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U.&' Treesuro* ’'b-tph G r e s 's i11 "^.1 ea^e% JUN 141972 TREASURY DEPARTMENT bslsass rnm irn niwspapses, Tuesday, August 1. 3.950«--- 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 August 3 a»d to mature November 2, 1950, which were offered on July 2?, were opened at the Federal Beserve Banks on July 31. The details of this issue are as follows: Total applied for - $1,852•691,000 Total accepted - 1,102,653,000 (includes $98,038,000 entered on a noncompetitive basis and accepted in full at the average price shown below) Average price - 99.703/ Equivalent rate of discount approx. 1.1?4$ per annua Bangs of accepted competitive bids: - 99.707 Equivalent rate of discount approx. 1.159$ per annum - 99.702 « * * * ■ 1.179$ * * High I)OW (52 percent of the amount bid for at the low price was accepted) Federal Reserve District_______ Total Applied for Boston Ifew York Philadelphia Cleveland Hiehmond Atlanta Chicago St. Iiouis Minneapolis Kansas City Dallas San Francisco $ 13 ,210,000 1 ,^12,632,000 35.369.000 41 .317.000 4.880.000 11 .618.000 $ 13 ,210,000 760.192.000 22,^ 9.000 33 ,221,000 4.880.000 1 1 .138.000 36.661.000 152.046.000 10.477.000 3.881.000 34.701.000 31.985.000 20,785,808 6i.3i3.QQC 1S.6T3.0Q& $1,852,691,000 $1 ,102,653.000 l85,4i4,ooo 12 .397.000 3.895.000 fOSAi Total Accepted TREASURY DEPARTMENT WASHINGTON, D .C . Information Service fco E®** RELEASE MORNING NEWSPAPERS, Tuesday, August 1, 1950. S-2405 The Secretary of the Treasury announced last evening that the tenders for $1,100,000,000, or thereabouts, of 9 1 -day Treasury bills to be dated August 3 and to mature November 2, 1950, which were offered on July 27, were opened at the Federal Reserve Banks on July 31. t The details of this issue are as follows: rmua Total applied for Total accepted mm Average price $1 ,852 ,691,000 1 ,10 2 ,653,000 (includes $98,038,000 entered on a non-competitive basis and accepted in full at the average price shown below) 99 .703 / Equivalent rate of discount approx. 1.174$ par annum Range of accepted competitive bids High - 99.707 Equivalent rate 1.159$ - 99.702 Equivalent rate 1.179$ Low of discount approx. Per annum of discount approx. pep annum (52 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for 1 3 ,210,000 1,412,632,000 35.369.000 41.317.000 4.880.000 1 1 .618.000 185,414,000 1 2 ,397,000 3 .895.000 36 ,661,000 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago [St, Louis Minneapolis [Kansas City [Dallas San Franc isco 13 ,210,000 760 .192.000 63,313,000 22.489.000 33 221.000 4,880,00a 1 1 , 138,000 152 .046.000 10.477.000 3 ,881,000 34.701.000 2 0 785.000 35^633^000 $ 1 , 8 5 2 , 6 9 1 ,0 0 0 $lr10 2 ,653,000 31,985,000 TOTAL Total Accepted 0O0 . . Secretary Snyder today transferred to the D i r e c t o r of the B u r e a u of E n g r a v i n g and P r i n t i n g a l l i n c o n n e c t i o n w i t h the p r o c u r e m e n t distinctive States papers required The transfer is and handling for^printing currency and public debt functions of of U n i t e d securities. a uaBBTthe President's Reorganization Plan N o . 26 of I960, which became effective *% oqay . that-#? s a v i n g s _ It is estimated ___„ lly will result. P r o c u r i n g and w a r e h o u s i n g of cur r e n c y securities papers was Commissioner Custody formerly handled by of P u b l i c D e b t and and the the D i v i s i o n of P a p e r i n t he B u r e a u o f P u b l i c D e b t . The elimination o f i n t e r m e d i a t e h a n d l i n g b e t w e e n the m a n u f a c t u r e r these distinctive papers currency and of these and t he b u r e a u w h i c h p r i n t s securities will make operations as w e l l as and i n the p r o c e s s reduce costs. r e t a i n t he p r e s e n t over all paper of p r i n t i n g . the for better management The B u r e a u of Public Debt will s y s t e m of a c c o u n t i n g controls of in custody TR E AS U R Y D EPARTMENT Information Service Wa s h i n g t o n , d .c . RELEASE MORNING NEWSPAPERS, Tuesday, August 1 , 1950. S-2406 Secretary Snyder today transferred to the Director of the Bureau of Engraving and Printing all functions in connection with the procurement and handling of distinctive papers required for the printing of United States currency and public debt securities. The transfer is made under the authority of the President's Reorganization Plan No. 26 of 1950, which became effective July 31* 1950* It is estimated that savings in excess of $ 100,000 annually will result. Procuring and warehousing of currency and securities papers was formerly handled by the Commissioner of Public Debt and the Division of Paper Custody in the Bureau,of Public Debt. The elimination of intermediate handling between the manufacturer of these distinctive papers and the bureau which prints the currency and securi ties will make for better management of these operations as well as reduce costs. The Bureau of Public Debt will retain the present system of accounting controls over all paper in custody and in the process of printing. 0O0 RELEASE, MORNING NEWSPAPERS’, J 7 / 7 August 1, 1950 Secretary Snyder today announced the appointment, effective September 1, 1950, of L. A. Jennings as Third Deputy Comptroller of the Currency, Mr, Jennings entered the service of the Comp trollers office in 1929 as an Assistant National Bank: Examiner in the Second Federal Reserve District and, in 1935, was commissioned as a National Bank: Examiner in the Second District. While on this assignment he was engaged in examining the large New York banks and foreign branches thereof. He was designated an Assistant Chief National Bank Examiner in the Washington office in 1941* During World War II he served as an officer in the Army of the United States. Simultaneously, Comptroller of the Currency Preston Delano announced the designation, also effective September 1, of J. W. Hudspeth as District Chief National Bank Examiner of the Eighth Federal Reserve District in St. Louis, Missouri to succeed Hollis Haggard, who is being transferred to Boston, Massachusetts as District Chief National Bank Examiner of the First Federal Reserve District. M. J. Hurley, who was to have become District Chief National Bank Examiner of the Third Federal Reserve District at Philadel phia, has resigned to accept a position as a vice president of the National Shawmut Bank of Boston. J. L. Bailey, who was to have become Chief Examiner of the Eighth District in St. Louis, will continue as District Chief Examiner in Philadelphia. IMMEDIATE RE DEASE, Tuesday, August 1, 1950 » S-2407 Secretary Snyder today announced the appointment, effective September 1, 1950, of L. A. Jennings as Third Deputy Comptroller of the Currency. Mr. Jennings entered the service of the Comptroller's office in 1929 as an Assistant National Bank Examiner in the Second Federal Reserve District and, in 1935, was commissioned as a National Bank Examiner in the Second District. While on this assignment he was engaged in examining the large New York banks and foreign branches thereof. He was designated an Assistant Chief National Bank Examiner in the Washington office in 19^1* During World War II he served as an officer in the Army of the United States. Simultaneously, Comptroller of the Currency Preston Delano announced the designation, also effec tive September 1, of J. W. Hudspeth as District Chief National Bank Examiner of the Eighth Federal Reserve District in St. Louis, Missouri to succeed Hollis Haggard, who is being transferred to Boston, Massachusetts as District Chief National Bank Examiner of the First Federal Reserve District. M. J. Hurley, who was to have become District Chief National Bank Examiner of the Third Federal Reserve District at Philadelphia, has resigned to accept a position as a vice president of the National Shawmut Bank of Boston. J'. L. Bailey, who was to have become Chief Examiner of the Eighth District in St. Louis, will continue as District Chief Examiner in Philadelphia. 0O0 - 3 M 8 M any State, or any of the possessions of the United States, or by any local tax ing 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 Section# lj.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 in clude 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 - unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, follcwing which public announcement will be made by I the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. I The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders,'in whole or in part, and his action in any such respect shalll be final. Subject to these reservations, non-competitive tenders for '¿200,000 I or less without stated price from any one bidder will be accepted in full at the I average price (in three decimals) of accepted competitive bids. Settlement for I accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on August 10, 1950 i in cash or other immediately avail-1 — m --- ! — able funds or in a like face amount of Treasury bills maturing August 10, 19ji>0 I — -ggj Cash and exchange tenders will receive equal treatment. | Cash adjustments will M made for differences between the par value of maturing bills accepted in exchangel and the issue price of the new bills. I 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 anyI special treatment, as such, under the Internal Revenue Code, or laws amendatory I or supplementary thereto. gift The bills shall be subject to estate, inheritance, I or other excise taxes, whether Federal or State, but shall be exempt from I all taxation now or hereafter imposed on the principal or interest thereof by ram m TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, August 3, 1950_______. \y Wt The Secretary of the Treasury, by this public notice, invites tenders for $ 1,100.000.000 > or thereabouts, of in exchange for Treasury bills maturing 91 -day Treasury bills, for cash and August 10, 1950 y to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. will mature The bills of this series vail be dated November 9, 1950 August 10, 1950 , and > when the face amount will be payable without iw i 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'clock p.m,, EasternjQtos&idsnfc time, Monday. Atiott. cHv rjJ io<n ■ 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. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders vail 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 Troasury bills applied for, TREASURY D EPARTMENT Information Service WASHINGTON, D .C . IQ release m o r n i n g n e w s p a p e r s , Thursdayf August 3, 1950-__ S-a4o8 The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000, or thereabouts, of 91-day Treasury tills, for cash and in exchange for Treasury bills maturing August 10, 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 August 10, 1950, and will mature November 9^ 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, August 7, 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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 n any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price rom any one bidder will be accepted in full at the average price 2 (in three decimals) of a c c e p t e d c o m p e t i t i v e "bids. S e t t l e m e n t for a c c e p t e d tenders in a c c o r d a n c e w i t h the bids m u s t be m a d e or c o m p l e t e d at the F e d e r a l Re s e r v e B a n k on A u g u s t 10, 1 9 5 0 s i n cash, or other i m m e d i a t e l y a v a i l a b l e funds or in a l i k e -face amou n t of. T r e a s u r y bills m a t u r i n g A u g u s t 10, 1950. C a s h and e x c h a n g e tenders w i l l r e c e i v e equal treatment. Cas h a d j u s t m e n t s w i l l be m a d e for differences, b e t w e e n the p a r v a l u e of m a t u r i n g bills: a c c e p t e d in e x c h a n g e and. the issue price of the- n e w b i l l s , . .; • > The income derived, from Treasury bills, whether interest or. gain from the sale or other disposition of'the bills, shall not have any exemption, as such,, and loss from the sale or other disposition of Treasury bills shall not have any special .treatment, as such,under the Internal Revenue Code, dr 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 oi 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 Ik® Revenue Act of 19^1* the amount of discount at which bills issued hereunder arp. 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 ojily 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. T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, and this notice, p r e s c r i b e the terms of the T r e a s u r y b i lls and g o v e r n the c o n d i t i o n s of t h eir issue. Copies of the c i r c u l a r m a y be obtained f rom a n y F e d e r a l R e s e r v e B a n k or Branch. 11 Statement of Secretary Snyder to the Senate Finance Committee August 2, 1950 I am glad to have this opportunity to discuss with you the President’s recommendation for the prompt enactment of interim tax legislation* In the four weeks since I appeared before your Committee in connection with your consideration of H*R. 8920 the events in Korea and the messages of the President have demonstrated to every citizen in the Hation that both our expenditures and our revenues will have to be very much greater in the period ahead than we had formerly anticipated. Since duly 11, when I recommended to your Chairman that action on the tax bill be suspended, the president has transmitted a series of messages to the Congress outlining our defense requirements for the immediate future and the measures v/hich are urgently needed in relation to them. In these messages, the President has asked for over $15 billion of additional appro priations to be available now for purposes of defense. Concurrently, he has recommended interim revenue legislation which will immediately increase Federal tax receipts by $5 billion on an annual basis* As the President has emphasized, the additional revenue asked for at this time is only a first step in the necessary adjustment of our revenue system to bring it more closely in line with current and prospective outlays needed for defense against unprovoked and unlawful attack upon the rights and territories of peaceful people# This must be followed as soon as jjossible by a more comprehensive program to increase very substantially the productiveness of our revenue system and to adjust the added tax burden on a basis which will be fair and equitable to all of our citizens* With respect to the President’s program, I should like to make it clear that the revenue measures which are urged for immediate enactment represent the minimum requirements of financial preparedness at this time. As you know, the finances of the Government were not balanced at the beginning of the Korean crisis. Our deficit for the fiscal year 1950 amounted to over $3 billion and a deficit of approxi mately $5 billion was in prospect for the fiscal year 1951* In times like the present it is not only desirable, it is vital to the entire defense effort that the finances of the Government be placed in the strongest possible position for meeting the demands v/hich will be made on them for defense against unscrupulous destroyers of peace. This program is an essential first step — though it is a first step only — * toward utilizing our revenue system to strengthen the economic defenses of the Hation# S-2409 ~ 2 - Besides improving the fiscal resition of the Government, the increase in our revenues at this time will serve another important purpose. As the President has pointed out, it will aid in restrain ing inflationary forces generated by increased defense expenditures. Every person in the Nation is aware of the primary importance of these objectives. Now is the time to take action toward maintain ing an environment which will discourage, rather than encourage, the growth of inflationary pressures. Larger tax payments from current incomes — both business and personal — ■* are an essential feature of an effective anti-inflationary program. I share the confidence of the President that every citizen stands ready to make this necessary contribution to our national security. As I emphasized in my appearance before your Committee on July 5» both corporations and individuals are in an exceptionally favorable financial position at the present time. Personal incomes this year, excluding the insurance dividends to veterans, have already risen to a level close to the peak reached in the last part of 19-U8* Corporate profits are also running near the 19*48 record totals. Industrial production in June surpassed the previous peacetime high of November 19*48 and civilian employment passed 6l million in June, a record high for the month. The whole economy, in fact, appears to be surging forward at an accelerated pace and the need for increased output for military purposes will intensify this trend* Under these circumstances and in view of the increasing evidence during recent weeks that inflationary pressures are already having a strong impact on the price structure, we cannot fail to make an earnest effort to pay for a larger proportion of current governmental expendi tures out of current incomes. In order to do this it is essential that legislation increasing taxes be passed promrtly, A major tax urogram would consume a substantial period of time and could not result in an immediate increase in tax payments, Present inflationary developments could not be curbed by the enactment of taxes after the crucial transi tion period has passed, regardless of how high they might later be raised. .. The development of a tax program fully adequate to meet the demands of a continued mobilization effort will require consideration of many basic problems. Our present effort should preserve freedom of action with respect to these problems. The Congress will later wish to re-examine our wartime experience with a view to devising the most appropriate methods for dealing with the complex nroblems of excessive profits, measures to stimulate defense production, and the interrelationships between taxation and direct economic controls. These problems raise some of the most difficult issues in the field of taxation. It will be necessary to have a fuller understanding of the future course of our mobilization plans in order to resolve them in a manner which will make the maximum contribution to the effective ness of economic programs. 12 -3 - 13 The interim tax measure recommended by the President and developed in cooperation with the Congressional leadership is based upon a care ful evaluation of all of these elements in the present situation. The President has recommended that H.B. 8920 serve as a basis for the desired legislation, with the following adjustments: First, that the excise tax reductions and other revenue-losing sec tions in the bill now pending before your Committee be eliminated, but that the provisions for closing loopholes, for instituting a with holding tax on dividends, and for adjusting the taxation of life insur ance companies be retained, Second, that the corporation income tax rates in the pending bill be raised by an additional four percentage points, effective for 1950 incomes, and Third, that the rending bill be amended to include increases in individual income taxes by removing one-quarter of the reductions from "tentative” tax for 1950 incomes, and by eliminating such reductions entirely beginning in 19 5 1 » As the President has stated, these measures together would raise approximately $5 billion of revenue on a full-year basis. It is for tunate that when the need for additional revenue became apparent your Committee and the Committee on Ways and Means of the House of Represen tatives had already laid the groundwork for the program now recommended by the President, The careful consideration which the pending tax bill has already received has prepared the way for the measures which must now be taken to adjust our revenue system to the new requirements of national defense. The changes in the pending bill to incorporate these revisions could be made with a minimum of drafting problems for the Committee to consider. The details of the three major proposals of the President with respect to revenue measures which are recommended for immediate enact ment follow, 1. The elimination of revenue-losing provisions and closing of loopholes The need for revenue at this time requires the retention of all present revenue sources. This means that the excise taxes now in exist ence should be continued. In urging the Committee to eliminate the excise reductions provided in the bill, I should not like to leave the impression that these taxes in their present form are a desirable and necessary permanent feature of our revenue system. When the Congress undertakes a comprehensive tax program to meet increased defense needs, consideration can be given to the proper composition of ’excise taxes. - H - 14 For the pufpope of immediate legislation, however, two extensions of existing excises should "be considered in the interest of competitive equality* One is the extension of the present tax on household refrig erators to deep-freeze units, a provision already incorporated in the pending hi11^ The second is the extension of the 10-percent radio tax to television sets, as I previously recommended« Television now is a strong competitor with alternative forms of entertainment, such as the radio, motion pictures, and professional sporting events, all of which are subject to Federal excise tax. In my statement to your Committee on July 5* I called attention to certain other revenue-losing provisions of the hill which are highly objectionable on equity grounds. Present circumstances strengthen the case for removing these provisions from the bill. As the President pointed out, the loophole-closing, dividend^with holding, and life insurance provisions of the bill should be retained* The retention of the loophole-closing provisions of the bill is partic ularly desirable in view of the higher tax rates which are certain to increase the exploitation of tax loopholes. We should not encourage the opportunities for tax avoidance that have been Drought to the atten tion of your Committee. Necessary technical changes in these provisions to meet the problems that have been raised will be presented by the Treasury staff. The provisions of the bill for the taxation of the life insurance industry become increasingly more important as other segments of the economy are required to pay higher taxes. Withholding on dividends will be particularly helpful since it will assure more effective tax compliance at a time when the rising level of taxation necessitates more intensive enforcement efforts. The significance of these measures extends beyond their immediate revenue effect.- If imperfections are permitted to survive in our tax laws, increasingly larger amounts of revenue will be lost. Inequities under present circumstances would tend to reduce taxpayer morale. The full-year revenue effect of the loophole provisions of the pend ing bill, and the excise adjustments, is estimated at more than $500 million.. 2. Corporation income tax The second element in the President’s interim revenue program is an increase in the corporation income tax of U percentage points above the rates contained in the pending tax bill. The corporate normal tax included in the House bill would be increased from 21 percent to 25 15 - 5 - percent which, with the 20-percent surtax provided in the hill, would result in a combined top rate of ’45 percent (Table l)• It is proposed that these increased rates apply to the 1950 incomes of corporations as the present hill provides* The recommended increase in corporation tax rates would add, on an annual basis at calendar year 1950 income levels, about $1 billion of revenue to the amount provided under the pending bill, representing a total increase in corporate tax yield over present law of $1*5 billion* The tax increases as compared with present law would vary at dif ferent income levels as a result of the desirable substantive changes made in the corporate rate structure by the House bill* The bill elimi nates the ’’notch” provision which, as the Committee knows, has existed since 1932 for the purpose of making the transition from the reduced rates provided for small corporations to the flat rate applicable to the total income of all other corporations* The 53 -pereeni ”notch” rate in the present law has long been recognised to be an obstacle in the path of small, growing corporations* If this method of transition were left unchanged, the corporate rate increase in the bill with the additional increase recommended by the President would require raising the ”notch” rate to a highly inequitable level* The elimination of the ’’notch” under the bill provides in effect a flat corporate income tax rate with a $25»000 exemption from surtax, which continues to accord incentive tax treatment to small corporations* The combined effect of the higher rates and the elimination of the ’’notch” is a relatively small increase in tax for small corporations, incidental reductions for corporations in and immediately above the ’’notch” area, and a goneral increase of 7 percentage points for larger corpora tions* As shown in Chart 1 and Table 2 , the effective rates of corpora tion income tax liabilities under the President’s recommendation would be H percentage points higher at all levels than under the pending bill* The major increases would be paid by hi , 000 large corporations* These corporations, as shown in Chart 2 , account for 8S percent of tax able corporate net income, although they represent 11 percent of all taxable corporations* As shown in Chart 3» those with net incomes above $71,U00 would pay, on the average, l6 percent more tax than under present law* Smaller increases would be paid by the 296,000 corporations with incomes under $31»250 * The maximum increase for this group of smaller corporations would be $500, payable by corporations with net incomes between $ 20,000 and $ 25 ,000 * The increase for a corporation with $5,000 net income would be $200* Because of elimination of the ’’notch,” about 33 >OOQ corporations with incomes between $31,250 and $71,h00 would have a net reduction in tax* The maximum reduction would amount to $1,500 and would occur at the top of the present ’’notch” aroa on net incomes of $50,000* lG - f r - It will "be recalled that the President recommended in January 1950 an increase in the corporate rate to ^2 percent# The Ways and Means Committee began hearings on February 3 » 1950 » and the pending bill, as passed by the House of Representatives, adopted a corporate rate of hi percent/ Therefore, business men have had reason to anticipate an increase in the tax on corporate profits effective as of January 1 , 19 l°* When the House bill was passed, corporate profits were estimated at an annual rate of $31 billion and the indications were that the fullyear rate would be somewhat higher# Profits at this levol would have permitted corporations, after th# increased taxes under the House bill, to pay record dividends and to retain larger profits than last year. Moreover, current prospects for corporate profits in 1950 are steadily improving# In connection with the application of the proposed corporation tax increases to 1950 incomes, the Committee will bo interested in the record of past changes in the corporation income tax (Table 3)# Begin ning with the corporation tax in 1909, the Congress has generally made corporate rate changes applicable to the in.cône of the calendar year in which the legislation was enacted, even in those years in which legis lative consideration of the corporate tax increase was not completed until the closing months of the year# In two instances (the Revenue Act of 1918 , enacted February 2U-, 1919 » and the Revenue Act of 192 b, enacted February 2 b, 1926) the tax increases were made effective as of January 1 of the preceding year* The present schedule for payment of accrued corporation taxes makes it essential that the proposed increases apply to 1950 incomes# Taxes on 1951 incomes will not be payable until 1952 and will be fully collected only by December 15 * 1952 — almost 2| years hence. Furtlier changes in the corporate tax area can be made with respect to 1951 incomes after full consideration of the various alternatives and in the light of subsequent developments in the economic situation and expenditure requirements# 3 # Individual income tax The third element in the President* s interim revenue program is an increase in the rates of the individual, income tax# The President recommended that this bo accomplished by removing the present percentage reductions from **tentative1* tax provided for 19^8 and 19 ^-9 * that^ only one-fourth of these reductions be removed in computing tax liabili ties for the current year 1950 # The increase in tax on 195 ® incomes would bo coordinated with an increase in withholding, effective October 1 of this year# 17 You will recall that in 19*45 this Committee developed an incone tax schedule which was 3 percentage points lower in all brackets than the wartime raté schedule enacted in 19 *4*4* In addition# your Committee provided for a flat 5~porcont roduction from these rates in determining the final liability* When income taxes were again reduced in 19 *48» the general ^percent reduction was replaced by a series of redactions {Counting to 17 pej> cent en the first $*400 of tentative taxi 12 percent between $*400 and $100 ,000 ; and 9*75 percent for tax in excess of $100 ,000 * The net effect of this complex schedule is to produce rates rising from l6*6 percent in the first bracket to 82*1275 percent in the highest (Table *4)# Under the President1 s proposal, the percentage reductions would be eliminated for 1951 and the ^tentative11 rates would beeome the actual rates* In terns of effective rates, the increases over present law would be 3**4 percentage points at the top of the lowest tax bracket and about 9 percentage points in the highest bracket (Table 5 )« The proposed tax liabilities applicable to 1951 incomes are shown in Charts *4 and 5 » compared with those in effect since 19 *4*4 when the highest wartime rates were enacted* Under the President* s recommendation, the split*incone provisions and the increase in exemptions enactod in 19*48 would be retained* Thus married parsons filing joint returns will continue to benefit from having twice as much income taxable at Idle lower rates as they did prior to the 19*48 Act* Chart *4 shows the tax liabilities for single persons with different incomes# for a single person with a net income of $5*000» the tax would be increased from lo*2 percent under present law to 18*9 percent -under the proposal# This compares with the tax under the 19 *4*4 Act of 22*1 percent* At 'the $ 25»000 level, the present effective rate of 3*4#,*+ per« Cent would be raised to 39*2 percent under the proposal4 which compares with *42**4 percent under the 19 *4*4 Act* Chart' 5 shows that for married persons the proposed rates would be substantially below those in effect at the end of the war* On a net income, of $5*000, a married person with two dependents now pays a tax of about 8*6 percent* Under the 'President1 s proposal, tliis would be increased to 10**4 percent for 1951 or about two«-thirds of the tax under the 19 *4*4 Act* At $ 25 ,000 , where income«-split ting gives about the largest relative advantage*.the effective rate would be increased from 21*9 percent to 25*1 percent* The proposed tax would then be 13*7 Per centage points lower than the highest wartime tax of 3^*8 percent at this level* Under the President* s recommendations, less than 5 percent: of tax*» payers, mostly single persons, would actually pay higher taxes than they did under the 19*45 Act* - 8 18 - The proposal would Increase tax liabilities of individuals by about $700 million on 195 ° incomes and by $2 .9 billion on 1951 incomes About 55 percent of this additional revenue would come from taxpayers with net incomes under $5 ,0 0 0 . As shown in Chart 6 and this group now accounts for 91 percent of all taroayers and for 69 percent of net income of taxable individuals be 0 e e ®P Z remaining b5 percent of the revere would ^ f r o m t h o s e w i t h incomes above $5,000. who represent 9 percent of^ail p a y e r s ana receive 31 percent of the net income of taxable individuals. As a result of the large concentration of income below the . $5 000 level, a substantial part of income tax revenue , be’obtained from this group. Moreover, a relatively smal. larger the rate in the lowest brackets contributes more reven* e S increase at the higher income levels. Tor example. a 1 a point increase in the first bracket rate is equivalent ,Table 7). 3 percentage point increase for all other brackets together (Table V The method of increasing individual income t a x e s p r ^ o s e d ^ the President has been selected with regard for s i m p l i c i t y i n t h e a the need for prompt action. It will provide substantial revenu, equitable basis. The rate schedule is contained in t P t The Congress is familiar with the schedule an w ^ of the reductions from tentative t a x / — w i d e s simply for eliminating Acts. The President's recom m endation provides s i ^ l y lo raduotions one-quarter of these reductions for 1950 incomes ana ™ b b for 195^• The proposed revision in individual income t^es will lnvolve no com- plex additional computations. In contrast, a flat in tax liabilities combined with the existing three separa reductions would make the present computationsevenmorecomplex The introduction of a new rate schedule would consideration of issu which can best he deferred until a more comprehensive program is con sidered. The adoption of the President's proposal will permit the &d ^ s*”ent of the withholding rate applicable to wages and salaries in excess ° x personal exemptions from 15 percent to 18 percent beginning with Octobe^ of this year. The new withholding rate, after allo^ n® proposed deduction, would roughly account for the full incf®a® ,.. P for the calendar year 1950 for those subject to withholding. Prompt enactment of legislation is n e c e s s w for t h e ^ ° f Internal Revenue to institute withholding at t e g ’ . distributed instructions and withholding tables will have to be f d to over 3 million employers in time to be u s e d b y October Ist.^ taxpayers who pay tax in four quarterly installments will also hav P with new forms to adjust their final quarterly paymen,s. 19 - 9*+• Summary of revenue from Presidents program Txic attachod summary indicates the revenues to be obtained under the President1 s recommendations on a full-year basis and for the fiscal year 1951 » The combined effect of the three—point program is to increase liabilities over present law by nearly $5 billion on an annual basis» About $ 2*9 billion of this increase would be from the increase in individual income taxes, $1*5 billion from the increase in corporation rates, and over $500 million from the loophole— closing provisions and excise tax adjustments* The fact that this is an interim program should be emphasized* The relationship between the proposed increases in liabilities can be reconsidered when a more comprehensive program is developed with appropriate attention to other sources of revenue* The enactment of H*R* 8920 revised as recommended will adjust our revenue structure in the direction necessary to discharge the responsibilities we have under taken to meet* In doing this, an immediate substantial contribution will be made to current revenue needs, and the possibilities of inflation ary spending from 1950 incomes will be reduced. * # * ¡a * * * * * * * * $ I should like to leave one concluding thought with you* The threepoint tax program placed before you by the President to meet our immediate requirements was developed in the conviction that our people are prepared for the sacrifices and responsibilities which the defense of our Nation and of our institutions demands* I feel sure that they want to begin now to prepare for meeting the expenditures that lie ahead* I know that you will consider the President* s program in this spirit* 20 Summary of the estimated revenue effect of the proposed interim tax legislation (Mounts in millions of dollars) : * î : ï i Increase corporation income tax rates , Remove tentative tax reductions under the individual income tax Life insurance companies Charitable and educational institutions and charitable estates and trusts ..... Miscellaneous loophole-closing provisions Withholding on dividends Tax television sets and deep-freeze units Total Treasury Department Estimated increase in revenue over present law Pull Fiscal year year effect if 1951 2/ 572.1 1 .^5 5 .0 2 ,9 3 2 .5 2 / 63.1 100.0 k/ 150*9 “ I.725.O 129.2 I2U.5 1 7 5 .0 Ug .6 1 1 0 .0 _____ 2 * 1 **»925.1 2.692.5 August 2 » 1950 1/ Estimates affecting income taxes are based on levels of income esti mated for the calendar year 1950 and take into account interrelated effects of changes in corporation and individual income tax liabilities. Estimates affecting estate and gift taxes and excise taxes are based on levels of income for the fiscal year 1951. S' Provisions of the Revenue Bill of 1950 (as passed by the House of Representatives June 29 » 1950 ) are assumed to have an effective date as provided by the Bill. It is also assumed that the increase in tax on television sets and deep-freeze units will be effective September 1. 1950 and that the increase in corporation income tax rates will be effective with taxable years ending on or after December 31, 1950. The higher individual income tax withholding rate is assumed to take effect October 1 * 1950 . If The individual income tax provisions affecting calendar year 1950 are estimated to yield $703 million. Poes not represent, for the most part, an increase over present revenues. The estimate represents the long-run revenue loss esti mated to occur if provisions are not adopted. Table 1 . Corporate income tax rates under present law and the House bill (E.R. 8920 ) compared with the proposed rates Proposed rates House bill Present law Het income • • • 4 • I n ombined ’ Hormal * Combined Combined * normal * normal J Hot : Surtax : ; Surtax ; rates tax tax ! Sartax : rates f tax exceeding* •» rates * • Exceed! • • 0 $5,000 15# 6$ 21# $5,000 20,000 17 6 23 201,000 25,000 19 6 25 25,000 50,000 31 22 53 50,000 and over Treasury Department 1/ 2k lk 38 1 / »- • N / ) ) 21# ) ) > ) ) 2 Vp 20$ 21# 25 $ kl 25 25$ 20# k$ August 2 , 1950 Instead of applying the bracket rates, corporations with incomes above $50,000 are taxed at the rate of percent on their entire income. (Tabie 2,• Comparison of corporation income tax liabilities under present law, the House bill (H.R. 8920) and proposed rates Tax liabilities Net income : Present law i House bill : $5,000 10,000 25,000 30,000 50,000 $1,050 2,200 $1,050 2,100 5 ,7 5 0 8 ,4oo 19,000 5 ,2 5 0 7 ,3 0 0 15,500 Proposed rates $1,250 2,500 6,250 8,500 17,500 60,000 22,800 19,600 22,000 71,429 27,143 28,500 38,000 1*7,500 24,286 25,750 27,143 36,000 4 o,ooo 46,250 51,250 63,333 70,000 107,500 445,000 4,495,000 44,995,000 75,000 100,000 125,000 166,667 250,000 1,000,000 1 0 ,000,000 "100,000,000 63,333 95,000 380,000 3 ,800,000 3 8 ,000,000 Treasury Department 97,500 '405,000 4,095,000 40 ,995,000 "Increase (+) or decrease (-) in effective rates as compared with present law Proposed Proposed rates House bill* rates £j± fective rates 28,750 • • Present law :House bill: » '• • • 21.00$ 22.00 23.00 21.00$ 21.00 21.00 25.00$ 25.00 25.00 2 8 .0 0 24.33 28.33 38.00 3I.OÒ 35.00 38.00 38.00 38.00 38.00 38.00 3 2 .6 7 3 4 .0 0 3 *1.33 36.67 88.00 38.00 38.00 3 8 .0 0 3 8 .0 0 3 8 .0 0 36.00 38.33 4 0 .0 0 3 7 .0 0 4i.oo 38.00 39.00 40.50 43.00 44.50 40 .9 5 4 4.95 41.00 45.00 42.00 ~ 0 1.00$ 2.00 3.67 7.00 5.33 4 .0 0 3.67 2.00 1.00 0 + 1.00 + 2.50 + 2 .9 5 + 3 .0 0 + 4 .00 $ + 3.00 + 2.00 + 0.3 3 - 3.00 - 1.3 3 0 + 0.33 + 2.00 + 3.00 + + + + + 4 .0 0 5.00 6.50 6 .9 5 7 .0 0 August 2 , 1950 Table 3« Date of enactment a n d effective date of changes in c o rporation income taxes under Federal tax lavrs, 1909 to date F é d é r a l tax law Type o f change • : * Date of enactment * E f f e c t i v e date of change Act o f — 5, 1909..... • Initial ta x Aug. 5, 1909 Jan. 1 , 1909 Oct. 3 , I9 I3 ..... . E l i m i n a t e d specific c r edit Oct. 3 , 1913 Mar. 1» 1 9 1 6 .............. • I n c r eased rate Sept. 8, 1916 Jan. 1 , 1916 1 9 1 7 .............. . Increased rate Oct. Jan. 1917 I 9 IS.. • I n c r eased rate for 1918; r e d u c e d rate far 1919 Feb. I 92 I . ............. . I n c r eased rate Nov. 23, 19 2 6 .............. • Increased rate f o r 1925; f u r t h e r I n c rease for 1926 Feb. I 92 S .............. . R e d u c e d rate M a y 29, • R e d u c e d rate Dec. Aug. 1913 R e v e n u e Act of— Jt. Res. No. ...... . 3, 1917 1919 J an • k 19 1 8 Jan* 1 , 1919 1921 Jan. 1* 1922 26 , 1926 Jan. Jan. 1* 1, 1925 1926 Jan. 1 . 1928 192S 133— 1 9 2 9 ....... ....... --continued— 1/ Applicable to taxable year 1929 only 16, 1929 J an ♦ 1 , 1929 1 / Table 3 ~ Concluded Federal tax lav i Type of change : Date of enactment Effective date of change Revenue Act of— 19 3 2 ............... ••• Increased rate June 6, 1932 Jan. 1, 1932 19 3 6 ............... •.. Increased normal tax rate and adopted surtax on un distributed profits June 22, 1936 Jan• 1, 193 0 193S............... ... Increased rates May 28, 1938 Jan. 1, 1938 19 U0 ............... ... Increased rates J une 25, 19^0 Jan. 1, 19^0 19^0 (2d).......... ... Increased rates Oct. S, 19*+0 Jan. 1, I9I+O î ÿ u ............. .. ... Increased rates Sept. 20, 19^1 Jan. 1, I9I+I 19^2............... ... Increased rates Oct. 21, 19H2 Jan. 1, 19U2 I9U5 ............... ... Reduced rates flov. S, 19^5 Jan. 1, 194 G Treasury Department August 2, 1950 25 tabi© 4* - Individual Income tax rate schedules Proposed rates for 1950 and 1951 compared with the Revenue Acts of 1944, 1945, and 1948 Surtax net income e 1948 : ProDosed rates e :1944 Act: > :(highest: 1945 : Act 1/ : :wartime : Act 1/ :(present: 1950 l/l 1951 e :rates) : © : law) * 23* 25 29 35 19.00* 20.90 24.70 28.50 16.60* 19.56 22.8£ 26.40 17.40* 20.02 23.66 27.30 20* 22 26 30 10,000 12,000 14,000 16,000 37 41 46 50 52.30 36.10 40.85 44.65 29.92 33.44 57.84 41.36 30.94 34.58 39.13 42.77 54 38 43 47 16,000 18,000 20,000 22,000 18,000 20,000 22,000 - 26,000 53 56 59 62 47.50 50.35 53.20 56.05 44.00 46.64 49.28 51.92 45.50 48.25 50.96 53.69 50 55 56 59 26,000 32,000 38,000 44,000 32,000 38,000 — 44,000 - 50,000 65 68 72 75 58.90 61.75 65.55 68.40 54.56 57.20 60.72 63.36 56.42 59.15 62.79 * 65.52 62 65 69 72 60,000 70,000 80,000 90,000 78 81 84 87 71.25 74.10 76.95 79.80 66.00 68.64 71.28 73.92 68.25 70.98 73.71 76.44 75 78 81 84 90 82.65 84 «55 85.50 86.45 79.17 80.99) 82.77) 83.70 84.63 87 92 93 94 76.56 78.32 80.3225 81.2250 82.1275 P $2,000 4,000 6,000 8,000 10,000 12,000 14,000 50,000 60,000 70,000 80,000 $2,000 4,000 — 6,000 - 8,000 mm — — — - mm — — - mm 100,000 90,000 — 100,000 136,719.10) 136,719.10 — 150,000 ) 150,000 200,000 200,000 and over 2/ Treasury Department 89 90 91 August 2, 1950 After reductions from tentative tax. 2/ Subject to the following maximum rate limitations: Revenue Act of 1944, 90 percent; Revenue Act of 1945, 85.5 percent; Revenue Act of 1948, 77 percent; proposed rates for 1950, 80 percent; proposed rates for 1951, 90 percent. y 26 Explanation of rates computed for 1950 in Tables ^ and 5 The rates under the proposed change for 1950 &ave been computed by rounding the one-fourth reduction from tentative tax. Reductions from tentative tax of exactly one-fourth would result in the following changes! The 17 percent reduction would be reduced to 12.75» 12 percent to 9. a*d 9*75 percent to 7.3125. These reductions were rounded to 13 percent, 9 percent, and 7 percent respectively, in computing the 195° bracket rates in Table ^ and the effective rates in Table 5* maximum difference in tax due to rounding would be relatively small* Table 5* - Comparison of individual income tax liability under present lav and under proposed rates for 1950 and 1951 Single person - no dependents 1950 increase 1951 increase Increase under as a percent- as a percentproposed rates ; ÖKÖ UA i i______ • Proposed 1 :Net « • sNet 1950 19a Proposed rates rates sinecme Tax «income «Tax 1 • • e under :after sunder safter 0 : 0 • : s « « «Effec-j «Presents «presentstax :Effec- present:tax i « 1950 s 1951 : lav « 1950 « 1951«Amountstive s Amountstive lav sunder slav sunder «rate :present« spresent t «rate s s s s • • i slav « 0 • Slav ... S * » : Amount of tax Net income before exemption : Present s lair s i Effective rates |600 800 1,000 1,500 $53 66 149 $35 70 157 $40 80 180 2,000 5,000 5,000 8,000 232 409 811 1,546 244 428 843 1,604 10,000 15,000 20,000 25,000 2,124 5,894 6,069 8,600 2,201 4,032 6,301 8,898 $2 3 7 0.2$ 0.3 0.5 $7 14 31 0.9$ 1.4 2.0 4.8$ 4.8 4.8 0.2% 0.3 0.5 20.5$ 20.5 20.5 0.9$ 1.5 2.3 11 0.6 0.6 0.6 0.7 48 79 133 234 2.4 2.6 2.7 2.9 4.8 4.6 4.0 3.7 0.6 0.7 0.8 0.9 20.5 19.2 16.4 15.1 2.7 3.0 3.2 3.6 0.8 0.9 a2 554 853 1,196 3.1 3.7 4.3 4.8 3.6 3.5 3.5 3.5 1.0 1.2 1.5 1.8 14.7 14.2 14.0 13.9 4.0 5.0 6.1 7.5 1.6 3,187 6.4 2.0 8,036 8.0 2.4 44,274 8.9 3.0 114.274 11.4 3.4 3.4 3.2 3.9 3.0 4.9 10.6 13.0 13.7 13.7 11.5 14.8 11.9 19.5 38.5 49.7 4.2$ 6.6 10.0 4.4$ 5.0$ 7.0 8.0 10.4 12¿0 280 488 O AJiAJ L 1,780 11.6 13.6 16.2 19.3 12.2 14.3 16.9 20.0 14.0 16.3 18.9 22.3 19 32 57 2,436 4,448 6,942 9,796 21.2 26.0 30.4 34.4 22.0 26.9 51.5 35.6 24.4 •29.7 34.7 39.2 77 137 212 298 50,000 25,201 23,997 26,388 46.4 48.0 100,000 58,762 60,770 66,798 58.8 60.8 500,000 1/385,000 397,209 429,274 1/77.0 79.4 1.000.000 1/770.000 2/800,000 884.274 1/77.0 2/80.0 52.8 796 66.8 2,008 85.9 12,209 88.4 30.000 1.1 1.2 For footnotes, see last page* ro Table 5. - Continued .Harried person - no dependents 1950 increase : 1951 increase : Increase wider as a percent» : as a percent Amount of tax : Effective rates ! . proposed rates aee of — ^ age of — • _L e iNet sNet s : Proposed : 1951 Proposed rates j :income , 1950 »income sTax si’ax i rate. t s :imder safter sunder safter : : s s t : : sEffec-s]»resentstax spresent:tax : : sEffec-s :Presenti Present : sunder sunder :law law : 1950 : 1951 t law t 1950 : 1951:Amountstive : Amountstive :!Law »present spresent: :rate s : t :rate : : t : : • • slaw slaw : • f _____S : : » : s _____ L • e • • • Net income before exemption e e # • e e e • . 3,356 . _ 3.556 4.056 $2 0.256 . »10 6 14 30 50 0.3 0.5 0.6 0.6 27 61 129 210 1.4 2.0 2.6 2.6 4.8 4.8 4.8 4.2 0.5 0.5 0.7 0.7 20.5 20.5 20.5 17.4 1.5 2.5 5.0 5.1 65 106 154 210 0.6 0.7 0.8 0.8 267 451 625 847 2.7 2.9 3.1 3.4 4.0 5.7 5.6 3.6 0.8 0.9 1.0 1.1 16.4 15.2 14.7 14.4 5.2 3.5 4.0 4.4 39.2 596 52.8 1,591 80.7 11,606 85.9 24,418 1.2 1.6 2.3 2.4 2,591 6,373 43,886 88,548 4.8 6.4 8.8 8.9 3.5 3.4 5.2 5.2 1.8 3.0 8.3 10.6 13.9 13.7 12.2 11.5 7.3 11.9 51.3 58.5 $1,200 1,500 $50 »52 $60 2,000 5,000 5,000 8,000 155 29a 651 1,206 159 515 661 1,257 160 560 760 1,416 6.6 10,0 12.6 15.1 7.0 8.0 10.4 12.0 13.2 15.2 15.7 17.7 10,000 15,000 20,000 25,000 1,621 2,829 4,247 5,877 1,686 2,955 4,402 6,087 1,888 5,280 4,872 6,724 16.2 18.9 21.2 23.5 16.9 19.6 22.0 24.5 18.9 21.7 24.4 26.9 17,797 19,592 54.4 47,994 52,776 46.4 571,268 405,548 71.9 794,418 858,548 i/77.0 35.6 48.0 74.3 79.4 50,000 17,201 100,000 46,405 559,662 500,000 1,000,000 i/770,000 . 0.756 4.856 0.2J6 20.556 0 .75e mm i For footnotes, see last page Table 5« — Concluded Harried person - two dependents : 19$0 increase » 1951 increase : as a percent- s as a percentEffective rates Amount of tax s age of — age of — s sNet s »Net Fropomd t sincome »Tax sincome sTax X t rates : Proposed rates s sunder safter sunder safter 1 X X t 1 : spresentstax :Effec-»presentstax »Present: x x »Effec-: s Present s sunder sunder slaw law s 1950 s 1951 : law : 1950 »1951 demountstive s Amount stive slaw spresent »present s srate s s » irate t t t ft s »law* s slaw s t t t I t s X i | . ■m^ 0.7$ 0.7* 4.8$ 20.5$ 0.2$ 9.5$ 4.0* $5 0.2$ ♦20 3.3* $104 $120 $100 4.8 0.5 1.9 20.5 88 1.8 8*6 21 0.4 9.0 10.4 520 452 432 0.6 18.3 2.5 4.4 2.2 178 0.5 14.4 43 12.7 12.2 1,016 1,152 974 s Net income before exemption $2,400 5^000 5,000 8,000 10,000 15,000 20,000 25,000 50,000 100,000 500^000 1,000,000 s t » t i 1,361 2,512 5,888 5,476 1,417 2,607 4,050 5,672 1,592 2,900 4,464 6,268 13*6 16.7 19*4 21.9 14.2 17.4 20.2 22.7 16,578 45^645 358,677 769,514 17,152 47,208 370,252 793,402 18,884 51,912 402,456 857,456 55.2 45.6 71.7 76.9 -34.5 47.2 74.1 79.3 Increase under proposed rates t 19S0 1951 56 95 142 196 0.6 0.6 0.7 0.8 231 388 576 792 2.3 2.6 2.9 3.2 4.1 5.8 3.6 5.6 0.6 0.8 0.9 1.0 17.0 15.4 14.8 14.5 2.7 3.1 3.6 4.1 57.8 575 51.9 1,565 80.5 11,576 85.7 24,088 1.1 1.6 2.3 2.4 2,306 6,269 43,779 88,142 4.6 6.3 8.8 8.8 3.5 3.4 3.2 3.1 1.7 2.9 8.2 10.4 15.9 15.7 12.2 11.5 6.9 11.5 31.0 38.2 15*9 19.3 22.5 25.1 Treasury Department August 2, 1950 r'-C;.,I’f-f-« 1 / %/ ■ :;-1 T T'%1 - /■ ■• ■ •' . -- - t * ■' Taking into account maxima effective rate limitation of 77 percent* Taking Into account maximum effective rate limitation of 80 percent* CD Table P# Estimated- number of taxable returns, net income before exemptions, and total tax under present lav and under the proposed rates, distributed by net income classes at calendar year 1950 income levels (Humber of returns in thousands; money amounts in millions) Net income classes Number of ‘taxable returns’ Net income before exemptions Total tax Xj Under Under * present law •proposed hates’ Increase (000) Under $1 $1 ~ 2 P~ u ty 3 ~ 4 4 ~ § Under 5 5 10 25 90 100 250 500 - 10 - 25 - 50 - 100 - 250 - 560 - 1,0 0 0 1,000 and over 5 and over __ __ _ _ $2,534.7 1 7 ,1 7 2 .6 30,713.^ 29,2^3.0 17,9*0.1 97,^97.3 $105.4 1 ,2 6 5 .7 2,483.7 2,*+i7.5 1 ,6 7 6 .2 '7,9*+8.6 $127.0 1,52*4.9 2,990.2 2 ,9 0 1.0 2,013.5 9,556.6' 2 ,9 1 6 .1 SgU.g 19*+.*+ 3 7 .4 .7 .2 .1 4 ,0 4 3 .7 19,046.7 12,950.7 6 ,605*5 2,546.0 1,428.7 248.0 148.4 148.0 43,122.0 2,33*+.7 2,387.0 1,887.9 1 ,052.6 75p. 0 155*4 2 ,768 .8 2,750.5 2,152.3 1,187.5 8*+g.3 1 7 1 .5 101.8 111.6 10 3 .8 8,778.7 1 1 2 .6 1 0 ,10 3 .2 1,324.5 *+2 ,9 6 5 .2 140,819.3 16,727.3 19,659.8 2,932.5 10.0 Total m 3,201.1 10,781.6 12,37**. 7 8 ,5 1 7 .1 4,o46.9 30 ,9 2 1 .5 i Treasury Department l/ Includes surtax, normal tax, and alternative tax. hote: figures are rounded and will not necessarily add to totals. $21.6 259.2 50b.5 *+8 3 .5 337*3 1 ,608.0 434.1 363.5 264.4 13*4.9 92.7 1 6 .1 9.8 8.8 August 2, 1950 Tafcle 7. Cumulative number of taxpayers, their surtax net income, and combined surtax and normal tax, distributed by surtax net income classes at calendar year 195° levels of income (Number of taxpayers in thousands; money amounts in millions) Surtax net income class ($000) : . Cumulative number of : taxnavers 1/ • Single ; Married : persons, : * Total J • • persons : estates, : and trusts: î Surtax net income ï ; Single ; : • Married s persons, : ! Total 1 * estates, : persons : :and trusts: ; : : ? Combined surtax and normal tax (present law) : Single : Married : persons, Total * persons : estates, :and trusts $19386 $60,582 $10,057 $40,598 67,152.9 48.375-4 18 ,777-5 Under 2 1,625 2,283 6Pm 5,266.6 3 ,309.7 8,395 ' 8,576.3 2 - A 838 3,664 2,027.8 458.1 633 3,031 4-6 2,483.9 367 590 1,867 215,0 2,234 1 ,164.9 6-8 1 ,378-3 450 250 14).2 1,254 764.1 1,503 8-10 904*3 36b I85 909 101.8 526.O 1,094 627.8 10 - 12 146 687 833 315 79.0 12 14 395-3 474-3 272 658 119 300.3 63.5 539 363.8 Id - 16 227 101 416 216.2 269.8 517 53*5 16 - 18 176 292 85 378 148.2 45.1 18-20 193-3 222 146 142.2 73 20-22 180.9 295 3S -7 217 299 418 119 33.6 22 - 26 103.9 137.4 241 310 25.6 132 61.8 87.4 26 - 32 443 208 174 96 43-0 304 60.7 32 - 38 17-7 128 211 138 13.0 73 38-44 25.5 38,5 97 XU*/ 57 20.4 154 31.1 97 44 - 50 121 70 184 22.5 14.1 113 8.5 50-60 86 49 6.0 76 15.0 125 60-70 9-1 57 4-2 80 36 44 4.4 8.6 70-80 40 29 6.8 25 3-2 54 80-30 3-7 21 30 2.6 40 19 90-100 2.4 5-1 80 101 63 39 1.5 1-9 100 - 150 3*4 30 39 18 48 .8 1.2 150 - 200 -4 124 56 .2 150 95 Over 200 -4 -7 16,495 82,461 25.097____ 57,364. Total fj-easuny Be^arimesti ; Setej Figures axe rounded. and m il not necessarily add to totals. 1j Married couples are counted as two taxpgyers whether or not both, spouses have income. $8,739 1,183 694 493 375 304 260 223 I83 136 110 155 lö9 119 84 61 75 52 31 18 14 30 14 46 11,589 $3,318 442 145 97 75 62 55 49 44 40 36 62 72 55 44 36 46 34 26 21 lb 49 25 78 4.926 '¡hi oust 2 r ^ n GO August 2,1950 ★ OFFICE OF THE SECRETARY OF THE TREASURY Chart Corporation I n c o m e T a x Effective R a t e s '§i$resent Law, H.R. 8920, and Proposée/ Proposed H.R.8920 sPresentLaw 4 Office «f ttie Seerilary <rf th i ïrs&tofy 6 tO 20 40 60 100 200 400 6001,000 2,000 Taxable Net Income (Thousands of D ollars) ■ Chart 2 Distribution of Corporations a n d Their I n c o m e B y Incom e C lasses, * ir/oOf all corpora tions receive 8 8 % \/////A of corporate income %ofNumber ^ o fCorporations %of Taxable Income n u m Under5 eûtes of thk Secretary of 8w 'Hasury 5 -2 5 2 5 -5 0 50-71.4 71.4 « d o v e r Taxable Net income (Thoutand« of bollar»)--------------------- *\ A m o u n t of Corporate I n c o m e T a x for I 9 6 0 Present Law and Proposed; by S/ze ofIncome ' M M M Net Income Classes Ä!A%V«%V»W*V , $71,429andover •v/A^vAViviv; v!w!wM^ $31,250- 7I'429\ \ Under $ 3 /,2 5 0 ^ Present Low Oflfoe of the S v m te e y of Ott tattsury Proposed Chart 4 — Effective Rates of Individual I n c o m e T a x _ ompared with Rates Since 1944 s ngle Ferson, No Depe ndents ^«SS5 1951P’re p o s t7 /^ £ w \ m 1944 Act•~ A W ^ /$ a r $ 10 20 SO « Net Income (Thousands of Dollars) jV # t5Act 48Att Chart Pet. Married 3erson, Two Deplendenfs 80 1 9 4 4 ■Act' 1945A 60 4 40 20 .5 S fKm d w fr p r ¡9 5 1 i °ro p o $ a ! ^ 1941 9Act 5 l<3 ZO 50 1C»0 Net Inc Ome (Thousands of Dollars) Zi30 5130 ____ L_ Chart S Percentage Distribution of Individual Taxpayers, Their N e t I n c o m e a n d T a x For Calandar Year 1950 Incomes Under $5,000'***^ Incomes Over f 5 ,0 0 0 ^^ Number of Taxpayers (Single Personsand Married Couples). Net Income (Before Personal Exemptions).. Present Tax Liability Note: Estimated. 0 ffiw « r tte $ k m ts y « 8 » f c r tM ¥ OJ OD ee * 3 • In 1935 Mr* Parsons was m arried to Miss Lois G# Shattuck of Pasadena, C a lifo rn ia * They r e s id e w ith t h e ir th ree s o n s , Roger, R ichard, and A rthur, a t 123 L exington D riv e, S ilv e r S p rin g , Maryland* 0J> * 2 * budget estim a tes of the Treasury Department and the General A ccounting O ffice* In 1944» he was tr a n sfe r r e d t o th e Treasury Department as Deputy D ire cto r o f the Procurement D iv is io n in charge o f program p lanning and management o p eration s* He was a ssig n ed to th e O ffic e o f th e S ecr eta ry in 1945, as a T ech n ical A ssis ta n t» and was promoted t o the p o s it io n o f A d m in istra tiv e A s s is ta n t to th e S ecreta ry on July 3 0 , 1946* Mr, Parsons i s a member of th e American S o c ie ty for Public A dm inistration* In 1949 he served as P resid en t of the Washington Chapter o f the American S o c ie ty f o r P u b lic A d m in istra tio n , as Chairman o f the Washington Area Alumni o f the Maxwell Graduate School of Syracuse U n iv e r s ity , and as a member o f th e Board o f T rustees and Budget Committee o f th e United Community S e r v ic e s o f W ashington, D* €• JUflffiDIATE RELEASE ^S > — J~ !v~ J2t H -r c S ecreta ry Snyder announced today t h a t , w ith the approval o f th e P r e sid e n t, W illiam i * Parsons has been appointed A d m in istrative A s s is ta n t S ecreta ry o f the Treasury* The new p o s it io n o f A d m in istra tiv e A s s is ta n t S ecreta ry of th e Treasury was crea ted by R eorgan isation Plan 2 6 , which became e f f e c t i v e July 31* A ca reer Government em ployee, Mr. Parsons has served as A d m in istrative A s s is ta n t t o the S ecreta ry sin c e 1946. Mr* Parsons was born in Los A n g eles, C a lifo r n ia , on June 1 8 , 1912. Ee graduated from th e U n iv e r sity o f Southern C a lifo r n ia in 1935, a t which time he re ce iv ed a B.S* in B u sin ess A d m in istra tio n , and was awarded a fe llo w s h ip a t Syracuse U n iversity* Ee r e c e iv e d a M.S. in P ub lic A d m in istration from Syracuse U n iv e r s ity in 1938. From 1937 u n t i l 1941, Mr. Parsons served w ith the P u b lic A dm in istration S e r v ic e in Chicago as & 'tfield C on su ltan t. u n t il tfoeomb er 1 y«4*840♦ He en tered th e Government s e r v ic e in 1941, as a Budget Examiner in the Bureau o f th e Budget where he was r e sp o n sib le f o r th e exam ination o f the IMMEDIATE RELEASE, ^2 . S-2410 Secretary Snyder announced today that, with the approval of the President, William W. Parsons has been appointed Administrative Assistant Secretary of the Treasury. The new position of Administrative Assistant Secretary of the Treasury was created by Reorganization Plan 26 , which became effective July 31. A career Government employee, Mr. Parsons has served as Administrative Assistant to the Secretary since 1946, Mr. Parsons was born in Los Angeles, California, on June 18 ,:1 9 1 2 . He graduated from the University of Southern California in 1935, at which time he received a B.S. in Business Administration, and was awarded a fellowship at Syracuse University. He received a M.S. in Public Administration from Syracuse University in 19 38 . Prom 1937 until 1941, Mr. Parsons served with the Public Administration Service in Chicago as a field consultant. He entered the Government service in 1941, as a Budget Examiner in the Bureau of the Budget where he was responsible for the examination of the budget estimates of the Treasury Department and the General Accounting Office. In 1944, he was transferred to the Treasury Department as Deputy Director of the Procurement Division in charge of program planning and management operations. He was assigned to the Office of the Secretary in 1945, as a Technical Assistant, and was promoted to the position of Administrative Assistant to the Secretary on July 30 , 1946. Mr. Parsons is a member of the American Society for Public Administration. In 1949 he served as President of the Washington Chapter of the American Society for Public Administration, as Chairman of the Washington Area Alumni of the Maxwell Graduate School of Syracuse University, and as a member of the Board of Trustees and Budget Committee of the United Community Services of Washington, D. C. In 1935 Mr. Parsons was married to Miss Lois G. Shattuck Pasadena, California. They reside with their three sons Marei^nd1Chard" Arthur> at 123 Lexington Drive, Silver Spring, 01 0 O0 43 TREASUHT DEPARTMENT Washington (The fallowing address by William McChesney Martin, Assistant Secretary of the Treasury, before the 60th Annual Meeting of the Virginia. State Bar Association at the Greenbrier Hotel, White Sulphur Springs, West Va., is scheduled for delivery at $>800 P.M. EST Saturday, August 1^0 , and is for release at that time«) People sometimes think of the Treasury as concerned almost entirely with the planning, collection and enforcement of taxes, the printing and coinage of money, and the running of Savings Bond Campaigns, But the work of the Treasury is by no means limited to matters of domestic finance. In addition the Treasury plays a major role in^the sphere of international finance. The international iinancial policies of our country must, as a rule, be shaped in the light of broader policy^considerations. Consequently, decisions on international financial questions, usually require close collabor ation between the Treasury and various other Government agencies, including obviously the Department of State, 1 thought it might be of interest at this time to talk briefly aoout a few of the wartime and post-war operations in international inance in which the Treasury has played an important part. The matters 1 have in mind represent only a part of Treasury’s broad activities in this field, A comprehensive survey could not possibly ,f gll!n f single and it would certainly be unwise to make the attempt in an^ after-dinner speech. That would be a poor return ior your hospitality and the honor you have done me in inviting me tt address you. ,, 0ne ° f the problems which confronted the United States during +K+ * fars and which indeed continues to confront us is that^of assisting friendly powers through financial and material aid in the conduct of the mutual defense effort. In World War I as you know, we provided this aid largely in the form of loans, ^Our post-war experience, however, taught us a lesson, that the British had learned oyer a century before in the struggle against Napoleon, a loans between allies in a major war for survival are unlikely satdfiactorily* After making a few loans to their allies vu realized^ that only a fraction of them could be repaid, ey hen ceased making loans altogether and provided aid to their the f°rm 0f outrieht subsidies. We, in our'turn, found at the war debts engendered a considerable amount of ill will toward us among the borrowing countries. The financial and ex.ange difficulties of the borrowing countries made it-difficult or them to service the loans, Accromonious debates arose as to +h + S - 2 lill - 2 - 44 ■whether or not the payment of war debts ought to be contingent on the receipt of reparations from Germany. Repayment difficulties were greatly intensified by the depression of the 1930's and after attempts were made to scale down the debt charges to make them manageable practically the whole of the war debts went into default. We learned the lesson of this post-war experience and in 19iil enacted the Lend-Lease Act, which authorized the President to furnish defense articles of any kind to nations whose defense he deemed vital to our own security, without requiring repayment in any strict sense* Any direct or indirect benefit to the United States was regarded as an adequate basis for making the transfer. Some of the items supplied, such as ships,^returned to us after the warj in.some cases, cash settlements were effected to cover a relatively small part of the items transferred. Our allies reciprocated as far as possible by furnishing our forces "reverse" lend-lease. These reciprocal transfers became an important part of the total program which was based essentially on the concept of mutual aid in a common defense effort. Although the lend-lease program was administered by a new ad hoc government agency, Treasury was responsible for the procurement*"of a number of important classes of materials transferred under the pro gram. Treasury also participated in the financial arrangements relating to lend-lease, including the ultimate settlement of the lendlease accounts. Treasury may take some pride in the fact that the lend-lease idea was first proposed in that department. It will be of interest to this audience to recall the statement made by the late Mr, Stettinius, in his book, "Lend-Lease, Weapon for Victory," that the Treasury lawyers derived the lend-lease idea from an old statute of 1892 which authorized the Secretary of War "when in his discretion it will be to the public good" to lease Army property "not required for public use" for a period <jf not longer than five years. Under this statute, various army items such as tractors, cranes and barges had been leased from time to time. Under the lend-lease Act the principle was extended and modified so as to make it possible to supply weapons to our allies. The Mutual Defense Assistance Program under which we are now providing military assistance to friendly nations to strengthen the free world against armed aggression re presents a further development of the lend-lease concept*. ^Treasury's wartime activities included the operation of the Foreign funds Control, As. soon as the so called "phony" war was ended by the German invasion of Norway and Denmark in April 19140, the Treasury blocked the assets in the United States of the countries which were overrun. By the middle of I9I4I this blocking action ex tended to all the countries of continental Europe as well as to China and Japan, This action was designed to prevent the Germans and Japanese from making use of the assets in this country which rightfully belonged to persons in invaded areas* These blocked assets could not be utilized without a license* The existence 45 - 3 of this control deprived the Axis countries of much of the in centive to use force and duress to make foreign oviners of American assets assign them to the invading powers* Besides preserving the relatively large assets of the citizens of the overrun countries, the blocking action immobilized the funds in this country — a substantially smaller total — which belonged to the Axis powers* The Treasury controls prevented enemy countries using transactions through American banks and financial institutions, even indirectly, for the furtherance of their ends* By means of the licensing system we exercised controls over various enterprises, including plants which were owned or controlled from Germany arid Japan, and made these enterprises work in the interest of this country rather than for our enemies*' The Treasury controls also had extra-territorial effects and, incoordination with similar controls exercised by our allies, helped disrupt enemy activities in Latin America and other countries outside the field of conflict* A phase of the Foreign Funds Control worth mentioning was its extension to $ur overseas territories* For example, the Treasury sent members of its staff to the Philippines to supervise the blocking of the extensive Japanese assets in the Islands* At the outbreak of war this staff took custody of Japanese assets, Philippine financial institutions were invited to deposit their dollar and peso currency with the American authorities in order to prevent its capture* When the defense of the Philippines became hopeless the currency was burned to make Sure that the Japanese would not get it* We shipped Philippine gold holdings out of the country and dumped con siderable amounts of silver in the harbor. Work of this nature involved risks for the Treasury people engaged in it, and several of them were in fact captured and interned by the Japanese, The military planning of our armies for the liberation of countries which had been overrun by the enemy had to be accompanied by plans for restoring the economic and financial systems of the liberated countries* One financial problem with which Treasury was much con cerned was the provision of a suitable local currency. ‘ We could not count on being able to get this on the spot, since we might find, local banks destroyed or unusable because of the questionable loyalty of their management. Local currency would be needed which our troops could spend individually and which- the Army could use to purchase local supplies and to pay local civilians who might have to be put to work* It would obviously be much easier to hire laborers to un load ships and do other essential jobs if we could pay them cash at the end of each day, rather than give them receipts promising payment at some future time* * Our first invading Armies carried Withthem spearhead currencies which they could use until local currencies or supplementary military currencies could be provided* In North Africa we used as a spearhead 46 - h - currency yellow seal dollars which were simply United States silver certificates on which the seal had been printed in yellow rather than in blue. The yellow seal was to enable us to segregate the currency if we were driven from North Africa, It also made it possible to distinguish this currency from the regular United States currency which we found in circulation when we arrived« The use of the yellow seal dollar as an invasion currency soon gave way to the use of local currencies. These local currencies, unlike the yellow seal dollars, were not obligations of the United States, .Under international law a friendly force trying to liberate the territory of a friendly power from an occupying enemy may validly expect that power to render all practicable assistance, A good case could, therefore, have been made for requiring the governments of the liberated countries to provide all local currencies and credit needed by the allied forces. We decided, however, to make certain reimbursements to these governments* When local currencies were supplied to United States forces for military expenditures the relevant military appropriation was charged for the dollar equivalent in the United States, The rate of exchange for the local currency was established by the United' States in liberated areas by agreement with the local authorities. In this way the local currency expenditures of the military forces were not a net addition to but a part of the expenditures authorized by Congress, so that in this way Congress maintained its control over the expenditures of the United States military forces. During the war, despite the demands of immediate war-time pro blems, the United States, in conjunction with its allies, turned its attention to the great problems of reconstruction and develop ment which would have to be faced' after the war. It was recognized that these problems could not be successfully met without a high degree of international cooperation. It vías also recognized that the United States would have to play a much more important role in the reconstruction program after World War II than it had done following the first world war. The Treasury took the lead in this country in the formulation of plans for the establishment of post-war, international financial institutions and took a major part in the work of the Bretton Woods Conference in 19i4i, As you all knov?, this conference resulted in an agreement to set up the International Monetary Fund and the International Bank for Reconstruction and Development, in stitutions to be owned and controlled by the member nations as a joint venture. I suppose that members of the Bar more than any other group have a sympathetic understanding and appreciation of the tremendous difficulties, both technical and otherwise, which had to be overcome before the representatives of the ¿4j. nations who assembled at Bretton Woods could be persuaded to agree on a precise form that post-*war monetary cooperation should take. However, an agreement was achieved and the United States accepted membership in the Fund and Bank after 47 b e in g au th o rize d so to do by the Congress in the Bretton~Woods Agreement A ct o f J u ly 19hS* The fundam ental purpose f o r -which both in s t it u t io n s were e s ta b lis h e d was to f a c i l i t a t e the expansion and b alanced growth o f in t e r n a t io n a l tra d e and to c o n trib u te th e re b y to the prom otion and m aintenance o f h ig h le v e ls o f employment and r e a l income and to the development o f the p ro d u c tiv e re so u rce s o f a l l members« I t would take me too f a r a f ie ld to d is c u s s a t any le n g th the fu n c tio n s and o p e ra tio n s o f the Bank and Fund. S u f f ic e i t to say t h a t , due to the u n c e rta in economic and p o l i t i c a l c o n d itio n s which have p re v a ile d s in c e the w ar, n e ith e r the Fund nor the Bank has made as g re a t a c o n tr ib u tio n as i t would have been cap ab le o f making in more norm al tim e s. T h is i s not to im p ly t h a t the c o n tr ib u tio n they have th u s f a r made has not been an im p o rtant one. Both in s t it u t io n s have p rovid ed e x te n s iv e and e f f e c t iv e m achinery f o r c o n s u lta tio n and have b u i l t up an extre m e ly u s e f u l s to re o f t e c h n ic a l in fo rm a tio n to w hich many members are tu r n in g more and more f o r guidance in p la n n in g fo r in c re a se d p ro d u c tiv e c a p a c it y and the attainm en t o f more s t a b le .econom ies. In a d d itio n the Bank has thus f a r a u th o rize d lo a n s f o r p ro d u ctive purposes to f if t e e n member c o u n trie s t o t a lin g over $800 m illio n , A fe a tu re o f the B re tto n Woods Agreements A c t o f s p e c ia l im portance to Tre a su ry was i t s p r o v is io n f o r the e sta b lish m e n t o f the N a tio n a l A d v is o ry C o u n c il on In t e r n a t io n a l M onetary and F in a n c ia l Problem s. The C o u n c il was d ire c te d to co o rd in a te the p o lic ie s and o p e ra tio n s in the f i e l d o f in t e r n a t io n a l fin a n c e o f a l l agen cies o f the Government and a lso o f the re p re s e n ta tiv e s o f the U n ited S ta te s in the Fund and the Bank* The S e c re ta ry o f the T re a su ry i s the Chairman o f the C o u n c il, the o th e r members b e in g the S e c re ta ry o f S t a t e , th e S e c re ta ry o f Commerce, the Chairman o f the Board o f Governors o f the F e d e ra l Reserve System , the Chairman o f the Board o f Governors o f the E x p o r tIm port Bank, and the A d m in is tra to r fo r Economic C o o p eratio n . The Trea su ry p ro v id e s the S e c r e t a r ia t f o r the C o u n c il as w e ll as the Chairm an, and much o f th e work o f the T re a su ry in re c e n t y e a rs in r e la t io n to problems o f in t e r n a t io n a l fin a n c e has been c lo s e ly r e la te d to the a c t i v i t i e s o f the C o u n c il. The T re a su ry ta k e s a le a d in g p a rt in the a c t i v i t i e s o f the in te r -a g e n c y w o rkin g groups and committees which prepare r e p o r t s , s i f t is s u e s , arid make recommendations on in t e r n a t io n a l f i n a n c i a l problems f o r a c tio n by the C o u n cil* 48 - 6 - Because o f the im portance o f the in t e r n a t io n a l f in a n c ia l in t e r e s t s o f the U n it e d -S t a t e s , the T re a su ry m a in ta in s f i n a n c i a l e x p e rts abroad in a few fo r e ig n c a p it a ls . These men are rep re sen t a t iv e s o f the S e c re ta ry of the T re a s u ry , and, in a d d it io n , a c t as f i n a n c ia l a d v is e rs to U*S, Ambassadors and o ccu p a tio n a u t h o r it ie s . In c o u n trie s in w hich there are ECA M is s io n s , the T re a su ry r e p re s e n ta tiv e s a lso a c t as f i n a n c i a l a d v is e rs to tne M issio n C h ie f s , The Trea su ry re p re s e n ta tiv e s abroad m a in ta in c lo s e li a i s o n w ith the l o c a l t r e a s u r ie s or m in is t r ie s o f fin a n c e on in t e r n a t io n a l f i n a n c i a l m atters o f concern to the U n ite d S t a t e s , and assume key r o le s in our fo r e ig n f i n a n c i a l n e g o t ia t io n s , The r e la t io n s h ip s between re p re s e n ta tiv e s abroad and the lo c a l t r e a s u r ie s supplement the d ir e c t « o n tacts c o n tin u o u s ly m aintained in W ashington between the T re a su ry and f i n a n c i a l r e p re s e n ta tiv e s o f fo r e ig n governments4 My aim in t h i s t a l k has sim p ly been to g iv e you the h ig h lig h t s o f some o f the im portant problems o f in t e r n a t io n a l fin a n c e w ith w h ich , in re ce n t y e a r s , T re a su ry has been a c t iv e ly concerned. The problems o f t h i s n atu re w hich fa c e u s to -d a y are many and com plex. New d i f f i c u l t i e s a r is e as we endeavor to co n tin u e a id to the fr e e w orld and a t the same tim e expand our own defense program and our m ilit a r y a s s is t a n c e to f r ie n d ly c o u n t r ie s . May I , in c o n c lu s io n , e xp re ss my g re a t p le a su re a t b e in g here t o -n ig h t and take t h is o p p o rtu n ity to extend to the V ir g in ia Bar A s s o c ia t io n and i t s members my b e st w is h e s . o O' • / hu íase / mmtm jnswsrAPSES, Tuesday. August 6« -1930.»--- the Secretary of the treasury announced last evening that the teasers for $1 ,1009000 9000 , or thereabout a* of 91“dagr treasury hills to he dated .August 10 and to mature Hbveuber 9* 1950 * which were offered on August 3 , were opened at the federal Beserve Baziks on August ?. fhe details of this issue are as follows; total applied for - $1 .809,571 »000 1,101 *-916,000 (includes $116 ,211,000 entered on a non- total accepted - Average price coxspetitive basis and accepted in full at the average price shown below) - 9 9 *703/ Equivalent rate of discount approx. 1 .1 7 b$ per annua Bangs of accepted competitive Bids; It# p e r annua - 9 9 .70 7 Equivalent rate of discount approx. 1.159$ P® it if - 99*702 * » » * * 1.179$ * BOW (6h percent of the amount bid for at the low price was accepted) Federal Reserve District total Applied for Boston Mew York Hiil&delphia Cleveland U c h mond Atlanta Chicago St. Louis Minneapolis Sansas City Bailas San francisco $ Ib, 36?,000 1,372,667,000 33,68b,000 31,031,000 9,obo,ooo 8.039.000 163,288,000 20,91b,000 5.755.000 37.^78,000 P K í í l - f o - s $ Ib,367*000 ?58,b?5,000 2b,715,000 30.959.000 9, o M),o o o 7.679.000 12b,608,000 17,lb2,000 5.701.000 71.893.000 33.678.000 29.579.000 b5,7?3*00£ $1,809,571,000 $1 ,101 ,916,000 bl,bi5,ooo tOtAl» total Accented TR EASU R Y DEPARTM EN T WASHINGTON, D .C . Information Service 50 release morning Tuesday, newspapers , August 8, 1950____ S-2412 The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the tenders for $ 1 , 1 0 0 , 0 0 0 , 0 0 0 , or t hereabouts, of 9 1 - d a y Treasury^ bills to be d a t e d A u g u s t 10 a n d to m a t u r e N o v e m b e r 9* 1950, w h i c h were o f f ered on A u g u s t 3, w e r e o p e n e d at the F e d e r a l R e s e r v e B a n k s on August 7• The d e t a i l s of this issue are as follows: Total a p p l i e d for - $ 1 , 8 0 9 , 5 7 1 , 0 0 0 T o tal a c c e p t e d 1,101,916,000 Average price (includes $ 1 1 6 , 2 1 1 , 0 0 0 e n t e r e d on a n o n c o m p e t i t i v e b a sis and a c c e p t e d in full at the a v e r a g e p r i c e s h o w n below) - 9 9 * 7 6 3 / E q u i v a l e n t rate of d i s c o u n t approx. 1.174$ peP annum R a nge of a c c e p t e d c o m p e t i t i v e bids: High - 9 9 . 7 0 7 E q u i v a l e n t rate 1.159$ - 9 9 . 7 0 2 E q u i v a l e n t rate 1 .1 7 9 $ L ow of d i s c o u n t approx. P er a n n u m of d i s c o u n t approx. P eP annum (64 pe r c e n t of the a m o u n t b i d for at the low p r i c e was a c c e pted) Total A c c e p t e d ___ Total A p p l i e d for Federal R e s e r v e District $ Boston New Y o r k Philadelphia Cleveland Richmond Atlanta Chicago S t . Louis Minneapolis Kansas City Dallas San Francisco 14,367,000 1 ,3 7 2 ,6 6 7 , 0 0 0 33.684.000 . 31 031.000 9.040.000 8. 039.000 163, 288,000 1 4 ,3 6 7 , 0 0 0 758.475.000 2 4 .7 1 5 . 0 0 0 3 0 .9 5 9 . 0 0 0 9.040.000 7 .6 7 9 . 0 0 0 1 2 4 .6 0 8 . 0 0 0 17.142.000 5 .7 0 1 . 0 0 0 3 3 .8 7 8 . 0 0 0 2 9 .5 7 9 . 0 0 0 20.914.000 5,755,000 37.478.000 41.415.000 7 1 , 8 9 3 , 0 00 ___ 4^5,773,000 $1,809,571,000 $ 1 ,101,91.6,000 _ TOTAL $ 0O0 M^W Investigation indicated that Tipp was a myth* A few days after the interview, the agent followed Douglas along Papin Street in St* Louis and actually saw Douglas rifle a mail receptacle* The old— i^Sn was arrested and was found to have three stolen letters and a 5-inch screwdriver* Douglas said nonchalantly that the stolen letters had been given to him by the elusive Tipp the day before* He finally pleaded guilty to forging two Treasury checks and one State compensation check, and was sentenced May 5 to serve 1 year and 1 day* During the year, convictions resulted in 2667 cases of all types, or in 97*3 percent of the cases that went to trial. Prison sentences aggregated 3,245 years, and additional sentences of 2,737 years,were suspended or probated* Fines in crim in al cases totaled $30,592*70* / •7*. He stole the check and tried unsuccessfully to cash it in several stores* One merchant remarked that the check was issued for an income tax refund of $93*40 and that he was sure it didn’t belong to Odie* The merchant advised him to return it to the owner before he got into trouble* Odie took the check back to the mailbox just as the owner opened the door* Odie explained that he hadn’t really stolen the check, and handed it to the payee* He was arrested just the same and is under $500 bail await ing trial* The thumbnail autobiography of one rascal in St* Louis, Mo*, pro vided more than ordinary human interest. Joe Douglas, 67, hadn’t worked for years, but had »ways of rounding up a few dollars.» A self-styled »free lance salesman,» he steered customers into used-car lots and pawn shops for commissions, and when the horses were running at the Fairmount Track he touted and did odd jobs reminiscent of his younger days as a (JI/+***J*A*p jockey and trainer. Without any formal schooling,-Je« f l a m e d that he could talk himself out of practically any situation, ignoring the fact that he had served eight years of a 1-year-to-life sentence for man slaughter. In April a St. Louis pawnbroker, questioned about a forged Government check, claimed he had received it from Joe Douglas, whom he knew well* A Secret Service agent found it difficult to question Douglas who insisted upon telling tall tales about his boyhood* Finally, how ever, Douglas claimed he had received the check in payment for a ring which he had sold to a man named Tipp* courtroom take a collection to help Doris, who walked out with the money* What the judge learned later was that Doris had no children of her own, and had recruited her '‘family” on the street for the court room scene. In Hamtramck, Michigan, an alien who had been in a Japanese con centration camp in Shanghai and later entered the United States ille gally, was arrested for stealing and forging nearly 200 checks, includ ing 20 Government checks. downfall. Manfred Zimmerman*s drinking habits were his He presented a Government check In payment for drinks at a Hamtramck tavern. The owner accepted the check and delivered the change. Zimmerman poured a jigger of whiskey into a glass of beer, decided not to drink the mixture, and left by the back door* police, who took Zimmerman into custody* The owner summoned On his person were several automobile titles, stolen Savings Bonds and various identification cards* Zimmerman, b o m in Berlin, Germany, fled to China in 1935 and was imprisoned by the Japanese in 1942* Released m 1945 he stayed in Shanghai until 1947, when he stowed away on a ship bound for the United States and landed at San Francisco. He was arrested in 1947 by Immigration authorities and released under bond. He married a Detroit woman and the Immigration hearings were continued from time to time* living by stealing checks from the mails* For more than a year he made his He pleaded guilty on the forgery charge May 3 and was sent to a Federal penitentiary for six years* One case disclosed a check thief with a conscience. While seeking work in Little Rock, Ark., Odie Allgood saw a Treasury check in a mailbox* - 5- work on a single counterfeiting case over a period of several months. Accordingly, six agents doing shadow work and running down leads in one counterfeiting case for a month would represent an accumulation of 90 forgery cases which might otherwise have been closed during the same period« In New York City agents arrested William Robinson for stealing, raising and forging 18 Treasury checks* T ? n V n n | ^ Vm r>vm r>a-rmt:\ n was on probation from a previous conviction for stealing prescription blanks and forging them to obtain drugs# Agents suggested that the Federal probation officer examine the contents of Robinson1s pockets when he next reported# The search revealed a beer-can opener, a home-made set of tweezers, a screwdriver and improvised burglars* tools* A search of Robinson* s house resulted in seizure of 12 ounces of heroin and several hypodermic needles* He denied knowledge of the checks but on May 31 pleaded guilty to forgery and was sentenced to two years* \ One ambidextrous woman forged $870 in Treasury checks for which she was arrested in Philadelphia* Investigation revealed that Doris Greene*s reputation for cunning was well deserved* Just prior to her arrest in the forgery case she had been hailed into magistrate's court for steal ing a charity bank from the counter of a grocery store. She entered the courtroom with several small children and told a story of the hardships which compelled her to steal for "her family." The magistrate dismissed the charges and suggested that the spectators in the What*s in a tattoo? David Sverdli n , ^ ^ a ^ r S r f e s t e d March 2!TJ # r M| 'Si S | Chicago, 111., for passing sey&*>«arcounterfeit $10 bills* his right foreaip^wSCs’the picture of a dagger and ^ I Jtooed on ^ words “DEATH BEFORE~£íSÍ^ONOR.,, He is one of a Midwest gdfig soon to be prosecuted* In New York and Miami, four members of another counterfeiting gang were picked up by Secret Service agents and charged with possession and sale of counterfeit $10 and $20 notes to one Jesus Mon, representing a Cuban counterfeit smuggling ring* These arrests followed the appre hension of several Cubans in Havana and the seizure of $20,000 in American counterfeits* The gang plotted to buy $3,000,000 in counterfeits in the United States for shipment to Havana. A sale of $50,000 to Mon was negotiated, of which $17,000 was delivered to him and is in evidence against him in Cuba* All four defendants arrested in the United States were con victed July 11 in New York City after one week* s trial* Two were promptly sentenced to 15 years each, the other pair to 25 years each* Coin counterfeiting was negligible. One coiner who lost considerable genuine money in gambling machines set out to get revenge* Edward W* Berglund, 23, manufactured his own half-dollars but marked each with the word “SLUG." He operated slot machines with the fake coins but was caught before he could hit a jackpot* Berglund insisted it was no crime to pass counterfeit money on a one-armed bandit. He pleaded guilty and was promptly sentenced. With agents diverted to counterfeiting cases, forgeries of checks and bonds continued to mount. Chief Baughman explained that one agent could complete an average of 15 forgery cases in a month, but might In another case, Chicago agents of the Secret Service reached the end of a 12-year upM manhunt March 21 when they arrested Hugo Hedin and captured his plant for the manufacture of counterfeit $5 and $10 bills. Hedin, a lone wolf, had been arrested for counterfeiting in 1927, was later sentenced and in 1930 was paroled. lease he disappeared. Soon after his re Counterfeit $5 notes which appeared in the 1930fs were identified as his workmanship and all Secret Service offices began a search f o r l f a ! I n some cases agents found Hedin* s hiding places only to discover that he had moved a few days before* The chase con tinued until he was located in 1950 under the name of Paul Hanson in Chicago. He was not arrested immediately but was placed under surveil lance until it was clear that he was actively engaged in making counter feit money. Mien agents raided his plant £nd confronted him with a search warrant Hedin said, HI*ve been expecting you for a long time* Everything you want is right he re.11 Sixteen days after his arrest Hedin pleaded guilty and was sentenced to 15 years* A magazine article about Hedin* s arrest allegedly inspired a teenago married couple to emulate him. William H. Zoerndt, IS, and his wife Helen, 17, were arrested June 13 by police in Amsterdam, N. Y., after Mrs. Zoerndt passed a number of counterfeit $10 bills in Maryland, Massachusetts, Pennsylvania, Ohio, Missouri, Indiana and Illinois* Agents captured materials used to make the counterfeits, and said Zoerndt ad mitted that he printed the bills which his wife passed. trial* Both are awaiting -2- White House balcony*“ The agent wangled introductions to Chiarella* s associates and negotiated to buy $200,000 in bogus bills* When de livery was made, other agents closed in on Chiarella and four others# Chiarella and his Los Angeles partner were sentenced to 25 years each/ the other three to terms ranging from 10 to 15 years* When counterfeits similar to those handled by Chiarella began to circulate in upper New York State, Chief Baughman assembled a picked squad of agents to tra.ck down the makers* With headquarters in Buffalo, asass^ the agents and Buffalo police nabbed Christopher Mercio on March 6 with $25,000 in counterfeit $10 Canadian notes and $25,000 in counterfeit $10 and $20 U. S. notes* The trail then led to Salvatore Salli and Anthony Xraci of Buffalo, who had produced thousands of bogusJOPA ration stamps during the war* Salli and Iraci were arrested April IS.after agents established that the pair had furnished the counter feits to Mercio* After intensive shadow work the agents on May 10 arrested Bernard T. Neuner, 30, and Matthew Zdolinski, 35, charging Neuner with man ufacturing plates for 34 issues of counterfeit $10 and $20 notes and Zdolinski with printing $800,000 worth of fake United States currency in addition to $500,000 in counterfeit Canadian $10 notes* The notes were passed in 28 of the 48 States, and 62 passers were taken into custody by police and the Secret Service* The gang had also printed thousands of counterfeit Irish Sweepstakes tickets, a dozen sheets of bogus 3£ postage stamps, lottery tickets, and were contemplating production of counterfeit tickets for a New York musical show* PRESS RELEASE ¿2 - U. S. SECRET SERVICE FISCAL YEAR 1950 forgeries of Government checks and bonds, less than 200 Secret Sei>» vice agents arrested 542 counterfeiters and 2,336 forgers during the fiscal year ended June 30, according to the annual report made to Treasury Secretary Snyder by Secret Service Chief U. E* Baughman* Stressing the urgent need for more agents, Chief Baughman re vealed that, although small, his force had also seized $1,289,281*26 in counterfeit bills and coins, $554,154*20 of which was captured before it could be passed on the public* In addition, agents investi gated 30,059 forged Government checks worth $2,066,225*97, and 6,162 forged bonds* Although the Secret Service force contributed about 93,068 hours of uncompensated overtime, there were 18,268 cases of all types awaiting investigation as of June 30* Arrests for all offenses totaled 3,168* Undercover agents, playing hazardous roles as racketeers, dis rupted several well—organized counterfeiting gangs* One Los Angeles agent eased into the confidence of California crooks who led him to a notorious New York gangster named Antonio Chiarella* Chiarella dis played samples of new counterfeit $10 and $20 bills, pointing out that the twenties were available »with or without the new back showing the U 0 S. Secret Service 62 Mr* James J* Maloney Chief Coordinator U* S* Baughman Chief, Secret Service Secret Service Press Release Fiscal year 1950 July 1$, 1950 , ;j r;n 1% •' rft ft ¿1 As requested in your memorandum of June 21, 1950, there is attached, in duplicate, a proposed press release summarizing Secret Service activities for the fiscal year ended June 30, 1950, for transmission to the Treasury Informa tion S e rv ic e * ? STANDARD F O R M NO. 64 cs Memorandum TO from : su b jec t: • Mr. James J. Maloney Chief Coordinator U. S. Baughman Chief, Secret Service ."3»• Secret Service Press Release Fiscal year 1950 u n it e d states g o v e r n m e n t U. S. Secret Service DATE: July IS, 1950 V 26 PL* 3 ^\.• As requested in your memorandum of June 21, 1950, there is attached, in duplicate, a proposed press release summarizing Secret Service activities for the fiscal year ended June 30, 1950, for transmission to the Treasury Inform* tion Service» TR E A S U R Y DEPARTM EN T D .C . Under S ecretary F o le y _______ 701 62 5 Jl RE Th M m • H erew ith, fo r your ap proval, i s of agi fi to Ba' re 1 $1 wh: adc ¥0] Se< sai d r a ft of annual sto r y fo r the p ress on S e c r e t S e rv ice a c t i v i t i e s . We ale forgeries Service during the sport made U. E. would propose to send co p ies to f i e l d agents in advance and arrange sim ultaneous r e le a s e date from •• W ashington. lïï\ f Baughman Lzed p4 .20 of public. In it checks gh the Df uncompenawaiting 5s totaled 3,: anc "wj Attachment icketeers, j . One )rnia crooks itonio jrfeit $10 »■aliable | balcony." .ates and .very was Tiers . to 25 years years. ilarella ighman R o o m 3420 makers. m police hat vaiiooupucr i W H B on mcircn o wiun ifj'^p,uuu in counterfeit IjplO. Canadian notes and $ 25,000 in counterfeit $10 and $20 P • S. notes. The trail then led to Salvatore Salli and [hithony Iraci of Buffalo, who had produced thousands of bogus ¡beg ass FROM* TR EA S U R Y D EPARTM ENT Information Service WASHINGTON, D .C . G2 RELEASE MORNING NEWSPAPERS, August 1 0 , 19*30. S-2413 Fighting a revival of counterfeiting and wholesale forgeries of Government checks and bonds, less than 200 Secret Service agents arrested 5^-2 counterfeiters and 2,336 forgers during the fiscal year ended June 30, according to the annual report made to Treasury Secretary Snyder by Secret Service Chief U. E. Baughman. * Stressing the urgent need for more agents, Chief Baughman revealed that,^although small, his force had also seized $1,289,2ol.26 in counterfeit bills and coins, $53^,1 5 ^.20 of which was captured before it could be passed on the public. In addition, agents investigated 30,059- forged Government checks worth $2 ,066,2 2 5 .97 , and 6,162 forged bonds. Although the Secret Service force contributed about 93,068 hours of uncompen sated overtime, there were 18,268 cases of all types awaiting investigation as of June 30 . Arrests for all offenses totaled 3 ,loo. Undercover agents, playing hazardous roles as racketeers, disrupted several well-organized counterfeiting gangs. One Los Angeles agent eased into the confidence of California crooks wno led him to a notorious New York gangster named Antonio a Chiarella displayed samples of new counterfeit $10 ana bills, pointing out that the twenties were available wi or without the new back showing the Whit© House balcony . 11 ine agent wangled introductions to Chiarella's associates and* egotiated to buy $200,000 in bogus bills. When delivery was made, other agents closed in on Chiarella and four others. and hls Los AnSeles partner were sentenced to 25 years eacn; the other three to terms ranging from 10 to 15 years. When counterfeits similar to those handled by Chiarella fl!Snvi°^Circulate in uPPer New Y ork State, Chief Baughman assembied a picked squad of agents to track down the makers. nahhJje^ q^aitef s in Buffal°, the agents and Buffalo police ¿in pa ^ 1Stopher Mercio on March 6 with $25,000 in counterfeit n 0anadian notes and $25,000 in counterfeit $10 and $20 no^es ‘ The trail then led to Salvatore Salli and ony Iraci of Buffalo, who had produced thousands of bogus G3 - 2 > OPA ration stamps during the war. Salli and Iraci were arrested April 18, after agents established that the pair had furnished the counterfeits to Mercio. After intensive shadow work the agents on May 10 arrested Bernard T. Neuner, 30, and Matthew Zdolinski, 35, charging Neuner with manufacturing plates for 34 issues of counterfeit $10 and $20 notes and Zdolinski with printing $800,000 worth of fake United States currency in ad dition to $500,000 in counterfeit Canadian $10 notes. The notes were passed in 28 of the 48 States, and 62 passers were taken into custody by police and the Secret Service. The gang had also printed thousands of counterfeit Irish Sweepstakes tickets, a dozen sheets of bogus 3^ postage stamps, lottery tickets, and were contemplating production of counterfeit tickets for a New York musical show. In another case, Chicago agents of the Secret Service reached the end of a 12-year manhunt March 21 when they arrested Hugo Hedin and captured his plant for the manufacture of counter feit $5 and $10 bills. Hedin, a lone wolf, had been arrested for counterfeiting in 1927 , was later sentenced and in 1930 was paroled. Soon after his release he disappeared. Counterfeit $5 notes which appeared in the 19 30 's were identified as his workmanship and all Secret Service offices began a search for him In some cases agents found Hedin’s hiding places only to discover that he had moved a few days before. The chase continued until he was located in 1950 under the name of Paul Hanson in Chicago. He was not arrested immediately but was placed under surveil lance until it was clear that he was actively engaged in making counterfeit money. When agents raided his plant and confronted him with a search warrant Hedin said, "I’ve been expecting you for a long time. Everything you want is right here." Sixteen days after his arrest Hedin pleaded guilty and was sentenced to 15 years. A magazine article about Hedin's arrest allegedly inspired a teen-age married couple to emulate him. William H. Zoerndt, 18, and his wife Helen, 17, were arrested June 13 by police in Amsterdam, New York, after Mrs. Zoerndt passed a number of counterfeit $10 bills in Maryland, Massachusetts, Pennsylvania, Ohio, Missouri, Indiana and Illinois. Agents captured materials used to make the counterfeits, and said Zoerndt admitted that he printed the bills which his wife passed. Both are awaiting trial. & Ih New York and Miami, feiting gang were picked up with possession and sale of one Jesus Mon, representing four members of another counter by Secret Service agents and charged counterfeit $10 and $20 notes to a Cuban counterfeit smuggling ring. - 3 - 64 These arrests followed the apprehension of several Cubans in Havana and the seizure of $20,000 in American counterfeits. The gang plotted to buy $3,000,000 in counterfeits in the United States for shipment to Havana. A sale of $50,000 to Mon was negotiated, of which $ 17,000 was delivered to him and is in evidence against him in Cuba. All four defendants arrested in the United States were convicted July 11 in New York Citv after one week's trial. Two were promptly sentenced to 15 years each the other pair to 25 years each. .Coin counterfeiting was negligible. One coiner who lost considerable genuine money in gambling machines set out to get revenge. Edward W. Berglund, 28, manufactured his own halfdollars but marked each with the word '’SLUG." He operated slot machines with the fake coins but was caught before he could hit a jackpot. Berglund Insisted it was no crime to pass counter feit money on a one-armed bandit. He pleaded guilty and was promptly sentenced. With agents diverted to counterfeiting cases, forgeries of checks and bonds continued to mount. Chief Baughman explained that one agent could complete an average of 15 forgery cases in a month, but might work on a single counterfeiting case over a period of several months. Accordingly, six agents doing shadow work and running down leads in one counterfeiting case for a month would represent an accumulation of 90 forgery cases which might otherwise have been closed during the same period. In ^New York City agents arrested William Robinson for stealraising and forging 18 Treasury checks, Robinson was on probation from a previous conviction for stealing prescription ^~an^s -and_f'orBing them to obtain drugs. Agents suggested that tne Federal probation officer examine the contents of Robinson's pockets when he next reported. The search revealed a beer-can opener, a home-made set of tweezers, a screwdriver and improvised burglars' tools. A search of Robinson's house resulted in seizure of 12 ounces of heroin and several hypodermic needles, we denied knowledge of the checks but on May 31 pleaded guilty to forgery and was sentenced to two years. , , _ 0nf ambidextrous woman forged $8?0 in Treasury checks for w«s ar:rested in Philadelphia. Investigation revealed tnat Doris Greene's reputation for cunning was well deserved, ust prior to her arrest in the forgery case she had been hailed into magistrate's court for stealing a charity bank from the counter of a grocery store. She entered the courtroom with small children and told a sad story of the hardships vhich compelled her to steal for "her family." The magistrate 65 dismissed, the charges and suggested that the spectators in the courtroom take a collection to help Dor.ii '> who walked out with the money. What the judge learned later wa s that Doris had no children of her own, and had recruited her "family" on the street for the courtroom scene. In Hamtramck, Michigan, an alien who had. been in a Japanese concentration camp in Shanghai and later entered the United States illegally, was arrested for stealing and forging nearly 200 checks, including 20 Government checks. Manfred Zimmerman's drinking habits were his downfall. He presented a Government check in payment for drinks at a Hamtramck tavern. The owner accepted the check and delivered the change. Zimmerman poured a jigger of whiskey into a glass of beer, decid.ed not to drink the mixture, and left by the back door. The owner summoned police, who took Zimmerman into custody. On his person were several automobile titles, stolen Savings Bonds and various identification cards. Zimmerman, born in Berlin, Germany, fled to China in 1935 and was imprisoned by the Japanese In 1942. Released in 1945 ^ he stayed in Shanghai until 1947, when he stowed away on a ship bound for the United States and landed at San Francisco. He was arrested in 1947 by Immigration authorities and released under bond. He married a Detroit woman and the Immigration hearings were continued from time to time, For more than a year he made his living by stealing checks from the mails. He pleaded guilty on the forgery charge May 3 and was sent to a Federal penitentiary for six years. One case disclosed a check thief with a conscience. While seeking work in Little Rock, Arkansas, Odie Allgood saw a Treasury check in a mailbox. He stole the check and tried un successfully to cash it in several stores . One merchant remarked that the check was issued for an income tax refund of $98.40 and that he was sure it didn't belong to Odie. The merchant advised him to return it to the owner before he got into trouble. Odie took the'''check back to the mailbox just as the owner opened the door. Odie explained that he hadn't really stolen the check, and handed it to the payee. He was arrested just the same and is under $500 bail awaiting trial. The thumbnail autobiography of one rascal in St. Louis, Missouri, provided more than ordinary human interest. Joe Douglas, 7j hadn't worked for years, but had "ways of rounding up a few dollars." A self-styled "free lance salesman," he steered customers into used-car lots and pawnshops for commissions, and ^ hoPs.es were running at the Fairmount Track he touted nd did odd jobs reminiscent of his younger days as a jockey and trainer. Without any formal schooling, Douglas claimed that he could talk himself out of practically any situation, ignoring the fact that he had served eight years of a 1 -year-to-life sentence for manslaughter. In April a St. Louis pawnbroker questioned about a forged Government check, claimed he had received it from Joe Douglas, whom he knew well. PC Secret Service agent found it difficult to question Douglas who insisted upon telling tall tales about his boyhood. Finally, however Douglas claimed he had received the check 'in payment for a ring which he had sold to a man named Tipp. Investigation indicated that Tipp was a myth. A few days after the interview, the agent followed Douglas along Papin Street in St . Louis and actually saw Douglas rifle a mail receptacle. He was arrested and was found to have three stolen letters and a 5-inch screwdriver. Douglas said nonchalantly that the stolen letters had been given to him by the elusive Tipp the day before. He finally pleaded guilty to forging two Treasury checks and one State compensation check, and was sentenced May 5 to serve 1 year and 1 day. J During the year, convictions resulted in 2,667 cases of all types, or in 97*3 percent of the cases that<went to trial. Prison sentences aggregated 3*2^5 years, and additional sen tences of 2,737 years were suspended or probated. Fines in criminal cases totaled $ 30 ,592 .70 . 0 O0 TREAStHeMlEPXmw STATUTORY DEBT LIMITATION A S OF J u l y Section 21 of Second Washington 11 ^ 19 .50.___ Ttre^f'^rntre ....19.50 Liberty Bond Act, as amended, p r o v i d e that the ^ace amount of obligations issued under witherity of that Act, and the face amount of obligations guaranteed as to principal and interest b y the United S t a t e s .(except such guaranteed obligations as may be held b y the Secretary of the Treasury), «shall rot exceed .in the aggregate <tera,rrotfrrtTfintWAct of June,26, .1946? U.SjC.j title SI, sec. any one time. outstanding at For purposes of this section the current redemption value of any obligation issued an s d is court basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount,1; The fallowing 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 Bend Act, as amended Interest-bearing: Treasury bills --- ----- ----------- $ 13,61*2,070,000 Cert ificates of .indebtedness---- ...— 1 2 ,817,01*9,000 , 60,81*2,537,100 Treasury notes --- ,----- ----------Bends — Treasury _____________ _— ......«...— Savings .(current redeirp. value)..... Depoe itary --- ------ ---— .. .— Armed Forces Leave.__.._____ _______ Investment series...... ..... 102,795,260,500 57,567,881**270 2 8 6 , 3 82,500 280,1*69,525 q^.i*qo.ooo 161,883,1*1*6,795 «, Special Funds — Certificates of indebtedness 18 ,1*77 ,708,000 1**. 01*0.526.000 Treasury notes _______________ Total interest-bearing ___ 255 ,21*1*,217,895 M atured, interest— ceased......... — 253.777,9211 Bearing n o interest: War savings stamps — 1*8,211,108 .... -.. 3,261*,061* Fxcess profits tax refund bends -----Special notes of tbe United States:— Internet *1 Monetary Fund series — 1,270,000.000 - ______________ T o t a l _________________ __ _________ — 1 ,321 ,1*75 ,172 . 256 ,819 ,1*70,991 Guaranteed obligations (not held b y Treasury): ! Interest-bearing: Debentures: F.H»A. I 13, 3 3 1 , 0 3 6 __ _____ ._______ •.— - Demand obligations: C . C . C . ___________ I Matured, interest— c e a s e d --------— ___ 201.505 1 3 ,532,339 2.^S:g«5Q «•••■.— 1 6 , 1 30,929 I Grand total outstanding-------------- ------- -------------- ~~— „18,16^,392 >021 balance face amourt of obligations issuable under above authority Reconcilement with Statement of the Public Debt — J u l y (Daily Statement of the United States Treasury, 256fg ^ r6 0 l A . 31, August 1, 1950 1950 Outstanding — Total gross public debt — ----- --- ......--- ------------ -------- ------ ----- •------------ .2 5 7 ,5*10,7>*6.275 l6.150.9SL Guaranteed obligations not owned b y the Treasury---- ----------------------------Total gross public debt and guaranteed obligations---- ---------------- -------- *• Deduct — other outstanding public debt obligations not subject t o debt limitaticn ¿ 5 7 ,5 5 6 ,8 7 ^ _ 721,275^at 256,835,601,980 68 STATUTORY DEBT LIMITATION AS OF JULY 31, 1950 August 9, 1950 Section 21 of Second Liberty Bond Act, as amended, provides that the face amoun* of obligations issued under authority of that Act, and the face amount of obliga tions 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 (Act of June 26, 1946; U.S.C., title 31, sec* 757b), 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 amount1 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 th a t may be o u tsta n d in g a t any one tim e Outstanding $275,000,000,000 Obligations issued under Second Liberty Bond Act, as amended Inte rest-bearing: T re a su ry b i l l s ....................................$ 1 3 ,6 4 2 ,0 7 0 ,0 0 0 C e r t if ic a t e s o f in d e b te d n e s s* .. 1 2,8 1 7 ,0 4 9 ,0 0 0 T re a su ry n o te s .................................... 3 4 ,3 8 3 ,4 1 3 ,1 0 0 $ 60 ,842,537,100 Bonds - . T re a su ry * .................. *....... ............. 1 02 ,7 95 ,26 0,5 00 S a v in g s (c u rre n t redemp. value) 5 7,56 7,8 84 ,27 0 D e p o s ita ry , 2 8 6 , 3 8 2 , 5 0 0 Armed Fo rces L e a v e ..« ............. . 280,469,525 Investm ent s e r i e s . . . ............... . 9 53.450.000 1 6 1 .8 83 .4 46 .7 95 S p e c ia l Funds C e r t if ic a t e s o f in d e b te d n e ss. 1 8,4 7 7 ,7 0 8 ,0 0 0 T re a su ry n o te s ....................... . . . . 1 4 10 40,526.000 3 2 ,51 8.23 4.0 00 T o t a l in t e r e s t b e a r in g ................. 255,2 44 ,21 7,8 95 Matured, i nt er es t —c e a s e d * #, . 2 53 ,7 77 ,92 4 Bearing no in t e r e s t : War sa v in g s s t a m p s . . . , . . . . . . . . , , . 4 8,211,108 Excess p r o f it s t a x refund b o n d s., 3 ,2 6 4 ,0 6 4 S p e c ia l notes o f the U n ited S t a t e s : In t e r n a t »1 M onetary Funds e r ie s 1 ,2 7 0 ,000,000 1 ,3 2 1 ,4 7 5 ,1 7 2 I T o ta l................................................................................................... 256,8 19 ,47 0,9 91 ■ Guaranteed o b lig a t io n s (not h e ld by T r e a s u r y ): In te re s t-b e a rin g ; Debentures: F .H .A . .......................... 1 3 ,33 1,0 36 I Demand o b lig a t io n s : C .C .C , . . . . . . 201,303 13,53 2,3 39 J Matured, in t e r e s t —ce a se d ............. 2,5 98 ,65 0 L , , 16,13 0,9 89 ■ brand t o t a l o u ts ta n d in g ........................ ................... . .......... . 256 ,8 35 ,60 1,9 80 ■ aiance face amount o f o b lig a t io n s is s u a b le under above a u t h o r it y . . . 1 8 ,1 6 4 ,3 9 8 ,0 2 0 litsta n d * Reconcilem ent w ith Statem ent o f the P u b lic Debt - J u l y 31, 1950 ^D a ily statem ent o f the U n ited S t a t e s T r e a s u r y , August 1 , 1950 I otal gross public debt# • • • • • • • • • • * • » • • < • * • • * » • • , "257 549>746 275 I Tv+f?n"keec* o b lig a t io n s not owned by the T r e a s u r y .. •••»•••••.••••. . leduf*+ gr?ÎÎS p u b lic debt and guaranteed o b li g a t i o n s . ............................. I ** ?bber o u tsta n d in g p u b lic debt o b lig a t io n s not s u b je c t to ebt li m it a t io n ................................................. .................................. S-2414 9 l6 Îl3 o t 9 8 9 2 5 7 ,5 5 6 ,8 7 7 ,2 6 4 7 21 .2 7 5 .2 8 4 2 56 ,835,601,980 2 COTTON WASTES (In pounds) COTTON CARP STHIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, PAP 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 “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, 8nd Italy; Imports ^Established I j Sept. 20, 1949, Country of Origin : TOTAL QUOTA * Sept. 20, 1949,1 33-1/3# of ItoJuly 29, 1?. 1 to July 29,1950!Total Quota : • < 1 Established ? Total imports United Kingdom.... Canada............ France ............. British India..... Netherlands....... Switzerland....... Belgium. ........... J apan......... ...» China.............. Egypt ..... . .. Cuba............ Germany........ 11 aly............. Totals 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 8,135 6,544 76,329 21,263 { 1,317,387 239,690 75,807 69,627 111,632 — 1 ; - ! ....— H | 5,482,509 j 1,717,5U7 UoU 1/ Included in total imports, column 2. -oOo- 1,441,152 , 75,807 22,747 j 14,796 12,853 j i fg — — 1,317,387 75,807 — lU,632 mm mm 25,443 7,088 _________UoU 1,599,886 1,Uo 8,23Q ■ FOR IMMEDIATE RELEASE August 1950 J - - 2- /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? 1939? as amended, for the period September 20, 1949? to July 29 1950* inclusive, except as noted below, are as follows: COTTON (other than linters) (In pounds) Country of Origin : Under 1-1/8" other : than rough or harsh : under 3/4” :Established; Imports Sept. : Quota 20, 1949, to July 29. 1950 Egypt and the Anglo-Egyptian Sudan ......... 783^816 P p m ......... ;. -247^952 British'India. .. 2; 003', 483 Chi na .... .* *. 1 ,3 7 0 ,7 9 1 Mend r*n . ....... .. 8,883;259 Rra 7.1 1 ..........* ^ Union of Soviet Socialist Republies.......... 4 7 5 ,1 2 4 Argentina.••.1 .; 5,203 Haiti......... .: -237 Ecuador....... 9 ,3 3 3 Honduras ^...i. 752 87i Paraguay...... . ; Colombia. ^ ^ . .. 124 Iraq.......... 195 British East' 2,240 Africa........ N et herland s East Indies........ 71,380 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 1/ 2/ 3/ A/ 5/ 1,1711 226,083 1 1 6 ,¡a8 8.883.259 k68,666 * 1 -1 /8" or more but less than 1-1 1 /16 " L/' Imports Feb. 1, . 19 5 0 ,. to July 29. 1950 U5.091,930 56k,117 Less than 3/4” harsh or rough 5/ Imports Sept. 20, 1949» to July 29. 1950 / _ mm 36,662,182 373 - - - - - — — — — M — - — - — — — — -— _ — 9,6 9 5 ,5 9 7 1)5,656,U20 36,662,182 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 to Established Quota - 70,000,000. January 31, 1951* inclusive* Ih*~ TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday» August 9« 1950 S-2415 71 The Bureau of Customs announced today that preliminary data on imports of cotton and cotton waste chargeable to the quotas established by the Presidents proclamation of September 5* 1939* as amended* for the period September 20* 1 9 4 9 * to July 29* 1950* inclusive* except as noted below* are as follows: COTTON (other than linters) (In pounds) 7* Under l~l/8n other tl-l/S" or more j Less than 3/4.” : than rough or harsh :but less than »harsh or rough 5/ Country of : _____under 3/4” :1-11/16" 4/ : Origin ;Established:Imports Sept.:Imports Feb. 1*:Imports Sept. 20* : Quota ;20, 194-9* to :1950 to July 29,:1949, to ________________ »__________ jJuly 29* 1950: 1950_______ July_ ‘ Egypt and the Anglo-E gypt ian Sudan* * . . . . ...* « . . 783,816 Peru 247,952 British India.**.. 2*003*433 China.« . . . * • • • • . . • 1*370,791 Mexico • • * « « . . . . * **. 8*883,259 Brazil.» • . . . . . . . . . . 618*723 Union of Soviet Socialist Reoub** lies 475,124 Argentina“ .• • • • • . • * 5,203 Haiti* . . U * . . . . . . . 237 Ecuador# 9,333 Honduras*.... . . . . . 752 Paraguay* 871 Colombia. 124 Iraq.. . . . . . . . . . . . . 195 British East AfricaU 2*240 Netherlands East Iiidies*. # * , * . . . . * * * 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 M i Algeria and Tunisia 14*5X6,882 i^ ;J \// I-/ [ / [2/ 1*171 226*083 116,418 *8,883,259 468*666 — Mi — 45*091*930 564,117 mm 36* 662*182 mm mm 373 •M M i wm mm *b* mm mm mm mm — — - M i «** mm - mm — - mm mm mm mrn 9*695,597 45*656,420 36*662*182 ^ther than Barbados* Bermuda, Jamaica* Trinidad* and Tobago. Other than Gold Coast and Nigeria. 'than Algeria* Tunisia* and Madagascar. Established Quota — 45*656*420* for the quota period February 1* 1950 to January 31* 1951* inclusive* Established Quota *- 70,000*000. 72 ** 2 * COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than l~3/l6 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes made from cottons of L-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: : :Total Imports t Established: Imports Country of Origin:Established;Sept*"20, 1949, : 33-1/3$ ofjSeptember 20, 1940 :TOTAL QUOTA:to July 29, 1950: Total Quota:to July 29, 1950±/ United Kingdom*•••* Canada*••••«••••»•• France•••«••••••••• British India*••*** Netherlands «••••••• Switzerland*:*;* •«•*# Belgium* •••«*:••••• * Japan#, **•#••:*•* .*# China#,«••••••*••** Egypt* •**•;,; •*.♦*#* Cuba**,**•••*«•••,# Germany*•«**••»••#* Italy* *••*••...•••* Totals 1/ 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 8,135 6,5^ 76,329 21,263 1,317,387 239,690 75,807 69,627 „ 14,632 - 5,482,509 1,441,152 — 75,807 22,747 14,796 12,853 1,317,387 75,807 — — 14,632 - - ■** %«r - 404 25,443 7,088 404 1,717,547 1,599,886 1,408,230 • Included in total imports, column 2# •oOo1 f m* IMMEDIATE RELEASE August JBL 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 July 29, 1950, inclusive, as follows: Period and Quantity Commodity Unit of Quantity Imports as of July 29, 1950 "Whole milk, fresh or sour .................. , Calendar year 3,000,000 Gallon 11,238 Cream, fresh or sour ....., Calendar year 1,500,000 Gallon 880 (May 28, 1950 (July 15, 1950 3,571,1*29 Pound 2,701* (July 16, 1950 (Oct. 31, 1950 5,ooo,ooo Pound 1,356 26,235,738 Pound (1) Quota filled 15 0 ,000,000 60,000,000 Pound Pound Quota filled Quota filled 5 ,000,000 Pound Quota filled Wii+.'hfiT* .................. 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, 19U9 Walnuts ................ Calendar year ( 1) The p r o v i s o to I t e m 717 (b) l i mits the im p o r t s for c o n s u m p t i o n at th e q u o t a r a t e to 19 ,676,805 pou n d s d u r i n g the f i r s t 9 m onths o f the c a l endar year. 74 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE S-2416 Wednesday, August 9, 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 July 29, 1950, inclusive, as follows? Period and Quantity Commodity Unit" of Quantity' Imports as of July 29, 1950 Whole milk, fresh or SOUP Calendar year 3,000,000 Gallon 11,238 Cream, fresh or sour •••• Calendar year 1,500,000 Gallon 880 (May 28, 1950 — « cry* /oq (July 15, 1950 Pound 2,704 (July 16, 1950 (Oct. 31, 1950 5,000,000 Pound 1,356 Fish, fresh or frozen, filleted, etc*, cod, haddock, hake, pollock, cusk, and rosefish •••• Calendar year 26,235,738 Pound (1) Quota filled White or Irish Potatoes: cer+.i f ifid seed ........ other........ ....... 12 months from 150,000,000 Sept. 15,1949 60,000,000 Pound Pound Quota filled Quota filled Walnuts •*«.. .