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LIB R A R Y
POOM 5030
JUN 141972
TREASURY DEPARTMENT
TREASURY DEPARTMENT
Washington
(The following address by Secretary Snyder before a
meeting sponsored by the United Nations ..Council of
Philadelphia, at the Academy of Music, Philadelphia,
Pennsylvania, is scheduled for delivery at 9:00 P,M
E .s «T », Wednesday, April 2» 19^7* and is for release
at that time»)
—
— T — ---—
---------
It is a privilege tb address you on the subject of America's
foreign economic policy.
^ n
^ ovein^ er 1
the pleasure of speaking here in
Philadelphia before the Foreign Policy Association.
At that time I said that one of the things we must guard
against i 3^an attitude of impatience that might impel us into
8 . } * f e. Psychology, and into a new frustration of
Isolationism which could dissipate our influence for world
improvement.
I* ■ 1 Ported out that we should have no Illusions about the
t0 oure the ills of our war-wrecked world.
^ifPiay forbearance > we must strive for sympathy and
S s c o w a g e d ”8 Wlth our neighbors.
Above all, we must not become
events of the past few months have served to emphasize
which S e ™ as m t u d e of the task that the world faces, a task to
We as a na W-on Have committed ourselves.
It is a task
^ Chv.?Ui Position as one of the world's most powerful countries
and which our own self-interest impels us to accept.
countrles.
most. thnrivof
diff'toi,i + 1tie
many fold the
many fold the
elements seem to have conspired against us.
The
wlniff ln many decades has served to make more
K * 1?“ ° L the British, and to have increased
suffering throughout most of Europe.
manifestations af “pjising that we are all disturbed by the recent
political
the seriousness of the world economic and
and wealth to the Si Despite our own great sacrifice in blood
for us to realize
victory, it is difficult
the rest of t^e world!
widespread devastation in most of
that iladershiprwhlnh°thetat?
Wiier standing, and exercise
r e s p o n s i h i m ^ n i?*1
requires, we must accept
of a sound anl S a b l e S r l S S o n o m y ? ^ °W Stake in the buJldlnS
S-290
2
The events of* the past few weeks have emphasized anew
that in our search for peace and security, political and
economic stability are inseparable.
It is indeed gratifying,
and I think fortunate for our country and for the world that
we have been able to attain substantial unity of thinking in
opr own political field in the charting of our course of co
operation with the other nations.
Our policies have had the
support of the leadership of both the major parties.
¥e have sought to exert our influence through the creation
and support of the United Nations, its committees and its
commissions, and the specialized international organizations.
If our progress toward world amity seems slow and faltering at
times we nevertheless have made, and are making constructive
progress.
The efforts of Secretary Marshall, and of our représenta*»
tives within the United Nations organizations, will be
immeasurably strengthened by the continued whole-hearted sup
port of the President’s policies which has been manifested by
the American people.
The broader aspects of our participation in world economic
and financial stabilization efforts likewise have had substan
tial non-partisan support, and public endorsement.
With the imposing record of achievement in international
economic and financial cooperation already made, there is basis,
I am sure, for the hope that we may have — with a full under
standing on the part of the public, labor, and industry
similar support for our efforts to eliminate discriminatory
practices in international trade and to lower barriers to world
commerce, such as restrictive quotas, and embargoes, and exces
sive duties and tariffs.
J * * us review, for a moment, this n a t i o n ’s policies in
the field of international economic and financial stabilization,
ana note just where the machinery we have provided fits into
the pattern established since the end of hostilities.
It has been a broad program of financial assistance and
cooperation to aid the reconstruction of war-devastated
countries and to foster expansion of world trade on a multi
lateral basis, as well as to promote relative monetary stability.
^ 4. 0ui\ Program has included not only active participation in
international organizations, but financial aid through the
loans' through specific Congressional loans
™
United Kingdom and the Philippine Republic, through
, d arrangements covering sales to foreign Governments of
PraPerty located abroad, through lend-lease settlements,
^,^r ° 4?? 4.payin2nt rov currencies provided by foreign countries
Zo our military forces during the war.
pending the start of active lending operations by the
International Bank, the Export-Import Bank, under the increased
lending powers voted by the Congress, has authorised loans
urgently needed by wartorn countries, in addition to continuing
its normal functions of financing foreign trade.
The United States Government’s program of international
financial cooperation was further Implemented by Congressional
approval In July 1946 of a $3,750,000,000 line of credit to
the United Kingdom for the purpose of aiding that country to
restore her economy.
So far, Britain has drawn some
$ 1 ,300 ,000,000 of that credit to meet her more urgent needs.
As a part of the Ang 10-'Airierican Financial and Commercial
Agreement, provision was made for the relaxation by Britain of
restrictive trade practices to which she was forced to resort
because of the war drain on her financial resources.
These
provisions will loom more and more important as a stimulus to
our own foreign trade in the months and years ah e a d .
The International Bank for Reconstruction and Development,
and the International Monetary Fund, which this Government helped
to create, now are entering the stage of active operations In
their respective fields.
The International Monetary Fund came into existence at the
end of a period marked by the accumulation of foreign exchange
restrictions of various kinds, the dangers of competitive
exchange alterations, and a maze of other obstacles which hamper
the growth of world trade.
The purpose of the Fund i3 to promote exchange stability
and to maintain orderly exchange arrangements among members
by consultation and collaboration through the machinery of a
permanent institution.
The International Monetary Fund, with 42 nations as members,
is now in operation.
As you know, on December 18, 1946, the
Fund announced its schedule of initial par values, and that It
would begin exchange transactions on March 1, 1947.
This is the first time that a large number.of nations have
submitted their exchange rates to consideration by an inter
national organization.
Thus, a new phase of international mo n e
tary cooperation has begun.
The International Bank came Into existence at a period
when the international investment of private capital was
practically at a standstill, and when the economies of many of
the countries of the'world were greatly damaged and disrupted
by war.
The purpose of the World Bank is to promote private
foreign investment and to assist iii the reconstruction and
development of territories of members by facilitating the
investment of capital for productive purposes.
I sincerely believe that these recent weeks, during which
the top leadership of the Bank has been reconstituted, have
placed the Institution in a position to go forward along a
clearly defined path of service.
The Fund and the Bank should make an important contribu
tion to the expansion of world trade, and to'the achievement
and maintenance of high levels of employment, production, and
purchasing power.
You will note that through these specialized international
organizations, we have enlisted the cooperation and aid of
over forty nations in joint efforts to meet pressing world
economic problems.
The formulation and coordination of the foreign financial
policies of the United States, which have been implemented
through these various agencies and operations, have been
effected through a National Advisory Council of Cabinet members
and heads of United States financial agencies which was set
up by the Congress.
This has contributed greatly to the
soundness of our program.
I have discussed our cooperative effort toward world
recovery thus far, largely in terms of operations in the
financial f i e l d .
There is another, and perhaps even more direct approach
to which we are giving oui1 support and encouragement.
I refer
to the International Trade Organization.
The charter of the International Trade Organization wa,s
conceived at the end of a period marked by great economic
hostility among nations. I need not recite here the effects
of the imposition of embargoes, of import quotas, of export
subsidies, of exchange controls and restrictions, and of the
maintenance of high and discriminatory tariffs.
The charter of the International Trade Organization is
a practical alternative- to such conditions,
It would impose
a code of fair conduct in trade and commerce on the partici
pating members.
It offers the chance for the countries of
the world to work together for mutual advantage.
The world trade charter proffers the choice between the
economic conflict of the past and the prospect of international
cooperation in world trade, on which peace and security so
clearly depend.
The United States took the lead in proposing a charter
for world trade. A preparatory committee of 18 nations met
in London late last year to draft provisions of .this proposed
agreement.' The result was encouraging. A second meeting
of the representatives of the nations is being held, this
month in Geneva to complete the work.
The adoption by the nations of a code of fair practices
in international trade is vital to the success of the foreign
policy of the United States, political and economic.
I should like to mention here the policy the Administration
is pursuing toward lowering of trade barriers under the
Reciprocal Trade. Agreements A c t . President Truman has set
forth our‘ objectives clearly and positively, negotiations for
the reciprocal reduction of tariffs will be carried on.at
Geneva simultaneously with consideration of the International
Trade Charter.
We must make concessions if we'are to obtain concessions.
But there is no intention to sacrifice one group of our economy
to benefit another group.
Negotiations will be directed
toward obtaining larger markets, both foreign aiid domestic,
for the benefit of all. Action will be selective.
The pro
cess will be one of considered, careful procedure, Implemented
by the most earnest effort to safeguard the interests of all
our peo p l e .
I would say to those who fear that the tra.de agreement
negotiations will prove disastrous to the interests of parti
cular groups, that the whole history of our efforts at
reciprocal action in this field refutes such fears.
If we do not have peaceful and expanding world trade, then
most surely the nations of the world will resort to increasing
use of the weapons of economic war. All of us know where that
policy has led us in the recent past.
There Is now pending before the Congress, and before the
forum of American public opinion;, a new and most important
proposal.
I refer to the President’s request for authority
to provide assistance to Greece and Turkey.
I feel that any detailed discussion of this proposal and
its implications lies more.appropriately in the province of
the Chief Executive and the Department of State.
They have
given the Congress, and the people, the fullest possible
Information in that respect.
We have cause for gratification in the fact that the con
sideration of aid to Greece and Turkey is on a non-partisan basis.
Support of the cause of freedom anywhere in the world is
a part of the framework of American foreign policy.
Greco-Turkish
assistance is consistent with that principle.
The cost of such a program naturally concerns all of us
who realize the urgent heed for curtailment of federal expendi
tures, and continuation of a program of debt reduction.
But this nation made a tremendous contribution to the
winning of military victory.
The amount needed now, and what conceivably may be needed
in the future, are necessary for the preservation of the fruits
of that victory.
The vital issues are peace, freedom, and security for Us,
and for all the world.
And the three are indivisible.
It is not by accident that this nation has taken the
leadership in the struggle for peace.
We have emerged from the
recent hostilities with great strength, amidst a world damaged
and disorganized to a degree that cannot yet be measured,
Spared the extent of the sufferings and misfortunes of
some of the other nations, we have accepted the enlarged role
that inevitably befalls us.
Great masses of the people of the world look to us for
guidance and direction.
This direction and guidance we must
give.
At the same time our new role in world affairs imposes on
us vastly enlarged responsibilities toward the peoples of the
world.
The people of this nation, and the leaders of both its
great parties, have not hesitated to accept this new role.
This
heartening understanding among our people, this unity of purpose
is the strongest augury for our success in these efforts.
We
will not fail.
- 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. lp.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 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
April 10. 19ii7________ .
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 19Ul> the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
c
. A
e\ \
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. April 3. 19U7,______ •
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
will mature
out interest.
jnfy -m
April 10, 19^7
> and
iq )^___ , when the face amount will 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 fm., Eastern Standard time,
Monday, April 7t 19kl
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 percentyof 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,
Thursday, Apsiiffiy; J 9 W
-■
Press Service
No* S-291
'<>? the Treasury, by this public notice,
*v???rs £or $1/300,000,000, or thereabouts, of 91-dav
Treasury bills/ to be issued on a discount basis' under cbmT h e ^ i l l * ^ dt M * e a ‘P?i0e bdddlnS as hereinafter provided.
a a t u r e ^ l v io^SioI?ieS>,WllL b % dated Aptll;‘ 10j 19k7> 011(1 will
StrP®
when the face amount will be payable
H«,ih? n ^ lnteii!3L ‘ They will be issued in bearer form only,
and in denominations of $1,000,
$5,000,
$10 000
$ion non
$500,000, .and.$ 1 ,000,000 (maturity v a l u e ) $ 10 0 '00 0 '
l,
i'
(
Bnenehe, „V,
he received at Federal Reserve Banks and
up to the closing hour, two o'clock p.m., Eastern
re c e i v e d
Apr11 7 >
Tenders will not be
der
eh Treasury Department, Washington.
Each tenoffered
an SVen ® ultlple o f $ 1 ,000 , and the price
i
h
l
n
e? pressed 0° the .basis of 100 , with not more
It is urged t h n + ^ I i d f ' 8 ’i ®9.925. Fractions may not be used,
warded ih t h ^ L * ? ?61,8'15? made on the Pointed forms and forF e d e r a r ^ ^ special envelopes which will be supplied by
Federal Reserve Banks or-.,Branches on^application therefor.
banks^and 6^ , , ^ 11
r
^?oelved without deposit from incorp
d e a l l r ^ n ^ n v L t 0“ 13?111®3 and frcm responsible and recognized
aeaiers in investment securities. .Tenders from others must be an
Payment cf 2£_cf the face amount of Treasury bills
guaranty Sr'-lf11®3!1 5 be tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
ODened"?tdth»ew 3rriaft?ro the Cl0Slng hour> tenders will be
S
“ at the Federal Reserve Banks and Branches, following
TreasurvbieCi f Hl0UnCe*ent,Wil;L be made by the Secretary of the
siihnMiiT 0l\ bh® amount and price range of accepted bids. Those
tion therfof
mi!S ? i U
advised of the acceptance or rejecthe r J v h r ? . ' » .
Cret^
of the Treasury expressly reserves
in n»-tht,!S accept or reject any or all tenders, in whole or
SuhiaVt'+anM,hlS aotion in any 3Uch respect shall be final,
ubject to these reservations, tenders for $ 200,000 or less
J ? ? ? py °ne bidder at 99.905 entered on a fixed-price basis
price- offered6™««? full,
payment of accepted tenders at the
Rese-cve -i$ke?,
tv be ma ^ or completed at the Federal
April 10 1947
h °r ° her immediat®ly available funds on
"The income derived from Treasury.hills, ..whether interest
or g a i n ,from the sale or other dispósition of the hills*. shall
not have any exemption* as such * •and- loes, from the sale or
other disposition of Treasury bills shall not have any special
treatment, as such, under Federal tax. Apts hew or hereafter
enacted. Thé hills shall be subject to estate, inheritance,
gift, or other exclea 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 tne
possessions of the United States, 6r by any local taxing
authority. For purposes- Of taxation tjie amount of disc pun
.
at which Treasury bills are originally:sold by, the United btatee
shall be considered to be interest.\ Under Sections 42 hnd^
117 (a)(1) of the Internal Revenue Code, a a amended by Section
115 of the Revenue T'ct of 1941, the amount of discount at which
bills -issued hereunder are sold shall, not be considered to v
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 T r e a s u r y ^ *•
(other than life insurance companie s ) i 3 sued hereunder need* :4
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 thé 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,-rand.bhis
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.
• b ■P- ;• ■
oOo
Tresmn r-Bepartm&nt
STATUTORY DEBT LIMI (PATIOH
AS OF MARCH 31. 19^7
Wwtmwgfam, April
lÿrç
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. 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 limitation:
Total face amount that may be outstanding at any one time
Outstanding March 31. 19^7
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills............... * $ 17,038,386,000
Certificates of indebtedness....
27,792,309»000
Treasury n o t e s . . . * ..........................
13.585,49*1.200 $ 58, *116,189,200
Bonds
Treasury..................................................
Savings (current redenrp.value)
Depositary..................
Armed Forces Leave..........
119,322 ,892,9 50
50,9*&»9^9»2&2
3*11,776,000
1.426,136.725
Special Funds
Certificates of indebtedness..
12,363,500,000
12,819.09*1.000
Treasury notes............ .
Total interest-bearing........
Matured, interest-ceased................ ........
Bearing no interest
War savings stamps............
72,**92,355
Excess profits tax refund bonds.
22,562,530
Special notes of the United States:
Intematfl Bank for Reconst.
^07 ,035,000
and Development series.....
Internat'l Monetary Fund series
1 .782.000,000
Total............ .................
$ 275,000,000,00c
o
172.035.755.51?
25.182,59^,000
255,63^.538.717
302,026,355
2.3^.089.885
25g,220,ë5lt,957
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A. ............
*15,923.236
Demand obligations: C.C.G............129,5*15.9*19
Matured, interest-ceased......................... .
175. ^ 9,125
6.915,
122.381*
Grand total outstanding............*...............
Balance face amount of obligations issuable under above authority
252
,029 .ft;
16,596,960,39
Reconcilement with Statement of the Public Debt - March 31» 19*17
(Daily Statement of the United States Treasury, April 1, 19*17)
Outstanding March 31, 19*17
259.123.931*,9S5|
Total gross public debt............... ............................ .
122.321*.6gf
Guaranteed obligations not owned by the Treasury..... ....... ........
259
,
306,319.67e.
Total gross public debt and guaranteed obligations...................
Deduct - other outstanding public debt obligations
1
903.220,02i|
not subject ttiLdebt limitation.
STATUTORY DEBT LIMITATION
AS OF MARCH 31, 19¿7
April 8, 1947
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. 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 limitation;
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding March 31* 1947
Obligations issued under Second Liberty Bond Act as amended
Interest-bearing
Treasury bills*..........
$ 17,038,386,000
Certificates of indebtedness
27,792,309,000
Treasury notes..... ...... .
1 3 ,585,494*200 $ 58,416,189,200
Bonds
Treasury............. f... 119,322,892,950
Savings (current redemp. value) 50,944,949,842
Depositary.
......
341,776,000
Armed Forces Leave.......
1,426,136,725
Special Funds
Certificates of indebtedness 12,363,500,000
Treasury notes............
12,819,094,000
Total interest-bearing.
Matured, interest-ceased........ ....
Bearing no interest
War savings stamps.... .
72,492,355
Excess profits tax refund bonds
22,562,530
Special notes of the United States
Intemat’l Bank of Reconst.
and Development series.....
407,03 5,000
Internat *1 Monetary Tbnd series 1,782, ÛQQ, 000
Total. .................... ....................
172,035,755,517
25,182,594.000
<55,634>538,717
302,026,355
2,284.089,885
258,220,654,957
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A, .......
45,923,236
Demand obligations: C.C.C. ....
129,545*949
Matured, interest-ceased.......................
175,469,185
__ 6,915,500
182,384,685
Grand total o
u
t
s
t
a
n
d
i
n
g
.
258 ,403.039.642
Balance face amount of obligations issuable under above authority.,•. 16 ,596,960,358
Reconcilement with Statement of the Public Debt - March 31, 1947
(Daily Statement of the United States Treasury, April 1, 1947)
Outstanding March 31, 1947
Total gross public debt............... .
259,123,934*985
Guaranteed obligations not owned by the Treasury ........ .
<182,384,685
Total gross public debt and guaranteed obligations .............. - 259,306,319,670
Deduct - other outstanding public debt obligations
not subject to debt l
i
m
i
t
a
t
i
o
n
903 ,280,028
258,403,039,642
S-292
&
ì3
- f
T B M & m DRPASTMB8T
Washington
FOR RimSR,
HEWSPAPE8S
V y. / f/;
Fresa Service '
« a»-5~
Secretary Snyder announced today thè removai of Treaaury
Department Controls on thè importation of all currency.
Aa a remili of iodata action, ii adLU no longer he
necessaxy for persona reoeiviag or importing currency of any denomination from foreign countrles te sùbmit lt to a Federai Reserve
Bank for examinatìon under thè import Controls*
Ìbis chaage w&a in thè for* of aa amendment to General
Ueenae So* 87*
0 P°.
RUonessmbw
3/20/4-7
TREASURY DEPARTMENT
Washington
'ress Service
Secretary Snyder announced today the removal of Treasury
Department controls on the importation of all currency.
As a result of today’s action, it will no longer be
necessary for persons receiving or importing currency of any de
nomination from foreign countries to submit it to a Federal Reserve
Bank for examination under the import controls.
This change was in the form of an amendment to General
License Do. 87.
ooOoo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, Apffijh 4, 19^7«__________
Press Service
No. S-293
Secretary Snyder announced today the removal of
Treasury Department controls on the importation of all
currency.
As a result of today’s action, it will no longer be
necessary for persons receiving or importing currency of
any denomination from foreign countries to submit it to
a Federal Reserve Bank for examination under the import
controls.
This change was in the form of an amendment to General
License N o .
87.
0O 0
irnrnm w m e m m
Washington
Fresa Service
FOR RELEASE, MORNING BgSSPAFSRS*
Tuesday» April 8» 19kl •
Ttm Secretary of the Treasury announced last evening that the tendera fer
11,300*000,000* er thereabouts, of fl-day tfeaanry billa te be dated April 10 asá te
matar« Jtóy 10, 19k7, «hieh M r * offend <w ísril 3, 19k7,
«P*«* ** the Federal
Reserve Banks on April ?.
th® detalla of thia issue are ae follneet
Total applied for «*
Average price
8i|lp31^,000
,
»
- ^ j^
' oooiï ï f s g ^
“ ^ 5 2 s k s r ^
-
Univalent rate of discount approx. 0.37# per annua
Range of accepted competitive bidet
- 99.907
High
Leer
- 99.905
Equivalent rate of discount approx. 0.368* par annum
•
e
o
e
•
0.376* *
(70 percent of the amount bid for at the loe price was accepted)
federal Reserve
District
fetal
Applied fear
fetal
Aceptad
Beaten
Rev Tork
Philadelphia
Cleveland
Riehaaend
Atlanta
Chicago
St. Leni«
Minneapolis
Saneae City
Bellaa
San Francisco
$ 27,870,000
1,375,090,000
16,630,000
9.625.000
3.595.000
1.550.000
286,52b,000
7,1)60,000
l,0h0,000
15 .590.000
12 .295.000
8k.050.000
8
81,8kl,319 ,000
81,3ik,kS9,ooo
TOTAL
23,220,000
972,3k0,000
12,130,000
7.225.000
3,lk5,000
1.550.000
202,52k,000
5,5Uo,ooo
1,01)0,000
13,1)00,000
8.995.000
*3.350,000
■
TREASURY DEPARTMENT
WashingtonFOR RELEASE $ MORNING NEWSPAPERS
Tuesday, April 8 , 1947
Press Service
No, S-294
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 April 10 and to mature July 10, 1947
which were offered on April 3* 19^7* were opened at the Federal
Reserve Banks on April 7 ,
The details of this issue are as follows:
Total applied for - $1,841,319,000
Total accepted
1,314,459*000 (includes $20,834,000 entered
on a fixed-price basis at
99*905 and accepted in full)
Average price
99*905 -/* Equiv, rate of discount approx.
0.37 6/0 per annum
Range of accepted competitive bids:
High - 99.907
Low -
(70
percent of the amount 'old 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
Applied for
$
2 7 ,870,000
1,375,090,000
16 ,630,000
9 ,625,000
3.595.000
1.550.000
286 ,524,000
7.460.000
1.040.000
15.590.000
12.295.000
84.050.000
TOTAL
$1,841,319,000
0O0
Total
Accepted
$
23,220,000
972,3407000
12 ,130,000
7.225.000
3.145.000
1.550.000
202,524,000
5.540.000
1.040.000
13.400.000
8.995.000
63.350.000
1,314,459,000
c
FOR IMMEDIATE REJ
Tuesday, April 8
Secretary Si
of correspondence
nection with the
the International;:
March
31 ,
1947
Dear Mr, Secretary:
I
am enclosing a copy of the resignation I am
sending the President.
I want to take this opportunity to thank you
and the National Advisory Council for the wise guid
ance and wholehearted cooperation you consistently
gave me.
In my judgment the Council has solendidly
fulfilled the responsibilities imposed on it by
Congress and has functioned as a model interdepartmental
committee.
It has been a satisfying experience to
attend meetings so well prepared with technical material
and so ably handled.
Permit me, Mr. Secretary, to wish the Council
and you personally every success in your important
tasks.
I hope you will not hesitate to call on me
if at any time I can be of assistance.
Sincerely yours,
/s/ Harry D. White
The Honorable
The Secretary of the Treasury
Washington, D, C,
*
*
*
TREASURY j
Washir
FOR IMMEDIATE RELEASE
Tuesday, April 8 , 1947
Secretary Snyder today miof correspondence between him
nection with the latter's resjf
the International Monetary Fu
* .s
interwationa|
Wash!
Dear Mr* Secretary:
I am enclosing a c o m
sending the President.
K * <
„
, _
Mr. Shaeffer
I want to take
and the National Advisory Council for the wise guid
ance and wholehearted cooperation you consistently
gave me.
In my judgment the Council has solendidly
fulfilled the responsibilities imposed on it by
Congress and has functioned as a model interdepartmental
committee*
It has been a satisfying experience to
attend meetings so well prepared with technical material
and so ably handled.
Permit me, Mr. Secretary, to wish the Council
and you personally every success in your important
tasks.
I hope you will not hesitate to call on me
if at any time I can be of assistance.
Sincerely yours,
/s/ Harry D. White
The Honorable
The Secretary of the Treasury
Washington, D, C.
THE SECRETARY OP THE TREASURY
Washington
Dear Harry:
I want you to know that it was with the keenest
feeling of regret that I learned of your intention to
resign your position as U. S. Executive Director of
the International Monetary Fund, although I realize
the impelling nature of the considerations which have
led you to take this step.
You have every reason to he proud of your career
in Government service, and I am sure you will always
look back on it with a great deal of personal satis
faction.
It is hardly necessary to say that your efforts
while with the Treasury were responsible in no small
measure for the creation of ttie International Bank
for Reconstruction and Development and the Inter
national Monetary Fund.
Nor is it necessary to do
more than point out that the auspicious beginning made
by the International ¿Monetary Fund is a tribute to your
unstinting labors as this Government’s Executive
Director.
With you go my very best wishes for success and
the assurance of my warm personal regard.
Sincerely yours,
/s/ John W. Snyder
Secretary of the Treasury
Honorable Harry D. White
Executive Director
International Monetary Fund
Washington, D. C.
0O 0
FOR IMMEDIATE RELEASE
April | , 19U7_______
The Bureau of* Customs announced today preliminary figures
showing the imports for consumption of commodities on which quotas
were prescribed by the Philippine Trade Act of 191(6, from January 1,
3-91(7> to Mar6h 29 > ■ 19l(7, inclusive, as follows t
n
! Established Quota : Unit of s Imports as of
Philippine Islands :
Quantity
* j Quantity? March 29, 19i*7
Buttons
850,000
Gross
25,702
Cigars
200,000,000
Number
2,977,533
Coconut Oil
14(8,000,000
Pound
7,779,2h5
Cordage
6 ,000,000
it
Rice
1 ,01(0,000
n
112,000,000
1,792,000,000
tt
a
—
6 ,500,000
tt
,1*19,012
Sugars, refined
unrefined
Tobacco
225,639
—
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, April 9, 19¿7
.
• Press Service
* No. S-296
The Bureau of Customs.announced today preliminary figures showing
the imports for consumption of commodities on which quotas were
prescribed by the Philippine Trsde Act of 194-6* from January 1, 1947*
to March 29* 1947* inclusive*‘as follows:
Products of
Philippine Islands
» Established Quota : Unit of : Imports as of
:
Quantity
; Quantity : March 29* 194r
850,000
Buttons
Gross
25*702
Cigars
200*000,000
Number
2,977*533
Coconut Oil
448*000,000
Pound
7*779*245
Cordage
Rice
. ' '■* -
Sugars, refined
unrefined
Tobacco
6,000*000
ti
225,639
1 ,040*000
ti
fn
112 ,000,000
1 ,792 ,000,000
tt
6,500,000
M
n
4I9 *012
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM h03, WELKINS
|y figures shoving the
{imitations provided for
>ta periods to March 29*
BUILDING.
H
Unit
T Imports as
1:
of
5 of March 29»
r : Quantity î
191+7
1
'
DO Gallon
1,7^0
Calendar year
1 ,500,000
Grailon
Fish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
Calendar year
cusk, and rosefish
15,000,000
Pound
5,356,590
90,000,000
60*000,000
Pound
Pound
Quota Pilled
Quota filled
Cream, fresh or sour
'White or Irish potatoes:
certified seed
other
12 months from
Sept. 15, 19^6
Cuban filler tobacco un~
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
315
Pound
(unstemmed
22,000,000 equivalent) Quota Pilled
Calendar year
1 ,380,300
Square
*+72,636
Molasses and sugar sirups
containing soluble non**
sugar solids equal to
more than 6$ of total
Calendar year
soluble solids
1*500,000
Gallon
*+7»383
7*500
Number
Number
11,299
2,785
5,000
Piece
Red cedar shingles
Silver or black foxes, furs,
and articles: Foxes
valued under $250 each
and whole furs and skins
Tails
Month of
March
Canada
Other than Canada
12
months from
Dec. 1, 19^6
17»500
1
Paws, heads or other
separated parts
H
5OO
Pound
Piece Plates
fi
550
Pound
33
Articles, other than
piece plates
H
500
Unit
20
V E T E R A N S C H E C K S ( S Y M B O L 1156
é,
Fish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
eusk, and rosefish
Calendar year
White or Irish potatoes:
certified seed
other
12
months from
Sept. 15, 191*6
Cuban filler tobacco un~
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
15,000,000
Pound
5,356,590
90.000.
60.000.
Pound
000
000
Pound
Quota Filled
Quota filled
Pound
(unstemmed
22,000,000 equivalent) Quota Filled
Calendar year
1,350,300
Square
*+72,636
Molasses and sugar sirups
containing soluble non**
sugar solids equal to
more than 6$ of total
Calendar year
soluble solids
1,500,000
Oallon
^7,333
7*500
Humber
Humber
11,299
2,755
5*000
Piece
1
Bed cedar shingles
Silver or black foxes, furs,
and articles: Foxes
valued under $250 each
and whole furs and skins
fails
Month of
March
Canada
Other than i
Canada
12
months from
Dec. 1, lÿtë
17,500
Paws, heads or other
separated parts
»
500
Pound
tMMii,i*
Piece Plates
n
550
Pound
33
Articles, other than
piece plates
H
500
Unit
20
J -
FOR IMMEDIATE RELEASE
A p r i l , 19HT_______
The Bureau, of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided for
under trade agreements, from the beginning of the quota periods to March 29*
19*7* inclusive, as follows:
e•
•
•
Commodity
Unit
: Imports as
of
5 of March 29,
Established Quota
:
:
19*7
:Period and Country: Quantity : Quantity :
Whole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
1*7*0
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
315
Pish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
Calendar year
cusk, and rosefish
15,000,000
Pound
5,356,590
90,000,000
60*000,000
Pound
Pound
Quota Pilled
Quota filled
White or Irish potatoes:
certified seed
other
12
months from
Sept, 15, 19&6
Cuban filler tobacco un*»
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Pound
(unst emmed
22,000,000 equivalent) Quota Pilled
Calendar year
1 ,320,300
Square
* 72,636
Molasses and sugar sirups
containing soluble non*»
sugar solids equal to
more than 6$ of total
Calendar year
soluble solids
1*500,000
Gallon
^7,383
Number
Number
11,299
2,725
Bed cedar shingles
Silver or black foxes, furs,
and articles: Poxes
valued under $250 each
and whole furs and skins
Tail 8
Month of
March
Canada
Other than Canada
12
months from
Dec, 1, 19*6
17,500
7*300
5,000
Piece
1
Paws, heads or other
separated parts
»
500
Pound
Piece Plates
n
55O
Pound
33
H
500
Unit
20
Articles, other than
piece plates
TREASURY DEPARTMENT
Washington
for i m m e d i a t e r e l e a s e
Press Service
No.- S-297
Wednesday, April 9, 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 March 29,
1947* inclusive, as follows:
Commodity
:
Established Quota
»Period and Country: Quantity
s
Unit : Imports as
:
of
: of March 29,
: Quantity:
1947
Calendar year
3 ,000,000
Gallon
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
15 ,000,000
White or Irish potatoes:
certified seed
other
12 months from
Sept. 15, 1946
Cuban filler tobacco un
stemmed or stemmed (other
than cigarette leaf tobacc 0 )
and scrap tobacco
Calendar year
Pound
90.000, 000
Pound
60.000.
000Pound
1,740
vrv
i—t
Whole Milk, fresh
or sour
5,356,590
Quota Filled
Quota Filled
Pound
(unstemmed
22,000,000 equivalent) Quota Filled
Red cedar shingles
Calender year
1*380,300
Square
472,636
Molasses and sugar sirups
containing soluble non
sugar solids equal to
more than 6% of total
soluble solids
Calendar year
1 ,500,000
Gallon
47,383
Silver or black foxes, furs,
and articles: Foxes
valued under $250 each
and whole furs and skins
Month of
March
Canada
Other than Caiada
17,500
7, 500
Number
Number
11,299
2,785
Tails
12 months from
Dec. 1, 1946
5,000
Piece
1
Paws, heads or other
separated parts
M
500
Pound
Piece Plates
tl
550
Pound
33
Articles, other than
piece plates
(1
0
0
Unit
20
—
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that
not more than 33-1/3 percent of the quotas shall "be filled by cotton wastes
other than comber wastes made from cottons of 1-3/16 inches or more in staple
length in the case of the following countries: United Kingdom, France,
Netherlands, Switzerland, Belgium, Germany, and Italy:
Country of Origin
Imports
Established * Total imports tEstablished!
TOTAL QUOTA f Sept. 20, 194$, j 33-1/3$ of|Sept. 20,
1/
191*7
United Kingdom....
Canada...........
France...........
British India......
Netherlands.......
Switzerland.. t.,...
Belgium.............
J apan......... .
China...............
Egypt..............
Cuba.............
Germany............
Italy......... .
Totals
4,323,457
239,690
227,420
69,627 j
68,240
44,388
38,559
341,535
17,322 !
8,135
6,544 !
76,329
21,263
5,482,509
1,441,152
-
69,757
69,627
-
75,807
22,747 1
14,796
12,853
-
6,31*7
- .
11*5,731
i f Included in total imports, column 2.
-oOo-
-
i
—
— ■
—
— {
— j
- 1
— ;
—
— 1
U
25,443
7,088
j 1,599,886
mm
j
5
i
— j
—
FOR IMMEDIATE RELEASE
A p r i l 19k7_______
s - y
n
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President's
proclamation of September 5? 1939? as amended, for the period September 20,
194-& to March 29,
194-7? are as follows:
^
\
'
.■ y Si' ;• *y 'y•;
COTTON (other than linters)
(in pounds)
Country of
Origin
Under 1-1/8n other
than rough or harsh
under 3/4”
Established Imports Sept.
:
Quota
^-09^6, to
1-1/8” or more
but less than
1-11/16» jj
Imports Sept.
20, 1946, to
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1946 to Mar. 29,
19U7.
Mar. 29,..12kZ Mar. 29,, 19k?.
Egypt and the
Anglo-Egyptian
Sudan’
...*>11 1*> v.
Peru.............
British India...1
783,816
247j952
2, 003,483
China. > . 1 i 1^370,791
Hexico. ••i
•. •• 8, 883,259
Brazil...........
618,723
Union of Soviet
Socialist Repub
lics. ....
475,124
Argentina.
5,203
237
Haiti.1* *1
Ecuador..•
9,333
752
Honduras..
871
Paraguay..
Colombia..
124
Iraq......
195
British East
2,240
Africa...
Netherlands *East
71,388
Indies...
Barbados *
Other British’’
West Indies l/...
21^321
5,377
Nigeria......
Other British
West Africa 2/...
16,004
Other French
689
Africa 3A *•••*»•
Algeria and Tunisia
2U7,952
1,127,996
36,lOU,673
9,209,3U6
20,78l,U7U
8,883,259
618,723
2k,331
31,900
1,U86,750
5,081
501
237,600
Kuwait
14,516,882
10, 907,086"
tó,656,li20
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
5/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
%/ Established Quota - 45,656,420.
5/ Established Quota - 70,000,000.
22,505,82ij.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Aednesday* April 9* 19¿7
Press Service
No* S-298
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President’s
proclamation of September % 1939* as amended, for the period September 20* 1946,
to MArch 29* 1947* are as follows:
COTTON (other than linters)
(In pounds)
Country of
Origin
Under 1-1/8" other
than rough or harsh
under 3/4”
Established Imports Sept*
Quota
20, 1946, to
March 29.1947
Egypt and the
Anglo-Egyptian
Sudan* ...............
783*816
Peru... *......*....,
2^7,952
British India. ...*.*, 2,003,483
China ••..*••••.»•••»« 1*370,791
Mexico*...... ...
8,883,259
Brazil.... .
618,723
Union of Soviet
Socialist Republies* ............ .
475,124
Argentina. .••«...*..«
5,203
Haiti*•••**........
237
iiiCULcLCloX*
i
9*333
Honduras..**•«••••••.
752
Paraguay. *...... *...
871
Colombia.
124
Iraq......
195
British East
Africa.
2,240
Netherlands East
Indies.......... *..,
71,388
Barbados........... .
Other British
(feat Indies 1/ ••••••
21,321
Nigeria........ ...*.
5,377
Other British
.Jest Africa. 2 / .....
16,004
Other French
Africa 3 / ...........
689
—
Algeria and Tunisia
Kuwait
—
14,516,882
247,952
1.127,996
344
8,683,259
618,723
24,331
5,081
—
—
—
—
—
1-1/811 or more
but less than
1-11/16" ( J
Imports Sept*
20, 1946, to
March 29*1947
36,4I4,673
9,209,346
—
—
—
31,900
-
—
—
—
—
w
—
Less than 3/4"
harsh or rough
Imports Sept* 20,
1946, to
March 29* 1947
—
—
20,781,474
—
—
_
1,486,750
—
—
—
_
—
—
—
—
_
—
_
—
—
—
501
—
—,
—
—
—
—
—
_
—
237,600
10,907,686
45,656,420
22,505,824
T*7 im-- t :
-- r:--:—
'.
'■'**'-**
~J —
-—J
2/ other than Gold Coast and Nigeria*
2/ Other than Algeria, Tunisia, and Madagascar*
U Established Quota
45,656,420*
5/ Established Quota — 70,000,000*
—
—
w"m
-
2*
COTTON WASTES
(In pounds)
COTTON CARD STREPS made from cotton 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: 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:
Country of Origin
• Established
: TOTAL QUOTA
*
United Kingdom.......
Canada.•••••••••.« «V.
Franc e..•••••••••••••
British India........
N etherlands..........
Swit zerland..........
Belgium.
Japan.......
China.
Egypt................
Cuba.•««•••«..••>••••
Gem a n y ..............
11 aly................
Tot als
1/
Total imports
Established
Sept. 20,1946,
33-1/3% of
to March 29.1947 Total Quota
,
4, 323)457
239,690
227,420
69,627
69,757
69,627
6,347
-
68,240
44,388
38,559
3A1,535
17,322
8,135
6,5-W
76,329
21,263
5,482, 509
145,731
Included in total imports, column 2.
-oOo-
1,441,152
75,807
22,747
14,796
12,853
—
—
25,443
7,088
1,599,886
Imports Sept. 20,
1946, to Mar. 2%
1947 , 1 /
—
—
—
—
—
—
—
POE IMMEDIATE RELEASE,
AgdrLffixJLgkZ______
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,
land April 29, 1943, for the 12 months commencing May 29, 1946, as follows:
i
:
•.
•
1
Country
of
Origin
J
:
:
Wheat
:Established
:
Quota
•
(Bushels)
:
Imports
:May 29, 1946, to
:March 29. 19k7
(Bushels)
Canada
795,000
China
—
Hungary
Hong Kong
Japan
Jnited Kingdom
100
Australia
—
Germany
100
Syria
100
New Zealand
—
Chile
Netherlands
100
gentina
2,000
Italy
100
- ;
Glaba
1,000
li*ance
Greece
1I3XÌCO
100
penama
a ruguay
e;,£
Poland and Danzig
5 Iweden
Jugoslavia
Norway
- * ’•
Canary Islands
fiumani a
1,000
Quat emala
100
Brazil
100
$iion of Soviet
Socialist Republics
100
Belgium
100
800,000
263
—
*-
*
- •
—
.- •
- '
—
—
«- .
w
«—
—
**
263
«dQo**
• ;/
■
Wheat flour, semolina,
crushed or cracked
wheat, and similar
:
wheat nroducts
Imports
.•Established t
•
May 29, 1946,
:
Quota
to Mar. 29. IS
(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
1,320,1*38
2,370
1,1*80
—
32
—
I?
1,000
?k —
-
— —
r .o o o
—
•
ws
—
4,000,000
%
1,325,320
TREASURY DEPARTMENT
Washington
FDR IMMEDIATE RELEASE
Wednesday, April 9, 19¿7
Press Service
No. S-299
The Bureau of Customs announced today preliminary figures- showing the
quantities of wheat and wheat flour entered*, or withdrawn from warehouse* for
consumption under the import quotas established in the Presidents proclamation
of May 28* 194-1,? 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:
•
»
<r
Country
of
Origin
•
:
Wheat *
i
!
: Established :
Imports
• Quota
iMay 29* 1946* to
*:March 29» 1947
(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
—
franc e
1,000
Greece
Mexico
100
— t'
Panama
—
Paraguay
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
263
—
—
—
.—
—
—
_
—
—
—
—
—
—
—
—
3*815,000
24,000
13* 000
13*000
8*000
75*000
1* 000
5*000
5* 000
1,000
1,000
1,000
14* 000
2* 000
12*000
1,000
1* 000
1,000
1,000
1,000
1,000
1, 000
1, 000
• 1,000
1,000
1,320,438
2,370
—
1*480
—
32
.—
—.
*
—
—
—
—
1*000
«w»
,-lt
■w.
-
-
-
-
-,
~
263
-oOo-
V
.
Wheat flour* semolina*
crushed or cracked
wheat* and similar
wheat products
Established :
Imports
Quota
:May 29* 1946* to
:March 29, 1947
(Pounds)
(Pounds)
4* 000,000
1 ,325,320
Secretary of the Treasury Snyder announced today that the
offering of Treasury bills on April 17th will amount to $1,100
million«
The total of bills maturing on that date is $1,300
million, so that the amount outstanding will be reduced by $200
million«
The Secretary said that this reduction of $200 million
in bills is a continuation of the Treasury*s policy for the
retirement of debt held by the banking system«
other securities maturing until June 1 —
xwa'S paid off in full last year —
There are no
the May 1 certificate
and since the Treasury has an
ample cash balance, part of it is being applied to retire Treasury
bills now*
The Secretary pointed out that the Treasury began its debt
pay-off program on March 1, 194-6 and that since that time the
debt lias been reduced by $22 billion«
In response to an inquiry, the Secretary stated that the
retirement of bills has no relation to Treasury policy v/ith
respect to interest rates and that no change in policy is presently
contemplated
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, April 9 , 19^7.
Press Service
' N o . S-300*
Secretary of the Treasury Snyder announced today that
the offering of Treasury bills on April
$1,100,000,000.
17 th
will amount to
The total of bills maturing on that date
is $ 1 ,300 ,000,000, so that the amount outstanding will be
reduced by $ 200 ,000,000 .
The Secretary said that this reduction of $200,000,000
in bills is a continuation of the Treasury's policy for
the retirement of debt held by the banking system.
There
are no other securities maturing until June 1 — * the May 1
certificate was paid off in full last year —
and since the
Treasury has an ample cash balance, part of it is being
applied to retire Treasury bills now.
The Secretary pointed out that the Treasury began
its debt pay-off program on March
1 , 19^6
and that since
that time the debt has been reduced by $ 22 ,000,000 ,000 .
In response to an inquiry, the Secretary stated that
the retirement of bills has no relation to Treasury policy
with respect to interest rates and that no change in policy
Is presently contemplated.
0O0
in these Jefferson Day
rallies throughout the country,
Democrats turn wi th a renewed pledge
of faith toward the man who carries
our standard toward that goal.
We
gratefully and enthusiastically
say:
"Thank you, Mr. President.*
a conspicuous unity of ideals and
purpose*
ie can take honorable pride
in tne record of the Democratic
party.
But, we cannot rest on any
past glories or achievements,
ihat is accomplished in the immediate
present, ano in the future, will
determine the strength of our
party.
Let us then dedicate ourselves
anew to those principles upon which
tne Uemocr<stic Party has become
Just as the President has
resolutely placed this country
against the forces of
tota 1 itarianisi» abroad, so at
home he has stood unalterably
against the exponents of ideologies
subversive in character, and
foreign to our way of 1ife.
succeeded in giving to our country
- 33 step in imp lamenting our world
leadership.
Recognizing the vital
concern of the United States in
the cause of freedom everywhere in
the world, he has asKed the Congress,
and the American people, to support
a program of assistance to Greece
and TurKey.
The United States has
contributed its wealth, and its
blood, to the winning of military
v ictory.
We must preserve the
fruits of that victory, or our
credits to Great Britain and the
This assistance has
stimulate greatly
Through the interna
Trade Organization
reciprocal tari
tons,
*e
a further contribution
to a healthier worId economy, which
in turn helps to insure a prosperous
United States.
President in recent
has taxen a new and most important
Banx, which institutions we
confidently expect to assume a
major part in world reconstruct ion
stab iIi ty,
more
countries through such media as
UNnitA, and the more pressing
reconstruct ion needs of foreign
countries with credits of the
Export-imoort Banx and with direct
diversities of the countries
involved, we may be encouraged
with our progress along the road
to lasting peace.
Our foreign economic policy
has been one commensurate with the
position of world leadership that
of necessity fails to the most
powerful nation in the world.
This Administration has played a
most important role in the
organization of the InternationaI
Monetary Fund and the InternationaI
political re Iationships, the
President has set a course of
tolerant firmness that has won the
endorsement of the Nation and of
its political
leadership.
Support of the United Nations
and its various commissions and
committees has been a vital part of
our foreign policy.
At times,
progress toward world amity under
the charter of the United Nations
seems painfully slow, but with full
consideration of the great basic
expediency.
He has strongly advocated
a reduction in ourfhuge^Nationa I
^
debt during this time of high
national
income.
The American people understand
the necessity for a sound fiscal
program.
Prudent retrenchment of
government expenditures. along with
adequate provision for reduction of
the public debt,
is the continuing
policy of this administration.
In the field of foreign
- 27
year 1947 with the Federal budget
in balance.
Moreover,
we are going
to have a surplus.
I Know that you who are here
today, share with me the gratification
at our having reached this goal of
a balanced budget so soon.
This
accomplishment has been the direct
result of the policies of President
Truman and the Democratic
Admin istrat ion.
\o/
The President has placed fiscal
7
soundness ahead of any political
28
stated my conviction that it was
the resoonsibiiity of the Government
to reduce expenditures in every
possible way* to maintain adequate
tax rates during the transition
period, and to achieve a balanced
budget • « or better —
for 1947.
I considered the furthering
of the President’s program in that
respect to be a most important goal
for
easury Department.
I can proudly tell you that
we are going to end this fiscal
25
substantial reduction, to
$37,500,000,000 for fiscal 1948.
This economy »as effected
during the difficult transition
period from war to peace.
Billions
of dollars in expenditures previously
authorized by the Congress »ere
frozen, and recommendations for
rescission of this previously
approved spending were made to
the Congress.
When i toon office last June
as Secretary of the Treasury,
I
security, without injustice to our
veterans, and without curtailing
the necessary social serv ices to
which our people are entitled.
The budget expenditures of
our Government were reduced from
a peax of more than $100,000,000,000
for the 1945 fiscal year, to
$63,700,000,000 in fiscal
1946.
Expenditures for the fiscal year
1947 will be lower than the January
estimate of $42,500,000,000.
The
President has recommended a further
as he was diligent to protect the
nation against the impact of
industrial warfare.
Our fiscal affairs provided
further challenge to the Democrati
administrât ton.
There was the
problem of liquidating the war
machine, of meeting the financial
burden of the aftermath of war, of
managing our swollen public debt.
The P resident has sought to
effect all possible economies
without danger to our National
-
22
prices and higher wages.
This, of
course, meant labor-management
disputes.
President Truman’s
policy was one of fairness, and
conciliation, yet one of firmness
when the welfare of the nation
was at issue.
His courageous actions saved
the country from disastrous strirces
in rail and coal
industries.
Yet
he was diligent and will remain
alert to protect the rights of
labor in this time of stress, even
result in a true and lasting
stab iIi ty.
There have been,
in recent
weeKs, significant price reductions
in some vital fields, trends that
hold promise of an easing of
inflationary pressures.
In the wane of war,
it was
inevitable that the country
should face pressures for higher
He prudently seetcs to retain
controls still essential to our
national well-being.
He urges
continued wise restraint In wage^ 7 \
\
/
prices and rents, and in the
distribution of those commodities
which persist in critically short
supply.
Our struggle for economic
stability is not entirely won.
But the dangers of ruinous inflation
have been minimized, and we isay^ have
prosperous America.
And certainly,
|
»1 Democrats can ta*e full oride
in that fact, for it has been
accomplished under the leadership
of Democratic Presidents, guided by
the principles of the Democratic
party.
As rapidly as was consistent
with the pub Iic interest, President
Truman has done away with the
necessary wartime controls over
our economy.
and the pipel/mes
of industry are
%
^0ÿÿSit0m**®*
fi II ing up.
tee I
production, electric output,
car Ioaa ings -- virtually all the
significant indices of trade and
production are at spectacu tarty
high levels.
UnempIoyment
m i n i mum.
is at a peacetime
It
by many that
(t wou
Into
a
ttern.
fact, our accompl
In actual
s In this
respect since VJ-Oay have
phenomena I.
Iizati on
reconvers ion
teal purposes have been
The «ar plants are
W •
nearly settled.
proouc 1 1on is at
industrial
♦
inst the peri is
of our
d e f Iat ion
tionai debt.
I to remind
administration
act i
" the transition
perioa, even while concentrating
upon
effort itself.
The end of fignting found
our President, and tne Nation,
facing problems fully as serious as
those of warfare itself.
He had
t o .reconvert industry to ways of
peace.
He had to stage the greatest
demobilization in nIs tory.
The
orderly dismantling of our vast
military machine, and the absorption
of returning service men into civilian
life are today recognized among
tne greatest achievements in all the
annals of free people anywhere.
torch
with firmness.
since ca
Presidency
or s e t I cg I
de ve l o p
oistinguished service in the
United States Senate.
One principle
guiaes the
of Pres ident
ano that is to place
Â.ner ican
cons iaerati on
we
our
our
over
of Frank IIn
mobilization of our national
resources
record
a new
an s p i r i t
and achievement.
\y
the cI¡max of our
lost a
. but there
not the slightest slackening
our determined
0.
We cannot overlook the substanti
progress on the material siae we
made in this period.
Our economy has
regained and surpassed its previous
levels.
National production has
increased, and we have attained the
highest standard of Iiving the world
has ever known.
Far-signted. too, was the
Ieaoership of the Democratic
AdministratÎon that launched a
preparedness program so that when
farming industry on a sounder basis
and made provisions for the
conservation of the lana, ana of
other vital national resources.
These measures, and many other
contributions of the present
Democratic Administration, have
nelped establish a firm foundation
under our entire economy.
Certainly, today, there are
few persons in the country, regardless
of party affiliation, who would ask
for the removal of these laws from the
statute books.
securities to issue a
prospectus, putti ft
era in
ind iy
ai insurance of bank
oeposi ts was in s 1 1tutea, so tnat
ght not suffer
of the
*icu Iture played a p
bringing about the
in
ss Ion
Democratic Admin istrati on took
steps to pi
nat ion’s
There were instituted vital
measures of our social security
system -- the assumption of cooperati
responsibility for the needs of
the aged, the blind, the unemployed,
and for the benefit of dependent
chilaren.
National recognition was
given to the rights of workmen to
bargain collectively with their
employers.
The truth-in-securities act
was passed, obligating sellers of
-
8
-
Industrial production was at a low
ebb.
Our banking structure was
totter ing.
Growing numbers of persons
feared that our social and economic
system was ineffectual -- that it
had fai led*
But. the Democratic ad®inistration
met the crisis with courage and
imagination, and under its leadership,
the fabric of our civilization grew
stronger and more secure.
freedom, tne dignity, and the
well-being of the individual.
(^nd, looking over the recent
critical years -- we can review with
pride the accompIishments and
services of the Democratic Party
to the nation.
Fourteen years ago, the
Democratic admin istration, taking
office, found the United States
in the depth of depression.
Ten
million people were out of work.
.+
Harry S. Truman is today the
-
If fflf !| ' y i r V '-
i
p
f
. ■;
| »
champion of those Democratic idea is.
In President Truman, the Democratic
Party is fortunate to have,
in these
crucial times, a leader in the
forefront of the fignt for human
rights» not only for our people,
but for the people of a 11 nations.
Änd. today, we solemnly pledge
to our President, the wholehearted and
enthusiastic support of the Democratic
party.
The purpose of our present
program, as always,
is to insure the
JaCKson
he also combined the efficiency and
discipline of a great general with
a warm understanding of human nature.
He was a people’s President, resolute
in spirit, strong in action.
There nave been other valiant
defenders of popular rights, who, as
represen tatives of our great party,
have vigorously supported the Ideals
of Jefferson ana of Jackson in their
ad®in istration of public affairs.
his vision in arranging the purchase
of the Louisiana Territory, which
nearly doubled our land area ana
assured that a young and growing
nation would
a »1
one.
surely, no Democratic
therms
in this city could fail to
homage to that nero of
nati onaI party observance in previous
years.
For, as we honor Jefferson as
the founder of Democracy, we honor
"01d Hickory" as its protector.
V J r g i n î
5
Itali©r of
Virginia conventions af
ai Congress,
kr» C
e of unselfish service to
ly
iI t
t w* *
yF
his
record as Governor,
Congressman,
Cabinet ¿»ember
b
diplomat, Vice President, and finally
as President of tne young
3I
1C,
will be a cha i4enge always and an
inspiration to free men everywhere.
In New Orleans and Louisiana,
Jefferson is doubly honored for
-
c
•
r igiits -- here at home and ih worid
affairs.
There was no greater contributor
to the philosophy that guides us
than Thomas Jefferson, the
anniversary of whose birth we
celebrate tomorrow.
Statesman and
patriot, a bold and fearless thinker,
the truths he outlined will endure
as a beacon for the hopes of mankind.
Jefferson’s life was one of
patriotic devotion.
In his youth,
An Address toy the Secretary of the Treasury:
Prepared for Delivery on Jefferson any
et New-Orleans
April 12, 1947
I am privileged to join with
the Democrats of New Orleans and
of Louisiana,
in this annual
reaeel icat ion of our party to the
principles of freedom and democracy.
Historic decisions are ahead of
us, ana we must make sure that the
tenets of the Democratic party
continue to play a vital part in the
assertion of fundamental human
TREASURY DEPARTMENT
Washington
(The following address by Secretary âiyder at
a Jefferson Day Luncheon at the Roosevelt Hotel,
New Orleans, Louisiana, is scheduled for delivery
at 1:30 P.M., Eastern Standard time, Saturday,
April~12, 19^7, and is for release at that time.)
I am privileged to join with the Democrats of New Orleans
and of Louisiana, in this annual rededication of our party to
the principles of freedom and democracy.
Historic decisions are ahead of us, and we must make sure
that the tenets of the Democratic party continue to play a vital
part in the assertion of fundamental human rights - here at home
and in world affairs.
There was no greater contributor to the %philosophy that
guides us than Thomas Jefferson, the anniversary of whose birth
we celebrate tomorrow.
Statesman and patriot, a bold and fear
less thinker, the truths he outlined will endure as a beacon for
the hopes of mankind.
Jefferson's life was one of patriotic devotion.
In his youth,
as Legislator for the Colony and the State of Virginia, as member
of the Virginia conventions and of the Continental Congress, he was
an example of unselfish service to the people.
His record as
Governor, Congressman, Cabinet member, Diplomat, Vice President,
and finally as President of the young Republic, will be a challenge
always and an Inspiration to free men everywhere.
In New Orleans and Louisiana, Jefferson is doubly honored for
his vision in arranging the purchase of the Louisiana Territory,
which nearly doubled our land area and assured that a young and
growing nation would become a mighty one.
And surely, no Democratic gathering in this city could fail
to pay homage to that hero of New Orleans, Andrew Jackson, whose
birthday has been the occasion for national party observance in
previous years. For, as we honor Jefferson as the founder of
Democracy, we honor M01d Hickory" as its protector.
Jackson was not only a fighting,
fearless leader on the
“battlefield: he also combined the efficiency and discipline of.
a great general with a warm understanding of human nature.
He
was a people's President, resolute in spirit, strong In action.
S-301
2
There have been other valiant defenders of popular rights,
who, as representatives cf our great party, have vigorously sup
ported the ideals of Jefferson and of Jackson in their adminis
tration of public affairs.
Harry S. Truman is today the champion of those Democratic
ideals.
In President Truman, the Democratic Party is fortunate
to have, in these crucial times, a leader in the forefront of
the fight for human rights, not only for our people, but for
the people of all nations.
And, today, we solemnly pledge to our President, the whole
hearted and enthusiastic support of the Democratic Party,
The purpose of our present program, as always, is to insure
the freedom, the dignity, and the well-being of the individual.
And> looking over the recent critical years - we can review
with pride the accomplishments and services of the Democratic
Party to the Nation.
Fourteen years ago, the Democratic administration, taking
office, found the United States in the depth of depression.
Ten
million people were out of work.
Industrial production was at
a low ebb.
Our banking structure was tottering.
Growing numbers of persons feared that our social and economic
system was ineffectual - that it had failed.
But, the Democratic administration met the crisis with cour
age and imagination, and under its leadership, the fabric of our
civilization grew stronger and more secure;
There were instituted vital measures of our social security
system - the assumption of cooperative responsibility for the
needs of the aged, the blind, the unemployed, and for the benefit
of dependent children.
National recognition was given to the rights of workmen to
bargain collectively with their employers.
The truth-in-securities act was passed, obligating sellers
of securities to issue a complete prospectus, putting an end to
an era in which a purchaser often invested blindly.
Federal insurance of bank deposits was instituted,
the many might not suffer for mistakes of the few.
so that
Recognizing that the plight of agriculture played a part in
bringing about the depression, the Democratic administration took
energetic steps to place the N a t i o n ’s farming industry on a
sounder basis, and made provisions for the conservation of the land,
and of other vital national resources.
These measures, and many other contributions of the present
Democratic administration, have helped establish a firm foundation
under our entire economy.
Certainly, today, there are few persons in the country, r e
gardless of party affiliation, who would ask for the removal of
these laws from the
statute books.
We cannot overlook the substantial progress on the material
side we made in this period.
Our economy has regained and sur
passed its previous levels.
National production has increased,
and we have attained the highest standard of living the world
has evêr known.
Far-sighted, too, was the leadership of the Democratic
administration that launched a preparedness program so that when
war came, we could set into motion production that startled our
friends and confounded our enemies the world over.
Under the guidance of Franklin D. Roosevelt, the rapidity of
the' mobilization of our national resources for war added a new
page to the record of American spirit and achievement.
At the climax of our war effort, we lost a great leader, but
there was not the slightest slackening of our determined
endeavor.
For Harry Truman grasped the torch of leadership with f irm«*
ness. He has since carried it high.
He brought to the Presidency
courage, practical competence, and a national perspective developed
by years of distinguished service in the United States Senate.
One principle now guides the earnest efforts of President
Truman - and that is to place the welfare of the American people
above every other consideration.
The end of fighting found our President, and the Nation,
facing problems fully as serious as those of warfare itself.
We had to reconvert industry to ways of peace. We had to stage
the greatest demobilization in history.
The orderly dismantling
of our vast military machine, and the absorption of returning
service men into civilian life are today recognized among the
greatest achievements in all the annals of free people anywhere.
We had to guard, at the same time, against the perils of
deflation and the threat of inflation.
We had to insure a speedy
balancing of the budget, and to provide properly for the post-war
management of our national debt.
4
It might he well to remind some people that the adminis
tration actively prepared for the transition period, even while
concentrating upon the war effort itself.
It was feared hy many that it would, take years to accomplish
the re-weaving of our economy into a peacetime pattern.
In actual
fact, our accomplishments in this respect since VJ-Day have been
phenomenal.
Demobilization and reconversion for all practical purposes
have been completed.
The war plants afe cleared, and the war
contracts nearly settled.
Industrial production is at new peace
time highs, and the pipelines of industry are filling up. Steel
production, electric output, carloadings - virtually all the
significant indices of trade and production are at spectacularly
high levels,
Unemployment is at a peacetime minimum.
Today, we have a magnificently prosperous America. And
certainly, we Democrats can take full pride in that fact, for it
has been accomplished under the leadership of Democratic Presi
dents, guided by the principles of the Democratic Party.
As rapidly as was consistent with the public interest,
President Truman has done away with the necessary wartime controls
over our economy.
H« prudently seeks to. retain controls still essential to our
national well-being.
He urges continued wise restraint in wages,
prices and rents, and In the distribution of those commodities
which persist in critically short supply.
Our struggle for economic stability is not entirely won.
But the dangers of ruinous inflation have been minimized, and we may
have confidence that with the exercise of moderation and good
sense, the soaring national production will result In a true and
lasting stability.
There have been, in recent weeks, significant price reduc
tions in some vital fields, trends that hold promise of an easing
of Inflationary pressures.
In the wake of war, it was Inevitable that the country should
face pressures for higher prices and higher wages.
This, of course,
meant labor-management disputes.
President Truman's policy was one
of fairness, and conciliation, yet one of firmness when the w e l
fare of the Nation was at issue.
- 5
-
His courageous actions saved the country from disastrous
strikes in rail and coal industries. Yet he was diligent and
will remain alert to protect the rights of labor in this time
of stress, even as he was diligent to protect the Nation against
the impact of industrial warfare,
Our fiscal affairs provided further challenge to the Democratic
administration.
There was the problem of liquidating the war ./ i
machine, of meeting the financial burden of the aftermath of wai?,
of managing our swollen public debt.
The President has sought to effect all possible economies
without danger to our national security, without injustice to our
veterans, and without curtailing the necessary social services to
which our people are entitled.
The budget expenditures of our Government were reduced from,
a peak of more than $100,000,000,000 for the 1945 fiscal year, to
$63*700,000,000 in fiscal 19 ^6 .
Expenditures for the fiscal year
19^7 will be lower than the January estimate of $42,500,000,000.
