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L IB R A R Y
ROOM 5030
JUN 14 1972
TREASURY DEPARTMENT
SyLLsSUL-
B 3 -
mem.
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 1|2
and 117 (a) (1) of the Internal Revenue Code* as amended by Section 113 of the
Revenue Act of 19Ulr 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. [¡.18, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
2
-
3BBEtt:
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, non-competitive tenders for $200,000 or
less without stated pricepfrom any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
March
31, 19U9
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and'exchange tenders will receive equal treatment.
March 31* 19^9
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 the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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
1QEKXmXX
rxmr
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS*
Friday, March 25, 19U9.
S5
The Secretary of the Treasury, by this public notice,' invites tenders for
$
900. 000,000
91 -day Treasury bills, for cash and
, or thereabouts, of
in exchange for Treasury bills maturing
March 31. 19k9
5 to
be. issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
June 30, 19k9
will mature
interest.
March
31« 19k9_____ > and
, when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o*clock p.m., Eastern Standard time,
Monday> March 28« 19li9
"TEST
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders 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
theref or.
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
ì f c
TREASURY DEPARTMENT
Information Se rvice
RELEASE, MORNING NEWSPAPERS,Friday, March 25 , 1949 »
WASHINGTON, D .C .
'
•
;- .
S-1.033
The..Secretary of the Treasury, by this public notice, invites
tenders for. $900,000,000, or thereabouts, of 91-day Treasury, bills,
for cash and in exchange for Treasury bills maturing March 31, 1949,
to be issued on a discount basis under competitive 'and no n
competitive bidding as hereinafter provided.
The bills of this
series will be dated"March 31, 1949, and will mature June 30, 1949,
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, March 28, 1949. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more
than three decimals, e. g,, 9 9 .9 2 5 . Fractions may not be used,*
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by Federal Reserve
Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
canks 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
s applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company,
2
from any one bidder will be accepted in full at the average price
(in three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on March 31, W 9 , in ?as5
or other immediately available funds or in a like face amount of
Treasury bills maturing March 31, 19^9» Cash and exchange tenders
will receive equal treatment. 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
sain from the sale or other disposition of the bills, shall not nave
any exemption, as such, and loss from the sale or other disposition
of Treasury bills shall not have any special treatment, as such,
under the Internal Revenue Code, qr laws amendatory or supplementary
thereto. 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 k 2 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 19^1, th.q _
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 or Branch,
0 O0 •
^ 7
XSUU 3S, MOaaiHO HSœ ?AK®3,
-
/
Tuesday. March gt, 1949.
gg!• secretary of tha treasury announced last evening that th« tenders for
#900,000,000* or thereabouts, of 91-day Treasury bilia to ha datad March 31 aad to saturi!
juna SO, 1949, which ware offarad o b March 23, were opened at tha Federal Reserve Baaks
oa March 28«
The details of this Isaac are as follows î
fötal applied for . #1,610,790,000
_
902,496,000
fötal accepted
Average price
(includes #47,624,000 entered on a non
competitive basis aad accepted ia fall
at tha average price shown below)
• 99,706/ Equivalent rata of discount approx. 1.162$ per annua
Bangs of accepted compatit iva bids«
99,709 SaulVBlaat sat® of dlaaoaat approx. 1.151* por «una
. 99.906
*
«
» .
«
1.163* «
"
High
Low
(77 percent of tha aaount bid for at tha low price was aeespted)
federal Baseras
Ola tri et
total
Total
A.O.gt.d
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
#
I
4.719.000
108,320,000
6.073.000
2.865.000
15.223.000
5.145.000
37.371.000
9,406,000
904,694,000
9.141.000
40.626.000
1.350.000
4.489.000
94.539.000
6.093.000
2.906.000
13.338.000
5.145.000
32.311.000
*1,810,990,000
*902,496,000
10,303,000
1,353,675,000
23.346.000
41.300.000
1,§30,000
TOTAL
I
»turtl
inks I
RELEASE, MORNING NEWSPAPERS,
Tuesday, March 29, 19^9. •
g-1034
The Secretary of the Treasury announced last evening that the
tenders for $900,000,000, or thereabouts, of 91-day Treasury bills
to be dated March 31 and to mature June 3 0 , 1949 , which were
offered^on March 25, were opened at' the Federal Reserve Banks on
March 28.
The details of this issue are as follows;
Total applied for - $1,610,790,000
Total accepted
902,496,000 (includes $47,624,000
entered on a non
competitive basis and
accepted in full at the
.
\
*
average price shown below)
Average price
- 99¿ 706 / Equivalent 'rate of discount approx.
1
1 .162$ per annum
Range of accepted competitive bids;
High
T
i,ow
“ 99.709 Equivalent rate
1.151$
“ 99.706 Equivalent rate
1 ,163$
of discount approx,
per annum
of discount approx.
per annum
(77 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
TOTAL
10 ,303,000
1 ,3 5 3 ,8 7 5 ,0 0 0
2 3 , 3 ^ 6 ,0 0 0
41.500.000
1.850.000
4.719.000
1 0 8 ,5 2 0 ,0 0 0
6.073.000
2.865.000
15.223.000
5.145.000
37.371.000
$1,610,790,000
0O0
Total
Accepted
$
9,406,000
704,674,000
7.141.000
40.626.000
1 .850.000
. 4,489,000
74.539.000
6.073.000
2.704.000
13.538.000
5.145.000
32.311.000
$902,496,000
In addition to the requests for position Hfixes ’1
i ocean station cutters received-2B53SSÎ
requests for
weather and other general information from a total of
13,361 ocean flights during the year, or an average of
Twenty cutters were rotating on ocean station patrols
by the end of 19^£. Tpe vessels perform other Coast Guard
duties when not on one of the regular five-week weather
patrol assignments.
A new ocean station record was set in 19^-C in the
combined use of weather balloons and radar for weather
observation. The cutter Sebago tracked a six-footweather balloon £0 .3 nautical miles
91.2 land milesy
with its radar. This bettered the 19^7 mark of 75 -Mflirlrtflwi!
miles set by the cutter McCulloch.
cutter Klamath 1s
Another new mark was set when the
iiru'BirtfH1
—^ ‘
radar followed a balloon to a height of i7^jniles. The
previous record of 14 miles was set in 19^7 "by the cutter
Campbell.
The average performance in tracking balloons by radar
was 19 miles in distance and 6 miles in height.
From
made
the radar measurement
by the Coast Guardsmen,
the Weather Bureau is able to determine
velocity
at sea for
wind direction and
the mid-ocean areas.
On April 20, the Second North Atlantic Ocean Station
Conference will meet in London, England., for the purpose
of reviewing the ocean station agreement now in effect.
Captain H.C. Moore and Lieutenant Commander B.F, Engel,
of the Coast Guard
have been designated, as members of the
U.S. delegation to attend the conference.
-o-
0
Cj.5
United States Coast Guard cutters on ocean station
patrol contributed to the safety of thousands of ocean
airplane flights in 194-3, according if© a report issued by
public by Secretary Snyder today.
Pilots obtained navigational "fixes '1 from the cutters,
thereby checking their precise positions on the ocean
airlanes,
in a total of 3,7 56 cases during the year.
This
was an average of 24- caller, a day, or one an hour. *}
^fhe cu11 ers"use radar in responding to such requests.
The radar checks represent an added safety measure, as the
pilots of ocean-flying planes also have the benefit of
Loran, the long range electronic navigation system.
Position Information is obtained -through Loran from land-based
stations operated by the Coast Guard.
Coast Guard cutters now patrol five Atlantic and two
7pN>
Pacific ocean stations. Awafrtter Atlantic statiorFwill be
added soon. The stations ar^maintained under international
agreement.
They provide search a n d rescue,
communication,
and air navigation facilities, and report on the weather.
«0
<0
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Wednesday, March 30 , 1949.
S-1035
United States Coast Guard, cutters on ocean station patrol
safety of thousands of ocean airplane
flights in 1948, according to a report issued by the Coast
Guard and made public by Secretary Snyder today*
Pilots obtained navigational ’’fixes” from the cutters
thereby checking their precise positions on the ocean airlanes,
*5
*ot?n of
cases during the year.
This was an average
ox
calls a day, or one an hour.
The cutters use radar in
suoh requests. The radar checks represent an
as th® Pilots of ocean-flying planes also
the benefit of Loran, the long range electronic navigation
Josition information is obtained through Loran from
lana-based stations operated by the Coast Guard.
oh
™?an™4
„„„
In addition to the requests for position "fixes", the
“Otters received requests for weather and other
a total of 13>361 ocean flights during
the year, or an average of 37 a day.
®
fhTltlr, matxon trom
a
®o u t Guard cutters now patrol five Atlantic and two
o o e a n s t a t i o n s . Two other Atlantic stations will be
J?he stations are maintained under international
K w H
?
sear3h 31111 resoue> communication, and
navigation facilities, and report on the weather,
the
n!ieterL Were rotating on ocean station patrols by
when not L 1948,
vessels Perform other Coast Guard duties
assignments.0116 °f th° regular five“week weather patrol
use of meItbpmaL i Siati°n r?oord was set in 19^8 in the combined
cut*«; ^ t h e r balloons and radar for weather observation.
The
mues
? 3lx-f00t weather balloon 80.3 m S i i c a l
mark 0 f97 R2 3fnd
with lbs radar.
This bettered the 1047
mark of 75 m ii e3 set by the cutter McCulloch.
TZ fet,VhZn
followd^baiiLiffi
the cutter Klamath's radar
record o
f
to 3 h ®lght °f 17 miles.
The previous
14 miles was set in 1947 by the cutter Campbell.
- 2 -
19
miles in
r S distance
S J Z f tand
S r 6K miles
î * traoklng
Walloons
ly miles
in height.
Prom by
the radar
radar was
the Coast GuardsmeS; the Weather Bureau
Tdey
c„»r,s?»r;Lf«,^%fs„i;?ri;g^ ^ 0s.%ssiLo“or
rnnof*r>C*
S!.nSSÆ ïtS g r .s æ i “ *“ 6era oi al i sCartain^
fh?
wi*
îf°£re
o c e a n station agreement now in effect ,P
Lieutenant Commander B. P, Engel of
oOo
jH
f V
\5>
The Treasury’s nConscience Fund”, now in its l^isth year
and well into its second million dollars of receipts,
credited with $ 1,700
wrote:
ha$ been
received from an unknown donor who
»Bow all is paid and we feel much better«”
The donor obtained three $500 bills and two $100 bills,^
cut them in halves, and mailed one set of halves to the
Bureau of Internal Revenue
and the other set to the Treasury.
Each set of halves was accompanied by a note written in Spanish.
The notes indicated the money was intended
of a »group of gentlemen.”
bore Illinois postmarks.
to pay the taxes
Envelopes containing^the money
One $20 bill and one $10 bill,
both whole, had been placed —
apparently for good measure —
in
the envelope addressed to the Treasury.
S-ine other recent »Conscience Fund” receipts included
$ 62.50 in gold coins, wrapped in paper and mailed in a manila
envelope without any explanatory message, and a crate of
Army blankets, well used,
shipped from Indiana by prepaid
express. The blankets were turned ov^r to the Bureau of Federal
Supply,
to be sold as surplus property.
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Wednesday, March 3 0 , 19^9.
S-IO 36
The Treasury's "Conscience Fund", now In its 138th
year and well into its second million dollars of receipts
has been credited with $ 1,700 received from an unknown
’
donor who wrote;
"Now all is paid and we feel much
better,"
The donor obtained three $500 bills and two $100
* i-u’
^ em
halves, and mailed one set of halves
to the Bureau of Internal Revenue and the other set to
e Treasury, Each set of halves was accompanied by
a note written in Spanish,
The notes indicated the
money was intended to pay the taxes of a "group of
gentlemen." Envelopes containing the money bore Illinois
postmarks
One $20 bill and one $10 bill, both whole, had
been placed -- apparently for good measure -- in the
envelope addressed to the Treasury,
$6?
r?cent "Conscience F u n d ” receipts included
in gold coins, vrapped in paper and mailed in
«
®nyelope without any explanatory message, and
crate of Army blankets, veil used, shipped from Indiana
R n r p ^ P&fd e *Pr e s s - TIie blankets vere turned over to the
o Federal Supply, to be sold as surplus property.
oOo
fi
/ oO
*3
IMMEDIATE RELEASE,
Wednesday, March 30» 1&9.
The Secretary of the Treasury today announced the subscription
and allotment figure« with respect to the current offering
of 1 -lA
percent Treasury Certificate« of Indebtedness of Series 0-1950, to
be dated April 1, 19U9*
Subscriptions and allotments were divided among the several
1
Federal Reserve Districts and the Treasury as follows i
Federal Reserve
District
J
Total Subscriptions
Received and Allottsd
I 33.966,000
Il50,082,000
18,100,000
1)0 ,000,000
13.663.000
33.038.000
129,1*58,000
1*7,297,000
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St« Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1)2 ,772,000
.
50 282.000
32,929,000
61),000,000
6,739,000
T0IA1
$962,656,000
t.■; -...-■■>»!-
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE BELEASE,
Wednesday, March 30, lft49.
S-103?
The Secretary of the Treasury today announced the
subscription and allotment figures with respect to- the
current offering of 1-1/4 percent Treasury Certificates
of Indebtedness of Series D-1950, tp "pe dated April 1, 1949 .
Subscriptions and allotments were divided among
the several Federal Reserve Districts and the Treasury
as follows:
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
0O0
Total Subscriptions.
Received and Allotted
$ 33;986,000
450 . 0 82.000
18, ¡no, 000
4 0 . 000 .
000
13.663.000
33.038.000
129.458.000
47.297.000
42.772.000
50.282.000
32.929.000
6 4 . 000 .
000
6 ,7 39.000
$ 962 ,6 5 6 ,0 0 0
1HBB
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
l\2
and 117 (a) (1) of the Internal Revenue Code, as ^amended by Section Ilf? of the
Revenue Act of 19lpL, 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 betvreen the price paid for such bills, whether on original issue or
on subsequent purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No, Ip.8, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
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 ao the Federal
Reserve Banks and Branches, following which public announcement will oe 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 sucn respect shall
be final.
Subject to these reservations, non-competitive tenders for $200,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive Dies.
Settlement for
accepted tenders in accordance with the olds must be made or completed at the
Federal Reserve Bank on April 7» 19U9
*'—*--- "rrrr"'-----
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
April 7, 1 9 k9
Cash adjustments will be
made for differences between the par value of maturing bilis accepted in exchange
and the issue price of the new bilis.
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 the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
The bills shall be subject to estate., inheritance, gift or other
excise taxes, whether Federal or State, but shall be exempt from ail taxation now
or hereafter imposed on the principal or interest thereof by any Staue, or any of
the possessions of the United States, or by any local taxing authority.
For
ifrlflMlui-tati:
XSOTDC
TREASURY DEPARTMENT
Washington
7 /
ié
FOR RELEASE, MORNING NEWSPAPERS*
Friday» April 1, 1 9 U 9 . ______
m
The Secretary of the Treasury, Dy this public notice, invites vendors for
$ 900*000*000
, or thereabouts, of
,91 -day Treasury bills, for cash and
igEjc
~55T~
in exchange for Treasury bills maturing
April 7» 19k9____ 5
^e issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
April 7» 19U9
> and
"535
Will mature
interest.
July 7» 19li9
» vfhen the face amount wiix be payable witnout
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» AjJril U« 19U9
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders 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
theref or.
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
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
RELEASE, MORNING NEWSPAPERS
Friday, April 1. 1949 .
S-IO 38
The Secretary of the Treasury, by this public notice, invites
for $900,000,000, or thereabouts, of 91-day Treasury bills
for cash and in exchange for Treasury bills maturing April 7 1940 '
to be issued on a discount basis under competitive and non- ’
’
competitive bidding as hereinafter provided. The bills of this
be dated
7, 19^9, and will mature July°7 1949
when the face amount will be payable without interest. Th^y will
??
onJy ’ and in denominations of $ 1 ,000,
• v a lu e )’ ^10,000, ilOO.OOOj $500,000, and $1,000,000 (maturity
Monday’ April
l o r i ?4,
^ 8^
' . Tenders
° ’0lock
East^
n Standard
nonaay,
1949
will P-“
not->be
received
at the S ?
multiple ofPfl onnt5 V ^ l n f ^ o n - Each lender must be for an even
pricePofferod m n s t ^ Snd ln the case of competitive tenders the
vv
, must be expressed on the basis of 100 with not more
99.925. Fractions mZy not be Ssed
in thP
te?lders be made on the printed forms and forwarded
Bonka .a PS 5 a S h r S X p 1i “ g o; 1i L S f " P P ll' a *
s
s
H
s
1r
r
s : “ a p~
s .s s &
' s
s
s
r
accomnaniiri1^ ^tffient4-SeSUi!ltles‘ Tenders from others must be
Treasu^ bii?s f
2f 2 Percent of the face amount of
by an express Kua? m t v nf ™ ' m l e f \ tlie tenders are accompanied
trust company. 8
^ ty f payment b5" an Incorporated bank or
at the^edorn?1? after ^he dosing hour, tenders will be opened
announcement w iU SbeVm a d fb y the f a s f e
tenders'^wilf'be^'advised118? thea°°ePttd
which W
e
^ “^ ^ m t i n g
his action ii w ^ f r S 1 tenders, in whole or in part, and
Zl
reservations
c o m n V h ! U be fi? a l * Subject to these
stated price’froS'aS?^P !
tenders for $200,000 or less without
average price f i n th?ep L ^ dd? \W1i1 be acoePted in full at the
s
price (in three decimals) of accepted competitive bids.
2
Settlement for accepted tenders in accordance with the bids must
be made or completed at the Federal Reserve Bank on April 7 , 1 9 ^ 9 ,
in cash or other immediately available funds or. in a like face
amount of Treasury bills maturing Apnil 7 > 19^9 • Cash and exchange
tenders will receive equal treatment. 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 treat
ment, as such, under the Internal Revenue Code, or laws amendatory
or supplementary thereto. The bills shall be subject to estate,
inheritance,- gift or other excise taxes, whether Federal or State,
but shall be exempt from all taxation, now or hereafter'imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold.by.the United States shall be considered
to be- interest. Under Sections 42 and 117 (a) (l) of the Internal
Revenue Code, as amended by Section 115 of the Revenue- Act of '1941*
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be sold,
redeemed or otherwise disposed of, and such bills are excluded
from- consideration as capital.assets. Accordingly, the owner of
Treasury’bills (other than life insurance companies) issued here
under 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 or Branch.
oOo
¡ 0
| §
3
| | i
PRESS
relea.
se
Secretary SnyderJ»* announced the appointment of
Mr. William J. Bray as Assistant to the Secretary.
Mr. Bray has been serving as a member of the White House
staff and his transfer to the Treasury will be effective
April 1, 1949#
Mr. Bray attended St. Johnfs College in Washington
and received a B.L. degree from Columbus University Law
School.
He has resided in Washington for a number of years
and prior to his appointment to the White House staff, held
several other responsible positions in the Federal Service.
Mr. Bray is married and resides in Chevy Chase,
Maryland.
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
g g igay-j April 1, 1949 .
S-IO 39
Secretary Snyder has announced the appointment
of Mr. William J. Bray as Assistant to the Secretary.
Mr, Bray has been serving as a member of the White
House staff and his transfer to the Treasury will
be effective April 1, 1949 .
Mr. Bray attended St. J o h n ’s College in
Washington and received a £.L, degree from Columbus
University Law School.
He has resided in Washington
for a number of years and prior to his appointment
to the White House staff, held several other respon
sible positions in the Federal Service.
Mr. Bray is married and resides in Chevy Chase,
Maryland.
0O0
mLust, mmim mmBkmts,
Tuesday» April 5, 1949«
The Secretary of the Treasury announced last evening that the tenders for
#900,000,000, or thereabout#, of 91-day Treasury bills to be dated April 7 and to matur«
July 7, 1949, which were offered on April 1, were opened at the federal Reserve Banks os
April 4*
The details of this issue are as follows:
Total applied for - #1,454,237,000
Total accepted
901,529,000
{includes #52,651,000 entered on a non
competitive basis and accepted In full at
the average price shown below)
- 99.707 Equivalent rate of discount approx. 1.160$ per annus
Average price
Range of accepted competitive bids:
High
Low,
- 99.709 Equivalent rate of discount approx. l.lfIXfl per annum
tt
m
m
«
- 99.706
*
1.163$ *
«
(44 percent of the amount bid for at the low price was accepted)
federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
|
16,369,000
941,394,000
22,715,000
35,790,000
5,005,000
6,910,000
302,477,000
14,461,000
2,445,000
15,126,000
13,875,000
78,170,000
# 15,865,000
567,374,000
16,527,000
28,622,000
3,605,000
4,510,000
182,773,000
11,493,000
1,997,000
11,550,000
9,843,000
47.370.000
#1,454,237,000
#901,529,000
TOTAL
RELEASE, MORNING NEWSPAPERS,
Tuesday, April 5, 19*4-9.
tenders for
tenders Tor
to be dated
on April 1 ,
S-1040
I o n o ^ n n fonn Tre®®ury announced last evening that the
|900,000,000, or thereabouts, of 91-dav Treasure h m <*
April 7 and to mature July 7 1949 v h L h w e r e ^ f
were opened at the Federal Reserve*Banks on April 4.
The details of this issue are as follows:
Total applied for - $1,4*54,237,000
Total accepted
901,529,000 (includes $52,661,000
entered on a non
competitive basis and
accepted in full at the
Average nrioe
- oo vrvr
„ -, f'ver?'Se price shown below)
99*707 Equivalent rate of discount approx
lwl 60$ per annum
Range of accepted competitive bids;
High
~ 99*709 Equivalent rate
™
r,
1.151$
99*706 Equivalent rate
1 .163$
Low
(44 percent of the
amount bid for at the low price was accepted)
Federal Reserve
District
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
$
New York
TOTAL
of discount approx.
per annum
of discount approx.
per annum
16 ,369,000
941.894.000
22.715.000
35.790.000
5.005.000
5.910.000
302.477.000
14.461.000
2.445.000
15.126.000
13.875.000
78.170.000
$1,454,237,000
0O0
Total
Accepted
$ 1 5 ,865,000
567 ,374,000
16 .527.000
28 .622.000
3 .605.000
4 .510.000
182 ,773,000
1 1 .493.000
1.997.000
11.550.000
9.843.000
47.370.000
$901,529,000
high standard of civilian economic
ana spiritual health.
So, behind our
Army there must stand a Nation
[strcmg in purpose and dedicated to the
goals which our traditions and our
•deals have set before us.
To keep
our Army strong, we must not falter.
>He must meet our problems and our
J
opportunities - - [as we have throughout
our history -- with wisdom, 'courage,
ana faith in the future ana in the
democrat ic way of Ii fe
■
-
24
-
will jeopardize in many countries
the very existence of democratic
inst itu t ions.
To define, to guide, and to
support these demanding, costly, but
necessary, purposes, our citizens
are inevitably called upon for
contributions of thought, effort,
and economic production as never
before.
It is not enough to support
an Army, a Navy, and an Air Force,
essential as these are in the world
of today: we must also maintain a
The growth of
I
cratic
Ives upon economic
id s
i
manner
'nd social unreyt
in
which we conduct our own economic
ffairs^has a vital
influence on
economic progress in most other
regions of the world
\u#
is ha? been
considerable extent for
generation or more.
But the new
our peop le.
The tesK reauires the most
careful balancing of our own ne
and those of the other countries
which I ook to us for assistance.
Difficult choices have to be
made concerning the ooints at
which our assistance should be
exerted, and as to the precise
ways in which that assistance
can be rendered most effective,'
*■» 1
if
-
t n © inos 1 s er ious ohaer
ut i 1 i2 ing
in properly
our pr oauction capacity,
w i t h u u t Cci us ing crippling disorders
to our
eco n o m y .
what might
our
much
b r o a d ly be described as
prepar eaness
g
w iven
T he magn 1tude 0f
program today has
r ise to pr blems that are
1i Ke
those
c u n f r o n ted d u r in
ith which we were
the war and are
ecju a ! 1 y as t r 0 U D 1& some.
them C u l l s
in g e n u i t y
To meet
for the greatest
«xf\Q re so urcefuIness of
**
20
**
way of life affects virtually all of
the major forms of governmental
activity.
The requirements of modern war
call for the fullest mobilization of
a nation’s economic resources.
And
similarly, the orevent ion of war,
at times, particularly in circumstance
such as we now find ourselves,
requires vast mobilization of
resources.
Our present situation
poses, for this reason, problems of
19
-
In carrying out our programs to
safeguard democracy there necessarily
are the most intimate worn; i ng
reI ationships between the Military
Establishment and those other
Departments of the Government which
are concerned more broadly with
political, social and economic policy
both domestic and internationa I.
It
has become clear to all of us who
have been engaged in this worx that
today, the tasK of safeguarding our
18
reas,
it has been necessary to
undertaxe large scale programs
signed to avoid disease pnd
to create and maintain a climate
in which democratic forces could
emerge and thrive,
it has been nee essai
also/ to under tare on a vast scale
various forms of assistance and
control designed to rehabilitate
basic industries and to restore
commercial relations with other
countries.
-
17
-
l i e d Powers have made the most
cons ist e
s to meet together
7 \
ournose
CX
f i t
4T
/\
t and very
c o m oI ic t
na
of the struggle
t h a t i s now go in g on throughout the
world i s we 11 exemp1i f i ed here.
And
we can g a i n an idee of the many ways
in which our' r e s o u r c e s and power mus
be u t i l i z e d to o r « s e r v e our position
e r e l y to maKe the r e t e n t i o n of
I#,
r/-.
fLO^tM^CC
our m i l i t a r y
f o r c e s t e n a b l e In
what Kind of United States military
personnel are part icipat ing in them.
And there also is full publicity when
foreign countries send military
personnel to this country for train in
in our military schools.
Some of the most difficult war k
we have done to repair the damage
caused by war has been done in the
occupied areas.
Here our burdens
and obligations hove been manifold.
It is in these areas that the
-
15
-
c o u n t r i es have -asred the United States
for
i n s t r u c t o r s to a s s i s t
in training
t h e i r ar mi es because they Know we have
no a g g r e s s i v e
i n t e n t i o n s and that our
a s s i s t a n c e will be g i v e n on the basis
of mutual r e s p e c t and friendship, with
no s t r i n g s a t t a c h e d .
Our training
m i s s i o n s are no Trojan horses.
ftith a candor of which we are
proud,
we publish exact figures
the s i z e of these missions.
public
K n o w led g e
on
It is
j u s t how many and
f
f
13
participating countries have made
notable progress.
Kingdom,
In the United
inflationary pressures have
been effectively reduced.
In Italy
the lira has remained stable during
the past 12 months and in France
the Government is making a
determined effort to bring
Governmental revenues more nearly
into balance with expenditures.
12
-
excluding Western Germany,
is
currently at a rate exceeding the
pre-war nigh of 1957, and 25 percent
above that of 1947.
In the field of
electrical power, the total output
in the calendar year 1948 was
65 percent higher than it was before
the war.
RaiI way freight traffic
is one third greater than its
pre-war levels.
In the area of financial and
price stabi I ization, almost all the
we nave made appreciable progress in
n e I p m g friend Iy, democratic nations
to regain economic health.
With our assistance,
Western Europe has made significant
advances in industrial production,
agriculture, trade, and financial
stabilization.
During the calendar
i
year 1948 the total output of ,
factories and mines in the
participating countries was about
equal to their pre-war figures.
Steel output in these countries,
'■'• - S^6fl® 8^««B6S5eSH »illM *toiStoiSw M Pt
IHHBnBm SmhI
- 10 defenses at their most crucial point.
What is required for these purposes,
and how much we need to sacrifice
to accomplish this aim, are not
always as apparent as the actual
military requirements in time ® f
war.
But the necessities are real,
and they call sternly for wisdom
and action.
Our whole European Recovery
Program has been directed toward
the maintenance of peace.
Through it
to which every American mind must
be addressed.
In seeking peace we must be
prepared to act on a great many
fronts and in a great variety of
ways.
Neither preparedness nor
actual war is any longer merely a
matter of guns and tanks and planes.
Both are matters equally of economic
ana social strength.
By rebuilding
human and material resources, and
warding off dangers of economic and
social collapse, we strengthen our
be to court Disaster.
There are other countries ready
to defend the same principles as ours.
We
could not allow them to be
overcome one by one un-fci4 m*— we-re
Ioi■t—n turre-.
ueciain6 now far we shall
wisely go in strengthening and
assisting our actual or potential
a I Ii es is a task for the combined
.
4
wisoom of our leaders/ ana Af=^r the
rank and file of American citizens,
it is an area of national policy
7
we maintain an Army,
I think that
freedom may undeniably be called the
f irst.
It is plain from tne
experience of recent decades/ that
more than purely military power is
needed for a nation to defend itself
against aggression.
Our reliances
for the defense of the United States
cannot be confined to an Army, Navy
ano Air Force which will drive an
enemy back from our shores.
no finger until perii
To lift
is upon us will
6
We wanted a nation in which the
individual would be free, within the
limits imposed by the necessities of
our living together and defending
and advancing that freedom,
We built
sucn a nation; we have it now; we
intend to keep it.
As we see it,
there is nothing more important on
this earth than individual freedom.
With that freedom are bound up
all of our ideas about the dignity
of man and the worth-whi leness of
living.
So of the ends for which
5
But on Army D»y it is well, perhaps,
to review tnose principles in the
light of new conditions which we face
in tne world.
This should give
clarity to our answers to any
questions today sucn as "What are the
enas for which we maintain an Army?
«hat are the best ways of achieving
those ends?"
From America’s earliest days our
beliefs anu aspirations nave centered
about tne r rants of the individual
never before, our country needs the
wisdom which a vital democrat jjc^ people
is obligated to supply.
And on this
Army Day I should like to refocus our
attention on the great need for wisdom
of action
are to keep the
of our Democratic State.
wisdom of action springs, of
course, from knowledge and from
convictions.
I do not think there
has been any change in our conceptions |
of the basic principles on which we
want our national
life to progress.
-
3
-
mentaI Iy just ify the
enormous cost, when measured
against the possible a Iternat ives.
beyond ail these, there is a deeper
significance of our Army Day
celebration.
Heare salutin
powerful manifestation of America's
determined resolve to protect and
preserve the basic principles upon
which this nation was founded.
uu idance of national policy must
come from the citizens.
Today, as
tangible, and less recognized ideas am
no
ideals inherent in the very purposes
9I
of the Army.
It may be possible for us as
citi zens to
our respects to Army
Day without giving too much thought
to its full s ign if icanee.
a parade of Army forces.
to mili tary bands.
Wi
We may watcj
We may listei
may watch the
hi
passing of flags and a procession of
q
airplanes roaring overhead.
We may
read of the total amount of money
Pp
needed for the support of the Army.
This is A r m y Day,
Ae are here on
this occasion to pay honor to the role
that the United States Army plays in
the preservation of our type of
government.
The importance of this
day can be evaluated in a number of
7t
ways , j^r-otrgtrfy its deepest meaning
A
-- -
is associated with the individual
self-sacrifice of A r m y personnel burin*
our nation's wars.
But another cnief'
purpose of today's observance is to
vivify in our minds the somewhat less
The following Army Day address by Secretary Sny&er
before the Greater Boston Chapter of the Military
Order-of the World Wars at ihie Harvard Club of
Boston is,scheduled for delivery at g:15 F.M«
Wednesday, April 6, 1 ^ 9 7 "and is for release at
that time.
TREASURY DEPARTMENT
Washington
The following Army Day address by
Secretary Snyder before the Greater
Boston Chapter of the Military Order
of the World Wars at the Harvard Club
of Boston is scheduled for delivery
at 8:15 P , M , , E . S . T . , Wednesday,
April 6 T 1949, and is for release at
-------that ti m e T
.
This is Army Day.
We are here on this occasion to pay honor
0 the role that the United States Army plays in the preservation
of our type of government.
The importance of this day can be
evaluated in a number of ways.
To many, its deepest meaning is
associated with the individual self-sacrifice of Army personnel
during our nation's wars. But another chief purpose of today's
observance is to vivify in our minds the somewhat less tangible
o f ^ t h ^ A r m y 00611126^ ldeaS and ideals inherent in the very purposes
Arm™
WeZav'
b a X 7
may be possible for us as citizens to pay our respects to
glI lngf.t?° muoh thought to its full significance.
par ? 6 °f Araiy for o e s - We may listen to military
We may w a tch the passing of flags and a procession of
We may read of the total amount of
f0P th? support of the Army. And, we may mentally
r n ! ^ M 0 th?J.apparfnt enormous cost, when measured against the
s l c r i r i L alter$atlve« • But t>eyond a11 these, there is a deeper
fu?
our Army Day celebration. We are saluting a powert r e s e w i f+u!taiil0? °f ■^merio a 's determined resolve to protect and
preserve the basic principles upon which this nation was founded.
Zu
*t
llhh°nt
Tnrtn-,rGUldanCe of national policy must come from the citizens.
democrat L neVeribeiore£n°ur oountry needs the wisdom which a vital
I shon^i-r? ?le 15 obligated to supply. And on this Army Day
visdnm1^ 1» ^ •t0 r®focus our attention on the great need for
State” f
tl0n lf we arf? to keep the vigor of our Democratic
convicting ofTa°ti°n springs, of course, from knowledge and from
c o n c e n t l n n « n o t think there has been any change in our
life to
5a®lc Principles_on which we want our national
thoso -nr»? ? ®ss •
on
Tt is well, perhaps, to review
In thePv m l i Plel - n ^
H ght °f neW conditions which we face
quest?n™ * ; Thl3 sh°nld give clarity to our answers to any
a^Armv’3 S
y *UCL a\ ^ at are the e?ds for whi ^ ve maintain
y. What are the best ways of achieving those ends?”
S-loij-i
s
2
Prom America's earliest days our beliefs and aspirations have
centered about the rights of the individual. We wanted a nation
in which the individual would be free, within the limits imposed
by the necessities of our living together and defending and
advancing that freedom. We built such a nation; we have it now;
we intend to keep it. As we see it, there is nothing more
important on this earth than individual freedom. With that
freedom are bound up all of our ideas about the dignity of man
and the worth-whileness of living.
So of the ends for which we
maintain an A r m y , I think that freedom may undeniably be called
the first.
It is plain from the experience of recent decades, that
more than purely military power is needed for a nation to defend
itself against aggression.
Our reliances for the defense of the
United States cannot be confined to an Army, Navy and Air Force
which will drive an enemy back from our shores. To lift no
finger until peril is upon us will be to court disaster.
There are other countries ready to defend the same principles
as ours. They are partners with us in common efforts for peace.
We could not allow them to be overcome one by one. Deciding how
far we shall wisely go in strengthening and assisting our actual
or potential allies is a task for the combined wisdom of our
leaders and of the rank and file of American citizens, It is an
area of national policy to which every American mind must be
addressed.
In seeking peace we must be prepared to act on a great many
fronts and in a great variety of w a y s . Neither preparedness nor
actual war is any longer merely a matter of guns and tanks and
planes. Both are matters equally of economic and social strength.
By rebuilding human and material resources, and warding off dangers
of economic and social collapse, we strengthen our defenses at
their mbst crucial point. What is required for these purposes,
and how much we need to sacrifice to accomplish this aim, are
not always as apparent as the actual military requirements in
time of war.
But the necessities are real, and they call
sternly for wisdom and action.
Our whole European Recovery Program has been directed toward
the maintenance of p e a c e . Through it we have made appreciable
progress in helping friendly, democratic nations to regain
economic health.
With our assistance, Western Europe has made significant
advances in industrial production, agriculture, trade, and
iinancial stabilization. During the calendar year 1948 the total
output of factories and mines in the participating countries was
about equal to their pre-war figures.
Steel output in these
countries, excluding Western Germany, is currently at a rate
* 3 exceeding the pre-war high of 1937 , and 25 percent above that of
calendar v p ^ illftd„°f |^ectr;Lcal Power, the total output in the
calendar year 19^8 was 65 percent higher than it was before the
t m m ° »> “
“ M
ii«J«SKS
all the narticinqti'ni'i?an0+a}
prloe stabilization, almost
.r;~
countries have made notable progress
Tn
reduoedtedJniT?n?D1% i nf^ ti0?ary Pressures have been tffectlvely
duced. In Italy the lira has remained stable during the east
ln Prance the Government is making a determined
tradeLtatllflL ^pwari? trend <?f European production figures and
r de statistics has given new courage to the free states of
stable 2 *
5“
stpy ? t h e n e d their will to maintain
Ind
oomparabirst^ngtheeLrd?blllty t0 defend thefflSelves has been
f o r e i S ’g
i a I & r s PI f n
1 fn i°?U? tr^ S have asked t h f u i l t e l States'for
we l i m f ™ ,! assist in training their armies because they L o w
given on theSb a I i L n ? 1fL^entions and that our assistance will be
striLS
°f mutual a s p e c t and friendship, with no
m g s attached.
Our training missions are no Trojan horses.
figurestonathen s I L ° L W^ Ch V e a r ? proud> we P o l i s h exact
i r f pParticipating
a l t i c I p L r 5 in them.
„r®
S t a t e is
s L ifl iutna r y r^ leir s o n n e l
And there ' also
f o ^ t r a L i S I L o u L m i l i t a r y ^ c h o o l s . PerSOnnel t0 t h lS ° 0Untry
nd obligations have been m a n i f o l d .
most c o n s is t L t ^ fL ^ r t tha\ tke Allied Powera have made the
reaching aRrlemelt ln l J V “ *, together for the purpose of
naturLff f L “L u L L L L l f!asks • The f°rm “ d very complicated
is well exemplified b lL /^ n°Wg0;Lng on throughout the world
ways in vh?S
h ’ And we can 8aln an idea of the many
PreLlL PL pPStIL?Ur°eS ^ P°Wer “USt be Utill2ed
in
t h f l L u p i L L S a L L L L f w °f °Ur mllltary forces tenable
^ e^ necessary to undertake large
scale programs designed
tn
living conditions
^But
disaase and to generally improve
6 conditions. But to create and maintain a climate in
- 4 which, democratic forces could emerge and thrive, it has teen
necessary, also, to undertake on a vast scale various forms of
assistance and control designed to rehabilitate basic industries
and to restore commercial relations with other countries.
In carrying out our programs to safeguard democracy there
ai e
mos^ intimate working relationships between
the Military Establishment and those other Departments of the
Government which are concerned more broadly with political
social and economic policy, both domestic and international.
It
f 0®1116 c^ear
a-^
us wk° have been engaged in this work
that today, the task of^safeguarding our way of life affects
virtually all of the major forms of governmental activity.
The requirements of modern war call for the fullest mobili
zation of a na t i o n ’s economic resources. And similarly, the
prevention of war, at times, particularly in circumstances such
as we now find ourselves, requires vast mobilization of resources
Our present situation poses, for this reason, problems of the
most serious order in properly utilizing our production capacity,
without causing crippling disorders to our economy.
The magniu e ox what might broadly be described as our preparedness
program today has given rise to problems that are much like those
with which we were confronted during the war and are equally as
troubiesome.
To meet them calls for the greatest ingenuity and
resourcefulness of our people.
'
The task requires the most careful balancing of our own
needs and those of the other countries which look to us for
assistance. ^Difficult choices have to be made concerning the
points at which our assistance should be exerted, and as to the
precise ways in which that assistance can be rendered most
eifective.
nrij
p o v t h of undemocratic philosophies thrives upon economic
ana social distress.
The manner in which we conduct our own
conomic affairs at home has a vital influence on economic
to fi!SS ln ? ? st other
of the world.
now „ e con®?-<^eral:,le extent for a, generation or more.
But the
a f f L t0:T that has been added 13 the risk that failure will
h l L n0t °?1T ouy,_own economic well-being but will jeopardize
many countries the very existence of democratic institutions.
regions
but rloodeflne’ to Suide, and to support these demanding, costly,
for c o n t r S P u r p o d f citizens are inevitably called upon
as npvpn tbutions of thought, effort, and economic production
and an AtiTw01’6 ' Xt 18 not enouSh to support an Army, a Navy,
ve
, essential as these are in the world of today:
spiritual hp»Tt-hntain
? tandard of civilian economic and
P itual health.
So, behind our Army there must stand a Nation
This has
* c. *
- 5 strong in purpose and dedicated to the goals which our traditions
and our ideals have set before us. To keep our Army strong, we
must not falter. We must meet our problems and our opportunities
as we have throughout our history — with wisdom, courage, and
faith in the future and in the democratic way of life.
0 O0
Proposed Release
The Treasury today announced the appointment of
Karl R. Price as an Assistant General Counsel of the
Department,
Mr. Price, a native of Middlesboro, Kentucky, is
a graduate of the I&le University Law School.
He also holds
B. A. degrees from Vanderbilt University, and Oxford Uni
versity, England.
During World War II he served in the
United States Arny as.a captain on active duty in the AfricanEuropean theatre.
In 1946 Mr. Price came to the Treasury Department as
assistant to the late Under Secretary 0. Max Gardner, and sub
sequently served for a year as law clerk to Chief Justice
Vinson.
Since mid-1947 he has been on the staff of the Chief
Counsel of the Bureau of Internal Revenue as a special
assistar
Mr. and Mrs. Price reside in Falls Church, Virginia.
They have two children, Sharon and Margaret.
0O0
i
Checked by phone with Mr. Price
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Monday, April-4, 1949 .
S-10^2
irP1? i re?'s?ry today announced the appointment of
Department * PriCe aS an Assistant General Counsel of the
Mr
nrf
Price, a native of Middlesboro, Kentucky is
°i the
Unlvei>sity Law School. He'also
^BTt
deSrees from Vanderbilt University, and
Uni ver » s i England. During World War II he served
Yale
?nlte^ States A r m J as a captain on active duty in
the African-European theatre.
y
In 1946 Mr, Price came to the Treasury Department
as an assistant to the late Under Secretary 0? Max
t^OfHef
®ubs®Juently served for a year as law clerk
the staff
^
r£?S?n n Sin?e
he has been on
tne staff of the Chief Counsel of the Bureau of Internal
Revenue as a special assistant.
internal
i?r " a? d M r s ’ Price reside in Palls Church. Virginia
They have two children, Sharon and Margaret.
vlrel n l a -
oOo
A
YU)
i „
f keep
our defenses strong«, We must be strong on axx i r o n us«,
1U U U w **xve
the power behind us to maintain and strengthen our confidence in the
future, in the security of our jobs, and in the soundness of our
country1s whole economic and financial structure««
I believe that we are moving ahead on all of these fronts«» And
I believe we will continue to progress, step by step, if we continue to
be guided by American tradition and by American experience«
Our country has seen vast changes in the past fifty years«, We
have passed from a predominantly rural and small-town economy to a
highly complex urban and industrial civilization«, We have lived through
two great wars«,
These happenings have brought with them many new problems and new
strainso Each one has been a challenge to our energy, our determination
and to our purpose« We have moved cautiously to solve each problem«,
But we have maintained an unswerving confidence in our ability as
American citizens to lead our country forward, with ever-increasing
social and material health«
This confidence in the future is a most important asset«, But it
cannot be taken for granted« We must not allow our coming of age as a
nation to bring with it a tired refusal to meet the challenge of our
growth and progress«
There is evidence that we are entering, today, on a new period of
reappraisal in our domestic economy«, If we are worthy of our
traditions — so splendidly portrayed in the history of your own city —we will look on this period as one of unprecedented opportunity© We
will find in it an opportunity to build the foundations of our prosperity
stronger and deeper than has ever been possible before©
Tie have had, up to now, little time for appraisal© Our productive
machinely was converted, almost over night, to meet the vast requirements
of war. Almost as quickly, we turned to peace, and to the need of satis
faction of the pent—up demand for civilian products vfhich had back-logged
during the war©
S—104.3
r
treasury: department
Washington
The following address by Secretary Snyder
before the Executives* Club of Chicago,
at the Sherman Hotel, Chicago, Illinois,
is scheduled for delivery at 1:15 PoM0j
CoSoT«. Friday. April 8. 194-9 r and is for
release at that time«
«CURRENT BUSINESS DEVELOPMENTS"
In peacetime as well as in war, the United States must act to keep
our defenses strong© We must be strong on all fronts© We must have
the power behind us to maintain and strengthen our confidence in the
future, in the security of our jobs, and in the soundness of our
country1s whole economic and financial structure©
I believe that we are moving ahead on all of these fronts® And
I believe we will continue to progress, step by step, if we continue to
be guided by American tradition and by American experience©
Our country has seen vast changes in the past fifty years0 We
have passed from a predominantly rural and small-town economy to a
highly complex urban and industrial civilization© We have lived through
two great wars©
These happenings have brought 'with them many new problems and new
strainso Each one has been a challenge to our energy, our determination
and to our puxpose® We have moved cautiously to solve each problem©
But we have maintained an unswerving confidence in our ability as
Arnerlcan citizens to lead our country forward, with ever-increasing
social and material health®
This confidence in the future is a most important asset© But it
cannot be taken for granted© We must not allow our coming of age as a
nation to bring with it a tired refusal to meet the challenge of our
growth and progress©
There is evidence that we are entering, today, on a new period of
reappraisal in our domestic economy® If vie are worthy of our
traditions — so splendidly portrayed in the history of your own city —
we will look on tins period as one of unprecedented opportunity© Tie
will find in it an opportunity to build the foundations of our prosperity
stronger and deeper than has ever been possible before©
We have had, up to now, little time for appraisal® Our productive
machineiy was converted, almost over night, to meet the vast requirements
of war* Almost as quickly, we turned to peace, and to the need of satis
faction of the pent—up demand for civilian products which had back-logged
during the Yrar©
S—104.3
-
2
-
Now, the urgent replacement demand has slackened® The scramble
for things is over® American business has invested more than $75
billion in new plant and equipment since the end of the war to maintain
and expand production of goods — an annual rate of investment approxi
mately twice the peak of any former year* Since VJ-Day, Americans
have bought 12 million new cars and trucks, 28 million new refrigera
tors, vacuum cleaners, and washing machines, and something like
50 million new radios and television sets® Now that these and other
accumulated demands are more nearly satisfied, our economy is becoming
readjusted to normal buyers* markets and competitive conditions® I
need hardly remind you that our traditional type of American enterprise
flourishes best in a competitive environment® We know how to achieve
when we have to work at selling*
Moreover, wre are starting off this time from a position of
financial and economic strength unexampled in our history® Liquid
assets of individuals are at the highest figure on record, totaling over
$200 billion® Net working capital of coiporations has been steadily
increasing since 1939, and now stands at a record level of about $65
billion® Employment and incomes, and corporation profits are, likewise,
at or around record levels® Our position has not been undermined, as it
has been at various times in the past, by speculative operations in real
estate or on the stock and commodity exchanges®
Above all, the financial soundness of the United States Government —
which is today the fulcrum of world stability and world peace — is
beyond question® The Treasury*s major objective has been to maintain that
soundness through fiscal policies and debt-management operations designed,
to promote confidence in the Government*s credit and in the financial
stability of the country* And I believe that the steps taken toward
maintaining that confidence have contributed to the maintenance of our
present unparalleled economic position®
A sound fiscal policy must, of course, be based on a revenue system
that will meet the cost of prescribed Government functions and provide
for reducing the Government debt® Since February 28, 194-6, when the
Federal debt reached the peak of $280 billion, there has been a decline
of over $28 billion in the outstanding obligations of the Federal
Government® Moreover, there has been an even greater decline — $32
billion — in holdings of Federal securities by the banking system®
This reduction in the bank-held debt has been one of the objectives of
postwar debt management and has been brought about, in part, by vigorous
promotion of sales of savings bonds and other securities to individuals
during the postwar period® I believe that we can all take pri.de in the
fact that holdings of savings bonds by individuals are actually at a
higher level today than they were at the end of the war, when it was
predicted that they would be widely redeemed as soon as goods in short
supply were once more available* You will be interested to know that
individuals now hold over $47 billion of savings bonds, almost $5
billion more than they held at the end of December 194-5*
~ 3 ' A second major objective of Treasury fiscal policy in the interest
of financial confidence has been the maintenance of stability in the
Government bond market© lath a national debt today of §252 billion,
the maintenance of stable conditions in the market for Governmental
obligations is essential«,
The Treasury bond stabilization program, carried out during the
past several years in cooperation with the Federal Reserve, has re
strained undue advances and undue declines in prices of Treasury bonds©
It has given an important elerient of strength and stability to bond
prices generally, and to our entire financial structure«,
•'
If we had not taken measures to maintain confidence in the sta
bility of the bond market — if, for example, the market for Government
obligations had experienced the gyrations which followed the first
World War — there would undoubtedly have been an impairment of con
fidence in our financial situation which would have had serious
consequences, not only in this country, but throughout the world©
Our position of world leadership has brought with it serious
new resp on si bi li ti e s ©
We must follow a firm course in maintaining our strength, and in
maintaining, unimpaired, the confidence now felt throughout the world
in the credit of the United States Government©
All in all, our experience since the War has been evidence of a
remarkable basic confidence throughout this Nation© Now, when readjust
ments to a more normal peacetime economy are taking place, we have no
reason to be apprehensive, in view of the factors in the present
situation which give assurance of a continued prosperity©
The readjustments which are now taking place are both helpful and
healthy© We must remember that for the last three years it has been
our aim and goal to halt inflation and to adjust prices 0 We have had
periodic first-of-the-year adjustments in 194-6 , in 194-7 , and again in
1948© Now, we are experiencing some additional ones© Each of these
readjustments has tended to cause us to stop, look, and listen© Each
one has reminded us of the necessity for caution, for taking stock of
the situation, in order that we may make sure that we are pursuing
the Course best adapted to promote an orderly progress tovfard the
stabilization of our economy on a high-production, high-employment
level©
When we do pause and try to get a little perspective on our
present position, it is reassuring to discover how greatly the oppor
tunities of the future loom up 0 I mentioned earlier the great changes
which have occurred in our economy during the past fifty years© It
is enlightening, when we try to assess our present situation, to remind
ourselves that a half century ago the most forward-looking citizens
of this country would not have dreamed of the changes which have already
taken place® fifty years ago, the illuminating gas companies, the
carriage factories, the interurban lines, were thriving industries,
seemingly here to stay® Who would have taken too seriously the flight
of a plane heavier than air, the first experiments with moving pictures,
the demonstrations of the earliest automobiles?
The development of electricity, alone, should give us pause,
fifty years ago, the gas mantle was a new invention. Electric lights
were a rarityj experiments vtfhich later led to the tungsten lamp were
still going on. No one could have foreseen, for example, our great
aluminum industry, depending at every stage on electric power.
fifty years ago, we may also recall, an American farmer produced
only enough to supply eight persons. Now, one farmer supplies 15
people with a year-round array of farm products beyond the reach of a
millionaire a half century ago. The reason is, in part, that as late
as 1910 one-fourth of farm acreage was devoted to the production of
feed for 28 million horses and mules. With the coming of the tractor,
most of this acreage — » and the labor that was applied to it — has
been freed for the fulfillment of human requirements.
Undoubtedly, there will be even greater changes during the half
centuiy ahead of us. Atomic energy, alone, may transform our lives.
And if we set our sights firmly on the opportunities opening up before
us, I believe that we will not be deterred long, or often, by the
difficulties of charting our economic course.
Unfortunately, there are some today who apparently have little
faith in the nation*s ability to maintain prosperous levels of employ
ment and incomes. But, the United States has been built up through
its long history by confidence and vision. There have always been a
few who took a gloomy view of the future, and distrusted the nation*s
ability to surmount the obstacles that lay ahead. However, the main
trend of our national progress has been fashioned by those who saw
beyond the temporary obstacles.
The factors today supporting a continued high level of business
remain unusually strong. The satisfying of accumulated consumer de
mands has not caused a drawing down of individuals* savings. On the
contrary, liquid assets of individuals, as I have said, are at the
highest levels on record, and the recent expansion of plant and
equipment by corporations has not brought a reduction in working
capital.
With the return to normal buyers* markets, I believe that we may
look forward to one of the greatest periods of business development
in our history. In the few years that have elapsed since the war, we
- 5 -
have made only a limited staft toward developing new products based
on the wartime discoveries in new materials, new manufacturing
techniques, and neYf types of equipment« Our factories have been so
occupied in supplying the quickest available goods to fill accumu
lated demands that the introduction of many new products has had to
be postponed*
Our new economy is beginning to get under way* Factories have
gone through an extensive remodelling and expansion program in
preparation for turning out new and improved products* We have made
a start in television, but even there the mass production stage has
not yet been reached, and the widespread application of television to
industrial and commercial uses is still in the future.
In the field of metallurgy, the use of light metals and their
alloys, with new techniques in handling, is groviing in importance*
fer developments in home construction, in methods of heating, and
in major household appliances have opened new fields of consumer
demand*
Farmers are offered new chemicals for control of weeds, insects
and plant diseases, and we are continually developing more efficient*
types of farm implements* These have reduced farm production costs
and have lightened the farmers1 work load*
Atomic energy offers the prospect of revolutionary changes in our
economic life within a relatively few years* Our national atomic
energy program is being pushed with greatest vigor* Today, nearly
70,000 people are employed in the atomic energy program* Last year
Y/hen the full program of long-range development got under way, $525*
million was spent by the government on this program, and by 1950 the
expenditures are expected to reach $725 million* The advances in
Industiy, in medicine and biology, and in chemical and physical research
which will be made possible through this program, will justify our re
ferring to this new era as the Atomic Age*
might also call it the Plastics Age, or the Age of Synthetic
Materials, so great has been the advance in new types of plastics and
of many types of synthetics which are just coming into use* They are
made into laminated products and in sheets, rods, and molded products*
oy are used in home construction, and in the automobile, furniture
and household appliance industries, for adhesives and for food pack-*
aging* The development of new types of synthetic rubber for special
purposes offers new possibilities to an older industry.
These new developments mark the beginning of a new era of research
and discovery initiated by the concentrated effort of our scientists
during^ the war years, particularly in electronics and chemistry* Each
new scientific discovery opens a new field, and provides the basis for
lurther discoveries*
-
6-
In speaking of the country as a whole, it is fair to say that we
have made only a start on major long-term projects® We have just
begun to extend and modernize the nation’s highway system under a
master program agreed upon by Federal, State and local governments.
On the basis of a continuing traffic survey, plans have been made
for express highway; systems to channel congested traffic through large
cities, and for rebuilding worn-out rural roads to meet modern traffic
needs. About 1,500 miles of the new AO,000 mile National Interstate
Highway System have so far been completed,,
The long-deferred needs of towns and cities for new sewage and
water systems, for public utility services, for schools and hospitals
have just begun to be met 0 Other municipal facilities to take care of
the great shifts of population to new areas during the war years must
also be provided. In that connection, it is important to remember the
17 million people who have been added to our population in the decade
since the war began.
To reap the greatest benefit from the opportunities that lie
ahead, two precautions are necessary; First, we must continue on the
alert to maintain our economic security — to guard against undue credit
expansion, speculative buying, or other excesses that might precipitate
a business recession. Secondly, we must provide complete opportunity
for the nation’s economy to develop. This means that we must make full
use of our resources, and we must prevent bottlenecks at any stage in
production or distribution.
Looking toward the future — and I include the nearby future — vre
have every reason to be confident. Our economy has the basic strength
to meet the current readjustment to normal peacetime markets. The dis
coveries and industrial developments of recent years provide a spring
board for a new era of progress.
With this'outlook before us, we may well expect that the years
ahead will offer fully as great opportunities as the years just past*
and if we heed the lessons of the past, they should offer much greater
economic security.
oOo
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 I|2
and 117 (a) (1) of the Internal Revenue Code* as amended by Section ll£ of the
Revenue Act of 19ljl, 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. I4.I8 , as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
2
-
xm x
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 ail tenders, in whole or in part, and his action in any such respect shall
be final,
Subject to these reservations, non-competitive tenders for $200j000 or
less without stated price from any one -bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
April lii, 19U9
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
April 1|t« 19li9
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, the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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
£s±tàbbbaâx
TREASURY DEPARTMENT
Washington
FOR REIEASE, MORNING NEWSPAFERS,
Friday, April 8, 19k9.
The Secretary of the Treasury, by this public notice, invites tenders for
$ 900>000.OOP
j or thereabouts, of
91 -day Treasurv bills, for cash and
&
in exchange for Treasury bills maturing
April Ik, 19k9
, to be issued on
"W
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
The bills of this series Will be dated
July lit, 19U9
April lit, 19k9
, and
when the face amount will be payable without
—
interest.
They trill be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $ 500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock; p.m., Eastern Standard time,
Monday. April 11. 19k9
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100, with not more
than three decimals, e, g., 99*9 25«
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
theref or.
Tenders will be received yo_thóut 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 oercent of the face
TREASURY DEPARTMENT
Information Service
RELEASE, M O R N I N G NEWS P A P E R S ,
Friday, A p r i l 8 , 1 9 4 9 « ______
WASHINGTON, D .C .
s - 1044
The S e c r e t a r y of the Treasury, by this p u b l i c notice,
invites tenders f o r $ 9 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 -day
T r e a s u r y bills, for' cas h and in ex c h a n g e f or T r e a s u r y bills
m a t u r i n g A p r i l 1 4 1 9 4 9 > to be issu e d on a d i s c o u n t basis u n d e r
competitive and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r pro v i d e d .
The bills of this series w i l l be d a t e d A p r i l 14,. 1 9 4 9 , and w i l l
mature J u l y 14, 1949, w h e n the face a m ount w i l l be p a y a b l e w i t h
out interest.
T h e y w i l l be i s s u e d in b e a r e r f o r m only, and in
de n o m i n a t i o n s of $ 1 ,0 0 0 , $ 5 , 0 0 0 , $ 1 0 , 0 0 0 , $ 1 0 0 , 0 0 0 , $ 5 0 0 , 0 0 0 ,
and $ 1 , 0 0 0 , 0 0 0 ( m a t urity value).
T e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a nks and
Branches up to the cl o s i n g hour, two o ' c l o c k p.m., E a s t e r n
Standard time, Monday, A p r i l 11, 1 9 4 9 . Te n d e r s w i l l not be
received at the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n .
E a c h tender
must be for a n e v e n m u l t i p l e of $1,000, and in the case of
competitive tenders the price, o f f e r e d m u s t be e x p r e s s e d on the
basis of 1 0 0 , w i t h not m o r e t h a n three decimals, e. g., 9 9 .9 2 5 .
Fractions m a y n ot be used.
It is u r g e d that tenders be m a d e on
the p r i n t e d forms and f o r w a r d e d in the s p e cial e n v e l o p e s w h i c h
will be s u p p l i e d by F e d e r a l R e s e r v e B a nks or B r a n c h e s on a p p l i
cation t h e r efor.
T e n d e r s w i l l be r e c e i v e d w i t h o u t ’ d e p o s i t f r o m i n c o r p o r a t e d
banks and trust companies and f r o m r e s p o n s i b l e a nd r e c o g n i z e d
dealers in i n v e s t m e n t s e c u rities.
Te n d e r s f r o m others m u s t be
a ccompanied b y p a y m e n t of 2 p e r c e n t of the face a m o u n t of
Treasury b i l l s a p p l i e d for, unless the tenders are a c c o m p a n i e d
by an e x p ress g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders w i l l be o p ened
at the F e d e r a l R e s e r v e B a n k s and Branches, f o l l o w i n g w h i c h p u b l i c
a n nouncement w i l l be m a d e by the S e c r e t a r y of the T r e a s u r y of the
amount and p r i c e range of a c c e p t e d bids . T h o s e s u b m i t t i n g tenders
^ill be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n thereof.
The
Secretary of the T r e a s u r y e x p r e s s l y r e s erves the right to a c c e p t
o f reject any or all tenders, in w h o l e or in part, and his a c t i o n
n any s uch r e spect shall be final.
S u b j e c t to these reserv a t i o n s ,
o n - c o m p e t i t i v e tenders f or $ 2 0 0 , 0 0 0 or less w i t h o u t stat e d p r i c e
2
f r o m a ny one b i d d e r w i l l be a c c e p t e d in full at the a v e r a g e price
(in three decimals) of a c c e p t e d c o m p e t i t i v e bids.
S e t t l e m e n t for
a c c e p t e d tenders in a c c o r d a n c e w i t h the bids m u s t be m a d e or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k on A p r i l 14, 1 9 4 9 , in cash
or o t h e r i m m e d i a t e l y a v a i l a b l e funds or in a like face amount of
T r e a s u r y bills m a t u r i n g A p r i l 14, 19^9.' C a s h -and ex c h a n g e
tenders w i l l receive e q ual treatment.
C a s h a d j u s t m e n t s w i l l be
m a d e for d i f f e r e n c e s b e t w e e n the par- v a lue of m a t u r i n g bills
a c c e p t e d in excha n g e and the issue p r i c e of the n e w bills.
The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills, shall
not h a v e any e x e m p t i o n , .as such, and loss f r o m the sale 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 bills shall n ot h a v e a ny special
treatment, as .such, u n d e r the I n t ernal R e v e n u e Code, or laws
a m e n d a t o r y or s u p p l e m e n t a r y thereto.
The bills shall be subject
to estate, inheritance, gift or o t h e r excise taxes, w h e t h e r
F e d e r a l or State, but shall be exempt f r o m all t a x a t i o n n o w or
h e r e a f t e r imposed, on the p r i n c i p a l or i n t e r e s t t h e r e o f by any
State, or any of the p o s s e s s i o n s .of t h e - U n i t e d States, or b y any
local t a x i n g authority.
F o r purposes, of t a x a t i o n the a m o u n t of
d i s c o u n t at w h i c h T r e a s u r y bills are o r i g i n a l l y sold by the
U n i t e d States shall be. c o n s i d e r e d to be i n t e r e s t . U n d e r
Secti o n s k2 and 117 (a) (l) of the I n t ernal R e v e n u e Code, as
a m e n d e d b y S e c t i o n 115 of the R e v e n u e A c t of 19^1, the- amount
of d i s c o u n t at w h i c h bills issued h e r e u n d e r are sold shall not
be c o n s i d e r e d to accrue u n t i l such bills shall be sold, redeemed
or o t h e r w i s e d i s p o s e d of, and such b i lls are e x c l u d e d f r o m c o n
s i d e r a t i o n as capital a s s e t s . A c c o r d i n g l y , the o w ner of
T r e a s u r y b i lls (other t h a n life i n s u rance companies) i s sued h e r e
u n d e r n e e d include in his income tax r e t u r n o nly the dif f e r e n c e
b e t w e e n the p r i c e p a i d for such bills, w h e t h e r on o r i g i n a l issue
or on s u b s e q u e n t p u r c h a s e , and the a m ount a c t u a l l y r e c e i v e d
e i t h e r u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the taxable
y e a r f or w h i c h the r e t u r n is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4 1 8 / as amended, an d this
notice, p r e s c r i b e the terms of the T r e a s u r y bills and g o v e r n the
con d i t i o n s of. t h e i r i s s u e . Copies of the c i r c u l a r - m a y be
o b t a i n e d f r o m a ny F e d e r a l R e s e r v e B a n k or Branch.
oOo
4
| £ W , MORNINQ i m S P A P m s
Tuesday t April lg. 1949.
Th » Secretary of the Treasury announced last ©Toning that the tenders for
$900,000,000, or thereabouts, of 91-day Treasury bills to be dated April 14 and to
nature July 14, 1949, which were offered on April '8, were opened at the Federal
Reserre Banks on April 11.
The details of this issue are as follows:
Total applied for - $1,717,123,000
Total aeeepted
902,105,000 (includes $76,529,000 entered on a noncompetitive basis and accepted in full at
Average price
Range of accepted competitive bids:
- 99.712 Iquivalent rate of discount approx. 1.139$ per annum
- 99.707
”
m m
«
»
1.159$ n
»
Low
(23
percent of the amount bid for at the low price was accepted)
Federal Reserre
District
Total
Applied for
Total
Accepted
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
14,695,000
1,309,312,000
23.478.000
13.905.000
12 210.000
8,430,000
140,789,000
12.556.000
11.615.000
62.455.000
32.099.000
75.579.000
$ 10,769,000
610,599,000
18.890.000
13.348.000
10.440.000
7.660.000
72.475.000
12.479.000
8.824.000
44.108.000
30.268.000
62.243.000
.
TOTAL
$1,717,123,000
$902,103,000
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
RELEASE ; M 0 R N I N Ç N E W S P A P E R S ,
Tuesday; A p r i l 12, 1949.
S-1045
. . T h e ^ S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the
tenders f o r $ 9 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 -da y T r e a s u r y bills
and t0 inature
l2*, 1949, W h i c h w e r l
A p r i l 8 , were 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
■AjpJ?-LJL Ji p
aX.
The d e t a i l s
of this issue are as follows:
T o t a l a p p l i e d for - $ 1 , 7 1 7 , 1 2 3 , 0 0 0
Total accepted
902,103,000
A,rpT)fl(JO
verage price
(includes $ 7 6 ,5 2 9 , 0 0 0
e n t e r e d on a nonc o m p e t i t i v e basis and
a c c e p t e d in full at the
^
av e r a g e p r i c e s h o w n below)
- 9 9 , 7 0 9 E q u i v a l e n t rate of d i s c o u n t approx.
1.153$ per annum
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
High
”
Low
-
9 9 * 7 1 2 E q u i v a l e n t rate
.
1.139$
9 9 . 7 0 7 E q u i v a l e n t rate
1.159$
of
per
of
per
d i s c o u n t approx,
annum
d i s c o u n t approx,
annum
(23 p e r cent of the a m o u n t b id f or at the l ow p r i c e wa s accepted)
Federal R e s e r v e
District
Boston
New Y o r k
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
Total
A p p l i e d for
Total
Accepted
$
$ 10,769,000
610,599,000
14,695,000
1,309,312,000
23.478.000
13.905.000
62.455.000
32.099.000
75,579.000
$1,717,123,000
$902,103,000
.
12 210.000
8,430,000
140,789,000
12.556.00
.
11 615.000
—
TOTAL
18,890,000
13.348.000
10.440.000
7 ,6 6 0 , 0 0 0
72.475.000
12.479.000
8,824,000
44.108.000
30.268.000
6 2 T2 4 3 .000
(0 0 o
V
TRCASURY PEPWnMBff-
STATUTORY DEBT LIMITATION
AS OF
FtsraT^ grrtce
Washington, t e i i . * , ..1945
.I9U9..
t
Section 2 1 of the Second Liberty Bond Act, as amended, provides that the face amount o f obligations issued
under authority of that Act, and the
United States (except
such
face
amount of obligations guaranteed as to principal and interest by the
guaranteed obligations as m ay be held by the Secretary of the Treasury),
exceed in the aggregate $275,000,000,000 outstanding at any one time.
"shall not
Fbr purposes of this section (the current
redemption value o f any obligation issued on a discount basis which is redeemable prior to maturity at the option
of the holder shall b e 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
$275,000,000,000
31» 19^9
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills.............. .
Certificates of indebtedness.
Treasury notes................
# 11,6^7,561,000
2 8 ,8 0 2 ,5 3 9 *0 0 0
7 ,9 7 8 ,9 6 5 *2 0 0
Bonds Treasury........ .........
........
Savings (current r edemp. v a l u e ),..
Depositary.... ...................
Armed Forces Leave........ ......
,568
Ill,1*39
,950
55,892,920,479
340,452,500
t e s , 357.950
95U.755.000
169,056,054,879
17,369,200,000
ll*, 556,881,500
3 1 ,9 2 6 ,0 8 1 ,5 0 0
Investment series............... .
Special Funds Certifioates of indebtedness.
Treasury notes...........
$ 1*8,H29,065,200
2 4 9 .411 ,201,579
Total interest-bearing.
269,171,176
Matured, interest-ceased....
Bearing n o interest:
War savings stamps.... .
53,658,261
6,256,211*
Excess profits tax refund bonds....
Special notes of the United States:
Internat’l Bank for Reconst,
and Development series,........
Internat’l Monetary Fund series..
1*0,785,000
1 ,078 ,000,000
1
1.17g,699,U75
250,859,072,230
Total..................................
Guaranteed obligations (not held by Treasury);
Interest-bearing:
Debentures: F.H.A.
Demand obligations; C.C.C.
12,000,036
8 ,3 6 8 ,0 5 9
Matured, interest-ceased....,
G'
20,368,095
3 ,7 1 5 *7 5 0
21*, 083,81*5
2 5 0 .883 .156.071
Grand total outstanding............... ........ .................
Balance face amount of obligations issuable under above authority......................
24,116.843^1
191*9
Reconcilement with Statement of the Public Debt -' M a x e l l 3 1 » 191*9
(Daily Statement of the United States Treasury,
April 1,
Outstanding
Total gross public debt....... ................ ........................... ..........
Guaranteed obligations not owned by the Treasury.......... ............... ........
Total gross public debt and guaranteed obligations................................
Deduct - other outstanding public debt obligations not subject to debt limitation.
25i,64i,5iU,i6i J
24.083,845
251 ,665 ,59^ ®
78g.44l.93l
250, 8 8 3 , 1 5 M l
- 5 - / 0 ^ 6 =
S
STATUTORY DEBT LIMITATION
AS OF March 31. 194-9
April 13, 1949
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be held by the Secretary of the Treasury), nshall
not exceed in the aggregate $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 a m o u n t %■'
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
$275,000,000,000
Outstanding March 31, 1949
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills.............. .$ 11,647,561,000
Certificates of indebtedness*. 28,802,539,000
Treasury notes................
7.978,965.200$ 48,429,065,200
Bonds *r
Treasury.*«f...............• 111,439,568,950
Sawings(current redemp.value) 55,892,920,479
Depositary........ .
340,452,500
Armed Forces Leave..........
428,357,950
Investment series..........
954.755.000 169,056,054,879
Special Funds —
Certificates of indebtedness 17,369,200,000
Treasury notes.............
14.556.881.500
31.926 .081,500
Total interest-bearing..............
249,411,201,579
Matured, interest—ceased*»•••••••«.»»••«.••<,...•
269,171 176
Bearing no interest:
Yfar savings stamps...,.......
53,658,261
Excess profits tax refund bonds
6,256,214
Special notes of the United States;
Intemat *1 Bank for Re const.
and envelopment series,....
40 ,785,000
Internat*l Monetary Fund Senes
1,078,000.000
1 .1 7 8 .6q q .A7 ^
iouaj.* *......
250 ,859 ,072,230
Guaranteed obligations (not held by Treasury):
Interest—bearing;
Debentures; F*H*A*
12,000,036
Demand obligations: C.C.C. ...
8,368,059.
Matured, interest-ceased*............
J* ™ * total outstanding.,,..... ..................
—
SCe
6
Outstanding1^
20,368,095
3.715.750
24,083,84-5
of obligations issuable under above authority«.. ~2 4 .|ll6 18431^25
Statement of the Public Debt - March 31, 19 /9~
" • Statement of the United States Treasury, April 1,. 1949)
Total gross DUbl-ip riptvfOua^teed o b l i g a t i o n s ^
‘by ’the *
T
‘!!!!
!t ^
Deduct gothS pub?'io debt and guaranteed obligations,....,......... ¿51 6 6 5 ?598*006
ot T other outstanding public debt obligations not subject
51,bi>5,598,006
to debt limitation.,,.,......... .-----------------------782.441.931
S-1046
1250.883.156T075
Information Service
C
as.
s -/ * ? 7
Secretary Snyder announced today that the Treasury De
partment had completed the liquidation of another Government
corporation known as the ^Tennessee Valley Associated Co
operatives, Inc.” The proceeds of liquidation, amounting to
$65»¿¿5*38, were turned into the general fund of the Treasury
as miscellaneous receipts. Only $513*6^ of the amount of
$3*000 authorized hy Congress to cover the expenses of liqui
dation was used, the "balance "being included as part of the
proceeds of liquidation.
Responsibility for liquidating this Corporation was
imposed upon the Treasury by an act of Congress approved
July 30, 191*7 .
The Tennessee Valley Associated Cooperatives, Inc., was
created in 193 ^+ under a relief grant of $300,000 for the
State of Tennessee. Its object was to encourage self-help
cooperative activities in the Tennessee Valley and contiguous
areas» The Secretary stated that the Corporation had been
^¿strumentai in improving the economic welfare of low-income
families in that area.
TREASURY DEPARTMENT
Information Service
WASHINGTON,
RELEASE, MORNING NEWSPAPERS,
Thursday, April 14. 1949
S-1047
Secretary Snyder announced today that the Treasury
Department had completed the liquidation of another
Government corporation known as the “Tennessee Valley
Associated Cooperatives, Inc*“ The proceeds of liquida
tion, amounting to $65,445.33, were turned into the
general fund of the Treasury as miscellaneous receipts*
Only $513,64 of the amount of $3,000 authorized by
Congress to cover the expenses of liquidation was used,
the balance being included as part of the proceeds of
liquidation.
Responsibility for liquidating this Corporation was
imposed upon the Treasury by an act of Congress approved
July 30, 1947.
The Tennessee Valley Associated Cooperatives, Inc,,
was created in 1934 under a relief grant of $300,000 for
the State of Tennessee, Its object was to encourage
self-help cooperative activities in the Tennessee Valley
and contiguous areas by helping finance these activities,
including marketing projects and handicraft enterprises.
The Secretary stated that the Corporation had been instru
mental in improving the economic welfare of low-income
families in that area.
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TREASURY DEPARTMENT
BUREAU OF THE MINT
WASHINGTON
Truman Presidential Medal
Obverse: A likeness of the President, left profile, modeled from life by John R*
Sinnock, thief Sciilptor of the United States Mint. Across the top of the medal are
the words,PRESIDENT OF^THE UNITED STATES; at the right, in smaller letters, Harry
S. xruman. The portrait shows the President wearing glasses; he also has on a bow
tie•^ The emblem in his buttonhole is the honorable discharge button of World War 1
In microscopic lettering under the truncation of the shoulder are the words in
Latin,^"Sinnock, F, AD VIVUM. *45/' giving the information that the likeness was
modeled from life. The small 0 enclosed by a larger C, is the copyright symbol.
Reverse: An estrangement of the national emblems^-na highly stylized, strong Ameri
can eagle, ^res/bmg on a plaque be^ri^Jik^v^rds "/Inaugurated Ppesid^rii? April 12,
945*
Thirteptf sta^p€s.are sprepiu across the top /ofj^he CK^^J^risdfng^urpNto meet
>T\ mu6
arf y >a^ es pf
for peace, a n d 6 > e ^ ^ ^ t ^ £ j k f a n d m d e p e n d e n c e .
Q/ ihe Shield of the Unitech-Sxates completes the inf
V!o
The medal^ aj^e of Mint bronze, and
three inches in diameter.
T^e Presidential series of Mint medals dates back to our early colonial history,
when George II of England presented medals bearing his likeness to Indian chiefs,
o emphasise tneir fealty to the Crown. At the time of our Revolutionary War,
medals that had been presented to the Indians by both George II and George III were
oca e
y Oxxicialsmf the Colonies, and in their place there were issued medals
bearing the American Coat of Arms. During the administration of George Washington
the design was changed, and medals were given to the Indian chiefs bearing the"
witif+hf ? L PrGSlde^ Wa®ilington on #ne sider
on the ether symbols of peace
l
tne Indians - the clasped hands of the white man and the Indian, and the
crossed pipe of peace and the tomahawk,.
*
nrdl^
PDaCe-i;iedf1S/ ds t h e y were then known, were struck during the administration
beafun?uth? Jfkeness of each succeeding man, and the symbols ef
grSu'll^h
Indians" became an accomplished fact; the medals then
gradually became Imov/n as tne Presidential Series, and the design on thp reverse
fras^changed to one representative of the Presidency and the Nation
pe-ce " u n t i l ^ p ™
of t.i^o gì
public for
‘
t
h"*T*'
sxs ssjt&ts s s s ^ s n "
effmo*
“
d i-
-the"medals
The medals are obtainable by the
**
«* **«»— *«■>»
The original dies of all of the medals are retained in the Mint* medals
the Presidents may be ordered from the Philadelphia Mint.
' *
il a ^ a ' < m .
a w
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of
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tm
m m
w m iw m u
0tev»r»et A llk»n»e» &$ ih» Ire»ltmt. lm f% profilo, m $ M IM § t m U t * tey ie h a H,
Sianeete, lai» Ohlef Somlptor of ih» U h i tot f l a t t ®
* * * * * * th» top e t l à #
«»4*3. aro ih» word» f W M X J f f l t f f t S S W l f » f M S § f ut ite» righi* in *»all»r
lottar», Harry *. Ìraii». fh» perirai t show» ih* Ira* Ideiti voerlag gkemeewt m
«li® ha» tm « teov tie, fh» »«Metili i* hi* butionhol» 1» ili« heaerabl» ti«eharg»
tratto» of World v*r 1. la nleroocopl» lettering m i n ih* Iraaeiiloft of tho
•honldor ero ih# vorft» la latla» *$Ìnaoefe, t. di I I ! » *44** glviag Ih»
H e * thet ih# likea»»« va* nodelod ir* m lift, fh# mtm Xl § oneloood tejr » largir
0, I» ih» copyright spinte©l.
Ber»»«» i la o«nt«r, roteai oouth »lev ©f tho White Homo») eteove center* tlm
®e*t * t Ara# e f ite» lr»*14omt * f ih» United S k l u t telo», la »«orge», ih» ia•erlptioa
Aprii 1&, 1944* S m m m y m $ 1949.* Th» j»rtni va»
doolgaed and aodolod tey tUlrey Rotori», Qhief Miai Soaiptor, «ad «a 1. »»a X»tol,
'a» a»«lii«ai* ftei* I» th» firat ila» ih» Whii» fiaut* ha» afp»ar»d @m «a offloUl
tolte! Stai»# Mini presidenti«! a#&«l*
th» attui 1« ©f limi tema»«* and 1« threo i&eh»s la ¿limtir,
th» f?eelt«ati«l «»ri«» of M a i nedal» dai*» tesele io orna early ooloal»! hi»tory,
»hoa Oeorg* II of »aglaad pretaaied «»dal» hearing hi e U k » s » n io lattea ehtef«,
io eapteatlsa ih»Ir feelty io ih» Orava* Ai ih» ila» of tur tovolatlonary bar,
«•dal» ih&i hai te«#a presento! io th* ladina* tey ho ih tfoorge II «ad toorg» III
»or» locato! tey officiai# of ih» Coloni»«, «ad la iholr pia»» ihor» ver» locaod
»»dolo teeariag ih» Ammriem Goet of Ara». toriiig ih» «datai»iraiioa of Georg#
9a*himgtem th* design m e ohamget* «.ad notai» »ero givo» io ih» Iati«» ehiof»
hearing ih» llkoa»»» of Froeldent tfaehliigtem on ©a» »14», «ad oa ih» oih«r
syahol« of pomo» vi ih ih» Iodi««» « ih» el»»pe& head* of ih» vhlt» m * «ad ih»
Indiali, «ad ih» cro«§»d pipo of poao» m à ih» toa&haiffc*
ladlaa f»ao» Modal»* a» th»y w«r» ih»a knovo* ver» »traete darlag ih» «dal al «ir*«
ilo» of #&eh 4:re»ld«ai* hearing ih» llkoao»» of »«oh «aoo»#41ag a»a* *a4 ih»
«yahols of peac», amili «fooe» vi ih ih» Indlaa»* h m m » m «oooa^41»h»d f&ett ih*
a«d«l» tk«a gradually hooaao ka»va a» ih» fr»»id»aiial S#ri«»t &ad ih» 4»olg» os
ih» rovere» va# ohaaged io ©a» r»pr»»»»iailvo of ih» l’r»»!è m o y mat ih» lailoa«
fh» hi »io rio »yaholt»® e f ih* leso» H©dai» 1» p#i^»it^,i©4 la ih» a** ffaaaa »»dai
% y r e m o n e f li» hearing thè uev pra»l4eail«l ioei of àrm », My arder of ¿rotili**
frm m tì* ih» «agl» «ppeariag la ih» Semi of Arai# fao«a toward ■ &a olive hroaeh e t
peeee h*14 in ti* dexier eltv» la eoa tra» 1 io li* formar posltloa of f*oiag iov«H
« haaftlo of «rrev» roprooonilag v»r.
fho sodai» aro ohtaine&l» h y ih» patelle far I1.5D pia» poeiag». Ordor» »hoald te*
•eat io ih» @ap«rlai»atoai of ih» Ehtted timi»» «lai ai lhil«4«l|hia.
fh» originai dio» of all of ih» attui» are retala»! la ih» flint t a»t«l» of *ay * t
ih# ¿roftltoni» aay te» ortarot fro» th» ¿hliatelptela i l s t #
** 3 **
Superintendent of the United States Mint., Philadelphia,
Pennsylvania, for $1*50 each, plus 15 cents postage*
The
original dies of all medals are retained, and any of the
Presidential series may be ordered from the Philadelphia
Mint.
The Presidential series of Mint medals, Secretary Snyder
said, dates back to early colonial history, when George I I of
England presented medals bearing his likeness to Indian
chiefs, to emphasise their fealty to the Crown# At the time
of the American Revolution, medals that had been presented
to the Indians by both George II and George III were located
by officials of the Colonies, and in their place were issued
medals bearing the American Coat of Arms* Later, during the
administration of President Washington, the design was
changed, and medals were presented to Indian chiefs bearing
the likeness of President Washington on one side, and on
the other symbols of peace with the Indians - the clasped
hands of the white man and the Indian, and the pipe of
peace crossed by the tomahawk*
The historic symbolism of early Peace Medals is perpet
uated in the new medal by reason of changes in the Presidential
Coat of Arms, which it bear's* In 1945, by order of President
Truman, the eagle on the Coat of Arms was changed so that it
faces an olive branch of peace held in its dexter claw, in
contrast to its former position of facing toward the sinister,
in which is a bundle of arrows representing war*
The Truman Presidential Medals are of Mint bronze,
three inches in diameter, and may be obtained from the
Proposed Presa Release
Secretary Snyder today presented to President Truman
the first strike of the new Truman Presidential Medal, which
simultaneously went on sale to the public at the Philadelphia
Mint,
The obverse side of the raedal bears a likeness of the
President, left profile, which was modeled from life by
John li, Sinnock, late Chief Sculptor of the United States
Mint,
Across the top of the medal are the words, "President
of the United States, and at the right, in smaller letters,
"Harry 3. Truman,"
The emblem in the Presidents buttonhole
is the honorable discharge button of World War I#
In
microscopic letters under the truncation of the shoulder
are the words in Latin, "Sinnock, F, AD VTVUM ’45,"
indicating that the protrait was modeled from life,
A recent south view of the White House, above which is
the Coat of Arms of the President of the United States,
appears on the reverse side of the medal*
Below, in exergue,
is the inscription, "Inaugurated April 13, 1945, January 20,
1949?
The reverse was designed and modeled by Gilroy Koberts,
present Chief Mint Sculptor, and E. von Hebei, an assistant.
This is the first time the White House has appeared on an
official United States Mint Presidential Medal,
RELEASE MORNING NEWSPAPERS
Thursday. April 14. 1949.
S-1048
Secretary Snyder today presented to President Truman the first
strike of the new Truman Presidential Medal, which simultaneously went
on sale to the public at the Philadelphia Mint,
The obverse side of the medal bears a likeness of the President,
left profile, which was modeled from life by John R. Sinnock, late Chief
Sculptor of the United States Mint, Across the top of the medal are the
words, “President of the United States,“ and at the right, in smaller
letters, “Harry S, Truman.“ The emblem in the President’s buttonhole
is the honorable discharge button of World War I, In microscopic
letters under the truncation of the shoulder are the words in Latin,
“Sinnock, F. AD VIVUM ’45," indicating that the portrait was modeled
from life.
A recent south view of the White House, above which is the Coat of
Arms oi the President of the United States, appears on the reverse side
of the medal* Below, in exergue, is the inscription, “Inaugurated
April 12, 194-5, January 20, 1 9 4 9 . The reverse was designed and modeled
by Gilroy Roberts, present Chief Mint Sculptor, and E, von Hebei, an
assistant. This is the first time the White House has appeared on an
official United States Mint Presidential Medal.
The Presidential series of Mint medals, Secretary Snyder said,
dates back to early colonial history, when George II of England presented
medals bearing his likeness to Indian chiefs, to emphasize their fealty
to the Crown. At the time of the American Revolution, medals that had
been presented to the Indians by both George II and George III were
located by officials of the Colonies, and in their place were issued
medals bearing the American Coat of Arms. Later, during the administra
tion of President Washington, the design was changed, and medals were
presented to Indian chiefs bearing the likeness of President Washington
on one side, and on the other symbols of peace with the Indians — the
clasped hands of the -white man and the Indian, and the pipe of peace
crossed by the tomahawk.
The historic symbolism of early Peace Medals is perpetuated in the
new medal by reason of changes in the Presidential Coat of Arms, which
it bears. In 1945, by order of President Truman, the eagle on the Coat
of Arms was changed so that it faces an olive branch of peace held in its
dexter claw, in contrast to its former position of facing toward the
sinister, in which is a bundle of arrows representing war.
The Truman Presidential Medals are of Mint bronze, three inches in
diameter, and may be obtained from the Superintendent of the United States
Mint, Philadelphia, Pennsylvania, for $1.50 each, plus 15 cents postage.
ine original dies of all medals are retained, and any of the Presidential
senes may be ordered from the Philadelphia Mint.
o 0 o
y.f
r
-
39
-
other nations, and to the furtherance
of wor id-w ide pxc
of p0ods.
she I I pursue with utmost
diligence our program to facilitate
world commerce by employing the most
r’
ft' ic
Sent o p er a t inp p r ac t ic p s
eau of Customs •
in
vie we Icome your
help in formulating policies to this
r
38
Co IIec tor Durn in g .
fie believe that as a result of
these and other changes we are better
prepared for effective enforcement of
the customs laws.
In carrying out all of these
resoonsibiIit ies, and many that I have
not mentioned, the Treasury and its
Bureau of Customs
are
•
conscious of
their obligation to contribute in every
way oossible under the laws of this
nation to amicable relations with
i
old and colorful customs border patrol
with an expanded group of competent
investigators, the customs agents.
Hehave converted our port patrol
system in part to a mobile radio
equipped force to deal more effectively
with off-ship smuggling and theft of
goods from port facilities.
1
Know
that many of you are aware of the
recent inauguration of this system
here in the Port of New
V
o t k
, under
the progressive leadership of
activity in which I believe you will
be interested, and that is law
enforcement to detect smuggled
merchandise, or merchandise undervalued
for duty purposes.
Responsible importers and
various trade groups have been most
cooperative in assisting us in
ferreting out such evasions.
I solicit
your continued help in this matter,
tl have recently reorganized our
enforcement set*up, supplanting the
While the group here today Is
a Counci I of importers,
1 am sure
that many of you are also in the export
iness and that you are equally
interested in our efforts to facilitat P
? handling of outgo ing goods which
era I or specific
c i
c
a
licensing provisions of the Office of
lnternationaI Trade, Department of
Commerce, or of other Government
agenc ies.
There is another field of customs
34
However » it should be noted that
the Customs Service in recent years has
become a two-way operation.
We also have to consider our
responsibi Iities in the a dmini s tration
of export controls.
In this
relatively new field, we are I iKew ise
rendering the best possible service to
the public and, at the same time, we
are apolying the high standards of
enforcement for which Customs is
renowned.
in see Ki ng the fullest possible
Knowledge of the laws and regulations,
and in supplying adequate information
upon which the clearance, appraisement
end classification of merchandise
depends.
You can help by insisting
that your suppliers abroad similarly
inform- themselves, and prepare customs
documents properly.
This discussion has been pointed
thus far primarily to matters in the
field of importation of merchandise.
been subject to the changing
philosonhies of the American People
and their Congresses.
Accordingly,
laws have tended to become complex
and these comolexities have been
added to by a constantly expanding
volume of rulings and court decisions.
The provisions of the tariff
are of vital concern to many industries!
and to our whole body of citizenship.
There is one field in which the
importing public can help, and that is
1
I
1
31
to such merchandise as sugar, wool,
and tobacco.
If time would permit,
it would
be useful to consider this problem
of simplification against the history
of the development of the tariff laws
and court decisions in this country,
Obviously, thpre is not the
opportunity to do that here.
Let me merely suggest that an
institution which dates fee« to our
first Congress in 1789, has necessarily
r e l e a s e of exa m in et io n paCKages from
Public Stores notwi t b s t s n d ing the
fact thet increased duties may be
Is ter sod Ii e d .
There is one project which 1 am
sure will be of particular interest to
you importers for it s°exs to develop
simplified weighing procedures for
buI k merchandise, through what is
Known as statistical control weighing.
Ae have already had gratifying result!
from the test procedures with respect
(I)
Changes in the method of valuing
merchandise,
including the elimination
of the use of foreign value as a basis
of valuation.
(2)
The elimination of the
notarization requirements on entries.
(3)
The liquidation of entries on
the appraiser's valuation where the
required information on value is
supplied by the importer to the best
of his ability.
Providing for the immediate
- Zb
-
Out of a total of 179 major
recommendations being studied,
117
have been evaluated, and of these
40 have been put into effect.
Sixty
more have been approved, and action
is being taken to put them into
effect.
1
should like to mention here a
few of the specific simplification
measures that either have been
instituted, or which are in advanced
stages of cons iderat ion:
-
27
requiring that these matters be
referred to Washington.
Where legislative action is
required, we are studying pertinent
laws with a view to recommending
changes in the interest of
simplification.
Drafts of bills
in many instances are in process
of preparation for presentation to
the Congress.
testing, for engaging in pilot
operations, and for program and
procedures planning,
have already
made significant progress in putting
into effect many of the recommendst ions
which could be accomplished by
administrative action.
Many of these
changes involve delegating more
authority to local customs officers
to make déterminât ions, rather than
-
25
-
importing public, all participated
in this study.
The findings and recommendations
of this management firm covered
broad areas of highly technical
aoministrative and operational
proceoures.
Immediately after the
report was submitted, we began the
formidable job of analyzing the
con ten ts.
Our approach has been to
assign task forces for study and
24
comprehensive study of simplifying
operations along both legal and
administrative Iines.
The Department employed a
nationally known private management
tirm, in the fall of 1947, to survey
customs operations and to recommend,
in the interest of tne Government
and the public, measures to improve
service, efficiency, and economy.
The Treasury, together with experts
from other government agencies, as
well as représentâtives of the
of the problem of simplifying customs
procedure, and has made recommendations
for legislative action within the
scope of the ITO Charter objectives.
Interested organizations have
discussed with our staff certain
specific proposals and will, of course
have an opportunity to express their
views before the appropriate
v . ]
'.'-‘V s
CongressionaI committees when these
matters come under active cons iderat ioni
The Treasury Department has
under way in the Bureau of Customs a
■
.Y"'
-
22
-
enaorsed our adherence to tnis
Cnarter.
The Congress will be
asked to implement the ITO Charter
by changes in the tariff laws to
bring our practices into harmony
with those worked out between the
signatory nations.
Our own trade groups have
indicated great interest in these
proposed changes.
A committee of
the United States Associates of the
InternationaI Chamber of Commerce
recently published an extensive study
understanding between Government and
importers.
Your proposals have been
given careful consideration
in the
Treasury’s own studies, and I am sure
they will find expression in many of
the changes we recommend to the
Congress or adopt administrativeIy.
The Congress of the United States
will shortly have before it legislation
for United States acceptance of the
1TO Charter, and for implementation
of its provisions«
This National
Council of Importers has by resolution
importers are, of course, greatly
concerned in what can be accomplished
in these fields.
The National Council of American
\
'
Importers as early as 1945 published
very comprehens ive proposals for change
in the administrative provisions, and
in other special provisions, of the
tariff act.
These proposals have
I
been very useful to Government Agencies®
because they clearly present the
importers view of existing problems
in this field and promote better
- i9 -
ana by creating tne conditions
essential to a flow of private
capital abroad to those countries
wnere it would be both welcome and
mutually beneficial.
All these institutions and
policies have played their part in
the vitally necessary expansion of
trade through the removal of trade
barriers,
tariff
the simplification of
laws and procedures, and
the improvement of technical and
adrninistrative processes.
You
I
1 8
-
The plan for impIementation of
this policy is under serious study,
it Ail I call for courageous action
in a field presenting many difficult
but not insurmountabIe obstacles.
ConstructiveIy based on a solid
foundation, this plan can go far
towards encouraging and developing
the intercnange of trade and the
creation of new world markets for
all nations for both production and
consumption through the supplying of
technical ano commercial experience
17
which we can afford to use for the
assistance of other peoples are
limited.
But our imponderable resourc
in technical knowledge are constantly
growing and are inexhaustible.
I
believe that we should make available
to peace-loving peoples the benefits
of our store of technical knowledge
in order to help them realize their
aspirations for a better life.
And,
in cooperation with other nations,
we snould foster capital
investment
in areas needing development.”
- lb volume and variety of the products
of the part ic ipat ing nations reaching
world markets testify to the
accompIishments of this program.
The President’s policy of
encouraging American assistance in
the development of latent resources
of large areas of the world promises
further,
long-term possibilities of
expansion of world commerce.
This
policy was clearly stated in the
President's inaugural Address in
these words:
’’The material resources
providing Trade Zone facilities.
Applications for Zones at Los Angeles
and Seattle now are before the Board.
I believe your Council has
supported legislation now before the
Congress which would permit manufacture
and exhibition of goods within the
Foreign Trade Zones.
The Economic Cooperation
Adrninistration, in addition to having
served effectively in the arrest of
Communism in Europe, has served to
hasten economic recovery.
Tne increase
atm osphere for world trade through
the operations of the Export-1mport
Bank and our participation in the
1nternationaI Monetary Fund and the
World Bank.
As Secretary of the Treasury,
i am a member of the Foreign Trade
Zone Board, and thus am assoc iated
w i th
another important project that has as I
its purpose the expediting and
I
encouraging of foreign commerce.New Orleans and San Francisco have
now joined the port of New York in
ut-
-
id
-
with other nations of the world
tnrough our participation
internationaI conferences.
cooperated
in
We
in the formulation of
the InternationaI
Trade Organization
Onarter, ano in the conference which
recently further reduced tariffs on
a reciprocal basis.
There is now in
progress in France, a conference which
has as its objective the extension of
mutual benefits of these policies to
still other nat ions.
We have furthered a favorable
-
1 «d
-
economic policies, and the results
wnich we have acnieved justify our
efforts.
The American public has
accepted these principles, as is
indicated by the actions of the
Congress in extending periodically
the authorityof the President in
this field.
Legislation
is pending
■'•
)
.’
v•
oefore the Congress now which will
permit longer-term projections and
more efficient execution of this
program.
We have, ano are, cooperating
Let us examine some of the
factors that have contributed to
this recovery.
First,
it nas been the policy
of this Government to encourage the
further development of world trade.
We have sought to cooperate to the
utmost with other nations toward
this end, while at the same time
endeavoring to avoid undue disturbances I
to our domestic industries.
The principle of reciprocal tra
agreements is one of our important
- 10 of German, Jaoanese and Chinese
genera I merchandise are arriving
for the first time since before
the war.
Same Ie shioments reaching
seacoast and inter ior oorts, and a
flood of inquiries reaching trade
circles are indicative of more to
come.
When we consider the orostrete
condition of so large a part of
the world following the end of
hostilities,
the recovery in world
trade has indeed been ohenomenaI,
•m
9
remain high.
Likewise, our importation
from South and Central America of
coffee, ores, and other products
are very substantial.
'T he Development of bulk cargo
shipments by air is opening up new
fields.
Vegetables from Mexico,
silk ana other high value products
of the Orient, and tobacco from
Cuba, are some of the commodities
moving by airplane to American
markets.
Shipments of large quantities
8 cruce o i I are
manganese ore,
Deing imported in substantial
•
*
*
quan 111 1es.
to report tnat our
N
neighbors to the north ana to the
south are finding substantial
markets tor their products in this
country
rece i
42,000,
pounds of Mexican grown tomatoes
througn the port of Laredo alone
during the past season.
Our imports
from Canada of the products of her
farms, forests, ana industries
mmmm
Progress toward recovery on
tne part of many wartorn countries
is shown by tne volume and variety
of their proaucts arriving at
American ports.
There are, for example, wood
v
pulp ana wood products from
Scandinavia, plant bulbs from Holland,
steel proaucts from Belgium,
earthenware,
toys and other output
of the industries of many countries.
*
Heavy commodities such as raw sugar,
6
appearance of new products, and the
establishment or reestabIishment of
lines of foreign merchandise not
available in tnis country since
before the war.
The substantial
increases in
business at many heretofore less
active ports indicate that a broadening]
of the shipping pattern is under way.
Some southeastern, gulf, and interior
ports of entry have had phenomenal
increases in import trade.
5
for consumption, and the number of
warehouse withdrawals.
These have
been running substantially higher
than a year ago.
In fact, the total
of these three significant types of
customs transactions for eight months
of the current fiscal year reached
some 540,000, compared to 443,000 in
the same period of the previous year.
1 regard as especially significant
the variety of products from abroad
entering United States markets, the
4
period of the previous fiscal year.
Value of imports for January and
February,
1949» are about on a par
with the two months of 1948 -January being moderately higher and
the just announced preliminary figures
for February being slightly lower.
The volume of certain customs
■7\,.
transactions constitutes another
valuable index of import trade.
Particularly is this true of the
number of dutiable and free entries
There is ample evidence of the
vitality of our internationaI trade.
Since imports are the phase in which
you are primarily interested and in
which the Customs activities of the
Treasury Department are centered,
I
will confine my attention for the
moment to our import trade.
For the first eight months of
the 1949 fiscal year, the dollar
value of alI imports was $4.7 bi I Iion
compared to $4 billion in the same
2
to me that we have developed a new
phi Iosophy of trade which places
our world commerce activities on a
plane more important than ever.
Today, we are making, our foreign
trade a vital
instrument toward world
peace and world prosperity.
You gentlemen in the import
ousiness are playing an historic
role in our endeavors to strike a
balance in both the national and
internationaI economic fields.
Foreign trade has always been
an important factor in the development!
of this nation.
I i
'-
From the days of
|
the Yankee Clippers which carried
J
our products to the Seven Seas down
B
to our own time when we have become
I
a highly industria Iized nation, our
businessmen have sought markets
|
abroad and at home for our exports
and our imports.
|
But in recent years, and
particularly since the war,
it seems
SSßmASI SK®»* S ADDRESS
mio .« TÎE
m í o ml
cornai
of ameiscas w
tm io .m
citi
reaossmi, mm. 20,194.9
a ll
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder before
the Twenty-eighth Annual Luncheon of the National
Council of American Importers at the Hotel Astor,
New York, N 0 Y*, is scheduled for delivery at
1:15 Po iu. E o S qT q . Wednesday. April 20, 1949. and
is for release at that time*
H
V
Foreign trade has always been an important factor in the develop,
ment of this nation* From the days of the Yankee Clippers which
carried our products to the Seven Seas down to our own time when we
have become a highly industrialized nation, our businessmen have
sought markets abroad and at heme for our exports and our imports«»
But in recent years, and particularly since the war, it seems
to me that we have developed a new philosophy of trade which places
our world commerce activities on a plane more important than ever«
Today, we are making our foreign trade a vital instrument toward
world peace and world prosperity«,
You gentlemen in the inport business are playing an historic
role in our endeavors to strike a balance in both the national and
international economic fields*
H
There is ample evidence of the vitality of our international
trade* Since imports are the phase in which'you are primarily
interested and in which'the Customs activities of the Treasury.
Department are centered, I till confine my attention for the moment
to our import trade0
For the first eight months of the 1949 fiscal year, the dollar
value of all inports was. 04*9 billion, compared to $4 billion in the
same period of the previous fiscal year* Value of imports for
January and February, 1949, are about on a par with the two months
of 194S, — ~ January being moderately higher and the just announced
preliminary figures for February being slightlyr lower*
l|H
The volume of certain customs transactions constitutes another
valuable index of Import trade* Particularly is this true of the
number of dutiable and free entries for consumption, and the number
of warehouse withdrawals* These have been running substantially
higher than a year ago* In fact, the total of these three signifi
cant types of customs transactions for eight months of the current
fiscal year reached some 540,000 , compared to 443,000 in the same
period of the previous year.
