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U. S . Tre»
U -y^.
Cfcfe.«* «5
i>'
JUN 1. 4 1972
TREASURY DEPARTMENT
Proposed Press Release
asss».«--«»—---—
~*s=***xM
release morning^papers
October 3 > 1951
5 -
>
*J
j-
Following receipt of information from the Department of State that
the certification of consular invoices on Czechoslovak merchandise is
being indefinitely delayed, the
Bureau of Customs today warned that the
maximum penalty permitted under the law may be assessed when such ship
ments are not covered by the required documents within the legal time
limit.
Frank Dow, Commissioner of Customs, said that entry bonds provide
for payment of up to the value of the merchandise plus estimated duties
for failure to file a certified invoice within six months from the date
of entry of the merchandise.
It is anticipated that United States impor
ters generally will take cognizance of the financial risk involved when
the required certified invoices are not produced.
The State Department said in view of the imposed limitation of its
Embassy and Consular Staff in Czechoslovakia and the burdens on the
American Embassy and the consular section at Praha in dealing with
present problems, it is unlikely that consular invoices can be certified
for an indefinite period.
In considering a petition for remission or mitigation of penalties
for failure to produce a certified consular invoice, Customs must neces
sarily take the position that inability to procure a certified invoice
for such reasons will not justify mitigation or remission.
Customs will
grant remission or mitigation only when additional reasons are shown such
as, for example, when the merchandise was afloat before the United States
importer could be informed of the new ruling.
TREASURY DEPARTM ENT
Information Service
W A S H I N G T O N . D.C.
RELEASE MORNING NEWSPAPERS
Wgdngsda'V,
O c t o b e r 3 f 1QS1
3-28 3 5
F o l l o w i n g r e c e i p t of i n f o r m a t i o n f r o m the D e p a r t m e n t of State
that the c e r t i f i c a t i o n of c o n s u l a r i n v oices on C z e c h o s l o v a k
m e r c h a n d i s e is b e i n g i n d e f i n i t e l y delayed, the B u r e a u of C u s toms
today w a r n e d that the m a x i m u m p e n a l t y p e r m i t t e d u n d e r law m a y be
assessed w h e n s u c h s h i p ments are n ot c o v e r e d by the r e q u i r e d
documents w i t h i n the legal time limit.
F r a n k Dow, C o m m i s s i o n e r of Customs, said that e n t r y bonds
provide for p a y m e n t of up to the v a lue of the m e r c h a n d i s e plus
e s t imated d u t i e s for failure to file a c e r t i f i e d i n v oice w i t h i n
six m o n t h s f r o m the date of e n t r y of the m e r c h a n d i s e .
It is
a n t i c i p a t e d that U n i t e d States imp o r t e r s g e n e r a l l y w i l l take
cognizance of the f i n a n c i a l r i s k i n v o l v e d w h e n the r e q u i r e d
certified invoices are not produced.
Ihe State D e p a r t m e n t said in v i e w of the i m p o s e d l i m i t a t i o n of its E m b a s s y and. C o n s u l a r S t a f f in Czechoslovakia, a n d the burdens
on the ibnerlean E m b a s s y a n d the c o n s u l a r s e c t i o n at P r a h a in
d e a ling w i t h p r e s e n t problems, it is u n l i k e l y that c o n s u l a r i n
voices • c an be c e r t i f i e d for a n i n d e f i n i t e period.
I n c o n s i d e r i n g a p e t i t i o n for r e m i s s i o n or m i t i g a t i o n of
penalties for failure to p r o duce a c e r t i f i e d c o n s u l a r invoice,
Customs m u s t n e c e s s a r i l y take the p o s i t i o n that i n a b i l i t y to
procure a c e r t i f i e d invoice for such reasons w i l l not justify
m i t i g a t i o n or remission.
Customs w i l l grant r e m i s s i o n or m i t i g a
tion o n l y w h e n a d d i t i o n a l reasons are s h o w n such as, for example,
when the m e r c h a n d i s e was a f l o a t b e fore the U n i t e d S t ates i m p o r t e r
could be i n f o r m e d of the n e w ruling.
0O 0
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G
KR8H® B *S?A K S8,
Tba âaaratarr af tl* fsaamyr aanafflasad last a*«diig J*** **•
far
fit 209*000*003* sr tl*raalw«ia» of 1M a& fraaarary f â l i ta ta dated chetar li# USI*
and ta M
¿to^arr 3* 1 Ä
IWnal n a m
¡¡81^ « w a af£*i*t aa âaptesfcar t?f w »
« ^ a a d *ft Ite
date» «a oateter I*
ïfca datali# of tuia Im
m
ara aa I d t a i t
fa ta i applted fa r
fa ta l aaa^pted
^ S I l i S »
im p
ffellfc Equivalant m n af dlwwuai appro*. 1.616$ per a m
(>m W
m
$116 ,758,000 entend *
*
aan-oor4» titl'w béais end aeceptad is
fe ll c i Me even«» prt.ee ebon M e»)
frla a
Eanga of æoapted caspatlt&aa Mâa »
99.612 Sven im i n ie «t dieeemt appro.
Ü
t
P I penasi «f Me m
»
»
•
•
•
per am a
ü
i
*
i Md ftr a i Me le» prise « s aseeptad)
M a r a l flaaarva
f la t r ü t _____
to tal
»tel
BOMfmX
I
I
87,707,000
» ,» 7 ,0 0 0
$4,151*000
M r fart
Jl,U7,ooo
9 * 007,000
WeVTVefliP
»,117,000
1 7 ,5 *8 ,0 0 0
176,710,000
atleta
87.131.000
it« M i a
aB®awMt@N6dis
laaaaa Oter
l^'llnay
Sas Prem ino
TOTAL
16.117.000
»,187,000
1S,»7,0OO
17.502.000
1*6,395,000
.
81 671.000
17.813.000
10 ,200,000
I79,871,000
17,811,000
11,Hi3, 030
16,073,000
88,088,719,000
$1,801,115,000
•
TREASU RY
D EPARTM EN T
Information Service
W A S H I N G T O N , D.C.
6
RELEASE MORNING N E W S P A P E R S
Tuesday, October 2, 1951__
S-2836
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills
to be dated October 4, 1951* and to mature January 3* 1952, which
were offered on September 27, were opened at the Federal Reserve
Banks on October 1.
The details of this issue are as follows*
Total applied for
Total accepted
Average Price
$ 2 ,022,719*000
1,201,445,000
(include: $146,752 ,0 0 0
entered on a noncompétitive basis and
accepted in full at the
average price shown below)
99-584 Equivalent rate of discount approx.
1.646$ per annum
Range of accepted competitive bids;
- 99-812 Equivalent rate of
1.535$ per
- 99-582 Equivalent rate of
1.654$ per
High
Low
discount approx.
annum
discount approx.
annum
(34 percent of the amount bid for at the low’ price was accepted)
Total
.Applied for
Federal Reserve
District
27,707,000
1,465,046,000
31,417,000
34,807,000
19,147,000
17,568,000
176,741,000
27.933,000
17,813,000
42,208,000
79,273,000
__ 83,059,000
$
$2,022,719,000
$1,201,445,000
0
0
0
0O 0
25,547,000
746,154,000
16,417,000
32,027,000
1—î
TOTAL
$
cq
iH
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Accepted
1 7 ,502,000
146 ,395,000
2 1 ,673,000
1 7 ,813,000
41,448,000
46,073,000
___72,079,000
Release
October 2—, 1951
/John B. DunlaJ^J Commissioner of Internal Revenue, announced today
that ¿97^11 cases involving income tax returns of racketeers and other
known or suspected criminals are in the hands of the Bureau*s 117
racket squads. Of these, 7,864 were under active investigation at the
end of August, by 2,003 enforcement officers assigned to full-time
duty with these squads.
During the month of August, 577 cases were closed, and of this
number, prosecution was recommended in 48 cases. Additional taxes and
penalties recommended for assessment during the month total $7,906,500,
Since the organization in April of the special driv» £ y racket
squads, there have been closed 1,207 cases included in the "master
list" assigned to these squads. Prosecution was recommended in 72
cases and additional taxes and penalties were recrommended in the total
amount of $13,531,033.
•
Commissioner Dunlap called attention to the fact that the organiza
tion and planning, necessary in an operation of this magnitude, occupied
much of the time of the staff assigned to this activity during its
formative period, and said that the disposition of cases will continue
at an increasing rate hereafter.
j
oOo
j -
Proposed Press Release
October « 19SI
>
f-3
John B* Dunlap, Commissioner of Internal Revenue, announced today
that 29,211 oases involving income tax returns of racketeers and ether
known or suspected criminals are in the hands of the Bureau^ 11?
racket squads• Of these, 7,864 were under active investigation at the
end of August, by 2,005 enforcement officers assigned to full-time
duty with these squads•
During the month of August, 577 oases were closed, and of this
number* prosecution was recommended in 48 cases* Additional taxes and
penalties recommended for assessment during the month total $7,906,500*
Since the organisation in April of the speoial drive by racket
squads, there have been closed 1,207 cases included in the master
list" assigned to these squads* Prosecution was recommended in 72
cases and additional taxes and penalties were recommended in the total
amount of 115,551,055*
Commissioner Dunlap called attention to the fact that the organisa
tion and planning, necessary in an operation of this magnitude occupied
much of the time of the staff assigned to this activity during its
formative period, and said that the disposition of oases will continue
at an increasing rate hereafter.
- oOo -
T R EASU RY
DEPARTM EN T
IMMEDIATE RELEASE
T u e s d a y, O c tober 2 ,
1951
S-2837
. . C o m m i s s i o n e r of I n t e r n a l Revenue, J o h n B. Dunlap, a n n o u n c e d
t o d a y that 29,211 cases i n v o l v i n g income tax re t u r n s of r a c k e t e e r s
a n d o t h e r k n o w n or s u s p e c t e d c r i m i n a l s are in the h a n d s of the
B u r e a u ' s 117 r a c k e t squads.
Of these, 7,86*1 w e r e u n d e r acti v e
I n v e s t i g a t i o n at the end of August, by 2,003, e n f o r c e m e n t officers
a s s i g n e d to ful l - t i m e d u t y w i t h these squads.
During the month of August, 577 cases were closed , a n d of
this number, prosecution was recommended in 48 cases, A d d i t i o n a l
taxes and penalties recommended for assessment during* the m o n t h
total $7 ,906,500.
Since the o r g a n i z a t i o n in A p r i l of the sp e c i a l rack e t squads
there h a v e b e e n clos e d 1,207 cases i n c l u d e d in the "m a s t e r list"
a s s i g n e d to these squads.
P r o s e c u t i o n was r e c o m m e n d e d in 72
cases a nd a d d i t i o n a l taxes a n d p e n a l t i e s were r e c o m m e n d e d in the
total a m o u n t of $ 13 ,531 ,-033 .
C o m m i s s i o n e r D u n l a p called a t t e n t i o n to the fact that the
o r g a n i z a t i o n an d planning, n e c e s s a r y in a n o p e r a t i o n of this
m a g n itude, o c c u p i e d m u c h of the time of the s t a f f a s s i g n e d to
this a c t i v i t y d u r i n g its for m a t i v e period, a n d said that the
d i s p o s i t i o n of cases w i l l continue at a n i n c r e a s i n g rate
hereafter.
0O0
- 3 -
mm
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 i;2 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. U18* 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
(
zmm.
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 -«fill 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 11. 1951 . ^
cash
or/other
immediately avail-
able funds or in a like face amount of Treasury bills maturing October
Cash and exchange tenders will receive equal treatment.
Cash adjustments will be
made for differences between the par value of maturing bills accepted ir/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
Mc$ödö&
mm.
TREASURY DEPARTMENT
Washington
ß
J
V^
FOR RELEASE, MORNING NEWSPAPERS,
JJ
L. u
fl
Thursday. October lit 1951______•
Sp
The Secretary of the Treasury, by this public notice, invites tenders for
ft ,
%>1 1 200■
a™
. or thereabouts, of
91 - d a y Treasury bills, for cash and__
»«SaL .’
— zg—
in the amount of $ 1«201»731«0Q0j
in exchange for Treasury bills maturing
October^!!, l?£l--->/to 13(3 issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series will be d a t e d __ _
JaruiarylO. 19$2
j
— > and
^ e n the face amount will be payable without
They vd 11 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 o.m., Eastern Standard time,
Monday. October 8,
XXX
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 hot 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 vd.ll 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 other's must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
TREASURY DEPARTM ENT
Information Service
RELEASE MORNING NEWSPAPERS
Thursday, O c t o b e r 4, 1951
WASHINGTON, D.C
S-2838
The S e c r e t a r y of the T r e a sury* b y this p u b l i c notice, invites
tenders for
$ 1 , 200,000,000, or t h e r e a b o u t s ,*of 91 - day T r e a s u r y bills,
for cash a n d in e x c h a n g e f or Treasury; bills m a t u r i n g O c t o b e r 11, 3 951*
in the a m o u n t of $-1,201,731,000, to be i s s u e d on a d i s c o u n t basis
under c o m p e t i t i v e a n d n o n - c o m p e t i t i v e b i d d i n g . a s h e r e i n a f t e r pro v i d e d .
The bills of this series w i l l be d a t e d O c t o b e r 11, 1951, a n d w i l l
mature J a n u a r y 10, 1952, w h e n the f a c e - a m o u n t w i l l be p a y a b l e w i t h
out interest.
T h e y w i l l be i s s u e d i n , b e a r e r form, only, a n d in
d e n o m inations o f . $1,000, $5,000, $10,000* $100,000,' ¿ 5 0 0 , 0 0 0 a nd ■
$1,000,000 ( m a t u r i t y value). •
. '‘
•
T e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d 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 time,
Monday, O c t o b e r 8, 1951.
Te n d e r s w i l l n o t be r e c e i v e d at the
Treasury D e p a r t m e n t , W a s h i n g t o n .
'Each t e n d e r m u s t be for a n e v e n
multiple of $1,000, a n d in the c a s e of, c o m p e t i t i v e tenders the price
offered m u s t be e x p r e s s e d on the basis of 100, w i t h n o t m o r e t h a n
three decimals, e. g., 99*925.
F r a c t i o n s m a y n o t be used.
It is
urged that tenders be m a d e on the printed" forms a nd 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 w i l l be s u p p l i e d b y F e d e r a l R e s e r v e B a nks or
Branches 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 institutions, w i l l n o t be p e r m i t t e d to submit
tenders e x c e p t for their o w n account.