*»»•••*«••» Calendar year Pound Quota filled Rutter ............... (1) 5,000,000 The proviso to Item 717 (b) limits the imports for consumption at the quota rate to 19,676,805 pounds during the first 9 months of the calendar year. FOR IMMEDIATE RELEASE, 7 a- y y 5 - A ugust^, 19&__________ r § 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, 19l*l, as modified by the President's proclamation of April 13, 191*2, for the 12 months commencing May 29, 195>0, as follows; Wheat Country of Origin Imports w Established s Quota slay 29, 19^0, to iJuly 29, 1950 (Bushels) (Bushels) >Canada / China Hungary Hong Kong Japan United Kingdom Australia Germany Syria New Zealand Chile Netherlands Argentina Italy Cuba France Greece Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands Rumania Guatemala Brazil Union of Soviet Socialist Republics Belgium 795,000 — 100 — 100 *100 795,000 — 3 m m 5" — */ *■* *7 c mm 0 _ - 100 2,000 100 1,000 100 ___ /j— ,4 — 1 — /£_ ’mm - (4 - — f ? mm 2) — 1 ~ 1 - - - - - ■%-i - 1,000 100 100 100 100 - * * ¿ 7 Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established t Imports Quota t May 29, feoi • • to July 29, 1950 (Pounds) (Pounds) / 3 ,815,000 2 k ,000 13,0 00 13,0 0 0 8,000 75,000 1,000 £,000 £,000 /. 1,000 1,000 1,000 9 795,000 - 163 - % 11 » - ~ a /\ - - -30 - * 2,000 < 12,0 0 0 1,0 0 0 '71,000 1 1 >000 1,000 **1,000 1,000 1,000 1,000 1,000 1,000 7«" - - - U*,ooo - - 3 ,815,000 2,1*00 ■ ■- frf — 3 * — U ,000,000 — - - - ■- '- ■ 3 ,817,03 76 TREASURY DEPARTMENT W ashington FOR IMMEDIATE RELEASE Wednesday, August 9» 1950 S-2417 The Bureau o f Customs announced to d ay p re lim in a ry fig u r e s show ing the q u a n titie s o f wheat and wheat f lo u r e n te re d , o r w ithdraw n from w arehouse, fo r consum ption under th e im port quotas e s ta b lis h e d in th e P r e s id e n t’ s p ro cla m a tio n o f May 2 8 , 194-1, as m o d ifie d by the P r e s id e n t ’s p ro cla m a tio n o f A p r il 1 3, 1942, fo r the 12 months commencing May 2 9 , 1950, as fo llo w s? s j : : Wheat Country of O rig in Yiheat f lo u r , se m o lin a , crush ed o r cracke d w heat, and s im ila r wheat p ro d u cts :E s ta b lis h e d s Im p o rts E s ta b lis h e d * Im ports s May 2 9 , 1950, Quota Quota : May 2 9 , 1950, to ? ? to J u ly 29, 195 ! J u ly 2 9 , 1950 •• Canada China Hungary Hong Kong Japan U nited Kingdom A u s tra lia Germany S y ria Hew Zealan d C h ile N etherlands A rge n tin a It a ly Cuba France Greece Mexico Panama Uruguay Poland and D an zig Sweden Y u g o sla v ia Norway Canary Is la n d s Fumania Guatemala B r a z il Union o f S o v ie t S o c ia lis t R e p u b lic s Belgium (Pounds) (B u sh e ls) (B u sh e ls) (Pounds) 795,000 - 795,000 • — 3 ,8 1 5 ,0 0 0 2 4,000 13,00 0 13,000 8 ,0 00 75,000 1 ,0 00 5,000 5,000 1 ,000 1 ,0 00 1 ,000 14,000 2 ,0 0 0 12,000 1 ,000 1 ,000 1,000 1,0 00 1 ,0 00 1,000 1,0 00 1 ,000 1,000 1,000 - *r 100 100 100 100 2 ,000 100 — 1,000 100 1 ,0 00 100 100 - ** r — « , - 163 — - - ém 100 100 800,000 - 3 ,8 1 5 ,0 0 0 2 ,4 0 0 - *** 795,000 4 ,0 0 0 ,0 0 0 3 ,8 1 7 ,5 6 3 IMMEDIATE RELEASE August /, 1950 ? The Bureau of Customs announced today preliminary figures showing^ the imports for consumption of commodities on ■which quotas were prescribed by the" Philippine Trade Act of 19U6, from January 1, 1950, to July 29, 1950, inclusive, as follows: Products of the Philippines : : Established Quota Quantity : : Unit of Quantity î : Imports as of July 29, 1950 • • • Gross 320,581* 200,000,000 Number 1*02,525 1^8,000,000 Pound Buttons ......... . 850,000 Cigars ............ Coconut O i l ..... . Cordage .......... 6,000,000 tt Ri ce l,0l|0,000 it 1,90U,000,000 Sugars 1,775,758 .. Pound 61*9,263,153 (unrefined... Tobacco ......... . 61,806,997 6,500,000 Pound 271*, 51*0 78 TREASURY DEPARTMENT Washington M E D I A T E RELEASE S-2418 Wednesday, August 9. 1950 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 1946, from January 1, 1950, to July 29, 1950, inclusive, as follows: •- • Products of the Philippines Buttons •••••••.< f • • • • e Established Quota Quantity : : : Unit of Quantity fé • 850,000 320,584 402,525 200,000,000 Number Coconut Oil « .•. 448,000,000 Pound Cordage •»••«••• 6,000,000 tt Rice 1,040,000 n Tobacco Imports as of July 29, 1950 Gross Cigars Sugar s • • : : • • • • (refined ••••••••••••••••••• 1,904,000,000 (unrefined . Pound 6 ,500,000 Pound 61,806,997 1,775,758 - , 649 263,153 274,540 ~ 3 - z m m any State, or any of the possessions of the United States, or by any local tax ing 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 Ij2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of the Revenue Act of 19Ul, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need in clude 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, i;l8, 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 - unless the tenders are accompanied by an express guaranty of parent by an in corporated bank or trust company. I Immediately after the closing hour* tenders Trill be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall, be final. Subject to these reservations, non-competitive tenders for 5200,000 ^| or less without stated price from any one bidder will be accepted in full at tho 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 August rjf\ 19^0 > in cash or other Immediately avail able funds or in a like face amount of Treasury bills maturing August 17. 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 I special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, gift The bills shall be subject to estate, inheritance, 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 p TREASURY DEPARTMENT W ashington y 7 FOR RELEASE, MORNING NEWSPAPERS, Thursday, August 10, 19^0______• 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 2$4 c in exchange for Treasury bills maturing August 17. 19f?0 ... ^ issued on • fSE a discount basis under competitive and non-competitive bidding as hereinafter 1 , and provided. The bills of this series vili be dated w i l l mature November 16, 195>0 > when the fa c e amount w i l l be p ayab le w ithout ------------------------------------They w i l l be is s u e d in b e a re r form o n ly , and i n denom inations of in t e r e s t . August Tenders w i l l be re c e iv e d a t F e d e ra l Reserve Banks and B ranches up to the Daylight Saving closing hour, two o ’clock p.m., Eastern/3todant time, Monday, August lh. 1950» r p 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., 99.92£. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which ■vili be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions till not be permitted to submit tenders except for their own account. Tenders Till be received without deposit from incorporated banks and trust carnpanies apd from responsible and recognized dealers in investment securities. Tenders frcm others must be accompanied by payment of 2 percent of the face amount of Troasury bills applied for, TR E AS U R Y DEPARTMENT Information Service WASHINGTON, D .C . 82 R E L E A S E MORNING N EW SP A P ER S, T h u r s d a y , A u g u s t 10, 1 950 . S-2419 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 August 1 7 , 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 August 17* 1950, and will mature November 1 6 , 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, $ 1 0 ,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, August l4, 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 Fieserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to.submit tenders except for their own account. 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 irom 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 August 17, 1950, In cash or other immediately available funds or in a like face amount of Treasury bills maturing August 17, 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. T h e b i l l s s h a l l b e s u b j e 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 or other e x c i s e t a x e s , w h e t h e r F e d e r a l o r S t a t e , b u t s h a l l b e exem pt or h e r e a f t e r im p o s e d o n t h e p r i n c i p a l o r from all taxation now now or hereafter interest thereof by any State,or any of the possession 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 con sideration as capital assets. Accordingly', the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the 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. T r e a s u r y D e p a r t m e n t C i r c u l a r N o . 4l8, a s a m e n d e d , a n d t h i s n o t i c e , p r e s c r i b e t h e t e r m s o f t h e T r e a s u r y b i l l s and g o v e r n th e c o n d it io n s o f t h e ir is s u e . C o p ie s o f t h e c i r c u l a r m ay b e o b t a in e d fro m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h . oOo 0 • 1' m s A s s mmtm srnssmm, î m s â M x J m m k 7 • „ 4 3-0 S a e rtifsry t f ih© frmmfflf- mmwmmà l& $ f #v«iti£t$ ih » i th© ImmAhH l Ht# HtXOOiûOO.OOOt ©y m «r d a t a it , ©f fX*4©r fr©©swy MU© t© M M mA J&0b*$ X? mà t© i v i é i y lé# X950» «üte © fttra i #& Xûfc *©r© &§ ©h© $!©$#$& i i i W I t t a k » #ü ü©jp©t |â* &© d#iaiX# ©f IM© 1.««m ar« a© ¿©XXow f©t©X a^pXl#d £©r - &*ff^»GQ&»GG0 *»taX «oea^Wd * X»10X»354000 pris# (iaclud«s $U>5#6k2f000 «at©r«d ©a © Mal© **»& &ô©«f»%#à la ftiXX a i ©ïs# avtrmi© $©fl$| shmm MXev) - 99#TQ^ B^airalaa© rai# ©I dl*©©mt ©fpft&u lUlggt par aaiiQsi S*®g© #f MAai Si# * # f * W %#£©£*&$ rai© ©f 4i©e©uai ©ppm« 1.1J9Î P»** M i* » » « * * * u v m * R W fj® ?**«*©% ©f t&© &®mmi M d lér ai tfe© X©w prie© w i «©e©jst©â) H ù m n X .â#»«nr# Sotfcl ArniXlaâ, ÜHaag foial ɧʮ. Ifll..... Sosioa I®¥ lork m u a © i # u I ♦ »»m a . w a M * M i M 0 0 I m 9m * Q w x a * ^ ® frw MtfMQft ?i«3*o0o GitrtXatià Matamd ÂiXaata îM«itÉli Si# Xsai# Mi©a#ap©Xis & » 3 Giiy U , 910.000 l ê §7 f $ , ® m U * 5 X O #000 4M?p$® « ■ L m u&itm*®®® XltS^.OGO j M É $ f§§® ^ f3X0#ôô0 SaXta f c #f0X#G00 xo.xâjiôao I43&MI 32.190.000 23.901.000 Ht7#«ooe«ooo #XtX 0 X P 5 X #0OO t a frimai ta# »ni» Î.M- 9 84 RELEASE MORNING NEWSPAPERS, Tuesday, August 15, 1950 « S-2420 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 August 17 and to mature November 16 , 1950, which were offered on August 10, were opened at the Federal Reserve Banks on August 14. The details of this issue are as follows: Total applied for - $1,794,008,000 Total accepted - 1,101,251,000 (includes $105,642,000 entered on a non competitive basis and accepted in full at the average price shown below) Average price - 99*703/ Equivalent rate of discount approx. 1 .173 $ per annum Range of accepted competitive bids* High - 99.707 Equivalent rate 1 .159$ - 99.702 Equivalent rate 1 .179$ Low of discount approx. P©p annum of discount approx. per annum (30 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 1 1 ,918,000 1,424,680,000 28 ,775,000 1 2 ,580,000 6 ,867,000 7.133.000 166,189,000 1 5 ,223,000 TOTAL Total Accepted $ 1 1 ,918,000 844.040.000 1 6 ,775,000 1 2 ,510,000 6 ,867,000 6.433.000 10 5 .279.000 10,183,000 5.323.000 5.480.000 39 ,310,000 40.901.000 34.952.000 2 3 ,901,000 $1,794,008,000 $ 1 ,1 0 1 ,251,000 0 O0 32,170,000 25.852,000 August 2, 1950 TO MR« BARTKLTt The following transactions were made in direct and guaranteed securities of the Government for Treasury investment and other accounts during the month of July, 1950} Purchases §*»***#*****#*#*♦♦#♦#*»♦*# H9 #079 $000 Sales#•«##•#*•••*#«•#•••#•••»*#*»#* ^ 9j^6j20O Net Purchases#»*#•*******###*###♦*#$8,170,800 C# lit Norman Acting Chief, Division of Investments Statement No« 30 Treasury Department Division of Investments Wisecarver| 8/2/50 TR EA S U R Y D EPARTM ENT Information Service Wa s h i n g t o n , d .c . R E L E A S E M O R N I N G N EWSPAPERS, Tuesday, August 15, 1950, S-2421 During the month of July 1950, market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of $8,170,800, Secretary Snyder announced today. oOo - 3 - any State, or any of the possessions of the United States, or by any local tax ing 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 bfi and 117 (a) (1) of the Internal Revenue Code, as amended by Section llf> o# 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 in clude 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. i;l8, 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 - unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders Trill be opened at the Federal I 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. I I 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 , = j 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 August 2lu 1950 * in cash or other ^ diately avail~| able funds or in a like face amount of Treasury bills maturing August 2k, I M t - l Cash and exchange tenders will receive equal treatment. Cash adjustments m i l tel made for differences between the par value of maturing bills accepted in exchange j 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 I special treatment, as such, under the Internal Revenue Code, or laws amendatory ■ or supplementary thereto. gift The bills shall be subject to estate, inheritance, ■ or other excise taxes, "Whether Federal or State, but shall be exempt fr j all taxation now or hereafter imposed on the principal or interest thereof by 23EX$XXX3l mm TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, T h ursday. August 17, 1950---- - * The Secretary of the Treasury, by this public notice, invites tenders for s 1.100.000.000 , or thereabouts, of - W Treasury bills, for cash and in exchange fra"Treasury bills maturing _ A u g M t ^ J 5 5 0 ---- . to issued 011 a discount basis under competitive and non-competitive bidding as hereinafter provided. Will mature interest. The bills of this series will be dated Wovember^h. 1950 They will“ > August 2 ^ 19i>Q------ ’ and face ® ount be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the Daylight Saving closing hour, two o'clock p.m., Eastern time, . Monday, August 21, l^g- 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. Others than banking institutions »/ill not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and fran responsible and recognized dealers in investment securities. Tenders fran others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, TREASURY DEPARTMENT Information Service WASHINGTON. D .C . 90 RELEASE M O R N I N G N E W S P A P E R S Thursday, A u g u s t 1 7 , 1 9 5 0 . $-2422 The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000, or thereabouts, of 92-day Treasury bills for cash and in exchange for Treasury bills maturing August 24, 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 August 24, I950,and will mature November 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 ,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, August 21, 19 50 . 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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 in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or 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 m any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price nom 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 August 24, 1950, in cash Or other immediately available funds or in a like face amount of Treasury bills maturing August 24, 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. o-Oo. - (a ) - Each in v e s to r in the fo llo w in g c a te g o rie s w i l l be p e rm itte d to p urchase S e r ie s F and G S a v in g s Bonds combined up to a t o t a l amount o f $ 1 ,00 0,0 00 (is s u e p r ic e ) fo r the ca le n d a r y e a r 1950 in a d d itio n to any bonds w h ich may be purchased under the e x is t in g lim it o f $100,000 p ro v id e d th a t any bonds in e xce ss o f the e x is t in g lim it are p urchased d u rin g the p e rio d s from O ctober 2 through O ctober 1 0 , 1950, in c lu s iv e $ November 1 through November 1 0, 1950, in c lu s iv e ; and December 1 through December 1 1, 1950, in c lu s iv e : 1* 2. 3* ll. 5* 6* 7• (b ) 2 In su ra n ce com panies S a v in g s banks S a v in g s and lo a n a s s o c ia tio n s and b u ild in g and lo a n a s s o c ia t io n s , and co o p e ra tiv e banks P e n sio n and re tire m e n t fu n d s, in c lu d in g those o f the F e d e ra l, S ta te and lo c a l governm ents F r a t e r n a l b e n e fit a s s o c ia tio n s Endowment fu nd s C r e d it u n io n s Each com m ercial and in d u s t r ia l bank h o ld in g sa v in g s d e p o sits o r is s u in g tim e a e n b ific a te s o f d e p o sit in the names o f in d iv id u a ls ^ an d ^ Sr c o rp o ra tio n s, a s s o c ia t io n s , and o th e r o rg a n iz a tio n s nor op erated fo r p r o f it , w i l l be p e rm itte d to purchase F and G S a v in g s Bonds combined up t o . $100,000 (is s u e p r ic e ) d u rin g the p e rio d s se t fo r t h above. I Further details with respect to these offerings will be announced later* TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Friday, August 18, 1950 S- Secretary of the Treasury Snyder announced today that he will offer a 1-l/lj. percent, 13-month Treasury note, dated September 15* 1950, and maturing on October 15* 1951* in exchange for the 2 percent bonds and the 2-1/2 percent bonds called for redemption on September 15* 1950, and the 1 -1/8 percent certificate of indebtedness maturing on that date; and that he will offer a 13-month, 1-l/lj. percent note dated October 1, 1950, and maturing on November 1, 1951* in exchange for the 1-1/8 percent certifi cate of indebtedness maturing on October 1* 1950* The Secretary also announced that institutional investors of the classes defined in Department Circular No, 83JU, dated September 22* 19li7* will be permitted to purchase United States savings bonds of Series F and G in amounts in excess of the existing limitations during the follow ing periods: (a) From October 2 through October 10, 1950, for bonds dated October 1, 1950; (b) From November 1 through November 10, 1950, for bonds dated November 1, 1950; and (c) From December 1 through December 11, 1950, for bonds dated December 1, 1950. Purchases in excess of existing limitations will not be permitted at other times during the remainder of this calendar year« The Secretary stated that the present offering is designed to attract new money accruing in the hands of institutional investors during the last quarter of the calendar year; and that this offering is in line with his statement of September 5* 19^7* when he announced the offering of the Treasury Bonds, Investment Series A-1965* in which he said that ’’further offerings of securities suitable primarily for institutional investment needs will be made available whenever the situation warrants such action#” The special offering of Series F and G bonds will be open to institu tional investors holding savings, insurance, and pension funds, which were eligible to purchase the 2-1/2 percent Treasury Bonds, Investment Series A-1965* under Department Circular No« 8li|, dated September 22, 19 I4.7 , sub ject to the following limitations: 3 TREASURY DEPARTMENT Information Service WASHINGTON, D .C . 93 r M E D I A T E RELEASE, Friday, August 18, 1950. S-2423 Secretary of the Treasury Snyder announced today that he will offer a 1-1/4 percent, 13-month Treasury note, dated September 15, 1950, and maturing on October 15, 1951, in exchange for the 2 percent bonds and the 2 -1/2 percent bonds called for redemption on September 15, 1950, and the 1-1/8 percent certificate of indebtedness maturing on that date; and that he will offer a 1 3 month, 1-1/4 percent note dated October 1, 1950, and maturing on November 1 , 19 5 1 , in exchange for the 1 -1/8 percent certificate of indebtedness maturing on October 1, 1950. The Secretary also announced that institutional investors of the classes defined in Department Circular No. 8l4, dated September 22 , 1947, will be permitted to purchase United States savings bonds of Series F and G in amounts in excess of the exist ing limitations during the following periods: (a) From October 2 through October 10, 1950, for bonds dated October 1, 1950; (b) From November 1 through November 10, 1950, for bonds dated November 1, 1950; and (c) From December 1 through December 11, 1950, for bonds dated December 1, 1950. Purchases in excess of existing limitations will not be permitted at other times during the remainder of this calendar year. The Secretary stated that the present offering is designed to attract new money accruing in the hands of institutional investors during the last quarter of the calendar year; and that this offer ing is in line with his statement of September 5 , 1947, when he announced the offering of the Treasury Bonds, Investment Series A-I965, in which he said that "further offerings of securities suitable primarily for institutional investment needs will be made available whenever the situation warrants such action." .The special offering of Series F and G bonds will be open to institutional investors holding savings, insurance, and pension tunds, which were eligible to purchase the 2-1/2 percent Treasury onds, Investment Series A-I965 , under Department Circular No. 8l4, dated September 22 , 1947, subject to the following limitations: (a) Each investor in the following categories will he permitted to purchase Series P and G Savings Bonds combined up to a total amount of $1,000,000 (issue price) for the calendar year 1950 in addition to any bonds which may be purchased under the existing limit of $ 100,000 provided that any bonds in excess of the existing limit are purchased during the periods from October 2 through October 10, 1950, inclusive; November 1 through November 10, 1950, inclusive; and December 1 through December 11, 1950 , inclusive» 1. 2. 3 Insurance companies Savings banks Savings and loan associations and building and loan associations, and cooperative banks 4. Pension and retirement funds, including those of the Federal, State and local governments 5. Fraternal benefit associations 6 . Endowment funds 7. Credit unions (b) Each commercial and industrial bank holding savings deposits or issuing time certificates of deposit in the names of (l) individuals and (2 ) corporations, associations, and other organizations not operated for profit, will be permitted to purchase F and G Savings Bonds combined up to an aggragate of $100,000 (issue price) during the periods set forth above. Further details with respect to these offerings will be announced later. Lf m o tta mmim m m m m , 22. 195®^... thè Sacretary c£ thè fra&aary announced la®t evaaing th&t ih# tender» far $1,100,000*000, or thersaboutg, #f $É*flay foaaswry MIX# io b© d&Sed Aufiust ah ©uà io mature Scvembar ¡ B 1050, vhich vere o t U r e ù ¿ % m t 1?, ver© oponed ai ih# loderai m Beserv© Bimks on Annasi ai* Si# detall© of thls lt.su« are && follava: foia! applied for » $l,é$0#5OJ,OO 0 1 *103,567,000 tot al ©ccfpted ^ (include© $93,119*000 enterad oa a JMncaa¡petiÍiT* basi© and aoc#pt@4 in fall ai ih© averag© pria# sbava balov) Arerag* frlee - 99-681/ SqulTaleat rate of «.«orni «eros- |>er p « Sisge of accepitd eompetitiirs bidè t * 90 ,70 7 jfeuiir&leat rat# of discount apprcx# X,lh?^ per annua gpj Lev - 99.673 (32 fedirai * » » « * um of * * percent of ih# m am m à bid for ai ih© lev prie# va© accapted) total tota 3U»aarrt #d .for Bietrict I Boston g.f Tor& Vfeilaftalphla Cleveland 11,295teoo X,26h,885*000 26,508*000 16 ,508,000 36,108*000 5*362*000 8*756*000 Atlanta Chicago Si* Louis Minneapolis Sansa© City Balla© 10*^5*900 755,0^3,000 3 6 100,000 , J&ehmond $ 5 ,362,000 232 *811*000 8*756,000 167*051*800 8,119,000 7*779*000 21,7^5,000 21.795.000 31.250.000 3,500*000 31,259,000 m j m San francisco sosa. *1,690,509,000 *1.103.567,000 R E L E A S E MORNING N EW SP A P ER S, T u e s d a y , A u g u s t 22, 1 9 5 0 n 3-2424 _ 96 T h e S e c r e t a r y o f t h e T r e a s u r y a n n o u n c e d l a s t e v e n in g t h a t t h e te n d e rs f o r $ 1 ,1 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f 9 2 -d a y T r e a s u r y b i l l s to be d a t e d A u g u s t 2 4 a n d t o m a t u r e N o ve m b e r 2 4 , 1 9 5 0 , w h ic h w e re o f f e r e d on A u g u s t 1 7 , w e re o p e n e d a t t h e F e d e r a l R e s e r v e B a n k s o n A u gu st 2 1 . Th e d e t a i l s o f t h is is s u e a re a s f o llo w s : T o t a l a p p lie d , f o r - $ 1 , 6 9 0 , 5 0 9 , 0 0 0 T o t a l a cce p te d 1 ,1 0 3 ,5 6 7 ,0 0 0 A ve ra g e p r ic e ( in c lu d e s $ 9 3 ,1 1 9 ,0 0 0 e n t e r e d o n a n o n c o m p e t it iv e b a s i s and a c c e p t e d i n f u l l a t th e a v e r a g e p r i c e sh o w n b e lo w ) - 9 9 .6 8 1 / E q u iv a le n t r a t e o f d is c o u n t a p p ro x . 1 .2 4 7 $ p e r annum Range o f a c c e p te d c o m p e t it iv e b i d s : H ig h - 9 9 -7 0 7 E q u iv a le n t r a t e 1 .1 4 7 $ - 9 9 . 6 7 3 E q u iv a le n t r a t e 1 .28 0 $ Low ( 3 2 p e r c e n t o f t h e am o u nt b i d F e d e ra l R e se rve D is t r ic t B o s to n New Y o r k P h ila d e lp h ia C le v e la n d R ich m o n d A t la n t a C h ic a g o S t . L o u is M in n e a p o lis K an sas C it y D a lla s San F r a n c is c o TO TAL f o r a t th e T o ta l A p p lie d $ o f d is c o u n t a p p ro x . p e r annum o f d is c o u n t a p p ro x . p e r annum lo w p r i c e w as a c c e p t e d ) T o ta l A cce p te d fo r 1 1 , 2 9 5,0 0 0 1 ,2 6 4 ,8 8 5 ,0 0 0 2 6 , 508,000 3 6 , 100,000 5 .3 6 2 .0 0 0 8 . 756.000 232, 811,000 $ 1 0 ,2 9 5 ,0 0 0 7 5 5 .0 4 3 .0 0 0 1 6 , 50 8 ,0 0 0 3 6 , 10 0 ,0 0 0 5 , 3 6 2 ,0 0 0 8 , 7 5 6 ,0 0 0 167.051.000 8 , 119 ,0 0 0 3 , 50 0 ,0 0 0 2 1 .7 4 5 .0 0 0 3 1 . 2 5 0 .0 0 0 4 0 ,1 7 8 ,0 0 0 7 .7 7 9 .0 0 0 3 . 5 0 0 .0 0 0 2 1 . 74 5 .0 0 0 3 1 . 2 5 0 .0 0 0 4 0 ,1 7 8 ,0 0 0 $ 1 ,6 9 0 ,5 0 9 ,0 0 0 $1 , 1 0 3 , 5 6 7 ,0 0 0 0O0 the self-styled tax experts invented. suffered from countless ailments, and other deductions. A n o t h e r p r a c t i t i o n e r * s clients req u i r i n g expensive vitamins» medicines, A third »adviser® strangely could find only- clients who lo s t valuable tools to be deducted. Other c ases of this sort indicated that in spite of all their calamities, w h i c h include traffic accidents, losses b y theft and storm, failures and wh a t not, illnesses, bus i n e s s the c l ients of this small g r o u p o f p r a c t i t i o n e r s m a t c h e d their m isfortune w i t h their g e n e r o s i t y — at least w h e n claiming de d u c t i o n s for contributions to churches and charities. fhe y e a r also saw the p r o s e c u t i o n of several p e r s o n s for cla i m i n g false refunds, u s u a l l y b y f o r g i n g employer statements and f i l i n g mo r e than one return. One of those sent to p r i s o n h a d fi l e d 1 3 d i f f e r e n t returns in the same year dependents war« imaginary. illne«»«« and Another practitioner conjured up expensive tried to deduet large quantitiss of vitamin», medioin«« and other remedies which turned out to be fictional. A third "adviser was detected claiming losses of valuable tool» for an extraordinary percentage of hi# client» who either owned no tool# or had not lo#t any. S t i l l other of these unethical consultants selected traffic accidents, storm losses and business failures as fields for the exercise of their imaginations. Kot infrequently, these same return# were found to c o n ta in grossly exaggerated deductions for contributions to churches and audited, it was found necessary to impost civil fraud penalties in only about 2,000 cases, including 5 ^ 7 persons who-e offenses warranted criminal indictment# «She audits indicated that a substantial number of taxpayers, though honest, have been careless about reporting income from sideline ventures o r 'investments» tendencies. Hew procedures are being developed to counteract such In view of the millions of persons who receive small or large amounts of dividends from stocks or Interest from bonds or savings accounts every year, special attention will be directed to these items. Among the criminal cases prosecuted during the year, 385 persons were convicted. They included several racketeers and gamblers, and also the usual sprinkling of business and professional people from dozens of different walks of life. The year*« criminal cases included several instances where the Bureau*« special agents stepped in to protect the public from crooked »tax advisers" who were getting oftea-tmsuspectiag taxpayers into serious trouble by preparing false income tax returns. These cases emphasized the importance of the public seeking advice only from reputable practitioners when professional advice Is needed, or of using the free assistance furnished by offices of Collectors of Internal Be venue. In some »phoney adviser" cases investigated during the year, the taxpayer**©!tents seemed to be buffeted by all sorts of misfortunes ■*** if the returns could be believed. One m a n ’s clients never m m ® & to run out of dependents to be supported«— whatever nature failed to supply. Investigation of the returns prepared by these "phoney advisers* indicated strange patterns Of deductions designed to understate tax liabilities« One of these sten consistently ascribed large families of dependents to his oliente until investigation showed that many of these ee TKEASUHT BiWsSMBW Bureau of Internal Revenue Washington» B. 0» MiMORAIEDUM fOH TBS PHH IS < - August 9. 1950 Secretary of the Treasury Snyder announced today that Internal Revenue enforeeneat activities reached new highs in nearly every category in t h e last fiscal year. Reports from Commissioner of Internal Revenue George J. Schoeneann showed! Additional assessments resulting from the audit and investigation o f individual income tax returns increased from $799#672»000 in the 19^9 fiscal year to $828 »228»000 in the year which ended June 30» 1950* Additional assessments on corporation Income tax returns Increased from $336,931»000 to $399#393.0OO. Collections o n warrants for distraint (Issued In the ease of long overdue accounts after normal collection methods have failed) Increased from $ 3 ^ . 5 0 9 . 0 0 0 to $368,386,000. Due to the fact that nearly five years have elapsed since the repeal of the war-time excess profits tax on corporations and relatively few eases are still pending, additional assessments in this category declined from $561*681,000 to $325,85^.000. The year also showed a slight increase in additional assessments of excise taxes and a slight decrease on estate and gift taxes. In accordance with p a s t experience, these audits indie ted that the majority of erring' taxpayers made innocent mistakes due to ignorance or c- reles£ness. Although nearly 3,500,000 returns of all kinds were Sin (it dependents were imaginary* Another practitioner conjured up expensive illnesses and tried to deduct large quantities of vitamins, medicines and other remedies which turned out to be fictional* A third "adviser1* was detected claiming losses of valuable tools for an extraordinary percentage of his Glients who either owned no tools or had not lost any* Still other of t hese unethical consultants selected traffic accidents, storm losses and business failures as fields for the exercise of their imaginations. Hot infrequently, these same returns were found to contain grossly exaggerated deductions for contributions to churches and charities* The year also saw the prosecution of several persons for claiming false refunds, usually b y forging employer statements and filing more than one return* One of those sent to prison had filed 13 different returns in the same year* 2 The audits indicated that a substantial number of taxpayers, though honest, have been careless about reporting income from sideline ventures or investments* tendencies* New procedures are being developed to counteract such In v i e w of the millions of persons who receive small or large amounts of dividends from stocks or interest from bonds or savings accounts every year, special attention will be directed to these items* ' frfflfinf (criminal cases prosecuted during the ye ■■■ They 1inoluded^-gcverai racketeers and gamblers, and also y# & { the usual sprinkling of business and professional people fromyltoieiiij of life* The year's criminal cases included several instances where the Bureau's special agents stepped in to proteot the public from crooked "tax advisers" who were getting often-unsuspeeting taxpayers into serious trouble b y preparing false income tax returns* These cases emphasised the importance of the public seeking advioe only from reputable practitioners when professional advioe is needed, or of using the free assistance furnished b y offices of Collectors of Internal Revenue* Investigation of the returns prepared b y these "phoney advisers" indicated strange patterns of deductions designed to understate tax liabilities* One of these men consistently ascribed large families of dependents to his clients until investigation showed that many of these nni»ii 7 - 4 - a -* s - Secretary of the Treasury Snyder announced today that Internal Revenue enforcement activities reached new highs in nearly every category in the last fiscal year* Reports from Commissioner of Internal Revenue George J* Sohoeneman showed: Additional assessments resulting from the audit and investigation of individual income tax returns increased from $799*672,000 in the 1949 fiscal year to $828,228,000 in the year which ended June SO, 1950. Additional assessments on corporation income tax returns increased from $336,931,000 to $399,393,000* Collections on warrants for distraint (issued in the case of long overdue accounts after normal collection methods have failed) increased from $346,509,000 to $368,386,000* Due to the fact that nearly five years have elapsed since the repeal TR‘ HI of the war-time excess profits tax on corporations and [i u\\ > 11>iy1y ffi* hasfliSMNSr still pending, additional assessments in this category declined from $561,681,000 to $325,854,000* The year also showed a slight increase in additional assessments of excise taxes and a slight decrease on estate and gift taxe?* q ^a^aotToydan'gs ’With" paab^xperiencejtheee yfiudits j „ t\ «j 5 t * indicated that the majority of erring taxpayers made innocent mistakes due to ignorance or carelessness* \ Altht 1__ TREASURY DEPARTMENT Information Service WASHINGTON. D .C . 103 R E L E A S E M O R N I N G NEWSPAPERS, Thursday, A u g u s t 2k s 1950. S-2425 Secretary of the Treasury Snyder announced today that Internal Revenue enforcement activities reached new highs in nearly every category In the last fiscal year. Reports from Commissioner of Internal Revenue George J. Schoeneman showed: Additional assessments restating from the audit and investigation of individual income tax returns increased from $799 ,672,000 in the 19 *1-9 fiscal year to $828,228,000 in the year which ended June 30, 1950. Additional assessments on corporation income tax returns increased from $336,931,000 to $399,393,000. Collections on warrants for distraint (issued in the case of long overdue accounts after normal collection methods have failed) increased from $ 3 ^6 ,500,000 to $368,386,000. Due to the fact that nearly five years have elapsed since the repeal of the war-time excess profits tax on corporations and with the reduction of cases still pending, additional The year also showed a slight Increase in additional assessments of excise taxes and a slight decrease on estate and gift taxes, Audits of nearly 3y million returns indicated that the majority of erring taxpayers made innocent mistakes due to ignorance or carelessness. The audits indicated that a substantial number of tax payers, though honest, have been careless about reporting income^from sideline ventures or Investments. New procedures are being developed to counteract such tendencies. In view of the millions of persons who receive small or large amounts 104 of dividends from stocks or interest from bonds or savings accounts every year, special attention will be directed to these items . Criminal cases prosecuted during the year included a number of racketeers and gamblers, and also the usual sprinkling of business and professional people from various walks of life. The year's criminal cases included several instances where the Bureau's special agents stepped in to protect the public from crooked "tax advisers" who were getting oftenunsuspectmg taxpayers into serious trouble by preparing false income tax returns. These cases emphasized the importance of the public seeking advice only from reputable practitioners when professional advice is needed, or of using the free assistance furnished by offices of Collectors of Internal Revenue. Investigation of the returns prepared by these "phoney advisers" indicated strange patterns of deductions designed to understate tax liabilities. One of these men consistently ascribed large families of dependents to his clients until investigation showed that many of these dependents were imaginary. Another practitioner conjured up expensive illnesses and tried to deduct large quantities of vitamins, medicines and other remedies which turned out to be fictional. A third "adviser" was detected claiming losses of valuable tools for an extraordinary percentage of his clients who either owned no tools or had not lost any. Still other of these unethical consultants selected traffic accidents, storm losses and business ^failures as fields for the exercise of their imaginations. Not infrequently, these same returns were found to contain grossly exaggerated deductions for contributions to churches and charities. The year also saw the prosecution of several persons for claiming false refunds, usually by forging employer statements and filing more than one return; One of those sent to prison had .filed 1 3 different returns in the same year. 0O0 Spi - g $fe« « riva i« l » t bém fi# pHamvy taiy«r* « f #»r«m ii*nt t**a ti$ i« « Hnv* %•«• y v tM ttttftlI' » # r« i*l* «ni a«ra«ftH l* $ i& t* * 1 k m m % ® m tojiaf 4fea*t"»%«9K n i u r U l M iiltóf# la t ilt baldla#« « f tr ir ® i# »««Ifcaék «a®*m m *% ** fh i? I M É N Ì # m r t *f tk« 1« è»# t# Hi« tmfeha##« # f la t f r lf a t i« *— «alMrtamiisìly I» Hi« f« w è# Marine« ira i« # l* « iit * t l« M | tM M to r« * m ll «• iaatfcraxi«« «a®»**ia« »ad. *m tm * i««fct# k a rt «#t VMm « ttp tr ia f §^r«nsN«t « « « triti* * m m#t W thagr k *m 1m * I m m %*«■ < m rm w S# hmৠmà %m* m rt§&$**+ Hi« fa»4# *«$«**«1? f i f n«^ v»l«nt mi •apRtjnaat far l«M«t*9r« W M tftff hjs4 li in lov *35p#ei*4 tkat tJMtfttf« m f k « M m s m t m à * $ m ilail« f#r tifi darla* Hi« lati iiw «f tls# f#»r. la O e w m w i l «Muri« Por ibi® rta***« Hi« fr«« «su*r ’ fir dttM tftM M i ha* l i f t f i III« U » lt« «a Sari*» f «*4 § «aria*® i«md® té i||« # l tfe««« ftonis m tk«f 3 - r ~ & 4 ^ ténmnmmniim éf1 ih# ytilnftlMf wt tìi# '## #«A ih# «¡*.i*»#i«» «f ih# #»4 ©tihfc#*1 XtsMtoHtfei « i*M*# f * M § h#sf# ### m i ntr* #%#ft In Hi# 4Wht »#»«ty#»«iti ?*»#*«* urlili Hi# fy»»y»iy iut» f#n«v#é- si»## Hi* f i n i ©f ih* y#*.r* in ih# $**#«*«#»% %<rmà »*rfc«t li### r«f.if#iiti#ii ttiial* t m mM H * litlrt ##•»«■#• #1*# m é ih# #1#* ii#irt%*ii#i» •# Hi# I M a i H W H j#ih ili# iai-'r###4«il#4 I# «##p#rÌ»#A <4lh ufel fmméi %* #1 ©Hi## eri §#»* »*© &t t«l#iv . lt %|gf# tm ©%Xi#«ÉI#tt #f Hi# hl<$i#*i #p 4## •»* ©nijr t# Hi# flasiuhM #f H i 3 * w w * * l in Hit *#maé##i ##«ttH# M a d U i M , Imi #1*» I# fallili ©mr m ^ n i l U U U i i t© ih# stili*»# #f F«Uv»l »«©urti* h#li#r« lfenn#0*ii ih# V#«ft#n* 4 «i#fcl* **A **aft4«fti *it#«ii*» I# ih# s*9fe»t f#r f*è#»#i. ©««ariti©* I# #%* finsi li»# #f A#f«### ## ih# fissi* %t fini é#ht S M M s g S M S t % m 0 t m i f ih# r##r ##©i«»s5r* h«8 whl#h ih* t m s m f g r h#i f#li#**é #i»e# Hi* ìnn» £#ih.t#**4 i# » n i Ih# neMm*#»i# #£ ih# Stari** Ih# fini #1* M t f b # #f ihi# y*»*f 3***ì m m w ì % *###riilt# Itoli fey ih# ##Sft*9»i*l h#*hi»c ty©i*» #*#tt»#4 $1*T Miti#»* H i l l ih* h*14l»ct #f uflfil# MtiMfe tassiti#» lasr*-.*##* l|*h Hlttift* j $h* in h#»# h&l-éia## ##* ito##s*»‘t * é f# y t y * t l # t M i U h i é*#1 in# in la t it it i» * #f hsttk# #nd * étti Ine *f i $*##**# Xsa&t# v#« Fre® ih# foia ##* «tilt#» I» ih# Hlllt|« é f ?*4*fi*i il it Hi*i ihi# tfstf im Jvly. Usiti»#* #Sf w#*hly n itr ii» # wmkmt h#»ki 4 **tts«i ty f#Jf Miti#» in ih* fhsy »##H# #»à*t infitti f «sé lilitift #f ih# F*4«f*l I Isafc# issil.»#é i3É8 »itti#» fva* <h*»# J& thresifh Jhty 31* TR EASU R Y DEPARTMENT Information Service WASHINGTON, D .C . 107 IM M EDIATE R E L E A S E , M onday, August 21, 1950. S-2^26 STATEMENT BY JOHN W. SNYDER, SECRETARY OP THE TREASURY Friday1s ^announcement of the refunding of the September and October maturities and the extension of the purchase limitations on Series F and G bonds was one more step in the debt management program which the Treasury has followed since the first of the year. Developments in the Government bond market have reper cussions which fan out through the entire economy. . Both the present size and the wide distribution of the Federal debt are unprecedented in comparison with what faced us at other periods of international crisis. We have an obligation of the highest order not only to maintain the finances of the Government in the soundest possible condition, but also to fulfill our responsi bilities to the millions of Federal security holders throughout the Nation. A sta.ble and confident situation in the market for Federal securities is our first line of defense on the financial front. The debt management program which the Treasury has followed since the first of the year has been fashioned to meet the requirements of the economy. During the first six months of this year. Government securities held by the commercial banking system declined $ 1 . 7 billion, while the holdings of private nonbank investors increased $3.^ billion. The decline in bank holdings was accounted for by a $ 1 . 1 billion decline in holdings of commercial banks and a decline of $553 million in the holdings of federal Reserve Banks. From the data now available, it is apparent that this trend was continued in July. Holdings of weekly reporting member banks declined by $656 million in the four wee^s ended August 2 ¿and holdings of the Federal Reserve Banks declined $ 3 6 2 million from June 30 through July 3 1 . The private nonbank investors who have been the primary buyers of marketable Government securities have been principally industrial, commercial, and mercantile corporations, State and oreign accounts. They have been buying short-term securities 1 .A n o t h e v Part of the increase in the holdings of private onoank investors is due to the purchases of individuals -ubstantially in the form of savings bonds. Longer-term ns ltutional investors, such as insurance companies and savings 108 banks, however, have not been acquiring Government securities on net balance. Instead they have been buying corporate bonds and home mortgages. They have been providing the funds necessary for new housing construction and new plant and equipment for industry. It is now expected that institutional investors may have some funds available for investment in Government securities during the last quarter of the year. For this reason, the Treasury Department has lifted the limits on Series F and G savings bonds to absorb these funds as they accrue . 0 O0 - 5 In two instances, customs officers seeking contraband got more than they bargained for^ Agents at Calexico, California, found crammed into a small secret compartment of a suspected car two aliens who were near death from heat and exhaust fumes. ;imore, searchers found narcotics iinj^he auaaiers of a si .so an attract .ond / stowaway hiding under a berths [migratiS^g^iiirs t< rer. /?• * m % / oOo A O 4 - licenses >s. In Federal Court at Los Angeles fines totaling $70,000 were imposed upon an aviation company and six individuals! ¿ir-jbliroQ ■aiiiiiLttfrafl-' wwiwfri'iij nni"1luvulvlng figlrber-plane ^aa3g±ZESESaiithe •?iyi H n n t l p ,n t i o n nf n i l 111 t p iny w r £ ] l t i ' i i i i iiii nm ■ae KA One of the major attempts at export violation involved Aclosely controlled Asuifathi^zoie. Two , 'ejvt thousand p o u n d s v a l u e d at $6,500 were detected concealed in bales of scrap rubber about to be shipped from New York ^ Qp n ^ The most valuable single seizure made during the <» year occurred at New Orleans, where 20,500 Europeanmade watches and 3,600 uncased watch movements, packed in five trunks and a suitcase, were detained. The total value was almost a quarter of a million dollars. The watches were about to be shipped to South America, falsely manifested as personal effects of a traveler, r T “1 n p iml hiji of nominal value . 1 .li l' i»i m ij LlijuTT . th^e violation was under taken prmn^fi»i^y to/<evade tKef laws ^ y c n e ^ O D u n ^ y desti s a .laf^ pep or; s hhi $ ^ 7 0 0 /r^rth in tiie Saorida strie : / • 4n a »HhtrS’S^ tu a m iL - 3 with recoveries of many thousands of dollars in evaded duties being effected, and severe penalties being imposed in the case of willful violations. Mq?ests for Customs violations during the vefpa totaled 576 , o i ^ ^ c h 271 involved n smuggling. In cases going to tria^2S®4S^'*!^ ® year, there were o 32 convictions^^gfiSr^e were l,35^, 'sfi^izures of merchandise of suffigj^lit importance to require inve^«M*gation by citcr^oms agents, of which b b 2 seizures were of narcotics. One of the more important munitions export control cases developed at Mobile, Alabama, where investigation by customs agents resulted in a seizure of 50,000 rounds of .38 calibre ammunition and a number of pistols and rifles* aboard—a- Honduran tanker. A ship’s officer was charged with the violation. He admitted a previous succesful venture. The Florida district reported a number of cases of attempted illegal exportation of airplane parts and equipment. The past year, and the first weeks of the 1951 fiscal period, brought final court action in one of the major munitions export cases developed by Customs and other Federal Agencies since the war. The cases represented a widespread conspiracy to export planes and armaMentfcjsgwjfcgaftae]— without proper State Department 2 High priced cameras, lenses, and other photographic equipment joined gems, jewelry, and watches as favorite wares of the more conventional smuggler, with the oldfashioned false-bottomed trunk or packing case devices being employed in a number of instances. Alert customs officers detected a number of these trick luggage pieces, containing concealed merchandise running into the thousands of dollars in value in each instance. Particularly large seizures of this type were made at New York, Boston, and Houston, Texas. Specially designed canvas belts, worn under the clothing, figured in several major jewel and watch smuggling attempts stopped by Customs. $ With ifro^ume of^$iip;QfLngy$ont¡yawingJi^eavy, iaM I Æ yr / "my f / / / / Intensified fa i ? y ? ) %a¿ íes to combat ci entries sltfUgglmg of contraband and na: cs Quantities of marihuana as well as raw and smoking opium were seized along the Mexican border. Seizures of narcotics by dustons agents during the year totaled 1,754 ounces of opium and its derivatives, and 33,291 ounces of marihuana, somewhat less than similar seizures during the previous fiscal year. In addition to cases involving smuggling, customs agents made numerous investigations of false or fraudulent declarations in connection with regular commercial importations of merchandise, with T iH TR i» a p E. \St> A V r t £ R F a » * fe # a«* * *+ * V F A ’* r~* € & ^ - S t^Ait €-H A c 7 t C r a n t a $ Aw p A + tp f it Æ & C e < 7 tg * T ie s , PROPOSED PRESS REDEASE _ 0 - 111 II *7 Customs lav enforcement officers vere called upon to give increasing attention to combatting ”smuggling out/! as veil as ”smuggling in,” during the 1950 fiscal year, Commissioner Frank Dov today reported to Secretary Snyder Frequent attempts to export merchandise illegally resulted in substantial seizures being made 3the Commissioner reported^vith criminal cases being instituted against offenders in many instances. These offenses included attempts to export munitions and military-type equipment vithout State Department licenses, and efforts to ship out strategic materials vithout permits from the Department of Commerce. Other export cases inv&ved filing of false manifests and other evasionary devices in connection vith / commercial shipments of merchandise. In some instances these manipulations appeared designed primarily to evade lavs of the foreign country to vhich the merchandise vas consigned, vith violation of United States lav more or less incidental. 3 - developed by Customs and other Federal Agencies since the war* The cases represented a widespread conspiracy to export planes and armament without proper State Department licenses. In Federal Court at Los Angeles fines totaling $70,000 were imposed upon an aviation company and six individuals* One of the major attempts at export violation involved the closely controlled drug, sulfathiazole. Two thousands pounds valued at $6,500 were detected concealed in "bales of scrap rubber about to be shipped from New York. The most valuable single seizure made during the year occurred at "Sev Orleans, where 20,500 European-made watches and 3,600 uncased watch movements, packed in five trunks and a suitcase, were detained. The total value was almost a quarter o f a million dollars. The watches were about to be shipped to South America, falsely manifested as personal effects of a traveler, of nominal value. customs officers seeking contraband got more than they bargained for. Agents at Calexico, California, found crammed into a small secret compartment of a suspected car two aliens who were near death from heat and exhaust fumes. oOo - 2 - dollars i n value in each instance. Particularly large seizures of this type were made at New York, Boston, and Houston, Texas. Specially designed canvas belts, worn under the clothing, figured in several major jewel and w atch smuggling attempts stopped by Customs. The heavy volume of travel and of international trade required intensified search activities to combat smuggling of contraband and narcotics. Quantities of marihuana as well as raw and smoking opium were seized along the Mexican border. Seizures of narcotics b y customs agents during the year totaled 1,754 ounces of opium and its derivatives, and 53,391 ounces of marihuana, somewhat less than similar seizures during the previous fiscal year. In addition to cases involving smuggling, customs agents made numerous investigations of false or fraudulent declarations in con nection w i t h regular commercial importations of merchandise, w i t h recoveries of many thousands of dollars in evaded duties being effected, and severe penalties being imposed in the case of willful violations. One of the more important munitions export control cases developed at Mobile, Alabama, where investigation b y customs agents resulted in a seizure of 50,000 rounds of .38 calibre ammunition and a number of pistols and rifles. violation. A ship*s officer was charged with the He admitted a previous successful venture. The Florida district reported a number of cases of attempted illegal exportation of airplane parts and equipment. The past year, and the first weeks of the 1951 fiscal period, brought final court action in one of the major munitions export cases j,. JL Release Morning Newspapers Wednesday. August 23. 1950 ^aoroasP’Tagas 'mjBzssrsr»* Customs law enforcement officers were called up o n to give increas ing attention to combatting "smuggling out,” as well as "smuggling in," during the 1950 fiscal year, Commissioner Prank Dow today reported to Secretary Snyder, Frequent attempts to export merchandise illegally resulted in sub stantial seizures^ M i n g ukiflSBU the Commissioner reported, with criminal cases being instituted against offenders in many instances. These offenses included attempts to export munitions and military-type equipment without State Department licenses, and efforts to ship out strategic materials without permits from the Department of Commerce, Other export cases involved filing of false manifests and other evasionary devices in connection with commercial shipments of merchandise. In some instances these manipulations appeared designed primarily to evade laws of the foreign country to which the merchandise was consigned, w ith violation of United States law more or less incidental. High priced cameras, lenses, and other photographic equipment joined gems, jewelry, and watches as favorite wares of the more con ventional smuggler, w i t h the old-fashioned false-bottomed trunk or packing case devices being employed in a number of instances. Alert customs officers detected a number of these trick luggage pieces, containing concealed merchandise running into the thousands of TREASURY DEPARTMENT Information Service WASHINGTON. D .C . 117 RELEASE MORNING NEWSPAPERS, Wednesday, August 23, 1950. S-2427 Customs law enforcement officers were called upon to give increasing attention to combatting "smuggling out," as well as "smuggling in," during the 1950 fiscal year. Commissioner Frank Dow today reported to Secretary Snyder. Frequent attempts to export merchandise illegally resulted in substantial seizures, the Commissioner reported, with criminal cases being instituted against offenders in many instances. These offenses included attempts to export munitions and military-type equipment without State Department licenses, and efforts to ship out strategic materials without permits from the Department of Commerce. Other export cases involved filing of false manifests and other evasionary devices in connection with commercial shipments of merchandise. In some instances these manipulations appeared designed primarily to evade laws of the foreign country to which the merchandise was consigned, with violation of United States law more or less incidental. High priced cameras, lenses, and other photographic equip ment joined gems, jewelry, and watches as favorite wares of the more conventional smuggler, with the old-fashioned false-bottomed trunk or packing case devices being employed in a number of instances. Alert customs officers detected a number of these trick luggage pieces,containing concealed merchandise running into the thousands of dollars in value in each instance. Particularly large seizures of this type were made at New York, Boston, and Houston, Texas. Specially designed canvas belts, worn under the clothing, figured in several major jewel and watch smuggling attempts stopped by Customs. ^The heavy volume of travel and of international trade required intensified search activities to combat smuggling of contraband and narcotics. Quantities of marihuana as'well as raw and smoking opium were seized along the Mexican border. 118 Seizures of n a r c o t i c s by customs agents d u r i n g the y e a r to t a l e d 1,754 ounces of o p i u m and its derivatives, and 3 3 * 2 9 1 ounces of marihuana, s o m ewhat less t han similar seizures d u r i n g the p r e v i o u s fiscal year. In addition to cases Involving smuggling, customs agents made numerous investigations of false or fraudulent declarations in connection with regular commercial importations of merchandise, with recoveries of many thousands of dollars in evaded duties being effected, and severe penalties being imposed in the case of willful violations. One of the more important munitions export control cases developed at Mobile, Alabama, where investigation by customs agents resulted in a seizure of 50,000 rounds of ,38 calibre ammunition and a number of pistols and rifles. A ship’s officer was charged with the violation. He admitted a previous success ful venture. The Florida district reported a number of cases of attempted illegal exportation of airplane parts and equipment. The past year, and the first weeks of the 1951 fiscal period, brought final court action in one of the major munitions export cases developed by Customs and other Federal Agencies since the war. The cases represented a widespread conspiracy to export planes and armament without proper State Department licenses. In Federal Court at Los Angeles fines totaling $70,000 were imposed upon an aviation company and six individuals. One of the major attempts at export violation involved the closely controlled drug, sulfathiazole. Two thousand pounds valued at $6,500 were detected concealed in bales of scrap rubber about to be shipped from New York. The most valuable single seizure made during the year occurred at New Orleans, where 20,500 European-made watches and 3*600 uncased watch movements, packed in five trunks and a suit case, were detained. The total value was almost a quarter of a million dollars. The watches were about to be shipped to South America, falsely manifested as personal effects of a traveler,of nominal value. In one instance, customs officers seeking contraband got more than they bargained for. Agents at Calexico, California, found crammed into a small secret compartment of a suspected car two aliens who were near death from heat and exhaust fumes. 0 O0 M |> any State, or any of the possessions of the United States, or by any local tax ing 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 U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of the Revenue Act of 19Ul, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need in clude 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. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. - 2 - unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or 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 shallI 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 August 31> 1950 I , in cash or other immediately avail-B able funds or in a like face amount of Treasury bills maturing August 31» 1950« Cash and exchange tenders will receive equ^l treatment. Cash adjustments will bel fid 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, I 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 I 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 | 3OT8A TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, August 24> 1950 5^ The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000 , or thereabouts, of in exchange for Treasury bills maturing 91 -day Treasury bills, for cash and August 31 > 1950 , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series vri.ll be dated vrill mature November 30, 1950 August 31, 1950 __ , and , when the face amount trill be payable vrithout interest. They vrill be issued in bearer form only, and in denominations of $1,000, $£,000, $10,GOO, $100,000, $£00,000, and $1,000,000 (maturity value). Tenders vrill be received at Federal Reserve Banks and Branches up to the Daylight Saving closing hour, two o’clock p.m., Eastern/storiami time, Monday, August 28» 1950 » Tenders vrill 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, vrith not more than three decimals, e. g., 99.92£. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which vrill be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders vrill be received vrithout deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders fran others must be accompanied by payment of 2 percent of the face amount of Troasury bills applied for, TREASURY DEPARTMENT Information Se rvice Wa s h i n g t o n , d .c . 122 REIEASE M O R N I N G N EWSPAPERS, Thursday, August 2jl, 1950. S-2428 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 August 31* 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 August 31* 1950* and will mature November 30, 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, $1 0 ,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, August 28, 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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 in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or 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 oh August 31, 1950 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing August 31, 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 1 1 5 of the Revenue Act of 1941 the amount of discount at which bills issued hereunder are sold' shall not be considered to accrue until such bills shall be sold redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life 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. 1 J 1 Treasury Department Circular Wo. 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. ¿4 ¿wt mm m m ** I U ■,*K 0O0 ATTACHMENT Arrests Reported by Districts Fiscal Years 1 9 4 9 and 1 9 5 0 District Marihuana 1950 #1 Boston 30 2 New York 3 Narcotics 19 4 9 Total 19 50 19 4 9 1950 19 4 9 94 80 124 122 42 18 8 294 831 1,010 1 ,0 1 9 1,304 Philadelphia 71 42 159 34 230 76 5 Baltimore 56 59 155 68 211 I2 7 6 Atlanta 22 26 II9 143 7 Louisville Î88 95 1 ,2 1 5 759 8 Detroit 136 9 Chicago 10 Houston 97 **1 , 0 117 27 *664 135 260 252 396 387 134 104 360 236 494 340 437 345 19 8 154 635 399 11 Kansas City 86 81 135 86 221 I6 7 12 Minneapolis 49 24 48 79 97 103 13 Denver 98 47 77 81 175 128 177 178 541 259 718 437 71 I5 I 127 18 3 198 14 San Francisco 15 Seattle 32 16 Honolulu 5 8 9 5 1,709 1>551 4,142 3,252 L a w * ( 1 0 m o s .) " *( « « ) 466 12 Total Ky. La. Addict " **774 ** 1 14 5 ,8 5 1 13 4,803 - 9 When the agents identified themselves. James and Stapleton, who were armed, resisted arrest. After a scuffle in which the two men were disarmed, Stapleton, Burnhom and Fraser were placed in custody, and James became a fugitive. Tried in Federal District Court, Stapleton was sentenced to a term of 3 years and 9 months, Burnhom to 3 years, and Fraser to 18 months in prison. - 8 - Burnett was unable to remain in any one place for a long period of time, as his unprofessional manner aroused the suspicion of his patients. His illegal practice came to an end on August 9 , 1949, when narcotic agents placed Burnett under arrest. He was subsequently sentenced to Federal prison, after pleading guilty to charges of violating narcotic ]aws. Investigation developed the fact that Burnett had no medical training, and that shortly before he emerged as a "physician” he had escaped from the Florida State Penitentiary, where he was serving a two-year sentence for forgery. Undercover Agents Take Trio in Seattle On April 1 , 1950, at Seattle, two undercover narcotic agents were introduced to L.G., Burnham and Charles James, who told the officers they h a d .32 ounces of pure morphine which they offered to sell for $150,000. After receiving a sample, the Treasury men agreed to buy the morphine. That evening, James, Burnhom and two associates, Obie Stapleton and Thomas Fraser, delivered 16 ounces of codeine sulphate to the agents in a Seattle parking lot. - 7 Philadelphia, on June 30, the 29 -year-old Smith was sentenced to 22 months in prison. He had served two previous prison sentences, for larceny and highway robbery. Addicted to the use of narcotics, Smith had engaged in two professional bouts ■under assumed names, and was knocked out in the first round of each fight. The facts in the case were brought to the attention of the State Boxing Commission, which has barred Smith for life from ring appearances in the State of Pennsylvania. Southwest- "Doctorrt Found Guilty of Narcotic Charges Sidney J. C. Burnett, an ex-convict and an escapee from the Florida State Prison, who represented himself as a physician, practiced medicine in several Southwest cities during the spring and summer of 19^9. Information developed by Treasury agents indicated that he wrote narcotic prescriptions, attended obstetrical cases and performed minor surgery. 6 - Large East A Coast Narcotics gang that rose dealings counterfeit r a t i o n stamps t he n a r c o t i c s Their outlets, Carolinas, sold and d u r i n g W o r l d W a r II in black market commodities, and illegal traffic after organization, retail Operation Smashed to p r o m i n e n c e t h r o u g h i ts into - liquor, the w a r was o ver. which had both wholesale extended ventured and f r o m N e w Y o r k C i t y to large amounts through distributors of n a r c o t i c s w ere in N e w Jersey, the being N e w Y o r k and N o rth Carolina. After a long investigation b y narcotic twenty-eight principal N e w J e r s e y and Newark. figures were indicted by a Federal Local peddlers i n t he indicted in their respective await arrested agents, in Grand Jury in Southern area were judicial districts . trial. Heavyweight Fighter Sentenced C h a r l e s E. Smith, alias to P r i s o n "Few Clothes," a Philadelphia heavyweight boxer who h ad be e n used as a "set-up" by unscrupulous arrested by narcotic charge agents of s e l l i n g h e r o i n . ring managers, e a r l y this y e a r Tried in Federal was on a Court, All - 5 since Treasury agents had developed cases against 3 1 members of the ring. All of the defendants were indicted by a Federal grand jury early in February of 1950 and Medina, who subsequently went to trial, was given a five-year sentence and fined $10,000. Cases against the other defendants are still pending. Confident Trafficker Invites Search of Home Confident that he had securely hidden a store of heroin in his New York home, Louis LaPicola, a known narcotic trafficker, invited Treasury agents to "go ahead and look." The agents, more thorough in their search than LaPicola had contemplated, found 33 ounces of heroin secreted under the kitchen floor, which had been covered by wall-to-wall linoleum. Over $3*000 in currency was also found with the heroin. On June 2, 1950, in the New York City Court of Special Sessions, LaPicola was given a prison sentence, his second for narcotic offenses. - 4 - Joint operations of narcotics and customs agents at Houston, Texas, resulted in the seizure of more than one hundred ounces of opium, and the arrest of six persons. The opium had been taken aboard a vessel at Istanbul by crewmembers, packed in olive oil tins. Other sizeable seizures of opium were made in the Boston, Baltimore, Nogales and Calexico areas. The report submitted to Secretary Snyder contained representative criminal cases involving narcotics developed during the year. Cocaine Ring Broken in New York An important cocaine case, originating in Peru, was developed in January of this year by narcotic and customs agents, in cooperation with the New York City Police Department. Treasury investigators found that Israel Medina of New York City had purchased large amounts of cocaine in Peru, and that a ring was helping him distribute this illicit drug in the United States. In January, 1950* Medina and three associates were arrested by police officers in New York,having in their possession a quantity of cocaine. The case was turned over to Federal authorities for prosecution, - 3 - A new wrinkle i n the m a r i h u a n a during- the y e a r w i t h t he weed 300 appearance compressed into bricks Individual seizures pounds agents some i n the At mari h u a n a and a n automobile, to Calex i c o , agents of and removable I n the jointly by customs seizure up frequency by customs of a n i n c o m i n g a u t o m o b i l e . resulted persons. of m a s o n r y blocks. of m a r i h u a n a in a secret, a case developed agents o f the p u l v e r i z e d size a l o n g the M e x i c a n b o r d e r . compartment area, the developed of m a r i h u a n a i n lots were made with found 24 pou n d s traffic Chicago and narcotic 80 pounds of the arrest of t wo I n f o r m a t i o n d e v e l o p e d b y c u s t o m s m e n at Laredo made possible t he b r e a k i n g u p o f t h i s illicit operation. Typical aboard of a n u m b e r i ncoming vessels was N e w Y o r k of eight pounds in 59 of opium- t y p e tins, that at t he P o r t of s m o k i n g opium, found b y Customs searchers w i n c h o n the m a i n d e c k of a f r e i g h t e r . appeared vigilaeee i n t he to b e at seizure automobile, suspected trio of Chinese the and drug seizures origin. A of packed beneath a The opium three-day same por t b y C u s t o m s m e n r e s u l t e d of 19 ounces the a r r e s t ship was about came ashore w i t h the of h e r o i n and a n of t h r e e p e r s o n s . to c l e a r The the p o r t w h e n t he contraband. 2 . in c o n r t ^ ^ o n ~ ■»riag \ districts.) A n additional 271 arrests, *><& f t -iZra-fF*<*/ narcotics at ports and mar i h u a n a - were made b y seizures 45,933 in accounted 1949 . were The until for by narcotic and borders. i n the report figure and thousand ounces cigarettes were seized illicit f r o m t he r e c o r d O v e r 33 ta k e n at ports marihuna of m a r i h u a n a remained exceptionally o u n c e s h a v i n g b e e n t a k e n d u r i n g the y e a r , a slight decrease ounces agents and b o r d e r s . Total high, Customs A accounted internal customs of this total 49,779 of operatives total was of 24,203 for, most of w h i c h traffic. indicated a favorable decline cocaine traffic, three years i n the which had been negligible ago w h e n cocaine of P e r u v i a n o r i g i n began appearing in increased amounts o n t he narcotics market. The Unit e d instituted a vigorous which was ment campaign, of Peru, drug. The apparent to e l i m i n a t e success i n the d e c r e a s e d f o r the y e a r . in fiscal 1949 • 63 Only 1950 , There has of c r iminal the o f the as States endorsed by traffic seizures ounces govern dangerous effort is of cocaine of cocaine w ere compared with 555 ounces also b e e n a sharp drop cases developed where c o n t r a b a n d drug. the in this cooperative illicit shown seized taken in i n t he n u m b e r cocaine f i g u r e d as ' NARCOTICS RELEASE Seizures of narcotic drugs b y agents o f the Treasury Department declined during fiscal year but arrests traffic for narcotic increased sharply over Treasury announced A submitted the B u r e a u o f N a r c o t i c s Service, enforcement that 3*452 1950 , as year. internal volume, opium, to 1 , 7 5 4 Arrests from 4,803 than were 4,142 in showed seized in fiscal t a k e n i n the and constant cocaine from 3,304 ounces in t a k e n at in 1949 1950 . of nar c o t i c and marihuana o f t he B u r e a u cf N a r c o t i c s to 5 * 8 5 1 the r e p o r t i n 1 950. stated, e m p l o y e d d u r i n g 1949. arrests werg made fcjnf-- 1 - 3*252 laws, the of illicit n a r c o t i c s morphine dropped i n 19^9* accomplished, were ounces seizures for violations laws b y agents charged with and marihuana 5*030 heroin, ounces the the U n i t e d S t a t e s traffic remained almost and borders year, to S e c r e t a r y S n y d e r b y of narcotics While i n t he ports and of narcotics compared with previous internal the p r e v i o u s Treasury agencies ounces i n the today. joint report Customs violations 1950, 1950 , in 1 ,hl ^ i n 1 949. y j j ^ t t a c h e d 1 table with increased This was fewer agents In narcotic as cas e s , c,ompa/*ed w i t h fr ,-J. shows' a r r e s t s b y Arrests involving marihuana numbered 1,709, an increase of 156 over the previous year. -« , 133 RELEASE MORN I N G NEWSPAPERS, M o n d a y , A u g u s t 28, 1950. S-2429 S e i z u r e s of n a r c o t i c d r u g s b y a g e n t s o f the T r e a s u r y D e p a r t m e n t d e c l i n e d d u r i n g f i s c a l y e a r 1950, b u t a r r e s t s f o r n a r c o t i c v i o l a t i o n s i n the i n t e r n a l t r a f f i c i n c r e a s e d s h a r p l y o v e r the p r e v i o u s year, the T r e a s u r y a n n o u n c e d t o d a y . A j o i n t r e p o r t s u b m i t t e d to S e c r e t a r y S n y d e r b y the B u r e a u o f N a r c o t i c s a n d the U n i t e d S t a t e s C u s t o m s S e r v i c e , T r e a s u r y a g e n c i e s c h a r g e d w i t h the e n f o r c e m e n t of n a r c o t i c s a n d m a r i h u a n a laws, s h o w e d t h a t 3 , 4 5 2 o u n c e s o f n a r c o t i c s w e r e s e i z e d i n f i s c a l 1950 , as c o m p a r e d w i t h 5*030 o u n c e s t a k e n i n the p r e v i o u s y e a r . W h i l e s e i z u r e s of i l l i c i t n a r c o t i c s i n the i n t e r n a l t r a f f i c r e m a i n e d a l m o s t c o n s t a n t in volume, opium, heroin, m o r p h i n e a n d c o c a i n e t a k e n at p o r t s a n d b o r d e r s d r o p p e d f r o m 3 , 3 0 4 o u n c e s i n 1 9 4 9 to 1 , 7 5 4 o u n c e s i n 1950 . . A r r e s t s f o r v i o l a t i o n s of n a r c o t i c a n d m a r i h u a n a l a w s b y a g e n t s o f the B u r e a u of N a r c o t i c s i n c r e a s e d f r o m 4,803, i n 1949, to 5,851 i n 1950. T h i s w a s a c c o m p l i s h e d , the r e p o r t stated, w i t h f e w e r a g e n t s t h a n w e r e e m p l o y e d d u r i n g 19 4 9 . In n a r c o t i c c ases, 4 , 1 4 2 a r r e s t s w e r e m a d e i n 1950 , as c o m p a r e d w i t h 3 , 2 5 2 i n 1949. Arrests involving marihuana numbered 1,709, a n i n c r e a s e o f 156 o v e r the p r e v i o u s y e a r . ( A t t a c h e d table shows a r r e s t s b y d i s t r i c t s . ) A n a d d i t i o n a l 271 a r r e s t s , i n c o n n e c t i o n w i t h the n a r c o t i c s a n d m a r i h u a n a t r a f f i c , w e r e m a d e b y C u s t o m s a g e n t s at p o r t s a n d b o r d e r s . T o t a l s e i z u r e s of m a r i h u a n a r e m a i n e d e x c e p t i o n a l l y h i g h 4 5 , 9 3 3 o u n c e s h a v i n g b e e n t a k e n d u r i n g the y e a r , a s l i g h t * d e c r e a s e f r o m the* r e c o r d f i g u r e of 49,779 o u n c e s a c c o u n t e d f o r b y n a r c o t i c a n d c u s t o m s o p e r a t i v e s i n 1949 . O v e r 33 t h o u s a n d o u n c e s of t h i s t o t a l w a s t a k e n a t p o r t s a n d b o r d e r s . A total of 24,203 m a r i h u a n a cigarettes were a c c o u n t e d for m o s t o f w h i c h w e r e s e i z e d i n the i n t e r n a l t r a f f i c . T h e r e p o r t i n d i c a t e d a f a v o r a b l e d e c l i n e i n the i l l i c i t cocaine traffic, wh i c h h a d b e e n n e g l i g i b l e until three years a g o w h e n c o c a i n e of P e r u v i a n o r i g i n b e g a n a p p e a r i n g i n i n c r e a s e d a m o u n t s o n the i l l i c i t n a r c o t i c s m a r k e t . The United States instituted a vigorous campaign, w h i c h was 2 134 e n d o r s e d b y the g o v e r n m e n t of P e r u , to e l i m i n a t e t r a f f i c i n this d a n g e r o u s drug. The success of the coop e r a t i v e effort is a p p a r e n t i n the d e c r e a s e d s e i z u r e s o f c o c a i n e s h o w n f o r the y e a r . O n l y 63 o u n c e s of c o c a i n e w e r e s e i z e d i n f i s c a l 1950 , as c o m p a r e d w i t h 533 o u n c e s t a k e n i n 1 9 ^ 9 * T h e r e h a s a l s o b e e n a s h a r p d r o p i n the n u m b e r of c r i m i n a l c a s e s d e v e l o p e d w h e r e c o c a i n e f i g u r e d as t he c o n t r a b a n d d r u g . A new wrinkle in the marihuana traffic developed during the year with the appearance of the pulverized weed com pressed into bricks the size of masonry blocks. I n d i v i d u a l s e i z u r e s of m a r i h u a n a i n l o t s u p to 3 0 0 p o u n d s w e r e m a d e w i t h s o m e f r e q u e n c y b y c u s t o m s a g e n t s a l o n g the M e x i c a n border. At Calexico, agents found 24 p o u n d s of m a r i h u a n a in a secret, r e m o v a b l e c o m p a r t m e n t of a n i n c o m i n g a u t o mobile. I n the C h i c a g o a r e a , a c a s e d e v e l o p e d j o i n t l y b y c u s t o m s a n d n a r c o t i c a g e n t s r e s u l t e d i n t h e s e i z u r e of 80 p o u n d s o f m a r i h u a n a a n d a n a u t o m o b i l e , a n d the a r r e s t of t w o p e r s o n s . Information developed by customs m e n at Laredo made p o s s i b l e the b r e a k i n g u p of t h i s i l l i c i t o p e r a t i o n . Typical of a number of opium-type drug seizures aboard incoming vessels was that at the Port of New York of eight pounds of smoking opium, packed in 59 tins, found by Customs searchers beneath a winch on the main deck of a freighter. T h e o p i u m a p p e a r e d to be o f C h i n e s e o r i g i n . A three-day vigil at the s a m e p o r t b y C u s t o m s m e n r e s u l t e d i n t he s e i z u r e o f 19 o u n c e s of h e r o i n a n d a n a u t o m o b i l e , a n d the a r r e s t o f t h r e e p e r s o n s . T h e s u s p e c t e d s h i p w a s a b o u t to c l e a r the p o r t w h e n the t r i o c a m e a s h o r e w i t h the c o n t r a b a n d . Joint operations of narcotics and customs agents at Houston, Texas, resulted in the seizure of more than one hundred ounces of opium, and the arrest of six persons. The opium had been taken aboard a vessel at Istanbul by crewmembers, packed in olive oil tins. Other sizeable seizures of opium were made in the Boston, Baltimore, Nogales and Calexico areas. The report submitted to Secretary Snyder contained repre sentative criminal cases involving narcotics developed during the year. Cocaine Ring Broken in New York An important cocaine case, originating in Peru, was developed in January of this year by narcotic and customs agents, in cooperation with the New York City Police Department. 135 - 3 T r e a s u r y Investigators found that Isra e l M e d i n a of N e w Y o r k C i t y h a d p u r c h a s e d l a r g e a m o u n t s o f c o c a i n e i n P eru, and that a r i n g was h e l p i n g h i m dis t r i b u t e this illicit d r u g i n the U n i t e d S t a t e s . I n J a n u a r y , 1950 , M e d i n a a n d t h r e e associates were arrested by police officers in New York, h a v i n g in their p o s s e s s i o n a q u a n t i t y of cocaine. The case w a s t u r n e d o v e r to F e d e r a l a u t h o r i t i e s f o r p r o s e c u t i o n , s i n c e T r e a s u r y a g e n t s h a d d e v e l o p e d c a s e s a g a i n s t 31 m e m b e r s o f the ring. A l l o f t he d e f e n d a n t s w e r e i n d i c t e d b y a F e d e r a l g r a n d j u r y e a r l y i n F e b r u a r y of 1 9 5 0 a n d M e d i n a , w h o s u b s e q u e n t l y w e n t to t r ial, w a s g i v e n a f i v e - y e a r s e n t e n c e a n d f i n e d $10,000. C a s e s a g a i n s t the o t h e r d e f e n d a n t s a r e s t i l l p e n d i n g . Confident Trafficker Invites Search of H o m e C o n f i d e n t t h a t he h a d s e c u r e l y h i d d e n a s t o r e o f h e r o i n in h i s N e w Y o r k h o m e , L o u i s L a P i c o l a , a k n o w n n a r c o t i c t r a f f i c k e r , i n v i t e d T r e a s u r y a g e n t s to "go a h e a d a n d l o o k . " The a g e n t s , m o r e t h o r o u g h i n t h e i r s e a r c h t h a n L a P i c o l a h a d c o n t e m p l a t e d , f o u n d 33 o u n c e s o f h e r o i n s e c r e t e d u n d e r the k i t c h e n fl o o r , w h i c h h a d b e e n c o v e r e d b y w a l l - t o - w a l l l i n o l e u m . O v e r $ 3 , 0 0 0 i n c u r r e n c y w a s a l s o f o u n d w i t h the h e r o i n . O n J u n e 2 , 1950, i n the N e w Y o r k C i t y C o u r t o f S p e c i a l Sessions, L a P i c o l a was g i v e n a p r i s o n sentence, h i s s e c o n d for narcotic o f f e n s e s . Large East Coast Narcotics Operation Smashed A g a n g that r o s e to p r o m i n e n c e d u r i n g W o r l d W a r II t h r o u g h its d e a l i n g s i n b l a c k m a r k e t c o m m o d i t i e s , c o u n t e r f e i t r a t i o n stamps a n d i l l e g a l liquor, v e n t u r e d into the n a r c o t i c s t r a f f i c a f t e r the w a r w a s o ver. Their organization, which had both w h o l e s a l e a n d r e t a i l o u t l e t s , e x t e n d e d f r o m N e w Y o r k C i t y to the C a r o l i n a s , a n d l a r g e a m o u n t s of n a r c o t i c s w e r e b e i n g s o l d through distributors in N e w Jersey, N e w Y o r k and N o r t h Carolina. Aft e r a long i n v e stigation by narcotic agents, twentyeight principal figures were a r rested in N e w J e r s e y and indi c t e d by a F e d e r a l Grand J u r y in Newark. L o c a l p e d d l e r s i n the Southern area were indicted in their respective judicial districts. A l l a w a i t tria l. 136 - h Heavyweight Fighter Sentenced to P r i s o n C h a r l e s E. S m i t h , a l i a s " F e w C l o t h e s , " a P h i l a d e l p h i a h e a v y w e i g h t b o x e r w h o h a d b e e n u s e d as a " s e t - u p " b y u n scrupulous ring managers, was a r rested by narc o t i c agents e a r l y t his y e a r o n a c h a r g e o f s e l l i n g h e r o i n . Tri e d in F e d e r a l C o u r t , P h i l a d e l p h i a , o n J u n e 30, the 2 9 - y e a r - o l d S m i t h w a s s e n t e n c e d to 22 m o n t h s i n p r i s o n . H e h a d ser v e d two previ o u s p r i s o n sentences, for l a r c e n y a n d h i g h w a y robbery. A d d i c t e d to the u se of n a r c o t i c s , S m i t h h a d e n g a g e d i n two p r o f e s s i o n a l b o u t s u n d e r a s s u m e d n a m e s , a n d w a s k n o c k e d out i n the f i r s t r o u n d o f e a c h f i g h t . T h e f a c t s i n the c a s e w o r e b r o u g h t to the a t t e n t i o n o f the S t a t e B o x i n g C o m m i s s i o n , w h i c h h a s b a r r e d S m i t h f o r l i f e f r o m r i n g a p p e a r a n c e s i n the S t a t e of P e n n s y l v a n i a . Southwest "Doctor" Found G u i l t y of N a r c o t i c Charges S i d n e y J. C. B u r n e t t , a n e x - c o n v i c t a n d a n e s c a p e e f r o m the F l o r i d a S t a t e P r i s o n , w h o r e p r e s e n t e d h i m s e l f as a p h y s i c i a n , p r a c t i c e d m e d i c i n e i n s e v e r a l S o u t h w e s t c i t i e s d u r i n g the s p r i n g a n d s u m m e r of 19^9» Information developed by Treasury agents indicated that he wrote narcotic prescriptions, a t t e n d e d obstetrical cases and per f o r m e d m i n o r surgery. B u r n e t t w a s u n a b l e to r e m a i n i n a n y o n e p l a c e f o r a l o n g p e r i o d o f time, as h i s u n p r o f e s s i o n a l m a n n e r a r o u s e d t h e s u s p i c i o n o f h i s p a t i e n t s . H i s i l l e g a l p r a c t i c e c a m e to a n e n d o n A u g u s t 9 , 1949 , w h e n n a r c o t i c a g e n t s p l a c e d B u r n e t t u n d e r arrest. H e w a s s u b s e q u e n t l y s e n t e n c e d to F e d e r a l p r i s o n , a f t e r p l e a d i n g g u i l t y to c h a r g e s o f v i o l a t i n g n a r c o t i c l a w s . I n v e s t i g a t i o n d e v e l o p e d the f a c t t h a t B u r n e t t h a d n o medical^training, and that s h o rtly bef o r e he e m e r g e d as a physician he h a d e s c a p e d f r o m the F l o r i d a S t a t e P e n it e n t ia r y where he was serving a two-year sentence for forgery. Undercover Agents Take Trio in Seattle O n A p r i l 1 , I 950, at S e a t t l e , t w o u n d e r c o v e r n a r c o t i c a g e n t s w e r e i n t r o d u c e d to L. G. B u r n h o m a n d C h a r l e s J a m e s o f f i c e r s t h e v h a d 32 o u n c e s o f p u r e m o r p h i n e ' w h i c h y o f f e r e d to s e l l f o r $ 1 5 0 , 0 0 0 . A f t e r r e c e i v i n g a sample, 5 137 the T r e a s u r y m e n a g r e e d to h u y the m o r p h i n e . T h a t e v e n i n g , J a m e s , B u r n h o m a n d two a s s o c i a t e s , O b i e S t a p l e t o n a n d T h o m a s F r a s e r , d e l i v e r e d 16 o u n c e s of c o d e i n e s u l p h a t e to the a g e n t s i n a S e a t t l e p a r k i n g lot. "When the a g e n t s i d e n t i f i e d t h e m s e l v e s , J a m e s a n d Stapleton, w h o were armed, r e s i s t e d arrest. After a scuffle i n w h i c h the t w o m e n w e r e d i s a r m e d , S t a p l e t o n , B u r n h o m a n d Fras e r were pla c e d in custody, and James bec a m e a f u g i t i v e . T r i e d i n F e d e r a l D i s t r i c t Co u r t , S t a p l e t o n w a s s e n t e n c e d to a t e r m o f 3 y e a r s a n d 9 m o n t h s , B u r n h o m to 3 y e a r s , a n d F r a s e r to 18 m o n t h s i n p r i s o n . 1 oOo Attachment 138 Ar r e s t s R e p o r t e d b y D i s t r i c t s F i s c a l Y e a r s 1949 and 1950 District 1949 30 42 94 80 188 294 831 1 ,0 1 0 1,019 1,304 i —1 Boston Total 1950 19^9 OJ # i Narcotics 1950 1949 Marihuana 1950 122 2 New York 3 Philadelphia 71 42 159 34 230 76 5 Baltimore 56 59 155 68 211 127 6 Atlanta 22 26 97 117 119 143 7 Louisville 188 95 **1,027 *664 1,215 759 8 Detroit 136 135 260 252 396 387 9 Chicago 134 104 360 236 494 340 10 Houston 437 345 198 154 635 399 11 Kansas City 86 81 135 86 221 167 12 Minneapolis 49 24 48 79 97 103 13 Denver 98 47 77 81 175 128 14 San Francisco 177 178 541 259 718 437 15 Seattle 32 71 151 127 183 198 16 Honolulu 5 8 9 5 14 13 1 ,7 0 9 1 ,5 5 1 4,142 3 ,2 5 2 5,851 4,803 Total Ky. Addict Law *( 10 mos. .} 466 " » *( it u ) 12 La. ** 1 (ATTACHMENT) iSi RKLBÄSE W H S KEWSPAFERS, — Tuesday« August 29 * 1950. '1 <-J ~ Y O ^ The Secretary of t h e 'Treasury announced last evening that the tenders for $1,100,000,000, or thereabouts, of ^L-day Treasury bills to be d a t e d August 31 and t o mature November 30, 1950, which were offered on August 24, were opened at t h e Federal Reserve Ranks on August 28. The details of this issue are a s followsi Total applied for - $1,822,73^,000 Total accepted - 1,100,070,000 (includes $89,562,000 entered on a non competitive basis a n d accepted in full at the average price shown below) V - 99.675/Equival en t rate of discount approx. 1.285$ per annua M Average price Range of accepted competitive bids: (Excepting three tenders totaling $600,000) 1 - 99.690 Equivalent rate of discount i\Lprox. 1.226$ per annum » n ft a - 99*671 » 1.302$ » » High Low 1 I 1 1 n bid for at the low price was accepted) Federal Reserve District Total Applied for Boston H e w York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco | $ 11,822,738,000 §1,100,070,000 20,060,000 X,337,227,000 34,045,000 38,240,000 5,218,000 8,372,000 249,349,000 7,820,000 12,146,000 29,375,000 21,309,000 59.577,000 Total Total Accepted 14,560,000 675,159,000 24,045,000 27,240,000 5,218,000 8,372,000 216,349,000 7 ,720,000 12,146,000 29,375,000 21,309,000 58,577.000 1 140 RELEASE MORNING NEWSPAPERS, Tuesday, August 29, 3.950.__ S-2430 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 August 31 and to mature November 30 , 1950 , which were offered on August 24, were opened at the Federal Reserve Banks on August 28. The details of this issue s.re as follows: Total applied for - $1,822,738,000 Total accepted - 1,100,070,000 (includes $89,562,000 entered on a non competitive basis and accepted in full at the . _ average price shown below) Average price - 99-675/ Equivalent rate of discount approx, 1.285$ per annum Range of accepted competitive bids: (Excepting three tenders w totaling $600,000) ~ 99*690 Equivalent rate of discount approx. 1 .226$ per annum Lo¥ - 99.671 Equivalent rate of discount approx. 1 .302$ per annum (The entire amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmönd Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco TOTAL Total Applied for $ 20 ,060,000 1,337,227,000 3^,045.000 38.240.000 5 ,218,000 8.372.000 249,349,000 7 820.000 12.146.000 29.375.000 21.309.000 59.577.000 . $1,822,738,000 0O0 Total Accepted $ 14,560,000 675.159.000 24.045.000 27.240.000 5,218,000 8 ,372,000 216.349.000 7,720,000 12.146.000 29 .375.000 2 1 .309.000 58 .577.000 $1 ,100 ,070,000 - 3 - any State, or any of the possessions of the United States, or by any local tax ing 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 bZ and.117 (a) (1) of the Internal Revenue Code, as amended by Section 11? of the Revenue Act of 19U1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need in clude 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 - tKKXSL unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or 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 September 7* 19$0 , in cash or other immediately avail-] able funds or in a like face amount of Treasury bills maturing September 7i 1950J Gash and exchange tenders m i l receive equal treatment. Cash adjustments will tel 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. gift The bills shall be subject to estate, inheritance, 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 B m nfcimtr TREASURY DEPARTMENT Washington / FOR RELEASE, MORNING NEWSPAPERS Tuesday, August 29, 1950______ _ w The Secretary of the Treasury, by this public notice, invites tenders for $ 1*100*000*000 y or thereabouts, of 1 apep in exchange for Treasury bills maturing a discount basis under competitive and provided* will mature interest. 91 -day Treasury bills, for cash and September 7 . 1950 non—competitive bidding as hereinafter The bills of this series will be dated t 19^0 3 > to be issued on September 7. 1950 > and the face amount will be payable without They m i l be issued in bearer form only, and in denominations of Tenders will be received at Federal Reserve Banks and.Branches up to the Daylight Saving closing hour, two o ’clock p.m., Eastern Abapdaodc time, Friday* September 1* 1 9 $ 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 competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.92£. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which vdll be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. 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, TREASURY DEPARTMENT Information Service WASHINGTON. D .C . 144 R ELEA SE M ORNING N EW SPAPERS Tuesday, August 2 Q. I950. S-2 4 3 I The Secretary of the Treasury, by this public notice, invites tenders for $1,100,000,000, or thereabouts of 9 1 -day Treasury bill: for cash and in exchange for Treasury bills maturing September 7 1950* to issued on a. discount basis under competitive and noncompetitive bidding_as hereinafter provided. The bills of this series will be dated September ..J, 1950, .and vili mature December 7,_1950, when the face amount vili be payable without interest. They will be issued in bearer form only, and in $lÌ(X)oÌoo? (maturi ty °va lue f °°° ’ * 1 0 ’0 0 0 ’ *100'000' $500,000, and ,m ?e received at Federal Rreserve Banks and Branches time iild-l two o'clock p.m., Eastern Daylight Saving time, Friday, September 1 , 19 50 . Tenders vili not be received at th< lultipil o?P? f o o f ' e n f ?ln8ton- Each tender must be for an even nffhEi® of * p 000< and •Ln- the case of competitive tenders the price offered must be expressed on the basis of. 100 , with not more th-n three decimals e g., 99-925. Fractions may’not be u s e d ? It is thf snen?i tendeF b® °n th® Printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. than banM n g institutions will not be permitted to submit tenders except for their own account. Tenders will be ■ andfrnf "tehout deposit from incorporated banks and trust companies Tenders d^lers in investment securities t h e f a c e nr'\T b® a???mPanied ^ payment of 2 percent of are a c c o u n t ? £ Treasury bills applied for, unless the tenders 00MOTated°?nf by ln e x p ress guaranty of payment by an in ^¿porated oank or trust company. the F - d ? ? ? n eby aft^ r , the olosinS hour. tenders will be opened at anno!, r&1LRe?erve Banks and Branches, following which nublic amount°andnn be made by the Secretary of the Treasury of the m i t M v i s e d So?a?^e accepted bids . Those submitting tenders Secret-ironc °m th acceptance or rejection thereof. The reject anv h ? ? ? ^ 63’^ 1'2' e?Pressly reserves the right to accept or any siLh L s L c R ? n ? e?S,.can Yho1® or- in part’ and hls action in non-comneti t?vo V °® f1 Ja-L‘ Subject to these reservations, from any one biddl? will be If'00’?0? ° * l«?|vlthout stated price 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 September 7, 1950, in cash or other immediately available funds or in a like face amount of Treasury bills maturing September 7 , 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 sub sequent purchase, s„nd 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 FFo. 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. 0O0 ) 145 TREASURY DEPARTMENT Washington FOR RELEASE Wednesday, August 3 0 , 1950 Press service No. S-2ii32 Secretary of the Treasury Snyder today made public data from the report, Statistics of Income for 1946, Part 1, compiled from individual income tax returns and from taxable fiduciary income tax returns for the income year 1946« These data, prepared under the direction of Commissioner of Internal Revenue George J. Schoeneman, will be published subsequently i n a complete report which will oontain additional data from these returns and data from estate and gift tax returns* INDIVIDUAL RETURNS The number of individual income tax returns filed for the income year 1946 is 52,816,547, of which 23,119,289 are optional returns, Form W — 2; 19,220,664 are short-form returns, Form 1040; and 10,476,594 are long-form returns, Form 1040. Of the total returns, 44,063,368 show use of the optional standard deduction. There are 37,915,696 taxable returns showing an adjusted gross income of $118,050,027,000 and tax liability of $16,075,913,000. Of the 14,900,851 nontaxable returns, 14,684,774 show adjusted gross income of $16,279,979,000 and 216,077 returns show an adjusted gross deficit of $247,206,000. A comparison of data for 1946 with that for 1945 is provided in the following summary* Comparative data, individual returns, 1946 and 1945 (Money figures in thousands of dollars) • 1946 _________________ __ _____ s Total individual returns? Number o f returns Adjusted gross income Adjusted gross deficit Tax liability Taxable individual returns* Number of returns Adjusted gross income Tax liability Nontaxable individual re turns* With adjusted gross in comes Number of returns Adjusted gross income With no adjusted gross income* Number of returns Adjusted gross deficit * > 1945 » Increase or decrease (*) s dumber or * _ s amotutb , Percent 52,816,547 134,330,006 247,206 16,075,913 49,932,783 120,301,131 292,472 17,050,378 2,883,764 14,028,875 -45,266 -974,465 5.78 11.66 -15.48 -5.72 37,915,696 118,050,027 16,075,913 42,650,502 117,561,661 17,050,378 -4,734,806 488,366 -974,465 -11.10 •42 -5.72 14,684,774 16,279,979 7,100,489 2,739,470 7,584,285 13,540,509 106.81 494.27 216,077 247,206 181,792 292,472 34,285 -45,266 18.86 -15.48 , 2 Returns included # <• The individual income tax returns included in this report are for the calendar year 1946* a fiscal year ending within the period July 1946 through June 1947* and a part year with the greater part of the accounting period in 1946® The returns include Forms W™2 and 1040 filed by citizens and resident aliens and Form 1040B filed by nonresident aliens having a business within the United States® Tentative returns are not included and amended returns are used only if the original returns are excluded® Statistics are taken from the returns as filed* prior to revisions ^hat may be made as a result of audit® **. Form W-2* the withholding statement for income tax withheld and wages paid* is the optional return which may be filed by persons whose total in come is less than $5*000 consisting of wages shown thereon and not more than $100 of other wages* dividends* and interest. The tax liability is determined by the collector of internal revenue on the basis of the income reported, in accordance with a tax table provided under Supplement T of the Internal Revenue Code* which allows for exemptions claimed by the tax payer and also allows for deductions and tax credits approximating 10 per cent of the income® Husband and wife may file a combined return on Form W —2 if their aggregate income meets the requirements for use of this form® On such combined returns* the tax as determined by the collector is the lesser of two amounts § the tax on the combined income or the aggregate tax on the separate incomes® Form 1040* the regular income tax return, which may be either a longform return or a short-form return* is used by persons who* by reason of the size or source of their income* are not permitted to use Form W-2 as a return* and by persons who* although eligible to use Form W-2* find it to their advantage to use Form 1040® Persons with adjusted gf$ss income of less than $&*000* regardless of the source* may elect to the short™ form return on ifeich deductions and tax credits are not it^iaized* the tax being determined on the basis of adjusted gross income by the taxpayer from the tax table provided under Supplement T® Persons with adjusted gross income of $5*000 or more* and persons with adjusted gross income of less than $5*000 who wish to claim deductions in excess of the amount allowed through the use of the tax table file the long-form return and compute the tax liability based on net income after the allowable exemptions® Data for the returns with adjusted gross income under $25*000* except the number of returns* and their distribution by adjusted gross income classes are estimated on the basis of samples as explained on pages 4 and 5. Changes in the Internal Revenue Code p 1® s ®Tenue f ct 1945* amendatory of the Internal Revenue Code* ^ anfes the norma! tax exemptions and the tax rates, thereby TllA n^ liabl1^ the income year 1946 as compared with 1945® The principal changes affecting statistical data ares (a) Exemptions for the taxpayer* his spouse * and dependents* formerly allowed as a credit for the purposes of surtax now are allowed for purposes of normal tax as well® 146 « 3 *= (to) Th© 3 p ercen t norm al income t a x l i a b i l i t y i s reduced 5 p ercen t th e re o f0 ( c ) The graduated s u rt a x r a t e s are each reduced 3 percentage p o in ts? and the s u rta x so computed i s fu r t h e r reduced b y 5 p ercen t th e re o f» (d ) The o v e r - a ll lim it a t io n on the t o t a l income t a x l i a b i l i t y i s r e duced from 90 p ercen t to 85 1/2 percent o f the t a x p a y e r ffs n et income 0 (e ) The o p tio n a l t a x under Supplement T i s r e v is e d to r e f l e c t the a d d i t io n a l exem ption f o r norm al t a x purposes and the re d u c tio n in s u rt a x ra te s as w e ll as the 5 p ercen t re d u c tio n in both norm al t a x and s u rta x l i a b i l i t y » ( f ) The amount o f t a x w ith h e ld a t source on wages, whether w ith h e ld a cco rd in g to the wage b ra c k e t w ith h o ld in g t a b le s or a com putation by th© p re scrib e d percentage method, i s a d ju ste d downward to r e f l e c t the re d u c tio n in ta x l i a b i l i t y » (g ) R eturns f o r f i s c a l year b e g in n in g in 1945 and en d in g in 1946 are su b je ct to the law a p p lic a b le to ta x a b le ye a rs b e g in n in g on Ja n u a ry 1, 1945, as w e ll as th e law a p p lic a b le to ta x a b le ye a rs b e g in n in g on Ja n u a ry 1, 1946» A t e n ta t iv e t a x i s computed under each laws and the two t e n t a t iv e ta x e s are prorated on the b a s is o f the number o f days in such f i s c a l ye a r befo re January 1, 1946, and a f t e r December 31, 1945, r e s p e c t iv e ly » The t a x l i a b i l i t y i s then determ ined b y com bining the two p ro ra te d ta xe s» C l a s s i f i c a t i o n o f re tu rn s F o r the ta b le s in t h i s r e le a s e , in d iv id u a l re tu rn s are c l a s s i f i e d as taxa b le and n o ntaxab le r e t u r n s , by a d ju ste d g ro ss income c la s s e s , by re tu rn s w ith stan d ard d ed u ctio n or w ith ite m ize d d e d u c tio n s, by m a r it a l s t a t u s and sex, and b y S ta te s and T e r r it o r ie s » Taxab le re tu rn s are c l a s s i f i e d fo r types o f t a x l i a b i l i t y as re tu rn s w ith normal t a x and s u r t a x or re tu rn s w ith a lt e r n a t iv e tax» A d ju ste d g ro ss income (o r d e f i c i t ) , b e in g common to a l l typ e s o f r e tu rn s, s u p p lie s the base f o r a d ju s te d g ro s s income c la s s e s r e g a r d le s s o f the amount o f net income or n et d e f i c i t when computed» R eturns w ith a d ju s te d gross d e f i c i t (d is r e g a r d in g the s iz e th e re o f) are d e sig n a te d , !tNo a d ju s te d gross incom e,” and appear as the f i r s t a d ju ste d g ro ss income c la s s under nontaxable r e t u r n s » The c l a s s i f i c a t i o n o f re tu rn s as ta x a b le and n o n taxab le i s based on the e xiste n ce or n o n e xiste n ce o f a t a x l i a b i l i t y a f t e r t a x c r e d it s » R e turns w ith sta n d a rd d ed u ctio n are o p tio n a l r e t u r n s , Form W-2? s h o r t form r e t u r n s , Form 1040, w ith a d ju s te d g ro ss income under #5,000? and long-form r e t u r n s , Form 1040, w ith a d ju ste d g ro ss income o f #5,000 or more on which the $500 sta n d a rd d e d u ctio n i s usedo Returns w ith ite m ize d d ed uctio n s are lo n g -fo rm r e t u r n s , Form 1040, on which d ed u ctio n s are ite m ize d in d e t a il? lo n g -fo rm r e t u r n s , Form 1040, w ith no d e d u ctio n s, f i l e d b y spouses o f ta x p a y e rs who ite m ize d d e d u ctio n s, isueh spouses are denied the stan d ard d e d u c tio n ) % and r e t u r n s , Form 1040, w ith no a d ju ste d g ro ss income whether or not d ed u ctio n s ar© item ized « Returns are classified according to the marital status of the taxpayer on the last day of the taxable year* or on the date of the death of a spouse* The four groups ares joint returns, separate returns of husbands and wives, separate community property returns * and returns of single persons* Except for joint returns* each group is subdivided intb returns ©f men and returns of women* The segregation of returns by States and Territories consists of the 48 States* Hawaii, and the District of Columbia* The segre gation is based on the collection district in which the return is filed, except that for the District of Columbia* the segregation is determined by the address of the taxpayer* Collection districts, or groups of such districts are coextensive with the States and Territories, except that the District of Columbia comprises a part of the collection district of Maryland and the Territory of Alaska is a part of the col lection district of Washington* The sampling technique employed does not permit separate tabulation of returns showing an Alaskan address* Description of the sample and limitations of data Data in tables 1-5 in this release were derived from a basic stratified random sample of individual income tax returns designed to comprise 1 percent of returns* Form W-2 and Form 1040* with ad justed gross income under $7*000$ 10 percent of returns* Form 1040* with adjusted gross income from $7,000 to $10*000$ 20 percent of returns, Form 1040, with adjusted gross income from $10,000 to $25 ,000$ and 100 percent of returns, Form 1040, with adjusted gross income of $25*000 or more© The different administrative processes applied to the various categories of returns in collectors’ offices affected somewhat their availability for sampling* These categories were sufficiently heterogeneous with respect to data tabulated to warrant independent controls© Accordingly* returns in each of the above income ranges were further stratified to assure homogeneous groups subject to uniform administrative processing for sample selection, tabulation* and weighting purposes* Precise 1 percent* 10 percent, and 20 percent representation of returns with adjusted gross income under $7,000,from $7,000 to $10*000, and from $10*000 to $25*000, respectively* was not achievedo However* the over-all universes* applicable to the separate sampling strata* were inde pendently determined and the data tabulated from the samples were extended to such universes* so that no random sampling error attaches to iiie total number of returns in each income range* A relatively negligible error in the total number of returns does result* however, from the use of rounded extension factors» 5 In computing the possible variation of a given frequency due to random sampling, a range of two standard errors was used$ chances are 19 out of 20 that the frequency as estimated from the sample tabulation differs from the actual frequency, if the entire universe were tabulated, by less than twice the standard error» Variation beyond the two-error limit would occur only 1 tin© in 20 and would be sufficiently rare to justify a two-error range in defining sampl ing variability,, Accordingly, in cells associated with taxable or nontaxable adjusted gross income classes under $7,000, frequencies of the magnitude of 1 million or more are subject to variation of less than 3 percent %variation for lesser frequencies increases to a maximum of 10 percent at 100,000, and a maximum of 30 percent 10i 2 ° ™ In ?ells associated with adjusted gross income classes from $7,000 to $25,000, frequencies of the magnitude of 100,000 or more are subject to less than 2o6 percent variation^ variation for lesser frequencies increases to a maximum of 10 percent at 10,?°°? and a maximum of 28 percent at 1,000. The degrees of variability noted above relate only to cell frequencies and do not indicate the variability associated with money amounts of income, deductions, or tax® Data, in table 6 tabulated by States, are derived from the basic sample described above, except that the returns with adjusted gross deficit are excluded since the sampling variability is too great to permit their presentation on a State basis® In tabulatlng the data by States, independent weighting factors were es tablished for each of the tabulating and weighting strata for each collection district, so that no bias occurs from any nonuniform representation within a State® Despite the fact that the same sample served as the basis for the national and State extensions and the fact that the national stratum universes equal the total of the corresponding State universes, slight diserepancies exist in the aggregates of the items tabulated in the fc>tate table and the corresponding items for returns with adjusted the nati0Iia3. tables® The discrepancies are the facto ° f the dUal weightinS astern and the use of rounded weighting 147 ™* 6 “> TAXABLE FIDUCIARY RETT3RHS There acre 121*725 taxable fiduciary returns for the income year 1946* showing total income of 11*06597650000* net income taxable to the fiduciary of $594*924*000* and tax liability of $205*457*0000 A comparison of these data with similar data for 1945 is provided in the following summarys Comparative data* taxable fiduciary returns, 1946 and 1945 (Money figures in thousands of dollars) a o c • o c 1946 A 2 Humber of returns Total income Set income taxable to fiduciary Tax liability s 1945 0 121*725 1*065*765 594*924 205*457 113*560 856*594 478*495 175*605 9 Increase s Humber or % 0 amount s Percent 8*165 209*171 116*429 29*852 7.19 24o42 24.33 17.00 Only the taxable fiduciary returns are included in Statistics of Income, These returns are for the calendar year ending December 31* 1946* a fiscal year ending within the period July 1946 through June 1947* and a part year with the greater portion of the accounting period in 1946o Aft exiguous number of taxable returns for estates and trusts filed improperly on Form 1040 are included! the data thereon being edited to conform to that reported on Form 1041 o Tentative returns are not included and amended returns are used only if the original returns are excluded«» Statistical data are completely tabulated from each taxable fiduciary return* prior to audito A fiduciary return* Form 1041* is required for an estate if the gross income is $500 or more! for a trust if the net income is $100 or more or if the gross income is $500 or more* regardless of the net income! and for every estate or trust of which any beneficiary is a nonresident alieno The rates of tax* the provisions respecting gross income to be reported, the deductions with certain exceptions* and the tax credits provided for the income of individuals apply also ton that of estates and trustso Deductions for contrioutions without limitations and for amounts distributable to beneficiaries are allowable in computing the net income on which the fiduciary is to b© taxedo A n estate is allowed an exemption of $500 and a trust is allowed an exemption of $100 for purposes of both the nomsa.1 tax and the surtax« The tax* not subject to current collection* is due when the return is filed* after the close of the yearo • * Table 7 in this release shows the sources of income* deductions* and t&.i reported on the taxable fiduciary returns . - These data are shown by sise classes based on the total incomeo Total income (an approximation ©f the adjusted gross income tabula bed for individual returns) is a combination of the neb profit and loss from rents and royalties* from trade or business* from partnerships* from sales of capital assets and other property* t©“ gether with income from dividends* interest* estates* and from miscellaneous income« * ImdAvldunlreturns for1946, byadjusted gross Income classes: Simple and cumulative distributions of number ofreturns, adjustedgross Income, and taxliability,with correapondlngpercentagedistributions ----------- — ____(Adjustedgrossin ulative distri umulative distriCumulative distri umulative distri Simple distribution buttonfromhighest butionfrom losest Simple distribution Cumulativedlstrl-t C buttonfrom lowestSimple distribution butionfrom highest C bution fromlowest Income class lacerneclass Percent t Pereani P e r c e n t P e r c e n t Percent of of Amount of Amount Amount of Amount of Amount of Amount of total 1 2 s 4 5 6 7 8 9 10 U 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 50 SI 32 S3 34 35 56 57 38 39 40 41 42 43 44 45 46 47 48 49 50 a 82 4,716,503 8.97 52,600,470 100.00 4,716,303 3,0U,164 5.72 47,884,167 91.05 7,727,467 3,163,038 6.01 44,875,005 85.51 10,890,505 3,521,762 6.70 41,709,965 79.50 14,412,267 5,737,581 7.U 58,188,203 72.60 18,149,848 5.933.941 7.48 34,450,622 65.49 22,083,789 5,960,103 7.53 30,516,681 58.02 26,043,892 3,882,112 7.58 26,556,578 50.49 29,926,004 5,548,521 6.75 22,674,466 45.U 35,474,525 5,277,086 6.23 19,125,945 36.36 36,751,6U 2,743,949 5.22 15,848,859 30.15 39,495,560 4,300,245 8.18 13,104,910 24.91 45,795,805 2.755.942 5.20 8,804,665 16.74 46,531,747 1,752,213 3.29 6,068,723 U.54 48,263,960 1,064,572 2.02 4,336,510 8.24 49,328,332 1,045,125 1.99 3,272,138 6.22 50,373,457 561,678 1.07 2,227,013 4.23 50,935,135 330,494 .63 1,665,335 3.17 51,265,629 226,955 .43 1,334,841 2.54 5L,492,584 167,601 .32 1,107,886 2.11 51,660,185 134,012 .25 940,285 1.79 51,794,197 103,205 .20 806,273 1.55 51,897,402 85,497 .16 703,068 1.34 51,982,899 70,329 .13 617,571 1.17 52,053,228 59,228 .11 547,242 1.04 52,U2,456 192,540 .37 488,014 .93 52,304,996 100,,361' .19 295,474 .56 52,405,357 ,513 •n 195,U3 .37 52,461,670 ,964 .n 138,800 .26 52,521,634 28,,954 .06 78,836 .15 52,550,588 .03 49,882 .09 52,566,958 16,,370 .02 33,512 .06 52.576.463 »,,505 ,128 .01 24,007 .05 52,582,591 6, .01 4,,228 17,879 .03 52,586,819 ,870 .01 13, .03 52,589,689 ,373 .01 10,781 .02 52,596,062 994 (6 ) 4,408 .OL 52,598,056 901 2,414 (6) 52,598,957 (6 ) 444 (6 ) 1,513 ( 6) 52,599,401 451 (6 ) 1,069 ( 6 ) 52,599,852 201 618 ( 6) 52,600,053 (e | 240 (6 ) 417 (6) 52,600,293 83 (6 ) 177 (6) S2,600,376 53 (6 ) 94 (6) 52,600,429 22 (6 ) 41 (6 ) 52,600,451 9 (6 ) 19 ( 6 ) 52,600,460 5 (6 ) 10 ( 6 ) 52.600.463 1 7 (6) 52. 600.464 (8 ) __ C fiL 52,600,470 216,077 5471 ____ &. _i£l 52 . 600f470 100 .0 0 (7) (7) Forfootnotes, seepp.22-23; for extenttowhich data are estima.ed, see pp. 4 . 5 _ 8.97 1,295,218 14.69 1,881,758 20.70 2.771.062 27.40 3,967,017 34.51 5,140, 41.98 6,390,847 49.51 7,427,978 56.89 8,242,149 65.64 8,418,419 69.87 8,591,345 75.09 7,875,923 83.26 13,903,527 88.46 10,210,572 91.76 7,340,322 93.78 5,040,480 95.77 5,685,741 96.83 3,624,111 97.46 2,468,553 97.89 1,922,037 98.21 1.588.062 98.47 1,403,733 98.66 1,184,546 98.83 1,066,300 98.96 948,113 99.07 857,664 99.44 3.306.571 99.63 2.232.572 99.74 1,537,404 99.85 2,060,281 99.91 1,287,406 99.94 892,635 99.95 615,644 99.97 457,614 99.97 357,600 99.98 271,917 99.99 761,223 99.99 340,333 99.99 199,461 99.99 121,093 Í9.99 154,382 99.99 88,886 99.99 144,118 99.99 72,778 99.99 63,501 99.99 37,335 99.99 20,528 99.99 10,383 99.99 4,779 100.00 .96134,330,006 1.40135,054,788 2.06 131,153,03 2.95 128,381,968 3.83 124,414,951 4.76 U9,274,083 5.53 112,883,236 6.14 105,455,258 6.27 97,213,109 6.40 88,794,690 5.86 80,203,347 10.35 72,327,424 7.60 58,424,097 5.46 48,213,525 5.75 40,873,203 4.23 35,832,723 2.70 30,146,982 1.84 26,522,871 1.43 24,054,318 1.18 22,132,281 1.04 20,544,219 .88 19,140,486 .79 17,955,940 .71 16,889,640 .64 15,941,527 2.46 15,083,863 1.66 U,7 77,492 1.14 9,544,920 1.53 8,007,516 .96 5,947,255 .66 4,659,829 .46 3,767,194 .54 3,153,550 .27 2,695,936 .20 2,338,336 .57 2,066,419 .25 1,305,196 .15 964,863 .09 765,402 .U 644,509 .07 489,927 .11 401,041 .05 256,923 .05 184,145 .03 120,844 .02 83,5U .CO. 62,983 ( 6) 52,600 ------4Z»fi21 134,350,006 5/247,206 100 .0 0 ( 7) 3 1,295,218 5,176,976 5,948,038 9,915,055 15,055,925 21,446,770 28,874,748 87,U6,897 45,535,516 54,126,659 62,002,582 75,905,909 86,U6,481 93,456,803 98,497,283 104,183,024 107,807,135 110,275,688 U2,197,725 115,785,787 US,189,520 U6,574,066 117,440,566 118,388,479 U9,246,145 122,552,514 124,785,086 126,322,490 128,382,771 129,670,177 130,562,812 131,176,456 131,634,070 131,991,670 132,263,587 153,024,810 133,365,143 .72 133;564,604 .57 133,685,697 .48 133,840,079 .56 133,928,965 .30134,073,085 .19 134,145,861 .14 134,209,162 .09 134,246,495 .06 154,€67,023 .05134,277,406 .04 134,282,185 - ’ .96 2.57 25,628 4.45 89,077 7.58 163,959 U.21 268,858 15.97 570,no 21.50 478,558 27.65 554,550 55.90 588,095 40.29 625,924 46.16 601,415 56.51 1,154,595 64.U 945,191 69.57 725,420 73.52 552,105 77.56 692,499 80.26 498,046 82.09 376,497 83.52 316,047 84.71 277,778 85.75 260,549 86.63 231,286 87.45 218,848 88.13 206,184 88.77 191,970 91.23 824,524 92.89 652,025 94.04 508,258 95.57 761,805 96.53 529,952 97.20 395,525 97.65 286,145 97.99 222,540 98.26 179,521 98.46 159,986 99.03 410,973 99.28 192,264 99.45 U4,030 99.52 70,407 99.64 90,941 99.70 51,867 99.81 82,785 99.86 44,886 99.91 38,372 99.94 22,537 99.95 12,279 99.96 6,954 99.96 2,541 - 16,075,915 - .15 16,075,915 .55 16,052,282 1.0 2 15,963,205 1.67 15,799,246 2.50 15,530,588 2.98 15,160,278 5.45 14,681,920 3.66 14,127,590 3.89 13,559,295 3.74 12,913,571 7.18 12,511,958 5.88 U,157,563 4.5L 10,212,372 5.43 9,486,952 4.31 8,934,849 3.10 8,242,350 2.34 7,744,304 1.97 7,567,807 1.73 7,051,760 1.62 6,773,962 1.44 6,513,433 1.36 6,282,147 1.26 6,063,299 1.19 5,860,U5 5.13 5,668,145 4.06 4,843,621 3.16 4,191,596 4.74 3,683,340 3.30 2,921,537 2.46 2,391,585 1.78 1,996,260 1.38 1,710,U7 1.12 1,487,577 .87 1,308,256 2.56 1,168,270 1.2 0 757,297 .71 565,033 .44 451,003 .57 380,596 .32 289,655 .51 237,788 .28 155,003 .24 110,117 .14 71,745 .08 49,208 .04 36,929 .0 1 29,975 10 0 .0 0 - - 23,628 99.85 112,705 99.30 276,664 98.28 545'522 96.61 915,632 94.50 1,393,990 91.33 1,948,520 87.88 2,536,615 84.22 3,162,539 80.33 3,765,952 76.59 4,918,347 69.41 5,863,538 63.55 6,588^958 59.01 7'l4l'061 55.58 7,833,560 51.27 8,531,606 48.17 8,708,103 45.83 9,024,150 43.87 9^301,928 42.14 9'562'477 40.52 9,793,765 39.0810'0 1 2 '611 37.7210,215^795 36.4510,407,765 35.26 Ui232^289 30.13U,834,312 26.07 12,592,570 22.9113,154,373 18,17 13,684^325 14.8814,079.650 12.42 14^365^793 10.64 14,588^333 9.2514,767,654 8.1414,907,640 7.27 ISi318^613 4.71 15^510^877 5.5115,624,907 2.8115,695^314 2.37 15,786,255 1.80 15,838,122 1.4815,920,907 .96 15^965^793 .6 8 1 6^004^165 .45161026^702 .3116,058,981 .2316^045^935 .1916,048^276 10 0 .0 0 - - • - 1 .15 2 .70 5 1.72 4 3.59 5 5.70 6 8.67 7 1 2 .1 2 8 15.78 9 19.67 10 23.41 U 30.59 12 56.47 15 40.99 14 44.42 15 48.73 16 51.83 17 54.17 18 56.15 19 57.86 20 59.48 21 60.92 22 62.28 23 63.55 24 64.74 25 69.87 26 73.93 27 77.09 28 81.83 29 85.12 30 87.58 31 89.36 52 90.75 35 91,86 54 92.73 35 95.29 56 96.49 57 97.19 97.65 98.20 98.52 99.04 99.52 99.55 99.69 99.77 99.81 99.85 • • - - ^return’” Individual r®^urns f°r 1946, bytaxableandnontaxable returns and byadjusted gross income classes — Part I, allreturns; Part II, returnswith standarddeduction; Part III, ,axlia s Tt! en dt us c, tia on nd s!taN rpo t bilitty, taxpayd me xum ob ve er af ymr ee nt turns, Income or loss from eachofthe sources comprising adjusted gross income, adjusted gross income, deductions, amountofexemption, PART I. -ALLRETURNS income classesand Total Salaries Annuities Rents androyalties 14/ Business md ales orexchanges Partnership 16/ S Adjusted gross Income classes 1/ numberof and Dividends 11/ Interest 1 2 / and profession15/ of capital assets 17/ r e t u r n s w a g e s 10 / p e n s i o n s 1 3 / N e t p r o f i t N e t l o e s N e t p r o f i t N et gain Net loss N e t l o s s Taxablereturns! 