S-IO49
I regard as especially significant the variety of products from '
abroad entering United States markets, the appearance of new products,
and the establishment or reestablishment of lines of foreign merchan
dise not available in this country since before the war«
The substantial increases in business at many heretofore less
active ports indicate that a broadening of the shipping pattern is
under way« Some southeastern, gulf, and interior ports of entry have
had phenomenal increases in inport trade©
Progress toward recovery on the part of many w a r t o m countries is
shown by the volume and variety of their products arriving at American ?
ports«
There are, for example, wood pulp and wood products from Scandinavia,
plant bulbs from Holland, steel products from Belgium, earthenware, toys
and other output of the industries of many countriesn Ifeavy commodities
such as raw sugar, manganese ore, and crude oil are being imported in
substantial quantities©
I am glad to report that our neighbors to the north and to the south
are finding substantial markets for their products in this countiy© We
received 42 ,000,000 pounds of tod.can grown tomatoes through the port of
Laredo alone during the past season* Our irrports from Canada of the
products of her farms, forests, and industries remain high0 Likewise,
our importations from South and Central America of coffee, ores, and
other products are very substantial«,
The development of bulk cargo shipments by air is opening up new
fields* Vegetables from Mexico, silk and other high value products of
the Orient, and tobacco from Cuba, are some of the commodities moving by
airplane to American markets*
Shipments of large quantities of German, Japanese and Chinese general
merchandise are arriving for the first time since before the war© Sample
shipments reaching seacoast and interior ports, and a flood of inquiries
reaching trade circles are indicative of more to come©
When we consider the prostrate condition of so large a part of the
world following the end of hostilities, the recovery in world trade has
indeed been phenomenal©
Let us examine some of the factors that have contributed to this
recovery©
first, it has been the policy of this Government to encourage the
further development of world trade© We have sought to cooperate to the
utmost with other nations toward this end, while at the same time en
deavoring to avoid undue disturbances to our domestic industries*
The principle of reciprocal trade agreements is one of our important
economic policies, and the results which we have achieved justify our
efforts«. The Ameiican public has accepted these principles, as is
indicated by the actions of the Congress in extending periodically the
authority of the President in this field«, Legislation is pending
before the Congress now which will permit longer-term projections and
more efficient execution of this program«,
We have, and are, cooperating with other nations of the world
through our participation in international conferences«, We cooperated
in the formulation of the International Trade Organization Charter,
and in the conference which recently further reduced tariffs on a
reciprocal basis«, There is now in progress in France, a conference
which has as its objective the extension of mutual benefits of these
policies to still other nations«»
We have furthered a favorable atmosphere for world trade through
the operations of the Export-Import Bank and our participation in the
International Monetary Rind and the World Bank«,
As Secretary of the Treasury, I am a member of the Foreign Trade
Zone Board, and thus am associated with another important project that
has as its purpose the expediting and encouraging of foreign commerce«,
New Orleans and San Francisco have now joined the port of New York in
providing Trade Zone facilities* Applications for Zones at Los Angeles
and Seattle now are before the Board0
I believe your Council has supported legislation now before the
Congress which would permit manufacture and exhibition of goods within
the Foreign Trade Zones*
The Economic Cooperation Administration, in addition to having
served effectively in the arrest of Communism in Europe, has served to
hasten economic recovery* The increased volume and variety of the
products of the participating nations reaching world markets testify
to the accomplishments of this program*
The President’s policy of encouraging American assistance in the
development of latent resources of large areas of the vrorld promises
further, long-term possibilities of expansion of world' commerce* This
policy was clearly stated in the President’s Inaugural Address in these
words* ’’The material resources Ydiich we can afford to use for the
assistance of other peoples are limited* But our imponderable resources
in technical knowledge are constantly growing and are inexhaustible, I
believe that we. should make available to peace-loving peoples the
benefits of our store of technical knowledge in order to help them
realize their aspriations for a better life0 And, in cooperation with
other nations, we should foster capital investment in areas needing
development*”
The plan for implementation of this policy is under serious study*
It will call for courageous action in a field presenting many difficult
but not insurmountable obstacles* Constructively based on a solid
foundation, this plan can go far towards encouraging and developing the
interchange of trade and the creation of new world markets for all
nations for both production and consumption through the supplying of
technical and commercial experience and ty creating the conditions
essential to a flow of private capital abroad to those countries where
it would be both welcome and mutually beneficial«,
All these institutions and policies have played their part in the
vitally necessary expansion of trade through the removal of trade
barriers, the sinplification of tariff laws and procedures, and the
improvement of technical and administrative processes« You importers
are, of course, greatly concerned in what can be accomplished in these
fields*
The National Council of American Inporters as early as 194-5
published very comprehensive proposals for changes in the administrative
provisions, and in other special provisions, of the tariff act« These
proposals have been very useful to Government Agencies because they
clearly present the importers view of existing problems in this field
and promote better understanding between Government and importers«
Your proposals have been given careful consideration in the Treasury*s
ovm studies, and I am sure they will find expression in many of the
changes we recommend to the Congress or adopt administratively©
The Congress of the United States will shortly have before it
legislation for United States acceptance of the ITO Charter, and for
implementation of its previsions* This National Council of Importers
has hy resolution endorsed our adherence to this Charter« The Congress
will be asked to implement the ITO Charter by changes in the tariff
laws to bring our practices into harmony with those worked out between
the signatory nations«
Our own trade groups have indicated great interest in these
proposed changes« A committee of the United States Associates of the
International Chamber of Commerce recently published an extensive study
of the problem of simplifying customs procedure, and has made recommen
dations for legislative action within the scope of the ITO Charter
objectives«
Interested organizations have discussed with our staff certain
specific proposals and will, of course, have an opportunity to express
their views before the appropriate Congressional committees when these
matters come under active consideration«
The Treasury Department has under vmy in the Bureau of Customs a
comprehensive study of simplifying operations along both legal and
administrative lines0
The Department employed a nationally known private management
firm, in the fall of 194-7, to survey customs operations and to
recommend, in the interest of the Government and the public, measures to
improve service, efficiency, and economy« The Treasury, together with
experts from other government agencies, as well as representatives of
the importing public, all participated in this study*
The findings and re commendations of this management firm covered
broad areas of highly technical administrative and operational procedures«
Immediately after the report was submitted, we began the formidable job
of analyzing the contents«
Our approach has been to assign task forces for study and testing,
for engaging in pilot operations, and for program and procedures planning*
We have already made significant progress in putting into effect many of
the recommendations which could be accomplished by administrative action«
Many of these changes involve delegating more authority to local customs
officers to make determinations, rather than requiring that these matters
be referred to Washington«
Where legislative action is required, we are studying pertinent
laws with a view to recommending changes in the interest of simplification*
Drafts of bills in many instances are in process of preparation for pre
sentation to the Congress«
Out of a total of 179 major recommendations being studied, 117 have
been evaluated, and of these 4.0 have been put into effect« Sixty more
have been approved, and action is being taken to put them into effect0
I should like to mention here a few of the specific simplification
measures that either have been instituted, or which are in advanced stages
of consideration:
(1) Changes in the method of valuing merchandise, including
the elimination of the use of foreign value as a basis of
valuation*
(2) The elimination of the notarization requirements on
entries«
(3) The liquidation of entries on the appraiser’s valuation
where the required info m a t ion on value is supplied by the
inporter to the best of his ability*
(4) Providing for the immediate release of examination
packages from Public Stores notwithstanding the fact that
increased duties may be later applied«
There is one project which I am sure will be of particular interest
to you importers for it seeks to develop simplified weighing procedures
for bulk merchandise, through what is known as statistical control
weighing« We have already had gratifying results from the test pro
cedures with respect to such merchandise as sugar, wool, and tobacco«
If time would permit, it would be useful to consider this problem
of simplification against the history of the development of the tariff
laws and court decisions in this country« Obviously, there is not the
opportunity to do that here0
- 6 Let me merely suggest -that an institution which dates back to our
first Congress in 1789, has necessarily been subject to the clmnging
philosophies of the American people and their Congresses* Accordingly,
laws have tended to become complex and these complexities have been
added to by a constantly expanding volume of rulings and court
decisionso
The provisions of the tariff are of vital concern to many industries
and to our whole body of citizenship®
There is one field in which the importing public can help, and that
is in seeking the fullest possible knowledge of the laws and regulations,
and in supplying adequate infomation upon which the clearance, appraise
ment and classification of merchandise depends» You can help by insisting
that your suppliers abroad similarly inform themselves, and prepare
customs documents properly®
This discussion has been pointed thus far primarily to matters in
the field of inport at ion of merchandise» However, it should be noted
that the Customs Service in recent years has become a two-way operation»
We also have to consider our responsibilities in the administration
of export controlso In this relatively new field, we are likewise
rendering the best possible service to the public and, at the same time,
we are applying the high standards of enforcement for which Customs is
renowned®
While the group here today is a Council of importers, I am sure that
many of you are also in the export business and that you are equally
interested in our efforts to facilitate the handling of outgoing goods
which are subject to general or specific licensing provisions of the
Office of International Trade, Department of Commerce, or of other
Government agencies®
There is another field of customs activity in which I believe you
will be interested, and that is law enforcement to detect smuggled
merchandise, or merchandise undervalued for duty purposes®
Responsible importers and various trade groups have been most
cooperative in assisting us in ferreting out such evasions® I solicit
your continued help in this matter® Tie have recently reorganized our
enforcement set-up, supplanting the old and colorful customs border
patrol with an expanded group of competent investigators, the customs
agents®
We have converted our port patrol system in part to a mobile radio
equipped force to deal more effectively with off— ship smuggling and
theft of goods from port facilities® I know that many of you are aware
of the recent inauguration of this system here in the Port of New York,
under the progressive leadership of Collector Burning®
- 7 ¥e believe that as a result of these and other changes we are
better prepared for effective enforcement of the customs laws©
Xn carrying out all of these responsibilities, and many that X
have not mentioned, the Treasury and its Bureau of Customs are conscious
of their obligation to contribute in everyway possible under the laws
of this nation to amicable relations with other nations, and to the
furtherance of world-wide exchange of goods©
We shall pursue with utmost diligence our program to facilitate
world commerce ty employing the most efficient operating practices in
the Bureau of Customs© We welcome your help in formulating policies
to this end*
—0O0—
Tm
im
r
{if* ! Wmv-
:
**»
!
UjzJL
!
/ 7
m
IMMEDIATE REI
April M j f 19Ü
o
The Bure
imports for c
Philippine Trade Act or ±yUO, irom
inclusive, as followsî
Products of the
Philippines
January
.l ,
•
•
•
• Established
•*
•
Coconut Oil............
••
■ ¡.yi\7 , w Api'iJ-
•
f
Quota
Quantity
î
s
Unit of
Quantity
•
•
î
i
C.
f
,
Imports as of
April 2, 1 9h9
Gross
150,393
200,000,000
Number
102,095
UU8,000,000
Pound
850,000
Buttons..........
Sugars, refined )....
unrefined)
[ie
f the
6,000,000
n
1,01*0,000
ti
l,90l|,000,£00
ii
6 ,500,000
ti
0O0
27,1*21,733
270,106
*—*
20337293839
TREASURY DEPARTMENT
Washington ' ’
I3ÉÎSDŒATE RELEASE,
Wednesday. April 13. 194.9«
S—1049
The Bureau of Customs announced today preliminary figures showing the
impoits for consumption of commodities on which quotas were prescribed by the
Philippine Trade Act of 1946, from January 1, 1949, to April 2, 1949,
inclusive, as follows:
Products of the
Philippines
: Established Quota
Quantity
:
Buttons 0000000000000009»
850,000
Cü gars oooooonooooooooeo*
:
:
Unit of
Quantity
:
:
Imports as of
April 2 , 1949
Gross
150,393
2 0 0 ,0 0 0 ,0 0 0
Number
102,095
Co conut 0x3« 0000000009000
4 4 8 ,0 0 0 ,0 0 0
Pound
Cordage ooooooooooooooooo
6 ,0 0 0 ,0 0 0
11
ihce 000000000000009000 0 0
1,0 4 0 ,0 0 0
11
Sugars, refined )ooo©ooo
unrefined)
1 ,904 ,000,000
11
TobaCCO ooooooooooooooooo
6, 500,000
11
oOo
27,421,733
270,106
—
203,729,839
***
ü
n
t l r C d 1*
IMMEDIATE RELEASE,
April Ü Ç f 19l*9*
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, 19l*9, to April 2, 19l*9,
inclusive, as follows}
Products of the
Philippines
•
0
: Established Quota
:
Quantity
•
«
Buttons
850,000
f
9
0
0
Unit of
: Quantity
0•
:
:
#
*
î
Gross
150,393
102,095
Cigars......... .......
200 ,000,000
Number
Coconut Oil*............
¿¿1*8 ,000,000
Pound
Cordage•*••*••••••••••••*
6 ,000,000
it
kice
1 ,01*0,000
n
1 ,901*,000 ,000
tt
Sugars, refined )
unrefined)
Tobacco ........ ........
6 ,500,000
oOo
Inports as of
April 2, 191*9
h
27,1*21,733
270,106
—
2«3 sT29j 839
TREASURY- DEPARTMENT
Washington I '
IMMEDIATE RELEASE,
Wednesday, April 13. 1949«
S~1049
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 194-6, from January 1, 194-9, to April 2, 1949,
inclusive, as follows:
•.
: Unit of
: Quantity
#
•
:
;
•
•
•
•
•
Products of the
Philippines
: Established Quota
:
Quantity
Buttons 00000000000000090
850,000
Clgars oooooonoooooooooo«
Imports as of
April 2 , 1949
Gross
150,393
200 ,000,000
Number
102,095
Co Conut Oil 0000000009000
448 ,000,000
Pound
Co rdage ooooooooeoooooooo
6 ,000,000
ii
RiCe oooooooooooooeoooooo
1 ,040,000
u
Sugars, refined )ooo©ooo
unrefined)
1 ,904 ,000,000
it
TobaCCO ooooooooooooooooo
6 ,500,000
oOo
ii
27,421,733
270,106
—
203,729,839
—
COTTON WASTES
(In pounds)
COTTON CARO STRIPS made from cotton having a staple of le8®
A
in length COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUEi Provided, howfver, 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;
•~ v
Total imports \ Established!
Imports
Country of Origin ! TOTAl^.DOTA i Sept. 20, 1948,j 33-1/3# ofiSept. 20. 1948
Country of origin _ TOTAL qUOxA ^ ^ ^
19U9)Total Quotaito tor.2.1fl|gl/;
United Kingdom..
Canada....
France........
British India...
Netherlands...
Switzerland....,
Belgium.... — .
J apan........
China........
Egypt..........••
Cuba.... .
Germany......
Italy...... . •
Totals
i f
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
21,8U5
213,011
j
1
67,827
i
|
1,441,152
—
75,807
- 1:
22,747 |
14,796 |
12,853
—
—
—
1
j
5,482,509 j
25,443
7,088
302,683
Included in total imports, column 2.
-0O0-
1,599,886
21,8U5
—
mm
—
f§>.
mm
I
!
""
l
i
**,... j
21,81tg
j
IMMEDIATE RELEASE
April
1
------7 ^ ~
/ó ç
‘
- 1 -
9k9
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,
1948, to April 2,
194?^tS r ¥ si3follows:
COTTON)(/other than lintqrs)
(in pounds)
Country of
Origin
Under 1-1/8" other
than rough or harsh
under 3/4 "
Established: Imports Sept.
2 0 , 1948 , to
Quota
April 2.19U9
Egypt and the
Anglo-Egyptian
783*816
Sudan............
-247,952
Peru.............
British'India.E .1 2;003,483
China..........1. 1,370,791
8 ,883,259
Mexico...........
618,723
Brazil...........
Union of Soviet
Socialist Republies.............
475¿124
5,203
Argentina........
■237
Haiti..i* '•4 >11 •..
Ecuad or..........
9,333
752
Honduras.........
871
Paraguay...• • l # ^
124
Colombia.........
195
Iraq.............
British East
2,240
Africa........•*.
Netherlands East
71,388
Indies...........
Barbados.........
Other British
West Indies 1/...
21^321
Nigeria.........
5*377
Other British
West Africa 2/...
16,004Other French
Africa 3/*.......
689
Algeria and Tunisia
-
14,516,882
1- 1/ 8" or more
but less than
1- 11/ 16 " U
Imports Sept.
20, 1948, to
April 2,19h9
2l*7,952
291,873
Imports Sept. 20,
1948, to Apr. 2,
I2k 2____________
u, ,117,797
932 ,1*1*0
15,385,506
U,71*9,578
1*60,01*0
606,183
281,071*
-
6,030,517
Less than 3/4"
harsh or rough 5/
-
1*5 ,656 ,1*20
1/ Other than Barbados, /Bermu<ia^> Jamaica, Trinidad, and Tobago.
3/ Other than Algeria, Tunisia, and Madagascar.
X/ Established,Quota - 45,656*420.
5/ Established Quota - 70,000,000.
-
15,385,506
TREASURY DEPARTMENT
Washihgton
IMMEDIATE RELEASE
Wednesday« April 13, 1949
S - 1050
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,
194-8, to April 2, 1949 inclusive are as follows:
COTTON (other than linters)
(In pounds)
Country of
Origin
Under 1--l/B11 other
1- 1/ 8*1 or more
than rough or harsh
but less than
under 3 /4 "
1-11/16" 4/
Imports Sept. Imports Sept.
Established
Quota
20 , 1948, to
20 , 1948, to
April 2, 1949 April 2. 1949
Egypt and the
Anglo-Egyptian
Sudan* ••.••••••••
783,816
Peru*......... ,.
247,952
British India*,..
2,003,483
China*...........
1,370,791
Mexico...........
8,883,259
Brazil.... .
618,723
Union of Soviet
Socialist Repub
lics .......... *.
475,124
Argentina.... .
5,203
Haiti...........*
237
Ecuador........* *
9,333
Honduras »..«•...*
752
Paraguay •*.«..**.
871
Colombia.
124
Iraq.........__ t
195
British East
Africa......... t
2,240
Netherlands East
Indies.
71,388
Barbados........
Other British
West Indies l/*,.
21,321
Nigeria*,*.......
5,377
Other British
West Africa 2/,.*
16,004
Other B’rench
Africa 3/......
689
Algeria and Tunisia
— ______
14.516.882
247,952
291,873
4,7-49,578
460,040
281,074
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1948, to Apr. 2,
1949
44,117,797
932,440
15,385,506
606,183
-
-
\
6.030.5X7
45.656.420
15.385.506
uoner than Barbados, Bermuda, Jamaica, ifimdad, and Tobago*
£/
Other than Gold Coast and Nigeria*
Other than Algeria, Tunisia, and Madagascar*
V
Established Quota - 45,656,420.
5/ Established Quota -70,000,000*
5/ Established Quota - 70,000,000*
ÌS
yk 2
,a
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
:Established
:TOTAL QUOTA
Total imports
Sept. 20, 1948
to Apr. 2, 1949
•
•
United Kingdom,••• .
Canada,.......... .
France,,...,..,.
,
British India,.,.. .
Netherlands....... .
Switzerland,
.
Belgium...... *...
Japan............. .
China...........
.
Egypt...... .....< .
Cuba,........
.
Germany.
.
I t a l y . ....
Totals
1/
4,323,457
239,690
21,845
213,011
227,420
-
21,845
—
—
22,747
14,796
12,853
—
—
—
—
—
—
T*
—
.
Imports
Sept 20, 1948
to Apr 2 19491/
’ «*4
67,827
68,240
302,683
Included in total imports, column 2 .
— oOo—
j
1,441,152
75,807
69,627
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
5,482,509
Established
33-1/3% of
Total Quota
—
25,443
7,088
1,599,886
—
21,845
, 'Secretary of the Treasury Snyder today made .pub-lic a
sérias of tabulations which will appear in.the report .t?Statisties.
of. Income, for 1946; Part 2, " compiled from corporat ion income
tax returns, excess profits tax returns, and personal holding
company returns. These data are.prepared under the direction
of Commissioner of Internal Revénue George J. Schoeneman.
SUMMARY DATA
The number,of corporation.income tax returns for 1 9 4 6 .is
.526,363, .of which 359,310 show net income .of ".$>27,184j 592,000,
while 131,'842 show deficit.of # 1 ,9 9 1 ,7 0 6 ,0 0 0 , and 35,211 have
no income data (inactive corporations)..
The income:tax liability reported on these returns is
$>8, 606, 695,000, while an excess profits tax liability.of
$>268,145j000 ;is reported on 11,'053 .corporation excess profits
tax returns covered in this release. Thus1the total amount
.of corporation:income.and excess profits taxes .is .$8,874,840,000,
representing,a decrease.of 18 percent as compared with.the total
for 1945. The amounts.of .income tax and excess profits tax
•liability do not take .intp account any credit claimed'for in
come and profits taxes.paid to a foreign country.or United
States.possession.
TREASURY DEPARTMENT
Washington
FOR RELEASE
Thursday, April 21, 1949
Press Service
■ No» S-1-051
, L Secretary of the Treasury Snyder today made .public a
séries of tabulations Which will appear in.the report "Statistics
of. Income, for 1946, Part 2," compiled from .corporat ion income
tax returns, excess profits tax returns, and personal holding
company returns. These data are.prepared under the direction
of Commissioner of Internal Revenue George J. Schoeneman.
SUMMARY DATA
The number of corporation .income tax returns for 1946 .is
526,363, of which.359,310 show net income .of $>27,184^592,000,
while 131," 842 show deficit.of $>1, 991^ 706j000, and 35,211 have
no income data (inactive corporations)..
The income.tax liability reported on these returns is
$8,606,695,000, while ah excess.profits tax.liability.of
$>268,145,000 is reported on 11,053 corporation excess profits
tax returns covered .in this release. Thus :the total amount
of corporat ion :income and excess profits taxes is $8,874,840,000,
representing a decrease of 18 percent as compared with the total
for 1945. The amounts.of .income tax and.excess profits tax
•liability .do not take ,intvo account any credit claimed'for in
come and.profits taxespaid to a foreign country.or United
States.possession.
-
2
-
A comparison of the 1946 returns with the 1945 returns is provided in
the following summary:
Corporation returns, 1j
1946 and 1945:
1946
Summary data
1945
Increase or
decrease (-)
Number or
Percent
amount
Income tax returns
Total number of income tax returns,
Form 1120
Returns with net income: 2J
Number
Net income 2/
Tax liability:
Income tax 3/
Declared value excessprofits tax
Excess profits tax 4/
Total
454,460
71,903
16
303,019
359,310
27,184,592 22,165,206
56,291
5,019,386
19
23
8,606,695
4,182,705
4,423,990
106
(?)
268,145
55,039
6,557,006
-55,039
-6,288,861
-100
-96
8,874,840 10,794,750
-1,919,910
-18
13,736
965,456
12
94
1,876
6
-41,044
52,097
11,053
2,191,222 14,165,367 -11,974,145
-79
-85
8,367,927| -6,893,437
(See above)
-82
526,363
Returns with no net income: 2/
118,106
131,842
Number
1,026,250
.1,991,706
Deficit 2!
Number of returns of inactive r|
33,335
;
35,211
corporations
Excess profits tax returns
Taxable excess profits tax returns,
Form 1121:*4/
Number
Excess, profits net income 5/
Adjusted excess profits net
income 6/
Excess profits tax
For footnotes, see ppe30-31
1,474,490
- 3.RETURNS INCLUDED
The returns included.in this release are (1) the .corporation
.income „tax returns filed for the „calendar,year ending December .31,
1946, a fiscal year ending within the.period July 1946 through
June 1947., and a part year with,the greater portion of the accounting
period .in 1946, and .(&) the corporation excess profits tax returns
filed for a fiscal year ending within.the period July through
November 1946, and, a -part year .beginning in 1945 and ending in
1946 with.the greater.part of ;the accounting period in 19460
The data are from corporation income tax returns, Form 1120;
life .insurance.company income tax returns, Form 1120L; mutual in■suranQQ'.company income tax returns, Form 1I20M; and corporation
exeats profits ta x returns, Form 1121« Included for this purpose
.in’addition.to returns filed by domestic.corporations are the re
turns filed, by foreign corporations engaged in .business within„the
United States. Jhn©nd©d‘returns and tefctative returns are not in
cluded. The complete report, Statistics of Income for 1946, Part 2,
will .contain.more detailed stat5.sties from .corporation income tax
returns.and :from corporatIon excess profits tax returns, together
with data from.personal holding company returns, Form 1120H.
The statistics are compiled from the returns as filed, prior
to revisions that may be made as a result of audit by the Bureau
of Internal.Revenue and prior to changes which may result from
carry-backs, relief granted under section 722 of the Internal
Revenue Code, recompUtation of amortization.of .emergency facilities,
or fromthe renegotiation of war contracts, after the returns were
filed. Changes resulting from the renegotiation of war contracts
are recorded as settlements are reached, however, and the effect of
renegotiation settlements reached to date with respect to the tax
year 1946 will .be shown in a special tabulât ion to be included in
the complete report, Statistics of Income for 1946, Part :2.
CHANGES IN LAW AFFECTING 'CORPORATION* RETURNS
The comparability of the figures tabulated from the 1946 re
turns with.those from the 1945 returns is affected by the changes
in law.introduced:by the Revenue Act of 1945. Returns for the
calendar year 1946 and fiscal years ending in the period January
through June 1947 are filed under the provisions of the Internal
Revenue Code as amended by the Revenue Act of 1945. The amendments
•,cqûtaiaeà:in:th|a aht.apply also to the 1946 portion.of the ac
counting period, !in \he case of returns fob fiscal years
beginning in 1945 and ending in 1946., The most significant
4
changes are as follows t|
Income Tax Returns, Fora 1120
(1)
There is a decrease in the surtax rates for 1946 as compared with 1945, as shown below?
Size of surtax
net income
Hot over $25*000
Over $25*000 but not over
$50*000»
First $25*000
Hext $25,000
Over $50,000(rate applicable
to entire amount)
1946
1945
rate
rate
(percent)(percent)
6
10
6
22
10
22
14
16
As a result of the decrease, the combined corporation normal
tax and surtax (for incomes orer |50,000) amounts to 38 percent for
1946 and later years as compared with 40 percent for 1945c (
change is made in the rates of normal tax for corporations„ )
(2)
Corporations filing returns for taxable years beginning
in 1945 and ending in 1946 are- required to compute two tentative
taxes! one under the provisions applicable to 19 4 5 the other under
the provisions applicable to 1946, and prorate each o
n
g°f
the number of days-before January 1, 1946, and the number of days
after December 31, 1945, respectively. The prorated portions of
the two tentative taxes are then combined to determine the
liability, which is the amount tabulated in this release 0
tabulated from these returns for all items other than the ax
liability are the amounts used in computing the tentative ax o
1945.
(3)
The capital stock tax is repealed, effective with respect
to taxable years ending after June 30,1945; the declared value excessprofits tax is repealed, effective with respect to income tax taxable
years ending after June 30, 1946«
Excess Profits Tax Returns, Form 1121
(1) The corporate excess profits tax is repealed, effective
January 1, 1946e
(2 )
For fiscal years beginning in 1945 and ending in 1946,
the excess profits tax is retained for the 1945 portion
In such cases the tax is determined by first computing a tentati
tax under the provisions applicable to taxable years beginning on
January 1, 1945« The tentative tax is then prorated on the basi
the number of days in the taxable year before January 1, 1946o
- 5 (3)
For taxable years beginning in 1946, the law retains the
unused excess profits credit for the purpose of the two year carry
back to 1944 and 1945. Ho excess profits tax returns are required
to be filed for such taxable years but the provisions of law relative
to the computation of excess profits credit continue in effect. There
is no unused excess profits credit for a taxable year beginning after
December 31, 1946.
CLASSIFICATIONS PRESENTED
The first three tables of this release show data from corpora
tion income tax returns, classified by industrial groups. The in
dustrial classification is based on the business activity reported
on the return. When multiple businesses are reported on a return,
the classification is determined by the business activity which
accounts for the largest percentage of total receipts. Therefore,
the industrial groups do not reflect pure industry classifications.
There is no change in the industrial groups between 1945 and 1946......
Table 4 shows data from returns with balance sheets, classified
according to size of total assets as of December 31, 1946, or close
of fiscal year nearest thereto. The total assets classes are based
on the net amount of total assets after reserves for depreciation,
depletion, amortization, and bad debts.
The classification of the returns by net income and deficit
classes, shown in table 5, and the classification by returns with
net income and returns with no net income, shown in tables 1, 3,
and 5, are based on the amount of net income or deficit which is
the difference between the total income and the total deductions
as reported on the return, adjusted by excluding the net operating
loss deduction.
CREDIT ALLOWED LIFE INSURANCE COMPANIES
In analyzing the data compiled from returns classified under
the major group nInsurance carriers, agents, etc.,n it should be
noted that life insurance companies are required to include only
interest, dividends, and rents in gross income. Beginning 1942,
life insurance companies are allowed a ^reserve and other policy
liability credit’* equal to a flat proportion of investment income
less tax-exempt interest. This credit, which is deducted after
arriving at net income, and is reported only on returns with""net
income, takes the place of the deductions for reserve earnings,
deferred dividends, and interest paid, which formerly were allowed
in computing net income.
For 1946 the credit ratio is 0.9595 and for normal tax purposes
the aggregate amount of reserve and other policy liability credit is
11,198,264,516, of which $1,197,375,181 is reported on returns with
balance sheets. As an offset to this credit, adjustment for certain
non-life insurance reserves is reported in botal amount of $7,535,038,
- 6 ~
of which $7,515,237 is reported on return* with balance sheets,
The latter adjustment, which is made in order to include in the**£wtax base the interest received on non-life insurance reserves,
applies only to life insurance companies deriving a portion of
their income from contracts other than life insurance, annuities,
or noncanceliable health and accident instance»
DATA PREVIOUSLY RELEASED
Certain tabulations prepared from the 1946 returns were made
public previously in a preliminary release dated February 24, 1949,
(Press Service No* S-1002) and are omitted from this release*
Table 1-A of the preliminary release shows by major industrial
groups the number of consolidated incosw tax returns filed by af
filiated corporations, with the corresponding amount of total com
piled receipts, net income, income tax, excess profits tax, and
dividends paid. In table 3 of the preliminary release, there is
shown by adjusted excess profits net income classes and by method
of credit computation the number of taxable corporation excess
profits tax returns for 1946, with the corresponding amount of
excess profits net income, excess profits credit, adjusted ex
cess profits net income, and excess profits tax*
f
IM
aDJLe -L. “
corporation
«uiuuaj
-W
■uwy
UJ
JUClJWJt
irBi n n m
6 * w » ibb ■"'" - w -.w-B
~~
----o - —
1— i -----
7
,
___
__
income: Number of returns, total complied receipts, net income or deficit, and dividends paid in cash and assets other than aim stodtj also,
■with net income! Total tax. income tax, and excess profits tax
Major industrial groups and minor
industrial groups 8/
X 111industrial groups
z Mining and quarrying
3 Metal mining
4
5
6
7
8
9
10
11
12
13
14
15l
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
55
36
37
38
39
40
41
42
43
44
45
46
47
48
4950
51
52
53
54
55
56
57
58
59
60
Iron
Copper
Lead and zinc
Gold and silver
Other metal mining
Metal mining not allocable
Anthracite mining
Bituminous coal, lignite, peat', etc.
Crude petroleum and natural gas production
Crude petroleum, natural gas, and natural gasoline
production
Field service operations
Nonmetallic mining and quarrying
'Stone, sand, and gravel
Other-nonmetallic mining and quarrying
Nonmetallic mining and quarrying not allocable
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Bakery products
Confectionery
Canning fruits, vegetables, and sea foods
Meat products
Grain mill products, except cereal preparations
Cereal preparations
Dairy products
Sugar
Other food, including ice and flavoring syrups
Food and kindred products not allocable
Beverages
Malt liquors and malt
Distilled, rectified, and blended liquors
T7ine
Nonalcoholic beverages
Beverages not allocable
Tobacco manufactures
Cotton manufactures
Textile-mill products, except cotton
Woolen and worsted manufactures, including dyeing and
finishing
Rayon and silk manufactures
Knit goods
Hats, except cloth and millinery
Carpets and other floor coverings
Dyeing and finishing textiles, except woolen and worsted
Other textile-snill products
Textile-mill products, except cotton, not allocable
Apparel and products made from fabrics
Ken’s clothing
Women’s clothing
Fur garments and accessories
Millinery
Other apparel and products made from fabrics
Apparel and products made from fabrics not allocable
Leather and products
Leather, tanned, curried, and finished
Footwear, except rubber
Other leather products
Leather and products not allocable
For footnotes, see pp. 30 —31
(Money figures in thousands of dollars)
•
Dividends
Dividends
Total
paid in Number Total
paid in
Taxes
number Number Total
Excess cash and of
compiled
cash and
Net
compiled
of re of
re
in
com
e
2/
profits
Deficit
2
/
assets
returns
assets
Total tax Income
turns 9 / returns re
ceipts 10/
tax 3/ tax 4/ other than
other than
ceipts 10/
onn stock
own stock
257,417
526,363 359,310 265,597,448 27,184,592 8,874,840 8,606,695 268,145 7,244,616 131,842 23,356,789 1,991,706
6,791
928 200,886 3,538
554,485
65,816
400,555 132,620 131,692
9,456 4,137 3,745,073
26,061
9
67,980
630
11,713
362
26,070
53,730
227
618,887
88,0l3
1,616
4,787
2
6,869
42
23,310
1,064
3
4,789
16,406
97
27
161^730
30
f29,835
5,596
2,583
9,823
34,658
9,823
87
17
169,181
79
5,012
13,161
7,895
1,778
J
6
15,975
5,012
221
68
135,996
7
8,124
296
4,736
3,819
120
2,853
2,860
54
40,039
8,583
744
4,583
175
1,742
5,413
62
1,351
1,742
27
5,284
113
49,835
7,610
4,578
121
1,318
58
1,844
7,107
1,844
354
34
62,106
56,471
71
1,862
5
8,594
67
13,591
24,680
8,661
185
106
402,036
680
29,662
32,485
627
203,446
9,016
313
29,975
89,553
1,784 1,013 1,424,400
37,638
5,576
62,708
1,577
208,345
42,913
453
128,010
43,366
3,696 1,836
839,314
5,532
33,497
167,243
33,254
145
58,023 1,341
100,646
33,642
3,090 1,532
619,986
41,102
44
308
4,685
4,384
9,416
236
219,328
27,364
9,724
304
606
151
31,577
4,329
24,311
86 24,046
437
446,038
69,802
24,397
927
1,482
149
83
26,969
3,242
12,995
6,351
321
289,815
39,078
13,078
1,156
761
2
17,695
112
4,518
11,315
3
1,084
30,702
156,053
11,318
313
163
90
3
1
4
170
22
1
13
3
19
76
916
1,258
151
196
14,398
497
151
695
28
128,901
986,664
101,739 72,567 128,928,639 12,680,628 4,628,015 4,468,311 159,704 3,311,735 25,564 10,492,919
2,503
28,740
10,211 8,058 22,868,852 1,572,586 585,572 562,204 23,368 363,705 1,784 535,480
41,542
21
240
42,750
63,375
404
1,034
172,949
63,779
1,524 1,254 1,965,240
28,989
87
120
708
8,390
714
977,545
129,245
48,211
47,503
624
516
120
70,955
392
149,963
95,226 4,997
9,834
1,657 1,185 2,353,709
264,358 100,223
79,117
80
37,585
146
2,741
259,922 100,664
90,415 10,249
870 6,983,105
1,056
931 3,576,332
617
25,783
168
47,380
1,746
192,370
72,200
71,039 1,161
1,157
467
12,095
7
11
572
488,717
41,610
15,775
15,203
29
38
87,232
2,468
f 80
37,447
323
175,288
64,532
63,612
920
1,798 1,411 3,256,131
1,002
26,641
22
3,122
573
56,331
65,601
23,075
22,502
109
855,191
132
51,157
5,729
255
65,348
337
207,867
73,508
70,331 3,177
1,826 1,448 1,637,796
8
62
1,341
12,693
22,998
607
19,320
397
305
775,086
63,376
23,605
1,509
9,741
95,487
639
169,426
3,102 2,225 4,667,147
512,381 197,672 179,549 18,123
21
18
13,639
529
87,352 3,658
48,427
91,010
472
432 1,947,179
239,430
1,308
74
73,942
3,089
63,302 11,200 24,289
184,836
74,502
365
154 2,027,785
104
57
3,408
6,452 -2,644
786
53,777
102
21,147
168
186,238
9,096
72
2,463
391
21,403
478
43,744
59,677
19,858
2,057 1,511
458,703
20,249
252
7
230
582
9
4,324
47,242
2,585
7,291
2,815
40
26
52
73,009
16,293
1,717
54
71
174,666
64,584
64,530
226
145 2,608,228
336
72
39,094
2,349
82,206
565,473 221,512 198,817 22,695
963
875 3,780,636
915
7,219
119,364
706
846,255 319,500 304,214 15,286 143,980
4,723 3,889 6,320,835
21
81
23,074
1,149
45,669
219,131
84,170
80,162 4,008
625
533 1,672,525
49
40
8,968
655
43,768 2,579
20,997
519
466
941,941
125,935
46,347
60
2,094
24,415
253
31,519
201,922
76,277
72,886 3,391
1,756 1,453 1,501,492
—
5,723
196
479
3,163
39
230,240
17,183
6,453
5,974
209
164
223
4
48
5,305
16,559
42
9,545
348,145
16,601
149
95
44,694
49
16,658
16,752
108
1,390
38,738
37,133 1,605
620
494
611,497
103,281
391
11,512
22,339
1,090
616
83
488
496,802
56,404
20,829
20,213
396
541
5,778
424
27,519 2,566
11,927
54
357
518,193
77,705
50,085
286
518
364,347
17,164
54,071 2,550
11,965 9,164 6,329,368
499,123 183,200 172,767 10,433
121
4,056
23,564
534
72,323
191,461
71,989
67,629 4,360
2,368 1,990 2,119,321
134
144,876
5,981
15,858 1,134
189,192
64,769 3,818
5,564, 4,296 2,659,287
68,587
2,254
24
63,914
229
323
132,567
3,362
899
896
3
762
431
68
121
383
70
583
10,543
287
1,144
415
86,114
3,910
1,214
120
2,763
10,406
479
51,753
83,922
28,743 1,792
2,252 1,738 1,021,009
30,535
51
1,727
159
20,938
9,586
390
3,431
311,070
27,276
9,976
604
422
58
103,599
6,641
630
89,355
83,243 6,112 36,673
2,869 2,195 2,730,553
235,940
675
6
11,321
7,310
34,143
32,593 1,550
401
342
703,055
89,003
52
5
296
21,694
3.891
60,536
1,349 1,029 1,617,820
117,553
44,960
40,813 4,147
26
34,980
2,044
270
377
3,196
27,136
9,423
9,046
1,070
788
385,051
1
31
462
12
773
791
38
829
24,627
2,248
49
36
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
I
I
-a
net incomes Total tax, income tax, and excess profits tax - Continued
(Money figures in thousands of dollars)
Returns with no net income
Returns with net income _«•/
Total
Dividends
Taxes
TötäT
Total
N
u
m
b
er compiled
Excess paid in
Net
Number compiled
number
Deficit j /
of
cash
an
d
profits
Major industrial groups and minor
In
co
m
e
income J j Total tax
re
of
of re
returns ceipts 10/
industrial groups 8/- Continued
tax 5/ tax 4/ assets
turns J / returns ceipts 10/
other than
stock
Manufacturing - Continued
Rubber products
Tires and inner tubes
Other rubber products, including rubberized fabrics
and clothing
3,135
Lumber and timber basic products
2,233
Logging camps and sawmills
902
Planing mills
5,300
Furniture and finished lumber products
2,556
Furniture (wood and metal)
549
Partitions and fixtures
538
Wooden containers
18
Matches
1,452
Other finished lumber products, including cork products
187
Furniture and finished lumber products not allocable
2,395
Paper and allied products
450
Pulp, paper, and paperboard
1,925
Pulp goods and converted paper products
20
Paper and allied products not allocable
11,284
Printing and publishing industries
2,542
Newspapers
1,218
Periodicals
940
Books and music
3,277
Commercial printing
1,603
Other printing and publishing
1,704
Printing and publishing industries not allocable
7,145
Chemicals and allied products
934
Paints, varnishes, and colors
240
Soap and glycerin
2,490
Drugs, toilet preparations, etc«
Rayon (raw material) and allied products
264
Fertilizers
266
Oils, animal and vegetable, except lubricants and cooking
oils
230
Plastic materials
703
Industrial chemicals
Other chemical products
Chemicals and allied products not allocable
Petroleum and coal products
Petroleum refining
Other petroleum and coal products
Petroleum and coal products not allocable
Stone, clay, and glass products
Cut-stone products
Structural clay products
Pottery and porcelain products
Glass and glass products
Cement
Concrete and gypsumproducts, wallboard
Abrasives and asbestos products
89
Stone, clay, and glass products not allocable
7,952
Iron, steel, and products
140
Blast furnaces and rolling mills
1,001
Structural steel, fabricated; ornamental metal woric
Tin cans and other tinware
840Í
Hand tools, cutlery, and hardware
1,316
Heating apparatus, except electrical, and plumbers* supplies
Firearms, guns, howitzers, mortars, and related equipment
Ammunition
Tanks
Sighting and fire-control equipment (except optical)
Ordnance and accessories, not elsewhere classified
Other iron, steel, and products (net classified below)
Iron,
steel,
and products not
allocable
2,298
1,589
709
3,872
1,907
415
416
10
1,002
122
2,099
409
1,683
7
8,518
1,994
700
529
2,746
1,357
1,192
4,608
780
173
1,271
6
209
221
321,391
3,084,209
249,581
2,542,507
71,810
541,702
285,057
1,999,280
213,574
1,456,275
69,483
543,005
249,725
2,566,246
142,341
1,365,243
13,725
131,518
24,552
299,803
6,562
88,337
5¿,023
603,082
6,522
78,263
576,522
4,314,669
346,870
2,405,915
229,471
1,906,434
181
2,320
677,279
4,593,908
296,089
1,514,254
94,916
719,679
53,323
415,728
142,714
1,193,682
48,495
370,583
41,742
379,982
1,524,699
10,558,939
117,062
1,197,283
125,376
993,687
277,614
1,565,211
47,029
237,146
40,144
348,746
97,040
1,046,694
20,462
161,940
592,948
3,415,311
68,755
614,638
138,269
978,283
742,103
10,630,769
694,410
10,064,921
47,548
564,368
145
I, 480
373,149
2,839,855
6,354
59,348
46,491
344,406
30,787
226,996
96,701
872,215
56,812
294,962
58,221
400,325
72,034
602,799
5,749
38,804
12,676,283 1,103,648
294,511
5,579,077
64,932
573,008
24,167
511,595
109,957
716,504
184,308
1,568,094
2-,068
19,467
14,045
109,039
122,017
94,223
27,794
96,884
71,762
25.122
89,103
51,740
4,566
8,426
2,398
19,651
2,322
213.122
128,181
84,892
49
239,878
104,445
34,544
19,066
50,616
16,690
14,517
549,315
45,341
47,345
101,076
17,692
14,729
37,324
7,592
202,133
25,105
50,978
230,669
213,607
17,0271
55
135,505
1,914
15,693
11,559
55,860
20,791
21,406
26,224
2,058
406,974
107,789
24,109
8,638
40,483
67,888
773
5,198
114,151
88,408
25,743
94,546
70,373
24,173
86,684
49,984
4,507
8,233
2,398
19,301
2,261
207,684
124,694
82,945
45
236,165
103,342
33,916
18,912
49,482
16,306
14,205
538,262
40,926
47,327
99,952
17,692
14,280
34,549
7,553
201,332
24,568
50,083
250,216
213,340
16,841
35
133,723
1,907
15,576
11,319
35,412
20,791
20,502
26,176
2,040
400,559
107,789
23,131
8,632
39,916
66,880
773
5,083
62,190
51,214
10,976
50,000
41,024
8,976
39,076
18,528
742
4,573
2,693
11,835
705
110,939
72,833
38,105
1
151,003
75,959
24,571
12,431
24,385
8,428
5,229
465,880
25,413
34,133
71,764
10,491
8,636
12,150
4,919
254,090
15,281
29,003
434.935
421.936
12,948
51
93,450
1,782
1,011
8,582
117
4,775
240
26,051
20,591
9,648
21,685
1,107
299,399
122,180
9,111
14,945
26,251
567
34,579
1,008
503
4,601
7,866
5,815
2,051
2,338
1,389
949
2,419
1,756
59
193
350
61
5,438
3,487
1,947
3,715
1,103
628
154
1,134
384
312
11,053
4,415
18
1,124
449
2,775
1,101
,
2,205
II,
500
3 097,378
487,315
131
698
261
132,731
19,038
261
129,468
IB, 560
3,263
478
76,738
10,415
1,100
117
49,0921
942
48,150
98,054
66,909
31,145
203,593
118,715
7,186
17,178
2,564
52,920
5,030
66,401
17,351
48,485
565
253,169
81,457
69,989
37,309
26,337
11,763
26,314
270,887
11,074
4,692
96,269
2,254
14,813
7,253
86,082
34,796
13,654
189,072
172,365
16,686
21
110,399
5,193
8,600
8,035
11,062
5,267
17,096
50,249
4,897
1,048,368
160,411
56,455
39,084
63,283
108,969
11,350
11,573
64
10,479
13,536
486,590
86,574
Dividends
paid in
cash and
assets
other than
own stock
3,394
87
3,307
10,360
7.502
2,858
16,232
8,808
1.502
1.443
271
3,617
591
6, 636
I,
4.443
300
20,767
3,909
8,544
4,417
1,195
743
1,959
27,311
825
465
II,
25
275
884
1,181
7,093
3,249
1,869
7,070
6,679
361
30
9,553
326
2,146
928
1,208
780
2,261
1,656
248
90,768
6,731
6,217
2,753
5,701
9,681
2,928
1,434
2,064
750
43,957
Table 1« — Corporation Income tax returns, 1/ 1946, by major Industrial groups and minor Industrial groups, for returns w ith net income and returns w i t h no net
8,497
106
106
893
177
445
63
209
12,299
3,586
677
12
708
816
10
350
305
4,627
1,208
108 l1
109 \
120
121
\
Sighting and fire-controi equipment (.except optical;
Ordnance and accessories, not elsewhere classified
Other iron, steel, and products (not classified below)
Iron, steel, and products not allocable
is!
4,0791
424|
5|
2,8481
300j
11,5001
3,097,3781
487,315J
6981
357,7551
51,015|
261»
132,7311
19,OS8|
2611
129,4681
1 8 , 560|
3,2631
478|
50
76,738|
10,4151
91
1,100
117|
13,5361
486,5901
86, 5741
7501
45,957
8,497|
4,627
1,208|
120
121
Bias»
Table 1« — Corporation income tax returns,
1946, by major industrial groups and minor industrial groups, for returns w ith net income and returns w i t h no net
income! Number of returns, total compiled receipts, net Income or deficit, and dividends paid in cash and assets other than own stock; also, for returns
with net incomes
Total tax, income tax, and excess profits tax — Continued
figures in thousands of dollars)
I
1
|
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
Major industrial groups and minor
industrial groups 8/ - Continued
Manufacturing - Continued
Nonferrous metals and their products
Nonferrous metal basic products
Clocks and watches
Jewelry (except costume), silverware, plated ware
Other manufactures of nonferrous metals and their alloys
Nonferrous metals and products not allocable
Electrical machinery and equipment
Electrical equipment for public utility, manufacturing,
mining,transportation(except automotive),and construction
use
Automotive electrical equipment
Communication equipment and phonographs
Electrical appliances
Other electrical machinery and equipment
Electrical machinery and equipment not allocable
Machinery, except transportation equipment and electrical
Special industry machinery
General industry machinery
Metal-working machinery, including machine tools
Engines and turbines
Construction and mining machinery
Agricultural machinery
Office and store machines
Household and service-industry machines
Machinery, except transportation equipment and electrical,
not allocable
Automobiles and equipment, except electrical
Automobiles and trucks (including bodies and industrial
trailers)
Automobile accessories, parts (except electrical), and
passenger trailers
Automobiles and equipment, except electrical, not allocable
Transportation equipment, except automobiles
Railroad and railway equipment
Aircraft find parts
Ship and boat building
Motorcycles and bicycles
Other transportation equipment, except automobiles
Transportation equipment, except automobiles, not allocable
Other manufacturing
Manufacturing not allocable
Public utilities
Transportation
Railroads, switching, terminal, and passenger car service
companies
Railway express companies
Railways, street, suburban,and interurban,including bus lines
operated in conjunction therewith
Taxicab companies
Other highway passenger transportation
Highway freight transportation,warehousing,and storage
Air transportation and allied services
Pipe line transportation
Water transportation
Services incidental to transportation
Transportation not allocable
For footnotes, see pp« 50-51
1-------Total
number Number
of re of
turns 9/ returns
3,558
292
- 96
1,015
2,134
21
2,662
894
2,426
239
64
706
1,403
14
1,508
578
Returns with net income 2/
Total
Taxes
!
compiled
Net
income Zj Total tax Incrane
re
ceipts 10/
tax Zj
4,058,961
1,823,736
182,112
552,617
1,481,955
18,541
3,866,041
1,960,546
Returns with no net income 5/
Dividends
Dividends
paid in
Number compiled
paid in
Excess cash and of
re
Deficit 2/ cash and
profits assets
returns ceipts 10/
assets
tax 4/ other than
other than
own stock
own stock
386,874
157,948
23,907
67,792
136,047
1,180
317,970
143,412
139,403
54,646
8,917
24,976
50,427
437
116,900
52,039
137,474
54,567
8,870
24,523
49,077
437
114,434
51,457
1,929
79
47
453
1,350
2,466
582
103,209
59,654
5,269
8,785
29,475
26
111,862
68,716
105
16,895
66
182,749
685
71,657
305
876,329
293
171
272,470
34,200
434
254
335,657
28,198
251
238,290
134
23,608
7,774 4,969 7,797,663
890,451
1,195
121,600
887 1,001,437
2,365 1,453 1,771,306
201,043
1,959 1,136 1,059,577
130,429
97
43
150,826
15,634
402
298
97,502
798,433
396
271 1,146,784
85,653
248
155
611,106
94,516
492
321
550,001
68,252
620
405
708,193
75,822
932
650 4,621,558
210,438
408
284 3,588,677
99,523
509
356 1,019,947
108,332
15
10
12,934
2,583
1,084
507 1,864,928
174,774
67
97
609,301
59,828
298
86
370,095
38,322
621
311
824,917
71,182
25
39
51,486
4,620
27
17
821
9,097
2
1
32
1
5,695 5,458 2,540,561
287,020
3,887 2,061 1,609,150
155,104
23,441 14,395 17,574,664 2,726,169
16,167 10,027 9,416,514
967,153
735
333 4,648,569
406,979
4
1
434,133
7
138
353,421
81
29,132
1,007
608
189,587
19,178
1,975 1,295
713,637
147,021
7,990 5,512 1,314,561
109,949
981
263
257,630
18,268
159
102
172,214
39,706
1,434
805
870,416
140,845
1,528
935
420,275
52,383
216
92
42,071
3,685
6,294
26,898
12,888
9,804
8,977
330,937
44,367
74,224
48,492
6,497
36,740
32,536
35,543
24,236
28,302
73,583
31,839
40,783
961
62,b63
21,053
12,339
26,964
1,727
280
103,948
56,019
898,063
333,705
144,223
1
10,617
6,653
49,166
32,709
6,268
14,718
49;650
18,432
1,268
6,278
25,770
12,592
9,757
8,580
321,055
43,094
72,934
47,086
5,294
35,587
31,626
34,865
23,020
27,549
72,706
31,528
40,217
961
59,521
20,935
11,724
24,911
1,674
277
101,018
54,791
895,607
332,291
144,223
1
10,617
5,910
49,064
32,562
6,266
14,688
49,528
18,164
1,268
16
1,128
296
47
397
9,882
1,273
1,290
1,406
1,203
1,153
910
678
1,216
753
877
311
566
10,091
11,063
6,841
8,674
6,477
252,946
31,123
46,206
33,207
3,821
21,929
35,302
25,598
22,785
12,975
154,513
132,907
21,596
10
62,918
«7,565
14,790
18,978
1,448
137
59,953
30,331
1,282,505
324,355
185,123
10,855
3,259
50,572
16,491
2,356
15,539
27,478
12,111
571
2,842
118
615
2,053
53
3
2,930
1,228
2,456
1,414
743
102
147
2
30
122
268
-1
1,054
253,639
43
61,500
29
28,693
293
48,836
683
n4,283
6
327
1,041 1,650,937
290
137,308
27,302
1,803
6,835
3,986
14,661
17
140,127
14,885
709
65
237
48
359
35,576
434
122
123
124
125
126
127
128
129
34
360
105
155
97
2,542
270
841
771
48
96
103
76
142
195
250
no
136
4
518
26
188
282
14
8
2,065
1,333
7,428
5,115
302
3
40
322
6n
2,U6
591
43
503
513
71
3,964
38,062
2,431
2,840
77,945
169,872
15,003
30,708
26,554
26,061
10,801
30,031
4,965
9,575
16,174
94,112
71,201
22,885
26
187,663
2,566
155,777
27,903
1,313
104
59,344
42,582
383,487
357,498
263,599
10
22,240
901
4,584
10,566
38,121
849
8,459
7,768
401
341
20,086
633
188
13,894
21,677
1,322
1,005
5,168
2,282
1,241
6,599
2,079
673
1,308
n,790
7,514
4,276
•
30,333
489
27,146
2,692
6
4,717
962
60,522
53,729
48,070
2,150
62
138
572
907
272
1,074
484
-
130
131
132
135
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
27,129
1,069,009
39,428
25,097
352,966
1,351,692
83,994
247,289
253,226
144,898
n9,606
190,986
72,052
n5,920
125,721
1,959,569
1,728,589
230*631
349
1,034,459
39,050
802,929
186,925
4,392
1,163
356,880
249,105
5,351,782
4,961,039
3,927,829
210
259,160
19,712
66,174
262,096
268,954
24,051
85,231
44,546
3,076
I
I
to
&risas sisstf»?
sss1
¿sasiSK
•with net income: Total tax, income tax, and excess profits tax - Continued
(Money figures in thousands of dollars)
T5ESÏ
Total
number Number compiled
Major industrial groups and minor
Net
re
of
of
re
Industrial groups 8/ —Continued
turns 9/ returns ceipts 10/ income Zj
ilic utilities - Continued
ommunication
Telephone (wire and radio)
Telegraph (wire and radio) and cable
Radio broadcasting and television
Other communication
>ther public utilities
Electric light and power
Oas, distribution and manufacture
Water
Public utilities not elsewhere classified
Other public utilities not allocable
de
Wholesale
Commission merchants
Other wholesalers
Food, including market milk dealers
Alcoholic beverages
Apparel and dry goods
Chemicals, paints, and drugs
Hardware, electrical goods, plumbing and heating
equipment
Lumber and millwork
Wholesalers not elsewhere classified
Wholesalers not allocable
Retail
General merchandise
Department, dry goods, other general merchandise
Limited-price variety stores
Mail-order houses
Food stores, including market milk dealers
Package liquor stores
200
Drug stores
201
Apparel
and accessories
202
Furniture and house furnishings
203
Eating and drinking places
204
Automotive dealers
205
Automobiles and trucks
206
Accessories, parts, etc.
207
Filling
stations
208
Hardware
209
Building materials, fuel, and ice
210
Other retail trade
211
Retail trade not allocable
212
213 Trade not allocable
214 irvice
215 Hotels and other lodging places
216 Personal service
Laundries, cleaners, and dyers
217
Photographic studios
218
Other personal service
219
Personal service not allocable
220
Business service
221
Advertising
222
Other business service
223
Business service not allocable
224
A
utom
otive repair services and garages
22S
226 Miscellaneous repair services, hand trades
Motion pictures
22'
171
172
175
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
195
194
195
196
197
198
199
22t
22!
23
2
23
Î
Motion-picture production
Motion-picture theatres
Amusement, except motion pictures
Other service, including schools
Service not aHocahle
4,118 2,235
3,007 1,625
6
23
596
1,071
10
15
5,158 2,133
574
759
421
600
990
1,525
118
206
32
68
155,487 122,132
48,959 38,416
7,055 4,862
41,906 33,554
7,123 5,730
1,284
1,668
5,080 4,127
1,971 1,392
3,755 3,225
I, 285 1,056
18,554 14,820
2,674 1,920
86,702 68,343
6,026 5,051
5.372 4,616
289
365
146
289
6,633 4,813
2,061 1,743
4,541 3.452
12,318 10,043
6,506 5,376
II, 609 7,098
10,525
12,212
10,567 9,345
1,645 1,180
1,944 1,348
2,479 2,199
7,827 6,487
8.373 6,536
4.373 5,672
19,826 15,573
42,624 26,169
4,993 3,469
9,212 6,165
4,979 3,459
607
988
3,230 2,089
15
10
7,978 4,598
2,149 1.452
5,813 3,157
2,920,555
2,566,231
15,315
338,141
866
5,237,597
4,103,055
1,019,546
94,194
16,893
3,909
92,867,195
45,508,531
2,274,809
43,233,722
9,357,696
3,675,799
3,830,181
2,205,018
3,635,911
921,448
16,970,789
2,636,880
39,698,040
12,538,956
10,455,264
1,792,828
290,864
7,946,405
274,796
1,154,408
4,465,884
1,596,226
1,422,149
4,542,596
3,877,704
464,892
345,635
533,972
1,968,510
1,974,822
1,333,681
7,660,624
6,600,362
1,206,245
1,010,312
771,338
62,632
174,776
1,566
1,244,683
809,795
431,031
3,857
237,350
110,110
1,890,731
948,342
942,389
525,508
358,792
16,653
Number cospiled
paid in
Deficit 2/
re
cash and of
returns ceipts 10/
assets
other than
own stock
575,766 156,450 155,851
511,695 133,152 133,132
1,150
1,150
3,052
21,474
22,073
60,720
95
95
299
1,183,250 407,908 407,465
954,804 326,595 326,329
72,591
72,948
202,667
7,795
7,812
23,298
586
591
1,852
164
164
629
1,946,115
5,714,298 2,028,250
2,329,733 843,459 791,494
49,906
52,742
156,178
2,173,555 790,697 741,588
96,242
99,466
281,597
73,857
240,045 104,512
298,651 107,729 103,281
56,739
37,894
106,712
91,672
92,741
255,587
19,366
19,852
56,900
810,862 284,712 278,153'
42,298
43,791
123,201
2,905,584 1,023,157 996,380
1,164,066 434,672 426,590
944,405 551,911 543,903
75,492
75,555
200,240
7,195
7,208
19,421
99,049
99,962'
275,960
5,197
3,292
12,438
18,845
20.832
61,116
115,849
554,671 124,519
50,146
51,365
153,983
24,154
25,459
80,980
153,271
398,696 135,399
557,021 121,004 119,123
14,148
14,395
41,675
7,818
7,833
23,943
7,674
7,825
27,680
43,297
45.832
140,225
43,527
44,813
137,998
22,963
23,354
73,828
478,981 161,654 158,241
276,818
874,592 295,069
45,071
46,698
139,764
21,503
21,861
74,887
15,379
15,747
52,697
1,133
1,149
4,179
4,778
4,952
17,954
IS
15
57
36,076
36,840
111,149
17,805
18,290
52,551
17,988
18,267
56,677
283
283
1,921
6,895
7,046
25,586
2,210
2,239
8,136
369,575 128,316 116,746
51,723
55,157
166,746
202,829
103,683
39,712
2 ,1 0 0
75,179
37,092
12,372
60S
65,023
55,680
12,237
602
599
443
64
357
17
_5
135
945
836
109
224
655
,448
155
,069
486
,579
,493
,777
,082
,008
61
13
913
95
,987
,670
,219
,505
,128
,881
247
15
151
535
,286
391
,413
,251
,627
558
368
16
174
764
485
279
152
29
L,57C
,414
!,15£
L,41i
13£
395,581
577,811
736
14,721
113
564,769
446,132
107,776
10,242
453
166
922,408
329,535
26,745
502,790
45,395
20,581
39,297
22,323
29,443
8,035
n5,326
24,592
524,426
272,318
202,612
66,197
3,509
46,018
636
11,428
55,179
27,273
14,427
51,969
24,994
6,975
6,588
3,022
25,273
18,146
12,349
68,447
203,589
20,535
13,636
9,240
400
3,996
27,753
n,916
15,636
201
2,663
77S
ns, 276
55,635
57,641
18,831
5,68C
44C
787
126
156
418
66
21
29,579
9,241
1,938
7,503
1,238
520
855
520
453
191
3,152
594
16,415
843
648
68
127
1,646
294
796
2,015
1,022
4,236
1,550
931
419
518
253
1,191
1,657
594
3,723
13,479
1,336
2,703
1,299
349
1,050
2,878
577
2,295
865
629
854
368
486
1,956
2,118
140
239,322
16,169
210,265
12,831
57
151,421
55,961
67,599
10,104
17,575
384
3,866,549
2,064,949
188,086
1,876,865
613,877
124,156
140,227
94,904
87,359
21,372
681,412
113,576
1,374,376
87,843
70,657
4,121
15.065
184,167
24,112
65,758
210,392
60,018
339,806
97,172
72,140
25,032
25.065
10,255
90,921
105,936
72,933
427,024
773,183
132,701
155,850
108,391
15,184
30.095
180
205,643
56.096
147,466
81
29,125
20,889
58,643
29,515
29,128
74,007
91,147
9,180
171
172
175
174
175
176
177
178
179
180
181
182
185
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
215
214
215
216
217
218
ZL9
220
221
222
223
224
225
226
227
228
229
230
281
232
xr
23
2¡
Z
233
254
235
256
257
238
259
240
241
242
243
244
245
246
247
248
249
250
251
252
255
254
255
256
257
258
259
260
261
262
265
264
265
266
267
268
269
270
271
272
275
274
275
276
277
278
279
280
281
282
285
Mouion-çicuure uneaüres
JumiBemervt, except, motion pictures
Other service, including schools
Service not allocable
5*1871
5,5901
S4L5I
2*6221
2,4251
1541
525,5081
358,7921
16,6551
103,6831
39,7121
2,lQo|
37,0921
12,3721
60S I
S5,680j
12,2371
6021
1,412!
1351
S|
18,831 1,9561
5,6801 2,118I
440|
1401
74,0071
91,1471
9,1801
12,2081
10,772I
1,107I
OU «ou
250 251
5 252
Table 1. - Corporation Income tax returns, 11 1946, by major industrial groups and minor industrial groups, for returns with net Income and returns with no net
income! Number of returns, total compiled receipts, net income or deficit, and dividends paid in cash and assets other than own stock; also, for returns
with net income: Total tax, income tax, and excess profits tax - Continued
(Money figures in thousands of dollars)
Returns with net income 2/
Returns with no net income 2/
Total
Total
Taxes
Dividends
Totn—
bividends
Major industrial groups and minor
number
Number compiled
Excess paid in Number compiled
paid in
industrial groups 8/ - Continued
of re
of
re
Net
Total tax Income
profits cash and of
re
Deficit
2/
cash and
turns 9/ returns ceipts 10/ income Zj
tax 5/
tax y assets
returns ceipts 10/
assets
other than
other than
own stock
Finance, insurance, real estate, and lessors of
152,566 102,278 10,829,109 4,289,105 756,663 733,346 5,517 1,249,401 42,095 1,562,441
284,621
48,419
real property
Finance
56,457 27,424 4,855,715 2,018,645 447,959 446,103 1,856 926,929
7,551
108,707
69,857
15,566
Banks and trust companies
15,212 14,298 3,218,966 1,139,053 329,239 328,611
628 306,405
613
28,118
12,685
1*866
Long-term credit agencies, mortgage companies,
2,847 1,728
38,037
11,960
3,057
3,019
18
3,149
,010
4,498
2,948
'455
1
except banks
Short-term credit agencies, except banks
4,155 2,887
323,234
83,457
26,819
26,392
427
54,879
972
24,555
8,567
252
Sales finance and industrial credit
1,698 1,127
160,465
35,081
10,982
10,855
127
15,663
448
15,088
6,731
168
Personal credit
1,781 1,316
143,645
45,456
14,328
14,121
207
17,227
385
7,842
1,415
61
Other short-term credit agencies
179
127
2,722
841
229
229
356
35
281
2
45
Short—
'term credit agencies, except banks,not allocable
497
317
16,402
4,059
1,280
1,187
95
1,633
106
1,142
378
21
Investment trusts and investment companies 11/
5,784 2,812
- 251,430
374,978
307,178
18,544
18,544
688
4,266
6,961
1,054
Management type
545
444
- 165,318
223,633
197,280
7,587
7,587
91
880
340
21
Fixed or semifixed type
95
75
13,657
•
12,148
953
933
16,929
21
83
695
14
Installment investment plans and guaranteed
96
62
24,627
2,585
207
207
667
25
198
94
face-amount certificates
Mineral, oil, and gas royalty companies
..
199
121
5,348
2,468
80S
805
1,621
63
552
72
335
Investment trusts and investment companies
2,849 2,112
107,713
92,697
9,012
9,012
66,895
688
2,553
5,497
927
not allocable
Other investment companies, including holding companies
1,990 1,509
550,275
583,244
7 294,467
43,643
43,636
438
12,098
11,932
5,125
Holding companies 12/
906
658
- 189,494
266,275
230,940
20,476
20,476
207
2,834
8,996
2,602
Operating-holding companies 13/
1,084
851
284,000
152,504
25,167
23,160
7 104,973
231
9,264
2,936
2,521
Security and commodity-exchangebrokers and dealers
1,402
910
190,334
47,764
12,808
12,485
323
12,714
422
19,734
5,475
810
Other finance companies
1,573
686
80,046
26,S65
8,978
8,530
448
9,255
663
7,871
7,744
1,228
Finance not allocable
5,474 2,594
59,845
19,444
4,891
4,886
5
14,630
7,769
13,545
2,545
4,600
Insurance carriers, agents, etc.
8,234 6,131 5 385,006 1,478,953
67,556
67,504
52 112,905
70,256
20,640
X,839 1,012,448
Insurance carriers
2,185 1,679 3: 090,427 1,434,072
55,105
55,102
1
98,760
447 '981'749
68*225
20,565
Life insurance companies
806
704 1| 456,123 1,296,662
21,821
21,821
34,584
73
1,318
334
103
Mutual insurance, except life or marine or fire
516
479
53,694
27,878
9,213
9,215
14
36
96
154
20
Insurance companies issuing perpetual policies
Other insurance carriers
863
496 1: 600,610
109,532
24,069
24,068
1
64,162
338
980,335
67,737
20,440
Insurance agents, brokers, etc.
6,049 4,452
294,579
44,881
12,453
12,402
51
14,145
30,699
2,011
77
1, 392
Real estate, including lessors of buildings
101,221 65,248 2, 566,514
668,693 178,742 177,564 1,378 138,723 30,043 409,929
126,105
10,033
Owner operators and lessors of buildings
77,669 53,894 1. 897,581
516,791 137,189 136,164 1,025 115,793 22,307 548,155
96,114
8,778
Lessee operators of buildings
2,597 1,550
67,852
12,257
3,272
3,153
119
2,345
970
18,341
2,225
7
Owners for improvement
6,957 5,538
121,317
57,151
15,805
15,667
138
6,785
443
12,162
12,413
193
2,
Tracing for own account
2,930 1,720
36,419
17,614
4,543
4,517
26
3,158
959
2,935
5,886
163
Real estate agents, brokers, eto*
5,558 2,265
121,090
21,855
6,000
5,959
41
2,865
18,422
1,789
87
1, 077
Title abstract companies
1,315
900
mm
57,383
16,835
5,200
5,183
17
4,585
339
3,358
184
Real estate, including lessors of buildings, not allocable
6,215 1,381
65,072
26,250
6,733
6,721
12
5,592
7,494
6,576
805
1, 948
lessors of real property, except buildings
6,674 3,475
241,874
122,814
42,406
42,375
31
70,844
662
31,557
18,423
2,380
2,
Agricultural, forest, etc., properties
1,066
584
14,487
7,995
2,280
2,280
3,115
435
1,853
1,761
689
Mining, oil, etc., properties
2,772 1,694
91,615
45,695
15,061
15,031
50
30,613
944
6,566
7,951
867
Railroad properties
426
202
101,887
50,496
18,856 .18,856
28,825
154
16,676
2,674
32
Public-Futility properties
174
96
20,845
10,272
3,848
3,848
4,405
68
4,623
5,134
420
Other real property, except buildings
1,871
769
7,716
4,789
1,291
1,290
1
2,032
918
1,397
122
2,176
Lessors of real property, except buildings, not allocable
«.
565
150
5,524
3,569
1,070
1,070
1,856
143
242
727
250
onstruction
16,971 11,161 3, 732,496
269,994
83,675
82,883
792
35,996
4,688
588,065
37,916
2,519
General contractors
7,978 4,820
348,570
170,068
53,952
53,419
533
27,592
24,733
1,794
2, 483 402,697
Special trade contractors
8,435 6,130 1* 555,430
97,238
28,964
28,710
254
8,288
12,555
340
2, 038 178,815
Construction not allocable
558
211
30,496
2,688
759
754
5
116
167
828
6,553
185
griculture, forestry, and fishery
7,020 4,260 1. 138,035
205,244
67,955
65,511 2,444
35,448
21,669
610
2, 403 136,560
Agriculture and services
6,555 3,914 1. 078,783
194,311
64,857
62,456 2,421
28,440
19,857
591
2, 127 128,700
Forestry
338
200
29,547
7,226
1,883
1,885
4,262
121
1,922
938
1
Fishery
529
146
29,705
3,707
1,215
1,192
23
155
746
5,938
18
894
store of business
_____
17.067 2.211
181.875
24.007
6.530
6.412
118
4.648
7.205
2.891
3.268
51.005
footnotes, see pp. 50-51
235
254
235
236
237
238
239
240
241
242
245
244
245
246
247
248
249
250
251
252
255
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
275
274
275
276
277
278
279
280
281
282
285
and dividends paid by type of dividend
------------------
(Money figures in thousands of dollars)
--- ----------------------- L*1 *
Mal or Industri
groups 8/
It
Man ifacturina
C otton
obacco
Beverages w ami fac—
t ores
Total compiled receipts 12/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 22/
Depreciation
Depletion
Amortisation 50/
Advertising
Amounts contributed under pension
plans, etc, 21/
Net loss, sales other than capital
assets 25/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(16 less 53)
Net income or deficit 2/ (34 less 6)
Net operating loss deduction 52/
Income tax 3/
Excess profits tax 4/
Total tax
Compiled net profit less total tax
(34 less 39)
Dividends paid.«
Cash and assets other than cwn stock
i Corporations own stock
— .
234,923,814 5,453,591 604,234 591,057
669,097 34,635 48,176
40,763,565
1,740,255
266,271
206,033
2,494,002
2,584,841
289,728
38,851
6,036
450
204
5,766
25,092
33,660
906
1,350,975
223,084
681,036
309,538
1,315
149
38
1,657
11,853
8,948
213
940
2,861
105
85
1,768
2,756
1,429
119
11,046
3,671
415,245
49,993
96,803
7,649
7,115
140,511
219,839
100,787
7,773
120
49
1,551
3,831
12,316
,611
6,417
329,653
136
76
72
712
2,659
9
18
2,179
76
138
1,891
8,312
141
889
4,659
49
SOI
4,549
5,640
1,281
555
9,198
2,042
9,923
12,755
17,930
553
36
879
463,936
174,854
948,696
10,281
'88
21,075
4,362
417
8,834
12,896
149
19,811
297,507
30,138
261
36,702
5,358
14,750
149
7,655
86
288,954,257 4,299,558 672,617
8,008
25
10,093
12,714
1,627,846
1,047,659
477,615
49,832
32,634,772
351,356
104,498
5^/263,555,318 3,964,615
1,547,271
25,598,919
334,943
80,575
25,192,886
139,563
8,606,695
268,145
534,739
6,495
151,692
928
76,300
1,131
26,061
8,874,840
132,620
26,070
16,524,079
202,325
50,315
7,502,055
527.445
207,677
2,717
68,542
38
22,818
515
8,594
67
13,594
106
12,793,905
127,720,479
II,
29,662
313
90,372
1,967
42,913
- 453
65,473
1,765
24,511
86
11,693,964
38,605
4,468,311
159,704
29,975
43,366
24,397
4,628,015
80,537
1,110
'
2,122
2,058
96
25
1,695
4,147
6,840
425
31
1,645
1,294
2,700
26
766
1,753
91
39
1,806
5,949
2,090
783
53,854
11
986
12
2,097,334
907
8,808
3,078,527
6,595
3,153,501
5,819,730 6,440,199 6, 693,715 2,854,152
139,421,558 23,404,3322 4,836,573 2,624,521
8,525 100,445,562
2,122,719
2,696
2,073,440
589,869
2,005,511
85,762
409,912
2,751,548
111,513
1,908,764
506,805
33,868
I,
466,695
15,877
5,010
1,950,412
55,083
6,572
374
17,742
345,570 255,429
29,753
187,285
13,496
18,290
3,127
11,642
16,226
7,201
421
770
2,887
16,840
10,470
26,593
327
555
17,298
68,264
15,781
124,056
35
3,352
891
659
565
3,872
239,585
Lumber
and tim
ber basic
products
Rubber
products
11,802
9,855
16,753
179,769,226 2,442,168 420,519 529,175 1,084,952
170,124
450,078 23,388 36,832
23,273,050
17,300
2,972
4,478
56,891
35/5,143,140
4,989
2,676
4,423
26,929
2,823,402
28,567
9,981
6,174
68,628
2,716,302
761
849
115
2,916
352,380
6,030
1,983
2,678
30,507
2,251,044
34,026
11,538
27,088
110,285
5,830,522
739
165
295
2,083
213,872
43,551
7,956
154,858 17,134
4,198,760
40,508
257,252 46,188 10,519
801,847
377
781
4,497
64,461
938
595
307
3,414
2,408,350
1,103
575
915
6,876
854,625
2
Leather
and
products
4,595
947
2,376
109
245
5,233
5',874
396
469
1,172,534
1,712,616
255,930
2,210,492
|iPP<
T Bxtile- and
pro.
m.Lll
p roducts, mad.
froi
e xcept
c otton _ fab
4,765,594 2,601,757 3,740,700 6 ,156,295 6,4
201,737
1
21,746
3,391
17,302
Number of returns It/
Gross sales 15/
,
Gross receipts from operations 16/
Interest on Government obligations
(less amortisable bond premium)«
Wholly taxable 12/
.
Subject to surtax only 1§/
Wholly tax-exempt 12/
Other interest
Rents 20/
Royalties 2]/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss 22/
Net gain, sales other than capital
assets 28/
Dividends, domestic corporations 24
Dividends, foreign corporations 25/
Other receipts
t>ares
216
2,864
Receipts:
m anufac-
l
15,109
2,324
34,189
2,733
839
25,412
5,268
45
16,751
16
1,424,009
,059,144 ,229,422 2,225,599
4 3,067,805 2,218,365 2,858,436 4,623,875 5,
56,343
770
6,020
142,453
122,479
11,639
176
7 * 6,048
40.697
18,788
63,541
213,431
123,276
32,693
8,188
7
49,515
5,985
9,845
14,594
45,606
20,918
4,560
1,667
5
ll',235
21,193
55,115
18,412
12,545
68,007
40,855
5,840
4
35,419
2,900
2,054
1,285
4,099
1,572
1,040
74
8
1,228
7,599
6,651
4,010
10,508
16,345
7,987
17,211
O
15,066
33,454
106,629
29,493
57,504
85,302
55,909
64,529
4
614)746
1,383
1,563
3,454
10,315
10,285
8,857
779
9
6) 152
36,150
36,136
15,156
20,420
63,803
56,707
6,712
8
46)030
40,002
47
9
9
1,569
.9
6,296
69
43
124
94
121
126
>4
198
3,452
52,010
18,579
42,665
26,252
8,463
54,286
100,024
2,549
364,77612
5,115
4,539
5,451
10,588
6,057
4,620
56
6,422
L4
05
139
791
70,914
366,715
1,407
181,732
46
76
04
68
72
173,021
502,88!
172,94!
502,64C
'94
179,54'
18,12
64,53(
5-
563,262
563,124
17'
198,81'
22,69
2,584
166,229
425,445
2,815,296
1,824,598
318,005
272,736
517,997
194
114,151
7,866
272.697
2,732
94,546
586,840
56 4,353,685 2,451,500 3,256,465 5,600,862 6
701,079 96
341
314,594
1,225
839,537
481,984
839,036
797
304,214
15,286
481,959
803
172,767
10,435
229,299
529
83,245
6,112
2,356
64,5&
221,51
183,200
89,355
122,017
197,67 2
519,500
96,884
341,75 0
519,857
298,784
139,972
195,988
175,852
82,54 2
14.104
144,895
19.250
54,589
28.619
36,711
5.458
62,296
2.091
50,485
2.208
47,065
7,073,064
KA
505,21 3
50,600
41,104
108,45 7
33,165
1,183
68,284
9291
24,197
416
3,440,656
279.7451
X)8
362
96,99 6
20.26 4
73,06 1
1.66 2
For foot.not.eB, see pp< SO - SI
U
p
Table 2. - Corporation incase tax return*, 1/ 1946, by aajor industrial groupsi Number of returns, compiled receipts, compiled deductions, compiled net
profit or net loss, net income or deficit, net operating loss deduction, Income tax, excess profits tax, total tax, compiled net profit less total tax,
and dividends paid by type of dividend - Continued
(Money figures in thousands of dollars)
products
1
2
3
4
5
6
Number of returns 14/
Receipts}
Gross receipts from operations 16/
Interest on Government obligations
(less amortizable bond premium)!
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
7
8
9
10
U
12
IS
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
57
58
59
40
41
42
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-stern capital loss 22/
Excess of net long-tern capital gain
over net short—tern capital loss 22/
Net gain, sales other than capital
assets 25/
Dividends, domestic corporations 24/
Dividends, foreign corporations 25/
Other receipts
Total compiled receipts 10/
Deductions s
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 50/
Advertising
Amounts contributed under pension
plans, etc. 31/
Net loss, sales other than capital
assets 23/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(16 less 53)
Net income or deficit 2/ (34 less 6)
Net operating loss deduction 32/
Income tax 3/
Excess profits tax 4/
Total tax
Compiled net profit less total tax
(34 less 39)
Dividends paid!
Cash and assets other than own stock
For footnotes, see pp. 30-31
5,173
Paper
and
allied
products
2,361
Printing
and pub- Chemicals
lishing and allied
products
industries
10,996
6,837
2,714,492 4,284,970 4,539,878 10,481,331
388,480
112,845
' 19',654
10,350
Petroleum
and coal
products
Stone,
clay,
and
glass
products
485
3,627
Iron,
steel,
and
products
7,696
Nonferrous
metals
and their
products
Electrical
machinery
and
equipment
Machinery,
except
transportation
equipment
and electrical
Automobiles and
equipment.
except
electrical
5,480
2,549
7,511
900
Transportation
Other
equipment f manufacturing
except
automobiles
1,025
9,839,206 2,878,481 13,163,136 4,152,821 5,382,149
33,053
102,209
371,183
397,537
21,728
8,816,098
178,481
6,502,592
3,872
1,905,820
910,809
5,523
Manufacturing
not
allocable
Total
public
utilities
Transportation
3,394
21,823
15,142
483,479
356,774
2,832,007 1,776,685
22,526
49,899 21,421,583 13,429,651
1
2
5
1,593
86
257
1,225
3^396
'315
206
3,485
312
183
7,162
6^972
3,339
90
5,327
815
390
2,972
12,150
10,247
212
8,491
621
514
10,806
12,827
14,583
577
9,157
1,359
445
20,513
70,977
15,212
381
5,479
317
99
2,200
3,564
3,071
329
15,213
535
207
25,871
21,388
7,059
538
3,573
80
no
4,697
3,440
1,950
44
2,083
348
216
10,402
5,397
6,522
419
9,925
1,195
705
13,002
10,525
9,673
451
2,496
386
91
4,540
4,255
4,528
50
5,466
91
92
5,527
3,165
2,691
581
1,824
266
50
2,381
5,284
1,984
180
1,560
71
2,470
1,908
2,283
1,146
88
29,167
2,310
3,116
108,725
350,585
5,236
1,000
18,431
2,019
2,801
65,252
298,820
3,449
6,718
19,101
8,625
17,637
44,146
6,649
21,730
6,065
24,933
17,9 U
5,106
21,185
5,028
5,126
53,083
41,912
11
833
199
1,111
790
476
397
1,840
246
1,395
1,395
411
1,550
757
706
5,224
4,874
12
3,922
862
16,300
12,175
5,421
27,313
28,477
1,226
47,167
87,700
34,938
46,166
124,170
32,586
265,896
5,498
5,954
18,488
26,485
13,490
55,998
5,996
.5,167
28,202
15,718
H,658
22,685
17,147
15,128
57,719
16,999
■ 5,466
30,555
8,963
3,397
30,250
6,559
1,451
17,144
2,527
1,153
12,635
364,175
8,463
90,502
91,281
1,491
59,940
15
14
15
2,769,839 4,381,070 4,847,077 10,829,826 10,819,841 2,950,254 13,724,651 4,512,600 5,516,978
9,149,355
6,581,127
2,899,387
2,897,441 1,858,255 22,926,446 14,377,553
16
7,026,266
68,693
158,943
36,585
161,635
6,911
21,452
144,886
5,588
177,348
14,398
869
309,359
51,944
6,968,540 1,974,247 10,109,903 3,174,208 4,177,718
7,800
276,662
70,782
249,088
11,522
70,819
78,001
59,067
219,445
25,038
29,847
20,820
9,006
49,980
102,654
88,828
S7,513
395,794
220,277
73,624
5,610
9,004
3,855
2,073
3,282
20,696
13,680
65,010
59,677
6,689
116,247
224,664
63,700
309,016
42,976
2,757
4,972
9,009
2,158
3,167
74,704
52,167
274,418
56,733
360,707
317
25, 502
21,000
2,129
388,041
323
1,069
2,957
250
8,175
71,784
36,702
63,712
62,576
18,520
54,908
16,545
48,842
9,569
78,568
6,561,062
21,906
196,653
35,625
170,274
8,127
24,348
144,257
7,472
139,892
453
1,825
86,179
38,591
5,357,228
758
36,404
n,991
122,204
877
8,762
145,139
1,874
104,988
800
13,635
43,394
13,341
1,620,019
769,147
32,705
17,155
49,948
2,566
n ,2 2 0
58,472
910
53,139
86
362
15,878
11,928
273,115
548,214
1,936,715 1,323,054
24,217 i.4,Ub /,87 3 10,062,236
U,074
187,896
140,274
55,687
92,934
603,726
692,742
10,821
20,410
43,522
51,719
30,956
18,459
10,966
24,443
2,334
4,511
839,039
488,524
8,097
8,467
795,001
24,776 1,436,469
61,611
11,780
3,826
1,191
441,714
21,143 1,166,867
32,725
8,565
24,339
328
114
17,511
21,164
248
512
27,809
58,937
20,488
56,009
20,574
161,492
4,543
12,777
17
18
19
1,762
822
1,177
4,265
928
4,750
878
1,725
30,483
20,292
31
334,580
615,384
1,187,142
622,387
285,928
396,566
225,782
1,467,191
807,414
52
9,331,924 10,084,363 2,586,559 12,711,564 3,952,918 5,358,919
8,428,071
6,464,710
2,912,184
721,284
n6,417
55/12,797
227,726
114,992
720,579
2,185
521,055
9,882
U6,526
35/12,889
504
59,521
2,842
227,676
1,827
101,018
2,930
112,522
2,016,192 3,061,528 2,733,725
' 12^467
4,258
197,300
175,532
82,900
75,170
42,446
14,586
18,082
23,652
98,714
28,305
10,228
2,846
1,688
12,103
5^972
14^112
63,155
38,771
64,278
8,563
4,178
2',411
76,156
47,246
26,056
96
4,449
2,331
97
385
82
28,906
15,522
14,474
20,715
12,947
3,600
566
284,570
2,964
356,620
5,097
821,336
2,556,109 3,811,001 4,190,175
233,730
570,069
656,902
1,165,285
1,497,902
1,540
1,244,017
735,478
2,237
315,759
365,695
9,257
931,927
1,013,087
359,682
178,059
4
5
6
7
8
9
10
20
21
22
23
24
25
26
27
28
29
30
2,669,715 1,743,263 20,580,648 15,765,097
33
2,345,798
612,456
34
2,342,682
q sai
895,607
2,456
609,655
7,926
352^291
1,414
35
36
57
38
253,493
1,956
86,684
2,419
569,886
1,851
207,684
5,438
656,512
1,135
236,163
3,715
1,497,588
3,991
538,262
11,053
735,033
558
230,216
453
363,596
5,815
155,723
1,782
1,012,880
4,270
400,559
6,415
359,S72
919
137,474
1,929
177,843
1,422
114,434
2,466
549,315
230,669
135,505
406,974
139,403
116,900
330,957
73,583
62,565
103,948
56,019
533,705
39
213,122
239,878
898,063
89,105
228,190
606,113
220,279
61,159
390,347
42,834
36/75,160
125,778
58,973
1,447,735
278,751
40
93,855
5,659
311,698
24.282
103,918
7,321
147,438
17.597
166,303
7.661
93,251
9.700
64,670
9.559
31,293
2.524
1,345,027
14.195
378,084
11.581
41
42
144,627
556,947
417,024
948,587
504,809
40,538
111,116
151,85!
466,950
435,765 1
254,625
20.476 1
72,706
877
54,791
1,228
Tabla 2. - Corporation inc one tax return«, l/ 1946, by Major iad ua trial groupai Humber of return», oomplled receipts, compiled deduction», oompiled aat
profit or net loss, net income or defioit, net operating loas deduction, inoone tax, exoess profita tax, total tax, oomplled net profit leas total tar,
and diridenda paid by type of dividend - Continued
(Money figures in thousand» of dollar«)
Major industrial groupe 8/ - Continued
Public utilities Continued
Trade
Retail
wholesale
Other
Commini- publio
oation
utilities
1
2
3
4
5
6
7
8
9
10
11
12
18
14
15
16
17
18
19
20
21
22
28
24
25
26
27
28
29
SO
81
82
88
84
85
56
57
88
59
40
41
42
Total
trade
Total
wholesale
Commission
merchants
Other
wholesalers
Total
retail
General
merohandise
Food
stores,
inoluding Package
liquor
market
stores
milk
dealers
Drug
stores
Apparel
and
accès- •
sories
Furniture
and house
furnishings
Gating
and
drinking
plaoes
Autoraotive
dealers
Deductions!
Cost of goods sold 26/
Cost of operations To /
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 80/
Advertising —
Amounts contributed under pension
plans, etc. Si/
Net loss, sales other than capital
assets 28/
Other deductions
Total oOTqiiled deductions
Compiled net profit or net loss
(16 less 85)
Net income or deficit 2/ (84 less 6)
Net operating loss deduction 52/
Income tax 8/
Exoess profits tax 4/
Total tax
Compiled net profit less total tax
(84 less 39)
Dividends paidt
Cash and assets other than own stock
Corporation's own stook
Hardware
Building
materials.
fuel, and
ice
2,452
7,678
356,663 336,462
2,347
5,641
1,986,761
37,662
114
21
7
122
3,577
4
48
114
2
5
260
563
41
15
872
52
15
2,000
4,214
177
138
837
329
5,731
176
102
988
741
•
2,749
94
“
3,875
1,797
1
19,026
5,159,875 6,389,018 96,733,544 47,573,480 2,462,895 45,110,585 41,072,416 12,626,799 8,130,572 298,908 1,220,166 4,676,276 1,656,244 1,761,955 4,439,768
370,700 344,225
2,059,431
926,507 3,215,956
90,389
62 ,544
142,§42
64,001
45,162
76,366
15,178
21,897
5,586
858
6,245
4,066
30,157
32,535
960
2,241
16,971
23,050
68
60
158
211
28,866
10,456
1,653
1,091
263,243 246,159
1,301
3,496
6,986 15,265
4,926
4,615
829
3,642
299
676
548
593
7,395
5,413
97238
1,263
4,042
78
5
h
18
1,988
1,876
468
99
1,602,095
26,693
63¿977
9,655
10,599
5,799
3,702
19,330
1,215
14,057
227
48
7,819
873
11,875
6,398
11,334
2,037
4,248
12,058
6,459
5,894
40,857
84,758
47,667
6,800
2,920
161,611
Humber of returns 14/
5,761
Reoeiptai
40,229
86,476 93,472,183 46,841,732 1,839,810 44,001,922 39,860,354 12,332,760 8,041,633 291,356 1,192,532 4,491,146 1,573,757 1,637,693 4,252,467
Oroas sales 15/
145,514
100,252
19,508
9,412
60,592
64,187
6,783
39,459
713,026
541,894
563,556
2,886,108 5,106,624 2,016*409 1,276,582
Gross receipt? from operations 16/
Interest on Government obligations
(less amortisable bond premium)!
517
1,019
1,120
183
2,054
18
8,484
1,243
16,743
27,747
869
8,235
Hholly taxable 17/
5,488
9,104
7,248
67
46
43
22
6
130
885
27
328
1,329
1,777
Subject to surtax only 18/
89
252
355
7
18
90
45
7
164
108
71
350
490
Ifholly tax-exempt 19/
51
1,001
421
264
348
3,151
.1,769
519
1,724
15
19,171
23,580
8,122
1,696
6,657
54,502
25,828
Other interest
6,362
87,129
4,706
5,739
4,534
2,235
22,828
6,859
189
29,379
54,715
117,685
23,687
32,592
3,213
28,078
164,324
Rents 20/
71
169
41
160
199
6
153
5,296
1,978
615
335
1,081
9,346
5,631
Royalties 2l/
756
278
213
50
42
20
4
1,800
792
89
247
66
2,129
1,882
Excess of net short-term capital gain
66
4,246
oyer net long-term capital loes 22/
3,107
4,449
1,256
1,079
3,810
4,067
183
10,282
Exoess of net long-term capital gsiTn
4,359
35,968
3,429
32,539
38,621
6,812
85,731
over net short-term capital loss 22/
450
399
374
991
1,729
48
204
241
12,012
260
3,476
6,642
72
3,736
Net gain, sales other than capital
278
assets 25/
1,692
1,401
9,237
2,554
2,334
2,598
6
18,078
5,360
43,396
42,165
36,805
Dividends, domestic corporations 24/
185,848
87,046
91,151
22
175
5
9
6
8
7,620
7,366
18,606
5,208
33,468
18,832
Dividends, foreign corporations 213/
1,764
226
25,766
51,166
11,449
84,092
15,319
300
11,468
145,591
759,647
239,571
410,385
* 7,771
22,791
278,406
38,835
Other receipts
Total compiled receipts 10/
Filling
stations
25,465
49,634 73,891,604 39,456,106 1,695,497 37,760,609 28,284,555
311,446
1,598,640 2,396,997 1,085,366
684,663
206,268
478,395
648,587
734,748
15,645
51,977 1,688,271
86,161
776,134
812,472
146,257
13,833
132,424
49,608
89,408 1,021,792
2,272
4,697
8,600
60,211
57,939
271,908
187,274
6,697
39,696
6,780
110,380
3,673
36,023
57,759
6,998
68,847
134,800
69,332
62,334
52,344
291,668
208,479
12,310
196,169
186,898
455,070
680,514
412,013
22,127
2,605
1,599
20,628
31,846
5,323
58,148
89,860
218,007
4,103
85,757
258,765
471,888
346,136
2,689
2,614
4
15,770
75
981
4,635
2,487
1,016
990
1,290
3,610
48
25
217,162
204,900
17,846
13,282
792,241
12,262
523,758
51,700
39,589
2,469
37,120
70,593
69,216
116,544
479
289,785
10,140
2,834
321
2,813
5,126
369,992 10,936,542
9,712
3,529,733
265,784
3,263,949
6,477,088
8,186,441 6,488,352 236,066
15,167
6,762
36,863
54,976 11,876
103,643
234,987
75,567
4,805
588
61,940
33,239
18,008
2,708
51
12,356
628
7,013
154,606
52,246
2,864
201
3,109
13,526
65,000
1,036
39,894
78
141
97
61
16
35,578
1,183
249,976
48
49,461
5,143
815,442 2,977,690
4,807
30,297
121,297
28,402
209,177
39,661
18,181
6,405
271
8,678
2,089
6,714
41,569
12,625
5,539
715
21,070
7,631
7
33
286
26
95,748
15,765
1,597
4,604
957,694
6,738
63,403
40,936
6,267
5,868
3,165
18,496
1,889
6,407
12
134
34,267
2,198
1,081
31
99
564
245
873
411
212
29
451
2,501,442 1,022,616
22,008
224,952
792,732
368,854
472,437
444,121
60,128
40,893
255,347
347,491 317,039
1,921,887
614
2,599,740 4,215,811 91,160,507 45,304,601 2,313,660 42,990,851 38,222,685 11,467,340 7,858,687 287,151 1,160,494 4,530,169 1,506,273 1,697,592 4,046,704
560,135 1,173,207
5,683,057
560,084 1,172,943
1,312
155
407,465
155,651
599
443
5,662,036
22,804
1,946,115
82,136
2,268,979
149,245
2,268,558
10,224
791,494
51,945
149,174
1,374
49,906
¿,836
2,119,734
2,849,731
1,866
1,169,459
2,119,384
8,850
741,588
49,109
2,849,241
9,618
996,380
26,777
1,159,295
227
426,590
6,082
271,985
11,757
69,672
346,107
150,971
64,363
394,064
23,209
27,166
137,544
346,017
427
115,849
8,670
150,926
997
50,146
1,219
64,356
1,726
24,154
1,306
394,046
2,864
133,271
2,128
23,202
301
7,818
15
27,183
49
7,674
151
137,529
1,048
43,297
535
271,877
802
99,049
913
11,757
91
3,197
95
59,665
138
18,845
1,987
156,460
407,908
2,028,250
843,439
52,742
790,697
1,023,157
434,672
99,962
3,292
20,832
124,519
51,365
25,459
135,399
7,833
7,825
43,632
408,685
765,299
3,664,787
1,425,540
96,503
1,329,037
1,826,574
724,787
172,023
8,466
38,840
221,588
99,606
38,904
258,665
16,376
19,361
95,712
398,514
1.376
671,429
1,237
927,872
140,163
331,924
78,424
27,020
6.148
304,904
78.276
526,433
50,735
272,625
9,601
46,202
8.662
643
340
11,512
467
65,460
10,311
27,460
4,614
14,827
1,106
32,127
11,618
6,400
261
3,027
1,389
25,470
2,700
For footnot*«! «•• pp • BO — SX
Table 2, - Corporation income tax returns, 1/ 1946, by major industrial groups!
Number of returns, compiled receipts, compiled deductions, comnlled net
Table S. - Corporation income tax returns, 1/ 1946, by major industrial groups:
Number of returns, compiled receipts, compiled deductions, compiled net
profit or net loss, net income or deficit, net operating los3 deduction, income tax, excess profits tax, total tax, comDiled net profit less total tax,
and dividends paid by type of dividend — Continued
(Money figures in thousands of dollars)
Trade — Continued
F“
Other
retail
trade
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
SO
SI
32
S3
34
35
36
37
38
39
40
41
42
1
Retail
t^pde
Trade
not
not
allocable allocable
Total
service
(umber of returns 14/
8,193
4,266
19,996
39,648
teceipts:
Cross sales 15/
2,005,975 1, 363,149 7,770,097 1,369,955
Gross receipts from operations 16/
42,049
18,488
197,933 5,623,009
Interest on Government obligations
(less amortisable bond premium):
Wholly taxable 17/
662
343
1,900
5,081
Subject to surtax only 18/
24
32
93
205
Wholly tax-exempt 19/
23
90
251
Other interest
2,860
974
5,094
9,076
Bants 20/
4,197
3,329
14,047
144,611
Royalties 21/
260
82
1,737
5,015
Excess of net short-term capital ga_..
13
100
317
865
over net long-term capital loss 22/
Excess of net long-term capital gain
1,880
1,511
11,242
30,236
over net short-term capital loss 22,
Net gain, sales other than capital
340
603
1,635
4,373
assets 23/
Dividends, domestic corporations 24/
1,515
1,348
5,591
55,871
Dividends, foreign corporations 25/
15
13
7,016
8,236
Other receipts
22,945
16,639
70,856
116,761
Total compiled receipts 10/
leductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
ad debts
interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortisation 30/
Advertising
Amounts contributed under pension
plans, etc. 51/
Net loss, sales other than capital
assets 25/
Other deductions
Total compiled deductions
finance, insurance, real estate, and
ze
Hotels
and other
lodging
places
4,805
504,319
724,600
Automo
tive
repair
services
and
garages
Personal
service
Business
service
8,868
7,476
3,109
337,561
133,252
809,471 1,267,331
128,248
118,871
1,697
27
40
1,287
77,018
244
185
375
27
15
575
2,869
68
90 j
11,058
989
3,559
Miscellenous
repair
services,
hand
trades
1,697
I
1
Total
_______________Finance_______
finance,
Long-term
1AmuseOther
Service insurance,
Banks
credit
Motion ‘ment,
service, not
real estate, Total
and
agencies,
pictures •except
includ alloca and lessors
finance trust
mortgage
•motion
ing
of real
ble
companies companies,
!pictures schools
property
except
banks
4,£78j
89,88C
46,001
39,638 1,771,139
Short
term
credit
agencies,
except
banks
4,578
4,543
294
144,373
34,975
14, 911
2,738
3,859
74,690
497,571
50,954
375,844
5,050
18,544
103,486
4,550,539
48,889
882,842
475,302
21,812
182,546
494
7
3
539
7, 391
982
176
' 395
37
37
437
2,225
1,605
75
23
57
1,346
3
3
1,571,839
993,977
956,136
255,454
233,709
226,174
193,699
158,881
152,582
2,168,263 1, 328, 394 1,081,769
1,647,546
117,353
95,209
130,690
1,248
52,180
22,489
14,380
8,984
335
13
18
10,214
1,378
16
216
5,002
26
56
135,955
ljl85
233
538
6,975
838
86
154
1,222
12,116
596
83
154
1
34
1
236
8,936
17
67
33
266
12
. 23
1,071
19
2
4,690
32,444
1,488
163
2,932
2,966
4,543
177
4,008
3,005
1,436
/ 111
597,100
383,359
178,044
3,876
704
817
460
69
319
537
382
96
246,027
88,178
3,156
1,374
488
1,117
4
8,354
4,607
812
23,446
374
44,258
7,313
36,459
1,452
42
12,646
422
60
16,030
93
507
692,622
25,614
188,182
530,508
23,778
88,014
18,571
2,845
49,064
292
4,546
9
857
2,991
3,768
"159
12,656
2,080,758 1,406,614 8,087,648 7,373,545 1,338,944 1,164,162 1,448,326
266,453
130,999 1,949,374
599,515
449,939
25,833
12,391,550 4,944,422 3,247,084
42,535
347,587
41,641
234,709
21,294
20,418
12,644
661
3,343
20,388
2,279
15,169
91
112
7,928
807
31,104
186,721
34,685
12,220
4,551
1,673
1,557
7,343
367
8,009
30
69
6,170
2, 384
3,094
10,296
2,662
767
382
217
260
560
17
537
71,656
186,217
33/605,939
190,499
141,353
109,755
753,568
622,599
18,642
568,511
25,363
933
71,891
54,692
38,752
47,073
581,928
64,238
23,158
95,198
401,688
163,440
12,950
67,565
3,691
101
48,782
42,672
1,972
6,258
960
198
717
5,008
1,378
69
434
6
1
590
52
18,9a
22^475
9,894
687
18,578
35,047
7,848
605
2,480
104
8
11,701
1,265
117,592
32,829
20,590
1,128
154
4,854,357 1,412,688
988,129
14,754
142,888
24,840 54/8,193,367 2,836,753 1,968,134
1,406,759 1,062,162 6,150,943
799,021
17,487
10,902
89,256 2,884,541
72,424
27,343
177,389
301,506
49,159
17,456
63,063
258,949
6,123
5,386
24,423
126,679
6,319
2,938
12,925
11,996
3,798
2,427
13,124
59,091
25,107
11,670
60,022
158,409
1,463
653
4,176
8,120
10,093
7,513
58,269
165,681
91
181
965
300
82
143
182
1,267
28,039
12,198
51,321
98,596
2,167
1,161
5,362
22,331
292
234
320,003
172,155
2,180
13,916
273,907
240,840
26,156
57,176
58,850
2,055
29,757
51,271
1,171
54,738
31
179
13,384
934
182,929
459,123
69,630
28,843
17,741
2,225
3,792
21,887
1,078
23,806
53
99
13,859
1,010
90,154
85,581
735,920
60,397
89,079 . 14,651
24,506
17,040
7,700
3,165
2,902
403
3,730
1,858
15,512
5,452
1,032
150
8,171
18,767
47
11
26
53
6,993
1,188
9,412
80
60,348
26,250
9,682
2,257
1,065
290
337
1,906
58
2,029
2
5
771
189
30,263
930,285
33,667
95,722
20,581
1,570
14,457
34,090
1,968
34,455
35
722
48,074
7,445
9,384
4,768
881
555
727
76
729
1,007
633
929,721 1,664,899
395,419
270,535
341,600
43,835
19,637
339,142
125,546
123,446
1,949,436 1,354,522 7,623,321 6,570,770 1,210,636 1,097,491 1,347,962
242,735
124,902 1,593,205
-
2
229
70
.
8
5,739
197
286,645
43,840
18,796
63,273
291,099
128,745
10,210
47,860
189
2
30,843
37,716
508,037
420,962
33,505
272,661
72,092
464,327
802,775
128,308
66,671
100,364
23,718
6,097
356,169
91,478
28,977
993
4,198,183 2,107,669 1,278,950
9,030
74,926
131,299
656
43,527
1,286
72,089
293
22,863
391
464,257
2,962
158,241
5,413
802,524
11,548
276,818
16,251
128,268
3,743
45,071
1,627
66,656
1,618
21,303
558
loo, a o
23,718
591
6,893
153
6,097
141
2,210
29
356,167
1,101
116,746
11,570
91,475
1,930
35,680
1,412
28,940
1,330
12,257
135
993
52
602
3
4,004,484 1,948,788 1,126,368
39,800
8,429
3,144
753,346
446,103
328,611
3,317
1,856
628
9,012
636
3,019
18
74,870
425
26,392
427
44,815
23,354
161,654
293,069
46,698
21,861
36,840
7,046
2,239
128,316
37,092
12,872
60S
»piled net profit less total tax
86,509
48,738
(54 less 39)
Lvidends paid:
Cash and assets other than own stock
18,255
12,437
Corporation's own stock______________ ____ 5a56S.____1.809
302,673
509,706
81,610
44,810
63,524
16,672
3,858
227,853
54,386
16,605
388
13,975
946
27,863
2,672
779
1.218 ____ J K L _ _____ 22£
113,311
18,891
6.717
»piled net profit or net loss
(16 less 53)
et income or deficit 2/ (54 less 6)
st operating loss deduction 82/
ncome tax 3/
(cess profits tax 4/
Total tax
footnotes, see pp. 5 0 - 3 1
131,322
69,515
11.004
205,0891
21,223
11.80S1 _____ 121.
1,042
36,076
764
1.0651
5,930
1.1851
445
10
736,663
447,959
329,239
3,037
26,819
3,461,520 1,659,710
949,711
5,993
48,107
1,297,820
308,271
3,602
35,131
36.959 _____ 137 ___ 2.157
__si,ao
942,295
51.918
Table 2. - Corporation 1nrrow tax returns, ¿/ 1946, by major Industrial groupsi Numb«. of r«turns, compiled receipts, compiled deductions, compiled not
profit or not loss, not income or deficit, not operating loss deduction, income tax, excess profits tax, total tax, compiled net profit less total tax,
and dividends paid by type of dividend - Continued
11
12
16
51
52
59
Ncnriber of roturna 14/
Receiptst
Cross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(leas amortisable bond premium)«
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss 22/
Ret gain, sales other than capital
assets 25/
Dividends, domestic corporations 24/
Dividends, foreign corporations 257
Other receipts
Total compiled receipts 10/
Deductions«
Coat of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 50/
Advertising
Amounts contributed under pension
plans, etc. 51/
Net loss, sales other than capital
assets 25/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(16 less 55)
Net income or deficit 2/(54 less 6)
Net operating loss deduction 52/
Income tax 3/
Excess profits tax 4/
Total tax
Compiled net.profit leas total tax
(54 less 59)
DlvidendB paid«
Cash and assets <ybher than own stock
1 Corporation1s own stock
Finance, insurance, real estate, and lessors of real property —Conti;ned
Insurance carriers, agents. etc.
Finance - Ront.inned
Real
Invest- Other in- Security
estate, Lessors
Total ininvestment and
sent
[n8urance
Including of real
Insurance
sur
ance
Fittane
e
trusts companies, commodity- Other
carriers agents, lessors property,
carriera,
And in- including exchange finance not
brokers, of build- except
brokers companies alloca- agents,
vestment holding
buildings
ings
etc.
etc.
ble
coapa- comp*and
nies 11/ Les 12/15/ dealers
6,137
5,844 95,291
2,126
7,970
1,549 5,159
1,947
1,532
5,700
m 46,816
7,781
40,478
8,411
87,421 19,476 54,711 2,659,543 2,557,647 501,696 1,008,354
61,574
5,479
521
501
6,665
15,849
6,041
1,520,022 961,967 926,880 14,079 21,008 122,789
2,900,100 245,910 225,605 8,656 13,749 67,246
258
1,167
69
30
1,266
2,058
1,194
390 16,357
559,921
17
4
114
295
291
“
93
26
425
19,201
51
7
234
241
77
575
*
649
14
34,078
1,725
26.
