or more
than 1-1/8"
but less than l-ll/l6"
Imports Sept.: Established
Imports Sept.
Established: 2*0, 1946, to :
Quo ta
:
, 1946, to
Ouo ta
Nov# 9 , 19h6 : 45,656,420 : Nov# 16#19it6*
.Country of
Origin
20
TC
Egypt" and the AngloEgyptian Sudan.......
783,816
Peru.“,. ... .........
247,952 * 160,617
British India,..........
2,003,483
811*,330
China“...,.,..... ...... ' 1,370,791
Mexicb,.... ...........
8,883,259 8,883,259
Brazil.................
618,723
618,723
Union" of Soviet
475,124
Socialist Republics...
Argentina........ .....
5,203
• 5,10!*
—
Haiti“.........i
,
237
Ecuador.-...... .
9,333
'—
752
Honduras;............ ..
|| t
871
Paraguay....,
....,,
124
Colombia....... ......
195
Iraq. ................
2,240
British East Africa..,.,
A
Netherlands East Indies.
71,388
Barbados..............
Other British Uest
21,321
Indies l/ ..........
5,377
Nigeria
Other British Uest
16,004
Africa 2j
689
Other French Africa.3/.
Algeria and Tunisia.
_
27,270,993
5,571,310*
«.
•
mm
mm
31,900
mm
mm
,
.
mm
mm
;
......
.......
mm
-
£»
-
mm
«
T ?
mm
501
-
.......
......................................................................................................
«•
a.
...........................................................................
mm
mm
. . .
-
14,516,882 10,1*82,033
—
45,656,420
32 ,871*,738
1/
2/
3/
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and NigeriaOther than Algeria, Tunisia, and Madagascar,
Ï/
Long staple cotton import figures shown through November 16, 19i*6.
TREASURY DEPARTMENT
vWashxngton
jPCS IMMEDIATE RELEASE
Tuesday, November 19, 1946
Press Service
No. S-151
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5, 1939,
as amended, by the proclamations of December 19, 1940, March 31, 1942, and June 29,
1942, during the period September 20, 1946, to November 9, 1946* (See footnote 4)
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OK ROUGH
COTTON OF LESS THAT 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE i-ANUFACTURE OF BLANKETS AID BLANKETING, ANl OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of
Origin
:
Staple length less
:
than 1-l/fe"
:
:Imports Sept.
:Established:20, 1946, to
:
Quota
jH q v . 9, 1946
Egypt and the AngloEgyptian Sudan.......
Peru..................
British India......... .
China....... *......... .
M e x i c o ........ .
Brazil,..............
Union of Soviet
Socialist Republics.. .
Argentina.
♦
Haiti
.
Ecuador
Honduras
.
Paraguay............... .
Iraq.... .
British East Africa,... »
Netherlands East Indies
Barbados........... ... .
Other British West
Indies 1 / ......... .
Nigeria,.
......
Other British West
Africa 2/............ .
Other French Africa3/.* »
Algeria and Tunisia..., .
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
160,617
814,330
8,883,259
618,723
27,270,993
5,571,344
-
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
-
5,104
—
—
A
-
31,900
—
21,321
-
501
-
5,377
16,004
A&Q
UO y
-
—
-
■-•
-
14,516,882 . 10,482,033
1/
2/
3/
U
Staple length 1-1/8" or more
but less than 1-11/16"
Established : Imports Sept. 20,
Quota
: 1946, to Nov, 16,
45,656,420 : 1946. kJ
45,656,420
'
32,874,738
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar,
Long staple cotton import figures shown through November 16, 1946,
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR
NOT MANUFACTURED OK OTHERWISE ADVANCED IN VALUE, Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches or more in staple length in the case of the following
countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Country of Origin :
Urfited Kingdom,.
Canada.............
France
British India*,,, • •«
Netherlands
Switzerland,
B e l g i u m , ....
Japan*..... ........
China
Egypt...............
Cuba...........
Germany.
Italy*...... .
TOTALS
1/
: ESTABLISHED : IMPORTS
ESTABLISHED * TOTAL IMPORTS
Sept. 20, 1946 : 33-1/3$ of : Sept* 20, 1946,
TOTAL QUOTA ;
to Nov, 9, 1946 : Total Quota : to Nov, 9,1946 1/
4,323,4-57
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
31,337
69,627
—
-
1,441,152
75,807
22,747
14,796
12,853
—
—
—
25,443
7,088
5,482,509
100,964
i,599,886
-
—
—
—
—
—
'
Included in total imports, column 2.
'1
m
of
progress
w hich w ill
in t h i s
continue
45
**
country,
th e way
to m aintain
in th e
United S ta te s
the highest standard of
living
w orld*
in t h e
** o 0 o #
# 44 In c o n c l u s i o n , I should l i k e to add
my word of commendat i on to S e c r e t a r y
S n y d e r’ s message which I have read to
you - - both f o r the wartime job you d id
in p u r c h a s in g and s e l l i n g Government
s e c u r i t i e s and f o r the peacetime job you
are doing in your mortgage le n d in g a ct i v i
tie s .
Yours is the t r u e American way - -
the way t h a t has le d to over 300 y e a r s
«p 4*3 m
not q u i t e over*
The economy must make
i t s f i n a l adjustment to the end of d i r e c t
pr ice c o n t r o l*
Product ion, alth o u g h f a r
ahead of most f o r e c a s t s , has s t i l l f u r t h e r
to go in o rd e r to c a tc h up w ith demand*
Your in s t i t u t i ons can do much to promote
the th r i f t which is s t i 11 n e c e s s a ry to
take us over the hump into l a s t i n g peace-
time p r o s p e r it y *
In
42 m a in t a in in g f u l l production#
It
c o n t r i but es to the c o n fid e r toe of
the o u b li c i n the c r e d i t of
a l a s and i n the enidurino
stab i 1 i ty of the c u r r e n c v .
impair t h i s c o n fid lence.**
The f i s c a l p o l i c y of the United States
Government has c o n t r i b u t e d g r e a t l y to the
f ig h t ag ainst in fla tio n #
T h is f i g h t
is
not
41
The s t a b i l i t y
if...
of the Government
’•
bond market r e s u l t s in a degree
of b u s i n e s s c o n fid e n c e which is of
tremendous v a lu e in a c h i e v i n g and
m a in ta in in g
40
7
might c o n t r i b u t e to i n f l a t i o n #
The immediate e f f e c t of h ig h e r
i n t e r e s t r a t e s might very w e l l
be to i n c r e a s e t r a t h e r than to
decrease# the volume of c u rr e n c y
and deposits#
T h is
is because
the t y p i c a l i n v e s t o r s r e a c t i o n to
the h ig h e r r a t e s might be ’ w ait
and s e e ’ , r a t h e r than ’ run and i n v e s t ’
The
4*%
a
occas
n h is vi
e th is v i
on t h i s s u b je c t
should
o si on
*
37
■<*'
)
*$
the December p a y -o ff*
'
' • iv -■
The p ro p o rtio n of
■
;
I
' ' :r;:Vi ,
the m arketable debt due w i t h i n one year is
now about 30 percent*
T h is
i s no l a r g e r
than i s n e c e s s a ry to p r o v i d e a r e a s o n a b le
amount o f f l e x i b i l i t y
I
- - both to in v e s t o r s I
in the arrangement of t h e i r p o r t f o l i o s ,
and to the T r e a s u r y and the F e d e r a l Reserve
System in the e x e r c i s e of t h e i r debt
management and monetary f u n c t io n s *
36
past
months f e l l
9
in t h i s ca te g o ry -•
the rem ainder were prewar is s u e s w hich
had reached t h e ir m a tu rity or f i r s t
c a ll
d a te s .
The t o t a l amount o f m arketable debt
due w it h in one y e a r has d e c lin e d by about
(nr® ftrirv,
s i nee t he end of
F e b ru a ry , and w i l l d e c lin e by about an
V -
.
•
V
\
.
e n r V ,
f
en rp }
c r y o
add i t i o n a r 3. ir i 1 ± ran d o l l a r s as a r e s u lt of
the
35
it s wart¡m e s e c u r it i e s to meet the needs
of th e se v a rio u s in v e s t o r c la s s e s ; and
the r e s u lt was a s u b sta n t i a l volume of
s h o rt-te rm d e b t, h e ld
in la r g e p a rt by the
''V\
banking system#
Now th a t it has been
p o s s ib le to pay o ff some of the d e b t,
is
it
in the main th e se s h o rt-te rm , wartime
^ .' '
\ |t
■<
is s u e s which are b ein g repaid#
More than
80 p e rce n t of the is s u e s re p a id in the
;) ;
past
i ons
— 32 —
repayment of £
■
* ||
:r> . f,1
. '
\ : V 1Qi>
trs to
■V.
take p la c e
in December*
The cash b alance
t •. . '
the T re a su ry has been drav/n down in
making th e se repaym ents, and w i l l be fu rth e r
drawn down by the repayment to take p lace
ih December,
T h is use of the T re a s u ry ’ s
II
c a s h 1 funds has been p o s s ib le because Federal
e x p e n d itu re s have d e c lin e d r a p id ly , w h ile
ta x r e c e ip t s have been w e ll-m a in ta in e d *
N early
I
f i s c a l year 1948 it
is not enough that the
Budget be in balance; th e re must be a
surplus which Gan be applied to debt re-
lillll-llilii lllllll
.y
t irement.
The p u b lic debt has a lre a d y been
V t r v ,
^
j
reduced b y* i8 b-r 11 ia ir o ro llu rs s in c e the
*
O
J
end of F e b ru a ry through the repayment in
p a rt of m aturing is s u e s ; and S e c re ta ry
Snyder announced l a s t week a f u r t h e r
repayment
f
30 f i s c a l y e a r are s t i l l d ir e c t war expendi
¿nr*,<r-r-s
t u r e s - - f o r example* the
r.
I ¡ L
¡H
of te rm in a l le a v e p ay•
Such
e x p e n d itu re s w i l l soon be liq u id a t e d
Other e x p e n d itu re s w i11 be cut*
■f
I
/
.7.':'7*.‘••• -...
■ v
I | | '•
7.|7
• || •
•./
jV ■
■■■
, ;■7,7 7 7
- ■
.
Some
tim
e ago, P re s' id e n t Truman asked
I
.. • ,- : '\T'
■
'I:';-'- rj .%|-v' v ■"•;77?:v\V
:l
•••
1
•.[ y
v7, 7 ’*V'-;i uy {%: 7V
/ 7
7
7.'7' n .'
7
’?v’v7
the heads of the e x e c u tiv e a g e n cie s to
re-exam in e t h e ir p ro je c te d budgets fo r the
coming f i s c a l y e a r , s t a t in g th a t f o r the
f¡seal
O
s
stab le
peacetim e econom y.
achieved a le v e l o f
5? m illion
We h a v e
em ploym ent
em ployed o u ts id e
m ore than
th e Armed
JL
Forces •
w hich,
according
standard,
a m o u n ts to ^ f u l l em p loym en t.'"'
Less than 2 m illio n
to any
previous
persons are
u n e m p l o y e d ->* i n c l u d i n g
p e o p le b etv/een
jobs
and
looking,
ju st
any jo b , but fo r
p e o p le who a re
the
not for
"r ight"" jo b .
D u r îng
D
i
in r e c e n t
shortages,
however,
exist
because of
a lag
production,
because
the
of
in
prim arily
trem endous size
demand w hich a ccu m u la te d d u rin g
' v:X
if]
‘
; :
not
but
of the
fo u r war»
B§
tim e y e a rs*
In som e f i e l d s
ahead
production
is way
of a n y th in g we have ev e r know n.
Shipm ents
o f m a n y d u r a b l e g o o d s «■ * w a s h i n g
m achines,
electric ranges,
vacuum cle a n e rs
radio
25
I n d u s t r i a l p r o d u c t I on
peacetim e
level
Board’ s
index
stood at
177
high,
m onth
is a t
'the F e d e r a l R e s e r v e
of
in du strial
production
in S e p te m b e r - -
Electric
a record
a peacetim e
power output
early
r e a ch e d a new a l l - t i m e
high.
The p rod u ction
is now c l o s e
shortages
of b asic
to c a p a c ity .
of many
this
m aterials
We s t i l l
consum ers’ goods,
have
These
# -
It
Is ju s t
2
15 m o n th s s in c e we saw
the s u c c e s s fu l .te rm in a tio n
I t
Is ju s t
gigan tic
15 m on th s s in c e
task
we s t a r t e d
to
the output
of
goods*
W hat have we a cco m p lish e d
15 m onths?
believed
the
of co n vertin g our war pro*
d u ct ion m a ch in e ry
civilian
of the war*
in th o s e
Far m ore than alm o st anyone
possible*
Industrial
m
continued
sale
W hile
23
of savin gs
issues*
I c a n n o t b r e a k new g ro u n d on
any o f th e se ¡n atters,
be over r e p e titio u s
this
*
sam e gro u n d .
perhaps
it may n o t
to t urn over
But, before
I should
like
o ver-all
p ro g re ss w hich t h is
I do t h i s ,
to say som eth in g
made s inee V J-O a y .
some of
about the
country has
sa v in g s and loan a s s o c ia tio n s
should not support
in flated
valuations;
the
country
to m ain tain
th is p rin ciple*
Sin ce you
to
speak
hear
to
to you,
som ething
current
invited
f iseal
disappoint
that
they
property
is lo o k in g
a Treasury
to you
o fficial
u n d o u b te d ly you w ant to
about the Governm ent*s
program *
you.
I am n o t g o i n g
fltii
r
f in many
you
T h is
is the s o r t of i n i t i a t i v e upon
been b u i l t
I
want to
t s one
f i r s t pr i nc i
of
»
nave
f ir s t
n i ne
C, n ,
such
,TV*,O-VrQ
to co n tin u e these p u rc h a se s.
The Govern
mesit no lo n g e r needs your new ly a c q u ire d
fu n d s ; your norm al fu n c t io n
mortgage
le n d in g - - can ag ain absorb a l l the funds
you can a c q u ir e .
S e c re ta ry Snyder in h is message
commended your c o o p e ra tio n in fo rw a rd in g
the home c o n s t r u c t io n program.
You are
p u t t in g your s h o u ld e rs s q u a re ly to the
wheel
16
end o f th e V ic t o r y Loan l a s t December, the
Government s e c u r it y h o ld in g s of s a v in g s arid
¿rcf CrtrCf
lo a n a s s o c ia t io n s amounted to, 2^
£
do l l a -r s and com prised 23 p e rce n t of t o t a l j
a s s e ts «
' ;
Your
m
is clou and p a t r io t is m
in j
•:
I .
i
p u rc h a sin g th e se s e c u r i t i e s
\vv'i:
'V'*'
' - U p ; : - ' : * " i" -;
:
is p ayin g o ff
--
- v .i
;•
'' Wmm ¡¡p ll .
in the p re se n t soundness of y.our in s t i tu - {
t io n s .
I am n o t , of c o u rs e , u rg in g you
to
com prised o n ly 2 pe
T h is was
pr i nc ip a l
o f
i
f
o
s
I Oils
fo u r war
HI
rs.
s a v in g s and lo a n
.
. —
too
ö
our
as
an
COUi
un iqua
prov
s
not have
3.
thr ift
th i s
are
is
t o win
on a c a s h
w hich have
€5
&
*
accum ulated becau se of
our
li
earn
m -
f
m
I am s u r e y o u r e a l i z e
the
o f m aking th e s e lo a n s
on a b a s i s
that w ill be fa ir
creditors
im portance
to b o rro w e rs and
alike*
I want to conclude
this
m essage w ith a word about t h r ift *
I do not need to
te ll th is
group
that th r ift
is e s s e n tia l at any
tim e to th e
advancem ent and
m aterial
m
bu ild in g
ticu larly
for
-
^
■
**
construction»
of
a n d par**
r e s id e n tia l housing
the b e n e fit of veterans»
o f param ount im p o rta n ce from
is
the
stan dpoint of the A dm inistration*
I have been pleased»
to
therefore»
note your co o p eratio n
ing th is
loans
program and
under the 6*1.
in fo r w a r d
in m a k in g
S ill
of R ights*
I
5
sm all firm s*
The record
for
you have given
itself
Treasury
speaks
the
Departm ent sp le n d id
support*
Now t h a t t h e w ar
your m ortgage
lending
can play a v it a l p a rt
a stab le
you a ll
peacetim e
know, the
is o ver
activities
in a c h ie v in g
economy*
stim ulation
As
of
bu ild in g
your net purchases
s e c u r i t i @s
totaled
more
d o llars.
large
In a d d i t i o n ,
you sold
a
volum e of Governm ent s e c u r i
ties
directly
your
c u s t o m e r s »•* a n d o t h e r s
purchase
supported
them «
to
the p u b lic ,
urging
to
You a ctiv e ly
the p a y r o ll sa v in g s
plan
and h a n d le d th e a c c o u n t s o f many
sm all
q
in t h e i r a
s e c u r 11 1es
*•
The Treasury
concern
in y o u r
an e q u a l
Snyder
2
Departm ent has a r e a l
activities
in terest
in o u r s *
h a s a s k e d me t o
personal
—
greeting
and you have
Secretary
convey to you a
and read
to
you the
follow ing m essage:
’’ T h i s
is your fir s t
m eeting sin ce
the
task
of
annual
financin g
the
S
— Ai
It was w ith r e a l p le a s u r e
received
and acce p ted
be here w ith
you
your F ifty -fo u rth
that
the in v it a t io n
in M i lw a u k e e
I
to
today at
Annual Convention.
h a v e k n o w n m a n y of y o u
tim e and
^—
for q u ite
I
a long
I h a v e a l w a y s f o u n d my c o n t a c t s
w ith you both stim u la tin g
and
interesting
The
5
—
/ ■ 6 " ‘i
A d d ress by
H onorable Edward H, F o le y , Jr *
A s s is ta n t S e cre ta ry of the Treasury
before the
F ift y -fo u r t h Annual Convention of the
U n ited S ta te s S a v in g s and Loan League
at the
H o te l S c h ro e d e r, M ilw aukee, W isc o n sin ,
T h u rsd a y , November 2 1 , 19 46 , 11$15 A.M* CST
TREASURY DEPARTMENT
Was hington
FOR RELEASE lli15 AM, CST,
Thursday, November 21, 1946
Press Service
No# S-
(The following address by Edward H# Foley, Nr#, Assistant
Secretary of the Treasury, sÉHNHiâaHHHpi before the
Fifty-fourth Annual Convention of the United States
Savings and Loan League at the Hotel Schroeder, Milwaukee,
Wisconsin, is scheduled for delivery at 11:15 AM, CST,
Thursdiy, November 21, 1946, and is for release at
that time •)
TREASURY DEPARTMENT
Washington
FOR RELEASE 11:15 AM, CST.
Thursday, November 21, 1946
Press Service
No. S-152
(The following address hy Edvard H. Foley, Jr,,
Assistant Secretary of £he Treasury, before the
Fifty-fourth Annual Convention of the United
States Savings and Loan League at the Hotel
Schroeder, Milwaukee, Wisconsin, is scheduled
for delivery at 11:15 AM, CST, Thursday.
November 21, 194b, and is for release at that
t i m e .j ’ "
'
...
'
r ■ 11
THE ROLE OF SAVINGS AND LOAN
ASSOCIATIONS IN THE POST WAR ECONOMY
It was with real pleasure that I received and accepted
the invitation to be here with you in Milwaukee today at your
Fifty-fourth Annual Convention.
I have known many of you for
quite a long time and I have always found my contacts with yo
both stimulating and interesting.
The Treasury Department has a real concern in your ac
tivities and you have an equal Interest In ours.
Secretary
Snyder has asked me to convey to you a persona.1 greeting and
read to you the following message:
nThis is your first annual meeting since the
task of financing the war was completed.
I want,
therefore, to take this opportunity, on behalf of
the Treasury Department, to thank all of you who
contributed so much to the success of this under
taking, During the war years, the savings and
loan associations invested 85 percent of the net
increase in their assets in Government securities -your net purchases totaled more than $2 ,2 5 0 ,0 0 0 ,0 0 0 .
In addition, you sold a large volume of Government
securities -directly to the public, urging your
customers -- and others -- to purchase them. You
actively supported the payroll savings plan and
handled the accounts of many small firms.
The
record speaks for itself
you have given the
Treasury Department splendid support.
Now that the war is over your mortgage lend
ing activities can play a vital part in achieving
a stable peacetime economy.
As you all know, the
2
stimulation of building construction, and par
ticularly of residential housing for the benefit
of veterans, is of paramount importance from the
standpoint of the Administration.
I have been
pleased, therefore, to note your cooperation in
forwarding this program and in making loans under
the G.I. Bill of Rights.
I am sure you realize
the importance of making these loans on a basis
that will be fair to borrowers and creditors
alike.
I want to conclude this message with a word
about thrift.
I do not need to tell this group
that thrift is essential at any time to the
advancement and material well-being of the in
dividual and of the family. Your business is
devoted to that principle.
But I do want to say
that I feel it is especially important at this
time for all of us both to preach and to practice
thrift. Your Federal Government has reduced its
expenditures 60 percent from the $ 1 0 0 ,0 0 0 ,0 0 0 , 0 0 0
wartime peak.
It has balanced its budget on a cash
b asis. If we are to conserve the savings which
have accumulated because of our past thrift, we
must all of us balance our own personal and family
budgets. We cannot spend more than we earn without
adding to the already strong inflationary pressures.
We should not, in fact, spend all that we earn.
Until such time as the production-of consumers'
goods has caught up with the pent-up demand for
these goods which accumulated during the four years
of war, we must exercise restraint in our spending.
Otherwise, the savings of the four war years will
be dissipated in higher prices, and we will not have
any additional goods to show for them."
This is the message Secretary Snyder asked me to bring to
you.
I agree, as I know all of you do, with Secretary Snyder1s
statement that thrift is essential at this time, if we are to
win the final round in the inflation battle.
Now that the 0PA
has relinquished all of its direct controls, except those on
rent and on two food products, the issue is directly in our
hands as individuals.
Savings and loan associations comprise an integral part
of the over-all savings structure of the country. You serve
a unique function in providing thrift and home financing
facilities in many localities which lack these services in
other forms.
3
Your record in recent years is one of which you may well
he proud.
The increase in accounts in savings and loan as
sociations during the war was tremendous, a s ‘these institutions
shared in the general growth of individuals' liquid assets..
Total assets of all savings and loan associations increased by
$2 ,7 5 0 .»0 0 0 , 0 0 0 - - a l m o s t 5 0 percent -- during the four war years
No insured savings and loan association has been placed in
liquidation since 1941.
At the end o.f 1941, Government security holdings of savings
and loan associations were very small -- they comprised only
2 percent of total assets.
This was entirely proper, since the
principal function of you\* associations is mortgage lending.
During the war, however, when the normal outlets for your
investment funds were largely cut off, you patriotically -and wisely
invested almost the whole of your accumulating
assets in Government securities. At the end of the Victory
Loan last December, the Government security holdings of savings
and loan associations, amounted to $2,400,000,000 and comprised
28 percent of total assets.
Your wisdom a:’id patriotism in purchasing these securities
is paying off in i,he present soundness of your institutions.
I am not, of course, urging you to continue these purchases.
The Government n.o longer needs your newly acquired funds; your
normal function — mortgage lending -- can again absorb all
the funds you <can-acquire.
Secretary Snyder in his message commended your coopera
tion in fcrw'arding the home construction program. You are
putting youro* shoulders squarely to the wheel and pushing hard.
Durin.g 1945, savings and loan associations made 36—percent
of all recorded non-farm mortgages of $2 0 , 0 0 0 or less -$2 ,0 0 0 ,0 '0 0 , 0 00 worth; during the first nine months of 1946, you
made 34 percent of all such mortgages - - $2 ,6 0 0 ,0 0 0 , 0 0 0 worth.
In 193f9, your share of-these mortgages was just over
$1 ,0 0 0 ,0 0 0 , 0 0 0 worth — and only 30 percent of the total.
What is perhaps more significant, however, is that you
hav£ not merely stood ready to make loans on construction
sponsored by others, but you have also gone out and encouraged
aow housing developments.
Instead of waiting for the builders
to s'tart promotion, and come to you for financing, you ha,ve, in
Hidny instances, thought out the plans for local developments
and inspired good builders to undertake them.
This is the sort of initiative upon which America has been
built and has prospered. While I am on the subject I want to
a(id just a word of caution*
It is one of the first principles
4
of sound savings and loan associations that they should not
support inflated property'valuations; the country is looking
to you to maintain this principle.
Since you invited a Treasury official to speak to you,
undoubtedly you want to hear something about the Government’s
current fiscal program.
I am not going to disappoint you.
What I am able to say perhaps is familiar to many of you.
The customary midyear Budget revision was made early in
August -- so the budget figures are no longer news.
Debt
retirement has been progressing in an orderly pattern since
the end-of February.
There have been no new borrowing tech
niques -- in fact, no new borrowing at all, except through the
continued sale of savings issues.
While I cannot break new ground on any of these matters,
perhaps it may not be oyer repetitious to turn over some of
this same ground. But,'before I do this,- I should like to say
something about the over-all progress which this country has
made since VJ-Day.
It is just 15 months since we saw the successful termina
tion of the war.
It is just 15 months since we started the
gigantic task of converting our war production machinery to the
output of civilian goods.
What have we accomplished in those 15 months?
than almost anyone believed possible. .
Far more
Industrial production is at a record peacetime leyel -the Federal Reserve B o a r d ’s— index of industrial production
stood at 177 in September -- a peacetime high.
Electric power
output early this month reached a new all-time high.
The production of basic ma-terials is now close to capacity.
We still have shortages of many consumers’ goods.
These
shortages, however, exist primarily not because of a lag in
production, but because of the tremendous size of the demand
which accumulated during four wartime years .
In some fields production is way ahead of anything we
have ever known.
Shipments of many durable goods -- washing
machines, electric ranges, vacuum cleaners, radio sets, for
example ~~ have, in recent months, been 2 5 to 5 0 percent, above
pre-war levels.
5
Private building construction is at the highest level
since the '20's. Many building materials reached new postwar
highs of output' in September; some reached all-time highs.
We have come a long way toward a stable peacetime economy.
We have achieved a level of employment -- more than 57 million
employed outside the Armed Forces -- which, according to any
previous standard, amounts to full employment.
Less than 2 million persons are unemployed -- including
people between jobs and people who are looking, not for just
any job, but for the right job.
During these 15 months, the Government has made great
strides in reducing its expenditures.
The $100,000,000,000 budget is now a $40,000,000,000 budget;
and is balanced on a--cash ba,sis. This .is a goal achieved -and before schedule -- but it is not an ultimate goal.
It must
be kept in mind that some of' the expenditures this fiscal year.
are still direct war expenditures -- for example, the
$2,5'00,000,000 of terminal leave pay.
Such expenditures will
soon be liquidated.
Other expenditures will be cut.
Some time ago, President Truman asked the heads of the
executive agencies to re-examine their projected budgets for
the coming fiscal year, stating that for the fiscal year 1948
it is not enough that the Budget be in balance; there must be
a surplus which cam. be applied to debt retirement.
The public debt has already been reduced by $18,000,000,000
since the end of February through the repayment in part of
maturing issues; and Secretary Snyder announced last week a
further repayment of $3,250,000,000 to take pla.ce in December.
The cash balance of the Treasury has been drawn down in marking
these repayments, and will be further dra„wn down by the repay
ment to take place in December. This use of the T r e asury's
cash funds has been possible because Federal expenditures have
declined rapidly, while tax receipts have been well-maintained.
Nearly all of the debt retirement ha.s come from the hold
ings of the banking system.
This is a direct result of the
Treasury’s wartime policy of tailoring its securities, as much
as possible, to the needs of the various investor classes.
There has been a great deal of discussion of the extent
to which the Treasury depended on short-term issues in its
war financing.
The distribution of the debt by maturity classes
is primarily determined by the ownership of the debt. , Com
mercial banks and nonfinancial corporations largely require
short-term issues.
In contrast, insurance' companies, savings banks, individuals, and other, longer-term investors need longerterm securities.
6
Accordingly * the Treasury tailored its wartime securities
to meet the needs of these various investor classes; and the
result was a substantial volume of short-term debt, held in
large part, by the banking system.
Now that it has been possible
to pay off some of the debt, it is in the main these short-term,
wartime issues which are being repaid.
More than 80 percent o f
the issues repaid in the past 9 months fell in this category -the remainder were prewar issues which had reached their
maturity or first call dates.
The total amount of marketable debt due within one year
has declined by about $13,000,000,000 since the end of February,
and will decline by about an additional $3,000,000,000 as a
result of the December pay-off.
The proportion of the marketable
debt due within one year is now about' 30 percent.
This is no
larger than is necessary to provide a reasonable amount, of
flexibility -- both to investors in the arrangement of their
portfolios, and to the Treasury and the Federal Reserve System
in the exercise of their debt management and monetary functions.
I should like now to turn briefly to the subject of
interest rates.
Secretary Snyder haa stated on a number of
occasions that, in his view, no anti-inflationary purpose would
be served at the present time by increasing interest rates.
I whole-heartedly share this view.
I should like, therefore, to
repeat some remarks which he made on this subject about two
months clgo:
"It is my view that, for the present, no antiinflationary purpose would be served by increasing
interest rates.
This is because it would interfere
with the stability of the Government bond market and
would introduce uncertainties, which themselves might
contribute to inflation.
The immediate effect of
higher interest rates mi^ht very well be to increase,
rather than to decrease, the volume of currency and
deposits.
This is because the typical investor’s
reaction to the higher rates might be 'wait and
see', rather than ’run and invest'.
The stability of the bond market since the end
of the war has eased the financial problems of
reconversion, both for the Government and for business
fi r m s . The stability of the Government bond market
results in a degree of business confidence which is
of tremendous value in achieving and maintaining
full production.
It contributes to the confidence
of the public in the credit of the United States and
in the enduring stability of the currency. We must
not impair this confidence."
7
The fiscal policy of the United States Government has
contributed greatly to the fight against inflation.
This fight
is not quite over.
The economy must make its final adjustment
to the end of direct price control.
Production, although far
ahead of most forecasts, has still further to go in order to
catch up with demand. Your institutions can do much to promote
the thrift which is still necessary to take us over the hump
into lasting peacetime prosperity.
In conclusion, I should like to add my word of commendation
to Secretary Snyder's message which I have read to you -- both
for the wartime job you did in purchasing and selling Government
securities and for the peacetime job you are doing in your
mortgage lending activities. Yours is the true .American way
the way that has led to over 300 years of progress in this
country, the way which will continue to maintain in the United
States the highest standard of living in the world,
0O0
3f
- 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. I4I 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,
m ss
-
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 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
November 29» 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, out 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
1|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of
the Revenue Act of 19l|l, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
ALPHA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. November 22» 19k6_____ •
~SF~
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,300.000,000 , or thereabouts, of
90 -^day Treasury bills, to be issued
— S F —
~
m
~
on a discount basis under competitive and fixed-price bidding as nereinafter
provided.
The bills of this series Td.ll be dated
Will mature
out interest.
Febraar^27. 19k7
»
November 29, 19li6
, and
when the face amount Fill be payable with
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, November 25« 19li6 .
Tenders will not be received at the Treasury Department, Vifashington.
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.
'
FOE IMMEDIATE RELEASE
NOVEMBER 2$, 1?U6
The Bureau of Customs announced today that entries for consumption
and withdrawals from warehouse for consumption of cotton having a staple
of 1-1/8
inches or more but less than 1-11/16 inches totaled k3,14*6,6£ii
pounds for the period from September 20 to November 22, 1 9h6, inclusive.
The quota for the year beginning September 20, 19U6 is
pounds•
,65>6,i*20
IRMSUnY D E P m ' M
Washington
FOR B/MLDIAiii KlMjiiiA.STi
Monday, November 25, 1946
W T
Press Service
No. S-154
Tne Bureau of Customs announced today that entries for consumption
and withdrawals from warehouse for consumption of cotton having a staple
of 1-1/8 inches or-more but less than 1-11/16 inches totaled 43,446,654
pounds for the period from September 20 to November 22, 1946, inclusive.
The quota for the year beginning September 20, 19/6, is 45,656,420
pounds.
The income derived from Treasury bills, whether inter
est 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
o-r hereafter enacted.
The bills shall be subject to estate,
inheritance, gift, or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or 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 purposes of taxation
the amount of discount at which Treasury bills are origin
ally sold by the United States shall be considered to be
interest.. Under Sectionsv42 and 117(a)(1) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act
of 1941, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital
assets.
Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need include
in his income tax return only the difference between the
price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418-, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the
circular may be obtained from any Federal Reserve Bank or
Branch,
oOo
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, November 22', 1946.
Press Service
No. S-153
The Secretary of the Treasury, by this public notice,
invites tenders for $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 9 0 day -Treasury bills, to be issued on a discount .basis under
competitive and fixed-price bidding as hereinafter provided.
The bills of this series vili be dated November 29, 1946,
and will mature February 27, 1947,. 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,
\
$1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $1 ,0 0 0 , 0 0 0 (maturity valueN
•
)
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock p.m., Eastern
Standard time, Monday, November 25, 1946.
Tenders will not
be received a.t the Treasury Department, Washington.
Each
tender must be for an even multiple of $1 ,0 0 0 , and the price
offered must be expressed on the basis of 1 0 0 , with not more
than three decimals, e.g., 99-925.' Fractions may not be used
It is urged that tendero be made on the printed forms and for
warded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorpo
rated banks and trust companies and from responsible and
recognized dealers in investment securities.
Tenders from
others must be accompanied by payment of 2 percent of the
face amount of Treasury bills applied for, unless the 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 ex
pressly reserves the right to accept or rej- ct 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 $2 0 0 , 0 0 0 or less from any one bidder at 9 9 . 9 0 5
entered on a fixed-price basis will be accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or
other immediately available funds on November 29, 1946.
TREASUET DEPARTMENT
Washington
for
wtmm*
morning newspapers,
Press Service
Tuesday, November 26, 191*6.
The Secretary of the Treasury announced la st evening that the tenders for
$1,300,000,000, or thereabouts, of 90-day Treasury b ills to be dated November 29, I9i*6f
and to mature February 27,
19kl, which were
offered on November 22, 191*6, were opened at
the Federal Reserve Banks on November 25.
The details of th is issue are as follows j
Total applied fo r - $1,798,985*000
Total accepted
- 1,311,961*,000
Average price
-
(includes $26,080,000 entered on a fixedprice basis at 99.905 and accepted in full)
99*906/ Equivalent rate of discount apprise* 0.316% per annum
Range of accepted competitive bids:
High
- 99*907 Equivalent rate of discount 0.372$ per annum
bear
- - 99*906
»
*
*
»
0.376$ «
*
(72 percent of the amount bid for at the low price was accepted)
Federal Reserve
D istrict
Total
Applied for
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
|
TOTAL
25,81*0,000 4
1,378,715,000 a
24,01,6,000*
13,185,000<
4,365,000*
l , 45o,ooov
21*8,630,000 i
36, 580, 000V
2,715,000*
8,120,000*
5,670,00069,669,000-
$1,793,935,000
Total
Accepted
%
19,932,0001
1,009,191,000*
9,986,000
11,561,000
3,861,000
l,450,OOOi
180,390,000*
12, 668,000
2, 575,000
4,120,000.
4,320,000
51,910,000.
$1,311,961*.000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, November 2 6 , 1946
Press Service
No. S-155
The Secretary of the Treasury announced last evening
that the tenders for $1,300,000,000, or thereabouts, of 9 0 day Treasury bills to be dated November 29/ 1946, and to
mature February 27, 1947, which were offered on November 22,
1946, were opened at the Federal Reserve Banks on November 25.
The details of this issue are as follows:
Total applied for - $1,798,985,000
Total accepted
- 1,311,964,000 (includes $26,080,000 entered
on a fixed-price basis at
99.905
Average price
- 99.900./ Equivalent rate of discount approx.
0.376$ per annum
Range of accepted competitive bids:
High - 99.907 Equiv. rate of discount approx. 0.372$ per annum
Low
- 99.906
"
"
"
"
M . 0.376$
"
"
( 7 2 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis'
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
$
25,840,000
1,378,715,000
24.046.000
13.185.000
4.365.000
1.450.000
248,630,000
1 6 5 8 0 .0 0 0
2 715.000
.
.
8 ,120,000
5 ,6 7 0 , 0 0 0
6 9 ,6 6 9 , 0 0 0
$ 1 ,7 9 8 ,9 8 5 , 0 0 0
0 O0
Total
Accepted
$
1 9 ,9 3 2 , 0 0 0
1 ,0 0 9 ,1 9 1 , 0 0 0
9 .9 8 6 . 0 0 0
1 1 .5 6 1 . 0 0 0
3 .8 6 1 . 0 0 0
1 .4 5 0 . 0 0 0
1 8 0 ,3 9 0 , 0 0 0
1 2 6 6 8 .0 0 0
2 5 7 5 .0 0 0
4.120.000
4.320.000
5 1 ,9 1 0 ,0 0 0
.
.
$1,311,964,000 •
sold, redeemed or otherrrise 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. I4.I8, 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 m i l 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
¡P* / 3 iv jS;
si ' !