The President has recommended a further substantial reduction - to
$37*500,000,000 for fiscal 1948.
This economy was effected during the difficult transition
period from war to peace. Billions of dollars in expenditures
previously authorized by the Congress were frozen, and recommen
dations for rescission of this previously approved soending
were made to the Congress.
khen X took office last June as Secretary of the Treasury,
I stated my conviction that it was the responsibility of the
Government to reduce expenditures in every possible way, to main
tain adequate tax rates during the transition period, and to
achieve a balanced budget - or better - for 1947.
i considered the furthering of the President's urogram in
that respect to be a most important goal for the Treasury Depart-,
mo XiU «
t o w 11
y?u
we are going to end this fiscal
year 1947 with the Federal budget in balance.
Moreover, we are
going t o have a surplus.
fM
+.J
i^at you who are’ here today, share with me the grati°Ur haylns reached this goal of a balanced budget so
soon. This accomplishment has been the direct result of the
policies of President Truman and the Democratic administration.
6
The President has placed fiscal soundness ahead of any
political expediency*
He has strongly advocated a reduction in
our huge national debt during this time of high national income.
The American people understand the necessity for a sound
fiscal program.
Prudent retrenchment of Government expenditures,
along with adequate provision for reduction of the public debt,
is the continuing policy of this administration.
In the field of foreign political relationships, the
President has set a course of tolerant firmness that has won the
endorsement of the Nation and of its political leadership.
Support of the United Nations and its various commissions
and committees has been a vital part of our foreign policy.
At
times, progress toward world amity under the charter of the
United Nations seems painfully slow, but with full consideration
of the great basic diversities of the countries involved, we may
be encouraged with our progress along the road to lasting peace.
Our foreign economic policy has been one commensurate with
the position of world leadership that of necessity falls
to the
most powerful nation in the world.
This administration has
played a most important role in the organization of the Inter
national Monetary Fund and the International Bank, which insti
tutions we confidently expect to assume a major part in world
reconstruction and development, and in the promotion of a
prosperous world trade and monetary stability.
We have met the more urgent relief needs of the liberated
countries through such media as UNRRA, and the more pressing
reconstruction needs of foreign countries with credits of the
Export-Import Bank and with direct credits to Great Britain
and the Philippines,
This assistance has also served to stimu
late greatly our foreign trade.
Through the International Trade Organization, and through
reciprocal tariff negotiations, we are making a further contri
bution to a healthier world economy, which in turn helps to
insure a prosperous United States.
The President in recent weeks has taken a new and most
important step in implementing our world leadership.
Recognizing
the vital concern of the United States in the cause of freedom
everywhere in the world, he has asked the Congress, and the
American people,
to support a program of assistance to Greece
and Turkey.
7
The United States has contributed its wealth, and its
blood, to the winning of military victory. We must preserve
the fruits of that victory, or our struggle will have been to
no purpose.
Just as the President has resolutely placed this country
against the forces of totalitarianism abroad, so at home he has
stood unalterably against the exponents of ideologies subversive
in character, and foreign to our way of life.
And in these endeavors, a great Democratic leader has sue«
ceeded in giving to our country a conspicuous unity of ideals
and purpose.
We can take honorable pride in the record of the Democratic
Party. But, we cannot rest on any past glories or achievements.
What is accomplished in the immediate present, and in the future,
will determine the strength of our party.
Let us then dedicate ourselves anew to those^principles upon
which the Democratic Party has become great, principles, which in
the final analysis are based on thé premise of the greatest good
to the greatest number.
In these Jefferson Day rallies throughout the country,
Democrats turn with a renewed pledge of faith toward the man
who carries our standard toward that goal. We gratefully and
enthusiastically say;
“Thank you, Mr. President“ .
0O 0
-
3
-
soldj redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets. Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. I4I8 , as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
%
issue. Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
-
2
-
Immediately after the closing hour, tenders pill 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 adtion 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
April 17. 19A7______ .
w
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, 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
U2 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
xm x
TREASURY DEPARTMENT
Washington
FOR RELEASE , MORNING NEWSPAPERS,
Friday, April 11, 1947
.•
55T
‘ ~
,1
* The Secretary of the Treasury, by this public notice, invites tenders for
$ 1 ,100 ,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
April 17»,1947______ , and
Ox)
r
will mature
July 17, 1947_____ , when the face amount trill be payable with-
out interest.
They will be issued in bearer form only, and in denominations
of $1 ,000, $5 ,000, $10 ,000, $ 100 ,000, $500 ,000, and $ 1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time,
Mnnrfayr
Vfj 19V7
Tenders will not be received at the Treasury Department, Washington, 4 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 and1trust
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, April II, 194?
Press: Service
No * S-302
,
^ T h e S e o r e t a r y of the Treasury, by this public notice,
invites tenders f o r $1,100,000,000, or thereabouts, of Qlidav
•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 April 17, 19^7, and will
mature July 1 7 , 1 9 4 7 , when the face amount will be payable with
out interest. They will be issued in bearer form only, and in
*1 0 >000> $100,000,
$500,000
and $1,000,000 (maturity value).
y
Tenders will he received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock p.m., Eastern
Standard time, Monday, April 14, 1947. Tenders id.il not be re
ceived at the Treasury Department, Washington. Each tender
must be for an even multiple Of $1,000, and the price offered
must be expressed on the basis of 100, with not more than three
99.925. Fractions may not be used.
It is urged
that tenders be made on the printed forms and forwarded in the
™ enioi-h=Vel°peS ?blcb w111 be supplied by Federal Reserve Banks
or Branches on application therefor.
,w iU be rfceived without deposit from incorporated
^oifv.an? 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
ireasury bills applied for, unless the tenders are accompanied
trust company SUaranty of Payment by an incorporated b a n k o r
, Ifflm ediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which public
will be made by the Secretary of the Treasury of the
will ipa» I ? rlSe '£“ §£ of aooeP ted bids.
Those submitting tenders
Sen r e t a r ^ I c
°£
the acceptance or rejection thereof.
The
or * w ? °£ “he rr?af jry expressly reserves the right to accept
Q Eject any or all tenders, in whole or in part, and his action
tendersSfor P ^ o o o 8^
b® £ inal • Subject to these reservations
uenoei s lor ■*>,_00,000 or less from any one bidder at 99.905 entered
on a fixed-price basis will be accepted in full.
Payment of acl
the Federft?6R - *3 th® Pfla® 3 offered must be made or completed at
funds on April 1 7 ^ 1 9 4 7 ^ 16 oash"6r otbar i m m e d i a t e i y a v a l l a B l e V
- •2 ' -
The Income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall; be subject to estate, 'inheritance, gift, or
other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the prin
cipal or interest thereof by any States or any of the possess
ions of the United States,
or by any local taxing authority*
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States shall^
be considered to be interest. Under Sections 42 and 117(a)(1)
of the Internal Revenue Code, as amended by Section 115 of the
Revenue Act of 1941, the amount of discount at which bills
issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of,, and
such bills are excluded from consideration as capital assets.
Accordingly, the owner o f Treasury bills (other than life insur
ance 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 I033 .
v
. Treasury Department Circular No, 418, as amended, and this
notice, orescribe*the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be ob
tained from any Federal Reserve Bank or Branch.
oOo
April 9, 194?
fhm following o&rket transaction* were asdo during ihn
»oath of March, 194?, is direct and guaranteed securities
of the Oorernaent for Treasury larestasai and other account el
•Sales
................. .................. $4,700,000
Purchase*
......
non*
*et sales ....... & ,700,000
(Signod) H,
Maxwell
X* X. Harwell
Cousis «loner of Accounts
CC tot
hr. Shaeffer
■SS Ä
OGeller
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,..
Mai gfa""!1!,
Press Service
No. S - f t ^
S - ïâ
tPk<
Q&<
month of
&
m#kG market transactions during the
j
19^7 5
in direct and guaranteed
securitles of the Government for Treasury,Invest'v w m
ment and other n ~ ~runf ~w ftrrr~^ "r ™ - —
i*™»
3
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, April 15, 194?
Press Service
No. S-303
Market transactions during the month of March,
1947 j in direct and guaranteed securities of the
Government for Treasury investment and other accounts
resulted in net sales of $4,700,000, Secretary Snyder
announced today.
0 O0
TBEASUKT DEPARTMENT
3 - 3
Washington
TOH EEIEASE, MORNINQ HESSP1PERS,
**»•* awrlC*
Tassday« Acri! 15« 19&7»
The Secretar^ of ili» Treasuxy amouaced last evening that thè tendere for
$1,100à<m»Q0Ù, or tbereaboats, ef 91-day ffceaeury bill» U> be dated Aprii 1? and to
mature daiy 17t 19l*7» ehieh sere offered <m Aprii H t 19k7# «ere opesed ai thè Padaral
He serve Banks «il Aprii Ut*
The details of this imam are a» follo*»t
Total applied for ** $1693 »27&*000
Total accepted
- 1*1G&,078,000
Average prie*
(include* *20,798,000 entered on a fised-price
basi» at 99*905 and accepted in fall)
- 99.90$/ Scptivalent rate of discount appreau 0*376* pc* «»wa
»rag» of accepted coapetitive bidet
Hifib
- 99«90? Equivalent rate of discount apprese« 0.368* per annua
loi
- 99.90$
•
w
m
m
•
0.37«
«
( « paresi* of thè amount bid for at thè lo» prie* mof accspted)
Federai Heserve
District
Total
Applied for
Boston
les Tork
Fhiladelphia
Cleveland
Richaaud
Atlanta
Chicago
St« louie
mnneapolis
Kansas City
Dallaa
San Francisco
♦
8.100.000
1,261*,558,000
20.177.000
22.667.000
10,321,000
5.500.000
261,377,000
17.920.000
10.205.000
12.510.000
3.530.000
55.613.000
T0TA1
Total
Accepted
♦1,693,278,000
♦
,
5,1*00,000
816,578,000
15,1*25,000
15,1*67,000
9.781.000
3.700.000
170,313,000
12,016,000
6.853.000
5,882,000
3,570,000
35,o 53,o QQ
♦1,108,078,000
»
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 15, 1947__________
Press Service
No. S-304
The Secretary of the Treasury announced last evening
that the tenders for $1,100,000,000, or thereabouts, of 9 1 -day
Treasury bills to be dated April 17 and to mature July 17, 19^7,
which were offered on April 11, 1947, were opened at the' Federal
Reserve Banks on April 14.
riw ■
trn j |
a* ■
The details of this issue are as follows:
Total applied for - $1,693,278,000
Total accepted
- 1,108,078,000
Average price
-
99.905-7^ Equiv.
(includes $20,798,000 entered
on a fixed-price basis at
99.905 and accepted in full)
rate of discount approx*
0.376fj per annum
Range of accepted competitive bids:
High - 99.907
Low . 99.905
Equiv, rate of discount approx. 0.368^ per annum
"
”
"
"
”
0.376^
M
(6.4 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
Applied for
$
TOTAL
8,100,000
1 ,264,058,000
20,177,000
22,667,000
10,321,000
5,500,000
261,377,000
17,920,000
10,205,000
12,510,000
3,930,000
55,613,000
$1 ,693,278,000
oOo
Total
Accepted
$
5,400,000
816,578,000
15,425,000
15,467,000
9,781,000
3,700,000
170,313,000
12 ,016,000
6,893,000
9 ,882,000
3,570,000
39,053,000
$1,108,078,000
NAME OF BOND ISSUES (Continued)
Bonds out
standing on
July 4, 1946
Bonds Delivered
to Secretary of
the Treasury
for Destruction
Bonds Retired
Subsequent to Bonds Remain
July 4, 1946 ing Outstanding
Bonds Held in the
Special Trust Account
Established in the
U.S. Treasury Pursuant
tp^Section 6 ,(g )(4). ,
Bonds of Direct Issue:
1/kuncipality of Santa Cruz, Laguna, Sewer
and Waterworks, 5% loan of 1919
(1929-1949) ( R ) ..............
l/kajayjay* Laguna, Sewer and Waterworks, 5%
loan of 1919 (1929-1949)(R) ...........
3/Bangued, Abra, Sewer and Waterworks, 5%
loan of 1919 (1929-1949)(R)....... .
City of Manila Public Improvement Act
3456, First Series, 4|$ loan of 1929
(due 1959) ( C ) .... ....................
Total ••*•••••••••»••••»•»»•«
$45*000
$45*000
20,000
20,000
20,000
20,000
468,000
$39,132,850
$370,000
$13,150*500
— _______________ 98,000_________ $70,000
$2,024*000
$23*958,350
1/ Peso bonds payable at the Philippine Treasury. Amounts shown in dollars.
2/ These issues sometimes listed collectively under designation “Collateral 44s due 1957, Provincial“
____ $1,001,000
Bonds out
standing on
July 4, 1946
NAME OF BOND ISSUES (continued)
Nation^, Collateral Bonds s (Continued)
Province of Laguna Public Improvement,
collateral loan of 1927 (due 1957)(R)....
2/Province and 1 Municipality of Ilocos Sur
Public Improvement, 4|$ collateral loan of
1927 (due 1957) ((?)•••............... .
2/Province of Bulacan Public Improvement,
collateral loan of 1927 (due 1957)(C).#...
2/Province of Nueva Ecija Public Improvement,
4|$ collateral loan of 1927 (due 1957)(C).
2/Province of P a a n g a Public Improvement,
collaterS loan of 1927 (due 1957)(C).
2/Province of Tarlac Public Improvement, ¿ %
collateral loan of 1927 (due 1957)(C)..,..
.Province and 4 Municipalities of Gamarines
Sur Public Improvement, 4|$ collateral
loan of 1927 (1937-57)(C)................
Province of la Union Public Improvement,
4f$ collateral loan of 1928 (due 1958)(C).
]/Province of Occidental Negros Public Improve
ment, First Series 5% collateral loan of
1933 (due 1963)(R&>C1..................
0
#92,000
Bonds Delivered
to Secretary of
the Treasury
for Destruction
3M°°
Bonds Retired
Subsequent to Bonds Remain—
JUly 4, 1946 ing Outstanding
—
186,000
Bonds Held in the
Special Trust Account
Established in the
U.S. Treasury Pursuant
to Section 6 (z)(&)m
$5,000
144.000
175.000
212.000
' l
375,000
—
638,000
355,000;
127,000;
99,000
98,000
1,000
110,000
110,000
638,850
638,850
64,000
NAME OF BON'D ISSUES (continued)
National Bonds: (Continued)
1/ketropolitan Water District Purchase, Act
3255, Second Series,
loan of 1931
(1941-196$JR).... ......... ....... .
National Collateral Bonds:
City of Manila Public Improvement, Act 3051,
4l$ collateral loan of 1922, (due 1950) (G)
City of Manila Lowland Improvement^ 4i%
collateral loan of 1928 (due 1958)(£)•••••
Province and 9 Municipalities of Iloilo
Public Improvement, 4|$ collateral loan
of 1926, (1936-1956)(R) ............... .
Province of Pangasinan Public Improvement,
collateral loan of 1926 (due 1956)(R)*
Province of Occidental Negros Public
Improvement, 4g$ collateral loan of 1926
(due 1956)(R) ............. .......... .
Province and 3 Municipalities of Ilocos Norte
Public Improvement, 4§# collateral loan of
1926 (due 1956)(R) ..... .
Province of Marinduque Public Improvement,
4i$ collateral loan of 1926 (due 1956)(R)
Bonds out
standing on
July 4, 1946
Bonds Delivered Bonds Retired
to Secretary of Subsequent to Bonds Remainthe Treasury
July 4, 1946 ing Outstanding
for Destruction _________________________
$250,000
Bonds Held in the
Special Trust Account
Established in the
U.S. Treasury Pursuant
to Section 6 (g)(4)*
$250,000
1,721,000
$513,000
—
1,208,000
442.000
442.000
—
_
801.000
649,500
350,500
320.000
3 6 0 ,0 0 0
355.000
232,000
227,000
5,000
53,500
53,000
500
—
$33,000
_
151,500
—
—
30,500
—
—
5,000
—
—
Statement of Philippine Government Bonds issued prior to May 1, 1934 Remaining Outstanding after Delivery of Bonds Representing
Sinking Fund Investments to the united States Treasury for Destruction pursuant to Section 6 (g)(4) of the Philippine Independence
Act as amended«
NAIE OF BOND ISSUE
National Bonds:
Manila Railroad Company Purchase, J+%loan
of 1916 (1926-1946)( R ) ...... .
Financial Interest Protection, 5% loan of
1922 (due 1952)(C) ................... ...♦
Irrigation and Permanent Public Works ( Sundry
Purpose), 4 M loan of 1922 (due 1952)(C)..
Currency, 4i$ loan of 1922 (due 1952)(C)....
Cebu Port Works, First Series,
loan of
1928, (due 1958)(C) ................... .
Cebu port Works, Second Series, 4i$ loan of
1929j (due l959)(C)
Cebu Port Works, Third Series, 4É$ loan of
1930 (due I960) (C) .................. .
Iloilo Port Works, First Series, 4i$ loan of
1928 (due 1958) (C) ............... ....... .
Iloilo Port Works, Second Series,
loan of
1929 (due 1959)(C) ........................
Iloilo Port Works, Third Series,
loan of
1930 (due I960) ( C ) ..................... .
Metropolitan Water District Purchase Act
3204, % loan of 1925 (1935-1955)(C) ....
Metropolitan Water District Purchase Act
3255, First Series, 4Ì'$ loan of 1929
(due 1959)(C) .......................... .
Bonds out
standing on
July 4, 1946
Bonds Delivered
to Secretary of
the Treasury
for Destruction
$2 ,245,000
$221,000
3,261,000
1,370,000
6 ,939,000
12,557,000
2,892,000
3,177,000
584,000
514,000
679,000
426,000
500,000
—
587,000
352,000
475,000
21,000
925,000
—
2,323,000
483,000
1,342,000
286,000
Bonds Retired
Subsequent to Bonds RemainJuly 4, 1946 ing Outstanding
$2 ,024,000
—
r"'*"
—
Bonds Held in the
Special Trust Account
Established in the
U.S. Treasury Pursuant
to Section 6 (g)(4)*
—
—
$1,891,000
$32,000
4,047,000
9,380,000
258,000
373,000
70,000
43,000
253,000
41,000
—
500,000
*****
235,000
36,000
—
454,000
6,000
—
925,000
—
—
—
1,840,000
21,000
1,056,000
19,000
f<Pip
-
2
-
Until the balance in the special trust account is sufficient to enable the
Secretary of the Treasury to service and retire all outstanding Philippine
Government bonds issued prior to May 1, 1934* the Act of August 7, 1939 provides
that the Philippine Government will provide annually the necessary funds for the
payment of interest and principal on such bonds.
Philippine dollar bonds, all of which were issued prior to M a y 1, 1934* are
already serviced by the United States Treasury with funds provided by the
Philippine Government. In this connection there are now on deposit with the
Treasurer of the United States such funds totalling $1,423*753*75 which are held
for the payment of matured Philippine Government bonds not presented for payment
and for interest not claimed. For the time being arrangements have been made
for the Philippine Government to continue the servicing in Manila of the five
issues of peso bonds issued prior to M a y 1, 1934*
Further details regarding outstanding Hiilippine Government bonds issued
prior to M a y 1, 1934 are contained in the attached statement.
oOo
TREASURY DEPARTMENT
Washington
FOR I M E D I A T E RELEASE
Press Service
No*
^ & 4 ***'
Secretary Snyder announced today that arrangements are being completed
for the delivery of securities totalling $19,420,250 face amount to the
Secretary of the Treasury by the Philippine Government under the provisions
of the Philippine Independence Act, as amended* This Act, also known as the
Tydings-McDuffie Act, required that all bonds of the Philippines, its Provinces,
cities and municipalities, issued prior to May 1, 1934-, under authority of Acts
of Congress, which were held in sinking funds of such outstanding bond issues
as of July 4, 1946, should be delivered to the Secretary of the Treasury for
destruction. It also required that all other assets of sinking funds maintained
by the Philippine Government for pre-1934 bonds, together with proceeds of the
Supplementary Sinking Fund which had been established for such bonds in the
United States Treasury under the provisions of the same Act, should be deposited
in a special trust account in the name of the Secretary of the Treasury for the
payment of future principal and interest on pre-1934 Philippine Government bonds.
The delay in the physical delivery of securities to the Secretary of the
Treasury was occasioned as a result of the war with Japan and the necessity of
reconciling Philippine accounts after reoccupation of Manila. However, the
Philippine securities representing sinking fund assets have been held by the
United States agencies having such securities in custody subject to the sole order
of the Secretary of the Treasury since July 4, 1946 pending the determination,
from available records, of the specific securities to be delivered to the Secretary,
This determination has now been completed.
Of the securities to be delivered to the Secretary of the Treasury a total
of $13,150,500 are pre-1934 Philippine Government bonds which will be cancelled*
This, together with the retirement of bonds which matured December 1, 1946, reduces
the outstanding Philippine Government debt on account of bonds issued prior to
May 1, 1934, which amounted to $39,132,850 on July 4, 1946, to $23,958,350* Of
this outstanding amount, it is understood that a total of $3,296,450 face amount
has been repurchased and is held by the Philippine Government*
The remainder of the securities to be delivered, representing Philippine
sinking fund investments, will be deposited in the special trust account under
control of the Secretary of the Treasury as provided in the Philippine Independence
Act, as amended* The assets available in this account (excluding accrued interest)
after receipt of the sinking fund investments referred to above, are as follows:
Cash with Treasurer of United States as of April 1 , 1947 •• $767,294*66
Philippine Government Bonds (Par Value $1,001,000) ••••••••• 1,063,716*07
U* S* Treasury Bonds (Bar Value $6,269,750) ••••••••••*••••• 6,269,750*00
Total book value of assets !/•••••..... ••••••••• $8,100,760*73
1/ In addition, the special trust account holds 862 shares of stock of the Bank
of the Philippine Islands having a par value of 100 pesos per share*
T r e a s u r y Departm en t
Fi s c a l S e r v i c e
W a s h in g t o n
Fiscal Assistant S ecretary
APR 141947
MEMORANDUM TO.MR. SHAEFFER:
There is attached a statement for release as soon as possible
regarding the status of arrangements under the Philippine Independence
Act with respect to Philippine Government bonds and the sinking funds
available for the payment of such bonds*
This is the statement ■which you recently initialled and 'which
Secretary Snyder approved on March 28. It has also been cleared with
the Philippine Embassy.
I would appreciate it if you would have one hundred conies of the
release delivered to Mr* Handy c£ n
i
y
»
t
h
a
t
we
may supply the Philippine Eknbassy with fifty copies and have the
balance available for use in answering correspondence.
E. F. Bartelt
Fiscal Assistant Secretary
TREASURY DEPARTMENT
Washington-
F O R RELEASE, M O R N I N G N E W S PAPERS,
W e d n e s d a y , A p r i l 1 6 , 1947,._____ _
.Press S e r v i c e
No. S-305
S e c r e t a r y S n yder a n n o u n c e d t o d a y .that a r r a n g e m e n t s
are b e i n g c o m p l e t e d for the d e l i v e r y of secu r i t i e s
t o t a l l i n g $ 1 9 , 4 2 0 , 2 5 0 face a m o u n t to the S e c r e t a r y of
the T r e a s u r y by the P h i l i p p i n e G o v e r n m e n t u n d e r the
p r o v i s i o n s of the P h i l i p p i n e I n d e p e n d e n c e Act, as amended.
This Act, also k n o w n as the T y d i n g s - M c D u f f i e Act, r e q u i r e d
that all bonds of the P h i l i p p i n e s , its Provinces, cities
an d m u n i c i p a l i t i e s , I s s u e d p r i o r to M a y 1 , ’ 1934, u n d e r
a u t h o r i t y of A c t s of Cbngress, w h i c h w e r e h e l d in s i n k i n g
funds of 3u c h o u t s t a n d i n g b o n d issues as of J u l y 4, 1946,
s h o u l d be d e l i v e r e d to the S e c r e t a r y of the T r e a s u r y for
destruction.
It also r e q u i r e d that all other a s s e t s of
s i n k i n g funds m a i n t a i n e d by the P h i l i p p i n e G o v e r n m e n t for
p r e - 1 9 3 4 bonds, t o g e t h e r W i t h p r o c e e d s of the S u p p l e m e n t a r y
S i n k i n g F u n d w h i c h h a d b e e n e s t a b l i s h e d for such bonds in
the U n i t e d States T r e a s u r y u n d e r the p r o v i s i o n s of the
same Act, should, be d e p o s i t e d in a s p e cial trust a c c o u n t
In the nam e of the S e c r e t a r y of the T r e a s u r y - f o r the p a y
m e n t of future p r i n c i p a l an d i n t e r e s t o n p r e - 1 9 3 4 P h i l i p p i n e
Government b o n d s .
The d e l a y In the p h y s i c a l d e l i v e r y of secu r i t i e s to
the S e c r e t a r y of the T r e a s u r y w as o c c a s i o n e d / a s a r e s u l t
of the w a r w i t h J:ipan and the n e c e s s i t y of r e c o n c i l i n g
P h i l i p p i n e a c c ounts a f t e r r e o c ç u p a t i o n of M a n ila. H o w ever,
the P h i l i p p i n e s e c u rities r e p r e s e n t i n g s i n k i n g fund assets
have- b e e n h e l d by the U n i t e d States a g e n d a s h a v i n g such
sec u r i t i e s in c u s t o d y subject to the sole o r d e r of the
S e c r e t a r y of the T r e a s u r y since J u l y 4, 1946 p e n d i n g the
d e t e r m i n a t i o n , from a v a i l a b l e records, of t h e . s p e c i f i c
s e c u rities to be d e l i v e r e d to the S e c r etary.
This d e t e r m i
n a t i o n has n o w b e e n completed.
Of the s e c u r i t i e s to be d e l i v e r e d to the S e c r e t a r y of
the T r e a s u r y a total of $ 1 3 , 1 5 0 , 5 0 0 are p r e - 1 9 3 4 P h i l i p p i n e
G o v e r n m e n t b o nds w h i c h w i l l be cancelled.
This, t o g e t h e r
w i t h the r e t i r e m e n t of bonds w h i c h m a t u r e d D e c e m b e r 1, 1946,
reduces the o u t s t a n d i n g P h i l i p p i n e G o v e r n m e n t debt on
a c count of bonds i s sued p r i o r to M a y 1, 193^, w h i c h a m o u n t e d
to $ 3 9 , 1 3 2 , 8 5 0 on J u l y 4, 1946, to $ 2 3 , 9 5 8 , 3 5 0 .
Of this
o u t s t a n d i n g amount, it 1 $ u n d e r s t o o d that a total of
$ 3 , 2 9 6 , 4 5 0 face a m o u n t has b e e n r e p u r c h a s e d a nd Is h e l d by
the P h i l i p p i n e G o v e r n m e n t .
2
The r e m a i n d e r of the s e c u r i t i e s to he delivered,
r e p r e s e n t i n g P h i l i p p i n e s i n k i n g fund investments, w i l l
he d e p o s i t e d in the special trust a c c o u n t u n d e r control
of the S e c r e t a r y of the T r e a s u r y as p r o v i d e d in the
P h i l i p p i n e I n d e p e n d e n c e Act, as amended.
The assets
a v a i l a b l e in this a c c o u n t ( e x c l u d i n g a c c r u e d interest)
a f ter r e c e i p t of the s i n k i n g fund i n v e s t m e n t s r e f e r r e d
t a above, are as follows:
C a s h w i t h T r e a s u r e r of U n i t e d States as of
A p r i l 1, 1947 .............. , . . . .......... $
767,294.66
P h i l i p p i n e G o v e r n m e n t B o n d s (Par V a l u e
$ 1 , 001 , 000 ) . . ........ ................ .
1 , 063 ,716,07
U . S . T r e a s u r y Bonds (Par V a l u e
6 ,269 ,750.00
$ 6 ,269 ,750 ) .......... ......... .......... .
Total b o o k value of assets 1 /
.... $ 8 ,100 ,760.73
U n t i l the b a l a n c e in the special trust a c c o u n t is
s u f f i c i e n t to enable- the S e c r e t a r y of the T r e a s u r y to
service and r e t i r e all o u t s t a n d i n g P h i l i p p i n e G o v e r n m e n t
bonds i s s u e d p r i o r >0 M a y 1, 1934, the A c t of A u g u s t 7 ,
1939 p r o v i d e s that the P h i l i p p i n e G o v e r n m e n t w i l l p r o v i d e
a n n u a l l y the n e c e s s a r y .funds for the p a y m e n t of i n t e r e s t
and p r i n c i p a l on such b o n d s .
P h i l i p p i n e d o l l a r bonds, all of w h i c h w e r e I s s u e d p r i o r
to M a y 1, 1934, are a l r e a d y s e r v i c e d by the U n i t e d States
T r e a s u r y w i t h funds p r o v i d e d by the P h i l i p p i n e G o v e r n m e n t .
In this c o n n e c t i o n there are n o w on d e p o s i t w i t h the
T r e a s u r e r of the U n i t e d States s uch funds t o t a l l i n g
$ 1 , 4 2 3 , 7 5 3 * 7 5 w h i c h are h e l d for. the- p a y m e n t of m a t u r e d
P h i l i p p i n e G o v e r n m e n t bonds not p r e s e n t e d for p a y m e n t and
for i n t e r e s t not claimed.
F o r the time b e i n g a r r a n g e m e n t s
h a v e b e e n m a d e for the P h i l i p p i n e G o v e r n m e n t to c o n t i n u e the
s e r v i c i n g in M a n i l a of the five I s sues of p e s o bonds i s s u e d
p r i o r to M a y 1, 1934. '
\
F u r t h e r d e t ails r e g a r d i n g o u t s t a n d i n g P h i l i p p i n e
G o v e r n m e n t bonds i s s u e d p r i o r to M a y 1 , 1934 are c o n t a i n e d
in the a t t a c h e d s t a t e m e n t ,
1/
In addition, the s p e cial trust a c c o u n t h o l d s 862 shares
of s t o c k of the B a n k of the P h i l i p p i n e Islands h a v i n g
a p a r v a lue of 100 p e sos per share,
I
I
o )
Statement of Philippine Government Bonds issued prior to May 1, 193*4 Remaining Outstanding after Delivery of Bonds Representing
Sinking-Fund Investments to the United States Treasury for Destruction pursuant to Section 6 (g) (*4) of the Philippine Independence Act as amended.
NAME OF BOitD ISSUE
National Bonds:
Manila Railroad Company Purchase, bfo loan
of 1916 (1926-I9U6) (R) ......... .........
Financial Interest Protection* 5$ loan of
1922 (due 1952) (C) ........ ..... ....... .
Irrigation and Permanent Public Works (Sundry
Purpose), b^fo loan of 1922 (due 1952) (0) •*
Currency,
loan of 1922 (due 1952) (C) ....
Cebu Port Works, First Series, b^fo loan of
192S, (due 195S) (C) ......... ...........
Cebu Port Works, Second Series, 4-g‘jo loan of
1929« (due 1959) (c) .................... .
Cebu Port Works, Third Series, *4pp loan of
1930 (due i960) (C) .....*........ .
Iloilo Port Works, First Series, b^tjo loan of
1928 (due 1956) (C) -----..................
Iloilo port Works, Second Series, b^rfa loan of
1929 (due 1959) (C) ........ .......... .
Iloilo port Works, Third Series, 4 2$ loan of
1930 (due i960) (C) ............... .......
Metropolitan Water District Purchase Act
320P 5$ loan of 1925 (1935-1955) (C) .....
Metropolitan Water District Purchase Adt
3255» First Series, b^fo loan of 1929
(due 1959) (C) .................. *.......
Bonds out
standing on
July bt 1946
Bonds Delivered
to Secretary of
the Treasury
for Destruction
Bonds Retired
Subsequent to
July by 19*ib
Bonds Remain' ing Outstanding
Bonds Held in the
Special Trust Account
Established in the
U. S. Treasury Pursuant
to Section 6 (g) (4)*
$2,245,000
$221,000
$2,02*4,000
3 ,261,000
1 ,370,000
—
$1 ,891,000
$32,000
6 ,939,000
12,557,000
2 ,892,000
3 ,177,000
—
—
4,047,000
9 ,380,000
25s ,000
373.000
58U,ooo
514,000
— .
70,000
*43,000
679,000
*1-26,000
—
253.000
41,000
—
500,000
—
500,000
—-
587,000
352,000
—
235,000
36,000
475,000
21,000
—
*45*4,000
6,000
925,000
—-
—
925,000
—
1,8*40,000
21*000
^ 1 ,056,000
19,000
2 ,323.000
*183,000
1,342,000
286,000
1
- k-
% | 4”
FAME OP BOFD ISSUES (continued).
Rational Bonds: (Continued)
1/ Metropolitan Water District Purchase, Act
3255* Second Series,
loan of 1931
(19 *11-196.1 )(R) ............... ... ....
Bonds Delivered
to Secretary of
the Treasury
for Destruction
1,721,000
1 ,20s ,000
513,000
OJ
-f-
*1*12,000
Bonds Remaining Outstanding
" Bonds Feld in the
Special Trust Account
Established in the'
U. S. Treasury Pursuant
to Section 6 (g) (*l).
$250,000
$250,000
0
00
National Collateral Bondsi
City of Manila public Improvement, Act 3051 ,
¿1^ collateral loan of 1922, (Du’e 19$0) (G)
City of Manila Lowland Improvement» h l$
collateral loan of 198S (due 1958) (0) ...»
Province and 9 Municipalities of Iloilo
Public Improvement, *!•§$> collateral loan
of 1926 , (1936- 1956) (H) ...--------- ...»
Province of Pangasinan Public Improvement,
*lg$ collateral loan of 1926 (due 1956) (R) •
Province of Occidental Fegros Public
Improvement* *lpfi? collateral loan of 1926
(due 1,956) (It)--- ---- --------- ------- Province and 3 Municipalities of Ilocos Forte
Public Improvement,
collateral loan of
1926 ( jdue 1956) (R) «»..»«.••»........
Province of Marinduoue public Improvement,
k-jfo col.lateral loan of 1926 (due 1956) (R)
Bonds outstanding on
July *1, 19¥>
Bonds Retired
Subsequent to
July 4» 19^-6
—
$33,000
—
—
151,500
—
30,500
—
—
5,000
—
—
5,000
SOI,000
6^9,500
350,500
320,000
—
360,000
,355 »000
232,000
227,000
53»-500
53,000
500
>
: —
--
NAME OF BOND ISSUES (continued)
National Collateral Bonds: (Continued)
Province of Laguna Public Improvement, ffcjjjbcollateral loan of 1927 '(due 1957) (R) ****•
2/ Province and 1 Municipality of Ilocos Sur
Public Improvement, 4j$'collateral Joan of
1927 (due 1957) (C) ............ *—
2/ Province of Bulacan public Improvement, 4 #
collateral loan of 1927 (due 1957) (0) ..»•*
2/ Province of Nueva Ecija Public Improvement,
H-2 $> collateral loan of 1927 (due 1957) (C) *
2/ Province of pampanga Public Improvement,
4-|$ collateral loan of 1927 (due 1957)^(0) •
2 / province of Tarlac Public Improvement, b?Jo
collateral loan of 1927 (due 1957) (C) **•••
Province and 4 Municipalities of Camarines
Sur Public Improvement, 4l§# collateral
loan of 1927 (1937-57) (C) »......
Province of La Union Public Improvement,
b'kfo collateral loan of 1923 (due 195^) (C) *
1/ Province of Occidental Negros Public Improve
ment, First Series 5f° collateral loan of
>£933 (due 1963) (R e C) ........ *..... .
Bonds out
standing on
July 4, 1
$92,000
144.000)
)
i75»ooo)
)
212.000)
)
355 .000)
)
127.000)
99,000
Bonds Delivered
to Secretary of
the Treasury
for Destruction
Bonds Retired
Subsequent to
July 4, 1946
Bonds Remain
ing Outstanding
Bonds Held in the
Special Trust Account
Established in the
U. S* Treasury Pursuant
to Section 6 (g) (4)»
$6,000
$s6,ooo
$ 5,000
375,000
633,000
64,000
93,000
—
1,000
110,000
110,000
638,350
633,350
-
NAME 01 BOND ISSUES (Continued)
Bonds out
standing on
July %t 19^6
6
Bonds Delivered
to Secretary of
the Treasury
for Destruction
-
Bonds Retired
Subsequent to
July k t 191*6
Bonds Remain
ing Outstanding
Bonds Held in the
Special Trust Account
Established in the
U* S. Treasury Pursuant
to Section 6 (g) (1*)»
Bonds of Direct Issue:.
1j
Mdncipality of Santa Cruz» Laguna, Sewer
and Waterworks, 5$ loan of 1919
(1929-19)19) (R) *------. -------- --------l/
l/
Majayjay, Laguna, Sewer and Waterworks, 5,^
lean of 1919 (1929-19^9) (&) »•*,**►***•
Bangued, Abra, Sewer and Waterworks, 5i°
loan of 1919 (1929-19^9) (R) •••••••• *•*
City of Manila Public Improvement Act
31*56, First Series, kifp loan of 1929
(due 1959 )(C) ............. ....... .
Total #••••»•••••*••»»••••**••
1/
27
$1*5,000
$1*5,000
20,000
20,000
20,000
20,000
1 66,000
$370,000
$39,132,650
$15,150,500
- *
$2 ,02l*,000
Peso hon&s payable at the Philippine Treasury. Amounts shown in dollars.
provincial"
These issues sometimes listed collectively under designation ’Collateral 4 2s due 1957, Provincial .
96,000
$70,000
$23,958,550
$1 ,001,000
i
1K15ASUEX DEPARTMHJiT
Washington
FOE HELEASK IIOifIBG NBW3PAPKKS
Friday. April 18, 1947,
Press Service
Ko. S-Jifr
The Secretary of the Treasury announced today that
proposals are being invited for furriishing distinctive
paper required for printing currency and public debt
securities of the United States for the fiscal year 1948,
for which bids will be opened at the Treasury Department
on May 13, 1947*
The estimated quantity of paper required for currency
is
124,468,(XX) sheets,
debt securities
or about 1503 tons, and for public
15,200,OCX)
sheets, or about 287 tons*
TREASURY pEPARTMERT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, April 18, 19^7
Press Service
Np.? S-306
The Secretary of the Treasury announced today that
proposals are being invited for furnishing distinctive
paper required for printing currency and public debt
securities of the United States for the fiscal year 1943,
for which bids will be opened at the Treasury Department
on May 13, 1 9 ^ 7 .
The estimated quantity of paper required for currency
is 1 2 4 , 4 6 8 , 0 0 0 sheets, or about 1 5 0 3 tons, and for public
debt securities 1 5 , 2 0 0 , 0 0 0 sheets, or about 2 8 7 tons?
oOo
mmm
-3sold, 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.
MMM.
-
2
-
Immediately after the closing hour, tenders Tri.ll be opened at the Federal
Reserve Banks and Branches, following 'which public announcement Till be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders Trill 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 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
April 2L . 19A7_______J
W9
1
. ^
The income derived from Treasury bills, whether interest or g a m 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.
Under Sections
[\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 DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April IB, 1947«
___ •
GU
The Secretary of the Treasury, by this public notice, invites tenders for
$L.100 ,000,000
i or thereabouts, of
91 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as nereinafter
provided. The bills of this series will be dated
fill mature:
out interest.
April 24, 1947
> and
July 24, 1947____> i"-'hen the face amount will be payable withThey trill 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, April 21, 1947
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* MORNINQ.NEWSPAPERS .. ..• <
:iFriday, April :18>: 194?
!- '
Press-Service
•- ■ lîô.:^ 3 0 T
.
The Sécrëtarÿ of the''Treasury, by t h i s p u b l i c notice,
invltes':téndërs^fpr $i^rIQ0,000,000, or ‘thereabouts, of 91 -day
Tre a sury bills ,?to be is sued on a di scount basis under com^
petitive and' fixed-price bidding .
’as hereinafter, provided. The
bills of this' 'èeri$s ,yil'i\bèv‘dated ‘April. 2k, :Ì947/^and vili i
mature July 24/ 1947/ when the face amount vii 1 'be ;payable
without 'interest, • They; will be. issued in bearer form only,
and in denominations of. $ljiOOO, $5,000/ $ 1 .
0 ,0 0 0 ,. $100,000,
$5 0 0 ,0 0 0 ; and .$1,000,000 (maturity value) ,v. ;
Tenders will be received at Federal Reserve Banks and
Branchesi up tò the .closing hour, two o ’clock p,m,, Eastern
Standard time Monday, April 21, .1947* Tenders will not be :
;received at thè Treasury Department,1Washington. Each tender
•must •be for an even multipie of1$1,000, 'and the.price offered
must be expressed on the, basis of 10.0, with not more than ;>
three decimals, e>g,, 99V925,# Fractions may rot bemused.; It
is urged that tenders be made oh, the.,printed forms and for.-,
warded in the special envelopes.Which will be supplied, by
Federal Reserve Banks,ôr Branchés on application therefore
,
Tenders will be received without deposit from incorpo
rated banks and trust .companies and .from responsible ..and;
recognized dealers in investment, securities. ,j-^nders;.froffi.;;:i ?
others must be accompahiéd by .payment' nf two percent, of the face* amount of Treasury bills applied for, unless: the tenders
are accompanied by’an express guaranty of payment by an in
corporated 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 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 April 24,
1947.
2
1
: •f'
. ; ; The i,heome derived from Treasury hills, 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 shell 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 w h i c h ’Treasury bills are originally sold,by 1 the United
States shall be considered to be interest. Under Sections 42
and 117(a)(1) of the Internal Revenue Code,, as amended by
Section 115 of the.Revenue Act of 1941, the amount of discount
at which bills issued hereunder are sold shall not be considered
to accrue until such bills shall be sold, redeemed or otherwise
disposed of, and such bills are excluded from consideration as
capital assets. Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need inelude 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 N o v 418, as amended, and
this notice, prescribe the terms of tfoe Treasury bills and
govern the conditions of their issue.
Copies of the circu
lar may be obtained from any Federal Reserve Banjc or Branch.
0O 0
$
_____ L_ 19U6
Humber of banks l/.... ......... .
1/ At end of period*
54.153
»
1945
110 ,51 «
141,803
-20,337
/ 3.921
/ 3,336
«14,190
•»31.285
214,657
360,133
-45,475
7>*,6ao
1*4,530
36.569
155.709
680,890
74,627
29.652
-7
¿14,868
¿8,881
/23.T43
f30,191
174,454
11,538
185.992
494,89s
159.374
170,566
490.133
¿15.080
¿346
¿15,436
% 4,765
2,427
4,131
•» 1,704
167,70a
38,165
198,394
151.525
77.308
233,964
f16,177
-49,143
-34,670
5.013
5.023
-10
Percent
9.61
Percent
10,53
Percent
-.92
3.30
3.34
29*010
10M39
37.392
26,784
118,329
37,688
131.967
660,699
11,192
jt
of net profits:
capital funds 1/... .
of cash dividends:
capital funds l/.............. ••*
Change since
1945
«
Rate
To
Rate
To
33.816
>*1.313
1
0•
Recoveries:
On securities........... ..... .
On loans........................
All other....................
TOTAL RECOVERIES............ .
Profits on securities sold or redeemed*...
TOTAL BSCOVERIES AND PROFITS ON
SECURITIES SOLD OR REDEEMED...
Losses and charge-offs:
On securities*....... .......... .
On loans*................ .
All other*....... .
TOTAL LOSSES AND CHARGE-OFFS....
PROFITS BEFORE INCOME TAXES...........
Taxes on net Income:
Federal.......... ............. .
State...... ......... •*•••••••••••
TOTAL TAXES ON NET INCOME......
NET PROFITS BEFORE DIVIDENDS..........
Dividends declared:
On preferred stock............ ••••*
On common stock:
Cash dividends..... •••••••••••••*
Stock dividends**•••.•••••••••.••••*
TOTAL DIVIDENDS DECLARED.......
s
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOB YEARS
ENDED DECEMBER 31, 1946 and 19^5
(Amounts in thousands of dollars)
19>+6
Capital stock, oar valus: 1/
Preferred.......... .............. ** p a . m
1.71U.9S2
Common* •
r75i>,771
TOTAL CAPITAL STOCK............. .
Capital funds 1/..... ................ 5ÔU9.799Turnings from current operationst
Interest and dividends!
701,612
On U* S* GoTemment obligations*••••*•
102
,6lU
On other securities*...*......... .
507*212
Interest and discount on loans*
Service charges on deposit accounts***••
Other service charges* commissions, fees
52.766
and collection and exchange charges.*.
50,399
Trust department....................
*
9 .52*1
Other current earnings.
TOTAL BANNINGS FROM CURRENT
OPERATIONS... .............. . 1.573.51**
Current operating expenses!
Salaries and wages!
Officers........................
Employees other than officers.......*
Fees paid to directors and members of
executive, discount, and advisory
committees.... ............. ...*••
Interest on time deposits (including
savings deposits)............. .
Taxes other than on net income....••*..*
Recurring depreciation on banking house,
furniture and fixtures*.........
Other current operating expenses. •.•••**
TOTAL CURRENT OPERATING EXPENSES..*
NET EARNINGS FROM CURRENT OPERATIONS.... .r
158.789
28»+,83*»
8,206
i
19**5
$70,39*
1.588.656
1,659.050
>».655.737
i
Change since
19U5
f-.28,605>
/126.326
«7.721
¿494,062
^50,020
651,592
92,992
37*»,117
6l,20l+
/133.095
¿8,183
52,337
>10,761
76.219
¿>+29
¿9,638
¿13.305
1»3*>9,222
¿22»+,292
135.377
229,*»12
7,206
/ 9.622
¿23,1+12
¿55,*+22
¿1,000
5**.319
12*».567
5*1,886
¿19,9*»7
-567
23,265
23,>+68
-203
1>*»+,51*+
277.6*»5
951,572
2*a,772
Sl6,6SS
621,942
532,53*»
¿35,873
/13U.88U
f 29,>108
-
2
-
securities in 19^6 totaling $75*000,000 were the same as in the year before.
Losses charged off on loans and discounts of $^5»000,000 were $15*000,000
more than in 19 H 5 .
Taxes on net income, Federal and State, in the year
19^6 totaling $186,000,000 exceeded the amount of such taxes paid in the
preceding year by $1 5 *0 0 0 ,000 .
Cash dividends declared on common and preferred stock in 19^-6 totaled
$1 7 0 *000,000 in comparison with $1 5 6 ,000,000 in 19 ^ 5 *
cash dividends was 3*30 percent of capital funds.
stockholders in 19^6 were
year.
The annual rate of
The cash dividends to
percent of the net profits available for the
The remaining 65*62 percent of net profits, or $325*000,000, was
retained by the banks in their capital funds.
On December 3 1 » 19^6 there were 5 »013 national banks in operation as
compared to 5*023 at the end of 19 ^ 5 *
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
£cJCuAsct*yj
Press Service
s f ftp
Comptroller of the Currency Preston Delano announced today that the
national hanks in the United States and possessions reported net profits
after income taxes of $^95*000,000 for the year ended December 31» 19^+6» an
increase of nearly $5»000,000 over the year 19 ^-5 *
Net operating earnings, before income taxes, were $622,000,000.
Adding
to the net operating earnings, profits on securities sold of $111,000,000
and recoveries on loans and securities, etc., previously charged off of
$10^,000,000, and deducting therefrom losses and charge-offs of $1^6,000,000
and taxes on net income of $186,000,000, the net profits before dividends for
the year 19^6 amounted to the $^95»000,000 mentioned above, which at an annual
rate amounts to 9*6l percent of capital funds.
The principal items of operating earnings for 19^6 were $702,000,000 from
interest on U. S. Government obligations and $102,000,000 interest and dividends
on other securities, a total of $80^,000,000, which was an increase of
$60 ,000,000 over the figures for 19 ^ 5 » and interest and discount on loans of
$507*000,000, an increase of $133*000*000.
The principal operating expenses
were $^ 5 2 ,000,000 for salaries and wages of officers and employees and fees
paid to directors, an increase of $80,000,000 over 19 ^ 5 » and $1^5*000,000
expended in the form of interest on time and savings deposits, an increase
of $20,000,000.
Gross earnings of $1,57^*000,000 were reported for 19^-6.
This represents an increase of $22^,000,000 over the gross earnings for 19^5*
Operating expenses were $952»000,000, as against $817*000,000 in 19^5«
Profits on securities sold during 19^-6 aggregating $111,000,000 were
$ 31,000,000 less than in the preceding year, and losses and depreciation on
TREASURY PEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, April 19, 1947
Press Service
No. S-308
Comptroller of the Currency Preston Delano announced today
that the national hanks in the United States and possessions re-»*
ported net profits after income taxes of $ 495 ,000,000 for the
year ended December 31# 1946, an increase of nearly $5,000,000
over the year 1945*
Net operating earnings, before income taxes, were $622,000,000.
Adding to the net operating earnings, profits on securities sold
of $ 111 ,000,000 and recoveries on loans and securities, etc., pr e
viously charged off of $104,000,000, and deducting therefrom losses
and charge-offs of $156,000,000 and taxes on net Income of
$ 186 ,000,000 , the net profits before dividends for the year 1946
amounted to the $495# 000,000 mentioned above, which at an annual
rate amounts to 9.61 percent of capital funds.
The principal items of operating earnings for 1946 were
$702,000,000 from interest on U. S. Government obligations and
$ 102 ,000,000 interest and dividends on other securities, a total
of $804,000,000, which was an increase of $ 60 ,000,000 over the
figures for 1945; and interest and discount on loans of «$507 ,000 ,000 ,
an increase of $133*000,000.
The principal operating expenses were
$452,000,000 for salaries and wages of officers and employees and
fees paid to directors, an increase of $ 80 ,000,000 over 1945 ; and
^145#000,000 expended in the form of interest on time and savings
deposits, an increase of $20,000,000. Gross earnings of
' **
000,000 vere reP°rtec* for 1946. This represents an increase
of $224,000,000 over the gross earnings for 1945.
Operating e x
penses were $952#000,000, as against $817,000,000 in 1945.
Profits on securities sold during 1946 aggregating $111,000,000
were $31# 000,000 less than in the preceding year, and losses and
depreciation on securities in 1946 totaling $75,000,000 were the
same as in the year before.
Losses charged off on loans and dis
counts of $45,000,000 were $15,000,000 more than in 1945. Taxes
income' federal and State, in the year 1946 totaling
$lob, 000,000 exceeded the amount of such taxes paid in the preceding
year by $15,000,000.
5
, 4. -,Cas!? dividends declared on common and preferred stock in 1946
totaled $170,000,000 in comparison with $156,000,000 in 1945
The
annuai rate of cash dividends was 3.30 percent of capital funds,
ihe cash dividends to stockholders in 1946 were 34.38 percent of
* Pr oflts available. for the year. The remaining 65.62 perProfits, or $325,000,000, was retained by the banks in
uneir-capital funds.
o t e M t f » ? c e m b e r 31, 1946, there were 5,013 national banks In
operation as compared to 5,023 at the end of 1945 .
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOE YEARS
ENDED DECEMBER 31, 1946 and 1945
(Amounts in thousands of dollars)
*
1946
Capital stock., par value: 1/
Preferred............. ...... . t........ t. &A1.78Q
C o m m o n ..
..1,71A,982
TOTa L CAPITAL STOCK. •«................ .1,756,771
capital funds 1/•
,5,149,799
Earnings from current operations:
Interest and dividends:
On U.. §• Government obligations....... *
On other securities................ .r •
Interest and discount on loans........... ,
Service charges on .deposit accounts......
Other service charges, commissions, fees
and collection and exchange charges.,.. .
Trust department...................... .
Other current earnings
.
t o t a l e a r n i n g s f rom c u r r e n t
o p e r a t i o n s .... .... ,
.
Current operating expenses:
Salaries and wages*
Officers* *.».♦•• ».«!*•■*.*«,,•...
•....•
Employees other than officers.,,..,,.,..
Fees paid to directors and members of
executive, discount, and advisory
committees., .........
......,.,
Interest on time deposits (including
savings deposits) . ............... .....
Taxes other than on net income..,.
Recurring depreciation on banking house..,
furniture and fixtures....... ..
Other current operating expenses........*,#
TOTAL CURRENT OPERATING EXPENSES.,.....
NET EARNINGS FROM CURRENT OPERATIONS..,
701,612
102.61A
1945
:Change since
!
1945
M'/o
qq /1 e, Jy A
1,583,656
1,659»050
4, 65.
5 ,737
An/:
•“<.0yOUJ
/126» 326
?97.721
j(^49a ,Ob2
/ 50,020¿9,622
¿133,095
¿8 ,183
507,212
651» 592
OP QQP
y<>yy<
374,117
69,387
61,204
52,766
*¡0 .BQQ
89,524
/0
76,219
¿429
Vo
rv,Opo
¿ 13,305
,1,573,514
1 ,349,222
/224,292
158,789
284,334
135,377
229,412
7^23,412
¿55,422
8.,206
52,337
7,206 ''
A , 000
144,514
54,319
124,567
54,886
¿19,,947
-567
23,265
277,645
9 51, 572
23,468
241,772
816,688
-203
¿35,873
¿134,884
621,942
532,534
/ 89,403
- 3 -
♦
1946
!
•
1945
Recoveries:
On securities. .. •^............... ...
33,816
54,153
On loans.... ......................
37,392
41,313
All other..................... ..... .
29,010
26,784
TOTAL RECOVERIES................ . ' 104,139
118,329
Profits on securities sold or redeemed.....
110,518
141,803
TOTAL RECOVERIES AND PROFITS ON
SECURITIES SOLD OR REDEEMED.... .
214,657
260,132
Losses and charge-offs:
On securities ................. ........
74,627
74,620
On loans....... .................. .
29,652
44,520
All other........... ...... ..........
27,688
36 ,569
TOTAL LOSSES AND CHARGE-OFFS......
131,967
155,709
680,890
PROFITS BEFORE INCOME Tü XES......... ....
660,699
Taxes on net income:
Federal.
............ .
174,454
159,374
State...................................
11,538 ______ 11,192
170,566
185,992
TOTAL TAXES ON NET INCOME..,...,--494,898
NET PROFITS BEFORE DIVIDENDS...........--490,133
Dividends declared:
On preferred stock................. .....
2,427
4,131
On common stock:
Cash dividends................ . ....
167,702
151,525
77,308
Stock dividends..... .
....
28,165
¡Change since
!
1945
-20,337
/ 3,921
+ 2,226
-14,190
-31,285
-45,475
-7
/ 14 ,868
/8,881
.A3,742
/20,191
/15,080
,
¿346
A 5.426
/ 4,765
- 1,704
198,294
232,964
A6,177
-49,143
-34,670
....
5,013
5,023
-10
Rate of net profits:
....
To capital funds 1/..,....... .
Rate of cash dividends:
To capital funds l/,.................,...
Percent
9.61
TOTAL DIVIDENDS DECLARED..........
Number of banks 1/........... ..... ..
Percent
10..53
3*30
3*34
f
1/
At end of period*
-oOo-
Percent
-.92
-.04
T R E A S U R Y D EPA R T M EN T
INTER OFFICE COMMUNICATION
April 16, 1947
TO
from
Hon. E. H. Foley, Jr.,
Assistant Secretary of the Treasury.
Mr. H. J. Anslinger,
Commissioner of Narcotics.
At a meeting yesterday of the Committee on Drug
Addiction of the National Research Council,
it was
agreed that Secretary Snyder should give the attached
statement concerning Metopon to the press.
announcement will he made
in the medical
Formal
journals.
This announcement is particularly fitting in view of
the drive being made for funds during the month of
April by the American Cancer Society.
j-
3 .0 q
;a t'« ^ le n t
%
,totyo:
¿k
cJL^} ■tj-J+y
tchju
The Treasury Departmenjg^ias arranged fcke- release
the new drug Metopon
hydrochloride
(methyldihydromorphinone)
for use by members of the medical
profession in the treatment of cancer cases,
jihis
drug was developed under the auspices of the National
Research Council.
The Committee in charge of t M s ^
work was composed of Dr. William Charles White^,
Commissioner of Narcotics Harry J. Anslinger
.fcHLA
•nn^ i Trhw..m-+ » Dr. Nathan B. Eddy and Dr. Lyndon 3?. Small,
of the U. S. Public Health Service,
the latter having
discovered the drug. ^Metopon has been found to have
certain advantages in the treatment of cancel^ and
distribution will be limited to that use only, in
accordance with a plan to be announced to the medical
profession by the U. S. Public Health Service.
All
inq.ui?ie& from the medical profession should be
directed to Dr. Nathan B. Eddy of the U. S. Public
Health Service.
£ihe release of the drug under this
plan makes available, under medical supervision, a
more advantageous pain-relieving agent to sufferers
from this
a * a. disease.
oO o
A
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, April 18, 19^7
Press Service
No. S-309
Secretary Snyder announced today that the Treasury
Department has arranged to release the new drug Metopon
(methyldihydromorphinone) hydrochloride for use hy members
of the medical profession in the treatment of cancer cases.
This drug was developed under the auspices of the
National Research Council,
The Committee in charge of this
work was composed of Dr. William Charles White, long a
leader of the National Tuberculosis Association; Commissioner
of Narcotics Harry J. Anslinger; and Dr. Nathan B. Eddy and
Dr. Lyndon F, Small, both of the U. S ? Public Health Service,
the latter having discovered the drug,
Metopon has been found to have certain advantages in
the treatment of cancer, and distribution will be limited
to that use only» In accordance with a plan to be announced
to the medical profession by the U, S, Public Health Service.
All inquiries from the medical profession should be directed
to Dr. Nathan B, Eddy of the U. S. Public Health Service,
The release of the drug under this plan makes available,
under medical supervision» a more advantageous painvrelieving
agent to sufferers from this disease.
0O0
tax forms.
The different rates of reduction from tentative tax, the
^notch” rate, and the provision for the aged involving the partial
inclusion of income now excluded would he confusing to many taxpayers.
There would he an increase in refunds, particularly for low Income
taxpayers.
Conclusion
In my opinion, H.B.
1
should not he enacted.
reduction in revenues of almost
increase in expenditures of
It would make
billion and necessitate an
$751 million
for tax refunds at a time
when a balanced budget and substantial debt reduction should be our
first objective*
By concentrating a large reduction in one tax,
H.B* 1 would make later well-balanced tax revision more difficult,
and perhaps impossible.
reduction.
H.E.
1
would not be an equitable tax
It would unnecessarily complicate the individual income
tax.
In conclusion, I wish to repeat that, in my judgment, economic
conditions, budgetary uncertainties, and the size of the public debt
all call for maintaining present tax rates in
19^7*
Under present
conditions, it is sound financial policy to achieve as large a surplus
as possible*
The Administration will continue to make every effort
to hold Government e3q>enditures for the fiscal year 19^8 to the lowest
level possible in view of our national obligations and public needs.
I am sure, however, that any surplus that is likely to be realized
in 19^3 could best be applied to the reduction of the public debt.
-
11
-
tax-exempt, such as social security old-age benefits, railroad
retirement benefits, and retirement pay of armed forces personnel
retired for disability*
Shis modification is a complication of the
original provision, which does not meet the fundamental objections
to such & special exemption«
I do not believe that exclusions of
particular kinds of income from the tax base are an appropriate
means of bringing relief to special groups*
As X told the Ways and
Means Gommittee, I am opposed to extension of present exclusions from
the individual income tax base*
I do not believe that it would be
fair to increase income tax exenptions for persons over
65
years of
age and not for similarly situated persons under 6fj*
H*£* 1 is not only deficient from the standpoint of equity*
It
is not the.well-balanced approach to the important problem of maintain
ing incentives and markets, which will be essential when a tax reduction
is appropriate*
In a tax reduction program,lithe whole problem of
incentives and markets merit broad and careful consideration*
problem is not merely one of individual income tax rates.
5Ehe
It includes
other phases of the tax system and many features of the individual
income tax not treated in H.E* 1*
Subjects that will need to be
considered include the taxation of dividend income, tax treatment of
different forms of business, loss carrybacks and carryforwards, depreci
ation, treatment of family income, exemptions and other matters.
Enactment of H.E, 1 would complicate the individual income tax
and increase administrative costs*
It would cancel a part of the great
progress that has been made in recent years toward simplification of
-
10
-
She second time a flat percentage cut in taxes was made was in the
Revenue Act of 19^5*
But I want to emphasize the important differences
between the 19^5 Act a&cL the Jdnd of redaction proposed in H.R. 1*
3?he 5-percent cut under the Revenue Act of
19^5
important changes in the individual income tax*
was only one of three
It accounted for
less than one-fourth of the total reduction of the individual income
tax.
The remaining three-fourths of the I9U 5 reduction was made in
the form of an increase in the normal-tax exemptions and a reduction
of
3 percentage
points in each surtax bracket.
There is a significant difference between a flat percentage cut
in existing tax rates and a uniform reduction of a certain number of
percentage .points in each bracket.
reduce rates
17
A 20-percent flat reduction would
percentage points in an S5-percent rate bracket, but
only k percentage points in a 20-percent rate bracket.
a
5-percentage
In contrast,
point reduction in each surtax rate, which would lose
about the same amount of revenue, would give a
in an 8>5“Percent bracket rate, and a
20-percent bracket rate.
25-percent
5*SHPei>c®n t
reduction
reduction in a
An across-the board percentage cut of the
type in H.R. 1 decreases the progressivity of the income tax.
The $500-special tax exemption for persons over
65
years of age
included in H.R. 1 is addressed to the special problem of one group.
The bill as amended would partially offset the additional exemption
by the requirement that taxpayers include in their gross income the
first
$500 of
certain types of pension and retirement income now fully
- 9 H.B. 1 would not reduce taxes in the same way that we increased
2his
them during the war*
compares taxes at different net incomes under the
law, and H.R.