204
2,490
2,720
2,716
1,644
2,151 51,098
804,996
4,539
89
430
12,475
12,994
164,820
15,511
90,756
2,053 1,272,604
811
279
3,227
3,506
677
•
4,708 73,534
245
25
2
209
68
614
684
679
298
56
6,556
1,199
4,959
262
8,813 18,501 19,824 15,725 5,859
1,611 146,964
56,353
1,557
112
1,915 1,150
3,177
2,999
1,561
162 155,591
735
2,057
29
175
4,255
4,459
8,207
2,108
5,874 20,707
135,425
31
2,832
5
2,835
168
10
*
204
434
1,188
6,651
506
536
10,674 12,586 65,410 11,498 48,634 14,717 lSyÔVÔ
4,072,176 325,278 2,776,443 275,251 4,520,561 1,274,595 1,207,483 31,469 35,643 212,880
10,055
497
856
25,551
1,295
4,851
1,744
150,969
12,265
186,656
4,488
2,259
579,244
7,580
956
1,452
56,700
11^663
2,023
886
40,597
2,757
511,484
16,005
8,740
562,575
12,537
5,899
3,395
6,418
1,809
94
1,515
15,142
64,217
7,428
59
6,134
210,068
354
25
21
2,233
5,435
43,635
16
1,692
2,715
1,089
211
2,604
87,917
4,178
119
521
11,754
1,459
80
481
8,264
1,208
1,240
13
3,586
67,614
7,072
696
200
775
17,685
4,468
692
621
1,745
2
147
169
1,091
42,812
78,171
501,075
500,217
407
18,544
18,544
282,629
51,777
5,499
U,895
1,822
1,516
5,970
32,111
10,805
916
6,346
1,518
37
763
1,047
5,507
74,280
189,629
372,744
'571,512
1,855
45,656
7
43,645
329,101
617
58,559
5,270
910
595
12,247
6,775
331
1,538
14
n
5,167
1,759
2,000
90,995
164,384
45,684
42,289
107
12,485
325
12,808
52,876
6,975
10,473
5,708
754
604
5,103
1,583
1,284
50
6,715
92
36
658
540
2,414
50,506
69,075
18,842
18,821
977
8,550
448
8,978
9,864
_
_ 27,131
5,775 1,008,207 668,589 641,097 11,586 15,706 94,405
- 2,349,006 118,272 104,476 5,704 8,092 18,979
1,790 55,536 82,018
57,126
9,384
750 1,078 18,998
5,718 178,175 32,026 50,198
5,516 33/72.505 55/12,890 60,113 145,790
2,957
63
165
3,481 19,299 20,566 20,158
9,317 99,739
15,724
23,041
1,002
2,183
1,127
20,433
213
26,548
21,775
1,999
115,400
2,207
589
2,796
247
790
61
1,170
60
5,047
270
1,291
1,510 10,686
5,601
2,091
2,587
2,867
220
8,611
589
9,420
5,737
1,154 286,452 60,577 11,840
4,871
6,910
3,745
478
20,597
1,111
22,186
44,967
22,658
350,522
4,460
85,799
81,339
2,159
262
956
17
10
2,561
965
151
4,219
775
547
1,522
79
5,776
989
557
16,167
1,640 272,357 10,802 52,687 31,480 29,934
17,807
1,571
282
1
1,242
1,043
2,286
20,402
585
9
1,101
160
169
25
48
2
£
27
25
170
166
666
4
2,060
6
8
48
6,820
6,955
9,462
57
6,696
2,950 13,446
9,626
913
26
246
9
£,580
£,615
4,154
515
2,249
8,061
9,456
1,395
326
905
87
458
5,525
3,868
1,504
6,651
46 75,367
2,699
2,145
2,745
28,546 2,665,785 2,520,415 145,568 748,105 29,783 574,118 148,884 141,596 2,755 4,733 45,522
61,194 54/2,954,646 54/2,672,251 282,594 2,253,206 168,765 4,088,108 1,090,779 1,052,775 25,174 32,830 196,045
6,420 1,442,809 1,599,925 42,884 545,237 104,468 232,453 185,816 174,708 6,295 2,815 16,835
16,804
5,899 1,408,717 1,365,847 42,870 542,588 104,591 252,078 183,57$ 174,474 6,288 2,815
102
673
507
2,279
2,688
7,661
1,478
2,664
510 27,229
2,154
878
6,412
lyld2
lyÔ
Ô
3
62,436
65,511
82,885
42,575
177,564
55,102 12,402
4,886
67,504
118
25
2,421
2,444
792
1,578
51
51
1
S
52
6,550
1,215
1,883
64,857
67,955
42,406
83,675
178,742
67,556
55,105 12,455
4,891
1,529 1,375,255 1,544,822 50,451 564,495 62,062 148,778 115,861 109,851 4,412 1,598 10,505
252,464
5,667
299,590
____
15,524
4.587
10,485
AZZ
19,230
467
560,3X1
19,227
34,092
807,127
92,789
268
1,255
57,964
897
159,299
1,622
23,260
4,397,454
Total
Nature
agriculAgricul- forestry Fishery of
Construe- ture,
business
forestry, bure and
tion
not
services
and
allocable
fishery
133,545
_____s.eaa
119,323
5.275
14,222
609
148,756
6.479
75,224
31
38,315
12.700
34,058
__ 1JS44-
29,031
1.319
4,263
25
Table S. - Corporation Income tax returns with balance sheets, V 1946, by major industrial groups, lor returns with net Income end returns with no net Income. 2/ Humber or
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net Income or deficit, and dividends paid by type of dividend •
also, for returns with net Income. Net operating loss deduction, income tax, excess profits tax, total tax, and compiled net profit less total tax
764
—
7,539
470
1 252,4641
1
5.6671
299,5901
1*8821
119,323 1
5.273 1
10,4851
14,2221 148,756 1
73,224 1
609 1
6,479 |______ 3l|
38,3151
12.7001
34,058
1,3441
29,0511
4,263
1,319 1______ 2 5 1
7 ,539 1
470
764 1
j
-I
Table 5. — Corporation
Income ;—
tax returns
with balance
sheets,------V 1946,
by —major
-- ‘.
----vr ,
— ---—
a -a
o— Industrial groups, Tor returns with net Income and returns with no net incomes 2/ Number of
returns, assets and^liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividend:
also, for returns with net income : Net operating loss deduction, income tax, excess profits tax, total tax, and compiled net profit less total tax
All indu striai
grou]DS
Net
iX
2
S
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
51
52
33
54
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
SI
52
55
54
55
56
57
58
59
60
61
62
65
334,042
No net
income
106,708
Total mining and
quarrying
Net
income
3,856
No net
income
2,901
Net
income
215
Crude petroleum and
Bituminous coal,
natural gas produc
lignite, peat,etc.
tion
No net
Net
No net
Net
No net
income
income
income
62
954
484
1,670
1,351
No net
income
488
Net
income
104
Assetst
Cash 38/
55,782,308
2,719,225
570,423
155,076
70,801
11,039 33,303
1,637
157,593
Notes and accounts receivable
58,428,583
3,714,715
511,757
97,440
117,875
20,017 42,625
2,418
159,536
Less: Reserve for bad debts
689,421
83,131
5,728
2,958
547
15
637
45
2,759
Inventories
33,122,238
3,842,523
299,577
41,133
U6,033
7,316
9,230
819
53,551
Investments, Government obligations 39/
107,980,347
1,929,261
433,264
14,554
209,662
5,843 19,22£
404
86,291
Other investments 40/
71,761,069
615,061
5,327,958
89,202
194,912
23,432 49,396
934
158,911
Gross capital assets 41/ (except land)
124,947,772
24,020,249 4,903,903 1,400,451 1,106,752
377,091 421,969
15,207 1,169,24?
Less: Reserves
50,083,685
7,337,636 2,742,249
633,456
732,201
172,202 212,191
10,073
610,577
Land
7,363,122
1,418,880
73,321
48,145
8,364
3,984
26,935
86
16,226
Other assets
8,231,725
2,309,071
Ul,695
52,371
39,367
20,087 10,236
1,151
23,60£
Total assets 42/
416,844,058
37,861,115 4,771,024 1,177,683 1,215,293
319,543 377,145
12,538
Liabilities:
Accounts payable
18,050,737
3,285,572
364,777
61,796
112,419
22,967 26,329
5,396
92,37C
Bonds, notes, mortgages payable:
Maturity less than 1 year
7,902,675
1,601,158
98,391
63,552
9,043
6,420
2,495
1,322
24,630
Maturity 1 year or more
34,141,375
10,827,010
436,582
282,137
32,780
22,868 54,497
2,481
99,275
Other liabilities
208,114,820
6,168,059
289,026
85,058
83,399
21,004 30,244
3,348
72,98£
Capital stock, preferred
13,381,340
1,475,533 '147,401
39,251
31,391
7,443 13,497
386
29,696
Capital stock, common
58,604,725
9,728,869 1,350,276
518,220
304,333
201,654 104,311
3,708
358,417
Surplus reserves
9,872,872
1,130,731
221,036
51,936
71,359
'7,983
8,517
1,424
49,407
Surplus and undivided profits 43/
70,276,554
8,559,500 2,081,973
300,042
656,339
97,217 152,340
939
530,712
Less: Deficit 44/
3,501,038
4,915,317
218,444
274,952
35,127
68,013 15,085
6,466
45,876
Total liabilities 42/
416,844,058
37,861,11S 4,771,024 1,177,683 1,215,293
319,543 377,145
12,538 1,211,625
Receipts:
Gross sales 15/
217,059,097
13,984,895 3,044,406
372,278
558,184
45,524 340,234
48,631 1,215,903
Gross receipts from operations 16/
52,251,790
510,426
7,687,801
139,537
28,810
4,526 41,601
6,421
148,225
Interest on Government obligations
(less amortisable bond premium):
Wholly taxable 17/
1,686,036
36,502
5,733
279
2,766
92
243
1,239
Subject to surtax only 18/
256,475
6,848
428
93
26
143
Wholly tax-exempt 19/
198,887
5,537
145
58
29
55
5
1
38
Other interest
2,389,644
72,298
5,071
609
61
414
9
1,549
Rents 20/
2,082,404
21,606
386,834
3,184
2,607
147
4,579
53
10,115
Royalties 21/
253,400
29,481
28,039
5,373
1,236
184
9,463
92
7,870
Excess of net short-term capital gain
31,873
4,401
651
272
56
63
3
197
“
over net long-term capital loss 22/
Excess of net long-term capital gain
1,052,293
52,850
29,726
2,534
1,790
160
1,752
13
13,000
over net short-term capital loss 22/
Net gain, sales other than capital assets 23/
243,375
34,640
1,721
2,352
34
71
61
10
364
Dividends, domestic corporations 24/
1,611,513
_
79,976
28,562
596
14,673
65
940
5,092
Dividends, foreign corporations 25/
_
248,732
3,326
•
198
63
87
62
Other receipts
1,966,117
200,383
28,754
5,586
7,402
1,975
1,366
8,706
219
Total compiled receipts 10/
261,331,634
22,585,770 3,705,446
534,558
617,639
52,997 400,634
55,508 1,412,527
Deductions:
Cost of goods sold 26/
164,981,328
11,789,070 2,136,379
282,462
381,407
38,746 282,963
44,347
968,049
Cost of operations 26/
17,483,758
5,298,595
330,702
108,155
19,326
3,196 31,271
5,498
106,212
Compensation of officers
33/4,553,656
33/478,946
44,640
10,989
3,557
833
2,513
438
14,344
Rent paid on business property
2,228,503
536,078
18,203
7,949
4,051
354
2,208
411
3,745
Repairs 27/
2,538,208
331,650
59,530
8,335
4,561
1,602
9,662
309
25,168
Bad debts
276,832
66,781
1,572
1,317
58
54
98
751
502
Interest paid
1,719,175
479,159
20,491
9,410
1,987
621
96
4,392
Taxes paid 28/
¿,024,275
710,224
92,497
16,164
23,503
3,532 10,413
29,323
Contributions or gifts 29/
208,161
2,459
1,918
119
292
158
7
676
Depreciation
3,602,836
525,029
121,553
30,636
2,373
6,904
36,828
14,711
Depletion
756,282
44,417
204,319
28,837
43,136
2,881 10,358
156
38,503
'Amortization 50/
37,350
25,759
1,479
• 3,015
621
287
Advertising
2,170,505
183,997
3,131
250
304
3
567
28
Amounts contributed under pension plans.etc.31/
756,719
70,022
6,296
906
539
9
374
961
Net loss, sales other than capital assets 23/
93,432
106,418
9,969
5,224
504
1,238
1,789
25
6,633
Other deductions
28,241,095
5,791,812
256,737
84,912
51,296
7,916 14,797
3,081
87,595
Total compiled deductions
34/234,452,111 34/24.440.416 3,310,952
596,777
529,709
63,981 375,963
57,281 1,324,104
Compiled net profit or net loss (37 less 54)
26,879,523 - 5jj/ì,854,646
394,494 35/62,219
87,930 35/10,984 24,671 35/1.773
88,423
Net income or deficit 2/ (55 less 27)
26,680,636 35/1,860,183
394,349 35/62,277
87,901 35/11.039 24,668 35/1.774
88,385
Net operating loss deduction 32/
131,515
1,130
515
1,091
Income tax 3/
8,447,187
, . _
129,931
26,031
8,592
29,371
Excess profits tax 4/
263,245
921
9
67
308
Total tax
8,710,432
130,852
26,040
8,659
29,679
Compiled net profit less total tax (55 less 60)
18,169,091 35/1,854,646
263,642 35/62,219
61,890 3§/l0,984 16,012 35/1,773
58,744
Dividends paid:
Cash and assets other than own stock
7,134,624
242,983
200,263
6,567
67,823
357 13,591
3
32,485
Corporation's own stock _________________ __
515.824
6.722
2.677
2
106
1,183
l,2n,62S
21
86
1,886
110
1,112
1,021
2
1
6,202
For footnotes, see pp. 3 0 - 3 1
886
157,149
Mining and
quarrying not
allocahle
Net
893
58C
45,437 73,776
50,867 58)919
2,232
1^118
21,059 4 5)12 3
3,847 48*224
48’350 26)288
728,240 454)989
320,083 219)807
7,840 18)518
22,440 14,588
605,765 519,500
5,252
88
5,631
*408
2,997
55)837
23)261
3) 181
2)540
54,556
26,406
6,745
55,640
n
6)079
22
727
1
156
725
752
1,019 1,310
1
*286
1,319
560
53
76
206 3,784
21,243 22^353
17)370 3^529
'271 1*929
455 1*502
7,947 28)424
2
5
4
5
6
7
8
9
10
U
12
2,798
15
5,025
46,861
34,671
204,812
13,055
72,124
5,365
42,353
60,606
424,758
2,822
59,545
46,459
541,315
30,019
109,403
156,857 1,439,514
44,765
,165
203,609 45,029
40,040 29,591
22,721 30,024
203,705 157,571
36,043 32,217
141,757 200,406
142,515 12,909
605,765 519,500
5,504
14)856
6)556
2)831
26)407
1,561
8,198
18,102
54,556
4,197
516
*185 3,652
682 l)055
438
505
888 22,140
13 2,103
861 5)472
44 9)817
7,947 28)424
14
15
16
17
18
19
20
21
22
123,160
64,951
531,338
247,333
131,480 390,651
56,591 42)547
23,155
6)582
8,096
23
24
75
97
1,535
1,004
16
827
116
48
1,131
2,488
8,090
321
238
139
38
6
1,688
2
8,731
149,923
16,749
131,783
292
666
7,748
74,321
3,976
69,806
9,705
185,346
201,723 1,729,707
104,308
950,103
8,174
25,956
4,651
23,441
156,857 1,439,S14
18,873
8
12
/
Nonnetallic
mining and
auarrvinv
Net
Anthracite
mining
Metal mining
1,327
192,584
106,810
56,830
2,584
1,002
3,260
248
1,557
4,265
27
5,998
1,757
90
49
126
2,081
14,213
200,895
35/8,3U
35/8,311
_
35/8,311
675
2,110
328
466
6
2
378
1,236
4,072
187
656
50
27
283
1,759
l)314
54
1
63
207
21
6
6
58
66
-
25
26
27
28
29
30
31'
U,420
1,997
1,736
n9
28
7
32
787
6,779
25
8,988
819,689
2,025
492
516
1,074
10
S
35
34
35
36
37
100
5
1
3,408
5,842
201,970 444,3 U
262,956
74,345
147,913
37,664
12,098
5,576
5,521
5,727
5,166
1,747
595
164
10,051
6,369
19,135
6,578
470
77
47,485
19,209
96,527
23,948
2,601
748
520
119
3,488
3f0
745
1,338
80,794
54,026
696,065
238,005
128,624 35/36,035
123,576 35/36.036
wt
1,719
41,610
451
42,061
81,563 35/36,035
62,260
927
2
5,562
2
S3
1
4
1
416
266
30,631 10,646
1
6
57
868
234,699
17,814 6,305
400
.24,485
4,697 1,495
270
11,848
1,502
56
280
2,634
433
44
14,701
1,393
272
24
319
2,153
715
22
52
9,788
635
335
44
320
2
15,298
1,893
327
142
15,670
91
125
4
15
833
533
31
34
298
7
535
41,205
4,855 1,050
821
374,799
34,770 10,312 1,845
69,512 35/4.139
334 35/977
69,485 35/4.140
334 35/977
_
1,744
3
24,231
96
_
_
96
24,317
45,195 35/4,139
238 35/977
22
100
6
20
so
21
1
2
86
24,028
416
151
76
45
19
38
39
40
41
42
43
44
45
46
47
48
49
50
SI
52
55
54
55
56
57
58
59
60
61
62
63
Table 5. - Corporation inocm. tax rsturn. with balance sheet., l/ 1946, by major iwtaetrtoljnroope, for return, with net !*><»• * *
■»
r«turns assets
liabilities, ooapiled receipts, compiled deductions, cospiled net profit or net loss, net incoae or deficit, ud dividendspaid by ype
also^for returns with net income:^(et operating loss deduction, income tax, excess profits tax, total tax, end compiled net profit less total tax - Continued
(Money figuresin thousands of dollars)
1 amber of returns with balance sheets 37/
seetas
2 Cash 38/
S Notes and accounts receivable
Least Reserve for bad debts
4
5 Inventories
6 Investments, Government obligations 39/
7 Other investments 40/
Grose capital assets 41/ (except land)
8
Lesst Reserves
9
Land
10
Other assets
11
Total assets 42/
12
labilitiest
13 Accounts payable
Bonds, notes, mortgages payablet
Maturity less than 1 year
14
Maturity 1 year or more
15
O
ther
liabilities
16
17 Capital stock, preferred
18 Capital stock, common
19 Surplus reserves
20 Surplus and undivided profits 45/
Least Deficit 44/
21
Total liabilities 4g/
22
ieceipts:
Gross sales 15/
25
24 Gross receipts from operations 16/
Interest on Government obligations
(less amortisable bond premium)]
Wholly taxable 17/
25
Subject to surtax only 18/
26
Wholly tax-exempt 19/
27
28 Other interest
29 Renta 20/
50 Royalties 21/
51 Excess of ne' short-term capital gain
over net 1-ng-term capital loss 22/
52 Excess of net long-term capital gain
over r t short-term capital loss 22/
55 Net gain, sales other than capital assets 25/
54 Dividends, domestic corporations 24/
55 Dividends, foreign corporations Z§/
56 Other receipts
Total Compiled receipts 20/
57
Deductions]
38 Cost of goods sold 26/
39 -Cost of operations 26/
40 Compensation of officers
41 Rent paid on business property
42 Repairs 27/
43 Bad debts
44 Interest paid
45 Taxes paid 28/
46 Contributions or gifts 29/
47 Depreciation
48 Depletion
49 Amortisation 30/
50 Advertising
51 Amounts contributed under pension plans, etc.5]
52 Net loss, sales other than capital assets 2jv
55 Other deductions
Total compiled deductions
54
55 Compiled net profit or net loss (57 less 54)
Jet
in
com
e or deficit 2/ (55 less 27)
56
57 Net operating loss deduction 52/
5Í Income tax 5/
5! Excess profits tax 4/
6(
Total tax
6 iCompiled net profit lees total tax (55 leas 60)
(Dividends paidi
t
|
°f
Apparel and
Textile-miLll
Leather and
Cotton
Tobacco
Food and kindred
products, except products nade
•8
Beverages
products
Total manufacturing
m
anufactures
m
anufactures
fron fabrics
products
cotton
Net
No net
No net Net
No net Nat
No net Net
No net Net
Net
No net
Net
Net
Incone income
income income income income income income
22,818
69,953
2,690
967 229,597 1,927 477,846 6,300 555,587 12,665 168,946
88,486
10,022,342 1,019,469 995,562 18,747 272,401 8,107 545,505
229,477 6,619
1,466 277,407 5,316 562,255 9,139 495,037 26,210
12,295,000 1,582,255 .,158,537 32,954 275,361 14,629
122
6,518
939
13,869
184
14,085
28
5,552
28
2,748
477
8,163
722
27,511
39,017
518,740
45,986 419,878 16,547
9,049 598,125 7,542 1,046,147 23,538 775,109
20,420,959 2,860,678 ,566,124 85,599 699,887 45,895 1,244,681
433
104,743
3,425
115,814
5,167
54 536,959
7 160,838
9,865
6,718,154 450,049 427,617 12,060 149,442 2,525 81,688
6,922 64,082 1,505
415 124,791 1,921 254,433 4,844 104,612
053
8,835,754 557,463 680,554 25,548 233,719 17',
10,609
302,265
1,135,085 16,375 1,741,715 47,895 542,152 27,409
52,459,426 4,811,043 ,,234,246 200,289 ,054,277 69,626 261,786 4,281
8,956 164,239 3,528
1,115 654,550 4,669 897,996 18,856 155,496
27,509,099 2,440,596 .,967,559 79,535 425,164 19,943 106,458
251
885 14,279
456 54,798 1,195 18,019
29,590
241
8,992
1,687,857 205,196 258,661 17,652 75,757 3,122
51,757
5,190 50,056 2,154
583 31,106 1,287 88,747 4,887 ,066,482
17,582
1,905,008 578,806 203,610 12,791 106,099 6,841 1,947,179
57,158
.,162,947
118,795
83,945
2
3,650,815
27,979
15.,868 1,927,755
86,714,641 9,585,524 1,329,621 323,185 1,451,566 145',574
159,017 9,745
7,852,709 1,301,526 705,856 45,013 241,166 Ì9,907 61,696 2,655 125,584 2,964 506,640 15,588 528,834 27,501
16,381 34.274 4,356
5,555 68,610 2,515 104,352 7,210 111,609
2,798,645 693,719 344,659 45,575 114,440 29,408 234,784
77,165 13,712 29.274 4,604
482,778 1,465 72,868 4,549 198,552 14,228
6,929,195 949,628 685,401 44,757 265,525 26,895
272,684 12,019 113,805 5,146
541 189,565 1,025 584,154 7,578 115,198
7,567,960 816,716 702,545 18,538 261,911 12,676 106,343
5,474 83,210 1,179
1,247 285,151 , 4,875
2,001 196,980 2,500 77,985 9,771
5,771,284 527,345 645,466 10,124 125,308 32',
41,551 281,964 12,007
469,280
27,062
829,266
687 429,370 5,189 419,552
21,727,214 1,989,552 ,005,898 102,500 384,575
182
627 85,580
160 224,509 2,602 65,616 14,749
1 169,583
748 28,753
4,851 114,061
5,175,027 495,465 602,878
402,496 5,768
3,355 815,886 7,582 1,349,275 17,188 636,648
29,508,295 3,293,575 2,688,957 87,685 932,823 30,727 407,374
5,849
6,671
15,001
8,552
10,184
30,624
9,658 1,852
899 1,189
8,243 9,675
49,799 35,856
415,686 482,200
118,795 1,162,947 57,138
86,714,641 9,585,324 8,529,621 323,185 2,431,566 145,574 1,947,179 15,868 1,927,755 27,979 3,650,815 83,945
327,500 2,676,779 98,928
111,659
3,878,504
55,755
15,772 5,446,215
121,796,581 9,742,879 22,140,641 450,839 4,532,651 160,848 2,580,120
9,106 1,357
277 188,192 4,476 162,256 25,547
1 18,886
5,557
96,881 21,004 14,037 Z,522
2,762,428 313,841
1,979
52
4,491
5
2,044
136
44
2,318
6,125
7,814
88,154
92
—
49
m
m
73
76
1
105
600
323
7,248
25
7
•
295
124
72
245
437
6,786
510
1,595
126
4,382
32
1,760
2
699
5,116
99
10,358
14,420
124,726
5,977
202
5,321
171
7,510
18
2,641
712
5,082
14,236
16,911
201,545
6,832
5
a.
1,259
100
9
376
20
4,759
11,443
87,820
580
1
545
881
18
86
345
“
394
1,296
6,257
3,307
146
12,057
54
9,206
11
2,031
578
8,209
22,530
17,585
295,741
520
657
45
867
12
20
16
148
568
1,074
6,837
10,288
2,595
91
21 15,001
5 12,555
4,359
69
10,205
54,156
9,774
451,859
859
—
o
n
149
2,263
417
88
24,866
1,769
172,959
1,255
757 21,680
75 32,527
171 17,165
8,663
7,953 18,870 1,725
80,627 103,463
851,933
355,096
126,864,305 10,223,154 22,463,175 485,505 4,595,754 166'709 2,602,594 15,998 3,517,531 56,560 (3,145,521 117,567 6,212,340
50,028 4,405,746 93,408 4,691,280 278,159
90,483,806 8,354,753 18,175,854 590,359 2,886,824 129,180 2,199,352 14,052am2,628,576
51 112,995 3,038 118,702 17,889
9,885
175
4,200 li 169
42,901 15,598
1,753,430 236,904
642 116,630 4,687 191,805 18,223
30,451
469
7,704
8,872 44,470 4^480
1,826,686 217,576 172,065
5,114
373 18,977 1,512 39,697
4,135
111
1,550
5,177 10,043 1,000
50,916
80,239
498,849
1,086
560 65,378 1,464 11,294
70 57,205
5,768
5,407 34,154 li 072
1,736,206 247,647 201,654
1,057
2,987
255
1,299
52
993
15
54
338
881
558
6,985
20,328
64,433
1,698
8,675
935
185 15,048
7,141
196
3,106 13,238 1,605 16,855
40,558
51,839
351,540
3,408
52,868
1,446
81,544
447
370 51,723
7,115 595,159 10,013 64,134
2,504,164 209,691 192,454
42
15 10,152
10,089
8,266
26
779
6,069
10,517
45
799
109,180
1,966
538 60,707 1,765 18,224
155 35,433
6,569
8,189 42,630 2,892
1,694,527 185,167 161,1S4
1
8
•
1,569
4
6,292
819
8,190
483,130
8
86
24
97
126
4
193
385
1,920
17,546
15,465
1,749
40,668
615
344 24,649
7,567
359
3,808 94,488 5,007 53,926
1,230,899 113,469 226,444
77
5,363
56
10,008
4,192
4,606
14
6,572
38
529
42,022
410,599
50,420
263
320
428
766
817
253
127
12
94
661
723
5,440
15,258
29,344
14,950 537,176
68,646 1,896 164,678 4,555 397,657 124,594
11,237,134 1,562,464 1,601,236 61,592 341,393 21,307 2,428,241
5,729,303
5,323,157
38,374
2,988,400
17,699
176,227
114,409,192 11,169,870 20,928,917 509,445 4,087,067
35/7,027 483,057
35/9Ì518 '174,355 35/1,701 529,131 35/2.014 822,564
12,455,113 35/946,716 1,534,256 35/25,940 508,687
35/2,014 822,071 3£>/7,034 483,012
12,448,327 3§/947,026 1,533,819 35/25,953 508,442 35/9Ì 518 174,281 35/I,701 529,007
747
760
151
2
8
63
4,834
36,044
167,200
295,550
186,108
64,39!
178,210
548,030
4,586,827
10,077
—
14,599
20,983
5
4
18,115
23,260
156,128
— 177,277
310,149
207,091
64,446
196,525
571,290
4,542,949
512,562 55/9.516
109,90*" S5/1.701 322,040 55/2.014 512*215 35/7.027 505,760 25/16,556
962,966 55/25.940
7,912,164 35/946.716
9X5
536 1419.1-59
2m873
SS 76,546
,ZOri
15.597VxfTV----=
1
S<& 7Ä
X.ee
Number of
rabla 5. - Corporation inoon* tax return» with balano#
balanoa aheeta.
*he»ta, 1/ 1946,
fcy major Industrial group«, for return» with net Income and return» with °o net inc
.
194
returns, aaaeta and liabilities, — r 11— reeelpte, oompHed M
t l e a a , uoaplled mat profit or not loas, mot In atorn or deficit, and dividend» paid by type »a dlvldtnd)
<
dawCoat
alao, for return» with not inoon»< Mot operating loos deduction, Insane tax, asoooe profits tax, total tax, and oo^lisd net profit lone total tax - Continued
1,082
237
5,262
45
16,116
532
,710,888 101,058
126,179 86,067
728
5,140
58,862 4,142
15,065 1,572
434
17,903
1,137
141
413
5,554
28,105 1,119
20
5,391
775
12,285
120
18,165
4,404
272
184,453
,477,042
233,846
233,818 55/6,275
514 J
82,521
6,067
88,586
145,258 3^6,275
56,607
I
2
S
4
S
6
7
8
9
10
U
12
15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
31
52
33
54
35
36
37
38
59
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
62
es
60 l
O fi.,Ks7\JI
1 4,542,9431
-i
1 7,912.164155/946.716
Total tax
61 \Compiled net profit leas total tax (55 lesa
I d v i d a n d a paixSLi
Z \ C u h and mm
Table 5* — Corporation ln<
512,562 55/9.518
962,966 55/25.940
V 3,<150,8651
126,795
i
—1____87«.Agg\_____
524,080 ,
27.awt
1,862
95,582
i
___g» »»ft
109^907 55/1.701
72,207
1.66S
1,500
522,040 SS/2.014
512^215[35/7.027
505,760 55/16.5561 145,258. 3^6,275
556
76,546
xs .Ba'fjSfSF----—
142,875
915
19.1S9 1______ -
I
56,607
51,898
5701
25
28.411 _____ IS?.!
_____54
---
s
w
j
__ . returna
________
tax
with ________
balano#_______
aheeta. 1/ 1M 6| by major lnduatrial group#, for return# with not Income a nd return# w ith no net Inonaes 7
Number of
dividend}
aaaeta and llabllltlea, r
m
reeelpta, compiled dednotleoe, oompHed net profit or net loan, net lnoone or deficit, and dividend# paid by type of «
-return# with net la const Vet operating loss deduction, lnoone tax, exoee# profit# tax, total tax, and oowpllad net profit leaa total tax - continued
r
a nH f-imhar
basic products
Rubber products
■umber of returns with balance sheets 87/
Assets:
Notes and accounts receivable
Less: Reserve for bad debts
Investments, Government obligations 39/
Other investments 40/
Oross capital assets 41/ (except land)
]>nd
: Net
• No. net
! inoome <
146
581
2,178
No net
Net
585
162,818
548,825
10,562
435,194
137,011
174,512
926,469
516,091
15,661
15,019
1,688,856
167,614
4,880
7,279
199,496
109
4,183
252,206
6,894
112,562
152
121,588
2,595
24,986 1,002,946
393,305
10,548
706
48,579
1,667
72,060
38,692 1,579,368
Total assets 42/
Liabilities:
5,052
172,944
Accounts payable
Bonds, notes, mortgages payable:
2,654
17,401
Maturity less than 1 year
5,840
Maturity 1 year or more
283,378
209,821
2,881
Other liabilities
3,027
253,963
Capital stock, preferred
274,344
8,842
Capital stock, oosmon
122,240
2,387
Surplus reserves
452,691
10,364
Surplus and undivided profits 48/
12,921
1,835
Less: Deficit 44/
1,685,856
38,692
Total liabilities 42/
Receipts:
45,360
2,998,879
Gross sales 15/
799
5,731
Gross receipts from operations 16/
Interest on Government obligations
(less amortisable bond premium):
62
2,052
Wholly taxable 17/
30
1
Subject to surtax only 18/
8
Wholly tax-exempt 19/
1,619
15
Other interest
1,262
24
Rents 20/
2
2,682
Royalties 21/
14
12
Excess of net short-term capital gain
over net long-term capital loss 22/
15
1,854
Excess of net long-term c apital gain
over net short-term capital loss 22/
50
5
Net gain, sales other than capital assets 28/
50
11,752
Dividends, domestic corporations 24/
•e
9,805
Dividends, foreign corporations 25/
16,599
175
Other receipts
46,516
5,052,157
Total compiled receipts 10/
Deductions:
37,862
2,161,965
Cost of goods sold 26/
662
88
cost of operations 26/
1,657
16,701
Compensation of officers
591
9,154
Rent paid on business property
1,845
55,425
Repairs 27/
2,007
45
Bad debts
6,860
195
Interest paid
105,004
758
Taxes paid 28/
1,520
1
Contributions or gifts 29/
972
54,800
Depreciation
1
45
Depletion
6
86
Amortisation 30/
81,586
285
, Advertising
4,950
150
Amounts contributed under pension plans, etc. 81/
222
51
Ret loss, salss other than capital assets 25/
5,888
506,980
Other deductions
2,734,789
49,679
Total compiled deductions
817,848 85/8,168
Compiled net profit or not loss (87 less 54)
517,840 55/5,165
Net income or deficit Zj (SS less 27)
194
Net operating loss deduction 52/
112,629
Inocae tax 5/
Excess profits tax 4/
7,888
120,467
Total tax
196^881 85/5,165
Compiled net profit less total tax (55 less 60)
Dividends paid:
62,029
101
Cash and assets other than oim stock
Corporation’s own stock
1,425
*
-
"
•
_
For footnotes, see pp« SO- SI,
Furniture and
rinishe< lumber
Net
income
5,755
144,272
5,786
240,618
16,198
7,456
899
25,137
400,228
5,074
91,822
6,904
87,387
75,756
586,156
19,164
278,912
4,155
55,220
5,610
56,413
119,057 1,555,743
No net
inoome
1,150
Paper and allied
products
lb net
Net
inoome ’ Inoome
2,041
236
352,947
8,418
409,634
20,788
12,398
858
515,946
51,187
265,443
2,398
6,597
422,754
72,674 2,267,407
25,885 1,162,968
65,498
5,754
104,403
7,685
146,688 3,228,666
Printing and
|
Chemicals and allied
publishing
products
Inrtn*tries
Net
No net
Ho net
Net
4nonne
Income
income
income
4,405
1,947
2,047
8,095
459,654
3,112
599,200
4,906
247
21,758
368,158
8,548
555,229
931
555,690
1,243
25,502 1,594,222
8,889
681,355
.101,718
615
2,164
127,550
35,683 3,458,308
16,584
35,670
2,635
17,948
5,398
12,21!
54,380
16,32!
4,656
12,511
138,398
1,054,980
1,069,736
50,834
1,704,730
696,084
1,331,489
4,681,522
2,540,585
144,451
160,841
8,472,614
287,228
29,401
718,191
52,289
99,438
140,870
49,186
550,166
67,571
580,714
69,531
1,579,363
16,255
54,490
79,440
25,157
9,921
129,183
64,427
5,157
348,914
36,002
49,234
2,002
497,346
26,880
9,31!
18,551
119,057 1,335,74!
52,161
19,074
509,661
16,071
267,196
8,244
341,573
10,905
50,805
735,825
140,807
2,581
23,982 1,198,007
14,849
17,222
146,688 5,228,666
125,756
4,206
219,191
4,043
3,002
441,271
2,588
190,657
10,733
770,258
164,570
657
8,894 1,281,655
4,134
40,078
55,68! 5,438,308
««9,961
24,701
26,04S
14,SIS
35,722
4,56S
51,941
38,465
138,598
255,514
439,045
785,249
693,120
1,968,866
522,213
3,107,007
16,591
8,472,614
1,827,184
46,258
85,155 2,489,550
5,551
15,678
198,463 4,167,297
9,705
2,231
56,254 4,116,648
388
355,520
118,660
1,688
89
58
1,621
5,597
2,065
658
50,298
760
6,247
564
16,812
1,959,102
18,256
122,022
52,248
37,846
6,544
150,514
11,329
174,930 2,742,462
8,925
18,695
102,950 12,066,571 1,004,921
7,247
563,505
2,073
42,675
259
5,991
125
17|b06
2,692
15,535
177
110
117,992
47,157
150,492
19,633
118,214
950,171
16,215
847,072
87,264
6,812
70,080
805,998
8,051
242,965
54,834 2,652,945
559,586
47,412
2,253
87,080 5,260,580
349,655
38,606
24,869
26,S72
111,448 10,285,713 1,041,911
558
256
110,599
11,554
1,121,740
9,092
50,488
111,687
16,815
7,5*6
182,102
6,354
157,343
747,492
25,359
91,657
10,651
56,664
861,875
51,986
7,510
154,267 2,274,099
1,464
41
12
1,689
1,490
369
57
8,195
1,021
21
13,162
107,260
22,749
27,219 1,847,615
454,762
14,528
17,606
398,945
74,947 4,235,365
5,852
811,858
45,939 3,981,395
8,694
36,405
199,894 12,633,035
15,705
494
195
24,114
19,828
6,668
479
571
86,986
34,913
45,236
3,221
240,529 10,400,853
56
60
-
482
59
109,446
6,568 1,296,728
152,979
9,518 1,255,292
59,748
5,209
292
266,568
19,299 2,124,942
47,314
1,841 1,231,749
54,53d
640,976
4,871
685,970
104,493 8,314,737
573,950
44,838 4,879,453
27,724
181,535
5,039
78,710
4,949
157,155
111,448 10,283,713 1,041,911
36
2
1
89
294
104
12
151
12
165,127 2,965,181
135,540
48,111 2,580,510
1,525,976
69,998 ’1,827,046
26,684
287
1,357
3,825
162,758
10,009
29,856
4,115
11,320
1,974
161,538
74,77!
6,949
72,497
2,642
57,109
4,178
17,191
1,942
695
57,805
610
12,42C
5,19!
824
61]
22,576
25,063
96,763
960
2,821
19,825
7,716
2,417
1,490
10!
856
2,086
75S
2,519
10,986
1,007
15,565
450
4,869
995
6,414
1,025
2,468
695
60,109
1,561
62,881
35,158
3,188
51,092
48
4,147
8,475
1,342
5
2, S8C
Zl
1,998
924
44,799
2,716
75,908
22,992
2,873
52,578
91
4,588
142
57,757
2,189
1,865
22
257
71
7C
12
148
14
55
25,467
5,219
787
1,124
14,668
15,203
5,118
812
283
59
20,296
83
12,735
2,494
54
3,493
228
1,047
4,853
172
525
524
1,251
1,508
71,841
739,786
7,915
255,016
26,03'!
545,535
149,128
12,668
260,069
63,577 3,887,636
215,559 3,687,759
1,685,675 100,217 2,290,935
572,2S4 55/5,250
672,451 35/19,540
246,870 3SA5.442
275,427 55/9,617
572,071 55/5.250
672,064 35/19.54!
246,640 55/15,449
275,889 35/9,617
1,850
1,876
1,053
2,604
206,126
254,466
85,652
92,161
3,702
5,433
2,327
2,415
238,168
211,55S
88, 06*!
94,488
454,283 3SA9.540
560,695 55/5,250
158,803 35/15,442
180,959 55/9,617
48,741
2,078
143,441
No net
income
1,883
5,438
315
98
2,078
3,225
2,946
515
38
5!
975
28,399
1,226
527
45,400
58,127 4,560,067
29,526
Net
inoome. income
858
5,539
22C
197
987
111
17
716
319
161
95
804,555
276,061
8,512
21,914
505,219
350
8,785
34,588
361,658
251,367
1,663
161,154
14,842
219,051 1,687,312
878,657
167,271
62,060
5,809
56,710
5,509
154,267 2,274,099
Iron, steel, and
produot®
no met
9,150
1,289
225
20,043
68,835
14,164
364
164
12,150
5,421
26,506
1,214
198,117 4,260,015
6,187
27,679
Net
inoome
2,561
74
8
187
594
193
17
17,791
524
975,505
15,675
26,784 1,171,118
27,712
748
48,587 1,380,550
871,984
4,768
11,430 1,901,441
106,051 12,604,305
56,549 6,721,846
326,605
5,375
151,287
18,525
199,894 12,855,035
Stone, clay, and
glass products
9,445,852
574,350
18!
957
2,551
12
176
643
5,78!
58
862
10
14,826
1,025
90,600 2,557,805
335
No net
income
125
212,295
5,206
21
110
9
6
24
S
Net
income
191,891 10,066,408
41,187
107,155
8,559
610
515
10,464
11,404
14,339
560
5,454
299
183
7,118
6,757
5,523
85
152
255
26
49
-
5,912
5,160
796
587
2,776
11,116
7,516
175
56
5
7
68
456
41
21
1,522
80
230
1,134
2,92!
278
184
42
1
198,287
Petroleum and coal
products
821
36
574
193
176
123,398
32,586
25
262,378
2,108
219,634 10,395,623
6,727,298
151,115
1,254
66,005
126,969
10,208
2,971
35,145
2,032
157,755
6,042
718
19,148
1,628
140,427
2,798
30
5,517
5,554
170,075
55
13,723
795
74
13,782
291,935
261
50,919
219
1,408
55,199
1,082,820
8,893,977
245,878
1,506,876 35/26,244
1,506,563 35/26,244
2,554
532,303
10,990
543,295
965,585 55/26,244
463,564
22,061
-
1,035
9Í
17
261
5,447
5j954
17,167
765
186,552 2,808,390
102
22
815
107
978
854
25,460
51
15,484
*
6,912
1,061
48,298
106,905 12,600,885 1,028,569
854,912
88,593 9,185,686
6,671,563 142,587 1,862,555
4,623
1,524
271,674
235,236
6,091
9,522
54,362
190,592
26,818
1,60!
5,839
22,518
5,916
45,592
8,050
817
2,055
97,605
35,540
3,546
1,462
557,856
70,950
216,674
6,044
2,891
209
449
1,805
2,825
762
59,419
5,275
5,777
57,702
751
205,469
19,892
1,414
2,264
40,995
301,369
96
6
2,126
8,848
3,076
2,346
251,070
22,005
7,178
55,675
342,542
20,898
101
319
4,496
369,206
1,782
1,694
1,144
257
15
7,316
6,155
17,856
519
56,255
61,966
550
45,736
2,963
412
72
8,829
77,464
5,259
5,668
277
1,570
78
1,265
124,611
797,670
12,554
21,479
299,655
1,203,658
9,672,090 192,985 2,459,197 115,066 11, 506,169 1,116,195
569,195 55/8,163 1,094,714 35/87,626
725,553 35/6,435
569,095 35/8,164 1,094,519 35/87.638
723,308 35/6,655
4,247
5,776
555
597,597
225,496
132,554
6,587
1,662
453
•
154,016
405,784
223,949
690,950 35/87,626
255,177 Sg/8,16!
499,584 55/6,45!
454,634
5,802
830
93,569
5,655
196
26
298,692
24,204
12,226
78
Tabla S. - Corporation income tax returns with balance ■ testa, 1/ 1946, by major industrial (reaps, for returns with net inooae sod returns with no net income: 2/ Humber of
returns, assets and liabilities, compiled receipts, ooapilsd deductions, compiled nst profit or net loss, net lnooas or deficit, and dividends paid by type oxdividend;
also, for returns with net lnooas: Net operating loss deduction, Inooae tax, excees profits tax, total tax, and compiled net profit less total tax - Continued
(Money figures In thousands of d o U a r s '
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
30
51
32
33
34
35
56
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Humber of returns with balance sheets 57/
Assets:
Cash 58/
Notes and accounts receivable
less: Reserve for bad debts
Inventories
investments, Government obligations 59/
Other investments 40/
Oross capital asse’Es 41/ (except land)
Less: Reserves
Land
Other assets
,
1
Total assets 42/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 43/
Less: Deficit 44/
Total liabilities 42/
Receipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other Interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss 22/
Net gain, sales other than capital
assets 25/
Dividends, domestic corporations 24/
Dividends, foreign corporations
Other receipts
Total compiled receipts 10/
Deductions:
Cost of goods sold 26/
Cost of operations %6/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension
plans, etc» 33/
Net loss, sales other than capital
assets 23/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(57 less 54)
Net income or deficit
(55 less 27)
Net operating loss deduction 52/
Income tax 3/
Excess profits tax
Total tax
Bert
income
2,348
Net
income
1,462
No net
income
§50"
Transportation
equipment, except
automobiles
Net
No net
income
income
37fT
4§0
Manufacturing
not allocable
Other
manufacturing
Net
income
5,577
No net
income
1,870
Net
income
l,9Ôé
No net
income
i, 20T
12,790
41,910
785
57,937
3,176
17,981
92,999
31,265
3,121
12,720
210,584
303,974
192,745
1,486
429,103
82,250
90,521
1,004,584
517,159
46,486
105,710
1,736,528
216,399
287,529
3,224
421,599
149,427
104,137
653,044
333,564
24,765
37,380
1,557,492
179,010
295,1Q6
5,216
389,706
170,940
48,221
406,414
252,351
16,921
72,440
1,323,191
182,456
264,755
10,299
463,444
105,051
131,455
604,043
282,191
30,042
40,525
1,529,061
23,802
58,639
1,933
106,794
4,432
19,888
107,415
37,572
3,534
27,527
512,526
114,393
367,201
4,428
255,224
75,707
82,555
350,151
152,731
19,553
23,335
1,130,960
1
2
518,979
400,324
10,208
749,784
215,185
217,738
2,566,905
1,554,604
26,447
87,170
5,017,720
15,086
27,280
620
55,449
2,187
5,988
106,264
57,945
5,331
11,451
164,471
372,234
505,989
10,216
861,808
150,170
583,504
876,009
399,820
27,604
99,572
3,066,654
126,937
320,817
7,651
597,550
14,205
135,183
650,717
363,112
22,162
104,625
1,601,431
734,337
1,057,667
54,423
1,978,584
634,917
464,818
2,771,375
1,425,497
98,235
152,762
6,434,773
129,490
257,367
9,979
517,879
81,655
68,839
701,505
351,815
28,048
75,284
1,498,273
624,960
473,825
6,080
999,185
89,668
310,897
1.901.323
938,258
22,190
54,509
5,532,219
252,632
25,843
409,592
200,901
618,486
190,975
523,702
241,484
182,770
162,867
151,427
42,328
118,261
37,129
13
144,874
198,498
73,567
100,979
487,089
107,195
317,778
29,450
1,601,431
208,946
323,834
613,576
406,329
1,542,236
487,365
2,264,843
30,642
6,434,773
107,732
154,205
117,756
106,066
340,551
79,755
446,459
45,224
1,498,273
78,967
53,035
241,691
546,686
642,625
223,514
1,423,118
1,119
5,532,219
, 42,005
84,481
99,209
74,937
141,837
51,036
1,037,537
35,798
1,736,528
48,154
41,424
195,739
96,785
258,528
124,501
618,287
8,696
1,557,492
68,986
36,040
216,136
41,990
108,995
149,015
565,606
26,462
1,323,191
53,792
68,093
190,928
69,080
417,338
79,159
516,716
17,472
1,529,061
27,460
42,081
47,736
23,039
67,521
10,075
85,530
33,044
512,326
162,797
100,996
108,303
77,511
179,680
53,393
335,600
5,581
1,130,960
24,212
36,493
24,606
8,809
57,051
6,538
49,197
33,451
210,584
14
15
16
17
18
19
1,039,698
648,446
847,979
149,642
2,466,990
15,648
331,020
5,784
1,518,177
45,811
236,347
5,463
23
24
115
751
873
276
10
1,429
70
2,469
1, 591
1,738
993
62
117
1
1
278
523
152
25
25
26
27
28
29
30
31
82,507
111,175
235,937
245,691
994,129
142,382
958,961,
5,694
3,017,720
¿5/
Zj
4/
Compiled net profit less total tax (55 less 60)
Dividends paid*
62
Cash and. assets other than cmn stock
63
Continued
Uanufacturing
Automobiles and
Machinery, except
equipment, except
transportation equip
electrical
ment and electrical
No net
No net
Net
No net
income
income
income
income
income
4,068
2
,
i
&
§
3
T
555”
§75"
Electrical machinery
and equipment
Nonferrous metals
and their products
,
18,691
35,867
14,128
6,240
37,552
4,400
35,435
11,685
164,471
306,941
149,676
293,655
86,712
610,622
254,797
958,063
5,404
3,066,654
5
4
5
6
7
8
9
10
11
12
20
21
22
5,871,459
98,823
244,835
2,460
3,726,359
15,918
1,602,437
16,507
7,455,119
168,175
1,291,646
8,939
4.537.045
2,757
1,922,139
675
3,451
74
96
4,458
3,225
1,876
17
90
6
14
211
158
60
26
1,551
310
210
7,510
4,364
3,028
119
517
38
6
2,771
967
3,430
300
8,633
1,130
697
10,443
8,538
8,252
199
1,240
60
8
2,436
1,922
1,519
248
1,785
292
75
3,288
3,251
3,086
17
700
94
16
1,179
971
1,424
3
2,595
66
90
2,109
2,165
1,448
475
2,746
24
3,185
987
1,234
98
1,696
264
48
1,616
4,200
1,690
155
5,570
442
23,299
1,571
14,444
2,853
2,485
2,448
18,545
1,188
3,987
997
3,207
1,439
32
153
59
107
1,284
669
686
123
286
69
1,350
473
254
181
489
33
50
6,016
405
5,925
1,642,172
16,540
15,038
46,746
7,754,621
604
75
10,526
1,522,362
16,855
4,435
18,277
4,593,751
98
1,031
11j885
1,942,947
8,520
3,333
15,707
1,743,266
456
64
14,162
1,023,093
6,167
1,298
12,204
2,516,436
592
155
4,587
345,214
2,447
1,153
9,050
1,588,378
26
2,788
245,649
34
35
36
37
1,370,631
2,271
17,930
14,572
48,053
3,205
7,761
46,367
49
28,828
212
161
21,587
29,569
5,213,041
15,805
157,053
26,458
134,123
6,150
16,655
116,424
7,380
110,593
295
873
68,916
53,175
1,094,934
5,365
37,702
8,761
34,663
1,920
7,426
26,695
79
28;261
157
945
16,314
5,332
3,609,835
482
28,084
7,693
49,196
743
5,555
111,027
1,705
64,939
1,690,557
159
7,756
4,081
71,586
125
3,074
33,512
165
39,448
800
13,541
17,197
3,498
830,008
552,622
19,955
5,861
25,123
735
4,648
26,646
858
20,945
52
222
5,398
7,708
768,826
136,408
12,246
10,874
24,178
1,815
6,24&
50,096
26
11,685
32
93
10,341
4,056
1,624,412
6,947
78,009
15,682
26,565
2,860
4,737
54,959
3,751
26,913
108
443
49,102
10,747
288,068
5,392
15,711
4,246
4,165
1,590
3,226
6,162
62
5,485
5
67
5,477
1,922
1,094,594
21,161
44,575
7,609
14,739
1,371
5,777
20,337
1,164
16,079
314
144
17,064
4,259
211,850
2,577
10,485
2,978
3,562
945
2,637
4,106
24
4,832
14
103
3, 319
270
38
39
40
41
42
43
44
45
46
47
48
49
50
51
2,332
5,945
5,167
26,663
4,024,977
1,486
249,897
9,674
11,255
16,480
3,820,182
2,932,310
68,588
68,038
18,162
54,452
3,329
12,565
59,145
4,928
48,051
23,500
564
33,098
15,863
216,969
1,682
9,041
2,495
2,406
469
1,272
3,800
28
3,809
1
491
2,246
634
2,763,439
5,060
51,951
14,888
39,793
2,575
12,718
69,140
2,700
45,375
105
162
49,576
25,188
-
-
93
26,001
9,774
399
362
505
788
1,165
1,859
707
219
2,365
500,729
3,643,519
581,458
30,570
276,275
35/26,378
421,575
3,504,350
315,832
188,740
1.780.724
35/138,552
961,340
6,870,226
884,395
213,949
1,484,360
35/161,998
470,528
4,386,342
207,409
148,742
2.034.458
35/91,511
95,908
1,579,054
164,212
581,362
764
135,500
1,913
35/26.392
55/138.558
883,698
2,158
318,675
9,763
328,438
35/162.006
207,334
111
71,564
873
72,437
35/91,527
555,957
35/161,998
134,972
—
3^/91,511
164,122
488
55,608
2,626
58,234
231.450
19.805
21,627
671
154.462
6.887
11,547
774
-
315,622
1,413
113,595
2,466
137,413
244,045
55/26,378
116,061
199,771
—
35/138,552
102,643
7.260
646
61
111.213
16,940
55,576
*457
-
—
-
-
—
“
-
105,978
62,879!
9.4461
-
*
z
“
550
300
780
747
52
183,994 ‘ 327,748
1,205,245 2,233,513
282,923
35/180,152
65,403
401,281
3S/56,067
183,869
1,433,834
154,544
38,947
287,598
5§/41}749
53
54
55
35/180,152
3^56,069
152,075
35/41,750
“
56,783
1,212
54,995
99,549
56
57
58
59
60
61
—
35/180,152
30,014
250
282,875
1, 813
99,507
2,907
102,414
180,509
58,753
9,490 |
35/56,067
4.681
* 49
Ttblt 8« •* Corporation Inman tax return» with balance sheets, 1/ 1946, by major industrial groups, Tor returns with not Income and returns with no net Incomes 2/ Number of
returns, assets and 3labilities, compiled receipts, compiled deductions, compiled net profit or net loss, net Income or deficit, and dividends paid by type of dividend;
*
•
35/41,749
957 Isa
22 163
ïivxdands palai
62
es
_
11,547
Cash sod assets other than arm
_
C
o
r
g
o
^
_______
62,879
9,446
50,014
250
9*490
Table 8« «• Corporation 1nr nan tax returns with balance sheets, 1/ 1946, by major industrial groups, Tor returns with net income and returns with no net incomes 2/ Number of
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net Incc m or deficit, and dividends paid by type of dividend}
also, for returns with net incomes Net operating loss deduction, income tax, excess profits tax, total tax, and cospiled net profit less total tax — Continued
1
2
5
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
55
56
37
58
39
40
41
42
43
44
45
46
47
48
49
50
SI
52
55
54
55
56
57
58
59
60
61
62
63
Number of roturn» with balance sheets 57/
llHtil
Cash 38/
Rotes and accounts receivable
Least Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)
lass i Reserves
Land
Other assets
Total assets 42/
Liabilities:
Accounts payable
Bonds, notes, mortgages payablet
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus:and undivided profits 43/
L*ss i Deficit
Total liabilities 42/
Receipts!
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(less amortisable bond premium)!
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 2\J
Excess of net short-term capital gain over
net long-term capital loss 22/
Excess of net long-term capital gain over
met short-term capital loss 22/
Net gain, sales other than capital assets 23/
Dividends, .dopsstle corporations 24/
Dividends, foreign corporations 257
Other receipts
Total compiled receipts 10/
Deductions!
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortisation 30/
Advertising ~
Amounts contributed under pension: plans.etc Jl/
Net loss, sales other than capital assets 23/
Other deductions
Total compiled deductions
Compiled not profit or net loss (57 less 54)
Net income or deficit 2/ (55 less 27)
Net operating loss deduction 52/
Income tax 8 /
Excess profits tax 4/
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paidt
Cash and assets other than cam stock
Corporation's own stock_______________________
For footnotes, see pp. so - 31
_____________________________________ (Monear figures In thousands of dollars)
Major industrial groups 8/ — Continued
Public utdLlities
______________________________________ Trade________
Whole
Total public
Other public
Communication
Transportation
Total trade
Onsmissinn
____ Utilities____
Total »holesale
utilities
Net
No net
Net
Net
No net
Net
No net
Net
No net
No net
Net
No net
Net
No net
Inerme
Income
income
income
income
income
income
Income
Income
income
income
incase
income
5,518
13,045
9,551
4,174
1,783
757
1,929
607
H 5 ,319
24,497
8,184
4,564
57,015
1,652
. 2,263,059
595,382 1,229,691
552,026
146,966
1,822,555
493,648 1,048,023
435,476
298,874
35,041
5,274
4,236
1,725
2,472
1,095,176
334,302
580,693
309,172
119,530
1,081,777
66,415
579,557
57,774
37,490
9,002,155 2,105,245 5,162,620 2,059,115 3,637,711
44,585,397 13,181,149 17,704,455 12,166,801 7,145,495
12,394,448 3,067,812 5,421,439 2,720,673 2,519,179
408,751
43,346
181,419
24,147
14,914
1,557,639
880,743
803,623
850,004
93,364
49,184,998 14,627,142 19,864,116 13,712,115 8,972,693
1,654,007
684,812
1,019,348
641,231
281,760
27,658
886,402
39,786
475,636
2,407
28,335
13,602
593,048
5,079
464,930
46,132 2,201,824
509,658 19,755,447
238,875 4,455,830
6,347
212,418
13,650
460,652
418,610 20,348,189
15,096
332,899
15,698 4,143,262
18,386 7,021,671
1,142
256,459
U , 5 2 8 10,513,108
5,560 1,696,395
20,000 2,412,643
504,710 6,207,828
108,264 2,720,618
12,852
905,116
17,089
741,809
496,417 30,484,675
28,485
5,199,975
156,617 1,708,309
557,168 3,868,681
11,811
101,639
433,124 4,490,122
21,379
552,565
82,208 1,157,498
425,371 1,633,866
128,645
658,792
42,862
200,112
94,746
294,398
1,473,019 13,125,120
404,102
1
2
89,552
224,513
6,885
217,424
13,512
47,069
133,506
31,943
9,089
57,249
753,086
221,662
424,218
7,809
93,705
59,251
U6,284
73,560
28,673
10,539
26,103
968,640
2,842,415
258,869
335,592
13
88,202
88,075
86,164
28,438
187,951
9,699
104,570
78,880
753,086
20,611 1,486,647
41,335 3,444,463
549
93,830
16,757 4,596,417
1,785
493,514
6,657 1,021,214
8,860 1,560,306
1,795
630,119
667
189,775
4,743
268,295
99,031 12,136,480
3
4
5
6
7
8
9
10
11
12
251,791
98,095
129,252
17,377
80,565
15,208,051 6,254,935 5,419,773 5,930,086 2,180,819
3,168,766 1,863,474 1,664,264 1,779,486
363,176
4,067,653
383,019
996,043
343,551
138,202
15,444,407 4,068,490 5,105,484 3,733,516 5,048,372
1,008,254
351,449
419,923
30,542
318,045
8,868,816 2,440,880 5,420,098 2,309,825
920,995
466,727 1,518,012
310,049 1,423,790
8,550
49,184,998 14,627,142 19,864,116 13,712,115 8,972,693
2,391
105,182
109,714 7,607,439
54,068 1,141,326
2,895 2,933,408
141,795 5,290,551
18,961
557,789
81,797 2,527,723
8,107
148,128
418,610 20,348,189
15,339 2,022,757
215,155 1,815,422
29,920 3,083,686
36,773 1,240,799
193,179 6,697,467
14,443 1,091,137
49,258 9,677,601
86,115
344,147
496,417 30,484,675
176,473 1,276,965
201,758
795,770
159,982 1,262,512
58,704
464,532
457,307 2,619,190
25,181
405,359
201,122 3,596,944
156,167
191,610
1,473,019 15,125,120
75,643
67,780
72,946
20,014
180,115
25,921
222,121
9,292
988,640
14
15
16
17
18
19
20
398,585
16,292,320
79,812
4,961,921
277,019
8,726,747
1,752
229,454
83,477
4,922,868
2,669 88,455,660
158,988 1,684,691
5,370,882 43,165,337 1,832,615 1,684,268
204,109 1,U4,681
118,475
500,444
23
24
23,428
1,821
2,061
79,876
207,760
3,844
763
5,590
486
1,051
22,906
138,227
1,374
252
13,616
1,559
1,769
37,498
156,976
2,080
642
46,490
3,916
36,614
3,048
823,686
7,664
«7,?75
17,458,609
1,816
39,157
809
|22,134
5,279,411
2,798
52,635
925
39,988
9,350,866
59,992
284,928
9,836,244 4,120,224
157,030
26,224
359,350
327,205
38,262
11,018
8,969
15,278
540,805
286,328
1,096,588
329,38«
11,559
547
975,228
184,408
20,397
3,507
15,611
5,434
12,490
46,124
151,476
9,760
19,476
10,291
255,404
1,180,412
14,750,568 5.650.985
2,708,041 ¡5/371,574
2,705,980 ¡5/Ï72.625
9,029
—
889,049
2,440
891,489
'm
1,816,552 55/371,574
1,278,551
13.865
89,445
239
75,391
58,089
4,593,499 2,642,705
4,726
460
1,051
21,832
137,621
1,362
231
2,817
32
39
5,491
25,169
1,022
65
641
6
10
853
196
2
1
6,995
250
255
86,887
27,615
742
56
225
20
10
221
410
10
-
26,830
1,748
995
51,816
155,998
7,413
3,343
5,846
3,788
46
6,088
24
78,622
1,787
41
37,489
184,854
566
1,521
19,295
5,195
4,899,136 2,908,828
4
948
243
2,310
236,446
209
86,197
5,208
22,090
5,198,915
25
700
213,325
56,806
25,774
1,578
6,141,569 5,852,546 1,410,424
185,057
113,054
23,498
14,017
1,185
285,177
312,647
13,170
36,264
31,845
9,690
3,391
931
5,213
7,612
1,196
5,480
208,566
270,159
4,806
55,791
480,995
308,506
9,579
175,842
3,517
302
2,647
41
285,337
154,244
237,577
15,375
5,343
3,217
3
1
12,542
4,960
34
9
15,540
12,017
17,589
235
14,760
5,667
85,697
3,516
10,526
205
269
9,225
567,741
269,871
214,962
16,796
8,390,848 5,245,858 2,356,506
251,744
960,018 357546.722
572,322 35A5.298
958,249 35/347,753
572,283 35/15,508
—
—
7,683
155
329,463
154,697
—
1,398
599
330,861
155,296
629,157 35/346,722
417,026 S§/15,298
322,473'
11.284
53,274
236
392,686
1.369
US
3
9,689
89,885
31,893
529
714,833
143,829 91,311,416
589
26
6
1,726
7,796
1,807
707
8,733
546
416
24,182
30,095
3,897
1,551
249
9
5
1,030
1,907
1,683
530
819
27
71
6,511
2,891
324
238
2,434
35,277
1,160
3,301
406
153
1,228
3,148
424
5,299
718
41,558
71
225
73
17,260
259,248
32,960
15,131
33,060
3,625,061 44,705,729 1,973,695 2,237,651
21
22
25
26
27
28
29
SO
31
32
SS
54
SS
36
37
47,829
1,608 69,813,096 2,777,013 57,102,985 1,633,479 1,553,966
84,621
852,237
87,707
175,887
2,284,251
147,984
671,726
75,472
29,959
1,541 1,547,400
103,737
679,939
43,553
11,587
57,909
1,388
945,230
U,774
56,113
131,958
397
55,962
3,314
1,874
5,028
252,026
13,869
5,179
3,016
6,585
161
99,593
9,227
55,933
120,054
12,061
62,602
5,715
6,438
278,648
U,363
654,U 9
U,564
441,751
U,499
31,568
192,595
10,079
56,804
417
21,571
128
1,533
5,295
4
23,462
3,540
464,81«
14,789
316,158
82,U 4
6,493
72
15,051
3,595
289
920
2,168
447
5,035
465
2,107
23
358
881
150
12,995
727,589
10,769
238
38,697
17,167
181,531
51,019
577
U 2,977
1,557
38,262
2,338
958
8,745
397
5,061
4,24«
1,890
105
808
842,800
23,646 10,216,075
230,051
524,257 3,264,797
202,290
4,025,214 153,383 85,704,U9 3,745,284 42,424,914 2,030,706 2,086,750
1,175,701 35/9.554 5,607,297 35/120,223 2,278,815 35/57,0 U
150,881
1,176,448 35/9.564 5,606,502 35/120.229 2,278,599 55/57,016
150,810
—
—
21,756
1,528
1,213
9,896
_
1,9U,280
48,648
404,889
774,413
—
2,771
443
81,050
51,110
51,419
405,352
1,992,330
825,525
770,369 35/9,554 3,614,967 |§/120,223 1,453,292 55/57,O U
99,462
38
59
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
25,682
4.852
62
65
563,392
1.212
6,056
-
910,050
158,481
4,633
1.158
523,477
77. U 4
1,970
918
T-ki * 5. - Corporation income tax returns with balance sheets, V 1946, by major Industrial groups, for returns with net income and returns with no net incomei 2/ Number of
returns, assets and liabilities, coddled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividend;
also, for returns with net incomei Net operating loos deduction, income tax, excess profits tax, total tax, and conpiled net profit less total tax - Continued
Retail
Total retail
X
2
3
4
S
6
7
8
9
10
11
12
13
14
15
16
17
18
19.
20
21
22
23
24
25
26
27
28
29
30
31
32
S3
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
6!
6!
General
merchandise
Net
No net
Net
income
income
* income
4,787
18,207
gj,
umber of returns with balance sheets 37/
¿sets:
631,147
50,155
2,109,237
Cash 38/
855,838
84,615
2^473^384
Notes and accounts receivable
55,034
5,592
109,284
Least Reserve for bad debts
160,803 1,944,496
4,943^908
Inventories
489,053
5,425
1,035,612
Investments, Government obligations 39/
597,912
24,257
950,904
Other investments 40/
234,654 1,559,413
3,919,185
Gross capital assess 41/ (except land)
706,131
78,418
1^771^446
Least Reserves
270,861
23,352
585,821
Land
131,594
28,702
383,055
Other assets
529,933 5,498,949
14,520,356
Total assets 42/
labilities!
574,571
121,828
1,889,733
Accounts payable
Bonds, notes, mortgages payable!
72,837
62,335
597,164
Maturity less than 1 year
263,601
86,952
856,074
Maturity 1 year or more
52,415
565,599
1,554,000
Other liabilities
356,821
23,446
'686^701
Capital stock, preferred
3,415j751
190,165 1,545,946
Capital stock, coamon
• 5,508
355,785
604,751
Surplus reserves
70,902 1,973,708
5,098,265
Surplus and undivided profits 43/
9,869
85,618
'182;063
Least Deficit 44/
529;953 5,498,949
14,520,356
Total liabilities 42/
ieceipts t
58,067,510 1,159,320 12,115,928
Gross sales 15/
36,574
69,029
'405,528
Gross receipts from operations 16/
interest on Government obligations
(less amortizable bond premium):
8,374
280
16,283
Wholly taxable 17/
128
15
1,511
Subject to surtax only 18/
164
490
Wholly tax-exempt 19/ ~
7,975
520
22,767
Other interest
4,329
53,594
111,626
Rents 20/
32
597
1^921
Royalties 21/
783
127
1,549
Excess of net short-term capital gain
over net long-term capital loss 22/
9,995
1,009
54,914
Excess of net long-term capital gain
over net short-term capital loss 22/
582
183
3,221
Net gain, sales other than capital assets 23/
17,967
204
43,025
Dividends, domestic corporations 24/
2
7,566
7,617
Dividends, foreign corporations ¿57
141,826
889,871
14,111
Other receipts
59,109,433 1,249,580 12,399,456
Total compiled receipts 10/
Deductionst
828,560 8,029,466
27,005,740
Cost of goods sold 26/
14,008
'216; 123
47,746
Cost of operations
99,888
48,886
705,113
Compensation of officers
231,578
756,329
40,210
Rent paid on business property
60,713
8,878
173,857
Repairs 27/
17,750
2,954
54,094
Bad debts
11,443
4,777
46,256
Interest paid
151,647
16,909
385,983
Taxes paid 28/
13,415
235
31,157
Contributions or gifts 29/
13,688
63,591
199,805
Depreciation
27
79
858
Depletion
197
82
1,079
Amortization 50/
17,609
244,645
499,731
Advertising
49,037
324
69.652
Amounts contributed under pension plans,eta*3 1/
537
1,952
2; 639
Net loss, sales other than capital assets 257
266,689
2.259.200
6,096,382
Other deductions
36;246;778 1.299.693 11,246,827
Total compiled deductions
2,862,855 35/50,133 1,152,629
Compiled net profit or net loss (37 less 54)
2.862.165 ■85/50.133 l,152,46Si
Net income or deficit 2/ (55 less 27)
217
8,999
Net operating loss deduction 32/
422,391
983,009
Income tax jy
8,075
26,601
Excess profits tax $/
430,46i
1,009,610
Total tax
722,163
i;853;045 35/50,133
Compiled net profit less total tax (55 less 60)
Dividends paid«
271.282
1.722 1
518,991
Cash and assets other than own stock
50,552
64 j
9.49«
Corporation1s own stook______________
ns
TBS/
Tor footnotes,
No net
income
''55$
Food stores, ineluding market
milk dealers
No net
■“int—
income
income
ÏJZS5
racicage
liquor stores
Net--- No net
income income
I7ZSÎ 'T,37S'
and
ries
Drug stares
¿S3
income
¿,04i
Eating and
drinking places
Net
income
No net
income
1 , /ey
Rëï
income
bjJ.63
801,925
308,072
10,451
556,466
131,234
175,830
310,683
143,443
52,747
45,947
9,542
14,977
421
53,807
1,242
3,746
21,074
6,677
651
3,929
81,370
75,938
272,18C
11,104
289,931
67,081
S1,36C
124,907
44,756
21,394
18,484
865,415
2,594
12,258
468
13,568
445
1,128
5,970
1,434
1,290
1,381
36,732
78,695
29,144
201
68,95C
22,007
39,489
268,459
127,995
32,508
20,708
431,744
No net
income
¿sé
1,9 7 4
Furniture and
house funlishings
No net
income
Automotive
dealer*3
No net
income
o^yca
income
iuf¡oca
income
1,176
7 ,2 10
525,512
5,652
6,817
219,654
4,610
6,432
189
25
13,898
597,070
16,127
402
67,465
629
1,537
3,152
45,319
282,885 • 16,778
74,919
2,520
90,450
24,261
56,400
2,539
7,429
2,794
6,517
37,176
47,708
96,507 1,332,599
267,349
4,941
5,803
171,241
3,885
232
649,155
17,321
112,719
64S
72,160
6,225
22,601
615,874
7,055
288,536
51,496
1,220
52,720
2,264
1,700,273
53,753
3,464
6,978
225
8,420
161
1,936
25,747
8,540
1,371
2,553
41,845
11,513
5,549
14
46,257
586
1,791
11,455
3,285
566
2,748
75,148
641
426
4,957
67
89
1,710
395
24
467
7,986
62,663
34,773
812
179,11C
10,656
18,266
119,767
59,513
5,524
10,019
380,457
1,187
26
10,403
143
534
6,984
2,611
86
1,210
19,884
8,615
525,606
10,613
14,030
1,891
55,301
6,528
253,450
26,224
85,340
6,339
53,475
179,515
8,n9
10,111
10,499
3,380
2,822
14,786
1,006
7,921
5,387
53,755
191,497
97,957
134,301
78,964
284,242
58,290
579,626
48,210
1,700,273
3,188
7,411
2,940
1,680
17,145
222
4,273
5,627
41,845
8,913
6,907
6,585
949
15,141
290
22,646
313
75,148
1,229
1,566
579
20
2,474
1
784
558
7,986
6,692
54,233
30,731
14,898
79,716
18,011
146,943
26,068
380,457
1,303
2,664
1,479
486
6,843
59
5,232
2,710
19,884
45,193
114,153
198,837
95,761
323,06S
49,927
640,248
13,604
7,973
6,319
8,634
4,534
24,876
1,485
10,872
9,545
81,370
37,658
38,467
126,256
33,566
230,842
25,321
501,826
13,641
865,415
4,842
4,988
5,904
1,086
14,588
540
3,552
5,107
56,732
16,855
52,965
51,237
13,605
100,087
10,144
143,099
9,723
431,744
93,197
12,128
86,285
25,052
200,151
U,3 6 6
22,200
4,665
291,085
53,417
52,447
238
441,247
9,539
13,506
21, 6 n
96,507 1,332,599
7,414
7,798
4,247
1,691
22,060
154
3,643
7,418
47,708
154,139 256,604 20,439 1,093,155
5,505
498
8,959
3,661
54,596
1,234
52,270 1.285.521
46,949
1,462
270,153 4,126,025
135,6 n
22,320
81,251
7,739
167
13
“
41
152
1,992
32
90
1,653
21,953
198
47
47
702
1
2
1,102
43
45
1,674
4,505
71
41
93
54
451
1
“
76,531 7,796,500
34,007
2,318
16
1
-
55
608
3
7
130
1,256
885
108
1,650
6,455
152
75
5,592
1,590
2,526
6
14,416
1,466
81,190 7,865,198
20
55
5
22
244
1
7
150
17
8
155
5
4
155
50,733
190,082 1,496,117
16,304
7,988
51
12
1
5
16
“
460
1,968
158
14
8
927
22
5,512
92
1,179
87
2,333
27
168
9,229
97
3
231
2,529
5
34
1
5
29
10,792
264
599
164,234 260,912 21,002 1,115,586
60
68
»
8
530
80,019
56,617 4,402,146
48,756
2,972
202,049 1,572,402
21,513
452
22
38
1
305
4,443
21
120
25
1,010
19
23
915
67
18
3,085
4,229
165
263
15
2,049
248
4,190
122
375
in
1,636
3
22
24,623
2,719
296,667 4,299,220
67
2
“
860
90,600
5
-
83
194
602
1,395
175
7,881
1,879
55,953 1,549,742
26
18
66,533
157,040 3,n3,169
719,744
53,309
907,075
40,088 2,799,404 130,552
741,927
59,249 6,291,817 125,376 207,588 16,796
5,469
81,869
15,407
26,988
663
4,188
4,797
24,272
858
1,809
3,107
428
7,365
20,411
852
3,902
137,130
12,498
45,491
59,063
3,212
7,481
2,429
111,782
23,634
4,276 10,206 1,014
48,451
2,230
1,841
42,753
n,9 2 3
60,364
1,852
38,392
12,212
193,483
2,114
500
36,404
4,065
2,274
71,780
1,507
620
14,389
3,871
16,716
243
5;
918
867
14,152
223
5,966
62
1,027
479
459
51,531
5,357
175
98
405
480
5,289
523
8,075
28
228
46
2,516
152
165
378
5,779
1,135
2,705
383
2,706
523
5,081
146
1,900
87
475
286
6,604
570
717
29,121
6,593
23,156
576
17,664
2,306
38,688
1,087
10,941
2,431
282
1,088
50,496
1,128
7
2,217
66
817
16
1,839
26
10
676
187
7
3,024
37
955
15,806
5,155
16,617
309
5,989
1,754
428
6,960
846
141
37,575
764
1,515
n
57
-10
44
12
2
109
48
13
145
95
no
17
29
116
2
23
15
4
*
15
55
858
27,777
2,667
7,139
1,216
32,688
5,689
400
15,071
571
1,046
98
2,886
34,496
13
1,633
67
995
Z,193
57
7
1,580
44
5,0S7
32
27
ne
264
621
123
IS
167
293
22
66
362
12
573
68
13,230
425,976
95,924
551,52]
16,375
537,094
42,990
9,965
209,248
23,378 18,700 2,155
15,578
986,343
94,838
310,970 3,903,422
58,669 1.272.955
210,080 1,420,393
57,809
85,563 7,590,83E 167,713 249,245 21,577 1,056,438
395,798 35/4,238
76,807 35/14,303
152,009 35/2,716
35/8,031
59,148 35/1,192
272,560 35/3,479 11.667 55/575
35/4,375
35/4, 238
395,780
|yi4,303
76,800
75/2,716
151,964
5^8,031
59,141 55/1,192
272,252 ^ 5 , 4 7 9 11.667 S5/575
35/4,373
2,809
1,537
946
108
649
81
132,491
23,168
49,572
18,346
3,009
97,98C
2,108
1,297
1,203
1,987
89
886
134,599
24,465
50,775
20,333
3,098
98,866
35/4,238
35/14,303
261,199
52,342
35/8,031
lOi;234 35/2,716
38,815 35/1,192
8,569 35/575
173,492 35/3,479
35/4,375
268
«
p* SO — SX
^
hiiìéP
44,78C
3,663
175
623
335
2
7
J__
11,399
467
270
20
81
I.
27,034
4,495
146
19
14,229
1,105
590
V P
Tabla 5« - Corporation Inc ass tax returns with oaJLanos sheets, 1/ 1946, by major Industrial groups, lor returns with net Income and returns with no not Incomes 2/ Number of
returns, assets and liabilities, oompllad receipts, compiled deductions, compiled net profit or net loss, net Income or deficit, and dividends paid tgr type of dividend;
also, far returns with net incomes Net operating loss deduction, Income tax, excess profits tsx, total tax, and compiled net profit less total tax - Continued
51,490
11,615
90
-
öü
es
Caan and. aaaeta other than own s lock
Corporation1a own atook___________
50,5591
eij
ses 1
9.4981
7 1
*467 I_______- 1
10,2781______8o|
4,495[______ 191
J65
11,6151
1,10S|
Tabla 3, - Corporation lnooaa tax returns with balance sheet a, 1/ 1946, by aajor Industrial groups, for returns with net l n c o m and returns with no net Inoowet 2/ Number of
returns, assets and liabilities, e o a p Ued receipts, ooepUed deductions, compiled net profit or net loss, net Income or deficit, and dividends paid tgr type of dividends
also, for returns with net income» Net operating loss deduction, Ineome tax, excess profits tax, total tax, and compiled net profit less total tax - Continued
1
2
3
4
5
6
7
8
9
10
11
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
52
33
34
35
36
37
38
39
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
Number of returns with balance sheets 37/
Assets t
Cash 38/
Notes and accounts receivable
Less! Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)
Less! Reserves
Land
Other assets
Total assets 42/
Liabilities!
Accounts payable
Bonds, notes, mortgages payable!
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 43/
Less! Deficit 44/
'Total liabilities 42/
Receipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss 22/
Net gain, sales other than capital assets 25/
Dividends, domestic corporations 24/
Dividends, foreign corporations 25/ .
Other receipts
Total compiled receipts 10/
Deductions i
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
*
Advertising
Amounts contributed under pension plans, stc.5]/
Net loss, sales other than capital assets 237
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 lsss 54)
Net income or deficit 2/ (55 less 27)
Net operating loss deduction 52/
Income tax 3/
Excess profits tax 4/
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid!
Cash and assets other than own stock
Corporation's own stock
For footnotes, eoo pp* 5 0 - 5 1
Filling
stations
Net
No net
income incame
397
1,240
23,871
22,127
593
24,425
7,000
8,212
74,753
42,198
24,379
2,434
144,410
19,541
4,807
9,027
17,766
3,292
49,038
2,068
40,153
1,282
144,410
(Money figures in thousands of dollars)
Major Industrial groups 8/ - Continued
Trade - Continued
Retail - Continued
Trade not
Other retail
Building materi
Retail trade
Hardware
allocable
als. fuel, and ice
trade
not allocable
No net
Net
Net
No net
No net
Net
Net
No net
Net
No net
income
incame
income
income
income
income
income
income
income
income
2,061
185
6,161
6,284
1,025
1,390
3,482
14,587
490
3,106
853 23,365
1,567 26,754
33
675
1,163 65,370
21
6,700
547
7,047
4,969 25,877
2,007
9,766
1,825
4,684
648
3,092
9,353 152,448
511
607
6
2,723
51
135
1,217
176
159
255
5,476
130,372
231,983
7,906
219,786
56,260
61,702
250,935
129,568
54,710
22,704
890,978
18,444
962
5,836
903
2,275
7,198
823
9,975
1,986
401
3,844 55,939
52
1,219
801 55,951
1,512
2,100
9,353 152,448
611
685
256
95
2,941
22
789
885
5,476
1,786
329,621 19,448 319,121
3,063 1,146
1,692
103
21
7
117
3,272
4
17
11
4
255
31
109
2
5
275
509
41
11
758
23
265
6,359
261
112,122
204,547
8,404
320,729
43,207
38,141
155,725
66,505
14,597
23,802
835,961
5,633
13,002
1,389
22,640
730
1,125
11,891
3,607
713
3,598
54,536
66,765
93,522
3,773
182,223
21,642
35,673
140,452
59,502
15,955
11,807
504,964
101,274
9,068
146,094
14,004
39,992
38,042
60,208
21,281
313,050
14,974
521,311
19,154
890,978
4,700
4,971
2,727
2,122
18,894
199
8,973
9,209
42,445
45,340
48,229
98,683
27,431
196,107
22,607
272,219
20,749
835,961
5,766
6,834
8,542
3,470
20,384
1,258
5,840
11,542
54,336
8,261 1,887,388
123
27,787
2
1
26
-
839
50
15
1,949
3,686
174
107
23
77,597 1,871,771
6,088
34,445
50
2
39
395
3
11
641
24
25
2,731
3,951
259
13
5,581
90
1,681
18
914
1,794
1
48
18,253
8,502 1,948,538
46
3
Net
income
23,725
16,910
692,860
48,040
572,218
1,334
16,485
54,897
495,263
2,442
250,236
10,882
670,502
57,211 3,072,756
18,284 1,371,368
10,441
593,679
8,795
216,094
190,000 5,175,755
65,094
2,986
325,736
679,506
5,495
157
25,536
7,689
879,078
211
108.218
2,035
324,241
21,057
654,777
8,956
290,380
1,360
119,183
64,376
1,018
32,738 2,839,199
•
6,166
467,825
43,405
471,929
28,347
39,030
53,711
16,147
133,493
13,698
159,288
3,844
504,964
2,167
148,608
5,890
163,578
1,738
267,374
89,766
374
662,526
7,913
314
83,047
10,683
982,392
2,507
25,917
32,738 2,839,199
25,936
26,733
21,403
6,820
59,191
9,974
25,650
29,112
190,000
155,180
1,047,676
538,587
217,790
1,052,514
200,751
1,711,216
219,888
5,175,755
93,596 1,259,227
11,197
3,651
61,177 7,223,013
164,482
5,503
378,947 1,159,887
16,605 4,950,318
10
105
137
1
-
336
32
3
887
3,126
78
54
70
1,250
No net
income
10,504
Net
income
' 3,151
123,905
61,690
77,023
62,316
1,812
2,350
41,713
49,253
20,029
39j571
49,862
95,185
491,929 1,245,887
162,337
525,527
260,461
67,781
46,876
43,366
692,754 1,392,065
106,927
67,510
No net
income
1,025
Personal
service
5,667
No net
income
2,213
10,387 71,247
6,916 66,359
104
1,891
5,547 42,507
2^713 20,256
7,383 36,656
171,819 427*568
54,100 210,517
39,347 32,468
7,620 28,505
197,528 515,158
5,492
10,280
197
5,366
1,344
3,752
71,275
52,757
4,414
4,983
73,952
10
11
12
1
2
3
4
5
6
7
8
9
43,904
13,171
15
82,409
34,847
225,112
547,443
92,977
101,265
55,562
68,170
211,280
251,853
7,412
35,673
106,046
364,377
174,971
79,073
692,754 1,392,065
23,511 18,304
121,121 54,213
31,276 46,869
10,143 27,171
30,943 150,572
769
5,561
31,464 182,948
70,394 14,384
197,528 515,158
6,275
16,820
7,701
4,264
29,851
490
12,482
17,102
73,952
14
15
16
17
18
19
20
21
22
167,550
499,816
445,406
630,776
42,677 273,246
62,574 697,442
5
41
159
2
45
1,814
91
89
4,867
12,277
1,595
243
60
2
1
176
1,560
92
50
4,569
161
233
8,314
120,649
3,618
663
402
44
18
383
16,940
1,258
96
1,522
20
59
1,195
62,298
200
147
36
10,431
265
26,020
1,180
18,695
Net
54,416
23
87,797 ■ 24
93
7
1
51
11,207
43
17
348
24
14
512
2,335
64
66
9,494
94
2,215
249
32
670
794
377
3,485
4
5
23,314
10,940
712,052 1,166,321
126
12
474
1,080
4
2,448
7,001
119,350 984,825
149
10
1,196
144,357
33
54
35
36
37
14,834 252,909 6,287 1,423,788
61,372 1,314,561
314,974
981,954
51,094 5,704,371
670,142
24,208
66,030
104,552
240,111
795
104
4,994
795
18,648
12,955
1,864
5,388
4,170
64,388
12,531 2,524,832
21,857
282,429
209,641
532
59,487
989 14,180
3,623
65,037
25,131
1,277
246,505
43,571
5,423
162,348
11,298
22,278
2,645
685
4,208
222
8,799
695
44,633
16,056
215,636
3,492
893
56,943
4,129
30,701
47,514
6,708
146
774
18
. 9,732
5,616
356
105,927
704
22,227
1,677
48,252
8,373
4,410
282
15,840
50
644
17
5,324
729
11,566
9,171
2,471
395
5,495
2,736
159
1,094
1,803
174
496
37
436
11,196
99
3,214
397
2,037
4.964
3,349
300
1,569
47,050
9,991
23,849
565
3,227
92
1,486
436
4,82l
18,123
953
23,122
55,541
3,095
136,630
15,438
44,449
10,490
7
3
24
4,076
229
1,178
1,404
24
628
5
54
7,767
198
1,085
59
56
243
1,175
12,957
914
576
34,239
3,281
6,623
8,991
878
6,539
135,784
24,210
46,278
61
4
1
224
3
5
569
394
22
9
89
178
230
17
46
2
147
671
27
1
1
64
18
142
31
565
140
107
1,844
113
2,206
7,389
360
25,345
11,529
438
46,327
3,921
- 85,209
9,830
11,489
1,441
9
98
852
14
2,157
87
5,063
17,525
792
57
24
998
75
4,600
317
97
207
137
1,724
1,765
135
15
12
70
88
532
1,484
3,011
3,810
157,056
225,917
333,567
3,283 38,260 1,444
259,974
22,515
9,351
852,894
55,278 1,377,215
44,763
12,501
290,250
21,728 298,873 8,939 1,810,052
87,087 1,803,275 105,512 1,225,360
69,208 7,032,427
414,885 5,583,199
774,270 1,032,994 128,494
133,327 35/9.144
138,286 35/2.426
134,962 55/6,250
465,827 3jj/l3,079
847,567 35/62,218
35/610 27,098 55/437
68,489 35/1,503
5^/610 27,095 35/437
68,486 35/1.505
133,288 35/9.145
138,271 55/2.426
465,738 35/13,080
847,354 W 6 2 . 2 5 6
134,939 35/6.250
. 2,861
10,961
3,625
1,017
45
634
255
43,055
21,107
268,220
7,541
42,725
42,621
153,858
1,536
16,114
151
1,266
381
5,539
525
7,692
157,197
284,334
44,591
43,887
21,488
43,250
88,736 55/9.144
5§/610 19,406 55/437
565,233 35/62.218
95,036 35/2.426
508,630 35/13.079
91,075 35/6.250
47,001 55/1,505
146,513
32,084
393,898
51,955
56,434
10,370
22,444
5,180
14,837
2,388
1,760
394
2,854
832
18,339
2,857
41
1,002
3,454
19,568
46
7
36
57
11,101
2,352
843
149
149
330
222,040
59,434
912,045 151,703
72,780 35/7.346
72,766 35/7.347
1,492
20,791
552
21,343
51,437 35/7.346
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
135
23
62
740
94
1
176
3,787
2,538
340,576 21,118 525,971
242,338
1,685
5,633
4,014
3,441
249
469
6,877
88
3,735
77
7
1,749
459
58
45,759
316,638
25,738
23,731
286
7,775
15
7,790
15,948
4,154
11,088
421
8,587
678
2,068
19,757
10,199
4,665
2,088
42,445
Service
Hotels and other
lodging places
Total service
4
-
2,985
1.589
5
-
24,958
2.700
282
1,488
13
557
20,915
84,661 1,938,237
140
-
17,830
5.467
42
558
13
1,289
2
13
1,655
15,799
99,262 1,293,849
65
«
11,717
1.297
40
1,320
56
5,302
7,016
641
65,714
67,705 7,498,254
86
12
67,582
10.808
3,566
240
55,084
90
8,230
3,718
89,654
401,806 6.430.766
941
176
201,525
11.606
1,405
no
20,151
109
651
-
13,139
921
23
3
1
48
454
4
7
290
25
26
27
28
29
30
31
62
63
Tabla S. - CoiporaMan l a « « ta* rataroa aith balaao« sb-t»,
Î ^ T o r ^ f i d ^ 1
pafcTb/tjn-
lt
(Konev figures in thousands of dollars)
—
and lessors of real property
Automotive repair services
Business
service
2
5
4
S
6
7
8
9
10
11
12
15
14
15
120,536
203)338
5,497
24,528
39,220
100)061
230)978
93)515
IS)715
39,425
672,789
Sash 58/
Notes and accounts receivable
less: Reserve for bad debts
Inventories
Investments, Government obligations 59/
Other investments 40/
Gross capital assets 41/ (except land)
Less: Reserves
Land
Other assets
Total assets 42/
abilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 45/
Less: Deficit 44/
Total liabilities 42/
sceipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss 22/
Net gain, sales other than capital assets 25/
Dividends, domestic corporations 24/
Dividends, foreign corporations 25/
Other receipts
Total compiled receipts 10/
leductions:
Cost of goods sold 26/
126,034
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid:
i
C a s h and assets otbsr than own stock
income
ncome
income
18,235 18,088
27,005 20,322
405
410
4,680 12,463
3,034
7,221
9,097
15,373
70,019 106,767
23,366 42,590
4,355 20,496
5,214
8,974
132,086 152,488
1,502
2,308
45
1,288
100
1,065
15,490
4,315
2,466
846
18,705
8,028
13,410
257
9,605
1,519
957
24,707
12,015
1,462
1,544
48,982
2,587
26
2,240
167
455
6,354
I,
512
859
11,748
207,599
129,404
2,295
339,083
95,978
582,897
690,408
338,061
991
195,422
72,401
,770,836
5,446 96,578
9,110 22,465
140
595
5,734
17,863
422 52,756
7,388 24,073
44,249 219,614
13,585 96,932
I, 978 53,158
10,952 14,496
83.228 371.802
18,239
3,010
7,287
2,574
151,260
15,504
28,912
1,011
29,011
5,765 43,871
3,362 50,070
3,626
40
931 11,518
1,153 16,723
7,349 18,701
57,337 119,245
14)955 49,871
10,485 14,778
4,706 10,589
76,071 231,998
25,785
10,950
11,016 3,010
12,685 2,534
46
372
572
2,918
1,179
6,303
6,204 2,875
55,547 7,582
16,695 2,342
4,303 3,719
554
5,792
87,701 19,637
2,856
2,970
23
880
626
913
1,839
573
123
2,144
11,735
37,656,968
55,185,747
67,445
52,781
97,605,652
49,876,720
12,583,501
2,976,030
5,403,933
3,764,633
236.886.442
746,822
884,115
18,762
16,387
1,334,981
2,360,104
3,401,624
789,398
959,592
602,634
9.477.899
2,899
2,582
2,029,995
522,598
401,390
2,785,484
5,016,939
583,053
2,175,195
184,521
2,034,200
2,025,481
9.477.899
13,549
22,542
44,931
115,407
52,670
133,032
18,631
190,171
10,629
672)789
9,105 10,665
19,569 39,100
15,245 16,962
7,344
4,894
55,579 50,050
2,217
1,051
21,527 41,714
13,803
23,796
132,086 152,488
2,019
6,918
2,608
1,276
6,125
85
1,880
5,216
18,705
2,258
4,299
5,015
1,771
14,728
549
14,508
1,233
48,982
1,405
1,395
1,277
509
5,169
105
2,165
2,851
II,
41,784
289,706
173,045
54,982
501,137
114,108
705,314
60,530
.,770,836
748
26,405 16.243
21,941 42,641
8,928 49.244
8,156
5,269
12,563 98.709
492 12,845
5,962 130,663
15.710
II,
856
83.228 371.802
8,207
7,896
21,143 19,479
7,996 29,242
4,475 17,223
28,412 66,226
806 10,599
13,338 77,784
18,925 22,547
76,071 231,998
550
4,661
13,061 5,864
14,968 1,538
303
4,216
40,541 6,177
568
3,574
16,282 3,937
1,979
23,151
87,701 19,637
1,132
3,144
2,978
516
2,097
40
946
1,700
11,735
114,837
1,083)410
16,339 108,108
167,249 106,187
15,637
8,478
72,605
32,657
13,996
4,987
40,369
.,670,68S
4,550 61,748
43,852 426,948
9,676 38,960
50,963 292,226
9,923
65,839
4,608
9,987
336
8,077
90,764
5,561,952
8,757
1,121,052
11
27
21
137
169
54
26
74
1,539
106
228
7,482
IS
52
15
83
399
1,047
15
1,534,289
244,665
188,192
2,113,822
1,348,754
118,288
18,974
21,515
5,927
3,925
31,310
202,732
7,829
1,524
134
197
4,436
2,685
655
4,389
807
13,144
1,252,628
77,470
617)240
74,802
18,928
6,503
2)493
2 068
12)708
1,008
15,172
|
ir.come
2,339,850
8,446,351
193,121,155
1,854,141
11,410,100
2,069,973
17,309,467
1,694,590
236.886.442
776
6C
154
951
10,256
433
75
C ost o f operations «So/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 50/
Advertising
Amounts contributed under pension plans, etc.
Net loss, sales other than capital assets 25/
Other deductions
Total compiled deductions
lompiled net profit or net loss (57 less 54)
Net income or deficit Zj (55 less 27)
Net operating loss deduction 52/
Income tax 5/
Excess profits tax 4/
1
e
p
2,0B¿
4,<£4§ "
1
Net
No net
Net
No net
Net
ition
notion pictures
Servii,e Apt
alloc:ible
includi!«
schools
3,949
9,952
195,718 231,373
11,311
112,071
12,185
4,948
1,030
37]
1,53]
2,466
1«
3,246
IS
1,136
5,565
3,09!
6,299
25( 1
250
52, 07^
282,118
205,74
1,122)676
'109)952 35/10,02
109,798 15/10.02
97a
35,756
74Í
36,50*
7 3 ',44.
27,537
410
368
131
42
55/10.025
1,082
30
206
4,601
28,804
1,399
17
102
38
142
59
24
599
489
25,775 106,337
422
6,300
952
146
70
947
26
21
220
31
22
331
1,740
545
57
2.257
347
1,037
34
1,061
18
159
19,267
282
44,097
7,313
34,205
,836,624
417
1,188
42
9,649
1,063
50,816 510,534
278
577
59
9,872
2,356
64,727 545,755
42
243
2
“
13
108
“*
44
1,228
66
37
539,115
21,449
19
76
93
35
1
297
5,447
83,189 16,369
77
209,787
648,852
24,771
158,587
10,600,792
20,009
28,693
601
20,895
1,495,996
205
8,853
260
6,168 2,774
5,934 23,699
3,342 33,884
26,360
10,740
10,485 47,566
71,965
5,226
35,957 4,903
«7,923 143,124
20,577 197,823
881,961
3,509
3,554 21,467
54,775
957
1,585
7,978
2,612 24,841
3,068 17,501
29,603
1,909
7,294
1,867
12,167
248
504
2,817
8,771
3,448
4,580 15,749
85,920
423
1,741
2,355
14,065
70
309
818
3,414
1,653
10,526
18,615
126
916
496
2,555
159
58
400
1,218
42
594
658
248
50
339
45
209
433
1,039
81E
2,290
12,991
240
278
1,510
96
452
1,342
5,653
2,052
17,071
51,883
1,459
653
4,616
43
17
283
12
2.257
1,943
53
159
165
382
2,055
5,601
3,282
4,021 11,107
29,108
1,554
941
7,056
25
2]
1
10
27
35
32
506
17
94
133
1,10C
4,876
1,40«
2,046
44,214
613
141
1,007
58
32
1,206
1.187
7,399
166
77
57)
7C
67«
412
536
58
2,595
2,973
32,346
83,766
24,56
20,893 92,539
308,908
5,340
5 ,9 1 a 15,515
35,986
9,938
93,066 : 14,306
74,48< 307,542
62,434 408,629
21,119 1,480,219
27,286 98,466
206,31'
38,216 35/9,87! 2,06) 35/1,085
356,405 35/11,618 101,905 35/9,75
7.871 55/1,852
25.056 35/1,514
tS/
9,896 2,06) 11/1,085
3
38,186
j5/9,76
101,903
1^11,618
356,403
7.871 |!y 1,852
1,514
25.056
5!
1,25!
1,839
1,034
132
56!
59!
- 11,85!
35,199
112,050
2,144
6,77]L
13
1,412
11,550
15
59
- 11,996
36,611
123,600
2,172
6,92 k
1,46b : 35/1,085
232,805 55/11,618 65,294 35/9,75 9 Z6,ZZ( 35/9,87
5,699 55/1,852
1C>4
61,877
150,436
33/540,084
155,133
106,057
81,660
622,388
499,381
17,795
290,468
22,323
466
62,716
51,692
25,126
3,554,549
54/6,222,151
4,378,641
4,190,449
37,066
710,089
3,249
713,338
5,665,503
18,152 55/1,51
2,61s
9
739
112,807
7
5,58
-
1.07
25<
6<
40!
1(
1
Table (. - CorporaVisa Is errs tax returns with balamee shoots, 1/ I M i , fcjr major lohaatrial groups, for roturas with not inoomo and xoturns with no not lnoowst %/ humber of
ratona, laaata and UabUltleSj oaupllod rwoslpts, oempli oil dodnetlons, oowpllod not profit or wot loss, not 1no mus or doflolt, and dividends paid by typo of dirldsodj
also, for rotunos aith not Inooa ot got operating loss doduetion, Income tax, exooss profits tax, total tax, and compiled net profit loss total tax — Continued
6,734
24,510
53/46,530
28,353
26,017
22,698
103,224
98,272
405
62,482
2,420
438
5,965
2,575
64,414
1,233,851
34(1,728,886
35/232,890
1^(236,815
5^(232,890
621
2,618
C ae n and assets other tha n own stock
9
OOJ
JLÖj-LÖÜ
611 Compiled net profit less total tax (55 less 60)
1 Dividends paidt
4
739
9
55
112,807
■— * »
57
18,747
5,582
1.075
250
60
5
405
IO
______ liosas tax ratarea with til i si
V U M > *T Bajar 1ids «trial «roepa for retains with not Innose end returns with no not lnooast 2/ Rasbor of
table ». i
m •osrpontttoa
its «ad
soapllsd dsdnstloas, oaapllad sat profit or ast loss, ast Innnsa or deficit, and dividends paid by typo of dividend!
rotano, asseto
sod liabilities, eospllad
ocsplled reoslpts, <
tax, sxosss profits tax, total tax, and coepiled net profit less total tax ■ Continued
also, for retain s with ast laooasi Mot operatine loss deduction, ine«
Finance, insurance, r e a estate, and lessors of r e a oronarty - Continuée
_________________ Finsnes_____________________________________________________________________________________
Other investment
Security and
Finance not
commodity exOther finance
Short-term credit Investment trusts oompanies, lnoludoompanies
lng holding comchange brokers
aUocable
and investment
agencies except
and dealers
ponies 12/ 15/
banks
companies U /
No net
Net
No net
Net
No net
Net
No net
Net
No net
Net
Net
No net
incoas
incoine
income
Income
incoa*
income ■inggHS-. income __ iqs°aa~
income
inooms
incoa»
866
2,471
722
i,a9
872
389
2,150
1,949
ses
615
sa
2,777
____
.
-
f.
No net
Net
ino orne
inooms
6,162
Humber of returns with balance sheets 57/
25,815
Assetsi
55,542,711
550,812 54,477,096
Cash 58/
685,819 a , 265,720
Notes and accounts receivable
54,155,100
56,581
15,515
Less: Reserve for bad debts
6,084
21,599
Inventories
72,607,185
444,567 70,757,167
Investments, Government obligations 59/
22,550,767 1,148,137 12,943,070
Other investments 40/
1,547,013
216,748
1,075,295
Gross capital assets 41/ (except land)
317,121
79,767
159,793
Less: Reserves
85,861
200,122
37,129
Land
1,238,541
157,674
1,005,171
Other assets
167,487,554 2,951,688 151,447,587
Total assets 42/
Liabilities:
231,542
1,224,284
Accounts payable
Bonds, notes, mortgages payable:
189,596
1,694,519
liaturity less than 1 year
—
545,261
1,991,459
Maturity 1 year or more
142,596,979
931,834 141,182,550
Other liabilities
227,547
120,094
1,450,505
Capital stock, preferred
5,129,591
6,991,744
793,272
Capital stock, common
1,866,711
112,568
1,182,243
Surplus reserves
700,462
5,911,704
10,481,245
Surplus and undivided profits 45/
789,712
779,994
78,375
Less: Deficit 44/
167,487,534 2,9 a , 688 151,447,587
Total liabilities 42/
Reoslpts:
1,959
Dross sales 15/
45,781
828,124
58,707
458,472
Gross receipts from operations 16/
Interest on Government «ttbligations
(less amortisable bond premium):
5,559
958,598
974,054
■holly taxable 17/
225,254
250,670
281
Subject to surtax only 18/
1,914
150,522
155, 525
■holly tax-exempt 19/
22,250
1,061,088
1,285,677
Other interest
90,572
5,905
Rents 20/
111,548
2,962
1,200
Royalties 21/
47,171
8,562
Excess of net short-term capital gain
578
12,915
over net long-term capital loss 22/
564,854
5,545
170,511
Excess of net long-term capital gain
over net short-term capital loss 22/
8,100
2,946
Net gain, sales other than capital assets 25/
78,688
511,588
5,028
15,778
Dividends, domestic corporations 24/
23,226
526
2,805
Dividends, foreign corporations 257
47,591
Other receipte
78,764
6,128
3,171,099
101,220
Total compiled receipts 10/
4,748,545
Deductions:
1,875
55,992
Cost of goods sold 26/
99
5,758
Cost of operations 26/
42,624
16,111
559,784
280,521
Compensation of officers
42,502
58,925
3,957
Rent paid on business property
18,141
815
21,868
Repairs 27/
76,086
55,207
15,292
Bad debts
568,557
23,105
283,555
Interest paid
125,534
4,852
15S,010
Taxes paid 28/
12,692
39
10,045
Contributions or gifts 29/
46,492
62,589
4,085
Depreciation
215
185
5,418
Depletion
55
45
Amortization 30/
2,2a
50,104
Advertising
45,815
252
Amounts contributed under pension plans,eto.51/
42,118
16,506
Net loss, sales other than capital assets 25/
18,454
9,195
68,074
95Ç,190
1,516,258
Other deductions
155,887
1,902,108
Total compiled deductions
2,620,225
1,268,991
Compiled net profit or net loes (57 less 54)
2,128,122 55/52,667
Net income or deficit ¿/ (55 less 27)
1,972,597 55/54,581
1,118,669
—
2,797
Net operating loss deduction 52/
7,718
«t
523,556
Income tax ¿/
435,942
«•
628
Excess profits tax jj
i,8a
525,964
Total tax
457,795
945,027
Compiled net profit less total tax (55 less 60)
1,690,529 ¿5/52,667
Dividends paid:
501,556
Cash and assets other than own stock
906,865
9,492
Corporation’s own stock________________________ ____ttifiZZ ______ SKI _____ 2 L 2 2 &
57,4a
For footnotes, sew pp.
