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LIBRARY
R O O M 5030
JUN 1 4 1972
TREASURY DEPARTMENT
■r.
P I
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S,
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w
Comparison of principal items of assets and liabilities of national banks - continued
(in thousands of dollars)
:
D ec. 3 1,
lÿ f9
:
N ov. 1 ,
19^9
*
;
D ec. 3 1 ,
1948
: In c re a se or d e c r e a s e : In c re a se o r d ecrease
: s in c e N ov. 1 , 1949 : s in c e D ec* 3 1 . 1948
: Amount
*. P e r c e n t : Amount
: P ercen t
LIABILITIES
Deposits of individuals, partner
ships, and corporations:
Postal savings deposits*.,.....
Deposits of States and political
Other deposits (certified and cash
iers 1 checks, etc.)............ .
Bills payable, rediscounts, and other
liabilities for borrowed money....
Other liabilities..................
Total liabilities, excluding
CAPITAL ACCOUNTS
Capital stock;
Preferred............ .
Surplus
$ 4 7 ,3 5 2 ,7 3 1
1 8 ,5 5 4 ,9 7 0
2 ,0 2 7 ,0 7 2
3 ,6 2 1
$4-6,IU.5,9 9 7
1 8 ,9 3 5 .6 2 1
2 ,0 2 1 ,8 0 3
3 ,7 3 5
$ 4 7 ,0 0 4 ,6 3 6
1 8 ,8 2 8 ,0 5 6
1 ,5 0 1 ,6 8 8
2J20
$ 9 3 6 ,7 3 4
1 9 ,3 4 9
5 ,2 6 9
-114
2 .0 2
.1 0
.26
-3 -0 5
$348,095
1 2 6 ,9 1 4
5 2 5 ,3 8 4
901
.7 ^
.6 7
3 4 .9 9
3 3 .1 3
5 ,4 2 3 ,2 8 5
3 ,2 7 9 ,6 7 2
5 ,1 8 2 ,9 6 6
7 ,7 1 7 ,1 3 9
5 ,2 3 0 ,7 5 8
7 ,8 4 3 ,6 0 7
2 4 0 ,3 1 9
5 6 2 ,5 3 9
4 .6 4
7 .2 9
1 9 2 ,5 2 7
4 3 6 ,0 7 1
3 .6 8
5 .5 6
1 .1 0 5 .5 2 4 ...... 1 , 2 3 6 ,5 5 1
8 1 ,3 8 2 ,7 8 5
8 1 ,6 4 8 ,0 1 6
1 9 7 ,4 3 7
1 .9 6 1 ,5 3 3
1 7 .8 6
6 6 ,4 1 0
1 , 6 9 6 t 302
5 .3 7
2 .0 8
1 .3 0 2 .9 6 1
.8 3 ,3 4 4 ,3 1 8
7 ,5 6 2
9 5 2 .9 58
1 7 0 ,0 7 5
9 1 2 .1 0 2
4 1 ,3 3 0
7 7 4 .8 1 8
- 1 6 2 ,5 1 3
4 0 .8 5 6
- 9 5 .5 5
4 .4 8
- 3 3 ,7 6 8
1 7 8 . l4 0
- 8 1 .7 0
2 2 .9 9
8 ^ .30 ^ ,838
82,461+. 962
8 2 .4 6 4 .1 6 4
1 .8 3 9 .8 7 6
2 .2 3
1 ,8 4 0 .6 7 4
2 .2 3
1 6 ,5 6 8
I .8 9 9 .7 7 2
1 .9 1 ° .3 ^ 0
2 ,6 3 9 ,4 4 0
1 ,0 6 7 ,6 6 ^
3 10 .8 9 7
2 0 ,7 7 3
1 ,8 9 3 ,1 3 4
1 .9 1 3 ,9 0 7
2 ,5 2 1 ,3 7 7
1 ,2 1 3 ,7 7 3
3 3 5 ,0 5 4
24,04^
- 4 ,2 0 5
1 .8 0 4 .7 1 4
6 .6 3 8
1 .8 2 8 ,7 5 9 ____ .2,433
1 1 8 ,0 6 3
2 ,5 1 0 ,4 9 5
1
4 6 ,1 0 9
1 ,0 0 9 ,3 6 5
3 2 2 ,2 6 9
- 2 4 .1 5 7
- 2 0 .2 4
.3 5
.1 3
4 .6 8
- 1 2 .0 4
- 7 .2 1
- 7 ,4 7 7
9 5 .0 5 8
8 7 .5 8 1
12 8 ,9 4 5
5 8 ,2 9 9
- 1 1 .3 7 2
- 3 I .I O
5 .2 7
4 .7 9
5 .1 4
5 .7 s
- 3 .5 3
4 .0 1 8 .0 0 1
5 .9 3 4 .3 4 1
. 4 ,0 7 0 ,2 0 4
5 ,9 8 4 ,iu
3 ,8 4 2 .1 2 9
5 .6 7 0 .8 8 8
- 5 2 .2 0 3
- 4 9 .7 7 0
- 1 .2 8
- .8 3
8 8 ,4 4 9 .0 7 3
P ercen t
8 8 .1 3 5 .0 5 2
P ercen t
1 .7 9 0 .1 0 6
2 .0 2
4 3 .3 4
2 6 .5 0
7 .3 5
3 9 .6 9
27.O 3
6 .9 5
Total surplus, profits, and
Total liabilities and capital
accounts...............
9 0 ,2 3 9 ,1 7 9
P ercen t
Ratios:
U.S. Gov't securities to total asse t s 4 2 . 4 l
Loans and discounts to total assets
2 6 .5 2
Capital accounts to total deposits
7 .1 2
NOTE:
Minus sign denotes decrease.
1 7 5 .8 7 2
4 .5 8
2 6 3 .4 5 3 ----- « 5
2 ,1 0 4 .1 2 7
2 .3 9
Statement shoving comparison of principal items of assets and liabilities of active national banks
as of December 3 1 , 19^9, November 1, 1949, and December 3 1 , 19^8
(in thousands of dollars)
j
Dec. 31,
t 9
1 U9
Number of banks...................
! Nov. 1,
;
1949
•
1+.988
: Dec. 3 1 ,
191+8
•
:Increase or decrease:Increase or decrease
* since Nov, 1. 1949 :since Dec. 31. 1948
• Amount
Percent: Amount
: Percent
-.32
-16
-.14
-7
4.981
4,997
ASSETS
Commercial and industrial loans...... $10,389,226
$1 1 ,564,158
Loans on real estate...............
5 .564,130
5 .947,732
Consumer loans to individuals....... 4,452,842
3,790,128
All other loans, including overdrafts 3,450.082
. 3 .133,945
Total gross loans............... 24,239,882
24 ,052,341
Less valuation reserves.......
233,848
311.589
Net loans................. 23,928.293 $23,438,583
$489,710
23,818.513
U. S. Government securities:
Direct obligations.............. 38 ,268,473 )
( 34,977,410 )
-6i ,s47
Obligations fully guaranteed.....
2.050 ) 38,332,370 (
2,853 )
Total U. S. securities........ 38 ,270,523
-6i ,s47
38 ,332,370 .. 34,980.263
Obligations of States and political
subdivisions.....................
3 ,71+7,200
3,190,189
2S,4ll
3,718,789
Other bonds, notes, and debentures... 2 ,023 ,51+2
-4,227
1,898,185
2 ,027,769
Corporate stocks, including stocks
of Federal Reserve banks.........
165.216 _ t 159,716
166.1+85
1.269
Total securities................ •44.207.750
1+1+,21+4.ll+l+ 40,228,353
-36.394
Total loans and securities....... 48,136,043
$71$82,727
64.o46.866
. . 453.316
Currency and coin..................
1,068,738
1 ,059.663
1,040,763
-9,075
Beserve vrith Federal Reserve banks... 10,757,111
1 3 ,382,404
i4s ,36i
10 ,608,750
Balances with other banks.... ......
9.228,184
8 .601.102
1.228.826
7,999,358
Total cash, balances with other
banks, including reserve balances
and cash items in process of
collection...................... 2 1 .044.958
1 9 .676 ,81+6
23 ,024,269
1,368.112
Other assets.......................
1,058,178
1.089,500
1,063.917 .. -3.1,322
Total assets.................... 90,239,179
1 ,790 .10 b
88,41+9,073
88,135,052
-10 .16
-$1,174,932
383,602
6.89
662,714
17.49
10.09
316.137
•78
187,521
77,741 . 33-24
109.780
2.09
- .1 6 ( 3 ,291,063
(
-803
" -.1 6
3 .290.260
9.41
-28.15
9.4i
.76
-.21
557,011
125,357
17.46
6.60
.77
-.08
.67
-.8 5
1.40
15.36
6,769
3.979.397
4.089.177
18,900
-2 ,625,293
627.082
4.24
9.89
o T zs
1.82
-19.62
7.29
6.95
-2.87
2.02
-1.979.311
-5.739
2 ,104,127
-8.60
-.54
2.39
The percentage of loans and discounts to total
assets at the end of the year was 26*52 percent,
compared with
27.03 percent at the end of 1948,
Be-tal-la
Investments of the banks in United States Government
obligations on December 31, 1949, aggregated
$38,271,000,000,
having increased more than $3,000,000,000 in the year. These
investments at the end of 1949 were 42.41 percent of total assets,
compared with 39.69 percent at the end of 1948. Investments
‘■Irr-rrHun. h iTrrtrpn tin pirn r m ^ 1 ftfnmri tit-w ■fit tiht--^ ^ ^ - 1 , 9 4 9
of $5,937,000,000 in other bonds, stocks and securities at
the end of 1949 were 13 percent more than at the end of the
previous year.
of
Total capital accounts
end of 1949
$5,934,000,000 at the
were 7.12 percent of total deposit!
Total capital accounts
of $5,671,000,000 at the end of 1948
were 6.95 percent of total deposits.
Further details of today*s report by the Oompiroller
are given in the attached tabulation.
Hexease Morning newspaper
Wednesday, March 8, i960
c
National banks ended 1949 with an increase for the year
of more than $2,000,000,000 in total assets, Comptroller
of the Currency Preston Delano announced today* The increase
was shown despite the fact that the number of
national
banks declined 16 during the year. The precise figures:
Number
of Banks
Total
Assets
Dec.31,1949
4,981
$90,239,179,000
Dec.31,1948
4,997
88,135,052,000
Total deposits in the national banks at the end of 1949
were higher by $1,696,302,000 than at the end of 1948. The
totals were: December 31, 1949, $83,344,318,000; December 31, 1948,
$81,648,016,000.
Loans and discounts at the end of 1949 were nearly
$24,000,000,000 after deducting reserves(of $312,000,000)
for possible future losses. This total was $110,000,000 more
than the comparable figure for the end of 1948. Commercial
and industrial loans of $10,389,000,000 shoarpd a decrease
of more than $1,000,000,000, or 10 percent, 4 n
the year;
j A
loans on real estate of $6,000,000,000 were up nearly 7 percent;
consumer loans amounting to nearly $4,500,000,000 were
up 17 percent.
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
Bee. 3 1 ,
1949
*
:*
•
:Increase or decrease; Increase or decrease
: since Rov. 1, 1949 :since Dec. 31, 1948
: Percent: Amount : Percent
: Amount
1ÎOV. 1,
1949
* Dec. 31*
;
1943
547.352.731 i46.4i5.997
18.935,621
IS.954,970
2 ,021,803
Deposits of U, S. Government,•••••••• 2,027.072
3.621
3.735
Postal savings d e p o s i t s . •
Deposits of States and political
5 .182,966
subdivisions.•••••••••••••••••»♦•.• 5.423,285
8.279.678
7.717,139
Other deposits (certified and cash
1.105,524
1.302,961
iers^ checks, etc,
81,382,785
83,344,318
Bills payable, rediscounts, and other
7.562
170.075
liabilities for borrowed money*..
912.102
952.958
Other liabilities.«• •••
Total liabilities, excluding
82.464.962
SU,30*I-,838
capital accounts,
CAPITAL ACCOUNTS
Capital stock:
16,568
20,773
Preferred*.,.,
1.893.134
1.899,772
Common,,•••..•
1.9lè,3fe
1,913,907
• ••••
Total,•..••
2
,
639.440
2,521,377
Surplus,
1 ,067,664
1,213,773
Undivided profits
335,054
310.897
Reserves..»......
Total surplus, profits, and
4,018,001
4, 070.20t»
1^6serve s##•#*••••••••••••■
5.934,34l.
5,984,111
Tot3.1 C8>pit/8>1 accounts*
Total liabilities and capital
90,239.179
88,449.073
accounts.
PÇrceçt
Ratios:
U*S* Gov’t securities to total assets W
26. 50
Loans«and discounts to total assets
2c, 52
7.35
Capital 'AdcountS- te-^total deposits
7.12
$47,004,636
18,828,056
1,501,688
2,720
$936,734
19.349
5.269
-114
2.02
.10
.26
-3.05
$348,095
126,914
525,38^
901
.74
.67
34.99
33.13
5,230.758
7,843,607
240,319
562,539
4.64
7.29
192.527
436,071
3.68
5.56
1 .236.551
81,648,016
197,437
1.96Ü533
17.86
2.41
66,4io
1 ,696,302
5.37
2.08
41.330
774.818
- 162,513
40,856
-95.55
4.48
- 33.768
178,140
-81.70
22.99
82,464,164
1.839.876
2.23
1,840,674
2.23
24,045
1.804,714
1.828,759
2 .510.495
1 ,009.365
322.269
-4,205
6,638
2.433
118,063
-146,109
-24,157
-20,24
.35
,13
4.6s
-12.04
- 7 .2 1
-7.477
95,058
87.581
128,945
58,299
- 11,372
-31.10
5.27
4,79
5.l4
5.78
-3.53.
-92,203
-49,770
-1.28
-.83
179.872
263,493
4.58
4.65
1,790,106
2.02
2,104,127
2.39
LIABILITIES
Deposits of individuals, partner
ships, and corporations;
3,842,129
5,670.888
88,135,052'
ROTE:
Minus sign denotes decrease
-3Stateinent showing comparison of principal items of assets and liabilities of active national banks
as of December JL* 1949* November 1, 1949* and December 31» 1948
(in thousands of dollars)
:Dec*■31»
19 U9
Number of banks*....
4.981
Nov. 1,
19**9
4,988
Dec* 31»
1948
increase or decrease: Increase or decrease
: since Nov. 1» 19^9 :since Dec* 31» 1948
: Percent
Percent: Amount
Amount
**.997
-7
-.14
-16
ASSETS
$11,564,158
$10,389,226
Commercial and industrial loans
5 ,564,130
Loans on real estate.................. 5,947,732
3,790.128
Consumer loans to individuals......... 4,452,842
.450.082
5.133.945
All other loans, including overdrafts__
24.052,361
24,239.882
Total gross loans.......... ..... .
233.848
Less valuation reserves.........
311.589
23.928,293 $23.438,583
23.818,513
Net loans.
U. S. Government securities:
Direct obligations*
38,268,473 ) 3 8 , 3 3 2 , 3 7 0 ( 34 ,977,410 )
Obligations fully guaranteed.......
2*050 )
(_____ 2,853 )
Total TJ. S. securities.......... 38,273.523
38,332.370
34,980,2b3
Obligations of States and political
3 ,190,189
3 ,747,200
subdivisions.
3,718,789
1 ,898,185
Other bonds, notes, and debentures...• 2,023,542
2 ,027,769
Corporate stocks, including stocks
165.216
, 159.716
of Federal reserve banks.•*••.......
166,485
44,244,144'
‘ 40,228,353
44,207,750
Total securities.
64,o 46,866
67.682.727
Total loans and securities...•••••* 68.136,045
1 ,059,663
1,068,738
Currency and coin«*.*..*»......... .
1,040.763
13,382*404
Reserve with Federal Reserve banks.*.. 10 ,7 5 7 .11 1
10,608,750
7,999.358
8 ,601*102
Balances with other banks*.•.••••••••• 9.228,184
Total cash* balances with other
banks, including reserve balances
and cash items in process of
19,676,846
23,024,269
collection.
21.044,958
1.089.500
Other assets.........
, 1,058.178
1 .063»917
Total assets*«••••••«•••••••••••••• 90.239,179
88,449,075
88,155.052
$489.710
-61,847
-$1,174,932
383,602
662,714
316.137
187.521
77.741
2.09
109/780
•IO.16
6.89
17.49
10,09
.78
33.24
■^45
-.16 ( 3.291,063
-803
9.41
- 28,15
557,011
125,357
17 «46
6.60
-61,847
28,411
-4,227
*76
-*21
1,269
-36,394
453.3l6
.77
-•08
•67
-9»075
148,361
1 ,228,826
-*S5
l*4o
15.36
1 ,368.112
- 1 .979.311
-8.60
-31.322
6.95
-2.87
5.739
-»54
1,790,106
2.02
2,104,127
2,39
6 ,769.
3 ,979.397
4,089,177
18*900
- 2 ,625*293
627.082
4.24
?.gi
6.M
lJ S 2
-If* 62
7*29
Total capital accounts of $5,934,000,000 at the end of
1949 were 7.12 percent of total deposits. Total capital
accounts of $ 5 ,6 7 1 ,000,000 at the end of 1948 were 6.95 percent
of total deposits.
Further details of today;s report by the Comptroller are
given in the attached tabulation.
I
TO:
Mr. Thomas Lynch
Mr . Martin
Mr. Parsons
livers
Mr. Siler
Miss Simpson
Mrs. Eliz • Smith
VSbHNGTON, D .C .
pö
M r . Bartelt
Mr . Bray
Mr , Dillon
Mrs. Dubinsky
M r . Haas
Mr . Graham
M r . Foley
Miss Kelly
S-2273
/
Ú
pi pi o &
¡pcrease for the year of
I Comptroller of the
The increase was shown
ibnal hanks declined 16
Total
Assets
FROM:
James J. Saxon
$ 9 0 ,2 3 9 ,1 7 9 ,0 0 0
8 8 ,1 3 5 ,0 52 ,0 0 0
- pp
at the end of 19^9
were higher by $1,696,302,000 than at the end of 1948. The
totals were: December 31* 1949* $83*344,318,000; December 31*
1948, $81,648,016,000.
jl x
Loans and discounts at the end of 1949 were nearly
$24,000,000,000 after deducting reserves (of $ 312 ,000,000) for
possible future losses. This total was $110,000,000 more than
the comparable figure for the end of 1948. Commercial and
industrial loans of $10 ,389,000,000 showed a decrease of more
than $ 1 ,000,000,000, or approximately 10 percent, in the year;
loans on real estate of $6 ,000,000,000 were up nearly 7 percent;
consumer loans amounting to nearly $4,500,000,000 were up 17
percent,
The percentage of loans and discounts to total assets at the
end of the year was 26.52 percent, compared with 27.03 percent at
the end of 1948.
Investments of the banks in United States Government obli
gations on December 31, 1949* aggregated $38,271*000,000, having
increased more than $3*000,000.000 in the year. These invest
ments at the end of 19 % were 42.41 percent of total assets,
compared with 39.¿9 percent at the end of 1948. Investments of
$5 *937 ,000,000 in other bonds, stocks and securities at the end
of 1949 were 13 percent more than at the end of the previous year
Number
of Banks
Total
Assets
Dec. 31, 19^9
4,901
$90 ,239 ,179,000
Dec. 31, 1948
4,997
88,135 ,052,000
Total deposits in the national banks at the end of 19^9
hio-hor bv $1 696 .302,000 than at the end of 194o. Tne
lotals w r e :
December 3i; 1949, $83,344,318,000; December 31,
1948 , $81,648,016,000.
Loans and discounts at the end of
nearly
*oii 000 000 000 after deducting reserves (of $ 312 ,000,uou; o
Possible future losses. This total was $110,000,000 more than
the comoarable figure for the end of 1948. Commercial and
industrial loans of $10 ,389,000,000 showed a decrease of more_
than
000 000 000. or approximately 10 percent, in tne year,
loans on°reai°estate of $ ^ 000,000,000
^ 5
consumer loans amounting to nearly $4 ,500,000,000 were up
percent,
The percentage of loans and discounts to total a33®*3^
end of the year was 26.52 percent, compared with 27* 3 P
the end of 1948.
1^®
investments of the banks in United States Government obli^
Rations on December 31, 1949, aggregated $ 3 8 ,2 7 1 ,000 ,000 , naving
L T
.,ea JO,,
t h »
J K 'L S S .
5S S 4 S S t h 39.69 percent at tie .»4 of 19*8
Inv.et»nt» of
$5 ,937 ,000,000 in other bonds, stocks and 3®cu^i^f®3
year
of 1949 were 13 percent more than at the end of th p
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Wednesday^ March 8 , 1950«
S-2273
National banks ended 19^9 with an increase for the year of
more than'’$2,000,000,000 in total assets, Comptroller of the
Currency Preston Delano announced today. The increase was shown
despite the fact that the number of national banks declined 16
during the year.
Number
of Banks
Dec. 31, 19^9
Dec. 31 , 19*1-8
Total
Assets
$90,239,179,000
ft,997
88,135,052,000
Total deposits in the national banks at the end of 19*19
were higher by $1 ,696 ,302,000 than at the end of 19*1-8. The
totals were: December 31, 19 ^9 , $83,344,318,000; December 3 1 ,
1948, $81,648,016,000.
Loans and discounts at the end of 1949 were nearly
$24,000,000,000 after deducting reserves (of $ 312 ,000,000) for
possible future losses. This total was $110,000,000 more than
the comparable figure for the end of 1948. Commercial and
"industrial loans of $10 ,389,000,000 showed a decrease of more
than $1 ,000,000,000, or approximately 10 percent, in the year;
loans on real estate of $6 ,000,000,000 were up nearly 7 percent;
consumer loans amounting to nearly $4,500,000,000 were up 17
percent,
The percentage of loans and discounts to total assets at the
end of the year was 26.52 percent, compared with 27.03 percent at
the end of 1948 .
Investments of the banks in United States Government obli
gations on December 31, 1949, aggregated $38,271,000,000, having
increased more than $3,000,000,000 in the year. These invest
ments at the end of 1949 were 42.4l percent of total assets,
compared with 39.89 percent at the end of 1948. Investments of
?5,937,000>000 in other bonds, stocks and securities at the end
or 1949 were 13 percent more than at the end of the previous year.
- 2 -
Total capital accounts of $5*93^000,000
en<^
1949 were 7.12 perc.ent of total deposits. Total capital
accounts of $5 ,6 7 1 ,000,000 at the end of 19^8 were 6.95 percent
of total deposits.
Further details of today; s report "by the Comptroller are
given in the attached tabulation.
Statement showing comparison of principal items of assets and liabilities of active national banks
as of December 31, 1949, November 1, 1949* and December 31, 1948
(In thousands of dollars)
1949
Nuiobtr of hanks.#»#*#.♦-#*.#•#■**•*•#*•*__
4,981
Nov# 1,
:( 1949
f
4,988
Dec# 31,
:
1948
*
:Increase or decrease:Increase or decrease
SJLUW iWV, L*
_L.
> Amount
: Percent
: Percent: Amount
•
4,997 ___
-7
-.14
-16
,
ASSETS
- 10 .16
$1 1 ,564,158
-$1,174,932
Commercial ^nd industrial loans#*.**«• $10,389,226
6-25
383,602
5 ,564,130
Loans on real estate#*..*•••••••••••*• 5,9^7,732
662,714
17*49
3,790.128
Consumer loans to individuals......... 4*452,842
10-09
. 316,137.
3.133.945 __
All other loans, including overdrafts_ 3*450,082
-78
24,052,361
187.521
Total gross loans.................. 2^,239,282
n
>
24
.
231,848
.
.
Less valuation reserves#••....••
311.589
_____________ Haiti,
2.09
^9,780
$489,710
23,928*293 $23,438,583 , 23»818t511.
Net loans*
U# S# Government securities:
9.4l
_ ,6 < 3.291.065
Direct ohligations*#•*...#«•••*.«•• 33 ,268,^73 ) 38.332.370 ( 34 ,977,410 >
-6l,847
**
{
-803
-28.15
(
2.853 )
2.090 )
Obligations fully guaranteed,*.##*•
-6 1 ,8^7 ' -.16
3,2®, 260
38.332,370
34,980,263
Total U. S# securities.......... 38,270.523
Obligations of States and political
17-46
.76
557.011
28,411
3,190,189
3,747.200
3,718,789
subdivisions. ........ .
6-60
- ,2 1
125,357
1,898,185
-4,227
2,027,769
Other bonds, notes, and debentures#*•• 2*023,542
Corporate stocks, including stocks
4*g4
1.269
159.716
.77
6.769
165,216
166,485
of Federal reserve banks#.#..
-.08
3.979.397
9.83
-36.39^
44*207,750 " 44,244,144
40,228,353
Total secunties#
453,316
4.089,177
67,682.727
___
k
je
68
.rf.oi
3
Total loans and securities#••#*•••♦
1.82
-.8 5
18,900
-9*075
1,040,763
1,068,738
Currency and c o i n * * # # ....... 1 ,059.663
- 19.62
148,361
13,382,4
o
4
1,40
-2,625,293
10,608,750
Reserve with Federal Reserve banks*##. 10 ,7 5 7 ,11 1
15.36
627.082
1
.
228.826
,7.29
8
*
601*102
7.999.358
Balances with other banks..•••••*••••• 9,228,184
Total cash, balances with other
banks, including reserve balances
and cash items in process o f
-8.6O
6.95 - 1. 979.311
1,368.112
19*676,846
23*024,269
21,044,958
collect ion#
0 ther assets#.#•••*»*••»•*•»•♦••••••**
1,058,173
Total assets#*###.##*•...#...**•*..
90.239.179
1.089*500
g g . H U q . 07'?
1.063,917
-31,322
S S . 135.052
1,790.106
-
2.87
2.02
5 , 739.
2, 104.127
-.9 4
2.33
- h~
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
* Dec, 31,
.*
19*49
•
LIABILITIES
Deposits of individuals, partner
ships, and corporations:
Demand,......................... $67,352,731
Time,
18,956,970
Deposits of U. S. Government.**...... 2.027.072
Postal savings deposits»..«»...»»••••
3.621
Deposits of States and political
subdivi sions............. ..... .
5.623.285
Deposits of banks.***... v ..........• 8,279.678
Other deposits (certified and cash
iers1 checks, e t c . .......... 1.302,961
Total deposit s. *•. •,.»..*. »■■•»*• •, . 83.3^^.318
Bills payable, rediscounts, and other
liabilities for borrowed money*.. •*v
7,562
Other liabilities.*.* ***•.••».,«.•...
952.958
Total liabilities, excluding
814,30*4,838
capital ijCC0snt:Si *.». •.,
CAPITAL ACCOUNTS
Capital stock:
16 ,56g
Preferred* ....... ......... .
C o m m o n . ,. ».«.,.•.*•.
1.899,772
Total. ...................
1 ,916 ,31+0
Surplus.................. ....... .
2*639,W
lf067,66^
Undivided profits............... .
Reserves........... ............. .
310,897
Total surplus, profits, and
reserves*.
*4.018,001
Total capital accounts........... 3 S K W
Total liabilities and capital
accounts............... ..... . 90.239.179
mw.dorn
securities to total assets
Loans-'and discounts to total assets
2c.52
C a p i t a l t §'•
tal deposits
7.12
:Increase or decrease: Increase or decrease
: since Nov. 1 . 1969 :since Dec. 31, I9U8
: Amount
Percent; Amount : Percent
Nov. 1,
19 U9
’ Dec. 3 1 »
;
1948
$66,1+15,997
18,935,621
2 ,021,803
3.735
$1+7 ,001+,636
18 ,828,056
1 ,501,688
2,720
$936.736
19,369
5.269
-1 16
2*02
.10
.26
-3.O5
$3^,095
126,9114
525,38*4
901
.7*4
*67
3*1,99
33-13
5,182,966
7.717,139
5 ,230,758
7,8i+3,6o7
260,319
562,539
14.614
7*29
192,527
1436,071
3.68
5.56
1.105.526
81*382,785
1 ,236,551
81,61+8,016
197,637
1 .961,533
17.86
2.1*1
66,1410
1,6961302
5.37
2.08
170,075
912,102
61,330
776.818
- 162,513
140,856
-95.55
I4.I48
- 33.768
17 s , 160
-81.70
22.99
82**4614.962
82.46*4, 16*4
1,839.876
... 2.23
1 ,8140,6714
2.23
20,773
.1,893.136
1 ,913,907
2 ,521.377
1 ,213,773
335.056
2*4,0*45
1,80*4,71*4
1,828,759
2 .510,695
1 ,009,365
322.269
-2O.2I4
•35
v43
*4.68
-I2.0I4
-7.21
-7.677
95,058
87.581
128,9145
58,299
-11,372
- 31 .IO
5-27
4.79
5 ,16
5,78
-3.53
3,862,129 .. -52,203
5*670,888
-49.770
-1.28
-.83
175,872
263,653
-, 6.58 .
1 ,790,106
2*02
2,1014,127
•
*4,070,20*4
5.986.111
88,1^9.073
88.135.052
26.50
7*35
27.o3
6. 95
-1+.205
6,638
2.633 '
118,063
- 1146,109
-214,157
NOTE:
Minus sign denotes decrease
2.39
IMMEDIATE RELEASE
L O c l March y . 1950
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 February 25, 1950, inclusive, as follows:
Commodity
Imports as of
Unit
of
February 25,
Quantity
1950
Period and Quantity
Whole milk, fresh or
sour ................. Calendar year
3,000,000
Gallon
276
Cream, fresh or sour •••• Calendar year
1,500,000
Gallon
105
50,000,000
Pound
6,615
Butter .............. .
Nov. 1,1949, to
March 31,1950,incl.
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish .... Calendar year
26,235,738
Pound
Quota filled
White or Irish Potatoes:
certified seed ...••••• 12 months from
other ......... .
Sept. 15, 1949
150,000,000
60,000,000
Pound
Pound
Quota filled
Quota filled
5,000,000
Pound
880,550
Calendar year
Walnuts
(1)
a)
The proviso to Item 717 (b) limits the imports for
consumption at the quota rate to 6,558,935 pounds
during the first 3 months of the calendar year.
Due to a provision of the Presidents Proclamation No* 2769
1948, in which the entry of a specified quantity of Cuban filler
stemmed or stemmed (other than cigarette leaf tobacco) and scrap
the rate of duty on such tobacco from countries other than Cuba,
maintained of imports from Cuba* 4,132,223 pounds of such Cuban
imported for consumption during the period January 1 to February
clusive.
of January 30>
tobacco, un
tobacco, affects
a record is
tobacco were
25, 1950, in
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, March 8, 1950
S-2274
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 February 25, 1950, inclusive, as follows:
Commodity
Period and Quantity
Unit
Imports as of
of
February 25,
Quantity
1950
Whole milk, fresh or
sour ••••••••••••••••••
Calendar year
3,000,000
Gallon
276
Cream, fresh or sour ••••
Calendar year
1,500,000
Gallon
105
50,000,000
Pound
6,615
(1 )
26,235,738
Pound
Quota filled
150,000,000
60,000,000
Pound
Pound
Quota filled
Quota filled
5,000,000
Pound
880,550
Butter
Nov. 1, 1949, to
March 31* 1950, incl.
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish #•••
Calendar year
White or Irish Potatoes:
certified seed
other ................
12 months from
Sept. 15, 1949
Walnuts ............. .
Calendar year
(l)
The proviso to Item 717 (b) limits the imports for
consumption at the quota rate to 6,553,935 pounds
during the first 3 months of the calendar year#
Due to a provision of the Presidents Proclamation No. 2769 of January 30,
1943, 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. 4*132,223 pounds of such Cuban
tobacco were imported for consumption during the period January 1 to
February 25, 1950, inclusive.
IMMEDIATE RELEASE
March p 1950
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were pre
scribed by the Philippine Trade Act of 1946, from January 1, 1950, to
February 25, 1950, inclusive, as follows:
•
•
Products of the
Philippines
: Established Quota : Unit of : Imports as of
:
Quantity
: Quantity : Feb. 25, 1950
•
•
Buttons ........... . *
850,000
Gross
73,650
.
200,000,000
Number
21,135
Coconut Oil *•.... . •
448,000,000
Pound
19,915,382
Cordage ............ •
6,000,000
n
Rice ...............
1,040,000
M
Cigars
691,796
(refined
1 ,904 ,000,000
Sugars
Pound
77,662,913
(unrefined
Tobacco
6 ,500,000
Pound
125,000
TREASURE DEPARTMENT
Yfashington
IMMEEIATE RELEASE
Wednesday. March 8. 1950
s-2275
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were pre
scribed by the Philippine Trade Act of 194-6* from January 1* 1950, to
February 25, 1950, inclusive, as follows:
Products of the
Philippines
: Established Quota
:
Quantity
Unit of
Quantity
Inports as of
Feb» 25, 1950
Buttonsooooooooooooooo
850,000
Gross
73,650
CigarSoooooooooooaaooo
200,000,000
Number
a , 135
Coconut Olio 00000000 90
440,000,000
Pound
19,915,382
Cordage oooooooonoooooo
6,000,000
it
Rice ooooooooootxfioooooo
i,040,000
tt
Sugars
(refined»»»ooooo© 00900900000090000900 90000039000
1 ,904,000,000
Pound
(unrefined»ooooao 90000000^990 0^00 0090 09000000000
TobaCCO ooooooooooooooo
6,500,000
Pound
691,796
—
77,662,913
125,000
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 VALUES Provided, howfver, that
not more than 33-1f Z 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 countriest United Kingdom, France,
Netherlands, Switzerland, Belgium, Germany, and Italy:
Imports
: Established 5 Total imports ! Established!
Country of Origin *• TOTAL QUOTA * Sept. 20, 1949,j 33-1/3# ofj Sept, 20, 1949,
••
Î to Feb. 25, 195<PTotal Quota!to Feb. 25,lfwU
1
United Kingdom....
Canada...........
France...........
British India.....
Netherlands.......
Switzerland.... ....
Belgium...........................
J apan................................
China................................
Egypt............... .................
Cuba...................................
Germany...........................
Italy.......... .....................
Totals
if
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
f
870,793
239,690
75,807
69,627
—
-
!
!
|
7,088
| 1,263,010
Included in total imports, column 2.
-oOo-
1,441,152
870,798
-
«
75,807
75,807
-
22,747
14,796
12,853
25,443
7,088
1,599,886
-
;
j
7,088
i
i
953,693
j
t IMMEDIATE RELEASE
4L March XT. 1950
, ¿Sv'
- 1 -
T
7
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 |aeiiS§?veas tended, for the period September 20,
1949, to February 25 1
9
5
0
except as noted below, are as
follows:
COTTON (other than linters)
(In pounds)
Country of
Origin
Under 1-1./8” other
than roug*h or harsh
undei 3/4"
Established Imports Sept.
Quota
20, 1949, to
Feb. 25, 1950
Egypt and the
Anglo-Egyptian ’
Sudan... V *..... «.
783 9 816
Peru*............
-247j952
British India..i. 2¿003,483
China... . . . . . 1 , 3 7 0 , 7 9 1
Mexico, 1*111 *1 1*1 8,883>259
Brazil...........
618,723
Union of Soviet
Socialist Repub-'
lies.....;;;...;.
475;124
Argentina. 1111111
5,203
Haiti..i
1111
‘237
Ecuador..1.4. i ^
9,333
Honduras ....7.. *
752
Paraguay..1.....•
871
Colombia.
124
Iraq............
195
British East....
■
Africa..1........
2 ,240
N et herland s ’Bast’
Indies. .1...
71,388
Barbados.........
—
Other British’’
West Indies l/...
21^321
Nigeria.........
5,377
Other British
West Africa 2/...
16,004
Other French
Africa 3/*-••••••
689
Algeria and Tunisia
-
34-9,286
116,418
,883,259
274,536
14,516,882 |9,423,499
1/
5/
3/
4/
5/
1-1/8” or mor e J Less than 3/4"
but less than [harsh or rough 5/
1-11/16” V
Imports
1Imports Sept. 20,
<*SI,.
1949, tdFeb. 25,
Feb.l. 1950 to
1950
Febv ¿5.1950—
26,355,410
227,542
22,141,075
387
26,583,339
■22;i c l ;w
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 for the quota period February 1, 1950 - Janl
Established Quota -70,000,000.
±951, inclusi1
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday» March 8» 1950
S—2276
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,
1949, to February 25, 1950, inclusive, except as noted below, are a§*followss
COTTON (other than linters)
(In pounds)
$
Under 1-1/8" other
1-1/8 H or more
Less than 3/4"
:
than rough or harsh
but less than
harsh or rough 5/
$
under 3/Att
1-11/16W y
¡Established Imports Sept» Imports Feb. 1, Imports Sept. 20,
t
Quota
20, 1949, to 1950 to Feb. 25, 1949, to Feb. 25,
0
0
Feb. 25. 1950 ___ 1950
1950
Country of
Origin
Egypt and the
Anglo-Egyptian
Sudan»•••.•••••••••
Peru».. ....... .
British India..*..»
China.».••••••••••»
Mexi co* *#»»»•»#»'«.»
Brazil....•«•••••.*
Union of Soviet
Socialist Republies......... ......
Argentina....,.....
Haiti »».».«**......
Ecuador•••••••••••»
Honduras..........
Paraguay...........
Colombia.•••,•••••»
Iraq».... .
British East
Africa.•«•••.•••••»
Netherlands East
Indies
Barbados•••••••.•••
Other British
West Indies l/#•.••
Nigeria............
Other British
West Africa 2/.....
Other French
Africa 3/'*««»«««.«•
Algeria and Tunisia
v/v**w*.
2/
2/
{¡J
5/
W JO U
jjcw.
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
26,355,410
227,542
*00
U 9 , 286
116,418
22,141,075
*00
—
8,883,259
274,536
mm
mm
mé
mm
387
M»
#■*
mm
0*0
00*
mm
mm
mm
«•
**m
».
«r*
mm
mm
mm
mm
2,240
71,388
_
'
0*0
21,321
5,377
0m
mm
mm
mm
mm
16,004
689
—
14,516,882
w iu w d j
— '
9,423,499
v < w u c ix u c i,
26,583,339
J.X X JU X U c L U ,
d X iU
22,141,075
IQ U a g O .
Other than Gold Coast and Nigeriaf
Other than Algeria, Tunisia, and Madagascar»
Established Quota •* 45,656,420 for the quota period February 1, 1950 to
Established Quota - 70,000,000.
January 31, 1951, inclusive»
COTTON WASTES
(In pounds)
COTTON CARD SIR IPS mads from cotton having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
CR NOT MANUFACTURED CR 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
é5
#
•
United Kingdom»•»••••«
Canada..*«..««•«».«••*
France••••••.•••••••••
British India.......• •
Netherlands..•••••••••
Switzerland.•••«.«••••
Belgium.
Japan.................
China
Egypt.................
Cuba.
Germany.
Italy.•••••••.•••*••••
Totals
t
Total imports
:Established:
Imports
t Sept. 20, 1949, : 33-1/3# of:Sept. 20, 1949
: to Feb* 25, 1950 ifotal Quota:to Feb.25,1950
:
:
:
1/
4,323,457
239,690
227,420
¿9,627
68,240
44, 388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
870,798
239,690
75,807
69,627
5,482,509
1/ Included in total imports, column 2*
— ‘
—
-
1,4a,152
75,807
22,747
14,796
12,853
—
-
-
—
7.088
25,443
........7.088
1,263,010
1,599,886
870,798
75,807
mm
—
—
—
**
—
7.088
953,693 |
‘" .‘A-
a . %
1
1
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, 191*1, as modified by the President’s proclamation of April 13, 1952,
for the 12 months commencing May 29, 1949, as follows:
Wheat
Country
of
Origin
Established :
Imports
Quota
iMay 29, 1549 , to
: Feb. 25, 195©
(Bushels)
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
—
Japan
United Kingdom
100
Australia
—
Germany
100
Syria
*100
New Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
France
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
800,000
795,000
—
—
—
—
4»
—
—
mm
...
—
—
—
—
Wheat flour, semolina;,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
i May 29, 1 # 9
•
to Feb. 25,19
•
(Pounds)
(Pounds)
3,815,000
25 ,00©
13,000
13,000
8,000
75,000
1,000
5,000
5,ooo
1,000
1,000
1,000
Hi,ooo
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
3,815,000
2,880
—
8,40©
mrn mm
875
n
mm
298
’mm
32
mm
—
...
_
—
—
795,000
_
-
5,000,000
3,827,557"
TREASURY DEPARTMENT
Washington
S-2277
immediate release,
Wednesday* March 8* 1950
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the Presidents proclamation
of May 28, 1941, as modified by the President s proclamation of April 13, 1942,
for the 12 months commencing May 29, 1949, as follows:
Wheat
Country
of
Origin
Imports
Established :
:May 29, 1949, to
Quota
5Feb* 25, 1950
(Bushels)
(Bushels)
795,000
Canada
China
—
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
100
Syria
—
New Zealand
—
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
—
Greece
100
Mexico
—
Panama
Uruguay
—
Poland and Danzig
—
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
795,000
—
—
-
800,000
795,000
—
—
—
—
-
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established : Imports
Quota
jMay 29, 1949,
:to Feb* 25* 1950
(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
3,815,000
2,880
—
8,400
—
mm
875
«*•
72
«*
—
—
—
298
—
—
—
—
—
32
—
—
—
**
—
-
4,000,000
3,827,557
IMMEDIATE RELEASE
March 8 . 1950
The Bureau of Customs announced today that from the beginning
of the quota year on February 1 to March
8, 1950, inclusive,
36,484,971 pounds of cotton having a staple of 1 -1 / 8 inches or
iaore but less than 1-11/16 inches have been authorized release
under the global quota of 45,656,420 pounds prescribed in the
Presidents Proclamation of September 5, 1939, as amended.
r6x6&S6y
Of the 36,484,971 pounds of such cotton authorized/^pproximately 98 percent is of Egyptian origin.
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Wednesday, March 8 , 1950.
S-2278
The Bureau of Customs announced today that
from the beginning of the quota year on
February 1 to March 8 , 1950, inclusive, 36,484,971
pounds of cotton having a staple of 1 -1/8 inches
or more but less than 1 -11/16 inches have been
authorized release under the global quota of
^5,656,420 pounds prescribed in the President’s
Proclamation of September 5 , 1939, as a,mended.
Of the 36,484,971 pounds of such cotton
authorized release, approximately 98 percent is
of Egyptian origin.
0O 0
Mr. Banning (Dìsì?. )
Mr. R. I. Barker
Mr. Barnes (5*+*+l)
Mr. Bartelt
Mr.. Batcheld,er
Mr. Beall
Bcokkpg & Warrants (*+308)
Mr. Brogan (600 Sloane)
Mr. Burdette (IU53 )
Miss Burke (*+125)
Mr.- Cake
Mr. Carl0ck (2000)
Mr. Church
Miss Cullen
Mr. Cunningham
Mr. illetrich_______ _
Zgv Billon (¥+1 6 )
Zb
Miss Donovan
Mr. Doolan
Mr. Eddy
Mrs. Earrell(3^05 )
Mr. Eoley
Mr. Gearhart (*+330)
Mr. Cerarli (*+32*+)
Mr. Graham
Mr.- Haas
Mr.- Handy
Mr;- Hard.
Miss Harrison (3*+*+6)
Mr.> Hearst
Mr. Heffelfinger
Miss Hodel
Mr. Howard
Mr> Hyland
Mr. jenkins (5*+*+5)
Mr. Kilhy
Mr. Kious
Mrs. Legg
Mr. Lynch (3OOO)
Mrs* Riddle (3OI3 )
Mr* Martin (3**3*0
Mr. Maxwell
Mr. Mayo
Mr*. McDonald
Mrs* McGuire (312$)
Mrs. McKenna
Mr, Merritt
Mr. Moore
Mr. Mulvihill (Tempo.V)
Miss Newcomer (1021)
Mr. Nussear (*+330)
Mr. Parsons
Mr. Perry
Mr; Peterson (312$)
Mr. Rahon
Mrs. Ralf (132 *+)
Mr. Reeves
Mrs* Root
Miss Rousseaux (*+321)
Mrs. Schoeneman
Mr. Schwalm (Walker)
Mr. Slindee
Mr. Smith (312$)
Mr; Smith (*+125)
Mr. Snyder (*4-125)
Mr. Stickney
Mrs. Sweitzer
Mr.. Tick ton
Mr. Tietjens
Mr. Tomkinson (2202)
Mr. Traver (*+125)
Miss Yassar
Mrs. Walker
Mr. Warfield
Mrs. Warneson
Mr. Woodson
Mr. Ziegenfus
TREASURY DEPARTMENT
F is c a l S e r v ic e
W a s h in g t o n ,
it the face amount of
JJggp,
1950
%
obligations issued
teed as to principal and interest by the
p Secretary of the Treasury), '‘shall not
For purposes of this section the current
pdeemable prior to maturity at the option
if and the face amount which can still be
$ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0
?183^,907.*100
f.5te.787,836
1.870,683.000
K2H6.37g.236
I 320.853.997
..062.011.128
iÎE^3*3ël
2^,362,753
2,688,325
27,051.078
255 .656 .29^.^39
iq.^.70H.^j
brtaary
iuaixy oxaxemenx ox xn<
unixect oxaxes Treasury,
2g t
natch
1950
1, 1990
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
256,368,355,161
27.051.078
256,395,‘106^239
759.111.800
255 ,6 ^ , 29^,939
7f
STATUTOHT DEBT LIMITATION
As of February 28« 1950
March 10, 1950
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 Secretaiy of the Treasury) ''shall
not exceed in the aggregate 0275,000,000,000 outstanding at any one time0 For pur
poses 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 amount0"
The following tab3.e 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,(XX),000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills«,..... .
$ 12,336,250,000
Certificates of indebtedness«, 0
27,320,942,000
Treasury notes o o e o o o o o o o o o o e o o
18.177.715.400$ 57,834,90?,¿00 ■
Bonds —
104,757,958,800
57,216,761,661
286,915,500
325,461,875
953.690.000 163,540,787,836
Special Funds
Certificates of indebtedness
17,735,500,000
Treasury notes9
o,o*99flooooa9
0000(5000000000
Total interest-bearing®
«,«
,00
00000000000009000000
Matured, interest-ceased00
oooo*oO90000999000009000
0000909
Bearing no interest:
War savings stanps0ooooooooooo
Excess profits tax refund bonds
Special notes of the United States
Internat*1 Monetary Fund
50,263,982
3,747,146
Total
Guaranteed obligations (hot held by Treasury):
Interest-bearing:
(more)
TREASURY DEPARTMENT
F is c a l S e r v ic e
STATUTORY DEBT LIMITATION
Washington, {§£«
3.9.5Q
AS OF
p
¿1
w
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount, of obligations issued
under authority of that Act, and the
face amount of obligations guaranteed as to principal and interest by the
United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), '‘shall not
exceed in the aggregate
$275,000,000,000
outstanding at any one time.
For purposes of this section the current
redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option
of the holder shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face amount which can still be
issued under this limitation:
$ 2 7 5 ,0 0 0 ,0 0 C ,000
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.
.... .............
M
$
12, 336 * 250f 000
Certificates of indebtedness.......
27,320,91*2,000
Treasury notes....... .............
18.177.715 .400
$
57,834,907,400
Bonds ...
104, 757,958,800
Savings (current redemp.value)*..
57,216,761,661
Treasury......... ......
286,915*500
325,461,875
953* 690,000
( Depositary.........
Armed Forces Leave*....... ......
Investment series......... ......
Special Funds Certificates of indebtedness
Treasury notes..........
163,540,787.836
17.735.500.000
15.135.183.000
254,240,378,236
Total interest-bearing....
Matured, interest-ceased.... .
320,853,997
Bearing no interest:
War savings stamps............ .
50,263,982
3, 747,146
Excess profits tax refund bonds....
Special notes of the United States:
I n t e m a t '1 Monetary Fund series..
Total...... ................... ......
1.008.000.000
............
1.062,011,128
255 ,629 ,243,361
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures : F.H. A ..... .
Demand obligations: C.C.C. ........
___
14, 555,686
9 .807.067
24,362,753
Matured, interest-ceased........... .
2,688,325
27,051.078
Grand total outstanding.... ................... .
Balance face amount of obligations issuable under above authority.
Reconcilement with Statement of the public Debt (Daily Statement of the United States Treasury,
ïebruary 28, 1950
Mardi
1* 1950
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
256,368,355.161
2 7 .0 5 1.o ii
256,395.404,239
7^ . 111.800
255.656,294,439
STATUTORY DEBT LIMITATION
As of February 28« 1950
March 10, 1950
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 iy 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 time0 For pur
poses of this sebtion 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 amount0H
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
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury billso«g»«9««oa«oo«6o $ 12,336,250,000
Certificates of indebtedness*© 27,320,94-2,000
Treasury noteso,«too»,«,o«o»«oo 18.177,715>4-00$ 57f834f907yA0Q 1
Bonds Treasury*0000*000000*0000000
Savings(curr3it redemp* value)*
Depositary 000*000000000000*0
Armed Forces Leaveoo*oo***©o
Investment series000000000*0
104-,757,958,800
57 ,216 ,7 61 ,66 1
286,915,500
325,4.61,875
953.690.000 163,540,787,836
Special Rinds Certificates of indebtedness 17,735,500,000
Treasury noteso©*ooo©ooo*oo© 15.135.183.000 32.870,683,000
Total interest-bearingooooo000*0*0oaooooooo 254,246,378,236
Matured, interest-ceased0000*0***********000©*000
320,853,997
Bearing no interest:
War savings stamps00*000***000
50,263,982
Excess profits tax refund bonds
3,747,146
Special notes of the United States:
Intemat*! Monetaiy Fund
series00000**0*000*0*0000000
1,008,000,000
1 . 062 . 011.128
Total«000000*0*00****0**'
255,629,243,361
Guaranteed obligations (not held by Treasury) :
Interest-bearing:
Debentures: F.H.A* *00**00000
14,555,686
Demand obligations: G,C,C* *** ______ 9.807.067
24,362,753
Matured, interest-ceased**000«00000*00**000***000 _____ 2.688.325
27,051,078
Grand total outstandm g** * * © * © © ** *©©* ©* *©** o * * *© *o ® h * * * * * * * 0;©© * *** * 255 «656. 294.439
Balance face amount of obligations issuable under above authority^000 19 *343.705.561
(more)
- 2 ~
Reconcilement with Statement of the Jpuhlic Debt — Ptebruajy 28, 1950
(Daily Statement of the Halted States Treasury, torch 1, 1950)
Outstanding—
— .
S
Total gross public debto#0®«>oi>ooi4i'»«M»iM»»*fr**?»ii*0«'»o'»8,'«t,®®8o8®e8®8®C>256,368,355,161
Guaranteed obligations not owned by th$ Tre&gary0»o<>»tto<><»o«<>o»»»<>• ,... 27,051»078
Total gross public debt and guar&nteed obligations© »®»o*0»o*<>000®* 256,395,406,239
Deduct — other outstanding public debt obligations not subject
tO debt 1 imitation»
..... ?39^111#pOQ
1255,656^,224^^1
3-2279
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 llf> of the
Revenue Act of 19kl, 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. !p-Q, 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 Sank or Branch.
Copies
-
2
-
t im e .
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 ” ~March
16j, 1950
"r"~ rT-^'---'yyvv
I
n
,
.in cash or other immediately avail-
able funds or in a like face amount of Treasury bill? maturing
.
Cash and exchange tenders will receive equal treatment.
March 16. 1950
■
M
..
Cash adjustments will be
made for differences between the par value of maturing bills accepted in exchange
and the issue price of the nevf bills.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, shall not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under 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 anjr State, or any of
the possessions of the United States, or by any local taxing authority, For
V.
m m m
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, March 10, 1950.
pjp
The Secretary of the Treasury, by this public notice, invites tenders for
$
900«OOP,000 , or thereabouts, of
91 -day Treasury bills, for cash and
~TpBc
in exchange for Treasury bills maturing March 16, 1950
, to be issued on
—--- --1X3Z----~—
. ..
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
Juno 15» 1950
---- 555-------They will be issued in bearer form only, and in denominations of
will mature
interest.
March 16, 1950
, and
---- «— nsèsT“*----- ~
, when the face amount will be payable without
$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,
MaT>ch 13, 1950
ES_
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
*
TR EA SU R Y
D E P A R TM E N T
Information Service
release m o r n i n g n e w s p a p e r s ,
Friday, March 10, 1950 »___
Wa s h in g t o n , d .c .
S-2280
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 1.6,
1950, to be issued on a discount basis under competitive and non
competitive bidding as hereinafter provided. The bills of this
series will be dated March 16, 1950, and will mature June 15, 1950,
when the face amount will be payable without interest. They will
be issued in. bearer form only, and in denominations of $1,000,
$5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity
value).
Tenders will be received at-Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Standard time,
Monday, March 13, 1950. 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
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
tills 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 state price
from any one bidder will be accepted in full at the average price
2
(in three decimals) of accepted competitive “bids. Settlement for
accepted tenders in accordance with the bids must he made or
completed at the Federal Reserve Bank on March 16 , 1950, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing March 16, 1950. 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 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) (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 o.f their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
- 9 -
the Alcohol Tax Unit on October 21, 1949.
Internal Revenue records indicate that the slaying
of the Federal officer took place on September 24, 1 9 2 9 ,
six miles south of San Antonio in Bexar County, Texas.
Investigator Stevens and other officers were returning
to San Antonio with three prisoners who had been
apprehended at the scene of a large illicit distillery
operated by the Stephens gang.
At a point on the
highway near Mitchell Lake, the officers were fired on
by Stephens and a number of his associates, with the
intent of rescuing the prisoners.
In the gunfight which ensued, Investigator
Stephens,, was shot and killed by Lynn Stevens, and
Pedro Guajardo, a member of the gang, was fatally wounded
Stephens and another violator sustained minor injuries
in the fight, but subsequently escaped.
Investigation by Federal prohibition officers at
the time indicated that the Stephens combine was
responsible for the operation of 22 large illicit
distilleries in Atascosa and Bexar County, Texas,
during a two-year period -- 1 9 2 7 to 1 9 2 9 .
Stephens will be tried on the murder charge in
a Texas State Court.
ÿ
8 -
On a charge of assaulting an Alcohol Tax Unit
agent, Robert Milton of Arcadia, Oklahoma, received a
sentence of three years in prison when he was tried ¿¿a.....
_._f:n-nrf.
^
on November 3, 1 9 ^9 .
Qlrl
The assault took place at the site of an illicit
distillery being operated near Arcadia, when the Tax
Unit agent and other officers attempted to arrest Milton
\
/
Anothe3\case closed in Oklahoma '£1 lay/during
November involVed Howard Cole a^d JohnnV ¥ilson,
charged with conspiracy to violate var/ous sections of
the Internal Revenue laws. After Entering pleas of
\
/ \
nolo contendere/to ^:he indictment, /Dole and Wilson
/
\
/ \
were sentence^/ to three years in ¿ris^n and fines
, /
\
/
\
totaling $2 , 5 2 5 . The \two defendants had been carrying
/
\
/
\
on a wholesale liquor business/ without having paid the
special t/ixes required by law/
They hadXalso failed to
keep and/ submit records of t^xpaid spirits^ received and
/
disposed, of from December,
>, to June,
Murderer of Prohibition Agent Arrested in Texas
A flashback to the prohibition era came with the
fugitive
arrest of Lynn Stephens, a long-time/charged with the
ambush slaying twenty years ago of Federal Prohibition
Investigator Charles F. Stevens.
The arrest of
Stephens by Texas State authorities was reported to
- 7 -
June 14,\ jq 49, Vester Lardner and four co-cQi^fpirators
entered pleae of guilty to an indietmei^charging
conspiracy to v&£Late various sections of the Internal
Revenue liquor lawsNav the operation of illicit
distilleries and the di^fs^ution of non-taxpaid liquor.
Prison sentences apfffines totatH^g $2,500 were imposed
on the defendg/fts. An investigation "by^agents had
revealed t#iat the group had manufactured ovbsg^R,000
gallons of illicit liquor, resulting in a tax fra^d,
o£falmost $48,000.
(L»u I
h !Xwi4
Use of a fir earn by im-Anlc
resulted in a five-year prison sentence for
w hen
IT S’ U -I.M " t . I11 wil
QjfrWba&i H7 j„J.9,
4
T II THAi7i.fi>T»ffi.T— n lMTiT>-
n-h
Robert MrTil^fi1,, convicted on three
counts of owning and operating an illicit distillery,
and the* use of a gun in resisting arrest*
\
- r.-t -tror-,
f^o.
3*pag sentenej^p^- Federal Judge Thomas C . Trimble,
b*#- warned that nmoonshiners who
carry guns
to their
stills will get the maximum sentence when they appear
in this court.”
» s& iin b e r.o e d w 'to **-•ofi©-- year^'aiibd^uiQ jis,,.,
in
feitstH*
T
*prjL&iQn.
leg at
Time
/
- 6
allots-froa* h-is rcvolvey at ttoi.
An up^fistered
copper distillery, vats and otji^paraphernelia, found
in the -woods nearby, wa^faken by the agents, and the
automobile seize^-r^Scott, who was subsequently
arrested,^2>£ceived his long prison sentence whei»»
1949.
Interference with Alcohol Tax Unit agents in the
discharge of their official duties led to the death
of an Alabama man and long prison sentences for two of
his associates.
In March, 1 9 4 9 , a Treasury investigator,
accompanied by two State revenue agents, was conducting
an investigation at Phoenix City, Alabama.
Peter and
Guy Hargett, brothers, and Samuel A. Beck, all of whom
had previous records for violation of Federal liquor
laws, blocked the officers’ car and threatened them
with a pistol.
The Incident was later reported to the
sheriff of Russell County, Alabama, who sent deputies
to arrest the Hargett brothers and Beck.
In a gun-
fight with the trio, Guy Hargett was killedgby one of
the deputies sheriff.
In Federal Court atjfepelika,
>
*
?
Alabama, in November, 1 9 4 9 , Peter Hargett and Beck
were found guilty of interfering with federal officers
in the discharge of their official duties, and each
given a sentence of eight years in prison.
5
On November 28, Fred Pócela and two
co-conspirators
received sentences in Federal Court at Philadelphia on
charges of conspiracy to violate the Internal Revenue
liquor laws. Fines were also imposed by the court
totaling $1,000.
Investigation of the case by agents
of the Alcohol Tax Unit disclosed that the defendants
had defrauded the Government an estimated $630,000 by
the production of non-taxpaid liquor during the year
19^8.
They had operated their distillery in the
Eastern District of Pennsylvania.
Ghpplay figured in tho invca1 1 gotion-of a case .
in uajnr Y,o n n W .j<
\
which /esulj^d in a
/
five-year phi son grentence
Francis
fired shot s>ffa3ai/a.ca/Llbre pist
\/
y T
i
tt, who
agent of
/
the Alcohol Ta^ Unit. Tho Revenu
s were in
--- ----— p x--x.r^_.*ial vis
they observed
a parked automobl le\.wn^cn they
zed as one owned
* *
by Scott. / Nearby the#\lc\cat
of "moonshine whiskey."
nd a half gallons
4
Salvatore J. Pecoraro, Albert J. Severini and the
Severini Wine and Liquor Corporation, charged with
conspiracy to avoid the payment of taxes on distilled
wines by keeping false and fraudulent records, were
jointly sentenced to pay fines totaling $17,500, after
conviction on the charges in Federal Court, hew York
City.
Pecoraro and Severini, whose business interests
are in hew York City, also received prison sentences,
which were suspended.
The two defendants were placed
on probation for a period of five years .
A Federal Judge in Philadelphia sentenced Angelo
DeAngelis and four associates to prison terms following
their conviction, October 17, on charges of manufacturing
M4fK~taxpaid
alcohol and conspiracy to violate the Internal
Revenue liquor laws. The investigation of this case
revealed that these defendants had operated a large
illicit alcohol distillery for a period of several
months during 1947-48 in the Eastern District of
Pennsylvania, which had produced over 20,000 gallons
of high-proof alcohol.
The operation of the 44-inch
column distillery, which was seized and destroyed,
resulted in a Federal tax fraud of at least $180,000.
Over 200 gallons of finished alcohol had been seized
when the plant was raided.
- 3 101,975 investigations, and the registration of 1 3 , 9 7 7
dangerous weapons, including machine guns, machine
pistols, and sawed-off shotguns.
The purpose of the National Firearms .Act is to
keep "gangster-type" weapons out of the hands of
criminals who use them in the commission of violent
\
crimes.
"While this purpose has, in the belief of the
Alcohol Tax Unit, been accomplished to a large extent,
the program is being continued.
Regardless of the safeguards used, machine guns
and other weapons covered by the Firearms Act have
fallen into the hands of criminals, and figured in an
increased number of armed robberies and other violent
crimes during the past year.
A number of defendants
in these cases will be charged with violations of the
act, in addition to robbery or other charges.
Cases Brought to Trial During 19^-9
During the calendar year, a number of important
cases involving violations of the Internal Revenue
liquor laws, were brought to' trial.
the following:
Among them were
Property, including cars and trucks, valued at
$2 ,3 5 9 ,7 9 8 was seized by agents in combatting the
largest flow of "moonshineM whiskey that has appeared
on the illicit market since sugar rationing became
effective at the beginning of World War II.
The
report states that the resurgence of "moonshining”
was first noted in the months which immediately followed
the abandonment of sugar rationing in June, 1947 .
A total of 4,746 convictions for violations of the
Internal Revenue liquor laws were obtained in Federal
courts during the calendar year.
Of this number,
4,155 convictions were obtained on pleas of guilty.
On December 31* prosecutions pending totaled 4,84l
cases, 3 ,0 2 7 of which were for grand jury action and
. 1,814 for trial.
Firearms Program
Enforcement of the National Firearms Act, which
is under the jurisdiction of the Alcohol Tax Unit,
required hundreds of individual investigations during
the year.
This program, which was augmented and
intensified in 1945 because of the large numbers of
firearms that were being introduced into the United
States by members of the armed forces returning from
abroad, had by December 31 resulted in a total of
made.
Illicit distilled spirits seized by agents during
the year totaled 126,852 gallons, as compared with
109,203 gallons taken in 1948.
Mash totaling 4,041,195
gallons was destroyed at still sites, an increase of
728,270 gallons over that seized during the previous
year.
Commissioner Schoeneman told Secretary Snyder that
Coast Guard ’'spotting” planes were again successfully
used during the year by the Alcohol Tax Unit in locating
illicit distilleries.
These combined air-ground .operations,
which were coordinated by short-wave radio, resulted in
hundreds of still seizures.
RELEASE MORNING NEWSPAPERS,
Sunday, March 12, 1950»____
S-2281
Agents of the Alcohol Tax Unit seized and destroyed 8,649
illicit distilleries and arrested 9*498 persons for violations
of the Internal Revenue liquor laws during the calendar year
ended December 31, 1949.
A report submitted today to Secretary Snyder by Commissioner
of Internal Revenue George J. Schoeneman indicated a substantial
increase in liquor law violations over 1948, when 7 ,5 5 1 "moon
shine" distilleries were seized by Alcohol Tax Unit agents, and
8,3^3 arrests made.
Illicit distilled spirits seized by agents during the year
totaled 126,852 gallons, as compared with .109,203 gallons taken
in 1948. Mash totaling 4,041,195 gallons was destroyed at still
sites, an increase of 728,270 gallons over that seized during
the previous year.
Commissioner Schoeneman told Secretary Snyder that Coast
Guard "spotting" planes were again successfully used during
the year by the Alcohol Tax Unit in locating illicit distill
eries. These combined air-ground operations, which were co
ordinated by short-wave radio, resulted in hundreds of still
seizures.
Property, including cars and trucks, valued at $2 ,359,798
was seized by agents in combatting the largest flow of "moon
shine" whiskey that has appeared on the illicit market since
sugar rationing became effective at the beginning of World War II.
The report states that the resurgence of "moonshining"was first
noted in the months which immediately followed the abandonment
of sugar rationing in June , 1947
A total of 4,746 convictions for violations of the
Internal Revenue liquor laws were obtained in Federal courts
during the calendar year. Of this number, 4,155 convictions
were obtained on pleas of guilty. On December 3 1 , prosecutions
pending totaled 4,84l cases, 3*027 of which were for grand jury
action and l,8l4 for trial.
2
Firearm s Program
Enforcement of the National Firearms Act, which is under
the jurisdiction of the Alcohol Tax Unit, required hundreds of
individual investigations during the year. This program, which
was augmented and intensified in 19^5 because of the large^
numbers of firearms that were being introduced into the United
States by members of the armed forces returning from abroad,
had by December 31 resulted in a total of 101,975 investi
gations, and the registration of 1 3 *977 dangerous weapons,
including machine guns, machine pistols, and saw-off shotguns.
The purpose of the National Firearms Act is to keep
"gangster-type1' weapons out of the hands of criminals who use
them in the commission of violent crimes. While this purpose
has, in the belief of the Alcohol Tax Unit, been accomplished
to a large extent, the program is being continued.
Regardless of the safeguards used, machine guns and other
weapons covered by the Firearms Act have fallen into the hands
of criminals, and figured in an increased number of armed
robberies and other violent crimes during the past year. A
number of defendants in these cases will be charged with vio
lations of the act, in addition to robbery or other charges.