1* 2o
2, which
can he clearly seen in Sahibit
illustrate, H.R.
1
1939
law, present
would eliminate
of the difference between present taxes and
1939
22
percent
taxes for a married
person with no dependents and a net income of $5,000. But at a net
income of $1,000,000, the hill would wipe out
1939*
increase since
as high as in
of the tax
Saxes at the $5,000 level would still he
1939» hut
higher than in
69 percent
8
times
at the $1,000,000, taxes would he only a little
1939*
1
would reduce taxes on very high incomes
to a level only a little higher than that before the war.
It would
leave taxes on lower and middle incomes much higher than before the
war*
Despite modifications at both the lower and upper extremes,
H.B.
1
taxes.
to the
still provides in the main a flat percentage cut in present
Of the $3»7^9 million reduction, $2,262 million is attribuiable
20-percent
30-percent
reduction, $72^- million is attributable to the
reduction,
$520
million to the notch area of
reduction, $118 million to the
10§-20
20-30
percent
percent reduction, and $1^5
million to the exemption for persons over
65»]
So far as I know, a flat percentage cut in individual income taxes
has been made only twice before in the history of the Federal income tax.
Ehe first time was in the Revenue Act of I92I+, applicable to I923 incomes.
(Chat act made a flat
25-percent
reduction, but exemptions were greater
and rates on lower incomes were much less than under present law.
Since H*B, 1 is retroactive to January 1, I9E7, its enactment
would reduce receipts in the fiscal year 19^3 by more than the amount
of one year* s reduction in tax liabilities and would also necessitate
a large amount of additional tax refunds*
It is estimated that the
House bill would reduce receipts in the fiscal year 19^8 by $3t99^ million*
It would increase refunds by $75^ million*
In considering the effect
of E.B. 1 on the budget for the fiscal year
19^8,
it is necessary to
combine the decrease in receipts of $3*99^ million with the increase
in Expenditures of §75^ million for additional refunds*
H.E. 1 would
weaken the budget for the fiscal year I9E8 by $4,7^5 million*
As I have already said* I do not believe that a tax reduction
is now appropriate,
I
now wish to point to some inequities in H.E, 1
as a tax reduction measure*
Although the bill has been somewhat
modified since it was originally introduced, it would still provide
relatively too little tax reduction for low and middle incomes as
compared with high incomes*
it seems to me that if a
As I said to the Ways and Means Committee*
19^7
tax bill has any place at all in the
management of our financial affairs* it should aim primarily at
bringing relief to taxpayers who have borne extraordinarily heavy
burdens during the war and postwar transition years and should give
consideration to inequities*
these objectives*
I do not believe that H.B* 1 acconplishes
- 7 C
taper off to 10*5 percent above $5,000*000*
The rate reductions in
the amended hill are identical with those in the original hill for
all taxable net incomes in excess of $1*396«
Only about 1,100 tax
payers would get less than a 20-percent rate reduction.
About
iM-th million taxpayers would get a 20-percent rate redaction.
About 8*5 million would get between 20 and 30 percent*
ing 2h#8 million taxpayers would get a
H* R*
over
65
1
30-percent
rate reduction*
grants a special additional exemption of
years of age. I f
The remain
$500
to persons
This additional exemption is subject to the
limitation that persons qualifying for it must include in their gross
income for tax purposes the first
$500
received from certain types of
periodic pension or retirement annuity benefits that are now fully
exempt from taxation.
It is estimated that this additional exemption
would reduce the income tax of
825
2*8 million
persons over
65,
of whom
thousand would be made non-taxable.
It is estimated that the bill would reduce tax liabilities by
$3*769 million for a full year.
original bill*
This is $280 million more than the
Of the total reduction in liabiMties $3 ,62^ million
would be attributable to rate reductions and $1^5 million to the
increase in exemptions for taxpayers over
Yf
2/
65* 2/
In the case of joint returns, the special additional exenption
would be $1,000 where both husband and wife are over 65 and each
has $500 or &ore. gross income*
Estimates of tax liabilities for the calendar year I9H7 .
-
6-
Many such fundamental tax revisions w ill involve sub stantial revenue
reduction«
I f we now make a major reduction along the lin e s of
H« R* 1* vre may la te r fin d that we are not able to adopt many of the
b a sic revisio n s in the in divid ual income tax and the other taxes
that are necessary for a sound postwar tax system«
S p e c ific Discussion o f H« R« 1
I turn now to a more s p e c ific examination o f H» R« 1, as passed
by the House.
For the use o f the Committee» I have appended to my
statement several exh ibits and an appendix*
K iis m aterial includes
a v a rie ty o f s t a t i s t i c a l data on the composition o f the individual
income tax base and other information that I believe w ill be help fu l
in your consideration o f H. R» 1 and other proposals for tax reduction*
r
H« R* 1 includes a general reduction o f .individual income tax
rates and a special additional exemption for taxpayers over
o f age«
I t would reduce the income tax by
30 percent
65 years
for taxpayers
whose net income in excess o f exemptions is $1,000 or le s s , and by
an amount which under the notch provision would rapidly f a l l to
20 percent at a net income of $1,396 a fte r exemptions«
For net income
a fte r exemptions between $1,396 and about $302,^ 00, the reductions
would be 20 percent*
For higher incomes the reduction would gradually
- 5problems to which I refer are not solely» or even primarily* ones of
tax rates.
They relate rather to tax structure.
These problems now
need careful consideration* especially in view of the high level of
current and prospective revenue requirements.
Although I do not believe that the time has yet come for
revisions involving major tax reductions, it is not too early to
begin studies of desirable tax changes to take effect at a later
date.
The Treasury Department has been studying a large number of
important tax problems* working on many of them in close collaboration
with the staff of the Joint Committee on Internal Bevenue Taxation.
The Treasury stands ready to assist the Congress in any way possible.
In anticipation of later tax reduction?* we should review the
whole tax system*
We should re-examine not only the individual income
tax* but also the corporation income tax, excise taxes* and estate
and gift taxes*
Such a comprehensive review should aim at revisions
that will fit all major taxes together into a system that will produce
adequate revenue» will be fair and equitable» will interfere as
little as possible with incentives to work and invest» and will help
maintain mass markets for mass production.
There is danger that if we act prematurely by reducing the rates
of one tax, without consideration of other problems, we shall make it
difficult or impossible to atiifife many needed changes at a later time.
- k-
Public Debt
We have emerged from the war and immediate transition period
JJLSS.
with a public debt of approximately
billion«
fa
!Ehe size of the
debt is a strong argument against a tax: reduction at this time*
Under present conditions, I believe it will be sound financial policy
to achieve as large a budget surplus as is possible and to apply that
surplus against the public debt.
When national income? is high, as
it now is, it is prudent to reduce the public debt as rapidly as
possible.
(Dhe present situation gives us an opportunity to make further
reduction in the debt.
X believe that we should now prove our determi
nation to retire public debt by making as big a payment on it as we can.
If we do so, there will be less cause for concern if in some future
years we find it desirable to postpone temporarily further debt
retirement.
Comprehensive Sax Revisions Later
During recent years, when attention was necessarily devoted
almost exclusively to urgent matters of war finance, a great number
of technical tax problems have been accumulating.
Moreover, much
interest has developed in a series of fundamental tax problems.
The
contribute to further price rises and to economic instability*
If
we cut taxes too soon we shall probably find it impossible to reverse
our action.
On the other hand* it will be time enough to cut taxes
when it becomes clear that conditions call for such action.
Budgetary Situation
She current budgetary situation also calls for the maintenance
of existing taxes,
I am gratified that the latest estimates indicate
a budgetary surplus for the fiscal year
19U7*
If taxes» are not
reduced we shall also be able to achieve a budgetary surplus in the
fiscal year IP^-S.
It is by no means clear, however, that the surplus
in the fiscal year
19^S
will exceed the amount foreseen in the
President’s budget, except for the effect of the subsequent adoption
by the Congress of the President’s recommendation for extension of
the si-called war excise tax rates.
for the fiscal year
19^8
Under existing law* revenues
are estimated at $38,8 billion*
She
President’s budget puts expenditures for the fiscal yearI9I+8 at
$37,5 billion,
A Conference Committee of the H^use and Senate is still
considering various legislative budget estimates of expenditures,
We still do not have any clear evidence that expenditures in the
coming fiscal year can be reduced below the President’s budget figures
of $37,5 billion.
In my opinion* it would be unwise to reduce the
revenues before we have a clear picture of what expenditures will be
authorized!
high« and national income continues to reach new peacetime levels*
Under these favorable economic conditions present taxes do not impose
an excessive hardship on the American people#
Under present conditions, I do not believe that a tax reduction
would bring about any significant increase in production, nor do
I believe that a tax reduction is necessary at this time to assure
continued hi^i-level production#
(She rapid and sustained growth of
employment and output achieved in I9I+6 and^he early months of
19U7
was accomplished with present tax rates*yDuring that period, millions
of demobilized veterans found civilian jobs, and there was a rapid
increase in the number of new small business firms#
whole is now operating virtually at capacity#
Business as a
Production is now limited
by shortages of materials and labor rather than by lack of venture
capital or markets#
All of these facts are evidence of the vigor
and adaptability of our free enterprise system#
Employment and output
will undoubtedly rise still higher in the future with the normal growth
of the economy#
Inflationary pressures have still not subsided*
production have not yet fully adjusted to one another*
Prices and
So long as
inflationary pressures exist, there is good economic reason for maintain
ing high taxes#
If we should cut taxes prematurely, we could easily
I am glad to have this opportunity to appear before the Senate
Finance Committee.
You have before you: H. R. 1* a bill which would
make the second major postwar tax reduction.
I have previously stated
my views on tax reduction in my recent appearance before the House
Ways and Means Committee.
Soday, I wish to repeat some of the reasons
why I believe that no general tax reduction is advisable at this time
and also to comment in more detail on certain specific aspects of
H. R. 1.
I am convinced that a general tax reduction at this time is neither
necessary nor appropriate.
I believe that this conclusion is supported
by a careful examination of both the current economic conditions and
the budgetary situation.
She desirability of maintaining present tax
rates for this year is emphasized by the size of the public debt.
Moreover, premature reduction of one tax, such as is proposed in
H. R. 1, might make later achievement of a comprehensive revision of
the tax system difficult or impossible.
Finally, even if^taxyjceduction
were now appropriate, H. R. 1 does not make the ri^ht approach to a tax
reduction program.
Economic Conditions
Present economic conditions do not call for a tax reduction.
She
American economy has already made a remarkably rapid transition from
record wartime production to record peacetime output.
Employment is
TREASURY DEPARTMENT
Washington
I am very glad to appear before this Committee and to
explain what, in my judgment, the proposed Financial Agreement
with the United Kingdom means to America and to the world«
With the end of the war we in the Administration and you-,
in Congress have a new responsibility to our people« The
sacrifices they have borne will have been largely meaningless
unless we do all in our power to achieve lasting peace and
sound prosperity* This is the one reward of victory that our
people and the people of all the United Nations ask -» a world
in which countries work and live together in peace and
prosperity*
As you are well aware, world peace and prosperity are
interlinked. The world cannot have a stable, enduring peace
while devastation and hunger stalk the earth«
This country
cannot prosper
in a world torn by fear and strife. No
country, no matter how big or strong, can remain either in
political or economic isolation.
Maintaining peace requires constant vigilance by the
people of all countries.
We know, at long last, that enduring
peace does not follow automatically the victory of our armed
forces«
Our people have learned that peace as well as pros**
perity does not come to those who merely sit and wait.
We must work for peace as we worked to win the war. We
must all work, and work constantly, to settle the problems
that might lead to conflict and war. That is the responsi
bility of the United Nations - and that means Russia and
England, as well as the United States and the other countries.
We must do this job.
We must have international oooperation on political
problems.
That is most important, but it is not enough.
The
economic causes of conflict must be eliminated.
The every-day
relations between the businessmen of all countries must be
carried on in a fair and friendly way, conducive to good will
and mutually beneficial trade.
^ V 7QiFr
TREASURY DEPARTMENT
Washington
Statement by Secretary Snyder before the
Senate Finance Committee, on H.R. 1
1 0:30A,M., Tuesday, April 22, 1947
I
am glad to have this opportunity to appear before the
Senate Finance Committee. You have before you H.R. 1, a bill
which would make the second major postwar tax reduction.
I have previously stated my views on tax reduction in my recent
appearance before the House Ways and Means Committee.
Today,
I wish to repeat some of the reasons why I believe that no
general tax reduction is advisable at this time and also to
comment in more detail on certain specific aspects of H.R. 1.
I am convinced that a general tax reduction at this time
is neither necessary nor appropriate.
I believe that this con
clusion is supported by a careful examination of both the cur
rent economic conditions and the budgetary situation.
The
desirability of maintaining present tax rates for this year is
emphasized by the size of the public debt.
Moreover, premature
reduction of one tax, such as is proposed in H.R. 1, might make
later achievement of a comprehensive revision of the tax system
difficult or impossible. Finally, even if tax reduction were
now appropriate, H.R. 1 does not make the right approach to a
tax reduction program.
Economic Conditions
Present economic conditions do not call for a tax reduction.
The American economy has already made a remarkably rapid transi
tion from record wartime production to record peacetime output.
Employment is high, and national Income continues to reach new
peacetime levels. Under these favorable economic conditions
present taxes do not impose an excessive hardship on the American
people.
I
Under present conditions, X do not believe that a tax reduc
tion would bring about any significant increase in production,
nor do I believe that a tax reduction is necessary at this time
to assure continued high-level production.
The rapid and sus
tained growth of employment and output achieved in 1946 and the
early months of 1947 was accomplished with present tax rates.
S-310
©Tiring that period, millions of demobilized veterans found
civilian jobs, and there was a rapid increase in the number of
new small business firms. Business as a whole is now operating
virtually at capacity.
Production is now limited by shortages
of materials and labor rather than by lack of venture, capital
or markets. All of these facts are evidence of the vigor and
adaptability of our free enterprise system. Employment and
output will undoubtedly rise still higher in the future with
the normal growth of the economy.
Inflationary pressures have still not subsided.
Prices
and production have not yet fully adjusted to one another.
So
long as inflationary pressures exist, there is good economic
reason for maintaining high taxes.
If we should cut taxes pre~
maturely, we could easily contribute to further price rises and
to economic instability.
If we cut taxes too soon ve shall
probably find it impossible to reverse our action.
On the other
hand, it will be time enough to cut taxes'when It becomes clear
that conditions call for such action.
Budgetary Situation
The current budgetary situation also calls for the main*
tenance of existing taxes.
I am gratified that the latest
estimates Indicate a budgetary surplus for the fiscal year 1947.
If the taxes are not reduced we shall also be able to achieve a
budgetary surplus in the fiscal year 1948. It Is by no means
clear, however, that the surplus in the fiscal year 1948 will
exceed the amount foreseen in the President’s budget, except
for the effect of the subsequent adoption by the Congress of
the President’S recommendation for extension of the so-called
war excise tax rates. Under existing law, revenues for the
fiscal year 1948 are estimated at $38,8 billion.
The President’s
budget puts expenditures for the fiscal year 1948 at $37.5 billion
A Conference Committee of the House and Senate is still consider
ing various legislative budget estimates of expenditures. We
still do not have any clear evidence that expenditures in the
coming fiscal year can be reduced below the President’s budget
figures of $37.5 billion.
In my opinion, It would be unwise to
reduce the revenues before we have a clear picture of what e x
penditures will be authorized.
^
Public
We have emerged from the war and immediate transition period
with a public debt of approximately $358 billion.
The size of
the debt is a strong argument against a tax reduction at thi 3 time
Under present conditions, I believe it will be sound financial
policy to achieve as large a budget surplus as Is possible and to
apply that surplus against the public debt. When national income
3
is high, as it now is, it is prudent to reduce the public debt
as rapidly as possible.
The present situation gives us an op
portunity to make further reduction in the debt.
I believe that
we should now prove our determination to retire public debt by
making as big a payment on it as we can. If we do so* there will
be less cause for concern if in some future years we find it de
sirable to postpone temporarily further debt retirement.
Comprehensive Tax Revisions Later
During recent years, when attention was necessarily devoted
almost exclusively to urgent matters of war finance, a great
number of technical tax problems have been accumulating.
More
over, much Interest has developed in a series of fundamental tax
problems.
The problems to which I refer are not solely, or even
primarily, ones of tax rates.
They relate rather to tax struc
ture. These problems now need careful consideration, especially
in view of the high level of current and prospective revenue
requirements.
Although I do not believe that the time has yet come for
revisions Involving major tax reductions, it is not too early
to begin studies of desirable tax changes to take effect at a
later date. The Treasury Department has been studying a large
number of important tax problems, working on many of them in
close collaboration with the staff of the Joint Committee on
Internal Revenue Taxation.
The Treasury stands ready to assist
the Congress in any way possible.
In anticipation of later tax reductions, we should review
the whole tax system. We should re-examine not only the individ
ual Income tax, but also the corporation Income tax, excise
taxes, and estate and gift taxes.
Such a comprehensive review
should aim at revisions that will fit all major taxes together
into a system that will produce adequate revenue, will be fair
and equitable, will Interfere as little as possible with incen
tives to work and Invest, and will help maintain mass markets
for mass production.
There Is danger that if we act prematurely by reducing the
rates of one tax, without consideration of other problems, we
shall make it difficult or Impossible to adopt many needed
changes at a later time.
Many such fundamental tax revisions
will involve substantial revenue reduction.
If we now make a
major reduction along the lines of H.R. 1, we may later find
that we are not able to adopt many of the basic revisions in the
Individual income tax and the other taxes that are necessary for
a sound postwar tax system.
4
Specific Discussion of H.R, 1
I turn now to a more specific examination of H.R. 1, as
passed by the House, For the use of the Committee, I have ap
pended to my statement several exhibits and an appendix. This
material includes a variety of statistical data on the compo
sition of the individual income tax base and other information
that I believe will be helpful in your consideration of H.R. 1
and other proposals for tax reduction.**-*
H.R* 1 Includes a general reduction of individual income
tax rates and a special additional exemption for taxpayers over
65 years of age. It would reduce the income tax by 30 percent
for taxpayers whose net Income in excess of exemptions is $1,000
or less, and
by an amount which under the notch provision
would rapidly fall to 20 percent at a net income of $1,396 after
exemptions. For net income after exemptions between $1,396 and
about $302,4.00, the reductions would be 20 percent. For higher
incomes the reduction would gradually taper off to 10.5 percent
above $5,000,000. The rate reductions in the amended bill are
identical with those in the original bill for all taxable net
incomes in excess of $1,396,
Only about 1,100 taxpayers would
get less than a 20-percent rate reduction.
About 14.4- million
taxpayers would get a 20*percent rate reduction. About 8.5
million would get between 20 and 30 percent.
The remaining
24.8 million taxpayers would get a 30 -percent rate reduction.
H.R, 1 grants a special additional exemption of $500 to
persons over 65 years of age, 1/ This additional exemption is
subject to the limitation that persons qualifying for it must
include In their gross Income for tax purposes the first $500
received from certain types of periodic pension or retirement
annuity benefits that are now fully exempt .from taxation.
It
Is estimated that this additional exemption would reduce the
income tax of 2,8 million persons over 65, of whom 825 thousand
would be made non-taxable.
It is estimated that the bill would'reduce tax liabilities
by $3<769 million for a full year.
This is $280 million more
than the original bill.
Of the total reduction in liabilities
$3,624 million would be attributable to rate reductions and $145
million to the increase in exemptions for taxpayers over 65.
2/
1/
In the case of joint returns, the special additional exemp
tion would be $1,000 where both husband and wife are over 65
and each has $500 or more gross income.
2/
Estimates of tax liabilities for the calendar year 1947.
5
Since H.R. 1 is retroactive to January 1, 1947, its enact
ment would reduce receipts in the fiscal year 1948
more than
the amount of one y e a r fs reduction in tax liabilities and would
also necessitate a large amount of additional tax refunds.
It
is estimated that the House bill would reduce receipts In the
fiscal year 1948 by $3,994 million.
It would increase refunds
by $751 million.
In considering the effect of H.R* 1 o n ^ n e _
budget for the fiscal year 1948, It is necessary to combine the
decrease In receipts of $3,994 million with the increase in
penditures of $751 million for additional refunds. H.R. 1 would
weaken the budget for the fiscal year 1948 by $4,745 million.
As I have already said, I do not believe that a tax reduc
tion is now appropriate.
I now wish to point to some inequities
in H.R. 1 as a tax reduction measus’e. Although the bill has been
somewhat modified since it was originally Introduced, it would
still provide relatively too little tax reduction for low and
middle*incomes as compared with high incomes.
As I said to the
Ways and Means Committee, it seems to me that if*a 1947 tax bill
has any place at all in the management of our financial affairs,
It should aim primarily at bringing relief to taxpayers who have
borne extraordinarily heavy burdens during the war and postwar
transition years and should give consideration to inequities.
I do not believe that H.R. 1 accomplishes these objectives.
H.R. 1 would not reduce taxes in the same way that we in
creased them during the war.
This can be clearly seen in
Exhibit 2, which compares taxes at different net incomes under
the 1939 law, present law, and H.R* 1. To illustrate, H.R. 1
would eliminate 22 percent of the difference between present
taxes and 1939 taxes for a married person with no dependents
and a net Income of $5,000. But at a net income of $1,000,000,
the bill would wipe out 69 percent of the tax increase since
1939. Taxes at the $5,000 level would still be eight times as
high as in 1939, b u t ’at the $1,000,000, taxes would be only a
little higher than in 1939. H.R. 1 would reduce taxes on very
high incomes to a level only a little higher than that before
the war.
It would leave taxes on lower and middle incomes much
higher than before the war.
Despite modifications at both the lower and upper extremes,
H.R. 1 still provides in the main a flat percentage cut In pres
ent taxes.
Of the $3,769 million reduction, $2,262 million is
attributable to the 20-percent reduction, $724 million i3 attribu
table to the 30-percent reduction, $520 million to the notch area
of 20-30 percent reduction, $118 million to the 102-20 percent
reduction, and $145 million to the exemption for persons over 65.
6
So far as X know, a flat percentage cut In Individual i b »«.«
taxes has been made only twice before in the historv of
i
income tax
The first time was in the Revenue I c ^ f l o ^ J f g f » 1
cable to 1923 incomes.
That act made a flat 25-percent reduo??on
but exemptions were greater and rates on l o w e r l n c o m e s w e r e m u c h
less than under present law.
The second time a flat percentase
cut in taxes was made was in the Revenue Act of 1945, But I want
to emphasize the important differences between the 1945 Act and
S; £ * £
» i . f S S ’S , 1" " - ' v 1;.
5-p.;SentA oit‘^ d „
x945 was only one Of three important changes in
^ efinC^ V^ T ia*
tax. It accounted for less than one-fourth
three!foSrthsrofUthe°lo 4n J*2 individual income tax. The remaining
Lnree xourtns of the 1945 reduction was made in the form of an
&
increase in the normal-tax exemptions and a reduction of 3 percent
age points in each surtax bracket,
J percent-
luZ V I?n ;!
K f S
,Ther?
a significant difference between a flat percentage
cut in existing tax rates and a uniform reduction of a certain^
number of percentage points in each bracket.° A°20-percent flat
rate°brack!tUlbuteonlv f ^ ® 3 17 JPercentage points in an 85-percent
bracket ^ ' c o n t r a s t 7 4 P®r centage points in a 20-percent rate
surtax rati
a 5-percentage point reduction in each
a Chi ch wcnud lose about the same amount of revenue
age included 0!« 13^ 1? 1 i®? ex?!?ptlon for Persons over 65 years of
ole group
The h?i*? * * iS j e s s e d to the special problem of
ihei1r I XeffiPil0n by the requirement that taxpayerfinclude
n
modif?olt?f a?med forces Personnel retired for disability
Th^
modification is a complication of the original proviqinn^'uhioJ 3
income from the
^ d e l u s i o n s of particular kinds of
relief to speciai groups
a^ t
me“ 3 of ^ n g i n g
I am opposed to e x t e u ^ A „c
1 to1* the,Ways and Means Committee,
ual i n c o m l t a x h2ie
t ? of P ® 3??* exclusions from the Individ1nrtY(: f 0 t a x bsse, I do not believe that it would be feir» tn
and notefo"Cr , ^ X eXe? p U o n s for P ep sons over 65 years of ape
t for similarly situated persons under 6 5 ,
®
It i s Y o t theSweli-balanced^approach°to 1:i?h s,
t andp°int of equity,
maintaining lncentiveAa»n 2 am apFr 2ach i? the Important problem of
a tax reduftioHs I n I ^ I “^ ketTS' whPoh wiH
essential when
uctxon is appropriate. In a tax reduction program,
7
the whole problem of incentives and markets merit broad and
careful consideration.
The problem is not merely one of individ
ual income tax rates.. It includes other phases of the tax system
and many features of the individual income tax not treated in
H.R. 1. Subjects that will need to be considered Include the
taxation of dividend income, tax treatment of different forms of
business, loss carrybacks and carryforwards, depreciation, treat
ment of family Income, exemptions and other matters..
Enactment of H.R,. 1 would complicate the individual income
tax and increase administrative costs.
It would cancel a part
of the great progress that has been made in recent years toward
simplification of tax forms.
The different rates of reduction
from tentative tax, the "notch" rate, and the provision for the
aged involving the partial inclusion of income now excluded
would be confusing to many taxpayers.
There would be an increase
in refunds, particularly for low income taxpayers.
Conclusion
In my opinion, H.R* 1 should not be enacted.
It would make
reduction in revenues of almost
billion and necessitate an
increase In expenditures of $751 million for tax refunds at a
time when a balanced budget and substantial debt reduction should
be our first objective. By concentrating a large reduction in
one tax, H.R. 1 would make later well-balanced tax revision more
difficult, and perhaps impossible. H.R. 1 would not be an
equitable tax reduction. It would unnecessarily complicate the
individual income tax.
In conclusion, I wish to repeat that, in my judgment,
economic conditions, budgetary uncertainties, and the size of
the public debt all call for maintaining present tax rates in
19^7. Under present conditions, it Is sound financial policy
to achieve as large a surplus as possible.
The Administration
will continue to make every effort to hold Government expendi
tures for the fiscal year 19^8 to the lowest level possible in
view of our national obligations and public needs.
I am sure,
however, that any surplus that is likely to be realized In 19^-8
could best be applied to the reduction of the public debt,
EXHIBITS
Table of Content s
Exhibit 1
Table 1
2
3
4
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Chart 1
Appendix
Page
Comparison of combined normal tax and surtax rates
under present law add the House bill (H.B, l) . ____
Q
Comparison of individual income taxes under present
law and under th© House bill (H.B. l)s for specified
amounts of net income
Single person, no dependents».
11
Comparison of individual income taxes under present
law and under th© House bill (H.B. l), for specified
amounts of net income — Married person, no dependents.
13
Comparison of individual income taxes under present
law and under the House bill (H.B. l), for specified
amounts of net income — Married person, two*dependents. 15
Comparison of amounts and effective rates of
individual income tax in 1939 with present law and
the House bill (H.B. l)f for specified amounts of
net income «-*- Married person, no dependents
17
Comparison of net income after individual income tax
in 1939 with present law and the House bill (H.B. l),
for specified amounts of net income
Married, person
no dependents .......... „.... .......
^
*
pq
Estimated revenue loss from each provision of the House
bill (H.B. 1), distributed by net income classes, in
calendar year 19^7 ............. .... .
21
Estimated number of taxable income recipients
distributed by the various rate reductions provided
under the House bill (H.B, l)t in calendar year 19^7»• **23
Effective Bates of Individual Income Tax, Present Law
and House bill (H. B, l) : Married person,
no dependents ............. ....... . .Pollows page »... 23
Tables A - H, and Chart A
....... .................
EXHIBIT 1
Table
1
Comparison of combined normal tax and surtax rates under present law l/
and the House bill (H.H. l)
”
Surtax net income
Exceeding : _
** # exceeding
Combined normal tax and
Present law
Hates after
Tentative
5-percent
rates
reduction
(
$ 1,000
2,000
k f 0Q0
6,000
8,000
^,000
6,000
8,000
10,000
30
3^
10,000
12,000
1^,000
16,000
is ,000
12,000
l k 9000
16,000
3S
^3
^7
1,39b 2/
2,000
18,000
20,000
20,000
22,000
26,000
32,000
38,000
4^,000
4^,000
50,000
22,000
26,000
32,000
38,000
0ro
0
1,000
1,396
)
)
)
surtax rates :
: Hates after iPercentaa-e-noint decrease C-0
i reductions :or increase (+) in rates com; under House : pared with present law
:bill (H.H. l):
22
26
50
53
56
59
62
65
69
72
19 .00$
13.30$
c 20.00
( 15.20
5.70^
1.00
3.30
32.30
lb.72
19*76
22.80
25 .8^
g
—
—-
36.10
28.88
40.85
n^.65
^7.50
50.35
32.68
7.22
8.17
_ 8.93
— 9.50
- 10.07
20.90
2^.70
28.50
53.20
56.05
5S .90
61.75
65.55
68 .U0
35*72
38.00
^.23
^2.56
^7.12
^9*^0
52.^H
5^.72
Continued on next page
Footnotes on next page.
•—
+
-
^.18
H.9U
5*70
6 .1(6
10 .6^
— 11.21
_ 1 1 .7 s
m. 12.35
— 13.11
- 13.68
EXHIBIT 1
Table 1 — concluded
Comparison of combined normal tax and surtax rates under eresent law 1 /
and the House bill (H.ii, l)
'
|
Combined xiOrmal tax and surtax rates •
— ... ....
------- _— ---------- • o,oet. aii-er . x ercentage-point decrease (-)
Tentative
f Jlates after : reductions : or increase (+) in rates corn:
^ exceeding
rates
r 5-percent : under House > . eared with present law
--: reduction :bill> (H JB. l):
Surtax net income
Exceeding
50.000
50.000
75$
78
SI
71*25$
?Mo
90.000
sk
100,000
87
79*80
S2.65
63. ^
150.000
S9
90
S4.55
S5.50
6 7 .6^
6s.4o
3^-
S6 .H5 HJ
60.000
70.000
so ,000
90.000
100,000
150.000
70.000
200.000
392,336-J/ >
2 0 0 .0 0 0
302,396 and/over
)
76.95
57*00$
59.2S
61,56
66 ,12 -
( 69.16
( 77.35 5/
"
-
iU.25^
l^.S2
15.39
15.96
I6.53
*"
~
-
16.91
17 *10
17*29
9*10
Treasury Department
April J «
^t^hhal Revenue Code, as amended by Devenue Act of 19^ 5 .
Cj Indicates area of the notch provision under the House bill
I
The 77 r
lel'llTol**
te^ law tentative
Î “ '8ndS a tax
t 5 ltakes
- ° 00 ° effect
f
t^ n c o t
u^tion O . present
at n$o1^96
J ' Boise M i “
j
.
^
15"perCent refcctiM of present law tentative tax takes effeet under the
?up-;ect t0 a
effective rate limitation of gR.s percent
_5 / Subject to a maximum effective rate limitation of 76.5 percent.*
e x h ib it 'i
Table 2
Comparison of in d iv id u a l income taxes under present lav; i f and under
the House b i l l (E*R. l ) , fo r sp e cified amounts of net income
Single person *- no dependents
Net
income
before
personal
exemption
$ 600
800
:
r
;
:
:
Amounts of tax
Present
law
t Effective ra.tes
[House bill[
: (11.E. 1 ) ;Present:0?"3®
law : (H*0 t
;
2/
;
$ 19
57
95
133
$ 13
4o
1,700 i/
1 ,SOO 3 /
1.396 i/
190
209
22s
2^7
265
133
153
173
193
212
2,000
2,500
3,000
205
3S0
485
228
304
388
1,000
1,200
1,500 ¿/
i,6oo ¿ /
4,oco
5,000
67
93
694
555
3.2^
7a
2 .2$
:Decrease compared „
¡with present law
Decrease as a
percentage of
Net income
rlmounts: Effective Present[after present
rates
law taxi
law tax
$ 6
17
9.5
11,1
5-0
6.7
7*3
12.7
13a
8.9
9*6
57
10.2
10.7
11.2
55
5^
53
¿3*4
1 3 .7
14.0
1^.3
11.4
15.2
16.2
12.2
12.9
13.9
i%7
922
737
17*3
18.4
29
4o
56
57
76
97
139
184
1.0 $
2.1
2.9
3*3
3*3
3.5
3.2
3.0
2.9
3.0
3*2
3.5
3*7
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20 .0
20.0
20.0
20.0
20.0
20 .0
935
1,376
21.5
17*2
15.6
2^4
3^4
2,3^7
it, 270
M77
23*5
28.5
18.8
22.8
469
854
3-9
^•3
4.7
5.7
20,000
25,000
50,000
75*000
6,6^5
9,362
25,137
^3,^77
5,316
7,490
20,110
33-2
26.6
1,329
6 .7
uu next page
3>+,7Si
-
37.5
50.3
53.0
Continued
30.0
1,872
40.2
5*027
46.4
8,695
on next page
24.1
21.9
20.0
1,169
1,720
3.^16
30.0
26.8
2.8
6,000
8,000
10,000
15,000
19.5
30 *0$
30.0
30.0
30.0
7*5
10.1
11.6
1 .0$
2.3
3.1
3.7
4.0
3*7
3*5
3*3
3*3
3.6
3*9
4.2
4.5
5*5
6 .1
8.0
10.0
12.0
20.2
27.6
EXHIBIT 1
Table 2 - concluded
Comparison of individual income taxes under present lav/ 1/ and under
the House hill (H.R* l)r for specified amounts of net income
Single person - no dependents
het
income
before
personal
exemption
$ 100,000
250,000
302*896 hj
350,000
500,000
750,000
1 ,000,000
2 ,000,000
3 ,000,000
*4,000,000
5 ,000,000
6 ,000,000
Amounts of tax_______ i Effective rates
i Decrease compared!
Decrease as a
perc entage of
Present
:House hill iPresent :House hill
Effective* Present * Het income
law
:(H. fi. 1)
law :(H. E. 1) :Amounts:
rates
law tax *after present .
law tax
____a L _
2/
$
63 ,51+1 $
50,833
63*5 $
50 .8$ $12,708
20.0 $
3*4.9$
12 .7 $
6l**4
191,772
76.7
20.0
65.9
153, *+17
33,354
15*3
78**4
190,000
237,500
62.7
47,500
20.0
72*6
15*7
278,222
226,435
6*4.7
1*4.8
18.6
72.1
79.5
51,787
>+07,897
81.6
3*42,*460
68.5
l6.0
I3 .I
65,437
71-0
62*4,022
71.*4
S3 .2
88,187
u.s
1*4,1
535,835
70.0
8*40,1*47
729,210
8*4.0
11.1
13*2
69**4
72*9
110,937
l,70>+, 6I+7
1 ,502,710
85.2
10.1
11,8
68**4
75.1
201,937
2 ,565,000 5 / 2 ,276,210
288,790
9.6
11.3
66**4
85-5
75 ^9
3 ,>+20,000 5 / 3 ,049,710
85.5
370,-290
76.2
10*8
63.8
9.3
4 ,275,000 5 / 3 ,823,210 .85.5
451,790
9.0
10,6
76.5
62,3
5 ,130,000 5 / *4,590,000 6/85.5
5*40,000
9.0
10*5
76.5
62*1
Treasury Department
: with pr esent law!
Aoril 19*47
1/ Internal Revenue Code, as amended hy the Revenue Act of 19*45*
¿/Assumes taxpayer is under 65 years of age.
1/ ^hcse i rcome levels are within the area of the notch provision under the House hill. The 3 3 .5percent reduction of present law tentative tax ends at $1,500 of net income before personal
exemption and the 2*4-percent reduction of present law tentative tax takes effect at $1,896*
h f Point at which 15 -percent reduction of present law tentative tax takes effect under House hill.
5/ taking into account maximum effective rate limitation of 85.5 percent.
0/ Taking into account maximum effective rate limitation of 76.5 percent. .
Hotel
Computations were made from unrounded figures and will not necessarily agree with figures
computed from the rounded amounts and percentages shown.
ru
EXHIBIT 1
Table 3
Comparison of individual income taxes under present law i f and under
the House hill (H*R. l), for specified amounts of net income
Married person 2f - Ho dependents
Net
:
income
:
before
i
personal î
exemption :
$ 1,200
-1,500
2,000
2,100
2,200
2,300
2,396
Amount s of tax
Present
law
$
Effective rates
:House bill
House bill:
: (H.R. 1) Present^ (H.R. 1) ; Amounts
law !
3/
:
3____3/
38
95
$ 27
190
209
133
153
173
193
bf
ÏÏJ
ÏÏJ
228
f/
5/
2U 7
265
2,500
3,000
285
380
4,ooo
5,000
589
798
6,ooo
8 ,000
1 ,0^5
1,577
compared
* Decrea.se
with pres ent law
67
212
228
30^
U71
638
2.2i
b.b
11
29
1.0$
1.9
9.5
2.9
2.7
2.5
2.3
.30.0
2.3
20.0
20.0
20.0
20.0
3.5
3.2
20.0
20.0
4.2
4 .9
$
6.7
57
7.3
7.9
8,4
8.9
55
5H
53
2.2
11 .b
12.7
ib ,l
16.0
10 a
11.8
12.8
57
76
118
l60
2.5
2.9
3.2
209
315
437
3.5
3.9
4.4
20.0
809
5.4
20.0
6.4
7.3
9.9
20.0
9.1
56
21.9
27.0
17.5
21.6
32*0
3 6.3
49.6
25.6
29a
1,279
39.7
46.0
4,959
2,185
1,748
3.238
20,000
25,000
50,000
75,000
6,3914
5,115
9,082
2M 95
^3,092
7,266
19,836
34,474
19.7
57.5
1 3 .9
15.8
1,816
8,618
Continued cn next page
Footnotes on next page
30 .0$
30.0
10.0
10 ,4
10.7
11 a
17.4
U,0>47
Decrease as a
percentage of
: Net income
[Effective [present
: after present
[ rates Ilaw tax : law tax
3 .2$
6 *3
836
1,262
10,000
15,000
:
r
11.5
26.8
24.1
21.9
20.0
20.0
20.0
20.0
1 .0$
2.0
3.1
3-0
2.8
2.6
2.5
2.6
2.9
5.6
7.4
9.4
11.4
19.7
27.0
EXHIBIT 1
Tabi© 3 “ concluded
Comparison of individual income taxes under present law _l/ s-^d under
the House hill (H.R. l), for specified amounts of net income
Married person 2/ - No dependents
Net
income
before
personal
exemption
Deere ase as a
Amounts of tax
: Effective rates :Decrease compared
:
ntage of
perce
•.with present law
:
House hill*’ -n
,'House bill
:
Net
income
tj
\
: . Present
1 (H.R. 1) *•»Present: (H.R.
1) :Amounts: ffective Present;af^er present
i low ♦
^j
law
:
:
lav/ tax: n
„
rates
Î! ' ;
: law tax
:
64,6
$12,626
38,268
U7 ,5OO
51 ,71+1
si, 5
S3*2
84.0
S 5.2
68.4
65.391
72.9
75.1
201,891
25.5
S5.5
4,275,000*6/ ^ 822,824
S5.5
1 / S 5.5
000
75.9
289,177
76.5
76.5
370,677
452,177
540,000
$ 6 3 U 28
191 ,3^0
$ 100,000
250,000
393.396 5 /
237,500
277,790
500 ,C00
750.000
^107,465
623,590
1 , 000,000
,000,000
1 ,70^,215
350.000
2
3 , 000,000
4.000.
5 .000 .00c
6 .000 .
339,715
153,072
190,000
226,0^9
3^2,ojh
535,^9
728,82^
1^502,32if
2 ,565 ,0006 / 2 .275 ,82^
0003,420,000£/ 3 ,0 ^9 ,32^
Treasury Department
1/
2/
3/
4/
""
$ 50,502
6 3 .1$
76.5
78*3
79*&
50,5^
61.2
62.6
71 .b
76,2
88,141
110 ,S91
12 ,6 /k
I5.3
I5.7
20 *0#
20,0
20.0
34 .2$
65,2
72 .I
7 I .7
14.8
18,6
13.1
11.8
11,1
10.1
16,0
lU.l
I3.2
11.8
7 O .7
69.7
69.2
68.3
9*6
9.3
9*0
9.0
11*3
66.5
10.8
10.6
10.5
63.9
6S'.4
62.1
._-■ "v:~
aprii
1947
Internal Revenue Code,, as amended "by Revenue Act of 1945*
Assumes only one spouse has income,
Assumes taxpayer is under 65 years of age,
^
These income levels are within the area of the notch provision under the House hill, lhe
3 3 ,5~porcent reduction of present law tentative tax ends at $2,000 of^net income before
personal exemption and the 24-percent reduction of present law tentative -tax takes effect at $2,396
5 / Point-at which 15-percent reduction of present law tentative tax takes effect under the House hill.
5/ Taking into^account maximum effective rat© limitation of 85,5 percent,
T/ Taking into account maximum effective rale limitation of 73*5 percent.
Note: Computations were made from unrounded figures and will not necessarily agree with figures
compiited from the rounded amounts and percentages shown.
EXHIBIT 1
Table 4
Comparison of in d iv id u a l income taxes under present law 1/ and under
the House h i l l (H.it. l ) , fo r sp e cified amounts of net income
Married person 2/ - Two dependents
Net
income
before
personal
exemption
:
:
i
:
$ 2,500
Becrease as a
percentage of
jKouss Mll';Presont;House hill
i Net income
(H.K. 1) :Amounts :Effective resent;af^cr present
:
1 • law :
rates
iaw tax. law tax
2/
: Effective rates
Amount s of tax
i
Present
law
3
95
3
3 .s$i
67
?->Tp
iBecrease compared
¡with present law
$
29
1 .1 $.
30 .0$
1 /2$
57
5°
55
5*+
53
1.9
l.S
2.0
1*7
1.6
1.6
3O.O
26 .g
2 k .1
21.9
20.0
1 9
2.4
20.0
20.0
2.1
20.0
20.0
20.0
20.0
3*1
3*9
20.0
20,0
20.0
20.0
&*3
10.3
190
209
22s
2U7
265
133
153
173
193
212
6.3
6.7
7 .1
7 .5
7.2
30^
47 I
9*5
U. S
7.6
5*000
3 S0
5S9
9^
ns
6,000
g,000
10,000
15,000
79 s
1,292
l.,g62
3,639
63g '
1,034
13.3
10.6
12.9
1^.9
19.4
160
25s
2.7
372
72 g
3.7
20,000
25,000
50,000
75,000
5,290
8,522
2U,111
te,323
4,712
6,317
I9,2g9
29.5
34.1
1,173
1,704
5*9
33,353
56.^
23.6
27.3
32.6
45.1
g,'465
6.2
9.6
11.3
100,000
250,000
62,301
190 A 75
237,500
276,925
k y t %ki
l52,3go
190,000
225,275
62.3
76.2
73,0
^9.8
6 i.c
62.^
6 ^
12,U6o
33,095
^7,500
51,650
12.5
15.2
15.6
14.6
3,000 k/
3,100
3,200 5/
3.300 t f
3,396 1/
k t 000
30'4,396 5 /
350,000
Footnotes on next page
1,U90
2,911
16.2
ig .6
2^.3
4g.2
5*4
5-2
6.2
76
H,g22
79.1
Continued on next page
3.2
M
1*9
1*9
l.g
1*/
2.7
4.6
G .k
13.6
25*9
20.0
20.0
20.0
6U .0
71.0
IS.7
70*7
33*1
hen
EXHIBIT 1
Table
Comparison of individual
t h e H o u s e "bill (H.R.
4
—
concluded
l/ a n d
income taxes under present law
l ) , f o r s p e c i f i e d a m o u n t s o f net
under
income
Marrie d person 2 / - Two dependents
Net
income
before
personal
exemption
500*000
750*000
1 ,000,000
2 *000,000
$
3 ,000,000
4,000,COO
5 ,000,000
6 ,000,000
:
:
:
:
:
Deerease as a
: Effective rates jDecrease compared:.
:
percentage
of
sent
law
*
-with
pre
‘House bill
Net
income
:Presentì
£
r
Effective 'Present'*
i*R, 1 r :.
* (H.R* l)
:Amounts : rates 'law tax' after present
: law î
1/
:
if
J
f
:
: law tax
:
1
16 *1 $
69 .9?“
b 8 #3 $ ” 165 *300 "
81.3$
$ 3^1*300
13*1$
lH*l
69.2
80,050
83*0
11*7
71*3
53^,675
11.1
13.2
68*8
72.8
110*800
723,050
S3.9
10*1
11.8
68*0
201*800
85*2
1,501*550
75.1
Amounts of tax
Pre sent
law
$ ^06*600
622,725
832*850
1.703*350
2 ,565 ,0006 / 2 ,275,050
3,420,000b/ 3 ,Ote,55O
4 *275 ,0006 / 3 *322,050
5 ,130 ,000 b/ 4,590,000 I f
35.5
S5.5
S 5.5
85*5
75^
76*2
76.4
76.5
289*950
3 71 ,% o
452*950
540,000
9.7
9-3
9.1
9-0
66*7
II .3
10*9
10*6
10*5
6'4.0
62*5
62*1
\
Treasury Department
April 1947
Internal Revenue Code , as amended by Revenue Act 0 f 19^5 •
Assumes only one spouse has income*
Assumes taxpayer is under 65 years ofage*.
ihese income levels are within the area of the notch provision under the, House "bill*
The 3 3 ,5-percent reduction of present law tentative tax ends at $3*000 of net income
before personal exerrption and the 2i4~percent reduction of present law tentative tax
takes effect at $3 »39&*
Jj/ Point at which 15 -percent reduction of present law tentative tax takes effect under the
House hill#
6 / Taking into account maximum effective ra,te limitation of 85*5 percent*
2/ Taking into account maximum effective rate limitation of 76*5 percent.
I_prK->41roI
l/
/
/
/
Note:
Computations were made from unrounded figures and will not necessarily agree with
figures computed from the rounded amounts and percentages shown*
o\
EXHIBIT 2
Comparison of amounts and effective rates of individual income tax in 1939 with present law l/ and
the House "bill (K.'R. l), for specified amounts of net income
Married person 2/ - Ho dependents
#
t
1939 I t
*
!
Present
law
1,200
mm
1,500
-
38
95
-
190
209
2,000
2,100
2,200
2,300
5/
£/
5/
228
2*47
-
¿7
-
2,396 1 / '
2,500
3,000
$
»
8
$
*4,000
*4*4
5,000
80
6,000
8,000
10,000
15,000
2*48
*415
92*4
20,000
25,000
50,000
75,000
116
1,589
2, *489
8,869
18,779
*
'•*
’ House bill
: t u a ) 4/ : 1939 y
$
27
{—
67
—
133
153
173
193
265
212
285
380
228
30*4
*471
-
- .
—
—
*jidP
3*2$
6.3
9*5
10.0
10.*4
10.7
11.1
2 ,2$
*4.*4
30 .0$
30.0
6.7
7*3
7*9
8.*4
8*5
30.0
26,8
2*4.1
21.9
20.0
20.0
638
1 .1
1.6
1*4,7
l6.0
9.1
10.1
11.8
12.8
1 ,01*5
1,577
2,185
4,01*7
836
1,262
1 ,71*8
1.9
3.1
*4.2
17. *4
19*7
6.2
17,5
3,238
21.9
27.0
13.9
15.8
21.6
23*7
2*4.7
25*9
6 ,39*4
9,082
24.795
1*3,092
5,115
7,266
19,836
34 ,1*71*
7.9
32.0
10.0
17 .7 .
25.0
25.6
29.1
26.6
27.6
39*7
*46.0
31.1
589
793
continued on next page
footnotes on next page
i Percent of the
1
increase in tax
: under present law
1 Present * House bill
: over 1939 removed
,
law
; (H,E.l) *4/ : by House bill
Effective rates
Amounts of tax
Uet income
before
personal
exemption
11.*4
12.7
36.3
*49;6
57.5
20. *4
21,6
22.2
22.5
35.4
EXHIBIT
2 ~ concluded
Comparison of amounts and effective rates of individual income tax in 1939 with present lav; l/ and
the House hill (£E.R. 1)*. for specified amounts of net income
Married person 2j - Ho dependents
Amounts of tax
Net income
before
personal
:
exemption »
100,000
*
1939 2/ :
»
32.^69
$
250,000
$
350,000
500,000
750,000
1 ,000,000
2 ,000,000
30**.l**1*
**89 ,09**
679 ,06**
1,1*9,019
339,715
1.70**, 215
3 ,000,000
**,000,000
5 ,000,000
6 ,000,000
2.228.99**
3,008,99**
3» 738,99**
*1,573,969
2 ,565,000
3 ,**20,000
It,275,000
5 ,130,000
Treasury Department
1/
2/
3/
5/
6/
Jj
* House hill
^ (H.R.i) y
63,128
i9 i,3**o
2*37,500
277,790
128.29**
16**,571
197,191*
303,396 6/
8/
Present
law
$
Effective rateÌS
[
\ 1939 3/
[
50,502
153,072
190,000
226,0**9
1*07,**65
31*2 ,07**
623,590
535, ****9
728 ,82**
1 ,502 ,32 ^
7/
7/
7/
2/
t
r
r
House hill
:
(H.R.i) y
l
2 ,275 ,82**
3 ,0* 9 ,3*
3,822,82**
**.590,000 8/
32 ,5^
51*3
5**.2
56,3
60.8
65.2
67,9
72.5
7*+.3
75.2
75,3
76.3
!
Present ’
law
*
Percent of the
increase in tax
under present la,w
over 1939 removed
t hy House hill
65,14
76.5
73.3
79^
50.54
bl.2
81.5
83 .I
68.**
71 .**
8**.0
85.2
85.5
S5.5
35.5
85*5
62.6
6**.6
72.9
75.1
75.9
76.2
76.5
76,5
**1.24
60.7
65.I
6**.2
63.3
65.5
69.0
79*1
86.1
90.2
93*o
98.0
April 19**7
Internal Revenue Cede, as amended by Revenue Act of 19**5*
Assumes only one spouse has income.
Assumes maximum earned net income.
Assumes taxpayer is under 65 years of age.
These income levels are within the area of the notch provision under the House hill. The 33 .5-percent
reduction of present lav; tentative tax ends at $2,000 of net income before personal exemption and the
2**-percent reduction of present law tentative tax takes effect at $2 ,396 .
Point at which 15-percent reduction of present law tentative tax takes effect under the House hill.
Taking into account maximum effective rate limitation of 85 .5 percent.
Taking into account maximum effective rate limitation of 76.5 percent.
Hote;
Computations were made from unrounded figures and will not necessarily agree with figures computed
from the rounded amounts and percentages shown.
EXHIBIT 3
Comparison of net income after individual income tax in 1939 with present law i f
and the House bill (H* R. l), for specified amounts of net income
Married person 2/ — No dependents
Net income
before
personal
exemption
Net income after tax
o
o
C\J
»
—1
$
2.396
1,200
1,500
1,500
2,000
2il00
2,200
2,300
1939 1 /
;
5/
1/
5/
2/
if
2,000
2,100
2,200
2,300
2,396
2,500
3,000
*4,000
5,000
2,500
6',000
*
Present law
$
1,162
1,*405
1,810
1,891
1,972
2,053
2,131
[House hill (H.Rvl)
$
1.173
1,867
2,027
2,107
2,18*4
2,992
3,956
*4,920
2,620
2,272
2,696
3, *411
*4,202
3 »529
*4,362
g ,000
5,88*4
7,752
U.955
6 ,*423
10,000
15,000
9.585
1 *4,076
10,953
5 ,i 6U
6 ,73 s
8,252
11,762
20,000
IS, *411
22,511
*41,131
13,607
15,918
25,205
3 1 .90s
1*4,885
17,73^
30,16*4
*40,526
25.000
50,000
75,000
56,221
2,215
7 *815
(continued on next page)
Footnotes on next page
U/:
E X H IB IT 3 — c o n c lu d e d
1J
C o m p a r i s o n of n e t i n c o m e a f t e r i n d i v i d u a l i n c o m e t a x in 1939 w i t h p r e s e n t l a w
a n d the H o u s e b i l l (H. R. l) » f o r s p e c i f i e d a m o u n t s of net income
Married person 2/ - No dependents
Net income
before
personal
exemption
$
100,000
250,000
303.396 6/
350,000
500,000
750,000
1 ,000,000
2 ,000,000
3 ,000,000
**,000,000
5 ,000,000
6 ,000,000
Net income after tax
1939 1 /
$
67,531
121,706
138,825
152,806
195,856
260.966
320,956
550,981
7 *7 1,006
991,006
1 ,211,006
1 ,**21,031
Present law
$
36,073
58,661
65,896
72,211
$ *l-9,**98
92.536
126 ,**11
l60 ,28'6
295.786
157*927
21**,552
271.177
**97.677
**35*000
580,000
725,000
870,000
96,928
ll3,396
123,952
1/
72^,177
7/
950.677
1.177.177
'1 ,**10,000
V
u
(Treasury Depart^iSr
1J Internal Revenue Code* as amended by the Revenue Act of 19**5*
2/
3/
4/
5/
House bill (H*R.1) U/
•
8/
A p ril 19*17
Assumes only one spouse has income*
Assumes maximum earned net income*
Assumes taxpayer is under 69 years of ago*
These income levels are within the area, of the notch provision under the House bill* The
33*5“Percent reduction of present law tentative tax ends at $2*000-of net income before
personal exemption and the 2**-percent reduction of present law tentative tax takes effect
at $2 ,396 *
6/ Point at which 15-percent reduction of present law tentative tax takes effect under House
bill (H. R. 1 ).
J j Taking into account maximum effective rate limitation of 85»5 percent.
8/ Taking into account maximum effective rate limitation of 76*5 percent*
E X H IB IT 4
Estimated revenue loss from each, provision of the House hill (H* R. l) , distributed by
net income classes, in calendar year 1947
(Assuming income payments of $l66 billion)
Total
decrease
in tax
liability
from
present
law
: Total tax
î
liability under
è-
Het income classes
($000)
Present
* law 1/
House
bill
* (H.R. l)
: Decrease in total tax liab ility from present law
iresultins from each provision of the House bill (H.R.l)
: Additional
i
Reduction Of tentative normal
:exempt ion for
1
' tax and surtax by
: persons over
65 years
$6 7 1 / : 2k% U/ : I55Ì 5 / :
: 33*5$ 2/
:
of a,s;e 6/
-^j.n muj-ionb/-
$
0 - $1
1 - 2
$
93.1
005.7
120*5
609.0
845 «U
Ul’
5 .9
lb6.9
13.5
.9
$ 273.^
210.9
33*3
2.1
72^.1
519.7
Under 5
9^35*0
7rios.o
2,327.0
1 ,310.0
1,0'42.1
1,U95.3
1 .157.6
275*9
379-1
277-9
22U.I
167.3
5U.g
3-10
10 - 25
25 - 50
50 - 100
100 - 250
250 - 500
500 - 1000
1 000 and. over
5 and over
Total
Treasury Department
Footnotes on next page
1,17%^
l,*435*5
l,ig} .6
2,033-9
2 ,8U6.9
l,Ull.g
,u
1+75.9
32 S.0
—
152_*8_
-
957.1
276.6
-
7 ,566.3
6 ,12^.3
1,UU2.0
-
17 ,001.3
13 ,232.3
3,769.0
72U .1
-
223.5
167.1
51.2
3*2
32.6
38,1
Ul -1
11,1
126.1
12.3
U.7
i>3
37U.il-
276.2
32S.9
23U .5
$
263.6
959.5
7 ^7.9
27U .1
202.3
2U5.5
915.2
$
$ 89-9
3499*3
5
H r
$
206.U
299*5
2,839*6
3,692*3
1,827*7
775.9
2 - 3
3 - U
$
$
3.6
.6
,2
u
u
32.2
20.8
30.7
g»5
11 .U
22.2
-
1,325.7
37.2
19.1
519.7
2,3^2.8
37-2
1U5.2
7/
April 19^7
re
t—1
E X H IB IT h -
c o n c lu d e d
Estimated revenue loss from each provision of the House "bill (H. ®-* l) » distributed "by
net income classes, in calendar year 19^7
Footnotes
1/
2/
j/
U/
6/
jJ
Internal Revenue Code, as amended "by the Revenue Act of 19^5*
Applicableto tentative tax of $200 or less*
Applicableto tentative tax of more than $200 but not more than $279*17*
Applicableto tentative tax of more than $279*17 but not more than $250,000*
Applicable to amounts of tentative tax exceeding $250,000.
Under the House bill, exemptions cf taxpayers who have attained the age of 65 are raised by $500*
In the case of joint returns, exemptions are raised by $1,000 where both husband and wife have
attained the age of 65 and each has $500 or more gross income. Taxpayers with gross income of
$500 or more who qualify for the special exemption of $500 must include in their gross income any
amounts up to $500 received during the taxable year as rs.ilroad retirement or social security
benefits (other than
sum payments), and certain other pension, annuity or retirement payments
which are wholly tax exsmpt under present law.
Less than $$0 ,000 .
E X H IB IT 5
E s t i m a t e d n u m b e r of
taxable
provided under
income re c i p i e n t s "distributed b y
t he H o u s e b i l l
(Assuming
(H. H.
income payments
th e v a r i o u s
7
•-
0 - $1,000
$
3 3 *5$
2/
$67
2/
1,000 -
21'4
h/
1,395*83 -
V?e>
5/
302 ,395 *
taxable
recipients
23 ,
24,S47 *2
1 ,09 ^ S
S ,511 •1
601*2
7,909*9
14,360.2
309.6
lU,050.6
1 .1
6/
1 .1
and over
**7 ,719.6
2 ,009.6
taxpayers who have
attained the age
Total
income
:’ Person^1 over
Other
: 65 years of age » taxable Income
: receiving addi- i
recipients
:tional exemption V :
Total
1,395*83
302,395*6°
reductions
of $ l 66 b i l l i o n )
N u m b e r of
Seduction of
tentative normal ; Surtax net income classes
tax and surtax
by
rat e
l ) , in c a l e n d a r y e a r 19^7
U5 ,710.0
Treasury Department
H
Under
the Hou s e bill,
In t h e c a s e
age of
$500
who
or more
amounts
u p to
benefits
5/
3
6/
returns,
65
exemptions are
the
wholly
tax exempt
taxable year
under present
t a x o f $ 2 0 0 o r less.
t a x of m o r e t h a n $ 2 0 0 b u t
Applicable
to
tax of more
Applicable
to a m o u n t s
Less
t h a n 50»
tentative
65
are
raised
Dy $ 5 0 0 .
as
Taxpayers with g r a s s income
must
include
in their gross
r a i l r o a d retire m e n t , o r
annuity
social
of
income any
security
or r e t i r e m e n
paymen
s
la w .
to t e n t a t i v e
to t e n t a t i v e
of
income.
$500
and certain other pension,
Applicable
Applicable
tentative
gross
s p e c i a l e x e m p t i o n of
r e c e i v ed during the
of
raised b y $1,000 where both husband and wife nave
and each has $500 o r more
qualify for
$500
of
(other than lump-sum payments),
w h i c h are
2/
1/
of j o i n t
a t t a i n e d the
exemptions
not more
than $279*17 but
than
not more
tax exceeding $250,000;
$279*1?*
t h a n $>250,000.
ro
Chart I
EFFECTIV E RATES OF INDIVIDUAL INCOME TAX
Present Law, and House Bill (H. R .l)
Married Person, No Dependents
O ff» of the Secretary of the Tretjury
APFSHDIX
Table of Contents
Table
A
Page
Estimated, income payments, adjusted gross income,
net income before exemptions, and net income
subject to surtax and to normal tax under present
law, in calendar year
••••*..........
19^7
B
C
D
E
'F
25
Estimated number of taxable and nontaxable income
recipients, their income and individual income tax
liabilities under present law, in calendar year
19^7 .................................. ...........
26
Estimated number of taxable income recipients under
present law, their surtax net income and combined
normal tax and surtax, distributed by surtax net
income brackets , in calendar year 19^7 (See-Chart A).»
27
Estimated number of taxable income recipients under
present law, their net income before exemptions,
surtax net income and total tax liability,
distributed by net income classes, in calendar year
*9>»7 . . . . ..................... ........................ ........................ ..............
28
Estimated number of taxable income recipients and
their total tax liability under present law, the
House bill (H. R, l), and the House bill (H, R, l)
without the special provision for the aged, dis-*
tributed by net income classes, in calendar year
........... .... .................... ..........
29
Estimated number of taxable income recipients, their
surtax net income and combined normal tax and surtax
under various exemptions, in calendar year
U
^1
Estimated number of taxable income recipients and
their combined normal tax and surtax under various
exemptions, distributed by net income classes, in
calendar year
............... ............ ......
32
Humber of taxable individual and fiduciary returns,
tax and net income,
. ^
and estimated for
19U6-19h7......... .................................
33
19 7
G
19^7
H
1913 19^5
Chart A
97
Individual income tax estimates for I U : The first
surtax bracket accounts for 72 percent of taxable
income and
percent of tax yield »r.f.. ....... ......
56
Follows
vase
3^
25.
Table A
Estimated income payments, adjusted gross income, net income
before exemptions, and net income subject to surtax and to
normal tax under present lav;, 1j in calendar year 19^7
——
------ ----- --__________ ______________ _________
: Amount of income
:(billions of dollars)
Total income payments ...................... ...... ...... .. m% g
Subtract:
Portion of income payments not included
in adjusted gross income. 2 /....... ...§ . 25
Add:
Portion of adjusted gross income not
included in income payments 3 /V .
5
Subtract: Net adjustment.
.,77t\,., .
22
Total adjusted gross income.................... .... .
Subtract;
Deductions.... .
lUU
................ 17
Net income before exemptions..................... .....