50-31
182,827 25,758
148,588 U S , 225
•—
439
-
•
351,655 11,563
70,068 126, 328
14,879 12,466
4,424
2,549
3,507
6,238
5,798 11,178
772,696 305,763
7,001
223,049
12,954 1,702,113
33,224
151
4,724
2,77l
93,635
36,903
263,649
28,208
7,798
10,357
1,149
6,186
3,380
3,426
32,400
75,689 2,307,577
6,262
179,677
62,606
210,286
125,689
516,995
9,155
412
589
12,842
451,013
14,318 3,359,600
53,4 a
6,590
2,687
15,873
572
12,733
23,530
5,222
405,892 4,220,007
15,788
225, 318
18,037
6,ia
4,047
18,999
310,722
366,765
527,220
20,173
8,481
531,566
4,946,985
239,377
64,087
58,894
54,276
6,649,302
63,168
36,865
551,852
92,421
-
25,U 6
J
678,329
7,682
42,008
18,284
47,200
20,807
772,696
91,046
63,214
28,105
13,064
56,660
5,304
45,140
21,886
305,763
10,060
19,712
1,790
165,705
13,184
*
4, U S
201
655
5,773
1,351
7
157
285
8
9
8,260
1,097
12
204
45
2
9
1,426
214
4
10
2,690
25
56
124,660
1,055
231
485
286
1
8,564
74
2
37
9,635
477
685
22,720
1,130
4,486
1,556
1,606
5,504
a
6,759
147
71
286
2
425
24,869
1,212
251
70
21
418
3,721
145
10,350
516,298
50
30
14
1,395
23,784
-
892,101
10,725
54,387
386,375
11,017
175,042
U1.909
5,964
35,166
255,488
961
35,397
277,492
18,043
46,836
5,902
75,689 2,307,577
47,372
61,030
99,101
327,921
19,266
560,075
189,216
6,860
82,027 1,165,622
167,291
4,303
48,482 1,988,789
287,447
7,598
405,892 4,220,007
_
•
2,422
36,976
400
4,042
1,241
5,146
794
128
397
3,588
983
64
533
1
622
917
134
52
310
1,020
529
5
88
5
1
56
6
964
1,889
6,396
35/2.554
55/2.363
9,561
25,646
523
-
112,709
9,184
691,640
100,068
156,104
48,529
928,359
50,551
147,212 2,045,632
55,141
427,950
103,104 1,967,954
234,898
219,732
310,722 6,649,302
* _
•
57,534
•
2
572
29
1,897
14,455
52,412
35/7,543
35/8.578
•
•
—
-
55/7,545
1,794
m
________
-
532
a
90
12,206
25,544
11,432
U , 425
595
•
2,907
—
16
•
2,925
8,507 35/2,354
2,820
______
320
1SL ___________L
17,501
1,102
2,055
20,113
8,240
1,360
606
66
15,047
3,105
3,036
a , 145
6,864
803
7
591
2,174
246
•
104
7
1
10,176
1,239
36
1,218
57
94
120,518
19,018
254,361
32,168
81,937 55/8,584
81,881 55/8,584
ao
-
■W
25,859
w.
425
—
26,282
55,655 35/8,384
55,979
2a
125,453
76,165
266,953
2,289
235
x 212
15,916
688,102
656,907
516,698
39,561
29,185
6,281
19,069
12,932
8,368
28,695
82,192
828,107 1,712,587
' 25,842
556,615
61,373
477,644
196,405
423,394
63,880
189,836
86,196
35,132
91,186
268,123
35,780
13,695
142,607
540,750
250,222
17,522
828,107 1,712,587
14,780
20,968
1U
22,375
51,068
5,820
1,466
2,919
5,905
120,258
16,381
11,320
7,382
36, 536
25,887
4,026
19,499 13,685
8,516 57,746
3,140
15,054
21,881 52,406
6,641 17,008
18,795 42,340
12,394 38,244
120,258 163,427
2,003
24,063
13,622
6,834
44,325
4,246
26,787
51,576
77,886
69,621
85,232
245,541
29,591
197,359
17,823
105,219
105,438
681,284
164
1,314
31,952
2,334
338
41
127
2,243
207
10
105
•
' -
•
1,795
1,863
76,204
8,162
240
5
168
269
104
a6
52
7,093
937
1,412
53,020
10,867
1,884
676
217
12
20
3,064
593
124
149
12,035
5,880
2,645
5,814
1,257
94
1,321
305
19
738
501
546
127,366
281
57,166
763
U , 024
U , 884
179,096
4,347
1,874
365,254
259
1,840
22
248
3,804
2,640
304,187
15,881
8,006
540,613
70
2, U 7
81
503
U,171
55,993
6,650
21
5,061
184,019
-
5,924
570
122
284
12,758
3,955
682
432
1,604
—
133
140
235
39,055
65,872
299,382
298,697
381
17,559
-
826
95
73
475
4,016
338
2
U8
135
1
14
1
692
2,398
9,184
35/5.380
35/5.548
—
-
-
-
17,559
281,825 35/5,580
246,690
S43
______ 2.1*7 _________ UL ______ imiti __________
I
1,748
29,144
5,362
129
1,176
10,545
1,567
232
1,367
105
5, U S
743
f 22,708
7,953
9,650
522
1
907
5,913
582
17
1,493
37
644
158
6
1,040
1,046
2,184
66, 591
6,389
163,127
21,725
577,486 55/10.554
376,074 35/10.574
—
1,808
• 42,687
—
7
«
42,694
554/792 ¿5/10,554
292,752
2,180
21
______ kifiJ __________
8,247
16,769
43,081
72, U 0
1,212
4,496
21,695
70,513
92,222
39,681
U,164
86,050
360,438
46,189
19,594
71,738
88,8751
48,406
152,530
7,012
97,323
171,029
360,438
-
•
66
279
24
5
1, 539
4,205
39,195
14
17
390
1,036
2,499
2
3,621
65
593
8,576
1,167
69
297
240
1,649
15
6,855
440
7,426
581
12
907
19,503
2,674
743
16
1,084
76,441
2
103
• 195
1,477
7,227
919
1,162
IS
2,556
a , 645
152
50
_
mm
171
431
5,617
31,821
1,086
4,081
772
136
100
279
U , 562
735
5,870
725
299
9
1,366
153
14
U
2,854
284
89
1,668
584
1,404
13,607
75,542
24,116
136,954
47,065 35/4.613
44,420 35/5.3 a
107
U,5U
322
11,835
35,232 ¿5/4,613
12,S62
9,725 89,386
10,393 U 9 , 754
74
1, 361
787
2,507
1,527 59,323
23,042 353,525
44,217 27,306
9,222
17,928
616 18,115
5,581 22 ,i a
77,886 681,284
24,920
30,426
537
6,087
14,814
40,912
73,359
36,171
1,969
7,648
163,427
59,ao
•
91
2,656
523
271
8,029
2,i308
1,270
15
818
2 1 ,2 a
80S
______ imfiU _________
IS
13
-
-
127
6,848
10,248
217
2,517
1,078
515
227
564
38
1,008
1,310
473
942
237
895
•
36
5,472
1,164
44
8
•
36
546
60
322
18
66
557
23,381
4,751
10,806
52,899
23,542 35/3.579
25,539 55/3.596
943
7,501
—
448
7,949
15,593 ¿5/3,579
9,058
________
SI
1,228
-
773
6,820
.
7,742
3,397
656
148
7a
2,988
1,299
70
407
U
-
824
238
72
20,755
39,35«
18,287
17,894
677
4,582
1,426
1,786
300
74
1,220
3,395
628
4
1,U4
12
4
78
47
1,403
5,589
17,080
35/10,260
35/10,587
—
-
4,587
13,700 ¿5/10,260
9,888
______
2,373
2.
m 1_______
3 « S S
_
Long-term credit
agencies, mortBanks and trust
gage oompanies,
companies
except banks
No net
Nat
No net
Net
inoame
income income
inooms
15,956
1,557
840
472
M . ». . Corporation 1— . tax » m l »
Ä
1
2
3
4
5
6
7
8
9
10
U
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
'27
28
29
5C
53
52
5Î
54
Si
5i
St
5<
4(
4:
41
4!
4‘
41
41
4'
il
4!
a
s
s
s
5
5
£
K
I
Ä
Ä
r
T
umber of returns w i t h balance sheets 37/
ssets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)
Less: Reserves
Land
Other assets
Total assets 42/
liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus réserves
Surplus and undivided profits 45/
Less: Deficit 44/
Total liabilities 42/
Receipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain
over net long-term capital loss 22/
Excess of net long-term capital gain
over net short-term capital loss £2/
Net gain, sales other than capital assets 23/
Dividends, domestic corporations 24/
Dividends, foreign corporations 2§/
Other receipts
Total compiled receipts 12/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 2§/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 50/
Advertising
.
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 25/
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 54)
Set'income or deficit 2/ (55 less 27)
Net operating loss deduction 5S/
Income tax 5/
Excess profits tax 4/
Total tax
Compiled net profit less total tax (SB less 603
b .u » . r t - u , V M ,
Ä
Ä
Ä
Total insurance carriers,
agents. etc.
No net
Net
income
Income
1,401
5,475
Real
lessors of buildings
Insurance carriers
No net
Income
Net
income
1,405
333
Net
income
4,072
No net
income
1,068
1,428,672
203,652
1,842
247,865
17,666
240
1,323,526
239,503
105,146
205,652
1,842
8,362
17,666
240
24,636,044
25,892,845
396,927
19,995
14,504
2,205,317
54,756,124
852,989
794,676
42,819
5,615
1,331
299,734
2,251,225
24,617,689
25,808,558
345,422
9,864
10,036
2,176,959
54,272,306
852,192
790,591
37,612
4,364
788
296,037
2,212,359
18,355
84,287
51,505
10,131
4,468
28,578
483,818
797
4,085
5,207
1,251
543
5,697
38,866
232,252
10,927
18,650
49,752,285
33,093
693,935
10,350
4,013,670
9,058
54,756,124
Lessors of real
property, except
buildings
Net
Income
2,087
2,868
Construction
Net
income
10,516
No net
incoa»
3,890
24,606
20,324
325
1,625
8,241
84,371
1,119,114
152,571
99,712
59,214
1,264,511
275,497
831,902
6,910
251,322
94,043
141,170
549,963
236,923
43,981
81,753
2,025,798
43,079
170,511
2,522
81,055
17,283
34,235
156,825
2
68,806
9
14,216
25,541
471,417
10
58,663
357,758
86,851
15
]
15,829
151,096
128,889
418,572
42,627
356,922
42,260
557,791
50,117
2,025,798
49,585
52,419
99,156
22,920
94,655
11,980
96,683
42,632
471,417
14
15
16
17
18
19
20
21
139,389
404,172
23
24
income
57,847
22,909
616,127
754,770
8,945
25,165
515,738
1,159,509
7,539,109
2,277,877
3,018,924
249,151
11,191,469
123,559
162,306
4,682
8,678
29,184
332,920
2,022,943
551,645
801,220
86,012
5,010,475
69,458
74,225
275
6,019
46,667
273,799
3,100,452
561,037
170,383
71,624
3,451,515
1
5
4
5
6
7
8
11
12
232,252
22,405
516,810
210,190
56,649
22,403
1,546
5,401
1,700,359
4,105
195,586
795
592,817
271,787
2,251,225
10,927
18,650
36,126
20,263
75,945
10,350
85,336
6,031
483,818
1,546
5,401
5,646
810
7,510
795
5,158
6,403
38,866
612,070
4,980,486
190U | » W
fiKl TTfi
651,176
277,891
.on ACO
2,429,057
163,542
2,227,432
QQK
666,995
11,191,469
196,419
1,617,183
281,739
123,185
794,440
64,809
450,974
728,464
5,010,475
22,534
1,455,756
120,715
112,852
1,295,364
29,370
587,120
228,845
3,451,515
57,601
824,677
6,516
152,727
7,382
1,151,771
2,440,373
18,496
352
579
25,347
1,057
3,701
5,216
2,107
27
67
3,947
173,108
898
259
206
150
22,626
5,967
79
1,637
96
320
2,196
12,897
481
446
21
124,143
2,644
7,721
225
15,467
2,600
52
11,563
96S
1
9,269
364,098
1,108
2,074
958
27,389
129,350
18,965
203
51,626
2,246,120
971
28,562
2,103
7,735
164
37,588
5,673,274
765
199
4
10,396
561,114
53
34
35
56
57
871,846
1,956,445
150,015
14,955
20,132
5,894
8,762
57,53%
2,215
40,940
556
78
7,509
3,422
.694
288,741
3,407,341
265,933
265,615
7,567
81,759
792
82,551
183,382
114,105
350,398
23,697
3,786
5,884
1,038
2,829
6,511
107
10,917
28
58
59
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
49,716,159
12,850
617,990
1,696,713
3,295
188,076
3,928,334
3,007
54,272,306
589,659
265,384
2,212,559
1,709,151
929,618
1,445,988
905,458
545,722
15,554
52,026
801,550
89,430
265
657
15,507
5,616
1,936
4,983
3,095
2
608
545,352
13,552
52,017
799,527
87,557
23
582
15,495
5,614
1,931
4,911
2,970
263,163
1,579
15,037
40,838
641
116,207
1,532
18,139
3,370,851
245
22,670
274
4,527
1,002,116
486
112,388
898
6,803
5,085,791
243
22,639
274
3,569
974,727
155
3,819
434
11,336
285,060
45,197
33/61,880
17,710
1,840
1,673
2,189
58,485
í,200
15,845
14
7,096
33/8,106
4,984
909
1,829
2,592
26,899
104
1,825
155
1,020
33/10,118
9,876
1,336
528
1,264
54,500
682
14,407
5
725
33/2,206
3,817
857
1,562
2,434
26,549
93
1,669
155
44,177
51,762
7,834
504
1,145
925
3,985
518
1,438
9
7,536
7,371
512
1,642,648
34/1,864,100
1,506,751
1,474,725
2,485
66,495
1,961
2,064
2,224
1,008,769
34/1,069,515
35/67,399
35/69,335
4,941
6,042
475
1,517,793
' .,622,987
34/L
1,462,804
1,430,787
1,742
2,018
2,216
994,267
5i/l,040,510
35/65,583
55/67,514
2,595
»1,529
57
124,855
241,113
43,947
45,938
484
12,178
51
12,229
31,718
2,001
54.317
1
55/67.399
54.318
Í,408,486
35/65.583
26,160
2,003
1,875
242
55
42,417
52
66,547
1,440,204
°'
S S Ï Â ST Ü Stf S Î S f t  !... « A * • & -
1,010,866
219
46 j
8
14,502
29,205
35/1,816
35/1,821
SS/1.816
4,531
20,557
15,656
62,615
21,298
114,028
18,362
76,173
25,824
80,944
5,434
3,795 i
61,640
209,095
62,108
268,407
255
3,760
53,381
204,912
266
792
255
383
1,745
9,348
.258
1,910
49,258
5,625
146,154
559,070
462,425
1,621,414
624,706 3§/98,327
624,127 35/98,394
25,531
166,365
1,315
167,680
457,026
55/98.527
62
1,468
137,110
67,151
OX
617,639
**OOÍ7
103,007
28,216
40, «40
391,897
6,549
289,947
245,256
1,264,511
10
10,058
255,476
5,328
4,392
2,325
1,405
106
42,547
17,479
145
7,122
18,099
28
19
293
535
16,595
116,414
119,062
119,000
1,332
41,287
31
41,318
77,744
328
1,015
1,050
469
143
15,887
4,415
5
3,195
1,786
138
18
21
5,737
10,854
43,059
1§/14,497
3§/l4,505
35/14.497
70,542
iDiwrldend8 paidt
Basts other than own stock
am
Table 3 • — Corporation income tax returns with balance sheets* 1/ 1946* by major industrial groups* for returns with net Income and returns with no net Incomes 2/ Number of
returns* assets and liabilities* compiled receipts* compiled deductions* compiled net profit or net loss* net Income or deficit* and dividends paid by type of dividend;
also* for returns with net Incomes Net operating loss deduction* Income tax* excess profits tax* total tax* and compiled net profit less total tax — Continued
22
25
26
27
28
29
50
51
2,025
657
399
75,473
595,855
35/34,741
5£/34,796
55/34.741
62
es
1
total tax (SS Xess 60)
66,547
1,440,204
54,518
1,408,486
55/67.899
55/65.588
98,757
20,551
X
SO
i
51,718
457,026
85/1.816!
129,177
4Ì
20,625
^han own stock
14.005
895
77,744
55/98.527
35/14.497
1,811
70,542
7,577
_
_
_
_
_
_
_
_
_
_492 _
_
_
_
_
_
_
_
_
_
_
_1S_
_
_
_
_
_
_
_
_
_
_
_IS- _
■iiP
T bis s* * Corporation income tax return« with balance sheets, 1/ 1946, by major industrial groups, for returns with net Income and returns with no net Income t 2/ Number
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net Income or deficit, and dividends paid by type of dividend;
also, for returns with net Income t Net operating loss deduction, Income tax, excess profits tax, total tax, and compiled net profit less total tax — Continued
(Money figures In thousands of dollars)__________________
Major Industrial groups 8/ - Continued
Agriculture, forestry, and fishery
Total agriculture,
Agriculture and
Forestry
Fishery
forestry, and fishery
services
1
2
3
4
S
6
7
8
9
10
U
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
60
SI
52
53
34
55
56
57
38
59
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
62
65
Number of returns with balance sheets 37/
Assets :
Cash 58/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 59/
Other investments 40/
Gross capital assets 41/ (except land)
Least Reserves
land
Other assets
Total assets 42/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 43/
Less: Deficit 44/
Total liabilities 42/
Receipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations (less amortisable
bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Sxcess of net short-term capital gain over net long-term
capital loss 22/
Exoess of net long-term capital gain over net short-term
capital loss 22/
Net gain, sales other than capital assets 25/
Dividends, domestic corporations ZAj
Dividends, foreign corporations
Other receipts
Total compiled receipts 10/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
¿57
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortisation 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 25/
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 54)
Net income or deficit 2 / ( 5 5 less 27)
Net operating loss deduction 32/
Income tax 5/
Excess profits tax 4/
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Far footnotes, eee pp. 50“- 31
Net
Net
income
3,767
No net
income
1,787
Net
Income
3,467
No net
income
1,573
127,442
128,750
1,568
177,263
85,833
158,628
715,889
306,045
227,495
43,069
1,353,776
11,587
25,023
254
29,575
2,586
22,436
119,520
38,497
45,876
11,702
229,554
117,849
112,084
1,350
170,685
80,172
144,872
653,101
288,882
215,223
36,362
1,240,116
10,580
22,13«
2«7
29,168
2,409
20,536
104,496
34,969
41,054
10,051
204,992
6,548
11,398
186
3,765
3,920
11,435
50,421
13,486
11,017
6,061
90,893
103,639
40,759
69,886
36,880
66,688
102,934
98,389
28,119
494,805
49,733
486,958
77,469
1,353,776
21,571
48,996
15,576
6,768
118,383
1,498
49,275
73,072
229,554
64,018
89,389
86,221
24,873
453,937
44,554
442,424
55,186
1,240,116
19,028
42,432
12,006
5,588
105,085
1,432
40,584
58,043
204,992
857,719
196,956
86,830
34,950
825,605
181,355
1,208
293
124
2,347
11,379
3,282
634
55
1
114
279
1,146
147
41
16,865
No net
income
Nature of business
not allocable
No net
income
Net
income
1,856
239
103
1,680
7,708
2,139
4,698
1,082
16,443
3,045
2,268
32
2,813
1,763
2,321
12,367
5,677
1,253
646
22,767
395
629
7
168
74
220
7,316
1,389
144
569
8,119
30,435
64,105
1,047
18,809
14,991
48,456
69,109
26,905
18,991
10,025
246,949
12,285
2,110
1,468
1,769
35,950
25,578
1,790
11,251
10,929
3,066
34,335
5,573
35,284
21,620
90,893
1,466
4,513
3,190
873
9,619
26
7,735
12,887
16,443
880
2,294
1,239
180
6,533
1,606
9,230
663
22,767
877
2,251
380
307
5,679
40
958
2,142
8,119
16,299
26,295
28,677
11,526
71,016
14,699
74,457
33,970
246,949
14,764
26,541
18,181
18,911
115,787
1,289
37,679
152,407
126,323
85,235
29,705
18,113
7,129
570
698
19,001
8,472
1,025
4,347
103,724
52,326
16,536
8,403
1,113
289
117
2,142
11,008
3,021
570
51
1
114
269
1,103
141
41
67
4
7
183
292
261
62
2
28
2
45
2
881
11,749
848
2,441
4,123
2,832
11,991
1,112,194
440
290
3
1,918
127,095
1,519
3,936
2,829
11,899
1,056,552
580,720
85,406
26,050
18,969
18,334
792
6,645
18,844
919
25,748
1,607
21
5,974
2,505
605
118,984
912,123
200,071
199,947
2,507
64,056
2,440
66,496
133,S75
75,427
25,205
4,352
1,194
2,706
446
2,326
2,506
27
4,761
582
6
855
96
2,414
25,317
146,020
55/18.925
35/19,039
35/18,925
555,629
75,601
24,651
18,802
17,614
695
6,214
17,656
893
24,763
950
19
5,933
2,470
591
113,915
866,396
190,156
190,039
2,124
61,261
2,417
63,678
126,478
32,277
39«
28,066
•
me
•
1.277 ______ L ___
income
Net,
Income
812
2,260
to
No net
1nenne
2,254
13,778
27,554
721
4,556
1,987
27,203
32,337
8,089
12,066
15,652
126,323
•
me
-
am
•e
am
8
35
6
22
79
2
8
-
2
-
208
IS
31
1,476
3,816
615
162
4,887
27
229
6
4,247
271
287
275
3
1,831
119,902
900
158
5
471
27,537
85
17
22
29
68
523
192
24
1,672
221
28,105
63
5,521
930
1,747
51
5,504
174,852
74,200
21,880
4,024
1,141
2,176
429
2,024
2,255
27
4,294
80
4
838
96
2,311
21,798
137,575
55/17.673
35/17,787
10,990
4,993
60S
46
147
50
324
852
10
405
656
2
9
9
6
1,964
21,066
6,471
6,464
282
1,692
341
534
83
15
48
4
194
146
14,101
4,812
796
121
575
47
107
536
16
580
1
886
2,791
245
38
482
13
108
107
—
am
•
5§/l7,675
588
2
-
1,692
4,779
3,506
»
or
_
98
302
-
2
am
to
to
3§/415
52
26
8
3,105
24,661
3,444
5,444
101
1,103
25
1,126
2,318
1
70S
-
52
286
2,065
35/413
35/413
em
m
to
-
me
«
am
am
me
369
me
2
15
«
71
1,233
6,560
35/839
H/839
—
me
to
-
3§/8S9
5
am
am
171
364
59
26
am
757
27,329
78,534
14,026
15,246
2,178
1,734
439
1,438
2,713
206
2,630
125
22
1,552
227
146
31,250
152,466
22,366
22,335
585
5,976
117
6,095
16,273
14,074
2,786
2,470
538
334
287
1,151
690
42
986
72
24
416
18
364
8,217
32,469
35/5.140
15/5,140
3,91«
«58
2,284
11
*m
-
3§/S,140
Table 4. - Corporation incone tax return, with balance sheet., 1/ 1946, by total asset, closes: Nunber ofretuma, «sets and ^ i l i t i e s ,
compiled receipts, compiled deductions, compiled net profit or net loss, net income
J E ^
^
deduction,
excess profits tax, total tax, compiled net profit less total tax, and dividends paid by type of dividend
Total
(tvi+j I »»«at« classes and money figures in thousands of dollars)---- -------------- — -----------------"
‘[■n^al assets classes 42/
10,000
5.000
1,000
500
250
100
50
Under
under
under
under
under
under
under
under
50
50.000
10.000
5,000
500
250
50,000
under
100.000
1.000
1
2
3
4
5
6
7
3
9
10
U
12
13
14
IS
16
17
13
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
umber of returns with balance sheets 37/
ssetss
Cash 38/
Notes and accounts receivable
Less] Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)
Less: Reserves
Land
Other assets
Total assets 42/
¿abilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 42/
Less: Deficit 44/
Total liabilities 42/
Receipts:
Gross sales 15/
Gross receipts from operations 16/
Interest on Government obligations (less
amortisable bond premium):
Wholly taxable 17/
Subject to surtax only 18/
Wholly tax-exempt 19/
Other interest
Rents 20/
Royalties 21/
Excess of net short-term capital gain over
net long-term capital loss 22/
Excess of net long-term capital gain over
net short-term capital loss 22/
Net gain, sales other than capital assets 23/
Dividends, domestic corporations 24/
Dividends, foreign corporations 257
Other receipts
Total compiled receipts 10/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. j
Net loss, sales other than capital assets 23/
Other deductions
Total compiled deductions
Compiled net profit or net loss (57 less 54)
Net income or deficit 2j (55 less 27)
Net operating loss deduction 32/
Income tax Zj
Excess profits tax 4/
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid:
Cash and assets
other
than o wn stock
440,750
76,821
199,076
76,592
58,501,533
62,143,298
772,552
■36,964,761
109,909,608
77,089,027
148,968,021
57,421,321
8,782,002
10,540,796
454,705,173
748,894
797,223
19,489
740,213
55, 317
188,106
1,960,087
766,248
302,655
189,182
4,195,940
800,877
1,059,428
25,291
985,137
125,196
261,419
2,497,490
902,664
480,583
208,697
5.490.872
1,562,870
2,321,538
54,349
2,151,739
422,245
700,789
5,519,499
2,031,581
1,068,893
431,908
12.093.551
21,336,309
750,023
786,875
1,627,884
34,264
20,803
24,613
4,241
I, 464,313 1,878,424
2,751,934
2,309,427
60,200
55,102
2,544,028
2,227,618
1,392,008
618,086
1,346,863
875,299
5,787,456
5,191,706
2,408,005
2,020,984
944,174
964,710
407,971
422,345
14.584.653
11,997,418
8,219,415
9,073,882
142,841
6,412,197
12,325,109
5,857,722
15,087,964
6,536,589
1,996,800
1,075,996
53.374.653
4,409,589
4,736.402
67,125
2,922,152
8,240,469
3,619,125
7,788,191
3,346,792
737,458
587,979
29.627.248
9,486,476
9,632,532
127,745
6,200,655
17,653,060
10,461,664
20,932,275
8,985,632
1,115,550
1,526,794
67.895.609
4,125,162
3,698,408
38,364
2,645,286
7,449,033
5,469,015
12,114,697
4,247,992
368,749
873,009
32.457.003
1,545,983
3,451,226
1,378,596
2,948,810
1,198,870
1,504,379
514,108
651,854
482,002
116,868
1,977,647
28,674
1,039,349
1,164,585
345,882
903,688
529,647
131,980
1,840,300
50,128
1,404,649
502,277
5.490.872
888,956
712,328
733,253
1,909,284
1,945,370
2,180,526
2,724,015"
1,416,199
1,223;142
514,477
400,545
335,438
3,257,944
3,068,050
3,484,626
355,030
220,738
146,235
4,090,520
3,339,772
3,204,307
701,554
609,963
841,860
12.093.551 ‘ II, 997,418 14.584.653
2,115,164
4,329,557
22,194,420
1,651,255
7,982,361
1,287,881
11,875,938
1,513,149
53.374.653
684,083
1,901,399
14,507,491
800,958
3,764,201
813,696
6,210,675
433,851
29.627.248
231,043,990
39'939'591
8,-411,282 I
2'071,119 1
9,961,274
1,522,071
20,494,187
2,649,769
19,455,076
2,091,377
20,733,432
2,318,772
44,255,066
4,743,906
394,173
986,731
1,722,538
*263^323
204,424
2,461^942
2^469^258
*282^881
36^274
4,040 !
52
87
9,016
211,199
9',049
3,194
4,027
125
142
13,024
208,844
6,829
1,989
10, n o
432
581
32,501
432,416
13,250
3,469
13,997
720
803
34,628
325,649
16,932
3,553
21,472
1,676
2,838
51,727
128,782
19,361
2,823
170,777
Ì4,118
21,842
275,371
246,853
59,837
5,515
1,105,143
38,397
35,833
70,839
68,165
70,108
9,503,833
44,968, 385
214,282,879
14,856,875
68,333,592
11,003,603
78,836,054
8,416,355
1
7
8
9
10
U
12
1?
1,907,641
22,028,598
124,892,822
6,448,318
-29,567,888
5,079,230
28,260,748
1,140,682
222,988,226
14
15
16
17
18
19
20
21
22
2,967,360
25
24
122,538
11,630
14 ',684
160,454
95,887
40,210 !
3,043
264,261
35,187
29, 553
336,696
173,257
57,854
6,477
114,440
17,356
12,246
138,578
124,589
17,466
1,341
25
26
27
28
29
30
31
201,228
101,491
247,610
94,321
32
13,785
106,111
8,270
174,545
,253,552
15,586
317,767
48,156
260,566
40,562,140
1,851
176,581
37,895
70,013
15,674,557
33
34
35
36
37
25,575,531
,967,866
2,140,553
918,772
305,834
230,650
257,819
138,347
505,793
204,418
36,219
20,826
278,637
125,916
886,426
404,292
31,528
19,504
569,219
238,345
130,732
38,312
10,956
2,421
397,550
228,806
136,451
52,960
24,135
15,837
,493,042 1 4,960,938
36,248,321
i,100, 314
4,113,819
,133,238
4,084,266
,118,554
8,996
4,902
1,457,616
778,495
48,976
30,916
1,506,592
809,411
2,607,227
L, 323,827
8,847,078
1,592,713
77,369
126,397
199,739
13,801
155,836
398,584
12,971
304,278
40,021
2,640
190,747
69,705
13,560
2,042,028
14,087,467
1,587,070
1,574,824
817
543,410
15,373
558,783
1,028,287
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
1,341,369
90.851
651,214
21-414
62
65
29,965
4,349
76
115,189
11,903,737
43,830
15,168
890
215,337
23,987,779
30,495
23,529
663
204,187
22,269,774
31,452
41,025
1,156
186,128
23,610,732
176,770,398
22^782^355
5^032^602
2^764^581
2^669^858
m 343^613
2,198^532
5*734^499
*210^620
4,127^865
*780^699
63^109
2,354^500
'826^741
199^850
32,032^907
258^892^527
25^024^877
24^820^453
"131j 515
8,447^187
'263^245
8,710^432
6,308,124
1,115,958
'705,468
276,539
76,664
19,492
41,417
148,904
4,818
111,846
3,278
1,124
68,816
2,679
20,899
1,653,201
IO'539,227
362,965
362,878
23,879
117,364
1,609
118,973
7,642,893
852,271
567,541
173,505
71,812
20,914
49,483
148,596
6,679
119,495
3,681
1,053
68,383
2,881
11,054
1,514,128
11,254,369
649,568
649,226
15,969
180,728
4,726
183,454
15,912,096
1,561,827
908,646
259,953
138,643
39,734
113,578
297,878
16,387
259,057
10,807
1,895
138,533
8,779
15,670
2,828,869
22,492,352
1,495,427
1,494,846
23,171
495,052
13,645
508,701
16,108,708
1,306,911
544,175
180,520
138,833
31,909
108,301
321,964
20,563
252,993
23,216
1,628
172,125
27,587
12,514
2,538,594
21,770,541
1,840,191
1,837,353
14,411
694,336
23,533
717,869
35,989,648
2,599,528
827,763
343, 333
395,575
62,062
272,914
857,038
50,057
552,272
71,271
4,480
433,280
94,623
35, 378
5,430, 525
463,914
986,726
15,131,131
1,250,758
653,198
189,757
124,109
30,888
104,257
287,655
17,675
212,390
14,399
1,825
139,243
15,443
14,286
2,498,384
20,685,398
1,584,376
1,583,573
15,271
585,462
17,939
603,401
980,975
1,122,322
2,845,630
216,747
92,448
12 -946-1______ 41.38,5
252,986
50.863
305,252
67-479
956,561
163.218
86,054 \
5.877 l
6
! 11,900,500
37,954
2,964
317
103,522
10, 902', 192
243,992 1
2
3
4
5
4,551,861
278,015
1, 691^489
252^058
2,166^500
283^917^404
7.377 -60T
512,642
1,289,776
3,807,786
5,310,323
14,350,401
31,962,742
1,788,457
2,668,577
4,674,135
8,916,440
924,766
2,097,225
5,657,368
13,752,728 I
457,422
1,051,012 j
32.457.003
67.895.609
25,305,715
25,757,524
132,046
10,135,736
61,629,085
48,309,025
72,088,656
26,174,834
802,450
4,316,915
222,988,226
3 4 ,0 1 7 ,5 0 9
48,644
188,975
8,397
383,884
50,624,413
16^514^ 445
1
463
3,341
4 5 ,9 9 7 , 5 4 7
4,626,866
4, 605, 024
22,944
1,707,520
73,716
1,781,236
548,138
58.006
Compiled net profit less total tax
61 \ Dividends paid«
4
less ou;
Cash a n d assets other than ow n stock
AO, OX4*, W 9
86,054
7,377,607
92,4481
______ 5,877
Sgg-S«6 i
216,747
■^.58.5
252,986 1
50.863 1
305,2 52
67 >479
936,561
163.218
548,138 !
58.006 1
1,341,369
90.851
651,214
21-414
!
2,946,838 ! 62
10.507__ | 65
Table 5« «* Corporation income tax returns,
1946, by net income and deficit classes, for returns with net
income and returns with no net incomes Number of returns, and net income or deficit; also, for returns
with net income: Total tax, income tax, and excess profits tax
(Net income and deficit classes and money figures in thousands of dollars)
Returns with net income 2/
Returns with no
Net
net income 2 /
Number
Taxes
Income
Number
Excess
Net income and deficit
Total
of
income
tax 3 /
classes 2 / ,
tax
of
Deficit 2/
profits
returns
tax ^ / returns
69,146
4,607
18,822
60,207
4,607
Under 1
25,177
8,904
15,819
22,848
8,904
32,005
1 under 2
47,003
57,116
11,052
8,878
21,876
11,052
23,055
2 under 3
12,422
12,422
20,648
5,
940
18,218
63,534
3 under 4
.
14,026
4,248
70,921
14,025
1
19,060
4 under 5
15,815
10,976
76,294
76,289
77,606
50,942
371,280
5
5 under 10
80,337
80,642
4,779
30,621
376,641
305
58,399
10 under 15
44,787
20,971
' 80,012
1,237
2,597
78,775
363,745
15 under 20
1,732
38,571
18,119
408,159
91,867
90,019
1,848
20 under 25
3,536
373,252
363,601
123,661
9,651
1,248,324
35,645
25 under 50
22,736
578,869
562,974
1,600,462
15,895
1,985
137,131
50 under 100
29,897
1,291
17,308
2,685,312
947,072
976,969
197,498
100 under 250
824,266
854,614
30,348
469
6,734
162,760
2,350,407
250 under 500
845,348
218
2,458,464
3,533
883,131
37,783
151,709
500 under 1,000
2,806
192
5,608,499
1,976,698
368,590
1,000 under 5,000
1,904,685
72,013
728,947
20,361
316
708,586
2,180,118
18
123,965
5,000 under 10,000
2.073.657
18
48.801
279
7.269.430
2f122.458
403.775
10,000 and over
Total
No income data (inactive
comorations)
For footnotes, see pp* 30 - 31
359.310
27.184.592
-
-
45/8.874.840
-
45/8.606.695
-
268.145
-
131.842
1.991.706
35.211
-
- 50 -
Footnotes for tables in this release
derived 90 percent or more of receipts from investments and
\/ The information contained in this release is compiled
■which at no time during the taxable year had investments in
from ihe returns as filed, prior to revisions that may be made
corporations in which they owned 50 percent or more of the
as a result of audit by the Bureau of Internal Revenue. Data
voting stock.I
are likewise prior to any changes resulting from carry-backs,
relief granted under section 722 of the Internal Revenue Code,
12/ The industrial classification designated "Holding
recomputation of. amortization of emergency facilities, or from
conpaiSes" consists of corporations which derived 90 percent
the renegotiation of war contracts, after the returns were
or
m
ore
of receipts from investments and which at some time
filed. The effect of renegotiation settlements reached after
during the taxable year had investments in corporations in
the returns were filed is to be shown in special tabulations
which they owned 50 percent or more of the voting stock.
which will appear in the complete reports, "Statistics of
Income, Part 2," for each of the years 1942 through 1946.
13/ The industrial classification designated "Operatingholding companies" consists of Corporations which derived less
2/ "Net income" or "Deficit" for 1946 is the difference
than
90 percent but more than 50 percent of receipts from in
between the total income and the total deductions as reported on
vestments •
the return, adjusted by excluding net operating loss deduction;
for 1945 is the amount reported for declared value excess-profits
Number of returns shown excludes returns of inactive
tax computation, adjusted by excluding net operating loss de
corporations.
duction and adding Government interest subject to surtax only
and excess of net long-term capital,gain over net short-term
15/ "Gross sales" consists of amounts received for goods,
capital loss. See note 32.
less returns ^nd allowances, in transactions where inventories
are an income-determining factor. For "Cost of goods sold,"
3/ "Income tax?' consists of normal tax, surtax, and alter
see "Deductions."
native tax reported in lieu of normal tax and surtax where the
income includes an excess of net long-term capital gain over
16/ "Gross receipts from operations" consists of amounts
net short-term capital loss, if and only if such tax is less
received from transactions in which inventories are not an
t.hnn the normal tax and surtax. Tabulated with the income tax
Income-determining factor. For "Cost of operations," see
for returns with net income is a small amount of tax reported on
"Deductions."
returns with no net income, under the special provisions applica
ble to certain mutual insurance companies, other than life or
17/ "interest received on Government obligations, wholly
marine.
taxable" consists of interest on Treasury notes issued on or
after December 1, 1940, and obligations issued on or after
4/ The excess profits tax shown is that imposed by
March 1, 1941, by the United States or any agency or instrumen
section 710 of the Internal Revenue Code as amended and should
tality thereof, reported a3 item 9(c), page 1, Form 1120.
not be confused with the declared value excess—
profits tax.
Effective January 1, 1946, the corporate excess profits tax is
18/ "Interest received on Government obligations, subject
repealed. For 1946 the excess profits tax data shown are from
to surtax only1* consists of interest on United States savings
excess profits tax returns for fiscal years ending in the period
bonds and Treasury bonds owned in principal amount of over $5,000
July through November 1946, and part years beginning in 1945 and
issued prior to March 1, 1941, reported as item 9(a), page 1,
onrHng in 1946 with the greater part of the accounting period in
Form 1120; and interest on obligations of instrumentalities of
1946. (For fiscal years beginning in 1945 and ending in 1946,
the United States (other than obligations of Federal land banks,
the excess profits tax is retained for the 1945 portion of the
joint stock land banks, and Federal intermediate credit banks)
year. In such cases the tax is determined by first computing a
issued prior to March 1, 1941, reported as item 9(b), page 1,
tentative tax under the provisions applicable to taxable years
Form 1120.
beginning on January 1, 1945. The tentative tax is then pro
rated on the basis of the number of days in the taxable year be
19/ "Interest received on Government obligations, wholly
fore January 1, 1946.) As in 1945, the amount shown is the excess
tax-exempt" consists of interest on obligations of States,
profits tax less the 10 percent credit. Throughout this release,
Territories,
or political subdivisions thereof, the District of
the tax is before the amount deferred under section 710(a)(5)
Columbia, and United States possessions; obligations of the
(relating to abnormalities under section 722) and after any ad
United States issued on or before September 1, 1917; all P°"~ justments reported on the returns under other relief provisions.
savings bonds;.Treasury notes issued prior to December 1, 1940;
Treasury bills issued prior to March 1, 1941; United States
5/ The excess profits net income is obtained from the
savings bonds and Treasury bonds owned in principal amount of
normal-tax net income (computed without.allowance of credit for
$5,000 or less issued prior to March 1, 1941; and obligations
income subject to excess profits tax and without allowance of
issued prior to March 1, 1941; by Federal land banks, joint
dividends received credit) by making certain adjustments, con
stock land banks, and Federal intermediate credit banks. In
sisting principally of the exclusion of long-term capital gains
terest from such sources is reported under item 19(a) of
and losses, and dividends received from domestic corporations.
schedule M, page 4, Form 1120.
»
6/ The adjusted excess profits net income, as reported on
20/ Amount shown as "Rents" consists of gross amounts
Form 1121, is the excess profits net income less the sum of the
received. The amounts of depreciation, repairs, interest, taxesj
specific exemption, excess profits credit, and unused excess
and other expenses, which are deductible fk*omthe gross amoun
profits credit adjustment. For part year returns, the amounts
received for rents, are included in the respective deduction
of excess profits net income and adjusted excess profits net in
items.
come have been placed on an annual basis.
21/ Amount shown as "Royalties" consists of gross amounts
7/ The declared value excess-profits tax is repealed,
received. The amount of depletion, which is deductible
effective with respect to income tax. taxable years ending after
the gross amount of royalties received, is included in the it®
June 30, 1946.
of "Depletion" in deductions.
8/ The industrial classification is based on the business
22/ Capital gain or loss is the amount of gain or loss
activity reported on the return. When multiple businesses are
arising from the sale or exohange of capital assets. (A net
reported on a return, the classification is determined by the
loss from this source is not deductible for the current year,
business activity which accounts for the largest percentage of
but may be oarried over and applied against oapital gains in
total receipts. Therefore, the industrial groups do not reflect
the five succeeding taxable years to the extent not allowed as
pure industry classifications. There is no change in the indus
a deduction against any net oapital gains of any taxabls year
trial groups between 1945 and 1946.
intervening between the taxable year in whioh the net oapi* .
tal loss was sustained and the taxable year to whioh oarrie •J
9/ Total number of returns includes returns of inactive
The
term "Capital assets" means property held by the taxpayer
corporations.
(whether or not connected with trade or business), but ex
cludes (1) stoek in trade or other property whioh would
10/ "Total compiled receipts" consists of gross sales (less
properly be lneluded in inventory if on hand at the closs or
returns and allowances), gross receipts from operations (where
the taxable year, (2) property held primarily for sale to
inventories are not an income-determining factor), a ll interest
customers in the ordinary course of trade or business, (o;
received on Government obligations (less amortizable bond pre
property used in trade or business, of a oharaeter which is
mium), other interest, rents, royalties, excess of net short-term
subject to the allowance for depredation, (4) Government
capital gain over net long-term capital loss, excess of net long
obligations issued on or after March 1, 1941, on a disoount
term capital gain over net short-term capital loss, net gain
basis and payable without interest at a fixed maturity date
from sale or exchange of property other than capital assets, divi
not exoseding one year from the date of issue, and (5)- real
dends, and other receipts required to be included in gross income.
property used in the trade or business of the taxpayer.
"Total compiled receipts" excludes nontaxable income other than
Beginning 1942 gains and losses from (a) sale or exohange
tax-exempt interest received on certain Government obligations.
of depreciable property and real property, used in the
trade or business and held for more than 6 months, and fr®n
n / The industrial classification designated "Investment
(b) involuntary conversion of such property and of oapital
trusts and investment companies" consists of corporations which
31 Footnotes for table» In this release - Continued
assets held for more than 6 months are treated as long-tens
capital gains and losses, If the gains exceed the losses* If
the losses exceed the gains, the net loss is deductible as an
ordinary loss. For taxable years beginning after December 31,
1941, "short-term" applies to gains or losses on the sale or
exchange of capital assets held six months or less; "long
term" applies to gains or losses on capital assets held over
six months*
23/ "Net gain or loss, sales other than capital assets"
is the net amount of gain or loss arising from the sale or
exchange of depreciable and real property used in trade or
business and short-term noninterest-bearing Government obli
gations issued on or after March 1, 1941, on a discount
basis. If the property used in trade or business has been
held for more than 6 months, special treatment of the gain
or loss is provided as described in note 22 above*
24/ "Dividends, domestic corporations" consists of divi
dends received from domestic corporations subject to income
taxation under chapter 1 of the Internal Revenue Code. This
item is reported in column 2, schedule E, page 2, Form 1120,
and is the amount used for computation of the dividends re
ceived credit.
25/ "Dividends, foreign corporations" is the amount
reported in column 5, schedule E, page 2, Form 1120, and is
not used for the computation of dividends received credit*
26/ Where the amount reported as "Cost of goods sold"
or "Cost of operations" includes items of deductions such as
depreciation, taxes, etc.*, these items ordinarily are not
transferred to their specific headings* However, an exception
is made with respect to amounts reported in costs and identi
fiable as "Amortization of emergency facilities" and "Amounts
contributed under pension plans, etc.," such amounts being
transferred to the respective deduction items*
27/ Amount shown as "Repairs" is the cost of incidental
repairs, including labor and supplies, which do not add mate
rially to the value of the property or appreciably prolong
its life.
Internal Revenue Code for amounts contributed by employers
under pension, annuity, stock-bonus, or profit-sharing plans,
or other deferred compensation plans*
52/ The net operating loss deduction tabulated herein
is the amount originally reported*, consisting only of the net
operating loss carry-over reduced by certain adjustments, and
does not take into account whatever revisions may subsequently
be made as the result of any carry-back of net operating loss
from the two succeeding tax years* In general, the net
operating loss carry-over is the sum of the net operating
losses, if any, for the two preceding taxable years. If there
is net income in the first preceding taxable year, the net
operating loss for the second preceding taxable year is re
duced to the extent such loss has been absorbed by such net
income*
35/ Amount shewn as "Compensation of officers" excludes
compensation of officers of life insurance companies which
file Form 1120L* -Data not available*
54/ See note 55*
35/ Compiled net loss or deficit*
36/ Compiled net loss after total tax payment*
\
57/ "Number of returns with balance sheets" excludes re
turns of inactive corporations and returns of active corpo
rations for which balance sheet data are lacking*
38/ Amount shown as "Cash" includes bank deposits*
59/ Amount shown as "Investments, Government obligations"
consists of obligations of the United States or agency or inatru*
mentality thereof as well as obligations of States, Territories,
and political subdivisions thereof, the District of Columbia,
and United States possessions* See note 40*
Where investments are not segregated as between
"Government obligations" and "Other," the entire amount is in
cluded in "Other investments*"
28/ The item "Taxes paid" excludes (1) Federal income
tax and Federal excess profits taxes, (2) estate, inheritance,
legacy, succession, and gift taxes, (3) income taxes paid to
a foreign country or possession of the United States if any
portion is claimed as a tax credit, (4) taxes assessed against
local benefits, (5) Federal taxes paid on tax-free covenant
bonds, and (6) taxes reported in "Cost of goods sold" and
Cost of operations*"
41/ Amount shown as "Capital assets" consists of (1) de
preciable tangible assets such as buildings, fixed mechanical
equipment, manufacturing facilities, transportation facilities,
and furniture and fixtures, (2) depletable tangible assets —
natural resources, and (3) intangible assets such as patents,
franchises, formulas, copyrights, leaseholds, goodwill, and
trade-marks. (Amounts in tables 3 and 4 of this release ex
clude land*)
29/ The deduction claimed for "Contributions or gifts"
is limited to 5 percent of net income as computed without the
benefit of this deduction.
42/ Assets and liabilities are tabulated as of
December 31, 1946, or close of fiscal year nearest thereto*
Total assets classes are based on the net amount of total
assets after reserves for depreciation, depletion, amorti
zation, and bad debts. Adjustments are made in tabulating
the data as follows: (1) Reserves, when shown under lia
bilities , are used to reduce corresponding asset accounts,
and "Total assets" and "Total liabilities" are decreased by
the amount of such reserves, and (2) a deficit in surplus,
shown under assets, is transferred to liabilities, and "Total
assets" and "Total liabilities" are decreased by the amount
of the deficit.
. 32/ Amount shewn as "Amortization" is the deduction pro-.
Tided by section 124 of the Internal Revenue Code as amended
with respect to the amortization of the cost of emergency .
facilities necessary for national defense. On September 29, 1945,
Wje President proclaimed the ending of the emergency period de—
section 124(e)(2). As a result, taxpayers holding
rtified emergency facilities on which the 60-month amorti—
had not expired could elect to terminate the
ortization period as of September 30, 1945, and recompute
e amortization deduction for each tax year involved, on the
sis of the actual number of months in the shortened period*
the^QAR6 amortization deductions reported on the 1945 and
X946 returns are, in many instances, the increased amounts
on the shortened period, whereas the amounts reported
MJf®Turns ^or 1944 and earlier years are based on a 60-month
computation^6 Su^ ec^ bo adjustment to give effect to the re—
consist "founts contributed under pension plans, etc.,"
s oi deductions claimed under section 23(p) of the
.Amount shown as "Surplus and undivided profits"
consists of paid-in or capital surplus and earned surplus and
undivided profits. See note 44.
44/ Amount shown as "Deficit" consists of negative amounts
of earned surplus and undivided profits.
45/ Included in the total, but not in the detail, under
"Income tax" and "Total tax," is $76,182 of tax reported on
returns with no net income. See note 3*
ÎK&
IMMEDIATE RELEASE
April
19l*9.
/J
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under the General Agreement on Tariffs and Trade, from the beginning,
of the quota periods to April 2, 1 9h9, inclusive as follows 5
Commodity
*
•
s Period and Quantity
«
#
Uihole milk, fresh or
sour••♦•**•♦***••
*
#
:
•
•
Unit
of
Quantity
j Impofts as óf
: April 2,
:
191*9
f
3 ,000,000
Gallon
1*58
Cream, fresh or sour*...... Calendar year
1 ,500,000
Gallon
198
Nov. 1, 19^8Mar. 31, 19l*9
5 0 ,000,000
Pound
1*55,061
Fish, fresh or frozen,
filleted, etc*, cod,
haddock, hake, pollock,
cusk, and rosefish...... Calendar year
a)
26,881,369
Pound
9 ,016,875
Hhite or Irish
potatoes:
r*or»+.T "P-ip H fippiH
.• other*''?
12 months from 150.000,000
Sept. 15 , I 9U 8 60,000,000
Pound
Pound
TSalnuts ..........••»*.....
Calendar year
5 ,000,000
Pound
Riitt.p.r....... .
Calendar year ■
(1)
Quota Filled g
Quota Filled 1
95 7,ltl)0
The proviso to Item 717(b) limits the
imports for consumption at the quota
rate to 13,1*1*0,681* pounds during the
first six months of the calendar year*
Due to a provision of the President’s proclamation No* 2769 of January 30,
19il8, in which the entry of a specified quantity of Cuban filler tobacco, unstemmed or stemmed (other than cigarette leaf tobacco) and scrap tobacco,
affects the rate of duty on such tobacco from countries other than Cuba, a reco
is maintained of imports from Cuba. 6,11*3,502 pounds of such Buban tobacco were
imported for consumption during the period January 1 to April 2, 19h9, inclusiv .
0 O0
9
TREASURY DEPARTMENT
Washington 25
IMMEDIATE RELEASE
Wednesday, April 13« 1949.
S-1052
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under the General Agreement on Tariffs and Trade, from the beginning
of the quota periods to April 2, 1949, inclusive as follows:
Commodity
Period and Quantity
_________________________
Unit
Imports as of
of
April 2,
Quantity_________1949______
Whole milk, fresh or
sour.............•*..* Calendar year
3 ,000,000
Gallon
458
Cream, fresh or sour...* Calendar year
1 ,500,000
Gallon
198
Butter................ , Nov. 1, 1948Mar. 31, 1949
50 ,000,000
Pound
455,061
Pound
9,016,875
White or Irish
potatoes:
certified seed....,.... 12 months froml50 ,000,000
other
Sept. 15 i 1948 60,000,000
Pound
Pound
Quota Filled
Quota Filled
Walnuts............ ..... Calendar year
Pound
957,440
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
(!)
cusk, and rosefish.••.. Calendar year 26,881,369
(l)
5,000,000
The proviso to Item 717(b) limits the
imports for consumption at the quota
rate to 13 ,440,684 pounds during the
first six months of the calendar year.
i
Due to a provision of the President’s proclamation No. 2769 of January 30,
1948, in which the entry of a specified quantity of Cuban filler tobacco, ur>stemmed or stemmed (other than cigarette leaf tobacco) and scrap tobacco,
affects the rate of duty on such tobacco from countries other than Cuba, a record',
is maintained of imports from Cuba, 6,143,502 pounds of such Cuban tobacco were
imported for consumption during the period January 1 to April 2, 1949. inclusive.
oOo
IMMEDIATE RELEASE,
] April
19k9________
Th6"3ureau of Customs announced todky 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,
imd April 29y 1943, for the 12 months commencing May 29, 19%8, as follows:
Wheat
Country
of
Origin
Established
Quota
(Bushels)
: .Imports
:May 29, 1948, to
:April 2, 19k9
(Bushels)
Canada
795,000
China
Hungary
long Kong
Japan
Jnited Kingdom
100
—
Australia
Germany
100
Syria
100
g **
Jew 2 ealand
—
Shile
Tet her lands
100
Argentina
2,000
100
Italy
—
■juba
1,000
Vance
i-reece
100
Mexico
'anama
—
Vuguay
Viand and Danzig
Sweden
'ugoslavia
#»
'orway
Canary Islands
1,000
iumania
100
ruat emala
100
razil
nion of Soviet
Socialist Republics
100
100
lelgium
9k ,026
800,000
9U,OU7
<-
Wheat flour, semolina, /
crushed or cracked
wheat, and similarwheat products
Established i , Imports
Quota
: May 29, i9ij8j
• t o April 2, 1$
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000 ,
8,000
75,000
m
1,000
—
•
—
—
5,000
5,000
1,000
1,000
1,000
14,000
21
—
— ■‘.f||
—
—
$
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
*•
oOo-
2,1*97,380
160
**
. 'lk
-
m
'—
—
—
—
661
—
m
-
BBSS''
“
**
4,000,000
-
2,1*98,¿ I T
TREASURY DEPARTMENT
Washington 25
IMMEDIATE RELEASE
Wednesday, April 13« 1949
S-1053
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943, for the 12 months commencing May 29, 1948, as follows:
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
*
•
•
:
Wheat
;
:Established :
Imports
:
Quota
• May 29, 1948, to
:
: April 2, 1949
795,000
94,026
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established: Imports
Quota
:May 29, 1948,
:to April 2,1949
3,815,000
24.000
13.000
13,000
2,497,380
160
8,000
100
75.000
1,000
100
100
5,000
5.000
1.000
1,000
1,000
14.000
100
2,000
100
1,000
21
100
1,000
100
100
2,000
12.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
14
661
100
100
800,000
94>047
-*o0 o-
4,000,000
2,498,215
Th« Millar deci«lona, whloh ara revolcad, ara *B'a 46330 (4)
and 61193 (*>•
In the e M e of Articles which will he subject to higher
duty than ha* been heretofore assessed wader a uniform and
established practice, the nee ruling will be effective after
the aspiration of 30 day* from the date of it# official publi
cation.
S
It*1
/osa
Sfee Bureau, of Guato»«» la « A«el»loa mad« pubi le today,
ha» ruled that an artici« vho«« 9phy«ical entirety l» a««embl«d
abroad la whole or la pari vith Amerlcto parti! 1« dutiabl« oa
Ita fall vaia«.
fhe
rullng va» «ad« la a lattar datad Aprii 5* 1949» to
thè collector of cuatome at Sto mago, California, aa abstract
«f vhleh vili appoar ehortly la th* officiai poblicaton "fraaturjr
Dee!alone.9
fho deolaloa deal« «peelfieally vith a *u*eUon concernine
imported automobile« «ad« la a foraign oountry by to««ably of a
complete body of United State« or for«lgn manufacture and a com
pleta chassis of Uaited Stat«« manufacture.
Hovwer, thè determiaatioa 1« appllceblt to other type« of
merehaadlcc aeeembled ia eatirety abroad vhera United Statto made
part» are a« ed.
fhe ruling «operiedto earller d^ciiione under
vhleh in «eme case» duty frac traatmeat va« aecordad to th« «itaat
of th« vaia« of American maàe conponent«.
fhe fall vaia» dutlability ruling oa thi« cito« of merchandiee
1« baaad oa a naaber of Ootttoaa Court and prorlon« adminietrative
lnterpret.tloaa of «io tarlff I m n , om«A of whloh, wlth ewt*ln
■p.cifle exceptlon», exeluàee fio* free-antsry prlrllege thoo.
AsaricM *ad# gooda whlob whlle atooad h»T. *te*n adr&noed la r*l**
or lnprorad la oondltlon
«¡r prooow of swmf«sture or other m®®»»-"
?
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE
Wednesday, April 13, 1949,
S-1054
The Bureau of Customs, in a decision made public today* has ruled
that an article whose "physical entirety is assembled abroad in whole
or in part with American parts,» is dutiable on its full value.
The ruling was made in a letter dated April 5, 1949* to the
collector of customs at San Diego, California, an abstract of which will
appear shortly in the official publication »Treasury Decisions.»
a .
decision.deals specifically with a question concerning imported
2153,(18
a .foreiSn co ^ r y by assembly of a complete body of
United States or foreign manufacture and a complete chassis of
United States manufacture*
However, the determination is applicable to other types of
arpC|iQP^1Se'r^ssembled in entirety abroad where United States made parts
l he
suPersedes earlier decisions under which in some
cases duty free treatment was accorded to the extent of the value of
American made components*
The full value dutiability ruling on this class of merchandise is
“
on a nu^er of Customs Court and previous administrative inter
pretations of the tariff laws, one section of which, with certain
exceptions, excludes from free-entry privilege those American
made goods which while abroad have »been advanced in value or improved
m condition by any process of manufacture or other means."
51193T^2)earller deoisions-’ which are revoked, are TD's 45320 (4) and
ha* T * T ®
°f artioles whioh wi11 be subject to higher duty than
t, been heretofore assessed under a uniform and established practice,
2 T rUiM g w i U 136
after the expiration of 30 days from
the date of its official publication.
y
r0m
- 3 *
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 I42
and 117 (a) (1) of the Internal Revenue Code,, as amended by Section Ilf? 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 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 th@r return is made, as
ordinary gain or loss.
Treasury Department Circular No. I4JL8 , as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue*
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
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 m i l 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, non-competitive tenders for $205,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on April 21, 19^9
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
.
,
April 21, 19^9
Cash adjustments will be
made for differences between the par value of maturing bills accepted in exchange
and the issue price of the
neii 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 the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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
Exhibits
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 13. 19^9._____ _
$ck)c
The Secretary of the Treasury, by this public notice, invites tenders for
^00,000,000
, or thereabouts, of
91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing
April 21. 19^9
--------- —
> to be issued on
~
a discount basis under competitive and non-competitive bidding as Hereinafter
provided.
The bills of this series will be dated
will mature* July
—
interest.
21, 19^9
m
April 21, 19^9
, and
, when the face amount will be payable without
'-----------------
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders w ill be received at Federal Reserve Banks and Branches up to the
closing hour, two o»clock p.m., Eastern Standard time, Monday, April 18, 19^-9
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be 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 forwarded in the special envelopes
which will be supplied b y Federal Reserve Banks or Branches on application
theref o 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
1
*^u v
TREASU RE DEPARTM ENT
Information Service
RELEASE, MORNING NEWSPAPERS,
Friday, April 15, 19^9.
WASHINGTON, D .C .
S-1055
The Secretary of the Treasury, by this public notice,
invites tenders for $ 900 ,000 ,000 , or thereabouts, of 91 -day
Treasury bills, for cash and in exchange for Treasury bills
maturing April 21, 1949, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated April 21,
1949, and will mature July 21, 19^9, 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, April 18, 1949. Tenders will not be
received at the Treasury Department, Washington*
Each tender
must be for an even multiple of $ 1 ,000 , and in the case of
competitive tenders the price offered must be expressed on the
basis of 100 , with not more than three decimals, e. g., 9 9 .9 2 5 .
Fractions may not be used.
It is urged that tenders be made
on the printed forms and forwarded in the special envelopes
which will be supplied by Federal Reservé 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
Q-t 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 b i d s . Those
submitting tenders will be advised of the acceptance or re
jection therfeof. 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
2
final.
Subject to these reservations, non-competitive tenders
for $ 200,000 or less without stated price from any one bidder
will be accepted in full at the average price (in three
decimals) of accepted competitive bids. Settlement for ac
cepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on April 2 1 , 1949 , in
cash or other immediately available funds or in a like face
amount of Treasury bills maturing April 21, 1949 . Cash and
exchange tenders will receive equal treatment.
Cash adjust
ments 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 the Internal Revenue Code, or laws
amendatory or supplementary thereto. The bills shall be
subject to estate, inheritance, gift or ether excise taxes,
whether Federal or State, but Shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof
by any State, or any of the possessions of the United States,
or by any local taxing authority, For purposes of taxation
the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections 42 and 117 (a) (l) of the Internal Revenue Code,
as amended by Section 115 of the Revenue Act of'1941, the
amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be
sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return/ only the
difference between the price paid 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 or Branch.
oOo
TREA SU RY DEPARTM ENT
WASHINGTON, D .C .
Information Service
R E L E A S E , M O R N I N G NEWS P A P E R S ,
S -a & ë T
Apt'*/ Afj /ÿvÿ
/ fa re d
D u r i n g the m o n t h of jfto'brucury, 19^9
market
transactions
in d i r e c t and
g u a r a n t e e d s e c u r i t i e s of the G o v e r n m e n t
for T r e a s u r y investment, and o t her
ac c o u n t s r e s u l t e d in n e t 7W*to®*''of
O f 5 ,0 0 0
Secretary Snyder announced
today,
oOo
TREASURY DEPARTM ENT
Information Service
RELEASE, M O R N I N G NEWS P A P E R S ,
Friday, A p r i l 15, 19^9.
S-IO 56
D u r i n g the m o n t h of March,
market
transactions
19^9
in d i r e c t and
g u a r a n t e e d s e c u rities
of the G o v e r n m e n t
for T r e a s u r y i n v e s t m e n t and o t h e r a c
counts
r e s u l t e d in n et p u r c h a s e s
of
$5,059*000, S e c r e t a r y S n y d e r a n n o u n c e d
today.
0O0
YU
0-a ^ - A ,
this
occa
work
Savi
i our coiasury’s
This peacetime campaign JLSJX \J w - „
rities
is vitally significant to us all — as individuals and as a Nation* No
matter whether United States Savings Bonds are purchased in an industrial
plant, through the Payroll Savings Plan, or in a bank or post office, they
represent something definite and tangible to every purchaser. No matter
who owns them — factory worker, shopkeeper, farmer, professional man or
woman — Savings Bonds stand for certain concrete and positive things*
They represent a definite sharing by each individual citizen in his
country >s government. They mean that a certain portion of todayfs earn
ings has been set aside as a protection and a prudent reserve to meet
the opportunities and the needs of tomorrow.
They stand for participation on the part of millions of men and
women in the management of the national debt — participation in spread
ing the ownership of that debt among as many individual Americans as
possible.
They symbolize our nation-wide determination to protect the economy
of this country and to achieve an even greater measure of economic
well—being*
The person who owns United States Savings Bonds is a man who has a
stake in the future — his own as well as his country1s. He is a man who
has done something to insure a better future for himself and his family.
He is a more efficient employee, a better citizen. He holds, in the form
of United States Savings Bonds, tangible evidence of the reality of the
free enterprise system. He has experienced, at first hand, how that system
can work •— for him.
At the close of 194-8, Payroll Savings plan participants owned approxi
mately $12® 5 billions in Savings Bonds. Iie recognize this figure as
representing a tremendous reserve of deferred buying power -— > a potential
of future spending, and therefore of future business, for community, state
and nation« We recognize also that these billions of dollars constitute
a most satisfactory preparation for any emergencies which may lie ahead*
And this figure of $12®5 billions in bonds represents only the Payroll
Savings Plan participants0 All together, individuals own more than $4-8
billions in bonds. And the over-all, grand total of Savings Bonds outstanding is $56 billions.
S-1057
TREASUKx
Washington
ENT
The following address by Secretary Snyder at a dinner
honoring the National Volunteers of the United States
Savings Bonds Division, presidential Room, Hotel
Statler, Washington, D. C., is for release on-delivery,
scheduled at 9:30 p*m, EST, Tuesday, April 19, 1949.
I
am indeed happy to be with you volunteer bond workers on this
occasion. Tonight we in this room are joining with thousands of our co
workers across the Nation to exemplify the importance of the Treasury’s
Savings Bond Program,
This peacetime campaign for the sale of United States securities
is vitally significant to us all — as individuals and as a Nation, No
matter whether United States Savings Bonds are purchased in an industrial
plant, through the payroll Savings Plan, or in a bank or post office, they
represent something definite and tangible to every purchaser. No matter
who owns them — factory worker, shopkeeper, farmer, professional man or
woman — Savings Bonds stand for certain concrete and positive things.
They represent a definite sharing by each individual citizen in his
country’s government. They mean that a certain portion of today’s earn
ings has been set aside as a protection and a prudent reserve to meet
the opportunities and the needs of tomorrow.
They stand for participation on the part of millions of men and
women in the management of the national debt — participation in spread
ing the ownership of that debt among as many individual Americans as
possible.
They symbolize our nation-wide determination to protect the economy
of this country and to achieve an even greater measure of economic
well-being.
The person who owns United States Savings Bonds is a man who has a
stake in the future — his own as well as his country’s. He is a man who
has done something to insure a better future for himself and his family.
He is a more -efficient employee, a better citizen. He holds, in the form
of United States Savings Bonds, tangible evidence of the reality of the
free enterprise system. He has experienced, at first hand, how that system
can work •— for him.
At the close of 194-8, Payroll Savings plan participants owned approximately $12®5 billions in Savings Bonds. We recognize this figure as
representing a tremendous reserve of deferred buying power -— a potential
of future spending, and therefore of future business« for community, state
and nation« We recognize also that these billions of dollars constitute
a most satisfactory preparation for any emergencies which may lie ahead*
And this figure of $12.5 billions in bonds represents only the Payroll
Savings Plan participants. All together, individuals own more than $4-8
billions in bonds. And the over-all, grand total of Savings Bonds outstanding is $56 billions.
S-1057
The money that Americans have invested in Savings Bonds might well
be called an Opportunity Fund# It will help greatly to insure our
traditions of individual freedom and security#
Tonight we are just a month away from the launching of the
Opportunity Bond Drive# On Hay 16 our plans, which have been perfected
all the way from the grass-roots up to the metropolitan market areas,
will come into operation#
On that day forty-eight covered wagons will set out from
Independence, Missouri — where once the pioneers joined into large
caravans for the westward trek# These covered wagons, symbolic of those
days when pioneer Americans sought opportunity beyond the western
frontier, will visit each of the Nation»s states, where they will become
the focal point of Savings Bond sales activity#
Newspapers, radio, magazines, indoor and outdoor advertising have
been enlisted as never before in this OPPORTUNITY Bond Drive*
Approximately 250,000 newspaper carrier boys will visit some ten
million American homes and deliver an OPPORTUNITY Bond Drive message#
National organizations — veterans,, civic, professional, social,
and service — have pledged their membership to serve as volunteers to
make personal calls and to do person-to-person selling jobs.
Bankers and industrialists, labor union officials, educators and
agriculturalists — all have expressed their confidence in the ultimate
success of our undertaking, and have pledged their complete support and
cooperation »
We have planned with great care during the past two months. I
have met with members of our 19 national advisory committees, and have
discussed promotional problems Yfith many volunteers# The magnitude of
the task ahead is clearly understood and appreciated, I know, by every
man and woman in this room — and by every one of the guests at similar
dinners in other cities tonight#
The sales quota we have set for ourselves is $1,040,000,000 in »»E”
bonds# This is a challenging figure, but the members of the Savings
Bond Program organization have proven their ability to reach this goal
through the concrete evidence of past labors© You volunteer salesmen
and saleswomen have done a magnificent job of educating your fellow
Americans to the real meaning of this program# You have established an
amazing, an incredible record# You have created a demand for Savings
Bonds among your fellow citizens# You have built up a habit of regular
saving among millions of American workingmen and women who continue to
buy their bonds through automatic payroll deductions# You have taught
professional people, the farmers, and the self-employed to purchase
bonds regularly through the Bond-a-Month Plan#
-
3-
The attainment of our national quota is a job for everybody* It
is the responsibility of everyone, everywhere in America to comprehend
the significance of the Savings Bonds program to the development and
maintenance of economic security for the individual and the Nation*
Many of you remember that, after the close of the Victory Loan,
there was a good deal of doubt —— freely expressed — as to how long
holders of savings bonds would wait before making large scale redemp
tions, Even the most optimistic felt that there would be a considerable
reduction in volume of sales* After all, they pointed out, the war was
over. Enthusiasm, patriotic fervor, wartime urgencies had all vanished*
Well, we know now how mistaken they were* The sale of Savings
Bonds continued through 1946 — grew larger through each month of 1947
and 1948 — because this form of savings filled a definite need in our
national economy.
This need — and the role the Savings Bonds program could play in
satisfying it — was recognized long ago by our country's top financiers*
They realized the paramount importance of the program to the maintenance
of a sound national economy*
I know you want to think of the OPPORTUNITY Savings Bonds Drive as
your own personal opportunity to bring to the attention of everyone you
can reach the value of owning United States Savings Bonds* You'll want
to make it your town's opportunity to increase its bond holdings — which
are in reality tomorrow's purchasing power* You'll want to make your
state's share of the national quota *— and more*
■
Good luck to all of you*
the job which lies ahead*
I know you will successfully accomplish
-oOo-
\
Tmmm m&mmet
Washington
vor momse ,mamm iewspapebs
fl^aar, April 1% X9k9*
rreee service
Vo. S- / o
U m Secretary of the Treasury announced today that
propoaala axe being inrited for furnishing dietinctire
paper required for printing currency and public debt
securities of the United States for the fiscal year
1950, for
which bids d l l be opened st the Treasury
Bepartnent on Hay
13,15*9»
She entinated quantity of paper required for currency
le 133,767,000 sheets, or about I6 1 3 tons, and for public
debt securities 9,850,000 chests,
or about UBk tons.
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
RELEASE, MORNING NEWSPAPERS,
Friday, April 15, 1949.
S-1058
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 1950 , for which bids will be
opened at the Treasury Department on May 1 3 , 19^ 9 .
The estimated quantity of paper required for
currency is 133,767,000 sheets, or about 1,615
tons, and for public debt securities 9 ,850,000
sheets, or about 184 tons.
0O0
Wa sh ing to n,
D.
C,;
A r c h i b a l d McAllister,
principal,
ko b e r t Fu lt on Public School^*. Philad el phi a,
Pa,;
E. Howe,
N* Y.;
Alvey,
and Dr,
State
dean,
Teachers
College,
New Paltz,
Mary W a s h i n g t o n College,
Flora.
Prof, Kenneth
Dr, Edward
F r ed e ri ck sbu rg ,
Va,;
St u de nt Council,
Lane
Mrs* W il da F* Faust,
America,
Sp ringfield,
of postal
U.
S*
111*;
state
D*
C*;
savings,
Ger tru de
Office
s u p er i n t en d e n t
National
Cyrus
Post
s up er i nt e n d e n t
Campbell,
Cummings,
Fairfax,
Homer,
instruction,
Wa shi ng ton ,
secretary,
D e pa r tm en t
La.;
Dr*
Miss
C.j
Raleigh,
of e l e m e n t a r y schools,
Louise
Frankfort, Ky*;
Combs,
C*;
Miss
Studies,
Dr*
TJ. S*
D.
C.;
Jansen,
Howard H*
Office
Hilda Maehling,
of
executive
National
Mrs*
instruction,
ex ecutive
state
Dr* W i l l i a m
City of New York;
of public
Council for the Social
D.
Clyde A* Erwin,
instruction,
Yiashington,
F. Hartshorn,
su perintendent
C*
of C l a s s r o o m Teachers,
E d u c a t i o n Assoc iat io n,
su p e ri nt e nd en t
D.
Conference,
W a sh in gt on ,
d i v i s i o n of s e co n d a ry education,
Dr* Me rrill
C.;
s e cur it y chairman,
supe rv iso r
Va*;
of schools,
Education,
state
D.
national
of public
of education,
su pe r in t en de n t
a s sis ta nt
W as hin gt on,
James E. Bauserman,
dep a rt m en t
of public
D.
of
Federal R a d i o E d u c a t i o n Commission,
of Education,
Fa i r f ax County,
Teachers
Wa sh ing to n,
Office De pa rtment,
A m e r i c a n L e gi o n Auxiliary,
N* Car.;
Future
Catholic W e lf ar e
L* Burnett,
Broderick,
Also Mrs* E* A,
state
secretary,
Va*;
Mo nsi g n or F r ede ri ck G* Hoohwalt,
of education,
Was h i ng to n ,
Mrs*
n a ti on al
Char lo tte sv ill e,
Na tional E d u c a t i o n As so ciation,
V?ernon L. Nickell,
d ir ect or
High School,
Pearl Wanamaker
Olympia,
secretary,
Wash*;
National
National E d u c a t i o n Association
fu n da m en ta l to assure
basic
a sound eco no my
p r o g ra m is ed uca tio na l.
be ta ug ht
about Savings
Nat ional A dv i s o r y
in this
country.
We be lieve that
Bonds
in the
Committee will
schools
The
ch i ld r e n can
today,
and the
st udy and sug ge st ways
and
means w h e r e b y the P r o g r a m can be de ve lo p e d to the best
interests
of all
concerned.”
Me n and women,
department,
r ep r e s e n t i n g education,
c i v i c . pa tr io t i c
the n ew Committee.
program,
Members
Miss
Linwood
Dinne r for vo lu nteers
Committee
of schools,
ed u c a t i o n editor,
Dr. W.
and y o u t h or ga nizations
Washi ng ton ,
Chase,
American
Thiele,
Schools,
Institute
d ivi si ona l
Detroit,
Department
W ash ing to n,
State
C.j
ex ec utive
Leroy Lewis,
of Banking,
director,
Mich.;
Teachers
C.;
College,
B e nj a m i n Fine,
N. Y.;
Boston,
secretary,
national
New York,
Mass.;
Department
of
e d u c a t i o n director,
N. Y.;
exact sciences,
Dr.
C. Louis
D e tr oi t Public
as so ciate
secretary,
National E d u c a t i o n Association,
L. Nicholas,
Peru,
C.; Dr.
New York,
J. L. McCaskill,
Dr. W.
Corning,
National E d u c a t i o n Association,
of Higher Education,
D.
D.
B o s t o n University,
El e m e n t a r y School Principals,
D.
up
for the Savings
include Dr. Hobar t
the New York Times,
Eva G. Pinkston,
W as hi ng ton ,
make
at w h i c h P r es i d e nt T r u m a n spoke.
of the
s u p e r i nt en d en t
post office
Fo ll ow i n g their m e et in g t o da y they
at te nd ed the P a t r i o t s
Bonds
the
Neb^
president,
A l t o n Thomas,
P er u
president,
P r o m PRESS
SECTION,
U. S.
SAYINGS BONDS DIVISION,
<
FOR R E LE A S E *
(Please
W as hi ng ton ,
D.
t od a y a nn ou nce d the
Committee
C. --- S e c r e ta r y
pers on nel
on Sc hool Savings,
WA SH INGTON,
P.M.Papers
April 19, 1949
Observe
Closely)
of the T r e a s u ry Snyder
of a 27 member
U. S. Savings
National Advisory
Bonds Division,
T r e a s u r y Depar tme nt .
Members
fo rmu la t e
the
of the
plans
nation's
committee met
in W a s h i n g t o n to day to
for fu r t h e ri n g the
of schools,
School Savings P r o g r a m in
schools.
T hey named as c ha ir ma n Dr. A.
Columbia,
S. C.,
C. Flora,
and a former
s u pe r i n te n d e n t
p r esi de nt
of the
Nation al E d u c a t i o n A ss o ci at io n.
The School
Wo r ld War
II,
mo ne y wisely,
citizens,
their
Savings
The
so that they will becom e
equ ipp ed to take
courses
plan
and the
in school
r es pon si ble
nation.
to handle their
f i n a n c i a l l y secure
places
in their
It is in te grated
homes,
in
curricula.
is e nt h u s i a s t i c a l l y en dorsed by educators,
a cc or di ng to Dr.
long range
w h i c h orig in ate d during
is a p ro g r am to te ach students
communities
re gular
Program,
School
Flora, who
Savings
says*
”We
are
D.
in te rested
in the
P r og r a m w h i c h will do s o met hi ng
TO:
fes GOVERNMENT
Mr, Rivers
3a t e : March 29, 19^9
Please re-write, removing baloney.
Very much if you
11 19, 19k9*
James J. Saxon
INFORMATION SERVICE
S T A N D A R D F O R M N O . fc
Office Memorandum
TO
from
UNITED STATES GOVERNMENT
date:
James J. Saxon
:
March 2 9, 19k9
M
Jacob Mogele ver
SUBJECT:
Our Education Section would appreciate it very much if you
would release the attached for P.M* papers, April 1 9 , 19k9*
„:,v Thank you.
Af
4
^
V
,'
■
:* ' A * ' . :
*
Attachment
JMsmgjmw
f
Instruction, Olympia, Washington; Dr. Merrill P. Hartshorn,
Executive Secretary, National Council for the Social Studies,
National Education Association, Washington, D.C.; Archibald
McAllister, Principal, Robert Fulton Public Schools,
Philadelphia, Pennsylvania; Professor Kenneth E. H o w e , State
Teachers College, New Paltz, New York, and Dr. Edward Alvey,
Dean, Mary Washington College, Fredericksburg, Virginia.
Dr. Flora, who is a former president of the National
M
Education Association, stated that the Advisory Committee
will make a study of the School Savings Program and recommend
means by which its work can best be developed.
in^e-i'urrted -to. a 1nr\
f m T O m ujrtei 'Ttr^gsuli
0
O
0
2
Department of Higher Education, National Education Association,
Washington, D.C.; Dr. ¥. L. Nicholas, President, Peru State
Teachers College, Peru, Nebraska; Alton Thomas, President,
Student Council, Lane High School, Charlottesville, Virginia;
Mrs. Wilda F. Faust, National Secretary, Future Teachers of
America, National Education Association, Washington, D.C.;
Bernon L. Nichell, State Superintendent of Public
Instruction, Springfield, Illinois; Monsignor Frederick G.
Hochwalt, Director of Education, National Catholic Welfare
Conference, Washington, D .C .; |Cyrus L. Burnett, Assistant
Superintendent of Postal Savings, Post Office Department,
Washington, D.C.; Mrs. Gertrude Broderick, Federal Radio
Education Commission, U. S. Office of Education, Washington,
D. C.; Mrs. E. A..Campbell, National Security Chairman,
American Legion Auxiliary, Homer, Louisiana; Dr. Clyde A.
Erwin, State Superintendent of Public Instruction, Raleigh,
North Carolina; James E. Bauserman, Supervisor of Elementary
Schools, Fairfax County, Fairfax, Virginia; Miss Louise Combs,
State Department of Education, Frankfort, Kentucky;
Dr. William Jansen, Superintendent of Schools, City of
New York; Dr. Howard H. Cummings, Division of Secondary
Education, U. S. Office of Education, Washington, D. C.;
Miss Hilda Maehling, Executive Secretary, Department of
Classroom Teachers, National Education Association, Washington,
D.C.; Mrs. Pearl Wanamaker, State Superintendent of Public.
Secretary Snyder today announced the appointment of
Dr. A. C. Flora, superintendent of the Columbia, South
Carolina, school system, as chairman of a 27-member National
Advisory Committee on School Savings to cooperate with the
Treasury Department in its Opportunity Savings Bond Drive.
'The School Savings Program originated during World
War II, and has since become a part of the curricula in
many of the Nation's schools.
The program, which is endorsed
by leading educators, teaches students the importance of
thrift and systematic savings.
Other members of the committee, which today held its
first meeting in Washington and later, attended a dinner for
Savings Bond volunteers at which President Truman spoke,
are as follows:
Dr. Hobart Corning, Superintendent of Schools,
Washington, D. C .; Dr. Benjamin Fine, Education Editor,
the New York Times, New York, New York; Dr. W. Linwood Chase,
Boston University, Boston, Massachusetts; Miss Eva G. Pinkston,
Executive Secretary, Department of Elementary School
Principals, National Education Association, Washington, D.C.;
Leroy Lewis, National Education Director, American Institute
of Banking, New York, New York; Dr. C. Louis Thiele,
Divisional Director, Exact Sciences, Detroit Public Schools,
Detroit, Michigan; J. L. McCaskill, Associate Secretary,
TREASURY DEPARTM EN T
Information Service
IMMEDIATE RELEASE,
Wednesday, April 20, 1949.
WASHINGTON, D .C .
S-1059
Secretary Snyder today announced the appointment of
Dr. A. C. Flora, superintendent of the Columbia, South
Carolina, school system, as chairman of a 27 -member
National Advisory Committee on School Savings to cooperate
vith the Treasury Department in its Opportunity Savings
Bond D r i v e .
The School Savings Program originated during World
War II, and has since become a part of the curricula in
many of the Nation 1s schools.
The program, 'which is
endorsed by leading educators, teaches students the
importance of thrift and systematic savings.
Other members of the committee, which today held
its first meeting in Washington and later attended
a dinner for Savings Bond volunteers at which President
Truman spoke, are as follows:
Dr. Hobart Corning, Superintendent of Schools,
Washington, D. C.; Dr. Benjamin Fine, Education Editor,
the New York Times, New York, New York; Dr. W. Linwood
Chase^ Boston University, Boston, Massachusetts;
Miss Eva G. Pinkston, Executive Secretary, Department
of Elementary School Principals, National Education
Association, Washington, D. C . ; Leroy Lewis, National
Education Director, American Institute of Banking,
New York, New York; Dr. C, Louis Thiele, Divisional
Director, Exact Sciences, Detroit Public Schools,
Detroit, Michigan; J. L 0 McCaskill, Associate Secretary,
Department of Higher Education, National Education
Association, Washington, D„ C .; Dr. W. L« Nicholas,
President, Peru State Teachers College, Peru, Nebraska;
Alton Thomas, President, Student Council, Lane High
School, Charlottesville, Virginia; Mrs. Wilda P, Faust,
National Secretary, Future Teachers of America,- National
Education Association, Washington, D, C 6; Bernon L.
Nichell, State Superintendent of Public Instruction,
Springfield, Illinois; Monsignor Frederick G. Hochwalt,
Director of Education, National Catholic Welfare
Conference, Washington, D, C.
2
Cyrtis L. Burnett, Assistant Superintendent of
Postal Savings, Pbfct Office Department, Washington, D.C.;
Mrs* Gertrude Broderick, Federal Radio Education Commission,
U • S* Office
Education, Washington, D. C.; Mrs. E. A.
Campbell, National Security Chairman, American Legion
Auxiliary, Homer, Louisiana; Dr. Clyde A. Erwin, State
Superintendent of Public Instruction, Raleigh North
Carolina; James E. Bauserman, Supervisor of Elementary
Schools, Fairfax County, Fairfax, Virginia; Miss Louise
Combs, State Department of Education, Frankfort,
Kentucky; Dr. William Jansen, Superintendent of Schools,
City of New York; Dr. Howard H. Cummings, Division of
Secondary Education, TJ. S, Office of Education,
Washington, D. C.; Miss Hilda Maehling, Executive
Secretary, Department of Classroom Teachers, National
Education Association, Washington, D. C.; Mrs. Pearl
Wanamaker, State Superintendent of Public Instruction,
Olympia, Washington; Dr. Merrill F. Hartshorn, Executive
Secretary, National Council for the Social Studies,
National Education Association, Washington, D. C.;
Archibald McAllister, Principal, Robert Fulton Public
Schools; Philadelphia, Pennsylvania; Professor Kenneth E.
Howe, State Teachers College, New Paltz, New York, and
Dr, Edward Alvey, Dean, Mary Washington College,
Fredericksburg, Virginia.
of
Dr. Flora, who Is a former President of the National
Education Association, stated that the Advisory Committee
will make a study of the School Savings Program and
recommend means by which its work can best be developed.
0 O0
release,
/T>CO
mmJMQ r^ spapsrs,
^eadsy^ April 19» 194%»,--% • Secret»ry of the Treaeury announced lest evening that the tender» for
\ #900,000,000, or thereabout», of 91-day Treaaury bill» to be dated April 21
nd
to nature July 21, 1949, which « r e offered on April 15, ««re opened at the
Federal R « « r w Barde» on April IB*
Th# dotali» of this issue are as follows*
total applied for
Total accepted
Average prie»
66 618,000
^ Ì w j Ìw S ^
(include» # ,
entered on a noncompetitivo basi« and accepted in full
at the average price shewn below}
9 9 *7 0 8 Equivalent rate of discount approx* X»\$7% P*r 61
Range of accepted competitive bidet
High
Low
- 2 -w
* * * * *
«*• « & r
‘ppr- i:S* p«r
-rt»fvr
( 87 percent of the »oust bid for at the low price »a. accepted;
Federal Reserve
Blstriet
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Aodlod for—
total
Accepted . ..
•
13,341,000
1,200,767,000
26,310,000
15,660,000
4.533.000
14,182,000 134,578,000
7.398.000
5.995.000
21,586,000
7.574.000
94.682.OCC
1 13,081,000
652,997,000
15.185.000
14.919.000
4.533.000
14.182.000
83.816.000
7.133.000
5.982.000
20.212.000
7.560.000
63.912,000
#1,548,606,01«
#903,512,000
J U
^
J - *
*
*
*
*
*
-
TREASURY D EPARTM EN T
WASHINGTON, D .C
Information Se rvice
RELEASE, MORNING NEWSPAPERS,
Tuesday, April 19, 1949.
S-1060
The Secretary of the Treasury announced last evening that
the tenders for $900,000,000, or thereabouts, of 91-day Treasury
bills to be dated April 21 and to mature July 21, 1949, 'which
were offered on April 15, were opened at the Federal Reserve
Banks on April 18.
The details of this issue are as follows:
Total applied for - $1,5^6,606,000
Total accepted
903,512,000 (includes $66,618^,000
entered on a non
competitive basis and
accepted in full at the
average price shown below)
Average price
- '99 .708 Equivalent rate of discount approx.
1*157$ per annum
Range of accepted competitive bids:
High
- 99*711 Equivalent rate
1.143$
- 99*707 Equivalent rate
1.159$
Low
(87
of discount approx.
per annum
of discount approx*
per annum
percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
$
Total
Accepted
13 , 3^ 1,000
,2 0 0 ,7 6 7 , 0 0 0
26 , 310,000
1 5 .6 6 0 . 0 0 0
^,533,000
14.182.000
$ 1 3 ,0 8 1 , 0 0 0
6 5 2 ,9 9 7 , 0 0 0
13^ ,578,000
83.816.000
7.398.000
5.995.000
21 586.000
7,57^,000
94,682,000
7.133.000
5.982.000
20,212,000
7 ,5 6 0 , 0 0 0
6 3 , 912,000
$ 1 ,5 ^6 ,6 0 6 , 0 0 0
$9 0 3 ,5 1 2 , 0 0 0
1
.
0O0
15
.1 8 5 . 0 0 0
1 4 .9 1 9 . 0 0 0
4 .5 3 3 . 0 0 0
14.182.000
FOR IMMEDIATE RELEASE
April 1^,
19k9
The Bureau of Customs announced today that the Canadian quota of
wheat flour, semolina, crushed or cracked wheat, and similar wheat
products permitted entry during the quota year ending May 28, 1 9 k9 ,
was approximately 95 percent filled as of April 15*
Since not more than 3,815*000 pounds of wheat flour and such
related products, the produce of Canada, may be entered for consumption
in the quota year, the collectors of customs are now requesting the
Bureau for authorization before the acceptance of an entry for
consumption of such articles*
IMMEDIATE RELEASE ,
Friday, April 15, 1949.
S-106l
The Bureau of Customs announced today that
the Canadian quota of wheat flour, semolina,
crushed or cracked wheat, and similar wheat
products permitted entry during the quota year
ending May 28, 19^9, was approximately 9 5 per«
cent filled as of April 15*
Since not more than 3,815,000 pounds of
wheat flour and such related products, the
produce of Canada, may he entered for con
sumption in the quota year, the collectors of
customs are now requesting the Bureau for author
ization before the acceptance of an entry for
consumption of such articles.
0O0
In West Virginia the l67th Fighter Squadron of the West Virginia
Air National Guard f Trill transport many of the guests of Governor
Okey L. Patteson.to Charleston .where the dinner will be held.
The
chief speaker will be Dr. Irvin Stewart, President of West Virginia
University.
Governor Earl Warren of California will be host to 125 Savings
Bonds leaders at a dinner in San Francisco at which Mark R. Sullivan,
President of the Pacific Telephone and Telegraph Company will speak.
-3-
iss^injsjjreech cloth -Use afcrow maker J M j d shoot arrows^fito eight
/
J y
/
bu]/l ’s ^jes on a hugq^miap of Oklafompiyr An Indian maijPfjQ "then was
imotf'Qfarrows^andj^ive them to
overnoaiffi^ On fljfPch arrqg0^ijvip?l be
rof £ifght dg^Cri^. chajjdren w ^ ^ ^ i s qup€a djdring 1^
¡Tunity BfoidJ^rive-^The Gfcvei^i^pr wi!!^^^rj!^en^^Che arrsi##*£5 the
Strict chalyjilfarij^c keep if he mifes/is quotJ^T
In Casper, Wyoming, where Governor A. G. Crane will be host,
Dr, George Selke, Chancellor of the University of Montana .will be
the main speaker.
In New Jersey, where Governor Alfred E. Driscoll will entertain/
more than 1*00 volunteer Savings Bonds leaders, a signboard will be
erected in the ballroom to proclaim New Jersey’s drive sales goal*
Attendants at the dinner will be dressed in costumes of the original
h 9 ’ers.
The principal speaker in Columbus, Ohio, where Governor Frank J*
Lausche will be host, will be Elmer L* Lindseth, President of the
Cleveland Electric Illuminating Co.
In Texas, Governor Beauford H. Jester and Col. Alvin M. Owsley/
will join in the tribute to Texas Savings Bonds volunteers.
Pennsylvania local quotas for the Opportunity Bond Drive will
be made public at-teiSB dinner to be given by Governor James H. Duff
in Harrisburg.
General George C. Marshall, former Secretary of State, will be
the principal speaker at Governor W. Kerr Scott's reception at
Raleigh, North Carolina*
-
)men
2-
ire he lpij
kec
;he nation’s
(naouraging every kmerifcan to buy Savings Bonds regularly.
¿U*£.
The various
receptions^by the Governors from coast
A
will  â z z è z L » .
to coast
beards jfrtur the local organizing
phase of the Opportunity Savings Bonds Drive, which
v
May 16,
^1
v
VA« V
U
i / X •!.
»f X I J . y U
¿
/¡9 V * jh $Kyw ***\ t
estimated that 10,000 local chairmen and volunteers
will be guests of Secretary Snyder and the wa^ S u o Governors & 4A ^*** w u jfcn
A
»
i^fn migf
vârîêi
Oklahoma^Governor
Roy J. Turner will entertain with a barbecue at his ranch.
Boy
4L
scout buglers will welcome each guest with fanfare.
^
A
Governor Turner
will conduct tours of his ranch. 'Roving"aeaui'diaii am^tiaramlia 11
n l a v f t p a .
.....' M
IT
Trr TTT T ]1TTn ‘" l''i,"'^rTTT~^^TTrFT
¿4
1............
.
| |j j .
7$M
made the occasion for announcing local sales goals for the Opportunity
Bond Drive.
announce Ind;
.
LShunatona,who will tell
"met on similar* occasions to^SSn how to^sfbvide for.
They will call^Æ. arrowjps^fr to shoot a^#5ws int$*s#Pie sky to
should l
e
h e h e n
Shunatona
wj $l1
caàifon the arrow ma
y
S
FOR RELEASE AM PAPERS
TUESDAY, APRIL 19, 19h9
m (0 (*
Secretary of the Treasury Jtftogssa. Snyder will lead a nation
wide tribute by » m
Oowwamui ȣ
^
to the volunteer leaders
/ s , ___ - s s m r w
_
*
of the United States Savings Bonds program Ikiesdaff night/ April 19>
A
JL^
hifiL'fltk J*i
President
Truman will participate in the National
testimonial, at the Hotel Stat1er in Washington.
S
igh will
T ~
be ^tetiLaIinteri-liV'.wi
]|00 members of the national advisory committees
of the Savings Bonds Program., including representatives of banking,
industry, labor, newspapers, magazines, radio, advertising, agri
culture, education, women's organizations, national fraternal and
^
civic groups.
The President will speak over aS& four^radio networks from
10 to 10:05 PM, EST.
In addition the program,- which wl
l,ibi',',’
bEr'preyidedr
..fl'T?ë",TÆTrreT~~
frxJfecaotuL
iSa¿M¿a§¿i
i, will be carried by television station
WTTG.
4 rtZ
/V
le various Governors
A
will be held simultaneously
with the national dinner.")
The night of April 19 was chosen for the tribute because it
marks the 17l*th anniversary of Patriots' Day, gyrtf— 1
n7
Nati lal Direci
call pu
1C
.thn- Sirring^
Minntp Jfrmt,
Lark said that the tribute as
mention to/the
biotic ser1
of m o d e m Mil
K
to
"Men
TREASURY DEPARTM EN T
WASHINGTON, D .C .
Information Service
IMMEDIATE RELEASE,
Tuesday, April 19 j
19^9»
S-1062
Secretary of the Treasury Snyder will lead a nation
wide tribute to the volunteer leaders of the United States
Savings Bonds Program tonight.
President Truman will participate with the Secretary in
the national testimonial, at the Hotel Statler in Washington,
Attending will be 400 members of the national advisory com
mittees of the Savings Bonds Program, including representatives
of banking, industry, labor, newspapers, magazines, radio,
advertising, agriculture, education, women1s organizations,
national fraternal and civic groups,
The President will speak over four national radio net
works from 10 to 10 :0 5 PM, BST, In addition the program
will be carried by television station WTTG,
Receptions and dinners by the various Governors of the
States will be held simultaneously with the national dinner.
The night of April 19 was chosen for the tribute because it
marks the 174th anniversary of Patriots» Day,
The various receptions and dinners by the Governors from
coast to coast will launch the local organizing phase of the
Opportunity Savings Bonds Drive, which starts May 16.
Vernon L. Clark, National Director of the Treasury's
Savings Bonds Division, estimated that 10,000 local chairmen
and volunteers will be guests of Secretary Snyder and the
respective Governors across the Nation.
The State affairs will be of wide variety. In Oklahoma,
Governor Roy J. Turner will entertain with a barbecue at his
ranch. Boy Scout buglers will welcome each guest with a fan
fare. Governor Turner will conduct tours of his ranch.
Many of the State events will be made the occasion for
announcing local sales goals for the Opportunity Bond Drive.
/
2
In Casper, Wyoming, where Governor A* G, Crahe will be
host, Dr« George Selke, Chancellor of the University of
Montana, will be the main speaker*
In New Jersey, where Governor Alfred E* Driscoll will
entertain more than 400 volunteer Savings Bonds leaders,
a signboard will be erected in the ballroom to proclaim
New Jersey*s drive sales goal* Attendants at the dinner
will be dressed In costumes of the original 49»©rs.
The principal speaker In Columbus, Ohio, where Governor
Prank J. Lausche will be host, will be Elmer L. Lindseth,
President of the Cleveland Electric Illuminating Company.
In Texas, Governor Beauford H. Jester and Colonel Alvin
M. Owsley will join.in the tribute to Texas Savings Bonds
volunteers.
Pennsylvania local quotas for the Opportunity Bond
Drive will be made public at a dinner to be given by
Governor James H. Duff in Harrisburg.
General George C. Marshall, former Secretary of State,
will be the principal speaker at Governor W. Kerr Scott*s
reception at Raleigh, North Carolina*
In West Virginia the 167 th Fighter Squadron of the
West Virginia Air National Guard will transport many of the
guests of Governor Okey L. Patteson to Charleston, where
the dinner will be held. The chief speaker will be
Dr. Irvin Stewart, President of West Virginia University.
Governor Earl Warren of California will be host to
125 Savings Bonds leaders at a dinner In San Francisco at
which Mark R. Sullivan, President of the Pacific Telephone
and Telegraph Company, will speak.
0O0
- 3 -
purposes of taxation the amount of discount at which Treasury bills are originallysold by the United States shall be considered to be interest.
Under Sections 1*2
and 117 (a) (1) of the Internal Revenue Code* as amended by Section
of the
Revenue Act of I 9I4.I, the amount of discount at which bills issued hereunder are
sold shall not be considered to accrue until such bil3-S 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, Ul8, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
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 oids.
Those isubmitting tenders vri.il 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 sucn respect shall
be final.
Subject to these reservations, non-competitive tenders for $200,.000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Setto.ement
±ov
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on^P^^i 28, 1949
, in cash or otner immediately avail*-
able funds or in a like face amount of Treasury bills maturing April 28, 1949
Cash and exchange tenders will receive equal treatment*
_«
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 xoss
from the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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
the possessions of the United States, or by any local taxing authority*
For
o
—..:JfatsUijagtoii
P ® ‘RELEASE, MORNING NEWSPAPERS,
Friday , April 22, 1949.________
'
Jf
*S\J ~
/ A
/ V
The Secretary of the Treasury> by this public notice, invites tenders for
$ 900,000,000
, or thereabouts, of
in exchange for Treasury bills
91 -day Treasury bills, for cash and
m a t u r i n g
April 28, 1949
, to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series will be dated
28, 1949
---------- m r -----------
April 28, 1949______, and
, when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $ 500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks a'nd Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eas tern/Standard- time, Monday, April 25, 1949
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders 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 Panics or Branches on application
therefor.
Tenders 7/ill be received vlthout 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
RELEASE, MORNING NEWSPAPERS,
Friday, April 22, 1949»_____
S—1063
The Secretary of the Treasury, by this public notice, invites tenders
for 1900,000,000, or thereabouts, of 91-day Treasury bills, for cash and
in exchange for Treasury bills maturing April 28, 1949, to be issued on
a discount basis under competitive and non—competitive bidding as herein
after provided. The bills of this series will be dated April 28, 1949,
and will mature July 28, 1949, 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 Daylight Saving time, Monday,
April 25, 1949« Tenders will not be received at the Treasury Department,
Washington. Each tender must be for an even multiple of $1,000, and in
the case of competitive tenders the price offered must be expressed on the
basis of 100, with not more than three decimals, e* g., 99»925* Fractions
may not be used. It is urged that tenders be made on the printed forms
and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied by payment of 2
percent of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated bank
or trust company*
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will
be made by the Secretary of the Treasury of the amount and price range of
accepted bids. Those submitting tenders will be advised of the acceptance
or rejection thereof. The Secretary of the Treasury expressly reserves the
right to accept or reject any or all tenders, in whole or in part, and his
action in any such respect shall be final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price from any
one bidder will be accepted in full at the average price (in three decimals)
of accepted competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank on
April 28, 1949, in cash or other immediately available funds or in a like
face amount of Treasury bills maturing April 28, 1949» Cash and exchange
tenders will receive equal treatment. 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.
s
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
the Internal Revenue Code, or laws amendatory or supplementary thereto#
The bills shall be subject to estate, inheritance, gift or other excise
taxes, whether ¡federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of tHe United States, or by any local
taxing authority# For purposes of taxation the amount of discount at
which Treasury bills are originally sold by the United States shall
be considered to be interest# Under Sections 42 and 117 (a) (1) of
the Internal Revenue Code, as amended by Section 115 of the Revenue
Act of 1941, the amount of discount at which bills issued hereunder
are sold shall not be considered to accrue until such bills shall be
sold, redeemed, or otherwise disposed of, and such bills are excluded
from consideration as capital assets# Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the
price paid for such bills, whether on original issue or on subsequent
purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for -which the return
is made, as ordinary gain or loss#
Treasury Department .Circulai* Ho, 418, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue# Copies of the circular may be obtained from any
Federal Reserve Bank or Branch#
oOo
amendments were offered, some of which
were accepted, but for the most part
tnose amendments were concerned with
details of tne program and methods
of administering it.
The bipartisan
nature of the support which the
program received is ample testimony
of this country's united determination
to make every effort toward world
econorn ic stab i Iity.
problems in terms of the more normal
patterns of price, trade and private
investment by which our own country
has reached its present economic levels
As you know, the
EGA
program
was
long and earnestly considered, both
in CongressionaI committee and by the
Congress as a whole.
You will recall
that although debate on the bill was
protracted, there was at no time any
major disagreement with respect to
the merits of the program.
Numerous
We are hopeful that the proper
solutions can be found.
It will take
effort on their part as we I I as on
ours.
When this problem approaches
a solution, there will be greater
assurance of political and economic
stability abroad which is, of course,
our objective.
:
it is our expectation that barring
some great internationaI catastrophe,
reasonable stability will be attained
in Europe by 1352.
From then on, we
can deal with internationaI economic
- 28 countries there is a high level of
employment.
Consumption standards
are still below prewar, but we may
expect that by 1952, with favorable
conditions, the desired levels will
be reached.
The problem still
is one
of Inab iI ity. under existing conditions
for the European countries to earn
enough dollars to pay for their
imports from this country and the
HH
rest of the Western Hemisphere.
This is the problem on which
we
must concentrate for the next two years
careful consideration of the
relationship oetween existing
exchange rates and the progress which
must still be made in arriving at
internationaI balance.
ms
we Io o k back over the last
year, we can see that progress has
been made.
Excepting Germany,
practically all of the European
countries participating in the program
ft
have exceeded their I938 production
levels.
The prospect of widespread
starvation no longer exists.
In most
nw
26 accepted by the InternatîonaI Monetary
Fund in 1946.
Since these rates were
adopted there have been important
changes in the world situation and
in the economic life of almost all of
the countries in the European Recovery
Program.
The progress in production
and shifts in price levels which have
occurred over the last three years
would indicate that the European
payments position should be studied
and that this study should include
h
- 25 difficult to determine what is the
proper exchange rate.-- that is, to
calculate what the effects of a
given exchange adjustment might
But the fact remains that if the
European countries are to balance
Ir pa
ts with tre United States
ano other Western Hemisphere countries,
some of them may have to adjust their
exchange rates before 1952.
The exchange rates prevailing
today were, for the most part, adopted
during and after the war, and were
9f
a
24
exchange rates.
In the course of the last year,
I nave appeared several times before
CongressionaI committees to discuss
this problem.
1 would like to restate
what I have told the Senate and House
committees on different occasions.
An adjustment of exchange rates in
eacn instance is a matter reauiring
a difficult decision.
For example,
it may bring about repercussions on
the internal economy of the country
making the change.
It is also very
O I
¿5
j
-
-
Our program of reducing trade
barriers and trying to assure equitable
treatment of foreign trade tnrough
tne lnternationaI
Trade Organization
ana our agreements on tariffs and
traoe are part of our contribution
to tne solution of the problem.
On
tne ir part, tne Europeans must make
greater effort to produce goods and
offer to sell them in Western
Hemisphere markets at competitive
prices.