Cases Brought to Trial During 19^9
During the calendar year, a number of important cases
involving violations of the Internal Revenue liquor laws, were
brought to trial. Among them were the following:
Salvatore J. Pecoraro, Albert J. Severini and the Severini
Wine and Liquor Corporation, charged with conspiracy to avoid
the payment of taxes on distilled wines by keeping false and
fraudulent records, were jointly sentenced to pay fines, totaling
$17,500, after conviction on the charges in Federal Court,
New York City. Pecoraro and Severini, whose business interests
are in New York City, also received prison sentences, which were
suspended. The two defendants were placed on probation for a
period of five years .
A Federal Judge in Philadelphia sentenced Angelo DeAngelis
and four associates to prison terms following their conviction,
October 1 7 , on charges of manufacturing non-taxpaid alcohol and
conspiracy to violate the Internal Revenue liquor laws. The
investigation of this case revealed that these defendants had
operated a large illicit alcohol distillery for a period of
several months during 19^7-18 In the Eastern District of
Pennsylvania, which had produced over 2Q,000 gallons of nig
proof alcohol. The operation of the 44-inch column distillery,
which was seized and destroyed, resulted in a Federal tax fraud
of at least $180,000. Over 200 gallons of finished alcohol had
"been seized when the plant was raided.
On November 28, Fred Poccia and two co~conspirators
received sentences in Federal Court at Philadelphia on c arges
of conspiracy to violate the Internal Revenue liquor laws.
Fines were also imposed hy the court totaling $1,000. Xnvestigation of the case by agents of the Alcohol Tax Unit disclosed
that the defendants had defrauded the Government an estimated
¿ 6 1 0 000 by the production of non-taxpaid liquor during the
year*19^8* They had operated their distillery in the Eastern
District of Pennsylvania.
Interference with Alcohol Tax Unit agents in the discharge
of their official duties led to the death of an Alabama man and
long orison sentences for two of his associates. In March,
19 4 9
a Treasury investigator, accompanied by two State revenue
agents, was conducting an investigation at Phoenix City,
Alabama. Peter and Guy Hargett, brothers, and
mmr
all of whom had previous records for violation of Federal 1 9
laws, blocked the officers' car and theatened them with a pistol.
The incident was later reported to the sheriff of Russell County,
Alabama, who sent deputies to arrest the Hargett brothers an
Beck. In a gun-fight with the trio, Guy Hargett was killed by
one of the deputies sheriff. In Federal Court at Opelika,
Alabama, in November, 1949, Peter Hargett and Beck were found
guilty of interfering with Federal officers m the discharge
of their official duties, and each given a sentence of eight
years in prison.
Use of a firearm resulted in a five-year prison sentence
for an offender, who was convicted on three counts of owning ana
operating an illicit distillery, and the use of a gun in resist
ing arrest. In passing sentence, Federal Judge Thomas
.
Trimble warned that "moonshiners who carry guns to their stills
will get the maximum sentence when they appear in this court.
On a charge of assaulting an Alcohol Tax Unit agent,
Robert Milton of Arcadia, Oklahoma, received a sentence of three
years in prison when he was tried on November 3, 1949.
assault took place at the site of an illicit distillery e m g
operated near Arcadia, when the Tax Unit agent and other
officers attempted to arrest Milton.
- 4 Murderer of Prohibition Agent Arrested in Texas
A flashback to the prohibition era came with the arrest
of Lynn Stephens, A long-time fugitive charged with the ambush
slaying twenty years ago of Federal Prohibition Investigator
Charles F. Stevens, The arrest of Stephens by Texas State
authorities was reported to the Alcohol Tax Unit on October 21,
19^9.
Internal Revenue records indicate that the slaying of the
Federal officer took place on September 24, 1929, six miles
south of San Antonio in Bexar County, Texas. Investigator
Stevens and other officers were returning to San Antonio with
three prisoners who had been apprehended at the scene of a
large illicit distillery operated by the Stephens gang. At
a point on the highway near Mitchell Lake, the officers were
fired on by Stephens and a number of his associates, with the
intent of rescuing the prisoners.
In the gun fight which ensued, Investigator Stevens was
shot and killed by Lynn Stephens, and Pedro Guajardo, a member
of the gang, was fatally wounded. Stephens and another
violator sustained minor injuries in the fight, but subsequently
escaped.
Investigation by Federal prohibition officers at the time
indicated that the Stephens combine was responsible for the
operation of 22 large illicit distilleries in Atascosa and
Bexar countiesjTexas, during a two-year period -- 1 9 2 7 to 1 9 2 9 .
Stephens will be tried on the murder charge in a Texas
State Court.
0O0
IMMEDIATE RELEASE
March 10. 1950
The Bureau of Customs announced today that from the beginning
of the quota year on February 1 to March 10, 1950, inclusive,
44,592,633 pounds of cotton having a staple of 1-1/8 inches or
more but less than 1-11/16 inches have been authorized release
under the global quota of 45>656,420 pounds prescribed in the
Presidents Proclamation of September 5, 1939, as amended.
Of the 44,592,633 pounds of such cotton authorized release
43,593,759 pounds are of Egyptian origin, 993,501 pounds of
Peruvian, and 373 pounds of Brazilian origin.
TR EA SU R Y
D E P A R TM E N T
WASHINGTON,
Information Service
IMMEDIATE RELEASE,
Friday, March 10, 1950•
S-2282
The Bureau of Customs announced today
that from the beginning of the quota year on
February 1 to March 10, 1950, inclusive,
44,592,633 pounds of cotton having a staple of
1 - 1 / 8 inches or more but less than 1 -1 1 / 1 6
inches have been authorized release under the
global quota of 45,656,420 pounds prescribed
in the President's Proclamation of September 5*
19 39 .
» as amended.
Of the 44,592,633 pounds of such cotton
authorized release, 43,593,759 pounds are of
Egyptian origin, 998,501 pounds of Peruvian,
and 373 pounds of Brazilian origin.
0O0
E1IÄSE MORNING NÄ5PAPSR3
Tuesday a March 14, 1950 »—
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 16 and
to mature June 15, 1950, which were offered on March 10, 1950, were opened at
the Federal Reserve Banks on March 13*
The details of this issue are as follows;
Total applied for - $>1,641,347,000
Total accepted
902,416,000 (includes $99,570,000 entered on a non
competitive basis and accepted in full
at the average price shown below)
Average price
- 99*714 r Equiva
Range of accepted competitive bids;
- 99.717 Equivalent rate of discount approx. 1 .120$ per annus
** 99*713
*
»
«
»
*
1 .135 $ ** tt
High
low
(95
percent of the amount bid for at the low price was accepted)
Federal Reserve
District______
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
$ 19 ,262,000
605 ,123,000
80 ,715,000
19 ,412,000
1 ,181 ,004,000
102,680,000
35.363.000
5.752.000
15.604.000
116,947,000
15 .827.000
4.675.000
27.335.000
28.010.000
88,738,000
Total
$1,641,347,000
29,223,000
5.430.000
14.779.000
53.794.000
9.227.000
4 .310.000
.
16 060.000
12 ,485,000
52.008*000
$902,416,000
nmum
«
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS,
Tuesday, March 14, 1950.
¡3-2283
The Secretary of the Treasury announced last evening that the
tenders for $900,000,000, or thereabouts, of 9 1 -day Treasury bills
to be dated March 16 and to mature June 1 5 y 1950, which were
offered on March 1 0 , 1950, were opened at the Federal Reserve Banks
on March 1 3 ,
The details of this issue are as follows:
Total applied for - $1,641,347, 000
Total accepted
902,416,000 (includes $9 9 ,5 7 0 ,0 0 0
entered on a non
competitive basis and
accepted in full at the
average price shown below)
Average price
99*714/ Equivalent rate of discount approx
1.131$ per annum
Range of accepted competitive bids:
H&gjjfo
- 99*717 Equivalent rate
1 .12 0 $
~ 99 *713 Equivalent rate
1 .1 3 5 $
l*0^
of discount approx
per annum
of discount approx
per annum
(95 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
Balias
Ban Francisco
TOTAL
Total
Applied for
$
1 9 ,^1 2 ,0 0 0
1 ,1 8 1 ,0 0 4 ,0 0 0
1 0 2 .6 8 0 .0 0 0
Total
Accepted
8 8 .7 3 8 .0 0 0
$ 19,262,000
6 0 5 ,1 2 3 ,0 0 0
8 0 .7 1 5 .0 0 0
2 9 .2 2 3 .0 0 0
5.430.000
14.779.000
53.794.000
9.227.000
4.310.000
1 6 .0 6 0 .0 0 0
12.485.000
5 2 .008.000
$1,641,347,000
$902,416,000
35.363.000
5.752.000
1 5 .6 0 4 .0 0 0
1 1 6 .9 4 7 .0 0 0
15.827.000
4.675.000
27.335.000
28.010.000
0O0
Service
¡»2284
ror 1947.
;ary of
sction of
iblished
filed
the T|
Commi
in thl
i through
Decern
5f
$33
fWVf WIlO-JLe X07#A /0 5511WW UOIAWXO wx vxj /
have no income data (inactive corporations).
wild 35,&76
The income tax liability reported on these returns is $11,012,036,000,
representing an increase of 28. percent as compared with the total for 1946 ®
The amount of income tax does not take into account any credit claimed for
income and profits taxes paid to a foreign country or United States possession«
A comparison of the 1947 returns with the 1946 returns is provided in
the following summary?
Corporation income tax returns, 1/ 1947 and 1946?
Summary data
(Money figures in thousands of dollars)
Total number of returns
Returns with net income; 2/
Number
Net income 2/
Tax liability;
Income tax 2/
Excess profits tax kj
Total
Returns with no net income? 2/
Number
Deficit 2/
Number of returns of inactive
corporations
For footnotes, see pp. 12-13 •
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE
Monday, March 20, 1950
Press Service
NOo S-2284
Preliminary statistics from corporation income tax returns_____ _
filed through December 31, 1948, were today made public by Secretary of
the Treasury John W. Snyder« These data, prepared under the direction of
Commissioner of Internal Revenue George J* Schoeneman, will be published
in the preliminary report, "Statistics of Income for 1947. Part 2©"
SUMMARY DATA
The number of corporation income tax returns for 1947, filed through
December 31, 1948, is 587,690, of which 382,538 show net income of
$33,386,263,000, while 169,276 show deficit of $1,958,563,000, and 35,876
have no income data (inactive corporations)*
The income tax liability reported on these returns is $11,012,036,000,
representing an increase of 28. percent as compared with the total for 1946*
The amount of income tax does not take into account any credit claimed for
income and profits taxes paid to a foreign country or United States possession©
A comparison of the 1947 returns with the 1946 returns is provided in
the following summary?
Corporation income tax returns, l/ 1947 and 1946?
Summary data
(Money figures in thousands of dollars)
1947
(prelimi
nary)
Total number of returns
Returns with net income? 2/
Number
Net income 2/
Tax liability?
Income tax 3/
Excess profits tax 4 /
Total
Returns with no net income? 2/
Number
Deficit 2/
Number of returns of inactive
corporations
For footnotes, see pp. 12-13 *
587.690
1946
(complete)
Increase or de
crease (-)
Number ©r
Per
amount
cent
12
526 I?6?
6 1 ,3 2 7
382,538
359,310
33,386,263 27,184,592
23,228
6
6 ,2 0 1 ,6 7 1
23
11,012,036
—
8,606,695
268,145
2,405,341
-268,145
28
-100
11,012,036
8,874,840
2 ,1 3 7 ,1 9 6
24
169,276
_ 1.958,563
131,842
1,991.706
37,434
“33 ©143
28
-2
35,876
35,211
665
2
-
2
-
Allowance of the net operating loss deduction reduced the net income for
tax computation by $183 ,605*000 on 30,478 returns filed for 1947, as compared
with $139,563,000 on 33,289 returns filed for 1946. See note 25, page 13.
RETURNS INCLUDED
The returns included in this release are the corporation income tax re
turns filed for the calendar year ending December 31, 1947, a fiscal year
ending within the period July 1947 through June 1948, and a part year with
the greater portion of the accounting period in 1947®
The data are from corporation income tax returns, Form 1120$ life insur
ance company income tax returns, Form 1120L| and mutual insurance company
income tax returns, Form 1120M© Included for this purpose in addition to
returns filed by domestic corporations are the returns filed by foreign cor
porations engaged in business within the United States© The complete re
port, Statistics of Income for 1947, Part 2, will contain more detailed
statistics from corporation income tax returns as well as data from personal
holding company returns, Form 1120Ho
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 resulting from carry-backs, after the returns were filed©
Data from amended returns and tentative returns are not included in the
tabulations«
COMPARABILITY OF DATA
The provisions of the Internal Revenue Code as amended by the Revenue Act
of 1945 continue in effect for the calendar year 1947 and fiscal years ending
in the period July 1947 through June 1948© Accordingly, the data for 1947
are generally comparable with those for 1946 ©
CONSOLIDATED RETURNS OF AFFILIATED CORPORATIONS
For 1947 the number of consolidated returns is 1,214, of which 767 show
net income amounting to $2,026,689,000, while 443 show deficit of $169,748,000,
and 4 have no income data (inactive corporations)© The number of consolidated
returns filed is only 0.2 percent of all corporation returns© However, the
net income reported in consolidated returns is 6©1 percent of the net income
of all returns showing net income, and the income tax reported therein,amount
ing to $674 ,523 ,000, is 6©1 percent of the income tax for all corporations.
The privilege of filing a consolidated return is granted to affiliated
domestic corporations which meet specified requirements in respect to their
connection through stock ownership with a common parent corporation©
Data from the consolidated returns are shown as a separate tabulation in
table 1 —A, pages 7 *”8 , and are combined with data from other returns in the
tabulations presented elsewhere in this release. The following summary shows,
by industrial divisions, the number of consolidated income tax returns and the
number of subsidiaries included therein, for both the years 1947 and 1946 ©
-3 Consolidated corporation returns, 1947 and 1946, by industrial
divisions, showing number of consolidated returns and number
of subsidiaries
(Excludes consolidated returns of inactive corporations)
Number of
Number of
consol.idated
subsidi
Industrial divisions j>/
return s
aries 6/
1946
1946
1947
1947
All industrial divisions
Mining and quarrying
Manufacturing
Public utilities
Trade
Service
Finance, insurance, real estate,
and lessors of real property
Construction
Agriculture, forestry, and fishery
Nature of business not allocable
1 ,2 1 0
1 ,1 4 8
69
361
69
32$
5,349
182
1,519
173
231
89
168
192
86
1,2 7 0
612
672
1 ,1 2 2
610
927
51
978
84
40
10
11
231
37
2$9
37
12
7
_____i _ ___ J L _ 1
5,037
206
1,457
106
For footnotes, see pp° 12-13 «
INDUSTRIAL GROUPS
The distribution of the corporation income tax returns for 1947
by major industrial groups for returns with net income and returns
with no net income is shown in tables 1, 1-A, and 2, pages 5— 10, 5f
this release» Tables 1 and 2 include all returns, while table 1-A
includes only consolidated returns®
The industrial classification is based on the business activity
reported on the return» When multiple businesses are reported on a
return, the classification is determined by the business activity
which accounts for the largest percentage of total receipts® Therefore, the industrial groups do not reflect pure industry classifica
tions® It is important to note that the industrial classification
of a consolidated return is based on the predominant business of the
affiliated corporations for which the consolidated return is filed®
If it were possible to segregate the income of the subsidiary or
affiliated concerns, the data for such concerns might fall in indus
trial divisions other than the ones in which they are here included®
In analyzing the data compiled from returns classified under
the major group «Insurance carriers, agents, etc®,« it should be noted
that life insurance companies, in reporting their income-for tax
purposes, are required to include only their investment income, i®eo,
interest, dividends, and rents® Beginning 1942, life insurance
companies are allowed a «reserve and other policy liability credit«
equal to a flat proportion of net investment income less tax-exempt
interest® This credit, which is deducted after arriving at net income
529
-4 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 1947 the credit ratio is 1.0066 and for normal tax purposes
the aggregate amount of reserve and other policy liability credit is
$1,324*926,697, of which $1,323,751,015 is reported on returns with
balance sheets. As an offset to this credit, adjustment for certain
non-life insurance reserves is reported in total amount of $8,848,432,
of which $8,809,679 is reported on returns with balance sheets. The
latter adjustment, which is made in order to include in the tax base
the interest received on non-life insurance reserves, applies only to
life insurance companies deriving a portion of their income from con
tracts other than life insurance, annuities, or noncancellable health
and accident insurance®
HISTORICAL SUMMARY
* •
A historical summary for each of the years 1938-1947 is presented
in table 3, page 11® In comparing the data throughout the ten-year
period, the various changes in law must be taken into consideration,
especially the discontinuance for 1934-1941 of the privilege ©f filing
consolidated returns for incase tax purposes (except by railroad corpo
rations and their related holding or leasing companies and, in 1940 and
19 4 1 , by Pan-American trade corporations) and the restoration of this
privilege beginning 1942.
Table 1.. - Corporation income tax returns, 1/ 1947, by major industrial groups, for returns with net income and returns with no net incomes
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, the income tax
_____ (Money figures In thousands of dollars)
Returns with no net income Z 7
Returns with net income 2 /
Major industrial groups 5 /
Total
number
of
returns 7 /
1
2
3
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
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
All industrial groups
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal, lignite, peat, etc.
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Beverages
Tobacco manufactures
Cotton manufactures
Textile-mill products, except cotton
Apparel and products made from fabrics
Leather and products
Rubber products
Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
Printing and publishing industries
Chemicals and allied products
Petroleum and coal products
Stone, clay, and glass products
Iron, steel, and products
Nonferrous metals and their products
Electrical machinery and equipment
Machinery, except transportation equipment and
electrical
Automobiles and equipment, except electrical
Transportation equipment,- except automobiles
: Other manufacturing
Manufacturing not allocable
Public utilities
Transportation
Communication
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
General merchandise
Food stores, including market milk dealers
Package liquor stores
Drug stores
Apparel and accessories
Furniture and house furnishings
Eating and drinking places
Automotive dealers
Filling stations
Hardware
Building materials, fuel, and ice
Other retail trade
Retail trade not allocable
Trade not allocable
For footnotes, see pp.
12-13.
587,690
10,102
1,765
184
1,965
3,915
1,643
630
115,799
11,176
3,427
250
977
5,217
14,165
3,143
661
3,778
6,099
2,570
12,243
7,855
602
4,253
9,084
4,414
3,092
9,005
1,209
1,194
6,974
4,411
25,325
17,878
4,286
3,161
181,383
57,333
8,413
48,920
100,984
6,688
7,561
2,302
4,708
13,689
7,686
12,864
Ì6,299'
1,849
2,913
Number
of
returns
Total
compiled
receipts 8 /
382,538
4,955
224
102
1,371
2,191
1,046
21
74,616
7,301
1,927
129
818
3,563
9,267
1,984
388
2,681
3,972
2,087
8,789
4,578
407
2,769
6,463
2,614
1,716
5,893
343,387 ,700
,046
,563,040
5,563'
922,148
457,092
2,216,762
1,364,727
590,143
12,174
171,539,693
29,005,469
4,475,418
2,793,495
4,338,876
6,861,936
7,105,913
3,008,588
3,369,995
3,048,572
3,178,799
5,627,160
5,329,734
13,261,376
14,969,082
3,522,150
18,294,981
5.033.236
7,690,761
12,416,724
820
552
3,767
2,131
14,857
10,673
2,118
2,066
133,194
41,380
5,412
35,968
75,159
5,319
4,522
1,595
3,551
10,446
6,146
6,306
14,426
1,208
2,548
7,173
7,369
4,550
16,655
11,214,902
2,236,532
2,941,220
1,814,774
23,054,480
14,599,513
2,734,836
5,720,131
115,723,522
56,490,851
3,193,017
53,297,834
49,856,311.
13,770,057
10,019,504
257,094
1,050,277
4,773,002
1,997,249
1.322.237
8,609,052
422,540
467,086
2,653,752
2,481,773
2,032,688
9,376,360
Net
income 2/
Income
tax 5 /
Dividends
paid in cash
and assets
other than
own stock
Number
of
returns
Total
compiled
receipts 8 /
33,386,263 11,012,036
292,502
860,451
69,372
208,175
9,347
29,924
90,224
264,751
263,818
90,223
33,196
93,347
436
140
6,319,753
17,517,112
537,895
1,479,709
185,785
501,372
73,319
197,701
713,462
263,654
861,376
316,465
: 169,582
477,571
84,705
232,433
84,457
240,980
182,583
517,842
106,844
299,690
343.386
928,005
232,867
665,430
653.386
1,852,816
421,900
1,309,633
465,946
169.929
702,360
1,901,851
203,564
567,801
307,912
837,797
577,518
1,564,177
8,222,277
310,340
99,885
15,844
58.467
103,712
32,341
91
4,123,341
377,452
112,813
78,334
115,056
150,578
52,344
45,883
65,207
70,696
51,183
152,224
148,760
523,040
589,529
111,672
409,206
142,101
186,446
326,437
169,276
3,340
707
74
466
1,416
506
171
37,572
3,542
1,296
109
147
1,532
4,715
1,105
247
970
2,011
446
3,120
2,948
147
1,362
2,348
1,693
1,274
2,850
24,471,727
484,039
78,432
62,531
97,748
209,764
32,562
5,002
8,907,948
1,636,532
467,595
57,759
68,498
381,540
652,050
278,958
67,530
142,425
275,463
95,642
415,738
370,891
111,496
129,872
473,422
310,855
542,654
760,594
462,652
63,850
108,866
66,274
1,013,272
509,278
111,064
392.930
2,250,875
957,350
64,015
893,335
1,109,551
401,933
97,556
2,109
15,105
96,667
254,077
68,192
64,850
27,261
1,271,246
338,273
343,879
589,094
981,197
367,128
36,619
330,509
539,706
272, 591
53,593
720
12,269
49,337
19,088
13,422
51,992
6,367
3,528
28,120
17,211
11.468
74,363
338
553
3,011
1,805
8,872
6,207
1,834
831
44,105
14,659
2,751
11,908
23,879
1,236
2,848
687
255,672
791,269
378,761
242,732
3,742,120
2,802,877
625,522
313,721
7,601,462
3,925,883
338,119
3,587,764
2,890,588
326,668
490,792
1,256,841
176,253
304,687
183,739
3,013,671
1,445,719
429,516
1,138,436
6,371,530
2,637,476
194,252
2,443,224
3,182,998
1,086,249
269,266
8,418
48,651
291,196
147,786
61,286
812,840
24,598
35,462
189,811
127,128
80,307
551,056
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
30
31
52
33
54
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
Table 1.
- Corporation income tax returns, 1J 1947, by major industrial groups, for returns with net income and returns with no net income«
receipts, net income or deficit, aid dividends paid in cash and assets other than own stock} also, for returns with net income,
Number of returns, total compiled
income tax - Continued
(Money figures in thousands of dollars)
Major industrial groups S/ Continued
56 Service
Hotels and other lodging places
57
Personal service
58
Business service
59
Automotive repair services and garages
60
Miscellaneous repair services, hand trades
61
Motion pictures
62
Amusement, except motion pictures
63
Other service, including schools
64
Service not allocable
65
Finance, insurance, real estate, and lessors
of real property
finance
Banks and trust companies
Long-term credit agencies, mortgage
companies, except banks
Short-'term credit agencies, except banks
Investment trusts and investment companies _9/
Other investment companies, including
holding companies 10/
Security and commodity-exchange brokers
and dealers
Other finance companies
Finance not allocable
Insurance carriers, agents, etc.
Insurance carriers
««» Insurance agents, brokers, etc.
Real estate, including lessors of buildings
Lessors of real property, except buildings
Construction
Agriculture,- forestry, and fishery
Agriculture and services
Forestry
Fishery
Nature of business not allocable
For footnotes; see pp.> 12-13.
Total
number
of
returns 7/
Number
of
returns
Total
compiled
receipts 8/
Net
income 2/
Income
tax 5/
Dividends
paid in cash
and assets
other than
aim stock
Number
of
returns
Total
compiled
receipts 8/
Deficit 2/
Dividends
paid in cash
and assets
other than
own stock
56
57
58
59
60
61
62
63
64
21 65
51,016 66
1,498
377
191
224
27
72
419
75
92
49,495
5,529
10.338
9,488
3,683
2,193
4,892
5,838
6,944
590
159,451
28,155
3,547
6,515
5,360
2,497
1,319
3,415
2,471
2.839
192
105,917
7,402,478
1,279,379
1,167,218
1,513,982
302,978
181,432
1,926,366
518,726
486,631
25,766
12,081,263
815,394
131,831
83,975
135,136
31,419
13,755
289,713
77,385
49,793
2,387
4,113,611
263,847
44,077
24,482
44,754
8,695
4,048
94,917
26,724
15,455
695
648,173
184,S79
17,898
12,494
29,455
2,272
899
97,634
16,706
6,912
311
1,246,045
17,821
1,809
3,490
5,570
1,056
821
1,190
2,724
2,872
289
45,125
1,094,352
169,270
211,295
248,883
45,669
33,251
146,832
115,546
116,754
8,854
1,743,622
91,681
16,878
11,397
13,910
2,675
2,246
14,636
14,992
13,599
1,348
272,230
38.338
15,155
3,040
28,409
14,221
1,909
4,869,868
3,278,018
49,824
1,683,086
851.882
14,349
348,798
225,359
3,855
918,023
325,200
5,903
8,317
689
1,003
200,079
59,634
5,327
96,252
7.797
4,164
4,691
3,643
1,867
3,330
2,793
1,481
473,757
316,108
514,187
132,488
268,559
364.882
42,112
15,722
42.578
43,621
229,299
286,601
1,041
782
354
21,051
28,726
7,706
7,142
6,228
34,429
5,819
6,489
661
907
73
109,381
23,955
10,416
755
51,573
1,495
722
3,220
6,716
1.840
4,876
67,047
3,745
14,355
4,444
4,103
189
152
2,047
59,815
68,778
4,483,873
4,093,210
390,663
2,473,270
254,252
6,364,110
1,486,512
1,424,521
35,214
26,777
172,596
21,848
25,123
1,616,360
1,552,553
63,807
672,788
141,377
430,151
239,191
227,601
9,208
2,382
25,152
7,063
6,490
66,613
47,836
18,777
183,825
48,939
139,874
76,780
75.578
2,506
696
6,960
7,101
15,809
120,955
102,208
18,747
121,781
85,284
42,241
57,978
55,127
2,547
304
5,512
609
3,178
1,927
415
1,512
31,954
2,947
5,934
2,885
2,557
107
8,598
- 17,464
1,052,786
1,011,961
40,825
452,478
38,279
680,976
183,940
167,299
4,245
12,398
33,268
5,264
20,812
49,742
45,630
4,112
112,109
14,127
58,511
23,848
21,439
611
1.798
9,554
166
5,089
16,338
16,139
199
12,003
999
634
1,615
1,374
207
34
601
74
75
76
77
78
79
80
81
82
83
84
85
1,521 .
6,926
8,937
2,314
6,623
104,877
7,299
21,579
7,741
7,016
325
400
16,815
221
3,622
21,676
9,731
1,252
67
68
69
452 70
837 71
3,242 78
86
Table 1—A . — Consolidated corporation income tax returns, 1/ 1947, by major industrial groups, for returns with net income and returns with no net income : Number of returns, number of subsidiaxi.es,
total compiled receipts, net income or deficit, and dividends paid in cash and assets other than own stock} also, for returns with net income, the income tax
Major industrial groups ¿ /
1 All industrial groups
2 Mining and quarrying
Metal mining
3
4
Anthracite mining
5
Bituminous coal, lignite, peat, etc.
6
Crude petroleum and natural gas
production
7
Nonmetallic mining and quarrying
Mining and quarrying not allocable
8
9 Manufacturing
10
Food and kindred products
11
Beverages
12
Tobacco manufactures
Cotton manufactures
13
14
Textile-mill products, except cotton
15
Apparel and products made from fabrics
16
Leather and products
17
Rubber products
18
Lumber and timber basic products
19
Furniture and finished lumber products
20
Paper and allied products
21
Printing and publishing industries
22
Chemicals and allied products
23
Petroleum and coal products
24
Stone, clay, and gLass products
25
Iron, steel, and products
26
Nonferrous metals and their products
27
Electrical machinery and equipment
28
Machinery, except transportation
equipment and electrical
29
Automobiles and equipment, except
electrical
30
Transportation equipment, except
automobiles
31
Other manufacturing
32
Manufacturing not allocable
33 Public utilities
34
Transportation
35
Communication
36
Other public utilities
37 Trade
38
Wholesale
39
Commission merchants
40
Other wholesalers
41
Retail
42
General merchandise
43
Food stores, including market milk
dealers
44
Package liquor stores
Drug stores
45
46
Apparel and accessories
47
Furniture and house furnishings
48
Eating and drinking places
49
Automotive dealers
50
Filling stations
51
Hardware
52
Building materials, fuel, and ice
53
Other retail trade
54
Retail trade not allocable
55
Trade not allocable
For footnotes, see pp. 12-13,
(Moner figures in thousands of dollars)
Returns with npt income 2/
Total
number
of consoli
dated re
turns jJ
Number
of
returns
Number
of sub
sidiaries 6/
Total
compiled
receipts §/
Net
income j
1,214
69
9
5
15
35
767
42
4
2
12
20
4,145
130
8
31
34
52
6
1
362
31
13
1
3
13
23
5
1
8
5
4
30
34
21
13
31
17
17
30
3
1
217
21
3
. 2
10
16
3
1
6
3
3
18
20
18
7
21
12
6
18
6
4
Return. with no net Income 2/
Dividends
paid in cash
and assets
other than
own stock
7
Income
tax 3/
Dividends
paid in cash
and assets
other than
own stock
Number
of
returns
Number
of sub
sidiaries § J
Total
-compiled
receipts 2/
Deficit 2/
24,805,621
391,710
49,178
88,076
90,941
156,168
2,026,689
55,011
9,386
3,788
20,561
20,905
674, 523
15,050
2,952
1,460
5,234
7,276
858,582
22,870
4,299
3,801
9,701
4,893
443
27
5
3
3
13
1,204
52
7
3
5
30
2,601,922
44,061
3,117
4,176
4,634
31,191
169,748
3,518
2,468
55
19
871
4
1
1,157
216
4
15
19
33
8
1
6
5
5
56
98
267
12
130
114
33
50
7,143
204
15,653,126
1,424,335
6,231
136,020
24,160
34,132
10,261
2,409
14,924
5,442
16,721
37,348
265,981
7,625,626
20,345
3,289,304
1,667,640
110,915
114,440
127
368
1
3
1,239,506 414,405
22,119
56,604
462
179
-.
15,082
5,631
746
2,011
562
1,619
244
94
183
73
461
1,413
302
113
77
198
1,954
5,618
9,631
2S,415
584,424 179,539
320
1,073
89,284
233,785
239,890
83,579
921
3,613
4,068
10,913
176
496,495
17, 533
1,764
6
447
33
230
44
233
316
9,215
296,815
602
74,097
76,523
556
1,555
3
144
9
10
1
1
3
7
2
945
717,556
56,785
26,174
69
506
861
4,686
1,382
2
2
1
12
14
3
6
10
5
11
12
7
362
35
29
2
2
5
8
2
4
2
1
29
47
15
17
23
6
22
27
725
204
516
60,739
23,452
17,417
2,967
56,808
5,237
122,143
32,574
105
50,038
1,042
1,934
IS
1
245
211
953
70
38
19
1,819
2,417
219
381
2,558
600
8,107
1,433
18
454,013
7,020
3,287
2
6
20,330
4,249
29
4,328 30
35,93S
-
-
-
13
5
20
286,482
10,856
4,312
11,086
8
43
254,880
20,685
32
11
173
103
8
62
232
100
12
88
99
10
8
17
3
117
61
4
52
152
68
9
59
64
7
5
44
3
1,019
437
12
570
408
155
15
140
210
54
24
103,205
3,192
4,683,152
3,067,158
5,612
1,610,382
1,990,587
510,940
6,635
504,305
1,428,596
206,345
1,080,850
9,459
407
402,223
112,318
1,245
288,660
71,513
37,410
530
36,880
31,567
10,504
15,998
3,568
154
137,697
42,330
471
94,896
26,680
13,519
192
13,327
12,253
3,958
6,388
2,193
160
205,087
40,731
182
164,174
18,733
■ 7,103
106
6,997
10,891
6,153
3,652
15
8
56
42
4
10
79
32
3
29
34
3
2
29
10
251
183
9
59
204
54
5
49
133
5
14
19,658
9,443
1,374,210
1,178,939
23,992
171,279
128,351
71,260
547
70,713
52,392
791
10,717
2,228
834
98,419
83,560
1,868
12,991
4,031
2,189
47
2,142
1,677
14
263
1
6
26
9
8
16
2
1
2
14
6
5
13
2
1
4
53
18
20
16
2
1,734
1,153
82,106
9,980
8,439
14,301
2,617
5
6
3,399
222
116
741
72
1
1
1,334
71
37
271
5
890
3
25
15
30
4
12
3
3
5
12
65
7
17
4
-
-
-
4
6
3
33
1
5
3
20
1
13
4
43
-
1,243
10,921
8,907
51,051
-
2
352
152
2, 536
-
1
132
54
908
-
29
94
739
-
-/
5,040
8,357
4,409
20,288
736
-
177
511
333
224
19
-
•
-
-
-
'-
3
1
7
2
-
-
13
17
1,786
2,268
110
26
-
4,699
165
54,274
1,223
80
-
-1,111
1
2
3
4
5
6
52 .7
- 8
5,986 9
552 10
148 11
—
12
« IS
- 14
18 15
- 16
17
' - 18
- 19
- 20
- 21
17 22
296 23
9 24
126 25
** 26
75 27
50 28
537
55
21,923
592
26
21,305
286
69
-
69
215
—
195
31
32
35
34
35
36
37
38
39
40
41
42
45
44
8 45
10 46
47
48
- 49
—
50
51
52
55
54
55
4
— «•-
¡stsstsä*sr^rr
*—
•
ao-LLarsL
Major industrial groups ¿ / Continued
56 Service
Hotels and other lodging places
57
Personal service
58
Business service
59
Automotive repair services and garages
60
Miscellaneous repair services, hand
61
trades
Motion pictures
62
Amusement, except motion pictures
63
Other service, including schools
64
Service not allocable
65
66 Finance, insurance, real estate, and
lessors of real property
Finance
67
Banks and trust companies
68
Long-term credit agencies, mortgage
69
companies, except banks
Short-term credit agencies, except
70
banks
Investment trusts and investment
71
companies £/
Other investment companies,
72
including holding companies ¿0/
Security and commodity-exchange
73
brokers and dealers
Other finance companies
74
Finance not allocable
75
Insurance carriers, agents, etc.
76
Insurance carriers
77
Insurance agents, brokers, etc.
78
Real estate, including lessors of
79
buildings
Lessors of real property, except
buildings
Construction
Agriculture, forestry, and fishery
Agriculture and services
Forestry
Fishery
Nature of business not allocable
For footnotes, see pp. 12-13
Dividends
paid in cash
Deficit £/ 1 and assets
other than
own stock___
Total
number
of consoli
dated re
turns 7/
Number
of .
returns
Number
of sub
sidiaries £/
Total
compiled
receipts g/
Net
income ¿/
Income
tax £/
Dividends
paid in cash
and assets
other than
own stock
89
16
3
15
2
1
64
13
5
8
2
1
595
76
686,876
49,952
96,166
6,199
39
5
1
17,633
1,273
1,804
33,908
1,899
2
660
27,729
758
2
164
25
16
10
1
231
17
13
6
1
144
401
58
9
1
712
585,934
27,550
2,579
413
850,905
83,290
4,559
174
108
76,486
29,673
1,608
18
43
18,514
25,028
1,776
1
8
3
4
34
9
13
29,584
3,600
1,054
366
143
87
53,973
87
215
259,326
11,499
155 62
63
8 64
65
4,669 66
61
7
4
S3
7
1
283
76
5
221,878
66,575
40,377
12,642
9,670
2,773
33,568
10,184
28
47
35,790
2,257
375 67
5
4
95
26
—
4
5
567
259
13
70
25
71
Number
of
returns
Number
of sub
sidiaries § ]
Total
compiled'
receipts 2/
25
5
77
5
56,211
678
894
12
7
18
21,295
286
-
12
8
125
80,781
12,860
4,526
8,505
6
3
7
3,862
2,446
202
3,525
3
11
23,505
115
1,562
10,084
6
9
210
536
27
25
6
10
9,499
1,150
55
55,575
10,341
163
56
57
58
if 59
60
S» 61
68
69
170 72
17
11
7
1
3
5
33
25
8
125
1
1
26
18
8
80
1
11
63
47
16
358
20
14,097
554,275
538,675
15,600
68,262
1
2,010
20,007
16,927
3,080
12,241
580
3,940
3,277
663
3,552
1,047
14,677
11,839
2,838
2,073
2
4
7
7
3
5
43
43
80
54
215.970
215.970
18
155
6.607
6.607
45
112
9,455
2,418
9 74
75
4.222 76
4.222 77
78
65 79
5
8
6,490
5,861
1,352
3,855
7
13
111
217
9 80
12
37
12
11
22
5
5
•“
81
37
37
""
135,767
413.000
413.000
8,386
77.311
77.311
3,081
25.171
25.171
2,933
30,737
30,757
15
7
6
25
14
13
18,548
3,760
3,690
706
551
546
4
6
1,498
87
17
25
1
3
1
4
70
99
5
92
19 81
82
83
84
- 85
5 86
1
9
158
78
Tabla2.-Corporationinoometaxreturns,l/ 1947,bymajorindustrialgroups,forreturnswithnetincomeandreturnswithnonet
incomei DividendsreceivedonsfeookofdomesticcorporationsandinterestreoeivedonGovernmentobligations
Majorindustrialgroups5/
Allindustrialgroups
Miningandquarrying
3 Metalmining
4 Anthracitemining
5 Bituminousooal,lignite,peat,eto.
6 Crudepetroleumandnaturalgasproduction
7 Nonmetalliominingandquarrying
8 Miningandquarryingnotallooable
9 Manufacturing
10
Foodandkindredproducts
11
Beverages
12
Tobaooomanufactures
13 Cottonmanufactures
14 Textile-millproducts,exceptcotton
15 pparelandproduotsmadefromfabrics
16 A
Leatherandproduots
17 Rubberproduots
18 lumberand'timberbasioproduots
19 F
urnitureandfinishedlumberproduots
20
Paperandalliedproduots
21
Printingandpublishingindustries
22 Chemiealsandalliedproduots
23 Petroleumandooalproduots
24 Stone,olay,andglassproduots
25 Iron,steel,andproduots
26 Nonferrousmetalsandtheirproduots
27 E
lectricalmachineryandequipment
28 Machinery,exoepttransportationequipment
at
no
dmo
eb
li
el
ce
ts
ria
cn
ad
l1equipment,exoeptelectrical
29 Au
SO
Transportationequipment,exoeptautomobiles
31 O
thermanufacturing
32 Manufacturingnotallooable
33 Publicutilities
34 Transportât!on
35 Communication
36 Otherpublloutilities
37 Tra
de
38 Wholesale
39 Commissionmerchants
40 Otherwholesalers
4
1 Retail
42
Generalmarchandise
43 Foodstores,includingmarketmilkdealers
44 Packageliquorstores
45 Drugstores
46 Apparelandaccessories
47 Furnitureandhousefurnishings
48 Eatinganddrinkingplaoes
49 A
utomotivedealers
50 Fillingstations
51 Hardware
52 Buildingmaterials,fuel,andioe
53 Otherretailtrade
64 etailtradenotallooable
55 TrR
adenotallooable
Forfootnotes,seepp. 12-13,
1
2
Returnswithnetincome2/
bivldends
interestreoeivedonGovernmentobligations
reoeivedon
ondpremium)
(i*>ssamortizableb
stoekof
Subjeot Wholly
holly
domestiocor Total W
osurtax taxtaxable12/ t
porations11/
only13/ exemptu /
1,837,605 1,969,986 1,526,869 266,471 177,646
64,089
6,561
6,049
384
128
15,890
2,918
2,820
79
19
6,757
262
2
1
9
3
0
3
21,099
1,566
1
,
3
7
3
1
3
7
4
6
10,556
1,088
973
83
32
783
74e
7m
664
56
28
4
585,913 82,490
72,894
5,956
3,640
33,757
5,
,1
53
4f5f
4,336
698
612
2
4,399
1
,
9
0
2
8
7
160
4,136
229
1
1
7
66
47
17,561
2,463
2,220
68
1
65
13,258
4
,
2
6
6
4,146
53
67
4,069
1,647
1
,
4
3
4
8
9
1
2
4
3,915
1
,
2
3
6
1
,
1
6
6
3
8
3
2
19,989
845
818
19
8
8,870
1,796
1,686
64
46
4,234
1,328
1
,
1
1
9
66
1
4
3
12,950
3,873
3,421
266
186
26,294
5,322
4,462
602
258
107,597
8,462
7
,
2
7
3
604
675
194,834
7,923
6,929
852
142
7,150
2,970
2,608
2
6
7
95
36,944 12,435
11,779
462
194
11,149
3,017
2,883
78
66
20,566
2
2,194
126
76
4
21,445
8,
,3
19
04
8
6,814
838
46
17,833
2,512
2,018
379
115
5,679
2 ,2 1 1
2
,
1
3
4
56
22
7,206
1,306
1
,
0
4
9
212
44
2,078
485
388
68
29
331,413 24,922
2
1
,
3
9
4
2,001
27
1 6
90,689
6,484
13,295
1,833
66
1 3
162,636 12
,725
2
,
6
4
6
1
8
6
1
88,089
5,713
453
150
110
89,714 22,236 .206,,1
07
7
9
3
1,
3
3
6
44,893
8,053
6,904
338
811
9,926
1,052
938
68
46
34,967
7,001
5,966
270
766
39,045 12,607
1
1
,
7
0
3
3
7
7
4
2
7
15,597
5,501
5
,
1
2
0
112
2
6
9
1,900
674
512
52
30
23
16
18
1,866
192
177
8
7
6,369
2
,
2
6
2
2
,
2
1
8
2
8
1
6
1,761
900
860
22
18
2,043
310
272
16
22
2,952
866
8
0
4
4
6
1
6
770
65
3
9
2
5
1
147
106
99
2
4
1,721
792
758
20
14
1,553
567
607
26
24
2,343
319
3
6
6
4
0
6
6,776
1,678
1,600
78
98
Dividends
reoeivedon
stookof
domestiocor
porationsll/
44,819
318
85
1
69
160
3
3,732
232
83
20
86
150
37
17
4
42
13
27
341
1329
34
185
47
830
593
512
170
99
69
8,536
7,486
937
113
2,569
1,765
67
1,698
670
219
223
2
27
31
158
4
1
12
8
20
234
Returnswithnonetincome2/
InterestreoeivedonOovernmentobligations
(lessamortizablebondpremium)
Subjeot Wholly
holly
Total W
tosurtax tax*
taxable12/ o
nly13/ exemptw■7!
5,509
53,852
4
1
,
4
0
0
7,149
3
3
183
168
s
2
83
78
5
1
24
20
2
17
1
5
41
1
3
4
5
h
H
5
5
3,178
3,006
129
43
5
108
8
100
1
80
9
4
-74
19
17
9
2
2
12
131
1
86
85
34
1
36
23
23
5
5
1
2
140
1
3
T
M*5'
23
4
25
211
240
75
3
94
8
15
5
1
17
17
24
3
261
219
69
57
2
86
86
322
361
38
i
121
1,176
67
44
2,908
1,979
722
207
1,876
641
34
607
1,087
60
803
4
61
24
30
13
226
27
4
1
5
148
121
1,152
66
4
1
2,703
1^860
*704
139
.1,428
634
28
694
649
67
394
1
5
6
1
22
28
13
26
25
40
g
133
23
1
102
5$
7
37
419
5
6
400
1
392
1
1
2
103
62
10
31
29
7
7
20
17
1
1
2
2
2
2
1
13
2
1
2
3
4
6
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
31
32
33
34
35
36
37
38
39
40
41
42
43
44
46
46
47
48
49
60
51
52
53
54
66
Table 2. - Corporation income tax returns, l/ 1947»
»«jo»- industrial groups, for returns with net income and returns with no net
inoome: Dividends reoeived on stock of domestic corporations and interest received on Government obligations - Continued
Major industrial groups 5/ - Continued
Servioe
Hotels and other lodging places
Personal servioe
Business servioe
Automotive repair services and garages
Miscellaneous repair servioes, hand trades
Motion pictures
Amusement, except motion pictures
Other service, including sohools
Servioe not allooable
Finance, insurance, real estate, and lessors of
real property
Finanoe
Banks and trust companies
Long-term oredit agenoies, mortgage companies,
except banks
Short-term oredit agencies, except banks
Investment trusts and investment companies 9/
Other investment companies, including holding
oompanies 10/
Seourity aricT”oommodity-exehange brokers and
dealers
Other finanoe oompanies
Finanoe not allooable
Insuranoe carriers, agents, etc.
Insuranoe carriers
Insurance agents, brokers, etc.
Heal estate, including lessors of buildings
Lessors of real property, exoept buildings
Construction
Agriculture, forestry, and fishery
Agriculture and servioes
Forestry
Fishery
Nature of business not allooable
For footnotes, see pp
12-13
Dividends
received on
stock of
domestio corporations ll/
41,550
2,266
1,202
3,443
265
21
52,785
625
682
65
721,020
(Money figures in thousands of dollars)
Returns with net Income 2/
Interest received on (Government obligations
(less amortisable bond premium)
Subject
■Wholly
taxto surtax
Total
taxable 12/ only 15/
exempt 14/
Wholly
135
9
22
170,466
25
261
64
2
28,268
369
136
31
65
5
10
14
117
5
55,356
36
7
2,'
22
a*
•
6
6,432
26
3
5
17
2
5,060
66
57
68
69
60
61
62
65
64
66
66
159,418
155,549
54
7,202
611
18
26,316
16,445
56
19,740
13,270
SO
5,562
989
2
5,224
2,184
4
87
68
69
70
71
72
4,025
1,027
289
616
298
1,059
454
555
14
1,816,459
1,056
422
292
14
1,598,958
16
8
8
4
20
247,046
51
50
21
porationa ll/
Returns with no' net inoome 2/
Interest received on Government obligati one
(less amortisable bond premium)
Wholly
Subjeot
WhAlW
*
f
taxto surtax
Total
taxable 12/ only IS/
exempt 14/
450
145
56
80
5
«
10
31
124
5
44,827
88
4,244
1,044
527
700
502
53
5
1
Dividends
reoeived on
stock of
8
16
31
1
466
29
16
72
8
550,445
17,612
1,206,054
1,179,775
591
852,143
811,172
528
254,495
253,052
9
7,052
216,471
298,228
2,018
7,552
8,156
1,954
6,560
6,064
31
370
902
822
1,170
51
3,485
1,776
70
480
566
69
420
265
1
21
13
.
39
89
7,667
5,754
2,582
84
1,268
995
7,9l4
4,999
2,176
759
75
25
985
17,017
16,998
19
1,434
60
206
141
156
-2
5
105
26
664
12,345
12,529
14
1,202
60
171
117
112
2
5
105
•
150
5,040
5,036
4
35
5
12
4
4
-
169
1,634
1,635
1
197
5
23
20
20
-
74
75
76
77
78
79
80
81
82
85
84
86
86
SOI
1,758
1,576
145,864
141,161
4,705
21,796
2,915
6,687
5,550
5,254
285
51
1,869
249
4,201
597,567
696,857
510
11,571
1,667
1,962
977
865
105
9
156
257
5,666
664,941
564,622
419
10,406
1,466
1,555
784
705
75
6
107
7
58
12,054
12,051
25
417
81
109
55
52
2
1
16
53
5
497
50,372
30,304
68
546
120
500
168
150
26
2
IS
158
150
20,162
20,120
52
868
46
128
448
428
20
564
IäJ*
Table 3. - Corporation returns, 1/ 1958-1947: Historical sunmary of selected items from income and declared
value excess-profits tax returns,
excess profits tax returns
and
(Money figures in thousands of dollars)
1947 17/
1942
1943
1944
1945
1946
1941
1940
1939
1938
INCOME AND DECLARED VALUE EXCESS-PROFITS TAX RETURNS
1
2
5
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
All income and declared value excessprofits tax returns:
Number (excluding returns of inactive
corporations)
Total compiled receipts 8/
Net income less deficit y
Total tax liability
Income tax
Declared value excess-profits tax
Excess profits tax 4/
Dividends paid in cash and assets
other than own stock
Returns with net income: Z j
Number
Total compiled receipts 8/
Net income 2/
Total tax liability
Income tax
Declared value excess-profits tax
Excess profits tax 4/
Dividends paid in casTT and assets
other than own stock
Returns with no net income: Z j
Number
Total compiled receipts Z j
Deficit 2/
Dividends paid in cash and assets
other than own stock
Returns of inactive corporations:
Number
551,814
491,152
421,125
412,467
420,521
442,665
468,906
473,042
469,617
471,032
567,859,427
31,427,700
11,012,036
11'012'036
288,954,237
25,192,886
8,874,840
8,606,¿95
(18)
268,145
7,496,733
255,447,753
21,138,957
10,794,750
4,182,705
55,039
6,557,006
6,080,766
262,200,531
26,304,481
14,884,050
4,353,620
98,668
10,431,762
6,057,043
249,682,493
27,819,245
15,925,582
20/4.479,166
154,934
11,291,483
5,727,676
217,680,512
23,051,811
12,256,596
20/4.337,728
66,854
7,851,814
5,607,085
390,432,017
16,332,542
7,167,902
23/3,744,568
64,149
5,559,186
6,700,787
148,236,787
8,919,429
. 2,548,546
22/2,144,292
23/30,744
373|511
6,088,781
132,878,224
6,754,565
1,232,256
1,216,450
15,806
T
5,746,739
120,453,946
5,672,882
859,566
2^853,578
5,988
*
5,013,453
303,019
239,045,611
22,165,206
10,794,750
4,182,705
55,039
6,557,006
5,917,615
288,904
252,962,944
27,123,741
14,884,050
4,353,620
98,668
10,431,762
5,988,526
283,735
240,766,898
28,717,966
15,925,582
20/4.479.166
154,934
11,291,483
5,631,025
269,942
206,160,215
24,052,358
12,256,396
20/4.337.728
66,854
7,851,814
5,490,167
264,628
175,181,820
18,111,095
7,167,902
21/3,744,568
64,149
5,359,186
6,518,177
220,977
125,180,472
11,203,224
2,548,546
22/2,144,292
23/50,744
373,511
5,888,325
199,479
105,656,338
8,826,713
1,232,256
1,216,450
15,806
169,884
80,267,477
6,525,979
859,566
2^/853,578
5,988
8,222,277
359,310
265,597,448
27,184,592
8,874,840
8,606,695
(18)
268,145
7,241,416
5,562,275
4,780,202
169,276
24,471,727
1,958,563
'142'925
151,842
23,356,789
1,991,706
255,317
118,106
16,402,141
1,026,250
163,152
123,563
9,237,587
819,260
88,517
136,786
8,915,595
898,722
96,653
172,725
11,520,297
1,000,746
116,918
204,278
15,250,197
1,778,553
182,610
252,065
23,056,316
2,283,795
200,457
270,158
27,219,886
2,092,148
184,466
301,148
40,186,469
2,853,098
235,231
35,876
55,211
33,335
34,329
35,573
37,012
40,160
43,741
46,543
49,469
68,202
55,912
22,506,883
20,471,652
19/12,935,510
14,552,878
Seiline 15 abovre)
54,002
17,084,370
10,494,667
42,412
12,072,516
6,534,864
13,440
2,997,937
911,603
•
-
8,565,202
382,538
343,387,700
33,386,263
11^012'036
11^012'036
-
1
2
3
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
EXCESS PROFITS TAX RETURNS
22
23
24
25
Taxable excess profits tax returns: y
Number
Excess profits net income 15/
Adjusted excess profits neTTlnoome 16/
Excess profits tax
For footnotes, see pp
12-13,
-
11,053
2,191,222
1,474,490
52,097
14,165,567
8,367,927
22
25
24
25
P
-
12
«
-
Foo tn o te« fo r t a b le « I n t h i a r e le a s e
1! The informationcontained inthis release is com
piledfromthe returns as filed, priorto revisions
thatmaybemade as aresult ofauditbythe Bureau of
InternalRevenue* Data are likewise priorto any
other changes made afterthe returnswere filed, as
theresult ofcarry-backs and, for 1940 through 1945,
relief grantedunder section722 ofthe Internal
Revenue Code., recomputationofamortisationof
emergencyfacilities, orthe renegotiation ofwar
contracts* The effect ofrenegotiation settlements
reachedafterthe returns were filed is shown in
speoialtabulationswhich appear inthe complete re
ports, "Statistics of Inoome, Part 2 ," foreachof
the years 1942 through 1945*
2 / " N e t inoome" o r " D e f i o i t " f o r 1946 and 1947 i s th e
d iffe rie n o e betw een th e t o t a l inoome and th e t o t a l d e d u c tio n s
a s re p o rte d on th e r e t u r n , a d ju s te d b y e x c lu d in g n e t
o p e r a tin g lo s s d e d u o tio n j fo r 1944 and 1945 i s th e amount
re p o rted fo r d e c la r e d v a lu e e x c e s s - p r o f i t * t a x co m p u tatio n ,
a d ju s te d b y e x c lu d in g n e t o p e ra tin g lo s s d e d u c tio n and
ad d ing Oeverament i n t e r e s t s u b je c t t o s u r t a x o n ly and
e x c e ss o f n e t lo n g -te rm c a p i t a l g a in o v er n e t sh o rt-te rm
e a p i t a l lo s s ; f o r 1940-43 i s th e amount re p o rted fo r
d e o la re d v a lu e e x o e s s - p r o f it s t a x co m p u tatio n , a d ju s te d
b y e x c lu d in g n e t o p e ra tin g lo s s d e d u c tio n ; f o r 19S8-S9
i s th e amount re p o rted f o r (d e c la re d v a lu e ) e x c e s s p r o f i t s t a x com putation and i s t h e d iffe r e n c e between
" T o t a l inoome" and " T o t a l d e d u c tio n s *" N e t income or
d e f i o i t a s h ere d e fin e d i s th e b a s is f o r c l a s s i f i c a t i o n
o f th e r e tu r n s b y th o s e w ith n e t inoome and th o se w ith
no n e t inoome*
5 / "Income ta x " c o n s is t s o f norm al t a x , s u r t a x , and
a l t e r n a t i v e t a x re p o rted i n l i o n o f norm al t a x and s u r ta x
where th e inoome in c lu d e s a n e x c e ss o f n e t lo n g -te rm c a p i
t a l g a in over n e t s h o rt-te rm e a p i t a l l a s s , i f and o n ly i f
such t a x i s l e s s th an th e norm al t a x and su rta x * Tabu
la t e d w ith th e Income t a x f o r r e tu rn s w ith n e t inoome i s
a s m a ll amount o f t a x re p o rte d on r e tu rn s w ith no n e t i n
c u s » , under th e s p e c i a l p r o v is io n s a p p lic a b le t o c e r t a in
m utual in su ra n ce com panies, o th e r th a n l i f e or m arine*
4/ The e x c e ss p r o f i t s t a x shown i s t h a t imposed by
s e o tio n 710 o f th e I n t e r n a l Revenue Code a s amended and
should n o t be confused w ith th e d e o la re d v a lu e e x c e s s p r o f i t s ta x * E f f e c t i v e Ja n u a ry 1 , 1946, th e c o rp o rate
e x c e ss p r o f i t s t a x was re p e a le d * For 1946 th e exoess
p r o f i t s ta x d a ta shown a re from e x c e ss p r o f i t s t a x re tu rn s
fo r f i s c a l y e a r s end ing i n th e p e rio d J u l y th rough
November 1946, and p a r t y e a r s b e g in n in g i n 1945 and
end ing i n 1946 w ith th e g r e a te r p a r t o f th e ao oou n tin g
p e rio d i n 1946« (F or f i s c a l y e a rs b e g in n in g i n 1945 and
end ing i n 1946, th e e x c e ss p r o f i t s t a x i s r e ta in e d fo r
th e 1945 p o r tio n o f th e y e a r . In suoh oa ses th e ta x
i s determ ined by f i r s t com puting a t e n t a t i v e t a x under
th e p r o v is io n s a p p lic a b le t o ta x a b le y e a rs b e g in n in g on
Ja n u a r y 1 , 1945* The t e n t a t iv e t a x i s th e n p ro rated
on th e b a s is o f th e number o f days i n th e ta x a b le y e a r
b e fo r e Ja n u a ry 1 , 1946*) As i n 1945, th e amount shown
i s th e e x o e ss p r o f i t s t a x le s s th e 10 p e rc e n t o r e d it*
The allo w an ce o f th e c u r r e n t o r e d it o f 10 p ero e n t
a g a in s t th e ex o e ss p r o f i t s t a x i n l i e u o f th e p o st-w ar
refu n d and th e c r e d i t fo r d e b t r e tire m e n t was provided
b y th e Tax A djustm ent A c t o f 1945 fo r t a x a b le y e a rs be
g in n in g a f t e r Deoember 3 1 , 1945, b u t t h i s change was n o t
ta k e n in t o a c c o u n t i n th e 1944 d a ta fo r th e reason t h a t
a m a jo r it y o f th e r e tu r n s fo r 1944 were f i l e d p re v io u s to
J u l y 5 1 , 1945, th e d a te o f th e Tax A djustm ent A c t o f 1945,
and a c c o r d in g ly show p o st-w ar refu n d an d o r e d it f o r d eb t
r e tir e m e n t* T h u s, fo r 1944, as i n 1942 and 1943, th e
amountofexcess profits tax shownintable 3is the excess
profits tax liabilityreported oncorporationexcessprofits
tax returns, lessthe creditfordebtretirementandthenet
post-war refund.
The amounts fortheyears 1943through 1946arebefore
theamountdeferred under section710 (a)(5) (relatingto
abnormalities under seotion722) andafter anyadjustments
reported onthereturns under otherreliefprovisions*
Theamount for 1942 isafterboth the section710 (a)(5)
defermentandanyadjustments reportedonthe returnsunder
-otherreliefprovisions*
The amount for 1941, shownintable 3, is theexcess
profitstaxdeduction (item55, page 1,Form1120 for1941)
allowed in the computationofnormal-taxnetinoome, except
that for fisoalyears beginningin 1940,with thegreater
partofthe accountingperiod in 1941, there istabulated
theamountofexcessprofits tax liability (item32,page1,
Form 1121for 1940)*
Theamount for 1940, shownintable 3, istabulated
fromcorporationexoessprofits taxreturns for the cal
endaryear 1940and for fisoalyearsbeginning in 1940
with thegreaterpartofthe accountingperiod in 1940
(item32, page 1,Form 1121). The excess profits tax
provisionsapply onlyto taxableyears beginning after
Deoember 31, 1939.
5/ T
heindustrial classificationisbased onthe
business activityreported on thereturn. Ifhenmultiple
businesses are reported onareturn, the classification
isdetermined bythe business activitywhiohaccounts for
the largestpercentage oftotalreceipts* Therefore,
the industrialgroups donot reflectpure industryclas
sifications.
6/"Number ofsubsidiaries” is thenumber ofaffili
ated corporationswhichtogetherwiththe oommonparent
corporation fileaconsolidated corporationinoometax
return.
7/Totalnumber Ofreturns includes returns ofin
active corporations*
8/"Totalcompiledreoeipts" consists ofgross
sales (less returnsand allowances), gross reoeipts from
operations (where inventoriesarenotanincome-determining
factor), all interestreceived onGovernmentobligations
(lessamortisablebond premium), other interest, rents,
royalties, exoess ofnet short-termcapital gainovernet
long-termoapital loss, excess ofnet long-term capital
gainovernet short-termcapitalloss, netgainfromsale
orexchange ofpropertyotherthanoapitalassets, divi
dends, and other reoeipts requiredtobe inoluded in
gross income* "Total compiled reoeipts." excludes nontaxableincome other thantax-exempt interest received
on certainGovernment obligations*
9/The industrialclassificationdesignated
"Investmenttrusts and investmentcompanies" consists of
corporationswhichderived 90percentormore ofreceipts
frominvestmentsandwhiohatno time duringthe tax
ableyearhad investments incorporations inwhich they
owned 50percentormore ofthevoting stock.
10/The industrial classificationdesignated"Other
inves:5Sentcompanies, includingholding companies" con
sists of(1) corporationswhichderived 90percentor
more ofreoeipts frominvestments andwhichat sometime
duringthe taxableyearhadinvestments in corporations
inwhichtheyowned 50percentormore ofthe voting
stock, and (2) corporationswhiohderived lessthan
Footnotes for tables in this release - Continued
90 percent but more than 50 percent of receipts from in
vestm ents.
11/ «Dividends, domestic corporations" consists of
dividends received from domestic corporations subject to
income ta x a tio n under chapter 1 of the Internal Revenue
Code. T h is item is reported in column 2, schedule E,
page 2, Form 1120, and is the amount used for computation
of the d iv id e n d s received credit.
12/ " I n t e r e s t received on Government obligations,
wholly ta x a b le " consists o f interest on Treasury notes
issued on or a f t e r December 1, 1940, and obligations
issued on o r a f t e r March 1, 1941, by the United States
or any agency or instrumentality thereof, reported as item
9(c), page 1, Form 1120.
15 / "interest received on Government obligations,
subject to surtax only" consists of interest on United
States savings bonds and Treasury bonds owned in princi
pal amount of over $5,000 issued prior to March 1, 1941,
reported a s item 9(a), page 1, Form 1120j and interest on
o b liga tio n s of instrumentalities of the United States
(other than obligations of Federal land banks, joint
stock land banks, and Federal intermediate credit banks)
issued p r io r to March 1, 1941, reported as item 9(b),
page 1, Form 1120.
14/ "Interest received on Government obligations,
wholly tax-exempt" consists of interest on obligations
of S ta te s , Territories, or political subdivisions thereof,
the District of Columbia, and United States possessions;
ob ligation s of the United States issued on or before
September 1, 1917; all postal savings bonds; Treasury
notes issued prior to December 1, 1940; Treasury bills
issued prior to March 1, 1941; United States savings
bonds and Treasury bonds owned in principal amount of
$5,000 or less issued prior to March 1, 1941; and obli
gations issued prior to March 1, 1941, by Federal land
banks, joint stock land banks, and Federal intermediate
credit banks. Interest from such sources is reported
under item 19(a) of schedule M, page 4, Form 1120.
15/ The excess profits net income for 1942 through
1945 i s obtained from the normal-tax net income (computed
without allowance of credit for income subject to excess
p rofits tax and without allowance of dividends received
credit) by making certain adjustments, consisting prin
c ip a lly o f the exclusion of long-term capital gains and
lo sses, and dividends received from domestic corpora
tio n s.
For returns with taxable year beginning in 1940,
the excess profits net income is obtained from the
normal-tax net income by making certain adjustments,
consisting principally of the deduction of income and
income defense taxes for the taxable year, and the ex
clusion of (1) dividends received from domestic corpora
tions ( t h is adjustment refers to that portion of divi
dends not deducted as dividends received credit in com
puting normal-tax net income), and (2) gains or losses
from s a le or exchange of capital assets (depreciable or
nondepreciable) held for more than 18 months. For re
turns w ith taxable years beginning in 1941, the income
tax is not deducted in arriving at excess profits net in
come, in s te a d , the excess profits tax is allowed as a de
duction in the computation of normal-tax net income*
(The s ta r tin g point in the computation of excess profits
net income for 1941 remains the normal-tax net income
computed without deduction of excess profits tax.)
1§/ The adjusted excess profits net income, as re
ported on Form 1121, is the excess profits net income
less the sum of the specifio exemption, excess profits
credit, and unused excess profits credit adjustment.
For part year returns, the amounts of excess profits
net income and adjusted excess profits net income have
been placed on an annual basis.
17/ Preliminary figures.
18/ The declared value excess-profits tax is repealed,
effective with .respect to income-tax taxable years ending
after June 50, 1946.
¿9/ The total amount of adjusted excess profits net
income for 1944 does not include a deficit of $6,579,235
reported on 2,556 taxable excess profits tax returns with
no adjusted excess profits net income.
20/ "Income tax" for the years 1942 and 1943 con
sists of normal tax, surtax, and for taxable years be
ginning after December 31, 1941, alternative tax reported
in lieu of normal tax and surtax where the income includes
an excess of net long-term capital gain over net short
term capital loss, if and only if such tax is less than
the normal tax and surtax. Tabulated with the income tax
for returns with net income is a small amount of tax re
ported on returns with no net Income, under the special
provisions applicable to certain mutual insurance com
panies, other than life or marine, or where receipts for
the taxable year include ‘interest on obligations of cer
tain instrumentalities of the United States, described in
note 13.