^ 7
^ ^
Subtract:
Exemptions................. ....... ..... (jg
Income subject to alternative tax
out not to surtax (applicable to
net long-term capital gains)............. 1
Subtract: Portion of net income before^exemp"
tions not subject to surtax:................ .
69
Net income subject to surtax................. .
Subtract:
Partially tax-exempt interest subject to
surtax but not to normal tax...¿..w.,,...........
Net income subject to normal tax.................... .
Treasury Department
■L/
2/
11
*
'
'
:
-
'
.. .
*
*
6°
A p H I 191+7---
Internal Revenue Code, as amended by the Revenue Act of 19U5 .
Includes Government transfer payments, nontaxable pay of armed forces,
interest and dividend payments not currently taxable', and other
exclusions.
Includes net Capital gains and employees.’ contributions to Government
retirement and Socia.l Security funds,
Less than $p0 million.
Note:
Figures are rounded to the nearest billion dollars and will not
necessarily add to totals.
26Ÿ
Table B
Estimated number of taxable and nontaxable income recipients,
their income and individual income tax liabilities under
present law, i f in calendar year 19^7
(Assuming income payments of $166 billion)
Amount 0 f :
! Fumber of
Tax
: income
income
: liability
:recipients (millions of: (millions of
dollars) : dollars)
:(thousands)
Total, all income recipients
Fontaxabl e Income recipients
16,755
Taxable income recipients
Us,5U5
Subject 10 surtax
Subject to normal tax
Subject to alternative tax
Treasury Department
9127,300
65,300
Us,5U5
Ug,5U5
37
2/
13,267 2/
llU,D33
3/
$17,001
—
2/
17,001
69,n u u/
6q ,O87 5 /
619 5/
lU,723
1*969
309
April 19U7
i f Internal Revenue Code, as amended by the Revenue Act of 19U 5 .
2/ Ret income before exemptions,
3/ The number of persons paying normal tax is estimated to be less
than 500 smaller than the number paying surtax.
U/ Surtax net income.
5/ Formal tax net income,
5/ Fet long-term capital gains subject to alternative tax,
274
Table G
Estimated number of taxable income recipients under present law, 1/
their surtax net income and combined normal tax and surtax,,
distributed by surtax net income brackets,
in calendar year I9U 7
(Assuming income payments of $166 billion)
Surtax
net income
brackets
($000)
!
taxable income
' Surtax net income
^recipients cumulated
in bracket
♦from highest bracket •
: Number .: Percent 'i Amount :: Percent
: Combined normal
»' tax and surtax
:
in bracket 2/
V Amount : Percent
(Number of income recipients in thousands; money
amounts in millions)
0 - •5
,5 - 1.0
1,0 * l o
1.5 - 2,0 •
2 k
6 g -
10
12
Ik
16
IS -
k
6
8
10
100.00$
$Us,5UU,6
35,707,7 ' 73.56
U7 .1 1
22.S71.U
1 3 ,357.9 I 27.52
7,317.9
1 ,688,9
1 ,0U 2,1
12
Ik
l6
IS
20
20,- 22
22 - 2b
26 - 32
32 38 -
38
UU
UU -A
50 -r
6o 70 SO -
50
60
70
SO
90
90 - 100
100 - 150
150 - 2Ö0
Over 200
1,11
,68
269,9
22U .9
190,2
160,6
117.6
3 7,1
6l.k
.39
*33
,2U
as
.13
kB, 7
39,5
27 .u
19.5
ao
,os
15.3
.03
11,8
,02
.02
,01
9.5
U.o
2,2
,06
,oU
*
2.39
I..7U
907.6
71 U .9
.85
.56
,U6
9 .U9
3.63
1.31 '
1.03
,Bk '
5S0.U
USO.U
UoU.o
3 U2.6
539.U
.
612 ,s
U35.6
332 .U
,20
101.9
313.9
139 a
569,8 .
69,11^.3
182,2
302,3
.37 '
,U6
•33
•2U
231.2
169,0 •
135.2 •
327.6
.50
.78
,63
M
258,9 . t.
321.3
1.371.U
619.5
U70.3
387.5
.70
.58 •
..89 ■
.
967,0 ; 5.79
292,0
259 92
228,2
203 ,u
.15
.U5
,20
,82
0
0
00
Treasury Department
537.7
7.3o;
•—t
Total
723,1
30 .Ui$ $3 ,993.6
23 .93#
21.06
2 ,765.8 ’ 16,57
IO.I7
12,93'
1,697.9
6 ,562a
2 ,508 a
1 ,650.3
1 ,199.7
15.07
3 ,Us
2,15
1 .U9
U 12 .S
329-5
$ 21 ,019.5 .
lU,557.6
8 ,957 a
5 ,089.7 .
”
a ,dc.
0 0 '
0
3-71 :
2.82
2,32
: 1.96
1.75
1 1.55
1-37
1,22
; 1,09
1.81
360.9
269.0
217.8
2,16
I.6 I
' I .30
177.1.
' 1,06
:1.37
229,0
171.3
130-0
107.9
SU .3
265.k
119,0
U-92,6 •
16 ,692,0
1.03
,78
r 1—
•65
.51
1.59
,71
2.95
100.00
April I9U7
1/ Internal Revenue Code,, as amended by the Revenue Act of I9U5 .
2/ Normal tax and surtax were obtained separately by applying the appropriate
rates to normal tax and surtax net incomer-, Since normal tax net income is
somev/hat less than surtax net income, these amounts will differ slightly
from the result obtained by applying the combined rates to surtax net income*
* Less than *005 percent.
Note: Figures are rounded and will not necessarily add to totals.
Table D
Estimated number of taxable income recipients under present law, Vf their net
income before exemptions* surtax net income and total tax liability, dis
tributed by net income classes, in calendar year 19^7
(Assuming income payments of $l66 billion)
Net income
classes
($000)
:
Taxable
: income recipients
: Number : Percent
:
Net income
: before exemptions
: Amount : Percent
*
Surtax net income
Amount
Percent
:
Total tax
:
liability 2 /
: Amount : Percent
(Number of income recipients in thousands; money amounts in millions)
0-1
1 -2
$
2 - 3
3 - i
4 - 5
Under 5
5-10
10 - 25
25 - 50
50 - loo
loo - 250
250 - 500
500 - 1,000
1,000 and over
Over 5
6,352-3
20 ,13 S .9
1 ^,322.0
^,655.5
1,333.2
46,801.8
1 ,126.9
*¿70.2
101.2
32.7
9.3
1*3
.4
»2
1,7^2*3
Grand total
1 3 .1 $
4l.5
29*5
9.6
44
9b.4
2*3
1.0
.2
.1
$^,738.6
29,590,1
35*257*9
15,903*5
5,692.7
91,382.3
7,623.2
6 ,920.4
3,426.1
2 ,135.6
1,392.7
Kzj>
25*9
30.9
13*9
5.2
30.1
$1 ,576.8
14,946.5
19,394.8 .
9 ,472.6
3,944.0
49 ,334,7
6.7
6 ,107.0
6 .1
*
451.1
*
3*6
302.4
344*0
23 ,650.5
19.9
6,328.3
3 .1 7 ^ 3
. 2,018.9
1,222.7
372.9
253 .O
297.6
19 ,779.6
100.0
11 ^,033.3
100.0
69 ,114.3
*
*
3*0
1.9
1.2
.4
•3
. *3
Treasury Department
2 .3$
21.6
:
23.1
13.7
5*7
7 I .4
3.3
9*2
4.6
2.9
1.3
•5
.4
hT
**
23.6
100.0
’
$■ 299,5
2,339.6
3,692.3
1,827.7
..775*9
9,435.0
1,313.0
1,374.4
i,p5>5
1,133.6
915.2
328.9
23^.5
276.2
7,566.3
1 7 ,001,3
1 .3 $
16.7
21,7
10.3
4.6
55*5
7*S
11.0
3.4
7*0
5.^
1*9
1.4
1*6
44.5
100.0
April' 19^7
i f Internal Revenue Code, as amended by the -Revenue Act of 19^5*
2/ Includes normal tax, surtax, and alternative tax on net long-term capital gains,
* Less than ,05 percent,
oq
•
Note:
Figures are rounded and will not necessarily add to totals.
0
Table S
Estimated number of taxable income recipients and their total tax liability under present law, i f
the House hill (H.H. l), and the House hill (H.H. l) without the special provision for
the aged, 2 / distributed by net income classes,
in calendar year 19^+7
'(Assuming income payments of $l66 billion)
Humber of taxable
income re cipients
Uet income
olas ses
($000)
Present
law
House
* bill
:(H.P.. 1 )
; è/
Under
present
law
Total tax liability 3/
Under Hous e bill (HA
i; .'Under House bill ( H A 1) without
Decrease from
;the special provision for the aged
present law .
*
;Decrease from .present law
:Percent
Ano un t t
| Amount |
Percent
Amount :
Amount :distridistribution
:bution
(Humber of income recipients in thousands; money amounts in millions)
0-1
1-2
2
i : ]
Under 5
6 ,352.3
20 ,138*9
l4,322.0
4,655*5
5 .992.3
19 ,763.9
l4,227.0
4 ,655.5
1,333.2
'^'sots
45 ,976.8
3»692.3
1,827.7
775.9
9,435.0
1 ,126.9
470.2
101.2
32.7
1 ,318,0
1.874.4
1.435.5
1 .183.6
1 ,126.9
5-10
10 - 25
25 - 50
50 - loo
1 Ò0 - 250
250 - 500
500 - 1,000
1,000 and over
Over 5
Orand total.
470.2
101.2
32.7
9.8
1.3
.4
1,333.2
9.8
.4
299.5
2 ,639*6
$
915.2
32 s . 9
$
206,4
2 ,033*9
2,846.9
i,4n.g
609.0
7,108.0
1,042.1
1 ,495.3
1,157.6
959.5
7^7.9
234.5
274.1
202,3
.2
1 ,7 ^2.“8
.2
276.2
i,742.3
7¿566.3
245.5
6,124.3
48,544.6
^7.719.6
1 7 ,001.3
1 3 ,232,3
Treasury Department
Footnotes on next page.
$
93-1
so 5.7
845.4
ÌH5.9
166.9
2,327.0
275.9
379.1
277.9
224.1
I6 7.3
54.8
32.2
.. 3O .7
2 .5$
21.4
22.4
11.0
4.4
W7i
209.6
2 ,c66.5
2 ,885.0
1 ,452,9
620.1
7 ,234.1
$
$
89.9
773 .I
8O7 .3
37^8
155.8
2 ,200.9
1,054.4
263.6
10.1
1 ,500.0
374.4
7.4
5.9
4.4
1.5
.9
1,158.9
276.6
223.5
167.1
7.3
.8
960.1
748.1
274.1
202.3
1,442.0
38.3
2^5.5
6,143.4
3 .769.0
100.0
13,377.5
54.8
32.2
30,7
1,422.9
3 ,623.8
2.5$
21.3
22.3
10,3
4.3" •
60.7
M
10.4
7.6
6.2
4.6
1.5
.9
.8
39.3 ,
100.0
April 19^7
VO
Table E - concluded
Estimated number of taxable income recipients and their total tax liability under present law, \[
the House bill (E*R* l), and the House bill (H,R* l) without the special provision for
the aged, 2 / distributed by net income classes,
in calenda.r year 19^7
'
Footnotes
1/ Internal Revenue Code, as amended by the Revenue Act of 19^5*
2/ Under the House bill, exemptions of taxpayers who have attained the age of 6.5 are raised by $500.* In the case
of Joint returns., exemptions are reused by $1,000 where both husband and wife have attained the age of 65 and
each has $500 or more gross income.. Taxpayers with gross income
of $500 or more who qualify for the special
exemption of $500 must include in their gross income any amounts.up to $500 received during the taxable year
as railroad retirement or social security benefits (other than lump sum payments), and certain other pension,
annuity or retirement payments which are wholly tax exempt under present law., •
3 / Includes normal tax, surtax and alternative tax on net long-term capital gains,
4/ The number of taxable income recipients under H..R, 1 without the
special provision for the aged would be the
same as under present law.
Note:
Figures are rounded and will not necessarily add to totals,*
o
Table P
Estimated number of taxable income recipients, their surtax net income and combined
normal tax and surtax under various exemptions, in calendar year 19^+7
(Assuming income payments of $166 billion)
Exemptions
Single .Married.^
person .couple .
Taxable income recipients :
Surtax net income
¿Combined normal tax & surtax
Decrease from
Decrease from
•
: Decrease from
en(jenj.s; Number ;
present law
present lav;
: Amount :
: Amount : present law
: Amount :Percen
: Amount : Percent
........ -* Number ¿Percent:
(Number of income recipients in thousands; money amounts in millions)
$500 1 / $1,000 i f
$500 I f
-
600
1,200
600
p.SlS.7
^,727»9
700
1**100
700
36,017.0
10 ,527.6
soo
1,600
*K)0 2 /
39,^91.6
9 ,053.0
1,000
' 2,000
500 2 /
29 ,803.2
9.7!%
$69 ,11^.3
-
-
$16 ,692.0
- .
.$1 ,61+5.9
-
60 ,820.9
$S,293 .U
12 .0$
15 ,O.U6.1
21*7
53*351*7
15 ,262.6
22.1
13,6.58.3
3.033.7,
18.2
1 S .6
52 ,329.1
16,765*2
2U .3
1 3 ,333.2
3 ,308.8
19.6
3S.S
Ul,771.8
27,3^2.5
39.6
11,280.6
5,411.^
32A
Treasury Department
9 .9$
April 19^7
l/ Present law: Internal Revenue Code, as amended by the Revenue Act of 19^5*
Jj/ Assuming the first dependent of a single person would qualify the single person as a head of family,
entitled to a married couple's exemption*
t—'
T a b le G
Estimated number of taxable income re c ip ie n ts and th e ir combined normal tax and surtax under various exemptions,
d i s t r i b u t e d b y n et
income
classes,
in c a l e n d a r y e a r IS'47
(Assuming income payments of $l66 b illio n )
Exemptions for sin gle persons, married couples and dependents, re sp e d i v e ly
Net income
cla s se s
($000)
$500, $1,000, $500
(Present law l/ )
Number o f : Combined
taxable 1 normal
income
ta x and
r e c ip ie n ts : surtax
$600, $1 , 2C)Q, $600
Number o f
taxable
income
r e cip ie n ts
î Combined
: normal
: ta x and
: surtax
$700, $1,400, $700
Number of • Combined
taxab le : normal
income
: ta x and
r e c ip ie n ts : siirtax
$800, $1, ÈCO, $400 2/ $1,000, $2,000, $500 2/
Number of
taxab le
income
r e cip ie n ts
! Combined
I normal
J ta x and
. : surtax
' Number o f ■*Combined
taxable
normal
income ‘ ta x and
re cip ie n ts : surtax
(Number of income r e c ij 3ients in that.isandsj money amounts in m illio n s )
0 - 1
2
1
2 — 3
3 — 4
4 — 5
Under 5
J
5 - 10
10 — 2 5
25 — 50
50 - 100
100 - 250
250 - 500
500 - 1,000
1,000 and over
Over’ 5
0
Grand ToÌ Jl
6.352.3
20,138.9
14,322.0
4 ,6 5 5 .5
1 ,3 3 3 .2
46,801.8
.1,1 26 .3
470.2
101.2
$
299.5
2 ,8 3 9 .6
3 ,6 3 2 .3
1,827.7
775-9
9 , 435 „o
1,318.0
1,864.5
1 ,3 6 5,7
1,117.7
835.1
290.5
212.5
5 , 7 5 2 .3
17,549.8
12,930.2
4 , 5 2 0 .3
1 , 3 2 1 .3
42 , 0 7 4 ,0
1,126.3
470.2
101.2
$
I7 9 .5
2 , 3 3 2 .5
3 A 34 * i
1,5 8 5.8
7 ,9 2 8 .4
1,244.3
1,8 1 3,4
1 , 352*3
.2
253*0
1,742.8
7,257.0
.2
1,7 4 2.8
1 ,1 1 2.6
833.4
290.3
212.5
____ 253*0
7,117.7
48,544*6
16,692.0
43,816.7
15,046.1
3 2 .7
9 .8
1*3
,4
3 2 .7
5 .8
1*3
'*4
Treasury Department
1/
2/
3,234.8
15,170.0
12 , 343*9
4,240.2
1 ,285.4
36,274*2
1,126.3
470.2
101.2
32.7
9 *8
1*3
*4
,2
1,742.8
38,017.0
$
IO 5.2
3 , 1 4 6 .0
1 , 9 2 3 .8
15,489.5
13 , 1 7 5 .8
4,604.2
1 ,3 3 i* 2
37,748.8
1 , 4 4 6 .2
1,126.9
470.2
101.2
1 , 199*1
1 , 7 9 0 .7
1 , 3 4 6 .9
3 2 ,7
1,110.7
832.8
29O.2
212.5
253.O
2,653•b
1,368.8
621.2
6,678.6
1,1 7 1.6
1,7 7 4.8
$
46.4
l,6 l5 » 6
2,5 7 8.7
66c. 4
6 , 347 -3
4 ,¿ 4 9 *2
1 ,312.5
28,060.4
6, 979*8
.2
1 ,742.8
7,0 3 5.9
1,126.5
470.2
101.2
32.7
9 .8
1.3
.4
.2
1,742.8
13,658,3
39 , 491 .^
13,383.2
29,803.2
1,338.9
1 , 107*3
831.8
29O.O
212,4
253.O
9*8
1*3
•4
$
47*2
12,634.5
9 ,8 1 7 .1
5 3 6 ,3
4,468.5
1,081.5
1 ,717.2
1 , 3 2 5 .5
1 ,1 0 2.6
830.2
289.8
212.3
253.0
6 ,812.1
11,280.6
A p r il 1947
In te rn al Revenue Code, as amended by the Revenue Act o f 1 94 5 *
Assuming the f i r s t dependent of a s in g le person would q u a lify the s in g le person as ahead o f fa m ily , e n title d to a married
ooupl e 1s exempt io n.
Note:
Figu res are rounded and v ó l i not n e c e s sa rily add to t o t a l s .
2 .2
1,048.8
1,805.1
1,076.2
ro.
Table H
limber of ■taxable individual and fiduciary returns', tax and
net income, 19,13-1945 and estimated for 1946-1947
.
Year
Number of
returns
.
.
Tax
[
Net income
(In thousands pf dollars)
/
1/
u
i 28,254 2/
41,046 2/
67,944 2/
362,970
2,707,234
•173,387
795,381 4/
1913
.1914
1915
1
1916
1917
1918
1919
1920
1921
1922
1
3 ,392,863
4,231,181
5,518,310
3,589,985
3,681,249
4 ,270,121
1923
1924
1J~y
OO J
»)
C
4,489,698
2 ,501,166
2,470,990
2.,440,94I
1926
1927
192S
2,523,063:
2,458,049
2 ,037,645
1,525,546
' 1,936,095
1929
1930
1931
1932
1,747,740
1 ,795,920
2,110,890
2,861,108
3,371,443
1933,
1934
1935
1936
1937
1938
3,048,545
3,959,297
7,504,649
17,587,471
27,718,534
1939
’1940
1941
1942
1943
1944 prel*
1945
1946 9/
1947 §/
40,337,293
4.2,446,538
42,890,679 8/
39,500,000
43^ 500,000
Treasury Department
.Source:
1,127,722
• 1,269,630
1,075,054
719,387
861,057
661,666 6/
704,265
734,555
1/
u
2/
$ 6,037,233
10,592,987 5/
13,892,776
17,691,620
20,228,959
13,409,685
15,043,514
732,475
830,639
17,497,383
19,468,724
17,471,219
3.7,422,633
18 ,090,065
1
*¡
?-04
A/ ,>
Or/
—,^.>4
1 ,Our, 958
20,493,491
4*0, /jL^
/
329,962
374,120
511,400
657,439
1,214,017
1 ,141,569
765,833
928,694
1,496,403
3,907,951
8 ,926,712
14,590,018 2/
16,346,568
18,265,000 9/
16,391,000
17,001,260
21,031,034
13/692,584
9,297,018
7,919,588
7,372,660
8,343,558
10,034, 106
14,218,854
15,264,162
12,671,537
15,803,945
23,558,030
45,903,884
67,060,862
98,150,189
2/
2/
3/
114,033,302
April
1947
Data for 1916-42 from "Statistics of-Income" 5 data for 1943
and 1944 compiled by the Bureau of Internal Revenue,
Footnotes on next page
Table H ~ concluded
Number of taxable individual and fiduciary returns, tax and
net income, 1913-1945 and estimated for 1946-1947
Footnotes
u
2/
4/
y
2/
y
9/
Not available* The total number of taxable and nontaxable returns
filed were as follows: 1913, 357,598j 1914, 357,515; and 1915>
336,652.
Receipts (including fines, penalties, additional assessments, etc.)
for the fiscal year ended June 30 immediately following, as shown
in annual reports of the Commissioner of Internal Revenue.
Not available*
Includes war excess-px’ofits taxes of «„.101,249,781 on individuals
and $103 ,887,984 on partnerships.
Tax base for taxable returns with net incomes of $2,000 and over.
There were 1,591,518 taxable returns with net incomes of $2,000
and over, for which the tax amounted to $675>249,450.
Amount after the 25-percent reduction provided by Section 1200(a),
Revenue Act of 1924.
Excludes additions to liability under the Current Tax Payment Act
of 1943 amounting to $2,555,894,000.
Obtained from Collectors’ Monthly Report to Commissioner of Returns
Filed,
Estimated.
Chart A
INDIVIDUAL INCOME TAX ESTIM ATES FOR 1947
At $166 Billion Incom e Paym ents; Under Present Law
The firs t su rta x b ra cket accounts fo r 72% o f taxable income\ and 5 6 % o f ta xyie ld
Com bined Normal T ax and S urtax Y ield
Taxable Incom e
~~Z9j
_.$ 9.4 Bil.
„.$49.6 Bit.
$ 2.8 billion,or 17%,a ttrib -
. utabie to individuals with
> surtax net incom es over
$2f)00
$16.7 B iL „
$69.1 B iL
$14.6 billion,or 2l% ,attrib utab/e to In d ividu a ls with
surtax net incom es o ver
//////
✓/ ////////
///////
.
///////
////////
$2000 .
T T T JT T T T ?
/// / / / / /
////////// //// .
///////,
// / / / / /
///////
////✓ //
/ / / / / / /
//✓ ////
;28%'i|
////////
i//////?/
44%y __$7.3 Bil.
////////
/////>
/////>
////////
////////
///////
///////
//✓
////
///////
’///////
..„$19.5 BiL
///////
///////
///////
///✓ ///
All
Brackets
L __ __
Office of the Secretary of the Treasury
0$ 2,000
Over
$ 2,000
Surtax
All
Brackets
Net Income B ro ckets-
0-
$ 2,000
Over
$2,000
_____J
TREASURY SEPARTMSST
Washington
Press Service
FOR RELEASE, MORHIHQ NE?^SPAPERS,
Tuesday, April 22, 19U7*
The Secretary of the Treasury announced last evening that the tenders for
11,100,000,000, or thereabouts, of 91-day Treasury bills to be dated April 2k and to matun
July 2k, 19k?, which were offered on April 18, 19k7, were opened at the Federal Reserve
Banks on April 21*
The details of this issue are as follows*
Total applied for - $1,665,272,000
Total accepted
- 1,100,390,000
Average price
1
(includes$17,557,000 entered on a fixed-price
basis at 99.905 and accepted in full)
- 99*905/ Equivalent rate of discount approx, 0 *376% per annum
Range of accepted competitive bids*
High
Low
- 99.907 Equivalent rate of discount approx. 0.3685per annum
- 99*905
*
«
«
«
*
0.3765 ■
*
(65 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
lew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
9,000,000
1,280,700,000
13,57k,000
22,790,000
15,960,000
700,000
258,788,000
5,850,000
3,7k5,000
5,795,000
2,220,000
fa6,i5o,ooo
8
$1,665*272,000
$1,100,390,000
TOTAL
6,095,000
839,175,000
9,357,000
i5,U»o,ooo
12,985,000
700,000
169,538,000
k ,310,000
2,800,000
1»,920,000
1,870,000
33,200,000
\
TREASURY DEPARTMENT
Washington
Press
No.
F O R R E L E A S E M O R N I N G N EWSPAPERS,
Tuesday, A p r i l 2 2 , 19 ^ 7 ._________
Service
S-311
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 t e n ders for $ 1 , 1 0 0 , 0 0 0 , 0 0 0 , or t h e r e abouts, of 9 1 - d a y
T r e a s u r y bills to be d a t e d A p r i l 24 and to m a t u r e J u l y *2 4 , 1947 *
w h i c h w e r e o f f e r e d on A p r i l 18 , 1947 , w e r e o p e n e d at the F e d e r a l
R e s e r v e B a n k s on A p r i l 2 1 .
The(details
of this i s s u e are as follows:
T o t a l a p p l i e d for * $ 1 ,6 6 5 ,2 72,000
Total accepted
1 ,100 ,390,000
(includes $ 17 ,557,000 e n t e r e d
on a f i x e d - p r i c e basis at
9 9 , 9 0 5 a nd a c c e p t e d in full)
- 9 9 .905/ E q u i v a l e n t rate of d i s c o u n t approx.
0.376$ per annum
Average price
R a nge
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 . rat e of d i s c o u n t a p p r o x . 0.368$ p e r a n m
0.376$
"
,M
Low
- 99.905
M
"
"
”
"
(65 p e r c e n t
of the a m o u n t b id
Federal Reserve
District
Total
Applied
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
C h i cago
S t . Louis
Minneapolis
Kansasi Cit y
D a llas
Sa n F r a n c i s c o
TOTAL
for at the low p r i c e was a c c e p -
for
9,000,000
1,280,700,000
13,57^,000
22,790^000
15,960,000
700,000
258,788,000
5,850,000
3,7^5,000
5 ,795,000
2,220,000
46,150,000
$1,665,272,000
0O0
Total
Accepted
$
6,095,000
839,175,000
9 ,357,000
15 ,440,000
12,985,000
700,000
169,538,000
4 ,310,000
2,800,000
4 ,920,000
1,870,000
33,200,000
- $1 , 1 0 0 , 3 9 0 , 0 0 0
FOR RELEASE, f
Thursday, Apr
The Trea
continuing tq
Snyder said tj
experienced i
into the Trea
The Seci
Commissioner
work on the M
from training classes.
The first new agent was asked to look over a routine
partnership case. He discovered irregularities in the con
version of a former corporation into the partnership, and
obtained a voluntary agreement to pay $237,000 of evaded
taxes.
The second new agent was told to make a routine check of
the financial affairs of a small packing house. He found a
secret bank account containing black market profits, on which
$350,000 in additional taxes will be assessed.
In addition,
criminal prosecutions may result.
The third new agent was assigned to investigate the tax
return of a retail store chain.
The return was so well pre
pared that its audit was undertaken without a trace of suspi
cion.
The new agent, however, found that the chain had
concealed much of its income, and a $500,000 additional tax
is being assessed.
This finding caused investigation of a
similar chain, and another large tax payment is in prospect.
"These are samples of what our new men are doing," the
Secretary commented.
"The older men are doing even better,
and month by month the proceeds of the evasion drive increase.
"In the first eight months of this fiscal year, additional
assessments resulting from investigations totalled $1,146,516,00$
an increase of 50 percent over the similar months last year.
The continued rate of increase gives additional confidence to
our estimate that, with adequate appropriations, we can collect
$2,500,000,000 in the next fiscal year from these investigations.
Justice demands that these people be forced to pay up."
;S s.
*-3
O
S
FOR RELEASE, 1
m
Thursday, Apr; B5
<
Md,
The Trear ®
continuing to
Snyder said t<
experienced ij
into the Treat
The Secr<
Commissioner <
work on the
from training
The first new agent was asked to look over a routine
partnership case. He discovered irregularities in the con
version of a former corporation into the partnership, and
obtained a voluntary agreement to pay $237,000 of evaded
taxes.
The second new agent was told to make a routine check of
the financial affairs of a small packing house. He found a
secret bank account containing black market profits, on which
$350,000 in additional taxes will be assessed.
In addition,
criminal prosecutions may result.
The third new agent was assigned to investigate the tax
return of a retail store chain. The return was so well pre
pared that its audit was undertaken without a trace of suspi
cion.
The new agent, however, found that the chain had
concealed much of its income, and a $500,000 additional tax
is being assessed.
This finding caused investigation of a
similar chain, and another large tax payment is in prospect.
"These are samples of what our new men are doing," the
Secretary commented.
"The older men are doing even better,
and month by month the proceeds of the evasion drive increase.
"In the first eight months of this fiscal year, additional
assessments resulting from investigations totalled $1,146,516,00Q
an increase of 50 percent over the similar months last year.
The continued rate of increase gives additional confidence to
our estimate that, with adequate appropriations, we can collect
$2,500,000,000 in the next fiscal year from these investigations.
Justice demands that these people be forced to pay up."
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, April 24, 1 9 4 7 ______
Press Service
No, S-312
The Treasury's backlog of suspected tax evasion cases is
continuing to yield large amounts of added revenue, Secretary
Snyder said today.
Even newly-appointed and relatively in
experienced Investigators are bringing millions of dollars
into the Treasury in the attack on tax dodgers.
The Secretary told of a report by Joseph D. Nunan, Jr.,
Commissioner of Internal Revenue, concerning the results of
work on the West Coast by three new investigators, fresh
from training classes.
The first new agent was asked to look over a routine
partnership case. He discovered irregularities in the con
version of a former corporation into the partnership, and
obtained a voluntary agreement to pay $237,000 of evaded
taxes.
The second new agent was told to make a routine check of
the financial affairs of a small packing house. He found a
secret bank account containing black market profits, on which
$350,000 in additional taxes will be assessed.
In addition,
criminal prosecutions may result.
The third new agent was assigned to investigate the tax
return of a retail store chain.
The return was so well pre
pared that its audit was undertaken without a trace of suspi
cion,
The new agent, however, found that the chain had
concealed much of its income, and a $500,000 additional tax
is being assessed.
This finding caused investigation of a
similar chain, and another large tax payment is in prospect.
"These are samples of what our new men are doing," the
Secretary commented.
"The older men are doing éven better,
and month by month the proceeds of the evasion drive increase.
"In the first eight months of this fiscal year, additional
assessments resulting from investigations totalled $1,146,516,00(1
an increase of 50 percent over the similar months last year.
The continued rate of increase gives additional confidence to
our estimate that, with adequate appropriations, we can collect
$2,500,000,000 In the next fiscal year from these Investigations.
Justice demands that these people be forced to pay up."
Recent investigations included the following*
Alcohol tax agents in a southern state flew in a Coast
Guard plane over a suspected area and plotted the location
of 150 illegal stills in four days.
Income tax agents, investigating the used car black
market in a large eastern city, discovered one firm which
had evaded $530,000 in taxes, and expect similar results
from investigations of several other dealers in the same
city.
One dealer, in order to cover up over-ceiling sales
during the QPA regime, required a customer to buy two cars
at a time. Both cars would be priced at OPA ceilings, but
one would be so decrepit that It could not be moved off the
dealer*s lot. The wornout car was always bought back by
the dealer for a few dollars and used over again in another
deal,
A western fruit and vegetable concern was found to have
concealed sales and padded expenses in order to evade
$3^5>000 of taxes,.
A southern self-styled ’’tax consultant” was recently
sentenced to 18 months in jail and fined $5,000 for insti
gating fake refund claims for his clients.
Investigation of an eastern optical company disclosed
that one-third of its sales income was “kicked back” to
practitioners, with neither paying tax on the income.
A large number of the thousands of cases still awaiting
investigation date back to wartime. Despite speeding up of
the evasion inquiries, due to improved procedures and added
experience, the Internal Revenue B u r e a u ’s corps of investi
gators still Is far from being current in its work.
m :, r >
af\Q Sp •r ÌtUa i
Nat ion
road
a difficult
econo®i c , fi nane
stability,
m:
iti caI
in the face
national problems,
iiftin the next
is not smooth
years, democracy
Must demonstrate
to overcome the oostacies and
hindrances Defare us.
acy
ill succeed if ail of us actively
aerate to this eno.
OUf)
in such manner, our government
will De well equipped to meet the
tremenoous responsibi1 1ties of this
modern world.
The people of Arkansas, by
a whole-hearted devotion to the
economic g o d s we have set for
ourselves, can,
I am confident,
reach a level of material prosperity
sucri as we have never before known.
By the same token, the cooperative
endeavors of the American people
will assure the continued material
citizenship by proper selection of
our officials, ano by willingness
ano ability to give of our own
talents to pub 1ic service.
Having assured the selection
of the right men, we must give the*
our support.
We must demonstrate
that an alert ana informed
citizenship expects of them the
highest iaeals of performance, and
backs tne® to the limit in tne
execution of their trust.
local governments are hardly less
important.
it is not enough today that we
have good government.
We must have
vigorous government, government by
men of integrity, energy, vision,
ana unseIfishness.
'A democratic government is
worth our sincere endeavors.
It
is worth making a matter of personal
inoividuai concern.
We must
exercise the responsiDiIities of
mepsfis ioft of tnis
nation,
in m a u s t r y , in
ana in «oria interests
min istrati on
upon our
a responsibility far greater
m a n on that of any previous
at ion *
a
i l of
à §,»
gym -¿e
US ,
cono®ic
«orid progress
#r * *
stadi »ity and pe^ce.
its Ieaoersnip.
ft ft#» it f
Tne responsibi Iities
ag#rs of our s
nd
/
ft #
na atHer Iofor®
**
are In
mea Ia
before to
position than
to ne ip so
unaer stand
oroblews of government
have
lue of public unaerstanding
of
tne un ity
*§-«■
aa
r\
r
our citi
or particular
’
1■
¿gf&*
!>#
t*
interests* na^
&# W '
tne
PresÏdffsnt in his conduct
ooliti cal and economic affairs.
td
activities.
I hope that a number of
the young people of my own State
will be interested in qualifying for
positions unaer the c iv iI service.
There is stiI I another way in
wnich the character of our government
can be improved.
That is tnrough a
vigorous and continuing interest in
her functions on the part of our
entire p
are fortunate that through
our educational
the radio.
represented in government personnel.
While we are in the process
of reducing the government
es tab Ii snment to a peacetime
level,
no large scale recruitment is in
prospect, out we are undertaking this
program on a long range basis.
We are asking colleges
throughout the country to advise us
of the names of prominent students
in their classes which deal with
subjects related to Treasury
^ ¿0 *
Even if sucn students turn m e i r
talents to the fields of private
*
enterprise, tne t r a m
#
receive »ill make the® more alert
* « W * *
to the responsiDiIities
In the Treasury Department, we
are developing a definite program
to enlist for Federal employment,
tnose so Qualified.
in the years to come,
Si are hoping
that the most
ab le men and women f rom our
un ivers it ies, business insti tuti ons.
ana li Ke fields, will
preparation for civilian careers.
Many of the« are Displaying an eager
interest in tne field of government.
We fino in our colleges and
universities an unprecedented demand
for courses in civil administration
economics,
law, finance, and in
statistical studies -- all
branches of training that see® to
lead
naturally to careers in
iOvernment.
pub Iic servan ts
has not made easier
the task of filling posts of
responsibi Iity.
Another »ay in which we can
elevate the standards of public
aoministrati on is to push
energeti cal 1y a widespread program
of training for such employment.
A great number of our young
people, returned from military
service, are taking advantage of
Federal assistance in further
- 1 7 -
>»aency in these critical ti
know from intimate personal
experience, too, that the
from Cabinet
members ana heads of departments
to clerks in the most routine jobs
’e servin*. e
ic i I Iy and we iI
right to object, and to
t
*
criticize,
is in the American tradition
ano none of us
*
id
that.
#
criticism that at it«
Is e n mina
upon
insp ire
m e n
spirit of unse if ishness
servi c
other
cons iaerati on.
inf iu
in or by
fear of
Such is
i loss.
phi iosophy that
Harry Truman has brought to
government impose upon otner leaders
In our national estab11shment and
in our increasingly complex state
and local administrations.
If we are to attract the most
capable id*inistrators, tne keenest
intellects, and the leasers of vision
to public service, we must vest in
such service not only adequate
material compensâtion, but the
incentive produced by recognized
efforts.
problems incident to government.
give a greater degree of
a p p r e c i a t i o n for efforts expended
in public service, and then
oemonstrate that appreciation, as
you have done so impressively here.
Certainly we are more conscious
today than ever before of the
tremendous burden that rests upon
tne man who occupies the Presidency
of this Nation.
I am sure, too, that
we realize more and more tne great
demands that the vital problems of
i
signif leant and troublous tiroes,
.
i - ... .|r ;
cannot be over-erophasized.
Never have we nad a more urgent
need tnan today for the talents and
energies of capable, conscientious
men and women in the adroin Istrati on of our affairs, whether at local,
state, or national
levels.
it must do all we can to
....
f . -'•'•
-•f
: ';•'
,I
.|| •
.
encourage ana attract such leaders
to pub Iic life.
Se roust develop
and manifest
#
a wider understanding of the great
The veterans now returned, t a*e
up tnetr civilian occupations witn
a broader vision and a keener sense
of responsibility.
In memory of
the men and women who gave their
lives, and in tne name of our
physically incapacitated, all of us
are challenged to further ana greater
service in peacetime Arneri c a.
m-
For tnere is a new call
in public
service for that leadership such as
made Arkansas a great State.
The
importance of public service,
in these
mm
{| *
ana w&r\fforTs7\ More then S2S0
"■x \
f\^
I
^
million of this fafflount was In
Series £ Bonos, savings largely
Q \J R.
arising fro® the earnings of
workers and farmers.
There was, of course, another
contr IO u t Ion, the greatest of
ail, that Arkansas made to the cause
of freedom.
She sent her men and
women by the thousands to serve
their country bravely and devotedly.
f/ 4
| Gp
cotton -- at I these case out of tne
enterprise of our commonwealth In
ever-increasing Quantities»
Meats»
dairy products* poultry, and other
foodstuffs for our armies and those
of our allies, were supplied in
great amounts.
And, at tne same time, Arkansas
established a record of particular
¡importance to tne Treasury
Department,
Her citizens invested
more than $375 million in savings
Bonds to help finance our defense
and bombers so essential to the
defeat of our enemies.
Arkansas
aluminum went into numerous other
produc ts lessen t ia I to our
military effort, and this metal
is only a part of the story.
Manganese output increased
37 percent over 1333.
Petroleum
and its by-products, builaing
materials of all kinds, forestry
8
Ouring my service in Washington,
first, with the Defense Plants
Corporation, and later, as 01 rector
of War Mobilization and Reconversion,
1 had opportunity to scrutinize
Arkansas* wart its© accoroplishments.
In terms of War Production, we
ranked high in aluminum.
,Tne
greatest bauxite deposits our nation
possesses provide|94 percent of
u! | the ore ® inod in North Arner ic a *
Fro® the® came an astounding
proportion of the airforce fighters
. 7 Arkansas today,/ is beginning
a new era of industrial* econo®ic#
and social progress.
This era
no ids prowise of increa&ing
prosperity for our people, and of
expanding influence in the trade
marts of the world.
Our productive contr iou ti on to
the Nation’s war effort has fully
demonstr«tea our capabilities.
When we consider tne factors of
size and population* no State has
/
a more Impressive record in this
respect.
ll
importance is reflected in this
magnificent State House in which
we are now met.
This building depicts,
in
its beauty and dignity, our
principles of cooperative freedom;
it represents to us the power of
justice in our complex social
and economic life; it symbolizes
the duties of our government -to serve and to guard, constantly
and zealously, the American
b irthr ight.
Pipili
b
*
zone, the mountains of coal, the
\AA
precious metals, end^the many
industries covering the state.
We were singularly blessed Dy
the great Mississippi and Arkansas
Hi vers.
They provided a gateway,
first to a ricn plantation life in
tneir bottom lands, and later to the
development of the agricultural
riches ana extensive mineral
resources of Arkansas.
And we can
have a'particular pride in this
capitol city of Little Hock, whose
4
They can take pride in the beauty
of her streams and mountains,
in the
sturdy character of her people,
in
the steady progress of her
industries, and in the growth of
her fine cities.
for in her reservoir of wealth
are the extreme fertility of the
river belts, the rich production of
oil and gas deposits in the southwest,
the timber growth of nearly every
variety known to the temperate
Business and government service
have taken
meaway fro® Arkansas.
n
But. ay childhood was spent in the
northeastern part of the State,
at Jonesboro, and i began nay banking
career at Forrest City.
So, I-have
always claimed full citizenship.
§# never forget the influences
of our early environment.
And
certain Iy Arkansas, so suitably
named the Wonoer State, has richly
endowed her sons.
you have chosen to place my
portrait here in our imposing
capitol building, alongside those
distinguished governors who have
nelped to guide the destinies of
this State.
it is with sincere humility
and a strong sense of responsitoiIity
that i accept this high compliment.
Ana, I will ao my best to be worthy
at all times of your generous
tr ibute.
l a A ddress by Secretary Snyder Pr«pared for
is| r
«livery at Little Rock# Arkaaaea
"
April If# ISMl?
The desire for approval and
| ¿000 wishes of frieras ana neignoors
is inherent in every man.
Particularly does m
want the honor
dna respect of those in his home
town, his own community, ana his
native state.
Consequen11y , I deeply
appreciate tne courtesy you pay me
toaay.
I feel doubly honored that
y ;'
TREASURY DEPARTMENT
Washington
(The following address by Secretary Snyder at the unveiling
of his portrait and its presentation to the State at
Little Rock, Arkansas, is scheduled for delivery at 2:00 P.M.
C.S.T., Sunday, April 2 7 , 194t, and is for release at thaT
t i m e .)
’
.... ■ ' ,
:..
The desire for approval and good wishes of friends and
neighbors is inherent in every man,
Particularly does he want
the honor and respect of those in his home town, his own com
munity, and his native st a t e .
Consequently, I deeply appreciate the courtesy you pay me
today.
I feel doubly honored that you have chosen to place my
portrait here in our imposing capitol building, alongside those
distinguished governors who have helped to guide the destinies
of this State.
It is with sincere humility and a strong sense of responsi
bility that I accept this high compliment . And, I will do my
best to be worthy at all times of your generous tribute.
Business and government service have taken me away from
Arkansas. But, my childhood was spent in the northeastern part
of the State, at Jonesboro, and I began my banking career at
Forrest City.
So, I have always claimed full citizenship.
We never forget the influences of our early environment.
And certainly Arkansas, so suitably named the Wonder State, has
richly endowed her s o n s .
They can take pride in the beauty of her streams and moun
tains, in the sturdy character of her people, in the steady
progress of her industries, and in the growth of her fine cities.
For in her reservoir of wealth are the extreme fertility
of the river belts, the rich production of oil and gas deposits
in the southwest, the timber growth of nearly every variety known
to the temperate zone, the mountains of coal, the precious metals,
and in addition the many industries covering the State.
We were singularly blessed by the great Mississippi and
Arkansas rivers. They provided a gateway, first to a rich
plantation life in their bottom lands, and later to the develop
ment of the agricultural riches and extensive mineral resources
of Arkansas. And we can have a particular pride in this capitol
city of Little Rock, whose importance is reflected in this
magnificent State House in which we are now met.
S -313
- 2 -
This building depicts, in its beauty and dignity, our
principles of cooperative freedom) it represents to us the
power of justice in our complex social and economic life) it
symbolizes the duties of our government — to serve and to
guard, constantly and zealously, the American birthright»
Arkansas today is beginning a new era of industrial,
economic, and social progress»
This era holds promise of
increasing prosperity for our people, and of expanding
influence in the trade marts of the world»
Our productive contribution to the N a t i o n ’s war effort
has fully demonstrated our capabilities» When we consider
the factors of size and population, no State has a more
impressive record in this respect»
During my service in Washington, first, with the Defense
Plants Corporation, and later, as Director of War Mobiliza
tion and Reconversion, I had opportunity to scrutinize
Arkansas’ wartime accomplishments »
In terms of war production, we ranked high in aluminum»
Here, the greatest bauxite deposits our nation possesses
provide 94 percent of all the ore mined in North America»
From them came an astounding proportion of the airforce fight
ers and bombers so essential to the defeat of our enemies,
Arkansas aluminum went into numerous other products essential
to our military effort, and this metal is only a part of the
story»
Manganese output increased 37 percent over 1939»
Petro
leum and its by-products, building materials of all kinds,
forestry yields, cotton — all these came out of the enterprise
of our commonwealth in ever-increasing quantities» Meats,
dairy products, poultry, and other foodstuffs for our armies
and those of our allies, were supplied in great amounts»
And, at the same time, Arkansas established a record of
particular importance to the Treasury Department» Her citizens
invested more than $375 million in Savings Bonds to help
finance our defense and war efforts» More than $290 million of
this amount was in Series E Bonds, savings largely arising from
the earnings of our workers and farmers»
There was, of course, another contribution, the greatest
of all, that Arkansas made to the cause of freedom»
She sent
her men and women by the thousands to serve their country
bravely and devotedly»
- 3The veterans now returned, take up their civilian occupa
tions with a broader vision and a keener sense of responsibility»
In memory of the men and women who gave their lives, and in
the name of our physically incapacitated, all of us are challenged
to further and greater service in peacetime America»
For there is a new call in public service for that leader
ship such as made Arkansas a great State.
The importance of
public service, in these significant and troublous times,
. cannot be over-emphasized»
Never have we had a more urgent need than today for the
talents and energies of capable, conscientious men and women in
the administration of our affairs, whether at local, state, or
national levels.
We must do all we can to encourage and attract such leaders
to public life.
We must develop and manifest a wider understanding of the
great problems incident to government, give a greater degree
of appreciation for efforts expended in public service, and
then demonstrate that appreciation, as you have done so
impressively here.
Certainly we are more conscious today than ever before of
the tremendous burden that rests upon the man who occupies the
Presidency of this Nation.
I am sure, too, that we realize
more ar>ri more the great demands that the vital problems of
government impose upon other leaders in our national establish
ment and in our increasingly complex state and local administra
tions .
If we are to attract the most capable administrators, the
keenest intellects, and the leaders of vision to public service,
we must vest in such service not only adequate material
compensation, but the incentive produced by recognized efforts.
Appreciation cannot fail to inspire in men of public office
a spirit of unselfishness in rendering service. And the great
majority of our public leaders have sought to place the welfare
of all the people ahead of any other consideration. They have
not been deterred nor influenced by the prospect of personal
gain or by the fear of personal l o s s .
Such is the philosophy that Harry Truman has brought to
the Presidency in these critical times.
I know from intimate personal experience, too, that the
majority of Federal employees, from Cabinet members and heads
of departments to clerks in the most routine jobs, are serving
energetically and well.
- 4 -
The right to object, and to criticize, is in the American
tradition, and none of us would change that. But the criticism
that at times has been heaped indiscriminately upon public
servants, has not made easier the task of filling posts of
responsibility.
Another way in which we can elevate the standards of
public administration is to push energetically a widespread
program of training for such employment.
A great number of our young people, returned from military
service, are taking advantage of Federal assistance in further
preparation for civilian careers. Many of them are displaying
an eager interest in the field of government.
We find in our colleges and universities an unprecedented
demand for courses in civil administration, economics, law,
finance, and in statistical studies — all branches of training
that seem to lead naturally to careers in government.
Even if such students turn their talents to the fields
of private enterprise, the training they receive will make
them more alert to the responsibilities of citizenship.
In the Treasury Department, we are developing a definite
program to enlist for Federal employment, those so qualified.
We are hoping in the years to come, that the most able men and
women from our universities, business institutions, and like
fields, will be well represented in government personnel.
While we are in the process of reducing the government
establishment to a peacetime level, no large scale recruitment
is in prospect, but we are undertaking this program on a long
range basis. •
We are asking colleges throughout the country to advise
us of the names of prominent students in their classes which
deal with subjects related to Treasury activities. I hope that
a number of the young people of my own State will be interested
in qualifying for positions under the civil service.
There is still another way in which the character of our
government can be improved.
That is through a vigorous and
continuing interest in her functions on the part of our
entire people.
We are fortunate that through our educational system, the
radio, newspapers, and other informational media, our people
are in better position than ever before to understand and to
help solve the problems of government.
- 5 We have had a wonderful example of the value of public
understanding in the unity with which our citizenship,
regardless of party or particular interests, has supported
the President in his conduct of world political and economic
affairs.
The expansion of this nation, in industry, in population,
and in world interests has placed upon our National Administra
tion a responsibility far greater than on that of any previous
generation* The welfare of all of us, and to a great extent,
world progress toward economic stability and peace, depend
upon its leadership« The responsibilities of the leaders of
our state and local governments are hardly less important.
It is not enough today that we have good government. We
must have vigorous government, government by men of integrity,
energy, vision, and unselfishness.
A democratic government is worth our sincere endeavors.
It is worth making a matter of personal, individual concern.
We must exercise the responsibilities of citizenship by proper
selection of our officials, and by willingness and ability to
give of our own talents to public service.
Having assured the selection of the right men, we must
give them our support. We must demonstrate that an alert and
informed citizenship expects of them the highest ideals of
performance, and backs them to the limit in the execution of
their trust.
In such manner, our government will be well equipped to
meet the tremendous responsibilities of this modern world.
The people of Arkansas, by a whole-hearted devotion to the
economic goals we have set for ourselves, can, I am confident,
reach a level of material prosperity such as we have never
before known. By the same token, the cooperative endeavors of
the American people will assure the continued material and
spiritual well-being of the Nation.
The road of progress is a difficult one.
The path to
economic, financial and political stability, in the face of our
present national problems, is not smooth. Within the next few
years, democracy must demonstrate her competence to overcome
the obstacles and hindrances before us. Democracy will succeed
if all of us actively cooperate to this end.
0O 0
ZBBISMERf
li& ftfclill^ tO R
Foe «p p m b j v p m m m gga&pAFKRS.
Ibaaa Sonrio©
Socrotoiy of «te ttewwBjr Scgrter aanou&emi totear ttefc buglnning wlth tte
r
t e n » af
Troaaury M i t a te
te tetad tar X» Hitf* «nd ttteU
fartter atete«,
tte
fteMojr w i U Invito t a n t a » Cae W U i te «rotang» f« Mtortec M l l a «• tell
a» fer caah, vith aqual traataant « o e o v M «XX tandara, wbathar tha biddars
c^rer to «xcha»00 a&tiiring billa or to pa¡? caah fea tha new bilis b&d for*
Caah adjustsents will ba sadte for diffarancaa batwean tí» par m ú m of aat’
aring
billa aocaptoá Xa ©achanga arad tha taaoa prlea af tha twm billa»
Tha bilis to be datad Hhy X will ba in ib© maxwfc of $1*1 bhltowi, ábout
$200,000,000 Xana than iba asaount aatiiriag a» tbat data,
fba tocadura for aocaptlng apobanga m valí aa caah tandaro ia being
adaptad to facilitat© w«ak^jr rafaadlog oparatiom ia billa» tha bilí Holding»
¿r9 ^; crtr f>f
g fi
of tbe Fbdaral f t a s m Bank« rocanttjr vara $15 M l ü o n out of a total of $1?
©J
b ü l i a w outstanding. lindar «xlottng prooadnr», tfaa Fedaral M m r m Banks
replaca tbalr woaklsr ssaturirtg b U l lasa©», lo largo pari, tpr purchastng na*
iaaoaa t e
©acuritgr dealara, aba ordimrlly bid for « a m i a graatlr la oxean*
of í&arket aaada*
filia ia
ésm wúmfy
to facilítate tha bilí opaaUflo» aa
tha dealera ©hurga ao eoasaieaixm fer thia aarviaa» «ai obtain orOy tha nosdral
proflt frota the tranaaotlim which la «ratlafela to an^one.
®adar tha osa
procedur* tha Fadaral B a a e r w Bank» vil! ba ia a poaltlo» to b&i cüreetly
m m
axohanga baala for aa» lesoaa ia aaotaxta not ia axnaaa af thoaa rvquired
to naplaaa aaturlag i a m
of M U » originally acq«lred ia tí» aarfcet«
Ai^r addltion to Fadaral S m n » HoXiiaga «f billa w o u M ba parohaaaá ia
tha
gdéjjü
afiftet aa a& nrosent*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 25, 19^7«_________
Press Service
No. S-312*
Secretary of the Treasury Snyder announced today that
beginning with the issue of Treasury bills to be dated May 1,
1947, and until further notice, the Treasury -will invite tenders
for bills in exchange for maturing bills as well as for cash,
with equal treatment accorded all tenders, whether the bidders
offer to exchange maturing bills or to pay cash for the new
bills bid for.
Cash adjustments will be made for differences
between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
The bills to be dated May 1 will be in the amount of
$1,100,000,000, about $200,000,000 less than the amount maturing
on that d a t e .
The procedure for accepting exchange as well as csgh tenders
is being adopted to facilitate weekly refunding operations in
bills.
The bill holdings of the Federal Reserve Banks recentlywere $15,000,000,000 out of a total of $17,000,000,000 outstand
ing. Under existing procedure, the Federal Reserve Banks replace
their weekly maturing bill issues, in large part, by purchasing
new issues from security dealers, who ordinarily bid for amounts
greatly in excess of market needs.
This is done solely to facilitate the bill operation, as the dealers charge no com
mission for this service, and obtain only the nominal profit
from the transaction which is available to anyone. Under the
new procedure the Federal Reserve Banks will be in a position
to bid directly on an exchange basis for new issues in amounts
not in excess of those required to replace maturing issues of
bills originally acquired in the m a r k e t .
Any addition to Federal Reserve holdings of bills would be
purchased in the open market as at present.
0 O0
3
«x* sold «hall not be considered to accrue until euch b i l l s «a»»n bo »old,
rodoewd or otherwise disposed of, «od »ach bills aro excluded from consideratioo oo capital assois. Accordingly, the owner of treasury bills (other than
life insurance companies) Issued hereunder need includa is fajo incoes ttfr
rete»! only tbs difference between tbs price paid for such bills« whether on
original issue or on subsequent purchase, «ai tbs amount actually received
either upon sals er redaction at aaturlty during the
year far which
the return Is nsde, os ordinary gain or leas»
Treasury Department Circular io« &LÔ, as asanded« and this notice, prs~
serlb* the tarns of tbs treasury bills and govern tbs conditions of their
issusé Copias of «bs circular say be Obtained fron any Federal Reserve Bank
or Branch*
o Ot>
a
Those sabedLtting tender» wiH la» advised ©f the acceptance or réfaction thereof.
Th© Secretar/ of the Treasury ©xpresaìy reserves the righi to aceept or reject
an/ or all tendera, lu «hele or in part, and hla action In an/ saeh respect tàmil
be final*
Subject to thés© reserrâtions, tendere fer $200,000 or 1$ü
freí an/
one bldder at 99*906 enterad on a fixed-prioe basi* vili be aeeepted in fall*
Settleænt fer acoepted tendere In accordance wltfo the bide ansí be nade or
coæpleted at th* Federal Reserve Bank en Ma/ 1, 19kl» in cash or eihsr Inondiately
arail*ble fende or in a lüee face aaount of fraseazy billa aaturing liay 19 191*7#
Piyal truât néant ©dii be accorded eti tendere, whether the biddere offer te ex—
chanta naturing Ml l e er te pay cash fer the mm Mlle M d fer*
Cash adjust-
nenie will be nede fer differencea betaeen the par TaIne of natnrlng bille
accepted in eenhange and thè lasca prie© of tba nmr Mlle*
The incoa© derivad fren îreasury Mila, trhetber Interest er gain fren thè
sale er other disposition of the bilia, shall noi bare any exanptlen, aa ©neh,
«ad loas fren thè sale er other disposition of fxnaanry bilia ehall net bare
any special treatnsnt, aa such, cader Federai tax Anta now or heraafter enacted.
ìhe bilis a h a H ba subisci te estate, inheritance, gift, or etbsr exelse tenea,
whether Federai or State, but shall be exeapt fren all taxation non er heresfter imponed en the principal or interest thereef by asy State, er ssy of thè
possessions of the United States, er by aay locai taxing autfaorlty#
Per pur-
peaea of taxation thè aaount of discount at nhieh Treasury bilia are originali/
sold by the United States shall be eonaidered te be Interest*
Ondar Sections
1*2 and 117 (a) (1) of the Internai Ravenne Ceda, aa anendad by Section 11$ of
the Revenue Act eflftl, thè anensit of diaconat at « M n h bilia isatsed hereunder
THEABOHT m p k m m w t
fffüM ngV>B
fou
m m m , wm xm
meispapers,
grlday, Aprii 25« 1 9 k l*
Press Service
J- 3 / 4 ^
The Secretary of the Treasury, by this public notice, Invite« tendere for
11,100,000,000, or thereabouts, of 91-day Treaaury bille, for cash end in «ar
change for Treasury Mlle aaturlng May 1, 19U7, to be issued on a discount baeis
under competitive and fixed-prlce biddlng es hereinafter provided, The bille
of thia serie» M H be dated May 1, 19b7, «ad Mil mature «Tuly 31# 19U7, «hen
thè fase aaount Mil be payable Mthout interest* They will be issued le btarer
fer» only, end le dénominations of $1,000, 15,000, $10,000, $100,OCX), $500,000,
«ad $1,000,000 (maturity value),
Tendere vili be reeelved et Foderai Reserve Banks and Branches up to the
closing hour, two o’clock p,a., Eastern Standard time, Monday, Aprii 28, 19b?*
Tendere Mil net be reeelved et the Treasury Department, Washington. Eaeh
tender must be for «a even multiple of $1,000, end the prise offered must b»
*nfpyH,Bg%d on thè beale of 100, Mth aot «ore than three decisala, e*g*, 99*92$»
Fractions aay aot be ueed* It le urgod that tender» be mode on the prlnted
ferve «ad forwarded in the spécial envelopes whioh «111 be suppliad by Federe!
Heserve Banks or Branches on application therefor.
Tendere Mil be recelved Mthout deposlt fro» incorporated banks and trust
eospanies and from responsible and recogaised dealers in investment securlties.
Tendere fro» othere must be aecoapanied by payment of 2 percent of the face
aaount of Treasury M U e applied for, unies» thè tendere are aecoapanied by sa
express gaerenty of payaent by an incorporated basât or trust company.
Immediately after the closing hour, tonders M H be openeé et thè Fedirei
Beservo Banks and Branches, folloMng whteh public amtounoeaent M H be aade
by the Secretaiy of the Treasury of the aaount and prie# rang» of aooepted Mds*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 25, 1947.
Press Service
No. S-315 ' '
The Secretary of the Treasury, by this public nqticey
invites tenders for $1,100,000,000, or thereabouts, of 91 -day
Treasury bills, for cash and in exchange for Treasury bills
maturing May 1, 1947, to be issued on a discount basis undercompetitive and fixed-price bidding as hereinafter provided.
The bills of this series, will be dated May 1, 1947, and will mature July -31; 1947 ,\when the .face, amount will be payable with
out interest.
They will be issued .in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $ 500 ,000,
and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two q -’clock p.m,, Eastern Stan
dard time, Monday, April 28, 1947.
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 mu&t be
expressed on the basis of 100, with not more than three decimals,
e.g.i 99.925. Fractionsimay 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 fr6m 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 $206,000 or less from any one
bidder at 99.905 entered on a fixed-price basis will be.accepted
in full.
Settlement for accepted tenders in accordance with
the bids must be made or completed at the Federal Reserve Bank
in May 1, 1947, in cash or other immediately available funds or
in a like face amount of Treasury bills maturing May 1, 1947,
Equal treatment will be accorded all tenders, whether the
bidders offer to exchange maturing bills or to pay cash for the
2
new bills bid for.
Cash adjustments will be made for dif
ferences between the par value of maturing bills accepted in
exchange and the issue price of the new bills.
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 sal^: or
o.ther 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 fa) (l) of*-the Internal Revenue Code, as. amended by
Section 115 of the Revenue Act of 1941, the^ amount of discount
at which bills'issued hereunder are sold shall not be considered
to accrue until such bills shall be sold, redeemed or otherwise
disposed of, and such bills are-excluded .from consideration as
capital assets. Accordingly, the owner of.Treasury bills (other
than life insurance companies) issued hereunder need include in
his income tax return only the difference between the price
paid for such bills,, whether on original issue or on subsequent
purchase, 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 of the circular may be
obtained from, any Federal. Reserve Bank pr Branch.
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
Press Service No.
'Vo ^ - 3 / L
I The
Bureau of Internal Revenue announced today that the Processing
Division of the Bureau of Internal Revenue will be moved from New York City
to Kansas City, Missouri, by July 1, 1947.
The Processing Division is now
located at 260 East 161st Street in the Borough of the Bronx, New York City.
[The purpose of the m o v e ^ i s to provide a more central location for this
Division, and to take advantage of Government-owned space which is not now
being used.j^The Processing Division sorts all of the reports received from
employers showing the amount of tax withheld from wages so that they can be
matched with the income tax returns filed by individuals.
It was established
in New York City during the war years when no other suitable location could
be found.
Experience has proved that a more central location is necessary.
This move will result in economies estimated to exceed $150,000 annually.
S
new quarters are located in the office building of a p^.ant formerly
■■h
operated by Pratt & Whitney in the manufacture of airplane engines.4
6
0&
TREASURY DEPARTMENT
B u r e a u of In t e r n a l R e v e n u e
W a s h i n g t o n 25 , D. C.
FOR IMMEDIATE R E L E A S E ,
Friday, A p r i l 2 5 , 1947 .
Press S e r vice
No. S - 3 l 6 '
The B u r e a u of In t e r n a l R e v e n u e a n n o u n c e d t o day that the
P r o c e s s i n g D i v i s i o n of the B u r e a u of I n t e r n a l R e v e n u e w i l l be
m o v e d f r o m N e w Y o r k Cit y to K a n s a s
19 ^ 7 .