In some cases this may
require an adjustment of their
-
22
-
To the extent, however, that the
European Recovery Program is
successful, the special risks involved
in European investment will be reduced.
While a return to normal reliance
on private capital
investments
abroad is essential, we must stress
the importance of balanced internationa
trade.
This means, as I have said
earlier, that we in this country must
try to take more imports from the
European countries.
our problem.
In part this is
-
21
I
raw materials or the special types
j
of managerial and technical skill
which we have.
A second way in which the
European countries can balance their
payments is by an increase in
American capital
investment abroad.
At the present time, however, American
capital
is reluctant to go abroad -- "j
only to Europe but to most other
countries.
The reasons behind tnis
reluctance are evident.
I
t
20
Few of the European countries
can supply the basic raw materials
which we need, but they do have an
opportunity to provide us with
many types of specialized finished
goods, which they can produce more
cheaply than we can because of their
relatively lower rates of wages.
So
too, we, on tne other hand, can
produce more cheaply many commodities
which require a great deal of capital,
-
19-
Itali an silks and olive oil; and
luxuries and specialties of many
types.
To some extent tne European
countries will be able to balance
tneir accounts with the
United States by increasing their
exports to us of the type of goods
which we have generally imported.
They must also find markets in
this country for many additional
produc ts.
fIeets.
For most countries, the basic
problem is the matter of exports.
It cannot be over-emphasized.
America has in the past imported
tnousands of specialized European
products -- manufactures of steel,
textiles, machinery and equipment
of various sorts.
We have imported
French perfumes and French wines;
entering into the balance of payments,
such as shipping services, tourist
expend!tures, and, most important,
capital movements.
The Importance
of these other factors varies from
country to country.
An increase
in American tourists going abroad
Ail I help the situation, particularly
for countries Iik e the United Kingdom,
Italy and France.
Improvement In the
shipping situation will be important
for Norway, the United Kingdom and
other nations with large merchant
-
16
-
that Europe will have to Increase
further its exports if it is to
maintain desirable levels of
/
%
production and standards of living
without deoendence upon snecial aid
from the outside,
A stable world in which the free
enterprise system can operate
successfully requires balance in
internationaI oayments.
This does not
mean that exports must equal
imports
exactly because, as I have just
mentioned, there are many other
factors
15
single marKet for many types of goods
which Europe can produce.
Of course, a nation’s pattern
of production and export cannot be
changed over night.
Plants may have
to be constructed or modified as to
product,
location and other factors.
AorKers may need to be trained and
perhaps relocated.
The necessary
mechanics of trade, banKing and
finance incident to an expansion of
exports must be devised to accompany
increased sales effort.
It is clear
situation.
Income from investments
has been greatly reduced since the
European countries have liquidated
a considerable part of their long-term
dollar assets.
A large part of their
snipping was destroyed.
They have
not been able to obtain as much from
triangular trade as they did formerly*
To this extent they may have to
reorient their trade so as to sell
more goods directly to Western
Hemisphere countries.
Tne United
States provides the largest potential
-
13
-
nave traditionally bought more from
tne United States and other Western
Hemisphere countries than they sold
nere.
They made up the difference
by their income from investments, by
earning dollars for shipping services,
and by earning dollars through
t
triangular trade with areas that had
a dollar surplus on current account.
American tourists in Europe also
provided an important net source of
aoI Iars.
The war has changed this
-
12
individually and cdllectively take the
appropriate steps to cope with the
problem of their Western Hemisphere
deficit.
Some of these steps are
financial, some of them may involve
a considerable reorientation of
production and trade.
The period following the second
World War has greatly aggravated the
dollar deficit problem of the
Western
Hemisphere countries which existed
as a very real problem in the
inter-war period.
European countries
- Il»
The European Recovery Program
was not intended as a relief program,
though we had to provide the
foodstuffs and raw materials needed
to tide the population over the
postwar shortages resulting from the
exhaustion of stocks, crop failures,
ano the decline in internationaI
trade.
The program is based on the
belief that with assistance from
this country, Europe will be able to
stand on its own feet by 1952,
provided that the European countries
object «as to reduce excessive
and
for commodit ies by the use of
i l e aat the
financial restrictions
same time increasing those commodities
in short supply.
A relative
stabilization of prices
is
possible greater stability
areas of the economy.
ith the
European price spiral
a
in
in all
el y a r r e s
a measure of budgetary stability
oect.
s ituati on can
the internal
financial
the basis of a
sound internet ions I economy
**
Q
%r
**
r e m a in formidable,
and there
questi ona
in the present
A
en
K y
, but on the whole, thel
economic
European countries have faced the
situation with courage.
exceptions,
Iith
r*
$$: c
the rapid
In
s»
case of Italy and France,
restrict!
were imposed on the extension of
credit by the commercial
Cutting
&
banxs.
voIurne of currency
nd rationing of barm credit were
methods of attaching
inflation.
The
tax
necessitated increas
burden and, as far as possible,
rnsdi^ftT of ex
he
itures for
objectives which could be postponed.
And we all Know how extremely
difficult it is to cut expenditures
ere there are insistent demands
upon gov errsKept to
caus
H
C
Ir
In I
wor k of immediate recons tructi on
has been c o
ed.
The taSKS ahead
a
7
exports, this ratio Ail I probably
exceed 50 percent during the fiscal
year
1948-49.
In the field of internal finance,
the situation has also improved
measurably.
i
There has been a healthy
ri
movement toward sounder fiscal policy.!
In many countries resolute efforts
are being made toward balanced
budgets.
Of course,
in some
countries,
much greater efforts must still be
made.
To finance governments by
non-infI ationary means has
o
although it was still below prewar
levels.
Output per w o r K e r
increased
as a result of l arger supplies of
fuel an d raw materials, job training
programs ana m o r e f o o d for w o r k e r s ,
but it nad not yet returned to prewar
levels in many industries.
Marked improvement also occurred
in Western Europe's balance of trade
with the outside world.
1^47,
Whereas,
less than 40 percent of the
participating countries'
imports
were paid for from the proceeds of
in
- 5 still exist, as you well know, but
this last year gives us a basis for
greater confidence in the future of
Western Europe,
A notable increase in
Western European production occurred
during 1948 with total output of
factories and mines 14 percent above
the 194? level ana nearly equal to
that of 1938.
Favorable weather
conditions helped to raise crop
production considerably above 1947,
>
mm
<U
Ml
Of equally grave import, the
political situation was far from
favorable.
Communists sought to
interrupt production in order to
spread distress and chaos in Europe.
Today, the threat of
Communist sabotage to the recovery
program is being met with the force of
tfemocratic power and determination.
Our combined efforts toward
economic recovery and political peace
have been intensified.
Threats
3
encouraging.
Wnen the program
started in 1948, production in
Europe was still behind prewar levels.
The financial situation was, to say
tne least, disquieting.
Many of the
European countries were suffering
from grave inflation, and there
appeared to be little immediate
prospect of arresting it.
Fiscal
problems were serious, and makeshift
solutions only added to the existing
d isorder.
accomplished, and what we can expect
in the course of the next two years.
The American aim is to assist in
bringing about that degree of economic
:
■
1
/
and.financia I stability in Europe
wnich will make possible a return to
normal
internationaI financial
relations, in which chief reliance
for capital investment will be placed
on the private market.
Thus far, progress toward
economic recovery in Europe has been
1i.
The progress of economic
recovery in Europe is a matter of
vital importance to you officers and ]
representatives of the Federal Reserve
Banks and to the business community
as a whole.
In dealing with this
question today, 1 do not propose to
discuss the techniques of procurement
and the banking operations with which
you are familiar.
I propose, instead,
to look at the subject from the broad
':
viewpoint of what has so far been
TREASURY DEPARTMENT
Washington
/
/
~
The following address by Secretary Snyder
before the federal Reserve Bank Conference
of Ninth District Bankers, motel Nicollet,
Minneapolis, Minn., is scheduled for
delivery at /ffiT"p.m. ITST/tApril 23 , 19^9 *
and is for ^ e l e a s V ^aF^tliat time.
PROGRESS O F EUROPEAN RECOVER!
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before the Federal Reserve Bank Conference
of Ninth District Bankers, Hotel Nicollet,
Minneapolis, Minnesota, is scheduled for
delivery at 1:45 P . m . C.S.T.. Saturday,
April 23. 1949. and is for release at
that time.
■PROGRESS OF EUROPEAN RECOVERY
The progress of economic recovery in Europe is a matter of vital
importance to you officers and representatives of the Federal Reserve
Banks and to the business community as a whole. In dealing with this
question today, I do not propose to discuss the techniques of procurement
and the banking operations with which you are familiar. I propose,
instead, to look at the subject from the broad viewpoint of what has so
far been accomplished, and what we can expect in the course of the
next two years.
The
economic
a return
reliance
American aim is to assist in bringing about that degree of
and financial stability in Europe which will make possible
to normal international financial relations, in which chief
for capital investment vail be placed on the private market.
Thus far, progress toviard economic recovery in Europe has been
encouraging. When the program started in 194-3, production in Europe
was still behind prewar levels. The financial situation was, to say
the least, disquieting. Many of the European countries were suffering
from grave inflation, and there appeared to be little immediate
prospect of arresting it. Fiscal problems were serious, and makeshift
solutions only added to the existing disorder.
Of equally grave import, the political situation was far from
favorable. Communists sought to interrupt production in order to spread
distress and chaos in Europe.
Today, the threat of Communist sabotage to the recovery program is
being met with the force of democratic power and determination.
Our combined efforts toward economic recovery and political peace
have teen intensified. Threats still exist, as you well know, but this
last year gives us a basis for greater confidence in the future of
Western Europe.
A notable increase in 'western European production occurred during
1948 with total output of factories and mines 14 percent above the 1947
level and nearly equal to that of 1933. Favorable weather conditions
S-1064
-
2
-
helped to raise crop production considerably above 1947, although it was
still below prewar levels® Output per worker increased as a result of
larger supplies of fuel and raw materials, job training programs and more
food for workers, but it had not yet returned to prewar levels in many
industries®
Marked improvement also occurred in Western Europe*s balance of
trade with the outside world* Whereas, in 1947, less than 40 percent of
the participating countries’ imports were paid for from the proceeds of
exports, this ratio will probably exceed 50 percent during the fiscal
year 1948-49*
In the field of internal finance, the situation has also improved
measurably® There has been a healthy movement toward sounder fiscal
policy® In many countries resolute efforts are being made toward balanced
budgets® Of course, in some countries, much greater efforts must still
be made0 To finance governments by non-inflationary means has necessitated
increasing the tax burden and, as far as possible, required the deferment
of expenditures for objectives which could be postponed® And we all know
how extremely difficult it is to cut expenditures where there are insistent
demands upon government to repair the damages caused by war® In large
part this work of immediate reconstruction has been completed® The tasks
ahead remain formidable, and there are some questionable spots in the
present economic picture, but on the whole, the European countries have
faced the situation with courage®
TVith few exceptions, the rapid rise of prices has stopped® In the
case of Italy and France, restiictions were imposed on the extension of
credit by the commercial banks® Cutting down the volume of currency and
rationing of bank credit were two methods of attacking inflation® The
object was to reduce excessive demand for commodities by the use of
financial restrictions while at the same time increasing those commodities
in short supply® A relative stabilization of prices is making possible
greater stability in all areas of the economy® iTith the European price
spiral largely arrested and a measure of budgetary stability in prospect,
the internal financial situation can form the basis of a sound interna
tional economy®
The European Recovery Program was not intended as a relief program,
though we had to provide the foodstuffs and raw materials needed to tide
the population over the postwar shortages resulting from the exhaustion
of stocks, crop failures, and the decline in international trade® The
program is based on the belief that with assistance from this country,
Europe will be able to stand on its own feet by 1952, provided that the
European countries individually and collectively take the appropriate
steps to cope with the problem of their he s t e m Hemisphere deficit* Some
of these steps are financial, some of them may involve a considerable
reorientation of production and trade®
The period following the second World War has greatly aggravated the
dollar deficit problem of the Western Hemisphere countries which existed
as a very real problem in the inter—war period® European countries have
-
3
~
traditionally bought more from the United States and other Western
ifemisphere countries than they sold here. They cade up the_difference
bv their income from investments, by earning dollars for snipping
services, and by earning dollars through triangular trade with areas
that had a dollar surplus on current account* American tourists in
Europe also provided an important net source of dollars«
The war has changed this situation* Income from investments has
been greatly reduced since the European countries have l i g a t e d *
considerable part of thsir long-term dollar assets. A large part of their
shipping was destroyed. They have not been able to obtain as much from
triangular trade as they did formerly. To this extent they may have to
reorient their trade so as to sell more goods directly to Western
Hemisphere countries. The United States provides the largest potential
single market for many types of goods which Europe can produce.
Of course, a nation*s pattern of production and export cannot be
changed over night. Plants may have to be constructed or modified as
to product, location and other factors. Workers may need to oe trained
and perhaps relocated. The necessary mechanics of trade, banking and
finance incident to an expansion of exports must be devised toaccompany
increased sales effort. It is d e a r that Europe will have to increase
further its exports if it is to maintain desirable l e v e l s of production
and standards of living without dependence upon special aid from the
outside.
A stable world in which the free enterprise system can operate
successfully requires balance in international payments. This does not
mean that exports must equal imports exactly because, as I have jus
mentioned, there are many other factors entering into tne balance of
payments, such as shipping servioes, tourist expenditures, and, mos
important, capital movements. The importance of these other factors^
varies from country to country. An increase in American tourists going
abroad will help the situation, particularly for countries like the
United Kingdom, Italy and France. Improvement in the shipping situation
will be important for Norway, the United Kingdom and other nations with
large merchant fleets.
For most countries, the basic problem is the matter of exports. It
cannot be over-emphasized. America has in the past imported thousands of
specialized European products — manufactures of steel, textiles, machinery
and equipment of various sorts0 We have imported Frencn perfumes an
French wines; Italian silks and olive oil; and luxuries and specialties
of many types. To some extent the European countries will be a e o
balance their accounts with the United States by increasing their expo s
to us of the type of goods which we have generally imported. They must
also find markets in this country for many additional products.
Few of the European countries can supply the basic raw materials
which we need, but they do have an opportunity to provide us with many
types of specialized finished goods, which they can produce more cheaply
than we can because of their relatively lover ratos of wages. So too,
we, on the other hand, can produce more cheaply many commodities which
require a great deal of capital, raw materials or the special types
of managerial and teclinical skill which we have©
A second way in which the European countries can balance their
payments is by an increase in American capital investment abroad©
At the present time, however, American capital is reluctant to go
abroad
not only to Europe but to most other countries© The reasons
behind this reluctance are evident©
To the extent, however, that the European Recovery Program is
successful, the special risks involved in European investment will
be reduced©
Tihile a return to normal reliance on private capital invest
ments abroad is essential, we must stress the importance of balanced
international trade© This means, as I have said earlier, that we in
this country must try to take more imports from the European countries©
In parb tills is our problem©
Our program of reducing trade barriers and trying to assure
equitable treatment of foreign trade through the International Trade
Organization ana our agreements on tariffs and trade are part of our
contribution t<x the solution of the problem© On their part, the
Europeans must make greater effort to produce goods and offer to sell
them in western Hemisphere markets at competitive prices© In some
cases this may require an adjustment of their exchange rates0
In the course of the last year, I have appeared several times
before Congressional committees to discuss this problem© I would
like to restate what I have told the Senate and House committees on
different occasions© An adjustment of exchange rates in each
instance is a matter requiring a difficult decision© For example,
it may bring about repercussions on the internal economy of tne
country making the change0 It is also very difficult to determine
what is the proper exchange rate — that is, to calculate what the
effects of a given exchange adjustment might be© But the fact re
mains that if the European countries are to balance their payments
with the United States and other Western Hemisphere countries, some
of them may have to adjust their exchange rates before 19£2©
The exchange rates prevailing today were, for the most part,
adopted during and after the war, and were accepted by the Inter
national monetary Fund in 194-6© Since these rates were adopted there
have been important changes in the world situation and in the economic
life of almost all of the countries in the European Recovery Program©
The progress in production and shifts in prico levels which nave
occurred over the last three years would indicate that the European
payments position should be studied and that tils study should in
clude careful consideration of the relationship between existing
exchange rates and the progress which must still be made in arriving
at international balance©
~ 5 -
As we look back over the last year, we can see that progress has
been made, ¿accepting Germany, practically all of the European coun
tries participating in the program have exceeded their 1938 production
levels. The prospect of widespread starvation no longer exists. In
most countries there is a high level of employment. Consumption
standards are still below prewar, but we may expect that by 1952 , with
favorable conditions, the desired levels will be reached. The problem
still is one of inability, under existing conditions, for the European
countries to earn enough dollars to pay for their imports from this
country and the rest of the Western Hemisphere,
This is the problem on which we must concentrate for the next two
years* We are hopeful that the proper solutions can be found. It will
take effort on their part as well as on ours, When this problem approaches
a solution, there will be greater assurance of political and economic
stability abroad which is, of course, our objective*
It is our expectation that barring some great international catas
trophe, reasonable stability will be attained in Europe by 1952, From
then on, we can deal writh international economic problems in terms of
the more normal patterns of price, trade and private investment by
which our own country has reached its present economic levels.
As you know, the ECA program was long and earnestly considered,
both in Congressional committee and by the Congress as a ’whole* You
will recall that although debate on the bill was protracted, there was
at no time any major disagreement with respect to the merits of the
program. Numerous amendments were offered, some of which were accepted,
but for the most part those amendments were concerned with details of
the program and methods of administering it* The bipartisan nature of
the support which the program received is ample testimony of this coun
try^ united determination to make every effort toward world economic
stability*
-oOo-
^
»».«A.«« M0R8IHO HSWSPAPEBS,
tuaadar. April 26. 1949« _
f V
\0 J
lh* secretary of tha Treasury announoad last evening that tha tandare for
#900,000,000, or thereabouts, of 91-day treasury hill« to ha datad April 88 and
to mature July 88, 1949, which ware offared on April 88, wore opanad at the
Federal Reserve Banks on April 25.
The details of this issue are as follows*
Total applisd for ~ $1*656,338»000
_
Total accepted
900,810,000 (Includes #55,932,000 entered on a non*
Total accepvea
0a«petitive Basis and accepted in full
at the average price shown Below)
Average pries
- 99.908 Squivalent rate of discount approx* 1.156^ per annua
Range of accepted competitive Bidet
» 99.709 Iquivalent rate of discount approx. 1.151# per annua
......................... ....
"
. 99.707
£ ?
( 41 paroent of the amount bid for at tha low price was aeeapted)
Federal Reserve
District
total
Appllad for—
_
KM^York
P M
ladalDhIa
*
2i!£^d
« t S ?
Chicago
m J S l i s
Hlnnaapolu
f e
° lt y
^^anefco
M2H2S2S----
10,478,000
1,339,374,000
«.#14,000
14,886,000
3,760,000
7,689,000
127,121,000
3,288.000
8,083.000
34,536,000
I 10,413,000
781,083,000
8.346.000
U , 304,000
3,760,000
7,876,000
61,088,000
8,888,000
7,819,000
88,042,000
99981000
9:998.000
W.W*>QQ0
tom
#1,636,338,000
#900,810,000
4
T R E A S U R Y DEPARTMENT
Information Service
WASHINGTON, D .C .
RELEASE, M O R N I N G N E W S PAPERS,
Tuesday, A p r i l 26, 1949
S - 10Ô5
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the
tenders f or $ 9 0 0 , 000,000, or thereabouts, 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 2 8 and to m a t u r e J u l y 28, 1 9 4 9 , w h i c h wer e
offered on A p r i l 22, wer 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
April 25.
The d e t ails
of this
issue are as follows:
T o t a l a p p l i e d for - $ 1 ,6 3 6 ,3 3 8 ,000
T o tal a c c e p t e d
900,810,000
Average price
(includes $ 5 5 , 7 3 2 , 0 0 0
e n t e r e d on a n o n
c o m p e t i t i v e basis and
a c c e p t e d in full at the
a v e r a g e p r i c e s h o w n below)
- 9 9 * 7 0 8 E q u i v a l e n t rate of d i s c o u n t approx.
1 .156 $ p e r a n n u m
Range of accepted competitive bids:
fti&h
- 99*709 Equivalent rate of discount approx.
1.151$ per annum
— 99*707 Equivalent rate of discount approx.
1.159$
annum
Low
(4l percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
$
New York
P h ila d e lp h ia
C lev elan d
Richmond
Atlanta
Chicago
Minneapolis
City
Dallas
sa n
F r a n c is c o
TOTAL
Total
Accepted
10,472,000
1,339,376,000
18.914.000
14.586.000
3 ,7 6 0 , 0 0 0
7 .6 2 9 . 0 0 0
1 2 7 ,1 2 1 , 0 0 0
$ 10,413,000
3 228.000
3 ,2 2 8 , 0 0 0
7 ,8 1 9 , 0 0 0
.
St. Louis
Kansas
Total
A p p l i e d for____
,
721 083,000
5 ,3 6 6 , 0 0 0
11.304.000
3 ,7 6 0 , 0 0 0
7 ,2 7 5 , 0 0 0
.
61 088.000
8 ,0 2 5 , 0 0 0
34.555.000
9,998,000
58.674.000
22.042.000
9,998,000
37.434.000
$1,636,338,000
$900,810,000
0O0
TREA SU I
^
Information S
IMMEDIATE REj
Friday, April
The Treasury
Federal
representati'j
tions concerning inter-governmental tax problems and fiscal relations*
The meetings resulted from statements made by President Truman to
the U* £>• Conference of Mayors in March of this year and by Secretary
Snyder to the American Municipal Association in December of last year*
The persons participating in the conference were as follows?
John W* Snyder, Secretary of the Treasury, Chairman of the
Conference
Edwin G* Nourse, Chairman, Council of Economic Advisers
Frank Pace, Director, Bureau of the Budget
Frank Bane, Council of State Governments and the Governors»
Conference
de Lesseps S* Morrison, Mayor of New Orleans, and President,
American Municipal Association
Carl H. Chatters, Executive Director, American Municipal
Association
W* Cooper Green, Birmingham, Alabama, President, U. S* Conference
of Mayors
Paul Betters, Executive Director, U* S* Conference of IvAyors
Keith L* Seegmiller, National Association of County Officials
Christian Kahl, National Association of County Officials
C* Emory Glander, Commissioner of Taxation, Columbus, Ohio, and
Vice President, National Association of Tax Administrators
Charles Conlon, Executive Director, Federation of Tax Administrators
Elmer B# Staats, Executive Assistant Director, Bureau of the Budget
I* Mi* Labovitz, Chief Fiscal .analyst, Bureau of the Budget
Marvin A* Bacon, Fiscal Analyst, Bureau of the Budget
Gerhard Colm, Council of Economic Advisers
John S* Graham, Assistant Secretary, Treasury Department
Thomas J* Lynch, General Counsel, Treasury Department
James J* Saxon, Assistant to the Secretary, Treasury Department
L* L* Ecker-Racz, Division of Tax Research, Treasury Department
Vance N • Kirby, Tax Legislative Counsel, Treasury Department
George J. Schoeneman, Commissioner, Bureau of Internal Revenue
Fred C* Martin, Assistant Commissioner, Bureau of Internal Revenue
T. C* Atkeson, Assistant to the Commissioner, Bureau of Internal
Revenue
Charles Oliphant, Chief Counsel, Bureau of Internal Revenue
T R E A S U R Y D EP A R TM EN T
Information Service
WASHINGTON, D .C .
BEEDIATE RELIASE
Friday, April 22, 1949»
S—1066-A
The Treasury today issued the following statement;
Federal officials this afternoon concluded a two-day meeting with
representatives of the principal state, municipal and county organiza
tions concerning inter-governmental tax problems and fiscal relations*
The meetings resulted from statements made by President Truman to
the U* S* Conference of Mayors in March of this year and by Secretary
Snyder to the American Municipal Association in December of last year*
The persons participating in the conference were as follows:
John W* Snyder, Secretary of the Treasury, Chairman of the
Conference
Edwin G* Nourse, Chairman, Council of Economic Advisers
Frank Pace, Director, Bureau of the Budget
Frank Bane, Council of State Governments and the Governors*
Conference
de Lesseps S* Morrison, Mayor of New Orleans, and President,
American liunicipal Association
Carl II. Chatters, Executive Director, American Municipal
Association
1/». Cooper Green, Birmingham, Alabama, President, U* S* Conference
of Mayors
Paul Betters, Executive Director, U* S* Conference of Mayors
Keith L* SeegmilJLer, National Association of County Officials
Christian Kahl, National Association of County Officials
C* Emory Glander, Commissioner of Taxation, Columbus, Ohio, and
Vice President, National Association of Tax Administrators
Charles Conlon, Executive Director, Federation of Tax Administrators
Elmer B# Staats, Executive Assistant Director, Bureau of the Budget
I* M* Labovitz, Chief Fiscal analyst, Bureau of the Budget
Marvin A# Bacon, Fiscal Analyst, Bureau of the Budget
Gerhard Colm, Council of Economic Advisers
John S* Graham, Assistant Secretary, Treasury Department
Thomas J* Lynch, General Counsel, Treasury Department
James J* Saxon, Assistant to the Secretary, Treasury Department
L* L« Ecker—Racz, Division of Tax Research, Treasury Department
Vance N. Kirby, Tax Legislative Counsel, Treasury Department
George J* Schoeneman, Commissioner, Bureau of Internal Revenue
Fred C* Martin, Assistant Commissioner, Bureau of Internal Revenue
T* C* Atkeson, Assistant to the Commissioner, Bureau of Internal
Revenue
Charles Oliphant, Chief Counsel, Bureau of Internal Revenue
In calling the meeting Secretary Snyder emphasized its exploratory
nature, and in his opening statement to the conference stressed the
■wisdom of the delegates in setting before themselves a modest task in
these preliminary meetings®
In pointing out at the opening session that there is no easy solution
to the problems of intergovernmental fiscal relations, the Secretary said
that a free exchange of views would lead to a better understanding, there
by contributing much to the solution of these problems® While acknowledging
that in the past there have been certain areas in which the various levels
of government worked at cross-purposes in these matters,, he said that, in
general., the degree of harmony and cooperation over many years has been
remarkable ®
On behalf of the American Municipal Association, of which he is
Pie sident, Mayor deLesseps S« Morrison of New Orleans expressed his
pleasure and encouragement at the opportunity the meeting afforded for the
respective governmental levels to try to make a uniform approach to the
solution of .the problems confronting them«. He stressed the continuing and
increasingly difficult problems facing many cities in the country in their
effort to provide for the propor needs of their increasing populations
from sources of revenue which are being continuingly diminished as a
result of the growing use by Federal and state authorities of the limited
revenue sources available® In this connection, Mayor Morrison made
particular mention of the need for unified agreement in leaving to the
cities larger shares of such taxes as the Admissions Tax0 The need for
agreement among Fbderal, state and municipal authorities as to a basis
for making payments to the cities in lieu of taxes on certain classes of
federally-owned property is apparent, the Mayor said®
Mayor W* Cooper Green, President of the U® S0 Conference of Mayors,
opened his comment at the meeting with a statement of the basic need for
cooperation in this field of inter-governmental tax'and fiscal matters®
He pointed out that the cities and local communities are caught between the
growing responsibilities of State and local jurisdictions, with the result
that many of the cities and local communities arc hard put to obtain the
powers and revenues essential to meet the requirements of growing popula
tions® Mayor Green deplored the fact that, as a result of this circumstance,
he cities and local communities are compelled to seek increasing aid from
State and Federal governmental authorities® He stated that in certain
cities, such as Birmingham, Alabama, the only tax sources available, other
han property taxes, are license and nuisance taxes which have already been
exploited to the highest degree, vdLth resulting confusion to the consuming
public and taxing authorities as well0
On behalf of the Council of State Governments and the Governors1
Conference which he represented at the meeting, Mr® Frank Bane stated that
coth those organizations have long been attempting to work out solutions
o these problems® Mr0 Bane indicated the practicality of a modest
ginning to the solution of a large problem and said that much would be
accomplished if the conferees were able to reach a limited area of agree—
in approaching the solution of some of the specific problems involved«
~ 3Mr0 Emoiy (Hander spoke to the conferees on behalf of the National
Association of Tax Administrators and stressed his organization's interest
in the important area of intergovernmental cooperation in tax administration«,
Mr0 Hander pointed out that much already had been done in this field and
complimented the officials of the Bureau of Internal Revenue for their
continued willingness and effort to work out. the problems of this nature«,
Mr«, Charles Conlon, speaking to the conference on behalf of the
Federation of Tax Administrators, emphasized the great value to be derived
from further efforts to extend existing cooperation in tax administration
at the various intergovernmental levels«,
Mr* Keith L* Seegmiller and Mr« Christian Kahl represented the
National Association of County Officials* They stated that the FederalGovernment, in helping to combat centralization of Government authority,
should turn over certain fields'of taxation to State and local governments
in order to enable the latter to finance their own needs and avoid
increasing dependence on grants in aid from the State and Federal
Governments« They ihrther expressed the interest of the counties in payment of taxes or equivalent amounts ‘to local governments on Pbderally-owned
property*
N \r\’ .
The second session of the conference held on Thursday afternoon was
presided over by Dr* Edwin G. Nourse, Chaiman of the Council of Economic
Advisers, who discussed the relationship of State ^and local finances to
the program of national economic stabilization«, At that session the
conferees explored the possible means of making more effective the enforce
ment efforts of the Federal, State and local governments in the field of
tax audits* The conferees agreed that the various agencies of government
should (1) exchange information as to audit plans and techniques; (2)
exchange audit findings on selected returns to reduce insofar as possible
separate and repeated audits of the same taxpayer by the several agencies
of government* As a means of making that policy effective, it was
recommended that such information as is now available as to audit plans
be immediately exchanged between those agencies of government interested in
such an exchange; and, that ’’pilot1* exchanges of audit findings on selected
returns be exchanged during the year 1950 on a test basis in a limited
area* The Treasury Department agreed to an initiation of this recommenda
tion by making available to the interested States and local governments a
copy of its plans in respect to its audit program of individual income tax
returns« Further, the Treasury will solicit the assistance of one or
two States to test, on a cooperative basis, an audit program for Federal
and State income tax returns*
Another subject explored at that session was the proposal that the
Federal Government relinquish some excise taxes to localities hard-pressed
for new revenue sources« Taxes on amusements, gasoline, electrical energy
and local telephone calls, which together produce about $1*5 billion of r
Federal revenue, Tiere said by the State and municipal representatives to
be most suitable for administration by towns and cities* While present
Federal budgetary conditions preclude the revenue loss which would result
if the Federal Government gave up these taxes, the conference agreed that
when conditions permit general Federal excise tax revision, the interest
of the States and municipalities should be recognized*
As an immediate meastlrsj State and local representatives urged that
tax legislation enacted by Congress this year should provide enou^i
revenue over and above budget requirements to permit repeal of the general
admissions tax, in order to release an immediate revenue source to
localities in about one-third of the States where local taxes on admissions
are already authorized® Elsewhere State enabling legislation would be
required*
Budget Director Pace opened the morning session on April 22 with a
summary of the Federal Government*s budgetary situation© He emphasized
the great changes in Federal expenditures since 1939* At present, he
said, moic than 80 percent of Federal expenditures is occasioned by past
wars, the current defense program, and international obligations* Mr* Pace
indicated that appreciation on the part of State and local representatives
of the financial problems confronting the Federal Government vail facili
tate consideration of the items on the agenda for this conference*
The conference considered the question of payments to State and local
governments on account of B'edcrally owned real estate* It was brought out
that Federal payments to local governments on account of extensive Federal
property holdings vary widely under existing laws* On some, the Federal
Government pays* taxes; on others, it makes payments in lieu of taxes;
on still others, it makes no payments at all© Property acquisitions in
recent years under statutes with widely diverse previsions respecting
payments to local governments have aggravated this situation*
Conference discussion of this matter indicated broad agreement that
there is need for a comprehensive program for payments on account of
Federally owned property; that the program should allpw for differences
(1) in the uses to which property is put, (2) in the magnitude of the
impact on particular communities, and (3; in the expenditures imposed on
particular local governments by the Federal operation©
Consideration was also given-to the proposal advanced by State taxing
authorities to amend the Buck Act of 194-0, which permits State and local
governments to collect sales, use and income taxes on Federal reserva
tions® The proposed expansion of this act would allow the collection of
(l) personal property and franchise taxes, and (2) sales and use taxes
on sales made to individuals by tax-exempt organizations such as post
exchanges* It was the sense of the meeting that such amendments would be
desirable and would be consistent with present Federal Government policy©
It was recognized that in according State and local governments the right
to collect the taxes within Federal reservations, the Federal Government
might appropriately require'State and local governments to provide
services such as school facilities to the residents on those reservations
on substantially the same terms as are available to the general public©
Secretary Snyder, on behalf of himself, Mr© Pace and Dr© Nourso, said
it was apparent that the two-day conference, through the means of open and
frank round-table discussion, had contributed much to the common appre
ciation of the problems involved* Secretary Snyder said that the progress
made toward a better understanding of certain of the problems confronting
the delegates represented a tangible and specific beginning©
- 5_ w
The Secretary said that the views expressed and the information
presented by the various groups represented at the meeting will receive
the immediate consideration of the Treasury and other Federal agencies
involved, and that he would continue to work closely with the State
and local organizations with a view to the development of concrete
proposals«
y^is$s4-*£*&
<T. /¿>& 7
The opportunity of obtaining an advanced education
at the United States Coast Guard Academy and pursuing
a service career is proving more attractive to young Americans
this year than in any previous postwar year, Coast Guard
Headquarters announced today.
Ifhen lists closed in February for applications to take
the competitive examinations for admission to the Coast
Guard Academy this summer, the number of applicants had
reached lW-9*
Of these, 103*4- met all eligibility requirements to
take the examinations.
572
At the completion of the examinations,
were found to have scored high enough grades to
be considered for appointment as cadets.
competitive system in effect
Under the strictly
for the Academy, only those
applicants standing highest #>n the examination score lists
are tendered appointments*
It is expected that
190
appointments as cadets will be
made in the near future, those named to be admitted to the
Academy July 6-7
as members of the new fourth
class.
The course of instruction at the Academy
leads to a degree of Bachelor of Science in Marine Engineering
and a commission as ensign In the Coast Guard*
This year’s graduation week at the Academy begins May 20 ,
with commencement exercises June 3* It is expected 37
will be graduated.
first classy
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C
IMMEDIATE RELEASE,
Wednesday,„April 27, 1949»
S-1067
The opportunity of obtaining an advanced education at the
United States Coast Guard Academy and pursuing a service career
is proving more attractive to young Americans this year than in
any previous postwar year, Coast Guard Headquarters announced
today.
When lists closed in February for applications to take the
competitive examinations for admission to the Coast Guard Academy
this summer, the number of applicants had reached 1449,
Of these, 1034 met all eligibility requirements to take the
examinations. At the completion of the examinations, 572 were
found to have scored high enough grades to be considered for
appointment as cadets. Under the strictly competitive system
in effect for the Academy, only those applicants standing highest
in the examination score lists are tendered appointments.
It is expected.that 190 appointments as cadets will be made
in the near future, those named to be admitted to the Academy
July 6-7 as members of the new fourth class.
The course of instruction at the Academy leads to a degree
of Bachelor of Science in Marine Engineering and a commission
as ensign in the Coast Guard,
This yearns graduation week at the Academy begins May 28,
with commencement exercises June 3# It is expected 57 first ?
classmen will be graduated.
oOo
411ft?'.I
mm* »
a
&y >
Check production hae keen increased till« year over
1948 by about SI percent, and a oorreeponding reduction
effected in coeta. The present eoet per tax check is -«Ml
around five cents»
oOo
S~/o6t
Secretary Snyder today announced that the Treasury *•
Division of Disbursement has up to this date mailed to tax
payers 28,562,037 refund checks on 1948 taxes.
Vheue checks,
drawn following certification of refunds by the Bureau of
internal Revenue, totaled $1,535,222,925.
average amount
of each check was $53 *75 •
Checks issued for the same period in 1948 totaled
2 1 ,148 ,312 , in the aggregate amount of $1,005,115,399*
Changes in the 1948 Revenue Act, reducing withholding rates
and permitting income-splitting between husband and wife,
greatly increased the number of tax r
e
f
u
n
d
s
~
Through the introduction of new check-writing processes,
Secretary Snyder said, the Division of Disbursement has met
all scheduled payments without a single delay in any of its
twenty-four regional offices.
Because of an unexpectedly
largo number of refunds scheduled in the Chicago area, however,
an ace production man was sent to that office from Washington,
and production there
items a week.
stepped up to almost 750,000
In order to further facilitate the program,
store than three-quarters of a million refunds scheduled in
the Chicago area were distributed among Disbursing Offices
in Cleveland, Columbus and Washington.
IMMEDIATE RELEASE ,
Wednesday, April 27,
19^9
S-1068
Secretary Snyder today announced that the Treasury's
Division of Disbursement has up to this date mailed to
taxpayers 28,562,037 refund.checks on 1948 taxes. These
checks, drawn following certification of refunds by the
Bureau of Internal Revenue, totaled $1,535,222 925
The
average amount of each check was $53.75."
-i)Qhe°ks issued i’or
same period in 1948 totaled
21,148,312, in the aggregate amount of $1,005,115,399.
Changes in the^1948 Revenue Act, reducing withholding
rates and permitting income-splitting between husband
and wife, greatly increased the number of tax refunds
this year.
Through the introduction of new check-writing pro
cesses, Secretary Snyder said, the Division of Disburse
ment has met all scheduled payments without a single delay
m any of its twenty-four regional offices. Because of an
unexpectedly large number of refunds scheduled in the
Chicago area, however, an ace production man was sent to
that office from Washington, and production there was
s epped up to almost 750,000 items a week. In order to
further facilitate the program, more than three-quarters
0
a million refunds scheduled in the Chicago area were
distributed among Disbursing Offices in Cleveland
Columbus and Washington.
Check production on tax refunds has been increased
this year over 1948 by about 21 percent, and a correspond
ing reduction effected in costs. The present cost per
tax check is around five cents.
-0 O 0 -
Secretary Snyder announced today that more than 750, 000
i y 6m in CO^ .
pieces of explosive ordnance tee been *■■«*»*»»*■ and made
safe as war souvenirs since the formation of the War Trophies
Safety Committee in May, 19^7»
The committee working through the facilities of t h e V e t ^ W
A ft/»
yN a t i o n a l
i
HTTTe dissociation and
Treasury
Department# arranged to render harmless souvenirs of the
two world wars, the Spanish American War and even the
Revolutionary W a r .
The trophies deactivated through the efforts of the
committee include every conceivable type of ordnance.
Perhaps the most unusual was a two ton anti—aircraft gun
complete with carriage.
Several land mines were removed
from private homes, deactivated and returned to the owners.
Countless numbers of bazookas, aerial bombs and hand grenades,
as well as pistols and rifles, which could have exploded if
loaded with domestic ammunition, have been processed.
The Rational Safety Council has credited the committee’s
campaign with saving more than 1,500 lives during 19^8 and
believes that many more lives will be saved this y e a r .
The
.American Society of Safety Engineers,, recognising the hazards
involved , has made known its intention of cooperating with
the committee .
IMMEDIATE RELEASE,
Wednesday, April 27, 19 49.
S-IO 69
Secretary Snyder announced today that more
than 750,000 pieces of explosive ordnance have been
examined and made safe as war souvenirs since the
formation of the War Trophies Safety Committee in
May, 1947.
The committee working through the facilities
of the National Military Establishment, the National
Rifle Association and the Treasury Department arranged
to render harmless souvenirs of the two world wars,
the Spanish American War and even the Revolutionary
War..
The trophies deactivated through the efforts
of the committee include every conceivable type of
ordnance. Perhaps the most unusual was a two ton
anti-aircraft gun complete with carriage.
Several
land mines were removed from private homes, de
activated and returned to the owners.
Countlessnumbers of bazookas, aerial bombs and hand grenades,
as well as pistols and rifles, which could have
exploded if loaded with domestic ammunition, have
been processed.
The National Safety Council has credited the
committee's campaign with saving more than 1,500
lives during 1948 and believes that many more lives
will be saved this year.
The American Society of
Safety Engineers, recognizing the hazards involved,
has made known its intention of cooperating with the
committee.
0O0
- 3
-
purposes of taxation the amount of discount at vdiich Treasury bills are originally
sold b y 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 I 9I4I* 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. Ul8, as amended,
and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
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 tne 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, non-competitive tenders for $200,000 or
l e s s without stated price from any one bidder will he accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
May $, 19U9______ f ln Gaa" or °^’
ner lamediatelj
W
able funds or in a like face amount of Treasury bills maturing . IffoST $
Cash and exchange tenders rill receive equal treatment.
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 the Internal Revenue Code, or laws amendatory or supp^em
tary thereto.
The bills shall be subject to estate, inheritance, gift or other
excise taxes, whether Federal or State, but shall be exempt from all taxation
or hereafter imposed on the principal or interest thereof by any Stare, or any of
the possessions of the United States, or by any local taxing authority.
For
mm
TREASURY DEPARTMENT
Washington
RELEASE, MORNING NEWSPAPERS.
Friday« April 29, 19U9.______ _
The Secretary of the Treasury, by this public notice, invites renders for
$ 800.000*000
---- *
y or thereabouts,
of
91 -day Treasury Dills, xor cash and
in exchange for Treasury bills maturing
May 5» lgljg_______ to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
interest.-
The bills of this series will be dated
August H. 19U9
M a y 5, 19^9
_______ > and
> when the face amount will be payable without
They w i l l be issued in bearer form only, and in denominations oi
$1,000, $5,000, $10,000, $100,000, $ 500 ,000 , and $1,000,000 (maturity value).
Tenders w ill be received at Federal Reserve Banks and Branches up to the
daylight saving
closing hour, two o*clock p.m., Eastern/saoos&CRi time,
Monday, May 2, lghg---
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100, with not more
than three decimals, e, g*v, 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 b y Federal Reserve Banks or Branches on application
therefor.
Tenders m i l 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 b y payment of 2 percent of the face
TREASURY DEPARTMENT
Information Service
Wa s h i n g t o n ,
RELEASE, MORNING NEWSPAPERS
Friday, April 29, Ï9A9.
*
s_1070
*2?S***'
for s
''
0001
o m ryn°:
this Treasury
public notice,
tenders
lor
t;
>8
o0O0O,000
,000,
or f+ihe
thereabouts, of17
91-day
bills invites
for na«ih
w
in exchange for Treasury bills „¿taring Hay 5, i 947 t^te i s s u e d ^ f
5 l ° r ® r o ^ S d .’"wfe b n i f o f t t i ^ n? ^ omPetltive bidding as hereinwill mature August A 1 9 /q M ^ i.8T
S Wl11 te dated May 5> 19<l9> and
interest»- They w i l l ' b e ^ s ^ u e d ^ faoe amount wil1 be payable without
of Si, 000 $5
form-only, and in-denominations
valued.
*
* ■•>X0>00G> sil00,000, ,¿500,000, and $1,000,000 (maturity
to t h ^ c l o s L g ^ o u ^ teneoTei
Monday, May“
m g ’ T°
Demrfmpn+^
t,• x ™enders
g
S
w*
S
T
S
n
t * * * * 1®!stern
;ReSerVe Mnks “ d i n c h e s up
daylight saving time,
S
itot be received at the Treasurv
”“8t te
a n ¿tipiTof
expressed l ^ t o basls of ' l o ^ ^
* 6^ " 3 the prioe offered ™st be
e. g., 99.925»
*°0'
not raore than three decimals,
made on the printed forms and SSL» ^ 2 - x ?
Urged that tenders be
will be s u p o l S b ^ S ^ i
,“ the Speoial envelopes rvhich
therefor.
7
1 3eSenre &nks °n Branches on application
trust^compdnies^and6fro^responsible^-’rd^03^ ^ ^ o r a t e d
banks a n d
securities* Tenders from nthprq ™
recosmized dealers in investment
percent of the face amount nf Tr~
S ° ^ accompanied by payment of 2
for>
are accompanied by an express guaranty o f ^ ^ P ^ f 1
“nless the tenders
or trust company*
S
y ^ Paymenb
an incorporated bank
te opened & the
will be made by the Secretarv of +vL °llou:mg T/hlch Public announcement
«nge of accepted b i d s r S e f u « t t w S+
U5 - ° f
and prioe
acceptance or rejection thereof
tanaers;''111 be advised of the
«serves the right to accept or'reject a n ^ o r T n ^
Treasury exP«ssly
ln part, and his
r e je c z any or all tenders, in v/hole or
these reservaMnnt1
anysuch respe°t shall te final. Subject to
stated price
for
or lesstithout
Price (in three decimals) of ffceri^d
T + —
in full at the average
accepted tenders in hdcordance
bids* Settlement for
at the Tfederal Reserve Bank on iky 5 lq/qdS-mUSt
made or oomPleted
available funds or in a liVn
^
111 Cash or other immediately
^
1949> B - h S d e ^ : i aCten“
wm TreaSUI7 biUS m t U r ^
Cash adjustments will fee madeSfnr H-i
^
rfcflvc e9nal treatment*
naturing bills
5 differences between the par value of
g rills accepted an exchange and the issue price of the new bills.
r*.
+* 2 **
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, shall not have any
exemption, as such, and loss from the sale or other-disposition of
Treasury bills shall not have any special treatment, as such, under
the Internal Revenue Code, or laws amendatory or supplementary thereto#
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
and 117 (a) (1) of
the Internal Revenue Code, as amended by Section 115 of the Revenue
Act of 1941, the amount of discount at which bills issued hereunder
are sold shall not be considered to accrue until such bills shall .be
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets* Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the
price paid for such bills, whether on original issue or on subsequent
purchase, and the amount actually received either upon sale or
redemption at maturity during thé taxable year for which the return
is made, as ordinary gain or loss#;
A2
Treasury Department Circular No* 418, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue# Copies of the circular may be obtained from *any
Pbderal Reserve Bank or Branch*
0O0
Address By Thomas J. Lynch, General Counsel
For The Department Of The Treasury, B e
fore The Cincinnati Bar Association
At Cincinnati, Ohio, April 29,
1949
FEDERAL ESTATE AND GIFT TAXES
It was with real pleasure that I accepted your kind
invitation to address you.
There are many subjects in the field of taxation which
I should like to discuss with you.
In selecting as my
subject The Federal Estate and Gift Taxes, I was influenced
primarily by its timeliness.
There are several reasons why this is a particularly
appropriate time to examine the estate and gift taxes.
These taxes have recently received the attention of each
of the three branches of our Federal Government.
A little
over a year ago, the 80th Congress, in enacting the Revenue
Act of 1948, extensively amended the estate and gift tax
law. Amendments to conform the estate and gift tax regula
tions to the provisions of the Revenue Act of 1948 were
published in tentative form in the Federal Register for
November 6, 1948, with an invitation for the views and com
ments of interested persons. A large number of letters,
some of which raised very complex issues, were received in
response to this invitation.
The various views and argu
ments presented have been given careful consideration and,
as a result, the regulations have been revised in a number
of respects.
It is expected that the regulations will soon
be issued in final form.
However, the issuance of these regulations will repre
sent the discharge of only a small portion of the adminis
trative burden imposed by the 1948 Revenue Act.
Many d i f
ficult questions will be presented to the Bureau of Internal
Revenue in requests for rulings and in the examination of
estate and gift tax returns.
I am sure that some of you are
inding that the entire burden has not been placed upon the
reasury.
it will be a long time before the complexities of
^ 1948 legislation are fully explored and assimilated into
estate planning.
2
4.-U
More r e c e n t ly , the Supreme C o u rt, in i t s d e ri^ io n ^ in
our § f f f §
Ct r i >
also made a contributi“ to
„ e , a n ^ S ^ r t tax history. In these cases the Supreme
Court was dealing with the so-called "transfer provisions"
^ tate tax statute. Under these provisions a
decedent s gross estate for estate tax purposes includes
of hi^desfh *0 pr°p?rty 0TOed fey the decedent'at the tim£
durim hiatiifeel’t^ n tra? 3 feF 3 of property made by him
ttI!hxs life. The particular provision of the statute
which was involved in the Church and Spiegel decisions re•-cSdld inatherdeeefly ^ an3?erPed duriiig life must be In- ’
eluded in the decedent’s gross estate if the transfer was
^ s^ !^ .^ „> a r;ts:'ji(srs,3!s.
an
interest m
lnet
^ ' property
In add“transferred
lon> ench decedent
retained
0.11 interest
the
in tniat- had r»-»
+.-u^
||u r c h case the decedent h id r ^ l n l d
both a i l k
and a reversionary interest under the trust
In
e s ta te
th^
Under th ede s - dt n t <-had re ta ln e d onl y a r e v e r s io n a r y in ’Eer e s t
^ 3 L c l l d l b l e ?n f L ^ g U l J t i ?n S ’ t h ° Corpus of
trust
the c o m b i n e t l n n ^ n e ^ e h d e c ^d e n ^ 3 g r o s s e s t a t e b e c a u s e of
of the rl m a i n d e r ^ L ^ \ e W? faotor3: Flpst, the inability
trnts-iemai^dermen to obtain possession or enjoyment of the
i
of * risM »
in lo in ? ° nfwrm lty wibh the d e c is io n o f the Supreme Court
n?fii ?30 i ?
oase
May v . H e in e r, the e s ta te ta x re,? vhotv,°ns in d ic a t e d t h a t, f o r the purpose of d e term in in g
S e r bet r a n 1
Si e r r as i« o lu d ib le in Pthe d e c e le n ^ s g ^ s s
or in t e r e s t in ? h e ° in
£e8arded as havin g re ta in e d I r ig h t
est c o n siste d o f fn oa? Sf e r r d p ro p e rty l f M s o n ly i n t e r of the estate t L ^ . n !h
r hls llfe- This Provision
tren^L^,
tax regulations was applicable only if the
e S d o H h a ? dd ?ri0r t?.March 3 , 1931, since l statute
thereafter
dat! 3Peaifioally requires that a transfer
estate ir
d must\ be included in the decedent's gross
propertv hT'heeonI'V?d
life estate ln the transferred
PosiUoI'thlt t b e ^ Sr Snr °{ Internal Revenue took the
to March 1 i q I? §^ r °h ^ u s t which had been created prior
Gained not nl?v i
taxable because the decedent had re-
f
est ih the t r n l t r , i ^ e ? s t a t e > but a ls o an a d d it io n a l ln t e r I t was t h e r US< P ro p e rty , nam ely, a p o s s i b i l i t y of r e v e r t e r
rem ltndei Go“ “ i s s i o n e r 's co n te n tio n th a t i f the s e v e ra l
o e a s e d^h^ch^the J*1 *1?® trUSt lnstrunient had all prede—---—
property would have reverted to
Q
him. The Supreme Court, however,-decided that the Church
trust was includible in the decedent's gross estate be —
cause of the reserved life estate, thus overruling the
decision in May v. Heiner.
The Court also decided
that the Spiegel trust was taxable under the provisions of
the statute.
^
£®endments to conform the estate
l
h
e
Church decision were published in
for April 15, 1949 , under a notice of
tax regulations to
the Federal Register
proposed rule-making.
The notice extends an invitation for the views and comments
f any interested persons.
The notice also states that no
amendments to the estate tax regulations are required as a
d e cision.
The proposed regulations
provide, that, in the case of a decedent who died on or before January 1 7 , 1949 , the date of the Church decision,
property transferred by him prior to March 3 , 19^1 shall
not be included in his gross estate under the statutory
provision interpreted in the Church case if his onlv right
or interest in the transferred" property consisted of an
estate for his life,
This means that effect will not be
v: HeJ-ner unless the decedent
aH er th? date of the Church decision.
The proposed
g lations also provide that the CQramissioner shall deter
mine whether the decedent retained only an estate for his
-fn
h~ also retained other rights or interests
*■ * e . ^ansferred property, and that the Commissioner's
W i i w i nat^ n 2 n .ihis point sha11 be final,
I am sure that,
reSuintions, you will not have
much difficulty with the Church and Spiegel decisions.
It**
munh
onrn„
t0 the i9^8 Revenue Act and discussing
with
dl-fi?uii Problems which arose in conjunction
ther-nndr.Sre?a+,atl°? °f the estate and gift tax regulations
thereunder, let us improve our perspective by taking a
glance at the history of these taxes.
thP
est'it^
a ? ' S +old
f edefaJ inhenitance taxes were imposed during
l1aShad
d^°?2,ni?h-American Wars, the present-day Federal
lts inception in the Revenue Act of 1916.
taxation of inheritances by the States was an
dtion.
Pennsylvania had adopted the first State
were
e?rl*y as J-826 . In 1916, inheritance taxes
tho
fd +.by ihe laws of 42 states. Today, Nevada is.
nly state which has no death tax statute.
Pedpr»??6 important factor which led to the adoption of the
in mi-MVeState taX in
was the necessity of an increase
oU! ^ t ^ - r y appropriations.
Another was a belief that the
urces of the Federal revenue should be better balanced.
4
The Congressional committee reports pointed out that con
sumption taxes were furnishing almost 90 percent of the
Federal revenue. The House Report stated:
"It is therefore deemed proper that, in meeting
the extraordinary expenditures for the Army and
Navy, our revenue system should be more evenly'
and equitably balanced and a larger portion of
our necessary revenues collected from the incomes
and inheritances of those deriving the most bene
fit and protection from the Government."
In adopting an estate tax upon the transfer of the net
estate rather than inheritance taxes upon the several
shares, the Congress was influenced by several factors.
One was the greater administrative simplicity of the estate
tax. It was also thought that a Federal estate tax would,
in conjunction with the State inheritance taxes, which
were then imposed by the laws of 42 States, form a wellbalanced system of death taxation.
The 1916 Act provided
a $50,000 exemption and a progressive rate schedule rang
ing from one percent on the first $ 50,000 of the taxable
net estate, to ten percent on the portion over $ 5 ,000 ,000 .
The position of the States in the estate and inheri
tance tax field was strengthened by the adoption in 1924
of a credit against the Federal estate tax for inheritance
or other death taxes paid to the States,
The credit auth
orized by the 1924 Revenue Act was limited to 25 percent
of the Federal estate tax.
This percentage limitation
was raised to 80 percent in the 1926 Revenue Act.
The
1926 Act adopted an exemption of $100,000 and a schedule
of rates ranging from one percent on the first $ 50,000 of
the taxable net estate to 20 percent on the portion over
$10,000,000.
If the amount of death taxes paid to the
State was large enough'to enable the executor to obtain
the maximum credit against the Federal estate tax, it will
be seen that the net Federal rates ranged from two-tenths
of one percent to four percent.
The purposes of the credit were to protect the State
revenues, to discourage attempts to attract wealthy p er
sons from one State to another, and to provide an incentive
for uniform State death taxes.
Under this credit system, ..
the administration and enforcement of the State death
taxes have been much improved.
The Revenue Act of 1926 was the fourth complete reen
actment of the Federal estate tax. Earlier reenactments
were contained in the Revenue Acts of 1918 , 1921, and 1924.
- 5 enactment of the 1926 Act, Congress discontAxnnn^H ^ pra°tice of repealing and reenacting the estate
1Q2fiPfli>t°nS in.e?0^ maJ°r revenue act. Although the
nart
amended in several respects, it remained a
F e b r u a r v ¿ aW3 °f the U n l te<S States until
enue Code1 0 ’ 1939, when Congress enacted the Internal Rev-
Act¿
fnr
due t0 the fact that the credit
the P e d e L r » 0? ^axf 3 absorbed practically 80 percent of
....
state tax, the annual Federal collections
this source amounted to only about $50,000,000.
ade
exceeded
yeal\ 1?31, for the first time in a decexpenditures of the Federal Government
*he ordinary receipts. Faced with a serious
S
o f ^ o i r c a a ° nfne 1
SSa?OUgii: additional revenue from a number
including higher estate taxes.
The 1 9 3 2 RevcreditCf o r I1^tatp
adddtlonal estate tax against which no
i°r state death taxes was permitted.
The 1932 Act
an eJemi?tion of $50,000 and a set of so-called
¿10 o n n ^ r
r“ 8ing from one percent upon the first
Dortinn '?£
taxable net estate to 45 percent upon the
of the "tiniit ? 33 °fJ$-*-0,000,000. The tax computed by use
so-called " b a ^ % r a -ef rePresented the aggregate of the
andCtbief/iai??ic ?a? Imposed by the Revenue Act of 1926
Tn 1-vio additional tax imposed by the Revenue Act of 1932
w i L a t a " 1 oan!' ih! ne1 Federal tax payable was the
ggregatc
or tentative
tax reduced by 80 percent of the
T
to!i?iooXnnifPUted^
t theIn
1926
rates
ahdywiihPthe
Sse of
^
tne
$i°o,00° exemption.
other
words,
the new rates
inFederal t w
^ct became the real measure of the
taxes Za^d ib
reduction by the credit for State
S
S
e limit
l i L i 926
raiuS
became merely a device for compucing
the
upon
the credit.
Revenue^
UDon it.
ta? P rovlslons of both the 1926 and 1932
ere incorporated in the Internal Revenue Code
thus
in 1939 ' The Internal Revenue Code
hs o b
! V f daal rate schedule, the basic rates servo^fdit 7
h
te allowable limit upon the State
for ib» At P 3 e n t > an exemption of $ 60,000 is allowed
or the purpose of computing the "tentative tax" and on
tt
determine
tax” " ^ h e ^ t e n t - t 000 is aH owed ln computing the "basic
first ¿ s n n n tn?t? £ 1Vf raJ ? s ran 8 e from 3 percent upon the
the poltlon o ? t b » e t?xabie net estate to 77 percent upon
The " V o i n i °f the net estate in excess of $10,000,000.
to 20 bSercentatepvremaln ^ ti?f oriSlnal 1926 level of 1
wilf^fi^b
comparing the two sets of rates, it
maxim™
Peice^? am0U”
thatState
the net rate (after allowance of
credlt) in the top bracket
the
is 6 l
-
6
-
w
19i6
had provided that interests transferred
^y d e c ®dent in contemplation of his death should be inin two YearsSofrriAflth3 tS teL and that any transfer made with,
be
death should, unless shown to the contrary,
be c ^ e evident iha?S^ ln contemplation of death. It soon
Indl^dults Sit£h^ th?s Provision was woefully Inadequate,
the Zat«tA tlith-,
i large fortunes were able to escape
durlnRtlifet
a ring life.
^
T ^ T o o i “““ P16^ 1?
means of transfers
in 1924 Congress enacted a gift tax but thi **
repealSofethe 1o?fty tthe 19?a Revenue Act. Realizing that
lifp
? ft tax would encourage transfers during
life and thus increase the d i f f i c u l t y of enforcing the8
C°?emlttl0n
ciuded S thA dA S w “ nln two years of death should be inp r e s ™ n t ? o n h thf?Ct£
'ttransfers
3 gS ° SS estate under a conclusive
d e l t ^ HowevAn
were in contemplation of
E m o t e d to
or death Provision, Cong?ess attiv^transfA^uce the avoidance by providing that all dona-
aea-cn. However, this provision was invalidated bv the
Supreme Court in 1932 in the case of H e S f , 1 ^
ance p r o b l e ^ i ^ t h A 0? ? ^ ^ 8rlps Wlth this estate tax avoidt„
p£ £ plam ln th® i93 2 Revenue Act by reenacting a gift
ax. The Congressional ecanmittee reports stated:
*
ln ahe collection of the income and esthA *??!?’ and prevent their avoidance through
the splitting up of estates during the lifetime
r*,a *2i P?yeri y °ur committee recommends a gift
wh?Av,
In sfj°r t » the design is to impose, a tax
wnnia measurably approaches the estate tax which
thA^ef®
payable on the donor's death had
gifts not been made and the property given had
constituted his estate at his death. *** The gift
tax will supplement both the estate tax and the
t^Cm v » ta^
^ wi;U tend t0 reduce the incentive
make gifts in order that distribution of future
hA^°A? il ° m the donated property may be to a numt>a AdfvPefu°ns wltl1 the result that the taxes im?™ H y thL'higher brackets of the income tax
law are avoided.
It will also tend to discourage
transfers for the purpose of avoiding the estatf
the look
reports recognized that one weakness of
gift tax was the treatment of gifts made d u r i n g
the progressivpSeP?rat\ tS'X t>ase’ The higher brackets of
spreading
schedu*e could easily be avoided by
Revenue11?
£
Ver a peri?d
several years. In the 1932
venue Act, Congress remedied this defect by providing that
- 7 -
the rate of tax should be measured by all gifts made after
° L the AQt- This treatment was adoptld in
?ate as ifathfv
Z™
a perlod of years at
*
the c-??fifa^hfy hadJa11 been made within one year. Since
o lL taX i s ? ai d a tto u a liy , t h is treatm ent r e q u ir e s a
com putation. F i r s t , a ta x i s computed upon a l l
i^ c iu d in ff
t 5 <? fWactinent of the 1932 Revenue Act,
ineluding gifts made in the current year for which the tax
e i f ^ f * r mpf ed; fg g ° nd' a ta x i s computed upon a l ! such
g i f t s made p r io r to the c u rre n t y e a r. T h ir d , the ta x for
the second^ year.i® G a i n e d by subtracting the result of
the ®a°°nd °0®PuJ:ationjf1’o>n the result of the first. Since
?X£t ta.x is imposed at graduated rates, the gifts for
bracket?
* * * * fal1 Withln the hlShest applicable rate
a leveieL,?«?Ctn1?|2 th® g*ft tax rates have been fixed at
a i®„
S1
75 Pero en t of the comparable estate tax
hts heer>E=Ch subs?<3aeat adjustment in the estate tax rates
Kift^tS r a t ^ Pan£«d by S 9 ° ^ e3P°nding adjustment in the
®aM f
n h
» Because of the sustained rate differential
Result
£ea30n?- ^transfers during life continue to
result in substantial tax savings.
the principal defects of the estate and sift
tax law prior to 1942 was the lack of equality i H t f i a conceot°H«renldentf °f States having the community-property
lat stated c0®Pared+with residents of the so-called commonhas a one h n i ^ ^ f the o^^nniiy-Pnoperty system the wife
a??uis1?lontlf int!ueS ln the husband's earnings and
a?qtites t??le in
fStates the husband usually
v
t
one half nf^f^ t0 tbS wbole of his earnings and gains. Only
of ennhf f the 05mHunity property was taxable at the death
DroDertvS?3=Se’v,Yhereas’ ln the col™>on-law states, all
taxed at hi^dtnth t0J?he husband's earnings was customarily
ertv hptupor, u
Tb? equal division of community prop
hets n?
fh 3bsnd and wife save them the use of two
a suhstnn*• e .and Sift tax exemptions and also resulted in
brhhklir
n T eh °s T ° ape fr0m the higher tax rate
reduceh-i« Pf.a .hufband in a common-law State attempted to
transfer? estate taxes to the community-property level by
+
pr°p“ ty
and
“ =»«=. ■» ™
Act* Con?fess recognized the estate
^
f 00fflmunity property and, for the
States^unnn P lao®d tha c°“rannity-property and common-law
remedy in t h e f qi3i“ ilal.equallty- Consress discovered its
v, s ®sbate tax treatment which, ever 3ince the
916 Act, had been accorded to common-law joint tenancies
1916 L t
-
8
-
and^ tenancies by the entirety.
The principle of taxing
such tenancies to the tenant who had" originally furnished
the consideration for the property had several times r e
ceived the blessing of the Supreme Court,
In the 1942
y Congress made this principle of taxation to the economic source applicable to community property.
In effect,
community property was includible in the h u s b a n d ’s estate
except to the extent that the surviving wife was shown to
have been the earner.
However, If the wife died first,
only the one-half of the community property which was sub
ject to her power of testamentary disposition was included
in her gross estate.
Gifts of community property were
also made taxable to the husband except to the extent the
wife was shown to have been the economic source of the
property.
Act
In summary, the purpose of the 1942 community-oroperty
amendments was to increase estate and gift taxes in"com
munity-property States to approximately the level in the
common-raw States,
In 1948, however, Congress decided to
repeal the 194-2 amendments and to attempt" instead to-eauate
the estate and gift .taxes in common-law States to the pre1942 level in community-property States.
This was accomplished by introducing a new estate and
gift tax deduction -- the "marital deduction” for transfers
to a spouse,
in general, in computing the estate tax, the
marital deduction may be taken for the value of any prop
erty interest included In the decedent’s gross estate and
passing to his surviving spouse, but not to exceed 50 p e r
cent of the value of the "adjusted gross estate."
The
term adjusted gross estate" is new to the estate tax and
means, in a common-law State, the statutory gross estate
less certain deductions, Including those for estate debts
and expenses.
The statutory gross estate includes, in
addition to.property owned by the decedent at the time of
his death, certain transfers made during life, joint
estates with right of survivorship, tenancies by the e n
tirety, life insurance, and property over which"the decedent
possessed a power of appointment.
As applied to communityproperty States, the "adjusted gross estate" included only
certain non-community property.
Community prooertv is excluded because it is already divided between husband and
w_f e . To permit a second split of community pr oner tv
would distort the geographical equalization which the 1948
amendments sought to achieve.
The^general
ior a n y i n t e r e s t
viv i n g s p o u s e is
r u l e t h a t the m a r i t a l d e d u c t i o n m a y be h a d
i n p r o p e r t y p a s s i n g t o t h e d e c e d e n t ’s s u r
s u b j e c t t o a r a t h e r c o m p l e x s e t of
- 9 statutory exceptions. The most important of these excep
tions is the so-called "terminable interest rule." The
basic purpose of this rule is to deny the marital deduc
tion fob certain types of property interests which, due to
their terminable nature, may not fall within the gross
estate of the surviving spouse. An example will suffice
to illustrate both its complexity and its importance.
Assume that a husband wishes his surviving wife to
have a life estate in certain real property. If the hus
band owned the entire property at the time of his death
there is no marital deduction for the life estate. If he
sold the remainder interest during life to a third person
for a full consideration, there is a marital deduction
for the life estate; but if the HTsposition of the re
mainder was for less than a full consideration, there is
no marital deduction. If the husband never owned the whole
property, but purchased the estate for his wife's life in
order that he might devise It to her, there is a marital
deduction; but if he directed his executor to make the pur
chase after his death, there is no marital deduction, To
very the example, assume that theHsusband had purchased the
life estate but did not specifically dispose .of it under
his will. if he gives his wife a cash bequest of $100,000,
and the life estate Is included in his gross estate at a
value of $70,000, then only $ 30,000 of the cash bequest
will qualify for the marital deduction.
It will be seen from the foregoing example that what
has commonly been described as the "terminable interest
rule" is in fact a group of rules, none of which disallows
the marital deduction solely because the interest passing
to the surviving spouse is a life estate or other terminable
interest, The circumstances under which the marital de
duction will be denied are <§arefully set forth in the
statute. The proposed regulations provide a large number
of helpful examples which illustrate the operation of these
rules.
,
y
The so-called terminable interest rule" is itself
subject to a number of exceptions which preserve the marital deduction in a number of important situations. One
of these exceptions permits the use of a so-called "common
disaster clause" in the husband's will without loss of the
marital deduction, A husband may bequeath property to his
surviving spouse on condition that she must survive him
by six months, Although the wife's interest is (viewed as
of the moment of the husband's death) a terminable one, the
statute nevertheless authorises a marital deduction unless
10
the wife does in fact die within six months.
Or, the h u s
band may provide that property shall go to his wife unless
they both die as a result of a common disaster.
If wife
and husband are injured in the same accident and the hus
band dies but the wife recovers, the statute permits a
marital deduction even though,; at the moment of the hus
b a n d ^ death, the w i f e ’s interest was terminable.
The estate and gift tax regulations under the 1948
Revenue Act were published in tentative form in the F e d
eral Register for November 6, 1948, with an invitation
for the views and comments of interested persons,
Most
of the letters received in response to this invitation
were concerned with two provisions of the Act which permit
a husband to obtain the marital deduction and at the same
time to guard against the possibility of imprudent m a n
agement of the property by his surviving wife.
The first
of these provisions permits a marital deduction for a b e
quest or transfer in trust if the surviving spouse is en-*
titled to the trust income for life and is given a power
of appointment over the trust principal.
The second pe r
mits a marital deduction for Insurance proceeds left with
the insurance company under, either an installment or in
terest option if the surviving spouse Is entitled to ail
installments or interest payments during her life and is
given a taxable power of appointment over the proceeds.
Under the estate tax, property subject to a power of a p
pointment is includible in the gross estate of the holder
of the power*
It was considered that in these situations
the rights acquired by the surviving spouse were so nearly
the equivalent of absolute ownership that' the decedent
should be given the marital deduction.
The statute lists several additional requirements
which must be met by the trust or insurance in order to
qualify for the marital deduction. The trust income, or
the Insurance installments or interest, must be payable
annually or more frequently. The surviving spouse’s power
of appointment must be exercisable by her alone, i.e.~, •
without the joinder or consent of any other persoxTT~ While
her power of appointment may be exercisable only by will
or only during life, the statute states that it must be
exercisable "in all events*" This means that the decedent
may not forbid exercise of the power In case the surviving
spouse remarries or otherwise limit her right of exercise.
Also, if the power is exercisable only during the surviving
spouse's life, it must be exercisable in her own favor or
in favor of her estate and, thus, in effect, in favor of any
person whatsoever. If the power is exercisable only by
will, it- must be exercisable in favor of the surviving
11
spouse's estate and, thus, in effect, in favor of any pe r
son whatsoever.
No other person can have a power over
the trust corpus or insurance proceeds exercisable in
favor of any person other than the surviving spouse.
This
rule permits the decedent to clothe the trustee with a
power to distribute trust principal to the surviving spouse
in case the income is insufficient for her needs.
One of the most difficult questions presented by the
1948 legislation arose out of the requirement that the
surviving spouse must be "entitled for life to all the
income from the corpus of the trust." Following enactment
of the legislation there was much speculation as to the
meaning of this term.
The Senate Committee report stated
only that the term "income" was used in the same sense as
it is used in section 162 of the Internal Revenue Code,
relating to income of estates and trusts.
This was not
very helpful.
The primary question was whether "income"
had the meaning given in the.Federal income tax statute,
thus including capital gains and other items which may not
be treated as income by trustees in keeping their accounts,
or whether the term was used in some other sense.
The
proposed regulations settled this question by providing
that the term "all the income" is intended to mean income
under principles of trust law rather than under the F e d
eral Income tax law. In other words, the proposed regula
tions indicate that the surviving spouse must be given the
degree of enjoyment which thfe* principles of the law of
trusts accord to a person who is unqualifiedly designated
as the life beneficiary of a trust,
The principles of
trust law do not permit a trustee to sacrifice the rights
of tne life tenant in order fto
5to safeguard or augment corpus
f o the remainderman, but require him to deal imoartially.
Such impartiality demands that he must make the trust
property productive.
By this chain of reasoning, the con
clusion was reached that if the trust was created over a
suostantial amount of unproductive property and the trustee
was permitted to retain such property indefinitely in com
plete disregard of any rights of the- surviving spouse to
trust income, the trust would fail to qualify for the marital
deduction. However, following publication of the proposed
regulations a great many letters
leiuers were received on thi
mis
point. As a result, the rule set forth in the proposed
regulations is being given careful reconsideration.
^
Other provisions of the 1948 legislation should cause
less difficulty, These include the gift tax marital deauction, which Is limited to one-half of the value of any
gift between husband and wife, subject, in general, to the
same exceptions that we have noted in the case of the estate
rax marital deduction.
Another provision of the 1948 Act
permits a husband and wife to combine and spilt their c^ifts
ro third persons.
oOo
service which everyone of you can
u n d e rta ke .
Remember -- we are
selling Savings Bonos because the
people of A m e r i c a appreciate the
value of these bonds.
I am confident that, when June 30
has come and gone, we will record the
OPPOhlUN1TV Drive as another glowing
chapter in the story of effectiveness
of the Volunteer Plan of selling
Savings Bonos.
OPPORTUNITY
Drive, with impact and
with vigor.
Three million volunteers are
ready to help.
Many of you in this
room are among their number.
Some of
you volunteers nave long and
honorable records of service to this
program.
Others are recruits.
But
all of you -- farmers, businessmen,
housewives, factory workers -- know
that the promotion and sale of
Savings bonds is a form of public
with that never-ending search for
security and a better life which
has always been a part of our
national aim.
To help us achieve our six weeks
national quota, which is $1,040,000,000
in E bonds, we have carefuI Iy organized
for this great effort.
Newspapers, magazines,
indoor
and outdoor advertising, the motion
picture industry, radio networks --
widest possible awareness of the
. ..
all are pledged to create the
-
29
-
deeper meaning -- and an even more
personal challenge.
The Covered Wagon , which has
been chosen as the identifying
emblem of the Drive, symbolizes
dramatically that quest for a
brighter future which peopled our
Western states and developed our
natural resources.
The OPPORTUNITY Drive wiI I
serve to identify one of the most
stirring chapters
in our history
ever undertaken
in peacetime.
Our
purpose is to increase the sale of
Savings Bonds to individuals, and
to enroll additional participants
in our two automatic regular saving
plans,
,;
The word OPPORTUNITY has always
held a special significance for
Americans, since so much of our
national history is a projection
of that idea.
This region will
surely fine in that word an even
- 27 bank-held debt has been one of the
objectives of our debt-management
policy.
It has been accomplished
in part by the vigorous promotion
of Savings Bonds and other securities
■
*
to individuals during the postwar
per iod.
Beginning May 16 and continuing
tnrough June 30 the Treasury
Department
will conduct an OPPORTUNITY Savings
Bonds Drive.
This will be the
greatest promotion of Savings Bonds
“ 26 This program has enabled us
all to assist in the management
of our huge national debt.
February 28,
Since
1846, when the Federal
debt reached a peak of $280 billions,
there has been a decline of over
$28 billions in tne outstanding
obligations of the Federal Government.
Moreover, there has been a decline
of $33 billions in holdings of
Federal securities by the banking
system.
This reduction in the
locally and which will be spent
locally, thus creating future
business for community, state and
nat ion.
The Savings Bonds program has
empnasized that Government securities
are for the many, not for the few.
All types and classes of our citizens
own shares in their country, and
thus nave an active stake in its
future stability and security -- which
f
so closely reflects their own.
- 24 the Payroll Savings Plan, whajLJt
n
means to have made a worthwhile
.provision for future needs
'S
Total
individual holdings of
Savings Bonds are now at the figure
of $48 bill ions.
The owners of
these Bonds are not concentrated in
one geographic area.
You will find
them in every State of the Union.
In
ine,
in Florida,
and here in Oregon.
in Illinois,
These bonds
represent dollars that were saved
■
23
-
-
There are millions of workingmen
and women enrolled today in the
Payroll Savings Plan -- "America's
new way to save."
Many of these
payroll participants are experiencing
for the first time in their lives
tne actua lil)L of saving.
This
program nas brought the concept of
saving into reality for large
segments of our population who
Know, thanks to the $12.5 billions
of Savings Bonds they hold through
A
-
A
¿C
-
The Savings Bonds program has
ta u g h t millions of Americans in
all walks of life that regular
saving -- and that is the only
kind which is effective -- can be
accomplisned automatically.
Two
automatic savings plans -- Payroll
Savings where you work, and
Bond-A-Month where you bank -- now
bring regular saving within the
reach of tne majority of our
citi zens.
21
and to the nation alike -- is the
Savings Bond program.
This program has not been
in
operation very long, as we measure
time historically -- not much more
than a decade.
interval
Yet in that brief
it has already assumed a
definite stature in the mi nos of our
citizens.
Its impact on our national
economy is unquestioned.
And,
it
has revolutionized America’s saving
hab its.
-
20
-
when we look around us locally,
and when we contemplate the broader
national aspect, you people here
in Oregon can justly feel that you
are in the van of America's progress.
There are many factors which
today are helping us maintain the
economic stability so necessary to
our national welfare, and so
important to the well-being of all
the world-
One of the most
significant -- to individual citizens
gain with a 206$ increase.
Every
one of these 6 States showed income
gains since 1940 far in excess of
the national average gain.
This
region nas forged ahead on every
front.
Its expansion
is revealed
by a study of significant business
indicators -- population,
individuals'
income, retail sales, non-agricu Itural
ano manufacturing employment, bank
deposits, and liquid assets owned by
individuals.
They reflect an increase
over the rest of the nation.,
Surely
t
-
gold rush.
18
-
And yet, on this
centennial of that greatest mass
movement In our nation's history -the westward migration which the
Gold Rush of '49 precipitated -Oregon stands on the brink of a
new "Golden Age".
Of the 17 states showing gains
in total Income of over 185$ during
the period 1940-1947, 6 were Far
Western States.
Oregon led all the
states of the union In total
income
17
picture which are as vigorous and
as promising as the over-all national
out IOOK.
Indians the word "Oregon” is said
rt
In the language of the Shoshone
mean "Land of Plenty” , and your
history has certainly proven that
this area was rightly named.
odd
The
or tun¡ties here are vast; the
possibilities are great.
Yours
was the first of the Far Western
states to be settled without a major
-
•
1 6
-
discoveries during recent years in
new materials, new manufacturing
techniques, and new equipment cf
many kinds.
Our factories have been
so occupied in meeting urgent consumer
demands that, up to now, they have
not been able to give much time to
new products.
But now they have
made a beginning.
When we direct our attention to
this great Northwest Empire, we can
cite numerous examples in the local
-
policies.
Today,
15in adoition, we
have positive elements of strength
in the present huge volume of
personal and corporate savings,
and in the great amount of heavy
i
construction projects, particularly
Dy municipalities and public utilities,)
‘
whicn remains to be done throughout
the country.
We nave every reason to expect
a remarkable era of progress in the
years ahead « based on the tremendous
-
1 4
-
Now we are in a far stronger
position tnan in 1920.
He have
none of the speculative conditions
that were largely responsible for
the severe price decline in that
year.
We have none of the bond
market insecurity which was so
destructive to public confidence
in 1920..
In place of the heavily
overbought inventory positions in
that year, businessmen have been
unusually cautious in their inventory
normal buyers' markets are fully
restored.
Under such conditions
in the past the American economy
has traditionaI Iy made its greatest
progress.
While people are haunted by
the fear of another 1920, many do
not realize that before the end of
1922 our industrial production had
again risen to new record highs,
exceeding all previous wartime and
postwar peaks.
and new orders to the minimum and
rapidly paying off bank loans.
The effect has been to cause
some slackening in demand for
factory products, and some weakening
in prices of industrial materials,
while this readjustment is being
made.
But the readjustment
itself
is adding further strength to our
basic economic foundation, and is
cringing closer the renewed business
advance which we may expect after
as in norma I times, have more
4
freedom.
Also, the less urgent
demands have permitted a more normal
seasonal pattern for employment in
factories and in transportâtion,
wnich has caused some rise
in
unemployment during the winter.
Finally, these developments
themselves nave caused businessmen
to reaouble t h e i r precautionary
efforts.
Their attention has become
centered on reducing inventories
10
reflected in commodity prices.
Several developments have
contributed to a more noticeable
business readjustment this year than
in the previous years.
A world-wide
improvement in food supplies, with
continued large crops in the
Unitea States, has caused substantial
dec I ines in prices of farm and food
products.
At the same time, the
more urgent postwar demands have
been largely satisfied, and buyers now,
ana any excessive speculation in
the security and commodity markets
was effectively discouraged.
Thus
corrective readjustments have been
made -- industry by industry -- which
have kept the economy in a basically
souna cond it ion.
This last winter, people again
went through trie same routine, and
this time their precautions brought
some immediate results in correcting
the inflationary spiral, as is
-
8
-
For easing the transition back
to normal buyers’ markets, we owe
many thanks to the ghost of 1920,
which has continually haunted the
minds of businessmen during the
In each winter
since the war ended, apprehension
has swept over the business world,
a fear of an approaching repetition
of the 1920 collapse.
In each case,
business firms made haste to correct
overbuilt inventories, Bankers
followed very cautious loan policies,
—
recent postwar years.
7
automobiles, are now freely
obtainable under normal competitive
cono it ions.
This return to norma I buyers'
markets was both essential and
inevitable as a prerequisite to our
further economic progress.
We are
fortunate that the transition has
occurred in a series of several
stages, ana not all at one time,
as it did, for example,
in the
severe business decline of 1320,
tide ana the waves of irregular
business fluctuations.
Currently, we are going through
one of these business fluctuations,
which represents a further postwar
reaujustment to normal buyers'
marKets ana freely competitive
conditions.
Much of this readjustment
had already been accomplished in
business in 194$, 1947, and 1948.
Practically all consumer goods,
except perhaps certain types of
5
credit and in the financial
of the nation.
national
stability
I believe that our
fiscal policy has contributed
greatly to the maintenance of our
present unrivalled economic
position.
In appraising our economic
position,
we must be careful to
distinguish between a strong basic
economic foundation and minor ups
and downs of business -- between the
underlying movement of an economic
a record level.
Employment and
incomes are at or near record peaks.
The financial soundness of the
United States Government is well
established -- a fact of supreme
importance in any evaluation of our
progress toward world stability and
world peace.
The major objective of
the Treasury Department is to maintain
that position through fiscal policies
ana debt-management operations designed
to cement full confidence in
Government
These holdings of liquid assets are
more than 3-1/2 times as large as
at tne beginning of the war in 1939.
Other types of savings have also shown
a great increase.
Life insurance
ana pension reserves of individuáis,
for example, have risen by $5? billion
since 1939 to a total of $90 billion.
Net working capital of
corporations, which since 1939 has
steadily been increasing, now stands
at about $65 billions.
That. too. is
¡fie possess today financial and
economic strength unoaraI IeIed in
our history.
Liquid assets of individuals,
totaling over $200 billion, stand at
the highest figure on record.
People
now hold an estimated $23 billion in
cash, $47 billion in personal
checKing accounts, and $66 billion
in savings accounts.
They hold
$48 billion in Savings Bonds and
$20 billion in other Federal securities
The economic soundness of the
United States is essential to the
stab iI ity and the security of our
civilization.
Our Daramount tasK
today, therefore,
is to safeguard
the economic well-being of this
country.
In this way we can mpKe
a worthy contribution to the
economic structure of the whole
democratic world, and helo assure
wor Id neace.
'We have a great responsibi I ity
.. .
m ? : '\7T
Hotel
€ w % lm à 9 Or*g«J
j
Address by Secretary of the Treasury John W, Snyder,
before the Savings Bonds Opportunity Drive Dinner
given by the Federal Reserve Bank in Portland,
Hotel Benson, Portland, Oregon,
Monday, May 2, 194-9.
The economic soundness of the Uhited States is essential to the
stability and the security of our civilization. Our paramound task today,
therefore, is to safeguard the economic well-being of this country. In
this way we can make a worthy contribution to the economic structure of
the whole democratic world, and help assure world peace.
We have a great responsibility. We possess today financial and
economic strength unparalleled in our history.
liquid assets of individuals, totaling over $200 billion, stand at
the highest figure on record. People now hold an estimated $23 billion
in cash, $4-7 billion in personal checking accounts, and $66 billion in
savings accounts * They hold $4-8 billion in Savings Bonds and $20 billion
in other Federal securities. These holdings of liquid assets are more
than >-1/2 times as large as at the beginning of the war in 1939. Other
types of savings have also shown a great increase , Life insurance and
pension reserves of individuals, for example, have risen by $57 billion
since 1939 to a total of $90 billion.
Net working capital of corporations, which since 1939 has steadily
been increasing, now stands at about $65 billions. That, too, is a
record level. Employment and incomes are at or near record peaks.
The financial soundness of the United States Government is well
established — a fact of supreme importance in any evaluation of our
progress toward world- stability and world peace. The major objective of
the Treasury Department is to maintain that position through fiscal poli
cies and debt-management operations designed to cement full confidence in
Government credit and in the financial stability of the nation* I believe
that our national fiscal policy has contributed greatly to the maintenance
of our present unrivalled economic position.
In appraising our economic position, we must be careful to distinguish
between a strong basic economic foundation and minor ups and downs of
business — between the underlying movement of an economic tide and the
waves of irregular business fluctuations.
Currently, we are going through one of these business fluctuations,
which represents a further postwar readjustment to normal buyers’ markets
find freely competitive conditions . Much of this readjustment had already
been accomplished in business in 194-6, 194-7, and 1948. Practically all
consumer goods, except perhaps certain types of automobiles, are now
freely obtainable under normal competitive conditions,
This return to normal buyers’ markets was both essential and
inevitable as a prerequisite to our further economic progress, We are
fortunate that the transition has occurred in a series of several, stages,
find not all at one time, as it did, for example, in the severe business
decline of 1920.
~
2
-
For easing the transition back to normal buyers1 markets, we owe many
thanks to the ghost of 1920, which has continually haunted the minds of
businessmen during the recent postwar years. In each winter since the
war ended, apprehension has swept over the business world, a fear of an
approaching repetition of the 1920 collapse. In each case, business firms
made haste to correct overbuilt inventories, bankers followed very cautious
loan policies,- and any excessive speculation in the security and commodity
markets was effectively discouraged. Thus corrective readjustments have
been made — industry by industry — • which have kept the economy in a
basically sound condition.
This last winter, people again went through the same routine, and
this time.their precautions brought some immediate results in correcting
the inflationary spiral, as is reflected in commodity prices.
Several developments have contributed to a more noticeable business
readjustment this year than in the previous years, A world-wide improve
ment in food supplies, -with continued large crops in the United States,
has caused substantial declines in prices of farm and food products. At
the same time, the more urgent postwar demands have been largely satisfied,
and buyers now, as in normal times, have more freedom, Also, the less
urgent demands have permitted a more normal seasonal pattern for employment
in factories and in transportation, which has caused some rise in unemploy
ment during the winter.
Finally, these developments themselves have caused businessmen to
redouble their precautionary efforts. Their attention has become centered
on reducing inventories and new orders to the minimum and rapidly paying
off bank loans,
The effect has been to cause some slackening in demand for factory
products, and some weakening in prices of industrial materials, while
this readjustment is being made. But the readjustment itself is adding
further strength to our basic economic foundation, and is bringing closer
the renewed business advance which we may expect after normal buyers*
markets are fully restored. Under such conditions in the past the American
economy has traditionally made its greatest progress.
While people are haunted by the fear of another 1920, many do not
realize that before the end of 1922 our industrial production had again
risen to new record highs, exceeding all previous wartime and postwar
peaks.
Now we are in a far stronger position than in 1920, We have none
of the speculative conditions that were largely responsible for the
severe price decline in that year. We have none of the bond market
insecurity which was so destructive to public confidence in 1920. In
place of the heavily overbought inventory positions in that year, businessmen have been unusually cautious in their inventory policies. Today, in
addition, we have positive elements of strength in the present huge volume
0 personal and corporate savings, and in the great amount of heavy con
struction projects, particularly by municipalities and public utilities,
lc^ remains to be_ done throughout the country,
- 3 -
We have every reason to expect a remarkable era of progress in the
years ahead, based on the tremendous discoveries during recent years in
new materials, new manufacturing techniques, and new equipment of many
kinds* Our factories have been so occupied in meeting urgent consumer
demands that, up to now, they have not been able to give much time to
new products* But now they have made a beginning*
When we direct our attention to this great Northwest Empire, we .can
cite numerous examples in the local picture váiich are as vigorous and
as promising as the over-all national outlook*
In the language of the Shoshone Indians the word “Oregon" is said
to mean "land of Flenty", and your history has certainly proven that
this area was rightly named* The opportunities here are vastj the
possibilities are great* Yours was the first of the Far Western states
to be settled without a major gold rush* And yet, on this centennial of
that greatest mass movement in our nation’s history — the westward
migration which the Gold Rush of ’49 precipitated — Oregon stands on
the brink of a new "Golden Age"*
Of the 17 states showing gains in total income of over 185 percent
during the period 1940-194-7, 6 were Far Western States* Oregon led all
the states of the union in total income gain with a 206 percent increase.
Every one of these 6 States showed income gains since 1940 far in excess
of the national average gain* This region has forged ahead on every
front* Its expansion is revealed by a study of significant business
indicators — population, individuals’ income, retail sales, non-agricultural
and manufacturing employment, bank deposits) and liquid assets owned by
individuals* They reflect an increase over the rest of the nation* Surely
when we look around us locally, and when we contemplate the broader
national aspect, you people here in Oregon can justly feel that you are
in the van of America’s progress*
There are many factors which today are helping us maintain the
economic stability so necessary to our national welfare, and so important
to the well-being of all the world. One of the most significant — to
individual citizens and to the nation alike •— is the Savings Bond
program*
This program has not been in operation very long, as we measure
time historically — not much more than a decade, Yet in that brief '
interval it has already assumed a definite stature in the minds of our
citizens * Its impact on our national economy is unquestioned * And, it
has revolutionized America’s saving habits.
The Savings Bonds program has taught millions of Americans in all
walks of life that regular saving — and that is the only kind which is
effective — can be accomplished automatically* Two automatic savings
plans — Payroll Savings where you work, and Bond-A-Month where you
snk — now bring regular saving within the reach of the majority of our
citizens*
•
There are millions of workingmen and women enrolled today in the
Payroll Savings Plan — A m e rica’s new way to save,*1 Many of these pay
roll participants are experiencing for the first time in their lives the
actuality of saving. This program has brought the concept of saving
into reality for large segments of our population who know, thanks to
the $12.5 billions of Savings Bonds they hold through the Payroll Savings
Plan., what it means to have made a worthwhile provision for future needs.
Total individual holdings of Savings Bonds are now at the figure of
$4.8 billions, The owners of these Bonds are not concentrated in one
geographic area. You will find them in every State of the Union. In
Maine, in Florida, in Illinois, and here in Oregon. These bonds
represent dollars that were saved locally and which will be spent locally,
thus creating future business for community, state and nation.
The Savings Bonds program has emphasized that Government securities
are for the many, not for the few. All types and classes of. our citizens
own shares in their country, and thus have an active stake in its future
stability and security — which so closely reflects theft* own.
This program has enabled us all to assist in the management of out*
huge national debt. Since February 28, 194.6, when the Federal debt
reached a peak of $280 billions, there has been a decline of over
$28 billions in the outstanding obligations of the Federal Government.
Moreover, there has been a decline of $33 billions in holdings of
Federal securities by the banking system. This reduction in the bankheld debt has been one of the objectives of our debt—management policy.
It has been accomplished in part by the vigorous promotion of Savings
Bonds and other securities to individuals during the postwar period.
Beginning May 16 and continuing through June 30 the Treasury Depart
ment will conduct an OPPORTUNITY Savings Bonds Drive. This will be the
greatest promotion of Savings Bonds ever undertaken in peacetime. Our
purpose is to increase the sale of Savings Bonds to individuals, and to
enroll additional participants in our two automatic regular saving plans.
The word OPPORTUNITY has always held a special significance for
Americans, since so much of our national history is a projection of that
1 ea, This region will surely find in that word an even deeper meaning ——
and an even more personal challenge.
of J hL C°Vered Wagon> which has been chosen as the identifying emblem
:.tae Brive, symbolizes dramatically that quest for a brighter future
c peopled our Western states and developed our national resources,
The OPPORTUNITY Drive will serve to identify one of the most
selrr^ g chaPters in our history with that never-ending search for
^ c u n t y and a better life which has always been a part of our national
-5 -
To help us achieve our six weeks national quota, which is $1,040,000,000
in E bonds, we have carefully organized for this great effort*
Newspapers, magazines, indoor and outdoor advertising, the motion
picture industry, radio networks — all are pledged to create the widest
possible awareness of the OPPORTUNITY Drive, with impact and with vigor.
Three million volunteers are ready to help. Many of you in this
room are among their number. Some of you volunteers have long and
honorable records of service to this program. Others are recruits. But
all of you — * farmers, businessmen, housewives, factory workers — know
that the promotion and sale of Savings Bonds is a form of public service
which everyone of you can undertake. Remember — we are selling Savings
Bonds because the people of America appreciate the value of these bonds,
I
am confident that, when June 30 has come and gone, we will record
the OPPORTUNITY Drive as another glowing chapter in the story of effective
ness of the Volunteer Plan of selling Savings Bonds,
o 0 o -
28
this publié séhvice program.
The Volunteers have under* ta* en a
ora ise’A'orthy and most inr,port8ht ts.SK,
for they are helping to encourage
thrift.
They are helping to preserve
our system of individual enterprise.
They are helping to guarantee our
economic security and stability -and thus they are helping to preserve
the peace and secunity of all the
*orId.
- 27 we're counting on them to do -- and
if every other city and county and
state do the same.
Three million volunteers are
standing by, ready to help us put tnis
Drive over.
Many of you here in this
room are an active part of this work.
Some of you volunteers are veterans
of every War Loan Drive; others are
recruits.
Farmers, businessmen,
housewives, factory workers -- they all
know what it means to work tirelessly
and unselfishly in the furtherance of
STi
26
future better, more secure.
The
millions of Americans who today hold
i
Savings Bonds have found one most
he IpfuI answer.
"""*
pi
We have set ourselves a national
quota |n this Drive, which will
ti
continue for one and one-half months,
of $ 1 ,040,000,000 in E bonds - - a n
impressive but by no means
figure.
|
unattainable ,
This quota can be achieved
only if every local quota is met; n
Seattle and King County and the
entire
State of Washington turn in the job
no
program.
On May 16, forty-eight covered
wagons will set forth from
Independence, Missouri -- the histórica
stop-over where the caravans met on
the great trail West -- and will v i s i t
towns and cities across the nation.
These Covered Wagons will be forceful
reminders of that quest for a better
future which resulted in the expansion
of our Western states.
As individuals and as a nation,
we are still seeking ways to make our
- 24
The financial soundness of the
United States Government
is well
established -- a fact of supreme
importance to world stability and
world peace.
It is the Treasury’s
major objective to maintain that
soundness through fiscal policies and
debt-management operations which will
cement confidence
in the Government's
credit and in the nation’s financial
stability.
The OPPORTUNITY Drive is
a vehicle by which all Americans can
actively help in our debt-management
|
and pub lie utilities.
We have every reason to expect
a remarkable era of progress in the
years ahead, based on the tremendous
discoveries made during recent years
in new materials, new manufacturing
j
techniques, and new equipment of many
Kinds.
Our factories have been so
occupied in meeting urgent consumer
demands that, up to now, they have
not been able to give much time to
new products.
a beginning.
But now they have made
none of the bond market insecurity
which was so destructive to public
cent¡pence
in 1320.
In place of tne
heavily overbought inventory positions
♦
V
,
in that year, businessmen have been
unusually cautious in their inventory
policies.
Today,
in addition, we have
positive elements of strength in the
present huge volume of personal and
corporate savings, and in the great
amount or heavy construction which
remains to be done throughout the
country, particularly by municipalities
economy has tradit ionaI Iy made its
greatest progress.
|J§ j>- „ v
Wni Ie people are haunted by the
fear of another 1920, many do not
realize that before the end of 1922
our industrial production had again
risen to new record highs, exceeding
all previous wartime and postwar pea
Now we are in a far stronger
position than in 1920.
We have none
of the speculative conditions that
were largely responsible for the sever
price dec I ine in that year.
He have
rapidly paying off bank loans.
Tne effect has been to cause
some slackening in demand for factory
products, and some weakening in
prices of industrial materials while
this readjustment is being made. But
.I''
the readjustment itself is adding
further strength to our basic economic
foundation, and is bringing|closer the
renewed business advance which we may
expect after normal buyers’ markets
are fully restored.
Under such
conditions in the past the American
-
19
- >
as in normal times, have more freedom.
Also, the less urgent demands have
permitted a more norma I seasonal
pattern for employment in factories
and in transportation, which has
caused some rise in unemployment during
the winter.
Finally, these developments
themselves have caused businessmen
to redouble their precautionary
efforts.
Their attention has become
centered on reducing inventories and
new orders to the minimum, and on
—
18
—
inflationary spiral, as is reflected
in commodity prices.
Several developments have
contributed to a more noticeable
business readjustment this year than
in the previous years.
A world-wide
improvement in food supplies, with
continued large crops in the
United States, has caused substantial
declines in prices of farm and food
products.
At the same time, the more
urgent postwar demands nave been
largely satisfied, and buyers now,
17
inventories, bankers followed very
cautious loan policies, and any
excessive speculation in the security
and commodity markets was effectively
discouraged.
Thus corrective
readjustments have been made
inoustry by industry —
which have
kept the economy in a basically
sound condition.
This winter, people again went
through the same routine, and this
time their precautions brought some
immediate results in correcting the
-
for example,
ib -
in the severe business
decline of I920.
For easing the transition back
to normal buyers’ markets, we owe
many thanks to the ghost of 1920,
which has continually haunted the
minds of businessmen during the recent
postwar years.
In each winter since
the war ended, apprehension has swept
over the business world -- a fear of
an approaching repetition of the 1920
collapse.
In each case, business iiril’
made haste to correct overbuilt
- 15
been accomplished in business in 1946
1947, and 1948.
,
Practically all
consumer goods, except perhaps certain
types of automobiles, are now freely
obtainable under normal competitive
cono it ions.
This return to normal buyers'
markets was both essential and
inevitable as a prerequisite to our
further economic progress.
We are
fortunate that the transition has
occurred in a series of several stages,
and not all at one time, as it did,
C
-
1 4
-
position, we must be careful to
distinguish between a strong basic
economic foundation and minor ups and
downs of business -- between the
underlying movement of an economic
tiae and the waves of irregular
business fluctuations.
Currently, we are going through
one of these business fluctuations
which represents a further postwar
readjustment to normal buyers’ markets
and freely competitive conditions.
Much of this readjustment had already
13
beginning of the war in 1355.
Other
types of savings have also shown a
great increase.
Life insurance and
pension reserves of individuals, for
example, have risen by $57 billion
since 1333 to a total of $30 billion.
Net working capital of
corporat ions, which has been increasin
steadily since 1933, stands at about
$65 billion ““ and that too is at
record level.
Employment and incomes
are at or near record peaks.
In appraising our economic
-
12-
a position of financial and economic
strengtn unparalleled in our history.
Liquid assets of individuals stand at
tne highest figure on record -- over
$200 billion.
People now hold an
estimated $23 billion in cash,
$47 billion in personal checking
accounts, and $66 billion in savings
accounts.
They hold $48 billion in
Savings Bonos and $20 billion in other
Federal securities.
These holdings
of liquid assets are more than
3
-1/2 times as large as at the
- ii
indivi dua Is , and to
parti c ipants
to our two automatic plans for
regular saving -- Payroll Saving
wnere you work, Bond-A-Month where
you bank.
The proceeds of these sales Imi
will be used to retire other maturing
bonos.
To all Americans the word
OPPORTUNlJY is a challenge to project
our abilities and our knowledge into
ru
active realization for the future.
are holding this Drive at a
very opportune time.
We are today in
u
OJ
10
stands for homes that might otherwise
never be built
educations for
millions of youngsters who might
otherwise never have the opportunity
to finish school -- it stands for farm
and new business ventures ana security
for old-age.
On May 16 the Treasury Department
will
launch the OPPORTUNITY Savings
Bonos Drive -- the greatest promotion,
of Savings Bonds ever attempted in
peacetime history.
Our purpose is to
increase the sale of Savings Bonds to
9
$48 bi I I ion.
This vast sum in the hands of so
/f.
many of our citizens signifies many
things.
It means a tremendous reserv
of deferred buying power.
L iKe the
reservoirs of water uoon whose
capacity the future productivity of
so much of this area depends, this
stored-up spending power means future
business for town, community, state
and nation.
And, it means a
worthwhile reserve against any
emergencies which may lie ahead.
If
Millions of worxingmen and women
are enrolled as regular oprt ic ioants
in the Payroll Savings Plan, and at
the close of 1948 they held
approx inr.ate Iy $12.5 billion in
Savings Bonds purchased through that
Today, the actual dollar volume
held by all
investors in Savings Bond
amounts to $56 billion, of which
individuals -- you, your family, your
friends, your neighbors - - own
- 7 The sale of savings bonds has
steadily increased in volume over
reaemptions since the end of the war,
until at the close of 1948, total
sales of all series for that year
reached $7,295,000,000.
Sucn a sales achievement
doesn’t nappen of itself.
It is
tne culmination of the efforts
of many people in many places -- all
working together toward a common
goa I.
sale of United States Savings Bonds.
Some of our staunchest supporters
bel ieved that, with the end of
the war, the recessity for this
program had largely vanished.
Wei I, we Know now that they were
very much m istaKen.
Amer icans
wanted the Savings Bonds program to
continue.
It is the expressed desire
of the American people which has made
the Savings Bonds program America’s
most successful sales enterprise.
5
farm.
Show him a wilderness -- and he
4
will try to build a town.
Give him
a positive program by which
everyone -- individuals and the nation
alike -- can benefit, and he will
work in its behalf.
The overwhelming
success of the United States Savings
Bonds program is a shining example
of this characterization.
When the Victory Loan ended
there were many who felt that it
would be difficult to continue the
4
-
makes a very prosperous sound.
Here, where the historic past
is still close enough to the present
to be just another chapter in a
continuing story, we can see very
tangible evidence of one of the most
potent forces in the American
national character -- our intense
desire to improve the conditions under
which we live.
Set an American
down in a desert -- and he will make
every effort to transform it into a
has forged ahead on every front.
This expansion is revealed by a
-
study of important business
--------------- --------------------------------
the great Northwest Empire which
indicators -- population,
individuals'
in c o m e reta i I sales, non-agr icu Itural
and manufacturing employment, bank
deposi t s a n d
liquid assets owned
by individuals.*
Seattle, which
used to be a one-industry town with
lumber as its dominant payroll
source, now boasts a mu 11 i-cyIindered
economy whose smooth-running machinery
1
I
2
of the Middle West -- these Iook
very much the same today as they
did before the war.
But certain maps of the
United States have changed -part icuIarI y the industr ia I and
marKeting maps.
There has been
wide shift in population.
a
Industries
are concentrâting in areas which
were predominateI y rural a decade
In no part of America is this
change more apparent than here in
We know that wars change maps
The recent conflict, which altered
so much of the world's aspect,
fortunately did not disturb the
geographical boundaries of this
country.
Nor were the general
appearances of its cities and rura
districts materially altered.
New York's skyscrapers still stand.
The steel mills in Pittsburgh, the
factories in Cincinnati, the farms
l
Ä M îo r e
(ZJpsnsM
th e
BDMœ « f i n
mm
X
/
/
Stagliati ra llx 'eeei, Ol^sspic H otel
'"S ea ttle, Wasldnßton
Monday, l&sy 2 ,
Address by Secretary of the Treasury John W, Snyder
Before the Savings Bonds Opportunity Drive Luncheon
Olympic Hotel, Seattle, Washington
Monday, May 2, 1949
We know that wars change maps* The recent conflict,
which altered so much of the worldfs aspect, fortunately
did not disturb the geographical boundaries of this country.
Nor were the general appearances of its cities and rural
districts materially altered. New York’s skyscrapers still
stand. The steel mills in Pittsburgh, the factories inCincinnati, the farms of the Middle West — these look very
much the same today as they did before the war.
But certain maps of the United States have changed -particularly the industrial and marketing maps. There has
been a wide shift in population. Industries are concen
trating in areas which were predominately rural a decade
ago.