21/ "Income tax" for 1941 consists of income and in
come defense taxes reported on returns for a fiscal year
ending in the period July through November 1941 (and on
returns for a part year beginning in 1940 and ending in
1941, the greater part of the accounting period, falling
in 1941); and normal tax and surtax reported on returns
for the calendar year 1941 and on returns for a fiscal
year ending in the period January through June 1942 (and
on returns for a part year beginning and ending in 1941,
and for a part year beginning»in 1941 and ending ip
1942, the greater part of thé accounting period falling
in 1941). Tabulated with the income tax for returns
with net income is a small amount of surtax reported on
returns with no net income, where receipts for the tax
able year include interest on obligations of certain
instrumentalities of the United States, described in
note 13.
22/ Income tax shown for 1940 includes income de
fense tax.
25/ Declared value excess-profits tax shown for 1940
includes declared value excess-profits defense tax re
ported on returns for a fiscal year ending in period
July 1, 1940, through June SO, 1941.
24/ Income tax shown for 1938 consists of $41,569,498
normal tax and $7,778,561 surtax on undistributed profits
reported on returns for a fiscal year ending in period
July through November 1938 (and on returns for a part
year beginning in 1937 and ending in 1938, the greater
part of the accounting period falling in 1938), and
$804,230,054 income tax reported on returns ibr the cal
endar year 1938 and on returns with a fiscal year ending
in period January through June 1939 (and on returns for a
part year beginning and ending in 1938, and for a part
year beginning in 1938 and ending in 1939, the greater
part of the accounting period falling in 1938).
25/ 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 operat
ing 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 thé second preceding
taxable year is reduced to the extent such loss has been
absorbed by such net income.
Mr. 3anning (Dish.)
Mr* R* X* Barker
Mr. Barnes (5***+l)
Mr. Bartelt
Mr. Batchelder
Mr. Beall
Bcokkpg & Warrants (**308)
Mr. Brogan (600 Sloane)
Mr. Burdette (1 H53 )
Miss Burke (**125)
Mr* Cake
Mr. Carlock (2000)
Mr, Church
Miss Cullen
Mr. Cunningham
Mr.
r»h
C Mr. Billon (U4l6)
v““~Miss Donovan
Mr. Boolan
Mr* Sddy
Mrs. Farrell(3^05)
Mr. Foley
Mr. Gearhart (*mo)
Mr. Gefardi (%24)
Mr. Graham
Mr. Haas
Mr. Handy
Mr. Hard
Miss Harrison (3^ 6 )
Mr. Hearst
Mr. Heffelfingei*
Miss Hodel
Mr. Howard
Mr. Hyland
Mr. Jenkins (5****5)
Mr. Killy
Mr. Kious
Mrs. Legg
Mr. Lynch (3OOO)
Mrs..Riddle (3OI3)
Mr,. Martin (3^3^)
Mr* Maxwell
Mr* Mayo
Mr. McDonald
Mrfe. McGuire (312 S)
Mrs. McKenna
Mr. Merritt
Mr. Moore
Mr. Mulvihill (Tempo.V)
Miss Newcomer (1021)
Mr. Nussear (**33^)
Mr. Parsons
Mr. Perry
Mr. Peterson (312?)
Mr. Rahon
Mrs* Half (132*0
Mr* Eeeves
Mrs. Hoot
Miss Rousseaux (**321)
Mrs. Schoeneman
Mr. Schwalm (Walker)
Mr. Slindee
Mr* Smith (1120)
Mr, Smith (4125)
Mr, Snyder (*4-125)
Mr. Stiekney
Mrs. Sweitzer
Mr. Tickton
Mr. Tietjens
Mr. Tomkinson (2202)
Mr. Traver (Ul25)
Miss Vassar
Mrs. Walker
Mr* Warfield
Mrs. Warneson
Mr. Woodson
Mr. Ziegenfus
yv/ro
Statement Mo. 16
Treasury Department
Bivision of Investment»
Wisecarver 2/10/50
p * 1950
1 guaranteed
p steer
Mg.
J
too
Inv*«t»*nte
mr& 10, wm
m M, ü
ü
î
ìli« Ä « i | ixmmmtämmwer» asá* ifi áirw ct mâ &wrm t—i
secu rities a i ma Oamwmmê im Treasury i«ve*1aRent mû amar
«ecounts «taring tfe« mmth ai February, W§0$
Pw
pQfoam
m* # * * * • * * - * * # # *|33#S8é#OP0#
ISÄ#II * # ♦ « * . * * * ♦ # « • # *
Hst ìhsratetM
íes * * * * * * * * * *
♦
900
S
ai
'
C h ief, M vtsion ai p^mikmÑm
¿5
ÎS3
co
<■>■ i t'o"*n
O
11
M
L
ii yr,
33
Statement Ho* 36
Treasury Department
Division of Investments
Wisecarver 2/10/50
TR EA SU R Y
D E PA R TM EN T
Information Service
WASHINGTON, D .C .
REIEASE MORNING NEWSPAPERS,
Wednesday,
15, 3.950.
/y&sc/f
During the month of
/Z â u *
y
1 9 5 0 , market transactions in direct
and guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
P'foloc of -4 6 J577 1 S'fte, Secretary
announced today.
0O0
Snyder
RELEASE MORNING NEWSPAPERS,
Wednesday, March 15, 1950>
During the month of February,
1 9 5 0 , market transactions in direct
and guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $13,481,200, Secretary
Snyder announced today.
0O0
S-22Ô5
Nor will any penalty be applied if a taxpayer bases his estimate
on last year’s income and figures his tax on this year^ rates and exemp
tions.
Although farmers are required to file declarations, they are
allowed by a special law to postpone filing declarations until January 15
of the following year, and need not file a declaration at all if they file
their final income tax returns by January 31*
The penalty for failing to file on time or to make payments on
time, in the case of declarations, is 5 per cent of the unpaid tax which is
due, plus 1 per cent for each month of delay, but the overall penalty for
this cause cannot exceed 10 per cent of tax.
The penalty for underestimating by more than 20 per cent (33 1/3
per cent in the case of farmers) is 6 per cent of the difference between
the estimate and the correct tax.
Taxpayers needing forms or information in connection with Decla
rations of Estimated Tax are invited to consult the nearest office of a
Collector of Internal Revenue.
-0 -
qqf7
¿A*
&fsX)
Generally, declarations must be filed by business and professional
people, investors, landlords, and other taxpayers -who expect to get over
$600 income of which at least $100 is from sources not subject to withholding
during 1950, and also by wage-earners who— even though subject to withholdingexpect to earn this year more than $4,500 plus $600 for each of their exemp
tions (for example, $5,100 in the case of a single man with no dependents,
$5,700 in the case of a married man with a wife and no dependents, etc).
Commissioner Sehoeneman pointed out that no taxpayer, subject to
filing a Declaration, can avoid this responsibility on the ground that it
may be difficult to estimate income and tax in advance. The Commissioner
advised such persons that the law provides them with ample opportunity to
correct their estimates at later dates, but does not excuse the failure to
make as good an estimate as the taxpayer can reasonably be expected to
make*
He explained that a Declaration filed on March 15 can be amended,
if the taxpayer desires, on June 15, or on September 15, or even as late as
January 15, 1951. Even then, a taxpayer will not be penalized if his esti
mate does not fall short of the correct tax by more than 20 per cent.
3".
Immediate Release
George J . Schoeneman, Commissioner o f In te r n a l Revenue,
today c a lle d the a tte n tio n o f taxpayers to the importance o f
filin g
D e cla ra tio n s o f E stim ated Tax fo r 1950, as w e ll as
f i l i n g . 1SBKP income ta x returns fo r 1 9 $ ^
by March. 15.
D e cla ra tio n s are due on th a t date from se v e ra l m illio n persons.
The Bureau o f In te r n a l Revenue i s req u ired by law t o
g iv e a p p lic a t io n to th e s ta tu to r y p e n a ltie s fo r f a ilu r e to
f i l e a d e c la r a tio n on tim e , fo r f a ilu r e to make req uired payments,
and fo r s u b s ta n tia l underestim ation of t a x .
Ihe D e c la ra tio n o f Estim ated Tax, f i l e d on Fortn 1040ES, is
part o f the p ay-as-yo u -go system o f ta x c o lle c t io n which was
law in
inaugurated byj& t o ^ ^
1943. In the case of most
w age-earn ers, s u f f ic ie n t t a x i s w ithheld from wages to keep suchpersons s u b s t a n t ia lly paid up on t h e ir income t a x e s . However,
-§¿353=8 many taxpayers a re not su b je ct to w ith h o ld in g , or
th e ir w i t hholding is in s u f f ic ie n t to pay t h e ir t a x e s . tygm
§£ the D e cla ra tio n of Estim ated 'Tax ¿ s a means of keeping
them s u b s t a n t ia lly
on th e ir income t a x «
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Monday, March ir / l Q R O .
S-2286
to d a y ^ c a lle d ^ th e °a tte n tlo n o H a x p iy e r s ?o
% ! T &1 * 6VenUe>
i r a t ’s
s
2 S^
.
2
r
s
s
-
£
^
^
*
.
*
s
2
fo r s u b s ta n tia l ^ ¿ r e s t t a a t i o n o f ta x
y
^
s
s
*
s « a « s
requlred Pa3™ ents, and
p art o f% hby
r ia law
y !a Lin
° y olQ
S fg
V ° 4 0 Ewas
S , in
iS augurated
^ fo 3st STne tfho^ ?L ^e fx* f ccn
o ??
lle c° t?io/ no* which
s u f f ic ie n t ta x I s v i t h S i d flo fv a g e s * % o ^ e e ^ T ; ™ ™ 1'3 ’
EsttoftedeTaxtisPa7 their £aXes’ a^^h^Decl^ratio^of '11118 iS
on th e ir income t I x mp a ^ e n t s keePinS th6ln substant i a l l y curren t
fessiom!rpeopiedei^vestorf ? ™ ^ be/ lled,by business and proexpect to get ov4r $600 income of which ^ l e a s t ^ i o o 1’? ^ ? 3 Wh°
sources not subject to withholding during I9 60 a ^ a ^ o ll™
wage-earners who -- even though subiect
F t lso by
to earn this year more than <fcf cnn
withholding — expect
exemptions (fo r e x 3 l e
I ? ?nA5?£ ? i US $6° ° fo r each o f t h e ir
no dependents $5 700 in the
e116 case oi> a s in g le man w ith
and no dependents; e tc )
36 ° f a m arried man w ith a v i f e
Commissioner Schoeneman pointed out that
tax in advance
Tho
I . zo e s t i*nate income and
th e
2
oOo
immediate release
March 13. 1950
The Bureau of Customs announced today that the quota of
45,656,420 pounds of cotton having a staple of 1-1/8 inches
or more but less than 1-11/16 inches prescribed in the
Presidents Proclamation of September 5, 1939, as amended, is
filled for the quota year ending January 31, 1951.
An entry for 1,256,639 pounds of such cotton was presented
at 1:50 P. M., March 10.
Of this amount 1,063,787 pounds, which
completed the quota, was authorized release by the Bureau on
March 13, 1950.
TR EA SU R Y
D E P A R TM E N T
Information Service
w ash»
IMMEDIATE RELEASE,
Monday, March 13, 1950.
S-2287
The Bureau of Customs announced today that
the quota of 45,656,420 pounds of cotton having
a staple of 1-1/8 inches or more hut less than
1-11/16 inches prescribed in the President’s
Proclamation of September 5, 1939* as amended,
is filled for the quota year ending January 31,
1951.
An entry for 1 ,2 5 6 , 6 3 9 pounds of such
cotton was presented at 1:50 P. M., March 10.
Of this amount 1,063,787 pounds, which completed
the quota, was authorized release by the Bureau
on March 1 3 , I960.
0O0
-3 I
purposes of taxation the amount of discount at which, Treasury bills are originally
sold by the United States shall be considered to be interest,
Under Sections 1*2
and 117 (a) (1) of the Internal Revenue Code* as amended by Section 11$ of the
Revenue Act of 19hX, 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. 1*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
-
ggf^g.
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 March 23, 1950
, in cash or other immediately avail
able funds or in a like face amount of Treasury bills maturing Mp^oh 23i 1950
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
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
m
m
TRSA^UBX-BSRàRTI^lENT
Washington
—
FOR RELEASE, MORNING NEWSPAPERS*
Friday« March 17, 1950«_______
w
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
VTT
V-* /
in exchange for Treasury bills maturing March 23, 1950
, to be issued on
—
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated March
ifo’i»eh 23,
23. 19$0_____
19$0
, and
1 Sac
TOOL ----------will
ill mature
June 22^ 1950
> when the face amount will be payable without
interest.
They vri.ll be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o1clock p.m., Eastern Standard time, Monday* March 20* 19.50
------- ----- O k '
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
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS,
Friday, March 17, 1950«
WASHINGTON, D .C .
S-2288
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 23, 19-50, to be issued on a discount basis under competitive
and non-competitive bidding as hereinafter provided. The bills of
this series will be dated March 23, 1950, and will mature June 22,
1950, 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 20, 1950. 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
2
(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 23, 1950, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing March 23, 1950. 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 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 b y the United States shall be considered
to be interest. Under Sections k2 and 117 (a) (l) of the
Internal Revenue Code, as amended by Section 115 of the Revenue
Act of 19^1, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills
shall be sold, redeemed or otherwise disposed of, and such bills
are excluded from consideration as capital assets . Accordingly,
the owner of Treasury bills (other than life insurance companies)
issued hereunder need Include in:his .income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 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
RELEASE, MORNING NEWSPAPERS,
Monday, March 20, 1950,
S-2289
Secretary of the Treasury Snyder today announced the offering, through the Fed
eral Reserve Banks, of 1-l/U percent Treasury Notes of Series C-1951, open »nan ex
change basis, par for par, to holders of 1-l/lj. percent Treasury Certificates ef
Indebtedness of Series- D-1950, maturing April 1, 1950, in the amount ef $962,£1*1*,000.
At the same time the Secretary announced the offering, on an exchange basis, at par
and accrued interest, of an additional amount of 1—1/2 percent Treasury Notes of
Series A-1955 to holders of 1-3/8 percent Treasury Notes of Series A-19f>0, maturing
April 1, 1950, in the amount of $3>595,997*000. Cash subscriptions will not be
received.
The notes of Series C-1951 now offered will be dated April 1, 1950 , and will
bear interest freon that date at the rate of 1-l/U percent per annum, payable on a
semiannual basis on January 1 and July 1, 1951* They will mature July 1, 1951, and
will not be subject to call for redemption prior to maturity. They will be issued
in bearer form enly, with interest coupons attached, in denominations of $1,000,
45,000, $10,000, $100,000 and $1,000,000.
V
The notes of Series A-1955 now offered will be an addition to and will form a
part of the series issued pursuant to Treasury Department Circular No. 859, dated
February 17, 1950. They are identical in all respects with such notes, with which
they wiH be freely interchangeable. The notes of this series are dated March 15,
9b , and will bear interest from that date at the rate of 1—1/2 percent per annum,
payabie semiannually on March 15 and September 15 in each year. They will mature
March 1 3 , 1955, and will not be subject to call for redemption prior to maturity.
ey will be issued in bearer form only, with interest coupons attached, in denomi
nations of .$1,000, $5,000, $10 ,000, $100,000 and $1,000,000.
Pursuant to the provisions ©f the Public Debt Act of 19Ul, as amended, interest
upon the notes now offered shall not have any exemption, as such, under the Internal
revenue Code, or laws amendatory or supplementary thereto. The full provisions re
lating to taxability are set forth in the official circulars released today.
L ^ubscriP’t,10ns ior both issues will be received at the Federal Reserve Banks and
: m hes>and at the Treasury Department, Washington, and should be accompanied by
facen5mo^nb of the securities to be exchanged. Payment of accrued interest
from Mârch 15, 1950, to April 1, 1950 ($0.69293 per $1,000) on the notes of Series
a 1933 should be made when the subscription is tendered. Subject to the usual re
servations, all subscriptions will be allotted in full.
Th^ subscription books will close for the receipt of all subscriptions at the
close of business Thursday, March 2>.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury
Partment, and placed in the mail before midnight March 23, will be considered as
aving been entered before the close of the subscription books.
The texts of the official circulars follow:
UNITED STATES <$F AMERICA
1-1A PERCENT TREASURY NOTES OF SERIES C-1951
Sated and bearing interest fron April 1, 1950
1950
Department Circular No. 860
Sue July 1, 1951
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, March 20, 1950
Fiscal Service
Bureau of the Public Debt
I.
OFFERING m NOTES
1. The Secretary cf the Treasury, pursuant to the authority of the
Second Liberty Bond Act, as amended, invites subscriptions, at par, from
the people of the United States f©r notes of the United States, designated
1-1A percent Treasury Notes of Series C-1951, in exchange for Treasury
Certificates af Indebtedness of Series D-1950, maturing April 1, 1950.
II. DESCRIPTION ®F NOTES
1. The notes will be dated April 1, 1950, and will bear interest
from that date at the rate of 1-lA percent per annum, payable on a semi
annual basis on January 1 and July 1, 1951. They will mature July 1, 1951,
and will not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject t© all taxes
now or hereafter imposed under the Internal Revenue Code, or laws amenda
tory or supplementary thereto. The notes shall be subject to estate, in
heritance, gift or other excise taxes, whether Federal or State, but shall
be exempt from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the United
States, or by any local taxing authority.
3. The notes will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
U. Bearer notes will be issued in denominations of Jl,000, £5,030,
£10,000, £100,000 and £1,000,000. The notes will not be issued in regis
tered form.
5. The notes will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States
notes.
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 inay submit subscriptions for account of customers, but ©nly the
Federal Reserve Banks and the Treasury Department are authorized to act
as official agencies.
-
2
-
2. The Secretary of the Treasury reserves the right to reject any
subscription, in whole or in part, to allot less than the amount of notes
applied for, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall
be final. Subject to these reservations, all subscriptions will be allotted
in full. Allotment notices will be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par for notes allotted hereunder must be made on ©r
before April 1, 19i?0, or on later allotment, and may be made only in Treas
ury Certificates of Indebtedness of Series B-19^0, maturing April 1, 195>0,
which will “be accepted at par, and should accompany the subscription. The
full year’s interest on the certificates surrendered will be paid to the
subscriber following acceptance of the certificates.
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective Districts, to issue allot
ment notices, to receive payment for notes allotted, to make delivery of
notes on full-paid subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to
time, prescribe supplemental or amendatory rules and regulations governing
the offering, which will be communicated promptly to the Federal Reserve
Banks.
JOHN W. SNYDER,
Secretary of the Treasury.
UNITED STATES #F AMERICA
1*1/2 PERCENT TREASURY NOTES OF SERIES A-1955
Dated and bearing interest from March 1$3 1950
Hue March 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1950
Department Circular No. 86l
Fiscal Service
Bureau of the Public $ebt
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, March 20, 1950.
I . OFFERING m N©TES
1. The Secretary of the Treasury, pursuant to the authority ®f the
Second Liberty Bond Act, as amended, invites subscriptions, at par and
accrued interest, from the people ef the United States for notes of the
United States, designated 1-1/2 percent Treasury Notes of Series a -1955,
in exchange for 1-3/8 percent Treasury Notes of Series A-1950, maturing
April 1, 1950.
II. DESCRIPTION OF NOTES
1. The notes now offered will be an addition to and will'form a part
of the series of 1-1/2 percent Treasury Notes of Series A-1955 issued pur
suant to Department Circular No. 859, dated February 17, 1950, will be
freely interchangeable therevd.th, are identical in all respects therewith,
and are described in the follov,ring quotation from department Circular No. 859
1,1. The notes will be dated March 15, 1950, and will bear interest
from that date at the rate of 1-1/2 percent per annum, payable semi
annually on September 15, 1950, and thereafter on March 15 and Septem
ber 15 in each year until the principal amount becomes payable. They
will mature March 15, 1955, and will not be subject to call for re
demption prior to maturity,
n2. The income derived from the notes shall be subject to all
taxes now or hereafter imposed under the Internal Revenue Code, or laws
amendatory or supplementary thereto. The notes shall be subject to
estate, inheritance, gift or other excise taxes, whether Federal ®r
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.
u3. The notes will be acceptable to secure deposits ©f public
moneys. They will not be acceptable in payment of taxes.
" h . Bearer notes v/ill be issued in denominations of $1,000,
$5,000, $10,000, $100,000 and 71^030,000. The notes will not be
issued in registered form.
- 2”5* The notes will be subject to the general regulations of the
Treasury Department, novi or hereafter prescribed, governing United
States notes.”
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 t© act as
official agencies.
2. The Secretary of the Treasury reserves the right to reject any sub
scription, in whole ©r in part, to allot less than the am«\mt ©f notes
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 t© these reservations, all subscriptions will be allotted
in full. Allotment notices will be sent ©ut promptly up©n allotment.
IV.
PAYMENT
1. Payment at par and accrued interest from March 15, 1950, t® April 1,
1950 (00*69293 per $1,000) for notes allotted hereunder must be made on or
before April 1, 1950, or on later allotment. Payment of the principal
amount may be made only in Treasury Notes of Series A-1950, maturing April 1,
1950, which will be accepted at par and should accompany the subscription.
Payment of accrued interest on the new notes should be made when the subscriptien Is tendered. Final interest due on April 1 on notes surrendered
will be paid by payment of April 1, 1950 coupons, which should be detached
by holders before presentation of the notes.
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks ©f the respective Districts, to issue allot
ment notices, to receive payment for notes allotted, to make delivery ©f
notes on full-paid subscriptions allotted, and they may issue interim re
ceipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to
time, prescribe supplemental or amendatory rules and regulations governing
the offering, which will be communicated promptly to the Federal Reserve
Banks.
JOHN W, SNIDER,
Secretary of the Treasury.
itUâüt»
mmim
^
»x s s ä u p ä s ,
U.
y
7
^
Tneeàay, Marafe £1» I960« .—
of tta* fm m w * p aanoonood laat m m iw ig that th© tenders t e
fkm
1900,000,000! or thoroahonta, of 91~d«y trœaary 9111« to 9© datai I larah S3 ani to nata»
Ito* St, 1930, «Mot «ovo effarai ©a Maroh If, «raro opaaai at tfca m a r a l Besarse Basks
oa Uarah SO«
tfaa dotati« of thi» issue ara a« follosas
to ta l applied fo r * $1,4??,86?,000
to ta l accepted
*
900,323,000
Average p rice
{ iaeludee $94,373,000 «atorad on a noneoapet i t ir a Bast« aad accepted ta f a l l at
the adorato pria# «Borni talo »)
- 99.712/ Equivalent rata o f diseo ant approx. 1.138$ par anana
Baage o f accepted e«*kpet it ir a O lit i
« 99*71? Equivalent rata o f dlsaoaat approx. 1*120$ par anana
.«?
t$
tt
«
1.147# «
•
- 99*710
«
Miga
Low
(S9 paraaat o f the amount bid fo r at the low prlaa waa accepted)
I adarai Becerra
D is tr ic t
to ta l
A aallad fo r
Boatoa
f
M m Tost:
Philadelphia
Cleveland
Biefcaoad
A tlan ta
Chicago
3t« Ionia
Miaaaapolia
Sanaa« C ity
P a lla s
3aa frano iato
to m
7,185,000
1,178,84«,000
30,043,000
36,143,000
11,840,000
8,043,000
130,018,000
9,998,000
4,303,000
18,693,000
32,467,000
40.636,000
11,477,867,000
te a l
Accepted
f
6,770,000
667,836,000
16,498,000
26,003,000
U , 240,000
8,043,000
79,698,000
8,946,000
4,303,000
16,593,000
18,917,000
3 ?f086,800
1900,383,000
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS,
Tuesday, March 21, 1 9 5 0 .
S- 2 2 9 0
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 23 and to mature June 22, 1950* which were offered
on March 17, were opened at the Federal Reserve Banks on March 20.
The details of this issue are as follows:
Total applied for - $1,477,857,000
Total accepted
900*323,000 (includes $94,373,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99*712/ Equivalent rate of discount approx.
1.138$ per annum
Range of accepted competitive bids:
- 99.717 Equivalent rate
1.120$
- 9 9 .7 IO Equivalent rate
1.147$
Lo¥
of discount approx.
per annum
of discount approx.
per annum
(29 percent of the amount bid for at the low price was accepted)
Federal Reserve
District_______
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Accepted
7*125*000
1,172,246,000
30.042.000
26.145.000
11.240.000
8,042,000
130,018,000
9*998,000
4*305*000
15*593*000
22.467.000
___40,636,000
$ 6 ,7 7 0 * 0 0 0
667*236,000
16.492.000
2 6 ,003*000
11.240.000
8.042.000
79*693*000
8.946.000
4,305*000
15*593*000
1 8 .9 1 7 . 0 0 0
3 7 .0 8 6 .0 0 0
$1,477*857*000
$ 900,323*000
0O0
-3 ALPHA
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 \\2
and 117 (a) (1) of the Internal Revenue Code, as amended by Section llf> of the
Revenue Act of 19I4.I, 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 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
tyarah 3Qf Iq SQ _> in cash or other immediately avail
able funds or in a like face amount of Treasury bills maturing March 30. 19^0
m
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
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 Stare, or any of
the possessions of the United States, or by any local taxing authority.
For
m m m
ÈMM
mSKlSURI DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday» March 2U, 1950.________
The Secretary of the Treasury, by this public notice, invites /Genders for
$
900,000,000
, or thereabouts, of
91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing March. 30p 195>Q
» "k° de issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
will mature June 29, 195>0
interest.
March 30^ 19f>0
j
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 tne
closing hour,, two o’clock p.m., Eastern Standard time, Monday» March 27» 1950
B9T~
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
TR EA SU R Y
D E P A R TM E N T
Information Service
REIEASE MORNING NEWSPAPERS,
Friday, March 2k, 1950«____
WASHINGTON, D .C .
S-2291
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 30, 1950,
to be issued on a discount basis under competitive and non
competitive bidding as hereinafter provided. The bills of this
series will be dated March 30, 1950, and 'will mature June 29, 1950,
when the face amount will be payable without interest.. They will
be issued in bearer form only, and in denominations of $1,000,,
$5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity
value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, March 27, 1950. 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
fnom any one bidder will be accepted in full at the average price
2
(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 30, 1950, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing March 30, 1950. 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 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) (l) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of
1 9 ^ 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 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
-
2
-
Commissioner Dow s a id s p e c ia l co n sid e ra tio n s
atta ch e d to im ports o f c e r ta in d u ty -fre e or s p e c i f i c ra te commodities, and th a t in these e x ce p tio n a l
in s ta n c e s , c e r t i f i e d con su lar in v o ic e s s t i l l are
n e ce ssa ry .
The commodities to which he r e fe r r e d
in clu d e coca le a v e s , c o f f e e , opium, t e a , a l l kinds
o f w o o l, and seeds fo r p la n t in g .
The consular in v o ic e
requirement a ls o remains in e f f e c t fo r a r t i c l e s s u b je ct
to import a u th o r iz a tio n s or other s p e c ia l im port c o n tro ls .
0 O0
Frlin^
ss i one r o f CusToms, today announced
an improvement in customs re g u la tio n s under which
im porters w i l l he r e lie v e d in many cases from the
n e c e s s ity of supplying c e r t i f i e d co n su lar in v o ice s
fo r incoming shipm ents.
The change a f f e c t s , w ith c e r ta in e x c e p tio n s ,
im portation s o f merchandise th a t i s fr e e o f d u ty , or
i s s u b je c t to s p e c if ic ra te s o f duty not dependent on
v a lu e .
Such shipments comprise a s u b s ta n tia l p o r tio n -
o f U n ited S ta te s import tr a d e .
Consular in v o ice s w i l l s t i l l be req uired fo r most
commercial shipments o f more than $100 value when the
goods are s u b je c t to duty on a v a lu e b a s is .
The change in the re g u la tio n s i s embodied in
Treasury D e cisio n 52430.
Commissioner Dow s a id the
change was a major step in the program o f the Treasury
Department to s im p lify customs p rocedures.
In the ca se s o f shipments to which the change
a p p lie s , in fo rm atio n needed by the Customs Bureau, and
h e re to fo re obtained from co n su lar in v o ic e s , w i l l be
obtain ed h e r e a fte r
in v o ic e s .
u su a l commercial
TR EA SU R Y
D E P A R TM E N T
WASHINGTON, D .C .
Information Service
IMMEDIATE RELEASE,
Friday. March 24,. 1950*
S-2292
Frank Dow, Commissioner of Customs, today announced an
improvement in customs regulations under which importers will be
relieved in many cases from the necessity of supplying certified
consular invoices for incoming shipments.
The change affects, with certain exceptions, importations of
merchandise that is free of duty, or is subject to specific rates
of duty not dependent on value. Such shipments comprise a sub
stantial portion of United States import trade*
Consular invoices will still be required for most commercial
shipments of more than $100 value when the goods are subject to
duty on a value basis.
The change in the regulations is embodied in Treasury
Decision 52A30. Commissioner Dow said the change was a major step
in the program of the Treasury Department to simplify customs pro
cedures •
In the cases of shipments to which the change applies,
information needed by the Customs Bureau, and heretofore obtained
from consular invoices, will be obtained hereafter for the most
part from the usual commercial invoices •
Commissioner Dow said special considerations attached to
imports of certain duty-free or specific-rate commodities, and that
in these exceptional instances, certified consular invoices still
are necessary* The commodities to which he referred include coca
leaves, coffee, opium, tea, all kinds of wool, and seeds for
planting. The consular invoice requirement also remains in effect
for articles subject to import authorizations or other special
import controls •
oOo
- 3 -
After a few coats of this clay and hair mix, a smouldering fire is
begun on the inside of the brick form.
This heating, besides(baking! the
clay, melts the wax entirely and it is not found again. Hence the name
of the process.
After several days the outer mold is ready, having been built to a
thickness of several inches. Very carefully it is pulled off the bell
mold, separating perfectly where the wax once was. Then it is lowered
onto the inner core, and the two sealed tight. The form for the crown
is fixed into position, and the whole assembly packed into the ground
firmly with stamped earth on all sideso
Long pipes of clay lead from the burried bell up to a canal on the
surface of the ground.
Into this canal is poured the molten bronze
roaring out of the oven, When the metal flows into the mold, gases
from the interior escape through vents into the air and are lighted
by torches to offset any possibility of explosion.
After the great bell is cast, it may be several days before it is
cool enough to be removed from the earth, its molds broken off, and the
bell cleaned and polished.
Then it is ready for tuning.
The bell is installed on a huge revolving table, mouth upward, and
metal cut off the inside in small quantities, around and around the sur
face, During the process, the founder measures the pitch of the many
harmonics he must tune into the bell.
/
If he should take off too much
metal, the bell would be spoiled. After at least five tones are tuned
perfectly, the bell is taken off the tuning table, fitted with its
clapper, and made ready to take its place in the belfry.
-
2
-
The outer form of the bell cannot be fabricated until the founder
has the shape of the bell itself. It must first be built before the
cope can take form. So again, a brick form is built, but this time it
is given roughly the shape of the bell, then clay is rubbed onto the
bricks and a sweep having the outer profile of the bell is turned
around the pile of brick and clay until the bell itself is generated.
1?hen this mass is dry, the whole is painted with hot wax, and
the sweep constantly pushed around the surface, scraping the wax
smooth and giving the bell its final perfect dimensions. The "bead
lines," or those rings which contour the bell at the head, the
shoulders, the waist and the lip, appear now for the first time.
Upon this wax bell are now glued the letters of the inscription,
the ornaments, reliefs, or any other figures desired. All of this
decoration is also in wax, so that it may later disappear and leave
its impression in the mold«
Now a special mixture of very fine pulverized clay, horse dung
and white of egg is painted onto the wax and into every crack and
crevice of the letters of the inscription, the reliefs and other
decorations, by a brush of long, fine camel*s hair. After allowing
this first coat to dry naturally, a second coat of the same is applied.
“When this is dry, a thicker coat, and then another, is applied until
the bell begins to disappear under the clay. Then with the hands,
the molders begin to apply their outer clay, a clay which has pre
viously been mixed with long woolen hairs beaten by smooth hickory
sticks upon a hard marble surface.
CASTING OF THE LIBERTY BELL DUPLICATE
Bells of one form or another have been made from the time that
man was first able to cast bronze*
The process, although it may
differ to some extent, depending upon the locality, is fundamentally
the same* There must be an inner core and an outer shell between
which the metal of the bell is poured* This core and cope are
usually made of clay or sand and baked very hard*
Duplicates of the Liberty Bell are being made in Annecy,
France, by a process which lias been practiced for certainly one
thousand years*
It is called the "lost wax" process, and here is
how it works s
First the form of the inner core is built up in a rough fashion
with bricks* Then the right mix of clay is put on the bricks and
rubbed smoothly by hand* Next comes the shaping of this core*
It
is done by turning around the core what is called a "sweep*" This
sweep is attached to a pivot above the core and generates, in turning,
the inner surface of the bell* It scrapes the wet clay smooth and, as
it passes over it, gives it exactly the shape of the bell on the in
side* When it is dry, the core is coated with graphite to protect the
clay from the intense heat of the molten metal*
At the same time the core is building, the outer form of the bell,
or cope, is also being fashioned* This is really the test of the bell
founder’s art* Of course, he has designed the bell before he begins
his molds and he has given to his sweeps the exact curves, inner and
outer, of the bell*
But his craft only starts here*
r#'
3
In acknowledging th e g i f t o f the h e l l s , the S e c r e ta ry s a id the
generous c o n trib u tio n by the copper companies was in keeping with
the p u b lic - s p ir it e d support given the T rea su ry 's Savings Bonds
program by r e p re s e n ta tiv e in d u s tr ie s throughout the n a tio n .
2
As th is and other shipments a r r iv e , the b e lls w i l l be
taken to the Brooklyn Navy Yard, and d isp atch ed from th ere to
the vario u s S ta te s by tr u c k *
L o ca l Savings Bonds v o lu n teer
o rg a n iza tio n s in the various S ta te s w i l l arrange recep tio n s for
the b e l l s , and p lan the tours on which th ey are to be taken .
P re cise measurements o f the o r ig in a l L ib e r ty B e ll were
taken at P h ila d e lp h ia , to assure th a t the Independence Drive
b e lls would be true r e p lic a s .
D r. Arthur L . B igelow ,
p ro fesso r o f en gin eerin g and b e llm a ste r o f P rin ceto n U n iv e rs ity ,
was c a lle d in to a s s is t in d r a ftin g s p e c ific a t io n s fo r the
r e p lic a s th a t would re cre a te the tone
o f the o r ig in a l
as w e ll as i t s appearance.
Each r e p lic a b e l l and i t s mounting w i l l stand about s ix
f e e t h ig h . The b e lls them selves w i l l be 12 fe e t in circum ference
around the l i p , and 7 1/2 fe e t around the crown. Each b e ll
w i ll weigh about a to n .
S e cre ta ry Snyder sa id he had re ce iv e d messages from a l l
o f the s ix sponsoring copper companies, in which they welcomed
the op portun ity o f thus p a r t ic ip a t in g in the independence D rive.
s
-
<5 .0? ? 3
.
Afternoon Newspapers
Wednesday, March 29, 1950
S e c re ta ry Snyder announced today th a t 49 f u l l - s c a l e
r e p lic a s o f the L ib e rty B e ll have been co n trib u ted by the
American copper in d u stry to the forthcom ing Independence
. Savings Bonds campaign, o f which the L ib e r ty B e ll is the symbol.
tfTfAjL'
Q
One o f the r e p lic a s w i ll be assign ed to e ach S ta te ^ fo r
local tours and ceremonies in connection with the new Savings Bonds/
{jJJL
ijj
d r iv e . At the co n clu sio n o f the d r iv e , oach- S t a t e --w4"l1--4 n ot e.LL..4 ts
The donors o f the b e lls are the Anaconda Mopper Mining
Company, Kennecott Copper Co rp o ratio n , Phelps-Dodge Corporation,
American Sm eltin g & R e fin in g Company, American M etal Company, Ltd.,
and the Miami Copper Company.
The U nited S ta te s S t e e l C o r p o r a tio n s American Bridge
Company s u b sid ia r y is p ro v id in g^ stay s ana hardware fo r mounting
the b e l l s , and the Ford Motor Company w i l l supply 48 red , white
and blue trucks to be used in ta k in g th e b e lls on tou rs of th e
S ta te s.
The f i r s t shipment o f the L ib e r ty B e ll r e p lic a s w i ll
reach New York A p r il 19 from
A n n e cy -le -V ie u x , Haute S a v o ie ,
France, where the b e lls are being c a s t .
I
TR EA SU R Y
D E P A R TM E N T
Information Service
AFTERNOON NEWSPAPERS,
Wednesday^_March 2 9 , 1950_
WASHINGTON. D .C .
S- 2 2 9 3
Secretary Snyder announced today that kg full-scale
replicas of the Liberty Bell have been contributed by
the American copper industry to the forthcoming Inde
pendence Savings Bonds campaign, of which the Liberty
Bell is the symbol.
One of the replicas will be assigned to each State
and one to the District of Columbia for local tours and
ceremonies in connection with the new Savings Bonds
drive. At the conclusion of the drive, a bell will be
made available to each State and to the District of
Columbia for further display.
The donors of the bells are the Anaconda Copper
Mining Company, Kennecott Copper Corporation, PhelpsDodge Corporation, American. Smelting & Refining Company,
American Metal Company, Ltd., and the Miami Copper Com
pany.
The United States Steel Corporation's American
Bridge Company subsidiary is providing standards, stays
and hardware for mounting the bells, and the Ford Motor
Company will supply KQ red, white and blue trucks to be
used in taking the bells on tours of the States .
The first shipment of the Liberty Bell replicas
will reach New York April 1 9 from Annecy-le-Vieux,
Haute Savoie, France, where the bells are being cast.
As this and other shipments arrive, the bells will
be taken to the Brooklyn Navy Yard, and dispatched from
there to the various States by truck. Local Savings
Bonds volunteer organizations in the various States will
arrange receptions for the bells, and plan the tours on
which they are to be taken.
Precise measurements of the original Liberty Bell
were taken at Philadelphia, to assure that the Independ
ence Drive bells would be true replicas. Dr. Arthur L.
Bigelow, professor of engineering and bellmaster of
2
Princeton University, was called in to assist in draft
ing specifications for the replicas that would recreate
the tone of the original as well as its appearance.
Each replica hell and its mounting will stand about
six feet high. The bells themselves will be 12 feet in
circumference around the lip, and 7 1/2 feet around the
crown. Each bell will weigh about a ton.
Secretary Snyder said he had received messages from
all of the six sponsoring copper companies, in which
they welcomed the opportunity of thus participating in
the Independence Drive. In acknowledging the gift of
the bells, the Secretary said the generous contribution
by the copper companies was in keeping with the publicspirited support given the Treasury's Savings Bonds pro
gram by representative industries throughout the nation.
-oOo-
-
2
-
Now a special mixture of very fine pulverized clay, horse dung
and white of egg is painted onto the wax
orpvice of the letters of the inscription, the reliefs and otner^
decorations, by a brush of long, fine camel’s hair* After allowing
this first coat to dry naturally, a second coat of the same is applie .
Ihen this is dry, a thicker coat, and then another, is applied until
the bell begins to disappear under the clay. Then mth the hands,
the molders begin to apply their outer clay, a clay which has pre
viously been mixed with long woolen hairs beaten by smooth hickory
sticks upon a hard marble surface.
After a few coats of this clay and hair mix, a smouldering fire
is begun on the inside of the brick tom. This heating, besides
baking the clay, melts the wax entirely and it is not found again.
Hence the name of the process.
After several days the outer mold i s r e ^ , having ^ ^ l t t°
a thickness of several inches. Very carefully it is pull® 0
bell mold, separating perfectly where the wax once was. Then it is
lowered onto the inner core, and the two sealed tight. Th®
t
the crown is fixed into position, and the whole assembly packed into
the ground firmly with stamped earth on all sides.
Long pipes of clay lead from the burried bell up to a canal on
the surface of the ground. Into this canal is poured the molten
bronze roaring out of the oven. Vihen the metal flows into the mold,
gases frcm the interior escape through vents into the air and are
lighted by torches to offset any possibility of explosion.
After the great bell is cast, it may be several days before it
is cool enough to be removed from the earth, its molds broken off, and
the bell cleaned and polished. Then it is ready for tuning.
The bell is installed on a huge revolving table, mouth upward,
and metal cut off the inside in small quantities, around and aroun
the surface. During the process, the founder measures the pitch of
the many harmonics he must time into the bell. If he^ should take oi
too much metal, the bell would be spoiled. After at least fiTO tones
are tuned perfectly, the bell is taken off the tuning table, fitted
TJith its clapper, and made ready to take its place in the beliry.
CASTING OF THE LIBERTY BELL DUPLICATE
Bells of one foim or another have been made from the time that
man was first able to cast bronze» The process, although it may
differ to some extent, depending upon the locality, is fundamentally
the same# There must be an inner core and an outer shell between
"which the metal of the bell is poured# This core and cope are
usually made of clay or sand and baked very hard.
Duplicates of the Liberty Bell are being made in Annecy, France,
fcy a process which has been practiced for certainly one thousand
years* It is called the "lost wax'* process, and here is how it works:
First the form of the inner core is built up in a rough fashion
with bricks# Then the right m ix of clay is put on the bricks and
rubbed smoothly by hand# Next comes the shaping of this core# It
is done by turning around the core what is called a "sweep." This
sweep is attached to a pivot above the core and generates, in turning,
the inner surface of the bell# It scrapes the wet clay smooth and, as
it passes over it, gives it exactly the shape of the bell on the in
side# When it is dry, the core is coated with graphite to protect the
clay from the intense heat of the molten metal#
At the same time the core is building, the outer form
or cope, is also being fashioned. This is really the test
founder*s art# Of course, he has designed the bell before
his molds and he has given to his sweeps the exact curves,
outer, of the bell# Hit his craft only starts here#
of the bell,
of the bell
he begins
inner and
The outer form of the bell cannot be fabricated until the founder
has the shape of the bell itself* It must first be built before the
cope can take foim# So again, a brick form is built, but this time
it is given roughly the shape of the bell, then clay is rubbed onto
the bricks and a sweep having the outer profile of the bell is turned
around the pile of brick and clay until the bell itself is generated#
When this mass is dry, the whole is painted with hot wax, and
the sweep constantly pushed around the surface, scraping the wax
smooth and giving the bell its final perfect dimensions* The "bead
lines," or those rings which contour the bell at the head, the
shoulders, the waist and the lip, appear now for the first time#
Upon this wax bell are now glued the letters of the inscription,
the ornaments, reliefs, or any other figures desired* All of this
decoration is also in wax, so that it may later disappear and leave
its Impression in the mold*
on March 27.
The details of this issue are as follows:
Total applied for - $1,423,742,000
Total accepted
901,893,000 (includes $81,137,000 entered on a non
competitive basis and accepted in full
at the average price shown below)
Average price
- 99*711 Equivalent rate of discount approx* 1.148# per annum
Bangs of accepted competitive bids:
High
Low
• 99.714 Equivalent rate of discount approx. 1.124# per annum
- 99.709
*
m m *
*
1,151# *
"
(49 percent of the amount bid for at the low price was accepted)
Federal "Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew Fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Khns&s City
Dallas
San Francisco
# 10,975,000
1,109,125,000
25,152,000
25,199,000
4,300,000
3,297,000
145,973,000
11,322,000
4,510,000
17,714,000
12,722,000
52*452.000
$ 10,720,000
535,276,000
10,152,000
25,897,000
4,300,000
3,297,000
155,973,000
10,610,000
4,510,000
17,204,000
U, 702,000
32,252*000
$1,423,742,000
$901,893,000
TOTAL
RELEASE MORNING NEWSPAPERS,
Tuesday, March 28, 1950.
S- 2 2 9 4
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 30 and to mature June 2 9 , 1 9 5 0 , which were offered
on March 24, were opened at the Federal Reserve Banks on March 2 7 .
The details of this issue are as follows:
Total applied for - $1,423,742,000
Total accepted
901,893,000 (includes $81,157,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99*711 Equivalent rate of discount approx.
1.145$ per annum
Range of accepted competitive bids:
- 9 9 . 7 1 6 Equivalent rate
1.124$
- 99*709 Equivalent rate
1 .1 5 1 $
High
Low
of discount approx.
per annum
of discount approx.
per annum
(^9 percent of the amount bid for at the low price.was accepted)
Federal Reserve
District
Total
Applied for
Boston
New Y o r k
Philadelphia
C le v e la n d
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
TOTAL
10,975,000
, ,
,
1 109 126,000
25 152,000
Total
Accepted
$ 1 0 ,7 2 0 , 0 0 0
6 3 5 ,2 7 6 , 0 0 0
2 6 ,1 9 9 , 0 0 0
1 0 ,152,000
2 5 .8 9 7 . 0 0 0
4.300.000
3.297.000
1^5,973,000
1 1 ,3 2 2 , 0 0 0
4.510.000
17,71^,000
1 2 ,7 2 2 , 0 0 0
52,452,000
4.300.000
3.297.000
135,973,000
1 0 .6 1 0 . 0 0 0
4.510.000
17.204.000
1 1 .7 0 2 . 0 0 0
3 2 ,2 5 2 , 0 0 0
$1,423,7^2,000
$901,893,000
0O0
ithaliks'
future personal
independence b
a free and strong Amer
In
to enjoy the fruits of their
savIngs
know, the independence
I5 to
Drive
I run from
July 4,
The national sales goal
the drive is
bonds
have a
i I Iion in "EM
s volunteers
exceeded their
sure the
Drive, through your lead©
The product we have to selI
is
as up to date as the atomic age we
are entering.
Savings Bonds have
been designed to »eet the modern
day needs of every American.
They
are not a Iuxury which only the
wealthy can afford -- they have been
designed to meet the individual needs
of every class.
Moreover, you are selling
something the people need and want -a product which not only gives them
-
20
-
As you people go forward to carry
the message of the independence Drive
to your states and local communities,
you -- and the millions of volunteer
workers who wi I I assist you -- can be
proud of the product you have to sell.
It is not a new product, for thrift
is as old as America itself.
It is
not an untried product, for it is
thrift that has spelled progress for
our Nation.
It is an old and 11me-prov
product, but not in any sense an
old-fashioned one.
tnrough the
Plan.
s igni ficant
reca I I that
national
income in the
on Iy $39-1/2 billion.
Across the Nation, people now have
a cushion of reserves to fall back
upon that is far greater than the
total
income
Savings Bonds program helps to
accomplish both these objectives.
Most important of all, the
Savings Bonds program represents
the individuals throughout America
who now hold close to $49 billion of
Savings Bonds.
It is the men and
women who buy the bonds; the men and
I
women who sell them to other people -friends, families, neighbors, fellow
workers.
It is the millions of working
men and women now saving regularly
individuals.
It gives the people of
the country an increased interest
In the affairs of their Government
and causes them to participate more
actively in those affairs..
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
Government bond holdings of
individuals are now equivalent
to the total value of all farm
real estate in the country.
.;
Ownership of Government securities
by millions of Individuals Is good for
the country as we I I as for those
•
life.
15
-
Each Savings Bond volunteer has
himself experienced the heart warming
knowledge that in making a bond sale,
he is making a personal contribution.
He knows that he is actually doing
something for the good of his
community and his country.
I should like to take a moment
to point out a striking example of
what Government bond holdings mean
to the people of our country.
/
You
may be interested to know that the
\
14
m i Iy ,
11
lives on a farm or in a
in his country’s future.
in our
America's leaders in every
field -- business, agriculture,
labor -- have long regarded the
Savings Bonds program as a winning
factor in the maintenance and the
preservation of our system of free
enterprise*
It gives every American citizen
the opportunity to actively participate
in a systematic program of thrift
which not only insures future security
12
-
since our forefathers signed the
Declaration of Independence.
Yet we
have by no means reached our maturity.
America is still a young Nation.
There is no limit to what we can
accomplish through our system of free
American enterprise.
This Nation was founded on the
traditional American concept of thrift
11 was thr ift which he Iped us attain
our present greatness.
which will
11 is thrift
lead America to new heights
The Treasury’s major objective
has been to maintain this nation's
financial soundness through fiscal
policies and debt-management operations
which are designed to cement confidence
in the credit of this Government.
believe that the course of action
which the Treasury has pursued in
maintaining that confidence has
contributed greatly to our present
unparalleled economic position.
America has come a long way
I
expansion has not been over-expanded»
in view of the continued development of
new products, new industrial machinery
and new technical processes*
Most importantly, the continued
cautious attitude of businessmen,
banners, and other important groups
has aided in preventing any
excessive expansion in credit, in
speculation, or in inventories, such
as always has occurred before any
important business downturn.
The very favorable near-term
business outlook rests on obvious
factors of strength that have been
frequent Iy pointed out.
outlook,
in my opinion,
reassuring.
The longer
is likewise
We have some distance
to go in meeting the backlog of demand
for new houses and other construction,
while our population continues to grow
Our factories have invested huge
sums for new plant and equipment since
the war, yet it is obvious that this
m
Personal
H
m
Income in January this
year, not including the veterans*
insurance payments, was at an annual
rate of $213 billion -- the highest
for any month since January 1949.
Retail sales -• a basic measure of
the demand for consumer goods -- have
continued at a high level.
In the
first two months of 1950, in fact, the
dollar volume of retail sales was
2-1/2 percent higher than a year ago,
despite lower average prices.
.
part.
I
-
Public conf1dance also rests
UDon the Nit|on* s Ifs'rense}y strong
financial structure, and upon th®
general Knowledge that people’s
incomes today are better protected
than ever before,
More than 4-!/2 years have ousted
since the end of the war.
Now,
nearly alI of our industries have
completed their readjustment to
competitive rnsricets, and our economy
is on a sound and stable basis.
goods off the market than the
factories were producing.
By fall,
the factories were again stepping up
life
production to meet the great volume
of incoming orders.
The key factor in our present
economic stability is public
confidence.
This widespread confidane
rests in part upon the financial
security provided by the record
holdings of personal savings, of
Savings Bonds form a very important
During the oast year we have had
a concrete demonstratIon of what the
savings of the American people have
meant in promoting the economic
stability of the Nation.
During the
early half of 1949 an inventory
adjustment caused a sharp drop in
factory production, and people
in various industries were thrown
out of worn.
Ifftf felt that the
decline in incomes and the rise
in unemployment would arouse genera I
apprehension; that it would have a
3
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 good order, and
stands firmly on a sound foundation.
Our democratic form of
government offers the individual
greater opportunities than any other
system of government in the world
today.»
Every American has a stake
in the preservation of this system.
~
2
“*
into every community of our Nation.
I welcome the opportunity to be here
with you tonight and to discuss the
important role which Savings Bonds
continue to play in the economic
independence of our people and the
financial strength of our country.
Today, as never before, the
spotlight of history is focused
upon our Nation.
The world's hope
for peace and stabiIi ty depends in
large measure upon the economic,
The
so many
¡ndustry
jmportance
TO:
The following address by Secretary
Snyder before the 0. S. Savings Bonds
Conference Dinner, at the
Hotel, Washington, D. C., is sc e
for delivery at 9i0O p.m.,
Wednesday, March 29, 1950, and is
release on delivery*
& ^
S7\JIM~
I
INFORMATION SERVICE
X
/
lb
i iiiii» "iM !H.iiinn ii mriC"
i,"*-j^ *ltr'aT "
■:
,
TREASURY DEPARTMENT
Vfashingbon
The following address by Secretary Snyder
before the U# S. Savings Bonds Conference
Dinner, at the Mayflower Hotel, Washington,
D. C., is scheduled for delivery at 9:00
p.m#, E.S.T.# Wednesday. March 29f 1950f and
is for release on delivery»
The presence here tonight of so many leaders of business and
industry is a tribute to the importance of the Savings Bond Program,
and I assure you that the Treasury Department is deeply grateful for
your continued voluntary cooperation and support*
In a few short weeks we will be opening the Independence Drive#
You people are being called upon to spearhead this drive as it reaches
into every community of our Nation* I welcome the opportunity to be
here with you tonight and to discuss the important role which Savings
Bonds continue to play in the economic independence of our people and
the financial strengbh of our country.
Today, as never before, the spotlight of history is focused upon
our Nation. 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 economic house is in good order, and
stands firmly on a sound foundation.
Our democratic form of government offers the individual greater
opportunities than any other system of government in the world today#
Every American has a stake in the preservation of this system.
During the past year we have had a concrete demonstration of what
the savings of the American people have meant in promoting the economic
stability of the Nation. During the early half of 1949 an inventory
adjustment caused a sharp drop in factory production, and people in
various industries were thrown out of work# Many felt that the decline
in incomes and the rise in unemployment would arouse general apprehension;
that it would have a depressing effect on retail trade and might bring
further unemployment.
But nothing of the kind happened. The large backlog of personal
savings gave people a feeling of financial security, and they continued
their normal purchasing. Total retail sales held up, month after month,
at close to the high levels of the previous year.
Ey mid-year it became very apparent that people were taking more
goods off the market than the factories were producing. Ey fall, the
factories were again stepping up production to meet the great volume of
incoming orders#
S-2295
Page N o . .
TION SHEET
Number of
Units
Req. No.
xJnit
U nit Price
Amount
•- •■
’- -r-'V"p
- 2The key factor in our present economic stability is public
confidence. This -widespread confidence rests in part upon the
financial security provided by the record holdings of personal savings,
of -which Savings Bonds form a very important part. Public confidence
also rests upon the Nation*s immensely strong financial structure, and
upon the general knowledge that people* s incomes today are better
protected than ever before.
More than 4-1/2 years have passed since the end of the war. Now,
nearly all of our industries have completed their readjustment to^
competitive markets, and our economy is on a sound and stable basis.
Personal income in January this year, not including the veterans*
insurance payments, was at an annual rate of ¿213 billion — the^
highest for any month since January 1949. Retail sales — a basic
measure of the demand for consumer goods — » have continued at a high
level. In the first two months of 1950, in fact, the dollar volume
of retail sales was 2—1/2 percent higher than a year ago, despite
lower average prices.
The very favorable near-teim business outlook rests on obvious
factors of strength that have been frequently pointed out. The longer
outlook, in my opinion, is likewise reassuring. We have seme distance
to go in meeting the backlog of demand for new houses and other
construction, -while our population continues to grow.
Our factories have invested huge sums for new plant and equipment
since the war, yet it is obvious that this expansion has not been
over-expanded, in view of the continued development of new products,
new industrial machinery and new technical processes.
Most importantly, the continued cautious attitude of businessmen,
bankers, and other important groups has aided in preventing any
excessive expansion in credit, in speculation, or in inventories, such
as always has occurred before any important business downturn.
The Treasury* s major objective has been to maintain this nation*s
financial soundness through fiscal policies and debt-management
operations which are designed to cement confidence in the credit of
this Goverrment. I believe that the course of action which the
Treasury has pursued in maintaining that confidence has contributed
greatly to our present unparalleled economic position.
America has ccme a long way since our xorefathers signed the
Declaration of Independence. Yet we have by no means reached our
maturity. America is still a young Nation. There is no limit to what
we can accomplish through our system of free American enterprise.
•* 3 **
This nation was founded on the traditional American concept of
thrift. It was thrift which helped us attain our present greatness*
It is thrift which will lead America to new heights of achievement
in the years ahead*
America1s leaders in every field
business, agriculture, labor -*■
have long regarded the Savings Bonds program as a winning factor in the
maintenance and the preservation of our system of free enterprise#
It gives every American citizen the opportunity to actively
participate in a systematic program of thrift which not only insures
future security for himself and his family, but gives him a stake
in insuring the future security of his country.
It does not matter whether a man’s income is great or small
whether he lives on a farm or in a crowded metropolitan area — * he is
given the opportunity to buy the Savings Bond which represents a
personal share in his country’s future*
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* He knows that he is actually doing something
for the good of his community and his country*
I
should like to take a moment to point out a striking example of
what Government bond holdings mean to the people of our country* You
may be interested to know that the Government bond holdings of
individuals are now epuivalent to the total value of all farm real
estate in the country*
Ownership of Government securities by millions of individuals is
good for the country as well as for those individuals. It gives the
people of the country an increased interest in the affairs of their
Government and causes them to participate more actively in those
affairs*
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 Bends program helps
to accomplish both these objectives*
Most important of all, the Savings Bonds program represents the
individuals throughout America who now hold close to %A9 billion of
Savings Bonds* It is the men and women who buy the bonds; the men and
women who sell them to other people —— friends, families, neighbors,
fellow workers* It is the millions of working men and women now saving
regularly through the automatic Payroll Savings Plan*
- 4These holdings seem particularly significant when we recall that
at the bottom of the depression «•— in 1933 — the national income in the
country was only $39-1/2 billion. Across the Nation, people now have
a cushion of reserves to fall back upon that is far greater than the
total income in the Nation in that year.
As you people go forward to carry the message of the Independence
Drive to your states and local communities, you •—* and the millions of
volunteer workers who will assist you — can be proud of the product
you have to sell. It is not a new product, for thrift is as old as
America itself. It is not an untried product, for it is thrift that has
spelled progress for our Nation. It is an old and time—proven product,
but not in any sense an old-fashioned one.
The product we have to sell is as up to date as the atomic age we
are entering. Savings Bonds have been designed to meet the modem day
needs of every American. They are not a luxury which only the wealthy
can afford — they have been designed to meet the individual needs of
every class.
Moreover, you are selling something the people need and want — a
product which not only gives them future personal independence but
assures a free and strong America in which to enjoy the fruits of their
savings*
As you know, the Independence Drive
The national sales goal for the drive is
Our Savings Bonds volunteers have always
goal. I am sure the Independence Drive,
continue this fine record.
will run from May 15 to July 4*
$650 million in f,En bonds.
met and exceeded their sales
through your leadership, will
I should like to ask you to carry to your local workers my sincere
thanks for the spirit in which they are undertaking this praiseworthy
and most important task. In encouraging 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 security of all the world.
- o-
4
Mrs » Dorothy B« Devin
Director, Schools & Organizations
U« S* Savings Bonds Division
Jefferson City, Moe
Mrs o John S• Gardiner
Chairman, Women’s Activities
U. So Savings Bonds Division
Baltimore, Maryland
Mrs» Lurene Wo Truitt
Deputy Director
D* So Savings Bonds Division
Cleveland, Ohio
Mrs o Sue C* Oulahan
Chief, Films & Special Events
Uo So Savings Bonds Division
Washington, DoC0
Mrs«, Willis S. Bryant
Chairman, Women’s Activities
Uo So Savings Bonds Division
Kilmarnock, Virginia
Miss Anne M o Fitzgerald
Chief, Promotional Research
Do So Savings Bonds Division
Washington, DoCo
MrSo Stephen Haas
Chairman, Women’s Activities
Do S« Savings Bonds Division
Philadelphia, Pa0
Miss Alice Jo Glasgow
Chief, Company Publications
Do
S o
Savings Bonds Division
Washington, DoC*
Miss M o Virginia Ehrman
Deputy Director
Do So Savings Bonds Division
Baltimore, Maryland
il
- 3 -
Mrs « Florence Olesen
Parents ’ Magazine
Washington, T)oC0
Miss Malvina Lindsay
The Washington Post
Washington, D©C©
Mrs o Carmel Snow
Editor
Harper’s Bazaar
New York, No Y*
Mrso Vyella Poe Wilson
Club Editor
Times Herald
Washington, D 0C 0
Mrs o Mildred White Wells
Editor
General Federation Clubwoman
Washington, DoCo
Miss Genevieve Reynolds
Club Editor
The Washington Post
Washington, D 0C 0
Mrs® Helen Ho Woods
Director of Public Liaison
Economic Cooperation Administration
Washington, D»Co
Miss Frances Lide
Club Editor
Evening Star
Washington, D o C ©
Mrso Lee L© Cornell
Association of The Junior Leagues of
America, Inc0
New York, N 0 Y 0
Mrs© Nancy Osgood
Radio Station 1MAL
Washington, D o C o
Mrs© Pauline Wo lly Rivers
Director, Club Service Bureau
New York Herald Tribune
New York, N« Y 0
Miss Bess Furman
New York Times
Washington, D o C ©
Miss Josephine Ripley
Christian Science Monitor
Washington, DoC0
Miss Ruth Crane
Radio Station WRC
Washington, DoCo
Mrs o Hazel Markel
Radio Station WTQP
Washington, D o C o
Mrso Lindsey Po Rawley
Chairman, Women’s Activities
D» C|o Savings Bonds Committee
Washington, DoC»
Miss Helen Shaffer
Women’s News Service
Washington, DoCo
Mrs o Minnette Ker Higgins
Deputy Director
Uo
So
Savings Bonds Division
San Francisco, Califo
Miss Jane Stafford
President
Women’s National Press Club
Washington, D©C©
Mr So Renna Ro Hunter
Deputy Director
U, So Savings Bonds Division
Topeka, Kansas
'i,
: \
1
i
f
/
- 2-
Mrs« Elizabeth M. Cox
Zonta International
Washington, T)«C«
Miss Martha R* Servis
Executive Secretary
Soroptimist International Association
Philadelphia, Pa0
Miss Catherine Dines Prosser
President
National Federation of Press Women, Inc«
Denver, Colorado
Mrs« Evelyn Lauritson
President
National Amvets Auxiliary
Waterloo, Iowa
Mrs« Thelma Feighner
National Senior Vice Chairman
Disabled Amer* Veterans Auxiliary
Washington, D«C«
Mrs« Helen Blanchard
Legislative Chairman
Amai« Clothing Workers of Amer«, CIO
Washington, D«C«
Mrs« Marguerite Schondau
Administrative Secretary
Natl«Society, Daughters of the American
Revolution
Washington, D«C0
Mrs« Herman H« Lowe
President
Women’s Auxo, Amer« Fedo of Labor
Goodlettsville, Tenno
Miss Elizabeth Goodykoontz
Altrusa International, Inc«
Washington, D«C«
Miss Christine Sadler
McCall’s
Washington, D«C«
Mrs« Bernice Do Parks
President
Association of Bank Women
Boston, Masso
Miss Jessica Daves
Editor
Vogue
New York, N« Y«
Miss Margaret Mealey
Executive Secretary
National Council of Catholic Women
Washington, D®C«
Miss Jane Pierce
Exec« Assistant to the Editor
Glamour
New York, N» Y*
Mrs « Lawrence Ho Smith
Past President
American Legion Auxiliary
Washington, D«Co
Mrso Betsey Talbot Blackwell
Editor“in-Chief
Mademoiselle
New York, No Yo
Mrs« Albert Armstrong
National Bond Chairman
Ladles * Auxiliary, Veterans of Foreign Wars
Washington, DoC«
Mrs« Edith S t e m
Woman’s Home Companion
Silver Spring, Maryland
Mrs© Harry So Truman
Honorary Chairman
national Womens Advisory Committee
MrSo Ellen So Woodward
Chairman
national Women’s Advisory Committee
Miss Dorcas Campbell
Assistant Vice President
East River Savings Bank
Hew York, R. Y»
Marjorie C o Husted
Consultant in Advertising
General Mills, Inc ©
Minneapolis, Minn©
M r s o
Mrs o Fred Mo Vinson
Washington, D©C©
Mrs© John Wo Snyder
Washington, D©C©
Mrso Georgia Reese Clark
Treasurer of the United States
Mr So Genevieve Forbes Herrick
Dorset, Vermont
MrSo Edwin D o Graves
Washington, D o C ©
Mrs© Evelyn Miller Crowell
Dallas, Texas
Mrs© Mildred Barnwell Andrews
Committee Representative of the Textile I
ComnLo on Public Relations
Centreville, Virginia
Miss Dorothy Shaver
President
Lord & Taylor
Hew York, R© Y 0
Mrs© Oscar Ao Ahlgren
Rational Bond Chairman
General Federation of Women’s Clubs
Whiting, Indiana
Mrs o Rat H© Levy
Rational Bond Chairman
B ’nai B ’rith Women’s Supreme Council
Washington, DoC©
MrSo Pat O ’Brien
Los Angeles, California
Miss Margaret Hickey
Editor, Public Affairs Department
Ladies* Home Journal
Philadelphia, Pa©
Miss Olive Ho Huston
Executive Director
The Ratio Fed© of Business & Professioni
Women ’s Clubs, Inc ©
Rew York, R. Y©
2
'i#-^ n T t h e Women's National Advisory Committee will participate
in the general organisational conference of leading volunteers, members of
the Savings Bonds staff and Treasury représentatives at the Mayflower
Hotel.
S- ¿xHto
— Members of the National Women’s
Advisory Committee to the U.S. Treasury?' Department, met Vi---tcraiscuss
plans for the forthcoming Independence Savings Bonds Drive m t h Secretary of
the Treasury John W. Snyder and officials of the Savings Bonds Division.
The Secretary commended the group composed of leading women
and fraternal organizations, for their volunteer efforts in previous bond
campaigns. He outlined promotional plans for the Independence Drive which
will urge Americans to "Save for your Independence" from May 15 through July 4.
The morning session featured the speeches of Miss Margaret
Hickey, Editor, Public Affairs Department, Ladies1 Home Journal, New York;
Mrs. Oscar A. Ahlgren, Vice President, General Federation of Women’s Clubs,
Whiting, Indiana and Miss Sylvia F. Porter, Financial Editor, New York Post.
