Full text of Press Releases of the United States Department of the Treasury : Volume 84

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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* ۥ

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#

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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

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Si#

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i*

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*

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*

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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#

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ArniXlaâ, ÜHaag

foial
ɧʮ. Ifll.....

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I®¥ lork
m u a © i # u

I

♦

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x a * ^ ® frw
MtfMQft
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Matamd
ÂiXaata
îM«itÉli
Si# Xsai#
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U , 910.000
l ê §7 f $ , ® m

U * 5 X O #000
4M?p$®
« ■ L m

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XltS^.OGO
j M É $ f§§®
^ f3X0#ôô0

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f c #f0X#G00

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32.190.000
23.901.000

Ht7#«ooe«ooo

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»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

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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

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ciftMim S M I G a S i

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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

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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

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SI
* 23 T h i s i s a « ® spirit -err s ® r v i e ® | h a s j b t ® n
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f h a v ® | n © d o u b t that e a c h of you,

in

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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#
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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

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more closely

12

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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.
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budget

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in good order, the rebuilding

of a strong m i 1 itary establishment
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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

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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
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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)