In no part of America is this change more apparent
than here in the great Northwest Empire which has forged
ahead on every front. This expansion is revealed by a study
of important business indicators — population, individuals’
income, retail sales, non-agricultural and manufacturing
employment, bank deposits, and liquid assets owned by indi
viduals. Seattle, which used to be a one-industry town
with lumber as its dominant payroll source, now boasts a
multi-cylindered economy'whose smooth-running machinery
makes a very prosperous sound.
Here, where the historic past is still close enough to
the present to be just another chapter in a continuing
story* we can see very tangible evidence of one of the most
potent forces in the American national character — our
intense desire to improve the conditions under which we
live. Set an American down in a desert -- and he will make
every effort to transform it into a farm. Show him a
wilderness *?- and he will try to build a town. Give him a
positive program by which everyone — individuals and the
nation alike ?- can benefit, and he will work in its behalf.
The overwhelming success of the United States Savings Bonds
program is a shining example of this characterization.
-2 >
When the Victory Loan ended there were many who felt
that it would be difficult to continue the sale of United
States Savings Bonds* Some of our staunchest supporters
believed that, with the end of the war, the necessity for
this program had largely vanished.
Well, we know now that they were' very much mistaken.
Americans wanted „the Savings Bonds program to continue.
It is the expressed desire of the American people which has
made the Savings Bonds program Americans most successful
sales enterprise.
The sale of Savings Bonds has steadily increased in
volume over redemptions since the end of the war, until at
the close of 1948, total sales of all series for that year
reached $7,295,000,000*
Such a sales achievement doesnft happen of itself.
It is the culmination of the efforts of many people in
many places — all working together toward a common goal.
Millions of workingmen and women are enrolled as regu
lar participants in the Payroll Savings Plan, and at the
close of 1948 they held approximately $12*5 billion in
Savings Bonds purchased through that Plan.
Today, the actual dollar volume held by all investors
in Savings Bonds amounts to $56 billion, of which indivi
duals — you, your family, your friends, your neighbors —
own $48 billion.
This vast sum in the hands of so many of our citizens
signifies many things* It means a tremendous reserve of de
ferred buying power* Like the reservoirs of water upon
whose capacity the future productivity of so much of this
area depends, this stored-up*spending power means future
business for town, community, state and nation. And, it
means a worthwhile reserve against any emergencies which
may lie ahead* It stands for homes that might otherwise
never be built — • educations for millions of youngsters who
might otherwise never have the opportunity to finish school
*7 it stands for farms and new business ventures and
security for old-age.
On May 16 the Treasury Department will launch the
OPPORTUNITY Savings Bonds Drive -- the greatest promotion
- 3 -
of Savings Bonds ever attempted in peacetime history# Our
purpose-is to increase the sale of Savings Bonds to indi
viduals, and to add participants to our two automatic plans
for regular saving -- Payroll Savings where you work, BondA-Month where you bank. The proceeds of these sales will
be used to retire other maturing bonds.
To all Americans the word OPPORTUNITY is a challenge
to project our abilities and our knowledge into active
realization for the .future#
We are holding this Drive at a very opportune time.
We are today in a position of financial ana economic
strength unparalleled in our«history. Liquid assets of in
dividuals stand at the highest figure on record — over
$200-billion. People now .hold an estimated $23-billion in
cash, $47 billion in personal checking accounts, and $66
billion in savings accounts. They hold $48 billion in '
Savings Bonds and $20 billion in other Federal securities.
These holdings of liquid assets are more than 3-1/2 times
as large as at the beginning of the war in 1939. Other
types of savings have also shown a great increase. Life
insurance and pension reserves of individuals, for example,
have risen by $57 billion s.ince 1939 to a total of $90
billion.
/
Net working capital of corporations, which has been in
creasing steadily since 1939, stands at about $65 billion
— and that too is at record level. Employment and incomes
are at or near record peaks.
In appraising our economic position, we must be care
ful to distinguish between a strong basic economic founda
tion and minor ups and downs of business -- between the
underlying movement of an economic-tide and the waves of
irregular business fluctuations.
Currently, we are going through one of these business
fluctuations which represents a further postwar readjust
ment to normal buyers* markets and freely competitive con
ditions. Much of this readjustment had already been accom
plished in business in 1946, 1947, and 1948. Practically
all consumer goods, except perhaps certain types of
- 4automobiles, are now freely obtainable under normal com
petitive conditions.
This return to normal buyers* markets was both essen
tial and inevitable as a prerequisite to our further eco
nomic progress. We are fortunate that the transition has
occurred in a^series of several stages, and not all at one
time, as it did, for example, in the severe business de
cline of 1920,
-For easing the transition back to normal-buyers* mar
kets, we owe many thanks to the ghost of 1920, which has
continually haunted the minds of businessmen during the
recent postwar years. In each winter since the war ended,
apprehension has swept over the business world — a fear
of an approaching repetition of the 1920 collapse. In each
case, business firms made haste to correct overbuilt in
ventories, bankers followed very cautious loan policies,
and any excessive speculation in the security and commodity
markets was effectively discouraged,. Thus corrective re
adjustments have been made — industry by industry — which
have kept the economy in a basically sound condition.
This winter, people again went through the same rou
tine, and this time their precautions brought-some immediate
results in correcting the' inflationary spiral, as is re
flected in commodity prices.
Several developments have contributed.to a more
noticeable business readjustment this year than in the
previous years. A world-wide improvement in food supplies,
with continued large crops in the United States, has
caused substantial declines-in prices of farm and food
products. At the same time, the more urgent postwar de
mands have been largely satisfied, and-buyers now, as in
normal times, have more freedom. Also, the less urgent
demands have permitted a more normal seasonal-pattern for
employment in factories and in transportation, which has
caused some rise in unemployment during the winter.
Finally, these developments themselves have caused
businessmen to. redouble their precautionary efforts,
Their attention has become centered on reducing inventories
-
5) -
and new orders to the minimum, and on rapidly paying off
bank loans.
The effect has been to cause some slackening in demand
for factory products, and some weakening in prices of in
dustrial materials while this readjustment is being made.
But the readjustment itself is adding further strength to
our basic economic foundation, and is bringing closer the
renewed business advance which we may expect after normal
buyers’ markets are fully restored. Under such conditions
in the past the American economy has traditionally made
its greatest progress.
While people are haunted by the fear of another 1920,
many do not realize that before the end of 1922 our in
dustrial production had again risen to new record highs,
exceeding all previous wartime and postwar peaks.
Now we are in a far stronger position than in 1920.
We have none of the speculative conditions that were largely
responsible for the severe price decline in that year*
We have none of the bond market insecurity which was so
destructive to public confidence in 1920. In place of the
heavily overbought inventory positions in that year,
businessmen have-been unusually cautious in their inventory
policies. Today, in addition, we have positive elements of
strength in the present huge volume of personal and
corporate savings, and in the great amount of heavy con
struction which remains to be done throughout the country,
particularly by municipalities and public utilities.
We have every reason to expect a remarkable era of
progress in the years ahead, based on the tremendous dis
coveries made during recent years in new materials, new
manufacturing techniques, and new equipment of many kinds.
Our factories have been so occupied in meeting urgent con
sumer demands that, up to now, they have not been able to
give much time to new products. But now they have made
a beginning.
The financial soundness of the United States Govern
ment is well established — a fact of supreme importance
to^world stability and world peace. It is the Treasury’s
fliajor objective to maintain that soundness through fiscal
*•
6
-
policies and debt-management operations which will cement
confidence in the Governments credit and in the nation’ s
financial stability* The OPPORTUNITY Drive is a vehicle
by which all Americans can actively help in our debtmanagement program*
On May 16, forty-eight covered wagons will set forth
from Independence, Missouri— the historical stop-over
where the caravans met on the great trail West — and will
visit towns and cities across the nation* These covered
wagons will be forceful reminders of that quest for a
better future which resulted in-the expansion of our
Western states*
As individuals and as a nation, we are still seeking
ways to make our future better, more secure* The millions
of Americans who today hold Savings Bonds have found one
most helpful answer*
We have set ourselves a national quota in this Drive,
which vi 11 continue for one and one-half months, of
$1,040,000,000 in E bonds — an impressive but by no means
unattainable figure. This quota can be achieved only if
every local quota is met; if Seattle and King County and
the entire State of Washington turn in the job we’re count
ing on them to do — and if every other,city and county
and state do the same*;
Three million volunteers are standing by, ready to
help us put this Drive over. Many of you here in this
room are an active part of this work. Some of you volun
teers are veterans of every War Loan Drive; others are re
cruits. Farmers, businessmen, housewives., factory workers
— they all know what it means to work tirelessly and un
selfishly in the furtherance of this public service program,
The volunteers have undertaken a praiseworthy and most
important task, for they are helping to encourage thrift*
They are helping to preserve our system of individual enter
prise., They are helping to guarantee our economic security
and- stability
and thus they are helping to preserve
the peace and security of all the world,.
oOo
thrift.
They are helping to preserve
our system of individual enterprise.
They are helping to guarantee our
economic security and stability -- and
thus they are helping to preserve the
■, ,
¡t
%
peace ana security of all the world.
t
salesman.
•
The man who owns United
States Savings Bonds
is the best
SDOKesman for the bonds.
In just
a
few days now these
volunteers will set out to ring
the Nation's doorbel Is, to imoress
the meaning of the Opoortun i ty Drive
upon every men and woman
in their
home town.
These Volunteers have undertaKen
a praiseworthy and most
important ta sk
for they are helping to encourage
-
ail
30
-
the other hard-working volunteers
of the Savings Bonds Program whose
record of service has been
long and
honorable.
I have said that there are
three million volunteers who will
unoertake actual
bond-selling
assignments for us during the weeks
of the Drive.
is far greater.
But really that number
Actually,
every
single one of us who has ever
bought a Savings Bond is a volunteer
29
must be met.
Because
in the final
analysis all sales are local, three
million volunteers are standing
by today across the Nation, ready
to go to w or k for us in their own
communities as soon as the signal
is g iven.
You may Know some of these men
and women oersonaI Iy.
It may be that
some of you here in this room belong
to that number.
I would
Iik e to
congratulate them -- and through them,
MF o r t y - n i n e r s ” a c e n t u r y ago, and
t h e i r modern c o u n t e r p a r t of to d ay.
For
we a I I Know t h a t the se a r c h f o r
o p p o r t u n i t y and a b e t t e r
l i f e which
urged onward the p i o n e e r s and t h e i r
wagons one hundred y e a r s ago
still
goes on - - and i s s t i I I a great
i n c e n t i v e in a l l our l i v e s
Our n a t i o n a l quota d u r in g the six
e k s of t h i s D r i v e i s f I $
To help us a c h i e v e t h i s v e r y
c o n s i d e r a b l e f i g u r e e v e ry l o c a l
quota
own, c o u n t y , and s t a t e
J
the centennial c e le b r a t i o n
vV
is taxing: place t h i s year
O
of
The symbol of the Drive i s the
Covered Wagon.
Giant Army and Navy
oIenes a i I I f l y these r e e l i c a s of our
pioneering c a s t to a l l the Nation’ s
major mar x e t areas, where they wi l l
e d i a t e l y spearhead
x i nd
of promotional a c t i v i t y .
Mediums
of commun i cat i on wi l l continue
%
hr ous’hout t#H Dr i vê t o ^îïiohss i 7 ®
the *apportion i t y M theme, and to
point up the s i m i l a r i t y between th
hold $48 billion of Savings Bonds;
the towns and cities M kp
Salt LaKe City, the states Iik e Utah
From May 16 through June 30
the Treasury Deoartment will
underta«e the greatest oromotion o
Savings B onds ever att emoted in
neacet ime .
We are cal ling this Dr
the Savin gs Bonds QPPO RTUNITY Dr iv
and we ha ve t ied it in with one of
the most colorful eois odes in our
nation’s oast -- the Gold Rush of
25 peopIe themselves.
It is the men
and women who buy the bonds; the
men and women who sell them to other
people -- friends, families,
neighbors, feI Iow-workers.
It is the millions of working
men and women now saving regularly
through the automatic Payroll
Savings Plan.
It is the $12,5 bI Ilion
which these "Payroll Saving Regulars"
now hold.
It represents the
individuals across America who now
24
during the postwar period.
We believe that an essential
phase of debt management is achieved
by distributing the ownership of the
debt among as many Americans as
possible -- and by permitting as
many individuals and families as
possible to share in interest payments.
The Savings Bonds program helps
.' ;'V.
to accomplish both these objectives.
Most important of all* the
Savings Bonds program is the
large decline in the outstanding
obligations of our Federal Government.
In addition, there has been a drop of
$33 billion in holdings of Federal
securities by our banking system.
To
achieve this reduction in the
bank-held debt has been one of the
important objectives of our
debt-management policy.
It has been
accomplished in great measure by the
vigorous promotion of Savings Bonds
and other securities to individuals
-
22
-
■
money which will some day mean more
business for state and Nation -provides valuable thrift training.
I regard this as one of the
program's most important contributions
to our national
lifew^
Further the Savings Bonds program
enables millions of our citizens to
engage actively in the management of
the national debt.
Since February 28,
1^46, when the Federal debt reached a
peak of $280 billions, there has
been
a
modern scheme of things.
The world needs re-education in
the basic principles of thrift.
It
needs to learn how to care for its
natural resources -- how to conserve
forests and topsoil, how to manage
its rivers ana store up potential
productivity and power for future use.
The Savings Bond program, which
creates in each community great reserva
potentials of deferred buying power -*
20
He knows that ne is actuaI Iy doing
something for the good of his
community and his country.
This Nation was founded on the
traditional American concept of
tnrift.
It was thrift which helped
us attain our present greatness.
So
let us not dismiss thrift as something
oIo-fashioned and out-moaed
good
enough for our pioneering grandparents,
perhaps, but having no place in our
to prevent him from buying the
Savings Bond which is his personal
share of his Government -- his stake
in its future well-being.
The Savings Bonds Program is a
strong unifying force in our
national
life.
Each Savings Bond
volunteer has himself experienced
the heart-warming knowledge that
in making a bond sale, he is making
a personal contribution to the nation.
America s leaders in every
fiela -- business, agriculture,
labor -- have long regarded the
Savings Bonds program as a winning
factor in tne maintenance and the
preservation of our system of free
enterprise.
Every American citizen may
participate actively in this program.
No matter whether a man's income is
great or small -- whetner he lives
on a farm or in a crowded
metropolitan area -- there is nothing
17
in tne development of antibiotics,
in city planning and in highway
cons truetion.
And we have not even
begun tne development of atomic
energy and power for non-military
uses.
Yes, we can be confident and
hopeful of our future.
Let us then
redouble our vigilance, and be
constantly alert to any signs of
weakness wnich may prove dangerous
to tne economic health of the nation.
-
1 6
-
we have positive elements of strength
in the present huge volume of personal!
and corporate savings, and in the great]
amount of heavy construction projects
which remains to be done throughout
the country, particularly by
municipalities and public utilities.
New industrial and scientific
prospects are continually opening up
before us -- in the fields of
plastics,
light metals, and alloys,
in electronics and in television,
-
15
-
\
Now we are in a far stronger
position than in 1920.
We have none
j
of the speculative conditions that
were largely responsible for the
severe price decline in that year.
!
We
have none of tne bond market insecurity!
whicn was so destructive to publ ic
confiaenee in 1920,
In place of the
heavily overbought inventory positions
in that year, businessmen have been
unusually cautious in their
inventory policies.
Today,
in addition
—
1
4
“
may expect after normal buyers' markets]
are fully restored.
Under such
conditions in the past the American
economy has traditionaI Iy made its
greatest progress.
While people are haunted by the
fear of another 1920» many do not
realize that before the end of
Ii?22 our industrial production had
again risen to new record highs,
exceeding all previous wartime
ana postwar peaks.
-
efforts.
13
-
Their attention has become
centered on reducing inventories and
new orders to the minimum, and rapidly
paying off bank loans.^.
The effect has been to cause
some slackening in demand for
factory products, and some weakening
in prices of industrial materials
while this readjustment is being made.
But the readjustment itself is adding
further strength to our basic economic
foundation, and is bringing closer
the renewed business advance which we
12
products.
At the same time, the more
urgent postwar demands have been
largely satisfied, and buyers now, as
in normal times, have more freedom.
Also, the less urgent demands have
permitted a more normal seasonal
pattern for employment in factories
and in transportâtion, which has
caused some rise in unemployment
during the winter.
Finally, these developments
themselves have caused businessmen
to redouble their precautionary
time
their
immediate
precautions
results
in
inflationary
spiral,
in
prices.
commddity
Several
contributed
business
in
the
previous
continued
United
in
large
States,
declines
as
in
is
developments
to
a
more
has
prices
reflected
have
this
A
year
in
with
the
caused
of
than
world-wide
supplies,
crops
the
noticeable
years.
food
some
correcting
readjustment
improvement
brought
farm
substantial
and
food
dec line
In
ended,
1 920,
of
winter
e a ch
the
fear
of
repetition
of
swept
over
the
firms
made
haste
inventories,
cautious
an
commodity
world.
correct
markets
has
Businesl
overbuilt
followed
policies,
speculation
war
collapse
business
to
the
approaching
1920
bankers
loan
excessive
and
the
since
and
in
was
any
the
|
security
effectively
discouraged/
Tnis
through
winter,
the
same
people
again
routine,
and
went
this
1
9 1946,
1947, and 1948.
Practically
all consumer goods, except perhaps
certain types of automobiles,
are now
freely obtainable under normal
competitive conditions.
I
This return to normal buyers*
marxets was both essential and
inevitable as a prerequisite to our
further economic progress.
We are
fortunate that the transition has
occurred in a series of several stages,
a nd not al I at one
for example,
time,
it did,
in the severe business
8
In appraising our economic
position,
we must be careful
to
distinguish between a strong basic
economic foundation and minor uos
and downs of business.
Currently,
we are roing through
one of these business fluctuations
which represents a further postwar
readjustment to norm?I
b u y e r s ’ marKets
and freely competitive conditions.
Much of this readjustment had already
been accomplished
in business
in
major
that
objective
financial
fiscal
tne
that
the
and
which
Government,
tne
of
in
the
in
have
the
pursued
that
contributed
greatly
economic
our
of
financial
believe
i
which
we
in
confidence
to
to
credit
action
maintaining
unparalleled
through
nation,
of
maintain
designed
and
the
course
Treasury
to
debt-management
are
confidence
stability
been
soundness
policies
operations
cement
has
has
present
position.
in
6
suffi of a r ound $65 b i I I ion*
an d e m p l o y m e n t
peaKS.
Furthermore,
position
has not
as h a s b e e n
t imes,
on
a r e at or
by
been
the c a s e
IncoifiBs
near
record
our p r e s e n t
undermined,
at s o m e p r e v i o u s
speculative operations
the s t o c K
and c o m m o d i t y m a r « e t s .
Today the financial
soundness
of the United States Government
is
we I I estsbl ished -- a fact of
paramount
importance to th-e peace and
stability of the world.
The Treasury
5
assets
large
are
as
at
European
savings
nave
the
war
in
have
increase.
reserves
wore
risen
3-1/2
beginning
1939.
also
Life
of
than
shown
a
insurance
$57
billion
as
of/the
Other
individuals,
by
times
types
great
and
for
pension
example,
since
IS39
a iota I of ISO billion.
During the past decade we have
seen the net working capital of
corporations steadily
until
of
increasing,
it now stands at the record
As
in
a
a
nation,
position
of
strength
attained
in
assets
more
of
$23
never
$200
billion
in
now
--
hold
cash,
and
Liquid
have
billion
People
today
before
history.
individuals
than
figure.
stand
financial
economic
our
we
$47
reached
a
an
record
estimated
billion
7 i ■/
personal
billion
hold
$20
$43
checking
in
savings
billion
billion
securities.
accounts,
in
Savings
other
These
and
accounts.
in
.
in
'i
$66
They
Bonds
and
Federal
holdings
of
liquid
good oroer, and stands firmly on a
sound foundation.
Our prime concern is to
demonstrate the effectiveness of our
system of free enterprise.
We must
prove, beyond any shadow of doubt,
tnat our form of government offers
trie individual greater oppor tun it ies.
than any other system of Government
in the world today.
And
we must make
it clear that every American has a
stake in the preservation of this
system.
Today, as never before, the
spotlight of history is focused upon
our nation.
In that hard and
unremitting light everything we do -- o
fail to do -- is unmistaKably revealed.
The world's hope for peace
and stability depends in large measure
uoon the economic, military, and
spiritual strength of this nation.
The tasK, then, falls to every one
of us as individual Americans to see
that our own economic house is in
I
I am glad to be here in
Salt Lake City tonight, to talk with
you leaders of banking, business and
industry in this vigorous and
enterprising community, about a subject
which is the vital concern of every
thinking American.
I am referring to the role which
the Savings Bonds program and the
Opportunity Drive of 1949 plays in
the preservation of our individual
opportun¡ties
■■
Address By Secretary Snyder Before The Savings Bonds
Opportunity Drive Luncheon Sponsored By Rotary Clubs
Of Salt Lake City And The Salt Lake City Branch
Of The Federal Reserve Bank Of San Francisco, •'
Hotel Utah, Salt Lake City, Utah,
' Tuesday, May 3, 1949
I
am glad to be here in Salt Lake City to talk with
the leaders of this vigorous and enterprising community
about a subject which is the vital concern of every think
ing American.
I
am referring to the role which the Saving^ Bonds
program and the Opportunity Drive of 1949 plays in the
preservation of our individual opportunities.
Today, as never before, the spotlight of history is
focused upon our nation.•’ In that hard and unremitting
light everything we do -- or fail to do -- is unmistakably
revealed.
J
The world's hope for'peace and stability depends in
large measure upon the economic, military, and spiritual
strength of this nation. The task, then, falls to every
one of us as individual Americans to see that our own eco
nomic house is in good order, and stands firmly on a sound
foundation.
Our prime concern is to demonstrate the effectiveness
of our system of free enterprise. We must prove, beyond
any shadow of doubt, that our form of government offers
the individual greater opportunities, than, any other system
1 Government in the world today. And we must make it
^ at every American has a stake in the preservation
of this system.
As a nation, we stand today in a position of financial and economic strength never before attained in our
Liquid assets of individuals have reached more
*0??
— & record figure. People now hold an
estimated $23 billion in cash, $47 billion in personal '
ecking accounts, and $66 billion in savings accounts,
ney hold $48 billion in Savings Bonds and $20 billion in
other Federal securities. These holdings of liquid assets
more than 3 *1 /2 times as large as at the beginning of
2
the European war in 1939. Other types of savings have
also shown a great increase.. Life insurance and pension
reserves of individuals, for example, have risen by $37
billion since 1939 to a total of $90 billion.
During the past decade we have seen the net working
capital of corporations steadily increasing, until it now
stands at the record sum of around $65 billion. Incomes
and employment are at or near record peaks. Furthermore,
our present position has not been undermined, as has been
the case at some previous times, by speculative operations
on the stock and commodity markets.
Today the financial soundness of the United States
Government is well established -- a fact of paramount im
portance to the peace and stability of the world. The
Treasury's major objective has been to maintain that
financial soundness through fiscal policies and debt-manage
ment operations which are designed to cement confidence in
the credit of the Government, and In the financial stabil
ity of the nation. I believe that the course of action
■which we in the Treasury have pursued in maintaining that
confidence has contributed greatly to our present unparal
leled economic position.
In appraising our economic position, we must be care
ful to distinguish between a strong basic economic founda
tion and minor ups and downs of business.
Currently, we are going through one of these business
fluctuations which represents a further postwar readjustment to normal buyers' markets and freely competitive conr’ ions, Much of this readjustment had already been accom
plished in business in 1946, 1947, and 1948. Practically
ail consumer goods, except perhaps certain types of.automobiles, are now freely obtainable under normal competitive
conditions.
,
This return to normal buyers’ markets was both essen
tial and inevitable as a prerequisite to our further eco
nomic progress. We are fortunate that the transition has
occurred in a series of several stages, and not all at one
dt did> for sample, in the severe business decline
°f 1920.
In each winter since the war ended, the fear of an
repetition of the 1920 collapse has swept over
ne business world. Business firms made haste to correct
overbuilt inventories, bankers followed cautious loan polini6 si^and any excessive speculation in the security and
commodity markets was effectively discouraged.
-
3
-
This winter, people again went through the same
routine, and this time their precautions brought some im
mediate results in correcting the inflationary spiral, as
is reflected in commodity prices.
Several developments have contributed to a more
noticeable business readjustment this year than in the pre
vious years. A world-wide improvement in food supplies,
with continued large crops in the United States, has caused
substantial declines in prices of farm and food products.
At the same time, the more urgent postwar demands have
been largely satisfied, and buyers now, as in normal times,
have more freedom. Also, the less urgent demands haVe
permitted a more normal seasonal pattern for employment
in factories and in transportation, which has caused some
rise in unemployment during the winter.
Finally, these developments themselves have caused
businessmen to redouble their precautionary efforts. Their
attention has become centered on reducing inventories and
- - o r d e r s to the minimum, and rapidly paying off bank
The effect has been to cause some slackening in demand ior factory products, and some weakening in prices
°i industrial materials while this readjustment is being
made. But the readjustment itself is adding further
strength to our basic economic foundation, and is bringing
closer the renewed business advance which we may expect
alter normal buyers' markets are fully restored. Under
?]??. coi1^ ^ ^ oris
the past the American economy has tra
ditionally made its greatest progress.
While people are haunted by the fear of another 1920,
many do not realize that before thè end of 1922 our Indus^riai production had again risen to new record highs,
xceeding all previous wartime and postwar peaks.
Wp -u Now ve are in a far stronger position than in 1920,
nave none of the speculative conditions that were
largely responsible for the severe price decline in that
y ar. We have none of the bond market insecurity which
nfS+-vS° dest*\uctive to public confidence in 1920, In place
hn«Ìne heavilF overbought inventory positions in that year,
Dni assBlen bave been unusually cautious in their inventory
of «Sies* Today' in Edition, we have positive elements
• ln
Present huge volume of personal and cor+..»
e savings, and in the great amount of heavy construc('mt^pro,}ects which remains to be done throughout the
ountry, particularly by municipalities and public utilities.
4
_
New industrial and scientific prospects are contin^ e f o r e
us - in the fields of plastics,
light metals, and alloys, in electronics and in television
i n ™ l h t t Z e l ° Pml n t
antibiotics, in city planning and1 *
d e v # f Ca $S
A
nd we have not even begun the
development of atomic energy and power for non-military
uses #
"
To,
we can be confident and hopeful of our future
Let us then redouble our vigilance, and be constantly alert
to any signs of weakness which may prove dangerous to the
economic health of the nation.
dangerous to the
*„■»
'S leaders ln evei>y field — business, agrilabor
have long regarded the Savings Bonds
^v»f?rarn
a v^nning factor in the maintenance and the
preservation of our system of free enterprise.
Every American citizen may participate actively in
sma11P1?°
u
h
m?iter whether a man's Income Is great- or
nnri*=* whether he lives on a farm or ln a crowded metrothe
nothing to prevent him from buying
he Savings Bond which is his personal share of his Govern?
ment
his stake in its future well-being.
in
Savings^Bonds Program is a strong unifying force
self exceriennirtHh^-h Ea£h Savings Bond volunteer has himT b L r s a l e h« ^
Warmlng knowledge that in making
nation
a Personal contribution to the
the sood of h?°WS that,i?e is actually doing something for
Lne 80°a of his community and his country.
conceDthof
was founded on the traditional American
our nrpc3#ari+-thPlfi * ^ Was
which helped us attain
SOTethl^ nTfreatS?S3^ s° let us not dlsmt33 thrift as
somsthing old-fashioned and out-moded — good enoueh for
in our
our°modein
perhaps, buAaving m place
modern8 scheme of things.
Of thrift W O ? i d n o ! ! ? V e ; educai ion ln the ba3i0 principles
resource.
?d t0 learn how t0 care for ifc3 natural
aanaee
to °onferve forests and topsoil, how to
Power for f u t u r e ^ e ?
6 UP p0tentlal Productivity and
t t u n i t v ^ p f f ^ 83 B°nd Program, which creates in each ccmmoney^whifh w-n ?erve Potentials of deferred buying power —
Nation
Ida?1Bef more business for state and
as one of the ™ 3 va{uablethrift training. I regard this
hatlonal^iife P 8
3 most important contributions to our
-5 Further the Savings Bonds program enables millions
ofj_?ur n j ??ns bo enSage actively in the management of the
national debt,
since February 28 , 1946, when the Federal
debt reached a peak of $280 billions, there has been a
large decline in the outstanding obligations of our Federal
Government. In addition, there has been a drop of $33 billion in holdings of Federal securities b y ‘o.ur banking sys
tem. To achieve this reduction in the bank-held debt has
Îm P°rtant objectives of our debt-management
policy,
it has been accomplished in great measure by the
vigorous promotion of Savings Bonds and other securities
to individuals during the postwar period.
rîlhe
îhat ^ essehtial phase of debt manage
ment is achieved by distributing the ownership of the debt
among as many Americans as possible -•* and by permitting
as many individuals and families as possible to share in
The Savings Bonds program helps to
accomplish both these objectives.
the nen^Se J?*03* “ * of »¿1* the Savings Bonds program is
the people themselves.
It is the men and women who buy
fr?er^ndSi. tî1?.men and W01neh who sell them to other people friends, families, neighbors, fellow-workers.
1no
ihe miliions of working men and women now savTt8^
£h£???h the automatic Payroll Savings Plan,
ulars'^nn^i2 ^ bi^ ioh which these "Payroll Saving RegAmeri no' , ÎT h o l d \ It represents the individuals across
t^n=
J h0 now hold $48 billion of Savings Bonds; the
and cities like Salt Lake City, the states like Utah.
win
eveî.
May 16 through June 30 the Treasury Department
?he Sfeatest promotion of Savings Bonds
and
I« Peacetime.
We are calling this Drive,
sodes 1 bave tied it in with one of the most colorful epi- *
cen?enn? ?
i®*10? / 8 Past ~ the Gold Rush of 1849 - the
centennial celebration of which is taking place this year.
Armv
the r>rive ls the Covered Wagon.
Giant
ing^past
Tly these rePlloas °f our pioneerwifi
the Nation's major market areas, where they
itv 1SSS'diatelJ spearhead every kind of promotional activthe'nrifi1?“3.1
°f
will continue throughout
point nn t-H e“Pbaslf® the "opportunity" theme, and to
turfa^ the similarity between the "Forty-niners" a cenalï^know^that Σîir mod®r2 counterpart of today. For we
w h i c h ^ u L o d ^ the search for opportunity and a better life
one hnnd«Sd onward the pioneers and their covered wagons
g " e a t ^ l r ar?
g° ® a on - and is still I
© ot incentive in all our lives.
-
6
-
Our national quota during the six weeks of this
Drive is $1,040,000,000«
To help us achieve this very
considerable figure every local quota — town, county, and
state — must be met.
Because in the final analysis all
sales are local, three million volunteers are standing by
today across the Nation, ready to go to work for us in
their own communities as soon as the signal is given.
may know some of these men and women personally
It may be that some of you here in this room belong to
that number,
I would like to congratulate them — and
through them, all the other hard-working volunteers of the
Savings Bonds Program whose record of service has been
long and honorable.
^ h&v© said that there are three million volunteers
who^will undertake actual bond-selling assignments for us
during the weeks of the Drive.
But really that number is
iar ?reat'fr *J Actually, every single one of us who has ever
bought a Savings Bond is a volunteer salesman.
The man who
3
States Savings Bonds is the best spokesman for
the bonds.
.
• l 2\ J ust a fev days nov these volunteers will set out
fvLrnng
Nation's doorbells, to impress, the meaning of
the Opportunity Drive upon every man and woman in their
home town.
These Volunteers have undertaken a praiseworthy and
^ L r P0^ ant task* for they a-e helping to encourage
?hey ?re helP*n& to preserve our system of indinnn,?«1 enterprise.
They are helping to guarantee our ecomic security and stability -- and thus they are helping
to preserve the peace and security of all the world.
8
-oOo-
■ft. secretary of the Treaeury announced laet .renin« that the tendere for
*800,000.000, or thereabout«, of 91-day Treaeury M i l e to he dated Itay 5 and to nature
August 4, 1949, which were offered on April 29, were opened at the ied.rtì Reserr. Baeto
on May 2.
Tha details of this issue ara as follows:
Total appliad for - $1,025,290*000
Total aoaaptad
801,907,000
Average prioa
(includes $67,051,000 entered on a non
competitive basis and accepted in full
at the average price shown below)
- 99.710 Equivalent rate of discount approx» 1.147* per annum
Hange of accepted competitive bids:
- 99*712 Equivalent rate of discount approx* 1.139* per annum
1.151* "
*
- 99.709
"
*
*
High
Low
(64 percent of the amount bid for at the low price was
Total
Federal Reserve
District______ _
Applied for
$
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
25,640,000
1,204,108,000
34.039.000
57.727.000
5.250.000
16.521.000
127,459,000
7.080.000
8.380.000
50.286.000
7.745.000
81.055,000
$1,623,290,000
accepted)
Total
Accepted
$ 21,840,000
494,714,000
16.459.000
54.652.000
3.150.000
13.269.000
82.309.000
6.914.000
4.042.000
39.326.000
5.437.000
59T875,000
$801,987,000
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D .C .
RELEASE, MORNING NEWSPAPERS,
Tuesday, May 3, 19^9________
S-1071
The Secretary of the Treasury announced last evening that
the tenders for $800,000,000, or thereabouts, of 91-day Treasury
bills to be dated May 5 and to mature August 4, 19^9 , which were
offered on April 29,, were opened at the Federal Reserve Banks on
May 2 .
The details of this issue are as follows:
Total applied for - $1,623,290,000
Total accepted
801,987,000 (Includes $ 67 ,051,000
entered on a non
competitive basis and
accepted in full at the
average price shown
below)
Average price
- 99.710 Equivalent rate of discount approx.
Range of accepted competitive bids:
High
~ 99*712 Equivalent rate
1.139$
* 99»709 Equivalent rate
1,151$
Low
of discount approx,
per annum
of discount approx.
per annum
(64 percent of the amount bid for at the low price was accepted)
Federal Reserve
district
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
$
25,640,000
1,204,108,000
34.039.000
57.727.000
3,250,000
$ 21,840,000
494,714,000
16.459.000
54.652.000
16 521.000
13 269.000
127,459,000
7.080.000
8.380.000
7.745.000
81.055.000
82.309.000
6.914.000
4.042.000
39.326.000
5.437.000
59.875.000
$1,623,290,000
$ 801 , 987,000
.
5 0 ,2 8 6 ,0 0 0
San Francisco
TOTAL
Total
Accepted
0O0
3 ,150,000
.
adian quota of
3,815,000
pounds of wheat flour, semolina, crushed or cracked -wheat,
and similar wheat products permitted entry during the quota year
ending May 28,
19k9,was 99percent filled and the Canadian wheat
quota of 79^,000 bushels for the same period was approximately
27 percent filled as of April 23»
TREA SU RY
D EPA R TM EN T
Information S ervice
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Tuesday, May 3 , 1949 .
S-IO7 3
The Bureau of Customs announced
today that the Canadian quota of
3.815.000 pounds of wheat flour,
semolina, crushed or cracked wheat,
and similar wheat products permitted
entry during the quota year ending
May 28, 19^9, was 99 percent filled
and the Canadian wheat quota of
795.000
bushels for the same period
was approximately 27 percent filled
as of April 2 3 .
0O0
/
to
73
IMMEDIATE RELEASE
May 3, 1
9h9
The Bureau of Customs announced today that the Canadian quota of
3 ,815,000 pounds of wheat flour, semolina, crushed or cracked -wheat,
and similar wheat products permitted entry during the quota year
ending May 28, 19U9, was
99percent filled and the Canadian wheat
quota of 79^,000 bushels for the same period was approximately
27 percent filled as of April 23«
IMMEDIATE RELEASE,
Tuesday, May 3, 1949.
S-1073
The Bureau of Customs announced
today that the Canadian quota of
3 .815.000 pounds of wheat flour,
semolina, crushed or cracked wheat,
and similar wheat products permitted
entry during the quota year ending
May 28, 19^9, was 99 percent filled
and the Canadian wheat quota of
795.000
bushels for the same period
was approximately 27 percent filled
as of April 2 3 .
0O0
America today can so many millions
of
men and women express their faith in
their own and their Nation's future -ana with such complete assurance
success?
of
Tnis is a program which makes it
easy for ail to participate actively
in the shaping of their individual
future.
It is a program which brings
our Government close to every citizen.
It is a program which gives our
people the opportunity of experiencing
at first hand how a system of free
enterprise works, and what it means
to every one of us.
Through this program we are
saying,
in eftect -- where else but i11
r
- 24 set aside in U. S. Savings Bonds, as
provision for their future.
These
regular savers today hold $12.5
billion in Savings Bonds.
The $48 billion worth of Savings
Bonds now held by individuals is a
sum greater than the entire national
income a generation ago.
It represent^
money which was saved locally, and
which will be spent locally, thereby
contributing to the future business
tor community ana nation.
23
our debt-management policy.
And it
has been aided by the vigorous
promotion of Savings Bonds and other
securities to individuals during the
postwar period.
Through the Payroll Savings Plan,
systematic, regular saving has been
brought within the reach of worningmen
and women.
Today, all across America,
millions of people are enrolled in
this Plan.
Every payday they see some
specific part of their current earninf?
management of our Federal debt.
Since February 28,
1946, when the
Federal debt reached a nea« of
$280 billion, there has been a
decline of more than $28 billion in
the outstanding obligations of our
.
Federal Government.
in addition, there
has been a decline of $33 billion in
holdings of Federal securities by our
banKing system.
reduction
To achieve this
in the banx-held debt has
been one of the major objectives of
|
. r
- 21 \
citizen may participate.
Its goals --
opportunity for development, financial
independence and security for individua
and nation alike -- are the personal
goals of e v e r y o ne ^ /
All
levels
structure
banker
and
meet
his
the
newspaper
who
delivers
of
in
our
this
smallest
publisher
his
economic
endeavor.
The
depositor;
and
newspapers,
the
boy
the
industria Iist and the factory worker.
The program has aided us in the
j
Sales figures reveal how this
program gains in popularity every
year.
Last year total sales of all
series reached $7,295,000,000, while
E Bond sales totalled $4,224,000,000,
and the margin of cash sales over
redemptions showed a gain of 220$ over
1947.
For the initial quarter of 1^49
E Bond sales exceeded the like period
a year ago; during March 1949 we sold
$415,000,000 in E Bonds.
It is a program in which every
Americans like the program and
the product.
They wanted it continued
after the end of the war, when many
predicted it would be dropped.
The
reason why they approve so
wholeheartedly of these bonds is
primarily, of course, because they
regard Savings Bonds, which are
Agi llpi Ifitl
backed by the full faith and
credit
of our Government for payment both
of interest and principal, as a
risk-free investment.
-
18
-
One of the finest vehicles for
developing this future is the Savings
Bonds program, which is as truly
American as Main Street -• as vital
and timely as today's headline news.
Since the inception of this
program, just a little over a
decade ago,
its hold on our people
has grown until
it is recognized
everywhere as a great public service
program.
- 17
Far-Western States.
In California
that &ain was 188 percent.
Every one
of these States showed income gains
from 1940 to i 947 much in excess of
the national average gain.
This
Far-West region has forged ahead on
every front.
And behind its
achievements, one of the strongest
factors has been the courage and
confidence of its people to advance
with determination toward a tomorrow
that will be brighter and less troubletj
tnan today.
16
new materials, new manufacturing
techniques, and new equipment of many
Kinds.
Our factories have been so
occupied in meeting urgent consumer
demands that, up to now, they have not
been able to give much time to new
products.
What is true of the national
picture applies with equal force to
individual areas of our country.
Of the 17 states showing gains
in total
income of over 185 percent
during the period of 1940-47, 6 were
conditions in the past the Amer ican
economy has tradi tionaIly made its
greatest progress.
While people are haunted by the
fear of another 1820, many do not
realize that before the end of 1922
our industrial production had again
risen to new record hiehs, exceeding
all previous wartime and postwar peaKS
We have every reason to expect a
remarKable era of propress in the years
ahead, based on the tremendous
d iscover ies during recent years in
14
n e w orders to the minimum and rapidly
paying off the b a n K
loans.
The effect has been to cause some
in d e m a n d for f a c t o r y
slaCKening
products,
a n d some
itself
be?
and
is a d d i n g further
ic economic
ength to our
foundation,
in prices
e this
of industr ia I
readjustment
weaKening
is b r i n g i n g c l o s e r the
business advance which
may
normal buyers' marKets
are fully restored.
Under such
-
13
-
largely satisfied, and buyers now, as
In normal times, have more freedom.
Also, the less urgent demands have
permitted a more normal seasonal
pattern for employment in factories
and in transportâtion, which has caused)j
some rise in unemployment during the
winter.
;
j
Finally, these developments
themselves have caused businessmen
to redouble their precautionary
efforts.
Their attention has become
centered on reducing inventories end
12
immediate results in correcting the
inflationary spiral, as is reflected
in commodity prices.
Several developments have
contributed to a more noticeable
business readjustment this year than
in the previous years.
A world-^ide
improvement in food supplies, with
continued large crons in the
United States, has caused substantial
declines in nr ic e s of farm and food
products.
At the same time, the
urgent postwar demands have been
more
- I I CQ I lapse.
In each c a s e ,
business
f irm*,:'"
made haste to correct overbuilt
inventories,
b a n x e r s
followed very
cautious loan policies, and any
excessive speculation in the security
and commodity marxets was effectively
discouraged.
Thus corrective
reedjustments have been made -- industri
by industry -- which have xept the
economy in a basically sound condition.] o
This winter, people again went
through the same routine, and this
time the ir precautions brought some
occurred in a series of several
and not all at one time, as it did,
for example,
in the severe business
dec I ine
the transition baCK
to norma I buyers* marxets, we owe
many thenxs to the ghost of 1920,
has continually haunted the minds
businessmen during the recent oos
years.
In each winter, since the w
, aoprenension nas sw
over
the business world -- a fear of
aDoroach ing reoet it ion of the 1920
•
q
V
«•
and freely competitive conditions.
K/'uch of this readjustment had already
been accomplished in business in 1946,
1947, and 1948.
Practically all
consumer goods, except perhaps certain
types of automobiles, are now freely
obtainable under normal competitive
condi t ions.
This return to normal buyers'
marxets was both essential and
inevitable as a prerequisite to our
further economic progress,
fie are
fortunate that the transition has
8
unrivalled economic position.
In appraising our economic
position, we must be careful to
distinguish between a strong, basic
economic foundation and minor ups
and
downs of business -- between the
underlying movement of an economic
tide
and
the waves of irregular
bus iness f luctuations.
Currently, we are going through
one of these business fIuctuations
which represents a further postwar
readjustment to norma I buyers* marKets
7
United States Government is well
established -- a fact of paramount
importance to world stability and
world peace.
It has been the Treasury
major objective to maintain that
soundness through fiscal policies and
debt-management operations designed
to cement confidence in the Government]
credit and in the Nation’s financial
stability.
I believe that the course
of action which has been oursued in
the maintenance of that confidence has
contributed greatly to our present
-
6
-
a totaI of $90 billion.
Net worKing capital of corporate
which has been increasing steadily
y since 1939, now stands at about
$65 billions -- and that, too, is a
record level.
Employment and incomes
are at or near record peaKS.
Our
position has not been undermined, as
has been the case in some previous
times, by speculative Operations in
the stoc K and commodity merKets.
The financial soundness of the
5
now hold an estimated $23 billion in
cash, $47 billion in personal checKing
accounts,/and $66 billion in savings
accounts.
They hold $48 billion in
Savings Bonds and $20 billion in other
Federal securities.
These holdings of
liquid assets are more than 3-1/2 time
as large as at the beginning of the
war in 1939.
Other types of savings
have also shown a great increase.
Life insurance and pension reserves
of individuals, for example, have
risen by $57 billion since 1939 to
I
national
of
quota
for
the
$ 1 , 0 4 0 , Ü 0 0 ,0 0 Q
in
six
weeks
Series
E
p e r i oc
Bonds.
/
There
whicn
Tne
are
are/TmJ
basic/to
first
buy.
is
The
A m e r i c a ’s
at
the
second
There
today
can
bond
p r o s p e c t ’s
is
his
doubt
ability
to
buy.
a
position
history.
Liquid
sale.
ability
at
all
financial
assets
figure
of
oc
V a
of
in
and
is
o ur
individuals!
bi I I i o n s ,
on
to
stand
unparalleled
over
highest
of
factors
willingness.
no
strength
the
every
be
economic
tota ling
fundamental
record,
are
at
keop
•e
X
3
-
and a better life which led these
pioneers to California,
Covered wagons, transported by
the "flying box cars1' of our Army Air
Forces to all major marxet areas acrosdl
the nation, will
lend additional
to the Drive's meaning.
Impscil
Mediums of
commun¡cat ion and entertainment will
be fully utilized to promote the sale
of these securities.
Three million
volunteers are already standing by in
rural areas,
in small towns and in
crowded cities to help us achieve our
f$$
fact, we celebrate the centennial of
the greatest mass movement
in our
history -- that westward migration
termed the "Gold Rush".
striKe" a century ago
That "l ucKy
led to the
development of one of our richest
i
areas
All America will soon join in
paying tribute to the " forty-ni n e r s " .
From May
16 through June 30, the
greatest peacetime promotion of Savings
Bonds -- the Treasury D epartment’s
OPPORTUNITY Drive -- will recall
vividly the search for opportunity
I am always pleased to have
the opportunity to return to
San Francisco.
The visitor from
the East -- and out here I understand
that phrase signifies any area not
actually bounded by the Pacific
Ocean -- must be continually impressed
by.the energy and confidence of the
men who built, and are building
San Francisco.
For more than a century, now, the
emphasis of our national development
has been westward.
This year,
in
Address By Secretary Of The Treasury John W. Snyder,
Before The Humanitarian Award Banquet Of The
Annual Convention Of The Variety Clubs
International, Fairmont Hotel,
San Francisco, California,
Wednesday, May 4, 1949
I am always pleased to have the opportunity to r e
turn to San Francisco.
The visitor from the East — and
out here I understand that phrase signifies any area not
actually bounded by the Pacific Ocean -- must be contin
ually impressed by the energy and confidence of the men
who built, and are building San Francisco.
For more than a century, now, the emphasis of our
national development has been westward.
This year, in
fact, we celebrate the centennial of the greatest mass
movement in our history -- that westward migration termed
the "Gold Rush".
That "lucky strike" a century ago led
to the development of one of our richest areas.
All America will soon join in paying tribute to the
"forty-niners". From May 16 through June 30, the greatest
peacetime promotion of Savings Bonds — the Treasury
Department’s OPPORTUNITY Drive -- will recall vividly the
search for opportunity and a better life which led these
pioneers to California.
Covered wagons, transported by the "flying box cars"
of our Army Air Forces to all major market areas across
the nation, will lend additional impact to the Drive's
meaning.
Mediums of communication and entertainment will
be fully utilized to promote the sale of these securities.
Three million volunteers are already standing by in rural areas, in small towns and in crowded cities to help us
achieve our national quota for the six weeks oeriod of
$1,040,000,000 in Series E Bonds.
two
There are
fundamental factors which are basic to
every bond sale.
The first is the prospect’s ability to
buy. The second is his willingness.
There can be no doubt at all of A m e r i c a ’s ability to
buy. We stand today at a position of financial and econom
ic strength unparalleled in our history.
Liquid assets of
individuals, totaling over $200 billions, are at the high
est figure on record.
People now hold an estimated $23
billion in cash, $47 billion in personal checking accounts
2
and $66 billion in savings accountsi
They hold $48 bil
lion in Savings Bonds apd $20 billion in other Fédéral
securities.
These holdings of liquid assets are more than
3 -1 /2 times as large as at the beginning of the wab in
1939.
Other types of savings have also shown a great i n
crease,
Life insurance and pension reserves of individ
uals , for example, have risen by $57 billion since 1939 to
a total of $90 billion.
Net working capital of corporations, which has been
increasing steadily since 1939* now stands at about $65
billions — and that, too, is a record level. Employment
and incomes are at or near record peaks. Our position
has not been undermined, as has been the case in some pre
vious times, by speculative operations in the stock and
commodity markets.
The financial soundness of the United States Govern
ment is well established -- a fact of paramount importance
to world stability and world peace. It has been the
Treasury’s major objective to maintain that soundness
through fiscal policies and debt-management operations de
signed to cement confidence in the Government's credit and
in the Nation’s financial stability. I believe that the
course of action which has beep pursued in the maintenance
of that confidence has contributed greatly to our present
unrivalled economic position, j
In appraising our economic position, we must be care
ful to distinguish between a strong basic economic founda
tion and minor ups and downs qf business -- between the
underlying movement of an economic tide and the waves of
irregular business fluctuations.
Currently, we are going|through one of these business
fluctuations which represents^a further postwar readjust
ment to normal buyers’ markets and freely competitive con
ditions. Much of this readjustment had already been accom
plished in business in 1946, ;1947> and 1948. Practically
all consumer goods, except perhaps certain types of auto
mobiles, are now freely obtainable under normal competitive
conditions.
This return to normal buyers' markets was both es
sential and inevitable as a prerequisite to our further
economic progress. We are fortunate that the transition
has occurred in a series of several stages, and not all
at one time, as it did, for example, in the severe busi
ness decline of 1920.
For easing the transition back to normal buye r s 1
markets, we owe many thanks to the ghost of 1920 , which
has continually haunted the minds of businessmen during
the recent postwar years.
In each winter, since the war
ended, apprehension has swept over the business world —
a fear of an approaching repetition of the 1920 collapse.
In each case, business firms made haste to correct over
built inventories, bankers followed very cautious loan
policies, and any excessive speculation in the security
and commodity markets was effectively discouraged.
Thus
corrective readjustments have been made -- industry by
industry — which have kept the economy in a basically
sound condition.
This winter, people again went through the same rou
tine, and this time their precautions brought some imme
diate results in correcting the Inflationary spiral, as Is
reflected in commodity prices.
Several developments have contributed to a more
noticeable business readjustment this year than in the
previous years. A world-wide improvement in food supplies,
with continued large crops in the United States, has
caused substantial declines in prices of farm and food
products.
At the same time, the more urgent postwar d e
mands have been largely satisfied, and buyers now, as in
normal times, have more freedom. Also, the less urgent
demands have permitted a more normal seasonal pattern for
employment in factories and in transportation, which has
caused some rise in unemployment during the winter.
Finally, these developments themselves have caused
businessmen to redouble their precautionary efforts. Their
attention has become centered on reducing inventories and
new orders to the minimum and rapidly paying off the bank
loans.
The effect has been to pause some slackening in de
mand for factory products, and some weakening in prices
of industrial materials while this readjustment is being
made. But the readjustment itself is adding further
strength to our basic economic foundation, and is bring
ing closer the renewed business advance which we may ex
pect after normal buyers' markets are fully restored. Under
such conditions in the past the American economy has tra
ditionally made its greatest progress.
While people are haunted by the fear
many do not realize that before the end of
dustrial production had again risen to new
exceeding all previous wartime and postwar
of another 1920,
1922 our in
record highs,
peaks.
We have every reason to expect a remarkable era of
progress in the years ahead, based on the tremendous dis
coveries during recent years in new materials, new m a n u
facturing techniques, and new equipment of many kinds.
Our factories have been so occupied in meeting urgent
consumer demands that, up to now, they have not been able
to give much time to new products.
What is true of the national picture applies with
equal force to individual areas of our country.
Of the 17 states showing gains in total income of
over 185 percent during the period of 1940-47, 6 were ParWestern States.
In California that gain was 188 percent.
Every one of these States showed income gains from 1940
to 1947 much in excess of the national average gain.
This
Far-West region has forged ahead on every front. And b e
hind its achievements, one of the strongest factors has
been the courage and confidence of its people to advance
with determination toward a tomorrow that will be brighter
and less troubled than todayf
One of the finest vehicles for developing this future
is the Savings Bonds program, which is as truly American
as Main Street — as vital and timely as t o d a y ’s headline
news.
Since the inception of this program, just a little
over a decade ago, its hold on our people has grown until
it is recognized everywhere as a great public service
program.
Americans like the program and the product.
They
wanted it continued after tile end of the war, when many
predicted it would be dropped.
The reason why they a p
prove so wholeheartedly of these bonds is primarily, of
course, because they regard Savings Bonds, which are backed
by the full faith and credit of our Government for payment
both of interest and principal, as a risk-free investment.
Sales figures reveal how this program gains in pop
ularity every year. Last year total sales of all series
reached $ 7 , 2 9 5 , 0 0 0 , 0 0 0 , while E Bond sales totalled
$4,224 , 0 0 0 , 0 0 0 , and the margin of cash sales over r e
demptions showed a gain of 220$ over 1947.
For the initial
quarter of 1949 E Bond sales exceeded the like period a
year ago; during March 1949 we sold $ 4 1 5 , 0 0 0 , 0 0 0 in E Bonds.
It is a program in which every citizen may partici
pate. Its goals — opportunity for development, financial
independence and security for individual and nation
alike
are the personal goals of everyone.
5
All levels of our economic structure meet in this
endeavor. The banker and his smallest depositor; the news
paper publisher and the boy who delivers his newspapers,
the industrialist and the factory worker.
The program has aided us in the wise management of
our Federal debt. -.Since February 28, 1946, when the F e d
eral debt reached a peak of $280 billion, there has been
a decline of more than $28 billion in the outstanding ob
ligations of our Federal Government.
In addition, there
has been a decline of $33 billion in holdings of Federal
securities by our banking system.
To achieve this reduc
tion in the bank-*held debt has been one of the major ob
jectives of our debt-management policy.
And it has been
aided by the vigorous promotion of Savings Bonds and other
securities to individuals during the postwar period,
Through the Payroll Savings Plan, systematic', reg
ular saving has been brought within the reach of working
men and women, Today, all across America, millions of
people are enrolled in this flan. Every payday they see
some specific part of their current earnings set aside in
U. S. Savings Bonds, as provision for their future.
These
regular savers today hold $12.5 billion in Savings Bonds.
The $48 billion worth of Savings Bends now held by
individuals is a sum greater than the entire national income
a generation ago. It represents money which was saved
locally, and which will be spent locally, thereby contrib
uting to the future business for community and nation.
This is a program which makes it easy for all to par
ticipate actively in the shaping of their individual fu
ture. It is a program which brings our Government close to
every citizen. It is a program which gives our people the
opportunity of experiencing at first hand how a system of
free enterprise works, and what it means to every one of us.
Through this program we are saying, in effect -- where
else but in America today can so many millions of men and
women express their faith in their own and their Nation’s
future — and with such complete assurance of success?
^-oOo-
36
Undoubtedly, the opportunities
are still here.
And I know of no
country in the world today that
offers to vigorous men of vision
the incentives to further achievement
which are found in our ownUn ited States..
35
of the world's passenger automobiles.
I
These figures have been made
i
possible by American enterprise.
They
show the response of American
businessmen to the incentives provided
by a free enterprise system -- a
response which in i 948 -- the year
just ended -- was demonstrated byIP the
largest capital
investment in the
history of our country.
34
have the energy and backbone to
make use of them.
Our population amounts to about
one-fifteenth of the population of
the world.
But one-half of the
world's entire industrial output
comes from American industries.
Almost]
thirty percent of the world's railway
mileage is in this country.
About
three-fifths of the world's telephones
are in American homes and businesses,
and Americans own more than three-fourt
- 33 -
of our Nation.
And they characterize,
too, the history of California.
/
/
I quoted, ear I ier, some of the
V .
/
\
\
H1,. figures on which my confidence in
the essential soundness of financial
and business conditions at the
present time are based.
We have
the materials, the resources, and the
manpower.
The opportunities are
ready and waiting.
I am confident
that now, as always, we Americans will
down bank ownership of Federal
securities, we can widen the base of
Federal security holdings, and we can
strengthen confidence in the credit
of the United States through our
savings bond program.
Our savings bond drive this
year really has two themes;
Opportunity -- to build for the future;
and confidence -- in what the future
will bring.
In a broader sense, these
two themes characterize the history
31
initiation of the savings bond
program in I$ 35 .
Tne vigorous promotion of sales
of savings bonds during and since
the war has been a major factor in
the success of our efforts to
broaden the ownership of the Federal
debt.
The Savings Bond Opportunity
Drive, which is just starting, will
carry this objective further.
In the
absence of a surplus, we cannot reduce
tne debt.
But we can continue to cut
30
Federal security holdings of nonbank
owners by the same amount —
dollars.
5 billion
The money which we have
obtained from sales of additional
securities to individuals and other
nonbank owners has been available for
paying off maturing issues held by the
commercial banking system.
The policy of spreading the
debt as widely as possible among
individuals and other nonbank
investor groups goes back to the
I 950
A third concern of Treasury debt
management is to reduce bank
ownership of Federal securities.
Today, as a result of this operation,
bank holdings of Government securities
have declined over 33 billion dollars
since February 1946 -- 5 billion
dollars more than the reduction which
has taken place in the total
outstanding debt.
Tnis has come about
because we have been able to increase
- 28
application of cash balances that
remained after the Victory Loan; and,
when those balances were expended,
through the application of Federal
budget surpluses.
There is only one source of furthej
reductions in the national debt. Our
debt must be reduced by an excess of
Federal Government receipts over
Government expenditures.
budget forecasts, however,
Present
indicate
deficits in the fiscal years 1949 and
27
enabled us. to take account offairly
rapid changes in the financial
environment, and to adapt our policies
accord ingly.
A second goal of debt management
is to reduce the amount of the debt.
At the present time, as I have stated,
our Federal debt amounts to $251.5
billion dollars.
It has been reduced
over 28 billion dollars since the
peak *as reached in February 1946.
Tnis was accomplished, first by the
-
26
-
rises in the Government bond market
This has contributed an important
element of stability to the Nation's
financial structure.
In the market for short-term
issues, the situation has called for
flexibility, and the Treasury and the
Federal Reserve have cooperated
in carrying out a flexible program with|
respect to short-term interest rates
This,
in itself, has been an important
tool of debt management, since it has
11
W
- 2S «
••** i y
f
; /
'
\#
!
,
Government.
'
'it
This is not only
fundamental to our domestic economy,
it is of crucial significance, also,
to the democratic countries of the
wor Icl.
Our program for maintaining
confidence in the Government's credit
is centered around the stabilization
of Treasury bond prices.
In cooperati
with the Federal Reserve, actions have
been taken which have prevented both
undue price declines and undue price
maintaining a stable and smoothly
functioning economic organization.
During the postwar years, the
debt management program of the
Treasury has been conducted with this
aim in view.
Three specific objectives!
have been followed, however; and I
believe that you will be interested
in hearing something about them.
Our first and most important
objective is to maintain confidence
in the credit of the United States
I
policies in the Nation's economy.
The Federal debt now stands at
$251.5 billion -- over 50 percent of
all public and private debt in the
United States.
Before the war, the
ratio was less than 25 percent.
This
means that, today, public debt
operations produce effects which are
felt throughout the financial and
business worlds.
Debt management,
under these circumstances, must be
directed toward promoting and
-
¿2
-
I have been talking, so far, about]
tne business picture, since that has
been generally foremost in our minds
during the current period of
readjustment.
Sound business condition
however, depend in the last analysis
upon a stable financial situation.
as
Secretary of the Treasury,
charged wi
i am
inite responsibi Iities
in this respect; and I should like to
say a few words at this point about
the place of Governmental fiscal
21
largely unexplored.
Atomic energy, alone, may
revoIutionize our way of living.
Our
national atomic energy program is
being pushed with greatest vigor.
Today, nearly 70,000 people are
employed in this program.
During the
last fiscal year, when the full
pr ogr am]
of long-range development got under way]
$466 million was spent by the
Government on this program, and by
1950 it is estimated that
will reach $725 million.
expenditures
20
of our peacetime growth.
The
... - - -------- ------
rebuilding of our schools, our
hospitals, our municipal service
systems, our great transcontinentaI
highways -- largely neglected during
the war -- has scarcely begun.
New
challenge
of
industrial
our
them are
processes
ingenuity
just being
possibilities
of
to m a K e
a n d of o t h e r
materials
--
to n a m e
use
developed.
light m e t a l s ,
plastics,
which
The
of
synthetic
only
a f e w -- are
19
little under 68 billion dollars,
and
23 billion dollars was in currency.
The net worxing capital
of
corporati ons, as I stated earlier,
also at record levels.
steadily
It has been
increasing since
now amounts to the
is
1939 and
impressive total of
66 billion dollars.
These figures are evidence that
IP
our oresent position
is one of real
strength.
But we are only at the beginning
18
slightly from the all-time peaK of
last December,
and well above the level
of a year ago.
Individual
savings -- which
represent the b a c k Iog available for
future spending -- amounted to over
200 billion dollars at the end of
1948.
About 66 billion dollars of
this amount was in savings accounts.
Forty-seven billion dollars was in
cheCK ing accounts.
of Federal
Individual holding
securities amounted to a
17
to expect.
These are the factors which
underscore the soundness of our
present position, and the richness of
our present opportunities.
Right
here, I should I iKe to give you some
of the figures which SDell out the
developments that
I
have been
t a Ik
ing
about.
Tane consumer buying power, to
start with:
Personal
incomes
in
February o f this year were at an annual
rate of $217 billion -- off only
were developed so rapidly under the
stimulus of wartime necessity.
s
Net worK ing cap ita I of
corporations, despite these outlays,
is at an all-time record
level --
more than ample to give scope and
flexibility of movement to the
operation of free business enterprise
in a competitive era.
Our population is increasing,
and more of us, all the time,
particioating
are
in the rising standards
of living which Americans have come
* Dj
15
r
there has been
little or no o v e r s t o c k
The buying power
is here:
Sales
are being supnorted by a continuing
high
income flow and by a baCKlog of
individual savings *- stored-up
purchasing power -- which has reached
an all-time high.
The plant and equipment are
ready:
American business has
invested over 75 billion dollars
in
new construction and equipment since
the war ended,
and
is now in a position
to maxe use of the new techniques which
14
of us are still a little dazzled by
the large profits and easy sales which
carried us through
1946,
1947, and 1948
But, when we ta«e a good Iook at 1949,
how do things really add up?
To my mind, they add up to just
/
this:
we are, in this country,
currently
in a strong position.
what is more
important,
But
we are on the
threshold of an era of opoortunity
unexampled
in our history.
Financial
There
conditions are sound:
is no heavy speculation, and
13
street was showing.
There was no need
to worK to develop something new, when
our ’ 38 and *39 products could be run
off the line and sold before the
paint was dry.
I don’t need to tell you that we
Americans Know how to get results when
a selling job is required.
Our
traditional form of American enterprise
has always flourished best under the
pressure of comoetition.
Now, we are getting baCK into that
j
competitive atmosphere.
! thinK a l°t
12
such as rayon and crude oetroleum,
have just recently experienced buyers'
marKets.
These are the developments that
we have been looKing for.
They signal
the return of competitive selling.
In most lines, up to now, we
haven’t had to sell.
People have been
taKing things off the production lines
as fast as they were turned out.
Businessmen haven’t had to convince
customers that their product was better
than the one the salesman down the
-IIa flexible posi t ion.
Keturn to a more norma I
competitive economy has actually been
going on since the very close of the
war.
Many adjustments have been
practically completed.
Some
industries were affected
luxury
in 1946.
Machine tools, auto tires,
radios, and
others, followed
Textiles,
shoes,
in 1947.
auto trucks, furniture,
nousehold equipment,
and various other
*
*
industries started their adjustment in
the spring and summer of 1948.
Others.)
IO
equally sharp contrast to the past is
the gradual nature of the adjustments
now taxing place to normal competitive
conri it io n s .
Business recessions
were precipitate.
end of
in the past
But ever since the
en a
H
o
rdI Aar I I,
widespread feeling that a price dec Iin
and business adjustments were
This has
imminent.
led businessmen to follow
conservative buying policies and to
taxe other precaut ionary measures
which have aided them in maintaining
9
is also true 'in the entire credit
structure of the Nation.>
Because excessive speculation has
been absent,
there
is no
volume of speculative
prospect.
important
liquidation in
Each of the recessions in
our business history has been featured
by heavy
liquidation of speculative
accounts,
and
accounts today
element
the absence of these
is a truly reassuring
in the current outlooK.
Next to the absence of speculation
the factor which stands out in
almost
8
wjth concern over price readjustments
in our economy has tended to narrow our
outlooK.
It is helpful, therefore, to
see how things Io o k today as compared
with some previous transition periods
in our history.
To my mind, the most striKing
element of contrast between our present
situation and certain crucial periods
in the past is the absence of
unrestrained speculation during the
recent postwar years.
This is true of
the commodity and stoCK marKets, and it
7
In prices,
are now going on in many
k
sectors of the economy.
....
These
readjustments are evident here on the
Coast,
and they have been evident
throughout the country.
important.
They are
But in apnraising them, !
t h i n K we need to Io o k at our present
situation
in Draper persnective.
All of us are aware, when we
stop to thin« about them, of the
factors
indicating continued good
health of our economy over the long
pull.
But our preoccupation this ye?r
!
t
6
was the beginning of your rerr.arKable
food production history.
centur.y since
In the
1849, riches greater
than gold have be»n found
in your
soil, your climate, and -- a
e all -
in the resourcefuI ness and enterprise
of your citizens.
Today, as in 1849, the Pacific
Coast region,
and the Nation,
are
entering a new era of opportunity.
I am saying this in full
readjustments
in demand,
in output,
5
history.
country,
Railroads spread over the
at the rate of a thousand
miles a year.
followed.
Agriculture and trade
Soon after the close of the
Civil War, the joining of the Central
and Union Pacific
lines bro«e down
the last barrier to comrnunication
between the West Coast and the older,
more settled East.
For California,
gold had been
the turning point.
The sudden growth
in population after
1849 created a
local demand for farm products which
4
preoicted that the "acquisition of our
immense coast upon the Pacific" would
91
revo Iutionize, in our favor, the
commerce of the world, and more rapidI/
advance our greatness, wealth, and
power, tnan any event which has occurs
since the adoption of the Constitution.
Largely as a result of the
westward expansion stimulated by the
Go Id Strike, the ten years following
1650 were most significant in our
_ 3 V
soon as the treaty with Mexico was
signed.
California's delayed
admission as a State did not delay
our revenue collectors.
Early in
1849 -- over a year before
President Fillmore signed the bill
maKing California a nart of the
Union -- Sa.n Francisco was made a
Port of Entry for the collection of
customs duties on goods entering the
United States from foreign countries.
And even before that,
in 1848,
Secretary of the Treasury WaIKer
-
2
-
of travelers; and from the earliest
history of your State, California
has given them a generous welcome.
To the v is itor gir r iv ing in your
c ity today, it is int;0J'’pc t ing to
r eca 1 1 that at the t iime of the
Go 1d Rush, San Franc iiSCO was a tiny
sett 1ernent.
Among the early arr ivs 1 s -- !
have been inter ested to 1 earn - - was
the Treasury Department,
Old re■cord s shovv tha t th e Trees
W 8S out her■e do inet hijs ine ss a Imost a
I am glad to be here in
San Francisco today at the beginning
of your centennial celebrating the
coming of the Forty-niners to
California.
As a Missourian,
! Iiko
to fee I that my home State has a
part in your celebration this year,
since it was exactly 100 years ago
this month -- in May 1849 -- that
thousands of emigrants passed
through Independence, Missouri, on
the way to California.
America has always been a nation
Address by Secretary of the Treasury
John W. Snyder at the San Francisco
Press Club Luncheon, San Francisco,
California, Wednesday, May 4, 1949
A CENTURY OF ECONOMIC PROGRESS
I am glad to be here in San Francisco today at the
beginning of your centennial celebrating the coming of the
Forty-niners to California. As a Missourian, I like to
feel that my home State has a part in your celebration this
year, since it was exactly 100 years ago this month -- in
May 1849 -- that thousands of emigrants passed through
Independence, Missouri, on the way to California.
America has always baen a nation of travelers; and from
the earliest history of your State, California has given
them a generous welcome.
To the visitor arriving in your city today, it is
interesting to recall that at the time of the Gold Rush,
San Francisco was a tiny settlement.
Among the early arrivals -- I have been interested to
learn -- was the Treasury Department.
Old records show that the Treasury was out here doing
Dusmess almost as soon as the treaty with Mexico was
signed. California's delayed admission as a State did not
e ay our revenue collectors. Early in 1849
over a year
Dei ore President Fillmore signed the bill making California
•p
^ni°n ““ San Francisco was made a Port of
n ry for the collection of customs duties on goods enter
ing the United States from foreign countries. And even
in 1848, Secretary of the Treasury Walker
L
that the "acquisition of our immense coast upon
ne FacifiG would "revolutionize, in our favor, the commerce
Ann ti6
and more rapidly advance our greatness, wealth,
n a power, than any event which has occurred since the
adoption of the Constitution."
/
2
Largely as a result of the westward expansion stimu
lated by the Gold Strike, the ten years following 1850
were most significant in our history. Railroads spread
over the country, at the rate of a thousand miles a year.
Agriculture and trade followed. Soon after the close of the
Civil War, the joining of the Central and Union Pacific
lines broke down the last barrier to communication between
the.West Coast and the older, more settled East.
For California, gold had been the turning point. The
sudden growth in population after 1849 created a local
demand for farm products which was the beginning of your
remarkable food production history. In the century since
1849, riches greater than gold have been found in your soil,
your climate, and -- above all -- in the resourcesfulness
and enterprise of your citizens.
Today, as in 1849, the Pacific Coast region, and the
Nation, are entering a new era of opportunity.
I am saying this in full realization of the fact that
readjustments in demand, in output, and in prices, are now
going on in many sectors of the economy. These readjust
ments are evident here on the Coast, and they have been
evident throughout the country, They are important. But *
in appraising them, I think we need to look at our present
situation in proper perspective.
All of us are aware, when we stop to think about them,
of the factors indicating continued good health of our
economy over the long pull. But our preoccupation this year
with concern over price readjustments in our economy has
tended to narrow our outlook. It Is helpful, therefore, to
see how things look today as compared with some previous
transition periods in our history.
To my. mind, the most striking element of contrast
between our present situation and certain crucial periods
in the past is the absence of unrestrained speculation dur
ing the recent postwar years. This is true of the commodity
and stock markets, and it Is also true in the entire credit
structure of the Nation.
Because excessive speculation has been absent, there
is no important volume of speculative liquidation in
prospect. Each of the recessions in our business history
has been featured by heavy liquidation of speculative ac
counts, and the absence of these accounts today is a truly
reassuring element in the current outlook.
- 3 «
Next to the absence of speculation, the factor which
stands out in almost equally sharp contrast to the, past
is the gradual nature of the adjustments now taking place
to normal competitive conditions.
Business recessions in the past were precipitate. But
ever since the end of World War II, there has been a wide
spread feeling that a price decline and business adjustments
were imminent. This has led businessmen to follow conserv
ative buying policies and to take other precautionary
measures which have aided them in maintaining a flexible
position.
Return to a more normal competitive economy has actually
been going on since the very close of the war. Many adjust
ments have been practically completed. Some luxury in
dustries were affected in 1946. Machine tools, auto tires,
radios, and others, followed in 1947. Textiles, shoes, auto
trucks, furniture, household equipment, and various other
industries started their adjustment in the spring and summer
of 1948. Others, such as rayon and crude petroleum, have
just recently experienced buyers' markets.
for.
These are the developments that we'have been looking
They signal the return of competitive selling.
In most lines, up to now, we haven't had to sell.
People have been taking things off the production lines as
fast as they were turned out. Businessmen haven't had to
convince customers that their product was better than the
one the salesman down the street was showing. There was .
no need to work to develop something new, when our '3 8 and
?39 products could be run off the line and sold before the
paint was dry.
I don't need to tell you that we Americans know how
to get results when a selling job is required. Our
traditional form of American enterprise has always flour
ished best under the pressure of competition.
Now, we are getting back into that competitive
atmosphere. I think a lot of us are still a little dazzled
e large profits and easy sales which carried us through
injio ^*9,7, and 1948. But, when we take a good look at
•W9, how do things really add up?
- k
-
To my mind, they add up to just this: we are. in this
country, currently in a strong position. But what is more
important, we are on the threshold of an era of opportunity
unexampled in our history.
J
Financial conditions are sound: There is no heavy
speculation, and there has heen little or no overstocking.
The buying power is here: Sales are being supported
by a continuing high income flow and by a backlog of in
dividual savings -- stored-up purchasing power -- which has
reached an all-time high.
The plant and equipment are ready; American business
has invested over 75 billion dollars in new construction
and equipment since the war ended, and is now in a position
to make use of the new techniques which were developed so
rapidly under the stimulus of wartime necessity.
Net working capital of corporations, despite these out
lays, is at an all-time record level -- more than ample to
give scope and flexibility of movement to the operation of
tree business enterprise in a competitive era.
Our p o p u la tio n is in c re a s in g , and more o f u s, a l l the
?re ParticiPating 'In the rising standards of living
which Americans have come to expect.
These are the factors which underscore the soundness
or our present position, and the richness of our present
opportunities. Eight here, I should like to givePyou some
been t a l S elbout!
SPe11 °Ut th® develoP“ents that I have
.
Tak® consumer buying power, to start with: Personal
In February of this year were at an annual rate
Desk or
" V off only sliShtly from the all-time
ago °f laSt Deceart)er> 311,1 well above the level of a year
avcn
lviduai ?avlngs ■" which represent the backlog
^ f°r future spending — amounted to over 200
of L1“ dollars at the end of 19*8. About 66 billion dollars
aoirf?2 § a®u?t wf s ?-? savings accounts. Forty-seven billion
Pede?«? If in checking accounts. Individual holdings of
dniflf1 se°urities amounted to a little under 68 billion
liars, and 23 billion dollars was in currency.
e a r l w 6 ?et pricing capital of corporations, as I stated
i n c r e f h 1 ? 1SO a t re c o rd le v e ls . I t has been s t e a d ily
t
o
t
a
l
and now amounts to the Impressive
.°tai of 66 billion dollars.
-5These figures are evidence that our present position
is one of real strength.
But we are only at the beginning of our peacetime
growth. The rebuilding of our schools, our hospitals, our
municipal service systems, our great transcontinental high
ways -- largely neglected during the war -- has scarcelv
begun*
J
New industrial processes which challenge our ingenuity
USe of them ape Just "being developed. The posbiDilities of light metals, of plastics, and of other synthetic
materials -- to name only a few — are largely unexplored.
. Atomic energy, alone,^may revolutionize our way of
living.
Our national atomic energy program is being pushed
with greatest vigor.
Today, nearly 70,000 people are
employed in this program. During the last fiscal year,
when the full program of long-range development got under
way, $4o6 million was spent by the'Government on this program, and by 1950 it is estimated that expenditures will
reach $725 million.
I have been talking, so far, about the business
?vI^UrefvSlnce that has teen generally foremost in pur minds
^ r r e n t period of readjustment.
Sound business
conditions, however, depend in the last analysis upon a
a ie financial situation. As Secretary of the Treasury
I am charged with definite responsibilities in this respect;
I should like to say a few words at this point about
place of Governmental fiscal policies in the Nation's
economy.
lne
Rn r J !?16 ? ed2ra^ debt nov stands at $251.5 billion — over
percent of all public and private debt in the United
^
e S ‘m^?efore the ¥ a r > the r a t i0 was I ®33 than 25 perr>r»nrhi~
means that, today, public debt operations
effe?^s ¥bich are felt throughout the financial and
mull ll3^ 0rli3l .Debt manaSament, under these circumstances,
and
toward Promoting and maintaining a stable
na smoothly functioning economic organization.
of
tL pp
I
tiie P°stwar years, the debt management program
^ ref?ilry
been c°ndu=ted with this aim in vlfw.
^£if o b Jeo tlve3 bave been followed, however: and
about them h
y °U W il1
**±nterested
ln hearing something
-
6
-
.Our first and most important objective is to maintain
confidence in the credit of the United States Government.
This is not only fundamental to our domestic economy it
is of crucial significance, also, to the democratic
countries of the world.
Our program for maintaining confidence in the
Government's credit is centered around the stabilization
of Treasury bond prices . In cooperation with the Federal
Reserve, actions have been taken which have prevented both
undue price declines and undue price rises in the Government
bond m a r k e t . This has contributed an important element of
stability to the Nation's financial structure.
In the market for short-term issues, the situation
has called for flexibility, and the Treasury and the Federal
Reserve have cooperated in carrying out a flexible program
with respect to short-term interest rates. This, in itself, has been an important tool of debt management, since
it has enabled us to take account of fairly rapid changes
m the financial environment, and to adapt our policies
accordingly.
A second goal of debt management is to reduce the
?he d e b t * At the present time, as I have stated,
our Federal debt amounts to $ 2 51 .5 billion dollars.
It
has been reduced over 28 billion dollars since the peak
was reached in February 1946. This was accomplished, first
oy the application of cash balances that remained after the
ictory Loan; and, when those balances were expended, through
the application of Federal budget surpluses.
is only one source of further reductions in the
2a5lonal d e b t • 0ur debt must be reduced by an excess of
p ^ erar
receipts over Government expenditures,
present budget forecasts, however, indicate deficits in
the fiscal years 1949 and 1950 .
, A third concern of Treasury debt management is to
eauce bank ownership of Federal securities.
Today, as
of this °Peration, bank holdings of Government
PiVhH.
declined over 33 billion dollars since
^ billion dollars more than the reduction
ha* ^ haS ?aken P lace ih the total outstanding debt. This
Pp'L ? e about because-we have been able to increase
SecUiJ’n?’ ho:LdlnSS of nonbank owners by the same
billion dollars . The money which we have
and
ronpsales of additional securities to individuals
hat-nv»* r nonbank owners has been available for paying off
bring issues held by the commercial banking system.
- 7 The policy of spreading the debt as widely as possible
among individuals and other nonbank investor groups goes
back to the initiation of the savings bond program in 1 9 35 .
The vigorous promotion of sales of savings bonds dur
ing and sine©’the war has been a major factor in the success
of our effort© to broaden the ownership of the Federal d e b t .
The Savings Efpnd Opportunity Drive, which is just starting
will carry this objective further.
In the absence of a
surplus,, we qannot reduce the debt. But we can continue
to cut down bank ownership of Federal securities, we can
widen the bajsje of Federal security holdings, and we can
strengthen confidence in the credit of the United States
through our savings bond program.
Our savings bond drive this year really has two themes:
Opportunity
to build for the future; and confidence -in what the future will bring.
In a broader sense, these
two themes characterize the history of our Nation. And they
characterize, too, the history of California.
I quoted, earlier, some of the figures on which my
confidence in the essential soundness of financial and
business conditions at the present time are based. We have
the materials, the resources, and the manpower.
The oppor
tunities are ready and waiting.
I am confident that now,
as always, we Americans will'have the energy and backbone
to make use of t h e m .
Our population amounts to about one-fifteenth of the
population of the world. But one-half of the w o r l d ’s
entire industrial output comes from American industries.
Almost thirty percent of the w o r l d ’s railway mileage is in
this country. About three-fifths of the w o r l d ’s telephones
are in American homes and businesses, and Americans own
more than three-fourths of the w o r l d ’s passenger automobiles.
These figures have been made possible by American
enterprise. They show the response of American busine ssmen
the incentives provided by a free enterprise system
a response which in 1948 — the year just ended -- was
remonstrated by the largest capital investment in the
History of our country.
1°
t w
Undou^tedly, the opportunities are still here. And
i know of no country in the World today that offers to
vigorous men of vision-the incentives to futher achievement
wnich are found in our own United States.
oOo
- 3 -
purposes of taxation the amount of discount at which Treasury bills are originally
sold b^- 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 19hl> the amount of discount at T/hich 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. lj.18, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
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 ail tenders, in whole or in part, and his action in any such respect shall
be final.
Subject to these reservations, non-competitive tenders for $200,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
May 12,
19k9______ > in cash or other immediately avail
able funds or in a like face amount of Treasury bills maturing
May 12»
JSh9
ató
Cash and exchange tenders will receive equal treatment.
Cash adjustments will be
made for differences between the par value of maturing bills accepted in exchange
and the issue price of the new billsV
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of thq 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 the Internal Revenue Code, or laws amendatory or supp-^meI*"j
tary thereto.
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 °
the possessions of the United States, or by any local taxing authority.
For
"T IM gaBBE. DDBABiMnTT
S - /¿> / v
RELEASE, MORNING NEWSPAPERS,
Friday, May 6, 1 9 U 9 . ______ •
w: "
The Secretary of the Treasury, by this public notice, invites tenders for
$ 900,000,000
, or thereabouts, of
91
w
in exchange for Treasury bills maturing
-day Treasury bills, for cash and
May
_______> to
lssue<^ oïl
a discount basis under compétitive and non-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series will be dated
August 11, 19U9
May 19. 19li9______ , an(*
, when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $ 500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
daylight saving
closing hour, two o ’clock p.m., Eastern/fibsxataà time, Monday, fey 9, 19L.9
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of. competitive
tenders 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
theref or.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognised dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
\ßx*iL
^
TREASURY DEPARTM EN T
Information Se rvice
Wa s h i n g t o n , d .c .
9
RELEASE, MORNING NEWSPAPERS
Friday, May 6 , 1949,______ *
!
S-1074
The Secretary of the Treasury, by this public notice, invites tenders
for $900,000,000, or thereabouts, of 91-day Treasury bills, for cash and
in exchange for Treasury bills maturing May 12, 1949, to be issued on a
discount basis under competitive and non-competitive bidding as herein
after provided. The bills of this series m i l be dated May 12, 1949, and
■will mature August 11, 1949, when the face amount m i l be payable "without
interest. They will be issued in fearer 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 Daylight Saving time, Monday,
May 9, 1949. Tenders will not be received at the Treasury Department,
Washington. Each tender must be for an even multiple of $1,000, and in
the case of competitive tenders the price offered must be expressed on
the basis of 100, with not more than three decimals, e. g., 99,925, Frac
tions may not be used. It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied by payment of 2 per
cent 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, non—competitive tenders for $200,000 or less without stated
price from any one bidder will be accepted in full at the average price
(in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on May 12, 1949, in cash or other immediately availa
ble funds or in a like face amount of Treasury bills maturing May 12, 1949.
Cash and exchange tenders will receive equal treatment. Cash adjustments
^ll be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
- 2The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto. The bills shall be
subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxing authority. For purposes of
taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest* Under
Sections 42 and 117 (a) (1) of the Internal Revenue Code, as amended by
Section 115 of the Revenue Act of 1941, the amount of discount at which
bills issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of, and such bills
are excluded from consideration as capital assets. Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price
paid for such bills, whether op original issue or on subsequent purchase,
and^ the amount actually received either Upon sale or redemption at maturity
during the taxable year for whidh the return is made, as ordinary gain or
loss,
Treasury Department Circular No, 418, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue, Copies of the circular may be obtained from any Federal
Reserve Bank or Branch,
- o 0 o -
OA
Proposed Press Statement
c . > ' 13
Acting Secretary Edward H. Foley Jr. today issued the
following statement in regard to the death of Captain William
J. Pedrick, Collector of Internal Revenue for the Second New
York District, which occurred in New York last night':
tfThe passing of Captain Pedrick, Collector of Internal Revenue for the Second District of New York,
was noted with sorrow by members of the Treasury's
official family. An alert, energetic worker, Cap
tain' Pedrick established an enviable record in the
important poBt he held since 1942. In the absence
of Secretary Snyder, it becomes my unhappy duty to
express the grief of this Department over the death of
such an outstanding public servant and civic leader."
Mr. Foley stated that Raymond F. Ryan, Assistant
the Collector of the Second,New York District, has been *---as. Acting Collector, pending the on^i^mtion of a successor t
Captain Pedrick. Mr. Ryan, a native of New York, entered the
Revenue Service in 1934, and was promoted to Assistant to the
Collector in 1942.
TREAS
DEPARTM ENT
Information Service
WASHINGTON, D .C .
I M M E D I A T E R E L EASE,
Thursday, M a y
1949.
S-1075
A c t i n g S e c r e t a r y E d w a r d H. F o l e y , Jr., t o d a y i s sued
the f o l l o w i n g st a t e m e n t in r e g a r d to the d e a t h of C a p t a i n
W i l l i a m J. Pedrick, C o l l e c t o r of I n t e r n a l R e v e n u e f or the
S e c o n d N e w Y o r k D i s trict, w h i c h o c c u r r e d in N e w Y o r k last
night:
"The p a s s i n g of C a p t a i n Pedrick, C o l l e c t o r
of I n t e r n a l R e v e n u e for the S e c o n d D i s t r i c t of
N e w York, was n o t e d w i t h s o r r o w b y m e m b e r s of
the T r e a s u r y ' s o f f icial family.
A n alert,
e n e r g e t i c worker, C a p t a i n P e d r i c k e s t a b l i s h e d
an e n v i a b l e r e c o r d in the i m p o r t a n t post he
h e l d since 1942.
In the a b s e n c e of S e c r e t a r y
Snyder, it b e c o m e s m y u n h a p p y d u t y to e x p r e s s
the g r i e f of this D e p a r t m e n t over the d e a t h of
such an o u t s t a n d i n g p u b l i c servant and civic
leader". ”
Mr. F o l e y stated that R a y m o n d F. Ryan, A s s i s t a n t to
the C o l l e c t o r of the S e c o n d N e w Y o r k Dis t r i c t , has b een
d e s i g n a t e d as A c t i n g Collector, p e n d i n g the a p p o i n t m e n t
of a s u c c e s s o r to C a p t a i n Pedrick.
Mr. Ryan, a n a t i v e of
N e w York, e n t e r e d the R e v e n u e Se r v i c e in 1934, and was
p r o m o t e d to A s s i s t a n t to the C o l l e c t o r in 1942.
-oOo-
s -/¿7 *
Press Release
Secretary Snyder today announced that the Treasury
Department has been authorized to take possession of the
property known as 8900 South Broadway, in St. Louis, Missouri,
for use by the>Bureau of Federal Supply in storing
material? for future use.
The 39-acre War Assets Administration property has
situated on it four buildings comprising a total of 572,000
square feet, and was obtained for the Treasury by the Public
Buildings Administration.
The Treasury Department exercised its Federal Govern
ment priority in order to obtain this much-needed space in
the Middle West. In taking over the property, the Treasury
estimates that the
j
UA
minimum
a
savings in rentals will be.$250,000
A
annually. Had the St. Louis property not been acquired on a
Federal priority, Secretary Snyder said, the Government would
have been called upon to obtain space elsewhere in the Middle
West, at the minimum cost stated.
The entire property will be utilized by the Bureau of
Federal Supply, since it is particularly adaptable to the
purposes of that Treasury activity.
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D .C .
I M M E D I A T E RELEASE,
F r i day, M a y 6 , 1949.
S-1076
p.
S e c r e t a r y S n y d e r t o d a y a n n o u n c e d that the T r e a s u r y
Department, has b e e n a u t h o r i z e d to take p o s s e s s i o n of
the p r o p e r t y k n o w n as 8 9 0 0 S o u t h B r o a d w a y , in St. L o uis
M i s souri, f o r use b y the B u r e a u of F e d e r a l S u p p l y in
storing m u c h n e e d e d an d i m p o r t a n t m a t e r i a l s f o r f u t u r e
use.
,,
39 - a c r e W a r A s s e t s A d m i n i s t r a t i o n p r o p e r t y has
R 7 oU nn n d °n
f o u r b u i l d i n g s c o m p r i s i n g a total of
b / 2 , 000 square feet, a n d was o b t a i n e d f or the T r e a s u r y
by the P u b l i c B u i l d i n g s A d m i n i s t r a t i o n .
mJ L
D e p a r t m e n t e x e r c i s e d its F e d e r a l G o v e r n fr11 ? r d e r
o b t a i n this m u c h - n e e d e d space
M i d d Je W e s t * In taking ove r the property, the
T e a s u r y e s t i m a t e s that the savings in r e n tals will be
e r 4 X n n t 8h 0f $ 2 5 0 , 0 0 0 annually.
H a d the St. L o u i s p r o p SnvLS
^ CQn ired °n a P e d e r a l Pri o r i t y , S e c r e t a r y
?a i d * the G o v e r n m e n t w o u l d have b e e n called u p o n
to o b t a i n space e l s e w h e r e in the M i d d l e West, at the
m i n i m u m cost stated.
„ _ P e ? n ? ire P r o p e r t y w i l l be u t i l i z e d by the B u r e a u
^ e<^e r a ^ Supply, since it is p a r t i c u l a r l y a d a p t a b l e to
the p u r p o s e s of that T r e a s u r y a c t ivity.
P
-0 O 0 -
RELIASE, MORHISO NEWSPAPERS,
Tuesday, May 10. 1949.
Ill« Secretary of the Treasury announced last evening that the tendere for
#900,000,000, or thereabouts, of 91-day Treasury bills to be dated May IS and to mature
August 11, 1949, which were offered on May 6, were opened at the federal Reserve Banks
on May 9«
The details of this issue are as follows:
Total applied for - #1,705,606,000
Total aooepted
900,350,000
Average price
(includes #79,953,000 entered on a non
competitive basis and ae cap ted in full
at tha average price shown below)
- 99*710 Equivalent rate of diseount approx* 1*148$ per annua
Range of accepted competitive bids:
High
Low
- 99*713 Equivalent rate of discount approx* 1.139$ per annua
- 99*709
m
*
m
m
n
* $ »
»
1 151
(73 percent of the amount bid for at the low price was accepted)
federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
#
17,290,003
1,315,351,000
39,995,000
19,955,000
5,439,000
6,999,000
ISO,353,000
15,955,000
10,715,000
50,125,000
34,125,000
89,606 f000
# 17,290,000
609,913,000
24,585,000
19,560,000
5,277,000
6,999,000
•8,257,000
14,937,000
10,675,000
43,007,000
22,778,000
•0.188,000
#1,705,606,000
#900,330,000
TOTAL
RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, M a y 10, 1 9 4 9 . •
S-1077
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the
tenders f or $ 9 0 0 , 000,000, or thereabouts, of 9 1 - d a y T r e a s u r y bills
to be d a t e d M a y 12 and to m a t u r e A u g u s t 1 1 , 1949 > w h i c h w e r e
offered on M a y 6 , w e r e open e d at the F e d e r a l R e s e r v e B a n k s on M a y 9 .
The d e t a i l s
of this issue are as follows:
T o tal a p p l i e d for - $ 1 , 7 0 5 , 6 0 6 , 0 0 0
Total a c c e p t e d
900,330,000
.
Average price
(includes $ 7 8 ,9 3 2 , 0 0 0
e n t e r e d on a n o n
c o m p e t i t i v e b a sis and
a c c e p t e d in full at the
a v e r a g e p r i c e s h o w n below)
- 9 9 * 7 1 0 E q u i v a l e n t rate of d i s c o u n t approx.
1.14 8 $ p e r a n n u m
R a nge of a c c e p t e d c o m p e t i t i v e bids:
.
^
L
f'
T
•Lj0'w’
- 9 9 *712 E q u i v a l e n t rate
1.139$
“ 9 9 * 7 0 9 E q u i v a l e n t rate
1.151$
of d i s c o u n t approx.
P er a n n u m
of d i s c o u n t approx.
per annum
(73 percent of the a m o u n t b i d f or at the l ow p r i c e wa s acc e p t e d )
F ed eral JR e se rv e
D i s t r i c t _______ _
Boston
New Y o r k
$
P h i l a d e l p h ia
C le v e la n d
Richmond
A tla n ta
Chicago
St. Louis
Minneapolis
Kansas
Total
A p p l i e d for
City
Dallas
San F r a n c i s c o
total
17,290,000
1,315,351,000
29.895.000
19.855.000
5.439.000
6 .9 9 8 . 0 0 0
120,352,000
15.855.000
10.715.000
50.125.000
24.125.000
8 9 .6 0 6 . 0 0 0
$ 1 ,7 0 5 ,6 0 6 , 0 0 0
0O0
Total
Accepted
$ 17,290,000
609,813,000
24.585.000
1 9 .5 6 0 . 0 0 0
5 .2 7 7 . 0 0 0
6 .9 9 8 . 0 0 0
65.257.000
14.937.000
1 0 .6 7 5 . 0 0 0
43.007.000
22.775.000
6 0 .1 5 6 . 0 0 0
$900,330,000
h EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOE YEARS
ENDED DECEMBER 31, 1948 AND 1947 - Continued
_______________ (Amounts in thousands of dollars) ____________
194*8
•
Recoveries» transfers from reserve accounts,
and -profits:
On securities:
Recoveries......................
Transfers from reserve accounts.......
Profits on securities sold or redeemed
On loans:
Recoveries................. ..........
Transfers from reserve accounts......
All other...... .........................
TOTAL RECOVERIES, TRANSFERS FROM
RESERVE ACCOUNTS AND PROFITS....... ,
LossesT charge—offs, and transfers to re
serve accounts:
On securities:
Losses and charge-offs.............. .
Transfers to reserve accounts.........
On loans:
Losses and charge-offs...............
Transfers to reserve accounts........
All other...............................
TOTAL LOSSES, CHARGE-OFFS AND TRANS
FERS TO RESERVE ACCOUNTS...........
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............
Number of hanks l/..........................
Rate of net -profits:
To capital funds l/.................... .
Rate of cash dividends:
To capital funds ij................... .
;
1947
:
•
•
$1 9 ,682 )_
-— »$ 25,571
1 1 ,296 )
61,421
37,491
Change
since 1947
+ 5,407
-23,930
24,6l4)_
~'~~^43.629
23,941)
29,991
44,455
+ 14,464
160.612
+ 867
— £ 69,785
+ 386
^-^73.542
2S.679
+ 106,735
161,479
4 6 ,6l6 )
23,555)
19.633)_
160 ,644)
26.995
+ 4,926
+ 1.356—
600,121
168,966
635,740
+ 108.477
-35.619 .
166,693
9,67i
176,364
172,614
10,143
182,757
423,757
452,983
-5.921
-472
-6.393
-29,226
1,304
1,372
-68
192,603
36,691
230,598
182,147
4,997
Percent
7.47
5.011
Percent
3.42
3.39
277,^43
23,450
206,969
8.36
+ 10,456
+ 13.241__
+ 23,629
-14
Percent
-.89
+ .03
1/ At end of period.
??(k)l
g ] Includes reserves established by 2,032 banks under the provisions of Sec.
o f the Internal Revenue Code.
0O0
1
- 3
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER 31, 1948 AND 1947
(Amounts in thousands of dollars)
;
•Canital stock, nar value: 1/
................
Preferred............. ........................
Common.............................................................
.........
TOTAL CAPITAL STOCK..................... .. ................
Capital funds l / .............................................................
1948
\•
19*7
Change
;
• since 1947
$24,045
1,80/*, 71*
1,828,759
5.670,888
$27, *4*40
1,752,*409
1.779.8*49
5, *421,32*4
-3.395
+ 52,305
+ ¿18,910
+ 2*9,56^
578,669
110,901
890,628
97,682
620,531
105,120
706,319
83,3*42
-41,862
+5,781
+184,309
+14,3W>
55.19**
59.383
108,01*4
53.266
55.063
101,193
+1,928
+4,320
+6,821
1,900,*71
1.72*4,83*4
+ 175,637
197.575
368,180
178,35*4
333.1*43
+ 19,221
+35,037
10,008
9,182
+826
175,507
61,328
163,286
59,071
+12,221
+2,257
27,669
3**,119
2*4,1*46
313.558
+3,523
+30,561^
TOTAL CURRENT OPERATING EXPENSES....
1,184,386
1,080,740
+103,6^
NET EARNINGS FROM CURRENT OPERATIONS.....
716,085
644,094
+71,991
Earnings from current operationsi
Interest and dividends:
On U. S. Government obligations......
On other securities............... .
Interest and discount on loans........ .
Service charges on deposit accounts.....
Other service charges, commissions, fees
and collection and exchange charges....
Trust department......... .
Other current earnings..................
TOTAL EARNINGS FROM CURRENT
OPERATIONS.......................
Current operating expenses:
Salaries and wages:
Officers.............................
Employees other then 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.......
-
2
-
previous years is not practical -because of reserve accounts amounting to $18^,000,000
charged out of current earnings in 19^ ,
largely the reserve for bad debts used by
more than 2,000 national banks under the provisions of Mimeograph 6209 issued by the
Bureau of Internal Revenue in December 19^7.
Cash dividends declared on common and preferred stock in 1948 totaled $194,000,01
in comparison with $184 ,000,000 in 1947.
of capital funds.
The rate of cash dividends was 3.42 percent
The cash dividends in 1948 were 46 percent of the net profits
available for the year.
The remaining 54 percent of net profits, or $230 ,000 ,000,
was retained by the hanks in their capital funds.
On December 3 1 , 1948 there were 4,997 national hanks in operation as compered to
5,011 at the end of 19^7«
m
I
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Nwo» I
Ä ? HELENE, MORNING NEWSPAPERS,
- £ •" *- .5 ** (Of
/ f é£ ?
Comptroller .of the Currency Preston Delano announced tod^y that the national
hanks in the United States and possessions reported net operating earnings of
$716,000,000 for the year ended December 31» 1948,
increase of $72,000,000 over
the amount reported for the year 1947*
Gross earnings were $1,900,000,000.
the gross earnings for the year 19*4-7 .
This was an increase of $176,000,000 over
The principal items of operating earnings in
19^8 were $891,000,000 from interest and discount on loans, an increase of
$184,000,000 over 19*4-7, and $579,000,000 from interest on United States Government
obligations, a decrease of $42,000,000 compared to the year 19*4-7.
Other principal
items of operating earnings were $111,000,000 from interest and dividends on se
curities other than United States Government obligations, an increase of $6,000,000
over the previous year, and $9 8 ,000,000 from service charges on deposit accounts,
an increase of $14,000,000.
Operating expenses, excluding taxes on net income, were
$1,184,000,000, as against $1,081,000,000 in 1947.
Principal operating expenses
were $576 ,000,000 for salaries and wages of officers and employees and fees paid to
directors, an increase of $55*000,000 over 1947* and $176,000,000 expended for
terest on time and savings deposits, an increase of $12,000,000.
Adding to the net operating earnings of $716,000,000 profits on securities
of $37,000,000 and recoveries on loans and investments, etc. (inducting recov.
of reserves previously charged out) of $124,000,000, and deducting therefrom
\
£> $
9 *7*7
and charge-offs (including current charge-offs for reserve purposes; oi
QOOiOO®*
and taxes on net income of $1?6,000,000, the net profits before dividends for the
year 1948 amounted to $424,000,000, which amounts to
percent of capital tun«.
This is an apparent reduction in net profits before dividends of $29.000,000 iron
the year 1947, but a comparison of the results of 1948 with the year 1947 an
Comptroller of the Currency
Washington
RELEASE HORNING Npf$]PAFERS,
Thursday, May 5^ 1949 " j
S-1078
Comptroller of the Currency Preston Delano announced today that the
national banks in the United States and possessions reported net operating
earnings of $716,000,000 for the year ended December 31, 1948, an increase
of $72,000,000 over the amount reported for the year 1947«
Gross earnings were $1,900,000,000« This was an increase of $176,000,000
over the gross earnings for the year 1947« The principal items of operating
earnings in 1948 were $891,000,000 from interest and discount on loans, an
increase of $184,000,000 over 1947, and $579,000,000 from interest on
United States Government obligations, a decrease of $42,000,000 compared to
the year 1947« Other principal items of operating earnings were $111,000,000
from interest and dividends on securities other than United States Government
obligations, an increase of $6,000,000 over the previous year, and $98,000,000
from service charges on deposit accounts, an increase of $14,000,000*
Operating expenses, excluding taxes on net income, were $1,184,000,000, as
against $1,081,000,000 in 1947« Principal operating expenses were $576,000,000
for salaries and wages of officers and employees and fees paid to directors,
an increase of $55,000,000 over 1947, and $176,000,000 expended for interest
on time and savings deposits, an increase of $12,000,000*
Adding to the net operating earnings of $716,000,000 profits on securities
sold of $37,000,000 and recoveries on loans and investments, etc« (including
recoveries of reserves previously charged out) of $124,000,000, and deducting
therefrom losses and charge-offs (including current charge-offs for reserve
purposes) of $277,000,000, and taxes on net income of $176,000,000, the net
profits before dividends for the year 1948 amounted to $424,000,000, which
amounts to 7*47 percent of capital funds* This is an apparent reduction in
net profits before dividends of $29,000,000 from the year 1947, but a com
parison of the results of 1948 with the year 1947 and previous years is not
practical because of reserve accounts amounting to $184,000,000 charged out
of current earnings in 1948, largely the reserve for bad debts used by more
than 2,000 national banks under the provisions of Mimeograph 6209 issued by
the Bureau of Internal Revenue in December 1947«
$
Cash dividends declared on common and preferred stock in 1948 totaled
$194,000,000, in comparison with $184,000,000 in 1947« The rate of cash
ividends was 3*42 percent of capital funds« The cash dividends in 1948 were
4 percent of the net profits available for the year* The remaining 54 percent
of net profits, or $230,000,000, was retained by the banks in their capital
funds*
On December 31, 1948 there were 4,997 national banks in operation as
compared to 5,011 at the end of 1947*
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER 31, 1948 AND 1947
(Amounts in thousands of dollars)
•
\
Capital stock, par values 1/
preferred» ..
Common. ...................................
TOTAL CAPITAL STOCK...
Capital funds 3/.............................
Earnings from current operations?
Interest and dividends?
On U. S* Government obligations....,,.,.
On other securities
Interest and discount on loans
Service charges on deposit accounts.......
Other service charges, commissions, fees,
and collection and exchange charges,....
Trust department........ .
Other current earnings
TOTAL EARNINGS FROM CURRENT
OPERATIONS........................
Current Operating expenses?
Salaries and wages ?
Officers
Employees other than officers.........
Fees paid to directors and members of
executive, discount, and advisory
committees..
Interest on time deposits (including
savings deposits)......... .
Taxes other than on net income
Recurring depreciation on banking house,
furniture and fixtures
Other current operating expenses........
W
TOTAL CURRENT OPERATING EXPENSES.....
M N I N G S FROM CURRENT OPERATIONS......
1948
♦
4
s 1947
:
Change since
1947
$ 24,045 $ 27,440
1,804,714 1.752.409
1.828.759 1.779.849
5,670,888
5,421,324
-3,395
¿52.305
¿48,910
¿249,564
578,669
110,901
890,628
97,682
620,531
105,120
706,319
83,342
-41,862
¿5,781
¿184,309
¿14,340
55,194
59,383
108,014
53,266
55,063
101.193
¿1,928
¿4,320
¿6.821
1,900,471
1,724,834
¿175,637
197,575
368,180
178,354
333,143
¿19,221
¿35,037
10,008
9,182 •
¿826
175,507
61,328
163,286
59,071
¿12 ,2 2 1
¿2,257
27,669
344.119
24,146
313.558
¿3,523
¿30.561
1.184.386
716.085
1.080.740
644.094
¿103.646
__ ¿71.991
- 3 EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER 31, 1948 AND 1947 - Continued
•
•
•
m
Recoveries, transfers from reserve accounts.
and profits:
On securities:
Recoveries ............ .