Mrs. Georgia Neese Clark, Treasurer of the United States,
spoke on the subject, ftWomen in the Economy" and Leon J. Markham, National
Sales Director for the U.S. Savings Bonds Division explained the symbolism
of the Liberty Bell in connection to the new drive.
Mrs. Ellen S. Woodward, Washington, D.C., Chairman of the
Committee presided*
The afternoon session featured talks by Miss Dorcas Campbell,
Assistant Vice President of the East River Savings Bank, New York; Mrs.
Marjorie Husted, Advertising Consultant for General Mills, Inc., Minneapolis,
Minnesota and Mrs. Mildred Barnwell Andrews, Committee Representative of the
Textile Committee on Public Relations.
After the meeting the group was received at Blair House by
Mrs• Truman.
more
TR EA SU R Y
D E P A R TM E N T
Information Service
immediate r e l e a s e ,
Wefaxesflay, March 29, 1930«
WASHINGTON, D .C
S-2296
Members of the National Women's Advisory Committee to the
U.S. Treasury Department, met here Tuesday to discuss plans for
the forthcoming Independence Savings Bonds Drive with Secretary
of the Treasury John W. Snyder and officials of the Savings Bonds
Division.
The Secretary commended the group composed of leading women
executives from business, industry, banking, publishing, advertis
ing, service and fraternal organizations, for their volunteer
efforts in previous bond campaigns. He outlined promotional plans
for the Independence Drive VhiOh will urge Americans to "Save for
your Independence" from May 1$ through July 4.
The morning session featured the speeches of Miss Margaret
Hickey, Editor, Public Affairs Department, Ladies' Home Journal,
New York; Mrs. Oscar A. Ahlgren, Vice President, General
Federation of Women's Clubs, Whiting, Indiana and Miss Sylvia F .
Porter, Financial Editor, New York Post.
Mrs. Georgia Neese Clark, Treasurer of the United States,
spoke on the subject, "Women in the Economy" and Leon J. Markham,
National Sales Director for the U.S. Savings Bonds Division
explained the symbolism of the Liberty Bell in connection to the
new drivé.
Mrs. Ellen S. Woodward, Washington, D.C., Chairman of the
Committee presided.
The afternoon session featured talks by Miss Dorcas Campbell,
Assistant Vice President of the East River Savings Bank, New York;
Mrs. Marjorie Husted, Advertising Consultant for General Mills, Inc.
Minneapolis, Minnesota and Mrs. Mildred Barnwell Andrews,
Committee Representative of the Textile Committee on Public
Relations.
After the meeting the group was received at Blair House by
Mrs . Truman.
Today the Women's National Advisory Committee will participate
in the general organizational conference of leading volunteers,
members of the Savings Bonds staff and Treasury representatives .
at the Mayflower Hotel.
2
Members of the Women’s National Advisory Committee are as
follows:
M r s . Harry S . Truman
Honorary Chairman
National Women's Advisory Committee
Mrs. Ellen S. Woodward
Chairman
National Women *s Advisory Committee
Mrs. Fred M. Vinson
Washington, D. C.
Mrs. John W. Snyder
'Washington, D. C.
Mrs. Georgia Neese Clark
Treasurer of the United States
Mrs. Genevieve Forbes Herrick
Dorset, Vermont
Mrs. Edwin D , Graves
Washington, D.C.
Mrs. Evelyn Miller Crowell
Dallas, Texas
Mrs. Pat O'Brien
Los Angeles, California
Miss Margaret Hickey
Editor, Public Affairs Department
Ladies’ Home Journal
Philadelphia, Pennsylvania
Miss Sylvia F. Porter
Financial Editor
The New York Post
New York, New York
Miss Dorcas Campbell
Assistant Vice President
East River Savings Bank
New York, New York
Mrs. Marjorie C. Husted
Consultant in Advertising
General Mills, Incorporated
Minneapolis, Minnesota
- 3 Mrs. Mildred Barnwell Andrews
Committee Representative of the Textile
Comm, on Public Relations
Centreville, Virginia
Miss Dorothy Shaver
President
Lord & Taylor
New York, New York
Mrs. Oscar A. Ahlgren
National Bond Chairman
General Federation of Women's Clubs
Whiting, Indiana
M r s . N a t . H . Levy
National Bond Chairman
B'nai B'rith Women's Supreme Council
Washington, D. C.
Miss Olive H. Huston
Executive Director
The Natl. Fed. of &u$ihess & Professional
Women's Clubs, ine.
New York, New York
Miss Geneva McQuatter
Director of Legislation
The Natl. Fed. of Business & Professional
Women’s Clubs, Inc.
Washington, D. C.
Mrs. Elizabeth M. Cox
Zonta International
Washington, D. C.
Miss Martha R. Servis
Executive Secretary
Soroptimist International Association
Philadelphia, Pennsylvania
Miss Catherine Dines Prosser
President
National Federation of Press Women, Inc.
Denver, Colorado
Mrs. Marguerite Schondau
Administrative Secretary
Natl. Society, Daughters of the American
Revolution
Washington, D. C.
- 4 Miss Elizabeth Goodykoontz
Altrusa International, Inc.
Washington, D. C.
Mrs. Bernice D . Parks
President
Association of Bank Women
Boston, Massachusetts
Miss Msrgaret Mealey
Executive Secretary
National Council of Catholic Women
Washington, D. C.
Mrs. Lawrence H. Smith
Past President
American Legion Auxiliary
Washington, D. C.
Mrs. Albert Armstrong
National Bond Chairman
Ladies' Auxiliary, Veterans of Foreign Wars
Washington, D. C.
Mrs. Evelyn Lauritson
President
National Amvets Auxiliary
Waterloo, Iowa
Mrs. Thelma Feighner
National Senior Vice Chairman
Disabled Amer. Veterans Auxiliary
Washington, D. C.
Mrs. Helen Blanchard
Legislative Chairman
Amal. Clothing Workers of Amer., CIO
Washington, D. C.
Mrs. Herman H. Lowe
President
Women's Aux., Amer. Fed. of Labor
Goodlettsville, Tennessee
Miss Christine Sadler
McCall's
Washington, D .C .
Miss Jessica Daves
Editor, Vogue
New York, New York
- 5 Miss Jane Pierce
Exec. Assistant to the Editor
Glamour
New York, New York
Mrs. Betsey Talbot Blackwell
Editor-in-Chief
Mademoiselle
New York, New York
M r s . Edith Stern
Woman's Home Companion
Silver Spring, Maryland
Mrs. Florence (Diesen
Parents' Magazine
Washington, D. C.
M r s . Carmel Snow
Editor, Harper's Bazaar
New York, New York
Mrs . Mildred White
Editor
General Federation Clubwoman
Washington, D. C.
Mrs. Helen H. Woods
Director of Public Liaison
Economic Cooperation Administration
Washington, D. C.
Mrs. Lee L. Cornell
Association of The Junior Leagues of
.America, Inc.
New York, New York
Mrs. Pauline Wolly Hivers
Director, Club Service Bureau
New York Herald Tribune
New York, New York
Miss Bess Furman
New York Times
Washington, D. C.
Miss Josephine Ripley
Christian Science Monitor
Washington, D. C.
- 6 Miss Helen Shaffer
Women's News Service
Washington, D. C.
Miss Jane Stafford
President
Women's National Press Club
Washington, D. C.
Miss Malvina Lindsay
The Washington Post
Washington, D.C.
Mrs. Vyella Poe Wilson
Club Editor
Times Herald
Washington, D. C.
Miss Genevieve Reynolds
Club Editor
The Washington Post
Washington, D.C.
Miss Frances Lide
Club Editor
Evening Star
Washington, D. C.
Mrs. Nancy Osgood
Radio Station WMAL
Washington, D. C,
Miss Ruth Crane
Radio Station WRC
Washington, D . C .
Mrs. Hazel Markel
Radio Station WTOP
Washington, D.C.
Mrs. Lindsey P, Rawley
Chairman, Women’s Activities
D.C. Savings Bonds Committee
Washington, D. C.
Mrs. Minnette Ker Higgins
Deputy Director
U.S. Savings Bonds Division
San Francisco, California
- 7 Mrs. Henna H . Hunter
Deputy Director
U.S. Savings Bonds Division
Topeka, Kansas;
Mrs. Dorothy B . Devin
Director, Schools & Organizations
U.S. Savings Bonds Division
Jefferson City, Missouri
Mrs. Lurene W. Truitt
Deputy Director
U.S. Savings Bonds Division
Cleveland, Ohio
Mrs. Willis S. Bryant
Chairman, Women’s Activities
U.S. Savings Bonds Division
Kilmarnock, Virginia
Mrs. Stephen Haas
Chairman, Women's Activities
U.S. Savings Bonds Division
Philadelphia, Pennsylvania
Miss M. Virginia Ehrman
Deputy Director
U.S. Savings Bonds Division
Baltimore, Maryland
Mrs. John S. Gardiner
Chairman, Women’s Activities
U.S. Savings Bonds Division
Baltimore, Maryland
Mrs. Sue C . Oulahan
Chief, Films & Special Events
U.S. Savings Bonds Division
Washington, D. C.
Miss Anne M. Fitzgerald
Chief, Promotional Research
U.S. Savings Bonds Division
Washington, D. C.
Miss Alice J. Glasgow
Chief, Company Publications
U.S. Savings Bonds Division
Washington, D. C.
0 O0
every effort to strengthen the forces
working for peaceful relations and
expanding trade.
We have demonstrated our ability
to keep our economy strong, to keep
it healthy, and to keep it growing.
We must persist in our endeavors
toward ever increasing national
strength and prosperity*
our bus inessmen have shown In
developing mass markets and the
increasing tendencies toward better
balance in various sectors of our
economy provide a further basis for
confidence.
But we cannot rest on this
prospect.
To assure it, we must be
constantly watchful of developments
■I
which would tena to throw our
economy out of balance.
And,
in the
internationaI area, we,must exert
*» 29 •»
businessmen and bankers of the
Nation will continue to be constantly
on the alert for signs of any new
developments which may threaten our
continued progress*
it is clear, on the evidence,
that the basic trend of business in
this country is good.
Our population
growth, our high level of income
and retail sales, and our strong
credit position, all point in this
direction.
The resourcefuIness which
28
•
which the bankers o f the Nation
have demonstrated throughout the
postwar period.
The splendid
cooperation which the American
Bankers' Association received in
the course of its voluntary credit
control program, two years ago,
an instance in point.
is
The conservati
policies which most American
, Jm vA §||
businessmen have followed since the
war have been a further steadying
influence.
I am certain that the
** 27
past has so often made our economy
susceptible to a business recession.
At the end of December, for example,
total commercial,
agricultural
industrial, and
loans -- wh icn, as you
know, represent the largest category
of commercial bank loans -- were
roughly $1-1/4 billion below those
of the previous year.
Our strong creoit position today
is a tribute to the good judgment
x
IP#
*» 24
buy 1nig, which I me n t io med ear 1 ier,
BJ1S 3ilso persisted .
two HIlonths of 1950|
1n the first
i| fact, the
do 1 ia r volume of r etai 1 sales was
about 2- 1/2 percen t hi gher than a
year ago || despit e th e lower price
|| i s y0 a V «
ftH i 10 1 0 t E 1 0 mp 1oyment
in
Feb r u n r*y #a.S I0 ss than 1/2 of one
p 6 P C 6 ftit b 0
Io w P 0 1)r*uary of '1949,
-Ilf'
we my st continue t o ut i 1ize our
resou rces of manpo wer to the fu 11es
25
P
cs;CÌ L fc i*i,:f;3£ Q C3^■ 0 U r ;>. jj 0 S t W 3
e c o n o
have continued
Business in Florida this winter,
I understand, has been better in most
* 'i■*.
fiitiun 111 e s than it was last year.
And for the Nat ion las
a o
sonai
a
itnr
incoine in January, not
including the veterans’ insurance
p a ym6 n
f
W ct
$213 billion
at an annual rate of
the highest for
non th since January 1949.
marKaD
The
steady rate of retail
r\A.
inn in 6
indicates that FI
may make even more
» if icant
contributions to American industry
in the future.
c
flBk
turnish
ive evidence that the
it ies which Ii
- in
Nat
ótate -- are limitless.
r a t
it is
tying that this year the
i î \
favorable trends in personal
18%.
i c h
income
- 21 «*»
ouring the war an d #iostwar years is
making for a be tt er balanced econ omy,
here
anc e 1se wher e , than has been
possible in the Pas1
For examp I0
Pf»
a rhi ine op era t ion a tid repair, pul P
tur e, and cattle
mm
and paper manuf
a is 11o
a vir 1 e
roup
kno w, b
n your State
growing in importance i
in
curing the past decade.
And the
1/
■
a;
intensive development of your rich
C&r :
'.
,
..
epos its of titanium ore
just no
1$
20
jr
v
-
1
parents and grandparents.
If
M
xjh
V; >,•;
¡1
Each one of these developments
will draw increas ingIy on the
resources available for
leisure time activities -resources,
course,
in
which your State abounds.
Moreover, the increasing
decentra Ii zat ion of industry and trade
throughout the postwar period.
There are other important
developments of recent
hold particular interest for
te.
Among these
¡sure ti
week ana
s mere
shorter
saving devices
in the home have made possible; the
increasing propensity of American
families to move about; and the
longer lives «hieh all of us
expect to live, as
)area with
18
total buying strength.
The liquid
assets of individuals in the form
of cash, checking accounts, savings
accounts, and Federal securities alone
amount to another $200 billion.
backlog of purchasing power,
This
it is
interesting to note, is more than five]
times the amount of the ent ire
rw&tionai
income in 1933.
It is a
most important factor in evaluating
the foundations of the high level of
retail buying which has persisted
a national buying
itube.
But it
«•
Is
<•
the basis for a sound development
of the Florida area.
Today, when Florida has assumed
such an active role in the Nation's
trade,
information bearing on national
as well as local trends is of vital
importance to the business health of
your communities.
1 have already
spoken of the rapid rate of
population increase, which ind icates
an expanding national market for the
specialized products of your State.
1/
publicity on a national scale for
the first time
reports which Secretary
triereo together and
submitted to the Congress give an
interesting glimpse of the future
k'
which was even then foreseen for your
State.
Mr. Buckingham Smith, for
example, who conduc
survey
repartee to the Secretary in 1848
that "if the large quantity of lemons,
oran
n
r
needs,
without adequate financing,
your State could not have been in
the forefront of the movement which
has made the specialized agricultural
products of one area as familiar in
distant parts of the country as those
which are home grown.
in view of the extraordinary
success which you have had in
developing the resources of your
State,
it may in terest you to Know
that more than
years ago a
10
decisions must be made involving
many difficult problems of production,
management and marketing.
And each
stage of the growing and marketing
process requires capital to an extent
unheard of as recently as 15 or 20
years ago.
These developments, of course,
have brought a close and intimate
relation between agricuItural
producers and bankers or others who
participate in meeting their financial
as well as along
since
s’ Association
r Ior
was rounded in
ntervening years, your State has
I an ìsola
sou then n 'outpos*
ion to one of the most
ooed recreational
h
f
or oau
reas m
the wor
And, as hanKers, you have p Ia
major part in this growth.
Today, banKing is more closely
erwoven in the business 15
M
i
n
i
i
1
1 11
tradespeople/who kept bringing the
customers back.
Ana they have
accomplished this not by sitting
back and letting the State speak for
itself, but by finding out what
people want -- or might want in
producing it.
the future
s has
p Iann ing,
Int cons
constant
Tremendous
constant
s have chañe
of the Florida
-
ini
ion. have
Increasi
accepted as
of citrus processing,
in fact,
i I lustrâtes an important
trait which seems to me to be
Florida
character ist ic of
business.
That is
ility which you in this State have
shown for at
customers.
ri
endowed
and
Your State was
it is
businessmen, your farmers, your
over
a iseover that
orange crop is so
recen
as 15 or
v Ir t u a II y all
11
Ida. In
i
accounted for
reat
in
ci
r
f ood
orange concentrate, has
■rit r * n
_ 4 -
Florida is In an exceptional
position to benefit from the
opportunities opened up by the
tremendous increase in our population
taking place each year.
Very few area
in our country have tne essentials of
climate and soil for producing the foo
products grown here.
Florida has shot
tremendous enterprise in searching
out new markets for its agricultural
products and in adapting old products
to tne needs of modern living.
It
state over the last census, ten years
ago.
And,
in this connection,
it
may interest you to note that the
first United States census,
a total
ation in
the entire country of just a Ii
under 4 million.
This is about
to the
census is expected to
your
Ü,
te and in the southern
of your neighboring State of
During last year alone, the population
I am delighted to be here and
to participate with you in the annual
meeting of the Florida Bankers'
Assoc iat ion.
- -- With the taking of the census
beginning tomorrow,
i know that the I
progressive citizens of Florida are
keenly interested in the project and
are looking forward with tense
anticipation to the final figures.
For there will doubtlessly be
tremendous population gains in this
The following address by Secretary Snyder
before tte ### 56th Annual Convention of
the Florida Bankers'Association at the
Belleview Biltmore Hotel, Belleair, Florida,
is scheduled for delivery_at^Qi^_J^*¿E«S»T*
Friday. March 31, 1950, and j.s for
at that time,
TREASURY DEPARTMÊNT
Washington
The following address by Secretary Snyder before the 56th
Annual Convention of the Florida Bankers' Association at
the Belleview Biltmore Hotel, Belleair, Florida, is scheduled
for delivery at 10:30 a.iru, E.S.T. Friday, March 31» 1950»
and is for release at that time.
I am delighted to be here and to participate with you in the
annual meeting of the Florida Bankers' Association.
With the taking of the census beginning tomorrow, I know that
the progressive citizens of Florida are keenly interested in the pro
ject and are looking forward with tense anticipation to the final
figures. For there will doubtlessly be tremendous population gains
in this state over the last census, ten years ago. And, in this con
nection, it may interest you to note that the first United States
census, 160 years ago, showed a total population in the entire country
of just a little under 4 million. This is about equal to the number
of people which the 1950 census is expected to show in your State and
in the southern half of your neighboring State of Georgia. During
last year alone, the population of this country is estimated to have
increased by about 2-1/2 million — almost exactly the population of
Florida at the present time, according to current estimates* This
means that every year, at the present rate, a whole new state is added
to the population — with all that that signifies in needs for new housing,
for roads and highways, for community services and for all of the
requirements of daily living,
Florida is in an exceptional position to benefit from the oppor
tunities opened up by the tremendous increase in our population taking
place each year. Very few areas in our country have the essentials of
climate and soil for producing the food products grown here. Florida
has shown tremendous enterprise in searching out new markets for its
agricultural products and in adapting old products to the needs of
modern living. It has been very interesting to me to discover that
today over half the orange crop is sold in processed form, wrhen as
recently as 15 or 20 years ago virtually all oranges were sold fresh.
And it is Florida, in large part, which has accounted for the great
expansion in citrus processing. The spectacular success of one of your
newest food products, frozen orange concentrate, has been one more
example that changing tastes and increasing competition have been
accepted as a challenge.
The success of citrus processing, in fact, illustrates an impor
tant trait which seems to me to be characteristic of all Florida busi
ness. That is the remarkable ability which you in this State have
shown for attracting and holding your customers. Your State was richly
endowed; but it is your businessmen, your farmers, your tradespeople
S-2297
TREASURY DEPARTMÉNT
Washington
The following address by Secretary Snyder before the 56th
Annual Convention of the Florida Bankers’ Association at
the Belleview Biltmore Hotel, Belleair, Florida, is scheduled
for delivery at 10:30 a.nu, E.S.T. Friday» March 31» 1950»
and is for release at that time.
I am delighted to be here and to participate with you in the
annual meeting of the Florida Bankers’ Association.
With the taking of the census beginning tomorrow, I know that
the progressive citizens of Florida are keenly interested in the pro
ject and are looking forward with tense anticipation to the final
figures. For there will doubtlessly be tremendous population gains
in this state over the last census, ten years ago. And, in this con
nection, it may interest you to note that the first United States
census, 160 years ago, showed a total population in the entire country
of just a little under 4 million. This is about equal to the number
of people which the 1950 census is expected to show in your State and
in the southern half of your neighboring State of Georgia. During
last year alone, the population of this country is estimated to have
increased by about 2-1/2 million — almost exactly the population of
Florida at the present time, according to current estimates. This
means that every year, at the present rate, a whole new state is added
to the population — with all that that signifies in needs for new housing,
for roads and highways, for community services and for all of the
requirements of daily living.
Florida is in an exceptional position to benefit from the oppor
tunities opened up by the tremendous increase in our population taking
place each year. Very few areas in our country have the essentials of
climate and soil for producing the food products grown here. Florida
has shown tremendous enterprise in searching out new markets for its
agricultural products and in adapting old products to the needs of
modern living. It has been very interesting to me to discover that
today over half the orange crop is sold in processed form, when as
recently as 15 or 20 years ago virtually all oranges were sold fresh.
And it is Florida, in large part, which has accounted for the great
expansion in citrus processing. The spectacular success of one of your
newest food products, frozen orange concentrate, has been one more
example that changing tastes and increasing competition have been
accepted as a challenge.
The success of citrus processing, in fact, illustrates an impor
tant trait which seems to me to be characteristic of all Florida busi
ness. That is the remarkable ability which you in this State have
shown for attracting and holding your customers. Your State was richly
endowed; but it is your businessmen, your farmers, your tradespeople
S-2297
u sa»
to M
axtrn bi sscsamJS sœss
asnassw fiomoí. » wem®*
s u a is ,
fiûstaâ, i°5o
TREASURY DEPARTMÊNT
Washington
The following address by Secretary Snyder before the 56th
Annual Convention of the Florida Bankers * Association at
the Belleview Biltmore Hotel, Belleair, Florida, is scheduled
for delivery at 10:30 a.m., E.S.T. Friday, March 31» 1950«
and is for release at that time.
I am delighted to be here and to participate with you in the
annual meeting of the Florida Bankers’ Association.
With the taking of the census beginning tomorrow, I know that
the progressive citizens of Florida are keenly interested in the pro
ject and are looking forward with tense anticipation to the final
figures. For there will doubtlessly be tremendous population gains
in this state over the last census, ten years ago. And, in this con
nection, it may interest you to note that the first United States
census, 160 years ago, showed a total population in the entire country
of just a little under 4 million. This is about equal to the number
of people which the 1950 census is expected to show in your State and
in the southern half of your neighboring State of Georgia. During
last year alone, the population of this country is estimated to have
increased by about 2-1/2 million — almost exactly the population of
Florida at the present time, according to current estimates. This
means that every year, at the present rate, a whole new state is added
to the population — with all that that signifies in needs for new housing,
for roads and highways, for community services and for all of the
requirements of daily living.
Florida is in an exceptional position to benefit from the oppor
tunities opened up by the tremendous increase in our population taking
place each year. Very few areas in our country have the essentials of
climate and soil for producing the food products grown here. Florida
has shown tremendous enterprise in searching out new markets for its
agricultural products and in adapting old products to the needs of
modern living. It has been very interesting to me to discover that
today over half the orange crop is sold in processed form, when as
recently as 15 or 20 years ago virtually all oranges were sold fresh.
And it is Florida, in large part, which has accounted for the great
expansion in citrus processing. The spectacular success of one of your
newest food products, frozen orange concentrate, has been one more
example that changing tastes and increasing competition have been
accepted as a challenge.
The success of citrus processing, in fact, illustrates an impor
tant trait which seems to me to be characteristic of all Florida busi
ness. That is the remarkable ability which you in this State have
shown for attracting and holding your customers. Your State was richly
endowed; but it is your businessmen, your farmers, your tradespeople
S-2297
who kept bringing the customers back* And they have accomplished this
not by sitting back and letting the State speak for itself* but b y
finding out what people want — - or might want in the future <— and
producing it*
This has meant constant planning* constant growth, and above all,
constant change* Tremendous developments have changed the face of the
Florida landscape ~~ inland as well as along the coast — since the
Florida Bankers1 Association was founded in 1888*> During the intervening
years, your State has grown from an isolated southern outpost of the
Nation to one of the most highly developed recreational and food producing
areas in the world* And, as bankers, you have played a major part in
this growth*
Today, banking is more closely interwoven in the business life of
the Nation and of your State than ever before* Few people other than
those having some direct contact with present day agriculture and food
processing, for example, realise the extent to which capital is now
required in the raising and marketing of farm products* The average
American farm
whether it is a truck farm, a citrus grove, or a vast
wheat acreage ■*— has become a complex commercial enterprise* Daily
decisions must be made involving many difficult problems of production,
management and marketing* And each stage of the growing and marketing
process requires capital to an extent unheard of as recently as 15 or
20 years ago*
These developments, of course, have brought a close and intimate
relation between agricultural producers and bankers or others who
participate in meeting their financial needs* Without adequate
financing, your State could not have been in the forefront of the
movement which has made the specialized agricultural products of one
area as familiar in distant parts of the country as those which are
home grown*
In view of the extraordinary success which you have had in develop
ing the resources of your State, it may interest you to know that more
than 100 years ago a Secretary of the Treasury, the Honorable R* J.* Walker
directed a survey of the southern Florida area which did much to uncover
the tremendous possibilities inherent in the climate and soil of the new
State* The possibility of draining the Everglades had captured the main
attention of those who had urged the survey* But the result -was that
the potentialities of the entire region for agricultural development
were given publicity on a national scale for the first time*
The reports which Secretary Walker gathered together and submitted
to the Congress give an interesting, glimpse of the future which was even
then foreseen for your State* Mr* Buckingham Smith, for example, who
conducted the survey, reported to the Secretary in 184-8 that "if the
large quantity of lemons, limes, oranges*..and other tropical fruits.*,
now imported at high prices from the West Indies and elsewhere could be
-3 r
supplied, or only in part supplied, from this region, it would be of
no trifling advantage to the whole country*’’ This observation was, of
course, a startling understatement* But it was remarkably foresighted
for a visitor to Florida, one hundred ¡years ago* .Mr* Smith went on to
stress the importance of factual information and scientific data as the
basis for a sound development of the Florida area*
Today, when Florida has assumed such an active role in the Nation’s
trade* information bearing on national as well as local trends is of
vital importance to the business health of your communities* I have
already spoken of the rapid rate of population increase, which indicates
an expanding national market for the specialized products of your State*
I should like to anphasize also the fact that you not only have more
customers — • but your customers have far more purchasing power than those
of a generation, or even a decade, ago*
PersonadTTS^mes in this country in 1949* as you undoubtedly knew,
amounted t<^$120jiillion and are running at an even higher rate this
year — a iltrfcTe higher, in fact, than the record annual figure of
$212 billion in 1948* It is difficult to grasp the significance of a
national buying power of this magnitude. But it gives us some pers
pective to recall that personal incomes in^our prewar year of highest
activity* 1929# amounted to only $85 billion*
The incomes which American families are enjoying today, however*
do not by any means represent their total buying strength* The liquid
assets of individuals in the form of cash, checking accounts, savings
accounts, and Federal securities alone amount to another $200 billion*
This backlog of purchasing power, it is interesting to note, is more
than five times the amount of the entire national income in 1933* It
is a most important factor in evaluating the foundations of the high
level of retail buying which has persisted throughout the postwar period*
There are other important developments of recent years which hold
particular interest for your State* Among these are the increased
leisure time which the shorter work week and greater labor saving devices
in the home have made possible; the increasing propensity of American
families to move about; and the longer lives which all of us may expect
to live, as compared with our parents and grandparents* JSachone of
these developments will draw increasingly on the resources available for
leisure time activities — resources, of course, in which your State
abounds*
Moreover, the increasing decentralization of industry and trade dur
ing the war and postwar years is making for a better balanced economy,
here and elsewhere, than has been possible in the past* R>r example*
airline operation and repair, pulp and paper manufacture, and cattle
raising — to mention a varied group — have, as you know,, been growing
in importance in your State during the past decade. And the intensive
4~
development of your rich deposits of titanium ore — just now beginning —
indicates that Florida may make even more significant contributions to
American industry in the future«
All of these things furnish impressive evidence that the opportunities
vhich lie ahead of us — in the Nation, and in your State — are limitless*
And it is gratifying that this year the favorable trends in personal in
come and business generally which have characterized our postwar economy
have continued*
Business in Florida this winter, ¿1 understand, has been better in
most communities than it was last year* And for the Nation as a whole,
personal income in January, not including the veterans* insurance pay
ments, was at an annual rate of $213 billion — the highest for any
month since January 1949* The remarkably steady rate of retail buying,
which X mentioned earlier, has also persisted* In the first two months of
1950, in fact, the dollar volume of retail sales was about 2—1/2 percent
higher than a year ago — despite the lower prices this year.
While total enployment in Februaxy was less than 1/2 of one percent
below February of 1949, we must continue to utilize our resources of
manpower to the fullest extent* We need to remember that our rapid rate
of population increase — which is such an important factor in business
growth — also leads to a substantial increase in the labor force each
year* That is the major explanation of the fact that nearly 1—1/2 million
more persons were unemployed in February 1950 than in February a year ago*
It is clear that employment opportunities must continually expand, if we
are to take full advantage of the widening markets provided by our growing
economy*
Coming back to your own field, finance, there is no doubt but that
the Nation*s credit structure as a whole is in a strong and healthy con
dition* There are indications that certain areas need careful watching*
But there is none of the vulnerability to widespread calling of loans
and liquidation which in the past has so often made our economy susceptible
to a business recession* At the end of December, for example, total
commercial, industrial, and agricultural loans — which, as you know,
represent the largest category of commercial bank loans — were roughly
$1-1/4 billion below those of the previous year*
Our strong credit position today is a tribute to the good judgmait
which the bankers of the Nation have demonstrated throughout the postwar
period* The splendid cooperation which the American Bankers* Association
received in the course of its Voluntary credit control program, two years
ago, is an instance in point. The conservative policies which most
American businessmen have followed since the war have been a further
steadying influence* I am certain that the businessmen and bankers of the
Nation will continue to be constantly on the alert for signs of any new
developments which may threaten our continued progress*
It is clear, on the evidence, ^that the basic trend of business in
this country is good* Our populatibn growth, our high level of income
and retail sales, and our strong credit position, all point in this
direction. The resourcefulness which our businessmen have shown in
developing mass markets and the increasing tendencies toward better
balance in various sectors of our economy provide a further basis for
confidence*
But we cannot rest on this prospect* To assure it, we must be
constantly watchful of developments vhich would tend to throw our
economy out of balance* And, in the international area, we must exert
every effort to strengthen the forces working for peaceful relations
and expanding trade*
We have demonstrated our ability to keep o\ir economy strong, to
keep it healthy, and to keep it growing* We must persist in our en
deavors toward ever increasing national strength and prosperity;*
- o~
-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 llf> 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 hemeander need include in his income tax return only the
difference between bbe price paid for such bills* whether on original issue or
on subsequent-pure! .ase* 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 tb.e Treasury bills and govern the conditions of their issue.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
-
2
-
mu
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 tender's, 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
A-n-rll
IQcirt
, in cash or other immediately avail
able funds or In a like face amount of Treasury bills maturing
April 6t 19^0
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 pills.
The income derived from Treasury bills, whether interest or gain from the salel
or other disposition of the bills, shall not have any exemption, as such, and lossl
from the sale or other disposition of Treasury bills shall not have any s p e c ia l
treatment, as such, under the Internal Revenue Code, or laws amendatory or supplem^
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 ta x a tio n noi- .
or hereafter imposed on the principal or interest thereof by any State, or any 0
the possessions of the United States, or by any local taxing authority,. For
From - THE SECRETARY
Mr. Bartelt
Mr. Baughman
Mr. Bray
Mrs. Clark
Mr. Clark
Mr. Ecker-Bacz
Mr. Delano
Mr. Foley
Mrs• Forbush
Mr. Graham
Date,
Mr. Haas
Mr. Kilby
Mr. Kirby
Mr. Lynch
Mr. Martin
Mr. McDonald
Mr. Parsons
Mrs. Ross
Mr. Saxon
ice, invites tenders for
ry bills, for cash and
0
, to be issued on
bidding as hereinafter
provided.. The bills of this series will be dated April 6 , 19 5 0 ______ , and.
lipr^
July 6 . 1950
, when the face amount will be payable without
will mature
--- -------------------
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 3f 1950
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, vm-th 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
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS
Friday, March 31, 1950.___
WASHINGTON,
S- 2 2 9 8
. 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 6, 1950,
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 6, 1950, and will mature July 6, 1 9 5 0 ,
when the face amount will be payable without interest. They will
he issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $100,000, $§00,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two e*clock p.m,, Eastern Standard time,
Monday, April 3, 1950. 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
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 accompaned 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
mom any one bidder will be accepted in full at the average price
TREASURY DEPARTMENT
Washington"
FOR RELEASE, MORNING NEWSPAPERS*
Friday, March 3 1 , 1 9 5 0 «
s
The Secretary of the Treasury-, by this public notice, invites tenders for
$ 900,000*000
, or thereabouts, of
91
in exchange for Treasury bills maturing
-day Treasury bills, for cash and
Ap-HI 6. 1950___ > 1°
“3S±
issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.. The bills of this series will be dated
April 6* 1950______ an(^-
IBS
jnly 6. 1950____> when the face amount will be payable without
'
They v/ill be issued in bearer form only, and in denominations of
will mature
interest.
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two ofclock p.m,, Eastern Standard time, Monday« April 3t 1950
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
2
(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 6, 1950, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing April 6, 1950. 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 income5derived 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 ) (l) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of 19^-lj
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
m e d i a t e reijsasb,
Thursdayi March 30» 1910.
Th# Secretary of the Treasury today announced the subscription and allotment
figures with respect to the current offering (1 ) of 1-lA percent Treasury Notes of
Series C-1951, to be dated April 1, 1950, open to the holders of 1-1/U percent
Treasury Certificates of Indebtedness of Series D-1950, maturing April 1, 1950, and
(2) of 1-1/2 percent Treasury Notes of Series A-1955, dated March 15* 1950 (Addi
tional Issue), open to the holders of 1-3/8 percent Treasury Notes of Series A-1950,
maturing April 1, 1950,
Subscriptions and allotments were divided among the several Federal Reserve Dis
tricts and the Treasury as followst
Series C-1951 Notes
Total subscriptions
Received & Allotted
Federal Reserve
District
| 22,6014,000
366 ,050,000
23 ,896,000
31*.997,000
31 ,1(69 ,0 00
32,251*,000
12U,730,000
U7,075,000
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
/i
Series A-1955 Notes
total Subscriptions
Received & Allotted
$
130 ,0145,000
l,6 1 »5 ,2 7 9 ,o oo
76.1133.000
20U,203,000
U7,U19,ooo
62,1(71,000
602,1(70,000
135.095.000
l a , 863,000
l46,U85,000
3 2 ,5 0 5 ,0 0 0
6 9 ,8 1 7 ,0 0 0
96.275.000
156 061.000
75,1*29,000
268,357,000
13,352.000
14,021.000
1887,097,000
1 3 ,5 0 3 ,5 5 8 ,0 0 0
.
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE
Thursday, March 30, 1950.
S-2299
The Secretary of the Treasury today announced the subscription
and allotment figures with respect to the current offering (l) of
1-1/4 percent Treasury Notes of Series C-1951, to- be dated April 1,
1950, open to the holders of 1-1/4 percent Treasury Certificates of
Indebtedness of Series D- 1 9 5 O, maturing April 1, 1950, and (2) of
1-1/2 percent Treasury Notes of Series A-1955, dated March 1 5 , 1950
(Additional Issue), open to the holders of 1-3/8 percent Treasury
Notes of Series A-I9 5 0 , maturing April 1, 1950.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District
Series C-1951 Notes
Total BuBscri.pt ions
Received & Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago ■
St. Louis
Minneapolis
Kansas City
Dallas
Saif Francisco
Tre.asury
$
TOTAL
Series A-I9 5 5 Notes
Total Subscriptions
Received & Allotted
34.997.000
31.469.000
32.254.000
124,730,000
47.075.000
41.863.000
46.483.000
32.505.000
6 9 .8 1 7 . 0 0 0
13.352.000
$ 130,045,000
1,645,279,000
76.433.000
204.203.000
47.419.000
62.471.000
602.470.000
135.095.000
96.275.000
156.061.000
75.429.000
268,357,000
_____ 4,021,000
$887,097,000
$3,503,558,000
22,604,000
3 6 6 ,0 9 0 ,0 0 0
2 3 ,8 9 6 , 0 0 0
0O0
R1U&35,
3-
mmxrn
a ill
Tuesday, April 4, I960,
The Secretary of the Treasury announced last evening that the tenders for
1900,000,000« or thereabouts, of 91-day Treasury hills to be dated April 4 and to anturi
July 4, i960, which were offered on March 61, were opened at the Federal Reserve Benha
on April 6«
The details of thle Issue are ae follows:
Total applied for - #1,499,398,000
Total aecepted
901,559,000 {include* #74,450,000 entered on a noncompetitive basis end aeeepted in fall
at tha average prise shown below)
Average prise
- 99*710 Equivalent rets of disoonat approx* 1*140$ per M
Bangs of accepted competitive bidet
High
Low
- 99*715 Equivalent rate of d iscount approx* 1*127$ per o m m
- 99*709
*
» *
•
•
I.lflfl *
"
(91 percent of the aaount bid for at the low price was acceptsd )
Fsdsral Isssrvs
District
Total
Applied for
Total
Accepted
Boston
Sew Fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
3t* Louis
Minneapolis
Kansas City
Dallas
San Francisco
#
8,188,000
1,012,385,000
30,133,000
25,744,000
8,480,000
7,885,000
224,515,000
9,345,000
• 3,258,000
11,1*9,000
21,055,000
64.304.000
# 4,884,000
589,835,000
20,043,000
24,996,000
8,480,000
7,795,000
149,863,000
9,189,000
3,258,000
11,039,000
80,618,000
84.884.000
11,4*8,393,000
#901,889,900
Tom
TREASURY
■■■
D E P A R TM E N T
Information Service
WASHINGTON, D
RELEASE MORNING NEWSPAPERS,
Tuesday, A p r il 4-, 1950 >______
s~ 2 300
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 6 and to mature July 6, 1950, which were offered
on March 31, were opened at the Federal Reserve Banks on April 3.
The details of this issue are as follows:
Total applied for - $1,428,398,000
Total accepted
901,559,000 (includes $7 6 ,6 5 0 , 0 0 0 entered
on a non-competitive basis
and accepted in full at the
average price shown below)
Average price
- 9 9 . 7 1 0 Equivalent rate of discount approx.
1.148$ per annum
Range of accepted competitive bids:
- 99*715 E q u iv alen t r a te
1.127$
- 99*709 E q u iv a le n t ra te
1.151$
I'OW
o f d iscoun t approx.
per annum
o f d iscoun t approx.
per annum
(91 percent o f the amount b id fo r a t the low p ric e was accepted)
federal Reserve
Dis t r ic t __________
Boston
Total
Applied .for
$
New York
Philadelphia
Cleveland
Richmond
5,155,000
1 ,012,885,000
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Balias
San Francisco
TOTAL
30.133.000
25.744.000
8.480.000
7.885.000
226,515,000
9.345.000
3.258.000
1 1 .1 2 9 . 0 0 0
2 1 ,0 6 5 , 0 0 0
66,804,000
$1,428,398,000
0O0
Total
Accepted
$
4 ,5 5 4 , 0 0 0
5 8 9 .8 3 5 . 0 0 0
2 0 .0 4 3 . 0 0 0
2 4 .9 9 6 . 0 0 0
8.480.000
7.795.000
1 4 9 .2 6 3 . 0 0 0
7 .1 2 7 . 0 0 0
3 ,258,000
1 1 .0 3 9 . 0 0 0
20,615,000
54,554,000
$9 0 1 ,5 5 9 , 0 0 0
#
- 3 -
mm
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 19Ulj 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 inc3.ude 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. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made by
the Secretary of the Treasury of the amount and price range of accepted bids.
Those submitting tenders will be advised of the acceptance or rejection thereof,
The Secretary of the Treasury expressly reserves the right to accept or reject
any or all tenders, in whole or in part, and his action in any such respect shall
be final*
Subject to these reservations, non-competitive tenders for $200,000 or
less 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
April 13a 1950
j in cash cr other immediately avall-
able funds or'in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
April 13^ 1950
•
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 o
the possessions of the United States, or by any local taxing authority. For
TREASURY DEPARTMENT
Washington
—
FOR RELEASE, MORNING NEWSPAPERS*
Friday, April 7, 1950«______ _
<2 3
r
I
The Secretary of- the Treasury7", by this public notice, invites tenders for
, or thereabouts, of
91 -day Treasury bills, for cash and
jjajc
in exchange for Treasury bills maturing April 13, 1950___ , to be issued on
$1.000*000,000
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
-will mature
interest.
jnly 13, 1950
April 13* 1950____> and
"5S~~
, when the face amount will 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 o1clock p.m., Eastern Standard time, Monday, April 10^ 195Q—
xM
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
TREASURY
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS,
Friday, April 7» 1950-
Wa s h in g t o n , d .c .
S-2301
The Secretary of the Treasury, by this public notice,invites
tenders for $1,000,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing
April 13, 1950, 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 13, 1950, and will mature
July 13, 1950, when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
$1 ,000 , $5 ,0 0 0 , $ 1 0 ,00 0 , 4 1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $ 1 ,0 0 0 ,0 0 0
(maturity value).
Tenders will be received at.Federal Reserve Banks and
Branches up t»o the closing hour, two o'clock p.m., Eastern Standard
time, Monday, April 10, 1950. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $ 1 ,0 0 0 , and in the case of competitive tenders the
price offered,must be expressed on the basis of 1 0 0 , with not more
than three decimals, e. g., 9 9 .9 2 5 . Fractions may not be used. It
is urged that tenders be made on the printed forms and forwarded
in the special envelopes: which will be supplied by Federal Reserve
Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitt j.ng 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 $2 0 0 , 0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in thhee 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 13, 1950, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing April 13, 1950. Cash and exchange tenders
will receive equal treatment. Cash adjustments will be made for
differences between the par value of maturing bills aqcepted 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
¿^gposition 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 ) (l)
the
Internal Revenue Code, as amended by Section 115 of the Revenue
Act of 19^1, the amount of discount at which bills issued hereunder
are sold shall not be 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
STATUTORY
AS
OF
DEBT
TREASURY DEPARTMENT
F is c a l S e rv ic e
LB-lTiViTOU
W ashington,
...îferçhJl*.. 1?.5Q.
April■4.X...
1.950
- 1!
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 M e r e s t by the
United States (except such guaranteed obligations as may be held by the Secretary of the Treasury),
exceed in the aggregate
$275,000,000,000
outstanding at any one time.
sha 1 no.
For purposes of this section the current
redemption value of any obligation issued a n 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
f £75,000*000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
* S S & ? 5 g g ; ....................
I
Certificates of indebtedness,.....
Treasury notes................
Bonds —
Treasury............
12,334,231,000.
24,399,406,000
22,830,728,000
#
59,564,365,000
102,795,267,000
57,330,774,173
Savings (current redemp,value}...
Depositary..........
Armed Forces Leave,......... *
284,869,500
•♦»
31&*
Investment series..............
450
953*665*000
^Certificates of indebtedness....
17,805,900,000
Treasury notes.... ..............
14*292,201,000
Total interest-bearing...........
32,098,101,000
253,345,920, n y
319,588,731
Matured, interest-ceased...... «.......
Bearing no interest:
Vfer savings stamps..........•••••«*
49*902,993
3*646,961
Excess profits tax refund bonds.,..
Special notes of the United States;
Internat*1 Monetary Fund series..
161,683,454*123
1,270*000*000
1.323,549,954
254,989,058,808
Total............. .............. *.....
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures : F.H.A. .......
Demand obligations: C.C.C. ........
.....
14*837*986
6*228,515
Matured, interest-ceased...... .......................... '**
21,066,501
2 ,597,125
23 ,663,626
Grand total outstanding.... ................. »........ .
Balance face amount of obligations issuable under above authority.
Reconcilement with Statement of the Public Debt (Daily Statement of the United States Treasury,
March 31* 1950
April- 3, 1950)
255,723,520,171
Outstanding Total gross public debt...... ..................................
Guaranteed obligations not owned by the Treasury................
23.663,626
255,747,183,797
Total gross public debt and guaranteed obligations..... .
Deduct - other outstanding public debt obligations not subject to
i a 3°^
debt limitation.
734.461,363
255,012,722,434
STATUTORY DEBT LIMITATION
As of March 31. 1950
April 6, 1950
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 pur
poses of this section the current redemption value of any obligation issued on a
discount basis which is redeemable prior" to maturity at the option of the holder
shall be considered as its face amount* "
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitations
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearings
Treasury bills.,.,........... $ 12,334,231,000
Certificates of indebtedness.*
24,399,406,000
Treasury notes..
22,830.728.000 $ 59,564*365,000
Bonds Treasury*
102,795,267,000
Savings (curr ait rectenp. vahie )
57,330,774,173
Depositary.•««.•••••••••••.
284,869,500
Armed Forces Leave*.....,..
318,878,450
Investment series•••.•••••• .. 953.665.000 161,683,454,123
Special Funds Certificates of indebtedness 17,805,900,000
Treasury notes............
14.292.201,000
_____
32.098.101.000
Total interest-bearing........ ..........
253,345,920,123
Matured, interest-ceased....... .
319,588,731
Bearing no interest:
War savings stamps*........*.
49,902,993
Excess profits tax refund bonds
3,646,961
Special notes of the United States:
Internat11 Monetary Fund series 1*270*000*000 „1*323,549*954
Total*............. ............. .
254,989,058,808
Guaranteed obligations (not held by Treasury):
Inter est—bearing :
Debentures: F.H.A. ...••*•••
14,837,986
Demand obligations: C*C.C. ••
6*228*515
21 ,066,501
Matured, interest-ceased*................. .
2*597.125
23,663,626
Grand total outstanding................................ ....... * 255.012.722.434
Balance face amount of obligations issuable under above authority..* 19.987.277*566
Reconcilement with Statement of the Public Debt - March 3 1 , 1950
(Daily Statement of the United States Treasury, April 3, 1950)
Outstanding —
Total gross public debt............ .................. ......... . 255,723,520,171
Guaranteed obligations not owned by the Treasury*......... ...... ......23*663.626
Total gross public debt and guaranteed obligations............... 255,747,183,797
Deduct ~ other outstanding public debt obligations not subject to
debt limitation........... .................. .......
S-2302
734.461.363
012,722,4g
RELEASE, MORNING ITOSPAPERS,
Tuesday, April U> 1980» __
ffe® Secretary of the Treasury announced last •▼•ala« that the tenders for
#1,000,000,000. or thereabouts, of 91-day Treasury bill« to bo dated April 18 oad to
Batura July 18, 1980, which were offorod on April 9. *wo opened at the Federal Reserve
Beaks oa April 10«
The details of this Issue are as followss
Total annlied for * ftl*3671892,000
Total aooepted
1
'
Average prise
- 1,001,149,000 (lnoludea #108,949,000 entered on a noneompetltiTO béais and aeoepted in full
at the average pries shown bslow)
- 99.70? Rquivalsnt rate of diseouat approx. l.ltOfi per aanua
Range of accepted compatitiv© hidsi
n«»a
LO,
- 99.918 «uniraient rate of dlsoouat appro*. 1.127$ per aimuB
- 99.908
*
» «
«
•
1.1S7*
(69 percent of the amount bid for at the low prlee was aeeeptad)
Total
Total
Federal Reserve
Accepted
Applied for
District
|
Boston
gee York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St« Deals
Minneapolis
Kansas City
Dallas
Sea Francisco
TOTAL
11,872,000
971.311.000
23.360.000
44.803.000
9.960.000
14.799.000
144.239.000
18.308.000
3.840.000
25.322.000
29.522.000
68.946.000
#1,869.898,000
ft
11,278,000
624.851.000
13.330.000
44.803.000
9.960.000
14.799.000
133.959.000
18.875.000
3.840.000
25.528.000
27.872.000
68.946.000
#1,001,149,000
RELEASE MORNING NEWSPAPERS,
Tuesday, April 11, 1950-_
S-2303
The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000 or thereabouts, of 91-day Treasury bills to
be dated April 13 and to mature July 13, 1950, -which were offered
on April 7, were opened at the Federal Reserve Banks on April 10.
The details of this issue are as follows:
Total applied for - $1,367,892,000
Total accepted
- 1,001,149,000 (includes $105,9^9,000
entered on a non
competitive basis and
accepted in full at the
average price shown below)
Average price
- 99*707 Equivalent rate of discount approx.
1 .1 6 0 $ per annum
Range of accepted competitive bids:
High
- 99.715 Equivalent rate
1 .1 2 7 $
- 99*705 Equivalent rate
1 .1 6 7 $
Low
of discount approx.
per annum
of discount approx.
per annum
(67 percent of the amount bid for 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
1 1 ,2 7 2 , 0 0 0
971,311,000
2 5 ,3 5 0 , 0 0 0
44.803.000
9 ,9 6 0 , 0 0 0
14.799.000
144,259,000
1 8 .3 0 8 . 0 0 0
3,840,000
2 5 ,5 2 2 , 0 0 0
2 9 ,5 2 2 , 0 0 0
68,94-6,000
$
$1 ,3 6 7 ,8 9 2 , 0 0 0
0O0
1 1 ,2 7 2 , 0 0 0
624.551.000
15.350.000
44.803.000
9 .9 6 0 . 0 0 0
14.799.000
135.959.000
1 8 .2 7 5 . 0 0 0
3.840.000
2 5 .5 2 2 . 0 0 0
27,872,000
68,946,000
$1,001,149,000
yjL 2 ^ 0 Y
IMMEDIATE RELEASE,
aprii H r 195*0------
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, 19lfL, as modified by the President's proclamation of April 13, 19^2,
for the 12 months commencing May 29, 19U9> as follows:
"Wheat
Country
of
Origin
Established :
Imports
Quota
«May 29, 191*9, to
sMarch 31, 1990
(Bushels)
(Bushels)
795,000
Canada
China
Hungary
Hong Kong
Japan
100
Chited Kingdom
Australia
100
Germany
*100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
—
Norway
—
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
3 ,815,000
2i*,000
13,000
13,000
6,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
111,ooo
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 ,815,000
2,880
8,1*00
mm
875
-
n
—
657
-
.—
-
32
—
*■*
—
«•
—
**■
*■*
-
Q
o
o
o
o
o
799,000
-3*
800,UÜÜ
795,000
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
Established :
Quota
t May 29, 19lt9
•
• to Mar. 31,
(Pounds)
(Pounds)
-
,
I-
3,827,910
1
TREASURY DEPARTMENT
Washington
s-2304.
immediate helease ,
Wednesday« April 12, 1950.
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 proclamation of April 13, W ,
for the 12 months commencing May 29, 1949, as follows:
Wheat
Country
of
Origin
Established :
Imports
Quota
:May 29, 1949, to
:March 31* 1950
(Bushels)
795,000
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
100
Socialist Republics
100
Belgium
800,000
795,000
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
:May 29, 1949, to
:March 31* 1950
24,000
3,815,000
2,880
13,000
13,000
8,400
3,815,000
8,000
75.000
1,000
875
5,000
5,000
72
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
795,000
4, 000,000
657
32
3,827,916
P
{■ J
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of
in length COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVINO WASTE, WHETHER
OH NOT MANUFACTURED OH OTHERWISE ADVANCED IN VALUES Provided, however, that
not more than 33-1/2 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 countries6
. United Kingdom, »ranee,
Netherlands, Switzerland, Belgium, Germany, and Italy:
Total imports iEstablished { Imports
: Established 5
tSept. 20, 1949,
Country of Origin i TOTAL QJJOTA | Sept. 20, 194 9,1 33-1/3* of Ito Mar» 31, ifeo 1/
to Mar, 31,19$0\Total Quota
1,021,6U2.
4,323,457
239,690
239,690
227,420
75,807
69,627
69,627 1
68,240
lU,632
44,388
—
38,559
**
341,535
17,322
8,135
6,544
76,329
21,263 !
hrtk
5,482,509 | 1,U21,802?
if Included in total imports, column 2.
-oOo-
1,441,152
|
j
75,807
—
22,747 |
14,796
12,853
1,021,6hZ
75,807
**
lit,632
j
j
1
25,443
7,088
1,599,886
11
United Kingdom...
Canada..... .
France..........
British India....
Netherlands......
Switzerland......
Belgium........ .
Japan...........
China...... •....
Egypt...........
Cuba............
Germany.........
Italy.......... .
Totals
1.112,U85
!
U/<?<
IMMEDIATE RELEASÈ'
U2
ÎH.C"ÎSf.
{J—"9KW'
- i
April lì, 1950
? i î
O^.
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
ElIoS^ SePtember 20>
1950j /are as follows:^
1949, to March 31,
COTTON (other than linters)
(In pounds)
Country of
Origin
Under 1 -1 / 8” other
than rough or harsh
under 3/4”
Established: Imports Sept.
20, 1949, to
Quota
March 31* 195Q.
Egypt and the
Anglo-Egyptiah
783,816
Sudan.......... .
•247,952
Peru.............
British India.... 2 j003,483
China............ 1,370,791
8,883,259
Mexico......
618,723
Brazil...........
Union of Soviet
Socialist Repub475,124
lies...... .
5,203
Argentina.#.. 1• ,* .
•237
Haiti............
9,333
Ecuador..........
752
Honduras.........
871
Paraguay..
124
Colombia........
195
Iraq.••.#«...»*•.
British East
2,240
Africa...........
Netherlands East
71,380
Indies....♦....•.
Barbados.........
Other British
21>321
West Indies 1/..
5,377
Nigeria........
Other British
16,004
West Africa 2/..
Other French
689
Africa 3/.......
Algeria and Tunisia
-
14,516,882
X/ WUUOi
~
_
11*9,286
116 ,1*18
—
8,883,259
1*26,527
1 - 1 / 8” or more
but less than
1 - 1 1 /16 ” U
Imports Feb. 1,
1950, to
Mar. 31* 1950
1*5,095,785
560,262
373
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1949 , to
March 31. 1950
- .
—
29,618 ,61*0
—
-
—
—
—
—
—
—
—
-
—
—
—
—
—
—
-
—
—
-
—
-
_
-
rnm
-
-
m
m
-■
m
m
-
-
-
-
9,575,1*90
--- 7 ----- J
1*5 ,656,1*20
m
m
—*
'
—
29,6l8,6i|0
*
Ì/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
4/ Established Quota - 45,656,420. for the quota period February 1^ 19^0,
5/ Established Quota - 70,000,000.
Januaiy 31, 1951, mioxus
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday. April 13, 1950
S-2305
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,
1949, to March 31, 1950, inclusive, except as noted below, are as follows:
COTTON (other than linters)
(in pounds)
Country of
Origin
Under 1-1/6» other
*l-l/8»~or more
Less than 3/4n
than rough or harsh
but less than _ /harsh or rough 5/
under 3/4»
1-11/16»
__________ ____
Established Lnports"^ept. Imports Feb. 1, Imports Sept. 20,
Quota
20, 1949, to 1950, to
1949, to
__________■March 31. 1950 March 31. 1950 March 31. 1950
Egypt and the
Anglo-Egyptian
783,816
Sudan
247,952
Peru..... ...... .
2,003,483
British India#
1,370,791
China..... .
Mexico........... 8,883,259
618,723
Brazil...........
Union of Soviet
Socialist Republies........... .
475,124
5,203
Argentina........
237
Haiti. ....... .
Ecuador........
9,333
752
Honduras.........
871
Paraguay.
Colombia#........ •
124
Iraq...... .....
195
British East
2,240
Africa,......... . •
Netherlands East
Indies...........
71,388
Barbados....... ..
Other British
West Indies 1/....
21,321
Nigeria......... .
5,377
Other British
West Africa 2/....
16,004
Other French
Africa 3/........
689
Algeria and Tunisia.
14,516,882
Z J
y
u ild J U
U dJL U c tU -U D j
U C ;.L I I iU U .C lj
45,095,785
560,262
149,286
116,418
8,863,259
426,527
—
■373
—
29,618,640
—
—
—
—
—
-
— ■
—
—
—
—
—
-
—
—
—
—
—
—
—
—
—
—
-
_
—
■
-
•*1
L
-
-
—
—
.,
_
9,575,490
U CUUCU- O d j
x x _L. J.
45,656,420
c tM . y
—
29,618,640
c x x iv -c
Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
4/ Established Quota - 45,656,420 for the quota period February 1, 1950 to
5/ Established Quota « 70,000,000
January 31, 1951, inclusive«
- 2COTTON WASTES
(In pounds)
m not MANOT™TDRED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that
not morfthan 33- 1/3 percent of the quotas shall be filled by cotton waste«
o?her 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
United Kingdom***..
Canada *..••*.•«•«••
France*..****......
British India*,*...
Netherlands *•*,.*••
Switzerland *.,•«•••
Belgium*,.«•••••«••
Japan.......* t•«• *«
China *.»**•••••••••
Egypt,
Cuba i*..**t...****i
Germany **...*•••*••
Italy ,..*«.*«•• •**©
Established : Total imports
:Established:
Imports
TOTAL QUOTA : Sept* 20, 194-9, s 33-1/3$ of:Sept# 20 l949,
t to Mar. 31. 1950:Total Quota:to Mar. 31. 19iQi/
4,323,457
239,690
227,420
69,627
I 021,642
239,690
75,807
69,627
68,240
1,441,152
1,021,642
75,807
75,807
22,747
14,796
12,853
14,632
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
14,632
404
25,443
7.088
404
-j.482.509
1,421.802
1.599.886
1.112,485
1/ Included in total imports, column 2»
—oOo—
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, April 12» 1950
S-2306
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were pre
scribed by the Philippine Trade Act of 1946, from January 1, 1950, to
March 31, 1950, inclusive, as follows;
Products of the
Philippines
; Established Quota
;
Quantity
; Unit of ; Imports as of
: Quantity j March 31, 1950
Buttons..........
850,000
Gross
123,257
Cigars...........
200,000,000
Number
31,960
Coconut Oil.........
448,000,000
Pound
27,840,867
Cordage.........
6,000,000
11
1,064,497
Rice.............
1,040,000
»
Sugars
(refined... ....... ....... ...............
1,904,¿00,OQQ
Pound
(unrefined................................ 176,581,888
Tobacco,.........
6,500,000
Pound
172,250
IMMEDIATE RELEASE
lAiAjL April 11, 1950---
I&I
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were pre
scribed by the Philippine Trade Act of 19U6, from January 1, 195)0, to
March 31, 1950, inclusive, as follows:
Products of the
Philippines
: Established Quota
:
Quantity
unit of
Quantity
: Imports as of
: March 31, 1950
850,000
Gross
123,257
Cigars............ .
200,000,000
Number
31,960
Coconut Oil* .*..... . .
1^ 8,000,000
Pound
27,81*0,867
Cordage............ .
6 ,000,000
n
1,o 61*,U97
.
1 ,01*0,000
it
-
Buttons.......... . » .
Rice.......... .
(refined.....
1 ,90U,000,000
Sugars
Pound
176 ,581,888
(unrefined....
Tobacco............
6,500,000
Pound
172,250
IMMEDIATE RELEASE
April 11, 19^0
/||||i
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 March 31, 1950, inclusive, as follows;
Period and Quantity
Commodity
Imports as of
Unit
of
March 31,
Quantity
1950
Whole milk, fresh or
sour ............. . • Calendar year
3,000,000
Gallon
2,581
Cream, fresh or sour .... Calendar year
1,500,000
Gallon
275
Butter.... .......... Nov. 1, 19l*9, to
March 31, 1950, incl. 50,000,000
Pound
io,i*l*o
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish ....
Calendar year
u>
26,235,738
Pound
Quota filled
White or Irish Potatoes;
certified seed ......
other .............
12.months from
Sept. 15, 19h9
150,000,000
60,000,000
Pound
Pound
Quota filled
Quota filled
Walnuts..... ........
Calendar year
5 ,000,000
Pound
1,562,1*08
(1)
The proviso to Item 717 (b) limits the imports for
consumption at the quota rate to 6,558,935 pounds
during the first 3 months of the calendar year.
Due to a provision of the President’s Proclamation No, 27&9 of January 30,
19U8, 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. 6,1*22,355 pounds of such Cuban
tobacco were inported for consumption during the period January 1 to
March 31, 1950, inclusive.
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday» April 13« 1950
S-2307
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 March 31* 1950, inclusive, as follows:
Period and Quantity
Commodity
Whole milk, fresh or
sour .............. .
Unit Imports as of
of
March 31,
Quantity
1950
Calendar year
3,000,000
Gallon
2,581
Cream, fresh or sour .... Calendar year
1,500,000
Gallon
275
Butter *..*..••••.••... Nov* 1, 1949, to
March 31, 1950, incl. 50,000,000
Pound
10,440
Fish, fresh or frozen,
filleted, etc*, cod,
haddock, hake, pollock,
cusk, and rosefish .... Calendar year
a)
26,235,738
Pound
Quota filled
White or Irish Potatoes:
certified seed ........ 12 months from 150,000,000
60,000,000
Sept. 15, 1949
other ....... .
Pound
Pound
Quota filled
Quota filled
5,000,000
Pound
1,562,408
Walnuts ..... .
Calendar year
(l) The proviso to Item 717 (b) limits the imports for
consumption at the quota rate to 6,558,935 pounds
during the first 3 months of the calendar year.
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, 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 imports from Cuba. 6,422,355 pounds of such Cuban
tobacco were imported for consumption during the period January 1 to
March 31, 1950, inclusive.
A
A.
-
-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 l±2
and 117 (a.) (1) of the Internal Revenue Code,, as amended by Section 115 of the
Revenue Act of 19ul, the amount of discount at which bills issued hereunder are
sold shall not be considered to accrue until such bills shall be sold, redeemed or
otherwise disposed of,, and such bills are excluded from 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
A A,
-
2
-
amount 6 f 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 tne ngntto 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 $200,000 or
less without stated price from any one bidder will- be accepted in•full at the
average price (in three decimals) of accepted competitive oids.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
April
20^ 19$Q___ > in cash or oth®r immediately: avail
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
April 20» 1950 ...*
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 sucn, 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 taxatidn now
or hereafter imposed on the principal or interest thereof by anjr State, or any of
the possessions of the United States, or by any local taxing autnority* .For
A . Ji,
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April lit,
1 9 5 0 . ___________
The Secretary of the Treasury, by this public notice, invites tenders for
t 1.000.000.000 , or thereabouts, of
91
in exchange for Treasury bills maturing
-day' Treasury bills, for cash and
Apr~n 20, 1950___ j to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
A p ril 20, 1950________ 3
Ju ly 20. 1950
yfhen the face amount will be payable without
iSyOyt*
They will be issued in bearer form only, and in denominations of
will mature
interest.
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o’clock p.m., Eastern Standard time, Monday, A p ril 17. 1950
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
m
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS,
Friday, April 3.4, 1950»__ _
WASHINGTON, D .C .
S-2308
The Secretary of the Treasury, by this public notice, invites
tenders for $1,000,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing
April 20, 1950, 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 20, 1950, and will mature July 20,
1950, when'the face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $100,000, $ 5 0 0 ,0 0 0 , and $1,000,000 (maturity
value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour two o'clock p.m., Eastern Standard time,
Monday, April 17, 1950. 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
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
^ill 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
r°m
one bidder will be accepted in full at the average price
2
(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 Batik on April 20, 1950, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing April 20, 1950. 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 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-) (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
on May If? and continue through July lu He said the first shipment
from France of 52 Liberty Bell replicas, which will be displayed in
every State,^will arrive in this country very shortly. These
bells, exact duplicates of the original Liberty Bell, are to be
the symbols of the forthcoming Drive.
Summarizing action by the Committee, Mr. Clement outlined these
objectives: that each Committee member arrange for a Payroll
Savings promotion in his own company, and that in this connection
he seek the assistance of the major trade association in his industry.
Members of the Industrial Advisory Committee include:
James B. Black - Pres., Pacific Gas & Electric €o.
Albert Bradley - Ex. V. P., General Motors Corp.
Earl Bunting - Mg’g. Dir., Natl. Assn, of Mfgrs.
Paul F. Clark - Chm. > John Hancock Mutual Life Ins. Co.
Philip R. Clarke - Pres., City Natl. He. & Trust Co.
Frederick C. Crawford - Pres., Thompson Products Inc.
Joseph Wood Evans - Pres., Evans & Co.
Robert Fleming - Pres., Riggs National Bank
Clarence Francis - Chm., General Foods Corp.
Alexander Fraser - Chm., Exec. Comm. Shell Oil Co.
Walter D. Fuller - Pres., Curtis Publishing Co.
Eugene G. Grace - Chm., Bethlehem Steel Co.
H. Frederick Hagemann, Jr. - Pres., Rockland-Atlas Natl. Bank
Harry B. Higgins - Pres., Pittsburgh Plate Glass Co.
John Holmes - Pres., Swift & Co.
Charles Hook - Chm., Armco Steel Corp.
Gale Johnston - Pres., Mercantile Comm. Bank & Trust Co.
William R. Kuhns - Secy., ABA Savings Bonds Comm.
Thomas B. McCabe - Chm., Bd*of Govs., Fed. Reserve System
Ernest Mahler - Ex. V. P. Kimberly Clark Corp.