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 m i l be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
December 5« 19k6_____ •
m
f
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 115> of
the Revenue Act of 19hl, 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
FOR RELEASE, MORNING NEWSPAPERS„
F rid a y , November 29. 19h6
apqc
...»
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1 B00,QQ0.000 s 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 tn.ll be dated
will mature
out interest.
March 6 . 1917
December 5 , 19l;6
’T H F “
, and
_, when the face amount sill be payable with-
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, two o*clock p.m., Eastern Standard time,
Monday, December 2 . 19k6 ♦
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e. g., 9 9 ,9 2 5 »
Fractions may not be used.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which m i l 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
■ C
___
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuo-aday , November gfTT 1946
v A 'f i t h
1
Press Service
No. s - i / i f
'!
»■ f
The Secretary of the Treasury announced last evening
that the tenders for $1,300,000,000, or thereabouts, of 9 0 day Treasury bills to be dated November 29* 1946, and to
mature February 27* 1947* which were offered on'November 22,
1946, were opened at the Federal Reserve Banks on November 25..
The details of this issue are as follows:
Total applied for - $1,798*985*000
Total accepted
- 1,311*964,000 (includes $26,000,000 entered
on a fixed-price basis at
99.905
Average price
- 99.906-/ Equivalent rate of discount approx.
0.376/ per annum
Range of accepted competitive bids:
High - 99.907 Equiv. rate of discount approx. 0.372/ per annum
Law
- 99.906
"
"
"
"
M . 0.376/
"
•”
( 7 2 percent of the amount bid for at the low price was accepted)
Federal Reserve
District_____
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
25*840,000
‘1,378,715*000
24.046.000
1 9 * 9 3 2 *0 0 0
1 , 009 * 191*000
13 * 185*000
1 1 5 6 1 ,0 0 0
5 * 670,000
69 *669 *000
1.450.000
1 8 0 ,3 9 0 ,0 0 0
1 2 ,6 6 8 ,0 0 0
2 ,5 7 5 *0 0 0
4.120.000
4.320.000
5 1 9 1 0 ,0 0 0
TOTAL
1 *7 9 8 ,9 8 5 * 0 0 0
$1,311*964,000
4*365*000
1.450.000
248,630,000
1 6 .5 8 0 .0 0 0
2 ,7 1 5 *0 0 0
.
8 120.000
0O0
9 986,000
*
,
3 * 861,000
,
-
¿1
-
The income■derived from Treasury bills,, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as 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 nf the pos
sessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States shall
be considered to be interest.
Under Sections 42 and 117 (a)-.:(l)
of the Internal Revenue Code, as amended by Section 1 1 5 of the
Revenue Act of 1941, the amount of discount at which bills issued
hereunder are sold shall not be considered to accrue until such
bills shall be sold, redeemed or otherwise'disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life in
surance companies) issued hereunder need include in his income
tax return only the difference between the price paid for such
bills, whether bn 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. 4l8, as. amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies o.f the circular may be
obtained from any Federal Reserve Bank or Branch.
0O0
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, November 29,_19^ 6 . _____
Press Service
No. S-I56
The Secretary of the Treasury, by this public notice, invites
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and^
.fixed-price bidding as hereinafter provided.
The bills of this
series will be dated December 5, 19^6, and will mature March 6 ,
1 9 ^7 , when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
$1 ,0 0 0 , $5 ,0 0 0 , $1 0 ,0 0 0 , $1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $1 ,0 0 0 , 0 0 0
(maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o ’clock p.m., Eastern Stand
ard time, Monday, December 2, 1946.
Tenders will not be received
at the Treasury Department, Washington,
Each tender must be
for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals,
e . g., 9 9 .9 2 5 . Fractions may not be used.
It is urged that
tenders be made on the printed forms and forwarded in the special
envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and- from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 2 percent* of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened^
at the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of
the amount and price range of accepted bids.
Those submitting
tenders will be advised of the acceptance or rejection^thereof.
The Secretary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in^part, and
his action in any such respect shall be final.
Subject to these
reservations, tenders for $200,000 or less from any one bidder
at 99.905 entered on a fixed-price basis will be accepted in
full.
Payment of accepted tenders at the prices offered must
be made or completed at the Federal Reserve Bank in cash or other
immediately available funds on December 5, 19^6,
2
Seven o f f ic e r s
o r s t o c k h o l d e r s o f t h e com pany w ere p l a c e d
u n d e r o a t h , a n d a f t e r t h e y h a d p e r s i s t e n t l y d e n ie d p a r t i c i p a t i n g
i n o v e r - c e i l i n g t r a n s a c t i o n s , p e r j u r y c h a r g e s w e re b r o u g h t
a g a i n s t th e m .
T h ese c h a rg e s s t i l l a r e p e n d in g .
H o w e v e r , t h e i n c i d e n t h a d a n im m e d ia te e f f e c t i n b r e a k i n g
down r e s i s t a n c e
th e in v e s t ig a t io n had p r e v io u s ly e n co u n te re d in
t h e p o u l t r y r a i s i n g a r e a , an d n u m erou s d i s c l o s u r e s t o a g e n t s
i n d i c a t e d t h a t - b l a c k m a r k e t p r i c e s w e re a lm o s t t h e r u l e ,
ra th e r
t h a n t h e e x c e p t i o n d u r i n g t h e y e a r s '1 9 4 3 - 4 5 .
In p r a c t ic a lly
a ll cases,
t h e o v e r - c e i l i n g p a y m e n ts w ere
n o t r e p o r t e d f o r in co m e t a x p u r p o s e s .
A s t h e i n q u i r y h a s g a in e d
momentum, a n i n c r e a s i n g l y l a r g e num ber o f t a x p a y e r s t o « a d m it t e d
d e fic ie n c ie s ,
a n d s i g n e d a g r e e m e n ts t o p a y a d d i t i o n a l t a x e s an d
c i v i l fr a u d p e n a lt ie s .
P r e v io u s i n v e s t i g a t i o n s
in to
ta x a s p e c ts o f p o u lt r y b la c k
m a rk e ts i n o th e r s t a t e s h a v e r e s u l t e d i n r e c o v e r y by th e G o v e rn
m en t o f many th o u s a n d s o f d o l l a r s
p e n a ltie s .
P a r t ic u la r ly
T e x a s , C a l i f o r n i a , and i n
i n a d d i t i o n a l t a x e s and
s u c c e s s fu l d r iv e s have been s ta g e d in
s e v e r a l s t a t e s a lo n g th e A t l a n t i c
seab oard .
0 O0
J
/ î l4 L
s -/J-7
T re a s u ry a g e n t s , by e f f e c t i v e u se o f th e p e r ju r y p r o v i
s i o n s o f t h e c r i m i n a l c o d e , h a v e b r o k e n w id e o p e n a w id e s p r e a d
t a x e v a s i o n r a c k e t g r o w in g o u t o f t h e p o u l t r y b l a c k m a r k e t i n
t h e New Y o r k C i t y a r e a ,
S e c r e ta r y Sn yd er r e v e a le d to d a y .
A l r e a d y some 3^00 C o n n e c t i c u t f a r m e r s a n d a num ber o f
s h ip p e r s and p r o c e s s o r s h a v e b e e n b r o u g h t w it h in th e sco p e o f
t h e i n v e s t i g a t i o n , an d t h e num ber i s
g r o w in g d a i l y a s many
t a x p a y e r s a r e m a k in g c o m p le t e d i s c l o s u r e s o f t h e i r d e a l i n g s ,
a n d n a m in g t h e p e r s o n s t h e y d e a l t w i t h .
M r . S n y d e r s a i d t h a t a d d i t i o n a l t a x e s an d f r a u d p e n a l t i e s
a lr e a d y have t o t a le d
$
350, 000,
an d i t
is
e x p e c te d t h a t th e
t o t a l r e c o v e r y t o t h e G o v e rn m e n t w i l l r e a c h $ 3 ,0 0 0 ,0 0 0 .
T he i n v e s t i g a t i o n
s ta rte d
s e v e r a l m o n th s a g o when a g e n t s
o f t h e B u r e a u o f I n t e r n a l R e v e n u e d e t e r m in e d *t h a t l a r g e q u a n t i t i e
o f C o n n e c t i c u t p o u l t r y w e re b e i n g s o l d i n t h e New Y o r k m a r k e t
a t p r i c e s f a r i n e x c e s s o f t h e t h e n p r e v a i l i n g 0PA c e i l i n g s .
The a g e n t s s t a r t e d w it h o n e o f t h e l a r g e s t d e a l e r s who a c t e d a s
a m id d le m a n b e tw e e n r a i s e r s a n d r e t a i l e r s .
When b o o k s o f t h e c o n c e r n w ere fo u n d t o show t h a t a l l
a c t i o n s w ere w i t h i n c e i l i n g s ,
to in c lu d e p e rso n s s e l l i n g
tra n s
t h e i n v e s t i g a t i o n was b r o a d e n e d
t o a n d b u y in g fr o m t h e f i r m .
R e v e n u e a g e n t s w ere a b l e t o o b t a i n fr o m a num ber o f r a i s e r s
a ffid a v its
wh:
x
n a t e d t h e com pany u n d e r i n v e s t i g a t i o n
in o v e r c e ilin g tr a n s a c tio n s .
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 28, 19¿6_____f
Press Service
No# S-157
Treasury agents, by effective use of the perjury provisions of the
criminal code, have broken wide open a widespread tax evasion racket
growing out of the poultry black market in the New York City area,
Secretary Snyder revealed today#
Already some 1,200 Connecticut farmers and a number of shippers
and processors have been brought within the scope of the investigation,
and the number is growing daily as many taxpayers are making complete
disclosures of their dealings, and naming the persons they dealt with#
Mr# Snyder said that additional taxes and fraud penalties already
have totaled $>350*000* and it is expected that the total recovery to
the Government will reach $3* 000,000#
The investigation started several months ago/when agents of the
Bureau of Internal Revenue determined that large quantities of
Connecticut poultry were being sold in the New York market at prices far
in excess of the then prevailing 0PA ceilings* The agents started with
one of the largest dealers who acted as a middleman between raisers and
retailers#
When books of the concern were found to show that all transactions
were within ceilings, the investigation was broadened to include persons
selling to and buying from the firm#
Revenue agents were able to obtain from a number of raisers
affidavits which apparently incriminated the company under investigation
in over-ceiling transactions#
Seven officers or stockholders of the company were placed under
oath, and after they had persistently denied participating in over
ceiling transactions, perjury charges were brought against them.
These charges still are pending#
However, the incident had an immediate effect in breaking down
resistance the investigation had previously encountered in the poultry
raising area, and numerous disclosures to agents indicated that black
market prices were almost the rule, rather than the exception during
the years 1943*45*
In practically all cases, the over-ceiling payments were not reported
for income tax purposes# As the inquiry has gained momentum, an increas
ingly large number of taxpayers have admitted deficiencies, and signed
agreements to pay additional taxes and civil fraud penalties#
Previous investigations into tax aspects of poultry black markets in
other states have resulted in recovery by the Government of many thousands
of dollars in additional taxes and penalties# Particularly successful
drives have been staged in Texas, California, and in several states along
the Atlantic seaboard*
0O0
TREASURY DEPARTMENT
Washington
for
wmmaam
>
release
Wsdneodnaer November
1946
Frees Service
»0. S _ / r f
Secretary* Snyder will, attend the inauguration of President-elect
Miguel Aleman in Mexico City on December 1» it was announced today*
The Secretary will he a special guest of the Mexican Government.
He will leave Washington for Mexico City T]piiii(ifiiiri "Tnvinni»dl?8 i
and will return December 8.
accompany him.
Mrs. Snyder and Kiss Drucie Snyder will
VICTORY
BUY
UNITED
«¿TATES
W A R
BONDS
THE S E C R E T A R Y OF THE T R E A S U R Y
AND
STAMPS
WA S H I NGT O N
November
Twenty-sixth
A/
<cyV/
1946
.V V ^
The Secretary of/the Treasury, John W.
the
Snyder, will attend
inauguration of President-
/
elect Miguel Aleman/ as the special guest of the
Mexican government.
TfljM l o 4 n -Me*
xleu Orffi8
,
Secretary Snyder will be accompanied by
Mrs. Snyder and Miss Drucie Snyder.
'/ « A .-
\
w
'1
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 28, 19^6.
Press Service
No. S- 1 5 8
Secretary Snyder will attend the inauguration of
President-elect Miguel Aleman in Mexico City on December 1,
it was announced today.
The Secretary will be a special guest
of the Mexican Government.
He will leave Washington for Mexico City today,
November 28) and will return December 8.
Miss Drucie Snyder will accompany him.
0 O0
(Thursday,
Mrs. Snyder and
TREASURY DEPARTMENT
W ashington
Press S e rv ice
FOR IMMEDIATE RELEASE,
F r id a y , November 29» 19l*6#
The S e cre ta ry o f th e Treasury today announced th e f i n a l su b s crip tio n and
allo tm en t fig u r e s w ith re s p e ct to th e cu rren t o ffe r in g o f 7/8 p ercen t Treasury
C e r t ific a t e s o f Indebtedness o f S e r ie s L-19U7 *
S u b scrip tio n s and allo tm e n ts were d iv id e d among the s e v e ra l F ed e ral Re
serve D is t r ic t s and th e Treasury as fo llo w s i
F ed e ral Reserve
D is t r ic t
T o ta l S u b scrip tio n s
R eceived and A l l o t t
(
Boston
Few York
P h ila d e lp h ia
C levelan d
Richmond
A tla n ta
Chicago
S t . Lou is
M inneapolis
Kansas C ity
D a lla s
San F ran cisco
Treasury
TOTAL
31,908,000
i,uo5,o;38,ooo
c s a ^ 4 ooo:
219,533,000
58,997,000
78,565,000
6U9.U75.000
78.66U.000
93,022,OCX)
117,590,000
77,171,000
302,1UU,000
13,297,000
$3,273,388,000
\
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday^_November 29, 1946.
Press Service
No. S-159
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 L 1 9 4 7 .
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as follows:
Federal Reserve
_______,
Total Subscriptions
R e ceived and_Allotied
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
81,908,000
219/533,000
58.997.000
78.565.000
649.475.000
78.664.000
9 3 0 2 2 .0 0 0
.
117.590.000
77,171,000
302,144,000
13,297,000
TOTAL
$3,273,388,000
0O0
5?-*
FOR IMMEDIATE RELEASE
96
F rid a y November 2 ? , I U
,
„W
The Bureau o f Customs announced today thaty e n tr ie s fo r
consumption and w ithdraw als from warehouse fo r consumption o f
1—1/8 in ch es or more hut le s s
**5* 5^6,991 pounds fo r the p e rio d
co tto n havin g a s ta p le o f
than
1- 11/16 in ches
from
to ta le d
September 20 to November 27» 19^6, in c lu s iv e .
The quota fo r the year b egin n in g September 20t 19^6» i s
5 656,^20 pounds.
H »
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
6.1
Press Service
No . S-l6 o
The Bureau of Customs announced today that p r e
liminary reports show entries for consumption and
withdrawals from warehouse for consumption of cotton
having a staple of 1 -1 / 8 inches or more but less than
I - H / I 6 inches totaled 45,546,991 pounds for the period
from September 20 to November 27, 1946, inclusive.
The quota for the year beginning September 20,
1946, is 45,656,420 pounds,
- 5system even though they do not pay a second tax on their dividends.
The dividends-received-credit approach, like the withholding ssSiwem,
would in effect count the corporate tax as a payment on stockholders*
personal tax liabilities but, unlike the withholding approach, would
not require stockholders to include ¿fc \n their taxable incomes
^iivi
n o r j
_
_L
l.______ rtJ i.
J
Y. V
1.
greater
benefit
m r I.high-bracket
than
V _ «
x4>n.1rVt
A AWO
low-bracket
stockholders.
The dividend-exclusion approach would have a similar effect.
t.rat.lvia
shnv how this would come about.
effects .tint wwra:
Illus-
corporate income. The study considers the possibility of recognising
corporations by treating a limited
amount of profits as if distributed even though they may be retained.
The withholding approach would consider part, or all of the
corporate tax a withholding tax* lihen stockholders received dividends
they would be taxed on the cash received plus the withholding tax
allocable to their dividends, but would get a tax credit for the
withholding tax and in cases of overwithholding they would be given
refunds from the Treasury* This system, which is used in Great Britain,
would be similar to the present withholding system for salaries and
wages. The Treasury study discusses a number of possible refinements
and administrative and technical problems of the withholding approach.
Two other approaches— the dividends—receive& credit and the
dividendUexclusion approaches— could reduce taxes on distributed
corporate profits but,as compared with the approaches already mentioned,
could not so exactly equalize taxation of distributed profits and other
kinds of income. The dividends-received-credit approach would exempt
dividends from part of the individual income^
-tfee.^ *
braelse*» The dividend-exclusion approach would exclude part of
dividends received from taxable incomes of stockholders. Both of
these approaches would be administratively simple. Both would differ
from the other approaches in giving no relief to stockholders not
subject to individual income tax, who may be overtaxed under the present
at prices and yields that reflected the market *s expectation that
the corporate tax would continue. In such cases, present stock
holders may largely escape the effect of the tax, and if so its
unexpected repeal or reduction would give them windfall gains.
Elimination of the corporate tax without any other change is
hardly ever suggested as a remedy for double taxation, the report
states, because such a move would open the way for stockholders to
postpone or avoid taxes on their shares of undistributed profits.
One proposal, however, calls for elimination of the corporate tax
and taxation of stockholders like partners on their full share of
corporate profits* whether dividends are paid or not. The
Treasury study points out that this approac
idminis-
tratively feasible for big corporations with complicated capital
structures,and large numbers of stockholders.
In addition to the partnership approach, both the dividends(
paid—credit approach and the withholding approach could reduce
eliminate the present so-called double taxation of distributed
profits, but would keep a tax on retained corporate profits to
minimise individual tax postponement or avoidance.
The dividends-paid-credit approach would continue a corporate
tax but would grant corporations a tax credit when they paid divi
dends, or would exclude part or all of dividends paid from taxable
-
2
-
the withholding approach, 'which “
would treat part or all of the
corporate tax like the present withholding on salaries and wages;
the dividends-received credit approach, which would exempt divi
dends from the first bracket of the individual income tax; and
the dividend-exclusion approach, which would exclude part of
dividends from stockholders* taxable incomes.
The report was prepared by Richard Goode, a member of the
staff of the Treasury^ Division of Tax Research, Treasury spokes
men explained that the report is a part of the Department*s continu
ing study of postwar tax revision and emphasized that it is not
concerned with any immediate legislative programs. The foreword
identifies the future position of the corporation in the tax
structure as *one of the major issues of postwar tax policy,*
Treasury spokesmen said that the report has been made public at
this time because of current general interest in the problems of
corporate taxation. Its purpose is to provide information and
background material for further public discussion.
The Treasury study points out that the extent of existing
double taxation of corporate profits is limited by several factors,
jr/the"
corporate tsx is "passed on in higher prices or lower wages— a
/\
moot question— there is no double taxation of stockholders. At most,
the report points out, only the distributed part of profits is double
taxed. Moreover, stockholders in many cases may have bought stock
/•JC.
/jA^TT
S
treasury vm jw m m
Washington
'b**^*44 ^ * '
pod
Friday, December 6 . 19^6
~yu>, &-(<£>/
The Treasury Department today released a technical staff study
entitled ®The Postwar Corporation Tax Structure.® A foreword afepaâ
hy Louis Shere, Acting Director of Tax Research, explains that the
study of the present corporation tax and examination of proposals
for fundamentally revising it ^advances no policy recommendations
hut discusses considerations important to the formulation of such
recommendations.®
The £>G-page report centers on the problem of the so-called
double taxation of distributed corporate profits. At present cor
porations pay a tax on their profits, and stockholders are also
taxed on dividends when distributed by the corporation# The Treasury
report considers the significance of this fact and appraises argu
ments for and against the present corporate tax. It then considers
various possible ways that have been suggested for reducing or
eliminating the so-called double taxation. Among these are the
partnership approach, "which would eliminate the corporate tax and
tax stockholders on tnéir
of both distributed and undis
tributed corporate profits? the credit-for-dividends-paid approach,
which would give corporations a tax credit when they paid dividends;
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS, :
Fridayy December 6, 19¿6»____
. Press Service
No, S-161
The Treasury Department today released a technical staff study
entitled '‘The Postwar Corporation Tax Structure*“ A foreword by Louis
Shere, Acting Director of Tax Research, explains that the study of the
present corporation tax and examination of proposals for fundamentally
revising it “advances no policy recommendations but discusses considerations
important to the formulation of such recommendations."
The 80-page report centers on the problem.of the so-called double
taxation of distributed corporate profits* At present corporations pay
a tax on their profits, and stockholders are also taxed on dividends when
distributed by the corporation. The Treasury report considers the
significance of this fact and appraises arguments for and against the
present corporate tax.• It then considers various possible ways that have
been suggested for reducing or eliminating the so-called double taxation.
Among these are the partnership approach, which would eliminate the corporate
tax and tax stockholders on their proportionate part of both distributed and
undistributed corporate profits; the credit-for-dividends-paid approach, which
would give*corporations a tax credit when they paid dividends; the withhold
ing approach, which would treat part or all of the corporate tax like the
present withholding on salaries and wages; the dividends-received credit
approach, which would exempt»dividends from the first bracket of the in
dividual income tax; and the dividend-exclusion approach, which would exclude
part of dividends from stockholders‘ taxable incomes.
The report was prepared by Richard Goode, a member of the staff of the
Treasury’s Division of Tax Research* Treasury spokesmen explained that the
report is a part of the Department's continuing study of postwar tax revision
and emphasized that it is hot concerned with any immediate legislative
programs. The foreword identifies the future position of the corporation in
the tax structure as “one of the major issues of postwar tax policy."
Tieasury spokesmen said that the report has been made public at this time
because of current general interest in the problems of corporate taxation.
Its purpose Is to provide information and background material for further
public discussion.
The Treasury study points out that the extent of existing double
taxation of corporate profits is limited by several factors,. To .the extent
that the corporate tax is passed on in higher prices or lower wages— a moot
question— there is no double taxation of stockholders. At most, the report
points .out, only the distributed part of profits is double taxed. Moreover,
stockholders in many cases <may have bought stock uit prices and yields that
reflected the market‘>s expectation that the corporate tax would continue*
In such cases, present stockholders may largely escape'the effect, of the
tax, and if so its unexpected repeal or reduction woul4 give them windfall
gains,
-
2
-
Elimination of the corporate tax without any other change is hardly
ever suggested as a remedy for double taxation, the report states, because
such a move would open the way for stockholders to postpone or avoid taxes
on their shares of undistributed profits* One proposal, however, calls
for elimination of the corporate tax and taxation of stockholders like
partners on their full share of.corporate profits, whether dividends are
paid or not# The Treasury study points out that this approach probably
would not.be. administratively feasible for big corporations with complicated
capital structures and large numbers of stockholders#
In addition to the partnership approach, both the dividends-paid—credit
approach and the withholding approach could reduce or eliminate the present .
so-called double taxation of distributed profits, but would keep a tax on
retained corporate profits to minimise individual tax postponement or
avoidance#
The dividends-paid-credit approach would continue a corporate tax but
•would grant corporations a tax credit when they paid dividends, or would
exclude part or all of dividends paid from taxable corporate income# The
study considers the possibility of recognizing the capital-raising
problems of small corporations by treating a limited amount of profits as
ff distributed even though they may be retained#
'The.withholding approach would consider part or all of the corporate
tax a withholding tax# .When stockholders received dividends they would
be .taxed on the cash received plus the 'withholding tax allocable to their
dividends, but would get a tax credit for the withholding tax and in cases
of overwithholding they would be given refunds from the Treasury# This
system, ,
which is used in Great Britain, would be similar to the present
withholding system for salaries and wages* The Treasury study discusses
a number of possible refinements and administrative and technical problems
of the withholding approach#
Two other approaches— the clividends-received credit and the dividendexclusion approaches— could reduce taxes on distributed corporate profits
but, as compared with the approaches already mentioned, could not so exactly
equalize taxation of distributed profits and other kinds of income* The
dividends-received-credit approach would exempt dividends from part of
the individual income tax; it is usually supposed that dividends should not
be subject to the first-bracket rate* The dividend-exclusion approach
would exclude part of dividends received from taxable incomes of stockholders#
Both of these approaches 'would be administratively simple# Both 'would differ
from the other approaches in giving no relief to stockholders not subject
to individual income tax, who may be overtaxed under the present system
even though they do not pay a second tax on their dividends* The dividendsreceived-credit .approach, like the 'withholding approach would in effect
count the corporate tax as a payment on stockholders1 personal tax
liabilities but, unlike the withholding approach, would not require stock
holders to “include the tax paid by the corporation in their taxable Incomes
nor would it give refunds for overpayments. As a result the dividendsreceived-credit approach would give greater benefit to high-bracket than to
low—bracket stockholders* The dividend-exclusion approach would have a
similar effect* Illustrative figures show ho'w this would come about#
The report contains charts showing the combined corporate and individual
income taxes on distributed profits under the different approaches* It als#
includes estimates of revenue effects*
muLsmt JMPAmmnr
• Washington
mmmmm, wmnm mss*k?w&,
Tueedsy, Deoeater 3» Ü&6,
The Secretary of the Treasury announced la s t evening that the tenders for
■
.
-
f
/
*
■'
~
-
^
r '
$1*300,000,000, or thereabouts, of 91-doy Treasury M lle to he dated Beeestoer $, l$t|6,
r
^
end to aature March 6, 2JÄi|f «Mali were offered on Saveeber l f t 1S$6, were opened a t the
Federal Barere» Baste on Becas&er £•
The d etails of tM a issue are as follows*
to ta l a l l i e d for « $l»?6af 911,000
to ta l accepted
- 1,315,53^,000
Average price
y
■
,/
(includes 135,361, 000 entered m a fised-price
basi s a t 99*90$ and accepted in fu ll)
rate of discount approx* 0.3765 per aim?.
*» 99*90$/
Bangp of scooted eoapetittre hides
•
••
/
. j- _
„
Bt#i
- 99,507 EïuivaUm t rat* o f discount approx. 0,363* par annum
Im
- fpllf'7
•
... /
• «
.
.
.
'
“
-
»
'•
*
’•
0.376* ■
■
^ ;r
(73 percent of the «nouât bid feu* a t the le e price wee accepted)
Federal Beaeree
Total
Dletrlct_____
A |f^ iy> fo r
Boston
$
h w m
ZU,01$,000 '
Philadelphia
9,085,000
U,190,000
Cleveland
Blohsund
Atlanta
1,020,090
Chicago
S t . te d s
IfArma«*
zx9ÿ ^ to m /
1,31«,592,000
X C mmK
(&.t&
San Frenoleco
TOEll
35.778.000
976,637,000
.
1 8 0 3 5 .0 0 0
1, 0 2 0 ,0 0 0
196,630,000
6,737,000
35,013,000
12,853,000
♦1,763,931,000 7
'
6,365,000
3,735,000-'
267,690,009
7 ,SUD,000
5 .722.000 '
3.520.000
Tiam**
Total
U,750,009
3,5&>,ooo
6a-.i W
♦ 1,335,53U,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday,' December 3, 1946.
Press Service
No. S-162
The Secretary of the Treasury announced last evening
that the tenders for $1 ,3 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 91-day
Treasury hills to be dated December 5, 1946, and to mature
March
6
, 1947, which were offered on November 29* 1946, were
opened at the Federal Reserve Banks on December 2.
The details of this issue are as follows:
Total applied for - $1,768,93-1*000
Total accepted
- 1,315*534,000 (includes $25,861,000 entered
on a fixed-price basis at
9 9,90 5
Average price - 99.905 / Equiv. rate of discount, approx. 0.376 %
per annum
Range of accepted competitive bids:
High - 99.907 Equiv rate of discount approx.
Low - 99.905
"
fr
"
"
”
(73
0 .3 6 8 ^
0 .3 7 6 ^
per annum
”
percent of the amount bid for at the low price was accepted)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapclis
Kansas City
Dallas
San Francisco
TOTAL
Total
Accepted
Total
Applied for
Federal Reserve
District
$
21,340,000
1,318,592,000
24.015.000
9 , 0 2 5 ,0 0 0
4.190.000
1 . 0 2 0 . 0 0 0
267, 690,000
7.840.000
: 5 , 722,000
15 .
0 1 3 . 0 0 0
$
15,778,000
976.637.000
1 8 , 0 3 5 ,0 0 0
6 .8 6 5 . 0 0 0
3 .7 8 5 . 0 0 0
1 . 0 2 0 . 0 0 0
196. 680.000
6 , 787,000
4.750.000
12 , 853,000
3 . 5 2 0 . 0 0 0
3 . 5 2 0 . 0 0 0
90,964,000
68,824,000
$1,768,931,000
0O0
$1,-315,534,000
2
COTTON CARP STRIPS made from cotton's having a'staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING W A S T E , .WHETHER
OR HOT MANUPAC TT.TRED OR OTHERWISE ADVANCER IN VALUE-' Annual quotas 'commencing
September 20, by Countries of Origin:
‘
::
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall he filled by cotton wastes other, than .'comber wastes made .'from cottons
of l-3/l6jinches' or'more in staple 'length, in the case of the following
countries.-: United; Kingdom,.Prance,' Netherlands, .-Switzerland, -Belgium,
Germany, and Italy:
: :r
/
• '■ ■ ■■'' •
(in Pounds)
TOTAL IMPORTS
: ESTABLISHED : IMPORTS
Established *
Sept. 20,. 1946, ; 33-1/3$ of : Sept. 20;, 194
Country of Origin :
TOTAL' QUOTA j
to Nov*23., I9I46 5 ,.Total Quo ta ; to H o y . 23 j 1/
19i*6
VTvS. ...mm
1,441,152
United Kingdom..."... '4,323,457
239,690
Canada.
31,337
.75,807. .
.«N
•- '; •• 227,420Prance. .. ... t.o .....
..........................
69,627
,,
69,62? .
British,India.......
■:U
22,747.
68,240 1
::
Netherlands.
,
.14,796...
;
......
.
44,388Switzerland.... . •••
.12,853... . ..... ; ■ R**.
38,559
Belgium.............
'; - '<
.«Ç —
341,535
,
,OJ."
«Japan. .*.»»«*•♦»»**»
17,322
=>v
China...............
8,135-^
|t';
kl'!'-'—
Egypt..............
—
.. ,.
1■'
6,544
Cuba.-....... .
*t
25,443
76,
329
........R
;
Germany.... .
7,088,
21,263...............
Italy-........... .
TOTALS
1/
100,90*
5,482,509
1,599,886'•*
included in total imports, column 2.
-oOo-
V
FOR IMMEDIATE RELEASE
' December 3, 19h6___
[
i
** f & 3
The Bureau,, of Customs, announced today-' that preliminary reports from the
collectors pf pus toms;-show- import's of cotton and’cotton waste chargeable to the
import auotas established by the President1s proclamations of September 5, 1939,
as amended by the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to November 23, 19ii-6. (See footnote
COTTON HAVING- -A STAPLE OF LESS TEAK 1-11/16 INCHES (OTHER THAN HARSH OR ROTJGH
COTTON OE LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OP BLANKETS -AND' BLANKETING, AND OTHER THAN LI1TTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of :
Origin
;
Staple length less
; Staple length’l-l/8" or more
• than 1-1/811 ’ ' :
but less than l^ll/lS"
Imports Sept*'-: Established : Imports Sept.
!Established 20, 1946, to .:
Quota
20* -1946, to
Quo ta
Nov.23, 19k6 : 45,656,420 :Nov. 30, 19l|.6 kf
Egypt and the AngloEgyptian Sudan........
Peru........... ........
British India...... . ..
China................. *.
Mexico........
Brazil.............. .. .
Union of Soviet
Socialist Republics...
Argentina. ............. •
Haiti.............
Eeuador............ . ...
Honduras..... ........
Paraguay....... ........
Colombia................
Iraq. ...................
British East Africa....,
Netherlands East Indies.
Barbados...............
Other British T*rest
•Indies l/ .............
Nigeria.......... .
Other British Uest
Africa 2 / ............
Other French Africa.3/..
Algeria and Tunisia....
1J
2/
3/
W
.. .. . ...
783,816
247,952.
2,003,483
1,370,-791
8,883,259
618,723
475,124
5,203
237
9,333
752
871’
124
195
2,240
71,388
21,321
5,377
106,710
811*,330
8,883,239
618,723
•' 36,1*11»,673
■
9,209,31*6
.... • ' •
, .\\V
5,iok
—
—
_
, \\
«■
—
"* •
...... j
•
'31,900
*v
** ’.
....
—
’ ’ —
—
—
—
—
_
—’
—
—
3oi
16,004
689
mm
mm
-
—
14,516,882
10,1*28,126
_
45,656,420
li5,656,lj.20
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria* Tunisia, and Madagascar,
Long staple cotton import figures shown through November 30, 19U6.
TREASURY DEPARTI"ENT
'Washington
FOR IIIIEDIATE RELEASE
Tuesday. December 3. 1946
Press Service
No. S-163
The Bureau of Customs announced today that preliminary reports from the
collectors of customs shov/ 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, 194^, and June
29, 1942, during the period September 20, 1946, to November 23, 1946, (See foot
note 4)
COTTON HAVING A STAPLE OF IESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPIE LENGTH AND CIHEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, -HID OTHER THAN IINTERS), Annual quotas
commencing September 20. by Countries of Origin:
(in Pounds)
Country of
Origin
:
Staple length l e s s : Staple length l-l/S” or more
:_____ than 1-1/811______: but less than 1-11/16”____
;
»Imports Sept.: Established : Imports Sept,
:Established:20, 1946, to ?
Quota
: 20, 1946, to
; Quota
:Nov, 23., 1946: 45.656,420 : Nov. 30, 19464/
Egypt and the Anglo• Egyptian Sudan......
783,816
36,414,673
Peru................. ...
106,710
247,952
9,209,346
British India__... A___ 2,003,483
814,330
China................ 1,370,791
Mexico'. ................. 8,883,259 8,883,259
—
Brazil.... ..........
618,723
618,723
Union of Soviet
Socialist Republics...
475,124
31,900
Argentina......... .
—
5,203
5,104
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 Vest
Indies l/.______ __ i.
21,323,
501
—
Nigeria............
5,377
Other British West
Africa 2/„... ......
16,004
Other French Africa3/.'».
—
689
Algeria and Tunisia...., _______ - / _____ -________________________A
14,516,882 10,428,126
45,656,420
45,656,420
—
—
—
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than -Algeria, Tunisia, and Madagascar.
4/ Long staple cotton import figures shown through November 3.0, 1946 é
2
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER 'TASTE, LAP PASTE, SIIVER TASTE AND ROVING "MSTE 'AETHER
OR NOT MAITUFACTURED OR OTHER. TSE ADVilNCED IN VuIIIE . Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton Yrastes other than comber v/astes made from cottons
of 1-3/16 inches or more in staple length in the case of the follo?dng
countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(in Pounds)
IMPORTS
Sept, 20, 1946
to" Nov. 23,194-^1/
United Kingdom
Canada..... ..
France....... .
British India.,
Netherlands ,,,
Switzerland.,,,
Belgium...... .
Japan
China
,
Egypt........ .
C
u
b
a
,
G e r m a n y . ,
Italy.........
TOTALS
1/
4,323,457
239,690
227,420
69,627
68,240
1,441,152
31,337
69,627
22,747
14,796
12,853
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
Included in total imports, column 2,
25,443
7,088
100,964
1,599,886
2
the jury which passed upon the King wim
Members of
were
medal
Charles Seymour, cufcator of sculpture, National
of Art, Washington; Lee Lawrie, Easton, M d . , sculptor
A
'Ttu+vt'
member of the Fine Arts Commission; Mrs. Ross j John R. Sinnock,
engraver of the Mint; and Rear Admiral James H. Foskett, Naval Aide
to the President.
The same jury will serve for the Marshall medal competition,
except that Major General Barry K. Vaughan, Military Aide to the
President, will serve as a member in place of Rear Admiral Foskett.
Miss P u t n a m s design for the King medal has an obverse
portrait of Admiral Kin& in three-quarter view,
presenting a
with warships
in the background
and an inscription around the border«
The reverse
shows Neptune holding three charging steeds, one Tsymbolizing under water
craft, one surface craft, and on® aircraft#
TREASURY DEPARTMENT
- Washington
FOR IMMEDIATE RELEASE
Tuesday, December St 1946
Press Service y
No. S ~ /¿> ( I
A woman sculptor competing with six male artists today won
an award of $1 ,5 0 0 for a design for a gold medal to he presented
in the name of the people of the United States to Fleet Admiral
Ernest Joseph
King, ¿uyngjifu commander of the United States
during World War II. The medal is to be struck pursuant to an Act
of Congress
of March 22, 1 9 4 6 .
Miss Brenda Putnam of New York Cityg
award.
is the recipient of the
Her design for the King medal was selected by
members
which met this morning at the office of
Director of the Mint.
a jury of five
^ Nellie I&yloe Ross,
The Mint was commissioned by President Truman
to prepare the medal.
Miss Putnam, daughter of the librarian emeritus of Congress,
Herbert Putnam, is among the nation’s most accomplished sculptors.