1 0,5under 0.75 1 , 4 6 0 , 0 2 3 8 1 6 , 5 4 9 1 2 , 3 7 3 9 , 3 3 7 3 , 5 8 8 2 1 , 4 2 6 6 1 , 9 5 6 1 1 , 9 7 6 1 , 4 0 2 5,976 1,584 2 , 4 0 1 7 9 6 2 0,75under1 1,693,189 1,279,821 24,902 15,801 5,7-15 29,389 2,163 81,305 4,546 18,602 15,627 3,122 510 3 1under1.25 2 , 1 1 9 , 5 3 9 2 , 0 5 9 , 1 1 4 2 9 , 4 1 4 1 9 , 3 5 1 1 1 , 9 9 2 5 8 , 2 2 8 3 , 5 2 4 1 8 9 , 6 0 9 6 , 5 3 4 5 5 , 9 6 4 1 , 7 1 7 2 0 ,931 4,804 4 1.25under 1.5 2)624,975 5,150,583 56,288 25,821 11,985 48,861 5,497 261,731 8,287 58,799 1,755 30,555 5,754 5 1.5under 1.75 2 , 7 8 1 , 3 8 3 4 , 0 0 4 , 8 2 6 2 5 , 0 2 6 5 6 , 5 9 5 1 5 , 5 1 4 5 0 , 4 9 7 5 , 5 4 8 2 9 7 , 2 8 7 9 , 3 9 5 6 0 , 2 6 0 1 , 2 0 9 3 6 , 109 5,293 6 1.75 under2 5,147,303 5,229,637 41,664 26,616 12,132 56,879 9,577 405,746 11,534 82,626 1,805 46,586 7,646 7 2 under 2.25 5 , 0 0 4 , 0 0 0 5 , 6 7 4 , 3 9 9 4 1 , 2 9 1 2 5 , 8 8 1 9 , 1 2 8 5 7 , 9 0 8 7 , 6 3 5 4 1 7 , 9 2 4 8 9 , 1 8 2 5 3 , 361 7,474 9 , 8 5 9 2 , 2 1 5 8 2.25under 2.5 3,068,182 6,429,282 47,856 28,991 9,650 62,792 9,124 504,071 10,785 114,439 3,924 66,568 5,679 9 2.5under 2.75 2 , 8 0 4 , 7 5 8 6 , 4 8 6 , 9 5 5 4 8 , 8 6 9 2 8 , 3 0 6 1 0 , 5 1 6 7 2 , 9 0 5 1 1 , 2 7 5 4 9 2 , 8 3 9 10 ,111 1 5 5 , 8 7 6 2 , 7 4 4 6 9 , 5 07 7,045 10 2.75 under 3 2,505,518 6,299,073 52,069 27,126 7,198 61,901 9,748 519,943 14,928 141,439 5,427 78,008 7,738 11 3under 5.5 4 , 0 1 9 , 4 3 0 1 1 , 2 9 6 , 8 8 7 9 1 , 0 3 4 5 2 , 6 7 4 1 6 , 0 8 3 1 1 4 , 1 7 2 1 6 , 8 5 4 9 7 8 , 4 0 2 2 1 , 0 4 3 2 7 6 , 6 1 9 6 , 8 2 5 1 5 7 , 5 89 15,895 12 5.5under4 2,657,777 8,399,417 85,400 42,895 9,845 98,453 13,521 860,416 15Í566 253,836 5,700 139,019 10,301 15 4 under4.5 1 , 6 9 3 , 1 2 9 5 , 8 6 1 , 5 1 7 8 6 , 5 8 6 3 5 , 0 7 0 8 , 9 7 3 7 5 , 6 6 5 9 , 1 5 5 7 3 4 , 0 5 1 2 2 0 , 5 2 0 1 4 , 9 1 9 3 , 4 5 5 1 2 4 , 5 24 10,412 14 4.5 under 5 1,064,572 3,808,545 86,347 5,956 30,547 70,554 6,661 653,262 9,488 232,239 3,987 122,650 6,808 15 5under 6 1 , 0 4 5 , 1 2 5 3 , 8 3 1 , 6 7 8 1 3 9 , 5 1 2 5 2 , 2 2 4 1 1 , 9 3 5 9 4 , 3 8 6 1 0 , 7 0 9 1 6 , 1 2 9 9 6 3 , 2 4 1 5 7 0 , 2 4 1 3,677 176,228 1 2 ,0 0 0 16 6under 7 561,678 2,075,154 116,217 45,503 6,839 77,149 5,635 811,303 12,524 519,675 4,010 152,585 U,160 17 7under8 330,494 1,228,281 105,601 4,459 54,010 58,575 4,596 5 9 9 , 8 4 7 9 , 8 5 7 5 0 3 , 8 0 4 3,267 109,514 8 ,0 0 1 18 8 under 9 226,955 865,660 96,007 30,451 5,850 50,761 3,385 499,259 9,228 262,654 2,817 91,378 6,878 19 9 under10 167,601 666,363 88,478 28,072 3,486 42,880 2<,952 4 1 9 , 5 2 9 6 , 4 8 5 2 4 2 , 9 0 2 3 ,593 75,658 6,095 20 10under11 1 3 4 , 0 1 2 5 7 5 , 4 0 5 8 2 , 2 0 7 2 5 , 6 8 7 2 , 7 4 5 3 7 , 9 6 2 2 , 1 7 2 3 5 8 , 9 9 1 6 , 5 1 7 2 3 4 , 4 9 7 2 , 0 9 8 67,512 5,174 21 11under 12 105,205 444,783 72,658 20,777 2,570 55,592 2,036 312,755 5,478 220,133 1,711 56,134 4,816 22 12under 13 85,497 594,806 6 9 , 0 2 9 1 8 , 6 4 2 2 ,0 2 2 2 9 , 0 4 7 1 , 7 8 6 2 7 6 , 4 7 8 4 , 2 1 5 1 , 6 5 8 2 0 5 , 8 0 0 51,710 3,868 23 13under 14 70,329 347,379 67,326 17,595 1,600 24,566 1,574 2 4 1 , 2 5 5 4 , 2 1 1 1 8 4 , 4 8 8 1 , 2 6 6 4 7,076 3,722 24 14under 15 59,228 296,858 61,417 16,015 1,197 24,514 1,390 218,652 4,409 177,459 1,673 44,775 3,515 25 15 under 20 192,540 1,131,172 257,882 64,469 7,579 87,128 5,755 7 8 6 , 9 7 5 1 9 , 5 1 9 7 5 6 , 3 8 8 4 , 6 5 9 1 6 8,305 12,421 26 20under25 100,361 735,189 202,692 5,112 46,420 59,555 2,881 499,109 12,925 523,123 3,054 U5,056 8,U9 27 25under 50 56,315 477,478 1 5 5 , 7 1 4 5 3 , 0 6 2 2 , 8 4 0 5 8 , 6 1 5 9 , 4 8 6 2 ,12 2 3 1 3 , 3 5 1 3 9 2 , 9 6 0 5 , 5 6 3 8 8 ,356 4,984 28 30under 40 59,964 604,686 253,096 44,800 4,051 49,987 2,846 375,754 13,119 560,411 3,615 129,944 5,986 29 40 under 50 28,9b4 550,464 164,997 2 8 , 4 7 7 2 , 1 5 9 5 1 , 9 9 5 1 , 6 3 3 2 1 6 , 2 5 7 9 , 4 2 6 2 , 1 6 6 3 5 8 , 7 2 9 8 8 ,803 3,221 50 50under 60 16,370 . 230,386 127,817 20,461 1,850 21,971 1,080 129,958 7,594 258,109 1,808 71,961 1,882 31 60 under70 9,505 155,575 95,056 14,246 1 , 0 9 1 1 3 , 9 9 5 6 7 5 7 9 , 5 1 9 4 , 5 4 1 1 7 3 , 7 2 3 1 , 1 9 6 5 5 ,707 1,372 32 70under 80 6,128 106,713 77,865 10,885 992 11,639 510 56,007 5,579 129,818 1,064 45,750 739 33 80under 90 4,228 79,601 64,454 8 , 5 5 5 7 2 5 7 , 7 0 2 4 7 9 4 0 , 2 7 9 4 , 0 5 8 1 0 2 , 1 5 8 9 4 5 5 9 , 137 538 34 90under 100 2,870 60,725 55,274 6,721 499 6,618 525 26,418 2,959 7 2 , 6 5 4 5 0 6 386 8 1 , 1 0 9 55 100under 150 6,373 148,021 1 6 8 , 6 8 4 1 9 , 9 0 6 1 , 5 0 4 1 5 , 7 1 7 9 5 5 6 6 , 5 5 5 7 , 7 9 3 1 7 5 , 9 7 6 1 1 4 , 2 9 0 1 , 5 7 3 8 95 36 150under 200 1,994 55,200 84,603 8,089 620 6,917 380 21,588 4,202 73,504 829 68,800 289 37 200 under 250 901 26,092 57,089 5 , 5 7 9 2 6 9 6 , 0 6 4 20 0 3 , 1 7 6 9 , 5 8 1 3 4 , 1 7 4 4 5 , 5 4 6 5 1 0 1 29 38 250under 300 444 14,606 33,702 2,742 181 1,965 285 5,564 1,699 16,150 447 35,492 50 39 500under400 4SI 14,148 43,775 2,725 9 4 2 , 3 1 6 1 0 6 6 , 7 4 5 1 , 4 0 5 2 0 , 7 1 7 5 8 8 4 8 , 2 7 6 6 1 40 400 under 500 201 6,774 27,807 1 , 6 6 5 2 3 8 1 , 9 9 0 I S O 5 , 5 4 9 1 , 2 8 4 6 , 9 9 5 2 0 9 5 1 , 9 6 5 2 9 41 500under750 240 8,085 44,156 1 0 4 5 , 2 4 9 9 5 1 1 2 5 2 , 0 4 2 1 , 2 2 6 8 0 7 9 , 1 5 2 6 2 , 5 4 0 S 3 42 750 under 1,000 83 2,565 28,117 3,171 4 6 66 7 2 3 2 3 5 5 0 2 5 , 2 4 2 1 3 5 2 3 , 5 6 1 1 6 45 1.000under 1,500 55 1,249 18,027 76 1.124 1,943 24 2,690 249 3,988 9 24,780 8 44 1,500under 2,000 22 345 12,289 48 1,605 564 38 1,879 264 1,627 28 10,045 5 45 2.000under 3,000 9 279 4,226 66 1 4 0 me • 22 5 2 1 4 3 0 n ,5 5 5 46 3.000under4,000 3 117 627 I S ( 5 5 ) 5 • 6 4 2 , 9 6 6 3 , 7 4 1 47 4.000 under 5,000 — 1 28 96 me mm 29 4,685 48 5.000 and over 6 45 24.058 3.065 19 104 224 24 10 21.651 49 Total taxable returns lontaxablereturns! 55/ 50 No adjusted grossIncome 5/ 216,077 29,585 5,270 2,845 825 8 ,6 6 8 9,251 7,005 248,514 2,558 29,254 22,544 16,974 51 Under0.5 4,716,503 1,164,941 8,555 8,818 2,589 29,S00 4,846 93,708 29,367 9,883 5,924 17,455 8,545 52 0.5under0.75 1,551,141 721,651 11,289 10,311 4,908 3 2 , 5 9 4 2 , 0 0 4 1 4 1 , 1 4 9 1 7 , 8 2 3 1 0 , 9 8 0 2 , 0 8 0 15,977 4,718 53 0.75under1 1,469,849 971,058 11,105 8,658 4 , 6 5 9 3 0 , 1 8 1 2 , 1 9 1 2 3 7 , 8 2 4 1 1 , 0 4 6 1 5 , 8 7 2 1,705 15,594 8,971 54 1under 1,25 1,402,225 1,187,907 10,549 4,620 8,195 50,883 2,895 278,202 11,989 17,275 1,320 15,547 2,764 55 1.25under 1.5 1,112,606 1,232,287 5,680 3 , 2 2 9 5 , 1 0 0 1 7 , 5 7 3 1 , 8 4 2 2 3 2 , 6 2 4 1 1 , 3 5 5 2 0 , 0 7 0 1 , 3 9 7 1 6,184 1,645 56 1.5under 1.75 1,152,558 1,507,978 7,410 1,154 16,111 2,758 3,998 2 8 1 , 8 7 7 6 , 0 9 8 2 3 , 7 1 3 1 , 1 9 9 1 2,995 2,109 57 1.75under 2 812,800 1,256,943 4,191 3,471 669 1,561 1 2 , 4 3 1 2 1 5 , 7 9 3 4 , 3 8 1 1 8 , 4 8 6 7 0 8 9 ,558 918 58 2under 2.25 878,112 1,579,358 2,897 2,525 1,0 2 2 9,108 2,084 228,557 5,198 n,296 21,370 695 905 59 2.25under 2.5 480,339 991,031 2,962 1,726 (54) 5 , 8 1 8 1 , 5 8 9 1 2 0 , 2 5 9 2 , 7 1 9 9 , 7 5 4 5 , 9 7 1 ( 5 4 ) 944 60 2.5under 2.75 472,348 1,079,712 773 1 , 3 5 5 ( 3 4 ) 6 6 1 4 , 6 6 0 1 2 6 , 8 8 7 1 , 3 7 3 1 5 , 5 2 8 ( 3 4 ) 5 , 7 6 7 8 6561 2.75under 3 238,431 592,352 1,761 (54) 343 3,490 811 71,214 855 8,443 (34) 4,616 848 62 3under 3.5 280,815 777,682 1 , 6 5 9 1 , 0 0 8 ( 5 4 ) 6 , 4 2 8 7 5 8 9 2 , 4 5 9 1 , 4 0 3 9 , 9 5 1 ( 3 4 ) 5 , 2 5 5 6 80 65 3.5 under 4 78,165 233,196 788 682 (34) 43,526 (54) 1,825 (54) 6,062 (54) 2,526’ (34) 64 4 and over 59.064 124.120 1 . 8 2 0 1 . 1 1 7 ( 5 4 ) 2 . 4 9 2 ( 3 4 ) 3 9 . 2 3 4 ( 3 4 ) 5 . 1 5 6 ( 3 4 ) 2 . 0 9 0 5 7 4 65 Total nontaxable returns 14.900.851 .13 ,4 4 9 ,7 8 1 74,687 60.104 25.490 211.762 .35,729 2,208,077 554.086 195.085 47.on 160.752 46.386 66 Grand total 5 2 .8 1 6 .5 4 7 9 9 .1 7 3 .6 5 9 3 ,6 7 5 .8 5 7 "i.'Ö67.'Ö62 232.154 1.912.394~ 201,521 16,011,527 691.420 8.085.555 137.808 8.818.561 250.130 67 ta x a b le r e t u r n s w i t h a d j u s t e d g r o s s I n 4 9 ,5 4 4 ,4 0 9 8 4 ,2 4 5 ,9 8 6 7 9 5 ,5 7 5 161,576 4 5 1,028 1,071,370 145,012 8 , 666,620 503,481 1,905,456 85,078 1,125,561 145,934 come u n d e r $ 5 ,0 0 0 and n o n ta x a b le r e t u r n s 68 ta x a b le r e t u r n s w i t h a d ju s t e d g r o s s 5 ,2 7 2 ,1 3 8 1 4 ,9 2 7 ,6 7 4 2 ,8 7 8 ,4 8 5 616,055 7 0 ,5 6 5 841,022 56,514 7 ,5 4 4 ,7 1 5 187,941 6 ,1 8 0 ,1 9 7 ' Income of ■OOP and, o w r _________________ 52,728 2 ,1 9 2 ,9 9 9 106,191 labile tax liability, tax p a y m e n t s ^ d ^ '"""r "■i""1'1 .... 11 111111 ^ P ^ Í n t ^ C o n ^ S d £ ^ ------- _— ___ *** __ 1 'Vafele t-rtP^ i . i * iIncome, ^ e o m B t 8d1U3te5r c o m ? d e d u c t l O T ^ ^ o u n ^ o f exemption, returns wi t h Itemized deduction»« Nrnuber of return», Income or loss from each of the source» comprising adjusted gross adjusted KToaa gross I^ income, oeouctions, tax liability, tax payments, and tax overpayment — Continued PART I . - ALL RETURNS - C on tin u ed Adjusted gross Income classes 1/ Taxable returns: 0*5 under 0*75 0*75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1,75 1.75 under 2 2 under 2 «25 2.25 under 2e5 2.5 under 2.75 2.75 under 5 3 under 3.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 13 13 under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 3,000 3,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns Grand total 68 Taxable returns with adjusted gross income undert$5,000 and nontaxable returns Taxable returns with adjusted gross incomeof 55.000and over 676 405 1,118 1,706 1,789 2,950 3,296 4,685 3,415 5,192 11,025 9,801 7,996 5,896 10,678 6,590 4,300 3,294 2,535 2,413 1,798 1,572 1,166 1,251 4,159 2,096 1,245 1,191 745 485 307 156 106 145 414 20 15 6 38 57 53 IS 1 - ’ Miscellaneous income 20/ Adjusted gross income ZJ Amount of exemption 21/ Tax liability 3/ Tax withheld Payments on 1946 decla ration 22 / 730,012 846,595 1,288,812 1,787,216 2,073,504 2,708,554 2,727,767 5,341,006 3,191,136 3,179,356 5,397,270 3,807,222 2,516,624 1,575,422 1,497,168 787,161 446,439 302,022 220,861 176,578 135,194 112,166 91,376 76,415 248,215 128,075 70,171 72,820 33,903 18,692 10,675 6,691 4,476 2,965 6,328 1,871 797 388 401 167 23,628 89,077 163,959 268,858 370,110 478,358 554,530 588,095 625,924 601,413 1,154,395 945,191 725,420 552,103 692,499 498,046 376,497 316,047 277,778 260,549 231,286 218,848 203,184 191,970 824,524 652,025 508,2S8 761,803 529,952 395,325 286,143 222,540 179,321 139,986 410,973 192,264 114,030 70,407 90,941 51,867 71,187 119,357 187,489 291,574 381,531 489,598 548,779 579,175 598,107 566,338 1,053,142 823,459 599,170 414,502 452,333 259,202 162,162 117,950 93,408 81,448 64,502 58,286 51,725 44,529 175,924 117,940 78,303 101,484 59,910 40,307 26,561 19,256 14,164 10,970 26,164 9,759 4,693 2,581 2,394 1,172 3,027 7,307 13,871 17,950 24,373 32,589 36,135 44,749 48,148 50,524 106,169 100,652 94,824 95,809 164,640 162,946 161,052 149,066 142,282 135,564 125,921 121,824 113,928 112,464 497,295 415*968 329,034 513,287 368,766 281,783 208,136 163,543 135,996 103,945 316,423 150,677 91,049 56,938 75,384 43,738 3,609 12,492 20,551 28,016 54,229 43,837 50,045 54,944 63,011 60,923 121,883 111,326 93,750 83,768 127,912 112,118 85,963 75,580 66,885 63,052 57,861 53,593 51,062 47,948 202,318 153,265 120,519 173,886 118,192 84,603 59,150 45,303 34,082 28,512 77,622 35,534 21,089 12,608 14,799 7,543 54,196 50,079 57,951 68,682 70,021 87,666 80,429 90,773 83,341' 76,372 126,799 90,245 62,526 41,976 52,384 36,220 32,680 26,549 24,797 19,495 16,998 14,855 13,531 12,971 51,013 35,151 19,598 26,854 16,916 11,368 7,703 5,563 4,921 5*439 9,255 3,707 2,801 1,720 1,636 586 170 13 9 2 1 1 i 617.298 184 62 44 23 7 3 1 8 59.622,830 82,785 44,886 38,372 22,537 12,279 6,954 2,341 27,634 16.075.915 1,408 459 164 25 47 21 7 8.802.669 70,247 38,838 32,439 19,882 9,720 5,524 1,619 27.044 6.023.088 12,112 6,057 6,055 2,638 2,652 1,410 722 583 2.745.588 982 466 286 6 141 - 3,987 3,489 2,019 2,591 2,426 1,783 2,214 1,792 1,274 826 618 755 881 352 461 25.468 - • • - 2,184 92,999 38,952 39,848 42,166 36,207 39,800 26,507 34,364 17,526 19,390 9,865 14,647 4,492 5.289 422.235 106.799 702 56.684 1,295 750 917 898 2,199 1,828 2,045 511 1,651 (54) 614 (34) 1,271 (34) (34) 16.880 25,131 3,914 1,941 590 1,254 1,287 439 (34) (34) (34) (34) (34) (34) (34) (34) 35.718 1,529 1,740 2,250 1,619 1,033 1,175 765 (34) 967 (34) (34) (34) (34) (34) (34) 14.298 1,997 9,897 10,597 18,019 17,788 14,145 13,824 11,478 11,685 6,749 5,388 2,448 6,051 2,214 1.711 155.792 8/247,206 1,295,218 933,856 1,293,741 1,553,974 1,532,372 1,859,265 1,524,386 1,861,281 1,139,458 1,258,736 682,836 699,649 289,601 175,605 9/16.032.773 253,173 3,145,476 1,654,667 1,977,285 2,115,898 2,009,594 2,227,876 1,841,915 2,039,527 1,284,686 1,296,728 716,108 891,834 276,878 149.674 21.881.816 _ 122,679 75,829 92.402 57,888 1.107.663 203,790 751.090 482,882 9/134,082.800 9/98.250.077 61,504,146 l6.075.913 7,141,061 9.224.904 7,145,644 6.048.556 57,051,809 46,851 54,516 903,873 268,202 55,832,723 4,452,357 8,934,849 2,079,256 - - For footnotes« see pp» 22—25; for extent to which date are estimated, see pp. 4-5. Overpayment (refund, or credit on 1947 tax) 947,902 1,477,321 2,413,043 3,608,496 4,531,582 5,903,592 6,380,868 •7,278,961 7,352,607 7,193,087 13,003,678 9,920,971 7,164,717 5,040,480 5,685,741 3,624,111 2,468,553 1,922,037 1,588,062 1,405,733 1,184,546 1,066,300 948,113 857,664 3,306,371 2,232,572 1,537,404 2,060,281 1,287,406 892,635 613,644 457,614 357,600 271,917 761,223 340,333 199,461 121,093 154,382 88,886 144,118 72,778 63,301 57,333 20,528 10,383 4,779 47,821 118.050.027 8,497 12,951 17,139 19,806 20,135 21,100 25,771 30,022 24,680 25,782 48,183 ' 59,391 29,997 25,637 44,840 37,227 20,274 16,199 13,820 12,919 11,239 10,315 7,536 7,502 26,266 15,979 8,717 11,042 8,605 4,305 3,193 1,563 1,234 941 1,935 669 479 184 . 954 69 2,081 5,308 7,150 7,687 8,084 9,435 11,475 12,431 14,020 13,333 23,920 27,747 19,412 27,411 35,861 33,461 27,724 26,961 25,720 24,692 23,285 19,236 19,720 19,992 82,383 60,061 49,015 72,822 54,029 38,792 31,814 22,620 20,153 15,049 60,896 28,485 19,021 13,292 16,848 9,495 16,098 9,818 9,787 9,270 4,487 2,985 1 1.093.365 (34) (34) 572 1,531 1,095 1,215 1,564 2,092 1,908 2,141 4,291 2,342 1,456 1,618 2,568 2,062 1,894 2,069 2,255 1,135 1,134 850 820 958 4,000 2,621 1,974 1,944 1,387 1,078 599 697 482 279 1,475 462 434 111 288 61 89 6 82 (35) (35) Balance of tax due at time of filing - • • m - - £ i 1.495.431 - 6,171 96,487 40,970 42,438 44,592 37,990 42,014 28,299 35,638 18,352 20,007 10,621 15,529 4,845 3.750 447.703 701,595 2.745.588 782,384 1.943.134 1,488,559 5,546,962 1,963,208 454,572 - _ • - 149 N otitaxable returns: 33/ No adjusted gross income 5/ Under 0.5 0,5 under 0.75 0.75 under 1 1 under 1,25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 3.5 3.5 under 4 4 and over Total nontaxable returns vcu Sales or exchanges of Income from property other than estates and capital assets 18/ trusts 19/ Net loss Net sain Table 2. - Individual returns for 1946, by taxable and nontaxable returns and by adjusted gross income classes — Part I, all returnsj Part II, returns with standard deduction; Part III, returns with itemized deductions! Number of returns, income or loss from each of the sources comprising adjusted gross income, adjusted gross income, deductions, anount of exemption, tax liability, tax payments, and tax overpayment - Continued PART II. - RETURNS WITH STANDARD DEDUCTION 23/ — Adjusted gross income classes 1/ 1 2 3 4 S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 57 38 59 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Taxable returns: 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 3.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under '10 10 under 11 11 under 12 12 under 13 13 under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 3,000 3,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns Nontaxable returns! 33/ No adjusted gross income 5 / Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 5 under 3.5 3.5 under 4 4 and over Total nontaxable returns Grand total Taxable returns ivith adjusted gross Income under $5,000 and nontaxable returns Taxable returns with adjusted gross income of $5.000 and over For* f o o t n o t e s , S'.— 2.3 ; fox* e x t e n t Number of returns w.■1,1 ir;" T i T i S i ■ .. Salaries 1 and Dividends 11/ Interest 12/ wages 10/ 1,381,06Ì 1,518,439 1,897,133 2,299,610 2,403,525 2,695,202 2,497,087 2,554,154 2,267,714 1,995,872 3,110,539 2,004,425 1,254,046 767,298 673,294 341,988 194,103 126,060 84,685 64,693 46,322 36,111 27,050 22,075 60,149 22,966 10,144 8,173 2,955 1,249 598 283 161 106 164 38 22 8 5 4 9 1 1 30,349.520 787,526 1,180,996 1,892,235 2,826,512 3,538,220 4,566,003 4,805,869 5,414,477 5,293,966 5,044,992 8,786,378 6,336,736 4,247,430 2,708,726 2,284,046 1,095,512 605,960 384,100 255,087 203,197 135,937 111,558 90,617 72,562 209,438 88,654 42,622 36,085 14,533 6,999 3,744 1,752 776 905 1,285 102 87 108 28 25 60 64 (35) 63.075.690 8,941 14,224 16,904 19,806 19,131 21,759 20,515 25,966 28,298 29,035 52,740 49,479 47,410 45,417 81,589 56,061 45,807 37,482 27,726 25,984 19,589 17,599 15,055 12,976 42,211 21,775 11,743 12,335 5,307 3,583 1,854 1,340 695 824 1,047 224 261 208 6 8 19 755 (35) • 845.277 4,677,278 1,430,941 1,383,231 1,287,696 1,004,449 1,063,160 724,329 811,990 403,795 424,291 192,575 227,084 58,363 24.666 l3.71S.§48 44.063.368 42,339,953 1,159,274 684,059 933,644 1,117,782 1,142,448 1,411,027 1,136,844 1,473,304 841,724 977,430 480,364 632,959 174,661 75.404 12.240.923 75.316.613 69,670,790 7,615 5,759 7,143 6,024 1,950 3,205 2,802 1,500 1,367 514 856 752 292 1,723,415 5,645,823 Annuities and' pensions 13/ ¿tents ana royalties 14 / Net profit Net loss 16,247 19,684 23,601 29,737 28,557 30,666 32,576 58,441 43,351 39,093 71,563 60,999 49,636 40,222 55,325 42,869 33,283 25,977 17,906 17,402 14,640 10,683 8,271 8,263 27,173 12,538 6,402 6,360 2,701 1,687 639 444 313 345 424 5 341 124 — 17 14 • è» §157495 978 1,273 2,129 3,114 3,132 4,541 4,175 4,515 6,500 5,617 9,499 7,514 4,914 3,418 6,424 2,842 2,214 1,494 1,071 1,005 635 623 528 355 1,169 501 365 359 190 69 27 10 15 16 1 1 • ël,24é • 376.603 2,391 3,054 7,227 6,870 6,808 5,625 4,563 5,977 4,586 4,379 9,421 6,278 4,865 5,801 7,436 4,461 2,001 1,826 1,219 798 796 521 313 217 1,137 515 423 274 202 11 45 7 4 1 1 • • 1 • • 97.854 2,153 2,867 5,375 3,132 996 798 (54) (34) (54) (54) (54) (54) • 15,423 113.277 91,070 26,261 20,280 20,534 18,201 9,234 10,161 6,193 7,106 2,631 3,241 1,777 2,601 813 472 Îè9.ë06 3,912 1,247 1,399 1,432 931 1,159 813 1,072 996 521 341 379 (54) <S4) 14,203 883.315 439,663 7,784 6,222 6,328 5,263 1,687 2,420 2,282 1,233 861 884 77 450 303 674 3é.4é8 415.071 269,360 948.001 653,858 95.449 75,523 443,657 145,709 22,209 £94;142 19,932 jfal. 40.Ó3Ó 6,891 9,798 11,215 12,959 14,831 14,594 14,367 16,569 17,538 16,191 53,995 26,170 20,442 17,352 31,076 21,118 15,864 13,023 9,533 8,163 6,313 5,358 4,271 3,584 11,557 5,933 2,921 2,558 1,121 563 392 122 75 75 232 26 28 9 2 10 4 (35) u h leh data are estimated. Table 2 Individual returns f o r 1946, by taxable and nontaxable returns with itemized deductionss Number o r returns, income or loss from each of the sources comprising adjusted gros +Q-V- H a M U t . v tax navments. and tax overpayment — Continued Business and profession 15/ Net profit Net loss 53,597 65,219 156,758 204,236 227,188 313,242 310,646 407,131 595,772 419,418 755,560 688,745 576,364 530,287 758,731 620,779 440,015 350,089 279,287 230,460 190,572 160,191 128,439 111,274 355,694 176,965 92,124 91,063 43,853 22,295 11,520 ' 6,854 4,655 3,239 5,748 1,202 1,187 259 • 415 27 • • ’ 9.Ì80.875 2,061 3,994 5,445 6,598 6,537 8,404 6,959 7,535 6,408 8,423 12,811 9,122 10,966 4,610 10,363 4,048 4,352 4,614 2,412 2,495 2,111 1,563 1,244 1,105 5,480 1,979 1,218 1,219 602 238 197 54 187 20 137 7 50 .. 32 • • 143.l W 26,833 89,231 127,961 13,531 8,636 217,889 245,157 9,975 4,931 197,944 5,034 249,419 2,396 183,899 3,764 205,184 1,279 97,719 110,504 1,118 516 59,218 (34) 76,501 34,187 (34) 27,554 1.920.366 ""7ëÏ4l4 221.591 11.109.241 177,887 7,024,330 4,084,915 43,707 Partner!»hip 16/ Nat profit Net loss 10,526 15,741 51,458 31,923 51,102 66,803 67,531 85,724 101,889 108,891 218,690 192,587 176,298 183,845 284,341 240,998 221,022 186,972 158,211 144,478 127,338 115,700 91,288 85,604 303,929 160,882 96,435 102,832 47,710 24,414 13,783 6,774 4,221 3,167 4,920 1,702 848 9 319 8 1,374 (SS) 1,056 783 361 1,606 1,450 1,172 1,331 1,501 3,195 1,797 1,987 4,607 2,837 1,969 2,268 2,363 2,370 1,101 1,240 1,365 722 616 407 509 370 1,012 389 458 367 164 78 98 12 6 32 Sales or exchanges of capital assets 17/ Net gain Net loss 4,823 9,458 16,152 22,S78 24,998 53,044 36,757 47,939 48,460 55,425 109,709 93,266 87,289 83,925 121,794 86,412 67,207 53,544 40,726 34,953 26,644 23,490 19,328 18,213 55,090 30,819 17,788 20,698 11,550 6,678 5,515 5,110 2,421 1,210 5,644 2,996 2,008 1,504 699 1,213 3,753 _ • 1,160 2,072 2,364 3,050 2,575 4,017 4,017 3,081 4,266 4,289 7,560 5,488 5,159 3,020 5,298 4,722 3,378 2,495 1,868 1,576 1,240 953 816 643 1,964 993 475 401 133 47 27 15 4 3 14 _ 2 • • • • 1 • • 52 • • • • 40.394 • • • 1.338.807 . _ 79.185 3,925.185 1,496,799 5,251 1,739 1,468 1,186 1,297 1,166 (34) (34) (34) (34) (34) 1077" 53.771 40,240 16,260 11,021 12,182 12,022 9,546 9,551 6,358 8,695 3,644 4,717 2,480 2,979 689 (34) 100.653 1.439.460 774,474 6,979 3,006 2,549 1,221 1,005 1,357 297 380 (34) 422 (34) (34) (34) 34) 17.603 96.788 69,719 2,428,333 13,531 • S.W0.941 9,547 9,476 14,289 15,052 16,451 21,545 15,253 17,899 7,839 12,001 4,416 5,263 3,222 (34) 154.194 m 664,987 ______ 1 _ J 27,068 For footnotes, s ee p p . 2 S - 2 8 , f o r e x t e n t t o w h i c h dette Table 2. - Individual returns for 1946, by taxable and n o n t a M M e r e t i m M n O ^ d J i B t s ^ T O returns with itemized deductions: Number o f returns, income or loss from each of the sources tax liability, tax payments, and tax overpayment — Continued PART I I . - RETURNS WITH STANDARD DEDUCTION g S / - C o n tin u ed Adjusted gross incase classes 1 / 0.5 under 0.75 0.7S under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 5.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 15 13 under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1.000 under 1,500 1,500 under 2,000 2.000 under 3,000 5.000 under 4,000 4.000 under 5,000 5.000 and over Total taxable returns Nontaxable returns: 33/ No adjusted gross income 5/ Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1,75 1.75 under 2 2 under 2.25 2.25 under 2,5 2.5 under 2.75 2.75 under 3 5 under 3.5 3.5 under 4 4 and over Total nontaxable returns Grand total Taxable returns with adjusted gross in come under $5,000 and nontaxable returns Taxable returns with adjusted gross incase of $5.000 and over Sales or exchanges of property other than capital assets 18/ Net gain Net loss (54) 392 70S 1,498 1,465 2,244 2,279 2,617 2,162 3,374 6,156 6,763 5,203 4,015 6,848 4,920 2,836 1,994 1,534 1,464 1,145 844 434 522 2,137 776 310 154 128 28 12 26 4 “ 29 - Income from estates anc (34) (34) 278 1,407 623 635 767 1,342 1,199 852 968 1,896 799 630 1,058 977 731 666 630 503 290 180 165 183 507 450 173 183 18 37 39 1 5 i 8 (35) * ” T 6 “ “ “ “ “ Miscellaneous income 20/ 1,781 3,520 3,946 5,224 4,130 5,420 7,958 8,502 8,129 9,087 13,957 16,227 10,280 12,871 24,397 21,230 13,818 12,476 10,783 9,865 7,823 5,621 5,854 5,780 17,454 9,498 5,655 6,666 3,182 2,094 1,308 682 S14 203 546 338 21 1 1 7,108 9,738 12,688 13,918 14,380 14,510 17,892 23,725 19,112 ,20,068 55,684 27,387 20,642 18,035 29,486 28,001 12,640 10,113 7,202 7,159 5,714 4,493 3,804 3,391 9,574 3,942 2,289 2,099 1,463 196 69 44 136 64 6 i - (35) (35) - Adjusted gross income 2/ 894,856 1,324,019 2,161,10C 5,159,62] 3,916,772 5,054,982 5,303,133 6,057,60] 5,943,075 5,728,784 10,058,408 7,477,780 5,222,053 3,634,549 3,659,582 2,207,403 1,448,676 1,067,087 801,869 677,622 531,619 450,092 364,611 319,531 1,025,242 507,983 276,023 278,598 130,622 67,880 38,493 21,059 13,576 9,989 19,689 6,585 4,750 2,170 1,053 1,702 5,219 817 1,056 Amount of exemption 21/ 690,531 759,220 1,163,331 1,562,428 1,781,757 2,518,445 2,249,589 2,794,791 2,562,625 2,538,840 4,143,512 2,846,441 1,815,858 1,125,620 927,280 459,163 250,188 159,757 105,594 80,703 56,768 44,520 32,680 26,110 70,924 26,465 11,455 9,106 3,262 1,355 612 288 171 118 167 33 20 4 3 2 6 1 3 Tax liability 3/ 22,392 82,495 149,949 243,698 332,097 422,671 480,698 504,446 529,266 497,187 937,162 749,972 557,240 417,487 477,372 325,228 256,357 188,402 151,516 136,084 112,827 ICO,484 85,391 78,512 281,063 164,552 101,026 114,147 59,822 33,721 20,168 11,458 7,683 5,905 11,780 3,997 2,939 1,271 613 983 3,011 681 887 Tax withheld 68,988 111,175 172,495 263,809 340,620 430,383 470,243 490,489 494,447 456,980 831,823 632,052 442,865 299,075 278,505 139,639 81,991 53,427 36,373 29,359 19,869 16,789 13,542 10,958 32,266 13,823 6,659 5,694 2,263 1,139 592 315 127 147 211 16 15 20 5 4 13 12 Payments on 1946 decla ration 22/ 2,435 5,396 10,491 12,629 17,248 22,259 25,254 32,306 35,173 36,626 76,947 72,657 67,962 69,731 118,912 112,262 104,508 91,606 79,295 72,909 62,209 56,715 48,436 44,853 165,872 101,332 62,091 73,034 38,769 21,411 12,848 7,449 4,950 3,273 7,795 2,712 2,111 151 534 776 1,991 669 845 Balance of tax due at time of 3,089 10)451 17i191 23,170 28,198 35,970 40,686 45,658 52,341 50)862 99,957 9l)617 76,073 67,822 101,797 87,233 64,060 54,227 45,051 40,487 36,097 31,720 27,312 25)578 93,249 54,406 34,518 37,638 19,765 11,527 6,976 3,846 2,671 2,496 3,819 l)268 838 1,101 74 203 1,007 1 42 Overpayment (refund, or credit on 52,119 44)507 5o)"228 55j909 53)968 65)941 55j485 64)007 52)694 47)281 71)566 46)355 29)660 19)l41 21,839 13)906 14)002 IO)858 9)204 6)671 5,346 4)740 3,899 2)877 10,325 5)010 2)242 2^219 '976 357 227 152 65 10 45 25 - - - • 65,582 18,407 276,840 386.775 79.877,330 30.619.817 569 439 678 1,529 1,466 1,674 485 1,355 (34) 614 (54) (34) (34) (34) _____11,007 T'6.589 3,854 1,379 571 467 1,098 (34) (34) (34) (34) (54) 26,490 1,493 1,582 862 402 593 (34) £34) 633 (34) (34) (34) £34) (34) (34) 7,070 283,910 9,343 9,340 16,170 15,385 11,965 12,047 9,189 10,358 5,059 4,834 1,719 4,563 1,726 1,276 112,97 3 499.748 3,111,141 1,574,881 1,902,826 1,985,871 1,881,750 2,102,812 1,705,387 1,922,635 1,137,272 1,194,998 609,166 759,764 222,105 109,257 20.229.912 50.849.729 50,439 19,706 118,101 367,861 1,282,708 858,303 1,218,472 1,423,667 1,385,013 1,713,113 1,359,880 1,722,289 958,872 1,113,356 550,252 726,619 215,950 108,440 14.636,940 94.514.270 80,573,672 48,582,698 26,151 6,785 165,810 151,885 13,940,598 2,266,852 8,083 For footnotes, see pp. 22-23; for extent towhich data are estimated, seepp. 4-5. 8.644.661 - 6,249,217 1.787,232 1^432j071 823.856 8.644.661 92,445 3,141 36,441 1,362 37,327 1,952 38,292 l) 613 31,009 824 35,002 1,530 1,186 20,670 29,251 756 | 11,460 392 15,676 44? 6,268 187 9,367 338 2,442 91 1.114 (3 i) _ 366,784 13,853 6,616.001 r iÌ.801,085 1,*32,071 5,926,760 5,872,228 500,964 643,065 1,089,496 743,771 1,300,118 789,007 114,997 _ _ _ - « » - 2,717,900 j _ 95,586 3?)803 39)279 39^905 31^833 36)532 21^856 30^007 11^872 16)ll8 6)456 9^705 2)533 1,152 380.637 - r°r 1946, by taxable and nontaxable returns and by adjusted gross Income classes — Part I, all returns} Part II, returns with standard deduction; Part III, f emized deductions: Nunber of returns, income or loss from each of the sources comprising adjusted gross income, adjusted gross income, deductions, amount of exemption, tax liability, tax payments, and tax overpayment - Continued * ’ PART III. - RETURNS WITH ITEMIZED DEDUCTIONS 24/ ________ i Adjusted gross income classes V 1 2 3 4 5 6 7 8 9 10 11 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 sa 59 60 61 62 63 64 65 66 67 es 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 3.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 . . 9 under 10 10 under 11 11 under 12 12 under 13 13 under 14 14 under 15 15 under 20 20 under 25 25 under 30 SO under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1.000 under 1,500 1,500 under 2,000 2.000 under 3,000 3.000 under 4,000 4.000 under 5,000 5.000 and over Total taxable returns ontaxable returns: 53/ No adjusted gross income 5/ Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 3 under 3.5 3.5 under 4 4 and over T o ta l n o n tax a b le r e t u r n s Grand t o t a l taxable returns with adjusted gross in coine under 65,000 and nontaxable returns Taxable returns wrltb adjusted erosa Number of returns 509,646 653,352 459,083 297,074 371,831 136.391 1Q0,895 82,916 69,319 56,883 49,386 43,279 37,153 132.391 77,395 46,169 51,791 25,999 15,121 8,907 5,845 4,067 2,764 6,209 1,956 879 436 448 197 231 82 52 22 9 3 1 6 .566.176 216,077 39,025 Salaries and wages 10/ 28,825 98,825 166,879 324,271 466,606 665,654 868,530 1,014,805 1,192,989 1,254,081 2,510,509 2,062,681 1,613,887 1,099,819 1,547,632 979,642 622,321 481,560 411,276 370,206 308,846 283,268 256,762 224,296 921,734 644,535 454,856 568,601 335,931 223,387 149,631 104,961 78,825 59,820 146,736 53,098 26,005 14,498 14,120 6,749 8,023 2,501 1,249 543 279 117 43 22.648.188 Dividends 11/ 3,432 10,678 12,510 16,482 17,464 19,905 20,776 21,890 20,571 23,034 ■ 38,294 35,921 59,176 40,930 57,923 60,156 59,794 58,525 60,752 56,223 53,069 51,630 52,273 48,441 215,671 180,919 141,971 220,761 159,690 124,434 93,202 76,525 63,759 54,450 167,657 84*379 56,828 33,494 43,767 27,799 44,137 27,364 18,027 12,289 4,226 627 28 24.056 2.755.893 Interest 12/ 2,446 6,003 8,116 10,382 10,195 12,022 11,514 12,422 10,768 10,935 18,679 16,725 14,628 13,195 21,148 22,185 18,146 17,428 18,539 15,524 14,464 13,304 13,324 12,629 52,912 40,487 30,141 42,242 27,556 19,898 13,854 10,765 8,480 6,648 19,674 6,063 5,551 2,783 2,723 1,653 3,245 3,171 1,124 1,603 140 13 96 3.065 630.355 Annuities and pensions 13/ 1,197 2,689 4,765 5,115 6,706 6,507 4,765 5,653 5,730 2,819 6,662 3,567 4,108 2,155 4,497 2,578 2,438 2,004 2,267 1,947 1,774 1,501 1,287 980 6,242 4,597 2,417 3,777 1,937 1,819 1,046 985 721 498 1,503 620 269 181 94 237 104 46 76 48 66 108.790 29,585 5,667 37,592 37,594 70,125 89,839 96,951 120,099 106,054 149,307 102,282 111,988 144,725 58,555 48.716 3,270 920 5,530 3,960 4,525 3,730 4,205 1,589 1,597 1,595 259 905 907 496 1.561 2,843 1,054 4,089 2,510 2,932 3,413 1,578 1,189 1,290 865 449 266 558 379 443 77ZÖ4745? 14,575,196 355,712 653 .991 leiréèè 825 256 2,041 1,284 1,488 2,233 (34) (34) (34) (54) (54) (54) (34) (54) (54) 10.067 118.857 .-i-oi 9 ,281,851 2.434.828 472.526 48.556 120,200 86,618 114,527 108,157 89,398 88,471 66,122 76,544 48,057 45,856 53,731 19,802 14.418 ^a..54s.7as Rents and royalties 14/ Net profit Net loss 5,179 9,705 14,627 19,124 21,940 26,213 25,532 24,351 29,574 22,808 42,609 57,434 26,029 30,332 39,063 34,280 25,090 24,784 24,974 20,560 18,952 18,364 16,095 16,051 59,955 46,815 32,213 43,627 29,294 20,284 13,356 11,195 7,589 6,273 15,293 6,914 5,723 1,859 2,316 1,973 937 723 1,943 564 22 (55) 424 890 1,195 2,583 2,416 5,036 3,460 4,609 4,775 4,151 7,555 5,807 4,241 3,243 4,285 '2,791 2,182 1,891 1,881 1,167 1,401 1,163 646 1,035 4,546 2,380 1,759 2,487 1,443 1,011 646 500 464 309 934 379 200 283 106 130 125 66 24 38 3 3 Business and profession 15/ Net Net Net Net Net 1,153 4,169 4,779 7,975 11,111 13,542 16,604 18,429 21,047 22,585 47,880 45,753 37,235 38,725 54,434 46,173 42,107 57,834 34,932 32,359 29,490 28,220 27,748 26,560 113,215 84,217 70,568 109,246 77,273 65,283 50,192 42,640 36,716 29,899 108,646 65,804 43,538 33,988 47,577 30,752 58,587 23,561 24,780 10,043 11,553 3,741 4,685 21.651 1,819,002 424 1,050 2,440 2,704 2,718 3,629 3,457 2,598 2,779 3,444 6,535 4,813 5,253 3,788 6,702 6,438 4,623 4,383 4,227 3,598 3,576 2,915 2,906 2,672 10,457 7,126 4,509 5,584 3,088 1,835 1,345 724 534 383 881 289 127 50 61 29 53 IS 8 5 124.559 41.217 29,254 22,344 (34) 1,195 4,956 (34) (34) 1,212 (34) 3,525 (34) 6,638 3,442 (34) (54) 3,000 (34) 2,601 (34) 2,327 (34) 1,050 2,136 (34) (34) 2,256 (34) 1,837 ,(34) ____ (S*l, 55.654 60.099 84.057 1.879.101 44,838 351,087 16,974 1,366 1,712 1,422 1,543 638 752 621 (34) 927 (54) 747 (34) (34) (34) 28,785 155.542 ’¡74,215 1,295 (34). 478 (34) 670 (34) (34) (34) (34) (34) 1,650 2,861 4,506 6,876 9,158 15,823 21,851 28,715 31,987 32,548 57,929 61,249 44,222 48,394 85,9@0 78,675 82,782 75,662 • 84,691 90,019 92,795 92,100 93,200 91,835 432,459 362,241 296,527 457,579 311,019 233,695 159,940 123,044 97,937 69,487 171,056 71,802 33,326 16,141 20,598 6,985 7,778 5,242 2,932 1,627 2,966 _ - • 224 194.157 24 4.119.¿31 29 10 50.403 8,668 9,251 934 3,239 757 12,314 792 9,647 12,682 1,465 8,339 911 1,619 5,950 548 6,238 2,002 1,012 3,187 593 1,419 (34) 1,713 470 3,827 379 1,010 (34) 2.020 - (34) _82¿2S6 19.526 964.593 106.072 417,512 69,489 7,005 248,514 4,477 2,554 13,188 4,492 19,935 2,410 35,045 2,014 34,680 6,424 32,458 1,064 29,894 1,985 23,353 1,434 22,520 1,440 16,383 (34) 11,996 (34) 15,958 (34) 9,139 (34) 11.680 - (54) 287.711 275,672 4 902.086 469.829 1, 642,290 5¿¿,594 2,556 536 1,504 1,583 2,221 3,619 2,368 3,233 3,471 1,895 3,527 4,027 4,688 (34) (34) 40.889 4.160.520 546.880 3, 259.800 3,751,864 - 19 882.137 104 86.546 56, 582 4 .614,375 144.254 • Sales or exchanges of property other than capital assets 18/ Net Net Net (54) 552 1,089 1,889 2,858 3,130 2,900 3,450 3,703 6,505 8,232 6,444 3,953 4,878 5,766 8,476 5,505 4,614 4,073 4,022 3,367 2,652 2,967 3,304 15,839 10,946 8,268 11,900 8,824 7,356 4,144 3,325 3,871 2,919 7,656 4,195 3,146 1,699 1,405 1,284 1,194 502 249 264 214 64 - 8,559 16,086 32,851 57,495 70,099 92,504 107,278 96,940 97,067 100,525 222,842 171,671 157,687 122,975 204,510 190,524 159,834 149,150 140,042 128,531 122,181 116,287 112,814 107,378 433,279 322,144 221,207 284,691 172,404 107,663 67,799 49,153 35,644 23,179 60,805 20,388 8,394 5,105 6,745 3,134 2,015 233 2,690 1,879 Sales or exchanges of capital assets 17/ (34) (34) (34) (34) (34) 474 714 (34) (34) 1,440 2,218 863 1,484 1,719 1,314 1,640 2,166 1,577 2,026 1,376 1,095 1,231 957 1,303 3,647 2,665 2,905 5,246 2,002 1,730 1,098 1,052 939 306 1,541 829 510 395 388 209 807 135 9 28 50 59,197 1,528.012 • 79.123 (34) (34) (34) (34) (34) (34) (34) (34) (34) 472 (34) * (34) • 1,017 797 2,068 750 1,253 (34) 1,818 1,289 4,869 3)323 3,038 446 2,795 657 1,881 988 3,830 1,530 1,670 1,085 1,464 1,163 1,300 1,403 1,001 1,625 949 632 653 844 728 670 732 655 729 775 2,022 3,493 2,171 1,320 935 1,801 1,037 1,761 1,369 617 457 1,041 295 560 696 130 102 477 145 278 1,467 385 20 462 15 434 6 111 38 288 61 51 53 89 6 15 1 82 (35) . (35) m (34) (34) (34) 4,875 46.090 25,390 300 1,788 3)204 2,465 3,954 4,015 3,517 3,929 5,891 4,246 9,963 11,520 9,132 J.4,540 H',464 12)231 13)906 14,485 14,937 14,827 15,462 13,615 13,866 14)212 64,929 50,563 43)360 66,156 50,847 36,698 30,506 21,938 19,639 14,846 60,350 28,147 19,000 13,291 16,848 9,495 16,098 9,817 9,787 9,270 4,487 2,985 _ m 702 38.277 i 816,525 25,131 (34) 562 (34) (34) (34) (34) (34) (34) (34) (34) 1,529 241 668 757 (34) (34) (34) (34) (34) (34) (34) (34) (34) (34) . (34.) . 7j228 825.755 (34) (34) (34) 27,655 65.912 58,18¿ 20.700, 87,731 Table 2« — Individual returns f or 1946, by taxable m d nontaxable returns and by adjusted gross Income classes — Part I, ell returns; Part XI, returns wi t h standard deduction; part III» returns with itemize’, deductionst Number of returns, income or loss from each of the sources comprising adjusted gross income, adjusted gross income, deductions, amount of exemption, tax liability, tax payments, and tax overpayment — Continued PART I I I . - RETURNS WITH ITEMIZED DEDUCTIONS 2 4 / - C ontinued Income estates and trusts 19/ 85,689 J 738,063 Miscel laneous in come 20/ 1,389 3,213 4,451 5,£ 5,755 6,590 7,879 6,297 5,568 5,714 12,499 12,004 9,355 7,602 15,354 9,226 7,634 6,086 6,618 5,760 5,525 5,822 3,732 4,111 16,692 12,057 6,428 8,943 7,142 4,109 3,124 1,519 1,098 877 1,929 669 479 184 954 69 170 13 1,997 554 1,057 1,849 2,403 2,180 1,777 2,289 1,327 1,690 554 729 1,488 488 jáU 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 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 couve u n a e r lT a x a b l e and nontaxable returns od 1 ,548,7231 9 ,281,8511 2 ,434,828 48,356 546,880 56,582 3,259,800 144,254 5,751,864 59,197 1,528,012 i 20,7001 27,731 ,ooy 738,063 u à , irci ! 07 136,317 68 Table 2« — Individual returns £ o t 1946, by taxable and nontaxable returns and by adjusted gross income classes — Part I, all returns $ Part II, returns wi t h standard deduction; Part III, returns with itemize! deductions s Number of returns, Income or loss from each of the sources comprising adjusted gross income, adjusted gross income, deductions, amount of exemption, tax liability, tax paylaents, and tax overpayment — Continued PART I I I . - RETURNS WITH ITEMIZED DEDUCTIONS 2 4 / - C ontinued Adjusted gross in come classes 2 / Taxable returnsi 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 5 under 3.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 15 15 under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 3,000 3,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns Taxable returns with adjusted gross income under $5,000 and nontaxable returns Taxable returns with adjusted gross income of $5,000 and over Contribu tions 25/ Interest 26/ Medical, dental, etc«, ex penses 29/ Miscel laneous deduc tions 50/ Total de ductions Net income 31/ Net deficit 52/ Amount of exemption 21/ 53,046 153,302 251,943 448,875 614,810 848,610 1,077,735 1,221,360 1,409,532 1,464,303 2,945,270 2,443,191 1,942,664 1,405,931 2,026,159 1,416,708 1,019,877 854,950 786,195 726,111 652,927 616,208 583,502 538,133 2,281,129 1,724,589 1,261,381 1,781,685 1,156,784 824,755 575,151 456,555 344,024 261,928 741,534 533,748 194,711 118,923 153,329 87,184 138,899 71,961 62,245 37,335 20,528 10,383 4,779 47.821 3,140 9,952 15,660 26,730 33,122 45,805 54,058 59,025 65,922 67,728 151,865 107,466 85,960 56,607 84,542 55,524 39,137 31,828 28,493 25,777 22,928 21,:03 19,537 17,775 72,116 52,563 37,228 53,125 36,074 26,825 20,031 15,508 13,506 10,614 33,704 17,596 11,282 6,430 8,365 5,194 8,868 5,333 4,021 4,276 630 1,072 53 4.800 227 1,500 2,794 5, 641 8,620 12,297 19,747 24,509 30,580 34,718 71,779 60,281 47,589 34,728 47,943 52,197 22,217 16,845 14,887 12,575 10,919 9,697 8,658 7,763 30,059 20,567 14,191 20,237 12,089 8,899 6,235 4,766 4,051 3,128 8,616 4,021 2,716 1,145 1,802 781 1,703 548 540 69 95 24 23 14 1,542 5,859 9,608 16,815 22,564 29,256 37,834 42,825 50,139 52,315 104,074 86,136 68,785 48,195 70,126 49,290 35,736 29,263 27,144 24,231 21,252 19,370 18,116 17,811 68,086 49,839 35,560 49,428 31,773 22,736 15,859 12,252 9,354 7,457 21,573 10,092 5,665 3,583 4,097 2,550 3,705 1,669 1,312 1,046 293 63 (55) 691 1.246.970 - - 40 137.062 905.568 8/247.206 12,510 75,553 75,269 130,307 147,354 146,152 164,506 138,992 180,586 125,380 132,584 173,030 73,651 67.165 9/1.395.833 9/39.568.530 662 1,447 1,783 2,666 4,108 3,819 4,733 4,631 3,942 •6,066 3,843 3,856 7,001 2,586 3.274 54,418 739.026 1,247 286 717 2,208 1,356 2,864 3,865 2,484 3,404 3,765 4.256 1,848 5,514 3,666 4.806 42.281 179.343 123,157 6,025 542 3,414 5,003 6,977 8,031 9,104 8,268 10,977 10,583 9,246 10,475 14,768 8,447 14.292 126.149 1,306.162 12,015 8,601 28,959 34,261 44,820 55,054 53,000 51,903 44,849 52,271 38,242 36,990 55,658 26,065 34.094 576,781 6,289,698 6,809 48,330 43,487 86,769 94,016 96,585 113,603 95,071 128,658 88,032 96,192 117,860 48,357 35.348 1.099.117 33,558,895 259,221 2,900 1,736 2,478 1,282 1,715 3,433 (34) 928 (34) (34) (34) (34) (34) (34) 280.064 280,064 253,173 34,335 79,787 74,460 120,027 127,844 125,064 136,528 116,843 147,414 101,730 106,942 132,070 54,774 40.417 1.651.404 10.654.417 409,227 1,846 2,279 5,716 5,727 7,739 8,095 6,819 6,615 5,134 7,636 4,361 4,668 7,023 2,721 3.106 79.485 1,326.455 655,432 1,405 2,605 12,495 14,527 17,687 24,907 21,496 22,009 15,159 16,121 10,700 9,863 13,946 5,567 5.676 194.163 1.099.731 9/17.676.405 831 1,443 4,834 4,131 6,953 7,338 6,982 7,896 6,235 8,101 5,838 6,278 7,406 3,079 2.941 80.286 1.638.982 843,326 907,887 716,422 3,655,441 14,301,032 280,064 21,892,125 795,656 329,802 671,022 56,194 191,843 589,745 2,634,261 19,257,864 - For footnotes, see pp. 22-23; f o r extent to which data are estimated, see pp. 4-5. 120 516 1,142 2,050 3,139 4,443 4,874 6,600 6,731 7,254 14,624 12,287 8,650 8,441 14,460 7,041 3,789 3,513 2,516 1,841 1,709 1,595 1,676 1,252 4,416 2,761 1,693 2,383 1,513 870 642 334 395 278 573 347 135 15 483 12 25 86 1 (ss) 2,012 11,276 17,828 27,594 37,151 48,207 60,283 61,017 68,927 62,903 117,017 90,306 63,997 45,206 52,920 30,042 19,663 14,280 10,492 8,549 7,420 5,583 5,167 4,483 14,239 7,606 3,855 3,751 1,621 888 501 233 159 113 184 56 24 4 9 - 1 - - 486 7,526 45,520 3,104 52,207 121,096 6,888 53,920 198,024 12,810 91,640 357,235 19,692 124,287 490,523 24,518 164,526 684,085 208,806 32,010 868,929 57,833 989,751 251,609 45,715 268,012 1,141,520 45,909 270,826 1,193,477 108,140 547,499 2,397,773 101,037 457,514 1,985,677 85,931 360,913 1,581,749 66,197 259,574 1,146,556 89,085 359,075 1,667,083 59,586 233,680 1,183,028 33,675 154,219 865,658 28,264 123,792 731,159 25,027 108,559 677,635 21,704 94,677 631,434 18,784 83,013 569,915 16,249 73,597 542,612 14,829 67,964 515,539 13,381 62,465 475,667 56,852 245,768 2,035,361 38,857 172,192 1,552,397 23,977 116,506 1,144,874 34,745 163,669 1,618,013 21,692 104,762 1,052,022 15,447 75,663 749,092 11,982 55,250 519,901 42,327 9,234 394,228 7,076 34,541 309,484 27,936 6,345 233,993 15,635 80,285 661,249 7,421 39,334 294,414 5,373 25,195 169,515 2,551 13,728 105,195 3,057 17,812 135,517 2,142 10,679 76,505 2,513 16,814 122,085 964 8,599 63,362 1,172 6,847 55,399 950 6,341 30,991 103 .120 19,407 9 1,168 9,215 40 116 4,662 1.024 6.568 41.253 1.180.013 5.712.917 32.459.778 - • _ m • • • • • • • • ■d • • « - ' _ _ _ - • - _ • - - Tax lia bility 8/ Tax withheld Paymente on 1946 declaration 22/ 59,481 1,256 2,199 594 87,875 6,582 8,182 1,911 125,481 14,994 14,010 3,580 224,789 25,160 27,765 5) 521 291,747 38,013 40 )911 7)l25 590,109 55,687 59j215 10^550 478,178 75,852 78)536 10)881 546,215 83,649 88,686 12)443 628,511 96,658 103)660 12)975 640,516 104,226 109,358 13,898 1,255,758 217,233 221,319 29,222 980,781 195,219 191,407 27,995 700,766 168,180 156,305 26,862 449,802 134,616 115,427 26,078 569,888 215,127 175,850 45)728 527,978 172,818 119,563 50,684 196,251 140,140 80,171 56,744 142,265 127,645 64,525 57,460 115,267 126,262 57,055 62,987 95,875 124,465 52,089 62,655 78,426 118,459 63,712 44,633 67,647 118,564 41,497 65,109 58,696 117,793 38,183 65,492 50,305 113,458 53,571 67,611 177,291 543,461 143,658 531)423 101,611 487,471 104,117 314,636 58,716 407,232 71,644 266,943 63,654 647,656 95,790 440,253 30,641 470,130 57,647 329,997 17,337 361,604 39)168 260,372 10,063 265,955 25,969 195,288 6,404 211,082 18,941 156)094 4,306 171,638 14,037 131,046 2,847 134,081 10,823 100)672 6,161 399,193 25,953 508,628 1,838 188,267 9,745 147,965 778 111,091 4,678 88,938 384 69,136 2,561 56)787 398 90,328 2,389 74,850 165 50,884 1,168 42,962 178 79,774 1,395 68)256 61 44,205 447 38,169 41 37,485 164 31,594 23 22,537 23 19,882 7 12,279 47 9,720 3 6,954 21 5,524 1 2,341 l)619 8 27.634 7 27.044 9.003.013 7.431.252 2.553.452 4.235.856 Balance of tax due at time of filing 520 2,061 3,560 4)846 6) 031 7^867 2,077 5)572 ' 7)723 12)773 16)055 9,359 9] 286 24^944 10)870 * IO)061 2l)926 19^709 17)677 15,946 26)115 24,885 2l)903 21)353 21)834 22)545 21)764 2l)873 23)750 22)370 109)069 98)859 86)001 136,248 98)427 73)076 52)174 4l)457 5l'41i 26)016 73'803 30^647 29'091 55^235 43*892 32^666 22*835 50^545 22^314 18)678 15^691 15¡595 12^824 ll)650 10^115 9)632 10^094 34)266 20,251 ll'507 14^725 7)340 11¡105 6)056 6)015 2,638 2)652 1,410 '722 583 1.313.517 _ 8,468,912 7,431.252 1,214,301 2,184 554 2,511 2,521 5,874 5,198 4,798 5,837 5,113 6,046 3,714 3,597 5,280 2,050 2.175 55.451 2.608.903 1,273,416 3,987 348 657 639 813 « 959 _ 684 _ 606 518 434 176 _ 568 543 _ 261 423 . 11.615 4.247.471 ” ,313.517 200,631 139,319 2,185,506 6,216,949 1,335,485 4,046,844 _ _ _ _ - Overpay ment (re.fund, or credit on 1947 tax) _ 1,174,201 21,125 25,155 40)688 30^141 17)356 24^635 15,940 11^011 7^476 5¡411 4^856 3^429 9^190 3^707 2,115 1 ,120 1*636 586 982 466 286 6 141 671.575 6,171 901 3,167 3)l59 4^687 6)157 5^482 6)443 5)631 6)480 3)889 4) 165 5,824 2)312 2.598 67,066 758.641 399,063 339,575 151 Nontaxable returns! 35/ No adjusted gross income 5/ Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 3.5 3.5 under 4 4 and over Total nontaxable returns Grand total Adjusted gross income 2/ Deduction for Loss from fire, storm, Taxes 27/ etc. 2§/ Tabla S» - Individual returns for1946, bytaxableand nontaxablereturns andbyadjustedgross insaneclassesi Frequencydistributions ofreturns fereachepecifio source of income or loss comprising adjusted gross income, for each type of tax payment, and for tax overpayment A djusted gross income cla s se s V (Thousands o f d o lla rs ) Taxable returns! 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 5 under 5.5 5.5 under 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 13 13 under 14 14 under 15 15 under 20 20 under 25 25 under 50 50 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1.000 under 1,500 1,500 under 2,000 2.000 under 3,000 5.000 under 4,000 4.000 under 5,000 5.000 and over Total taxable returns ■ 'T otal--------number of retu rn s 1,460,023 1,695,189 2,119,559 2,624,975 2,781,383 3,147,303 5,004,000 3,068,182 2,804,738 2,505,518 4,019,430 2,657,777 1,693,129 1,064,372 1,045,125 561,678 330,494 226,955 167,601 134,012 103,205 85,497 70,329 59,228 192,540 100,561 56,315 59,964 28,954 16,570 9,505 6,128 4,228 2,870 6,573 1,994 901 444 451 201 240 85 53 22 9 3 1 6 87.915.595 4 Number of r e tu rn s w ith S ales o r exchanges P a rtn e rsh ip Dividends 36/ I n te r e s t 56/ A nnuities Rents and r o y a ltie s Business and p ro fe s s io n o f c a p ita l a s s e ts and V et Ices Net lo s s Net p r o f i t Net g ain Net lo s s pensions Net p r o f i t Net lo s s Net p r o f it S a la rie s and «ages 1,276,920 1,491,848 1,851,229 2,345,724 2,515,604 2,856,804 2,744,964 2,792,715 2,551,185 2,272,236 3,631,877 2,554,748 1,466,080 870,104 787,447 575,627 200,286 129,255 91,537 72,497 55,033 45,978 56,506 29,947 98,063 51,996 29,495 51,716 15,514 8,966 5,527 3,425 2,368 1,671 3,852 1,270 577 290 305 127 183 57 57 14 6 2 - 3 38,097.413 44,063 72,074 83,578 100,592 91,615 112,972 127,229 136,355 146,502 147,407 268,806 224,070 186,517 153,266 228,650 153,020 110,265 84,901 66,372 55,883 45,030 38,945 33,964 29,269 100,678 58,446 54,857 39,647 20,258 11,928 7,236 4,818 3,585 2,555 5,537 1,717 811 406 411 189 224 79 51 22 9 5 1 6 3,034.011 56,817 85,472 98,327 126,313 131,339 150,812 162,265 178,249 188,015 173,742 532,566 256,810 194,009 142,866 208,896 158,009 96,418 71,316 56,109 47,411 37,460 52,516 27,951 24,054 84,943 48,781 29,519 53,516 17,408 10,472 6,375 4,215 3,001 2,109 4,933 1,622 774 379 389 183 215 78 . 46 19 9 3 1 6 5.264.709 38/8,852 11,598 18,940 17,875 19,471 17,662 14,790 15,109 14,591 10,640 21,414 14,219 12,236 88/6.823 11,319 38/6,851 4,905 3,627 2,742 2,188 1,881 1,581 1,302 1,135 3,928 2,355 1,463 1,764 947 584 436 282 209 162 426 156 66 29 32 22 21 e 6 3 3 11,741 51,762 47,941 37,404 56,014 18,992 18,529 11,928 11,464 38/7,527 W 5 ,3 2 7 3,822 W 6 , 022 W 2 ,3 1 6 W a .1 5 1 272.920 14,364 78,050 64,154 51,762 45,857 28,605 24,665 15,285 15,865 38/9,264 W 7 ,9 9 1 W s ’ 242 W 7 .9 9 0 W e , 316 W 2 .3 6 0 871.7S5 S .é à ê .iW 53,520 38/6,708 68,668 *“ 10,747 83,991 15,002 109,916 20,668 113,562 27,798 140,520 41,272 155,869 42,161 165,497 48,933 168,094 54,877 162,860 51,874 289,789 88,596 217,374 61,998 159,119 44,504 108,124 28,972 130,470 57,115 85,261 17,828 11,226 56,542 40,864 8,060 31,781 6,262 ‘ 26,310 5,043 21,075 5,955 17,531 5,324 15,197 2,975 12,738 2,407 42,055 8,201 23,535 4,415 13,249 2,685 2,916 14,448 7,215 1,480 4,284 899 2,530 544 554 1,688 1,171 255 199 824 1,808 404 160 584 81 304 56 131 147 42 80 20 97 24 25 14 21 9 7 8 5 1 1 1 105,845 109,529 193,178 253,712 229,005 275,914 255,912 282,748 256,761 240,906 419,549 514,427 235,589 182,750 252,070 157,958 101,092 74,413 56,179 43,385 54,792 28,754 23,242 19,449 59,457 29,942 15,554 15,264 6,855 5,562 1,950 1,165 764 466 988 281 102 49 60 25 23 8 11 3 • • - • - 254.433 4 Ü.54è.û&4 2 664.864 W l ,2 4 9 “ 12,159 12,507 38/8,264 W ? ,9 9 1 W 4 ,8 6 4 W l,7 5 7 W l,1 5 8 W l.8 9 0 (59) (39) (59) (39) (39) (39) ; 54.524 17,611 108,157 89,629 72,722 67,396 41,109 40,067 26,750 27,792 16,907 15.864 11,464 15.865 38/4,285 W 3 .2 6 1 558.879 15,864 16,675 38/9,380 W 9 ,2 6 4 58/9,611 58 /8 ,8 0 1 "53/8, 358 5 8 /5,674 W e , 106 W 3 ,5 9 0 W S ,7 0 6 5 8 /5 ,1 2 6 W 4 .0 5 5 (39) (39) 1Ô5.SÔ0 58/8,243 301,206 256,266 503,281 291,931 199,177 206,934 137,223 135,170 64,269 61,374 52,540 37,983 15,286 10.081 2 .0 6 l.9 6 4 M /S , 746 W 7 ,9 8 0 “ 11,172 17,037 17,024 25,129 22,251 21,719 18,101 21,015 54,263 23,171 16,309 10,455 15,753 38/9.112 6,557 4,905 3,696 3,048 2,527 2,079 1,886 1,725 6,002 5,605 2,200 2,656 1,578 1,065 658 477 555 269 627 260 138 80 78 43 40 17 IX 5 3 2 • 3 4, *¡59,686 ------ S I O I Z W 4 ,7 8 8 19,046 88/1,490 18,959 25,124 W l ,5 8 S 51,881 W V ,3 4 1 10,959 56,212 W l ,S 8 3 40,977 35,252 W S ,9 6 4 55,397 13,328 12,036 46,245 W 2 ,7 9 4 62,685 76,264 57,046 W 4 ,6 8 2 17,398 87,848 20,442 54,970 W 4 ,0 4 4 66,249 W 3 ,0 6 6 96,960 16,638 68,150 W 4 ,1 7 7 17,531 101,669 18,581 65,679 58/4,815 107,523 117,047 W 7 ,0 8 9 192,651 32,450 93,952 W s ,2 8 2 181,018 25,298 74,152 W S ,5 8 8 126,134 23,743 68,019 W 3 ,6 5 1 107,144 15,908. 95,296 W S ,7 7 9 25,206 158,742 67,825 W 3 .4 5 9 21,298 95,524 14,922 54,409 2,496 68,456 12,877 42,035 1,887 52,247 54,582 40,647 10,459 1,622 54,188 30,422 1,513 8,904 8,145 25,639 965 27,779 22,600 969 23,794 6,586 18,995 782 6,122 20,616 16,948 756 17,938 5,592 58,691 2,667 62,1X4 19,538 12,067 52,791 1,459 35,527 1,005 20,212 7,289 22,467 8,455 1,144 26,057 23,162 566 X5,8X5 4,406 11,659 576 8,401 2,578 6,854 5,137 4,017 229 1,624 3,462 173 996 2,575 1,824 2,496 721 131 501 1,144 70 1,744 2,411 205 4,070 1,123 73C 87 1,579 343 47 658 150 326 540 71 141 S3 143 52 851 74 15 32 55 159 25 54 198 S3 20 8 63 17 19 6 10 59 4 5 5 18 m ■ 1 8 • e. 2 5 • 1 1 1 5 6 1,402,685 77.062 1 .9 7 5 .io s — 415.587 Nontaxable returns: 55/ Noadjusted grossInterne5/ 218,077 4,718,303 1,551,141 1,469,849 1,402,223 1,112,606 1,152,558 812,800 878,112 480,339 472,348 238,451 280,815 Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 5 under 3.5 3.5 under 4 4 and over Total nontaxable returns Grand total 39.084 53,348 4,280,779 1,229,912 1,145,725 1,117,258 933,463 975,762 695,379 773,197 432,050 4 2 6 ,37C 213,420 251,749 66,585 29.449 1 4 ,9 0 0 .8 5 1 5 2 .8 1 6 .5 4 7 4 9 ,5 4 4 ,4 0 9 1 2 .6 0 2 .4 3 2 4 5 .6 9 9 .8 4 5 4 3 ,6 2 4 ,4 6 8 3 ,2 7 2 ,1 5 8 2 ,0 7 5 ,5 7 7 7 8 ,1 6 5 Taxable returns w i t h adjusted gross income [under $5,000 and nontaxable returns potable returns K i t h adjusted gross income I of ftS,OOP and, over__________ • " 3 ,3 0 6 ,9 3 1 2 ,1 6 7 ,7 6 4 2 ,6 4 7 ,3 6 6 308.957 258,724 3 .1 0 6 .9 6 3 2 ,5 5 5 ,1 8 3 7 7 0.224 6 4 9,265 6 .3 0 1 .6 5 0 5 ,3 9 3 ,7 8 9 1 ,1 5 9 ,1 6 7 9 8 9,111 5 0 ,2 5 5 55 1 ,7 8 0 1 2 0,959 9 0 7,861 171,488 45,162 20,729 17,717 18,644 11,928 11,232 38/7,064 W 7 ,4 1 1 W 4 .S 1 6 W S ,2 4 2 W 2 ,2 0 1 W l.2 7 4 (39) (39) S2S.319 642.131 572,691 69,440 17,486 20,484 24,480 58/5,906 37,403 16,559 W 2 ,2 0 0 29,413 38/9,959 32,656 W 7 ,0 6 5 W 2 ,2 0 1 W 2 ,2 0 0 50,340 W 5 .9 0 6 24,897 W S ,9 3 7 W l,6 2 1 53/4,748 W l,lS 8 23,507 W l,8 9 0 18,559 58 /2 ,4 5 2 5 8 /1,389 17,255 W i , 9 6 9 (89) 58/9,149 W 2 ,7 7 9 W 9 ,7 2 7 5 jy 1,853 (39) W 6 , 022 W l , 1 5 8 (59 W 8 ,6 8 5 58 /1 .6 2 2 (39) 155/2, 516 (39) (39) (39) 38/1.057 W l.4 2 0 • w f e * — 2B9.85S ------85,870" 115.186 2.244.938 ■V&.4ÜT1 ,0 1 1 ,1 5 2 88,832 1,536,716 322,491 38/3.123 25,476 19,539 21,654 19,686 18,991 19,918 13,517 13,896 38/6,569 W 7,527 5 8 /4,516 W 4 ,7 4 8 W 2 ,0 6 4 W l.4 0 5 3032.049 1.584.734 573,582 26,554 stlmated, f o r 1 9 4 6 , tor t a m h la tad noDtax&ble r e tu r n s and bjr adjusted g ro ss tnnoaw n l i i w e m Trmqvomaaj d i s t r i b u t i o n s o r r e t u r n s Car eubh « p e o lf ie so u rc e o f inedme o r l o s s co m p risin g adjusted g r o s s incom e, f o r each ty p e o f t a x paym ent, and f o r t a x overpaym ent - C ontinued Individual 708,222 179,966 • I n d iv id u a l r a tU D s tor I M S . tor ta x a b le and n o o ta x a b la r e t u r n s and b y a d j u s t e d g r o s s income c la s s a n i Frequency d i e t x j toutA w 1 s o u rc e o f in eim e.O r l o s s comprising adjusted gross Income, f o r each type o f t a x payment, and f o r t a x overpaym ent - C ontinued gSggaaSS&SSBfaS SfeS&fe£&fcSfeg8gg3ggS3ggSggSgggBgggSSgKggEPg«>a>-«o>«»c.wH Adjusted gross In c one classes y (Thousands o f dollars) taxablereturnsi 0*5under0*75 0.75radar1 1 und er1*25 1*25under1*5 1*5under1.75 1.75under2 2under2.25 .2.25under2*5 2.5under2.75 2.75under 5 5under 5*5 5.5under4 4under4.5 4.5under5 5under6 0under7 7under8 8 under9 9 under 1 0 1 0 under1 1 1 1 under1 2 12under15 15under14 14under15 15under20 20under25 25under 50 50under40 40under50 50under 60 60under 70 70under 80 80under90 90under100 100under150 150under200 200under250 250under 500 500under400 400under 500 500under 750 750under1,000 1.000under1,500 1,500under 2,000 2.000under 5,000 5.000under4,000 4.000under 5,000 5.000and over Totaltaxablereturns Nontaxable returns: 55/ No adjustedgross Tncoem 5/ Under0.5 0.5under 0.75 0.75under1 1under 1.25 1.25under 1.5 1.5under 1.75 1.75under 2 2under2.25 2.25under 2.5 2.5under 2.75 2.75under 5 3under 3.5 3.5under4 4 andover Totalnontaxable returns (brandtotal Taxable returnswith adjustedgross income under$5,000andnontaxablereturns Taxablereturnswithadjusted gross income of$5,OCX)and over Sales exchanges of than oapitalassets___ _ or property other 88/1,277 Wl,489 35/2,234 WS,404 W2,979 30/4,057 33/5,759 W6,886 W5,453 W6,750 ~"12,050 11,255 58/8,964 WS,268 “10,018 58/4,357 2,841 2,195 1,622 1,534 989 818 688 567 1,918 786 491 455 251 101 77 41 54 26 67 20 11 4 38/1,596 W2,234 W2.461 W5,618 W5,205 W5,844 W4,485 W4,802 W4,12S W5,452 W2,460 WS,525 W5,512 1,966 1,585 1,298 1,042 825 604 657 631 2,022 1,529 705 755 425 261 184 115 92 75 148 56 54 15 17 W2,022 Tax Tnc—r* withheld e s ta te s and t r o s ts 58/5,426 W6,044 W8,938 30/9,696 10,534 11,279 15,454 12.256 12,981 11,916 20.256 19,525 15,801 14,696 19,858 14,112 9,987 8,585 7,555 6,572 5,577 4.185 5,965 5,669 12,619 7,471 5,049 6,172 5,579 2.185 1,458 955 672 521 1,525 526 266 157 146 78 72 56 18 Payments on 1946decla taxdoeat ration22/ time at <W»4ma 4548,,8619»0 62,909 75,554 87,594 108,570 115,141 128,627 115,705 107,494 195,456 157,540 101,524 62,674 42,995 29,587 17,765 15,520 10,522 9,029 7,070 5,955 4,991 4,131 14,8» 7,810 4,850 5,556 2,858 1,726 1,052 1,196,284 1,599,706 1,742,129 2,252,662 e,485,968 2,768,012 2,679,261 2,725,455 2,495,569 2,224,567 5,559,757 2,505,892 1,429,010 845,216 7S9,855 555,100 185,974 118,726 85,486 66,151 48.254 59,950 52,891 26,895 88,065 46.254 26,179 28,158 15,672 7,900 4,704 3,056 2,094 1,454 5,234 1,063 476 258 56,640 112,255 152,661 179,064 205,260 244,755 245,017 266,909 265,622 258,554 481,852 579,860 500,440 256,126 562,587 274,675 208,547 158,572 125,067 104,674 85,755 •".,461 5 91 ,_ ,8_72 51,418 172,841 93,911 54,028 58,101 28,561 16,078 9,557 6,044 4,176 2,857 6,317 1,972 12 W2,575 W2,664 38 /3,242 W2,517 38/4,168 W5,243 W2,548 33/1,622 W2,779 (39) 38/1,158 (39) 58/1,589 (59) 107,574 29,693 58/9,492 WSjOll WS,822 Wl,274 33/1,622 Wl,757 Wl,158 (39) (39) (39) (39) (39) (39) (39) (39) 58/1,624 W5,527 W4.517 39/5,127 35/1,968 3372,085 38(/13,7 57 9) 58/1,622 (39) (39 (39) (39) (39) (59 65,978 21,500 201,841 126,764 For fo o tn o te s , see pp. 23-23j f o r ex ten t to which d ata a r e e stim ated , see pp. 4^7! 26,728 4,088,088 1,042,200 958,328 896,988 751,541 786,861 551,555 646,828 556,780 564,558 184,006 225,610 57,090 26.515 25,855 41,541 28.854 31,034 37,405 23.855 27,098 18,412 15,749 58/9,612 “loJl91 58/5,674 W7,528 1,852,235 40,998,714 186,595 1,944,544 5,686,965 1,956,424 58/4,746 117,306 49,678 55,005 51,765 57,655 57,288 27,214 26,981 15,517 14,591 58/6,157 “10,075 58/5,706 38/2.218 seek s p e c ific f° Overpayment (refund, or credit on 1947 tax) 288767,,448241 545,859 705,759 799,692 949,160 968,505 962,449 942,006 856,685 1,547,105 1,157,819 797,885 556,052 616,149 561,702 210,254 148,650 111,177 91,875 71,970 60,045 50,188 42,125 137,189 71,914 42,270 45,447 21,985 12,411 7,225 4,706 5,198 2,186 4,867 1,504 649 524 551 148 186 59 58 19 1,171,811 1,280,124 1,519,820 1,856,989 1,871,681 2,075,557 1,908,775 1,974,226 1,769,515 1,575,949 2,566,052 1,441,970 862,901 506,976 419,060 195,910 111,818 72,859 52,506 59,570 29,292 25,755 18,875 18,075 52,048 26,941 15,412 15,896 6,699 5,795 2,214 1,570 1,007 677 1,455 475 245 118 115 51 52 24 IS 5 2 48,835 4,123,870 1,068,025 964,055 928,485 771,545 808,053 S65,914 661,105 565,960 572,297 188,985 228,93? 59,406 28.067 W S,1 38/2 .22279 11,431,057 2,120,760 3 gsssssssasssssapg &6S*ft*fcfcf5S8838!iS8:8ISi3888!Sg8S28Bi38eK5KKS:KKtSS fa b le 5 . 35,346,117 67 1,102,126 ridual returns' for 1946, by taxable and nontaxable returns, by adjusted gross Income classes, and by types of tax« Nm*>er of returns, adjusted gross income, amount of exemption, tax liability before and after credits, tax credits, average tax, and effective tax rate in thousands of dollars) (Adjusted gross income classes and Adjusted gross income %J Total number of returns 1 2 5 4 S 6 7 8 9 IO U 12 IS 14 IS 16 17 18 19 80 81 88 83 84 85 86 87 88 1,460,085 1,693,189 8,119,539 8,684,975 8,781,383 3,147,303 8,004,000 3.068.188 8,804,738 8,505,518 4,019,430 2,657,777 1.693.189 1,064,372 1,045,125 561,678 330,494 886,955 167,601 134,018 103,205 85,497 70,389 59,828 198,540 100,361 56,313 59,964 88,954 16,870 9,505 6,128 4,888 8,870 6,373 1,994 901 444 947,908 1,477,381 8,413,043 3,608,496 4, 531, 588 5,903,598 6,380,868 7,878,9a 7,358,607 7,193,087 13,003,678 9,980,971 7,164,717 5,040,480 5,685,741 3,684,111 8,468,553 1,988,037 1,588,068 1,403,733 1,184,546 1,066,500 948,115 857,664 3,306,571 8,838,578 1,557,404 8,060,881 1,887,406 898,635 a S , 644 457,614 557,600 871,917 761,883 340,553 801 240 83 53 88,886 89 30 51 38 S3 34 35 36 37 38 39 40 41 48 43 44 45 46 47 48 1 ____ 6 49 SIAM* 50 a 58 53 54 55 56 57 58 59 60 61 68 63 64 4a 28 9 3 816,077 4,716,305 1,5a, 141 1,469,849 1,408,285 1,118,606 1,158,558 812,800 878,112 480,359 478,348 838,451 280 ,a s 78,165 199,4a 181,093 154,388 144,118 78,778 63,301 37,55$ 80,588 10,583 4,779 47.821 Amount of exemp tion Total tax before credits 730,018 846,595 1,888,812 1,787,816 8,073,504 8,706,554 8,787,767 3,541,006 5,191,136 3,179,356 5,597,870 3,807,828 2,516,684 1,575,488 1,497,168 787,i a 446,439 302,088 880 ,8 a 176,578 135,194 •112,166 91,576 76,415 848,815 188,075 70,171 78,880 33,905 18,698 10,675 6,691 4,476 8,965 6,388 1,871 797 588 401 167 184 83,652 89,088 163,964 868,865 570,119 478,369 554,576 588,841 686,049 601,569 1,154,497 945.815 725,487 558,196 698,889 498,388 68 85 7 5 1 ____a 44 376.815 316,308 878,166 8 a , 807 231,380 818,944 805,400 1 9 8 ,s a 885,358 658,918 509,855 765,683 551,349 395,780 886,565 888,938 179,807 1 4 0 ,8 a 411,941 198,615 114,445 70,499 91,800 52, o a 85,184 45,189 39,105 88,685 12,406 6,973 8,348 27,844 Credits Total tax after for foreign credits \J tax paid and tax paid at source 83,628 89,077 163,959 868.858 370,U O 478,358 554,530 588,095 685,924 601,413 1,154,595 945,191 725,480 558,103 698,499 498.046 376,497 316.047 277,778 860,549 831,886 818,848 203,184 191,970 824,584 658,083 508.858 7 a , 803 589,958 595,325 886,143 888,540 179,381 159,986 410,975 192,264 114,030 70,407 90,941 a , 867 88,785 44,886 38,378 28,537 12,879 6,954 8,341 27.634 Average total tax 40/ »16 Effective tax rate (percent), based on adjusted gross Income S3 77 108 155 152 135 198 223 240 887 356 428 a9 663 887 1,139 1,393 1,657 1,944 8.841 8,560 8,889 3.841 4,288 6,497 9,086 12,704 13,503 24,149 30,104 36,515 48,413 48,776 64,487 96,481 186,559 158,574 2 a , 643 858,045 344,938 540,795 784,000 1,084,409 1,564,553 8.518.000 8.341.000 8.49 6.03 6.79 7.45 8.17 8.10 8.69 8.08 8.51 8.36 8 .8 8 9.53 10.12 10.95 18.18 13.74 15.85 16.44 17.49 18.56 19.50 80.58 81.43 88.38 84.94 89.81 33.06 36.98 41.16 44.89 46.63 48.63 50.15 a .4 8 55.99 56.49 57.17 58.14 58.91 58.35 57.44 a . 68 60.68 60.57 59.88 66.97 48.99 Amount of formal tax and surtax exempbefore tion a / credits Adjusted gross income 2/ Number of returns 947,908 1,460,083 1,693,189 1,477,581 8,119,539 8,413,043 3,608,496 8,684,975 4,531,588 8, 7 a , 383 5,903,598 3,147,303 6,380,868 3,004,000 7'878Ì9a l , 068^188 7,358,607 2,804,738 7,193,067 8,505,518 4,019,430 13,003,678 8,657,777 9,920,971 7,164,717 1,693,189 5,040,480 1,064,372 5,685,741 1,045,185 5 a , 678 3,684,111 2,468,553 330,494 1,982,037 826,955 167,601 1,588,068 1,403,735 134,018 1,184,546 103,805 85,497 1,066,300 70,329 948,113 59,888 857,664 5,899,010 198,160 1,993,8a 89,951 1,135,466 41,688 1,3S8,597 39,658 768,766 17,188 8,a6 479,748 309,699 4,8a 880,378 2,95r 159,731 1,889 116,918 1,235 8,402 285,498 656 111,865 857 56,638 107 89,887 56,109 105 43 18,873 44 27,a 9 19,488 22 16,668 14 6 10,383 4,a7 8 — * : Credits Cor foreign bax paid and tax paid at source 83,632 730,018 89,068 846,595 163,964 1,888,812 1,787,216 868,865 370,119 8,073,504 8,708,554 478,369 554.576 8,787,767 3,341,006 58^841 5,ia,136 686,049 3,179,356 601,569 5,397,870 1,154,497 945,815 3,807,822 725,487 2, a6,624 558,196 1,575,488 698,889 1,497,168 498,328 787,i a 376,815 446,439 316,508 308,088 878,166 880,861 8 a , 807 176,578 831,320 135,194 118,166 818,944 91,576 803,400 76,415 192,5a 883,077 847,957 576,729 117,678 55,845 373,846 504,885 50,145 81,138 317,338 216,215 10,642 5,616 148,360 110,489 3,397 2,137 85,443 1,324 62,610 164,065 8,485 68,9% 633 887 35,655 94 19,538 23,700 99 38 12,523 18,416 38 15,986 19 10 12,851 6,911 6 3,097 1 — — * Average normal bax and surtax 40/ Effective tax rate (percent), based on adjusted gross income____ 83,688 4 89,077 5 165,959 5 868,858 7 370,110 9 478,358 11 554,530 46 146 583,095 685,924 185 156 6 a , 413 ioe 1,154,595 945,191 84 725,480 67 558,105 93 692,499 590 498,046 888 376,497 318 316,047 861 277,778 388 860,549 658 831,886 34 96 218,848 203,184 216 191,970 381 888,869 808 576,349 380 373,034 812 503,336 889 316,613 719 48 816,165 148,185 175 110,857 858 83,098 345 68,509 ia 163,876 189 160 68,888 75 35,576 9 19,589 83,608 98 78 12,245 18,841 175 185 13,863 68 12,765 6,888 83 5,096 1 * »16 53 77 108 133 158 185 198 823 840 887 356 428 a9 663 887 1,139 1,593 1,657 1,944 2,841 2,560 8,889 3,241 4,879 6,407 8,950 12,692 18,481 84,580 30,865 57,505 45,990 so, a s 68,885 104,981 138,436 188, a 4 284,781 284,767 414,568 630,136 911,643 1,138,000 1,548,000 •• 2.49 6.05 6.79 7.45 8.17 8.10 S.69 8.08 8.a 8.36 8.88 9.53 10.12 10.95 12.18 13.74 15.85 16.44 17.49 18.56 19.55 20.58 21.43 88.58 84.98 88.91 38.85 57.05 41.a 45.06 47.85 50.08 58.08 55.46 57.40 a . 53 68.88 66.88 65.56 64.88 67.a 71.14 76.57 66.14 77.07 — 8.819 18.998.011 370 12.34 _£ZtIâ 37.831.675 115.418.032 39.533.591 14.006.830 £/247,206 1,895,218 933,856 1,893,741 1,553,974 1,538,372 1,859,865 1,584,386 1,861,281 1,139,458 1,838,786 688,836 899,649 889,6a Normal tax and surtax after credits 853,173 5,145,476 1,654,667 1,977,885 8,115,898 2,009,594 2,827,876 1,841,915 8,039,587 1,884,686 1,896,728 716,106 891,834 876,878 - — — s . _— J 6! 0( LL“1 '' - - ___- _______ ________ — ,_______ =_ - 6J 8 ,934.84.9 - - - - - - - Table 4. - Individual returns for 1946, by taxable and nontaxable returns, by adjusted gross income classes, and by types of taxi Number of returns, adjusted gross income, amount of exemption, tax liability before and after credits, tax credits, average tax, and effective tax rate - Continued SSP Adjusted gross Income classes ¿/ Taxable returns! Under 15 15 under 20 20 under 25 25 under 50 50 under 40 40 under SO 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 500 500 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 5,000 5,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns ____________________________________________Returns with alternative tax 42/___________________________________________ Net Excess of Adjusted Number Amount Alternative Average Credits Alternative tax Effective of of ex income 51/ net long gross ____ before credits___ ,__ for alternative tax rate tax after returns Partial term capital emption 21/ income 2/ 50 percent credits foreign (percent), tax ¿2/ gain over tax of the excess tax paid based on net short and tax of net long adjusted term capital paid at term capital gross lucerna loss source fPiB 580 10,410 14,651 20,506 11,766 7,554 4,704 5,175 2,559 1,655 5,971 1,558 644 557 546 158 196 61 59 16 7 5 1 6 7,561 258,721 401,958 701,684 524,640 412,895 505,945 257,242 197,869 154,999 475,725 228,470 142,829 91,866 118,275 70,015 117,099 55,290 46,655 27,010 16,511 10,585 4,779 47.821 7,065 227,528 575,876 647,175 482,504 577,680 276,342 215,418 178,465 159,678 426,402 202,968 125,748 81,731 106,167 62,751 104,740 47,575 41,250 22,825 15,769 9,215 4,662 41.255 227 12,161 55,251 80,547 71,879 63,257 50,835 42,821 56,992 28,972 111,125 67,364 45,137 55,582 47,546 31,586 61,794 23,552 24,725 10,041 11,554 5,741 4,685 a. 651 m. 258 10,597 16,326 22,675 12,765 8,050 5,059 5,294 2,339 1,641 3,843 1,258 570 294 502 135 146 45 54 17 6 5 1 8 2,141 70,108 118,391 219,184 178,077 147,938 112,787 91,032 77,868 63,165 192,514 89,943 56,223 55,270 45,727 23,935 55,871 19,577 15,912 10,755 5,544 5,102 84,021 4,651,995 4,218,561 922,758 89,459 _ - mm — 17.0IS 114 6,081 17,616 40,274 55,940 51,629 25,418 21,411 18,496 14,486 55,562 55,682 22,569 17,691 25,775 15,795 50,897 11,766 12,562 5,021 5,767 1,871 2,542 10.826 1,625,681 461,579 • me 515 785 991 678 407 247 140 141 174 779 189 540 85 161 106 224 120 665 65 128 19 1 210 2,255 75,674 155,224 258,467 215,559 179,160 157,958 112,505 96,225 77,477 247,097 125,456 78,452 50,878 67,559 59,622 64,544 51,025 25,609 15,709 9,185 6,954 2,541 27.654 $5,854 7,269 9,242 12,729 18,152 25,717 29,528 55,595 41,159 47,587 62,225 92,254 121,820 150,975 194,621 250,772 529,506 508,574 656,641 981,815 1,511^857 2,518,000 2,541,000 4.605.667 7,15B 2,077,902 24,751 mrn i 50.65 51.70 55.64 36.84 40.66 45.59 45.59 47.54 48.65 49.99 SL.94 54.05 54.95* 55.58 56.94 56.59 55.12 58*22 54.92 58.16 55.62 66.97 48.99 S7.79 44.86 For footnotes, see pp. 22-23; for extent to which data are estimated, see pp. 4-5. h-* cn CO Table 5« - Individual returns for 1946, by taxable and nontaxable returns, by adjusted gross income classes, by marital status, and by sexi returns, adjusted gross income, amount of exemption, and tax liability Adjusted gross income classes 1/ 1 Z 3 4 S 6 7 8 9 10 11 1Z 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 51 52 33 34 35 56 57 38 39 40 41 42 45 44 45 46 47 48 49 50 51 52 55 54 55 56 57 £8 59 60 61 62 63 64 Taxable returns: 0.5 under 0.75 0.75 under 1 1 under 1.25 1*25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 3 under 3.5 3.5 under 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under'8 8 under 9 9 under 10. 10 under li 11 under 12 12 under IS IS under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 3,000 3,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns Nontaxable returns: 55/ Nò adjusted gross income ¿ J Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 3 3 under 3.5 3.5 under 4 4 and over Total number of returns Adjusted gross income £/ 1,460,023 1,693,189 2,119,539 2,624,975 2,781,383 3,147,505 5,004,000 5,068,182 2,804,738 2,505,518 4,019,430 2,657,777 1,693,129 1,064,572 1,045,125 561,678 330,494 226,955 167,601 134,012 103,205 85,497 70,329 59,228 192,540 100,361 56,315 59,964 28,954 16,370 9,505 6,128 4,228 2,870 6,573 1,994 901 444 451 201 240 83 53 22 9 5 1 6 947,902 1,477,321 2,413,043 3,608,496 4,551,582 5,903,592 6,380,868 7,278,961 7,352,607 7,193,067 13,003,678 9,920,971 7,164,717 5,040,480 5,685,741 3,624,111 2,466,553 1,922,057 1,588,062 1,403,753 1,184,546 1,066,300 948,113 857,664 3,306,371 2,232,572 1,537,404 2,060,281 1,287,406 892,635 613,644 457,614 357,600 271,917 761,223 340,335 199,461 121,093 154,382 88,886 144,118 72,778 63,501 37,553 20,528 10,385 4,779 47.821 37.915.696 118.050.027 216,077 4,716,505 1,551,141 1,469,849 1,402,223 1,112,606 1,152,558 812,800 878,112 480,339 472,348 238,431 280,815 78,165 39.084 g/247,206 1,295,218 955,856 1,293,741 1,553,974 1,532,572 1,859,266 1,524,386 1,861,281 1,139,458 1,238,736 682,836 899,649 289,601 175.606 253,173 5,145,476 1,654,667 1,977,285 2,115,898 2,009,594 2,227,876 1,841,915 2,039,527 1,284,686 1,296,728 716,108 891,834 276,878 149.674 of exemption 21/ tax liability 5/ 750,012 846,595 1,288,812 1,787,216 2,073,504 2,706,554 2,727,767 3,341,006 3,191,156 3,179,356 5,397,270 3,807,222 2,516,624 1,575,422 1,497,168 787,161 446,439 302,022 220,861 176,578 155,194 112,166 91,376 76,415 248,215 128,075 70,171 72,820 33,905 18,692 10,675 6,691 4,476 2,965 6,328 1,871 797 388 401 167 184 62 44 23 7 3 1 8 23,628 89,077 163,959 268,8S6 370,110 478,358 554,530 588,095 625,924 601,413 1,154,395 945,191 725,420 552,103 692,499 498,046 376,497 316,047 277,778 260,549 231,286 218,848 205,184 191,970 824,524 652,023 508,2S8 761,803 529,952 395,325 286,145 222,540 179,321 139,966 410,975 192,264 114,030 70,407 90,941 51,867 82,785 44,886 38,372 22,557 12,279 6,954 2,341 27.634 Joint returns of husbands and wives 43J Adjusted Tax liagross bility ¡ J of exinecane %J emption 21/ returns Ä 295,350 592,098 776,652 1,174,408 1,260,741 1,643,723 1,616,593 1,640,053 2,844,269 1,997,830 1,299,476 796,|«8 727,602 374,551 205,630 134,042 95,783 74,217 56,155 45,595 36,651 29,906 92,882 44,672 22,554 21,105 8,885 4,420 2,324 1,264 834 501 969 209 101 45 34 11 16 7 7 3 - 348,267 814,777 1,274,790 2,205,603 2,683,153 3,903,354 4,241,912 4,712,462 9,214,242 7,460,700 5,499,644 3,770,575 5,953,636 2,415,698 1,519,684 1,134,619 906,902 776,994 644,284 568,311 493,916 432,853 1,590,437 991,897 614,719 722,506 593,816 240,442 149,845 94,267 70,425 47,484 115,504 35,400 22,271 12,258 11,497 4,870 9,653 6,249 7,984 5,321 «. — 1 3,795 — <e 1,850 - — «• 1 24,372 28,276 33,902 50,135 61,700 79,257 91,579 101,588 110,245 107,581 189,023 128,693 92,525 60,998 75,340 45,570 28,640 23,199 17,915 17,099 13,523 12,127 10,793 10,105 37,510 25,058 15,659 19,793 10,646 6,525 4,064 2,618 1,810 1,261 2,754 943 365 173 209 78 71 32 22 15 6 1 811 3,069 4,900 9,120 13,127 19,370 26,718 34,013 40,028 45,094 86,952 66,555 57,310 40,185 61,594 44,135 37,229 34,571 31,929 33,710 30,529 50,757 30,956 30,769 150,131 143,284 126,254 225,525 176,264 141,422 112,126 88,409 72,258 59,951 177,224 92,036 50,708 30,276 45,205 22,00.3 54,895 22,310 19,281 11,248 7,690 2,486 - — — 5 13.129 14.291 7.135 5 21.090 26.722.516 6.822.078 1.891.424 10.498.776 2/171,954 215,552 460,650 889,360 1,135,521 1,227,343 1,563,315 1,388,450 1,721,843 1,063,599 1,194,970 661,834 874,365 282,316 169.151 • è» • — — m • «• — — « - 135,141 717,034 732,320 1,007,807 1,019,650 890,617 968,067 759,962 811,990 456,715 455,673 251,135 272,940 76,196 37.889 14.900.851 9A6.032.773 21.881.316 Grand total S2.816.547 9AS4.082.80C 49,544,409 .2/98,250,077 61.504.146 16.075m915 26.467.918 9/76.831.402 57,051,809 7,141,061 24,488,967 3/58,819,594 3 5,832,723 4,701 25,674 55,514 99,905 149,710 208,925 266,994 306,106 685,640 624,823 501,299 575,082 435,441 305,894 211,912 171,862 146,679 133,991 117,460 109,238 .99,663 91,157 375,771 278,346 197,017 262,011 161,452 107,038 70,879 46,920 56,206 25,111 64,031 20,611 13,073 7,s a 5,984 3,053 5,507 5,364 5,047 2,655 31,615 49,744 67,312 110,942 148,641 207,126 262,701 519,611 568,860 379,634 730,870 537,545 440,342 302,694 457,361 288,741 225,688 198,153. 175,740 175,294 151,957 146,129 141,455 136,182 598,778 493,657 385,050 615,482 435,045 522,686 242,716 183,532 145,504 117,304 328,848 165,047 89,710 52,451 71,192 37,407 60,476 35,596 33,279 18,719 15,791 3,081 64.139.087 Total nontaxable returns 5,272,138 293,350 592,098 852,091 1,428,714 1,583,212 2,350,471 2,353,172 2,540,068 4,509,051 3,295,846 2,200,984 1,361,339 1,242,096 636,135 346,178 227,457 163,459 127,119 96,514 78,854 63,158 51,462 161,197 77,746 59,682 57,144 15,510 7,699 4,034 2,260 1,433 829 1,658 339 165 77 54 21 25 7 11 4 |i 1 48,744 56,552 59,079 80,559 91,040 110,233 123,585 154,372 140,636 152,192 226,157 143,882 103,985 63,845 80,366 44,654 30,158 23,395 18,525 16,724 15,222 11,707 10,495 9,400 54,651 22,148 14,064 17,855 9,727 5,916 3,755 2,457 1,720 1,238 2,755 956 405 195 209 84 100 41 28 11 6 1 1 66 Taxable returns with adjusted gross income under $5,000 and nontaxable returns 1Taxable returns «ith adjusted gross 1 income of >5.000 and o w _________________ • Separate returns of husbands and Ilei Tax lia- Nunber of Amount Adjusted of exbility 5/ returns gross inecine 2/ emution 21/ 39.622.830 16.075.913 17.914.562 65 67 - Number of returns 4,452,357 8.553.356 9 A 2 . 692.315 8,934,849 1,978,951 18,011,806 202,963 971,273 1,024,136 1,454,158 1,631,535 1,669,547 1,921,064 1,696,991 1,903,636 1,231,648 1,255,446 696,190 872,032 270,567 146.867 « — — 16.947.847 43.670.362 6.822.078 40,288,242 3,500,369 3,582,120 3,521,709 ig/4,996 57,437 21,655 18,760 18,991 11,464 12,507 52/7,643 11,235 52/5.095 52/2.663 52/1,621 32A.757 (46) (46) 176.596 fi/5,437 17,283 12,888 16,355 20,929 15,776 20,044 14,384 28,755 12,074 7,028 4,626 5,544 (46) (46) 9A68.051 2.067.820 9AO.666.827 1,691,057 .2/4,125,688 576,765 Number of 6,541,159 99,296 140,448 169,217 195,803 206,124 201,157 169,855 122,428 87,914 59,000 72,646 46,275 27,811 23,462 24,780 17,002 12,867 9,781 7,785 6,674 5,460 4,402 5,871 3,631 11,285 6,283 3,825 4,349 2,231 1,251 744 546 366 260 631 204 103 54 64 29 26 wives 44/ W d aen Tax liaAdjusted Amount gross of exbility ¡ J income 2/ emption 21/ 64,599 122,596 191,269 269,051 335,003 376,334 560,203 289,470 229,915 168,960 234,588 172,565 117,781 111,441 154,122 109,655 96,400 82,912 73,941 69,900 62,675 54,943 52,234 52,685 194,593 140,032 104,602 149,804 99,394 67,347 48,058 40,837 31,023 24,662 75,724 34,869 22,857 14,737 22,046 12,491 16,467 5,472 3,566 3,251 49,649 70,224 90,620 108,701 117,761 117,539 100,356 73,936 53,507 38,179 47,941 50,200 18,268 14,985 .15,865 11,022 8,081 6,296 4,994 4,489 5,606 2,915 2,659 2,355 7,959 4,332 2,668 5,057 1,547 880 540 456 269 189 467 îa 69 39 43 18 22 1,679 7,422 15,081 24,744 34,480 41,266 42,030 34,749 28,720 21,223 30,975 23,827 16,921 16,772 21,141 18,509 17,504 15,826 14,674 14,578 13,687 12,467 12,170 12,920 32,a s 43,282 35,941 57,103 U , 584 29,998 22,4a 19,702 15,446 12,665 40, i a 19,680 13,090 8,412 13,421 7,224 9,a5 5,571 2,335 2,135 2,811 34,625 19,571 22,871 25,187 18,528 21,829 16,386 23,508 10,886 6,511 4,517 4,401 (46) (46) 58/5,246 166,404 44,699 27,56] 25,245 11,465 - 38/9.380 52/8,001 mm 52/2,548 (46) (46) — (46) (46) (46) — (46) 213.176 297.297 £/S,2Sl 45,405 26,069 24,069 27,645 15,610 14,974 5,641 5,562 (46) (46) (46) (46) (46) (46) 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 4.368 1.016.811 947.728 49 2,873 92,293 34,161 30, a 4 30,572 17,255 15,054 5,906 4,922 (46) (46) (46) (46) (46) (46) — — — - 50 51 52 53 54 55 56 57 SB 59 60 61 62 63 64 6.849 4.951.720 2 5 4 5 22 23 24 2S 26 27 28 29 30 51 32 S3 34 35 56 57 58 39 40 41 42 43 44 45 46 47 48 — — — 1.541.384 2.633.912 1.749.914 1 « — — — - 9A64.422 238.702 1.7S4.S60 2.635.912 2.047.211 9/5.116.142 1,372,644 445,852 1,918,713 .2/3,207,993 1.255.515 1,170,561 947.728 559,889 67 84,952 607,839 68 581,916 2,188,060 128j498 w Table 5. - Individual returns for 1946, by taxable and nontaxable returns, by adjusted gross income classes, by marital status, and by sex« Number of 1,906,149 65 66 re^arno witn aajusxaa gross 3 4,452,5571 8,954,8491 1,978,9511 18,011,8061 3,382,12013,521,7091 581,91612,188,0601 128,4981 1,906,1491 84,9521 607,839 I 6 3 Table 5. - Individual returns for 1946, by texable and nontaxable returns, by adjusted gross income classes, by marital status, and by eext returns, adjusted gross income, amount of exemption, and tax liability — Continued Adjusted gross Income classes ¿/ 1 2 8 4 S 6 7 8 9 10 11 12 15 14 15 16 17 IB 19 20 21 22 23 24 25 26 27 28 29 30 31 52 55 54 55 56 57 38 39 40 41 42 45 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Taxable returns! 0,5 under 0*75 0*75 under 1 1 under 1*25 1*25 under 1*5 1*5 under 1*75 1*75 under 2 2 under 2*25 2*25 under 2*5 2*5 under 2*75 2*75 under 5 3 under 5*5 3*5 under 4 4 under 4*5 4 e5 under S 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12' 12 under 13 13 under 14 14 under 15 15 under 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 300 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1* 500 under 2,000 2;000 under 3,000 5,000 under 4,000 4,000 under 5,000 5,000 and over Total taxable returns Nontaxable returns; 33/ No adjusted gross income f j Under 0.5 0.5 under 0.75 0.75 under 1 1 under 1.25 1.25 under 1.5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2.5 2.5 under 2.75 2.75 under 5 5 under 3.5 5.5 under 4 4 and oyer Total nontaxable returns Grand total Taxable returns with adjusted gross Income under $5,000 and nontaxable returns Taxable returns with adjusted gross Income of $5.000 and oyer Number of returns Tax lia Number of Amount bility 5 / returns of ex emption 81/ Adjusted gross income 2/ 59/7,342 10,534 18^726 32^520 33j903 73'618 95,446 96'070 118,294 88*278 123^529 72j661 45, 366 56*475 44;533 31^ 733 21^026 15^099 11j668 9,368 7^284 6,210 5,007 4,178 13,706 6,523 3,946 4,050 1,940 1,152 605 420 292 202 434 156 47 30 35 12 26 5 1 1 4,800 9,354 21,625 - 44,982 SSl596 138,517 203,139 229,183 309,983 253^143 399',038 270'789 192,055 175^044 244,535 205j 581 157^258 128,039 110^877 98*295 83,606 » 77,587 67,561 60',403 255,267 145,296 107,786 138,963 86,417 62^945 39,010 31,360 24,607 19,111 51,674 23,208 10,392 8,268 12,182 5,348 15,625 2,456 1,196 1,666 5,671 5,267 11,385 21j268 21,587 44,450 62,493 69,622 93,000 70,974 100,944 SB,593 39,858 31,735 40,980 27,303 18,200 13,266 10,268 8^383 6,484 5,583 4,429 5,715 12,319 5,804 3,563 3,754 1,774 1,029 558 378 252 200 596 116 40 23 29 9 22 2 1 1 • « • « • _ 122 38/6,703 580 38/9.802 19,378 1,415 3,543 30,179 34,422 5,233 14^ 915 73,058 22,160 89,365 95,010 25,249 34,068 107,308 29,186 78',714 48,377 111^175 64,862 34,826 39,470 25,249 23,794 36,183 35,572 40,419 29^826 35^297 20,574 27,306 14,774 25^611 11,106 21j 597 20,066 9,086 7,536 17,899 6,101 17,589 4,944 15,806 14,702 4,105 13,650 63,347 45,190 6,398 3,738 57,562 5,782 53,367 1,721 36,612 28,506 1,009 526 18,311 575 15,398 244 12,416 1S2 9,879 306 27,775 12,769 93 35 5,865 4,569 15 6,621 21 10 2,839 7,826 15 1,186 1 814 2 820 _ - m 1.042.431 4.561.749 805.698 52/2,248 52/3.938 58/2,432 52/2,084 38/1,621 (46) (46) (46) (46) (46) (46) (46) (46) S/2.722 1,154 1,525 1,928 1,796 (46) (46) (46) (46) (46) (46) (46) (46) 1,936 2,201 2,490 2,143 1,795 (46) (46) (46) (46) (46) (46) (46) (46) Adjusted gross Income 2/ Number of returns 100 540 1,529 3,509 5,303 15,186 21,956 25,665 32,970 27,655 45,749 32,274 23,057 24,500 53,722 31,977 27,460 23,714 20,990 19,914 18,405 17,418 15,797 14,820 64,179 45,135 56,102 50,472 32,940 25,131 16,100 13,906 10,605 7,586 20,000 8,865 4,320 2,386 4,060 2,259 4,687 419 1,192 722,802 777,242 732,581 738,287 704,916 692,800 625,269 540,157 444,597 322,503 431,846 223,698 119,429 68,739 81,231 39,722 25,843 17,871 13,497 10,654 7,706 7,007 5,429 4,705 15,255 8,275 4,654 5,027 2,557 1,494 858 619 455 280 674 192 123 63 47 34 25 17 4,316 8,695 22,144 41,747 56,474 137,521 189,869 220,949 280,911 225,466 359,089 241,990 167,145 171,355 221,437 193,135 155,903 125,288 105,591 95,235 84,174 76,147 66,725 59,495 254,532 142,216 101,987 129,590 76,639 54,951 33,849 28,029 20,658 14,388 36,404 16,027 7,718 4,066 7,412 4,406 8,904 860 2,369 3,352 4,901 10,920 18,122 21,860 42,289 52,829 60,464 76,552 54,906 79,603 46,897 30,438 27,257 30,295 22,856 15,350 11,088 8,459 6,906 5,669 4,632 3,767 5,134 10,654 4,788 2,847 2,946 1,322 768 411 280 175 128 223 70 26 10 15 7 9 1 2 mm •a — • m mm _ mm — 4 2 — 1 Adjusted gross income 21 469,324 676,951 825,409 1,013,501 1,145,305 1,305,066 1,322,048 1,279,954 1,164,206 925,110 1,591,614 833,172 505,143 325,518 442,121 255,819 192,977 151,463 127,725 111,570 88,496 87,385 75,184 68,180 261,202 184,137 127,139 173,062 113,780 81,592 54,052 46,166 38,530 26,523 80,743 32,826 27,252 17,258 16,076 15,191 15,335 15,147 6,136 6,622 4,083 4,779 973.993 4.233.384 667.162 834.502 7.396.770 16.128.628 - 52/2,375 - 58/6.369 - 58/3.011 - 58/1.737 - 58/1.737 » 32/1*274 (46) « (46) (46) mm 2/4,180 1,894 1,831 1,540 1,925 1,722 (46) (46) (46) 1,499 3,706 2,452 1,795 1,855 1,737 (46) (46) (46) • - 41,842 2,166,155 394,18! 193,586 155,635 91,019 80,712 37,172 32,656 12,625 10,654 SS/4,&6 28/4.05! 58/1.042 (46) 3.226.234 8/43.514 SB1,024 225,205 169,485 170,923 125,235 129,668 69,415 69,024 30,278 27,961 15,020 13,024 3,891 (46) 9A.S87.609 887.658 _ — .. _ • (46) • • (46) 575,134 698,611 827,408 955,729 934,326 822,049 641,759 438,422 289,596 184,778 209,810 108,571 57,592 59,250 46,194 24,210 16,396 11,993 9,437 7,289 6,044 4,475 3,934 3,303 11,129 6,064 3,a2 3,800 1,895 1,148 713 447 317 237 604 204 87 44 41 21 50 8 7 1 1 1 — ___ 1 287,567 373,448 ' 349,306 609,981 453,977 937,015 563, 583 1,315,495 1,515,774 567,232 535;591 1,535,425 421,212 1,359,756 1,036,458 . 299,071 199,229 756,821 130,129 528,311 148,290 674,237 76,139 404,212 40,182 242,605 27,140 186,274 50; 599 252, 529 15; 611 155,483 10,946 122,665 101,566 7,800 6,291 89,487 4,882 76,445 4; 064 69; 3 53 2,892 55,799 2,616 53,038 47,886 2,212 7,458 191,763 4,017 135,336 2,290 96,120 2,472 130,874 1,216 84,516 721 62,671 453 46,115 53,425 285 200 26,854 157 22,445 572 72,327 124, 34,954 52 19,261 24 12,076 25 13,977 12 9,176 17 17,660 4 6,997 4 8,770 1;755 1 2,654 1 3,507 i *" “ ■5.592 1 4.665.007 2.197.220 6.946.602 15.536.686 24,231 • 1,598,966 352,841 218,514 179,144 105,956 80,366 23,970 «* 18,875 38/5.095 38/2,779 (46) 38À.274 (46) (46) - 2.613.520 2/14,366 434,910 205,688 191,006 197,256 145,548 128,850 44,529 39,611 11,583 7,263 (46) 4,068 (46) (46) 9 A . 401.315 26,479 1,175,054 500,386 227,084 203,692 142,897 138,845 78,802 69,191 29,761 27,155 12,680 10,155 3,559 (46) 2.444.792 9,000 36,087 71,726 115;545 146,977 156;688 148,021 117,085 88,327 63;659 85,107 53,744 33,629 26;265 38,720 25; 555 21,544 18; 814 17,186 15;595 14,541 12;345 12,074 11,330 50,224 40;691 32,225 48,329 54;260 27,083 21;121 15,791 13,259 11,364 38; 515 19,715 11,526 7,438 8,253 5;405 11,451 4,609 6,683 1,178 1,324 2,618 3.004 4.204.253 1.753.014 14;614 868;526 271,493 238,722 221,468 158,704 128,480 42,209 36;361 10,249 6,485 (46) 2,490 (46) (46) 2.003.191 * • .._— 6B4.064 854.302 10.623.004 9A7.716.237 7.109.799 2.197.220 9.560.122 9A4.938.001 6.207.444 1.753.014 6,919,906 1,376,766 9,396,535 2A2,875,127 6,099,635 1,149,656 868,452 8^2,515.697 653,530 268,737 811,985 2/2,136,270 547,291 259,793 10,368,700 2A4.769.708 2,256,499 168,873 618,921 180,366 156,775 574,509 For footnotes, w e pp. 22-25; for extent to which data are estimated, see pp. 4-5. 11,917 41,578 64,609 88,924 111,478 131,030 143,935 142,412 134,196 110,489 173,596 109,142 67,954 45,706 66,512 40,883 33,540 27,847 24,725 22,898 18,794 19,254 16,737 16,272 68,558 56,095 43,159 64,998 46,841 36,146 25,155 22,415 19,133 13,480 43,271 18,588 15,448 9,974 9,597 9,077 8,903 9,427 3,022 4,503 5,265 2,341 992.551 9/4.242.003 887.658 189,669 361,401 388,621 394,659 433,310 431,275 462,935 416,087 386,056 323,433 237,722 322,420 170,857 94,369 51,975 61,998 50,689 19,066 12,917 9,476 7,701 5,536 5,166 5,975 3,434 11,139 6,530 3,465 3,656 1,890 1,072 616 435 539 202 460 130 82 43 29 23 19 9 3 5 1 1 Tax lia Amount Adjusted bility 5 / of exgross im v a a R/— emotion 21/ (46) 16.902 822.405 1.058.121 9/4.572.196 Tax lia Nunfcer of Amount bility 5 / returns of exm otion 21/ (46) 9/8.619 (46) 18.558 (46) (46) 9/10.447 ... 16.707 •m (46) • « (46) 15.69Ò Tax lia Amount bility 5/ of ex«arotion 21/ 2,105,733 254,504 2,946,529 189,893 820,454 165,587 2,062,874 107,809 - 603,558 Table 6* - Individual returns with adjusted gross income for 1946, by States and Territoriesi Number of returns, salaries and wages, dividends, interest, adjusted gross income, and tax liability Nuafeer of Salaries and Dividends 11/ Interest 12/ States and Territories returns (taxable and wages 10/ nontaxable) 1 Alabama 2 Arizona 5 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 25 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington 47/ West Virginia Wisconsin Wyoming 51 Total Far footnotes, see pp.22-2Sj 609,799 201,375 317,400 4,382,029 439,460 904,255 122,107 418,468 721,943 758,775 191,218 192,884 3,711,882 1,426,205 916,945 637,397 670,579 639,996 326,599 918,281 1,998,784 2,444,609 1,080,195 288,542 1,342,278 203,050 468,480 71,079 214,420 2,028,646 145,943 6,343,055 910,445 188,034 3,106,666 593,569 553,967 4,127,644 339,076 402,279 196,414 755,103 2,111,121 224,578 131,297 861,259 997,732 575,963 1,279,962 90.191 1,036,580 363,085 448,436 8,389,946 692,329 1,892,240 273,129 925,483 1,222,805 1,396,165 373,724 273,802 7,698,732 2,561,455 1,114,733 867,310 1,081,900 1,059,690 506,754 1,942,863 4,133,338 5,002,425 1,609,616 415,013 2,416,281 287,431 567,341 153,717 362,394 4,532,747 251,976 14,119,476 1,425,463 183,383 6,221,992 887,151 1,020,628 7,989,089 661,072 670,207 190,691 1,269,537 3,374,904 397,484 192,382 1,536,108 1,852,082 1,036,550 2,120,195 152.643 52,579,956 99,134,475 fox* exte t o vfaloh data 20,092 8,734 9,478 330,738 31,766 117,822 33,046 35,486 85,210 47,914 11,847 4,960 260,211 58,888 34,839 21,601 35,400 52,434 23,708 65,587 187,117 132,207 55,263 7,413 86,876 7,471 15,125 7,463 18,236 134,735 4,740 724,861 52,765 3,933 218,223 20,791 21,482 298,036 50,452 14,671 5,474 32,843 100,266 10,075 9,238 59,191 59,387 22,377 79,017 4.060 3,673,569 are estimated^ 6,297 3,494 3,380 109,959 10,481 24,673 2,922 10,758 27,052 8,770 1,171 3,157 64,618 16,802 18,062 8,447 8,844 10,175 8,553 22,590 46,071 41,215 20,621 2,555 20,490 3,905 7,571 2,220 5,405 41,646 2,894 214,174 7,386 1,995 54,344 11,066 10,536 75,551 7,475 4,160 2,266 7,501 34,202 2,670 3,911 10,653 17,259 4,765 26,795 1.872 Adjus ted gross income Zj 1,322,550 490,704 671,122 12,420,524 1,062,470 2,409,761 369,826 1,153,335 1,925,715 1,794,224 477,568 445,830 10,314,057 3,459,664 2,153,414 1,502,964 1,453,125 1,485,655 670,226 2,412,911 5,008,564 6,332,542 2,448,952 602,284 3,217,094 490,014 1,133,081 212,170 457,343 5,523,596 343,841 18,577,158 1,946,057 437,914 7,994,658 1,336,871 1,454,819 10,074,916 824,925 872,048 437,344 1,675,853 5,131,712 518,138 257,571 1,948,521 2,495,847 1,254,981 5,005,996 226.444 1,063,175 134,232,475 s ee p p • 4 — 5• Tax liability 3/ 129,357 51,844 68,751 1,668,781 124,269 317,098 66,868 153,100 252,429 192,835 53,168 41,454 1,542,554 572,151 . 218,778 156,244 144,358 159,774 64,681 280,951 599,115 712^855 257,035 58,709 571,454 52,176 124,482 30,962 46,751 651,721 35,234 2,613,096 190^630 39,588 925,026 125,451 181,582 1,145,927 100^905 80,812 40,141 181,932 619,742 47,016 22,593 205,099 294,913 112,489 317,496 25.996 16,062,353 51 F037 footnotes, see pp,22-25; fox" exte "bo wliioh data ax*e estimated, see pp« 4—5, labia 7.- Taxablefiduciaryreturns for1946, bytotalIncome classes! Numberofreturns, income orlossfromeachofthesources comprising totalincome, total income,deductions, balance income, amountdistributable tobeneficiaries, netincome, amount ofexemption, and taxliability (Totallnocme classes andmoney figures inthousands ofdollars) Total income classes 48/ Total Interest Rents and number Divi Trade or of dends 49/ 5 0 / royalties 14/ business 51/ returns Net Net profit loes Net Net profit loss 1 2 5 4 5 6 7 8 9 10 11 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 55 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Under 0,5 0,5 under 0,75 0,75 under 1 1 under 1,25 1,25 under 1,5 1.5 under 1.75 1.75 under 2 2 under 2.25 2.25 under 2,5 2,5 under 2.75 2.75 under 3 3 under 3.5 3.5 tinder 4 4 under 4.5 4.5 under 5 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 13 13 under 14 14 under 15 15 trader 20 20 under 25 25 under 30 30 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 trader 500 300 under 400 400 under 500 500 under 750 750 under 1,000 1,000 under 1,500 1,500 under 2,000 2,000 under 3,000 3,000 under 4,000 4,000 under 5,000 5,000 and over Total Taxable ducerne Taxable income 7,199 9,091 8,079 7,131 6,152 5,581 4,744 4,300 5,897 3,419 3,081 5,582 4,590 3,866 3,390 5,644 4,471 3,573 2,987 2,423 2,168 1,852 1,556 1,353 1,120 4,295 2,603 1,741 2,038 1,185 793 500 286 218 180 560 191 91 73 46 15 31 25 17 4 2 1 755 1,890 2,199 2,723 2,817 2,990 5,007 3,278 3,380 3,274 3,130 6,745 6,411 6,307 6,210 12,416 11,802 11,321 10,348 9,457 9,558 9,090 8,646 7,401 6,599 32,439 26,005 21,244 32,053 23,168 19,898 13,795 9,084 7,919 8,111 30,509 16,573 10,808 9,175 7,682 3,139 8,665 13,026 8,780 3,287 131 3,686 821 1,328 1,519 1,520 1,674 1,593 1,733 1,653 1,620 1,541 1,588 2,952 2,985 2,557 2,578 4,753 4,325 3,670 3,500 3,197 2,971 2,627 2,316 2,255 1,750 8,198 6,113 4,792 5,770 4,352 3,356 2,639 1,558 1,304 809 3,717 1,854 1,328 618 722 123 521 799 346 153 6 (35) 181 901 1,145 1,248 1,214 1,242 1,138 1,173 1,114 1,033 978 1,858 1,929 1,827 1,659 3,234 2,973 2,472 2,354 2,151 2,066 1,651 1,599 1,598 1,462 6,256 4,710 4,349 5,187 4,413 3,823 2,792 1,475 1,158 1,224 5,131 1,746 497 970 1,037 163 1,554 1,360 115 1,428 - - - me 1 6.105 75 - 121,725 466,816 returns with total under $5,000 returns with total of $5,000 and over For footnotes, see pp. 82-23. 108,179 89,590 79,702 55,116 27,662 18,640 42,023 411,700 80,517 70,948 26 47 38 42 33 27 18 53 25 21 27 53 S3 55 37 58 53 36 40 59 42 45 29 21 14 197 56 76 114 47 71 36 24 19 4 62 7 11 6 3 - . 20 39 449 589 678 724 760 690 723 668 650 654 1,385 1,149 1,201 1,064 1,636 1,658 1,622 1,404 1,224 1,013 1,214 776 928 933 3,053 2,210 1,938 3,303 2,072 1,685 1,766 857 615 754 2,988 696 483 697 1,263 670 1,244 « - 39 3 849 - - • - 5 25 27 12 14 12 24 29 21 29 19 22 45 16 13 56 62 142 9 21 49 24 8 32 16 95 84 182 97 45 91 25 14 29 24 22 50 5 36 16 Nel^ TJet Net profit loss gain 59 173 249 269 296 324 330 308 395 561 591 647 713 822 745 1,645 1,707 1,626 1,736 1,561 2,097 1,645 1,353 1,529 1,669 6,498 4,989 4,625 6,932 5,096 3,273 2,546 1,822 1,259 1,230 3,749 1,796 84 652 125 - - 29 14 342 - - 14 - - a. - • - - - - 1,690 50,952 1,592 67,682 495 11,423 313 Sales or exchanges of capital assets 55/ Partner ship 5%/ 6,082 1,192 39,551 1,275 61,600 Net lose 6 9 9 10 7 7 12 285 786 1,169 1,243 1,425 1,524 1,628 7 1,681 3 1,763 17 1,765 8 1,701 7 3,264 12 3,323 4 3,144 10 3,252 34 6,064 20 5,417 5,285 11 25 5,114 4,510 3 1 4,369 19 4,116 22 4,051 20 3,725 5 3,296 52 15,575 35 12,554 9,118 16 32 15,062 11 11,753 8 9,884 20 8,063 5,841 4 5,676 23 4,493 10 11 21,109 5 9,726 3 6,570 7,285 5,070 12 2,520 1 6,693 6,695 1 10,248 1,816 5,041 58 Sales or exchanges of property other than oapital assets 18/ Net Net gain loss 48 98 95 99 77 • 83 62 73 61 40 60 88 83 60 54 112 87 76 67 63 60 48 41 46 50 156 78 63 75 47 44 26 14 11 9 29 16 4 4 3 1 1 2 6 55 40 53 57 34 46 30 45 51 43 69 63 50 48 75 81 98 84 73 40 42 SO 40 48 165 77 128 92 SO 34 35 47 3 1 5 1 25 .4»! 35 5 • - ~ - am • • • - • • - 529 254,718 2,512 • - 4 3 14 19 17 8 15 9 9 8 8 11 21 27 11 23 44 18 18 18 17 14 12 7 7 9 27 15 19 48 73 42 4 2 1 68 3 56 20 7 (55) 28 51 37 Amount Deduction for distribIncome Miscel Total Miscel from Total Balance utable fiducia laneous in Interest Taxes 58/ laneous deduc Income to ries 54/ income 5 5 / come 56/ s u benefi deduc tions 60/ tions 59/ ciaries 42 101 129 154 119 121 136 131 104 150 178 268 319 201 277 398 377 364 353 376 567 304 450 465 267 752 732 847 1,234 1,175 529 414 248 280 222 331 602 218 498 - 5 1 a. 57 2,136 5,681 211 179 7,028 520 8,007 249 8,417 278 8,722 275 8,858 27C 9,098 266 9,236 253 8,963 291 8,829 411 17,409 365 17,058 381 16,363 357 16,051 852 30,770 78C 28,880 467 26,641 523 25,258 531 22,916 372 22,685 526 21,065 376 19,491 416 18,232 51C 16,242 73,892 1,482 948 58,072 99C 47,676 899 ' 70,145 1,068 52,925 1,118 43,544 517 32,455 527 21,402 441 18,572 217 17,015 475 67,801 59 32,772 166 20,122 94 19,924 29 15,923 1 6,622 6 18,647 ns 22,508 125 20,393 2 6,632 5,178 5,724 8 21 59 48 55 66 60 63 53 71 72 119 144 no 102 242 204 220 189 141 161 230 186 181 104 579 566 489 655 467 596 238 226 143 305 769 240 403 227 121 115 101 47 521 _ • - • • a. • • - • 6.184 a. 1,961 827 14,220 18,598 1/365,765 9,676 (55) 35 89 188 244 261 259 268 233 241 244 231 438 457 423 572 706 618 612 566 473 483 442 408 371 350 1,572 1,187 1,043 1,502 1,045 909 668 448 381 318 1,485 523 277 212 421 U7 453 100 17 184 • 192 (55) 22,045 27,955 1,081 650 205 2,410 4,145 151,856 * 1,051 5,961 404 226,761 1,255 1,510 623 11,809 14,455 915,908 8,646 18,085 128 Tax Amount of liabUexemp ity 65/ tion 62/ 156 173 261 331 374 354 432 441 463 394 420 834 737 750 782 1,461 1,425 1,107 1,065 957 951 973 860 725 657 3,007 2,521 2,262 2,926 2,153 1,888 1,552 1,064 861 623 2,530 1,402 850 773 550 287 755 558 450 245 21 99 197 283 488 622 690 679 760 738 757 709 722 1,591 1,318 1,283 1,256 2,410 2,246 1,939 1,820 1,571 1,595 1,644 1,455 1,278 i,m 5,158 4,274 3,794 5,063 3,666 3,393 2,457 1,739 1,386 1,246 4,783 2,165 1,530 1,213 1,093 519 1,310 705 989 429 21 292 « mm _ 107 107 6.077 2.200 3.877 44,569 76,291 989,474 594,551 594,924 30,745 205,457 n,895 139,965 39,107 100,859 21,598 57,665 64,401 849,510 555,445 494,065 « 6,902 1,939 5,397 6,540 7,385 7,728 8,045 8,098 8,360 8,479 8,254 8,106 16,018 15,740 15,080 14,796 28,360 26,634 24,702 23,438 21,345 21,090 19,421 18,037 16,955 15,131 68,734 53,798 43,882 65,082 49,259 59,951 29,998 19,663 17,187 15,769 63,017 30,607 18,591 18, 7 n 14,830 6,103 17,557 21,605 19,405 6,204 5,157 5,432 Net in come taxable to the fiducia ry 61/ 190 532 908 1,309 1,602 1,822 2,105 2,238 2,342 2,447 2,475 5,106 5,438 5,202 5,391 10,329 10,243 8,997 8,850 8,521 8,422 7,732 7,305 6,438 5,898 27,716 22,635 17,992 27,449 20,046 17,118 12,825 7,9U 7,ne 7,010 27,417 13,390 10,012 7,755 7,186 2,865 8,4U 9,104 8,878 4,264 125 5,285 1,?49 4,866 5,632 6,076 6,125 6,221 5,992 6,123 6,138 5,807 5,632 10,913 10,302 9,878 9,405 18,031 16,391 15,704 14,588 12,824 12,668 n ,6 8 9 10,732 10,517 9,233 41,018 31,163 25,889 37,633 29,213 22,833 17,173 n,752 10,071 8,759 35,600 17,218 8,579 10,956 7,644 3,238 8,927 12,499 10,527 1,940 5,032 147 720 2,948 2,639 2,218 1,857 1,614 1,353 1,192 1,059 904 8n 1,392 1,146 949 796 1,317 995 8n 664 538 456 404 334 304 237 896 538 373 419 234 164 104 63 42 42 118 38 16 13 n 3 6 4 3 (55) (55) (55) (55) 197 367 569 732 817 876 881 938 960 936 927 1,837 1,799 1,749 1,720 3,592 3,195 3,226 3,073 2,804 2,889 2,748 2,584 2,624 2,366 1 2 3 4 5 6 7 8 9 10 n 12 13 14 15 16 17 18 19 20 21 22 23 24 25 n,541 26 9,783 27 8,794 28 14,249 29 12,438 30 10,169 51 8,074 32 5,710 33 4,929 34 4,489 35 18,640 36 9,508 37 4,591 38 6,216 39 4,520 40 1,927 41 5,233 42 7,875 43 5,749 44 1,021 45 2,521 46 104 47 » 48 3.572 49 50 15,305 51 9,147 190,154 52 i K> 7 - 22 Footnotes 1/ Adjusted gross incane classes are based on the amount of adjusted gross income (see note 2), regardless of the amount of net income or net deficit when computed; returns with adjusted gross de.ficit are designated "No adjusted gross income" and the size of the deficit is disregarded. 2/ Adjusted gross income means gross income minus allowable trade and business deductions, expenses of travel and lodging in connection with employment, reimbursed expenses in connection with employment, deductions attributable to rents and royalties, certain deductions of life tenants and income beneficiaries of property held in trust, and allowable losses from sales or exchanges of property. Should these allowable deductions exceed the gross income, there is an adjusted gross deficit. 5/ Tax liability after deducting tax credits relating to income tax paid at source on interest from tax-free covenant bonds and to income tax paid to a foreign country or possession of the United States. Such credits are reported only on returns with itemized deductions. y This class includes the nontaxable returns with $4,500 or more adjusted gross income. 5 / Returns with no adjusted gross income are returns showing adjusted gross deficit (see note 2); that is, returns on which the deductions allowable for the computation of adjusted gross income equal or exceed the gross income. y Less than 0.005 percent. 2] Not computed. y Adjusted gross deficit. y Adjusted gross income less adjusted gross deficit. to/ Salaries and wages include annuities, pensions, and retirement pay reported in the schedule for salaries; but exclude wages not exceeding $100 per return from which no tax was withheld, reported as other income on Form Vi-2 (see note 20). 11/ Dividends, foreign and domestic, include partially tax-exempt dividends on share accounts in Federal savings and loan associations, but exclude dividends not exceeding $100 per return reported as other income on F o o t W-2 (see note 20), and all dividends received through partnerships and fiduciaries. ty Interest received includes interest on notes, mortgages, bank deposits, corporation bonds before amortization of bond premium; taxable and partially tax-exempt interest on Government obligations before amortization of bond premium; also includes, when received through partnerships and fiduciaries, partially tax-exempt interest on Government obligations after amortization of bond premium and partially tax-exempt dividends on share accounts in Federal savings and loan associations. Excludes interest, not exceeding $100 per return, reported as other income on Form TV-2 (see note 20). iy Income from annuities and pensions is only the taxable portion of amounts received during the year. Amounts received to the extent of 3 percent of the total cost of the annuity are reported as income for each taxable year, until the aggregate of amounts received and excluded frail gross income in this and prior years equals the total c ost. thereafter, entire anounts received are taxable and must be included in adjusted gross income. Annuities, pensions, and retirement pay upon which tax is withheld may be reported in salaries and wages. iy Net profit from rents and royalties is the excess of gross rents received over deductions for depreciation, repairs, interest, taxes, and other expenses attributable to rent income; and the excess of gross royalties over depletion and other royalty expenses. Conversely, net loss from these sources is the excess of the respective expenses over the gross income received. ¿5/ Net profit from business or profession is the excess of gross receipts therefrom over deductions for business expenses and the net operating loss deduction due to the unabsorbed net operating loss from business, partnership, and common trust funds for the 2 preceding years. Conversely, net loss fhom business is the excess of business expenses and net operating loss deduction over total receipts from business. , . & Partnership profit or loss excludes partially tax-exempt interest on Government obligations, partially tax-exempt dividends on share accounts in Federal savings and loan associations, and net gain or loss from sales of capital assets. In computing partner ship profit or loss, charitable contributions are not deductible nor is the net operating loss deduction allowed. 17/ Net gain or loss from sales or exchanges of capital assets is the net gain or the allowable loss used in computing adjusted gross income. Either is the result of combining net short- and long-term capital gain and loss and any capital loss oarry-over from 1942, 1943, 1944, and 1945. Deduction for the loss is limited to the amount of such loss, or to the net income (adjusted gross income if taxed under Supplement T) computed without regard to gains or losses from sales of capital assets, or to $1,000,whichever is smallest. Sales of capital assets include worthless stock, worthless bonds if they are capital assets, non8 bad debts, certain distributions from employees* trust plans, aid each participant’s share of net short- and long-tenn capital gain and loss to be taken into account from partnerships and oonaon trust fiuxis. • 1y Net gain or loss frcm sales or exchanges of propertv other than capital assets is that from sales of (1) propertv usbh in trade or business of a character which is subject to the M allowance for depreciation, (2) obligations of the United States or any of its possessions, a State or Territoiy or any political subdivision thereof, or the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding 1 year from date of issue, and (3) real property used in trade or business. 19/ Inoone from estates and trusts excludes partially tax-exempt interest on Government obligations and partially tax-exempt dividends on share accounts in Federal s avings and loan associations. (Hie net operating loss deduction is allowed to estates and trusts and is deducted in computing the distributable incane.) ■ 8 20/ Miscellaneous income includes alimony received prizes rewards, sweepstakes winnings, gambling profits, and recovery of bad debts or insurance received as reimbursement for medical ex penses, if deduction for either was taken in a prior year. For returns with standard deduction, there is included $56,717 000 of wages not subject to withholding, dividends, and interest *not exceeding in total $100 per return, reported as other income on 1,058,258 returns, Form W-2. 21/ Exemption is $500 for the taxpayer, $500 for the taxpayer's spouse if not dependent upon another person, and $500 for each closely related dependent (specified by law) who had less than $500 income and who received from the taxpayer more than one-half his support, for the year. 22/ Payments on 1946 declaration of estimated tax, reported on returns, Form 1040, include the credit for overpayment of prior year tax as well as the aggregate payments made on the declaration, F o o t 1040-ES. The frequency of returns with such payments includes returns showing credit only, cash payments orUy and those shewing both. 25/ Form W-2; come; and of $5,000 Returns with standard deduction are optional returns, short-form returns, F o o t 1040, with adjusted gross in long-form returns, Form 1040, w ith adjusted gross income or more on which the $500 standard deduction is used. 2y Returns with itemized deductions are long-form returns Form 1040, on which deductions are itemized; long-form returns ’ Form 1040, with no deductions filed by spouses of taxpayers who itemized deductions; and returns, Form 1040, with no adjusted gross income whether or not deductions are itemized. 25/ Contributions, reported on returns with itemized deductions, include each partner's share of charitable contributions of part nerships, txrt cannot exceed 15 percent of the adjusted gross income. 26/ Interest, reported on returns with itemized deductions, is that paid on personal debts, bank loans, or mortgages, but excludes interest on business debts reported in schedules for rents and business, and interest on loans to buy tax-exempt securities, single-premium life insurance, or endowment contracts. 27/ Taxes paid, reported on returns with itemized deductions, include personal property taxes, State income taxes, certain retail sales taxes, and real estate taxes except those levied for Im provements which tend to increase the value of property. This deduction does not include Federal income taxes; estate, inherit ance, legacy, succession, or gift taxes; taxes on shares in a cor poration which are paid by the corporation without reimbursement from the taxpayer; taxes deducted in the schedules for rents and business; income taxes paid to a foreign country or possession of the United States if any portion thereof is claimed as tax credit; nor Federal social security and employment taxes paid by or for the employee. 28/ Losses resulting from fire, storm, shipwreck, or other casualty, or theft, reported on returns with itemized deductions, are the actual nonbusiness losses sustained, that is, the value of such property less the salvage value and insurance or other reimbursement received. 29/ Medical and dental expenses, reported on returns with itemized deductions, paid for the care of the taxpayer, his spouse, or dependents, not compensated by insurance or otherwise, which exceed 5 percent of the adjusted gross income. The deduction is limited to $1,250 if one exemption is claimed, or to $2,500 if two or more exemptions are claimed. 5y Miscellaneous deductions, reported on returns frith itemized deductions, include alimony payments, expenses incurred in the production or collection of* taxable income or in the management of property held for the production of taxable income, amortizable bond premium, special deduction for blindness, the taxpayer's share of interest and real estate taxes paid by a cooperative apartment corporation, and gambling losses not exceeding gambling gains reported in income# 31/ Net income, reported on returns with itemized deductions, is the excess of adjusted gross income over the itemized deductions* 32/ Net deficit, reported on nontaxable returns, Form 1040, with itemized deductions, consists of the adjusted gross deficit on short-form returns and the net deficit on long-form returns re sulting from the combination of adjusted gross deficit and itemized deductions or from the excess of itemized deductions over the ad justed gross income# There is a net deficit reported on 250,181 re turns of which 216,077 show adjusted gross deficit and 34',104 show adjusted gross income of various amounts and itemized deductions of larger amounts# - ss - 156 Footnotes - Continuad 55 / Nontaasbie returns are returns with no adjusted gross taocine axi returns with adjusted gross income, which when reduced if’deckietioM, standard or itemised, and exemptions, results in no Z x liability. 970,926 oontaxable returns with adjusted gross iaMBe and with itemised deductions include 34,104 returns with net deficit« 54/ Somber of returns associated with this item is subjeot to a m r -"f variation of more than 100 percent. Such items are not shown separately since they are considered too unreliable for ggnerai use; however, they are included in the totals. For description of sample, see pp. 55/ Lass than $500. m / reported as returns, Form W-2, with this source of income other income (see note 37). 57/ Includes 1,058,258 returns, Form W-2, showing other Incase consisting of wages not subject to withholding, dividends, and interest not exceeding in total $100 per return. 50/ {¡¡saber o f retu rn s i s subject to maximum sampling TOriaSon o f 30 to 100 p e rc e n t, depending on th e number in the c e l l. For d e s c rip tio n of sam ple, s ee pp. 59/ Number of returns is subject to sampling variation of more than 100 percent and is considered too unreliable for general use; therefore, the number is not shown separately, but is included in the totals. For description of sample, see pp. 40/ Average tax Is based on the tax liability after deducting the laso tax credits relating to income tax paid at source on Interest from tax-free covenant bonds and to income tax paid to a foreign country or possession of the United States. Such credits are alirued only an returns with itemized deductions. 4¡V Returns with normal tax and surtax consist of (1) optional returns, Form W-2, and short-form returns, Form 1040, »herein the optional tax is paid in lieu of normal tax and surtax, and (2) long-form returns, Form 1040, on which the regular normal tax aid surtax are reported, that is, all taxable long-form returns except those on which the alternative tax is imposed (see note 42). 42/ Returns with alternative tax are long-form returns, Fore 1040, wherein (1) the net income includes an excess of net long-term capital gain over net short-term capital loss, and (2 ) the alternative tax is less than the regular normal tax and sur tax computed on net income which includes net gain from sales of capital assets. Alternative tax (not effective on returns with surtax net income under $18,000) is the sum of (1 ) a partial tax computed at the regular normal and surtax rates on net income reduced for this purpose by the excess of net long-term capital gata over the net short-term capital loss, and (2 ) fifty percent of such excess. 42/ Joint returns of husbands and wives include all combined returns of husbands and wives, Form W-2, whether community or non— cammnlty income is reported, even though the tax is determined on the basis of separate incomes. , 9 t Separate returns of husbands and wives exclude combined returns of husbands and wives, Form W-2, even though the tax is determined on the basis of separate incomes. An unequal number of returns for men and women is the result of (1 ) insufficient data to identify such returns, (2 ) use of samples as a basis of estimating data, and (3) deferment of filing returns by members of the aimed forces. 45/ Separate community property returns of husbands and ,wives exclude combined returns of husbands and wives, Form W-2, showing community income divided in accordance with State lows and tax determined on the basis of divided community income. An unequal nuniber of returns for men and women is the result of (1 ) insufficient data to identity such returns, (2 ) use of samples as a basis of estimating data, and (5) deferment of filing returns by Bsebers of the armed forces. 4ft* Number of returns is subjeot to sampling variation of »ore than 100 percent, The number of returns and data associated' with such returns are not shown separately since they are considered too unreliable for general use; however, they are in cluded in the totals. For description of sample, see pp. ¡0 / Includes 50/ Interest is that on bank deposits, notes, mortgages,' corporation bonds before amortization of bond premium, taxable and partially tax-exempt interest on Government obligations after amortization, and partially tax-exempt dividends on share aocounts in Federal savings and loan associations; also includes such Government interest and partially tax-exempt dividends an share accounts received through partnerships and other fiduciaries. 51/ TTade or business profit or loss is the c urrent year profit or loss. (Net .operating loss deduction Is reported in miscellaneous deductions.) 52/ Partnership net profit or loss excludes taxsLxe and partially tax-exempt interest on Government obligations, partially tax-exempt dividends on share accounts in Federal s avlngs and loan associations, and net gain or loss from sales of capital assets. In computing partnership profit or loss, charitable contributions are not deductible nor is the net operating loss deduction allowed. 53 / Net g «in from sales or exchanges of capital assets i s . the amount taken into account in computing net income whether or not the alternative tax is imposed; net loss from such sales is the amount reported as a deduction in computing net income. Each is the result of combining net short- and long-term capital gain anH loss (including that from partnerships and common trust furria) and the capital loss carry-over? from the years 1942—45, inclusive, to the extent not previously deducted. Deduction for the loss, however, is limited to the amount of such loss, or to the net income computed without regard to c apital gains and losses, or to $1,000, whichever is smallest. 5^ Incane from fiduciaries excludes taxable and partially tax-exempt interest on Government obligations, and partially taxexempt dividends on share accounts in Federal savings and loan ass ociations• 55/ Miscellaneous income includes taxable income from sources other than those specified on the return form. 56/ Total income is the amount resulting from the combination of neu profit or loss from rents and royalties, from trade or busi ness, from partnership, a n d from sales of property, together w i t h income from dividends, interest, estates, and from miscellaneous income. (Total income is an approximation of the adjusted gross income tabulated for individual returns in this report.) 57/ Interest is that paid on debts, mortgages, and bank loans; it does not include interest reported in schedules for business or rent income, nor interest on indebtedness incurred to buy tax-exempt securities, single-premium life insurance, or endowment contracts. 58/ Taxes paid include State incane taxes, certain retail sales taxes, and real estate taxes except those levied for im provements which tend to increase the value of property. This deduction does not include Federal income taxes, estate, inheritance, legacy, succession, or gift taxes, nor taxes imposed upon shares in a corporation which are paid by the corporation without reimbursement from the taxpayer; taxes deducted in the schedules for business and rent incane, nor incane taxes paid to a foreign country or possession of the United States if any portion thereof is claimed as a tax credit. 59/ Miscellaneous deductions include the net operating loss deduction, losses resulting fran fire, storm, shipwreck, or other casualty or from theft, not compensated by insurance or otherwise, and other authorized deductions for which no separate provision is made on the return form. 60/ Balance income is the excess of total income over total deductions; that is, income before the amount distributable to beneficiaries is deducted. . £ / . Net income taxable to the fiduciary is the net income after subtracting from the balance income the amount distributable to beneficiaries. 62/ Exemption is $500 for each estate and $100 for eaoh trust, in the form of a credit against net Income taxable to th e fiduciary, for purposes of both normal tax and surtax. 63/ Tax liability after tax credits relating to income tax paid at source on tax-free covenant bond interest and to Income tax paid to foreign countries or possessions of the United States. Alaska. &] Total incane classes are based on the amount of total •incase tabulated for taxable fiduciary returns (see note 5$). . ¿9! Dividends, foreign and domestic, exclude partially »as-exanpt dividends on share accounts in Federal savings and ■Wan associations and all dividends received through partnerships and other fiduciaries. Treasury - Internal Revenue, Washington, D.C. - 2 Erovisi°n also TBS made i n the n w a r t J W - S<5oiai Security Tii n1111 ni y ertendtog^ IiiiwTirn to Puerto Rico and the Virgin Islands^ and plans for administration in these «pnsmmvs&ewi will he announced later« Except in the ease of self-employed persons* the Sooial Security Tax for Federal Old Age and Survivors Insurance will he the same for all groups of employees — lg percent on ^employee and I2 percent on the employer* on the first #3*600 of wages paid during 1951« Under / the old law* wages were covered only up to #3*000 a year* Tax on self-employed persons will he 2-i percent on earnings up to #3*600 in 1961« Commissioner Schoeneman added that all of these plans have heen made in close consultation with the Social Security Administration ssd A- further administrative details will he made public as soon as they are available• — 0 — <^T^m5ö3Emm8EIlÄ„ Tini'yuff11 nr Tnl m imT T iw i ua __ 3 - 1 f. George J. Schoeneraan, Commissioner of Internal Revenue» announced today preliminary plans for administering the tax provisions of the nev Social Security Act signed today ny the President* A On January 1» 1951» the new act will bring approximately ten million additional individuals under the coverage of Social Security.^eeeeei* The principal groups and the methods for administering the^jl taxes are as follows: 1* H ousehold workers:«« A special» simple form is being prepared ■which will be filed by housewives and other employers ©^domestic workers every three months. The first return will be due April 50» 1951 and further information^will be provided before January 1« Families having business erapLqjees m i l be allowed to add their household enpLcyees to "their regular returns . 2# Farm workers:-»» Since only regularly employed farm workers are covered by the new act, the regular forms used by businessmen (Form 941) will be made applicable to those farm workers who are subject to the new act. 3# The first return on farm workers also will be due April 30, 1951. Self-employed persons:— A special Social Security*Tax on self- employed persons will be collected^through the regular income tax returns* fhe first by these individuals will not be due until March 15, 1952* The new act also broadens the definition of employees so as to bring under Social Security Taxes a substantial number of other employed persons. TheB© groups will be defined more closely by regulations which will be prepared in the near future. to the existing procedures* Their taxes will be paid according TREASURY DEPARTMENT WASHINGTON, Information Service D . c. 159 IM M EDIATE R E L E A S E , Tuesday, A u g u s t 2§, 1950» . S-2433 George J. Schoeneman, Commissioner of Internal Revenue, announced today preliminary plans for administering the tax pro visions of the new So'cial Security Act signed yesterday by the President. On January 1, 1951* the new act will bring approximately ten million additional individuals under the coverage of Social Security. 