John J. O’Connor - U. S. Chamber of Commerce
Philip D. Reed - Chm., Gen. Electric Co.
Herbert E. Smith - Chm., U. S. Rubber Co.
J. P. Stevens - Pres., J. P. Stevens & Co.
Walter White - Asst, to Chm., Business Advisory Council for Dept, of Commerce
Robert Whitney - Pres., Natl. Fed. of Sales Execs.
" ® i '*?■Mis s K e lly
TO: ..... »....... ---
A ttached fo r the S e c r e ta r y Ts
clearan ce i s suggested re le a s e fo r
p.m . p a p e rs, Thursday, A p r il 13.
The r e le a s e fo llo w s the normal
p a tte rn o f r e le a s e s issu e d in con
n e ctio n w ith m eetings o f Savings
Bonds ad v iso ry c% nm ittees.
r
R&i^ase Np^
U.S.^S^ings Bonds Division
Preps Section
IF. Clement, Chairman
|s accepted the
lisory Committee on
Ja/nes J . Saxon
A p r il 13, 1950
lington.
¡[Nation^ leading
iry Department in
Industry.
Attachment
’’This Treasury*s
pd on the idea that
Silence. All of us
Hi the Payroll Savings
Hbasy way.
mos~k successful con«ovm.
It has the
Hit all levels.
INFORMATION SERVICE
I
For Your Independence;
■profitably. ”
The Committee was addressed by Secretary Snyder and by E.C.A.
Administrator Paul Hoffman. Leon J• Markham, Director of Sales,
U. S. Savings Bonds Division, gave details regarding the Independence
Drive, which is to be launched at Independence Hall, Philadelphia,
TREASURY
D E P A R TM E N T
Information Service
IMMEDIATE EEIEASE
Thursday, April 13, 1950
WASHINGTON, D .C .
S~2309
Secretary Snyder announced that Martin W. Clement, Chairman of the
Board of the Pennsylvania Railroad, has accepted the Chairmanship of
the Treasury’s Industrial Advisory Committee on Savings Bonds at a
meeting held today in Washington *
This Committee, composed of many of the Nation’s leading industri
alists, acts as counsel to the Treasury Department in promoting the sale
of U. S0 Savings Bonds to industry0
In accepting the post, Mr0 Clement said: ’’This Treasury’s
Independence Savings Bonds Drive is predicated on the idea that thrift
is the foundation of financial independence. All of us on the Pennsylvania
Railroad are familiar with the Payroll Savings Flan and over half of us
save regularly this easy way,
’’The Savings Bonds program is one of the most successful continuing
thrift programs the Nation has ever known. It has the hearty approval
of both labor and management at all levels. I consider the Independence
Drive slogan, ’Save For Your Independence; Buy U. S. Savings Bonds’ one
that we can heed profitably.”
The Committee was addressed by Secretary Snyder and by E.C.A.
Administrator Paul Hoffman. Leon J. Markham, Director of Sales, U, S,
Sayings Bonds Division, gave details regarding the Independence Drive,
which is to be launched at Independence Hall, Philadelphia, on May 15
and continue through July 4-* He said the first shipment from France of
52 Liberty Bell replicas, which will be displayed in every State, the
Territories and the District of Columbia will arrive in this country
very shortly. These bells, exact duplicates .of the original Liberty
Bell, are to be the symbols of the forthcoming Drive.
Summarizing action by the Committee, Mr, Clement outlined these
objectives: that each Committee member arrange for a Payroll Savings
promotion in his own company, and that in this connection he seek the
assistance of the major trade association in his industry.
Thursday, April 13, 1950
<■
'lêœf
RSi^ase jjps
U.S.^tfings Bonds Division
Pre^s Section
Secretary Snyder announced that Martin W. Clement, Chairman
of the Board of the Pennsylvania Railroad, has accepted the
Chairmanship of the Treasury’s Industrial Advisory Committee on
Savings Bonds at a meeting held today in Washington,
This Committee, composed of many of the Nation’s leading
industrialists, acts as counsel to the Treasury Department in
promoting the sale of U.S. Savings Bonds to industry.
In accepting the post, Mr. Clement said:
’’This Treasury’s
Independence Savings Bonds Drive is predicated on the idea that
thrift is the foundation of financial independence. All of us
on the Pennsylvania Railroad are familiar with the Payroll Savings
Plan and over half of us save regularly this easy way.
nThe Savings Bonds program is one of the most successful con
tinuing thrift programs the Nation has ever known.
It has the
hearty approval of both labor and management at all levels.
I
consider the Independence Drive slogan, ’Save For Your Independence;
Buy U. S. Savings Bonds’ one that we can heed profitably.”
The Committee was addressed by Secretary Snyder and by E.C.A.
Administrator Paul Hofflnan. Leon J. Markham, Director of Sales,
U. S. Savings Bonds Division, gave details regarding the Independence
Drive, which is to be launched at Independence Hall, Philadelphia,
-
2
-
Members of the Industrial Advisory Committee include:
James B. Black - Pres,, Pacific Gas & Electric Co,
Albert Bradley - Ex. V. P., General Motors Corp.
Earl Bunting - M g ’g. Dir,, Natl. Assn, of M f g r s ,
Paul F, Clark - Chm., John Hancock Mutual, life Ins, Co.
Philip R. Clarke - Pres., City Natl, Bk, & Trust Co.
Frederick C, Crawford - Pres,, Thompson Products Inc,
Joseph Wood Evans - Pres., Evans & Co,
Robert Fleming - pres,, Riggs National Bank
Clarence Francis - Chm,, General Foods Corp,
Alexander Fraser - Chm., Exec. Comm. Shell Oil Co.
Walter D. Fuller - Pres,, Curtis Publishing Co,
Eugene G, Grace - Chm,, Bethlehem Steel Co.
H, Frederick Hagemann, Jr, - Pres,, Rockland-Atlas Natl, Bank
Harry B, Higgins ~ Fres., Pittsburgh Plate Glass Co.
John Holmes - pres., Swift St. Co.
Charles Hook — Chm., Armco Steel Corp.
Gale Johnston - pres,, Mercantile Comm, Bank & Trust Co,
William R, Kuhns - Secy,, ABA Savings Bonds Comm.
Thomas B. McCabe — Chm., Bd. of Govs., Fed. Reserve System
Ernest Mahler - Ex. V. p. Kimberly Clark Corp.
John J, O ’Connor - U, S, Chamber of Commerce
Philip D. Reed - Chm., Gen, Electric Co.
Herbert E, Smith - Chm,, U, S. Rubber Co.
J. P. Stevens - pres,, J. p. Stevens & Co.
Walter White - Asst, to Chm., Business Advisory Council for
Dept, of Commerce
Robert Whitney - Pres., Natl, Fed. of Sales Execs,
~o0o~
TsasAmm n
w
Washington
FOR RELEASE,
n
SEWSPAPBKS
Friday« April 3A. 1990
Press Service ?
Bo. a-
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
1951, for which bids vill be opened at the Treasury
Department on May 12, 1950.
The estimated quantity of paper required for currency
is 152,795,000 sheets, or about 1918 tons, and for public
debt securities 9,930,000 sheets, or about 190 tons.
O
0 0
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON,
RELEASE AFTERNOON NEWSPAPERS,
Friday, April lb, 1 9 5 0 . __
S-2310
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 1951,
for.which bids will be opened at the Treasury
Department on May 12, 1950.
The estimated quantity of paper required
for currency is 152,795,000 sheets, or about
1 ,9 1 8
tons, and for public debt securities
9,930,000 sheets, or about 19 0 tons.
0O0
apia* 3 *
i?»»
TO MU
Th« following t » w â # l â » were mad« im direct and guaranteed
securities of the Government for Treasury b i n t e t sed oth«r
accounts during the month of March* 1950*
Purchases » • • * • » » * , • • •
•IT#3bf*00D«
Sales * # » * . * # * * * # . * *
*jySg*lgg*
Met Fundíase« « * * * • * • * • »
*16,316,900.
(Sgd) R* BermswT
y^w
Statem ent Mo* 36
Treasury Department
D ivisio n o f Investm ents
W lsecarver k/3/$Q
Chief* Division of Investments
J - Z l ' 1
During the month of Felwwaayy,
1 9 5 0 , market transactions in direct
and guaranteed securities of the
Government for Treasury investment
and other accounts restilted in net
3êjJ/&,9oo
purchases of WÿjMïfc,G W , Secretary
Snyder announced today.
0O0
TR EA SU R Y
D E P A R TM E N T
WASHINGTON, D .C .
Information Service
RELEASE MORNING NEWSPAPERS,
gajuygay, April 15, 1950,
s-2311
During the month of March, 1950,
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
$6,316,900, Secretary Snyder announced
today.
0O0
*-Mr. 3anning (Diso.)
Mr. B. £. Barker
Mr. Barnes (5*+*+l)
Mr. Bartelt
Mr. Batchelder
Mr. Beall
B&okkpg & Warrants (*+30S)
Mr.. Brogan (600 Sloane)
Mr. Burdette (l*+53)
Miss Burke (*+125)
Mr. Cake
Mr. Oarlock (2000)
Mr. Church
Miss Cullen
Mr. Cunningham
Mr^ PTAtriffh ^
CMr. Billon (
Miss Donovan
Mr. Doolan
Mr. Eddy
Mrs. Earrell(3h05)
* Mr. Foley
Mr. Gearhart (*+330)
Mr. Gerardi (%24)
Mr. Graham
Mr. Haas
Mr. Handy
Mr. Hard
TREASURY D EPAR TM EN T
D e p a b t m e n t a l S tock P o b m 2131
SPECIAL p
It is Important
t h a t th is Paper
should be made
Special.
B . & GOVERNMENT PUNTING OFFICE
2
Mrs. Biddle (3OI3 )
Mr. Martin (3*+3*+)
Mr. Maxwell
Mr. Mayo
Mr. McDonald
Mrs. McGuire (3128 )
X
Mrs. McKenna
Mr. Merritt
g that the tenders far
Mr. Moore
Mr. Mulvihill (Tempo.V)
1 to bo dated April 20 and to
Miss Newcomer (1021)
Mr. Nussear (*+330)
>re opened at the Federal Pecem
Mr. Parsons
Mr. Perry
Mr. Peterson (3I2S)
Mr. Eahon
Mrs. Half (132 *+)
Mr. Beeves
Mrs. Boot
1,352,000 entered on a nonMiss Bousseaux (*+321)
tots
and accepted in full
Mrs. Schoeneman
ge prioe sheen below)
Mr. Schwalm (Walker)
»count approx. 1«162£ per annua
Mr. Slindee
Mr* Smith (3128 )
Mr. Smith (4125)
Mr. Snyder (*+125)
count approx. 1.139$ per annua
Mr. Stickney
b
*
* *
Mrs. Sweitzer
Mr. Tickton
Mr. Tietjens
prioe was accepted)
Mr. Tomkinson (2202)
Mr. Travor (*+125)
Miss Vassar
total
Mrs. Walker
Accepted
Mr. Warfield
Mrs. Wameson
1
18,3)25.000
Mr. Woodson
684,719,000
'
Mr. Ziegenfus
20,678,000
>
3
.
21,PO0,OO0
26*297,000
44.840,000
38,793,000
4 ,430,000
16,880,000
138,281,000
13,490,000
3,910,000
81,300,000
17,347,000
29,840,000
11,668,682,000
#1,001,640,000
i
f
i
»
&
---- 6 6 1 0
f
Kansas City
Dallas
San Francisco
tom
.-Mr. Banning (Dish.)
Mr.
I'. Barker
Mr. Barnes (5hhl)
Mr. Bartelt
Mr. Batchelder
Mr. Beall
Bcekkpg & Warrants (h>30S)
Mr.. Brogan (600 Slcane)
Mr. Burdette (1^53)
Miss Burke (hl25)
Mr. Cake
Mr. Carlock (2000)
Mr. Church
Miss Cullen
Mr. Cunningham
M r . B -ia trl r»h
^
¿Mr. Billon
Miss Donovan
Mr. Doolan
Mr. Eddy
Mrs. Earrell(3^05)
Mr. Foley
Mr. Gearhart (H33O)
Mr. Cerardi (h32h)
Mr.: Graham
Mr. Haas
Mr. Handy
Mr. Hard
Miss Harrison (3 ^ 6 )
Mr. Hearst
Mr. Heffelfinger
Miss Hodel
Mr. Howard
Mr. Hyland
Mr. Jenkins (5^5)
Mr. Eilhy
Mr. Eious
Mrs. Legg
Mr. Lynch (3OOO)
Mrs. Biddle (3OI3 )
Mr. Martin (3^3^)
Mr. Maxwell
Mr. Mayo
Mr.. McDonald
Mrs. McGuire (3128 )
Mrs. McEenna
Mr. Merritt
Mr. Moore
Mr. Mulvihill (Tempo.V)
Miss Newcomer (1021)
Mr. Bussear (^33^)
Mr. Parsons
Mr. Perry
Mr. Peterson (J12S)
Mr. Babon
Mrs. Half (132^)
Mr. Beeves
Mrs. Boot
Miss Eousseaux (^321)
Mrs. Schoenema.tv
Mr. Schwalm (Walker)
Mr. Slindee
Mr. Smith (312S)
Mr. Smith (4125)
Mr. Snyder (hi25)
Mr. Stickney
Mrs. Sweitzor
Mr. Tickton
Mr. Tietjens
Mr. Tomkinson (2202)
Mr. Traver (hl25)
Miss Yassar
Mrs. Walker
Mr. Warfield
Mrs* Warneson
Mr. Woodson
Mr. Ziegenfus
üinaeapoxiMi
Wmmm
City
Della«
Francisco
San
TOTAL
l/
■X Z ' t Z '
g that the tenders for
to bo doted April SO and to
re opened at the Fedaral Poser?«
,852,000 entered on a noni&sls and accepted in full
e prioe sheen below)
somit approx. X M 0 per «amu»
fount approx, 1.139$ per annum
1.167$
*
«
jrioe was accepted)
Total
Accepted
|
Si’900’
,¿00
25,297,000
44.S40.000
12,888,000
484,719,000
20,678,000
38,799,000
4,480,000
18,880,000
138,281,000
13,490,000
8,910,000
».,900,000
17,347,000
29,840,000
$1,688»682,000
#1,001,640,000
release m o r n i n g n e w s p a p e r s ,
Tuesday, April 18, 1950-
S-2312
The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000, or thereabouts, of 91-day Treasury bills
to be dated April 20 and
to mature July 20, 1950, which were offered
on April l4, were opened
at the Federal Reserve Banks on April 17.
The details of this issue are as follows:
Total applied for - $1,658,682,000
Total accepted
1,001,540,000 (includes $109,552,000
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 .16 2 $ per annum
Range of accepted competitive bids:
High
- 99.712 Equivalent rate
1.139$
- 99.705 Equivalent rate
1 .1 6 7 $
Low
of discount approx.
per annum
of discount approx.
per annum
(45 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Accepted
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Bichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
44,240,000
12 ,825,000
684,719,000
20 ,675,000
38,793,000
4,480,000
16 ,280,000
138 ,281,000
13 ,490,000
2 ,910,000
2 1 ,900,000
1 7 ,347,000
29,840,000
$1 ,658 ,682,000
$1,001,540,000
$
1 3 ,650,000
1 ,242 ,906,000
33 ,875,000
39 ,103,000
4,480,000
16 ,280,000
197 ,031,000
16 ,900,000
3 ,020,000
2 1 ,900,000
25 ,297,000
TOTAL
0O0
$
rxlsasi, w m m c t
Tuesday, April 18.
V
1980«
1 X 3 t 2s
The SMfiiary of the Treasury announced last owning that tbs tenders for
§1,000,000»000, or thereabouts, of 91-d«y Treasury bills to bs dated April SO and to
stature July SO, 1900, which were offered on April 14, were opened at tbe Federal Pesero
Banks on April 1?«
Tbe details of this Issue are as follows:
Total applied for « #1,$38,682,000
Total aoeepted
• 1,001,340,000
Average prise
(looludes #109,332,000 entered on a non«
competitive basis and aoeepted in full
at tbe average prise show below)
- 99.706/ Equivalent rate of dis s o w t approx* 1*162*1 par anni»
Hange of aesepted competitive bids:
High
Low
* 99 •712 Equivalent rate of discount approx* 1 •139$ per annus
- 99.705
*
*
*
*
*
1.167# *
»
(43 persent of tbe ajsount bid for at tbe low prise was accepted)
Total
Accepted
federal Reserve
District_____
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Ut. Louis
Minneapolis
Sansas City
Dallas
San Francioso
TOTAL
i 13,630,000
1,242,906,000
33.875.000
39.103.000
4.480.000
16.280.000
197,031,000
16.900.000
3.020.000
81.900.000
23.297.000
44*240,000
i
18,825,000
684.719.000
80.673.000
38.793.000
4.480.000
16.280.000
138.881.000
13.490.000
8.910.000
81.900.000
17.347.000
89.840.000
#1,638,682,000
#1,001,840,000
i
3 the
11
in the Interna-oionax ircuxo W^SSm
e your
oint
•ership
There is very little on the general ccnsiderations involved in
the Charter that I can add to the forceful message which the President
sent to the Congress when he transmitted the Charter last year; or
to his observations on the subject in his State of the Union message
last January; or to Secretary Acheson's statement. And, before I
proceed, let me state that I claim no expert familiarity with the
detailed technical aspects of the ITO Charter, Therefore, I shall con
fine myself primarily to the general policy issues involved in the
bill as they affect the activities of the Treasury Department and the
National Advisory Council on International Monetary and Financial
Problems•
I regard the establishment of the International Trade Organization
as an important step in an over—all program designed to bring about
sensible and orderly relationships in the world economic structure,
A healthy world economy requires an increase in the level of pro
ductivity to create new wealth, and at the same time, assurance that
the fruits of this increased productivity will be readily inter
changeable in the world markets for the mutual benefit of all. On
the trade side, the world must adopt practices which enable goods to
move readily, so that countries can sell what they produce to buy
what they need* On the financial side, we require an environment of
confidence regarding the eventual payment for goods sold and the
value of such payments when received.
The commercial and financial policies necessary for such a
healthy world economy are not only closely interrelated; they are in
fact completely interdependent, because international action on the
financial front must be closely coordinated with similar action on
e commercial front if it is to attain maximum effectiveness on a
world scale. In the Bretton Woods Agreements Act of 1945, the
Congress expressly recognized this interrelationship by declaring it
to be the policy of the United States to seek further international
agreement looking toward the liberalization and expansion of world
S-2313
- sfr
TREASURY DEPARTMENT
Washington
Statement by the Under Secretary of the Treasury before the
House Committee on Foreign Affairs in support of
the International Trade Organization
April, 1950
Mr* Chairman and Members of the Committee; I appreciate your
invitation to appear before the Committee to discuss House Joint
Resolution 236, authorizing United States acceptance of membership
in the International Trade Organization.
There is very little on the general considerations involved in
the Charter that I can add to the forceful message which the President
sent to the Congress when he transmitted the Charter last year; or
to his observations on the subject in his State of the Union message
last January; or to Secretary Acheson’s statement. And, before I
proceed, let me state that I claim no expert familiarity with the
detailed technical aspects of the ITO Charter. Therefore, I shall con
fine myself primarily to the general policy issues involved in the
bill as they affect the activities of the Treasury Department and the
National Advisory Council on International Monetary and Financial
Problems •
I regard the establishment of the International Trade Organization
as an important step in an over—all program designed to bring about
sensible and orderly relationships in the world economic structure#
A healthy world economy requires an increase in the level of pro
ductivity to create new wealth, and at the same time, assurance that
the fruits of this increased productivity will be readily inter
changeable in the world markets for the mutual benefit of all. On
the trade side, the world must adopt practices which enable goods to
move readily, so that countries can sell what they produce to buy
what they need. On the financial side, we require an environment of
confidence regarding the eventual payment for goods sold and the
value of such payments when received.
The commercial and financial policies necessary for such a
healthy world economy are not only closely interrelated; they are in
fact completely interdependent, because international action on the
financial front must be closely coordinated with similar action on
the commercial front if it is to attain maximum effectiveness on a
world scale. In the Bretton Woods Agreements Act of 1945, the
Congress expressly recognized this interrelationship by declaring it
to be the policy of the United States to seek further international
agreement looking toward the liberalization and expansion of world
S-2313
-
2
-
trade* The ITO Charter is designed to provide the necessay machinery,
on the commercial side, for international cooperation in striving toward
such a healthy world economy*
This desired goal of commercial relationship cannot, of course, be
realized if countries continue to pursue the short-sighted policies so
frequently underlying trade embargoes, tariff barriers, quotas, exchange
controls, preferences, discriminations, and other restrictive devices*
Although such devices appear to afford quick solutions to the immediate
problems of today, they multiply the problems of tomorrow. The only
possible outcome of resort to such measures is retaliation in kind,
direct and indirect, which not only stifles world trade, but so seriously
interferes with necessary international financial movements as to create
widespread instability* In the absence of a set of rules governing
international trade, such as are embodied in the ITO Charter, there is
virtually no limit to the restrictionism that nations can practice*
The Charter has the dual purpose of dealing as realistically as it
can with the problems of today, while at the same time building towards
the requirements of a better tomorrow. All of us are aware of the severe
balance of payments problems of the present. These difficulties have led
most countries to adopt restrictive trade measures in the hope of
achieving a balance between demand for and availability of foreign ex
change. The Charter realistically recognizes the nature of those dif
ficulties and provides a mechanism for dealing with them, but it also
sets up procedures that will control the use of the emergency measures;
and establishes long-range standards to limit restrictive measures to
financial conditions with a view to the attainment of genuine multi
lateral trade as the foundation of international commercial relations.
In brief, the Charter, through international agreement, will establish
a basic structure of rules for trade relations among the members of the
Organization.
In this connection, it is considered that the Charter will supersede
the trade provisions contained in Section 9 of the Anglo-American
Financial Agreement. After the Charter has come into effect, with the
United States and the United Kingdom as members pursuant to the author
ization of the Congress and the Parliament of the United Kingdom, future
trade relations involving our countries will be governed by the pro
visions of the Charter.
A somewhat more detailed consideration of the provisions of the
Charter which are of particular interest to the Treasury brings us to
Articles 21, 23, and 24« These balance of payments articles constitute
a recognition that, with most of the world practicing import controls,
discrimination and bilateral trading, we cannot hope for immediate^
unqualified transition to world multilateral trade* The Charter aims
to remove the trade barriers based upon financial stringency as swiftly
- 3 ~
as the financial difficulties themselves disappear. By facilitating the
process of freeing trade from artificial barriers, the XTO -will play its
part in quickening the financial recovery which must go hand in hand
with the establishment of true multilateral trade. These provisions of
the Charter constitute a realistic approach to the conditions likely to
prevail in the near future, and provide a constructive mechanism for
bridging the gap between disorganization in world economic affairs and
the reestablishment of those sounder and more stable conditions which
are our constant goal.
The Charter recognizes that the balance of payments of each member
country is of concern to other members, and that each country is respon
sible for safeguarding its external financial position and achieving and
maintaining equilibrium in its balance of payments, by methods which,
wherever possible, expand international trade. These balance of payments
articles do, however, permit countries which are in balance of payments
trouble to use quantitative restrictions on imports as a means of tempo
rarily relieving their financial difficulties, and, under certain circum
stances, to discriminate in the application of such restrictions as a
further temporary relief from their financial problems. Thus, they
constitute an important exception to the general rule forbidding the use
of quantitative restrictions or resort to discrimination.
In view of the unbalanced state of international payments today, it
is likely that most prospective ITO members will maintain extensive
quantitative restrictions, and, indeed, discriminatory ones, under these
Articles, in the next few years. However, the provisions are designed
to limit their scope even in times of financial stringency, and to ex
clude their widespread use under more normal conditions, by imposing
various safeguards and limitations.
For example, the test which a country must meet in order to be
permitted to use quantitative restrictions for balance of payments
reasons is designed to limit the use of these restrictions to real cases
of disequilibrium in the country’s international accounts. The Charter
permits retention of the restrictions only to the extent justified, and
so long as can be justified, to meet the financial problem. The
International Monetary Fund is made the judge of the basic facts and of
the conclusions which follow from them regarding the country’s financial
situation.
.
Again, the opportunity for any significant discrimination in applying
import restrictions is available only for a transitional period. As a
long-range matter, discrimination may be practiced by a member only under
certain limitations, and for (I quote) "a small part of its external
trade , '*temporarily", and "where the benefits to the Member or Members
concerned substantially outweigh any injury which may result to the trade
°7
Members”. Moreover, such discrimination may be resorted to only
with the prior consent of the International Trade Organization. Eeyond
this narrow, carefully circumscribed opportunity for discrimination, a
particular country may discriminate only so long as that country is
- 4~
operating under its transitional period as provided in the Articles of
Agreement of the International Monetary Fund* Countries which have not
left the transitional period by March 1952 are required to justify their
continuation in this status annually thereafter* As each country leaves
the transitional period, its opportunity to discriminate under one or
the other of the two options contained in the Charter ceases* The ex
perts who are to testify later will, I am sure, be able to supply all the
details concerning these provisions which you may require*
I should also like to make special mention of the important provisions
of the Charter relating to customs administration and procedure* The goal
of this Government is to encourage the further development of world trade*'
With respect to tariff levels we have sought to cooperate to the utmost
with other nations toward mutually advantageous tariff adjustments under
the trade agreements program, while at the same time avoiding material
injury to our domestic industries* World trade has also long been hampered
by what some people call ncustoms red tapew which, in some areas, is said
to be more of a restrictive trade barrier than the tariff rates themselves*
The Charter now takes the further step of prescribing a basic set of rules
requiring world-wide cooperation to modernize customs procedures by sweep
ing away provisions which were devised ,long ago under economic and polit
ical conditions differing widely from those we face today* If this
Government accepts membership in the ITO under the Charter, we would be
obligated to make a few changes in our customs laws, but these changes
could not be effected without further legislation*
I think it is fair to say that the provisions of the Charter re
lating to customs administration and procedure reflect Treasury ideas,
and indeed flow in large measure from the customs management improvement
program of the Treasury Department* In attendance with the United States
representatives at the preparatory meetings and at Havana when the Charter
was being negotiated were our own experienced customs technicians who
knew exactly the difficulties connected with administration and the causes
thereof* The Bureau of Customs has made considerable progress with the
improvements called for by our management program which can be accomplished
administratively, through changes in regulations and operating procedures*
We have continued our study to determine what legislation is needed further
to accomplish the objective of improving our management, making our op
erations more economical, and of providing better service to the public*
The result is that we have been able to draft a bill which is designed to
simplify customs administration* This bill will not only meet the require
ments provided by the Charter but also the many other desirable changes
which we have studied since the drafting of the Charter* This bill will
be ready for submission to the Congress in the near future* I presume it
will be referred to the Ways and Means Committee* Hence, the requirements
of the Charter as to customs procedures are not the primary motivating
force in efforts to improve our owi customs operations* But they remain
of great importance if we are to secure equitable treatment for our own
exporters who seek markets abroad*
- 5~
In conclusion, Mr» Chairman, the ITO Charter was bred of our
experience with a long period of great economic hostility which, as it
became progressively more harmful to the peoples of the world, brought
increasing threats to peace and security» I can think of no greater
mistake than to permit such economic conflicts to persist and to become
aggravated» The Charter offers a practical road toward the establish
ment of the rule of law in international trade» As the product of
negotiation and compromise among representatives of more than 50
countries, it is probably not considered ideal by any of those countries»
But it represents the only feasible alternative to the unrestricted
practice of economic nationalism which is both harmful and dangerous»
Therefore, I should like to express my strong support of House Joint
Resolution 236 iwhich authorizes acceptance by the United States of member
ship in the International Trade Organization»
Seaman Leonard Wisniewski of the United States Coast Guard
will receive a Treasury Department Gold Life-Saving Medal from
Secretary Snyder in the Secretary1s office at 11:00 a.m., Monday,
April 24.
Seaman Wisniewski was the leading actor in the spectacular
rescue of a San Francisco man, Frederick D. Loretz, from drowning
in the rough surf of the Pacific Ocean near Point Montara Light
Station, California, last September 11. Wisniewski swam through
breakers and jagged rocks to Loretz* aid, then held the exhausted
man in his right arm and clung with his left to a small manila
rope by means of which a helicopter lifted them from the sea to
safety ©n a nearby cliff.
The civilian pilot of the helicopter, Ted Leopold of
Watsonville, California, is to receive a Treasury Department Silver
Life-Saving Medal, which will be forwarded to the Commander of the
12th Coast Guard District, San Francisco, for presentSeS^ to
Leopold,
Seaman Wisniewski and his wife were walking near the Point
Montara Light Station of the Coast Guard when word reached him
that a man was in difficulties in the surf off Moss Beach nearby.
Seaman Wisniewski was off duty at the time.
Loretz, an abalone fisherman, had been carried about 250 yards out
to sea beyond the first line of breakers and could not get back to
shore. Wisniewski, answering the alarm, dived into the surf and
began a dangerous swim toward Loretz.
The fisherman had started to
drift shoreward into very turbulent water and was obviously in
serious straits, though he had an inner tube around his waist.
-
2
-
A Coast Guard plane arrived and dropped three life rafts to
Loretz, who managed to grasp one of them, but apparently did not
know how to operate it*
The attention of Pilot Leopold of the helicopter meanwhile
was attracted.
The helicopter was engaged in crop dusting near
the Moss Beach area*
Leopold flew to the spot where Loretz was struggling in the
surf.
Seaman Wisniewski was a few feet away from Loretz.
Leopold
lowered a manila rope to them, and Wisniewski grasped it, made a
turn around his left wrist, then swam a few strokes and seized
Loretz.
The weight of the two men heavily overloaded the helicopter,
but Leopold succeeded in lifting them from the water to the top of
the nearby cliff.
Leopold said later that he had first intended to
drop the rope and tow Loretz ashore, but this was impossible because
of the heavy pounding of the surf.
He said the crop dusting
apparatus attached to the helicopter restricted his vision, and until
he landed on the cliff he thought that only one man was clinging to
the rope.
Loretz was taken to the Coast Guard Station and soon fully
revived.
Seaman Wisniewski will be the 501st winner of the Treasury
Department Gold Life-Saving Medal since June 20, 1874> when the medals
were first authorized.
(NOTE TO EDITORS: A photograph of Seaman Wisniewski, and a
photograph of the actual rescue released to the Coast Guard by the
San Francisco Examiner, are available if desired.)
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE SUNDAY NEWSPAPERS,
April 23, 1950-_________ _
Wa s h in g t o n , d .c .
S-2314
Seaman Leonard Wisniewski of the United States Coast Guard
will peceive a Treasury Department Gold Life-Saving Medal from
Secretary Snyder in the Secretary’s office at 11:00 a.m., Monday,
April 24.
Sehman Wisniewski was the leading actor in the spectacular
rescue of a San Francisco man, Frederick D. Loretz, from drowning
in the rough surf of the Pacific Ocean near Point Montara Light
Station, California, last September 11. Wisniewski swam through
breakers and jagged rocks to Loretz’ aid, then held the exhausted
man in his right arm and clung with his left to a small manila
rope by means of which a helicopter lifted them from the sea to
safety on a nearby cliff.
The civilian pilot of the helicopter, Ted Leopold of
Watsonville, California, is to receive a Treasury Department Silver
Life-Saving Medal, which will be forwarded to the Commander of the
12th Coast Guard District, San Francisco, for presentation to
Leopold.
Seaman Wisniewski and his wife were walking near the Point
Montara Light Station of the Coast Guard when word reached him
that a man was in difficulties in the surf off Moss Beach nearby.
Seaman Wisniewski was off duty at the time. Loretz, an abalone
fisherman, had been carried about 250 yards out to sea beyond the
first line of breakers and could not get back to shore.
Wisniewski, answering the alarm, dived into the surf and began
a dangerous swim toward Loretz. The fisherman had started to
drift shoreward into very turbulent water and was obviously in
serious straits, though he had an inner tube around his waist.
A Coast Guard plane arrived and dropped three life rafts to
Loretz, who managed to grasp one of them, but apparently did not
know how to operate i t .
The attention of Pilot Leopold of the helicopter meanwhile
was attracted. The helicopter,was engaged in crop dusting near
the Moss Beach area.
2
Leopold flew to the spot where Loretz was struggling
cni-rf
Seaman Wisniewski was a few feet away^from Loretz.
t pnnnld lowered a manila rope to them, and Wisniewski grasped it,
around^ his' leftwrist, th4n swam a few strokes and
seized Sretz"°
wlight of the'tvo men heavily overloaded the
koiironter hut Leopold succeeded in lifting them from the water
to thePtop'of the neaihy cliff. Leopold said later that he had
first intended to drop the rope and tow Loretz ashore, hut thi
was impossible because of the heavy pounding of the surf. He
said the crop dusting apparatus attached to the helicop er
.t
restricted his vision, and until he landed on the cliff he thought
that only one man was clinging to the rope.
Loretz was taken to the Coast Guard Station and soon fully
revived.
Seaman Wisniewski will be the 501st winner of the Treasury
Department Gold Life-Saving Medal since June 20, 1874, when the
medals were first authorized.
********
(NOTE TO EDITORS:
A photograph of Seaman Wisniewski,
and a photograph of the actual
rescue released to the Coast Guard
hy the San Francisco Examiner, are
available if desired.)
oOo
-3 M
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 l&l, 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 bill^ 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. Ia8, 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 Rank or Branch.
Copies
-
2
-
amount o f T re a s u r y b i l l s a p p lie d f o r , u n le s s th e te n d e r s are accom panied b y an
e x p r e s s g u a ra n ty o f payment b y an in c o r p o r a t e d bank or t r u s t company.
Im m e d ia te ly a f t e r th e c lo s in g h o u r , te n d e r s w i l l oe opened a t th e f e d e r a l
R eserv e Banks and B r a n c h e s , f o llo w i n g w h ich p u b lic announcement w i l l oe made b y
th e S e c r e t a r y o f th e T re a s u r y o f th e amount and p r i c e ra n g e o f a cc e p te d b i d s .
Those s u b m ittin g te n d e r s w i l l be a d v is e d o f the a c c e p ta n c e or r e j e c t i o n t h e r e o f .
The S e c r e t a r y o f th e T re a s u r y e x p r e s s ly r e s e r v e s th e r i g h t to a c c e p t o r r e j e c t
any or a i l t e n d e r s , i n w hole or i n p a r t , and h i s a c t i o n i n any such r e s p e c t s h a ll
be f i n a l .
S u b je c t t o th e s e r e s e r v a t io n s , n o n -c o m p e titiv e te n d e r s f o r ^ 2 0 0 ,0 0 0 or
l e s s w ith o u t s t a t e d p r ic e from any one b id d e r w i l l be a c c e p te d i n f a n
a verag e p r ic e
( i n th r e e d e c im a ls ) o f a c c e p te d c o m p e titiv e o i d s .
a t th e
S e ttle m e n t f o r
a c c e p te d te n d e r s i n a cco rd a n ce w ith th e b id s m ust be made or com p leted a t th e
F e d e r a l R eserve Bank on April 27, 1950 _______ , i n ca sh or o th e r im m e d ia te ly a v a i l a b le fu n d s or i n a l i k e f a c e amount o f T re a su ry b i l l s m a tu rin g April_95-------- .
Cash and exchange te n d e r s w i l l r e c e iv e e q u a l tr e a tm e n t .
C ash a d ju stm e n ts w i l l be
made f o r d i f f e r e n c e s betw een th e p a r v a lu e o f m a tu rin g b i l l s a c c e p te d i n exchange
and th e is s u e p r i c e o f th e new Dills.
The income d e r iv e d from T re a su r y b i l l s , w heth er i n t e r e s t or g a in from th e sale
or o th e r d i s p o s i t i o n o f th e b i l l s ,
s h a l l n o t have any e xe m p tio n , as s u c h , and j-oss
from th e s a le or o th e r d i s p o s i t i o n o f T re a s u r y b i l l s
s h a l l n o t have any s p e c i a l
tr e a tm e n t , as s u c h , under th e I n t e r n a l Revenue C ode, or law s am endatory or supplemen
ta r y th e re to .
The b i l l s
s h a l l be s u b je c t t o e s t a t e , i n h e r it a n c e , g i f t or o th e r
e x c is e t a x e s , w heth er F e d e r a l or S t a t e , b u t s h a l l be exempt from a l l t a x a t i o n now
or h e r e a f t e r im posed on th e 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 a n y S t a t e , or any of
th e p o s s e s s io n s o f th e U n ite d S t a t e s , o r b y any l o c a l t a x i n g a u t h o r i t y .
For
TRSAä RRTTISRARTMBNT
W a s h in g t o n ^ -
FOR RELEASE, MORNING NEWSPAPERSj
Friday, April 21, 195Qj.______ _
The S e c r e t a r y o f th e Treasury7-, by t h i s p u b lic n o t i c e , i n v i t e s "Genders f o r
$ 1,000,000,000 , or t h e r e a b o u t s , o f
91 -d a y T re a su ry b i l l s , f o r ca sh and
i n exch an ge f o r T re a s u r y b i l l s m a tu r in g
_
April 27, 1950
^°
issueci on
a d is c o u n t b a s i s un der c o m p e titiv e and n o n -c o m p e titiv e b id d in g a s h e r e i n a f t e r
p r o v id e d .
The b i l l s
o f t h i s s e r i e s w i l l be d a te d April 27,^1950____ and
w i l l m ature July 27, 1950
in te r e s t.
, when th e f a c e amount w i l l be p a y a b le w ith o u t
They w i l l be is s u e d i n b e a r e r f-orm o n ly , and i n d en o m in a tio n s o f
$ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 500 , 000 , and $ 1 ,0 0 0 ,0 0 0 ( m a tu r ity v a l u e ) ,
T en ders w i l l be r e c e iv e d a t F e d e r a l R eserv e Banks and B ran ch es up t o th e
c l o s i n g h o u r , two o ’ c lo c k p . m . , E a s t e r n S ta n d a rd t im e ,
Monday, April 24? 1950.—
T en ders w i l l n o t be r e c e iv e d a t th e T re a su ry D ep a rtm en t, W a sh in g to n .
E ach
te n d e r must be f o r an e v e n m u lt ip le o f $ 1 ,0 0 0 , and i n th e c a se o f c o m p e titiv e
te n d e r s th e p r i c e o f f e r e d must be e x p r e s s e d on th e b a s i s o f 1 0 0 , w ith n o t more
th a n th r e e d e c im a ls , e . g . ,
99.925*
F r a c t io n s may n o t be u s e d .
I t i s u rg e d
t h a t te n d e r s be made on th e p r in t e d form s and fo rw ard ed i n th e s p e c i a l e n v e lo p e s
w hich w i l l be s u p p lie d b y F e d e r a l R e serv e Banks or B ra n ch es on a p p li c a t i o n
th e re f o r.
T en ders w i l l be r e c e iv e d v à th o u t d e p o s it from in c o r p o r a t e d banks and t r u s t
com panies and from r e s p o n s ib le and r e c o g n iz e d d e a le r s i n in v e stm e n t s e c u r i t i e s .
T en ders from o th e r s must be accom panied b y paym ent o f 2 p e r c e n t o f th e f a c e
RELEASE MORNING NEWSPAPERS,
Friday, April 21, 1950»
S-2315
The Secretary of the Treasury, by this public notice, invites
tenders for $1,000,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing
April 27, 1950, 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 27, 1950, and will mature July 2 7 ,
1950, when the face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $ 1 ,0 0 0 ,
$5 ,000 , $1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Standard time,
Monday, April 24, 1950. 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 1 0 0 , with not more, than
three decimals, e. g., 99*925. Fractions may not be used. It is
urged that tenders be made on the printed forms and 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 $ 2 0 0 ,0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must he m e
completed at the Federal Reserve Bank on April 27, 1950, in cash
or other immediately available fu&ds or i# a like ac?
Treasury bills maturing April 27, 1950, C a s h and exchange tenders
will receive equal treatment. Cash adjustments will be made ro
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 no
have any exemption, as such, and loss from the sale or other _
disposition of Treasury bill's 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) (l) of the Internal
Revenue Code, as amended by Section 115 of toe 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 sola,
redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets. Accordingly, the owner
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
$ .3 / &
rslsasb m m i m umsnjpms,
Tuesday. April 25. 1950«--- -
the Secretary of the Treasury announced last evening that the tenders lor
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated April 27
and to nature duly 2?, 1950, which were offered on April 21, were opened at
the Federal Reserve Banks on April 24*
The details of this issue are as follows?
*000^032*000 (include« $105,566,000 entered on anoncompetitive basis and accepted in full
at the average price shown below)
- 99*705/ Equivalent rate of discount approx* 1.166$ per annui
Total S e e p « * 0* Average price
Range of accepted competitive bids?
99*733 Equivalent rate of discount approx, 1*135$ per anniffl
- 99^704
*
* *
*
* 1*171$ n
Hi#
Low
(93 percent of the amount bid for at the low price was accepted)
Federal Reserve
!M
(»t
Total
Applied for
total
Accepted
Boston
lew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Balias
San Francisco
i 10,917,000
1,174,134,000
26.675.000
23.688.000
6.435.000
15.313.000
171,947,000
12.154.000
3.799.000
32.590.000
17.931.000
».705,000
#
total
#1,549,288,000
10,917,000
709.559.000
15 .290.000
23.394.000
6.435.000
15 .313.000
110.582.000
11.767.000
3.799.000
32.040.000
17.931.000
43.005.000
$1 ,000,032,000
TR EA SU R Y
D E P A R TM E N T
WASHINGTON, D .C
Information Service
RELEASE MORNING NEWSPAPERS,
Tuesday, April 25, 19 5 0 - __
S- 2 3 1 6
Thp Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000, or thereabouts,
9 1 -day Treasury bills
to be dated April 27 and to mature July 27, 3-950, which vere oii erect,
on April 21, were opened at the Federal Reserve Banks on April 24.
The details of this issue are as follows:
Total applied .for
Total accepted
Average price
$1,549,288,000
1 ,0 0 0 ,0 3 2 ,0 0 0 (includes $ 1 0 5 ,5 6 6 ,0 0 0
entered on a non
competitive basis and
accepted in full at the
average price shown below)
99.705/ Equivalent rate of discount approx.
1 .16 6 $ per annum
Range of accepted competitive bids;
- 99.713 Equivalent rate
1 .1 3 5 $
- 99.704 Equivalent rate
1 .1 7 1 $
High
Low
of discount approx.
per annum
of discount approx.
per annum
(9 3 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
17.931.000
53.705.000
10,917,000
709.559.000
15 , 290,000
23.394.000
6.435.000
15.313.000
110 582.000
1 1 .7 6 7 .0 0 0
3 .7 9 9 .0 0 0
32.040.000
17.931.000
43.005.000
$1,549,288,000
$ 1 , 000, 032,000
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
10 ,917,000
1,17^,13^,000
2 6 .6 7 5 .0 0 0
23.688.000
6 .4 3 5 .0 0 0
1 5 .3 1 3 .0 0 0
1 7 1 ,9 4 7 ,0 0 0
1 2 .1 5 4 .0 0 0
3 .7 9 9 .0 0 0
R2, 5 9 O , 000
TOTAL
Total
Accepted
0O0
$
.
U. 3« Secret Service
Mr. James J. Saxon, Assistant to the Secretary
April 12, 1950
0. 2. Baughman, Chief, U. 3. Secret Service
•Counterfeit Clinics*
Recently you indicated that the Secretary night be interested in the
inauguration of so-called *Counterfeit Clinics” by banking institutions,
and requested that a memorandum be submitted on the subject*
In November 1949, Mr. Charles A. Sch&cht, manager of the Louisville
Branch of the Federal Reserve Bank of St. Louis, Missouri, proposed an
assembly of bank employees to discuss counterfeit money and its detection*
At a meeting held in the bank November 22, 1949, a Secret Service agent
lectured to some 30 employees representing every bank in Louisville, and
a round-table discussion which followed the talk brought forth numerous
questions and helpful pointers. Subsequently Mr. Schacht held similar
•Counterfeit Clinics” attended by representatives of savings and loan
associations, by bank employees from other cities, and by department-store
cashiers.
f
the Secret Service presented an Award of Merit to Mr. Schacht and
relayed his idea to its several field offices* In February 130 bank em
ployees in Richmond, Va., attended a Counterfeit Clinic sponsored by a
vice president of the Federal Reserve Bank of Richmond. Enlargements of
genuine and counterfeit notes were projected on a screen, and a Secret
Service agent lectured and displayed specimen counterfeits to the audience.
The Federal Reserve Bank of Minneapolis, Minn., held its first
Counterfeit Clinic on March 30, with 43 hank employees from St. Paul and
Minneapolis. The program was considered so successful that plans were
immediately drawn for a second Clinic*
The idea spread to Memphis, Term., where on March 22, 14$ Memphis
bank employees met at the Federal Reserve branch bank in Memphis* Bank
officials in attendance were so impressed that they requested additional
meetings for the benefit of their entire personnel*
The Federal Reserve Bank of San Francisco is contemplating a
Counterfeit Clinic during the summer, and other banks are showing con
siderable interest In the idea*
TOJ
Mrs* Barker
Mr. B artelt
Mr. Bray
Mr. Cahoon
Mr. D illon
Mrs. Dubinsky
Mr. Eckar-Raoz
Mr. Foley
Mr. Graham
Mr* Haas
Miss K elly
Mr. Thomas Lynch
Mr. Martin
Mr, Parsons
Mr. E iv e r s ^ ^
Mr. S ile r
Miss Simpson
Mrs. E l i z . Smith
UNITED STATES GOVERNMENT
U. S. Secret Service
o the Secretary
cret Service
V .
date:
April 12, 1950
#
\';
. '- -'f
Secretary might be interested in the
it Clinics*’ by banking institutions,
ubmitted on the subject«
FROM:
James J . Saxon
Room 3420
.Schacht, manager of the Louisville
f St. Louis, Missouri, proposed an
s counterfeit money and its detection,
er 22, 1949, a Secret Service agent*
enting every bank in Louisville,- and
¡red the talk brought forth numerous
sequently Mr. Schacht held similar
presentatives of savings and loan
other cities, and by department-store
Award of Merit to Mr. Schacht and
l offices. In'February 130 bank empj-oyees im iulviibiuuu, va., avucuucu a Counterfeit Clinic sponsored by a
vice president of the Federal Reserve Bank of Richmond. Enlargements of
genuine and counterfeit notes were projected on a screen, and a Secret
Service agent lectured and displayed specimen counterfeits to the audience
The Federal Reserve Bank of Minneapolis, Minn., held its first
Counterfeit Clinic on March 30, with 43 bank employees from St. Paul and
Minneapolis. The program was considered so successful that plans were
immediately drawn for a second Clinic.
The idea spread to Memphis, Term., where on March 22, 14$ Memphis
bank employees met at the Federal Reserve branch bank in Memphis. Bank
officials in attendance were so impressed that they requested additional
meetings for the benefit of their entire personnel.
The Federal Reserve Bank of San Francisco is contemplating a
Counterfeit Clinic during the summer, and other banks are showing con
siderable interest in the idea.
Y
S TANDARD FO R M NO. 64
ce Memorandum •
u n it e d states g o v e r n m e n t
U. S . Secret Service
to
: Mr. James J . Saxon, A ssistan t to the Secretary
from
: u. E . Baughman, C h ie f, U. S . Secret Service
subject:
date :
A p ril 12, 1950
“ Counterfeit C lin ic s “
Recently you indicated th a t the Secretary might be in terested in the
inauguration o f so -called «Counterfeit C lin ic s ” by banking in s titu tio n s ,
and requested th at a memorandum be submitted on the su b je ct.
“
M
A
• I
A t
*
•
_ . it
V.____
1
M
a! m
4 4»
4 A M A
In November 1949> Mr. Charles A , Schacht, manager o f the L o u isv ille
Branch o f the Federal Reserve Bank o f S t . Lou is, M issouri, proposed an
assembly o f bank employees to discuss cou n terfeit money and i t s d etection .
At a meeting held in the bank November 22, 1949> a Secret Service agentlectured to some 80 employees representing every bank in L o u is v ille ,- and
a round-table discussion which followed the ta lk brought fo rth numerous
questions and h elp fu l p o in ters. Subsequently Mr. Schacht held sim ilar
“ Counterfeit C lin ic s “ attended by representatives o f savings and loan
asso cia tio n s, by bank employees from other c it ie s , and by department-store
cashiers
The Secret Service presented an Award o f M erit to Mr. Schacht and
relayed h is idea to i t s several fie ld o ffic e s . In February 130 bank em
ployees in Richmond, V a ., attended a Counterfeit C lin ic sponsored by a
vice president o f the Federal Reserve Bank o f Richmond. Enlargements o f
genuine and cou n terfeit notes were projected on a screen, and a Secret
Service agent lectured and displayed specimen coun terfeits to the audience.
The Federal Reserve Bank o f M inneapolis, M inn., held i t s f ir s t
Counterfeit C lin ic on March 30, with 43 bank employees from S t . Paul and
M inneapolis. The program was considered so successful that plans were
immediately drawn fo r a second C lin ic .
The idea spread to Memphis, Tenn., where on March 22, 145 Memphis
bank employees met at the Federal Reserve branch bank in Memphis. Bank
o f f ic ia ls in attendance were so impressed that they requested addition al
meetings fo r the b en efit o f th e ir en tire personnel.
The Federal Reserve Bank o f San Francisco is contemplating a
Counterfeit C lin ic during the summer, and other banks are showing con
siderable in te re st in the id e a .
-
2
-
The F ed eral Reserve Bank o f San F ran cisco is arranging
for, a
Counter! e it C l i n i c t o be h e ld soon.
S e cre ta ry Snyder p ra ise d the work of Mr. Schacht and
other p a r tic ip a n ts in the c li n i c s as a v a lu ab le example o f aid
to the S ecret S e rv ice in i t s a n t i- c o u n t e r fe it in g e f f o r t s .
0O 0
and f in a n c ia l in s t it u t io n s w hich, in cooperation w ith the
Secret S e r v ic e , have inaugurated a s e rie s o f
U,S>
C o u n te rfe it
C l i n i c s 1*.
The f i r s t p re sen ta tio n o f a new S e cre t S e rv ice c it a t io n ,
the 11Award o f M e r it" , signed by S e cre ta ry Snyder and Secret
S erv ice C h ie f Baughman, has Been
to Charles A. Schacht,
A
manager of the L o u is v ille Branch o f the Federal lie serve Bank
of S t . L o u is , MiuijoiiTTi) fo r proposing the "C o u n te r fe it C lin ic s 11.
Mr. Schacht held h is f i r s t c l i n i c fo r the employees of
L o u is v ille banks, and arranged l a t e r ones fo r re p re se n ta tiv e s
of savings and loan a sso ciatio n s and departm ent-store c a s h ie r s .
From L o u is v ille the "C o u n te r fe it C lin ic " idea spread to
other F ed eral Reserve d i s t r i c t s .
C lin ic s have been held re c e n tly
in Richmond, M inneapolis and Memphis.
In a t y p ic a l c l i n i c , enlargem ents o f genuine and counter
f e i t notes are p ro je c te d on a scre e n , and the f a u lt s o f the
c o u n te r fe its p ointed out by a S e cre t S e rv ice e x p e rt,
nound-
ta b le d iscu ssio n s are h e ld , at which h e lp fu l ideas from bank
employees as w e ll as S e cre t S e rv ice men are heard .
In se v eral
o ases, hank o f f i c i a l s have been so impressed th a t they requested
a d d itio n a l m eetin gs.
IMMEDIATE RELEASE,
Tuesday, April 25, 1930•
S-2317
Secretary Snyder today warmly congratulated banking
and financial institutions which, in cooperation with the
U. S. Secret Service, have inaugurated a series of
"Counterfeit Clinics.”
The first presentation of a new Secret Service citation,
the "AWard of Merit,” signed by Secretary Snyder and Secret
Service Chief U, E. Baughman, has been made to Charles A.
Schacht, manager of the Louisville Branch of the Federal
Reserve Bank of St. Louis, for proposing the "Counterfeit
Clinics."
Mr. Schacht held his first clinic for the employees of
Louisville banks, and arranged later ones for representatives
of savings and loan associations and department-store cashiers.
From Louisville the "Counterfeit Clinic" idea spread to
other Federal Reserve districts. Clinics have been held
Bcently in Richmond, Minneapolis, and Memphis.
In a typical clinic, enlargements of genuine and counter
feit notes are projected on a screen, and the faults of the
counterfeits pointed out by a Secret Service expert. Round
table discussions are held, at which helpful ideas from bank
employees as well as Secret Service men are heard. In
several cases, bank officials have been so impressed that
requested additional meetings.
The Federal Reserve Bank of San Francisco is arranging
for a "Counterfeit Clinic" to be held soon.
Secretary Snyder praised the work of Mr. Schacht and
other participants in the clinics as a valuable example of
aid to the Secret Service in its anti-counterfeiting efforts.
oOo
EARNINGS, EXPENSES, M E DIVIDENDS OP NATIONAL BANKS POE YEARS
ENDED DECEMBER 31, 1 9 ^ and 1 9 ^ - Continued
(Amounts in thousands of dollars)
s
19 U9
;
f
•
Recoveries, transfers from valuation reserves*
and profits!
On securities!
Transfers from valuation reserves*••••• •
Profits on securities sold or redeemed*•
19**8
|
Change
since 191&
$ 6,136
15,>«5
><0,232
$ 19,682
11.296
37,*191
*13,546
+
+2,741
On loans!
Transfers from valuation reserves«*..***
All other
TOTAL RECOVERIES, TRANSPERS PROM
VALUATION RESERVES M D PROPITS.......
13.*5!
1 1 ,><63
30,771
2U, 611+
23,91*1
1*1*,1<55
* 11,16 3
*12,478
«*13,684
117,1*98
16 1 ,1*79
-1*3.981
Losses, charge-offs, and transfers to valii*
ation reserves!
On securities!
Losses and charge-offs* ............ .
Transfers to valuation reserves***.•*••
21,257
is, 310
46,616
23.555
-25,359
- 5,2*15
1^,^96
122,122
19.633
160 ,61*1*
-5.137
-38,522
28,932
26,995
+1,937
205,117
277,1*1*3
- 72.326
66^,663
600,121
+ 68,71*2
TOTAL TAXES ON NET INCOME...........
182,979
11,003
193,982
166,693
9,671
176 ,36!*
+16,286
+1.332
+17.618
NET PRO PITS BEPORE DIVIDENDS........ *....... .
1*71*,ssi
1*23.757
+ 51 ,12 **
1,100
203,61)1*
1,301*
192,603
s ' **201*
«.1,01*1
201»,7><1*
193,907
+10,837
On loans!
TOTAL LOSSES, CHARGE-OPFS AND TRANS
FERS TO VALUATION RESERVES........ .
PRO PITS BEPORE INCOME TAXES..................
Taxes on net income!
Cash dividends declared!
On common stock*•*•*••••».••*••••»***••••.»
TOTAL CASS DIVIDENDS DECLARED.... .
Number of banks l/*•••**••*•••«*••••••«••••••♦•
1*,9S1
Percent
8.00
Rate of net profits*
Rate of cash dividends!
3»*<5
l/ At end of period*
o 0 o -
>*,997
Percent
7.*»7
3.1*2
_ -16
Percent
+.53
+•03
m
EARNINGS, expenses, and dividends of national banks foe years
ENDED DECEMBER 31, I9 I49 AND I9 I4S
(Amounts in thousands of dollars)
•
,
19*9
t
4
19***
4 Change since 1
19l)8
:
Capital stock, par values 1/
7.1477
$
16,568
1,299,772
$
2l*,0l45
I,80l4,7ll4
1 ,916 ,31«
5.93*1.3*11
1,828,759
5 ,670,888
+263.1153
582,205
117,682
969,085
109,533
578,669
110,901
890,628
97.682
+3.536
+ 6,781
+78,1157
+ 11,851
56,585
60,319
109,371
55.19*1
59,3*3
108,014
+1,391
+ 962
+1,357
2,00*4,806
1 ,900,1471
+10>1,335
211,750
3g8,lt-3U
197,575
368,180
+lll,l75
+20,25*1
10,820
10,008
+812
184,024
65,717
175,507
61,328
+*,517
+*f,389
356,913
27.669
3lA,119
+2.997
+12,79*1
TOTAL CURRENT OPERATING EXPENSES....... .*
1,248,324
1,184,386
+63,938
NET EAS&&N&S FROM CURRENT OPERATIONS........
756,^2
7l6,0S5
+140,397
TOTAL CAPITAL STOCK....... ........... ...
Capital funds 1/.................. *...... .
Earnings from current operations!
Interest and dividends*
On U* S* Government obligations*....... .
..
On other securities*.
Interest and discount on loans*.... .
Service charges on deposit accounts*.....
Other service charges, commissions, fees,
and collection and exchange charges.....
Trust department* *..... **.... ...•••••*.. ..
Other current earnings*.........••••••••• ..
TOTAL EARNINGS FROM CURRENT
OPERATIONS......................... ..
Current Operating expenses!
Salaries and wages!
Officers*........... *............... . ..
Employees other than officers***....... ..
Fees paid to directors and members of
executive, discount, and advisory
committees* *.... ...•••••••*••.*...... . **
Interest on time deposits (including
savings deposits)**...................
Taxes other than on net income...........
Recurring depreciation on banking house,
furniture and fixtures* ••• .............
Other current operating expenses*.... ..
-*
+95,052
+87,581
$205,000,000, in comparison with $194,000,000 in the previous year.
of cash dividends was 3.45 percent of capital funds.
The rate
The cash dividends in
19^9 were 43 percent of net profits available for the year.
The remaining
57 percent of net profits, or $270,000,000, was retained by the banks in their
capital funds.
On December 31, 19U9 there were 4,981 national banks in operation, as com
pared to 4,997 at the end of 1948.
[DEPARTMENT
H>f the Currency
Hhington
D E L IIV E E T O
INFORMATION SERVICE
ROOM
*+*+l6 Treasury Bldg*
m and possessions had net operating earn-
REMARKS
fear 19*+9, Comptroller of the Currency
Please furnish 2£0 copies
Its an increase of $*+0,000,000 over the year
of the completed release to
\
III
Mr. Kane, Chief, Statistical §
-or«
Division of tne Office, E
ra.
*+*+*1-9 Treasury Bldg.
ilfill rjf”7?FROM
C0ïïlP* of Cy<
(Name, not initials)
an increa.se of $10*+,000,000 over 19*+S.
\V -M
19^9 were *$969,000,000 from interest and
m
^ ■ o . O O O over 19 *+8 , and $582,000,000 from
^ ^ ^ ■ i gat ions, an increase of $3,000,000.
Other
■00,000 from interest and dividends on seHments, and $110,000,000 from service charges
c ^WW^P^^l^WIWW^^IWWWinS^e zJoensef, excluding taxes on net income, were
$1,2*1-8,000,000 as against $1,18*+,000,000 in 19*+8.
Principal operating expenses were
$6 11 ,000,000 for salaries and wages of officers and employees and fees paid to
directors, an increase of $35»000,000 over 19 *+8 , and $18*+,000,000 expended for in
terest on time deposits, an increase of $8,000,000,
Adding to the net operating earnings profits on securities sold of $*+0,000,000
and recoveries on loans and investments, etc. (including adjustments in valuation
reserves) of $78,000,000, and deducting losses and charge-offs (including current
additions to valuation reserves) of $ 205,000,000, and taxes on net income of
$19 *+,000,000, the net profits of the hanks before dividends for the year 19*+9 were
$*+75,000,000, which amounts to 8 percent of capital funds.
Net profits for the
previous year were $*+2*+,000,000, or J .*+7 percent of capital funds.
Cash dividends declared on common and preferred stock in 19*+9 totaled
X.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
RELEASE MORNING NEWSPAPERS,
Tuesday, April 25. 1950
S-2318
National banks in the United States and possessions had net operating
earnings of $756,000,000 for the calendar year 1949, Comptroller of the
Currency Preston Delano announced today. This was an increase of $40,000,000
over the year 1948.
Gross earnings were $2,004,000,000, an increase of $104,000,000 over 1948.
principal items of operating earnings in 1949 were $969,000,000 from interest
and discount on loans, an increase of $78,000,000 over 1948, and $582,000,000
from interest on United States Government obligations, an increase of $3,000,000.
Other principal operating earnings were $118,000,000 from interest and dividends
on securities other than United States Governments, and $110,000,000 from
service charges on deposit accounts. Operating expenses, excluding taxes on
net income, were $1,248,000,000 as against $1,184,000,000 in 1948. Principal
operating expenses were $611,000,000 for salaries and wages of officers and
employees and fees paid to directors, an increase of $35,000,000 over 1948,
and $184,000,000 expended for interest on time deposits, an increase of
$8,000,000.
Adding to the net operating earnings profits on securities sold of
$40,000,000 and recoveries on loans and investments, etc. (including adjustments
in valuation reserves) of $78,000,000, and deducting losses and charge-offs
(including current additions to valuation reserves) of $205,000,000, and taxes
on net income of $194,000,000, the net profits of the banks before dividends
for the year 1949 were $475,000,000, which amounts to 8 percent of capital
funds. Net profits for the previous year were $424,000,000, or 7.47 percent
of capital funds.
Cash dividends declared on common and preferred stock in 1949 totaled
$205,000,000, in comparison with $194,000,000 in the previous year. The rate
of cash dividends was 3.45 percent of capital funds. The cash dividends in
1949 were 43 percent of net profits available for the year. The remaining
57 percent of net profits, or $270,000,000, was retained by the banks in their
capital funds.
On December 31, 1949 there were 4,981 national banks in operation, as
compared to 4,997 at the end of 1948.
TREASURY DEPARTMENT
C o m p tr o lle r o f th e C u rre n cy
W ashin gton
DOR RELEASE, MORNING NEWSPAPERS,
.f
¿^, j-1 YAP.
f
2~ 3 / f
National hanks in the United States and possessions had net operating earn
ings of $756,000,000 for the calendar year 19U9» Comptroller of the Currency
Preston Delano announced today. This was an increase of $1*0,000,000 over the year
19l*S.
Gross earnings were $2,00l*,000,0Q0, an increa.se of $10^*,000,000 over I9I+8.
Principal items of operating earnings in I9I19 were $9^9*000,000 from interest and
discount on loans, an increase of $78,000,000 over I9I+S, and $582,000,000 from
interest on United States Government obligations, an increase of $3*000,000.
Other
principal operating earnings were $118,000,000 from interest and dividends on se
curities other than United States Governments, and $110,000,000 from service charges
on deposit accounts. Operating expenses, excluding taxes on net income, were
$1,2U8,000,000 as against $l,l8l*,000,000 in 191*8. Principal operating expenses were
$611,000,000 for salaries and wages of officers and employees and fees paid to
directors, an increase of $35,000,000 over I9I+8, and $18l*,000,000 expended for in
terest on time deposits, an increase of $8,000,000.
Adding to the net operating earnings profits on securities sold of $1*0,000,000
and recoveries on loans and investments, etc. (including adjustments in valuation
reserves) of $78,000,000, and deducting losses and charge-offs (including current
additions to valuation reserves) of $205,000,000, and taxes on net income of
$19l*,000,000, the net profits of the hanks before dividends for the year 19^*9 were
$1*75,000,000, which amounts to 8 percent of capital funds. Net profits for the
previous year were $l*2l*,000,000, or 7*^7 percent of capital funds.
Cash dividends declared on common and preferred stock in 19^*9 totaled
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
RELEASE MORNING NEWSPAPERS,
Tuesday, April 25. 1 9 5 0 _
S-2318
National banks in the United States and possessions had net operating
earnings of $756,000,000 for the calendar year 194-9, Comptroller of the
Currency Preston Delano announced today. This was an increase of $40,000,000
over the year. 1948 .
Gross earnings were $2,004,000,000, an increase of $104,000,000 over 1948.
Principal items of operating earnings in 1949 were $969,000,000 from interest
and discount on loans, an increase of $78,000,000 over 1948 , and $582,000,000
from interest on United States Government obligations, an increase of $3,000,000
Other principal operating earnings were $118,000,000 from interest and dividends
on securities other than United States Governments, and $110,000,000 from
service charges on deposit accounts. Operating expenses, excluding taxes on
net income, were $1,248,000,000 as against $3.,184,000,000 in 1948. Principal
operating expenses were $6 1 1 ,000,000 for salaries and wages of officers and
employees and fees paid to directors, an increase of $35 ,000,000 over 1948 ,
and $184 ,000,000 expended for interest on time deposits, an increase of
$8,000,000.
Adding to the net operating earnings profits on securities sold of
$40,000,000 and recoveries on loans and investments, etc. (including adjustments
in valuation reserves) of $78 ,000,000, and deducting losses and charge-offs
(including current additions to valuation reserves) of $205 ,000,000, and taxes
on net income of $19 4 ,000,000, the net profits of the banks before dividends
for the year 1949 were $475,000,000, which amounts to 8 percent of capital
funds. Net profits for the previous year were $424,000,000, or 7.47 percent
of capital funds.