She has works
44
the Folger Library and in Rock Creek Cemetery in
Washington, prepared the design for the Cleveland Centennial
commemorative half dollar Issued in 1 9 3 & » and
known
has done many well
garden pieces, portrait busts and other sculptures,
aie is
the author of "The Sculptor’s Way."
Later this week, the jury of award will judge designs for a
80^*^ medal to be presented to General of the Army George Catlett Marshall,
Chief of Staff of the Army during the war.
The King and Marshall
medals were authorized simultaneously by Congress. The award of $1,500
to Miss Putnam for the King medal design will be duplicated to the winner
of the Marshall medal competition.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, December 3 j 1946
Press Sorvice
No. S-164
A woman sculptor competing with six male artists today
won an award of $1,500 for a design for a gold medal to be
presented in the name of the people of the United States to
Fleet Admiral Ernest Joseph King, Commander in Chief Of the United
States Fleet and Chief of Naval Operations during World War II.
The medal is to be struck pursuant to an Act of Congress of
March 22, 1946.
Miss Brenda Putnam of New York City is the recipient of
the award.
Her design for the King medal was selected by a
jury of five members which met this morning at the office of
Nellie Tayloe Ross, Director of the Mint.
The Mint was com
missioned by President Truman to prepare the medal.
Miss Putnam, daughter of the librarian emeritus of
Congress, Herbert Putnam, is among the n a t i o n ’s most accom
plished sculptors.
She has works at the Folger Library
and in Rock Creek Cemetery in Washington, prepared the d e
sign for the Cleveland Centennial commemorative half dollar
issued in 1936, and has done many well known garden pieces,
portrait busts and other sculptures.
She is the author of
"The Sculptor’s Way".
Later this week, the jury of award will judge designs for
a gold medal to be presented to General of the Army George
Catlett Marshall, Chief of Staff of the Army duriag the war.
The King and Marshall medals were authorized simultaneously by
Congress.
The award of $1,500 to Miss Putnam for the King
medal design will be duplicated to the winner of the Marshall
medal competition.
Members of the jury which passed upon the King medal d e
signs were Charles Seymour, curator of sculpture, National
Gallery of Art, Washington;
Lee Lawrie, Easton, Md., sculptor
member of the Fine Arts Commission;
Mrs. Ross, Mint Director;
John R. Sinnock, sculpture and engraver of the Mint; and Rear*
Admiral James H. Foskett, Naval Aide to the President.
The same jury will serve for the Marshall medal compe
tition, except that Major General Harry K. Vaughan, Military
Aide to the President, will serve as a member in place of
ftear Admiral Foskett.
Miss Putnam's design for the King medal has an obverse
presenting a portrait of Admiral King in three-quarter view,
with warships in the background and an inscription around the
border.
The reverse shows Neptune holding three charging
steeds, one symbolizing underwater craft, one surface craft,
and one aircraft.
oOo
TREASURY D E P J R T M »
Washington
POE RELEASE, M O M I I G NEWSPAPERS
_______November 30. 1946_______
Press Service
Io»
S-165
ïhe unfreezing of Switzerland and Liechtenstein was announced
today hy Secretary Snyder, This step was made possible hy the satis
factory conclusion of negotiations between the Treasury Department and
the Swiss Federal Political Department concerning the investigation of
the ownership of property held in the United States in the names of
nationals of Switzerland and Liechtenstein for the purpose of identifying
any such property in which there has been an enemy interest.
By^amending General Licenses Nos. 94 andAséJ to include Switzer
land and Liechtenstein, the controls over current transactions with those
two countries are now removed and provision is made for the release of
blocked Swiss and Liechtenstein accounts under the certification procedure
of General License Ho, 95* The Swiss Compensation Office has been designated
as the certifying agent for both Swiss and Liechtenstein assets. Treasury
officials called attention to the fact that the blocked accounts of financial
Institutions in Switzerland and Liechtenstein remain subject to the provisions
of General Ruling Ho, 17 until they are certified under General License Mn
yJ p QR
3 kJ <
»
Copies of the letters exchanged between Secretary Snyder and Dr,
Max Petitpierre, Chief of the Federal Political Department, are available
at the Federal Reserve Banks of Hew York, Chicago and San Francisco.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
No. S I6 5
The unfreezing of Switzerland and Liechtenstein was
announced today by Secretary Snyder. This step was made pos
sible by the satisfactory conclusion of negotiations between
uhe Treasury Department and the Swiss Federal Political Depart
ment concerning the investigation of the ownership of property
held in the United States in the names of nationals of
Switzerland and Liecntenstein for the purpose of identifying
any such property in which there has been an enemy interest.
By amending General Licenses Nos. 9# and 9 5 , to include
Switzerland and Liechtenstein, the controls over current
transactions with those two countries are fcnow removed and pro
vision is made for the release o.t blocked Swiss and Liechtenstein
accounts under the certification procedure of General License
N o . 95 • The Swiss Compensation Office has been designated as
the certifying agent for both Swiss and Liechtenstein assets.
Treasury officials oalled attention to the fact that the blocked
accounts of financial institutions in Switzerland and
Liechtenstein remain subject to the provisions of General Ruling
N o . 17 until they are certified under General License N o . 9 5 .
Copies of the letters exchanged between Secretary Snyder
and Dr, Max Petitpierre, Chief of the Federal Political Depart
ment, are available at the Federal Reserve Banks of New York
Chicago and San Francisco.
'
0O0
xxm
- 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.
& w m
-
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 vdiole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99.905 entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
December 12. 19h6
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
lj.2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 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
H Ü
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 6, 19U6_____ _.
■
55
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 m i l be dated
will mature
out interest.
March
December 12. 19k6
>
and
, when the face amount will be payable with-
They m i l 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 m i l be received at Federal Reserve Banks and Branches up to the
closing hour, two o'clock p.m., Eastern Standard time,
Monday, December 9, 19U6 .
55
Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and the price offered must be
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
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 6, 1946
Press Service
No. S-166
The Secretary of the Treasury, by this public notice,'
invites tenders for $1,300,000,000, or thereabouts, o f 9 1 -day
Treasury bills, to be issued on a discount' basts under competi
tive and fixed-price bidding as hereinafter provided.
The
bills of this series will be dated December 12^, 1946, and will
mature March 13, 1947, when the face amount will be payable
without interest.
They will be issued in bearer form only,
and in denominations of $1,000,
$5,000,
$10,000,
$100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o ’clock, p.m., Eastern
Standard time, Monday, December 9, 1946.
Tenders will 'not be
received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and the price'offered
must be expressed on the basis' of 100, with not more than
three decimals, e.g., 99*925. Fractions may not be used.
It
is urged that tenders be made pn the printed forms and for
warded in the special envelopes which will be supplied by
Federal Reserve Banks of 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 he
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 accented bids.
Those submitting tenders will be advised of the acceptance
or rejection thereof.
The Secretary of t h e 'Treasury expressly
reserves the right to accept or reject any or all tenders, in
whole or in part, and his action I n '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 fixe^-price
basis will be accepted in full.
Payment of accepted tenders at
the prices offered must be made or completed- at the Federal
Reserve Bank in cash or other immediately available funds on
December 12, 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 h 2
and 117(a)(1) of the Internal Revenue Code, as amended by
Section 115 of the Revenue Act of 19^-1* the amount of discount
at which bills issued hereunder are sold shall not be consid
ered to accrue until such bills shall be sold, redeemed or
otherwise disposed o f , and such bills are excluded from conQ
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 dif
ference between the price paid for 3uch.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. 4l8, as.amended, and this
notice, prescribe the terms of the Treasury bills and gbyern
the conditions of their i s s u e . Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
0 O0
a
fcoW
iclpating In the two contests vet an eminent
artist.
as
a
Mrs. Fraser^is well known for Void sculptural works suoh
double equestrian statue
of Generals Stonewall Jackson and Bobert t. Lee
UrvpvMt^v
now being placed in^Baltimore^ fa Flying Pegasus in Brook Green Gardens near
Gh&rleston»S.C«, and the Hitt Manorial in Bock Creek Cemetery» Washington.
She designed the Lindbergh medal of 1928, the Washington Bicentennial medal
of 1922» and numerous commemorative coins.
-
. ----- ----- -— — ------- --
Charles Seymour, curator
of
Mrs. Fraser was made up o f
sculpture, Hattonal Gall* y o f
Art,
Washington;
Mrs. Boss, Director of the Mint; John B» Sinnock, engraver of the mint;
and Major General Harry K. Waughan, Military Aide to the President.
Siler - draft of rsleas#
TREASURY DEPARTMENT
Washington
I ^ R R B L E A S E , M O R N IN G N E W S P A P E R S
Press Servie#
3^iday^ December 6. 1946
No© S -
/ fj
*7
Gold medals authorised 'by Congress for General George 0« Marshall
and Admiral Ernest J* King, topmost commanders of the Army and Nary
during World War XX* will both be struck from designs ereated by women
sculptors*
~ $ A A *< sU v U
An award of $1*500 to LauriM
fraser of Westport» Conn»* for
the design for the Marshall medal was made today by a jury which examined
— all men except Mrs* Fraser —
the works of nine competing sculp torsTat the office of Nellie Tayloe Ross*
Director of the Mint*
A similar aware was
t o ted
earlier this week to
Miss Brenda Putnam of New York City for a design for the Wing medal*
Miss Putnam winning in competition with six men*
An Act of Congress of March 22, 1946, directed that the medals be
prepared* and President Truman commissioned the Mint
<g? the arrangements for them*
to
taka^sh^ge
The medals will be presented to the
two
commanders in the name of the people of the United States*
met
The Mars)
.
—
g», -p-»
p o r tç ÿ j^ ^ i M
.,
-,
rr_
l i É p l w l iJiiilii»l|T |^
...
___ »
n U y y 'i1 i r V r ‘ r i n Y f T V l l i r t f f i n r 1 1| 1 1 n n
'm ÊK ÊÎË/Ê^ ^ m ^ Z^ _^ __SÈÊ*SK ^ Ê ÉiÈâ
The obverse of the Marshall medal design bears a portrait of the
general in profile, with
an Identifying inscription» Centered on the
reverse is the insignia of the General Staff» with the fire stars of
General Marshall1# rank and an inscription expressing the gratitude of
the United States for victorious leadership*
,
TREASURY DEPARTMENT
Washington
'
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
F r i d a y , D e c e m b e r 6 , 1946_________
Press Service
No* S - I 6 7
G o l d m e d a l s a u t h o r i z e d b y C o n g r e s s f or G e n e r a l G e o r g e C.
M a r s h a l l and A d m i r a l E r n e s t J. King, topmost com m a n d e r s of the
A r m y and N a v y duri n g W o r l d W a r II, will b o t h be struck f r o m
designs
c r e ated b y w o m e n sculptors,
1
A n a w a r d of $ 1 , 9 0 0 to L a u r a G a r d i n F r a s e r of Westport,
Conne c t i c u t , f or the d e s i g n for the M a r s h a l l m e d a l was m a d e
t o d a y by a jury w h i c h e x a m i n e d the w o rks of nine competing
sculptors - all m e n except Mrs. F r a s e r - at the office of
N e l l i e T a y l o e Ross, D i r e c t o r of the Mint.
A similar award
was v o ted e a r l i e r this w e e k to M i s s B r e n d a P u t n a m of N e w Y o r k
C i t y for a d e s i g n for the King medal, Mis s P u t n a m w i n n i n g in
c o m p e t i t i o n w i t h six men.
A n Act of C o n g r e s s of M a b c h 22, 19^6, d i r e c t e d that the
m e d a l s be prepared, and P r e s i d e n t T r u m a n c o m m i s s i o n e d the M i n t
to carry out the a r r a n g e m e n t s f o r them.
The m e d a l s will be
p r e s e n t e d to the two c o m m a n d e r s in the name of the peop l e of the
U n i t e d States. T h g y will be struck b y the M i n t w i t h i n the next
few m o n t h s .
The obverse of the M a r s h a l l m e d a l d e s i g n b e ars a po r t r a i t
of the G e n e r a l in profile, w i t h an i d e n t i f y i n g inscription.
C e n t e r e d on the r e v e r s e is the i n s i g n i a of the G e n e r a l Staff,
w i t h the five stars of G e n e r a l M a r s h a l l 's r a n k and an i n s c r i p
tio n e x p r e s s i n g the g r a t i t u d e of the U n i t e d States for v i c t o r i
ous leadership.
E v e r y sculpt&r p a r t i c i p a t i n g in the two contests was an
e m i n e n t artist'.
Mrs. Fr aser, a m e m b e r of the N a t i o n a l I n s t i t u t e
of A r t s a nd Letters, and of the N a t i o n a l A c a demy, is well k n o w n
f o r b o l d sculptural w o r k s such as a double e q u e s t r i a n statue of
Generals Sto n e w a l l J a c k s o n a nd R o b e r t E. L e e n o w b e i n g p l a c e d in
W y m a n Park, B a l t i m o r e .
She c r e a t e d a F l y i n g Pegasus in B r o o k
G r e e n G a r d e n s nea r C harleston, South Carolina, and the H i t t ...
M e m o r i a l in R o c k C r e e k Cemetery, W ashington.
She designed the
L i n d b e r g h m e dal of 1928, the W a s h i n g t o n B i c e n t e n n i a l m e d a l of.
19'
3 2 i and n u m e r o u s c o m m e m o r a t i v e coins.
The jury w h i c h m a d e the a w a r d t$ Mrs. F r a s e r was m a d e up
of C h a r l e s Seymour, c u r ator of sculpture, N a t i o n a l G a l l e r y of Art,
Washington;
Lee Lawrie, Easton, Maryland, s c u lptor m e m b e r of the
F i n e A r t s Commission;
Mrs. Ross, d i r e c t o r , o f the Mint;
J ohn R.
Sinnock, e n g r a v e r of the Mint;
and M a j o r G e n e r a l Harry.
.V a u g h a n .
M i l i t a r y A i d e to the President,
0 O0
“P
STATUTORY DEBT LIMITATION
AS OF NOVEMBER 30, 1946
ïecember AT 1946
%
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 amdunt 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), Mshall not exceed in the
aggregate $275,000,000,000 outstanding at any one time. For purposes of this section
the current redemption value of any obligation issued on a discount basis which is
redeemable prior to maturity at the option of the holder shall be considered as its
face amount.w
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding November 30, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills.... ..... .
$ 16,999,838,000
Certificates of indebtedness.... 30,474,558,000
Treasury notes.............
19,329,243,000 $ 66,803,639,000
Bonds
Treasury.... ............ 119,322,897,950
♦Savings (current redemp.value) 49,709,253,435
Depositary.........
344,957,500
Armed Forces Leave.........
310,625,750 169,687,734,635
Special Funds
Certificates of indebtedness.. 11,752,100,000
Treasury notes.
......
12,502,136,000
24,254,236,000
Total interest-bearing..... ...........
260,745,609,635
Matured, interest-ceased............. .
230,604,700
Bearing no interest
War savings stamps.......
81,701,213
Excess profits tax refund bonds.
32,023,755
Special notes of the United States:
Internat’l Bank for Reconst.
and Development series
248,285,000
362,009,968
ïotal........................... ..... ... 261,338,224,303
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A ........
44,684,636
Demand obligations: C.C.C.....
316,982,533
361,667,169
Matured, interest-ceased.... .... ........... ..... 8,055,525
369,722,694
Grand total outstanding.... ................................
$261,707,946,997
Balance face amount of obligations issuable under above authority.....
13,292,053,003
Reconcilement with Statement of the Public Debt - November 30, 1946.
(Daily Statement of the United States Treasury, December 2, 1946)
Outstanding November 30, 1946
Total gross public debt...... ..... ;...... ............ ....
262,276 ,678,553
Guaranteed obligations not ownedfby the Treasury...............
....369
______,722,694
Total gross public debt and guaranteed obligations........ ...... .
262,646,401,247
Deduct - other outstanding public debt obligations
not subject ^ debt limitation..........................
938,454,250
261,707,946,997
S T A T U T O R Y D E B T LIMITATION
AS O F N O V E M B E R 30, 1946
D e c e m b e r 6, 1946
S e c t i o n 21 of the S e cond L i b e r t y Bond Act, as amended, p r o vides that the face
amount of obligations issued und e r a u t h o r i t y of that Act, and the face amount of
obligations guaranteed as to p r i n c i p a l and i n t erest b y the U nited States (except such
guaranteed obligations as m a y be held b y the S e c r e t a r y of the Treasury), "sh a l l not
exceed in the aggregate $ 2 7 5 , 0 0 0 , 0 0 0 , 0 0 0 o u t s t a n d i n g at a n y one time.
For purposes
of this section the current re d e m p t i o n value of a n y o b l i gation iss u e d on a d i s c o u n t
basis w h i c h is redeem a b l e pri o r to m a t u r i t y at the option of the ho l d e r sh a l l be
considered as its face amount."
The f o l l o w i n g table shows the face amount of obligations
face amount w h i c h can still be issued u n d e r this limitation:
o u t s t a n d i n g and the
Total face amount that m a y be outs t a n d i n g at a n y one time
Outstanding N o v e m b e r 30, 1946
Obligations issued und e r S e c o n d L i b e r t y Bond Act, as amended
Interest-bearing
T r e a s u r y b i l l s ............... $ 1 6 , 9 9 9 , 8 3 3 , 0 0 0
C ertificates of i n debtedness
30,4 7 4 , 5 5 8 , 0 0 0
T r e a s u r y n o t e s . ............
$275,000,000,000
19, 329, 2 4 3 , 0 0 0 $. 6 6 , 8 0 3 , 6 3 9 , 0 0 0
Bonds
Treasury.
.................
119, 322,89?, 9 5 0
•Savings (current redemp.value) 4 9 , 7 0 9 , 2 5 3 , 4 3 5
D e p o s i t a r y . ................ .
344,957, 500
A r m e d Forces L e a v e ....... .
310, 625,750
169,687 7 3 4 635
S p e c i a l Funds
C e r t ificates of indebtedness 1 1 , 7 5 2 , 1 0 0 , 0 0 0
T r e a s u r y n o t e s ..............
12,502, 1 3 6 , 0 0 0
24,254,236,000
T o t a l i n t e r e s t - b e a r i n g .............. ......
I^tured,interest-ceased................... .........
B e a r i n g n o i n terest
. 1 st Savings s t a m p s
..... .
Excess profits t a x refund bonds
Special notes of the United States:
Interna t 'iBank for R e const.
. a n d StrTciroprrefct Series....
260, 7 4 5 , 6 0 9 , 6 3 5
230,604,700
81,701,213
32,023,755
248,285,000
T o t a l ...................... ...... 7 . ........ ......
Guarantyei obligations (not held b y Treasury)
lit ere st-heari ng
Debentures: .F.H.A............
44,684, 636
D e m a n d .obligations : C . C . C ..
316,982,533
M a t u r e d , i n t e rest-ceased .....
...............
,
362 009,968
261,338,224,303
361,667,169
8.055.525
369,722,694
. G r a n d - t o t a l o u t s t a n d i n g . ........
$261,707,94^997
Balance face amount of obligations iss u a b l e un d e r above a u t h o r i t y . ..
13 292 0 ^ 0 0 3
,
,-
Re c o n c i l e m e n t w i t h S t a t e m e n t of the Public D e b t - N o v e m b e r 30, 1946.
( D a i l y Stat e m e n t of t h e U nited S tates Treasury, D e c e m b e r 2, 1946)
Outstanding N o v e m b e r 30, 1 9 4 6
To t al gross public d e b t , ............... ................................ .
262, 276,678,5-53
369,722,694
Guaranteed obligations n o t owned by the T r e a s u r y ................... .
To t al gross public debt and guarante e d o b l i g a t i o n s ................
Deduct - other outstanding public d e b t obligations
n®t subject to d e b t l i m i t a t i o n . . , . ........ ...............
S-168
2 6 2 , 646,401,247
938,454^50
6
There were many indications that opium was grown secretly in remote
areas of Korea and also indications that a considerable number of licensed
opium farmers diverted some of their opium crop to illicit channels.
The
Japanese controlled the cultivation and collection of opium through the Opium
Farmers Union and the Poppy Associations.
The Opium Farmers Union was actually
a subsidiary of the Monopoly Bureau and officials of the Monopoly Bureau acted
as officials of the Opium Farmers Union.
The Opium Farmers Union had branches
in each county or koon where opium was grown and these branches v/ere called
Poppy Associations,
These associations licensed the farmers to grow a certain
area of opium poppies, supervised the cultivation of the poppies and the harvest
ing of the crop and collected and paid for the raw opium.
the poppy pods and poppy seed.
They also collected
executed because of his connection with* tEe Japanese Military»
About 1940 he was released from prison and exiled to Manchuria where he worked
as an aid for Col. Hashimoto, doing secret work for the Japanese Army.
In 1945
SAGOYA was in Seoul, Korea, working as a contractor for the Japanese Navy and
Army*
About September 1, 1945 SAGOYA received from Japanese Navy officers ap
proximately 2600 kilograms of raw opium.
On September 30, 1945 SAGOYA and sev
eral of his associates were arrested by U. S, Military personnel and Korean
Police for illegal sale of opium.
On December 10, 1945 SAGOYA and others plead
guilty before the U* S, Provost Court at Seoul, Korea.
He was sentenced to
serve three years’ at hard labor and fined 50,000 yen, with the provision that
he serve an additional two years if the fine vías not paid.
Thirty thousand
(30,000) yen seised from SAGOYA at the time of his arrest was forfeited to the
Government.
In the spring of 1946 measures had been taken or were being taken regard
ing opium control in the United States Zone in Korea:
(a)
To prohibit the manufacture, use, exportation and importation
of heroin.
(b)
To prohibit the
(c)
To prohibit the»manufacture
(d)
To prohibit the exportation of opium and narcotic drugs.
(e)
To prohibit the importation of opium and narcotic drugs
except for legitimate medical and scientific purposes under
proper import permit.
(f)
To transfer the supervision of the distribution of narcotic
drugs for medical and scientific purposes from the Sanitation
Section of the Police Bureau to the Department of Public Health.
(g)
To dissolve the Opium Farmers Union and the Poppy Associations.
(h)
To close the Monopoly Bureau Medicinal Drug Factory, Seoul, Korea.
cultivation of opium and coca leaves.
of opium and narcotic drugs.
In the spring of 1946 the enforcement of narcotic drug laws was being
carried out by Korean Police.
Enforcement was not too effective due to the fact
that it was a newly formed police organization and due to the lack of experience
of the members of the organization.
However, a conscientious effort was being
made to enforce all laws in the best possible manner with „the personnel available.
The extent of drug addiction in Korea is unknown as the Japanese destroyed
their addict records.
A few drug addicts were encountered.
Some of these ate
opium' but most of them injected hypodermically a mixture of opium alkaloids made
from raw opium by a crude home refining process.
It is understood that it is
common for Koreans to have a small piece of opium in their homes which they eat
hfor different ailments,
farmers,
Opium addiction also occurred among the licensed opium
The only opium smoking noted in Korea was among the Chinese,
The following are the approximate quantities of narcotic drugs seized in
the United States Zone in Korea up to May 1946, most of which were seized in the
Medicinal Drug Factory and in and near Seoul:
28,035 kilograms
Raw opium
Raw and unrefined morphine
816
h
Morphine hydrochloride
104,8
»
23.5
"
Powdered opium, medicinal
A l l of the above drugs w e r e stored un d e r g u a r d at the M e d i c i n a l Drug Factory.
In addition to the above listed narcotic drugs approximately 3,650 kilograms of
low grade opium and opium residue and 3.78 kilograms of heroin were seized and
destroyed.
We have asked the United States Army to issue seizure reports cover
ing these seizures,
I shall report briefly on two of the most important,
Prior to the surrender of the Japanese forces in Korea, high Japanese
officials there released on September 6 , 1945, through the Monopoly Bureau of
the Government General a large order of 7,999 kilograms of opium to the Japanese
Navy.
After the surrender of Japan, the same high Government officials released
another large order of 8,440 kilograms of opium to the Japanese Army.
Through investigation by United States authorities and Korean Civil Police,
of the 7,999 kilograms of opium released to the Japanese Navy, a total of 7,270
kilograms was recovered, leaving 729 kilograms of opium unaccounted for,
Of the
8,440 kilograms released to the Japanese Army, a total of 5,330 kilograms was
recovered, leaving 3 ,0 6 0 kilograms of opium unaccounted for.
The recov e r e d o p ium was store d in the M o n o p o l y B u r e a u O p i u m W a r e h o u s e
w i t h other opium and narcotic drugs a n d kept u n d e r h e a v y guard,
The d i v e r s i o n
of the opium f r o m b o t h the A r m y and N a v y s h i pments caused the inve s t i g a t i o n s and
a rrest of some seventy-five Japanese and Koreans i n the S e o u l district.
The first case vías tried in Korean Civil Court on December 3, 1945, where
two Japanese each received prison terms of eighteen months, and one Korean re
ceived a prison term of four months, after conviction.
The second case involved
two Japanese defendants and vías tried in Military Provost Court on December 10,
1945.
They pleaded guilty and v/ere sentenced for the sale and possession of
opium to prison terms of three years at hard labor each and fines of 50,000 yen.
In the event the fines are not paid, they will serve additional terms of two
years.
The remaining defendants were either fugitives or incarcerated on cases
pending trial.
About 1930 SAGQYA Yoshiaki assassinated Ha MMEGUCHI, Prime Minister of
Japan.
He was convicted of this crime and sentenced to death, but was never
of the product were exported or sold to ttie Japanese Army and Navy.
nNeopedinoln and "Mordyne11 were considered by the Japanese as so-called Mexempt
preparations.u
Dried poppy pods and poppy seed were also collected from the opium
farmers.
The poppy pods were sold without restriction to herb doctors and
drug firms who used them to manufacture cough syrups and other preparations.
One common cough preparation made from poppy pods was marketed under the name
of "Apiozol“ «
Poppy seeds not needed to plant the next year's crop were pressed
to produce poppy seed oil, a highly flavored vegetable oil which sold at a com
paratively high price.
The opium grown in the United States occupied zone in Korea (south of 38
degrees North Latitude) was generally of a poorer grade than that grown in the
U. S, S, R. occupied zone in Korea (north of 38 degrees North Latitude) aver
aging 8 to 10 per cent morphine content as against 10 to 14 per cent morphine
content for opium grown in North Korea.
According to records available, the
following table shows the approximate distribution of the opium crop between
North and South Korea for the year of 1943:
South Korea
5,098
Opium collected, kilograms
North Korea
34,7;}5
Total
39,433
Area of cultivation, acres
3,817
14,725
18,542
Number of licensed farmers
29,024
50,336
79,360
,The figures for 1944 were similar to those for 1943 and for the last
several years North Korea has produced approximately 85 ppr cent of the opium
crop and South Korea 15 per cent.
In 1945 the number of licensed farmers showed an increase of about 5>000
but the allotted area for opium cultivation remained about the same as in 1943
and 1944 and under normal conditions the 1945 opium crop should have been about
40,000 kilograms.
However, the summer of 1945.was reported to have been excess
ively wet and the losses to the opium crop in South Korea due to flood and ex
cessive rain during the collecting season was estimated as high as 40 per cent*
It is not known whether or not the excessive rain affected the opium crop in
North Korea,
Every effort was made to .collect the 1945 opium crop in South
Korea in the usual manner.
It is not known what was done with the opium crop in
North Korea (U. S, S, R, occupied territory)*
This crop should have; been
betv/een 20,000 and 35,0 00 kilograms of raw opium,
I should like to ask the
representative of the U* S, S, R, v/hether he is in a position to report on the
narcotics situation in North Korea, particularly on the quantity of opium dis
covered or seized and its disposition.
■ *a: * '3 -
op i um and sold to Formosa- and Manchuria.
The figures of the M o n o p o l y B u r e a u M e d i c i n a l D r u g F a c t o r y on m o r p h i n e
d i f fer c o n s i d e r a b l y f r o m those s u bmi t t e d b y the Japanese G o v e r n m e n t t o the
P e r manent C e n t r a l O p i u m Boa r d f r o m 1935 to 1939*
F o r instance,
the Japanese
Gov ernment r e p o r t e d no m a n u f acture of m o r p h i n e i n K o r e a i n 1935? 1936, 1937,
and 1938 and the m a n u f a c t u r e of only 30 k i l o grams in 1939«
records,
however,
T h e F a c t o r y ’s
indicate m a n u f a c t u r e of 84 kil o g r a m s i n 1935? 87 kilograms
i n 1938 and 141 kilograms i n 1939#
The most significant figures obtained are those with regard to heroin
manufacture and export.
The Japanese Government’s reports to the Permanent
Central Opium Board showed no manufacture or exportation of heroin from 1935
through 1939.
The figures obtained from the Monopoly Bureau Medicinal Drug
Factory, however, reveal that 1,244 kilograms of heroin were produced in 1938
and I3 2 7 .I kilograms of heroin were produced in 1939*
In each of those two
years 1200 kilograms were shipped to the Manchukuo Monopoly Bureau.
No such
quantities were manufactured before 1938 or after 1939— the years during which
the Japanese conquest of North China took place.
The normal annual heroin re
quirements for China prior to 1938 were 15 kilograms and the total world medic
inal needs for heroin for 1938 and 1939, according to the annual statements of
the Drug Supervisory Body ¥/ere less than 1200 kilograms for each year.
The out
put of this one heroin factory was more than the world medical needs for heroin,
and this was only one of a number of factories producing drugs for the Japanese.
Thus the charges made by the American representative before the Opium
Advisory Committee in 1937? 1938 and 1939 in Geneva are fully supported.
Not
only did the Japanese Government deliberately falsify its reports to an inter
national control agency set up under a treaty to which it was a party, but the
Japanese Army committed a flagrant violation of Articlè 10 of the 1931 Narcotics
Limitation Convention in the illegal use of heroin as a'weapon of warfare-for
the purpose of demoralization of the Chinese population in conquered areas*
The G o v e r n m e n t G e n e r a l of K o r e a f r o m . 1935 t o 1945 l i c e n s e d the K y o w a Drug
C o m p a n y of S e o u l to m a n u f a c t u r e d i h y d r o m o r p h i n e h y d r o c h l o r i d e
k i l ograms
(dilaudid).
Ten
of d i h y d r o m o r p h i n e h y d r o ch l o r i d e w e r e p r o d u c e d e a c h y e a r f r o m 1935 to
about 1941 and five kilograms per y e a r w e r e p r o d u c e d t h e r e a f t e r u n t i l 1945.
Rep orts indi c a t e d that a p p r o x i m a t e l y 18.6 k i l o g r a m s
of m o r p h i n e h y d r o c h l o r i d e
w e r e used t o produce ten kilog r a m s of d i h y d r o m o r p h i n e hydrochloride.
Th i s drug
w a s m a r k e t e d i n ampoules u n d e r the tr a d e n ames ’’N e o p e d i n o l ” an d ’’M o r d y n e ” ,
A p p r o x i m a t e l y five kilograms
of d i h y d r o m o r p h i n e h y d r o c h l o r i d e w e r e us e d for
c o n s u m p t i o n i n Korea a n d i n y e a r s w h e n t e n k i l o grams w e r e p r o d u c e d five kilograms
Lake Success, N.Y*, December
19^6
AEG 9 1946
STATEMENT BY ME, HARRY J. ANSLINGER, U. S. COMMISSIONER
OF NARCOTICS, TREASURY DEPARTMENT, AND THE U. S. REPRESENTATIVE
ON THE COMMISSION ON NARCOTIC DRUGS OF THE UNITED NATIONS IN
REGARD TO THE NARCOTIC SITUATION IN KOREA,
Prior to 1921 opium was grown freely and sold freely in Korea,
In 1921
the Korean Government ordered farmers to cultivate opium poppies and licensed
opium poppy farmers*
The Government collected and analyzed the opium and sold
it on contract to the Taisho Drug Company of Seoul, Korea, which used it to manu
facture morphine, medicinal opium and other opium products.
Distribution of these
products was made by the Taisho Drug Company,
In 1929 the Taisho Drug Company illegally exported morphine to Manchuria
and their contract was cancelled and the drug company closed.
The Korean Govern
ment then undertook the manufacture of morphine, medicinal opium and other opium
products and opened a factory in Seoul, Korea, for this purpose.
In 1938
a
factory for collecting and analyzing opium was opened in Northern Korea at Hamhung,
In April 1943 the factory at Hamhung was moved to Seoul and consolidated with the
factory in Seoul which was known as the Monopoly Bureau Medicinal Drug Factory,
The cultivation and collection of opium showed a rapid increase between
1920 and the present time as shown by the following figures taken from available
records:
1920
1930
1935
1941
1943
154.35 kilograms
si
1,399.9
u
18,160.4
it
50,734.8
t
t
39,433
The amount of opium collected was augmented by opium confiscated by the
authorities which also increased rapidly as indicated by the following figures
taken from available records:
1926
1935
1940
1944
139 kilograms
732
»
1,883
M
5,296
"
The factory at Seoul manufactured morphine, heroin and medicinal opium,
A small amount of codeine was manufactured in 1945»
Some of the heroin manufact
ured was used in Korea but most of it was exported to Manchuria.
All the medicinal
opium manufactured (except that used for heroin) was used ir> Korea except 500 kilo
grams which were produced for the Japanese Arn^r in 1944,
All other narcotic drugs
used in Korea except dihydromorphine hydrochloride were imported from Japan,
A
very large percentage of the opium produced in Korea was exported to Manchuria,
Kwantung Leased Territory (Dairen) and Formosa,
The nAmmonium Chloride Process”
vías used to extract morphine from opium at the Seoul factory.
This process leaves
$ >•
prgvagaK?
WAR CRIMES INDICTMENT OF JAPANESE
The indictment, presented to the International Military Tribunal for the Far
East, charges twenty-eight high Japanese officials with certain war crimes.
During
the whole period covered by the indictment, successive Japanese Goverments, through
their military and naval commanders and civilian agents in China and other terri
tories which they had occupied or designed to occupy, pursued a systematic policy
of weakening the native inhabitants* will to resist by atrocities and cruelties,
by force and threats of force, by bribery and corruption, by intrigue amongst
local politicians
and generals, by directly and indirectly encouraging increased
production and importation of opium and other narcotics and by promoting the sale
and consumption of such drugs among such people.
The Japanese Government secretly
provided large sums of money, which, together with profits from the governmentsponsored traffic in opium and other narcotics and other trading activities in such
areas, were used by agents of the Japanese Government for all the above-mentioned
purposes.
At the same time, the Japanese Government was actively participating in
the proceedings of the League of Nations Committee on Traffic in Opium and Other
Dangerous Drugs and, despite her secret activities above-mentioned, professed to
the world to be cooperating fully with other member nations in the enforcement of
treaties governing traffic in opium and other narcotics to which she was a party.
This participation in and sponsorship of illicit traffic in narcotics was
effected through a number of Japanese governmental organizations such as the Man
churian Affairs Board, the China Affairs Board and the Southern Region Affairs
Board, which were combined in 1942 to form the Greater East Asia Ministry, and
numerous subsidiary organizations and trading companies in the various occupied and
so-called independent (puppet) countries which were operated or supervised by senior
officers or civilian appointees of the Army and the Navy,
Further, revenue from the above-mentioned traffic in opium and other narcotics
was used to finance the preparation for and waging of the wars of aggression set
forth in the indictment and to establish and finance the puppet governments set up
by the Japanese Government in the various occupied territories.
-4Japanese Government at the direction of the Military Government,.
A comparison of
'true production of heroin with the quantities reported to the Board during the years
1937 and 1938 is as follows:
Quantity Reported to Board
1937
200 kilograms
1938
200
*
Actually Produced
1673.965 kilograms
1392.469
October 27, 1937, the Japanese Government, through Eiicha Baba, Minister of
home W a i f s ,
issued Directive No. 29, marked ‘’Most Secret” directing certain drug
Manufacturers to produce stipulated quantities of heroin hydrochloride and mor
phine hydrochloride for the Manchurian Government.
Quoted are articles (l) and (5)
of the Directive.
"(1) To enforce the Monopoly of narcotic drugs in Manchuria, the pro
duction for the necessary amount to be supplied to the Monopoly Bureau of that
said country is approved."
"(5) Extreme secrecy is to be maintained concerning these productions and
storings."
In compliance with this directive between October 1937 and August 1938, 1,199.
600 kilograms of heroin hydrochloride and 300 kilograms of morphine hydrochloride
were produced in Japan and shipped to the Opium Monopoly Bureau, Army Arsenal,
Mukden, Manchuria.
Formosa Government.
The raw morphine for the production was furnished by the
Neither the production nor the shipments of the heroin hydro-
chloride or the morphine hydrochloride were reported to the Permanent Central Opium
Board by the Japanese Government.
This vividly demonstrates the need for inspec
tion by an international body if treaties controlling a commodity are to be effective.
The Permanent Central Opium Board which met in London during October of this
year stated:
"It is evident that the American occupying authorities have taken great
interest in the control of narcotics and have taken especial care to establish a
strict centralized supervision.
The Board desires to express its appreciation to
the military authorities responsible at Pacific Headquarters for their work...
A directive issued October 12, 1945, prohibited the growth,- planting of nar
cotic drug plants or seeds and the importation, exportation and manufacture.