Transfers from reserve accounts
Frofits on securities sold or redeemed
On loans:
Recoveries........................
Transfers from reserve accounts.......
TOTAL RECOVERIES, TRANSFERS FROM
RESERVE ACCOUNTS AND PROFITS.......
Losses, charge-offs, and transfers to reserve accounts:
On securities:
Losses and charge-offs..............
Transfers to reserve accounts.... .
On loans:
Losses and charge-offs................
Transfers to reserve accounts ........
1948
119,682)
11,296)
37,491
24,614)
23,941)
44.455
161.479
;
1947
Change
*
•
* since 1947
$ 25,571
/5,407
61,421
-23,930
43,629
/4,926
29.991
•/l4.464 „
160.612
/867
|
46,616)
23,555)
69,785
/386
19,633)
2/160,644)
26.995
73,542
/106,735
25.639
/1.356
600.121
168.966
635.740
/108.477
-35.619
172,614
10.143
182.757
-5,921
TOTAL TAXES ON NET INCOME.......... .
166,693
9.671
176.364
NET PROFITS BEFORE DIVIDENDS................
423,757
452,983
-29,226
1,304
1,372
-68
192,603
36.691
230,598
182,147
23.450
206,969
4,997
5,011
-14
Percent
7.47
Percent
8.36
Fercent
-.89
3.42
3.39
/.03
TOTAL LOSSES, CHARGE-OFFS AND TRANS- '
FERS TO RESERVE ACCOUNTS............
PROFITS BEFORE INCOME TAXES............
Taxes on net income:
Federal................... ..............
Dividends declared:
to preferred stock........... ...........
to common stock:
Cash dividends .......................
Stock dividends ......................
TOTAL DIVIDENDS DECLARED........... .
Number of banks 1 / ......................
Rate of net profits:
To capital funds 1/......... .........
of cash dividends:
v To capital funds I/......................
U
277.443
-472
- 6.393
/10,456
A3.2a .
/23,629
At end of period,
2/ Includes reserves established by 2,032 banks under the provisions of Sec, 2 3(k
of the Internal Revenue Code,
- o 0 o —
STATUTORY DEBT LIMITATION
AS OF
. April 30,.1*9
Section 2 1 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued
under authority of that Act, and the
United States (except
face
amount of obligations guaranteed as to principal and interest by the
such guaranteed obligations as may b e 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 o f any obligation issued on a discount basis which is redeemable prior to maturity at the option
o f the holder shall b e considered as its face amount. "
The following table shows the face amount of obligations outstanding and the face amount vfoich can still be
issued under this limitation:
$ 2 7 5 , 0 0 0 , 0 0 0 , 00Q
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued, under Second Liberty Bond Act, as amended
Interest-bearing;
Treasury bills.....................
Certificates of indebtedness.......
Treasury notes.... ...... ..........
t 1 1 ,5 4 1,757,000
28,710,247,000
8,083,771.000 $ Hs,3 3 5 ,775,000
Bonds —
111,439,548,450
56,019,310,241
349,642,500
4 15 ,682,925
954,305,000
Treasury.........................*
Savings (current redemp. value)...
Depositary........................
Armed Forces Leave........**....
Investment series.................
Special Bbnds Certificates of indebtedness....»
1 7 ,224,163,000
14,608,756,500
Treasury notes.
Total interest-bearing.........
Matured, interest-ceased,............
Bearing n o interest:
War savings stamps......... .
169,178,489,116
3 1 ,332,919,500
249,347,183 iwE
244,014,424
52,878,340
5 ,922,476
Excess profits tax refund bonds....
Special notes of the United States:
Internet*1 Bank for Reconst,
and Development series.........
I n t e m a t ' l Monetary Fund series. .
Total.................... ...... .
40,785,000
1 ,063,000,000
......... .
1 ,162,585,816
250.753,783.85b
Guaranteed obligations (not held b y Treasury):
Interest-bearing:
Debentures: F.H.A. ................
Demand
obligations:
C .C .C .
. . a« , . . .
n
_
nr-i -i-zC
7 .2 3 9 ,7 9 9
Matured, interest-ceas ed................................... .
19 ,200,935
3,650.550
22,851,485
Grand total outstanding.,....... ............................ .
Balance face amount of obligations issuable under above authority
“
”
Reconcilement with Statement of the Public Debt ■
(Daily Statement of the Ihited States Treasury,
Outstanding Total gross public debt....«.*......... .............................. .
Guaranteed obligations not owned b y the Treasury...................... .
Total gross public debt and guaranteed obligations..............................
Deduct — other outstanding public debt obligations not subject to debt limitation,
280.776.635.*A
STATUTORY DEBT LIMITAI! ON
v JZ c r *
Ç ^ i/ U c û >
AS OF April 30, 1949
9
:May 10, 1949
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 olbigation 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 April 30, 1949
Obligations issued under Second Liberty Bond Act, as amended
Interest-béaring:
Treasury bills............... $ 11,541,757,000
Certificates of indebtedness.* 28,710,247,000
Treasury notes*...... .
8.083.771.000 $ 48,335,775,000
Bonds Treasury.
....... .
111,439, 548,450
Savings (current redemp.value) 56,019,310,241
Depositary. ...............
349,642,500
Armed Forces Leave..........
415,682,925
Investment series...........
954.305*000 169,178,489,116
Special Funds Certificates of indebtedness 17,224,163,000
Treasury notes.............
U . 608.756.500
Total interest-bearing....... ............
Matured, interest-ceased................... .
Bearing no interest:
War savings stamps......... •«
52,878,340
Excess profits tax refund bonds
5,922,476
Special notes of the United States:
Internatrl Bank for Reconst*
and Development series****
40,785,000
Internat* 1 Monetary Fund S e rie s ¿..>063,000*000
T°tal............... ......... ...........
31.832.919.500
249,347,183,616
244,014,424
1.162.585.816
250,753,783,856
Guaranteed obligations (not held by Treasury):.
Interest-bearing
Debentures: F.H.A....... .
11,961,136
Demand obligations: C.C.C....*._____ 7.239.799
19,200,935
Matured, interest-ceased............*•••••.«• •••* _______ 3.650.550
Grand total outstanding*.................... .
22,851,485
250.776,635.341
glance face amount of obligations issuable under above authority...
24,223.364.659
Reconcilement with Statement of the Fublic Debt - April 30, 1949
(Daily Statement of the United States Treasury, May 2, 1949)
Outstanding —
Total gross public debt..... ......................................251,530,468,255
guaranteed obligations not owned by the Treasury*.........,...,.,.,
22,851,485
otal gross public debt and guaranteed obligations•*»••.•••••...•••251,553,319,740
8 Uc^ ** other outstanding public debt obligations not subject
to debt limitation.........................................
776.68A.399
S-1Q 79
$250.^76,635,341
2
Requests for documentation should he made to the collector of customs
of the district in which the home port of the yacht is to he located*
These pleasure boats were excluded f r o n ^ S ? documentation privi«»
leges
in the early 1930*s when rum-running and
other enforcement problems made it desirable to keep close check on
the movement of such craft through exercise of clearance and entry
requirements,
ffilyiTCLtt)'
i esfe
Vi V e
ftifaJJit»
Acting Commissioner of Customs Frank Dow said
àftwinaojapfinLiiii'jftfg*"
the conditions
that made Jftte denial of documentation to this class of vessel necessary
e
no longer exist g ■aiid'-t'hg.1■&!> gSTimJaSfl
to o w n e r a _ î i i l »
.
T T M tirT ^ T ÎT ï law the
Co.
entation t
( /f L * '1'
^>l" ^
V * ^ ^BSg^flSl- *^#**»4®**“ ^ S t
ôä-*h j *yv.—
)
/péri
"Ttm Jhu*****]
#^1>ri«rwi»w^""T
[Bureau
Ännounced today that the
of Customs is extending the privilege of documentation as yachts
under the navigation laws to a large class of pleasure "boat
*00f'f>JL ¿JL s±m,&X '
/
hitherto excluded, ttocnr nulling «golssible more expeditious travel
¿fa cs
j* *
between^ Uni ted States and foreign ports, and facilitat^i«* financing
and transfers of title of such craft
/
The
/j
‘i"IrilTTffW g r used exclusively for
lion ms yacMttr1.
i,
i'nflaa ui
u i" M
muire1
g uw**
tuity».
pieasure. flfrcb ara aat leas than 0 t
ii'Q
c ■thun
IhUi "T1J
It is
estimated that more than 30,000 such craft are owned "by American
citizens, and that several thousand of these owners will take
advantage of the new regulation» which is contained in Treasury
Decision 52210,
Important privileges extended hy documentation of such vessels
are!
Authority to fly the yacht ensign, a right highly prized
"by yachtsmen.
^ Bight to voyage to and from foreign ports without customs
clearance or entry.
[¡^Provision for recording of mortgages, "bills of sale, and
other instruments of title, and the keeping of permanent
\ records thereof in the offices of collectors of customs.
Owners who document such vessels must effect renewals annually»
and must report any changes of master to a collector of customs.
J / L»i',
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D .C .
RELEASE, MORNING NEWSPAPERS,
Wednesday, May 11, 1949.
S-1080
The Treasury Department announced today that the Bureau
of Customs is extending the privilege of documentation as
yachts under the navigation laws to a large class of pleasure
boats hitherto excluded. The change makes possible more
expeditious travel by small boat between the United States
P°r^ si and facilitates financing and transfers
of title of such craft.
The order affects vessels of not less than five tons or
more than 15 tons, used exclusively for pleasure. It is
estimated that more than 30,000 such craft are owned by
American citizens, and that several thousand of these owners
ta Trets^ry Decision05 2IÎS neW reSUlatlon' whioh is contained
vessels are;
PrivileSes extended by documentation of such
™ ^ J UÎh0ritL t0 fly the yacht ensign, a right highly
prized by yachtsmen.
^ J
Right to voyage to and from foreign ports without customs clearance or entry.
Provision for recording of mortgages, bills of
sale, and other instruments of title, and the keeping
of permanent records thereof in the offices of collectors
of customs.
Yh0 document such vessels must effect renewals
of^custo4,«.andi3mU3t fep2rt any changes of master to a collector
collect““8 ' Reqnests for documentation should be made to the
the'yach? fs toSbe“ Lcfted! diStrl0t
Whi°h the home port °f
P r i v i l e g ?le?fure b?at? were excluded from documentation
enforcement1^ ^ ? early 1930's when rum-running and other
on the
? ?“ S m?d® u deslrable to keep close check
S a entS?
StCh craft through exercise of clearance
entry requirements.
that madeI>fen?nilln?ianer of.cnstoms Prank Dow said the conditions
necessamr ne*1!31
documentation to this class of vessel
pessary no longer exist.
0 O0
■ ;' ; ^f':~ Îfcft" IMMEDIATS RELEASE,
J W ^ m
j
/ U Q
./'
v.lçj
i The Bureau of Customs announced today preliminary figures showing the
quantities of wheat.and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas- established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943, for the 12 months commencing May 29, 1943* as fçllowsî
Wheat
Country
of
Origin
Hv.v Ifl
Established
Quota
(Bushels)
Canada
795,000
China
.■ mm
*•»
Hungary
_
long Kong
»
Japan
ini ted Kingdom
100
Australia
100
Germany
Syria
100
«•
lew Zealand
—
-hile
•lether lands
100
irgentina
2,000
*taly
100
«.
)aba
1,000
France
.—
freece
100
lexi co
lanama
- mm
mm
rruguay
mm .
’oland and Danzig
mm
>weden
mm
ugoslavia
mm
'orway
mm
Janary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Inion of Soviet
Socialist Republics
lCk)
100
3elgium
800,000
:
Imports
îMay 29, 194 ft to
. April 30, 19h9
(Bushels)
239,959
—
»
—
_.
a.
1mm
’ —
«
—
—
»
«1
—
21
»
mm
mm
—
—
—
—
•—
—
Wheat# f1our, semolina,
crushed or cracked
wheat , and similar
wheat products
Imports
Established î
Quota
! May 89, 194,
! t 0 Aj»o 10, 19
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
—
—
—
•*
-
mm
mm
—
wm
239,980
oOo1
4,000,000
3 ,6 3 9 ,1 7 1
160
-
Ik
—
—
; —
—
661
—
—
***
—
*■
3 ^ 5 g7ôü5
TREASURY DEPARTMENT
Washington 25
IMMEDIATE RELEASE,
Wednesday, May II, 194.9«
S-1081
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered* or withdrawn from warehouse, for
consumption under the import quotas established in the Presidents proclamation
of May 28, 1941, as modified by the Presidents proclamations of April 13, 194.2,
and April 29, 1943, for the 12 months comnencing May 29, 1948, as follows:
Wheat
Country
of
Origin
Es tabl is hed ;
Imports
Quota
:May 29, 1948 to
: April 30, 1949
(Bushels)
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
795,000
239,959
—
—
—
—
100
—
• r
_
100
100
—
mm
.
100
2,000
100
mm
mm
mm
1,000
21
’ mm
100
MB
mm
-*»
—
mm
.. —
mm
mm
mm
•w
mm
1,000
100
100
3,815,000
24,000
—
—
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established ;
Imports
Quota
: May 29, 1948,
¡to Apr.30, 1949
(Pounds)
(Pounds)
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
3,639,171
160
mm
mm
mm
mm
14
„
mm
661
mm
100
100
mm$
mm
800,000
239,980
4,000,000
.T
3,640,006
1$
^
IMMEDIATE RELEASE
y f
J ~
1 1) i
/ U *
tyJUU<.—
^ U /
f 't 1 7 '
The Bureau of Custpms announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under the General Agreement on Tariffs and Trade, from the beginning
of the quota periods to April 30, 19l*9, inclusive, as follows:
y ^
f
Commodity
Period and Quantity
Unit
of
Quantity
WKole milk, fresh or
sour........ ...... . .Calendar year
3,000,000
Gallon
Cream, fresh or sour....Calendar year
1,£00,000
Gallon
It
Inports as of
April 30,
19l*9
Butter.............. ...Quota ineffective for the
period April through October
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish....Calendar year
Pound
13,31*7,987
White or Irish
potatoes:
,
certified seed.......12 months froml£0,000,000
other
Sept. l£, 191*8* 60,000,000
Pound
Pound
Quota Filled
Quota Filled
Walnuts................Calendar year
Pound
1,211*,03£
(1)
(1)
26,881,369
£,000,000
The proviso to Item 717(b) limits the
inports for consumption at the quota
rate to 13,1*1*0,681* pounds during the
first six months of the calendar year.
Due to a provision of the Presidents proclamation No. 2769 of January
191*8, in which the entry of a specified quantity of Cuban filler tobacco, unstemmed or stemmed (other than cigarette leaf tobacco) and scrap tobacco,
affects the rate of duty on such tobacco from countries other than Cuba, a record
is maintained of inports from Cuba. 8,l*3l*,990 pounds of such Cuban tobacco were
inported for consumption during the period January 1 to April 30, 19l*9, inclusive*
oOo
THEASUHT DEPARTIRENT
Washington 25
BENDIATE RELEASE,
Wednesday« May 11« 1949«
S-1082
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under the General Agreements on Tariffs and Trade, from the beginning
of the quota periods to April 30, 1949* inclusive as follows:
Commodity
____ ______________ _
Unit
Period and Quantity
of
_____
■
____________ Quantity
Imports as of
April 30,
1949
Whole milk, fresh or
sour.••*•.•...•.*.««Calendar year
3*000,000
Gallon
607
Cream, fresh or sour... .Calendar year
1,500,000
Gallon
274
Butter«................«Quota ineffective for the
period April through October
lish, fresh or frozen,
filleted, etc«, cod,
haddock, hake, pollock,
cusk, and rose fish....Calendar year
Pound
13,347,987
White or Irish
potatoes:
certified seed*.......12 months froml5Q,000,000
Sept. 15, 1948 60,000,000
Pound
Pound
Quota Filled
Quota Filled
Walnuts
Pound
...... ..Calendar year
(1)
26,881,369
5,000,000
(1)
1,214,035
The proviso to Item 717(b) limits the
imports for consumption at the quota
rate to 13,440,684 pounds during the
first six months of the calendar year*
.
a Pr0Vi?i0^ of the Presidents proclamation No, 2769 of January 30,
i948, in which the entry of a specified quantity of Cuban filler tobacco, un—
stemmed or stemmed (other than cigarette leaf tobacco) and scrap tobacco,
affects the rate of duty on such tobacco from countries other than Cuba, a record
is maintained of imports from Cuba* 8,434,990 pounds of such Cuban tobacco were
Imported for consumption during the period January 1 to April 30« 1949. inclusive«
TREASURY DEPARTMENT
Washington 25
IMMÉDIATE RELEASE,
Wednesday» Hay 3.1, 1949*
S-1083
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 194-6, from January 1, 194-9, to April 30, 194-9,
inclusive, as follows:
: .._u"
'
—
•Established Quota :
:
Quantity
:
•
#
Products of the
Philippines
Buttons
850,000
UnitTfrf-.,^
Imports as of
Quantity ^-4pril 30, 194-9
Gross
171.Qll
j-f-1»%yj-ju
187,920
Cigars««. «..«............
200,000,000
Number
Coconut Oil#.«-•..»».*•••«*••*• « 0
44-8,000,000
Pound
Cordage«...................«
6,000,000
u
Rice
1,040,000
tt
c
refined
ugars,
Tobacco»
.
)
1,904>000,000
-
29,729,764
456,592
u
281,365,456
r
#
6 ,500,000
oOo
101,250
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 he filled by cotton wastes
other than comber wastes made from cottons cf 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:
•
Imports
• Established % Total imports ^Established^
Country of Origin : TOTAL QUOTA t Sept. 20, 1948, j 33-L/3$ of iSept. 20, 1948,
t to Apr. 3 0 ,19lj.9?Total Quota?to Apr.30,1914$/ 1/
>V7■‘|||11:
United Kingdom....
Canada.............
France...... ......
British India.....
Netherlands.......
Switzerland.......
Belgium...........
J apan.............
China.............
Egypt.............
Cuba..............
Germany...........
Italy.............
M
Totals
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
21,81*5
213,011
5,482,509
302,683
67,827
1
—
—
—
-
i f Included in total imports, column 2.
-oOo-
1,441,152
75,807
|
- j
22,747 !
14,796
12,853
—
25,443
7,088
21 ,81*5
1,599,886
21,81*5
—
—
—
—
—
""
—
.—
—
— ____ j
IMMEDIATE r e l e a s e
M ay 10, 19li9.--- XL
h £•
.
f
/a
- 1 -
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
^ n .1
-o^-_ J-1
4—
a C
*- - .4
On
as amended,
for
the period
September
20,
proclamation of September 5»
LUi
às follows:
1949 )j}
1948, to April 30
X
COTTON (other than linters)
(in pounds)
1-1/8" or more
but.less than
1-11/16» U
Established Imports Sept. Imports Sept.
20, 1948, to
20, 1948, to
Quota
Lpril 3 0 , 19U9 April 30. 1 9h9
Under 1-1/8" other
than rough or harsh
Origin
Egypt and the
Anglo-Egyptian
783>816
Sudan............
•247;952
Peru...... *.... .
British India.... 2,003,483
China............ 1,370,791
Mexico..... .... 8,883,259
618,723
Brazil...........
Union of Soviet
*
Socialist Repub475,124
lies.............
5,203
Argentina.......
•237
Haiti.. ^ ♦ ■ ¿ V *
Ecuador.
".
9,333
752
Honduras.v.......
871
Paraguay..#. .7.«*
124
Colombia.........
195
Iraq.............
British East
2,240
Africa. 7.........
Netherlands East
71,388
Indies...... ....
Barbados.........
Other British
21,321
West Indies 1/...
5,377
Nigeria.........
Other British
West Africa 2/...
16,004
Other French
689
Africa 3/..... *•
Algeria and Tunisia
-
14,516,882
1/
5/
3/
7/
5/
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1948, to Apr. 30,
I2k2____________
1+1+,117,797
21+7,952
932,1+1+0
17,251,692
291,873
1+,75U,U23
606,183
1+60,01+0
281,071+
6,035,362
1*5,656,1+20
17,251,692
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.
treasury department
Washington 25
IMMEDIATE r e l e a s e
Wednesday, May n
1949
The B ^ e a u of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the Resident",
proclamation of September 5. 1939 a«? a?npnHori i
„
ldent s
19Z.8 to Anrii
iQ/Q * t X . * as amendedj far the period
September
20,,
iV4oj to April 30 , 1949 inclusive are as follows:
COTTON (other than linters)
(In pounds)
T U n d e r 1-1/8" other
*
than rough or harsh
---- - under 3 / 4 » .
Established Impoms sept.
Country of
Origin
l-l/s" or more
but less than
1-11/lb" U
Imports Sept..
!
QU0ta
20> ^ 8 , to
~ ------------t e ^ l 30, 1949 April 30. 1949
Egypt and the
Anglo-Egyptian
Sudan. * . . . . 1#
Peru.'.
British I n d i a . . « , , .
China,
#
Mexico*.,,,.;..,,.
®r?zil....... .
union of S o v ie t
S o cia list Repub
lics.,,
,, •
Argentina..........,
Haiti,..... .
.i.*
Ecuador;.
Honduras.....” ;” ’*
Paraguay;
Colombia;.,,.
Iraq....
British East
Africa;,.,;
783,816
247,952
2,003,483
1,370,791
8,883,259
*618,723
618^
—
247,952
291,873
a.
4,754,423
460,040
475,124
5,203
237
9,333
752
871
124
195
281,074
Less than 3/4H
harsh or rough 5/
I^orts Sept. 20,
1948, to Apr. 30
1949
44,117,797
932,440
17,251,692
606,183
2,240
Netherlands East
Indies;
Barbados
**
Other British”
* * Indies
t t 8 e W a ....w
Other British
West Africa 2/.
^her French^
Africa 2/i
***V
~
******* and T m iisia ’
!/
nil
71,388
21,321
5,377
16,004
689
14#516,882
6,035,362
45,656,420
y Other than ^
ados> Bermuda, Jamaica, Trinidad, and Tobago.
Other Î T Gold Cost and “i g e r i a .
g
y Establish11,*Aigeria’
and Madagascar.
V
V E s ta it !? d Quota “ 45»656,420.
abllshed Quota - 70,000,000.
17,251,692
~ 2 ~
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches
m length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE WHETHER
® NOT MANUFACTURED^® OTHERWISE ADVANCED IN VAlfo, ¿ K a ! W v e ”
t
not more than 33-1/3 percent of the quotas shall be filled by cotton wastes
leneth^i^the^aa^of^th ”!:de fr?m cottons of 1-3/16 inches or more in stapje
1 Jth c
f the following countries
United Kingdom. France.
Netherlands, Switzerland, Belgium, Germany, and Italy:
h !+?
Country of Origin 'Established
'TOTAL QUOTA
•
United Kingdom«..• . 4,323,457
P'iq ¿on
Canada...... .... .
France..........,t m 229 /on
British India..«.. *
69,627
Netherlands...... •
68,240
Switzerland....__ *
44,388
Belgium.........tT •
-70,227
Japan.............
China...... Hft-, •
19fyJ&sC
322
Egypt.......... tr *
o ,J-22
Cuba.... .... TTf •
A
*>//
0 ,24A
Germany........ tT .
96 *12Q
Italy.... t,t,
21,263
Totals
y
5,482,509
Total imports
Established
Sept, 20, 1948, 33-1/3$ of
to Apr, 30, 1949 Total Quota
21,845
OT Oy UXX
FY|T
•m»
67,827
1 ,441,152
?"
302,683
Included in total imports, column 2.
- 0O 0-
21,845
-
75,807
22,747
14,796
12,853
m
m
*
Imports
Sept, 20, 1948
to Aor. 30 1Q/Q l /
—
—
—
—
—
25,443
7,088
1,599,886
21,845
since your conference last assembled
here in Washington.
I have welcomed
your interest in fiscal affairs since
I came to the Treasury and have found
your advice of inestimable value.
Your record during these years is
ample ev irience that you will continue
to be a bulwarK of f inane Î al
in the Nation now and in the
generations ahead.
strength
32
* the thrift habits of the Nation.
The savings drives of the war years,
,
t
. jf
■
as well as those since, have benefited
immeasurably from the bacKlog of good
will which has come from your long
history as a trusted guardian of
the people's savings.
In closing,
I should lire to
'i
than« you,
in particular,
for the
constructive assistance which you
have given the Government at all
times during the eighteen years
31
The savings record which
I have
been c i t i n g is one which 1 Know is
f a m i l i a r to a l l of you here.
In my
b e l i e f , however, i t s s i g n i f i c a n c e
can hardly be overempha® i zed,
Americans are saving for the
future.
They have confidence in
what the future will bring -- for
themselves, and for their children.
The mutual savings banKS, with more
than 19 million depositors, have
been a powerful factor in molding
loan associations by about
percent,
the largest gain of any type of
savings.
Their deposits in mutual
savings banks increased 20 percent.
Savings accounts in commercial banks
were up IS percent.
Postal savings
accounts showed an increase of
nearly 14 percent.
Checking accounts
of individuals gained II percent.
Of tne various forms of liquid
assets, only currency holdings in
the hanos of individuals fell off.
stood at an all-time high.
When we I ook into the actual
savings operations which went to
msKe up this total, and carry th e
figures baCK over the three-year
period following the end of the
Vi»F?r ,
some interesting developments
become a p p a r e n t .
Holdings of Government securities
individuals rose nearly 4-1/2
percent.
But individuals
increased
their share holdings in savings and
28
savings than would otherwise have
been realized.
Sales of savings bonds
have been much better than we had
reason to expect after the war ended.
But other types of savings have
done even better.
>
Let us look at the figures for
other types of liquid assets held by
individuals.
In 1948,
it is
estimated that total holdings of
liquid assets held by individuals
rose by approximately $1 billion,
and at the end of the year
- 27 which
is entitled,
’’Achievement".
"A" for
I believe that our
savings bond program rates an "A"
for "Achievement"
in promoting thrift.
As I told you last year,
it does
not seem to me that we are selI ing
savings bonds at the expense of other
savings institutions.
I believe that
the Treasury’s continued campaign
during the years since the end of
the war has brought far greater gains
in all major categories of individual
|
26 -
and the carefully chosen Keynote of
the advertising campaigns.
of the advertising
And, all
is freely contribute
Our advertising complements,
rather than detracts from, the
promotional campaigns which savings
banns and other financial
carry on.
institutions
Your group recently
released a film / short rtas part of
g program to improve public
understanding of the function of
a savings banK in its community"
into every city and v
It
a
searches out remote farms.
It goes
into homes and factories.
It is in
the newspapers and magazines, on the
radio,
and on t e l e v i s i o n .
You must have been s t r u C K ,
I have been,
as
by the interesting and
persuasive angles which have been
used to present the case for savings
Regular savings have been urged to
provide for the future.
That is
the theme of all the advert isements,
use
in maintaining a flexible debt
policy.
But our savings bond campaigns
not on 11 sell savings bond's, they
sell something else which
direct and
to you.
is of
important significance
That
is the habit of thrift
Our savings bond program,
year
after year, has been carrying on
the most extensive campaign for
savings that has ever been Known.
pr "
'
When
'
- 23 '
I spoKe to you lest year
I asKed your cooperation in the
Security Loan Drive -- a savings bond
selling effort which we were
undertsKing at that time.
should
Now,
IiKe to asK for your continued
cooperation
in the Savings Bonds
Opportunity Drive which will
next Monday.
program
I
start
Our savings bond
is important to the successful
continuation of our public debt
management program.
It is an
important tool which we have for
22
of Government securities held by
nonbanK investors.
One of the principal sources of
funds for effecting the switch of
Government securities from ban« to
nonbanK
of about
investors has been an increase
1-1/2 billion dollars
in the
amount of Government securities held
by individuals.
Most of this
increase
has been in holdings of savings bonds,
and we have had to do a selling job
to achieve this success.
21
Due to the change in the budget
picture this past year, we have not
been able to continue the debt
reduction program that I outlined
to you at your last annual meeting.
The total amount of debt outstanding
has been reduced
/
only 750 million
'
dollars since last year.
During this
period, however, we have continued to
widen the distribution of the public
debt.
There has been an increase of
over 2 billion dollars in the amount
20
in which we had Federal budget
surpluses, we were able to select
for retirement those portions of
maturing debt, the retirement of whicn
would make the maximum contribution
in stabilizing the economy.
During
the past year, although we nave not
had a budget surplus, we have
nonetheless been able to retire
portions of maturing marketable issues
. V. '
from the proceeds of the sale of
nonmarketabIe debt issues.
- I5 I
investor classes.
1
•*
The existence of a large
volume of snort-term debt, with the
necessity of refunding some 50 billi
aoilars of maturing Government
securities each year, has been one
of the debt management problems faced
Dy the Treasury since the end of the
war.
But the very existence of a
large volume of issues maturing each
year has made possible a flexible
debt policy.
During the two years
institutions at nearly the same time
that the Nation faced the same
problem.
We have been able in our recent
debt operations to keep our policies
flexible because the structure of
the debt has been adaptable to
flexibility.
This is not accidental.
To a large extent it is the result
of forethought -- the result of
planning Government issues to meet tne
present and future needs of the various
17
United States.
One hundred and fifty
years ago the main financial problem
of the newly born Nation was to
estabjI ish that credit.
The history
of savings banks is almost as long as
that of the Nation -- the f irst savings
bank was established in 1816 -- and
in many respects,
the problems of
your institutions have paralleled
the fiscal problems of your country.
You were attempting to build up
confidence in your newly founded
The need of flexibility is
important in public finance, as it
is in private finance.
The fiscal
problems of the Nation have changed
greatly from period to period, as
have the problems of private
enterprise.
The fiscal tools of
one period have generally proved
unsuited to a subsequent period.
I have just said that our most
important objective during the
postwar period has been to ma inta in
confidence in the credit of the
early part of the last half of 1948
there were large marKet sales of
Government securities.
In this
situation we moved to prevent the
prices of Government securities from
falling sharply by open-marKet
purchases.
reversed.
The situation has been
Since the beginning of
the year, Government securities
have been sold by the Federal Reserve
in order to Keep Government bond
prices from going up too sharply.
■ I
15
14
maintaining confidence in the credit
of the United States by promoting
stable financial conditions and a
stable economy.
It has been our aim to Keep our
policies flexible so as to be in a
position to deal rapidly with changes
in the financial picture.
The
desirability of such flexibility has
been forcibly demonstrated in the
year that has elapsed since your
last annual conference.
V.
During the
Inoustr
deveiopments of recent
years provide a springboard for
a new era of progress.
'
When I spoke to you at Atlantic
City last year, 1 reviewed our public
debt management operations during the
postwar period to show you how our
fiscal and monetary policies were
directed toward acnieving stability
in tne economy.
p E B p r
Our debt management operations
in tne past year have been a
continuation of our probram of
12
Up to now. our factories have
been so busy supplying the goods
I
which could be most quickly produced,
in order to fill accumulated demands,
that they have not had an
opportunity to re-gear their
machinery to tne manufacture of new
products.
A ith the return to normal
buyers' markets, our producers are
beginning to use the new processes
available to them.
are enormous.
The opportunities
The discoveries and
our economic life within a relatively
tew years.
The use of light metals
and their alloys is growing in
importance.
The field of synthetics
affords unlimited possibilities for
new products.
Developments in home
construction and home equipment
otter tremendous opportunities for new
consumer markets.
More efficient
farm machinery is being developed
constantly and new fertilizers and
chemicals for farm use are coming on
the market.
10
high-employment level.
And there are evidences other
than statistics.7
We are only at the beginning of
our peacetime growth.
We have made a
start only toward developing new
products based on the wartime
discoveries in new materials, new
manufacturing techniques, and new
types of equipment.
One wartime development alone -atomic energy -- could revoIutionize
9
little below the all-time peak of last
December, but well above the level
of a year ago.
Liquid assets of
individuals -- which is just another
name for stored-up purchasing power -amount to 200 billion do Ilars at the
present time.
*
I could cite more statistics.
But all point in one direction:
There
are powerful factors in our present
situation making for stability and
progress on a nigh-income,
8
have taKen place in the economy -- are
only two of the many elements of
in our present situation.
It is extremely reassuring to
note that consumer buying,
example,
for
is being supported by
continuing high
income levels and
by a baCKlog of savings which has
reached an all-time high.
incomes
Personal
in March of this year
the
latest figure available -- were at an
annual rate of 214 billion dollars, a
......................................... .............
strength
7
tools, auto tires, radios, and others
followed in 1947.
Textiles, shoes,
auto trucks, furniture, household
equipment, ana various other
industries started their adjustment in
the spring and summer of 1948.
Others, such as rayon and crude
petroleum* have more recently fallen
into Iine*
The factors which I have just
cited -- the absence of speculation
and the gradual readjustments which
unforeseen.
They owed their
severity to a simultaneous
readjustment of many phases of the
economy.
But the situation is different
now.
Adjustments to a more normal
competitive economy have actually
been going on since the very close of
the war.
completed.
Many have been practically
Some luxury industries
were affected in 1946.
Machine
b
business history has been featured
by heavy liquidation of speculative
accounts; and the absence of this
feature today is, to my mind, the
most striking element of contrast with
previ ous per iods.
A second factor today which is
in almost equally sharp contrast to
the past, is the gradual process of
the postwar adjustments to normal
competitive conditions.
Business
recessions in the past were largely
see that speculation was more
decisive than any other single factor
in impairing the economic health of
the Nation.
Today,
in contrast, our position
is exceptionally strong; and we can
look to the future with the
confidence of experience in our
ability to maintain that strength.
Speculation has been virtually absent
J
during our years of postwar prosperity
Each of the recessions in our
present-day view,
is the fact that
such a small portion of the brokers'
loans came from banks.
At the height
of stock market speculation in i923,
some three-fourths of it was
attributable to other lenders
indi vi duals, business corporations,
trading companies, and investment
trusts.
- ..4/4-^ wj:
The shaky foundations of the
speculative structure of 1929 were
soon revealed.
Looking back, we can
helpless to operate in the envi ronment
which had been created by the
speculative excesses of the boom
period.
It is startling to recall
today that the interest rate on call
money went as high as 20 percent
in the stock market in 1929; and that
brokers'
loans during that year
reached a figure of over 8- 1/2 billion
dollars.
Today, the comparable figure
is less than 1/2 billion dollars.
Even more incredible,
in our
This annual conference of the
-
J r t e
National Association of Mutual
Savings Banks is the first to be
held in Washington since 1931.
The
eighteen years that have elapsed
since your last meeting here are
years in which broad and far-reaching
social and economic changes have
taken place in our country.
in 1931, the economic outlook
was dark.
And we know now that the
naturaI forces of recovery were
* S - / ¿ frf.
¿Mr
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before the Annual Conference of the National
Association of Mutual Savings Banks at the
Hotel Statler, Washington, D, C#, is scheduled
for delivery at 11?15 A.M.. E fD,T.7 Thursday.
May 12» and is for release at that time.
This annual conference of the National Association of Mutual Savings
Banks is the first to be held in Washington since 1931. The eighteen
years that have elapsed since your last meeting here are years in which
>road and far-reaching social and economic changes have taken place in
our country,
t
economic outlook was dark. And we know now that the
natural forces of recovery were helpless to operate in the environment
which had been created by the speculative excesses of the boom period*
It is startling to recall today that the interest rate on call money went
as high as 20 percent in the stock market in 1929; and that brokers» loans
during that year reached a figure of over 8-1/2 billion dollars, Today
the comparable figure is less than 1/2 billion dollars. Even more incr^diin our present-day view, is the fact that such a small portion of the
loans came from banks. At the height of stock market speculation
SOme three-fourths of it was attributable to other lenders __
trusts alS* business corP°rations, trading companies, and investment
The shaky foundations of the speculative structure of 1929 were soon
evealed* looking back, we can see that speculation was more decisive
Nation^ °'
* single factor ir* impairing the economic health of the
*n contrast, our position is exceptionally strong; and we can
to the future with the confidence of experience in our ability to
voa
* that strenSth * Speculation has been virtually absent during oiir
years of postwar prosperity,
aook
h
of the recessions in our business history has been featured by
neavy liquidation of speculative accounts; and the absence of this feature
periods^
^
nd“ndi bbe mosb striking element of contrast with previous
th
A feCond factor today which is in almost equally sharp contrast to
past, is the gradual process of the postwar adjustments to normal comconditions. Business recessions in the past were largely unforeowed bbeir severity to a simultaneous readjustment of many
pnases of the economy,
' *
But the situation is different now.
S-1Q85
-
2
-
Adjustments to a more normal competitive economy have actually been
going on since the very close of the war. Many have been practically com
pleted* Some luxury industries were affected in 1946, Machine tools,
auto tires, radios, and others followed in 1947. Textiles, shoes, auto
trucks, furniture, household equipment, and various other industries
started their adjustment in the spring and summer of 194S. Others, such
as rayon and crude petroleum, have more recently fallen into line.
The factors which I have just cited — the absence of sneculation
and the gradual readjustments v.hich have taken place in the economy —
are only two of the many elements of strength in our present situation.
It is extremely reassuring to note that consumer buying, for example,
is being supported by continuing high income levels and by a backlog
of sayings yhich has reached an all-time high. Personal incomes in March
of this year — the latest figure available t— were at an annual rate of
214 billion dollars, a little below the all-time peak of last December,
but well above the level of a year ago, liquid assets of individuals —
which is just another name for stored-up purchasing power — amount to
200 billion dollars at the present time.
I could cite more statistics. But all point in one direction} There
are powerful factors in our present situation making for stability and
progress on a high-income, high-employment level.
And there are evidences other than statistics.
We are only at the beginning of our peacetime growth. We have made
a start only toward developing new products based on the wartime dis
coveries in new materials, new manufacturing techniques, and new types of
equipment.
One v/artime development alone ^ atomic energy — could revolutionize
our economic life within a relatively few; years. The use of light metals
and their alloys is growing in importance. The field of synthetics affords
unlimited possibilities for new products, Developments in home construcion and home equipment offer tremendous opportunities for new consumer
markets,^ More efficient farm machinery is being developed constantly and
new fertilizers and chemicals for farm use are coming on the market.
now* 0ur iactories kave been so busy supplying the goods which
could be most quickly produced, in order to fill accumulated demands,
nat they have not had an opportunity to re-gear their machinery to the
manufacture of new products. With the return to normal buyers’ markets,
our producers are beginning to use the new processes available to them,
¿ne opportunities are enormous. The discoveries and industrial develop
ments of recent years provide a springboard for a new era of progress.
When I spoke to you at Atlantic City last year, I reviewed our public
eot, management operations during the postwar period to show you how our
the°ai ^
m n e U r y P°licies were directed toward achieving stability in
- 3 -
Our debt management operations in the past year have been a continua
tion of our program of maintaining confidence in the credit of the United
States by promoting stable financial conditions and a stable economy.
It has been ouraim to keep our policies flexible so as to be in a
position to deal rapidly with changes in the financial picture. The
desirability of such flexibility has been forcibly demonstrated in the
year that has elapsed since your last annual conference. During the
early part of the last half of 194-8 there were large market sales of
Government securities.- In this situation we moved to prevent the prices
of Government securities from falling sharply by open-market purchases.
The situation has been reversed. Since the beginning of the year
Government securities have been sold by the Federal Reserve in order to
keep Government bond prices from going up too sharply.
The need of flexibility is important in oublic finance, as it is
in private finance. The fiscal problems of the Nation have changed
grea y rom period to period, as have the problems of private enterprise
m e fiscal tools of one period have generally proved unsuited to a sub
sequent period.
_ . J bave, ^ust said that our most important objective during the postwar
period has oeen to maintain confidence in the credit of the United States.
,
r
and
years ago the main financial problem of the newly
rn Nation was to establish that credit. The history of savings banks
f •lo? i ? s that of the Nation - the «-rst savings bank was
*shed ln
~ anb in many respects, the problems of your instituons have paralleled the fiscal problems of your country. You were
^
0 kniL3 up confidence in your newly founded institutions at
y the same time that the Nation faced the same problem.
flpy-iM h?Ve been able in our recent debt operations to keep our policies
m!faufe the structure o f the debt has been adaptable to flexinot accidental* To a large extent it is the result of
nought
the result of planning Government issues to meet the
P sent and future needs of the various investor classes.
of
of a large volume of short-term debt, with the necessity
eaph t unbln£ some 5° billion dollars of maturing Government securities
♦p
year, has been one of the debt management problems faced by the
Vo-i
sfnce bbe ^ d of the war e But the very existence of a large
oolir'?
ls?ues w i n n i n g each year has made possible a flexible debt
we wf Z l
tW0 years in which we had Federal budget surpluses,
the
16 t0 seleft for retirement those portions of maturing debt
the p , lrement o f which would make the maximum contribution in stabilizing
Sur1 onomy* Birring the past year, although we have not had a budget
marL+f>oWe-haVe nonetheless been able to retire portions of maturing
issues
6 lssues ^rom bbe proceeds of the sale of nonmarketable debt
able
last
u
°??ng! in the budget Pierre this past year, we have not been
nU®.the debt red“ction program that I outlined to you at your
meeting. The total amount of debt outstanding has been reduced
- A -
by only 750 million dollars since last year* 'During this period however
we have continued to widen the distribution of the public debt. There
'
has been an increase of over 2 billion dollars in the amount of Government
securities held by nonbank investors.
Cne of the principal sources of funds for effecting the switch of
Government securities from bank to nonbank investors has been an increase
of about^ 1—1/2 billion dollars in the amount of Government securities held
by individuals. Most of this increase has been in holdings of savings
bonds, and we have had to do a selling job to achieve this success.
ifthen I spoke to you last year I asked your cooperation in the Security
X^an Drive — a savings bond selling effort which we were undertaking at
+we
^ should like to ask for your continued cooperation in
the^Savings Bonds Opportunity Drive which will start next Monday. Our
savings bond program is important to the successful continuation of our
public debt management program. It is an important tool which we have for
use in maintaining a flexible debt policy.
But our savings bond campaigns not only sell savings bonds, they sell
something else which is of direct and important significance to you, That
is the habit of thrift.
Our savings bond program, year after year, has been carrying on the
most extensive campaign for savings that has ever been known.
Savings bond advertising reaches into every city and village. It
searches out remote farms. It goes into homes and factories. It*is in
tne newspapers and magazines, on the radio, and on television.
You must have been struck, as I have been, by the interesting and
persuasive angles which have been used to present the case for savings,
egular savings have been urged to provide for the future. That is the
neme of al! the advertisements, and the carefully chosen keynote of the
ertismg campaigns. And, all of the advertising is freely contributed.
advfrtisin^ complements, rather than detracts from, the promonn
v camPatgns which savings banks and other financial institutions carry
w J ! Ur Sf?Up recently released a film short «»as part of a program to
?+P«b H c understanding oi> ^ e function of a savings bank in its
s a ^ S f ? iCh is entitled> W
for «Achievement«*, I believe that our
ings bond program rates an «A«* for ‘«Achievement«» in promoting thrift
s a u
you 3‘ast year*
does n°t seem to me that we are selling
that tv b?nds ab
exPfflse of other savings institutions. I believe
the w * A ™ ryfS 00ntinued campaign during the years since the end of
dual
a
brou^ lt far greater gains in all major categories of indivibond« !» • a ! than would othendse have been realized. Sales of savings
ended
been mUCh better than we had reason to expect after the war
But other types of savings have done even better.
- 5 -
let us look at the figures for other types of liquid assets held by
individuals, In 194-8, it is estimated' that total holdings of liquid
assets held by individuals rose by approximately 1 billion dollars, and
at the end of the year stood at an all-time high.
When we look into the actual savings operations which went to make .
up this total, and carry the figures back over the three-year period
following the end of the war, some interesting developments become
apparent .
Holdings of Government securities by individuals rose nearly 4-1/2
percent. But individuals increased their share holdings in savings and
loan associations by about 4-8 percent, the largest gain of any type of
savings. Their deposits in mutual savings banks increased 20 percent.
Savings accounts in commercial banks were up 18 percent. Postal savings
accounts showed an increase of nearly 14- percent. Checking accounts of
individuals gained 11 percent. Of the various forms of liquid assets,
only currency holdings in the hands of individuals fell off.
The savings record which I have been citing is one which I know is
familiar to all of you here. In my belief, however, its significance can
hardly be overemphasized.
Americans are saving for the future. They have confidence in what
the future will bring — for themselves, and for their children. The
mutual savings banks, with more than 19 million depositors, have been a
powerful factor in molding the thrift habits of the Nation, The savings
drives of the war years, as well as those since, have benefited
immeasurably from the backlog of good will which has come from your long
history as a trusted guardian of the people’s savings.
In closing, I should like to thank you, in particular, for the con
structive assistance w/hich you have given the Government at all times
during the eighteen years since your conference last assembled here in
Washington, I have welcomed your interest in fiscal affairs since I came
to the Treasury and have found your advice of inestimable value. Your
record during these years is ample evidence that you wall continue to be
a bulw/ark of financial strength in the Nation now and in the generations
ahead.
o 0 o -
I want to express my sincere thanks
to your group ana to the 250,000
newspaper carrier boys throughout
the country who have volunteered their
services to the OPPORTUNITY Drive.
14
your friends and neighbors and to the
country
in the OPPORTUNITY Orive.
Carrier boys have a way of
always making good on their
undertakings and
in appreciation of
your valued efforts each one of you
will be given a certificate of merit
for the assistance you will be giving.
I know from the outstanding work you
i
have done
in the past that we will be
receiving excellent reports on the
part you play
in this Drive.
On
behalf of t ne Treasury Department,
13
/
Every time you ring a doorbell
and make a personal
call, you'll be
i
seeing to it that people understand
just what the Savings Bonds Program
stands for ana why it is important
to the economic strength of the
country, as well as to the financial
independence and security of
individual
bond-buying citizens.
The Treasury,
said,
boys
as 1 already have
has had great aid from carrier
in the past.
I feel sure you
will be most helpful
to us and to
12
-
-
divisi on s of this hard-working
volunteer army will be 250,000
newspaper carrier boys -- you here
in the Sylvan Theater today, and boys
just
like you across the Nation from
coast to coast.
We are depending on the carrier
boys to deliver printed messages
about the OPPORTUNITY Bond Drive to
twelve million American homes.
,>.•
\
.
■; V H
?>■ I»i v I 0
( i
i
.•
We are
depending on you Washington carrier
boys to reach every home here in the
Nat ion's capi taI.
Nation.
They will visit 700
communities
in the 48 States ana the
wL,
»»» -
the message that there's opportun ity
for everybody
in the purchase of
Savings Bonds,
On next Monday,
too, our
volunteer Savings Bonds forces all
over Amer lea will begin their task
of
selling a billion and forty million
do I Iars in Series E bonds by June 30.
T h e r e ' l i b e three million salesmen
and saleswomen,
and one of the importan
10
with the full meaning of the word
Opportunity.
;
|
\
Next Monday, thirty authentic
'
covered wagons will assemble in
Independence, Missouri -- the home
town of the President -- which was a
starting place of the wagon trains of
the Forty Niners.
From Independence
they wi I I be flown in Air Force and
Navy planes to cities all over the
I
country.
Then, red, white and blue
trucks and trailers manned by people
in frontier day costumes will tour the
9
adventures ahead of you today which
are greater and more thrilling than
any you may discover in history books,
There are frontiers waiting to be
explored which are full of excitement
and interest and profit for you.
The covered wagon is the symbol
of the OPFORTUN{TY Bond Drive, and I
believe it will be an inspiring one.
It does more than recall the past;
it represents American ability to
blaze new trails and overcome
obstacles.
It’s closely identified
many opportunities that are offered
today, and for that I congratulate
you.
You have learned through your
schools, and through your own efforts,
much about new fields of action about
which our pioneering grandfathers and
great-grandfathers knew little or
nothing -- the fields of aeronautics,
television, electronics, plastics,
and atomic energy, to name only a few
Each one of these fields spells
unlimited opportunity.
You have
7
anniversary we are calling our new
Savings Bond drive the OPPORTUNITY Boruj
Dr ive.
We want to empnasize the fact
that without the r is k s and hardships
wnich the *4Sers had to incur, great
opportun it ies exist for people today,
and that the purchase of United States
Savings Bonds is the best way to lay
a foundation for taking advantage of
opportunity when it comes.
You Washington carr ier boys
already are making good use of the
-
6
-
Tnat was the Gold Rush -- the rnos
exciting of our westward migrations.
It was of very great importance in our
country’s development, for the
pioneers in their covered wagons
blazed the trails for wnat are now
great transcontinenta I highways; they
established what are now great cities;
they opened up new frontiers for
sett Iement.
This year we are celebrating the
one hundredth anniversary of the Gold
hush.
In association with that
California, and the Forty Niners
wanted to get there and claim some of
the riches.
To most Easterners,
California was just a far-away dream
country -- they didn't know anything
about it, or how to get there, but a
lot of them were determined to see
wnat opportunities this new land
offered.
So they loaded their
covered wagons and off they went
toward the sunset, hoping to find
opportunity for themselves* and a
better way of life.
4
to American history of a hundred years
ago.
In the year 1849, men and women
from what were then the settled parts
of this country, set out on a great
adventure -- one of the most dramatic
adventures in our history.
They were,
of course, the Forty Niners about whom
you have read so much, and whose
adventures have formed the basis for a
number of movies I am sure you have
seen.
Gold had been discovered in
rather spent on a baseball diamond
4 '.^
'
or in taking part in other sports
which we all enjoy.
Now we are calling on you for a
-
'i
peacetime bond-selling service, and I
am sure that you will respond with
the same enthusiasm and efficiency
as in the war days,.
T h is
time we want your a s s i s t a n c e
in what we are calling the OPPORTUNITY
Bond Drive -- and in explaining that :
name I'd like to go back for a moment
The Treasury Department has
reason to be aware of the fact,
because of the great help we received
from you in our bond drives during
the war, when you not only devoted
your spare time to the promotion of
the sale of war bonds but also used
part of your earnings for the purchase
of war bonds and savings stamps,
We really appreciated this
voluntary service on your part as we
realizeo it meant that you were
willing to devote to your Government
|p 1
It’s a pleasure,
Indeed, to
meet here today with this fine group
of young Washington businessmen,
I
want to than« the Washington newspaper s|
as well a s you young men for mate i ng
the meeting possible.
Newspaper carrier boys almost
unfailingly maKe good citizens.
Actually I should say they are good
citizens, for it is typical of such
groups as this that they frequently
undertaKe important oublie services
while they're still very young men.
Address by Secretary of the Treasury Sny&er
Before Newspaper Boys1 Hally at the
Sylvan Theater, Washington, D*C*
11 a.m. Friday, May 1 ? , 19^9
Address by Secretary of the Treasury Snyder
Before the Newspaper Boys’ Rally
Sylvan Theater
Washington, D„ C,
Friday, May 13, 1949, 11:00 a 0 n.
It ’s a pleasure, indeed, to meet here today with this fine group of
young Washington businessmen«, I want to thank the Washington newspapers
as well as you young men for making the meeting possible.
Newspaper carrier boys almost unfailingly make good citizens, Actu
ally I should say they are good citizens, for it is typical of such groups
as this that they frequently undertake important public services while
they*re still very young men.
The Treasury Department has good reason to be aware of the fact,
because of the great help we received from you in our bond drives during
the war, when you not only devoted your spare time to the promotion of
the sale of war bonds but also used part of your earnings for the pur
chase of war bonds and savings stamps.
We really appreciated this voluntary service on your part as we
realized it meant that you were willing to devote to your Government the
time you would probably have rather spent on a baseball diamond or in
taking part in other sports which we all enjoy«,
Now we are calling on you for a peacetime bond-selling service, and
I am sure that you will respond with the same enthusiasm and efficiency
as in the war days.
Tills time we want your assistance in what we are calling the
OPPORTUNITY" Bond Drive — and in explaining that name I ’d like to go
back for a moment to American history of a hundred years ago0
In the year 1849, men and women from what we re then the settled
parts of this country, set out on a great adventure — one of the most
dramatic adventures in our history. They were, of course, the Forty
Miners about whom you have read so much, and whose adventures have formed
the basis for a number of movies I am sure you have seen.
Gold had been discovered'In California, and the Forty Miners wanted
to get there and claim some of the riches. To most Easterners, California
was just a far-away dream country — they didn’t know anytliing about it,
or,how to get tirere, but a lot of them were determined to see what oppor
tunities this now land offered. So they loaded their covered v/agons" and
off they went toward the sunset, hoping to find opportunity for themselves,
and a better way of life.
-
2
~
That was the Gold Rush — the most exciting of our westward migra
tions© It was of very great importance in our country*s development,
for the pioneers in their covered wagons blazed the trails for what are
now great transcontinental highways; they established what are now great
cities; they opened up new frontiers for settlement,,
This year we are celebrating the one hundredth anniversary of the
Gold Rusho In association with that anniversary we are calling our new
Savings Bond drive the OPPORTUNITY Bond Drive 0
We want to emphasize the fact that without the risks and hardships
which the '49ors had to incur, great opportunities exist for people today,
and that the purchase of United States Savings Bonds is the best way to
lay a foundation for taking advantage of opportunity when it comes«
You Washington carrier boys already are making good use of the many
opportunities that are offered today, and for that I congratulate you«
You have learned through your schools, and through your own efforts,
much about new fields of action about which our pioneering grandfathers
and great-grandfathers knew little or nothing — the fields of aeronautics,
television, electronics, plastics, and atomic energy, to name only a few0
Each one of these Helds spells unlimited opportunity« You have adven
tures ahead of you today which are greater and more thrilling than any
you may discover in history books« There arc frontiers waiting to be
explored which are full of excitement and interest and profit for you«
The covered wagon is the symbol of the OPPORTUNITY Bond Drive, and
I believe it T i l l be an inspiring one« It does more than recall the past;
it represents American ability to blaze new trails and overcome obstacles«
It*s closely identified with the full meaning of the word Opportunity«
Next Monday, thirty authentic covered wagons will assemble in
Independence, Missouri — the hone town of the President — which was a
starting place of the wagon trains of the Forty Miners« From Independence
they will be flowm in Air Force and Navy planes to cities all over the
country« Then, red, white and blue trucks and trai3.ers manned by oeople
in frontier day costumes will tour the Nation« They T i l l visit 700
communities in the 48 States and the District of Columbia« They'll carry
the message that there's opportunity for everybody in the purchase of
Savings Bonds«
On next Monday, too, our volunteer Savings Bonds forces all over
America m i l begin their task of selling a bi?.Iion and forty million
dollars in Series E bonds by June 30« There'll be three million salesmen
and saleswomen, and one of the important divisions of this hard-working
volunteer army will be 250,000 newspaper carrier boys — you here in the
Sylvan Theater today, and boys just like you across the Nation from coast
to coast«
~ 3 Yfe are depending on the earlier boys to deliver printed messages
about the OPPC IffUNITY Bond Drive to twelve million American homes«» T.e
are depending on you Washington carrier boys to reach eveiy home here in
the Nation*s capital®
Every time you ring a doorbell and make a personal call, you*11 be
seeing to it that people understand just what the Savings Bonds Program
stands for and why it is important to the economic strength of the coun
try, as well as to the financial independence and security of individual
bond-bryin g citi zen s o
The Treasury, as I already have said, has had great aid from carrier
boys in the past® I feel sure you will be most helpful to us and to your
friends and neighbors and to the country in the OPPORTUNITY Drive®
Carrier boys have a way of always making good on their undertakings
and in appreciation of your valued efforts each one of you will be given
a certificate of merit for the assistance you will be giving* I know
from the outstanding work you have done in the past that we will be
receiving excellent reports on the part you play in this Drive0 On
behalf of the Treasury Department, I want to express my sincere thanks
to your group and to the 250,000 newspaper carrier boys throughout the
country who have volunteered their services to the OPPORTUNITY Drive®
>o0o-
16
Confidence is the bedrock foundation of banking*
dL~
future —
-
Confidence in the
0
» «.1
*
4-
*
in our ability to make use of our resources^-— built this Nation*
Bankers "with confidence played an indispensable part in that building*
Today
our economy is evidencing the basic strength to meet the current readjustment
to normal, peacetime markets*
The demands of the American people "will
result in expansion of these markets and a "widening of our great productive
capacity*
We have an era of continuing and stable prosperity in prospect*
Only confidence is necessary in order to exploit our opportunity to the
fullest; we must have the confidence to seize this matchless opportunity*
American bankers have shown that confidence in the past; X know they will
T
O
JL
c uiillirue" lir-slic/w i t in th o fn tn ra*
i
- 15 -
through payroll deductions.
In this new drive, we want especially to add
participants to both of our automatic plans for regular savings:
the
Payroll Savings Plan, and the Bond-A-Month Plan through which the self-
employed, the farmers, and professional men and women, and others may buy
savings bonds from the banks.
Sales of savings bonds in the Opportunity Dxive will be two-edged.
For the individual, they will add to his reservoir of deferred buying
power and to his sound economic position.
On the part of the Government,
this Drive will give further impetus to broadening the ownership of the
Federal debt.
It Tail further our major objective of maintaining
confidence in the credit of the Government and in the country’s financial
stability.
Our savings bond drive this year has two themes:
Opportunity —
to
build for the future; and confidence in what the future will bring.
These two themes characterize the history of our Nation.
The United States
has always been a land of unrivaled opportunity; our opportunity is great
today than in any period in history.
- 14 -
amounted to 1-1/2 billion dollars*
Most of this was in savings bonds*
Last night I spoke to the Postmasters of Alabama at their convention
S
^
in Huntsville concerning the forthcoming Savings Bond jDpportunity Drive
and asked for their cooperation in attaining our goal*
I should like to take
advantage of this occasion to ask your cooperation in this Drive,
C p
S
officially opens on M a y 16.
E bonds to individuals*
■which
'j
1*0*9
Our target^is the sale of $1,040,000,000 of
We believe this can be reached*
$4,224,000,000 worth of E bonds.
In
1948
we sold
E bond sales in the first quarter of
1949
were higher than in the corresponding quarter of 1948*
S
The American people have asked that the savings bond program be
continued.
As their liquid asset figures show, tteey are saving their
money through this means.
savings bonds.
Today individuals own 48 billion dollars of
This is $5 billion more than the amount held by this group
at the close of the war.
Millions of wage and salary earners have enrolled as regular
participants in the Payroll Savings Plan, and at the end of 1948
they
held approximately 12-1/2 billion dollars in savings bonds purchased
- 13 -
proceeds of the sale of nonmarketable securities.
An excess of Government
receipts over expenditures is the only source of further reductions in the
total public debt.
Unfortunately, due to a reduction in tax rates effected
by Congress last year the present budget forecast indicates deficits in the
fiscal years 194-9 and 1950*
A third important objective of Treasury debt management has been the
spreading of the debt among individuals and other nonbank investors.
In
the past year, nonbahk investors have increased their holdings by 2 billion
dollars.
Certain large classes of these holders, hOT/rever, have decreased
their holdings.
Both insurance companies and mutual savings banks
liquidated a portion of their Government security holdings in order to
invest the funds in private securities and in mortgages.
security holdings of mutual savings banks have declined
The Government
500 million dollars,
and of insurance companies nearly 2-1/2 billion dollars.
One of the principal means of accomplishing a rise in the holdings
of Government securities by nonbank investors has been the campaign to
increase the holdings of individuals.
In the past year this increase
-
12
-
The short-term. Government issues in particular are designed for
flexibility.
At its peak on December 31* 1945* the short-tem marketable
L. .
debt amounted to 7 0 - « » billion dollars.
The wartime increase in these
issues was made to meet the investment needs of the commercial banking
system and of business corporations which were holding short-term funds for
postwar expenditures.
Since the end of 1945* "tbe short—teim debt has been
reduced by 18 billion dollars.
Our second major objective of debt management has be&i to reduce
the amount of the debt.
Since the February 1946 peak, the total debt has
been reduced by 28 billion dollars.
This was effected first by the
application of cash balances that remained after the Victory Loan and later,
when those balances had been used, through the application of Federal budget
surpluses.
The large volume of short-term debt has also enabled us to make
appropriate reductions in the total.
No reduction in the total debt has been possible from surpluses since
the fiscal year 194S.
Even when we have not had a budget surplus, however,
we have been able to retire portions of the marketable issues from the
-
leadership.
11
-
This aim of our program has been accomplished through the
stabilization of prices in the Government bond market.
Again we see a sharp
contrast to the experience after World War I when market declines in Liberty-
Bonds shook business confidence.
As a tool of debt management, our policies have been kept flexible so
that the Treasury may act quickly to stabilize the financial situation.
In the last half of 1948, private financial institutions, for instance,
sold large amounts of Government securities.
To prevent a resulting sharp
decline in prices of Government securities, we purchased Government bonds.
But since the beginning of 1949 this situation has been reversed.
Government
securities have been sold by the Federal Reserve System in order to keep
Treasury bond prices from rising too sharply.
The Treasury has been able to keep our debt operations flexible because
the debt structure was designed for flexibility.
This design on the debt
structure is the result of continuous planning of Government issues to supply
future needs of the several investor classes
industrial* medical* biological* chemical* and physical research«
nearly 70,000 persons are employed in this program«
At present
It is estimated that
in the fiscal year beginning next July 1* Government expenditures on* this
program alone will reach 725 million dollars«
Sound business conditions depend* I need not tell this audience* upon
a stable fiscal situation.
You as bankers are better aware than anyone else
how the Treasury has directed its public debt management during the postwar
period toward achieving stability in the economy«
at
251 «5 billion dollars —
in the United States.
over
The Federal debt now stands
50 percent of all private and public debt
Before the war the ratio was less than 25 percent.
It is apparent to all that our public debt decisions are felt throughout
the Nation»s entire financial structure.
In managing the debt* with the objective of stabilization* our first
aim has been to maintain confidence in the credit of the United States
Government«
This confidence is not only vital to our own country but is
of great importance in those countries of the world which look to us for
_
Q
_
was applied to it, has been freed for the fulfillment of human requirements.
Today, new chemicals are being produced to control weeds, insects, and
plant diseases.
developed.
More efficient farm implements are continually being
Use of these products points to recurring high cash expenditures
by the farmers, for they have reduced fann. production costs and have improved
the farmers* way of life.
Moreover, a shortage of public construction remains to be filled.
Our
county and municipal facilities must be expanded to provide for the great
shifts of population to new areas during the war years.
must be extended and modernized.
Our highway system
A beginning has been made on the 40*000-mile
national program agreed upon by Federal, State, and local governments.
In this connection, Alabama’s 10-year program for county road construction
is a case in point.
Schools and hospitals, and new sewage and water systems,
some of vrhich have been deferred since before the war, have just begun to
be furnished.
Atomic energy development may revolutionize our industry.
Our national
atomic energy program is being pursued to make possible great advances in
-
8
-
American people expect to maintain a high standard of living.
This means
that the economy must settle on a stabilized level of high production and high
employment.
This implies support also for development of new and improved products.
With our expanded and remodeled industrial plant, these products are now
getting under way.
New types of home construction, heating, and household
appliances have opened the door to new buyers and to repeat buyers •
New uses are being made of light metals and their alloys.
New types
of plastics and synthetics are still on the threshold of development.
Fifty years ago a farmer on an average American farm produced only
enough to supply eight persons.
Now, the same farmer supplies 15 people
with a year-round series of farm products beyond the reach of a potentate
a half century ago.
One of the reasons for this is that as late as 1910
one quarter of our total farm acreage was devoted to the production of feed
for 28 million horses and mules.
With the coming of the tractor and other
m o d e m farm equipment most of this acreage, together with the labor that
- 7 -
of 214. billion dollars, somewhat below the record level of last December
but well above that of a year ago*
Liquid assets of individuals, the deferred reserve of buying power
which I just mentioned, totalled over 200 billion dollars at the end of 1948.
This consisted of four separate items.
Forty-seven billion dollars was in
checking accounts and 23 billion dollars was in currency.
dollars was in savings accounts.
About 66 billion
Individual holdings of Federal securities
amounted to a little less than 68 billion dollars.
Moreover, as a reserve beyond this, life insurance and pension reserves
of individuals since September 1939 have risen by 57 billion dollars and now
total
90 billion dollars.
But, it may be asked, with consumer shortages met, what else will keep
our factories busy"?
With a population of some 150 million —
added in the past decade —
must not be underestimated.
11 percent of which have been
continuing and basic replacement requirements
And, there is no mistaking the fact that the
-
6-
industry "will now have the opportunity to turn out the new products that
we have been awaiting, the new products which processes developed in wartime
have made possible.
More than that, in the general tightening up process the
boom-time luxury of waste is becoming a thing of the past and production
economies are being made.
Price cuts resulting from these economies are
being passed on to suppliers and consumers*
Premium-priced inventories are
being replaced by competitively-priced inventories.
These savings too are
being passed along to consumers in prices of finished products.
Fundamentally, sales are being supported by a continuing high incane
flow and by a stored-up reserve of deferred buying power about 3-1/2 times
as large as that at the beginning of the war in 1939*
still close to 60 million.
living rising.
Employment is high,
Our population is increasing, our standard of
We have up-to-date factories.
Business has invested more
than 75 billion dollars in new construction and equipment since the war ended«
Net working capital of corporations is at the record high of 65 billion dollar8*
More ilgures are available to back up these statements.
With respect
to consumer buying power, personal incomes in March were at an annual rate
- 5 -
been aided in no small measure by the careful screening of bank loans
under the voluntary credit control program of the American Bankers Association.
This sacrifice of immediate profits for the sake of a stable economy is sound
banking and sound leadership*
In the past -winter less urgent demand has resulted in a more normal
seasonal pattern for employment in factories and in transportation and this
has caused some rise in unemployment.
redoubled their precautionary efforts*
As a result, business men have
They have been reducing inventories
to the minimum and are rapidly paying off bank loans.
This reduction in
bank loans indicates that loans are not generally financing unbalanced
inventories.
It is a clear sign that the readjustment has gone a long way.
Happily for us, we have concentrated on avoiding the mistakes of 1920.
For the first time since before the war we are again in position to
resume competitive enterprise.
This means that we are back on home ground,
when we must use our American selling ability and we must use our good old
American ingenuity and know how.
Moreover, since shortages have been met,
estate, and no appreciable amount of business inventories to be unloaded«
In the past, each business recession has been characterized by heavy
liquidation of speculative accounts*
Their absence today is most reassuring*
A second factor, almost as important in contrast to the past, is the
gradual nature of the postwar adjustments.
In the three years and nine months
since the end of the war, industry has been producing goods simply to meet
w ar—accumulated shortages.
These shortages have been filled gradually since
1946 , first in one line, then in another, with sellers' markets turning into
buyers' markets at various times and intervals, until now almost^ t h o u g h
no'
l-xconsumers' goods are readily available*
One cause of the gradual nature of the readjustments is the haunting
recollection of the post World War I recession of 1920*
As a result, it is
said that our prosperity following World War II probably has been the
gloomiest period of prosperity on record.
supplying them with credit —
Business men —
and bankers
have adopted highly cautious and flexible polie
Each year since 1945, at the least untoward sign, inventories have been
Jftrimmed and buying practices re-appraised*
As the Secretary of the Treasury
has pointed out more than once, this wholesome gradual readjustment has
- 3 -
bankers are wholly familiar with the details of many of these adjustments,
ji
in the production and marketing of cotton and textiles, c o m and other
cash farm crops, lumber and naval stores, iron and steel, bauxite, cement,
and coal, and of the changes in content and volume which have occurred in
the flow of commerce on your waterways and through your great seaport of
Mobile*
For evaluating these changes, those of us in Washington, in common
with
others in the rest of the country, have been making some comparisons
with earlier periods of economic change in our history.
We have found that
we must distinguish between the strong basic economy and the minor business
fluctuations affecting it.
Actually the recent adjustments are evidences
of the long-desired restoration of basic normal conditions*
The outstanding difference we have noted between the current
situation and certain earlier periods is the absence of speculation.
This holds for commodities, the stock market, and the country* s credit
structure generally.
Unlike the situation in 1920, for example, there has
been no commodity speculation, little speculatively-acquired farm real
-
sound.
2
-
For whatever else may be said of the United States^ ao a country,
•1
*i
■i . .
of our Government,,our institutions, ^our fiscal situation andNour business
outlook, we can be perfectly sure of two things.
First, they are
unquestionably the soundest in today* s disturbed world, and second, the
res t of the world is well aware of it.
And that part of the world which is
still free looks to us for leadership because it knows we are strong, and are
using our strength wisely.
That strength does not consist only of accumulated material wealth;
J
certainly it springs^in part^ from the American spirit.
As the recent war
once again demonstrated, we Americans have a habit of taking a hold of
problems and solving them with energy and ingenuity.
set upon the postwar conversion.
In such a fashion we
In such a »fashion we are meeting the
readjustments which have been taking place in our economy in all parts of the
country.
As Alabama bankers you have held a special vantage point for observing
and participating in the current adjustments, which I believe are the
foundation of new and unparalleled opportunities.
I know that you as
HThe
E. H. Foley,
Under
the Treasury
It is a pleasure to have the opportunity of addressing this meeting
of the Alabama State Bankers Association.
As the Treasury official having
immediate supervision over the office of the Comptroller of the Currency
I have had a continuing interest in banking developments and in the role
of the banker; -
In the complex economy we have today the dual nature of that role
is of more importance than ever before.
As a business man competitively
seeking profits in the American scheme of free enterprise the banker plays
one part.
As a supplier of credit facilities for other business men,
the banker occupies a pivotal position in which there is great opportunity
for performing valuable public service.
It is significant that those opportunities should exist in a country
which has emerged from a world shaking war politically strong and economically
Address by Edward H. Foley, Jr., Under Secretary of the
Treasury, Before the Alabama State Bankers Asso
ciation, Jefferson Davis Hotel, Montgomery,
Alabama, Saturday, May 14, 1949, 10;30 a. m.
ri»
’’THE ECONOMIC AND FISCAL OUTLOOK
Address try Under Secretary of the Treasury Edward H. Foley
Before the Alabama State Bankers Association
Jefferson Davis Hotel
Montgomery, Alabama
Saturday, -May 14, 1949, 10:30 aD m0
Jr*
THE ECONOMIC AND FtSCAL OUTLOOK
~ th1*»! v. Pleasure t° have the opportunity of addressing this meeting
of the Alabama State Bankers Association. As the Treasury official having
immediate supervision over the office of the Comptroller of the Currency
1J ^ f e 2ad,a contlnuing interest in banking developments and in the role
of tne bankero
,
im p le x economy we have today the dual nature of the role
played by tne banker is of more importance than ever be fore 0 As a
business man^competitively seeking profits in the American scheme of free
.enterprise the banker plays one part« As a supplier of credit facilities
for owher business men, the banker occupies a pivotal position in which
there is great opportunity for performing valuable public service«,
,,
is significant that those opportunities should exist in a countrv
7 n ^ haS e*?ergld
world shaking war politically strong and econom
ically sound. For whatever else may be said of the United States, of our
Government, of our institutions, of our fiscal situation and of our
business outlook, -we can be perfectly sure of two things, first, they are
soundest in today*s disturbed world, and second, the
H
is,we11 5ware
° {f
it# And that Parfc of the wild which
anri 111 f?eS looks 00 us ior leadership because it knows we are strong
and are using our strength wisely.
f^rength does not consist only of accumulated material wealth*
y 1 sPrdhgs, at least in part, from the American spirit. As the
I v l i * W^r °nif again dGmonstrated, we Americans have a habit of taking
a hold of problems and solving them with energy and ingenuity. In such
ashion we set upon the postwar conversion. In such a fashion we are
n^etrng the readjustments which have been taking place in our economy in
ail parts of the country.
. As Alabama banke rs you have held a special vantage ooint for observine
foun^+*101?rtlne iBJ the <arrent adjustments, Which I believe are the
g
undation of new and unparalleled opportunities. I know that you as
faniliar Trf-th the details of many of these adjustments,
cash f P roductlon ® d marketing of cotton and textiles, corn and other
Sil farm crops, lumber and naval stores, iron and steel, bauxite cement
•— 2 —•
and coal, and of the changes in content and volume which have occurred in
the n o w of commerce on your waterways and through your great seaport of
Mobile a
fbr evaluating these changes, those of us in Washington, in common
with others in the rest of the country, have been making some comparisons
with earlier periods of economic change in our history. We have found
that we must distinguish between the strong basic economy and the minor
business nuctuations affecting it, Actually the recent adjustments are
evidences of the long-desired restoration of basic normal conditions*
The outstanding difference we have noted between the current situa
tion and certain earlier periods is the absence of speculation. This
holds for commodities, the stock market, and the country's credit structure
generally. Unlike the situation in 1920, for example, there has been no
commodity speculation, little speculatively-acquired f a m real estate,
and no appreciable amount of business inventories to be unloaded. In the
past, each business recession has been characterized by heavy liquidation
of speculative accounts. Their absence today is most reassuring©
A second factor, almost as important in contrast to the past, is the
gradual nature of the postwar adjustments. In the three years and nine
months since the end of the war, industry has been producing goods simply
to meet war-accumulated shortages. These shortages have been filled
gradually since 194-6, first in one line, then in another, with sellers'
markets turning into buyers' markets at various times and intervals, until
now almost all — though not quite all — consumers', goods are readilv
available,
\
J
One cause of the gradual nature of the readjustments is the haunting
recollection of the post 17orid War I recession of 1920, As a result it
is said that our prosperity following World liar II probably has been*the
gloomiest period of prosperity on record. Business"men — and bankers
supplying them with credit — have adopted highly cautious and flexible
policies. Each year since 1945, at the least untoward sign, inventories
have been trimmed and tuying practices re-appraised. As the Secretary of
the Treasury has pointed out more than once, this wholesome gradual read
justment has been aided in no small measure by the careful screening of
bank loans under the voluntary credit control program of the American
Bankers Association, This sacrifice of immediate profits for the sake of
a stable economy is sound banking and sound leadership.
In the past winter less urgent demand has resulted in a more normal
seasonal pattern for employment in factories and in transportation and
l a ÎaS caused some 115(3 in unemployment. As a result, business men have
redoubled their precautionary efforts. They have been reducing inventories
the minimum and are rapidly paying off bank loans. This reduction in
nk loans indicates that loans are not generally financing unbalanced
nventorLes, It is a clear sign that the readjustment has gone a long way,
appily for us, we have concentrated on avoiding the mistakes of 1920,
~ 3 -
For the first time since before the war we are again in position to
resume competitive enterprise. This means that we are back on home ground
w"®n ^ mus^ use our American selling ability and we must use our good
old American ingenuity and know how. Moreover, since shortages have been
met, industry will now have the opportunity to turn out the new products •
that we have been awaiting, the new products which processes developed in
wartime have made possible. More than that, in the general tightening up
process the boom-time luxury of waste is becoming a thing of the past and
production economies are being made. Price cuts resulting from these
economies are being passed on to suppliers and consumers. Premium-priced
inventories are being replaced by competitively-priced inventories. These
savings too are being passed along to consumers in prices of finished
products?
Fundamentally, sales are being supported by a continuing high income
flow and by a s to red-up reserve of deferred buying power about 3-1/2 times
as large as that at the beginning of the war in 1939, Employment is high,
ti^l close to 60 million, Our population is increasing, our standard of
hSVe ^P"’to*“datQ factories. Business has invested more
^
billion dollars in new construction and equipment since the war
ended. Net working capital of corporations is at the record high of 65
billion dollars,
More figures are available to back up these statements, VJith respect
to consumer buying power, personal incomes in March were at an annual rate
oi ¿ 1 4 billion dollars, somewhat below the record level of last December
but well above that of a year ago,
assets of individuals,.the deferred reserve of buying power
Xi USt mGntionod,totalled over 200 billion dollars at the end of
1948, This consisted of four separate items. Forty-seven billion dollars
packing accounts and 23 billion dollars was in currency. About
billion dollars was in savings accounts. Individual holdings of Ffederal
securities amounted to a little less than 68 billion dollars,
•,¿,4
iq /o
of
aS a roSefVG^beyond thi6> life insurance and pension reserve,
now total 90 billion !epiember
dollars. 1 9 3 9 have risen ^ 5 7 W-llion dollars and
But, it may be asked, with consumer shortages met. what else will
keep our factories busy?
*
v,. W^ hja.P°P}jlation of some 150 million — 11 percent of which have
___? add°? ln tho past decade ” continuing and basic replacement roquirenents must not be underestimated. And, there is no mistaking the fact that
^ f t r r a?vP S 0 p l0 e3q?ect t 0
a W-gh standard of living. This
”“ St SOttl° °n 3 stabilized levo1
^
Production
~ 4
This implies support also for development of new and improved products0
Y/ith our expanded and remodeled industrial plant, these products are now
getting under way® New types of home construction, heating, and household
appliances have opened the door to new buyers and to repeat buyers.
New uses are being made of light metals and their alloys. New types
of plastics and synthetics are still on the threshold of development.
fifty years ago a farmer on an average American farm produced only
enough to supply eight persons. Now, the same farmer supplies 15 people
with a year-round series of farm products beyond the reach of a potentate
a half centuiy ago® One of the reasons for this is that as late as 1910
one qiiarter of our total farm acreage was devoted to the production of
feed for 28 million horses and mules® Tilth the coming of the tractor and
other m o d e m farm equipment most of this acreage, together with the labor
that was applied to it, has been freed for the fulfillment of human
requirements.
Today, new chemicals are being produced to control weeds, insects,
and plant diseases® More efficient farm implements are continually being
developed® Use of these products points to recurring high cash expendi
tures by the farmers, for they have reduced farm production costs and have
improved the farmers* way of life®
Moreover, a shortage of public construction remains to be filled®
Our county and municipal facilities must be expanded to provide for the
great shifts of population to new areas during the war years® Our highway
system must be extended and modernised® A beginning has been made on the
40,000-mile national program agreed upon by Federal, State, and local ; •
governments. In this connection, Alabama's 10-year program for county road
construction is a case in point. Schools and hospitals, and new sewage and
water systems, some of which have been deferred since before the war, have
just begun to be furnished®
Atomic energy development may revolutionize our industry® Our national
atomic energy program is being pursued to make possible great advances in
industrial, medical, biological, chemical, and physical research® At present
nearly 70,000 persons are employed in this program® It is estimated that
in the fiscal year beginning next July 1, Government expenditures on this
program alone will reach 725 million dollars.
Sound business conditions depend, I need not tell this audience, upon
a stable fiscal situation® You as bankers arc better aware than anyone
else how the Treasury has directed its public debt management during the
postwar period toward achieving stability in the economy® The ibderal
debt now stands at 251.5 billion dollars — over 50 percent of all private
^nd public debt in the United States® Before the war the ratio was*less
jhan 25 percent® It is apparent to all that our public debt decisions are
felt throughout' the Nation's entire financial structure.
- 5 -
In managing the debt, with the objective of stabilization, our first
aim has been to maintain confidence in the credit of the United States
Govemmento This confidence is not only vital to our own country but is
of great importance in those countries of the world which look to us for
leadership« This aim of our program has been accomplished through the
stabilization of prices in the Government bond market« Again we see a
sharp contrast to the experience after World War I when market declines
in Liberty Bonds shook business confidence«
As a tool of debt managemdjifc,,? our policies have been kept flexible so
that the Treasury may act ^ui«kl.y to stabilize the financial situation« In
the last half of 1948, priirat©;financial institutions, for instance, sold
large amounts of Government, securities« To prevent a resulting sharp decline
in prices of Government securities, we purchased Government bonds« But
since the beginning of 1949 this situation has been reversed« Government
securities have been sold by the Tbderal Reserve System in order to keep
Treasury bond prices from rising too sharply0
The Treasury has been able to keep our debt operations flexible
because the debt structure was designed for flexibility« This design on
the debt structure is the result of continuous planning of Government issues
to supply future needs of the several investor classes«
The short-term Government issues in particular are designed for
flexibility« At its peak on December 31, 1945, the short-term marketable
debt amounted to 70j billion dollars« Tho wartime increase in these issues
was made to meet the investment needs of the commercial banicing system and
of business corporations which wore holding short-term funds for postwar
expenditures« Since the end of 1945, the short-term debt has been reduced
by 18 billion dollars«
Our second major objective of debt management has been to reduce the
amount of the debt« Since the February 1946 peak, the total debt has been
educed ty 28 billion dollars« This was effected first by the application
of cash balances that remained after the Victory Loan and later, when- those
balances had been used, through the application of Federal budget surpluses«
The large volume of short-term debt has also enabled us to make appropriate
reductions in tlie total«
No reduction in the total debt has been possible from surpluses since
the fiscal year 1948« Even when we have not had a budget surplus, however,
we have been able to retire portions of the marketable issues* from the
proceeds of the sale of nonmarkotablo securities« An excess of Government
receipts over expenditures is the only source of further reductions in the
total public debt« Unfortunately, due to a reduction in tax rates effected
by Congress last year the present budget forecast indicates deficits in the
fiscal years 1949 and 1950«
A third important objective of Treasury debt management has been the
spreading of the debt among individuals and other nonbank investors0 In
the past year, nonb^nk investors have increased their holdings by 2 billion
dollars« Certain large classes of these holders, however, have decreased
their holdings,, Both insurance companies and mutual savings banks
liquidated a portion of their Government security holdings in order to
invest the funds in private securities and in mortgages« The Government
security holdings of mutual savings banks have declined,500 million dollars
and of insurance companies nearly 2-1/2 billion dollars«
One of the principal means of accomplishing a rise in the holdings
of Government securities by nonbank investors has been the campaign to
increase the holdings of individuals« fn the past year this increase
amounted to 1—1/2 billion dollar’s« Most of this was in savings bonds«
Last night X spoke to the Postmasters of Alabama at their convention
in Huntsville concerning the forthcoming Savings Bonds Opportunity Drive
and asked for their cooperation in attaining our goal« I should" like to
take advantage of this occasion to ask your cooperation in this Drive,
which officially opens on May !&« Our target for this six weeks campaign
is the sale of $1,040,000,000 of E bonds to individuals« Tie believe this
can be reached« In 1948 we sold $4,224,000,000 worth of E bonds« E bond
sales in the first quarter of 1949 were higher than in the corresponding
quarter of 1948«
The American people have asked that the savings bonds
continued« As their liquid asset figures show, our people
their money through this means« Today individuals own 48
of savings bonds« This 32s $5 billion more than the amount
group at the d o s e of the war«
program be
are saving
billion dollars
held by this
Millions of wage and salary earners have enrolled as regular partici
pants in the Payroll Savings Plan, and at the end of 1948 they held
approximately 12-1/2 billion dollars in savings bonds purchased through
payroll deductions« In this new drive, we want especially to add partici
pants to both of our automatic plans for regular savings: the Payroll
Savings Plan, and the Bond-A^Month Plan through which the self-employed,
the farmers, and professional men and women, and others may buy savings
bonds from the banks«
Sales of savings bonds in the Opportunity Drive will be two-edged«
For the individual, they will add to his reservoir of deferred buying
power and to his sound economic position« On the part of the Government,
this Drive will give further impetus to broadening the ownership of the
federal debt« It will further our major objective of maintaining
confidence in the credit of the Government and in the country*s financial
stability«
~ 7 ~
Our savings bond drive this year has two themes: Opportunity__ to
build for the future; and confidence in what the future will bring.
These two themes characterize the history of our Nation* The United States
has always been a land of unrivaled opportunity; our opportunity is greater
today than in any period in history*
Confidence is the bedrock foundation of banking* Confidence in the
future — in our ability to make use of our resources and opportunities «—
built this Nation» inkers with confidence played an indispensable part
in that building* Today our economy is evidencing the basic strength to
meet the current readjustment to n o m a l peacetime markets* The demands
of the American people will result in expansion of these markets and a
widening of our great productive capacity* ¥e have an era of continuing
and stable prosperity in prospect* Only confidence is necessary in order
to exploit our opportunity to the fullest; we must have the confience to
seize this matchless opportunity* American bankers have shown that
confidence in the past; I know they will not be found lacking in confidence
in the days that lie ahead*
0O0
TREA SU RY DEPARTM ENT
WASHINGTON, D .C .
Information Service
/0
RELEASE, MORNING NEWSPAPERS,
il ID. "19H t
/Mw
--- “ n l 1^
^ ^
During the month of ‘Mfcwrig, 19^9
market transactions in direct and
guaranteed securities of thé Government
for Treasury investment and other ac
counts resulted in net purchases of,
$9 ,099,Q'
00", Secretary Snyder announced
today.
oOo
■
RELEASE, MORNING NEWSPAPERS,
Monday, May 16, 1949.
S-1086
During the month of April, 19^9
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other ac
counts resulted in ne£ purchases of
$1,505,250, Secretary Snyder announced
today.
0O0
1
TWO r a t
”
TREASURY BONDS OF 19U9-$1
(W M 1 S ,
Wm
NOTICE OP CALL FOR REDEMPTION
To Holder« of 2 percent Treasury Bonds of 191*9-$ 1 (dated May 1$,
19142), and Others Concerned t
1#
Public notice is hereby given that all outstanding 2 percent
Treasury Bonds of 1 & 9 - $ 1 , dated May 1$, 191*2, are barely called for
redemption on September 1$, 19U9, on which date interest on such
bonds
will
2,
cease*
Holders of these bonds may* in advance of the redemption
date, be offered the privilege of exchanging all or any part of their
called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued*
3.
Full information regarding the presentation and surrender
of the bonds for cash redemption under this call will be found in
Department Circular No* 666* dated July 21, 19U1*
John W* Snyder,
Secretary of the Treasury
TREASURY DEPARTMENT,
Washington, May 13, 1 9 h 9
! D S "]
RELEASE, « Q M M HERSPAPERS,
Friday, May 13, 19U9»
The Secretary of the Treasury announced today that all outstanding
2 percent Treasury Bonds of 19U9-51» dated Nay 15» 19U2» are called for
redemption on September 15» 19U9.
There are noe outstanding
$l»292»ltU3»600 of these bonds*
The text of the formal notice of call is as follows t
X
X
.X
FOR RELEASE, MORNING NEWSPAPERS.,
Friday« May 13. 1949.___________
S-1087
The Secretary of the Treasury announced today that all outstanding
2 percent Treasury Bonds of 1949-51, dated May 15, 1942, are called for
redemption on September 15, 1949. There are now outstanding £1,292,443,600
of these bonds„
The text of the formal notice of call is as follows:
<■ # *
TWO PERCENT TREASURY BONDS OF 1949-51
(BATED MAY 15, 1942)
NOTICE OF CALL FOR REDEMPTION
To Holders of 2 percent Treasury Bonds of 1949-51 (dated May 15, 1942),
and Others Concerned:
1. Public notice is hereby given that all outstanding 2 percent
Treasury Bonds of 1949-51, dated May 15, 1942, are hereby called for
redemption on September 15, 1949, on which date interest on such bonds
will cease,
2. Holders of these bonds may, in advance of the redemption date,
be offered the privilege of exchanging all or any part of their called
bonds for other interest-bearing obligations of the United States, in
Tflhich event public notice will hereafter be given and an official circular
governing the exchange offering will be issued.
3. Full information regarding the presentation and surrender of the
bonds for cash redemption under this call will be found in Department
Circular No, 666, dated July 21, 1941.
John Wm Snyder,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Washington, May 13, 1949.
oOo-
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 b2
and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of the
Revenue Act of 19Ul, the amount of discount at which bills issued 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. I4
.I8, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
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 m i l be made by
the Secretary of the Treasury of the amount and price range of accepted oids.
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 ail tenders, in whole or in part, and his action in any such respect shd^l
be final.
Subject to these reservations, non-competitive tenders for #200,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in. accordance with the bids must be made or completed at the
Federal Reserve Bank on
May 19. 19ll9_____ cash cr °^her immediately avail
able funds or in a like face amount of Treasury oiliS maturing
Cash and exchange tenders will receive equal treatment.
--- -
Msy
Cash adjustments will be
made for differences between the par value oi maturing bills accepted in exchang
and the issue price of the new Dills*
The income derived from Treasury bills, whether interest or gain from the
or other disposition of the bills, shall not have any exemption, as such, an
from the sale or other disposition of Treasury bills snail not have any special
treatment, as such, under the Internal Revenue Code, or laws amendatory or supple ^
tary thereto.
The bills shall be subject to estate, inheritance, gift or other
excise taxes, whether Federal or State, but shall be exempt from all oaxat-on
or hereafter imposed on the principal or interest thereof by any State, or any
the possessions of the United States, or by any local taxing authority.
For
Ssh^Ddbdc
#£&^RELEASE, MORNING NEWSPAPERS*
Friday« May 13. 19U9*
.. _
“ W
The Secretary of the Treasury, by this public notice, invites t-enders for
M
$ 800.000,000
, or thereabouts, of
91 -day Treasury bills, for cash and
z-p5c
"
in exchange for Treasury bills maturing
May 19. 19ii9
» ho De &^f®ed, orL
*
a discount basis under competitive and non-competitive bidding as hereinafter
.
provided.
will mature
interest.
May 19. 19U9_______ 311(1
TOt
> when the f ace amount will be payable without
The bills of this series will be dated
August 18. 19k9
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
daylight saving
closing hour, two o*clock p.m., Eastern/$joBEiaE± time, Monday, May 16, 19k2--Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $ 1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of
than three decimals, e, g., 99..925>.
100, with
Fractions may not be used.
not more
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
theref or.
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 DEPARTM EN T
Information Service
RELEASE, MORNING NEVSPAPERS,
Friday* Hay 13, 194-9«_______
WASHINGTON, D .C .
S-1088
^The Secretary of the Treasury, by this public notice, invites tenders
for ^800,000,000, or thereabouts, of 91-day Treasury bills, for cash and
in exchange for Treasury bills maturing May 19, 194-9$ "to be issued on a
discount basis under competitive and non-competitive bidding as hereinafter
provided^ The bills of this series will be dated Hay 19, 1949, and will
mature August 18, 1949, when the face amount will be payable without
interest^ They will be issued in bearer form only,'and in denomination's of
<¿1,000, <¿5,000, $>10,000, $>100,000, $>500,000, and '¿1,000,000 (maturity value)!
Tenders will be received at Federal Heserve Eanks and Branches up to
the closing hour, two o*clock p«m*, Eastern daylight saving time, Monday,
May 16, 1949* --fenders will not be- received at the Treasury Department,
Washington* Each tender must be for an even multiple of Gl,000, and in
the case of competitive tenders the price offered must be expressed on
the basis of 100) with not more than three decimals, e* g m 99*925* Fractions
may not bemused* 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
rust companies and from responsiDle and recognized dealers in investment
securities. Tenders from others must be accompanied by payment of 2 per
cent of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
oank: or trust company*.
Immediately after the closing hour, tenders will be opened at the
^dera! Reserve Banks and Branches, following which public"announcement
111 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
cceptance or rejection thereof* The Secretary of the Treasury expressly
^serves the right to accept or reject any or all tenders, in whole or in
a?. hlS actiDn 111 any such respect shall be final. Subject to these
reservations, non-competitive tenders for '$200,000 or less without stated
M r * fromany one bidder will be accepted in full at the average price
^
declmals) o f accepted competitive bids* Settlement for accepted
tv,, r?
accordance with the bids must be made or completed at the
a b w f s e r v t Benk °n Hay 1 9 * 1 (^9, in cash or other immediately avail
ed
°t
r 111 a likG face amount of Treasury bills maturing May 1 9 , 19 4 9 *
v/Sl
e5ehaS§9 t"enders v i l 1 receive equal treatment* Cash adjustments
f ° r d l f f e r e n c e s between the par value of maturing bills
oepued in exchange and the issue price of the new bills.
*» 2 *•
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, shall not have ^ny
exemption, as such, and loss from the sale or other' disposition
bills shall not have any special treatment, as such, under the Internal^
Revenue Code, or laws amendatory or supplementary the.ret.0%^
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 tjnited States, or by any local faxing
authority. For purposes of taxation the amount of discount at * x c h
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 Bevenue Code, as amended by Section 115 oi the ^ v e n ^ Act of
1Q/1 the amount of discount-at which bills issued hereunder are sc&d
.■
shall not be considered to accrue until' such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from “
^ration
as capital assets. Accordingly, the owner p|.Treasury,
life 'insurance.companies) issued hereunder need include in biS income tax
return'only the difference between the price paid for su c h bills, whether
on original issue or on subsequent purchase, and .the amount actually ,
received either upon sale or redemption at: maturity during the taxaole.
year- for which the return is made, as ordinary gain or loss# ^
Treasury Department Circular Ho. 418, as amended, and this notice,
prescribe the terns of the Treasury bills and govern the conditions of
their issue. Copies of the circular may be obtained from any Ifederal
Reserve Bank or Branch#
.
oOo
House
the c
missi
ite and
with
Com-
xxi«= uujeui^xve ux uuxs xegxsxa, oxuxi xo ucooei" cuuiuxxicaoxua ucOWeen
Federal, State and local governments* The Treasury is vitally interested
in that objective not only because it is a party, on behalf of the Federal
Government, in intergovernmental fiscal relations but also because harmony
in Federal-State-local fiscal policies and practices is essential to the
maintenance of a prosperous national economy*
During the coming fiscal year the people of this country will spend
about *,60 billion on services procured through their governments* Some
of these services will be provided independently by towns, municipalities
or counties, some by State governments, and some by the Federal Government.
Many, however, will be provided jointly by two or more governments*
Our citizens pay for these services with a variety of taxes collected
by the Federal Government, the States, and localities. Some of these taxes
are imposed by only one governmental level. In other cases, the same basis
for taxation is employed by two or more governments. In still others,
taxes collected at one level of government are distributed to the others
as through Federal grants-in-aid to States and through sharing of Statecollected taxes with political subdivisions*
The fiscal activities of the various governments are inter-related
in a more fundamental sense as well* In a general way, all taxes, re
gardless of where collected, are paid from the same pool of national
income; all governmental services, regardless of where provided, are
designed to enhance the welfare of the same population, the American
people. Government is a joint undertaking and the activities of one
jurisdiction generally affect the inhabitants of other jurisdictions.
Today the combined activities and services of these governments
represent more than a quarter of our national income and have a direct
bearing both on the individual welfare of our citizens and the collective
operations of our economy*
During the past 20 years, the cost of government increased more than
five-fold* lii/hile the increase has been most marked at the Federal level
due largely to the past war and the avoidance of future wars, there have
been substantial increases at the State-local level as well* Between
1928 and 1948, State and local expenditures almost doubled.
- 2>
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, shall not have any
exemption, as such, and loss from the sale, or other disposition of Treasury
bills shall not have any special treatment, as such, under the Internal
Revenue Code, or laws amendatory or supplementary thereto* 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
v
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
1 9 4 1 , 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£.Treasuryrbills (other than
life insurance >companies) issued hereunder need include in hie income t-ax
return only the difference between the price paid for such bills, whether
on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at: maturity during the taxable,
year" for which the return is made, as ordinary gain or loss# \ *
:Treasury Department Circular No# 418, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue# Copies of the circular may be obtained from any Ttederal
Reserve Bank or Branch#
oOo
Statement of the Secretary of the Treasury
before the Senate and House Subcommittees on
Intergovernmental Relations of the Committee
on Expenditures in the Executive Departments,
Friday, May 13, 1949
I am glad to have this opportunity to appear before the Senate and
House Subcommittees on Intergovernmental Relations in connection with
the consideration of pending legislation to establish a National Com
mission on Intergovernmental Relations.
The objective of this legislation is better coordination between
Federal, State and local governments. The Treasury is vitally interested
in that objective not only because it is a party, on behalf of the Federal
Government, in intergovernmental fiscal relations but also because harmony
in Federal-State-local fiscal policies and practices is essential to the
maintenance of a prosperous national economy.
During the coming fiscal year the people of this country will spend
about ¿60 billion on services procured through their governments. Some
of these services will be provided independently by towns, municipalities
or counties, some by State governments, and some by the Federal Government.
Many, however, will be provided jointly by twTo or more governments.
Our citizens pay for these services with a variety of taxes collected
by the Federal Government, the States, and localities. Some of these taxes
are imposed by only one governmental level. In other cases, the same basis
for taxation is employed by two or more governments. In still others,
taxes collected at one level of government are distributed to the others
as through Federal grants-in-aid to States and through sharing of Statecollected taxes with political subdivisions#
The fiscal activities of the various governments are inter-related
in a more fundamental sense as well. In a general way, all taxes, re
gardless of where collected, are paid from the same pool of national
income; all governmental services, regardless of where provided, are
designed to enhance the welfare of the same population, the American
people. Government is a joint undertaking and the activities of one
jurisdiction generally affect the inhabitants of other jurisdictions.
Today the combined activities and services of these governments
represent more than a quarter of our national income and have a direct
bearing both on the individual welfare of our citizens and the collective
operations of our economy.
During the past 20 years, the cost of government increased more than
xive-fold, Ihile the increase has been most marked at the Federal level
due largely to the past war and the avoidance of future wars, there have
been substantial increases at the State-local level as well. Between
1928 and 1948, State and local expenditures almost doubled.
S-1089
~
2
-
In expanding their activities, both the Federal Government and the
State governments had recourse to new revenue sources and in some cases
to the very same revenue sources* The Federal Government and a substan
tial number of States, for example, impose individual and corporate income
taxes, estate and inheritance taxes, and liquor, tobacco, gasoline and
admissions taxes. Local governments have also entered some of these tax
fields* For example, we now have locally imposed income, gasoline and
admissions taxes*
b‘e have recently prepared a comprehensive report on overlapping
Federal, otate and local taxes which we are glad to make available to the
Committee* This report provides up-to-date factual information on many
aspects of intergovernmental tax problems which your Committee is consider
ing*
The striking feature of the overlapping tax development is that it
was accompanied by a reasonably orderly adjustment in intergovernmental
relations* In taxation, for instance, the crediting device was developed
for the coordination of Federal and State death duties and unemployment
taxes and extensive progress was made in the standardisation of tax bases
for Federal and State income tax purposes* Effective coordination was
achieved also through administrative cooperation*
In the enforcement of the tax laws, the Treasury is continually alert
to opportunities to reduce tax collection costs and compliance burdens on
taxpayers. Administrative cooperation between State and Federal agencies
provide substantial scope for these types of economies* In recent years,
as you know, progress in this direction has been accomplished by making
available Federal tax returns for State inspection and by providing infor
mation to States and other taxing authorities with respect to salaries
paid to Federal employees* State and local governments in turn facilitate
Federal income tax administration by cooperating in the withholding pro
visions of the Federal income tax with respect to their own employees*
Our wartime experience provided one of the most convincing examples
of the ability of Federal, State and local governments to work in harmony
in fiscal matters* By maintaining their taxes, reducing expenditures,
retiring debts and accumulating reserves, State and local governments
provided effective support to the national programs of economic mobiliza
tion and stabilization*
These collective efforts of our governments were responsible for the
success of the stringent fiscal policies which were essential for the
conversion of our economy to a war footing* ¥<hile the wartime record of
cooperation was not perfect and although even in the prewar period there
were times when Federal policies and State-local policies worked at cross
purposes, the record on balance will bear critical scrutiny*
-
3
-
I take occasion to point out the large degree of intergovernmental
coordination because this favorable side of our relations is frequently
overlooked* Much has been said and written about our fiscal conflicts*
not enough about our fiscal harmonies*
In pointing to the flexibility and vitality of our governmental
system, I do^not wish to minimize the importance of the problem which
you are considering today* "While the division of governmental functions
and revenue sources between the Federal Government and the States designed
more than a century and a half ago have well stood the test of time, they
need periodic scrutiny and adaptation to changing conditions4 Such
adaptation is a fundamental feature of our governmental institutions*
In considering the changes which might be required to adjust our
intergovernmental xiscal institutions to changing conditions, I find it
helpful to differentiate between the different types of problems; Some,
as I have already indicated, can be ad.justed on a continuing basis by
administrative cooperation between governments and require little, if
any, new legislation* These call primarily for a will to cooperate and
a desire to serve the public interest, which I have never found lacking
either among Federal or State-local employees*
We have recently had occasion to prepare a memorandum on the coor
dination of Federal, State and local tax administrative activities and
will be happy to provide the members of your Committee with copies*
The second group of problems presents greater difficulties because
on the part of the Federal Government it involves several agencies, and
on the part of State and local governments is affected by the geographic
an other variations in local interests* The problems associated with
payments to State and local governments on Federally owned tax-exempt
real estate illustrate this type of case«
This problem is one of long standing but has been aggravated by
the accelerated property acquisitions which have accompanied the various
Federal programs adopted and expanded in recent years* •Urban housing
power production, conservation, regional development and reclamation and
ilood control projects all involved Federal land acquisitions.- The vast
military acquisitions during Yforld War II have created special problems
particularly in the case of properties devoted to industrial uses such
s war plants* The postwar disposition of some of these properties has
raised the further question of whether or not Federal immunity should
oe extended to properties transferred to private interests either by
lease or conditional sale*
A similar problem exists with respect to the status of private
property and transactions on Federal reservations under State and local
ïf* laws • .The Buck Act enacted by Congress in 1940 partially remedied
JS S^ uation but additional adjustment is required in the interest of
eiiective State and local taxation* •
-
4
~
I will not take the Committee’s time in discussing these problems
in detail but will be glad to leave with you memoranda which we have
prepared on these subjects*
I have recently participated in a discussion of these and similar
problems with representatives of State and local organizations at a
conference which has already been referred to by other witnesses;
Last December, on the occasion of the annual conference of the
American Municipal Association here in Washington, I was impressed with
the concern of municipal officials with the fiscal futures of their
communities and took occasion to suggest that it might be mutually
desirable for us to discuss the relationship of Federal, State, and
local taxes sometime in the near future* later, in speaking to the
U* S* Conference of Mayors, the President endorsed the idea of such a
meeting. last month several of us on the part of the Federal Govern
ment had a two-day meeting with the heads of the principal State and
local organizations*
n* . These discussions were exploratory in nature and were advisedly
limited to consideration of a number of relatively specific topics.''
We developed plans for more effective cooperation between the enforce
ment efforts of Federal, State and local governments in the field of
tax audits* The question of payments to State and local governments
on Federally owned real estate and the status of State-local tax laws
on Federal reservations to which I have just referred were also con-'
sidered * We discussed the role of State-local activities in the
President’s stabilization program and the needs of municipalities and
counties for new revenue sources*
wo IJleft,those meetings with the feeling that substantial progress
+nSo+afe an!? ihat tho Federal agencies can be of effective assistance
and local governments by a cooperative and sympathetic coneration of some of their problems, with a view to the development
oi legislation for submission to the Congress,
mi ,* a“ ^ouraged in my attitude by the reaction of the municipalities
r„+J. ,?rLCa!; l!uniclPCl Association reported the conference in its "News
letter" as follows*
The distinguishing feature of this conference was the
spirit that pervaded the meeting* Everyone wanted to
know the facts* Everybody felt free to express his
opinions* The interchange of ideas was perfectly free*
Local officials and state officials felt no barriers
between them and the federal officials*..«’’
infprLhaSten bo emPhasize> however, the important limitations on handling
intergovernmental, problems in this manner* While some specific -and tech3 +n, Pr?b?*cras can profitably be considered on an ad hoc basis by Federal
govemmo ilocal representatives, this is not true of many important interg vernmental problems, some of which I have already mentioned.