T e n ders will, 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 banks a n d t r u s t ’:com p a n i e s a n d from
responsible a n d r e c o g n i z e d d e a l e r s in i n v e s t m e n t securities.
Te n d e r s
from others 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 of 2 p e r c e n t of the face
amount of T r e a s u r y bills a p p l i e d for, unless the tenders 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 of p a y m e n t b y a n i n c o r p o r a t e d b a n k
or trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders w i l l be o p 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 a n d B r a nches, f o l l o w i n g w h i c h p u b l i c
annou n c e m e n t w i l l be m a d e b y the S e c r e t a r y of the T r e a s u r y of the
amount a nd p r i c e range of a c c e p t e d bids.
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 S e c r e t a r y
of the T r e a s u r y e x p r e s s l y re s e r v e s the r i g h t to a c c e p t or r e j e c t a n y
or all tenders, in w h o l e or in part, and hi s a c t i o n in a n y s uch
respect s h all be final.
Su b j e c t to these re s e r v a t i o n s , n o n
competitive tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t s t a t e d p r i c e f rom
any one b i d d e r w i l l be a c c e p t e d in full at the a v e r a g e p r i c e (in
2
three d e c i m a l s ) of a c c e p t e d c o m p etitive bids.
S e t t l e m e n t for
a c c e p t e d tenders in a c c o r d a n c e w i t h the bids m u s t be m a d e or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k o n O c t o b e r 11, 1951, in casn or
o t her i m m e d i a t e l y a v a i l a b l e funds or in a like face amount of
T r e a s u r y bills m a t u r i n g O c t o b e r 11, 1951.
C a s h a nd e x c h a n g e tenders
w i l l r e c e i v e e q u a l treatment.
Cas h a d j u s t m e n t s w i l l be *n&de for
d i f f e r e n c e s b e t w e e n the p ar 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 a n d the issue price of the n e w bills.
• The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r e s t or gain
f r o m the sale or o t her d i s p o s i t i o n of the bills, shall n ot h a v e a n y
exemption, as such, a nd 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 n ot h a v e a n y s p ecial treatment, as such, u n der
the I n t e r n a l R e v e n u e Code, or laws a m e n d a t o r y or supplementary,
thereto. The bills s h all be s u b ject to estate, inheritance, gif't or
o t her excise taxes, w h e t h e r F e d e r a l or State, b ut shall b e _e x e m p t
fro m a ll t a x a t i o n n o w or h e r e a f t e r i m p osed on the p r i n c i p a l or
i n t e r e s t t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the
•>
U n i t e d States, or by a n y local t a x i n g a u t h ority.
F o r p u r p o s e s of
t a x a t i o n the a m o u n t of d i s c o u n t a t ' 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 U n i t e d States shall be c o n s i d e r e d to be
interest.
U n d e r Se c t i o n s 42 and 117 (a) (l) of the I n t e r n a l R e v e n u e
Code, a s a m e n d e d b y S e c t i o n 115 of the R e v e n u e A c t of 1941, ike
a m o u n t of d i s c o u n t at w h i c h bills i s sued h e r e u n d e r are sold shall n o t
be c o n s i d e r e d to a c c r u e u n t i l such bills shall be sold, redeemed, or
o t h e r w i s e d i s p o s e d of, a n d suc h bills are excluded, f r o m c o n s i d e r a t i o n
as c a p i t a l assets.
A c c o r dingly, the o w ner of T r e a s u r y b i lls (other
tha n life i n s u r a n c e companies) issued h e r e u n d e r n e e d include i n h is income tax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the p r ice p a i d for
such bills, w h e t h e r on o r i g i n a l issue or on s u b s e q u e n t purchase,
a n d .the a m o u n t a c t u a l l y r e c e i v e d e i t h e r u p o n sale or r e d e m p t i o n at
m a t u r i t y d u r i n g the taxable y ear for w h i c h the r e t u r n is made, as
o r d i n a r y g a i n or l o s s .
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, a n d this
notice, p r e s c r i b e the terms of the T r e a s u r y bills a n d 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 o b t a i n e d
f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.
oOo
Commissioner of Internal Revenue John B. Dunlap
announced today that as of August 17, 1951, collectors
of internal revenue had received 522,466 ^
wages of
envelope-type returns
household employees for the second quarter of 1951,
ended June 30.
This compares with a previous report
showing that as of May 18, 511,288 such returns had
been filed for the first quarter of the year.
Since the May 18 report was compiled, 55,371
additional returns for the first quarter have been
received, and it is anticipated that a large number
of additional returns for the second quarter will be
filed in the comparable period.
v
In submitting the statistics f\om which the total
was compiled, none of the collectors Reported any
difficulty in the collection of these taxes for the
second quarter.
Those reporting any change in the
4-avnotrare
4
« plom
nl T
71nor with t.hk tlfiW laW
0O 0
h
14
TREASU RY
DEPARTM EN T
Information Service
I M M E D I A T E RELEASE,
Thursday, O c t o b e r 4,
W A S H I N G T O N , D.C.
1931«
S-2839
Commissioner of Internal Revenue John B.
Dunlap announced today that as of August 17,
1951 * collectors of internal revenue had
received 522,466 special envelope-type returns
reporting Social Security taxes withheld from
wages of household employees for the second
quarter of 1951* ended June 30. This compares
with a previous report showing that as of
May 18 , 511*288 such returns had been filed
for the first quarter of the year.
Since the May 18 report was compiled,
55*371 additional returns for the first
quarter have been received, and it is
anticipated that a large number of additional
returns for the second quarter will be filed
in the comparable period.
0O0
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M o m «
IttNtoi Octobar 9, 1951«
The Secretary of th» Treasury announced last eaaaing that the tóate?» for
$1 *200*000*000* «a? ttereabouts* of 91-day freasary bU l » to be dated October
to «atura dasuary 10* 1952* «hieh m
Keeerve tete on October
11 *
19&,
offered oa October k$ m * * apenad at tho Pete
8*
The dotali» of thl» lama» aro a» follassi
total spoiled for - Ïf.*lé3*0f|#«
total accepted
- 1*200*655*909
{inolia» $176*831,000 entered m a
non^ccœpetitlifo baile and accepted la
full at tbs arara»» pria» abosa late«)
Average Prie»
99*602 Bqulvale&t rato of discount appresi* 1#5?65 par annua
Bange of aceitad eoiapebittva bite
BiA
*■ ajf
Lear
* 99*621 Ifpalmltiit rate of discount approx*
par annua
« 99*600
»
»
e
e
f
1,532* *
»
(93 percent of the amount bid for at the loa price «a» accepted)
Federal Beserre
Itetrict
Bollai
ter fork
P&ilatlalphlA
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Mixuisapolis
tema» City
Balias
San Francisco
VM X,
j
Total
Applied for
Total
Aceitad
1
1
23,357,000
3,537,591»,000
33,387,000
60,232,000
30,062,000
25,182,000
209,1*37,000
31»,610,000
8,971»,000
69,90b,000
1»7,702,000
82,150,000
82,163,091,000
23,537,000
756,81»7,000
16,712,000
1*7,507»ooo
27,379*000
20,570,000
131,351,000
22,11*0,000
7,851»,ooo
51»,1*55,000
31,1*62,000
60,010,000
$1 ,200,655,000
TREASURY DEPARTM ENT
The Secretary of the Treasury announced last evening that the
tenders for $1,200/000,000, or thereabouts, of 9 I-day Treasury bills
to be dated October 11, 1951* to mature January 10, 1952, which’were
offered on October 4, Were opened at the Federal Reserve Banks on
October 8.
The details of this issue are as follows:
Total applied for - $2,163,091,000
Total accepted
- 1,200,655,000 (includes $176,881,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average .Price
- 99*602 Equivalent rate of discount approx.
1 *576 % per annum
Range of accepted competitive bids:
- 99*621 Equivalent rate
1,.499$
- 99.600 Equivalent rate
1,.582$
High
Low
of discount approx
per annum
of discount approx
per annum
price was accepted)
(93 percent of the amount bid for at the low ;
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
23 ,857,000
1 ,537 ,59^,000
33 ,387,000
60,232,000
30,062,000
25,182,000
209,477,000
34,6ÎO,000
8,974,000
69,904,000
47.702,000
82 ,150,000
23,537*000
756,847,000
16 ,712,000
47,507,000
27,379,000
20,570*000
131,351,000
22,140,000
7,854,000
54 ,455,000
31,462,000
60,841,000
$2 ,163 ,091,000
$ 1 ,200,655,000
$
TOTAL
Total
Accepted
Total
Applied for
Federal Reserve
District
oOo
$
STATUTORY DEBT LIMITATION
AS OF September 3P* 1951
exceed in the aggregate $275'5°5;9°°'°°5 ¡ ^ cì h° current redemption valúe of any obliga tion issued on a discount
S & rtó rw
^ t ^ í o í l f C h o i d e r Shan be considered as its face » c u n t .The follow ing.table.show s the face amount of o bliga tions outstanding and the face-amount which can s t i l l
be issued under th is lim ita tio n :
Total face amount that may be outstanding at any one time
$ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
1"mlfu'ry6?ins.............. 1 #15,616,981,000
C e rtific a te s of indebtedness...........
1 5 ,3 1 7 ,1 5 0 * 0 0 0
Treasury notes.......................................
38 .7 8 7 ,4 6 4 ,2 0 0 4 69,721,595.200
Bonds T reasu ry ...............................................
Savings (current redemp. value)
Deposi ta ry ...........................................
Armed Forces Leave.........................
Investment s e rie s ..................... ......
78,070,463,550
57,487,765,268
342,803,500
27,350,350
13.519,396,000 149,447,778,668
Special Funds C e rtific a te s of indebtedness
Treasury notes............................
Total interest-bearing ....
Matured, interest-ceased....................
Bearing no in terest:
War savings stamps .................................
Excess p ro fits tax refund bonds......
Special notes of the United States:
In te rn a t’ l Monetary Fund series...
21.375.415.000
14.261.555.000
35.636,970.000
254,806,343,868
531,717,740
46,570,130
2,006,398
1.293.000.000
T o ta l..................................................................
Guaranteed ob liga tions (not held by Treasury):
Interest-bearing:
Debentures: F.H. A ........................................
Demand o b liga tions: C .C .C ....................... ........
Matured, interest-ceased .......................................
1.3 4 1 ,5 7 6 ,5 2 8
256,679,638,136
3 1,5 3 4 ,4 3 6
3 1.5 3 4 ,4 3 6
1 ,77 6.92 5
33,311,361
256.712.949.497
18.287.050,503
Grand total outstand i n g ........... ......... .........^1,..,;.....;;..,......
Balance face amount of obligations issuable under above authority
Reconcilement with statement of the Public Debt ,..S0p.t.#....JP.#.. X.55^*
(Date)
(D aily Statement of the United states Treasury,
*
Oct* 1* 1951^ •
(Date)
Outstandi ng Total gross public debt .........................................................................................................................
Guaranteed obligations not owned by the Treasury .....................................................................
Total gross public debt and guaranteed o bliga tions ...................................... ....
Deduct - other outstanding public debt ob liga tions not subject to debt lim it a t io n ....
257,352,895,175
3 3 ,3 1 1 ,3 6 1 ,
257,386,206,536
673.257.039
256,712,949,497
1
STATUTORY DEBT LIMITATION
AS OF SEPTEMBER 30* 1951
18
October 10, 1951
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 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$275,000,000,000 (Act of June 26, 191*6$ 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
amount•n
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation;
$ 275, 000, 000,000
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearings
Treasury bills.•••.•,•.••••«*•*| 15,616,981,000
Certificates of indebtedness.«• 15,317,150,000
Treasury notes*.••••«••••«••,•* 38,787,1*61*,200 $ 69,721,595,200
Bonds Treasury*.......*.......• •*., 78,070,1*63,550
Savings (current Redemp.value) 57,1*87,765,268
Depositary.••..••,•••••.•*••*
3l*2,803,500
Armed Forces Leave.......*..*
27,350,350
Investment series••.••••••••• 13,519,396,000
11*9,1*1*7,778,668
Special Funds Certificates of indebtedness. 21,375,1*15,000
Treasury notes.......... .
ll*,261,555,000
Total interest-bearing.... .
Matured, i n t e r e s t - c e a s e d . . . . . . ••••••
35,636,970,000
¿5h,806,3L3,868
531,717,71*0
Bearing no interest;
War savings stamps••••«••••••••••
1*6,570,130
Excess profits tax refund bonds*.
2,006,398
Special notes of the United States;
Internat’l Monetary Fund series
1,293,000,000
Total,..................... ..........v
.
}uaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A. .............
31,531*,1*36
Demand obligations: C.C,C. ******
_______ -_____
Matured, interest-ceased
1,31*1,576,528
YRjsw&tm
31,531*,1*36
1,776,925
—
jrjUyjsi
Grand total outstanding......................
256,712,91*9,1*97
balance face amount of obligations issuable under above authority.*», l8,267,050,503
Reconcilement with Statement of the Public Debt - September 30, 1951
(Daily Statement of the United States Treasury, October 1, 1951)
Aitstanding Total gross public debt •••*•••«.••••«••••••••••.«•,••*••••••••*••• 257,352,895,175
Guaranteed obligations not owned by the Treasury*#**•**....••••*.»•
33,311,361
Total gross public debt and guaranteed obligations*.....,.,..,.*,*, 257,386,206,536
deduct - other outstanding public debt obligations not subject to
debt limitation*••»•**....... .............................*
673,257,039
W T O W 7
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I
TREASU RY
D EPARTM EN T
Information Service
W A S H I N G T O N , D.C.
S-28Ì12
IMMEDIATE RELEASE
Wednesday-. October 10. 1951.
» M a n « » -»
!■ I fan m i
---- —
7
.
* ■
Secretary of the Treasury Snyder announced today that tenders will
be accepted on October 17, 1951 of bids to an issue of lU±~day Treasury
bills m the amount of $1,250,000,000 to be dated October 23, 1951> and
to mature on March 15, 1952. These bills will be labeled »Tax Anticipation
?o?oGS J ““1 17111 be acoePtable in P.ayraBnt of income taxes due on March 15,
1952. Payment for such bills will be made in cash on the date of issue,
except that any .qualified depositary may make payment by credit in its
Treabuiy^eix and Loan Account for accepted tenders submitted by it on
lvseb^ or
customers up to any amount for which it shall be
qu&llfiea in excess of existing deposits. Formal invitation for tenders
will be issued tomorrow, October 11, 1951.