It
also froze all marihuana and heroin stocks and ordered all records to be preserved
and maintained.
A directive issued November 2, 1945, ordered the seizure of all heroin and its
derivatives and preparations and making it unlawful for the Japanese to possess,
transport or sell it.
A directive issued January 22, 1946, ordered the establishment of an effec
tive narcotic control.
The American Armed Forces in Japan seized the following amounts of crude and
finished narcotic drugs as of January 19, 1946:
Crude opium
Medicinal opium
Morphine hydrochloride
Morphine sulphate
Crude morphine
Cdca leaves
Crude cocaine
Cocaine hydrochloride
47,838 kilograms
It
620
It ’
1,235
tt
15
t
t
871
t
!
14,500
t
t
888
tt
775
Seizure reports will be submitted.
Eight Japanese were arrested in April 1946, and later convicted of an attempt
to smuggle into Japan approximately seven tons of opium which had been removed
from army stocks in Manchuria.
There was no central authority for the suppression of the illicit traffic and
the ma ximum sentence under the Home Ordinances was three months.
The situation
was corrected on June 19, 1946, by the enactment of narcotic legislation similar
to the American narcotic law jvhich provides for annual registration, monthly re
ports, sales by means of order forms or prescriptions, et cetera.
increased to five years.
The penalty v/as
As of July 19, 1945, 77,311 were already registered under
the provisions of the new Act.
Enforcement in charge of an American official is
being carried out by approximately 200 native inspectors.
Courts are n»w meting
out five-year•sentences which inaugurates a new era in narcotic enforcement in
Japan.
Stocks have been inventoried and those held by registrants have been
leveled off to a six months’ supply.
The Japanese Government wilfully violated its Treaty obligations.
It has been -
definitely established from a survey of the production records of the drug factories
and interviews with officials that the Japanese Government knowingly submitted to
the Permanent Central Opium Board, false and fraudulent reports, grossly under
stating and thereby concealing their actual production of narcotic drugs, par
ticularly heroin.
Two sets of records were maintained by the Japanese Government, one false,
which was furnished the board and another containing true production
One official, when questioned regarding these records stated this falsification
was done "to save the face of Japan.1* The official was removed from office by the
-2-
The total production of cocaine hydrochloride from 1940 through 1945 was
16,851.057 kilograms or an average through 1944 of 1123.404 kilograms per year.
The Hygienic Laboratories at Tokyo and Osaka were government owned and oper
ated.
The privately owned factories were licensed annually by the Central Govern
ment.
Factories were required to submit quarterly reports of row materials pro
cessed and production therefrom.
There was no limitation as to quantities of nar
cotic drugs they could sell and no records or reports of sales were required.
¿There was no governmental inspection or supervision of these plants.
Jobbers and wholesalers were not licensed by the Cehtfal Government but
obtained authorization annually from the dovernbr of each prefecture to dehl in
narcotic drugs.
They were not required to submit reports as to their purchases,
sales or inventories.
This careless system accounted for large scale diversion.
Any physician or pharmacist duly licensed oy the Ministry of Health and
Social Affairs to engage in their respective professions were ipso facto authorized
to purchase, sell or dispense narcotic drugs.
necessary.
No further annual registration was
They were not required ta maintain records of their purchases, sales
or inventories.
No periodical inspection or supervision of manufacturers, wholesalers, physi
cians or pharmacists was carried out.
There was, therefore, no organized control
over distribution.
No effort was made by the manufacturers and wholesalers to safeguard their
crude and finished narcotic drug stocks.
These drugs were stored in unprotected
rooms with glass, panelled, or thin wire screen doors, with cheap locks which ,
could be easily forced.
Crude and processed drugs wore scattered throughout the
laboratories and in the largest plant in Japan, women were seen preparing packages
of morphine under open sheds in the yard.
This situation has been corrected by the installation of brick storage vaults,
heavy steel doors and dial combination locks.
The officials of the Japanese Government and the manufacturers maintained
that their production merely equaled their consumption and the narcotic drugs
they produced, were only sufficient to meet their legitimate medical needs.
No authentic figures were available as to the number of addicts in Japan
proper, however, it has been disclosed that the number is probably considerably
greater than the reports of Japanese officials have led us to believe.
A raid on a Geisha House during_thc summer of 1946 disclosed that four of
the seven inmates were addicted.
grains morphine daily.
Some addicts have been found who require ten
One addicted practitioner recently arrested had been
posing as a narcotio official in order to gain access to narcotic supplies and had
thus robbed seventeen hospitals during a three months period.
STATEMENT MADE BY MR. HARRY J. A1TSLINGER, U. S. CO7MIS SIGNER OF NARCOTICS,
TREASURY DEPARTMENT AND THE UNITED STATES REPRESENTATIVE ON THE COMMISSION
ON NARCOTIC DRUGS OF THE UNITED NATIONS REGARDING JAPAN
The United States Military Government in Japan found that opium was produced i
limited quantities in Japan proper, Formosa, Korea and quite extensively in Manchurn
This report deals with Japan proper.
The opium produced in Japan proper was col
lected by a government monopoly agency, the Tokyo Hygienic Laboratory and by it
distributed to the other monopoly agency at Osaka and to the five privately owned
opium factories.
No complete figures of opium production are available inasmuch as these were
kept at the Tokyo Hygienic Laboratory and are alleged to have been destroyed by
bombings in 1945.
Figures available at the five factories indicate that, exclusive of the quan
tities used at the Tokyo and Osaka Monopoly Agencies, 193,447.514 kilograms were
distributed between 1930 and 1945.
No information is available fronrwhich conclusions as to the probable quan
tities used at the Tokyo and Osaka plants can be safely drawn.
Coca leaves were
not produced in Japan proper although large quantities were produced in Formosa.
There were six factories in Japan proper manufacturing narcotic drugs from
opium and raw morphine:
1.
Tokyo Hygienic Laboratory, which produced codeine phosphate.
2.
Osaka Hygienic Laboratory, which produced medicinal opium.
3.
Hoshi Pharmaceutical Company Industries Limited, which produced heroin
hydrochloride and morphine hydrochloride.
4.
The Takeda Pharmaceutical Industries Limited, Tokyo, which produced
narcopon and morphine hydrochloride.
5.
Sankyo Company, Limited, Tokyo, which produced heroin hydrochloride
and morphine hydrochloride•
6.
The Dai Nippon Pharmaceutical Company, Limited, Osaka, which pro
duced heroin hydrochloride and morphine hydrochloride.
There were five factories producing cocaine from coca -leaves procured from
South America, Okinawa and Formosa, and from crude cocaine procured from Formosa:
1.
Hoshi Pharmaceutical Company, Limited, Tokyo.
2.
Sankyo Company, Limited, Tokyo.
3.
Koto Pharmaceutical Manufacturing Company, Shizuoka Prefecture.
4.
Takeda Pharmaceutical Industries, Limited, Osaka.
5.
The Shionogi Pharmaceutical Company, Limited, Osaka.
The total production of heroin hydrochloride from 1930 through 1944 was
13,798.830 kilograms, or an average of 919.922 kilograms per year.
The total production of morphine hydrochloride from 1930 through 1945 was
14,391.533 kilograms or an average of 899.471 kilograms per year.
RESOLUTION
I desire to present for the considère,tion of the
Commission a resolution regarding the situation in Germany:
THE COMMISSION ON NARCOTIC DRUGS
To establish a narcotic control organization which will
insure adequate supplies of narcotic drugs for the medicinal
and scientific requirements of Germany,
To prevent illicit traffic in narcotic drugs, and
To reduce addiction,
REQUESTS the Economic and Social Council to urge the
Governments of France, the United Kingdom, the Union of
Soviet Socialist Republiés and the United States of America
to organize and establish, through their Allied Control
Authority, at the earliest possible moment an effective
centralized narcotics administration for all Germany*
■7
-5-
(2) Designate an official to supervise those activities within
the respective areas and to act as liaison officer with the Commission
on Narcotic Drugs and with each other:
(3) Arrange for the direct and prompt exchange of information
between such officials, and for the prompt transmission to the Commis
sion on Narcotic Drugs, of pertinent information regarding illicit
traffickers, seizures of contraband drugs, and potential violations,
connected with traffic cross national boundaries or between the
respective zones of occupation; and
(4) Report to the Commission on Narcotic Drugs and to each
other (a) the identity of the officer so designated, (b) the stocks
of narcotics found to be available for the civilian population and
the requirements which must be met, (c) the quantities of each drug
which will be required to be imported into the respective areas from
outside the country or from other zones, -and (d) the circumstances
under which such imports will be permitted and the official titles
and addresses of the persons authorized to approve them*
-4-
(a) The d i s t r i b u t i o n of n a r c o t i c drugs for m e d i c a l or
scientific needs w i t h i n the Zones.
(b) The legitimate trade i n narcotics
b e t w e e n the Zones.
It is further p r o p o s e d that the W o r k i n g P a r t y ma k e r e c o m m e n d a t i o n s
for the r e - e s t a b l i s h m e n t and, w h e r e necessary, the e x p a n s i o n of f a c i l i
ties for the r e h a b i l i t a t i o n and cure of addicts by G e r m a n C i v i l A g e n
cies, and for the co l l e c t i o n of statistics relative to the incidence of
a d d i c t i o n i n Germany.
This proposal w a s
consid e r e d at a m e e t i n g he l d on S e p t e m b e r 11,
1946 at Berlin.
The A l l i e d H e a l t h Committee, after d i s c u s s i n g the
proposal,
(a) th a t a W o r k i n g Party be set up;
agreed
of reference of the W o r k i n g Pa r t y w i l l
H e a l t h Committee proposals
be to
(b) that the terms
consider and submit to the
for the r e v i s i o n of the G e r m a n O p i u m L a w of
1929 w i t h a v i e w to a d aptin g it to pre s e n t circumstances
as e n v i s a g e d i n
the U n i t e d States p r oposal and (c) th a t w i t h the e x c e p t i o n of the Brit i s h
m e m b e r w h o s e name w i l l be submitted later, the c o m p o s i t i o n of the
W o r k i n g Party w i l l
be U n i t e d States of A m e r i c a , -Hr• G i u l i a n i , U. S. S. R.
Mr. Karpov and France, M r . V e r g o u g n o n .
It w a s agreed that the first
m e e t i n g w o u l d take place o n S e p t ember 23, 1946.
The e s t a b l i s h m e n t of a
W o r k i n g P a r t y is gratifying.
The e stablishment of a Ce n t r a l A g e n c y for narcotics
G e r m a n y u n d e r q uadripartite
supervision,
control in
however, w o u l d g r e a t l y promote
e f f i c i e n c y in the control of the traffic in narcotics, t h e r e b y reducing
a d d i c t i o n and illicit traffic.
A
tight control system in G e r m a n y w o u l d
remove the p o s s i b i l i t y of G e r many's
addict i n f e c t i o n of other
The
bec o m i n g a p o t ential
countries.
cult i v a t i o n in G e r m a n y of v a s t areas
which morphine
black m a r k e t s
source of
can be illic i t l y extracted,
the rise and e x p a n s i o n of
i n e v e r y type of consumer goods,
country into zones and B e r l i n into sectors,
of opium poppies from
the d i v i s i o n of the
all contribute to m a k i n g
impossible the f u l f i l l m e n t of the i n t e r n a t i o n a l drug conventions.
It is suggested, tha t e a c h occ u p y i n g Power, p e n d i n g the e s t a b l i s h
m e n t of centralized controls,
(l) Secure the m o s t uniform,
e f f ective and cen t r a l i z e d controls
possible w i t h i n their respe c t i v e areas of r e s p o nsibility;
- 3 -
Enforcement is improving rapidly as a result of activities of
the Public Health and Public Safety branches of Military Government*
In Bavaria, for instance, arrests in May 1945 numbered 2 and in June
1946 they numbered 121,
On the whole the control system in Germany is unsatisfactory*
In
order to improve the situation the United States Delegate submitted a
proposal to the Allied Health Committee for the establishment of a Nar
cotics Control in/orking Party, as follows:
1, *
#
It is proposed that a Working Party be appointed to
study the question of collecting certain statistics on narcotic drugs
with a view to providing such statistics eventually to competent
authorities designated by United Nations,
Such statistics would be
concerned with:
(a)
Facilities for the production of narcotic drugs in
Germany*
(b)
Amounts of narcotic drugs required for medical use
within Germany,
(c)
Quantities of narcotic drugs currently in the hands
of legitimate dealers in Germany,
(d)
Whatever other information the Working Party may deem
essential to the problem of narcotic control,
4
2,
In the belief that such statistics can best be collected by
German Civil Authorities acting under authority of the German Opium Law
of 1929 and subsequent provisions, it is further proposed that this law
be studied by the Working Party in order to make recommendations for:
(a)
Changes necessary to adapt said law to present circumstances,
(b)
The establishment of qualified German Civil Agencies of
uniform structure throughout the Zones of Occupation to
regulate trade in narcotics under the lawi
(c)
The establishment of facilities for gathering and exchanging
information for the suppression of illicit traffic in
narcotics.
(d)
The establishment of a control office for the collection and
distribution of the required information.
3,
Because of existing variations among the Zones in the enforce
ment of the aforesaid German Opium Law, it is believed that the present
distribution of narcotics is inefficient and inequitable.
In those
areas where drugs are needed for legitimate purposes and are not avail
able, great hardship is caused.
It is therefore further proposed that
the Working Party prepare recommendations which will facilitate:
v■
-
:
v■-''Hi
In the United States Zone inventories submitted on April 30,
1946 disclosed adequate stocks of narcotics, as follows:
Opium, raw and powdered
Morphine base
Morphine Hydrochloride
Morphine, raw
Tincture of opium
Codeine
14,000
1,200
200
1,600
2.000
1.000
Kg.
Kg.
Kg.
Kg.
Kg.
Kg.
These figures are believed to be correct within 10 percent.
of other narcotics were in proportion.
Supplies
Control of the collection of
poppy straw was undertaken by the German Land Agricultural Office and
the allocations of the capsules were supervised by the Opium Offices.
Surpluses, if any, were to be disposed of bjr sale to licensed producers
in other zones.
It was found that production facilities were not dis
rupted by the war and that the United States Zone could supply all of
Germany, with synthetic narcotics.
Transactions with the other occupa
tion Zones have been permitted in order to meet demands for narcotics
for medicinal purposes.
During the month of July, arrangements were
made to supply the City of Berlin with narcotics, of which there was an
acute shortage.
The first shipment was made in August in the amount of
55,©00 Reichmarks to the United States Medical Depot, Berlin District.
The narcotics were purchased by the Berlin Health Department which
supervised sales to dealers throughout the city>.
Owing to differences
in the interpretation of the Opium Law of 1929 and administrative
difficulties arising from the division of Germany, the distribution of
drugs is entirely inadequate.
surpluses in others.
There are shortages in some areas and
Contributing factors are lack of transport and
communication.
The development of the control system has been slow and difficult.
Each of the three Land Opium Offices had to be staffed by inexperienced
personnel and an inspection service had to be re-established,
After
much painstaking work on the part of the American authorities, an
adequate supply of narcotics in the United States Zone is being assured
and the illegal traffic and drug addiction are being kept at a minimmm.
Efforts are being made for close cooperation between the regulating
officials and the local police in connection with the investigation of
violations of the narcotic laws.
police reports of all violations,
Arrangements have been made to obtain
LAKE SUCCESS, N. Y., DECEMBER
1946
,-v
STATEMENT BY MR. HARRY J. AMS LINGER, U. S. COMMISSIONER
OF NARCOTICS, TREASURY DEPARTMENT, AND U. S. REPRESENTATIVE
ON THE COMMISSION ON Na RCOTIC DRUGS OF THE UNITED NATIONS
IN REGARD TO THE NARCOTIC SITUATION IN THE UNITED STATES
ZONE IN GERMANY
Narcotic control in the United States Zone in Germany was
initiated in December 1945.
It is exercised through Opium Offices
established in each of the three Laender in the Zone.
They function
under the Minister President and are located in the Interior Ministry,
Public Health Department,
So far as possible all of the reports re
quired by the'former Opium Offices have been re-established and copies
are furnished to the United States Military Government,
The German
law of 1929 governing the control of narcotic drugs was re-established
with certain changes by Military Government regulations.
The manu
facture and sale of heroin has been abolished, the importation of
narcotics into the Zone from outside of Germany has been prohibited
and shipments from the Zone for exportation from Germany without the
approval of the Chief of the Public Health Branch are prohibited.
Inventories required of persons authorized to handle narcotics are
being received according to the provisions of the law.
Administration
of the Opium Offices is entirely in the hands of the German officials,
but their activities are supervised by the chief narcotic control
office of Military Government.
All interzonal transactions are
examined by Military Government and none are made without approval
of that Office,
While each of the Opium Offices is a separate
unit, uniformity is achieved by monthly meetings of ihe chiefs at
which the Narcotic Control Officer is present.
Statistics on addiction are being collected and information on
this subject will be kept in the files of the three Opium Offices,
There are indications that large quantities of narcotics scattered
by bombings and left behind by the retreating German armies are in
the hands of unauthorized individuals at the present time and will
eventually reach the black market.
The re-establishment of the
inspection system has revealed an increase in the number of addicts,
particularly among professional people.
There is a desire on the
part of the authorities to provide institutional treatment for
addicts, but there is a shortage of facilities for such treatments.
tryii
fi® 4SÌJ»r DEPARUEHT
W ashington
POS RELEASE, « M H S S BEW8PAHMS,
Tueeday, December 10« 191)6.
PlWSS S e rv ice
c -/ £ f
The S e cre ta ry o f th è Treasury announc©d l a s t even in g th a t th è tendere fo r
$1 ,3 0 0 ,0 0 0 ,0 0 0 , or th erea b o u te, o f 91-day Treasury b i l l » io be d&ted December 1 2 , X9it6,
and to mature March 1 3 , 19U7, whìch were o ffe re d en Decentoer 6 , X flié , nere opened a t thè
F e d e ra i Reserve Bank» on December 9*
th è d a t a li» o f t h is laeu e are a» fo llo » » t
T o ta l a p p lie d fo r - $1,81?,0§9,O Q O
T o ta l accep ted
- 1,3114,809,000
Average p rie »
(in clu d e » $27,59^,000 en tered on a flx e d -p rice
b e a le a t 99*905 and accepted in f a l l )
~ 99.905/ B q u iv a le n t ra te o f d isco u n t approx.¿ 0 .3 7 5 Ì> e r annua
Bang» o f aocepted co m p etitive bid » s
« 99*908 R q u lv alen t ra te o f d isco u n t apprese. 0.361$ per annua
•
e
»
a
0.3 7 6* »
*
- 99.905
High
Lo»
11
(70 p ercen t o f th è amount b id f o r a t th è lo » p r ic e va» aocepted)
F e d e ra i Reserve
D is t r lc t
T o ta l
A p p lied fo r
P a tti
Aocepted
Boston
H«v Xork
F h ila d e lp h ia
I
«
10,190,000
1,352,27-0,000
,8 8 8 ,0 00
,02 0 ,0 00
10,760,000
950*000
275,515,000
13,700,000
,21)6,000
,8 9 1 ,0 0 0
16,935,000
,691»,000
51
10
Cleveland
Richmond
A tla n ta
Chicago
S t* L o u is
M inneapolis
Kansas C ity
D a lla s
San F ran cisco
2
10
61
TOTAL
n , 817,059,000
-
7,250,000
960,32 0 ,0 00
U t ,293,000
8,520,000
10,310,000
920,000
200,61 5 ,0 00
10,280,000
2,21)6,000
9,81)1,000
il* ,1 0 5 ,ooo
t ó , 791«,000
*1,311),809,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, December 10, 1946
46,
the
»riet
mm
Press Service
No. S-I69
The Secretary of the Treasury announced last evening
that the tenders for $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of
9 1 -day Treasury bills to be dated December 12, 1946, and
to mature March 13* 1947^ .which were offered on December 6 ,
1946, were opened at the Federal Reserve Banks o n December 9 .
The details of this issue are as follows:
Total applied for - $2,817*059*000
Total accepted
- 1,314,809*000 (includes $27,594,000
entered on a fixed-price
basis at 99.905 and accented
in full)
Average price - 99.905
Bquiv. rate of discount approx. 0.375$»
per annum
Range of accepted competitive bids:
High - 9 9 . 9 0 8 Equiv. rate of discount approx, 0.364$ per annum
Low
- 99.905
"
!J
y
"
,f
0 .3 7 6 %
"
"
(70 percent of the amount bid for at the low price was accepted)
Federal Reserve
Di strict
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
'Chicago
St. Louis
Minneapoli s
Kansas. City
Dallas
San Francisco
Total
Applied for
$
TOTAL
1 0 ,1 9 0 , 0 0 0
1 *3 5 2 ,2 7 0 , 0 0 0
51*888,000
1 0 ,0 2 0 , 0 0 0
1 0 ,7 6 0 , 0 0 0
950,000
2 7 5 ,5 1 5 , 0 0 0
1 3 ,7 0 0 , 0 0 0
2,246,000
1 0 ,8 9 1 * 0 0 0
1 6 ,9 3 5 , 0 0 0
61,694,000
$1 ,8 1 7 ,0 5 9 , 0 0 0
0O0
Total
Accepted
$
7*250,000
960,320,000
44,298,000
8,520,000
10,310,000
920,000
200,615*000
1 0 ,2 8 0 , 0 0 0
2,246,000
9,841,000
14,415*000
.4 5 ,7 9 4 , 0 0 0
$ 1 ,3 1 4 ,8 0 9 , 0 0 0
f-
-
in 1939;
4 -
g u a r d e d P r i m e M i n i s t e r W i n s t o n C h u r c h i l l on
s e v e r a l w a r t i m e visits,
p r o t e c t e d Q u e e n W i l h e l m i n a of the
N e t h e r l a n d s d u r i n g h er 19^2 visit,
and h a d charge of the
a r r a n g e m e n t s for the v i s i t of M a d a m C h i a n g K a i - s h e k to
N e w Y o r k in 19^3•
Mr. M a l o n e y p l a y e d a p r o m i n e n t part in the o r g a n i z a
t i o n of p o r t p r o t e c t i o n and other w a r t i m e
s e r vices of the
T r e a s u r y a nd c o o p e r a t i n g a g e n c i e s a n d m i l i t a r y a u t h o r i t i e s
t h r o u g h h is p o s i t i o n as D i s t r i c t C o o r d i n a t o r of T r e a s u r y
Enforcement Agencies
in N e w Y o r k and N e w Jersey.
Mr. M a l o n e y served w i t h the N i n e t y - T h i r d A e r i a l
Squadron,
Mr.
A r m y A i r Force,
d u r i n g the f i r s t W o r l d W h r .
and Mrs. M a l o n e y live at 2 8 0 0 O n t ario Road,
Northwest.
oOo
3
Since M a y of this year,
C h i e f W i l s o n has b e e n on
t e m p o r a r y d e t a i l to the O f fice of C h i e f C o o r d i n a t o r of
Enforcement,
s e r v i n g first as A s s i s t a n t to E l m e r L.
the Coord i n a t o r ;
a nd since Mr.
as A c t i n g C o o r d i n a t o r .
Irey,
I r e y ’s r e c e n t r e t i rement,
Mr. M a l o n e y h a s b e e n A c t i n g C h i e f
of the S e c r e t Service d u r i n g this period.
T he r e t i r i n g C h i e f w i l l be 60 y e a r s
old n e x t May.
and M r s . W i l s o n live at 2 9 1 0 T e n n y s o n Street,
Mr. Ma l o n e y ,
He
Northwest.
w ho w i l l b e c o m e C h i e f of the S e cret
Se r v i c e J a n u a r y 1, 1947*
was a p p o i n t e d A s s i s t a n t C h i e f two
y e a r s ago u p o n the r e t i r e m e n t of the late J o s e p h E. Murphy.
He
is 50 y e a r s old,
a n a t i v e of B i n g h a m t o n ,
N e w York;
and
for 12 y e a r s b e f o r e his a p p o i n t m e n t in 1 931 to the Secr e t
Service,
was a l aw e n f o r c e m e n t o f f i c e r in s o u t h e r n N e w Y o r k
State.
Mr. M a l o n e y h a d Secret S e r v i c e p o s t s
Michigan,
Jersey,
Sy r a c u s e and B u f falo,
b e f o r e b e i n g appointed,
N e w Yo rk,
in 1938,
in Detroit,
and Newark,
Supervising Agent
for the i m p o r t a n t N e w Y o r k d i s t r i c t of the Service.
he d i r e c t e d i n v e s t i g a t i o n s w h i c h s m a s h e d m a j o r
gangs o p e r a t i n g in the East,
i m p o r t a n t a s s i g nments,
New
There
counterfeiting
and c a r r i e d out m a n y other
s u c h as a r r a n g i n g for p r o t e c t i o n of
the P r e s i d e n t a nd d i s t i n g u i s h e d f o r e i g n v i s i t o r s .
H e d i r e c t e d the p r o t e c t i v e d e t a i l that a c c o m p a n i e d the
K i n g a nd Q u e e n of E n g l a n d o n their v i s i t to the W o r l d ’s Fair
2
He also participated in the Lindbergh kidnaping case,
helping to devise the strategy that resulted ultimately
in the conviction of the slayer, Hauptmann.
Mr. Wilson, in September 1936., was transferred
from Special Agent in Charge, Intelligence Unit, at
Cleveland, Ohio, to Acting Chief of the Secret Service,
and he was appointed Chief January 1, 1937.
During -his tenure as Chief, numerous highly organ
ized counterfeiting gangs were smashed, and annual
losses to the public from this crime dropped from figures
in excess of a million dollars to around $30,000 in
recent years.
The educational program of crime prevention initi
ated by Chief Wilson attracted international attention
among law enforcement and welfare groups.
Known as the
Secret Service "Know Your Money" and "Know Your Endorser"
programs, these activities have contributed substantially
to the suppression of counterfeiting and forgery of
Government obligations.
Chief Wilson also has been prominent in efforts to
combat juvenile delinquency, heading a committee on this
subject of the International.Chiefs of Police, of whi
he is a long time member, and a
/
v
committee
appointed by the Attorney General which organized a national
conference on the subject in Washington recently.
TREASURY DEPARTMENT
tU Jijß j. t-*<J
Washington
'-Tu. X -
¿idJJH*
Prank J. Wilson, Chief of the United States Secret
Service since 1936, and for 26 years a Treasury Department
law enforcement officer, will retire December 31, 1946.
Secretary Snyder, in announcing his approval of the
Chief’s request for retirement, said today:
"Mr. Wilson’s long and distinguished career with the
Department has contributed greatly to enforcement, not
only of those laws within the jurisdiction of the Treasury,
but to the cause of law enforcement generally.'1
At the same time, Secretary Snyder .announced that
James J. Maloney, Assistant Chief of the Service, is
being appointed Chief to succeed Mr. Wilson.
Mr. Wilson, himself the son of a Buffalo, New York,
police officer, began his Treasury career in 1920 when he
was appointed Special Agent of the Intelligence Unit,
Bureau of Internal Revenue.
He had a major role in the
investigation of evasion of income taxes at Chicago
which resulted in the conviction of A1 Capone and other
major racketeers, and in many other important fraud cases.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday,_December ll2._19^6
Press Service
No. S 170
Frank J. Wilson, Chief of the United States Secret Service
since 1936, and for 26 years a Treasury Department-lav enforce
ment officer, will retire December 3 1 , 1946.
Secretary Snyder, in announcing his approval of the
C h i e f ’s request for retirement, said today:
"Mr. Wilson's long and distinguished career with the
Department has contributed greatly-to enforcement, not only of
those laws within the jurisdiction of the Treasury, but to the
cause of law enforcement generally."
At the same time, Secretary Snyder announced that
James J. Maloney, Assistant Chief of the Service, is being ap
pointed Chief to succeed Mr. Wilson.
Mr. Wilson, himself the son of a Buffalo, New York, police
officer, began his Treasury career in 1920 when he was appointed
Special Agent of the Intelligence Unit, Bureau of: Internal
Revenue.
He had a major role in the investigation of evasion
of income taxes at Chicago which resulted in the conviction of
A1 Capone and other major racketeers, and in many other important
fraud cases . He also participated in the Lindbergh kidnaping
case, helping to devise the strategy that resulted ultimately
in the conviction of the slayer, Hauptmann.
Mr. Wilson, in September 1936, was transferred from Specie,!
Agent in Charge, Intelligence Unit, at Cleveland, Ohio, to
Acting Chief of the Secret Service, and he was appointed Chief
January 1, 1937.
During his tenure as Chief, numerous highly organized
counterfeiting gangs were smashed, and annual losses to the
public from this crime dropped from figures in excess of a
million dollars to around $3 0 , 0 0 0 in recent years.
The educational program of crime prevention initiated by
Chief Wilson attracted international attention among law enforce
ment and welfare groups.
Known as the Secret Service "Know
Your Money" and "Know Your Endorse"’" programs, these activities
have contributed substantially to the suppression of counter
feiting and forgery of Government obligations.
Chief Wilsori also has been prominent in efforts to combat
juvenile delinquency, heading a committee on this subject of
the International Association of Chiefs of Police, of which
~
2
-
h@ is a long time member, and as the representative of the
Treasury Department cooperating with the committee appointed by
the Attorney General which organized a national conference on
the subject in Washington recently.
^Since May of this year, Chief Wilson has been on temporary
detail to the Office pf Chief Coordinator of Enforcement,
serving first as .Assistant to Elmer L. Irey, the Coordinator;
and since Mr* Irey's recent retirement, as Acting Coordinator.
Mr. Maloney has been Acting Chief of the Secret Service during
this period.
The retiring Chief will be 60 years old next May.
He
t^nd Mrs. Wilson live at 2910 Tennyson Street, Northwest,
Mr, Maloney, who will become Chief of the Secret Service
January 1, 1947., "was appointed Assistant Chief two years ago
upon the- retirement of the late Joseph E. Murphy.
He is 50
years old, a native of Binghamton, New York; and for 12 years
before his appointment in 1 9 3 1 to the Secret Service, was a law
enforcement officer in southern New York State.
Mr. Maloney had Secret Service posts in Detroit, Michigan,
Syracuse and Buffalo, New York, and Newark, New Jersey, before
being appointed, in 1938* Supervising Agent for the important
New York^district of the Service.
There he directed investiga
tions which smashed major counterfeiting gangs operating in the
East, and carried out many other important assignments, such as
arranging for protection of the President and distinguished
foreign visitors.
He directed the protective detail that accompanied the King
and Queen of England on their visit to the W o r l d ’s Fair in 1939;
guarded Prime Minister Winston Churchill on several wartime
visits, protected Queen Wilhelmina of the Netherlands during her
1942 visit, and had charge of the arrangements for the visit of
Madam'Chiang Kai-shek to New York in 1 9 4 3 .
Mr. Maloney played a prominent part in the organization of
port protection and other wartime services of the Treasury and
cooperating agencies and military authorities through his’posi
tion as District Coordinator of Treasury Enforcement Agencies
in New York and New Jersey,
Mr. Maloney served with the Ninety-Third Aerial Souadron,
Army Air Force, during the first World War.
Mr. and Mrs. Maloney live at 2800 Ontario Road, Northwest.
0 O0
W &
2
oOTTON CARD STRIPS made from cottons having a staple of less than 1—3/16 inches
in length, COMBER WASTE', LAP WASTE, SLIVER WASTE, AND ROVING WASTE-, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE, Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1—3/16 inches or more in staple length in the case of the following
countrie-s: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(in Pounds)
i
Established * TOTAL IMPORTS
Country of Origin j
TOTAL QUOTA : Sept. 20, 1946,
toNov*30, 191*6
United Kingdom.....
Canada...... .......
France.
^
.
British India......
Netherlands.
Switzerland.... .
Belgium..........,.,
Japan..,...... .,,..
China.
E g y p t . , * .........
Cuba-;...............
Germany,........ .
Italy..... .
,r
TOTALS
l/
• . -il!
4,323,457
239,690
31,337
—
227,42-0
69,627
69,627
(\^
68,24010, '
—
44,388
38,559 .
341,535 t
mm
17,322
8,135
6,544
76, 329
21,263
- m m
5,482,509
ESTABLISHED' : IMPORTS
33-1/3$ of : Sept. 20, 194(
Total Quota : toNov.30, 1/
-----1,441,152
—
75,807
22,747
14,796
12,853
mm
_
imm
_
mm
25,443
7,088
100,961»
1,599,886
Included in total imports, column 2,
-oOo-
-
‘
FOR IMMEDIATE RELEASE
December IO, I9U6
-J - / 7 f
The Bureau *of Customs announced, today that preliminary reports from the
collectpr-s of veustpms shpw imports of cotton and cotton waste chargeable to the
import Quotas..
•establi-shed by the President's proclamations of September 5, 1939,
as amended by the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to November 30, I 9I4.6
.COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES •(OTHER THAN HARSH OR ROUGH
COTTON OE LESS THAN 3% INCH IN STAPLE LENGTH'AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of
•'Origin
Egypt and the AngloEgyptian Sudan...... .
Peru....... ............
British India..........
China........... .......
Mexico..... ............
Brazil..................
Union of Soviet
Socialist Republics...
Argentina...... ........
Haiti.......... ........
Ecuador........... .
Honduras.... .......
Paraguay..... ..........
Colombia................
Iraq........... ........
British East Africa.....
Netherlands East Indies.
Barbados...............
Other British T‘rest
Indies l/..... f......
Nigeria.............. ..
Other British Nest
Africa 2 / ......... .
Other French Africa. 3/..
Algeria and Tunisia....
1/
2/
3/
Staple length less
than 1-1/8"
.J •
. . {Imports Sept,
Established!20; 1946, to
Quota
:Nov# 30, 19kS
783,816
247,952
2,003,483 ■
1,370,791
8,883,259618,723
Staple, length 1-1/8" or more
but less than 1-11/16"
Established : Imports Sept.
. Quota
: 20, 1946, to
45,656,420 :Nov. 30, 19h6
-
36,Itili,673
9,209,31*6
—
—
—
106,710
m ,
pio
.
—
8 ,8 8 3 , 2 5 9
618,723
■ ■•.
•••••••
».
475,124
5,203
237
9,333
752
871
124
195
2,240.
7Ì,388
—
5,K>1*
—
• - •
**
31,900
—
—
—
—
—
21,321
5,377
—
501
16,004
689
-
—
-
—
~
14,516,882
10,586,806
—
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast.and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
1*5,656,1*20
TREASURY DEPARTMENT
Washington
FOR IfMEDIATE RELEASE,
Wednesday, December 11, 1946,
Press Service
N o . S-171
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, I94 O, March 3 1 , 194.2 , and
June 29, 1942, during the period September 20, 1946, to November 30 , 1946 .
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS i*ND BLANKETING, AND OTHER THAN RENTERS). Annual quotas
commencing September 20, by Countries of Origin?
(In Pounds)
:
Staple length less
3 Staple length 1-1/8" or more
:______than 1-1/8“ ____ :
but less than 1-11/16"____
Country of
?
rlmports Sept.: established : Imports Sept .
Origin
:Established:20,1946, to :
Quota
: 20, 1946, to
__________________ :
Quota
:Nov. 30»1946: 45*656,420 : Nov. 30» 1946
Egypt and the AngloEgyptian Sudan ..........
Peru...... .................
British India..... .........
China.... ..................
Mexico.....................
Brazil.... .................
Union of Soviet
Socialist Republic s ..... .
Argentina.... ............
Haiti.............. ........
Ecuador..... ...............
Honduras.................
Paraguay....................
Colombia...... .............
Iraq*............ .
British East Africa,..... .
Netherlands East Indies.....
Barbados,...................
Other British West
Indies 1/.... .
Nigeria,....................
Other British West
Africa 2/..........
Other French Africa 3/*
Algeria and Tunisia.........
783*816
247,952
106,710
2,003*483
973*010
1,370,791
8*883*259 8,883*259
618*723
618*723
475*124
5,203
237
9*333
752
871
31*900
_
5*104
—
M
l
.[.J
124
195
2, 2 4 0
71*388
21,321
-
—
16* 004
689
-
—
Other than Gold Coast and Nigeria*
Other than Algeria* Tunisia, and Madagascar,
501
—
5*377
14* -516,882 10,586*806
2/
3/
36,414,673
9*209,346
4 5 *656 * 4 2 0
4 5 *656*420
O
COTTON CARD STRIPS made from cottons having a staple of less than 1—3/16 inches
in length, COMBER WASTE, LAP TASTE, SLIVER WASTE, a ND ROVING “ALSTE, WHETHER
OR NOT M ANUFACTURED OR OTHERWISE -ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Totai 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:
7
(In Pounds)
: Established : TOTii IMPORTS : ESTABLISHED :
IMPORTS
"
Country of Origin : TOTAL QUOTA : Sept. 20, 1946 : 33-1/3* of ! Sept. 20, 1946, to
to Noy, 30,1946; Total Quota i Nov. 30. 1946 1/
United Kingdom.... 4 ,3 2 3 ,4 5 7
Canada............
2 3 9 ,^ 0
France.............
227,420
British India......
69,627
Netherlands...... .
6 8 ,24.O
Switzerland...... .
44,388
Belgium.......... .