4 The principal groups and the methods for administering the taxes *are as follows: 1. Household workers:-- A special, simple form is being prepared which will be filed by housewives and other employers of regular domestic workers every three months. The first return will be due April,30, 1951 and further information concerning it will be pro vided before January 1. Families having business employees will be allowed to add their household employees to their regular returns. 2. Farm workers*-- Since only regularly employed farm workers are covered by the new act, the regular forms used by businessmen (Form 941) will be made applicable to those farm workers who are subject to the new act. The first return on farm workers also will be due April 30* 1951. 3. Self-employed persons:-- A special Social Security tax on self-employed persons will be collected annually through the regular income tax returns. The first payment by these individuals will not be due until March 15, 1952. The new act also broadens the definition of employees so as to bring under Social Security Taxes a substantial number of other employed persons. These groups will be defined more closely by regulations which will be prepared in the near future. Their taxes will be paid according to the existing procedures. IGO - 2 - Provision also vas made in the new act for extending Social Security Taxes to Puerto Rico and the Virgin Islands. Plans for administration in these areas will he announced later. Except in the case of self-employed persons, the Social Security Tax for Federal Old Age and Survivors Insurance will be the same for all groups of employees — l| percent on the employee and 1 ^ percent on the employer, on the first $3 ,6 0 0 of wages paid during 1951. Under the old law, wages were covered only up to $3,000 a year. Tax on self-employed persons will be 2^ percent on earnings up to $3 ,6 0 0 in 1951. Commissioner Schoeneman added that all of these plans have been made in close consultation with the Social Security Administration. Further administrative details will be made public as soon as they are available. oOo I Seizures of illicit distilleries by agents of the Alcohol Tax Unit, Bureau of Internal Revenue, increased from 8 ,0 0 8 in fiscal year 19^9 to 1 0 ,0 2 9 in fiscal year 1950, the Treasury announced today. A report filed with Secretary Snyder by Commissioner George J. Schoeneman -indicates that arrests for violations of Internal Revenue liquor laws increased proportionately during the period. In 1950* 10,209 arrests were made by Tax Unit agents, as compared with 8 ,9 1 5 in 1 9 4 9 . During 1950, 140,559 gallons of illicit distilled spirits were taken by agents, an increase of 2 1 ,7 0 4 gallons over the previous year. Seizures of mash jumped from 3,661,432 gallons in 1949 to 4,8 9 2 ,6 0 8 in 1 9 5 0 , a percentage increase of 3 3 .6 . Automobiles and trucks seized in connection with this Treasury law enforcement activity numbered 2 ,0 7 6 during the year, and the value of all property confiscated totaled $2,407,708. Prosecutions were terminated in 5,982 criminal cases involving violations of the Internal Revenue liquor laws, the report showed, and on June 30, 1 9 5 0 , a total of 4,677 prosecutions were pending. 0O0 162 RELEASE MORHING NEWSPAPERS, Wednesday, August 30* 1950« S-2434 Seizures of illicit distilleries by agents of the Alcohol Tax Unit, Bureau of Internal Revenue, increased from 8 ,0 0 8 in fiscal year 1 9 *1-9 to 1 0 ,0 2 9 in fiscal year 1950, the Treasury announced today. A report filed with Secretary Snyder by Commissioner George J. Schoeneman indicates that arrests for violations of Internal Revenue liquor laws increased proportionately during the period. In 1950, 10,209 arrests were made by Tax Unit agents, as compared with 8,915 in 19^9* During 1950, 140,559 gallons of illicit distilled spirits were taken by agents, an increase of 21,704 gallons over the previous year. Seizures of mash jumped from 3,661,432 gallons in 1949 to 4 ,8 9 2 ,6 0 8 in 1 9 5 0 , a percentage increase of 3 3 .6 . Automobiles and trucks seized in connection with this Treasury law enforcement activity numbered 2 ,0 7 6 during the year, and the value of all property confiscated totaled $2,407,708. Prosecutions were terminated in 5*982 criminal cases involving violations of the Internal Revenue liquor laws, the report showed, and on June 30, 1950, a total of 4,677 prosecutions were pending. 0O0 vl-3 smm§n « a i * E w t f m Bs* toarotarr #f' ti# t m M q r #l4t%«§»#§§i ttet m a t a s Wemmmr M « r tlioiaafcmta« ® f aad ts ü to « M ir f* Iftffr, M U t 9 to Im w ort « ffo ro d «» 1 ^ 1 m H s á i n lör * * M SapMter ? 3 ft MM* at 9 m M o ra l M ourra la n k* a& $opt«s&or l* Bit dotali« of this Itoti» aro a» follow»! fötal «fpliod for • $li79?tf^3,000 fötal ¡saaoptod * {taolaáts $8ö#865*S$0 ontorad oa a aoaeaatpotltlw* tati« a&d M # l i á la fall X 9 W Q tf l k t m o at Ìfeo arara®» prloo $&oaa tolov) Arara®o prlao • 3 » 9 9 * Ü | p # I p t o a l o i a t r a t o o f d i æ m u i t approot# X # 3 ° 0 $ por i r a i a * n g » o f s e e « ? « « # eoa p o l l t t v « M é s i (JSastgtáUs# *1* t o a d « » t o t a l i s e I I*J0O,0«) Sfedfe * f f #181 B f a t n & o m t r a t a o f d l o a o m t appro*« l* 2 fc8 $ por a u n » l o w « ff#déé x#jai# {M p a r a i a t * » o f tho a a o m t M d la d o ra l Boorrro * * * * f o r a t tho l o w p r i a # w a » aoooptod) total fö ta l « 1 M i - M f L ______ 21 , 3* 3,000 1 , 30* , 761,000 Baotaa low ■ Ü i ?feil«dolpM a d lo ro lM lldtatoaä A tla n ta M o&$0 8t# lernt« l&mwiapoXi# 1sm m * Ölty B alla» San francisa© ? ,2 9 0 ,0 » 8 , 8* 8*000 »5,255,000 8 , 716,000 i f 8t $t®00 66, 805,000 25 . 960,000 57.855.000 7,675.«» J l, 820,000 7 ,7 » , 000 6 ,6 * 0,000 165,895.000 7 , 826,000 7,085,000 59,005,000 18 , 060,000 if c f e s Ä i #1,797,»*0«ooo ♦1 , 100 , 7 1 * , 000 60, 696,000 to ta l 18,333.000 709 . 510,000 « 164 RELEASE M O R N I N G NEWSPAPERS, Saturday, Se p t e m b e r 2, 1950, 8 - 243o The S e c r etary of the T r e a s u r y a n n o u n c e d last e v e n i n g that the tenders for $ 1 , 1 0 0 ,000,000, or thereabouts, of 9 1 -day T r e a s u r y bills to be dated S e p t e m b e r 7 and to matu r e D e c e m b e r 7, 1950, w h i c h were offered on A u g u s t 29, were o p e n e d at the F e d e r a l R e s e r v e B a nks on September 1. The d e t ails of this issue are as follows: Total a p p l i e d for - $ 1 , 7 9 7 , 9 4 3 , 0 0 0 Total a c c e p t e d 1,100,714,000 Average price . F (includes $ 8 0 , 8 3 5 , 0 0 0 e n t e r e d on a n o n - c o m p e t i t i v e b a sis and a c c e p t e d in full at the av e r a g e price s h o w n below) - 9 9 . 3 3 9 / E q u i v a l e n t rate of d i s c o u n t approx. 1 . 308% per a n n u m Range of a c c e p t e d c o m p e t i t i v e bids: 5 High * Low (Excepting six t e n ders to t a l i n g $ 1,500,000) - 99.3 3 5 E q u i v a l e n t rate 1.243% - 93.333 E q u i v a l e n t rate 1.321% of d i s c o u n t approx. per a n n u m of d i s c o u n t approx. per a n n u m (22 percent of the amount bid for at the low price was accepted) Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco TOTAL Total ___ A c c e p t e d Total A p p l i e d for Federal Reserve District $ 21,3 4 3 , 0 0 0 1, 3 0 4 , 7 3 1 , 0 0 0 21. 7 7 5 . 0 0 0 30.698.000 9.2 9 0 . 0 0 0 3.840.000 205,255,000 8 . 7 1 3.000 8. 6 4 5 . 0 0 0 6 6.005.000 25.9 3 0 . 0 0 0 57.8 5 5 . 0 0 0 $1,797,943,000 oOo $ 14. 3 3 3 . 0 0 0 709.510.000 7.675.000 56.820.000 7.730.000 3 . 8 40.0 00 135.895.000 7.826.000 7,085,000 59.005.000 18.060.000 39,935,000 d* 1 100.714.000 TREASURY DEPARTMENT Information Service W A S H IN G T O N . D . C . 165 RELEASE, HORNING NEWSPAPERS, Tuesday, September 5, 1950. S-2436 Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve Banks, of 1-1/5 percent Treasury Notes of Series F-1951, open on an exchange basis, par for par, in authorized denominations, to holders of 1-1/8 percent Treasury Certificates of Indebtedness of Series 01950, maturing September 15, 1950, in the amount of $1,196,795,000, or 2 percent Treasury Bonds of 1950-52 (dated April 15, 1953) in the amount of 05,939,257i000 or 2-1/2 percent Treasury Bonds of 1950-52 (dated September 15, 1938) in the amount of $1,185,851,200, both called for redemption on September 15, 1950. Cash subscriptions will not be received. The notes now offered will be dated September 15, 1950, and will bear interest from that date at the rate of 1-1/5 percent per annum, payable with the principal at maturity on October 15, 1951. They v/ill not be subject to call for redemption prior to maturity. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt Act of 1951, 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 relating to taxability are set forth in the official circular released today. Subscriptions v/ill 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 securities to be exchanged. Subject to the usual reserva tions, all subscriptions will be allotted in full. The subscription books v/ill close for the receipt of all subscriptions at the close of business Friday, September 8. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight September 8, v/ill be considered as having been entered before the close of the subscription books• The text of the official circular follows: / 166 UNITED STATES OF AMERICA 1-1/U PERCENT TREASURY NOTES OF SERIES F-1951 Dated and bearing interest from September 15, 1950 1950 Department Circular No, 869 Due October 15, 1951 TREASURY DEPARTMENT, Office of the Secretary, Washington, September 5, 1950. Fiscal Service Bureau of the Public Debt 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 percent Treasury Notes of Series F-1951, in payment of which any of the following listed Treasury securities, singly or in combinations aggregating $1,000 or multiples thereof, may be tendered: 1-lA Treasury Certificates of Indebtedness: 1- 1/8 percent certificates, Series G-1950, dated September 15, 19h9, maturing September 15, 1950. Treasury Bonds: 2 percent bonds of 1950-52, dated April 15, 19k3, due September 15, 1952, called for redemption September 15, 1950, 2- 1/2 percent bonds of 1950-52, dated September 15, 1938, due September 1% 1952, called for redemption September 15, 1950. II. DESCRIPTION OF NOTES 1. The notes will, be dated September 15, 1950, and will bear interest from that date at thè rate of 1-l/U percent per annum, payable with the principal at maturity on October 15, 1951* They will 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 laws ameniatory or supple mentary thereto. The notes shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now °r hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the Uni.ted States, or by any local taxing authority. . 3 * The notes will be acceptable to secure deposits of public moneys. will not be acceptable in payment of taxes. They U. Bearer notes vail be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. •n J?* no-tes 'will be subject to the general regulations of the Treasury epartinent, now or hereafter prescribed, governing United States notes. 167 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 sub mit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any 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. 1?, PARENT 1. Payment at par for notes allotted hereunder must be made on or before September 15, 1950, or on later allotment, and may be made only in Treasury Certifi cates of Indebtedness of Series G-1950, maturing September 15, 1950, or in 2 percent Treasury Bonds of 1950-52 or 2-1/2 percent Treasury Bonds of 1950-52, both called for redemption September 15, 1950, which will be accepted at par, and should accom pany the subscription. The full year’s interest on the certificates surrendered vdll be paid to the subscriber following acceptance of the certificates. Final interest due September 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of September 15, 1950 coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. V. ASSIGNMENT OF REGISTERED BONDS 1, 2 percent Treasury Bonds of 1950-52 or 2 -1/2 percent Treasury Bonds of 1950-52 in registered form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof to l,The Secretary of the Treasury for exchange for Treasury Notes of Series F-1951 to be delivered to ”, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Currency, Washington, D. C. The bonds must be delivered at the expense and risk of the holders, VI. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks.are author ized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts, to issue allotment notices, to receive payment for 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. - 3 m a a any State, or any of the possessions of the United States, or by any local tax ing 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 U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11$ of the Revenue Act of 191*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 in clude 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. hl8, 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 - unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement m i l be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for ¿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 September lit* 1950 > an cas^ or °^her immediately avail able funds or in a like face amount of Treasury bills maturing September 3 j u J g | L Cash and exchange tenders will receive equal treatment. Cash adjustments will be J 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. gift The bills shall be subject to estate, inheritance, 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 j w c m n . TREASURY DEPARTMENT Washington A FOR RELEASE, MORNING NEWSPAPERS, Thursday, September 7» 1950 The Secretary of the Treasury, by this public notice, invites tenders for in exchange for.Treasury bills maturing _ S e p t ^ ^ r ltjf 1?5JL* t0 be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated _ ^ p t e mber lUj 19^ 0 .— > and Tenders will be received at Federal Reserve Banks and Branches up to the Daylight Saving closing hour, two o ’clock t>.nn, Eastern¿fozratarirtime, Monday, Sei^mber 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., 99.92$. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which vail be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received "viithout deposit fr 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, TREASURY DEPARTMENT Information Service W A S H IN G T O N . D . C . 170 1 RELEASE MORNING NEWSPAPERS Thursday, S e p t e m b e r 7, 1050 3-2437 The^Secretary of the Treasury, 'by this public notice, invites cenders xor $1,000,OQQ,^eO, or tne.r& abcuts, of 3X—day Treasury bills, for cash and in exchange for Treasury bills maturing September 14, 1050, to be issued on a discount basis under The . __ m U payable withI out interest.. They will q q issued in bearer form only, and in | denominations of $1,005, $5,000, $10,000, $100,000, $500,000, and I $1,000,000 (maturity value). Tenders1will be received at Federal Reserve Banks and Branchesup to the closing hour, two o fclock p.m., Eastern Daylight Caving I time, Monday,_ September 11, 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 I than three decimals> e. g., 99.925. Fractions may not be used. It I 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! Others than banking institutions will not be permitted to Tenders will be Ireceived without deposit from incorporated banks and trust companies J I ^ i ’om^responsible and recognised dealers in investment securities. ■Tenders from others must be accompanied by payment of 2 percent of Ithe face amount of Treasury bills applied for, unless the tenders are Iaccompanied by an express guaranty of payment by an incorporated bank or trust company. I submit tenders except for their own account. I Immediately after the closing hour, tenders will be opened at Itne Federal Reserve Banks and Branches, following which public Iannouncement 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 Isecretary 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 [iron any one bidder will be accepted in full at the average price Settlement for 1 lUn three decimals) of accepted competitive bids. [accepted tenders in accordance with the bids must be made or [completed^at the Federal Reserve .Bank on September 14, 1350, in cash [or other immediately available funds or in a like face amount of ■treasury bills maturing September 14, 1350. Cash and exchange [tenaers^will receive equal treatment. Cash adjustments will be made r or„differences between the par value of maturing bills accepted in pxccange and the issue price" of the new bills. 2 The income derived from Treasury bills, whether interest or g a m from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment as such, under the Internal Revenue Code, or laws amendatory or ’ supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State but shall be exempt from all taxation now or hereafter imposed on’ the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941 the amount of discount at which bill’ s 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. 410, 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 mmm mrnrnmmmmjmm, ÿ U WSfia Btie Soerotary of the treasury aaseuneod last eto&lag that the fceoitr* for $1*000,000,000* or thoroahoute* of 9 H i f fre&sury Milt to ho datad $«ptosher 1& m à to «aturo öooomhor Ifc, 1950 , ohloh vor« offered m Soptoahor f f w«r* «penad at the fodor&i Btourto Banks oa toçpMNr 11* the totali» of this fötal allied for ran* aoooptod Average pria# Ili M f at follow«* 1,005,179#000 { t m i m r n $13M ? P » «atorad on a *•*» Mspotltlvo hatIt and aeoepted la foil at the average «ri©« show» helow) 99*669 Bfulvaluat rato of discount approx. 1*3**$ P** lange of aoeopied «©»petitive hide* - 99.665 Ugh low %aivalsat rato - 99*667 |ij| entire m * l foderai Be-serve » of diseooat appro*. I . M * * * p«r M W 1-317^ * hid for at tka low pries m o aeeeptsd) fetal Sotte # I tonlitA. tor— ...... Boston low York Philadelphia 28.091,000 1,266,796,000 sé,W f , # » 23,791,000 641.225.000 20.747.000 dlorolaad 35.389.000 35.289.000 Atlanta Ohicago St, Louis 1 2 .129.000 17.353.0 0 193,702,000 13.731.000 8,735.000 24.781.000 139.702.000 13.235.000 8,525,000 48.153.000 te .a tt.o o o 34,753,000 18.S66.Q0fi #1,718,499,000 #1,005,179,000 Itaae&polls Kansas City Balia«. Sea francisco 88» . 11 829.000 14.353.000 83.161.000 » 172 RELEASE MORNING NEWSPAPERS, Tuesday ^ September 12, 1950f S-2438 The Secretary of the Treasury announced last evening that the tenders for $ 1 , 000,000,000, or thereabouts/ of 9 1 - day Treasury bills to be dated September 14 and to mature December 14, 1950 , which were offered on September 7, were opened at the Federal Reserve Banks on September 11. The details of this issue are as follows: Total applied for - $1,716,499,000 Tot^l accepted - 1,005,179,000 (includes $134,476,000 entered on a non competitive basis and accepted in full at the average price shown below) Average price - 99*669 Equivalent rate of discount approx, 1,311$ per annum Range of accepted competitive bids: HiS-h - 99*085 Equivalent rate 1*246$ " 99.067 Equivalent rate 1,317$ Lov of discount approx, per annum of discount approx, per annum (The entire amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ 2 8 ,0 9 1 ,0 0 0 1,266,798,000 26.097.000 3 5 .3 8 9 .0 0 0 1 2 . 12 9 .0 0 0 1 7 . 3 53 .0 0 0 1 9 3 , 7 0 2 ,0 0 0 1 3 . 73 5 .0 0 0 8,-725, 000 2 ^ ,7 6 1,0 0 0 48.153.000 41.566.000 TOTAL $ 1 , 7 1 6 , 4 9 9 ,0 0 0 0O0 Total Accepted $ 2 3 , 7 9 1,0 0 0 641.228.000 20.747.000 35.289.000 . 11 829.000 14.353.000 1 3 9 . 7 0 2 .0 0 0 13.235.000 . 8 , 52 5 ,0 0 0 2 3 1 6 1 .0 0 0 34.753.000 3 8 . 5 6 6 .0 0 0 $1 , 0 0 5 , 1 7 9 ,0 0 0 * ' * O _ COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUEi Provided, howrver, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more in staple length in the case of the following countries! United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy! Imports iEstablishedt Established i Total imports Sept. 20, 1949, 1 Sept. 20, 1949, j 33-1/3$ of j Country of Origin : TOTAL QUOTA t cSept *2 ¿950 1/ i toSept. 2,1950 Total Quota! 1 United Kingdom.... Canada........ . France............. British India..... Netherlands....... Switzerland....... Belgium........... J apan...... ....... China.............. Egypt.............. Cuba............... Germany........... Italy.............. Totals 4,323,457 239,690 -227,420 69,627 j 68,240 44,388 38,559 341,535 17,322 8,135 i 6,544 76,329 21,263 1,1*29,71k 239,690 75,807 69,627 — 114,632 — — 5,482,509 1,829,871* — — — UOU j if Included in total imports, column 2. -oOo- 1,441,152 75,807 22,747 14,796 12,853 _ 25,443 7,088 1,599,886 1,1*29,711* 75,807 1 | | — 1)1,632 '/■ . ** i m m1 " 1 j UoU 1,520,557 1 The Bureau of Customs announced today that preliminary data on imports of cotton and cotton waste chargeable to the quotas established by the President's proclamation of September 5, 1939? as amended, for the period September 20, 1949, to Sept. 2, 1950, inclusive, except as noted below, are as follows: COTTON (other than linters) (In pounds) Country of Origin Under 1 -1 /8” other than rough or harsh under 3/4-” Established; Imports Sept. Quota 20, 1949, to Sept. 2, 1950 Egypt and the Anglo-Egyptian Sudan.......... • 783,816 -247^952 Peru..,.. .. . ,1*4 British India.... 2,003,483 China.... 11«. •. 1'. 1^370,791 Mexico........... 8,883,259 Brazil........... 618,723 Union of Soviet Socialist Repub lics. . 11.1.1..... 475,124 Argentina........ 5,203 Haiti. •237 Ecuador.......... 9,333 Honduras......... 752 Paraguay......... 871 Colombia.... i..1.'. 124 Iraqi... 1........ 195 British' East 2,240 Africa.. . . . . . . . *. Net herland s *East * 71,380 Indies.. . . . . M . . . 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 - 14,516,882 1,171 239,358 116,418 8,883,259 506,521 1-1/8” or more Less than 3/4” but less than harsh or rough 5/ 1-1 1 /16 " L/ Imports Sept. 20, Imports Feb.l 195-0, to 1949, to Sept. 2. 1950. Sept. 2. 1950 4 5 ,091,930 564,117 '■373 — — — — — - — — » — — — - _ mm ■— - 37,792,906 - - — — — - — m m - - «■» - mm mm 9,746,727 45,656,420 3 7 ,792,906 1/ Other than Barbados, Bermuda, Jamaica,Trinidad, and Tobago. 2J Other than Gold Coast and Nigeria. 3/ Other than Algeria, Tunisia, and Madagascar. 4/ Established Quota - 45,656,420^ for the quota period February!, 1950 to 5/ Established Quota - 70,000,000. January 31, 1951, inclusive» TREASURE DEPARTMENT Washington IMMEDIATE RELEASE Wednesday. September 13« 1950 S-2439 175 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 September 2, 1950, inclusive, except as noted below, are as follows: COTTON (other than linters) (In pounds) Country of Origin Under 1-1/8" other than rough or harsh under 3/4" Establishedjlmports Sept* Quota :2Q, 1949, to - -•. sSept» 2,.1950 Egypt and the Anglo-Egyptian Sudan . . .. ... * 0 - ®® 783,816 Peru*, 247,952 British Indiaa,0o 2,003,483 ChHld, 0i>000*»09000 1,370,791 Mexico ft® * **j h's, .*90 8,883,259 Brazil 9fl5'',ooooio 618,723 Union of Soviet Socialist Repub lics a.® * ® ”>"> *‘''0,990 475,124 Argentina» o^oo 00 5,203 Haiti® OOJOiO 237 Ecuaaor ©.*...®,® ® ® ®® 9,333 Honduras * * 00000* 0 752 Paraguay®.. ®0 871 Colombia.,*09000® 124 Iraq8®***®®®. ,900 195 British East Africa*0*0999099® 2,240 Netherlands East Indies.* f t ® . ® .0 71,388 Barbados 0000.9.0® Other British West Indies 1/ ao0 21,321 Nigeria* 5,377 Other British West Africa 2 / 000 16,004 Other French Africa 2 689 Algeria and Tunisia 1,171 239,358 1 1 6 ,4 1 8 :l-l/8" or more : Less than 3/4» :but less than : , , , ¡1-11/16" u ! harsh or rough V :Imports Feba 1 : Imports Sept« 20, : 1950, to : 1949 to ¿Sept,9 2,,,1950__a.Apt., 2, 1950 45,091,930 564,117 37,792,906 ». 8,883,259 506,521 373 ¿0 •— /„ 14,516,882 t, 9,746,727 45,656,420 37,792,906 0/ ?i!ler ^ an Barbados, Bermuda, Jamaica, Trinidad, and Tobago Other than Gold Coast and Nigeria0 J L/ ?han A1-eria> Tunisia, and Madagascar® ¥/ T?S4.f?Hslled (^uo' ta ~ 45,656,420, for the quota period Fbruary 1, 1950 to 2/ s a lished Quota - 70,000,000o . January 31, 1951, inclusive0 w 176 - 2 - COTTON WASTES (In pounds) COTTON CARD STREPS made from cotton having a staple of less than 1-3/16 inches in length COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled lay 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: • • Countl y of Origin : i Unit ed Kingdom *»<? ? « * Canada France British Indiao » a» © « o Netherlandsc o » 3« © « © « Switzerland< , % a ? ; o o Bel gium0 Japsn C lllR o t O '4 0 fS * ry (TA O * a 0 O Egypt o 'o © 0 0 ©0 A ©O 0 0 Cuba 3 0 . - a a a a o a ©O O O A O O Germany a Italy s c •? ? 0 ©O A © 0 0 o r> 0 3 Totals 1/ 3 ^Established5 Imports Septo 20, 1949 / I n w QUOTA o u o ™ ’^ * 20 *2. 1949 > !T o t a l Quo.t.ai of! to Sept«2jl950 ¿/ TOTAL îtoP *sGDta 1950: ,_. , , tTotal imports 1,441,152 — 75,807 1,429,714' 4,323,457 239,690 227,¿20 69,627 63,24-0 44,388 38,559 341,535 17,322 8,135 6,544 76,329 21,263 1,429,714 239,690 75,807 69,627 14,632 404 25,443 7,088 404 5,482,509 1,829,874 1,599,886 1,520,557 - - - — 75,807 — 22,747 14 ,7 9 6 12,853 14,632 — — *■ * ■# — Included in total imports, column 2«, -oOo- — — ■•Si Sepjfeflbei; .19 5Q___________ The Bureau o f Custom s announced to d ay p re lim in a ry fig u r e s show ing the q u a n t it ie s o f wheat and wheat f lo u r e n te re d , o r w ithdraw n from w arehouse, fo r consum ption under the im port quotas e s ta b lis h e d in the P re s id e n t’ s proclam ation o f May 28, 19Ul, as m o d ifie d b y the P re s id e n t's p ro cla m a tio n o f A p r il 13, 1942 fo r the 12 months commencing May 29, 1950, as fo llo w s ; Hiftieat Country of Origin Established : Imports Quota slay 29, 1950, to JSept. 2-. 1950 (Busftels) (Bushels) Canada 795,000 China Hungary Hong Kong Japan 100 United Kingdom — Australia Germany 100 Syria ‘ 100 New Zealand Chile 100 Netherlands 2,000 Argentina 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 8u(J,0uu 795,000 — — —— _ — — TSheat flour, semolina, crushed or cracked wheat, and similar wheat products Established i Imports Quota s May 29, 1950 • • to Sept. 2, ; (Pounds) (Pounds) mm 3,815,000 2 k ,000 13,0 00 13,000 8,000 75,000 1,000 5,000 5,000 1,000 1,000 1,000 iU,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 — — — — — — — — — — mm «•» mm mm «M * mm 795,000 ii,ooo,0o0 3,815,000 7,200 m m m m m jg. m m m m r 2,295 173 m m _ _ - - - •— ’- 3,824,668 178 TREASURY DEPARTMENT W ashington R)R IMilEKtATE RELEASE W ednesday. September 13« 1950 S-2440 The Bureau o f Customs announced today p re lim in a ry fig u r e s show ing the q u a n titie s o f wheat and wheat f lo u r e n te re d , or w ithdraw n from w arehouse, fo r consumption under the im port quotas e s ta b lis h e d in the P r e s id e n t 's p ro cla m a tio n of May”28, 1941, as m o d ifie d ty the P re s id e n t 's p ro cla m a tio n o f A p r il 1 3 , 3.942, fo r the 12 months commencing May 2 9 , 1950, as fo llo w s : Wheat- f lo u r , se m o lin a, crushed o r cra cke d w heat, and s im ila r Y/heat p ro d u cts Rhea t Country of O rig in Im p o rts E s ta b lis h e d ; May 29, 1950, to Quota : % Sento 2 . 1950 ( B u sh e ls) ( B u sh e ls) 795,000 795,000 — #*■ Canada China Hungary Hong Kong Japan United Kingdom A u s tra lia Germany S y ria New Zealand Chile Netherlands A rgentina It a ly Cuba France Greece Mexico Panama Uruguay Poland and D an zig Sweden Y u g o sla v ia Norway Canary Is la n d s Rumania Guatemala B ra z il Union o f S o v ie t S o c ia lis t R e p u b lic s Belgium — 100 — 100 100 .«jk — 100 2,000 100 — 1 ,0 0 0 _ 100 — - — — — — — — — — — — — r- — — — — — ¿1; 1 ,0 00 100 100 100 yOO 800,000 mm — — — — _ 795,000 Im p o rts E s ta b lis h e d • y 29, 1950, • Jxp Quota 2tc Septo 2 . 195 (Pounds) (Pounds) 3 ,8 1 5 ,0 0 0 3 ,8 1 5 ,0 0 0 7,2 00 24 ,000 13,000 — 13,000 8,000 75,000 1 ,000 5,000 5,000 1 ,0 0 0 1 ,0 0 0 — 1 ,0 0 0 14,000 2,295 2,000 173 12,000 1 ,0 00 1 ,000 1 ,0 0 0 1 ,0 00 1 ,0 0 0 1 ,0 00 1 ,000 1 ,0 0 0 1 ,0 0 0 1 ,000 ~ — — — — — ________ ^ 4 ,0 0 0 ,0 0 0 3 ,3 2 4 ,6 6 8 Tne Bureau of Customs announced today preliminary figures snowing the imports for consumption of commodities on w hich quotas were prescribed b y the Philippine Trade Act of 19U6, from January 1, 1950, to September 2, 1950, inclusive, as follows* s 8 Established Quota : Quantity : 8 Unit of s Imports as of Quantity : September 2, 1950 Products of the Philippines t _________________ »._____________________ :_________ * Buttons ••••*•••••• 350,000 Cigars •••••••••»•• 200,000,000 Coconut Oil ••••••• ,000,000 Cordage ••••«••«•eo 6,000,000 Rice 1,01*0,000 Gross 36U,U38 Number 556,325 Pound w l,96U,2l*6 1,90^,000,000 Pound (unrefined Tobacco ••••«»»•••• 70,750,398 » (refined • Sugars 8____________________ 789,25U,800 6 ,5 0 0 ,0 0 0 Pound 32k M O 180 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday. Septem ber 1 3 . 1950 S-2441 The Bureau o f Customs announced to d ay p re lim in a ry fig u r e s show ing the im p o rts fo r consum ption o f com m odities on w hich quotas were p re scrib e d by th e P h ilip p in e Trade A ct o f 1946, from Jan u ary 1 , 1950, to September 2 , 1950, in c lu s iv e , as fo llo w s : Pro d u cts o f the P h ilip p in e s • : ï •• E s ta b lis h e d Quota Q u a n tity •• : U n it o f : Q u a n tity à • •• ; Im p o rts as o f : Septem ber 2, 1950 • h 1 364,438 200, 0:0 0 ,0 0 0 Number 556,325 Co conut O il ooo ooo 448 ,00 0,0 00 Pound 7 0 ,7 5 0 ,3 9 8 Cordage ©poo? -0000 6 , 0 0 0,000 u 1 ,9 6 4 ,2 4 6 1 ,04 0,0 00 u - o o ° o' irv to Gross o * o<?oo» C ig a rs oooo3ooi>f>,>o Buttons iuLCG op o (re fin e d s p .-,*. o9 î ® ^^ **1' ^ ^ 1 ,9 0 4 ,0 0 0 ,0 0 0 Sugars (u n re fin e d »4» Tobacco »ooooo 6 , 500,000 ^ ^^ $14» ^ 0O•>30 pound •> ^|f oO OOo® Pound 739 ,2 54 ,80 0 324,440 IMMEDIATE RELEASE ftjjLul*«.September tf, 1950 The Bureau of Customs announced today preliminary figures snowing 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 September 2, 1950, inclusive, as follows* ~ Unit imports as of Commodity Period and Quantity of Sept« 2, __________________________________________________ Quantity 1950 Ihole milk, fresh or sour ••«•••••••••«4>•••• Calendar year 3,000,000 Gallon 11,516 Cream, fresh or sour •••• Calendar year 1,500,000 Gallon 1,01h Butter «••••»•••••••<»•••• July 16,1950 Oct* 31, 1950 5 ,000,000 Pound 3,396 26,235,738 Pound (1) Quota filled m i t e or Irish potatoes: certified seed «••••••• 12 months from 150,000,000 Other •••«••••••••••••• Sept« 15, 19U9 60,000,000 Pound Pound Quota filled Quota filled Walnuts ••••••«•••••»•••• Calendar year Pound Quota filled Fish, fresh or frozen, filleted, etc«, cod, haddock, hake, pollock, cusk, and rosefish •••• Calendar year (1) 5,000,000 The proviso to Item 717. (b) limits the imports for consumption at the quota rate to 19,676,505 pounds during the first 9 months of the calendar year* 182 TREÄSUIff DEPARTMENT Washington IMMEDIATE RELEASE Wednesday. Septem ber 1 3. 1950 S-2442 The Bureau o f Customs announced to day p re lim in a ry fig u r e s show ing the im p o rts fo r consum ption o f com m odities w ith in quota lim it a t io n s p ro vid ed fo r under the G eneral Agreement o f T a r if f s and T ra d e , from the b e g in n in g o f the quota p e rio d s to September 2 , 1950, in c lu s iv e , as fo llo w s j P e rio d and Q u a n tity Commodity Whole m ilk , fr e s h o r Im p o rts as o f U n it Septo 2 of Q u a n tity 1950 C alen d ar y e a r 3 , 000,000 G allo n 1 1,51 6 Cream, fre s h o r so u r 9390 C alend ar y e a r 1 , 50 0 ,0 0 0 G allo n 1 ,0 1 4 Pound 3 ,396 2 6 ,2 3 5 ,7 3 8 Pound (1 ) Quota f i l l e d Ih it e o r I r i s h P o ta to e s; c e r t if ie d seed e*»»»*-*»«« 1 2 months from 1 5 0 , 00 0 ,0 0 0 01 he r o ian B io o ftiV in o o D i Septo 1 5 , 1949 60 , 0 0 0 ,0 0 0 Pound Pound Quota f i l l e d Quota f i l l e d 5 , 000,000 Pound Quota f i l l e d But Qer oooo"> ' ' / ■ y ^ ' i n a o o o o o o o J u ly 16, 1950 -• 5 , 0 0 0,000 O ct0 31, 1950 ■ Fish, fr e s h o r fro z e n , f ille t e d , e t c 0, cod, haddock, h ake, p o llo c k , cu sk, and r o s e fis h Oooo C alen d ar y e a r o-o on oooooO C ale n d ar y e a r W alnuts (1 ) The p ro v is o to Item 717 (b ) lim it s the im p o rts fo r consum ption at. th e quota ra te to 1 9 ,6 7 6 ,8 0 5 pounds d u rin g th e f i r s t 9 -months o f the ca le n d a r y e a r 0 TREASURY DEPARTMENT Fiscal Service Washington, . . 1 9 5 0 STATUTORY DEBT LIMITATION A S O P .A u ^ s t . J l , .195.0 /M Section 21 of 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 b y the United S t a t e s .(except such guaranteed obligations as may be held b y the Secretary of the Treasury), ’’shall not e x c e e d .in the aggregate $g7F>,CC0,CC0,C00 (Act of June 26, 194SJ U.S.C., title any one time. 51 , sec. TUfb ), outstanding at For purposes of this section the current redemption value of any obligation issued cm a discourt basis which is redeemable prior t o 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; $275,000,000,000 Total face amount that may be outstanding at any erte time Outstanding Obligations issued under Second Liberty Bend Act, as amended Interest-bearing; Treasury bills .... — Certificates o f .indebtedness -----Treasury notes *____ ______ ......— ----- $ 13, 636, 758,000 12,817,049,000 34.666.724»500& 61,120,531,500 Bends T r e a s u r y ___ „___ — * Pavings .(current redemp. v a l u e )..... Depoe i t a r y ______ ___ — Armed Forces Leave...*......... . Investment series__ _________ _____ Special Funds — Certificates of indebtedness Treasury notes ______*__ ____ ...... Total interest-bearing ___ Matured, interest— ceased _____ 102,795,258,500 57,4-69,605,102 287,304,500 274,291,250 9^3.36^.000 161,779,824,352 18, 751, 658,000 13,953,518,000 32.705,176,000 _____________________ 255,605,531,852 ____________________ 230,763,250 Bearing n o interest; War savings stamps_______ _______ __ ........ Excess profits tax refund, b o n d s _____ A-7.A95.23* 3.197.789 Special notes of the United States;....» Interaat *1 Monetary Fund series Guaranteed obligations Interest-bearing; Debentures; F.H.A* 1.270.000.000 1.3 2 0 .6 9 3 .0 2 3 _______________ 257,156,988,125 (not held b y Treasury); ______________...---- Demand obligations; C . C . C . _____ ___________ , 1 5 2 01,886 9,655 Matured, irrterart-ceased--- — ----- ........-----.... 15.211.5A-1 2 .3 *5 .7 2 5 17,557,266 Grand total outstanding_________________________ _____ ____ ______ 2S7.17*.S*5,ffl17,825,*5*.609 Balance face amount of obligations issuable under above authority Becor.cilement with Statement of the Public Debt — (Daily Statement of the United States Treasury, August September 31 , 1950 1, 1958 Outstanding Total gross public debt -------- --- ------- »— ......------------»------------ ...........----------- Guaranteed obligations rot owned b y the Treasury ____ __ __ „_____________________ _________ ...... Total gross public debt and guaranteed obligations__________________________ *****_________ Deduct - other out-standing public debt obligations rot subject t o debt limitation ________ STATUTORY DEBT LIM ITATION AS OF AUGUST 31. 1950 184 Septem ber 13, 1933 S e ctio n 21 o f Second L ib e r t y Bond A c t, as amended, p ro v id e s th a t the fa c e amount of o b lig a tio n s is su e d under a u th o rity o f th a t A c t, and the fa c e amount o f o b lig a tio n s guaranteed as to p r in c ip a l and in t e r e s t by the U n ited S ta te s (e xce p t such guaranteed o b lig a tio n s as may be h eld by the S e c re ta ry of the T re a s u ry ), " s h a ll not exceed in the a g gre ga te $ 27 3 ,0 0 0 ,0 0 0 ,0 0 0 (A ct o f June 26, 194-6$ U .S .C ., t it le 31, sec* 7 5 7 b ), o u tsta n d in g a t any one tim e* F o r purposes o f t h is se c tio n the cu rren t redem ption v a lu e o f any o b lig a tio n is s u e d on a d isc o u n t b a s is w hich is redeemable p r io r to m a tu rity a t the o p tio n o f the h o ld e r s h a ll be co n sid ered as it s fa ce amount *n The fo llo w in g ta b le shows the fa c e amount o f o b lig a tio n s o u tsta n d in g and the face amount w hich can s t i l l be is su e d under t h is lim it a t io n : Total fa ce amount th a t may be o u tsta n d in g a t any one tim e $ 2 7 5 ,00 0,0 00 ,00 0 Outstanding O b lig a tio n s issu e d under Second L ib e r t y Bond A c t, as amended. In te r e s t-b e a r in g : T reasu ry b i l l s .......................* . . . * . $ 13,636^758^000 C e r t ific a t e s o f indebtedness*** 12,817,04-9,000 Tre a su ry n o te s................................. » 3 4 ,6 6 6 ,7 2 4 ,5 0 0 $ 6 1 ,1 2 0 ,5 3 1 ,5 0 0 Bonds T re a su ry ........... ...................*........... 1 0 2 ,7 9 5 ,2 5 8 ,5 0 0 S a v in g s (c u rre n t redem p.value) 57,4-69,605,102 D e p o s ita ry ............. . . . . . ............... 2 87 ,3 04 ,50 0 Armed F o rce s L e a v e * * 2 7 4 , 2 9 1 ,2 5 0 Investm ent s e r ie s ......... . . . .......... 9 5 3 ,3 6 5 ,0 0 0 . 1 61 ,7 7 9 ,8 2 4 ,3 5 2 S p e c ia l Funds C e r t ific a t e s o f in d eb tedn ess* 1 8 ,7 5 1 ,6 5 8 ,0 0 0 T re a su ry n o te s.............................. 1 3 ,9 5 3 ,5 1 8 ,0 0 0 3 2 ,7 0 5 ,1 7 6 ,0 0 0 2 55 ,6 0 5 ,5 3 1 ,8 5 2 T o ta l in t e r e s t -b e a r in g ........... .. Matured, in te r e s t-c e a s e d ..................................*........................ 2 3 0 , 7 6 3 ,2 5 0 Bearing no in t e r e s t : War sa v in g s stam ps............................... 4 7 ,4 9 5 ,2 3 4 Excess p r o f it s ta x re fu n d bonds*« 3 ,1 97 ,78 9 S p e c ia l notes o f the U n ite d S t a t e s : In te rn a t fl M onetary Fund S e r ie s ___ 1 . g y . ™V)f 000 1 ,3 2 0 ,6 9 3 ,0 2 3 T o ta l* ............................................................................................... 2 5 7 ,1 5 6 ,9 8 8 ,1 2 5 Guaranteed o b lig a tio n s (n o t h e ld by T re a su ry ) : In te re st-b e a rin g :. Debentures: F . H . A . . ............... ...........................1 5 ,2 0 1 ,8 8 6 Demand o b lig a tio n s : C . C . C ............. 9.655 1 5 ,2 1 1 ,5 4 1 Matured, in te r e s t-c e a s e d . ...................... ................. ........ ........................2,345,7 25 1 7 ,5 5 7 ,2 6 6 Grand t o ta l o u t s t a n d i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 7 . 1 7 4 . 5 4 5 .3 9 1 Balance f ace amount o f o b lig a tio n s is s u a b le under aboveauthority 17 *8 25 f 4 5 4 .6 0 9 R eco n cilem en t w ith Statem ent o f the P u b lic Debt - A u gu st 3 1 , 19 5 0 (D a ily Statem ent o f th e U n ited S ta te s T re a su ry , Septem ber 1 , 1950 Outstanding To tal g ro ss p u b lic d e b t............................................ .. 2 5 7 873 892 435 Guaranteed o b lig a tio n s not owned by the T r e a s u r y .... 1 7 . 5 5 7 .2 6 6 iOual g ro ss p u b lic debt and guaranteed o b lig a tio n s .* 2 5 7 , 8 9 1 , 4 4 9 ,7 0 1 eauct - other o u tsta n d in g p u b lic d e b t'o b lig a tio n s not su b je c t to debt lim it a t io n 716.904.310 S-2443 257.174.545,391 - 3 U fflX . any S ta te , o r any o f the p o sse ssio n s o f th e U n ited S ta te s * / o r b y any lo c a l tax in g a u t h o r it y . F o r p urpo ses of ta x a tio n th e amount o f d isco u n t a t w hich T re a su ry b i l l s are o r ig in a lly so ld b y the U n ited S ta te s s h a ll be co n sid ered to be in t e r e s t . Utìder à e d iio n s and 117 (à ) (1) o f the In t e r n a l Revenue Code, as amended b y S e c tio n l l j j of the Revenue A ct o f Ì9U1, the amount o f d isco u n t at w h ich b i l l s is s u e d hereunder are s o ld s h a ll n o t be co n sid e re d to accru e u n t il such b il ls / s h a l l be s o ld , redeemed o r o therw ise d isp o se d o f, and such b i l l s are exclu d e d from c o n s id e ra tio n as c a p it a l a s s e t s . A c c o rd in g ly , the owner of T re a su ry b i l l s (o th e r th a n l i f e in su ra n ce com panies) is s u e d hereunder need in clu d e in h is income ta x re tu rn o n ly the d iffe re n c e between th e p r ic e p a id fo r such b i l l s , w hether on o r ig in a l is s u e or on subsequent p u rch a se , and the amount a c t u a lly re c e iv e d e it h e r upon s a le or redem ption a t m a tu rity d u rin g the taxable y e a r fo r w hich the re tu rn i s made, as o rd in a ry g a in or lo s s . T re a su ry Departm ent C ir c u la r No. U l8, as amended, and t h is n o tic e , prescribe th e term s o f th e T re a su ry b i l l s and govern the c o n d itio n s o f t h e ir is s u e . o f the c ir c u la r may be o b tain ed from any F e d e ra l Reserve Bank o r B ranch. Copies - 2 - u n le ss the te n d e rs are accom panied by an e x p re ss gu a ra n ty o f payment b y an in co rp o rate d bank or t r u s t company. Im m ed iately a ft e r the c lo s in g h o ur* te n d e rs Trill be opened a t the Federal R eserve Banks and Branches* fo llo w in g w hich p u b lic announcement w i l l be made by i the S e c re ta ry o f the T re a su ry o f the amount and p r ic e range o f accepted b id s. Those su b m ittin g te n d e rs w i l l be a d vise d o f the acceptance or r e je c t io n thereof. The S e c re ta ry o f the T re a su ry e x p r e s s ly re se rv e s th e r ig h t to acce p t or re je ct any or a l l tenders* in whole or in p art* and n is a c tio n in any such resp ect shallj be f i n a l. S u b je c t to these re s e rv a tio n s , n o n -co m p e titive te n d e rs f o r i)200,000 or le s s w ith o u t sta te d p r ic e from any one b id d e r w i l l be accepted in f u l l at the average p r i c e 1( i n th re e d e cim a ls) o f accepted co m p e titiv e b id s . Settlem ent for accepted te n d e rs in accordance w ith the b id s m ust be made or com pleted a t the F e d e ra l R eserve Bank on S eptem ber 21, 1950 j an ca s^ or cipher im m ediately avail- a b le fu n d s or in a lik e fa c e amount o f T re a su ry b i l l s m a tu rin g Seotember_21*_i2j szk Cash and exchange te n d e rs w i l l re c e iv e e q u al tre a tm e n t. j Cash adjustm ents w ill ^ made f o r d iffe re n c e s between the p a r v a lu e o f m atu rin g b i l l s accepted in exchange and the is s u e p r ic e o f the new b i l l s . The income d e riv e d from T re a su ry b ills * w hether in t e r e s t or g a in from the s a le or other d is p o s it io n o f the b ills * s h a ll not have any exem ption* as such* and lo s s from the s a le or o th e r d is p o s it io n o f T re a su ry b i l l s s h a ll not have s p e c ia l tre atm e n t, as su ch , under the In t e r n a l Revenue Code, or law s or supplem entary th e re to . g if t any| am endatory The b i l l s s h a ll be s u b je c t to e sta te * in h eritan ce, or o th er e x c is e taxe s* w hether F e d e ra l or State* b u t s h a ll be exempt fro® a l l ta x a tio n now or h e re a fte r im posed on th e p r in c ip a l or in t e r e s t thereof 7 mxmtja TREASURY DEPARTMENT W ashington FOR RELEASE, MORNING NEWSPAPERS, Th u rsd ay, Septem ber 1U. 19$Q dBS~" The S e c re ta ry o f the T re a su ry , b y t h is p u b lic n o tic e , in v it e s ten d ers fo r $ 1 ,0 0 0 ,0 0 0 ,0 0 0 , or th e re a b o u ts, o f 91 in exchange fo r T re a su ry b i l l s m atu rin g - day T re a su ry b i l l s , fo r cash and S e p te m b e r^ !, 19$0 w to ^ issu e d on a d isc o u n t b a s is under co m p e titiv e and n o n -co m p e titive b id d in g a s h e re in a fte r p ro v id e d . v a i l m ature in t e r e s t . The b i l l s o f t h is s e r ie s v a i l be dated Decem ber 2 1. 1950 Septem ber ^ ! , 1950___ > and , When the fa c e amount m i l be p ayab le without They w i l l be is su e d in b e a re r form o n ly , and in denom inations of | 1 , 000, $5 , 000, $ 1 0 , 000, $ 10 0 , 000, $5 0 0 , 000, and $1 , 0 0 0 ,0 0 0 (m a tu rity v a lu e ). Tenders w i l l be re c e iv e d a t F e d e ra l Reserve Banks and B ranch es up to the D a y lig h t S a v in g c lo s in g h o u r, two o ’ c l o c k p . m . , ^ *+■*=>.rn tim e , Monday. September 18, 1#0. Tenders w i l l not be re c e iv e d a t th e T re a su ry Departm ent, W ashington. Each tender m ust be fo r an even m u ltip le o f $1 , 000, and in the case o f co m p e titiv e tenders the p r ic e o ffe re d m ust be e xp ressed on the b a s is o f 1 0 0 , w ith n o t more than three d e c im a ls, e . g ., 99.925. F r a c tio n s may not be u se d . I t i s urged th a t tenders be made on the p rin te d form s and forw arded in the s p e c ia l en ve lo p es w hich w ill be su p p lie d b y F e d e ra l R eserve Banks or B ranches on a p p lic a t io n th e re fo r. O th ers th a n b an kin g in s t it u t io n s w i l l n o t be p e rm itte d to subm it tenders e xce p t fo r t h e ir own a cco u n t. Tenders v d .ll be re c e iv e d w ith o u t d e p o sit from in co rp o ra te d banks and t r u s t com panies and from re sp o n s ib le and reco gn ized d e a le rs in in ve stm e n t s e c u r it ie s . Tenders from o th e rs m ust be accompanied b y payment o f 2 p e rce n t o f the fa c e amount o f T re a su ry b i l l s a p p lie d f o r , T R E A S U R Y D EP A R T M E N T Information Service RELEASE «ORMINO NEWSPAPERS, Thursday? September IAr 1950. WASHINGTON, D .C . S-24.44, The Secretary of the Treasury, by this public notice, invites tenders for bl,000,000,000, or thereabouts, of 91-day Treasury bills, for cash and in exchange for Treasury bills maturing September 2 1 , 1950, to be issued on a discount basis under competi tive and non-competitive bidding as hereinafter provided* The bills of this series will be dated September 2 1 , 1950, and will mature December 2 1 , 1950, when the face amount will.be payable ?d.th* out interest* They will be issued in bearer form only and in iSnn ™ n™i;0?S 0t r1’000' % 00°i 510,000, $100,000, $500,000, and yl,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, September 18, 1950# Thenders 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 lorwarded in the special envelopes which will be supplied by Federal Reserve -Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account# Tenders vili be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities lenders 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 a^ er ^he dosing 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 s^ount and price range of accepted bids. Those submitting tenders wifi be advised of the acceptance or rejection thereof# The Secre tary of the Treasury expressly reserves the right to accept or re ject ary or all tenders, in whole or in part, and his action in ny such respect shall be final# Subject to these reservati ons non-competitive tenders for .200,000 or less without stated price irom any one bidder will be accepted in full at the average price - 2 - ( in three d e cim a ls) o f accepted co m p e titive b id s# Se ttle m e n t ■ . fo r accepted ten ders in accordance w ith the b id s must be made^or com oleted a t the F e d e ra l Reserve Bank on Septem ber 2 1, 1950, in cash o r . o th e r im m ediately a v a ila b le , fu n d s o r,,in . a lik e fa ce amount of T re a su ry b i l l s m aturing Septem ber 2 1, 19^0#^ Cash and exchange te n d e rs w i l l re c e iv e equal tre atm e n t. Cash adjustm en ts w i ll be made fo r d iffe re n c e s between the par v a lu e , o f .. m aturing b i l l s ac cepted in exchange and the is s u e price-' o f th e : hew b i l l s * The income d e riv e d from T re a su ry b i l l s , w hether in t e r e s t or g a in from the s a le or o ther d is p o s it io n o f .the. b i l l s , s h a ll not have any exem ption, as su ch , and loss-; from , the s a le or o ther d is o o s itio n o f T re a su ry b i l l s s h a ll n o t have any s p e c ia l tre a t ment as su ch , under the In t e r n a l Revenue Code, or law s amendatory or supplem entary th e re to # The D ills .s h a ll s u o je c t o c s o a e , in h e rita n c e g if t or other e x c is e .ta xe s, w hether F e d e ra l or S ta te , b ut s h a ll be exempt from a l l ta x a tio n now or h e re a fte r imposed on the p r in c ip a l or in t e r e s t th e re o f by any . S t a t e , or ^any °* J w p o sse ssio n s o f the U n ited S t a t e s , or b y any lo c a l ta x in g a u th o rity , F o r purposes o f ta x a tio n the,am ount of d isco u n t a t w hich Treasury . b i l l s are o r ig in a lly s o ld by th e U n ite d S ta te s s h a ll be considere to be in t e r e s t . Under S e c tio n s 42 and 3-17 (a ) ( l ) o f the In te rn a l Revenue Code, as amended by S e c tio n 115 o f the Revenue A ct of 1941 ' the amount o f d isco u n t a t w hich b i l l s issu e d hereunder are s o ld s h a ll not be co n sid e re d to accru e u n t il su ch b i l l s s h a ll be s o ld , redeemed or o th erw ise d isp o se d o f, and such o i l i s are exclu ded from c o n sid e ra tio n as c a p it a l a s s e t s . A c c o rd in g ly , tne owner o f Tre a su ry b i l l s (o th e r than l i f e in su ra n ce com panies; issu e d hereunder need in c lu d e In h is incom e, ta x re tu rn o n ly e d iffe re n c e betw een'the. p r ic e p a id fo r such, b i l l s , whether on o r ig in a l is s u e or : on subsequent p u rch a se , and th e amount a c tu a lly re c e iv e d e ith e r upon s a le or redem ption a t m a tu rity d u rin g the ta x a b le y e a r fo r w hich the re tu rn i s rnade^, as o rd in a ry g a in or lo s s # Treasury Departm ent C ir c u la r No. 418, as amended, and t h is n o tic e , taro scrib e the term s o f the. Treasury b i l l s and go ve rn the c o n d itio n s o f t h e ir is s u e . Co p ies o f the c ir c u la r m aybe obtain« from any F e d e ra l R eserve Bank or Branch# QÔO eai fi September 6, 1950 TO MR. SABTSLTi The following transactions wore made in direct and guaranteed securities of the Government for Treasury investment and other ac counts during the month of August* 1950« Sales«*••**••*«••*••*••••#**•«*•«*#11,009,100 Purohases***#»«»•*•••*»#••#••«*** Met Sales•*•*•««•••»•••*•*•***•*# l,9Sb,X0Q <V A H (Sgd.) S . 0- Bam sa Chief, Division of Investments Statement Mo« 36 Treasury Department Division of Investments ftlseoarver 9/6/50 190 RELEASE MORNING NEWSPAPERS, Friday, September 1 5 , 1950. During the month of August 1950, market transactions in direct and guaranteed securities of the Government foi» Treasury investment and other accounts resulted in net sales of $1,984,100, Secretary Snyder announced today. oOo S-24A5 treasury departm ent Information Service WASHINGTON, D .C . ♦* - 191 RELEASE, HORNING NEWSPAPERS Friday, September 15, 1950. S-244.6 The S e c re ta ry o f the T re a su ry to d ay made p u b lic the t e x t o f an amendment to Departm ent C ir c u la r Ho. 530, the re g u la tio n s g o ve rn in g savin gs bonds, and a r e v is io n o f Departm ent C ir c u la r No. 65U, th e c i r cu la r o ffe r in g S e rie s F and G sa v in g s bonds f o r s a le , w hich c o n ta in the d e t a ils o f the s p e c ia l o ffe r in g o f S e rie s F and G bonds open to c e rta in c la s s e s of in s t it u t io n a l in v e s to rs and c e r ta in com m ercial and in d u s t r ia l banks d u rin g the p e rio d s from O ctober 2 thro u gh O ctober 10, 1950, in c lu s iv e ; November 1 thro u gh November 10, 1950, in c lu s iv e ; and December 1 through December 11, 1950, in c lu s iv e . Any a p p lic a tio n s from e lig ib le s u b sc rib e rs re c e iv e d b y a F e d e ra l R eserve Bank or B ranch , o r the T re a su ry Departm ent, through the la s t day o f each o f the p e rio d s stated^ in c lu d in g any m a il a p p lic a t io n s postm arked up to m id n igh t o f the f in a l day o f each o f those p e rio d s , W ill be accepted and p ro ce sse d under t h is s p e c ia l o ffe r in g . The t e x t s o f th e o f f i c i a l documents fo llo w : 192 REGULATIONS GOVERNING- SAVINGS BONDS 1950 Seventh Amendment Department Circular No, 530 Sixth Revision, dated February 13, 1945 TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Washington, September 12, 1950 Fiscal Service Bureau of the Public Debt To Owners of United States Savings Bonds and Others Concerned: Pursuant to Section 22 ^a) of the Second Liberty Bond Act, as amended (55 Stat* 7, 31 U.S.C. 757c), Subpart C of Department Circular No, 530, Sixth Revision, dated February 13, 1945 (31 CFR 315), as amended, is here by further amended and revised to read as follows: Subpart C— LIMITATION ON HOLDINGS Sec, 315.8. Amount which may be held.--As provided by Section 22 of the Second Liberty BondAct, added February 4, 1935, as amended (31 U.S.C. 757c), and by regulations prescribed by the Secretary of the Treasury pur suant to the authority of that section, as amended, the amounts of savings bonds oi the several series issued during any one calendar year that may be held by any one person at any one time arc limited as follows: (a ) Series A, B, C, and D .— »$10,000 (maturity value) of each scries for each calendar year. (B) Series’E ,— *5,000 (maturity value) for each calendar year up to and including the calendar year 1947, and $10,000 (maturity value) for each calendar year thereafter. (c ) Series F and G .--#50,000 (issue price) for the calendar year 1541, ahd $ 100,000 (issue price) for each calendar year thereafter, of either series or of the combined ag regate of both, except that, in the case of commercial banks authorized to acquire such bonds in accordance with Sec tion 315.5, the limitation shall be such as may have been or may hereafter be provided specifically in official circulars governing the offering of other Treasury securities, but in no event in excess of $ 100,000 (issue price) for any calendar year. 4.. ^ ^ Special Limitation for Series F and G Bonds Purchased by Institui£nal Investors and Connierc.CaT'Tanks'Tr T T J u l y ' T Through J u l y "15, 1948.-ft »000,000 (Tissue priccTJ~of either series or of the combined aggregate of °th for institutional investors holding savings, insurance and pension 193 - 2 - funds and 4100,000 (issue price) «fr eithe* #*ries or of the combined aggre gate of both for commercial and industrial banks holding savings deposits or issuing time certificates of deposit in thfc names of individuals and of corporations, associations, and other organizations not operated for profit, subject to the following condition*: (1) For the purposes of this »ubsootlon the classes of institutional investors will be limited to: (i) companies, ( U ) savings banks, (iii ) savings and loan association* building and loan associations, and cooperative banks, (iv) pension and funds, including those of the Federal, State and local governments, (v) fraternal benefit associations, (vi) endowment funds, and (vii) credit unions* (3) Any bonds of Series F-1948 and Series G-1948 purchased under this special limitation, including any bonds in excess of 4100,000 (issue price) purchased by eligible institutional investors, must be purchased during the period from July 1 through July 15, 1948. (e) Special Limitation for Series F and G Bonds Purchased by Institu tional Investors and Commercial Banks During Certain Periods' in the Calendar Year 1950: * ~ ' ' '' 1 1 " (1) There is hereby provided for certain classes of institutional in vestors, and for certain commercial arid industrial banks, a special limita tion on holdings for bonds of Series F and of Series G purchased on original subscription from October 2 through October 10, 1950 for bonds dated October 1, 1950; those purchased from November 1 through November 10, 1950 for bonds dated November 1$ 1950; and for those purchased from December 1 through December 11, 1950 for bonds dated December 1, 1950. (2) The classes of institutional investors to which this offering is made are limited to: (i) insurance companies (including organizations insuring th© payment of hospital, medical and surgical expenses); (ii) savings banks; (iii) savings and loan associations and building and loan associations, and cooperative banks; (iv) pension and retirement funds constituting separate legal entities, including those of the Federal, State and local governments; (v) fraternal benefit associations; (vi) endowment funds; (vii) trusts for charitable, educational, religious or other public purposes (whether or not incorporated), and State and municipal sinking funds; and (viii) credit unions. The aggregate purchases of Scries F or Scries G bonds, or tho two series combined, made by an in vestor of any such class during the three periods will be limited to ono million dollars (issue price) for the calendar year I960 in excess of the existing limitation* ^(3) Commercial and industrial banks holding savings deposits or issuing time certificates of deposit in tho names of: (i) individuals; an (ii) corporations, associations, and other organizations not operated 194 3 for profit, will be permitted to purchase bonds of either Series F or Series G, or the two series combined, up to an aggregate during the three periods of |100,000 (issue price), (f ) The regulations set forth in this Part are hereby modified to accord with the provisions of subsections (d) and (e) of this section. John W. Snyder , Seer star y of the Treasury. 195 UNITED STATES SAVINGS BONDS Series F and Series G 1950 Department Circular No. 654 Third Revision TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Washington, September 12, 1950 Fiscal Service ureau of the Public Debt Offering of United States Savings Bonds of Series F and Series G. 318.2 Description and terms of bonds. 318.3 Purchase of bonds. 318*4 Limitation on holdings. 318.5 Authorized forms of registration. 318.6 Delivery and safekeeping of bonds. 318.7 Payment at maturity or redemption prior to maturity. 318.8 Series designation. 318.9 Lost, stolen, or destroyed bonds. 318.10 General provisions. 196 S e c. 3 1 8 .1 . O ffe rin g o f U n ite d S ta te s S a v in g s Bonds o f S e r ie s F and S e rie s G .— (a ) The S e c re ta ry o f th e T re a su ry , p u rsu an t to the a u th o rity of the Second L ib e r t y Bond A c t, a s amended, o ffe r s fo r s a le , to th e people of the U n ited S t a t e s , thro u gh th e F e d e ra l R e serve B anks, U n ite d S ta te s Savin gs Bonds o f S e r ie s F and S e r ie s G, w hich may h e re in a fte r be re fe rre d to as bonds o f S e r ie s F and S e r ie s G. The s a le o f bonds o f S e r ie s F and S e rie s G w i l l co n tin u e u n t il te rm in a te d by th e S e c re ta ry o f th e T re a su ry . (b ) U n ite d S ta te s S a v in g s Bonds o f S e r ie s F and S e r ie s G in c lu d e bonds of any d e sig n a tio n is su e d under t h is c ir c u la r as o r ig in a lly p u b lish e d and amended, and th o se is su e d under t h is c ir c u la r as p re v io u s ly o r as now re v ise d . As t h e ir term s are id e n t ic a l, no d is t in c t io n i s to be made between any bonds o f S e r ie s F or S e r ie s G so is s u e d . Se c. 3 1 8 .2 . D e s c rip tio n and term s o f bonds. — (a ) Bonds o f S e rie s F and S e rie s G w i l l be is su e d o n ly in r e g is te r e d form , in denom inations o f $25 (fo r S e rie s F o n ly ), $100, $500, $ 1 ,0 0 0 , $5,00 0 and $10,000 (m a tu rity v a lu e s ), a t p r ic e s h e r e in a fte r se t fo r t h . Each bond- w i l l b ear the fa c sim ile sig n a tu re o f th e S e c re ta ry o f th e T re a su ry , and w i l l boar an im p rin t in c o lo r (brown fo r S e r ie s F and b lu e fo r S e r ie s G) o f th e S e a l o f the T re a su ry. At th e tim e o f is s u e , on th e fa ce o f each bond, th e is s u in g agent w i ll in s c r ib e th e name and ad d ress o f th e owner and th e name o f th e coowner or b e n e fic ia r y , i f an y, w i l l e n te r th e is s u e date (w hich i s th e f i r s t day o f th e month in w hich payment o f th e i.3sue p r ic e i s re c e iv e d by the T re a su ry or an a u th o rize d is s u in g a g e n t), and w i l l im p rin t h is d a tin g stamp (to show the date the bond i s a c t u a lly in s c r ib e d ) . Bonds o f S e rie s F and S e rie s G s h a ll be v a lid o n ly i f d u ly in s c r ib e d and d ate d , as above p ro vid e d , and d e liv e re d by an a u th o rize d agent fo llo w in g re c e ip t o f payment th e re fo r. (b ) The bonds o f each s e r ie s w i l l , in each in s ta n c e , be dated as o f the f i r s t day o f th e month in w hich payment o f th e is s u e p r ic e i s re c e iv e d by an agent a u th o rize d to is s u e th e bonds, w hich date i s h e re in re fe rre d to as the is su e d a te ; th e bonds w i l l m ature and be p ayab le a t fa ce v a lu e 12 years from such is s u e d a te . The is s u e date i s th e b a s is fo r d e te rm in in g the redem ption o r m a tu rity p e rio d o f th e bond, and th e date a p p e a rin g in the is s u in g a g e n t’ s stamp sh o u ld not be confused th e re w ith . The bonds o f e ith e r s e r ie s may not be c a lle d fo r redem ption by th e S e c re ta ry o f th e Treasury p r io r to m a tu rity , but th e y may be redeemed p r io r to m a tu rity , a fte r s ix months from th e is s u e d a te , a t th e owner’ s o p tio n , a t fix e d redem ption v a lu e s . (c) Bonds o f Series F will be issued on.a discount basis at 74 percent of their maturity value. No interest as such will be paid on the bonds, but they will increase in redemption value at the end of the first year from issue date, and at the end of each successive half-year period there after until their maturity, when the face amount becomes payable. The increment in value’will be payable only upon redemption of the bonds. A table of redemption values appears on each bond. The purchase price of 197 - 3 bonds o f S e rie s F has been fix e d so as to a ffo rd an in vestm ent y ie ld o f about 2.53 p e rce n t p er annum compounded se m ia n n u a lly i f th e bonds are h e ld to m a tu rity ; i f th e owner e x e rc is e s h is o p tio n to redeem a bond p r io r to m a tu rity th e investm ent y ie ld w i l l be le s s . (d ) Bonds o f S e r ie s G w i l l be is su e d a t p a r, and w i l l b ear in t e r e s t at the ra te o f 2 -1 /2 p e rce n t p e r annum, p ayab le se m ia n n u a lly from is s u e date. In t e r e s t w i l l be p a id by check drawn to th e o rd e r o f th e re g is te r e d owner. In t e r e s t w i l l cease a t m a tu rity , o r, in case o f redem ption b e fo re m a tu rity , a t th e end o f th e in t e r e s t p e rio d n e xt p re ce d in g th e date o f redem ption. A ta b le o f redem ption v a lu e s appears on each bond, and the d iffe re n c e between th e fa c e amount o f th e bond and th e redem ption va lu e fix e d fo r any p e rio d re p re se n ts an adjustm ent (o r re fu n d ) o f in t e r e s t . A c c o rd in g ly , i f th e owner e x e rc is e s h is o p tio n to redeem a bond p r io r to m a tu rity , th e investm ent y ie ld w i l l be le s s th a n th e in t e r e s t ra te on th e bond. Bonds o f S e rie s G may be redeemed a t p a r, in whole o r in p a r t, ( l ) upon the death o f th e owner, o r a coowner, i f a n a t u r a l p e rso n , o r (2 ) as to bonds h e ld by a tru s te e o r o th e r f id u c ia r y , upon th e death o f any p erso n which r e s u lt s in te rm in a tio n o f th e t r u s t . I f th e t r u s t i s te rm in a te d o n ly in p a rt, redem ption a t p a r w i l l be made o n ly t o th e e xte n t o f th e p ro ra ta p o rtio n o f th e t r u s t so te rm in a te d , to th e n ext low er m u ltip le o f &1Q0. In any case re q u e st fo r redem ption a t p ar must be re ce iv e d by th e T re a su ry Departm ent, D iv is io n o f Loans and C u rre n cy , M erchandise M art, C h ica go 54, I l l i n o i s , o r by a F e d e ra l R eserve Bank o r Branch in acco rd an ce 'with th e re g u la tio n s go ve rn in g s a v in g s bonds. (e ) T a b le s A and B appended to t h is c ir c u la r show s e p a ra te ly fo r bonds o f S e rie s F and th o se o f S e r ie s G: ( l ) The redem ption v a lu e s , by d en o m in atio n s, during the su c c e s s iv e h a lf -y e a r p e rio d s fo llo w in g is s u e , (2 ) th e approxim ate investm ent y ie ld on th e is s u e p r ic e from is s u e date to th e b e g in n in g o f each h a lf-y e a r p e rio d , and (3 ) th e approxim ate in vestm ent y ie ld on th e c u r rent redem ption v a lu e from th e b e g in n in g o f each h a lf -y e a r p e rio d to m a tu rity at the end o f th e 1 2 -y e a r p e rio d . ( f ) Bonds o f S e r ie s F and S e rie s G w i l l not be t r a n s fe r a b le , and 'w ill be payable o n ly to th e owner named th e re o n , except in case ox death or d is a b ilit y o f th e owner o r as o th e rw ise s p e c if ic a lly p ro vid e d in th e regu la tio n s g o ve rn in g s a v in g s bonds, and in any event o n ly in acco rd an ce w ith sa id r e g u la tio n s . A c c o rd in g ly th e y may not be s o ld , d isco u n te d , hypothe cated as c o lla t e r a l fo r a lo a n o r th e perform ance o f a s e r v ic e , o r d isp o se d 1 See Departm ent C ir c u la r No. 530, S ix t h R e v is io n , as amended (31 CFR 3 1 5 ), fo r cu rre n t r e g u la tio n s . 198 - 4 - of in any manner o th e r th an as p ro vid e d in th e re g u la tio n s g o ve rn in g sa v in g s bonds, and, except as p ro v id e d in s a id r e g u la t io n s , th e T re a su ry Departm ent w ill. re co g n ize o n ly th e in s c r ib e d owner, d u rin g h is life t im e and com petency, and th e re a fte r h is e s ta te o r h e ir s . (g ) T a x a tio n . — Fo r th e purpose o f d e te rm in in g ta x e s and t a x exem ptions, the increm ent in va lu e re p re se n te d by th e d iffe re n c e between th e p r ic e p a id fo r bonds o f S e r ie s F (w hich a re issu e d on a d isco u n t b a s is ) , and th e re demption v a lu e re c e iv e d th e re fo r (w hether a t o r b efo re m a tu rity ) s h a ll be con sid ered as in t e r e s t , and th a t in t e r e s t and in t e r e s t on bonds o f S e rie s G are not exempt from income o r p r o f it s ta x e s now o r h e re a fte r imposed by the U nited S t a te s . The bonds s h a ll be su b je c t to e s ta te , in h e rita n c e , g i f t , or other e x c is e t a x e s , w hether F e d e ra l o r S ta te , but s h a ll be exempt from a i l ta x a tio n nov/ o r h e re a fte r im posed on th e p r in c ip a l or in t e r e s t th e re o f by any S ta te , o r any o f th e p o sse ssio n s o f th e U n ite d S t a t e s , o r by any lo c a l ta x in g a u th o r ity . S e c. 3 1 S .3 . Purchase o f bonds. — (a ) A g e n c ie s. — Bonds o f S c r ie s F and S e rie s G may be p u rch ased , w h ile t h is o ffe r i s in e f f e c t , upon a p p lic a t io n to any F e d e ra l R eserve Bank o r B ranch , or to th e T re a su re r o f th e U n ited S ta te s , W ashington 25, D. C . S a le s a g e n c ie s, d u ly q u a lifie d under th e p ro v isio n s o f T re a su ry Departm ent C ir c u la r No. 657 (31 CFR P a rt 317) as amended and supplem ented, and b an kin g in s t it u t io n s g e n e r a lly , may subm it a p p lic a tio n s fo r account o f cu sto m ers, but o n ly th e F e d e ra l R eserve Banks and Branches and th e T re a su ry Departm ent are a u th o rize d to a c t as o f f i c i a l a g e n cie s, and th e re c e ip t o f a p p lic a t io n and payment a t an o f f i c i a l agency w ill govern th e d a tin g o f th e bonds is s u e d . (b ) Payment fo r bonds. — E v e ry a p p lic a t io n must be accom panied by pay ment in f u l l o f th e is s u e p r ic e . Any form o f exchange, in c lu d in g p e rso n a l ch ecks, w i l l be a cce p te d , s u b je c t to c o lle c t io n . C h ecks, o r o th e r form s o f exchange, sh o u ld be drawn to th e o rd e r o f th e F e d e ra l Reserve Bank o r th e Tre a su re r o f th e U n ited S t a t e s , as th e case may be. Checks p ayab le by en dorsement are not a c c e p ta b le . Any d e p o sita ry q u a lifie d p u rsu an t to th e p ro v isio n s o f T re a su ry Departm ent C ir c u la r No. 92, R e vise d (31 CFE P a rt 203) w ill be p e rm itte d to make payment by c r e d it fo r bonds a p p lie d fo r on b e h a lf of it s custom ers up to any amount fo r w hich i t s h a ll be q u a lif ie d in excess of e x is t in g d e p o s its , when so n o t ifie d by th e F e d e ra l R eserve Bank o f i t s d is t r ic t . 2 Fo r in fo rm a tio n co n ce rn in g th e ta x a b le and exempt s ta tu s under F e d e ra l ta x laws o f th e in t e r e s t (in crem en t in v a lu e ) on U n ited S ta te s S a v in g s Bonds issu e d on a d isco u n t b a s is (in c lu d in g bonds o f S e r ie s F ) , and a lte rn a te methods o f re p o rtin g such in t e r e s t , see In t e r n a l Revenue M imeograph, C o ll. 6327, R .A , No. 1680, dated November 9 , 1948, 199 -'5 ( c ) P o s ta l s a v in g s . — S u b je ct to re g u la tio n s p re sc rib e d by th e Board of T ru ste e s o f th e P o s ta l S a v in g s System , th e vd th d raw al o f p o s ta l sa v in g s d e p o sits w i l l be p e rm itte d fo r th e purpose o f a c q u irin g s a v in g s bonds. (d ) Form o f a p p lic a t io n »*»—In a p p ly in g fo r bonds under t h is c ir c u la r , care sh o u ld be e x e rc ise d to s p e c ify w hether th o se o f S e r ie s F o r S e rie s are d e s ire d , and th e re must be fu rn is h e d : (1 ) In s t r u c t io n s fo r r e g is t r a t io n o f the bonds to be is s u e d , w hich must be in one o f th e a u th o rize d form s (see S e c. 3 1 8 .5 ); (2 ) th e p o st o f fic e ad d re ss o f th e owner; (3 ) ad d ress fo r d e liv e ry o f th e bonds; and ( 4 ) , in case o f bonds o f S e rie s G, ad d re ss fo r m a ilin g in t e r e s t ch o cks. The use o f an o f f i c i a l a p p lic a t io n form i s d e s ir a b le , but not n e ce ssa ry . The a p p lic a t io n sh o u ld be forw arded to th e F e d e ra l Reserve Bank, o r B ran ch , o f th e d is t r ic t , o r to th e T re a su re r o f th e U n ite d . S ta te s , accom panied by re m itta n ce to co ve r th e p urchase p r ic e ($74 fo r each $100 fa ce amount o f bonds of S e rie s F , or *100 fo r each $100 fa ce amount o i bonds o f S e r ie s G ). (e ) Is s u e p r ic e s .--T h e is s u e p r ic e s o f th e v a rio u s denom inations o f bonds o f S e r ie s F and S e r ie s G fo llo w : SE R IE S F Denom ination (m a tu rity v a lu e ) . . . . $25.00 Issu e (p u rch a se ) P r ic e .................... $18,50 $74 $500 $370 $1,000 $740 $5,000 $3,700 $ 10 ,0 00 ¡¿¡>7,400 $100 $100 $500 $500 $ 1,000 $1,000 $5,000 $ 5,000 $ 10 ,0 00 $ 1 0 ,0 0 0 $100 SE R IE S G Denom ination (m a tu rity v a lu e ) , . . .............. Issu e (p u rch a se ) P r ic e .................................... S e c. 318*4. L im ita tio n on h o ld in g s . — (a ) The amount o f U n ited S ta te s Savin gs Bonds o f S e r ie s F , o r o f S e rie s G, .or th e combined ag gre ga te amount of both s e r ie s o r ig in a lly is s u e d d u rin g any one ca le n d a r y e a r to any one p e r son, in c lu d in g th o se re g is te r e d in th e name o f th a t perso n a lo n e , and tho se re g iste re d in th e name o f th a t person w ith an o th e r named as coowner, th a t may be h eld by th a t perso n a t any one tim e s h a ll not exceed such amount as may be p re scrib e d from tim e to tim e by the S e c re ta ry o f th e T re a su ry by r e g u la tio n .-' (b ) Any bonds a cq u ire d on o r ig in a l is s u e w hich cre a te an e xce ss must im m ediately be su rren d ered fo r refu n d o f th e purchase p r ic e o r fo r such other adjustm ent as may be p o s s ib le , as p ro vid e d in th e re g u la tio n s go vern in g sa v in g s bonds. 3 The cu rre n t re g u la tio n s are co n ta in e d in Departm ent C ir c u la r No. 530, S ix th R e v is io n , as amended (se e 31 CFR 3 1 3 * 8 ). - 6 - k OJ S e c. 3i$%5* A u th o rize d form s o f r e g is t r a t io n .-«»(a) U n ited S ta te s Sav in g s Bonds o f S e rie s F and S e r ie s G may be re g is te r e d o n ly in one o f th e fo llo w in g fo rm s: (1 ) In th e names o f n a tu r a l perso ns (th a t i s , in d iv id u a ls ) , w hether a d u lts o r m in o rs, in t h e ir own r ig h t , as fo llo w s : ( i ) in th e name o f one person; ( i i ) in th e names o f two (b u t not more th an tw o) p erso n s as coow ners; and ( i i i ) in th e name o f one person p ayab le on death to one (bu t not more than one) o th e r d e sig n a te d p e rso n . (2 ) In th e name o f an in co rp o ra te d o r u n in co rp o ra te d body in i t s own r ig h t ; but may not be re g is te r e d in th e names o f com m ercial b an ks, w nich are d e fin e d fo r t h is purpose as th o so a c c e p tin g demand d e p o s its , except as provided in and to th e e xte n t and under such c o n d itio n s as may be p ro vid e d by re g u la tio n s prom ulgated from tim e to tim e by th e S e c re ta ry o f th e T re a su ry .^ (3 ) In th e name o f a f id u c ia r y (e xce p t where th e f id u c ia r y would h o ld the bonds m erely or p r in c ip a lly as s e c u r it y fo r th e perform ance o f a d u ty or o b lig a t io n ). (4 ) In th e name o f th e owner o r c u sto d ia n o f p u b lic fu n d s. (b ) R e s t r ic t io n s . — O nly re s id e n ts (w hether in d iv id u a ls o r o th e rs) o f the U n ited S ta te s (w hich fo r th e purposes o f t h is s e c tio n s h a ll in c lu d e th e t e r r it o r ie s , in s u la r p o sse ssio n s and th e C a n a l Zo n e ), c it iz e n s o f th e U n ited S ta te s te m p o ra rily r e s id in g abroad and n o n re sid e n t a lie n s employed in th e United S ta te s by th e F e d e ra l Government or an agency th e re o f may be^named as owners, coowners o r d e sig n a te d b e n e fic ia r ie s o f sa v in g s bonds o r ig in a lly issu e d on o r a f t e r A p r il 1 , 1940, o r o f a u th o rize d re is s u e s th e re o f, excep t th at such perso ns may name as coowners o r b e n e fic ia r ie s o f t h e ir bonds American c it iz e n s perm anently r e s id in g abroad o r n o n re sid e n t a lie n s who are not c it iz e n s o f enemy n a tio n s . Am erican c it iz e n s perm anently r e s id in g abroad and n o n resid en t a lie n s who become e n t it le d to bonds under th e re g u la tio n s governing s a v in g s bonds, by r ig h t o f s u rv iv o rs h ip o r o th e rw ise upon th e death of an o ther, w i l l have th e r ig h t o n ly to re c e iv e payment e it h e r a t o r b e fo re m a tu rity . (c ) F u ll in fo rm a tio n re g a rd in g a u th o rize d form s o f r e g is t r a t io n w i l l be found in th e re g u la tio n s c u r r e n t ly in fo rc e g o ve rn in g U n ite d o ta te s Savin gs Bonds. S e c. 3 1 8 .6 . D e liv e ry and sa fe ke e p in g o f bonds. — (a ) F e d e ra l Reserve Banks and Branches and th e T re a su re r o f th e U n ited S ta te s are a u th o rize d 4 v ■' k The cu rre n t re g u la tio n s are co n ta in e d in Departm ent C ir c u la r No, 530, S ix th R e v is io n , as amended (se e 31 CFR 3 1 5 * 8 ), 201 - 7 to d e liv e r bonds o f S e r ie s F and S e r ie s G, d u ly in s c r ib e d and d ated , upon re ce ip t o f th e is s u e p r ic e . Bonds not d e liv e re d in p erso n w i l l be d e liv e re d by m a il a t th e r is k and expense o f th e U n ited S t a t e s , a t th e ad d re ss g iv e n by the p u rch a se r, but o n ly w ith in th e U n ite d S t a t e s , i t s t e r r it o r ie s and in s u la r p o sse ssio n s and th e C a n a l Zone.^ No m a il d e liv e r ie s elsew here w i l l be made. I f p urchased by c it iz e n s o f th e U n ited S ta te s te m p o ra rily r e s id ing abroad, bonds w i l l be d e liv e re d a t an ad d re ss in th e U n ite d S t a t e s , or h eld in safe ke e p in g^ as th e p u rch a se r may d ire c t* P e rso n a l d e liv e r y should not be a c c e p te d ’by any p u rch a se r u n t il he has v e r if ie d th a t th e c o r rect name, o r names, and ad d re ss are d u ly in s c r ib e d , th a t th e is s u e date (the f i r s t day o f th e month in w hich payment o f th e is s u e p r ic e was re ceived by th e a g e n t) i3 d u ly e n te re d , and th a t th e d a tin g stamp o f th e is su in g agent i s d u ly im p rin te d w ith c u rre n t d a te — a l l on th e fa ce o f th e bond. I f re c e iv e d by m a il, th e same v e r if ic a t io n sh o u ld be made, and i f any e rro r in in s c r ip t io n o r d a tin g a p p e a rs, such fa c t sh o u ld im m ed iately bo reported to th e is s u in g a g e n t, and in s t r u c t io n s re q u e ste d . (b ) S a v in g s bonds o f S c r ie s F and S e r ie s G w i l l be h e ld in safe ke e p ing w ithout ch arge by th e S e c re ta ry o f th e T re a su ry i f th e h o ld e r so d e sire s, and in such co n n e ctio n th e f a c i l i t i e s o f th e F e d e ra l Reserve Banks,0 as f i s c a l agen ts o f th e U n ite d S t a t e s , and th o se o f th e T re a su re r of the U n ited S t a t e s , w i l l be u t iliz e d . Arrangem ents may be made fo r such safekeeping a t th e tim e o f p u rch a se , o r su b se q u e n tly . Sec. 3 I B . 7 . Payment a t m a tu rity o r redem ption p r io r to m a tu rity . — (a) G e n e ral. —Any sa v in g s bond o f S e r ie s F o r S e r ie s G w i l l be p a id in f u l l at m a tu rity , o r, a t th e o p tio n o f th e owner, a f t e r s i x months from th e issue d ate , w i l l be redeemed in whole o r in p a rt a t th e a p p ro p ria te redemp tio n valu e p r io r t o m a tu rity , on th e f i r s t day o f any c a le n d a r month, on one month’ s n o tic e in w r it in g , fo llo w in g p re se n ta tio n and su rre n d e r o f th e bond, with the req u est f o r payment p ro p e rly exe cu te d , a l l in acco rd an ce w ith th e re g u la tio n s g o ve rn in g s a v in g s bonds. W N o tice o f redem ption. —when a s a v in g s bond o f S e rie s F o r S e rie s G is to be redeem ed^prior to m a tu rity , a n o tic e in w r it in g o f th e owner’ s in ten tio n must be g iv e n to and be re ce iv e d by a F e d e ra l R eserve Bank o r B ranch , or the Treasury^D epartm ent, D iv is io n o f lo a n s and C u rre n cy , M erchandise M art, Chicago 54, I l l i n o i s , not le s s th a n one ca le n d a r month in advance. A d u ly executed req u est fo r payment w i l l be accep ted as c o n s tit u t in g th e re q u ire d 5 Durin g any war em ergency th e T re a su ry may suspend d e liv e r ie s to be maae at i t s r is k and expense from o r to th e c o n tin e n ta l U n ite d S ta te s and , Su ef r ^ o r^e s i in s u la r p o sse ssio n s and th e C a n a l Zone, o r between any o f such p la c e s. 6 £es ^a^e^ee p in g f a c i l i t i e s may be o ffe re d a t some Branches o f F e d e ra l Branch0 anc^ SUQ^ co n n e ctio n an in q u ir y may be ad d ressed to th e 8 - 202 (c) Execution of request for p a r e n t .--The registered owner, or other nerson entitlid to payment uSder the regulations governing savings bonds, rust appear before one of the officers authorized by the^Secretary of the Treasury to witness and certify requests for payment, establish his identity, and in the presence of such officer sign the request ior payment, aduing the addressee which the check is to be mailed. After tne request for paymQnt has been so signed, the witnessing officer should complete ana^sign the certificate provided for his use. Unloss otherwise auth^r^ eQ in a , particular case, the form of request appearing on the back of the bond mu be used. (d) n f f n m r s authorized to witness and ceitify„j^quests The officers authorized to ^iithoss and certify requests for paynon a , iners b^nds are fully set forth in the regulations governing savings bonds, anfSinclude but are not limited to^ (l) United States other post office officials or designated employees, an*. {2) oUlcers V r designated employees) of all banks or trust companies ^ c o r p o r a ^ ^ United States or its organized territories, including officers at domestic branches ("within the United States or its territories or insular possessions " c K ) , or at foreign branches. All certificates^should be authenticated by official seal, if there is one, or by an imprint of an issuing agent’s dating stamp* (e) Presentation and surrender*— After the request for payment has been duly executed by the person entitled and by the certifying o > the bond must be presented and surrendered to a Federal Reserve Bank Branch, or to the Treasury Department, Division of Loans ana Currency, ter chandise Mart, Chicago 54, Illinois, at the expense a n d r i , , ‘ For the owner's protection, the bond should be forwarded by registered mail, if not presented in person. (f) rrisah-i 1 itv or death.— In case of the disability of the registered owner, or the death of the registered owner not survived by a coo.vncr or t designated beneficiary, instructions should be oDtainea from a Federal R serve Bank or Branch, or the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, before the reques payment is executed. (e) Method of oavment.--1The only agencies authorized to pay or redeem^ savings bonds are the Federal Reserve Banks and Branches, and the Treasurer of the United States. Payment in all cases will be made by check dra the order of the registered owner or other person entitled to payment, ana mailed to the address given in the request for payment. (h) Partial redemption.— Partial redemption at current redemption value of a bond of Series F, of a denomination higher than (maturity valu ), or of a bond of Series G, of a denomination higher than svlOO, is ^ r a i > but must correspond to an authorized denomination. In case o pa ia demption the remainder will be reissued in authorized denominations bearing the same issue date as the bond surrenderee. Sec. 318.3, Series designation.— Bonds of Series F, issued during the calendar year 1950 are designated Series F-X950, and those of Series G are similarly designated Series G-1950, and those of either series which may be issued in subsequent calendar years will be similarly designated by the series letter, F or G, followed by the year of issue. vSec. 318,9, Lost, stolenT or destroyed bonds,— (a) If a bond of Series F or Series G is lost, stolen, or destroyed, a duplicate may be issued on the owner furnishing a description of the bond and establishing its loss, theft, or destruction, (b) In any case of the loss, theft, or destruction of a bond of Series F or Series G, the owner should give immediate notice to the Treasury Depart ment, Division of loans and Currency, Merchandise Mart, Chicago 54, Illinois, briefly stating the facts and giving a description of the bond. On receipt of such notice, full instructions for procedure will be given the owner. (c) A descriptive record of each bond of Series F or Series G held should be kept by the owner, apart from the bonds, so that a full descrip tion of the bonds will -be available if they are lost, stolen, or destroyed. The record for each bond should show: (1) the denomination; (2) the serial number (with its prefix and suffix letters); (3) the inscription (name or names, and address, on the face of the bond); and (4) the issue date (month and year of issue). Sec, 318,10, General provisions.— (a) All bonds of Series F and Series G, issued pursuant to this circular, shall be subject to the regulations pre scribed from time to time by the Secx”etary of the Treasury to govern United States Savings Bonds, The present regulations governing savings bonds are set forth in Treasury Department Circular No, 53^, Sixth Revision, as amended, copies of which may be obtained on application to the Treasury Department or to any Federal Reserve Bank or Branch. (b) The Secretary of the Treasury reserves the right to reject any application for savings bonds of either Series F or Series G, in whole or in part, and to refuse to issue or permit to be issued hereunder any such savings bonds in any case or any class or classes of cases if he deems such action to be in the public interest, and his action in any such respect shall be final. (c) Federal Reserve Banks and Branches, as fiscal agents of the United States, are authorized to perform such services as may be requested of them by the Secretary of the Treasury in connection with the issue, delivery, safekeeping, redemption, and payment of savings bonds of Series F and Series G. (d) The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this circular, or of any amendments or supplements thereto, information as to which will be promptly furnished the federal Reserve Banks and Branches. John ii, Snyder, Secretary of the Treasury. APPENDIX A 204 U N ITE D STATES SAVINGS BONDS— SERIES F TABLE OF R E D E M P T IO N VALUES AND IN V E S T M E N T YIELDS Table showing: (1) How United States Savings Bonds of Series F, by denominations, increase in redemption value during successive half-year periods following issue; (2) the approximate investment yield on the purchase price from issue date to the beginning of each'half-year period; and (3) the approximate investment yield on the current redemption value from the beginning of each half-year period to maturity. Yields are expressed in terms of rate percent per annum, compounded semiannually. Maturity Value------Issue Price------------- $25. 00 $18. 50 $100. 00 $74. 00 $500. 00 $370. 00 $1, 000 $740 $5, 000 $3, 700 $10, 000 $ 7, 400 (1) Redemption values during each half-year period Period after issue date (2) Approximate in v e s t m e n t yield on pur c h a se p ric e from issue date to beginning of each halfyear period (3) Approximate investment yleldoncurrent redem ption value from be ginning of each half-year period to maturity Percent Percent 0.00 .2 7 .4 5 *2. 2. 2. 2. 53 64 73 82 N o t r e d e e m a b le $ to 1 vear------------1 to 1)4 years----------1)4 to 2 years----- ----- $18. 50 18. 55 18. 62 $74. 00 74. 20 74. 50 $370. 00 371. 00 372. 50 $740 742 745 $3, 700 3, 710 3, 725 $7, 400 7, 420 7, 450 2 to 2 )4 years----------2)4 to 3 years_______ 3 to 3 )4 years------- ... 3)4 to 4 years_______ 18. 18. 19. 19. 72 85 00 17 74. 75. 76. 76. 90 40 00 70 374. 377. 380. 383. 50 00 00 50 749 754 760 767 3, 3, 3, 3, 745 770 800 835 7, 7, 7, 7, 490 540 600 670 . 61 .7 5 . 89 1. 03 2. 2. 3. 3. 91 99 07 15 4)4 4 to 4 )4 years----------to 5 years----------5 to 5 )4 years_______ 5)4 to 6 years_______ 19. 19. 19. 20. 40 65 92 22 77. 78. 79. 80. 60 60 70 90 388. 393. 398. 404. 00 00 50 50 776 786 797 809 3, 3, 3, 4, 880 930 985 045 7, 7, 7, 8, 760 860 970 090 L 19 1.34 1. 49 1. 63 3. 3. 3. 3. 20 24 27 29 6 to 6)4 years_______ to 7 years_______ 7 to 7 )4 years_______ 7)4 to 8 years_______ 20. 20. 21. 21. 55 87 20 52 82. 83. 84. 86. 20 50 80 10 411. 417. 424. 430. 00 50 00 50 822 835 848 861 4, 4, 4, 4, 110 175 240 305 8, 8, 8, 8, 220 350 480 610 1. 1. 1. 2. 76 87 96 03 3. 3. 3. 3. 29 31 32 35 8 to 8 )4 years_______ 8)4 to 9 years_____. .. 21. 22. 22. 22. 85 17 50 85 87. 88. 90. 91. 40 70 00 40 437. 443. 450. 457. 00 50 00 00 874 887 900 914 4, 4, 4, 4, 370 435 500 570 8, 8, 9, 9, 740 870 000 140 2. 2. 2. 2. 09 14 19 24 3. 3. 3. 3. 40 46 54 63 10 to 23. 23. 24. 24. 22 62 05 50 92. 94. 96. 98. 90 50 20 00 464. 472. 481. 490. 50 50 00 00 929 945 962 980 4, 4, 4, 4, 645 725 810 900 9, 9, 9, 9, 290 450 620 800 2. 2. 2. 2. 29 34 40 46 3. 3. a 4. 72 81 91 08 $500. 00 $1, 000 6)4 9 to 9 )4 years_______ 9)4 to 10 years______ 1 0 )4 years_____ to l l years_____ 11 to 11^ years_____ 11)4 to 12 years 10)4 MATURITY VALUE (12 years from issue date)............... $25. 00 $100. 00 •Approximate investm ent yield for entire period from issuance to m aturity. $5, 000 $10, 000 2. 53 APPENDIX B U N ITE D STATES SAVINGS BONDS— SERIES G ¿ U ü TABLE OF R E D E M P TIO N VALUES AND IN V E S T M E N T YIELDS Table showing: (1) How United States Savings Bonds of Series G (paying a current return a t the rate npr annum on the purchase price, payable semiannually) change in redemption value, by denominations, during success e hnlf-vear periods following issue: (2) the approximate investment yield on the purchase price from issue date to .8 . nine of each half-year period; and (3) the approximate investment yield on the current redemption value 3 S S half-year period to maturity. Yields are expressed in terms of rate percent per annum, compounded semiannually, and take into account the current return. __________ ________ __________________ Maturity Value. Issue Price-------- $500. 00 $500. 00 $ 100. 00 $ 100. 00 $1,000 $1, 000 $5, 000 $5, 000 (1) Redemption values during each half-year period Period after issue date $10, 000 $10, 000 (2) Approximate Investment yield on pur chase p rice from issue date to beginning of each halfyear period (3) Approximate investment yield on current redemptio n value from be ginning ofeach half-year period to maturity Percent First Vi year... # to 1 year.... 1 to 1)4 years.. l/2 to 2 years.. Not redeemable $98. 80 97. 80 96. 90 2 to 2% years.. 2% to 3 years.. 3 to 3)4 years.. 3% to 4 years.. 96.20 95. 60 95. 10 94. 80 4 to 4)4 01 to 5 5 to 02 to 6 years.. years.. years. years.. 94. 94. 94. 95. 70 70 90 20 6 to 02 years. 02 to 7 years. 7 to 02 years. 02 to 8 years. 95. 95. 96. 96. 50 80 10 40 8 to 8)4 years... 02 to 9 years... 9 to 02 years... 9)4 to 10 years. 96. 70 97. 00 97.30 97. 60 10 to 10)4 years. 102 to 11 years. 11 to 11)4 years. 102 to 12 years. 97.90 98. 20 98. 60 99. 20 MATURITY VALUE (12 years from is sue date)________ $100. 00 'Approximate investm ent yield for entire period from issuance to m aturity. *2. 2. 2. .2. 50 62 73 84 □no OUà ®, Thursday, September Ht, 195& 5 mmwm r e im 2 îbô Secretary odT the Treasury today announced the subscription and allotment figures with respect to the current offering of 1-lA percent Treasury Notes of Series F-1951, to be dated September 1 $ , 1950* open to the holders of Treasury Cer tificates of Indebtedness of Series §*1950# maturing September 15, 1950, and 2 per cent Treasury Bonds of 1950-52 (dated April 15, 19b3) end 2*1/2 pensent Treasury Bonds of 1950*52 (dated September 15, 1958), both called for redemption cm September 15, 1950. Subscriptions *nd allotments sere divided among the several Federal Reserve Districts and the Treasury as follows* # Federal Reserve District Boston lew York Philadelphia Cleveland Richmond Atlanta Chicago it* Louis Minneapolis Kansas City V ; Dallas San Francisco Treasury TOTAL Certificates 2 $ Bonds J 2 - 1 / 2 % B o n d » 1.697.000 981,771,000 2, 653»ooo . $ , 8 5 3 , 0 0 0 2 676.000 3.968.000 17,271,000 3.903.000 2.575.000 9.077.000 k,876,000 I 6,633,*» 3,726,221,000 lit,6U1*,000 23.233.500 21 ,625,000 19.822.000 58,996,500/ 17.751.500 15.022.000 k7,kl8,500 28 788.000 13,13k,000 f 689,500 810 ,5 21 ,0 00 832,000 9 5 1 .5 0 0 6U8,ooo 9,020,000 5,55k,513,000 . 13.129.000 30 038.000 2k,9k9,000 2 k , 66k. 000 101,082,000 669.500 2 2 ,3 2 k ,000 57,k?k»000 35.690.000 23.153.000 20.380.000 45,939,717,000 70k,000 210,000 8U8.000 41,039,??6,000 #3#99k,137,500 $905,603,500 . $ 87k,000 2k,81k,500 978,500 2, 026,000 6,612,000 19,283.000 3,i»07,ooo Total K rehanges Exchanged 18, 301,000 207 IMMEDIATE RELEASE, Thursday, September 14, 1990. 3-2447 The Secretary of the Treasury today announced the subscription and allotment .figures with respect to the current offering of 1-1/4 percent Treasury Notes of Series F-1951, to be dated September 15* 1950, open to the holders of Treasury Certificates of Indebtedness of Series G-1950, maturing September 15* 1950, and 2 percent Treasury Bonds of 1950-52 (dated April 15, 1943) and 2-1/2 percent Treasury Bonds of 1950-52 (dated September 15, 1938)., both called for redemption on September 15, 1950. Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as followsFederal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas [San Francisco Treasury TOTAL Certificates Exchanged. 1 ',697,000 981 ,771,000 2 ,653,000 5 ,853,000 2 ,676,000 3 ,968,000 1 7 ,271,000 $ 3,903,000 2 ,575,000 9,077,000 4,876,000 3 ,^07,000 249,000 2fo Ronds Exchanged 2-1/2<f0 Bonds Exchanged Total Exchanges 9 ,020,000 689,500 $ 6 ,633,500 $ 3 ,726 ,221,000 846,521,000 5 ,554 ,513,000 ■ 832,000 1 8 ,129,000 14,644,000 23,233,500 951,500 30 ,038,000 648,000 2 1 ,625,000 24,949,000 874,000 24,664,000 1 9 ,822,000 1 0 1 ,082,000 58 ,996,500 24,814,500 669,500 22,324,000 17,751,500 1 8 ,301,000 704,000 1 5 ,022.000 57,474,000 47 ,418,500 978,500 35 ,690,000 28 ,788,000 2 ,026,000 2 3 ,153,000 6 ,612,000 1 3 ,134,000 20 ,380,000 848,000 1 9 ,283 ,000. $ $1 ,039,976,000 $3,994,137,500$905,603 ,500$5,939 ,717,000 0 O0 208 RELEASEj MORNING NET/SPAPERS, Monday, September 18, 1950« S-244S Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve Banks, of percent Treasury Notes of Series G-1951 open on an exchange basis, par for pa?, to holders of Treasury Certificates of Indebtedness of Series H-I95Q, in the amount of $6,2^7,587,000, which will mature on October 1, 195>0. Gash subscriptions will not be received. The notes now offered will be dated October 1, 1950, and m i l bear interest from that date at the rate of one and one-quarter percent per annum, payable with the principal at maturity on November 1, 1951* They Till not be subject to call for redemption prior to maturity. They will be issued in bearer form only, in denominations of §1,000, §5,000, §10,000, §100,000 and §1,000,000. Pursuant to the provisions of the Public Debt Act of 19bl, 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 relating to taxability are set forth in the official circular released today 0 Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington, and should be accom panied by a like face amount of the maturing certificates. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books m i l close for the receipt of all subscriptions at the close of business Thursday, September 21. Subscriptions addressed to a Federal Reserve Rank or Branch or to the Treasury Department, and placed in the mail before midnight September 21, will be considered as having been entered before the close of the subscrip tion books. The text of the official circular follows: 209 UNITED STATES OF AMERICA 1 - l A PERCENT TREASURY NOTES OF SERIES G-19£l Dated and bearing interest from October 1, 19£0 Due November 1, l?£l TREASURY DEPARTMENT, Office of the Secretary, Washington, September 18, 195>0* ^■950 Department Circular No* 870 Fiscal Service Bureau of the Public Debt 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 G-19£l, in exchange for Treasury Certificates of Indebtedness of Series H*-195>0, maturing October 1, 1950* II. DESCRIPTION OF NOTES 1. The notes will be dated October 1, 19£0, and will bear interest from that date at the rate of 1-l/ij. percent per annum, payable Tilth the principal at maturity on November 1, 1951» They t o .11 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 laws amendatory or supplementary thereto. The notes shall be subject to estate, inheritance, gi~t or other excise taxes, whether Federal or State, but shall be exempt iron 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 hy any local taxing authority. 3» The notes will be acceptable to secure deposits of public moneys, lhey will not be acceptable in payment of taxes. nit* ^ arsrno't'es will be issued in denominations of $1,000, $£,000, tered' f and $1,000,000. The notes will not be issued in regis- no^ 5. W The notes will be subject to the general regulations of the Department, now or hereafter prescribed, governing United States III. Branrh* SUBSCRIPTION AND ALLOTMENT Subscriptions will be received at the Federal Reserve Banks and es anc* a"k the Treasury Department, Washington. Banking institutions 21 U - 2 generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any 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 or before October 2, 195k), or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series H-195>0, maturing October 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 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 re ceipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, proscribe 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. Ct 211 TREASURY DEPARTMENT îiashington FOR RELEASE Friday« September 22, 1950 Press Service No» S~2449 Secretary of the Treasury Snyder today made public a series of tabulations which will appear in the report ^Statistics of Income for 1947, Part 2 ,w compiled from corporation income tax returns and personal holding company returns„ These data are prepared under the direction of Commissioner of Internal Revenue George Jo Schoeneman0 SUMMARY DATA The number of corporation income tax returns for 1947 is 587*685* of which 382*531 show net income of f 3 5 * 3 8 1 * 2 9 1 * 000 * while 1 6 9 * 2 7 6 show deficit of $ 1 * 9 5 8 *563*000* and 3 5 < , 8 7 6 have no income data (inactive corporations)o The income tax liability reported representing an increase of 28 percent The amount of income tax does not take for income and profits taxes paid to a possession« on these returns is $10*981*482*000* as compared, with the total for 1946« into account any credit claimed foreign country or United States A comparison of the 1947 returns with the 1946 returns is provided in the following summary? Corporation income tax returns* and 1946? Summary data 1/ 1947 (Money, figures in thousands of dollars) 1947 Total number of returns Returns with net income? Number Net income 2j Tax liability? Income tax 3/ Excess profits tax 4/ 1946 Increase or decrease (-) Number or Per amount cent 587,683 526,363 61,320 12 382*531 33*381*291 359*310 27*184*592 23*221 6*196*699 6 23 10*981*482 - 8*606*695 268*145 2*374*787 -268*145 28 -100 10,981,482 8,874,840 . - - 2,106,642 24 169*276 1,958,563 131*842 1,991,706 37*454 -35,145 28 -2 35,876 35,211 665 2 Zj Total Returns with no net incomes 2/ Number Deficit 2/ Number of returns of inactive __corporations For footnotes* see pp„ 25-26. eo fi as * mmm mvwim The rebaras included in this release ar® tbs corporation ^ w n m a ^ax returns £IS©d for th® calendar year ending December 51* 1947* 4 flooal year ending within the period July 1947 through Jan® 1948* and a part year with the greater portion of th© Accounting period in 1947o th® data are from corporation income tax returns* Form 1120$ life insurance company in© cm© tax returns* Form 11201«$ and mutual insurance acaqpttay income tax returns, Form lliOMo Included for this purpose in addition to returns filed by domestic corporations are the returns filed by foreign corporations engaged in business within the United States© The complete report* Statistics of Income for 1947, Fart 2* will contain more detailed statistics from corporation income tax returns as well as data from personal holding company returns* Form 1120H« The statistics are compiled from th® returns as filed* prior to revisions that may be wade as a result of audit by the Bureau of Internal Revenue and prior to changes resulting from carry-backs after the returns wer® filedo Bata fro® amended returns and tentative returns are not included in th© tabulations« ,, C0MPHABIUTT 0F BATA Th® provision® Revenue A©t of 1945 fiscal year® exading ingly* th© d a t a ,for ©f tà© Internai Revenu© Code as amended by the continue in ©ffect for the ©alemdar year 1947 and in th® period Juiy 1947 throwgh June 1948« Accord* 1947 are generally .comparable with thosc for 1946o CMSSIFICATÏOÉS FSESSÏÎTEB ■\ Th® first thre® tables ©f this release show data fron corporation rtSSP? ..tax ïptmfns.* ol&ssified by'ixadustriai groupso Th® industrial classification is based ©a th© business actiyity reported en tb© returag mu ltiplé babines©es are reported oà a retum* the classification is determined by th®. business activity which aeeouats- for the large st per» '©«otage of total receiptso Therefore.^, th® industrial groupa do aot ref lect pur® industry dasslfications'o There is no change in the industrial groupe between 1946 and 1947* TT ; Table 4 shows data from reburns with balance sheets* classified ae©ording t© sis® of total assetaras of Bscejuber SI* 1947* or close of fiscal year noarest theretoo The total a®sets classes are based.- ©a the n®t m o u n t ©f total as sets- after réserves for dépréciation* depbtüono amortisatioa* and bad debts.o " *■; * ■ 1 ^ elaasifleatloa of the return# fay net iaoone and deficit g l u m , «hero in table 6 , and the classification fay petunia with net income and r w t a m a »ith M net income, shewn in tables 1, 5, and 6„ a*e based on the Mstmrt of net ineoas o p deficit whieh is.the’difference between the total » » S t 1"4* ? 1“ t ° t *1 doduotioas as reported on the return,, adjusted fay excluding the n et operating deduction,, . Inmm 212 CREDIT ALLOWED LIFE INSURANCE COMPANIES In analyzing the data compiled from returns classified under the major group wInsurance 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<>e0* interest* dividends* and rents« Beginning 1942* life insurance companies are al lowed 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 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 noraal 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 nonlife 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 nonlife 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® DATA PREVIOUSLY RELEASED A tabulation* prepared from consolidated income tax returns filed for 1947 by affiliated corporations*.was included with other tabulations in a preliminary release dated March 20* 1950* (Press Service N o 0 S-2284) and is omitted from this release® Table 1-A of the preliminary release shows by major industrial groups the number of consolidated income tax returns filed by affiliated corporations* with the corresponding amount of total compiled receipts* net income* income tax* and dividends paid«» Although the above-mentioned table is not shown here* the data from consolidated returns are included in all tables of this release® - 4 Table 1. - Corporation Income tax returns, 1/ 1947, by major industrial groups and minor industrial groups, for returns with net Income and returns with no net Income t 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) Major industrial groups and minor Industrial groups 5/, 1 2 S 4 6 6 7 8 9 10 11 12 15 14 15 16 17 18 19 20 21 22 25 24 25 26 27 28 29 50 51 52 55 54 55 56 57 58 Totkl number 9ueber ‘'otal »»piled >f of re turns 6 / •eturns ■ecelpts l ] Net income 2/ Income tax Í J 1dividends mid in lamber T sash and of Cl sssets returns ri sther than son stock 587,685 982,551 943,273,851 3,581,291 LO,981,482 8,222,121 169,276 11 Industrial groups 3,340 310,171 292,195 859,544 5,552,564 4,954 10,101 lnlng and quarrying 707 69,373 99,889 208,177 922,150 224 1,765 Metal mining 44 6,797 8,294 229,657 22,121 55 102 Iron 56,745 34 42,739 340,965 126,952 99 19 Copper 105 18,925 10,501 171,795 30,601 51 258 Lead mid sine 6,824 551 3,424 9,902 44,699 767 53 Gold and silver 64 6,496 5,698 2,219 58,917 23 121 Other metal mining 129 5,405 5,695 12,105 76,117 438 43 Metal mining not allocable 15,846 74 9,546 29,925 457,092 184 102 Anthracite mining 466 58,467 90,225 264,751 2,216,765 1,371 1,965 Bituminous coal, lignite, peat, etc* 1,416 105,715 265,819 90,m 1,364,728 2,191 5,915 Crude petroleum and natural gas production 100,848 1,149 77,19S 226,785 1,075,211 1,793 3,181 Crude petroleum, natural gas, and natural gasoline production 2,865 267 13,026 289,517 57,054 398 734 Field service operations 506 52,164 92,456 32,890 579,657 1,642 1,045 Nonaetalllc mining and quarrying 381 8,779 18,353 55,429 876 592,1^2 1,307 Stone, sand, and gravel 23,377 113 14,494 58,884 184,522 165 314 Other nonaetalllc mining and quarrying 12 8 45 123 2,955 4 21 Nometallic mining and quarrying not allocabli 171 92 456 140 12,174 630 21 Mining and quarrying not allocable S7,S72 115,795 74,612 171,416,746 17,516,251 6,319,452 4,123,189 (anufacturlng 3,542 377,453 537,896 7,300 29,005,471 1,479,709 11,175 Food and kindred products 661 41,949 55,028 149,510 1,106 2,169,412 1,814 Bakery products 224 87,422 61,915 166,208 1,291,150 477 712 Confectionery 754 37,689 70,060 1,942,028 191,199 939 1,769 Canning fruits, vegetables, and aea foods 298 72,611 52,S74 201,678 924 11,008,848 1,264 Meat products 276 29,641 70,504 4,467,999 190,195 945 1,250 Grain mill products, except cereal preparation s 10,186 11,516 19 30,435 366,596 28 51 Cereal preparations 515 38,348 51,069 139,759 5,425,796 1,185 1,760 Dairy products 52 34,261 32,552 99,894 1,277,668 136 105 Sugar 597 84,399 74,109 ¿38,774 2,023,535 1,537 1,976 Other food, including ice and flavoring syrup 166 23,185 26,515 72,057 1,032,437 256 443 Food and kindred products not allocable 112,815 1,296 185,785 501,575 4,475,420 1,927 3,427 Beverages 56,275 142 97,974 261,235 2,221,519 515 495 Malt liquors and malt 54,630 Í17 60,391 159,770 1,603,615 285 90 Distilled, rectified, and blended liquors Í17 285 1,150 3,617 52,287 66 192 Wine 21,599 900 26,235 76,614 594,445 1,443 2,418 nonalcoholic beverages 26 20 55 5,556 139 13 59 Beverages not allocable 109 75,319 78,533 2,793,495 197,701 129 250 Tobacco manufactures 115,056 147 263,655 715,462 4,358,874 976 817 Cotton manufactures 1,552 516,461 150,575 861,375 3,565 6,858,101 5,217 Textile-mill products, except cotton 245 60,688 53,000 1,586,457 165,494 459 695 Woolen and worsted manufactures, Including dyeing and finishing 51,811 76,246 69 205,809 472 1,251,955 555 Rayon and silk manufactures 547 26,175 56,699 158,427 1,456,615 1,581 1,969 Sait goods 86 2,529 3,584 9,892 177,154 121 214 Hats, except d o t h and millinery 14,097 58 24,998 66,859 490,413 98 160 Carpets and other floor coverings 14,166 225 82,806 50,044 621,223 667 434 Dyeing and finishing textiles, except woolen and worsted 183 13,213 21,366 59,787 5S7,2S1 582 580 Other textile-mill products 42,836 15,584 121 717,097 114,301 256 577 Textile-mill products, accept cotton, not allocable 4,715 52,345 189,585 477,S71 7,089,046 9,267 14,165 Apparel and products mads from fabrics 807 20,515 69,875 192,615 2,552,408 2,058 2,881 Men's clothing 2,271 61,862 16,804 176,481 2,923,573 4,583 6,744 Woman's clothing 253 322 959 3,882 158,486 597 927 Fur garments and aooessories 507 824 212 261 81,917 2,760 477 Millinery 882 29,259 11,221 1,080,146 81,995 2,527 1,610 Other apparel and products made from fabrics 8,047 221 7,004 292,516 19,838 609 578 Apparel and products made from fabrics not allocable 1,168 45,880 84,706 232,435 5,008,591 1,984 5,143 leather and products 95 14,525 52,698 87,328 848,478 550 455 leather, tanned, curried, and finished 27,957 SOT 45,943 121,414 1,797,269 908 1,459 Footwear, except rubber 485 5,23« 7,455 22,025 542,612 699 1,200 Other leather products 21 36« 611 1,668 20,252 27 51 leather and products not allocable 247 65,206 84,457 240,979 5,369,994 661 588 Rubber products 15 52,960 59,419 175,089 2,765,755 57 58 Tires and inner tubes 12,256 232 25,038 604,261 67,890 351 605 Other rubber products, including rubberised fabrics and clothing 970 70,696 517,842 182,581 3,044,943 5,778 2,681 laaber and -timber basic products 704 54,792 138,858 597,887 2,207,015 2,616 1,811 Logging oamps and sawmills 266 15,904 43,723 857,928 119,955 1,162 870 Planing mills 51,185 2,011 106,844 299,688 5,149,481 5,972 6,099 Furniture »«i finished lumber products 972 26,585 59,253 164,211 1,866 1,686,764 2,889 Furniture (wood and metal) 206 1,770 19,632 6,865 196,726 485 704 Partitions and fixtures 149 4,215 9,153 26,298 327,841 569 412 Wooden containers 6 4,416 5,489 11,92C 118,228 15 21 Matches 564 14,096 24,036 68,920 732,892 1,075 1,671 Other finished laaber products, including oork products 1,25! 114 3,121 8,707 87,050 125 245 Furniture and finished lumber products not alloeable 446 152,22! 343,388 5,617,782 928,005 2,087 2,570 Paper and allied products 105,56! 42 252,258 626,66! 5,295,887 414 459 Pulp, paper, and paperboard 398 46,44! 110,291 299,08! 2.08C 2,502,945 1,651 Pulp goods and converted paper products 40! 6 838 2,24! 18,950 21 51 Paper and allied products not alloeable 148,76] 8,120 252,87C 665,450 5,517,10! 8,789 12,245 Printing and publishing Industries 617 71,67! 102,58! 1,812,017 290,150 2,647 1,981 Newspapers 24,09. 522 51,59! 799,326 88,658 704 1,275 Periodicals 452 11,75! 16,90! 4 8 ,9 a 408,974 558 1,059 Books and music 719 26,15! 49,83! 143,70: 1,392,94! 2,981 5,748 Commercial printing 314 9,55! 16,94! 49,337 454,434 1,727 1,59! Other printing and publishing 496 5,53! 15,40! 44,704 1,171 449,404 1,789 Printing and publishing industries not alloeable For footnotes, see pp. 25-26. 484,059 78,452 52,580 4,609 19,995 9,508 6,158 5,602 62,551 97,748 209,764 158,010 X t 9 4 9 6 7 8 9 10 n 12 19 14 IS 16 17 18 19 20 21 22 29 24 25 26 27 28 29 90 91 92 99 94 95 96 97 98 99 40 41 42 49 44 45 46 47 48 49 50 a 52 59 54 55 56 SI 58 59 60 61 62 69 64 65 66 67 68 69 70 71 72 75 74 75 76 77 78 79 80 81 82 89 84 213 - 5 Table 1. - Corporation income tax returns, 1/ 1947, by major industrial groups and minor industrial groups, for returns with net income and returns with no net income: Number of returns, total oompiled 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 - Continued — ----------Major industrial groups and minor industrial groups 5/ - Continued S? (Money figures in thousands of dollars) Returns with net in some 2/ Total r number Number Total of re compiled Net Income of tax 3/ turns 6/ returns receipts 7/ income 2/ Manufacturing ■* Continued 7,854 Chemicals and allied products 1,018 Paints, varnishes, and colors 282 Soap and glycerin 2,669 Drugs, toilet preparations, etc. 9 Rayon (raw material) and allied products 299 Fertilizers 278 nns animal end vegetable, except lubricants and cooking oils 279 Plastic materials 769 Industrial chemicals 1,497 Other chemical products 754 Chemicals and allied products not allocable 602 Petrolero and coal products 552 Petrolero refining 257 Other petroleum and coal products 15 Petrolero and coal products not allocable 4,255 Stone, clay, and glass products 455 Cut-stone products 763 Structural clay products 319 Pottery and porcelain products 612 Glass and glass products 98 Cement 1,424 Concrete and gypsro products, wallboard 499 Abrasives snd asbestos products 85 Stone, clay, and glass products not allocable 9,083 Iron, steel, and products 163 Blast furnaces and rolling mills 1,307 Structural steel, fabricated; ornamental metal work 94 Tin cans and other tinware 953 Hand tools, cutlery, and hardware 1,473 Heating apparatus, except electrical, and plumbers' supplies 34 Firearms, guns, howitzers, mortars, and related equipment 11 Ammunition 5 Tanks ’ 8 Sighting and fire-control equipment (except optical) 7 Ordnance and accessories, not elsewhere classified 4,629 Other iron, steel, and products (not classified below) 401 Iron, steel, and products not allocable 4,414 Nonferrous metals and their products 331 Nonferrous metal basic products 152 Clocks and watches 1,098 Jewelry (except costroe), silverware, plated ware . 2,830 Other manufactures of nonferrous metals ana their alloys 23 Nonferrous metals and products not allocable Electrical machinery and equipment 5,092 Electrical equipment for public utility, 1,022 manufacturing, mining, transportation (except automotive), and construction use Automotive electrical equipment 118 Communication equipment and phonographs 753 Electrical appliances 373 Other electrical machinery and equipment 487 Electrical machinery and equipment not 339 Machinery, except transportation equipment and 9,005 electrical Special industry machinery 1,418 General industry machinery 2,874 Metal-working machinery, including machine toci! 2,289 Etagines and turbines 106 Construction and mining machinery 464 Agricultural machinery 520 Office and store machines 295 Household and service-industry machines 570 Machinery, except transportation equipment 669 and electrical, not allocable Automobiles and equipment, except electrical 1,209 Automobiles and trucks (including bodies and 502 industrial trailers) Automobile accessories, parts (except 676 electrical), and passenger trailers Automobiles and equipment, except electrical, 31 not allocable Transportation equipment, except automobiles 1,194 Railroad and railway equipment 115 Aircraft snd parts 281 Ship and boat building 704 Motorcycles and bicycles 44 Other transportation equipment, except 38 automobiles Transportation equipment, except automobiles, 14 not allocable Other manufacturing 6,974 Manufacturing not allocable 4)411 For footnotes, see pp, 2 5 -£o. Returns with no net income 2/ Dividends Dividends paid in paid in Number Total cash and compiled Deficit 2/ cash and of assets assets returns receipts ij other than other than own stock own stock 4,577 798 159 1,156 8 233 230 13,224,389 1,639,654 1,494,909 1,509,256 289,552 425,917 1,509,652 1,832,298 171,205 164,038 231,188 71,308 49,333 154,550 653,199 60,218 62,023 83,956 26,568 17,913 58,058 522,887 35,956 59,744 73,332 15,127 12,791 15,157 2,948 132 119 1,370 1 60 43 570,891 24,375 17,094 145,318 414 6,903 28,222 41,016 1,440 2,299 17,545 15 545 949 806 S S3 496 16 16 85 86 87 88 89 90 91 112 545 900 436 407 250 152 5 2,769 348 529 203 386 79 865 311 48 6,462 128 1,004 175,442 4,137,990 796,754 1,245,263 14,968,960 14,185,670 782,709 581 3,522,149 77,495 416,218 292,578 938,628 363,233 547,273 834,114 52,610 18,294,496 8,111,858 1,011,264 21,602 697,398 83,545 188,131 1,309,630 1,215,894 93,626 110 465,914 7,224 62,459 34,842 101,501 71,448 81,993 97,523 8,924 1,901,571 650,605 127,676 7,990 236,481 50,346 69,644 421,901 587,521 54,349 31 169,926 2,286 22,400 12,938 57,397 26,492 29,671 35,492 3,250 702,250 241,049 46,927 6,240 268,539 19,012 38,989 589,527 575,110 14,412 5 111,671 1,266 10,942 5,967 30,244 22,484 13,630 25,598 1,540 409,211 171,743 18,311 152 194 552 275 147 73 69 5 1,362 101 212 110 213 19 510 167 30 2,348 26 270 21,514 33,556 53,767 39,728 111,496 77,083 34,306 107 129,072 6,317 13,532 11,690 47,473 2,949 23,329 21,897 2,685 473,422 77,387 35,748 5,347 3,650 5,200 6,028 6,463 5,745 674 * 44 15,123 562 2,062 1,247 4,594 147 5,716 2,518 277 42,408 3,746 3,484 15 8 94 103 503 301 2 336 20 86 2 176 10 3 39 2,605 1,451 64 92 93 94 95 96 97 98 99 100 101 102 105 104 105 106 107 106 109 JL10 111 71 603 1,080 704,508 873,356 2,198,585 58,536 121,591 282,973 21,608 44,512 104,329 15,893 28,777 54,683 17 327 344 2,089 54,540 58,192 482 5,363 5,477 17 40,618 4,810 1,812 834 13 8,097 1,222 115 1,001 4 625 - 116 •* 117 - 118 5 2 5 143,261 478 12,039 21,366 45 309 8,035 15 109 5,802 1 1 5 1 3 2,529 217 795 3 8,166 607 217 176 13 - 119 3,230 4,595,954 562,466 207,334 104,762 1,265 205,151 17,858 355 120 314 2,614 248 84 640 1,627 596,449 5,033,236 2,381,689 274,090 507,121 1,859,998 70,587 567,800 283,368 32,512 55,867 195,865 26,503 203,563 98,510 11,992 20,368 72,570 15,404 142,101 94,426 6,36^ 9,836 31,444 75 1,693 68 46 437 1,135 50,501 510,855 62,026 17,458 52,562 178,455 3,153 22,898 938 1,504 5,362 15,048 15 1,716 705 10,558 7,690,761 5,127,239 388 837,797 401,931 123 307,912 148,753 26 186,446 82,058 7 1,274 294 554 542,654 81,662 56,455 8,552 - 127 1,367 128 93 129 73 313 167 278 180 5,893 277,175 2,239,481 498,273 477,126 1,071,467 12,406,988 30,431 186,520 59,868 44,466 114,581 1,564,177 11,437 68,014 22,488 16,391 40,829 577,520 9,857 48,335 11,157 8,145 26,894 326,436 42 421 189 195 133 2,850 8,613 359,054 46,767 23,578 42,980 760,594 1,658 55,295 4,168 2,705 4,277 83,249 5 S06 12 516 237 5,042 130 131 132 153 154 135 1,058 1,703 1,596 57 358 357 179 370 435 1,545,675 2,540,935 1,404,140 514,632 1,242,090 2,041,137 942,665 1,296,216 1,079,498 214,060 328,423 172,134 39,713 176,938 188,229 160,623 160,628 123,429 77,961 120,985 63,032 14,893 65,956 70,249 60,102 58,876 45,466 45,627 67,686 43,972 5,872 28,406 54,027 54,645 27,574 18,625 323 898 854 41 95 164 101 169 207 49,459 170,257 199,386 103,766 60,736 50,577 14,370 33,725 78,538 5,778 16,017 21,070 14,454 5,861 4,682 2,536 4,231 9,220 155 589 1,459 226 580 10 3 150 92 136 137 138 159 140 141 142 143 144 820 382 11,214,901 9,247,780 1,256,840 1,058,278 462,649 381,242 254,077 203,065 558 102 255,672 166,103 14,867 10,484 2,425 145 2,249 146 425 1,956,242 217,561 81,041 50,933 218 87,652 4,226 174 147 13 10,879 1,001 366 79 18 1,917 157 _ 552 75 86 337 23 27 2,236,531 1,035,990 484,370 623,596 80,538 11,585 176,254 79,642 38,887 48,759 7,947 993 63,850 28,448 14,182 17,920 2,969 325 68,193 39,757 16,278 10,091 1,904 163 555 55 159 320 19 10 791,269 16,614 625,859 152,581 14,254 1,295 178,032 541 155,162 21,653 481 79 10,761 109 8,589 2,062 4 652 26 6 - 10 666 116 1 155 3,767 2,151 2,941,261 1,814,775 64,849 27,262 3,011 1,805 378,761 242,752 55,100 51,388 1,725 156 429 157 304,659 183,759 108,865 66,273 4 v 3 112 274 113 557 114 46 121 1,055 40 2 162 849 121 122 125 124 125 126 148 149 150 151 152 — 155 - 154 - 6 - Table 1. - Corporation income tax returns, 1/ 1947, by major industrial groups and minor industrial groups, for returns with net income aSTreturns with no net income: Number of returns, total compiled receipts, net tacome or deficit, and dividend; paid in cash and assets other than own stock; also, for returns with net income, the income tax - Continued (Money figures in thousands of d o l l a r s ) __________ Major industrial groups and mlnor industrial groups 5/ - Continuad Total Number Total number Net compiled of of re turns 6/ returns receipts 7/ income 2/ Public utilities Transportation Railroads, switching, terminal, and passenger car service companies Railway express companies Railways, street, suburban, and interurban, in cluding bus lines operated in conjunction therewith Taxicab companies Other highway passenger transportation Highway freight transportation, warehousing, and storage Air transportation and allied services Pipe line transportation Mater transportation Services incidental to transportation Transportation not allocable Communication Telephone (wire and radio) Telegraph (wire and radio) and cable Radio broadcasting and television Other communication Other public utilities Electric light aid power Gas, distribution and manufacture Mater Public utilities not elsewhere classified Other public utilities not allocable Trade Mholesale Commission merchants Other wholesalers food, including market milk dealers Alcoholic beverages Apparel and dry goods Chemicals, paints, and drugs Hardware, electrical goods, plumbing and heating equipment Lumber and millwork Wholesalers not elsewhere classified Mholesalers not allocable Retail General merchandise Department, dry goods, other general merchandise Limited-price variety stores Mail-order houses Food stores, including market milk dealers Package liquor stores Drug stores Apparel and accessories Furniture and house furnishings Eating and drinking places Automotive dealers Automobiles and trucks Accessories, parts, etc. Filling stations Hardware Building materials, fuel, mid ice Other retail trade Retail trade not allocable Trade not allocable Service Hotels and other lodging places Personal service laundries, cleaners, and dyers Photographic studios Other personal service Personal service not allocable Business service Advertising Other business service Business service not allocable Automotive repair services and garages Miscellaneous repair services, hand trades Motion pictures Motion-picture production Motion-picture theatres Amusement, except motion pictures Other service, Including schools Service not allocable 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 Sales finance and industrial credit Personal credit Other short-term credit agencies Short-term credit agencies, except tanks, not allocable For footnotes, see pp. 25-26. 