City,
Mis s o u r i ,
by July
1,
The P r o c e s s i n g D i v i s i o n is n o w l o c a t e d at 260 E a s t
l6lst Street
in the B o r o u g h of the Bronx,
The p u r p o s e
N e w Y o r k City.
of the m o v e is to p r o v i d e a m o r e
l o c a t i o n for this D i v i sion,
and to take a d v a n t a g e
c e n tral
of G o v e r n m e n t
o w n e d space w h i c h Is n ot n o w b e i n g used.
The P r o c e s s i n g D i v i s i o n sorts all of the re p o r t s r e c e i v e d
from employers
s h o w i n g the amount
of tax w i t h h e l d f r o m w a ges
so that the y can be m a t c h e d w i t h the income
by I n d i v i d u a l s .
It was
w a r y e ars w h e n no other
filed
e s t a b l i s h e d In N e w Y o r k Cit y d u r i n g the
suitable
l o c a t i o n could be found.
E x p e r i e n c e h a s proved' that a m o r e
This m o v e w i l l r e s u l t
tax re t u r n s
in eco n o m i e s
ce n t r a l l o c a t i o n is n e c e s s a r y
e s t i m a t e d to e x c e e d
$ 1 5 0 , 0 0 0 annually.
The n e w quarters
plant
are l o c a t e d In the office b u i l d i n g of a
f o r m e r l y o p e r a t e d b y Pratt & W h i t n e y in the m a n u f a c t u r e
of a i r p l a n e engines.
0 O0
TREASUKX BEPARDSSlfT
Washington
FOE WSWUS&, M M M X m KEfSPAFIRS,
Tuesday, April 29» 1S&7*
Press Service
the Secretary of the treasury announced last evening that the tenders tor
$1,100,000,000, or thereabouts, of 91~day treasury bills to be dated May 1 and to nature
July 31, l$$rf, which were offered on April 2$, 19U7» were opened at the Federal Reserve
Banks on April 28*
The details of this issue are as folloesi
total applied for - $1,960,002,000
total accepted
* 1,100,016,000
Average price
(includes $20,380,000 entered on a fixed-price
basis at 99*905 end accepted in fall)
*» 99*90$/ Equivalent rate of discount approx. 0*376$ per annus
Range of accepted competitive bids:
Sigh
- 99*90? Equivalent rate of discount approx* 0*368$ j&r annas
low
-
99.90$
*
*
*
»
*
0.376$
»
•
(55 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
total
Applied for
Boston
Sew fork
Philadelphia
Cleveland
1Hfihaflryi
Atlanta
Chicago
St* Louis
FtTmaapoliji
Kansas City
flaila«
San Francisco
*
tom .
9,500,000
1,1(61,772,000
¿2,103,000
28,1*05,000
6,385,000
3,100,000
238,1(68,000
39,036,000
3,915,000
35,1(26,000
9,502,000
82,080,000
11,960,002,000
total
Accepted
i
5,356,000
801,111,000
21»,111*,000
16,206,000
¿,765,000
3,100,000
138,216,000
22,096,000
2,¿57,000
25,978,000
B,62k,000
¿7,993,000
$1,100,016,000
1
11p
TREASURY DEPARTMENT
Washington
Press S e r vice
No. S -317
F O R RELEASE, M O R N I N G N E W S P A P E R S
Tuesday, A p r i l 2 9 , 1947 .________ .
The S e c r e t a r y of the T r e a s u r y hnnour.eed ’last e v e n i n g that
the tenders for $ 1 , 1 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y
T r e a s u r y hills to he d a t e d M a y 1 a nd to m a t u r e J u l y 31 , 19 7 ,
w h i c h w e r e o f f e r e d on A p r i l 2 5 , 1947 , w e r e o p e n e d at the F e d e r a l
R e s e r v e B a n k s on A p r i l 2 8 .
The details
of this
issue are as follows:
T o t a l a p p l i e d for
Total accepted
$1,960,002,000
1,100,016,000
Average price
9 9 .9 0 5 / Equiv.
(includes $ 2 0 , 3 8 0 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e b a s i s at
9 9 . 9 0 5 and a c c e p t e d in full)
rat e of d i s c o u n t a p p r o x . 0 . 3 7 6 $
p er a n n u m
R a n g e of a c c e p t e d c o m p é t i t i v e bids:
H i s h ~ Q Q . Q 07 E q u i v .
Low
- 9 9 .90 i>
"
rate of d i s c o u n t approx.
■
0.368$ p er a n n u m
0..37b%
(55 p e r c e n t of the amount h i d for at the l ow p r i c e w as a c c e p t e d )
Federal Reserve
District
Total
A p p l i e d for
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
C h icago
S t . Louis
Minneapolis
K a n s a s City
Dallas
San Francisco
9,500,000
1 ,461 ,772,000
4 2 .413.000
2 8 .405.000
$
5 ,356,000
3.100.000
801,111,000
2 4 .1 1 4 .0 0 0
16 ,2 0 6 ,00(9
4 .7 6 5 .0 0 0
3.100.000
238 ,468,000
138 216,000
39.036.000
3 .915 .0 0 0
35 .426.000
9.502.000
8 2 0 8 0 .0 0 0
22.096.000
2 .457 .0 0 0
2 5 .9 78 .0 0 0
8 .6 2 4 .0 0 0
4 7 .993.0 0 0
$1,960,002,000
$1,100,016,000
6,385,000
.
TOTAL
T o tal
Accepted
0O0
,
'
i
'
M* .) -
*
t
Aim
- 3 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 11? (a) (1) of the Internal Revenue Code, as amended by Section llf> of
the Revenue Act of 19U1* 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 considera
tion 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.
M m
-
2
-
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 hoar, 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.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on
May 8 « 19U7______ > in cash
or other immediately available funds or in a like face amount of Treasury bills
maturing
Mav 8 . 19li7
. Equal treatment will be accorded all tenders,
whether the bidders offer to exchange maturing bills or to pay cash for the
new bills bid for.
Cash adjustments will be made for differences between the
par value of maturing bills accepted in exchange and the issue price of the neu
bills.
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
~S
5
xm x
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, lay 2, 19k7
w
i
The Secretary of the Treasury, by this public notice, invites tenders for
$1,100,000,000
, or thereabouts, ef
91
in exchange for Treasury bills maturing
-day Treasury bills, for cash and
May 8, 19U7
, to be issued on
a discount basis under competitive and fixed-price bidding as hereinafter
provided.
will mature
interest.
May 8, 19k7
, and
—
w
—
, when the face amount will be payable without
The bills of this series will be dated
August 7> 19U7
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, May 5, 19U7
TOC
Tenders will not be received at the Treasury Department, Washington. Each
\
*
1
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
TREASURY DEPARTMENT
Washington
FOR1
:RELEASE/ MORNING NEWSPAPERS
Friday, May 2, 1 9 4 7 ______ ;
•
Press Service
■No. S-318.
The Secretary of the Treasury, by this public notice,
invites tenders for $1,100,000,000, or. thereabouts, of 91-day
Treasury bills, for cash and in exchange for Treasury bills
maturing May 8, 1947# to be issued on a discount basis under
competitive and fixed-price bidding as hereinafter provided.
The bills of this series will be dated May 8, 1947 and will
.mature August 7i 194-71 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,
$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, May 5 > 1947. Tenders will not be resjcelved 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 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 investment securities. Tenders from others must be
accompanied by payment of 2 percent of the.face amount of
Treasury bills applied for, unless the ‘tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which pub
lic announcement will be made by the Secretary of the Treasury
of the amount and price range of accepted bids. Those submit
ting 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. Settlement for accepted tenders in accord
ance with the bids must be made or completed at the Federal
Reserve Bank on May 8, 19^7, in cash or other immediately
available funds or in a like face amount of Treasury bills
maturing May 8, 1947. Equal treatment will be accorded all
tenders, whether the bidders offer to exchange maturing bills
2
or to pay cash,for the new bills bid.for.
Cash adjustments
will be made for differences between the par value of matur
ing bills accepted in exchange and the issue price of the
new bills. •
Tt ^
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 en
acted. The bills shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the prin
cipal or interest thereof by any State, or any of the possess
ions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States shall
be considered to be interest. Under Sections 42 and 117(a)(1)
of the Internal Revenue Code, as amended by Section 115 of the
Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets
Accordingly, the owner of Treasury bills (other than life insur
ance 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 bn subsequent purchase, and the
amount actually received either upon sale or redemption at m a t u
rity during the taxable year for which the return is made, as
ordinary gain or loss.
•
Treasury Department Circular No. 4.18, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the circular
may be obtained from any Federal Reserve Bank or Branch.
•oOo
FOR IMMEDIATE!
Thursday, May!
Secretary
the State Depa
is being made |
State Departme
Preparatory Co
Trade and E m p l i P H H H H
Geneva, Switzerland.
Commissioner Johnson served as an advisor
to the American
Delegation at the London and lew York Conferences, and was
designated by the State Department on March 17, 19^7, as a
delegate to the present Geneva Conference,
He will leave at
once for Geneva,
Upon his return, Commissioner Johnson, in accordance with
his request, will be relieved of his duties as Commissioner of
Customs and reassigned in the Customs Service.
Until a new Cdramissioner of Customs is appointed, Assist
ant Commissioner Frank Dow will serve as Acting Commissioner
of Customs.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, May 1, 19^7
Press Service
No. S-319
Secretary Snyder announced today that at the request of
the State Department, Commissioner of Customs W. R, Johnson
is being made available to serve under the auspices of the
State Department as a delegate to the second meeting of the
Preparatory Committee of the United Nations Conference on
Trade and Employment now being held in Geneva, Switzerland,
Commissioner Johnson served as an advisor
to the American
Delegation at the London and New York Conferences, and was
designated by the State Department on March 17, 19^7, as a
delegate to the present Geneva Conference,
He will leave at
once for Geneva,
Upon his return, Commissioner Johnson, in accordance with
his request, will be relieved of his duties as Commissioner of
Customs and reassigned in the Customs Service.
Until a new Cdramissioner of Customs is appointed, Assist
ant Commissioner Frank Dow will serve as Acting Commissioner
of Customs,
oOo
Jr
FOR RELEASE, I
Tuesday, May <
The Set;
that the tend«
Treasury hill:
which were of;:
Reserve Banks
The de
Total applied
Total accepts
Average price
*
99.900
yyTyü^ ana aact?puc?u TH i Uix ;
Equivalent rate of discount
approve. 0 ,376/0 per annum
Range of accepted competitive hide:
High - 99.906 Equiv, rate of discount approx, 0.372$ per annum
Low - 99.905
"
"
"
"
f
0.376$
*'
"
(64 percent of the amount hid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
13,325,000
1,426,586,000
16.425.000
6,295,000
8 ,700,000
4,240,000
TOTAL
Total
Accepted
$
8,645,000
919,382,000
11,025,000
4.495.000
7.980.000
4,240,000
120,066,000
78 ,116,000
23.120.000
17.500.000
20.530.000
14.185.000
30.025.000
15.416.000
11.452.000
$ 1 ,706 ,997,000
0O0
16.030.000
10,225,000
24,505,000
$1 ,111,511,000
Mr. Shaeffer
FOR RELEASE, M
Tuesday, May 6
The Seep
that the tende
Treasury bills
which were of f \
Reserve Banks
The detr
o
E-*
Total applied
Total accepted
Average price
*
99.900
yy »y
Ü4
.1U. accepteQ ih x ujlx )
Equivalent rate of discount
approx. 0.376$ per annum
Range of accepted competitive bids:
High - 99.906 Equiv. rate of discount approx. 0.372$ per annum
Low - 99.905
"
"
M
”
*
0.376$
n
”
(64 percent of the amount bid for at the low price was accepted)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
13,325,000
1,426,586,000
16.425.000
6 ,295,000
8 ,700,000
4,240,000
120 ,066,000
23 .120.000
17.500.000
20.530.000
14.185.000
36.025.000
TOTAL
Total
Accepted
Total
Applied for
Federal Reserve
District
$1,706,997,000
0O0
$
8,645,000
919 ,382,000
1 1 .025.000
4 .495.000
7 .980.000
4.240.000
78.116.000
15.416.000
11.452.000
16.030.000
10,225,000
24,505,000
$1 ,111,511,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 6, 1947
Press Service
No. S-320
i
The Secretary of the Treasury announced last evening
that the tenders for $1,100,000,000, or thereabouts, of 9 1 -day
Treasury bills to be dated May 8 and to mature August 7, 1947,
which were offered on May 2, 1947, were opened at the Federal
Reserve Banks on May 5.
The details of this issue are as follows:
Total applied for - $1,706,997,000
Total accepted
- 1,111,511*000 (includes $17,047,000 entered
on a fixed price basis at
99*905 and accepted in full)
Average price
* 99*905
Equivalent rate of discount
approx. 0.376$ per annum
Range of accepted competitive bids;
High Low -
99.906
99.905
Equiv, rate of discount approx, 0.372$ per annum
"
"
"
T1
Ì
0,376$ *
"
(64 percent of the amount bid for at the low price was accepted)
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
13 ,325,000
1,426,586,000
16.425.000
6 ,295,000
8 ,700,000
4,240,000
120 ,066,000
23 .120.000
17 ,500,000
20,530,000
14.185.000
36.025.000
TOTAL
Total
Accepted
Total
Applied for
Federal Reserve
District
$ 1 ,706 ,997,000
0O0
$
8,645,000
919,382,000
11 . 025.000
4.495.000
7 .980.000
4.240.000
.
78 116.000
1 5 .416.000
1 1 .452.000
16 .030.000
10.225.000
24,505,000
$1,111,511,000
STATUTORY DEBT LIMITATION
AS OF APRIL 30. 19W
Fiàteai 8wvlfl»
Washington»'Magr^ r ^ ^ T
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), 11shall 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.N
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 may be outstanding at any one time
Outstanding April 30» 19^7
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills................ $ l6,610,213,000
Certificates of indebtedness....
26»293»753»000
Treasury notes.............. ..
13«619»210,500 $ $ ,523»176*500
$ 275,000,000,000
6
Bonds
Treasury................... .
Savings (current redemp.value)
Depositary..................
Armed Forces Leave
119,322,892,950
^.,117,251,5^7
33^,^50,000
1.682.893.200
Special Funds
12,338,500,000
Certificates of indebtedness..
12.9^1.398.000
Treasury notes...............
Total interest-bearing.........
Matured, interest-ceased...........
Bearing no Interest
71,110,683
War savings stamps............
21,^00,571
Excess profits tax refund bonds.
Special notes of the United States:
Internat‘1 Bank for Beconst.
^ 07,035,000
and Development series......
1.782.000.000
Internet* 1 Monetary Fund series__
Total................................ .......... .
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.............
^5*9^6»986
Demand obligations: C.G.C. .....
125,5^2,227
Matured, interest-ceased................... .....
172,^57,887,697
P tffiSsfiSB
¿,962.197
201,188 >65
2.2S1.»6.2»
256,8031b9b,916
171 > 8 9 ,213
6.719.325
178,208,538
256.981,905>!
Grand total outstanding............ ................
T8r018.09tfj
Balance face amount of obligations issuable under above authority.......__________
Reconcilement with Statement of the Public Debt — April JO , 19^7
(Daily Statement of the United States Treasury, May 1, 19^7)
Outstanding April 30, 19^7
^ w
Total gross public debt..................................... .......
««
Guaranteed obligations not owned by the Treasury..................... _ ... 1T 8,g°°|g4|
Total gross public debt and guaranteed obligations.... .
257 »879*
»9 1
Deduct — other outstanding public debt obligations
not $u&ject to debt limitation.
•
897,709»509
256.98i.905> »
*121*1?**
STATUTORY DEBT LIMITATION
AS OF APRIL 30« 1947
May 8, 1947
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 ty the Secretary of the Treasury), ^shall
not exceed in the aggregate $275,000,000,000 outstanding at ary 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 amount011
The following table shows the face amount of obligations outstanding and the
face amount yrhich can still be issued under this limitation:
Total face amount that.may be outstanding at any one time
$275,000,000,000
Outstanding.April 30, 1947
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury billsoo©oooooooooo© $ 16,610,213,000
Certificates of indebtedness 26,293,753,000
Treasury notes»»,«0,»,»M »»o 13,619,210,500 $ 56,523; 176,500
Bonds
Treasury ->0000000000009000« 119*322,892,950
Savings (current redemp©\alue ) 51,117,251,547
Depositaryo 00000 • • • • © « © • • •
334 ,850,000
Armed Forces Ieave0 ,»o.o9,
!..682,893.200 172,457,887;697
Special Funds
Certificates of indebtedness 12,338,500,000
Treasury notes©©©000000000
12,941.398,000
Total anterest—bearing©000000000000000000
Matured, interestsceased©ooooooooooooooooooooo©
Bearing no interest
War savings stampSo©©o©oo0oo
71,110,683
Excess profits tax refund bonds
21,400,571
Special notes of the United States:
Internet *1 Bank for Reconst0
and Development series©«©
407,035,000
Internat 11 Mcnetay Brnd serifs 1.782 ,.000,0.00
T otal OOOOOOOOOO OOOOQOOOOOOOO oooooooooooooooooo©
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures : F.H.A© 00000000000
45,946,986
Demand obligations: CoCoCo 00
125.542,227
Matured, mterest—ceased0000000oooooooooo©00000
25;279;~ 898.000
254,260,962,197
261,188,465
2 ,281 ,546,254
256;803,696,916
171;489,213
.6,719.325
178,208,538
Grand total out standing 00000000oo«oo©©o©©oo©oooo©
256,981,905.454
Balance face amount of obligations issuable under above authority.
18,018,094.546
Reconcilement with"Statement of the Public Debt - April 30, 1947
(Daily Statement of the United States Treasury; 1 May 1 , 1947)
Outstanding April 30, 1947
Total gross public debto00o©o©oo©o00o©o©oooooooooooo©o0oo©oaoo00oo 257,701^406,425
Guaranteed obligations not owned by the Treas.uryoo
00o00'000
00©0000000000
178 ,208,538
00000
a0000000
Total gross public debt and guaranteed obligations OOOOOOOOOorjQOOO , 257,879;6U,963
Deduct — other outstanding public debt obligations
not subject to debt limitation© ©©©©o o o o o o o o o q p o o o o o o o o o o o ©
897 ^709.509
256,981.905.454
S-321
- 3 possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
i;2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of
the Revenue Act of 19Ul* 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 considera
tion 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 vriiich
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.
ima
-
2
-
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.
Settlement for accepted tenders in accordance with the bids must be
made op completed at the Federal Reserve Bank on
May 15. 19ii7
, in cash
or other immediately available funds or in a like face amount of Treasury bills
maturing
May l5> 19U?
. Equal treatment will be accorded all tenders,
whether the bidders offer to exchange maturing bills or to pay cash for the
new bills bid for.
Cash adjustments will be made for differences between the
par value of maturing bills accepted in exchange and the issue price of the nevf
bills.
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 9, 1 9 U 7 ___________
^
_
,
The Secretary of the Treasury, by this public notice, invites tenders for
$1,200 000*000
5 or thereabouts, ©f
91
— w
—
~m
in exchange for Treasury bills maturing
-day Treasury bills, for cash and
~
May 15, 19U7
> to he issued on
¿Jqf
a discount basis under competitive and fixed-price bidding as hereinafter
May 15, 19U7_____ > and
provided.
The bills of this series will be dated
will mature
August lit. 19U7
, when the face amount will be payable without
—
—
i f e -------They will be issued in bearer form only, and in denominations of
x5&.
interest.
$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, May 12, 19U7
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, May 9, 1947_____________
Press Service
No. S'«*322
The Secretary^of the Treasury, by this: public notice,
invites 'tendérs for $1 200,000>000, òr thereabouts, of 9 1 -day
Treasury bills, for cash and In exchange for Treasury bills
maturing May 15, 1947, to be issued on a discount basis under
competitive and fixed-price bidding as hereinafter provided.
The bills- of this series will be dated May. 15, 1947, and will
mature August 14, 1947, When the .face amount will be payable
without interest. They will be issued in bearer form only, and
in denominations of $1,000, $5y000, $10,000., $100,00.0, $500,000
and $ 1,000,000 {maturity" value).
:
; Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour,"* two o ’clock p.m., Eastern Standard time,
Monday, May 12, 1947V Tenders will not be received at the Treasury
Department,. Washington, Each tender must be for an even multiple
of $1,000, and the pi?lce offered must be expressed on the basis of
100, with not more than three decimals, e.g., 99.925. Fractions
ma y not be used/ It is urged that tenders be made on the printed
forms and' forwarded in the special envelopes which will be. sup
plied by Federal Reserve Banks or Branches on application therefÒ r .
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 expre ss 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
brinounceraent will be made by the Secretary-of the Treasury of the
ai^ouht and price range of accepted bids. Those :submit ting-tenders
will- be advised of "the acceptance or rejection thereof. The *
Secretary of the Treasury expressly reserves the..right to accept
or reject any o r .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.
Settlement for
accepted tenders in accordance with the bids must be made or com
pleted at the Federal Reserve Bank on May 15, 1947, in cash or
other immediately available funds or in a like face amount
of
Treasury bills maturing May 15, 1947. Equal treatment will be
2
accorded all tenders*, whether' the bidders offer to exchange
maturing bills or to pay c-ash' for the. ne^;bilf&^bid fpr* t Casii
adjustments will; be made for differences, between the.
.
of maturing bills accepted- in-:exchange and ;thë-ntssue r-Pric;e
¿;V' '
the new bills* ; ..
pf •
”'•* / ;f •V;V ( ,.j,r "y
The income derived from Treasury -.¿ills, whether-interest
or gain from the sale;'or other disposition pf the bills
not have any exemptiohV as- such, .and? lo.sS i'rom |the ;S^le o$ .
other disposition of Treasury bills shall .not .hâve .any ..special^*•
treatment, as such.,. under Federal tax Acts how or hereafter;;: V
enacted.
The bills.:; shall' be :subject to estate, inheritance,
g i f t , or other-excise taxes, whether Federal or. St ate,^ hut,,
shall .be exempt-from all taxation -now or hereafterr.:ii^pod^;: .c*h
the principal; or. interest thereof b y anyState*,-.b r any> bf .t^he
**possessions of the United States, or by ,any\iideal ntaxlb&,, ,,
;
authority. v
.For purposes of *taxation ...the ;
;$i$CQUbb
. '
which Treasury, bills are-' originally sold ..bÿ thé
'
shall’be considered^ to' be interest*. U h d e r •
a'hd^; _•
117(a)(1) of the internal B e v e m ^ £ Q d e > ; '&$•; amended;
of the Revenue; Act* of 19.41, the amount' of/jdlsdoun;t .atj whlYch bills
issued hereunder -are sold shall not .be .considered to acerbe, uht 1-1
such bills sh^Jl •be,;sdldv ■redeemed'.or'ld^berVise dlsposed,.of t ana
such' bills areoa?cidded' fr6m:consideratiohvbs-;cdpitelbhde,t^.•
Accordingly.^.,the owner of Treasury blllt.(other'than.Ilf é..fnBur«*
ance companies )?1 s.spiedf herëunder .neejdvinclude ‘•’
•In1his inepme, tax
return only the ^lfferèhbe; between t£e priée pa id. for. such bills,
whether On -original, issue or on subsequent'purchase, and. the
amount actually vrb£e.£yed^
f9.nl©.. or redemption at m a t u
rity during/the ;taxable :ydap f o r :.whi;cbrithe •.return is made, as
ordinary gain; or :loa,s i ;
. .!
treasury? bepafjht'eni blToblar •
.No *.; 4 l p , as amended y and thi s
notice, ‘pres;cribe th,e-terms of : the Treasury bills? and go verb
the conditions of their' issue*. : vCppies ‘of the circular: may be
obtained f r o m .any ÿ ë d é f a ? R e s e r v e Ban^ b r B r a n c h \rj..
oOo
Page 7
Assets and liabilities of all active "banks in the United States and possessions, by classes,
Dec, 31, 19*4-6 - Continued
(in thousands of dollars)
Total deposits,......................
Bills payable, rediscounts, and other
liabilities for borrowed money..........
Acceptances executed by or for account of
reporting banks and outstanding........
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...................
Undivided profits......................
Reserves and retirement account for pre
ferred stock and capital notes and
debentures..........................
Total capital accounts...........
Total liabilities and capital
: All banks
: Total
î National ï other than
: national
l all banks : banks
•
i
:
#
•
...
$156,301,396 $79.o U9,839 $77.751.557
s
Banks other than national
5
•State (com- : Mutual
: savings : Private
Smercial)
f
•
$6o ,6U9 ,o o 6 $16,835,197
$267.35U
98
1,083
*4-8,*403
20,0*4-7
28,356
27*175
150,605
83,280
67.325
51.365
10V 0U5
56.635
*47,*4-10
*46,207
1,1*41
62
*401,809
*4*62,156
223.U36
267,227
178.373
79,700 ,*+6*4*
78,267.950
12,590
32,51*
16,881,570
129
3.179
157*968 ,Ul*+
165,65!»
159.206
61,098,613
67,79*473*668
1, *4-01,386
3 *125*370
1 ,263,80*+
62,89*4
73*668
i ,395»136
1 ,901,552
*4,900
66 ,*+5*4
1 ,783,*430
3.0U6
22,21*4
18,665,000
309,981
67.79U
115.>+57 s ' —
3 ,116,218 V i . 71U.832J
5 ,Uoi,25U 2,2
2 ,0119,362
785,558
19U.929
762,628
687,863
331.736
356.127
11 ,*4-37.9*4-8
5.1U9.799
6,288,1*49
286,627
*+,*482,505
169**406,362 8*4,850,263
8U,556,099
65,581,11s
15.960
—
1 ,211,287
500,789
287.767
6,250
12,531
387
Page
6
Assets and liabilities of all active banks in the United States and possessions, by classes,
Dec. 31, 1946 - Continued
(in thousands of dollars)
t•
•
#
8 Total
8
all banks
t
•
$2 ,221,793
Currency and coin.............. ............
Balances with other banks, including reserve
balances and cash items in process of
collection...................... .........
32»995»748
Bank premises owned, furniture and fixtures...
1»017*346
Real estate owned other than bank premises....
39»076
Investments and other assets indirectly rep
resenting bank premises or other real estate
70.997
Customers' liability on acceptances outstanding
134,138
Interest, commissions, rent, and other income
earned or accrued but not collected........
272,644
Other assets.»•»*•••.»•••*••••••••••*••••*••••
^*95*
169
,
»»06,362
Total assets.
LIABILITIES
Demand deposits:
Individuals,partnerships and corporations...
TT S flnvA-mmftrit___ ........................
States and political subdivisions......... .
Banks in the United States.
Banks in foreign countries..... ....... .
Certified and cashiers' checks, etc.........
Total demand deposits.......... .......
Time deposits:
Individuals,partner ships and corporations...
a'llA
4-M Affll SlVhd1V1 RT.OHS .......... .
■RonIre 1r, t.Vift TTrvi +;Arl St»t©S. .................
Banks in foreign countries.
81,328,210
3,072,700
6,114,235
11,017,256
1,424,249
2,399,737
105.356.3s7
50,287,786
h »»,1A 7
5.586
Rational
banks
•
$1.09»», 721
$1 ,127,072
18,972,1446
50s,S93
8,488
1^,023,302
508,453
30,588
45,464
25.533
73.270
137,022
57.376
84,850,263
»»5.522,709
1 ,753.06s
3 ,707,846
7.459,701
670,191
1.355.243
60,468,758
18,031,756
18,904
87.473
2,944
417,876
35,228
5,804
51,445,009
18,581,081
797.697
220,589
All banks
8 other than
8
• national
60,868
135,622
137 .63s
S»»,556.099
35.s05.501
1 .319.632
2,4)6,389
3.557.555
754,058
1,044,494
44,887,629
32,256,030
26,97^
2,642
379.821
185,361
13,100
32,863,928
* Banks other
iState (com-5
*
mereiai)
:
♦
•
$1,015,443
13 ,247,82*1
*4-15,516
than national
Mutual ï
savings : Private
$109,201
$2,428
707.195
68,283
16,952
92,438
13 .32S
499
3O8
20,276
5.231
26
14,595
46,273
96,811
110,434
3S.27S
26.5S7
65.581.118 18,665.000
35.629.966
1 ,317,221
2 ,403,562
3,5*+2,1+75
10,471
2,4)7
634
54
533
617
309.981
165,064
4
1,034,605
44,628,259
2 ,17s
15.
2.193
15,026
53.628
7.711
243,626
15,415,255
26,974
2,642
378,182
184,694
16,817,268
23.507
700,430
—
1.563
622
13,000
—
16,020,747 16,819,453
76
45
100
23.728
P age 5
A s se ts
and l i a b i l i t i e s
o f a ll
a c tiv e
and po s s e s s io n s , b y c la s s e s ,
b a n k s in th e U n ite d S t a t e s
D e c . 3 1 , 19^6
( i n t h o u s a n d s o f d o l l a r s ) _______________
i
T o ta l
* a l l banks
•
H um ber o f b a n k s . . . . . . . . . . . . . .
•••♦ •
! R a tio n a l
banks
.
•
1 4 ,6 3 3
.
t
. o th e r th a n
n a tio n a l
.
•
5 .0 1 3 ....._
9 ,6 2 0
Banks o th e r
* S t a t e (co m - :
:
* m e r e ia i) *
th a n n a tio n a l
M u tila i
s a v in g s
:
: P r iv a te
*
9 ,0 5 2
533
35
ASSETS
L o a n s and d is c o u n ts ?
C o m m e r c ia l a n d i n d u s t r i a l l o a n s
( in c lu d in g
o p e n - m a r k e t p a p e r ) .................................... .........................................
L o a n s t o fa r m e r s d i r e c t l y g u a r a n te e d b y
C o m m o d ity C r e d i t C o r p o r a t i o n . . . . . . . . . . . . .
O t h e r l o a n s t o f a r m e r s . ....................................................................
L o an s to b ro k e rs and d e a le r s in s e c u r it ie s .
O th e r lo a n s fo r th e p u rp o s e o f p u r c h a s in g
o r c a r r y in g s t o c k s , b o n d s , and o th e r
s e c u r i t i e s . ........................................... ..........................................................
R e a l- e s t a t e lo a n s :
S e c u r e d b y f a r m l a n d .......................................................................
L o a n s t o b a n k s ............................................................................................
A l l o t h e r l o a n s ............................................... .........................................
O v e r d r a f t s ............... .......................................................................... .................
T o t a l l o a n s a n d d i s c o u n t s ..........................................
S e c u r itie s :
U . S . G overn m en t s e c u r i t i e s :
D i r e c t o b l i g a t i o n s . ...............................................* ................
G u a r a n t e e d o b l i g a t i o n s . . ..................................................
O b lig a tio n s o f S t a te s and p o l i t i c a l su b -
C o rp o ra te s to c k s , in c lu d in g s to c k s o f
f e d e r a l. R e s e r v e b a n k s . « » « . » . . » . * • • » • •
T o ta l
s e c u r i t i e s .. . . . . . . . . . . . . . . . . . •
♦ in c lu d e s
tru st
c o m p a n ie s a n d
sto ck
$ 5 ,6 3 3 , 5 7 2
$ 1+93
1+1 ,3 5 6
6 5 8 ,7 1 6
1+31
7 8 3 ,6 3 5
1+1 ,3 5 6
6 5 9 ,^23
740 , 51+2
35 2,51 2
736,713
7 8 2 ,1 6 9
1 + 3 6 ,2 0 5
1 + 2 7 .1 3 1
2 , 5 5 1 .3 9 5
$ 1 4 , 2 37,181
$ 3 , 51+7 ,0 6 0
10 5.33 7
1 ,3 0 6 ,3 4 2
6 3 ,9 8 1
61+7,1+11+
1 ,5 2 1 + ,1 7 7
1 . 6 3 9 ,2 3 0
$ 5 ,6 9 0 ,1 2 1
7 1 0 ,3 6 5
2 7 i + ,i 6 o
9 , ^ 1 ,4 6 4
1 ,4 2 3 ,2 4 3
4 , 1 0 8,93 3
8 1 ,7 6 5
1 ,1 1 1 , 1 7 3
2 , 5 9 1 ,6 0 9
6 7 8 ,0 1 9
2 , 11+3 ,7 1 4
2 9 ,5 0 1 +
6 8 1 ,2 0 6
33,158
3 5 , 822 , $ « f
1 6 .9 5 3
1 7 .3 0 9 .7 6 7
1 3 , 5 13,101
2 7 ,0 7 ! + , 5 2 6
1 + 1 .8 3 5 ,7 5 2
1+5 . 2 3 8 ,774
1 3 ,9 9 1
7 ,7 8 0
^ .^ 7 7 .7 5 7
I t , 5 3 7 ,1 1 8
2 ,6 5 9 .5 9 8
6 ,9 1 + 9 .8 5 5
7l+5 , 22 ++
1 , 9 65,219
5 2 ,2 6 1
1 ,9 6 1 ,8 9 9
5 2 ,0 9 1
231
1+.236
7 3 6 .3 0 6
7 0 8,37 7
$ 5 6 ,0 5 6
I+35
8 .7 7 1
1+ , 3 95.869
3 6 ,5 5 7
2 . 1+19
i+ ,0 6 l+
303
2 ,5 9 1
290
901
170
7 0 ,1 9 9
3 .^ 9 5
•1
1 ,0 0 5
3 5 6.27 3
1 5 ,1 9 9
1 3 , 9 2 4 , 4 $!+
++. 5 1 5 ,275
7 3 >3*+2
3 3 ,3 3 7 ,1 8 8
7 ,6 0 0
l l , 75l+ , 028
3 .6 1 1
9 7 .5 5 8
1 1 ,2 1 1
1 , 313,159
1 ,7 1 1 ,1 + 0 0
6 3 ,3 2 8
1 ,9 8 6 ,3 2 7
2 ,5 5 0 ,7 9 1
1 ,3 9 1 .6 3 s
1 ,1 5 6 ,5 1 0
5 2 8 ,3 1 + 6
1 5 3 ,3 5 9
1 39,279
9 6 , 6 36,738
4 6 , 642,316
3 7 4,98 7
1+9 . 9 9 3 .9 2 2
1+2 9 .9 67
1 6 ,2 0 5
3 6 ,6 8 7 ,1 0 5
1 7 9 ,9 9 0
1 3 , 1 5 7 , 1+67
s a v in g s b a n k s .
WËÊk
1+3,1+31
2 , 61+3
5 .7 1 8
1 4 9,35 0
5
Page U
Coup ari son of assets stud liabilities of all banks — Continued
Dec. y i t
(in thousands of dollars)
June 29*
Dec. 31,
19**$
19)46
19^6
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 checks, etc.)
Total deposits...............................
Bills payable, rediscounts, and other liabilities for
borrowed money............. ......... ........... .
Acceptances executed by or for account of reporting
banks............................ *•»»...............
Interest, discount, rent, and other income collected
but not earned.......... .......... ............... .
Interest, taxes, and other expenses accrued and unp&i d .
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.......
*
$81,32S ,210
50,287,786
3.192.733
6,911,932
12,680,998
$76.905,311
>48,1)80,9^3
13,558,237
6.679,719
12,3614,396
2,360,799
$73.932,1416
I45.29i.8l15
2*4,779,196
5,820.735
160,3149,1405
1 6 6 ,5 3 0 ,0 9 3
U g , l 403
9 3 .9 6 6
227,150
1 5 0 ,6 0 5
1 2 2 ,8 6 8
8 6 ,6 3 5
1 5 6 ,8 0 1 ,3 9 6
10*4,0145
1)0 1 ,8 0 9
1 4 6 2 ,1 5 6
1 5 7 ,9 6 8 ,1 4 1 * 4
6 7 .7 9 * 4
)
)
)
9 5 9 .2 2 2
1 6 1 ,5 2 5 ,1 + fa l
7 2 ,^93
2.616,2514
(
(
(
5 9 .2 9 9
3 8 3.18 3
1453,1014
167 . 739 . 446*4
7 2 ,0 8 0
5 , 1)0 1 , 25*4
3 . 0 5 1 .5 0 2
5 , 215,735
163 , 3)40
2 , 951 . 9 ^
5 , 00 )4,281
2 ,0 1 4 9 ,3 6 2
2 , 0 3 0 ,0 2 8
1 ,7 8 1 ,1 0 0
6 8 7 ,8 6 3
6 3 3 ,8 6 2
1 0 ,6 1 1 ,6 1 1
173 , 35 1,07 5
l l 5.*+57
3 , 1 1 6 ,2 1 8
1 2 6 ,9 9 1
#
1 1 . ’+37 , 9*48
680 , 05 ^
1 1 , 1 76,803
•
1 6 9 ,1 4 0 6 ,3 6 2
172 , 702 , 26)4
•
1*4,089,6147
Page 3
Assets and Liabilities of All Active Banks in the United States and Possessions on December
19*46, and December 31» 19^5
31»
19*+6, June
29»
(Amounts in thousands of dollars)
June 29,
Dec. 31»
19U6
Humber of banks........................... ..........
ASSETS
Loans on real estate........................... .....
Commercial and industrial loans.............. .
Consumer loans to individuals,....,.............. .
Other loans, including overdrafts................... .
Total loans.............. ........... ........ .
U. S. Government securities:
Direct obligations.......................... .
Guaranteed obligations........... .............
Obligations of States and political subdivisions......
Other bonds, notes, and debentures............... .
Corporate stocks, including stocks of Federal
Reserve banks................ ......... ........ .
Total securities..... ...... ................. .
Currency and coin.............. .....................
Balances with other banks, including reserve balances..
Bank premises owned, furniture and fixtures..........
Real estate owned other than bank premises...........
Investments and other assets indirectly representing
bank premises or other real estate,................
Customers* liability on acceptances outstanding.......
Interest, commissions, rent, and other income earned
or accrued but not collected............... ...... .
Other assets..................... ............... .
Total assets....... . .......... ........ ......
;
19^6
**
*+.*+77.757
*+.537.118
528,3*+6
96.636,738
2,221,793
32.995.7**8
1,017,3*+6
39.076
70,997
13*+, 138
195,01*+
169,1+06,362
(
l*+,598
$10,l*+6,353
)
)
)
87.07^,526
18,991
272,6^
Dec. 31»
l9>+5
lU,626
1M 33
$11,675,072
lU,237,181
*+,108,933
3,801,682
35,822,868
J
)
)
31.693.*+92
$8,979,872
9.599,625
2, *+18,818
9,*+68,552
30,*+66,867
96.U69.780
101,879,165
27,307
l+,165.1+72
1+.521.9U
2*+,90S
*+,083,267
3,990,>+67
537.5*+7
105,722,017
1.729.03*+
31.732,067
1,017,01+0
537.926
21.5*+7,139
(
(
(
50,520
110,515.733
2,025,088
33.589,693
1,020,023
72.93P
73,880
10^,076
77,2*+*+
75,856
/
580.,I38
172,702,261+
(
(
295,803
211,838
178.351,075
-
of $11,675,000,000 wore tip
showed an increase of
2
-
30 percent,’and
39 percent
all other loans of $5,302,000,000
in the year*
Cash and balances with other hanks, including reserve balances, in December
I9H6 were $35,216,000,000, a decrease of $397,000,000 since December 19^5•
Total capital accounts on December $1, 19^6 were $11,^3^»000,000, compared
to $10,612,000,000 at the end of
serves at the end of
10
19^5*
total of surplus, profits and re
19^+6 was $8,136,000,000,
an increase of $71^,000,000, or
percent, in the year.
Deposits of individuals, partnerships, and corporations of $131,616,000,000
on December
31,
1 9 ^ were $12,392,000,000, or more than 10 percent greater than
at the end of I9H5 , and United States Government and postal savings deposits of
$3,193,000,000 were $21,586,000,000 less than at the end of I9U5 , due to the
withdrawal of War loan accounts to provide for federal debt retirement.
Deposits
of States and political subdivisions of $6,95-2,000,000 showed an increase in the
year of $1,091,000,000»
Deposits of banks were $12,680,000,000, a decrease of
$1,^09,000,000, and other deposits were $2,^00,000,000, a decrease of $216,000,000,
The complete tables are attached.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
n ©, ct- 3 ^ 3
¡OR^RELEAp, MORNING- NEWS
¿JUL
The total deposits of all commercial and savings hanks in the United States
and possessions on December 31» 19*^» amounted to $156,801,000,000, Comptroller
of the Currency Preston Delano announced today.
This figure, which covers the
returns of the 1*4,633 active hanks of all classes, was a decrease of $3»5*48,000,000,
or more than
2 percent,
in the amount of deposits reported hy the active hanks on
June 29, 19*46, and a decrease of $9,729,000,000, or nearly
6 percent,
in the amount
reported on December 31» 19*45#
The total assets at the end of 19*46 amounted to $l69»*K)6,0Q0,000, which was
$3,296,000,000, or nearly 2 percent, less than at the end of June 19*46, and
$8,9*45,000,000, or 5 percent, less than at the end of the calendar year 19*45»
The
decrease in assets in the year 19*46 was due to a reduced amount of United States
Government obligations held because of Federal debt retirement.
The banks held obligations of the United States Government, direct and guar
anteed, of $87,09*4,000,000 in December 19*46, a decrease of $1*4,810,000,000, or
nearly 15 percent, since December 19*45#
Obligations of States and political sub
divisions held amounted to $*4,*478,000,000, an increase of $39*4»000,000, and other
securities held amounted to $5,065,000,000, an increase of $537»000,000,
The
aggregate of all securities held at the end of December 19*+6 was $96,637»000,000,
and represented 57 percent of the banks* total assets.
year 19*45 the ratio was
At the end of the calender
62 percent.
Loans totaled $35,823,000,000 in December 19*46, an increase of $*4,129,000,000,
or 13 percent, since June 19*46, and an increase of $5,356,000,000, or nearly 18
percent, since December 19*45#
Commercial and industrial loans of $1*4,237*000,000
at the end of 19*46 were *48 percent greater than at the end of 19*45» consumer loans
of $*4, 1 0 9 , 0 0 0 ,0 0 0 showed an increase in the year of 70 percent; real estate loans
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday« May 8, 1 9 4 7 ______
Press Service
No. S-323
The total deposits of all commercial and savings hanks in
the United States and possessions on December 31, 1946, amounted
to $136,801,000,000, Comptroller of the Currency Preston Delano
announced today* This figure, which covers the returns of the
14,633 active banks of all classes, was a decrease of
$3,548,000,000, or more than 2 percent, in the amount of d e
posits reported by the active banks on June 29, 1946, and a
decrease of $9,729,000,000, or nearly 6 percent, in the amount
reported on December 31, 1945*
The total assets at the end of 1946 amounted to
$169,406,000,000, which was $3,296,000,000, or nearly 2 percent,
less than at the end of June 1946, and $8,945,000,000, or 5 pe r
cent, less than at the end of the calendar year 1945. The decrease in assets in the year 1946 was due to a reduced amount of
United States Government obligations held because of Federal debt
retirement.
The bank 3 held obligations of the United States Government,
direct and guaranteed, of $87,094,000,000 in December 1946, a
decrease of $14,810,000,000, or nearly 15 percent, since December
1945. Obligations of States and political subdivisions held
amounted to $4,478,000,000, an increase of $394,000,000, and
other securities held amounted to $5,065,000,000, an Increase o f - .■
$537,000,000* The aggregate of all securities held at the end of
December 1946 was $96,637,000,000, and represented 57 percent of
the banks* total asseta*
M the end of the calendar year 1945
the ratio was 62 percent.
Loans totaled $35,823,000,000 in December 1946, an increase
of $4,129,000,000, or 13 percent, since June 1946, and an increase
of $5,356,000,000, or nearly 18 percent, since December 1945.
Commercial and industrial l o a n s o f $14,237,000,000 at the end of
1946 were 48 percent greater than at the end of 19455 consumer
loans of $4,109,000,000 showed an increase in the year of 70 per
cents real estate loans of $11,675,000,000 were up 30 percent,
and all other loans of $ 5 ,802 ,000,000 showed an increase of 39
percent in the year.
Cash and balances with other banks, including reserve
balances, in December 1946 were $35,218,000,000, a decrease of
$397,000,000 since December 1945.
IS
Total capital accounts on December 31* 1946, were
$ 1 1 ,438 ,000 ,000 , compared to $ 10 ,612 ,000,000 at the end of 1945.
The total of surplus, profits and reserves at the end of 1946
was $8,138,000,000, an increase of $714,000,000, or 10 percent,
in the year.
Deposits of individuals, partnerships, and corporations of
$ 131 ,616 ,000,000 on December 31* 1946, were $ 12 ,392 ,000 ,000 , or
more than 10 percent greater than at the end of 1945* and
United States Government and postal savings deposits of
$3*193*000,000 were $ 21 ,586 ,000,000 less than at the end of
1945 , due to the withdrawal of war loan accounts to provide
for Federal debt retirement.
Deposits of States and political
subdivisions of $ 6 ,912 ,000,000 showed an increase in the year
of $1,091,000,000.
Deposits of banks were $12,680,000,000, a
decrease of $1,409,000,000, and other deposits were
$2,400,000,000, a decrease of $ 216 ,000 ,000 ,
The complete tables are attached.
page 3
A s s e t s and L i a M l i t i e s
of A l l A c t i v e B a n k s
June
in the U n i t e d
29, 1946,
and pecember
(Amounts in t h o u s a n d s
States
a n d P o s s e s s i o n s on D e c e m b e r
of d o l l a r s )
*
;
31 *
1946
D ec.
I.
»
♦
Numb e r o f b a n k s . . . .
1
J u n e 29 ,
1946
D e c . 31 *
1945
;
1 4,598
1 ^ ,6 2 6
1 4 ,6 3 3
. . . . . . . . .
31,
3 1 , 1945
ASSETS
$ 1 1 ,6 7 5 ,0 7 2
14 , 2 3 7 ,1 8 1
c o n s u m e r r o a n s t »o l u u i v i ^ u d - o » » » * » » » * • •
O th e r lo a n s , in c lu d in g o v e r d r a f t s .. . . . . .
T o ta l lo a n s * «
U.
S.
G o v ern m en t
4 , 108,93 3
5 , 8 0 1 ,6 8 2
35 »8 22 , -8 6S
• * » * . ^ » » * * * * » * *
.. *
. . . * * * * * .
* . • • . . . ♦ • * * * * • * * * » • * • • * * * * • » * * * * - • '
$ 1 0 ,1 4 6 ,3 5 3
)
)
s e c u r itie s ;
8 7 ,0 7 4 ,5 2 6
clxl u \/v/\l
O b lig a tio n s
of
U U A i ^ d - y X v I I f « * •*-».# ♦ ^ * • *
S ta te s
and p o lit ic a l-
s u b d i v i s i o n s .....
O t h e r b o n d s , n o t e s , a n d d e b e n t u r e s . . . . * . . . . * ............... ..
C o rp o ra te sto c k s » in c lu d in g s to c k s o f fe d e r a l
Re se rv e ban ks* • • » * ► . . • • » * • » * »» * • • » * - • * » . * » * . . . . . . »
• é- •
1 8 ,9 9 1
4 , 4 77,757
C u s to m e rs 1 l i a b i l i t y on a c c e p ta n c e s o u t s t a n d i n g ......
I n t e r e s t , c o m m i s s i o n s , r e n t , a n d o t h e r in c o m e e a r n e d
e r accru ed b u t not c o ll a c te d » ,
Oi}xl03T 8.S S 0 b S» • • * m m
*•* »V
♦ v w w -+ v + + + ' * * ' + * * + • ' + * * + ' + * ' +
T1
nt*.
1
ag
Pi A* h
..__ ^ ^
^ ^ ____^ ^ ^ ^ * . *.**.*,
• t «
2 , 2 21,793
32 . 9 95,748
1 , 0 1 7,34 6
3 9.076
7 0 ,9 9 7
13^.138
2 7 2 ,6 4 4
1 9 5 ,0 1 4
l é 9 , t ó , 3é 2
31 . 6 93,^92
3 0 , 46 6,86 7
9 6 , ^ 6 9 ,7 8 0
2 7 ,3 0 7
1 0 1 ,8 7 9 ,1 6 5
24»908
4 , 0 8 3 ,2 6 7
r i £ %
537,547
105 , 722,017
1 , 729 , 034-
9 6 ,6 3 6 ,7 3 8
B a la n c e s w ith o t h e r b a n k s , in c lu d in g r e s e r v e b a l a n c e s * * ..*
B a n k p r e m is e s o w n ed , f u r n i t u r e and f i x t u r e s .
R e a l e s t a t e o w n ed o t h e r t h a n b a n k p r e m i s e s . . . . . . . . . . . . .
In v e s tm e n ts and o th e r a s s e t s in d i r e c t l y r e p r e s e n tin g
(
$ 8 , 9 79.872
9 * 599,625
2 , 4-18,818
9 .^ 6 8 ,5 5 2
4 , 5 2 I , 911
528 , 31+6
* »
2 1 , 5^ 7 ,1 3 9
k
4 ,5 3 7 ,1 1 8
*»
(
(
)
3 .9 0 0 ,4 6 7
5 3 7 ,9 2 6
1 1 0 ,5 1 5 ,7 3 3
2 , 0 2 5 ,0 8 8
3 1 ,7 3 2 * 0 6 7
i »0 1 7 ,0 4 0
5 0 »520
3 3 .5 8 9 .6 9 3
1 ,0 2 0 ,0 2 3
73*280
7 7 ,2 4 4
7 5 ,8 5 6
7 2 ,9 3 0
1 0 .4 *0 7 6
)
)
5 8 0 ,1 3 8 ,
1 7 2 » 7 0 2 ,2 6 4
(
(
295,803
2 1 1 ,8 3 8
178 , 351,075
Page
C o m p a r is o n o f a s s e t s a n d l i a b i l i t i e s
o f a l l banks -
C o n tin u e d
V.
,___________________________________________ ( i n
*
;
1
D e p o s its
LIABILITIES
o f in d iv id u a ls ,
p a r tn e r s h ip s ,
*
T
19^6
o f d o lla r s )
June 29»
19^6
_____________________
.
!
-Dec. 31»
19^5
"
and
c o r p o r a tio n s :
D em and» • . • • » . » » » » • » » • » « » « » • » » •
T im e » • » » » » » • » » • • »» » • » * * ♦ .» • » .* »• » « • «"*♦
**•
U . S . G overn m en t an d p o s t a l s a v in g s d e p o s i t s ..
D e p o s i t s o f S t a t e s and. p o l i t i c a l s u b d i v i s i o n s . . . . . . . . . *
D e p o s its o f b
O th e r d e p o s its
Dec, 31,
th o u sa n d s
a
n
k
s
.
( c e r t i f i e d and c a s h ie r s 1 c h e c k s ,
•***•*
e t c .) ..
T o ta l depos i t s * • * . • * • • » * ♦ • • * » • * «
B i l l s -p a y a b le , r e d i s c o u n t s , a n d o t h e r l i a b i l i t i e s f o r
b o r r o w e d m o n e y . * . . . . . . . . . . . . . . . . . • * . . . . . . . . . . . ............... «
A c c e p ta n c e s e x e c u te d b y o r f o r a cco u n t o f r e p o r tin g
b a n k s . ..................................... . . . . . . . . . . . .
I n t e r e s t , d i s c o u n t , r e n t , a n d o t h e r in c o m e c o l l e c t e d
b u t n o t e a r n e d . ...............
I n t e r e s t , t a x e s , an d o t h e r e x p e n s e s a c c r u e d and u n p a id
O th e r l i a b i l i t i e s . • . . . • • . . . . . . . . . *.
... . . . . . . . .
T o ta l lia b i lit ie s .
$81 ,328,210
50 ,287.736
3,192.733
6 ,911,932
12 ,680,998
2,399.737
156,801,396
$76 ,905,311
48,480,943
13 .55S.237
6 ,679,719
12 ,364,396
2,360,799
160 ,3 *49,1405
$7 3 ,932,416
45 ,291,845
24,779.196
5,820,735
14,089,647
2 ,616,254
166,530,093
ty8,ty03
93.966
227,150
150,605
122,868
86,635
1014,0*45
*401,809
*462,156
157,968,41*4
)
)
)
959.222
161,525,461
C A P IT A L A C CO U N T S
C a p i t a l n o t e s a n d d e b e n t u r e s . . . . ...............................................
P r e f e r r e d s t o c k . . ......................................................................................................... ....................
Comm on s t o c k . * » • • . .
*4 ♦
••
. ..
S u r p l u s . * ................................ .
. .. . . . . . . . . . .♦. . * . * * . .
U n d iv id e d p r o f i t s . . . . . . . . . . . • . . * . . * - . • * . . .
R e s e r v e s an d r e tir e m e n t a c c o u n t f o r p r e fe r r e d s to c k
a n d c a p i t a l n o t e s a n d d e b e n t u r e s . . . . •-» . » . . . . . . . . . . . «
T o ta l c a p it a l a c c o u n ts .
•
T o t a l l i a b i l i t i e s and c a p it a l a c c o u n t s .........
67,794
115.^57
3 ,116,218
5,Uoi,254
2 .049,362
637*863
11, *437,9*48
l69,*406,3b2
(
(
(
59.299
323.1S3
453,104
167,739,464
72,493
72,080
3.051,502
5,215,735
2 ,030,028
163,340
2,951,9*48
5,004,281
1 ,781,100
126,991
680,05*4
11,176,803
172,702,26*4 "
638,862
10 ,611,611
178,351,075
Page 5
Assets and liabilities of all active banks in
the United States and possessions, by classes,
Dec* 31»
(In thousands of dollars)
—------- r
*
Total
• Rational
a1 1 banks • banks
1^,633
5,013
.
. All banks
other than
• national
9 tp20
.$1*1,237,181
$8,5*+7,060
$5 ,690,121
$5 ,633,572
$*193
105.337
l,
306,8*+2
• Other loans to farmers.... ^
.
1
,
52*+,177
Loans to brokers and dealers in securities
63 ,98!
6*+7,*+i*i
41,356
659,*+28
*+81
783,635
7*+o,5*+2
*11,356
653,716
736,306
1 ,639,230
852,512
786,718
782,169
*+85
710,365
. 9 ,5*11,11611
. 1 ,*123,2*13
27*+»160
2,591,609
.
2,i *+3»71*+
29,50*+
Humber of banks, *.....*-»*••••*•»*••••*•****•••*
•
Banks other than national
:
:.
: ,
* State (com-: Mutual :
: mercial)* ; savings: Private*
9.052
533
35
assets
Loans and discounts:
Commercial and industrial
loans
(including
open-market paper)
L o a n s to f a r m e r s d i r e c t l y g u a r a n t e e d b y
Commodity Credit
Corporation.
*•
$56,056
231
*1,236
Other loans for the purpose of purchasing
or
carrying
stocks,
s e c u r i t i e s ..... .
bonds,
and other
.
• ..... *
R e a l - e s t a t e loans:
S e c u r e d b y f a r m l a n d . . . * . . . . . . . * * ....... *
Secured b y residential properties.......
S e c u r e d b y o t h e r p r o p e r t i e s .........
-Consumer l o a n s to i n d i v i d u a l s . ..... .
Loans to banks.................
All other l
o
a
n
s
Overdrafts......
Total
,
loans a n d d i s c o u n t s . ...........
to108,933
81,765
•* . 1 ,111,173
.
• 33,158
. 35 ,822,868
^36,205
6 ,9%. 855
7*+5,22*+
1 ,965,219
*127,131
2 ,551,395
708,377
1 ,961,899
681,206
*+29,967
16,953
' 16,205
18,513,101
356,273
15,199
13,92*+,*+S*+
678,019
1 7 ,309,767
52,261
Securities:
U. S. Government securities:
D i r e c t o b l i g a t i o n s . ...... .
Guaranteed o b l ig at i on s* ...............
Obligations
of S t a t e s
and p o l i t i c a l
**5,238,77*1
. to *177,757
. U,537, U S
2,659.598
1 ,986,327
1 ,818,159
2 ,550,791
328,3*+b
.1 5 7 5 3 5 TT 38
153,359
*+6 ,”SU2 ,816
37*1,987
*+9,993,922
sub
d i v i s i o n s . , ...... .................
O ther bonds, notes, and debentures......
C o r p o r a t e s t o c k s , i n c l u d i n g s t o c k s of
F e d e r a l R e s e r v e b a n k s . . . . . . . ...........
*
**1,835,752
. 87,07*1,526
7,780
18*991 •
Total s e c u r i t i e s . #•..
Includes trust companies and .stock savings banks.
11,211
8,771
*1,395,869
303
2r591
2,Ui9
290
901
170
70,199
3 »^95
1,005
36,557
52,091
1
11,515,275
3 3 ,387,188 ll,75*+»028
3,611
7,600
1 ,711 ,too
1 ,391 ,63s
*+^o6*+
73,3^
97,558
63,328
1 ,156,510
*13,*131
2 ,6*13
179,990
189,279
13,157,*167
36^687,105
1 *19,350
5,718
Assets and liabilities of all active tanks in the United States and possessions, hy classes,
Page 6
Dec. 31, 19*46 r C o n t i n u e d
(in t h o u s a n d s of d o l l a r s )
: Total
: all banks
Balances
with
balances and
Real
estate
other hanks,
cash items
owned
other
All banks
national : other than
: banks ,: national
:
Banks other than national
:Stat e ^(com-: Mutual
1
. mercial) . savings
: Private
$2,428
$109,201
$1,015,*4*43
..$2 ,221,793
$1,09*4,7 21
$1,127,072
••32,995,748
.. 1 ,0 17 ,3^6
39,076
p r e m i s e s , . < ..
IS, 972, *4*46
502,893
8, *488
1*4,023,302
508,453
13,2*47,82*4
*415,516
30,588
*45,*46*4
25,533
73.270
60 ,SbS
137,022
135.622
137 ,63s
including reserve
in p r o c e s s
than b ank
of
Investments and other assets indirectly rep
r e s e n t i n g b a n k p r e m i s e s or o t h e r r e a l esta^
C u s t o m e r s ’ l i a b i l i t y on a c c e p t a n c e s out stand:
I n t e r e s t , comm i s s i o n s , rent, a n d oth e r income
e a r n e d o r a c c r u e d b u t no t
collected........
O t h e r assets............ . . • ....... ............ .
T o t a l a s s e t s . . . .......... ........... .
e • 70,997
ng
ïÿ*,132
707,195
- 68,283
499
16,952
92,438
13,328
20,276
. 46,273
5,231
——
308
26
1*4,595
84,555,099
32,278
96,811
110, *43*4
26,587
65 ,581,118 18,61^,000
. SI,32S,210
45 ,522,709
1 .753.068
. 3 ,072,700
3.707.S46
. 6 ,114,235
7
,459,701
. 11 ,017,256
670,191
. i, *42*4,2*49.
1,355,243
. 2,399,737
35,805,501
1 ,319,632
2, *406,389
3,557,555
75*4,058
1,0 *4*4,*49*4
35 ,629,966
1 ,317,221
2 ,4.0 3,562
3 .542,475
7004*430
1 ,034,605
10 ,*471
165 ,06*4
2,407
63*4
*4
p 107
2,178
7,7H
.105,356,387
60 ,*468,752
*4*4,887,629
*4*4,628,259
15,744
2*43,626
. 50 ,28.
7 ,726
.
11U, W ?
5,586
.
797,697
220,589
18,90*4
is,031,756
87,473
2 ,9^
*417,276
35,2285,80*4
18 ,521,081
32 ,256,030
26,974
15 .415.255 16 ,817 ,2o8
26,974
..
272,644
195,014
.lo9,*40o,302
57,376
~W, 850,203
• 533
617
309,981
LIABILITIES
Demand deposits:
Individuals,
partnerships and
corporations,
U. S. G o v e r n m e n t
S t a t e s a n d p o l i t i c a l s u b d i v i s i o n s .......... .
B a n k s in t h e U n i t e d S t a t e s . . . . . . . . . . . . . . . . .
Banks in foreign countries*..............
Certified and
c a s h i e r s ’ checks,
Total demand
T i m e deposits:
Individuals,
U.
S.
e t c . .......
d e p o s i t s . ............. .
partnerships and
G o v e r n m e n t . ...... »......
corporations
J
Postal, s a v i n g s ..... ......... .
States
Banks
■ Banks
and political
subdivisions,
in the U n i t e d States........
in f o r e i g n c o u n t r i e s .........
T o t a l t i m e d e p o s i t s . ..........,
,. 51 ,*4*45,009
2,6*42
379,221
185,361
13,100
32 ,863,928
5*4
—
—
2,6*42
378,182
18*4,69*4
—
1,563
622
13,000
16 ,020,747 16 ,819,453
—
15,026
53,628
23.507
-,
—
76
*45
100
23,728
Page 7
Assets and liabilities of all active banks in the United States and possessions, by clas ses,
Dec. 31, 19U6 - Continued
(in thousands of dollars)
f*---- —..... ..
•
Total
:
all banks 1
Rational
banks
*
:
i
Total deposits.*............. «........ 9 15F, £01,396 $79,0^9^839
Bills -payable, rediscounts, and other
*té,V03
20*0*47
liabilities for borrowed money*....... .
Acceptances executed by or for account of
150,605
reporting banks and outstanding*...........
Interest, discount, rent, and other income
io*i-,o*}-5
56,635
collected but not earned..........*.......
Interest, taxes, and other expenses accrued
223,436
*K)1,809
and unpaid.
267,227
*1-62,156
Other liabilities*....................
Î57.96S,
Hill
79,700,U6U
Total liabilities. .................... ►•
83,280
CAPITAL ACCOUNTS
Capital notes and debentures.... *...... .
Cnmmnn
np.lr.___ * ......
Sr»t*ti111a. .
____________ . . . . . . . . . . . . . . . . . . . . .
TTnn"i v i Art •nrnfi t. R _
Reserves and retirement account for preferred stock and capital notes and
debentures.... . . . . . . ...... . . . . . . . . . . . . . . . .