* i u 111686 bills are being issued to meet anticipated cash requirements
of the Treasury, and to the extent they are not presented in payment of
income taxes due on the maturity date, they will be paid in cash at
maturity.
Secretary Snyder also announced that within the next few weeks
another offering of Treasury bills will be made to mature on June 15,
1952, which also-will be acceptable in payment of income taxes due on that
date. Whiie no amount has been set for this offering it is probable
that it may be in the neighborhood of $1,000,000,000,
oOo
- 3 SsigSaSi
any State, or any of the possessions of the United States, or by any local tax
ing authority*
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States shall be considered to
be interest.
Under Sections
h2
and 117 (a) (1) of the Internal Revenue Code,
as amended by Section 11$ 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
-
p
iT
T/y
Mm.
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 frean 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
October 18. 1951 s in cash or other immediately avail-------- /vrr *--- *-I
mukJK
able funds or in a like face amount of Treasury bills maturing October 18, 1951.
Federal Reserve Bank on
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
tmtimxx
TREASURY DEPARTMENT
Washington
y " ^
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, October 11, 1951
$ (J
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1 t200,000,000
—
w
* or thereabouts, of
—
91
“ W
in exchange for Treasury bills maturing
-day Treasury bills, for cash and
in the amount of $ 1.201.811.000.
19^1
,/to be issued on
October
----- 18,
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
October 18, 1951
j
and
i3 3 r
will mature
interest.
January 17, 1952
j when the face amount will be payable without
They will be issued in bearer form only, and in denominations of
11,000, $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 l5f 1951.
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,
TREASURY DEPARTM ENT
Information Service
RELEASE, MORNING NEWSPAPERS
Thursday, October*11, 1951.
W
ashington
,d .c .
,
.
’ *
S -2843
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills
for cash or in exchange for Treasury bills maturing October 18, 1951,
in the amount of $ 1 ,201 ,8 11 ,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter pro
vided. The bills of this series will be dated October 18, 1951, and
will mature January 17, 1952, 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, and $500,000,
hnd $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 15, 1951. 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 ac
companied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announce
ment will be made by the Secretary of the Treasury of the amount and
price range of accepted bids. Those submitting tenders will be advised
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
2
competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on October 18, 1951., in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 18, 1951.
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 go,in
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 taxa
tion the amount of discount at which Treasury bills are originallysold 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,land such bills are'excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance
companies) issued hereunder need include in his income tax return
only the difference between the price paid for such bills, whether
on "original issue or on subsequent purchase’, and the' amount actually
received either upon sale or redemption at maturity during the taxable
year for which the return is made, as ordinary gain or loss.
Treasury Department'Circular No. 4l8, as amended,- and this
notice, prescribe the terms of the Treasury bills and'govern the
conditions -of their issue; Copies of the circular may be obtained
from:a n y ■Federal Reserve Bank or Branchy
oOo
WJ
g 2 -
Attending the meetings are the following?
National Bond Chairmen - Dr. Harold W . Oppice, President,
American Medical Association, Chicago 5 Dr. Charles Wilinsky,
Immediate past president tof the American Hospital Association and
director o f Beth Israel Hospital, Boston? Thomas H, Locraft,
American Institute of Architects, Washington, D, C.; Dr, Joseph S,
Lawrence, Washington, D. C., representing Dr. Dwight H. Murray,
.
Chairman o f the board of trustees, American Medical Association;
Dr. Hugo H. Schaefer, treasurer of the American Pharmaceutical
Association and dean of the Brooklyn College of Pharmacy,
Brooklyn; and Hltchie Lavrie, Jr., American Institute of Arfehitects,
Washington, D, C*
Staff Representatives - Herbert B, Bain, director of public
relations, American Dental Association, Chicago; A. J , Stroughton,
Washington (D. C.) Service Bureau, American Hospital Association;
Stephen Donohue, assistant director of public relations, American
Medical Association, Chicago; Dr, Robert P. Pischelis, secretary,
American Pharmaceutical Association, Washington, D# C,; and
Dr. Montagu© Cobb, editor, National Medical Association, Washington,
D • C.
f'\
Observers included Miss Elizabeth Glenn, executive secretary,
American Chemical Society, Washington; George Taylor, assistant
secretary, American Chemical Society, Washington; and Dr. Arthur S,
Adams, president, American Council on Education, Washington,
1B0P0SSB PRESS RELEASE
IMMEDIATE RELEASE
Wednesday, O c t o b e r 10, 1951
hmh o w
........................................... mi
*m
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m
m
m
m
The newly-formed National Professional Associations’ Advisory
Committee for United States Defense Bonds met with Secretary
Snyder today to discuss plans for the enrollment of over 400,000
professional people in the Treasury’s Bond-a-Month Plan for the
purchase of Savings Bonds.
Participating in the meetings which will continue through
-
Thursday* October 11, are representatives of the American Medical
Association, American Dental Association, American Pharmaceutical
Association, American Hospital Association, American Institute of
Architects, the National Society of Professional Engineers, and
the National Medical Association.
The American Institute of*
Accounting which was not represented at today’s meetings, has in
dicated that it will also participate in the program.
The voluntary effort being launched by this committee is a
part of the Treasury Department’s national drive to enroll one
million new bond-a-month investors.
”Members of the professions,” Secretary Snyder said, ,5s$t
an enviable record in the purchase of Savings Bonds during the
war period, and their present mobilization for defense makes it
clear that their vitally-important support will continue through
the present emergency.”
W9
NATIONAL BOND CHIIRMEN'*|§
Dr. Harold W. Oppide, PresidéÉt, Amerloan Dental Association
Chicago, 111.
sipxManhmngiaa
Dr. Charl’es Wilinsky, immediate Past President, American Hospital
Association, Director of Beth Israel Hospital
Boston, Mass.
Hr. Thomas H. Looraft, American Institute of Architects, Washington;
Dr. Joseph S. Lawrence of Washington representing Dr. Dwight H.
Murray, Chairman of Board of Trustees,
American Medical Association
Dr. Hugo H» Schaefer, Treasurer, American Pharmaceutical Associatio
and Dean, Brooklyn College of Pharmacy,
Brooklyn, N.Y.
Dr. Joseph Gathings, President, National Medical Association,
Washington
Mr. Ritchie Lawrie, Jr., American Institute of Architects, Washingt
STAFF REPRESENTATIVES
Mr. Herbert B. Bain, Director of Public Information, American
Dental Association, Chicago
Mr. A. J. Stoughton, Washington Service Bureau, American Hospital
Association
Mr. Stephen Donohue, Assistant Director of Public Relations,
American Medical Association, Chicago
Dr. Robert P. Fischelis, Secretary, American Pharmaceutical Associe
tion, Washington
Dr. W. Montague Cobb, Editor, National m ±sstlx Medical A s s o c ia tio n j
Was hington
OBSERVERS
Miss Elizabeth Glenn, Executive Secretary, American Chamber of
Commerce Executives, Washington
Mr. George Taylor, Assistant Secretary, American Chemical Society,
Washington
Dr. Arthur S. Adams, President, American Council on Education,
Washington
AMERICAN INSTITUTE OF ACCOUNTANTS, will also participate in program
-
2
-
STAFF BEPBESENIATIVBSï Dr* Joseph W. Lawrence and Stephen Donahue of the
American Medical Association, Chicago? Herbert B. Bain, Director, Bureau
of Public Information, American Dental Association, Chicago; Dr. Bohert
P. Eischelis, Secretary, American Pharmaceutical Association, Washington, D.C.
A* J* Stoughton, Assistant Director, Washington (D.C*) Service Bureau,
American Hospital Association, Washington, D. C.; Dr. John T. Givens, Secre
tary, National Medical Association, Norfolk, Virginia; OBSEBVERS; J. H.
JShlers, American Society of Civil Engineers, Washington, D. C.; Dr. Arthur
S. Adams, American Council on Education, Washington, D. C.; Jay Judkins,
Chief, Trade Association Division, Office of Domestic Commerce, U. S. De
partment of Commerce, Washington, D. C. and Miss Elizabeth Glenn, Executive
Secretary, American Chamber of Commerce Executives, Washington, D. C.
FOR IMMEDIATE RELEASE
Washington, D. C.
A newly formed National Professional Associations* Advisory Committee
for U. S. Defense Bonds will meet with Secretary of the Treasury John W.
Snyder in Washington, October 10-11.
The professional groups
participating
include the American Medical Association, American Dental Association,
American Pharmaceutical Association, American Hospital Association, American
Institute of Architects, American Institute of Accountants, the National
Society of Professional Engineers and the National Medical Association,
While here the committee will develop a program looking to the enroll
ment of some 400,000 members for the Bond-a?-month plan for the purchase of
U. S. Defense Bonds,
This action will be a part of the national campaign
to enroll one million new Bond-ar-month investors.
So far as can be ascer
tained, this meeting will mark the first time these professional organizations
have joined forces in a united endeavor.
In the invitation from Assistant Secretary of the Treasury John S.
Graham it was pointed out that “members of the professions throughout the
country set an enviable record in the purchase of War Bonds during the war
years and the present intensive mobilization for defense makes it clear that
their support is of vital importance to the country“.
Among those indicating attendance at the meeting are: NATIONAL BOND
CHAIRMEN: Dr. Dwight H. Murray, Chairman, Board of Trustees, American Medical
Association, Napa, Cal.; Dr. Harold W. Oppice, President, Américia Dental
j
Association, Chicago; Dr. Hugo H. Schaefer, Beau, Brooklyn College o f riiai'mgcyr
Pvng
t.y* Dr. Charles Wilinsky, Divooter» Dubk I jui-we
IOSfliT&lT
Thomas H. Locraft, Washington, D. C.; Ritchie Lawrie, Jr., Harrisburg,
p a., and Dr. Joseph G. Gathings, President, National Medical Association:
2
Attending the meetings are the following:
National Bond Chairmen - Dr. Harold ¥. Oppice, President,
American Medical Association, Chicago; Dr. Charles Wilinsky,
immediate past presidénttof the American Hospital Association and
director of Beth Israel Hospital, Boston; Thomas H. Locraft,
American Institute of Architects, Washington, D. C.; Dr. Joseph S.
Lawrence, Washington, D. C., representing Dr. Dwight H. Murray,
Chairman of the hoard of trustees, American Medical Association;
Dr. Hugo H. Schaefer, treasurer of the American Pharmaceutical
Association and dean of the Brooklyn College of Pharmacy,
Brooklyn; and Ritchie Lawrie, Jr., American Institute of Architects,
Washington, D. C.
Staff Representatives - Herbert B. Bain, director of public
relations, American Dental Association, Chicago; A. J. Stroughton,
Washington (D. C.) Service Bureau, American Hospital Association;
Stephen Donohue, assistant director of public relations, American
Medical Association, Chicago; Dr. Robert P. Fischelis, secretary,
• American Pharmaceutical Association, Washington, D. C.; and
Dr. Montague Cobb, editor, National Medical Association, Washington,
D. C.
Observers included Miss Elizabeth Glenn, executive secretary,
American Chemical Society, Washington; George Taylor, assistant
secretary, American Chemical Society, Washington; and Dr. Arthur S.
Adams, president, American Council on Education, Washington.
Immediate Release
Wednesday, October 10, 1951
The newly-formed National Professional Associations
Advisory Committee for United States Defense Bondsjf met with Secretary Snyder
today to discuss plans for the enrollment of over 400,000 professional people
in the Treasury's Bond-a-Month Plan for the purchase of Savings Bonds.
Participating in the meetings which will continue through
Biursday, October 11, are representatives of the American Medical Association,
American Demtal Association, American Pharmaceutical Association, American
Hospital Asslciation,
trwWTIW T Jt* African Institute of
Architects, the National Society of Professional Engineers, and the National
Medical Association.
liliUn iill ilmiillllrm
^
American Institute of Accounting,
which was not represented at today is meetings, has indicated that it will also
„j£rr-C'
participate in the program#
The fee
. ÌJ
being launched by thes
Treasury Department’s
■- •is a part of the
national driwe to enroll one million
?
new bond-armonth
investors.
¿ fafegbers of the pro«
*
«
.u-u.;
i
an enviable record in the pur-
ehase of Savings Bonds during the « 1 war period, and their present mobilization
for m m * defense makes it clear that their vitally-important support will
continue through
the present emergency."
attending the meetings are the followings
National Bond Chairmen — Dr* Harold W. Oppice, president, sÊcfe American
Medical Association, Chicago) Dr. Charles Wilinsky, innn»TF immediate past preside:
of the American Hospital Association and director of Beth Israel Hospital,
Boston) Thomas H* Locraft, American Institute of Architects, Washington,
D. C.) Dr. Joseph S. La-wrence, Washington, D. C., representing Dr. Droght
H. Murray, chairman of the beard of trustees, American Medical Associartion) Dr. Hugo H. 3BBB5BHK Schaefer, treasurer of the American Pharmaceutical
Association and dean of the Brooklyn College of Pharmacy, Brooklyn) and
ita Ritchie Lawrie Jr., American Institute of Architects, Washington, D.
Staff Representatives - Herbert B. Bain, director of public relations,
American Dental Association, Chicago) A. J. Stroughton, Washington (D. C.)
Service Bureau, American Hospital Association)
Stephen Donohue, assistant direct
of public relations, American Medical Association, Chicago) Dr. Robert P.
Fischelis, secretary, American Pharmaceutical Association, Washington, D. C.)
and Dr. Montague Cobb, editor, National Medical Association, Washington, D. C.
Observers included Miss Elizabeth Glenn, executive secretary, American
Chemical Society, Washington) George Taylor, assistant secretary, American
Chemical Society, Washington) and Dr. Arthur S. Adams, president, America Council
on Education, Washington.
IMMEDIATE RELEASE
Wednesday 3 October 10, 1951.
The newly-formed National Professional Associations! Advisorv
Committee for United States Defense Bonds met with
today to discuss plans for the enrollment of
k m p unec»»
professional people in the Treasury’s Bond-a-Month Plan for the
purchase of Savings B o n d s .
Participating in the meeting^ which will continue through
Thursday, October 11, are representatives of the American Medical
Association, American Dental Association, American Pharmaceutical
Association, American Hospital Association, American Institute of
Architects, the National Society of Professional Engineers, and
the National Medical Association.
The American Institute of
Accounting which was not represented at today’s meetings, has in
dicated that it will also participate in the program.
The voluntary effort being launched by this committee is a
part of
national drive to enroll ju m
'^ggiÉÉPR new bond-a-month investors .
TREASURY DEPARTM ENT
IMMEDIATE RELEASE
Wednesday,, October 3.0, 1951.