Cash dividends declared on common and preferred stock in 1949 totaled
$205,000,000, in comparison with $194,000,000 in the previous year. The rate
of cash dividends was 3.45 percent of capital funds. The cash dividends in
1949 were 43 percent of net profits available for the year. The remaining
57 percent of net profits, or $270 ,000,000, was retained by the banks in their
capital funds.
On December 31, 1949 there were 4,981 national banks in operation, as
compared to 4,997 at the end of 1948.
~ 2 ~
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER .31, 1949 AND 1948
(Amounts in thousands of dollars)
:
:
:
1949
:
î
:
1948
:
:Change since
:
19£8
Capital stock, par value: 1/
....... & 1A.A6Æ & 2/.0/^
Preferred.......... .......
Common. »................... T „...... 1. ßqq _*772 1. ßn/..71 /
-7.£77
¿95,058
TOTAL CAPITAL STOCK........ -- ..... 1,916,340 1,828,759
Capital funds l/#.»............... ..... . 5,934,3a 5,670,888
¿87, 581
¿263,453
Earnings from current operations:
Interest and dividends:
On U. S» Government obligations*.......»
578,663
582,205
On other securities »......... .
117,682
110,901
Interest and discount on loans
890,628
969,085
Service charges on deposit accounts.......
97,682
109,533
Other service charges, commissions, fees,
and collection and exchange charges•••.•
56,585
55,194
Trust department»».......... .
60,345
59,383
Other current earnings....... ........ «
108,014
109,371
TOTAL EARNINGS FROM CURRENT
OPERATIONS...................... 2.004* 806 1,900,471
Current Operating expenses:
Salaries and wages:
Officers«..........
Employees other than officers.».........
Fees paid to directors and members of
executive, discount, and advisory
committees.........
Interest on time deposits (including
savings deposits)....
Taxes other than on net income... .
Recurring depreciation on banking house,
furniture and fixtures»•••••.... .
Other current operating expenses... . •»•
TOTAL CURRENT OPERATING EXPENSES......
NET EARNINGS FROM CURRENT OPERATIONS......
¿3,536
¿6,781
¿78,457
/ll, 851
A,391
7* 962
A,357
¿104.335
211,750
388,434
197,575
368,180-
A4,175
¿20,254
10,820
10,008
¿812
184,024
65,717
175,507
61,328
¿8,517
¿4,389
30,666
356,913
27,669
344,119
¿2,997
¿12,794
1,248,324 1,184,386
/63,938
756,482
716,085
A0,397
*
' *L>
- 3EARNBIGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOE YEAES
ENDED DECEMBER 31, 1949 and 1948 - Continued
_____________ (Amounts in thousands of dollars)
•
1949
Recoveries, transfers from valuation reservesf
and profits;
On Securities:
Eecoveries........................
Transfers from valuation reserves.......
Profits on securities sold or redeemed,.
$ 6,136
15,445
15,445
40,232
On loans:
Eecoveries............... .
13,451
Transfers from valuation r e s e r v e s 11^463
11,463
All other......... ........... ,.....
30,771
TOTAL EECOVEEIES, TRANSFERS FRCM
VALUATION EESEEVES M D PEOFITS... .
117.498
Losses, charge-offs, and transfers to va3.u~
ation reserves:
On securities:
Losses and charge-offs.... ....... .
21,257
Transfers to valuation reserves......
18^310
18,310
On loans:
Losses and charge-offs..... .......
14,496
Transfers to valuation reserves...... 122^122
122,122
All other.................. ........
28,932
TOTAL LOSSES, CHARGE-OFFS AND TEAIISFEES TO VALUATION RESERVES.......... 205,117
205.117
PROFITS BEFORE BJCCME TAXES...........
"668,863
668.863
Paxes on net income:
182,979
Federal.............................
State,............................
11.003
TOTAL TAXES ON NET INCOME..... .
193.982
NET PROFITS BEFORE DIVIDENDS........... .... 474,881
Cash dividends declared:
On preferred stock..................
1,100
On common stock,.....................
203,644
TOTAL CASH DIVIDENDS DECLARED....... "204/744
204,744
Nuniber~'of banks 1 /........ .7...... .TT.T7 T."
4,981
Rate of net profits:
To capital funds 1 /..................
Rgte of cash dividends:
To capital funds l/.............. ,....
i/ At end of period.
- o 0 o -
I
1948
: Change
: since 1948
019,682
11,296
37,491
-13,546
/ 4,149
/2,741
24,614
23,941
44.455
-U,163
-12,478
-13r684
161.479
-43.981
46,616
-25,359
-5,245
23,555
19,633
160,644
26.995
-5,137
-38,522
/1.937
277.443
-72.326
¿68.742
166,693
/l6,286
A. 332
¿17.618
/51,124
600,121
9.671
176,364
423,757
1,304
192.603
193,907
-204
Al.041
/lO,837
4,997
-16
Percent
8.00
Percent
7.47
Percent
A 53
3.45
3.42
A 03
purpose^ 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 t,h© Internal Revenue Cade* as amended by Section 11$ of the
Revenue Act of 19^13) 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 will 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 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
0
* in cas1fl or °iher immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders Y7ill receive equal treatment.
May
h» ^-950___ ♦
Hi
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 ¿axation 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,
ior
TREASURY DEPART
'Afesningion
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 28, 1950.
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,100,000,000 , or thereabouts, of
91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing
May li* 1950____ , 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
interest*
August 3, 1950
May U» 1950______ , 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, Bay 1, 19g0
***
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
Y/hich 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
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON, D .C .
release m o r n i n g n e w s p a p e r s ,
Friday, April 28, 1930...___
S- 2 3 1 9
The Secretary of the Treasury, by this public notice, invites
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury bills
for cash and in exchange for Treasury bills maturing May 4, 1950,
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 4, 1950, and will mature August 3, 1950,
when the face amount will be payable without interest. They will
be- issued in bearer form only, and in denominations of $ 1 ,0 0 0 ,
$5 ,000 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $1 ,0 0 0 ,0 0 0 (maturity
value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, May 1, 1950. Tenders will not be received at the Treasury
Department, Washington. Each tender must be for.an even multiple
of $1 ,0 0 0 , and in the case of competitive tenders the price
offered must be expressed on the basis of 1 0 0 , with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and 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 $2 0 0 ,0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(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 4, 1950, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing May 4, 1950. 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 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 (&) (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 l^fe 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
RELEASE mmim hrhspapers ,
Tuesday. May 2. 1950.
flie Secretary of the Treasury announced last evening that the tenders for
$1*100,000*000, or thereabouts* of 91-day Treasury bills to be dated May 4 and
to mature August 3, 1950* which were offered cm April 26, were opened at the
Federal Reserve Banks on May 1«
The details of this issue are as follows:
Total applied for - #1.700*145,000
Total accepted
- 1 * 1 0 2 * 2 2 9 , 0 0 0 (includes $ 9 8 , 3 1 4 , 0 0 0 entered on a noncompetitive basis and accepted in full at
the average fries shown below)
Average price
- 99*705 / Equivalent rate of discount approx. 1.166$» per ann
Range of accepted competitive bids:
High
Low
- 99.710 Equivalent rate of discount approx. 1.147$ per annua
- 99.704
m
m m
m
n
*
■
( at percent of the amount bid for at the low price was accepted)
Total
Applied for
p p
i 13,378,000
1,284,726,000
32,639,000
29,755,000
6,860,000
12,793,000
155,123,000
U , 700,000
4,635,000
42,881,000
30,265,000
75.390,000
Federal Reserve
District
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
ot. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
$1,700,145,000
Total
Accepted
("> k
$
12,774,000798,770,(XX) *
22,559,00029,275,000
6,540,000 U , 993,000
97,979,000'
10,388,(300,
4,603,000*
37,013,000.
19,945,000*
50.390,000-
$1 ,10 2 ,229,000 *
RELEASE MORNING NEWSPAPERS,
Tuesday, May 2 , 1950.______
S-2320
The Secretary of the Treasury announced last evening that the
tenders .for $1,100,000,000, or thereabouts, of 91~(
3-ay Treasury
bills to be dated May 4 and to mature August 3* 1950, which were
offered on April 28, were opened at the Federal Reserve Banks on
May 1.
The details of this issue are as follows:
Total applied for - $1,700,145,000
Total accepted
- 1,102,229,000 (includes $98,814,000
Average p r ic e
entered on a non
co m p etitive b a s is and
accepted in f u l l a t the
average p r ic e shown below)
- 99.705/ E q u iv a le n t r a te o f d isco u n t approx.
1 . 166$ per annum
Range of accepted competitive bids:
High
- 99.710 Equivalent rate of discount approx.
1.147$ per annum
- 99.704 Equivalent rate of discount approx.
Low
1.171$ pep annum
(84 percent o f the amount bid fo r a t the low p r ic e 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
$
1 3 ,3 7 8 ,0 0 0
1,284,726,000
3 2 .6 3 9 .0 0 0
2 9 .7 5 5 .0 0 0
6 .8 6 0 .0 0 0
1 2 .7 9 3 .0 0 0
1 5 5 ,1 2 3 ,0 0 0
1 1 .7 0 0 .0 0 0
4 .6 3 5 .0 0 0
4 2 .8 8 1 .0 0 0
3 0 .2 6 5 .0 0 0
7 5 .3 9 0 .0 0 0
$1 ,7 0 0 ,1 4 5 ,0 0 0
0O0
Total
Accepted
$
12,774,000
798,770,000
22 ,559,000
2 9 ,2 7 5 ,0 0 0
6.540.000
11,993,000
97.979.000
10.388.000
4.603.000
37,013,000
19.945.000
50.390.000
$ 1 ,1 0 2 ,2 2 9 ,0 0 0
- 3 name of the particular truck operator who has agreed to make this
contribution.
The Standard Oil Company of New Jersey will contribute
supplies of oil and gas required by the trucks during the tours.
In announcing the decision that the bells will be turned over
for permanent exhibition to the respective States and to Hawaii,
Alaska, Puerto Rico, and the District of Columbia, Secretary Snyder
said that the bells should make all Americans more than ever aware of
the independence which is their priceless heritage*
Local Sayings Bonds volunteer organizations in the various
States will arrange receptions for the bells, and plan the tours
on which they are to be taken, beginning on May 15 and running
through July 4»
The schedule of the tours of the bells will be
announced in each State by the State Savings Bonds Chairmen*
"The Liberty Bell symbolizes not only our political independence
but also those American characteristics which serve to sustain our
financial independence," Secretary Snyder said*
"Of these characteristics, thrift is the most outstanding*
In
the Independence Drive the Liberty Bell will be a forceful reminder
of the importance of savings in Savings Bonds to our economic life
and to the financial independence of the individual," the Secretary
added*
The donors of the Liberty Bells are the Anaconda Copper Mining
Company, Kennecott Copper Corporation, Phelps-Dodge Corporation,
and the Miami Copper Company*
The Ford Motor Company will supply 48 red, white and blue
trucks to be used in taking the bells on the tours of the States,
and the United States Steel Corporation^ American Bridge Company
is providing standards, stays and hardware for mounting
the bells on the trucks*
The Ford Motor Company will also pay the
travelling expenses of the drivers of the trucks*
Individual truck
operators in the States will pay the salaries of the drivers*
The
State Savings Bonds Chairman in each of the States will announce the
S-1
Fifty—two full-scale replicas of the original Liberty Bell,
symbol of the Independence Savings Bonds Drive, will be turned
over to the 48 States, Hawaii, Alaska, Puerto Rico, and to the
District of Columbia at the conclusion of the Bond Drive on
July 4> Secretary Snyder announced today«
"In view of the lively competition among the many civic,
historical and other organizations in the various States for the
privilege of exhibiting the replica bells, the problem of selecting
an appropriate site and sponsorship for permanent exhibition of the
bells in each of the States should properly be decided by the States
themselves,” the Secretary said. Representatives of the Treasury
Departments Savings Bonds Division will soon confer with appropriate
officials of the various States, Territories, and the District of
Columbia to make arrangements for turning over the bells. These
arrangements will include plans for the organization of proper
ceremonies to attend and mark the occasion.
. The replica Liberty Bells are identical in all respects —
including size, weight, manufacturing process, legends and markings,
and tonal quality — with the original Liberty Bell which hangs in
Independence Hall, Philadelphia. Each replica bell and its mounting
will stand about six feet high.
The bells will be 12 feet in cir
cumference around the lip, and 7-1/2 feet around the crown. Each
bell weighs approximately one ton, and together with mountings will
weigh slightly more than two tons.
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, May 4, 1950»
WASHINGTON, D .C .
S-2321
Fifty-three full-scale replicas of the original Liberty Bell,
symbol of the Independence Savings Bonds Drive, -will be turned
over to the 48 States, Hawaii, Alaska, Puerto Rico, the
Virgin Islands, and to the District of Columbia at the con
clusion of the Bond Drive on July 4, Secretary Snyder announced
today.
"In view of the lively competition among the many civic,
historical and other organizations in the various States for the
privilege of exhibiting the replica bells, the problem of select
ing an appropriate site and sponsorship for permanent exhibition
of the bells in each of the States should properly be decided by
the States themselves," the Secretary said. Representatives of
the Treasury Department’s Savings Bonds Division will soon confer
with appropriate officials of the various States, Territories,
and the District of Columbia to make arrangements for turning
over the bells. These arrangements will include plans for the
organization of proper ceremonies to attend and mark the occasion.
The replica Liberty Bells are identical in all respects—
including size, weight, manufacturing process, legends and
markings, and tonal quality -- with the original Liberty Bell
which hangs in Independence Hall, Philadelphia. Each replica
bell and its mounting will stand about six feet high. The bells
will be 12 feet in circumference around the lip, and 7-l/2 feet
around the crown. Each bell weighs approximately one ton, and
together with mountings will weigh slightly more than two tons.
Local Savings Bonds volunteer organizations in the various
States will arrange receptions for the bells, and plan the tours
on which they are to be taken, beginning on May 15 and running
through July 4. The schedule of the tours of the bells will be
announced in each State by the State Savings Bonds Chairmen.
"The Liberty Bell symbolizes not only our political
independence but also those American characteristics which serve
to sustain our financial independence," Secretary Snyder said. -
2
'Of these characteristics, thrift is the most outstanding.
In the Independence Drive the Liberty Bell will be a forceful
reminder of the importance of savings in Savings Bonds to our
economic life and to the financial independence of the individual,"
the Secretary added.
The donors of the Liberty Bells are the Anaconda Copper
Mining Company, Kennecott Copper Corporation, Phelps-Dodge
Corporation, American Smelting & Refining Company, the American
Metal Company, Ltd., and the Miami Copper Company.
The Ford Motor Company will supply 49 red, white and blue
trucks to be used in taking the bells on the tours of the States,
and the United States Steel Corporation's American Bridge Company
is providing standards, stays and hardware for mounting the bells
on the trucks. The Ford Motor Company will also pay the travelling
expenses of the drivers of the trucks. Individual truck operators
in the States will pay the salaries of the drivers. The State
Savings Bonds Chairman in each of the States will announce the
name of the particular truck operator who has agreed to make this
contribution. The Standard Oil Company of New Jersey will con
tribute supplies of oil and gas required by the trucks during the
tours.
In announcing the decision that the bells will be turned over
for permanent exhibition to the respective States and to Hawaii
Alaska, Puerto Rico, the Virgin Islands, and the District of
Columbia, Secretary Snyder said that the bells should make all
Americans more than ever aware of the independence which is
their priceless heritage.
0 O0
"beverage control officers, city detectives and other
investigators also have taken the courses.
Secretary Snyder said the instruction work of
Captain Dengler and his associates had been highly
effective in increasing the efficiency of the various
Treasury enforcement staffs.
TO:
M r . Bartelt
Mr. Bray
M r , Dillon
M r s . Dubinsky
M r . Haas
M r . Grah a m .
Mr - .Joley
(Miss Kelly
M r . Thomas Lynch
M r . Martin
M r . Parsons
Mr. Rivers
Mr. Siler
Miss Simpson
Mrs. Eliz , Smith
-S'
14
/f
.ced today the' opening of
|n*y enforcement officers
A tta c h e d i s a p rop osed p r e s s
r e le a s e c o n c e rn in g a T re a su ry
forgia, during the period
h officers
from the
jrvice and Coast Guard.
t of lectures on criminal
cement by a group of
vision of Captain Harry M.
[uforcement Training.
These
in the investigation of
, smuggling, fraud,
conspiracy and other criminal offenses.
The Brunswick school will be another in a series
started by the Treasury in 1927 • The first schools
were for prohibition enforcement agents*
ter schools
have been attended by officers from all Treasury
enforcement agencies
Customs Bureau, Coast Guard,
Secret Service, Internal Revenue Intelligence Unit,
Bureau of narcotics, and the Alcohol Tax Unit,
a
Of soecial agents, state police, state
27^
¿
TR EA SU R Y
D E P A R TM E N T
WASHINGTON, D .C .
Information Service
IMMEDIATE RELEASE,
Wednesday, May 3^_1950.
S-2322
Secretary Snyder announced today the opening of
a training school for Treasury enforcement officers to he
held at Brunswick, Georgia, during the period May 8-26.
Attending will be officers from the Alcohol Tax Unit,
Secret Service and Coast Guard.
The course will consist of lectures on criminal in
vestigation and law enforcement by a group of instructors
under the supervision of Captain Harry M. Dengler, Head of
Treasury Enforcement Training. These instructors are
specialists in the investigation of cases involving counter
feiting, smuggling, fraud, conspiracy and other criminal
offenses.
The Brunswick school will be another in a series
started by the Treasury in 1927. The first schools were
for prohibition enforcement agents. Later schools have
been attended by officers from all Treasury enforcement
agencies -- Customs Bureau, Coast Guard, Secret Service,
Internal Revenue Intelligence Unit, Bureau of Narcotics,
and the Alcohol Tax Unit. A number of special agents,
state police, state beverage control officers, city
detectives and other investigators also have taken the
courses.
Secretary Snyder said the instruction work of
Captain Dengler and his associates had been highly effective
in increasing the efficiency of the various Treasury enforce
ment staffs.
oOo
Secretary Snyder announced today the' opening of
a training school for Treasury enforcement officers
to be held at Brunswick, Georgia, during the period
May 8-26.
Attending will be officers from the
Alcohol Tax Unit, Secret Service and Coast Guard.
The course will consist of lectures on criminal
investigation and law enforcement by a group of
instructors under the supervision of Captain Harry M.
Dengler, Head of Treasury Enforcement Training.
These
instructors are specialists in the investigation of
cases involving counterfeiting, smuggling, fraud,
conspiracy and other criminal offenses.
The Brunswick school will be another in a series
started by the Treasury in 1927*
The first schools
were for prohibition enforcement agents*^Lter schools
have been attended by officers from all Treasury
enforcement agencies -- Customs Bureau, Coast Guard,
Secret Service, Internal Revenue Intelligence Unit,
Bureau of Narcotics, and the Alcohol Tax Unit.
A number of special agents, state police, state
TR EA SU R Y
D E P A R TM E N T
Information Service
Wa s h in g t o n , d .c .
IMMEDIATE RELEASE,
Wednesday, May 3* 1950•
S-2322
Secretary Snyder announced today the opening of
a training school for Treasury enforcement officers to he
held at Brunswick, Georgia, during the period May 8-26.
Attending will he officers from the Alcohol Tax Unit,
Secret Service and Coast Guard.
The course will consist of lectures on criminal in
vestigation and law enforcement hy a group of instructors
under the supervision of Captain Harry M. Dengler, Head of
Treasury Enforcement Training. These instructors are
specialists in the investigation of cases involving counter
feiting, smuggling, fraud, conspiracy and other criminal
offenses.
The Brunswick school will he another in a series
started hy the Treasury in 1 9 2 7 . The first schools were
for prohibition enforcement agents. Later schools have
heen attended hy officers from all Treasury enforcement
agencies -- Customs Bureau, Coast Guard, Secret Service,
Internal Revenue Intelligence Unit, Bureau of Narcotics,
and the Alcohol Tax Unit. A number of special agents,
state police, state beverage control officers, city
detectives and other investigators also have taken the
courses.
Secretary Snyder said the Instruction work of
Captain Dengler and his associates had heen highly effective
in increasing the efficiency of the various Treasury enforce
ment staffs.
0O0
purposes of taxation the amount of discount a.t 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 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 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
-J.
I.
- 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 oe 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 will 'oe 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 ¿j>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.
Setti.ement for
accepted tenders in accordance with the bids must be made_ or completed at the
Federal Reserve Bank on May 11, 1950
i» 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 11« 195Q---
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
m m m
sxssx
^WashiHgton
>/
0
«
— . fl-Z c_-9 Os/
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 5 > 1950.
The Secretary of the Treasury, by this public notice, invites tenders for
$1,100,900,000 } or thereabouts, of
91 -day Treasury bills, for cash and
'
~Sc
in exchange for Treasury bills maturing May 11, 1950____ > "k° ^e issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
will mature
interest.
August 10, 1950
May 11» 1950
> 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 panics and Branches up to the
Daylight Saving
g v
closing hour, two o’clock p.m., Eastern/StoDSitari time, Monday, May 8, 1950
W
Tenders will not be received at the Treasury Department, Washington• .¿ach
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
TR EA SU R Y
D E P A R TM EN T
Information Service
WASHINGTON, D .C .
release m o r n i n g n e w s p a p e r s ,
Friday, May 5, 1950,;_______
S- 2 3 2 3
The Secretary of the Treasury, by this public notice, invites
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing^
May 11, 1950, to be issued on a discount basis under competitive
and non-competitive bidding as hereinafter provided. The bills of
this series ¥111 be dated May 11, 1950* and will mature August 10,
1950, when the face amount will be.payable without interest. They
will be issued in bearer form only, and in denominations of $ 1 ,0 0 0 ,
$5 ,000 , $ 1 0 ,0 0 0 , $1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and $1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Daylight Saving
time, Monday, May 8 , 1950. Tenders will not be received at the
Treasury Department, Washington... Each tender must be for an even
multiple of $1 ,0 0 0 , and in the case of competitive tenders the
price offered must be expressed on the basis of 1 0 0 , with not more
than three decimals, e. g., 99-925. Fractions may not be used. It
is urged that tenders be made on the printed forms and 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 $2 0 0 ,0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in three decimals) of accepted competitive hids. Settlement for
accepted tenders in accordance -with the hids must he made or
completed at the Federal Reserve Bank on May 11, 1950* in cash or
immediately available funds or in a like face amount of Treasury
hills maturing May 11, 1950. Cash and exchange tenders will
receive equal treatment. Cash adjustments will he made for
differences between the par value of maturing hills accepted in
exchange and the issue price of the new hills.
The income derived from Treasury hills, whether interest or
gain from the sale or other disposition of the hills, shall not have
any exemption, as such, and loss from the sale or other disposition
of Treasury hills shall not have any special treatment, as such,
under the Internal Revenue Code, or laws amendatory or supplementary
thereto. The hills shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, hut 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 hills are
originally sold by the United States shall he considered to he
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 hills issued hereunder are sold shall
not he considered to accrue until such bills shall he sold,
redeemed or otherwise disposed of, and such hills are excluded
from consideration as capital s„ssets. Accordingly, the owner of
Treasury hills (other than life insurance companies) issued here
under need include in his income tax return only the difference
between the price paid for such hills, whether on original issue
or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular N o . 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 he obtained
from any Federal Reserve Bank or Branch.
oOo
r x lsa sx »
w w m a mmvAPms,
Tuesday, May 9* 1950«
T!he secretary o f t ill Treasury announced la s t evening th at the tenders fo r
$1,100,000,000, or thereabouts, o f 91-day Treasury h ills to he dated May 11 and to mature
August 10, 1950, which were offered on May 5 , were opened at the fed eral Reserve Banks
on May 8 .
The d e ta ils o f th is issue are as follows?
Total applied fo r - $1 #959,848»000
Total accepted
- 1,108,803,000
Average price
(includes $116,891,000 entered on a non
com petitive b a sis and accepted in f u l l a t
the average p rice shown below)
- 99,905/ Equivalent rate of discount approx. 1*166$ per annum
Range o f accepted com petitive b id s:
- 99.915 Equivalent rate of discount approx. 1.129$ per annum
- 99.904
*
«
»
»
*
1,191$ *
High
Low
(61 percent o f the amount bid fo r at the low p rice was accepted)
fed eral Reserve
D is tr ic t
Total
Applied fa r
Total
Accepted
Boston
Mew fo rk
Philadelphia
Cleveland
Richmond
A tlan ta
Chicago
S t , Louis
Minneapolis
Dansas C ity
D allas
San fr a n s iSCO
$
$
TOTAL
19,407,000
1,315,598,000
35.348.000
84.181.000
9.855.000
14.655.000
156,049,000
12.568.000
6.035.000
39.041.000
30.080.000
80.405.000
$1,939,542,000
18,760,000
995,653,000
21.663.000
22.695.000
8.916.000
12.675.000
96.403.000
9.869.000
5.668.000
34.631.000
28.590.000
_____ 53.500.000
$1,102,803,000
TR EA SU R Y
D E P A R TM E N T
Information Service
Wa s h in g t o n , d .c .
release m o r n i n g n e w s p a p e r s ,
Tuesday, May 9, 1950.
S-232^
'
The Secretary of the Treasury announced last evening that the
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury hills
to be dated May 11 and to mature August 10, 1950, vhlch were offered
on May 5, were opened at the Federal Reserve Banks on May 8.
The details of this issue are as follows;
Total applied for - $1,739*542*000
Total accepted
- 1,102,803,000 (includes $116,891*000
èntered on a non
competitive basis and
accepted in full at the
average price shown below)
Average price
- 99.705/ Equivalent rate of discount approx.
1 .16 6 $ per annum
Range of accepted competitive bids;
High
- 99.715 Equivalent rate
1 .127$
- 99.704 Equivalent rate
1.171$
Low
(51 percent of the amount
$
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
Boston
of discount approx.
per annum
of discount approx.
per annum
1 9 *^0 7*00 0
1*313*578,000
35*348,000
24.181.000
9*255*000
14.655.000
155,049,000
1 2 .5 6 8 .0 0 0
6 ,0 3 5 ,0 0 0
39*041,000
3 0 ,0 2 0 ,0 0 0
80,405,000
$1*739*542,000
0O0
Total
Accepted
$
1 8 ,7 6 0 ,0 0 0
795*653*000
2 1 ,6 6 3 ,0 0 0
2 2 .6 9 5 .0 0 0
8 ,7 1 6 ,0 0 0
1 2 .6 7 5 .0 0 0
96,403*000
9 ,8 6 9 ,0 0 0
5 * 668,000
34,631*000
2 2 ,5 7 0 ,0 0 0
53*500*000
$ 1 , 102 , 803*000
treasury
STATUTORY DEBT LIMITATION
as Of jkBcU. 30.,...1950..
Section a
department
F iscal
S e rv ice
W ashington,
?
of the Second Liberty Bond Act, as amended, provides that the face »mount of pbliffa
under authority of that Act, and the face aaount of obligations guaranteed as to
United States (except such guaranteed obligations as nay be held by the Secretary of the Treasury),
.1350
i sued
^
sh 11 not
exceed in the aggregate $275,0 & , 000,000 outstanding at any one tine. For purposes of
8 se? on
redemption value of any obligation issued on a discount basis which if redeemable prior to maturity at th
ptior
of the holder shall he 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:
$275,000,000,000
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,
I 1 2 ,622 ,752,000
23,4.36,862,000
59,778 ,317.600
23.718,705,600
Bonds -
-
Treasury.................................. ................
10^ 7 ? ^ 3 , 0 0 0
57 ,427 ,260,39s
291 ,177,500
309,017,450
953 ,575,000
^Savings (current redemp.value).. *
Depositary................... » ♦*
Armed Forces Leave............. *
Investment series.......
Special Funds —
Certificates of indebtedness....«
16 1 ,776 ,293,348
1 7 ,823,850,000.
15.978.129,000
Treasury notes.... .
Total interest-bearing..........
31,801.979,000
253.356,589.94s
306,490,850
Matured, interest-ceased..............
,
Bearing no interest:
War savings stamps................ .
49 553,685
Excess profits tax refund bonds,...
3,551,612
Special notes of the United States.
1 .323 ,105.297
254 ,986 ,136,095
1.270.000.000
Internat'1 Monetary Fund series..
T o t a l . .... .
Guaranteed obligations (not held by Treasury).
Interest-bearing:
Debentures : F.H. A ........ .
Demand obligations: C.C.C........ .
15,426,136
3.792,309
.....
19 ,218,445
2.542.200
21,760,645
Matured,“ interest-ceased,.......»*..........
255.007.946,740
y
Grand total outstanding.....................................
Balance face amount of obligations issuable under above authority.
April 30 * 1950
May
1, W O
Reconcilement with Statement of the Public Debt (Daily Statement of the United States Treasury,
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 subiectto
/
A
sf
debt limitation.
255 .717 .941.643
21.760,645
255.739,702,288
731.755.548
255 ,007,946,7*w
STATUTORY DEBT LIMITATION
AS OF April 30« 1950
May 9, 1950
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 pur
poses of this section the current redemption value of any obligation issued on a
discount basis ■which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount*M
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills............. $ 12,622,752,000
Certificates of indebtedness.
23,436,862,000
Treasury notes............
23,718,703,600 $ 59,778,317,600
Bonds Treasury.....
102,795,263,000
Savings (current redemp. value) 57,427,260,398
Depositary.............. •
291,177,500
Armed Forces Leave.......
309,017,450
Investment series....... ....953,575,000161,776,293,348
Special Funds Certificates of indebtedness 17,823,850,000
Treasury notes.... ......
13,978,129,000 31,801,979,000
Total interest-bearing..... ........... 253,356,589,948
Matured, interest-ceased......... ...........
306,490,850
Bearing no interest:
War savings stamps... .....
49,553,685
Excess profits tax refund bonds
3,551,612
Special notes of the United States:
Intemat'lMonetary Fund series 1,270,000,000 _1,323,10^297
Total...................................
254,986,186,095
Guaranteed obligations (not held by Treasury) :
Interest-bearing:
Debentures: F.H.A..... .
15,426,136
Demand obligations: C.C.C. .. ____ 3,792,309
19,218,445
Matured, interest-ceased.................... .....54^,?Q.
Q.
21,760,645
Grand total outstanding.............................. ..... 255.007,946,740
Balance face amount of obligations issuable under above authority... 19.992.053,260
-
2
-
Reconcilement with Statement of the Public Debt - April 30, 1950
(Daily Statement of the United States Treasury, May 1, 1950)
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...... ........................
S-2325
255>717,941>643
21,760,645
255,739,702,288
731,755,548
1255*007,946,740
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 29, 1950, inclusive, as follows*
Commodity
Period and Quantity
Unit
of
Quantity
imports as of
April 29,
1950
pf
Whole milk, fresh or
sour ••••••••••«•»•••••* Calendar year
3,000,000
Gallon
1*,1*15
Cream, fresh or sour •••«• Calendar year
1,500,000
Gallon
1*05
Butter •••*•*••••«•••••••• Quota ineffective for the
period April through October
Fish, fresh or frozen,
filleted,
” ~.T-9 etc*,
* 9 cod,
9
haddock, hake, pollock,
cusk, and rosefish *»••• Calendar year
White or Irish Potatoes*
certified seed ••••••••* 12 months from
other ••••*•••••«•••«••• Sept* 15, 19h9
Walnuts
Calendar year
(i)
a)
26,235,738 Pound
Quota filled
150,000,000
60,000,000
Pound
Pound
Quota filled
Quota filled
5 ,000,000
Pound
2,1*63,586
The proviso to Item 717 (b) limits
the imports for consumption at the
quota rate to 13,117,870 pounds
during the first 6 months of the
calendar year*
Due to a provision of the President *s Proclamation No* 2769 of January 30,
19U8, 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* 8,61*9,365 pounds of such Cuban
tobacco were imported for consumption during the period January 1 to April 29,
1950, inclusive*
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday. May 10, 1950
S-232o
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 29, 1950, inclusive, as follows:
Unit
Period and Quantity
of
____________________ Quantity
Commodity
Whole milk, fresh or
................. .
Imports as of
April 29,
1950
Calendar year
3*000,000 Gallon
, „
4*415
Cream, fresh or sour ...... Calendar year
1*500,000 Gallon
405
Butter... ............ Quota ineffective for the
period April through October
Fish, fresh or frozen,
filleted, etc«, cod,
haddock, hake, pollock,
cusk, and rosefish •»...» Calendar year
(1)
26,235,738 Pound
Quota filled
White or Irish Potatoes:
12 months from 150,000,000 Pound
certified seed
60,000^000 Pound
Sept.
15* 1949
other ••........... *••
Quota filled
Quota filled
Walnuts
...... . Calendar year
5,000,000 Pound 2,463, 586
(1) The proviso to Item 717 (b) limits the imports
for consumption at the quota rate to 13,117*870
pounds during the first 6 months of the calendar
year.
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, 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 imports from Cuba. 8*649*365
pounds of such Cuban tobacco were imported for consumption during the
period January 1 to April 29, 1950* inclusive.
IMMEDIATE RELEASE
May ?» 1950
;<?
yi
'
-
n o
¿>C w*'
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were pre
scribed by the Philippine Trade Act of 191*6, from January 1, 1950, to
April 29» 1950, inclusive, as follows»
Products of the
Philippines
*
i
: Established Quota
*
Quantity
s Unit of * Imports as of
1 Quantity t April 29, 1950
s
_________________t__________________ s_________ :_____________
Buttons ............
8^0,000
Gross
195,192
Cigars .............
200,000,000
Number
110,550
Coconut Oil ........
1*1*8,000,000
Pound
35,01*0,818
l,23l*,379
Cordage.........
6,000,000
**
Rice ........
1,01*0,000
"
Sugars
(refined ........................... ........ ...
l,90l* ,000,000
Pound
(unrefined....... .............. ............. .. 303 ,337,639
Tobacco ......... .
6,500,000
#
Pound
172,250
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday» May 10, 1950
S—2327
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of conmodities on which quotas were pre
scribed by the Philippine Trade Act of 1946* from January 1* 1950* to
April 29* 1950* inclusive* as follows:
•
•
Products of the
Philippines
•
•
: Established Quota
:
Quantity
•
*
: Unit of : Imports as cf
: Quantity : April 29* 1950
__________________ :____________________ :_________ :
__________
Buttons •..»•«..•••..
850*000
Gross
195*192
Cigars ••••••••••••..
200*000*000
Number
110*550
Coconut Oil »«•••••••
448*000,000
Pound
35*040*818
Cordage .............
6*000*000
«
1,234,379
Rice ...............
1,040,000
«
Sugars
(refined ••••...... ........ ................
1,904*000*000
Pound
(unrefined ........... *..... ............... 303*337*639
Tobacco
6,500,000
Pound
172,250
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 VALUEi Provided, however, that
not more than 33-1/3 percent of the Quotas shall he filled hy 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*
•
Imports
Established 5 Total imports ^Established*
Country of Origin S t o t a l q u o t a ! Sept. 20, 1949, j 33-1/3$ of) Sept. 20, 194 9,
i
B toApr* 29 5 19^0) Total Quota) to Apr. 29, I/
•
~1950. '
1,441,152
4,323,457
1,181*,382
United Kingdom.....
1,181*,382
239,690
239,690
Canada........ ,...
75,807
227,420
75,807
France...........
75,807 i
- j
«
69,627 1
British India.....
69,627 !
22,747 S
mm
1
68,240
Netherlands.. . . . . . .
14,796
44,388
Switzerland.........
11*,632
11*,632
12,853
38,559
—
—
'
Belgium...............
—
|
341,535
Japan.................
i
17,322 i
China.................
8,135
f
—
Egypt.................
_ |
6,544
1
mm
Cuba...................
j
—
25,443
76,329
Germany...............
7,088
21,263 j ________ _ JiQli.
Italy.................
___ k o M
[1,599,886
5,482,509 |
Totals
1,581* ,51*2
1 ,275,225 !
if
Included in total imports, column 2.
-oOo-
IMMEDIATE RELEASE
May--#., 1950
JQ
~~
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.
9 , to April 29,
19^0, inclusive, except as noted below, are as follows:
COTTON (other than linters)
(In pounds)
Country of
Origin
Under 1-!L/8" other
than rou^*h or harsh
undei-3/4"
‘ '
Established: Imports Sept.
Quota
20, 1949, to
ter, 29, 1950
Egypt and the
Anglo-Egyptian
783,816
Sudan’
.VI* **•VVVVV
Peru...........*.
-247,952
British India.•.. 2^003,4-83
China.......... 1,370,791
Mexico...... 1.... 8,883^259
Brazil...........
618,723
Union of Soviet
Socialist Repub
lics. .. ..V. V.VvVV
475,124
5,203
Argentina..... .
Haiti..........
•237
Ecuador.^.
9,333
Honduras.........
752
Paraguay.......
871
Colombia.........
324
Iraq...........
195
British East
Africa...........
2,240
Netherlands*East'
Indies...........
71,380
—
Barbados.......
Other British
2 1 ,3 2 1
West Indies l/...
Nigeria.... .
5,377
Other British
West Africa 2/...
16,004
Other French
Africa 3/* *....
689
Algeria and Tunisia
14,516,882
1-1/8” or more
but less than
1-11/16" ¿J
Imports |'eb.X , 1950, to
Apr. 29, 1950
150,253
116,418
—
8,883,259
1*26,527
1 Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1949, to Apr. 29,
1956.
1*5,091,930
561*,1 1 7
-
373
«
—
—
_
—
—
—
33,778,61*2
-
—
—
—
-
—
-
-
-
-
-
_
—
«
—
—
-
—
mm
_
mm
9,576,1*57
U£,6i>6,U20
33,778,61*2
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2] Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
U Established Quota - 45,656,420. for the quota
5/ Established Quota - 70,000,000.
*
.
TRMS URI DEPARTMENT
Washington
IMMEDIATE release
ffflAnesday, May 10» 1950
” ■
The Bureau of Customs announced today that preliminary data on imp°rtsof
cotton and cotton waste chargeable to the quotas established by the President s
proclamation of September 5, 1939, as amended, for the period oeptember 20,
1949, to April 29, 1950, inclusive, except as noted below, are as follows.
COTTON (other than linters)
(in pounds)
I
Under 1-1/8«other
1-1/8" or more
:
than rough or harsh
but less than
Country of •_______ under 3/4"______ l-ll/l6u
•.Established Imports Sept. Imports Feb. 1,
Origin
s Quota
20, 1949, to 1950, to
I___________Apr. 29. 1950 Apr. 29. 1950
Egypt and the
Anglo-Egyptian
British India......
China...........
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
150,253
116,418
—
8,883,259
426,527
Less than 3/4"
harsh or rough 5/
— -— ^r—
Imports Sept. ¿0,
1949, to Apr. 29,
195Q___________
45,091,930
564,117
33,778,642
373
Union of Soviet
Socialist RepubArgentina........
Ecuador........ . •
Honduras........
Paraguay..... .
Colombia........
Iraq.......... . ••
British East
Africa..........
Netherlands East
Indies..........
Barbados.........
Other British
lest Indies 1/...
Nigeria.........
Other British
West Africa 2/...
Other French
Africa 3/.........
Algeria and Tunisia
475,124
5,203
237
9,333
752
871
124
195
—
—
—
—
m*
—
2,240
-
71,388
—
—
2 1,3 2 1
-
5,377
—
16,004
-
689
—
-
14,516,882
9,576,457
Ï/ Other than Barbados, Bermuda, Jamaica,
2/ Other than Gold Coast and Nigeria.
45,656,420
33,778,642
Trinidad, and Tobago.
3/ Other than Algeria, Tunisia, and Madagascar.
.
toca
4/ Established Quota - 45,656,420 for the quota period ïebruary1, 1950 to
5/ Established Quota - 70,000,000
January 31, 1951, inclusive.
- 2 ~
COTTON WASTBS
(In pounds)
COTTON CARD STREPS made from Cotton having & staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SUVfB VASTS, 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:
: Established:Total imports
¡Established: Imports
Country of Origin; TOTAL QUOTA:Sept* 20, 1949, : 33-1/3% of: Sept. 20, 1949,
______________ :______
; to Apr. 29* 1950:Total Quota:to Apr. 29. 1950 1/
United Kingdom.....
Canada...... .
France..... .
British India......
Netherlands.......
Switzerland......
Belgium.........
Japan*•••••*•••#•+•
China............
Egypt....... ....
Cuba............ .
Germany..........
Italy..... .....
Totals
1,184,382
239,690
75,807
69,627
—
14,632
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5.482.509
1,441,152
—
75,807
1,184,382
—
75,807
-
22,747
14,796
12,853
-
-
—
—
14,632
-
—
4°4
—
25,443
7.088
_
—
—
404
1.584.542
1,599,886
1.275.225
1/ Included in total imports, column 2*
-oOo-
S TA N D A R D FO R M N O . 6 4
Office M emorandum •
TO
: MR. SAXON
FROM
: MR. KILBY
.
u n it e d states g o v e r n m e n t
DATE: May 11, 19f>0
SUBJECT:
The Secretary has signed the attached notices of call which
are to be given to the press on May 11 for release, morning news
papers, Friday, May 12, with the brief statement which is also
attached
IMMEDIATE RELEASE,
-May-.fr, 1950 i-----I0
%
TheBureau 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 proclamation of April 13, 1942,
for the 12 months commencing May 29, 1949, as follows;
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established ;
Imports
Established : Imports
Quota
*May 29, 1949, to
Quota
t May 29, 1949
to Apr, 29,
sApr, 29, 1950,incli
(Bushels;
(Bushels)
(Pounds)
(Pounds)
Wheat
Country
of
Origin
•
•
Canada
795,ooo
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
—
Germany
100
Syria
*100
New Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
France
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
795,000
"■800,000
795,000
-
-
-
—
—
—
—
—
-
—
-
—
-
_
3,815,000
24,000
13,000
13,000
3,815,000
2,880
—
8,400
8,000
75,000
1,000
5,000
—
—
875
5,000
137
1,000
1,000
1,000
«■»
14,000
—
mm
mm
-
mm
-
mm
-
mm
mm
mm
-
mm
-
mm
-
2,000
12,000
1,000
1,000
1*000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
«•
1,126
tm
mm
flat
32
m
m
—
—
mm
—
-
mmmrn
mm
—
—
—
—
—
4,ooo,000
3,828,450
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, May 10+ 1950
S-2329
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 proclamation of April 13, 1942,
for the 12 months commencing May 29, 1949* as follows:
Wheat
Country
of
Origin
Established;
Imports
Qu®ta
:May 29* 1949* to
:Apr, 29,1950*incl*
(Bushels)
(Bushels)
Canada
795*000
«
China
Hungary
Hong Kong
«
Japan
«
100
United Kingdom
Australia
Germany
100
Syria
100
—
New Zealand
—
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
Prance
1*000
—
Greece
Mexico
100
/Panama
—
Uruguay
Poland and Danzig
—
Sweden
—
Yugoslavia
—
Norway
—
Canary Islands
Rumania
1*000
Guatemala
100
Brazil
100
tJnion of Soviet
Socialist Republics 100
Belgium
100
795,000
800,000
795,000
—
—
-
—
-
—
—
—
—
—
—
—
»
—
—
—
—
—
—
—
—
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
:May 29, 1949, to
:Apr. 291 1§£'0.. .ii
(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
3,815,000
2,880
—
8,400
—
*875
—
137
—
—
1,126
—
—
—
«•*
32
—
_
mm
—
4,000,000
—
3,828,450
m
m
Boar Wllaont
Xou ara « r « of tha fm m m $ Adriaory Commltfcaa aatabliahad
in ëmh Sfcaè# and tha Blatrlet of Columbia for tha purpoaa of '•&»
rising with us In tha Treasury Bapartaant on tha B* $* Baring«
Beads Program» la hare a Stata Biractor in «ach « m f aita a
amall «taff of Treasury ampleyaas ttrriaing payroll sarlngs withla Industry «ad tha Ctorarnmant amd premati** ta» Mala of bouda
«ml atmp» through hmim0 schools* and othar basinoti ami oírla
group«*
1
am plaaaad to loara of your aillingaass to accept tha
Chairmanship of tha Ceamittaa for tha Stata of gantuaky» four
axparlanoa and laadarthip will ta of groat rains to thia Important
program*
It la pariieularly appropriata that your connsotic® with the
Barings Borda Program should begin at thia tima In risw of tha
«Independen©* Brlra» which eemmansaa on May 15, mid continua«
through July 4* 1950»
A prosa release, announcing year appointment* will ha la
hy tha Treasury oa Wednesday* May IX* 1950»
Sincerely*
¿Signed] jom surn&i>
Saoratary of tha Traaaury
Honorable t Ileon Hyatt
Wyatt, Orafton â Grafton
Mafien E» Taylor Building
XouieriXXt* Kentucky
JSOrahaaiidah 5/4/50
Secretary Snyder today announced the appointment
'of Wilson W , Wyatt, Louisville attorney, as Chairman
of the Treasury Advisory Committee on Savings Bonds
for the State of Kentucky.
In announcing the appointment, Secretary Snyder
stated that ''Mr. Wyatt’s experience and leadership
will he of great value to the Independence Savings
Bonds Drive, which commences on May 1 5 and continues
through July 4, 1 9 5 0 ."
1
• Mr. Wyatt served as Mayor of the City of Louisville
from 1941 to 1 9 4 5 , and was Housing Expe/iter and
Administrator of the National Housing Agency in 1946.
He also served in North Africa as a special representative
of the Board of Economic Warfare during the spring of
1943, was chairman of the Louisville Metropolitan Area
Defense Council, 1942 to 1945, and president of the
American Municipal Association in 19 .45 . He returned
to the practice of law in 1947" as a member of the firm
of Wyatt, Grafton and Grafton, Louisville.
Advisory Committees have been established in each
State and the District of Columbia to advise with the
Treasury in its program to promote the sale of^ r i ^ s^
Bonds through payroll
^
savings, banks, schools and other
business and civic groups.
0O0
TR EA SU R Y
D E P A R TM E N T
WASHINGTON,
Information Service
IMMEDIATE REIEASE,
Wednesday, May 10, 1950•
S- 2 3 3 0
Secretary Snyder today announced the appointment
of Wilson W. Wyatt, Louisville attorney, as Chairman
of the Treasury Advisory Committee on Savings Bonds
for the State of-Kentucky.
In announcing the appointment, Secretary Snyder
stated that "Mr. Wyatt’s experience and leadership
will he of great value to the Independence Savings
Bonds Drive, which commences on May 1 5 and continues
through July 4, 1950."
Mr. Wyatt served as Mayor of the City of
Louisville from 1941 to 1945, and was Housing
Expediter and Administrator of the National Housing
Agency in 1946. He also served in North Africa as
a special representative of the Board of Economic
Warfare during the spring of 1943> was chairman of
the Louisville Metropolitan Area Defense Council,
1942 to 1945, and president of the American
Municipal Association in 1945 • He returned to the
practice of law in 19 ^ 7 as a member of the firm
of Wyatt, Grafton and Grafton, Louisville.
Advisory Committees have been established in
each State and the District of Columbia to advise
with the Treasury in its program to promote the
sale of Savings Bonds through payroll savings, banks,
schools and other business and civic groups.
0O0
-3 -
SSSk
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 115 of the
Revenue Act of 19Ul* the amount of discount at which bills issued hereunder are
sold shall not be considered to accrue until such bills shall be sold* redeemed or
otherwise disposed,of* and such bills are excluded from 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 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 18f 19$0
, in cash or other immediately avail
able funds or in a like face amount of Treasury bills maturing
May 1RT IQ^Q
Cash and exchange tenders will receive equal treatment. -Cash adjustments will be
made for differences between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, shall not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under the Internal Revenue Code, or laws amendatory or supplemen
tary thereto.
The bills shall be subject to estate, inheritance, gift or other
excise taxes, whether Federal or State, but shall be exempt from all taxation now
or hereafter imposed on the principal or interest thereof by any State, or any of
the possessions of the United States, or by any local taxing authority.
For
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday> May 12, 19$Q#
The Secretary of the Treasury, -by this public notice, invites tenders for
$ 1,100,000,000
or thereabouts, of
91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing
to be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided,
fhe bills of this series will be dated
will mature
interest.
«*•«**»+
t?
May 18, 195>0
, and
—
—
m -------when the face amount Will be payable without
They will be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, tYiro o’clock p.m., Eastern/gjMtast time, Monday, May 15« 19E>0
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 conqpetitive
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
TR EA SU R Y
D E P A R TM E N T
Information Service
r el ease m o r n i n g n e w s p a p e r s ,
Friday, May 12, 1950»
WASHINGTON,
s-2331
The Secretary of the Treasury, "by this public notice, invites
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing May 18, 1950,
to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this
series will be dated May 1 8 , 1950, and will mature August 1 7 , 1950,
when the face amount will be payable without interest. They will be
issued in bearer form only, and in denominations of $ 1 ,0 0 0 , $5 ,0 00 ,
$1 0 ,000 , $1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 , and $1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Daylight Saving
time, Monday, May 15, 1950. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $ 1 ,0 0 0 , and in the case of competitive tenders the price
offered must be expressed on the basis of 1 0 0 , with not more than
three decimals, e. g., 99*925. Fractions may not be used. It is
urged that tenders be made on the printed forms and 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 $ 2 0 0 ,0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(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 18, 1950, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing May l8, 1950« 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 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) (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
no PfiRCEHT TREASURY BONDS OF 195&-52
W ,19it3)
(DATED APRIL
M I S S OF CALL FOR REDPtPTIOH
To Holders of I percent Treasury Bonds of 1950-52 (dated April 15*
191*3), and Others Concerned*
1.
Public notice 1# hereby given that all outstanding 2 percent
Treasury Bonds of 1950-52, dated April 15* 191*3» due September 15,
1952, are hereby called for redemption on September 15» 1950, on which
date interest on such bonds w ill cease*
2* Holders of these bonds may, in advance of the redemption
date, be offered the privilege of exchanging all or any part of their
called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued.
3» Full information regarding the presentation and surrender of
the bonds for cash redaction under this call will be found in Depart
ment Circular Ho* 666, dated July 21, 191*1•
John W* Snyder,
Secretary of the Treasury.
TREASURY DEPARTMEHT,
Washington, May 12, 1950*
no asp tm-rtm M
l
treasury bonds cf
195Q-52
NOTICE SB CALL FCE REDEMPTION
To Holders of 2-1/2 percent Treasury Bonds of IfgGHil (dated Septem
ber 15* 1938) , and Others Concerned:
1» Public notice Is hereby given that all outstanding 2-2/2
percent Treasury Bonds of 1950-52* dated September 15, 1938, due
September 15* 1952, are hereby called for redemption on September
15* 1950* 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 cf 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 Ho« 666, dated July 21, 19ljl«
John W. Snyder,
Secretary of the Treasury
THEASUBX DEPARTMENT,
Washington, May 12, 1950
r eiea se ,
Ksamsa n3kspapers,
Friday, May 12, 195>0.
5-^l;31§
The Secretary of the Treasury announced today that the bonds of
two outstanding issues vfclch may be redeemed at the option of the United
States on September 15, 1950, are called for redemption
m
that date*
These issues are the 2-1/2 percent Treasury Bonds of 1950-52, dated
September 15, 1933, due September 15, 1952, and the 2 percent Treasury
Bonds of 1950-52, dated April 15, 19li3, due September 15, 1952* There
are now outstanding $1,165,3141,200 of the 2—1/2 percent bonds and
$1*,939,258,500 of the 2 percent bonds.
The texts of the formal notices of call are as follows?
TWO PERCENT TREASURY BONDS OF 1950-52
(DATED APRIL 15, 1943)
NOTICE OF CALL POR REDEMPTION
To Holders of 2 Percent Treasury Bonds of 1950-52 (dated April 15,
1943), and Others Concerned«
1« Public notice is hereby given that all outstanding 2 percent
Treasury Bonds of 1950—52, dated April 15, 1943, due September 15,
1952, are hereby called for redemption on September 15, 1950, on which
date interest on such bonds will cease«
2« Holders of these bonds may, in advance of the redemption
date, be offered the privilege of exchanging all or any part of their
called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued*
3*
Phil information regarding the presentation and surrender of
the bonds for cash redemption under this call will be found in Depart
ment Circular No* 666, dated July 21, 1941*
John W* Snyder,
Secretary of the Treasury
TREASURY DEPARTMENT,
Washington, May 12, 1950*
-2 T O AND ONE-HALF PERCENT TREASURY BONDS OF 1950-52
(DATED SEPTEMBER 15, 1938)
NOTICE OF CALL FOR REDEMPTION
To Holders of 2-1/2 percent Treasury Bonds of 1950-52 (dated Septem
ber 15, 1938), and Others Concerned:
1 . Public notice is hereby given that all outstanding 2-1/2
percent Treasury Bonds of 1950-52, dated September 15, 1938, due
September 15, 1952, are hereby called for redemption on September
1 5 , 1950 , on which date interest on such bonds will cease.
2. Holders of these bonds may, in advance of the redemption
date, be offered the privilege of exchanging all or any part of
their called bonds for other interest-bearing obligations of the
United States, in which event public notice will hereafter be
given and an official circular governing the exchange offering
will be issued.
3 . Full information regarding the presentation and surrender
of the bonds for cash redemption under this call will be found in
Department Circular No* 666, dated July 21, 194-1*
John W„ Snyder
Secretary of the Treasury
TREASURY DEPARTMENT,
Washington, May 12, 1950
TR E A S U R Y
mmam a —
m b—
n—
M —
DEPARTMENT
« B M E B B IIt ilHW IHMHW MHBMH^ailllBiMaMaB!SBBKai»*lliMBBiMfci»M<
Information Service
RELEASE, MORNING NEWSPAPERS,
Friday. May 12. 1950-______
Wa s h in g t o n , d . c .
S-2332
The Secretary of the Treasury announced today that the bonds of
two outstanding issues which may be redemmed at the option of the United
States on September 15, 1950, are called for redemption on that date*
These issues are the 2-1/2 percent Treasury Bonds of 1950-52, dated
September 15, 1938, due September 15, 1952, and the 2 percent Treasury
Bonds of 1950-52, dated April 15, 1943, due September 15, 1952.
There
are now outstanding $1 ,185 ,841,200 of the 2-1/2 percent bonds and
$4 ,939,258,500 of the 2 percent bonds.
The texts of the formal notices of call are as follows:
- 3~
The Liberty Bell replicas, fifty—three in all, one for each of
the states, the District of Columbia, Hawaii, Alaska, Puerto Rico,
and the Virgin Islands, were donated to the Treasury Department as
a public service by Anaconda Copper Mining Co*5 Kennecott Copper
Corp.j Phelps Dodge Corp.3 American Smelting and Refining Co. 5
The American Metal Co., Ltd. 3 and the Miami Copper Company.
At the conclusion of the driv^ Secretary of the Treasury Snyder
A t ie r / y
Be //
.,
will present thesj§*iMiii2.^to each of the states and territories for
permanent display.
The slogan for the drive is "SAVE FOR TOUR I^EPENDENCEn,
emphasizing the traditional American faith in thrift, and the
campaign symbol is the Liberty Bell*
-
2
-
Arthur Godfrey mil be broadcast over the NBC television network
from 10:00 to 11s00 P.M. EDST, joining with the radio program for
a simulcast of Secretary Snyder and the President»
The Independence Drive opening celebration in Philadelphia will
be highlighted by the re-enactment of the signing of the Declaration
of Independence narrated by Maurice Evans* A cast of over 125 actors
will participate in the Independence Square pageant in Philadelphia.
While Philadelphia is the official city for the premiere of the
drive, celebrations will be held all over the country to initiate the
drive to stimulate the national interest in thrift.
The national
sales goal of the drive is I65Q?QQQyQOO.in. Series 1 Savings Bonds.
. Utah, a mounta:
Sop will be bloTg
to
the drive aa/"to announce
quo'
|25.00 S ^ n p " ^ ^ ^ £ o r
Lngham
ej
Ls one of several^copper miJM^isfe^JLi^fTfSnities that#will
conduct social programs ir ^ ojaa^l^aon with/he open^ftg^o/the drive,
/elude BlaqlswefTyOklahoina; Butte /kontana; Silj^r Cil
Rutland McGill, Nevapt; Phoenix, Rpben, Morenci,
Arizona^ ^arteret, and Perljf Amboy, New Jqfsey•
In Washington, D. C., special ceremonies will be held at noon
on the steps of the Capitol^where a Liberty Bell replica will be on
exhibition. Members of Congress and officials of the government
will participate.
b
5Tomorrow,
full-scale replicas of the Liberty Bell
will sound the opening of the Treasury Department’s Independence
Savings Bonds Drive in key cities from coast to coast*
Shortly after the opening ceremonies in Philadelphia, the
Liberty Bell duplicates will commence tours that will bring them
to over 2500 communities throughout the nation by the end of the
drive on July 4*
The Independence Drive will be introduced to the nation by a
four-network radio broadcast from 10:30 to 11:00 P*M. EDST, Monday,
May 15*
President Truman will speak from Chicago at approximately
10:55 P*M* He will be presented by Secretary of the Treasury John W.
Snyder, speaking from Independence Hall in Philadelphia, scene of
colorful ceremonies inaugurating the campaign*
Ttwru. AiSsagSSBBNWjr^""'1
"'
events for the inaugural program in Philadelphia,
ha« been planned by Mayor Bernard Samuel and a committee of
civic leaders.
Bob Hope, Eddie Cantor, Bing Crosby, Jack Benny, James Stewart,
and other stars will appear on the radio program in behalf of the bond
program* A one-hour star-studded television program headed by
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE, SUNDAY NMS PAPERS,
May 14, 1950___________
WASHINGTON, D .C .
S-2333
Tomorrow, full-scale replicas of the Liberty Bell will somd the
opening of the Treasury Departments Independence Savings Bonds Drive in
key cities from coast to coast«
Shortly after the opening ceremonies in Philadelphia, the Liberty
Bell duplicates will commence tours that will bring them to over 2500
communities throughout the nation by the end of the drive on July 4*
The Independence Drive mil be introduced to the nation by a fournetwork radio broadcast from 10:30 to 11:00 P.M* EDST, Monday, May 15»
President Truman will speak from Chicago at approximately 10:55 P.M.
He will be presented by Secretary of the Treasury John W* Snyder, speaking
from Independence Hall in Philadelphia, scene of colorful ceremonies
inaugurating the campaign« The events for the inaugural program in
Philadelphia, have been planned by Mayor Bernard Samuel and a committee
of civic leaders*
Bob Hope, Eddie Cantor, Bing Crosby, Jack Benny, James Stewart, and
other stars will appear on the radio program in behalf of the bond pro
gram. A one-hour star-studded television program headed by Arthur Godfrey
will be broadcast over the NBC television network from 10:00 to 11:00 P.M*
EDST, joining with the radio program for a simulcast of Secretary Snyder
and the President.
The Independence Drive opening celebration in Philadelphia vail be
highlighted by the re-enactment of the signing of the Declaration of
Independence narrated by Maurice Evans. A cast of over 125 actors will
participate in the Independence Square pageant in Philadelphia*
While Philadelphia is the official city for the premiere of the
drive, celebrations will be held all over the country to initiate the drive
to stimulate the national interest in thrift. The national sales goal of
the drive is 1^650,000,000 in Series E Savings Bonds.
In Washington, D. C., special ceremonies will be held at noon on the
steps of the Capitol, where a Liberty Bell replica vdll be on exhibition.
Members of Congress and officials of the government will participate*
r
- 2
•\CO
the State? th»yn® + -r!P eC3Si
in all, one for each of
and the
r? ?
C°lu**4a» Hawaii, Alaska, Puerto Rico
1 ? n? 5 Were donated to the Treasury Department a
rorn? ^
^naoonda Copper Mining Co.; Kennecott Copper
i°rp;5 Phelps Dodge Corp.* American Smelting and Refining Co •
The American Metal Co., ltd., and the Miani Copper Com^fy! ’
will present0? ^ 1? ? ? ? 0^ !
Secretary of the Treasury Snyder
terri fn^f!rcth Uberty Sell replicas to each of the states and
territories for permanent display*
emr,haIi7W°Sn f01? ? dr*V® iS ”SAVE F0H TCUR INDEPENDENCE,"
mphasizmg the traditional American faith in thrift and the
campaign symbol is the liberty Bell.
and the
0O0
(Bell rings)
You have just heard a signal
froo; the original Liberty Bell
Independence Hell
in
in Philadelphia,
inaugurating the I960
Independence United States Savings
Bond Drive.
And now, ladies and
gentlemen The President of the
1 1 1
America during the next seven
w e e x s .
In a moment you w ill hear the
Liberty Beil sp.eaK.
It » i l l be
the voice of the o r ig in a l b e l l .
Its exact tones will be reproduced
throughout the land.
They wi 1I carry a note of
optimism, of ch a lle n g e , of
confidence, of f a i t h .
Listen now as we open the
Independence Drive.
s - aHpigi
Mi 11¡oris of you a 1ready Know th i s |
for a l l over America there ¡¡¡§g m 8fi
and woanen who have r e a 1ized s
spec I ai1 object i ve or ambition by
reason of their savings.
Now i s
a good time for each of us to s t a r t
our owr*1
p%_
1 "save for in cl
i ntl
campa i gn.
Hiire is th 0 S p P l i l l
l i ber ty Bell,
f which f i f t y - three
11Kenesses will carry our
* ! ndependence message" to a l l
il
ho
hi story o f
cour
»»IT*
t has been an
outstanding c h a r a c t e r i s t i c of
ree enterprise system.
been
11
f v i t a l s i g n i f i c a n c e in the progress
Nation, and is no hg»
a
portant no
»■I I: O ’(
#»
I in the 08’S t .
ncia I independence is a
¡cable goal, for Americans
Mi
C #tS:-
#
Zj I
ft
®ft v s
to atta in ih I
is through regular investment i
ted States
1:S
its Bonds
C*"
symbols zed our independence.
For
t h i s reason, it has been chosen
as the symbol of the savings bond
dr tv e tb i s year.
F i f t y - t h r e e b e l l s , true
dup licates of the o r i 1
d i so 1 a y e d
i n the
Columbia,
in A 18 S K
Puerto Rico,' *4^-
|#($■_
in every Stet ©
O f
Th is has been
the
g t r ie r o s
11y
D
\£
m a d e
fj f
in s
w ill
1 ,
b e
i s t r i c t of
a
, Hawaii
t
i rp i n I s 1ends
e n d
the Union #
possible thr o u g h
A ßier j c a n
in c i u s t r y
ffi§ are here in Philadelphia
to launch the Savings Bond
Independence Drive.
The great documents by which
we li v e as a Nation - - the
Declaration of independence and the
C o n s t it u t io n of the United States were born here in P h ila d e lp h ia .
Here, a l s o ,
is enshrined one of
America’ s most cherished national
r e l i c s - - the Liberty B e l l .
As long as the United States
has been a nation, t h i s Beil has
Final Copy
May II, 1950
SHUSSS 87 9SCRRW.K1 Sim *8
J»S*HI
•u)' 15, 1950 - 19t5î - 10«5* P . f . »1ST
F s m iim , v m m i m n s u
{taMXum
to
m a s rt. m u
r-xr. rabio — ratt'mrans)
characterized America from its
ear Iiest days.
Three million volunteers
today are starting their nation-wide
sales campaign.
They are pledged
to make this Drive succeed.
To all these public-spirited
men and women across th
and to alI of you in Phi iadelphia,
the Treasury Department extends
its sincere thanks.
I
experience the benefits of an
investment made ten years earlier.
The Savings Bonds Independence
Drive is a stimulation Drive,
designed to encourage thrift,
promote citizenship, and awaken
greater public interest in the
fiscal affairs of the Nation.
It
was thrift that helped this country
attain its present greatness.
It
is thrift which will enable us to
continue the progress which has
in our periodic savings bond
drives.
These bond owners are
not concentrated in any one
locality.
You will find them in
big cities like Philadelphia and
New York,
in the smallest villages,
and on the Nation's farms.
Many have learned what their
savings bonds can mean in an
emergency.
Many more have seen
their bonds mature, and have learned
at first hand what it means to
4
their own future through regular
for
.investment in United States Savings
Bonds.
Savings bonds have made an
important contribution to the
Nation's saving habits.
Millions of Americans have
been buying savings bonds for
years -- through the automatic
Payroll Savings Plan where they
\
; 'J:’5£
Iff
»
.
A ■
work, at their banks through the
Bond-a-Month Plan, and as participants
- 3 Americans must continue to
guard their individual freedom and
independence.
During the next seven weeks
the people of America will be
urged to consider anew the idea of
independence -- particularly financial
independence.
The 53 Liberty Bells which
will tour the Nation during the
Independence Drive wiI I remind
alI who see and hear them to save
-
2
-
Independence is a fundamental
concept in our American way of
living.
Our national existence was
developed arouno the idea of
individual freedom and independence an idea which spread out from this eta
until
it covered a whole continent.
Independence is solidly
1 , 'B H k
rooted in our past.
But -- we must
Ì-
■1!. ..
make certain that it remains an
integral part,,,.,of our future as
ir
I I
M*’
'
we i I
This year the Treasury has
selected Independence as the theme
of its Savings Bonds Drive.