25,325 17,878 737 14,857 23,054,434 10,673 14,599,521 8,102,670 395 3,013,672 1,445,721 819,060 443,922 318,578 34,315 207,992 641,251 1,797,875 15,093 96,858 139,510 1,500 2,166 8,701 781 1,114 5,846 2,066 5,161 561 744 424 585 944 1,548 108 181 29 105 181,381 135,192 57,335 41,580 5,412 8,415 48,920 55,968 5,659 8,004 1,194 1,890 4,054 5,649 1,427 2,199 3,788 4,613 10,449 266,257 51,210 253,953 199,464 I, 995,817 76,928 545,459 5,027 27,749 429,517 2,734,834 570,643 2,565,114 936 15,617 57,569 355,109 369 994 5,720,079 1,158,434 888,422 4,422,734 221,657 1,164,533 26,216 112,146 1,808 18,668 551 1,998 6,368,344 115,730,631 56,499,556 2,638,025 194,251 3,195,018 53,306,538 2,443,772 234,160 10,296,186 157,697 3,446,022 317,232 4,096,560 106,268 2,519,619 373,886 5,593,939 1,315 1,544 21,505 16,263 2,268 3,516 100,982 75,157 5,518 6,687 4,801 5,823 95,116 1,508,535 22,569,127 1,029,191 130,222 5,276,750 49,854,715 5,182,265 18,765,796 1,085,585 872,962 II, 578,106 1,110 160 1,597 1,765 198 4,286 2,880 55 1,362 Income tax 3/ Dividends paid in cash and assets other than own stock 1,013,277 509,281 297,531 1,271,248 538,273 201,595 4,479 51,585 43,429 2,541 55,941 17,165 5,125 19,042 71,154 27,069 1,051 1 U , 066 90,189 348 20,399 130 392,930 503,288 80,196 8,767 582 97 2,255 16,977 41,310 14,018 411 543,879 330,055 91 13,522 2 ,221,121 927,875 64,015 863,860 79,588 58,070 112,709 37,178 136,313 33,232 561,481 45,489 1,109,272 401,682 321,725 211 10,352 137,178 17,568 539,704 272,593 199,948 196 282,945 85,970 2,583 2,460 120 52,345 143,006 238,705 10,122 12,784 410,553 9,455 118,542 50,452 6,214 625,522 355,004 235,281 35,230 7 313,721 212,883 71,986 8,055 20,253 544 7,601,462 3,925,883 358,119 5,587,764 1,152,689 356,176 I, 292 81 287,417 147,433 14,315 133,120 25,782 16,088 243,419 158,650 118,608 15,012 10,726 4,853 26,176 1,327 ,625 224,421 2,890,588 326,668 186,680 1,109 53,935 7,615 106,551 10,413 8,223 46,140 381 15,167 4,924 450 18,958 8,494 5,215 5,248 96,252 7,797 4,164 21,051 14,218 4,783 446 1,604 7,142 5,042 1,362 372 366 1,683,230 832,027 14,349 348,655 225,245 3,854 918,015 325,200 3,903 4,691 1,777 2,065 3,330 1,231 1,600 137 362 473,757 253,535 194,802 4,346 21,074 132,488 63,360 61,967 1,244 5,917 42,110 19,385 20,669 316 1,740 43,618 24,785 16,548 314 1,971 4,700 4,536 6,100 200,079 59,654 5,327 4,879,902 3,288,018 49,825 1,754 1,120 1,951 215 1 8,317 689 1,003 28,410 14,222 1,909 396 228 22,299 14,039 43,669 33,251 146,832 88,726 58,106 115,546 116,754 8,854 1,743,622 68 36,482 9,020 675 2 585 I, II, 2,431 4,746 15,127 7,257 27.680 5,688 2,758 2,930 1,082 667 5,877 II, 3,929 33,435 91.681 16,878 11,397 6,959 2,029 2,592 17 13,910 3,634 10,256 20 2,675 2,246 14,636 12,036 2,600 14,992 13,599 1,348 272,230 58,359 15,156 5,040 628 297,565 256,308 77,908 8,345 151,645 490,792 63,421 221,167 328,350 181,530 576,900 153,561 99,618 53,943 35,498 17,088 127,972 239,653 128,188 784,991 1,094,352 169,270 211,293 146,788 23,550 40,140 1,015 248,883 79,840 168,975 8 5,359 1,610 3,730 19 2,497 1,319 3,415 371 3,044 2,471 2,839 192 105,918 221 184 4,834 1,071 23,879 1,236 906 5,742,120 2,802,877 1,490,666 68,721 3,924 2,848 53,593 687 719 1,038 12,268 2,983 49,336 1,443 19,088 6,287 15,422 1,511 51,992 922 48,213 589 3,779 574 6,367 339 3,527 1,236 28,119 2,632 17,212 1,065 11,468 5,567 74,363 184,580 17,821 1,809 17,898 3,490 12,493 1,793 8,500 487 397 1,197 3,592 4 29,453 15,794 15,611 48 1,056 2,274 821 900 1,190 97,633 473 53,549 717 44,084 2,724 16,707 2,872 6,911 285 311 1,246,032 45,125 73,389 6,568 97,556 2,109 15,102 96,669 47,336 18,204 286,684 277,233 9,451 8,150 10,195 61,616 39,726 24,243 183,974 263,800 44,077 24,483 18,603 1,211 4,664 5 44,703 23,179 21,411 113 8,696 4,048 94,919 44,897 50,022 26,723 15,456 695 648,027 2,120 478 985 2,497 831 589,096 130 450,040 140 128,455 472 10,219 61 358 28 24 981,570 44,105 367,303 14,659 2,751 36,619 330,684 11,908 2,187 46.741 629 14,984 1,518 45.741 723 19,215 762 38,927 194,833 17,790 269,267 8,419 48,650 291,196 147,715 61,285 812,841 785,926 28,915 24,599 35,462 189,811 127,128 80,307 548,056 815,255 131,831 83,974 61,687 4,525 17,737 25 155,000 66,954 67,630 416 31,418 13,756 289,715 138,581 151,134 77,384 49,791 2,386 4,113,752 4,522 1,595 3,551 10,446 6,145 6,306 14,426 15,251 1,195 1,208 2,548 7,173 7,369 4,550 16,655 28,154 5,547 6,515 3,773 614 8,872 6,207 240 6,062 1,950,050 237 ,640 10,019,503 257,095 1,050,278 4,775,003 1,998,609 1,322,258 8,609,052 8,100,603 508,449 422,541 467,088 2,653,751 2,483,074 2,032,687 9,376,360 7,401,951 1,279,380 1,166,970 906,750 73,840 185,669 711 1,513,700 984,499 524,785 4,416 502,978 181,432 1,926,367 1,100,444 825,923 518,727 486,632 25,765 12,091,327 454 410 7.561 2,302 4,708 13,689 7,685 12,864 16,299 14,467 1,852 1,849 2,913 8.562 10,151 5,712 23,066 49,494 5,529 10,538 5,773 1,141 3,401 23 9,487 2,455 7,006 26 5,683 2,193 4,892 1,003 3,889 5,838 6,944 590 159,452 Dividends Total paid in compiled Deficit 2/ cash and receipts 7/ assets other than own stock 787 9,450 4,319 444 3,875 541 145 12 1,935 196 2,986 284 281 805 933 721 21,676 9,731 1,252 214 - 7 - Table 1. - Corporation income tax returns, 1/ 1947, by major industrial groups and minor industrial groups, for returns with net income and returns with no net income] Number of returns, total compiled receipts, net income or deficit, and dividends paid in cash and assets other than own stock; also, for returns with net income, the Income tax - Continued (Money figures in thousands of dollars) ---- -— - “ f Major Industrial groups and minor industrial groups 5/ - Continued Finance, insurance, real estate, and lessors of real property - Continued Finance - Continued Investment trusts and investment companies 8/ 242 Management type 245 Fixed or semifixed type 244 Installment Investment plans and guaranteed 245 face-amount certificates Mineral, oil, and gas royalty companies 246 Investment trusts and Investment companies 247 not allocable Other investment companies, Including holding 248 companies Holding companies 9/ 249 Operating-holding companies 10/ 250 Security and commodity-exchange brokers 1251 and dealers Other finance companies 252 Finance not allocable ; 255 Insurance carriers, agents, etc. 1254 Insurance carriers 255 life insurance companies 256 Mutual Insurance, except life or marine 257 or fire insurance companies issuing perpetual policies Other insurance carriers 258 Insurance agents, brokers, etc. 259 260 Real estate, including lessors of buildings Owner operators and lessors of buildings 261 lessee operators of buildings 262 Owners for improvement 263 Trading for own account 264 265 Real estate agents, brokers, etc. 266 Title abstract companies ¡267 Real estate, including lessors of buildings, not allocable 268 lessors of real property, except buildings ¡269 Agricultural, forest, etc., properties 270 Mining, oil, etc., properties 271 Railroad properties ¡272 Public-utility properties 275 Other real property, except buildings 274 lessors of real property, except buildings, not allocable 275 Construction 276 General contractors ¡277 Special trade contractors !278 Construction not allocable 279 Agriculture, forestry, and fishery 280 Agriculture and services [281 Forestry 282 Fishery :28S Sature of business not allocable For footnotes, see pp. 25-26, Total nuaber Number Total of re of compiled turns 6/ returns receipts 7/ Net income 2/ Income tax 5/ Dividends Dividends paid in Ntanber Total paid In cash and of compiled Deficit 2/ cash and assets returns receipts 7( assets other than other than own stock own stock 5,645 575 80 90 2,795 485 62 65 516,107 171,505 19,426 5,761 268,556 146,666 17,883 2,729 15,721 4,089 1,577 295 229,297 130,252 13,355 689 782 75 16 18 28,726 1,679 33 25,801 6,228 551 600 408 857 414 2 - 242 245 244 245 205 2,695 125 2,062 9,270 112,545 4,763 96,515 1,648 8,112 3,472 81,529 59 614 875 2,340 175 4,494 67 354 246 247 1,867 1,481 514,187 364,884 42,577 286,599 354 7,706 34,429 5,242 248 850 1,017 1,495 675 806 735 289,430 224,757 109,483 255,417 109,467 23,955 23,914 18,463 5,818 198,148 88,451 6,489 146 208 661 3,524 4,382 51,573 26,469 7,960 10,416 2,786 456 907 249 250 251 1,521 6,926 8,957 2,514 812 545 722 5,220 6,716 1,840 735 502 59,748 68,777 4,483,872 4,093,208 1,537,971 32,925 21,848 25,123 1,616,356 1,552,551 1,371,856 27,138 7,061 6,469 66,613 47,835 2,308 10,262 7,101 15,808 120,955 102,208 33,422 39 609 3,178 1,927 415 66 39 8,598 17,464 1,052,786 1,011,961 817 291 5,264 20,812 49,742 45,630 185 124 166 5,089 16,338 16,139 - 252 959 6,623 104,877 79,500 2,941 8,677 2,498 5,831 1,345 6,085 603 4,876 67,047 55,192 1,635 4,241 1,450 2,199 826 1,524 2,522,312 390,664 2,473,265 1,999,065 76,856 164,430 26,253 102,411 44,584 59,666 155,557 63,805 672,786 526,122 12,864 71,580 12,050 17,916 11,746 20,508 35,265 18,778 183,821 142,915 3,267 20,695 3,044 4,903 3,517 5,482 68,747 18,747 121,779 100,003 2,896 5,128 2,074 2,256 3,882 5,540 310 1,512 31,934 22,670 1,228 3,305 858 1,389 424 2,060 1,010,853 40,825 452,478 372,591 20,880 21,295 3,267 19,826 2,974 11,645 45,321 4,112 112,109 80,553 2,002 17,094 2,871 2,253 309 7,027 16,139 199 12,003 11,077 51 215 124 45 16 475 258 259 260 261 262 265 264 265 266 267 7,299 906 2,692 397 169 2,865 270 3,745 498 1,736 188 105 1,097 123 254,288 14,601 116,891 82,826 26,380 10,185 3,405 141,580 7,405 64,610 49,671 12,060 5,268 2,366 48,938 2,156 21,871 18,655 4,259 1,399 618 85,283 3,405 42,243 31,707 4,897 1,767 1,264 2,947 575 852 145 59 1,403 113 58,279 1,952 6,851 26,795 415 2,104 162 999 81 664 68 171 15 268 269 270 271 272 275 274 21,579 10,220 10,569 790 7,741 7,016 325 400 16,815 14,353 6,471 7,633 249 4,444 4,103 189 152 2,047 6,567,029 4,105,435 2,205,903 57,691 1,486,572 1,424,561 35,233 26,778 172,597 430,150 266,199 160,155 3,796 239,190 227,600 9,208 2,582 25,153 139,873 87,932 50,872 1,069 76,778 75,577 2,506 695 6,959 42,242 29,051 13,029 162 S7,978 55,126 2,547 305 5,311 5,934 2,995 2,655 284 2,885 2,557 107 221 3,622 680,976 464,431 199,436 17,109 183,940 167,299 4,243 12,398 33,268 634 455 170 9 1,615 1,374 207 34 601 275 276 277 278 279 280 281 282 285 14,127 1,504 > 5,746 2,264 297 5,935 381 38,511 25,794 11,485 1,232 23,848 21,439 611 1,798 9,554 255 254 255 256 257 *•- *“ »»»a ¡ f t i Ä All Industrial groups Number of returns 11/ Receipts: Gross sales is/ Gross receipts from operations ¿5/ Interest on Government obligations (less amortizable bond premium): Wholly taxable 14/ Subject to surtax only IS/ Wholly tax-exempt 16/ ’ Other interest Rents 12/ Royalties 18/ Excess of net short-term capital gain over net long-term capital loss 12/ Excess of net long-term capital gain over net short-term capital loss 12/ Net gain, sales other than capital assets 20/ Dividends, domestic corporations 21/ Dividends, foreign corporations 22/ Other receipts Total compiled receipts 2J Deductions: Cost of goods sold 23/ Cost of operations 22/ Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 25 / Depreciation Depletion Amortization 22/ Advertising Amounts contributed under pension plans, etc• 25 / Net loss, sales other than capital assets 20/ Other deductions Total compiled deductions Compiled net profit or net loss (16 less 33) Net income or deficit 2/ (34 less 6) Net operating loss deduction 22/ Income tax 2 / Compiled net profit less income tax (34 less 37) Dividends paid: 39 Cash and assets other than own stock 40 Corporation's own stock____________ For f o o tn o te s , se e pp. 25-26. 551,807 Total mining and quarrying 8,294 S Ä Uetal mining 951 lining ind quarry ing not alloca- 1,857 3,607 1,551 192 176 434,864 61,763 1,567,205 258,575 192,391 2,944,539 2,840,679 375,114 24,063 6,215 391 128 6,143 27,006 44,094 1,371 2,899 85 20 1,505 2,989 1,841 11 237 33 3 651 4,923 8,799 28 325,424 1,882,400 341,116 2,308,249 367,745,578 5,401 54,404 15,976 1,578 I, 505 4,439 37,228 6,036,605 1,000,582 234,299,687 3,252,789 546,474 28,204,774 69,669 £2/6,026,587 28,431 3,244,853 88,146 3,408,106 6,115 685,482 36,281 2,501,350 141,002 6,892,909 3,051 241,228 192,989 5,220,090 380,806 1,210,524 3,965 58,904 4,448 5,032,245 II, 1,038,315 384,839 199 11,365 955 94 5,758 3 1,512 519,623 572 18,967 44,642 805,411 491,841 195',171 27,782 S s?t?Ä S f11" ”*1°“’ ”* Food and kindred products Total manufac turing Tobacco Beverages manufac 10,842 112,164 tures 2,001,758 1,075,245 551,698 419,011 66,553 287,676 9,342 5,551 3,550,060 30,259,659 149,524 ,867,698 20,247 674 54 26 362 2,262 1,850 57 5 — 11 91 22 98 75,854 6,070 5,649 •',066 123, 249,,571 140,,922 6,,152 4,438 696 5U 10,976 19,887 4,720 2,656 1,982 87 ISO 5,819 5,220 340 196 122 1,386 138 44 1,892 11,710 11,863 92 15,222 552 1,016 83 35 1,722 5,031 19,719 1,105 20,879 4,189 5,537 258 41 129 304,849 16,125 22,855 2,995 8,513 1,041 66 46 538 2,938 10 2,598 72 4,156 4.482 35,987 5B9,650 4 785 10,714 21,167 791 1,087 30,279 227,974 2 — St 65 4,284 28,355 98,864 802,059 84 4,541 15,686 10,966 2,851,254 4,945,015 30,642,003 180,324,694 2,314,511 1,574,492 612,219 15,176 3,715 483,011 520,884 258,498 39,163 22,932 16,490 2,996 13,111 9,611 20,195 1,022 2,544 3,621 19,602 39,559 12,875 377 987 90,224 25,048 195,485 19,771 32 2,918 1,400 1,075 478 5,101 3,391 239 56,664 1,634 14,844,249 209,056 61,802 137,168 2,055,809 1.357.085 524,391 15,887 165,669,078 16,655,616 52/711 217,407 87,828 258,702 39,740,986 31/336,130,459 31,615,119 473,269 5,250,424 786,179 51,422,728 183,605 10,981,482 20,633,657 786,051 9,244 292,195 493,984 195, i a 811 69,373 125,798 27,779 204 9,346 18,436 258,658 1,798 90,225 168,477 217,372 5,023 90,22] 127,185 87,802 52/711 16,651,967 75,790 1,411 6,319,452 140 52,890 54,938 55/851 10,336,164 8,365,046 700.767 315,745 9.804 100,596 16,156 58,485 108,331 32,274 105 4,159,244 and products made from fabrics Lumber and Rubber Leather products timber and basic products p r e d i c ts 5,e 5,095 13,982 5,092 ,326,480 1,955,738 218,789 16,713 ,475,488 214,209 ,247,197 13,177 ,574,606 6,451 ,022,809 55,536 1,200 518 38 840 1,692 65 45 1,856 6,469 4,163 2,287 67 166 2,468 7,632 196 440 11,573 412 4,275 53 66 4,492 7,145 1,420 340 13,206 1,137 I, 89 124 1,660 5,627 7,956 104 30 1,220 1,854 280 105 3,558 1,484 879 529 20 9 .1,552 • 1,638 4,906 4 2,222 143 222 61,678 1 2 3 4 5 6 7 8 9 10 11 705 12 15 i 8,911 19,995 3,929 4,104 13,407 17,646 55 14 14,909 116 215 I, 552 609 15 23,184 10,449 16,590 25,565 38,025 20,733 ,407,372 7,239,641 7,741,096 3,287,549 5,457,524 3,187,368 16 394,643 ,242,995 ¡,283,294 5,915,986 2,640,996 2,558,862 2,128,917 36,460 8,102 158,858 159,492 8,696 577 54,535 19,714 66.318 244,461 130,786 34,855 9,098 7,978 12,093 16,559 SB,707 23,725 6,694 1,749 31,206 61,861 21,001 15,267 86,583 49,042 4,295 4,499 3,109 2,515 5,107 2,984 904 105 10,500 10,295 5,226 13,158 21,766 9,191 19,249 48,416 109,289 53,425 66,431 98,144 66,133 69,970 2,358 1,115 3,558 II,214 392 II, 10,648 . 527 46,832 16,814 27,987 38,533 8,329 82,353 44 176 209 55 138 40 14 5,455 36,290 22,809 55,547 34,707 11,186 68,802 2,991 6,562 8,759 6,574 14,202 5,877 4,779 17 18 19 1,570 51 253,642 337,564 226,665 720,801 481,524 214,152 76,405 418,450 2,043,794 3,073,526 3,204,205 2,683,657 29,242,325 4,486, 619 2,658, 585 ¡,699,654 6,413,466 7,301,842 505,711 235,321 214,025 459,254 826,175 707,738 192,669 456,396 1,399,678 503,666 233,312 213,995 826,10» 459,150 192,625 .707,572 456,246 1,399,167 2,560 204 609 1,854 1,586 552 60 885 3,625 182,S81 84,457 84,705 169,583 316,461 265,655 75,319 185,783 537,898 521,150 148,864 129.318 269,671 509,714 444,083 119,350 861,780 '270,613 32 35 34 7,554 131,488,967 25,649,775 3,075,812 8,358 79,224 2,207,499 4,294 50,559 196,125 2,321,919 231 12,867 68,467 675,443 52 37,452 257,102 569 2,570,560 2,542 11,709 144,574 125 15,915 56,173 519,248 176 658,557 252,324 3,264,691 451 5,083 9,758 129,080 54,391 216,575 2,551,659 641 9,533 542 750,925 242 25 1,952 24,719 125,655 356,985 1,724,136 10 8,937 52,007 594,725 24 86 Textilemill Cotton manufac products, except tures cotton 3,225 ,851,405 4,421 571,349 373,712 1,496,479 170,623 45,043 28',855 22,285 3,004 4,727 5, S74 2,266 4,432 57,775 11,275 8,723 761 164 1,501 7,101 2,890 2,891 41,221 11,591 35,407 1,060 224 563 50,727 8,949 19,400 76,139 11,840 77,329 227 788 951 750 262 3,985 594 1,380 562 3,364 'iS Ä lonmetallic mining and quarry- 928,053 38,088 3,101 S Ä Brode netroleum uid natural ¡as pro— 4,980,960 828,222 43,535 'Ä Bituminous Anthra soal, Lignite, cite mining peat, etc« 304,295,601 49,498,271 900,951 Ä 9,813 381,252 2,650 2.483 114,115 78,803 115,800 44.237 152,271 27.607 1,428 55,092 24.523 790 46,293 6.99QI 510 65,550 2.044 20 21 22 28 24 25 26 27 28 29 50 35 56 37 38 70,795 39 8.658 40 o> i Tabid2» —CorporationIncometaxreturns,1/1947, bymajorindustrial groups] Number of returns, compiledreceipts, compileddeductions, compilednetprofitornetloss, netincomeordeficit, netoperatingloss deduction, Incometax, compilednetprofitlessincometax, anddividendspaidby type ofdividend-Continued __ Ma.lorindustrial groups 5/-Continued Uarmffln+.m¡In«-Continned NonMachinery, Transpor Furniture Printing Chemicals Stone, Iron, ferrous Electrical excepttransAutomo tation and Paperand andpub .and Petroleumclay,and steel, metals machinery portation bilesand equipment, Other finished allied lishing allied andcoal glass and and andequipequipment equipment, except manufac lumber products indus products products products products their ment and except automo turing products tries products electrical biles 5,983 8,535 11,909 7,585 554 4,131 8,810 4,307 8,990 8,745 1,158 1,105 6,778 3,358,8985,611,1105,150,55613,260,88414,058,4583,566,79718,141,6755,111,062 8,091,155 12,773,56111,348,730 8,191,5713,236,097 88,387 13,777 456,255 72,346 564,447 23,781 420,896 165,281 29,184 821,830 9,601 773,143 30,779 1 Numberofreturns Receipts» 8 Cross sales12/ Crossreceipts fromoperations13/ s InterestonGovernmentobligations (lessamortizablebondpremium)) 4 Whollytaxable 14/ 1,858 3,442 4,675 6,931 8,688 12,000 8,904 7,343 8,285 7,127 2,140 3,888 1,113 S Subjectto surtaxonly15/ 68 267 687 511 851 267 486 79 184 878 380 78 811 6 Whollytax-exempt16/ 144 185 858 678 144 9 4 5 4 1 9 9 1 1 5 7 5 4 5 8 24 45 7 Otherinterest 1,807 4,848 3,901 10,680 10,858 2,247 24,568 8,006 9 , 7 5 7 1 1 , 2 8 9 3 , 5 1 5 7 , 9 8 5 8 , 0 98 8 Bents 17/ 3,319 6,900 18,597 14,812 85,655 4,093 23,355 3,546 5 , 8 6 6 1 3 , 2 1 2 4 , 0 6 9 4 , 0 1 8 6 , 5 41 9 Royalties 18/ 484 3,988 10,891 18,604 19,687 3,147 9 , 9 7 9 8 , 5 5 4 1 4 , 3 0 7 1 9 , 9 8 5 5 , 1 8 1 4 , 8 4 4 8 , 8 7 3 10 Excess ofnet short-termcapitalgain 178 99 55 405 85 36 46 217 699 8 8 1 4 1 1 2 3 5 overnetlong-termcapitalloss19/ 11 Excessofnetlong-termcapitalgain 6,949 19,806 18,868 85,788 28,335 5,690 15,683 6,602 15,855 1 9 , 4 1 8 8 , 9 4 1 1 1 , 9 0 3 4 , 8 9 5 overnet short-termcapitalloss19/ 18 Net gain, sales otherthancapital 623 681 808 1,446 866 467 986 415 1,052 1,198 185 654 505 assets20/ 1S Dividends, domestic corporations21/ 4,247 12,976 26,633 107,753 194,835 7,184 37,151 11,196 81,594 8 8 , 0 5 9 1 8 , 3 4 5 5 , 8 4 8 7 , 5 05 14 Dividends, foreigncorporations22/ 907 6,705 1,785 26,117 58,414 11,827 11,403 5,982 8,25B 16,166 43,701 1,847 9,784 15 Otherreceipts 18,281 28,778 50,300 50,595 77,584 23,889 69,406 38,366 88,941 6 5 , 4 6 6 5 7 , 8 9 0 2 8 , 5 5 5 1 9 , 8 0 5 16 Total compiledreceipts2/ 5,424,9445,718,4245,752,84113,595,28015,080,4565,658,08118,767,9185,544,091 8,835,415 13,167,58211,470,573 5,087,8003,380,028 Deductions) 17 Costofgoods sold23/ 8,513,9473,890,0933,394,444 9,063,91010,219,9448,454,42613,710,4093,848,179 5,988,085 9,018,075 8,988,509 1,889,3598,199,044 18 Costofoperations23/ 18,898 5,476 240,488 40,235 548,776 18,123 297,991 108,987 6,865 30,889 3,950 688,579 17,553 19 Compensationofofficers 95,630 85,896 199,121 152,859 30,486 67,640 253,643 88,889 78,908 228,778 48,066 29,897 106,418 80 Rentpaidonbusinessproperty 17,884 80,685 50,210 39,926 104,608 10,675 55,290 25,318 51,946 3 9,134 19,574 16,881 24,4S8 81 Repairs 24/ 38,470 130,648 30,010 208,594 276,767 95,464 538,845 75,581 111,068 284,044 180,079 58,679 55,280 88 Baddebts 4,426 3,686 15,414 11,251 15,875 5,187 13,883 5,061 16 , s i s 8,604 1,945 3,598 6,318 23 Interestpaid 8,816 15,545 16,049 51,151 61,234 9,836 86,054 10,998 28,053 40,016 15,957 15,165 11,657 24 Taxespaid25/ 45,378 80,187 78,587 804,353 287,018 51,578 871,678 81,818 175,151 1 8 9 , 1 6 3 8 4 6 , 5 8 7 5 9,674 78,981 25 Contributionsorgifts26/ 8,903 6,169 8,485 6,506 5,107 8,469 12,729 3,516 4,846 11,548 8,645 1,335 5,886 26 Depreciation 33,898 87,950 59,057 219,287 400,968 71,511 329,507 64,519 100,646 1 8 3 , 7 6 8 1 4 8 , 2 3 4 4 0 ,875 44,855 27 Depletion 2,200 4,958 5 16,884 581,383 2,487 33,625 53,764 815 5B6 977 54 56 28 Amortization27/ 40 82 63 16,868 1 , 0 4 4 1 2 5 1 , 5 4 5 4 6 9 1 9 1 7 4 9 9 8 650 165 29 Advertising 22,881 18,188 30,178 350,452 74,871 23,608 79,316 48,792 101,481 1 1 9 , 3 8 6 6 1 , 6 7 8 1 1 , 1 5 4 6 3 , 6 8 9 30 Amountscontributedunderpension 5,067 18,598 24,155 60,778 109,484 10,804 SB,613 19,721 80,356 49,515 16,835 18,890 13,569 plans, eto. 28/ 31 Netloss, salesotherthancapital 492 981 916 4,532 840 1,519 708 6,305 2,328 6,881 8,778 4,699 2,584 assets 20/ 32 Otherdeductions 344,424 484,880 961,941 1,397,560 1,845,050 384,756 1,159,185 383,481 735,859 1,535,485 565,047 265,913 468,099 53 Totalcompiled.deductions 3,149,3484,791,8165,108,99511,803,32013,777,1453,201,15616,908,5564.799.135 7,451,980 11,686,19610,888,485 3,089,5543,070,438 34 Compilednetprofitornetloss 275,602 981,608 689,846 1,791,960 1,303,311 450,885 1,859,362 544,956 781,435 1,481,386 1,248,088 5SA.7S4 249,584 (16less 33) 35 Netincomeordeficit£/ (54less 6} 875,458 981,423 629,588 1,791,288 1,303,167 450,791 1,859,163 544,908 781,362 1,480,988 1,841,973 38/1.778 849,559 56 Netoperatinglossdeduction29/ 8,874 878 1,982 3,380 1,768 3,341 12,857 1,767 3,265 6,441 81,655 1,858 8,334 37 Incometax¡J 106,844 343,388 238,870 653,199 481,901 169,926 708,850 803,563 307,912 577,520 468,649 63,850 108,865 38 Compilednetprofitlessincometax 168,758 578,880 396,976 1,158,761 881,410 280,959 1,157,112 341,593 475,585 9 0 3 , 8 6 6 7 7 9 , 4 3 9 3 2 / 6 5 ,604 140,719 (34less37) Dividendspaid] 39 Cashandassetsotherthanoen stock 51,666 158,798 149,523 583,693 589,830 118,007 411,816 143,154 187,813 389,478 856,500 78,954 66,572 40 _Corporation'sown stock_________ 5.814 13.850_18.061 85.193 24.358 23.235 35.911 s i - m __10'.691 36.919 3.868_______l i a . l g - 5 2 1 Forfootnotes, seepp. 25-86, Manufac turing Total Trans not public porta allocable utilities tion 3,956 83,729 16,880 1 8,011,513 484,640 588,848 8 21j56625,217^04216,335'870 S 430 84,100 15,155 4 68 8,098 1,888 5 51 1,631 1^419 6 708 98,046 57,835 7 3,006 406,059 555,689 8 6,487 1,013 4,010 9 51 1,018 10 1,181 4,179 74,780 67,766 11 400 7,679 6,665 18 8,147 339,951 98,175 13 1,587 12,276 4,854 14 11,084 120,704 71,278 15 8,057,50586,796,55417,408,398 16 1,491,307 546,888 879,988 17 12,60816,540,61511,783,241 18 SB,508 216,174 164,572 19 10,815 784,148 684,866 20 17,284 58,867 44,988 81 5,611 57,11S 8,520 88 7,864 859,148 454,578 28 84,249 1,669,560 949,776 84 1,891 12,664 4,569 85 83,375 1,454,900 648,184 86 567 30,066 10j549 87 186 24'957 81,308 88 81,180 78,655 41,598 89 4,160 196,198 25,838 50 1,893 115,848 87,791 SI 887,686 1,687,085 1,003,866 58 1,905,12384,078,81616,211,566 55 158,388 8,717,758 1,190,858 34 1S8,351 8,716,107 1,189,413 35 1,035 15,118 11^695 36 66,875 1,015,277 509,881 57 86,109 1,704,461 681,551 58 27,691 1,507,750 347,295 59 2.824 50l084__ 9-817 40 § . u | .. a83i88S838 Table 2.— CorporationIncometaxreturns, 1947,bymajorIndustrialgroupsi Numberofreturns, compiledreceipts, compileddeductions,compilednetprofitornetloss, netIncomeordeficit, net operatinglossdeduction, Income tax, compilednetprofitlessIncometax, anddividendspaidby type ofdividend— Continued (Moneyfigures inthousands ofdollars) T Public utilities Retai l _________ i Wholesale _________ Food Building A p p a r el Furniture Eating stores. Other Auto- Filling Hard- materials, andhouse and Total General includingPackage Drug and Communi«• public Total Commission Other Total d r i n k i n g v a r e f uel, m o t i v e s t a t i o n s a c c e s f u r n i s h l i q u o r s t o r e s m a r k e t r e t a i l m s r c h a n m e r c h a n t s w h o l e wholecation utilities trade andice sories ings places dealers milk stores dise sale salers dealers 8,409 1 7,570 2,282 4,589 15,429 7,888 12,595 15,957 1,782 2,887 1 Numberofreturns11/ 6,554 8,165 47,876 99,056 3,952 2,897 177,297 56,059 HdCfliptiS3 6,6981,768,1558,476,7a 442,650471,898 2,695,414 2 2 8,959 92,839119,354,79058,288,089 2,718,64755,569,442a,276,54513,791,82610,365,920512,8771,244,5574,922,3182,06 Gross sales22/ 9,495 57,865 27,828 104,105 2 1 3 ,ia 6,862 4,744 46,925 5 5 Grossreceiptsfromoperations15/ 5,146,2645.756.908 2,532,121 1,593,765 757,249 856,514 704,874 59,866 100,195 6 ,2 a Intereston Governmentobligations (lessamortizablebondpremium)t 99 781 4 819 65 500 180 2,278 885 5,168 907 18 6,560 12,369 4 Whollytaxable14/ 21,556 973 7,535 5,352 5,595 22 5 24 2 46 24 18 • 8 27 111 424 68 275 771 541 184 1,205 26 5 Subjecttosurtaxonly15/ 14 6 22 15 f* - 6 15 19 46 7 268 46 265 441 849 309 Whollytax-exempt 16/ 159 6 75 2 , 1 54 7 1 6 0 4 1 7 5 6 7 6 , 1 5 3 1 , 8 9 6 2 , 6 7 5 3 9 2 2 1 6 , 2 2 4 2 0 , 2 8 6 3 1 , 9 7 7 1 1 , 1 1 5 1 , 8 5 5 6 5 , 8 9 7 2 6 , 5 1 0 7 Otherinterest 11,540 28,671 4,887 8 7,710 509 5,295 22,667 5,727 7,771 6,970 5,724 782 Rents17/ 8 5,775 55,075 151,928 88,991 24,455 25,977 195,169 58,848 1 6 . 2 7 5 9 1 1 5 1 0 7 7 1 1 7 5 9 1 5 0 6 4 6 5 1 1 1 4 0 1 5 7 , 1 1 5 1 , 9 4 5 1 5 , 8 8 5 7 , 7 5 9 9 Royalties18/ 1 , 2 6 7 1,150 108 10 4 7 84 •■■ 455 54 40 63 11 10 135 1,797 1,145 19 168 Excessofnet.short-termcapital gain 5,455 1,932 100 5 overnetlong-termcapitalloss19/ 5,956 11 4a 567 7,256 424 770 1,719 1,175 5,117 7,004 5,25B 95,425 59,522 2,292 37,230 35,026 Excessofnetlong-termcapitalgain 11 2,435 4,579 overnet short-termcapitalloss19/ 7 7 876 12 1 5 4 1 , 0 0 2 8 4 4 5 7 7 a4 4 5 5 956 78 15,306 501 7,286 855 5,551 5,652 12 Net gain, salesotherthancapital 142 872 assets20/ 7 7 5 1 4 9 1 , 7a 1 1 , 7 8 0 2 , 0 4 9 2 , 9 5 5 6 , 5 9 8 2 , 1 2 4 1 , 8 9 5 1 5 , a6 2 5 4 6 , 6 5 1 9 , 9 9 5 5 6 , 6 5 8 3 9 , 6 1 8 92,278 H 155,575 88,205 IS Dividends, domestio corporations21/ 4 o 6 15 4 5 — 45 5 4,984 — * 9,217 325 26,520 14,277 50,405 26,845 2,277 5,145 14 Dividends, foreigncorporations 22/ 4 7 , 5 6 6 2 4 , 6 18 15 5 , 1 5 0 s , a 2 7 2 , 6 4 1 1 2 , 0 8 7 8 5 , 6 0 4 1 0 , 0 4 4 1 5 3 , 3 4 4 1 7 , 7 3 3 4 8 5 9 1 5 , 8 0 0 5 0 , 4 6 5 2 9 5 , 2 2 0 4 8 7 , 5 0 5 5 4 5 , 6 8 5 6,109 45,325 15 Otherreceipts 16 Totalcompiledreceipts2/ 3,360,5566,033,800125,332,09560,425,439 5,551,15756,894,30252,745,50514,092,46410,a0,295 320 ,ae 1,271,4455,ia,5552,179,9591,899,1588,762,615 458,059484,176 2,7a,725 16 Deductions! 4,9581,277,126l,a7,5886,489,227 542,448349,404 2,061,514 17 17 Costof goodssold23/ 4,780 62,114 95,596,17450,599,255 2,521,60248,077,65537,227,412 9,197,841 8,494,610254,645 855,8855,28 26,502 9,754 62,845 152,718 4,050 5,048 54,727 18 18 Costofoperations25/ 1,876,2822,881,090 1,418,484 874,897 284,188 590,709 415,270 15,558 78,258 4,864 5,ao 15 67,467 250,505 7,270 20,117 79,894 19 19 Compensationof officers 17,438 54,164 2,081,552 877,284 111,567 765,717 985,877 107,705 65,834 15,545 a,955 6,858 82,489 8 11,558 20 2,715 73,064 5,600 5 ,9a Rentpaidonbusinessproperty 56,708 45,174 1,197,931 187,558 17,855 169,705 953,492 254,754 88,640 5,739 42,556 250,765 55,119 25 20 ,564 26,716 4,106 1,185 15,164 21 5,314 72,978 224,661 72,526 56,423 666 6,224 18,727 7,799 5,516 2,565 532,773 76,292 21 Repairs24/ 9,US 406 1,025 558 10,825 366 12,198 9,695 5,316 155 4,800 56,534 86,944 23,556 22 Baddebts 8,935 59,662 167,827 61,534 699 1,064 5,640 8,877 85,800 74,ai 15,298 9,065 662 1,411 7,499 5,526 4,819 12,505 23 Interestpaid 86,382 298,188 187,250 92,677 5,114 55,8a 56,4a 6,668 4,905 26,056 24 Taxespaid25/ 210,727 509,057 852,114 268,099 14,707 253,592 504,848 174,977 64,489 5,409 15,998 47,054 22 5 1 1 5 , < J 8 0 1 1 1 1 ,615 , 0 6 9 7 7 8 5 , 5 5 4 665 3,627 175 2,065 24,058 55,766 11,608 25 Contributions orgifts26/ 64,465 26,105 2,011 6,084 7,251 130,254 306,827 80,128 52,942 1,528 8,811 50,111 10,757 50,064 55,985 4,458 2,272 2 0 ,7 a 26 Depreciation 283,062 505,654 502,121 157,505 — sa • — ' — — 5 — 5 3 9 B 1 3 5 3 4 10,295 810 12,176 10,661 27 Depletion 19,517 26 27 29 289 595 126 126 71 282 661 100 31 35 28 Amortization27/ 2,781 694 1, 8a 176 5,475 5 , 2 4 0 1 1 , 5 47 6 9 , 9 4 6 2 , 2 9 5 1 1 , 8 1 4 a, 7 9 8 1 , 5 0 4 1 5 , 2 5 6 1 1 6 , 9 a 1 6 , 4 6 8 2 1 4 , 3 8 7 5 0 0 , 9 5 3 4 9 , 3 6 8 A d v e r t i s i n g 1 2 , 3 4 6 2 5 0 , 8 5 5 6 9 2 , 2 2 9 18,715 994,951 29 616 228 1,191 7,016 90 5,859 5,025 2,529 1,080 5,055 4,511 41,055 83,544 63,774 50 Amountscontributedunderpension 110,470 61,890 135,571 45,346 plans, etc. 28/ 467 70 57 655 552 1,155 4,282 1 0 ,5a 4,529 869 141 125 1,580 18,035 5,027 745 51 Netloss, sales otherthancapital 16,157 9,920 assets20/ 52 Otherdeductions 252,387 450,830 15,686,352 4,440,985 555,012 4,087,971 8,088,445 2,705,802 1,500,320 27,598 259,586 9a,694 6a,251 524,994 788,785 55,716 56,564 317,570 35 Totalcompileddeductions 2,949,7244,917,526117,250,51757,954,540 5,551,15354,583,38749,669,14815,017,02410,252,915314,5281,227,5544,825,2692,059,4621,865,5317,955,445 454,522449,575 2,595,775 54 Compilednetprofitornetloss 410,6321,116,274 6,081,776 2,490,899 179,984 2,310,915 5,076,155 1,075,440 257,380 5,988 45,911 276,084 140,477 55,627 807,168 25,a7 54,8a 185,948 (16less35) a7 54,795 185,954 56 55 Net incomeordeficit2/ (34less 6)■ 410,5591,116,155 6,080,927 2,490,590 179,958 2,510,652 5,075,714 1,075,172 257,554 5,988 43,904 276,069 140,4S8 55,605 807,155 25,1 40 99 671 56 687 1,556 2,067 9a 657 85 257 36 Netoperatinglossdeduction29/ 447 940 20,977 9,822 1,648 8,174 8,605 485 2 8 6 , 6 8 4 8 , 1 50 10,195 a , a e 57 4 7 , 5 5 6 1 8 , 2 0 4 57 Incometaxj j 111,066 592,930 2,221,121 927,875 64,015 865,860 1,109,272 4a,682 97,556 2,109 15,102 96,669 58 Compilednetprofitlessincometax 299,566 725,544 5,860,655 1,565,024 115,969 1,447,055 1,966,885 675,758 159,824 5,879 28,809 179,415 95,141 15,425 520,484 15,567 24,606 124,552 58 (34less37) Dividendspaid« 5,652 28,226 59 59 Cashandassets otherthancumstock 548,579 611,858 990,820 571,622 57,065 554,559 542,690 272,877 54,048 789 12,522 49,754 19,665 15,645 52,095 6,571 9 758 5.595 40 Corooration1sownstock 6.470 91.995 68.700 7.686 5.847 256 1-027 7.5a -...SafflB___225_81.175 40 ___l.Sg_5_ 18.622 182.252 98.465 d 38S For footnotes, see pp. 25-26. Table 2.-CorporationIncome taxreturns,¿/ 1947, bymajorindustrialgroupsi Numberof returns, compiledreceipts, complieddeductions, compilednetprofitornetloss, netincomeordeficit, netoperatinglossdeduction, incometax, compilednet profitlessincometax, and dividendspaidbytype ofdividend-Continued (Moneyfigures inthousandsofdollars) Finance, Insurance, realestate, and Service Trade-Continued lessorsofrealproperty Ra+aU Total Long-term Auto Miscel credit Short Amuse Other Service finance, motive laneous Hotels Retail Banksandagencies, term Personal Businessrepair repair Motion ment, service, not insurance, Trade not Total and Other trade real estate, Total trust mortgage credit allocable service other service service ser services, pictures except includ allocaa retail not ndlessors finance companiescompanies, agencies, ble vices hand motion ing lodging trade alloca except except of real and trades pictures schools places ble property__ bwilta__ bwika__ 2,912 4,371 151,043 36,727 14,911 22,222 45,975 5,356 10,005 8,929 3,553 2,140 4,60S 5,195 5,711 481 10,001 5,615 1 Numberofreturns 11/ Receiptsi 8 7 , 5 0 5 8 , 1 4 6 9 6 , 1 0 5 1 4 0 , 8 0 1 7 9 , 9 2 7 7 7 , 9 2 7 1 9 2 , 0 4 91 7 5 , 9 8 9 5 8 , 8 6 8 5 3 2 , 4 6 9 , 6 6 1 , 3 8 7 5 9 5 , 2 1 1 2,612,6622,104,659 9,770,3561 z Gross sales12/ 65'065 22,564 233,4846,416,900 802,429 964,5231,509,141141,784 71,2711,875,247 526,694 501,751 24,060 5,760,368 988,689 516,755 26,867 268,297 3 Grossreceiptsfromoperations13/ InterestonGovernmentobligations (lessamortizablebondpremium)* 358 2,000 17 1,432,279 851,880 824,442 436 408 672 301 30 1,045 317 1,634 4,388 1,162 4 Whollytaxable 14/ 547 324 33 12 243,473 227,844 224,041 26 74 16 9 3 16 23 167 91 40 5 Subjectto surtaxonly15/ 25 52 — 57 185,508 152,658 147,733 22 7 21 35 8 20 99 111 Whollytax-exempt16/ 5 24 6 , 3 8 8 , 7 7 6 1 9 3 , 2 5 3 1 , 7 0 5 , 5 4 31 1 6 , 9 3 3 2 , 6 5 1 , 6 1 9 545 19 642 45 5,329 7,410 10,132 1,771 531 1,069 183 7 Otherinterest 3,283 1,535 1,139 1,250 377 39,198 8,271 3,419 717 1,756,832 127,078 103,671 22,393 171,018 85,393 3,380 16,900 13,363 5,537 3,558 8 Rents17/ 1 1 6 3 8 4 9 , 4 1 9 2 1 5 4 , 8 1 4 1 , S S 2 1 , 7 0 6 3 1 2 24 28 2,082 364 42 1,939 4,181 6,499 407 75 9 Royalties 18/ 102 5,942 2,700 9,998 113 43 1 122 135 199 222 4 54 358 1,015 237 10 Excessofnet short-termcapital gain 95 55 overnetlong-termcapital loss 19/ 300,440 175,869 73,633 5,328 4,065 79 168 10,644 2,234 1,756 18,875 37,271 7,673 3,035 4,534 7,148 1,825 1,736 11 Excessofnet long—termcapital gain overnet short-termcapital loss¿2/ 774 1,567 263,898 62,577 2,830 566 1,015 277 25 849 588 99 769 2,368 5,428 1,240 513 505 12 Net gain, salesother thancapital assets20/ 321 7,062 749,286 557,645 18,221 67 873 748 21 32,809 6,009 41,816 2,295 1,218 3,515 270 1,561 2,364 13 Dividends, domesticcorporations 21/ — 6,177 481 39,835 37,937 14 148 — 2,763 746 2 8 9,283 7,095 3 14 14 Dividends, foreigncorporations 22/ 4,341 15,139 210,494 99,417 42,837 84,810 133,076 13,585 9,138 30,863 6,772 1,839 41,089 12,298 16,006 1,486 31,180 23,441 15 Otherreceipts 2,722,7272,160,875 10,161,3518,496,3031,448,6501,378,2631,762,583346,647 214,6832,073,199 634,273 605,386 34,619 15,834,949 5,079,9815,547,652 55,152 494,808 Total compiled receiptsJ j 16 Deductions* 67,942 50,359 — 1,909,3231,692,863 7,769,527 990,614 302,555 212,219 132,018116,275 94,719 34,284 45,839 47,797 4,906 17 Cost ofgoods sold23/ 148,594 21,071 2,999 26,589 9,387 130,3173,214,534 270,980 551,000 859,701 63,780 46,785 941,439 239,927 227,923 13 18 Costofoperations23/ 7,852 26,726 5,310 317,003 85,357 39,307 218,391 359,202 27,526 82,616 105,371 18,987 14,324 37,401 24,080 45,108 ,794 22/672,406 41 19 Compensationofofficers 1,395 12,998 210,752 72,333 46,753 76,881 290,802 61,761 33,011 30,834 21,084 3,157 101,962 22,860 15,218 915 20 Rentpaidonbusinessproperty 56,201 22,870 186 1,105 157,141 28,723 23,980 31,820 139,181 62,855 20,377 9,625 4,113 1,412 21,915 12,665 6,041 178 7,454 6,107 21 Repairs 24/ 2 7 9 , 6 3 2 2 6 6 , 7 9 2 1 ,053 38,895 2 1 4 , 2 9 5 3 , 4 6 9 8 1 6 1 0 1 , 1 6 7 1 , 9 5 3 19,549 17,103 2,239 2,717 4,096 771 10,017 5,156 22 Baddebts 9,524 60,672 818,968 473,874 322,263 634 14,968 4,714 2,212 252 19,962 66,178 31,925 5,086 3,695 2,692 6,360 4,267 23 Interestpaid 682,611 171,168 156,510 1,535 10,no 79,167 183,847 57,491 25,858 18,723 7,217 2,783 39,591 22,061 9,615 508 29,992 15,994 24 Taxes paid25/ 78 792 511 22 18,960 12,529 9,423 91 2,009 1,752 846 4,596 8,272 1,287 1,205 1,230 165 1,529 25 Contributionsorgifts 26/ 562 3,851 6 9 , 3 8 4 5 3 , 1 7 7 3 9 3 , 8 4 1 3 8 , 9 0 7 2 0 , 6 5 5 1 1 , 3 7 8 8 9 5 2 , 8 4 2 5 7 , 7 8 9 2 8 , 2 8 9 1 5 , 1 6 6 1 2 , 0 4 9 6 2 , 4 4 4 3 2 , 5 4 5 17,013 213,121 26 Depreciation 4,416 280 1 87 32,428 14 179 68 3 156 715 4 3 98 27 Depletion — — 13 597 76 4 77 11 1,000 S8 29 236 1,611 215 133 227 124 28 Amortization27/ 918 15,184 83,871 56,932 34,667 37,383 20,226 71,847 125,973 16,403 17,497 9,418 2,059 1,437 58,569 11,493 8,710 387 29 Advertising 206 2,412 64,499 49,499 44,169 292 7,961 1,001 1,785 226 6,481 27,411 2,052 1,071 757 975 14,284 130 30 Amounts contributedunderpension plans, etc,£§/ 115 8S8 110,464 50,589 37,959 38 96 670 802 601 672 311 2,447 7,942 3,899 699 ' 485 649 31 Netloss, salesother thancapital assets20/ 135,2ld 20,744 196,552 417,029 253,758 1,156,9042,126,648 431,348 319,725 423,565 64,787 33,980 495,957 162,681 188,251 8,374 6,065,213 1,617,8731, 32 Otherdeductions 2,607,2962,084,492 9,646,6297.772.6181,333,6891,305,6661,641,460317,904 203,1731,798,113 571,860 567,172 33,58151/9,807,919 3,540,3652,575,689 44,910 369,410 Totalcompileddeductions 33 115,431 76,383 514,722 723,685 114,961 72,597 121,123 28,743 11,510 275,086 62,413 36,214 1,038 4,027,030 1,739,616 971,963 10,242 125,398 34 Compilednet profit ornetloss (16less 33) ,230 10,185 125,346 115,407 76,378 514,623 723,574 114,953 72,577 121,090 28,743 11,510 275,079 62,392 36,192 1,038 3,841,522 1,586,978 824 35 Netincomeordeficit% J (34less 6) 575 5,742 39,899 12,311 2,862 68 273 1,163 1,744 1,870 847 401 2,550 11,343 2,652 1,472 1,833 268 36 Netoperatingloss deduction29/ 3,854 42,110 648,027 548,655 225,245 39,726 24,243 183,974 263,800 44,077 24,483 44,703 8,696 4,048 94,919 26,723 15,456 695 37 IncometaxJ j 6 , 3 88 83,288 1 , 5 9 0 , 9 6 1 7 4 6 , 7 1 8 3 5 , 6 9 0 3 4 3 3 , 3 7 9 , 0 0 3 7 , 4 6 2 1 8 0 , 1 6 7 2 0 , 7 5 8 4 8 , 1 1 4 7 6 , 4 2 0 2 0 , 0 4 7 7 0 , 8 8 4 7 5 , 7 0 5 5 2 , 1 4 0 3 3 0 , 7 4 8 4 5 9 , 8 8 5 38 Compilednet profitlessincometax (34less 37) Dividendspaid: 5,155 44,070 972 98,052 16,782 7,003 552 1,297,048 939,691 334,951 17,596 11,674 76,508 186,078 18,275 12,684 29,677 2,501 39 Cashandassetsotherthan ownstock 55.671 46.333_587 ___ 21£__2-961 679 3.208__ m 245 1.10Î 2.907 1-566 15.087 10.956 855 40 Corooration*sownstçck 4.181 2.940 For footnotes, seepp. 25-26. ro — ■ “ z s m u a s s s r s i ? ^ Invest Otherin Security ment vestment and ther Finance trusts companies, comuodity- O inance not and in including exchange f c vestment Holding brokers ompanies allocable compa- ccmpa- and Number of returns 11/ Receipts! (brass sales 12/ (brassreceipts from operations 15/ Interest on Government obligations (lessamortizablebond premium)t Wholly taxable 14/ Subject to surtaxonly1§/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties 18/ Excess of net short-termcapital gain over net long-term capitalloss 19/ Excess ofnet long-term capitalgain overnet short-term'capitalloss19/ Net gain, salesother thancapital assets 20/ Dividends, domestic corporations¿1/ Dividends, foreign corporations 227 Other receipts Total compiledreceipts2 J Deductions! Cost of goods sold 25/ Cost of operations 25/ Compensation of officers Rent paidonbusinessproperty Repairs 24/ Gad debts Interestpaid Taxes paid25/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertising Amounts contributedunder pension plans, etc* 28/ Netloss, sales other thancapital assets22/ Other deductions Total compileddeductions Compilednet profit ornet loss (16 less 55) Net income or deficit2/ (54less 6) Net operating lossdeduction22/ Income tax£/ Compiled netprofit lessincome tax (54 less 57) Dividends paid! Cash andassets other thanown stock 1 Cornoration1sown stock For footnotes, seepp* 25-26• Total insurance carriers, agents, etc. 6,598 8,645 45,484 5,711,492 262 4,551 188 6 665 4 1,562 12,922 4,090 1,516 145 56,452 567,286 15,092 52,006 890,906 89,509 212 594 12,768 558 1,877 1,896 1,526 22,127 681 166,017 7,725 957 215 1,594 14,185 4,597 755 626 2,877 116 250 1,024 47,168 81,645 265,188 262,528 472 15,721 247,467 7,581 6,551 2,260 914 2,009 1,258 5,557 59,496 1,816 12,629 71 2,667 998 264 4,454 21,545 5 1,155 1,061 8 ,660 500,001 155 28,247 9,292 521,895 161,056 24,020 259 12,115 55,007 5,708 1,995 754 1,577 518 6,592 8,559 49,407 5,405 9,245 255 1,127 1,696 5,559 1,257 15 2,616 667 1,468 715 2,589 5,286 72,810 82,985 190,180 145,508 551,715 15,548 550,455 15,559 819 864 5,818 42,577 9,750 289,556 250,154 289,841 7,596 489 7,267 20,897 4 ___ 654 5,575 6,775 590 860 27,064 1,187 8,596 1,579 55,702 2,977 219,956 6,270 15,875 544,855 1,855 29,090 49,298 1,594 70,480 1,551 8,415 15,508 98,981 58,600 5,503,575 407,919 1,060^187 566,852 15,065 51,938 888,979 87,167 94 628 21,257 576 161#282 ó 68,546 86'241 5,536*658 5,105,169 6,559 15 892 5,702 7,184 52/87,365 52/15»565 17,441 28,852 765 1,784 2,245 5,00.7 405 725 2,078 4,311 1,587 2,858 1,551 2 , 8 2 2 1,506 7,480 107,070 112,604 952 5,058 887 1,651 84 57 17,598 20,006 4,179 1,754 14 m 9 7,847 11,622 770 1,994 9,949 11,820 162 117 1,756 1 , 8 5 0 1 , 7 0 0 1,060 5 , 3 8 4,551 5 , 5 8 6 , 8 5 8 25,481 36,923 51,758 81,26551/3,938,058 51/3,566,310 1 , 5 5 8,859 16,588 4,976 1,598,620 16,584 4,511 1,566,614 1,506,921 6,370 6,855 670 507 47,855 66,615 7,061 6,469 9,527 £5/1,495 1,552,007 1,491,024 PA R T ! . . 157,295 2.495 Total agricul Agricul ture, forestry, ture and Forestry fishery services and fishery Nature of business not allocable 296 573 7,529 6,660 20,287 2,062,219 1,314,242 1,265,547 25,324 25,571 - 4,866,799 281,283 262,000 4,252 15,051 5,669 114,365 65,456 Real estate, Lessors Insurance including of real Construc l essors property, tion a g e n t s , Insurance except carriers brokers, of b u ildings buildings etc. 6,388 2,255 454 11,596 452 27 740 68 1,927 55,178 1 , 5 7 6 , 9 80 2,342 3,SB6 118 5,205 115 870 95,917 505 199,161 4,755 22,665 296 274 12,557 61,180 451^489 2,925,745 37,583 65,266 62*257 73^800 163^150 11,411 105,686 774 123,106 7,859 2,255 1,291 295,428 5,554 371,062 4,594 744 2,608 292,620 647 517 1 5 , 2 20 5,775 3,016 1,871 94 51,464 202,327 830,097 571,728 2,364,326 59,761 561,417 59,695 560,677 465 19,109 18,778 183,821 40,985 377,596 118,547 1-181 A L L RETU RN S WXTB BALANCE SH E E T S 18,946 1*818 135,782 6.276 “*’*"’”*1“~ ” “ iat- 6,692 815 899 1,724 1,515 35 58 120 85 152 180 522 124 5,574 5,305 5,848 1,992 165,265 19,265 15,552 15,046 4,887 4,687 1,092 101,597 246 505 493 112 1 5 , 621 2 2 , 9 7 6 8,527 18,993 2 , 007 3 , 0 5 6 4,281 1,479 5,998 5,665 6,814 2,961 1,794 1,790 225 10 10,900 61,810 17,730 16,948 292^567 7,048,005 1,670,512 1,591,860 1,599,970 869,213 827,846 5^995^280 117,328 107,957 6,581 '249,537 57,757 35,629 3,881 27,675 26,064 25,717 2,295 57,158 28,571 27,252 1,818 1,675 670 10,186 47,544 19,975 11,265 10,412 2 9,638 27,702 6 5 , 6 0 0 27,757 1,002 978 3,512 206 5 9,646 37,685 11,831 87,632 2,095 1,596 1,404 27,551 4£ 54 206 67 8,446 8,570 97 15,254 2,889 2,877 5,439 164 1,926 1,684 1,795 6,561 30,385 557,663 277,280 268,339 165,190 6,656,044 1,454,990 1,585,547 127,377 391,961 215,522 206,515 127,255 391,639 215,342 206,161 4,055 3,755 8,489 1,646 48,958 159,875 76,778 75,577 78,459 252,088 158,744 132,73i 86,282 S72 42,876 11.666 59,593 1-20Q 56,50C 1-15« 210 8 76 IS 1 2 15 2 26 2 , 2 14 5 5 218 4,407 551 155 496 200 177 57 4,684 7,248 107 2,250 25 1,026 2,223 51 284 7 4 9,348 408 374 39,476 59,176 205,865 22,238 19,129 87,176 1,438 7,953 17,968 802 1,506 18,391 5,567 75 294 1,727 141 1,178 1,112 88 55 3,039 547 506 3,766 1,309 627 242 15 9 4,181 459 1,502 247 697 14 2 4 64 2,555 12 2 21 12 2 , 8 00 115 129 2,944 5,997 43,249 30,855 58,590 190,255 8,625 586 15,612 8,597 584 15,599 692 154 166 6,959 2,506 695 8,655 6,117 55/ic© 2,754 6 559 40 5,912 428 ■ 1 / 194T* t>3r » S J o m p l l e d d«dudj noam* tax, and dividendo paid by type or divldand operatixig PART I. - A L L RETURNS WITH BALANCE SHEETS (Money figure» In thousand» ot dollars Hanufaotu ring -SSL.---All Industrial groups Total mining and quar- Metal mining Anthra cite mining Bitumi nous 00a 1, lignite, peat« etc« m *— petroleum and natu ral gas >roduction Nonmetallic mining and quar rying 1,426 ' 8,206 1,598 162 7,280 746 496,621 Number of returns with balance sheets 84/ Assets« 76,542 215,288 266,786 88,990 64,569,450 784,962 188,612 Cash 86/ 268,161 71,978 272,696 147,124 46,438 76^862,739 797*603 Notes and aooounts receivable 1,280 2,869 8,201 656 681 8,690 *904^191 Less« Reserve for bad debts 180,807 61,983 72,821 132,864 20,075 410>0S4 44,009^422 Inventories 80,454 64,789 184,286 667,564 280,204 17,762 108^774^434 Investments, Government obligations 86/ 273,634 81,629 297,678 78^565,264 938,585 219,684 111,778 Other investments 87/ 165^743^676 6,930^049 1,500,651 608,386 1,466,064 2,841,917 673,228 Gross oapital assess 88/ (except land) 261,140 717,038 1,896,182 909,571 247,288 3 j550,948 60>664^305 Less« Reserves 41,632 21,487 26,760 2,890 136,790 42,861 9,115,093 Land 17,769 81,007 57,044 180,606 18,151 10^945,561 59,641 Other assets 494)615)043 7 ,186)455 1,661,804 606,445 1,785,810 2,550,893 686,920 Total assets 89/ Liabilities« 161,516 176,476 40,056 67,986 38,564 25,637,261 607,182 Aooounts payable Bonds, notes, mortgages payable« 82,427 222,289 24,789 6,644 11,288,857 318,080 30,465 Maturity less than 1 year 451,608 68,409 166,988 47,718 89,579 60^107^560 829^838 Maturity 1 year or more 168,604 40,715 144,747 609,802 138,541 80,301 2 2 7 ) lU)286 Other liabilities 77,270 34,854 48,936 16,007,238 289,970 68,061 20,901 Capital stook, preferred 184,872 700,607 499,978 72,463)357 2,026,184 480,027 139,660 Capital stook, common 90,398 37,766 78,718 326,405 101,101 16,135 11,502,726 Surplus reserves 912,080 287,065 720,472 90^101,198 2,876)376 814,408 188,168 Surplus and undivided profits 40/ 57,417 288,288 26,074 8,307,419 445,381 91,988 23,627 Less« Defioit 41/ 494^615^043 7,186,465 1,661,804 606,445 1,786,310 2,660,898 686,920 Total liabilities 89/ Reoeiptss 886,487 409,684 1,978,407 1,069,111 627,986 299,771,214 4,865,896 Gross sales 12/ 411,348 68,623 88,017 61,825 222,429 796", 118 48^175^468 Gross receipts from operations 13/ Interest on Government obligations (less amortisable bond premium)« 671 1,006 234 1,388 1,555,504 6,168 2,874 Wholly taxable 14/ 64 88 23 188 252,997 81 379 Subject to surtax onlv 15/ 26 44 86 191'827 3 18 126 Wholly tax-exempt 1 6 / 349 1,668 1,886 569 1,439 5,922 2,920^216 Other interest 2,219 4,984 11,496 4,908 2^926 26^619 2,690,046 Rents 17/ 1,847 19,548 11,684 43^177 1,380 8,751 "364\165 Royalties 18/ 87 1,105 91 28 11 22’ ,814 1,870 Excess of net short-term oapital gain over net long-term capital loss 19/ 2,761 20,096 13,880 930 2,478 817,792 89,628 Excess of net long-term capilal gain over net short-term oapital loss 19/ 244 487 8,841 172 94 4,968 299,645 Net gain, sales other than oapital assets 20/ 784 10,545 5,758 21,161 16,488 53,740 1,860^061 Dividends, domestic corporations 21/ 2 67 65 3 1,878 339^771 1,506 Dividends, foreign corporations ¿2/ 4,424 10,488 15,265 4,140 1,460 35,820 2,259^253 Other reoeipts 951,784 498,756 2,268,084 1,648,690 604,977 361Í520.762 6 ,8 8 1)4 2 1 Total oompiled reoeipts 7/ Deductions« 476,051 818,272 585,980 853,869 1,476,708 230,769,345 3,167,149 Cost of goods sold 23/ 160,857 258,809 87,600 524^282 24,341 44,744 27^377^372 Cost of operations 2 3 / 16,141 22,822 21,608 2,901 67^697 4,608 30/5^893^084 Compensation of officers 2,972 12,510 5,420 ~m m í 3*126^588 4,352 2,258 27^561 Rent paid on business property 9,493 19,956 9,936 86,860 8,054 84^844 5,341,461 Repairs 24/ 1,009 2,607 115 723 675,042 1*491 5,964 Bad debts 8,671 2,877 6,968 18,865 2,429*118 36*239 2^783 Interest paid 88,908 12,687 40,248 8 '74l]502 137^797 34^366 11,161 Taxes paid 25/ 574 984 347 216 1,049 238,090 2^970 Contributions or gifts 26/ 49,887 88,649 22,726 18,721 8,689 189)286 5,124,079 Depreciation 19,719 74,899 192,746 11,072 76,808 874,486 1^201,363 Depletion 2,918 82 58*193 3,846 216 681 Amortisation 27/ 1,886 945 1,066 2,988*338 4*401 745 249 Advertising 452 6,099 571 3,976 1,284 11)406 l)05l) 192 Amounts contributed under pension plans, etc» 28/ 288 571 2,010 2,535 264,434 2,770 8,192 Net loss, sales other than oapital assets 20/ 182,838 198,621 60,817 42^482 17,686 39,064,393 44 8 \750 Other deductions 768,147 467,300 2,014,700 1,520,978 617,947 33/330,313^594 5,093^819 Total oompiled deductions 227,712 87,080 193,637 26,455 268,884 787,602 — f 31^207^168 Compiled net profit or net loss (57 less 54) 227,677 87,004 268,840 193,619 26,462 787)476 51^015^541 Net inoome or deficit 2 / (55 less 27) 1,550 1;657 4,911 195 765 8,880 176^111 Net operating loss deduotion 29/ 8,847 87,790 88,783 82,648 68,384 10,786^777 286,433 Xhcome tax 5/ 188,979 54,482 17)608 165,694 125)268 SOl) 169 20^420*391 Compiled net profit less inoome tax (55 less68) Dividends paid« 107,474 82,175 58,419 100,186 16,156 8,284,967 314,610 Cash and assets other than own stock 7,665 761 10 1,478 9,804 698)544 Corporation1s own stock For footnotes, see pp» 25-26• Mining and quarry ing not alloca ble 142 Total manufac turing 105,590 8,796 11,884,887 2,206 16,628,078 885,164 IS 2,044 27,634,149 130 7,066,746 4,182 10,708,499 49,859 64,751,660 19,784 81,381,066 2,160 2,029,176 2,545,276 2,004 46,685 111,356,638 2,686 10,916,495 1,616 3,833,846 9,906,280 21,691 1,894 10,026,649 478 6,791,974 21,140 26,784,610 2,288 6,278,665 8,227 88,906,660 8,187 1,087,481 46,588 111,866,638 Food and kindred produots 10,042 Bereragee Tobacco manufac tures 8,048 222 TextileCottoo manufac ■ill ture. ^roduete , exoept eetton Lpperei Uld product», »de froa {■trio* 4,861 18,099 982 Leather 1 Rubber end produo te produots Lumber end timber tule produota 602 8,829 2,986 228,978 210,648 163,947 376,622 624,682 97,957 816,681 984,766 269,603 274,208 887,411 800,293 663,196 642,248 413,167 292,626 1,876,677 829,168 6,661 11,427 7,693 16,087 17,049 4,406 81,660 2,776 7,878 892,902 686,280 494,O U 665,807 1,218,800 1,048,709 2,829,932 873,026 1,852,889 148,889 91,676 78,937 97, M 5 320,448 268,445 11,818 897,174 107,768 159,684 161,474 98,368 182,894 280,446 144,201 81,605 781,128 259,268 846,163 1,077,260 1,270,456 460,612 297,840 1,267,006 2,122,741 6,046,816 1,282,087 460,766 669,017 174,807 188,087 971,860 678,O U 111,168 440,886 2,177,136 67,288 18,2 U 16,204 22,116 66,898 9,417 26,826 293,242 70,782 69,892 18,641 82,014 62,727 89,188 42,777 18,716 242,517 131,378 2,120,780 1,951,065 1,841,430 2,662,933 4,266,899 9,742,463 2,864,696 2,168,966 2,329,948 846,682 888,916 66,136 186,447 866,196 460,290 170,606 176,648 160,667 86,879 27,772 61,086 181,681 U7,908 74,168 812,698 608,134 139,686 162,786 425,459 62,841 278,810 120,651 67,800 611,622 826,190 920,521 ¿55,580 162,284 122,849 297,186 422,286 111,288 246,676 278,680 781,012 54,607 226,796 88,716 188,528 298,973 200,717 76,119 701,078 132,833 696,146 809,767 286,984 611,778 921,662 495,810 465,676 2,227,845 486,994 80,260 156,497 97,689 76,992 254,690 206,301 84,941 686,354 100,165 809,280 608,244 463,668 809,437 476,011 1,066,994 1,649,127 8,227,491 1,092,510 65,105 14,604 19,442 33,609 41,541 15,861 84,167 4,018 100,164 2,120,760 9,742,468 2,864,696 2,163,966 2,329,948 4,266,899 2,662,938 1,841,480 1,951,065 2,969,172 9,821 172,198,726 29,818,196 4,846,689 2,823,527 4,280,807 6,787,642 7,848,611 8,193,806 3,347,113 60,900 6,448 12,687 206,126 218,769 16,690 19,841 8,468,487 4,421 134,598 4,876 11 91 17 98 75,867 6,047 8,645 122,188 247,570 139,989 6,041 4,899 696 610 10,910 19,632 4,608 2,641 1,970 88 160 8,806 6,116 888 198 122 66 46 586 2,938 10 7 • 2,229 67 166 2,466 7,646 196 440 4,166 68 66 4,248 7,072 1,894 884 1,607 89 124 1,642 5,666 7,966 96 1,179 58 80 X, 206 ' 1,886 279 106 838 20 9 1,526 1,617 4,906 4 1,670 66 45 1,808 6,598 4,165 210 88 291,591 21,782 8,161 2,887 11,281 12,684 5,849 1,864 1,884 59,375 • . 969 2,807 16,906 4,481 588,514 88,966 1,087 80,275 227,665 28,183 96,180 60 790,014 14,131 178,172,686 80,176,149 4,920,406 120 4 . 676 US 604 764 1,108 72 898 8,849 5,916 19,989 4,102 13,854 17,686 4,156 55 14,909 h b 215 1,549 609 791 22,716 10,419 16,899 26,042 56,099 20,562 4,279 2,848,868 4,360,681 7,083,812 7,600,180 8,282,918 8,409,126 8,126,099 7,329 129,950,466 26,272,207 8,062,600 2,887,866 8,207,605 5,174,566 6,813,687 2,697,877 2,587,481 2,091,743 54,052 51 7,718 158,826 136,711 8,696 677 7,876 2,160,202 68,266 8,481 65,117 65 >506 19 «575 239,645 128,291 34,660 9,074 2,287,707 192,600 49,875 222 7,888 12,068 16,298 28,297 57,246 6,659 1,737 12,760 666,572 49 66,978 61,67b 20,672 30,646 85,626 15,042 48,863 37,247 4,295 2,634,117 258,799 566 4,416 3,097 2,280 4,996 2,950 90S 1,907 106 11,466 141,698 119 10,324 10,229 5,168 12,889 21,840 9,046 19,073 15,652 56,808 612,643 176 47,266 108,988 82,922 64,916 96,698 66,868 654,671 69,961 241,046 437 8,226,269 2,255 8,498 1 1,096 11,188 11,188 10,638 • 627 9,669 6,076 127,968 61,068 46,446 16,665 27,465 88,147 80,675 8,307 218,266 58,824 2,824,942 664 .62 ,491 9,626 501 749,604 242 62 SUV 40 188 90 «• 8 14 25 24,667 1,951 6,378 86,200 22,714 64,511 34,661 11,172 68,798 125,08« 882,854 10 1,702,753 2,988 6,564 8,780 18,997 6,468 6,877 4,779 8,984 61,729 692,426 24 1,423 268 640 2,427 1,079 699 44 2,232 9,145 62,248 78 226,997 224,686 556,275 706,860 469,348 .212,278 75,838 414,826 1,607 14,662,486 2,010,488 14,747 161,696,891 28,791,196 4,461,964 2,660,967 8,669.988 6,280,662 7,169,823 3,024,778 8,179,881 2,652,056 494,065 208,140 480,867 229,244 802,760 192,591 700.898 468,441 16,477,244 1,884,96! 82/ 616 494,018 208,110 229,256 700*432 602,694 480,788 192,845 468,291 1,884,448 « 2 / 616 16,478,699 2,476 204 696 1,781 1,298 60 643 879 3,603 74,134 178,970 82,907 82,188 166,686 807,417 260,940 185.61! 76,143 680,925 6,241,446 181 146,557 515,095 126,002 265,172 489,653 496,843 119,248 272,923 864,028 10,235,798 S S / 747 108 4,148,324 897,419 880,306 29,466 118,727 8,490 '78,622 2,323 116,371 44,287 160,274 27,607 51,551 24,107 46,910 6,967 66,287 2,044 70,691 8,658 rv> M Tibia ». - C o r p o n t i o n income tax return. with balance s h ^ t e . ^ ^ Humber of return», i.eete end liabilities, compiled receipt», cospiled deduction., o o ^ i l e d M t p « n t lose deduction, income tax, compiled net profit lee. income tax, and dividend» paid by ype S S v S S S S " or nex « » . . PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued fHonev figures in thousands of d o l lars)------------------------— ---- ¿--- 2-----’" " R j o r Industrial groups 6/ - Continued Furniture and finished lumber produets Paper and allied products Printing and pub lishing indus tries Chemicals Petroleum and allied and eoal produeta produots Stone, olay, and glass produots Iron, steel, and produots Nonf erroue metals and their produots Electri cal machinery and equipment except transpor tation equipment and elee- Automo biles and equipment, exoept electrical tatlon equipment, exeept automo biles Other Manufac turing turing allooabl* .nufac- not Transpor Total tation publie utilitie* 16,072 20,376 5,621 6,574 1,015 1,090 8,556 2,850 4,085 8,487 5,870 619 7,015 11,000 2,444 5,640 Number of returns with balance sheets 34/ ,921,095 1,907 ,'212 118,817 226,616 512,769 Assetst 1,002,784 1,020,688 605,217 408,149 280.917 1,455,796 650,616 1,100,515 1,141,722 ,523,217 I, 506,515 587,075 176,619 207,405 586,709 661,010 Cash 35/ 794,461 ,056,842 1,607,446 445,067 580,516 1,677,612 9,626 1,272,114 1,955,695 47,697 741,445 467,615 554,677 6,117 14,878 4,141 Note 8 and aooounts receivable 9,609 60,150 21,466 11,959 50,422 9,485 16,474 996,679 58,972 1,811,459 26,011 15,414 10,620 531,077 631,687 996,186 Lesst Reserve for bad debts ,760,862 5,074,664 1,762,669 868,849 487.917 2,761,165 701,676 490,504 2,155,220 1,706,179 687,617 659,427 50,964 1,114,799 85,134 189,509 Inventories 624,942 667,471 200,822 266,812 1,204,821 229,549 687,599 748,029 506,924 554,605 80,596 94,747 11,397,608 6,224,526 175,427 Investments, Government obligations 36/ 103,131 470,297 686,966 751,160 227,727 786,766 176,078 2,685,629 1,410,792 51,562.720 604,414 62,002,899 610,402 470,950 94,018 834,171 Other investments 37/ ,878,121 ,856,857 5,975,754 5,403,871 1,112,677 2,089,847 9,726,554 778,277 2,664,594 1,940,025 6,646,576 14,524,781 190,956 16,580,682 8,652,135 549,641 Gross capital assess 38/ (except land) 691,181 I, 608,313 801,867 1,827,248 ,678,969 961,568 6,580,697 252,837 726,467 2,494,046 7,480,114 469,522 529,668 1.224.750 20,694 56,325 . 40,668 Lesst Reserves 71,877 154,780 62,618 51,046 215,049 71,895 547,286 207,702 114,658 67,066 41,462 54,060 2,224,899 1,620,632 65,282 136,568 Land 126,627 190,845 170,192 111,255 245,925 68,677 186,912 251,190 145,996 54.906.157 121,060 68,056,897 45,268 ,061,952 1,111,611 Other assets ,556,066 6.669.518 6.578.594 6.528.176 2,866,986 12,616,455 1,766,866 5,991,564 4.094.579 10.119.718 15,616,914 2.814.043 Total assets 39/ 128,296 2,648,688 1,810,800 216,955 506,570 881,025 Liabilities« 960,588 641,672 274,626 1,452,627 199,149 1,421,421 868,624 582,004 260,195 209,191 Aooounts payable 518,998 699,902 67,016 95,069 168,164 Bonds» notes, mortgages payable« 129,639 296,487 254,112 106,941 217,549 66,227 216,692 276,798 165,601 270,461 87,675 ,424,624 II, 86,285 96,229 149,686 Maturity less than 1 year 175,278 165,679 666,150 684,625 242,629 255,481 1,151,104 1,855,055 846,598 555,021 8,423,866 ,184,412 578,088 118,520 116,808 251,899 592,440 Maturity 1 year or more 661,660 1,048,155 666,926 515,445 1,196,076 226,048 668,127 906,011 1,527,267 498,778 592,756 „061,121 164,652 69,869 104,562 134,716 Other liabilities 424,844 644,126 194,869 228,794 886,596 148,028 698,967 891,047 8,811,070 227,625 555,518 87,679 241,752 644,121 429,072 Capital stock, preferred 816,669 ,086,067 1,216,816 2,098,669 827,466 2,966,544 854,959 2,148,745 4,999,444 616,298 795,882 L.177,898 441,416 55,681 91,663 178,756 1 Capital stock, common 656,518 615,629 420,686 165,921 667,682 110,853 766,457 652,962 8,470,010 181,440 196,740 ¡,156,600 64,628 412,007 695,624 1,169,800 Surplus reserves 1,060,059 4,179,949 1,146,769 1,668,429 5,256,475 2,941,249 6,029,400 5,657,245 1,145,118 1,558,155 1.567.750 1,567,370 656,921 45,096 66,614 84,581 Surplus and undivided profits 40/ 16,705 65,629 66,605 27,015 62,074 57,247 57,529 96,208 86,964 1,056,897 84.905.157 14,705 40,214 ,111,511 ,061,952 ,866,986 Less« Defioit 41/ 12,616,465 5,656,066 6.669.518 9.578.594 6.628.176 1,766,856 5,991,554 4.094.579 10.119.718 16,616,914 2.814.043 Total liabilities 39/ 577,025 477,991 ,986,507 ,178,609 2,185,968 II, 246,243 Reoeiptss 18,054,058 6,085,811 8,059,016 12,667,419 5,525,118 6,650,515 6,108,751 12,986,176 15,986,821 5,640,595 20,497 24,470,778 16,714,870 29,828 764,920 9,501 Gross sales 12/ 219,168 28,608 165,586 419,855 22,511 565,964 70,084 440,926 15,646 26,769 24 Gross reoeipHs from operations 13/ Interest on Government obligations ('less 25,448 amortisable bond premium)« 2,156 7,104 2,280 2,896 11,977 2,608 6,924 7,528 4,642 5,587 2,097 1,260 Wholly taxable 14/ 580 872 124 76 481 267 861 611 625 259 1,605 68 Subject to surtax only 15/ 116 468 75 64 199 94 144 678 268 184 90,256 144 Wholly tax-exempt 16/ 3,290 11,126 9,762 2,002 24,501 2,258 10,211 10,626 5,890 4,854 1,202 864,162 Other interest 4,039 13,164 6,818 25,267 5,616 4,067 86.665 15,884 15,291 6,872 6,647 5,282 Rents 17/ 6,154 14,285 19,980 2.664 9,969 5,106 19.665 18,212 10,877 5,964 484 1,109 Royalties 18/ 682 88 41 217 80 401 87 51 176 Exoess of net short-term oapital gain over 47,896 4,015 net long-term oapital loss 19/ 11,877 2,929 18,268 14,780 6,558! 16,220 6,201 28,215 21,206 12,548 6,459 18,885 Exoess of net long-term capital gain over 52 6,972 net short-tens oapital loss 19/ 461 620 182 1,162 781 597 908 458 840 1,440 756 668 685 856,945 2,122 Net gain, sales other than capital assets 20/ 7,282 6,748 18,503 21,957 21,580 11,191 57,112 7,184 194,814 107,216 26,850 12,924 4,206 12,276 Dividends, domestio corporations 2 y 9,529 I, 847 45,701 16,166 8,258 6,982 11,596 11,827 52,414 26,117 1,785 6,706 907 116,920 18,249 Dividends, foreign corporations 2*2/ 22,598 57,729 64,897 58 26,583 52,297 68,868 25,728 77,546 49,446 49,724 28,461 18,072 26,967,078 Other receipts 6,514,540 8,179,601 12,956,756 11,575,695 5,011,628 5,259,644 18,667,996 5,625,700 16,007,847 15,515,225 ,650,952 6,674,749 5,586,689 Total oompiled receipts 7/ 57 Deductions« 6,946,466 8,852,660 8,857,926 1,882,992 2,164,175 ,829,640 ,567,976 8,896,626 LO,166,097 ¡,456,050 IS,651,116 5,825,835 2,486,707 17,061 616,018 Cost of goods sold 23/ 5,954 29,691 5,869 107,768 297,524 12,208! 548,445 59,100 251,557 5,580 17,714 104,675 Cost of operations IT?/ 29,061 41,532 226,917 77,842 87,485 261,111 66,910 . 50,157 150,441 196,094 82,787 94,556 25,916 Compensation of officers 16,149 19,214 38,541 51,658 25,099 54,809 10,651 104,444 58,469 49,571 20,528 17,566 54,568 58,412 Rent paid on business property 179,795 217,406 41 110,419 76,564 656,550 92,717 274,410 189,118 29,670 129,727 51,859 6,224 5,686 Repairs 24/ 1,952 16,386 8,254 5,014 15,622 5,089 15,872 10,787 15,280 5,627 4,569 10,886 16,845 16,112 Bad debts 59,562 27,859 10,941 85,825 9,767 61,140 29,926 16,898 15,205 8,701 72.069 69,405 246,786 Interest paid 186,686 174,459 44 81,622 270,562 50,941 286,2761 198,292 71,752 79,257 44,702 5,856 2,658 . 1,331 11,476 Taxes paid 25/ 4,823 5,481 12,667 2,464 6,095 6,416 8,424 6,126 2,891 44.069 40,066 147,878 181,014 Contributions or gifts 26/ 99,890 64,250 528,021 70,899 400,217 211,199 58,460 86,882 56 55,511 977 Depreciation 216 55,764 55,625 2,462 680,956 16,695 4,954 165 2,192 650 64 746 189 Depletion 468 1,544 124 16,862 1,059 62 82 65,144 40 II, 093 61,482 117,675 Amortisation 27/ 100,880 48,581 79,060 23,472 74,820 559,668 194, 29,965 18,062 13,016 22,741 16,820 49,179 Advertising 80,285 19.664 68,565 10,801 109,414 60,645 24,087 18,111 5,047 Amounts contributed under pension 65,877 89,831 2,416 4,671 2,775 6,626 plans, etc* 28/ . 2,215 601 6,199 1,325 756 5,514 1,640,802 864 974 425 469,444 262,117 Net loss, sales other than oapital assets 20/ 660,170 728,286 1,517,409 581,014 1,161,928 581,931 1,566,741 1,242,197 23,296,150 949,908 420,596 559,682 5,009,705 5,012,659 10,158,762 11,490,961 53 I Other deductions 7,599,418 ,770,829 16,811,806 1,160,697 161,766 2,661,948 5,112,152 4,721,926 5,049,539 11,658,668 15,715,096 5,176,669 249,841 52/951 54 I Total compiled deductions 780,083 1,466,786 1,254,943 643,711 448,041 1,846,190 1,292,761 1,764,666 626,410 909,026 274,657 161,724 2,660,846 249,798 ■32/966 56 Icompiled net profit or net loss (57 lose 54) 780,010 1,465,527 1,234,828 645,657 447,947 1,846,991 1,292,607 1, 765,977 10,727 12,116 626,162 908,842 960 274.595 2,276 986 21,616 56 IHet income or deficit z / (55 leas 27) 6,189 3,241 1,768 • 12,676 5,508 1,762 5,250 461,966 979,486 1,885 870 66,394 2,244 107,708 63,662 459,907 57 Itfet operating loss deduction 29/ 670,669 306,620 202,734 596,861 168,655 417,860 668,732 658,485 250,782 888,694 66,361 1. 682,462 142,138 I 105,891 775,036 33/ 64,693 595,216 58 I I n c o m e t a x 3/ 473,463 840,977 1, 149,329 279,588 874,901 594,528 1 , 116,172 570,882 168,648 i t a x ( 56 l e e s S B ) 59 »Compiled verb profit le 1,121,122 IS SO 686 12,886 IDixidandr paid« 1 4,066 565 1,627 10,880 2,029,715 1,471,SU 12,019 67,665 10,659 17,081 5,565 7,175 23,968 1,286 25,075 567 186 20,921 4,169 1,064 225,682 1,877,968 14,660 1,887 1,891 60,086 514,246 8,253 1,006 41,198 6,984 97,206 4,864 68,672 16,696,604 276,272 11,839,269 160,351 620,134 42,863 8,484 427,016 906,851 4,609 629,051 10,286 21,016 40,878 25,654 970,641 16,544,907 1,149,506 76,773 86,510 28,768 1,292,396 334,482 61.2 paid toy ■typ« SHEETS o f d o l l a r ■ ) 5589 linoomo tax 5/ \Compiled r#t profit IDiTidondf paid* 1,149,529 540,977* 475,465 895,216 168,646 670,552 594,628 1,116,172 t«x (55 leas 58) 410,699 145,089[ 187,117 526,782 775,056155/64,595 265,6781 5.8661 78,775 161 A4Z,150 00,00.1 66,510 11.961 26,768 2.824 1,292.398 paid by type PA R T I. - A L L R E T U R N S W I T H B ALANCE SHEETS (Money figures in thoisands of dc 1 Public ubilitio Trade Continued Number of returns with balance sheets 34/ Assets« Cash 56/ Notes and accounts receivable Less« Reserve for bad debts Inventories Investments, Government obligations 56/ Other investments 57/ Gross capital asseTs 58/ (sxoept land) Least Reserves Communi cation Other public utilitios 2 ,778 2,626 19?, 711 821, 170 598, 964 593 747 3, 727 34, 444 193, 760 621 000 381^ 941 51, 185 169, 065 2.004. 018 8 846, 697 21.803. 482 ? t950, 258 4.898. 311 957 528 1B9,984 644, 285 il 083, 917 22,047) 843 4 ?R, Imnd Other assets Total assets 59/ Liabilities« 386, 860 Aooounts payable Bond 8, notes, mortgages payable« 74, 449 Maturity less than- 1 year 3 389, 220 Maturity 1 year or more 457, 565 Other liabilities 161, 149 Capital stock, preferred 5 333 644 Capital stock, common 30, 872 Surplus reserves 1 030 626 Surplus and undivided profits 40/ 20 266 Less« Defioit 41/ 083 917 Total liabilities 59/ Receipts« 8 726 Gross sales 12/ s 106 268 Gross reoeipTs from operations 15/ Interest on Government obligations (less amortisable bond premium)« 5 544 Wholly taxable 14/ 26 Subject to surtax onlv 15/ 75 Wholly tax-exempt 16/ 11 624 Other interest 24 065 Rents 17/ 1 147 Royalties 18/ Excess of net short-term capital gain over 3 net long-term capital loss 19/ 2 386 Excess of net long-term capital gain over net short-term capital loss 19/ 126 Net gain, sales other than oapital assets 20/ 163 ,479 Dividends, domestic corporations 21/ 2 ,277 Dividends, foreign corporations 2 y 5 807 Other reoeipts s ,319 ,261 Total compiled reoeipts 7/ Deductions« 4 ,722 Cost of goods sold 25/ 1 ,856 580 Cost of operations l o / 16 917 Compensation of officers 66 ,328 Rent paid on business property 6 030 Repairs 24/ 8 ,780 Bad debts 85 ,896 Interest paid 201 ,106 Taxes paid 26/ 1 ,993 Contributions or gifts 26/ 279 ,788 Depreciation Depletion 176 Amortisation 27/ 18 ,563 Advertising 109 ,240 Amounts contributed under pension plans, etc» 28/ 16 ,161 Net loss, sales other than capital assets 2( 243 ,533 Other deductions 2 ,906 ,782 Total compiled deductions 412 ,469 Compiled net profit or net loss (57 less 64) 412 ,596 Net income or deficit 2/(66 less 27) 460 Net operating loss deduction 29/ 1 1 0 ,665 Inoome tax Zf 301 ,916 Compiled net profit 1 Is ss inoome tax (66 less 66) Dividends paid« 347 ,842 Cash and.-.assets other than own stock Corporation's own stock 1 >631 n farfootnotes, seepp*25 -2 6 . zio] 461, 028 506, 465 8.564 943 1^253 695 2,572 706 5.966 408 510¡ 735 2,635 865 *203 987 22,047 845 Commis Total trade Total wholesale 6 048, 648 2 ,166, 017 9, 489, 611 5,092, 797 520, 266 129, 012 442, 596 12 ,757, 822 502, 1 ,508, 178 2 735, 905 1 ,370, 356 8 528, 228 2 «240, 325 819, 067 3, 184, 464 227, 757 1 ,014, 587 554, 832 943, 790 38, 1 2 1 ,837 16 418, 509 i 6, , 6 818, 814 2 460, 445 2 620, 541 in 5 718, 134 i i 5 830, 298 1 590, 868 8 124, 949 5 1 138 971 12 294, 864 4 557, 903 38 12 1 837 16 431, 813 148, 388 i 490, 026 SIS, 186 213, 049 452 108 692, 272 240, 466 418 609 184 159 28 626 26 862 1 267 100 2 1 215 1 192 64 189 13 5 857 843 678 806 161 4 311 89 108 862 86 ,261 6 ,145 41 ,541 6,942 ,225 12 084 61 ,678 2,835 ,608 35 ,733 45 ,019 2 ,160 59 ,610 292 ,102 602 ,157 6 ,018 496 ,822 19 ,610 8 ,472 12 ,880 61 ,881 87 263 60 401 899 909 120 ,969 ,715 7 396 540 299 26 922 58 504 7 703 1 739 37 676 46, 265 Total retail General merohandi se 90, 136 Pood" “ " stores, Lnoluding market milk dealers 6 ,449 2,055 761, 002 14,220 4,947 39 61,921 1,161 3,686 18,279 6,172 988 4,883 94,864 19,196 310,300 i,846, 717 2 ,524, 024 570,489 4, 522, 308 5 474, 068 158, 661 118,998 10,014 140,680 5, SOI, 815 6 100 ,690 713, 495 418, 787 83,324 178, 620 i, 002 ,853 191,836 109,808 2 ,130,815 6 188, 936 86,471 782, 596 2 009, 850 670, 250 12,966 214, 792 533, 494 38,597 296, 236 411,114 16 007, 396 18 059, 277 i, 136, 592 81, 925 2, 083, 097 345, 732 421, 614 i, 831, 106 748, 443 281, 790 177, 269 6 196, 633 2 476, 028 660, 448 388, 412 i, 464,540 3 255, 694 78,667 i 116,611 i 114,100 i 40,628 261,131 2 29,831 542,224 4 36,608 i 411,114 16 772, 174 363, 166 032, 777 1 229 726 376, 926 1 998 969 770, 455 472, 667 961 918 4 ,086 901 679, 256 422 277 360, 048 6 ,383 072 256 273 204, 968 007 396 18 ,039 277 1 2 6 Package liquor stores s,956 286, 182 194, 322 4, 388 733, 156 33, 147 74, 009 796, 908 529, 678 66 ,067 70, 969 1,909, 884 129, 939 340, 204 660 424 387 180 400 955 290 722 362 401 16 640 196 635 78 186 151 92 833 64 673 53 1,909 212 556 001 722 710 198 762 879 884 6,642 10,029 6,677 908 24,567 437 26,582 1,864 94,864 «Urnituré ind house PuroishLngs Apparel and acces sories Drug stores Eating and drinking plaoes Pilling sta tion« Automo tive dealers 7, 12 1 10,239 16, 119 83, 086 311,393 62, SOS 384,689 432, 361 33, 201 16, 664 458 12,998 596, 472 182,959 687,204 85,438 8 849 44, 372 67, 302 138,838 17,754 164, 562 420,660 128, 702 157,886 62, 143 66,067 50,670 24, 467 5» 593 22 ,983 65,778 13, 313 596, 169 1,963,936 1,169, 598 86,126 38,280 666 ,240 89,668 259, 644 8 »871 12,683 , 62, 236 330,743 138, 642 , 86 051 9, 640 6 6,1 1 1 27 886 138,168 66 ,201 210,190 171, 863 31 460 37, 046 102,642 17 474 265 80S 886,026 96 314 28, 797 39,436 8 772 712,727 366, 828 ISO, 446 18, 321 26,006 7 068 396 169 1,953,936 1,169 598 570, 685 10 ,255 222 712,042 79,986 80, 846 17,606 77, 778 40,137 616, 644 414,642 128, 130 162,106 100 ,498 39,616 61, 277 83,603 687,466 2,547, 725 1,565 building naterials, fuel, and .oe Hard ware 2,672 8,006 115,227 22,728 26,806 558,605 50,865 39,176 9 ,955 1 ,0 2 1 ' 679 556,508 29,626 100,506 55,666 5,064 6,692 67,ISO 8,226 8,425 521,801 80,691 39,120 165,225 40,086 12,242 62,040 26,758 6,792 5,540 25,795 5,654 166,916 214,594 1,167,410 27,411 26,331 166,793 67,555 4,696 12,478 146, 726* 33,603 58,025 97,179 142, 459 11,266 12,396 85,495 366 697 19,776 14,822 63,176 25,769 2,663 2,241 19,647 26, 770 565,551 485, 666 55,579 70,118 151,430 20,028 2,087 72, 217 2,595 10,013 416,504 164,330 864, 498 47,000 77,226 26,084 2,726 2,649 16 921 41,681 687,466 2,547 726 166,916 214,394 1,167,410 459,326 2,664,186 2 640,133 64 561 064 60 ,404 544 IS 687 217 10,288 928 300,200 1,197 418 4,864,223 2,027 898 1,676,312 8,512 040 436,066 45,776 5,565 4,414 203 406 74,466 26 544 66,276 6 841 3,328 87 579 38 342 626 127 829 911 712,609 6 112 111 961 6 446 12 267 68 46 6,174 3,645 636 135 19 54 7 i 272 255 748 659 067 604 762 489 31 631 129 857 1 926 1 074 1 1 053 68 496 2,174 36 601 83 071 4 976 291 3 456 9,881 42 ,542 525 26 ,641 48,687 555 ,756 69 ,271 ,659 3 ,426,666 95 ,826 ,729 49 ,666 ,136 i,824 ,702 846 ,256 2 ,051 ,459 861 ,464 1 ,172 ,244 183 ,874 526 ,965 76 ,138 60 ,184 164 ,760 90 ,853 183 ,559 262 ,544 832 ,967 26 ,782 65 ,454 491 ,667 134 ,826 10 ,646 12 ,060 2 ,678 682 227 ,803 978 ,910 44 ,921 183 ,168 Other whole salers 7,448 52, 713 163, 300 92 242 117 136 758 67 201 187 6,660 140 2 389 861 i 642 520 6 664 sion merchants 8,20 1 4,683 8,688 14,298 2,015 6,718 see 31 16,696 4,265 510 IB 286 14 63 002 380 7 - 21 782 69 878 6 430 3 144 2 ,122 26 16 ,060 36 ,786 32 661 ■* 4 ,984 9 ,217 14 ,277 26 ,816 476 17 ,420 162 ,360 481 ,248 287 ,149 66 ,845 ,984 61 ,782 ,229 13 ,883 ,690 10,399 ,661 304,882 2 ,447,718 47 ,218 ,417 36 ,687 ,217 671 ,062 368 ,866 274,203 108,574 17,321 268 18 906 419 46 1 847 7 443 140 144 763 ,080 166 ,663 71 ,937 66 ,601 82 .147 246 ,046 23 ,717 126 ,106 10 ,188 681 2 1 1 ,708 40 ,666 967 ,098 913 ,697 220 ,128 86 ,460 78 ,029 493 ,429 33 ,199 300 ,446 606 1 ,779 661,313 82 ,071 9 ,616 2 ,766 9 ,833 717 5 ,475 16 ,186 643,217 4 ,015 ,927 7 ,944 ,2 10 424 ,626 IS ,451 ,861 '4,867 144 46 ,742 ,062 ,231,390 ,698 ,464 3 58 ,499 66 ,849 ,844 4,845 ,441 114 ,990 174,266 2 ,247 ,630 3 ,040 ,177 l'098 ,782 6 ,969 ,216 2 ,421 ,796 174,219 2 ,247 ,277 8 ,039 ,788 1,098 ,645 6 ,968 ,879 2 ,421 ,496 7 ,804 8 ,128 1,869 9 ,393 19 ,966 928 ,094 ,941 886 ,918 61,600 896 ,716 586 ,968 2 ,174 ,029 ,946 ,286 112,466 1 ,410 ,616 711 ,814 8 ,798 ,187 1 ,628 ,080 9 ,066 ,627 16 ,209 106 ,116 261 ,014 71 ,636 28 ,336 16 ,064 171 ,893 1 1 ,404 79 ,118 186 99 296 ,066 62 ,479 8,413 ,739 244,144 67 ,370 2,686 61 ,496 12,693 87 ,080 6,446 608 36 ,961 130 3 ,266 640 8 ,894 3,190 63 ,740 165 S ,696 1,463 62 ,186 34 122 31 1,460 49 ,0 2 1 7 ,006 89 7 884 3 146 142 2,272 27 16 1,889 22,616 114 86 8 727 1,649 177 8 876 24 19 660 661 59 291 18 22 613 46 15 045 66 ?7 1 24 6 6 666 111 88 556 7,258 77 71 448 4 4 406 762 15 7 1 146 2,641 6 844 420 364 2 6 769 860 337 673 2,023 1 ,771 6,396 1 ,693 4 45 5 • 11,6 6 8 71 ,896 86,102 9 ,766 1 ,2 2 1 ,116 6,040,726 2,137 ,748 1,774,946 821 ,206 3,243,932 1,261 ,672 8 ,630 25,416 3 ,084 80 ,676 134,406 29 ,336 226,296 61 ,887 41 ,180 7 ,676 16,562 6 ,006 9 ,669 1 2 ,1 1 0 848 7,417 5 ,447 1 ,348 46,619 24 ,693 IS ,817 2 ,031 689 6,310 10 ,567 8 ,617 29,816 8 126 279 70 61 ,040 115,686 14 ,914 2 ,622 5,014 6,807 - 160 3,641 10 773 19 14 2,094 4,845 272 108 8,725 811 119 69 802 1,750 146 2 ,951 775 5" " 24,528 5,549 3,049 46 ,967 6,686 ,826 447,764 470,287 2,756,855 960,433 6,359 ,470 836,884 889,763 2,029,746 52,181 2,056 2,326 125 ,466 44,106 78,627 6,852 19,585 246 ,262 61,238 11,281 6,698 6,566 71 ,668 78,039 12,985 1,165 4,087 26 ,193 22,196 9,666 1,007 401 10 ,681 60S 5,661 1,039 660 12 ,018 4,661 26,685 4,776 6,478 56 ,374 82,889 1,688 504 108 4 ,979 736 20,409 4,561 2,218 28,287 36 ,328 580 • * 26 26 29 270 381 11,406 3,167 2,267 66 ,678 11,223 1,171 225 616 2 ,997 1,041 s 466 46 64 566 852 328 1,271 112 719 66 4 ,270 512,644 773 ,188 64,407 66,260 494,688 492 ,621 692,679 232 ,492 2 ,664 ,862 1,288 ,664 26,078 12 ,818 ,202 10,142 ,774 293,887 1,178 ,414 4,766,633 1,999 ,283 1,740,996 7,793 ,042 424,261 456,192 2,653,604 ] ,065 ,388 1 ,066 ,12 0 649 897 ,971 667 ,417 25£ ,787 266 .741 407 91 ,023 159 ,764 6,996 6,996 7] 2,036 8,969 42 ,701 42 ,694 228 M ,738 27 ,963 64 ,002 6 ,844 788 286 12 ,219 610 ,074 979 ,906 866 ,566 86,146 880 ,2 10 689 ,278 272 ,218 , 18 ,208 180 ,633 97 ,633 6,470 91 ,168 66,184 . 7 ,686 768 274,092 : 188 ,46S 274,077 I 138 ,446 661 884 ,646 96,723 91 ,819 178,369 i 46 49,182 7,298 19 ,606 8 ,672 798 ,286 38,961 33,929 793 ,269 2 »016 1,178 17,416 « 281 ,920 16,836 511 ,564 25,605 23,608 156 8,109 16,594 61 ,406 81 ,074 6,806 9 18,639 363 24,086 185,051 165,017 617 60,6)1 122,420 3,686 T 12 27,685 3,600 34,096 54,091 92 10 ,0 10 . 52 I.*^ 1.{’"^or ^¡uST’ Table 3« - Corporation income tax returns with balance eheete, l/ 1947. b y najor Industrial groups - Part Number o f returns. asset, and liabilities, compiled receipts,Compiled deductions, compiled net profit or « t ies., net income or deficit, net operating loss deduction, inoome tax, oompiled net profit less inoome tax, and dividends paid by type of dividend - Continued PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued ________ (Money figures in thousands of dollars) Finance, i n aurane, r lessor, of real Retail - Continued Other retail trade Number of returns with balance sheets 34/ Assets* Cash 5 5/ Notes aiid &ocounts receivable Less 1 Reserve for bad debts Inventories Investments, Government obligations 56/ Other investments 57/ Gross capital assess 58/ (except land) Lesst Reserves land Other assets Total assets 59/ Liabilitiest Accounts payable Bonds« notes« mortgages payables Maturity less than 1 year Maturity 1 year or more Other liabilities Capital stock« preferred Capital stock« oomnon Surplus reserves Surplus and undivided profits 40/ Lesst Deficit 41/ Total liabilH3.es 59/ Reoeiptst Gross sales 12/ Gross receipts from operations 15/ Interest on Government obligations (less ■ amortisable bond premium)! Wholly taxable 14/ Subject to surtax onlv 15/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties 18/ Exoess of net short-term oapital gain over net long-term capital loss 19/ Excess of net long-term capital gain over net short-term capital loss 19/ Net gain« sales other than oapital assets 20/ Dividends« domestio corporations 21/ Dividends« foreign corporations 212/ Other receipts Total oompiled receipts 7/ Deductionst Cost of goods sold 25/ Cost of operations THT/ Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 26/ Depreciation Depletion Amortisation 27/ Advertising Amounts contributed under pension plans« etc* 28/ Net loss, sales other than oapital assets 2X Other deductions Total compiled deductions Compiled net profit or net 1088(57 less 54) Net Income or deficit 2/ (55 less 27) Net operating loss deduction 29/ Income tax 7>/ .Compiled nee profit loss kDividends paidt 9,163 121,970 510^079 15¡493 411¡967 33,812 4 6 ¡803 240¡769 83¡670 17 ¡641 36,070 1,120^928 199,097 72,777 78¡296 149¡950 33¡736 258,807 24¡466 335,456 31*636 1,120^928 2,553,693 58,401 Retail rrude not trade allocable not allooable 2,068,869 9,531,227 1,616,024 20,601 220,914 6,262,134 1,642 1,66 6 18,362 621,662 783,015 4,299 166 1,104 16 314 25 111 8 20 9,996 166,318 6,464 913 1,766 82,393 340 88,116 87,636 6,060 8,265 567,495 72,526 172,617 63,788 9,667 807 56,743 12,826 305,183 140,413 27,149 84,062 13,680 1,119 790,060 160,026 24,610 4,309 76,096 37,999 88,003 1,970,740 496,099 18,122 39,200 68,971 28,516 109,627 18,887 109,629 46,227 576,030 1,417 6,976 5,638 60S 6,266 462 6,731 8,264 29,269 67,559 76,368 169,476 136,406 137,085 68,334 1,860,999 604,293 74,467 468,179 7,961 23,157 93,896 6,703,460 67,088 979,200 36,044 668 427 405 26 17 21 22 482 8,214 810 41 17 664 12 1 638 7,886 1,702 108 1,422,246 242,946 184,991 2,617,728 1,669,777 148,710 9,268 10,262 2,066 1,801 79 274,448 20,833 59,264 22,896 7,994 46,178 2,189 66,466 16,178 228,075 299 14,667 29 176 13,028 24 180 44 358 23 220 626 3,296 42 43 7,366 2,610 4,310 6,916 164 808 676 1,189 5,062 459 2,219 8,422 2,216 1,2 12 41,622 5,935 2,369 746 8 2 7,096 9,283 14 30,200 8,967 13,373 129,949 23,120 82,926 2,122^574 9,905,847 8,286,196 1,414,854 1,342,667 1,735,312 35,622 43,118 927,826 229,516 36,618 22,881 100,402 21,692 11,942 21,649 1,129 3,461 4,617 14,669 58,983 20,792 1,726 1,994 58,363 19,613 87 3 1,008 74 10,937 67,378 985 7,961 45,639 219,641 43,031 14,323 6 ,68C 1,853 2,107 9,093 384 10,901 749 663 487,632 165,720 29G 166,051 29 1,998 126 1,383 291 2,877 421,510 628 509,189 435 414,384 175 62,637 32,562 XT »TOC XS.SBS XT.SÇM xes.xe* 111,670 61,356 18,098 20,562 3,997 761 2,594 6,974 160 U.82C 91,894 45,083 13,708 2,994 1,382 601 680 2,672 84 2,744 5Í 9,139 14,266 2,099 5,923 287 249,760 1,129,997 2,055,685 5,321 38,919 2,082 264 743 148 16,278 564,878 88 681 407,157 1,038 15 21 17,023 954 213 16,114 756 182,669 90 128,767 861,247 102,404 29,971 9,445 4,026 3,568 18,309 1,196 27,6-34 36,342 2 ¡036 4,286 948 616 869 32,803 6,177 14 1,809 40,331 11,832 6,708 334,662 207,282 2,045,959 606,171 647 270 206,788 539,347 79,627 31,701 19,823 2,659 4,953 26,122 1,174 31,709 ! 296,497 262,744 26,395 69,784 61,573 2,196 31,419 66,414 1,241 61,168 210 6,624 1,921 78 33 1,027 16,660 1,939 196 962,778 1,663,432 7,573,377 121,092 3,149,409 7,998 346,194 212,887 38,309 282,203 74,473 22,363 135,657 30,687 5,989 16,743 19,116 5,064 19,477 64,631 4,206 178,847 15,707 77,194 7,979 4,623 837 207,730 56,296 11,834 709 178 186 217 1,552 111 122,683 20 ,001 70,294 27,331 6,166 1,068 1,866,699 21¡806 82¡829 54¡694 7^211 9^570 6,209 29,290 1,502 16,413 94 187,784 586,401 959,526 1,487,697 68 11 68 12 69 8,336 1,77« 196,077 1,772,122 545,277 529,169 1,2771,989 0,668 1,614,925 ,719,675 565,523 1,300,906 2,5113¡453 42¡643 2,047,122 9,398,6 55,709 62,894 12200, ,33857^ 305,947 28,715 11,205 2275,817 113,949 550077,2 404437 55,687 71,112 5,810 62,875 28,715 11,206 1 71 , 9 6 S 113,94! ,1 5 7 1 9 ,5 6 2 75,447 113,480292 75,452 1,788 1,676 1 ,7 9 4 2 4 * ! 2 6 ! 2,600 1 # 3 4 < 1 0 ,8 9 0 363 182,450 1 26 ,5 7 7 3,884 194,095 44,02« 24,10? 3,1 ,37713 « 59,84C 470 0,209 - 7,321 79,722 56,617 4,966 ,T959C 47,886 76,581 28,506 7««608 6I.SS8 3260,8 li.«V ZàsSS" 33,668 43,966 28,443 41,304 76,703 137,424 44,053 209,209 28,253 261,440 46,393 943,613 131,826 43,204 190,520 37,673 86,728 64,032 29,191 203,859 7,113 230,304 34,604 694,901 finance 419 70,605 77,686 328,737 266,458 57,864 672,717 242,426 1,388,874 67,082 138,626 663,351 341,315 77^661 74,018 107,228 248,751 23,557 297,968 825¡999 1,545,841 185^097 57,912 193,117 107,627 15¡469 427,877 216,326 1,219,610 2,067,032 130,016 393,077 61,164 7,798 734,566 3,664,061 6,516,798 1,691,178 Total 6,733 4,595 82 1,069 931 2,708 11,780 3,105 2,250 8,430 29,259 94,596 674,172 Servioe not allooa ble 4,660 143,366 813,786 368,607 74,742 76,414 744,432 922,746 161^368 2,358 20,742 32,593 6,696 51,671 617,545 276^768 1,214,737 37,610 231,617 92,674 16¡129 94,233 687,383 362,694 41^161 898¡969 4,091,669 1,626,564 216^363 612,818 355i647 1,657,866 81^065 316,147 701,346 116,400 19 ¡321 62,359 307,737 17^492 75,464 734^565 3,664,051 6,516,798 1,691,178 624,662 Other service, includ ing school» 62,866 82,359 4,696 18,411 23,589 29,388 193,201 69,818 20,167 19,683 375,030 3,176 23,468 30,280 814 19,881 2,703 9,528 169,101 52,634 28,303 8,074 228,076 99,406 Amuse ment, exoept motion pic tures 4,016 7,864 163,674 269,294 6,348 44,583 48,088 109,321 385,921 140,711 18,872 60,119 943,513 39,896 Miscel laneous repair Motion pictures ser vi oes, hand trades 232,808 93,404 11,266 143,710 36,896 22,982 360 4,516 469 396,011 10,060 19,773 68,906 29,637 1,689 352,028 41,590 1,896 864,982 322,156 42,486 579,061 123,176 17,068 64,702 208,366 2,154 88,605 22,441 8,506 88,003 1,970,740 496,099 8,966 1,562 90 99 7,290 21,417 4,176 348 5 30,676 2,866^076 Business servios 77,347 89,906 2,280 57,296 18,364 46,892 686,489 269,427 40,396 39,920 694,901 20,462 520 40 5 1,496 3,497 76 65 432 Automo tive repair servioes and garages 4,700 6,240 539 26 24 3,254 6,440 407 82 1,668 Total service Hotels and other Personal servios lodging plaoes its, compiled dsduotion», ouuçiivu 896 ^ _er.ee» 18 tax, and dividend« paid by typ« or dividend — . AT . T . RETURNS WITH BALANO* SHEETS __ e -eoe 1,618,361869,076 293,471 169,087 419,298 68,266 419,603 18,269 4,268,887 610,924 26,666 266,916 843,622 227,386 162,839 1,694,367 126,072 46,610 6,627 816,770 228,616 147,441 1,381,544 103,318 1,52] 2,662 855 1,963 S3 62 191,642 1,205 167,713 49,280 1,696,382 3,303,117 1,717,636 1,666,197 11,858 342,252 565771 gsa 69,390 387,900 41,665 18,613 8,761 38,157 4,268,637 46,990 89,313 58 5,990,956 8,000 52,455 31/9,698,640 1,008 — 3,981,966 8,796,997 1,008 67,660 68 628,402 848 4 375 226 16,639 210,018 18,203 8,766 12,540 18,736 484,901 161,756 102,643 89,160 19,540 99,530 8,296 72,477 104,470 484,901 50,009 20,949 410,920 71,231 28,493 266,062 467,964 169,408 12,4U 68,661 4,391 15 66,676 49,374 21 4,116 41,127 ’ 589,646 8,414,666 172,656 62,684 952 - 1,878,267 66,316 140.611 30/663,864 204,139 145,641 276.612 795,645 669,834 18,564 878,038 31,610 667 62,603 64,248 4,793 12,649 3,632 874 166 77 244 486 2,697 Short term credit agenciee, except banks 2,341,216 8,224,094 2,667,416 11,448,463 206,036,172 148,610,649 146,686,601 1,604,668 99,869 2,141,716 8,831,598 6,066,869 13,666,649 1,746,710 1,117,841 2,004,624 6,372,789 20,264,678 11,804,O U 99,382 2,119,119 4,092,669 267.832.660 176.696.609 167,609,206 3,128,923 61,104 647,184 37,031 96,376 6,020,665 1,461 33,441 U,652 42,817,657 59,306,614 37,910,977 46,041,219 48,618,041 38,672,046 91,663 107,720 16,111 46,246 98,292,919 73,143,601 71,722,232 7,363,203 17,712,734 51,405,387 1,141,686 1,706,398 16,641,041 172,467 869,322 3,746,368 249,709 91,748 4,386,916 879,869 1,308,676 4,668,263 157,609,206 176.596.609 267.832.660 246,279 737,338 38,903 201,541 18,560,626 26 67 Long-term eredit agenciee, mortgage cosíanles, exoept banka Banks and trust companies 5,563,566 1,575,284 12 67 16,427 1 ,1 2 0 11« 460,108 113 88 102 70,616 3,107 3,981 2,662 17,440 481 41,840 8,820,749 1,477 315 758 6,946 2,762 14,913 490,208 4,111 63,771 314,484 46,090 25,852 213,66« 319,32« 138,86« 9,36« 62,89! 279 7,716 1,367 18C 1 ,0 1 ! 9,36 1,47! 71 547 26,268 12,785 1,090 34,488 44,065 896 206 15,086 2,411 57,525 1,123,964 2,556,547 965,402 817,961 2,692 225,196 742,206 is«i 829 20,156 45,807 9,964 9,907 661 5,761 6,215 95 194,950 566,481 124,727 124,675 6,717 41,669 85,068 88 ,0 2 1 60,186 10 ,0 0 1 790 5,614 - 43, 104 i «69,846 i Di v i d e n d a lesa lnooDs tax, and dÍTld«x>da paid by typa of dlTldand — PART !• — ALL RETURNS WITH BALANCE SHEETS - Continuad Tiiuuioe - Continued Other in Security and vestment companies, commodity- Other finance ino luding exchange companies brokers holding and compa nies 9/10/ dealers Invest ment trusts and in vestment compa nies 8/ For footnotes, see pp. 25-26. Finanoe not alloeable Insurance agents « brokers « etc* Insurance carriers Real estate« including lessors of build ings Lessors of real prope rty, exoept buildings “ “ Total agricul ture« forestry« and fishery Agricul ture and servioea - l Nature of Forestry Fishery business not allocable 5,102 1,711 1,526 1,170 6,096 7,451 1,824 5,627 85,515 5,593 18,596 6,155 6,576 258 559 4,205 245,569 165,919 1,591 . 170,452 503,046 608 • 396,140 356,589 44,436 21,416 15,669 155,455 1,419,865 54,669 35,597 572 2,318 15,588 45,085 91,463 29,619 5,392 12,362 208,285 157,461 261,460 2,592 6,852 100,406 566,452 120,229 48,964 45,474 44,204 1,060,962 2,166,669 278,962 2,290 - 555,563 5,620,560 77,126 28,605 18,911 46,619 4,699,990 555,593 692,781 23,474 6,941 469,843 6,163,147 170,801 50,884 58,424 115,295 6,956,467 24,788,570 51,775,406 475,890 24,872 19,422 2,766,192 62,252,958 2,010,017 24,763,847 51,681,740 412,448 12,428 14,100 2,730,005 61,699,727 146,642 278,962 2,290 • 24,725 95,665 63,442 12,444 5,522 55,189 655,211 760,166 1,044,661 12,920 50,156 502,591 1,671,744 9,925,625 2,939,140 5,839,791 575,216 14,996,866 96,519 99,565 667 68,167 245,504 5,534,150 415,054 276,994 111,279 4,005,247 409,092 1,468,581 11,624 469,764 96,655 251,086 960,768 576,677 67,175 114,240 5,418,718 146,245 175,712 1,452 249,875 88,876 174,644 965,826 562,464 281,955 62,525 1,756,568 155,446 166,528 1,362 259,495 80,033 163,174 871,146 542,766 271,000 49,567 1,619,069 8,257 14,156 50 6,096 7,691 8,475 56,535 15,164 9,459 1,670 97,921 44,680 101,486 666 22,558 8,501 86,169 105,666 25,769 29,050 16,527 589,662 556,181 668,606 532,684 55,286 91,215 514,152 - 514,152 859,560 97,144 622,286 161,867 139,670 18,164 5,562 4,026 60 5,286 1,162 2,997 26,546 6,555 1,494 1,286 59,668 4,155 71,247 579,294 461,206 275,062 1,576,804 155,992 2,196,576 659,570 4,699,990 150,211 941,935 595,265 918,473 2,234,950 333,106 2,281,486 885,765 6,966,467 276,567 216,712 277,652 45,921 121,168 22,910 155,410 28,951 1,419,863 8,948 51,204 49,712 9,360 62,505 10,446 65,487 70,652 208,285 64,555 136,555 569,605 79,546 401,221 28,864 252,287 572,282 1,050,962 12,474 20,403 66,206,868 40,929 951,485 19,977 4,905,144 256,472 62,252,958 - 12,474 20,403 51,585 22,490 94,412 19,977 111,937 14,199 655,211 855,498 6,998,114 960,756 554,226 5,195,681 202,774 2,871,767 1,258,209 14,996,866 56,907 1,762,550 258,020 141,975 1,475,716 56,165 676,665 478,869 4,006,247 274,241 261,986 770,872 68,261 664,786 81,670 862,654 77,796 5,418,718 110,656 175,547 110,949 59,168 626,778 90,650 582,685 138,516 1,766,668 106,610 •168,999 91,116 55,092 684,508 88,845 555,921 113,290 1,619,069 2,525 10,540 16,896 5,450 28,852 1,667 58,668 21,609 97,921 2,605 9,008 5,957 646 12,615 160 10,094 5,616 59,568 58,856 65,668 52,780 26,419 185,475 11,826 121,972 147,257 589,582 - 29,017 49,146 - 8,016 15,591 . • - 70,294 42,976 5,694,245 5,299,172 596,071 66,862 1,050,017 - 2,008,210 4,775,157 1,267,540 263,859 1,223,712 246,467 21,981 5,680 21,647 14,702 106,574 57,964 6,471 ses 867 26,844 1,159 8,346 1,191 6,281 902 1,268 69,183 12,395 2,665 264 7,381 2,260 2 ,009 5,526 1,816 71 926 211 6 4 1,428 5,922 35,717 55 4,190 176 661 11,865 1,164 158 556 666,173 16,049 31,606 890,006 89,191 205 726 566,740 16,022 31,737 688,106 86,921 94 620 4S5 27 68 1,900 2,270 109 106 10,900 426 725 51,481 1,286,778 5,557 2,811 1,460 66 124 1,884 167,756 98,860 104 1,718 120 522 5,820 18,960 1,088 486 887 57 180 5,456 15,099 4,611 298 784 55 152 5,166 12,600 4,614 241 78 1 26 218 844 197 67 '• 1 2 65 165 - 187 15 12 2,052 5,975 464 168 55,429 20,922 4,405 567 10,689 22,029 21,172 867 76,905 7,805 18,728 17,885 11,855 5,924 106 5,472 2,905 215,978 5,476 15,716 554,755 1,039 297,660 28,156 9,241 617,997 60,477 8,660 155 5,982 159,928 522 877 1,167 63,660 1,546 1,428 45 4,409 79 ,617 677 165,621 1,671 57,742 6,614,956 576 160,790 1,297 26,953 6,097,000 501 4,751 274 11,789 417,956 182,164 22,011 294 57,862 2,762,668 1,554 2,622 7 10,562 282,281 4,095 8,763 226 60,967 6,898,617 2.869 6,907 1,794 16,671 1,699,021 1,817 5,572 1,790 15,909 1,527,701 1,026 284 4 592 54,208 17 61 570 57,112 1,452 1,969 T 8,472 186,651 _ 23,960 223 11,897 1,984 1,327 6,382 49,273 9,116 1,124 5,487 1,237 15 667 711 . . 52,833 6,675 733 515 8,486 6,584 235 1,690 12 - 50/13,599 17,386 2,250 2,061 1,508 106,855 885 17,558 14 - • 60,425 70,926 11,046 729 2,160 1,249 5,396 725 2,628 • - 2,695 1,466 6,069 4,936 5,617 731 718 1,365 1,227 869 51 5,902 . 760 117 • _ 7,491 916 212 1,556 15,606 4,233 726 613 2,853 110 246 7,756 9,953 5,625 1,841 56,507 69«259 162,447 100,690 112,066 6,801 280,654 561,265 4 «343 278,019 669 479 14,553 2,940 6,165 5,787 2,135 638 44,280 26,940 197 11,492 26,636 65 95 160 1,666,958 3,924.545 242,706 26,911 56,066 9,845 19,441 63,806 5,436 85,490 1,400 177 14,898 5,424 796,950 96,204 55,449 26,071 26,510 1,617 9,867 26,724 956 56,501 1,377 32 8,195 2,874 19,009 1,277 750 64 ISO 52 651 1,219 6 427 661 4 11 12 17,669 7,771 1,266 291 1,156 65 SOS 604 16 1,474 2 64 - 80,699 16,112 17,042 5,251 1,555 949 2,466 5,561 251 5,755 191 14 2,104 210 991 46,970 79,202 266,551 264,674 454 14,674 240,957 5,260 72,084 188,726 529,272 528,014 826 42,106 287,164 2,530 82,616 144,766 16,162 15,165 811 6,629 9,633 1,034 24,248 49,514 14,156 14,152 286 6,240 7,896 1,763 3,580,038 51/5,561,156 1,636.864 1,604,127 5,990 47,183 1,488,681 89 198,066 568,789 59,147 69,079 457 18,565 40,582 36,518 785,711 2,221,581 541,077 640,364 17,895 172,685 568,592 2,675 28,758 165,917 128,364 128,240 1,470 47,717 80,647 1,640 518,198 sí. 812,719 385,898 386,678 8,172 157,246 248,652 1,407 268,626 1,392,782 206,239 206,069 5,677 73,536 132,705 1,245 260,556 1,329,485 196,216 198,064 5,599 70,736 127,480 90 2,480 26,725 7,486 7,459 120 2,166 5,519 74 6,810 56,574 558 556 158 654 55/96 692 57,691 169,191 17,560 17,348 627 6,372 10,968 225,552 5,644 286,265 5,510 7,060 476 7,059 4 118,149 1,181 18,834 1,290 120,062 6,157 85,467 572 42,265 11,146 58,462 1,189 56,413 1,143 2,711 6 558 40 6,185 428 mi • . 15,790 6,730 1,685 581 2,766 6,586 2,767 76 1,717 9 - 60,425 50/84,324 28,431 2,969 4,211 2,757 112,251 1,610 19,866 14 11,379 11,774 1,976 153 1,228 1,842 34,414 3,578,104 76,275 51/5,919,925 3,342 “ ‘ 1,596,011 2,681 1,565,206 6,427 611 66,748 6,086 55/1,745 1,529,285 ‘~mJ 17,700 156,983 2,471 441 58,155,285 18,439 857,071 4,791,207 222,275 61,599,727 855,698 107,262 35,465 26,426 27,596 1,764 10,701 • 28,547 976 58,202 2,058 58 8,270 2,886 68,656 219 Number of returns with balance sheets 34/ Assetss Cash 55/ Notes and aocounts receivable Lesst Reserve for ted debts Inventories Investments, Government obligations 36/ Other investments 37/ Gross capital assess 58/ (except land) Lesst Reserves Land Other assets Total assets 59/ Liabilities* Aooounts payable Bonds, notes, mortgages payablet Maturity less than 1 year Maturity 1 year or more Other liabilitiee Capital stock, preferred Capital 8took, common Surplus reserves Surplus and undivided profits 40/ Least Deficit 4l/ Total liabilities 39/ Receipts! Gross sales 12/ Gross receipts from operations 13/ Interest on Government obligations (less amortizable bond premium)« Wholly taxable 14/ Subject to surtax only 15/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties 18/ Excess of net short-ten* capital gain over net long-term capitaT loss 19/ Excess of net long-term cap ilia1 gain over net short-term capital loss 19/ Net gain, sales other than capital assets 20/ Dividends, domestic corporations 21/ Dividends, foreign corporations 2T / Other receipts Total compiled receipts 7/ Deductions t . Cost of goods sold 23/ Cost of operations T S / Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertlsing ~ Amounts contributed under pension plans, etc, 28/ Net loss, sales other than oapital assets 20/ Other deductions Total compiled deductions Compiled net profit or net loss (37 less 54) Net income or defioit 2/(65 less 27) Net operating loss deduction 29/ Income tax 3/ Compiled ne~E profit less income tax (55 less 58) Divide illa paid! Cash and assets other than own stook Corporation's own stook M Insurance carriers« agents« etc* Total insurance carriers, agents, etc* Table 5. - Corporation Income tax returns with balance sheets, 1 / 1947, by major industrial groups - Part I, all returnsj Part II, return« Nuntoer of returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction, income tax, compiled net profit less income tax, and dividends paid by type of dividend - Continued PART n . - RETURNS WITH NET INCOME 2/ All industrial groups Number of returns with balance sheets 54/ Assets t Cash 55/ Notes and accounts receivable Lessi Reserve for bad debts Inventories Investments, Government obligations 56/ Other investments 57/ Gross capital assets 58/ (except land) Lessi Reserves Land Other assets Total assets 59/ Liabilitiesi Accounts payable Bonds, notes, mortgages payables Maturity less than 1 year Maturity 1 year or more Other liabilities Capital stock, preferred Capital stock, common Surplus reserves Surplus and undivided profits 40/ Less: Deficit 41/ Total liabilities 52/ Receipts: Gross sales 12/ Gross receipts from operations 15/ Interest on Government obligations (less amortizable bond premium): Wholly taxable 14/ Subject to surtax only i§/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties 18/ Excess of net short— t e m capital gain over net long-term capital loss 19/ Excess of net long-term capital gain over net short-term capital loss 12/ Net gain, sales other than capital assets 20/ Dividends, domestic corporations 21/ Dividends, foreign corporations 22/ Other receipts Total compiled receipts J j Deductions: Cost of goods sold 25/ Cost of operations 25/ Compensation of officers Rent paid on business properly Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertising Amounts contributed under pension plans, etc. 28/ Net loss, sales other than capital assets 20/ Other deductions T o ta l compiled ded u ctio n s Compiled n e t p r o f i t (57 l e s s 54) Net income 2 / (55 l e s s 27) Net o p e ra tin g lo s s deduction 2 9 / Income t a x 5 / Compiled n e t p r o f i t l e s s income ta x (55 l e s s 58 Dividends p a id : i Cash and assets other than own stock Total mining and quar rying . Metal mining Anthra cite mining Bitumi nous coal, lignite, peat, etc. Crude petroleum and natu ral gas pro duction Nonmetallic mining and quar- Mining and quarry^ ing not alloca- Total manufac turing Tobacco nBnufactures Food and kindred products Textilemill Cotton manufac products, except tures cotton and products, made from fabrics Leather and products Rubber products Lumber and timber basic products 2,021 990 17 71,904 6.964 1,871 127 793 3,444 8,933 1,921 378 2,530 1.260 211,575 266,054 5,158 70,190 155,558 295,504 ,579,416 685,425 22,119 28,986 ,718.599 231,621 209,615 684 3,427 1,377 1,883 45 859 32,647 17,517 300 409 23,618 11,392,086 15,495,576 358,928 25,765,762 6,879,523 10,195,164 61,687,737 30,220,824 1,904,432 2,196,661 104,937,189 945,574 1,283,089 29,902 2,630,489 390,834 757,135 4,591,777 2,020,698 266,797 213,997 9,029,092 253,710 295,688 7,265 714,020 105,507 226,392 ,104,606 380,043 61,114 113,824 ,487,553 94, 523 406,066 2,615 ,325,072 11,099 79,176 284,287 106,780 8,817 12,190 ,111,835 313,195 288,172 4,305 652,031 257,636 141,182 ,241,771 666,877 25,336 41,093 ,289,234 507,649 609,660 15,530 .,147,785 315,220 268,779 .,986,579 920,298 52,029 76,988 1,029,061 353,195 610,063 15,806 961,891 94,393 122,823 397,948 166,447 20,514 52,928 ,431,502 155,562 279,117 7,124 448,245 77,671 85,108 318,282 165,963 14,347 27,612 ,232,857 207,556 378,811 77,246 250,094 ,340,160 ,197,317 37,188 41,098 ,099.133 74,236 67,602 1,260 48,977 54, 523 28,684 510,275 240,519 18,809 15,425 576,750 526,000 90,841 159,485 ,048,637 547,295 17,314 16,279 ,886,419 218,812 260,258 5,410 368,237 148,581 136,503 ,209,915 438,667 62,635 56,143 ,017,007 148,616 127,627 32,498 966 9,899,044 732,809 280,904 61,268 130,623 326,160 394,398 145,346 169,544 137,692 30,773 9,324,445 41,122,080 220,061,071 13,754,348 64,229,207 10,553,795 84,171,683 3,120,740 462,222,930 5,109 19,630 254,762 25,091 85,666 616,541 445,787 108,341 26,293 51,968 19,538 204,548 305,754 132,230 1,637,886 93,634 13,497 295, 577 728,603 182,257 2,626,574 8,379 24,878 209,128 6,279,772 1,374,888 486,984 27,665 154,999 158,611 47,244 472,298 77,025 701,022 29,081 .718,599 182,228 19,299 305,408 49,025 136,420 55,260 55,978 29,579 564,606 160,959 76,013 35,159 785,842 228,037 132,989 13,066 ,099,133 576,750 283,734,097 41,646,543 4,539,829 673,598 823,921 352,880 22,418 56,874 ,908,705 196,229 939,334 506,404 340,432 54,601 1,516,182 245,917 186,636 2,834,623 2,338,435 354,586 20,437 6,009 370 120 5,451 25,069 39,121 1,048 2,800 78 16 1,392 2,804 1,102 10 214 20 2 556 4,868 8,532 28 1,568 156 765,969 37,551 2,397 692 357,041 61,982,966 73,113,551 831,544 40,783,467 106,090,819 73,759,906 145,930,979 53,457,287 7,705,868 9,144,005 462,222,930 22,127,041 4,584 200 96 179,125 32,619 732,403 131,461 41,448 717,537 651 587 6,352 124,364 19,096 374,622 276,504 16,720 558, 596 198,747 110,991 884,679 5,878,166 1,129,920 485,750 722,524 234,026 3,097,128 2,625 18,698 99,739 39,180 12,412 137,510 6,279,772 1,374,888 486,984 407,225 66,745 1,835 10,819 1 1 ,1 2 1 13,270 1 1 0 ,112 1,891 82 ISO 3,496 4,360 321 188 46 513 2,799 18,496 2 ,6 6 8 267,982 20,491 7,450 2,353 217,463,630 23,478,471 20/5,243,669 2,667,289 3,151,687 553,423 2,029,875 6,126,441 235,213 4,550,150 1,155,753 50,001 2,739,758 970,582 2,933,637 429,568 58,300 21,868 79,288 4,573 27,699 124,285 2,892 163,304 343,153 3,798 4,060 10,798 488,394 300,873 15,076 40,880 2,291 3,645 2,026 4,066 9,743 6,461 107 1,217 2,755 1,928 29,586 10,162 195 329 7,792 15,124 71,424 10,940 671 700 220 563 1,265 ,419,126 138,389 20,203 4,960 35,751 677 6,174 38,401 1,038 47,118 73,551 209 88,682 34,551,996 31/305.056.600 32,976,349 32,789,713 176,111 10,786,777 3,693 362,87] 4,573,787 841, 7 5< 841,634 198 892 1,403 569 631 35,955 55,083 126,049 31,975 13,254 672,012 402,850 1,917,655 1,087,375 482,408 259,196 91,267 257,346 204,967 28,581 259,164 91,241 257,302 28,579 204,95] 1,350 4,911 1,657 195 765 88,733 32,548 87,790 8,847 68,384 169,556 170,463 58,719 136,583 19,734 8,88C 286,432 555,321 306,96" 99,68C 15,846 2,210 4,301 695 505 10,423 17,584 4,410 2,591 2,095 371 10,389 21,092 65 4,054 11,594 9,858 ,175,001 1,346,571 573,675 22,189,572 8,158,493 8,587 163,994,114 28,274,268 4,401,780 2.768,364 4,215,510 6,432,840 6.764,641 2,928,437 3,281,115 2,844,458 43,415 6,404 10,874 162,429 199,217 16,216 4,330 13,154 116,331 3,158,089 3,044 72,371 5,919 3,602 106,318 229.595 128.595 5.654 21 80 5,757 15,407 3 1,359 984 3,195 876,979 431,431 417,179 301,437 200,934 31,796 17,398 14,638 2,723 8,056 8,217 18,584 774 1,796 2,945 13,781 33,667 12,079 371 959 72,389 20,505 167,541 19,496 2,915 1,329 935 445 4,763 32,063 11,211 69,914 20,233 44,452 154,227 120,225 65,155 298,689 83,090 489,865 126,337 418,942 38,070 101,953 249,232 53,070 506,279 283,562 806,441 228,069 159,186 112,400 275,824 403,495 244,694 109,994 256,530 742,108 50,682 222,615 78,102 127,767 277,277 75,381 121,604 193,466 650,075 557,589 275,791 278,739 531,134 856,817 482,987 445,758 357,812 2,05B,272 79,778 134,771 93,869 75,894 230,365 204,587 34,601 95,324 528,858 798,644 496,452 445,432 776,362 462,821 1,044,135 1,587,186 3,062,843 1,012,196 31,698 11,113 3,553 6,0S7 21,696 11,398 1,041 3,469 42,179 9,029,092 2,487,553 2,111,835 2,289,234 4,029,061 2,431,502 1,232,8S7 1,886,419 2,017,007 26 326 2,086 1,800 34 2,746 53,430 1,486 29,713 5,415,541 3,738 3,111,445 831 8,983,802 18,352 9,444,823 862 6,481,881 241 2,039 24,228,868 6,057,758 249 813 37,160,904 431,336 735 23,618 104,937,189 965 82 32 1,337 4,420 16,550 788 248,993 1,818,181 533,819 2,008,511 338,032,949 868 12 67 166 2,436 7,389 193 438 4,031 51 64 4,044 6,105 1,385 323 1,424 89 123 1,558 4,971 7,912 79 1,145 38 29 1,176 1,628 220 1,292 1,502 4.900 10,832 11,999 2,768 1,230 1,525 1,665 65 45 1,744 6,049 4,157 165 59,017 126 508 424 388 880 396 461 11,476 2,124 8,807 19,983 4,066 5,901 13,207 17,549 4,136 4,399 33,738 584,841 116 14,909 215 1,549 484 791 1,087 50,191 224,065 21,508 10,113 14,394 22,963 33,546 20,218 5,982 25,299 86,875 726,840 28 2,991,603 11,884 169,519,461 28,604,525 4,464,118 2,787,518 4,294,104 6,709,241 6,973,626 2,963,703 3,342,518 6,628 122,929,054 1,934,021 2,493 2,024,207 125 579,150 37 2,445,551 532 113,638 443,341 116 3,061,817 390 127,175 2,176,921 739,967 21,930 1,587,706 580,984 925,577 55,400 167,315 58,486 240,932 9,499 46,476 225,033 9,555 190,697 468 364 317,838 50,559 ,711,128 2,339,538 507 4,104 7,514 40,995 1,414 10,459 4,108 33,143 1,534 73 18,364 10,710 68,200 616,859 520 4,937 45,225 7,753 7,824 ,147,832 8,515 33,243 •6,341 47,671 830 8,629 64,470 10,628 37.053 67,612 4,764 10,800 5,808 109,689 8 .66 6 412 24 1,359 3,222 23,258 205,523 69,856 356,805 555 13,427,798 1,842,377 11,487 152,216,520 27,143,798 3,963,426 2,590,234 3, 587, 7 S8 706,346 197,284 500,692 397 17,302,941 1,460,727 706,180 197,238 500,542 397 17,299,539 1,460,222 543 60 879 3, 500. 74,154 73,143 260,940 6,241,446 530,925 185,518 11,061,496 4,109,277 929,802 1947, toy major industrial groups -- Part ax returns with balance sheets. , 1/ lia b ilitie s, compiled receipt: compiled deductions, compiled net profit o: ompiled net profit less income tax, and dividends paid toy type of dividend < TT- _ RETURNS WITH NET INCOME 2/ - Continued 315,174 112,4381 124,141 445,406 73,990 ,326,502 122,237 207,772 47,075 13,224 4,200 10,620 SB,382 11,050 25,214 38 32,799 13,784 50,227 6,207 ,860,243 125,037 113,783 19,141 81,338 1,982 18,612 90,870 11,101 ,359,327 6,433 55,864 13,343 19,105 1,620 3,662 30,157 3,462 14,390 176 101 21,503 8,568 291 369 1,294 200,271 625,956 428,100 ,872,113 6,507,136 2,738,185 225,518 466,490 837,128 225,489 466,367 837,064 595 1,781 1,298 807,417 529,711 d eficit, net ope 165,685 300,805 82,138 143,380 ,482,428 1,981,559 28,585 35 49,805 16,853 7,115 11,241 29,480 60,560 2,251 3,932 9,134 9,782 45,418 107,984 2,219 1,092 47,423 44,963 60,836 44 208 5,114 35,238 2,980 6,497 684 222 326,510 210,ISO ¡,105,908 2,484,494 256,610 507,109 507,064 256,601 2,476 204 178,970 82,907 153,703 328,139 99,680 iœ,879 15,846 92 32,063 4,109,2771 returns with balance sheets; 1 / 1947, by major* industrial groups ---- Part Table S. —Corporation Income ax Number* oT returns, asseta an lia b ilitie s, compiled receipt* , compiled deductions, compiled net profit o: loss deduction, Income -base. ompiled net profit less income tax, and dividends paid toy type o£ dividend < PART H . - RETURNS WITH NET INCOME £/ - Continued («ongy figures Ln thousanrip Number of returns with balance sheets 54/ Assetss Cash 55/ Notes and accounts receivable Less: Reserve for bad debts Inventories Investments, Government obligations 56/ Other investments 57/ Gross capital assets 58/ (except land) Lessi Reserves Lan,d Other assets Total assets 59/ Liabilities: Accounts payable Bonds, notes, mortgages payable: Maturity lees than 1 year Maturity 1 year or more • Other liabilities Capital stock, preferred Capital stock, common Surplus reserves Surplus and undivided profits 40/ Less: Deficit 41/ Total liabilities ¿2/ Receipts: Gross sales 12/ Gross receipts from operations 15/ Interest on Government obligations (less amortizable bond premium) i Wholly taxable 14/ Subject to surtax only Jjj/ Wholly tax-exempt 16/ Rents 17/ Royalties IB/ Excess of net short-term capital gain over net long-term capital loss 12/ Excess of net long-term capital gain over net short-term capital loss 19/ Net gain, sales other than capital assets 22/ Dividends, domestic corporations 21/ Dividends, foreign corporations 22/ Other receipts Total compiled receipts 2 j Deductions: Cost of goods sold £5/ Cost of operations 25/ Compensation of officers Rent paid on business property Repairs 24/ Interest paid Taxes paid 25/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertising Amounts contributed under pension plans, etc« 28/ Net'loss, sales other than capital assets 20/ other deductions Total compiled deductions Compiled net profit (57 less 54) Net income 2/ (55 less 27) Net operating loss deduction 29/ Income tax J j Compiled net profit less incase tax (55 less 58) Dividends paid: Cash and assets other than own stock For footnoies, see pp« £5-26. Stone, clay, and glass products Printing and pub Chemicals lishing and allied products indus tries Petroleum and coal products 4,396 390 2,678 167, 551 482,676 1, 080,837 i. 134,176 580,155 680*203 1, 230^889 i» 915^179 505^509 457*816 16,099 34,566 13,010 22,558 9,674 450,686 2, 059,007 i, 678,676 673,391 501,485 686,853 744,014 297,837 333,648 78^684 678,546 505,346 575,230 1, 391,230 89,106 692,879 2,585,957 1,839,461 5, 393,734 14, 131,743 700,698 2, 455,622 7, 359,864 305,416 1,205,361 343,398 200.867 66,290 108,382 37,241 184,701 211,272 36*836 124J882 116*655 1,596,181 3,900,865 5,836.101 9.821,662 15, 377,309 275,187 366*949 9,172 468,132 228,620 170,797 1,992,970 924,587 67,067 53,585 2,689,548 i, 385,766 182,030 Furniture and finished lumber products Paper and allied products 5,860 2,035 166,590 229,270 8,363 335,445 157,770 81,013 64,765 355,057 277,757 88,889 456,379 388,880 155^584 195,098 347^652 79^ 030 777,346 785,131 384,821 175,275 195,489 62,120 611,494 1,535,329 1,507,531 34,265 9,151 14,912 1,596,181 3,900,865 3,836,101 812,508 operating .-.f linn a Iron, steel, and products Confer— rous metals and their products ' Electri cal machinery and equipment 2,532 Machinery, except transpor tation equipment and elec trical Automo biles and equipment, except electrical 1,667 5,704 785 536,157 393,047 i 398,723 974,254 413,896 1, 625,766 17,980 11,147 48,768 800,530 1,618,811 2. 672,159 198,201 262,074 188,872 1» 497,479 221,687 769,749 9. 510,289 2,760,363 1,687,560 758,109 5: 285,291 1,619,613 49,584 26,724 205,591 148,969 102,260 224,346 261,436 3,349,821 4,934,726 971,659 1,507,455 47,217 2,859,553 639,624 553,577 3,634,592 1,683,202 125,450 153,494 8,712,965 986,385 779,115 9,048 1,710,648 515,280 457,745 3,331,326 1,382,616 67,803 114,378 6,571,014 578,729 848,811 859,247 6,515 1 379,116 245,497 183,071 88,776 186,502 48,306 196,134 232,014 607,876 199,848 203,076 1 085,064 801,931 1, 835,492 629,549 298,805 218,176 lj 164,054 663,971 888,002 180,110 221,235 869,082 140,202 595,792 868*,288 782,664 2 858,715 1,036,458 1,019,825 2, 048.661 4 986,780 373,745 161,481 652,458 109,599 755,672 647,140 3, 568,831 4j 987,589 1,027,602 4 086,506 1,103,406 1,370,807 8,964 5,663 20,059 22,107 29,887 45,713 4,934,726 9 821.662 ISj 377,309 2,689,548 12 261,436 3,349,821 246,174 577,601 . 979,697 519,147 1,940,014 588,611 3,036,780 23,870 8,712,965 ’ransporbation equipment, except automo biles 124,186 150,657 559,224 420,270 771,093 626,522 2,887,412 7,597 6,571,014 3,062,316 5,441,731 4,788,824 12 634,683 13 880,190 3,418,563 17 584,289 4,786,685 7,542,367 11,852,871 10,995,262 8,514 207,259 21,625 15B,459 411,745 19,201 561,657 66,999 375,331 11,489 25,065 Manufac Other manufac turing not turing allocable Total public utilities Transpor tation 3,649 2,044 13,640 9,992 208,895 220,770 336,602 315,279 12,402 3,148 550,185 668,603 80,972 104,154 1SB,737 72,526 718,638 845,587 313,992 458,204 30,488 51,087 36,170 57,517 1,854,171 1,794,273 106,134 175,740 5,171 280,126 2,583,635 2,124,488 42,608 1,578,429 i, 639,534 i* 253,138 6; 671 827,066 173,688 98,974 527 224,629 58,941 77,924 96,586 50,480 200,095 231,062 86,568 114,247 457,259 357,991 86,339 115,651 647,755 741,404 12,956 59,217 1,854,171 1,794,273 76,828 379,056 157,183 17,577 20,542 922,557 10,425,825 4, 415^245 53,730,210 25, 544,709 14,104,352 7, 058,446 196,278 413,725 1,757,214 59,438,770 28, 583,148 2,224,773 i, 480,175 219,537 549,528 40,019 69,622 19,835,371 8, 493,604 4,109,228 Z:581,827 48,215 0, f Í4, Oöb 177,235 17,507,851 6, 991,815 535,772 29,809 1,008,865 362,389 10,869,648 7: 513,157 508,878 450,947 4,951 922,557 59,458,770 28a583,148 320,167 414,395 1,514,658 2,820,607 1,759,655 16,431 21,017,395 13, 134,389 23,603 680,341 1,115 66 143 1,134 2^814 *447 124 3,364 259 184 4,797 6,686 3^946 51 4,437 601 254 3,421 12,181 7*429 68 7,255 503 663 10,359 12*952 17,984 369 6,921 851 143 10,054 84,962 19,642 70 2,589 267 94 2,193 3,706 3,055 23 11,758 457 191 23,589 22,482 9,772 194 2,839 74 54 1,908 2,886 2,292 29 2,195 124 73 4,649 4,182 16,091 85 6,-784 834 457 10,506 11,420 13,538 624 2,015 380 115 5,230 3,675 5,087 13 2,123 55 23 1,465 2,246 3,365 98 995 211 42 1,749 4,684 1,600 25 384 66 29 584 2,352 840 18 20,778 1,995 1,505 81,096 304,661 4,500 1,052 12,720 1,830 1,332 41,584 257,542 2,111 929 5,971 18,699 12,066 20,670 27,956 4,978 14,285 6,001 9,174 16,729 2,857 4,271 3,601 5,259 45,718 57,080 699 75 174 248 527 406 812 1,056 591 550 249 17,791 21,376 20,550 11,144 36,928 7,150 194,812 107,083 26,289 12,913 4,193 43,699 16,165 5,415 5,982 11,391 32,414 11,827 25,846 1,785 6,705 907 36,744 59,752 24,532 31,038 65,433 22,908 76,860 46,574 40,640 27,772 16,392 3,118,934 5,539,126 5,273,917 12 ,952,994 14 ,897,344 3,496,960 18 ,193,041 5,009,639 7,651,232 12,219,014 11,119,457 4,148 5,042 287 295 295 90,347 329,037 2,065 7,186 5,577 4,345 n,353 1,527 9,215 1,847 52,476 84,419 8,542 15,781 14,974 2,251,356 2,889,594 1,795,917 22,320,922 13 ,961,000 255,825 9 344, 313 132,165 480,976 51,797 5,924 318,206 737,777 4,349 479,613 9,923 17,714 28,796 17,367 2,266,369 3,759.007 3,140,691 189,598 i',600 15*210 178,990 78,946 83,048 41,951 19,139 14,168 28,027 128,621 29,906 11,843 5^254 3^406 14*402 6*662 15,511 67,519 40*739 78^204 8,379 6^115 2*869 54,416 84,746 29,124 4,947 2,031 20 51 35 17,326 26,498 21.061 18,028 25^307 4,978 8,634,180 10 ,085,786 2,334,344 15 .257.388 3,575,242 5,502,208 8,247,909 21,797 104,690 4,257 347,604 10,207 291,465 37,416 199,878 66,097 74,615 61,250 232,864 29,120 134,746 32,669 21,662 27,008 49,914 9,226 102,680 33,686 204,668 107,109 73,086 526,243 271,399 90,599 186,538 13,814 4,284 3,948 11,523 2,773 13,573 9,409 20,716 32,535 9,100 82,227 8,347 60,370 27,340 175,725 160,260 76,793 262,968 284,554 48,568 194,151 11,440 4,790 5,453 12,615 5,094 2,447 6,380 162,850 91,065 58,811 66,497 317,421 395,281 204,748 563 35,687 215 33,494 2,412 575,183 16,693 313 105 439 1,415 104 16*862 1,C1S 93,314 108,249 45,6SB ¿2,707 75,129 74,341 319,851 47,268 79,481 19,271 10,745 57,755 109,076 59,991 8,607,859 5,382 37,927 18,286 174,971 1,727 15,011 240,943 2,628 143,523 972 54 59,375 16,790 297,352 1,252,088 1,871,454 1,282,595 9,316 13,446,488 12,926 531,700 177,676 47,283 85,837 20,464 560,944 7,217 17,632 9,297 56,975 15,361 32,396 47,046 15,593 4,234 2,355 1,774 4,942 666,875 7,154 5,037 20,485 1,376,185 66,503 39,254 12,u31 1,265 5,815 1,323 36,390 17,931 1,187,142 29,450 29,375 20 345 S3 21,057 56 no 528 S7,072 17,865 49,229 6,289 165,040 3,990 12,513 9,978 686 684 224 829,019 302,332 406,521 2,822*010 4,625,714 4,614,489 659,428 *296*924 *915^412 659,174 296j781 915,228 870 1,883 2,244 338,694 230,782 105,891 428*646 191,033 576,718 2,637 528 376 2,221 988 563 2,401 655,600 1,413,555 345,343 363,458 1 .091.717 1 f291.806 1 .227.031 n .160.371 13 .598*317 3.034.652 1C ,306,139 4,444,172 6,817,037 10,673,666 i.792.623 1.299.027 462,308 :.886,902 565,467 834,195 1,543,348 i.791.960 1 .298.884 462,214 :,886,711 565,413 834,122 1,544,891 6,189 3,241 1,758 12,575 1,762 3,308 3,230 570,569 306,620 696,861 202,734 168,653 417,850 638,483 974,779 527,575 362,733 295,655 i,190,041 881,177 i.154.140 2,316 544,187 9,869,949 1,249,508 1,249,393 21,515 459,907 789,601 2,943 7,469 2U 1,337 229 744,565 185,750 1,546,404 386,722 121,449 2,055,939 2,588,270 1,614,743 19,401,676 12 , 590,451 ,370,549 181,174 2,919,246 501,324 175,597 181,145 2,917,743 1,569,217 501,282 175,574 10,727 12,115 96C 2,276 986 481,965 979,486 63,662 107,703 ' '65,594 888,584 193,621 115,78C 1,939,760 111,735 323,803 56.81! 253,255 3.845 50,757 151,646 148,104 522,015 589,527 24.037 111,549 23.200 408,057 55.727 142,039 31.565 186,441 10.260 68,112 9! 64,621 n.46: 26,455 2.76C 1,256,543 29.22C 325,671 9.599 Table 5. - Corporation income tax returns with balance sheets, ¿/ 1947, by major industrial groups — Part I, all returns} Part II, returns with net inoomei Hustier of returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net. operating loss deduction, income tax, compiled net profit less income tax, and dividends paid by type of dividend — Continued PART II. - RETURNS WITH NET INCOME g / - Continued Publio ut Llitd.es - Number of returns with balance sheets 84/ Assetsi Cash 35/ Notes and accounts receivable Lessi Reserve for bad debts Inventories Investments, Government obligations 36/ Other investments 37/ Qross capital assets 58/ (except land) Less: Reserves Land Other assets Total assets 39/ Liabilities: Accounts payable Bonds, notes, mortgages payable: Maturity less than 1 year Maturity 1 year or sere Other liabilities Capital stock, preferred Capital stock, common Surplus reserves Surplus and undivided profits 40/ Less: Deficit 41/ Total liabilities 59/ Receipts: Gross sales 12/ Gross receipts from operations 12/ Interest on Government obligations (less amortizable bond premium): Wholly taxable 14/ Subject to surtax only 15/ Wholly tax-exempt 16/ Other interest Rents 12/ Royalties Ifi/ Excess of net short-term capital gain over net long-term capital loss 12/ Excess of net long-term capital gain over net short-term capital loss 12/ Net gain, sales other than capital assets ¿2/ Dividends, domestic corporations 21/ Dividends, foreign corporations 22/ Other receipts Total compiled receipts 2 / Deductions: Cost of goods sold Z jJ Cost of operations 25/ Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts Z&J Depreciation Depletion Amortization 27/ Advertising Amounts contributed under pension plans, etc. 28/ Net loss, sales other than capital assets 2Qj Other deductions Total compiled deductions Compiled net profit (57 less 54) Net income 2/ (55 less 27) Net operating loss deduction 22/ Income tax 2/ Compiled net profit less income tax (55 less 58 Dividends paid: Cash and asse'bs ether than own stock Corporation*s own stock Communi cation Other publio Utilities 1,766 i, 882 158,344 785, 957 549, 925 321,425 33, 434 2,503 160,458 590, 905 380, 234 27,963 120,226 1, 890, 354 411,191 20, 774, 310 369,507 4, 676, 399 17 724 197, 723 445, 338 105,388 950,709 20, 904, 913 334,597 410, oca 66,797 SOI *520 561*557 1 52* 022 4 795^240 51 *50R 917,289 7* 621 9 9So) 709 26?, 994 8J 040*447 lj 165, 844 2 546* 494 5 72?, 796 451* 583 2 459, 202 154, 448 20 904, 913 $835 2 521,444 Trade Cosmi 3Sion Total wholesale merchants Total trade 125,863 39,712 5,078 Other whole salers 34,634 Total retail 70,372 291,929 1,738,884 2,435,025 4,812, 822 2, 030,813 514,617 4,219,331 3,210,433 8,800, 435 4, 733,948 148,513 111,147 9,566 120,715 299, 929 123,Q13 4,873,272 5,743,428 11,855, 956 4, 996,283 696,853 388,623 81,251 469,874 1,256, 286 959,725 180,814 1,079,196 2, 563, 715 1, 260,010 93.749 1,884,769 4,743,423 7,530, 671 1, 978,518 721,520 1,863,347 754,269 52.749 2,946, 443 632,132 196,631 11,859 206,490 946, 249 480,662 245)804 32,415 278)219 8Z0) 617 35,340, 379 15, 081,175 1,287,332 13,793,843 16,889,821 6,090, 901 3,340,168 421,362 2,918,806 2,194,274 640,297 67,703 1,185,680 2,113, 109 1, 253,383 870,137 1,054,670 99,197 969^334 Z9Z Z l\ 053 99,560 1,272)425 1,888,406 3*571¡923 1 37l)983 714,632 418,642 455)212 36) 570 1*265^404 220)353 2,643)173 3,754,265 7*340* 238 ?, 863)526 561,226 '407,596 436* 676 29,080 1¡102* 853 327)505 4,169,655 6,177,590 ll¡85lj 402 4 497)158 95,541 92,267 13,998 106*265 'zZ Z j 504 35, 340) 379 15 06l)l75 1,287,552 13,793,845 16,889,821 General merchan dise Pood ’ackage stores, including Liquor stores market milk 4,974 4,101 276,997 739,056 144,519 1,066,002 4,043 77,822 707,837 2,050,847 30,188 340,551 67,725 415,640 723,252 1,785,974 306,247 732,299 51,034 276,072 65,014 168,697 6,030,718 1,756,256 12,185 3,919 35 40,599 978 3,083 15,417 3,910 888 3,482 74,606 351,161 14,3-06 60,826 105,416 167,905 306,220 641,215 141,233 87,216 374,060 293,794 1,366,625 63,657 286,177 623,410 2,319,565 12,944 5,164 6,030,718 1,756,256 6,131 6,984 5,177 '595 17,965 393 23,508 251 74,600 634,584 88, 393 110,325, 794 53 618,569 2,388,729 51,229,840 47,855,167 13,288,709 9,849,331 243,216 2,547 59,092 35,074 535,505 '724)293 5 361, 562 g)ioo) 502 i 374)935 '650)640 1,489 5,065 no 268 10,809 56,442 509 13 512 27 29 1,720 6,480 no 2,361 4 277 84 960 36,039 1,936 34,103 30,963 4,360 160 208.982 ,297*945 *427^907 427^844 *460 110,555 317*354 343, S6C 1.481 í Automo tive dealer. 