34
S-2844
The newly-formed National Professional Associations Advisory
Commit tee for United States Defense Bonds met with Treasury
Officials today to discuss plans for the enrollment of pro
fessional people in the Treasury's Bond-a-Month Plan for the
purchase of Savings Bonds.
Participating in the meeting, which will continue through
Thursday, October 11, are representatives of the American Medical
Association, American Dental Association, American Pharmaceutical
Association, American Hospital Association, American Institute of
Architects, the National Society of Professional Engineers, and
the National Medical Association. The American Institute of
Accounting, which was not represented.at today's meetings, has
indicated that it will also participate in the program.
The voluntary effort being launched by this committee is a
part of a national drive to enroll new bond-a-month investors.
Attending the meetings are the following:
National Bond Chairmen - Dr. Harold W. Oppice, president,
American Medical Association, Chicago; Dr. Charles Wilinsky,
immediate past president of the American Hospital Association and
director of Beth Israel Hospital, Boston; Thomas H. Locraft, American
Institute of Architects, Washington, D. C.; Dr. Joseph S, Lawrence,
Washington, D. C., representing Dr. Dwight H. Murray, chairman
of the board of trustees, American Medical Association; Dr. Hugo H.
Schaefer, treasurer of the American Pharmaceutical Association and
dean of the Brooklyn College of Pharmacy, Brooklyn; and Ritchie
Lawrie, Jr., American Institute of Architects, Washington, D. C.
Staff Representatives - Herbert B. Bain, director of public
relations, American Dental Association, Chicago; A. J. Stroughton,
Washington,(D. C.) Service Bureau, American Hospital Association;
Stephen Donohue, assistant director of public relations, American
Medical Association, Chicago, Dr. Robert P. Fischelis, secretary,
American Pharmaceutical Association, Washington, D. C.; and Dr.
Montague Cobb, editor, National Medical Association, Washington, D.C.
Observers included Miss Elizabeth Glenn, executive secretary,
American Chemical Society, Washington; George Taylor, assistant
secretary, American Chemical Society, Washington; and Dr. Arthur S.
Adams, president, American Council on Education, Washington.
Under Secretary of the Treasury Edward PI. Foley will address
the committee at a dinner meeting tonight at the Mayflower Hotel.
oOo
• f HI
i*y
v>§
\j
intarwt thereof by any State, or any of th• possessions of the united States,
or !qr any 1«m 1 t u b * authority.
count »t «blab Treaoury bills «
bo eonaldered to bo intoreat.
fbr purpose» of U n i i M the await of 41soriginally sold bar the Ohited States
Coder faction* It and Ilf {•) (X) of tbo
Internal Sovomto Cods« as mended bp faction X15 of tbo U m m m Aot of i?|i,
the aoount of dloow ut at whisk bill* issued hereunder aro sold shall aot bo
considered to aoento until such bill» shall bo «old, redoanad or othovwlao
diopoood of, and such bills m
m l s M
f m
consideration as capital assets,
ieeojdiagly, tko owner of Treasury bills (other than life issuranca companies}
iaaaad hereunaer need iocludo in his incoe# tax return only tbs dlffaraeoo
the prioo paid fbr sash bills, whether on original isauo or oa sub
sequent purchase, and tko — want actually received oithor upon sals or redoaptloa at Maturity during tha tasabla year for which tha return ia aada, aa
ordinary gala or loss.
Treasury Csparfaaont Circular lo.
10.8,
as aaaadsd, and tikis aatiea, pre-
•orlka the toraa of tko Treasury bills aad «worn the aendiUeaa of tkelr
issue.
Copies of tko olrenlar nay bo obtained fron any Federal B e s o m
or Branab.
./•p,
w‘
vy
*■* 2 <*
unless thè tenderà are aceowpenied by m expreaa $ m r m ly «2 peyneat by «a
incorporataci beine or truci company»
ìweedietely after thè cloeiag bour, tendere vili be opeaed et il» Federai
tooorw ionico and Branche»« fbllowing which pubi!c anmuneemsnt vili bo modo
by thè Seereiary ef thè Treeaury o f thè m
bidè*
i
and prlee rauge ef aeeepted
Thoae eubnitting tender» vili be adriaco of thè acceptaaee or rejeotion
ihereof.
The feave&aigr ef thè fireaeury «npreasly reeervee thè righi te aecept
or reseci any or all tendere* k
rwpeet cheli be fimi*
«Itole or io peri* end hit ectioo io eny «neh
Sahjeet te theee reeerTatloxie, Bon-ecapatHlii ben*
dare far 1200,000 or leee vithout etated prive tfo m / m y & m M M m v i H be
«oeepted in foli et thè avenage prie® (io timi dee inai*} of aeeepted oosipeiitire bidè*
( o r aeeepted tendere fa accordane« vith thè bidè «net
be m è o or eonpieted et thè Federai Reeeree Beale ia ceeh or other IwaieAiately
availeble fUnde on Oetdvr f|f 1251# prerided, h v m f any qu&lffiod
depositar^ vili be pemitted te m m o pepami by credit in Ite freeeery fi»
end toan leccami for freaeury bill» allotted te H
£ m iteelf end ite cuetovers
W te «ay «eeont Ibr vhieb it «bell be «sualified fa exeeee o t exlcting dapoeits
vfeen eo notifica ty thè M e r e ! Keeerre Ben* ef ite Districi.
U hi incolse derlved from freeaury bilia# «hetber intereet o r gela firn thè
cele or other dtepeeitio» ef thè bilie# cheli net bave aay m m p% io n $ i« eueh,
«ad loca freni thè «ale or other diepoeitiea ef ‘fbeaeuiy bilie Cheli net beve
eay special traetemi, «a «neh# ondar thè f a t e m i H e n n a Cede# o r lave
aneadetery o r eupplepteiitaxy iterate.
thè bilia ahall be aubfaet te estate«
inheritanee, fift or other assise texee# «hetber federai o r State# bvt «hall
be exaept fr m eli taxatien mm or bereafter iapoeed on thè principe! or
Washington
V*Po
j
P0Jt I H M M i MQtèMIWI immfkfSWp
__ 2- f"
1
m0~
Thiaraday. Octobar 11» ligi*
Tha raeratary af tha Traaaury# by thi* publlc m uti**, im U m tandari
far fl#250#0G0#O0O# or thoraabout*, of lU»«d*y fraaatary bill*# 1* ba i i m é
cm a discount boti» ondar competiti«# sud m x*~$m gm % itlvm biódi«* aa k m *
in&fter provitfad.
Tha bill» of tèi* «ori®» «ili ba 4 n l p c U d fax Anticipa*
tion rarì«®# tbay vili ba datad Octobar 23, 1551# «od «ili natur* Marcii 15#
3552*
Thay « H I ba aocaptad la payaatit of incorna tmxm da» «a March 35#
1952» and le ih* «xt«l thay aro sai proeantad far ibi* purposa ih# face
amouat of thè»* bilia «ili ba payabl# wlthoul tatara*! al aaturity.
Th*y
«ili ba iaaued in bear*«* fa»« ealy# «ad la caneminationa of §1#OOQ# $5#GO0#
t!0,000# §100,000# $$00,000, and §1,QGG#0QQ (»aturity valsa).
fasciai* «ili ha raeaivad «1 foderai Baaarra Bastai «ad Branche* up la
ih# cicala* hour# tu© o »ciocie p«s*# laatara Standard line# itfedaeedey# Octobar
17# 3551«
fender» « I H sai b* raaalvad al thè Traaaury Dapartoast# vaabiagton
Eaeh tender «sai ba far a* arati multipla af $1,000, and la thè aaaa af
caspe! U l v e landar» thè pria# offered tm*%ba mcpraaaad e& tha baaia af 100#
« U h sol «ora than three daainala# a* *•# 99*925*
Fraciiooa aay sai ba aaad*
11 Hi urged that laudar* ba inda as thè printad forma and forwirded in tha
special anvetop«* *àicb «ili ba supplicò by Federe! Beewnr* Baste* ar Branche»
as application tharafar*
Olhar* thas banfeis* iaatitutions «ili sol ba parsiti«* la «ubali 1andar*
sxcapt far thair q w s account*
fender» «ili ba ratairai «ithoul depoeit froa
incorporate* baste* «ad trust campasi** *sd fra® roaponaibXa «ad rccogsised
dealer» la iavastaaal «adiriti*«*
fsodar* fra» alter* nast b* aooompanled
by « t e s i af t parassi af tha faaa a » © ^ ^
Treaaary bill* appi*** fbr#
RELEASE, MORNING NEWSPAPERS,
Thursday, October>11, 1951
S-2845
The Secretary of the Treasury, by this public notice, invites
tenders for $1,250,000,000, or thereabouts, of 144-day Treasury bills,
to be issued on a discount basis under competitive and non
competitive bidding as hereinafter provided.
The bills of this series
will be designated Tax Anticipation Series, they will be dated
October 23, 1951/ and will mature March 15,>1952 . They will be ac
cepted in payment of .income taxes due on March 15, 1952, and to the
extent they are not presented for this purpose the face amount of
these bills will be payable without interest at maturity.
They will
be issued in bearer form only,- and i n •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,
Wednesday, October 1?, 1951. 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 ac
companied 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 Secre
tary 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
-
2
-
any one bidder will be accepted in full at the average price (in
three decimals) of accepted competitive bids. Settlement for ac
cepted tenders in accordance with the bids must be made or completed
at the Federal Reserve Bank in cash or other immediately available
funds on October 23, 1951, provided, however, any qualified depositary
will be permitted to make payment by credit in its Treasury Tax and
Loan Account for-Treasury bills allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess
of existing deposits when so notified by the Federal Reserve Bank of
its District
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 bo 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 k2 and
117 (a) (l) o f 'the Internal Revenue Code, as amended by Section 115
of the. Revenue Act of 19^-1, the amount of discount at which bills 1
issued hereunder are sold shall not be considered to accrue until
such bills, shall be sold, redeemed or otherwise disposed of, and such
bills.aie 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 cr 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
S-2845
f';
IMMEDIATE RELEASE
October
1951
The Bureau o f Customs announced today preliminary figures showing the
imports for consumption o f commodities within quota lim itations provided
for under the General Agreement on T a riffs and Trade, from the beginning
o f the quota periods to September 29, 1951* in clu siv e, as follow s:
Unit
Imports as o f
Commodity
Period and Quantity
of
Sept. 29, 1951
______________________________________________________________Quantity_______________________
"Whole m ilk, fresh or
sour ........................................ Calendar year
3*000,000 Gallon
12,150
Cream...................................
Calendar year
Batter ........................................ Ju ly l6 , 1951Oct. 31, 1951
1,500,000 Gallon
1*59U
5*000,000 Pound
6,570
F ish, fresh or frozen,
f ill e t e d , e t c . , cod,
haddock, hake, pollock,
cusk, and rosefish . . . Calendar year 29*239*808 Pound
Quota f i ll e d
White or Irish Potatoes:
c e r tifie d s e e d .............12 months from 150,000,000 Pound
other ................................... Sept. 1 5 ,195l 2U9,600,000 Pound
55*801
Walnuts ................................... Calendar year
5*000,000 Pound
(1)
Quota f ill e d
Petroleum and petroleum
products ............................ Calendar year
Venezuela
2,013,137*096 Gallon
Netherlands
822,65U,271 Gallon
Other Countries 963*^29*333 Gallon
(1)
Quota f i ll e d
Quota f i l l e d
Quota f i l l e d
The- proviso to item 717 (b) lim its the imports for consumption at
the quota rate to 21,929*856 pounds during the f i r s t nine months
o f the calendar year.
TREASURE DEPARTMENT
Washington
IMMEDIATE REALEASE
Friday, October 12. 1951
S-2846
The Bureau of Customs announced today preliminary figures shovdng 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 29, 1951, inclusive, as follows?
Unit
Commodity
Period and Quantity
of
......... ............. .......... ......... Quantity
Whole milk, fresh or
sour
Calendar year 3,000,000 Gallon
Imports as of
Septa 29. 1951
12,150
Cream ooooioo^o^ooooooo Calendar year
1,500,000 Gallon
1,59A
Butter
5,000,000 Pound
6*570
omisoosdbsdijsoo
July 16, 1951—
0cto 31, 1951
Fish, fresh or frozen,
filleted, etc0, cod,
haddock, hake, pollock,
cusk, and rosefish 0o Calendar year 29,239,308 Pound
White or Irish Potatoes:
certified seed
12 menths from 150,000,000 Pound
ooher
oo Septolo, 1951 24-9,600,000 Pound
Walnuts jiDosooijoooooeo
Calendar year
Petroleum and petroleum
pioducts oooooo<?ooooo
Calendar year
5,000,000 Pound
Venezuela 2,613,137,096 Gallon
Netherlands 822,654,271 Gallon
Other Countries 963,429,333 Gallon
(1)
Quota filled
55,301
Quota filled
Quota filled
Quota filled
Quota filled
(l) The proviso to item 717 (o) limits the imports for consumption at
the quota rate to 21,929,856 pounds during the first nine months
of the calendar year©
f
jy y 7
IMMEDIATE RELEASE,
October %
1951
w
-w
-—
7
w
—
,* 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, 195l> as follows:
vjuauu
xvxw
uw
*w
*
*
*
w
*
»
w»
*
•
>
*
Wheat
Country
of
Origin
'',* .. .
Imports
Established I
Quota
*May 29, 19 51, to
1October 8, 1951
(Bushels;
(Bushels)
795,ooo
Canada
China
Hungary
Hong Kong
—
Japan
100
United Kingdom
—
Australia
100
Germany
*100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
—
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Rept&lies
100
100
Belgium
800,000
531,610
—
-
—
—
—
—
_
mm
_
...
w*
mm
mm
mm
mm
mm
mm
Tffheat flour, semolina,
crushed or cracked
<
wheat, and similar
wheat products
Imports
Established :
Quota
s May 29, 195
•
• to October 8,195
(Pounds)
(Pounds)
3 ,815,000
21),000
13,000
13,000
8,000
75,ooo
1,000
9,000
5 ,ooo
1,000
1,000
1,000
H i,000
2,000 v .