38,559
Japan.............
341,535
China.............
17,322
Egypt............
Cuba..............
Germany............
Italy..............
TOTALS
1/
—
—
73,807
69,627
—
—
—
8,135
6,54-476,329
21,263
5, A82, 509
1,44-1.? I52
31,337
-
100,964.
Included in total imports, column 2.
- 0 O0 -
22,74-7
14-, 796
12,853
25,443
7,088
1 ,5 9 9,88 6
-
I
POR IMMEDIATE RELEASE,
December IO, 19U6
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 President1s proclamations of April 13, 1942,
•and April 29, 1943, for the 12 months commencing May 29, 1946, as follows:
Wheat
Country
of
i
t
Established
. Quota
:
Imports
:May 29, 153i6, to
(Bushels)
(Bushels)
“ 1?
Canada
795,000
China
. Hungary
—
Hong Kong
—
Japan
—
Jnited Kingdom
100
Australia
Germany
100
Syria
100
lew Zealand
0
—
Chile
Netherlands
100
Argentina
2,000
’taly
100
. iuba
."ranee
fl,000
•reece
.'exico
100
onama
ruguay
—
‘oland and Danzig
—
_
weden
ugoslavia
orway
»
anary Islands
«> •
lumania
1,000
Guatemala
100
Jrazil
100
Tnion of Soviet
Socialist Republics
100
'elgium
100
, 800,000
..
21*8
—
—
—
—
—
—
—:
—
w*
mm
m.
<*■
mm .
•»
mm
mm'
mm
mm
21*8
oOo-
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established ;
Imports
Quota
: May 29, 1946
to Hov* 30, :
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
793,1*79
21*0
mm
■^
mm
-
-
4,000,000
791*,719
' *•
_
*
mm
mm
«. *
mm
..—
■mm
mm
mm
1,000
. mm
Vm'
'
mm
rnm'
i
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday. December 11. 1946
Press Service
S-172
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1 9 4 2 ,
and April 29, 1943, for the 12 months commencing May 29, 1946, as follows:
Wheat
Country
of
Origin
;
:
? Established :
Imports
Quota
: May 29, 1946, to
? Nov. 30, 1946
(Bushels)
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
France
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
—
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republi cs
100
Belgium
100
248
—
-
—
—
—
—
,
—
—
_
—
—
24,000
13,000
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
-
-T
—
—
—
—
—
-
—
—
—
—
793,479
240
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
—
—
800,000
3,815,000
—
-
-
Wheat flour, semolina,
crushed or cracked
•wheat, and similar
wheat products
Established :
Imports
Quota
: May 29, 1946,
to Nov. 30, 194
(Pounds)
(Pounds)
,
—
—•
1,000
—*
—
—
—
.,
—
—
—
—
-
-
4,000,000
794,719
248
—oCk>
FOR IMMEDIATE RELEASE
December 10y 191*6
The Bureau, of Customs announced, today preliminary figures shoving the imports
for consumption of commodities within quota limitations provided for under trade
agreements, from the beginning of the qxota periods to November 30* 19**6, inclusive
as follows:
Commodity
e
a
: Unit {Imports as
:
Established Quota
:
of
:of Nov. 30
:Period and Country: Quantity : Quantity : 191*6
Whole Milk, fresh
or sour
Calendar year
3 0 0 0 ,0 00
,
Callon
9,280
Cream, fresh or sour
Calendar year
1
,500*000
Callon
2,333
Fish, fresh or frozen
filleted, etc«, cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
,
Pound
White or Irish potatoes:
certified seed
other
months from
Sept. 15, 19**6
, *
2 0 3 8 0 721
Quota
Filled
12
,
*
9 0 00 0 ,0 0 0
6 0 000 ,0 00
Cuban filler tobacco un
stemmed or stemmed (Other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
*
2 2 0 0 0 ,0 00
Pound
Pound
,
7,11*9,171
3 6 6 3 2 ,2 2 7
Pound
(unstemmed Quota
equivalent) Filled
Red cedar shingles
Calendar year
1.396,U23
Square
1.387,816
Molasses and sugar sirups
containing soluble non
sugar solids equal to more
than 6 # of total soluble
solids
Calendar year
1
*5 0 0 ,0 0 0
Gallon
655,768
Silver or black foxes, furs,
and articles: Foxes valued
under $ 25 0 each and whole
furs and skins
May-Nov* I9 H6
All countries
6 7 .0 1 2
Number
28,l*J3
Tail8
12
months from
Dec. 1, I9 I+5
Raws, heads or other
separated parts
H
Piece Plates
n
Articles, other than
piece plates
H
5 ,0 0 0
Piece
500
Pound
1+90
550
Pound
m—'1—
500
Unit
138
TREASURY DEPARTMENT
Washington
FOR M EDIATE RELEASE
December 11, 1946
Press Service
S-173
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within quota limitations provided for under trade
agreements, from the beginning of the quota periods to November 30, 1946, inclusive
as follows:
Commodity
«
Established Quota
; Period and Country* Quantity
: Unit
Imports as
•:
of
of Nov, 30
- Quantity
1946
Whole Milk, fresh
or sour
Calendar year
3 ,00 0 , 0 0 0
Gallon
9,280
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
2,333
Fish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
2 0 ,3 3 0 , 7 2 4
Pound
9 0 ,0 0 0,000
60 ,0 0 0 , 0 0 0
Pound
Pound
White or Irish potatoes:
certified seed
other
12 months from
Sept, 15, 1946
Cuban filler tobacco un—
stemmed or stemmed (Other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
2 2 ,0 0 0,000
Red cedar shingles
Calendar year
Molasses and sugar sirups
.containing soluble non
sugar solids equal to more
than 6% of total soluble
solids
Silver or black foxes, furs,
and articles: Foxes valued
under 6250 each and whole
furs and skins
Tails
Quota
Filled
36,632,227
7,149,171
Pound
(unstemmed
equivalent)
^uota
Filled
1 ,396,423
Square
1,337,316
Calendar year
1 ,500,000
Gallon
655,768
May-Nov. 1946
All countries
67,012
Number
28,413
12 months from
Dec, 1, 1945
5,000
Piece
- - r
Paws, heads or other
separated parts
u
500
Pound
490
Piece Plates
a
550
Pound
—
Articles, other than
piece plates
u
500
Unit
138
- 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.
MEM.
-
2
-
Immediately after the closing hour, tenders kill 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 ip.ll 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
December 19. 19k6
The income derived from Treasury bills, w'hether 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 ll£ 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
E M
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 13, 19h&
_ *
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,300,000.000 j 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
December 19. 19k6
--------- M
Trill mature
March 20, 19ii7
, and
—
'
'» when the face amount Trill be payable with-
ifii
out interest.
They Trill 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 Trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. December 16
sar—
Each
19k6 .
Tenders will not be received at the Treasury Department, Washington.
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
F O R RELEASE, M O R N I N G NEWSPAPERS'
F r i d a y , D e c e m b e r 13, 1946
•
P r ess Service
No.: 3-174
The S e c r e t a r y of the Treasury, by this public; notice,
i n v i t e s tenders f o r $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts-, of-91-day.
T r e a s u r y bills, to be i s s u e d on a d i s c o u n t basis u n der c o m p e
titive and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
The.
b i l l s of this series will be d a t e d D e c e m b e r 19,- 1946, and.
•will m a t u r e M a r c h 20, 19^7, w h e n the face amount will be p a y
able w i t h o u t interest.
T h e y will be issued, in b e a r e r form
only, a nd in d e n o m i n a t i o n s of $1,000,
$5,000,
$10,000,
$100,000,
$500,000, a nd $ 1 , 0 0 0 , 0 0 0 ( m a t u r i t y v a l u e ),
T e n d e r s will be r e c e i v e d at Fe d e r a l R e s e r v e Banks' and
B r a n c h e s up to the closing hour, ‘two o ' c l o c k p.m., E a s t e r n
S t a n d a r d time, Monday, D e c e m b e r 16, 1946.
T e n d e r s will not
be r e c e i v e d at the T r e a s u r y D e p a r t m e n t , W a s h ington.
Each
tend e r m u s t be for an eve n m u l t i p l e $1,000, and the price
o f f e r e d m u s t be e x p r e s s e d on the basis of 100, w i t h not m o r e
t han three decimals, e.g., 99.925.
F r a c t i o n s m a y . n o t be used.
It Is urged that tenders be m a d e on t h e - p r i n t e d forms and f o r
warded
in the special e n v e l o p e s w h i c h will be supplied by
F e d e r a l R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s will b© r e c e i v e d w i t h o u t ■eposlt f r o m I n c o r p o r a t e d
b a n k s and trust c o m p a n i e s . a n d f r o m r e s p o n s i b l e and rec o g n i z e d
d e a lers in i n v e s t m e n t securities.
T e n d e r s f r o m .others m u s t be
a c c o m p a n i e d by p a yment of 2 p e r c e n t of the fac e amount of
T r e a s u r y b i lls a p p l i e d for, unless the tenders are a c c o m p a n i e d
by an e x p ress g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f ter the closing hour, tenders will be
open e d at the F e d e r a l R e s e r v e B a n k s a n d Bra n c h e s , f o l l o w i n g
w h i c h p u blic a n n o u n c e m e n t will be m a d e by the S e c r e t a r y of
the T r e a s u r y of the a m ount and p r i c e range of a c c epted bids.
T h ose submitting tenders will be a d v i s e d of the a c c e p t a n c e or
r e j e c t i o n thereof.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y
re s e r v e s the right to acce p t or reject a n y or all tenders, in
whple or. In^part, and his a c t i o n in a ny such r e s p e c t shall be
final.
Subject to these r e s e r v a t i o n s , tenders for $ 2 0 0 , 0 0 0
or less.^from a n y one b i d d e r at 9 9 , 9 0 5 entered on a f i x e d - p r i c e
basis will be a c c e p t e d in full,
P a y m e n t of a c c e p t e d tenders
at the p r i c e s ^ o f f e r e d m u s t be m a d e or c o m p l e t e d at the F e d e r a l
oSer\e B a n k in cash or other i m m e d i a t e l y a v a i l a b l e funds on
D e c e m b e r 1 9 , 1946.
2
Thè 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 spec
ial treatment, as such, under Federal tax. Acts now or hereafte
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 autho
rity.
For purposes of taxation the a m o u n t '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 other
wise disposed of, and such bills are excluded1from consider--,
ation 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. 4l8, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. 1 Copies of the circular
may b e .obtained-from any Federal Reserve Bank or Branch.
0O0
v
December 6, 1946
TO MR. M t m f r
the following market transactions were made during the
month of November, 1946, in direct and guaranteed seoorities
of the Ooiremment for Treasury investment end other accounts*
Sale® •*##»*.#•••••*..*•••..#•**»*¡§37, 57^,000
Ihirohaseis
get sales......... .t57.57^00Q
i
:I1
(S#d> Joseph Greenfcerg
Joseph Greenberg
Assistant Comalssiöner of Account«
CC to* Mr. Heffelfinger
Mr. Shaeffer
Miss Sanford
HNaud
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Saturday, December 14,1946
' Press Service
No. S-175
During the month of November 1946, market transactions
in direct and guaranteed securities of the Government for
Treasury investment and other accounts resulted in net sales
of $57*572,000, Secretary Snyder announced today.
oOo
||S||
T R E A S U R Y DEPARTMENT
PROCUREMENT DIVISION
OFFICE OF THE DIRECTOR
W
ashington2
5
i
2* To the purohasor operating within strict budgetary
limits, the use of an esoalator clause makes exceedingly diffi
cult» or practically impossible» the planning on his part of a
purchase program which will fulfill his entire needs and yet
stay within a carefully designed budget«
3« Esoalator clauses are entirely unnecessary and
uncalled for in cases involving commodities» the price of which
shall be the "posted" or "going** price, published at the time
of delivery#
|
I
I
I
I
I
Only for the sake of brevity are other equally valid
reasons for the elimination of esoalator clauses excluded# The
return to a sound peacetime method of business operation is
afflicted with many problems, of which we consider the use of
escalator clauses to be one# Their elimination will speed the
universally desired return to "normal*1 business practices to
an appreciable degree#
A further step toward eliminating the need for suoh
clauses can be taken by strict adherence to the President*s
letter of August 1» 1946 advocating a limitation of purchases
to meet only immediate and urgent requirements#
Be it therefore resolved that!
The Advisory Committee on Procurement Policy strongly
opposes the use of escalator clauses and urges their elimination
in all oases possible#
(RyiCTORY
T R E A S U R Y DEPARTMENT
STATE» i
WAR
P R O C U R E M E N T DIVISION
OFFICE OF THE DIRECTOR
bo n d s
WASHINGTON 25
A remaining evil of contracting procedure born
under the pressure of war — and which still remains in
use to an entirely unnecessary degree — is the so-oalled
“escalator1* clause*
It may be said that this type of clause* in its
'various forms* contributed valuably during occasions of
emergency, when production overshadowed the element of
price* However* because of its definite inflationary ten
dencies* the time is at hand to exclude* in every case
possible* the use of this device in the contracting function*
For the purposes of this resolution* and upon the
collective authority of the many governmental groups having
had experience with escalator clauses, they may be defined
thuss
“Escalation“ is a generic name for contractual
devices whereby contract prices are changed in the event
of certain contingencies* according to a predetermined
base and predetermined method which are set forth in the
contract* Among bases for escalation áre changes in oosts
of material* changes in oosts of labor* changes in published
and provable price lists* changes in governmentally-fixed
ceiling prices* and the like* Among methods of escalation
are those based upon accounting analysis* upon automatically
operating formulae* and upon negotiation*
Of the many objections by the purchaser* to escalator
olauses* the following may be cited as the most extreme}
1« Escalator clauses have tended to place an undue
burden upon the purchaser* They have been requested by suppliers
in some oases wherein orders are filled from existing stocks
and where the purchaser thus assumes more than his due share
of the uncertain price responsibility in replenishing the
vendor#s inventories* This is a legitimate business risk
which the vendor himself should assume* and is in no wise
connected with the purchase at hand*
A strong denunciation of the use of escalator clauses
in government contracts was issued today by the Advisory Com
mittee on Procurement Policy*
The Committee* staffed by representatives of the
major purchasing agencies of government, said in a resolution
made public today that escalator clauses forced tiegovernment
to assume "more than its due share of the uncertain^price re
sponsibility" in many oases, and that such clauses made "ex
ceedingly difficult or practically impossible, the planning of
a purchase program which will fulfill needs and yet stay with
in a carefully designed budget*"
The Committee is headed by Clifton £« Mack, Director
of Procurement, and includes representatives of the armed
services, thirty-four other Federal agencies and the D. C*
Board of Commissioners*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, December 1 3 , 1946.
Press Service
No. S-I76
A strong denunciation of the use of escalator clauses in
government contracts was issued today by the Advisory Committee
on Procurement Policy.
The Committee, staffed by representatives of the major
purchasing agencies of government, said in a resolution made
public today that escalator clauses forced the Government to
assume "more than its due share of the uncertain price responsi
bility" in many cases, and that such clauses made "exceedingly
difficult or practically impossible, the planning of a purchase
program which will fulfill needs and yet stay within a carefully
designed budget."
The Committee is headed by Clifton E. Mack, Director of
Procurement, and includes representatives of the armed services,
thirty-four other Federal agencies and the D, C. Board of
Commissioners.
The resolution follows:
A remaining evil
under the pressure of
in use to an entirely
so-called "escalator"
of contracting procedure born
war -- and which still remains
unnecessary degree -- is the
clause.
It may be said that this type of clause, in its
various forms, contributed valuably during occasions
of emergency, when production overshadowed the element
of price.
However, because of its definite inflation
ary tendencies, the time is at hand to exclude, in
every case possible, the use of this device in the
contracting function.
For the purposes of this resolution, and upon
the collective authority of the many governmental
groups having had experience with escalator clauses,
they may be defined thus:
"Escalation" is a generic name for contractual
devices whereby contract prices are changed in the
event of certain contingencies, according to a pre
determined base and predetermined method which are
set forth in the contract. Among bases for escalation
are changes in costs of material, changes in costs of
2
labor, changes in published and provable price lists,
changes in governmentally-fixed ceiling prices, and
the like.
Among methods of escalation are those
based upon accounting analysis, upon automatically
operating formulae, and upon negotiation.
Of the many objections by the purchaser, to
escalator clauses, the following may be cited as the
most extreme:
1. Escalator clauses have tended to place an
undue burden upon the purchasor. They have been
requested by suppliers in some cases wherein orders
are filled from existing stocks and where the pur
chasor thus assumes more than his due share of the
uncertain price responsibility in replenishing the
vendor's inventories.
This is a legitimate business
risk which the vendor himself should assume, and is in
no wise connected with the purchase at hand.
2. To the purchasor operating within strict
budgetary limits, the use of an escalator clause
makes exceedingly difficult, or practically .impos
sible, the planning on his part of a purchase
program which will fulfill his entire needs and
yet stay within a carefully designed budget.
3• Escalator clauses are entirely unneces
sary and uncalled for in cases involving commodities,
the price o f ‘which shall be the "posted'' or "going”
price, published at the time of delivery.
Only for the sake of brevity are other equally
valid reasons for the elimination of escalator clauses
excluded.
The return to a sound peacetime method of
business operation is afflicted with many problems,
of which we consider the use of escalator clauses to
be o n e . Their elimination will speed the universally
desired return to "normal" business practices to an
appreciable degree.
A further step toward eliminating the need for
such clauses can be taken by strict adherence to the
President's letter of August 1, 19^6 advocating a
limitation -of purchases to meet only immediate and
urgent requirements.
Be it therefore resolved that:
The .Advisory ."Committee on Procurement Policy
strongly opposes the use of escalator clauses and
urges their elimination in all cases possible.
oOo
TREASURY DEPARTMENT
Washington 25, D. C*
Press Release Bo*
5 _ ni
/HVCi/ti*
••
Snyder disclosed today that the special
Secretary
drive of the Bureau of Internal Revenue oGainst-taac evaders produced $546,000,000
of additional assessments in the first four months of this fiscal year— a
41 percent increase over the corresponding months of last year*
"Reports from the Commissioner of Internal Revenue, Joseph D* Nunan, Jr*,
indicate a gratifying gain in momentum^ in the tar drive," the Secretary said.
"While the drive has been in effect for slightly more than a year, it is
important to remember that most of this time was spent in recruiting and
training new investigators and agents, and in laying the groundwork for thousands
of cases which are being completed each month* TJnlike an ordinary police
investigation, which often is concluded in a few days, a tar investigation
usually requires weeks and months of painstaking audit, investigation, and
interview work."
"Moreover, in evaluating the drive against evaders, it is well to remember
that the Bureau of Internal Revenue necessarily and properly devotes the major
portion of its energies to doing business with the honest taxpayers, ifoo, I
am proud to say, constitute the vast majority of American citizens* While the
$546,000,000 of additional assessments are gratifying, they must not be allowed
to overshadow the $11,695,000*000 overall tar collections by the Bureau during
the same fc»ur months of July-October, inclusive*"
Major convictions obtained against tar evaders last month included those
of Jack Berman, Atlanta truck and bus operator, and Charles £• Prettyman, Jr*,
attorney »nd real estate operator of Neosho, Mb* Sentence was deferred in
both cases*
Berman was convicted of evading $20,183 of personal income tares on amounts
he withdrew from his businesses during 1938-40* Prettyman was found guilty of
failing to pay $78,894 of tares on his income from real estate .transactions*
Among several thousand pending investigations were cases involving users
of counterfeit sugar ration stamps, a jewelry concern that concealed its profits
by claiming fictitious purchases, a group of "boom-town" taverns near an army
post, a doctor who concealed patients* fees by depositing them in the account
of his office asistant, and an automobile finance company that padded its
advertising deductions*
A
S .P .
'J ,
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S
Tuesday, D e c e m b e r 17, 19^6
Press Service
No. S-177
S e c r e t a r y Snyd e r d i s c l o s e d today that the . i n v e s t i g a t i v e
e f f o r t s of the B u r e a u of Internal R e v e n u e produced $ 5 4 6 , 0 0 0 , 0 0 0
of a d d i t i o n a l a s s e s s m e n t s in the first four m o n t h s of this
f i s c a l y e a r - a 4 l 'p e r ce nt in c r e a s e over the c o r r e s p o n d i n g
m o n t h s of last year.
"Reports f r o m the C o m m i s s i o n e r of Internal Revenue,
J o s e p h D. Nunan, Jr., i n d i c a t e a g r a t i f y i n g g a i n in m o m e n t u m
in the tax drive," the S e c r e t a r y said.
"While the drive has
b e e n in effect for s l i g h t l y m o r e tha n a yea r
it is i m p o r t a n t
to r e m e m b e r that m o s t of this time was spent in r e c r u i t i n g
a nd training n e w i n v e s t i g a t o r s and agents, and in laying the
g r o u n d w o r k for t h o u sands of cases w h i c h Are being completed
e a c h month.
U n l i k e an o r d i n a r y police i n v e s t i g a t i o n , w h i c h
o f t e n is c o n c l u d e d in a f e w days, a tax i n v e s t i g a t i o n u s u a l l y
r e q u i r e s weeks and m o n t h s of p a i n s t a k i n g audit, i n v e s t igation,
a nd i n t e r v i e w work,
"Moreover, in e v a l u a t i n g the drive a g a i n s t evaders, it
is well to r e m e m b e r that the B u r e a u of Internal R e v e n u e n e c e s
s a r i l y and p r o p e r l y d e v o t e s the m a j o r p o r t i o n of its e n e rgies
to doing b u s i n e s s w;ith the h o nest taxpayers, who, I am proud
to say, cons t i t u t e the vast m a j o r i t y of A m e r i c a n citizens.
W h i l e the $ 5 4 6 , 0 0 0 , 0 0 0 of a d d i t i o n a l a s s e s s m e n t s are gratifying,
t h e y m u s t not be a l l o w e d te> o v e r s h a d o w the $ 1 1 ,6 9 5 ,0 0 0 , 0 0 0
o v e rall tax c o l l ections by the B u r e a u during the same four
m o n t h s of J u l y - O c t o b e r , incl u s i v e . "
M a j o r conv i c t i o n s o b t a i n e d a g ainst tax e v a ders last m o n t h
i n c l u d e d those of J ack Berman, A t l a n t a t r u c k and- bus operator,
a n d Ch a r l e s E„ Prettyman, Jr., a t t o r n e y and real estate o p e r
ator, of Neosho, Missouri.
S e n tence was d e f e r r e d in b o t h
cases.
B e r m a n was c o n v icted of evading $ 2 0 , 1 8 3 of personal i n
come taxes on am o u n t s he w i t h d r e w f r o m his b u s i n e s s e s during
1938-40.
P r e t t y m a n was f o u n d g u i l t y of f a i l i n g to p ay
$ 7 8 , 8 9 4 of taxes on his income f r o m real estate transactions.
A m o n g several t h o u s a n d pending i n v e s t i g a t i o n s w ere cases
i n v o l v i n g users of c o u n terfeit sugar r a t i o n stamps, a jewelry
c o n c e r n that concealed its pr o f i t s b y claiming f i c t i t i o u s p u r
chases, a g r o u p of "boom-town" taverns p e a r an a r m y post, a
d o c t o r who c o n c e a l e d patients' fees by d e p o s i t i n g them in the
a c c o u n t of his o f fice assistant, and a n a u t o m o b i l e f i n a n c e
c o m p a n y that p a d d e d its a d v e r t i s i n g deductions.
0O0
DIVISION OF PUELIC RELATIONS
Assignment sheet.
Release date
Title
7/8* C e r t i f i c e t e * ___
12/18/46____________Press Service No*
8-178
Bldg*
dist.
Mailing
list
No* copies
to be sent
(
)
Special messenger * • • • • • •
65
66
(
)
General 4 * • « • • • • • • • *
60
70
TAC (
)
Trade Agreement Commodities « *
0
22
158
136
135
115
1,367
540
207
600
DLI (
)
Debt limitation • • ,
151
325
SF
(
)
Stabilization fund* «
174-
551
B
(
) Weekly bill offering,
150
178
I 56
275
lir* Kilby(PI* deliver AT ONCE)
B&B (
)
Bills
Bonds other than weekly • •
FE
NE
) Financial Editors
) News Editors • •
) Speech list • . *
)Ki*i Rov*r (Plea** deliver)
(
(
(
.60
296
200
*<
469
1,575
186
200
PUBLIC RELATIONS, Room 4416 , « * ,
26
Press room • , • •
OWX
Building distribution
7)
U
7/1/45
141
4
TREASURY DEPARTMENT
Washington^
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, December 18, 191+6.
Press Service
No.’s-178
Secretary of the Treasury Snyder today announced the offering, through the
Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of
Series A-19U8, open on an exchange basis, par for par, to holders of Treasury
Certificates of Indebtedness of Series A-19itf, in the amount of $3,330,1*31,000,
v/hich will mature on January 1, 19U7. Cash subscriptions wifi not be received.
The certiiicates now offered will be dated January 1 , 19ii7j and will bear
interest from that date at the rate of seven—eighths of one percent per annum,
payable with the principal at maturity on January 1, 19i8. They will be issued
in bearer form only, in denominations of $ 1 ,0 0 0 , $5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 , 0 0 0 and
$1 ,0 0 0 ,0 0 0 ,
*
Pursuant to the provisions of the Public Debt Act of 19l*l, 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, Y/ashington, and should be accompanied by a like
face amount of the maturing certificates. Subject to the usual reservations,
all subscriptions will be allotted in full.
The subscription books will close at the close of business Friday, December
20 , except for the receipt of subscriptions from holders of $25 , 0 0 0 or less of
the maturing certificates. The subscription books will close for the receipt
of subscriptions of the latter class at the close of business Monday, December 23.
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.
Th- text of the official circular follows:
UNITED STATES OF AMERICA
7/3 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-19U8
Dated and.bearing interest from January 1, I9 JL4.7
19h6
Due January 1 , 19US
TREASURY DEPARTMENT,
Office of the Secretary,
Washington/ December 13, 19 I16.
Department .Circular No. 798
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States, for certificates of indebtedness of the United States, desig
nated 7/8 percent Treasury Certificates of Indebtedness of Series A-19i;8, in ex
change for Treasury Certificates of Indebtedness of Series A-19U7, maturing
January 1, 19U7II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated January 1, 19li7, and will bear interest
from that date at the rate of 7/8 percent per annum, payable with the principal at
maturity on January 1, 19U8. They will not be subject to call for redemption prior
to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, Y/hether 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.
U. Bearer certificates will be issued in denominations of $ 1 ,0 0 0 , $5 /0 0 0 ,
$10,000, $100,000 and $1,000,000. The certificates will not be issued in regis
tered form.
5. The certificates Will be subject to the general regulations of the
Treasury Department, noif or hereafter prescribed, governing United States certifi
cates ,
III.
SUBSCRIPTION AND ALLOTMENT
1, Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington. Banking institutions generally may
- 2 submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscrip
tion, in.whole or.in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final. Subject to
these reservations, all subscriptions will be allotted in full. Allotment notices
will be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or
before January 2, 19U7, or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series A-191+7, maturing January 1, 19k7, which
will be accepted at par, and should accompany the subscription.
V.
GENERAL PROVISIONS
1. As fiscal'agents of the United States, Federal Reserve Banks are author
ized and requested-to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Re
serve Banks of the respective Districts, to issue allotment notices, to receive
payment for certificates- allotted, to make delivery of certificates on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery of
the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time tp time,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.-
JOHN W. SNYDER,
Secretary of the Treasury.
TREASURY E E P A R Ï M M T
Washington
P re ss S e rv ice
Ho*
FOR IMMEDIATE RELEASE
6
Monday« December l . 19^6
On December l^ t h th e Treasury re ce iv e d th e sum o f $259,^79*7^
from the Government o f F in la n d , re p re se n tin g a payment o f p r in c ip a l
93* 000, and the sem iannual payment o f in te r e s t
$131,652*50 under th e Funding Agreement o f May 1 ,
in the amount o f $
in the amount o f
19235 $13,695.06 on account o f th e sem iannual payment on the
an n u ity due under the postponement agreement o f May 1 , 19*H, end
$
21t 132* l 8 on
account o f th e sem iannual payment on th e an n u ity
93
due under th e postponement agreement o f October lH , I U .
These payments rep resen t th e e n tir e amount due from the
Government o f F in lan d on December
agreements*
0O0-
#
15,
19^6, under th ese
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, December 16 , 1947*
‘Press Service
N o , S-179
On December 14th the Treasury received the sum of
$259,479,74 from the Government of Finland, representing a
payment of principal in the amount of $93*000, and 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 account
of the semiannual payment on the annuity due under the post
ponement agreement of May 1, 1941, and $21,132.18 on account
of the semiannual payment on the annuity due under the post
ponement agreement of October 14, 1943*
These payments represent the entire amount due from
the Government of Finland on December 15, 1946, under these
agreements,
0O0
TRMSURT DEPARTMENT
Washington
FOR RELEASE,
wmim
Prass Service
^
&
HBWSPAEaSR5,
Tuesday« December 17, X9I46«
The Secretary of the Treasury announced la s t evening that the tenders for
$1,300,000,000j or thereabouts, of 91-day Treasury b i lls to be dated December 19,
191+6,
and to mutuare March 20, 1947« which were offered cm December 13, 1946* sere opened at thi
Federal Reserve Banks cm December 16«
The details of this Issue are as follows :
Total applied for « $1,7614,036,000
Total accepted
- 1*303*374*000
Average price
(included $26*$76*000 entered cm a fixed-pric«
beala a t 99.90$ and accepted In fu ll)
- 99.90$/ Equivalent rate of discount approx. 0.37SÄ per annum
Range of accepted competitive bids i
High
Lew
- 99.907 Equivalent rate of discount approx* 0*363$ per annum
- 99.90$
*
«
s e
«
o*376$ *
•
(71 percent of the amount bid for at the low price was accepted)
federal Reserve
D istrict
Total
Applied for
Total
Accepted
Boston
Wsw York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Deals
Minneapolis
Kansas City
Dallas
San Francisco
$
13,SUO,000
1,381,565,000
2o, y/>,ooo
9,250,000
$,281,000
11,620,000
259,io5,ooo
12,760,000
b, 0 6 5,0 0 0
lk ,u i , ooo
6,714,000
1*5,585,000
1
# 1,78k,036,000
11,308,87k,ooo
TOTAL
9,328,000
1 , 000 , 795,000
15,71*2,000
7,800,000
k, 81*6,000
1 1 , 591,0 0 0
190,610,000
9 .1 Ä ,000
3,51*3,000
11,936,000
6,l*2k,000
36,305,000
TREASURY
DEPARTMENT
Washingtpn
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 17, 1946
Press Service
No, S l80
The Secretary of the Treasury announced last evening
that the tenders for $1,300,000,000, or thereabouts, of 91-day
Treasury bills to be dated December 19, 1946, and to mature
March 20, 1947, which were offered on December 13, 1946, were
opened at the Federal Reserve Banks on December 16.
The details of this issue are as follows:
Total applied for - $1,784,036,000
Total accepted
- 1,308,874,000 (includes $26,176,000 entered
on a fixed-price basis at
99-906 and acce.pted in ful1 ^
Average price - 99-905
Equiv. rate of discount approx, 0.375
per annum
Range of accepted competitive bids:'
High - 99*907 Equiv'. rate of discount approx. 0,368$ per annum
Low - 99-905
"
I
"
"
"
0 .376 $
"
(71 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied, for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
$
1
13,540,000
,3 8 1 ,5 6 5 , 0 0 0
20.440.000
9 ,2 5 0 , 0 0 0
'
.
Total
Accepted *
I
9 ,8 2 8 , 0 0 0
.1 ,0 0 0 ,7 9 5 , 0 0 0
1 5 .7 4 2 . 0 0 0
7 .8 0 0 . 0 0 0
5 , 281,000
1 1 .6 2 0 . 0 0 0
259,105,000
12 ,760,000
4.065.000
14.111.000
6.714.000
45.585.000
4.846.000
11.591.000
1 9 0 ,6 1 0 , 0 0 0
9.454.000
3.543.000
$1,784,036,000
$1,308,874,000
0O0
1 1 .9 3 6 . 0 0 0
6.424.000
36.305.000
klM
^
/f
/ / U
* *
—
>5 -// f /
S e cr e ta r y Snyder today announced th e appointment o f
P h i li p N ic h o ls , J r * ,
as C h ie f Counsel o f the Procurement
D iv is io n o f th e Treasury Department. Mr. N ich o ls succeeds
the l a t e W . G-. H e lfr ic h , who d ied l a s t October.
The new appointee has been s e r v in g sin ce l a s t February
as Counsel o f the Navy P r ic e Adjustment Board and
Counsel .of th e War C o n tracts P r ic e Adjustment Board, uttlgara
Born in Boston August 1 1 , 1907» Mr. N ich o ls atten ded
Harvard U n iv e r s it y , which conferred th e degrees o f AB and LL3
on him ip 1929 and 1932 r e s p e c t i v e l y . He p r a c tic e d law
in June, 193^» entered th e lands division
in Boston fo r s i x y e a rs, and hero«rca*
imiftrtwn
A
o f the Department o f J u s tic e ias^asssçssaç*^ In 19^2 he went to
y
the WPB as cou n sel to v a rio u s In d u stry d iv is io n s .
From January, 19^4, to .February o f t h i s year he served in
the Navy, w ith assignment to the Navy General C o u n s e l’ s o f f i c e .
He was commissioned as lie u te n a n t ju n io r grade and won
promotions to lie u te n a n t and lie u te n a n t commander.
Mr. N ich o ls r e s id e s a t 1^10 37’kk S tr e e t N orthw est.
TREASURY DEPARTMENT
Washington
FOR RELEASE\ MORNING NEWSPAPERS
Thursday, December 19, 19^6____
Press Service
No.' S-l8l
Secretary Snyder today announced the appointment .of
Philip Nichols, Jr., as
of.the
Chief Counsel of the Procurement Division
Treasury Department.
Mr. Nichols succeeds the late W. G.
Helfrich, who died last October.
The new appointee has been serving since last February as
Counsel of the Navy Price Adjustment Board, and since June as
General Counsel of the War Contracts Price Adjustment Board.
Born in Boston August 11,.1907, Mr. Nichols attended
Harvard University, which conferred the degrees of AB and LLB
on him in 1929 and 1932 respectively.
He practiced law in Boston
for six years, and in June, 1938, entered the Lands Division of
the Department of Justice.
In 1942 he went to the WPB as counsel
to various industry divisions.
From January, 1944, to February of this year, he served in
the Navy, with assignment to the Navy General Counsel's office.
He was commissioned as Lieutenant, junior .rade, and won"promo
tions to Lieutenant and Lieutenant Commander,
Mr. Nichols resides at 1810 37th Street, Northwest.
0O0
- 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. 1;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.
m
m
-
2
-
Immediately after the closing hour, tenders
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 will be advised of the acceptance oh 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
December 26, 19U6_____•
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, 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 no;; 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 ll£ of
the Revenue Act of 19lil, this amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
XOTX
TREASURY DEPARTIRENT
Washington
FOR RELEASE, MORNING NEWSPAPERS v
Friday, December 20, 19k6
_ ,
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,300,000,000 > or thereabouts, of
fej-2
91
-day Treasury bills, to oe issued
isà.
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series m i l be dated
Will mature
March 27
----------
out interest.
19L.7
^
December 26. 19k6
t
and
, when the face amount vili be payable with-
--------
They will be issued in bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o’clock p.m., Eastern Standard time, Monday. December 23 _. 19li6 ♦
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e. g., 99.925*
Fractions may not be used.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes^ which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, December 20, 1946 ,
_____ ;
Press Service
No. S-182
The Secretary of the Treasury, "by this public notice,
invites tenders for $1,30Q,000,000, or thereabouts, of 9-1 -bay
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 December 26, 1946, and will
mature March 27j .1947* when the face amouht 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
$500,00.0, and $1,000,000 (maturity value).
Tenders will be received at FecLeral Reserve Banks and
Branches up to the closing hour, two o ’clock, p.m., Eastern
Standard time, Monday, December 23, 1946.
Tenders will not
be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and the price
offered must be expressed cn 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 fo r
warded in,the special envelopes which will be supplied by
Federal Reserve Banks, or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investmwnt 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 onened
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 a c c e p t e d
in full.
Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank in cash
or other immediately available funds on December 26, 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 Code, as
amended by Section 115 of the Revenue Act of 1941, the
amount of discount at. which bills issued hereunder are s ►Id
shall not be considered to accrue until such bills sha"11 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 com
panies)
issued hereunder need include in his income tax return only the difference between the price paid for ’such
bi*lls, whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemp
tion at maturity during the taxable year for woich the return
is made, as ordinary gain or loss.
|Treasury Department Circular No, 4l8, as amended, and this
3 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
T
p
PROPOSED- PRESS" 'ftB fffiftSB"
j
~
- /
Z
?
The work of Eugene Meyer as president of the International
Bank for Reconstruction and
Development, was praised in a letter signed by
Secretary of the Treasury John W. Snyder and
^rrfnr^Vf
CUlf
Will Clayton, made public today.