Total canital accounts. . . . . . . . . . . . . . . . . .
Total liabilities and capital
account s*.................................... .
67,794
115,457
3,XX6,2X8
5,4o i ,254
2 ,049,362
4i,789
1,714,8%
2,275.SS1*
785,558
11,^37,9^8
331,736
5 ,149,799
169 ,*106,362
8^,850,263
087,863
All banks
other than
national
$7 7 ,751,557
:
ÎfA
Banks otner than national
r
;State (com- : Mutual
• S 1Tì^jS• Private
rmercial)
$b0 ,o49,006
$10 ,835,197 $207,35*4
1*083
28,356
27*175
98
67,325
51,365
—
47 ,Vlo
*46,207
1,1*41
62
178,373
19*4,929
73 ,267,950
165 ,65*4
159,206
12,590
32,5*4*4
16,881,570
3,179
287,767
67,79**
73,668
1 ,*101,386
3 ,125,370
1 ,263 ,80V
356,127
61,098,613
62,89*4
73,668
1,395,136
1,901,552
762,628
.
15,960
129
*1,900
6,250
1,211,287
500,789
66,*45*4
6,288,1*49
286,627
*4,*482,505
1,783,430
SU,556,099
65,581,118
18,665,000
12,531
387
3,046
,21*}-
22
309,981
tb & asobx
mmmmamma,
re® relsase,
T"“ * g *
ter
BEPABTISiHT
Rw» s w v ì m
3
13. i g l i T , _______
-
32.^
Ite Secretary of thè Treasory aimouncad last evenlng that thè tendere far
$1,200,000,000,
or tbereebout», of 91-day Treaeuiy bilie to te dated J&y 15 and to eeteir*
Angnst li, 19U7» eblch «are offered on ttay 9, 19U7, tene opened et tte Bedani Keeerve
fete
__ai_n i:
panini on May
*T ^*5
thè datali» of this i m a ara aa fcOloai t
fatai appliad far * tl*7&L,29ÌuOOG /
/
total accapfcad
- 1,202,$0$,0QQ y (lacinia» H 6 #769,000 entered <m a fia»d-pric@
baila at 99.905 «ad aaeaptad la fall)
A m p prie»
« 99.905/ Equivalenti rata of discount approx* 0*3765 par assona
Bang» of accepted caaagsatltif» bldai
High
* 99*908 Equivalant rata of discount apprese. 0*36W par aassaa
Low
- 99*905
W'
*
*
*
*
*
0
.
3
W
»
(67 'jmrcasfc of thè aaeronfc M d far at tha 1m prìm ima accepted)
Federai Banana
Dlgtrict
fatai
Boston
i
fetel
Applied far
Bew farle
Philsdelphia
wi01T6J8nO
BSi8$i*o®d
Atlanta
f!kle»g^
Et* Louis
io,iU5,ooo
1,¡>96,060,000
15,723,000
3.160.000
8.031.000
2 ^ 0 »
fialidi
Smi Francisco
T0IAL
|
7 ,076,000
1 ,007 ,825,000
12,¡>23,000
3 ,160,000
7,371*000
2,9tf),000
139,230,000
5,7to,ooo
3 .650.000
6.130.000
3 , ^ 5,000
97,9«),000
k,3%,ooo
$1,761,291»,000
#1 ,202,505,000
2 ,726,000
5^05,000
3 ,235,000
¡>3,510.000
TREASURY DEPARTMENT
Washington
Press Service
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, May 13* 19^-7_______ _
^°* S^324
The Secretary of the Treasury announced last evening that
the tenders for $1,200,000,000, or thereabouts, of 91~day
Treasury bills to be dated May 15 end to mature Auguso ~4, 1947*
which were offered on May 9* 19^-7* were opened at the Federal
Reserve Banks on May 12«
The details of this issue are as follows:
Total applied for - $1,761,29^*000
Total accepted
- 1,202,505*000 (includes $10,769,000 entered^
on a fixed-price basis at
99.905 and accepted in full)
Average price
•* 99.90^ 7^ Eouiv. rate of discount approx*
0.376fo per annum
Range of accepted competitive bids:
High - 99.908 Equiv. rate of discount approx. 0
1 0^^ *— 9 • 90^
(67
.
per annum
percent of the amount hid for at the low price was accepted)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Accepted
Total
Applied for
Federal Reserve
District
$
10,145*000
1 *^96 ,060,000
15.723.000
’.,160,000
8,031,000
а, 5110,000
139,230,000
5.740.000
3.650.000
б,
130,000
3,565,000
6 7 .320.000
$ 1,761,294,000
0O 0
$
7 ,076,000
1 ,007 ,825,000
12.423.000
3 ,160,000
7.371.000
2.540.000
97.980.000
4.354.000
2.726.000
5.305.000
3.235.000
48.510.000
$ 1 ,202 ,505,000
operations batwoaa thi two oountrias —
operation* whiak
iwrolvsd iltê flnanolng Sf *gg*a®*ta foraig» t»á* axoasdlng #999 million
lu 1946» a» well as largo travel aspoaâituros and othsr iafcarnatioml
fh# seorotary aal th« Â f l Mnistar poiaabod #«fc tteat t&a
'■Sçf . ^
'■■;■
Ì
'fV 'fi
v -,
4 -1 .;î .'i i. "i-'i'V'.
-
i s f a
» -• P ■ ,' , .
.
■ .-
* « fe £ J
.. ,
j
_
Stabilisation I41 »muditi U mtlatNKfe aitili tho aims and purposes of tha
in tern atio rn i lïonotary Fund# o f sfeâtfc ÌNrtÌraóSWÉil4NM9Hi VlViMHN|| ■•*# W itt
in faot s o m to suppisnaot tbs offorts of tbs iatsraatioml orgaaiaatiea
to stabilisa tha ratas of axobaag© batwasa a U Üia Mflwr sonarla«#
oooOooo
5
ISS8S § 1 » »
So. 5.
t Sill#
Sfa» Seoretary ef th* freeeary of thè United Status ef Awrifi»# Mr*
jtha w# Snyder* ti» ÀntMS&dor ef ttude«i Sonor £r. Ben Antonio Bopino»
de ìoe Monterei» aad lir. Rodrigo tei»# repreeeatiag thè Banco de Boni»*
today eseeuted e ne» #50 edilità Stafcliiietiea Agreeseiafe betsreen thè tee
eetn&rle*.
Under thè tarai of thie Agrecaeafc« vfhìeh m e thè eubjeet of diaeueaion
¿ggdsg # # reeeafe flilt to thè United stetti et President Aitata end
Minister of Finente Betete« thè United Stetti Stabilisation Fund undertakee
far e perdo* of tw*r yeti» eojamenaing dtly 1* 1 W 7 # te pure*»®« Mexlow
p*9em to «a «Rounfc equìmXe&t te #50 alinea t e thè purpes# ef itebiUsins
thè United States dollar-lfexlean peso reti of esofaaage.
fhie Agreement «stendi end enlargei thè StaMliittiea Agreement of
2942 v'iiìoh «ti talee estende* for tse*year periodo «ad nhieh empire* ea
dtai $ % 2917»
Boeretary Snyder end Minister Betete dnriag their dismissioni rerüeed
thè «Étiifeotery teeiga eacohaags relitti«*» botwaen m&ico end thè traiti*
Stetti end thè stabinty «fcieh has ohereeteriied thè pe«o*doUar esehe&gs
rete dorine thè eie years thei thè Stabilisation Agreement he# beva ia
efftot.
f N y e2 » viene*
aatisfaotion thè ooaplet» frette ef
TREASURY DEPARTMENT
Washington
(Note:
For simultaneous release
D.C., and Mexico, D.F., at 4:30
saving time in Washington, D.C.
standard time in Mexico, D.F, FOR RELEASE, 4:30 P.M., E.D.T.
Tuesday, May 13* 1947 ________
in Washington,
P.M., daylight
- 2:30 P.M.
on May 13» 1947*)
Press Service
No. S-325
The Secretary of the Treasury of the United States of America,
Mr. John W. Snyder, the Ambassador of Mexico, Senor Dr* Don Antonio
Espinosa de los Monteros, and Mr. Rodrigo Gomez, representing the
Banco de Mexico, today executed a new $50 million Stabilization
Agreement between the two countries.
Under the terms of this Agreement, which was the subject of
discussion during the recent visit to the United States of
President Aleman and Minister of Finance Beteta* the United States
Stabilization Fund undertakes for a period of four years commencins July 1, 1947, to purchase Mexican pesos to an amount equivalent
to $50 million for the purpose of stabilizing the United States
doliar-Mexican peso rate of exchange.
This Agreement extends and enlarges the Stabilization Agrees
raent of 1941 which was twice extended for two-year periods and
which expires on June 30, 1947•
Secretary Snyder and Minister Beteta during their discussions
reviewed the satisfactory foreign exchange relations between Mexico
and the United States and the stability which has characterized the
peso-dollar exchange rate during the six years that the Stabiliza
tion Agreement has been in effect.
They also viewed with satis
faction the complete freedom of exchange operations between the
two countries - operations which have involved the financing of
aggregate foreign trade exceeding $700 million in 1946, as well
as large travel expenditures and other international receipts
and payments*
The Secretary and the Finance Minister pointed out that the
Stabilization Agreement is consistent with the aims and purposes
of the International Monetary Fund, of which both
members, and will in fact serve to supplement the efforts of the
International organization to stabilize the rates of exchange
between all the member countries.
COTTON W ASTES
(In
p oun ds)
COTTON CARD S T R I P S m a d e f r o m c o t t o n h a v i n g a s t a p l e o f l e s s t h a n 1- 3/16 i n c h e s
i n l e n g t h , COMBER W A ST E , L A P W A ST E , S L I V E R W A ST E , AND R O V IN G W A ST E , WHETHER
OR NOT M ANUFACTURED OR O T H ER W ISE ADVAN CED I N V A L U E ?
P r o v id e d , h o w ever, t h a t
n o t m o r e t h a n 3 3 - 1 / 3 p e r c e n t o f t h e q u o t a s s h a l l "be f i l l e d b y c o t t o n w a s t e s
o t h e r t h a n c o m b e r w a s t e s m ad e fr o m c o t t o n s o f 1- 3/16 i n c h e s o r m o r e i n s t a p l e
le n g t h in th e c a s e o f th e fo llo w in g c o u n tr ie s ?
U n i t e d K in g d o m , P r a n c e ,
N e t h e r la n d s , S w it z e r la n d , B e lg iu m , G erm an y, an d I t a l y ?
•
Imports
j Established*
• Established ? Total imports
Country of Origin : TOTAL QJJOTA * Sept . 2 0 , 1946 , j 33-1/3$ of iSept . 20, 1946,
l/
1 toMay 3, 19k7 1Total Quotai to May 3,
•
~T W T
United Kingdom. ....
Canada........ .
Prance.............
British India.....
Netherlands.......
Switzerland.......
Belgium. .............
J apan .............. ..
China ................
Egypt..............
Cuba...... ........
Germany ........... .
Italy..............
5,482,509
Totals
i f
In c lu d e d
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
in
to ta l
im p o r ts ,
«
1,441,152
69,757
75,807
j
69,627
I
**
!
1
-j
22,747 i
14,796 ?
12,853
-
—
f
6,3U7
!
**
-
25,443
7,088
ll;5,731
1,599,886
—
|
c o lu m n 2 .
“
~
1
!
\
FOE IMMEDIATE RELEASE
19li7»______
5
- S 3
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President'£
proclamation of September 5, 1939, as amended, for the period September 20,
1946, to May 3
1947* are as follows:
COTTON (other than linters)
(In pounds)
C o u n try o f
O r ig in
U n d e r 1- 1 / 8 ” o t h e r
th a n ro u gh or h a rsh
under 3/4”
E s t a b lis h e d ; Im p o r ts S e p t .
Q u o ta
2 0 , 1946 , t o
May 3 , 19 U 7
E g y p t and th e
A n g lo -E g y p tia n ' ’
Sud an*.
. . . 1.
7 8 3 ,8 1 6
• 24 7,95 2
P e r u . . . . . . .».1 •
B r itis h I n d i a ....
2 ^ 0 03,483
China.. . . . . « . . . . .
1 , 3 7 0 ,7 9 1
M e x i c o . .................................
8 , 883,259
618,723
Brazil.. . . . . . . . . .
U n io n o f S o v i e t
S o c ia lis t R epub4 7 5 ,1 2 4
lie s .. . . . . . . . . . . .
A r g e n t i n a .. . . — .
5 ,2 0 3
H a i t i . ....................................
•237
E c u a d o r ................................
9 ,3 3 3
H o n d u r a s ! « '• !. • • • !
752
P aragu ay.
871
C o l o m b i a . ..........................
124
Iraq*.. . . . . . . . . . .
195
B r itis h E a st
A frica.. . . . . . . . . .
N e t h e r la n d s E a s t '
In d ie s .
7 1 ,3 8 0
—
Barbados. . . . . . . . .
O th e r B r it is h
W est I n d ie s l / . . .
21^321
N i g e r i a ......................
5 ,3 7 7
O th e r B r it is h
W e s t A f r i c a 2/ . . .
1 6 ,0 0 4
O th e r F re n ch
A f r i c a 3/ » . . . . . . .
689
A lg e r ia and T u n is ia
-
2i* 7 ,9 5 2
1 , 1 67,578
3 UU
8 , 8 8 3 ,2 5 9
618,723
2i ),3 3 1
5,081
)
1
1
20
- 1 / 8 ” o r m o re
b u t le g s th a n
-1 1 / 1 6 ” ¡ J
Im p o r ts S e p t .
, 1946 , t o
May 3 * 19 U 7
1L e s s ; t h a n
h arsh
3/ 4 ”
or ro u gh
5/
Im p o r ts S e p t . 20,
1946 , t o May 3 ,
19 V 7 .
3^ 1* 1 5 , 171*
9 , 209 , 31*6
—
-
31,900
—
.. -
2 5 , 902 , 681*
-
96,000
-
1 , 1*8 6 ,7 5 0
-
—
—
—
—
-
—
-
—
-
:
1
—
-
2,240
mm
—
—
—
-
-
—9
-
-
Kuwait
14, 5 1 6 ,8 8 2
l/
2/
3/
4/
5/
10,9 ^ 7 ,2 6 8
1* 5 ,6 5 6 ,1 * 2 0
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45,656*420.
Established Quota - 70,000,000.
-
237,600
2 7 ,7 2 3 ,0 3 1 »
TREASURY DEPARTMENT
Washington
for
immediate
Wednesday, May
The
Press
release
14»
No,
1947
Bureau of Customs
1947*
ar e
as f o l l o w s :
(other than linters)
(In p o u n d s )
7
Under
:
than rough or h arsh
:
x
1-1/8"
other
1-1/8"
but
or more
less
than
U
______ u n d e r 3 / 4 " _______ ______ 1 - 1 1 / 1 6 "
I m p o r t s Sept.», I m p o r t s Sept#.
:Established
;
Egypt
of
t o th e q u o t a s e s t a b l i s h e d b y t h e P r e s i d e n t ’s
as a m e n d e d * f o r t h e p e r i o d S e p t e m b e r 20* 194-6*
COTTON
Country of
Origin
S-326
announced today that preliminary data on imports
cotton and c o t t o n w a ste chargeable
p r o c l a m a t i o n o f S e p t e m b e r 5* 1 9 3 9 *
to M a y 3*
Service
20*
1 9 4 6 to
Q u o t a ______M a y
20*
3» 1 9 4 7
194 6 *
3*
to
Less than 3/4"
h a r s h or r ou gh
I m p o r t s S e p t , 20,
194 6 *
to
M a y 3*
1947
1947
and the
An g l o - E g y p t i a n
S u d a n • *«•••*•#*»■»*
P e r u , •••*..*•**•.*
B r i t i s h I n d i a * . * *»
783*816
247,952
2 4 7 ,9 5 2
2,003,483
1*167,578
C h i n a * ..•••.*•..* t 1,370,791
Mexico
8*883,259
344
8,883,259
Brazil*
Union of Soviet
Socialist Repub
lics* • * • . . • • * • • • * »
A r g e n t i n a •*. , • * * * .
H a i t i * .••**•••••••
618,723
618*723
4.7 5 , 1 2 4
5 ,2 0 3
2 4 ,3 3 1
5* 0 8 1
237
-
3 6 , 4 1 5 ,1 7 4
9 , 2 0 9 ,3 4 6
— ■
25,902,684
m,
T.
31,900
4*$
TT
-
96*000
1 , 4 8 6 ,7 5 0
—
—
E c u a d o r ,**,*•••,••
H o n d u r a s •*•*.*,,,»
9,33.3
752
P a r a g u a y . .*...... *
871
—
-
Colombia*
124
-
I r aq * * * * * •*, ** * **.»
195
—
f
—
—
—
T
2 ,2 4 0
-
**■
-
71,383
-
**
British East
A f r i c a . . .*., . . *,. *•
Netherlands East
I n d i e s * , ,.*.,**..,
Ba r b a d o s ..,.*«,•»»
-
T9:
Tf
r*
Other British
1/..**
21*321
N i g e r i a , » . .*...
Other British
W e s t A f r i c a 2/*;*«*
5,377
West I n d i e s
Other
—
rr.
&
16,004
-
68 9
—
—
—
-
-
-
237,600
10*947*268
4 5 , 6 5 6 ,4 2 0
27,723,034
French
A f r i c a 3 /* • *
* • •«
Algeria and Tunisi a
K u w a i t ...... .
1 4 * 516*882
±1
—
2/
3/
O t h e h t h a n G o l d C o a s t and Nig e r i a * .
O t h e r t h a n A l g e r i a * Tunisia* .a n d M a d a g a s c a r .
4/
5/
Established
Quota
Established Quota -
—-- 7 -- »--- 7 •
45*656*420.
70,000,000..
—>
- 2 COTTON WASTES
(In p o u n d s )
COTTON
CARD STRIPS made
from cotton h a v i n g a staple
of less than
1-3/16 inches
in length, C O M B E R WASTE, LAP WASTE, S L I V E R WASTE, AND R O V I N G WASTE, W H E T H E R
O R N O T M A N U F A C T U R E D O R O T H E R W I S E A D VANCED IN VALUE;
Provided, however, that
not more
than
33-1 /3
percent
of the quotas
other than comber wastes m a d e
from cottons
s h a l l be
of
l e n g t h i n t h e c a s e of t h e
following countries;
Netherlands,
Belgium,
Switzerland,
Germany,
1 - 3 /1 6
Established
TOTAL QUOTA
S e p t . 20, 1946,
t o M a y 3. 1 9 4 7
69,757
B r i t i s h I n d i a . .....
69,627
6 9 ,6 2 7
N e t h e r l a n d s . .••••.«
6 8 ,2 4 0
J apan
China
Flcrvnt. . . . . . . . . . . . . .
Established
33-1/3% of
Total Quota
22,747
-
12,853
38,559
341,535
17,322
—
—
s, 135
6 ,3 4 7
-r
6 , 54 4
-
76,329
11 e l y . . . . . . . . . . . . . .
21,263
-
5,482,509
145,731
1,599,886
column
20,1946
t o M a y 3*1947 3/
1 4 ,7 9 6
44,388
Included in total imports,
Imports
Sept.
—
25,443
7,088
1/
staple
75*307
Cub
frPrvn/*nv-
Totals
in
France,
1 , 4 4 1 ,1 5 2
lirfln r*.p _ . . . . . . . . . . . .
S w i t z e r l a n d . .... . . .
R p I cn Vim. . . . . . . . . . . .
or m o r e
and Italy;
4, 3 2 3 , 4 5 7
239,690
227,420
U n i t e d K i n g d o m . ....
inches
U n i t e d Kingdom,
T o t a l imports
Country of Origin
filled b y cotton wastes
2f
-oOo—
—
—
—
—
**
—
FOR IMMEDIATE RELEASE
Jjr r t t ,
<
—
5
19 U 7
VU-iA^ ^ V/
§
"M»w
The Bureau o f Customs announced today preliminary figu res showing
the inports fo r consumption o f commodities on which quotas were
prescribed
to
M ay 3 ,
by
the Philippine Trade Act o f 19 U 6 , from January 1 , 19kl,
19 U 7 , in c lu s iv e , as follow s:
Products of
: Established Quota
Quantity
Philippine Islands :
Buttons
850,000
s Unit of : Imports as of
: Quantity : May 3, 19U7
Gross
33,15?
Cigars
200,000,000
Number
3,096,169
Coconut Oil
UU8,000,000
Pound
7,777,7?!*
Cordage
6,000,000
n
790,190
Rice
1,01*0,000
it
—
it
-
Sugars, refined
unrefined
Tobacco
112,000,000
1,792,000,000
6,$00,000
it
n
<
1*93,970
TREASURY DEPARTMENT
Washington
Press Service
FOR RIMEDIATE RELEASE
Wednesday,
The
M a y 14,
Bureau of Customs
the imports
No * .S-3‘
27
1947
announced today preliminary figures
for c o nsumption o f commodities
on which quotas were
p r e s c r i b e d b y t h e P h i l i p p i n e T r a d e A c t o f 194-6,
to M a y 3*
194 7 ,
Products
inclusive,
of
Philippine Islands
:
:
f r o m J a n u a r y 1,
1947,
as f o l l o w s :
Established Quota
Quantity
850,000
Buttons
showing
: Unit o f
: Imports
as o f
: Quantity
;
1947
Gross
M a y 3*
33,157
Cigars
200,000,000
Number
3,096,169
Coconut Oil
4 48 , 0 0 0 , 0 0 0
Pound
7,777,774
Cordage
6,000,000
*
Rice
1 , 0 4 0 ,0 0 0
1
Sugars,
Tobacco
refined
unrefined
1 1 2 , 0 0 0 ,0 0 0
m
1,792,000,000
"
A
nnn
6,500,000
»
.
790,190
AQB.Q70
4
93*970
POS IMMEDIATE RELEASE,
19t*7
ie'Bureau of Customs
quantities
of wheat
consumption under
of M a y 28,
and April
194 1 ,
29,
announced today pre li m i n ar y figures
and wheat
the import
flour
quotas
entered,
or w i t h d r a w n
for
the 1 2 m o n t h s
proclamations
commencing May
29,
of April
1946,
crushed
Country
wheat,
of
Established
Quota
(B u s h e l s )
Canada
,795,000
-
China
■
—
Hungary
Hong Kong
Japan
'Jnited K i n g d o m
Australia
Syria
lew Z e a l a n d
bland
-
—
100
10 0
■—
100
—
—
—
—
and Danzig
5wed en
fugoslavia
brway
Janary I s l a n d s
|umania
1 ,0 0 0
100
100
Jrazil
^ (Pound's)
3,815,000
1 , 7 1 2 ,9 2 8
24,000
2,370
-
13,000
«
—
75,000
32
-
5,000 —
100
—
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
14,000
«.
—
—
—.
—
—
—
—
—
—.
—
»
m+
2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
• 1 ,0 0 0
1 ,0 0 0
> 1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
—
nm t
m .
m m.
mm
1 ,0 0 0
mm
mm
mm
i
m ,,
mm
mm
1 :
mm
«■»
..
i
—
-
mm
mm
fai o n of S o v i e t
Socialist
'■elgium
Republics'
100
100
800,000
4,000,000
o00‘
191*7
1,880
'
1 ,0 0 0
5 ,0 0 0
mm
Jfuat e m a l a
89., 1946,
May 3*J
(Pounds)
8 ,0 0 0
■ — i:
Uruguay
May
13,000
1 ,0 0 0
■’r a n e e
Greece
iexi co
Manama
and similar
:
<-
m
Juba
semolina,
or c r a c k e d
Quota
■—
—
100
2 ,0 0 0
100
Italy
103
-
to
-
--
ihfle
Netherlands
Argentina
194.6,
:May
19k7
(Bushels)
i100
.Germany
29,
1942,
wheat products
Imports
Established
Imports
tM a y
13,
as f o l l o w s :
Wheat, flo u r ,
Wheat
Origin
for
e s t a b l i s h e d i n t h e P r e s i d e n t ’s. p r o c l a m a t i o n
as m o d i f i e d b y t h e P r e s i d e n t s
1943,
s h o w i n g the
from warehouse,
r
mm
I-,710,310
TREASURE DEPARTMENT
Washington
F O R IlfflffiDIATE R E L E A S E ,
Wednesday.
The
M a y 14.
Press
1947 o
B u r e a u of C u s t o m s
quantities
of w h e a t
announced today preliminary figures
and wheat
f lour entered,
c o n s u m p t i o n u n d e r the im p o r t q u o t a s
o f M a y 28,
1941,
a n d A p r i l 29,
or w i t h d r a w n
for the 12 months
proclamations
c o m m e n c i n g M a y 29,
Wheat
:
:
(Bushels)
Canada
1946,
M a y 3.
semolina,
to
413
—
—
-
100
100
100
United Kingdom
Australia
Germary
Syria
New Zealand
3,815,000
2 4 ,0 0 0
13,000
13,000
8,000
1,000
5,000
5,000
1,000
1,000
1,000
1 4 ,0 0 0
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1
1,000
1,uuo
1,000
Argentina
Italy
-
—
-
—
—
Panama
—
-
Uruguay
Poland and Danzig
-
-
Sweden
*■*
-
Yugoslavia
-
Norway
Canary Islands
-
—
—
Cuba
France
Greece
Mexico
-
-
1,000
100
100
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
,000.
100
,712,928
2,370
—
1,880
*—
32
—
—
100
—
—
—
—
-
1,000
—
—
—
-
—
-
—
—
r*
**
413
oOo
1
—
—
-
100
800,000
75,000
—
100
2,000
100
1,000
100
1946,
( P o u n d s)
(Pounds)
—
**
Chile
Netherlands
and similar
: t o M a y 3. 1 9 4 7
-
Japan
or cracked
:May 29,
Quota
1947
(Bushels)
795,000
—
Hong Kong
Belgium
flour,
1 9 42,
wheat products
Imports
Established :
Imports
;May 29,
Quota
China
Hungary
follows:
wheat,
Origin
Established
for
proclamation
as
crushed
of
the
o f A p r i l 13,
1946,
Wheat
Country
showing
from warehouse,
established in the P r e s i d e n t s
as m o d i f i e d b y t h e P r e s i d e n t s
1943,
Service
N o 0 S-.32B
4
,000,000
“
1,718,310
%
i
FOR IMMEDIATE RELEASE
>
M l _______ _
7
/
I^
,v.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 May 3,
191*7, inclusive, as follows:
Commodity
Unit : Imports as
:
Established Quota_____
of
: of May 3,
:Period and Country: Quantity Quantity:
19U7
Whole Milk, fresh
or sour
Calendar year
3 ,000,000
Gallon
2,300
Cream, fresh or sour
Calendar year
1 ,£00,000
Gallon
U *6
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
19,000,000
Pound
7,308,050
90.000.
60.000.
000
Pound
000
Pound
Quota Filled
Quota Filled
White or Irish potatoes:
certified seed
other
12
months from
Sept. 15} 19i*6
Cuban filler tobacco un
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Pound
(unstemmed
22,000,000 equivalent)Quota Filled
Red cedar shingles
Calendar year
1,380,300
Square
695,531
Molasses and sugar sirups
containing soluble nonsugar solids equal to
more than 6% of total
soluble solids
Calendar year
1 ,900,000
Gallon
19ll,60$
Number
Number
1*,589
3,697
■«Silver or black foxes, furs,
and articles: Foxes
valued under $¿250 each
and whole furs and skins
Month of
April
Canada
Other than Canada
*Tails
Dec® 1, 191*6 to
April 30? 19h7
^aws, heads or other
separated parts
*Piece Plates
^Articles, other than
piece plates
17 ,900
7,900
9,000
Piece
H
900
Pound
It
550
Pound
33
ft
900
Unit
31
«quotas aiseontlnmsa MStyT;.by PresldenETâr~Prôclamatîon of March Iti, J-flTT
3
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Yfednesday.
The
imports
M a y 14.
Press
1 9 4 7 <>
B u r e a u of Customs announced t o d a y pre l i m i n a r y
for consumption
under
trade
agreements,
1947,
inclusive,
Service
No«, S ^ 3 2 9
of co m m o d i t i e s
f r o m t he
figures
showing the
within quota limitations
beginning
of t h e
quota periods
provided
as f o l l o w s :
Unit
Commodity
Established Quota
Period and
Wh o l e Milk,
or sou r
Cream,
Fish,
for
t o M a y 3*
fresh
fresh or sour
:
of
:I m p o r t s
as
:of M a y 3,
Countr? r : Q u a n t i t y :Q u a n t it y :
1947
Calendar year
3 , 0 0 0 ,0 0 0
Gallon
2 ,3 0 0
Calendar year
1 , 5 0 0 ,0 0 0
Gallon
446
Calendar year
1 5 / 0 0 0 ,0 0 0
f r e s h or frozen,
f i l l e t e d , e t c © , cod,
haddo c k , hake, p ollock,
cusk,
White
and rosefish
12
or I r i s h potatoes:
certified
seed
months
from
S e p t « 15,
1946
other
Cuban
Pound
7,308,050
90.000.
P0
o0
und
0
Quota
6 0 .0 0 0 .
Pound
000
Quota filled
filled
filler to b a c c o u n
stemmed
or s t e m m e d
(other
Pound
than cigarette l e a f tobacco)
and scrap tobacco
Red cedar shingles
Molasses
(unstemmec
Calendar year
2 2 , 0 0 0 ,0 0 0
Calendar year
1 , 3 0 0 ,3 0 0
Square
695,531
Calendar year
1 , 5 0 0 ,0 0 0
Gallon
194,605-
equivalent.) Q u o t a f i l l e d
and sugar sirups
containing soluble n o n ~
sugar solids equal to
6%
more than
of t o t a l
soluble solids
-x-Silver o r b l a c k f o x e s ,
and a r t i c l e s :
valued under
and whole
furs,
Foxes
$250
each
furs a n d skins
-x-Tails
-x-Paws, h e a d s
or
M o n t h of
April
1 7 ,5 0 0
Number
Other than Canada
7,500
Number
Dec*, 1, 1946 t o
April 30 , 1947
5,000
Piece
3
it
500
Pound
_
it
550
Pound
337
tt
500
Unit
Canada
}
other
separated parts
-x-Piece P l a t e s
•x-Articles,
4,589
3,697
other than
piece plates
-x-Quotas d i s c o n t i n u e d M a y 1,
Ì947,
b y P r e s i d e n t i a l P r o c l a m a t i o n o f M a r c h 18,
31
1947
M a y 7, 1 9 4 7
T O M R#
BARTELTs
The following market
m o n t h of
April,
1947,
t r a n s a c t i o n s w e r e m a d e chiring t h e
in d i r e c t a n d g u a r a n t e e d s e c u r i t i e s o f the
Govern m e n t for Treasury investment and other accountst
Sales
............. ........ .
Purchases
Net
.....................
sales
$64,285,000
S.00Q.00Q
.................. » # 6 l , 2 S 5 , 0 0 Q
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday* May iS^t- 19^7
Press Service
s~330
During the month of April* 19 W * market transr
actions in direct and guaranteed securities of the
Government for Treasury investment and pther accounts
resulted in net sales of $61,285*000* Secretary Snyder
announced today*
oOo
I
mason
possessions
poses
of
th e U n i t e d S t a t e s ,
of t a x a t i o n t h e
amount
3
-
or b y a n y l o c a l t a x i n g a u t h o r i t y .
of d i s c o u n t
at w h i c h T r e a s u r y b i l l s
sold b y the U n i t e d States
s h a l l be
Li.2 a n d 11 7
Internal Revenue
(a)
(1)
of I 9 I4-I, t h e
the Revenue A c t
ar e
of t h e
s o l d s h a l l n o t be
r e d e e m e d or o t h e r w i s e
disposed
insurance
companies)
r e t u r n only the
o r iginal issue
at w h i c h b i l l s
until
such bills
owner
are
scribe the terms
Under Sections
S e c t i o n llf> of
issued hereunder
shall be
of T r e a s u r y b i l l s
and the
originally
sold,
excluded f rom considera
issued hereunder need include
in his
(other t h a n
income
such bills,
tax
whether
on
amount actually received
or r e d e m p t i o n at m a t u r i t y d u r i n g t h e
taxable year for w h i c h
as o r d i n a r y g a i n or l o s s .
T r e a s u r y D e p a r t m e n t C i r c u l a r No.
of th e
the
or o n s u b s e q u e n t p u r c h a s e ,
r e t u r n is m a d e ,
Copies
as a m e n d e d b y
o f , and such bills
Accordingly,
interest.
difference b e t w e e n the price pai d for
e i t h e r u p o n sale
the
Code,
of d i s c o u n t
considered to accrue
t i o n as c a p i t a l a s s e t s .
life
amount
c o n s i d e r e d to be
are
For pur
of t h e T r e a s u r y b i l l s
circular m a y be
I4.I8 , as a m e n d e d ,
and gove r n the
and this notice,
conditions
pre
of t h e i r i ssue.
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 .
2
-
amount
of T r e a s u r y b i l l s
express
a p p l i e d for ,
Reserve
m
Those
The
Banks
cl o s i n g hour,
and Branches,
t he t e n d e r s
s u b m i t t i n g t e n d e r s w i l l be
S e c r e t a r y of t h e
shall be final.
in full.
amount
ar e
accompanied by an
maturing
a n n o u n c e m e n t w i l l be made
acceptance
T r e a s u r y e x p r e s s l y r e serves the right
in whole
or i n p a r t ,
at
and his
of a c c e p t e d bids.
or r e j e c t i o n t h e r e o f .
to accept
tenders for $200,000
99*90!? e n t e r e d o n a f i x e d - p r i c e b a s i s w i l l b e
Settlement for accepted tenders
immediately available funds
or rejec t
action in any such respect
reservations,
or c o m p l e t e d a t t h e F e d e r a l R e s e r v e
or other
o p e n e d at t h e F e d e r a l
and price range
a d v i s e d of t h e
Subject to these
f r o m a n y one b i d d e r
tenders w i l l be
following which public
S e c r e t a r y of t h e T r e a s u r y of t h e
a n y or a l l t e n d e r s ,
made
unless
g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d b a n k or t r u s t c o m p a n y .
I m m e d i a t e l y af ter the
b y the
-
or less
accepted
i n a c c o r d a n c e w i t h the b i d s m u s t be
Bank
May 22. 19U7_____ > i-n
on
or i n a l i k e f a c e
May 22. 19U7 .
. Equal treatment
a
s
*.riggK--------
cash
a m o u n t of T r e a s u r y b i l l s
w i l l be a c c o r d e d al l tenders,
vrtiether t h e b i d d e r s
offer to exchange m a t u r i n g bills
n e w bi ^ l s b i d for.
C a s h a d j u s t m e n t s w i l l b e h a d e f o r d i f f e r e n c e s b e t w e e n th e
par value
of m a t u r i n g b i l l s
accepted in exchange
o r t o p a y c a s h f o r the
and the
issue price
of t h e nevf
bills.
The
sal e
income
derived f r o m T r e a s u r y bills, w h e t h e r
or o t h e r d i s p o s i t i o n of t h e b i l l s ,
and loss f r o m the
sa l e
any special treatment,
The bills
shall be
w h e t h e r F e d e r a l or
i n t e r e s t or g a i n f r o m the
shall not have
any exemption,
or o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s
as
such,
but
such,
shall not have
u n d e r F e d e r a l t a x A c t s n o w or h e r e a f t e r e n a c t e d .
subject to estate,
State,
as
s h a l l be
inheritance,
gift,
or o t h e r e x c i s e
ta x e s ,
e x e m p t f r o m a l l t a x a t i o n n o w or h e r e
af t e r i m p o s e d o n the p r i n c i p a l or i n t e r e s t t h e r e o f b y a n y State,
or a n y o f t h e
axk±krfcx3c
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
16, 19U7____________
Friday, May
The Secretary of the Treasury, by th is p u b lic n o tice, in v ite s tenders fo r
$ 1 /200.000.000
3
or thereabouts, ef
91
in exchange fo r Treasury b ills maturing
-day Treasury b il l s , fo r cash and
May 22, 19ii7 ____ j
iki
be issued on
a discount b a sis under com petitive and fix e d -p ric e bidding as h e re in a fte r
provided,
The b i l l s ’ of th is se rie s w ill be dated
May 22, 19k7
3
an<i
pgp'
w ill mature
in te re s t.
August 91
1 9 k7
3
when the face amount w ill be payable without
They w ill be issued in bearer form only, and in denominations of
Tenders w ill be received at Federal Reserve Banks and Branches up to the
clo sin g hour, two o’ clock p.m ., Eastern Standard tim e,
Monday, May
19 j 19U7
~
Tenders
yo.11
not be received at the Treasury Department, Yifashington.'
Each
tender must be fo r an even m ultiple of $>1,000, and the p rice offered must be
expressed on the b a sis of 100, w ith not more than three decim als, e. g ., 99.925.
F ra ctio n s may not be used.
I t is urged that tenders be made on the prin ted
forms and forwarded in the sp e c ia l envelopes Yrtiich Toll be supplied by Federal
Reserve Banks or Branches on a p p lica tio n th e re fo r.
Tenders w ill be received w ithout deposit from incorporated banks and tru s t
companies and from responsible and recognized dealers in investment s e c u ritie s .
Tenders from others must be accompanied by payment of 2 percent of the face
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 16, 19^7
'Press Service
No. S-331
The Secretary of the Treasury, by this public notice,
invites tenders for $1,200,000,000, or thereabouts, of 91 -day
Treasury bills, for cash and in exchange for Treasury bills
maturing May 22, 19^7, to be issued on a discount basis under
competitive and fixed-price bidding as hereinafter provided.
The b.lll3 of this series will be dated May 22, 19^7, and will
mature August 21, 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, May 19, 19^7. Tenders will not be
received at the Treasury Department, Washington,
Each tender
muftt 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 f o 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 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.
Settlement for accepted
tenders In accordance with the bids must be made or completed
2
at the federal Reserve Bank on May 22, 19^7, in cash or
other iiinediately available funds or in a like face amount of
Treasury bills maturing May 22, 19^7 • Equal treatment will be
accorded all tenders, whether the bidders offer to exchange
maturing bills;;or to pay cash for the new bills bid for. Cash
ad jus tmeiit s wtl 1::be made for differences between the par value
of maturihg bills accepted in exchange and the issue price of
the new bills•,
’
The income derived from Treasury bills, whether.interest
or gain ffom the salé 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 exémpt 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 J
at which Treasury bill's áre originally sold by the United States
shall be considered to be interest.. Under Sections b2 and
117(a)(l);of the Internal Revenue Code, a3 amended by Section
115 of the Revenue Pet 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 pf, 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.
f
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 of the circular
may be obtained from ahy Federal Reserve Bank or Branch.
T m S P l /2058
C o l K © rr/ s t'
7 M a y 1947
'i vÈÏ-
JjKfw a ?
ew
BIImms \
§m
,fw
\mÈWMM-;y:r ®
MEMDRAHDOH TO*
M r* H e n r y S c h n e i d e r
A lc o h o l T ax U n it
O f f ic e o f th e S e c r e ta r y o f th e T re a su ry
Boom 1605 , B u r e a u o f I n t e r n a l R e v e n u e B l d g *
W a s h i n g t o n , S * C«
'
SUBJECT*
Press R e l e a s e o n E s p i o sive-fype T S a r Trophies
!•
The a t t a c h e d p r e s s r e le a s e
T r e a s u r y D e p a rtm e n t i s c o n c u r r e d in
th e
on t r o p h ie s p ro p o s e d b y th e
b y t h e W ar D é p a r ta ie n t•
2 * T h e S e c r e t a r y o f W a r , M r* R o b e r t F *
f o l l o w i n g com m ent on t h i s s u b j e c t :
f
P a tte rso n
a u th o r is e s
" W e a p o n . b r o u g h t h om e a s s o u v e n i r s , a s a r e m i n d e r o f
t h e e n d o f d e a t h a n d d e s t r u c t i o n on th e b a t t l e f i e l d *
m u s t n o t c a u s e i n j u r y t o o u r v e t e r a n s a n d t h e m e m b e rs o f
t h e i r f © r a llie s a t h o m e .
O r d i n a r y com m on s e n s e d i c t a t e s .
t h a t i m m e d i a t e s t e p s b e t a k e n t o i n s u r e th © s a f e h a n d l i » g
o f th o se tr o p h ie s * *
1
JAM ES- fi* P I E R C E
C o lo n e l, G .S * C *
D e p u ty C h i e f , P u b l i c I n fo r m a t io n
1 In cl»*
P ro p o s e d P r e s s R e le a s e
v
D iv is io n
Henry Sohneider of the Alcohol Tax Unit Represents the Treasury
r
Henry Schneider of the Alcohol Tax Unit represents the Treasury on
the Committee and is its coordinator*
Colonel David Kerr represents the War
Department» Lieutenant Commander T* M* Wanamaker represents the Navy» and
Baymond Stann represents the National Bifle Association*
This committee is
already active in formulating the program and will announce more detailed
activities from time to time*
Comments from the heads of the cooperating organizations follow:
John W* Snyder» Secretary of the Treasury— »"Thousands of our finest
citizens are killed each year b y the careless handling of war trophies«
I believe we one a duty to our veterans» to their families» and to the
general public to help prevent these tragedies*
Z am sure all right-
minded citizens will cooperate in this safety program*"
James Forrestal, Secretary of the Navy— "There is a traditional and
honorable place in American life for the veteran’s souvenir and the sports
man's hunting gun, but there goes with both a responsibility for public
safety and common sense*
Our program is based on this idea*"
C* B* Lister, secretary-treasurer, National Bifle Association— "The
sportsmen of the United States, whom we are honored to represent, are fully
aware of the responsibilities that go with the American right to own and
use firearms*
We are cognizant of the dangers of careless gun handling
and are proud to cooperate in this safety campaign*"
Henry Schneider of the Alcohol f«at trait represents the Treasury on
the Cosnittee and la it# coordinator. Coloa«l David Kerr represents the War
Department, Lieutenant Qoa»ea<lsr ?* It» Wenanaher represents the Nary, «ad
Raymond Stann represents the national Rifle Association. This eoiBmlttee 1«
already «stive la formalatin« Hi# program and will announce more detailed
activities from time to tic#»
Comments from the head# of the cooperating organizations follow*
John W# Snyder, Seeratary of the Treasury— ’
"Thousand# of our finest
citizens are hilled each year by the eseeleas handling of war trophies«
% believe
we owe a duty to our veterans, to their families, and to tho
general publio to help prevent these tragedies» 1 m sure ell right*
minded oitlnens will cooperate in this safety program."
fanes Ferraste!, Secretary of the Havy— "There Is s traditional «ad
honorable píate in ¿marinan life for the vetaranfs souvenir and the aporteman*# hunting gun, but thero gees with hoth e responsihlllty for pabilo
eafety and aommen sesee» Our progresa le besad os thie Idea«"
C» B* listar, sacretary-treasurer, National tifie Aaaociation— "The
sportansa of tho tlnitod States, whom ws are honored to repreeent, are fully
•vare ef the responslbilities that go with the American right te e«n and
usa firearms» le are eognlaaat of tho dangers of eareless gnn handllng
and are preud to eoeperate in thie safoty campaign»"
W¡ "" " ■
S
Saeretary of the f roasury John W. Snyder announced today, on behalf
of the War, Havy, and Treasury Bepartmenta and the Hational Rifle Aesocl&tlon,
the organization of en emergency oonmlttee te promote publio safety In the
handling of explosiva type wer trophies•
fluí eoamlttee «as «reatad la the hopa of reveraing a tida of
fat«litios from «ar trophiea, «hleh sano authorities estímate at «««opal
thousand por yaar. Another goal «111 ba to educat# souvenir ownera o» ido
safast memas to leoop tropillas out of criminal haads.
The Treasury initiated the program la vlew of Its legal rasponsibllity
oa fully autam&tic weapone. Howevar, to test sarro aad protact the interesta
of veterana, sportsman, aad the general pabilo, the department invitad aad
received the enthuelaetle cooperation of the War aad Havy Departments aad aloo
the Hational Pifia Assooiatlon, which 1« o non-profit organlzation that has
traditionally representad the sportsman of Amarles* Cooperation has also baan
extended by many other public-spirited organizations aad individúala.
Sxeapt as to the statutory requlreoent for registration of maohlao
guns aad similarly fully automatic weapona, the OGamittee program «111 ba
aatlroly o t a voluntary aad adueatlonal natura. The Aanqr and Havy heve agroad
to offor tholr «rallahlo facllities for tho recaption aad examination of load
minea, granadas, shells and similar explosivas «hioh may haré baan hrought home
from the battlaflaida as trophlss. The Alcohol Tan IXnit of tho Buroau of
Xntomal Havanuo «111 asslst tha posaaasors of maohino gano and other fully
automatic ueapons in tha raglstratlon of sueh flroarms and «111 aleo— apon
tho voluntary consent of tho onaar— *«ald thasa gano so as to make thsn por«
manantly safo «lthout dlmlnlshlng tholr appaaranao or souvanir Taino* Tho
Hational Rifle Assooiatlon 1» preparad to advisa all gun ownera on tho safo
sSJLiCf^
Henry Schneider o f the Alcohol Tax Unit represents the Treasury on
the Committee and is i t s coordinator*
Colonel David Kerr represents the War
Department, Lieutenant Commander T. M. Wanamaker represents the Navy, and
Raymond Stann represents the National R ifle Association*
This committee is
already active in formulating the program and w ill announce more detailed
a c tiv it ie s from time to time*
Comments from the heads o f the cooperating organizations follows
John W. Snyder, Secretary o f the Treasury - "Thousands of our
fin e s t c itiz e n s are k ille d each year by the careless handling o f war tr o
phies*
I believe we owe a duty to our veterans, to th e ir fa m ilie s , and to
the general public to help prevent these tragedies*
I am sure a l l r ig h t-
minded citize n s w ill cooperate in th is safety program.tf
Robert P. Patterson, Secretary of War - "Weapons brought home as
souvenirs, as a reminder o f the end o f death and destruction on the b a ttle
f i e l d , must not cause in ju ry to our veterans and the members o f th eir
fam ilies at home*
Ordinary common sense d icta te s that immediate steps be
taken to insure the safe handling of these trophies*"
James F o rrestal, Secretary of the Navy - "There is a tra d itio n a l
And honorable place in American l i f e for the veteran* s souvenir and the
sportsman* s hunting gun, but there goes with both a r e sp o n sib ility for public
sa fe ty and common sense*
Our program i s based on th is idea*"
C* B. L is te r , Secretary-Treasurer, National ^ i f l e Association "The sportsmen o f the United S ta te s , whom we are honored to represent, are
fu lly aware o f the r e sp o n sib ilitie s th at go w ith the American rig h t to own
and use firearms*
We are cognizant o f the dangers o f careless gun handling
and are proud to cooperate in th is sa fety campaign*
Secretary of the Treasury John W* Snyder announced today, on behalf
of the War, Navy, and Treasury Departments and the National Rifle Association,
the organization of an emergency committee to promote public safety In the
handling of explosive-type war trophies*
The committee was created in the hope of reversing a tide of
feebee&ties from, war trophies, which some authorities estimate at several
thousand per year*
Another goal will be to educate souvenir owners on the
safest tneana to keep trophies out of criminal hands*
The Treasury initiated the program in view of its legal responsibility
on fully automatic weapons*
However, to best serve and protect the interests
of veterans, sportsmen, and the general public, the department Invited and
received the enthusiastic cooperation of the War and Navy Departments and also
the National Rifle Association, which is a non-profit organisation that has
traditionally represented the sportsmen of America*
Cooperation has also been
extended by many other public-spirited organizations and individuals*
Except as to the statutory requirement for registration of machine
guns «nd similarly fully automatic weapons, the committee program will be
entirely of a voluntary and educational nature*
The Army and Navy have agreed
to offer their available facilities for the reception and examination of land
mines, grenades, shells and similar explosives which m a y have been brought heme
from the battlefields as trophies.
The Alcohol Tax Chit of the Bureau of
Internal Revenue will assist the possessors of machine guns and other fully
automatic weapons in the registration of such firearms and will also—
upon
the voluntary consent ©f the owner— weld these guns so as to make them per
manently safe without diminishing their appearance or souvenir value*
The
National Rifle Association is prepared to advise all gun owners on the safe
handling ©f their weapons by themselves and their families*
TREASURY DEPARTMENT
Washington
POR R E L E A S E / SÜNÖAY NËWSPÀPE'ÀS,
Mav 18. 19*7.
"
....
' Press Service
No. S-332
Secretary of the Treasury John W. ..Snyder., announced today,
on behalf of. the War, -Navy; and Treasury Departments, and., the
National -Rif-ie .Association, the organization-of ,ah emergency
committee to promote public ..safety in the handling of explosivetype war trophies.
< The .committee Was created in the hope of^reversing.: a .tide
•p.f casualties from war trophies, .which «some authorities, ;§stiiiate at, several, thousand per year. Another goal- will, he to
.educate souvenir owners o n the. safest, means. t,o .keep trophies
out of criminal ha n d s .
•
The .Treasury initiated the program, in, view qfrits legal
re sponsihii ity on -fully automatic weapons.; However, to .best
serve and .protect the interests of .veterans, sportsmen# and
the general publiq,•the Department invited; and .received .the
enthusiastic cooperation of the War and Navy Departmental -.,
and also the National Rifle Association# which is a non-profit
:.organ! zati on that ha s traditional 1 y.■.repre sen ted the .sportsmen
,,pf America# 'Cooperation h a s also been extended b y m a n y :other
public-spirited .organizations and individuals. /*
r *■: .
V.:Except as 'to the -statutory .requirement,f or r;eg-lstration
of machine guns #and _^similarly fully automatic :we:apens>-•;the;
committee program will be entirely of a voluntary and educa
tional nature.
The Army and Navy have agreed to offer their
available facilities for the reception and examination of
land mines, grenades, shells and similar explosives which may
have been brought home from the battlefields as trophies. The
Alcohol Tax Unit of the Bureau of Internal Revenue will assist
the possessors of machine guns and other fully automatic
weapons in the registration of such firearms and will also upon the voluntary consent of the owner - weld these guns so
as to make them permanently safe without diminishing their
appearance or souvenir value. The National Rifle Association
is prepared to advise all gun owners on the safe handling of
their weapons by themselves and their families.
Henry Schneider of the Alcohol Tax Unit represents the
Treasury on the committee and Is its coordinator„ Colonel
David Kerr represents the War Department, Lieutenant Commander
T# M. Wanamaker represents the Navy, and Raymond Stann repre
sents the National Rifle Association.
This committee is
already active in formulating the program and will announce
more detailed activities from time to time.
Comments from the heads of the cooperating organizations
fdllo'k:
^ ; | S | v
: .' ;
John W* Snyder, Secretary of*-the Treasury - .
’’Thousands
of our finest citizens are killed each year by the careless
handling' of war trophies.; I believe we owe a duty to our
veterans, to their •families,; and to the general bubTic to
help prevent'these tragedies. • I am sure all right -mind-6 at'citizens will cooperate in this safety program.’'
Robert P. Patterson, Secretary of War ' ”Weapons brought
home as ’souvenirs, as a* reminder pf the. end p.f death and d e
struction on the battle .field, must p o t cause injury to our
veterans and the members of their; families at home. Ordinary
common sense dictates that immediate steps be taken to insure
the safe handling of these trophies.”
‘
James Forrestai, Secretary pf the.Navy - "There is a
traditional and honorable place in American life for the
véteran1s souvenir and the sport$man?s hunting gun, but
•there goes with both a. responsibility for public s a f e t y and
common sense. Our program is based on this idea.M
CU Bv Lister, Secretary-treasurer, Natlpnai; Rifle A^ssoci*
atioh - "The sportsmen of the Unitedr.States,.' whom we are -h o n
ored to represent, are fully aware of the responsibilities
that go with the American right to own and use firearms. 'We
are cognizant: of the dangers of careless gun handling and are
proud to cooperate in this safety campaign." ; :
m o f
4
»u n
is»' ataose i t a t i « f i IliaKiiiftM ?» taf ta snstas* taf $f**«l*g teehfiieal
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ubi eh Ita* $*sa«tx*y « v i th» ta e p y ^ l tata»
!pi'’
• a m É iiR i I» ih# operati«» o f ita* Ssi*»
Osr s ta ff ita
ulth ih# Staff #f ita* M isi M i t a i ì m m J m a M L «*rees^i«i&
reapset tal «peetns/freswMieiHiaiiom* la %Am
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o f ffc s s proti«**
«ssiixKss siili
/
-
23
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U) prorieloaa ®f toe «a* la*,' toe t a r a t i « of vMohVio} toftoto*
«T «to termination of heat!litlee «Ml. of tee ve»} <•> occupational
•apenaos, etetowmali a«otMta,/loh>* inrolteio primarily «to
difficulty of tote««« satisfactory Xlnoo t o M K to* *oa-áo®»«iM.o
person«*! 1 9 W M
outlays*
of ItotittoaU
oto «tot* áotostm# traalneo«
(f) rssoar* ato Sotelepnaat » » « ■ « , tedeh tatolroe « to
«»••«ion of perni««!to crwtov f l o x m u ty In «to dotern!nation of
«totoor o n * «tato atonia to cap!tallied or deducted to aarreni
facilitate
too
adainletratire oparallona
t o w n oto Malto «arpsyare, an*, w
of too Barese of
eltatotatae
of
Internal
oath requirement#
0« certain return forma, earrsetion of Otetols etatato of Utottolon
provialeno, «llalimtlen to toréenaano oto TwnoQoaamqr reporte
of
Moli xofondo, aito oliata*««!-too tw i w w « ü l «r to too olatolw to.
«to ta^»«for alto roapoe« to too atentara M o M a a , tapror« the '
enforceaont to lopototoc »to parto« «r employer# to «an «elloetto
fron «tato employees under too vltoheldtag «yetan, ato »tallar
natters.
lo
eonoluaion f tollero
to pantos*
Urn ro n otan
toa« no atinóla
approach
rito an span n t a %
too
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tOObjaiqfBOS
Sobstantial prorrata
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ha» bees «ai» toaMrda.tte aaltelea oí «tete pteblaa*.
I» arda* te atete*» te*®»** «ww w* jrf ftete
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te «tete X Iw** %*#Ular MftevteU «te»* a » * «*W*rtl«Sl **tear «*
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go lato «Nfc j m M O T %o **T «***i ***•»!* Ü*««r •* ü
poso policy qpostiofl» #f «*** «HNpttiá» a*& tfcoi* ?*q
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lavólas toekaicaX ppoMoai of eoasidsro*!« Aimeslty
and m#l****3% ***sg **» **ro ^PWPtsat of tfe*** ***** m i * W k
aatters os th© tmtamft *af (o) wsr lossos* «tstüi im t im * príaorllr
ths H t t r n é ©f rooowlos of pr©p©*tios l©*t toriag *&* ««n
^6<? ¿2 /yy^0C&3iy\^.
(h) «MaUtetea of ladabtadtea». teteM»«ai*é^tete»X **wwttee*tte*
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( w p M W ,
te tete* «tete « « •
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as * astead «T sttaaptia* «o atete te* te eorporat* <Uatribute*»»
ia situatieas tea» tete* te* «awtetXatad «arpas*«* teraUtet
21*
i3rl«a«i<yi of wvtgaü.
t e fteaotag of «telai seeority
aaà its oororago rai so certain la^artasl problème vhîch will need
considération la coanectioa with t e dovoXopaoat of t e po stirar ta*
«ystea.
4« a rósoli «T a *•$■**% of M y
2?» I f ^ fro* Mr. Bou^feton*
t e a t e tra«» of tais Qotaaittoo* t e frasaaigr Bapartaeiit team 1 m m
mmntim ©a * stady of ta* problemi t e l w a l d la a*sodate d «iDi
t e «tesolo* of eererage for old~age aad « s n i v o n 1 lis«f«aM,
dttention htm 1m m àirectoà prlwsrily I# ta« diffidali teehaical
«od telatstrotir« probi®»» terolred la dswioptag f«a#iblo aoteds
fer eorering «olf-«a^2jfod persosi» «od agricaXboral «ad doaoatie
vorïcers*
Ite» proli**« ratea ta «aanootloa wlth^coær©^« of botfc of ta®so
groap* dlffer sabstsatially fra» te*« laalfti ta «a corerage of
oorfcer« ta iadastry and cous»ree. M presemi «octal soourity tea»
aro ta^osod oa «a«»«* tbe employer vitteldlag te eæploye# t e t e
rtetMag ti teoter otta t e esployer t e *
la t e « m of t e «olf-
oaploteU tea «y»te ta t e applicable t e a m ter« io a» «aployerteloyoo rolotioteip «late rte to v«g»e» t e tt ta aoooooary to
ootobliah te tel oa teofet t e solf«40$l«yo& t e l lo tate t e loir
t e t e teald la report«* to te teoaa of latete t e a »
Of teao problaa« rato» aaooroao
tel
sites, portioalarly alta rospoot
to te oolf-o«ploy«d lutea w y lo» Èm txm n t e aro aot sufeject to
teoeo toau tàllt t e «aplflyer-oapley^ rel&fcionshp generally «scisto
di«orinination, i» ©©»plicated hy the nature ©f the tariff ©fife©àule©
vhieh in 9omm cam» provide specifle rates that »ay hav® heen
intended t© ©s^>ensate f«f thè aheenee ©f exei»© tasse© e» issperteà
~fkJL A^AA-jfjLA.rr
products,
ghie tariff pretti©»-thus tend# to raise qw silo»«
involving this country*» poli elee vitti respect to international trad©
agreeneat©*
Sstate and Hit fama
20.
levi si©» ef structur©» la thè estate and gift tax fieli
— —.
there ha« long hoen a need for am intensive study and legislative
revislon of ttie tasi© structure# particularly with respeet t© thè
relatioaafeip hetveen thè tv© tasse© and thè Ir minai relatioaship to
thè Incorna tax.
Sor thè paet three yoars thè froaeury Bepartnent
viih thè a©«iatan©e of m Àdvisory Goamittee ef prosinosi tax
stioraey© ha© heen expXoriiig thè proti®»» in thl© fieli# with a viev
i© preparine a eospreheBslve report f©r consi darai ioa hy th© Oongress*
fhls leporient task 1« Hearing eoapletioa and thè report 1« la thè
final stage» of preparatila*
It vili contala e detaileà aaalysis ef
thè problema inveìved and recommendati on» for a reVision of thè
estate and gift tax©»* thè ssìoptio© of whìch* it i* heli©ve à* would
gr^stly Inoro aee thè uni fonaiiy* ©impliclty* m& equity ef thèse taxee*
Jamises
IS*
Berlslom sf excise tarns*
imposes excise taxes on. more tliea p
of
«111dì
® l© Federal Cfcnrertsacmt now
commodities ^ir)serwloes» most
were substantially Increased or newly loosed to help In
the financing ©1 the war.
ffee revision of fie excise tares rales®
the important policy issue of how large a portion of the total
revenue should he raised fro» ere lee teres*, Shis «gUBStioa I»
closely related to sudi natters as the level of incose tax exemptions*
It Is now appropriate to reexamine those excises with a view to
fitting then together into a coherent system adaptable to our peace
time requirements*
Badi of the excises imposed should he carefully
considered with a slew to reducing or eliminating those which are
extremely regress ire* «hid. eater into business cost s# which are
oa&uly burdensome on profits of particular industries» or which are
unusually difficult to administer*
Bowl sion s of particular tares
will haws te be studied in detail so that any changes made will bs
appropriato in lijg^it of the competitivo condì tions in the various
Industries*
X$*
Blsor indention between domestic and Imported goods«
last
year your demmittee gaso consideration to the problem of ashing
certain imported ntr«handle© Object to the same internal revenue
tg^c-s@ as similar mmrdhandise of domestic origin/ and referred it for
study to a group consisting of the duini Committee ms Internal
venue
fixation» the State Pepartment* the Tariff Comaission* and the treasury*
Consideration of W
problem has Involved an analysis of the treatment
of such imported products as beer« lubricatisi: oil» and numerous
product* containing alcohol Including medicinal preparations» toilet
o rs o a ra tio n s« flavortiiP» e x tr a c ts .- f r u i t a
_ m t à
feetA. ,iw>i
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it e » t e sût»»« t e s sgsslsi A lfft t e i
t e t e s t e l t e p t e t e t «al s t e t e U l t e i t e ts t e f i s i ! i f t e lly
w «srsi iwsMy ppriHRppsps sps s i ^wíss sssps iünmi sir props®Sr ísseIí S1
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ste tte sA ü t e s f s ils te tte s*1 ro te isi t e r o te ite t e tssstei*
lis*
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m
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or
is t e prol t e l i la i» «A teste t e t e ste ste ro
datexalaa telr affa«*a m iftetsUn» te vaile «MI iawsyaad
Halr affetta am Uria« «taadard* «ad perdi»«lag paaar» lwl«l«i
af te iadividn&l Imam» tax vaia» teald te coordiaated vite
cka&gaa lm ite
fo«- sidk mi pftiMHtel a*s*pSlasi »■*
tgaatmeat af fmd3jr Imadafti »Ht iftth clanga» la »ila? testa»
11« F«reonal amatela»»» J* m pari mi tha m r fiaamaa
program* parasta! exoaptioai rader te iadirldml interna tax vara
•harpl* radaaad* Il t e preeant ite a tajpagrer in aliate «a
amanite il UOO ter hi***Xf, ter tea alte t e far ite ©f t e
depomdeat*, tei# a alate fate« anr t e am teaptlam af $9<X>S * .f #
46*'
lm 1939 t e «mampHaa tei $1*000. 4 aarrlad coapl^aov t e «m temete«
af 11 »000 a» m mpm m à
« III $2*500
te If B »
te la
«temete t e
alate
peree&a t e »«erte, compia» te» tea radaaad# 11« allevarne» t e .
dapaadaata t e tea ternate te» 1*100 te 1939 la t e piatte
1atti af $500 # t e t e patte» ternata» te te atti af lite»
h&va fmitear «harsir redstead tea reai amateaima «amar nortUBtid
Hutfttt fl»kéda MhJÉàftÉkJfeMa !