12,000
1,000 1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
3,526,289
—
—
11,200
~
62
-
■-1)23
—
- -n5
—
—
—
—
—
■-
—
-
_
—
—
—
531,610“
Ii,o0o ,o 0o
3,538,089
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Friday. October 12, 1951
S-2847
The Bureau of Customs announced today preliminary figures showing the quanti
ties of wheat and wheat flour authorized to be entered, or withdrawn from warehouse,
for consumption under the import quotas established in the President1s proclamation
of May 28, 19-41, as modified by the President’s proclamation of April 13, 194-2, for
the 12 months commencing May 29, 1951, as follows:
Wheat
Country
of
Origin
; Established
:
Quota
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
[New Zealand
Chile,
[Netherlands
[Argentina
[Italy
[Cuba
iFrance
[Greece
[Mexico
[Panama
[Uruguay
Poland and Danzig
|Sweden
[Yugoslavia
■Norway
[Canary Islands
|Rumania
|Guatemala
|Brazil
IUnion,of Soviet
Socialist Republics
IBelgium
795,000
—
—
f.
100
—
100
100
—
100
2,000
100
1,000
Imports
May 29,1951,to
October 8, 1951
(Bushels)
531,610
—
-
—
—
—
—
—
100
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,000
100
100
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established:
Imports
Quota
; May 29, 1951,
•
•to October 8, 1951
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,QQ0
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
3,526,289
-
11,230
-
62
-
-
423
—
115
—
—
—
—
—
—
—
—
m
100
100
—
-
-
—
-
800,000
531,610
4,000,000
3,538,089
/
*A
October
9'
1951
ft
The Bureau o f Customs announced today preliminary figures showing
the imports for consumption o f commodities on which quotas were prescribed
by the Philippine Trade Act o f 19H6, from January 1, 1951 to September 29,
1951, in clu sive, as follow s:
Products o f the
Philippines
Established Quota
Quantity
Unit o f
Quantity
Inports as o f
Sept. 29, 1951
Gross
559,706
200,000,000
Number
788,235
Coconut O il .............
Ui|8,000,000
Pound
86,253,9U5
Cordage.........................
6,000,000
Pound
5,512,277
Rice ..............................
1 ,01*0,000
Pound
-
l,90i*,000,000
Pound
6,500,000
Pound
Buttons ......................
850,000
Cigars .........................
(refined
Sugars
(unrefined
Tobacco
0O0
1 ,326,197,6714.
8U,oia
THEASUHT DEPARTMENT
Washington
IMMEDIATE RELEASE
Friday. October 12, 1951
S—284S
The Bureau of Customs announced today prelimiary figures showing
the imports for consumption of commodities on which quotas were prescribed
by the Philippine Trade Act of 194-6, from January 1, 1951 to September 29,
1951, inclusive, as follows:
s
Products of the
Philippines
:
:
_:
:
Established Quota
Quantity
Buttons oi'ooo-iooo©
850,000
Cigars ooooooooooo
;
:
:
J
Unit of
Quantity
: Imports as of
: Septo 29, 1951
_ • ..
Gross
559,706
200,000,000
Number
788,235
Coconut Oil 090009
448,000,000
Pound
86,253,945
Cordage oooajooooo
6,000,000
Pound
5,512,277
Rice 0999090000000
1 ,040,000
Pound
-
(refinedooA ,90o00000000000005000
1 ,904,000,000
Sugars
Tunrefinedo oo o9909 OOO'9'O''■‘O'OOOOO
Pound
6,500,000
Pound
TolxiCCO 0000030
1,326,197,674
84,041
-
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 l-3/lo inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
United Kingdom .........
Canada .................
France ................
British India .........
Netherlands ...........
Switzerland .......... .
Belgium ................
J a p a n ................ .
China ..................
E g y p t .... .............
Established
TOTAL QUOTA
...........................................
2 3 9 ,6 9 0
31,lOU
—
—
—
—
—
—
227,420
69,627
68,240
44,388
38,559
3 4 1 ,5 3 5
1 7 ,3 2 2
8,135
6,544
7 6 ,3 2 9
.......
21
.261-z----g
------
5,482,509
1/ Included in total imports, column 2.
prepared by the Bureau o f Customs
: Established :
Imports_
: 33-1/3$ of : Sept. 20, 1951
: Total Quota : to Sept. 29, 1951
1,441,152
4,323,457
G e r m a n y ........... .
X
: Total imports
: Sept. 20,1951 1x5
• Sept. 2?, 1951
—
75,807
2 2 ,7 4 7
1 4 ,7 9 6
12,853
¿5,443
7,088
—
1.599,886
—
----- -- ------------31. kill
*•
1/
'Z'
IMMEDIATE RELEASE
( October ^ 1951
V
9 Ç
c/
II-Preliminary
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 under 3A ”
Imports Sept.-.20,1951, to September 29, 1951, inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
P e r u ..... ..........
British India .......
China ..............
Mexico ......... .
B r a z i l ... .......
Union of Soviet
Socialist Republics
Argentina ...... ..
Haiti ..... *.....
Ecuador ..........
783,816
247,952
2,003,483
1 ,370,791
8,883,259
618,723
Imports
■
mm
1 ,368,855
475,124
5,203
237
9,333
—
—
mm
-
Country of Origin
Established Quota
Honduras .........
P a r a g u a y .............
Colombia.... ......
Iraq
British East Africa ...
Netherlands E. Indies
Barbados ..i... .
l/Other British W. Indies
Nigeria
....... .
2/0ther British W. Africa
¿/Other French Africa ...
Algeria and Tunisia ...
.
.
.
:
Imports
-
752
871
124
195
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, 1951 to Sept, 29, 1951
Cotton 1-1/8” or more, but less than 1-11/16
Imports Feb, 1, to Sept, 29, 1951
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
755
45>656,420
Cotton, harsh or rough (except cotton o f perished
sta p le, grabbots, and cotton pickings) of 1-3A 6
inches or more but less than 1-3/8 inches
Imports- Ju ly 5, 195l, to Sept, 29, 1951
Established Quota (Global)
Imports
X, 500,000
7T37?07
Imports
Quota f i l l e d
asva^aa axviaawwi
TREASURY DEPARTMENT
Washington -
immediate release
Friday, October 12, 1951
S-28U9
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the Presidents Proclamation of September 5, 1939# as amended
. COTTON (other than linters) (in pounds)
i '
•
Cotton .under 1-1/8 inches other than rough or harsh under 3A ”
Imports SeotT
to September 29# 195>1, inclusive
Country of Origin .'Established Quota
Country of Origin
Imports
Established
Honduras ... ...........
Paraguay
. Colombia ......».......
Iraq .»#•■*■••.*■*•••• •••.•*
•
* ■
British East Africa ...
Netherlands E. Indies
1,368,855 .
«»
Barbados
l/Other British W. Indies
N i g e r i a ..... ........
»
2/0ther British W. Africa
3/0ther French Africa ...
Algeria and Tunisia ...
Egypt and the Anglo783,816
Egyptian Sudan ....
Peru ••* •*-♦■«*r»*»«>* — ■• 2k7r95>2 ■■
British India ...vV..
2,003,1*83
China
1,370,791
Mexico •
•-»
t.-,883,259- :
Brazil
618,723
Union of Soviet
Socialist Republics
1*7 5 ,i2 ir
Argentina
5,203
Haiti ....... T.......
237
Ecuador ..««.t......
9,333
y
2/
v
Imports.
«■» •
752
871
12h
195
2,21*0
71,388
21,321
5,377
• l6,ook
- 689
■ *
-
Other thap Barbados# Bermuda# Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria.
Other than Algeria# Tunisia#.and Madagascar.
Cotton, harsh.or rough, of less than 3/U1r
imports Sept. 26, 1951"Fo Sep^T ¿97 1951
Established Quota (Global)
Imports
•70i000>000.. - •
755
Cotton 1^1/8" or more, but less than 1-11/16”
Imports Feb, 1, to Sept,
1951
- ■
Established Quota (Global'
... - -1*5# 656,1*20
Cotton, harsh or rough (except cotton of perished
staple, graBEots, .and co'tton‘*plckings) of 1 -3 /1 6 ,
inches or more but less than 1-3/8' inches
Imports July 5# 1951# to Sept. 29# 1951
Established Quota (Global)
Imports
1,500,000
70,$0f
Imports
Quota filled
- 2 COTTON WASTES
(ill pounds)
ADvANGED IN'VATjIjK ^ " Pro^iuéds hd^ever^ that not more than 33riT/3 percent of 'the quotas shall
be filled by cotlbn 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 $. JUnited Kingdom^ France^ Netherlands,
Switzerland, Belgium,. Geimcny, ;and Italy-5 ^
— —
—
-
IBfrB
:
...
United Kingdom • •. •*>.•«•
239,^9.0 : r\
Canada **•«•**• ••* »»
.•««
22>;hZO
France *#*••»«»•«•
69,627 .1
British India •» •»*».».»■*•»'
6SV&Ö .
Netherlands
¿¿,388' ,
Switzerland
V»> * ••
3%5$9
Belgium »»»»*»• •#•*'*•*.**
J apan ••»»••***♦»'**
•
17322,
China »••••••»» •» »•*•■*■*■»•
8/Ï35'
Egypt •*••••••..*•*•* §?%»•»
6 3kh
Cuba m**••*»»'• * »•»»••••
76,329
Germany »•••»* »•»»»■••*»•
Italy #*■•••**»*••»•»»*** ___21,263
S 362:3^9
1/
H j •' -. " : ' BL ’
1:
Country oflCrdgin "' î TOTAL QUOTA, ,
'
-gf
1,itili,152
31,¿li.
75,807
22,7ii7
lit,796
12,853
25,¿¿3
7,088
3Ï,ilU
Included in total imports, column 2
Prepared by the Bureau of Customs
pt. 20j, 19^1 .toSept v 29, 1951
y
Established
33-1/3? Of
Total Quota
1,599,886
: r imports
1/
Sept* 20, 1 9 5 1
,:
to. Septi 29',' 1 9 5 1
2
first industry-wide payroll savings drive of the new Defense
Bond campaign.
"Moreover, a successful payroll savings campaign in the
aircraft manufacturing field will help immeasurably in our
efforts to extend payroll savings in other industries across
the country."
Major General Echols, USAF (retired),joined the Northrop
Company on February 1, 1949.
He previously had served as
president of the Aircraft Industries Association, with head
quarters in Washington.
His presidency of the AIA was preceded
by more than 30 years’ service in the Army and the Air Force.
General Echols, a veteran of both World Wars, was
commanding general of the Air Material Command from March 1942
until March 1943, when he became assistant chief of air staff,
material, maintenance and distribution.
Previously, he had been
commandant of the Air Corps Engineering School.
He served in the European theater from April 1945, as chief,
Internal Affairs Division, Supreme Headquarters, and later as
deputy commanding general, Office of Military Government for
Germany.
C
<3«*£ f)
W
/-^y /
Major General Oliver P. Echols, chairman of the board
and general manager of Northrop Aircraft,
Inc., of Hawthorne,
California, will direct an industry-wide Defense Bond payroll
savings drive among the nation’s aircraft workers, the Treasury
announced today.
The campaign will be launched in Los Angeles
on November 2 at a meeting of the chief executives of the major
aircraft n
M
a
r
t
i
n
W. Clement, Chairman of the
Board of the Pennsylvania Railroad and Chairman of the Treasury's
Industrial Advisory Committee, will address the gathering.
Complete cooperation in the drive has been pledged by
the Aircraft Industries Association, headed by Admiral DeWitt C.
Ramsey.
More than 300,000 workers will be canvassed.
United
States Savings Bonds Division officials pointed out that <iilpldy
ment in this vital defense industry is growing daily.
In a letter to General Echols, Secretary Snyder expressed
his appreciation of the willingness of the General to accept
the chairmanship of the aircraft industry campaign.
Secretary
Snyder said:
"In order to reduce the inflationary impact of increased
defense expenditures on the economy, it is necessary that we in
tensify our efforts to divert purchasing power into non-inf lationarl
channels through increased sales of Defense Bonds to individuals.
Since a substantial portion of the new appropriations for defense
will flow into the economy through wage payments to aircraft
workers, the aircraft companies make up a logical field for our
j
RELEASE MORNING NEWSPAPERS,
Friday, October 12, 1951»
S-2850
Major General Oliver P. Echols, chairman of the board and
general manager of Northrop Aircraft, Incorporated, of Hawthorne,
California, will direct an industry-wide Defense Bond payroll
savings drive among the nation's aircraft workers, the Treasury
announced today. The campaign will be launched in Los Angeles
on November 2 at a meeting of the chief executives of the major
aircraft companies. Martin W. Clement, Chairman of the Board of
the Pennsylvania Railroad and Chairman of the Treasury’s
Industrial Advisory Committee, will address the gathering.
Complete cooperation in the drive has been pledged by the
Aircraft Industries Association, headed by Admiral DeWitt C.
Ramsey. More than 300,000 workers will be canvassed. United
States Savings Bonds Division officials pointed out that employ
ment in this vital defense industry is growing daily.
In a letter to General Echols, Secretary Snyder expressed his
appreciation of the willingness of the General to accept the
chairmanship of the aircraft industry campaign.
Secretary Snyder
said*
"In order to reduce the inflationary impact of increased
defense expenditures on. the economy, it is necessary that we
intensify our efforts to divert purchasing power into noninflationary channels through increased sales of Defense Bonds to
individuals. Since a substantial portion of the new appropriations
for defense will flow into the economy through wage payments to
aircraft workers, the aircraft companies make up a logical field
for our first industry-wide payroll savings drive of the new
Defense Bond campaign.
"Moreover, a successful payroll savings campaign in the
aircraft manufacturing field will help immeasurably in our efforts
to extend payroll savings in other industries across the country.”
Major General Echols, USAF (retired), joined the Northrop
Company on February 1 , 1949. He previously had, served as president
51
-
2
-
of the Aircraft Industries Association, with headquarters in
Washington. His presidency of the AIA was preceded hy more than
30 years' service in the Army and the Air Force.
General Echols, a veteran of both World Wars, was commanding
general of the Air. Material Command from March 1942 until
March 19^3^ when he became assistant chief of air staff, material
maintenance and distribution.
Previously, he had been commandant
of the Air Corps Engineering School.
He served in the European theater from April 192*5 , as chief
Internal Affairs Division, Supreme Headquarters, and later as
deputy commanding general, Office of Military Government for
Germany.
0 O0
October 8, 1951
to heu
njmwust
the following transactions were made la direct and guaranteed
securities of the Government for treasury investment and other
accounts during the month of September, 1951*
Purgases
........
|U,837,000
■ Set purchases » * * ■ * * # « # • • *
^2*807,800
Sales
C* fi,
Chief, Division of Investments
*
in *
*»a
fU l:U
Wisecarver 10/8/51
RELEASE MORNING NEWSPAPERS,
M onday, October IS. 1QSI. ’
S -2851
During the month of September 1951,
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $2,807,800, Secretary
Snyder announced today.