Snyder and Clayton, governor and alternate governor, respectively,
of the bank, expressed M
M
appreciation for the ^capable guidance" of Meyer
during the institutions formative period, and regrets over his retirement, which
became effective December 18th.
The full text of the letter follows:
ill Arz ¿Sfe
t
C
0
P
Y
December 18, 1 % 6
Dear Mr. Meyer:
We have, as we have ladividually had occasion to
tell you in conversation, greatly regretted the con
siderations which have impelled you to withdraw at this
time from your responsibilities as President of the
International Bank for Reconstruction and Development.
We nonetheless understand and sympathize with those
considerations.
You have, as you undertook to do when first assum
ing the responsibilities of the office, brought an
organization to a point where it is ready and prepared
to function for the accomplishment of the purposes for
which the Bank was established. You have with distinc
tion guided its Board of Governors in their formative
first annual meeting. Under your leadership, in short,
the Bank has reached a stage at which you can, with a
minimum of immediate disruption, relinquish responsi
bility consistently with the purpose for which you
first assumed it.
Although we understand your decision we do greatly
regret it. We wish to express our appreciation for
your labors and for their fruits. You can laave your
office in the consciousness that you have left your
mark permanently upon an institution destined to p l a y
an important role in world affairs in theyears to come.
Sincerely yours,
(Signed)
OIOHN W. SNYDER
Governor of the International Bank for
Reconstruction and Development
W. L. Clayton
Alternate Governor of the International Bank
for Reconstruction and Development
Honorable Eugene Meyer
President of the Interantional Bank
for Reconstruction and Development
Washington, D. C.
OFD:NTN:ss:imc
12/18/46
12/18/4.6 Or ginal signed by Secretary Snyder
and returned to llfr. Clayton by messneger from
Department of State
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, .
Friday, December 20, ,1946.
•
>
. Press Service
No . S-I83 • 1
The work of'Eugene Meyer as President of.the InternationalBank for Reconstruction and Development was praised in a letter
signed by Secretary of the Treasury John W. Snyder and Under
Secretary of State for Economic Affairs Will Clayton, made
public today.
Snyder and Clayton, governor and alternate governor,
respectively, of the Bank, expressed appreciation for the capable
guidance of Meyer during the Institution’s formative period, and
regrets over his-retirement, which became effective December 18th.
The full text of the letter follows:
December 18, 19^6
Dear M r . Meyer:
We have, as we have individually had occasion
to tell you in conversation, greatly regretted the
considerations which have Impelled you to withdraw
at this time from your responsibilities as President
of the International Bank for Reconstruction and
Development. We nonetheless understand and sympa
thize with those considerations.
You have, as you undertook to do when first
assuming the responsibilities of the office, brought
an organization to a point where it is ready and
prepared to function for the accomplishment of the
purposes for which tho Bank was established. You
have with distinction guided its Board of/Governors
in their formative first annual meeting.
Under your
leadership, in short, the Bank has reached a stage
at which you can, with a minimum of immediate disrup
tion, relinquish responsibility consistently with
the purpose for which you first assumed it.
2
Although we understand your decision we do
greatly regret it. We wish to express our appreci
ation for-your labors and for their fruits. You can
leave your office in the consciousness that orou have
left your mark permanently upon an institution
destined to play an important role in world affairs'
in the years to come.
Sincerely yoursj
(Signed) John W. Snyder
John W. Snyder
Governor of the International Bank for
• "• Reconstruction and Development
V. L. Clayton
Alternate Governor of the International Bank
for Reconstruction and' Development
Honorable Eugene Meyer,
President of the International Bank
for Reconstruction and Development,
Washington, D. C t
0O0
2
Although we understand your decision we do
greatly regret it. We wish to express our appreci
ation for your labors and for their fruits. You can
leave your office in the consciousness that you have
left your mark permanently upon an institution
destined to play an important role in world affairs
in the years to come.
Sincerely yours,
(Signed) John W. Snyder
■.* John ¥. Snyder
Governor of the International Bank for
Reconstruction and Development
¥. L. Clayton
Alternate Governor of the .International Bank
for Reconstruction and Development
Honorable Eugene Meyer,
President of the international Bank
for Reconstruction and Development,
Washington, D. C.
0 O0
TBEASUBY DEPARTMENT
Washington
m
IMPDIAP m
,
■ -
■
The Bureau of Customs announced today that it is
anticipated that the quota of 22,000,000 pounds of Cuban
filler tobacco, not specially provided for, other than
cigarette leaf tobacco, unstemmed or stemmed, and scrap
tobacco will be filled by entries for consumption and with
drawals from warehouse for consumption filed on the first
day of the new quota year January 2, 1947.
In order that importers of such tobacco may have equal
opportunities at all ports, facilities have been provided
for the simultaneous presentation of entries or withdrawals
at 12 noon, eastern standard time, 11 a.m., central standard
time, 10 a.m., mountain standard time, and 9 a.m., Pacific
standard time, January 2 , 1947.
Entries and withdrawals for consumption of the quota
class of Cuban tobacco may be accepted by customs at the quota
rates of duty, providing the importer or his agent does not
take delivery thereof pending determination by the Bureau of
the quota status of such tobacco.
If the importer does take
delivery before such determination, he shall be required to
deposit estimated duties at rates in effect on August 24, 1934.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, Deconber 20, 1946
Press Service
No* S-1S4
The Bureau of Customs announced today that it is anticipated that
the quota of 22,000,000 pounds of^Cuban filler tobacco, not specially
provided for, other than cigarette leaf tobacco, unstemmed or stemmed,
and scrap tobacco will be filled by entries for consumption and with
drawals from warehouse for consumption filed on the first day of the new
quota year January 2, 1947.
In order that importers of such tobacco may have equal opportunities
at all ports, facilities have been provided for the simultaneous presen
tation of entries or withdrawals at 12 noon, eastern standard time, 11 a,m.,
central standard time, 10 a.m., mountain standard time, and 9 a*rru,
Pacific standard time, January 2, 1947*
Entries and withdrawals‘for consumption of the quota class of Cuban
tobacco may be accepted by customs at the quota rates of duty, providing
the importer or his agent does not take delivery thereof pending deter
mination by the Bureau of the quota status of such tobacco. If the importer
does take delivery before such determination, he shall be required to
deposit estimated duties at .rates in effect on August 24, 1934.
0O0
TRSASURT DEPARTMENT
Washington
FOR RELEASE, MOENING UMSFAPfHS,
Tuesday, Deoember Zk» 19k&*
Press Service
The S e cre ta ry o f th è Treasrury axmounoed l a s t ©vening th a t thè tendere fo r
tl,3Q O ,O O O f OOO# or th e re a b o u ts, o f 91-day T reasury b i l i e to be dated Decomber 26, 19^6,
end to n ature March 2 7 , 19U7, v h ieh « e re o ffe red on Decomber 2 0 , 19U6, v ere opened at
th è F e d e ra i Re serve Banks on Decomber 2 3 .
The d e t a lle o f th le leen e are ae fo lla te s i
T o ta l a p p lie d fo r - 1 1 , Siti#201,000
T o ta l accep ted
- 1 ,3 1 6 ,2 3 2 ,0 0 0
Average prie©
(in clu d e» *21**686,000 en terad on a fix e d p ric e b a s ì» a t 99*90$ and accepted in fìlli)
- 99*909/ B q u iv a le n t r a te o f d leco u n t apprese. 0 .3 7 9% per annua
Bange o f accep ted c o a p e tltie * b id e t
- 9 9 .9 0 7 Equivalent r a te o f dìaoount approx. 0*368# p er ameni
- 99*90í
*
*
*
»
»
0.376# «
»
High
leer
(69 pereen t o f th è aaount b id f o r a t th è lo s p rie « v as accepted)
Federal Reserve
D istrict
T o ta
Applied for
Total
Accepted
Boston
Wev York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Ionie
Minneapolis
Kansas City
Dallas
San Francisco
t
•
TOTAL
12,997,000
9,797,000
$,208,000
251,350,000
23,650,000
3,9tó,OQO
9,325,000
L, 81$, 000
39,31(3.000
7,187,000
1,032,579,000
17,237,000
9,277,000
7,782,000
5,193,000
17l(,160,000
16,861,000
3,1(78,000
8,550,000
U,$05,ooo
29,1(23,000
11,81*1,201,000
§1,316,232,000
9,667,000
1,10(7,266,000
23,81*0,000
TREASURY DEPARTMENT
Washington
Press
No.
FOR RELEASE, M O R N I N G N E W S P A P E R S
Tuesday, D e c e m b e r 24, 1946.;
Service
S-I85
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the tenders
for $ 1 ,3 0 0 ,0 0 0 , 0 0 0
T r e a s u r y bills
M a r c h 27,
or thereabouts,
to be d a t e d D e c e m b e r
1947,
w h i c h w ere
o f f ered on D e c e m b e r
opened at the F e d e r a l R e s e r v e B a n k s
The de t a i l s
of this
Total a p p l i e d for Total a c c e p t e d
-
A v e rage p r ice
2 6 , 1946,
of 9 1 -day
and to m a t u r e
20,
1946,
were
on D e c e m b e r 2 3 .
issue are as follows:
$1,841,201,000
1 , 3 1 6 .,232,000 (includes $ 2 4 , 6 8 6 , 0 0 0
entered
on a f i x e d - p r i c e basis at
9 9 . 9 0 5 and a c c e p t e d in full)
9 9 .9 0 5 /
E q u i v a l e n t r ate of d i s c o u n t approx.
0.375$ pen a n n u m
Range of a c c e p t e d c o m p e t i t i v e bids:
H i g h « 9 9 ^ 9 0 7 E q u i v a l e n t rate of d i s c o u n t
L ow
- 99.905
M
n
(69
percent
approx.
S
0 .3 6 8 $
0 .3 7 6 $
per a n n u m
n
of the amount b id for at the low p r i c e was accepted)
Federal Reserve
Di s t r i c t
Total
A p p l i e d For
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
$
9 ,6 6 7 , 0 0 0
1,447,266,000
T o tal
Accepted
$
7 , 187,000
1 ,0 3 2 ,5 7 9 , 0 0 0
1 7 ,2 3 7 ,0 0 0
3.943.000
9.325.000
4.815.000
4,8
39,343,000
9.277.000
7 .7 8 2 . 0 0 0
5,193,000
174,160,000
1 6 ,8 6 1 , 0 0 0
3.478.000
8 .5 5 0 . 0 0 0
4,505,000
29,423,000
$1,841,201,000
$ 1 ,3 1 0 ,2 3 2 , 0 0 0
2 5 1 , 3 5 0 ,0 0 0
2 3 , 650,000
TOTAL
<1
- 3 -
s o ld , redeemed or otherwise disposed o f , and such T rills are excluded from
co n sid e ra tio n as c a p it a l a s s e t s .
A cco rd in g ly , the owner o f Treasury b i l l s
(other than l i f e insurance companies) issu ed hereunder need in clu d e in h is
income ta x retu rn only the d iffe r e n c e between the p ric e p aid fo r such b i l l s ,
whether on o r ig in a l issu e or on subsequent purchase, and the amount a c tu a lly
rece iv ed e ith e r upon s a le or redemption a t m aturity during the ta x a b le year
fo r which the retu rn i s made, as ordinary gain or l o s s .
Treasury Department C ir c u la r No. U l8 , as amended, and t h is n o tic e , pre
scrib e the terms o f the Treasury b i l l s and govern the co n d itio n s o f th e ir
is s u e .
Copies o f the c ir c u la r may be obtained from any F ed eral Reserve Bank
or Branch.
xxm
-
2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, follovring which public announcement vd.ll be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99»905> entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
January 2, 1947
The income derived from Treasury bills, vrhether 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
b2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section
J ||
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS>
Friday, December 27> 194&
25
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1.300.000.000 , or thereabouts, of
91 -day Treasury bills, to oe issued
¿ft*
on a discount basis under competitive and fixed-price bidding as Hereinafter
~ES~
provided.
The bills of this series will be dated
^arma-ry 9
1947____ > and
, when the face amount will be payable with-
will mature
A p riX ..3 jv194?..
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, two o ’clock p.m., Eastern Standard time, Monday, December 30, 1946«
25
Tenders will not be received at the Treasury Department, Tfeshington.
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
F O R RELEASE, M O R NING NEWSPAPERS,' .
F r i day, D e c e m b e r 27, 1946
Press Service
No. S-186
The S e c r e t a r y of the Treasury, by this public notice,
i n v ites tenders for $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or t hereabouts, of 9 1 - d a y
T r e a s u r y bills, to be i s s u e d on a d i s c o u n t basis under c o m p e
titive and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
The
b i lls of this series will be d a t e d J a n u a r y 2, 1947, and will
m a t u r e A p r i l . 3, 1947^ w h e n the face amount will b e - p a y a b l e
w i t h o u t interest.
T h e y will be i s s u e d in b e a r e r f o r m only,
and- in d e n o m i n a t i o n s of $1,000, \ $ S , 000,
$10,000,
$100,000,
$500,000, and $ 1 , 0 0 0 , 0 0 0 (ma t u r i t y value),
r|
HSJIi ¡171 : dy ■
■
■
■1
. ¡s
T e n d e r s will be r e c e i v e d at F e d e r a l R e s e r v e B a n k s and
^ r a n c h e s up to the closing hour, two o ' c l o c k p.m., E a s t e r n
S t a n d a r d time, Monday, D e c e m b e r 30, 1946.
Te n d e r s will not
be r e c e i v e d at the T r e a s u r y D e p a r t m e n t , W ashington.
Each
tender m u s t be for an even m u l t i p l e of $1,000, and the price
offered must
be e x p r e s s e d on the
basis of 100, w i t h not
m o r e than three decimals, e.g., 99.925.
F r a c t i o n s m a y no t be
used.
It is u r ged that tenders be m a d e on the printed forms
and f o r w a r d e d in the special env e l o p e s w h i c h will be supplied,
by F e d e r a l R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor,
T e n d e r s will be received, w i t h o u t d e p osit f rom i n c o r p o r a t e d
1«|nks and trust companies and f r o m r e s p o n s i b l e and r e c o g n i z e d
d e a l e r s in i n v e s t m e n t securities.
T e n d e r s f r o m others m u s t be
a c c o m p a n i e d by p a y ment of 2 p e rcent -of the fac e amount of
^ p e ^ s u r y b i lls a p p l i e d for, unless .the tenders are a c c o m p a n i e d
by' an express g u a r a n t y of p a y ment b y an incor p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f ter the closing hour, tenders will be o p e n e d
dt the F e d e r a l R e s e r v e B a n k s and B r a n c h e s , f o l l o w i n g w h i c h
public a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of the T r e a s u r y
of" the amou n t and price range of a c c epted bids.
Those s u b m i t t i n g
tenders will be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n thereof,.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the right to
accept or reject a ny or all tenders, in w h o l e or in part, and
his a c t i o n in a n y 3uch re s p e c t shall be final.
Subject :to these
res@hvat.ions,, tenders for $ 2 0 0 , C00 or less f r o m a n y one b i d d e r
at 9 9 * 9 0 5 e n t e r e d on a f i x e d - p r i c e basis will be accepted in full.
Payment' of a c c e p t e d tenders at the p r ices offered m u s t be m a d e or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k in cash or other I m m e d i a t e l y
a v a i l a b l e funds on J a n u a r y 2, 1947.
The income d e r i v e d f r o m T r e a s u r y hills, w h e t h e r interest
or g a i n f r o m the sale or other disposition..of the hills, shall
not have a n y exemption, as such,- A n d Ihss 'from the sale pr
other d i s p o s i t i o n of Treasury-.-MXi-s.~shaid-^nht hav e a n y special
treatment, as such, under F e d e r a l T ax Act s n o w or h e r e a f t e r
enacted.
The h i l l s shall he subject to estate, inheritance,
gjtft, or other e x c i s e taxes, w h e t h e r F e d e r a l or State, hut
shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r imposed on
the p r i n c i p a l or i n t e r e s t thereof by a n y State, or a ny of the
p o s s e s s i o n s of the U n i t e d States, or b y a n y local taxing
authority.
F o r p u r p o s e s of t a x a t i o n the a m o u n t of d i s count at
w h i c h T r e a s u r y b i lls are o r i g i n a l l y sold b y the U n i t e d States
shall be c o n s i d e r e d to be interest.
U n d e r Sec t i o n s 42 and
117(a)(1) of the I n t e r n a l R e v e n u e Code, as amended by,.Section
115 of the R e v e n u e Act of 1941, the amount of d i s count at
w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall not be considered
to a c c r u e - until such b i lls shall be sold, redeemed o r ^ o t & e r wlse d i s p o s e d of, and such b i l l s are excluded f rom c o n s i d e r a
tion as capital assets.
A c c o r d i n g l y , the owner of T r e a s u r y
b i l l s (other than life i n s u r a n c e companies) issued h e p e u n d e r
n e e d i n c l u d e in his income tax r e t u r n o n l y the d i f f e r e n c e b e
t w een the p r ice p a i d f or 3uch bills, w h e t h e r on o r i g i n a l 'issue
or on s ubsequent purchase, ''and the a m ount a c t u a l l y received
e i ther u pon sale or r e d e m p t i o n at m a t u r i t y during, the taxable
yea r for w h i c h the r e t u r n is made, as o r d i n a r y g a i n o# l.pss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, and
this notice, p r e s c r i b e the terms of the T r e a s u r y b i lls ^nd
g o v e r n the c o n d i t i o n s of t h e i r issue.
Copies of the oiraular
m a y be o b t a i n e d f r o m a n y ‘F e d e r a l R e s e r v e B a n k or B r a n c h .
0 O0
f
id
r ;;
:
vaaazessmsz
(jL~>
consideration is "being given to the adoption of amendments to
the regulations interpreting the Clifford and related decisions
of the Supreme Court*
In general, the amendments would "be
designed to permit greater flexibility in the administration of
family trusts without adverse income tax consequences to persons
creating them*
The Commissioner stated that consideration is
also being given to the question of making any such amendments
apply to the year 1946 as well as future years.
The present regulations were issued on December 29, 1945 and
contain specific rules for the application of the doctrines
announced by the Supreme Court in Helvering v< Clifford« (309 U, S,
331 and related cases.
The Commissioner stated that experience
with* the regulations during the past year indicates that, without
departing from the basic principles of those decisions, it may be
possible to revise certain aspects of the regulations to extend to
grantors more flexibility in the protection of the beneficiaries
of bona fide family trusts without running the risk of liability
for income tax on the trust income.
It is expected that a decision regarding the amendments under
consideration will be made in the near future.
Any revisions decided
upon will be published in the Federal Register with opportunity
afforded to interested persons to present their views under the
procedure established by the Administrative Procedure Act,
&
TREASURY- DEPARTMENT
Bureau of Internal Revenue
Washington
FOR IMMEDIATE RELEASE
Thursday* December 2$, 1946
Press Service
No. S-1Ö7
Commissioner of Internal Revenue
Joseph D - , Nunan, Jr.,
announced today that consideration is being given to the
adoption of amendments to the regulations interpreting ttug
Clifford and related decisions of the Supreme Courts
In g e n
eral* the amend'entà would be designed to permit greater
flexibility in the administration of family trusts without
adverse income tax consequences to persons creating them. The
Commissioner stated that consideration is also being given to
the question of making any- such amendments apply to the year
19^6 as well as future yeèrs.
The present regulations were issued on December 29, 1 9 /1 5 ,
and contain specific rules for the application of the doctrines
announced by the Supreme -Court in Helvering v. Clifford, 109
U* S* 331 and related cases.
The Commissioner stated that e x
perience with thé regulations during the past year indicates
that, without departing from the basic principles of those
decisions* it may be possible to revise certain aspects of'
the regulations to extend to grantors more flexibility in the
protection of the beneficiaries of bona fide family trusts
without running the risk nf liability for income tax on the
trust income.
It is expected that a decision regarding the amendments
un£er consideration will be made in the near future.
Any r e
visions decided upon will be published in the Federal Register
with Opportunity afforded to interested persons to present
their views under the procedure established by the Administra
tive Procedure Act.
0O0
m & s m f DiPAKfitm
Washington
fon £ffi£g¡DIAXS BE1MS&,
Press Service
T r id a ? »
,S — / &
'3 ® ® m é m g
27»
19h&
V
The Secretary of the Treasury today announced the subscription and
allotment figures with respect to the current offering of 7/8 percent
Treasury Certificates of Indebtedness of Series A-19U8*
Subscriptions and allotment# sere divided among the several Federal
Reserve d is tr ic ts and the Treasuzy as follow s t
Total Subscriptions
Received and A llotted
Federal Beserve
D istrict
|
Boston
Bow lorie
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Bausas C ity
111»,588,000
1,752,103,000
71.1110.000
81»,036,000
10.905.000
86.636.000
330.131.000
78.927.000
56.828.000
116.357.000
69,678,000
327,081»,000
francisco
Traasury
525,000
TOTAL
13,132,21»8,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Fri d a y , December 27, 1946
Press Service
No. S-188
The Secretary of the Treasury today announced the
subscription and allotment figures with respect to the
current offering of 7/8 percent Treasury Certificates of
Indebtedness of Series A -1948.
Subscriptions and allotments were divided among the
several Federal Reserve
Districts and t h e .Treasury as
follows:
Federal Reserve
Di strict
Total Subscriptions
Received and Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
114,588,000
1,752,413,000
71.140.000
84.036.000
4 3 .9 0 5 . 0 0 0
86.636.000
330,131,000
78.927.000
56.828.000
116,357,000
69 ,678,000
327,084,000
525,000
TOTAL
$3,132,248,000
0O0
fs m
m
a e
m
»mista« ten
*********Sostar teter ám em e te «
« n t e »
Se. j t tette MB»*»* «»» w m Os U c fw w lH «miceli,
i*tet4#aXI»
«a.O
T M
f n
m
A^
S
S t r t im
- l g
c
j
te «maral U m m
(W
fta Bhtaa, te» S» iteriate« fe*i Itela». smnrà
m**»*«*a e « w s » «nd «artel» arma N m feltrate« u n M ax« twág»
Sa* ¿trinc i m i t e t t e t M Iterar*» « t i t a iM te i t t a á i w t e r
ammnX
lítete« 80. S>* . w ¡ w r %
MisÉy M
«Imi ara » i t e
M
M
M
i*U*sXa<¡ t»
ara» M U M
te ite
m M M tratte ara*. 4 %
s * m r a l a i * « « » « te jwHI4 » « t r a t e i «MLafc
■
te te* «amrallar M
Aletea te 'M É M a# tea »ftuaite « m * mi?» mrafcte #Sas# tm m a
mateaaat «t (temasi. U m m m . » t eten tea* ateteate. m t
* W » tesi*
tte t tete« es SWiiMMtf ? , 1 9 0 . temragb te»
i « ® « « «f amarai U m m a», tè «fette
a m i temaaattem
r tte «U . team «ram m t teraLving ptttgmr^ mmáma. m # f te st te te .
u t « a r a , ram a«, W te jy tt, Ite g U r, p | te» p m r i M I i i m t t a f
tmrteiMi i# It a ly , iSm ¿*rj, teaaaia ate S a lg a ri* , | f | te» « o a a rttfite
m m W * f jte ra e » i l fe ite a ris te , I t o l M M t t e te» literateé
* W f » «ww»*«*» m t Im ítete 1» «te p » a J% U»mate «rate m
«te (é ) tte p ra m rV te « e rte !» te ra w ate tapanaa» ltei* i< ra * l* o d
« m t it e « te ra ra r la u te * m ite «ra
t» t i» perniate«» te
s w a
miiiig m . n é *
- * p j
W ÍH l-u m tJ3SÌeh*rd# im $
23/20/4&
/
;TREASURE DEPARTMENT
Washington
FOR R&LEASS, MORNING NEWSPAPERS
Wednesday, January 1, 1947.
Press Service
No# S-189
^Secretary Snyder today announced an amendment to General License
No. 53 which removes the remaining freezing control restrictions over
practically all persons in China, the Netherlands East Indies, French
Indo-China, Turkey, the. non-European colonies and territories of the
liberated countries and. certain areas whose blocked assets are insig
nificant. ^ Thè principal effect of today’s action is to unblock under
General License No. 53A property belonging to most residents of the
countries newly included in the generally licensed trade area. At
the^same time numerous general licenses and public circulars which
applied to various of the affected areas were revoked since the new
amendment of General License No. -53 renders them obsolete, ?This
action thus supplements that taken on December 7, ,1945, through the
issuance of General License No.' 94 which licensed current transactions
with all those areas not involving property blocked as of that date. .
.Treasury officials pointed out that, with the exception of certain
special controls relating to securities and currency, the blocking
controls in general now apply only to (a) the property of and current
transactions with (i) persons in Germany and Japan, and (ii) persons
in Spain, Sweden, Portugal, Tangier, (b) the pre-armistice assets of
persons in Italy, Hungary, Rumania and Bulgaria, (,c) the uncertified
assets of persons in Switzerland, Liechtenstein and the liberated
European countries not included in the generally licensed trade area,
and (d) the property of certain German and Japanese individuals and
entities wherever located which are subject to the provisions of
General Ruling No.'11A,'
r m
k s m
M
m
m
r n m
Washington
f m m SA SE , MOTOSO M
Tma&Wi
»
,
Pr*s» Serrice
Deossfoer 31 , I9k& *
s ~ /fo
?h# Seeretary of thè ITeasuiy announced last evening that thè t e n e r e far
$ 1 #300 #QOGp 000 , or thè resh onta, ®f ^.«àsy freasury bilie te be dated J a m & r y 2 #
n e t i m Aprii
ta
19tt7, ehich sere efferad on Decomber lf, I 9I46, mire opened et thè Fed
erai Eeeerve Banks co Becasrber 30«
thè datali* ©f this leene ere ee folleggi
Total applied fer « $2,892,$07,000
Total aceepted
Average priee
-
1,311,177»0OO
(includa» Ì19,<*0,OOQ entared m a fixadprioe baeie a t 99*905 and aecepted in fu ll)
- 99*90$/ Iquivalent rate o f discount appresa. 0.371$ per « »
Bangi of acceptad competitive bidet
81®k
lo *
* 99*907 Bquivalent rate of discount approx, 0.3ó£$ par annusi
* 99*905
•
*
»
«
»
0*376)1 »
«
(30 perceat of thè a&ount bid for at thè lev prie* was acceptad)
federai Reserve
Total
Applied fe r
Blstrict ______
Boston
Mear Torte
Atlanta
$
1,7W ,000
l,35l,2W »,000
12.965.000
8,065,000
3. 270.000
U ,310,000
Chicago
l»W?,li58,000
Hiiladelphia
Cleveland
Wdaoni
St* Louis
2. 500.000
6 . 155.000
1 7 . 615.000
2. 530.000
51.650.000
Minneapolis
Kansas City
San Francisco
TOOL
$2, 892, 507,000
Total
Acceptod
I
1,9ii5,000
W 7,?ià,000
5.965.000
3.165.000
2.220.000
it,000,000
332,253,000
1.520.000
2.655.000
8.865.000
1,830,000
18,750,000
$1,311,177,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 31» 1946_____
Press Service
No. S-I90
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 9 1 -day
r^ f ^ SUI,y bills to be dated January 2 , and to mature April 3 ,
19^7. which were offered on D e c e m b e r '2 7 , 1945, were opened
at the Federal Reserve Banks on December 30.
The details of this Issue
are as follows:
Total applied for - $2,892,507,000
Total accepted
- 1,311,177,000 (includes $19,040,000 entered
on a fixed-price basis at
99.905
and accepte
Average price
9 9 .903-/-Equiv. rate of discount approx. O'. 374$
per annum
Range of accepted competitive bids:
High - 9 9 . 9 0 7 Equiv. rate of discount approx. 0 .368$ per annum
It
II
M
|t
Low
- 99.905
"
0.376^
"
( 3 0 percent of the amount bid for
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
at the low price was accepted)
Total
Applied for
$
4,745,000
1.351.244.000
12.965.000
•8 ,0 6 5 , 0 0 0
3 .2 7 0 . 0 0 0
4 .3 1 0 . 0 0 0
1.427.458.000
2.500.000
6.155.000
$
1,945,000
427.944.000
5,965,0 ' 0 0
3.165.000
2,220, *000
4,060^000
8 3 2 .2 5 8 . 0 0 0
2.530.000
51.650.000
1.5203.000
2.655 . 0 0 0
8.865.000
1.830.000
1 8 , 7 50,000
$2,892,507,000
$1,311,177,£000
1 7 .6 1 5 . 0 0 0
TOTAL
Total
Accepted
0O0
NAME OF OFFICER CR EMPLOYEE
NAME OF CORPORATION
STATE
Nelson, Joseph D#
Nichol, Frederick W#
Nissman, Morris
The Andrew Jergens Company
International Business Machines Corporation
Joe Lowe Corporation
Ohio
New York
New York
Oakie, Jack
Oberon, Merle
Obici, A*
Ohrbaoh, Nathan M.
Olds, Irving S.
0*Neil, W.
Universal Piotures Company, Inc#
Universal Piotures Company, Inc#
Planters Nut and Chocolate Company
Ohrbaoh^, Inc.
United States Steel Corporation
The General Tire & Rubber Company
New York
New York
Virginia
New York
New York
Ohio
Palmer, D. R. G#
Parish, Richard L#
Peruzzi, M#
Phillips, E. S*
Prinoe, Roderick Henry
Prutzman, Charles D.
General Cable Corporation
American Flange & Mfg# Co#, Inc#
Planters Nut and Chocolate Company
Devoe & Reynolds Company, Inc#
Chicago Stock Yards Company
Universal Piotures Company, Inc#
New York
New York
Virginia
New York
Vermont
New York
Rentsohler, Gordon S#
Riordan, William 0*
Russell, Rosalind
Ruthenburg, Louis
The National City Bank o f New York
S t e m Brothers
Columbia Piotures Corporation
Servel, Inc#
New York
New York
New York
Indiana
Salinger, Alvin
Sanders, George
Schneider, Abraham
Schneierson, A. J.
Sohneier son, D# S#
Schneierson, S# S.
Scully, William A*
Sears, Gradvrell L.
Seidelman, Joseph H#
Seskis, I# J.
Simmons, John A#
Skakel, George
Stem, Joseph S,
The United States Shoe Corporation
Universal Piotures Company, Inc.
Columbia Piotures Corporation
I# Schneierson & Sons, Inc#
I# Schneierson & Sons, Inc#
I. Schneierson & Sons, Ino#
Universal Film Exchanges, Ino#
United Artists Corporation
Universal international Films, Inc#
Sohenley Distillers Corporation
Lanett Bleaohery and Dye Works
Great Lakes Carbon Corporation
The United States Shoe Coxporation
Ohio
New York
New York
New York
New York
New York
New York
New York
New York
New York
Massachusetts
Illinois
Ohio
Tobin, F# M#
Tone, Franchot
Tobin Packing Co., Ino#
Universal Piotures Company, Ino.
New York
New York
Van Upp, Virginia
Vidor, Charles
Voorhees, E. M#
Columbia Piotures Corporation
Columbia Pictures Corporation
United States Steel Corporation
New York
New York
New York
Waldburger, E. R. J#
Wallace, Andrew B#
Wanger, Walter
Ward, J* Carlton, Jr#
Watson, Thomas J#
Watts, Charles H#
Wilson, Kenneth
Woodworth, N# A.
Work, Clifford
Waldburger, Grant & Co., Ino#
Forbes & Wallace, Inc#
Universal Pictures Company, Inc.
Fairchild Engine and Airplane Corporation
International Business Machines Corporation
Beneficial Industrial Loan Corporation
Forstmann Woolen Co#
N# A. Woodworth Co.
Universal Pictures Company, Inc#
New York
Massachusetts
New York
New York
New York
Delaware
New Jersey
Michigan
New York
Chrysler Corporation
Michigan
Zeder, Fred M#
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Abbott, Bud and Lou Costello
Abrams, B*
Arakelian, Eddie K#
Dhiversal Pictures Company, Inc#
Emerson Radio & Phonograph Corp#
K# Arakelian, Inc#
New York
New York
California
Barkley, William J •
Bednar, A*
Beech, Walter H#
Beloher, F# J*, Jr#
Belither, S.
Bisohoff, Samuel
Blumberg, N# J#
Boyer, Charles
Brady, Win.* Gage, Jr#
Breech, Ernest R#
Briskin, Irving
Burgess, W. Randolph
Collins Radio Company
Lucian Q. Moffitt, Inc#
Beech Airorafb Corporation
J#D# and A#B# Spreckels Company
Shell Oil Company, Incorporated
Columbia Piotures Corporation
Universal Pictures Company, 3hc#
Columbia Piotures Corporation
The National City Bank of New York
Bendix Aviation Corporation
Columbia Piotures Corporation
The National City Bank of New York
Iowa
Ohio
Kansas
California
New York
New York
New York
New York
New York
Michigan
New York
New York
Carpenter, R# E#
Cheff, P# T#
Clark, Rensselaer W#
Coburn, Charles
Cohen, A# B#
Cohn, Harry
Cohn, Jack
Collins, Arthur A.
Coolidge, E# C#
Cowan, J# C#, Jr#
Cowdin, J# Cheever
Currie, D# A#
Spicer Manufacturing Corporation
Holland Furnace Company
Hayes Manufacturing Corporation
Columbia Piotures Corporation
The United States Shoe Corporation
Columbia Pictures Corporation
Columbia Piotures Corporation
Collins Radio Company
Crowe Name Plate & Manufacturing Co#
Burlington Mills Corporation
Universal Piotures Company, Inc#
Erie Foundry Company
Ohio
Michigan
Michigan
New York
Ohio
New York
New York
Iowa
Illinois
North Carolina
New York
Pennsylvania
Dabney, W# C#
Dana, C# A#
D u l l e r , Franklin
Donlevy, Brian
Douglas, Donald W#
Dunne, Irene
Durbin, Deanna
Devoe & Raynolds Company, Inc#
Spicer Manufacturing Corporation
The Prudential Insurance Company of America
Universal Pictures Company, Inc#
Douglas Aircraft Company, Ino#
Columbia Pictures Corporation
Universal Piotures Company, Ino*
New York
Ohio
New Jersey
New York
California
New York
New York
Emanuel, Victor
The Aviation Corporation
New York
Forstmann, Curt E*
Forstmann, Julius G#
Fraser, Alexander
Fruehauf, Harvey C#
Fruehauf, Roy A.
Forstmann Woolen Co#
Forstmann Woolen Co#
Shell Oil Company, Incorporated
Fruehauf Trailer Company
Fruehauf Trailer Company
New Jersey
New Jersey
New York
Michigan
Michigan
Garthwaite, A# A#
Geier, Ernest C.
Gibson, Charles J#
Gimbel, Bernard F#
Lee Rubber & Tire Corporation
The Duplan Corporation
Gibson Refrigerator Company
Gimbel Brothers, Ino#
Pennsylvania
New York
Michigan
New York
Hall, A1
Hayworth, Rita
Heintz, Ralph M#
Hinshaw, Ezra B#
Huber, Phil
Hutchinson, B# E#
Columbia Piotures Corporation
Columbia Piotures Corporation
Jack & Heintz, Ino#
C# C# Anderson Stores Company
Ex-Cell-0 Corporation
Chrysler Corporation
New York
New York
Ohio
New York
Michigan
Michigan
Jack, Win# R#
Jack, Wm* S#
Jackson, Felix
Jacobi, Lester E#
Jacobs, George B#
Jergens, Andrew
Jones, W# Alton
Jack & Heintz, Ino#
Jack & Heintz, Inc#
Universal Piotures Company, Ino#
Sohenley Distillers Corporation
The Ro liman & Sons Company
The Andrew Jergens Company
Cities Servioe Company
Ohio
Ohio
New York
New York
New York
Ohio
New York
Keleske, Paul
Keller, K. T.
Kent, Hervey
Kiefer, Carl J#
Klopman, William
Korda, Zaltan
Wisconsin Screw Company
Chrysler Corporation
Exeter Manufacturing Co#
Schenley Distillers Corporation
Burlington Mills Corporation
Columbia Piotures Corporation
Wisconsin
Michigan
New Hampshire
New York
North Carolina
New York
Laughton, Charles
L&wrenz, Otto B.
LeBoutillier, Philip
Leonard, Russell H#
Love, J# Spencer
Universal Pictures Company, Inc#
Peerless Tool & Engineering Co#
Best & Co., Ino#
Pepperell Manufacturing Company
Burlington Mills Corporation
New York
Illinois
New York
Massachusetts
North Carolina
Mabie, E# L#
Mo Andrews, R# A*
Miller, N# L«
Montague, Abraham
Mueller, T# H.
Muni, Paul
Crowe Name Plate & Manufacturing Co#
Holland Furnace Company
United States Steel Corporation
Columbia Pictures Corporation
Julius Kayser & Co#
Columbia Piotures Corporation
Illinois
Michigan
New York
New York
New York
New York
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
VIRGINIA
PLANTERS NUT AND CHOCOLATE COMPANY
Obici, A*
Peruzzi, M.
9/30A5
5,000,04 217,599.96
7,500.00 88,100.00
400.00
400.00
223,000.00
96,000.00
VERMONT
CHICAGO STOCK YARDS COMPANY
Prince, Frederick Henry
12 /3 1M
100,000.00
100,000.00
90,665.16
90,685.16
WISCONSIN
WISCONSIN SCREW COMPANY
Keleske, Paul
11/30A ?