Hy w M jp®w®liOtSJL «ki«ÌUM
» *lÉfeika{d:
0 M a1*
«
H^aa *•
jl'iata»»im9
adP vwaw>aA|
Vk-ttl aa.,
awaÉa»Mfc.^u
fcm
im «oof#ntg»
uaiiimife^a»a ez
anni
a' a
vi
psrioaaA
Bjtemp
loxts uà#«vxzizjs»* «wdmw
*tei 1% darti dlrt^l lai811** aad fff1ft«*t •§»
af te 1ndtv t ^ g -tee«»»-toc te te
a c
Importasi tmpjy
|p^|»
apala» a i a ite la »
pareìt^-eisg pever.
Comi
1loi
te te cita» te te gatatiam tester am adjmstete temld te
Hé
from t o « f í f t l U i f «f Xe««*« * f o s ü
H ü gala« of «iftHiff and H ü araldanc« of H ü H ü «*
dividends H ü l would otorvi«* luü» H m paid «a dlvidond« roo*ired
Hr ü » M ü t r of aa affiliato group fron another* H ü tax «a
lntarcorporato dividend* u m intended ti pi«wsl H ü evasion of
Hü graduato corporato incoa* tax hy Mit lag % a «orlo« «f «mil
Hi orto t« «fctfttx Hü lower rata« applicable Hl «Pili
R* It lo «ooooonry to Mosto* whether these taxes
har* achieved H ü palpos*« they «oro Intended to ««roo and whether
toy t o « M lo retained la H ü postor t o
fl^o Individual laooao tax lo# aod
.
s m w ÍOo H ü «ntítiislay
of t o federal revenos syste*. Haztoa» it lo aoot lxparto# to
aofctoe a fair «ad, toltolo diotrtotiex of t o too# «olio roto
tmining bread eenmmr Market« and Incentive* to t o & tot Most*
Jotof to aajor tot probi*** ft* this flold new «ato study la t o
t o t o toltotagi
of H ü m m a
yWt/ fijjß Jj/l^UcJz£^<i
forcod a» Hi rato individual
tax rato«/[to Tory '
t o omtlro rato « t o M e should to- reconstructed with a «tor to
afflhiowing aa ooaitaoio distribution o* tax*« and
-ÌKUÈlÉÈm kjliÌÈtm ^
a m i
.Ik
A t * l h t A
iH’«1 iiMiMhÉltÊiÆ «jfcáÉiiXiX
iÉ(ijiüt
JL.A»
A Mk X
ander poto ito oondltloxo» t o rato mot to rooxsotned
la a&ditioa, a ranber of special relief previstene bave basa
enacted froa lite te bine design©! te aeet partie\ilar previeni
arleiag in varice* foreign countriss «ai area««
far exaapls*
domo«tic eorporatioa^ ^ a lif^n^ ai èstera HeHAspfcm**© Serperetions
bave tiao«
19**2 baca
esempi £*«a corporation sorta*.
Ala»
taxpayar# doing business in thè Possessione of thè United States
bave beai exespted fatai federai imam» taxee «ad a special type
of eaa^tloa le provi éed far China trade ¿et Corpor&tions.
Individuai* rssldaat ahroad are aUeeed a ce«plete ezenptìon
om their «egee aad «alari«« earned abro&d and e partici exesaptien
yhere tfeasni&coBne le derived froa operatine & basinese»
Amerie&n corporation* aad individuala delng bastasse à b m d
«houli aet he plased et e disadrentage la their concettilo» wiih
fereign firas» it thè ite tias» se long as they are Aaerieaa
eitlanse aad besineeseet they dheuld bear their fair «bare of
dosestic ter barèni« It le* therefore» hi^ily isportant that
ve aa&lyse thè combined effset of ti<ed State# and foreiga
t&xes with a vlaeffó nlaladLsiag aay ea&stlng discriainatlon and
9 » 1 |jfte»f^*BeraÉe nreblaés»
Mtentiom shouia be
glren te
thè edeigeaey aad deslrabilìty of tho pre seat 2-per cent adàìtion&l
ter on Consolidated corporata reterna and thè S5~perc@ni credit
far intereorpor&ta diridonde reeeived»
fhe spedai tax on Consoli
dated retarne «ras intended as an offset to thè taz advaoiaget
10 *
depreda tlon*
fhny^ontmd>bat thè individuai topsyer 1# in *
Getter petti len than thè tax adninletr&tor le estimate thè M I *
mmméi
g, Inerì can buttasse »broa&«
iberica». corporation« and
in&ividaals dolag business in foreign countries are nomai lar
subJect sei onljr te Jneriean tarsi tei ateo te l e » of H i liftip
eountrlss«
Suda individuale end enterprlees, tfaerefore, «ay beco»«
smbject le exces*l?* tax burina« unisse tome aMovanee le mais in
tWJUserican toc 1m fer tonni p&ià abroad.
In thè pani* inorine»
eorporations bave bean alleved te credit agnino t thelr imerican tax
liabilitiee on leeone derivai fre» business abreaà thè taxee whieh
thsy htrnm peld te foreign eountries*
<mWt,«»
i. lnriMM tow» ««*»«»■ 0»«rtaaiu«» «er ofi»**Uac
M m «
Ih m
«caftaaft taxabla Ih m
b
* * al««iflea*» .Am *«»
I» a«ter*laing «M »ItlMUTOHH o riÄy Im H m
> «ad 1«
»rrlYln* at a «qultabl« fcaala of t o b « flncMatts« tm— — «.
Badar jwaMaft la», » I speratln« ltnti auatsinad ft* say
rm *
aay >• « n M ta*k a*d appliad a«alas* tt»
e i
tt«
Im » M t A a i yaar« «ad aay lala« tm aal afcaorlwd aay I« earriad
fenrard aa * daMott«» f m ta s m «ttote» !•«** t M l t i W y
fallowlae ftha yaar «f losi, la aoi— «tl«a «Uh ywft” » tas
itrtiiMi, ftt ft* i*p«rt«a* ft« m h U b Ae«»» Oa.>— «■* U m
•fiM» period ft* laag «aoagh» t m * W ft^*rt*a* proftU* la
I« dataMiaa M t « II* yw«**ft «rat« »f «arr/ U Hu a*&
earryforaard« li p«i«ta>U 'I* a *f*ftM tMiÄ n U « « M l *a
6affyforw&rd®•
f. A w — ftalftM. B» «p««4 H M earftaftafty «1 i W M « y «f
sapltal i*M*ft*t fta «qawtftiAU ****** U m m iaportaat Uarlag
e* tit* r u u «f tamlMt,
0H*«u»tti* II ft* ■■*■«■«>y I* «4m
attntlu ft« MUI«t*** ift|»Hit Mpr— UftU» praeticaa and ft*
Tirln* pipmili f«r tttir aadifieatlaa» Ih m ftaapayera «oapUta
that the « ^ ~ ~ ^ h B*Vnaii ton rlptit tu 1t« -ftr*n1
dapraaUtlon «UMaaeM .uid «*** M
of
fthay « n U ft* t f w m m
laaway U ««fttaatiag th* aaafal U m * of «Mftr iapraolatia «***•*
«ftaac* f««U«a*«r U M * * la »alaaftta« Uta aaftUt rf takftag
7m&
mi
far
roto*a*d m ia*isàeat mtm&r m f » m uto**
laiallai
mf
carpami*
ptm&È!»•
#f eorparat® incoia© imi«««
and alternativa
la datamia# t
e M dieadvaatages tift rasposi t* t«s* abitar» mmtmtmAm tfltdi» an4
«dalaisiratIre «ossideraitesa*
j* Swftlì w W a a >
The filai la^artasas io H» eeoaeaie «arata®
4# » vigor**« «ad healthy grof *f ««all haaSaaa* «*ta*pria*o *als*a
tl assestisi t* «*a*td*r aarefalljr tha i*P**t mt presesi taxe« oa
fPffii Damimi «®. $mm spatosaaa **r «aaU
that tfca
presosi iaat «rato» dlierisiaaU« aliasi «®*tóLX«ar oat*rp«rÌs*s aad
aasseessacrar lapo(liiiiriit« io Hitif eslablisìunQl «ad grcwth*
«fr» thè positi*® tfea* a® attoapt «fcurald 1« »ad* t* litorali»#
Ito iax forata®, la ordar io pmid» spoetai ¡^Nw*ta«a* t m ' mm «ad «»alt
eaterprises* Aaasg ito propoaala adraacod fer ito tax rolief *f
r a\t basta*ss «re saggosilos* far tax «ai* roTisioas» la® oxsttptloa
far sa* aslorprisat# fa* axasiptiea ar datoaiiaa far far?»sta©ai I®
si«i| toslaoaa» and »ara UWfil troataast far aporatiag Xmmmm
m&
dopreciation allAmft»«* fhesa aad attor iproposalariar ih« special
tosefli of hoth isoorporatod aad ratacarpa*atod business fi*** rata*
dimenìi probisa« wfcieà «arti
2*
Iflpc^tlaa of dividends.
Under present 1air a coxporation pays
an income tax on its entire net income and stockholders
thalr dividend income at the regular income tax rates.
of taxing corporate profits has been widely criticised as involving
double taxation .
(L4yyJjCss-dLc*(-
I t is/iheld -te he both inequitable and damaging to
investment incentives*
^
4BMTiHilmmft.swt omi.sf"1
this is a question about which there Is no general agreement*
An
important issue in postwar tax policy relates to the extent of
so-called double taxation of distributed corporate profits and tie
question of the desirability of reducing or eliminating any existing
double taxation*
On the assumption that the corporation income tax rests at least
in part on stockholders* a »amber of plans have been advanced for
the redaction or elimination of double taxation*
three basic types.
Shose plans are of
One approach would be to eliminate the corporate
income tax and to tax stockholders* like partners* on their full
portion of both distributed and" undiuiryi%4i>0’& corporate profits*
A
second approach would be to continue the corporate income tax but to
W L , | %<| hf m . ' \ . JplS
Tl )
*‘ |
y ^
*
grant corporations a tax credit or deduction for dividends paid*
A.
third approach would be to continue the corporate income tax on both
distributed and undistributed profite but to grant stockholders an
allowance or credit with respect to dividends received*
the treasury ‘
Bselnets 1asss
Be?l»lea In the basin««« tax field should bo ¿»«t|Be& Ini feélm
tho greatest feasible oaifermlty of ImNteil «f different forms *C
business, to presóte a «otad competitivo system, and to eliminate any
barriers It & hi^h letal of-invest*eat. Among the important business
tax Batters being studied are the following*
1# ftorporats ratea» Both the level of corporation tax ratee
«id the method aad ext«it of graduation need to bo carefnXly examined*
Under preseat lea the corporate income tax begins at a rate of SI
percent «I oat incoa#« of loco thaa $5*000 aad is graduated to a rate
of $$ foroosi os the entire inoomo if la. excess of $50*000*
She level of corpsrsts tax rate« «net be considered la H o U # l
of overall revesaos refulreaemts sad aotloa tabea os other major taxes*
with da» regard to ssy revisions lx the *trastero of the corporation
tax*
&*• present aethod of grada&tien looses a hldjh rats of 53 per-
sent m lneoao in the to-called notch area between $25*000 «id $50*000*
is bring the effective rat« on the whole laoaae op to 3$ percent at
$50*000* One question that merits consideration is whether M i s
aethod of graduation should be «oSlImsd ox Whether the so-called
notch rate shonld be eliminated and a system Of bracket gradsation
similar Is that need for the IndJMdasl inooae %ex substituted*
****** tìttl vili m rm teorica feest i d i segni** tfe* cooperation
te the legislative «si executive I w É e t ef the f u m i l i and
te te» taxpayers and tee pnfelic generally,,
fee »»ed «1*» te eaUet,
«*â I su «ere ve shall get# the wholehearted coopération ef tèe
»tate« asá localities*
1» te a®peaf*ac«S.»a I«. I r l feefere year tesnittee and thè
^ Senate Usa«** Cessi ttee* I indicated that the technical «taff ef
te* tseawor Bepsrtscnt ha» under vay «tedi*« es tene treaty sajar
satter« that rill refaire attest les la soy eoapreheaslve reel «Íes
ef the tas systea.
fheee Include stadie» es fessine«» tas»*#
individuai incese taxe»# axel «a taxe«» estate sad gift tasi, asi
*>cial security taxe«*
%
th* Cesnittee afaesld «e desire# I vili
ivfeait the «e «tedia* te it as they are eesploted.
| W
I «gaia effer
iSMittee the *e»$exu*i*n ef tee estire (ites)»taff ef ite
treasury Department in connection vite te» important tete ef devetef»
lag * « o m d tes »yates that vili aste a major contribution te tte
faterà pregres« ef this country*
I
vite ssv te mnmmt tete fly en each te tee a&jor tes i t e m
» » Id a r s tu d y i n
t h e f r e e s u r y D op ® r tm a n t .
fflpgftffi
111 II) wxiln>»»> * souad t u ayste» aheuld M > t tt» fellonia*
esteatiti tatti,
9 » t u ayatea e h u l d produce r i t u a l e I W B » .
I* « M O L A te eqaltaile l a Ita t r rataent t
ahoold lata riera U
Xt
te t m r t .
«re e—
littla u
IMdtti.
reepe.
X*
peaalfala *tth laesatlTee te w ork « a d
ahoald faelp Baiatala «te I w r t t w W M f u r t a t a tori
tU^t. far t i f i m i
•beali «e M
Ottenni
predarti«» ari raplayaea».
»tapi* te adalaiater «ad
h a i
eaey t e ceaplf «ito U
m
Sfalle rie tal eyate» d a d i W
f l u t t i » «ad « t u i a »ito
«eoDoale coadltlene, tt shoald te peeetfala te schiere tfale
f i a A l U t r vlthont fre^aeat veri aiate
d atafale t u
thè fatale t u
atraotwe.
atruetore, rito aaaaeaaqr ftexlfalUty «enfined largely
te « a u g n a l a t u ratea « a d exaaptiaaa» »111
it eaaidr
faaataeaa and Seaensaent te p i u II» thè tatara.
Setere gola« a» te aea ttea Sto
arata tori
X b ell ere a a d special
atriy» X abould iik e te rapeat agr il* » eoariettoa to ri r i thla t i u
me
fané a »alato ap purlulty te aodewdw tfae federai t u e y a tu . *e
imm* p&***t$m* I t w U ef Qrr*fw»al expoadilmr*» a&d
eoatim iag h i# Irre ls •£ mattonai Ja m o aad frodaci! «a*
* period *£
la s roàaetioa i* appro&cfeiag. *mt la ordir *9 I d i #*11 adrsatag® #f
our op ortunity to aoderalse Hi» tax «?*&m m m.»% m&m carefol m
o f tho a v a lla i* aargi&s of «arpia*. Bui *«rplms aa*t ho f i l i l i
Judicioasly tortuosa doht rettroaeat aad la z redacUoa.
I>«dtHrtlo&ft shoald
Ini
& » lax
alloe&ted earoffelly aaong fato ro&aetioa« aad *
larga aw&or ©f strcurtaral rorisJoa»»
ft * derelopaoat ©f a wNter* tas
m B «*
As ft first step towards the d**el*imeat of s postwar t a *y*t«*
fact* «K* evideae* sheald
Hi
M
m
M M
fir the
eensidoratie» «f heth
the «»eut ive and legtslattw branihes ef tfe« flessi'masut.
information will W i
today
Tkt*
from the hearing* that « M being initiated
alt»* feem Ito* «eatinalag technical r**ear*h werk of the
tax «taff* «f the treasury Separtmeat and tì» #«t*t ®emmitteo e*
Internal Secase fucati**«
later* ehe* this necessary information if
at hand * »staid té* program «na he developed.
By beginning ««fly* *• the Comities ha»#
m
itali have ii*e te
ft thore«^g»l&* «tody o f the preeeat taz erstem« te consider
carefully a large »amber o f possible re sisiuu« «ad te werk osi a
well-balanced prognes« d program cam he smtllsed f l r f t la bread
terme mad the flami detall* s e ^ d u i t m* Ä e h m d g e ta r y Ä
situation gross «leerer,
WM»Al*gisl& ti«n le
meftdbee
already agreed ^xm «a* he- beton op is the order' o f their priority*
It
¡¡§ highly mlltoiy that the filial and eoenemie situation will
narrant enactment of « U k t e i h ^ ß ^ ^ r e v i s i e a » at the same time*
Bat adsaae* planning and study will ami» it peeeihî» te proceed ia an
orderly fashion without prejsdioim
m t m m *m xr
pert of the program
without the danger of reducing the rewemae* tee rapidly.
With your pndolsa. I «humid Uto te restate the priaeiple«
tomi I beitee* toerntd «mide emr medio* sad to esili attention te a
«m W o f tarn problem* that meed careful consideration.
It
intention tedmy te mato recamen dations m «ay «peoifi« to i
*fay JM
ter
rere
aaàHfesns "taiSBiiieÎr^»y I J T IfS J
IO 4>h> , Mr^Uy, ~K*y\4, » 1 9
®t ^
«
,
,4vW* */ k f * ~ * * * ^
1 «ci glad te lune th is opportunity o f g e a r in g befere the W&ys
end Weans Gosaalttoe In d a n ttetin with it» proposed examination o f
tfee «Isolo tax » / litt»
Shis approach to the tax prahlest is la accord
with the recommendation for a comprehensive study which 1 nade la ay
recent appearances befere thi» Geaalt too sad again before the Senate
fla m e Committee.
Only by locking at the tea system ae a «hole la
i t possible to lay a sound foundation for future legislativ e action.
fhe task oonf routing ns 1«’ o f the greatest laper tance» he canee a
soundly conceived and well-balanced tax system can make a significant
contribution to the maintenance o f prosperity asá ovse-ndveaeiqg
the fir s t requisite e f such a tax system is that I t should
produce adequate revenue to hálense the budget and to provide a
substantial payment on the publie debt* in order to sustain the
confidence o f the public in the integrity o f the Government 's obliga
tions and i t s financial strength* Am Secretary of the treasury, 1 mi
responsible for the management e f Haï publie dolt and 1 am keenly
aware that the federal Government's securities ere an important part
e f the aeeete e f h a m * insurance companies, end ether financial
In stitution s that serve the public as the repositories e f It s saving».
Moreover» tens e f m illions of persons are direct cenere e f federal
securities*
We have a great responsibility to build a tax system «bläh
w ill pro ser ve tbs fundamental soundness of our financial system*
TREASURY DEPARTMENT
Washington
Statement of Secretary Snyder before the
Ways and Means Committee of the House of
Representatives
10:00 A.M., Monday, May 19, 19*7
I am glad to have this opportunity to appear before the
Ways and Means Committee in connection with its proposed
examination of the whole tax system. This approach to the
tax problem is in accord with the recommendation for a com
prehensive study which I made in my recent appearance before
this Committee and again before the Senate Finance Committee.
Only by looking at the tax system as a whole is it possible
to lay a sound foundation for future legislative action. The
task confronting us is one of the greatest importance, because
a soundly conceived and well-balanced tax system can make a
significant, contribution to the maintenance of prosperity.
The first requisite of such a tax system is that it
should produce adequate revenue to balance the budget and to
provide a substantial payment on the public debt, in order
to sustain the confidence of the. public in the integrity of
the Government *s obligations and its financial strength. As „
Secretary of the Treasury, 1 am responsible for the management
of the public debt and I am keenly aware that the Federal
Government1s securities are an important part of the assets of
banks, insurance companies, and other financial institutions
that serve the public as the repositories of its savings.
Moreover, tens of millions of persons are direct owners of
Federal securities. We have a great responsibility to build
a tax system which will preserve the fundamental soundness of
our financial system.
As a first step towards the development of a postwar tax
system, facts and evidence should be assembled for the con
sideration of both the executive and legislative branches of
the Government.
This information will come from the hearings
that are being initiated today and also from the continuing
technical research work of the tax staffs of the Treasury
Department and the Joint Committee on Internal Revenue Taxation.
Later, when this necessary information is at hand a sound tax
program can be developed.
3-333
2
By beginning early, as the Committee has, we shall have
time to make a thoroughgoing study of the present tax system,
to consider carefully a large number of possible, revisions,
and to work out a well-balanced program, A program can be
outlined first in broad terms and the final details worked
out as the budgetary and economic situation grows clearer.
When the time comes to draft legislation, measures already
agreed upon can be taken up in the order of their priority.
It is highly unlikely that the fiscal and economic situation
will warrant enactment of all the ultimately desirable revis
ions at the same time. But advance planning and study will
make it possible to proceed in an orderly fashion without
prejudicing any necessary part of the program and without the
danger of reducing the revenues too rapidly.
With your permission, I should like to restate the prin
ciples that I believe should guide our studies and to call
attention to a number of tax problems that need careful con
sideration. It is not my intention today to make recommenda
tions on any specific tax question.
I believe that a sound tax system should meet the follow
ing essential tests. The tax system should produce adequate
revenue. It should be equitable in its treatment of different
groups.- It should interfere as little as possible with incen
tives to work and to invest. It should help maintain the
broad consumer markets that are essential for high-level pro
duction and employment. Taxes should be as simple to administer
and as easy to comply with as possible. While the tax system
should be flexible and change, with changing economic conditions,
it should be possible to achieve this flexibility without fre
quent revisions of the basic tax structure. A stable tax
structure, with necessary flexibility confined largely to
changes in tax rates and exemptions, will make it easier for
business and Government to plan for the future.
Before going on to mention the_areas that I believe need
special study, I should like to repeat my firm conviction that
at this time we have a unique opportunity to modernize the
Federal tax system» We are nearing lower peacetime levels of
Government expenditures and qontinuing high levels of national
income and production. A period of tax reduction is approach
ing. But in order to take full advantage of our opportunity
to modernize the tax system we must make careful use of the
available margin*of surplus. The surplus must be divided
judiciously between debt retirement and tax reduction. The
tax reductions should be allocated carefully among rate reduc
tions and a large number of structural revisions, The develop
ment of a modern tax system that Will serve America best will
require the cooperation of the legislative and executive
branches of the Government and of the taxpayers and the public
generally. Vie need also to enlist, and I am sure we shall get,
the wholehearted cooperation of the States and localities.
3
In my appearances before your Committee and the Senate
Finance Committee * I indicated that the technical staff of
the Treasury Department has -under way studies on some twenty
major matters that will require attention in any comprehensive
revision of the tax system. These include studies on business
taxes, individual income taxes, excise taxes* estate and gift
taxes* and social security taxes.
If the Committee should so
desir?, I will submit these studies to it as they are completed.
I again offer your Committee the cooperation of the entire tax
staff of the Treasury Department in connection with the important
task of developing a sound tax system that will make a major
contribution to the future progress of this country.
I wish how to comment briefly on each of the major tax
items under study in the Treasury Department.
Business TaxesRevision in the business tax field should be designed to
achieve the greatest feasible uniformity of treatment of dif
ferent forms of business, to promote a sound competitive
system*, and to eliminate any barriers to a high level of invest
ment.
Among the important business tax matters being studied
are the following:
!• Corporate rates, Both the level of corporation tax
rates and the methbH""ind extent o f graduation need to he care^
fully examined. Under present law the corporate income tax
begins at a rate of 21 percent on net incomes of less than
$5,000 and is graduated to a rate of 3$ percent on the entire
income if in excess of $50*000.
The .level of corporate tax rates must be considered in
the light of overall revenue requirements and action taken on
other major taxes* with due regard to. any revisions in the
structure of the corporation tax* TIfc*.present method of gradu
ation imposes a high rate of 53 percent on income in the socalled notch area between $25*000 and $ 50 *000 * to bring the
effective rate on the whole income up to 38 percent at $50*000.
One Question that merits consideration is whether this method
of graduation should he continued pr .whether the so-called
notch rate should he eliminated and a system of bracket gradu
ation similar to that used for the individual income tax sub
stituted.-" .
a/. Taxation of dividends. Under present law a corporation
pays an income tax bn its entire net income and stockholders are
taxed on their dividend Income at the regular income tax rates.
This system of taxing corporate profits has been widely criti
cized as involving double taxation.
It is contended that this
is both inequitable and damaging to investment incentives.
This is a question about which there is no general agreement.
An important issue in postwar tax policy relates to the extent
of so-called double taxation of distributed corporate profits
and the question of the desirability of reducing or eliminating
any existing double taxation,
On the assumption that the corporation income tax rests at
least in part on stockholders, a number of plans have been ad
vanced for the reduction or elimination of double taxation.
These plans are of three basic types.
One approach would be to
eliminate the corporate income tax and to tax stockholders, like
partners, on their full portion of both corporate profits.
A
second approach would be to continue the corporate income tax
but to grant corporations a tax credit or deduction for divi
dends paid. A third approach would be to continue the corpo
rate income tax on both distributed and undistributed profits
but to grant stockholders an allowance or credit with respect ,
to dividends received.
The Treasury Department has completed
and released a technical study of a number of such plans for
the taxation of corporate profits.
The taxation of corporate*income raises important and
exceedingly complex problems.
The existing arrangements and
alternative approaches need to be carefully analyzed to de
termine their advantages and disadvantages with respect to
tax equity, economic effects, and administrative considerations.
3. Small business. The vital importance to the economic
system of a vigorous and healthy group of small business enter
prises makes it essential to consider carefully the impact of
present taxes on small business.
Some spokesmen for small busi
ness believe that the present tax system discriminates against
smaller enterprises and imposes unnecessary impediments to their
establishment and growth.
Others take the position that an at
tempt should be made to liberalize the tax system in^order to
provide special advantages for new and small enterprises. Among
the proposals advanced fór the tax relief of small business are
suggestions for tax rate revisions, tax exemption for new enter
prises, tax exemption or deduction for investment in small busi
ness, and more liberal treatment for operating losses and de
preciation allowances.
These and other proposals for the special
benefit of both incorporated and unincorporated business firms
»aise difficult problems which merit extensive investigation.
5
4* Tax exempt organizations. Because of the continueo
growth of the scope and volume of activities of tax exempt
organizations, there is need for reexamination of the tax
status of these organizations.
It has been charged that in
some instances the present treatment discriminates unfairly
against taxable enterprlses.
5. Elimination of discrimination among various forms of
doing business,
in a free competitive economy b u s i n e s s i s
conducted in a variety of forms.
Sole proprietorships, partner
ships, and corporations can ail make a significant contribution
to economic progress.
It is important that taxes create no
unnecessary obstacles to the carrying on of business in the
forms best adapted to different situations. At the present
time, there are significant differences In taxes on incorporatea
and unincorporated businesses, depending on the size of the
business income, the other income of the business owners, ana
the portion of the profits retained in the business.
While com
plete uniformity of tax treatment of proprietorships, partner
ships, and corporations is impracticable, the present tax system
needs careful examination to determine whether existing differ
ences in treatment are justified.
6. Business loss offsets.
Opportunities for offsetting
business losses against taxable income are a significant f a c
tor in determining the attractiveness of risky investment and
in arriving at an equitable basis of taxing fluctuating incomes.
Under present law, net operating losses sustained in any one
year may be carried back and applied against the income of the
two preceding years and any balance not absorbed may be carried
forward as a deduction from income of the two years immediately
following the year of loss.
In connection with postwar tax
revisions, it is important to consider whether the present loss
offset period is long enough. Another important problem is to
determine whether the present system of carrybacks and carry
forwards is preferable to a system which relies solely on
carryforwards.
7. Depreciation,
The speed and certainty of recovery of
capital invested in depreciable assets have an important hear
ing on the risks of investment.
Consequently, it is necessary
to°pive attention to present depreciation practices and to
various proposals for their modification.
Some taxpayers com
plain that the present system of depreciation allowances is too
rigid and urge that they should be given more leeway in estimat
ing the useful lives of their depreciable assets and more free
dom of choice in selecting the method of taking depreciation.
They contend that the individual taxpayer is in a better posi
tion than the tax administrator to estimate the life span of a
particular asset.
Some advocate a change in the law that would arbitrarily
shorten the write-off period so that the capital invested in
depreciable assets will be recovered over a period which is
less than their probable useful life.
They assert that ac
celerated depreciation would reduce the risks of large capital
expenditures in fixed assets.
To the extent, however, that it
understates income during periods when a taxpayer is increas
ing his capital investment, it would result in postponement of
tax,
8.
American business abroad. American corporations and
individuals doing business in foreign countries are normally
subject not only to American taxes but also to those of the
foreign countries.
Such individuals and enterprises, there
fore, may become subject to excessive tax burdens unless some
allowance is made in the American tax law for taxes paid
abroad.
In the past, American corporations have been allowed
to credit against their American tax liabilities on income
derived from business abroad the taxes which they have paid
to foreign countries.
In addition, a number of special relief provisions have
been enacted from time to time designed to meet particular
problems arising in various foreign countries and areas.
For
example, domestic corporations qualifying as Western Hemisphere
Corporations have since 19^2 been exempt from corporation
surtax.
Also, taxpayers doing business in the Possessions
of the United States have been exempted from Federal income
taxes and a special type of exemption is provided for China
Trade Act Corporations.
Individuals resident abroad are
allowed a complete exemption on their wages and salaries
earned abroad and a partial exemption where their income is
derived from operating a business.
American corporations and individuals doing business
abroad should not be placed at a disadvantage in their com
petition with foreign firms. At the same time, so long as
they are American citizens and businesses, they should bear
their fair share of domestic tax burdens.
It is, therefore,
highly important that we analyze the combined effect of
United States and foreign taxes with a view both to minimiz
ing any existing discrimination and inequities and to ascer
taining whether such taxpayers are bearing their fair share
of taxe s .
7
9* Intercorporate problems. Attention should be given
to the desirability or the present 2 -percent additional tax
on consolidated corporate returns and the 85 ~'Pi2rc©nfc credit
for Intercorporate dividends received.
The special tax on
consolidated returns was intended, as an offset to the tax
advantages accruing from the offsetting of losses of one
corporation against the gains of another and the avoidance
of the tax on intercorporate dividends which would otherwise
have been paid on dividends received by one member of an af
filiated group from another. The tax on Intercorporate
dividends was intended to prevent the evasion of the gradu
ated corporate income tax by setting up a series of small
corporations in order to obtain the lover rates applicable
to small corporations.
It is necessary to determine whether
these taxes have achieved the purposes they were intended to
serve and whether they should be retained in the postwar tax
structure,
Individual Income Taxes
The individual Income tax is, and should remain, the
mainstay of the Federal revenue system.
Hence, It is most
important to achieve a fair and equitable distribution of
the taxes while maintaining'broad consumer markets and i n
centives to work and invest.
Among the ma j o r tax problems
In this field no w under study in the Treasury Department
are the following:
10.
Individual rates.
The financial demands of the war
forced us to raise individual income tax rates in all brackets
to very high levels.
The entire rate schedule should be r e
constructed with a view to achieving an equitable distribution
of taxes and m a x i m u m production under peacetime conditions.
The rates must he reexamined to determine their effects on I n centives to work and invest,and their effects on living stand
ards and purchasing power.
Revision of the individual income
tax r a t e s should be coordinated with other changes in the i n
come tax such as personal exemptions and the treatment of
family incomes and wi t h changes in other taxes.
1 1 # Personal e x e m p t i o n s . As a part of the war finance
program, personal exemptions under the individual income tax
were sharply reduced.
At the present time a taxpayer
a^ ”
lowed an exemption of &500 for himself, for his wife, and for
each of his dependents.
Thus, a single person now has an e x
emption of $500; In 1939 his exemption was *1,000.
A married
couple without children n ow has an exemption of $1,000 as co m
pared with $2,500 in 1939.
While exemptions for single persons
and ma r r i e d couples have been reduced, tne allowance for depen
ents has be e n Increased from $400 in 1939
the present level
of $500.
W a r and postwar increases in the cost of living have
further sharply reduced the real purchasing power represented
by the personal exemptions.
8
The level of personal exemptions determines the coverage
of the individual income tax and affects in an important way
the role of the tax in the revenue system as a whole.
Con
sideration needs to be given to the question whether an a d just
m e n t should be made to take account of higher living costs. It
is also necessary to reexamine the alignment of exemptions as
between single persons, married couples, and dependents,
12,
F a m i l y i n c o m e . Under present law there are inequali
ties in taxation of families arising out of the fact that
couples In community property States are permitted to divide
their community earned and Investment income for Federal income
tax purposes, thereby reducing their taxes under the progressive
rate schedule.
There are also inequalities arising out of the
fact that in all States recipients of Investment Income have
opportunities for splitting that income among members of the
family, whereas in non-community property States earned income
is taxed to the earner.
The tax value of income splitting
varies with size of income.
Couples with not more than $2#000
of net income after exemptions can realize no tax benefit from ’
income splitting, whereas under the graduated rates couples
with large incomes m a y realize substantial benefits.
These
tax savings have created difficult administrative problems and
endless litigation In the field of family trusts, family p a r t
nerships and various other types of property assignments.
Over a period of years the Congress and the Treasury have
both considered means of eliminating or reducing the resulting
tax inequalities among similarly situated families, but no
adequate solution of the problem has been adopted.
One limited
approach that has been considered In the past would be to
eliminate the tax advantages of the community property system
by taxing earned income to the earner and other community
property income to the spouse who exercises management and
control. A more comprehensive approach to the problem, which
has also received Congressional attention in the past, would
be to require joint tax returns by husbands and wives.
Still
another approach, which has only recently been given widespread
attention, would be to eliminate tax differences resulting from
income splitting between husbands and wives by granting couples
In all States the option to divide their combined incomes for
tax purposes.
The existing inequalities in taxes on family incomes are
significant and call for careful consideration of this problem.
It must be recognized that the various solutions that have been
suggested would have different but Important effects on the
revenue yield of the income tax and on the distribution of taxes
among different income groups and between married and single
persons.
It is, therefore, desirable to consider the family
income problem in connection with any comprehensive revision of
the individual tax.
9
13. Pensions and annuities. There are now several million
persons who receive various forms of pensions and annuities.
With the wartime reduction in personal exemptions and the recent
increases in the cost of living, the tax treatment of pensions
and annuities has become an increasingly important problem.
Under existing law, social security and railroad retirement
benefits and certain other kinds of pensions and annuities are
excluded from taxable income. These exclusions raise important
problems of tax equity.
With respect to taxable annuities,
there should be a reexamination of the present method of allow
ing the tax-free recovery of the annuitant’s capital contribu
tion. The taxation of pensions and annuities is closely related
to proposals for special treatment for aged persons under the
individual income tax.
14. Averaging. Under graduated tax rates, taxpayers with
widely fluctuating incomes are required to pay substantially
larger amounts of tax than those with stable incomes totalling
the same amount over a period of years. Moreover, many taxpay
ers lose the full benefit of their individual income tax exemp
tions because in some years they do not have income equal to
the allowable exemptions.
Such taxpayers are also taxed more
heavily over a period of years than those with stable incomes.
These inequalities in taxation raise the question whether it is
desirable to adopt some method of averaging income over a period
of years for purposes of the individual income tax. Averaging
may have a significant bearing both on tax equity and on the
effects of taxation on incentives to invest in risky business
ventures.
The adoption of averaging would result in a substan
tial loss of revenue, and the effects of such a loss in revenue
must be compared with the effects of other tax revisions.
15.
Credit for earned income. The Federal income tax has
provided a credit for earned income during the years 1924-1931
inclusive and again in the years 193^-19^3 inclusive. The
earned income credit, however, was comparatively small in amount,
and in the Revenue Act of 19*6 it was eliminated, mainly on the
grounds that the credit was not large enough to Justify thfe com
plications that it introduced into the tax system.
There have,
however, been a number of proposals for reinstituting a credit
for earned income under the individual income tax.
Some pr o
ponents of an earned income credit view it primarily as a means
of reducing taxes on wage earners, whereas other advocates of
an earned income credit are concerned primarily with its effects
on the incentives of business executives.
10
16.
Allowances for life
premiums and othgr
savings.
Tnere have been proposals to
'ductIon under the Individual Income tax for
premiums.
Proposals have also been made to allow a deduction
for a limited amount of earned income
curities.
If such allowances were granted it
I v
he necessary to consider a corresponding general allowance for
other forms of savings, in order to prevent ^ fal^ ^ c r i m i n a
tion between individuals investing their sa^ nf 3i " ° H £ £aise
ways. These proposals for special allowances ^ r 3 ^ nf f£gct
basis equity questions and economic issues as to their ri
on savings, investment and consumption.
I
n
s
u
r
a
n
c
e
.
17. Capital gains and losses. Under present lav gains
on capital assets held by individuals and corporations o
six months are taxed at rates which do not exceed a ^axim th
of 25 percent.
Losses on such assets are allowed only^to
extent of capital gains, except in the case of individuals^
such losses may be offset against ordinary
tent of $1,000 each year. A 5-year carryover of unabsorbed
capital losses Is allowed.
The tax treatment of capital gains and losses, it has
been contended, has a considerable effect on the securities
market and the supply of capital. A great many problems
have arisen as the res ult of taxpayers’ efforts to convert
ordinary income into c apital gains entitled to the lower tax
rates.
The basis for taxing capital gains at lower rates
than other income and the limitation on the deductibility oi
capital losses should be reexamined.
Excises
Revision of excise taxes*. The Federal Government
now imposes excise taxes" on more Than 50 commodities or ser
vices, most of which were substantially increased or newly
imposed to help in the financing of the war. The revision
of the excise taxes raises the important policy issue of
how large a portion of the total revenue should be raised ^
from excise taxes.
This question is closely related to such
matters as the level of income tax exemptions.
****
propriate to reexamine these excises with a view to fitting
them together into a coherent system adaptable to our peace
time requirements.
Each of the excises imposed should be
carefully considered with a view to reducing or eliminating
those which are extremely regressive, which enter into busi*ness costs, which are unduly burdensome on profits of Parti
cular industries, or which are unusually difficult to admin
ister.
Revisions of particular taxes will have to be studied
in detail so that any changes made will be appropriate in
light of the competitive conditions in the various industries.
11
19* Discrimination between domestic and imported goods«
Last year your Committee gave consideration to the problem of
making certain imported merchandise subject to the same inter
nal revenue taxes as similar merchandise of domestic origin
and referred it for study to a group consisting of the Joint
Committee on Internal Revenue Taxation, the State Department,
the Tariff Commission, and the Treasury.
Consideration of
this problem has involved an analysis of the treatment of
such imported products as beer, lubricating oil, and numerous
products containing alcohol including medicinal preparations,
toilet preparations, flavoring extracts, fruits and food
colorings.
Determining what constitutes disciimlnation is
complicated by the nature of the tariff schedules which In
some cases provide specific rates that may have been intended
to compensate for the absence of excise taxes on imported
products. The inter-relationship between excises and tariffs
thus tends to raise questions Involving this country’s poli
cies with respect to International trade agreements.
Estate and Gift Taxes
20. Revision of structure. In the estate and gift tax
field there has long been a need for an intensive study and
legislative revision of the basic structure, particularly with
respect to the relationship between the two taxes and their
mutual relationship to the income tax. For the past three
years the Treasury Department,with the assistance of an Advisory
Committee of prominent tax attorneys, has been exploring the
problems in this field, with a view to preparing a comprehensive
report for consideration by the Congress. This Important task
is nearing completion and the report is In the final stages of
preparation.
It will contain a detailed analysis of the prob
lems involved and recommendations for a revision of the estate
and gift taxes, the adoption of which, It is believed, would
greatly increase the uniformity, simplicity, and equity of
these taxes.
Social Security Taxes
21. Extension of coverage. The financing of social
security and its coverage raise certain important problems
which will need consideration in connection with the develop
ment of the postwar tax system. As a result of a request of
July 27, 19^6, from Mr, Doughton, then Chairman of this
Committee, the Treasury Department ha3 been carrying on a
study of the problems that would be associated with the e x
tension of coverage for old-age and survivors’ insurance.
Attention has been directed primarily to the difficult tech
nical and administrative problems involved in developing
feasible methods for covering self-employed persons and
agricultural and domestic workers,
12
The problems raised in connection with the coverage or
both of these groups differ substantially from those, involved
in the coverage of workers in industry and commerce.
At
present social security taxes are imposed on wages, the e m
ployer withholding the employee tax and remitting it together
with the employer tax.
In the case of the self-employed, this
system is not applicable because there is no employer-employee
relationship giving rise to wages, and it is necessary to
establish the base on which the self-employed should be taxed
and how the tax should be reported to the Bureau of Internal
Revenue.
Both of these problems raise numerous questions,
particularly with respect to the self-employed having very low
incomes who are not subject to income tax. Uhile the employer'
employee relationship generally exists In the case of agricul
tural and domestic workers, the majority of the employers
either are not accustomed to filing tax returns or are not
engaged In business.
Moreover, employment generally is highly
Irregular, prevailing wages are much lower than In industry
and may be paid partly in kind, As a result, provision may
need to be= made for different techniques in order to achieve
adequate coverage of these groups.
Substantial progress has
been made towards recommendations for the solution of these
problems.
Technical Matters
In addition to the tax matters of broad and general impor
tance to which I have briefly referred, there are a substantial
number of needed technical adjustments of considerable signifi
cance that have accumulated during the war years. The Revenue
Act of 1942 was the last piece of major legislation in which
the Congress undertook to go into such problems to any great
extent* Many of these matters pose policy questions of som©
magnitude and their proper solution will frequently involve
technical problems of considerable difficulty and complexity*
Among the more important of these items are such matters as the
treatment of (a) war losses, which involves primarily the treat
ment of recoveries of properties lost during, the war; (b) can
cellation of indebtedness, which is a matter requiring general
reconsideration and over-hauling; (c) certain types of recapital
izations and reorganizations, to which there appears to be
increasing resort as a method of attempting to avoid tax on
corporate distributions in situations where there are accumulated
corporate earnings;
(d) provisions of the tax law the operation
of which is affected by the termination of hostilities and of
expenses, a problem which involves
the war;
(e) occupational
_
primarily the difficulty of drawing satisfactory lines between
the non-deductible personal expenses of individuals and their
deductible business outlays.;
(f) research and.development
expenses, involving the question of permitting greater flexi
bility In the determination of whether such costs should be
capitalized or deducted as current expenses; (g) capital gains
13
and losses, in which the i>roblem relates primarily to use of
the present provisions, such as section 117(j), in certain
instances for tax avoidance purposes; and (h) a number of a d
ministrative provisions which require amendment in order to
facilitate the administrative operations of the B u r e a u of
Internal Revenue and assist “taxpayers, such as elimination
of oath requirements on certain return forms, correction of
certain statute of limitation provisions* elimination of
burdensome and unnecessary reports of small refunds, e l i m i
nation of irrevocability of the election of the taxpayer with
respect to the standard deduction, improvement of the enfo r c e
ment of reporting and paying by employers of tax collected
from their employees under the withholding system, and similar
matters.
These above Items are illustrative of a number of pressing
technical and administrative problems which the T r easury and
the taxpayers have encountered In the operation of the Code,
In conclusion I believe that we should approach the
important task of postwar tax revision with an open mind.
We
need to study and analyze all the major matters that I have
mentioned and m a n y more that will arise upon further e x p l o r
ation,
We should scrutinize carefully all the present sources
of revenue to ascertain whether they are in proper balance. We
should also explore all possible sources of new taxes which
upon investigation m a y prove meritorious, and which m a y
relieve pressure in other areas.
The development of a soiand postwar tax system constitutes
one of the most Important steps towards the assurance of c o n
tinuing prosperity in this country.
If production is to c o n
tinue to increase, if the American standard of living is to
improve In the future as it has in the past, the tax system
must yield the needed revenue without impeding business and
work Incentives, without restricting investment and without
weakening consumer markets.
I wish again to exj^ress m y
pleasure in appearing before this Committee as the wor k is
being initiated on a fundamental revision of the Ame r i c a n tax
system.
0O 0
5
represent the best that present day wisdom and courage
have to offer to world amity*
They are civilization s
-only protection against the injustice of war*
< * # # * * *
4-
exchange arrangements•
The American born plan of an International Trade
Organisation would administer a code of fair practices
in commercial dealings between nations*
And, at the
same time, we have launched a campaign of missionary
work to induce the reciprocal lowering of tariff barriers#
The United States is participating wholeheartedly
in all these undertakings, and she is contributing, too*,
the operations of the Export-Import Bank, specific credits
granted by Congress, and generous policies in such matters
as post-war financial settlements#
Through such measures, we are activating our plea
for world peace, freedom and economic stability#
Since
this program vitally concerns us all, it is most impor
tant that every citizen familiarize himself with our
specific international policies, and support them#
They
3-
Amicable and prosperous business dealings in
the trade marts of the world must be insured before we
can succeed in our objective of a free and peaceful
world*
We are striving to attain a reasonable and
workable solution to this problem through our various
international agencies, and, while such organizations
must proceed at a necessarily slow pace, they have
already made very definite progress.
The securing of ecmmercial cooperation and
adequate settlements of trade disagreements are impor
tant functions of the United Nations*
The International
Bank for Reconstruction and Development will assist with
the financial problems of nations, while the International
Monetary Fund is a direct effort to meet one of the most
vital needs of world trade by maintaining stable
2r
of its thought and energy on attaining the objectives
of peace and freedom.
These objectives are bound up
completely with a third objective —
of world trade*
reestablishment
In fact the three - peace, freedom
and world trade —
are inseparable•" **
Far too often in the past, world trade has
provoked serious rivalries between nations*
Hormal
competition in trade has been allowed to assume the
proportions of economic aggression, and we have become
involved in bitter international wrangling*
Seeking
advantage, the nations have fought each other with
excessive duties and tariffs, arbitrary embargoes,
quotas and subsidies, and the manipulation of exchange
rates*
«* Address, Baylor University, Waco, Texas, March 6, 1947
Observance of World Trade Week is particularly
significant this year in Yiew of the marked advancement
in our international economic relations*
Hand in hand
with our efforts to secure world peace, the great net
work of global commerce is developing every existing
trade potential*
The world finds itself on the threshold
of an era of vastly increased wealth and security*
America, who proved well her immense productive abilities
during the war, will turn her great capacities toward
peacetime development, and the results will be highly
advantageous to all of our citizens*
President Truman has stated that, nAt this
particular time, the whole world is concentrating much
TREASURY DEPARTMENT
Washington
E6R RELEASE MORNING NEWSPAPERS,
Tuesday, May 20, 1Q47.
Press Service
No. S - 3 3 if-
Secretary Snyder today issued the following statement
in connection with the* observance of World Trade Week, May 18-24, 1947s
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 20, 1947
Press Service
No. S-334
Secretary Snyder today issued the following statement in
connection with the observance of World Trade Week, May 18-24,
1947:
Observance of World Trade Week is particularly
significant this year in view of the marked advance
ment in our international economic relations. Hand
in hand with our efforts to secure world peace, the
great network of global commerce is developing every
existing trade potential. The world finds itself on
the threshold of an era of vastly increased wealth
and security. America, who proved well her immense
productive abilities during the war, will turn her
great capacities toward peacetime development, and
the resuits will be highly advantageous to all of our
citizens.
President Truman has stated that, nAt this par
ticular time, the whole world is concentrating much
of its thought and energy on attaining the objectives
of peace and freedom. These objectives are bound up
completely with a third objective - reestablishment
of world trade. In fact the three - peace, freedom
and world trade - are inseparable,” **
Far too often in the past, world trade has pro
voked serious rivalries between nationsf Normal
competition in trade has been allowed to assume the
proportions of economic aggression, and we have be
come involved in bitter international wrangling.
Seeking advantage, the nations have fought each
other with excessive duties and tariffs, arbitrary
embargoes, quotas and subsidies, and the manipula
tion of exchange rates.
Amicable and prosperous business dealings In the
trade marts of the world must be insured before we
can succeed in our objective of a free and peaceful
world. We are striving to attain a reasonable and
workable solution to this problem through our various
international agencies, and, while such organizations
must proceed at a necessarily slow pace, they have
already made very definite progress.
**
Address, Baylor University, Waco, Texas, March 6, 1947
2
The securing of commercial cooperation and adeequate settlements of trade disagreements are important
functions of the United Nations, The international
Bank for Reconstruction and Development will assist
with the financial problems of nations, w5*le.^ e
..
International Monetary Fund is a direct
one of the most vital needs of world trade by maintain
ing stable exchange arrangements.
The American-born plan of an International Trade
Organization would administer a code of fair practices
in commercial dealings between nations. And, at tne
same time, we have launched a campaign of missionary
work to Induce the reciprocal lowering of tariff
barriers.
The United States is participating wholeheartedly
in all these undertakings, and she Is contributing, too,
the operations of the Export-Import Bank, specific
credits granted by Congress, and generous policies in
such matters as post-war financial settlements.
Through such measures, we are activating our plea
for world peace, freedom and economic stability, since
this program vitally concerns us all, it is most. im
portant that every citizen familiarize himself with
our specific international policies, and support them.
They represent the best that present day wisdom and
courage have to offer to world amity. They are civi
lization^ protection against the Injustice of war.
0O 0
2
In keeping with the American tradition of free enter
prise, the transfer of the merchant fleet from the Government
that built it to the ownership and operation of private
interests is almost complete.
An additional reserve of sea
worthy vessels lies at anchorages along both coasts, ready in
case of need.
As we observe this Maritime Day, every American
should staunchly resolve that this great organization be
maintained at a high level of efficiency.
Experience has taught that a strong Merchant Marine means
a stronger national economy, stronger national defenses, and
stronger, more durable relations between America and her
neighbors in the community of nations.
0O 0
Suggested Statement by Secretary Snyder
on National Maritime Day
One hundred and twenty-eight years ago, the first steam-*
propelled ship to attempt an ocean passage sailed from the
port of Savannah.
Behind the tiny vessel lay the era of the
Yankee clippers - trim sailing ships that had already borne
the American flag and the produce of the young Republic to the
ports of the Seven Seas. The age of steam had arrived - an
age that was to witness tremendous expansion in commerce
between the New World and the Old.
The American Merchant Marine - important instrument of
peace, effective weapon of war - flourished and waned and
flourished again during the passing years.
sion - peace witnessed deterioration.
War brought expan
Finally the necessities
of global war called for a shipbuilding program that produced
a merchant fleet of unparalleled size and efficiency; and when
mstory has finally passed judgment on the events of that
tragic period, it cannot fail to recognize that the men and the
ships of the Merchant Marine, supplying the multifarious stores
of war to democracy1s widely-deployed forces, shared generously
in the Allied victory.
This year National Maritime Day, appropriately proclaimed
by the President as May 22, sailing date of that first
American steamship on a trans-ocean voyage, has an especial
significance.
The question has again been raised:
shall we
maintain our prestige as a maritime nation, or shall we permit
a repetition of the costly errors of the past?
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 22, 1947#
Press Service
^°* ~ ~
rollowing statement
Secretary
in observance of the
wr'BBnawad ti
Mer-icaw Mg» wteant Marine»
-
I
■twonty sighttr
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, May 22, 19^7_______
Press Service
No'. S-335
Secretary Snyder today issued the following statement in
observance of National Maritime Day:
One hundred and twenty-eight years ago, the
first steam-propelled ship to attempt an ocean pass
age sailed from the port of Savannah. Behind the
tiny vessel lay the era of the Yankee clippers
trim sailing ships that had already borne the
American flag and the produce of the young Republic
to the por^s of the Seven Seas, The age of steam
had arrived - an age that was to witness tremendous
expansion in commerce between the New World and the
Old.
The American Merchant Marine - important instru
ment of peace, effective weapon of war - flourished
and waned and flourished again during the passing
years. War brought expansion - peace witnessed de
terioration. Finally the necessities of global war
called for a shipbuilding program that produced a
merchant fleet of unparalleled sis© and efficiency;
and when history has finally passed judgment on the
events of that tragic period, it cannot fail to
recognize that the men and the ships of the Merchant
Marine, supplying the multifarious stores of war to
democracy1s widely-deployed forces, shared generously
in the Allied victory.
This year National Maritime Day, appropriately
proclaimed by the President as May 22, sailing date
of that first American steamship on a trans-ocean
voyage, has an especial significance. The question
has again been raised: shall we maintain our pres
tige as a maritime nation, or shall we permit a
repetition of the costly errors of the past?
In keeping with the American tradition of free
enterprise, the transfer of the merchant fleet from
the Government that bui^t it to the ownership and
operation of private interests is almost complete,
-
2
-
A n additional reserve of seaworthy vessels lies at
anchorages along hoth coasts, ready in case of need.
As we observe this Maritime Day, every American
should staunchly resolve that this great organization
be maintained at a high level of efficiency.
Experience has taught that a strong Merchant
Marine means a stronger national economy, stronger
national defenses, and stronger, more durable rela
tions between America and her neighbors in the
community of nations.
0O 0
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 20, 1947
Press Service
^“334
Secretary Snyder today issued the following statement in
connection with the observance of World Trade Week, May 18-24,
1947:
Observance of World Trade Week is particularly
significant this year in view of the marked advance
ment in our international economic relations.
Hand
in hand with our efforts to secure world peace, the
great network of global commerce is developing every
existing trade potential.
The world finds itself on
the threshold of an era of vastly increased wealth
and security.
America, who proved well her immense
productive abilities during the war, will turn her
great capacities toward peacetime development, and
the results will be highly advantageous to all of our
citizens.
President Truman has stated that, "At this par
ticular time, the whole world is concentrating much
of its thought and energy on attaining the objectives
of peace and freedom. These objectives are bound up
completely with a third objective - reestablishment
of world trade.
In fact the three - peace, freedom
and world trade - are inseparable," * *
Far too often in the past, world trade has pro
voked serious rivalries between nations.
Normal
competition in trade has been allowed to assume the
proportions of economic aggression, and we have b e
come involved in bitter international wrangling.
Seeking advantage, the nations have fought each
other with excessive duties and tariffs, arbitrary
embargoes, quotas and subsidies, and the manipula
tion of exchange rates.
Amicable and prosperous business dealings In the
trade marts of the world must be Insured before we
can succeed in our objective of a free and peaceful
world. We are striving to attain a reasonable and
workable solution to this problem through our various
international agencies, and, while such organizations
must proceed at a necessarily slow pace, they have
already made very definite progress.
**
.Address, Baylor University, Waco, Texas, March 6, 1947
2
The securing of commercial cooperation and ade
quate settlements of trade disagreements are important
functions of the United Nations.
The international
Bank for Reconstruction and Development will assist
with the financial problems of nations, while the
International Monetary Fund is a direct effort to meet
one of the most vital needs of world trade by maintain
ing stable exchange arrangements.
The American-born plan of an International Trade
Organization would administer a code of fair practices
in commercial dealings between nations.
And, at the
same time, we have launched a campaign of missionary
work to induce the reciprocal lowering of tariff
barriers.
The United States is participating wholeheartedly
in all these undertakings, and she is contributing, too,
the operations of the Export t Import Bank, specific
credits granted by Congress, and generous policies in
such matters as post-war financial settlements.
Through such measures, we are activating our plea
for world peace, freedom and economic stability. Since
this program vitally concerns us all, it is most i m
portant that every citizen familiarize himself with
our specific international policies, and support them.
They represent the best that present day wisdom and
courage have to offer to world amity. They are civi
l i z a t i o n ^ protection against the injustice of war.
0O 0
Press Service
No* S-336
I offering, through
ficates of Indebted\ par, to holders of
in the amount of
| it is planned to
on cash redemption,
II holders on an
ints up to srd includI ■will not be
$ 47, and will bear
jne percent per
194.8* They will be
i o c u b u jui ooarer xorm onry, fix aenominataons of ^i,UUU, $5,000, $10,000,
$100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 194-1, 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 cirçular 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 for the receipt of all subscriptions
at the close of business Friday, May 23.
Subscriptions addressed to a federal Reserve Bank or Branch or to the
Treasury Department, and placed in the .mail before midnight hay 23, will be
considered as having been entered before the close of the subscription
books.
The text of the official circular follows:
Mr, Shaeffer
ÎWÊBmMS v- . .... J»;
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS*
Wednesday« May 21« 1947._______
Press Service
^°*
Secretary of the Treasury Snyder today announced the offering, through
the Federal Reserve Banks, o f .7/8 percent Treasury Certificates of Indebted
ness of Series E-1948, open on an exchange basis, par for par, to holders of
Treasury Certificates of Indebtedness of Series .a-1.947, in the amount of
$2,774,925,000, which will mature on June 1, 1947* Since it is planned to
retire about $1,000,000,000 o f ‘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 an includ
ing $25,000 will be allotted in full. Cash subscriptions will not be
received.
The certificates now offered will be dated June 1, 1947, and will bear
interest from that date at the rate of seven—eighths of one percent per
annum, payable with the principal at maturity c-n June 1, 1948. They will be
issued in bearer form only, in denominations of $1,000, $5,000, $10,000,
$100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 194l> 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 cifçular 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 for the receipt of all subscriptions
at the close of business Friday, May 23.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the .mail before midnight May
®
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 E-19U8
Due June 1,
Dated and bearing interest from June 1, 19U7
19h§
TREASURY DEPARTMENT,
Office of the.'Secretary,
Washington, May 21, 19U7 •
19kl
Department Circular No. ,807
■Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
The Secretary of the Treasury, pursuant t« 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 E-19U8, in ex
change for .Treasury Certificates of Indebtedness of Series E-rl9Ji7i maturing
June 1, 1914-7. Approximately $1,000,000,000 of the maturing certificates will be
retired on cash redemption.
II-.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated June 1, V9hl3 and will bear interest from
that date at the rate of 7/8 percent per annum, payable with the principal at
maturity on June 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 impfsed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, yrhether 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.
h . 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 will be subject to the general regulations of the
Treasury Department, now 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, Yfashington? Banking institutions generally may *
submit subscriptions for account of customers* but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to.reject any subscrip
tion* in v/hole 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 3 and any action he may take in these respects shall be final. Subject tt
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 up*n allotment.
IV .
PAYMENT
1. Payment at par for certificates a3.1otted hereunder must be made on or
before June 2* 19U7* or on later allotment* and may be made only in Treasury
Certificates of Indebtedness of Series E-19u7* maturing June 1* 19U7* 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 W. SNIDER*
Secretary of the Treasury.
.
TREASURY DEPARTMENT
( i ^ - ^ ^ ^ 4 F ashington
Press Service
No . J - 3 1 7
The Treasury Department announced today th at i t i s prepared, in
appropriate cases, to grant lice n ses fo r payments to creditors o f
business organizations and individuals in I t a l y from blocked accounts
in th is country in which the debtors have an in terest*
In announcing th is ste p , Treasury Department o f f i c i a l s pointed
out th at th is announcement i s a necessary preliminary to the estab
lishment o f any procedure fo r the release o f I t a lia n blocked assets
in the United States* In th is connection, Treasury Department o f
f i c i a l s referred to the le t t e r o f A p ril 15, 1947 from A cting Secretary
o f State Acheson to Senator Vandenberg, which was subsequently made
p u b lic, wherein i t was stated th at the p o lic y o f the United States i s
directed toward the release or return o f I t a lia n property in the
United States which i s blocked or has been vested*
I t was stated th a t, In general, an a p p licatio n fo r such a
lice n se should be supported by a payment in stru ctio n or other ac
knowledgment by the debtor executed a fte r September 3, 1943, the
date o f the Arm istice w ith I t a l y . I f an application i s based on
a court judgment, evidence should be submitted th a t the debtor has
received actu al notice o f the proceedings and has had a reasonable
opportunity to appear.
o 0 0
TREASURY DEPARTMENT
W ash in g to n
F O R RELEASE, MORNING NEWSPAPERS,
Tuesda y ,.Ma y 2 0 , 1 9^7
________
Press Service
No* S-337
The T r e a s u r y D epartm en t announced to d a y t h a t i t i s
p r e p a r e d , i n a p p r o p r ia t e c a s e s , t o g r a n t l i c e n s e s f o r p a y
m ents t o c r e d i t o r s o f b u s i n e s s o r g a n i z a t i o n s and i n d i v i d u a l s
i n I t a l y fro m b lo c k e d a c c o u n t s i n t h i s c o u n tr y i n w h ich th e
d e b t o r s have an i n t e r e s t .
I n a n n o u n cin g t h i s s t e p , T r e a s u r y D e p a rtm en t o f f i c i a l s
p o in t e d o u t t h a t t h i s announcem ent i s a n e c e s s a r y p r e li m i n a r y
t o th e e s t a b lis h m e n t o f any p r o c e d u r e f o r th e r e l e a s e o f
I t a l i a n b lo c k e d a s s e t s i n th e U n it e d S t a t e s - ,
in t h i s con n ec
t i o n ;, T r e a s u r y D en artm en t o f f i c i a l s r e f e r r e d t o th e l e t t e r o f
A p r i l 1 5 , 19% ;, from A c t i n g S e c r e t a r y o f S t a t e A ch e so n t o
S e n a t o r V a n d e n b e r g , W hich was s u b s e q u e n tly made p u b l i c , w here
i n i t was s t a t e d t h a t th e p o l i c y o f th e U n it e d S t a t e s i s
d i r e c t e d to w a r d th e r e l e a s e or r e t u r n o f I t a l i a n p r o p e r t y i n
th e U n it e d S t a t e s w h ich i s b lo c k e d o r h a s been v e s t e d .
I t was s t a t e d t h a t , I n g e n e r a l , an a p p l i c a t i o n f o r su ch
a l i c e n s e sh o u ld be s u p p o r te d b y a paym ent i n s t r u c t i o n o r
o t h e r acknow ledgm ent b y th e d e b to r e x e c u te d a f t e r Sep tem b er 3 ,
1 9 4 3 , th e d a te o f th e A r m i s t i c e w ith I t a l y .