-
5
-
The most difficult problem which now confronts local governments
and in some measure the States is inadequacy of revenue sources# The
conspicuous increases which have taken place in the services provided
by. governments in response to the legislation enacted by our representa
tives at all levels of government have disturbed the relationship between
revenue sources and revenue requirements. Many communities find them
selves unable to finance the functions which have been assigned to them
and which the public expects of them#
This problem goes to the roots of our Federal system of division
of powers and responsibilities and is one which requires thorough and
dispassionate consideration from the long-term viewpoint# It is some
times presented as a Federal-nState problem and just as often, as a
State-local matter# The solution of this problem will inevitably affect
the financial position of the Federal Government and in a sense is.an
integral part of the broad task of adjusting our tax system to the
expending needs of our peacetime economy#
The full and adequate consideration of intergovernmental relations
will require searching and time-consuming study. It merits the time and
effort of our ablest minds. I strongly endorse the activities of this
Subcommittee in considering the best means for furthering this objective#
The representative of the Bureau of the Budget has already discussed
with you the considerations which might well be kept in mind in connection
with the creation of machinery for examining this problem# There remains
for mo only to add that the Treasury Department is ready with all its
facilities to assist in this important undertaking.
-0O0-
RELEASE, MORNING NEWSPAPERS,
TuesdayT May 17» 1949«
The Seepetary of the Treasury announced last evening that the tenders for
#800,000,000, op thereabout«, of »l-day Tr.a»ury bill, to be dated toy 19 end to matur.
August 18, 1949, toleh were offered on toy 13, were opened at the federal Becerra Bank.
on May 16«
The details of this issue are as followsî
Total applied for - *1,413,720,000
„
802,175,000
Total accepted
Average price
(includes *65,385,000 entered on a aoneoapetitive basis and accepted in full
at the average price shown below)
- 99.708 Equivalent rate of discount approx. 1.157# per annum
Range of accepted competitive bids:
. 99.712 Equivalent
- 99.706
"
High
Low
*
rate of
«
»
discount
approx.
«
1.163# *
(6 percent of the amount bid for at the low price was accepted)
Federal Reserve
District_______
Total
A pplied for
Total
Accented
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
*
* 14,678,000
621,973,000
11,268,000
13.280.000
6.250.000
8,006,000
51.528.000
4.515.000
4.580.000
28.390.000
8.672.000
29^253,000
15,178,000
1,165,026,000
2 0 ,668,000
13.260.000
6.250.000
8.006.000
95.928.000
4.409.000
4.580.000
28.390.000
8.672.000
43.335.000
*1,413,720,000
♦
*802,173,000
1.159# pe
RELEASE, MORNING NEWSPAPERS,
Tuesday, May 17« 1949»______
S-1090
The Secretary of* the Treasury announced last evening that
the tenders for $800,000,000, or thereabouts, of 91-day Treasury
bills to be dated May 19 and to mature August 18, 1949 , which
were offered on May 1 3 , were opened at the Federal Reserve Banks
on May 16.
The details of this ussue are as follows:
Total applied for - $1,413,720,000
Total accepted
802,173,000 (includes $6 5 ,385,000
entered on a non
competitive basis and
accepted in full at the
A
average price shown below)
Average price
- 99*708 Equivalent rate of discount approx«
1 .157 $ per annum
Range of accepted competitive bids:
High
- 99*712 Equivalent rate of discount approx.
1.139$ per annum
- 99*706 Equivalent rate of discount approx.
1 .163 $ per annum
(6 percent of the amount bid for at the low price was accepted)
Federal Reserve
_____ _
Total
Applied for
Bostbon
$
New York
15,173,000
43.333.000
$ 14,678,000
821,973,000
1 1 ,268,000
13.280.000
6 ,250,000
8 ,006,000
5 1 .528.000
4 .315.000
4 .580.000
28 .390.000
8 .672.000
29 .233.000
$1,413,720 ,000
$ 802 ,173,000
1 ,1 6 5 ,0 2 6 , 0 0 0
2 0 ,6 6 8 , 0 0 0
13 280,000
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Si* Louis
Minneapolis
,
6 ,250,000
8 ,006,000
95.928.000
4.409.000
4.580.000
.
Kansas City
28 390.000
8 .672.000
*
Dallas
San Francisco
TOTAL
Total
Accepted
0 O0
/if /f¥f
Secretary Snyder today issued the following statement
concer n i n g next w e e k ’s nationwide observance of National
Maritime Day:
The approach of another National Maritime Day
reminds us an e w of the great contribution w h i c h
the United States Merchant Marine has made to t he
economic development of o u r country*
That contribution dates b a c k to t he days when
sailing ships carried our products to the ports
of the seven seas* As steam succeeded sail,
a nd the scope of the Merchant M a r i n e ’s operations
was greatly expanded, the importance of those
operations to our commerce and industry was
Increased accordingly*
Today, the Government and the maritime
industry are engaged in a cooperative ship
construction program w h i c h will still further
enlarge the Merchant M a r i n e ’s capacities.
I am sure this program is a source of
satisfaction to everyone in these days when
adequate facilities for the worldwide exchange
of goods and for worldwide p a s senger traffic
are so clearly recognized as a vital instrument
for world p e a c e and prosperity*
0O 0
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS,
Thursday, May 19. 19^9.
S-IO 91
Secretary Snyder today issued the following
statement concerning next week's nationwide observance of National Maritime Day:
The approach of another National
Maritime Day reminds us anew of the great
contribution which the United States
Merchant Marine has made to the economic
development of our country.
That contribution dates back to the •
days when sailing ships carried our pro
ducts to the ports of the seven s e a s . As
steam succeeded sail, and the scope of the
Merchant Marine's operations was greatly
expanded, the importance of those opera
tions to our commerce and industry was
increased accordingly.
Today, the Government and the
maritime industry are engaged in a
cooperative ship construction program
which will still further enlarge the
Merchant Ma r i n e 1s capacities.
I am sure this program is a source
of satisfaction to everyone in these
days when adequate facilities for the
worldwide exchange of goods and for
worldwide passenger traffic are so
clearly recognized as a vital instrument
for world peace and prosperity.
0 O0
«■*
2
«**
cargo weight on the basis of the relatively few samples weighed.
Tor
example, it may he necessary to weigh only 100 packages of a particular
lot consisting of 10,000 packages.
Test operations have shown that, in addition to freeing greatly
needed manpower for other essential customs work, the new methods may
speed up unloading of a vessel by as much as half a day. a very substantial saving in shipping costs.
t h t mithndfcoWhlck
Experts in the Bureau, of Custom^
•toserr
r*r>
^
* 11illII■ frW T "
1^4 .tlr the advice of the Division of
Standards o f the Bureau o f the Budget^ l-iTclop
m l s n t lf l - —
*' "Ji i i Ll L m lW H llE ^ - w e h a a d t
o f f i c i a l s feel^th^c the +^"v'r'4m1»* «aaKS^rJrery u s e fu l to
ibta&s&omplst e.the ~'C$rc,
1 t^vaT
f liliiige
toms has extended its application of scientific control sampling to the
weighing of hulk cargoes of raw sugar, South American wool, and manur*
facturers* cigarette tobacco.
Scientific control weighing is designed
to permit more effective use of customs manpower and to expedite unloads
ing of cargoes with consequent savings of time and money for importers
and vessel operators.
During the war, private industry used similar statistical techniques
in the sampling of ammunition and other materiel.
!Ehe new methods, which
were adapted to customs needs during the past year and tested at selected
ports, will now he used throughout the Customs Service,
Prank Dow, Acting Commissioner of Customs, said the scientific cour*
trol method of spot-weighing of cargoes is one of a number of projects in
various stages of development in the Bureau which have as their objective
greater economy and simplification in customs operations.
Among these
experiments are those looking to the extension of control weighing tech*
niques to other commodities.
Heretofore, cargoes of the three commodities have been weighed 100
percent, on carefully calibrated Government scales.
Under the new system,
a predetermined number of sample lots from a cargo is so weighed and the
range of variation from commercial weights determined,
complex mathematical computations^^
can readily
^ H * 4* * ^ ^
erl 1 a the
determine with extreme accuracy the total
t
TREASURY DEPARTM EN T
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday,.May 19, 19*19.
WASHINGTON,
S-1092
The Treasury Department announced today that the
Bureau^of Customs has extended its application of
scientific control sampling to the weighing of bulk
cargoes of raw sugar, South American wool, and manu
facturers’ cigarette tobacco.
Scientific control weigh
ing Is designed to permit more effective use of customs
manpower and to expedite unloading of cargoes with con
sequent savings of time and money for importers and
vessel operators.
During the war, private industry used similar
statistical techniques in the sampling of ammunition
and other materiel.
The new methods, which were
adapted to customs needs during the past year and tested
at selected ports, will now be used throughout the Customs
Service.
Prank Dow, Acting Commissioner of Customs, said the
scientific control method of spot-weighing of cargoes is
one of a number of projects in various stages of develop
ment in the Bureau which have as their objective greater
economy and simplification in customs operations. Among
these experiments are those looking to the extension of
control weighing techniques to other commodities.
Heretofore, cargoes of the three commodities have
seen weighed 100 percent, on carefully calibrated
Government scales. Under the new system, a pre-determined
number of sample lots from a cargo is so weighed and the
rang© °f variation from commercial weights determined,
m e n by formulas based on complex mathematical com
putations, customs inspectors can readily determine with
extreme accuracy the total cargo weight on the basis of
the relatively few samples weighed. For example, it may
© n e c e s s a r y to weigh only 100 packages of a particular
lot consisting of 10,000 packages.
2
Test operations have shown that, in addition to
freeing greatly needed manpower for other essential
customs work, the new methods may speed up unloading
of a vessel by as much as half a day, a very sub-,
stantial saving in shipping c o s t s .
Experts in the Bureau of Customs had the advice
°i Z?e ? ivislon of Statistical Standards of the Bureau
oi the Budget in developing the new procedures,
0 O0
2
G. B. Haynes, P r e s i d e n t ^
Poster & Kleiser C o . 1
d d y S t r e e t at Pierd'e
S ' a n ^ ^ a^tLi^ToT^Caridri^rn ia
^
W l a r r y Fitzgerald
The C r e a m C i t y O u t d o o r
Advertising C o
.\
k
(Representing Arizona
C alifornia, Nevada,
and N e w Mexico/)
(RepresenYing/lllinois,
Indiana, u o w u , Missouri,
M i n n e s o t a ; a n d Wisconsin,
M,
E d w a r d J„ Don n e l l y , Jr*'.
J o h n D o n n e l l y 5c S o n s y
+■run
5nnflr»A
^>
-Vincent R. H y l a n d V s
General Outdoor Advertising
Company/
3 92 3 L^^ryenwor th Sip-e-ertr
0nfeil^7
—
( R e p r e s e n t i n g all New
E n g l a n d .,
(Repr e / e n t i n g Kansas,,
Ne b r / s k a , N o r t m Dakota,
Oklahoma, and South
Dakota*)
NATIONAL ADVISORY COMMITTEE
of the
OUTDOOR ADVERTISING INDUSTRY
Leonard W-^frest*
Genera3A>€nitchsor A<
Chairman)
‘tising Co*
Stri
D ./U
0 * R. Bir<
General Outdoor Advertising Co./
2$ Btokljey
'
P M la W lp M r ^ 2 G g^ ^ e n n a v lv a n iC
^— William A. Gibson, Jr*.
North Texas Advertising Co., Inc.j
3^2^ C>m^. Boure% Bl.vd'*
Fbii wortn^^^xa-g’
'
(Representing Delaware,
District of Columbia,
Maryland^ New Jersey,
New York\and Pennsy
lvania.)
(Representing Texas.)
—
Mark Seelen*
Outdoor Advertising Inai
60 East Ì4-2 nd Street^
New Yorky New Y o r k
Thomas Miller »
“Miller Outdosfr Advertising Co.*
F. O i ^ o x
^ n v-Llle^ iSou^th^Caroli
Green
Kentucky,
(Representi
nd
Ohio,)
Michigan, e
£
C. D. Blessed,
Walker & Co
88 pusher A^vemie
Dbtroi t V 2 ^ S i c5
(Representing Georgia,
North Carol .na\ South
Carolina, Virginia,
and West Vi?gin!^a.)
m
Cß. L. Robbins
/
General Outdoor Advertising Co/\ »■
HArplr^pn & I*qemls Stree^
^ H a r r y Crawforcl
C r a w f o r d A d v e r t i s i n g A g e n c y *.
P y £k BoxJ^T^X
M o u i l o - ^ A1 0 h t^ TTgl
.....
j f r ■ -.— "u “.
¿Beall Hartj
G e n e r a l Ctftdoor A d v e r t i s i n g Co.*j
3 ?0 / G r a n t $ tr e e t ^ ^ " *
D e n v e r.,
'»
Miarly Markham.
>
The Big I4. A d v e r t i s i n g Co.,
O ^ B o x 52"
r^telloTldah
(Representing Alabama,
Arkansas, Florida, \
Louisiana, Mississippi
and Tennessee.)
(Representing Colorado|
Montar/a, and Wyoming*)
(Representing Idaho
Oregon, Utah, and
Washington.)
-
2-
T o d ^ ^ S ' m eeting was opened by Vernon L. C iarl^ ,
N a tio n a l D ire c to r o f the S a vin g s B o n d s -D iv is io n , who
gave a b r ie f h i s t o ^ x o father S a vin g s Bonds program . Leon J .
M arkham ^N irtional S a le s ^ i^ e c t o r o f the D iv is io n ,
o u iitn e d th e p la n s fo r th e O p p o rtu n ity D riv e .
Members o f the new comm ittee jo in e d in e n d o rsin g th e
pledge o f support g iv e n lax f o r the in d u s try by M*».
T re s t e r.
/r y
a ™»
rJ^ r
~ ~ )p C Y t *
/
y
TO:
Miss Kelly
-VWould you try to get the
/o fj
| ^ B n o u n e e d ^ e foimation of
Secretaryfs clearance on the
attached statement to be released
this afternoon.
„
.
f f the Outdoor Advertising
Hr in its Savings Bonds program,
ijbhe committee briefly at its
JQlj
Attachment
E L the members
for their
Ito local and national Savings
James J. Saxon
Id
for the pledge, given
le. industry support for the
§e, now under way.
Irman of the Committee,
INFORMATION SERVICE
Istry, said that continuous
¡Lsing support for the bond
program throughout the year would be a goal of the
•committee.
He expressed pride in the record of the industry for aid to
the sale of Savings Bonds both during the war and since, and
said that creation of the Advisory Committee would intensify
future outdoor advertising efforts. He praised the Savings Bonds
program
as an important factor in the encouragement of thrift
in America.
Secretary Snyder today announced the f o m a t i o n of
a National Advisory Conimittee of the Outdoor Advertising
Industry to assist the Treasury in its Savings Bonds program.
The Secretary addressed the committee briefly at its
first meeting today. He thanked the members for their
i n d u s t r y ^ past contributions to local and national Savings
Bonis promotion activities,
and for the pledge, given
at the meeting, of all possible, industry support for the
Savings Bonds Opportunity Drive, now under way.
Leonard W. Trester, Chairman of the Committee,
speaking on behalf of the industry, said that continuous
and consistent outdoor advertising support for the bond
program throughout the year would be a goal of the
•committee.
He expressed pride in the record of the industry for aid to
the sale of Savings Bonds both during the war and since, and
said that creation of the Advisory Committee would intensify
future outdoor advertising efforts. He praised the Savings Bonds
program
as an important factdjr in the encouragement of thrift
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C
IMM E D I A T E R E L E A S E ,
Friday, M a y 20, 1949.
S-1093
Secretary Snyder today announced the formation of
a National Advisory Committee of the Outdoor Advertising
Industry to assist the Treasury in its Savings Bonds
program.
The Secretary addressed the committee briefly at
Its first meeting today. He thanked the members for
their industry’s past contributions to local and national
Savings Bonds promotion activities,, and for the pledge,
given at the meeting, of all possible industry support
for the Savings Bonds Opportunity Drive, now under way.
Leonard W. Trester, Chairman of the Committee,
speaking on behalf of the industry, said that contin
uous and consistent outdoor advertising support for the
bond program throughout the year would be a goal of the
committee,
He expressed pride in the record of the industry
for aid to the sale of Savings Bonds both during the
war and since, and said that creation of the Advisory
Committee would intensify future outdoor advertising
efforts . He praised the Savings Bonds program as an
important factor in the encouragement of thrift in
America. Members of the new committee joined in
endorsing the pledge of support given for the industry
hy Mr. Trester.
Committee members, in addition to Mr. Trester, are:
C. R . Bird, General Outdoor Advertising Company; William
A . Gibson, Jr., North Texas Advertising Company,
Incorporated; Mark Seelen. Outdoor Advertising, Incorporated;
Thomas Miller, Miller Outdoor Advertising Company; C. D.
Blessed, Walker & Company; B. L. Robbins, General Outdoor
Advertising Company; Harry Crawford, Crawford Advertising
Agency; Beall Hart, General Outdoor Advertising Company;
Harly Markham, The Big 4 Advertising Company; G. B.
Haynes, President, Foster & Kleiser Company; Harry
Fitzgerald, The Cream City Outdoor Advertising Company;
Mr. Edward J. Donnelly, Jr.; John Donnelly & Sons;
Vincent R. Hyland, General Outdoor Advertising Company.
0O0
T R E A S U R Y DE. A...«VIEN T
Information Service
WASHINGTON, D .C .
RELEASE, MORNING NEWSPAPERS,
Thursday, May 19, 19^9.
S-1094
Secretary of the Treasury Snyder today announced the offering, through the
Federal Reserve Banks, of 1-l/b percent Treasury Certificates of Indebtedness of
Series E-19£0, open on an exchange basis, in authorized denominations, to holders
of 1-1/8 percent Treasury Certificates of Indebtedness of Series E-19U9, maturing
June 1, 19U9, in the amount of $]f,301,117,000, or 2 percent Treasury Bonds of
19li9-£l, dated January l£, 191^2, called for redemption on June l£, 19h9, in the
amount of $l,01Ij.,0l8,900. Exchanges will be made par for par in the case of the
maturing certificates, and at par with an adjustment of interest as of June l£,
19lj-9, in the case of the called bonds. Cash subscriptions will not be received.
The certificates now offered will be dated June 1, 19U9, and will bear in
terest from that date at the rate of one and one-quarter percent per annum,
payable with the principal at maturity on June 1, 195>0. They will be issued in
bearer form only, in denominations of $1,000, $£,000, $10,000, $100,000 and
$1,000,000.
Pursuant to the provisions of the Public Debt Act of 19Ul, as amended,
interest upon the certificates now offered shall not have any exemption, aa such,
under the Internal Revenue Code, or laws amendatory or supplementary thereto.
The full provisions relating to taxability are set forth in the official circular
released today.
Subscriptions will be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Yiashington, and should be accompanied by a like
race amount of the securities to be exchanged, and where called bonds in coupon
form are presented, by payment of accrued interest on the new certificates at the
rate of $0.i|.79!|.£ per $1,000, since in these cases interest is to be adjusted as
°{„^une
19U9* Subject to the usual reservations, all subscriptions will be
allotted in full.
The subscription books will close for the receipt of all subscriptions at
the close of business Monday, May 23.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
reasury Department, and placed in the mail before midnight May 23, will be
considered as having been entered before the close of the subscription books.
The text of the official circular follows i
UNITED STATES OF AMERICA
1-1/U PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1950
Due June I, 1950
Dated and bearing interest from June 1, X9U9
19U9
Department Circular No* 8U6
Fiscal Service
Bureau of the Public Debt
I.
Office of the Secretary,
Yiashington, May 19, 19U9.
OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions from the people of the United
States for certificates of indebtedness of the United States, designated 1-1/h
percent Treasury Certificates of Indebtedness of Series E-1950, in exchange for
1-1/8 percent Treasury Certificates of Indebtedness of Series E-19U9, maturing
June 1, 19h9j or 2-percent Treasury Bonds of 19U9-51, dated January 15, 19U2,
called for redemption on June 15, 19h9* Exchanges will be made par for par in
the case of the maturing certificates, and at par with an adjustment of interest
as of June 15, 19U9, in the case of the called bonds.
II.
DESCRIPTION OF CERTIFICATES
1» The certificates will be dated June 1, 19k9f and will bear interest from
that date at the rate of 1-l/U percent per annum, payable with the principal at
maturity on June 1, 1950. They will not be subject to call for redemption prior
to maturity.
2, The income derived from the certificates shall be subject to all taxes,
now or hereafter imposed under the Internal Revenue Code, or laws amendatory or
supplementary thereto. The certificates shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority •
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
ii. Bearer certificates will be issued in denominations of f>l,O0O, $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 Treas
ury Department, now or hereafter prescribed, governing United States certificates
III.
SUBSCRIPTION AND ALLOTMENT
1* Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington* Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
-
2
-
2. The Secretary of the Treasury reserves the right to reject ary subscrip
tion, in -whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final. Subject to
these reservations, all subscriptions will be allotted in full. Allotment- notices
will be sent out promptly upon allotment.
IV,
PAYMENT
1* Payment for certificates allotted hereunder must be made on or before
June 1, 19h9, or on later allotment. .Payment of the principal amount may be made
only in Treasury Certificates of Indebtedness of Series E-19U9* maturing June 1, •
19u9, or in Treasury Bonds of 19U9-51* called for redemption on June 15, X9U9> which
vdll be accepted at par and should accompany the subscription. The full year's in-,
terest on the certificates surrendered will be paid to the subscriber following
acceptance of the certificates. In the case of the called bonds in coupon form,
°f aP£rue<* interest on the new certificates from June 1, 19h9 to June l£,
19u9 (tf0.i4.7945 per $1,000). should be made ?;hen the subscription is tendered. In
the case of called registered bonds, the accrued interest will be deducted from the
amount of the check wrhich will be issued in payment of final interest on the bonds
Surrendered. Final interest due June 1p on bonds surrendered will be paid, in the
case of coupon bonds, by payment of June Ip, 191*9 coupons, which should be detached
y holders before presentation of the bonds, and in the case of registered bonds,
y checks drawn in accordance with the assignments on the bonds surrendered.
V.
,.
ASSIGNMENT OF REGISTERED BONDS
Treasury Bonds of 191*9-51 in registered form tendered in payment for cer-
1 icates offered hereunder should be assigned by the registered payees or assignees
Secretary of the Treasury for exchange for Treasury Certificates of
n e edness of Series E-195>0 to be delivered to
," in accordance with the
genera regulations of the Treasury Department governing assignments for transfer
r exchange, and thereafter should be presented and surrendered with the subscripi°n to a Federal Reserve Bank or Branch or to the Treasury Department, Division of
ans and Currency, Washington, D. C. The bonds must be delivered at the expense
and risk of the holders.
t
VI.
GENERAL PROVISIONS
an(j
fiscal agents of the United States, Federal Reserve Banks are authorized
the re^ues'ke<i to receive subscriptions, to make allotments on the basis and up to
oft~
by the Secretary of the Treasury to the Federal Reserve Banks
e respective Districts, to issue allotment notices, to receive payment for cerall tt
a^ ° ^ ec^
make delivery of certificates on full-paid subscriptions
y an<* th©y may issue interim receipts pending delivery of the definitive
1 1 icates.
scribe*
which
Secretary of the Treasury may at any time, or from time to time, pre-<
or amendatory rulps and regulations governing the offering,
T"i 1 be communicated promptly to the Federal Reserve Banks.
JOHN W. SNYDER,
Secretary of the Treasury.
contributing to the future business of
both your own community and tne Nation.
26
banker and his smallest depositor,
the newspaper publisher and the
newsboy,
me
the industria Iist, the farmer,
factory worker.
The $48 billion worth of savings
bonos now he Io by individuals
is a
I
sum greater than the entire national
I
income a generation ago.
I
§11I. ,I9
of that,
Just think
if you want to know where
America stands today.
money which was saved
will be spent
It represents
11
I
locally, and which
locally, thereby
I
- 25 \
'
exceeded the
I
like period a year ago.
I
Other types of savings have done even
bet ter in recent years.
I
I
Savings bond participation
is a
I
program in which every citizen may
I
join,
I
its goals -- opportunity
for oeve Iopmen t , financial
inaependencel
and security for individuals and the
I
.
Nation alike -- are the personal
goals of everyone,
AlI
levels of our economic
structure weet
I
I
I
in this endeavor -- the I
the full faith
d
credit of our
o
Government as to
principal end interest.
Sales figures reveal how this
od of savings gains
every year.
in popularity
Last year total sales of
a I I series reached over $7 billion.
hi le rt|"
than
sa Ies totaI I
billion.
For the first four
months of this y e a r , "E* Bond sales
doubt that $ ! billion of this can
appropriately be placed
in M EH bonds.
/'
Certainly there is no doubt
\
of America's willingness to
part ic ipate in the savings bond program
Americans I iKe the program for
promotes thrift.
The bonds are a
convenient way in which to
savings.
it
invest
And they are bacKed by
Its hold on our people has g
unt i I
it is recognized everywhere as a great
public service program.
There are two fundamental factors
which are basic to every bond sale.
The first
is the pros p e ct ’s ability
to buy; the second is his willingness.
There can be no doubt at a I I of
America’s ability to buy.
national
With a
income paid to individuals
running at the average rate of
$215 billion oer annum,
there can be no
21
every direction since the end of the
war.
One of the strongest factors
behind our achievements has been the
courage ana confidence of our people
to look ahead with determination to a
tomorrow that will be brighter and
less troubled than today.
One of the finest vehicles for
developing this future
bond program,
is the savings
which is as truly
American as Main Street -- as vital
ana timely as today's head I ine news.
our hospitals,
systems,
our municipal service
our great t r a n s c on t inentaI
highways --
largely neglected during
the war -- has scarcely begun.
Facilities must be provided to take
care of the great shifts of population
1
to new areas during the war years.
Ana,
in this connection,
it is
important to remember that 17 million
people have been added to our populatiq
in the decade since the war began.
1
few years.
The use of' Iight metals
ana their alloys is growing in
importance.
The field of synthetics
aftoras unlimited possibilities for
new products.
Developments in home
construction ana home eau ipment offer
tremendous opportunities for new
consumer markets.
More efficient farm
machinery is being developed constantly
A
.< A ,v
and new fertilizers ana chemicals for
farm use are coming on the market.
The rebuilding of our schools,
-
1 8
-
developing new products based on the
wartime discoveries in new materia Is,
new manufacturing techniques, ana new
types or equipment.
Our factories
have been so occupied in supplying
the quickest available goods to fill
accumulated demands that the
introduction of many new products
has had to be postponed.
. '■ : ^
One wartime development alone
atomic energy -- could revo lutionize
our economic life within a relatively
ahead of us.
And,
if we set our
s ights firmly on the opportunities
opening up before us, I believe that
we will not be deterred long, or often,j
by the difficulties of charting our
economic course.
With the return to normal buyers'
markets, we may look forward to one
of the greatest periods of business
development in our history.
in the
few years that have elapsed since the
war, we have made only a start toward
16
changes wnicn have already taken place.
Fifty years ago, the iI Iuminating gas
companies, tne carriage factories, the
interurban lines, were/thriving
industries -- seemingly here to stay.
Aho would have taken too seriously
tne flight or a plane heavier than
air, the first experiments with
moving pictures, the demonstrat ions
of tne earliest automobiles?
Undoubtedly, there wiI I be even
greater changes during the half century
When we do pause and try to get
a proper perspective,
it is reassuring
to discover how greatly the
oppor tun ities of the future loom up.
I mentioned earlier the great changes
which have occurred in our economy
during the past fifty years.
It is
enIigntening, when we try to assess
our present situation, to remind
•V
- '. . •
'¡ f i t
;
♦
I
i ■ ' .v ”
I
|
I
" V '1 '
ourselves that a half century ago the I
most f orward-looking citizens of this
I
country woulo not nave dreamed of the
is
adjustments in 1946, in 1947, and
again in 1948.
Now, we are
experiencing some additional ones.
Each of these readjustments has made
us stop, look, and listen.
Each one
has reminded us of the necessity for
caution, for taking stock of the
situation,
in order to be sure that
we are pursuing the best course.
13
of factors today which give assurance
of a continued prosperity.
The readjustments which are now
taking place are both helpful and
healthy.
We must remember that for
the last three years it has been our
aim and goal to halt inflation and to
adjust prices.
We have had per iodic
Government’s credit and in the
financial stability of the country.
Certainly, our experience since
the War has been evidence of a
remarkable basic confidence here at
home.
Now, when readjustments to a
more normal peacetime economy are
taking place, we have no reason to be
nsive, especially in the face
has not been undermined, as it has
been
in the oast,
by dangerous
speculative activities.
Above all, the financial soundn
of the United States Government -which
is today the Keystone of world
stability and world peace -- is
beyond question.
responsibiIity
The Treasury’s
is to maintain that
soundness through fiscal policies
and debt-management operations which
10
our history.
Li Quid savings of
individuals •*» and thatmeans savings
accounts, checxing accounts, Federal
Government securities, and currency
holdings -- total $200 billion.
Net
*ork ing caoital of corporations
no* stands at the near-record level
of $65 billion.
inco.Tie
Employment and
nd corporation profits are,
Iikb a is&, close to r ecor d I© v © ■!s ■
of Particular Îmooris.nc.0 * our position
«*
9
•
accumulated urgent demands are more
nearly satisfied, our economy
M •
is turning to a normal buyers' market.
I need not remind you that American
enterprise thrives best in a
competitive environment.
We achieve
most when we have to work at selling.
But the dramatic and important
part just now is that we are starting
off from a position of financial
and economic strength unexampled in
8
$75 billion in new con*struct ion and
equipment since the end of the war to I
maintain and expand production of
I
goods.
I
Since VJ-Day, Americans
have bought 13 mill ion new cars and
I
trucks, 29 million new refrigerators, I
vacuum cleaners, and washing
I
machines, and something like
I
A . .k
|
.
50 million new radios and television
sets.
Now that these and other
I
I
I
!
7
The urgent replacement demand for
civilian products which had
accumulated during the war has
sIsCKeneri.
The scramble for
certain things
is over.
If we are
worthy of our traditions,
we w i I I
ioo k on this period as one of
unprecedented opportunity.
American
business has invested more than
trend of our national progress has
been fashioned, and will continue
to be fashioned, by those who s e e v
beyond temporary obstacles, and
who Keep their eyes on the greater
and richer fields that lie ahead.
Today, we are in a period of
reappraisal of our domestic economy.
Uni ortunateIy, there are some
today who apparently have little
faith in this Nation’s ability to
maintain prosperous levels of
employment ana incomes.
There have
been at times a few who took a gloomy
view of the future, and of the
Nation’s ability to surmount the
obstacles that lie ahead.
But, the
United States has been built up
through its long history by men of
confidence and vision.
The main
:
*
- ..........
*
........................... .... /:
-
4
•
unswerving confidence in our ability
as American citizens to help our
country to ever-increasing social
and material health and wealth.
This confidence
in the future is
a most important asset.
But our
future and our confidence cannot be
tat<en for granted.
We must not allow
the increasing responsibiIitie s of
our country to br ing with them a tired
refusal
to meet the challenge of our
growth and progress.
Our country has seen vast changes
in this period.
In the past fifty
years alone, we have progressed from
a predomi natei y rural and small-town
economy to a highly complex
civiIization.
fie have lived through
two great wars.
se events have brought many
problems.
Each one has be«n a
challenge to our energy, our
determination and to our purpose.
But thro
out. we have maintained an
«Neifaww-«s ■,-t,;
-
£
•*••• '
-
commémoraiing the westward migration
of the ’’Gold Rush" that occurred a
century ago.
Ail America is joining.
this year, in paying tribute to the
"Forty-n iners".
This centennial
recalls vividly the search for
opportunity and a better life which
led pioneers westward a hundred years
ago, or eighty years ago, or even fifty
years ago.
Today, three m i 11ion volunteers
I
in rura I areas, in small towns, and
I
in crowded cities are taking part in
I
the greatest peacetime promotion of
I
United States Savings Bonds.
I
This
vast army is out to sell $1,040 million!
in series "E” savings bonds in six
weeks time.
You heard the President start
the Drive, which opened Monday night in
Independence, Missouri.
Thirty
covereo wagons were assembled there.
I
T h an k
to have this opportunity of address ing
so
important an organization as yours.
The following address by Secretary Snyder ffifore the New York
Chapter of the Tax Executives/institute is scheduled for
delivery over the Mutual
at 10th5 P»ro* &DT
Thursday, May 19, 19h9> and is for release at that time«
I
TREASURY* DEPARTMENT
Washington
The following address by Secretary Snyder before the
New York Chapter of the Tax Executives Institute is
scheduled for delivery over the Mutual Broadcasting
System at I0:A5 p©m0 EDT Thursday. Hay 19. I9A9« and
is for release at that time®
Today, three million volunteers in rural areas,, in small towns, and
in crowded cities are taking part in the greatest peacetime promotion of
United States Savings Bonds« This vast army is out to sell $1,040 million
in series ,rE ,f savings bonds in six weeks time®
%
You heard the President start the Drive, which opened Monday night in
Independence, Missouri® Thirty covered wagons were assembled there,
commemorating the westward migration of the "Gold Rush” that occurred a
century ago® All America is joining, this year, in paying tribute to the
"Forty-niners”® This centennial recalls vividly the search for opportunity
and a better life which led pioneers westward a hundred years ago, or
eighty years ago, or even fifty years ago®
Our country has seen vast changes in this period® In the past fifty
years alone, we have progressed from a predominately rural and small-town
economy to a highly complex civilisation® Tie have lived through two great
wars®
These events have brought many problems® Each one has been a challenge
to our energy, our determination and to our purpose® But throughout, we
have maintained an unswerving confidence in our ability as American citizens
to help our country to ever-increasing social and material health and wealth®
This confidence in the future is a most important asset® But our
future and our confidence cannot be taken for granted. Tie must not allow
the ¡Increasing responsibilities of .our country to bring with them a tired
refusal to meet the challenge of our growth and progress®
Unfortunately, there are some today who apparently have little faith
in this Nation’s ability to maintain prosperous levels of employment and
incomes® There have been at times a few who took a gloomy view: of the
future, and of the Nation’s ability to surmount the obstacles that lie
ahead® But, the United States has been built up through its long histoiy <
by men of confidence and vision® The main trend of our national progress
has been fashioned, and will continued to be fashioned, by those who see
beyond temporary obstacles, and who keep their eyes on the greater and
richer fields that lie ahcad0
Today, we are in a period of reappraisal of our domestic economy®
The urgent replacement demand for civilian products which had accumulated
during the 17ar has slackened© The scramble for certain things is over©
S-1095
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2
-
If we are worthy of our traditions, ire will look on this period as one of
unprecedented opportunity© American business has invested more than
075 billion in new construction and equipment since the end of the war
to maintain and expand production of goods© Since VJ-Day, Americans have
bought 13 million new cars and trucks/ 29 million new refrigerators, vacuum
cleaners, and washing machines, and something like 50 million new radios
and television sets© How that these and other accumulated urgent demands
are more nearly satisfied, our economy is turning to a normal buyers*
market© I need not remind you that American enterprise thrives best in a
competitive environment© TJe achieve most when we have to work at selling©
But the dramatic and important part just now»' is that we are starting
off from a position of financial and economic strength unexampled in our
history© Liquid savings of individuals — and that means savings accounts,
checking accounts, Federal Government securities, and currency holdings —
total ^200 billion0 Net working capital of corporations now stands at the
near-record level of (65 billion© Employment and incomes, and corporation
profits are, likewise, close to record levels© And of particular iirportance, our position has not been undermined, as it has been in the past,
by dangerous speculative activities©
Above all, the financial soundness of the United States Government —
which is today the keystone of world stability and world peace — is beyond
question© The Treasury’s responsibility is to maintain that soundness
through fiscal policies and debt-management opemtions which will assure
confidence in the Government’s credit and in the financial stability of
the country©
Certainly, our experience since the T.ar has been evidence of a
remarkable basic confidence here at home© Now, when readjustments to a
more normal peacetime economy are taking place, we have no reason to be
apprehensive, especially in the face of factors today which give assurance
of a continued prosperity©
The readjustments which are now taking place arc both helpful and
healthy© Tie must remember that for the last three years it has been our
aim and goal to halt inflation and to adjust prices© Vic have had periodic
adjustments in 194-6, in 1947, and again in 194-3© Now, we a,re experiencing
some additional ones0 Each of these readjustments has made us stop, look,
and listen- Each one has reminded us of the necessity for caution, for
taking stock of the situation, in order to be sure tint we are pursuing
the best course©
Then we do pause end try to get a proper perspective, it is reassuring
to discover how greatly the opportunities of the future loom up© I
mentioned earlier the great changes which have occurred in our economy
during the past fifty years. It is enlightening, when we try to assess
our present situation, to remind ourselves that a half century ago the
most forward-looking citizens of this country would not have dreamed of
the chan@2s which have already taken place© Fifty years ago, the illum
inating gas. companies, the carriage factories, the intorurban lines,.were
-3 -
thriving industries — seemingly here to stay0 VFno would have taken too
seriously the flight of a plane heavier than air, the first experiments with
moving pictures, the,demonstrations of the earliest automobiles?
Undoubtedly, there will
ahead of us« And, if we set
up before us, I believe that
the difficulties of charting
be even greater changes during the half century
our sights fiamly on the opportunities opening
we will not be deterred long, or often, by
our economic course«
With the return to normal buyers’ markets, we may look forward to one
of the greatest periods of business development in our histoiy0 In the
few years that have elapsed since the war, we have made only a start toward
developing new products based on the wartime discoveries in new materials,
new manufacturing techniques, and new types of equipment« Our factories
have been "so occupied in supplying the quickest available goods to fill
accumulated demands that the introduction of many new products has had to
be postponed«.
One wartime development alone — atomic energy — could revolutionize
our economic life within a relatively few years« The use of light metals
and their alloys is growing in importance« The field of synthetics affords
unlimited possibilities for new products« Developments in home construction
and home equipment offer tremendous opportunities for new consumer markets«
More efficient farm machinery is being developed constantly and new fertil
izers and chemicals for farm use are coming on the marketo
The rebuilding of our schools, cur hospitals,#our municipal service
systems, our great transcontinental highways — largely neglected during
the war — has scarcely begun« Facilities must be provided to take care
of the great shifts of population to new xareas during the war years« And,
in this connection, it is important to remember that 17 million people have
been added to our population in the decade since the war began«
Our country has forged ahead in every direction since the end of the
war« One of the strongest factors behind our achievements has been the
courage and confidence of our people to look ahead with determination to
a tomorrow that will be brighter and less troubled than today«
One of the finest vehicles for developing this future is the savings
bond program, which is as truly American as Main Street — as vital and
timely as today’s headline news 0 Its hold on our people has grown until
it is recognized everywhere as a great public service program«
There arc two fundamental factors which are basic to evciy bond sale0
The first is the prospect’s ability to buy; the second is his willingness*
There can be no doubt at all of America’s ability to buy« Tilth a national
income paid to individuals running at the average rate of £215 billion per
annum, there can be no doubt that (1 billion of this can appropriately be
placed in ”E ” bonds0
K -
a
Certainly there is no doubt of AmeriCàJS willingness to participate in
^ohe savings bond program« Americans like the program for it promotes thrift©
The bonds are a convenient way in rdiich to invest savings©
And they arc
backed by the full faith and credit of our Government as to payment of both
principal and interest«
Sales figures reveal how this method of savings gains in popularity
every year« Last year total sales of all series reached over i»7 billion
vrhile nE ,f Bond sales totalled more than
billion« For the first four
months of this yeaf^ *B-** Bond sales exceeded the like period a year ago0
Other types of savings have done even better in recent years«
Savings bond participation is a program in which every citizen may
join® ^ Its goals — opportunity for development, financial independence and
security for individuals and the Nation alike — aro the nor sonai goals of
everyone«
All levels of our economic structure meet in this endeavor_the
banker and his smallest depositor, the newspaper publisher and thè newsboy
the industrialist, the farmer, the factory worker«
The
billion worth of savings bonds now held by individuals is a
sum greater than the entire national income a generation ago 0 Just think
of that, if you want tc Know where America stands today« It represents
money which was saved Io bally, and which'will be spent locally," thereby
contributing to the future business of both your own community and the
Nation©
-o0 o<
\Dtv'*
Distinctive paper to be used in printing currency
and public debt secprties will^cost any more for the fiscal
year 1950 that for the current year, Secretary ¡Qiyder announced
today.
rw, 4-k^ U . i c Af Kifla .<nhnnttH'"tn wir r U the iai»* r
*
ro anaiuosr-rv Crane Sm
& Company, Inc., of Dalton,
Massachusettsat the same price as that paid the company for
A
the Treasury*s fiscal 1949 supply®
The estmiated quantity of the paper to he required
during fiscal 1950 is 133,767,000 sheets, or about 1,615 tons,
for currency and 9,850,000 sheets, or about 184 tons, for
debt securities,
public
TREASU RY DEPARTM ENT
Information Service
IMMEDIATE RELEASE,
Thursday t May 19 » 19^9 »
S-IO9 6
Distinctive paper to be used in print
ing currency and public debt securities will
not cost any more for the fiscal year 1950
than for the current year, Secretary Snyder
announced today.
Crane & Company, Incorporated, of
Dalton, Massachusetts will a g a i n supply the
paper at the same price as that paid the
company for the Treasury's fiscal 1 9 ^ 9
supply.
The estimated quantity of paper to be
required during fiscal 1 9 5 0 is 1 3 3 >7 6 7 * 0 0 0
sheets, or about 1 , 6 1 5 tons, for currency
and 9 ,8 5 0 , 0 0 0 sheets, or about 184 tons,
for public debt securities.
C 0*
SUGGES
^c.—
-Sccr etar:/-ef tiho T reasury .J^ ha-J^ O nyderarinm inaed tod ay th a t a ■—»
colorful new children's bond ownership certificate is now available at
local banks and post offices throughout the country for children who
buy U. S. Savings Bonds, or for whom bonds are bought.
The new certificate was designed »»■ —
lu
muMrrwi by cartoonist
♦
Ai Capp, Sm b b e s creator of Li'l Abner.
The certificate, ga^ly decorated^
.W't'l!WWW^'ithlB?!Tni^ bears the inscription: ''This is to certify
that (name) is the owner of a Savings Bond, thereby becoming a share
holder in the United States of America^ and through this ownership is
supporting the principles of freedom and security for the nation and
its people.w
«
Tie certificates will be on hand at all bond issuing agente.
They
will be given away with every bond purchase for children or by children^
inscribed with the child's name
* * * -* * + * *
Ky the I p ^ 1*
vautrtgregtw
The first
certificate wfftr*,g1WBii to Linda Susan Agar,
a
two-year-old daughter of movie actress Shirley Temple and her husband
John Agar.
Linda's ownership certificate was inscribed and signed
by Vernon L. dark, National Director of the U. S. Savings Bonds
Division.
Jt
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Thursday, May 19, 1949.
S-IO9 7
A colorful new children's bond ownership
certificate is now available at local banks
and post offices throughout the country for
children who buy U, S.. Savings Bonds, or for
whom bonds are bought.
The new certificate was designed by
cartoonist A1 Capp, creator of Li'l Abner.
The certificate, gaily decorated, bears the
inscription: "This is to certify that (name)
is the owner of a Savings Bond, thereby becom
ing a shareholder in the United States of
America, and through this ownership is support
ing the principles of freedom and security for
the nation and its people."
The certificates will be on hand at all
bond issuing agencies. They will be given
away with every bond purchase for children
or by children, each certificate inscribed
with the child1s name.
The first certificate went to Linda Susan
Agar, two-year-old daughter of movie actress
Shirley Temple and her husband John Agar.
Linda's ownership certificate was inscribed
and signed by Vernon L. Clark, National
Director of the U. S. Savings Bonds Division.
0O0
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 U2
and 117 (a) (1) of the Internal Revenue Code,, as amended by Section ll£ of the
Revenue Act of 19Ul> the amount of discount at which bills issued 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 ovmer of Treasury bills (other than life insurance
companies) issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on original issue or
on subsequent purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No. I4I 8 , as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
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, non-competitive tenders for $200,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
May 26, 19^9
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
May 26 . 19^9
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 the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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 ox
the possessions of the United States, or by any local taxing authority.
For
QdmMixix
ALPHA
JWTRELEASE, MORNING NEWSPAPERS,
Friday, May 20, 19^9,,
The Secretary of the Treasury, by this public notice, invites tenders for
S_900_2_0nn pop
91 -day
, or thereabouts, of
Treasury bills, for cash and
"ÌIÌx ”
in exchange for Treasury bills maturing
May 26 , 19^-9
to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series Will be dated ---------------------------------------May 26 , 19^9
> and
August
19^9____ , when the face amount will be payable without
They m i l be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o*clock p.m., Eastern/fitacoiaxi time, Monday, May 23, 19^-9
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders 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
theref or.
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
TREASU RY DEPARTM ENT
Information Service
REIEASE, MORNING NEWSfcMERS i
Friday, May 20. 1949,
W ASHINGTON,
S-1098
The Secretary of the;-Treasury, by this public notice, invites tenders
for '$900,000,000, or thereabouts, of 91-day Treasury bills, for cash and
in exchange for Treasury bills maturing May 26, 1949, to be issued on a
discount basis under competitive and non-competitive bidding as hereinafter
provided. The bills of this series .will be dated May 26, 1949, and will
mature August 25, 1949, 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 ofclock p.m., Eastern Daylight Saving time, Monday,
May 23, 1949. Tenders will not be received at the Treasury Department,
Washington., Each tender must be for an even multiple of $1,000, and in the
case of competitive tenders 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 apd 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,
non-competitive tenders for $200,000 or less without stated price from any
one bidder will be accepted in full at the average price (in three decimals)
of accepted competitive bids. Settlement for accepted tenders in accordance
m t h the bids must be made or completed at the Federal Reserve Bank on
-May 26, 1949, in cash or other immediately available funds or in a like
face amount of Treasury bills maturing May 26, 1949 c Cash and exchange
enders will receive equal treatment. Cash adjustments will be made for
inferences between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
- 2 ~
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto. The bills shall be
subject to estate, inheritance, gift or other excise taxeSj, -whether Federal
or State,, but shall be exempt from all taxation, now or hereafter.imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority. For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall’be considered to be interest.
Uh’der: Sections 42* and 117 (a) (l) of the Internal Revenue Code, as amended
by Section 11$ 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^'? theowner of Treasury bills (other than life insurance companies) .„isspedr -here—
ffhder "need include in hiS income tax return only the diffb repce |}etwp*enprice 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.^ t’"? r-fh*
ordinary gain or loss,
1
•vvi
X&V
;
.\ .
.
*. ;
"• * '•>
’
'Treasury Department Circular No* 4-18, as amended, and. this notice,
;
prescribe the terms of the Treasury bills and govern the conditions
their Issue „* Copies of the circular may be obtained from any Federal-ip'
Reserve'- Bank or Branch, _
.
'• - '
— oOo-»
..
;
V ’ *
■;
*
5‘
J
*
'I:
:
• / < -
■ •;
It is not the function of the Commission to approt o or disapprove any
sale of securities so long as the facts concerning the securities
are fully stated.
With respect to the International Bank, it may ho stated that
through its quarterly and annual reports and other statements, it makes
a full disclosure to the public of all its activities.
Moreover, under
the proposed legislation, the Bank would he required to file with the
Securities and Exchange Commission such annual and other reports with
regard to its securities as the Commission shall determine to ho
appropriato.
finally, if the Securities and Exchange Commission should
at any time ho of tho opinion that tho interest of tho United States
investor requires that tho securities in the International Bank ho
subjected to tho Securities Acts, the Commission m a y • in ommsultation
with tho National Advisory Council, suspend tho exemption granted under
tho proposed legislation.
In my opinion, tho enactment of the proposed legislation will further
the interest the United States has in the continued effective operation
of the International Bank without prejudicing the rights of United
States investors.
I, therefore, recommend favorable action on tho hill
under consideration.
consent.
It should also fee "borne in mind that the securities of the Inter—
national Bank are "backed "by the joint obligation of some 48 nations,
each of which is severally liable up to the foil amount of its sub
scription*
A nation
might otherwise be tempted to default on a
particular foreign obligation might well be deterred from such action
by the knowledge that a default to the International Bank is simultaneously
a default with respect to 47 other nations upon idiom the burden of meet
ing prorated subscription calls would fall*
11 tilsw nil "hnnlrlTic ^>ri‘r tbri nnrwrltitg i l » w - T i i t ■— *
B ank m ay be I'ohnAJ.n tho-<fte4-’"that sagh“borrow«r is shagged a sem«ts'sli»a>
-1 1111 pro no 11illi inr oiliiTTr^unTjT_nn I1
. 1 m 11 i'if "1
! 1 1
m ill s 1ti r*
* * * * *
p«« « i b i s e s a so ft
M
the
im
urnrn * -ttme i
thfl Banlr1njrfnnTTn fmrft-in nppTnTjffinttly1 $ 7 |09Airvv^l **'*"**■
-fn rmtiinnn a r i i r
Adverting to the protection the United States investor enjoys
with respect to foreign securities which sure not exempted from the
Securities Acts, it may be appropriate to note that the essence of this
protection is the requirement for full and fair disclosure of pertinent
information.
S?he Sscuritios and Exchange Commission does not make a
determination as to the worth of a security offered for sale*
W
-
3 -
requirements pertaining to securities subject to those Acts.
The
proposed legislation would meet this practical difficulty by amending
the Bretton Woods Agreements Act to make the securities issued or
guaranteed by the International Bank exempt securities under the
Securities Acts#
In connection with the enactment of the proposed legislation, careful
thought has been given to the position of investors in the United States,
I
believe that the
national Bank
unique
and the
ch a ra cte ristics of the se cu ritie s of the In te r
nature
of the safeguards provided in the proposed
legislation constitute ample protection*
It should be noted that by virtue of the large subscription of the
United States in the shares of the International Bank, ttiere is a corres
pondingly large official participation by the United States in the
direction of the Bank#
Under the guidance of the National Advisory
Council, the United States Executive Director, who holds approximately
one-third of the total votes of the Bank’s Executive Board, directs his
activities to effectuating the United States policy of making the Bank a
sound, strong, effective instrumentality for financing appropriate projects
far reconstruction and development.
In this connection, it may be noted
that the International Bank may not sell its securities in this country
without obtaining the prior consent of the National Advisory Council;
nor can the Bank buy or deal in its securities without that
It i# the opinion of tho National Advisory Connell that the enactment
of
facilitât, the w i d e e p r « * distribution la the B a i t M Stat..
of securities issued or guaranteed by th. Iat.raatioaal Bank.
**r a
detail.4 analysis of th. structure aa4 « » r a t i o n , of the International
Bank, particularly with respect to the .ff.ct that th. prepeeed legislation
would have on It. nark.ting operations. I will def.r to the r « r e sen tatlye.
of the Bank Who will appear “before you.
However. If I may. I would Ilk. to touch hrl.fly upon on. of the
principal problems which will be remedied If th. propos.4 legislation is
enacted.
At th. present tin., although national hanks nay invest la securities
Issued by the International Bank, they are not authorized under th.
National Bank Act to deal in such securities.
The proposed legislation
would remove this legal disability by anendlng the National Bank Act to
permit national banks to deal In securities issued by the International
Bank*
Both the International Bank and th. National Advisory Council believe
that la order that this permission nay bo really offoctivo in broadening
the market for th. Bank's securities they should be e x e m p t s from tho
Securities Acts.
The reason 1. that the whole marketing system of
national hank. i. geared to deal only in securities which are exempt from
the Federal Securities Acte, mainly federal, state, and municipal securitiaa; and it i* not adapted to moot tho various
MAKTIN OH S~-46&.
: ACT AKD'THl BEETTOB
TOITOIHIE FOKPOSMT^
BEAT'S OS’
"ro
aasa
WOODS AG
Hr* Chairman and Members of the Commi ttee*
I am appearing before your Commit.tee
oh
behalf of the National
Advisory Council oh International Monetary aad Financial Problems to
present its views
or
^
t 4€64^
whick the Committee is now considering*
The bill would amend the National Bank Act to permit national banks
to deal in the bonds of the International Bank, aad would, by amend
ment to the Bretton Woods Agreements Act „exempt securities issued or
International
guaranteed by the /Bank from the provisions of the Securities Acts*
The National Advisory Council has given serious consideration to the
proposed legislation and believos that it should bo enacted*
With your permission, I would like to address myself to the pol
icy considerations underlying the National Advisory Council’s support
of the pending legislation*
In the opinion of the National Advisory
Council, the International Bank for Beconstruction and Development
will have an increasingly important role in the future development of
the international capital market.
It seems d e a r that, to the extent
that economic aad political conditions abroad permit the Bank to
assume greater responsibility in financing reconstruction and develop
ment, it is in the interest of the Waited States to encourage the Bank
to assume that responsibility*
During the next few years, it is hoped that many more nations
will bo in a position to apply for loans to finance projects aad pro
grams consistent with the purposes of the Bank.
The continued effective
ness of the International Bank will depend upon its ability to moot
these requests*
To do this, the Bank will have to raise additional
funds in the securities market
of the United States.
r
Statement by Assistant Secretary of the -Treasury
William McC. Martin, Jr., before the Banking and
Currency Committee* of the House of Representatives
on-Tj£ .4332, "to amend? the National Bank Act and
the Brett on Woods Agreements Act, and for other
TREASURY.DEPARTMENT
Wàshington
Statement by Assistant Secretary of the Treasury
William McC. Martin, Jr., before the Banking and
Currency Committee of the House of Representatives
on H. R, 4332, ”to amend the National Bank Act and
the Bretton Foods Agreements Act, and for other
purposes,n
10 A,M» - May 23, 1949
Mr, Chairman and Members of the Committee?
I am appearing before your Committee on behalf of the National
Advisory Council on International Monetary and Financial Problems to pre
sent its views on H, R, 4332, which the Committee is now considering. The
bill would amend the National Bank Act to permit national banks to deal in
the bonds of the International Bank, and would, by amendment to the Bretton
Woods Agreements Acts,exempt securities issues or guaranteed by the
International Bank from the provisions of the Securities Acts, The National
Advisory Council has given serious consideration to the proposed legislation
and believes that it should be enacted.
With your permission, I would like to address myself to the policy
considerations underlying the National Advisory Council’s support of the
pending legislation. In the opinion of the National Advisory Council,
the International Bank for Reconstruction and Development will have an
increasingly important role in the future development of the international
capital market. It seems clear that, to the extent that economic and
political conditions abroad permit the Bank to assume greater responsi
bility in financing reconstruction and development, it is in the interest
of the United States to encourage the Bank to assume that responsibility.
During the next few years, it is hoped that many more nations will
be in a position to apply for loans to finance projects and programs con
sistent with the purposes of the Bank. The continued effectiveness of
the International Bank will depend upon its ability to meet these requests.
To do this, the Bank will have to raise additional funds in the securities
market of the United States,
It is the opinion of the National Advisory Council that the enactment
of H. R. 4332 would facilitate the widespread distribution in the United
States of securities issued or guaranteed by the International Bank. For
a detailed analysis of the structure and operations of the International
Bank, particularly with respect to the effect that the proposed legislation
would have on its marketing operations, I will defer to the representatives
of the Bank who will appear before you.
However, if I may, I would like to touch briefly upon one of the
principal problems which will be remedied if the proposed legislation is
enacted.
At the present time, although national banks may invest in securities
issued by the International Bank, they are not authorized under the National
Bank Act to deal in such securities. The proposed legislation would remove
this legal disability by amending the National Bank Act to permit national
banks to deal in securities issued by the International Bank.
Both the International Bank and the National Advisory Council believe
that in order that this permission may be really effective in broadening
the market for the Bank’s securities they should be exempted from the
Securities Acts. The reason is that the whole marketing system of national
banks is geared to deal, only in securities which are exempt from the
Federal Securities Acts, mainly federal, state, and municipal securities;
and it is not adapted to meet the various requirements pertaining to
securities subject to those Acts. The proposed legislation would meet
this practical difficulty by amending the Bretton Woods Agreements Act to
make the securities issued or guaranteed by the International Bank exempt
securities under the Securities Acts.
In connection with the enactment of the proposed legislation, careful
thought has been given to the position of investors in the United States.
I believe that the unique characteristics of the securities of the Inter
national Bank and the nature of the safeguards provided in the proposed
legislation constitute ample protection.
It should be noted that by virtue of the large subscription of the
United States in the shares of the International Bank, there is a corre
spondingly large official participation by the United States in the direc
tion of the Bank. Under the guidance of the National Advisory Council, the
United States Executive Director, who holds approximately one-third of the
total votes of the Bank’s Executive Board, directs his activities to
effectuating the United States policy of making the Bank a sound, strong,
effective instrumentality for financing appropriate projects for reconstruc
tion and development. In this connection, it may be noted that the Inter
national Bank may not sell its securities in this country without obtaining
the prior consent of the National Advisory Council; nor can the Bank buy or
deal in its securities without that consent.
It should also be borne in mind that the securities of the Inter
national Bank are backed by the joint obligation of some 4-8 nations, each
of which is severally liable up to the full amount of its subscription. A
nation which might otherwise be tempted to default on a particular foreign
obligation might well be deterred from such action by the knowledge that a
default to the International Bank is simultaneously a default with respect
to 47 other nations upon whom the burden of meeting prorated subscription
calls would fall.
Adverting to the protection the United States investor enjoys with
respect to foreign securities which are not exempted from the Securities
Acts, it may be appropriate to note that the essence of this protection
is the requirement for full and fair disclosure of pertinent information.
- 3~
The Securities and Exchange Commission does not make a determination as to
the worth of a security offered for sale* It is not the function of the
Commission to approve or disapprove any sale of securities so long as the
facts concerning the securities are fully stated.
With respect to the International Bank, it may be stated that through
its quarterly and annual reports and other statements, it makes a full
disclosure to the public of all its activities. Moreover, under the pro—
posed legislation, the Bank would be required to file with the Securities
and Exchange Commission such annual and other reports with regard to its
securities as the Commission shall determine to be appropriate. Finally
if the Securities and Exchange Commission should at any time be of the *
opinion that the interest of the United States investor requires that the
securities in the International Bank be subjected to the Securities Acts
the Commission may, in consultation with the National Advisory Council
suspend the exemption granted under the proposed legislation*
In my opinion, the enactment of the proposed legislation will further
the interest^ the United States has in the continued effective operation of
the International Bank without prejudicing the rights of United States
investors. I, therefore, recommend favorable action on the bill under
consideration.
o 0 o -
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 1±2
and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of the
Revenue Act of 19hl> 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 Ho. I4.IS, as amended, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
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 oids.
Those submitting tenders wilX be advised of the acceptance or rejection thereof.
The Secretary of the Treasury expressly reserves the right to accept or reject
any or ail tenders, in whole or in part, and his action in any such respect shall
be final.
Subject to these reservations, non-competitive tenders for $200,000 or
less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
June 2,
19h9
> in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
June 2,
19h9____ y
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 the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
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 Slate, or any of
the possessions of the United States, or by any local taxing authority.
For
SsasKKKtPX
A - % tf
V
RELEASE, MORNING NEWSPAPERS,
Tuesday, May 2lu 19^9»_____ ■
Si
The Secretary of the Treasury7", by this public notice, invites -tenders for
$ 900,000,000
Si
, or thereabouts, of
91
Si
in exchange for Treasury bills maturing
—
-day Treasury bills, for cash and
June 2, 19U9
—
^
—
3
t0 he issued on
—
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
June 2, 19li9
------------- —
will mature
interest.
September 1,. 19U9
r'"$B$L
3
3
:
anc^
—
when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000,. $100,000, $ 500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
v
Daylight Saving
closing hour, two o ’clock p.m., Eastern/Sixmasst time, Friday« May 27« 19li9
irot
Tenders will not be received at the Treasury Department, ■
‘Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competitive
tenders 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
theref or.
Tenders vri.ll 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
af&S
<L
TR EA S U R Y D E P A ^ tM E N T
Information Service
RELEASE, MORNING NEWSPAPERS
Tuesday. May 24. 1949.
WASHINGTON, D .C .
S-1099
,
°**‘
^reasury> by this public notice, invites ten
ders for $900,000,000, or thereabouts, of 91-day Treasury bills, for
cash -and in exchange for Treasury bills maturing June 2, 19-49, to be
issued on a discount basis under competitive and non-competitive bidding
as hereinafter provided. The bills of this series -will be dated June 2
94-9, and will mature September 1, 1949, 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).
,V:
'
'
' .
+t%^enders
De received at Federal Reserve Banks and Branches up
;jhe Cl9Sing hour> ttvo o ’clock p.m., Eastern Daylight Saving time,
Friday, May 27, 1949. Tenders will not be received at the Treasury
Department, Washington, Each tender must be for an even multiple of
$1,000, and in the case of competitive tenders the price offered must
be expressed on the basis of 100, with not more,than three decimals,
g., 99.925, Fractions may not be used. It is urged that tenders
be made on the printed fonns and forwarded in the special envelopes
which will be supplied by Federal Reserve Banks or Branches on appli
cation 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 ¿ills applied for
unles.s^ 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 announce
ment will be made by the Secretary of the Treasury of the amount and
price range of accepted bids. Those submitting tenders will be advised
ot 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, non-competitive tenders for $200 000 or
less without stated price from any one bidder will be accepted in full
q,++Tie avera£e price (in three decimals) of accepted competitive bids,
settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on June 2, 1949, in cash
or other immediately available funds or in a like face amount*of
reasury bills maturing June 2, 1949. Cash and exchange tenders will
receive equal treatment. Cash adjustments Will be made for diffe:r^ces
between the par value of-maturing bills accepted in exchange and
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 dif ^ ^ io^
r
Treasury bills- shall not have any .special treatment, as such, unde ^
I S Internal '¿venue Code, or l a w s amendatory or'
— * • * to
■ estate,
~ inheritance,
gift
ouner
The bills shall
be subject
-—
* r
- or __
,o excise
„
taxes, whether Federal or-State, but shall be exeiapt m o m allnow or hereafter imposed on the 'principal or interest thereof by a n / _ ,
State» or any of the possessions of the United otax-es, or y
>
authority. For p r o s e s of taxation -the amount of m s c o m t ate
which Treasury bills are originally sold ty^the Snited^btates
considered to be interest. Under Sections^ and 117 (a; (1) o i the
Internal Revenue Code, as amended by Section 115 o f t e e Revenu
1941, the amount of discount at which bills issued hereunde
shall not be considered to accrue until such bills snail
’
redeemed or otherwise disposed of,, and such bills are excluded frorn^
consideration as capital assets. Accordingly, tee ,
0TO^
T^ d taclude
bills (other than life insurance companies) issued nereunder ^ s d m :
in his income tax return only the difference between the price paid for
such bills, whether on original issue or on subsequent
the a m o u n t ' actually received either upon sale or redemption_at maturity
during the taxable year for which the return is made, a-s ordinary g a m
or loss# ■
r
...
aX»*
Treasury .Department Circular Mo. 418, as amended, m d this notice,
prescribe'the terms of the Treasury bills end govern the conditions
their issue.. Copies of the circular may be Detained from any Federal .
Reserve Bank or Branch.
0 O0
m m m «»sag »»piuma,
/v /-
V \x A M * ----
n
a
o<>
The &mm%m*f of thè Tre&auiy anncuneed last evenlng that thè tendere far
$900,000,000, or thereabcuta, ©f Vl-day Treasury bilia to be dated May 26 and
to aftt&r« Mipst 25» 1949, eiiich were offered 00 May 20, w « w opened &l Ibi
Foderai Reserve Banks osi May 23»
The datai!» cf thia iscue ere &s follo*»a
Total applied for - #1,39«,560,000
Total aceepted
904,524,000 (include® $55,504,000 entared on a aoncompetitive bada and aceepted in full
ai thè average prie® eho»n bel©*)
Average prie©
- 99*90? ÌSquiv&lent rate of discount approx. 1,159% per
Bang® of acoepted ceuqpetitlv© bids 1
-
99*712 Equivalent rate of diacoimt approx. 1,139%
» n
it
»
1,163%
- 99.706
High
Lem
(21
m
percent of the amount bid for at the low price was accepted)
Y
Total
Total
Federai Reserve
lietrlct
M ÉH for
Boston
I w fork
Philadelphia
Cleveland
Kich&ìond
Atlanta
Chicago
St* Ionia
Minneapolis
Kansas City
Dallas
San Franeiaeo
#
,
1,301,970,000
19,254,000
21,558,000
,
3,389,000
100 ,751,000
8,971,000
3,255,000
0,859,000
11 ,245,
1P3.861.PCO
$ U , 045,COO
11 ,598,560,000
«904,524*000
_____
11 545,000
3 800,000
000
Total
Accepted
707,285,000
5,961,000
19,209,000
3,300,000
3,389,000
48,901,000
8 ,892,000
,
7,780,060
7 ,216,000
77*791*000
3 255,000
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS,
Tuesday, May 24, 1949.
S-2000
The Secretary of the Treasury announced last evening that
the tenders for $900,000,000, or thereabouts, of 91”^ay Treasury
hills to he dated May 26 and to mature August 25, 19^9, which
were offered on May 20, were opened at the Federal Reserve Banks
on May 23.
The details of this issue are as follows:
Total applied for - $ 1 ,598 ,560,000
Total accepted
904,524,000 (include s $55,504,000
entered. on a noncompetitive basis and
accepted in full at the
average price shown below)
Average price
- 99.707 Equivalent rate of discount approx.
1* 159$ per annum
Range of accepted competitive bids:
High
Low
'
- 99 .712 Equivalent rate
1. 1 3 9 $
- 99.706 Equivalent rate
1,.163 $
of discount approx.
per annum
of discount approx.
per annum
(21 percent of the amount hid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
$
1 1 ,5 ^5,0 0 0
1 ,3 0 1 ,970,000
1 9 ,2 5 6 ,000 2 1 ,658,000
3 ,800,000
3 ,389,000
100 ,75 1 ,0 0 0
8 ,9 71,0 0 0
3 ,255,000
8 ,859,000
11,245,000
1 0 3 ,861,000
$ 1 ,598 ,560,000
oOo
Total
Accepted
$ 1 1 ,045,000
7 0 7 ,285,000
5 ,961,000
1 9 ,209,000
3 ,800,000
3 ,38 9 ,0 0 0 .
48,o g i ,o o o
8 ,892,000
3,255,000
7 ,780,000
7 ,216,000
77,791,000
$904,524,000
Announcement i s made o f th e appointm ent o f
R. S. B e a tty as D is t r ic t C h ie f N a tio n a l Bank Exam iner
a t Richm ond, V ir g in ia , re p la c in g J . L. B a ile y , who i s
b ein g tra n s fe rre d to P h ila d e lp h ia to become D is t r ic t
C h ie f N a tio n a l Bank Exam iner in th a t a re a .
May 23, 1949
9:45 A.M
o
)
lYVVvc^
Secretary Snyder today announced the appointment
of R. S . Beatty as District Chief National Bank
Examiner at Richmond, Virginia.
He succeeds J. L.
Bailey who recently was named District Chief National
Bank Examiner at Philadelphia.
Mr. Beatty was formerly District Chief National
Bank Examiner at Minneapolis.
In January 19^9, he
was brought to Washington for special duty in the
Office of the Comptroller of the Currency.
He joined
the examining staff of the Comptroller's office in
1927 as an assistant national bank examiner and sub
sequently, as an examiner, worked in the Seventh
Federal Reserve District at Chicago.
In 1941 he
was appointed Chief Examiner at Minneapolis.
Prior to entering the government service,
Mr. Beatty was a state bank examiner with the Iowa
Banking Department.
TREASU RY DEPARTM ENT
Information Service
IMMEDIATE RELEASE,
Tuesday, May 24, 1949.
S-200I
Secretary Snyder today announced the appoint
ment of H. S. Beatty as District Chief National
Bank Examiner at Richmond, Virginia. He succeeds
J. L. Bailey vho recently was named District Chief
National Bank Examiner at Philadelphia.
Mr. Beatty was formerly District Chief
National Bank Examiner at Minneapolis. In
January 19*1-9, he was brought to Washington for
special duty in the Office of the Comptroller
of the Currency. He joined the examining staff
of thè Comptroller’s office in 1927 as an assist
ant national bank examiner and subsequently, as
an examiner, worked in the Seventh Federal Reserve
District at Chicago. In 19^1 he was appointed
Chief Examiner at Minneapolis.
Prior to entering the government service,
Mr. Beatty was a state bank examiner with the
Iowa Banking Department.
2
Rabbi Hirsh E. L. Freund, Executive Secretary of
the Synagogue Council of America, said that the develop
ment of a systematic mode of saving was sound for the
individual and for the nation as well.
"The Synagogue Council of America," Rabbi Greund
said, "wholeheartedly endorses the proclamations of the
United States Treasury regarding the Opportunity cam
paign for the purchase of U. S. Savings Bonds."
"Buying bonds," Rabbi Freund added, "is buying re
affirmation that we, the American people, wish to uphold
our American institutions, our concept of living in
which the people of the United States share in the wel
fare of our government, our cities and our homes."
-0 O0 -
su p p o rt o f the re c e n tly -in a u g u ra te d T re a su ry Departm ent
O p p o rtu n ity S aving s Bonds D r iv e .
"The O p p o rtu n ity Bond D riv e i s h a p p ily and a c c u ra te ly
named," sta te d the R ig h t Reverend P a u l F . T anner, A s s is t
ant D ire c t o r o f the N a tio n a l C a th o lic W e lfare C o n fe re n ce .
" I t i s im p o rtan t th a t t h is h a b it o f t h r if t be co n tin u ed
and encouraged, as sy ste m a tic sa v in g s i s one o f s e v e ra l
needed a n tid o te s to the modern a n t i- C h r is t ia n , intem per
ate p u r s u it o f p le a su re and h e e d le ssn e ss p e n e tra tin g
s o c ie ty
Cameron P . H a ll, E x e c u tiv e S e c re ta ry , Departm ent
o f the Church and Econom ic L if e , the F e d e ra l C o u n c il o f
the Churches o f C h ris t in A m erica, s a id th a t "v id e pop
u la r o v n e rsh ip o f the n a t io n a l debt i s in keeping v it h
the s p i r i t and p ra c t ic e o f dem ocracy.
I t means th a t the
many, not m erely the fe v , have a sta ke in hov the debt
i s a d m in is te re d ."
"In ve stm e n t by the Am erican people in th ese U . S.
S avin g s B o nd s," M r. H a ll co n tin u e d , "can c o n trib u te
much to the m oral fo u n d a tio n o f o ur n a t io n a l l i f e , and
t h is a sp e ct o f the T re a su ry D epartm ent’ s O p p o rtu n ity
D riv e w i l l be im p o rtant in i t s su p p o rt by m u ltitu d e s o f
the members o f o ur c h u rc h e s."
RELEASE MORNING NEWSPAPERS,
Wednesday, May 25. 1949'.
S-2002
Three outstanding spiritual leaders today urged
support of the recently-inaugurated Treasury Department
Opportunity Savings Bonds Drive.
The Opportunity Bond Drive Is happily and accurately
named,
stated the Right Reverend Paul F. Tanner, Assistant
Director of the National Catholic Welfare Conference.
"It
is Important that this hahit of thrift be contjnued and
encouraged, as systematic savings is one of several needed
moc^erb- anti-Chri s t ian, intemperate pursuit
of pleasure and heedlessness penetrating society."
Cameron P. Hall, Executive Secretary, Department of
the Church and Economic Life, the Federal Council of the
Churches of Christ in America, said that "vide popular
ownership of the national debt is in keeping with the
spirit and-practice of democracy.
It means that the many
not merely the few, have a stake in how the debt is
administered."
Investment by the American people in these U. S.
Savings Bonds," Mr. Hall continued, "can contribute much
to the moral foundation of our national life, and this
aspect of the Treasury Department’s Opportunity Drive will
be important in its support by multitudes of the members of
our churches."
Rabbi Hirsh E. L. Freund, Executive Secretary of the
Synagogue Council of America, said that the development of
a systematic mode of saving was sound for the individual
and for the nation as well.
„ ,
*£ke Synagogue Council of America," Rabbi Freund said,
wholeheartedly endorses the proclamations of the United States
Treasury regarding the Opportunity campaign .for the purchase
of U. S. Savings Bonds."
n-pf*• ”B 2?’ing bonds,'r Rabbi Freund added,
"is buvine-
IntheTOlfa?e
lf
People of the United States share
government, our cities and our homes."
0O0
o f l , ? 1®
of Gur
IMMEDIATE RELEASE
/
■C^cL-
The National Agricultural Savings Bonds Committee
today released a statement urging support of the
Treasury Department's Opportunity Savings Bond Drive by
America's six million farmers.
Organizations represented in the composition of
the committee are the American Agricultural Editors
Association, the American Farm Bureau Federation, the
Agricultural Commission of the American Bankers A s s o
ciation, the National Council of Farmer Cooperatives,
the National Farmers Union, the National Grange, the
National Association of Radio Farm Directors, and the
United States Department of Agriculture.
"Every farm and ranch family," the statement in
part reads,
"needs a financial reserve as insurance
against emergencies like crop failures, disease in herd
or flock, or sickness or accident in the family, and to
provide financial independence for the later years of
l i f e ...
"The Committee has therefore pledged its personal
support and offers the cooperation of the agencies and
organizations its membership represents for supporting
the Farm Savings Bonds Program."
- 0O 0 -
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Wednesday, May 25, 1 9 ^ 9 »
S.-2003
The National Agricultural Savings Bonds Committee
today released a statement urging support of the
Treasury Department
Opportunity Savings Bond Drive
by America's six million farmers.
1s
Organizations represented in the composition of
the committee are the American Agricultural Editors
Association, the American Farm Bureau Federation, the
Agricultural Commission of the American Bankers
Association, the National Council of Farmer
Cooperatives, the National Farmers Union, the National
Grange, the National Association of Radio Farm
Directors, and the United States Department of
Agriculture.
’’Every farm and ranch family," the statement in
part reads, "needs a financial reserve as insurance
against emergencies like crop failures, disease in
herd or flock, or sickness or accident in the family,
and to provide financial independence for the later
years of l i f e ...
"The Committee has therefore pledged its personal
support and offers the cooperation of the agencies and
organizations its membership represents for supporting
the Farm Savings Bonds Program."
oOo
m .
_____
!
* 17 *
|lp$|
fben, truly, we will be worthy of our great heritage. With the
I
a oi humnitariaaism planted so flirty la f«r hearts, the
fruits of a full and happy life wiU surely he yours as «ell as an
inspiration to those yet to foUcrw ia your footsteps. Good luck
to each of you#
sciencej too few men of God*
We have grasped the
i^yshery of the atom and rejected the Sermon on the
Mount* W m is stumbling blindly through a spiritual
darkness while toying with the precarious secrets of
Ufa and death* fhe world has achieved brilliance
without wisdom*, power without conscience*
Ours Is
a world of nuclear giants and ethical infants* Ife
know more about war than we know about peace* ^ore
about killing than we know about living**
You are m m of peace* l o w mission is selfless service in
the public interest*
If need be* you are also men of war*
In
y o w dual character* take the initiative in demonstrat1ng that
you* and we as a nation through you, can know more about pace
than war, more about living than killing, more about giving than
- IS I do not deceive spself fox* an instant that peacetime duties call
for any less fortitude or courage.
Practically any day m «** x
pick up our newspapers and read of Coast Guard exploits^ la
iMeh the wearers of the Treasury shield have risked* or perhaps
given* their lives to save others, dad I think of the other
Mnd of courage, pert and parcel of Coast Guard existence,
needed to meet the lonely vigils of the weather ship, the
I ipi
monotonous day and -night patrolling of the high sera, the
restricted life at isolated stations. A man must love his Job
to da all this.
I hope it is a good omen that you face these
duties of peace » not those of war.
In closing, let me quote to you an excerpt from an address
of General Omar Bradleys
•Hth the monstrous weapons man already 1ms,
humanity is in danger of being trapped in this world
1gr its moral a&oloseones*
There are other responsibilities we could discuss.
But I
am confident that you are aware of them, » 4 welcome only the
opportunity to respond to them.
However* I «at tempted to add
an admonition of ay own. that is - hold on to your sense of
humor.
We all know the average American Is characterized as the
sort of a chap fto can manage a grin in any given situation.
I
am sorry to report Ifve met some who did not fulfill this
requirement.
Of course* I do not mean to imply that leYity
e>,mii| reign supreme.
I do not mean that a men should go around
with a smile across his face until there are doubts about his
mental equilibrium.
Safe the officer who loves his work, and
believes in himself, will find ft# going much easier if he can
balance ft# serious with the humorous*
I am especially glad that the Class of 1849 receives its
commissions at a time when the duties of peace are paramount.
- 13 -
1 know, and you know, that »tripe, around the sleeve demoiatra^ I
authority, tot only you, by your attitude toward your Job and
I
your personality, can caramnd the respect sbich changes blind
I
obedience into eager cooperation,
I
la this connection, one of
the great leaders in the recent war described leadership ia this I
W
s “Firmness, not harshness. Understanding, not weakness.
Justice, not license,
@5
got selfishness*
Humaneness, not intolerance.
Generosity, I
Pride, sot egotism*
I
Bo not forget that ambition is a most willing servant, «
. ted «tost,,.
I
I
Tour uter.tadaU. t e l « to tottor , o « « J
to COB» up ia the world, should not be so all-consuming that
I
you hesitate to cooperate for the good of the service, that you I
misplace your sense of fair play, that you stoop to m e evils
I
of a calculating loyalty. Use ambition» hut do not let
anhition use you*
o B I S W w ^ ;
v v
I
■
W ^ M
.1 1 1
H
I
-
11
Reneiaber that the United States Coast Guard is one of the
oldest military services, ranking hi# in the regard of both
our citizens ana sister services. Although relatively snail in
mn, ships and planes, it has a splendid record of achievement,
and the reputation of doing the impossible. Mariners and maritiai
interests have great faith and confidence in your ability to get
things done. You eaa be justly proud to ho an officer of the
£
Coast Guard.
Remember that privileges and responsibility go hand-in-hand.
This is a truth too easily overlooked, for one thing, you are a
servant of the people, fou have volunteered to be trained at
their expense. It is your constant and increasing responsibility
to demonstrate to them by your behavior, proficiency and skill
that you are worthy of their trust and your em ploym ent,
To digress for a moment, m could apply the principles of
team-play to this nation which we are sworn to preserve and
Ota* nation is great because our forefathers» as
individuals, recognised the need for unity and organisation.
As individuals, they saw that certain liberties would have to
be surrendered for the greater good of allj that a democratic
form of government by which the individuals on the teas determine
their own leadership was the practical, the sensible, the
equitable solution. Hay it be God’s will, for the future of
jaanSdnd itself, that the spirit of teaaplay be transmitted
generously to other nations in this small world of ours • so the
%n men may live in manly dignity as well as raitual trust and
confidence.
As jou Join the coiist&ssioned ranks of tbs Coant Guard» let
M
mmtd&h jm apdii to think seriously of m m of tto essentia
factors which(vaAefi^your position as officers in its service.
e
Faced with sc many varied «ad vitally important duties at hew»
aad abroad, on
land
and sea, and lacking the resources of the
larger military services, the Coast Chard has no alternative but
to place heavier duties and responsibilities upon its individual
officers*
In being commissioned hero today, you can take pride in the
f
knowledge that you are assuming great responsibility «ft
authority«
Often you will be callea upon to act independently,
to exercise hi# degrees of initletlvs, loyalty and Judgment.
Then you will use the tool* and abilities you have developed |
the past four year», then you will have the chance to justify
the faith of your instructors ató the Coast Guard itself that
you possess the attributes of leadership.
of obedience bacarne 1
that a team is built
the ball, there are
to serró your
country end hua&nity is the impelling
that
to do the hast of which he Is
the true Coast
futile gesture
the training you have had in the
some distant objective. It was directed with the thought
future **
In mind that
thrilling or ®
better egaip you to
your future with eagerness
each of
courage* do so in the
be tested
you are
your
the vicissitudes of the career upon
gash has baca the experience of
in the service} it
for such is life regardless of your care«» Í
Is how well you meet the situation* It is to
ni
overcome the battles of life that education is directed.
fbat the Coast Gmrá I# ««posad ©f a apeelal type of afta Is not
an aocident* Oaly sen sdth particular qu&litles ara sought bj
the COflust Gu&rdj man wh© can adjust to the discipline of pesca
or war as accesión demanda* This is necessary because# to m¡r
knowleága, the Coast Guará foras
only militar^ ©rganisation
lÉiosa members haré the uaique dlstinction# as well as the
epportunitj, of serving their country in both the pursuit of
peaee and war* It is the risible ©oimection betweea the %uief
dispatch of our peacetirae dutles and m r will to defend in tíme
of natlon&l crisis#
The Coast Guará, it will he rememhered# has served its
countif in creiy rnjor w&r since the fmindlng of the Republle*
Tsrice durlng tías century It has h&d to serer its assocl&tion
with the Treasury Department to become a part of the United
States
fc§f
3
in time
of m r t
distinctionf each tim
lach time it has serrad with
it has retornad to the Treasur^ Departí
to serr® the ocurrirás peacetime neede with equd distinction*
You hatre 2aessm*ed tip to thè 1atilltdtol roquireiaeiits of a
teehnieal course i&ich ranks among thè best in thè country* leu
Mve sunrlved thè pitfalls which were set in your way to test
yoor adaptabìllty* for, as y#m know, you were subject* twnty-foi*
hours a day, to a dose and Constant obserration fot* thè purpose I
of uneovering any weakness, fa body, habit, or atiitude
would tend to dis<|ualify Jm
L
thè mny wied assigiata ehi«
He ahead for y#m* By your pressane bere today, j m persoaify
thè Blblical injmetìon tkat *mmj mm calici, bui few are chosel
It ìs, therefore, a reai privilege for m to be bere and to
I
extemà to each of yen «arnesi oongratulations and sincere good I
wìsbes for your future success»
fhft Co&st Guarà, as you doubtlesa know* haa been an integrai
pari of thè Treaeury Department for nsarly 1 ®) yeara.
la faet, I
ita ere&tion sai that of thè Tre&sury «ero alnost almltaacous. ^
3
fr/end was trained
tvcA. peaceful
occupation
minister a
deVerminatlon to -dSTssfiLhiinaelf
' 7 ¿ ^ z z i c^ii'^4 y*f />**&
tern, fcso; i
trai til ngyhased primarily upon your
contributing an essential service to a peacetime economy*
Bui
-
1
by virtue of your specialised training, you w ill be prepared to
participate immediately is the defense of this nation in the
future, ae hag been dene la the past, should military aetion
become necessary te withstand aggression*
The objective upon which you set your sights just a short I
»two ago is about to be reached* The years of difficult preparaj
snd rigorous training are now over5 te a few minutes you will
step forward sad receive your commissions as ensigns end your
hard«*won Bachelor of Science degree# Tou have withstood the
demands of a particularly arduous military lif e , calling for
alertness and the stoutest physical stamina#
that his
t o
would return from upstairs*
Suddenly he heard a
noise on the W o k porch and loosed up la time to see the screen
door open and advancing into/the kitchen m s a Xarge*/olaek ajeyf
The intruder paus^I to survey the situation and in that
instant my friend rea&vered suffieientl^/fromXthe initial shock
hurl the hoys ytf the
nothing within/reach with ml
himself fro® attack*
to realise that there was
repel the ape dr defend
& shouted to his wife for a
k£tér what seemed an aternlt;
daring which tima he dared
not take his eye from tie ape, he felt the handle of a W l f club
lili feminine
such detail/had given him a woodend Mver instead of top
iteel nihlicj^ The wooden implement was im^puhtedly weaker thaaj
the apefs /bead* hut even with an inadequate weapon the confident
of lay friend returned* and he m s prepared to meet every
eventuality
t?he opportunity to speak to you today is one that I regard
not only as a great privilege but also with particular pleasure
For one who grew up several hundred miles from the ocean there
is a thrill in participating, even fleetingly, with those whose
profession takes them to the sea# But added to this admiration I
for such men, there is the deep respect for the spirit* perform*
iiPir
and service of the United States Coast Guard* In addition to
these fundamental attributes of the Coast Guard, there is
another aspect of your organisation which Is unique in the
structure of our society*
v
by recou^tii^ an experience><ff ^
Early onr
eating bre&klest with his
two small sous l/me bieakf&st nook^bfv the kitchen, keeping on
eye on tl^e/^oys, Jib other on the morning pa|erf and wishing
TREASURY DEPARTMENT
Washington
The following address by John S. Graham, Assistant
Spcretarv of the Treasury» at the (Jomjnencement
K i S i ft th .-u jicd
New London, Connecticut, is schediAgd for deli
at 2:30 p.m. E.D.T., Friday. JuntfJV iww,
Tor release at that time*
2004
y
TREASURY DEPARTMENT
Washington
The following address by John S. Graham, Assistant
Secretary of the Treasury, at the Commencement
Exercises of the United States Coast Guard Academy,
New London, Connecticut, is scheduled for.delivery
at 2s30 p.iru. EJ^T... Friday, June 3, 19A9. and is
for release at that time.
The opportunity to speak to you today is one that I regard not only
as a great privilege but also with particular pleasure *
one w o grew
up several hundred miles from the ocean there is a thrill in participating,
even fleetingly, with those whose profession takes them to the sea Bu
added to this admiration for such men, there is the deep respect for th
spirit, performance, and service of the United States Coast Guard. *
addition to these fundamental attributes of the Coast Guard, there is
another aspect of your organization which is unique in the structure oi
our society* It is the fact that the training which you have received
is based primarily upon your contributing an essential service o a pe
time economy. But by virtue of your specialized training, you will be
prepared to participate immediately in the defense of ohis n^ lon
the future, as has been done in the past, should military action become
necessary to withstand aggression,
The objective uoon which you set your sights just a short time ago
is about to be reached. The years of difficult preparation and rigorous
training are now over; in a few minutes you will step forwr _ a
your commissions as ensigns and your hard-won Bachelor of Science degree,
You have withstood the demands of a particularly arduous military Hie,
calling for alertness and the stoutest physical stamina, ou ave
measured up to the intellectual requirements of a
nitfallsfwhich
ranks among the best in the country. You have survived the pitfalls which
were set in your way to test your adaptability, for, as you too , y
were subject, twenty-four hours a day, to a closeanbconstant observation
for the purpose of uncovering any weakness, in body, habit, or attitude
which would tend to disqualify you for the many varied assignments which
lie ahead for you. By your presence here today, you personify th
Biblical injunction that “many are called, but few are chosen, I
,
therefore, a real privilege for me to be here and to extend to each oi
you warmest congratulations and sincere good wishes for your future
success,
The Coast Guard, as you doubtless know, has
integral part
of the Treasury Department for nearly 160 years. 'In
^ r d
and that of the Treasury were almost simultaneous.That theC
is composed of a special type of man is not an accident. Onlymen with
particular qualities are sought by the Coast Guardsmen who can adjust
to the discipline of peace or war as occasion demands, This
^
because, to my knowledge, the Coast Guard_forms the only military organi
zation whose members have the unique distinction, as vex
b e e n
S-2004
a n
- 2 -
opportunity, of serving their country in both the pursuit of peace and
war. It is the visible connection between the quiet dispatch of our
peacetime duties and our will to defend in time of national crisis.
The Coast Guard, it will be remembered, has served its country in
every major war since the founding of the Republic. Twice during this
century it has had to sever its association with the Treasury Department
to become a part of the United States Navy in time of war. Each time it
has served with distinction? each time it has returned to the Treasury
Department to serve the country1s peacetime needs with equal distinction.
This continuous, ever-present opportunity to serve your country and
humanity is the impelling incentive that always stirs the true Coast
Guardsman to do the best of which he is capable. The training you have
u&d in the past was not a futile gesture toward some distant objective.
It was directed with the thought in mind that preparation for the even
tualities of the future — whether thrilling or grim — would better
equip you to meet them as they arise. While you face your future with
eagerness and courage, do so in the full realization that you, each of
you, will be tested severely by the vicissitudes of the career upon which
you are about to embark. Such has been the experience of your predecessors
in the service; it will be likewise that of your successors, for such is
life regardless of your career. The great problem is how well you meet
the situation. It is to help you overcome the battles of life that
education is directed. Education, mark you, can only assist you to meet
the tests of life; it does not provide all the answers; they are not to
be found in books or in the classroom.
As I stand here today, I am reminded of my war-time service with the
United States Navy. It was my lot to be an officer whose duty was to
investigate and inspect. There is no glamour, no romance, no inspiration
connected with such an assignment. The man with the red pencil, the man
who must be critical and let the chips fall where they will, may be highly
regarded and respected; he is seldom popular.
Frankly, I found it a difficult and trying assignment, particularly
so w/hen others, it appeared, were off to more satisfying and less humdrum
jobs. Yet I came to understand and appreciate that when one is engaged
in a group operation, whether it be civilian or military, the winning
team is that on which each member does his own particular job in the most
efficient manner.
From this experience the cardinal rule of obedience became crystal
clear, the un-begrudging admission that a team is built on organization
and discipline. As on the football field, when the man best qualified
calls the signals, his fellow-players are following a plan — end w/here
one man carries the ball, there are others who must block and charge with
all their will to insure the team its victory. We all have a job to do.
How well w/e discharge the duties, onerous or otherwise, determines our
worth in the assignment. It is easy to do that w/hich is congenial, but
to do that which is repugnant is difficult. To do it with good grace
- 3 -
requires self-discipline* Such is a prerequisite to leadership for, as
you know ”to command men, one must first learn to command himself.”
I believe that self-discipline and the strength found in voluntary,
cooperative action are peculiarly applicable to the Coast Guard, Faced
with so many varied and vitally important duties at home and abroad, on
land and sea, and lacking the resources of the larger military services,
the Coast Guard has no alternative but to place heavier duties and
responsibilities upon its individual officers*
In being commissioned here today, you can take pride in the knowledge
that you are assuming great responsibility and authority* Often you
will be called upon to act independently, to exercise high degrees of
initiative, loyalty and judgment* Then you will use the tools and
abilities you have developed in the past four years* Then you will have
the chance to justify the faith of your instructors and the Coast Guard
itself that you possess the attributes of leadership*
To digress for a moment, we could apply the principles of team-play
to this nation which we are sworn to preserve and defend. Our nation is
great because our forefathers, as individuals, recognized the need for
unity and organization. As individuals, they saw that certain liberties
would have to be surrendered for the greater good of all: that a demo
cratic form of government by which the individuals on the team determine
their own leadership was the practical, the sensible, the equitable
solution. May it be God’s will, for the future of mankind itself, that
the spirit of team-play be transmitted generously to other nations in
•hfojs small world of ours — so that all men may live in manj.v dignity
as well as mutual trust and confidence,
As you join the commissioned ranks of the Coast Guard, let me admonish
you again to think seriously of some of the essential factors-which underly
your position as officers in its service*
Remember that the United States Coast Guard is one of the oldest
military services, ranking high in the regard of both our citizens and^
sister services. Although relatively small in men, ships and planes, it
has a splendid record of achievement, and tne reputation of doing the
impossible* Mariners and maritime interests have great faith and confi
dence in your ability to get things done * You can be justly proud to be
an officer of the Coast Guard,
Remember that privileges and responsibility go hand-in-hand. This is
a truth too easily overlooked. For one thing, you are a servant of the
people. You have volunteered to be trained at their expense. It is your
constant and increasing responsibility to demonstrate to them by your
behavior, proficiency and skill that you are worthy of their trust and
your employment*
You are urged to remember that you are dedicating yourself to a life
of public service, This really amounts to putting service oyer self«
The" color and the glamour of public service, the trappings, if you ■will,
are all too fleeting* It has its full share of frustrations and dis
appointments . Yet, there is no profession more satisfying^to the indi
vidual who can lift his eyes to see beyond burdensome details and who
is inspired with an unselfish love for his fellowmen.
You are urged again, because it bears repetition, to remember the
exacting nature of leadership, which is largely a matter of intelligent
and just administration of authority* Be especially mindful of your
obligation to be concerned for the welfare of your suoordinates over
whom you exercise this authority, I know, as you know, that the happy
ship is the ship that does the best all-around job, however difficult it
ma ybe, I know, and you know, that stripes around the sleeve demonstrate
authority, but only you, by your attitude toward your job and your per
sonality 3 can command the respect which changes blind obedience into
eager cooperation* In this connection, one of the great leaders in the
recent war described leadership in this ways “Firmness, not harshness.
Understanding, not weakness. Justice, not license. Humaneness, not
intolerance, Generosity, not selfishness. Pride, not egotism.*
Do not forget that ambition is a most willing servant, but a hard
taskmaster. Your understandable desire to better yourself, to come up
in the world, should not be so all-consuming that you hesitate to
cooperate for the good of the service, that you misplace your sense of
fair play, that you stoop to the evils of a calculating loyalty. Use
ambition, but do not let ambition use you.
There are other responsibilities we could discuss. But I am confi
dent that you are aware of them, and welcome only the opportunity to
respond to them. However, I am tempted to add an admonition of my own.
That i s
hold on to your sense of humor. We all know the average
American is characterized as the sort of a chap who can manage a grin
in any given situation. I am sorry to report I ’ve met some who did not
fulfill this requirement, Of course, I do not mean to imply that levity
should reign supreme, I do not mean that a man should go around with f
smile across his face until there are doubts about his mental equilibrium*
But the officer who loves his work, and believes in himself, will find
the going much easier if he can balance the serious with the humorous,
I am especially glad that the Class of 1949 receives its commissions
at a time when the duties of peace are paramount. I do not deceive
myself for an instant that peacetime-duties call for any less fortitude
or courage. Practically any day we can pick up our newspapers and read
of Coast Guard exploits, in which the wearers of the Treasury shield have
risked or perhaps given, their lives to save others. And I think of
the other kind of courage, part and parcel of Coast Guard existence,
needed to meet the lonely vigils of the weather ship, the monotonous day
and night patrolling of the high seas, the restricted life at isolated
stations, A man must love his job to do all this, I hope it is a goo
omen that you face these duties of peace — not those of war,
- .5 In closing, let me quote to you an excerpt from an address of
General Omar Bradley?
“With the monstrous weapons man already has, humanity is
in danger of being trapped in this world by its moral adoles
cence. Our knowledge of science has clearly outstripped our
capacity to control it. We have too many men of science; too
few men of God. We have grasped the mystery of the atom and
rejected the Sermon on the Mount. Man is stumbling blindly
through a spiritual darkness while toying with the precarious
secrets of life and death. The world has achieved brilliance
without wisdom, power without conscience. Ours is a world
of nuclear giants and ethical infants. We know more about
war than we know about peace, more about killing than we know
about living.“
You are men of peace. Your mission is selfless service in the public
interest. If need be, you are also men of war. In your dua\ ?hara^ e r ,
take the initiative in demonstrating that you, and we as a nation through
you, can know more about peace than war, more about living
an i
more about giving than grasping, more about God than godlessness. The ,
truly, w e ‘will be worthy of our great heritage. With the seed of hum
tarianism planted so firmly in your hearts, the fruits^ of a full and
happy life m i l surely be yours as vie11 as an inspiration to those yet
to follow in your footsteps. Good luck to each of you.
o 0 o -
release, morning newspapers,
Saturday, May 28, 1949?
©la Secretary of the Treasury announced last evening that the tenders for
$900,000,000, or thereabouts, of 9l-day Treasury bills to be dated June 18 and to mature
September 1, 1949, which were offered ©n May 24, were opened at the Federal Reserve Banks
on May 27.
The details of this issue are as follows:
Total applied for • $1,460,272,000
Total accepted
900,959,000
Average price
{includes $51,051,000 entered on a non
competitive basis and accepted in full
at the average pricer shown below)
- 99.707/ Equivalent rate of discount approx. 1.159# per annum
Range of accepted competitive bids:
Hiffh
Low
- 99.711 Equivalent rate of discount approx. 1.143# per annum
- 99.706
"
* *
*
*
1*163# *
(20 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Ohicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$ 24,958,000
1,422,144,000
23,395,000
19,099,000
5,603,000
4,278,000
78,728,000
4,953,000
3,135,000
10,941,000
7,810,000
55,222,000
, 24,455,000
77i,744,000
8,395,000
19,019,000
4,803,000
4,278,000
22,728,000
4,700,000
3,135,000
9,361,000
6,019,000
20,822.000
$1,660,272,000
$900,959,000
TOTAL
RELEASE, MORNING NEWSPAPERS,
Saturday, May 28, 1949._____ _
S-2005
The Secretary of the Treasury announced last evening that
the tenders for $900,000,000, or thereabouts, of 91-day Treasury
bills to be dated June 2 and to mature September 1 , 1949 , which
were offered on May 24, were opened at the Federal Reserve Banks
on May 2 7 .
The details of this issue are as follows:
Total applied for - $1,660,272,000
Total accepted . 900,959,000 (includes $51,031,000
entered on a non
competitive basis and
accepted in full at the
averag e price shown
below)
Average price
Equivalent rate of discount approx,
1 .159$ per annum
99*707/
Range of accepted competitive bids:
High
- 99.711 Equivalent rate of discount approx.
1.143$ per annum
- 99.706 Equivalent rate of discount approx.
1 .163$ per annum
Low
(20 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Applied for
Total
Accepted
24 ,955,000
1,422,144,000
23,395,000
19,099,000
5 ,603,000
4,278,000
78 ,728,000
4,953,000
3,135,000
10,941,000
7 ,810,000
55,222,000
$ 2 4 ,455,000
772,744,000
8 ,395,000
19,019,000
4 ,803,000
4,278,000
22,728,000
.4,700,000
3 ,135,000
9 ,861,000
6,019,000
20,822,000
$1,660,272,000
$900,959,000
$
0O0
* Ì1VUK10
M r . Bray
Mr. Dillon
Mrs. Dubinsky
M r . Haas
M r . Graham
Mr, Foley
Miss Kelly
AJJ
M r , Martin
M r , Parsons
Mr. Rive]
M r . Siler
Miss Simpson
Mrs. Èlìz. Smith
Mr* Saxon said this is OK.
hm
FROM:
James J. Saxon
Secretary Snyder today issued the following statement,
commending the Nation's petroleum industry on its success
in promoting the sale of United States Savings Bonds through
the Payroll Savings Plan:
"The many individual companies comprising the
N a t i o n ’s petroleum industry are to he congratulated
upon the successful completion of their campaign to
increase employee participation in the Treasury’s
Payroll Savings Plan for the sale of Savings Bonds .**
"This energetic campaign, which reached over
¿1-5 0 ,000 petroleum workers throughout the country,
was an outstanding contribution to the Bond program,
and is a fine example for other industries that will
make person-to-person canvasses of employees during
the Opportunity Savings Bonds D r i v e ."
The petroleum industry's Bond program, Secretary Snyder
said, resulted from a resolution endorsing the promotion of
employee participation in the Payroll Savings Plan, unanimously
adopted by the National Petroleum Council at its meetings
last January.
Walter S. Hallanan, president of the Plymouth
Oil Company, of Pittsburgh, is chairman of the Council.
oOo
RELEASE MORNING NEWSPAPERS,
Saturday, May 28, 1949.
Secretary Snyder
statement, commending
dustry on its success
United States Savings
Savings Plan:
S-2006
today issued the following
the Nation's petroleum in
in promoting the sale of
Bonds through the Payroll
"The many individual companies com
prising the Nation's petroleum industry
are to be congratulated upon the success
ful completion of their campaign to in
crease employee participation in the
Treasury's Payroll Savings Plan for the
sale of Savings B o n d s ."
I
"This energetic campaign, which
reached over 450,000 petroleum workers
throughout the country, was an outstand
ing contribution to the Bond program, and
is a fine example for other industries
that will make person-to-person canvasses
of employees during the Opportunity Savings
Bonds Drive."
The petroleum industry's Bond program, Secretary
Snyder said, resulted from a resolution endorsing the
promotion of employee participation in the Payroll
Savings Plan, unanimously adopted by the National
Petroleum Council at its meetings last January.
Walter S. Hallanan, president of the Plymouth Oil
Company, of Pittsburgh, is chairman of the Council.
oOo
IMMEDIATE RELEASE,
Tuesday, May
31319k9»
The Secretary of the Treasury today announced the subscription and allot
ment figures with respect to the current offering of l~lA percent Treasury Cer
tificates of Indebtedness of Series E-1950, to be dated June 1, 191*9» open to
the holders of Treasury Certificates of Indebtedness of Series 1-191*9, maturing
June 1« 19l*9, and Treasury Bonds of 191*9-51, dated January 15» 191*2, called for
redemption on June 15, 191*9*
Subscriptions and allotments sere dlYidad .among the several Federal Iteserve
Districts and the Treasury as follows i
Federal Reserve
District
Certificates
Exchanged
Bond.
Exchanged
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
I
I 52, 895, ooo
567,562,000
b2,503,000
25,16b,000
12.359.000
T0IU
181,21*6,000
2 ,1*02 ,726,000
8U,09U,000
136,193,000
63 ,962,000
89.590.000
1*30 ,603,000
127,209,000
.
77 116.000
115,989,000
90,136,000
,*
16 .388.000
91 ,189,000
11 ,229,000
17,02b,000
25 ,b 72,000
9 ,102,000
302 21 1*,000
517,000
39,010,000
lb,105,625,000
1912,636,000
h,
2,739,000
Total
Exchanges
I
23b,lbl,000
2 ,970 ,288,000
126.597.000
161.357.000
76 ,321,000
105 ,978,000
521,792,000
138,b33,000
9b,lb0,000
lbl,b6l,000
99,238,000
3bl,25b,O30
7,256,000
15,013,261,000
IMMEDIATE RELEASE,
Tuesday, May 31, 1949«
No. S-2007
The Secretary of the Treasury today announced the subscription and allot
ment figures with respect to the current offering of 1-1/4 percent Treasury
Certificates of Indebtedness of Series E-1950* to be dated June 1, 1949* open
to the holders of Treasury Certificates of Indebtedness of Series E-I9I49,
maturing June 1, 1949* anc* Treasury Bonds of
dated January 15, 1942,
called for Redemption on June 15, 1949*
Subscriptions and allotments were1 divided among the several Federal
Reserve Districts And the Treasury as fallows:
Federal Reserve
District
Certificates ' :■
Exchanged
Bonds
Exchanged
Total
Exchanges
Boston
New York
Philadelphia
Cleveland'
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$ 181,214.6,000
2,1+02,726,000
84,094,000
136,193,000
63,962,000
89,^0,000
1+30,603,000
127,209,000
77,116,000
H5#989,000
9 0 ,136,000
302,21+14,000
k , 517,000
§ 52,895,000
567,562,000
1+2,503,000
25,164,000
12,399,000
16,388,000
91,189,000
11,229,000
17,0214,000
25,472,000
9,102,000
39,010,000
2 ,739,000
$
$1+, 105,625,000
$912,636,000
$5,018,261,000
TOTAL
0O0
234,141,000
2,970,288,000
126,997,000
161,357,000
76,321,000
105,978,000
521,792,000
138,1+38,000
94,140,000
141,461,000
99,238,000
341,254,000
7,256,000
@FedFRASER