CALENDAR
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
OR FISCAL
YEAR ENDED
OTHER
SALARY
COMMISSION
BONUS
COMPENSATION
TOTAL
NEW YORK
THE ROLLMAN & SONS COMPANY
Jacobs, George B«
I. SCHNEPERSON & SONS, INC*
Schneierson, A. J*
Schneierson, D* S*
Schneierson, S* S*
SCHENLEY DISTILLERS CORPORATION
Jacobi, Lester E*
Kiefer, Carl J*
Seskis, I* J*
SHELL OIL COMPANY, INCORPORATED
Belither, S*
Fraser, Alexander
STERN BROTHERS
Riordan, William O*
TOBIN PACKING CO., INC.
Tobin, F. M»
UNITED ARTISTS CORPORATION
Sears, Gradwell L«
UNITED STATES STEEL CORPORATION
Miller, N« L.
Olds, Irving S*
--- ^ V o o rfe.ees, E« M.
UNIVERSAL FILM EXCHANGES, INC.
Scully, William A.
UNIVERSAL INTERNATIONAL FILMS, INC.
Seidelman, Joseph H.
UNIVERSAL PICTURES COMPANY, INC.
Abbott, Bud and Lou Costello
^/BÏumberg, N* J.
Y/% Cowdin, J* Cheever
/
Donlevy, Brian
Durbin, Deanna
Jackson, Felix
Laughton, Charles
Oakie, Jack
Oberon, Merle
Prutzman, Charles D.
Sanders, George
Tone, Franchot
Wanger, Walter
Work, Clifford
WALDBURGER, GRANT & CO., INC.
Waldburger, E* R« J*
l/31/2*5
18, 000.00
57,783.68
75, 783.68
37,500.00
37, 500.00
52*,000.00
*1,895.25
*1,895.25
53, 570.99
79,395.25
79,395.25
107, 570.99
7/31/2*5
8/31/2*5
75.320.00
90.100.00
90,300.00
12/31/24*
60,000.00
70,000.00
30,000.00
30,000.00
50,000.00
25,000.00
65,000.00
90,000.00
90,000.00
100,000.00
1/31/2*5
120.00
75,120.00
11/30/2*5
155,000.00
12/31/ljl*
130,000.00
9, 537**5 139, 537.2*5
80, 000.00
100, 000.08
100, 000.08
5,300.00 85,300.00
6,200.00 106,200.08
5,900.00 105,900.08
92, 750.00
92,750.00
76,850.00
76,850.00
286,166.65
119, 250.00
119, 250.00
93,750.00
195.750.00
102,375.00
116,666.65
150,000.00
170,000.00
76, 850.00
82, 666.66
150,000.00
90,000.00
106,000.00
183,003.95 2*^,170.60
115, 37* .0* 234,624.04
115,37*. 0* 232*, 622*. oi*
93,750.00
11* ,978.93 310,728.93
12,500.00
114,875^)0
116,666.65
150,000.00
170,000.00
57,3*2.72 134,192.72
82, 666.66
150,000.00
211,127.82 301, 127.82
57,3*2.72 163, 32*2.72
12/31/2*2*
10/31/2*5
10/31/2*5
10/31/2*5
10/3l/i*5
22,500.00
7* , 585.28
97, 085.28
NORTH CAROLINA
BURLINGTON MILLS CORPORATION
Cowan, J. C., Jr*
Klopman, William
Love, J* Spencer
9/30/2*5
29,500.00
*6.399.98
52, 554.49
100,000.00
55,000.00
82,054.2*9
100,000.00
101,399.98
5,000.00
5,000.00
250,000.00
250,000.00
255,000.00
255,000.00
OHIO
THE ANDREW JBRGENS COMPANY
Jergens, Andrew
Nelson, Joseph D«
THE GENERAL TIRE & RUBBER COMPANY
0»Neil, W.
JACK & HEINTZ, INC.
Heintz, Ralph M.
Jack, Wm. R.
Jack, Wm. S.
LUCIAN Q. MOFFITT, INC.
Bednar, A.
SPICER MANUFACTURING CORPORATION
Carpenter, R. E.
Dana, C« A.
TEE UNITED STATES SHOE CORPORATION
Cohen, A. B.
Salinger, Alvin
S t e m , Joseph S.
11/30A5
11/30A 5
10/31A5
12/31A*
8/31A5
11/30A5
10,000.00
87,000.00
97,000.00
125,000.00
100,000.00
125,000.00
125,000.00
100,000.00
125,000.00
4,650.00
80,527.70
85,177.70
36,000.00
100,000.00
63,250.00
99,250.00
100,000.00
50,000.00
50,000.00
50,000.00
29,397.**
29,397.**
29,397.**
79.397.**
79. 397.**
79, 397.**
PENNSYLVANIA
ERIE FOUNDRY COMPANY
Currie, D* A,
LEE RUBBER & TIRE C(HPORATION
Garthwaite, A* A.
6/30/2*5
1
10/31/2*5
34,019.16
55, 000.00
62,0*6.30 *9,769.72
A5.835.18
21, 892. 6*
76,892.6*
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
OTHER
COMPEN
SATION
BONUS
TOTAL
MICHIGAN
HAYES MANUFACTURING CORPORATION
Clark, Rensselaer W.
HOLLAND FURNACE COMPANY
Cheff, P. T.
McAndrews, R. A.
N. A. WOODWORTH CO.
Woodworth, N« A.
9/30A5
12/31/44
23, 750.02
30,000.00
11/30A s
96, 881.46
82,072.11
1,740.00 107, 562.13
63,700.00
93,700.00
96,881 .£¿6
90,000.00
NEW HAMPSHIRE
9/3° A 5
EXETER MANUFACTURING CO.
Kent, Hervey
NEW JERSEY
16, 000.00
60,000.00
76,000.00
146,884.96
73,442.48
73,442.48
1, 200.00 173,084.96
900.00 89, 3i|2.1|8
1,200.00 89, 642.48
•-
FORSTMANN WOOLEN CO.
Forstmann, Curt E.
Forstmann, Julius G.
Wilson, Kenneth
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
D'Olier, Eranklin
11/30A 5
12/31 A 4
25,000.00
15,000.00
15,000.00
99,999.96
99,999.96
•
NEW YORK
AMERICAN FLANGE & MFG. CO., INC.
Parish, Richard L.
C.C. ANDERSON STORES COMPANY
Hinshaw, Ezra B.
THE AVIATION CORPORATI®
Emanuel, Victor
BEST & CO., INC.
LeBoutillier, Philip
CITIES SERVICE COMPANY
Jones, W. Alton
COLUMBIA PICTURES CORPORATION
Bischoff, Samuel
Boyer, Charles
Briskin, Irving
Coburn, Charles
Cohn, Harry
Cohn Jack
Dunne, Irene
Hall, Al
Hayworth, Rita
Korda, Zaltan
Montague, Abraham
Muni, Paul
'~N5ussell, Rosalind
Schneider, Abraham
Van Upp, Virginia
Vidor, Charles
DEVGE & RAYNOLDS COMPANY, INC.
Dabney, W. C.
Phillips, E. S.
THE DUPLAN CORPORATION
Geier, Ernest C.
EMERSON RADIO & PHONOGRAPH CORP.
Abrams, B.
FAIRCHILD ENGINE AND AIRPLANE CORPORATION
Ward, J. Carlton, Jr.
GENERAL CABLE CORPORATION
Palmer, D. R. G.
GIMBEL BROTHERS, INC.
Gimbel, Bernard F.
INTERNATIONAL BUSINESS MACHINES CORPORATION
Nichol, Frederick W.
Watson, Thomas J •
11/30A 5
1/31A 5
11/30A5
1/ 31A 5
12/31A4
6/30A5
11/30A5
5/ 31A 5
10/31A5
12/31/44
12/ 31/44
1/31A 5
12/3 iA 4
124,992.92
124,992.92
62,110.67
15,000.00
77, 110.67
90,000.00
90 ,0 0 0 .0 0
65,000.00
50,000.00
650.00 115,650.00
240.00
150,000.00
150 ,2 40 .00
75.250.00
160,000.00
79, 291.67
88, 333.33
75,250.00
160, 000.00
79,291.67
88,333.33
263,000.00
130,250.00
245,000.00
124, 291.67
110, 708.33
77, 500.00
78, 000.00
127,083.33
100, 000.00
88,400.00
118, 833.33
107,500.00
15,900.00 278 ,900.00
10,400.00 140,
650.00
245,000.00
124, 291.67
110 ,7 0 8 .3 3
77. 500.00
78 ,000.00
127. 083.33
100 ,0 0 0 .0 0
88.400.00
118. 833.33
107,500.00
36,000.00
49,999.92
42,330.12
51,736.81
78.330.12
101,736.73
48, 000.00
42,500.00
90.500.00
50,577.55
30,434.60
81.012.13
600.00 124,502.26
123,902.26
30,000.00
60,000.00
100,000.00
90,000.00
100,000.00
100, 000.00
100, 000.00
16,600.00
5,331.00 121.931.00
325,548.94 425, 548.94
The above compensations are not inclusive of amounts paid as
directors* fees.
JOE LOWE CORPORATION
Nissman, Morris
JULIUS KAYSER & CO.
__ Mushier j T. H.
THE NATIONAL CITY BANK OF NEW YORK
Brady, Win. Gage., Jr.
Burgess, W. Randolph
Rentschler, Gordon S.
OHRBACH*S, INC.
Ohrbach, Nathan M.
11/30A5
6/30A 5
12/31/44
7/31A5
123,711.13
123,711.13
37,500.00
66,318.07
103,818.07
99, 999.84
79,999.92
124, 999.92
4,740.00 104,739.84
4,000.00 83,999.92
4,200.00 129,199.92
100, 000.00
100,000.00
♦
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR EES CAL
YEAR ENDED
OTHER
SALARY
COMMISSION
BONUS
COMPEN
TOTAL
SATION
CALIFORNIA
K. ARAKELIAN, INC*
Arakelian, Eddie K#
DOUGLAS AIRCRAFT COMPANY, INC.
Douglas, Donald W*
J.D. AND A.B. SPRECKELS COMPANY
Beloher, F. J., Jr*
6/50A 5
81,245-86
11/30A 5
5,000.00
86,245.86
116,000.00
24.00.00
12/31/kk
18,750.00
7 5 ,000.00
116 ,4 0 0 .0 0
9 3 ,75 0 .0 0
DELAWARE
BENEFICIAL INDUSTRIAL LOAN CORPORATION
Watts, Charles H.
12/31/bk
90 ,630 .21.5
1,000.00
91,630.45
ILLINOIS
CROWE NAME PLATE & MANUFACTURING CO.
Coolidge, E* C.
12/31/44
Mabie, E. L.
2 5 ,000.00
65 ,263.42
90.263.42
10 ,000.00
24,708.21*
65 ,263.42
75.263.42
2 4 , 708 . 21 *
♦The bonus paid and accrued is based upon net profits for 1944- Amounts
shown as accrued represent a portion of the bonus withheld, pursuant to
agreement, pending final determination of profits for the year through
renegotiation. Past experience indicates that these amounts will never
actually be paid.
GREAT LAKES CARBON CORPORATION
Skakel, George
PEERLESS TOOL & ENGINEERING CO.
Lawrenz, Otto B.
10/31A5
5/51A5
75.000.
00
40.000.
00
115.000.
00
50.000.
00
72.000.
00
122.000.
00
60.000.
20
27,500.00
• ™IANA
10/31A5
SERVEL, INC.
Ruthenburg, Louis
1,200.00
88,700.20
99,999.84
81,999.64
150.00
275.00
100,149.84
82,274.84
40 ,000.08
41,710.04
81, 710.12
IOWA
7/31A 5
COLLINS RADIO COMPANY
Barkley, William J.
Collins, Arthur A.
KANSAS
BEECH AIRCRAFT CORPORATION
Beech, Walter H.
9/30A5
MASSACHUSETTS
FORBES & WALLACE, INC.
Wallace, Andrew B.
LANETT BLEACHERY AND DYE WORKS
Simmons, John A.
PEPPERELL MANUFACTURING COMPANY
Leonard, Russell H.
1/31A 5
3 5 .000 .
00
25 .000 .
00
59,634.98
84,634.98
60 .000 .
00
40,000.00
100 ,0 0 0 .0 0
43,581.45
78,581.45
8/31A 5
6/30A 5
MICHIGAN
BENDIX AVIATION CORPORATION
Breech, Ernest R.
9/30A s
79,999.92*
79,999.92
♦Exclusive of Bonus in process of allocation.
CHRYSLER CORPORATION
Hutchinson, B. E.
Keller, K. T.
Zeder, Fred M.
12/31A4
90,000.00
850.00
950.00
500.00
100 ,0 0 0 .0 0
85,000.00
90.850.00
100.950.00
85.500.00
The amounts shown above do not include any part of the payments by
Chrysler Corporation in 1944 "ho Executive Chrysler Management Trusts
EX-CELL-0 CORPORATION
Huber, Phil
FRUEHAUF TRAILER COMPANY
Fruehauf, Harvey C.
Fruehauf, Roy A.
GIBSON REFRIGERATOR COMPANY
Gibson, Charles J.
11/30A5
12/31/44
7/31A5
26,400.00
98,600.00
125.000.00
67,596.20
33,615.46
30,000.00
45,000.00
97,596.20
78,615.1*6
100, 000.00
15,000.00
115,000.00
SUPPLEMENTAL
#1
REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF 175,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR 1 9 ^ AND FISCAL
YEARS ENDED IN 191j5*
T R E A S U R Y DEPARTM ENT
WASHINGTON 25
OFFICE OF
COMMISSIONER OF INTERNAL REVENUE
ADDRESS REPLY TO
COMMISSIONER OF INTERNAL REVENUS
A N D REFER TO
IT:Reo:AED
DEC 30 1946
MEMORANDUM for Mr* Charles P» Shaeffer
Director of Public Relations
Treasury Department
There is transmitted a supplemental report of payments of
salary, commission, bonus or other compensation paid in excess of
#75,000*00 compiled from income tax returns, schedule P-1, filed
for the calendar year 1944 and fiscal years ended in 1945.
TREASURY DEPARTMENT
fas hingt on
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, January 8, 1947»_____
Press Service
.' No. S-191
Secretary Snyder today made public, in accordance vdth a provision of the
Internal Revenue Code, a supplemental list of individuals receiving from corpo
rations compensation for personal services in excess of $75,000 for the calendar
year 1944- and fiscal years ending in 1945?
The Secretary of the Treasury is, required by Section 14B (f) of the Code,
as amended by Section 407 of the Revenue Act of 1939, to make public the names
of such individuals as were reported by employing corporations in their income
tax returns. The list compiled shows the amounts paid to officers and employees
by reporting corporations in th© form of salary, commission, bonus or other com
pensation for personal services.
Section 14S (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 Cbmmissioner -with the approval of the Secretary,
every corporation subject to taxation under this chapter shall, in
its return, submit a list of the names of all officers and employees
of such corporation and the respective amounts paid to them during
the taxable year of the corporation by the corporation as salary,
commission, bonus, or other compensation for personal services
rendered, if the aggregate amount so paid to the individual is in
excess of $75,000.
“The Secretary shall compile from the returns made a list con
taining the names of, and the amounts paid to, each such officer
and employee and the name of the paying corporation and shall make
such list available to the public* It shall be unlawful for any
person to sell, offer for sale, or circulate, for any consideration
whatsoever, any copy or reproduction of any list, or part thereof,
authorized to be made public by this Act or by any prior Act,
relating to the publication of information derived from income tax
returns; and any offense.against the foregoing provision shall be
a misdemeanor and be punished by a fine not exceeding $1,000 or by
imprisonment not exceeding one year, or both, at the discretion of
the court? Provided, that nothing in this sentence shall be con
strued to be applicable with respect to any newspaper, or other
periodical publication entitled to admission to the mails as secondclass matter.”
The names of the corporations and of the officers and employees who re
ceived compensation in excess of $75,000, as reported to the Secretary by the
Bureau of Internal Revenue, are as follows:
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL- YEAR
ENDED
SALARY
COMISSION
BONUS
gl,21+5*26'
5,000.00
OTHER
COMPEN
SATION
TOTAL
CALIFORNIA
K. ARAKELIAN, INC.
Arakelian, Eddie K.
DOUGLAS AIRCRAFT COMPANY, INC.
Douglas, Donald W.
J. D. AND A. B. SPRECKELS COMPANY
Belcher, F. J. , Jr»
6/30/H5
26,2ll5.26
H / 30,/^5
1 1 6 ,0 0 0 .0 0
i+oo.oo
1 1 6 ,1+0 0 .0 0
12/31/kk
12,750.00
75»ooo.oo
9 3 ,7 5 0 .0 0
DELAWARE
BENEFICIAL INDUSTRIAL LOAN CORPORATION
Watts, Charles H.
I2 /3 Iß k
1,000.00
9 0 ,6 3 0 ,1+5
9 1 ,6 3 0 .4 5
ILLINOIS
CROWE NAME PLATE & MANUFACTURING CO.
Ccolidge,. E. C*
I 2 /3 I fkk
Mahie, E. L.
2 5 .0 0 0 .
00
1 0 .0 0 0 .
00
6 5 *263.112
2l+,702.21*
6 5 ,2 6 3 .1+2
90,2 6 3 ^ 2
7 5 ,2 6 3 ,1+2
2*+,702. 21*
*
The "bonus paid and accrued is "based upon net profits for 19 I+I+* Amounts shown as accrued represent a portion of
the "bonus withheld, pursuant to agreement, pending final determination of profits for the year through renegotiation
Past experience indicates that these amounts will never actually "be paid.
GREAT LAKES CARBON CORPORATION
Skakel, George
PEERLESS TOOL & ENGINEERING CO.
Lawrenz, Otto B»-
IO/ 3 1 /U5
75,000.00
1+0 ,0 0 0 ,0 0
1 1 5 ,0 0 0 .0 0
50,000.00
72, 000.00
122 000.00
5 /3 1 /U5
,
NAME GF CORPORATION
AND OFFICERS OR
EMPLOYEES
INDIANA
SERVER, INC.
Ruthenburg, Louis
IONA
COLLINS RADIO COMPANY
Barkley, William J*
Collins, Arthur A.
KANSAS
BEECH AIRCRAFT CORPORATION
Beech, Walter H.
MASSACHUSETTS
EORBES & WALLACE, INC.
Wallace, Andrew B*
LANETT BLEACHERY A ND.DYE WORKS
Simmons, John A*
PEPPERELL MA1ETFACTURI NO COMPANY
Leonard, Russell H.
MICHIGAN
BEFDIX AVIATION CORPORATION
Breech, Ernest R.
^Exclusive of Bonus in process of allocation
-
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
k
-
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
'MICHIGAN (Cont.)
12/31/^4
CHRYSLER CORPORATION
Hutchinson, B* E,
Keller, K. T*
Eeder, Fred M.
850.00
950.00
500.00
9 0 ,000.00
100 ,000.00
8 5 ,000.00
The amounts shown above do not include any part of the payments by
Chrysler Corporation in l ÿ w to Executive Chrysler Management Trust.
EX-CELL-0 CORPORATION
Huber, Phil
FRUEHAUF TRAILER COMPANY
Fruehauf, Harvey 0.
Fruehauf, Roy A.
GIBSON REFRIGERATOR COMPANY
Gibson, Charles J.
HAYES KANuFACTURI 1IG CORPORATION
Clark, Rensselaer W.
HOLLAND FURNACE COMPANY
Cheff, P. T.
McAndrews, R. A,
N. A. WOODWORTH COMPANY
Woodworth, Nv A*
90 ,850.00
100 ,950.00
8 5 ,500.00
-
II/3 0 /U5
26 ,^00.00
98 ,600.00
12 5 *000.00
67,596.20
3 3 *615 .^6
30 ,000.00
45,000.00
9 7 ,596.20
100 ,000.00
1 5 ,000.00
1 1 5 ,000.00
2 3 ,750 .0 2
82 ,0 7 2 .1 1
12 /3 1 fhk
78,615^6
7/33-/1+5
9/30/14-5
12/31/kk
3 0 ,000.00
63,700.00
9 6 ,881.^6
1 ,7 ^0.00
1 0 7 ,56 2 ,13
93,700.00
96 ,881 .k&
H / 3 0 /^ 5
90 ,000,00
NEW HAMPSHIRE
EXETER MANUFACTURING COMPANY
Kent, Hervey
9/30 M
1 6 ,000.00
60 ,000.00
7 6 ,000.00
- 5 9
NAME OP CORPORATION
AND OPPIGEES OR
EMPLOYEES
other
CALENDAR OR
PISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
COMPEN
SATION
ih6 ,88 h . 96
73,hh2.hs
7 3 ,hh2 „h8
1 ,200.00
900.00
1 ,200.00
TOTAL
i
NEW JERSEY
1 1 /3 0 /I+5
PDRSTMANN WOOLEN CO.
Porstmann, Curt E.
Porstmann, Julius G,
Wilson, Kenneth
THE PRUDENTIAL INSURANCE CO. OP AMERICA 12/31/44
D 1 0lier, Pranklin
■
25 ,000.00
1 5 ,000.00
1 5 ,000.00
1 7 3 ,08^,96
S 9 ,3 h2.hs
S 9 ,6 h2.h8
99 .999.96
99 ,999.96
12^,992.92
12 h.992.92
\
NEW YORK
AMERICAN PIANGE & MPG. CO., INC.
Pari sh, Ri chard L.
0. C. ANDERSON STORES COMPANY
Hinshaw, Ezra B.
THE AVIATION CORPORATION
Emanuel, Victor
BEST & CO,r INC.
LeBoutillier, Philip
CITIES SERVICE COMPANY
Jones, W. Alton
COLUMBIA PICTURES CORPORATION
Bischoff, Samuel
Boyer, Charles
B r i skin, Irving
Cohurn, Charles
Cohn, Harry
Cchn, Jack
Dunne, Irene
Hall, Al
Hayworth, Rita
Korda, Zaltan
Montague, Abraham
Muni, Paul
U/jO/lfS
1/31/1+5
1 5 ,0 0 0 .0 0
7 7 ,110*67 ■
62 ,110 .6 7
n/30/h5
9 0 ,000.00
9 0 ,0 0 0 .0 0
1/31/1*5
50 ,000.00
65 ,000*00
65 O.OO
1 1 5 ,650.00
2ho.oo
i50 ,2 ho*oo
1 2 /3 1 /hh
150 ,000.00
6 /3 0 /U5
7 5 ,250.00
160 ,000.00
7 9 ,291.67
75,250.00
160 ,000»00
7 9 .2 9 1.6 7
8 8 ,3 3 3 . 3 3
263 ,000.00
1 3 0 ,250.00
2^ 5 ,000.00
12^,291.67
1 1 0 ,70 2 .3 3
77,500.00
7 8 ,000.00
127,083.33
1 5 ,900.-00
io,hoo.oo
88,333.33
2 73 ,900.00
iho,650*00
2h5 .000.00 ■
12 h.291.67
110,708.33
7 7 ,500.00
7 8 ,000.00
127,083.33
-
6
-
m
HAMS 0J‘ CORPORATION
AND OEEICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDEL
SALARY
COMMISSION
BONUS
OTHER
COMPENSAT ION
TOTAL
NEW YORK (Cont.)
COLUMBIA PICTURES CORPORATION (Cont.)
Russell, Rosalind
Schneider, Abraham
Van Upp, Virginia
Vidor, Charles
DEVOS & RAYNOLDS COMPANY, INC.
Dabney, W. C.
Phillips, E. S.
THE DUPLAN CORPORATION
Geier, Ernest C.
EMERSON RADIO & PHONOGRAPH CORP.
Abrams, B.
FA.IRGHILD ENGINE AND AIRPLANE CORP.
Ward, J. Carlton, Jr.
GENERAL CABLE CORPORATION
Palmer, D. R. G.
GIMBEL BROTHERS, INC.
Gimbel, Bernard P.
INTERNATIONAL BUSINESS MACHINES CORP.
Nichol, Frederick W.
Watson, Thomas J,
6 /30/45
100,000.00
88,400.00
118,833.33
1 0 7 ,500.00
100,000.00
88,400.00
1 18 ,8 3 3 .3 3
1 0 7 ,500.00
II/3 O /45
36 ,000.00
5 /3 1 /U5
^9,999*92
42,330.12
5 1 .736 .s1
78,330.12
10 1 ,736*73
48,000.00
42,500.00
90 ,500.00
50 ,5 7 7 .5 3
30 ,434.60
81,012.13
IO/3 1/4 5
12/31/44
600.00
1 2 3 ,502.26
124 ,502.26
12/31/44
1 /3 1 /U5
6 0 ,000.00
90 ,000.00
30 ,000.00
100,000.00
100,000.00
I2 /3 I /44
16 ,600 *00
100,000.00
100,000.00
5»33l.OO
325,548.94
12 1 ,931.00
425,548.94
The above compensations are not inclusive of amounts paid as directors’ fees.
OE LOWE CORPORATION
Hi ssman , Morris
TJLIUS KAISER & CO.
Mueller, T. H.
II/30/U5
123,711.13
123,711-13
6/30/45
37,500.00
66 ,318 .0 7
103,818.07
- 7 NAME OF CORPORATION
AND OFFICERS OR
EM?L 0Y ES S
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMIS SI 0!
BONUS
OTHER
COMPEN
SATION
TOTAL
T O YORK (Cont.)
THE NATIONAL CITY BARE OF T O YORK
Brady, Win* Gage, Jr.
Burgess, W. Randolph
Rentschler, Gordon S.
OHRBACE* S, INC,
Ohrbaeh, Nathan M.
THE ROLLMÄN & SONS COMPANY
Jacobs, George B.
I. SCHNEIERSON & SONS, INC*
Schneierson, A. J*
Schneierson, B. S.
Schneierson, S. S.
SCHENLEY DISTILLERS CORPORATION
Jacobi, Lester E.
Kiefer, Carl J,
Seskis, I, J.
SHELL CIL COMPANY, INCORPORATED
Belither, S.
Fraser, Alexander
STERN BROTHERS
Riordan, William 0.
TOBIN PACKING CO. , INC.
Tobin, F, M.
UNITED ARTISTS CORPORATION
Sears, Gradwell L,
JNITED STATES STEEL CORPORATION
Miller, N. L.
Olds, Irving S.
Yoorhees, E. M.
1 2 /3 1 /4 4
9 9 »9° 9 .2 4
7 9 . 9 9 9 -9 2
1 2 4 ,9 9 9 .9 2
4.740.00
4 ,000.00
4 .200.00
104,739.84
2 3 .999.92
129 .199.92
7 /3 1 /4 5
1 0 0 , 0 0 0 .0 0
100,000.00
1 /3 1 /4 5
7 / 3 i /^5
I S , 0 0 0 .0 0
57,783.6s
75,723*68
3 7 . 5 0 0 .0 0
3 7 .5 0 0 .0 0
5 4 ,0 0 0 .0 0
ta.g95.25
ta.g95.25
5 3 ,570.99
7 9 .395.25
7 9 .395.25
1 0 7 ,570.99
8 /3 1 /4 5
7 5 .320.00
90.100.00
90 ,300.00
I2 / 3 I / U U
6 0 .0 0 0 .
7 0 .0 0 0 .
00
00
30 .000 .
3 0 .000 .
1 / 31/45
5 0 ,0 0 0 .0 0
25 ,000.00
6 5 ,0 0 0 .0 0
90 ,000.00
90 ,000.00
10 0 ,000.00
00
00
120.00
7 5 ,120.00
H /3 O /4 5
1 2 / 31/44
1 5 5 ,000.00
1 3 0 ,0 0 0 .0 0
9,537.45
139 .5 3 7.^ 5
s o , 0 0 0 .0 0
1 0 0 .0 0 0 .
100. 000.
5 .300.00
6 .200.00
5 .900.00
8 5 ,300.00
106 .200.08
105 .900.08
1 2 / 31/44
0s
08
NAME OP CORPORATION
AIJD OFFI CSSS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENBEB
SALARY
COMMISSION
BONUS
OTHER
COMPENSAT ION
TOTAL
M W YORK (Cont.)
UNIVERSAL. FILM EXCHANGES, INC.,
Scully, ¥illiam A*
UNIVERSAL'INTERNATIONAL FILMS, INC*
Seldelman, Joseph H.
UNIVERSAL PICTURES COMPANY, INC.
Abbott, Bud and Lou Costello
Blumberg, N. J.
Cowdin, J. Cheever
Bonlevy, Brian
Burt)in, Be anna
Jackson, Felix
Laughton, Charles
Oakie, Jack
Oberon, Merle
Prutzman, Charles B.
Sanders, George
Tone, Francho.t
¥anger, Valter
¥ork, Clifford
UALBBURGER, GRANT & CO., INC*
¥aldburger., E. R. J.
9 2 , 750*00
76,850.00
183, 0 0 3 .9 5
11 5 ,3 71*. oi*
1 1 5 , 371*. ok
2 8 6 .1 6 6 .6 5
119,250.00
1 1 9 , 2 5 0 .0 0
9 3 >750.0 0
1 9 5 , 750*00
102,375*00
1 1 6 .6 6 6 .6 5
1 5 0 . 0 0 0 . 06
170.000. 00
7 6 .8 5 0 .0 0
8 2 , 6 6 6 .6 6
1 5 0 . 0 0 0 . 00
9 0 ,0 0 0 .0 0
1 0 6 .0 0 0 . 00
i l l * , 9 7 8 .9 7
1 2 ,5 0 0 .0 0
5 7 , 3^2 .7 2
2 1 1 ,1 2 7 .2 2
5 7 ,3 ^ 2 .7 2
10/31/1*5
2 2 .5 0 0 .0 0
1*6 9 , 1 70.60
23^,6 2I+-0U
23^,62^.01*
9 3 ,7 5 0 .0 0
3 1 0 ,7 2 8 .9 3
l i U , 875*00
1 1 6 ,6 6 6 .6 5
1 5 0 .0 0 0 . 00
170 .000 . 00
13U,192*72
82,666^66
1 5 0 ,0 0 0 .0 0
3 0 1 ,1 2 7 .2 2
1 6 3 ,3 ^ 2 .7 2
97, 0 8 5 .2 8
7^ , 525*
NORTE CAROLINA
BURLINGTON MILLS CORPORATION
Cowan, J. C. , Jr*
Klopman, William
Love, J« Spencer
9 / 3 0 / 1*5
2 9 ,5 0 0 .0 0
- 1*6,399*92
■52» 55!*. 49
1 0 0 ,0 0 0 .0 0
5 5 ,0 0 0 .0 0
82,051*. 1*9
1 0 0 ,0 0 0 .0 0
101, 399*92
HÄMS OP CORPORATION
AND OFFICERS OS
EMPLOYEES
CALENDAR OS
FISCAL YEAS
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
OHIO
11/30/U5
11/30/1+5
10/31/1*5
12/31/1*!*
2/31/1*5
00
10, 000.00
125. 000.
100. 000.
125. 000.
250, 000.00
250, 000.00
255.000.
255. 000.
87, 000.00
97, 000.00
00
00
00
125, 000.00
100, 000.00
125, 000.00
}+,650*00
80,527*70
0
0
0
0
0
-50, 000.00
50. 000.
50. 000.
^5,177*70
63, 250.00
0
0
0
0
0
11/30/1*5
5. 000. 00
5. 000.
VJD 0
r^O
»H.
THE ANDREW JSRGENS COMPANY
Jergens, Andrew
Nelson, Joseph D.
THE GENERAL TIES & RUBBER COMPANY
O ’Neil, W.
JACK & HEINTZ, INC.
Heintz, Ralph M.
Jack, Wm, R.
Jack, Nm. S.
LUCIAN Q, MOFFITT, INC.
Bednar, A.
SPICES MANUFACTURING CORPORATION
Carpenter, K. E.
Dana, C* A.
THE UNITED STATES SHOE CORPORATION
Cohen, A. B.
Salinger, Alvin
Stern, Joseph S.
99,250.00
100, 000.00
29,397.1*1*
29.397.1*1*
29,397.1*1*
00
00
79,397.i*1*
79,397.1*1+
79,397.1*1*
PENNSYLVANIA
ERIE FOUNDRY COMPANY
Currie, D. A.
LEE RUBBER & TIRE CORPORATION
Garthwaite, A. A.
6/30/1*5
10/31/1*5
62, 0i+6.30
55, 000.00
1^5,335.18
1*9.769.7£
21, 892. 6^
76,892.6}+
\
VIRGINIA
PLANTERS NUT AND CHOCOLATE COMPANY
Obici, A.
311^019.16
9/30/1*5
5, 000. 0^
7.5ÖO.OO
217. 599.96
22 ,1 0 0 .0 0
1+00.00 223, 000.00
1*00.00
96 ,000.00
00
00
10
NAME OP CORPORATION
AND OPPICSRS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
-
SALARY
COMMISSION
BONUS
OTHER
C0MP1NSATION
TOTAL
VERMONT
CHICAGO STOCK YARDS COMPANY
Prince, Frederick Henry
12/3l/hk .
100 ,.000.00
100 , 000.00 .
90,625.16
90.6s5.16
WISCONSIN
WISCONSIN SCREW COMPANY
Keleske, Paul
11/30/45
- 3 -
*
Two members of the \Thite House Detail, which protects the
President, have been given positions of more responsibility,
Chief Maloney announced.
Howard S. Anderson becomes Assistant Supervising Agent of
the Detail on which he has served since 1939 and since 1942 as
Agent in Charge.
A native of Baltimore, he served for five years
with the Maryland State Police before joining the Secret Service
as Agent in 1938.
He is 33 years old.
Henry J. Nicholson, assigned to the lSihite House Detail in
1945, becomes Aide to Supervising Agent James J. Rowley of the
Detail*
Born in Boston in 1905, Mr. Nicholson is a graduate of
Boston College.
He had law enforcement experience as a police
officer at the United States Capitol, and as a principal guard at
the Lorton, Virginia, Reformatory before being appointed a
Secret Service Agent in 1941«
oOo
-
<2 -
physical education and head athletic coach, Western Pennsylvania
Industrial Home, at Oakdale, from 1934- to 1936$ and later was
Superintendent of the Institute of Practical Arts, Old Concord,
Pennsylvania, and Assistant Superintendent of the Pennsylvania
Training School at Morganza, all institutions for handicapped
youngsters.
Mr* Walker was appointed Secret Service Agent in November, 1943,
later was assigned to the White House Detail, and was promoted to
Assistant Supervising Agent, May 1, 1946*
Janes J. Rowley was designated Supervising Agent, the White
House Detail*
Mr. Rowley, a native of New York, was educated at
St. John’s College, Brooklyn, from which, he holds a law degree.
He
was appointed an agent on the Detail in 1939* became Assistant
Supervising Agent in 1945* and has been Acting Supervising Agent
since June 1, 1946.
He is 38 years old.
Mr. Maloney also announced the transfer of Charles Mazey, who has
been Supervising Agent for the St. Paul, Minnesota, district since 1937,
to Supervising Agent for the Washington District, which includes the
District of Columbia, Virginia, West Virginia, Maryland, and North
Carolina*
Mr. Mazey, who is 55 years old, served six years in the Navy
during the period that included the first World War.
He
¿joined the
Secret Service in 1920, at Irdianapolis^ and he served as Agent in Charge
there for^a number of years before going to St. Paxil.
U. aft» Baughman becomes Supervising Agent of the important N ew York
District, succeeding Mr. McGrath.
New Jersey, M a y 21, 1905.
Mr. Baughman was b o m in Camden,
He entered the Secret Service as a clerk in
the Philadelphia office in 1927, was appointed Agent in 1934, and became
Acting Supervising Agent for the Washington district early in 1946.
James J. Maloney, Chief of the United States Secret Service,
today announced appointments from within the Service to several
key administrative and field positions in Washington and New York.
Mr# Maloney himself today took the oath of office as Chief of
the Service, succeeding Frank J# Wilson who has retired#
In most cases the men promoted today by Chief Maloney have been
acting in their new positions for several months, since shortly after
Mr. Maloney became Acting Chief upon the temporary assignment of
Chief Wilson to the Chief Coordinator's Office.
John J. McGrath, veteran of nearly thirty years with the Service,
becomes Assistant Chief.
Mr. McGrath, who is 54 years old, is a native
of Boston, and entered the Service there in 1917.
He has had assign
ments as Agent in Charge, Dallas, Texas; Agent in Charge, Cleveland,
Ohio; Agent in Charge of the special detail organized in New York City
in 1938 to combat major counterfeiting gangs; Supervising Agent for the
Washington district from September, 1942 until November, 19435 a*1**
Supervising Agent for the New York district since that time.
John H. Walker, today named Assistant to the Chief, was educated
to be a teacher, and became an expert on correctional techniques,
particularly as applied to Juveniles.
Pennsylvania, April
8, 1913«
He was born in Braddock,
He graduated from State Teachers College,
Slippery Rock, Pennsylvania; and later majored in "Caring for Juvenile
Offenders", and "Institutional Management" at Public Service Institute,
Harrisburg, Pennsylvania.