I f an a p p l i c a t i o n
i s b a se d on a c o u r t ju d g m e n t, e v id e n c e sh o u ld be s u b m itte d
t h a t t h e d e b to r h a s r e c e iv e d a c t u a l n o t i c e o f th e p r o c e e d in g s
and h a s had a r e a s o n a b le o p p o r t u n it y t o a p p e a r .
TBEiSOBT DEPAHHeST
Washington
fo r release,
wmm
sesspafebs,
press service
Tuesday, lay 20, 191*7»
-S ~
&
15» Secretary of the Treasury announced last evening that the tenders for
$1,200,000,000,
or thereabouts, of 91-day Treasury bills to be dated May 22 and to a&ture
August 21, 19i*7, which were offered on May 15, 19U7, were opened at the Federal Reserve
Banks on May 19»
The details of this issue are as follows:
Total applied for - $1,71*6,3^2,000
Total accepted
- 1,203,¿76,000 (includes $18,997,000 entered on a fixed-price
basis at 99.905 and accepted in full)
Average price
- 99 *90$/ Equivalent rate of discount approx* 0.376$ per annum
of accepted competitive bids*
Range
fftgh
low
•u
- 99*906 Equivalent rate of discount approx. 0.372$ per annum
- 99.905
«
1
*
*
*
0*376< .*
*
(68 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
fetal
Accepted
Boston
Mew Toxic
Philadelphia
Cleveland
# 10,670,000
1,1*87,826,000
15,690,000
2,987,000
5,135,000
2,565,000
121»,762,000
2,762,000
7,835,000
9,165,000
1»,1*35,000
72,510,000
1
$X,71*6,31*2,000
$1,203^*76,000
fHebeaud
Atlanta
Chicago
St* Louis
W m e t 1«.
Kansas City
Ikllia
San FTancisco
TOTAL
7 ,6 ^ ,00 0
1,017,81*2,000
10,890,000
2,987,000
1*,1*95,000
2,565,000
86,181*,M0
2,311*,000
5,659,0»
8,« ¿ ,0 0 0
3,731,000
51,070,000
s
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 20, 1947___________
Press Service
Roy S-338
The Secretary of the Treasury announced last evening that
the tenders for $1,200,000,000, or thereabouts, of 91-day
Treasury bills to be dated May 22 and to mature August 21, 1947,
which were offered on May 16, 1947, were opened at the Federal
Reserve Banks on May 19*
The details of this issue are as follows:
Total applied for - $1,746,342,000
Total accepted
- 1,203,476,000 (includes $18,997,000 entered
on a fixed-price basis at
99.905 and accepted in full)
Average price
- 99.905
Equiv. rate of discount approx. 0*376$
per annum
Range of accepted competitive bids:
High - 99.906 Equiv. rate of discount approx.
Low - 99.905
”
”
"
M
”
0.372$ per
0.376$ Jl
annum
(68 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
5,135,000
2 ,565,000
124 ,762,000
2 ,762,000
7 ,835,000
9 ,165,000
4 ,435.000
72.510,000
$
7 ,694,000
1,017,842,000
10,890,000
2,987,000
4,495,000
2,565,000
86,184,000
2,314,000
5,659,000
8,045,000
3,731,000
51.070.000
$1,746,342,000
$1 ,203 ,476,000
1 0 ,670,000
1 ,487 ,826,000
1 5 ,690,000
2 ,987,000
$
Boston
Ne%/ York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Accepted'
0O 0
<
mm
- 3 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 llf> of
the Revenue Act of 19lil*. 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 considera
tion 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 ori
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.
MMK
-
2
-
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.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on
May 29. 19U7_____
> in cash
or other immediately available funds or in a like' face amount of Treasury bills
maturing
May 29, 19ii7_____ * Equal treatment will be accorded all tenders,
whether the bidders offer to exchange maturing bills or to pay cash for the
new bills bid for.
Cash adjustments will be made for differences between the
par value of maturing bills accepted in exchange and the issue price of the new
bills.
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
Sbdajdatititek
TREASURY DEPARTMENT
Yiashington
FOR RELEASE , MORNING NEWSPAPERS,
Friday« May 23. 19li7___________
1fflfe
— *
The Secretary of the Treasury, by this public notice, invites tenders for
$1,300,000,000
—
W
, or thereabouts, ef
-----
91
-day Treasury bills, for cash and
w
May 29» 191+7_____ 3 to he issued 6n
W
a discount basis under competitive and fixed-price bidding as hereinafter
in exchange for Treasury bills maturing
provided«
will mature
The bills of this series will be dated
August 28, 19U7
May 29« 19^7
j
and
3 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, May 26, 19U7
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
TREASURY DEPARTMENT
Washington
F O R RELEASE, MORNING NEWSPAPERS,
Friday, May 2 3 % 19^7-
. .
Press Service
N o . S-339
The Secretary of the Treasury, bjr this public notice,
invites tenders for $ 1 ,300 ,000 ,000 , or thereabouts, of 91-day
Treasury bills, for cash and in exchange for Treasury bills
maturing May 29, 19k7i to be issued on a discount basis under
competitive and fixed-price bidding as hereinafter provided.
The bills of this series will be dated May 29, 19^7, and will
mature August 28, 194-7, 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 1clock p.m., Eastern •
Standard time,- Monday, May 26, 1947. Tenders will not be
received at the Treasury Department, Washington,
Each tender ;
must be for an even multiple of $1,000, and the price offered
must be expressed on the basis of 100, with not more than
three decimals, e.g., 99.925* Fractions may not be used.
It
Is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by Federal
ReserVe Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which pub
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 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.
Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve
Bank on May 29, 1947* In cash' or other immediately available
funds or in a like face amount of Treasury bills maturing May 29
1947. Equal treatment will be accorded all tenders, whether the
2
bidders offer to exchange maturing bills or to pay cash for
the new bills bid for.
Cash adjustments will be made for
differences between the par value of maturing bills accepted
in „exchange and the issue price of the new bills.
The income derived from T r easury 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 T r e a s u r y bills shall not have any special
.treatment, as s u c h ; under Federal tax /cts now or hereaf ter
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 n ow or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the U n ited States, or by any local taxing
authority.
F o r purposes of taxation the amount of discount at
which Treasury bills are originally sold b y 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 o ther
wise disposed of, and such bills are excluded from con s i d e r
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 r e
ceived either upon sale or redemption at m a t u r i t y during the
taxable year for which the return is made, as ordinary gain
or loss.
Treasury Department Circular No, 418, as amended, arid
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. - Copies of the circular
m a y be obtained from any Federal Reserve B a n k or Branch.
0O 0
¡|§tg
. §;i®
- 35 -
ano good fortune.
à«i to whatever goal
||PW’
aspire,
into whatever niche of
our political or pub Iic or social
structure your careers place you,
I know that you wi11 make the most
of the educational
inspiration and
spiritual guidance you have gained
nere in Ouachita College.
excellence, but
Inculcate in
nigh moral
each inaivi aus I
spiritual traits which our
so sorely needs
pecu IIsrIy fi
to
In
in our America of
tomorrow
I join with your President
Trustees of
th your
in
here
I of you good health
unity of our people behind the efforts
of President Truman, Secretary
Marshall, ana our représentât!ves in
the United Nations, to help build a
happier world.
I bel ieve that out of the
laboratories ana out of the
classrooms of our colleges and
universities will come a real
contribution to this great national
effort.
You newly graduated men and
women of Ouachita College are
have the plant and equipment
skill of management,
raw materials, and a
izenry
knowledge and wilt to accomplish
have been tested by war.
important, we have the vitality
out of our devotion to a
On the spiritual and moral side,
we must devote ourselves to insuring
a world of guaranteed peace and
freedom.
There
is cause for pride
and gratitude in the substantial
Millions of our service men
were carried by the forces of war
Into an appreciation and a desire
for s ir environroent better than tney
nao before,Known,
And «any m l i 1ions
of our citizens knew for the first
time the stability of good jobs, and
a higher standard of living.
S t cannot ana need not lower
these increased valuations.
Towards
our peacetime goal of continued
national prosperity,
have now,
the same ana even greater assets
role in
our tunes.
Our conouct in al I
* fully deve lop
t i*
in the economic
sense« our record production for
reached i
A
cnievements in scientific and
technical discoveries a
developments »iti be used
a I I mankind.
ic ia I Iy
are indeed momentous;
ana m a t the ir solution calls for
the g re a te s t possible effort by all
of us.
it stand at the beginning
a new e r a » ootn in our economic
situation at home, ana in our role
of leadership for political and
economic security throughout the
»orId*
The men and »omen of the
generation represented by m i s
senior class will play a deciding
You ana your feIiows on campuses
throughout tne Nation are writing a
Dri ii iant record.
I am confident
that curing the next few years the
outpouring of serious-minded,
trained, eager ana ambitious young
men and women from our colleges ana
universities will prove a vigorous
potential of progress for ail our
people.
1 am sure we all agree that
the problems we face today,
after emerging from a devastating
opportunity tor service.
In gréti till! for the *a.r ti*, e
s a c r i f i c e s of our s e r v i c e men ana
»omen, «« are today engaged in the
greatest experi®§nt in educational
t r a i n i n g that has ever Peen attempted
i.l
by
m y country,
■
Some of you in inis
graduating c l a s s , ana among the
unocr¿.raauata^ &&&<hr& í# ú ft#rsf are• ■
*
taking advantage of these
opportunit ics.
I
I
I
I
$
Our character must be sound
and resolute to properly solve
the problems that coroe with the
rapid advancement of our culture.
The essential qualities of our own
make-up will finally decide the
success of our national and
internationaI relationships.
The sort of guidance in
character-buiIding that you students
of Ouachita have had will make a
contribution of tremendous value to
our future security and well-being.
i y re q
u o
i ¡ ®n
às secretary of trie Treasury,
v
'•
charged * ith the respons ib i iity of
the management and supervision of
the national créait,
I cannot
over-emphasize the vital importance
of the financial obligations *hich
our country has.assumed.
Not only
,
our own security, but the foundations
»
of to r I
§Heace, depend on our
accepting tnese obligations with a
profound sense of trusteeship.
There can be no compromise,
either in our determination to
- 3 0
I
1« need character to face the
problems of crime solution and of
»oral delinquency; character is
essential to resolve our
Iabor-management questions
satisfactorily; character must
underlie the formulation of our
political policies.
It is basic
character that will enable us to
maintain the stability and
integrity of national obligations.
Doth domestic and foreign.
- If quality of a people, which
determines a Nation’s real strength.
The collective habits and
envi ronments, the natural and
acquired traits of individuals of
a country —
these are the governing
force in our path of progress.
Our
family and community associations,
our social problems of everyday
living, our whole system of
democratic government reflects the
personal stature of the citizen.
people ili¥e come through tne
maelstrom of war unspoiled is the
greatest trioute Ï know to the
fundamental soundness of the Amer lean
character.
And tne wise development of
this attribute, so important in
these difficult transition years,
is owed in great part 'to the
character build I
nphases .of
eéucatIon,
Ü •.
\
sy
I|I■ ||;'(
V
¡1•
||i|‘'I■■
in the final analysis,
is character,
the elementary
it
!.j,i
community circles.
i have the
ist confidence
ation which you
You have just
triumphant from a test under
has ever
such as
experienced
fa
so many millions of our young
and those who serve.
The survival
of our free enterprise system, the
rule unoer which we have so greatly
progressed, depends upon the
maintenance of our high ideals,
and upon tne extent to which our
spiritual, moral, and religious
consciousness is sustained in the
hearts and mines of ail of us.
An attitude of wise tolerance
is a vital guide in our human
relationships, and will make
JfyjnfciBfr:{M-Sf-■I#?.<
e*>Hwl
-
1 5 -
into the stream of competition for
scarce jobs during, the dark days
of depression.
We ail know how
the great majority of them fought
through very real obstacles to
accomplish successfuI careers.
Many of them are the leaders of
today.
Our exceedingly complex
economic and business re I a t ionships
demand the highest ethical standards
on the part of both those who direct
14
initiative by breeding cynicism.
To face life today, either private
or public, truly requires a finely
balanced, sturdy character.
You 1947 .graduates are fortunate
in that you enter upon your careers
in a period of great prosperity.
But it will be up to you to prove,
during the years ahead, whether
you are really more fortunate than
those graduates of the late 12 0 Vs
and early *30's , who were thrown
prosperity or adversity
sorely tried to
de termi ne
test
the i
of character is made under adverse
or during auspicious conditions.
At times 1 am convinced that it is
more difficult to survive good
fortune and praise thpn hardship
or criticism of efforts.
Praise
often undermines in an insidious
way,
leading to a false appraisal
of true values.
On the other hand,
criticism is so apt to destroy
-
II
-
should view them as a chal Ien ge to
and to your abi lity to
E V
cl
constructive role in
society of your State and I*
on
True education sets as high
a premium on the building of
character as on academic excel Ienee.
As we contemplate the demands that
these critical
times exert upon
the moral fiber of our citizenship,
then such emphasis assumes its
proper importance.
10
You must never regard your
diploma as a passport to a more
select social strata or as a
ticket of admission to a better
paying, and less demanding position
of employment.
Such an uninspired
view would be to waste the
substance of this present
accompIishmen t.
Rather, you who receive these
degrees, as evidence of the confidence
and commendation of the trustees
and faculty of Ouachita College,
•Or
Through association »Itft your
fellow students ana witn trie i»«®fe#rs
at tftis faculty, you nave
• ,
strengtnened your traits of
character and nave acquired a .»oral
stamina, which will guide you
throughout your i ife t i«e.
And now,
if you will eternally
seek for knowledge, for understanding,
for competency in joo or profession,
tor satisfying service,
then the
ye«rs spent Here will Have oeen well
¡3H wiMrn
1
•
'
■*.
'.--r ' !
$
.. ’ ■ III
~ i .\ j I i fill
worthwhile*
'f
>
•
;
IIig|!
; j§£ •
**
0
#
yourselves for.-greater spirItu&i
&n ti ii*ster {a I d ene t its* • * • .a fid to
prepare yourselves for service in
this «oriel'-- a «or Ia that neeus, as
never oefore, the greatest talents,
zealously applied* and the -highest
integrity of individual character.
In these halls, and on tnis
campus,. you have improved your
.skills itftij learned the rewards of
an intel lectual
inquisi tiveness.
have gained will remain with you
and will be beneficial in your new
efforts to the extent allowed by
yourselves.
Determine,
Each one of you will
in the years to come,
the true value that should be
placed upon these certificates.
i congratulate you, with
deep sincerity, upon the
opportunity you have had here to
prepare yourselves for a fuller,
more satisfying life....to equip
b
of that kind of America we ail so
deeply desire.
y
of Ouachita College are playing
in ite role in this
collective endeavor.
In receiving your diplomas
reached a most important milestone
of your lives.
Your attitude, your
interests, and your whole outlook
on life will have changed when you
leave here.
But the lessons you
- 5 Today, hundreds of
Churcn-d irected educational bodies
sucn as Quachita carry on in the
historic tradition that recognizes
the eternal
importance to mankind
of an interdependent mental and
spiritual education.
They continue to affirm the
dignity, the significance, and the
individual responslbiIity of man.
They offer him faith, seIf-respect,
and knowledge.
And, they wield
a mighty force to the attainment
4
The student of history is
always impressed by the degree to
which our cnurch-supported colleges
have advanced the social and
economic consciousness of our
Nation.
Throughout the formative
years of this country, such colleges
were almost the on Iy insti tut ions
of higher learning.
The great
minds and the creative spirits who
gave us our political structure,
and our moral and idealistic legacy,
were the products of this system.
The reputation and influence
of Ouachita has spread far beyond
the confines of this State, and of
the South.
Men and women of
Ouachita have returned to their
own communities, fully equipped to
render service to their chosen field
whether it be in business,
professions,
in the
in public admin istrat ion
or in their church.
They have made
a distinguished record.
in
-
2
-
You men and women can take
a special pride in receiving your
oiplomas from an institution of
such worth as Ouachita College.
All of us are aware of the
splendid contributions it has made
to the fields of education.
For
more than sixty years, this schooI
has maintained the highest standaros
of culture and scholastic
excellence in the training of our
youth and in the furthering of the
ideals of Christian living.
PJBl
/ /,
I
/"'i * f t ] *)
7
^
c u u J J + L . , ^
An Address by the Secretory of the Treasury
Frepered for Delivery at Ouachita College
7luiuUj /
May 26, 1947
/ ^
1
This occasion, for m e , is one
of particular pleasure.
I consider
it a privilege to have been invited
to join with you today, and to
participate in the commencement
exercises of your college.
I a»
very grateful, also, for this
opportunity to meet so many of the
educational and religious leaders
TREASURY DEPARTMENT
Washington
(The following address by Secretary Snyder
at Commencement Exercises of Ouachita College,
Arkadelphia, Arkansas, is scheduled for
delivery at 11:00 A.M., C.S.T,, Monday, May 26,
1 9 ^ 7 > and is for release at ;that time,)
This occasion, for me, is one of particular pleasure.
I consider it a privilege to have been invited to join with
you today, and to participate in the commencement exercises
of your college. I am very grateful, also, for this oppor
tunity to meet so many of the educational and religious
leaders of my State.
You men and women can take a special pride in receiving
your diplomas from an institution of such worth as Ouachita
College.
All of us are aware of the splendid contributions it has
made to the fields of education. For more than sixty years,
this school has maintained the highest standards of culture
and scholastic excellence in the training of our youth and in
the furthering of the ideals of Christian living.
The reputation and influence of Ouachita has spread far
beyond the confines of this State, and of the South. Men and
women of Ouachita have returned to their own communities,
fully equipped to render service to their chosen field whether
it be in business, in the professions, in public administration
or in their church. They have made a distinguished record.
The student of history is always impressed by the degree
to which our church-supported colleges have advanced the social
and economic consciousness of our Nation. Throughout the foimative years of this country, such colleges were almost the
only institutions of higher learning. The great minds and the
creative spirits who gave us our political structure and our
moral and idealistic legacy, were the products of this system.
Today, hundreds of church-directed educational bodies sucft
as Ouachita carry on in the historic tradition that recognizes
the eternal importance to mankind of an interdependent mental
and spiritual education.
They continue to affirm the dignity, the significance, and
the individual responsibility of man. They offer him faith,
self-respect, and knowledge. And, they wield a mighty force to
the attainment of that kind of America we all so deeply desire.
S-3^0
2
I know the faculty and student body of Ouachita College
are playing their very definite role in this collective
endeavor.
In receiving your diplomas here today, you graduates
have reached a most important milestone of your lives. Your
attitude, your interests, and your whole outlook on life will
have changed when you leave here. But the lessons you have
gained will remain with you and will he beneficial in your new
efforts to the extent allowed by yourselves. Each one of you
will determine, in the years to come, the true value that
should be placed upon these certificates.
X congratulate you, with deep sincerity, upon the oppor
tunity you have had here to prepare yourselves for a fuller,
more satisfying life.... to equip yourselves for greater
spiritual and material benefits.... and to prepare yourselves
for service in this world - a world that needs, as never be
fore, the greatest talents, zealously applied, and the highest
integrity of individual character.
In these halls, and on this campus, you have improved your
skills and learned the rewards of an intellectual inquisitive
ness. Through association with your fellow students and with
the members of this faculty, you have strengthened your traits
of character and have acquired a moral stamina which will guide
you throughout your lifetime.And now, if you will eternally seek for knowledge, for
understanding, for competency in job or profession, for satisfy
ing service, then the years spent here will have been well worth
while.
You must never regard your diploma as a passport to a more
select social strata or as a ticket of admission to a better
paying, and less demanding position of employment. Such an un
inspired view would be to waste the substance of this present
accomplishment.
Rather, you who receive these degrees, as evidence of the
confidence and commendation of the trustees and faculty of
Ouachita College, should view them as a challenge to success
and to your ability to play a constructive role in the society
of your State and Nation.
True education sets as high a premium on the building of
character as on academic excellence. As we contemplate the
demands that these critical times exert upon the moral fiber
of our citizenship, then such emphasis assumes its proper
importance.
-
3
-
Ouachita College always has made the building of character
a primary goal in its program to equip its students for useful
and profitable lives.
The value of such a program to good
citizenship goes far beyond the mere diligent pursuit of the
arts and sciences.
For, only through the development of character, can youth
be instilled with fortitude to meet whatever the future m a y
hold, whether in prosperity or adversity.
Often I am sorely tried to determine whether the g r e a t s
test of character is made under adverse or during auspicious
conditions.
At times I am convinced that it is more difficult
to survive good fortune and praise than hardship or criticism
of efforts.
Praise often undermines in an insidious way,
leading to a false appraisal of true values,
On the other hand,
criticism is so apt to destroy initiative by breeding cynicism.
To face life today, either private or public, truly requires a
finely balanced, sturdy character.
Y o u 1947 graduates are fortunate in that you enter upon
your careers in a period of great prosperity.
But it will be
up to you to prove, during the years ahead, whether yo u are
really mor e fortunate than those graduates of the late *20s
and early ’30s, who were thrown into the stream of competition
for scarce jobs during the dark days of depression.
We all
know how the great maj o r i t y of them fought through very real
obstacles to accomplish successful careers.
Many of them are
the leaders of today.
Our exceedingly complex economic and business relationships
demand the highest ethical standards on the part of both those
who direct and those who serve. The survival of our free e n t e r
prise system, the rule under which we have so greatly progressed,
depends upon the maintenance of our high ideals, and upon the
extent to which our spiritual, mor&l, and religious conscious
ness is sustained in the hearts and minds of all of us.
A n attitude of wise tolerance is a vital guide in our
human relationships, and will make possible the solution of
those problems that arise, whether in public affairs, in the
social field, in the field of labor relations, or in the
family and community circles.
I have the greatest confidence in the generation which you
represent.
Y o u have just emerged triumphant from a test under
fire such as no generation has ever before experienced.
The
fact that so m a n y millions of our young people have come through
the maelstrom of war unspoiled is the greatest tribute I know to
the fundamental soundness of the A m erican character.
t
4
And the wise development of this attribute, so Important
in these difficult transition years, is owed in great part to
the character building phases of education*
In the final analysis, it is character, the elementary
quality of a people, which determines a Nation's real strength.
The collective habits and environments, the natural and acquired
traits of individuals of a country - these are the governing
force in our path of progress*
Our family and community associ
ations, our social problems of everyday living, our whole system
of democratic government reflects the personal stature of the
citizen*
We need character to face the problems of crime solution
and of moral delinquency; character is essential to resolve our
labor-management questions satisfactorily; character must under
line the formulation of our political policies*
It is basic
character that will enable us to maintain the stability and in
tegrity of national obligations, both domestic and foreign*
As Secretary of the Treasury, charged with the responsi
bility of the management and supervision of the national credit,
I cannot over-emphasize the vital importance of the financial
'obligations which our country has assumed.
Not only our own
security, but the foundations of World Peace, depend on our ac
cepting these obligations with a profound sense of trusteeship.
There can be no compromise, either, in our determination
to pay that which we justly owe* No matter how difficult the
road, you of this generation must make It a part of your creed
that we as a people stand inflexibly for a substantial and
orderly reduction of our national debt.
Thus, In the solution of these, and all other impediments
to a serene society, the possession of forceful character is a
requisite.
Our character must be sound and resolute to properly
solve the problems that come with the rapid advancement of our
culture.
The essential qualities of our own make-up will
finally decide the success of our national and international
relationships.
The sort of guidance in character-building that you
students of Ouachita have had will make a contribution of
tremendous value to our future security and well-being.
I urge you to strive always to uphold your standards.
5
On this solemn and yet cheerful day, each of you graduates
must be deeply conscious of the obligation that you owe to your
self, to the instructors and friends who have helped along the
way, and to your families, many of whom have made great sacri
fices for your education.
You college-trained men and women have an obligation, too,
and a grave responsibility - as well as a privilege - in the
charting of our future national course.
Because of economic limitations and custom, it has not
been many generations ago since higher education was only for
the few. Gradually we have recognized that education for the
many is indispensable - a necessity for all those who have the
ability and desire to improve their circumstance and opportu
nity for service.
In gratitude for the wartime sacrifices of our service men
and women, we are today engaged in the greatest experiment in
educational training that has ever been attempted by any country.
Some of you in this graduating class, and among the undergrade * .ates assembled here, are taking advantage of these opportunities.
You and your fellows on campuses throughout the Nation are
writing a brilliant record,
I am confident that during the next
few years the outpouring of serious-minded, trained, eager and
ambitious young men and women from our colleges and universities
will prove a vigorous potential of progress for all our people.
I am sure we all agree that the problems we face today,
after emerging from a devastating world war, are indeed m o men
tous; and that their solution calls for the greatest possible
effort by all of us. We stand at the beginning of a new era,
both in our economic situation at home, and in our role of
leadership for political and economic security throughout the
world.
The men and women of the generation represented by this
senior class will play a deciding role in managing the demands
of our times.
Our conduct in all phases of the recent war fully developed
our capabilities.
In the economic sense, our record production
for war reached amazing heights.
Our achievements in scientific
and technical discoveries and developments will be used b e n e
ficially for all mankind.
We mist now operate wisely our expanded industrial plant,
and employ most efficiently our production storehouse of so
many marvelous substances and products,
6
Both worker and management, having experienced the
compensations of high production, high national income, and
full employment will never again he complacently resigned to
anything substantially less.
Millions of our service men were
war into an appreciation and a desire
than they had before known. And many
knew for the first time the stability
higher standard of living.
carried by the forces of
for an environment better
millions of our citizens
of good jobs, and a
We cannot and need not lower these increased valuations.
Towards our peacetime goal of continued national prosperity,
we have now, the same and even greater assets available.
We
have the plant and equipment, the skill of management, the
wealth of raw materials and a citizenry whose knowledge and
will to accomplish have been tested by war.
Most important,
we have the vitality growing out of our devotion to a system
of free enterprise.
On the spiritual and moral side, we must devote ourselves
to insuring a world of guaranteed peace and freedom.
There is
cause for pride and gratitude in the substantial unity of our
people behind the efforts of President Truman, Secretary
Marshall, and our representatives in the United Nations, to
help build a happier world.
I believe that out of the laboratories and out of the
classrooms of our colleges and universities will come a real
contribution to this great national effort.
You newly graduated men and women of Ouachita College are
products of an educational system that strives not only for
scholastic excellence, but to inculcate in each individual
those high moral and spiritual traits which our world so sorely
needs. You are peculiarly fitted to share in the leadership in
our America of tomorrow.
I join with your President and Trustees of Ouachita College,
and with your friends gathered here, in wishing all of you good
health and good fortune,
And to whatever goal you aspire, into whatever niche of
our political or public or social structure your careers place
you, I know that you will make the most of the educational in
spiration and spiritual guidance you have gained here in
Ouachita College.
0O 0
A west coast bakery was assessed $228,000 after agents discovered that
tax frauds had .been concealed by juggling the company^ books*
In New England, a persistent agent, who had been assigned to check up
on an apparent $18,000 tax deficiency owed by a corporation, discovered that
the true tax bill was $670,000*
0-mQmjQ
—
f
m
-been assigned-for exaMnation-and before an
Rurean-Jaae requested advice
officersof the. Bureau regarding
-the-eaeey~""i¥&*»^'^^ SUCh
m.
Pull understanding of this policy is expected to stimulate vo
disclosures by repentant taxpayers, similar to a recent case in the middle
west, where a produce firm paid over $1,000,000 in taxes, interest and civil
penalties in order to avoid prosecution»
Other recent development in the tax drive includes
A man appealed to his local police to help find the owner of a carton
full of currency which appeared mysteriously in the man’s cellar«
Investi
gation indicates that the man owned the money himself and was only trying to
cover up black market profits«
Another man who had concealed income tax frauds by burying currency in
his basement was found out when $125,000 of the money got so mouldy that he
tried to turn it in for fresh bills«
Investigation of one war contractor recently resulted in additional tax
assessments totalling $1,000,000«
A tedious study of gate receipts at a major league ball park resulted in
the filing of criminal charges against a ring of "ticket scalpers#"
A midwestern mortician was found to have cheated on his income tax by
claiming "bad debt" deductions on all funerals unpaid for on the last day of
the year, even though the bills were'invariably paid shortly afterwards*
A | outh e m dentist said, he was going to move to South America after
income tax agents discovered frauds from which the man had acquired an 18room house, a racing stable, and many other expensive luxuries«
^
-St
-V
TREASURY DEPARTMENT
Washington, D. C
Press Service No*«, j■».
drive against tax evaders recently turned up a $3,700,000 income tax fraud
case against a large paper and metal concern*
The company had amassed bulging bank accounts under secret names as the
result of black market operations, short weighting customers, and falsifying
tax returns*
The officers of the corporation, who face criminal prosecution, said
their purpose in evading taxes was to save up money to pay fines if caught
by 0PA inspectors*
The Secretary
*
j.
that, although this was the largest ease developed
in recent weeks, it was generally typical of thousands of smaller cases which
brought $1,461,000,000 of additional revenue into the Treasury in the first
nine months of the current fiscal year— an increase of 40.5 per cent over the
similar period last year*
Although most fraud cases are settled upon payment of the tax plus
interest and civil penalties, the number of prosecutions also has been rising.
In the nine month period, 117 persons pleaded guilty or were convicted on
income tax charges, compared with 47 in the similar period last year.
One of the important elements in settling cases, with civil penalties
and without prosecution, has been the Treasury's policy of not prosecuting
persons who make a voluntary disclosure of their fraud before the Treasury
^begins an investigation of their cases.
This means that,in order to assure
himself against criminal prosecution, a repentant taxpayer must disclose his
fraud to an official of the Bureau of Internal Revenue before the case has
TREASURY DEPARTMENT
Washington
FOR RELEASE, SUNDAY NEWSPAPERS
May 25, 1947________________
Press Service
No. S-341
Secretary Snyder said today that the continuing drive
against tax evaders recently turned up a $3,700,000 income
tax fraud case against a large paper and metal concern.
The company had amassed bulging bank accounts under
secret names as the result of black market operations, short
weighting customers, and falsifying tax returns.
The officers of the corporation, who face criminal prose
cution, said their purpose in evading taxes was to save up
money to pay fines if caught by 0PA inspectors.
The Secretary observed that, although this was the largest
case developed in recent weeks, it was generally typical of
thousands of smaller cases which brought $1,461,000,000 of ad
ditional revenue into the Treasury in the first nine months of
the current fiscal year - an increase of 40.5 percent over the
similar period last year.
Although most fraud cases are settled upon payment of the
tax plus interest and civil penalties, the number of prosecutions
also has been rising. In the nine month period, 117 persons
pleaded guilty or were convicted on income tax charges, compared
with 47 in the similar period last year.
One of the important elements in settling cases, with civil
penalties and without prosecution, has been the Treasury's
policy of not prosecuting persons who make a voluntary disclosure
of their fraud before the Treasury begins an investigation of
their cases. This means that, in order to assure himself against
criminal prosecution, a repentant taxpayer must disclose his
fraud to an official of the Bureau of Internal Revenue before
the case has been assigned for examination and before an investi
gating officer of the Bureau has requested advice from appropri
ate officers of the Bureau regarding the case. Prior to such
action within the Bureau, a taxpayer may make a voluntary dis
closure and escape criminal prosecution even though his name may
appear in an inactive file of suspects. This presumes, of course
that the repentant taxpayer cooperates with agents of the Bureau
in determining the true tax liability.
Full understanding of this policy is expected to stimulate
voluntary disclosures by repentant taxpayers, similar to a
recent case in the middle west, where a produce firm paid over
$1,000,000 in taxes, interest and civil penalties in order to
avoid prosecution.
2
Other recent developments in the tax drive include;
A man appealed to his local police to help find the owner
of a carton full of currency which appeared mysteriously in the
man*s cellar.
Investigation indicates that the man owned the
money himself and was only trying to cover up black market
profits.
Another man who had concealed income tax frauds by burying
currency in his basement was found out when $125*OQQ of the
money got so mouldy that he tried to turn it in for fresh bills.
Investigation of on© war contractor recently resulted in
additional tax assessments totalling $1,000,000.
A tedious study of gate receipts at a major league ball
park resulted In the filing of criminal charges against a ring
of "ticket scalpers".
A midwestern mortician was found to have cheated on his
income tax by claiming "bad debt" deductions on all funerals
unpaid for on the last day of the year, even though the bills
were invariably paid shortly afterwards,
A Southern dentist said he was going to move to South
America after income tax agents discovered frauds from which
the man had acquired an 18 -room house, a racing stable, and
many other expensive luxuries.
A west coast bakery was assessed $228,000 after agents
discovered that tax frauds had been concealed by Juggling the
company1s bo o k s .
In New England, a persistent agent, who had been assigned
to check up on an apparent $1 8 ,0 0 0 tax deficiency owed by a
corporation, discovered that the true tax bill was $670,000.
oOo
-
2
-
to Allied Forces Headquarters in the* Mediterranean, and Chief of the
Economics and Finance Branchy Civil Affairs Headquarters, 7th Army*
Mr*
Southard was awarded the Legion of Merit for his services in the U* S*
Navy*
Upon his release from the Navy in 1945, at which time he held the
rank of Commander, Mr* Southard returned to Cornell University*
Mr* Southard is married and is now living in Ithaca, New York*
i
\
,'17
DRAFT PRESS RELEASE FOR A.M. PAPERS,
» m Secretary ol 1.1i THuWmj if «*— * . Snyder *(to^y/aS^mc^ that
».
Frank A. Southard, Jr.
of the international
will join his staff on July 15 to he in charge
financial and monetary work of the Treasury Department.
Mr. Southard is now Professor of Economics and Chairman of the Depart
ment of Economics at Cornell University, Ithaca, Hew York.
From June,1941,
S*fcct*bo s
until he entered the United/lJavy in July, 1942, Mr. Southard was Assistant
Direotor of the Division of Ifonetary Research in the Treasury Department.
B o m in Cleveland, Ohio, on January 17, 1907, Mr. Southard was graduated
from Pomona College, California, in 1927 and received his Ph.D. from the
University of California in 1930.
After one year as Economics Instructor at
the University of California, Hr. Southard became Assistant Professor of
Economics at Cornell in 1931, was promoted to Professor in 1939, and remained
with Cornell University until he joined the Treasury Department in January,
1941.
He worked with the Tariff Commission during 1935 and was principal
economist in the Division of Monetary Research of the Treasury Department in
1938.
For nine months during 1934-35 he did researoh in international finance
with the Carnegie Endowment and for eight months in 1940 had a Guggenheim
Fellowship, during which he made a survey of monetary polioies in Chile and
Argentina.
He is the author of several books in the field of international
monetary affairs*
Mr* Southard left the Treasury Department in July, 1942, to enter the
United States Uavy*
He served originally in 'Intelligence work and later in
Civil Affairs work in Sicily and Italy, dealing with financial and monetary
problems confronting the Allied Forces in that area.
He was financial adviser
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Monday, May 26, 1 9 4 7 _____'
Press Service
No. ^-342
Secretary Snyder announced today that Frank A ♦ Southard,J r .
will Join his staff on July 15 to he in charge of the inter
national financial and monetary work of the Treasury Department.
Mr. Southard is now Professor of Economics and Chairman
of the Department of Economics at Cornell University, Ithaca,
New York*
From June 1941 until he entered the United States
Navy in July 1942, Mr. Southard was Assistant Director of the
Division of Monetary Research in the Treasury Departments
Born in Cleveland, Ohio, on January 17, 1907, M r . S o u t h a r d
was graduated from Pomona College, California, in 1927, and re
ceived his Ph.D. from the University of California in 1930.
After one year as Economics Instructor at the University of
California, Mr. Southard became Assistant Professor of Economics
at Cornell in 1931, was promoted to Professor in 1939, end r e
mained with Cornell University until he Joined the Treasury
Department in January, 1941. He worked with the Tariff Commis
sion during 1935 and was principal economist in the Division of
Monetary Research of the Treasury Department in 1938. For nine
months during 1934-35 he did research in International finance
with the Carnegie Endowment and for eight months in 1940 had a
Guggenheim Fellowship, during which he made a survey of monetary
policies in Chile and Argentina. He is the author of several
books in the field of international monetary affairs.
Mr. Southard left the Treasury Department in July 1942
to enter the United States Navy. He served originally in
Intelligence work and later in Civil Affairs work in Sicily
and Italy, dealing with financial and monetary problems con
fronting the Allied Forces in that area. He was financial
adviser to Allied Forces Headquarters in the Mediterranean,
and Chief of the Economics and Finance Branch, Civil Affairs
Headquarters, 7th Army,
Mr. Southard was awarded the Legion
of Merit for his services in the U, S. Navy. Upon his release
from the Navy in 1945, at which time he held the rank of
Commander, Mr, Southard returned to Cornell University.
Mr, Southard is married and is now living in Ithaca,
New York.
oOo
fimsw m
p m w m
Washington
FC® IMMEDIATE RELEASE,
Monday, May 26, 1^7*
Press Servie»
3 ^L3
The Treasuxy today aimounced the subscription figures and U »
7/8
basis of allotsent fer the offering of
cate s of Indebtedness of Sériés
E-19&8
percent Treasury Certifi
i n exchange for Certificates
of Xndebtedness of Stries B-19U7, maturing June X, 1 9k7s la the
aaount of $2, Ttk$ 925,000.
Reports received from thè Federai Reserve Banks show that subscriptions aggregate $2,503,000,000.
Subscription» la aaounts up te
and including $2 5 ,0 0 0 , totaling about $£ 9 , 000 , 000 , nere allotted in
full.
Subscription» in amounts over $25,000 nere allotted 70 percent
en a stralght percentage basis, but not l e » than $2 $ ,0 0 0 te any ex»
subaeriber, with adjustiaents, where neeessary, to the next highest
$1, 000.
Bétails as te subscription* and aUotaents will be announced
when final reports ara received fresa the Federai Reserve Banks.
TRE A S U R Y DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, M ay 26, 19^7
Press Service
Wo* S-3^3
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 E^19^8
in
exchange for Certificates of Indebtedness of Series E-19^7,
maturing June 1, 19^7, in the amount of $2,77^,925,000.
Reports received from the Federal Reserve Banks show
that subscriptions aggregate $ 2 , 5 0 3 , 0 0 0 , 0 0 0 .
in amounts up to and including $25,000,
$59,000,000,
were a l l o t t e d in full.
Subscriptions
t o t a l i n g about
S u b s c r i p t i o n s in a m o u n t s
over $25,000 were allotted 70 percent on a straight p e r c e n t
age basis, but not less than $ 2 5 , 0 0 0 to any one subscriber,
with adjustments, where necessary,
to the next highest
$1,000.
Details as to subscriptions and allotments will be
announced whe n final reports are received from the Federal
Reserve Banks.
oOo
r s u ssa m m xm s
Washington
foe asm ss,
uchhimg jewspafehs,
fnasday, May 27» IS%7 » ____ __
Press s“rTic®
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-dsy Treasury bills to he dated May 29 and to mature
August 28, 19k7, which sere offered on May 23, 1 & 7 , i w t cpeasd at the Federal Beserve
funk« on May 26.
The details of this issue are as follows!
Total applied for - $1,807,31*2,000
Total accepted
- 1,311,1*50,000
S w a g e price
_
. ..
(includes $13,892,000 entered on a fixed-price
basis at 99*90$ and accepted in full)
- 99*90$/ Equivalent rate of discount approx. 0.376$ per annum
Bans» of accepted competitive bids:
mah
**■ 99.906 Equivalent rate of discount approx. 0.372$ per annum
S T
-
99.905
*
•
»
*
*
0*376$ *
*
{72 percent of the amount bid for at the los price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Mew Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
*
*
San Francisco
TOTAL
21,81*0,000
1,579,173,000
12,171,000
6,870,000
U.2U5.000
1.675.000
135,666,000
12,8^0,000
8,1*25,000
3.830.000
3,51*0,000
35,060,000
*1,807,31*2,000
15,876,000
1,11*0,628,000
8,811,000
6,870,000
3.685.000
2.585.000
81*,028,000
9.676.000
6,2bl,000
3,130,000
3,260,000
26,660,000
*1,311,1*50,000
TREASURY DEPARTMENT
Washington
F OR RELEASE, MORNING NEWSPAPERS
Tuesday, M a y 2 7 , 1 9 4 7 ______
Press Service
No* S-344
The Secretary of the Treasury announced last evening
that the tenders for $1,300,000,000, or thereabouts, of 9 1 -clay
Treasury bills to be dated M ay 29 and to mature August 28 , 1947 >
which were offered on M a y 2 3 » 1 9 4 7 were opened at the Federal
Reserve Banks on May 26*
1
The details of this issue are as follows:
Total applied for - $1,807,342,000
Total accepted
- 1,311,450,000 (includes $13,892,000 entered
on a fixed-price basis at
99.905 end accepted in full)
Average price
- 99.905-/ Equiv. rate of discount approx*
0',376£ per annum
Range of accepted competitive bids:
Hi g h - 9 9 .9 0 6 Equiv. rate of discount approx.
Low
- 99.905
”
"
"
I
|
2fo
0.37
per annum
0.376^ ”
"
(72 percent of the amount bid for at the low price was accepted':)
Federal Reserve
District
Boston
N e w Yor k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
$
21,840,000
1,579,178,000
12 ,171,000
6 ,870,000
Total
Accepted
$
15 ,876,000
1,140,628,000
8 .811.000
6 .870.000
3 .685.000
2 .585.000
4.245.000
3.675.000
115,668,000
12.840.000
8.425.000
3.830.000
3,540,000
35.060.000
84.028.000
9 .676.000
6.241.000
3 .130.000
3 .260.000
26 .660.000
$1,807,342,000
$ 1 ,311 , 450,000
0O0
Secretary Snyder, upon his r e turn to W a shington
today,
issued the following statement concerning the sudden
death of Representative F r e d B r a d l e y last Saturday while on
a tour of inspection of the U n ited States Coast Guard
Academ y at New London,
Connecticut;
The sudden death of Representative Fred
B r a d l e y of Michigan was a distinct shock to his
numerous friends in the T r easury Department.
Throughout the war period and the uncertain
days of reconversion, Mr. B r a d l e y consistently
displayed a genuine, wholesome type of statesman
ship, and his friendly counsel and guidance in
legislative matters were most beneficial to me.
H i s keen interest in the welfare of the United
States Coast Gu a r d long inspired the respect and
confidence of members of the Treasury staff.
The passing of such a kind and helpful friend
is sorely felt b y those of us who had been fortunate
enough to enjoy his acquaintance.
0O 0
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, M ay 28, 19^7
Press Service
No. S-345
Secretary Snyder, upon his return to Washin g t o n today,
issued the following statement concerning the sudden death
of Representative F r e d Bradley last Saturday while on a tour
of inspection of the United States Coast Guard A cademy at
Ne w London, Connecticut:
The sudden death of Representative Fred Brad l e y
of Michigan was a distinct shock to his numerous friends
in the Treasury Department.
Throughout the war period and the uncertain
days of reconversion, Mr. Bradley consistently dis-*
played a genuine, wholesome type of statesmanship,
and his friendly counsel and guidance In legislative
matters were most beneficial to me.
His keen i nter
est In the welfare of the United States Coast Guard
long inspired the respect and confidence of members
of the T r easury staff.
The passing of such a kind and helpful friend
Is sorely felt b y those of us who had been fortunate
enough to enjoy his acquaintance.
0O 0
ft v
*
- 3 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
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 considera
tion 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.
m m a
2
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 ivlll 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.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank
or other immediately available funds or in a like face amount of Treasury bills
maturing
June 5>
19h7______ •
Equal treatment will be accorded all tenders
whether the bidders offer to exchange maturing bills or to pay cash for the
new bills bid for.
Cash adjustments will be made for differences between the
par value of maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, Y/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
TREASURY DEPARTMENT
Yfashington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 2?. 19k7.
*5?
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1.300.000.000 j or thereabouts, ©f
w
91
-day Treasury bills, for cash and
"55
in exchange for Treasury bills maturing
June
19k7
, to be issued on
a discount basis under competitive and fixed-price bidding as hereinafter
provided.
will mature
interest.
The bills of this series' will be dated
September lu 19k7
and
«
“S T "
> when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches, up to the
closing hour,'two o ’clock p.m., Eastern Standard time,
Monday« June 2» 19k7
"SEE
Tenders Will not be received at the Treasury Department, Washington-.
Each
tender must be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e. g.,
Fractions may not be used.
99.92^.
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
TREASURY DEPARTMENT
Washington
F O R RELEASE, MORNING NEWSPAPERS,
Thursday, M ay 29, 1947
Press Service
No. S-346
^ The Secretary of the Treasury, by this public notice,
invites tenders for $1,300,000*000, or thereabouts, of 9 1 -day
Treasury bills, for cash and in exchange for Treasury bills
matux^ing June 5 , 1947, to be issued on a discount basis under
S2m p 2 # i ^ ive^ and ^ x ^ - P r i c e bidding as hereinafter provided,
ihe b^lls of this series will be dated June 5, 1947,.and will
k / 1 9 4 f , when the face amount will be payable
interest.
Th e y will be issued In bearer form only,
S
iS i enominations of
.$5,000-, $10,000, $100,000,
$500,000, and*$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
ff^hes
closing 'hour, two o ’clock o.m., Eastern
Standard time, Monday, June 2 , 1947.
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
expressed on the basis of 100, with not more than
three decimals, e,g., 99 ,925 , Fractions m a y not be used.
It
Is urged that tenders be made on the printed forms and f o r
warded in the special envelopes which will b e : supplied by
Federal Reserve Banks or Branches on application therefor.
Ten d e f s will.be received without deposit from incorporated
oanks ana trust companies and from responsible and recognized
ea ers 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.
■,
•j.
4. ., Im5 e^ la t e ly after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which oubii C*2,nnoUnceinent
^e roade 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 T r easury 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
of;
Settlement for accepted tenders in a c c o r d
ance with the bids must be made or completed at the Federal
Reserve Bank on June 5 , 1947, in cash or other immediately avail.
Tnnf C foiif *2 a } llf e face araount Qf Treasury bills matu r i n g
June 5 , 1947.
Equal treatment will be accorded all tenders,
whether the bidders offer to exchange maturing bills or to
pay cash for the n e w bills bid for-*-— -Gash ad justment s "will
be made for differences between the par value of maturing
bills accepted in exchange and the,.¿spue price of the new
bills.
' The income derived from Treasury bills,^whether interest
or gain-from the sale or other disposition of the bills, shall
not have .any exemptions as such, and loss from, tte 3a le or ; "
other disposition of T re a s u r y bills shall not have any ;special
treatment, as such, under Federal tax .Acts, n o w or hereafter'
e n a c t e d / The bills shall be'subject to estate, i n h e r i t a n c e/,
gift, o r ;other excise taxes, whether Federal or State, but
shall be exempt from all taxation n ow or hereafter imposed on
thè principal or interest thereof by any State,' or any of the
possessions of the U n i t e d States, or b y any local taxing
authority.
For. purposes of taxation the' amount of discount at
which...Treasury bills are originally sold by the United States
shall b e ‘considered to be interest.
Under Sections ^2 and
117(a)(1) of the internal Revenue C o d e ; as .amended by Section
¿ 15 ..of the Revenue
ct- of 19^1 > the amount'of discount at
which bills issued hereunder are sold shall hot be considered
to accrue until such bills shall be sold, redeemed or o t h e r
wise disposed of, and such bills are excluded from consider-*
atipn 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^dlfference betweèn thè price paid'#or such bills, whether pii originai
issue ,or .on subsequent p u r c h a s e , and: the secant actually r e
ceived either upon sale, or redemption at m a t u r i t y during thef
taxable year for which/the return, is made, as ordinary gain ...
or loss* I
■./■.'
’
> ".
T r e a s u r y Department,' Circular. No. 4l8, as amended, and
this notice, prescribe' the terras of the Treasury bills and
govern the conditions *of their issue.
Copies of the c i r c u
lar m a y be obtained.from any. Federal Reserve B a n k or Branch.
0O0
May 29, 1947
§ 1
Press Release No#
%
F OR IMMEDIATE RELEASE
It was announced today b y Preston Delano
Comptroller of the Currency,
that national
banks m a y purchase the debentures of the
International Bank for Reconstruction and
Development up to the full legal limit of
ten per cent of their capital a nd surplus#
TREASURY DEPARTMENT
W a shington
FOR IMMEDIATE RELEASE
T h u r s d a y, M ay 29* 19^7
Press Service
No. S-3^7
It. Was announced today "by Preston Delaho, Comptroller
of the Currency, that national banks m a y purchase the
debentures of the International B a n k for Reconstruction
and Development up to the full legal limit o f ten percent
of their capital and surplus.'
0O 0
TBEASUBI BEPABTHBBT
Washington
fo r ymsmrA’m m SM S&,
Press Service
f h a r ^ r , a w 29, 194?.
the Secretary of the Treasury today announced the subscription end
allotment figures sitb respect to the current offering of 7/8 percent
treasury Certificates of Indebtedness of Swedes S-l$*8, to be dated June 1,
19b?* Subscriptions for amounts up to and including $25*000 sere allotted
in full and amounted to $59,310,000.
Subscriptions and allotments sere divided among the several Federal
Reserve Districts and tbs treasury as foUesst
federal Reserve
District
Total Subscriptides Received
total Subscriptions Allotted
Boston
Be« fork
fM
Cleveland
ftjiffhayyrgj
Atlanta
Chicago
St. Louis
I
t
Kansas City
Ban Francisco
Treasury
TOTAL
67,896,000
1,¡»98,265,000
49,865,000
82,338,000
34,785,000
45,753,000
261,995,000
69,367,000
54,781,000
105,274,000
52,899,000
178,886,000
7.523,000
$2,509,627,000
48,141,000
1,051,740,000
35,369,000
58,701,000
24,897,000
33,060,000
187,061,000
50,676,000
41,326,000
76,546,000
37,869,000
126,409,000
5,297.000
$1,777,092,000
lift
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, May 29. 1947
*
Press Se r v i r e
Ko? 1-348
The Secretary of the Treasury today announced the
subscription and allotment figures with respect to the
current offering of 7/8^ Treasury Certificates of I n d e b t e d
ness of Seried E-1948, to be dated June 1, 1947.
Subscrip
tions for amounts up to and including $25,000 were allotted
in full and amounted to v$59,310,000.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District
Total Subscriptions Received
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
TOTAL
67,896,000
1 ,498,265,000
49,865,000
82,338,000
34,785,000
45,753,000
261,995,000
69,367,000
54,781,000
105,274,000
52,899,000
178,886,000
7,523,000
$2 ,509,627,000
oOo
Total Subscrip
tions Allotted
$
48,141,000
1 ,051 ,740,000
35 ,369,000
58 ,701,000
24 ,897,000
33 ,060,000
187,061,000
50 ,676,000
41 ,326,000
76,546,000
37,869,000
126,409,000
5,297,000
$1,777,092,000
Despite the fact that the Tobacco
Section’s work is nation
wide in scope, the location of the office in Greensboro ms
uaid ’tb
offer^J? slight convenience to tobacco manufacturers and dealers located
in certain parts of North Carolina and Virginia*
The Bureau, however,
regional
¿*wls that the W m i. service thus afforded does not offset the adminis
trative advantages to be gained by the relocation of this activity
in Washington*
The move, it is also pointed out, will result in
Jgg|g||Jgj| a substantial annual saving in rental costs, and is in line
with the Buraaiils.
p
o
t-icy SffCT
ifefi|||
/V
*t"0£ £
&**$&**
*t/i TsihS^
Proposed Firess Release
|j
Joseph D. Nunan Jr*, Commissioner
of Internal
Revenue, announced today that the Tobacco Section, Tobacco and
Capital Stock Division, Miscellaneous Tax Unit, "which has been lo
cated in Greensboro, North Carolina, since August, 194-2, m i l be
returned to "Washington prior to July 1st.
The Tobacco Section, which was moved from the Capital
to create space for Government activities more closely connected with
the war effort, will be housed in the Internal Revenue building.
This
group deals'-with the laws and regulations relating to the tax on tobacco
as they apply to manufacturers and dealers located throughout the
United States, its territories and possessions.
Commissioner Nunan stated that all employees who have
or who acquire a permanent Civil Service status prior to June 30, 1947,
will be offered the,opportunity;- to transfer to Washington at Govern
ment expense, in record with existing regulations relating to transfer
of posts of duty.
In addition, any war service or temporary employee
entitled to military preference m i l be given the opportunity of trans
in present position,
£ e r / provided he or she has made a pssing mark in# a competitive exam
ination appropriate to such position.
Seventy-three persons are presently employed in the
Tobacco Section, 44 of whom have permanent Civil Service status• All
p*fc'fec*____
but ten of the permamentA have jgggSBS? expressed a desire to transfer
to Washington.
TREASURY DEPARTMENT
B u reau of Internal Revenue
Washington
F O R IMMEDIATE RELEASE
Thursday, M ay 29, 1947
Press Service
No, S-3^9
.
Joseph D. Nunan, Jr,, Commissioner of Internal Revenue,
announced today that the Tobacco Section, Tobacco and C a p i
tal Stock Division, Miscellaneous Tax Unit, which has been
located in Greensboro, N o r t h Carolina, since August, 1942,
will be returned to Washington prior to July 1,
The Tobacco Section, which was m o v e d from the Capital
to create space for Government activities more closely c o n
nected with the war effort, will be housed in the Internal
Revenue building.
This group deals with the laws and r e g u
lations relating to the tax on tobacco as they apply to
manufacturers and dealers located throughout the United
States, its territories and possessions.
Commissioner N unan stated that all employees who have
or who acquire a permanent Civil Service status prior to
June 30, 1947, will be offered the opportunity to transfer
to Washi n g t o n at Government expense, in accord with e x i s t
ing regulations relating to transfer of posts of duty,
In
addition, any war service or temporary employee entitled
to mili t a r y preference will be given the opportunity of
transfer in present position, provided he or she has made
a passing m a r k in a' competitive examination appropriate to
such position.
Seventy-three persons are presently employed in the
Tobacco Section, 44 of whom have permanent Civil Service
status.
All but ten of the permanent employees have e x
pressed a desire to transfer to Washington,
Despite the fact that the Tobacco S e c t i o n ’s work is
nationwide in scope, thé location of the office in
Greens b o r o offered a slight convenience to tobacco m a n u f a c
turers and dealers located in certain parts of North
Carolina and Virginia.
The Bureau, however, believes that
the regional service thus afforded does not offset the a d
ministrative advantages to be gained by the relocation of
this activity in Washington.
The move, it is also pointed
out, will result in a substantial annual saving in rental
costs, and is in line with the T r e a s u r y ’s policy of l o c a t
ing activities, wherever practicable, in Government b u i l d
ings.
oOo
é
P O R RELE
Friday, j
Secj
account |
since
Treasury
:
A n
entered j
m e n t Pri
War he a
r a n k of
of Admir
he was d
a year.j
Ret U I 'I l J L I i g IlU in tJ J.I1
FIX'»
H X IO U U
w o, o
u vjv.,
o .xx
i n v e s t i g a t o r w i t h the old B u r e a u of" Effi c i e n c y , c o n t i n u i n g
w i t h this o r g a n i z a t i o n for t h i r t e e n years.
F r o m 1934 u n t i l
the date of h is a p p o i n t m e n t at the T r e a s u r y D e p a r t m e n t , h e
w a s i d e n t i f i e d w i t h the F a r m Credit A d m i n i s t r a t i o n in v a r i o u s
c a p a c ities, i n c l u d i n g service as chief of the C l a s s i f i c a t i o n
Unit, A s s i s t a n t D i r e ctor, and D i r e c t o r of Personnel.
S i m u l t a n e o u s w i t h the a n n o u n c e m e n t of Mr. W i l s o n ' s
r e t i r e m e n t , S e c r e t a r y Snyder a n n o u n c e d the a p p o i n t m e n t of
J a m e s H. Hard, Jr., of B i r m i n g h a m , Alabama, as D i r e c t o r of
P e r s o n n e l for the T r e a s u r y D epartment.
Mr. H a r d comes to
the T r e a s u r y f r o m the B u r e a u of the Budget, where, for the
p a s t five years, he h as s p e c i a l i z e d in G o v e r n m e n t - w i d e
p e r s o n n e l matte r s .
A v e t e r a n of W o r l d W a r I, in w h i c h he served as an
o f f i c e r of the T h i r d Division, Mr. H a r d has h ad b r o a d e x p e r i
e nce in the f i e l d of public admini s t r a t i o n ,
F r o m 1931 to
1935 he was a f f i l i a t e d w i t h the State of A l a b a m a in v a r i o u s
capacities, i n c l u d i n g Chief E x a m i n e r of Acc o u n t s , State
C o m p t r o l l e r , and a d v i s e r to the F i n a n c e and T a x C o m m i t t e e of
the State Senate.
D u r i n g this p e r i o d he a s s i s t e d in the
d r a f t i n g of the S t ate's B u d g e t and A c c o u n t i n g Act, and
e s t a b l i s h e d a u n i f o r m a c c o u n t i n g system, and m a c h i n e r y for
the r e f u n d i n g of the State indebtedness.
Mr. H a r d was D i r e c t o r of P e r s o n n e l f o r J e f f e r s o n County,
A l a b a m a , w h i c h em b r a c e s B i r m i n g h a m and f our o t h e r cities, f r o m
1935
to 1941, at w h i c h time he came to W a s h i n g t o n w i t h the
B u r e a u of the B u d g e t .
Mr. a nd Mrs. H a r d r e side at Lee G a r d e n s , A r l i n g t o n , Va.
T h e y h a v e two sons and a daughter:
J a m e s H. Hard, III, a
student -at A u b u r n P o l y t e c h n i c Institute; W i l l i a m Hard, a senior
at P o t o m a c State College, and Mrs. E l m e r Rhodes, of A t l anta, Ga.
tee
FOR REJ
Friday
u
<D
Cm
accoun
since j
Treasui
<m
A
enterej
ment pS
War he|
rank oi
of Add
he was
a year
s
CD
CO
u
£
**
b
f
an
Returning home in 1920, Mr* Wilson was appointed an
investigator with the old Bureau of" Efficiency, continuing
with this organization for thirteen years. From 1 9 3 4 until
the date of his appointment at the Treasury Department, he
was identified with the Farm Credit Administration in^various
capacities, including service as chief of the Classification
Unit, Assistant Director, and Director of Personnel.
Simultaneous with the announcement of Mr. W i l s o n ’s
retirement, Secretary Snyder announced the appointment of
James H. Hard, Jr., of Birmingham, Alabama, as Director of
Personnel for the Treasury Department.
Mr. Hard comes to
the Treasury from the Bureau of the Budget, where, for the
past five years, he has specialized in Government-wide
personnel matters.
A veteran of World War I, in which he served as an
officer of the Third Division, Mr. Hard has had broad experi
ence in the field of public administration,
From 1 9 3 1 to
1 9 3 5 he was affiliated with the State of Alabama in various
capacities, including Chief Examiner of Accounts, State
Comptroller, and adviser to the Finance and Tax Committee of
the State Senate.
During this period he assisted in the
drafting of the State's Budget and Accounting Act, and
established a uniform accounting system, and machinery for
the refunding of the State indebtedness.
Mr. Hard was Director of Personnel for Jefferson County,
Alabama, which embraces Birmingham and four other cities, from
1935
to 19 4 1 , at which time he came to Washington with the
Bureau of the B udget,
Mr. and Mrs. Hard reside at Lee Gardens, Arlington, Va.
They have two sons and a daughter:
James H. Hard, III, a
student at Auburn Polytechnic Institute; William Hard, a senior
at Potomac State College, and Mrs. Elmer Rhodes, of Atlanta, Ga.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 30, 1947._________
Press Service
No. S-350
Secretary Snyder today announced the retirement on
account of impaired health, of Theodore F. Wilson who,
since 19^1, has served as Director of Personnel for the
Treasury Department.
A native of the District of Columbia, Mr, Wilson
entered the Government service as a messenger In the Govern
ment Printing Office,
At the beginning of the first World
War he enlisted in the United States Navy, and attained the
rank of chief petty officer as a member of the London staff
of Admiral Sims. Following the cessation of hostilities,
he was on duty with the Paris Peace Commission for more than
a year.
Returning home in 1920, Mr, Wilson was appointed an
investigator with the old Bureau of" Efficiency, continuing
with this organization for thirteen years. From 1934 until
the date of his appointment at the Treasury Department, he
was identified with the Farm Credit Administration in various
capacities, including service as chief of the Classification
Unit, Assistant Director, and Director of Personnel,
Simultaneous with the announcement of Mr. W i l s o n ’s
retirement, Secretary Snyder announced the appointment of
James H. Hard, Jr., of Birmingham, Alabama, as Director of
Personnel for the Treasury Department.
Mr. Hard comes to
the Treasury from the Bureau of the Budget, where, for the
past five years, he has specialized in Government-wide
personnel matters,
A veteran of World War I, in which he served as an
officer of the Third Division, Mr. Hard has had broad experi
ence in the field of public administration,
From 1931 to
1935 he was affiliated with the State of Alabama in various
capacities, including Chief Examiner of Accounts, State
Comptroller, and adviser to the Finance and Tax Committee of
the State Senate.
During this period he assisted in the
drafting of the S t a t e »s Budget and Accounting Act, and
established a uniform accounting system, and machinery for
the refunding of the State indebtedness.
Mr. Hard was Director of Personnel for Jefferson County,
Alabama, which embraces Birmingham and four other cities, from
1935 to 1941, at which time he came to Washington with the
Bureau of the Bu d g e t .
Mr. and Mrs. Hard reside at Lee Gardens, Arlington, Va,
They have two sons and a daughter:
James H. Hard, III, a
student at Auburn Polytechnic Institute; William Hard, a senior
at Potomac State College, and Mrs. Elmer Rhodes, of Atlanta, Ga.
@FedFRASER