5,267 Pilling sta tions 15,855 562,031 71,799 561,541 28,185 10,017 160 692,906 54,410 80,648 16,285 75,780 54,919 499,4SB 271,111 124,775 n5,S78 98,656 28,686 SB,.854 21,682 4U,339 2,295,064 52,530 250,250 1,093 Hard ware iuilding mate riale, fuel, and ififi______ 2,597 6,957 n o , 80S 22,015 25,045 523,850 29,092 58,152 9,501 17003 514 339,067 27,637 95,618 5,669 54,7S2 4,885 8,072 65,(02 7,776 299,364 74,197 57,150 145,507 57,779 n , 7S4 58,085 5,571 24,214 21,448 5,323 3,080 154,605 205,823 1,097,576 25,352 23,731 141,815 59,414 5,696 n , 7 8 S 137,824 16,893 48,785 8,796 10,871 133,159 49,S81 81,050 365,006 18,641 14,416 41,642 21,944 2 ,574 1,951 25,254 10,409 Ö&5,557 465,678 48,826 65,953 99,759 19,321 2,576 2,075 72,044 6,386 405,045 859,433 45,740 76,225 142,334 15,562 1,607 975 9,564 7,995 4U,539 2,295,084 154,603 205,823 1,097,575 ns 59 81 800 46 15 5,981 6,457 96 431 24 — 155 5,386 10 2 2,395 6,690 406 855 25 IB 2,479 5,249 36 31 269 16 22 299 5,191 1,057 Z6 97 1 4 599 702 15 349 748 17 14 2,047 4,558 270 81 5,602 688 57 m 109 548 270 248 50 61 609 278 4,408 2,567 236 2,803 144 1,718 145 771 2,931 2,019 6,366 1,753 1,866 25 1,899 14,842 38,224 32,282 9,821 028 42)103 43 4,984 9,217 14,275 26,435 322 26,757 312 23,425 5,454 2,864 44,499 7,844 62,620 80,027 7,121 369 148,257 15,953 447,200 41,277 264,873 306^150 444 1,255,796 8,449,784 416,221 455,015 2,614,284 388 55,481)728 3,103)853 52,377)875 49,091,457 13,573,953 9,947,475 246,906 1,012,420 4,724,980 1,964,855 58 824 88,270 011 46,479,515 2,209,669 44,269,846 34,784,157 297,405 '485)456 244,139 '729)595 2,660 ,277 1*125 ,355 870,370 689,421 94,681 784)102 31 ,105 1*848 ,162 824,285 144,871 158*940 14,069 40 ,825 1*048 ,640 202,818 65,250 1 653 68*066 2)856 *299 79,344 3)796 48,065 4 656 5l)861 148 ,643 70,868 62,351 7,609 78,477 157 ,213 271 ¡602 459,898 226)914 13,108 240)022 771 ,713 476 ,839 32,866 23,523 5,701 1,989 62 809 25,512 268,944 113,243 5,764 119)007 471,245 438 ,125 696 9,151 358 9,509 10 689 19 452 1,342 582 18 600 3,271 z ,099 634,275 13,449 180,995 194,444 12,001 890 595 76,943 38,763 4,178 42)941 58,606 125,904 8,842,637 8,071,375 197,244 2,027 44,076 13,800 51,407 10,055 100,935 5,852 80,238 243,998 446 69,867 53,547 2,837 10! 22,622 471 7,602 13,227 2,357 60,351 168,658 15! 3,56C 11,390 1,055 76,562 47,353 25 34 26 7( 94 1,159 282,788 46,695 88 52,567 6,809 4U 4,224 7,461 1,700 115 4,366 10,18? 1,815 300,530 3,642,626 7,352,810 2,595,838 1,223,780 19,79! 392,859 12,325,90? 3,943^156 4,515,282 107*535,131 52)927)582 2,916)308 50)01l)274 45,955,963 12,499,036 9,680,145 238,846 8,062 267,330 3,120,790 6¡226j?57 2)554) 146 '187)545 2,366,601 3,135,494 1,074, 911 8,062 267,30] 187,499 2,366,355 3,135,073 1,074,649 6¡225,447 2',553)854 ,120,682 64! 401 7] 7,804 8,125 9,393 1,589 928 19,966 2,036 97,022 397,971 836,915 1,094,941 61,800 2,174 ,029 898*715 386 ,968 6,026 676,946 170,307 733 ,822 4,052 ,228 1,655,431 125,745 1,529,686 2,040,553 587,312 18.14: Eating and drinking places 994,457 4,558,919 1,868,859 1,189,476 8,182,501 404,970 444,740 2,539,324 57,786 3,046 3,485 198,621 45,626 52,528 21,564 5,533 502 U , 604 362 421 30,500 120,316 1,766 946 72 16,275 87'067 121,589 65,317 52,517 7,799 54,609 120,155 24,059 151,576 197,891 25,732 51,395 95,441 16,508 255,888 343,075 75,666 38,107 26,723 7,957 687,161 349,782 n5,855 10,376 9,155 8,389 323,306 1,812,554 1,047,544 366 5,860 266 246 18,547 30,689 6,550 1,524 2,705 288,763 53,141 6,636 929 68 46 5,989 5,288 455 117 14^406 59^145 5* 525 7*015 77*065 161* 569 1*981 236,284 296,002 55,019 556,770 28,338 n,846 392 630,956 144,885 82,591 8,655 132,159 16,291 382,338 101,359 146,660 43,626 28,556 5,121 9,656 59,868 523,506 1,812,534 ns 6,789 334 292 24,356 33)977 7)005 l)641 T,441*698 5,894 80,315 381,506 14,644 560,494 43,554 54,341 148,481 47,381 21,560 19,518 1,047,544 2,2U 27 16 1,769 21,260 19, 889 774 810 61, 797 174, 139 12! 883 t 912 furniture and house furnish ings 10,054 3,087 174 7 7 358 2,189 142 34 «5j415 147 108 28, 467 24, 574 i 258 100 817 9 86 148 86 5 145 50 831 27, 661 5,634 072 113,761 Apparel and acces sories 17 — 17 218 IS 61 2,645 18 65 11,045 22*545 1*151 3 77 152,542 1,865 A 282 2.725^850 1,451 Drug stores 971,656 178.65- 362,456 96.509 35,790 6.213 326,666 90.296 536,758 67.664 272,090 7.685 53,554 5.836 690 245 683,950 3.054.197 1,154,237 7,566 23,961 2,261 122,254 73,530 25,659 206,716 45,934 30,565 17,362 6,845 4,720 7,964 U,260 314 4,478 1,136 6,453 22,649 43,554 10,528 2,015 5,275 576 9,494 26,605 6,561 28 12,341 1,505 175 106,895 4,915 112 44,899 2,497 685,715 6,251,144 312,731 328,775 1,937,652 27,455 1,594 1,634 25,806 122,433 74,288 5,566 18,541 59,710 241,64S 10,213 4,415 5,278 69,351 54,558 12,055 3,896 1,106 25,476 15,695 9,100 975 10,216 SS3 261 955 4,919 465 U,509 2,541 4,597 24,384 6,012 54,400 21,564 1,568 SOI 107 4,968 650 18,974 5,966 2,092 33,876 17,673 139 6,771 890 344 67,551 2,985 27 2 ,n o 615 24 2,992 221 23 10,701 1,131 sn 17 21 165 476 212 1,03! 42 294,559 755,647 49,944 53,023 323,606 437,206 185,147 824,285 2,427,671 391,820 420,331 7,651,623 1,195,744 965,533 4,436,955 1,819,638 186,613 798,161 24,401 34,684 5B,0S2 145,217 288,021 47,087 186,599 796,146 24,40a 34,680 58,050 288,005 145,199 47,080 92 617 155 2,016 661 1,178 884 228 60,6 U 8,109 10,010 281,920 46,646 17,415 95,725 14,738 126,002 516,241 16,292 24,674 40,637 32,549 192,296 98,571 12,175 762 48,868 7.276 1 18,938 3.546 13,257 3561 jP H H i - C o vp oz mt io n i n oa mo tax z««arn> with balance sheets, A / 1847, ty major Industrial g r o u p s -- Part I, all returnaj Part XX,. returns e l t h net Inner»: Wnabar o r returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net Income or deficit, net operating loee deduction, loo one tax, compiled net profit less income tax, end dividends paid b y type of dividend - Continued operating 6,501 51,306 5,478 50.864 1___1 _ 9 1 716 1 27,734 3-46S 60 61 )\ LI 343,5601 Cash and ssets other than .rpora-ti< Corpo >r fo< 587,3121 11 7.6851 5-8561 2451 Æ KÊÈ 8. - Corporation income taz raturns with balanoa sheets, 1/ 1947, tor major industrial groups — Part I , all return*) Part H,. rstarns K i t h not income ■ Nuznber of returns, assets and liabilities, compiled receipts, complied deductions, compiled net profit oar net loss, nst income or deficit, net operating loss deduction, *— nei tax, compiled net profit less income tax, and dividends paid by type of dividend — Continued Tmblm PART II. - RETURNS WITH NET INCOME & / - Continued Other retail trade Number of returns with balance sheets 84/ Assetsi Cash 55/ Notes and accounts receivable Lessi Reserve for bad debts Inventories Investments, Government obligations 86/ Other investments 87/ Gross capital assets 88/ (except land) Less« Reserves Land Other assets Total assets 89/ Liabilitiest Accounts payable Bonds, notes, mortgages payablei Maturity less than 1 year . Maturity 1 year or more Other liabilities Capital stock, preferred Capital stock, conmon Surplus reserves Surplus and undivided profits 40/ Least Deficit 41/ Total liabilities 52/ Receiptst Gross sales 12/ Gross receipts from operations 15/ Interest on Government obligations (less amortisable bond premium) t Wholly taxable 14/ Subject to surtax only 15/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties IB/ Excess of net short-term capital gain over net long-term capital loss 19/ Excess of net long-term capital gain over net short-term capital loss 19/ Net gain, sales other than capital assets 20/ Dividends, domestic corporations 21/ Dividends, foreign corporation 22/ Other receipts Total compiled receipts 2 / Deductionsi Cost of goods sold 28/ Cost of operations 28/ Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 28/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertising Amounts contributed under pension plans, etc. 22/ Net loss, sales other than capital assets 20/ Other deductions Total compiled deductions Compiled net profit (87 less 54) Net income %J (55 less 27) Net operating loss deduction 29/ Income tax 5/ Compiled net profit less income tax (55 less SB) Dividends paidj Cash and assets other than own stock Corporation's own stock Retail trade not allooable Trad* not allooable 6,925 4,557 115,107 276,657 12,555 560,160 52,556 42,480 212,254 74,819 16,506 50,570 996,896 70,649 151,922 6,585 258,012 15,741 58,447 197,108 75,014 17,585 15,470 685,555 167,627 89,825 556,459 59,454 62,945 155,792 26,451 221,272 21,026 519,680 15,511 996,896 55,445 58,605 75,257 21,054 166,197 14,784 209,676 5,268 685,555 219,429 205,049 511,552 95,560 722,447 104,951 1,176,654 20,698 5,569,585 2,557,595 1,955,072 51,798 18,605 15,779 Total Service 25,850 Hotels and other lodging places Personal servioe Automotive Business repair servioe services and garages 5,264 6,048 4,986 2,518 546,984 756,415 150,145 68,547 856,051 650,7<W 15,994 50,705 2,159 1,116,245 45,154 544,551 89,559 215,459 55,482 545,980 620,856 85,044 808,750 5,445,225 1,529,516 528,627 1,449,774 555,975 105,627 615,175 280,745 61,756 254,044 50,545 5,569,585 5,576,479 1,463,840 70,778 78,219 1,956 50,458 17,145 42,865 491,825 219,174 i 55,184 55,427 596,771 142,655 228,075 4,826 57,704 41,368 91,554 292,579 110,597 13,792 41,266 775,746 21,889 26,680 504 16,871 2,605 8,665 142,957 48,099 25,491 6,970 205,525 70,910 55,656 158,900 25,576 211,086 45,857 1,098,727 552,092 537,001 108,454 206,598 68,191 1,075,550 249,217 175,098 55,710 1,916,665 400,324 165,052 66,875 5,576,479 1,465,840 27,509 64,880 54,767 24,798 165,184 6,744 215,229 13,976 598,771 28,885 50,055 120,562 52,551 142,977 21,750 250,298 12,188 775,746 18,259 51,691 20,560 7,492 58,180 2,127 54,266 12,406 205,525 525,228 8.852.058 1,345,702 190,264 5.578.158 455,728 706,627 518,635 158,799 810,788 1,299,789 Mi scellaneous Motion repair serpictures vices, hand trades. 1,221 141,995 112,850 41,975 55,U 1 127,585 61,015 1,737,704 428,945 55,7a 388,746 6,862 17,165 81,857 4,490,588 36, 2 a 9n,020 497,721 24,030 252,854 14 1,590,740 256,574 180,044 2,562,787 1,429,548 158,584 8,214 825,568 224,084 149,206 1,648,378 n 9 , 723 42,045 5,339 805,n e 222,666 145,344 1,360,378 -100,145 1,568 2¡627 526 10 53 14,759 991 U6 110 1,898 32 52 185,804 1,120 20 87 165 11,245 24 175 1,554 1,577 17,958 52,925 7,177 2,441 297 5 29 1,595,380 2,120,666 mm 1,900,769 145,843,216 144,714,689 1,313,938 91,173 7,055,002 3,247,743 1,550,020 1,090,855 10,958,464 6,295,048 674,049 79,457 171,421,406 155,360,049 57,775 435,656 136,843 i,559,ae 74,788 '856'489 59,854 280j555 150^706 14,539 70,004 386,385 65'696 7^4n 52'512 404'520 Sj790 24,937 408,767 4,109^753 39 515 25 1 1,028 15 7 4,874 56,507 2,062 115 415 9 4 551 6,604 1,676 84 287 21 20 599 2,560 265 15 9,282 1,678 1,227 50 2 a , 675 165,184 70,124 3,027 3,962 96 851 52,778 618 — • 6,124 14 6,088 1,677 37,709 8,507 294,947 176,159 1.910.074 504,825 157 681 147 n,592 459,668 16 65 210,546 709,735 57,612 162,624 n , 900, 706 47,538 540,356 35,978 78,108 4,828,526 2,494 16,916 422 40,933 3,266,252 1,3a '297 3,630 48,720 584 6,915 2'762 13j781 469'871 57,210 112,878 30/589.742 170,595 n7,144 247,700 657,718 551,032 17,964 306,232 29,247 386 73,482 59,934 28,996 U,949 385,227 64,468 27,145 241,5a 416,088 161,379 12 ,i a 62,946 5,896 13 52,644 48,326 308,205 44'344 23,238 207'040 312,465 133,261 9' 325 51,434 240 6,830 l'l86 134 745 6,374 i'ii3 75 439 1 23 ,9 a 12^003 1*028 29'534 56*868 9^ 555 *783 3,587 33,595 43,577 814 117 14,461 2*379 24 40,869 4,543 4,653,8n 22,879 31/7.687.944 2,300 4,212,764 2,300 4,032,720 66 37'650 671 628,402 1,629 3,584,362 36,087 1,472,560 3,025,406 1,803,120 1^653^914 n,858 342,252 1,460,868 34,621 1,095,300 2,296,645 '969'607 824,263 2^592 223,196 746'4n 65 16,889 34,782 13,938 13^885 ' 5a 3,7a 10'l87 38 184,581 338^788 131^083 131^031 5^717 41j669 89^414 906,222 322,876 3,754 42,684 4,119 6,855 118 570 409 1,550 2,541 5 12 27,122 21,665 2.428.927 2.002.839 5,676 1,955 859 618 547 5,701 41,172 2,186 1,197 5,564 9,280 7,012 6 2 717 78,094 97,818 10,580 7,728 14,122 9,188,205 7.268.977 1,255,429 1,144,670 1,498,028 481 262 71 21 1,715,559 1,570,985 6,867 17,925 71,941 55,059 20,096 47,071 6,591 5,412 8,540 4,795 5,061 5,756 26,200 14,644 1,470 827 14,205 10,550 94 156 175 106 51,144 18,451 1,929 991 7,006,539 791,359 98,557 2,770,111 193,690 287,426 65,415 257,541 28,185 117,101 17,438 12,915 16,385 52,217 71,795 156,987 4,451 7,829 50,174 171,624 484 174 157 550 61,876 105,493 6,020 21,793 558 207 558,954 251,028 2,504,971 1,923,846 125,956 78,993 125,952 78,968 822 563 58,825 23,914 85,151 55,079 906 1,950 271 317 116 1,029,936 1,733,12S 362,056 255,579 349,703 8,651,586 6,467,995 1,126,451 1,062,421 1,365,290 556,617 800,982 128,978 82,249 132,738 536,520 800,896 128,970 82,232 132,708 2,450 10,890 2,600 1,346 1,794 259,827 180,373 43,199 24,103 44,026 356,244 641,155 85,779 58,146 88,712 29,273 3,133 14,987 66,777 176,876 577,990 13,303 S8^ U 5 2,554 12,801 5,ae 3,218 15,847 55, 7 U 408,767 4,109,753 2,505,009 •e •• 12,178 671 3 ,2a 2,778,688 8,019,275 201,196,527 1,729,5a n , 415, 548 1,736,012 18,571,715 1,529,755 246,020,180 — 17,404 844 . — 1,756 32,925 371,278 154,775 3,288^187 708 56,737 544 4,681 2 ,1 a 175 5,179 415 4,656 1,156 38,762 615 51 50 906 15,912 802 162 182,947 10,720 14,009 4,107 284 21 17 495 2,445 41 29 72,442 14,481 26,823 38,543,896 •7.389.675 42,697,269 38,066,554 _ 82,845 mm U,694 71,883,167 70,758, a s 15,997,862 7,258,835 1,103,194 1,453,7a 274,583 164,762 179,175 88,647 1,O n , 978 859,793 171,421,406 155,360,049 28,294 1,026 9 8 1,500 69,424 295 204 11,425 2.887 96,174 n , 687 22,850 44,465 17,959 75,574 32,769 90,595 25,004 278,789 5,995 129 86 8,921 145,592 5,188 805 16,942 4,016 176 4,714 41,191,265 5,146 45,871,583 29 95,283 897 29,949 807 96,052,219 1,094 48,686,556 7,672 12,018,300 2,166 2,996,568 2,158 5,425,127 469 5,857,232 18,762 r24g.«CQ.lB0 50,392 1,496 78 97 6,961 19,846 4,112 525 142,540 2,478 52,256 66,379 4,401 13,721 19,015 21,366 140,526 55,610 12,521 n , 416 278,789 Shortterm credit agencies, except hank* 55,222 19,051 4,114 500,056 46,312 6,152 8,182 154,245 43,827 626 8,926 45,700 20,094 281,006 102, U 7 1,071 79,855 12,677 22,856 759,772 158,887 885 25,217 U,S 6 7 75,065 1,775,159 390,822 10,875 815 40 S 1,458 5,259 78 48 167,798 107,979 461,599 725,228 65,784 88,499 24,469 24,364 16,966 8,268 2,293 3,328 5,854 2,761 21,259 15,593 1,158 1,181 26,401 - 21,965 3 68 56 42 14,055 6,873 850 9,322 2 ,n o 219,076 84,877 10,025 19,625 115,445 29,652 409 1,382 528 16,469 555,981 7,076 1,612 68,556 28,869 1,584 356,705 29,999 54,565 765,594 240,591 14,802 550,965 96,568 1,916 192,990 50,578 2,480 71,597 16,076 75,065 1,775,159 390,622 504 24 24 5,049 4,945 551 60 256,401 234,851 22,551 50,055 53,428 1,917 26,213 50,697 1,217 52,096 4 165 13,861 690 8,249 Finance, insurance, real estate, and ___leaaors or real property __ Financ AmuseTotal Long-term ment, Other Service finance, Banks credit except eervloe, not Total Insurance, and agencies. motion inelud- allooa- real estate, finance trust mortgage picing ble and lessors companies companies, tures schools of reel except property banks 75,569 40,265 11,046 2,205 1,071 495 426 2,178 80 2,165 24,510 31,187 865,761 194,575 30,609 17,655 91,406 16,023 20,204 9,225 1,807 955 5,409 11,652 36,569 17,046 1,982 1,698 34,107 13,123 3 85 160 56 52,504 8,487 7,857 978 51,644 181,706 55,440 10,393 4,343 1,441 1,455 7,204 367 7,905 13 62 6,764 1,522 109 21 514 488 54,242 26,047 443,721 115,786 264,314 162,951 1,623,146 428,750 30,633 13,208 286,928 76,073 286,921 76,069 30,633 13,208 261 1,676 247 1,112 8,506 3,884 94,095 26,377 22,127 9,324 192,833 49,696 90 123,448 411,793 47,875 47,855 1,788 14,966 52,909 92,351 56,396 15,400 17,984 3,489 655 2,277 6,100 147 13,381 • 21 1,684 98 2,250 390 10 1,097 278 879 241 97,317 1,103 16,607 2,871 6,728 1,467 mm mm 10 582 2 ... 415 25,179 4,140 9,732 2,444 462 109 24 192 341 19 483 168 198 3n 1,224,845 54,054 Table 5. - Corporation income tax returns with balance sheets, 1/ 1947, by major industrial groups — Part I, all returns; Part II, oDerst!^*' Number of returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net ope ing loss deduction, income tax, compiled net profit less income tax, and dividends paid ly type of dividend - Continued PART n . - RETURNS WITH NET INCOME 2/ - Continued (Jfloney figures in thousands q x .dojiarsj ....... Number of returns with balance sheets 34/ Assets: Cash 35/ Notes and accounts receivable Less: Reserve for bad debts Inventories Investments, Government obligations 36/ Other investments 37/ Gross capital assets 38/ (except land) Less: Reserves Land Other assets Total assets 39/ Liabilities: Accounts payable Bonds, notes, mortgages payable: Maturity less than 1 year Maturity 1 year or more Other liabilities Capital stock, preferred Capital stock, common Surplus reserves Surplus and undivided profits 40/ Less: Deficit 41/ Total liabilities 39/ Receipts: Gross sales 12/ Gross receipts from operations 15/ Interest on Government obligations (less amortizable bond premium): Wholly taxable 14/ Subject to surtax only 15/ Wholly tax-exempt 16/ Other interest Rents 17/ Royalties 18/ Excess of net short-term capital gain over net long-term capital loss 19/ Excess of net long-term capital gain over net short-term capital loss 19/ Net gain, sales other than capital assets Dividends, domestic corporations 21/ Dividends, foreign corporations Other receipts Total compiled receipts 2 j Deductions: Cost of goods sold 23/ Cost of operations 25/ Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 22/ Depreciation Depletion Amortization 27/ Advertising Amounts contributed under pension plans, etc. 28/ Net loss, sales other than capital assets Other deductions Total compiled deductions Compiled net profit (37 less 54) Net income 2/ (55 less 27) Net operating loss deduction 22/ Income tax 2/ Finance, insurance, real estate, i nd lessors of real property - Continued Insurance carriers, aeent 3. etc. R Security e Total and Insurance i Insurance insurance 'inance :onmodity- )ther agents, 1 carriers carriers, 10t 'inance sxchange Drokers, 0 agents, allocable ompanies Drokers 3tC. Ì etc» and dealers Invest ment trusts and in vestment compa— Other in vestment companies, including holding corapa- 2,473 1,393 706 170,283 216,749 16,545 5,590 4,480 20,072 749,954 18,317 24,758 339 1,690 11,182 29,696 44,337 15,723 2,255 4,176 120,349 90,591 157,092 1,241 3,198 61,605 303,147 28,617 7,046 10,407 19,558 665,928 267,827 8,444 27,548 84,942 242,659 186 _ 339,359 3,18l)332 64)662 24)810 14]652 20j 903 3,950'748 340,483 623,140 22,493 6,806 460,359 4,453,739 '145,018 41,297 50,205 39)918 6,055,878 58,933 559,199 215,687 140,104 1,141 2,640 645 6,000 1,520 4,480 23,816,493 31,160,522 430,470 19,219 18,229 2,509,305 60,069,000 1,793,971 “ ,— 23,792,682 31,064,412 374,801 8,273 15,476 2,478,535 59,509,604 137,009 254,341 2,121 — 23,811 86,110 55,669 10,946 4,753 30,770 579,396 284,419 - 284,419 10,042 14,628 47,507 1,930,980 254,341 2,121 — Lessors of real property, except buildings 60,222 1,753 34.876 2,360 7,374 14,099 2,551 20,843 1,494 27,961 13,618 76.732 1,095 5,238 2,159 155 6,104 79 5,362 633 21,312 24,45B 42,360 16,556 9,835 66.876 5,552 67,826 18,808 249.331 1.789.131 4.359.131 1,149,072 .,111,970 209,979 220,542 20,299 2,819 16,803 7,744 94,225 48,740 7,233 11,551 « 31,554 2,713,123 2,351,847 361,276 45,636 866,245 6,064 362 818 15,909 l)067 7) 589 l)l66 6,022 889 1,169 56,831 11,671 2,459 262 2,382 84 1,270 4,533 857 21 773 186 5 4 686 2,885 30,364 26 3,574 36 496 9,498 969 126 288 553,869 12,010 50,190 884,932 85,452 195 263 553,450 11, 987 30,125 . 883,113 83,421 94 161 419 23 67 1,819 2,031 101 102 9,891 400 529 27,821 1,095,230 2,685 2,514 52,639 20,522 4,047 554 10,309 14,252 13,416 836 6,580 *662 193 184 9,213 3,749 720 471 2,531 36 220 22/ 310 20,764 45)633 260,771 259)952 454 14,574 246,19' Compiled net profit less income tax (55 less 58 ) Dividends paid: Cash and assets other than own stock 1 224,88 3.84 23,799 198 10,861 1,843 1,209 2,989 23,654 8,072 949 3,154 1,103 13 656 676 810 67,055 147,041 363,431 362,262 826 42,106 321,323 285,042 3.46 5,197 4,568 2,565 450 672 121 662 604 31 2,686 21,535 3,068 489 207 3,996 3,396 210 746 12 - 1,251 1,146 696 98 122 47,759 83,937 24,642 23,372 811 5,629 80 18,199 36,629 18,689 18,685 286 6,240 12,449 19,013 6,144 39C 6, 918 4 118,948 13,668 44,454 789 55,318 129,612 140,635 1,109 216,875 82,725 139,167 761,881 302,788 227,724 38,522 1.433.244 103,527 28,968 48,856 22/ 374,072 1,261,372 10,481 398,276 87,007 194,759 813,377 321,672 55,833 95,043 2.947.586 75,221 76,676 96,059 108,671 75,498 91,756 25,115 27,821 458,172 485,119 86,687 88,260 467,782 501,105 50,861 65,112 1.433.244 .,335,200 - 296 739 1,705 30,658 '71,359 660 19,267 6,820 49,38S 65,412 17,938 17,866 7,162 249.331 525,037 10,042 14,628 54,546,458 34,848 775,583 18.006 4,415,188 10,172 60,089,000 38,621 7,658 120 3,759 108,579 141 2,757 2,417 39 5,435 1,045 1,289 12,247 3,449 1,081 549 2L,512 204,893 190,282 647,670 54.445 471,691 75,822 805,846 28,100 2.947.586 40,912 52,089 272,062 21,961 167,905 18,497 123,386 58,432 665,928 983 295,862 27,167 8,831 510,472 161 6,570 15,083 50 4,646 7, S U 8,340 35,964 7,885 6,988 1,545 76.732 48,995 3,252 11,449 15,516 3,332 46,359 8,871 36,042 12,916 120,349 1,640 210)690 5,465 2,975 30$, 404 3,575 120,305 125,135 1,040 208,794 74,169 129,538 713,670 291,454 219,655 36,428 ,335,200 22,072 625,906 965,804 ,138,072 143,294 663,559 114,478 266,097 :,459,259 1,145,504 28,614 159,372 529,914 :,468,149 203,144 642,388 2.795.529 L 201,790 38,906 35,977 37,110 80,581 10,309 82,765 5,311 749,954 22/ 3,877 1,412 80 119 1,656 129,143 93,461 98 1,547 108 299 3,317 17,173 855 403 760 33 160 2,977 11,485 4,609 209 682 31 152 2,730 11,037 4,417 152 74,691 7,548 16,944 17,017 11,065 5,854 3,217 286 4,699 274 10,307 382,240 161,507 21,424 291 47,785 2,356,649 1,165 2,576 7 9,787 247,052 2,864 6,635 1,005 284 54,858 6,253,487 1,141 2,156 5,150 5,465 1,746 1,750 12.853 13,483 1,429,718 1,375,085 1,343 1,838 7 7,512 162,747 - 6,043 7,185 52,705 63,879 9,685 675 1,657 1,044 4,937 714 2,264 — 3,267 1,784 28,214 48,224 124,518 80,752 85,968 3,341 213,803 284,228 4,101 220,067 470 332 11,463 2,484 5,021 2,717 1,640 134 25,882 20,129 193 7,184 24,867 41 65 155 1.380.410 3.568.410 215,347 22,724 31,831 8,366 15,688 56,712 3,350 71,519 1,306 156 12,887 5,119 105 152 41 2,369,028 2,545,632 22,013 31/2,507,034 £1/2,826,296 41 ,95: 1,579,207 1,642,185 20,955 1,549,084 20,463 1;611,995 5,99C 6,427 6i: 47,183 65,748 5,06E 1,532,024 1,576,437 15,874 47 176,604 319,262 62,978 62,911 437 18,565 44,413 3,754 614,673 1,726,392 630,257 629,728 17,895 172,685 457,572 876 20,946 109,850 137,202 137,083 1,470 47,717 89,485 691 437,504 5,832,020 . 421,467 421,168 8,172 137,246 284,221 120,661 2.457 18,646 1.276 1,329 1,279 42 3,410 62,910 _ 7,183 4,680 912 182 711 2,856 1,629 56 429 9 1,135 113 13,922 40i 536 145,379 1,336 26,944 4,468,481 250 140,680 1,062 16,637 4,086,241 - — 32/11,097 12,973 1,716 1,037 901 80,359 805 15,771 14 52,705 50/74,976 22,658 2,391 2,694 1,945 85,296 1,519 18,035 14 9,310 8,969 102,015 l r18] 222 733,985 79,212 28,982 23,503 23,411 1,211 7,521 24,987 944 30,358 1,658 16 6,825 2,807 479 494 230,799 235,742 1,201,656 1,155,232 217.853 228,062 217,721 227,902 3,399 3,677 70,736 73,536 147,117 154,526 income -tax returns with balance sheets, 1947, by total assets classes« Number of* returns, assets and liabilities, _ __________ I compiled ,.x „net „ v profitv ^or *«»v amplled deductions, net awoo loss, uq net income or deficit, net operating loss deduction, income tax. compiled net profit less income tax, and dividends paid b y type of* dividend com piled r e o e l p t s , i 333 31,465 54,780 1.0961 297 25,168 133 559 70,612 12,428 13,827 2,524 1,297 784 1,605 2,723 219 2,925 184 9 1,616 203 2,166 5,836 14 5,034 22,961 2,207 2,205 158 634 1,573 76 28,839 139,871 22,876 22,864 627 6,372 16,504 2,547 304 4,890 13,421 3,940 839 703,014 74,307 27,476 23,311 22,963 1,127 6,997 23,595 929 29,360 1,276 IS 6,789 2,795 mm Table 4« - Corporati Nature of business not allocable 576,217 53,943 203,665 ,451,989 299,812 160,445 67,098 268,851 U ,714,245 2.795.529 129,511 651,949 132,241 802,427 1,816,001 '285,554 1,875,319 '196,323 6,055)878 - 13.444 Agricul ture and Forestry Fishery services 78,538 79,858 195 48,842 235,099 352)342 192'690 1,220)024 44)829 2,088,872 *290)883 5,950,748 20,799 Total agricul ture, forestry; and fishery 637,849 839,915 10,122 18,255 278,616 54,498,951 14,049 692,526 4,307,987 3,909 59,509,604 83,057 18,006 107,201 6,263 579,396 3,129 Construc tion 1,909 23,463 8,002 7,976 120 395 23 24 Dividends paiax i Cash and assets o t h e r -than \ l.lBlI 1.276 1 C o r p o r a t i o n ’s o w n s t o c k---- of returns,, -----assets and liabilities. total assets cxassea» Number v* Table 4* — Corporation income taac returns with balanoe sheets , 1947, byv total compiled receipts, compiled deductions, compiled net profit or net losi , net income or deficit, net operating loaa deduction, income tax. compiled net profit less income tax, a n d dividends paid by type of dividend Total 13 24 32 51 62 53 64 55 56 57 58 59 60 61 Number of return« with balanoe sheets 34/ Assets s Cash 36/ Notes and aocounts receivable Less: Reserve for bad debts Inventories Inveatments, Government obligations 36/ Other invest ms nts 37/ Gross oapita 1 assess 38/ (except land) Less: Reserves Land Other assets Total assets 39/ Liabilities: Accounts payable Bonds, notes, mortgages payable: Maturity less than 1 year Maturity 1 year or more Other *liabi liti e a Capital stock, preferred Capital stock, common Surplus reserves Surplus and undivided profits 40/ ■ Less: Deficit 41/ Total liabTTitie s 59/ Receipts: Gros s sa les 12/ Groes receipts' from operations 13/ Interest on Government obligations (less amortisable bond premium): Wholly taxable 14/ Subject to surtax only 16/ Wholly tax-exempt 16/ — — Other interest Rents 17/ Royalties 18/ Excess of iet short-term capital gain over net long-term capital loss 19/ Excess of net long-term capTEal gain over net short-term capital loss 19/ Net gain, sales other than oapTtal assets 20/ Dividends, domestic corporations 2l/ Dividends, foreign corporations ¿ 2 / Other receipts Total compiled receipts 7/ Deductions: Cost of goods sold 23/ Cost of operations 7 5 / Compensation of officers Rent paid on business property Repairs 24/ Bad debts Interest paid Taxes paid 25/ Contributions or gifts 26/ Depreciation Depletion Amortization 27/ Advertising ~ ] Amounts contributed under pension plans, eto. 28/ Net loss, sales other than capital assets 20/ Other deductions Total compiled deductions Compiled net profit or net loss (37 less 54) Net income or deficit 2/ (65 less 27) INet operating loss deduction 29/ Income tax 3/ Compiled neT profit less income tax (55 less 58) IDividends paid: Cash and assets other than own stock | Corporation1s own stock____________________________ For footnotes, see pp. 25-26. 496,821 Under 50 218,623 50 under 100 89,002 1ÓÓ under 260 90,709 Total assets classe 500 under 1,000 ----2Ï5 under 500 39/ 1,000 under under 5.000 10,000 6,000 10,000 under 50,000 60,000 under 100,000 100,000 and over 39,571 25,258 26,447 4,676 3,566 609 561 8,468,294 11,103,001 166,485 7,272,202 12,313,638 5,460,851 16,273,491 6,570,045 1,992,506 1,029,277 57,166,729 4,830,406 5,928,662 76,208 3,340,462 8,364,926 3,382,367 8,294,027 3,372,942 727,665 539,768 31,950,113 10,062,737 11,795,786 149,667 7,208,007 17,208,877 9,767,717 22,247,418 9,055,387 1,133,438 1,569,972 71,788,897 4,933,541 4,762,658 48,242 3,262,315 7,844,123 5,335,732 12,765,434 4,459,716 367,872 986,220 35,739,937 29,110,149 32,109,454 210,901 12,401,707 60,701,375 50,838,240 80,224,133 28,598,380 914,727 6,001,253 242,491,767 64,369,450 76,862,739 904,191 44,009,422 108,774,434 78,363,264 163,743,576 60,664,305 9,115,093 10,945,661 494,615,043 731,767 904,185 20,378 868,462 47,433 200,808 2,199,077 806,191 322,811 222,877 4,660,841 844,588 1,251,975 28,100 1,245,996 104,334 291,025 2,887,117 963,496 502,704 242,179 6,376,122 1,740,672 2,883,950 69,854 2,740,978 356,313 760,473 6,430,013 2,178,874 1,138,682 503,972 14,306,525 1,626,216 2,793,398 66,188 2,698,666 542,153 932,616 6,964,032 2,159,625 1,038,276 472,879 13,841,628 2,032,290 3,339,671 $9,168 2,982,427 1,301,262 1,393,445 6,458,834 2,499,649 976,423 377,164 16,292,699 25,537,261 857,645 968,217 1,963,588 1,794,354 1,796,194 3,947,845 1,646,272 3,640,635 1,482,400 7,641,111 11,288,837 60,107,660 227,114,285 15,007,238 72,463,357 11,302,726 90,101,198 8,307,419 494,615,043 365,622 730,481 542,757 119,260 2,153,241 32,385 1,103,223 1,243,673 4,660,841 435,449 1,030,677 593,282 137,198 2,079,182 62,810 1,636,928 556,616 6,376,122 945,038 2,479,513 1,406,141 366,612 3,988,367 183,725 3,845,457 862,106 14,306,326 874,989 2,217,353 1,585,048 415,839 3,373,436 242,743 3,987,166 647,305 13,841,623 1,045,817 2,126,960 2,829,636 550,814 3,469,543 379,880 4,785,456 691,591 16,292,699 2,359,205 4,747,180 22,821,074 1,620,967 8,388,367 1,322,057 13,541,864 1,681,810 57,166,729 872,202 2,056,568 15,470,089 775,167 3,752,073 851,728 7,011,248 484,234 31,960,113 1,499,092 6,708,374 32,916,062 2,689,480 8,923,819 2,076,694 15,601.879 1,066,138 71,788,897 564,188 4,191,550 16,441,923 1,729,334 4,762,736 963,867 8,359,297 745,358 36,739,987 2,337,336 24,818,914 132,508,273 6,614,582 31,672,613 6,197,837 32,329,680 428,588 242,491,767 299,771,214 48,176,468 9,286,976 2,345,342 11,842,598 1,856,190 25,784,102 3,336,788 23,838,748 2,732,396 25,160,654 2,942,522 54,166,184 8,877,793 21,876,647 2,668,656 44,244,466 5,534,679 17,243,854 3,581,174 66,326,995 17,399,929 1,655,504 252,997 191,827 2,920,215 2,690,046 364,155 22,814 2,421 64 274 10,026 223,942 11,614 1,789 4,084 107 163 14,092 242,296 8,429 1,456 8,469 361 476 39,085 491,319 22,667 2,938 10,810 553 672 42,860 375,014 21,510 1,984 18,559 1,459 2,138 63,200 141,886 22,444 1,532 161,766 15,202 23,262 341,349 255,675 67,087 4,766 113,282 11,510 15,800 207,668 109,646 56,011 1,603 233,566 31,969 29,436 406,033 174,389 78,641 3,642 107,841 18,415 13,705 168,650 96,239 15,884 1,374 894,736 175,357 105,911 1,627,262 579,742 59,968 1,737 817,792 25,635 27,420 58,081 58,326 68,538 168,814 78,057 147,178 62,228 133,615 299,645 1,860,061 339,771 2,259,253 361,520,762 42,532 2,925 381 108,091 12,062,012 33,924 4,863 40 125,702 14,161,352 55,465 16,529 1,354 256,048 30,071,662 41,107 26,230 1,045 236,542 27,386,796 34,864 46,334 1,640 212,638 28,718,308 56,846 205,808 9,864 432,777 61,785,182 16,827 109,771 10,028 180,744 25,355,149 10,365 348,793 53,535 323,931 51,620,603 1,480 194,668 51,272 71,934 21,618,718 9,235 904,140 210,612 311,951 88,741,080 230,769,345 27,377,372 5,893,084 3,126,588 3,341,461 675,042 2,429,118 6,741,502 288,090 5,124,079 1,201,363 58,193 2,988,338 1,031,192 264,434 39,054,393 330,313,594 31,207,168 31,015,341 176,111 10,786,777 20,420,391 7,023,894 1,281,638 789,059 317,087 85,458 25,290 46,106 165,943 4,440 149,163 3,948 1,172 88,747 3,613 23,862 1,874,761 11,884,171 177,841 177,567 22,900 98,460 79,381 9,163,637 1,048,707 674,162 211,766 81,781 29,825 61,076 176,490 6,721 167,228 4,572 1,089 94,146 3,697 11,123 1,835,919 13,571,839 589,513 689,360 14,413 177,788 411,725 20,193,952 2,003,466 1,116,264 319,252 161,981 62,883 140,641 358,802 17,619 329,455 14,658 2,469 191,075 10,001 16,287 3,560,161 28,496,845 1,574,717 1,574,241 22,495 541,016 1,033,701 18,723,477 1,694,566 785,277 229,120 144,382 48,084 125,890 320,441 19,351 282,571 18,794 1,949 179,886 16,540 10,665 3,084,542 26,685,534 1,701,262 1,700,590 14,852 646,950 1,054,312 19,745,026 1,733,201 639,546 202,710 152,717 44,904 129,188 367,276 22,923 294,566 31,770 60S 209,586 29,453 13,614 3,072,714 26,689,667 2,028,641 2,026,503 15,005 781,248 1,247,393 42,019,535 3,314,973 944,567 372,447 430,639 97,032 314,263 947,426 56,205 639,386 108,319 2,467 514,650 105;987 27,962 6,553,663 56,449,511 5,335,671 5,312,409 27,603 1,995,439 3,340,232 16,643,339 1,325,374 267,799 146,117 241,824 42,305 139,234 506,603 23,602 290,321 54,298 1,045 271,148 68,200 15,915 2,894,435 22,830,367 2,524,792 2,508,992 10,865 928,641 1;696,161 33,516,636 2*781,043 352,041 296,007 612,236 89,893 301,358 1,057,050 37,816 655,276 165,527 6,495 507,342 170,308 85,092 5,996,465 46,432,774 5,187,829 5,158,393 14,425 1,878,173 3,809,656 13,028,687 1,780,676 91,083 154,709 261,331 30,915 176,486 517,589 13,870 357,860 85,656 3,430 218,150 93,832 12,798 2,644,474 19,471,246 2,147,472 2,133,767 19,481 757,204 1,390,268 51,008,963 10,415,740 234,286 877,373 1,169,112 203,911 996,016 2,524,982 35,643 1,958,553 713,621 37,574 713,608 529,661 48,118 7,537,289 78,801,660 9,939,430 9,833,519 14,072 2,981,858 6,967,572 8,284,967 695,544 79,606 5,436 92,953 15,162 227,631 50,370 246,184 63,115 331,418 84,818 1,014,072 199,898 598,198 53,858 1,486,515 77,527 743,918 69,416 3,464,473 85,944 Table 5 . - Corporation income tax returns, l/ 1947, by net income and deficit classes, for returns with net income and returns with no net income * Number of returns, and net income or deficit; also, for returns with net income, the income tax (Net income and deficit classes and money figures in thousands of dollars) Returns with no Returns with net income 2/ net income 2/ Net income and deficit Number of Income Net Number of classes 2/ Deficit 2/ returns tax 3/ income 2/ returns Under 1 1 under 2 2 under 3 3 under 4 4 under 5 5 under 10 10 under 15 15 under 20 20 under 25 25 under 50 50 under 100 100 under 250 250 under 500 500 under 1,000 1,000 under 5,000 5,000 under 10,000 10,000 and over Total No income data (inaoti^e corporations) For footnotes, see pp* 25-26* 66,516 34,355 24,265 19,537 16,110 52,897 31,874 22,098 20,445 36,696 23,890 18,688 7,286 3,806 3,323 392 353 382,531 5,125 9,594 11,592 13,342 14,234 78,511 83,716 83,305 102,770 379,917 605,268 1,043,031 904,807 929,342 2,333,966 914,879 3,467,928 78,547 20,856 12,613 8,692 6,627 17,214 7,694 4,097 2,631 5,432 2,646 1,418 432 227 124 17 9 22,651 30,222 31,108 30,237 29,680 121,918 94,023 70,682 58,709 188,284 181,875 216,576 148,083 155,639 239,797 112,153 226,926 33,381,291 42/10,981,482 169,276 1,958,563 35,876 - 27,629 50,614 60,081 68,093 72,284 382,820 393,070 384,253 461,735 1,283,695 1,684,769 2,897,136 2,530,132 2,642,213 6,683,179 2,747,218 11,012,370 _i - 223 - 25 Footnote» for tablee in this release 1/ The information contained in this release is compiled from ihe returns as filed, prior to revisions that may he made as a result of audit by the Bureau of Internal Revenue and prior to changes resulting Aram carry—hacks after the returns mere filed* 2/ "Net income" or "Deficit" for 1946 and 1947 is the difference between the total income and the total deductions as reported on the return« adjusted by exoluding.net operating loss deduction. See note 29. $/ "Income tax" consists of normal tax, surtax, and 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 suoh tax is less than the normal tax and surtax. Tabulated with the inoome tax for returns with net income is a samll amount of tax reported on returns with no net income, under the speoial provisions applicable to certain mutual insurance companies, other than life or marine. 4/ The excess profits tax shown is that imposed by sec tion 710 of the Internal Revenue Code as amended should not be oonfused with the declared value excess—profits tax. Kffactive January 1, 1946, the corporate excess profits tax was repealed. For 1946 the excess profits tax data shown are from exoess profits tax return« for fiscal years ending in the period July through November 1946, aid part years beginning in 1945 and ending in 1946 with the greater part of the ac counting period in 1946. (For fiscal years beginning in 1945 and ending in 1946, the excess profits tax is retained for the 1945 portion of the year. In such cases the tax is determined by first computing a tentative tax under the provisions ap plicable to taxable years beginning on January 1, 1945. The tentative tax is then prorated on the basis of the number of days in the taxable year before January 1, 1946.) As in 1946, the amount shown is the excess profits tax less the 10 percent oredit. The tax is before the amount deferred unier seotion 710(a)(6) (relating to abnormalities under seotion 722) and after any adjustments reported on the returns under other relief provisions. 5/ The industrial classification is based on the busi ness activity reported on the return. When multiple businesses M-e reported on a return, the classification is determined by the business activity which aocounts for the largest percentage of total receipts. Therefore, the industrial groups do not reflect pure industry classifications. There is no change in the industrial groups between 1946 and 1947. 6/ Total number of returns includes returns of inaotive corporations . 7/ "Total compiled receipts" consists of gross sales >T88 r?turns and allowances), gross reoeipts from operations j ere iH^ontoriea are not an income-deteraining factor all iMerest received on Government obligations (less amortisable wnd premium), other interest, rents, royalties, excess of net short-term capital gain over net long-term capital loss, excess nlf !.4lo^ " t*ra capital gain over net short-term oapital loss, f ln.r?“ sale or exchange of property other than capital 4« . * dividends, and other reoeipts required to be included » gross income. "Total compiled receipts" exoludes nontax- ), tru«4-T//l J*1? iBdustrial classification designated "Investment inVeStT nt 0QmPftni®«B consists of corporations which w E r i * ° P!T°ent °r more of receipts from investments and time during the taxable year had investments in JB fS r lrhiCh they 12/ "Gross sales" consists of amounts reoelved for goods, less returns and allowances, in transactions where inventories are an income-determining fSotor. For "Cost of goods sold." see "Deductions." 35/ Gross receipts from operations" consists of amounts reoeived from transactions in which inventories are not an income-determining factor. For "Cost of operations," see "Deductions•" 14/ ^Interest reoeived on Government obligations, ifcolly taxable" consists of interest on Treasury notes issued on orafter December 1, 1940, and obligations issued on or after United States or any agency or instrumen tality thereof, reported as item 9(c), page 1, Form 1120. 15/ "Interest reoeived on Government obligations, subjeot to surtax only" consists of interest on United States savings bonds and Treasury bonds owned in principal amount of over *6,000 issued prior to March 1, 1941, reported as item 9(a), page 1, Form 1120, and interest on obligations of instrumen talities of the United States (other than obligations of *ftnd hanks, joint stock land banks, and Federal interf ™ * 1* hanks) issued prior to March 1, 1941, reported as itsm 9(h), page 1, Form 1120. . 35/ "Interest received on Government obligations, wholly tax-exempt consists of interest on obligations of States, Territories, or political subdivisions thereof, the Distriot “f* United States Possessions, obligations of the ia8Uad on or before September 1, 1917, all postal savings bonds, Treasury notes issued prior to December 1, 1940: Treasury bilis issued prior to March 1, 1941, United States Ib^oo'oi0!48 T 1 Tr!aSUfy bond0 °,med 1x1 principal amount of *5,000 or less issued prior to March 1, 1941, and obligations Mar°b 1* 1941» by Faderal l*nd banks, joint h*1*«' and Federal intermediate credit banks. In» 8U0h f°Urces ia "Ported under item 19(a) of schedule M, page 4, Form 1120. m 4 i " nmt "R*nts" consists of gross amounts reand *!L.a L ! ,n0UIlt8 depreciation, repairs, interest, taxes, Whi0h are deductible from the gross amount i t ^ f " “h®' ar® incl«ded in the respective deduction SJSFJEF*?' received. The amount of depletion, which is deductíbü ?-S5MSÍ.*Ü2SSn 52 - 4 32/ CaPitel gain or loss is the amount of gain or loss S f J Ü ’S ? - 88^ 4°r ®XOhan6e of cepita1 assets, (a net lowfromthi. source is not deductible for the current year hut may be carried over and applied against capital gainTin* taxable years to the extent not Silowed as a deduction against any net capital gains of any t a x a b l T ^ th® taxabla i» which the nSt « p i £ l t ^ ® !í®ía i n e d tha taxable year to which carried!) The asks s z b w s t s °med60percent or moreof the oomaaes^0n5r!triê1 cla88ification designated "Holding nw* «e L of corporations which derived 90 percent or the t»-r.»Seeipt® investments and which at some time during owned so 110(1 Vestments in oorporationTTm whioh they 60 Percent or more of the voting stook. ~ l l / Number of returns shown exoludes returns of lmaotive corporations. ^r°m holding e^m»n4^U" ^ r i a l 4 C la® S i^ic a tio n designated " Operating- than 90 J f S S £, .COnsisbf of corporations which derived less vestments*r°8B^ “°r® th8n 50 P®ro«nt of reoeipts from in- of issuS a S d ^ s w J l n° ?X0®eding one y*ar From the date ;®®u?* and t®/ raal property used in the trade or business of the taxpayer. Beginning 1942 gains and loss®! fro» !!, the los«:; r~!r; tz ! m i r i h o 1;“ w r^ psss; r bhe gainB exoaad the losses. If b” ^ a’® ^ tgil^ 8a ^ r cS c ^ b ” s, change of capital a S L V J e W S ^ o S h s ' T L S S j ' n o i appU.. to gains or losses on capital aSsIís^íl o v e T l S ^ e - 26 Footnotes for tables in this release - Continued 20/ "Net gain or loss, sales other than capital assets is the net amount of gain or loss arising from the sale or exchange of depreciable and real property used in trade or business and short-term noninterest-bearing Government obli gations issued on or after March 1, 1941, on a discount basis. If the property used in trade or business has been held for more than 6 months, special treatment of the gain or loss is provided as described in note 19 above. 2 1 / "Dividends, domestic corporations" consists of divi dends received from domestic corporations subject to taxation under chapter 1 of the Internal Revenue Code. H u s item is reported in column 2, schedule E, page 2, orm 1120, and is the amount used for computation of the dividends re ceived credit. 22/ "Dividends, foreign corporations" is the amount reported in column 3, schedule E, page 2, Form 1120, and. is not used for the computation of dividends received credit. 23/ Where the amount reported as "Cost of goods sold" or "Cost of operations" includes items of deductions such as depreciation, taxes, etc., these items ordinarily are not transferred to their specific headings. However, an exception is made with respect to amounts reported in costs and identi fiable as "Amortization of emergency facilities" and "Amounts contributed under pension plans, etc.," such amounts being transferred to the respective deduction items. 24/ Amount shown as "Repairs" is the cost of incidental repairs, including labor and supplies, which do not add materially to the value of the property or appreciably pro long its life. 25/ The item "Taxes paid" excludes (l) Federal income tax a M Federal excess profits taxes (2) estate, inheritance, legacy, succession, and gift taxes, (3) income taxes paid to a foreign country or possession of the United States if any portion is claimed as a tax credit, (4) taxes assessed against local benefits, (5) Federal taxes paid on tax-free covenant bonds, and (6 ) taxes reported in "Cost of goods sold and "Cost of operations." 26/ The deduction claimed for "Contributions or gifts" is limited to 5 percent of net income as computed without the benefit of this deduction. 27/ Amount shown as "Amortization" is the deduction provided by section 124 of the Internal Revenue Code as amended with respect to the amortization of the cost of emergency facilities necessary for national defense. 28/ "Amounts contributed under pension plans, etc.," consists of deductions claimed under section 23 (p) of the Internal Revenue Code for anounts contributed by employers under pension, annuity, stock-bonus, or profit-sharing plans, or other deferred compensation plans) 29/ Die net operating loss deduction .tabulated herein is the amount originally reported, consisting only of the net operating loss carry-over reduced by certain adjust ments, and does not take into account whatever revisions may subsequently be made as the result of any carry-back of net operating loss from the two succeeding tax years. In general, the net operating loss carry-over is the .sum of the net operating losses, if any, for the two preceding taxable years. If there is net income in the first pre ceding taxable year, the net operating loss for the second preceding taxable year is reduced to the extent such loss has been absorbed by such net income. 30/ Amount shown as "Compensation of officers" excludes compensation of officers of life insurance companies which file Form 1120L. Data not available. 2/ See note 30. 52/ Compiled net loss or deficit. 53/ Compiled net loss after income tax payment. 34/ "Number of returns w i t h balance sheets" excludes returns of inactive corporations and returns of active corpo rations for which balance sheet data are lacking) 35 / Amount shown as "Cash" includes bank deposits. 36/ Amount shown as "Investments, Government obligations" consists of obligations of the United States or agency or instrumentality thereof as well as obligations of States, Territories, and political subdivisions thereof, the District of Columbia, aid United States possessions. See note 37. 57/ ’.There investments are not segregated as between "Government obligations" and "Other," the entire amount is included in "Other investments." 38/ Amount shown as "Capital assets" consists of (l) de preciable tangible assets such as buildings, f ixed mechanical equipment, manufacturing facilities, transportation facilities, and furniture and fixtures, (2 ) depletable tangible assets — natural resources, and (3) intangible assets such as patents, franchises, formulas, copyrights, leaseholds, goodwill, and trade-marks. (Amounts in tables 3 and 4 of this release exclude land.) 59/ Assets and liabilities are tabulated as of December 31, 1947, or close of fiscal year nearest thereto. Total assets classes are based on the net amount of total assets after reserves for depreciation, depletion, amorti zation, and bad debts. Adjustments are made in tabulating the data as follows: (l) Reserves, when shown under lia bilities, are used to reduce corresponding asset accounts, and "Total assets" and "Total liabilities" are decreased by the amount of such reserves, and (2 ) a deficit in surplus, shown under assets, is transferred to liabilities, and "Total assets" and " Total liabilities" are decreased by the amount of the deficit. 40/ Amount shown as "Surplus and undivided profits" consists of paid-in or capital surplus and earned surplus and undivided profits. See note 41. 41 / Amount shown as "Deficit? consists of negative amounts of earned surplus and undivided profits. 42/ Included in the total, but not in the detail, under "Income tax," is 5155,000 of tax reported on returns with no net income. See note 3. Treasury — Internal Revenue, Washington, D.C. !§l 2 msMsx mwim szvspims, J / S ~ ° feKWfesr, 8 » o te a fr 19. 1950. 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 September 21 and to mature December 21* 1950, which were offered on September 14, were opened at the Federal Beserre Banks on September XS* the details of this issue are at followsi total applied for * $1 *504*000,000 total accepted ~ 1*001,506,000 Average price (includes $114,206,000 entered on a noncoiapetitire W e i s and accepted in full at the »Terse# price shown below) - 99*667 Squiralent rate of discount appro*. 1*3*7$ P«r annum Bangs of accepted competltiTe bides Hi^i how - 99*685 Iquiralent rate of discount approx. 1*246$ per annua * 99*665 * * • • « 1*325$ • * (16 p a r e n t of the amount bid for at the low price was accepted) Federal Beserre District total applied, for.. . total Accepted Boston lew fork Philadelphia Clereland lichmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1 9,517.000 1*090*720,000 25,963,000 35,865,000 28,776,000 6.743,000 152.639,000 10,427*000 6,384,000 24,571*000 26,687,000 83,910.000 $ $1,504,000,000 $1*001,508*000 to m __ 9.517,000 (639,638,000 11.763,000 35.655,000 26,776,000 6,763*000 U7.839,ooo 10,627,000 8,384*000 26,371.000 26,687,000 83.910,000 RELEASE MORNING NEWSPAPERS, Tuesday, September 19, 1950* S-2450 225 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 September 2 1 and to mature December 2 1 , 1950 , which were offered on September 14, were opened at the Federal Reserve Banks on September 18. The details of this issue are as follows! Total applied for - $1,504,000,000 Total accepted ~ 1,001,508,000 (includes $114,206,000 entered on a non competitive basis and accepted in full at the average price shown below) Average price - 99 .66? Equivalent rate of discount approx. 1,317$ per annum , Range of accepted competitive bids: * 99.685 Equivalent rate 1.246$ - 99.665 Equivalent rate 1 .325 $ Lo¥ of discount approx. per annum of discount approx. per annum (l6 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 9 ,517,000 1 ,090,720,000 Total ____A.ccep ted. 2 5 963.000 35.865.000 28.774.000 6.743.000 152,439,000 10.427.000 8.384.000 24 .571.000 26 .687.000 83.910.000 9,517,000 637.438.000 1 1 .763.000 35.655.000 28.774.000 6.743.000 117.839.000 10.427.000 8.384.000 24.371.000 26 .687.000 83.910.000 ‘ $1,504,000,000 $1,001,508,000 . 0O0 $ S - Secretary Snyder today announced the appointment of Clark Howell, Publisher of the Atlanta Constitution, Atlanta, Ga*, as Chairman of the Newspaper Publishers« Advisory Com mittee for the U. S. Savings Bonds Division of the Treasury. In accepting the post, Mr. Howell expressed the opinion that the Savings Bonds Program has added greatly to the Nation*s economic strength. The Newspaper Publishers* Advisoiy Committee will con tinue to assist the Treasury in encouraging every American to invest a portion of his income in Savings Bonds regularly* The Committee will meet early this Fall with Secretary Snyder and the Savings Bonds Division staff to plan its new activities. TREASURY DEPARTMENT WASHINGTON Information Service 227 RELEASE AFTERNOON NEWSPAPERS, Wednesday, September 20, 1950 » S-2451 Secretary Snyder today announced the appointment of Clark Howell, Publisher of the Atlanta Constitution, Atlanta, Georgia, as Chairman of the Newspaper Publishers' Advisory Committee for the U. S. Savings Bonds Division of the Treasury. In accepting the post, Mr. Howell expressed the opinion that the Savings 'Bonds Program has added greatly to the Nation's economic strength. The Newspaper Publishers' Advisory’Committee will continue to assist the Treasury in encouraging every American to invest a portion of his income in Savings Bonds regularly. The Committee will meet early this Fall with Secretary Snyder and the Savings Bonds Division staff to plan its new activities . oOo - 3 - any State* or any of the possessions of the United States* or by any local tax ing 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 bZ 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 in clude in Jiis 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. i;l8, 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 - AjUPHAx unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids« Those submitting tenders will be advised of the acceptance or 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 September 28, 1950 9 in cash or other immediately avail- able funds or in a like face amount of Treasury bills maturing S e p t e m b e r 28, 1950« Gash 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 TREASURY DEPARTMENT Washington 0 FOR RELEASE, MORNING NEWSPAPERS, Thursday. September 21. 1950 y ~~ p - y $ & The Secretary of the Treasury, by this public notice, invites tenders for 4 1,000,000,000 , or thereabouts, of 1 -day Treasury bills, for cash and in exchange for Treasury bills maturing September , to be issued on m a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series mil be dated September 28, 1950 > and "idol will mature December 28, 1950 , when the face amount mil be payable without interest. They will be issued in bearer form only, and in denominations of 41,000, 45,000, 410 ,000, 4100,000, 4500,000, and 4 1 ,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o’clock p.in., Eastern Standard time, Monday. September 2Sr 1050. (xkk Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of 4 1 >000, and an 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 mil be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders fron others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, TREASURY DEPARTMENT Information Service - W a s h in g t o n , d . c . :: REIEASE MORNING NEWSPAPERS, Thursday, September 21, 1950» . » k .. 231 S-2452 The Secretary of the Treasury, hy this' public notice, invites tenders for $1,000,000,000, or thereaboutsof 91-day Treasury bills, for cash and in exchange for Treasury bills maturing September 28, 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 September 28, 1950, and will mature December 28, 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, September 25 , 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. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated bank? 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 September 28, 1950, in cash or other immediately available funds or in a like face amount of Treasury bills maturing September 28, 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 sub sequent 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 C ç J fw J INFORMATION FOR RELEASE OR HR* W* H. SEAL Secretary Snyder today announced the appointment of V&lliam H# Neal, Senior Vice President of the Wachovia Bank and Trust Company of Winston Salem, as Chairman of the Treasury Advisory Committee on Savings Bonds for the State of North Carolina* In announcing the appointment, Secretary &jyder stated that Mr* Neal*s experience and leadership will be of great value to the Treasury *s U* S* Savings Bonds Program* Mr# Neal Company; is is Past serving as Senior Vice President, Wachovia Bank and Trust President of the North Carolina Bankers Association; has served as Area Manager of the North Carolina Savings Bonds Program since its inception; is serving as State Chairman for North Carolina on American Bankers Association Treasury Savings Bonds Committee; was former Chairman of the Public Relations Council of American Bankers Association; was president, Financial Advertisers Association of America, and a member of the by faculty, Graduate School of Banking, Rutgers University, conducted the t o r i c a n Bankers Association. Advisory Committees have been established in each State and the District of Columbia to advise with the Treasury in its program to promote the sal© of Savings Bonds through payroll savings, banks, schools, and other business and civic groups* Mr* Neal succeeds Mr. I* M* Bailey, prominent attorney of Raleigh, North Carolina, recently resigned after having given several years of active and valuable service as State Chairman to the program* ay announced the appointment of William H* Neal, Senior Vice President of the Wachovia Bank and Trust Company of Winston Salem, as Chairman of the Treasury Advisory Committee on Savings Bonds for the State of North Carolina* In announcing the appointment, Secretary Snyder stated that M r • Neal*s experience and leadership "will be of great value to the Treasury1s U* S* Savings Bonds Program. Mr. Neal . is Past President of the North Carolina Bankers Association) has /X served as Area Manager of the North Carolina Savings Bonds Program since eistiA/i&o its inception^ is T T i ” IT3** State Chairman for North Carolina on^American Bankers Association Treasury Savings Bonds Committeeijgae %ettltyy ate School oriaey' "-OhaéaHaaa* VSTÏÏÎty,j*6nd uefcod elation ican Danko Advisory Committees have been established in each State and the with the Treasury & its program to promote A A the sale of Savings Bonds through payroll savings, banks, schools, and other District of Columbia to business and civic groups* Mr* Neal succeeds Mr* I* M. Bailey, prominent attorney of Raleigh, North Carolina, recently resigned after having given several years of active and valuable service as State Chairman to the program* -— - m j$ - TREASURY DEPARTMENT Information Service W A S H IN G T O N , 234 IMMEDIATE RELEASE, Friday, September 22 , 1950. S-2^53 Secretary Snyder today announced the appoint ment of William H. Neal, Senior Vice President of the Wachovia Bank and Trust Company of Winston Salem, as Chairman of the Treasury Advisory Committee on Savings Bonds for the State of North Carolina. In announcing the appointment, Secretary Snyder stated that Mr. Neal's experience and leadership will he of great value to the Treasury's U. S. Savings Bonds Program. Mr. Neal is Past President of the North Carolina Bankers Association. He has served as Area Manager of the North Carolina Savings Bonds Program since its inception, and is State Chairman for North Carolina on the American Bankers Association Treasury Savings Bonds Committee. Advisory Committees have been established in each State and the District of Columbia to consult with the Treasury on its program to promote the sale of Savings Bonds through payroll savings, banks, schools, and other business and civic groups. Mr. Neal succeeds Mr. I. M. Bailey, prominent attorney of Raleigh, North Carolina, recently resigned after having given several years of active and valuable service as State Chairman to the program. oOo Raima uaamio « m m m » , Ta««d«r. denteeber gâs Ü H Th* 3 e c r*ta ry o f th e ïrefcsusy announced i» * t evening th * t **• t * BÂ* r * fo r ♦1 ,0 0 0 ,0 0 0 ,0 0 0 , o r th en w b o u te, «T 91~*«r Tresm iry b ille to ta d *te d S dp teriw r 2« «ad ta «atu re O ta « * « 2 « , 1 9 ÏÜ , ehieh m m o f f« * » w S I, « « • °ta n *d •t tiw Pedersl Keeerve B « * » on Septeeher 25» The details of thi* ieeoe ere se folio«»« total »pjsllod for Total ooeoptad - * t a « g o price (Include* 197,642,000 ontorod on » *nnl,<X>X,m,«X>jtocepted te full »t the »vor««# prloo ehta« bolo») - 99.665/ B o i t a i e n t reta of discount op^ro». 1-324* per tanu» Hang« o f aoeoptod ùompat it iv # h id a i High bom 9 9 * 6 ^ E c ju lv a la a t r » t * o f tf lM o u a t a p p ro iu 1 .2 4 6 $ p w - 99.664 * " " * 1*32W (93 percent of the « w a n t bld for st the 1 « price wee eceejtad) fö ta l A pplied fo r Fadaral ftaaarv« District total _. 3 9 ,4 3 9 ,COO 51,523,000 24,680,000 693,026,000 3 2 , 630 ,0 0 0 28.065.000 13 562.000 5 .5 1 6 .0 0 0 86.659.000 9 .3 3 3 .0 0 0 5 .1 5 0 .0 0 0 1 8 .7 2 0.00 0 39.024.000 44.913 .OOP- ♦1 ,4 6 3 ,5 9 2,0 00 ♦1 ,0 0 1 ,2 7 8,0 00 $ ££,180,000 1 ,o ?$,A4l,o o o Boston H«w fo rk 42 ,900,000 Philadelphia ci«v«i&nd 28,065,000 ,562,000 $,516,000 13 Richmond Atlanta 14? »429>000 Chicago 10,580,000 3te Louis M inneapolis Kansas C ity D alla s San fran c is co 5 ,1 5 0 ,0 0 0 18 ,727,000 T o ta l Accepted I . " 236 RELEASE MORNING NEWSPAPERS} Tuesday. September 26, 1950• S-2454 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 September 20 and to mature December 20, 1950, which were offered on September 21, were opened at the Federal Reserve Banks on September 25. The details of this issue are as follows: Total applied for - $1,463,592,000 1,001,270,000 (includes $97,642,000 Total accepted entered on a non-competitive basis and accepted in full at the average price shown below) 99.665/ Equivalent rate of discount approx. Average price 1.324$ per annum Range of accepted competitive bids: High - 99.605 Equivalent rate 1.246$ - 99.664 Equivalent rate 1 .329$ Low of discount approx. per annum of discount approx. per annum (93 percent of the amount bid for at the low price was accepted) $ Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 2 5 ,100 ,0 00 1,075,441,000 42.900.000 2 0 065.000 13 562,000 . , Total Total Accepted Total Applied for Federal Reserve District $ 24,600,000 6 9 3 ,026,000 3 2 ,6 3 0 ,0 0 0 2 0 ,065 ,000 1 3 ,562,000 5 , 516,000 5.516.000 147,429,000 10 , 580,000 5 ,150,000 10 , 727,000 39.439.000 51.523.000 8 6 ,6 5 9 ,0 0 0 $1,463,592,000 $1 ,0 0 1 ,2 7 8 ,0 0 0 0 Ö0 9.333.000 5.150.000 1 0 ,7 2 0 ,0 0 0 39.024.000 4 4 .9 1 3 . 0 0 0 Comparison of principal items of assets and. liabilities of national tanks (In thousands of dollars) • June 30 » • I95O • : Apr. 2*4-, I95O * June 30 , ; 19*49 • continued. :Increase or decrease: Increase or decrease :since Apr. 24. 1950 !since June 30. 19*49 : Percent : Percent: Amount : Amount LIABILITIES Deposits of individuals, partner ships, and corporations: 5 .2 1 I.3S $2,317,132 $635,962 46,787,94a $46,151,980 $4 4 ,470,804 1 .1 0 209,671 .36 69,225 1 9 ,0 0 8,719 19,149,165 19,218,390 65.50 9*48,521 456,832 23.55 1,448,172 1,939,861 2 ,396.693 Deposits of U. S. Government........ 63.82 2,110 1,183 27.95 3,306 5,4l6 4,233 Postal savings deposits............. Deposits of States and political 28*4,508 6.08 5.27 5,398,970 325,753 5,357.725 subdivisions...................... 5,683,478 6.00 2 .3 2 * 417,009 6,946,245 7 ,196,0 0 1 16 7 ,2 5 3 Deposits of hanks......... ..... . • •• 7,363,254 Other deposits (certified and cash 29,366_ -- îÆ 11**40 123.310 1 .081.308 1.175.252 1.20*4-.6IS iers' checks, etc.)............... 5 .3 6 14,208,323 2.20 78,451,468 1 ,7 7 9 ,5 12 80,880,273 Total deposits.................. 82,659,791 Bills payable, rediscounts, and other 75-48 10,660 -67.*46 -5 1,3 2 2 14,123 7 6 ,1 7 1 liabilities for borrowed money,.... 24,783 31-15 251.015 -5.286 805.956 -,»55.. 1.062.857 1 j.0 .9 71 Other liabilities..... ........... L. 5 6,ty 1 ■Total liabilities, excluding 5.64 2 .10 4,469,918.. 1.722.2*4*4 79.271.547 82.019.301 83.741.545 CAPITAL ACCOXJETS Capital stock* -.6*4 -5,758 -25.79 -10 7 1 6 ,67*4 22,325 567 Preferred........................ *4.12 77.741 1 .9 2 36.940 1.926. *43*4 1.885.633 UviiUUv/U•#••••*••••• ••••••••••*••••■ I.963.374 71.983 1,90 3 ...1 1 1.943.108 1.907.958 3M33 (Puf ..... ......... . 1.979.941 29,223 10 .5 3 2 ,506,653 263.977 3.35 2,680,807 2 .770,630 4 .5 1 1,01 48,907 1,084,283 11,297 1 .13 3 .19 0 1,121,293 Undivided profits................... -5 .3 8 .18 329.009 _________551 -17.703 3 11.3 0 6 310.7*4-9 Total surplus, profits, and 295.181 7-53 2 .4 7 10 1.6 7 7 3 .919.945 14-.215.126 *4.113.*4*49 b.30 3 6 7.16 4 13 2 ,5 10 2.29 5.227.903 6 .0 56.557 6 .195.0 67 Total capital accounts*.......... Total liabilities and capital 5.68 2.11 1 .860.754 4.837.16a 88.075.852 85.099.450 . ..... .... . . . . . . . . 89.936.612 Percent Percent _ .. Percent Ratios: 41.83 *42.70 U.S.G-ov't securities to total assets 41.86 NOTE: Minus sign ienotes decrease 27.40 26.53 Loans and discounts to total assets 2 7.4 3 7.43 7 .4 9 7-49 Capital accounts to total deposits Statement showing comparison of principal items of assets and li a b i l i t i e s of active national banks as of June 30, 1950, April 24, 1950, and June 3 0 , 1949 (In thousands of dollars) 1 June 36» 1950 Number of banks................... 4 ,9 7 7 ; Apr, 24, 1950 4,982 * June 30 , : 1949 • 4,993 ¡Increase or decrease¡Increase or decrease : since Apr. 24. 1950:since June 30. 1949 Percent : Amount : Percent: Amount -.10 -5 -l6 -.32 $261,583 664,943 1,074,297 2 .6 1 1 1 .6 5 26.94 168.821 2,169,644 75.884 2.093.760 5 .3 9 9.50 29.02 9.27 /.10 ( 2 ,053,8 16 ( -68 .10 2,053.748 5.77 -3 .2 6 ASSETS $io,oo9t46o Commercial and industrial loans.... .$1 0 ,2 7 1 ,(Ä3 5,709,790 Loans on real estate.............. . 6,374,733 3 ,988,15 s Consumer loans to Individuals..... . 5 ,062,455 All other loans, including over3 .13 2 ,2 0 7 drafts*••••••••»»•••••••••••••••• . 3 .301.028 Total gross loans.............. . 25,009,259 2 2 ,339,615 261.495 Less valuation reserves..... 337.379 ¡¡5 3 6 ,4 16 22,578,120 Net loans................ . 2k,671,880 $24,135.^64 IT U. S. Government securities: Direct obligations............. . 37,649,227 > 3 7 6 1 1 ,9 1 9 ( 35,595,411 | V 39.327 Obligations fully guaranteed.... ( 2,087 2,019 f 35.597.498 Total U. S. securities...... . 37.651.246 37,611,919 39,327 Obligations of States and political 4,188,866 10 5 ,2 7 2 3.410,267 subdivisions.................... . 4,294,138 2 ,0 53 .6 16 Other bonds, notes, and debentures. . 2,127,187 1,959,419 7 3 ,5 7 1 Corporate stocks, including stocks 162,609 172.098 of Federal Reserve banks........ 169,639 2.4 59 44.024.040 220.629 Total securities............... . 44.244.669 4l.i29.793 68,15 9 .5 0 4 Total loans and securities..... . b8 .9 16.549 7 5 7 I0U5 6 3 .70 7 .9 13 1,149,098 Currency and coin.................. 959,569 I. 093.053 >189,529 220,507 Reserve with Federal Reserve banks. . 1 0 ,4 5 1,7 6 4 II, 7 2 7 ,16 5 1 0 ,2 3 1,2 5 7 7.496.411 1.054.428 Balances with other banks......... . 8.550.839 7,555,963 Total cash, balances with other banks, including reserve balances and cash items in process of 18.876.766 20.376,181 1.085,406 collection...................... 19.962,172 Other assets...................... . 1.057,691 1,015,356 1.039,588 .18.303 1,860,754 88,075,858 85,099,450 \/ Total assets................. . 8 9 .93 6 ,6 12 2.22 2 .5 1 3 .5 2 883,871 16 7 ,7 6 8 25.92 8 .5 6 1 .4 5 .50 1.11 9,489 3,1 1 4 ;876 5 ,208,636 -133,484 -i.275.4oi 994,876 5.84 7.57 8.18 -12.21 -10.88 13.17 -414.009 -2.0 3 4.19 5 .6 8 -16 .4 9 2 .1 6 14.07 _ 5.77 5 .7 5 1 .7 6 2.11 42,535 4,837,162 other loans of $ 3 *3 0 1,000*000, which included loans to farmers, advances to brokers and dealers and others for the purpose of purchasing or carrying securities, and loans to hanks, etc*, increased more than 5 percent in the year* The percentage of loans jMifl discounts to total assets on June 3®* 195® 1l*a8 27*^3» in comparison with 27**40 on April 2& this year and 26*53 19^9* Investments of the hanks in United States Government obligations (including $2,000,000 guaranteed obligations) on June 30 , 19 5 Q aggregated $37,651,000,000, which was an increase of $39,000,000 since April this year, and an increase of $2,05^,000,000 in the year* a year ago* These investments were i& #86 percent of total assets, about the same as Other bonds, stocks and securities of $6,593»®®®»®®®» idddh included obligations of States and political subdivisions of $H,29^,000,000, were $1,061,000,000 or 19 percent, above the amount held a year ago* Cash of $959,000,000, reserves with federal Reserve banks of $10,^52*000,000 and balances with other banks (including cash items in process of collection) of $8 ,5 5 1 ,000,00 0 , a total of $1 9 ,9 6 2 ,000,000, showed a decrease of $^14,000,000 In the year* The unimpaired capital stock of the banks at the end of June 195® $1,980,000,000, including $16,000,000 of preferred stock. Surplus was $2,771*000,000, undivided profits $1 ,1 3 3 ,000,000 and capital reserves $ 3 1 1 ,000,000, or a total of $1*,2 1 5 ,000,000. mm Total capital accounts of $6 ,1 9 5 »®®®*®0®» *kioh were 7*^9 percent of total deposits, were $367,000,000 more than in June last year when they were 7*^3 percent of total deposits* treasury department Washington, D*C* EÔR HEIEASE^ morning newspapers t- C r ' ai ^ w. ir" Press Service Ho. v|i_ ^ % (ifS f / The total assets of national "banks as of June y>$ 1950 amounted to nearly $90,000*000,000, it vas announced today by Comptroller of the Currency Preston Delano* She returns covered the 4,977 active national hanks in the United States and possessions* She assets were nearly $2,000,000,000 more than reported hy the i*,9S2 national hanks as of April 24, 1950, the date of the previous call, and were nearly $5,000,000,000 greater than the total reported hy the 4,993 active hanks as of June JO, 1949, the date of the corresponding call a year ago* She deposits of the hanks on June 30, 1950 were almost $83,000,000,000, an in crease of $1,800,000,000 since April, and $4,200,000,000 more than a year ago* In cluded in the recent deposit figures are demand deposits of individuals, partnerships and corporations of $46,788,000,000, which increased $636,000,000 since April, and time deposits of individuals, partnerships and corporations of $19,218,000,000, which increased $69,000,000* Deposits of the United States Government of $2,397*000,000 were $457,000,000 more than in April* deposits of States and political subdivisions of $5,683,000,000 showed an increase of $326,000,0005 and deposits of hanks of $7»363,000,000 were $167,000,000 more than in April* Postal savings deposits were $5 ,000,000 and certified and cashiers* checks were $1 ,2 0 5 ,000,000* Loans and discounts at the end of June 1950 were $24,672,000,000 after deducting reserves of $337,000,000 for possible future losses* She net loans, which were greater in amount than at any previous call date, were $5 3 6 ,000,00 0 , or 2 percent, more than reported as of April this year, and $2,094,000,000, or 9 percent, above the net amount reported as of the end of June 1949* Commercial and industrial loans as of the recent | call date totaled $1 0 ,2 7 1 ,000,000 and were over 2 percent above the amount reported In June of last year, loans on real estate of $6,375.000,000 were up more than 11 peroral and consumer loans to individuals of $5,062,000,000 were up nearly 27 percent* All TR E A S U R Y DEPARTMENT Information Service WASHINGTON, D .C . 241 RELEASE MORNING NEWSPAPERS, Wednesday, September 2 7 , 1 9 5 0 . s-2455 The total assets of n a t i o n a l hanks as of June 3 0 , 1950 am o u n t e d to n e a r l y $9 0 ,0 0 0 ,0 0 0 ,0 0 0 , it was a n n o u n c e d t o day by C o m p t r o l l e r of the C u r r e n c y P r e s t o n Delano. The returns c o v ered the 4,977 a c t i v e n a t i o n a l banks in the U n i t e d States and p o s s e ssions. The assets were n e a r l y $ 2 , 0 0 0 , 0 0 0 , 0 0 0 m o r e tha n r e p o r t e d by the 4,982 n a t i o n a l banks as of A p r i l 24, 1950, the date of the p r e v i o u s call, a nd were n e a r l y $ 5 *0 0 0 ,0 0 0 ,0 0 0 gr e a t e r t han the total r e p o r t e d by the 4 , 993 active banks as of June 3 0 , 1949, the date of the c o r r e s p o n d i n g call a yea r ago. , The de p o s i t s of the banks on June 30, 1950 were almo s t S83 , 000,000,000, a n increase of $ 1 , 8 0 0 , 0 0 0 , 0 0 0 since April, and $ 4 , 2 0 0 , 0 0 0 , 0 0 0 mor e t h a n a y e a r ago. I n c l u d e d in the recent deposit figures are d e m a n d d e p osits of individuals, p a r t n e r s h i p s and c o r p o r a t i o n s ^ o f $ 4 6 , 7 8 8 ,000,000, w h i c h i n c r e a s e d $6 3 6 ,0 0 0 ,0 0 0 since April, and time d e p o s i t s of individuals, p a r t n e r s h i p s and c o r p o r a tions of $19,218 , 0 0 0 , 0 0 0 , w h i c h i n c r e a s e d $ 6 9 , 0 00,000. D e p o s i t s of the United^ States G o v e r n m e n t of $ 2 , 3 9 7 , 0 0 0 , 0 0 0 were $ 4 5 7 , 0 0 0 000 more t h a n in April; d e p osits of States and p o l i t i c a l s u bdivisions °f $ 5 , 6 8 3 , 0 0 0 , 0 0 0 showed an increase of $ 3 26,000,000; and de p o s i t s of banks of $ 7 , 3 6 3 , 0 0 0 , 0 0 0 were $ 1 6 7 ,000,000 m o r e t h a n in A p r i l Postal savings de p o s i t s were $ 5 , 0 0 0 , 0 0 0 and c e r t i f i e d a n d cashiers' checks w ere $ 1 ,2 0 5 ,0 0 0 ,0 0 0 . Loans and d i s c o u n t s at the end of June I9 5 0 w ere $24 6 7 2 000 000 after d e d u c t i n g r e s e r v e s of $ 3 3 7 ,0 0 0 ,0 0 0 for po s s i b l e f u ture losses, m e net loans, w h i c h were g r e a t e r in a m ount tha n at a n y p r e v i o u s call date, were $ 5 3 6 ,0 0 0 ,0 0 0 , or 2 percent, m o r e t h a n r e p o r t e d as of April this year, and $ 2 , 0 9 4 ,000,000, or 9 percent, above the net amount r e p o r t e d as of the end of June 1949. C o m m e r c i a l and i n dustrial loans as of the recent call date to t a l e d $ 1 0 ,2 7 1 , 0 0 0 000 and were over 2 p e r c e n t above the a m ount r e p o r t e d in June of last year, loans o n real estate of $ 6 ,3 7 5 ,0 0 0 ,0 0 0 were up m o r e t han 1 1 p e r c e n t and co n s u m e r loans to i n d i v i d u a l s of $ 5 ,0 6 2 ,0 0 0 ,0 0 0 were up n e a r l y 2 7 percent. A l l other loans of $3,301 , 0 0 0 , 0 0 0 , w h i c h included loans to farmers, a d v a n c e s to brokers and d e a lers and others for the p u r p o s e ^ o f p u r c h a s i n g or c a r r y i n g securities, and loans to banks, etc., i n c r e a s e d m o r e tha n 5 p e r c e n t in the yea r i n L percentaf e of loans and d i s c o u n t s to total assets on June 30 27.43, in c o m p a r i s o n w i t h 2 7 . 4 0 on A p r i l 24 this y e a r and 2 6 .5 3 i n June 1 9 4 9 . . 242 - 2 - I n v e s t m e n t s of the h a nks in U n i t e d States G o v e r n m e n t o b l i g a tions ( i n c l u d i n g $ 2 , 0 0 0 , 0 0 0 g u a r a n t e e d o b l i g ations) on June 30, 1 9 5 0 a g g r e g a t e d $ 3 7 ,6 5 1 ,0 0 0 ,0 0 0 , w h i c h was a n i n c rease of $ 3 0 , 0 0 0 , 0 0 0 since A p r i l this year, and a n increase of $ 2 , 0 5 ^ , 0 0 0 , 0 0 0 in the year. These i n v e s t m e n t s were 4 1 .86 p e r c e n t of total assets, a b out the same as a y e a r ago. O t her bonds, stocks and securities of $ 6 ,593,000,000, w h i c h i n c l u d e d o b l i g a t i o n s of States and p o l i t i c a l subdi v i s i o n s of $4,294, 0 0 0 , 0 0 0 , were $ 1 ,0 6 1 ,0 0 0 ,0 0 0 , or 1 9 percent, above the amount h o l d a y e a r ago. C a s h of $ 9 5 9 , 000,000, reser v e s w i t h F e d e r a l R e s e r v e b a nks of $ 1 0 ,4 5 2 ,0 0 0 ,0 0 0 and b a l a n c e s w i t h other banks ( i n c l u d i n g cash items i n p r o c e s s of collection) of $ 8 ,5 5 1 ,0 0 0 ,0 0 0 , a total of $ 1 9 ,9 6 2 ,0 0 0 ,0 0 0 , showed a d e c r e a s e of $ 4 l 4 , 0 0 0 , 0 0 0 in the year. The u n i m p a i r e d capital s t ock of the banks at the end of June 19 5 0 was $ 1 ,9 8 0 ,0 0 0 ,0 0 0 , i n c l u d i n g $ 1 6 ,0 0 0 ,0 0 0 of p r e f e r r e d stock. Surplus was $2, 7 7 1 , 0 0 0 , 0 0 0 , u n d i v i d e d pr o f i t s $ 1 , 1 3 3 , 0 0 0 , 0 0 0 and capital r e s e r v e s $311,000,000, or a t o tal of $ 4 , 2 1 5 , 0 0 0 , 0 0 0 . Total capital acc o u n t s of $6 ,1 9 5 ,0 0 0 ,0 0 0 , w h i c h were 7.^9 p e r c e n t of total deposits, wer e $ 3 6 7 , 0 0 0 , 0 0 0 m o r e t h a n i n Juno last y e a r w h e n they w ere 7.4 3 p e r c e n t of total deposits. Statement showing comparison of principal items of assets and liabilities of active ¡.ational banks 3 as of Jane 30 , 1950, April 24, 1950» and Jljne 30» 19^9 IIn thousands of dollars) :Increase or decrease:Increase or decrease April 24, I June 30, rsince April 24, 1950:since June 30, 19^9 June 30 > I95O . 195O Percent r Amount : Percent \ 19^9 î Amount - .3 2 - .1 0 -1 6 4,982 -5 4,993 ' ~ 4 ,9 7 7 Humber of banks.......... ....... ASSETS Commercial and industrial loans... Loans on real estatp....... . Consumer loans to individuals.... Total gross loans........ Less valuation reserves»..• Het loans.......... .... U. S. Government securities: Direct obligations........... Obligations fully guaranteed. Total U. S. securities..... Obligations of States and political subdivisions................... Other bonds, notes, and debentures Corporate stocks, including stocks of Federal Reserve banks....... Total securities**........... Total loans and securities.... Currency and coin................ Reserve with Federal Reserve banks Balances with other banks........ ■■ Total cash, balances with other banks, including reserve balances and cash items in process of collection................ ...... Other assets............. *.......... Total assets.......... . $1 0 ,009,460 .$10,271,0^3 5,709,790 . 6,374,733 3 ,988,158 . 3 ,062/455 3 ,132,20 7 . 3s 301» 028! . 25,009,259 22,3 3 9 ,6 15 2 6 1,4 9 5 337*379 . 24,671.BSD 524,135,464“ 22,57S,120 $536,4i6 “ .' 37.649,227) 3 7 ,611,-919 (35,595. M i l 39;327 ( 2,087 ) 2,019) 39,327 . 37,651,246 3 7 ,6 11,9 19 35,557,^98 . 4,294,138 . 2 .1 2 7 .1 3 7 4,188,866 2,0 53,616 3 ,4 10 ,2 6 7 1,959,^9 10 5 ,2 72 73,571 l62,609 2.U59 172,098 169,639 220,629 .”"44,244,669 44,024,040 41,129,793 757,0^5 . 68,9167549~ 68,159,504 ■5 3 ,70 7,913 -189,529 1 ,14 9 ,09s 1,093,053 •• 959.569 220,507 . 10 ,4 5 1,7 6 4 10 ,2 3 1,2 5 7 1 1 ,7 2 7 ,16 5 7 ,4 9 6 ,4 11 7,555,963 1 ,05h ,428 . 6,550,839 . 19,962,172 1 8 ,876,766 1*039,568 . 1.057,691 . 89,936,012"' 88,075*658 20,376,181 1,085,>06 16,303 1,015,356 35,099,450 1,860,754 2.22 $261,583 664,943 1 ,074,297 l6S,821 2,169,644“ 75,664 2,093,760 ( 2,053,8 16 •1 0 ( -68 .10 2,053,748 2 .5 1 3 .5 8 883,871 16 7,76 8 1.45 9,489 “ 750 3 ,114 ,8 7 6 1 .1 1 5 ,208,6 3 6 " -16 .4 9 -133,484 2 .1 6 -1,275,401 14.07 994,876 5 .7 5 lTTb 2.11 -4l4,009 42,535 4,837,162 2 .6 1 II..65 26.94 5.39 9-50 2°. 02 9 .2 7 5-77 -3 .2 6 5 .7 7 25,92 8 .56 5-84 7-57 8.18 -12.21 -10.88 I3 .I7 -2 .O3 4.19 5 .6 8 " ro CO .. Comparison of principal items of assets and li a b il it i e s of national banks (In thousands of dollars) June 30, 1950 LIABILITIES Deposits of individuals, partner ships, and corporations: Demand,••••.»..•••••••••••«.*«..•.,$46,787,942 T-imp ______I Q .218.190 Deposits of U. S. Government••••o...« 2¡396)693 Pnstal savinPR d e n o e i t s * 5,416 Deposits of States and political 5,683,478 s u b d i v i s i o n s ••#••# Deposits of banks#.......••*#••#»#••« 7,363,254 Other deposits (certified and cash iers^ checks, etc*)».«*•«.«.««•««•• 1,204,618 Total deposits#•#•#«#«•»#«•••*•• 82,659,791 Bills payable, rediscounts, and other liabilities for borrowed money*.*## 24,783 Other liabilities#*##*##***«###*#»*## 1,056,971 Total liabilities, excluding capital accounts...#»#.o»....• 83.741,545 CAPITAL ACCOUNTS Capital stock: 16,567 Preferred* *.... . • . «•««»»* #.#•# # Common 1,963,374 T o t a l ©••••••#••••••• 1,979,941 2,770,630 Surplus .<.*., .. ................... *. *• 1,133,190 Undivided profits#••••••..... ....... 311,306 1 R6S6PV6S•«•••• « •«•# •••••*«+»•#•••+••• Apr. 24, ; 1950 ! June 30, 1949 $ 635,962 1*38 $2,317,138 #36 209,671 948,521 23.55 2,110 27.95 5.21 1.10 65.50 63.82 284,508 417,009 5.27 6.00 29,366 4,208,323 2.50 2.20 -51,388 -5,886 -67*46 -.55 10,660 251,015 75.48 31.15 1,722,244 2 „10 4,469,998 5.64 -•64 $44,470,804 19,008,719 1,448,172 3,306 5,357,725 7,196,001 5,398,970 6,946,245 325,753 167,253 1,081,308 80,880,273 1,175,252 78,451,468 123,310 1,779,518 76,171 1,062,857 14,123 805,956 82,019,301 79,271,547 4,113,449 6,056,557 22,325 4 ^Increase or decrease* Increase of decrease Jsince Apr. 24, 1950 •since June 30, 1949 : Percent : Percent* Amount * Amount 146,151,980 19,149,165 1,939,861 4,233 16,674 1,926,434 1.943,108 2,680,807 1,121,893 310,749 continued 69,225 456,832 1,183 6.08 2.32 11.40 5.36 1.885,633 1,907,958 2,506,653 1,084,283 329,009 -107 36,940 36 .833 89,823 11,297 557 1.92 1.90 3*35 1.01 .18 -5,758 77,741 71,983 263,977 48,907 -17,703 -25.79 4.12 3.77 10.53 4* 51 -5.38 3,919,945 5,827,903 101,677 138,510 2.47 2.29 295,181 367,164 7-53 6.30 85,099,450 Percent 41*83 26.53 7.43 1,860,754 2.11 4.837,162 Total surplus, profits, and 4,215,126 6,195,067 Total capital accounts............ Total liabilities and capital accounts #••..••...•••••• * ••***-•* 89,936,612 Percent Ratios: U.S.Gov’t securities to total assets Loans and discounts to total assets Capital accounts to total deposits 41.86 27,43 7*49 88,075,^58 Pe resit 42.70 27*40 7.49 NO IF: 5.68 Minus sign denotes decrease ro to -withhold at the proper rate on payments made on or after October 1 does not in any manner affect the liability of the employee to meet his full tax liability as required by the Revenue Act of 1950 when making his return for the year 1950» In the case of taxpayers who have filed declarations of yin ~~ estimated tax, it is £BS£nmd to make available a revised declara A tion, Form 1Q40-ES, showing the increased rates in order that added payment may be made on or before January 15, to reflect the increased taxes provided for the tax year 1950* The regular individual income m /.n# w i l l >»« nMHlArirAsrnmiAl Hiirincr and Jarm arv- WR IMMEDIATE RELEASE Septénber 25, 1950 Statement in Regard t| Plans for the Inauguration of the Increased Individual Income *axes Provided by the Revfenue Act of II9.5Q George J* Schoen sman, Commissioner of Internai Revenue, issued a £ batement today reg irding the withholding o; income taxes on wages pa: on and after Oct iber 1, 1950* Commissioner Sclleneman explained that d|e to the shcrt time between the enactment! of the increased withholding and its effec tive date, the Bureaul anticipated the enactment of the increased rate s by printing a s ipply of the withholding tables and use ay employers. ates for Th i documents printed are <mtitled MSu; >plement to tie Employer^ Tax Handbook, Circular E.B Supplement were mail© Copies of t‘ds to each Collector of Iiternal Reve] tue who prea idressed one copy! to each of the employer; ¡ in his dis riet* The Collectors were advised to hold the addressed copies m t i l insi ructions for rel< ase were received. The 3ill was pass ed by boti Houses on September 22 and signed by the President or Sep ember 23. Telegraphic instructions were! issued today to the Collectors for the release of the revised rates and. tables, and they should be received by employers withir/ the next few/days* Employers are expected to make every reasonable effort to comply with the provisions respecting the new rates. Commissioner Schoeneman made it clear that the failure on the part of employers Instructions on the withholding of increased income taxes on wages paid on and after October 1, 1950, were released to employers throughout the Nation today* The instruction^ entitled "Supplement to the Employer^ Tax Handbook, Circular E, w set forth the new withholding rates imposed by the Revenue Act of 1950, George J.Schoeneman, Commissioner of Internal Revenue, explained that the Bureau had anticipated the enactment of the increased tax rates by printing a supply of the new withholding tables in advance* Copies were mailed to each Collector of Internal Revenue, and the Collectors prepared them for mailing to the employers in their districts* The Collectors were authorized by telegraph today to begin mailing the tables, and they should be received by employers within the next few days . TR EA S U R Y D EPARTM ENT Information Service WASHINGTON, D .C . IMMEDIATE RELEASE, Monday, September 25. 1Q50 . s_2 456 248 Instructions on the withholding of increased income taxes on wages paid on and after October 1 , 1950, were released to employers throughout the Nation today. The instructions, entitled "Supplement to the Employer’s Tax Handbook, Circular E," set forth the new withholding rates imposed by the Revenue Act of 1950 , which was passed by both Houses of Congress on September 22 and signed by the President on September 2 3 . George J. Schoeneman, Commissioner of Internal Revenue, explained that the Bureau had anticipated the enactment of the increased tax rates by printing a supply of the new withholding tables in advance. Copies wore mailed to each Collector of Internal Revenue, and the Collectors prepared them for mailing to the employers in their districts. The Collectors were authorized by telegraph today to bogin mailing the tables, and they should be received by employers within the next few days. Employers are expected to make every reasonable effort to comply with the provisions respecting the new rates. Commissioner Schoeneman made it clear that the failure on the part of employers to withhold at the proper rate on payments made on or after October 1 does not in any manner affect the liability of the employee to meet his full tax liability as required by the Revenue Act of 1950 .when making his return for the year 1950 . In the case of taxpayers who have filed declarations of estimated tax, it is intended to make available a revised declaration, Form 104.0-ES, showing the increased rates in order that added payment may be made on or before January 15, to reflect the increased taxes provided for the tax year 1950 . The regular individual income tax return forms 1040A and 1040 will be mailed to taxpayers as usual during December and January. Collectors will use the new rates in computing the taxes of taxpayers who use Form 1040A, and taxpayers will use the new rates in making their own computations on Form 1040. 0 O0 FOR IMMEDIATE RELEASE September 26, 195>Q The quota on Mexican cotton having a staple of less than 1-1/8 inches in length (other than harsh or rough cotton of less than 3/U inch in staple length, and other than linters) prescribed in the President’s proclamation of September f>, 1939, as amended, -which opened on September 20, 19!?0, was filled at the opening hour, 12:00 noon, e.s.t. 16,996,310 pounds of such cotton were offered for entry against the quota of 8,883>25>9 pounds, which resulted in the release of 52.27 per centum of the cotton covered by each entry for consumption presented at the opening. Uo other country cotton or cotton waste quotas which opened on September 20 were filled. 250 IMMEDIATE RELEASE, Tuesday, September 2 6 , 195Q • S - 2 4 57 T h e q u o t a o n M e x ic a n c o t t o n h a v i n g a s t a p l e o f l e s s t h a n 1 - 1 / 8 in c h e s i n l e n g t h ( o t h e r t h a n h a r s h o r ro u g h c o t t o n o f l e s s th a n 3 /4 in c h i n s t a p le le n g t h , and o t h e r th a n 1 i n t e r s ) p r e s c r ib e d i n th e P r e s id e n t 's P r o c la m a t io n o f S e p t e m b e r 5 , 1 93 9> &s a m e n d e d , w h ic h o p e n e d o n S e p t e m b e r 2 0 , 1 9 9 0 , w as f i l l e d a t t h e o p e n in g h o u r , 1 2 :0 0 n o o n , e . s . t . 1 6 , 9 9 6 , 3 1 0 p o u n d s o f s u c h c o t t o n w e re o f f e r e d f o r e n t r y a g a in s t th e q u o ta o f 8 , 8 8 3 , 2 5 9 p o u n d s , w h ic h r e s u l t e d i n t h e r e l e a s e o f 5 2 . 2 7 p e r c e n tu m o f t h e c o t t o n c o v e r e d b y e a c h e n t r y f o r c o n s u m p t io n p r e s e n t e d a t t h e o p e n in g . No o t h e r c o u n t r y c o t t o n o r c o t t o n w a s t e q u o t a s w h ic h o p e n e d on S e p t e m b e r 2 0 w e re f i l l e d . 0 O0 •r - 3 - any State, or any of the possessions of the United States, or by any local tax ing 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 l|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section llj? 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 in clude 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. h 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 - unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour, tenders trill be opened at the Federal Reserve Banks and Branches, foil owing which public announcement vd.ll be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof % The Secretary of the Treasury expressly reserves the right to accept or reject y 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 October^. 1950 r in cash or other immediately avail able funds or in a like face amount of Treasury bills maturing October 5, 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. gift The bills shall be subject to estate, inheritance, 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 c 1 TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, s' Thursday> September 28, 19$_Q--- • j&i The Secretary of the Treasury, by this public notice, invites tenders for & 1.000.000,000 , or thereabouts, of ^ a y Treasury bills, for cash and in exchange for Treasury bills maturing _ 0 c t o b e r ^ _ i 2 S Q ---- > to lssued on a discount basis under competitive and non-ccmpetitive bidding as hereinafter provided. will mature interest. The bills of this series will be dated _ ^ c t o b ^ l 9 ^ _ _ .Tanuarvk, 1951 and , when the face amount will b e ^ a y a b l ^ without They r v i l l ^ i s s u e d in bearer tom only, and in denominations of §1,000, $s,000, $10,000, $100,000, $ 500,000, and $1,000,000 (maturity value). Tenders .Till be received at Federal Reserve Banks and Branches up to the closing hour, two o-clock p.m., Eastern Standard time, Monday, ( * g b gr 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 thr 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. Others than banking institutions vili not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsable and recognized dealers in investment securities. by payment of 2 Tenders from others must be accompanied percent of the face amount of Treasury bills applied for, TR EA S U R Y DEPARTMENT Information Service WASHINGTON. D .C . 254 R E L EASE M O R N I N G NEWSPAPERS, Thursday, S e p t e m b e r 26, 1 9 5 0 . S-2458 The S e c r e t a r y of the Treasury, by this p u b l i c notice, invites tenders for $ 1 ,0 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 9 1 -day T r e a s u r y bills, for cash a nd i n exchange for T r e a s u r y bills m a t u r i n g October 5, 1950, to- be issued on a d i s c o u n t basis u n d e r c o m p e t i t i v e and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r provided. The bills of this series w i l l be d a t e d O c t o b e r 5, 1950, and w ill m a t u r e January 4, 1951, w h e n the face amou n t w i l l be payable w i t h o u t interest. T h e y w i l l be issued in b e a r e r for m only, and in de nominations of $ 1 ,0 0 0 , $ 5 ,0 0 0 ,: $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 , and $ 1 ,0 0 0 ,0 0 0 (ma t u r i t y value). x : T e n ders wil l be r e c e i v e d at P e d e r a l R e s e r v e B a n k s a nd B r a n c h e s up to the c l o s i n g hour, two o ' c l o c k p.m., E a s t e r n S t a n d a r d t i m e ,. Monday, O c t o b e r 2,.1950. T e n ders wil l not be r e c e i v e d at the Tr e a s u r y Depa r t m e n t , W a s h i n g t o n . E a c h tender m u s t be for a n e v e n multiple of $ 1 ,0 0 0 , and in the case of competitive- tenders the price offered m u s t be e x p r e s s e d on the basis of 1 0 0 , w i t h not m o r e than three decimals, e. g., 99*925* F r a c t i o n s m a y not be used. It is urged that tenders be m a d e on the p r i n t e d forms and f o r w a r d e d in the special e n v e l o p e s w h i c h wil l be su p p l i e d by F e d e r a l .Reserve B a n k s or B r a n c h e s on a p p l i c a t i o n therefor. Others t h a n b a n k i n g i n s t i t u t i o n s w i l l not be p e r m i t t e d to submit tenders except for their o wn account. ' T e n ders w i l l be received w i t h o u t de p o s i t f r o m i n c o r p o r a t e d banks and trust companjLes and fro m r e s p o n s i b l e and r e c o g n i z e d de a l e r s in i n v e s t m e n t securities. Tenders f r o m othera m u s t be a c c o m p a n i e d by p a y m e n t of 2. pe r c e n t of the face amou n t of T r e a s u r y bills a p p l i e d for,* unless the tenders are a ccompanied b y a n - e x p r e s s g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d bank or trust company. I m m e d i a t e l y a f t e r the cl o s i n g hour, tenders w i l l be o p ened at the F e d e r a l R e s e r v e B a n k s and B r a n ches, f o l l o w i n g w h i c h p u b l i c a n n o uncement w i l l be made by t h e ' S e c r e t a r y of the T r e a s u r y of the amount and price r a nge of a c c e p t e d b i d s . Those s u b m i t t i n g tenders will be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n thereof. The Secretary of the T r e a s u r y e x p r e s s l y r e s erves the right to accept or reject a ny or all tenders, in w h ole or i n part, and his a c t i o n in any such r e s p e c t shall be final. S u b ject to these reservations, no n - c o m p e t i t i v e tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated price from a ny one b i d d e r w i l l be a c c e p t e d in full at the average price 2 (in three decimals) of a c c epted c ompetitive bids. S e t t l e m e n t for a c c e p t e d tenders in a c c o rdance wit h the bids m u s t be m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k o n ^ O c t o b e r 5* 1950* m cash or other i m m e d i a t e l y available funds or in a like face amou n t of T r e a s u r y bills m a t u r i n g O c t o b e r 5* 1950*. Cash and ex c h a n g e tenders w i l l r e c eive e q ual treatment. Cash a d j u s t m e n t s ,w i l l be m a d e for d i f f e r e n c e s b e t w e e n the par value of m a t u r i n g bills a c c e p t e d in ex c h a n g e and the issue price of the n e w bills. The income d e r i v e d from Tr e a s u r y b i l l s , w h e t h e r in t e r e s t or g a i n fro m the sale or other d i s p o s i t i o n of the b i l l s , shall not h a v e a n y exemption, as such, and loss f r o m the sale or other d i s p o s i t i o n of T r e a s u r y bills shall not hav e a ny special treatment, as such, u n d e r the In t e r n a l Re v e n u e Code, or laws a m e n d a t o r y or s u p p l e m e n t a r y thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, w h e t h e r F e d e r a l or State, but shall be exempt from all t a x ation n o w or h e r e a f t e r i m p o s e d on the p r i n c i p a l or interest thereof by any S t a t e f or a ny of the p o s s e s s i o n s of the U n i t e d States, or by any local t a x i n g authority. F o r p u r p o s e s of t a x a t i o n the amount of di s c o u n t at w h i c h T r e a s u r y bills are o r i g i n a l l y sold b y the United. States shall be c o n s idered to be interest. U n d e r Sections 42 and 117 (a) (l) °f the I n t ernal R e v e n u e Code, as a m e n d e d by Se c t i o n 115 of the R e v e n u e A c t of 19 H * the a m o u n t of d i s count at w h i c h bills issued h e r e u n d e r are sold shall not be con s i d e r e d to accrue until such bills shall be sold, r e d e e m e d or otherwise d i s p o s e d of, and such bills are e x c l u d e d fro m c o n s i d e r a t i o n as capital assets. A c c o rdingly, the o w ner of T r e a s u r y bills (other t h a n life insurance companies) i s s u e d h e r e u n d e r n e e d include in his income tax r e t u r n only the d i f f e r e n c e b e t w e e n the price paid for such bills, w h e t h e r on o r i g i n a l issue or on s ubsequent purchase, and the amount a c t u a l l y r e c e i v e d either u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the taxable y e a r for w h i c h the r e t u r n is m a d e , . a s o r d i n a r y g a i n 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 - 2 - P r e s e n t a t i o n of the a w ard w i l l be mad e widow, to the M r s . Louise Minnick B a n g s . M r . B a n g s was b o r n in D e n m a r k i n the U n i t e d States about 1920. c i t i z e n in 19 22 . ]899 and came to H e beca m e a n a t u r a l i z e d H i s first a p p o i n t m e n t as a n a g ent was in 1 9 2 6 , in the S an F r a n c i s c o office of the B u r e a u of N a r c o t i c s . He s u b s e q u e n t l y was a t t a c h e d as a n a g ent in N e w Y o r k and other offices of the bureau. In 1933 be was named Assistant District Supervisor at San Antonio and in May'193^ was appointed District Supervisor in Philadelphia. From that time until 19^6, when he was placed in charge of the Minneapolis office, he was District Supervisor in Honolulu, Seattle and Denver. Mr. B a n g s p a r t i c i p a t e d in the b r e a k i n g of outstanding narcotics cases on b o t h the e a s t e r n s e a b o a r d and on the wes t coast and on several occasions w o r k e d w i t h the R o y a l C a n a d i a n M o u n t e d P o l i c e in apprehending narcotics v i o l a t o r s . the n a r c o t i c s P r i o r to e n t e r i n g service he was in the m e r c h a n t marine, for several y e a r s . r? 0 S e c r e t a r y S n yder today a u t h o r i z e d the p o s t h u m o u s a w a r d of the T r e a s u r y ’s E x c e p t i o n a l C i v i l i a n Service H o n o r to A n k e r M. Bangs, Minneapolis D i s t r i c t S u p e r v i s o r at for the B u r e a u of N a r c o t i c s . Mr. B a n g s was shot and f a t a l l y w o u n d e d w h ile c o n d u c t i n g a n a r c o t i c s raid in St. Paul, M i n n e s o t a o n Sunday, September 2 b . The E x c e p t i o n a l C i v i l i a n Service Honor, evidenced b y a gold medal, m a y be conferred u p o n a n e m p l o y e e for d e m o n s t r a t i n g o u t s t a n d i n g courage i n the face of p e r s o n a l d a n g e r while p e r f o r m i n g a s s i g n e d duties. It is also g i v e n for the p e r f o r m a n c e of d u t y so d i s t i n g u i s h e d or s i n g u l a r l y o u t s t a n d i n g as to be c l e a r l y e xceptional. It is the h i g h e s t a w ard w i t h i n the a u t h o r i t y of the T r e a s u r y to confer. The m e d a l contains o n its obverse side the Great Seal of the T r e a s u r y D epartment, which appear Service." on the p e r i p h e r y of the words ...."For E x c e p t i o n a l C i v i l i a n The reverse side shows the M a i n T r e a s u r y B u i l d i n g and contains a n a p p l i c a b l e i n s c r i p t i o n and the name of the recipient. a certificate A gold lapel b u t t o n and signed b y the S e c r e t a r y of the T r e a s u r y go w i t h the a w a r d . T R E A S U R Y DEPARTMENT Information Service WASHINGTON, D .C 257 IMMEDIATE RELEASE, Thursday, S e p t e m b e r 28, 1950« S-2^ 5 9 S e c r e t a r y S n y d e r today a u t h o r i z e d the p o s t h u m o u s a w a r d of the T r e a s u r y ' s E x c e p t i o n a l C i v i l i a n Service H o n o r to A n k e r M. Bangs, D i s t r i c t S u p e r v i s o r at M i n n e a p o l i s for the B u r e a u of Nar c o t i c s . Mr. B a n g s was shot and f a t a l l y w o u n d e d w h i l e c o n d u c t i n g a n a r c o t i c s raid in St. Paul, M i n n e s o t a on Sunday, S e p t e m b e r 24. The E x c e p t i o n a l C i v i l i a n Service Honor, e v i d e n c e d b y a gold medal, m a y be c o n f e r r e d u p o n a n e m p l o y e e for d e m o n strating o u t s t a n d i n g courage in the face of p e r s o n a l d a n g e r while p e r f o r m i n g a s s i g n e d d u t i e s . It is also g i v e n for the p e r f o r m a n c e of d u t y so d i s t i n g u i s h e d or s i n g u l a r l y o u t s t a n d i n g as to be c l e a r l y e xceptional. It is the h i g h e s t a w a r d w i t h i n the a u t h o r i t y of the T r e a s u r y to confer. The m e d a l contains on its o b v erse side the Great Seal of the T r e a s u r y D e p a r t m e n t , on the p e r i p h e r y of w h i c h a p p e a r the w o r d s ...."For E x c e p t i o n a l C i v i l i a n Service." The r e v erse side shows the M a i n T r e a s u r y B u i l d i n g and contains a n a p p l i c a b l e i n s c r i p t i o n and the name of the recipient. A gold lapel b u t t o n and a cert i f i c a t e signed by the S e c r e t a r y of the T r e a s u r y go w i t h the award. Mrs. P r e s e n t a t i o n of the a w a r d w i l l be m a d e L o u i s e M i n n i c k Bangs. to the widow, Mr. B a n g s was b o r n in D e n m a r k in 1899 a a d came to the U n i t e d States about 1920. H e became a n a t u r a l i z e d c i t i z e n in 1922. H i s first a p p o i n t m e n t as a n a g ent was in 1926, in the San F r a n c i s c o office of the B u r e a u of N a r c o t i c s . He s u b s e q u e n t l y was a t t a c h e d as an agent in N e w Y o r k and other offices of the bureau. I n 1933 he was n a m e d A s s i s t a n t D i s t r i c t S u p e r v i s o r at San A n t o n i o an d in M a y 1934 was a p p o i n t e d D i s t r i c t S u p e r v i s o r in P h i l a d e l p h i a . F r o m that time u n til 1946, w h e n he was p l a c e d in charge of the M i n n e a p o l i s office, he was D i s t r i c t S u p e r v i s o r in Hon o l u l u , Seattle and Denver. 258 - 2 - Mr. B a n g s participated, in the "breaking of o u t s t a n d i n g narcotics cases on b o t h the e a s t e r n se a b o a r d and o n the w e s t coast and on several o c c asions w o r k e d w i t h the R o y a l C a n a d i a n M o u n t e d Police in a p p r e h e n d i n g n a r c o t i c s viol a t o r s . P r i o r to e n t e r i n g the n a r c o t i c s service he was in the m e r c h a n t m a r i n e for several y e a r s . 0O0 259 R E LEASE S U N D A Y NEWSPAPERS, October 1, 1950.____________ S_2^6o :C h a i r m e n of the T r e a s u r y ' s v o l u n t e e r n a t i o n a l a d v i s o r y committees on Savings B o n d s wil l m e e t w i t h S e c r e t a r y S n y d e r in W a s h i n g t o n Monday, O c t o b e r 2, at the S e c r e t a r y ' s invitation, to lay the g r o u n d w o r k for a s t i m u l a t e d Pa y r o l l Savings p r o m o t i o n for U n i t e d States Savings B o n d s b e g i n n i n g in November. These committees, w h i c h r e p r e s e n t e v e r y segment of A m e r i c a n activity, h a v e b e e n created to confer with, and give counsel to the T r e a s u r y D e p a r t m e n t in f u r t h e r i n g its bond program, and to * spearhead the efforts of the v o l u n t e e r w o r k e r s in specific f i e l d s . The N o v e m b e r p r o m o t i o n w ill be a n e f fort to a b s o r b into savings a s u b s t a n t i a l p o r t i o n of the o v e rtime p a y and i n c r e a s e d wages r e s u l t i n g from g r e a t e r e m p l o y m e n t in defense industries, and so a p p l y a curb on p o t e n t i a l and e x i s t i n g i n f l a t i o n a r y price pressures. It also wil l fu r t h e r the T r e a s u r y ' s goal of m a i n t a i n i n g a broad d i s t r i b u t i o n of the publ i c debt, and e n courage t h r i f t . The T r e a s u r y h o pes this p r o m o t i o n w i l l r e s u l t in a 50 per cent Pa y r o l l Savings P l a n p a r t i c i p a t i o n in e v e r y m a j o r i n dustrial plant. E v e n h i g h e r p e r c e n t a g e s h ave b e e n a c h i e v e d in employee canvasses c o n ducted since the o u t b r e a k of h o s t i l i t i e s in K o r e a . The pr e s e n t Pa y r o l l Savings p r o g r a m e m b races 2 1 , 0 0 0 large companies and m a n y thousand smaller ones. There are a p p r o x i m a t e l y o,000,000 employee participants, w i t h m o n t h l y savings a v e r a g i n g $ 1 6 0 ,0 0 0 ,0 0 0 u n d e r the plan. B g g The groups r e p r e s e n t e d by N a t i o n a l A d v i s o r y C o m m i t t e e s the committee chairmen, are: and M a g a zine, B e r n a r d Barnes; N e w s p a p e r P r o m o t i o n Managers, Raoul B l u mberg; N e w s p a p e r A d v e r t i s i n g Managers, H a r v e y H u f f — Outdoor Adve r t i s i n g , L e o n a r d W. Trester; N e w s p a p e r Publishers, Clark Howell; N e w s p a p e r C i r c u l a t i o n Managers, H o w a r d W. StodghillRadio, Judge J u s t i n Miller; M o t i o n P i c ture Industry, Samuel Pinanski; N a t i o n a l C a r t o o n i s t s Society, Gus Edson; 260 - 2 - Industrial, Martin W. Clement; Industrial Editors, Charles J. Morse; Investment Bankers Association, Ewing T. Boles: Mutual Savings Banks Association, Henry Bruere; Savings and Loan Associations, Walter Gohrke; American Bankers Association, H. Frederick Hagemann, Jr.; Mutual Savings Banks Association, John W. Sandstedt; School Savings, Dr. A. C. Flora; Agricultural, D r . ¥. I . Myers; Labor (American Federation of Labor), William Green; Labor (Railroad Brotherhoods), G. E. Leighty; Labor (Congress of Industrial Organizations), Philip Murray; National Organisations, 0 . E. Peterson; National Organizations Editors, Boyd B. Stutler; Direct Mail Selling, Earle A. Buckley; Women's, Ellen S. Woodward. oOo i f BMSDIATE RELEASE, Friday» Septeabar 29, 1950« fn@ secretary of the Treasury today announced the subscription and allotment figures with respect to the current offering of % - l/ k percent Treasury Notes of Series 0-1951# to be dated October 1, 1950. Subscriptions and allotments were divided among tbs several Federal Beserve Districts and the Treasury as follows* Total Subscriptions Received and Allotted Federal Beserve District | 10#556,000 b,966,722,GOO 16.033.000 26.772.000 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Treasury 1 0 . 6 5 2 . 0 0 0 1 8 , 1 * 8 5 , 0 0 0 $0,127,000 1 6 , 2 6 7 , 0 0 0 13,200,000 6b,63b,000 bb,893,000 lb,b2b,QG0 82b,000 TOTAL *5,253,589,000 282 IMMEDIATE RELEASE, Friday, September 29, 1950. S-2461 The Secretary of the Treasury today announced the sub scription and allotment figures with respect to the current offering of 1-1/4 percent Treasury Notes of Series G-I95 I, to be dated October 1, 1950. Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows: Federal Reserve District Total Subscriptions Received and'Allotted Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St . Louis Minneapolis Kansas City Dallas San Francisco Treasury $ 10 ,556,000 4 ,966,722,000 16 .033.000 2 6 . 7 7 2 . 0 0 0 10 .652.000 18.485.000 50 .127.000 16 .267.000 13.200.000 64.634.000 44.893.000 14.424.000 _______ 824 ,000 TOTAL $5,253,589,000 0O0 im i <*£ M m m & Ihm rnm 0 # C* «mi» © « ¡te b a r 27* 1950 $ » m m m m A & $$ H f % W P * * * * & iaptete 23, 23®% «afeo» «0**a»2- m *m ¡É « » « m I m te * S p i« i® w w s i » ì »m * « * « * 0 « % **» »e miAA poaslbl* «mfte&Mi» a***« #* « k» « w% Cawd«sten«r «f ¡¡svwwe* 1s« m&a E t e r n i tari*/ «Biwwndr« te « » « i * te* tesngte 9i g m t e f c p M & T ^ v m im # t a t e t e # aaau B orite*»« tto m *© r I# m o * « m w r n m ìm m ì o p m m à 1m © a ite te m mrn wmmZm&wwr** m U to® «A M I o f m o# 2*i Mé « ts te te * Bétomwsm ém^mà i t e l i b© màm ©3Laa* %m% itti* t e 1« a#t © *®teX ta* | i t e t e paoteti ih«r«o£ la t e M rasponsibitty «* t e ^ « i f w f c w » p p s K t e r * ©r ¡ p i p M ^ © a « t e t « ©pg&i»© %© tei* proháMUaii ©tgatefc ih© m « m , Ttì© t e © p a t e r a * i t e © m i i mimi® tm$m* mm «f t e t e » i t « 2 * v i « i < m p m i > « © * a p f % © t e r ò © * a n t e * l# » p m m I <m *© t e © t e n « * © * b u i l t - i n ©a»~ i t e © * © n i e n n M m i t e I t e # auiqt f.iM E n u m i % m i © ter m b ® 1# 2.920* 8 20 p tfo « l M i © © t a r a r * © t e mUUL b© ap-Aiod b ® h o m ^ l c i bfp© tolti f «r ih© quiete M s g aart H m « to rn a i « f l ,©oda# 91mt e ©pt&t«© b® t e ©• ©©li© ©ut tin te pari© t e t e r t e ? ©ra ap arate W t e t e t e t y * gm$ kwmmm$ « r gasoline# b © t© t t© W | ilil© 2© noi © r a t e i © ate tax* Üi» pe$raont 1© màm bgr t e proteor# W ih© ©©anni «£ t e t e h é §p fe© prarad m io ib© coneuaer# m Ut m o à m tax on thè The eumtnt SO retell « I n «£ ¿asolar/ and tm m renatane «*©«l*t tbetf weber % 1$$GP thè test m m m * * * ^ ^reecteRad* to « « 1 retali «alee, thè tee etti ttaft «tuar to thè retali sàie et snob ertlelee h y aaetieneers or agente selling tbas« eoieiìeclltlee ea beimlf et » f ® t a l a r e and le ie l re|aw «Ktatiw et astata* et iienHretall^si that le* perenna «he » e net, » la thè ìx u s lm m et s é & i n g «neh artiale* al retali« >omTXQ»i Under th» nes m é aera Aot, thè tasse* or thè preparar téM ém . thè United States are eacteided. fhir t m inalale K M S t e «ade in paressi etxteld* thè Ualtad **tatea f y individuale er oonoame pa/lng far eaeh eer#iee** The ratea *T tax ara 15 psneeiife far tmu^erta^en tioteta, end 3 f ece^l ma te coal, In ubidii aaaa thè tax le 4 i par ahert tot*. B àm m a « J i Beglrming %vorabar 1, 1330, thè n m le» liw leanpatienal tea mi e2#t inaehina» and ether & m 30 to ÌU0 far «neh 3 w m m m S ta m m a m o h í s M Havana Ü e t I Bu s* jaj&i&as n t t t B^feMtwr 27« 1990 % w iir n w m A M « t i i m A WiAaabar £ % > a p p t e m « a n g a s ä» « » w a u a «a* t e a . « * « ® « w ntìOlw M Q & d p M f t » oenftwlan, « M p #« äaaanaaa«, t a w A « s i « w r e t S M M M B l « w w % i n a w a « ntBÉOMRit taiay m u m m ia ® « • » aff p i i l M W 0 w w & ä m A to a w & a i t w «tone«» p isto l I » !¿ Á » » N » * — ® m m O O r n t m t « pm m m * «Mw, h r% H b » M a n » P t t Bf m 10 M*» m m £ m r n m m , a e t iiix m Sn a s « a t a ñ a * » Oaemtwitonar safasawanR P É M K ^ Iw t i w «nwr«a.tiÍMty «f «Ni f * 4 m e t tato«**U n » r»ie < & • » tiak thto tsw in not a « P i t t t m » that tiw p p m * tw ttwnaaf «r lape*««* nnA t p t t t * 4 » « p ú a s %s «ssH? « O l i n e p «Im * i « * f | tese* I« m «gtdurwl tfc* «rafftet aff S » tm tatos p ® ü i * te tía eso» «II», jbjay p Ìp p <^MSfÜ S ü 1S9&BScäI a^fMitaetg a&Mr&áfett* %îiba»« ia&i»* M & M t o M W » N i ti* IlJst* y l 2 i I . . g i M . iflBp&i f m $ g gff o q p b j ^ y 8.g % |gg ^ 0» m l ifftar l i m i t a r % m i è t a t i t » N l i M f l i N ^ I I g w t a g « N â m e s é < n « p «ff I M * mê&m mû tfertr M l ^ m n i | «r M b m $ tm M I Ü M a* m t $ ^ 9 » M f f* j* ft*i ta» agidla» ta M ^ ffkMrtdMr# p % Miai ü » ta» a» W * ttd# 1 * nal a » « M i l aitai sm & m w te la s ë s ¥ / M p sm m â m i f § % » 10 p t a %In§ m w pitaiimr9 but ta» a m u ^ off Ht» tuai # JrnVKLRY AMD ffURSt The 20 j w e u i l exolae tax on the ratal! sale of ¿erwelry and furs raaains unchanged except that, beginning HovsSber 1, 1950, tbe tax socpe has been broadened. In addition to noitaal retail sales, the tax n U l then apply to the retail sale of such articles b y auctioneers or agents selling thsse oceaaodities on behalf of non-retailers and legal representatives of estates of non-rofcailersj that is, persons who are not, or » « t not, engaged in the business of selling such articles at retail. t m m m m h 's x m i - w m m ths nee Revenue Act, the taxes on the transportation of persons and property elthin the United States are extended. They non include payments aade in person outside the United States by individuals or concerns paying for such services. Ths rates of tax are 15 percent for transportation tickets, and % perosnt for freight, except as to coal, in vhleh case the tax is 4 cents per short ton. ciftMim S M I G a S i Beginning ftovetaber 1, 1950, the nee lae in- creases the annual occupational tax on slot aachines and cither gett ing devices free $200 to U p for ©&#* machine. jwmbbkw a*«** O m m m MaaMßgfcäO* s» 6« 3i0m%M oi xm m m sai wumsm Bapémtbme 2 7 , 1990 ü a o r g e x •'z-f £ ía a X l J » ü i Á . 9 i m jfc p % « C M w t t i € 4 4 ¡$ 4 &*a K» » t e t o iü f OTìiiifmiiÌMìii Hritirr ma&m Um «bang#* ;{% « M A M * * * l* ,'i m a m -¿ :•■; r» m¡$$¿wúm tíemámm % i ÌM M « S il tai a 10 i i l ü te s a*n*«t«i « Um mwmgM&mœ** «Ufe** peim i f taSasísiota iri.iiiiiliitt M g irriiir^—^Trrthr ’ uw fn7nrii»nwTimTfn è ii"Wli" if#¡t % m l i ü l i « « M l taxi itasi itati ¡««Mit ttrnimf 1# ita« MpoertUÄ i t f af ita# m s é « Ii ì i % pr«dtaoarf «r ¿«porter» «ad ' '■> | - . a . ^ . -¥ ;^ A tim i tip t » ivpSUM %# tbafcr «Ali«« pale## üemm&f. ih«»«*»- w IpetâtâiM M m « M a rt «««Init ita* «m «& «f ita* tax b*±ng p w È l i Um, e ê m m m e m t« 3 *n ri« ia ft @$mämm9 «ß io ita» # « * «statim i«» tu ta « » p M ^ y r «n&fca» tadiMta( ami tim lita»* k ^ iJ i^ .,f f lB i «ta* and «fftar ftar«atar % X950» « !ö p m o n t ««iullM9riiiiw,ii tax iÉ3â ta» agsgAtad ts tawtiMftd t^m m m q»lö& âMB&ag mtâ itm m áam ge c f Itada* £«r ita» f i * tax oppila« t« ì l i « ' mili« mà ttaair peri» mugiiMir itagr am keroam » or gaatúlno* Idle* tit# ü x «ü W» Ä tp% i s imi « rim ali «tal«« tax* t i« pagana« Ä* mod© fer ih# prod»«Wf taut ita» amount of Urn tax fe« ^mmá m u ita» <mwmm* - 2 - a HD ffURSi The current 20 percent excise tax eh the retail sale of Jewelry and furs resains unchanged except that, beginning November 1, 1950, the tax scope has been broadened# I n a d d it io n t o n o rm a l r e t a i l s a le s , t h e t a x w i l l th e n a p p ly t o th e r e t a i l s a le o f su ch a r t i c l e s b y a u c tio n e e rs car a g e n ts s e llin g th e s e co m m o d ities on b e h a lf o f n o n - r e t a ile r s an d le g a l r e p r e s e n ta tiv e s o f e s ta te s o f n o n - r e t a ile r s ; t h a t i s , p e rs o n s who a r e n e t , o r w e re n e t, engaged i n th e b u s in e s s o f s e llin g such a r t i c l e s a t r e t a i l * TRANSPORTATIONi - Under the new Revenue Act, the taxes on ths transportation of persons and property within the united States are extended. They now include payments made in person outside the United States by individuals or c o n o e m s paying for such services. Ths rates of tax are 15 percent for transportation tickets, and 5 percent for freight, except as to ooal, in which case the tax is 4 cent8 per short ton* GAMINS m n e m t Beginning November 1, 1950, the new law in* creases the annual occupational tax on alet machines and ether gaeing devices from $100 to H 5 0 for eaoh machine. - JEWET.RY AMD FURS? 2 - The c u r r e n t 20 p e rc e n t e x c is e t a x on th e r e t a i l s a le o f je w e lr y an d fu r s ra n a in s unchanged e x c e p t t h a t , b e g in n in g Novem ber 1 , 1 9 5 0 , th e t a x scope has b een b ro ad en ed * I n a d d it io n t o n o im a l r e t a i l s a le s , th e t a x w i l l th e n a p p ly t o th e r e t a i l s a le o f such a r t i c l e s b y a u c tio n e e rs o r a g e n ts s e llin g th e s e co m m o d ities on b e h a lf o f n o n - r e t a ile r s an d le g a l r e p r e s e n ta tiv e s o f e s ta te s o f n o n - r e t a ile r s ^ t h a t i s , p u rb u iw who are not, or were TRANSPORTATION: "U n d er th e new R evenue A c t, th e ta x e s on th e t r a n s p o r t a t io n o f p erso n s an d p r o p e r ty w it h in th e U n ite d S ta te s a r e e x te n d e d . U n ite d T h ey now in c lu d e paym ents made i n p e rs o n o u ts id e th e States by in d iv id u a ls o r co n cern s p a y in g f o r such s e r v ic e s . The r a t e s o f t a x a r e 15 p e rc e n t f o r t r a n s p o r t a t io n t i c k e t s , a n d 3 p e rc e n t f o r f r e i g h t , e x c e p t as t o c o a l, in w h ic h case th e t a x i s 4 c e n ts p e r s h o rt to n . aMKTWr TW TC ES: B e g in n in g Novem ber 1 , 1 9 5 0 , th e new la w i n c re a s e s th e an rmfl-l o c c u p a tio n a l t a x on s lo t m ach in es and o th e r gam in g d e v ic e s fro m $1 0 0 t o $150 f o r each m a c h in e . TREASURY DEPARTMENT B u r e a u of I n t e r n a l R e v e n u e W a s h i ngton, D. C* immediate release S e p t e m b e r 27, 1 9 5 0 T h e R e v e n u e A c t of 1950, a p p r o v e d S e p t e m b e r 23, /9 5 0 , m a k e s se v e r a l c h anges in / h e e x c i s e t a x l a w s / T o a s s u r e pu b l i c utaerst a n d i n g , a n d t o a v o i d p o s s i b l e confusion, G e o r g e J . Schoeneman, C o m m i s s i o n e r of I n t e r n a l R e v e n u e / i s s u e d a s t a t e m e n t t o d a y concerning W o s e e x c i s e t a x changes of greatest p u b l i c interest» Tff.T.RVTSTON S E T S 2 B e g i n n i n g N o v e m b e r 1, 1950, t h e r e w i l l b e a 10 p e r c e n t t a x co l l e c t e d o n t h e m a n u f a c t u r e r ^ selling p r i c e o f t e l e v i s i o n sets* / I n h i s -statement,,,CamBassioaer^ s ' A 0 IS /J ¿e _ m a d g ^ w y l f l g Q E G i i S x is n o t a r e t a i l tax; t h a t t h e p a yment t h e r e o f i s t h e r e s p o n s i b i l i t y of t h e m a n ufacturer, producer, that t h e t a x a p p l i e s to t h e i r selling p rice* or importer, a n d However, t h e r e is no p r o h i b i t i o n ag a i n s t t h e amount of t h e t a x b e i n g p a s s e d o n t o t h e c o n sumer* T h e t a x al s o covers t e l e v i s i o n chassis, cabinets, tubes, speakers, amplifiers, p o w e r - s u p p l y units, b u i l t - i n a n t e n n a e a n d t h e like* Q U I C K F R E E Z E IINTTS: O n a n d a f t e r N o v ember 1, 1 9 5 0 , a 10 percent m a n u f a c t u r e r *s t a x w i l l b e a p p l i e d t o h o u s e h o l d t y p e u n i t s f o r the q u i c k f r e e z i n g a n d f r o z e n storage of foods* T h e t a x a p p l i e s t o th e s e units a n d t h e i r parts w h e t h e r t h e y a r e o p e r a t e d b y electricity, gas, kerosene, tax. o r gasoline* I d k e t h e t a x o n TV, t h i s i s not a r e t a i l sales T h e payment i s m a d e b y t h e producer, but t h e amount of t h e tax m a y b e p a s s e d o n t o t h e consumer* TR EASU R Y DEPARTM ENT Information Service W A S H IN G T O N . D . C . 