0O 0
• X - ¿2 ^ <
IMMEDIATK RELIASE#
Thursday» October IX, 3.953.
Th# Sacretary of th® freasury today armouneed th® subscription and
aXlotraeni figure« with reepect to th® eurrent offering of 1*7/8 pereeni
freasury Certifícate® of Xndebtedness of Seri®« £-3.952, to b® datad October
15# 1951# opon to the holdera of freasury Moto® of Sari®« F-3.951# maturing
October 15# 1951# «id freasury Hoto® of Soria® 0*1951# maturing Rovensber l f
1951.
Subseription® and allotoent® «®r® divided aaong th® seroral Federal
Reserve Diatricts and th® froaaury a® folio®®«
Federal Reservo
Distriot
F-1951 lotos
Boston
$ 28,61)1,000
5,159,01)2,000
29,5X1*,000
So® York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Si« Louia
Hinneapolis
Kanaaa City
Baila®
San Francisco
froaaury
TOTAL
Sxchangod
0-1951 Hoto»
fejtehanged______
Total
Kxahangoa
I
t
5,283,000
1*0,625,000
3,911,193,000
1*0,365,000
133,1(03,000
22,722,000
?¡t,66ii,Q00
281t,5S7,000
61*,666,000
80,866,000
101,999,000
79.779.000
110,95b,000
39.020.000
15,877,051,000
lb,98 b,61*3 ,0 0 0
67,236,000
29.111.000
1)5,815,000
198,159,000
$ 3, 022,000
37.032.000
91*,820,000
52,351*,000
77 , 01*2,000
69,266,000
9,070,235,000
69.879.000
200 ,639,000
51.833.000
120,1*79,000
1*82,71*6,000
117.638.000
117.878.000
196.819.000
132.133.000
187.996.000
bb»303«000
810,861,69b,000
TREASURY DEPARTM ENT
Information Service
W
ashington
, d .c .
O K/
IMMEDIATE RELEASE,
Thursday, October 11, 1951.
S-2852
The Secretary of the Treasury today announced the subscription
and allotment figures with respect to the current offering of 1-7/8
percent Treasury Certificates of Indebtedness of Series E-1952,* to be
dated October 15 , 1951, open to the holders of Treasury Notes of
Series P-1951, maturing October 15, 1951, and Treasury Notes of
Series G-1951, maturing November 1, 1951.
Subscriptions and■allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
$
$
TOTAL
28,641,000
5,159,042,000
29.514.000
67 .236.000
29 .111.000
45.815.000
198,159,000
53.022.000
40,625,000
3 ,9 1 1 ,193,000
^ 0,365,000
133,^03,000
22 .722.000 v
74.664.000
284.587.000
64.666 .000
80.866.000
10 1 .999.000
79.779.000
110.954.000
ON
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Exchanges
1
G-1951 Notes
Exchanged
1
F-I 95 I Notes
Exchanged
I
Federal Reserve
District
266, 000
9 ,070,235, 000
69 ,879, 000
200,639, 000
5 1 ,833, 000
94.820.000
52,35^,000
77.042.000
5,283,000
_____3 9 , 0 2 0 , 0 0 0
120, 479, 000
482, 746, 000
117, 688,000
117, 878,000
I96 ,810, 000
I32 ,133, 000
187 ,996,000
44, 303, 000
$5,877,051,000
$4,984,843,000
$ 10 ,861 ,894,000
37.012.000
0O 0
RELEASE m m im NEWSPAPERS,
Tuggfliar» October 16, 1951*
The Secretary of the Treasury announced last evening that the tenders for
$1,200,OCX),000, or thereabouts, of 91-day Treasury bills to be dated October 18,
1951, and to nature January 17, 1952, uhieh were offered on October 11, sere opened
at the Federal Reserve Banks on October 15*
The details of this issue are as followst
Total applied for * 81,922,582,000
Total accepted
- 1,200,221,000
Average price
(includes H77,81*1,000 entered on a
non-competitive basis and accepted in
full et the average price ehown below)
— 99*592 Equivalent rate of discount approx* l«6l5$ per annua
Range of accepted competitive bidet
- 99.615 Equivalent rate of discount approx* 1*523$ P«** exam
- 99*588
•
a s «
a
1.630$ *
*
High
Low
(k9 percent of the «count bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
|
2b, 1(18,000
1,393,079,000
33*392,000
63,186,000
29,575,000
21,359,000
126,975,000
25,015,000
111,382,000
53,199,000
53,338,000
81*,661**000
#
»,922,582,000
»,200,221,000
Total
2k,kl8,0Q0
720,01(9,000
18,392,000
63,186,000
29,575,000
21,359,000
95,UU5,000
2k,96k,000
lk,382,000
53,099,000
53,238,000
82,Ilk,000
Information Service
W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Tuesday, October 16 , 1951.
S - 2853
'
57
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills
to be dated October 18, 1951, and to mature January 1 7 , 1952, which
were offered on October 11, were opened at the Federal Reserve Banks
on October 15*
The details of this issue are as follows:
Total applied for - $1,922,582,000
Total accepted
- 1,200,221,000 (includes $177,841,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99*592 Equivalent rate of discount approx.
1.615$ per annum
Range of accepted competitive bids:
High
.
ij0W
- 99.615 Equivalent rate
1.523$
- 99.588 Equivalent rate
1 .630$
(^9 percent of the amount
bid for at the low price was accepted)
Federal Reserve
Pistrict
Total.
Applied for
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Pallas
San Francisco
TOTAL
of discount approx.
per annum
of discount approx.
per annum
24 it18 000
1,393 ,079,000
33 ,392,000
63 ,186 ,000
29 ,575, 000
21 ,359, 000
126 ,975, 000
25 on s 000
14 ,3o 2, 000
53
,000
53 , 328 >000
84 ,664, 000
$ 1 ,922,582,000
0 O0
Total
Accepted
$
24,418,000
720,049,000
18.392.000
63.186.000
29.575.000
21.359.000
95.445.000
24.964.000
14.382.000
53.099.000
53.238.000
82 .114.000
$1,200,221,000
In answer to an inquiry in reference to a reported phone ©all
to FederejH
Judge George Moore in S t . Lo u is, M issouri, on
March 23, 1951, Secretary Snyder sitated today that the
purpose of the c a ll was, among other things, to request that
Judge Moore talk with investigators from the Bureau of Internal
Revenue who were engaged in an in vestigatio n of the o ffic e of the
S t . Louis C ollecto r of In tern al Revenue* Judge Moore agreed
to the request.
The Secretary advised the Judge that he was very anxious to
have any ir r e g u la r itie s in the C o lle c to r’ s o ffic e corrected.
Reference to the resignation of James P. Finnegan , then
C o lle c to r, was in c id e n ta l.
, ¿=>0
VC \ _ . . ^
jL
^
*& ,St. Louis iederai Grand Jury had a few days previously
completed an investigqion of the C o lle c to r’ s o ffic e and had
handed in a r e p r t .
Georgs J . Schoeneman, then Commissioner of Internal Revenue,
called Judge Moore subsequently to advise him of the names of
the in vestigato rs w ith whom the Judge had agreed to t a lk .
The Secretary at a l l times has taken the firm stand that any
ir r e g u la r itie s in the Bureau of Internal Revenue should be
correct ed.
TREASU RY
DEPARTM ENT
Information Service
W A S H I N G T O N , D.C.
59
IMMEDIATE SEDEASE
Tuesday, October 16. 1951
S-285A
In answer to an inquiry in reference to a reported phone
call to Federal Judge George Moore in St® Louis, Missouri, on
March 23, 1951, Secretary Snyder stated today that the purpose
of the call was, among other things, to request that Judge
Moore talk with investigators from the Bureau of Internal
Revenue who were engaged in an investigation of the office of
the Sto Louis Collector of Internal Revenueo Judge Moore
agreed to the request0
The Secretary advised the Judge that he was very anxious
to have any irregularities in the Collectors office corrected«.
Reference to the resignation of James P 0 Finnegan, then
Collector, was incidental0
The Secretary stated that he understood that a St0 Louis
Federal Grand Jury had a few days previously completed an
investigation of the Collector»s office and had handed in a
report«,
George Jo Schoeneman, then Commissioner of Internal Revenue,
called Judge Moore subsequently to advise him of the names of
the investigators with whom the Judge had agreed to talk«
The Secretary at all times has taken the firm stand that
irregularities in the Bureau of Internal Revenue should be
correctedo
oOo
any
- 3 r&L-FHAi
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)
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. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.
-
2
-
-•ALPHAunless 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 xor
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on October 25, 1951
> in cash or other ™ ediately avai1
* iPf
able funds or in a like face amount of Treasury bills maturing October
19?L*J
Cash and exchange tenders will receive equal treatment.
Cash adjustments will«
made for differences between the par value of maturing bills accepted in oxchangi
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 fro»
all taxation now or hereafter imposed on the principal or interest thereof by
Exhibit-:!
/ALPHA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, October 18, 1951____ •
The Secretary of the Treasury, by this public notice, invites tenders for
$1,200,000.000
. or thereabouts, of
91 -day Treasury bills, for cash and
in exch— &--- *------„ ----— RHU-« ------
^
____
a discount basis under competitive and non—competitive bidding as hereinafter
will mature
January
2k,
1952
, when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two otclock p.m., Eastern Standard time,Monday» October 22. 1951*
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 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,
63
RELEASE MORNING NEWSPAPERS;
Thursday, October 18, 1951.
D ¡—
I •55
The Secretary of the Treasury, by th is public notice, invites
of 91-day_ Treasury billi
tenders for $1,200,000,000, or thereabout
for cash and in exchange for Treasury bills maturing October 25, 1951,
in the amount of $1,200,544,000, to be is sued on a discount basis
under competitive and non-competitive bid ding as hereinafter provided,
The bills of this series will be dated Oc tober 2 5 , 1 9 5 1 , and will
mature January 2t, 1952, when the face amìount will be payaole wi thout
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 22, 1951. 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
led by Federal Reserve Banks o:
special envelopes which will be s
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 oanks 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 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
2
three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must oe made or
completed at the Federal He,serve Bank on^ October 25, 1951, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing October 25, 1951* 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 t&e 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 bf
interest. Under Sections 42 and 117 (a) (lj 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 considoration 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, a
ordinary gain or loss.
Treasury Department C5_rcular No. 4l8, as amended, and this
notice, prescribe the terms of the Trea-sury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve. Bank or Branch.
oOo
b bl ea s e , im m m
o
nmspahsrs,
Thurntoy^ October 18, 1%»I,
the Secretary cf the Treasury announced X&tf
that the tenders fox*
#1,250,000,000, or thereabouts, at $to& Anticipation Series lU*-day treasury M i l s to to
ditsd October 23, 1951, and to mature Itereh 15# 1952, which were offered on October 11,
were opened at the Federal Reserve Banks on October 17*
The details if this issue are as followss
total applied for - 13*302,398,000
total accepted
- 1*250# 958,000
Average Brice
(Includes $ 21*9,351,000 entered on a
ncn-oosipetitiYe basis and accepted in
full at the average price shewn below)
- 99*380 Equivalent rate of discount appro** 1.5505 per m om
Sang® of accepted eoapetitive bidet
High
Low
(Excepting two tenders totaling #61,000}
* 99*1*12 Equivalent rate of discount 1*1*70$ per annua
*. 99*368
»
*
*
*
l#$80$ *
«
(64 percent ©f the amount M d for at the lew price was accepted)
Federal Reserve
district
fetal
Applied for
fetal
Accepted
Boston
fork
I
89,215,000
1,618,586,000
92,738,000
236,233,000
112,^i*,000
328,013,000
390,301*,000
61**607,000
73,050,000
96,W*5,000
133,309,000
287,1*06,009
1
#3,302,398,000
#1,250,958,000
111
Cleveland
pich^pd
Atlanta
Chicago
St* Louis
ft
Kansas 8ity
San Francisco
fOtAL
36,775,000
1*59,601*,000
1*0,690,000
321,21*3,000
68,363,000
81,1*1*9,000
153,909,000
26,815,000
31,762,000
1*2,995,000
87,1*37,000
99,836,000
TREA SU RY
D EPARTM EN T
Information Service
W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, October 18, 1931»
G5
S -2856
The Secretary of the Treasury announced last evening that the^
tenders for $1*250,000,000* or thereabouts, of Tax Anticipation Series
l44-day Treasury bills to be dated October 23* 1951* and to mature
March 15, 1952, which were offered on October 11, were opened at the
Federal Reserve Banks on October 1?.
The details of this issue are as follows:
Total applied for - $3*302,398*000
, ,
Total accepted
- 1,250,958,000 (includes $249*351*000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average Price
— 99 »380 Equivalent rate of discount approx,
1.550$ per annum
Range of accepted competitive bids:
High
(excepting two tenders
totaling $65 *000)
- 99.412 Equivalent rate of discount 1.470$
per annum
- 99.368 Equivalent rate of discount 1.580$
per annum
How
(64 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
89,215,000
618 ,586,000
92 ,718,000
236 ,231*000
1 1 2 ,514,000
128 ,013,000
390,304,000
Boston
Hew York
Philadelphia
Cleveland
Hichmond
Atlanta
Chicago
St. L o u is
M inneapolis
Kansas C i t y
Dallas
San F r a n c is c o
287,406,000
36,775*000
459,604,000
40,690,000
121,243,000
68 ,363,000
81,449,000
153 ,989,000
26 ,815*000
3 1 *762,000
42,995*000
87 ,437,000
99,836,000
9. 302,398,000
$1 ,250 ,958,000
64,607*000
73 ,050,000
96,445,000
1 1 3 ,309,000
TOTAL
Total
Accepted
Total
Applied for
0O0
$
3
Secretary Snyder commended the committee members,
and all others who supported the War Trophy Safety
Program, for the fine results achieved,
"By pooling
your available facilities and investing them in
unselfish action,” he said, "you volunteers,
in and
out of the Government, have rendered a great public
service.
You should draw genuine satisfaction from
having been a part of a program which, in the words of
President Truman,
’has saved thousands of lives and
millions of dollars
0O0
2
By mid-1948 local War Trophy Safety Committees had
grenades, shells and other ordnance brought home by
members of the Armed Forces from the battlefields of
World War II.
Personnel of the Alcohol Tax Unit was
made available to assist in this work, in addition to
registration of automatic weapons^
The Nati/onal Rifle
Association launched an educational campaign among gun
owners on the safe handling of their weapons.