We have
chosen as the symbol of the Drive
the Liberty Bell, because it has
symbolized individual freedom to
the people of our country ever since
it rang out to proclaim the adoption
of the Declaration of Independence
in I7T6.
For the slogan of the Drive
we have chosen ’’Save for Your
Independence”.
» ? « » BT SKCKEXm SMTCm
ÏSSaBPKBCfâtCE HAt.f, SWI&ftK
•tor i s ,
1950
3 P.a.
Treasury Department
Washington
Remarks by Secretary Änyder at a luncheon, Federal Rese
The fohlowing remarks by Secretary Snyder. ’’Pageant of Independence,”
Independence Square, Philadelphia, Pennsylvania, are scheduled for
delivery at 3
P.
m*, E. D. T«, Monday. May 15» 1950* and are for re
lease at that times
7
(Bell rings)
You have just heard a signal
from the original Liberty Bell
Independence Hell
in
in Philadelphia,
inaugurating the 1950
Independence United States Savings
Bond Drive.
And now,
ladies and
gentlemen The President of the
United States.
«
£ fgk,
America during the next seven
weexs.
In a moment you wi l l hear the
Liberty Be I 1 sosax.
11 wi l l be
the voice of the o r ig in a l feel I ,
Its exact tones wi l l be reproduced
throughout the land.
They wi l l carry a note of
optimism, of c ha ll en ge , of
confidence, of f a i t h .
Listen now as we open the
Independence Drive.
e are men
for all over America
women who have realized some
spec
a
If sav Inprs
i
Is
of us to start
oersona I "save
«lioa
Here is the original
rty Bell, of which fiftyIiKenesses will carry our
enee mess sa a
W ; W%
IV
to a I I
M;
’
IPlii
ic h
h
as contributed these
and the means of tea
rouKho
Hi
i r S7 «
!"■» CiBIQ
fa Itil
.¿jgt § |ft
U
)e me a
I
H'
f*'
t
fI
fbf*
if
iSiii£
Bllil
A
ese bells »ill hrinp; to the
n ¿an*
rlfii
i** | n e
<f|.w
f*
Ich thrI I Ied th
the
-s
€oo f& i! reoroefuc% Ion
*f H
i0
a-§IB
p
u¡rive iH^
slofan of this Savins
ff C
b Iv o
r o f
I
in A n i
mKe are here in Philarielph
to launch the Savings Bond
Independence Drive.
The great documents by which
live as a Nation
the
Declaration of Independence and the
Constitution of the United States were born here in Philadelphia.
Here, also,
is enshrined one of
America’s most cherished national
relics -- the Liberty Bell.
As long as the United States
Itfili
has been a nation, this Bell has
K W B BI M SSftXf « f l «
s° h
HAI U , 1990 - 10t51-10«54ÉP. S* S I»
? W
n t PKW8TWWIA
(mmssa to »cura m t
ta», mim — n u i start«»)
From - THE SECRETARY
t°
~72u<
Mr. Bartelt
Mr. Baughman
M r . Bray
M r s . Clark
Mr. Clark
Mr. Ecker-Raoz
Mr. Delano
Mr. Foley
Mrs. Forbush
Mr. Graham
Mr. Haas
Mr. Kilby
Mr. Kirby
Mr. Lynch
Mr. Martin
Mr. McDonald
Mr. Parsons
Mrs. Ross
M r . Saxon
The following remarks by Secretary Snyder at ceremonies launching the
Independence Savings Bonds Drive, Independence Hall, Philadelphia
Pennsylvania
scheduled for delivery
at 10*50 p. m.. ui.ui.ini.iji.
E#
' '
mrthiifuwi.
_______ _jmjwm«uuiim nwLimirrm-“
T •>
20
importance.
—
Ûur court try today is the
outstanding citadel of democracy,
it
is here that the light of free
enterprise is Kept burning.
More than]
ever before in our history, the coursaj
of events in this country is of
world-wide significance.
The success
of our savings bond program not only
creates a strong safeguard to our own
economic security,
it is also one mora
assurance to people everywhere that
free enterprise and .democracy are
vital forces in the world today.
in every
, finance.
intenance
system
ur
n
is to maintain
nt
w idespread
bt.
rshi p of the pub Ii c
Ownership of Government
financial affairs of their Governme
increases their interest in
nati
issues.
We want, therefore, to maintain
ana,
if possible, to enlarge the
present broad base of the ownership
i —
is direct partici pat ion in the
-
securities by millions of indiviau
a fact of extreme Importance both
in analyzing the market for new
products and in planning for the
expansion of old ones,
W e know that
#
money is being earned with which
more products can be bought.
Se know,
also, that the rate of spending is
steadied and sustained by the
prosperous position of the Nation's
families.
Continued purchases of
United States savings bonds are a
factor in reinforcing tn is strong
for many years to come
aceumulatea
is of the existin
population have been the subject
of special studies of family
expend itures at different
ncome.
levels
Results of these studies
ndicate that, as the level of income
rises, expenditures for all classes
of consumer goods increase, though
in varying
ort i©ns.
The strong cash position of
A m e r i c a n
families today is, therefore,
fti
15
be based stems both from existing
consumer demands and from an expanding
popuI ati on.
In the decade of the Forties,
the birth rate rose sharply with a
resulting net increase in the
population of 20 million persons,
compared with an increase of on Iy
9 million in the previous decade.
Thus, we are assured of increasing
requirements for the necessities,
con ven iences, and luxuries of life
14
I?’.v;
early months of 1950, despite work
stoppages.
Tne federal Reserve
Board’s index of industrial
|
production stood at 186 in March,
If
compared with last year's low point
of 161 registered in July.
[
We wish to maintain the present
healthy business situation.
Our
future prosperity depends to a large
extent upon the expansion of
consumer markets.
The potential
demand upon which such expansion can
13
of financial
stability, and people continued
of
their buy
retail sales remained
close to the high levels of the
5 year.
By the middle o
demand for
aga in
than the volume
; and, by fall, factories
were
up production sharply
to meet incoming orders.
Business
continued to show improvement in the
my c
ow In
I
Shi
rate of factory output, and led to
some reduction in employment,
Many
people fe 11 that the decline in
incomes and the rise in unemployment
wouIo cause general alarm which migh
result in a curtaiIment of retail
e and a further increase in
unempIoyment
case.
ut this was not
The large reserves of persona
savings, along with the conti
high level of aggregate income,
ùisÉ
concrete demonstrat ions that this
economie
9
billion of savings bonds,
individual:
X
also own $21 billion of other
Federal Government securities.
Individual citizens today own liquid
savings which approximate $200
billion -- this includes besides
Government securities, the savings
\1
accounts and cnecking accounts o f /
I
individuals, and their holdings of
currency.
With such a backlog of
savings and with personal
income at
an annual rate of well above $200
billion, Amer ican
f't®i Iies are now
holdings of savings bonds» but. also
their other types of savings.
During
the four years ended December 31.
1949, savings bond holdings of
individuals increased 14 percent, as
compared with an increase of TO pereen
in savings and loan shares; 32 percent
in insurance;
26
percent in mutual
savings deposits » IT percent in saving
deposits in commercial banks; and
10 percent in postal savings
a c c o u n t s .
In audition to their $48è
comparable average saving of
per person.
The Treasury is interested not
on Iy in the sale of savings
bonds, but a Iso in encouraging
thrift in all forms.
The entire
savings bond promotion campaign has
been aimed toward encouraging all
manner of "regular saving to provide
for the future,"
During the years
since the end of the war, the American
people have increased not only their
■
inning of the decade,
At
an
in d iv ia u a is
approx imate Iy
li billion
Îngs bonds; at
of 1949, they
Ine magnitude of this g
b¡ I
more easily grasped if v
KB
I
savings bonds hela by
.
individuals at the close of 1939
represented an average saving
5 for every person in the United
»c
thaï lime, and those
at the cl ose of
represented a
-
5
-
Millions of people all over the
nation are already benefiting from
this opportunity.
For many of them
the decade beginning in I960 marks
the opening of a new era of financial
indepenaence,
Bonos purchased in
1940 are now maturing, and each year
will bring additional maturities with
even more persons profiting from the
investments which they made ten years
ear tier.
factor in the
in
of its existence.
Thrift is
important to our country
it
ever been in
t
it «ill enable America to
ne
in the
sa v
bond
every American citizen
to partici pate actively in a
tir 5ft.
s y s t e m a t i c
1 1 g§j
I|
v1
¡rya
1Si
3
and in the hotel which takes its
name from one of our outstanding
advocates of thrift.
I'.:.,|■■
if-.... \
Benjamin Franklin arrived in
•
Philadelphia at the age of seventeen
with only a single Dutch dollar in his
pocket.
Yet through personal
application of his doctrine of thrift,
he retired from active business 25
years later, financially independent.
Thrift is a traditional American
concept.
It has been an important
2
launch In this city our special
savings bond drive -- the Independenc
Drive,
The present Drive is predicated
on the idea that thrift has been the
foundation of our American economic
prosperity.
It will reemphasize the
opportunities offered to each Americanl
citizen to stimulate his own financial
independence by purchasing United
States savings bonds.
It is especially suitable to
speak of thrift here in Philadelphia,
1 want to thank our many
. -
friends in Philadelphia for this
opportun ity to
to talk
about
you briefly this
a subject which is of interest to
a
it of us -- the savings bond program
Here in
surrounded
historical
and assoc iati ons -
are close to
our national origins, and it seems
The following address by Secretary Snyder at the Philadelphia Chamber
of Commerce Dinner inaugurating the United States Savings Bonds
Independence Drive, Benjamin Franklin Hotel, BhiladeTphia, is scheduled
for delivery at
9 p. nu.
release at that time:
E.
D. T«.
Monday. M a y
1$, 1950«
and is for
*pl
I
f
*
men and women is bound to be strong
and secure.
Third, a nation of
free and independent individuals
is the best proof we csn offer to
other nations of the value of the
American system of free enterprise.
The Independence Drive has a
th reefo ld s l g n l f I c a n c e .
First,
every bond that Is purchased wi l l
contribute to the economic
Independence of some American
c 111 ten — the more bonds, the mere
Independence and the broader Its
d i s t r i b u t i o n throughout the country.
Second, these purchases wi l l
contribute to the economic security
of the Nation; for a. nation of
Independent and f i n a n c i a l l y secure
the people want »-** a product which
not only helps to assure Individual
independence, but assures a free
and strong America in which to enjoy
th is independence.
In encouraging
t h r i f t , we are h e lp in g -to preserve
our system of individual enterprise,
ft# are helping to guarantee our
economic se c u r it y and s t a b i l i t y - and thus we are helping to preserve
the peace and s e c u r it y of a l l the
throughout America
near 1y $49 b ] I I ion of savings bonds,
It Is the «ttft and «omen of America
*ho buy the bonds; It is the men
and women of America who s e l l the
bonds to other people — f r i e n d s ,
neighbors, fellow worKers, and their
own f a m i l i e s .
Savings bonds meet the needs
of every American.
They are not a
luxury *• they can be bought by a i l
|
income groups.
They art something
i.
f
i l
e course
5a sur y
a s p
sued in car
i r e s p o n s i b i l i t i e s ha &
P
\*kMJ
1 material
fvj-'9h
0 i
ia I
p o l i c i e s has
d ebt
$f| Ì
Ltffl®
co.
rship of the d
*o. rv *i%
Jì QB
ma ny
par t i c i oat
tram is of
SS
DOSSI
g U V { tTH 8
fe
im/r.easurab11 ya Iu#
m
peop Ie mean In prompt fng the
econon-c s t a b i l i t y of the Nation.
The large backlog of personal
savings - - o f which savings bonds
form a very 'important p a r t «» gave
people « f e e l i n g o f confidence;
and the American people
as a «heI@ refused to become
apprehensive about the economic
out i ook, despite the f a c t t h a t the
readjustment period through which
«• were going r e s u lt e d in some
Today we are opening the 1950
'
Iffi
savings bond drive
'Independence Drive.
the
I »ant to soea*
to you s t t h i s time about the
important r o l e which savings bonds
play in the economic independence
of our people and the f i n a n c i a l
strength of our country.
The world’ s hope f o r peace and
s t a b i l i t y dapends in large measure,
upon the economic, m i l i t a r y ,
and
s p i r i t u a l strength of our N atio n .
TREASURY DEPARTMENT
Washington
The following remarks by Secretary Snyder before a luncheon in the Federal
Reserve Bank Building, Philadelphia, Pennsylvania, ± x x £ e are sched
uled for delivery at about I p» i » t E. D. T», Monday, May 15, 1950«
and are for release ihn delivery
- 10.-
Listen new as we open the Independence Drive*
(Bell rings)
You have just heard a signal from the original Liberty Bell in
Independence Hall in Philadelphia* inaugurating the 1950 Independence
United States Savings Bond Drive« And now* ladies and gentlemen The President of the United States*
\
0O0
- 9 The following remarks by Secretary Snyder at
ceremonies launching the Independence Savings
Bonds Drive, Independence Hall, Philadelphia,
Pennsylvania, are scheduled for delivery at
10;50 P«nw> E» Da T#, Monday, May 15* 1950»
and are for release at that time;
We are here in Philadelphia to launch the Savings Bond Independence
Drive#
The great documents by which we live as a Nation — the Declaration
of Independence and the Constitution of the United States — were born
here in Philadelphia# Here, also, is enshrined one of American most
cherished national relics — the Liberty Bell#
As long as the United States has been a nation, this Bell has sym
bolized our independence# For this reason, it has been chosen as the
symbol of the savings bond drive this year#
Fifty-three bells, true duplicates of the original, will be displayed
in the District of Columbia, in Alaska, Hawaii, Puerto Rico, the Virgin
Islands and in every State of the Unione This has been made possible through
the generosity of American industry •which has contributed these bells and
the means of transporting them throughout the country#
Carefully produced to recreate faithfully the measurements and tone
of the original Liberty Bell, these bells will bring to the American people
a reproduction of the sound which thrilled the patriots in 1776©
The slogan of this Savings Bond Drive is ’’Save For Your Independence#”
Throughout the history of our country, thrift has been an outstanding
characteristic of our free enterprise system# It has been of vital sig
nificance in the progress of our Nation, and is no less important now than
in the past#
Financial independence is a practicable goal for Americans# One of
the ways to attain this goal is through regular investment in United States
Savings Bonds o Millions of you already know this — for all over America
there are men and women who have realized some special objective or ambi
tion by reason of their savings© Now is a good time for each of us to
start our own personal ’’save for independence” campaign#
Here is the original Liberty Bell, of which fifty-three likenesses
will carry our ’’independence message” to all America during the next seven
weeks#
In a moment you will hear the Liberty Bell speak# It will be the voice
of the original bell# Its exact tones will be reproduced throughout the
land.
They will carry a note of optimism, of challenge, of confidence, of
faith#
-
8
-
It is here that the light of free enterprise is kept burning* More
than ever before in our history, the course of events in this country
is,of world-wide significance* The success of our savings bond pro
gram not only creates a strong safeguard to our own economic security,
it is also one more assurance to people everywhere that free enterprise
and democracy are vital forces in the world today*
- 7by fall, factories were stepping-up production sharply to meet incoming
orders. Business continued to show improvement in the early months of
1950, despite work stoppages. The Federal Reserve Board*s index of
industrial production stood at 186 in March, compared with last year*s
low point of 161 registered in July*
Vie wish to maintain the present healthy business situation* Our
future prosperity depends to a large extent upon the expansion of con
sumer markets. The potential demand upon which such expansion can be
based stems both from existing consumer demands and from an expanding
population.
In the decade of the Forties, the birth rate rose sharply with a
resulting net increase in the population of 20 million persons, com
pared with an increase of only 9 million in the previous decade. Thus,
we are assured of increasing requirements for the necessities, con
veniences, and luxuries of life for many years to come* The accumulated
wants of the existing population have been the subject of special
studies of family expenditures at different levels of income* Results
of these studies indicate that, as the level of income rises, expend
itures for all classes of consumer goods increase, though in varying
proportions.
The strong cash position of ^American families today is, therefore,
a fact of extreme importance both in analyzing the market for new pro
ducts and in planning for the expansion of old ones* Tie know that
money is being earned with which more products can be bought, tie know,
also, that the rate of spending is steadied and sustained by the
prosperous position of the Nation*s families. Continued purchases of
United States savings bonds are a factor in reinforcing this strong
position.
M essential part of our debt management policy is to maintain
widespread ownership of the public debt. Ownership of Government
securities by millions of individuals is direct participation in the
financial affairs of their Government and increases their interest in
national issues.
Tie want, therefore, to maintain, and^' if possible, to enlarge the
present broad base of the ownership of the public debt. This has been
an important objective in the continued emphasis on the savings bond
program since the end of the war.
.Americans leaders in every field — business, finance, agricul
ture, labor — regard the savings bond program as a significant factor
in the maintenance and preservation of our system of free enterprise.
In view of this fact, the present Independence Drive assumes great
importance. Our country today is the outstanding citadel of democracy.
- 6A“
fc the beginning of the decade, individuals held approximately
$2 billion of savings bonds3 at the close of 1949, they held «¿48-1/2
billion* The magnitude of this growth can be more easily grasped if
we say that the savings bonds held by individuals at the close of
1939 represented an average saving of $15 for every person in the
United States at that time, and those held at the close of 1949 repre
sented a comparable average saving of (,>320 per person.
The Treasury is interested not only in the sale of savings bonds,
but also in encouraging thrift in all forms* The entire savings bond
promotion campaign has been aimed toward encouraging all manner of
"regular saving to provide for the future." During the years since the
end of the war, the American people have increased not only their
holdings of savings bonds, but also their other types of savings»
During the four years ended December 31, 1949, savings bond holdings
of individuals increased 14 percent, as compared with an increase of
70 percent in savings and loan shares; 32 percent in insurance; 26 per
cent in mutual savings deposits; 17 percent in savings deposits in com
mercial banks; and 10 percent in postal savings accounts•
In addition to their $4$—1/2 billion of savings bonds, individuals
also own (¿21 billion of other Federal Government securities. Individ
ual citizens today own liquid savings which approximate $200 billion —
this includes besides Government securities, the savings accounts and
checking accounts of individuals, and their holdings of currency, liith
such a backlog of savings and with personal income at an annual rate
of Yiell above $200 billion, American families are now in a stronger
financial position than they have ever been before.
The financial security provided by the high income level and the
record holdings of personal savings inspires public confidence.
During the past decade, we have had many concrete demonstrations that
this confidence is a key factor in our economic stability* Confidence
of the people in our free enterprise system made possible the conversion
of the American economy, almost overnight, into a multi—billion dollar
war production machine.
Again, at the close of the war, it was the
confidence of the people that oilod the wheels of reconversion to a
peacetime economy where high levels of ^production and employment have
been achieved with a minimum of friction and inconvenience*
During the first half of 1949, an inventory adjustment in the
economy caused a slowing—down in the rate of factory output, and^led^
to some reduction in employment. Many people felt that the decline in
incomes and the rise in unemployment would cause general alarm which
might result in a curtailment of retail trade and a further increase
in unemployment. But this was not the case. The large reserves of
personal savings, along with the continued high level of aggregate
income, created a feeling of financial stability,^ and people continued
their buying. Instead of falling off, total retail sales remained
close to the high levels of the previous year.
the middle of 1949,
the demand for goods was again greater than the volume produced; and,
\
- 5-
The following address by Secretary Snyder
at the Philadelphia Chamber of Commerce Dinner
inaugurating the United States Savings Bonds
Independence Drive, Eenjamin Franklin Hotel,
Philadelphia, is scheduled for delivery at
9 p.m,. E.D.T*. Monday« May 15» 1950» and is
for release at that time.
I
want to thank our many friends in Philadelphia for this op
portunity to meet with leaders of banking and industry — to talk with
you briefly this evening about a subject which is of interest to all of
us ■— the savings bond program*
Here in Philadelphia we are surrounded by historical monuments
and associations — we are close to our national origins, and it seems
particularly appropriate that we launch in this city our special savings
bond drive — the Independence Drive*
The present Drive is predicated on the idea that thrift has been
the foundation of our .American economic prosperity. It mil reemphasize
the opportunities offered to each American citizen to stimulate his own
financial independence by purchasing United States savings bonds.
^It is especially suitable to speak of thrift here in Philadelphia,
and in the hotel which takes its name from one of our outstanding
advocates of thrift.
Benjamin Franklin arrived in Philadelphia at the age of seventeen
with only a single Dutch dollar in his pocket. let through personal
application of his doctrine of thrift, he retired from active business
25 years later, financially independent.
Thrift is a traditional American concept. It
xactor in the progress which has been made in this
years of its existence. Thrift is as important to
it nas ever been in the past — and it will enable
heights of achievement in the years ahead.
has been an important
country during the
our country today as
America to gain new
The savings bond program gives every American citizen the op
portunity to participate actively in a systematic program of thrift.
Millions oi people all over the nation are already benefiting from
this opportunity. For many of them the decade beginning in 1950 marks
the opening ox a new era of financial independence* Bonds purchased in
1940 are now maturing, and each year will bring additional maturities
with even more persons profiting from the investments which they made
ten years earlier.
4~
in the fiscal affairs of the Nation, It was thrift that helped this country
attain its present greatness. It is thrift which will enable us to continue
the progress which has characterized America from its earliest days®
Three million volunteers today are starting their nation-wide sales
campaign* They are pledged to make this Drive succeed.
To all these public-spirited men and women, across the Nation, and to
all of you in Philadelphia, the Treasury Department extends its sincere
thanks©
- 3-
v
The following remarks by Secretary Snyder at
the "Pageant of Independence," Independence
Square, Philadelphia, Pennsylvania, are
scheduled for delivery at 3 p» nu, E. D. T.,
Monday, May 15, 1950, and are for release at
that time:
This year the Treasury has selected Independence as the theme of
its Savings Bonds Drive# We have chosen as the symbol of the Drive the
Liberty Bell, because it has symbolized Individual freedom to the people
of our country ever since it rang out to proclaim the adoption of the
Declaration of Independence in 1776# Fbr the slogan of the Drive, we
have chosen "Save for Your Independence."
Independence is a fundamental concept in our American way of living.
Our national existence was developed around the idea of individual freedom
and independence — an idea which spread out from this city until it cov
ered a whole continent.
Independence is solidly rooted in our past. But — we must make
certain that it remains an integral part of our future as well.
Americans must continue to guard their individual freedom and inde
pendence.
During the next seven weeks the people of America will be urged to
consider anew the idea of independence — particularly financial indepen
dence*
The 53 Liberty Bells which will tour the Nation during the Independence
Drive will remind all who see and hear them to save for their own future
through regular investment in United States Savings Bonds.
Savings bonds have made an important contribution to the Nation's
saving habits.
Millions of Americans have been buying savings bonds for years —
through the automatic Payroll Savings Plan where they work, at their banks
through the Bond-a-Month Plan, and as participants in our periodic savings
bond drives. These bond owners are not concentrated in any one locality.
You will find them in big cities like Philadelphia and New York, in the
smallest villages, and on the Nation1s farms.
Many have learned what their savings bonds can mean in an emergency.
Many more have seen their bonds mature, and have learned at first hand what
it means to experience the benefits of an investment made ten years earlier.
The Savings Bonds Independence Drive is a stimulation Drive, designed
to encourage thrift, promote citizenship, and. awaken greater public interest
The savings bond program is a strong unifying force in our Nation*s
life» Each savings bond volunteer in making a bond sale^ and each
savings bond purchaser in making a bond purchase, knows that he is
doing something for the good of his country* The purchaser, of course,
knows also that he is doing something for his own individual good. The
savings bond program represents the individuals throughout Merica who
noW hold nearly 449 billion of savings bonds* It is the men and women
of Meric a who buy the bonds$ it is the men and women of Merica who
Sell the bonds to other people
friends, neighbors, fellow Workers,'
and their own families*
Savings bonds meet the needs of every Merican* They are not a
luxury — they can be bought by all income groups* They are something
the people Want -*• a product which not only helps to assure individual
independence, but assures a free and strong Merica in which to enjoy
this independence. In encouraging thrifty we are helping to preserve
our system of individual enterprise. We are helping to guarantee our
economic security and stability — • and thus we are helping to preserve
the peace and security of all the world*
The Independence Drive has a threefold significance. First, every
bond that is purchased will contribute to the economic independence of
some Merican citizen — the more bonds, the more independence and the
broader its distribution throughout the country. Second, these pur
chases will contribute to the economic security of the Nation^ for a
nation of independent and financially secure men and women is bound to
be strong and secure. Third, a nation of free and independent in
dividuals is the best proof we can offer to other nations of the value
of the Merican system of free enterprise.
TREASURY DEPARTMENT
Washington
The following remarks by Secretary Snyder
before a luncheon in the Federal Reserve
Bank Building, Philadelphia, Pennsylvania,
are scheduled for delivery at about 1 p.m# <
E.D#T## Monday, May 5,5. 1950% and are for
release on delivery.
Today we are opening the 1950 savings bond drive — - the Independence
Drive# I want to speak to you at this time about the important role which
savings bonds play in the economic independence of our people and the
financial strength of our country.
The world!s hope for peace and stability depends in large measure
upon the economic, military, and spiritual strength of our Nation. The
task, then, for all Americans is to see that our own economic house is
in good order and stands firmly on a sound foundation. Our democratic
form of Government offers the individual greater opportunities than any
other system of government in the world today. Every American has a
stake in the preservation of this system.
Last year, we had clear evidence of what the savings of the American
people mean in promoting the economic stability of the Nation# The large
backlog of personal savings — of which savings bonds form a very im
portant part — gave people a feeling of confidence; and the American
people as a whole refused to become apprehensive about the economic out
look, despite the fact that the readjustment period through which we
were going resulted in some reduction in incomes and employment.
Public confidence also rests upon the Nationfs immensely strong
financial structure, and upon the knowledge that people*s incomes today
are better protected than ever before# The Treasury’s major objective
has been to maintain the financial soundness of the United States through
fiscal policies and debt management operations designed to preserve
confidence in the credit of this Government# I believe that the course
of action which the Treasury has pursued in carrying out its responsilities has contributed materially to our present economic well-being#
An essential part of our debt management policies has oeen the con
tinuation of broad ownership of the debt — with as many Americans as
possible participating# The savings bond program is of immeasurable
value in accomplishing this objective#
We have continued the savings bond program in order to promote
thrift# The Payroll Savings Plan and the Bond-a-Month Plan give each
individual an opportunity to save regularly and automatically# Savings
bond drives encourage enrollment in the regular savings bond plans and
provide incentive for the purchase of additional bonds#
S-2334
Ü
RELSASI, MORNING NEWSPAPERS,
Tuesday, May 16, 1950.
Tha Searatary o f the Treasury announced la s t evening that the tenders fo r
$1,100»000,000, or thereabouts * o f 91-day Treasury h ills to b© dated May 18 and to mature]
August 17» 1950, which ware offered on May 12, were opened at the Federal Reserve Banks
on May 15*
The d e ta ils o f th is issue are as follow s:
Total applied fo r - $1,782,603,000
Total accepted
- 1,102,027,000
Average price
(includes $101,434,000 entered on a non
com petitive b asis and accepted in f u ll at
the average price shown below)
- 99.705/ Äquivalent rate o f discount approx. 1.165$ per annum
Range o f accepted com petitive b id s:
High
Low
- 99.710 Äquivalent rate of discount approx. 1.147$ per annum
- 99.704
"
*
"
*
*
1.171$ "
"
(17 percent o f the amount hid fo r a t the low p rice was accepted)
Federal Reserve
D is tr ic t
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
A tlan ta
Chicago
S t . Louis
Minneapolis
Kansas C ity
D allas
San Francisco
$
$
TOTAL
14,573,000
1,406,804,000
34,445,000
15,970,000
5,177,000
9,662,000
160,781,000
14,890,000
5,580,000
33,051,000
30,511,000
51.159.000
$1,782,603,000
13,243,000
845,139,000
23,635,000
15,687,000
5,094,000
9,662,000
95,051,000
10,889,000
5,477,000
32,270,000
22,111,000
23,769,000
$1,102,027,000
TREASURY DEPARTMENT
Information Service
Wa s h in g t o n ,
RELEASE MORNING NEWSPAPERS,
Tuesday, May 1.6, 1950»____
-
o oooc
'' ■^
The Secretary of the Treasury announced last evening that the
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury hills
to he dated May l8 and to mature August 17, 1950, vhich were offered
on May 12, were opened at the Federal Reserve Banks on May 15.
The details of this issue are as follows:
Total applied for
Total accepted
Average price
$ 1 , 782 , 603,000
. ,
1 ,1 0 2 ,0 2 7 , 0 0 0 (includes $101,434,000
entered on a non
competitive basis and
accepted in full at the
average price shown below)
99.705/ Equivalent, rate of discount approx.
1 .1 6 5 $ per annum
Range of accepted competitive bids:
99.710 Equivalent rate
1.147$
99.704 Equivalent rate
1 .1 7 1 $
High
Low
of discount approx.
per annum
of discount approx.
per annum
( 1 7 percent of the amount bid for at the low price was accepted)
Total
_Applied for
Federal Reserve
District_____ _
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
14,573,000
1,406,804,000
34.445.000
15.970.000
5.177.000
9 .6 6 2 . 0 0 0
1 6 0 ,7 8 1 , 0 0 0
1 4 .8 9 0 . 0 0 0
5 .5 8 0 . 0 0 0
3 3 .0 5 1 . 0 0 0
3 0 .5 1 1 . 0 0 0
Total
_____Accepted
$
13,243,000
845,139,000
23.635.000
.
15 687.000
51.159.000
5.094.000
9.662.000
95.051.000
1 0 .8 8 9 . 0 0 0
5,477,000
3 2 ,2 7 0 , 0 0 0
22 ,111,000
23.769,000
$1,782,603,000
$1 ,1 0 2 ,0 2 7 , 0 0 0
0O0
25
llsy h 1950
/ to mu si» H Ü
j
'!
Tiw Jpgloosing transactions wer« mad« in direct and guaranteed
securities of the Govemaent for Treasury investment arid other
accounts during the month of April, 1950*
Purchases # • # • ♦ * * * * • * ♦
#1,751$OQQ.
Sales » ♦ * # * • * * • * * * * •
Met Purchases * • • • * • » » * *
#1,123,500*
Chief, Division of Investments
,
j
i
I
!
Statement Mo. Jé
treasury Department
Division of Investments
Wlsecarver 5 A / 5 0
gr. Banning (Dish.)
Hr, R, R. Barker ,
jir, Barnes (5*^1/*
Mr, Bart e l t
Mr. Batchelder
Mr» B eall
Bookäq?g'& Warrants (U 30S)
Mr. Brogan (bOQ Sloane)
Mr. Burdette (1^53)
Miss Burke (Ul25)
Mr. Cake
Mr. Oarlock (2000)
Mr, Church
Miss Cullen
Mr. Cunningham
Jx^XH etr.iUh---- ^
Jr - B illo n W l 6 ) ^
Miss Donovan
Mr. Doolan
.Mr. Sddy
Mrs. B’arrell(3^05)
Mr. Foley
Mr. Gearhart (*+33°)
Mr. Gerardi { > # )
Mr. Graham
Mr, Haas
Mr. Handy
Mr. Hard
Hiss Harrison ( 3 ^ 6 )
Mr. Hearst
Mr. H o ffe lf in g e r
Miss Hodel
Mr. Howard
Mr. Hyland
Mr. Je n k in s (5*&5)
Mr. K ilb y
Hr. Kious
Mrs. Legg
Mr. Lynch ( 3 OOO)
M rs, R id d le ( 3 O I 3 )
Mr. Martin (3**3*0
Mr. Maxwell
Mr. Mayo
Mr. McDonald
Mrs. McGuire (3128)
Mrs. McKenna
Mr. Merritt
Mr. Moore
Mr. Mulvihill (Tempo.V)
Miss Newcomer (1021)
Mr. Nussear (^33^)
Mr. Parsons
Mr. Perry
Mr. Peterson (3^2£)
Mr. Rahon
Mrs. Half: (132*0
Mr. Reeves
Mrs. Root
Mi ss Ecusseaux ( 2 1 )
Mrs. Schoeneman
Mr. Schwalm (Walker)
Mr, Slindee
Mr. Smith (312S)
Mr. Smith (4125)
Mr. Snyder (*H25)
Mr. Stickney
Mrs. Sweitsor
Mr. Tickton
Mr. Tietjens
Mr. Tomkinson (2202)
Mr. Traver (*HL25)
Miss Vassar
Mrs. Walker
Mr. Warfield
Mrs. Warneson
Mr. Woodson
Mr. Ziegenfus
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS
S& tur d gy } lilpri1
3
.**
rfoj
sP^
/4s/~o
During the month
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
_^^ac^)urit^j?esuited in net purchases of
Secretary Snyder announced
today.
RELEASE MORNING NEWSPAPERS,
Tuesday, May 16, 1950»
During the month of April 1950,
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $1,123,500, Secretary
Snyder announced today.
oOo
S-2336
IMMEDIATE RELEASE
MAI 15.1950
/
^4 - ^
1
7
The Bureau of Customs announced today that thejnew quota year will open
on May 29, 19£Q, for importations of wheat, wheat flour, semolina, crushed
or cracked wheat, and similar wheat products (not including any commodity
unfit for human consumption) subject to the provisions of the President's
Proclamation of May 28, 19Ul, as modified b y the proclamation of April 13,
19U2.
In order that all may share equitably, arrangements have been made with
collectors of customs which will enable importers to present simultaneously
properly executed entry papers covering such commodities at the opening
moment of the quota on May 29 at Is00 p.uu, Atlantic standard time; 12s00
noon, eastern standard time; U s 00 a.m., central standard time; 10s00 a.m.,
mountain standard time; and 9s00 a.m*, Pacific standard time*
Authority to permit release of wheat, wheat flour, and similar wheat
products covered by entries or warehouse withdrawals for consumption will
be granted within quota limitations in the order of the time of presentation
of such entries at the customhouse in the port where the merchandise has
arrived.
In the event the entries and withdrawals presented at the hours
specified above on May 29 cover an amount in excess of the quota prescribed
for any given country, the amount which may be permitted release will be
prorated on the basis of the amount presented for entry*
TREASURY DEPARTMENT
Information Service
WASHINGTON. D .C .
IMMEDIATE RELEASE,
Monday, May 15, 1950•
S-2337
The Bureau of Customs announced today that the
new quota year will open on May 29, 1 9 3 0 , for
importations of wheat, wheat flour, semolina, crushed
or cracked wheat, end similar wheat products (not
including any commodity unfit for human consumption)
subject to the provisions of the President's
Proclamation of May 28, 19^1, as modified by the
proclamation of April 13, 19^2.
In order that all may share equitably, arrange
ments have been made with collectors of customs
which will enable importers to present simultaneously
properly executed entry papers covering such com
modities at the opening moment of the quota on
May 29 at 1:00 p.m., Atlantic standard time, 12:00
noon, eastern standard time; 1 1 : 0 0 a.m., central
standard time; 1 0 : 0 0 a.m., mountain standard time;
and 9:00 a . m . P a c i f i c standard time.
Authority to permit release of wheat, wheat
flour, and similar wheat products covered by entries
or warehouse withdrawals for consumption will be
granted within quota limitations in the order of
the time of presentation of such entries at the
customhouse in the port where the merchandise has
arrived.
In the event the entries and withdrawals
presented at the hours specified above on May 29
cover an amount in excess of the quota prescribed
for any given country, the amount which may be
permitted release will be prorated on the basis of
the amount presented for entry.
0O0
V \
- 23 -
I
are running about § percent higher
I
*
than a year ago.
Consumer buying for I
the country as a whole is currently
running at a record annual
level of
$181 billion.
The fact that last year's
business readjustment did not unsettle
the economy has created a justifiable
feeling of confidence.
Another factor in the business
picture -- one of the Nation's biggest
assets for future progress -- is our
growing labor force.
To realize our
people's financial resources.
Their
investments in life insurance, homes
and real estate, corporate securities,
and other less liquid assets far excee
and consumer expendi tures.
retail sales,
Total
in actuaI unit volume,
our
It is not only
« 1 1 , /
IrU
UM]f
U U
t
fri
W i l l
that
#
«
#
I ity to buy is evidenced
current record level of
incomes, wh ich continues to run we11
over the $200 billion mark.
|
In
ado iti on,
represent potential purch&s in
are higher than ever before,
assets of individuals amount to over
I
$200 billion,
I
in contrast to only
established in the South.
Your Iocal
to supp iy
of course.
it is the inaivi
consumer
-
19
-
In only one month so far have we
exceeded the 1929 pea« in our outout
of passenger automobiles.
And again,
we must remember that we have 30 mi IIid
more people today than in 1929.
I Know th a t you are eyeing
this
industry with considerable
interest,
for the manufacture of
automotive parts is one of the
promising f i e l d s for fu tur e major
i n d u s t r i a l expansion in this area.
Southern ownership of cars and truCKS
ift the 10-year period
!958» 134§
I
18
The construction industry is
highly important in your own State* s
economy as well as the Nat ion's.
Currently, construction is giving
direct employment to around 32,000
/ /■ lipI|U I
Tennesseeans, and indirect employment
to an even greater number in your
lumber and other construct ion-re Iated
inous tr ies
Automobile production
is also
one of the strong points in the
current bus i ne ss p i c t u r e , and l am
told the demand is f a r from s a t i s f i e d
in the same quarter last year, and the
increase is widening.
I am particuIarIy impressed, as 1
know you must be. with the construct ¡01
outlook.
New home construetion is at
the highest level
in our history.
Moreover, new contracts awarded for
future construction of residential uni
continue at a spectacular pace.
New SI
contracts awarded so far this year for
public works construction and public
utility construction likewise show
substantial gains over the comparable
period last year.
■'
nearly a year,
inventor ies
upturn in capital
under way, raises the
M
whether earlier estimates
of a substantial reduction in new
expenditures this year
not have been
orders for machinery have
♦
♦
sharply since the third
construct ion
contract awards for non-residentia
building were
h ieher than
outlook for our Nati on.
We are well
into the second quarter of this year,
and it is becoming evident that 1950
will be one of the most profitable
business years in our n¡story.
Industrial production is not
only back to last year's level, but
is now rising,
in contrast to the
decline last spring.
Business profits
this year are less likely to be held
down by inventory
Iosses since commoditi
prices have shown a firm trend for
•
ago.
14**
For today, you must be
specialists in the whole broad field
of business analysis.
To evaluate
the opportunities for growth in your
communities and to judge which of
those opportunities offer the best
prospects for sound development, you
must be able to interpret the changes
occurring in bus iness cond it ions not
only in your own State but in the
Nation and in the world.
in my opinion, there is sound
basis for confidence in the business
your
11
is, turning to higher value crops
and products.
The advance which
you have made in dairying is an
instance in point.
By "marketing
your grasslands" you have become
the South's leading dairy state.
in similar fashion, there is
great opportunity here for industrial
expansion in finished products.
Your
industrial output is still primarily
in the production of raw materials,
of semi-finished metals and textiles,
and chemical
intermed iates.
By
iSlBS '
- 10 -
jI
'close of the war,
I understand that
at least 700 new industries have been
established in your own State.
Yet it is not the material
gains which you have already achieved
that have given this region the title
of the ”New South” .
It is rather in
the realization of the potentialities
that lie ahead for still further
i
expansion
progress.
Your State particularly has
tremendous potentials for further
development.
Agriculture should, and
- 9fProject -- the largest single
industrial operation in the world’s
history.
This industrial expansion
was a demonstration to the entire
Nation of what this region could do.
4
I
The close ©f- the war brought
I
ser ious challenges to our economy.
Would America be able to maintain its I
tremendous production gains?
Today --
five years later - - we have the answer
Ae have n o t >only been able to maintain]
our gains, but our productivity is
constantly on the increase.
Since the
I
recent years have stemmed in large
1 «
measure from the development of the
Here was
Tennessee Valley Authority.
the proving ground of one of the
Nation’s greatest coordinated
agricultural and industrial developmen
programs through hydro-electr ic power.
It ushered in a new era of
sc ien t if ic agriculture.
It also
attracted many new industries to your
State.
The availability of low cost
TVA power, for instance, fostered the
bu iIa Îng of many of
V/n 11K*
f * Im est m
I r*
m
t
manufacturi
cotton belt is
dr ivert
industrial area.
do
mean to infer that
agriculture is losing its importance
in your
economy.
or in the South's
On
contrary, it will
continue to be one of your most
important sources of income
industry and agriculture are
mtermeshed.
Here is a
In an
I economy, with both
your most impressîve gains have come
in the past decade.
Since i959 you have had over a
50 percent increase in number of
manufacturing establishments -- more
than 10 percent over the national
average.
Values added by Tennessee
industries have tripled in the same
period.
Compared with other major
geographic areas of the country, the
Southern States show the greatest
growth in population engaged in
.
■
'
• ■.
;
■..
:
|| ;
. ■
5 :
v:'
**
o
ia I
gress
which has come to this State in recent!
trial
ion and better utili zati on
your rich agricultural soils -- is in "
many
typical of
is
a I I over this secti on
of our country
i Ie Tennes i
jfl indu
roots in Colonial
recent years
□os 1 1 1 on
it
is
in
you have
industrial area.
For,
-
2
-
"Old South” but the "New South".
The unparalleled prosperity of
this section of the country today has
come primariIy as a result of
industria Iization.
Manufacture has
added new wealth, and this,
in turn,
has made possible ever-increasing
standards of living and greater
opportun iti e s , both on the farm and
In the city.
Tennessee holds a strategic
pos it ion in this flourishing South
It is a real pleasure for me to
join in this annual meeting of the
Tennessee Bankers' Association.
As you may know, I spent my early
banking days less than 50 miles from
Memphis -- across the border in your
sister State of Arkansas.
Over a span of years, these States!
have been referred to as part of the
I
"Old South”.
I
But in coming back to
this region today,
it is with the
appreciation that this is no longer the
I
IB p
komm m
TFÜKKSSES
£
samanant
BMÜCHIS« »m ecim os
fr
KIXM OS,TU8SES8E*
«•ir JS. 195O
<í*'i
Z/ m ,
\
The follow ing address by Secretary Snyder before the S ix tie th
Annual Convention of the Tennessee Jx k Bankers Association,ebctiut
Hotel Peabody, Memphis*,Tennessee, is scheduled for delivery at
1n ; ...... - ^ ^ T MaFTaT T&n,
lB for Z i S .,
at that time:
- 4 ~
In the last analysis, of course, it is the individual consumer who
represents the major market for our goods and services. It is not only his
ability to buy but his willingness to buy that supports American business.
A b i l i t y to buy i s e v id e n c e d by t h e c u r r e n t r e c o r d l e v e l o f p e r s o n a l
in c o m e s , w h ich c o n tin u e s t o run w e l l o v er th e $200 b i l l i o n m ark . In a d d it io n ,
p e r s o n a l s a v i n g s , w h ich r e p r e s e n t p o t e n t i a l p u r c h a s in g pow er, a re h ig h e r than
e v e r b e f o r e . L iq u id a s s e t s o f i n d i v i d u a l s amount t o o v e r $200 b i l l i o n , in
c o n t r a s t t o o n ly $68 b i l l i o n when we e n te r e d th e w ar i n 1941. And t h i s i s not
th e f u l l m easure o f t h e im provem ent i n p e o p le ’ s f i n a n c i a l r e s o u r c e s . T h e ir
in v e stm e n ts i n l i f e in s u r a n c e , homes and r e a l e s t a t e , c o r p o r a te s e c u r i t i e s ,
and o t h e r l e s s l i q u i d a s s e t s f a r e x c e e d th e prew ar t o t a l .
W illin g n e s s t o buy i s r e f l e c t e d in th e c u r r e n t volum e o f r e t a i l tr a d e and
consumer e x p e n d it u r e s . T o t a l r e t a i l s a l e s , in a c t u a l u n i t vo lu m e, a r e running
a b ou t 6 p e r c e n t h ig h e r th a n a y e a r a g o . Consumer b u y in g f o r t h e c o u n tr y as a
w hole i s c u r r e n t ly ru n n in g a t a r e c o r d a n n u a l l e v e l o f $181 b i l l i o n .
The f a c t t h a t l a s t y e a r ’ s b u s in e s s r e a d ju s tm e n t d id n o t u n s e t t le th e
economy h as c r e a t e d a j u s t i f i a b l e f e e l i n g o f c o n f id e n c e .
A n oth er f a c t o r i n th e b u s in e s s p i c t u r e —- one o f th e N a t io n ’ s b ig g e s t
a s s e t s f o r f u t u r e p r o g r e s s — i s o u r grow in g la b o r f o r c e . To r e a l i z e our f u l l
p o t e n t i a l f o r b u s in e s s p r o f i t s and n a t i o n a l in co m e , new jo b s must be developed
i n s t e p w it h o u r grow ing p o p u la t io n .
In t h e lo n g e r r u n , a s o u r p o p u la tio n
gro w s, new jo b s must be c r e a t e d by t h e i n i t i a t i v e and v i s i o n o f b o th management
and jo b s e e k e r s .
To b e n e f i t by our trem endous o p p o r t u n i t i e s , i t i s e s s e n t i a l t h a t vie keep
o u r economy s t r o n g , h e a lt h y , and g r o w in g . We m ust be e v e r w a t c h fu l o f
develop m en ts w h ich m ig h t te n d to throw i t o u t o f b a la n c e .. I am c e r t a i n t h a t
you b a n k ers w i l l c o n tin u e to be c o n s t a n t ly on t h e a l e r t f o r any f i n a n c i a l
t r e n d s t h a t m ig h t t h r e a t e n our c o n tin u e d p r o s p e r i t y . F o r upon A m e r ic a 's
d o m e stic s t r e n g t h r e s t s n o t o n ly ou r own f u t u r e p e a ce and s e c u r i t y b u t t h a t
o f a l l f r e e n a t io n s o f th e w o r ld .
oOo
In serving your customers today* however, the problems and responsibilities
whj^ch face you are far greater than those that faced your predecessors of
even a generation ago* For today, you must be specialists in the whole broad
field of business analysis* To evaluate the opportunities for growth in your
communities and to judge which of those opportunities offer the best prospects
for sound development, you must be able to interpret the changes occurring in
business conditions not only in your own State but in the Nation and in the
world.
In my o p in io n , t h e r e i s sound b a s i s f o r c o n fid e n c e i n t h e b u s in e s s ou tlo o k
f o r our N a tio n * We a re w e l l i n t o th e se co n d q u a r t e r o f t h i s y e a r , and i t i s
becom ing e v id e n t t h a t 1950 w i l l be one o f t h e m ost p r o f i t a b l e b u s in e s s y e a r s
i n our h i s t o r y .
I n d u s t r i a l p r o d u c tio n i s n o t o n ly back t o l a s t y e a r 's l e v e l , b u t i s now
r i s i n g , in c o n t r a s t to th e d e c lin e l a s t s p r in g *
B u s in e s s p r o f i t s t h i s y e a r are
l e s s l i k e l y t o be h e ld down by in v e n t o r y lo s s e s s in c e commodity p r i c e s have
shown a fir m t r e n d f o r n e a r ly a y e a r , and i n v e n t o r ie s have been g r e a t l y reduced.
The renewed upturn in capital goods, now under way, raises the question
whether earlier estimates of a substantial reduction in new capital
expenditures this year may not have been somewhat exaggerated. New orders
for machinery have been rising sharply since the third quarter of 194-9. New
construction contract awards for non-residential building were 30 percent
higher than in the same quarter last year, and the increase is widening.
I am p a r t i c u l a r l y im p r e s s e d , as I know you must b e , w it h t h e c o n s tr u c tio n
o u tlo o k * New home c o n s t r u c t io n i s a t th e h ig h e s t l e v e l in ou r h i s t o r y .
Mor over, new contracts awarded for future construction of residential units
continue at a spectacular pace. New contracts awarded so far this year for
public works construction and public utility construction, likewise show
substantial gains over the comparable period last year.
The construction industry is highly important in your own State's economy
as well as the Nation's. Currently, construction is giving direct employment
to around 32,000 Tennesseeans, and indirect employment to an even greater
number in your lumber and other construction-related industries.
Automobile production is also one of the strong points in the current
business picture, and I am told the demand is far from satisfied. In only one
month so far have we exceeded the 1929 peak in our output of passenger
automobiles* And again, we must remember that we have 30 million more people
today than in 1929*
I know that you are eyeing this industry with considerable interest, for
the manufacture of automotive parts is one of the promising fields for future
major industrial expansion in this area. Southern ownership of cars and
trucks in the 10-year period 1938-194-8 increased over 4-4- percent compared with
a national average increase of 28 percent. As a result of this growing
southern market, many automotive assembly plants have been established in the
South. Your local enterprise is taking advantage of the profitable opportunity
to supply a considerable part of the requirements of these assembly plants.
- 2~
The great strides you have made in both agriculture and industry in
recent years have stemmed in large measure from the development of the
Tennessee Valley Authority. Here was the proving ground of one of the
Nation's greatest coordinated agricultural and industrial development pro
grams through hydro-electric power.
It ushered in a new era of scientific agriculture. It also attracted
many new industries to your State. The availability of low cost TVA power,
for instance, fostered the building of many of your chemical plants. Today
this industry constitutes your State's leading manufacturing group.
The South's industrial expansion was, of course, given tremendous impetus
by the urgent needs of all-out war production. Billions of dollars were spent
during the war by the Federal Government in the expansion of the South's
manufacturing facilities. Close to one-third of a billion dollars was spent
in Tennessee alone. And, that excludes the oak Ridge Atomic Project — the
laigest single industrial operation in the world's history. This industrial
expansion was a demonstration to the entire Nation of what this region could
do*
The close of the war brought serious challenges to our economy. Would
America be able to maintain its tremendous production gains? Today — five
years later — we have the answer. We have not only been able to maintain
our gains, but our productivity is constantly on the increase. Since the
close of the war, I understand that at least 700 new industries have been
established in your own state.
let it is not the material gains which you have already achieved that
have given this region the title of the “New South". It is rather in the
realization of the potentialities that lie ahead for still further expansion
and progress.
Your State particularly has tremendous potentials for further develop
ment. Agriculture should, and is, turning to higher value crops and prod
ucts«*
The advance which you have made in dairying is an instance in point.
By "marketing your grasslands“ you have become the South's leading dairy
state.
In similar fashion, there is great opportunity here for industrial
expansion in finished products. lour industrial output is still primarily
in the production of raw materials, of semi-finished metals and textiles,
and chemical intermediates. By converting your natural resources into
finished wares, your annual income can be increased extensively.
You, as bankers, will play a major role in this further expansion of your
State's economy. Much of the capital required will be furnished by your
institutions. From earliest days banking has supported the growth of your
commercial endeavor. The Southern banker was a pioneer in the financing of
foreign trade. He issued the drafts covering shipments of cotton to far-distant
points. The bill of exchange, the controlling medium of the entire foreign
exchange system as we know it today, was part of the daily business of the
Southern banks over a century ago.
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before the Sixtieth Annual Convention of
the Tennessee Bankers Association, Hotel
Peabody, Memphis, Tennessee, is scheduled
for delivery at about 10 a, m* CST on
Thursday» May 18, 1950* and is for release
at that time#
It is a real pleasure for me to join in this annual meeting of the
Tennessee Bankers1 Association.
As you may know, I spent my early banking days less than 50 miles from
Memphis — across the border in your sister State of Arkansas.
Over a span of years, these States have been referred to as part of the
"Old South11. But in coming back to this region today, it is with the appre
ciation that this is no longer the 11Old South11 but the 11New South11.
The unparalleled prosperity of this section of the country today has
come primarily as a result of industrialization. Manufacture has added new
wealth, and this, in turn, has made possible ever-increasing standards of
living and greater opportunities, both on the farm and in the city.
Tennessee holds a strategic position in this flourishing South and
Southwest. The material progress which has come to this State in recent
years — by phenomenal industrial expansion and better utilization of your
rich agricultural soils — is in many ways typical of what has happened and
is happening all over this section of our country.
While Tennessee industry has its roots in Colonial Days, it is only in
recent years that you have attained the position of an industrial area. For,
your most impressive gains have come in the past decade.
Since 1939 you have had over a 50 percent increase in number of manu
facturing establishments — more than 10 percent over the national average.
Values added by Tennessee industries have tripled in the same period. Compared
with other major geographic areas of the country, the Southern States show the
greatest growth in population engaged in manufacturing. The cotton belt is
rapidly becoming a power-driven industrial area.
I do not mean to infer that agriculture is losing its importance in your
State or in the South*s economy* On the contrary, it will continue to be one
of your most important sources of income. But industry and agriculture are
intermeshed. Here is a two-way road in an expanding economy, with both indus
try and agriculture translating benefits to each other. It brings mechanized
farming, soil conservation, more output per acre, greater marketing facilities.
Increased industry generates the purchasing power to consume the more abundant
products of the soil. On the other hand, with increasing incomes, the farmer
is enabled to buy more and more products of industry*
S-2338
’V. ■
*. '*
- 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 1*2
and 117 (a) (1) of the Internal Revenue Code* as amended by Section 11$ of the
Revenue Act of 19Ul* the amount of discount at which bills issued 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
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
be1-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 2
19f?0_____ j in cash or other immediately availMay 25. 1950____ .
« F
Cash adjustments will be
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
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
TREASURY -DEPARTMENT
Washington
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,100,000^000 , or thereabouts, of
91 ~day Treasury bills for cash and
.m
—
in exchange for Treasury bills maturing May 25 1950
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 25, 1950
and
wall mature
interest.
August 2k, 1950
> when the face amount will be payable without
dTO
They will be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
W
Daylight Saving
closing hour, two o*clock p.m., Eastern J&xstasi time, Monday, May 22, 1950
***
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
TREASURY DEPARTMENT
553
Information Service
RELEASE MORNING NEWSPAPERS,
Friday, May 19, 1950.______
WASHINGTON. D .C .
S-2339
The Secretary of the Treasury, hy this public notice, invites
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury
bills, for cash and in exchange for Treasury bills maturing
May 25, 1950, 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 25, 1950, and will mature
August 24, 1950, when the face amount will be payable without
interest. They will be issued in bearer form only, and in
denominations of $ 1 ,000 , $ 5 ,0 0 0 , $1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $5 0 0 ,0 0 0 , and
$1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Daylight Saving
time, Monday, May 22, 1 9 5 0 . Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $ 1 ,0 0 0 , and in the case of competitive tenders the
price offered must be expressed on the basis of 1 0 0 , with not
more than.three decimals, e. g., 9 9 .9 2 5 . Fractions may not be
used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final. Subject to these reservations,
non-competitive tenders for $2 0 0 ,0 0 0 or less without stated price
from any one bidder will be accepted in full at the average price
2
(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 25, 1950, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing May 25, 1950. 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 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) (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 ho. 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
go.
Mav 18. 1 9 ^
s- 2 3 '^O
Secretary Slider announced today that distinctive paper to be
in printing currency and public debt securities « i H eost saore
for the fiscal year X$£l than for the current year«
k bid m m t m d Urm the O r * 4 Cosapasy* Ine., tf Dalton*
Masaachusette, quotes prices that are £«£$£ higher for currency
paper and 1X*7&£ higher for bond paper than prices paid the company
for the Treasury*« fiscal 1950 supply*
The estimate quantities of paper to be required during fiscal
195! are about 1,900 terns for currency* and about 190 t o for
public debt securities*
TREASURY DEPARTMENT
Information Service
WASHINGTON. D .C .
IMMEDIATE RELEASE,
Thursday, May 18, 1950.
S-2340
Secretary Snyder announced today
that distinctive paper to he used in
printing currency and public debt
securities will cost more for the .fiscal
year 1951 than for the current year.
A bid received from the Crane &
Company, Inc., of Dalton, Massachusetts,
quotes prices that are 9 *
2 3 % higher for
currency paper and 1 1 .7 6 $ higher for
bond paper than prices paid the company
for the Treasury's fiscal 1950 supply.
The estimated quantities of paper
to be required during fiscal 1951 are
about 1 , 9 0 0 tons for currency, and
about 1§0 tons for public debt securities.
0O0
m
| |gf
B«
|
-
52
.
Economic freedom makes a country
strong, but remember always that
personal responsibiIity in exercising
wisely the rights that go with it
makes a country great.
.-
s of Girard C
#
*
privi
in the education
training
they receive here.
i iso privi
ged
!ve in
a country which r
mportance of
*p
©
/g*im
individua I.
of our country
are those who have utilized their
opportun it ies to better the lives
of their fellow men.
The acceptanc
of such responsibility requires
character; and,
character.
in turn, develops
30
to choose his occupation -- to
establish himself within his own
field of interest; and, as I have
indicated, the choices open to him
are much broader now than at any
time in the past.
This freedom of choice is a
personal right, but with it goes
responsibi Iity -- responsibi Iity for
serving the community and responsibiIit
for conduct according to ethical
pr inc ipIes.
21
mL/nX
This cells for our continued act ivi
p a r t ic ip a t io n in * # r f i development. It
calls for continued cooperation on the
part of our #»« U
other governments
international agencies, end p rivate
f intis experienced in the development of
trade and production.
a
Such
a« provides » stimulus to
Amer ican initiative
Initiative is s vital part of
our free enterprise system.
Under our
system, the individual has the right
our country must now be directed
toward world-wide problems.
Most Americans realize how
closely our prosperity here at home
is tied in with economic progress in
the other nations of the world.
Improved standards of living in the
less technically developed areas wil
mean expanded markets for the things
which we produce; and will mean that
these areas will be able to send us,
in return, products which we need*
-
27
in proportion to the population as
it was in earlier record-I eve I
periods.
It is no longer enough, however,
that we concern ourselves solely with
the outlook for our own domestic
economy.
In the present world
environment, nations which are intent
upon peace are looking to us for
economic -- as well as spiritual —
leadership.
The faith, the confidence
the vision which have characterized
ieved,
in
to’*« «è*«
4si** I# *
sion in
and
Is now under way.
Various other economic
measurements confirm the
condi ti on of
stee I
of
is running
capac ity.
is operating at
all
percent of
construct ion indus
I p u p 9j c :
i
W
ertheI ess, the number of
in g built is still not
-
one of noticeable optimism.
Personal incomes are currently
running at an annual rate well above
$200 billion.
Employment in April
was at a new all-time record for
that month.
Total civilian employment
was 59 million persons, or 850
more than last year*
Despite the
increase in employment, unempIoyment
was about 500,000 more than last
ApriI because of our ^rowing labor
force.
This lag in new jobs will be
achieve hîgh levels of peacetI roe
production End 6i$p !oyificnt ulrnost
overnight.
The firm tone of public
confidence made It possible for the
Nation to weather safely the
readjustment period in 1949.
f§ have
demonstrated the potentialities for
growth and adjustment which exist in
a vigorous enterprise economy.
The business outlook at the
present time is very good.
The
general business feeling today is
%
23
-
free-enterprise could have converted
so quickly into the multi-billion
dollar war production machine that
we provided in record time.
Only
in such an economy are the people
completely willing to submerge
their private interests in order to
unite in a common effort.
It was again the confidence of
the people in the economic future of
this country which made it possible
to reconvert to a peacetime economy
with a minimum of friction, and to
in itiati ve to continue the
unÌnterrupted progress which has
characterized our Nation from its
very beginnings.
In short, we have every reason
to have confidence in the future of
our country,
/
C - J
Time and again,
in the past
decade, we have had concrete
demonstrations of the national
confidence of the people of the
United States.
Only an economy of
is rich with examples of individuals
who have made full use of their
opportuni ties.
But the opportunities
have never been so great and so
interesting as those offered today.
And there is nowhere else in the
world where they are so unlimited
as in our own country.
We have
natural resources, a gigantic capital
supply, and an expanding labor force;
we have inventive genius and technical
knowledge; and we have the national
professional people.
As new
communities develop, there is need
for businesses, particularly small
businesses, and for tradespeople of
|
/
all kinds.
The shoemaker, the dry
I
cleaner, the bookseller, the
I
florist -- all these render service
I
to the community and contribute to
I
’
the betterment of life alin i'ythe
■ w
k ■.' iM■
community,
Opportunity for the individual
.
I
I
V! '
has been the cornerstone of our
economic development, and our history
I
part of the story of why this country
offers opportunities to ali who will
avail themselves of them.
At this
time, as the census is being taken,
we are unusually aware of the
opportunities which stem from the
very fact that we have a rapidly
expanding population.
An increased
population enlarges the market for
industrial goods, both old and new.
It increases the demand for doctors,
lawyers, teachers, and other
18
techniques, new processes, and new
roater ia Is which are the product
of our intensive war and postwar
research promise future developments
which will certainly be as great as
those of the past*
Yet, despite the
fact that we sti I I have not caught
up with the discoveries which have
already been made, there Is no
abatement In scientific research.
New discoveries, new products,
_
new industries are, however, on Iy a
I
1 IT -< made vast strides in the utilization
.
of these new discoveries.
The
phenomenal results of recent
medical research are familiar to all
of us.
The new products which are
already on the market, or which are
I
I
'.
.
coming on the market, from these
varied sources will open brand-new
fields of consumer demand; but there
are many potentialities as yet
unexplored.
. ■ «¿k,,-.
The vast array of new
,
..... -1
1
/
r/
à
-
16
many
industries which
have become important in our daily
Jives in comparat iveIy recent years.
The possibilities for new developments
are unlimited.
Under the stimulus of
wartime necessity, our scientists
pushed far ahead of the capacity of
peacetime industry to absorb new
discoveries.
The chemical
industry,
the rubber industry, the textile
jP j 4
industry,ithe petroleum industry -"•*■**■—owwatriBimsmt
all of our major industries --
\
entail.
Aside from the actuaI
manufacture of the radios and
television sets, the automobiles, and
the aircraft, there must be enormous
crews of service and repair men,
technicians, and research workers*
The need for such trained workers is
so great that industry has developed
a close cooperation with many colleges
and unIversities.
I have mentioned only some of
the outstanding examples of the
|
streets of Philadelphia than there
were automobi les; or when commercial
air travel
to and from Philadelphia
was not a commonplace mode of travel.
Today there are 86 million radio sets
in use in thi s country; there are
over 36 million automobi les
registered; and commerc ia I a irIi nes
flew 6-1/2 billion passenger-miles
last year.
Just think of the employment
opportunities that such developments
~
1 3 -
New proaucts and entire new
industries are constantly being
developed.
Radio and television,
automobiles, airplanes -- are
largely developments of this
century.
While you boys wno are
students here in Col lege cannot
remember life without radios, most
of the rest of us remember very we II
the first crystal, earphone sets.
mm
You cannot remember a time when there
progressed from gn economy
concerned chiefly with agriculture
and trading to one which was
highly industr tallzed.
AI-;
But wonders -* and progress -never cease, especially in a
V
vigorous and inventive country I i*e
our own, whose way of living is
based upon belief in individual
opportunity.
Since the
Philadelphia Centennial Exposition,
î a*n appalling civil war
our
Expos i11on di so fa
i Ü *- i
:ress of a c
ury
Currier end Ives* print
the occasion shows
3
rail way eng ine.
the latest in printing presses
and a telegraph Key
II developments
It was truly a
The country
they had confidence; they
vision
&g|
j
this fact,
more than any other, we have had a
record of 175 years of unoaralleled
progress,
Today’s events stis# it imperative
I I for a rene
ith, our confidence, and our
vision.
are
a in in a
d er
i
t is necessary that the faith of
lerican people be as strong6
faith of our forefathers
broader horizons
our country
than ever ex
expans ion.
esserti ia I
young Repub I
ith that its probi
orob IJbs
c I1 c
&
. as it »is
i ■&
an e
I p
S
ÎS . i t l f *
popuI ati on. • !t is
in Ca“:
Si
r
çz
J
**
on rema ins
still
I I
leve in
ri
ind îviduaI
have an economic
system that is ore-dicated on the
assurance of persona
and on
the belief t h a t •the safeguarding of
human
h er
ity is our most Important
13
economic problems in
days of Stephen Girard,
economic problems now.
have
In many
4
Indeed,
p
brought
into
of
list of
Stephen
strange
find,
this
sheetings,
orints.
for
in
this
difficult
to
some
items a s
iron,
of
cotton
and
calico
highly
manufactures,
imagine
importing
if f e r e n c e s ,
the
these
manifest
character
of
it
s ome
items
despite
*as
today,
such
era
American
But
on
umbrellas,
developed
of t h e s e
us
nails,
hats,
which
ships msKes
I nstance,
handKerchjefs,
cargo
country
Girard's
reading
for
the
the
is
v..§§|•
«
M
I ;•
v
standards
*-
t
eastern
in©
and
expansion had
networx
entire
of
was
attained
the
status
industry
had not
exchange
for
course,
of
yet
involved
of
had
a
The
the
a
and
not
even
dream,
become
chiefly
American
manufactured
but
Airplanes
of
trade
Western
now uniting
then
automobiles,
and
concentrated
begun.
railroads
dream.
were
coast,
barely
country
visionary
they
establl
an
raw materials
wares
from
Europe.
2
-
of
great obstacles,
effort
in t h e
face
and
service
to
of
face of
of
of
of d i s c o u r a g e m e n t ,
his
use
of
portuni ties,
and
who
opportunity
apear
country
y.
they
and
in
at
Here
the
the
cost
was
e x 1st I
had
out
the
vision
of
s
In t h e
our
country
sacrifice.
who m a d e
create
ù■
untiring
mi s u n d e r s t a n d i n g
personal
an
.