272 IMMEDIATE RELEASE, Friday, S e p t e m b e r 29, 1950. S-2462 George J . Schoeneman, C o m m i s s i o n e r of I n t e r n a l Revenue, today issued the f o l l o w i n g i n f o r m a t i o n w i t h r e g a r d to c e r t a i n of the changes m a d e in exoise taxes b y the R e v e n u e A c t of I9 5 O: T E L E V I S I O N SETS; B e g i n n i n g N o v e m b e r 1, 1 9 5 0 , there w i l l be a 1 0 percent, tax c o l l e c t e d on the m a n u f a c t u r e r ’s s e l l i n g price of t e l e v i s i o n sets . It should be n o t e d that this tax is not a retail tax; that the p a y m e n t th e r e o f is the r e s p o n s i b i l i t y of the ma n u f a c t u r e r , producer, or importer, a nd that the tax applies to t h eir s e l l i n g p r i c e . Howev e r , there is no p r o h i b i tion a g a i n s t the a m o u n t of the tax b e i n g p a s s e d on to the c o n sumer. The tax also covers t e l e v i s i o n chassis, cabinets, tubes, speakers, amplifiers, p o w e r - s u p p l y units, b u i l t - i n a n t e n n a e and the l i k e . Q U I C K F R E E Z E U N I T S : On and a f t e r N o v e m b e r 1, 1 9 5 0 , a 10 percent m a n u f a c t u r e r 's tax w i l l be a p p l i e d to h o u s e h o l d type units for the q u i c k f r e e z i n g and f r o z e n storage of f o o d s . The tax applies to these units and t h eir parts w h e t h e r they are operated by electricity, gas, kerosene, or gasoline. Like the tax on TV, this is not a r e t a i l sales tax. The p a y m e n t is m a d e by the producer, but the a m ount of the tax m a y be p a s s e d on to the consumer. ^J E W E L R Y A N D F U R S : The current 20 p e r c e n t excise tax on the retail salé or j e w e l r y and furs remains u n c h a n g e d e x cept that, beginning N o v e m b e r 1, 1950, the tax scope has b e e n b roadened. In addition to n o r m a l r e t a i l sales, the tax w i l l t h e n a p p l y to the retail sale of such ar t i c l e s by a u c t i o n e e r s or agents s e l l i n g these comm o d i t i e s on b e h a l f of n o n - r e t a i l e r s a nd legal r e p r e s e n t atives of e s t ates of no n - r e t a i l e r s . T R A N S P O R T A T I O N : U n d e r the n e w R e v e n u e Act, the taxes on the transp o r t a t i o n of p e r sons and p r o p e r t y w i t h i n the U n i t e d States are extended. T h e y n o w include p a y m e n t s made in p e r s o n outside the U n i t e d States by i n d i v i d u a l s or concerns p a y i n g for such s e r v i c e s . The rates of tax are 15 p e r c e n t for t r a n s p o r t a t i o n tickets, and 3 p e r c e n t for freight, except as to coal, in w h i c h case the tax is 4 cents pe r short ton. G A M I N G D E V I C E S : B e g i n n i n g N o v e m b e r 1, 1 9 5 0 , the n e w law increases the a n n u a l o c c u p a t i o n a l tax on slot m a c h i n e s and other gaming d e v ices from $ 1 0 0 to $ 1 5 0 for e a c h m a c h i n e . 0 O0 t h e j * chairmen. ^ Magazinof Mat Be r n a r d Barnes; N e w s p a p e r P r o m o t i o n M a n a g e r s y fiitirj nrirn R a o u l Bluniberg; N e w s p a p e r A d v e r t i s i n g Managers, H a r v e y Huff; O u t d o o r Advertising, A S B M f e Leonard W. Trester; New s p a p e r Publishers, AteSaSBa^S} C l a r k Howell; New s p a p e r C i r c u l a t i o n Managers, Howard W. Stodghill; Radio, ¿lii iiiirnrjni, Judge J u s t i n Miller; M o t i o n Picture Industry, tibBSSSBCfa Sa m u e l Pinanski; N a t i o n a l C a r t o o n i s t s S o c i e t y G u s Edson; Industrial, AdJOJOflCSOb M a r t i n W* Clement; C h a r l e s J. Morse; Ind u s t r i a l Editors, AdMKksttsgE} I nvestment Ba n k e r s Association, A S ® * * » ® , M u t u a l S a vings B a n k s Association, AiLrifcfflJ1}/') H e n r y Bruere; L o a n A s s o c i a t i o n ^ jW m m c s q E w i n g T* Boles; S a v i n g s and W alter Gehrke; A m e r i c a n B a n k e r s Association, H* F r e d e r i c k Hagemann, Jr*; M u t u a l Savings B a n k s Association^ J o h n W* Sandstedt; S c h o o l Savings^ Dr* A* C. Flora; Agricultural^, Dr * W* I* Myers; L abor (American F e d e r a t i o n o f Labor), W i l l i a m Green; Labor frafftfcwy (Railroad B r o therhoods) j G* E* Leighty; L abor _ _ . , . . (Congress of Industrial A Organizations), P h i l i p Murray; N a t i o n a l O r g a n i z a t i o n s ^ 4 £ i M 6 £ & 0. E. Peterson; N a t i o n a l O r g a n i z a t i o n s Editors, ijjWlMffiTS Boyd B. Stutler; D i r e c t M a i l Selling^ Woodward• E arle A. Buckley; W o m e n ’s, E l l e n S* R E L E A S E , S U N D A Y PAPERS, O C T O B E R 1, 1 9 5 0 ^(c d in- $ C h a i r m e n of theAVro l u n t e e r n a t i o n a l a d v i s o r y c o m m i t t e e s ^ w i l l m e e t w i t h ib fcé'Âbifà» _i ' S e c r e t a r y Snyder ' * *■ —Æ— _____ _ . S^cAZti4fy<{ at + t.V hio e T-n l.t.wria Tnvi invitation, to l a y the A A g r o u n d w o r k for a stimulated P a y r o l l Savings p r o m o t i o n for United St a t e s S a v i n g s B o n d s b e g i n n i n g i n November* T hese committees, w h i c h rep r e s e n t e v e r y segment o f A m e r i c a n activity, have b e e n created t o confer with, and give c o u n s e l to, the T r e a s u r y Dep a r t m e n t i n f u r t h e r i n g its b o n d program, and t o spearhead the e f f o r t s of the v o l u n t e e r w o r k e r s i n specific f i e l d s * ; 1 The N o v e m b e r p r o m o t i o n will, mte b e îiobkhsbbi a n e f f o r t t o a b s o r b . a s u b s t a n t i a l p o r t i o n of the overtime p a y and increased w a g e s r e s u l t i n g f r o m g r e a t e r e m p l o y m e n t i n d e f e n s e industries, ¿w^ w u l l inf l a t i o r ^ y p r e s sure s * mmdtoa a p p l y a curb o n p o t e n t i a l and e x i s t i n g Lili <mn'Pfflr> it w i l l f u rther the Treasury* s g o a l of m a i n t a i n i n g a broad d i s t r i b u t i o n of the pu b l i c debt, and enc o u r a g e thr i f t * The T r e a s u r y h o p e s t h i s p r o m o t i o n w i l l r esult i n a 50 p e r cent P a y r o l l Sa v i n g s P l a n p a r t i c i p a t i o n i n e v e r y m a j o r i n d u strial plant. t t a m c V n . 4jBJuuuxx lu ^ i. im,.m have b e e n achieved i n even higher per c e n t a g e s / m WKSm employee c a n v a s ^ c o n d u c t e d since th e o u t b r e a k of h o s t i l i t i e s i n Korea. The p r e s e n t P a y r o l l S a vings p r o g r a m em b r a c e s 2 1 , 0 0 0 l arge companies and m a n y t h o u s a n d smaller o n e s ^ mMi a p p r o x i m a t e l y 8,000,00(^ p a r t i c i p a n t s ;w i t h m o n t h l y savings a v e r a g i n g $ 1 6 0 , 0 0 0 , 0 0 0 u n d e r t h e plan* The, N a t i o n a l A d v i s o r y Committees, CLvuf™ TREASURY D EPARTM ENT Information Service RELEASE S U N D A Y NEWSPAPERS, October 1, 1950.____________ W A S H IN G T O N . D . C . S-2460 C h a i r m e n of the T r e a s u r y ' s v o l u n t e e r n a t i o n a l a d v i s o r y committees on Savings B o n d s w i l l m e e t w i t h S e c r e t a r y S n y d e r in W a s h i n g t o n Monday, O c t o b e r 2, at the S e c r e t a r y ' s invitation, to lay the g r o u n d w o r k for a s t i m u l a t e d Pa y r o l l Savings p r o m o t i o n for U n i t e d States Savings B o n d s b e g i n n i n g in November. These committees, wnich. r e p r e s e n t e v e r y segment of A m e r i c a n activity, h a v e b e e n created to confer with, and give counsel to, the T r e a s u r y D e p a r t m e n t in f u r t h e r i n g its bond program, and to spearhead the efforts of the v o l u n t e e r wo r k e r s in specific f i e l d s . The N o v e m b e r p r o m o t i o n wil l be an e f fort to a b s o r b into savings a s u b s t a n t i a l p o r t i o n of the overtime p a y and i n c r e a s e d wages r e s u l t i n g fro m g r e ater e m p l o y m e n t in defense industries, and so a p p l y a curb on p o t e n t i a l and e x i s t i n g i n f l a t i o n a r y price pressures. It also wil l f u r t h e r the T r e a s u r y ' s goal of m a i n t a i n i n g a b r oad d i s t r i b u t i o n of the publ i c debt, and e n courage thrift. The T r e a s u r y h o pes this p r o m o t i o n w i l l resu l t i n a 50 per cent^Payroll Savings P l a n p a r t i c i p a t i o n in e v e r y m a j o r indistrial plant. E v e n h i g h e r p e r c e n t a g e s h ave b e e n a c h i e v e d in employee canvasses conducted since the o u t b r e a k of h o s t i l i t i e s in Korea. The p r e s e n t P a y r o l l Savings p r o g r a m em b r a c e s 2 1 , 0 0 0 large companies and m a n y thousand smaller ones. T h ere are a p p r o x i m a t e l y o, 000,000 employee participants, w i t h m o n t h l y savings a v e r a g i n g $1 6 0 ,0 0 0 ,0 0 0 u n d e r the plan. b averaging T he grou p s r e p r e s e n t e d by N a t i o n a l A d v i s o r y Committees, the committee chairmen, are: and M a g a z i n e , B e r n a r d Barnes; N e w s p a p e r P r o m o t i o n Managers, Raoul Blumberg; N e w s p a p e r A d v e r t i s i n g Managers, H a r v e y Huff; Outdoor A dvertising, L e o n a r d W. Trester; N e w s p a p e r Publishers, Clark Howell; N e w s p a p e r C i r c u l a t i o n Managers, H o w a r d W. StodghillRadio, Judge J u s t i n Miller; M o t i o n P i c ture Industry, Samuel Pinanski; N a t i o n a l C a r t o o n i s t s Society, Gus Edson* 275 - 2 - Industrial, Martin W. Clement; Industrial Editors, Charles J. Morse; Investment Bankers Association, Ewing T. Boles; Mutual Savings Banks Association, Henry Bruere; Savings and Loan Associations, Walter Gehrke; American Bankers Association, H. Frederick Hagemann, Jr.; Mutual Savings Banks Association, John W. Sandstedt; School Savings, Dr. A. C. Flora; Agricultural, Dr, W. I. Myers; Labor (American Federation of Labor), William Green; Labor (Railroad Brotherhoods), G. E. Leighty; Labor (Congress of Industrial Organizations), Philip Murray; National Organizations, 0 . E. Peterson; National Organizations Editors, Boyd B. Stutler; Direct Mail Selling, Earle A. Buckley; Women's, Ellen S. Woodward. oOo r* Cl 7 6 IMMEDIATE BEIEASE, Friday5 September 29. 1950. S-2461 The Secretary of the Treasury today announced the sub scription and allotment figures with respect to the current offering of 1-1/4 percent Treasury Notes of Series G-1951, to be dated October 1, 1950. Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows: Federal Reserve District_______ Total Subscriptions Received and Allotted Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Treasury $ 103556,000 4,96637223000 16.033.000 26.772.000 10.652.000 18.485.000 50.127.000 . 16 267.000 13.200.000 64.634.000 4 4 . 8 9 3 .000 14.424.000 824,000 TOTAL $5.253,589,000 0O0 TREASURY DEPARTMENT Information Service WASHINGTON, D .C . 277 IMMEDIATE RELEASE, Friday, September 29 , 1950. S-2462 George J. Schoeneman, Commissioner of Internal Revenue, today issued the following information with regard to certain of the changes made in excise taxes by the Revenue Act of 1950 : TELEVISION SETS: Beginning November 1, 1950 , there will be a 10 percent, tax collected on the manufacturer's selling price of television sets. It should be noted that this tax is not a retail tax; that the payment thereof is the responsibility of the manufacturer, producer, or importer, and that the tax &PPbias to their selling price. However, there is no prohibi tion against the amount of the tax being passed on to the con sumer. The tax also covers television chassis, cabinets, tubes, speakers, amplifiers, power-supply units, built-in antennae and the like. QUICK FREEZE UNITS: On and after November 1, 1950 , a 10 percent manufacturer's tax will be applied to household type units for the quick freezing and frozen storage of foods . The tax applies to these units and their parts whether they are operated by electricity, gas,, kerosene, or gasoline. Like the tax on TV, this is not a retail sales tax. The payment is made by the producer, but the amount of the tax may be passed on to the consumer. ^JEWELRY AND FURS: The current 20 percent excise tax on the retail sale of jewelry and furs remains unchanged except that, beginning November 1, 1950, the tax scope has been broadened. In addition to normal retail sales, the tax will then apply to the retail sale of^such articles by auctioneers or agents selling these commodities on behalf of non-retailers and legal represent atives of estates of non-retailers.. TRANSPORTATION: Under the new Revenue Act, the taxes on the transportation of persons and property within the United States are extended. They now include-payments made in person outside the United States by individuals or concerns paying for such services. The rates of tax are 15 percent for transportation tickets, and 3 percent for freight, except as to coal, in which case the tax is 4 cents per short ton. . GAMING DEVICES: Beginning November 1, 1950 * the new law increases the annual occupational tax on slot machines and other gaming devices from $100 to $150 for each machine. 0O0 P r o p o s e d ___________ / i c r / ^ » m u X n u t ^ a n n o u n c e d t o d a y that c o l lectors of customs from the forty-five col l e c t i o n d i s t ricts w i l l meet in W a s h i n g t o n O c tober 5 6. The sessions, to be h e l d at the M a y f l o w e r Hotel, w i l l be de v o t e d t o a discus s i o n of customs m a n a g e m e n t matters. A similar conference was h e l d last December. S e c r e t a r y S n y d e r w i l l address the gr o u p at the o p e n i n g s e s sion. Other T r e a s u r y speakers w i l l b e U n d e r S e c r e t a r y E d w a r d H. Foley, Jr.; Assis t a n t S e c r e t a r y John S. Graham; an d A d m i r a l M e r l i n O'Neill, Commandant, U n i t e d States Coast Guard. C o m m i ssioner Dow, a n d A s s i s t a n t C o m m i s s i o n e r D a v i d B. S t r u b i n g e r wi l l h e a d a B u r e a u pan e l w h i c h w i l l l e a d in t e c h n i c a l discussions. 90 j 1050-- TREASURY DEPARTMENT Information Service RELEASE Wa s h i n g t o n , d .c . SUNDAY NEWSPAPERS, October 1, 1950.__________ S-2463 Secretary Snyder announced today that collectors of customs from the forty-five collection districts will meet in Washington October 5 and 6. The ^sessions, to be held at the Mayflower Hotel, will be devoted to a discussion of customs management matters. A similar con ference was held last December. Secretary Snyder will address the group at the opening session. Other Treasury speakers will be Under Secretary Edward H. Foley, Jr.; Assistant Secretary John S. Graham; and Admiral Merlin O'Neill, Commandant, United State Coast Guard. Commissioner of Customs Frank Dow, and Assistant Commissioner David B. Strubinger will head a Bureau panel which will lead in technical discussions. miMS& mmtm ibwspapsis, fnesdar. OeteBer 3. 1959?— Secretary of the Ireaswry announced loot erening W #1,000,000*000, th* tenders for er llä Ä ö i a l i , of fl«4ay freaetary M U i to Be â^toà Oct«Ber 5, 195®. asá to » U n January A, 1951, whlefc were offered on SepteaBer ^8» ***** opened at the foderai loser?« Banks on QeioBer I« fhe details of tide issue are as fellows* fetal applied fer % f4 fetal aeeepted Arerai« prie« **Ä - 99.665/ fuiraient rate of diesami Basse of aeeepted competitive Bids* U J& W |P (Iseepting en* tesder of $200,000) - 9 9 *6 6 0 f i n i r a i e n t r a t e o f d is c o u n t a p p ro « . i* 2 & J $ P * * High Lew * 99.66* * ■ * * 1 **339* * (A? pereent of the asaemt Bld fer at ths lew pries was aeeepted) federal Heserve Bistrlel----— fetal losten lew fork $ letal Amallé, for. 27,S6f*<M 1,105,796,000 32,9*2,000 32,171,000 15 ,281,000 11,096,000 229,711,000 *3,170,000 3,309,000 23,<170.000 Philadelphia Cleveland Richmond Atlanta Chiesto it. Louie Minneapolis Kansas City Balias San fkanelsee *3,813,000 114.095.000 S M » $1*.662,119,000 I 23,873*000 57A,6P, o o o 17.730.000 29.368.000 15.281.000 10*036*000 172*151*000 IB.3^2,000 3,oP*ooo 22,039.000 2^*213*000 92.*-«,0Qä ♦1,003,156,000 TREASURY D EPARTM ENT Information Service WASHINGTON, D .C . 281 RELEASE M O R N I N G N EWSPAPERS, Tuesday, O c t o b e r 3, 1 9 5 0 » s-2464 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 October 5, 1950. and to mature January 4, 1951, which were offered on September 28, were opened at the Federal Reserve Banks on October 2. The details of this issue are as follows: Total applied for - $1,662,119,000 Total accepted - 1,003,156,000 (includes $106,743,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 9 9 .6 6 5 / Equivalent rate of discount approx. 1.324$ per annum Range of accepted competitive bids: High (iltaj - 99.680 Equivalent rate 1 .266 $ - 99.664 Equivalent rate 1 .329 $ Low one tender of of discount approx. per annum of discount approx. per annum (47 percent of the amount bid for at the low price was accepted) Federal Reserve Bi strict Boston New York Philadelphia Cleveland Richmond Atlanta ’ Chicago St. Louis Minneapolis Kansas City Balias San Francisco Total Applied for $ 2 7 ,2 6 5 , 0 0 0 1 ,1 0 5 ,7 9 6 ,0 0 0 3 2 .9 4 2 . 0 0 0 32 .171.000 1 5 .2 8 1 . 0 0 0 1 1 .096.000 $ 23,873,000 57^,644,000 17.730.000 2 9 .3 6 8 .0 0 0 15,281,000 1 0 .0 36.0 0 0 229.711.000 172 151,000 2 3 .4 7 0 . 0 0 0 114.095.000 14.342.000 3,044,000 2 2 .0 39.0 0 0 2 8 2 1 3 .0 0 0 92,435.000 $1 ,6 6 2 ,1 1 9 ,0 0 0 $1,003,156,000 23 .170.000 3 ,309,000 43 .813.000 TOTAL Total Accepted 0O0 , . ** 2 — Secretary Snyder pointed out that stepping UP the sale of Savings Bonds at the present time would serve effectively to reduce inflation pressures* Mr* Clement and several other of the advisory chairmen stressed the importance of this point* Tribute was paid hgr the Secretary to the volunteers of the Savings Bonds Program* ttTbe great success of our band selling efforts stems from the fact that the program always hftsa been a voluntary one,” be said* nVfB have spent only a *exy amaU fraction of the receipts on the operational part of bond selling*” m the afternoon* the advisory chairmen heard Verne® L# Clark* National Director af'the Savings Bonds Division* and Xeon J* Markham, National Sales Director, explain in detail the plans for the forthcoming Payroll Saving F3*& promotion. iLy/' United States Saving Bands Program* Secretary Snyder told the chairmen of 2$ national advisory committees of the Treasury*s 7)tSavings Z r ^ Bonds Division f~ / * today* -/ ,„ /♦J-C met at the Treasury The chairmen Department for a conference on plans for a Payroll Savings Plan stimulation campaign which is to be conducted this ihll* *W i \ J h jf KjfT The Secretary cited the fact that the Republic of Mexico L, intends-to launch» Savings Bonds selling effort. He said Gal© Johnston* St* Louis banker who was a pioneer in the U* S* bond program* Y.*ent to Mexico recently to advise the Mexican. Minister of Finance on the undertaking* ¿hwtogs.Bond©''gartrifewwispi. Martin W. Clement* Chairman of the Board of the Pennsylvania Railroad, and Chairman of the Savings Bonds Industrial Advisory Committee* presided over today*s conference* Secretary Snyder referred to him as »one of the stalwarts» of Savings Bands supporters among business leaders* TR EASU R Y DEPARTMENT Information Service WASHINGTON, D .C . 284 IMMEDIATE RELEASE, Monday, October 2, 1950« S-2t65 Foreign governments are manifesting keen interest in the United States Savings Bonds Program, Secretary Snyder told the chairmen of 25 national advisory committees of the Treasury's Savings Bonds Division today. The chairmen met at the Treasury Department for a conference on plans for a Payroll Savings Plan stimulation campaign •which is to he conducted this fall. The Secretary cited the fact that the Republic of Mexico has launched a Savings Bonds selling effort. He said Gale Johnston, St. Louis banker who was a pioneer in the U. S. bond program, went to Mexico recently to advise the Mexican Minister of Finance on the undertaking. Martin ¥. Clement, Chairman of the Board of the Pennsylvani Railroad, and Chairman of the Savings Bonds Industrial Advisory Committee, presided over today's conference. Secretary Snyder referred to him as "one of the stalwarts" of Savings Bonds supporters among business leaders. Secretary Snyder pointed out that stepping up the sale of Savings Bonds at the present time would serve effectively to reduce inflation pressures. Mr. Clement and several other of the advisory chairmen stressed the importance of this point. Tribute was paid by the Secretary to the volunteers of the Savings Bonds Program. "The great success of our bond selling %efforts stems from the fact that the program always has been a voluntary one," he said. "¥e have spent only a very small fraction of the receipts on the operational part of bond selling." In the afternoon, the advisory chairmen heard Vernon L. Clark, National Director of the Savings Bonds Division, and Leon J. Markham, National Sales Director, explain in detail the plans for the forthcoming Payroll Savings Plan promotion. 285 - 2 - The advisory chairmen present at today’s conference were; Magazine, Bernard Barnes; Newspaper Promotion Managers, Raoul Blumberg; Newspaper Advertising Managers, Harvey Huff; Outdoor Advertising, Leonard ¥. Trester; Newspaper Publishers, Clark Howell; Newspaper Circulation Managers, Jerry Healy; Radio, Judge Justin Miller; Motion Picture Industry, Samuel Pinanski; National Cartoonists Society, Gus Edson; Industrial, Martin ¥. Clement; Industrial Editors, Charles J. Morse- Investment Bankers Association, Ewing T. Boles; Mutual Savings Banks Association, Henry Bruere; Savings and Loan Associations, ¥alter Gehrke; American Bankers Association, H. Frederick Hagemann, Jr.; Mutual Savings Banks Association, John ¥. Sandstedt; School Savings, Dr. A. C . Flora; Agricultural, Dr, ¥. I. Myers; Labor (American Federation of Labor), ¥illiam Green; Labor (Railroad Brotherhoods), G. E. Leighty; Labor (Congress of Industrial Organizations), Philip Murray; National Organizations, 0. E. Peterson; National Organizations Editors, Boyd B. Stutler; Direct Mail Selling, Earle A. Buckley; ¥omen's, Ellen S. ¥oodward. oOo - 3 - EARNINGS, EXPENSES, A N D DIVIDENDS O F NATIONAL BANKS IN l HE S I X MONTH PERIODS ENDED JUNE 30, 1950 A N D JUNE 30, 19^9* TEB » R ENDED DECEMBER 3 1 , 19^9 - Continued (Amounts i n thousands o f dollars) 6 months e n d e d • •. • 1 : J u n e 30*! J u n e 3Ot 19 9 a_______ 1949 T e a r ended Dec. 31, 1949 J R e coveries, t r a n s f e r s f r o m v a l u a t i o n r e s e r v e s ^ a n d pr o f i t s i O n Securities: $ T r a n s f e r s f r o m v a l u a t i o n r e s e r v e s . ...... P r o f i t s on s ecurities s o l d or redeemed.. 56 2 ,70 0 M $ 2 ,7 3 ** $ 6 ,1 3 6 15,445 20,659 9.203 13 . 5 3 2 7 ,°57 6,737 **,603 i M 9 i 3 ,1 2 6 1 0 ,6 2 7 13, **5l 1 1 .1+63 30.771 5 *1,76 6 **5,959 1 1 7 ,**98 1 0 ,7 5 6 9,362 *40,232 O n loans: T r a n s f e r s f r o m v a l u a t i o n r e s e r v e s ....... All o t h e r . ...... T O T A L RECOVERIES, TRANSFERS F R O M V A L U A T I O N RESERVES A N D P R O F I T S ........ I j n n h a r ^ e - o f f s . a n d t r a n sfers to v a l u — at i o n reserves: On securities: 7,63** Tra n s f e r s to v a l u a t i o n r e s e r v e s ........ O n loans: 5,200 *+1 , 9 2 1 1 2 ,9 3 1 T r a n s f e r s to v a l u a t i o n r e s e r v e s ........ A l l o t h e r . ........... ......................... T O T A L L O S S E S , CHARGE-OFFS A N D TRANSFEBS T O VA L U A T I O N R E S E R V E S . .... ......... 5,090 5,780 **5,**23 10,988 21,257 18,310 14,496 1 2 2 ,1 2 2 28,932 78,442 76.643 205.H7 383,566 3>+7!l77 66 s ,263 92.33** 5,*408 182,979 * •••••*••• * 108 , 2 5 5 6,591 T O T A L TAXES O N NET I N C O M E ............ 114 , 8 4 6 97,7**2 193.982 N E T PROFITS B E F O R E D I V I D E N D S ......... .......... 268,720 2**9.**35 474,881 376 626 9 6 .0 1 6 203,644 96 , 6 4 2 20^, 71*1* _ PROFITS B E F O R E I N C O M E T A X E S ..................... T axes on net income: S tat 6 . C a s h dividends declared: 10 2 .6 6 6 1 0 3 ,044 T O T A L GA S H DIVIDENDS D E C L A R E D A.r»rmnl rate of net -profits: U.977 **,993 Percent Percent 1 1 ,0 0 3 1,10 0 *+,961 8 .6 8 8 .5 6 8*00 3.33 3-32 3.**5 A n n u a l rate of cash dividends: 1/ At e n d of period. 0 00 - J J EVENINGS. EXPENSES, A N D DIVIDENIS O P N A T I O N A L BANKS IN T i p S I X M O N T H P E R I O D S E N D E D J U N E 30, 19 90 A N D J U N E 30 , 19^9» A N D T H E Y E A R E N D E D D E C E M B E R 31, 19*9 (Amounts in thousands o f dollars) 6 mon t h s e n d e d : ! J June 30 » 1950 : Y e a r ended Dec. 31, 1 9 U9 June 3 0 , ; 19^9 * Cap i t a l stock, p a r value? l / l 6 ,56 S ....... ....... 1 6 ,5 6 7 1 ,9 6 3 ,3 7 ^ $ 22 , 3 2 5 1,885,633 $ T O T A L C A P I T A L S T O C K . .............. ....... 1 ,9 7 9 ,9^1 1 , 9 07,958 1 . 9 1 6 , 3 1» ....... 6 ,1 9 5 ,0 6 7 5 , 8 2 7,903 5 , 9 3 ^.3^! 2 9 6 ,3 2 7 63,090 2 8 7 ,1 8 U 5 8 2,205 $ Earnings from current operations? Interest and dividends? On U. S. Government obligations........ O n other securities..................... Interest and discount on loans........... Service charges on deposit accounts.... •. Other service charges, commissions, fees, a n d collection and exchange charges.... Trust department.......... ................ Other current earnings......... ........... 515.159 57,221 U7i+,7iU 5 8 ,3 6 2 53.8 60 29.670 3 0 ,6 3 1 2 7 ,2 2 6 27,8 68 53.829 5 ^ 6 TOTAL WARNINGS EROM CURRENT OPERATIONS.««»».»*••»•»•»•»•••••••*•• 1»S 9 9 » 7 7 2 1 1 7 ,6 8 2 969,085 109,533 56,585 60 , 3 ^ 5 109,37.1_____ 2 ,ooh,so 6 i , o h 6 ,96 s 9 8 2,569 10 7 ,0 2 9 1 9 6 ,7 6 2 10 0 ,6 6 8 1 8 6,327 2 1 1 ,7 9 0 3 8 8 ,H 3U 5 . W 5 .0 6 7 10 ,8 20 9^ , 9 9 3 36 , ^ 3 7 91,277 ISb.OZk 3 1 ,2 5 6 65,717 Current Operating expenses? Salaries a n d wages? Officers............................. Employees other than officers........... Pees p a i d 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.......... . 15,152 123,273 13.9^7 3 0 ,666 1 7 6 ,1 6 6 3 5 6,913 TOTAL CURRENT OPERATING EXPENS I S ....... 639,726 60^,708 l , 2 t e , 32 U NET EARNINGS PROM CURRENT OPERATIONS........ lK)7,2^2 377.861 7 5 6 ,*IS2 l/ At e n d of period. TBBASOH DEPARTMENT Comptroller of the Currency Washington BELEA.SE, MOHNIHGr NEWSPAPERS, i< i ¿n£i Comptroller of the Currency Preston Delano announced today that the national hanks in the United States and possessions reported net operating earnings of $*107,000*000 for the six months ended June 30, 1950, an in crease of $29,000,000 over the first half of 19*49* Gross earnings were $1,0*47,000,000. Shis was an increase of $6*4,000,000 over the gross earnings for the first six months of 1^l*9* item of operating earnings in the first half of 195° was ^5^5*000*000 from interest and discount on loans, which was an increase of $40,000,000 com pared with the corresponding period in 19**9* Other principal items of operating earnings were $296,000,000 from interest on United States Government obligations and $63,000,000 Interest and dividends one°^*r securities, a total of $359*000,000, which was an inc^ s® ? fA^;5^ 0*000 compared to the first half of the previous year, ^ d.*58,000^000 from service charges on deposit accounts, an increase of $4,000,000. Operating expenses, excluding taxes on net income, were $6*40,000,000 as against $605,000,000 for the first half of 19*49* ®*» principal operating expenses were $309,000,000 for salaries and wages of officers and employees and fees paid to directors, an increase of $17,000,000 over the first half of 19 *49, nn* $95,000,000 expended for interest on time and savings deposits, an increase of $*4,000,000. Adding to the net operating earnings profits on securities sold of $21,000,000 a**d recoveries on loans and investments, etc. (including adjust ments in valuation reserves) of $3*4,000,000, and deducting lossesandchargeoffs (including current additions to valuation reserves) of $78,000,000, and taxes on net income of $1 1 5 ,000,000, the net profits of the banks'before dividends for the six months ended June 30» 1950 were $269,000,000, which at an rate amounts to 8.68 percent of capital funds. Het profits for the same period of the previous year were $2*49,000,000, or 8.56 percent of capital funds. Cash dividends declared on common and preferred stock totaled $10 3 ,000,000 in comparison with $97,000,000 in the first half of 19*49* nriTvnai rate of cash dividends was 3.33 percent of capital funds and was 38.29 percent of the net profits available. The remaining 61.71 percent of net profits, or $16 6 ,000,000 , was retained by the banks in their capital accounts. On June 30, 1950 there were *4,977 national banks in operation, ifoioh was a decrease of l6 banks since June 30» 19*49* 289 TREASURY DEPARTMENT Comptroller of the Currency Washington RELEASE, MORNING NEWSPAPERS, Wednesday, October 4« 1950» S-2466 Comptroller of the Currency Preston Delano announced today that the national banks in the United States and possessions reported net operating earnings of $407,000,000 for the six months ended June 30, 1950, an in crease of $29,000,000 over the first half of 1949 * Gross earnings were $1,047,000,000. This was an increase of $64,000,000 over the gross earnings for the first six months of 1949« The principal item of operating earnings in the first half of 1950 was $515 ,000,000 from interest and discount on loans, which was an increase of $40,000,000 com pared with the corresponding period in 1949* Other principal items of operating earnings were $296,000,000 from interest on United States Government obligations and $63,000,000 interest and dividends on other securities, a total of $359,000,000, which was an increase of $15,000,000 compared to the first half of the previous year, and $58,000,000 from service charges on deposit accounts, an increase of $4,000,000« Operating expenses, excluding taxes on net income were $640,000,000 as against $605,000,000 for the first half of 1949« The principal operating expenses were $309,000,000 for salaries and wages of officers and employees and fees paid to directors, an increase of $17,000,000 over the first half of 1949, and $95,000,000 expended for interest on time and savings deposits, an increase of $4,000,000# Adding to the net operating earnings profits on securities sold of $21,000,000 and recoveries on loans and investments, etc. (including‘adjust ments in valuation reserves) of $34,000,000, and deducting losses and chargeoffs (including current additions to valuation reserves) of $78,000,000, and taxes on net income of $115,000,000, the net profits of the banks before dividends for the six months ended June 30, 1950 were $269,000,000, which at an annual rate amounts to 8C68 percent of capital funds. Net profits for the same period of the previous year were $249,000,000, or 8.56 percent of capital funds«, Cash dividends declared on common and preferred stock totaled $103,000,000 in comparison with $97,000,000 in the first half of 1949# The annual rate of cash dividends was 3»33 percent of capital funds and was 38.29 percent of the net profits available. The remaining 61«71 percent of net profits, or $166,000,000 was retained by the banks in their capital accounts# On June 30, 1950 there were 4,977 national banks in operation, which was a decrease of 16 banks since June 30, 1949« il 2 - 290 EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS IN THE SIX MONTH PERIODS ENDED JUNE 30, 1950 AND JUNE 30, 1949, AND THE YEAR ENDED DECBMBER 31, 1949 (Amounts in thousands of dollars) ê • * Year ended months ended • Dec* 31, June 30, , June 30, 1949 6 • i IQ5ft Capital stock, par values i / Pr eferred » • « * « • * * * • « < » Common * * * • • • * * * ♦ • • • • • • • * » TOTAL CAPITAL STOCK - -— « • • • 99• • • © • $ 16,567 1,963,374 1 22,325 1,885,633 1 16,568 1,899,772 «••♦*#♦♦••••«•••• 1,979,941 1,907,958 1,916,340 6,195,067 5,827,903 5,934,341 287,184 57,221 474,714 53,860 582,205 117,682 969,085 109,533 27,226 27,868 ___ 54.496 56,585 60,345 109.371 09 Capital funds 1/ Earnings from current operations: Interest and dividends: On IÎ* S. Government obligations e«9o 296,227 63,090 On other securitxes Interest and discount on loans <>»*©*eo 515,159 58,362 Service charges on deposit accounts «• Other service charges, commissions, fees, 29,670 and collection and exchange charges* 30,631 Trust department •»•««•«•••«•••«•too*© 53.829 Other current earnings »»»»••©o*o©»« TOTAL EARNINGS ERCM CURRENT e 1,046,968 OP¿RATIONS 982,569 Current Operating expenses: Salaries and wages: 2 ,004,806 o p 107,029 196,762 186,327 211,750 388,434 Fees paid to directors and members of executive, discount, and advisory ». • « committees ***#0*..®**o»e«a*•■♦•©•**»► Interest on time deposits (including 10 savings deposits) *©%«»*«»*•• 5,474 5,067 10,820 94,993 36,437 91,277 31,256 184,024 65,717 13,947 176,166 30,666 >• 15,158 183,873 356,913 ► • 639,726 604,708 1,248,324 5t 407,242 377,861 ip ;e5 furniture and fixtures *» MET EARNINGS ERCM CURRENT OPIBATÏCNS 1/ At end of period* t 9 100,668 756,482 291 EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BA1 KS IN THE SIX MONTH PERIODS ENDED JINE 30, 1950 AND JUNE 30, 1949, AND THE YEAR ENDED DECEMBER 31, 1949 — Continued _____ _________ (Mounts in thousands of dollars) 6 months ended I ïear ended June 30, June 30, i Deo. 31 1950_______ 194.9 8 iq/.Q * Recoveries, transfers from valuation reserves, and profits: On Securitiess Recoveries .......... ,............. $ 4,856 $ 6,136 ® 2,734 Transfers from valuation reserves••«... 2,700 9,203 15,445 Profits on securities sold or redeemed. 20,659 13,532 40,232 On loans? Recoveries...................... Transfers from valuation reserves...... All other... ........ ...... . TOTAL RECOVERIES, TRANSEERS FRCM VALUATION RESERVES AND PROFITS..... Losses, charge-offs, and transfers to valu ation reserves: On securities: Losses and charge-offs............ Transfers to valuation reserves......, On loans: Losses and charge-offs............. Transfers to valuation reserves..,,.., All other.................. total losses, charge-oefs and trans fers TO VALUATION RESERVES.,A,...... Taxes on net income: Federal............. .............. . State... ............ TOTAL TAXES ON NET INCCMS....... NET PROFITS BEFORE DIVIDENDS...... .... Cash dividends declared: On preferred stock.................. On common stock ....... ........ . ___ TOTAL CASH DIVIDENDS DECLARED Number of banks 1/ , ................. Annual rate of net profits: To capital funds 1/ ,,,. Annual rate of cash dividends; _ To capital funds 1/ »..., V^S'^^oT^eriadT-^ —o 0 o- 7,057 4,603 14,891 6,737 3,126 10,627 13,451 11,463 30,771 54,766 45,959 117,498 10,756 7,634 9,362 5,090 18,310 5,200 41,921 12.931 5,780 45,423 10.988 14,496 122,122 28.932 78,442 383.566 76.643 347.177 205.117 108,255 __ 6,591 114.846 268,720 92,334 249,435 182,979 11.003 193.982 474,881 378 102,666 Ï03.044 4,977 626 96.016 96, 642 4,993 1,100 203.644 204.744 4,981 Percent '8.68 Percent 0 .56' Percent 8.00 3.33 3.32 3.45 5.408 97.742 21,257 668.863 ** «** jSli i riserionsibi titles in the per IDO ¡ftheE * jjjjill' • V m for upholding the insti tut ions End ideals whicn are to day the hope or t ree men everywhere. Bu t if our oeie r.fiination and our f a ith e Q U E | tne strength of our cau & ist we need have no fears of ultima t0 S u c c e s s * ¿5 ion l#o build of 1 ife apar let us But sk© no mt stake about t **** tn6 courst course on which weihave set wi i I be diff B 1y exp er ienee on d I I be cal led imes to emonstrate our unity effort and ou firmness of purpose, 4 * 3 A Tf W ? w f i**s: r t■ t Tlpf /V;! 's & f en t a 1 1 v of the Government f the ^ V 0 at e sit free Natiion in the or 1p tho M if you ¡n t1its a u d ienee, $1 n d all of US in t*Hs uovcsrnment e r v ic e . h E V6 p§ rt icu 1a r 1y ser iou s - 1 ¡g 9 - ofIthought In the minds of men. We can achieve 1asting victory only if we succeed in spreading the knowledge that in the true democracies of the wor Id;\tfie dignity and freedom of the individual are more than a hope -- they are a fact. Moreover, they represent a cause which has no national boundaries. We have come to understand that our modern world is too small and our means of destruction too powerful for any one T o d a y , we are entering on a in our n 0w E'nelle r î t 1CE 1 p6 r iod Natio n's history. I say Menter ing ad v îs ed 1y , for t h6 8 vent s of this Vedi Vi! » have d emon strat ed a b o v e 1a 1 1 e 1se that the b att 1e for f reedom is not sio Ie 1y a te st of armied strength v 1 Le 1 B Sgptt 1s to fiR8et that test ■■ S successfui iy* Y FH© sstrugg;1e we■ are> engaged in is and must cor11 în y € Y Y 1; *4»'. t w V be a struggle to assure freedom m oroiirain hasihad one further # ,Mg # m i s igniticant c rv ic e . U O »i impact As a res SJ program« fH6h and ionien throughout overnment hâvs £âin@d a 00t tor «â.Is and unoerstanding of the y)b iec t ives ae of their sa c iP individua il as an increas jerceot ion ofitheir own individual 1moortane » t&r ü p « r d 1ans and instruments offour great system of représentâtive governa Ii l ¡1 1at Ion emphasize to members off-this Association the importance nr enforcement work in pr Mia c intainiriR the great volunta system of self-assessment and CO ction which is the I W \ Cl) Tl€ source of the!fÎnane iai strength of our Nation i & ^ » # sjjí ^ í - i í "to t e f increased erriciency yy h i Iff « i t s av i n g s have resulted from management improvement In the Bureau of Internal procedures durin eve? rS recent years haveiy resulted in Ji annua 1 sa v Îhj over 1,00Q « man hoijrs 1n| the r■»onenforceme 1 the Bureau. a increasing p art This saving has ¡made tra3 Bureau *s energies and re source:s on the work K . ; 1## which is at the he art of its activities and U *1p our revenue system enforcement of Fed era I tax m 4 ¡7 from tute Iman age-men t .improvement ro ¿r.&tiTi me IS i two &&&nc mm U 0 D 1 TheSlini'ted S ta teslCu stows rvice hasBiinaugurated improved is®noo-s cargoes H li I tea the #hî chihave greatly movement of gooes irÄ^orld¡trade as pian y we I I as m s t 11 1er « f o r m « in proceauref w h ich have va increased the efficiency important arm of 1f q yarnme 1HI savingsito the Governmi over in millions of dividend checks || to holders of National «Service Life insurance pO I |C its. Th |sS is only one examp 161 0 f the resu 11 is a 1ready achievedii n the l.manag.em§ n t improvemen program in the Treasury an d elsewhere j Those I ofly ou who fire assoc ia ted with the B ureau of Gust oms and with the Bureau of |I n t e r n a 1 h e*'venue are p r o b a b 1y p ell a ware of the very !fftfcl0 f t tr III in r s wniof h a ve resu 1ted ppreciated to their full by the staffs offjthe Departments ana bureaus concerned aggregate, ever, they 31U v important savingsJin terms of dollars In addition -** a fact|which is s ign if icanee IHi furnish concrete evidence Ct> even s C* li * i i d e termination and a c u i t y ci ti zens of this to iraprO''° o modernize the f u n c t i o n m t important business in the of the txecut ive; Branch of the Govern ment. The Congress has recoan ized the importance of the measures in«authori z ing|a special fund for extending management improvement throughout|t he¡Government These programs, .as. members! of tnis audience are very we I I aware, do¡not.make the headlines. They relate for the most part to technical changes!in management and operating procedures which can only be P M ' He cert tl y , aslyoujknpw.wthe M i nr or i l l e i f o r ts ofjj.an Associati on suchlasgyours and¡of lindI vi dual efflp ioy ©es|jof|lthe ■ijjQvu rr<¡uen t ip Jm.pro vs tne ¡-serv icesi which they Jjni| render -trie public have been greatly stren|thened|by|the|importfnt|program for management|improyefent inaugurated b y P r e s i d e n t T r u m a n « .„As a l r e s u 11 o f t h i s | p r o $ r a m tf o u t s t a n d i n g a c h i e v e m e n t s ¡have been r e a l i z e d in i m p r o v i n g ! t h e organization and!operating methods iB «*pt U--:."*5*'. clfìOÍ .y' ■%$■|í.:;,■C3 1în g $ it ;better iH!jjjhbrjft; ■C¿■: w i i i1 be iîft pi ftiportant fneasure of our i &| SUC C 6 S S iIi #n|g.Idemocracy i slgt SÄ thelf- A¡rner ic n W a V af ONiingiffchings -Io BlSÉI o¡ .^«tísaiíKcentral power"If une ti oin ing|by decree. V j o y ei-nment is fnotpa ¡¡remote E\V lx ts| a Govern ®e n t § o f Hi fid iy îdu a 1spi fand fi ts *s treingthpcan never b e % 0 ß greâteHif than thesis tre ngthfoff|i tsr *^«£B Ìnd iVI du âlrtf it îzens If - in c 1u d in g tnose of l o U ■Ü 111111ilil ¡ ¡|§ ■- û i 1y bus îness life Is the pjpf or*mince| of | pub 1 ic ser■V ice. 3 y co u r se i Mr ju r Vm» J R 1i f I Ô C A Ml * W %&' '**•& m s you c. •W r e p r e s e n t i t h e : Govern®® Ï 'W ' U V t rrnnent to p r o t e c t , t h e f r e e jit 1St i t u t 1 1on s :1c intiH I art q vu orts t ai i of t h r o u g h you p t he nil f i ori a r e i o f the concerned 1no iv i dua ü y j eacn i â r t i <zu 1an with a out. a r e l c a i|i e Û U|p o n l t o the KBtJfl111 e < ■S:J of .you p 1 f'iA’W:'-! It# .fj# L f t h 1# But he Government t o g e t f 1er you rep re of fl| * p ib i 1 i t y t o do vour the e x t e n t 8 t h a t your A s s o c i a t i o n s were a c t i v e i n a waste, n o ppos in 1111 i extravagance, duo I I c a t i o n i of e f f o r t Slfli y EH(j V (K 0 Ì ECt* TV Jt# t ti S in p HI c H overnment o f a g r e a t N a t i o n must undertake in p r o t e c t i n g ana promot i n common w e l f a r e V f in a r e o r e s e n t a t i ve Governme» î . ES ou ¡S®» t ft i gu e rci i ansfi i p w i t h which you a r e e n t r u s t e d | e n t a i I IR ir e a t responsibi I i . O ith o thè peop whom you come in c o n t a c t 1, in th ■ t her^e f ore 1nave «gl I^3wtf t i cu 1a r i ft y our c oi111 nui i n j ì n te r e s t B0 ac t i v i t i c \3 | i l i ha v l§ feesP ’ i 1 Ìe i r e s t e d t o n o t e that of t i c i 1il r i s s.y in Tr o a sury c i r c u ì a r | 9^4 0 w i n t e d 0u t t h a t ! the cr !* np< p¿¡P M£ a oc I *9w% 11©de r a 1 Bu C {n a s i t i on|i Mp en der e x c e 11e n t ser v i c e to ward t h 8J; go a r e tu rn to 1 1o ns| we¡re ■o i 1 ina x I mum the jJ| i te d S t a t e s ! f or ever y ¡9 ff expe ■fi d 1t u r e of pub 1 i c mon i €‘ s » c i rc ;U | a| The 7. c o n t i nue ‘0 ^’ w i t h ftfà $>ta tendent - 1$$ «H i, rue no w as 11 1ia s 16 y €i a r s ! |igo - - b f T IL& T. f e A# VE Üj|| V # 1 Ir comn si the oai ; i s of v o l u n t a r y c o o p e r a t i fort. for Thi s u n i t s e t t he p a t t e r n some 3UO shortly jS| ^üsIï iE f » 1 \# f o 11 owed. i a t i ons which Your jk s s o c 1 a t 1 on d u r i n g one p e r i o d o f you know, its i i f e , las f u n c t i o n e d und e r i the leadershi p of a Treasury U n i t place O -5 *■* o o the Bureau o f F e d e r a l Su p p l y . -- »li Much g a n i z a t i o n j f s g rowt h took when you were a l i i ed w i t h the Treasury , and T r e a s u r y p e op 1e 11 m m B etfo rts united g |j I I - of'^jaf Nat i o n l o f r i n d i v i dua I s: in fth eir ♦ determ ination I to p r o t e c t our American institutions. p ' —^ - ^ Y o u r own o r g a n i z a t i o n d e v e l o p e d because o f t he p r e s s i n g need a t c l o s e oflpYor IdJWar o r d e r out ¡of functions I for bringing m the!overlapping and d u t i e s which were w i t h t hef Go ver n me nt . a t l t h e the war. a| the left c l o s e of progressive group men who w e r e ! h e a d i n g Government ■agencies' i n l t h e | c i n e i n n a t l | a r e a the f i r s t to j o i n together in an were tfi sire t#0 O O 'jlw BC KQ v I* harac t e r i s t i c W I IP ci f t e r which of our eot ir* |i§ conomyfiend wh ree e n te rp ffl H l fo fr Ilf B i n s p r i n g of our s t r e n g t h at i rest esr tblest* cWt c t le in t h i s in itia tiv e , y oun| c oun truffle r e | e n courage in s e l f - r e l i a n c e i tn o t h e r s , no in worKiin yuring e v e r y per i odi of c r i s i s Ji nljour na f i e n a i history, l U l oe t e n s . n jptó MU i/% r*- jrj If f i J&k h e i Ic w \ ¥ our s t r o n g e s t ) roved to oe engt tri# come from the c o o p e r a t i v e ò t he c o n t i n u e d success o f our live Government. sysstem iy endeavor t o He must co @j imi n a t e un needed go ve riflH H j| mu services li C ^or ut i n Rj| s ©r v f c ©s ! trs b a s i s of cos On the c o n t r a r y methods o f opera a main f u n c t i o n o f those in er" v i c e must be to s e a r c h out means o m ILr 1 1•I n cr ea s in s e r v i c e which die. It is r e n d e r e d is th is indivi irW I# mm: W renders to its citizen s. c o n t i n u e d en 0 © 8lvor s f o r Your gr<so i»er gr BE 1 er economy, and teamwork, greater e f f i C If ncy 'sd§l| stand a s symbols of good Gove rnffllent. These a s s o c p urp toses to wh t ch your i a t i on js d e d i ca t e d , and t o ! of us » in the Gov ernment which a l l service are DB r’sona 1 1ySped i c a t e d , r e p r e s e n t a t re in o wHicH- l s probab 1y u ni que among, | the governments of the 1111111 * 1 ft# (' u world, it ofithe i s a t r e n d whi ch p r o v i d e s s t r o n g e s t assur ances It is a real pleasure to be her©„today with this group of men and women in the Government service. Your o rg a nization, the Federal Business Association, has not limited its re s p o n s ibiIit ies to a single task or a single function. You have joined together in a cooperative association whose aim is to improve the efficiency, increase the output, and lower the costs of the service which the Government ADDRESS EX SECRETARY SNYDER BEFORE THE FEDERAL BUSINESS ASSOCIATION COMMODORE HOTEL if f YORK, NEW YORK OCTOBER 3, 1950 - 12 NOON 317 TREASURY DEPARTMENT Washington The f o l l o w i n g address b y S e c r e t a r y Snyder b e f o r e the F e d e r a l B u s i n e s s A s s o c i a t i o n of N e w Y o r k at the C o m m o d o r e Hotel, N e w Y o r k City, is s c h e d u l e d for d e l i v e r y at 1;30 P.M. E S T Tuesday, O c t o b e r 3, 1950» and is for r e l e a s e at that time. It is a real p l e a s u r e to be here t o d a y w i t h this group of m e n a nd w o m e n in the G o v e r n m e n t service. Your organiza tion, the F e d e r a l B u s i n e s s Assoc i a t i o n , has not l i m i t e d its r e s p o n s i b i l i t i e s to a single tas k or a single function. You have joined t o g e t h e r in a c o o p e r a t i v e a s s o c i a t i o n w h ose ai m is to improve the e f f i c iency, increase the output, and lower the costs of the service w h i c h the G o v e r n m e n t r e n d e r s to its citizens. Y o u r c o n t i n u e d e n d e a v o r s for g r e a t e r teamwork, greater economy, and g r e a t e r e f f i c i e n c y stand as symbols of good G o v e r n m e n t . These p u r p o s e s to w h i c h y o u r A s s o c i a t i o n is dedicated, and to w h i c h all of us in the G o v e r n m e n t service are p e r s o n a l l y dedicated, r e p r e s e n t a t r e n d w h i c h is p r o b a b l y u n ique a m ong the g o v e r n m e n t s of the world. It is a t r end w h i c h pro v i d e s one of the s t r o ngest a s s u r a n c e s of the c o n t i n u e d success of our r e p r e s e n t a t i v e s y s t e m of Government. We m ust c o n t i n u a l l y e n d e a v o r to e l i m i n a t e u n n e e d e d g o v e r n m e n t services. We mus t not be content w i t h p e r f o r m i n g services on the b a s i s of costly, ro u t i n e or o u t m o d e d m e t h o d s of o p e r a tion. On the contrary, a m a i n f u n c t i o n of those in g o v e r n m e n t service m u s t be to s e a r c h out m e a n s of i n c r e a s i n g and i m p r o v i n g the service w h i c h is r e n d e r e d to the public. It is this individual desire to do the job b e t t e r w h i c h is c h a r a c t e r i s t i c of our enti r e free e n t e r p r i s e economy, and w h i c h is the m a i n spring of our s t r e n g t h as a Nation. F r o m e a r l i e s t childhood, y o u n g p e o p l e in this c o u n t r y are e n c o u r a g e d in initiative, in self-reliance, and in w o r k i n g w i t h others. D u r i n g e v e r y p e r i o d of crisis in our n a t i o n a l history, our strongest defense has p r o v e d to be the s t r e n g t h w h i c h has come f r o m the c o o p e r a t i v e e f f o r t s of a N a t i o n of i n d i v i d u a l s u n i t e d in their d e t e r m i n a t i o n to p r o t e c t our A m e r i c a n institutions. S-2467 2 318 You r own o r g a n i z a t i o n d e v e l o p e d b e cause of the p r e s s i n g need at the close of W o r l d War I for b r i n g i n g order out of the o v e r l a p p i n g f u n c t i o n s and duties w h i c h were left w i t h the G o v e rnment at the close of the war* A p r o g r e s s i v e g r o u p of men who were h e a d i n g G o v e r n m e n t ag e n c i e s in the C i n c i n n a t i area were the first to join t o g e t h e r in an effort to solve their c o m m o n p r o b l e m s on the b a sis of v o l u n t a r y c o o p e r a t i v e effort. This unit set the p a t t e r n for some 300 a s s o c i a t i o n s w h ich s h o r t l y followed. You r A s s o c i a t i o n d u r i n g one p e r i o d of its life, as y o u know, f u n c t i o n e d u n d e r the l e a d e r s h i p of a T r e a s u r y Unit -- the B u r e a u of F e d e r a l Supply. M u c h of y o u r o r g a n i z a t i o n * s g r o w t h took p l ace w h e n y o u were a l l i e d w i t h the Treasury, a nd T r e a s u r y p e ople t h e r efore have a p a r t i c u l a r interest in y our c o n t i n u i n g activities. I have b e e n i n t e r e s t e d to note that an official T r e a s u r y circu l a r i s sued in 193^ p o i n t e d out that the F e d e r a l B u s i n e s s A s s o c i a t i o n s were in a p o s i t i o n to "render e x c e l l e n t service toward the goal of m a x i m u m r e t u r n to the U n i t e d States for e v e r y e x p e n d i t u r e of public m o n i e s . " The c i r c u l a r c o n t i n u e d w i t h a statement -- as true n o w as it was 1 6 y e a r s ago -- that you r A s s o c i a t i o n s were active in o p p o s i n g waste, extrav a g a n c e , and d u p l i c a t i o n of effort in the m a n y and vital a c t i v i t i e s w h i c h the G o v e r n m e n t of a great N a t i o n mus t u n d e r t a k e in p r o t e c t i n g and p r o m o t i n g the c o m m o n welfare. In a r e p r e s e n t a t i v e G o v e r n m e n t such as ours, this g u a r d i a n ship w i t h w h i c h y o u are e n t r u s t e d e n t a i l s great r e s p o n s i b i l i t y . To the p e o p l e w i t h w h o m y o u come in co n t a c t in the course of your d a i l y duties, y o u r e p r e s e n t the G overnment. It is t h r o u g h you that all of the ef f o r t s of our G o v e r n m e n t to p r o t e c t the free i n s t i t u t i o n s of this c o u n t r y and to m a i n t a i n the e c o nomic h e a l t h of the N a t i o n are expressed. I n d i v i d u a l l y e a c h of y o u is c o n c e r n e d w i t h a p a r t i c u l a r f u n c t i o n w h i c h y o u are c a lled u pon to c a r r y out. B u t to g e t h e r y o u r e p r e s e n t the G o v e r n m e n t of the U n i t e d States; and the e x t e n t of you r a b i l i t y to do you r job well and to f i n d ways of d o i n g it b e t t e r wil l be an i m p o r tant m e a s u r e of our success as a democracy. This is the A m e r i c a n w a y of d o i n g things -- for our G o v e r n m e n t is not a remote central p o w e r f u n c t i o n i n g b y decree. It is a G o v e r n m e n t of i n d i v i d u a l s a nd its s t r e n g t h can n e ver be g r e a t e r than the s t r ength of its individual c i t i z e n s -- i n c l u d i n g those of y o u whose d a i l y b u s i n e s s life is the p e r f o r m a n c e of p u blic service. - 3 - 319 Recently, as y o u know, the informal e f f o r t s of an A s s o c i a t i o n such as y o urs and of i ndividual e m p l o y e e s of the Gov e r n m e n t to improve the services w h i c h the y r e n d e r the public have b e e n g r e a t l y s t r e n g t h e n e d by the important p r o g r a m for m a n a g e m e n t impr o v e m e n t i n a u g u r a t e d b y P r e s i d e n t Truman. As a r e s u l t of. this program, o u t s t a n d i n g a c h i e v e m e n t s have b e e n r e a l i z e d in i m p r o v i n g the o r g a n i z a t i o n and o p e r a t i n g me t h o d s of the E x e c u t i v e B r a n c h of the Government. The C o n g r e s s has r e c o g n i z e d the impo r t a n c e of these m e a s u r e s in a u t h o r i z i n g a special fund for e x t e n d i n g m a n a g e m e n t i m p r o v e m e n t t h r o u g h o u t the G o v e r n m e n t . T h ese programs, as m e m b e r s of this aud i e n c e are v e r y well aware, do not make the head l i n e s . T h e y r e l a t e for the m o s t part to t e c h nical ch a n g e s in m a n a g e m e n t and o p e r a t i n g p r o c e d u r e s w h i c h c an o n l y be a p p r e c i a t e d to their full extent b y the staffs of the D e p a r t m e n t s and B u r e a u s concerned. In the aggregate, however, t h e y a d d up to i m p o r t a n t savings in terms of dollars. In a d d i t i o n — a fact w h i c h is of e v e n g r e a t e r s i g n i f i c a n c e — t h e y f u r n i s h c o n c r e t e e v i d e n c e of the d e t e r m i n a t i o n and a b i l i t y of the ci t i z e n s of this c o u n t r y to improve and m o d e r n i z e the f u n c t i o n i n g of the m o s t i m p o r t a n t b u s i n e s s in the N a t i o n - - t h e A m e r i c a n Government. The m a n a g e m e n t p r o g r a m as put into e f f e c t b y P r e s i d e n t T r u m a n has three m a i n o b j e c t i v e s -- i m p r o v e m e n t in organization, impr o v e m e n t in G o v e r n m e n t - w i d e p r o c e s s e s and controls, and the s t r e n g t h e n i n g of m a n a g e m e n t p r a c t i c e s w i t h i n the indi v i d u a l agencies. I am most familiar, of course, w i t h the i m p r o v e m e n t s in m a n a g e m e n t and o p e r a t i o n w h i c h have b e e n i n s t i t u t e d in the T r e a s u r y D e p a rtment. A n im p o r t a n t f e a ture of the G o v e r n m e n t wide p r o g r a m has b e e n the s t i m u l a t i o n of e m p l o y e e interest and p a r t i c i p a t i o n in m a n a g e m e n t i m p r o v e m e n t t h r o u g h a 'suggestions program. Rec e n t l y , it was m y p r i v i l e g e to m a k e c ash awards u n d e r this p r o g r a m to a g r oup of e m p l o y e e s of the T r e a s u r y 1s D i v i s i o n of D i s b u r s e m e n t . The g r o u p ’s u n u s u a l l y fine w o r k has b e e n r e s p o n s i b l e for savings to the G o v e r n m e n t of over $ 1 5 8 , 0 0 0 in the p r o c e s s i n g of m i l l i o n s of d i v i d e n d checks issued to h o l d e r s of N a t i o n a l Service Life Ins u r a n c e policies. This is o n l y one ex a m p l e of the r e s u l t s a l r e a d y a c h i e v e d in the m a n a g e m e n t i m p r o v e m e n t p r o g r a m in the T r e a s u r y and elsewhere. 320 - 4 ** Those of y o u who are a s s o c i a t e d w ith the B u r e a u of G u s t o m s and w i t h the B u r e a u of Internal R e v e n u e are p r o b a b l y well aware of the v e r y i m p o r t a n t savings w h i c h hav e r e s u l t e d f r o m the , m a n a g e m e n t i m p r o v e m e n t p r o g r a m in these two br a n c h e s of the,’* T r e a s u r y D epartment. The U n i t e d States C u s t o m s Service h as i n a u g u r a t e d impro ved m e t h o d s for m o v i n g b u l k c a r goes w h i c h have g r e a t l y e x p e d i t e d the m o v e m e n t of goods in w o r l d trade as well as i n s t i t u t i n g m a n y other r e f o r m s in p r o c e d u r e w h i c h have v a s t l y i n c r e a s e d the e f f i c i e n c y of this im p o r t a n t a r m of the Government. In the B u r e a u of Internal Revenue, i m p r o v e d p r o c e d u r e s duri n g r e c e n t year's hav e r e s u l t e d in an annual savings of over 1, 0 0 0 , 0 0 0 m a n h o urs in the n o n e n f o r c e m e n t w o r k of the Bureau. This s a v i n g has made it p o s s i b l e to c o n c e n t r a t e an i n c r e a s i n g part of the B u r e a u * s e n e r g i e s and r e s o u r c e s on the w o r k w h i c h is at the h e a r t of its a c t i v i t i e s and of our re v e n u e s y s t e m — e n f o r c e m e n t of F e d e r a l tax legislation. I need hardly e m p h a size to m e m b e r s of this A s s o c i a t i o n the i m p o r t a n c e of e n f o r c e m e n t wor k in p r o t e c t i n g and m a i n t a i n i n g the great v o l u n t a r y s y s t e m of s e l f - a s s e s s m e n t a nd c o l l e c t i o n w h i c h is the f u n d a m e n t a l source of the f i n a n c i a l s t r e n g t h of our Nation. In a d d i t i o n to the savings and i n c r eased e f f i c i e n c y w h i c h have r e s u l t e d f r o m m a n a g e m e n t improvement, the p r o g r a m has h a d one fu r t h e r e x t r e m e l y sign i f i c a n t impact on the public service. As a r e s u l t of the program, m e n and w o m e n t h r o u g h o u t the G o v e r n m e n t h a v e g a i n e d a b e t t e r u n d e r s t a n d i n g of the goals and obj e c t i v e s of their i ndividual a g e ncies as well as an i n c r eased p e r c e p t i o n of their ow n individual i m p o rtance as the gua r d i a n s and the inst r u m e n t s of our great s y s t e m of r e p r e s e n t a t i v e government. T o d a y we are e n t e r i n g on a n e w and c r i tical p e r i o d in our N a t i o n * s history. I say Me n t e r i n g nadvisedly, for the events of this year hav e d e m o n s t r a t e d above all else that the battle for f r e e d o m is not s o l e l y a test of a r m e d s t r e n g t h -- vital as it is to m e e t that test successfully* 32 - 5 - The struggle we are e n g a g e d in is and m u s t co n t i n u e to be a struggle to assure f r e e d o m of t h o ught in the m i n d s of men. We c a n a c h i e v e l a s t i n g v i c t o r y o n l y if we s u cceed in s p r e a d i n g the k n o w l e d g e that in the true d e m o c r a c i e s of the w o r l d the d i g n i t y and f r e e d o m of the individual are more than a hope they are a fact. M o r e o v e r , t h e y r e p r e s e n t a cause w h i c h has no nat i o n a l b o u n d aries. We have come to u n d e r s t a n d that our m o d e r n w o r l d is too small a n d our m e a n s of d e s t r u c t i o n too p o w erful for a n y one N a t i o n to b u i l d s e c u r i t y for its w a y of life ap art f r o m others. B u t let us mak e no m i s t a k e about it — the course on w h i c h we have set out w ill be d i f f i c u l t b e y o n d all e a r l y experience. We shall be c a l l e d on m a n y times to d e m o n s t r a t e our u n i t y of e f f o r t and our fi r m n e s s of purpose. As r e p r e sentatives of the G o v e r n m e n t of the gre a t e s t free N a t i o n in the world, those of y o u in this audience, a nd all of us in the G o v e r n m e n t service, have p a r t i c u l a r l y serious r e s p o n s i b i l i t i e s in the p e r i o d a h e a d for u p h o l d i n g the i n s t i t u t i o n s and the ideals w h i c h are t o d a y the hop e of free m e n e v e r y w h e r e . B u t if our d e t e r m i n a t i o n and our f a i t h equal the s t r e n g t h of our cause, we n e e d have no fears o f ' u l t i m a t e success. 60o ftork together Nation, in Defense of their I have no doubt whatever of our ability to solve our defense problems and to continue our forward progress toward the great goal of world peace. c u r r e n t Iy is a t a n a n n u a l m o r e than rate of 1 0 0 m i l l i on t o n s , I I mI 111 on t o n s m o r e t h a n w e t u r n e d o u t In 1 9 4 4 , the h i g h e s t w a r y e a r -- a n a a f u r t h e r ’ large expansion in c a p a c i t y is u n a e r ■ way. V A' • At the p r e s e n t r a t e we a r e producing some 13 m i l l i o n m o r e t o n s per year than the entire steel capacity of the r e s t of the world. A i t h the g r e a t p r o d u c t i v e p o w e r of o u r n a t i o n a l e c o n o m y , a i d e d by t h e d e t e r m i n a t i o n o f a l l A m e r i c a n s to 1 1 m o n I to Ih J R A T I * ti» y I I I i j I u due t ÎV i 18 jnoustri1 iaancl agricultura l¿ Á * i?er f a Ö b 0 't't6 r* 0 Q y Ip pisd (% % IV il o r ô citic t#I SB «hflK 1 1u re at the .0 f sc îeût if le di H rit ver n¡ jpi industrial material's, and new -proau tee hn Ili ill hi ch nave Dee I deve I SI àp.pliéàli I V fen c£ If eft ic ien c y. recent years, have imcetuslto product i :ord program o In IK I l M i h . h h h h !ng ou t y #* kL U y y to s u p p l y fé M c l e n d es » ÿ|By fthe 11 me invasion, b a c k l o g demands Had been sat isf ie y Iarge ri r o ü u c t ion factory # in most sectors Ü C it,ci retu r n e d to a rep la cc.BMsn't ö s s ts fer ossi ble exc e p t i on ip hoii-s i n %.if CJ industrial front ere b ecoming factors © a u t fti W '** V f% Iv'f' er, new pro •easingI y import in our g r o w i n g ©cono M |M: \ t ivi lian supplies of foods ar d e t e r m i n a t i o n of t n i s N a t i o n to maintai our economic d e f ense s at full strength r e g a r d l e s s of the s a c r i f i c e s w h i c h % rii s , m a y e n t a i I . Actually, ¡H&'A ■v we a r e f o r t u n a t e t h a t t h e e x p a n d e d d e f e n s e . p r o g r a m , f i n a s the $§!$ Gp' ' $ rBp Wm P n? tS m m / to American consumer * ’ wJr ftp % g w {|# * ,,lU k- r $p| $$fi|§ in a n e x c e p t i o n a l l y favorable position. b e f o r e b e e n so well Ae h a v e n e v e r s u p p l i e d w i t h both the n e c e s s i t i e s of life a n d the m e a n s for a c o m f o r t a b l e living. |or five years our factories have been rapidly k e e p in g s u c c e e d n o w In g e t t i n g t h e n e e d for 110 H 6 der control ' PC i nf lati onary pre r economic U B ! I-i B 0 ffiI li||I 0 ci c r i f i c e s w h i c h we will be cal uson to make for world se be e a s i e r t o ¡ b e a r . « T h e u n a n i m i t y men r r e i o u rr 06 p e ood i0 h a v e suppor i d e n t s p r o siran. r I e a s e d t a x e s on bu a V f» f ■■ c O A n f i 1 Iw C C incomes has already evidenc ed d per t under ttUà K-© ill c ! rcu m sta n ce s 8 v 0r y i p r o d u c t ion c o u n t ry economy i a I of in g e n e r a 11,f r o m S ell in g ji s c u rre n t! y fp re p a rin g |a 8 B M H campaign whichlw i i i | b e p a r t of the Treasury * s i f a II p ayro ll s a v i n g s f p r o mo t i o n . Our Initial p a rtic ip a tio n a i m’ Is a 50¡p e rc e n t goal person canvass th ro u g h a p e r s o n - t o - i n i e v e r y major in d u s t r ia ¡p lant!and f a c t o r y , « I t j i s ¡ p a r t i c u l a r l y i m p o r t a n t t o a ro u s e the N a t i o n now to ¡ t h e need f o r th riftla n d ¡p la n n in g of f a mi l y vi ew of the f a c t fo r careful expenditures t h a t very in l a r g e defens ZJ .©ctt* 0 r1 m it r 0 RfjKj!'€ B S® r w fep. iv e r l.b e fo r e th a t i I ) he I p ho Id e v e ry do 1 1ai"v w e s a v e ¡1fi 01 w pr i ces ■'down ia rfa i w1 i 11 § ^ h e aatnek 11 m« he Ip ;!e v e ry '10.¡n1j ;.y p r QV 11 f M.V^ 0 ' if^$! I nip o r us it yp imo mote tn e s 0 1 m if.c•!,’'"'vfifti p fi S J8[ U¡§&s u j|j y.v u e p a rtffl % 11Itunc Hi aff .;. A p ic 'W.v.WKt- n fi l bp s i gn i i V&jjj C«*B T mi I#W if t i cy I. r 1y |& t|g f*e a t l y L¡1.Offl ;..U.igtfVit I; C* 1p 3 .fcf 1o.fr ■I h ,i bep|| 1 U flyou|Know,i iMstiohai «uut.ii on 10 i r e c t i M a i|l n r s bui lo c o n f i d e n t i y o n | t h e § k n o w l e d g e that t h e , | S a v in g s Bond .program h a s | b r o u g h t | a : fami I i a r i t y wl tri. t nvestmen t in F e d e ra l j secur.1 t l e s l t o | m a n y | m i I t i o n s p o f i j o u r j | M c i t i z e n s . l j O u r in g I t h e p o stw ar per i od jth S a v i ngsiBond program; has . prov 1bed .an i mpressl v e f d e m o n s t r a t i on«; to|;peop l e i » tnro ughou t | t hei< N a t i o n | o f | t h e ! a d v a n t a g e s o fls a v in g jw h ile goods ¿¡re . s c a r c e in o r d e r ¡ t o | c o n s © r v e f u n o s g f o r use »hen|g| ' g o o o s i a r e l o n c e more am c o n f i d e n t that i n | f u I I supply. J i th e r e is today a | need is one f u r t h e r f e a t u r e of our S& ¡mich is p a r t i c u l a r l y impor & f) in m i n d now that a re a x a i n e n t e on a p© r 1od of ) y increa s expend ityre $ for m m JL J» O > >* c success O f i encoura E 1 the ctiHj 4»* i no iv forim of Feder of* %¿:ö t*»Io r ä ■I F <Gk b ^ ** ierr»ism p r O i v în d d d p d . i i 'û s sis on the f a c t Ipfci N a t i o n «>f s t r o n g «•» <m indivi fif*® is* & bHv T h e h e l p f r e e l y g i v e n to t h i . s p p r o g r a m by m an y t h o u s a n d s of people, in b u s i n e s s a n d factories, in t h e h o m e s , i in o n f a r m s , a n d in t h e s c h o o l s -- all o f f e r e d v o l u n t a r i l y in a g r e a t m o v e m e n t o f f r i e n d l y c o o p e r a t i o n - - is a n i n s p i r i n g e x a m p le of the A m e r i c a n s p i r i t at its best, • i h a v e s t r e s s e d t h e i m p o r t a n c e of | the v o l u n t a r y n a t u r e of tne S a v i n g s Bond program. ! I h a v e s t r e s s e d ^ t h e factj t h a t t h e p r o g r a m f i t s e If m e t a g e n u i n e 0^8 | «■» 4m ** / mil l i o n s o f v o l u n t e e r wor ker s throughou t ne l and, including the important s e r v i c e s r e n d e r e d by the members o f your industry. y e a r s ago, From i t s the vo lu n teer f o u n d a t i o n stone o f structure, in a i l inception 15 has been the the Sav i ngs Bond t he bond d r i v e s , v o l u n t e e r s manned the s a l e s b o o t h s , r »ng t he d o o r b e l l s , m aterials, distributed our and s i g n e d up s u b s c r i b e r s t o t he P a y r o l l Sav i ngs P l a n . Busi ness and individuals a lik e it | possible to s a v e , and t o whom t h e i r bona h o l d i n g s r © p r e s e n t e d t h e i r acc u mu l a t ed f i n a n c i a l interesting to n o t e reserve. have account ed f o r o ve r f o u r - f i f t h s which have been It is t h o se of $25 and $50 d e n o m l n a t l o n s - - number o f It in t h i s connect i on t h a t t he s m a l l e r E bonds - - total first individual I o f the bonds i s s u e d. i s because t h e Sav i ngs Bond pro ram met these d e f i n i t e it to command the s e r v i c e s of was a b l e needs t h a t Sa v i n g s Bond program o f f e r e d a product t i l l ©it met a d e f i n i t e need - - the safe employment o f f u n a s on t h e p a r t o f m illions in of individuals investment. this product inexperienced Moreover, it in the form t h a t customer wanted i t and a t offered the the p l a c e where he was p r e p a r e d to buy i t . result was t h a t The the Savi ngs Bond program and p a r t i c u l a r l y t he P a y r o l l S a v i n g s P l a n had immense p r a c t i c a l ap p eal to many who had n e v e r b e f o r e foa es* k m ■ .,v>e • 5 i uur state ana county bond chairmen, I bankers, 1■ as I Comrn i ttee turned business le aders, Bp O cr â matter of fact, in the by 1 and others. tne Direct Mail in such an exce i Ient 1 1 1 Independence D r i v e that we 1 have * 1ready cal led on them again, 1 another assignment. with! The entire Savings Bond p r o g r a m success. There 1 nas met with unusual I cou id s c a r c e l y have been a n y o n e I those far-off days of ’35 and WHO couia foresee in ’36 it\e sales records 4# rive ir»jg| * %z M m irect I a c letters, in i it n ioca I sy cc # moti ons on D irect agriculture, education, and otrier im p o r tant groups. It is a pleasure for me to have this opportunity of giving m y personal thanks to your group for the unselfish and s t e a d f a st help which your ||f *0$ org a n i z at i o n has given to a program of public service -- the sale of United i;?.M ,Sa v i 1*o a Bond s | t ew i$ In t h i s r oo :n re many D i r e c t Mai Ü) CL who can t a ke j u s t i f i a b 1e ; pr i de P1 i| th e j o b you d Î d I j 8 he 1p i if g t o ¡get pro g r am una e r f d y • m| PIîck i n Ap r i 1 194 ummmt tt smim p iÄ t l T M wavs mmmimm m m m n WM im $i« tms wamm 4#wo 353 TREASURY DEPARTMENT Washington The following address by Secretary Snyder before the 33rd Annual Convention of the Direct Mail Advertising Association at the Roosevelt Hotel, New York City, is scheduled for delivery at 1:30 P.M. EST *for" release at tHaF^cime . -------- It is a p l e a s u r e for me to have this o p p o r t u n i t y of g i v i n g hfil' 3A ° UP f0r the S e l f i s h a M stf a l f a f t neip w h i c h y o u r o^ gctnizauion h as g i v e n to a p r o g r a m of r m b ’Hr* service the sale of U n i t e d States S a v ings B o S d ? ! P are D y irect Mail i x m n p e o p l e v ho c an take rram ¿ob f dd i n h e l P ln e to get the progiam u n der way. B a c k i n A p r i l 1941, Mr. E a r l e B u c k l e y one of your^group, b e g a n w o r k i n g w i t h as i n s e l l i n g D e f e n s e B i n d s d u L Ce d S the the°eD ir ?e ec ct thM Ma ai ?l ? ’0y °n f g n °,to f 1935 H ethese ^ a f t sSefcmu a n ^ h i conducted Di c aB mp ai p r o m’o t e r ities. effort116 U n t i l B ?of7 P r ? n r -m x ts f df w ? s s t a rted as a d i r e c t m a i l eiiort. until 1 9 3 1 , m .¿act, d i r e c t m a i l was the o n l v prol ° H 0 n ^ ed for those Bonds. O t h e r m e t h o d s were u s e d ^ a t e r - but d e v e l o p e d 6 T he J ? a r S ; & s ^ h e n e e d for a n i n t e n s i f i e d sales effort ^nI6 i?P d " th d i r e c t m a i l p r o g r a m was reac t i v a t e d . It b e c a m e one o,t our m o s t imp o r t a n t and e f f e c t i v e s e l l i n g t o o l s . as o n f o ^ ^ ^ 1 on r)irect M a i l S e e i n g was set up * of i ^ e n t y a d v i s o r y committees c o m p o s e d of leaders in m a n v fields. T h e s e r e p r e s e n t a t i v e s of b a n k i n g Industrv adverbial agriculture, education, publishing, and o t h e r i m p o r t a n t grouns °' gave i n v a l u a b l e h e l p to the T r e a s u r y in w o r k i n g out e f f e c t i v e * ciuxu e i x e c u i v e n s s s of the entire campaign. iw •-1 5 u r i n g i^e recent I n d e p e n d e n c e Drive, *v ? ? ! « « “ «* the T r e a s u r v ' s .« 5 ..S » 3 2 state tb? Se l e t t e r s > for they were used in our state a nd local p r o m o t i o n s w i t h n o t a b l e success H u n d r e d s nf ch°SnenS - rrnen, “fU e d bankers, *° P r °s P ects by o ur stlte a nd c o ^ t y bond o u s m e s s leaders, and others As a mnttovi jobfi n 1?t h e lTr,dlreCa M a i l 1.C ?fflmittee t u r n e d in such a n e x c e l l e n t * them ^in m a again, with anotherDr al sV s? i g that n m e n twe . h a v e a l r e a d y c a l l e d on S-2468 354 - 2 - The entire Savings Bond program has met with unusual success. There could scarcely have been anyone in those faroff days of ’35 and ’ 36 who could foresee the sales records which savings bonds would set, or the influence they would have on the economic lives of millions of our people. Even more recently -- when the war ended there were few who would have ventured to forecast that $57~d/2 billion of savings bonds would be outstanding today -- over $9 billion more than at the end of the war. The success of the Savings Bond program is one of the many demonstrations which we have had in this country of the ad vantages and benefits of the American way of doing things. When the Nation was faced with financing the enormous expenditures required for victory in World War II, there were various alternative methods of financing which might have been chosen. We could have depended entirely on large flotations which would be taken up by the banking institutions of the Nation without the need for intensive selling campaigns. This looked like an easy way out to some. But I am sure that I need not enlarge on the dangers which this course would have held for the economic stability and well-being of the Nation if it had been followed. Others urged one form or.another of compulsory levies, to be refundable at some indefinite postwar date. But fortunately for all of us today, our people and their Government chose the voluntary American way of financing the war through the cooperative efforts of all of our citizens. The Savings Bond program, which was the heart of the war financing measures designed to reach the investment funds of individuals, owed its enormous success to two major features. First, it^stood squarely on the American concept of freedom of the individual owner of property to make his own investment decisions, in so far as this freedom did not conflict with the public interest. Second, the Savings Bond program offered a product which met a definite need — the safe employment of funds on the part of millions of individuals inexperienced in investment. Moreover, it offered this product in the form that the customer wanted it and at the place where he was prepared to buy it. The result was that the Savings Bond program and particularly the Payroll Savings Plan had immense practical appeal to many who had never before found it possible to save, and to whom their E bond holdings represented their first accumulated financial reserve. It is interesting to note in this connection that the smaller E bonds -- those of $25 and $50 denominations -- have accounted for over four-fifths of the total number of individual E bonds which have been issued. S-2468 355 - 3 - It is because the Savings Bond program met these definite needs that it was able to command the services of millions of volunteer workers throughout the land, including the important services rendered by the members of your industry. From its inception 1 5 years ago, the volunteer has been the foundation stone of the Savings Bond structure. In all the bond drives, volunteers manned the sales booths, rang the doorbells, distributed our materials, and signed up subscribers to the Payroll Savings Plan. Business and individuals alike have freely contributed to this great program of public service. The advertising industry, for example, under the efficient leadership of the Advertising Council, and with the volunteer work of six advertising agencies, contributed in 19^9 alone an estimated «$^4 million or more of space and services. As one instance, nearly a thousand magazines gave a full page of space each month to the promotion of savings bonds. The help freely given to this program by many thousands of people, in business and in the homes, in factories, on farms, and in the schools -- all offered voluntarily in a great move ment of friendly cooperation -- is an inspiring example of the American spirit at its best. I have stressed the importance of the voluntary nature of the Savings Bond program. I have stressed the fact that the program itself met a genuine investment need. There is one further feature of our Savings Bond program which is particu larly important to keep in mind now that we are again entering on a period of sharply increased expenditures for national defense. The success of any voluntary program for encouraging individual savings — in the form of Federal security purchases or otherwise— depends in the last analysis on the fact that we are a Nation of strong individuals. By tradition, by environment, and by training, the individual citizens of this Nation are prepared and are willing to shoulder the respon sibilities ^which a free Government places upon them both in peace and in war. From earliest childhood our young people are encouraged in initiative, in self-reliance, and in working with others. During every period of crisis in our national history, our strongest defense has proved to be the strength which has come from the cooperative efforts of a Nation of individuals united in their determination to protect our American institutions. S-2468 356 Now once more an enlarged program of savings must be developed if we are to avoid inflationary pressures, Once more the individual citizens of the Nation are called upon to work together in promoting the well-being of the Nation during a critical period. We can build confidently on the knowledge that the Savings Bond program has brought a familiarity with investment in Federal securities to many millions of our citizens. During the postwar period the Savings Bond program has provided an impressive demonstration to people throughout the Nation of the advantages of saving while goods are scarce in order to conserve funds for use when goods are once more in full supply. I am confident that there is today a greater awareness than ever before that ©very dollar we save now will help hold prices down and will at the same time help every family provide for the future. To promote these important goals the Treasury Department is about to launch an intensive campaign aimed particularly at greatly increased participation in the Payroll Savings Plan. As many of you know, our National Committee on Direct Mail Selling is currently preparing a campaign which will be an integral part of the Treasury's fall payroll savings promotion. Our initial aim is a 50 percent participation goal through a person-to-person canvass in every major industrial plant and factory. It is particularly important to arouse the Nation now to the need for.thrift and for careful planning of family expenditures in view of the fact that very large defense outlays are in prospect for the nea,r future, regardless of the outcome of hostilities in Korea. Already in the current fiscal year $30 billion for defense expenditures has been appropriated, and it seems certain that this total will be increased materially before the present fiscal year comes to a close. Under these circumstances, we must make every effort to protect the tremendous production potential of this country and our economy in general from the weakening effects of an in flationary price rise. To the extent that wo succeed now in getting and keeping inflationary pressures under control, the need for other economic control measures will be minimized and the sacrifices which we will be called upon to make for world security will be easier to bear. The unanimity with which our people have supported the President's program for sharply increased taxes on business and personal incomes has already evidenced the determination of this Nation to maintain our economic defenses at full strength regardless of the sacrifices which this may entail. S-2468 5 357 Actually, toe are fortunate that the expanded defense pro gram finds the American consumer in an exceptionally favorable position* Wo have never before been so veil supplied with both the necessities of life and the means for a comfortable living. For five years our factories have been rapidly turning out goods to supply the wartime deficiencies. By the time of the Korean invasion, backlog demands had been largely satisfied, and factory production in most sectors of industry had returned to ■ a replacement basis. The possible exceptions were automobiles, housing, and steel. All aiong the industrial front, moreover, new products were becoming increasingly important factors in our growing economy. Civilian supplies of foods are ample with food production in 1950 estimated at 38 percent above the prewar five year average. A significant indication of our ¿impie food supplies is the fact that only three months ago the Department of Agriculture was seriously concerned about the threat of surpluses of many 'arm commodities. It is true that scarcities of various basic materials are creating bottlenecks that will interfere with civilian pro duction. But one should not underestimate the productiveness of American industry and labor when they have a job to do, nor the skill and ingenuity of our industrial designers in using alternative materials. lie should not forget that in World War II, when such a large proportion of our factory and farm output was going to the armed services, we were able to fight and win the war with a rising trend in our average standard of living. This was eloquent testimony to the immense productivity of our industrial and agricultural plants. We are far better equipped now for a superlative production job than we were at the end of the last war. The new scientific discoveries, new industrial materials and new production techniques, which have been developed and applied in recent years, have given a great impetus to production efficiency. In a record program of modernization, business has spent over $100 billion for plant and equipment in the years since the war. Agriculture, in addition, has spent $15 billion for new machinery and equip ment to increase farm output. Our basic industries have taken an important part in this expansion. Electric power production recently has been running nearly 40 percent above the highest weekly rate reached in 3-2468 358 - 6 - World War I I . Steel production currently is at an «annual rate of more than 100 million tons, 1 1 million tons more than we turned out in 19^ , the highest war year -- and a further large expansion in capacity is under way. At the present rate we are producing some 13 million more tons per year than the entire steel capacity of the rest of the world/ With the great^productive power of our national economy, aided by the determination of all Americans to work together in^ defense of their Nation, I have no doubt whatever of our ability to solve our defense problems and, to continue our forward progress toward the great goal of world peace. oOo 4 •f - 3 - any State, or any of the possessions of the United States, or by any local tax ing 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 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 hereunder need in clude 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 - mm unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Brniediately after the closing hour, tenders will be opened at the Federal I Reserve Banks and Branches, following which public announcement will be made by I 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 5200,000 or less without stated price from any one bidder will bo accepted m 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 October!!. 1950 > an cas*1 or ° ^ er immediately a able funds or in a like face amount of Treasury bills maturing October j&i 1?&Cash and exchange tenders will receive equal treatment. Cash adjustments will He 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 gam from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other;4isp°siti°n of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or la w s am endatory or supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt fro all taxation now or hereafter Imposed on the principal or interest thereof by TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, October 5, 1950_____. ”1 0 5 The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000 , or thereabouts, of — TÉjÉ----- - 90 -day Treasury bills, for cash and ~W ~ in exchange for Treasury bills maturing October 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 October 13, 1950 , and will mature -------------January 11. 1951 » when the face amount vali 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, October 9, 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 mil be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders mil 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, TREASURY DEPARTMENT Information Service WASHINGTON. D .C . 362 RELÉASE MORNING NEWSPAPERS, Thursday, October 5, 1950. S-2^6.9 The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 90-day Treasury bills, for cash and in exchange for Treasury bills maturing October 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 October 13* 1950, and will mature January 11* 1951* 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, October 9* 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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 of 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) cf accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on October 13, 1950, in cash or other immediately available funds or in a like face amount of Treasury bills maturing October 13, 1950. Cash and exchange tender 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 therpto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration’as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued 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 - additional possibilities for management improvement. He invited the collectors to cooperate with the Department in studies looking toward constructive use of the Plan. At the afternoon session of the collectors today, Under Secretary of the Treasury Edward H. Foley, Jr., and the Coast Guard Commandant, Vice Admiral Merlin O'Neill, discussed port security measures. 2 The Secretary said the Customs program for informing the public on tariff law administration is meeting with gratifying results. A recently introduced booklet, "Customs Information for Exporters to the United States," is being widely distributed abroad, as well as domestically. Assistant Secretary John S. Graham told the collectors that recommendations of a private consultant firm in the customs management field have largely been effected, or are in final stages of implementation. He urged the collectors to maintain a continuing quest for better methods. "A program such as we have been working on will have failed to accomplish maximum results unless it inspires in us a spirit of questioning, of appraising, of seeking for new, better and more economical ways to do our job," the Assistant Secretary said. He pointed to the current record volume of travel, and the high level of commercial import transactions, which challenge the Customs Service to the most efficient possible use of its limited manpower and appropriations. Mr. Graham said the recently enacted Reorganization Plan 26, which gives the Secretary of the Treasury wider powers for delegation of functions and authority, offers IMMEDIATE, '¿ k f o Collectors of Customs who opened a two-day conference in Washington today were told hy Secretary Snyder that the past year was one of substantial accomplishment in the field of Customs management improvement. The Secretary urged the collectors to continue to improve Customs service to the trading community and the traveling public. The collectors met at the Mayflower Hotel. During the conference, a panel of Treasury and Bureau of Customs officials, headed by Commissioner Frank Dow, will lead discussions of technical Customs problems. Secretary Snyder cited some major items of progress in the direction of efficiency and simplification of Customs procedures. He mentioned establishment on a fully effective basis of joint Customs-Immigration screening of travelers at border ports: continued refinement of scientific control weighing and testing techniques in handling cargoes of certain bulk commodities; elimination of consular in voice requirements for a substantial portion of imports; and the institution of a new duty bond procedure to expedite clearance of merchandise. The Secretary said he hoped for early congressional consideration of the Customs Simplification Act introduced earlier this year. This proposed legislation is intended to modernize customs requirements beyond the present limits of administrative action. T R E A S U R Y D EP A R T M E N T Information Service W a s h i n g t o n , d .c . 367 IMMEDIATE RELEASE, Thursday, October 5» I95Q» S-2^70 Collectors of Customs who opened a two-day conference In Washington today were told by Secretary Snyder that the past year was one of substantial accomplishment in the field of Customs management improvement. The Secretary urged the collectors to continue to improve Customs service to the trading community and the traveling public. The collectors met at the Mayflower Hotel. During the con ference, a panel of Treasury and Bureau of Customs officials, headed by Commissioner Prank Dow, wijl lead discussions of technical Customs problems. Secretary Snyder cited some major items of progress in the direction of efficiency and simplification of Customs procedures He mentioned establishment on a fully effective basis of joint Customs-Immigration screening of travelers at border ports; continued refinement of scientific control weighing and testing techniques in handling cargoes of certain bulk commodities; elimination of consular invoice requirements for a substantial portion of imports; and the institution of a new duty bond pro cedure to expedite clearance of merchandise. The Secretary said he hoped for early congressional con sideration of the Customs Simplification Act introduced earlier this year. This proposed legislation is intended to modernize customs requirements beyond the present limits of administrative action. The Secretary said the Customs program for informing the public on tariff law administration is meeting with gratifying results. A recently introduced booklet, '’Customs Information for Exporters to the United States," is being widely distributed abroad, as well as domestically. Assistant Secretary John S, Graham told the collectors that recommendations of a private consultant firm in the customs management field have largely been effected, or are in final stages of implementation. He urged the collectors to maintain a continuing quest for better methods. 368 - 2 - "A program such as we have been working on will have failed to accomplish maximum results unless it inspires in us a spirit of questioning, of appraising, of seeking for new, better and more economical ways to do our job,” the Assistant Secretary said. He pointed to the current record volume of travel, and the high level of commercial import transactions, which challenge the Customs Service to the most efficient possible use of its limited manpower and appropriations. Mr. Graham said the recently enacted Reorganization Plan 26, which gives the Secretary of the Treasury wider powers for delegation of functions and authority, offers additional possi bilities for management improvement. He invited the collectors to cooperate with the Department in studies looking toward constructive use of the Plan. At the afternoon session of the collectors today, Under Secretary of the Treasury Edward H. Foley, Jr., and the Coast Guard Commandant, Vice Admiral Merlin O'Neill, discussed port security measures. oOo TO Miss Kelly F o r the Sec r e t a r y $ ( ) F o r the S e c r e t a r y ’s signature ( ) F o r the S e c r e t a r y ’s i n f o r m a t i o n ( ) F o r the S e c r e t a r y ’s i n f o r m a t i o n and r e t u r n FROMj lames 1. Saxon STA N D A R D FO R M NO. 6 4 Office Memorandum to \| from • UNITED STATES GOVERNMENT Mr. Morse DATE; ° ° to b e r A» « 5 0 R. *H. O’ M a lle y SUBJECT: ^pj^easa-^asepare^batitl^To^^EXolXQElag^pesp^ H. He K a i s e r "fBadge^) ' General Manager R o h m & Haas K n o x v i l l e , T e nnes s e e _______— , — j_g 'rs p yosonl 7ing~Gol-»"'-P a l m e r»"^~^l^ase reserve s i n g l y room at. S t a t l e r f o r n a m e d -perse«) Mr* Bud D a vie s V ic e P re s id e n t & T re a su re r Fru e h a u f T r a ile r Co# D e t r o it , M ichigan T h ® fo l l o w i n g stateaXhave not appointed Stato P a y r o l l Savings Chairman Alabama V Working on'•»▼©ral people Maryland -N^orki^g on a©varal people Michigan • M i m i n g on several people Wisconsin Wyoming - éhairtuin resigned - Getting new chairman / / \ / - Wpoking \ s o word to date* Mississippi - Chairman resigned - Working on new chairman 1T=6 RepresentatIvés * Accepted H r « E d g a r $ • Sjaith Pros i dent P o r t l a n d C h a m b e r of C o m m e r c e Portland, Mr# J* Oregon Coll General Mai J* k P* Pa ¿tuck M r « F r e d 1# Lohs Vice President Crown Fastener Corporate P O C u t l e r Str e e t ) •Tarren, R h o d e I s l a n d ä io íger & V i c o F r e o idsnt « 1 • / Ino me « »do I s l a n d I M r # F# B« O r l a r , > «* A c c e p t e d President & Treasurer v / The A b n e y Mills Greenwood, South Carolina Accepted M r « 1« C l a r k D o a n s District Manager C e n t r a l bleetrio è Gas C o a p a n y Sioux Falls, South D a kota *al»er Mr * 1 • Presid K i n g ror pted Press, Ino K i n g s p o r t ,\ T e n n e s s e e c a ^ c * Ur* fé Hi S^lgart ~ 4. Declined ProsldeniyO Director S h e l l P ipe bine C o r p o r a t i o n S h e l l jluijlding Houst o n , Mr* flee Dtah Salt Texas R* E* d o n e « President è Treasurer Poser à bight Company L ake City, » Accepted Utah Mr* « Accepted E d w a r d W# M i l l e r President Felloes Gear Shaper Company Springfield, ferment ¿jfca* ea.4»_Ael Mr• i• l «xPlcttber Mr. M. -B. Thomas Asst, to V«P. — Newport News Shipbuilding & Newport News, Va. f i os P r e s i^tót è C o m p t r o l l e r Seaport ¿aesN^hipbuilding Company Mewport/lfews, V i r g i n i a an n a n stem: Gear Seattl«,>^aàh i n g t o n Mr « Thoaas Pres ident, Mr« T h o » a Pres i d e n t de ir t o a illsop 1 CoBipany iíeirton^ *o¡ kt V i r g i n i a « norks Declined ■;n-e yir o |srartwiT-^ y John A« Jones Editorial Director Weirton Steel Co« / Mr* G e o r g e Aeslstant deirton St ¡de ir ton. »X F o n d a « Preside Company rginiA 3 R e p r é s e n t a i irei H r * J a m e s L* P a x t o n , Jr* h President Pa xt on * H 11 e h e 1/1 C o m p a n y O m a h a , H e b r a s ka Accepted / Hr. F r Genera tester B e x 56 Hender « 4ibson ger troehemical Deelined Company evada y* Pres ident Monroe Calculating Machine Orange, H e# Jersey Goodrloh Genera Chino fennec Hurley M r * J* A r t h u r S u l l i v a n Brown Company Berlin, Hew Hampshire Company Declined t Corp* lee M r * L e w i s 1* P i e r s o n State A d v i s o r y Chairman Accepted Chairman Burlington Mills Corp* Greensboro, Horth Carolina Accepted Pres ident Midwest Motors Jamestown, forth Dakota Mr * J o h n I** C o l l y e r President B* F. G o o d r i c h C o m p a n y Akron, Ohio Accepted Executive Tice President ferr-MeGee Oil Industries, O k l a h o m a City, O k l a h o m a Inc* i D a v i d H* H a r s h a w , Pres# J o h n B* S t e t s o n Company HBiirHShtHr* Philadelphia, y-A V«. Pa* R e p r e a e n tat Ives Mr* Meyer K e s t n b a u m v / President Schaffner end C h i c a g o * Illinois • Accepted Marx * Mr* H. G. X n g e r s o l l >V / • Accepted Vice President Ingereoll Steel A Disc Division Borg-$arn©r Corporation He# Castle* Indiana Mr* P e t e r K u y p e r Roleereen Company Pel l a * Iowa / Mr* Clarence Coleman Vice President T he C o l e m a n C o m p a n y , Wichita* Kansas Accepted \J / M r * L o u i s J# B o s s e Managing Director Associated Industries Louisville* Kentucky - Accepted Inc* ** A c c e p t e d of K e n t u c k y Mr* Cecil M organ J y Viee President Ipso Standard Oil Company Baton Rouge* Louisiana * Accepted M r * E* S p e n c e r M i l l e r Executive Vice President* Maine Central Railroad Portland* M a i n e ä m M Accepted i • Accepted M r* C o r o d o n S* F u l l e r Vice President and Secretary The Foxhoro C o m p a n y Foxboro* Massachusetts Mr* 6 e b s r g e ^ a 1 p in B x e e u t ijjKjto* P r e s i d e n t Minnesota Mining A Manufacturing St./^aul* Minnesota Co* «* A c c e p t e d M r * J a m e s M* S a l t e r J / Treasurer Kansas City Southern Railway Company K a n s a s C ity* M i s s o u r i « Accepted Mr»'Howard Ellsworth J / General Agent northern Pacific R a i l w a y Company Helena* Montana M r * A r t h u r E* E g g e r t Vice President Minnesota Mining & M a n u f a c t u r i n g Co* St* Paul* M i n n e s o t a State Payroll Saving« Chairmen Federal Room * Statler Hotel O c t o b e r S, I S S O H £ R e p r é s e n t â t ly« Invitee« * Aoeepted JÜt« J o h n E* G r i f f i t h / / C o m p t r oller. ^ Reynold« Metal« Company Phoenix, Arisona Mr * Mose« P r e« id e n t iif©] & L i g h t Crìcan P ine u f f . Ar' in sa « - ^Ee^na&sefited— cçtî / » Randolph, Pre^T® y/F¿ L. L« Baxter President¿J> Arkansas Western Gas Co. Fayetteville, Arkansas Co« Declined m Company Matso><3[avig Stre Bl, Cai ifór m a F r a n o iso byt G en e > m ~ U i a r o l d J L < ^ G e o r g e « Vice P r e m 2 $ l f £ ^ & G e n e r a l Mgr* j^ugh e n t i r e r a f t 'freeman y C u l v e r C ity, C a l i f o r n i a Mr* E a r l D« P age Controller C o l orado Fuel A Iron Denver, Colorado Accepted Corp# \©in k r a u « M r • Eermh$ i C h a irman BrldgepoH/^rass Company Bridgeport, Connecticut Mr. Stua r t Cooper M President (_pela»fare) L i g h t A P ower Wilmington, Delaware « .JL M sm e e n te d 1tryi /' - Robert B. Davis / y Vice PresidentRaybestos-Manha Bridgeport, Conn. teybeltol-SaSSittan, ~ Æ c c a pTe Company Accepted M r. C o u r t n e y C a m p b e l l Jyf Vice President Food M a c h i n e r y & Chemical Corp* Lakeland, Florida M r * C. 1* W o o l m a n Pre* i d e n t Delta Airlines Atlanta, Georgia m « Accented / M r* H a r o l d A* A g e e V * / - Accepted Vice President A General Manager Olson Manufacturing Company B o i s e , I daho Mr* Dean Smith H u g h e « A i r c r a f t Company C u l v e r C i t y , California 3 Arno Johnson, current Advertising executive who litini iipn iwaiwiiwinn b u s i n e s s Wiggins, Nashville C h a i r m a n of Railroad, his e n d o r s e m e n t . t h e B o a r d of who gave discussed the s i t u a t i o n , a n d A. t he Louisville the P a y r o l l L. and Savings Plan M. 2 He said this fact American people have as an e x c e l l e n t investment. c i a t i o n of purposes of the v a l u e o f had The organized, to b e l i e v e He proof the said that public Savings Bonds for appre investment the first bonds series are n e a r i n g maturity. purpose the that in S a v i n g s B o n d s i n c r e a s e d g r e a t l y n o w that t he p r e s e n t dustries come is p o s i t i v e of the fall Secretary to p l a c e it said, campaign now being is to e n c o u r a g e m o r e in o p e r a t i o n , greater participation and in c ases where in to e n c o u r a g e the P l a n has already been established. The Secretary ists had r e p o r t e d Payroll i. noted that i findings Savings Plan benefits employees, not only from such results and increased efficiency, Thanking of t he t he c o n f e r e e s their time sold on help do the the^gayroll their share of Secretary's talk. the The — at Savings t he the T r e a s u r y the m e e t i n g said that idea and were the industrialists Markham, Sales Director. it ready to it. followed the then heard e xplana - u n d e r t a k i n g b y V e r n o n L. of the they j o b of e x p a n d i n g National Director National said. the S e c r e t a r y industrialists the The as d e c r e a s e d a b s e n t e e i s m for giving and thought, Open discussion by t i o n s of that the p a r t i c i p a t i n g Secretary was plain from their presence were industrial but a lso the p a r t i c i p a t i n g companies. company benefits benefit a great many Clark, S a v i n g s B o n d s D i v i s i o n a n d L e o n J. Other speakers included t States met with Secretary Snyder and the officials of the Treasury’s Savings Bonds Division at the Hotel Statler today to plan State campaigns in behalf of the Payroll Savings Plan of Savings Bonds buying. It is expected that #6iunteer Payroll Savings Plan committees will be formed in each state for active assistance to the Treasury in this field. The State Committees will be modeled after the National Advisory Committee for Payroll Savings now functioning under the chairmanship of Martin W. Clement, Chairman of the Board, Pennsylvania Railroad. Secretary Snyder, addressing the conference of industrialists today, pointed out that the Payroll Savings Plan is the basic activity of the entire Savings Bonds program. He said a -decided stimulation- of Payroll Sav ings now would have an important effect in reducing infla tionary pressures, and so help preserve the balance of the country’s economy. The Secretary paid tribute to the volunteers who have given the Savings Bond program their support. He gave them credit for the fact that although the paid staff of the Treasury*s Savings Bond Division is now less than 400, compared with a war-time peak of 2,200, the volume of Savings Bonds now outstanding exceeds the war-time peak volume by $9 billion. | Miss Kelly TO J ( ) For the Secretary ( ) For the Secretary’s signature ( ) For the Secretary’s information ( ) For the Secretary* and r FROM: James J. Saxon ormation TR E A S U R Y D EPARTM ENT Information Se rvice Wa s h i n g t o n , d .c . 379 IMMEDIATE RELEASE, Thursday, O c t o b e r 5» 1950« S - 2471 L e a d i n g i n d u s t r i a l i s t s r e p r e s e n t i n g m o s t of the States me t ■with S e c r e t a r y S n y d e r a nd the o f f i c i a l s of the T r e a s u r y ’s Savings B o n d s D i v i s i o n at the H o t e l S t a t l e r t o day to p l a n State campaigns i n b e h a l f of the P a y r o l l S a v ings P l a n of Savings B o n d s buying. It is e x p e c t e d that v o l u n t e e r P a y r o l l Savings P l a n c o m mittees w i l l be f o r m e d in e a c h state for active a s s i s t a n c e to the T r e a s u r y in this' field. The State C o m m ittees w i l l be modeled a f t e r the N a t i o n a l A d v i s o r y C o m m i t t e e for Payroll' Savings n o w f u n c t i o n i n g u n d e r the c h a i r m a n s h i p of M a r t i n W . Clement, C h a i r m a n of the Boar d , P e n n s y l v a n i a Rai l r o a d . S e c r e t a r y Snyder, a d d r e s s i n g the c o n f e r e n c e of i n d u s t r i a l i s t s today, p o i n t e d out that the P a y r o l l Savings P l a n is the basic activity of the enti r e Savings B o n d s program. He said a "decided stimulation" of P a y r o l l Savings n o w w o u l d h a v e a n i m p o r t a n t effect in r e d u c i n g i n f l a t i o n a r y p ressures, a n d so h e l p p r e s e r v e the ba l a n c e of the c o u n t r y ’s economy. The S e c r e t a r y p aid tribute to the v o l u n t e e r s w ho h a v e g i v e n the Savings B o n d p r o g r a m t h e i r support. H e gave t h e m credit for the fact that a l t h o u g h the p a i d staff of the T r e a s u r y ' s Savings Bond D i v i s i o n is n o w less t h a n 400, c o m p a r e d w i t h a w a r - t i m e peak of 2,200, the v o l u m e of Savings B o n d s n o w o u t s t a n d i n g exceeds the w a r - t i m e p e a k v o l u m e b y $9 billion. He said this fact is p o s i t i v e p r o o f that the A m e r i c a n p e ople have come to b e l i e v e in S a vings B o n d s as a n e x c e l l e n t i n v e s tment. He said that p u b l i c a p p r e c i a t i o n of the v a l u e of Savings B o n d s for inv e s t m e n t p u r p o s e s h a d i n c r e a s e d g r e a t l y n o w that the first Bonds of the p r e s e n t series are n e a r i n g m a t u r i t y . The p u r p o s e of the fall c a m p a i g n n o w b e i n g organized, the Secretary said, is to enc o u r a g e m o r e i n d u s t r i e s to place it in operation, a n d to e n c o u r a g e g r e a t e r p a r t i c i p a t i o n in cases where the Plan has a l r e a d y b e e n e s t a b l i s h e d . 380 - 2 - The S e c r e t a r y n o t e d that a great m a n y i n d u s t r i a l i s t s h a d r e p orted findings that the Pa y r o l l Savings P l a n b e n e f i t s not only the p a r t i c i p a t i n g employees, but als o the p a r t i c i p a t i n g c o m p a n i e s . The c o m p a n y b e n e f i t s f rom such r e sults as d e creased a b s e n t e e i s m a nd i n c r e a s e d efficiency, the S e c r e t a r y said. T h a n k i n g the conferees for g i v i n g the T r e a s u r y the b e n e f i t of their time and thought, the S e c r e t a r y said it was p l a i n f r o m their p r e s e n c e at the m e e t i n g that t hey wer e sold o n the Payroll Savings idea and wer e r e a d y to h e l p do t h e i r share of the job of e x p a n d i n g i t . O p e n d i s c u s s i o n b y the i n d u s t r i a l i s t s f o l l o w e d the S e c r e t a r y ’s talk. The i n d u s t r i a l i s t s t h e n h e a r d e x p l a n a t i o n s of the u n d e r t a k i n g b y V e r n o n L, Clark, N a t i o n a l D i r e c t o r of the Savings B o n d s D i v i s i o n a nd L e o n J. Markham, N a t i o n a l Sales Director. O t h e r speakers i n c l u d e d A r n o Johnson, a d v e r t i s i n g executive w ho d i s c u s s e d the current b u s i n e s s situation, and A. L, M, Wiggins, C h a i r m a n of the B o a r d of the L o u i s v i l l e and Nas h v i l l e R a i lroad, w ho gave the P a y r o l l Savings P l a n his endorsement. O O1 O V«* «A m - 3 The i n d u s t r i a l i s t s p r e s e n t at today's con f e r e n c e were: John E . G r i f f i t h Comptoller Reynolds M e t a l s C o m p a n y Phoenix, Arizona Meyer Kestnbaum President, Hart, S c h a f f n e r and Marx Chicago, Illinois L. L. B a x t e r President, A r k a n s a s W e s t e r n Gas C o m p a n y Fayetteville, A r k a n s a s H. G. I n g e r s o l l V i c e President, I n g e r s o l l Steel & D i s c D i v i s i o n Borg-Warner Corporation N e w Castle, I n d i a n a Dean Smith Hughes A i r c r a f t C o m p a n y Culver City, C a l i f o r n i a Earl D . Page Controller, Co l o r a d o Fuel & I r o n C o r p o r a t i o n Denver, Co l o r a d o Robert B , D a v i s Vice P r e s i d e n t Ra y b e s t o s - M a n h a t t a n , Inc. Bridgeport, C o n n e c t i c u t Stuart C o o p e r President, D e l a w a r e Light and Power C o m p a n y Wilmington, D e l a w a r e Courtney Ca m p b e l l Vice President, F o o d M a c h i n e r y & C h e m i c a l Corp. Lakeland, F l o r i d a C. E, W o o l m a n President, D e l t a A i r l i n e s Atlanta, G e o r g i a Harold A. A g e e Vice P r e s i d e n t & General M a n a g e r Olson M a n u f a c t u r i n g C o m p a n y Boise, Idaho Mr. P e t e r K u y p e r Rolscreen Company Pella, I o w a Clarence C o l e m a n V i c e President, The C o l e m a n Company, I n c . Wichita, Kansas Louis J. B o s s e Managing Director, Associated I n d u s t r i e s of K e n t u c k y Louisville, K e n t u c k y Cecil M o r g a n V i c e President, E s s o S t a n d a r d Oil C o m p a n y B a t o n Rouge, L o u i s i a n a E. S p e n c e r M i l l e r Executive Vice President Maine Central Railroad Portland, M a i n e C o r o d o n S. F u l l e r V i c e P r e s i d e n t and S e c r e t a r y The F o x b o r o C o m p a n y Foxboro, M a s s a c h u s e t t s Arthur E . Eggert V i c e President, M i n n e s o t a M i n i n g & M a n u f a c t u r i n g Co. St. Paul, M i n n e s o t a 382 4 James M. Salter Treasurer, K a n s a s C i t y Southern Railway Company Kansas City, M i s s o u r i E d g a r W. S m ith President, P o r t l a n d of Commerce Portland, O r e g o n Howard E l l s w o r t h General Agent, N o r t h e r n Pacific R a i l w a y C o m p a n y Helena, M o n t a n a F r e d E . Lohse V i c e President, C r o w n Fastener Corporation Warren, R h o d e I s land James L. Paxton, Jr. President, P a x t o n - M i t c h e l l C o m p a n y Omaha, N e b r a s k a F. E. Grier P r e s i d e n t Sc T r e a s u r e r The A b n e y M i lls Greenwood, S o u t h C a r o l i n a J, A r t h u r S u l l i v a n B r own C o m p a n y Berlin, N e w H a m p s h i r e William G. Z a e n g l e i n President, M o n r o e Calculating Machine Orange, N e w J e r s e y E . Clark Deane D i s t r i c t Manager, C e ntral E l e c t r i c & Gas C o m p a n y S i oux Falls, S o u t h D a k o t a Company R . H Vice Utah Salt Lewis E . P i e r s o n State A d v i s o r y C h a i r m a n New York, N e w Y o r k M * B . Thomas A s s i s t a n t to V i c e P r e s i d e n t Newport News Shipbuilding and D o c k N e w p o r t News, V i r g i n i a 0, W» Fode President, M i d w e s t M o tors Jamestown, N o r t h D a k o t a Goodrich Company Dean A* M c Gee Executive V i c e Pre s i d e n t Kerr-McGee Oil Industries, Oklahoma City, O k l a h o m a . Jone s P r e s i d e n t Sc T r e a s u r e r P o w e r Sc L i ght C o m p a n y Lake City, U t a h Edward W . Miller President, F e l l o w s Gear Shaper Company S p r i n gfield, V e r m o n t J. Spencer Love Chairman, B u r l i n g t o n Mills C o r p o r a t i o n Greensboro, N o r t h C a r o l i n a John L. C o l l y e r P r e s i d e n t B . F. Akron, Ohio Ch a m b e r J o h n A . Jones Editorial Director W e i r t o n Steel C o m p a n y Weirton, W e s t V i r g i n i a H'. R. K a i s e r General Manager R o h m Sc H a a s Knoxville, Tennessee Inc. David H. H a r s h a w President, J o h n B . S t e t s o n C o m p a n y Philadelphia, P e n n s y l v a n i a oOo Bud Davies V i c e P r e s i d e n t Sc T r e a s u r e r ' Fruehauf Trailer Company Detroit, M i c h i g a n STATUTORY DEBT LIMITATION AS OF September 3?» 1950 TREASURY DEPARTMENT fi scat Service Washington, ..1§- Section S I of 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 maybe held by the Secretary of the Treasury), «shall .not exceed.in the aggregate $875,CC0,C00,C00 (Act of June 26, 1946J U.S.C., title 31, sec. bBfb), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued cn 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 s till 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: j,,«. ___ Treasury b ills ............... ... ... $ 1 3 »$3? *203 »000 Certificates of indebtedness------ ... 1 1 , 620, 2 5 ^ »000 $ 65.8*10,804,200 Bonds — Treasury ..._„__ _______________ - 9 6 .6 7 0 ,15 9 ,3 0 0 Savings . (current rederrp. value).«.. 57.395,803,095 Depoe i t ary ________ _ 284, 4 2 1,50 0 Armed Forces leave____ _____ 269.362.450 __________ 953:330.000 Investment series. 1 5 5 ,5 7 3 ,0 7 6 .3^5 Special Funds __ ^ Certificates of indebtedness___ 18,864,613*000 Treasury notes__________ _14*531»458,000 Total interest-bearing _____ _____ _________ Matured, interest—ceased ....________________________ ____ 3 3 *3 9 6 ,0 7 1. OOP 2 5 4 ,8 0 9 ,9 5 1,5 4 5 3 7 1,4 5 2 ,3 5 0 Bearing no interest: War savings stamps____ _____ ..... Excess profits tax refund bonds.....«, Special notes of the United States Internat'l Monetary Furd series T otal______________ ____....— 1 .32P.. 2 A J & Z 256,501,658,742 4 7 .1 1 8 ,6 1 3 3 ,1 3 6 ,2 3 4 1.270.000.000 Guaranteed obligations (not held by Treasury): Interest-bearing: Debentures: F.H.A. __________ ......... Demand obligations^ C.C.C*_____ __ __ Matured, interesst-ceased .— ----------- .... 1 7 , 585,286 3.521 1 7 ,5 8 8 ,8 0 7 2,273.200 1 9 ,862,0 0 7 Grand total out,standing___ ___ _____________ _____ Balance face amount of obligations issuable under above authority 18.478.479.231 PecQftcileirerft with Statement of the Public Debt — Septem ber 30, 1950 (Daily Statement of the United States Treasury, O c to b e r 2 , 1950 ) Outstanding — Total gross public debt ___ *---- -- ---------- -— --------______________________ .257,215,671*735 Guaranteed obligations not owned by the Treasury__ _____ _____ ...________ ____ _ 1 9 ft862«0Q!L Total gross public debt and guaranteed obligations....... ........ ..... ........ .. ............— ............ 257»235 *533 »7^ Deduct - other outstanding public. obligations rot sub ject to debt limitation...... ___ 714.012.993256,521,520,7*0 l.;\ C T ) STATUTORY DEBT LIMITATION AS OF September 30, 1950 October 9 , 1950 Se ctio n 21 o f Second li b e r t y Bond A c t , as amended, p ro v id e s th a t the fa ce amount o f o b lig a tio n s is s u e d under a u th o r ity o f t h a t A c t , and the face amount o f o b lig a tio n s guaranteed as to p r in c ip a l and in t e r e s t by the U n ited S ta te s (exce p t such guaranteed o b lig a t io n s as may be h eld by the S e c re ta r y o f the T r e a s u r y ), « » h a ll not exceed in the aggregate $275,000,000,000 (A ct of June 2 6, 1946j U . S . C . , t i t l e 31. sec, 757b), o u tsta n d in g a t any one tim e . Fo r purposes o f t h is s e c tio n the cu rre n t redemption va lu e o f any o b lig a t io n is s u e d on a d isc o u n t b a s is w hich i s redeemable p rio r to m a tu rity a t the o p tion o f the h o ld e r s h a l l be co nsidered as i t s fa c e amount,” The fo llo w in g ta b le shews the fa c e amount of o b lig a t io n s o u tsta n d in g and the face amount w hich can s t i l l be is s u e d under t h is lim it a t io n : . . To tal fa ce amount t h a t may be o u tstan d in g a t any one time 1,275,000,000,000 Outstanding O b lig a tio n s issu e d under Second li b e r t y Bond A c t , as amended In t e r e s t -b e a r in g : T re a su ry b i l l s ............................. .. ..$ 1 3 ,6 3 7 ,2 0 3 ,0 0 0 384 C e r t if ic a t e s of in d e b t e d n e s s .,.,. 1 1,62 0,2 55 ,00 0 T re a su ry n o te s ............................... ..4 0 .58 3.34 6.20 0 $ 6 5 ,8 4 0 ,8 0 4 ,2 0 0 Bonds — T r e a s u r y ,. ................................ 9 6 ,6 7 0 ,1 5 9 ,3 0 0 S a v in g s (c u rre n t redemp. v a lu e ) 5 7,395,803,095 D e p o s it a r y ,........................................... 2 84,421,500 Armed Fo rces L e a v e , , . . 2 69,362,450 Investm ent s e r i e s 9 53.330.000 1 5 5 ,5 7 3 ,0 7 6 ,3 4 5 S p e c ia l Funds C e r t if ic a t e s of in d eb tedn ess . 1 8,86 4,6 13 ,00 0 T re a su ry n o t e s ........... .. 1 4 .5 3 1.45 8.00 0 T o t a l in t e r e s t - b e a r in g .............................................. Matured, in t e r e s t - c e a s e d .......................................................... Bearing no in t e r e s t : War sa v in g s stamps ........................ .. Excess p r o f it s t a x refu nd b o n d s ..,. S p e c ia l notes o f the U nited S t a t e s : In t e r n a t * 1 Monetary Fund s e r i e s . . 3 3.3 9 6 .0 7 1 .0 0 0 2 54 ,809,951,545 371,452 350 47,118,613 3 ,1 3 6 ,2 3 4 1 .2 70 .0 0 0 .0 0 0 1 .3 2 0 . 254.847 Total..................... .......... ..... . 256,501,658,742 Guaranteed o b lig a t io n s (not h eld by T r e a s u r y ): In t e r e s t -b e a r in g : Debentures: F .H .A ...................................... 17,585,286 Demand o b lig a t io n s : C . C . C ......... .. ................ 3 .521 17,58 8,8 07 Matured, in t e r e s t - c e a s e d ............................................................................ 2 .2 7 3 .2 0 0 19,86 2,0 07 Grand t o t a l o u ts ta n d in g ...................... ....................................... 256.521.520.749 Balance face amount o f o b lig a t io n s is s u a b le under above aut h o r i t y . 1 8 „478.479.251 Reconcilem ent w ith Statem ent o f the P u b lic Debt - September 30, 1950 ( D a ily Statem ent o f the U nited S ta te s T re a s u ry , O ctober 2 , 1950) Outstanding To tal gro ss p u b lic d e b t.......................................................................... 257,215,671,735 Guaranteed o b lig a tio n s not owned by the T r e a s u r y ,............................. ............. 19.86 2.00 7 To tal gro ss p u b lic debt and guaranteed o b lig a t io n s .......................... 257,2 35 ,53 3,7 42 Deduct - other o u tsta n d in g p u b lic debt o b lig a tio n s not s u b je c t to debt li m it a t io n ..................................... 714.012.993 s^2 256,521,520,749 2 - / 7 3 jump m mfflim b i w s p a p i r s , fueaday, Qctoberj.0, 195,0s. fh« Secretary of the Yreasury announced last evening that the tenders for $1,000,000,000, or thereabouts, of treasury hills to he dated October 13, IfJO, «ad to mature January 11, 1951» *&ieh were offered on October 5» were opened at the Federal Reserve Banks on October 9, fhe details of this issue are as follows* «Dotal applied for Total accepted - Average price - $1,616,313,000 1.001,891,000 . — . (includes $114,998,000 entered on a noncompetitive basis and accepted in full at the average price shown below) 99,666 Jquiv&lent rate of discount appro*. 1*33?^ P«r aanaffl Bangs of accepted competitive bids* High Low (8 percent of the amount bid for at the low prlee was accepted) fötal Accepted fetal Federal Heserve Metrici tell $ 14,031,000 1,236,058,000 Boston lew York Philadelphia Cleveland Richmond Atlanta 24.790.000 28.249.000 7,172,000 14.916.000 151*^ 92,000 Chicago 14.934.000 St. Louis Minneapolis Kansas City Dallas San Francisco S.393*öO0 . 29.482.000 38 010.000 S2.096.00a J0*A1 *1,616,323,000 $ 14,031,000 656 ,218,000 1*,790,000 28.157.000 7.172.000 14.716.000 127,392,000 14.934.000 5.393.000 . 