As a result of the activity of these volunteer
groups, which received splendid support from press, radio
and other media of information, over one million pieces
of explosive ordnance were processed and rendered harmless
during the four-year period.
In addition, the annual
death rate in America from explosive-type weapons was
reduced by approximately 1,000, and large numbers of
gangster-type weapons were registered or removed from
circulation.
Upon the outbreak of fighting in Korea, the committee
recommended to the Secretary of Defense that steps be
taken to permanently bar dangerous trophies from being
brought into the United States.
The Secretary of Defense
designated the A r m y ’s Provost Marshal General to establish
adequate trophy control regulations.
The Treasury announced today that the War Trophy
Safety Committee, established on May 18, 1947, as an
emergency group to promote public safety in the handling
of explosive-type war trophies, had completed its volunteer
educational program and been disbanded.
The committee, created by Secretary Snyder to combat
an epidemic of injuries, many fatal, suffered in the
handling of explosive war trophies, was composed of
General Julian Hatcher, National Rifle Association;
Commander T. M. Wanamaker, United States Navy;
Lieutenant Colonel John Horton, Army Reserve Corps;
Lieutenant Colonel John Hardin, U. S. Air Force; and
Irving Perimeter, of the Bureau of Internal Revenue,
now an Assistant White House Press Secretary.
Henry
Schneider of the Bureau of Internal Revenue served
during the four-year period as the committee’s national
coordinator.
The War Trophy Safety Program was initiated by the
Treasury because of the Department’s legal responsibility
for enforcing the provisions of the National Firearms
Act.
Except, however, for the requirement under the
Firearms Act that fully-automatic weapons be registered,
the program was entirely of a voluntary and educational
nature.
e
RELEASE SUNDAY NEWSPAPERS,
October 21, 1 9 5 1 - _
S -2857
The Treasury announced today that the War Trophy Safety
Committee, established on May 18, 19^7* as an emergency group to
promote public safety in the handling.of explosive-type war
trophies, had completed its volunteer educational program and been
disbanded.
The committee, created by Secretary Snyder to combat an
epidemic of injuries, many fatal, suffered in the handling of
explosive war trophies, was composed of General Julian Hatcher,
National Rifle Association; Commander T, M. Wanamaker, United
States Navy; Lieutenant Colonel John Horton, Army Reserve Corps;
Lieutenant Colonel John Hardin, U, S. Air Force; and. Irving
Perimeter, of the Bureau of Internal Revenue, now an Assistant
White House Press Secretary. Henry Schneider of the Bureau of
Internal Revenue served during the four-year period as the
committee's national coordinator.
The War Trophy Safety Program was initiated by the Treasury
because of the Department's legal responsibility for enforcing
the provisions of the National Firearms Act. Except, however, for
the requirement under the Firearms Act that fully-automatic
weapons be registered, the program was entirely of a voluntary and
educational nature.
By mid-19^8 local War Trophy Safety Committees had been
organized all over the country, and almost 20,000 volunteers were
active in the program. Their work resulted in the examination and
deactivation of guns, grenades, shells and other ordnance brought
home by members of the Armed Forces from the battlefields of
World War II. Personnel of the Alcohol Tax Unit was made available
to assist in this work, in addition to carrying out the Unit's
legal responsibility for the registration of automatic weapons,
and^all branches of the military establishment cooperated. The
National Rifle Association launched an educational campaign among
gun owners on the safe handling of their weapons.
70
-
2
-
As. a result of the activity of these volunteer groups, which
received splendid support from press, radio and other media of
information, over one million pieces of explosive ordnance wore
processed and rendered harmless during the four-year period.
In
addition, the annual death rate in America from explosive-type
weapons was reduced by approximately 1 ,000, and large numbers
of gangster-type weapons were registered or removed from
circulation.
Upon the outbreak of fighting in Korea, the committee
recommended to the Secretary of Defense that steps be taken to
permanently bar dangerous trophies from being brought into the
United States. The Secretary of Defense designated the Army's
Provost Marshal General to establish adequate trophy control
regulations.
Secretary Snyder commended the committee members, and all
others who supported the War Trophy Safety Program, for the fine
results achieved.
"By pooling your available facilities and
investing them in unselfish action," lie said, "you volunteers, in
and out of the Government, have, rendered a great public service.
You should draw genuine satisfaction from having been a part of
a program which, In thé words of President Truman, 'have saved
thousands of lives and millions of dollars'."
oOo
S -
n
Commissioner of Internal Revenue John B. Dunlap has
called a conference in Washington of the heads of all field
offices of the Bureau.
The meeting beginnlngjtondax_will
continue for three days .
PartigjLpftiits^wi^
all
collector^(^ t e r na3^ Reve n u ^ agents-in-charge, Alcohol Tax
Unit supervisors, special agents-in-charge, division counsel,
and officers in charge of other field organizations.
The purpose of the conference is to enable the new
Commis s io n e r to acquaint the field officials with his
policies and his plans for the treatment of operational
problems of the Bureau.
The conference will open with a general meeting of all
participants on Monday morning^when Secretary of the Treasury
John W. Snyder and Commissioner Dunlap will be speakers.
Remaining time will be given over to discussions by the
several groups of matters affecting their operations.
Chief among the matters to be discussed at the meetings
will be the organization and operation of the newly«-created
inspection service^which supervises the conduct of all
offices of the Bureau.
Other subjects to be covered include personnel and other
budget requirements, technical problems in the administration
of tax laws, including the new revenue act, and progress
of the special tax fraud drive against racketeers.
72
RELEASE SUNDAY NEWSPAPERS,
October 21, 1951. '
S -2858
Commissioner of Internal Revenue John B. Dunlap has called
a conference in. Washington of the heads of all field offices of
the Bureau. The meeting, beginning Monday will continue for three,
days. Participants will include all Internal Revenue collectors,
agents-in-charge, Alcohol Tax Unit supervisors, special
agents-in-charge, division counsel, and officers in charge of
other field organizations.
The purpose of the conference is to enable the new
Commissioner to acquaint the field officials with his policies
and his plans for the treatment of 'operational problems of the
Bureau.
The conference will open with a .general meeting of all
participants■on Monday morning, when Secretary of the Treasury
John
" Snyder and Commissioner Dunlap will be speakers. Remain
ing time will be given over to discussions by the several groups
of matters affecting their operations.
Chief among the matters to be discussed at the meetings will
be the organization and Operation of the newly-created Inspection
Service, which supervises the conduct of all offrees of the Bureau.
Other subjects to be covered include personnel and other
budget requirements, technical problems In the administration of
tax'laws, including, the new revenue act, and progress of the .
special tax fraud drive against racketeers. #
RELEASE MORNING NEWSPAPERS,
Tuesday, October 23, 1951»
The Secretary of the Treasury announced last evening that the tenders for
11,200,000,000, or thereabouts, of 91-day Treasury bills to be dated October 25,
1951, and to mature January 2k$ 1952, which were offered on October 18, were opened
at the Federal Reserve Banks on October 22.
The details of this issue are as follows s
Total applied for - #2,129,556,000
Total accepted
- 1,200,782,000
Average price
(includes #179,001,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
* 99*597/ Equivalent rate of discount approx. 1.593$ per annas
Range of accepted competitive bidst
- 99*621 Equivalent rate of discount approx. 1.539$ per annua
- 99*595
1
*
•
*
*
1.602$ •
■
High
Low
(18 percent of the amount bid for at the low price waa accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Franoisco
#
71*,221,000
1,1*60,721»,000
1*8,970,000
80,613,000
25,591,000
21,257,000
175,391*,000
36,271,000
8,056,000
39,1*78,000
38,353,000
120,628,000
#
#2,129,556,000
#1,200,782,000
Total
50,591,000
737,31*3,000
17,658,000
75,1*52,000
20,605,000
20,957,000
98,399,000
27,559,000
7,971»,000
33,022,000
23,51*0,000
87,682,000
TREASU RY
D EPARTM EN T
Information Service
W A S H I N G T O N , D.C.
74
RELEASE MORNING NEWSPAPERS,
Tuesday, October 23^ 1951 »
s - 28.59
The Secretary of the Treasury announced last evening that the
fenders for ¿3,200,000,000, or thereabouts, of 91-day Treasury bills
to be dated October ,25'! 1951, and to mature January 24, 1952, which
were offered on October 18, were opened at the Federal Reserve Banks
on October 22.
The details of this issue are as follows
Total applied for - $2,129,556,000
1 ,200,782,000 (includes $179,001*00°
Total accepted
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
_
99
.
597
/
Equivalent
rate of discount approx.
Average price
1.593$ per annum
Range of accepted competitive bids:
- 99.611 Equivalent rate
1 .539$
- 99.595 Equivalent rate
1 .602$
High
Low
of discount approx.
Pbr annum
of discount approx.
per annum
(1 8 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
Accepted
Total
Applied for
Federal Reserve
District
$
74,221,000
1,460,724,000
48,970,000
8 0 ,613^,000
25,591* 000
21,257, 000
175,3925 000
36,271, 000
8 ,056,000
39,478, oOO
38,353, 000
120 ,628 ,000
$2 ,129 ,556,000
0O0
$
50,591,000
737 ,3^ 3,000
17.658.000
75.452.000
20.605.000
20.957.000
98 .399.000
27 .559.000
7 ,974,000
33 .022.000
23.540.000
87 .682.000
$ 1 ,200,782,000
- 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 19hX, the amount of discount at
which bills issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder need 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.
-
2
-
mm
"MimmM »m ill 11«
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 vdll 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
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, j
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
mm
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. October
-----gj 2$, 1 9 5 1 __ .*
The Secretary of the Treasury, by this public notice, invites tenders for
4
n
nr^ m n
. or thereabouts, of
91 -day Treasury bills for cash and
— s^T~
in the amount of $ l f300r619f000
3W ^ o , o y u __>
in exchange for Treasury bills maturing
November 1, 1951—
>/to ^
5
lssued on
a discount basis under competitive and nón-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series will be dated
November^1, Ig& —
and
January 31. 1952
, when the face amount will be payable without
------------- -----------------------They m i l be issued in bearer form only, and in denominations of
-$1,000, $$,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders m i l be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.nu, Eastern Standard time, Mondayy October 29» ,1251«
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 m i l
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,
TREASU RY
D EPARTM EN T
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, October 25, 1951.
W
ashington
,d .c .
. 7
8
S-2860
The Secretary of the Treasury, by this public notice, invites,
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills
for cash and in exchange for Treasury bills maturing November' 1,
1951, in the amount of $ 1 ,300,619 ,000, 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 1 , 1951,
and will mature January 3-1, 1952, 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 29, 1951. 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 dec5_mals, 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 willbe 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
Mill be advised of the apceptance 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
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 t the Federal Reserve Bank on November 1, 1 9 5 1 , in cash
.face ,amount of
or other immediately available funds or in a like face
Treasury bills maturing November 1, 1951. Cash and exchange tenders
will rece ive equal treatment. Cash adjustments will be made for
differenc es 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 treatm
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 ¿tat«
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.
0 O0
f i nane ing
as
I see them
only a part of this
larger whole
To p r e s e r v e our economic
must Keep our fiscal
are
Ith, we
p o s i t i o n strong
d i f ficult as that may be .in terms of
the
individual
burdens
involved
But the one essential
the one goal
thing
which must guide ail
our efforts on the
is the necessity
the fundamental
of
t ic front
for m a i n t a i n i n g
strength of our
A m e r i c a n economy,
our American free
environment,
when put to the test,
which made p o s s i b l e the p r o d u c t io n
m i r a c l e s of W o r l d
a
i t r
! i.
And
it
1er
ch will
have the wisdom
c o u r a g e to
It
oIic ies
ing our
n e c e s s a r y for
ruer ican
¿5
s prob Iems ra ised
n e c e ss i t i e s of
Ia
scale
the
functi
d u rin g
db
f*
* \>i. f*
1 w0
f§|
1
01
w
ella
o w
fdif
■
tf
than
m
or ©ss
mW
m
Is i
3
m
*1I
A gfrf\
J»
V'fe
« 1
D 1 ©
w
%
$f%
%
*
a } i measures
m
S
a n t i
p r o g r a m s which
at ail
t
.e
voi unta
requ ir
iide s p r
i n d i v i tiuai
has been c h a r g e d by
law with
respons ib I Ii ty for the sound conduct
of the N a t i o n ’s finances.
This
r e s p o n s i b i I i t y cann o t be successfully
fulfil led w i t h o u t the c o o p e r a ti o n
o f ail of our people.
Sound debt
m a n a g e m e n t , under p r e s e n t circumstances
depends heavily on savings.
depends on the
individual
It
decisions
of m i l l i o n s of our oeople to buy
and hold the o b l i g a t i o n s of their
Government.
20f
only the first step
the financial
s y s t e m of our country.
Our public debt
large.
in s a f e g u a r d i n g
is already very
It amounts at the present
time to well
over $250 b i l l i o n --
a p p r o x i m a t e l y o n e - h a l f of the entire
debt of the country,
public and
20e
the o p e r a t i n g p r o c e d u r e s
in the
Bureau to prevent r e c u r r e n c e of
these deviations.
It will
c o n t i n u e d aim and goal
be the
to m aintain
the s t a n d a r d s of the Bureau at the
high
level w h i c h the p e ople are
entitled to expect.
Adequate revenues,
however,
are
£e
1 20d -
'
as S e c r e t a r y of the Treasury,
the C o m m i s s i o n e r of Internal
of
Revenue,
and of the whole h o n orable rank and
file of the Serv ice -- to discover
and throw out every r e m a i n i n g
maIefactor.
Both the C o m m i s s i o n e r of
Internal
Revenue and
I have w elcomed
the o p p o r t u n i t y to c o o p e r a t e with
the King S u b c o m m i t t e e and with
other CongressionaI
Committees
the effort to correct and
in
improve
people have d e v o t e d a m a j o r share
of their working
Service.
Their rewa r d and personal
satisfaction
hold
lives to the
is in the honor they
in their careers and
lives of pub Ii c servi ce.
In their
They
r e sent bitterly any blotch brought
on the S e r v i c e by the few faithless
ones,
and they are fierce
in their
d e t e r m i n a i Ion to rout them out.
11
is the devoted purpose of every one
of us -- of the President,
of myself.