He served as director of health and
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, January 2, 1947
Press Service'
No. S-192
James J. Maloney, Chief of the United States Secret Service, today
announced appoxntments from within the service to several key administrative
and field positions in Washington and New York.
Mr. Maloney himself today took the oath of office as Chief of the
Service, succeeding Frank ¿.-Wilson who has retired.
In most cases the men promoted today by Chief Maloney have been
acting in their new positions for several months, since shortly after
Mr. Maloney became Acting Chief upon the temporary assignment of Chief Wilson
to the Chief Coordinator’s Office.
John J. McGrath,. veteran of nearly thirty years with the Service,
becomes Assistant Chief. Mr. McGrath, who is 54 years old, is a native
of Boston, and entered the Service there in 3.917. He has had assignments
as Agent in Charge, Dallas, Texas; Agent in Charge, Cleveland, Ohio; Agent
in Charge of the special detail organized in New York City in 1938 to
combat major counterfeiting gangs; Supervising Agent for the Washington
district from September, 1942 until November, 1943; and Supervising Agent
for the New York district since that time*
John H. Walker, today named Assistant to the Chief, was educated to
be a teacher, and became an expert on correctional techniques, particularly
as applied to juveniles. He was born in Braddock, Pennsylvania, April 8,
1913# He graduated from State Teachers College, Slippery Rock, Pennsylvania;
and later majored in ’’Caring for Juvenile Offenders”, and ’’Institutional
Management” at Public Service Institute, Harrisburg, Pennsylvania, He
served as director of health and physical education and head athletic coach,
Western Pennsylvania Industrial Hone, at Oakdale, from 1934 to 1936; and
later was Superintendent of the Institute of Practical Arts, Old Concord,
Pennsylvania, and Assistant Superintendent of the Pennsylvania Training
School at Morganza, all institutions for handicapped youngsters. '
Mr, Walker was appointed Secret Service Agent in November, 1943, later
was assigned to the White House Detail, and was promoted to Assistant
Supervising Agent, May 1, 1946. . .
James J. Rowley m s designated Supervising Agent, the White House
Detail, Mr. Rowley, a native of New York, was educated at St. John’s
College, Brooklyn, from which he holds a law degree. He" was appointed an
agent on the Detail in 1939, became Assistant Supervising Agent in 1945,
and has been Acting Supervising Agent since June 1, 1946. He is 38 years old,
Mr. Maloney also announced the transfer of Charles Mazey, who has been
Supervising Agent for1 the St. Paul, Minnesota, district since 1937, to
Supervising Agent for the Washington District, which includes the District
of Columbia, Virginia, West Virginia, Maryland, and North Carolina,
-
2
~
Mr. Mazey, who is 55 years old, served six years in the Navy during the
period that included the First World War, He joihed the Secret Service in
1920, at Indianapolis, and he served as Agent in Charge there for a number
of years before going to St, Paul,
U. E. Baughman becomes Supervising Agent of the important New York
District, succeeding Mr. McGrath. Mr, Baughman 'was born in Camden,
New Jersey, May 21, 1905. He entered the Secret Service as a clerk in the
Philadelphia office in 1927, was appointed Agent in 1934* and became Acting
Supervising Agent for the Washington district early in 194-6.
Two members, of the White House Detail, which protects the President,
have been given positions of more responsibility, Chief Maloney announced.
Howard S. Anderson becomes Assistant Supervising Agent of the Detail
on which he has served since 1939 and since 1942 as Agent in Charge. A
native of Baltimore, he served for five years with the Maryland State
Police before joining the Secret Service as Agent in 1938. He is 33 years old.
Henry J. Nicholson, assigned to the White House Detail in 1945, becomes
Aide to Supervising Agent James J, Rowley of the Detail. Born in Boston in
1905* Mr. Nicholson is a graduate of Boston College, He had law enforcement
experience as a police officer at the United States Capitol, and as a
principal guard at the Lorton* Virginia, Reformatory before being appointed
a Secret Service Agent in 1941*
oOo
(
H
XXEM
- 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.
ALgH4
-
2
-
Immediately after the closing hour, tenders trill 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 wrhole 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
January 9
19hl
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 noyf 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
\\2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11!? of
the Revenue Act of I9 I4.I, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
I M
-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERSv
Friday, January 3, 1 9 i t 7 __.
The Secretary of the Treasury, by this public notice, invite3 tenders for
$ 1,300,000,000 , or thereabouts, of
_®
91
-day Treasury bills, to oe issued
SET"
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series 'will be dated
JannA-ry 9^ 19ii7
, and
will mature ADril
10, 19Il?
, when the face amount will be payable with---------- -----------------------out interest.
They will be issued in bearer form only, and in denominations
of $1 ,000 , $5 ,000 , $1 0 ,000 , $10 0 ,000 , $500 ,000, and $1 ,000,000 (maturity value),
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o’clock p.m., Eastern Standard time, Monday, January
6,
19ii7
*
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
Fractions may not be used.
10 0 ,«with
not more than three decimals, e. g.,
99 .925 -
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, January 3<* 19^7 ,
■- ,
'
Press Service.
-.No. S-193 :'
The Secretary of the Treasury, by thi3 public- notice, *
invites tenders for $1,300,000,000, or thereabouts, of 9 1 -day
Treasury bills, to be issued- on a discount basis under com
petitive .and fixed-price. bidding as hereinafter provided. The
bills of this series .will be dated January
19^-7> and will
mature April 10, 19^7, when the face-amount will be payable
without interest. .They will be issued in bearer form- only, and
in denominations of $1,000, .$5.,000, . $ 10,000> .•$100,000
$500,000,
and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve- Banks and
Branches up to the. closing hour, two o'clock p.m,, Eastern /
Standard time, Monday, January 6, 19^7*
Tenders will.not ¿be
.received at the Treasury Department, Washington,. -Each tender
must be .for an even .multiple of $1,000, and the. price offered
must be expressed on the basis of 100, with not more than three
decimals, 'e.g,, 99-925.
Fractions may not be used.
It is
urged that tenders be made on the.printed forms and forwarded
in the special envelopes which will be supplied by Fed era1:
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporate#,
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 p u b
lic announcement will be made by the Secretary of the Treasury
of the amount and price range of accepted bids.
Those submitt
ing tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the
right to accept or reject any 3#r all tenders, in whole or in
part, and his action in any sti'ch respect shall lie final.
Sub
ject to these reservations, tenders for $200,Q€0 or less from
any one bidder at 99.905 entered-on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on January 9 > 19^-7
2
gr
'he income derived from T
bills wne
or gain from the sale or other disposition of the bill3 , 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
:ted
'he "h-î 1
shall be subject to estate, inheritance,
gift^or-ndther 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 autho
rity.
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 lip 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
o f , 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
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.
|HB
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe thè 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,
0O0
STATUTORY DEBT LIMITATION
AS OR DECEMBER 31, 1946
Troaaury H9cpartfiient
T1 ~rnl nm"ir1m
j
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 $275,000,000,000 outstanding at any one time, Tor purposes of this section
the current redemption value of any obligation issued on a discount basis which is
redeemable prior to maturity at the option of the holder shall be considered as its
face amount.”
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation?
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding December 31, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bil l s ........ ......... $ 17,033,103,000
Certificates of indebtedness....
29,987,149,000
<
Treasury notes.
15,815,436,800
/ $ 62,835,688,800)
Bonds
Treasury.
119,322,897,950
^Savings (current
redemp.value) 49,776,115,562
Depo sitary.
348,685,000
Armed Ear ces Leave....... .
601,544,225
Special Eunds
Certificates of indebtedness..
12.030.950.000
Treasury notes.................... 12.554.061.000
Total interest-bearing........ ....... ......
Matured, interest-ceased......... .
Bearing no interest
War savings stamps.... .........
79,321,431
28,759,008
Excess profits tax refund bonds.
Special notes of the United States:
Internet11 Bank for Reconst,
and Development series.....
248,285,000
Total........................................... .
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: E.H.A...............
45,184,036
Demand obligations: C.C.C..... . ..... 285,558,156
Matured, interest-ceased........ ....... .
170,049,242,737
24,585,011,000
257,469,942,537
389,109,523
356,365,439
258,215,417,499
^
330,742,192
7,822,750
338,564,942^/
Grand total out standing............... ........................ {..... «.
$258,553,982,441
Balance face amount of obligations issuable under above authority.......
16,446,017,559
Reconcilement with Statement of the Public Debt - December 31,1946.
(Daily Statement of the United States Treasury, January 2, 1947)
Outstanding December 31, 1946
Total gross public debt ....................... ........... ........ .
259,148,765,986
Guaranteed obligations not owned by the T r e a s u r y .................. .
..... 338,564,942
Total gross public debt and guaranteed o b l i g a t i o n s ................... .
259,487,330,928
Deduct - other outstanding public debt obligations
....... ....................
933,34^487
258,553,982,44]
STATUTOKI DEBT1 IIMITATION
AS,OF DECEMBER 31. 1946
January 7
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that ¿let, 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 '¿275,000,000,000 outstanding at any one time* For purposes
of this section the current redemption value of any obligation issued on a discount
basis which is redeemable prior to maturity at the option of the holder shall be
considered as its face amount*“
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitations
Total face amount that map be outstanding at any one time
¿275,000,000,000
Outstanding December 31, 1946
Obligations issued under Second liberty Bond Act, as amended
Interest-bearing
Treasury bills .......... $ 17,033,103,000
Certificates ;pf indebtedness 29,967,149,000
Treasury notes ,.........
15.815.436.800 $ 62,835,688,600
Bonds .
•
Treasury ..............
3.10,322,697,950
•¿¿Savings (current.redemp. miue)49,776,115,562
Depositary ..........
348,685,000
Armed Forces Leave ......
601.544.225
170,049,242,737
\mdi
Certificates of indebtedness 12,030,950,000
Treasury notes ........... 12.554.061.000 24.585.011.000
Total interest-bearing ......... ..... 257,469,942,537
Matured, interest-ceased .....................
389,109,523
Bearing no interest
War savings stamps ....... f,
79,321,431
Excess profits tax refund bonds
28,759,008
Special notes of the United States:
Internal11 Bank for Reccnst.
and Development series ...
248.285.000
356.365.439
Total ...... ...........................
258.215.¿17.4.09
••♦ ••
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A. .......
45,184,036
Demand obligations: C.€„C...
285.558.156
330,742,192
Matured, interest-ceased
7.822.750
338.564.942
Grand total outstanding
... .
$256.553.982,441
Balance face amount of obligations issuable under above authority .. 16.446.017.559
Reconcilement with Statement of the Public Debt - December 31, 1946,
(Daily Statement of the United States Treasury, January 2, 1947)
Outstanding December 31, 1946
Total gross public debt .................. .... ;
.f..... .
259,148,76 5,9 8 6
Guaranteed obligations not owned by the Treasury ............. . .... 338.564.942
Total gross public debt and guaranteed obligations ............... 259,487,330,928
Deduct - other outstanding public debt obligations' ' f. .
not subiect to debt limitation
>,348.437
258,553,982,441
bpecia.
S-194
treasury department
Washington
FOR W M M g
Press Service
MORNING MBKSPAFKRS,
Tuesdayt January 7* 191*7«
Use Secretary of the Treasury announced last evening that the tenders Ter
$1#300,000, QOO, or thereabouts, of 91-day Treasury bills to be dated January 9 and to
nature April 10, 191*7# which were offered on January 3, 19h7, were opened at the Federal
Reserva Banks on January 6»
The detalla of this Issue are aa followsi
Total applied for * #2,057,029#000
Total accepted
- 1,311,578,000
Average price
(includes #2^,51*2,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99.905/ Equivalent rate of discount approx* 0.375# per annua
Bangs of accepted competitive bids :
99*90? Equivalent rate of discount approx. 0*368$ per annum
99.905
*
«
*
*
a
0.376$ «
•
High
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Bow York
Philadelphia
Cleveland
$
9,660,000
1,1*3?,$69,000
22,833,000
22.737,000
Total
Accepted
I
6,5i*o,ooo
909,91*9,000
16,593,000
, 1)*,71*2,000
5,665,000
Richmond
Atlanta
Chicago
St* louis
Minneapolis
Kansas City
H»llM
8«* Francisco
5,375,000
»,
271 920,000
2,620,000
6 , 01*0,000
18,880,000
13,820,000
TOTAL
2 ,071*,000
k,090,000
13,615,000
72,275.000
9,530,000
k8.k85,000
♦2,057,029,000
♦ 1, 311, 578,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 7, 1 9 4 7 . _____
Press Service
No. S-195
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 91-day
Treasury bills to be dated January 9 and to mature April 10, 1947,
-which were offered oh January 3, 1947, were, opened at the Federal
Reserve Banks on January 6.
The details of this issue are as follows:
Total applied for - $2,057,029,000
Total accepted
- 1,311,578,000 (includes $24,542,000 entered
on a fixed-price basis at
' 99.905 and accepted in full)
Average price
- 99*905/ Equivalent rate of discount approx.
0.375/ per annum
Range of accepted competitive bids:
High - 99.907
Low
- 99.905
Equivalent rate of discount approx. 0.368/ per annum
"
I
M
1
"
O.3 7 6 /
"
"
(6l 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
$
9 ,6 6 0 , 0 0 0
1,439,569,000
22.833.000
22.737.000
6 ,250,000
5.375.000
436,970,000
2 .6 2 0 . 0 0 0
6,040,000
18 880.000
1 3 .8 2 0 . 0 0 0
72.275.000
.
TOTAL
$2 ,0 5 7 ,0 2 9 , 0 0 0
0O0
Accepted
$
6,540,000
909.949.000
16.593.000
14.742.000
5 .6 6 5 . 0 0 0
5.375.000
274.920.000
2.074.000
4 .0 9 0 . 0 0 0
.
13 615.000
9.530.000
48,485,000
$1,311,578,000
s
f
POR IMMEDIATE RELEASE
January
19^7
W
The Bureau of Customs announced today preliminary figures shoving the
imports for consumption of commodities within quota limitations provided for
under trade agreements, from the beginning of the quota periods to December 28,
1 9 ^6 , inclusive as follows:
Commodity
:
: Unit îImports as
:
Established quota
: of :of Dec. 28
: Period and Country: Quantity :Quantity:19^6
Whole Milk, fresh
or sour
Calendar year
3 0 0 0 ,0 00
,
Gallon
9,720
Cream, fresh or sour
Calendar year
1
,50 0 ,0 0 0
Gallon
2,h08
Pish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
20
White or Irish potatoes!
certified seed
other
months from
Sept. 15, I9 H6
,380,7 2 ^ Pound
Quota
Pilled
12
,
,
Pound 63.932,»«e
Pound 9,997,682
,
Pound
(unstemmed Quota
equivalent) Pilled
9 0 0 0 0 ,0 00
6 0 0 0 0 ,0 00
Cuban filler tobacco un~
stemmed or stemmed (Other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
2 2 000 ,0 00
Red cedar shingles
Calendar year
1 .3 9 6 ,te3
Molasses and sugar sirups
containing soluble non«*
sugar solids equal to more
than 6# of total soluble
solids
Calendar year
1 5 0 0 ,0 0 0
Gallon
655,768
1 7 ,5 0 0
7 ,5 0 0
Number
Number
365
393
5 ,0 0 0
Piece
-—
500
Pound
«*—
550
Pound
500
Unit
Silver of black foxes, furs,
and articles: Poxes valued
under $ 25 0 each and whole
furs and skins
Tails
Month of
December
Canada
Other than Canada
1 2 months from
Dec* 1, 19^6
Raws, heads or other
separated parts
a
Piece Plates
11
Articles, other than
piece plates
R
1
__S-
; 9
6
,
Square
Quota
Tilled
7i
TREASURY DEPARTMENT
Yl/ashington
Press ServiceNo. S- 1 9 6 -
FOR IMMEDIATE RELEASE
Wednesday, January 8* 1947
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
December 28, 194-6, inclusive as follows:
«►
: Unit :Imports as
. of
:of De0> 2g
Commodity
: Established quota
Period and Country: Quantity :Quantity: 1946
Whole Milk, fresh
or sour
Calendar year
3 ,000,000
Gallon
9*720
Cream, fresh or -sour
Calendar year
1 ,500,000
Gallon
2,4 0 8
Fish, fresh or frozen
filleted, etc», cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
20 ,380,724
Pound
Quota
Filled
90 ,000,000
60 ,000,000
Pound 63*932,402
Pound 9*997,682
Cuban filler tobacco unstemmed or stemmed (Other
than cigarette leaf tobacco)
Calendar year
and scrap tobacco
22 ,000,000
Pound
(unstemmed Quota
equivalent) Filled
Calendar year
1 ,3 9 6 ,4 2 3
Square
Molasses and sugar sirups
containing soluble nonsugar solids equal to more
than 6% of total soluble
Calendar year
solids
1 ,500,000
Gallon
655*768
17, 500 Number
7,5 0 0 Number
393
Silver or black foxes, furs *
and articles: Foxes valued Month of
under Q250 each and whole December
OcLTlctCicl
furs and skins
Other than Canacta
Tails
12 months from
Dec, 1, 1946
Piece Plates
it
Articles, other than
piece plates
a
--
Pound
--
550 Pound
--
O
ir\
0
365
Piece
O
Paws, heads or other
separated parts
Quota
Filled
5,0 0 0
O
Red cedar shingles
1 2 months from
Sept. 15* 1946
un
O
White or Irish potatoes:
certified seed
other
Unit
7
1%
m b m
mm
m%
fgiiiM
if r & U a
m
*
M
«m&pt t m U m
M
$
«etlvitd»»
m m & m m *
m x ® m 4**i
$m $m »
m
©t&#*
««14*1% m imlmM fi? «mmf m tim m à* %ìw «§* wlWA&i
fet p e M b t U é *
Éf
M i
«&tfei asra^r <**■
«£ i3«*Ì*f«X liÉtti ^Nr H #
m &
é s t& tm
& m
m
f#
m m è& m w
m %
4 «(piti
¿geni «itili
m
$ m m e à M p»
«iiisi* lavai*» femia®*» #r t m »
m ì& m
toagr
« «lur
%m
m W m # km
%m
te ih© g0«t«& M
«ni ih» putii amimi«
M
m
& *& * W
iU «
m
i
M
ifc* ¿“» i
tgìaft
ili *lw
é£fm%iMg' I B fMMMtlp «'«armimi in d ili «I pwt&i
ii riaÉiWrtfifciiifr «
12/33/46
tf il tarparli*
tk&m s&t 4*pe%
m
« ni« èf
«iMimi
w m
m
m
à m
à
w
m
$ m
m
m
m
m
Ufi« m m
m® S-197
m
AJanuar/ 2 , 1 9 4 7
f im
H a fìa t« mà
Daparteiata tate? mmmmé tea ite *»»© *
te B * £ ll* -Cim$Mm
l ì f iia iiif t f «a rta i» w tta a r* a t ri« ti* a i é ip jjs ti
teaiaa*» mi emmme&kl «*a m ta *tta & witfe M m ir «mA é&pm* W
$$m aane«.
**a »¡iés
tp
tte i
te tu» ¿U lte Caaltei &tea&il l»
«g$g ft|^NyÉja4.w^fe«dt « f |,«§$St» #fjj| t$»
te IsffiCi^IflR ì m Ì W ^ ì ì Iìì tette«» eternar «ad teter
wm tà&m * BtwiMit m%%m im barn M a « «ite i«p9i t» «&$»& fef ite
ca rna ter fa r tea ¿M ite i'mmm* I t m i ^ § M |
H a i aH
«M a ^ a & tla ii « i l i è» ««&£««& t#
in
«tei èai*»» U&éer
m i n i é i H « i te affate te t e a t r i t e f m p a a É a m «ite t e t e
te M a i i ^ » f ^ l aNate* i m i te a «ia»i# i i t e i t e i i l t e m i c i urlìi
ì|r eanaarteip* 4 l É d t e m taite&a* te te «fiate te «lupa«*
«te te
te «Mltte&
w m b m
«nife M p m «ite
a» te tetetet te teiteteèftltete» te» « « tea» «**«»6* mite Hit
tete p®r*aM fu# «tetefte te s i in teUtete
Kaaaple« t e cmmmXm%&m# te la li te r fsr«*lp te «tetea^te te » f*~
f«rte tNMmxte«^ ite »tette te pap«*% I t e t e la t e M f ate % n a f la«»
fofteteaa «Ite
w m ® m %
te tate* pimpate»* «te «tesa
% @ é ft m
telate te» r a t e ia te ÌM ta a i vteattea» « Ite tersaar «te ¿ p s * m i
qf
JÉS &ite li* #j^tej| #1f ««à da ** «W lU lSSte Sg
i$ lagai ^teaiNfti «te « 1» #1#© mmmXmé tate? tate?*«
Mattai, laatetetis*» «a
W m m * % % im m \
m m w ém % & m m
«ili m
ttm» la telate la laaiatet «top*» «te 'Ite «alt** itetea# ita*« jm&tetiaaa
t e l t e «ar
m m m & m %
im
teite teatettte*a te aateal»» «telatatela«» te
imfàmUmm te affate «egr fleatetel-t t e l a t e ar tea^te&al tmateteaa*
«a «all te tea mm^àmim te intesa te «ttemiy» praalte» ppw te late*«»"*
ttaaa* tetetete tete*»* «tate»* tetftef Mite te ««utente* t e i s t i
tetei* «tei ite Mia«
iltte a g t io^ altea* « m i raaflate te ite t e li» tante
#a*h te ite
«teltetelllr te p a i * .te» «mteorlteè %
ted«rr* tetlaà* teteaMaa «te tintela! te tea teat tea! «sa tste» t e t e
Mate «tlate^ m% te «ate m t e a U a i «tei- te tefteteè temali ctetea»
«telai ai«tet«te M M t e tetetetete teiaatetiMi teli te ateteteJte «tea
« à t e s i^
fte «aaaqpttea te | «iM N i tete^
-
2
-
It was pointed out that except for the activities authorized
under Public Circular No* 34* any financial, business, trade, or other
commercial activity on behalf of eneny nationals who are within Germany
and Japan continues to be prohibited* Outstanding Treasury general li
censes do not authorize any transactions which involve business or com
mercial communication with Germany or Japan unless they contain a waiver
of General Ruling No* 11*
A separate announcement is being made by the Post Office Depart
ment with respect to the postal facilities now open between Germany, Japan,
Korea and the United States* Announcement will also be made of any changes
affecting the presently authorized weight of postal communications*
-ooOoo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
No. S-197
January 2. 194?
The State and Treasury Departments today announced the issuance
of Public Circular No. 34 relaxing certain wartime restrictions against
business and commercial communication with Germany and Japan. This action
was made possible by the decision of the A llied Control Council in Germany
that postal communications lim ited to the ascertainment of fa cts and the
exchange of information should be permitted between Germany and. other
countries. Sim ilar action has been taken with respect to Japan by the
Supreme Commander for the A llied Powers. I t was stated, however, that a ll
communications w ill be subject to censorship in Germany and Japan. Under
the regulations in e ffe ct in Germany, correspondence with Germans relative
to German external assets, even of a simple informational character, w ill
not be passed by censorship. A sim ilar restriction is in e ffe ct in Japan.
In addition telecommunication service with Japan with similar limitations
as to content of communications, has now been opened, with the provision
that payment for messages be made in dollars.
Examples of communications which may freely be exchanged are re
ports concerning the status of property located in Germany and Japan, in
formation with respect to trade prospects, and other messages looking
toward the resumption of business relations with Germany and Japan. The
transmission of documents such as birth, death, or marriage certificates,
wills, legal notices, etc. is also authorized under today*s action.
Existing prohibitions on transactional communications will con
tinue in effect in Germany, Japan and the United States. These prohibitions
include any communication which constitutes or contains authorizations or
instructions to effect any financial, business or commercial transaction,
as well as the transmission of powers of attorney, proxies, payment instruc
tions, transfer orders, checks, drafts, bills of exchange, currency, money
orders and the like.
Although inquiries with respect to possible trade relationships,
such as the nature, quantity and availability of goods, are authorized by
today*s action, attention was directed to the fact that any trade transac
tions arising out of such communications must be effected through govern
mental agencies, private commercial transactions will be authorized when
arrangements for resumption of private trade have been made.
TREASURY DEPARTMENT
Washington
Press Service
No4 S-197
FOR RELEASE, MORNING NEWSPAPERS
Thursday« January 2, 19¿7_____
The State and Treasury Departments today announced the issuance
of Public Circular No*, 34- relaxing certain wartime restrictions against
business and commercial communication with Germany and Japan* This
action was made possible by the decision of the Allied Control Council
in Germany that postal communications limited to the aseertsirxnent of facts and
the exchange of information should be permitted between Germany and other
countries* Similar action has been taken with respect bo Japan by the
Supreme Commander for the allied Powers* It was stated* hov/ever, that all
communie ations will be subject to censors1ip in Germany and Japan* Under
the regulations in effect in Germany, correspondence with Germans relative
to German external assets, even of a simple infoimatronal character, ¿rill
not be passed by censorship* A simi3.ar restriction is in effect in Japan*
In addition telecommunication service with Japan with similar limitations
as to content of communications, has now been opened, with the provision
that payment for messages be made in dollars*
Examples of communications which may freely be exchanged are
reports concerning' the status of property located in Germany and Japan,
information Hvith respect to trade prospects, and other messages looking
toward the resumption of business relations with Germany and Japan* The
transmission of documents such as birth, death, or marriage certificates,
wills, legal notices, etc* is also authorized under today’s action*
Existing prohibitions on transactional communications will continue
in effect in Germany, Japan and the United States* These prohibitions
include any communication which constitutes or contains authorizations or
instructions to effect any financial, business or commercial transaction,
as well as the transmission of powers of attorney, proxies, payment
instructions, transfer orders, checks, drafts, bills of exchange, currency,
money orders and the like#
Although inquiries with respect to possible trade relationships,
such as the nature, quantify and availability of goods, are authorized by
today’s action, attention was directed to the fact that any trade transactions
arising out of such communications must be effected through governmental
agencies* Private commercial transactions will be authorized when
arrangements for resumption of private trade have been made*
It was pointed out that except for the activities authorized
under Public Circular No* 34> any financial, business, trade, or other
commercial activity on behalf of enemy nationals who are- within Germany
and Japan continues to be prohibited* Outstanding Treasury general
licenses do not_authorize any transactions which involye business or
commercial communication with Germany or Japan unless they contain a waiver
of General Ruling No* 11*
A spearate announcement is being made by the Post Office Department
with respect to the postal facilities now open between- Germany, Japan,
Korea and the United States, Announcement will also be made of any chhnges
affecting the presently authorized weight of postal communications*
-oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
No. s £gr r tt
f I1 V il.
7* /
^— — *
Secretary Snyder announced today that Poland 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 Polish Minister
of Finance Dabrowski and Secretary Snyder similar to those written
in connection with the defrosting of the countries previously named
in the license. Copies of the letterdare available at the Federal
Reserve Ban hr of New Yorkg G hjfrraga. arrrf
The Polish Government has designated the National Bank of
Poland as its certifying agent.
-ooOoo-
t
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, January 7 , 1947»_______
Secretary Snyder announced today that
Press Service
No. S-198 .
Poland 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 vas taken after an exchange of
letters between the Polish Minister of Finance Dabr^wski
and Secretary Snyder 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 Bank of
New York.
The Polish Government ha3 designated the National Bank
of Poland as its certifying agent.
0 O0
2
v
COTTON CARD STRIPS made from- cottons having a staple of less than 1-3/16 inches
in length; COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR EOT MANUFACTURED' OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
.September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the auotas
shall he filled by..cotton wastes other than comber wastes madp. from cottons
of 1-3/16 inches, of; more in staple length' in the case of the...following
countries: -United Kingdom, France, -.Netherlands, Switzerland, Belgium,
Germany, and Italy’:
(in Pounds)
Country of Origin :
United Kingdom....
Canada....... *.....
France........... ..
British India.......
Netherlands.........
Switzerland.........
Belgium.............
Japan*..............
China..... .
Egypt,..; ........
Germany,...........
Xt/clly.* *••*•••««»*» 9*
* TOTALS
l/
: ESTABLISHED
Established’: TOTAL.IMPORTS
TOTAL :QTT0TA.; Sept, 20, 194 6 : 33-1/3$ of
to Dec, 28, I 9I4.6 ; Total Quota
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76, 329
21,263.
5,482,509
—
31,337
69,627
—
IMPORTS
Sept. 20, 194<
to Dec. 28, 1/
19U6
1,441,152
75-, 807- •
... - •
. 22,747 •■
.!14,796
.12,853
mm
—
mm
mm
mm
mm
-
-
m .
6,31*7
107,311
Included in total imports, column 2.
25 ,.443 J•........•• I
7..088 .•......
1,599,886
... ...
«
-
-ju *
FOR IMMEDIATE RELEASE
January
19U7____
' The Bureau of Custom's^ announced, today that preliminary...Reports from the
collectors-of cusiorad,' show iiiiports- of cotton* and cotton .'wasfe .chargeahle to the
import auotas established'.by the President *s-proclamations. Qf; September 5, 1939,
as amended "by the proclamations of December 19, 1940» March."31',, y l 9 4 2 a n d June
29, 1942, during the period September 20, 1946, to December 28,
♦
COTTON HAY DIO- A STAPLE OF LESS .THAN-1-1l/16 INCHES.(OTHER THAI .HARSH'.OP- ROUGH
COTTON 0E LESS THAN 3/4 INCH IN,-STAPLE -LENGTH AND..CHIEFLY USED. IN_THE MANU
FACTURE OP •••BLANKETS AND BLANKETING, AND ,
.OTHER..THAN L INTERS.).. Annual quotas
commencing September 20, by Countries of Origin: ..y'l
(In Pounds)
-, Staple length les s .. : Staple length 1-1/8" or more
than •l-l/8}l
. * i:4 ...but; less than 1-1I/T6"
Country of
' '■ :j •. ...
.Imports Sept.:: Established. :y Import; s Sep t .
; 20, 1946, to
... . Origin ... ; ;
*:Established: 20,* 1946, to :
Quota
Dec. 28, 191*6: •45,656,420 :D e c . 28* 19Ü6
:
Quo ta
Egypt and the AngloEgyptian Sudan.'.... ..
••• •:* •f ••• 4 * •
• '•• •
British India.,.'..,.....
C h i n a ¿ .......
Mexico. ..... *.: ........
Brazil.
Union of Soviet
Socialist Republics...
Argentina, ......... ....
Haiti..... . . ......... .
Ecuador,.......,... . ........ ...
Honduras., ¿
•*•.
Paraguay . - . . . . . . ...
Colombia...... .
Iraq,..... ............ .
British.East Africa. ....
Netherlands East Indies.
Barbados. . ..... .
Other British T’rest
Indies l/ ...... ...... *
Nigeria....... .........
Other British Nest
Africa 2 / ............,
Other French Africa. Zj ..
Algeria and Tunisia,....
1/
8/
3/
783; 816'
247 ,952
2,003,483
1,370,791
8,883,259
618,723'
475,124
5,203
2379,333
752
871
124
195
2,240
71,388
jjiSg | - ;
t
,-
36,UlU,673
?,209,3U6
•
?-i
B M H r e
-
8,863,259
618,723
. .-
223,290
973,010
31,900
1857
5,M U
<
—
—
'—
—
—
—
-
p;- -
■•—.
V..yy j .
...
Wfi
~
21,321
5,377
-
5oi
16,004
689
-
-
-
14,516,882
1G,70U,2U3
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,.
_s- /f<?
U5,656,U20
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesdayj January 8, 1947
Press Service
No, S-199
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5, 1939,
as amended by the proclamations of December 19, 1940, March 31, 1942, and
June 29, 1942, during the period September 20, 1946, to December 28, 1946.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCHES IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFACiURE OP BLANKETS AND BLANKETIN G, AND OTHi^n. THAN LIN TEAS)» Annual quotas
commencing September 20, by Countries of Origin:
(in Pounds)
Country of
Origin
Egypt and the AngloEgyptian Sudan......
Peru........ .
British India,
China ••.,.•••••••.... .
Mexico.................
Brazil.......... .
Union of Soviet
Socialist Republics,,
Argentina,
Haiti.... .
Ecuador................
Honduras,..............
Paraguay........... .
Colombia,
Iraq................
British East Africa..,,
Netherlands East Indies
Barbados,...... .
Other British West
Indies 1/,...........
Nigeria...... .........
Other British West
Africa 2/,......... •
Other French Africa 3/♦
Algeria and Tunisia, •. •
1/
2/
3/
Staple length less
than 1-1/8"
¡Imports Sept.
Established :20, 1946 to
Quota
:Dec,28,1946
: Staple length 1-1/8" or more
:
but less than 1-11/16" .
: Established : Imports Sept,
:
Quota
: 20, 1946, to
: 45,656,420 : Dec. 28, 1946
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
—
223,290
973,010
—
8,883,259
618,723
36,4-14,673
9,209,346
_
475,124
5,203
237
9,333
752
871
124
195
2,240
. 71,388
—
857
5,104
—
—
—
31,900
—
is
21,321
5,377
—
-
501
16,004
689
-
—
-
—
—
-
14,516,882
10,704,243
—
—
—
_
—
—
—
—
—
—
—
—
_
—
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar,
45,656,420
-
2
-
COTTON CARD STRIPS- made from cottons having a staple of less than 1-3/16 inches
in length, COPBER HASTE, U P WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT j-Ai'-UEACTURED OR OTHERWISE ADVANCED IN. VALUE. Annual quotas commencing
September 20, by Countries’of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches or more in staple length in the case of the following
countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Ge m a n y , and Italy: •
(in pounds)
Country of Origin
United Kingdom,....
C an ad a. ,............
France ...............
B r it is h I n d i a . ......
N e th e rla n d s . ........
S w itz e r la n d . ........
B e l g i u m .^
.
Japan
China.
E g y p t ... ... .. .......
Cuba* ......... ......
Germany...............................
I t a l y . .............. .
TOTALS ■
l/
: ESTABLISHED :
.IMPORTS
Established * TOTAL B:PORTS
Sept. 20, 1946
: 33-1/3% of : Sept p. 20, 1946;
TOTAL QUOTA :
to" Doc. 28, 1946 : Total Quota ;to Doc.,28,1946
4,323,457
239,690
227,420
69,627
68 ,2 4 O
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
-
1,441,152
31,337
■'-
-
75,807
69,627
-
rr
-
-
25,443
7,088
—
107,311
1,599,886
-
-
6,347
Included in total imports, column 2,
-oOo-
22,747
14,796
12,853
-
ill
55: §| ^ i ’’S? xWtii
i f f >?;:
FCH , m ® D I A T E RELEASE,
January
1 Q )j 7
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 proclamati on
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942
and April 29, 1943 for the 12 months commencing May 29, 1946, as follows:
Wheat
Country
of
Origin
'
Established
Quota
(Bushels)
Canada
795,000
China
f
lungary
~
long Kong
japan
—■ ■
United Kingdom
100
—
Australia
Germany
100
Syria
100
; Tew Zealand
jfhile
• Netherlands
.100
fh’gentina
2,000
'taly
100
hba
' —
/ranee
1,000
Ireece
exico
100
anama
ruguay
—,
aland and Danzig
•
»
’eden
agoslavia
prway.
tanary Islands
iumania
1,000
uat emala
100
nazil
100
hion of Soviet
Socialist Republics
100
Belgium
100
:
Imports
:May 29, 194.6, to
:Dec. 28*'19li6
(Bushels)
21*8
-
$
h
)
mm.
'
mm
•
mm
mm
mm
m .
mm
'm m
mm
1
mm
mm
mm
mm
mm
mm
mm
m .
—
—
—
—
-*oQo~
jypà'
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
S:
89k,352
728
—
l*oo
—•
—
■—...
„- —
]
mm
■
mm
mm
«,'
mm
mm. ■
mm ’ i " '
1,000
.
mm
m
m
m
m
ém
-
mm
mm
mm
-
—’
—
—
—
—
4,000,000
800,000
<•_
'
-
-
mm
'
••-^
-
Wheat flour, semolina,
. crushed or cracked
wheat, and similar
wheat products
Established :
Import s
Quota
: May 29, 1946
: to Dec* 28,
( Pounds)
(Pounds)
8 5 6 ,1*80
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday« January 8« 1947
Press Service
No. S-200
The Bureau of Customs announced today preliminary figures showing the quantities
of wheat and wheat flour entered, or withdrawn from warehouse, for consumption under
the import quotas established in the President’s proclamation of May 28, 1941, as
modified by the President’s proclamations of April 13, 1942, and April 29, 1943, for
the 12 months commencing May 29, 1946, as follows;
Country
of
Origin
Wheat
Imports
Established ;
:May 29, 1946 to
Quota
: Dec. 28, 1946
(Bushels)
(Bushels)
Wheat flour, semolina,
crushed or cracked
wheat, ahd similar
wheat products
Imports .
Established :
May 29, 1946,
Quota
:
to Dec* 28, 1946
(Pounds)
(pounds)
3,815,000
795,000
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
—
Greece
100
Mexico
Panama
Paruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
248
-
—
—
800,000
248
4,000,000
—
-
-
-
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
—
-oOo-
894,352
728
400
—
—
—
—
—
—
—
—
1,000
—
—
—
—
896,480
@FedFRASER