2 8 982.000 38,010,000 S2.096.000 *1 , 001, 891,000 38G RELEASE M O R N I N G NEWSPAPERS, Tuesday, October IQ, 1950» S-2473 The Secretary of the Treasury announced last evening that the tenders for $1,000,000,000, or thereabouts, of 90-day Treasury bills to be dated October 13, 1950, and to mature January 11, 1951, 'which were offered on October 5, were opened at the Federal Reserve Banks on October 9 * The details of this issue are as follows: Total applied for - $1,616,323,000 Total accepted - 1,001,891,000 (includes $114,995,000 entered on a non competitive basis and accepted in full at the average price shown below) Average price - 99 *666 Equivalent rate of discount approx, 1.337$ per annum Range of accepted competitive bids: - 99.675 Equivalent rate of discount 1.300$ per annum - 99*863 Equivalent rate of discount 1.348$ per annum High Low (8 percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ TOTAL 14,031,000 1 ,236 ,058,000 Total Accepted $ 14 ,031,000 656 ,218,000 24,790,000 28,249,000 7 ,172,000 14,916,000 1 5 1 ,192,000 14,934,000 5,393,000 29,482,000 38 ,010,000 5 2 ,096,000 12 7 ,392,000 14,934', 000 $1 ,6 16 ,323,000 $ 1 ,001 ,891,000 0O0 14,790,000 28 ,157,000 7 ,172,000 14,716,000 5,393,000 28 ,982,000 38 ,010,000 5 2 ,096,000 i m p o r ta n t f o r us to keep in mina. The successi of a n y , vo Iu n t a | y f o r e n c o u r a f3 '%¡t'. l.rTCi!vidua t sav ingS;'-- in t he ¡formgo f teclee secur.i ty p u r c h a s e s dfti o iherwI -- depends in l a s t a n a l y s i s on t ie f a c t t h a t we i n d i v i dua i s . r e 1a Jf t r a d 11 i o n . « | b y e n v i ^ o n m e n t » t r a m i n iO Indivi duaIfeclt|?ens pi t h i s Na t l shoulder¿the res Cl |f||i |f f r e e Governmi we w * ■f5# n fili ■; wV tc s i b i I i t i e s which p I ac es I upo% | that the payroll plan contributes s u b s t a n t i a l l y to t h a t intangible f o r c e * h i c h is s u m m e d u p in t h e term "plant morale." An e x p l a n a t i o n of t h i s , n o doubt, is t h e f a c t t h a t r e g u l a r s a v i n g s , a voluntary basis, on contribute e n o r m o u s l y to the s e I f - r e s p e c t of the individual saver. He is " g e t t i n g s o m e w h e r e " b y h i s own orts that his sees the proof a c c u m u l a t e II h a v e £B£ m »7 || » I believe that I shall not be m a k i n g an u n w a r r a n t e d a s s u m p t i o n in s u g g e s t i n g a f u r t h e r r e a s o n f o r the suc cess of the cur rent payroll s a v i n g s pI a n in t h i s a r e a . I am r e f e r r i n g to t h e d e m o n s t r a t ion w h i c h y o u h a v e h a d in t h e p a s t o f t h e practical v a l u e s of t h i s p r o g r a m to both management and labor participating concerns, every plant executive, in I t h i n k that as well as e v e r y u n ion o f f i c i a l , w i l l t e s t i f y 16 which support has already been m o b i l i z e d for the Sav ings Bond program here in P i t t s b u r g h is e v i d e n c e o f t h e k i n d o f p a r t i c i p a t i on I which our past e x p e r i e n c e has led us to e x p e c t f r o m the c i t i z e n s of your community. Your like your b u s i n e s s m e n , invaluable service labor groups, have performed in t h e p a s t . We k n o w t h a t we c a n c o u n t on all of you for equally effective in t h e f u t u r e * ic i on • I5 m As ly ou know* tho f.p6 asu-r.-y r t m e n t 'is| l a u n c h i n J l an| in tens ive Lie pci i a isn ÉÉ|cà p ? this fa'I 1- w h i c h p a r t ieu 1a r !y eit g r e a t l y part ic ipat ion plan. and once The others fa* ■'£?k in c r e ü 3w O jfrfc the N a t i o n , called U pon i to con t r ibute the ir s e r v i e os. j m i a n a t io n w ide or o r r a w | v ita 1 to the econoffliic d b f on s e of e n t tiu s ïa s End J*S* ' I ,ip of 1? it t s b u r g h . throiu g h o u t b e ing ffiore ! «¿2 pay r o 1j | s ä y a ngs infthe c it izens m IC Î5im e d -1 our c o un try effectiveness with are : The m hav e been isst w w • e bavIngs i,.t is.«because defini t e l n e e d s r a m met met the tnem roaram was able American land, lunteer stone of has services of the o f I v o Iu n t e er 0PS ttiroMRnö' citizens that to c o m m >erv i c e s l o f | m i H i o n s the®I m o o r t a n t way and this b ee n i ncl udi rendere community he the f o un da t i sav Ins s b o n d S -1 nee ii.tsfti ncept ioriHI.5 structure had i l mmense; a i r o i I¡ sav ings o r a c i ic a l l a p p e a II t o many who it p o s s never iv idua Is, saveSilPliftS s u c h É f a íhi H a s E ¡ b o n d | h o I d in g s f w e r e d p i arm ed program ; fo r to f i r s t f s t e p ¡In a c cu in u i a t i n g financia lireservesJHpt'p'S to n o t e li nUthi s c o n n e c t i o n suss E bonds the t h o s e ! o f C $24 150 d e n o m i n a t i ons h a v e 8a c c o u n t e d for I o v e r i f o u r - f of I t h e i t o t a I number indivi to make hi d e c i s i o n s . ^ Second, own the Savings Bond p r o g r a m offered a product which met CSI ’ ***$efin ite# ne e d . 11 pr 0 V ided saf e emp- 1o yinen t fo rjth | funa c of m l ) i ions of in 1nd iIi du | is i1 experi en ced in v e s t ¡lien t • More over ( it off 1 K l ! th is oroduc t f in t he for m that he 3*f PI i< w*? w' cus "tomeriwa tnted i t and at the 'A whe relhe w zts prep ared to f # The re*Slilf ond ■A%*# | v-f IJ f rOf ram and pa rt ic it. the Sav ings r y th savings bonos are o u t s t a n d i n g over li b i M Ì than at the oSQf the ur ing lorio Savings Bono I i , the c-as the heart 02 of the war f i n a n c i ng m e a s u r e s igneo to reach the nos of individuals. e n o r m o u s s uccess to investment it i ts lift f eatures e i•r*s t , it stood squarely on American concept ot f r e e d o m of tne say m g s p r o g r a m would have on habits and financial plans of millions of the Na t i o n ’s fami 1 ie s could not £v en ten years have been forecast. later -predi cted # fa£ 1 134 5 — - it w cis iif a e 1y in f1 |uJ Cil? %# %& ' ^ B' |*b^ » elw o u 1d c a Sfpllilll in their holdings of F bonds a s soon II» O V rvices which had been scarce dtiri.rrg the war w e r e more in full ;supply. But these lgF 1 mvW ide of pred iet ions pi■'oved to lKpn Jo $57-1/2 bi 1 1 Shu«» Today, O mark. P r è s ioent Illinois i b a r n eso ooeneü more m e Steel ^g ateW^y' ftas and p a r t icipatloniin one tnis i 1 nta m i n e pr ö 5 ¡na of W’ economic No the ,:\sy if or j e v e n g b r o a d e r vis IlBPortant tne of ü I if forci F. our Sav ings 35, v in Nat ion tartedJPcouIushave Bond foreseenl'the e x t e n t w h !ch i | | 1 ngs bon d w o v e n Ii n to Ithe Holdings wou fi n a n c *a I fabri c N a ti on , Li kew is e . l t h e which influence the - together here b • •1i n t e r e s t t o d a y ‘V ’ffl»-' a proj gram a f f e c t i n g of all. / , ' I ft",;r e c e n t of a com m o n i a p p r o a c h t o cormi on iCifii® years, the we 1f a r e of this spirit o r o b 1ems I h a s l b e e n ! e v i d e n c e i j f i n r" W v « ¡¿I? taken rshi the wn i c h P i t t s b u r g h h a s in a m o s t f l s i g n i f ¡ c a n t p h a s e of A m e r i c a n d e v e l o p m e n t -- c i t y M dnn ins have with bold and practical } evetne P» c u It u r a I of s c a t t e r e d c o m m u n i t i e s to t h e g r e a t e s t i n o u s tr i a I e c o n o m y in t h e w o r l d . than the Pittsburgh, more important than the furnaces, the mills, such however - the factories which are impressive evidence of your productive power — are the individuals who have made this possible. that bus iness and It is s i g n i f i c a n t Iabor come g r o u p of c i t i z e n s United States grasp both the in t h e is b e t t e r a b l e t o local and n a t i o n a l s i g n i f i c a n c e of the S a v i n g s Bond p r o g r a m t h a n t h o s e of you r i g h t here in P i t t s b u r g h . Your city has a l w a y s h a d a p r o u d n a m e in t h e r e c o r d s of A m e r i c a n industry. From the e a r l i e s t d ay s of our history, the products associated with P i t tsbu rgh have been the very s i n e w s of our g r o w t h f r o m a N a t i o n to b u i l d up our m i l i t a r y d e f e n s e s but to do this w i t h o u t a l l o w i n g unwarranted price i n c r e a s e s to sap our productive strength. Savings Bond program, with e m p h a s i s on m o r e c a r e f u l of The its planning in d i v i d u a I e x p e n d i t u r e s a n d greater individual savings, is t h e v e r y k e y s t o n e of o u r e f f o r t s to p r o t e c t the financial h e a l t h of our N a t i o n d u r i n g this critical period in o u r h i s t o r y . 2 T h i s is t r u e b e c a u s e s a v i n g s bon ds are an integral part of a sound pro gram for managing the Nation's finances during a period o f h e a v y d e f e n s e e x p e n d it u r e s . S i n c e the o u t b r e a k of h o s t i l i t i e s in K o r e a , I have become convinced that there national is t o d a y a g r e a t e r a w a r e n e s s of this fact t h a n at a n y p r i o r t i m e history. in o u r There has been a nationwide determination not only It is a p l e a s u r e t o b e h e r e t o d a y w i t h so r e p r e s e n t at ive a c r o s s section of A m e r i c a n b u s i n e s s a n d c o m m u n i t y life, g a t h e r e d t o g e t h e r in t h e interests of community and national welfare. I say “c o m m u n i t y a n d national because the Savings Bond program during a critical period present like the is j u s t a s e s s e n t i a l to the w e l l - b e i n g of the i n d i v i d u a l community a s it is t o t h e w e l l - b e i n g o f t h e G o v e r n m e n t and of the N a t i o n as a wrio I §1 The following address by Secretary Snyder before a luncheon to be given by the Camegie-Illinois Steel Corporation at its Irvin Works, Pittsburgh, Pennsylvania, is scheduled for delivery 1*U5> EST Tuesday, October 10« 19505 and is for release at that time. 411 TREASURY DEPARTMENT Washington The f o l l o w i n g ad d r e s s b y S e c r e t a r y S n y d e r b e fore a l u n c h e o n to be g i v e n by the C a r n e g i e - I l l i n o i s Steel C o r p o r a t i o n at its I r v i n Works, Pittsburgh, Pennsylvania, is sch e d u l e d for d e l i v e r y at 1 : ^ 5 P .in. E S T Tuesday, O c t o b er"lo, 1950, ancflLs ~for r e l e a s e at that Tfime'. “ It is a pl e a s u r e to be her e today w i t h so r e p r e s e n t a t i v e a cross s e c t i o n of A m e r i c a n busin e s s an d c o m m u n i t y life, gathered toget h e r in the i n t e r e s t s of c o m m u n i t y and n a t ions 1 welfare. I say " c o m m u n i t y and nat i o n a l " b e c a u s e the Savings B o n d p r o g r a m d u r i n g a criti c a l p e r i o d like the p r e s e n t is just as e s s e n t i a l to the w e l l - b e i n g of the i n d i v i d u a l c o m m u n i t y as it is to the w e l l - b e i n g of the G o v e r n m e n t a nd of the N a t i o n as a whole. This Is true b e c a u s e savings bonds are a n integ r a l part of a sound p r o g r a m for m a n a g i n g the N a t i o n ' s fin a n c e s d u r i n g a p e r i o d of h e a v y de f e n s e expenditures.. Since the o u t b r e a k of h o s t i l i t i e s in Korea, I h a v e become c o n v inced that there is today a g r e a t e r n a t i o n a l awa r e n e s s of this fact t h a n at a ny prior time in our history. There h a s b e e n a n a t i o n w i d e d e t e r m i n a t i o n n ot o n l y to b u ild up our m i l i t a r y d e f e n s e s but to do this w i t h o u t a l l o w i n g u n w a r r a n t e d p r i c e i n c r eases to sap our p r o d u c t i v e strength. The Sayings B o n d program, w i t h its emphasis on m o r e c a r eful p l a n n i n g of i n d i v i d u a l e x p e n d i t u r e s and g r e a t e r i n d i v i d u a l savings, is the v e r y k e y s t o n e of our efforts to p r o t e c t the f i n a n c i a l h e a l t h of o ur N a t i o n d u r i n g this c r i tical p e r i o d in our history. No group of citizens in the U n i t e d States is b e t t e r able to grasp b o t h the local and n a t i o n a l s i g n i f i c a n c e of the Savings B o n d p r o g r a m t h a n those of y o u right h e r e in P ittsburgh. Your' city has always h ad a p r oud name in the records of A m e r i c a n industry. F r o m the e a r l i e s t days of ou r history, the p r o d u c t s ass o c i a t e d w i t h P i t t s b u r g h have b e e n the v e r y sinews of our growth fro m a N a t i o n of scattered a g r i c u l t u r a l c o m m u n i t i e s to the gr e a t e s t i n d u s t r i a l e c o n o m y in the world. S-2474 412 2 M o r e i m p o r t a n t t h a n the p r o d u c t s of Pittsburgh, h o w e v e r more i m p o r t a n t than the furnaces, the mills, the factories w h i c h are such impr e s s i v e ev i d e n c e of y our p r o d u c t i v e p o w e r -are the i n d i v i d u a l s who h a v e mad e this g r o w t h possible. It is s ignificant that b u s iness an d labor h a v e come t o g e t h e r here today in the interests of a p r o g r a m a f f e c t i n g the w e l f a r e of all. In recent years, this spirit of a c o m m o n a p p r o a c h to c o m m o n problems has b e e n e v i d e n c e d in the l e a d e r s h i p w h i c h P i t t s b u r g h has t a ken in a m o s t sign i f i c a n t phase of A m e r i c a n d e v e l o p m e n t -~. city planning. Y o u hav e m a d e the name of y o u r city s y n o nomous with b o l d p r o g r a m s and p r a c t i c a l a c h i e v e m e n t in the field of c o m m unity deve l o p m e n t . The p l a n for a b e t t e r city w h i c h is a l ready t a k i n g shape her e in the h e a r t of y o u r great i n d u s t r i a l m e t r o p o l i s has caught the i m a g i n a t i o n of people t h r o u g h o u t the Nation. Y o u wil l be i n t e rested to k n o w that y o u h a v e also set the pace h e r e in P i t t s b u r g h for S a v i n g s B o n d goals w h i c h we are trying to a c h i e v e n ationally. One of y o u r great I n d u s t r i a l organizations, the N a t i o n a l Tube Company, has a c h i e v e d this year a p a y r o l l savings p l a n r e c o r d e x c e l l i n g that of a n y o t her large c o m p a n y in the U n i t e d States. O t her great P i t t s b u r g h concerns h a v e m a d e v e r y fine p a y r o l l savings p l a n showings and are n o w c h a l l e n g i n g N a t i o n a l T u b e 's record. I n a r r a n g i n g for today's m e e t i n g s of m a n a g e m e n t a nd of employee r e p r e s e n t a t i v e s from so m a n y areas of the b u s i n e s s and c o m munity life of Pittsburgh, Pre s i d e n t C l i f f o r d F. H o o d of the C a r n e g i e - I l l i n o i s Steel C o r p o r a t i o n has o p e n e d the w a y for e v e n b r oader and m o r e v i g orous p a r t i c i p a t i o n in this i m p o r t a n t p r o g r a m for m a i n t a i n i n g the e c o nomic w e l l - b e i n g of our Nation. No one in 1935, w h e n the Savings B o n d p r o g r a m started, could h a v e f o r e s e e n the extent to w h i c h savings b ond h o l d i n g s would be w o v e n into the f i n a n c i a l fabric of the Nation. Likewise, the influence w h i c h the p r o g r a m w o u l d h a v e on the savings h a b i t s and f i n ancial plans of m i l l i o n s of the Nat?* u 's families could not h ave b e e n forecast. E v e n ten years l a ter ~~ in I9f5, - - i t was w i d e l y p r e d i c t e d that p e o p l e w o u l d cash in their h o l d i n g s of E bonds as soon as the goods and services which h a d b e e n scarce d u r i n g the w a r w e r e once m o r e in full supply B u t these p r e d i c t i o n s p r o v e d to be wide of the mark. Today, $5 7 - 1 / 2 b i l l i o n of savings bonds are o u t s t a n d i n g over $9 b i l l i o n m o r e than at the end of the war. i L u r i n g N o r i d W a r II, the Savings B o n d p r o g r a m was the h e a r t of the w a r f i n a n c i n g m e a s u r e s d e s i g n e d to r e a c h the i n v e s t m e n t funds of individuals. It owed its enormous success to two m a j o r features. S-2i|74 413 - 3 First., it stood sq u a r e l y on the A m e r i c a n concept of f r e e d o m of the i n d i v i d u a l to m a k e hi s o wn i n v e s t m e n t deci s i o n s . Second, the Savings B o n d p r o g r a m o f f e r e d a p r o d u c t w h i c h m e t a d e f i n i t e need. It p r o v i d e d safe e m p l o y m e n t for the funds of m i l l i o n s of i ndividuals i n e x p e r i e n c e d in investment. Moreover, it o f f ered this p r o d u c t in the f o r m that the c u s t o m e r w a n t e d it and at the p l ace w h e r e he was p r e p a r e d to b u y i t . The result was that the Savings Bond program and partic ularly the payroll savings plan had immense practical appeal to many who had. never before found it possible to save. To such families and individuals, E bond holdings were the first step in a planned program for accumulating financial reserves . It is interesting to note in this connection that the smaller E bonds -- those of $25 and $50 denominations have accounted for over four-fifths of the total number of individual E bonds which have been issued. It is b e c a u s e the Savings B o n d p r o g r a m m e t these d e f i n i t e needs and m et the m in the A m e r i c a n w a y that the p r o g r a m was able to c o m m a n d the services of m i l l i o n s of v o l u n t e e r w o r k e r s t hroughout the land, i n c l u d i n g the i m p o r t a n t services re n d e r e d by the citizens of this community. The v o l u n t e e r has b e e n the f o u n d a t i o n stone of the savings b ond s t r ucture since its i n c e p t i o n 15 years ago. As y o u know, the T r e a s u r y D e p a r t m e n t is l a u n c h i n g an i n t ensive c a m p a i g n this fall w h i c h is a i m e d p a r t i c u l a r l y at g r e a t l y increased, p a r t i c i p a t i o n in the p a y r o l l savings plan-. The citizens of Pittsburgh, and others thr o u g h o u t the Nation, are once m ore b e i n g called u p o n to c o n t r i b u t e t h eir services in a n a t i o n w i d e p r o g r a m v i t a l to the e c o n o m i c d e f ense of our country. The e n t h u s i a s m and e f f e c t i v e n e s s w i t h w h i c h support has a l r e a d y b e e n m o b i l i z e d for the S a v ings B o n d p r o g r a m here in P i t t s b u r g h is evi d e n c e of the kin d of p a r t i c i p a t i o n which our p ast e x p e r i e n c e has led us to e x p e c t .from the citizens of y o u r community. Y o u r labor groups, like y o u r b u sinessmen, have p e r f a m e d i n v a l u a b l e service in the past. We k n o w that we can count on all of y o u for e q u a l l y e f f e c t i v e p a r t i c i p a t i o n in the f u t u r e . I believe that I shall not be making an unwarranted assumption in suggesting a further reason for the success of the current payroll savings plan in this area. I am referring to the demonstration which you have had in the past of the practical values of this program to both management and labor in participating concerns, I think that every plant executive, as well as every union official, will testify"that the payroll plan contributes substantially to that intangible force which is summed up in the term "plant morale." S-2 A 7 A 414 4 A n e x p l a n a t i o n of this, no doubt, is the fact that r e g u l a r savings, on a v o l u n t a r y basis, con t r i b u t e e n o r m o u s l y to the s e lf-respect of the i n d i v i d u a l saver. H e feels that he is "getting s o m e w h e r e ” by h is o w n efforts. He sees the p r o o f a c c u m u l a t i n g that his f a m i l y w i l l h a v e g r e a t e r s e c u r i t y and the means of b e t t e r l i v i n g for the years to come. At the same time, the p u r c h a s e of F e d e r a l s ecurities gives e a c h savings b o n d owner a d i r e c t p e r s o n a l i n t e r e s t in the G o v e r n m e n t a nd its affairs. T h a t m a k e s for b e t t e r c i t izens -- a n d for b e t t e r Government. Today, the p a y r o l l savings ’'market” is g r e a t e r than ever before. M o r e t h a n 6 1 m i l l i o n A m e r i c a n s are employed. Many family m e m b e r s not p r e v i o u s l y e m p l o y e d are n o w in the labor market t h e r e b y i n c r e a s i n g the m a r g i n for f a m i l y savings. We must m a k e e v e r y e f f o r t to r e a c h this m a r k e t . I h a v e st r e s s e d the i m p o r t a n c e of the v o l u n t a r y n a t u r e of the Savings B o n d program. I h a v e st r e s s e d the fact that the p r o g r a m i t s e l f meets a genuine i n v e s t m e n t need. There is one further feature of our Savings B o n d p r o g r a m w h i c h it is p a r t i c u l a r l y i m p o rtant for us to k e e p in mind. The success of any v o l u n t a r y p r o g r a m for e n c o u r a g i n g i n d i v i d u a l savings -- in the .form of F e d e r a l s e c u r i t y p u r c h a s e s or o t h e r w i s e -- d e p ends in the last a n a l y s i s on the fact that we are a N a t i o n of s t rong individuals. B y tradition, by environment, and by training, the individual citizens of this N a t i o n are w e l l p r e p a r e d to s h o u l d e r the r e s p o n s i b i l i t i e s w h i c h a free G o v e r n m e n t plac e s u p o n them both in peace and in war. The c a m p a i g n w h i c h the T r e a s u r y is l a u n c h i n g this fall for greater p a r t i c i p a t i o n in the p a y r o l l savings p l a n w i l l be a success o n l y if our p e ople fully accept these r e s p o n s i b i l i t i e s and offer the kin d of v o l u n t a r y a s s i s t a n c e that was g i v e n so freely d u r i n g the w a r y e a r s . Y o u are g i v i n g us that kin d of assistance h e r e in P i t t s b u r g h today. I am c o n f i d e n t that the citizens of y o u r great city wil l c o n tinue to pr o v i d e t h eir full share of the i n c r e a s e d support for the Savings B o n d p r o g r a m which the e m e r g e n c y of these u n c e r t a i n times demands. oOo S-2474 ene kn@ Jk*" x t th e iw in tru in cn c#c#ietcj i <s %t m . w Is mors than a. ho H v ;w I m t is § SHpHH %tt «¡¡TOtMM tf T r # ©Cl isll % $ 0/0: ¿0g£. :;seilIf:1sfiles o f ; , |? lb- §£&■** is have toroug | f |pr ofound dhan§es in thought! an W'Sact i on to t lii world «|fl only non 1#Ar1 i I | tha Jtfb fr®#dor§ 18 oefsrfi . e Oil#thing §§I ich can i i maintain ed only through | oont i nual, ¡f| unrsmitt in 31f TT IPt % JR beg innIn to a# i,| ff| | $ U f | Sf*0 only¡now kn dorstand f% if itt our ¡¡1 minds« fsr frdfl*iti® IngNIsrtsysaffcy |Wff p f i l l s a l t |'#s |sf»d| ifangor s il| ifit syrr cvar» •; u it # 11 ® ill I I 3 y Is &af o y t 13 v a ” o yyr 1 Ml 1|r s a l I§ f f 1on | t l l f §;1 p ^ f j f l g tromoiiildMilpowof ® h ssti thiir eorioapt ■ 1 o f i f r s s d o » | h s s | | * l s s y s | s x s r o is « d Istioulfi | I v f ■ i i h*ftrt itil e o u r a g © « Th© firstj I -nit tons! t o l m e h i tv® ':#|©©#o©|tiafi| t o | « a k ® | iih§ir|©tra§fl®s are fM«tp of !j s 5 | ana sa lifiil tHorei a r © | uni|®d ¡in 8 iiii&iF ■•vh lob h a s b o o n t h © h o p © | ‘Offpiofl tip ingl«*pr©ater| f pmëomi to« the eolia on inan * ilÄ S I ■ ■ Ä Ä ftÄ II I !É Jp|ÉÉtp lpltit ■ # llflÎ'ÎË S Iín:m9m 41? H tv*fc$ Up: to &th ÉL ÍU I 1 ho t ti1 © .i-ji 1 1 3 i■ I l ifisf© m i i.s ft Mï£iÄ .ely.la II Äg 4 . #| HtBhBI©IH '^s¿ ■¿JL f gftütL' IiS jP’not 1.©fl ®ly ■4 Wm f !■ Ci ' Irsftfitlt* Iaifii ur Ufi ü mm M-IImm» M d,ifigjj«O':*dQrnm W ÌMÉ*ti 1 l,i l: il 1c lh jtii¡¡¡plipa i§«î fa®iter ffc% thè►Ir il1© Mila of t:at fitöfC* f oeiihtil «i¡IîV ii timïifii ®a 'mÊÈÎÊmié lof II S fr IpreooeypttIon »ith jth«|®at®rial |B8 j $M • • M i t t ia l s |0f| d e f e n s e , | w @ l a r @ | i n bang@r|ofj|fer getting the¡enormous § 1 1 8 |str@ngth|of |thle|sl#igl« «eapoplln sur batti,® for a fr®®|world*i ; %%Ion® of |people ;f^ |®e|cío|iiotH kno«|p®w manylmlUlonsI ~ ft&v@Ìfa®@n S W®ífVr®<l or ru th lessly! destroyed^jups ;ffif; iis11 oo.s|boyoii.g thellronlotirtaiiii^p J f w'Wi|^ov@|alJlowep |th«|gov®rriffl#fitsvä 1|| | p * E f r | s f :| i t:|||: t | | ¡ o f Ji i f or I t b t j r ;p e o p l f to el® a r l a i pat h I f o r 1 t h © I r productive strength* 3ut there is |J|$ 0n@|thin0 w h i c h i i s «or® important than aur product I v l t power, our resource®, lor o u r e o « p » t enoeii n §mak In i l its® o f §§ ^ S | S TIt ft ono.lpr i cold®, s |possoss I on of H our p a t Ion Is j the c a use ¡for stand ** human¡freedom* which m We could not, i f w*hvouidvleorif in® t h i s f a i t h to|@n« area of the "world* Throughout h i s t o r y , l i t ttas|i>#«n thejoiost dynamic w o t i v a t ion known to man* in our SI * 23 T h i s i s a « ® spirit -err s ® r v i e ® | h a s j b t ® n s h o w n ¡ b y ¡ o t h e r P i t t s b u r g h jjleaclsrs, §| b o t h ¡of |m&nageni.ent |a n d o f l l a b o r * p H # f f | t h e dynaiaic w a y in w h i c h y o u l o a d e r s of b u s i n e s s a n d l a b o r ¡together wherejthe Pittsburgh¡or the interestslof on a r e concerned, f h a v ® | n © d o u b t that e a c h of you, in y o u r p a y r o l l s a v i n g s c am pai g n s , | w i 11 e x c e e d ! ifi*' S O l p e r c e n t p a r t ic i p a t i o n I by your total p e r s o n n e l which!i |woul d like to suggest as your min lam® goal# Pittsburgh Saving© Bonds program, is an e x c e l l e n t i l l u s t r a t i o n of tho splendid support the Savings Sands undertaking -Has had in t h i s groat i n d u s t r i a l ©inter fo r «aany years# The a c t i vs part taken in this y e a r 1s c a m p a i g n by many of y o u •« I t who tr© her® companiss example as f or ton i g h t , a n d by t h ® a group, is all American steel s e t t i n g an industry# o u t o u r p a r t in a s p i r i t o f a c t i v e \ '’'.V # -■ , cooperation* I scarcely need to call your attention to the inspiring example o f t e a m w o r k th at is p r o v i d e d b y t h e Savings Bond program, which will play a very important part in r e d u c i n g inflationary pressures growing out of our rearmam ent effort* ' i T h e c a m p a i g n to exp and the Payroll Savings Plan, which yo u people a r e e m b a r k i n g upon tonight, w i l l give f'o rq et that they c t lu LI i u i nd *: II«5 m Korea that in ste a d it it i# & and o ,i#n ü from /flit hav -- or of come home your b e lts elsevvhe tig h te n in g lo o sen ed meas sacr if ic tin up to H ♦ these expectat i la t i on ; c a lls ense effor s ons.1 can 3 U C C 0 S S f t c a lls c o o n i t i on co n trib u te &t O £f St 0 a, P mi i» 0 tow ard r m in a t ion to c m i. àÊk ik 111 leimt i Wâ ñ m m m m i m ; I ájs f * É y k o m m % if, o o n e u ® e r s ;#:ftÄ;:vöMS:l n a s s o i o n $ I by||ÜMt§§ w arkoro 'j&nU/^oaiployeraj* ©an &t ahi®‘¡¿¡scom0u^Éiipbh&l|i!ifi<issHpif^esuj| s o u n u A o a c e t i m o * p r o s p a r i t * ifo f t c r MÚ IllillP lE i slavor • litis, ihtx&c i #ïiis ‘ Mt jtßt.gf%ü&% j* In |li|ï,:iÉlitfilili« ilaay h e itf ac©« ent i ion®I oouse ail ta|áhe||att I t i lìaeî been »sta p e o p le t t e r í t h e ir lownloos i t i a g i a t i IS th in g s f oáijphieh ¡they toc » f ¡i mmed »á ts jfi ted •■ T h e y ¡toeushtjfheav I ly ooferecH t* 8p i p . §««« I n|h#avy erd ered p e e ls to lb#{ p* j d fo r jn I III hank leans * HB| n | fa c t 9 Sle a n » ¡fo r business purposes |# i t t i la s t S ®onih 'sh o w @ d |th s|larg #st|ifierease onjp r e c o r d * 8 ^ ^ » F e r t u n a t s ly , th i s| s i t u s t i en |esnm adjust^ i t s e l f bunder le u rre n t c o n d it io n s 11 l i .¿10 i rIoust m ce n s® «|ue nc# s,^^# p a y »Ven go¡through anil ni t Ía l ¡per|otJfwhen .§»§ various strains and keep our Is w i l l ü economy sap rs i .1 . m ent s t r e n g t h would f» m i s e r i o u s c o n s e q u e n c e s to incomes and etaloyme in l a t e r :,hl I f S I wM' W vHP m ik miilli IH Ok C# * w ^»i econ forward on a sound and stable basis imined I a t s l y , h o w e v e r , t h e r ^ w e r e s o - more closely 12 - into balance. In fact, for the first three months of the Federal f iseal year the Government actually showed a budget surplus of $ 30 © million. This contrasts with a deficit of a little under $1,800 million for the same period last year. Even budget if we are able to keep our in good order, the rebuilding of a strong m i 1 itary establishment cannot be super imposed on our present full-scale e jv i1 jan production without Si 11 Ort p i t s t ì t i a i | S # f tri IS Ut. lu i s ffe e t s of an f* »■■ i :i§* ,a a Ot f ì is m, mà © W ri l i * «rnmcnt appropri ©^.aiìntf I taf'SS* '«p % yt w ìfi*1 f*S 1 Iftif fcha f@ star a l butfst som© ■t ;la# ■i P'.S ¿*l$lf.'%Hv ì ó irò afi. %. 0$-. a w % ; cas t a f th«. % ir, ¿4L$ réfitot I! I 4 0&, If ansiti i 1 è * fch# r «o i i i l !i :é f # ai# s, i aria o th ir i t t i h i oh in v a ili ùi itts l t t i i s f r l l l m flutter i&XÌtf ì n ino thè hoc • ¡¡¡«f- 1 I «9 ©any 1i f 111 p s r © to n i ght tt Ép I your Qi isä fjgt. ’ IT;i t t s b u r § h pro liim si ¡© presso cl1i&ijf g b a o n ii » a rt I l | | a r l y Äi# Ü*1® s p ir i t o f ©01a p tra t io n th e ireaiark fsim »11 groups » §rl t hoir 1 whi Qh shaàj*■ $p| faySi up Wm m th is . '-■pro j i Iß t pföOUlÖ :i scar© s ly have tl ß @ IPI^ SI h l e , jo in ili-ISSi ¿ . M% SI estpl o ysr hen worker© $%$*% k æ H i th e L X. Î H§la thougiht o f 1®©king th e t r © it I «i toe t t er p i mot to i iv o is«i when s t g|fj|;iM 1 IliiJfl 11 $p a l ati t h o r i t i 4MB n4>\* i1 tJInxy r a te CÄ-iasri e f f o r t — I © a ll th a t a wk f eü 1f| « f i l i G./.jfcms m: ì ¡ v Ityiwh*©h|is i^oarapaiìy i n ® ||o ur |pff®s©rit pi ilei I ng programgl s la fa r i «pf fP É f ' |lf| : ii»prav®®«ntt|^h I oSi jim p re sa p i|th ® tr:;-v : . i { r i vi-3:jy, I I I n a w |U. 1$ . | ;S t®tifili?I3.anp.anic bil I g 1ng thè r s$ I ng j|^1ura in um|$©fiipanyjpuilding a |# Ìa n ly |fh e |fir s tls te p s i in ¡a|bold^^É J§i§f« l t | ’ fp|:p.i«i t f remake your Icity# | | f | ; ;||||| f | | ! $ ! ! ! | | | l | | | § § ; ithelabatem entioftfatraam lpallet ian « thei oonstruation o flyo u r JJ| § f i §1fjf? I f e e l honored in being askedlto address t h i s meeting in .which so many nationally known leaders of industry and labor have come together. It is a great pleasure, a ls o , to have t h i s opportunity of v i s i t i n g P i t t s b u r g h ® again. Ijhave wanted for some time to see for|myself the r e s u l t s of your great program of c i v i c improvement, But if was hardly preparedlfor the change that has come over your c i t y ini the short time since I was l a s t I a u js k s s * sscumsr %$ K T is s m m , m m t L 7A m A O O T O m s 10, 1950 sm m The following address by Secretary Snyder before a dinner to be given Toy the Camegie-Illinois Steel Corporation at the Duquesne Club, Pittsburgh, Pennsylvania, if schedyaed for delivery at 9:00 P«M E S T Tuesday, October 10, 19505 and is for release at that time* S'- 2 / J 451 TREASURY DEPARTMENT Washington The f o l l o w i n g a d d r e s s b y S e c r e t a r y S n yder before a d i n n e r to be g i v e n b y the C a r n e g i e - I l l i n o i s Steel C o r p o r a t i o n at the D u q u e s n e Club, P ittsburgh, P e n n s y l v a n i a , is s c h e d u l e d for d e l i v e r y at 9 ^ 0 0 P.M. E S T Tuesday, O c t o b e r 10, 1950* and is for release at that t i m e . I feel h o n o r e d in b e i n g a s k e d to a d d r e s s this m e e t i n g in w h i c h so m a n y n a t i o n a l l y k n o w n l e a ders of i n d u s t r y and labor h ave come together. It Is a g r eat p l e a sure, also, to have this o p p o r t u n i t y of v i s i t i n g P i t t s b u r g h again. I have w a n t e d for some time to see for m y s e l f the r e s u l t s of y our great p r o g r a m of civic i m provement. B u t I was h a r d l y p r e p a r e d for the change that h as come over y o u r c i t y in the short time since I w as last h e r e . The r e m a r k a b l e c o o p e r a t i v e u n d e r t a k i n g in w h i c h the p e o p l e of P i t t s b u r g h hav e Joined to m o d e r n i z e their city, to e l i m i n a t e smoke, and to c a r r y out civic p r o j e c t s h as a l r e a d y r e t u r n e d P i t t s b u r g h to he r r i g h t f u l place as one of the m o s t a t t r a c t i v e c i t i e s in the Nation. The change is i m m e d i a t e l y o b v i o u s In the c l e a r n e s s of the P i t t s b u r g h atmosphere. I h ave n o t i c e d the b r i g h t e r a p p e a r a n c e of p a r kways, and the m o r e c l e a n - c u t lines of the c i t y 1s b u i l d i n g s In the c l e a r e r atmo s p h e r e . F o r the first time, I c a n see that Pitt s b u r g h , w i t h its h i l l s an d rivers, can Justly c l a i m to have one of the m o s t b e a u t i f u l l o c ations b e t w e e n the A l l e g h e n i e s and the R o c kies. The c h a n g e s w h i c h y o u have m ade In y o u r c i t y in a f e w short y e a r s m a r k off the n e w P i t t s b u r g h f r o m the old. B ut the spirit of p r o g r e s s w h i c h h as v i t a l i z e d y o u r p r o g r a m is not new. I b e l i e v e that y o u will be i n t e r e s t e d in an o b s e r v a t i o n w h i c h a v i s i t o r to P i t t s b u r g h m a d e some time d u r i n g the e a r l y 1 8 5 0 *s — — a l most 100 y e a r s ago. After r e m a i n i n g for a short w h i l e in y o u r city, he wrote, There is a p e r f e c t m a n i a here for improvements. Every day some b o d y c o m m e n c e s to tear an old h o u s e d o w n an d put up a n e w one w i t h a n iron f r o n t .n S-2A75 452 - 2 - The dynamic a c t i v i t y w h i c h is a c c o m p a n y i n g y o u r p r e s e n t b u i l d i n g p r o g r a m is a far cry f r o m the i m p r o v e m e n t s w h i c h imp r e s s e d the t r a v e l e r in 1 8 5 0 . The t o w e r i n g ne w U. S. S t e e l - M e l l o n B a n k b u i l d i n g a nd the r i s i n g A l u m i n u m C o m p a n y b u i l d i n g are o n l y the first steps in a b o l d l y c o n c e i v e d p r o g r a m to r e m a k e y o u r city. Y o u r p l a n s for f l ood control and for the a b a t e m e n t of s t r e a m pol l u t i o n ; the c o n s t r u c t i o n of y o u r $100 m i l l i o n P e n n - L i n c o l n P a r k w a y and other e x p r e s s w a y s , and the immense n e w P i t t s b u r g h Airport, t e s t i f y to the t h o r o u g h n e s s w i t h w h i c h y o u are a t t a c k i n g m a j o r p r o b l e m s c o m m o n to m a n y m e t r o p o l i t a n areas. The p r o j e c t e d n e w p a r k and b u i l d i n g d e v e l o p m e n t at the p o i n t of the G o l d e n T r i a n g l e will stand for g e n e r a t i o n s to come as a g r eat t e s t i m o n i a l to the vision, the civic spirit, the leadership, a nd the p l a i n h a r d w o r k of m a n y of y o u here tonight. In y o u r g r eat P i t t s b u r g h program, I have b e e n p a r t i c u l a r l y i m p r e s s e d b y the r e m a r k a b l e spirit of c o o p e r a t i o n shown b y all groups, w i t h o u t w h i c h this p r o j e c t w o u l d s c a r c e l y have b e e n possible. W h e n w o r k e r s and e m p l o y e r s join h a n d s w i t h the single t h o ught of m a k i n g their c i t y a b e t t e r p l ace to live in; w h e n state, county, and m u n i c i p a l a u t h o r i t i e s coo p e r a t e in a c o m m o n e f f o r t -- I call that a r e m a r k a b l e d e m o n s t r a t i o n of teamwork. A m e r i c a n e eds n a t i o n w i d e t e a m w o r k like this in the critical w o r l d s i t u a t i o n w h i c h we are n o w facing. We nee d t e a m w o r k in the huge tas k of b u i l d i n g our m i l i t a r y p o wer ; to a level that will give us c o n f i d e n c e in our na t i o n a l security. T his will be a t r e m e n d o u s p r o d u c t i o n job, and it will be costly. B u t it is a job we have to do. We c a n n o t tell h o w m u c h the d e f e n s e p r o g r a m will e v e n t u a l l y cost. The $30 b i l l i o n a p p r o p r i a t e d b y C o n g r e s s for the c u r r e n t fiscal y e a r seems c e r t a i n to be b o o s t e d s u b s t a n t i a l l y befo r e the fiscal y e a r is ended. Thereafter we shall have to p a t t e r n our d e f e n s e e x p e n d i t u r e s on c o n di t i o n s as t h e y develop. 453 - 3 - I have f o und a l m o s t c o m plete agreement, a m ong b u s i n e s s m e n a nd others, that the d e fense e x p e n d i t u r e s m u s t be p a i d for as we go -- that we should not ad d fu r t h e r to the n a t i o n a l debt. A p r o g r a m of this sort, however, w ill m e a n sacrifices. It wil l r e q u i r e a s u b s t a n t i a l i n crease in taxes n e x t y e a r -- a g r e a t e r increase I b e l i e v e t h a n m o s t p e o p l e realiz e. It is true that the h i g h levels of e m p l o y m e n t a nd income g e n e r a t e d b y the d e f e n s e p r o g r a m will h e l p to m a k e h i g h taxes bearable. B u t there is no e s c a p i n g the fact that h i g h e r taxes will be n e c e s s a r y if we are to g u a r d the g r e a t p r o d u c t i o n p o t e n t i a l of this N a t i o n f r o m the w e a k e n i n g e f f e c t s of an i n f l a t i o n a r y price rise. In v i e w of the lag b e t w e e n G o v e r n m e n t a p p r o p r i a t i o n s and e x p e n d i t u r e s , the F e d e r a l b u d g e t for some time will not f u l l y r e f l e c t the i n c r e a s e d cost of the m i l i t a r y p r o gram. M e a n w h i l e , the r e c e n t i n c rease In taxes, r e d u c t i o n s in o t her ex p e n d i t u r e s , and h i g h levels of b u s i n e s s will h e l p us m a t e r i a l l y in b r i n g i n g the b u d g e t more c l o s e l y into balance. In fact, for the f i r s t three m o n t h s of the F e d e r a l fiscal y e a r the G o v e r n m e n t a c t u a l l y showed a b u d g e t surplus of $30 0 million. This c o n t r a s t s w i t h a d e f i c i t of a little u n d e r $ 1 , 8 0 0 m i l l i o n for the same p e r i o d last year. E v e n if we are able to k e e p our b u d g e t in goo d order, the r e b u i l d i n g of a stro n g m i l i t a r y e s t a b l i s h m e n t cannot be s u p e r i m p o s e d on our p r e s e n t f u l l - s c a l e c i v i l i a n p r o d u c t i o n w i t h o u t c r e a t i n g va r i o u s strains and shortages. A m a j o r t ask will be to keep our e c o n o m y on an e v e n keel. A p r i c e i n f l a t i o n w o u l d not o n l y sap our c u r r e n t s t r e n g t h -it w o u l d t h r e a t e n serious c o n s e q u e n c e s to incomes and e m p l o y m e n t in later years. At the time of the K o r e a n i n v a s i o n our e c o n o m y was m o v i n g f o r w a r d on a sound a nd stable basis. Immediately, however, there were some w ho f o r c e d p r i c e s up by r u s h i n g to b u y thin g s for w h i c h t hey h a d no i m m ediate need. They b o u g h t h e a v i l y on credit. B u s i n e s s m e n o r d e r e d goods in h e a v y volume, to be p a i d f or w i t h b a n k loans. In fact, loans for b u s i n e s s p u r p o s e s in one w e e k last m o n t h showed the l a r gest in c r e a s e on record. F o r t u n a t e l y , this s i t u a t i o n can a d j u s t itself u n d e r c u r rent c o n d i t i o n s w i t h no serious c o n s e quences. We m a y e v e n go t h r o u g h an initial p e r i o d w h e n i n f l a t i o n a r y f o rces will s eem to be r e t r e a t i n g . But we mus t be on g u a r d a g a i n s t a r e p e t i t i o n of e x c e s s i v e b u y i n g a nd e x c e s s i v e b o r r o w i n g a f ter our d e f e n s e p r o g r a m gets f u l l y u n d e r way. The r e s t r i c t i o n s on c o n s u m e r a nd real e s t a t e c r edit that hav e a l r e a d y b e e n put into e f f e c t , a nd the r e c e n t i n c r e a s e s in income taxes on i n d i v i d u a l s and c o r p o r ations, will act as p a r t i a l r e s t r a i n t s on e x c e s s i v e spending. B ut o nly t h r o u g h n a t i o n w i d e t e a m w o r k an d c o o p e r a t i o n b y b o t h c o n s u m e r s and b u s i n e s s m e n , b y b o t h w o r k e r s and employers, can we insure a stable e c o n o m y that will r e t u r n us to sound p e a c e t i m e p r o s p e r i t y a f ter the e m e r g e n c y is over. The i n f l a t i o n a r y p r ice t r e n d in r e c e n t m o n t h s m a y be t r a c e d a l m o s t e n t i r e l y to one cause. It has b e e n due to the a t t e m p t s of some p e o p l e to b e t t e r their own p o s i t i o n at the e x p e n s e of others -- to pu t t h eir own interests, and the i n t e r e s t s of their i m m ediate g r o u p s , a h e a d of the i n t e r e s t s of their country.. In a full w a r emergency, p e r s o n a l r e s t r a i n t and s e l f - s a c r i f i c e are d e m a n d e d of all of us, and this is no less true in the e m e r g e n c y that c o n f r o n t s us today. As G e n e r a l O mar B r a d l e y said recently, we e x p e c t our boys in the a r m e d f o r c e s to serve a nd sacrifice; b ut we should not f o r g e t that t hey have a r i g h t to e x p e c t us, too, to serve a nd sacrifice. He said: MDo no t let t h e m come home f r o m K o r e a -- or e l s e w h e r e -- to f i n d that i n s t e a d of t i g h t e n i n g y o u r belts, y o u h ave l o o s e n e d t h e m . ” To m e a s u r e up to these e x p e c t a t i o n s calls for n a t i o n wide t e a m w o r k in our de f e n s e effort. It calls for a p e r s o n a l r e c o g n i t i o n of the p a r t e a c h of us c a n c o n t r i b u t e t o w a r d its success, a nd a d e t e r m i n a t i o n to c a r r y out our p a r t in a spirit of a c t i v e cooperation. 455 - 5 - I s c a r c e l y n e e d to call y our a t t e n t i o n to the i n s p i r i n g e x a m p l e of t e a m w o r k that is p r o v i d e d b y the Sa v i n g s B o n d program, w h i c h will p l a y a v e r y i m p o r t a n t p a r t in r e d u c i n g i n f l a t i o n a r y p r e s s u r e s g r o w i n g out of our r e a r m a m e n t effort. The c a m p a i g n to e x p a n d the Pa y r o l l S a v i n g s Plan, w h i c h y o u p e o p l e are e m b a r k i n g u p o n tonight, will give e v e r y w o r k e r an o p p o r t u n i t y to share in h o l d i n g the line on prices, w h i l e b u i l d i n g up a f i n a n c i a l r e s e r v e for h i m s e l f and his family. The a d v a n t a g e s of s a ving t h r o u g h this aut o m a t i c p l a n w h e n ove r t i m e p a y is high, to co n s e r v e f u nds for future needs, h as b e e n i m p r e s s i v e l y d e m o n s t r a t e d in the r e c e n t p o s t w a r period. The h e l p f r e e l y g i v e n to the S a v i n g s B o n d p r o g r a m by m a n y tho u s a n d s of people, in b u s i n e s s a nd in the homes, in factories, on farms, an d in the schools, is an i n s p i r i n g d e m o n s t r a t i o n of the true A m e r i c a n spirit. This c o o p e r a t i v e spirit has b e e n v e r y e v i d e n t in the P i t t s b u r g h area. Y o u r c i t y b u i l t up a p r o u d r e c o r d of s a v ings b o n d s sales d u r i n g W o r l d War II. This year, w h e n r e n e w e d e m p h a s i s is b e i n g p l a c e d on the P a y r o l l Savings Plan, some r e m a r k a b l e r e c o r d s are b e i n g made b y P i t t s b u r g h c o m p a n i e s u n d e r the active l e a d e r s h i p of their officers, the spl e n d i d r e s p o n s e of their workers, a n d the c o o p e r a t i o n of u n i o n leaders. I w a n t to tell y o u that I am v e r y a p p r e c i a t i v e of the w o n d e r f u l h e l p the steel industry, in part i c u l a r , has g i v e n to the p a y r o l l savings program. The t h o u g h t f u l n e s s of P r e s i d e n t C l i f f o r d F. H o o d of the C a r n e g i e - I l l i n o i s Steel C o r p o r a t i o n in a r r a n g i n g for this dinner, and f or the other e v ents of t o d a y ’s P i t t s b u r g h S a v i n g s B o n d s program, is an e x c e l l e n t i l l u s t r a t i o n of the s p l e n d i d s u p port the Savings B o n d s u n d e r t a k i n g has h ad in this g r e a t ind u s t r i a l center for m a n y years. The active p art t a k e n in this y e a r ’s c a m p a i g n b y m a n y of y o u who are here tonight, and b y the steel c o m p a n i e s as a group, is s e t t i n g an ex a m p l e for all A m e r i c a n industry. This same spirit of service has b e e n s h own b y other P i t t s b u r g h leaders, b o t h of m a n a g e m e n t a nd of labor. 456 - 6 - W i t h the d y n amic w a y in w h i c h y o u leaders of b u s i n e s s and l a b o r w o r k t o g e t h e r w h ere the i n t erests of P i t t s b u r g h or the N a t i o n are concerned, I have no doubt that e a c h of you, in y o u r p a y r o l l savings campaigns, will e x c e e d the 50 p e r c e n t p a r t i c i p a t i o n b y y o u r total p e r s o n n e l w h i c h I w o u l d like to suggest as y o u r m i n i m u m goal. L o o k i n g t o w a r d the future, I f i n d m u c h e n c o u r a g e m e n t in the fact that the N a t i o n ’s i n d u s t r i a l p l a n t is far b e t t e r e q u i p p e d n o w fo r a t r e m e n d o u s p r o d u c t i o n job t han it was d u r i n g the last war. N e w p r o d u c t i o n techniques, n e w scie n t i f i c d iscoveries, a nd n e w i n d u s t r i a l m a t e r i a l s that have b e e n d e v e l o p e d and a p p l i e d in r e c e n t years, have g i v e n a stro n g i m p etus t o ward g r e a t e r speed a nd e f f i c iency. M a n y n e w p r o d u c t i o n m e t h o d s have b e e n i n c o r p o r a t e d in m a n u f a c t u r i n g p l a n t s in the r e c o r d p r o g r a m of m o d e r n i z a t i o n and e x p a n s i o n that has b e e n c a r r i e d out since the war. The r e c o r d c a p a c i t y e x p a n s i o n in the steel i n d u s t r y -- w i t h a f u r t h e r large increase u n d e r w a y -- is a n o t a b l e a c h i e v e ment. It is e n a b l i n g us c u r r e n t l y to o u t - p r o d u c e the rest of the w o r l d as well as to e x c e e d s u b s t a n t i a l l y the h i g h e s t steel p r o d u c t i o n r e c o r d s of W o r l d W ar II. These are the f a cts of our p r o d u c t i v e strength. But there is one t h ing w h i c h is m ore i m p o r t a n t tha n our p r o d u c t i v e power, our r e s o urces, or our c o m p e t e n c e in m a k i n g use of them. The one p r i c e l e s s p o s s e s s i o n of our N a t i o n is the cause for w h i c h we stand -- h u m a n freedom. We c o u l d not, if we would, c o nfine this f a i t h to one a r e a of the world. T h r o u g h o u t history, it has b e e n the m o s t d y n amic m o t i v a t i o n k n o w n to man. In our p r e o c c u p a t i o n w i t h the m a t e r i a l e s s e n t i a l s of defense, we are in d a n g e r of f o r g e t t i n g the e n o r m o u s s t r e n g t h of this single w e a p o n in our b a t t l e for a free world. M i l l i o n s of p e o p l e -- we do not k n o w h o w m a n y m i l l i o n s have b e e n e n s l a v e d or r u t h l e s s l y d e s t r o y e d in the n a t i o n s b e y o n d the iron curtain. Y et we have a l l o w e d the g o v e r n m e n t s who have o r d e r e d this w a y of life for their p e o p l e to c l ear a p a t h for their a r mies b y the f a l s e p r e t e n s e of b r i n g i n g g r e a t e r f r e e d o m to the c o m m o n man. - 7 - It Is time, and pas t time, that we in this c o u n t r y wake up to the fact that the batt l e for f r e e d o m is not s o l e l y c. test of a r m e d strength« It is not s o l e l y a test of our c a p a c i t y to k eep a d d i n g to our m i l i t a r y defense s f a s t e r than our e n e m i e s can incre a s e their m e ans of attack« It is a struggle for the i n d i vidual f r e e d o m of mer-.*s minds. F a r f r o m b e i n g d i s m a y e d b y the d i f f i c u l t i e s and d a n g e r s w h i c h s u r r o u n d us as we set out t o w a r d our goal, a full r e a l i z a t i o n of t h e t r e m e n d o u s p o w e r w h i c h the c o n c e p t of f r e e d o m has always e x e r c i s e d s h ould give us h e a r t a nd courage. The f i r s t n a t i o n s to a c h ieve f r e e d o m h a d to m a k e their struggles alone. Today, there are m a n y of us, and we are u n i t e d in a cause w h i c h has b e e n the hope of m e n e v e r y w h e r e for t h o u s a n d s of y e a r s . T h ere is n o t h i n g n e w about a u t o c r a c y and dictat o r s h i p . T h e y are as old as history. T h r o u g h o u t the c e n t u r i e s m e n have s t r u g g l e d to b r e a k t h eir bonds. It is f r e e d o m w h i c h is new. We Americans, in p a r t icular, are apt to f o r g e t h o w short in time, a nd h o w l i m i t e d in extent, has b e e n the actual e x p e r i e n c e of h u m a n freedom. Today, our strongest d e f e n s e a g a i n s t a g g r e s s i o n lies in s p r e a d i n g t h r o u g h o u t the w o r l d the k n o w l e d g e that, in the true democracies, i n d i v i d u a l f r e e d o m is m o r e t h a n a hope -it is a fact. The e x p e r i e n c e s of r e c e n t y e a r s have b r o u g h t p r o f o u n d changes in t h o u g h t and a c t i o n to the W e s t e r n world. We are o n l y n o w l e a r n i n g that f r e e d o m is s o m e t h i n g w h i c h can be m a i n t a i n e d o n l y t h r o u g h continual, u n r e m i t t i n g effort. We are o n l y n o w b e g i n n i n g to u n d e r s t a n d that our m o d e r n w o rld is too small, and the m e a n s of d e s t r u c t i o n too powerful, for a n y one n a t i o n to b u i l d s e c u r i t y for its way of life a p art f r o m others. The c o urse w h i c h we have c h o s e n in our b a t t l e f or the p r e s e r v a t i o n of f r e e d o m will not be an e a s y one. We m u s t expect that our u n i t y of e f f o r t and our f i r m n e s s of p u r pose wil l m a n y times be put to severe test. B u t if our f a i t h r e m a i n s strong, no e n e m y will be able to h o l d b a c k the p e a c e f u l N a t i o n s of the w o r l d in their u n i t e d e f f o r t s to d e f e n d their f r e e d o m a n d to w i d e n the are a in w h i c h m e n can live w i t h o u t fear. 0O0 457 IMMEDIATE RELEASE O c t o b e r 1€U 1950 -------- — rn I 11/J The B u r e a u o f C u stoms a n n o u n c e d t o d a y p r e l i m i n a r y f i gures sho w i n g th e i m p o r t s f o r c o n s u m p t i o n o f c o m m o dities o n w h i c h qu o t a s w e r e p r e s c r i b e d b y th e P h i l i p p i n e T rade A c t of 19U6, f r o m J a n u a r y 1, 19i>0, to S e p t e m b e r 30, 19^0, inclusive, Products of the Philippines : : as follows: Established Quota Quantity : s Unit of Quantity Imports as of September 30, 1950 Gross 806,182 200,000,000 Number 568,150 Coconut Oil .•••«.• 1*1*0,000,000 Pound C o r d a g e ......... . 6,000,000 n 2,126,797 Rice .............. 1,01*0,000 n 217 Buttons ......... •• 850,000 ........ . • Cigars 1,908,000,000 Sugars Pound 835,888,268 (unrefined • Tobacco ........... 79,681*,925 6 ,500,000 Pound 399,21*0 459 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday» October 11, 1950» S-2476 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 194-6* from January 1, 1950, to September 30, 1950, inclusive, as follows: • • m * Products of the Philippines : : • Established Quota Quantity Buttons ......... ». 850,000 Cigars ».«..»•• «e • .« t : • • Unit, of Quantity : Imports as of : September 30, 1950 Gross 406,142 200,000,000 Number 568,150 Coconut Oil ..... •o 448,000,000 Pound Cordage c»..3....» »« 6,000,000 a 2,126,797 e& 1,040,000 tt 217 79,684,925 (refined ». Sugars 1,904,000,000 Pound (unrefined Tobacco #••#<»•• to« •0 835,488,268 6,500,000 Pound 399,240 Tiie 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 September 30, 1950, inclusive, as follows: Period and Quantity Commodity Unit Imports as of of Sept. 30 Quantity 1950 Whole milk, fresh or sour ................. Calendar year 3 ,000,000 Gallon 11,616 Cream, fresh or sour ... Calendar year 1 ,500,000 Gallon 1,061* B u t t e r ..... .......... July 16, 1950Oct. 31» 1950 5 ,000,000 Pound 5,537 26,235,730 Pound (1 ) Quota filled White or Irish Potatoes: certified s e e d .... . • other ............... 12 months froml5 0 ,000,000 Sept. 15, 1950 60,000,000 Pound Pound 92,960 Walnut..«! Calendar year 5 ,000,000 Pound Quota filled Fish, fresh or frozen, filleted, etc., cod haddock, hake, pollock, cusk, and rosefish ... Calendar year ...............a (1) The proviso to Item 717 (b) limits the imports for consumption at the quota rate to 19,676,605 pounds during the first 9 months of the calendar year. 461 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday, October 11 t 1950 S-2477 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 September 30, 1950, inclusive, as follows: Commodity Period and Quantity Unit Imports as of of Sept, 30 __________________ _____________________________ Quantity_____ 1950 Whole milk, fresh or Calendar year 3*000,000 Gallon 11,616 Cream, fresh or sour Calendar year 1,500,000 Gallon 1,064 Butter «..... . July 16, 1950Oct. 31* 1950 5,000,000 Pound 5*537 26,235,738 Pound (1) Quota filled White or Irish Potatoes: certified seed other 12 months! from!50,000,000 Sept. 15* 1950 60,000,000 Pound Pound 92,968 Walnuts •••..... . Calendar year Pound Quota filled Fish, fresh or frozen, filleted, etc«, cod haddock, hake, pollock, cusk, and rosefish Calendar year (1) 5*000,000 The proviso to Item 717 (b) limits the imports for consumption at the quota rate to 19*676,805 pounds during the first 9 months of the calendar year* J S v FOE IMMEDIATE RELEASE, ~ D T 70 October 'Iff, I$5Q----------I Ij 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, 19^1, as modified by the President's proclamation of April 13, 19142, for the 12 months commencing May 29, 1 950, as follows: Wheat Country of Origin Established s Imports Quota :May 29, 1950, to :Sept.30, 1950 (Bushels) (Bushels) ' 795,000 Canada — China — Hungary — Hong Kong Japan 100 United Kingdom — Australia 100 Germany *100 Syria — Hew 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 R e p u b lic s 100 Belgium 795,000 , 3 815,000 2li ,000 13,0 00 13,000 8,000 _ 75,000 1,0 00 5,000 5.000 1.000 1,000 1,000 Hi,ooo 2,000 I — 800,0011 Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established s Imports Quota s May 29, 1950, 5 to Sept. 30, (Pounds) (Pounds) W5,OO0 12,000 1,000 1,000 1*000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 14,000,000 TREASURY DEPARTMENT Washington FDR IMMEDIATE RELEASE Wednesday« October 11« 1950 463 S-2478 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> 1942, for the 12 months commencing May 29, 1950, as follows: Wheat Country of Origin Established : Imports Quota sMay 29, 1950, to :Sept«30, 1950 : (Bushels) (Bushels) 795,000 Canada — China Hungary Hong Kong Japan 100 United Kingdom « Australia 100 Germany 100 Syria New Zealand — Chile 100 Netherl ands 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 Brazil 100 Union of Soviet Socialist Republics 100 100 Belgium 795,000 w — - — - Wheat flour, semolina, crushed or cracked wheat, anc similar wheat products Imports Established • • • ' Quota ♦ May 29, 1950 » • to Sept.30, 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 10,885 — — — — — — 2,295 189 — — - - — - 7- ** - " 800,000 795,000 4,000,000 3,828,369 COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE? Provided, however, that not more than 33-1/3 percent of the ojiotas 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 ? Total imports {Established$ Country of Origin i TOTAL QUOTA i Sept. 20, 1949, j 33-1/3$ of)Sept. 20, 194 • t to S©P* 19* 1950Total Quota)to Sept. 19* United Kingdom..... Canada............ France............ British India..... Netherlands...... .. Switzerland....... Belgium........... J apan............. China............. Egypt.............. Cuba.............. Germany........... Italy......... . Totals 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 { 8,135 6,544 1 76,329 21,263 5,482,509 [ i,wa,x$2 239,690 75,807 69,627 Hi,632 tlJ — — — hOh 1 ,81a , 3X2 i f Included in total imports, column 2. 1,441,152 75,807 - | 22,747 | 14,796 ( 12,853 25,443 7,088 i,Wa,i52 75,807 lit, 632 - 1,599,886 1 ,5 3 1,9 9 5 koh fi — IMMEDIATE RELEASE October 10, 1950 ' '\f- Z£ */ /7 Q 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 Sept» 19, 1956, inclusive, except as noted below, are as follows; COTTON (other than linters) (In pounds) Country of Origin Under 1-1/8" other t han r ough or har sh under 3/4° : Imports Sept. Established: : 20, 1949, to Quota s b d . 19. 1950 Egypt and the Anglo-Egyptian 783,816 Sudan............ -24 7,9 52 Peru..... . British India.... 2 j003i483 1,370,791 China...*........ 8,883,259 Mexico........... 618,723 Brazil........... Union of Soviet Socialist Hepub475,124 lies............. 5,203 Argentina..... . • •237 Haiti........... 9,333 Ecuador.......... 752 Honduras......... 871 Paraguay..i...... 124 Colombia......... 195 Iraqi............ British East 2,240 Africa.V*........ Netherlands East 71,388 Indies........... Barbados......... Other British 2 1 ,3 2 1 West Indies 1/... 5,377 Nigeria.......... Other British 16,004 West Africa 2/... Other French 689 Africa 3/.... . •• Algeria and Tunisia 14,516,882“ 1,171 239,358 ll6,1*18 -' 8 ,883,259 5 0 6 ,5 2 1 1-1 / 8" or more but less than 1 -1 1 /16 " U Imports i ?eb. 1 ,19 5 0 , to Sen. 19. 1950 U5,0 9 1,930 56U,H7' — Less than 3/4” harsh or rough 5/ Imports Sept. 20, 1949, to Sen. 19, 1950 38,5Wt,5l7 373 .. - — - ** - mm mm ». - - mm - - - mm — - - 9,7U6,727 U5,656,U20 38,51A,5l7 1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. 1 / Other than Gold Coast and Nigeria. 3/ Other than Algeria, Tunisia, and Madagascar. t iota to y Established Quota - 45,656,420, for the quota period February 1. 1950? 5/ Established Quota - 70,000,000. 31, 1951, inclusive TREASURY DEPARTMENT Washington 4S6 IMMEDIATE RELEASE Wednesday, October XI, 1950* S-2479 The Bureau of Customs announced today that preliminary data on imports of cotton and cotton waste chargeable to the quotas established by the Presidents proclamation of September 5, 1939* as amended, for the period September 20, 1949, to Sept* 19, 1950, inclusive, except as noted below, are as follows: COTTON (other than linters) (In pounds) Country of Origin j“ - 1-1/8" °uherv, ‘1 - V 8 " or more :Less than 3/411 than rough or harsh :but less than ' under 3/4” :Established:Imports Sept* :Imports Feb* 1 Imports Sept* 20, : Quota :20, 1949, to : 1950 to 1949, to 1 _________ :Sept, 19. 19 50; Sept* 19. 1950 Sept* 19. 1950 Egypt and the Anglo‘~Egyptian Sudan©•••••••••**** Peru©,••••••••.*••• British India* ©•••• China.... •»*#•*•«• Mexico *...... . Brazil*...... . •••« Union of Soviet Socialist Repub lics*, . ....... Argentina«•,•••«*,, Haiti, Ecuador*.......... Honduras ••........* Paraguay,....... .. Colombia,.........* Iraq, British East Africa,...... . Netherlands East Indies,..... . Barbado s,,,,••••«,* Other British West Indies l/,..,„ Nigeria,..........* Other British lest Africa 2/...,« Other French Africa 3/........ . Algeria and Tunisia W . u iic x x x or ro^ h 5/ 1/ 783,816 247,952 2,003,483 1,370,791 8,883,259 618,723 1*171 239,358 116,418 — 8,883,259 506,521 475,124 5,203 237 9,333 752 871 124 195 •* — — — — — — 45,091,930 564,117 OT M 38,544,517 w. mm 373 «M 4M* *BM Mmm ÎM ** -mm mm mm mm 2,240 71,388 4M* 21,321 5,377 «•» mm — 16,004 689 — — - — 14,516,882 9,746,727 45,656,420 38,544,517 UdX U dU U u ^ D C X IiJ.U U .cl y u c a lU c iJ L w c l j 1 1 J L Il.L U .c iU . j c lliU . « L O D c lg O # 2/ Other than Gold Coast and Nigeria* 3/ Other than Algeria, Tunisia, and Madgascar, (¡J Established Quota - 45,656,420, for the quota period February 1, 1950 to Established Quota — 70,000,000* January 31, 1951, inclusive* 467 2 - - COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: : :Tòtal impbrts Established: Imports Country of Origin : Established :Sept. 20, 1949, : 33-1/3$ of:Sept. 20, 1949 to : TOTAL QUOTA :to Sept. 19, 1950;Total Quota:Sept. 19, 1950 1/ United Kingdom......• Canada••«•••••••••••« France British India.* •••.« . Netherlands.....«••.s Switze rland®ooo*o»*e. Belgium ..»o«••••••••. Japan. 1,441,152 1,441,152 75,807 75,807 22,747 14,796 12,853 14,632 1,441,152 239,690 75,807 69,627 14,632 Cuba..... ...... • • Gem a n y .««•«o. Italy.• • « • . . . « • • • • * . o 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 21,263 404 25,443 7,088 Totals 5,482,509 1,841,312 1,599,886 China. Egypt. 1/ ...... •••• - - Included in total imports, column 2« oOo - 4O 4 1,531,995 - 2 - COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes-made from cottons of 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: C o u n try o f O r i g i n : E s t a b lis h e d TOTAL QUOTA • U n it e d Kingdom ............... . . Canada ....................................... F ra n c e .......... .. .......................... B r i t i s h I n d i a ...................... N e th e r la n d s ........................... S w it z e r la n d ........................... B e lg iu m ................................ J a p a n ........................... .. C h in a ......................................... E g y p t .......................................... C u b a ............ ....................... G e r m a n y ............................. .. I t a l y .......................................... 4 ,3 2 3 ,4 5 7 239,690 2 2 7 ,4 2 0 6 9 ,6 2 7 6 8 ,2 4 0 4 4 ,3 8 8 3 8 ,5 5 9 3 4 1 ,5 3 5 1 7 ,3 2 2 8 ,1 3 5 6 ,5 V » 7 6 ,3 2 9 2 1 ,2 6 3 5 ,4 8 2 ,5 0 9 : T o t a l im p o r ts : ! S e p t. 2 0 , 1950 , t e : : S e p t. 3 0 . 1950 s 3 0 2 ,1 7 6 1 9 4 ,2 1 1 6 3 ,1 2 5 3 9 ,2 8 3 E s t a b lis h e d : Im p o rts 3 3 - 1 /3 * o f : S e p t. 2 0 , 1950 T o t a l Q uota : t o S e p t , 3 0 , I 1 ,4 4 1 ,1 5 2 — 7 5 ,8 0 7 — _ _ 14,796 ili 1 2 ,8 5 3 2 2 ,7 4 7 — ^_. ( 5 9 8 ,7 9 5 ____________ V 2 5 ,4 4 3 7 ,0 8 8 1 , 599,886 1/ 95O 302,176 63,125 _ mm _ _ — _ 3 6 5 .3 0 1 1/ Included in total imports, column 2. Prepared b y Bureau of Customs *VL .... . ! trrtU iW M r~ IMMEDIATE RELEASE u / . s XL - 1 - Ü October IQ. 1950 Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas established by the President1s Proclamation of September 5, 1939* as amended COTTON (other than linters) (in pounds) Cotton under 1-1/8 inches other than rough or harsh under 3/4w Imports Sept. 20. 1950, to September 30, 1950, Incl. Country of Origin Established Quota Egypt and the AngloEgyptian Sudan .... Peru ....... British India ....... C h i n a ..... ......... Mexico .............. Brazil .............. Union of Soviet Socialist Republics Argentina ........... Haiti ............... Ecuador .......... . 783,816 247,952 2,003,483 1,370,791 8,883,259 618,723 475,124 5,203 237 9,333 Country of Origin Imports 6 0 ,9 1 3 Quota Filled Established Quota Imports 752 871 124 195 Honduras ........ .... Paraguay ............ . Colombia ... 1.... ..... Iraq ..... ...... *..... British East Africa ... Netherlands E, Indies Barbados ..:........... l/0ther British W. Indies Nigeria ..... . 2/0ther British W. Africa ¿/Other French Africa ... Algeria and Tunisia ... 2,240 71,388 21,321 5,377 16,004 689 1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. 2/ Other than, Gold Coast and Nigeria. ¿ / Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough, of less than 3/4” Imports Sept. 20, 1950» to Sept* 30« 1950 Cotton 1-1/8* or more, but less than l-ll/ló8 Imports Feb, 1, 1950. to Sept» 30» 195Q Established Quota (Global) Established Quota (Global) 70 , 000,000 Imports 45,656,420 293,661 Imports Quota Filled Prepared b y Bureau of Customs TKÜÄSUKY DEPAH'i'MJilWT WASHINGTON TKülÄSUHT DEPARTMENT' WASHINGTON IMMEDIATE RELEASE Wednesday, October 11, 1 1950 S-2U80 Frsllsixiisrjr data, on imports for consumption of cotton and cotton waste chargeable to the Quotas established "by the President's Proclamation of September 5, 1939, as amended COTTON (other than linters) (in pounds) Cotton under 1-1/8 inches other than rough or harsh vmder 3 /^ -11 imports Sept» 20, 1950» to September 30, 1950, IncI, Country of Origin Established Quota Egypt and the AngloEgyptian Sudan.... Per u........... •. •. • British India c...... Mexico .............. Brazil ... . Union of Soviet Socialist Republics Argentina Hditi ....,„....... . Ecuador ........ 1/ Other Imports Country of Origin Established Quota Honduras .... s......... 733.816 21+7,952 2,003,1+83 752 871 60,913 618,723 475,12U 5,203 237 9,333 - 12k I95 Iraq ................. . British East Africa .<>• Quota Pilled Netherlands E. Indies — Barbados 1/Other British W. Indies N i g e r i a ..... ........ - 2/0ther British W. Africa - ¿/Other Prench Africa ••• Algeria and Tunisia ... 1,370*791 8,883,259 Imports 2 ,2k0 71,388 - 21,321 5,377 i6,ooU 689 than Barbados, Bermuda, Jamaica., Trinidad, and Tobago. 2( Other than Gold Coast and Nigeria. 3/ Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough, of less than Imports Sept. 20, 1950, to Sept. 30, 70,000,000 1950 Imports 293,661 Cotton 1-l/g" or more, but less than l-ll/l6n Imports Feb. 1, 1950»~~to £ept. 30, 1950 Established Quota (Global) U 5,656,^20 Imports Quota Pilled Prepared by Bureau of Customs 470 Established Quota (Global) 3/k" COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than I-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING- WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall he filled by cotton wastes other than comber wastes made from cott©ns of I-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 1 United Kingdom*• * OdsTlcLCLd, 0« France . British India ........ . Netherlands .•......... Switzerland...........* Belgium .......... ...... Japan .......... ........ China ............... . *. E g y p t ................ .. Cuba ....... . G e r m a n y ...... . Italy »............. »... Established TOTAL OUOTA 4,323,457 239,690 227,1+20 69,627 6S,2U 0 ¥+,388 38,559 3^ 1.535 17,322 8.135 6,51+1+ 76,329 21,263 5,432,509 1j I n c l u d e d in total imports, : Total imports : : Sept. 20, 1950, to: : Sept« 30, 1950 : 302,176 I.9U, 211 63,125 39,283 Established : Imports 33-1/3# of : Sept« 20, 1950 Total Quota : to Sept. 30, 1950 1,¥+1,152 302,176 75,807 63,125 — — — — -, » 22,7I+7 1^,796 12,853 _ 25,443 — 7,088 598,795 1.599,836 <» •9 mm _ wmm mm mm mm «9 0m mm — 365,301 c o l u m n 2» Prepared by Bureau of Customs 1, - 3 - Ypmm any State, or any of the possessions of the United States, or by any local tax ing 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 ii2 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 YiThich 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 in clude 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 Yfhich 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 - unless the tenders are accompanied by an express guaranty of payment b y an in corporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or 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 bo 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 19* 195® - -October - - gsgr*-- > cash other immediately avail-i able funds or in a like face amount of Treasury bills maturing October 19* 195^ sax Cash and exchange tenders m i l receive equ$l treatment. i Cash adjustments will ba 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 anyj special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. gift The bills shall be subject to estate, inheritance, or other excise taxes, whether Federal or State, but shall be exempt fro111 all taxation now or hereafter imposed on the principal or interest thereof by TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, October 12, 1950____ • The Secretary of the Treasury, by this public notice, invites tenders for $ 1,000,000,000 , or thereabouts, of f2j 91 ^ W) “ in exchange for Treasury bills maturing -day Treasury bills, for cash and October 19, 195Q > ^e issued on 35 a discount basis under competitive and non-competitive bidding as hereinafter provided. will mature interest. The bills of this- series will be dated January 18, 1951 October 19, 1950 > a^d 3 when the face amount vdll be payable without They vdll 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 vdll be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, October 16, 195^» 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. Others than banking institutions vdll not be permitted to submit tenders except for their own account. 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, TR EASU R Y D EPARTM ENT WASHINGTON. D .C . Information Service 475 release morning newspapers , Thursday, October 12, 1950» S-2481 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 October 19, 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 October 19, 1950, and will mature January 18, 1951* '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 , $ 1 0 ,000 , $ 1 0 0 ,000 , $5 0 0 ,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' tim'e, Monday, October 16, 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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, uniess 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 injection 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 $20 0 ,0 00 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 October 1 9 , 1950, in cash or other immediately available funds or in a like face amount of Treasury bills maturing October 1 9 , 1 9 5 0 . Cash and exchange tenders will receive equal treatment. Cash adjustment's 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 dispgsition of the bills, shall not have any exemption, as such., and loss from the sale or other disposition of Tres.sury 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 1 1 5 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life 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. T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, and this notice, prescribe^ the terms of the T r e a s u r y bills and g o v e r n the c o n d i t i o n s of t h eir issue. Copies of the c i r cular m a y be obtained from a n y F e d e r a l R e s e r v e B a n k or Branch. 0 O 0 8Y£ 25 October 5, 1950 TO ME, BARTLYt Th# following transactions wwre ¡nado la dirsot aod guarantead ••euritLe of thTOorernoent for Treasury inveataant and other aocounts during the month of September, 1950* Sale» ISS2 Sot Porch»»#»**#**»***♦*****«*******♦*•*#^ 5,01?,500 (Sgd.) E. 0. Barnes Chief, Division of Investments ,000 ,000 ,500 ,000 ,000 000 000 Wisecarver 10/5/50 TR EASU R Y DEPARTMENT Information Service Wa s h i n g t o n , d .c . RELEASE MORNING NEWSPAPERS, Saturday, October 14, 1950« During the month of September 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 $5,017,500, Secretary Snyder announced today. 0 O0 S-2482 Ill BHMASK mohniho newspapers , Tuesday# October 17, 1950» The Secretary of the Treasury announced last evening that the tenders for $1,000,000*000, or thereabouts, at 91-dsy Treasury bills to be dated October 19» 2-950, and to mature January 18, 1951, which were offered on October 12, were opened at the federal Reserve Banks on October 16. The details of this issue are as followss Total applied for *•*$1,685,127,000 Total accepted - 1,000,007,000 (includes $121,066,000 entered on a Average price - 9 9 *662/ non-competitive basis and accepted in full at the average price shown below) Equivalent rate of discount approx# 1*337$ per annum Hangs of accepted competitive bides - 99.670 Equivalent rate of discount approx. 1.305$ per annum - 99^660 ■ « » » * l*3tó$ * " High Low (20 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for Total Accepted Boston Sew York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco , 10 ,698,000 1,198,966,000 29,51*9,000 57,1*37,000 18.795.000 12 .778.000 161**959,000 16 ,831,000 7,915,000 20.573.000 22 .391.000 121*.235,000 1 11,685,127,000 $1 ,000,007,000 TOTAL 8,698,000 601*,366,000 11*,71*9,000 50.717.000 18.795.000 12.778.000 120.159.000 U*,731,000 7,915,000 20,1*73,000 19 .991.000 106.635.000 479 RELEASE M O R N I N G N EWSPAPERS, Tuesday, O c t o b e r 17» 1950. S-2483 The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the tenders for $ 1 , 0 0 0 , 0 0 0 * Q O Q , or thereabouts, of 9 1 - d a y T r e a s u r y b i lls to be d a t e d O c t o b e r 19, 1950, a nd to m a t u r e J a n u a r y 18, 1951, w h i c h were o f f e r e d o n O c t o b e r 12, were o p e n e d at the F e d e r a l R e s e r v e B a n k s on O c t ober 16. The d e t a i l s of this issue are as follows: T o t a l a p p l i e d for - $ 1 , 6 8 5 , 1 2 7 , 0 0 0 Total accepted 1,000,007,000 Average price Range - (includes $ 1 2 1 , 0 6 6 , 0 0 0 e n t e r e d on a n o n - c o m p e t i t i v e basis a nd a c c e p t e d in full at the a v e r a g e p r ice s h o w n below) 9 9 .66f/ E q u i v a l e n t rate of d i s c o u n t approx. 1.337$ P© p annum of a c c e p t e d c o m p e t i t i v e bids* - 9 9 . 6 7 0 E q u i v a l e n t rate 1 .30 5 $ - 9 9 . 6 6 0 E q u i v a l e n t rate 1.34 5 $ High L ow of d i s c o u n t approx. per annum of d i s c o u n t approx. per annum (20 percent of the a m o u n t b id for at the low p r ice was acc e p t e d ) Total A p p l i e d for Federal R e s e r v e District $ Boston New Y o r k Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Cit y Dallas San Francisco TOTAL 1 0 , 6 9 8 ,0 0 0 1 , 1 9 8 , 9 6 6 ,0 0 0 Total Accepted $ 8 , 6 9 8 ,0 0 0 29.549.000 57.437.000 604.366.000 14.749.000 50.717.000 1 2 , 7 7 8 ,0 0 0 18 795.000 12 778,000 164.959.000 120 159.000 . 18 795.000 16 ,831,000 7 , 9 15 ,0 0 0 2 0 ,5 7 3 , 0 0 0 2 2 , 3 9 1,0 0 0 . , . 14.731.000 7,915,000 20.473.000 124.235.000 1 9 . 9 9 1.0 0 0 1 0 6 , 6 3 5 ,0 0 0 $1 , 6 8 5 , 12 7,0 0 0 $1 , 0 00, 0 0 7,0 0 0 0O0 ;m. \ M S f ' gpf • - |f| 7 s. - 3 - AiigHA any State, or any of the possessions of the United States, or by any local tax ing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall bo considered to be interest. Under Sections U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11$ of the Revenue Act of 19U1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such balls are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need in clude 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 or Branch. Copies - 2 - unless the tenders are accompanied by an express guaranty of payment b y an incorporated bank or trust company. Immediately after the closing hour, tenders trill be opened at the Federal Reserve Banks and Branches, following which public announcement till be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders tiill 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 Shalf he final. Subject to these reservations, non-competitive tenders for v200,000 or less without stated price from any one bidder will bo accepted in full at tho average price (in three decimals) of accepted competitive bids. Settlement fit: accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on October 26. 195° .» in cash or other i™iediately avai able funds or in a like face amount of Treasury bills maturing October ^ Cash and exchange tenders will receive equal treatment. Igg J Cash adjustments will \i made for differences between the par value of maturing bills accepted in exchaig^ and the issue price of the new bills. The income derived from Treasury bills, whether interest or g a m 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 tho Internal Revenue Code, or laws anendatory or supplementary thereto. gift The bills shall be subject to estate, inheritance, or other excise taxes, whether Federal or State, but shall be exempt iron all taxation now or hereafter imposed on the principal or interest thereof 7 I MEStbx. TREASURY DEPARTMENT Washington FOR RELEASE, HORNING NEWSPAPERS, ThursdayT October 19« 1950 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 October 26, 1950______ > ^ issued on H&k a discount basis under competitive and non-competitive bidding as hereinafter provided. td.ll mature interest. The bills of this series will be dated .Tarmn-rv 25. 1951 October 26, 1950_____ > anci } when the face amount will be payable without They will be issued in bearer form only, and in denominations of |1,000, $£,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 o ’clock p.m., Eastern Standard time, Monday, October 23, 1950« xix 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., 99.92£. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. 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, TR EASU R Y DEPARTM EN T Information Service WASHINGTON. D .C . 483 RELEASE MORNING NEWSPAPERS, Thursday, October 19, 1950, ' S-2484 The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or- thereabouts, of 9.1-day Treasury bills, for cash and in exchange for Treasury bills maturing October 26, I960, to be issued on a discount basis under competitive and non competitive bidding as hereinafter provided. The bills of this series will be dated October 26, I960, and will mature January 25 , 1951 , 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 cime, Monday, October 23, 19 50 . 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. O t h e r s t h a n b a n k i n g i n s t i t u t i o n s w i l l n o t be p e r m i t t e d to s u b m i t tenders e x c e p t f o r t h e i r o w n a c c o u n t . T e n ders w i l l be r e c e i v e d without d e p o s i t f r o m i n c o r p o r a t e d b a n k s a n d t r u s t c o m p a n i e s a n d from r e s p o n s i b l e a n d r e c o g n i z e d d e a l e r s i n i n v e s t m e n t s e c u r i t i e s . Tenders f r o m o t h e r s m u s t be a c c o m p a n i e d b y p a y m e n t o f 2 p e r c e n t of the face a m o u n t o f T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e n d e r s are a c c o m p a n i e d b y a n e x p r e s s g u a r a n t y o f p a y m e n t b y a n i n c o r p o r a t e d bank or t r u s t c o m p a n y . 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 inom 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 bids must be made or completed at the Federal Reserve Bank on October ^o, 19~^3, m cash or other immediately available funds or in a like face amount of Treasury bills maturing October 26 , 1932. Cash ano. exchange tenders trill rece ive equal treatment. Cash adjustments will be made for differenc es between the par value of maturing bills accepted a.n 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 oy any,local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (1) of the Internal Revenue Code, as amended by Section'115 of the Revenue Act of 1941, ; the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such pills shall be sold, redeemed or otherwise diposed of, and such bills are excluded from con sideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the. difference between the price paid for such bills, whether on original issue or on sub sequent purchase, and the amount actually received either upon Sc, e or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 418, is 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 fr o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h . oOo RELEASE M M G NEWSPAPERS, TuesAaB & October 24» 1950«__ The Secretary of the Treasury announced last evening that the tenders for $1,000,000,COO, or thereabouts, of 91-day Treasury bills to be dated October 26, 1950, and to mature January 25, 1951# which were offered on October 19, were opened at the Federal. Reserve Banks on October 23* The details of this issue are as follows: Total applied for - $1 ,736 ,423,000 Total accepted - 1,000,833,000 (includes ^118,371,000 entered on ^ n o n competitive basis and accepted in full at the average price shown below) Average price - 99.667 / Equivalent rate of discount approx. 1.316# per annua Range of accepted competitive bids: - 99.672 Equivalent rate of discount approx. High Low ( - 99.664 w n * « n 1 .298$ per annua 1.329# H " 10 percent of the amount bid for at the low price was accepted) Total Applied for Federal Reserve District t Boston New York Philadelphia 27 ,73,0 0 0 1 ,305 ,227,000 28 ,305,000 25 ,925,000 146,793,000 12.873.000 5,575,000 20.784.000 30.780.000 80.158.000 «,736,423,000 «.,000,833,000 1 1 .262.000 1 2 ,480,000 Total $ 674,182,000 17.605.000 5 1 .021.000 8 ,112,000 1 2 ,480,000 94.993.000 9.733.000 4.435.000 16.934.000 23.580.000 61.833.000 54.461.000 Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Accepted 485 RELEASE MORNING NEWSPAPERS, Tuesday, October 24, 1Q50. s-2485 The Secretary of the Treasury announced last evening that the tendero for $1,000,000,000, or thereabouts, of 91~day Treasury hills to be dated October 26 , 1950, and to mature January 2 5 , 19 51 which were offered on October 19 , were opened at the Federal Reserve Banks on October 2 3 . The details of this issue are as follows; Total applied for - $1,736,423,000 Total accepted - 1,000,833,000 (includes $118,371,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99 *667/ Equivalent rate of discount approx. 1 .316 $ per annum Range of accepted competitive bids; " 99*672 Equivalent rate 1 .298$ - 99*664 Equivalent rate 1.329$ T L0¥ of discount approx. per annum of discount approx. per annum (10 percent of the amount bid for at the low price was accepted) F e d e ra l R e s e rv e D is t r i c t Total Applied for $ Boston New Y o r k P h ila d e lp h ia C le v e la n d Richm ond A t la n t a C h ic a g o S t. L o u is M in n e a p o lis Ka n sa s C i t y D a lla s San F r a n c i s c o 27,725,000 1,305,227,000 12.480.000 146,793,000 12.873.000 5,575,000 20.784.000 30.780.000 ____80 ,158,000 25 ,925,000 674,182,000 17.605.000 51.021.000 8 ,112,000 12.480.000 94.993.000 9.733.000 4.435.000 16.934.000 23.580.000 61.833.000 $1,736,423,000 $1 ,000,833,000 28 .305.000 54,^61,000 1 1 .262.000 TOTAL Total Accepted 0 O0 $ and f i r m n e s s o f purpose w i l l t o even g r e a t e r faith tests. r ema i ns s t r o n g , be a b l e Yet be put if our no enemy wi l l t o hol d back t h e p e a c e f u l n a t i o n s o f t h e wo r l d [united e f f o r t s in t h e i r / t o def end t h e i r ] freedom and to widen the a r e a which men can live in without f e a r . Today | | t h e r e i a r e many! o f u s , l a n d ar o un i ted« in fa | c a u s e ■:w.h,i c-ft'-òja.s ■;^.op been t he H IT 1950 :, hope of mankind e v e r y w h e r e . T h i s v e r y day - - ¡ O c t o b e r 24. •■M i s d e d i c a t e d t o t h e observance :pf H h e » d e a i s. t of||wj&i ch ,.tfie ;un it? Nat i onsl s t a n d . H In S t h e « i v e l y e a i s E j f l s i n c e t h e | f or mat i on oi Nations O rg a n iza tio n , the Un i tee t h e powerj|of | | | ¡our c o o p e ra tiv e a c tio n a g a in s t 1a g g r e s s i o n f h a s a I r e a d y I b e e n tested l a n d p r o v e n . | But our b a t t l e for f r eedom i s a c o n t i n u i n g must e x p e c t ¡ t h a t one, our u n i t y ,:| | S and we of e f f o r t In our p r e o c c u p a t i o n m aterial essentials must n o t f o r g e t i t h e of for this single w i t h the of defense, we enormous s t r e n g t h weapon in our b a t t l e a f r e e world. Far from b e i n g dismayed by the d i f f i c u l t i e s sur r ound us, and dangers which a full realization of t he tremendous power which t he concept of f r eedom has al ways e x e r c i s e d s houl d g i v e us h e a r t and c o u r a g e . The f i r s t nations had t o make t h e i r t o a c h i e v e freedom s tru g g le s alone. - 32 stand -- human freedom. We believe in the rights of the individual and have built our Nation upon this principle. We have an economic system that is predicated on personal freedom and on the b e l i e f ’that human dignity is our most important heritage, a #. Tf ' B|ft' We could not, | ■: ' ::; . :v if we would, confine this faithfto one area of the world. Throughout history, it has been the moving force of mankind. Our country, and its problems which we must share, are vastly different from what they were when Iowa bankers held their first meeting here in Oes Moines back in 1887. But,® despite the manifest changes that 63 years have brought, the character of the people of this Nation remains fundamentally the same. We continue to count above M: ■ ' all else as our one priceless H I m ¡Ifffll |3| possession the cause for which we !§ iI I 30 HÉ S of e people just as much as we ant to reach the savings and support of the factory worker. The more that people exert self-discipline by saving instead of spending their surplus incomes, by accepting the credit restrictions and increased taxes which a defense economy necessitates, the less need there will be for harnessing our economy with rationing and other direct controls. 29 ** mm campaign this fa 1 1 wh ic h is aimed particularly at participation plan. g r e a t 1y increased in the pa y r o 1 1 sav ings However , a s i1 this State, many segments of our po pu 1at ion such as farmers, - » se 1f-e m p 1o y 6 d businessmen, and worker | in s m a 11er commercial enterp 1r» -I1 «cto?p c w - - do not have the p a y r o 11 sàv in gs p 1a n aval table to them. They depend rather upon the purchasefplaris sponsored by their loc & banks. We want to reach the savings 28 May 1935 -- show that Iowa ranked fifth in the Nation in the dollar volume of savings bonds purchased. During the seven war Victory loans and the loan, Iowans were top-flight quota makers. They bought more than $1/2 billion in Series E bonds alone during these drives. Today savings bond holdings of your residents amount to over $1-1/2 billion. As you know, the Treasury has launched an intensified sales 27 Ownership of savings bonds is a direct f inane ia i share in the Government, and certainly Iowans have always been among our principal sharehoIders. Since the very inception of the Savings Bond program, Iowa has been a leading State in the purchase of these securities. As early as June 1935, sales reports for the first three months of operation of the Savings Bond program -- March, April, and loyal services -- a program which enables all of our people to share the respons ibi Ii t ies of this Nation -- a program which promotes thrift and provides for the future security of individuals -- and a.program which wiI I playla very important part in reducing ’ infiationary pressures growing¡out of our rearmament effort. 25 That unity requires, of course, strong national leadership. But it also requires understand ing|eager Iy sought, and cooperation voluntarily given, by every group and by every active citizen country. in every part of our MsuV i ■ I scarcely need to call your attention to the inspiring example of voluntary teamwork that is being provided by our Savings!Bond program. Here is a program to which you 24 - personal restraint and self-sacrifice are demanded¿of aJ J lof|us,fandlthis .|U is no Iesstvital in the emergency that confrontsius|today. I ifilwe are to insure a i s t a b Ie»economy that will l b return us tofsound peacetime prosperity after the emergency is over, we are going to have to tighten our belts: a notch -- perhaps several notches* Kf;*^ And it is n *t a 'job just f or the other fellow. -Ijjjj It is a job which calls for nationwide teamwork. Only by united effort can we be successful. 23 measure for minimizing inflationary pressures in the face of our expanded defense requirements, would be to pay for all of our defense expenditures out of increased revenues I hope we are going to be able to do this A program of this sort, however, will mean sacrifices. It will require a substantial increase in taxes again next year -- and a greater increase I believe than most peopIe reaIize. In a full war emergency, Government restrictions on consumer and real estate credit that have already been put into effect will act as a partial restraint on excessive spending. And, an even firmer brake on spending will come as a result of our recent tax legislation increasing the income taxes of individuals and corporations in order to help meet the added defense expenditures. The most e f f e c t i v e over-all sho wed t hp 1ârs p st wee kly increas on.lreco rd. r t u n a t e 1y , 1 1 is s ituat ion can IId just j tse 1f unde r current con diti ons witho ut too ser Ìous inf I % e may even go o thr ou §£fi Cl con S ® B u enee s. ary pe r iod when yS 1onary for fpc Vl*%« y "7 I 11■s eeffl to be re tr eating. «H# Milt MU t M Wrfw must be on guard against a repetition of excessive buying and excessive borrowing after our defense progra gets fully under Ww Jf n At the time of the Korean invasion our economy was moving forward on a sound and stable basis. Immediately, however, there were some who forced prices up by rushing to buy things f or::wh ich they had no immediate need. They bought heavily both for cash and on credit. Businessmen ordered goods in -heavy volume, to be paid for with bank loans. In|fact, purposes toansffor business in one week last month -119 I lit real Is tIc tille s ab a h e a d # ! f we a r e t o safeguard economy. We cannot superi mpose a t r o n é mi I i estab I i s o u ri present f u l l - s c a l e roducti m mBi * i w * :f c iv ilia n o u t c r e a t i ne v a r i o u s w 3 shortages * $9 # jjHHB ^roducti o n l e x p a n d s l w e a r e g a rets trends in o r d e r our economy!in i n f l a t i oniry Unf or turiate Iy , however, the existence of tremendous productive capa city does not alone assure the preservation of the freedoms we cherish. To protect our freedoms. ve must certainly be able to aggression with greater military might. At the same time, however we must insure the integrity of our economy, for if we don't, the goals be achieved as I IT efficiency and productivity of their farms by widespread Ifarm mechanization and e lectri f icati on, as well as by the use of better livestock, improved crop varieties and new production methods' tf.I ■ ■vISM We are indeed fortunate that the Un ited ¡States has productive i machines ■*« both agricultural and industrial ,«*- which are,not only the most prodigious in.the history of the world, but which have vast potentialities not yet realized.. -ll - 16 - of all-out war, our farms stand ready to produce at the highest level the United States has^ever known. America’s agricultural might is, I know, most significant to the people of Iowa. Whi le your State has only three percent of the farm land of the United States, [,! f ■ I it . produces better than seven percent of our N a t i o n ’s farm income. And Iowans have always been alert for every opportunity to increase the - I 1 our f ar mer s h ave a n mm mm 1y ally ||p 4U ha r v e s t e d w h fi t cr o i)€ of III. 0 lilt on b u s h e is n ree o rd r e a c h e d on !y one o th e r bef ore a 1n It# ' W f 1V 1 of t h e tur n e d ye a r . cr 0p 111 of m o r e o u t corn Pi n p r c p §U n ea r ly iÀ n t mor e t h a n anythin f or w ceti m e the from years the thr last Produced the X J|2 1s 0 39 | big ma r k e ts pr o s p er ity to have than In eac h o f the • yea rs , our f ar mer s h ave ave wr*iiP'p In las tie igh t y ear s t h e y b i 1 1ion b u s h e 1s X WO w e i ! over F or of the y e m a n d s « 14 Impressive as this wartime production record was, again only a partial it is indication of the present productive might of our American farmers. And right here, I’d like to bring out a few more warming statistics. Ever since the close of World War II, our farmers have been turning out, year after year, nearly a fourth more than the year of Pearl Harbor. in For the past six years -- from 1944 through has made equal 1y amazing strid es. Bef o re Pearl H<arbor our farmer s had reac hedinew|pr<eduction peaks.. each year durir -mult' Yet the war we we re ab to outstrip that earli er production. By 1944 we were harvesting 10 percent morelacres andjfproducing 2QSpercent more crops and i ivestock products than in 1939. y I6 H H 11 ith IT percent'?fewer workers than just before the war. 12 hearts of all Americans. It is an expression of faith, an expression of belief, an expression of confidence that we have a country in which we can put our full force of energy to work, with the assurance that we arefbuilding toward a common objective -«* a peaceful, prosperous world. Nor have our tremendousg production gains been industrial plant. limited to our Our agriculture the production potentialities we possess today. Our capacity to produce and our ability to produce did not stop with the cessation of hostilities. In the last five years, private business alone has spent close to $100 billion expanding in further its productive capacity. Statistics may be cold caI eu Iat io n s ,. but certainly this statistic is one that can warm the cooperative effort. Heexpanded our industrial plant to unprecedented heights and built the most efficient war production machine the world has ever known. Between 1941 and 1945, the Government alone invested some 16 billion for new plants and equipment. private And, industry's contribution in the same period was even greater. But our war production record by no means tells the full story of c 12 - 9 - before in our history. Our capacity to produce and our ability to produce stand today in marked contrast to the situation that confronted us / the bleak days after Pearl in Harbor. Then we d i d n ’t know what our capacities) WW4 I ¿ tit 1 I were. to us ‘ H e hoped; we set what seemed like visionary production H goals; we were determined to try to carry them out; but we were not at d II sure we could. Nevertheless went to work, and the world soon found out what we could do by we 8 Ameri ca needs n a t i o n w i d e teamwork like th is wo r l d s i t u a t i o n facing. in t h e c r i t i c a l whi ch we a r e now We need teamwork in t h e huge t a s k of b u i l d i n g our m i l i t a r y power t o a level confidence in our n a t i o n a l Thi s w i l l job, it and that w ill g i v e us security. be a tremendous p r o d u c t i o n it will be c o s t l y , But is a j o b we have t o do. Fortunately, it equi pped t o do w i t h our p r o d u c t i o n is a j ob we are l ess s t r a i n ability t han e v e r on 7 1 centers of t r a d e Soil fine and c u l t u r e . a l o n e d i d not p r o v i d e t he s c hool s and c o l l e g e s t h a t b r o u g h t t h e be s t in e d u c a t i o n a l opportunities for No, it have your yout h. was not j u s t the s o i l t h a t made Iowa t h e p r o g r e s s i v e S t a t e she is today. It was a l s o t h e r e s o u r c e f u I ness and v i s i o n free of a p e o p l e wor k i n g t o g e t h e r as a team f o r mutual b e n e f i t and some of t h i s But s o i l country’ s richest soil. a l o n e d i d n o t t u r n an empty prairie i n t o one of t h e w o r l d ’ s greatest food p r o d u c i n g a r e a s w i t h an annual f ood p r o d u c t i o n w o r t h b i I I i ons. Soil strong a l o n e d i d not b u i l d Iowa’ s i n d u s t r i e s whose p r o d u c t s have c o n t r i b u t e d m a t e r i a l l y ease o f to our l i v i n g and t o our p e o p l e ’ s wealth. Soil a l o n e d i d not b u i l d splendid c i t i e s that flourish your as 5 •* human r e s o u r c e w i t h material our a v a i l a b l e wealth th at has made Ameri ca t h e g r e a t N a t i o n —~ t he l e a d e r of n a t i o n s -- Your own S t a t e that she i s today. Iowa is an o u t s t a n d i n g exampl e o f t h i s r e s o u r c e f u I ness whi ch has al ways t y p i f i e d Ame r i c a . It is t r u e that t he p i o n e e r s who cr ossed t h e Mississippi little to s e t t l e in Iowa a more than a c e n t u r y ago were fortunate t o be b l e s s e d w i t h f i n d i n g The ni gh esteem in whi ch your profession in i s h e l d t oday has r e s u l t e d l a r g e p a r t f r om your own u n i t e d efforts while at to improve b a n k i n g p r a c t i c e s t h e same t i m e e n l a r g i n g scope o f your t he g e n e r a l voluntary services for b e t t e r m e n t of our states Unity has of a c t i o n and purpose long been a c h a r a c t e r i s t i c Ameri can t r a i t . the b l e n d i n g l o f the Certainly t h i s most it is for it a wo r l d " p a r t n e r s h i p seams t o me t h a t our banker s have n e v e r been b e t t e r to a c c e p t of p e a c e . " stewardship qualified in t h i s u n i t e d effort. And when 1 say " q u a l i f i e d " I am n o t r e f e r r i n g a l o n e t o t he exceptionally financial condition Your p r i n c i p a l leadership less sound and h e a l t h y of your banks. qualification is p o r t r a y e d t a n g i b l e but s t i l l ana t h a t is for in somet hi ng v er y in t h e good w i l l i mport ant of t he distinguished citizens. long r e c o r d of service first voluntary t o t h e Sa v i ng s Bond program in your own S t a t e , recent y e a r s as D i r e c t o r national both loyal Verne s program - - and in of t he is a t r i b u t e to I o w a ' s and A m e r i c a ' s f i n e s t brand o f c i t i z e n s h i p . In t h e s e days of n a t i o n a l internationa I peril bei ng c a l l e d all and of us a r e upon t o e x e r c i s e in g r e a t e r degr ee t h e r e s p o n s i b i l i t i e s which a r e ours in p a v i n g t h e way 1 have a l way s had t h e f e e l i n g f of g e t t i n g back home a g a i n when 1 am p r i v i l e g e d t o association join in banker s meetings. is e s p e c i a l l y This reunion pleasant for it b r i n g s me back t o t h e M i d d l e w e s t where f o r of many y e a r s I was a nei ghbor your s. I am p a r t i c u l a r l y you happy to j o i n in company w i t h Verne C l a r k , who t o my mind, and also, I o w a ' s most is one of I know t o your s, 521 TREASURY DEPARTMENT Washington The following address by Secretary Snyder before the annual convention of the Iowa Bankers’ Association at the Fort Des Moines Hotel, Des Moines, Iowa, is scheduled for delivery at 7 P .m. CST Tuesday, October 24, 1950, and is for release at that time. I have alwa y s h a d the f e e l i n g of g e t t i n g bac k home a g a i n when I a m p r i v i l e g e d to join in b a n kers a s s o c i a t i o n m e e t i n g s . This r e u n i o n is e s p e c i a l l y p l e a s a n t for it brings me b a c k to the M i d d l e w e s t w h ere for m a n y y e a r s I was a n e i g h b o r of yours. I am p a r t i c u l a r l y h a p p y to join y o u in c o m p a n y w i t h Verne Clark, who to m y mind, and I k n o w to yours, also, is one of I o w a ’s m o s t d i s t i n g u i s h e d citizens. V e r n e ’s long r e c o r d of loyal v o l u n t a r y service to the S a v ings B o n d p r o g r a m -- f i rst in you r own State, and in r e c e n t y e a r s as D i r e c t o r of the national p r o g r a m is a tribute to both I o w a ’s a nd A m e r i c a ’s finest b r and of citizenship. In these days of n a t i o n a l and i n t e r n a t i o n a l p e r i l all of us are b e i n g c a l l e d u p o n to e x e r c i s e in g r e a t e r d e g r e e the r e s p o n s i b i l i t i e s w h i c h are ours in p a v i n g the w a y for a w o r l d ’’p a r t n e r s h i p of p e a c e . ” It seems to me that our b a n kers have never b een bett e r q u a l i f i e d to a c c e p t s t e w a r d s h i p in this united effort. A nd w h e n I say ’’qual i f i e d " I am not r e f e r r i n g alone to the e x c e p t i o n a l l y sound and h e a l t h y f i n a n c i a l c o n d i t i o n of your banks. Y o u r p r i n c i p a l q u a l i f i c a t i o n for l e a d e r s h i p is por t r a y e d in s o m e t h i n g less t a n gible but still v e r y i m p o r t a n t and that is in the goo d w ill of the p e o p l e w h i c h y o u enjoy. The h i g h e s t e e m in w h i c h y o u r p r o f e s s i o n is h e l d t o d a y has r e s u l t e d in large par t f r o m y o u r own u n i t e d e f f o r t s to improve b a n k i n g p r a c t i c e s w h ile at the same time e n l a r g i n g the scope of your v o l u n t a r y services for the g e n e r a l b e t t e r m e n t of our c o mmunities, states, and Nation. S-2486 — 522 - 2 - U n i t y of a c t i o n and p u r p o s e has long b e e n a c h a r a c t e r i s t i c A m e r i c a n trait. C e r t a i n l y it is the b l e n d i n g of this m o s t important h u m a n r e s o u r c e w i t h our a v a i l a b l e m a t e r i a l w e a l t h that has m a d e A m e r i c a the g r e a t N a t i o n -- the l e ader of n a t i o n s that she is today. Y o u r own State -- Iowa -- is an o u t s t a n d i n g e x a m p l e of this r e s o u r c e f u l n e s s w h i c h has a l w a y s t y p i f i e d A m e rica. It is true that the p i o n e e r s who c r o s s e d the M i s s i s s i p p i to settle in Iowa a little m o r e t han a c e n t u r y ago were f o r t u n a t e to be b l e s s e d w i t h f i n d i n g some of this c o u n t r y * s r i c h e s t soil. B ut soil alone di d not t u r n an e m p t y p r a i r i e into one of the w o r l d * s great e s t f o o d p r o d u c i n g areas w i t h an annual f o o d p r o d u c t i o n w o r t h billions. Soil alone d id not b u i l d I o wa*s strong i n d u s t r i e s w h o s e p r o d u c t s have c o n t r i b u t e d m a t e r i a l l y to our ease of l i v i n g and to our p e o p l e ' s wealth. Soil alone d id not b u ild y o u r s p l e n d i d c i t i e s ish as c e n ters of trade a nd culture. that f l o u r Soil alone did not p r o v i d e the fine schools a nd c o l l e g e s that have b r o u g h t the best in e d u c a t i o n a l o p p o r t u n i t i e s for your youth. No, it was not just the soil that m a d e Iowa the p r o g r e s s i v e State she is today. It was also the r e s o u r c e f u l n e s s and v i s i o n of a free p e o p l e w o r k i n g t o g e t h e r as a t e a m for m u t u a l b e n e f i t and advancement. A m e r i c a n e e d s n a t i o n w i d e t e a m w o r k like this in the c r i t i cal w o r l d s i t u a t i o n w h i c h we are n o w facing. Me n e e d t e a m w o r k in the huge t a s k of b u i l d i n g our m i l i t a r y p o w e r to a level that will give us c o n f i d e n c e in our n a t i o n a l security. This w i l l be a t r e m e n d o u s p r o d u c t i o n job, a nd it will be costly. B u t it is a job we hav e to do. F o r t u n a t e l y , it Is a job we are e q u i p p e d to do w i t h less strain on our p r o d u c t i o n a b i l i t y than eve r before in our history. Our c a p a c i t y to p r o d u c e and our a b i l i t y to p r o d u c e stand t o d a y in m a r k e d c o n t r a s t to the s i t u a t i o n that c o n f r o n t e d us in the - 523 - 3 bleak days after Pearl Harbor. Then we didn!t know what our capacities were. We hoped; we set what seemed to us like visionary production goals; we were determined to try to carry them out; but we were not at all sure we could. Nevertheless, we went to work, and the world soon found out what we could do by cooperative effort. We expanded our industrial plant to unprecedented heights and built the most efficient war production machine the world has ever known. Between 19^1 and 19^5> the Government alone invested some l6 billion for new plants and equipment. And, private industry1s contribution in the same period was even greater. But our war production record by no means tells the full story of the production potentialities we possess today. Our capacity to produce and our ability to produce did not stop with the cessation of hostilities. In the last five years, private business alone has spent close to $100 billion in fur ther expanding its productive capacity. Statistics may be cold calculations, but certainly this statistic is one that can warm the hearts of all Americans. It is an expression of faith, an expression of belief, an expression of confidence that we have a country in which we can put our full force of energy to work, with the assurance that we are building toward a common objective — a peaceful, pros perous world. Nor have our tremendous production gains been limited to our industrial plant. Our agriculture has made equally amazing strides. Before Pearl Harbor our farmers had reached new production peaks. Yet each year during the war we were able to outstrip that earlier production. By 19^4 we were harvesting 10 percent more acres and producing 20 percent more crops and livestock products than in 1939. And we did all this with 17 percent fewer workers than just before the war. Impressive as this wartime production record was, again it is only a partial indication of the present productive might of our American farmers. And right here, I fd like to bring out a few more warming statistics. Ever since the close of World War II, our farmers have been turning out, year after k 524 year, nearly q fourth more than in the year of Pearl Harbor, For the past six years from 1944 through 1 9 4 9 — our farmers have annually harvested wheat crops of well over a billion bushels, a record reached before in only one other year. In five of the last eight years they have turned out corn crops of more than three billion bushels. In each of the last two years, our farmers have produced nearly 40 percent more than the average for the years 1935-39. For anything from the big markets of peacetime prosperity to the demands of all-out war, our farms stand ready to produce at the highest level the United States has ever known. America’s agricultural might is, I know, most significant to the people of Iowa. While your State has only three percent of the farm land of the United States, it produces better than seven percent of our Nation’s farm income. And Iowans have always been alert for every opportunity to increase the effi ciency and productivity of their farms by widespread farm mechanization and electrification, as well as by the use of better livestock, improved crop varieties and new production methods. We are indeed fortunate that the United States has produc tive machines -- both agricultural and industrial — which are not only the most prodigious in the history of the world, but which have vast potentialities not yet realized. Unfortunately, however, the existence of tremendous pro ductive capacity does not alone assure the preservation of the freedoms we cherish. To protect our freedoms, we must certainly be able to meet aggression with greater military might. At the same time, however, we must insure the integrity of our economy, for if we don’t, the goals of our enemy will be achieved as surely as if we were conquered on world battlefronts. Above all, every American has to be realistic about the job that lies ahead if we are to safeguard the soundness of our economy. We cannot superimpose a strong military estab lishment on our present full-scale civilian production without creating various strains and shortages. For as defense pro duction expands we are going to have to adjust our economy in other areas in order to control inflationary trends. 525 - 5 - At the time of the K o r e a n i n v a s i o n our e c o n o m y was m o v i n g f o r w a r d on a sound and stable basis. I m m e d i a t e l y , however, there were some who f o r c e d p r i c e s up by r u s h i n g to b u y things for w h i c h t hey h a d no i m m e d i a t e need. They bought heavily b o t h f or cash and on credit. B u s i n e s s m e n o r d e r e d g o ods in h e a v y volume, to be p a i d for w i t h b a n k loans. In fact, loans f or b u s i n e s s p u r p o s e s in one w e e k last m o n t h s h o w e d the l a r g e s t w e e k l y i n c rease on record. F o r t u n a t e l y , this s i t u a t i o n ca n a d j u s t i t s e l f u n d e r c u r rent c o n d i t i o n s w i t h o u t too serious c o n s e q u e n c e s . We m a y e v e n go t h r o u g h a t e m p o r a r y p e r i o d w h e n i n f l a t i o n a r y f o r c e s wil l seem to be r e t r e a t i n g . B u t we m u s t be on g u a r d a g a i n s t a r e p e t i t i o n of e x c e s s i v e b u y i n g a nd e x c e s s i v e b o r r o w i n g a f t e r our d e f ense p r o g r a m gets f u l l y u n d e r way. G o v e r n m e n t r e s t r i c t i o n s on c o n s u m e r a nd real e s tate credit that have a l r e a d y b e e n put into e f f e c t w i l l act as a p a r t i a l r e s t r a i n t on e x c e s s i v e spending. And, an e v e n f i r m e r b r a k e on sp e n d i n g will come as a r e s u l t of our r e c e n t tax l e g i s l a t i o n i n c r e a s i n g the income taxes of i n d i v i d u a l s a nd c o r p o r a t i o n s in order to h e l p m e e t the a d d e d d e f e n s e e x p e n d i t u r e s . The m o s t e f f e c t i v e o v e r - a l l m e a s u r e for m i n i m i z i n g i n f l a t i o n a r y p r e s s u r e s in the face of our e x p a n d e d d e f e n s e r e q u i r e ments, w o u l d be to p a y for all of our de f e n s e e x p e n d i t u r e s out of i n c r e a s e d revenues. I hope we are g o i n g to be able to do this. A p r o g r a m of this sort, however, will m e a n sacrifices. It will r e q u i r e a s u b s t a n t i a l in c r e a s e in taxes a g a i n nex t year -- and a g r e a t e r i n c rease I believe tha n m o s t people realize. In a full w ar emer g e n c y , p e r s o n a l r e s t r a i n t and selfs a c r ifice are d e m a n d e d of all of us, a nd this is no less vital in the e m e r g e n c y that c o n f r o n t s us today. If we are to insure a stable e c o n o m y that wi l l r e t u r n us to sound p e a c e t i m e p r o s p e r i t y a f ter the e m e r g e n c y is over, we are g o i n g to h ave to t i g h t e n our belts a n o t c h -- p e r h a p s several notches. A n d . i t i s n 1t a job just for the other fellow. It is a job w h i c h calls for n a t i o n w i d e teamwork. O n l y by u n i t e d e f f o r t c an we be successful. T h a t u n i t y requires, of course, strong n a t i o n a l leadership. B u t it also r e q u i r e s u n d e r s t a n d i n g e a g e r l y sought, and c o o p e r a t i o n v o l u n t a r i l y given, b y e v e r y g r o u p and by e v e r y active c i t i z e n in e v e r y par t of our country. - 6 - ; | 526 I s c a r c e l y n e e d to call y o u r a t t e n t i o n to the i n s p i r i n g ex a m p l e of v o l u n t a r y t e a m w o r k that is b e ing p r o v i d e d by our Savings B o n d program. Here is a p r o g r a m to w h i c h y o u banke rs have l ong d e v o t e d y o u r loyal s e r vices — a program which e n a b l e s all of our p e o p l e to share in the r e s p o n s i b i l i t i e s of this N a t i o n -- a p r o g r a m w h i c h p r o m o t e s thri f t a nd p r o v i d e s for the f u ture s e c u r i t y of i n d i v i d u a l s -- and a p r o g r a m w h i c h will p l a y a v e r y i m p o r t a n t p a r t in r e d u c i n g i n f l a t i o n a r y p r e s s u r e s g r o w i n g out of our r e a r m a m e n t effort. O w n e r s h i p of savings bonds is a d i rect f i n a n c i a l share in the G o v e r n m e n t , and c e r t a i n l y Iowans have a l w a y s bee n a m o n g our p r i n c i p a l shareholders. Since the v e r y i n c e p t i o n of the Savings B o n d program, Iowa has b e e n a l e a d i n g State in the p u r c h a s e of these securities. As e a r l y as June 1935* sales reports for the first three months of operation of the Savings Bond program -- March, April, and May 1935 — show that Iowa ranked fifth in the Nation in the dollar volume of savings bonds purchased. During the seven war loans and the Victory loan, Iowans were top-flight quota makers. They bought more than $l/2 billion in Series E bonds alone during these drives. Today savings bond holdings of your residents amount to over $1-1/2 billion. As y o u know, the T r e a s u r y has l a u n c h e d an i n t e n s i f i e d sales c a m p a i g n this fall w h i c h is a i m e d p a r t i c u l a r l y at g r e a t l y i n c r e a s e d p a r t i c i p a t i o n in the p a y r o l l savings plan. However, as in this State, m a n y segments of our p o p u l a t i o n -such as farmers, s e l f - e m p l o y e d b u s i n e s s m e n , a nd w o r k e r s in smaller c o m m e r c i a l e n t e r p r i s e s -- do not have the p a y r o l l savings p l a n a v a i l a b l e to them. T h e y d e p e n d r a t h e r u p o n the p u r c h a s e p l a n s s p o n s o r e d b y their local banks. We w ant to r e a c h the savings of these p e o p l e just as m u c h as we w a n t to r e a c h the savings and support of the f a c t o r y worker. The m o r e that p e ople exert s e l f - d i s c i p l i n e b y saving i n s tead of sp e n d i n g their surplus incomes, b y a c c e p t i n g the credit r e s t r i c t i o n s and i n c r e a s e d taxes w h i c h a d e f e n s e e c o n o m y n e c e s sitates, the less n eed there will be for h a r n e s s i n g our e c o n o m y w i t h r a t i o n i n g and o t her direct controls. Our country, and its p r o b l e m s w h i c h we m u s t share, are v a s t l y d i f f e r e n t f r o m what they were w h e n Iowa ba n k e r s h e l d their first m e e t i n g here in Des M o i n e s b a c k in 1 8 8 7 * But, 527 - 7 - d e s pite the m a n i f e s t c h a nges that 63 y e a r s have brought, the c h a r a c t e r of the peop l e of this N a t i o n r e m a i n s f u n d a m e n t a l l y the same. We c o n tinue to count above all else as our one p r i c e l e s s p o s s e s s i o n the cause for w h i c h we stand -- h u m a n freedom. We b e l i e v e in the r i g h t s of the i n d i v i d u a l and have b u i l t our N a t i o n u p o n this principle. We hav e an e c o nomic s y s t e m that is p r e d i c a t e d on p e r s o n a l f r e e d o m and on the beli e f that h u m a n d i g n i t y is our m o s t i m p o r t a n t heritage. We c o u l d not, if we would, confine this f a i t h to one a r e a of the world. T h r o u g h o u t history, it has b e e n the m o v i n g force of mankind. In our p r e o c c u p a t i o n w i t h the m a t e r i a l e s s e n t i a l s of defense, we m u s t not f o r g e t the e n o r m o u s st r e n g t h of this single w e a p o n in our b a t t l e f or a free world. F a r f r o m b e i n g d i s m a y e d by the d i f f i c u l t i e s and d a n g e r s w h i c h su r r o u n d us,, a full r e a l i z a t i o n of the t r e m e n d o u s p o w e r w h i c h the c o n cept of f r e e d o m has alwa y s e x e r c i s e d s h o u l d give us h e a r t and courage. The f i r s t n a t i o n s to achieve f r e e d o m h a d to m a k e their s t r uggles alone. Today, there are m a n y of us, and we are u n i t e d in a cause w h i c h has long b e e n the hope of m a n k i n d e v e r y w h e r e . This very day — October 24, 1 9 5 0 -- .is dedicated to the observance of the ideals for which the United Nations stand. In the five y e a r s since the f o r m a t i o n of the U n i t e d N a t i o n s O r g a n i z a t i o n , the p o w e r of our c o o p e r a t i v e a c t i o n a g a i n s t a g g r e s s i o n has a l r e a d y b e e n t e s t e d and proven. B u t our b a t t l e for f r e e d o m is a c o n t i n u i n g one, and we m u s t e x p e c t that our u n i t y of e f f o r t and f i r m n e s s of p u r p o s e will be p ut to e v e n g r e a t e r tests. Yet if our f a i t h r e m a i n s strong, no e n e m y will be able to h o l d b a c k the p e a c e f u l n a t i o n s of the w o r l d in t h eir u n i t e d ef f o r t s to d e f e n d their f r e e d o m and to w i d e n the are a in w h i c h m e n c an live w i t h o u t fear. -oOo- -3 - any State, or any of the possessions of the United States, or by any local tax ing 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 as amended by Section i|2 and 117 (a) (1) of the Internal Revenue Code, 115 of the Revenue Act of 19U1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need in clude 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. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. unless the tenders are accompanied by an express guaranty of payment by an in corporated bank or trust company. Immediately after the closing hour* tenders will be opened at the Federal Reserve Banks and Branches, foil wring which public announcement iti.ll be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for '¿200,000 or less without stated price fran 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 November 2. 1950 > cash or other immediately a/ail able funds or in a like face amount of Treasury bills maturing Gash and exchange tenders will receive equal treatment. November 1 123 k xxxx Cash adjustments will te made for differences between the par value of maturing bills accepted in exchangj 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. gift The bills shall be subject to estate, inheritance, 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 ieeiiSiiBKGB TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday. October 26, 1950_____ • SS 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 November 2, 1950 to bG issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated A , will mature interest. February 1, 1951 November V 1950------ * and " • : '’ s when the face amount will be payable without They will be issued in bearer form only, and in denominations of $>1,000, $6,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, October 3QyJL25fl. 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. Others than banking institutions will not be permitted to submit tenders except for their cwn account. 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, TR E A S U R Y DEPARTM EN T Information Service WASHINGTON. D .C . 531 RELEASE MORNING NEWSPAPERS, Thursday, October 26, 1950. S-2487 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 November 2, 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 November 2, 1950, and will mature February 1, 1951, when the face amount will be payable without interest. They will be issued.in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value) Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o 1clock'p.m., Eastern Standard time, Monday, October 30, 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. Others than banking institutions will not be permitted to submit tenders except for their own account. 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 .bid's Settlement for accepted tenders in accordance with, the bids must be made or completed at the Federal Reserve Bank on November 2, 1950, in cash or other immediately available funds or in a like face amount of Treasury bills maturing November 2, 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 thè 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)