-
were
time
was
Large
not
of
far
Stephen
different
c it ies
even
Girard
large
were
than
■
--
by p r e s e n t
it
jpüiss BT SECRETARY SNYDIR
/
GIRARD COLLEGE
■y
/
/
PHILADELPHIA, PENNSYLVANIA
;T-
* 3 ^ /
The following address by Secretary Snyder
on the occasion of Founder’s Day, Grirsy&r .
College^ and the Two Hundredth anrmieffsary
of the birth of Stephen Girard* y^firard
College* Philadelphia* Pennsylvania* is
scheduled for delivery about 3:15 p.m.,EDTvon
Saturday* rlav SO* 1950* and is~ for release
at that time.
,5.
¿¿
-
6
-
Most Americans realize how closely our prosperity here at
home is tied in with economic progress in the other nations of
the world. Improved standards of living in the less technically
developed areas will mean expanded markets for the things which
we produce; and will mean that these areas will be able to send
us, in return, products which we need.
This calls for our continued active participation in world
development. It calls for continued cooperation on the part of
our own and other governments, international agencies, and
private firms experienced in the development of foreign trade
and production. Such a program provides a stimulus to American
initiative•
Initiative is a vital part of our free enterprise system.
Under our system, the individual has the right to choose his
occupation — to establish himself within his own field of
interest; and, as I have indicated, the choices open to him are
much broader now than at any time in the past.
This freedom of choice is a personal right, but with it
goes responsibility — responsibility for serving the community
and responsibility for conduct according to ethical principles.
The boys of Girard College are privileged in the education
and the training which they receive here. They are also
privileged to live in a country which recognises the importance
of the individual.
The great men of our country are those who have utilized
their opportunities to better the lives of their fellow men.
The acceptance of such responsibility requires character; and,
in turn, develops character.
Economic freedom makes a country strong, but remember
always that personal responsibility in exercising wisely the
rights that go with it makes a country great.
-0O 0-
- 5 v Time and again, in the past decade, we have had concrete
demonstrations- of the national confidence of the people of the
United States. Only an economy of free-enterprise could have
converted so quickly into the multi-billion dollar war
production machine that we provided in record time. Only in
such an economy are the people completely willing to submerge
their private interests in order to unite in a common effort.
It was again the confidence of the people in the economic
future of this country which made it possible to reconvert to
a peacetime economy with a minimum of friction, and to achieve
high levels of peacetime production and employment almost over
night. The firm tone of public confidence made it possible for
the Nation to weather safely the readjustment period in 1949.
We have demonstrated the potentialities for growth and adjust
ment which exists in a vigorous enterprise economy.
The business outlook at the present time is very good. The
general business feeling today is one of noticeable optimism.
Personal incomes are currently running at an annual rate
well above $200 billion. Employment in April was at a new
all-time record for that month. Total civilian employment was
59 million persons, or 850,000 more than last year. Despite
the increase in employment, unemployment was about 500,000 more
than last April because of our growing labor force. This lag
in new jobs will be relieved, in part, through the expansion in
plant and equipment which is now under way.
Various other economic measurements confirm the healthy
condition of business. The steel industry — most important of
all — is running at 100 percent of capacity. The construction
industry is operating at peak levels. Nevertheless, the number
of houses being built is still not as great in proportion to
the population as it was in earlier record-level periods.
It is no longer enough, however, that we concern ourselves
solely with the outlook for our own domestic economy. In the
present world environment, nations which are intent upon peace
are looking to us for economic -- as w«ll as spiritual —
leadership. The faith, the confidence, the vision which have^
characterized our country must now be directed toward world-wide
problems.
- 4 -
the petroleum industry — all of our major industries — have
made vast strides in the utilization of these new discoveries*
The phenomenal results of recent medical research are familiar
to all of us*
The new products v\rhich are already on the market, or
which are coming on the market, from these varied sources will
open brand-new fields of consumer demand; but there are many
potentialities as yet unexplored* The vast array of new tech
niques^ new processes, and new materials which are the product
of our intensive war and postwar research promise future
developments which will certainly be as great as those of the
past* Yet, despite the fact that we still have not caught up
with the discoveries which have already been made, there is
no abatement in scientific research.
New discoveries, new products, new industries are, how
ever, only#a part of the story of why this country offers
opportunities to all who will avail themselves of them* At
this time, as the census is being taken, we are unusually
aware of the opportunities which stem from the very fact that
we have a rapidly expanding population. An increased popula
tion enlarges the market for industrial goods, both old and
new. It increases the demand for doctors, lawyers, teachers,
and other professional people. As new communities develop,
there is need for businesses, particularly small businesses,
and for tradespeople of all kinds# The shoemaker, the dry
cleaner, the bookseller, the florist -- all these render serv
ice to the community and contribute to the betterment of life
in the community*
Opportunity for the individual has been the cornerstone
of our economic development, and our history is rich with
examples of individuals who have made full use of their oppor
tunities. But the opportunities have never been so great and
so interesting as those offered today* And there is nowhere
else in the world where they are so unlimited as in our own
country. We have natural resources, a gigantic capital supply,
and an expanding labor force; we have inventive genius and
technical knowledge; and we have the national initiative to
continue the uninterrupted progress which has characterized
our Nation from its very beginnings.
In short, we have every reason to have confidence in the
future of our country.
- 8 *-
the occasion shows a steamboat, a steam railway engine, the
latest in printing presses, and a telegraph key — all develop
ments of that period. It was truly a wonderful century. The
country progressed fron an economy concerned chiefly with
agriculture and trading to one which was highly industrialized.
But wonders — and progress — never cease, especially in
a vigorous and inventive country like our own, whose way of
living is based upon belief in individual opportunity. Since
the Philadelphia Centennial Exposition, there have been a series
of other fairs in this country dramatizing its progress —
St. Louis, Chicago, Buffalo, San Francisco, New York, just to
mention a few. They have measured the industrial growth of our
country through the years, and there will be other fairs in the
future which will measure further growth.
New products and entire new industries are constantly being
developed. Radio and television, automobiles, airplanes — are
largely developments of this century. While you boys who are
students here in College cannot remember life without radios,
most of the rest of us remember very well the first crystal,
earphone sets. You cannot remember a time when there were more
horses and buggies on the streets of Philadelphia than there
were automobiles; or when commercial air travel to and from
Philadelphia was not a commonplace mode of travel. Today there
are 86 million radio sets in use in this country; there are over
36 million automobiles registered; and commercial airlines flew
6-1/2 billion passenger-miles last year.
Just think of the employment opportunities that such
developments entail. Aside from the actual manufacture of the
radios and television sets, the automobiles, and the aircraft,
there must be enormous crews of service and repair men, tech
nicians, and research workers. The need for such trained workers
is so great that industry has developed a close cooperation with
many colleges and universities,
I have mentioned only some of the outstanding examples of
the many products and industries which have become important in
our daily lives in comparatively recent years. The possibil
ities for new developments are unlimited. Under the stimulus
of wartime necessity, our scientists pushed far ahead of the
capacity of peacetime industry to absorb new discoveries. The
chemical industry, the rubber industry, the textile industry,
- 2 -
\ But despite these manifest differences, the character of
the people of this Nation remains fundamentally the same. We
still believe in the rights of the individual; we still have an
economic system that is predicated on the assurance of personal
freedom, and on the belief that the safeguarding of human dignity
is our most important heritage.
We had economic problems in the days of Stephen Girard, and
we have economic problems now® In many respects they are the
same problems. The basic problem now, as it was then, is to
provide an expanding economy for an expanding population. It is
the same problem, but in a different setting.
The geographic frontier, in the sense that we have commonly
defined it in this country, has disappeared. We can no longer
solve the problems of an expanding population simply by picking
up stakes and moving farther west. The economic frontier, how
ever, has not disappeared. It is completely altered; but, today,
it offers greater opportunities than ever before. Science has
opened up much broader horizons for our country than ever existed
in westward expansion.
One of the
its people have
American people
and due to this
of 175 years of
essential needs of our young Republic was that
faith that its problems would be solved. The
had faith; they had confidence; they had vision fact, more than any other, we have had a record
unparalleled progress.
Today’s events make it imperative that we call for a
renewal of our faith, our confidence, and our vision. We are
again in a period when it is necessary that the faith of the
American people be as strong as the faith of our forefathers.
Apprehension is not in the American tradition. Only cour
age and confidence have made it possible for our history books
to record a story of advancement* despite the many serious trials
which have beset us as a nation.
Seventy-four years ago, the United States celebrated its
one-hundredth anniversary here in Philadelphia with a Centennial
Exposition. We were just a decade removed from an appalling
civil war which had threatened to destroy our Nation. Yet, the
Exposition displayed the wonders of the age — it depicted the
progress of a century. A Currier and Ives’ print commemorating
TREASURY DEPARTMENT
WASHINGTON
The following address by Secretary Snyder
on the occasion of Founder’s Day, Girard
College, and the Two Hundredth anniversary
of the birth of Stephen Girard, at Girard
College, Philadelphia, Pennsylvania, is
scheduled for delivery about 3:15 p.m,,
ENT,' on "Saturday, May go, lUbU, arid Is for
release at that time•
Today is the two hundredth anniversary of the birth of
Stephen Girard« It is a pleasure, therefore, to be with you on
this occasion to address this fine group of boys, the alumni of
the college, and other friends of the school who are gathered
here to pay tribute to Stephen Girard.
The life of Stephen Girard is one of accomplishment in the
face of great obstacles, of untiring effort in the face of dis
couragement, and of service to his country in the face of mis
understanding and at the cost of personal sacrifice. Here was
a man who made use of existing opportunities, and who had the
vision to create opportunity out of apparent misfortune.
In the time of Stephen Girard, our country was far different
than it is today. Large cities were few -- they were not even
large by present-day standards -- and they were concentrated
along the eastern coast. Western expansion had barely begun.
The network of railroads now uniting the entire country was then
but a visionary dream. Airplanes and automobiles, of course,
had not even attained the status of a dream. Industry had not
yet become established, and trade involved chiefly an exchange
of American raw materials for manufactured wares from Europe.
Indeed, a list of the cargo which was brought into this country
on some of Stephen Girard’s ships makes strange reading for us
today. We find, for instance, such items as handkerchiefs, nails
iron* cotton sheetings, hats, umbrellas, and calico prints. In
this era of highly developed American manufactures, it is diffi
cult to imagine importing some of these items.
S-2341
Secretary Snyder today issued the following statement:
I am sure many Americans will be reminded on
National Maritime Day, May 2 2, of the honored place
which the Merchant Marine enjoys in our national
life and traditions.
The sailing ^ay 22, 1819, of an Ameri can vessel
on the first steam transit of the Atlantic was only
one of many instances in which the Merchant Marine
has been identified with history-making events.
Its personnel has served competently and
courageously in war, and Americans have been invited
to pay tribute to that service
by providing a fund
for a nondenominational memorial chapel at the
Merchant Marine Academy, Kings Point, New York.
A gift to this fund on the occasion of National
Maritime Day would
be most appropriate.
TREASURY DEPARTMENT
Information Service
Wa s h in g t o n , d . c .
RELEASE SUNDAY NEWSPAPERS,
May 21, 1950._________
S-2342
Secretary Snyder today issued the following
statement:
I am sure many Americans will be
reminded on National Maritime Day, May 22,
of the honored place which the Merchant
Marine enjoys in our national life and
traditions.
The sailing May 22, 1 8 1 9 , of an
American vessel on the first steam transit
of the Atlantic was only one of many
instances in which the Merchant Marine
has been identified with history-making
events.
Its personnel has served competently
and courageously in war, and Americans
have been invited to pay tribute to that
service by providing a fund for a nondenominational memorial chapel at the
Merchant Marine Academy, Kings Point,
New York.
A gift to this fund on the occasion
of National Maritime Day would be most
appropriate.
0O0
-
2
-
2* The Secretary of the Treasury reserves the right to reject any subscrip
tion, in whole or in part, to allot less than the amount of notes 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- th%pe
reservations, all subscriptions will be allotted in full* Allotment notices will
be sent out promptly upon allotment.
IV. PAYMENT
1.
Payment at par for notes allotted hereunder must be made on or before
June 1, 195>0, or on later allotment, and may be made only in Treasury Certifi
cates of Indebtedness of Series E-1950^ maturing June 1, 19$0} which will be
accepted at par, and should accompany the subscription* The full year*s interest
on the certificates surrendered will be paid to the subscriber following accept
ance of the certificates.
V. G E m A L PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are author
ized and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal
Reserve Banks of the respective Districts, to issue allotment notices, to receive
payment for notes allotted, to make delivery of notes on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
notes.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks *
JOHN W* SNYDER,
Secretary of the Treasury.
'YU>'
Dated and bearir
1950
Department Circe
Fiscal Sei
Bureau of the I
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for notes of the United States, designated 1-1/U Perce
Treasury Notes of Series D-1951, in exchange for Treasury Certificates of In
debtedness of Series E-1950, maturing June 1, 1950«
II. DESCRIPTION OF NOTES
1. The notes will be dated June 1, 1950, and will bear interest from that
date at the rate of 1-l/U percent per annum, payable Tilth the principal at
maturity on July 1, 1951* Ihey Trill not be subject to call for redemption prior
to maturity.
2. The income derived from the notes shall be subject to all taxes now or
hereafter imposed under the Internal Revenue Code, or lavfs amendatory ©T
supplementary thereto. The notes shall be subject to estate, inheritance, gif
or other excise taxes, whether Federal or State, but shall be exempt from al
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 notes m i l be acceptable to secure deposits of public moneys*. They
will not be acceptable in payment of taxes*
U. Bearer notes will be issued in denominations of '.¿,000, $5,000, $10,000,
$100,000 and $1,000,000*. The notes will not be issued in registered form.
5. The notes m i l be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States notes.
III. SUBSCRIPTION/AND ALLOTMENT
1. Subscriptions vdll be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington. Banking institutions genera y ™ay
Ibmit subscriptions lor account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
li
UNITED STATES OF AMERICA
1 - l/ U PERCENT TREASURY NOTES OF SERIES D-1951
D a te d and b e a r in g i n t e r e s t from Ju n e 1 , 1950
*
1950
©ue J u l y 1 , 1951
TREASURY DEPARTMENT,
O ff ic e o f th e S e c r e ta r y ,
W a sh in g to n , May 2 2 , 1 950.
D epartm ent C i r c u l a r N o . 066
F i s c a l S e r v ic e
B ureau o f th e p u b l i c D eb t
I.
OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for notes of the United States, designated 1-1/U percent
Treasury Notes of Series D—1951, in exchange for Treasury Certificates of In
debtedness of Series E-1950, maturing June 1, 1950.
II.
DESCRIPTION OF NOTES
1 . The n o te s w i l l b e d a te d Ju ne 1 , 1950, and w i l l b e a r i n t e r e s t from t h a t
d a te a t t h e r a t e o f l - l / U p e r c e n t p e r annum, p a y a b le w it h t h e p r i n c i p a l ' a t
m a t u r it y on J u l y 1 , 1951* They w i l l n o t be s u b je c t t o c a l l f o r red e m p tio n p r io r
t o m a t u r it y .
^
,
■I- /■’.
1
V
'
■■ ; L "
¡1
-
_‘
| ,1 . i | S i ''
2 . The incom e d e r iv e d from th e n o te s s h a l l be s u b je c t t o a l l t a x e s new or
h e r e a f t e r im posed un der t h e I n t e r n a l Revenue C o d e, o r la w s am endatory o r
su p p le m e n ta ry t h e r e t o . The n o te s s h a l l be s u b je c t t o e s t a t e , i n h e r i t a n c e , g i f t
o r o th e r e x c i s e t a x e s , w h e th e r F e d e r a l o r S t a t e , b u t s h a l l be- exem pt from, a l l
t a x a t i o n now o r h e r e a f t e r im posed on th e p r i n c i p a l o r i n t e r e s t t h e r e o f b y an y
S t a t e , or an y o f th e p o s s e s s io n s o f th e U n ite d S t a t e s , or b y a n y l o c a l t a x i n g
a u th o r ity .
3 . The n o te s m i l b e a c c e p t a b le t o s e c u r e d e p o s it s o f p u b l i c m oneys..
m i l n o t be a c c e p ta b le i n paym ent o f t a x e s .
They
U . B e a r e r n o te s w i l l b e is s u e d i n d e n o m in a tio n s o f > 1 ,0 0 0 , $5,000, $ 1 0 ,0 0 0 ,
$ 1 0 0 ,0 0 0 and $ 1 ,0 0 0 ,0 0 0 * The n o te s w i l l n o t be is s u e d i n r e g i s t e r e d fo r m .
5 . The n o te s m i l be s u b je c t t o th e g e n e r a l r e g u la t i o n s o f th e T re a s u r y
D e p a rtm en t, now or h e r e a f t e r p r e s c r ib e d , g o v e r n in g U n ite d S t a t e s n o t e s .
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.
Information
RELEASE, MORNIM
Monday, May 22,
Secretary i
through the Fedv°
Series D-1951, ?
Treasury Certif.
of 8)5,018,788,(■
tions will not be
fing,
btes of
1rs of
•amount
Dscrip-
The notes now offered will be dated June 1, 1950, and will bear
interest from that date at the rate of one and one—quarter percent per
annum, payable with the principal at maturity on July 1, 1951. They
will not be subject to call for redemption prior to maturity. They will
be issued in bearer form only, in denominations of 51,000, 55, '00,
$10,000, $100,000 and $1,000,000.
Pursuant to the provisions of. the Public Debt Act of 19Ul, as
amended, interest upon the notes now offered shall not have any exemp
tion, as 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
Branches, and at the Treasury Department, Washington, and should
accompanied by a like face amount of the maturing certificates.
to the usual reservations, all subscriptions will be allotted in
and
be
Subject
full.
The subscription books will close for the receipt of all subscrip
tions at the close of business Thursday, May 25.
Subscriptions addressed to a Federal Reserve Bank or Brancn or to
the Treasury Department, and placed in the mail before midnight May 25,
will be considered as having been entered before the close of the sub
scription books.
The text of the official circular follows:
TR EA SU R Y
D E P A R TM E N T
Information Service
WASHINGTON.
RELEASE, IIORHING NEWSPAPERS,
Monday, May 22, 1950»
S-2343
Secretary of the Treasury Snyder today announced the offering,
through the Federal Reserve Banks,, of l-l/li percent Treasury Notes of
Series D-1951* open on an exchange basis, par for par, to holders of
Treasury Certificates of Indebtedness of Series E-1950, in the amount
of $5,018,788,000, which will mature on June 1, 1950. Cash subscriptions will not be received.
The notes now offered will be dated June 1, 1950, and will bear
interest from that date at the rate of one and one-quarter percent per
annum, payable Tilth the principal at maturity on July 1, 1951. They
will not be subject to call for redemption prior to maturity. They will
be issued in bearer form only, in denominations of $1,000, $5/-00,
$10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 19Ul, as
amended, interest upon the notes now offered shall not have any exemp
tion, as such, under the Internal Revenue Code, or laws amendatory or
supplementary thereto. The full provisions relating to taxability are
set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and
Branches, and at the Treasury Department, Washington, and should be
accompanied by a like face amount of the maturing certificates. Subject
to the usual reservations, all subscriptions Trill be allotted in full.
The subscription books will close for the receipt of all subscrip
tions at the close of business Thursday, May 25.
Subscriptions addressed to a Federal Reserve Bank- or Branch or to
the Treasury Department, and placed in the mail before midnight May 25,
Trill be considered as having been entered before the close of the sub
scription books.
The text of the official circular follows:
RELEASE, ' m m r m NEISPAPERS,
Tuesday, May 25. 1950.
The Secretary of the Treasury announced last evening that the tenderà for
#1,100,000,000, or thereabouts, of 91-day Treasury bills to be dated May £5 and to mat
August Si, 1900, which were offered on May 19, were opened at the Federal Reserve Banka
on May 22.
The details of this Issue are as follows:
Total applied for - #1,030,046,000
Total accepted
- 1,102,992,000 (includes #90,308,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Average price
- 99.700/ Equivalent rate of discount approx. 1.107$ per annum
Range of accepted competitive bids:
- 99.709 Equivalent rate of discount sppxox. 1.151$ per annum
- 99.704
"
» »
»
«
1.171$ •
*
High
Low
(84 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Tctal
Accepted
Boston
HCw York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
# 16,896,000
1,138,769,000
32,294,000
40,975,000
5,130,000
7,710,000
158,088,000
16,364,000
4,100,000
23,383,000
30,950,000
63,387.000
#
#1,538,046,000
#1,102,992,000
TOTAL
16,396,000
771,169,000
21,174,000
40,459,000
5,082,000
7,710,000
109,408,000
16,088,000
4,084,000
23,325,000
29,990,000
58,107.000
RELEASE MORNING NEWSPAPERS,
Tuesday, May 23, 1950«____
S-2344
The Secretary of the Treasury announced last evening that the
tenders for $1,100,000,000, or thereabouts, of 91-day Treasury bills
to be dated May 25 and to mature August 24, 1950, "which were offered
on May 19, were opened at the Federal Reserve Banks on May 22.
The details of this issue are as follows:
Total applied for - $1,538,046,000
Total accepted
- 1'102,992,000 (includes $95,308,000 entered
on a non-competitive basis
and a^ccepted in full at the
average price shown below)
Average price
- 99*705/ Equivalent rate of discount approx.
1 .1 6 7 $ per annum
Range of accepted competitive bids:
High
- 99.709 Equivalent rate
1 .1 5 1 $
- 99*704 Equivalent rate
1 .1 7 1 $
Low
of discount approx.
per annum
of discount approx.
per annum
(84 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
TOTAL
1 6 ,8 9 6 , 0 0 0
1 ,1 3 8 ,7 6 9 , 0 0 0
Total
Accepted
$
1 6 ,3 9 6 , 0 0 0
7 7 1 ,1 6 9 , 0 0 0
2 1 ,1 7 4 , 0 0 0
32,294,000
40,975,000
5 ,1 3 0 , 0 0 0
7 ,7 1 0 , 0 0 0
1 5 8 ,0 8 8 ,0 0 0
16,364,000
Ì+,1 0 0 , 0 0 0
2 3 ,3 8 3 , 0 0 0
30,950,000
6 3 ,3 8 7 , 0 0 0
40,459,000
5 ,0 8 2 , 0 0 0
7 ,7 1 0 , 0 0 0
109,408,000
1 6 ,0 8 8 , 0 0 0
4,084,000
2 3 ,3 2 5 , 0 0 0
2 9 ,9 9 0 , 0 0 0
' 5 8 ,1 0 7 , 0 0 0
$1,538,046,000
$1 ,1 0 2 ,9 9 2 , 0 0 0
0O0
and
internation®! affairs
opportunities
realities
sure,
we
will
as
blessed
human
today
tomorrow.
Aransas,
are
of
here
as
well
resources
resources.
This,
do,
with
will
an
as
in
our
be
I am
in
America,
abundance
well
as
we
of
natural
certain
a
the
barkers
IiI continue
to
responsibilities
of
the
accept
that
Nation
the
fall
to
in a s s u r i n g * o r d e r Iy c r e d i t
I ooks
to
confidence.
Never
before
economy
stronger.
America
been
opportunilies
greater
however,
than
that
the
conditions.
future
has
with
our
Our
for
further
ever
before.
growth
We
art
Know,
opportunity
comes
responsibility.
if w e c o n t i n u e
to
work
in b o t h
together
with
them
--
domestic
Il .
H ;'I
Iv m v
.I
28
1
Ì know,
n o Id p a r t i c u l a r
the
I
people
Al l
these
to c o n t i n u e d
li
every
firm
business
in t h e s e
long a s
we
ause
past,
of
years
avoid
or
business
we
will
be
that
the
have
bu i l t
be
maintained
excesses
credit
have
point
growth
expect
it w i l l
speculation
tne
to
trends
foundation
postwar
maintained.
in
business
reason
I
Arkansas.
economic
have
so
of
significance
been
of
I
expansion,
the
direct
recessions.
Î
which|
New home construction, as you
undoubtedly know,
level
is at the highest
in our history.
Moreover,
. Spl IS
new contracts awarded for future
construction of residential units
continue at a spectacular pace.
Since we entered the war in
1941, the number of electric power
customers has been increased by more
than one-third, but we are continuing
to add 2 million more customers a
year.
The gains in this industry,
r many
lo ng
products,
period
stiI I far
of
dating
wartime
fro
ine
high
is
lixely
record,
second
month
production
people
to
to
to
f
hPA PC »
buy
the
30
20
than
rf
year
is e s t a b l i s h i n g
industry
new
years
mi I I ion
automobiles
The c o n s t r u c t i o n
new
b e o n Iy the
established
have
a
establish
exceed
now
the
in M a y , 1 r
t h is w i l l
record
I we
more
yet
sho
to
satisfied.
ile p r o d u c t i o n
example,
bacx
records
ns
in
o p t 1m is t Ic
fi
in e r e
ra
mí i I
nave
an
w \
each
ever
fa
m a r K et
for
ic e s .
Also,
ise
our
accumul
f ***w
KMuxsumruMz
24
for prospective construction of
commercial and manufacturing buildings
were 66 oercent higher than in the 1
'*
same month last year, with a gain
V
of 22 oercent for the entire first
quarter.
awards in the first
quarter for public utility
{
|I|
■I
construction were one-fourth higher
than last year.
New orders for
machinery and machine tools have
been rising sharp Iy since the
third quarter of 1949.
profitable
of recent year
and equipment
expansion
is still strongly under
In fact, new contract awards in
i I sa
month,
obli ged
Ined h i e h
until
factories
to
up
continued
sales,
which
, provides
this
sales
actúa I unit
B
eventually
their
product!
high
no
slaCKemng
in
a firm
foundation
fo
year *s b u s i n e s s
ail
month
trend.
so
vo
an d u r in g
js
Total
jn
or* is
the
comparable
without the veterans' dividend, are
running at an exceptionally high
annual rate of over $212 billion.
In addition, personal savings, which
represent potential purchasing power,
amount to another record $200 billion
f
Last summer we had an impressive
demonstration of the powerful
influence of consumer demand -- the
underlying strength of our economy.
Despite a downturn in production and
employment, consumers showed no
20
I business sentiment, on
a national scale,
is noticeably
optimistic and new business has been
on the upgrade.
There is a general
feeling of stab îIi ty and there is
a growing conviction that 1950 will
prove to be one of the most
l^l
profitable business years in our
history.
People this year have more
money to spend and invest than ever
before.
Personal
incomes, even
Arkansas there are over 66 million
people, representing a tremendous
potential marketing area.
Many of
your products, of course, move into
every state in the Union and some
go into export trade.
In evaluating your
opportunities for growth,
it is
essential, therefore, that you be
alert to business trends not only
in your own State but throughout
the Nation.
for your products.
Your fresh fruits
and vegetables, for instance, which
not so long ago had to be sold in
neighborhood marKets or not sold at
§
ail, are now, within a matter of hours
t
•
on dining tables in far distant states
due to developments of refrigeration
and more rapid transportstion.
MarKets, fundaments 11y, are
people with purchasing power.
*\ithin
your present southwest trading area
live approximately 36 million people.
Moreover, within a 500 mile radius of
17 judge the particular lines of
expansion which offer the greatest
opportunities for sound development
in your own localities.
consideration, of course,
A prime
is that
there be a market for your products.
In determining market potentialities,
however, you are no longer restricted
by county lines or state boundaries.
The expansion of air transportâtion
facilities here during the wartime
period opened up vast new markets
becoming a chemical
industry.
it
has been estimated that some 5,400
products are being currently produced
from petroleum.
Additional
by-products are being discovered
daily.
Expansion of facilities
along these Iines wi I I bring even
higher returns to your petroleum
industry,
|
'Vv>
As bankers in your individual
communities, you, of course, have
the information and experience to
first in barite production in
the United States.
\
\\
v,-
ij[ \ :
The tremendous supply
■ high-grade clays liKtwise offers
great possibilities here for the
ceramics, as well as other industries.
1•;;
’
.
.
’
■/
r~
Technological developments in
the petroleum industry also hold
exciting challenges for ArKanso s ’
future development.
This industry,
originally producing Kerosene and
lubricants, then gasoline,
is rapidly
your non-meta I Iic deposits —
Iifineston?
dolomite, clays, shale, sand, gravel,
tripoli, novaculite, barite, and
gypsum.
Barite, a product of just this
past decade, has already shown
dramatic gains.
With an initial
production of 2,500 tons in 1939,
valued at $16 thousand, your barite
production increased by 1948 to
362,000 tons at a value of over
$2-1/2 million.
Arkansas now ranks
12
discovered metal
in coinage.
Director of the Mint,
The
in the Annual
Report of the Secretary of the
Treasury for that year, admitted,
however, there was one serious
deterrent, and that was price.
Aluminum was then selling at $10
a pound.
But the Director went on
to state that if "the cost per pound
shall be reduced to one-third of
its present price... this subject
will deserve, and should receive,
first am m ?
m
ft
s c a r'd 14,
10
-
This strategic material was an
invaluable asset to our Nation in
wartime.
Arkansas was able to step
up the production of this mineral
from 362,000 tons in 1939 to over
6 million tons in 1943 -- a 17-fold
increase within just four years.
As
you have converted to a peacetime
production, bauxite continues to
be highly important to your State's
economy.
Bauxite is currently
gpJll ¡¡¡jg|
bringing in an annual
income of
9
during the war, you have added some
1500 new manufacturing enterprises
in the postwar years.
Much of the new industrial
wealth that is being added to your
State comes from increased mineral
production and fabrication.
Arkansas
is especially well-known for its
bauxite which has attained not only
national but world importance.
It
is here that over 90 percent of the
bauxite or aluminum ore mined in
North America is produced.
<9
8
the most visionary would not have
thought possible at the beginning
of the decade -- airplane sowing
and fertilizing, mechanical
equipment cultivating and harvesting
your cotton and your rich new crops
of alfalfa, soybeans and rice.
The great strides you are making
in continuing to bring new industries
to your State is a tribute to your
cooperative endeavors.
As a result
of the industrial awakening here
as you know, from increased
industriaiization,
Manufacturing
leads the way in a growing region.
And, as manufacturing grows, so
grows the entire economy.
Arkansas is, of course,
essentially an agricultural State.
But it is dynamic industrial
development which brings even
greater productivity to agriculture
It has already brought science to
agriculture on a scale which even
m*
6
a most important role in Arkansas'
decade of matchless progress.
The
important thing is, however, that you
have only made a beginning in the
achievements that can be yours if
you continue to work together in
common bond.
For it is in your
iSf
possibilities for future development
that Arkansas merits its title as
thè "Land of Opportunity".
The better balanced economy which
this State ,/en jbys^today has come.
joined hands to build up the ir
home
strength
State
dependent upon the
growth of their individual
communities.
As a result of this-
cooperative effort, Arkansas has
not only met its civilian
read jus tment, but is finding an
even greater prosperity
in the financial
field, as well as in your
communities, you bankers have play
0
*
ins a Iready made, but to move
forward to even greater growth.
The tremendous wartime expansion of
your industrial facilities had
awanened the entire State to
p o s s 11 iIIties that
for years
lain dormant in Arnansas' fields,
forests, rocKS, a nd streams.
/
The
people of Arntnsas accepted thisfgreat
new challenge and went to w-ortcv
ns
||j
The farmer, the banner, the
factory worner, and the tradesman
1
test.
Under the pressure of wartime
activities, our economy had grown
to unprecedented heights.
Concern
•is widespread as to whether such
;
a high level of wartime production
could be converted into compared!e
peacetime production.
ArKansas had an answer to this
problem.
It called for business and
Government to w o t k together in unified
effort -• not just to maintain the
with developments here.
comma
accomplishments have
the
ArKansas
jntense
c I ose
the rest of
Nation, faced a crucial economic
I am glad to be able to
participate in this annual meeting
of the Arkansas Bankers’
Association, for it recalls many
memories of my early days in
banking here.
It is always a
real pleasure to be able to renew
so many old friendships, and to
revisit familiar and cherished
scenes.
It is usually on the occasion
of a return visit, that you find
TMASURY department
Washingt on
The fo llo w in g address by s e c r e ta r y Snyder
at the 60th Annual Convention o f the Arkansas
Bankers1 A s s o c ia tio n , C r y s ta l B allroom ,
Arlington Hotel, J0. Hot Springs, Arkansas,
is scheduled for delivery at about 11:00 a,m.,
CST, on Viedriesday, Hay ‘¿4, T950, and is for
release at tlj.at t imeY
ARKANSAS, LAND. OF OPPOBTIMJIY
3-
O'
-
6
The construction industry this year is establishing new
records. New home construction, as you undoubtedly know, is at
the highest level in our history. Moreover, new contracts awarded
for future construction of residential units continue at a spec
tacular pace.
Since we entered the war in 1941, the number of electric
power customers has been increased by more than one-third, but
we are continuing to add 2 million more customers a year. The
gains in this industry, I know, hold particular significance for
the people of Arkansas.
All these business trends point to continued economic growth.
We have every reason to expect that the firm business foundation
we have built in these postwar years will be maintained. It will
be maintained so long as we avoid excesses of speculation or
credit expansion, which, in the past, have been the direct cause
of business recessions. I am certain the bankers of the Nation
will continue to accept the responsibilities that fall to them
in assuring orderly credit conditions.
America looks to the future with confidence. Never before
has our economy been stronger. Our opportunities for further
growth are greater than ever before. We'know, however, that with
opportunity comes responsibility. If we continue to work.to
gether -- in both domestic and international affairs -- our oppor
tunities of today will be realities tomorrow. This, I am sure,
we will do. For here in Arkansas, as well as in America, we are
blessed with an abundance of human resources as well as natural
resources.
- 5 *
Last summer we had an impressive demonstration of the power
ful influence of consumer demand — the underlying strength of
our economy. Despite a downturn in production and employment,
consumers showed no tendency to curtail their buying. Retail
sales remained high month after month, until factories eventually
were obliged to step up their production.
The continued high level of retail sales, which shows no
slackening in 1950, provides a firm foundation for this year's
business trend. Total retail sales so far this year, in actual
unit volume, are over 6 percent higher than during the comparable
period last year.
Reflecting our profitable business outlook, industry recently
has engaged in a record-breaking program of capital expansion.
New plants have been built, improved processes have been initiated,
and new equipment has been installed to take advantage of the
great technical advances of recent years.
This plant and equipment expansion is still strongly under
way. In fact, new contract awards in April for^prospective
construction of commercial and manufacturing buildings were 66
percent higher than in the same month last year, with a gain of
22 percent for the entire first quarter. New awards in the first
quarter for public utility construction were one-fourth higher
than last year. New orders for machinery and machine tools have
been rising sharply since the third quarter of 1949.
The expansion of industrial capacity will provide new jobs
for our growing labor force. This is currently being evidenced
by a substantial upturn in employment.
Other business trends likewise lend an optimistic^outlook.
With our population increasing at a rate of 2-1/2 million persons
each year, we have an ever-growing market for our goods and
services.
Also, our accumulated demand for many products, dating back
to the long period of wartime shortages, is still far-from being
satisfied. Automobile production in May, for example, is likely
to establish a new high record, yet this will be only the second
month to exceed the monthly production record established 20
years ago. And we now have 30 million more people to buy auto
mobiles than we had then.
* 4 Technological developments in the petroleum industry also^
hold exciting challenges for Arkansas* future development. This
industry> originally producing kerosene and lubricants, then
gasoline, is rapidly becoming a chemical industry. It has been
estimated that some 5,400 products are being currently produced
from petroleum. Additional by-products are being discovered
daily. Expansion of facilities along these lines will bring even
higher returns to your petroleum industry.
As bankers in your individual communities, you, of course,
have the information and experience to judge the particular lines
of expansion which offer the greatest opportunities for^sound
development in your own localities. A prime consideration, of
course, is that there be a market for-your products. In deter
mining market potentialities, however, you are no^longer restricted
by county lines or state boundaries. The expansion of air
transportation facilities here during the wartime period opened
up vast new markets for your products. Your fresh fruits and ^
vegetables, for instance, which not so long ago had to be sold m
neighborhood markets or not sold at all, are now, within a matter
of hours, on dining tables in far distant states due to develop
ments of refrigeration and more rapid transportation.
Markets, fundamentally, are people withpurchasing power.
Within your present southwest trading area live approximately
36 million people. Moreover, within a 500 mile radius of Arkansas
there are over 66 million people,, representing a tremendous
potential marketing area. Many of your products, of course, move
into every state in the Union and some go into export trade.
In evaluating your opportunities for growth, it is essential^
therefore, that you be alert to business trends not only in your
own State but throughout the Nation.
Today, business sentiment, on a national scale, is noticeably
optimistic and new business has been on the upgrade. There is a
general feeling of stability*and there is a growing conviction
that 1950 will prove to be one of the most profitable business
years in our history.
People this year have more money to spend and invest than^
ever before. Personal incomes, even without the veterans* divi- ,
dend, are running at an exceptionally high annual rate of over
$212 billion. In addition, personal savings, which represent
potential purchasing power, amount to another record
billion.
- 3 This strategic material was an invaluable asset to our
Nation in wartime. Arkansas was able to step up the production
of this mineral from 362,000 tons in 1939 to over 6 million tons
in 1943 — a 17-fold increase within just four years. ^As you
have converted to a peacetime production, bauxite continues to
be highly important to your State’s economy. Bauxite is currently
bringing in an annual income of around $9 million, and even^
greater returns are forecast as your plants move into capacity
production.
You may be interested to know that it was back in 1891
the year Arkansas bankers held their first annual meeting -- that
bauxite was first discovered in-this State. Only a century ago,
in fact, aluminum was so scarce, it had a price equal to gold.
Later, in 1863 — the Treasury was considering the possibility of
using this newly discovered metal in coinage. The Director of
the Mint, in the Annual-Report of the Secretary of the Treasury
for that year, admitted, however, there was one serious deterrent,
and that was price. Aluminum was then selling at $10 a pound.
But the Director went on to state that if ’’the cost per pound
shall be reduced to one-third of its present price... this sub
ject will deserve, and should receive, the earnest and favorable
consideration of the lavr-making power.” It is interesting to
review this statement in light of today’s market price of around
17 cents a pound. I might add that there is no consideration
being given"today to using aluminum in our coinage.
Bauxite is, of course, but one of Arkansas’ many mineral
resources. Your future as a mineral producer and fabricator will
depend in a large measure on the development of your non-metallic
deposits -- limestone, dolomite, clays, shale, sand, gravel,
tripoli, novaculite, barite, and gypsum.
Barite, a product of just this past decade, has already
shown dramatic gains. With an initial production of 2,500 tons
in 1939, valued at $16 thousand, your barite production increased
by 1948 to 362,000 tons at a value of over $2-1/2 million.
Arkansas now ranks first in barite production in the United btates.
The tremendous supply of high-grade clays likewise offers
great possibilities here for the ceramics, as well as oti.er
industries.
The farmer, the banker, the factory worker, and the tradesman^joined hands to build up their own home towns. They knew
their^State’s strength was dependent upon the growth of their
individual communities. As a result of this cooperative effort,
Arkansas has not only met its civilian readjustment, but is
finding an even greater prosperity.
As leaders in the financial field, as well as in your own
communities, you bankers have played a most important role in
Arkansas* decade of matchless progress. The important thing is,
however, that you have only made a beginning in the achievements
that can be yours if you continue to work together in common
bond. For it is in your possibilities for future development
that Arkansas merits its title as the "Land of Opportunity".
The better balanced economy which this State enjoys today
has come, as you know, from increased industrialization. Manu
facturing leads the way in a growing region. And, as manufac
turing grows, so grows the entire economy.
#Arkansas is, of course, essentially an agricultural State.
But it is^dynamic industrial development which brings even greater
productivity to agriculture. It has already brought science to
agriculture on a scale which even the most visionary would not
have thought possible at the beginning of the decade — airplane
sowing and fertilizing, mechanical equipment cultivating and
harvesting your cotton and your rich new crops of alfalfa, soy
beans and rice.
The great strides you are making in continuing to bring new
industries to your State is a tribute to your cooperative endeav
ors. As a result of the industrial awakening here during the war,
you have added some 1500 new manufacturing enterprises in the
postwar years.
Much of the new industrial wealth that is being added to your
State comes from increased mineral production and fabrication.
Arkansas is especially well-known for its bauxite which has
attained not only.national but world importance. It is here that
over^90 percent of the bauxite or aluminum ore mined in North
America is produced.
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
at the 60th Annual Convention of the Arkansas
Bankers1 Association, Crystal Ballroom*
Arlington Hotel, Hot Springs, Arkansas,
is scheduled for delivery about-11:QQ a.iru,
UST, on Wednesdayp May 24, I960, and is for
release at thattime•
ARKANSAS, LAND OF OPPORTUNITY
I am glad to be able to participate in this annual meeting
of the Arkansas Bankers’Association, for it recalls many
memories of my early days in banking here« It is always a real
pleasure to be able to renew so many old friendships, and to
revisit familiar and cherished scenes.
It is usually on the occasion of a return visit, that you
find out what has been going on since you have been away. That
is not the case today. For, I have constantly kept in touch
with developments here. The progress of Arkansas has commanded
nation-wide attention and your accomplishments have aroused in
tense interest.
At the close of the war, Arkansas, along with the rest of
the Nation, faced a crucial economic test. Under the pressure
of wartime activities, our economy had grown to unprecedented
heights. Concern was widespread as to whether such a high level
of wartime production could be converted into comparable peace
time production.
Arkansas had an answer to this problem. It called for
business and Government to work together in unified effort — not
just to maintain the gains already made, but to move forward to
even greater growth. The tremendous wartime expansion of your
industrial facilities had awakened the entire State to possibil
ities that had for years lain dormant in Arkansas’ fields, for
ests, rocks, and streams. The people of Arkansas accepted this
great new challenge and went to work.
S-2345
A5s
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 115 of the
Revenue Act of 19kl* 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 insurancecompanies) issued hereunder need include in his income tax return only the
difference betvireen 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. J4I85 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 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 June 1, 1950
> in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing June 1, 1950___ »
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
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 26, 1950«
aST
The Secretary of the Treasury, by this public notice, invites tenders for
I 1,100,000,000 5 or thereabouts, of
91 -day Treasury bills, for cash and
”
Jtgfyc.
in.exchange for Treasury bills maturing June 1, 1950
, 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 1, 1950
* and
waul mature August 31^ 195Q____ > 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
Daylight Saving
closing hour, two o Iclock p.m., Easterr/jSdBodBxadxtime, Monday, May 29, 1950
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 fiithout 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
TR EA SU R Y
D E P A R TM E N T
Information Service
RELEASE MORNING NEWSPAPERS,
Friday, May 26, 1950 •______
WASHINGTON, D
S-23^6
The Secretary of the Treasury, hy this public notice, invites
tenders for $1,100,000,000, or thereabouts, of 91-&ay Treasury
bills, .for cash'and in exchange for. Treasury bills maturing June 1,
1950 , 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 1, 1950j and will mature August 31* 1950,
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, May 29 , 1950. 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 for
warded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an
express guaranty, of payment by an incorporated bank or 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
2
(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 1, 1950, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing June 1, 1950.. 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 Treas.ury 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 how or hereafter imposed on
the principal or interest thereof by any State, or any of -the-',
possessions of the United States, or by any local taxing authority
For purposes of taxation the amount of 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, hot 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 c5.rcul.ar may be obtained
from any Federal Reserve Bank or Branch.
oOo
Nation, I failed to enter what we all
consider to be one of this country’s
prime holdings -- the moral
character and déterminâtion of its
people
for it has truly been
said that
"• . » a State to prosper, must
be built on foundations of moral
character; and this character is the
principal element of its strength
and the only guaranty of its
permanence and prosperity,"
“
1 6 -
To attain our goals on both the
domestic and foreign fronts, we must
rely strongly on our system of
free enterprise -- a system which
has brought us safely through every
trial and emergency of the past.
| have a deep and old-fashioned faith
in that system -- which gives me a
calm and pervading faith in the
future of America.
I feel that we
are making unusually fine progress.
In listing the assets of the
15 are
recovering
of
have
been
world
able
to
to
share
restore
war-wrecxed
«orKed
a
and
lasting
that
are
of
fortunate
nations
their
worthing
peace
throughout
any
threaten
ins t it u t io n s .
earnestly
of n e c e s s i t y
against
might
some
economies.
| while
defenses
the
conf I i ct, and
less
¡vho s e e x
from
the
ma
aggression
our
free
ln {ne
_
| 4 -
peacetime farm production; 31 million
new homes -- these are but a few
•instances of the tremendous surge
forward in the period since the war.
Personal incomes are running
at a rate of well over $200 billion
annually, and the total liquid
savings of the American people amount
to another $200 billion.
industrial
output is at near-record highs.
economy is flourishing, and our
financial position is sound.
Our
converted bacx to peacetime use,
our industries have modernized and
expanded their productive facilities
and extended the benefits of the
new processes end techniques of the
war years to such an extent that
1539 and 1940 already seem to
belong to a more distant pest.
Television; air freight; frozen
foods; the new plastics; new sources
of electric power; tens of thousands
of miles of new highways; high
1
or a better town, the results of
your efforts are not confined to
.
local boundaries.
You have also
made a fine contribution to a better
county »-* a better State -- a better
America.
The accomoIishments we have
made in this country since the
close of World War II bear testimony
to the effectiveness of our system
of government in the face of
changing conditions.
QuiCKly
iSiiSSIf
11 -
Nation
as
a
e,
not
o n Iy
yourseIves
for
what
Ail
of
you
our
inspire
real
in o t h e r s .
achievements
m
a Nation
c o m m u n i ty
e I , where
31 citize
of
free
and
discussion,
individual
is --
n in wf .
as
C r o a t i on
r e s p o n s ib iIi ty
have
Ah e n
of
c o o o e r a t iv e
effort,
for
their
you
worK
a b e t tter
e
VMsM, L.V‘
p
community
n
-
10
-
V
contributes
to
influence
of
and maxes
them
which
to
to
welfare
the
your
state
he
well
of h i s
are
to
the
in
the
in t h e
it.
of
civic
of
reflex
which
manifestations
Blytheville
o laces
as
is b u t
and
nation,
contributes
constitute
conscience
or
fellowmen.
communities
aggregate
enlarged
better
--
as
America
of
his
live
himself
the
Therefore,
civic
interest
concern
to
in
the
I
Jr,
1d
State,
i I I ions
now
hold
States
of
ft
Americans,
over
billion
rds
people
are
asK what
of c o m m u n i t y
it p r o f i t s
ndividual
to
give
energy
to
public
programs
the
of his
enever
betterment
s e r v ic e
the
t
causes
I answer,
o
one.
in tin i t e d
Savings
Some
;■'
and
it h a s
to
me,
is a
a
man
contributes
of
his
simple
community
r.
Bonds
Program
of
the
United
States
Deoar t m e n t
program
depends
measure
large
in
iipon t h e
body
willing
of
to
men
give
and
M
fS
i shouId
ta
reunion of
point
out
perhaps
at
this
friends.
ization,
ti
not
engage
J
Ik "
that
O
■Government
.
in " s h o p
e Îr
a part
s e r v ice o f
ile
&
this
active
very
pleasa
I
volunteer
in e v e r y
and recreational facilities.
Better educational systems, better
social conditions, better towns and
communities -- these are all
tributes, not to the efforts of
individuals, but to groups Iik e
yours warning together, for man’s
greatest accomplishments come
through cooperation with his
ne ighbors.
A fine example of volunteer
cooperative action is the Savings
in d c l u b s
ican.
I I k © yours,
Historically,
stration
ca
ient o f
s
a c t ion h a s
tf
our
s p i rited
and
.
political
i C# ilJf i^j
spirit
of
cooperative
ell
of
our
a
manifestations
every
its
55
e.
victories
is
of
unity
They tek #&■
are
t
n A
on
you
have
taught
everywhere
helpful,
one of
that
and
service
cooperative
the
greatest
humanKind.
in t h e
men
I am
g r o e4 1 y
spirit
the
Lions,
throughout
for
would
greatly
be
world
the
peace
is
of
of
that
if t h e
and
in e v e r y
world,
and
enhanced.
4^
your
Kiwanians
be p l a n t e d
prospect
--
interested
scope
1 am c o n f i d e n t
community
honest,
service
cIubs, for
Rotarians
--
offerings
internationaI
of
women
the
unity
Forrest
quite
City
at
Rotary
home
combined
Club,
I feel
in a m e e t i n g
service
of
these
organizations
here
in 8 1 y t h e v iI Ie.
I have
believer
such
as
in c l u b s
those
meeting.
county,
alone
but
always
state
organizations
service
and
to
nation
development
in o l a c i n g
practice.
and
a strong
represented
Your
in t h e
been
those
Through
in t h i s
the
lies n o t
of
ideals
your
town,
good
ideals,
into
wonts
convi need
than
ever
the
c o u n t y ’s b e s t
crop
is p e o p l e .
For
nowhere
am m o r e
nowhere
more
are
Lions,
be
Rotarians,
civic
your
As
than
they
finer,
friendlier
indebted
opportunity
to
they
or
generous.
I am
other
are
that
to
B I y t h e y ¡ l i e ’s
Kiwanians
o r g a n i z a t io n s
and
for
they
have
given
guest
here
today.
an h o n o r a r y
member
a quarter-century
of
the
me
for
the
more
2
South.
Mississippi
C o u n t y ’s
undisputed
dominance
in t h e
production
of
fiber
the
World's
PiCKing
annual
of
cotton
Championship
Contest
event
over
the
Crops
the
over
fame of
the
presence
and
--
an
attracts
thousands
v is it o r s
from
country.
of
the
soil
Mississippi
world
of
Cotton
BIythevlife
which
contestants
all
to
brought
you
--
but,
old
have
spread
County
in t h e
friends,
I
a II
It's
good to be baCK
B I ythev iI I e
-- to mingle
friends, to refresh
and
to
again enjoy
hosp
ifa I it y .
Mississippi
distinctions
Know
your
County
in t h e
agriculture.
nation
old
The
its
darK,
county
United
than
any
old
memories,
fine
enjoys
people
more
soybeans
with
field
lands p r o d u c e
in t h e
in
of
of
rich
cotton
many
the
farm
than
any
States ; more
area
in t h e
i
1
Mteig BX ilOÜfáEf SSESB
mæmmm» *mmà$
m m
m m m
Trié*y, Maar 26* 1950
m
TREASURY DEPARTMENT
WASHINGTON
iress by Secretary Snyder
The following
at a joint luncheon meeting of the Lions*
II wanis * Rotarians1and other civic groups*
oX,£-—--------•--- —--- ^-Blythevilie*
Arkansas*
is scheduled for delivery «ads about 12:10 p. OHT* on Friday*- lay_ HT; “14)50*' and is for ~
release -upon-3¿Ever;
s-
TREASURY DEPARTMENT
WASHINGTON
The following address by Secretary Snyder
at a joint luncheon meeting of the Lions,
Kiwanis, Rotarians and other civic groups,
at Blytheville, Arkansas, is scheduled for
delivery aho_ut_.12ilQ .p.m...J GST, on Friday,
May 26, 1950, and is for release at that
time»
Itfs good to be back in Blytheville — to mingle with old
friends, to refresh old memories, and to again enjoy your fine
hospitality.
Mississippi County enjoys many distinctions in the field
of agriculture» The people of the nation know its dark, rich
farm lands produce more cotton than any county in the
United States; more soybeans than any area in the South.
Mississippi County's undisputed dominance in the production
of cotton fiber brought the World*s Championship Cotton
Picking Contest to Blytheville — an annual event which at
tracts thousands of contestants and visitors from all over the
country»
Crops of the soil have spread the fame of Mississippi
County all over the world -- but, in the presence of you old
friends, I am more convinced than ever that the county*s best
crop is people. For nowhere are they finer, nowhere are they
friendlier or more generous«
I am indebted to Blytheville*s Lions, Rotarians, Kiwanians
and other civic organizations for the opportunity they have
given me to be your guest here today.
As an honorary member for more than a quarter-century of
the Forrest City Rotary Club, I feel quite at home in a meet
ing of these combined service organizations here in Blytheville.
I have always been a strong believer in clubs and organi
zations such as those represented in this meeting. Your service
to the town, county, state and nation lies not alone in the
development of ideals, but in placing those ideals into practice.
S-2347
Through your good works you have taught men and women every
where that service — honest, helpful, cooperative service —
is one of the greatest offerings of humankind* I am deeply
interested in the international scope of your clubs, for I
am confident that if the spirit of the Lions, Kiwanians and
Rotarians could be planted in every community throughout the
world, the prospect for world peace and unity would be
greatly enhanced*
Unity, the motivating force behind clubs like yours, is
thoroughly American* Historically, its first demonstration
came with the establishment Of cur political independence,
and down through the years this spirit of cooperative action
has sparked all of our victories and achievements* The mani
festations of unity are on every hand* They take the form of
parks, roads, schools, playgrounds and recreational facili
ties. Better educational systems, better social conditions,
better towns and communities -- these are all tributes, not
to the efforts of individuals, but to groups like yours
working together, for man!s greatest accomplishments come
through cooperation with his neighbors.
A fine example of volunteer cooperative action is the
Savings Bonds Program of the United States Treasury
Department -- a sales program which depends in large measure
upon the efforts of a large body of men and women who are
willing to give a part of their time to the service of their
Government.' While I should, perhaps, not engage in "shop
talk" at this very pleasant reunion of friends, I do want to
point out that this volunteer organization, active in everyState, has sold the idea of thrift to millions of Americans,
who now hold over $48 billion in United States Savings Bonds*
Some people ask what the rewards are of community
service — where and how it profits the individual to give
of his time and energy to public causes and programs. The
answer, it has always seemed to me, is a simple one. Whenever
a man contributes to the betterment of his community,* contri
butes to the enlarged influence of his state or nation, and
makes them better places in which to live -- he contributes
to himself as well as to the welfare of his fellowmen.
America is but the reflex of the communities which in the
aggregate constitute it. Therefore, your manifestations of
civic conscience and civic interest in Blytheville are of con
cern to the Nation as a whole, not only for what you do among
yourselves alone, but for what you inspire in others♦
- 3 All of our real achievements as a Nation had their
beginning at the community level, where the fundamentals of
good citizenship — free discussion, cooperative effort, and
individual responsibility for progress -- have their greatest
meaning* When you work together in the creation of a better
community or a better town, the results of your efforts are
not confined to local boundaries* You have also made a fine
contribution to a better county — a better State — a better
America*
The accomplishments we have made in this country since
the close of World War II bear testimony to the effectiveness
of our system of government in the face of changing conditions.
Quickly converted back to peacetime use, our industries have
modernized and expanded their productive facilities, and
extended the benefits of the new processes and techniques of
the war years to such an extent that 1939 and 1940 already
seem to belong to a more distant past*
Television; air freight; frozen foods; the new plastics;
new sources of electric power; tens of thousands of miles of
new highways; high peacetime farm production; 3-| million new
homes — these are but a few instances of the tremendous
surge forward in the period since the war*
Personal incomes are running at a rate of well over
$200 billion annually, and the total liquid savings of the
American people amount to another $200 billion. Industrialoutput is at near-record highs* Our economy is flourishing,
and our financial position is sound. We are fast recovering
from the effects of world conflict, and have been able to
share some of our well-being with less fortunate rg/tions, who
seek to restore their war-wrecked economies* We have worked
and are working earnestly for a lasting peace throughout the
world, while of necessity maintaining defenses against any
aggression that might threaten our free institutions.
To attain our goals on both the domestic and foreign
fronts, we must rely strongly on our system of free
enterprise — a system which has brought us safely through
every trial and emergency of the past. I have a deep and
old-fashioned faith in that system — which gives me a calm
and pervading faith in the future of America. I feel that
we are making unusually fine progress.
In listing the assets of the Nation, I failed to enter
what we all consider to be one of this country’s prime
holdings — the moral character and determination of its
people — for it has truly been said that
,r. . • a State to prosper, must be built on founda
tions of moral character; and this character is the principal
element of its strength and the only guaranty of its perma
nence and prosperity."
INFORMATION SERVICE
TO:
M r . Bartelt
Mr. Bray
M r . Dillon
Mrs. Dubinsky
M r . Haas
Mr. Graham
Mr. Foley
Miss Kelly
FROM:
M r , Thomas Lynch
Mr. Martin
Miss Simpson
Mrs. Elis. Smith
James J. Saxon
Mr. Shamhart came to the Customs Bureau in Washington in 1930, and
shortly thereafter was assigned as chief of a legal division handling
matters relating to smuggling and customs frauds.
Subsequently he was
placed in charge of the Customs Border Patrol, and in addition was given
immediate supervision over criminal investigations, including the smuggling
of narcotics.
Since the end of World War II, Mr. Shamhart has devoted much of his
time to organization of customs enforcement in line with present era of
A
high speed motor and air transportation.
This program has seen the
replacement of the colorful Border Patrol with an enlarged force of highly
trained investigators, the customs agents, and the institution^under the
collectors of customs, of two-way radio patrols and augmented ships' search
activities at seaport* facility*«.
Commissioner Frank Dow today described Mr. Shamhart as an excellent
officer and administrator, whose services to the Bureau have been out
standing.
Fellow employees honored the retiring official with a reception
at the Mayflower Hotel Friday Evening.
Mr . Shamhart, son of the late Reverend W . P . Shamhart, who held
pastorates in a number of the north central states, was born in Mendota,
Illinois, but claims Rockwood, Tennessee,as his legal residence.
He com
pleted his legal education at Lebanon, Tennessee, and was admitted to the
bar in that state, as well as in Florida. He and Mrs. Shamhart have
OÎyO,I
OwiXsO-
resided at 3100 OemieuLieut Avenue, N. W., in Washington.
make their home
They will now
officers to intercept a suspected rum boat. A crewmember of the craft
came at Shamhart with a butcher knife, but the stocky Customs man disarmed
and subdued him, and made the arrest, and his career as an enforcement
officer had begun.
Within a few months he was a full-fledged customs agent.
He served in that capacity in Florida until 1929 when he was assigned
to New Orleans.
As Supervising Agent of the New Orleans district, Mr. Shamhart was
the principal investigating officer of the Customs Service in connection
with the mast^4mpbr±ant liquor smuggling case,, from the-v-iewpo
Tiaia£Sgar^eXa:EIbns7~t3ratm as
the I'M ALONE affair.
The I *M ALONE, recognised -ag^grOanadlan rum runnexZ was pursued by
the Coast Guard Cutter DEXTER and sunk 300 miles off the coast in the Gulf
of Mexico early in 1929 . The perennial question of the "law of hot pursuit"
was involved.
According to the American contention, where a smuggling
craft was detected within the territorial waters of the United States,
pursuit to the high seas and subsequent detention of the ship and crew,
was justified.
Evidence developed by Mr. Shamhart was a major contribu
tion to this Government’s largely successful defense against claims
aggregating $500,000.
The smuggling principals in the United States were
captured, tried, and convicted, with the exception of one, who was3 murdered
mure
while under bond.
While this case was pending, and during a corollary^-
investigation, Mr. Shamhart received a charge from a shotgun at the hands
of smugglers*as he and other Federal officers moved to intercept another rum
ship in the Mississippi Delta country.
■S'-
3-2^^
fK
■dBgoges8il Frees Release £ *sr Sunday Papers-eg May 28, 1950
EcLson J. Shamhart, who turned from a promising career as a candymerchant to the law, and thence to the Customs Service, to become one of
its most colorful enforcement officers, is retiring May 31 from the
position of Deputy Commissioner, which he has held since 19^3*
Mr.
Shamhart directed the Bureau's Division of Investigations.
His 28 years with Customs have been devoted almost exclusively to
combatting smugglers and other violators of the tariff laws.
The candy store venture was in Cincinnati, Ohio, following his Worl
C
„
War I service in tho army, and"pie profits'went to complete Shamhart*s
A
education in the law, a career he had espoused as a youth.
He hung his
newly acquired shingle alongside that of a friend, a fellow
tbn
3T
)T ?
111‘j T W ■I
»T srm
in Tampa, Florida
in 1922 .
Mr. Shamhart relates how, pinched by the paucity of his earnings as
a young lawyer, he answered a "blind" newspaper advertisement for a male
stenographer, and found himself hired as a temporary clerk in the office
of the late Thomas J. Gorman, then Supervising Customs Agent for the
Florida district.
Mr. Gorman later moved to Washington as Deputy Com
missioner of Customs, and Shamhart subsequently became his assistant, and
then his successor upon the death of Mr. Gorman.
The young veteran was inducted into the Customs Service at a time
when smuggling, particularly rum running, was rampant, and the shortage of
enforcement manpower precipitated him into the battle almost immediately.
He soon found himself armed with a letter of authority from the collector
of customs, a revolver, and a customs badge, accompanying other Federal
TR EA SU R Y
D EPA R TM EN T
WASHINGTON, D .C .
Information Service
RELEASE SUNDAY NEWSPAPERS,
May 28, 1 9 5 0 •_______ _____
S-2348
EcLson J. Shamhart, who turned from a promising career as
a candy merchant to the law, and thence to the Customs Service,
to become one of its most colorful enforcement officers, is
retiring May 3 1 from the position of Deputy Commissioner, which
he has held since 19*1-3. Mr. Shamhart directed the Bureau's
Division of Investigations.
His 28 years with Customs have been devoted almost exclu
sively to combatting smugglers and other violators of the tariff
laws.
The candy store venture was in Cincinnati, Ohio, following
his World War I service with the 120th (2nd Tennessee) Infantry,
Thirtieth Division. The profits went to complete Shamhart!s
education in the law, a career he had espoused as a youth. He
hung his newly acquired shingle alongside that of a friend, a
fellow law graduate, in Tampa, Florida in 1922.
j
Mr. Shamhart relates how, pinched by the^paucity of his
earnings as a young lawyer, he answered a "blind" newspaper
advertisement for a male stenographer, and found himself hired
as a temporary cleric in the office of the late Thomas J . Gorman,
then Supervising Customs Agent for the Florida district.
Mr. Gorman later moved to Washington as Deputy Comm5.ssioner of
Customs, and Shamhart subsequently became his assistant, and
then his successor upon the death of Mr. Gorman.
The yoimg veteran was inducted into the Customs Service at
a time when smuggling, particularly rum running, was rampant,
and the shortage of enforcement manpower precipitated him into
the battle almost immediately. He soon found himself armed
with a letter of authority from the collector of customs,
a revolver, and a customs badge, accompanying other Federal
officers to intercept a suspected rum boat. A crewmember of the
craft came at Shamhart with a butcher knife, but the stocky
Customs man disarmed and subdued him, and maae the arrest, and
his career as an enforcement officer had begun. Within a few
months he was a full-fledged customs agent.
2
He served in that capacity in Florida until 19^9 when he
was assigned to New Orleans.
As Supervising Agent of the New Orleans district,
Mr. Shamhart was the principal investigating officer of the
Customs Service in connection with the liquor smuggling case
known as the "I'M ALONE affair."
The rum runner I'M ALONE, was pursued by the Coast Guard
Cutter DEXTER and sunk 300 miles off the coast in the Gulf of
Mexico early in 1929. The perennial question of the "law of
hot pursuit" was involved. According to the American contention,
where a smuggling craft was detected within the territorial
waters of the United States, pursuit to the high seas and sub
sequent detention of the ship and crew, was justified. Evidence
developed by Mr. Shamhart was a major contribution to this
Government's largely successful defense against claims aggre
gating $500,000. The snuggling principals in the United States
were captured, tried, and convicted, with the exception of one,
who was murdered while under bond. While this case was pending,
and during a related investigation, Mr. Shamhart received a
charge from a shotgun at the hands of smugglers, as he and
other Federal officers moved to intercept another rum ship in
the Mississippi Delta country.
Mr. Shamhart came to the Customs Bureau in Washington in
1930, and shortly thereafter was assigned as chief of a legal
division handling matters relating to smuggling and customs
frauds. Subsequently he was placed in charge of the Customs
Border Patrol, and in addition was given immediate supervision
over criminal investigations, including the smuggling of
narcotics.
Since the end of World War II, Mr. Shamhart has devoted
much of his time to organization of customs enforcement in line
with the present era of high speed motor and air transportation.
This program has seen the replacement of the colorful Border
Patrol with an enlarged force of highly trained investigators,
the customs agents, and the Institution, under the collectors
of customs, of two-way radio patrols and augmented ships'
search activities at seaports.
Commissioner Frank Dow today described Mr. Shamhart as an
excellent officer and administrator, whose services to the
Bureau have been outstanding. Fellow employees honored the
retiring official with a reception at the Mayflower Hotel Friday
evening.
Mr. Shamhart, son of the late Reverend W. P. Shamhart, who
held pastorates in a. number of the north central states, was born
in Mendota, Illinois, but claims Rockwood, Tennessee, as his
legal residence. He completed his legal education at Lebanon,
Tennessee, and vas admitted to the bar in that state, as veil
as in Florida. He and Mrs. Shamhart have resided at No. 1
Scott Circle, Northvest, in Washington; They vili nov make
their home in Tampa, Florida.
@FedFRASER