PP
20b
our
citizens
officiais
ana
became
responsible
calloused
exacting
standards
gut
more
even
outraged
at
few.
the
are
of
the
weak
great
body
consclentious
warning
public
the
Revenue
Service.
duty.
greedy
of
and
servants
less
and
and
decent,
to
public
indignant
public
honest,
hard
who
They
comprise
resent
and despise those few who bring a
splotch
of
Many
these
of
dishonor
to
earnest
the
and
Service.
faithful
of
unquestioned
unswerving
integrity
ioyaity
in
recent
months
of
public
trust
conspicuously
want
to
have
you
is b e i n g
and
summarily
of
malefaction
indignation,
unfortunate
come
notice.
that
used
I
every
to
with
bring
duty,
derelictions
public
resource
deal
public
some
to
assure
to
and
weed
out
the
public
and
properly
would
be the
so,
day
for
when
20
desired expenditures,
increased
savings and a substantial
burden of
tax.at ion.
When the public
to pay taxes
amounts,
in these
is called upon
increased
they are d e f i n i t e I y
entitled to a s s u r a n c e that the
load
is fairly and e q u i t a b ly distributed,
ana tnat each pays his honest share
without favor,
di s c r i m i n at i o n or
man ipuI at io n .
That a s s u r a n ce must
find
its root
in a Revenue Serv i c e
-
1
9
-
Our projected m i l i t a r y
e x p e n d i t u r e s are n e c e s s a r y for the
d e v e l o p m e n t of a strong defense.
must be financed.
financed,
They
They can be
I believe,
without danger
to our economy and without
intensifying
the strains enge n d e re d by high
defense output,
if we as a Nation
are willing to meet with determination,
courage and s a c r i f i ce the r e s t r a i nt s
n e c e s s a r y to solve the problem.
will r e q u i r e p o s t p o n em e n t of some
This
billion short of a n t i c i p a t e d
much
make
it c
that we must expect a very m u c h
larger deficit
in 1953 than the
$7.5 billion d e f i c i e n c y which
is
in prospect for the current year.
I in
1J JrL
f or keeping, t h e s t r a i n s o f
se
hi g h
kening
*
output
our
from
financial
structure
t
©■
f i sea I
of
the
•
er,
*«
Government
as
iC Ît.
sis
w
take
e s t Ìm a t e s
enacted
tax
bill,
of
revenues
r*
! fi
v>
é wc wt * I
w
into
for
t
16
-
inventories
the
result
outflow
still
of
very
of
of
consumer
our
when
they
large.
are
But
drawn
I do
not
to
audience
--
heavy
production
The
am sure
this
continued
civilian
inexhaustibIe.
goods
they
test
down;
need
the
to
--
are
will
and
are
not
come
1
emphasize
inflationary
p o t e n t ia I r e p r e s e n t e d
by
this
situation.
A strong
of
course,
the
revenue
best
program
over-all
is,
fiscal
BOI
our mili t a r y p r o g r a m represor
drain on t ne
r e l a t i v e l y smell
es
as the second
%%3r
Quarter of 1950, only aoorox imate Iy
I nercent of our national
into security p r o g r a m s
it
But from here on out,
our
absorb ing
§'
v e r y
of tot?
m
next June,
U10 u t
it is
e x n e c t e d that the oro
8 '~
a 1 1o n g i o u
■
4" I
'.x;
|
going
\Ip*
into defense
this period our economy was operating
at the highest
levels ever known.
Expansion,, m o d e r n îz a t Îo n , the
w i d e s p r ea d adap t a t io n of new
d i s c o v e r i e s and processes,
greatly
increased e f f i c i e nc y of
operations
of
and
in nearly every branch
industry and trade d e m o n s t r a t e d
anew the tremendous vitali ty and
power for grow t h of the A m e r i c a n
p r o d u c t i v e plant.
D u ring this period,
however.
s t u d e n t s . businessmen,
and those of us
must
farmers
in G o v e r n m e n t --
individually d e t e r m i n e to take
w h a t e v e r actions are n e c e s s a r y to
keep our domestic defen s e s at full
strength,
and our prod u c t iv e power
unimpaired.
The A m e r i c a n
people,
and other
n a t i o n s of the fret world allied with
us.
have e n t e r e d on such a program.
And
I should
like to take a few
m i n u t e s to give you the o u t l i n e s of
TOI
IO
full
public
that
our
support.
present
which
is
which
brings
of
short
a war
tough
and
|ji(|§ (¡¡¡Bll
degree
of
part
of
just
their
leaders
us
-~
a I I-our
war,
of
--
of
the
statesmanship
of
a new
on
the
--
not
r e p r e s e n t a t i ves
and
each
individual
in W a s h i n g t o n .
-- m i l i t a r y
and
but
1
brand
it r e q u i r e s
one
burdens
requires
long-lasting
patriotism,
is c l e a r
situation
many
period
It
All
civilian,
of
educators,
that
authori
- g
-
of the d iw ens Ions of the one n o w
revea l e d to us.
The communist
Imperialists aim at t e a r i n g down
the f o u n d a t i o n s of g o v e r n m e n t and
order t h r o u g h o u t the world.
They
aim at d e s t r o y i n g our belief
in
human rights.
They have shown their
d é t e r m i n â t ion to make full and
u n a s h a m e d use of subversion,
propaganda,
lying promises,
in t e r n a t ionaI
scale, as well
blackmail
and
on a vast
as threats and acts
world have final Iy become aroused
to their danger.
We have recognized
that the t u r n i n g back of a g g r e s s io n
in Korea
is,
in effect,
the d e f e a t
of only one a d v a n c e column
in a
great offensive.
This
new
is a s i t uation which
is
in the history of the world.
There have been other acts of
u n p r o v o k e d aggression,
other plans
for w o r l d - w id e domination.
But
n e v e r before has there been a program
an u n p r e c e d e n t e d move to block this
new step
In the c o m munist program.
P r e p a r a t i o n s for defense a g a inst
f u r t h e r a g g r e s s io n
forward*
went swi ft iy
Economic and m i l i t a r y
a l l i a n c e s were strengthened.
important of ail,
Most
the t r e m endous
p r o d u c t i o n potential
of the American
economy was brought back
into defense
service.
inese d e v e l o p m e n t s make
it
clear that the free n a t i o n s of the
d o m i n a t io n became clear.
This time,, however,
the free
peoples of the world were no
passive spectators,
fearful.
longer
divided and
Programs for aid to weak
or t h r e a t e ne d c o u n t r i e s were
rapidly f o r m u l a t e d and energettcaI Iy
pursued.
And
in June of
1350,
when
open and s h a meless aggr e s s io n was
attempted
in Korea,
was galv a n i ze d
the free world
into new action.
C o u n t r i e s the world over joined
in
commun ist
3
we have
learned the hard way that
freedom
is not assured when the
guns are
laid down.
of f r e e d o m
The defe n s e
is a c o n t i n u i n g battle
and one of ever c h a n g i n g tactics.
in the
of our own country and of the
entire free
prof ouna
Wor 11
further
incre a s ine
that
The honor w h i c h you have
tonight
is an exceptional
1 want you to
it deeply.
that
This group
one.
I a p p r e c i at e
is one
whose c o n f i d e n c e
desired by any American,
of
f
i ?
Ic li
in or
It is in a spirit
of sincere humility
I shall
that
I s
worthy
g e n e r o u s tribute.
very strongly that
in
ABB8KSS BT SBCHETAH7 8KBKR
ax
ii m o o n D m m ss mmm
01?Hi Sf
c o s . m s c is n oo m tt » . n m
f® AKEKEGUI U0IO»
Hotel Commodore, S b w Torte City
October 27, 1951
TREASURY -DEPARTMENT
Washington
The follow ing address by Secretary Snyder before
a dinner meeting of the Col* Francis Vigo Post
No* 1093, American Legion, at the Hotel Commodore,
New York C ity , is s che dui aA f ma-d« 1i
nt ,
rm*
EST Saturday , October 27. 1951.
ana is fo r r ieleaweirna at
‘ that time
— *
The following address by Secretary Snyder before
a dinner meeting of the Col* Francis Vigo Post
No, 1093, American Legion, at the Hotel Commodore,
New York City, is scheduled for delivery at
9:30 p* m., EBIT* Saturday, October ¿7, 1951, and
is for release at that time,
“
The honor which you have paid me tonight is an exceptional one* I want
you to know that I appreciate it deeply* This group is one whose commenda
tion would be esteemed and whose confidence would be deeply desired by any
American, in or out of public life* It is in a spirit of sincere humility
that I say to you I hope I shall always be worthy of your very generous
tribute*
I feel very strongly that in these difficult times, our responsibilities
go far beyond our immediate, assigned jobs*
In the lifetime of most of us here tonight, we have fought two great
world wars to preserve our cherished freedom* Yet unfortunately we have
learned the hard way that freedom is not assured when the guns are laid down*
The defense of freedom is a continuing battle and one of ever changing
tactics*
In the past year and a half, the fundamental defense planning of our
own country and of the entire free world has undergone profound changes* As
we moved further away from World War II, it became increasingly apparent that
the climate of international relations had changed* We saw that the defense
of our Nation could no longer be viewed solely in terms of the sharp black
and white of total war or total peace* In Berlin, in Greece, in Turkey, in
large areas of Asia, in the communist maneuvers for greater political power
in Western Europe, and finally in Korea, the continuing programs of certain
dictators for world-wide domination became clear*
This time, however, the free peoples of the world were no longer passive
spectators, divided and fearful. Programs for aid to weak or threatened
countries were rapidly formulated and energetically pursued. And in June of
1950, when open and shameless aggression was attempted in Korea, the free
world was galvanized into new action* Countries the world over joined in an
unprecedented move to block this new step in the communist program. Prepa
rations for defense against further aggression went swiftly forward. Eco
nomic and military alliances were strengthened. Most important of all, the
tremendous production potential of the American economy was brought back
into defense service.
S-2861
120
-
2 -
These developments make it clear that the free nations of the world
have finally become aroused to their danger. We have recognized that the
turning back of aggression in Korea is, in effect, the defeat of only one
advance column in a great offensive.
This is a situation which is new in the history of the world. There
have been other acts of unprovoked aggression, other plans for world-wide
domination. But never before has there been a program of the dimensions
of the one now revealed to us. The communist imperialists aim at tearing
down the foundations of government and order throughout the world. They
aim at destroying our belief in human rights. They have shown their
determination to make full and unashamed use of subversion, propaganda,
lying promises, and international blackmail on a vast scale, as well as
threats &nd acts of military aggression.
All of this means that we are faced, today, with a new test of
citizenship. Our form of Government rests squarely on the concept of
individual responsibility for national policies and programs, We do not
operate under authoritarian decrees. Every national program, to be successful,
must represent the will of the people — and this means full public under
standing and full public support. It is clear that our present situation —
one which is short of all-out war, but which brings many of the burdens
of a war period — requires a tough and long-lasting brand of patriotism.
It requires a new degree of statesmanship on the part of each individual —
not just their representatives and leaders in Washington. All of us —
military and civilian, educators, students, businessmen, farmers and those
of us in Government — must individually determine to take whatever actions
are necessary to keep our domestic defenses at full strength, and our
productive power unimpaired.
The American people, and other nations of the free world allied
with us, have entered on such a program. And I should like to take a few
minutes to give you the outlines of this program, as it affects the
financial operations of the Government.
We started the present fiscal year, as you are undoubtedly aware,
in a relatively strong position. During the fiscal year ended last June,
the Federal Government showed a budget surplus of $3.5 billion. Over the
past five years, we have operated the Government with a surplus of nearly
$8 billion. During this period our economy was operating at the highest
levels ever known. Expansion, modernization, the widespread adaptation
of new discoveries and processes, and greatly increased efficiency of
operations in nearly every branch of industry and trade demonstrated anew
the tremendous vitality and power for growth of the American productive
plant.
122
- 3 During this period, however, our military program represented a
relatively small drain on the economy* As recently as the second
quarter of 1950, only approximately 6 percent of our national product
went into security programs.
But from here on out, our defense program will be absorbing a very
much larger share of total output. By next June, it is expected that
the proportion of our national output going into defense will reach onefifth; and the proportion may mount still higher, according to present
schedules, during the ensuing 12 months.
The record pace of business generated by our defense program means
that incomes will continue at very high levels* But it will not be possi
ble to provide corresponding increases in the goods and services available
to civilians. At the present time, inventories of consumer goods — the
result of our continued heavy outflow of civilian production — are still
very large. But they are not inexhaustible. The test will come when they
are drawn down; and I am sure I do not need to emphasize to this audience
the inflationary potential represented by this situation.
A strong revenue program is, of course, the best over-all fiscal
means for keeping the strains of high defense output from weakening our
financial structure. Beginning with the final quarter of the fiscal year
19§Iph«^ver, the Government has been operating at a deficit. On the
basis of present estimates, which take into account the effect of the
recently enacted tax bill, revenues for the fiscal year 1952 are estimated
at $61 billion — still some $7.5 billion short of anticipated Federal
expenditures. And during the fiscal year 19535 ending on June 30 of
that year, the Budget Bureau expects that Federal expenditures will range
much higher. These facts make it clear that we must expect a very much
larger deficit in 1953 than the $7.5 billion deficiency which is in
prospect for the current year.
Our projected military expenditures are necessary for the development
of a strong defense. They must be financed. They can be financed, I
believe, without danger to our economy and without intensifying the strains
engendered by high defense output, if we as a Nation are willing to meet
with determination, courage and sacrifice the restraints necessary to
solve the problem. This will require postponement of some desired expendi
tures, increased savings and a substantial burden of taxation.
When the public is called upon to pay taxes in these increased
amounts, they are definitely entitled to assurance that the load is fairly
and equitably distributed, and that each pays his honest share without
favor, discrimination or manipulation. That assurance must find its root
in a Revenue Service of unquestioned integrity and unswerving loyalty to
public duty. In recent months some derelictions of public trust have come
conspicuously to public notice. I want to assure you that every resource
is being used to weed out and deal ^ ammarily with the unfaithful jto*
- U -
123
These revelations of malefaction bring public indignation, ^
properly
so. for unfortunate would be the day when our citizens and responsible
public officials became calloused to less exacting standards of public
duty# But even more indignant and outraged at the weak and greedy f #
are the great body of honest, decent, conscientious and hard working
public servants who comprise the Revenue Service# They resent
spfeae those few who bring a splotch of dishonor to the Service# Many of
K
earnest and faithful people have devoted a m a j o r s h a r e o f t h e i r
working lives to the Service# Their reward and personal satisfaction is
.>
in the honor they hold in their careers and in their Uyes^^pf^
—
*
service# They resent bitterly any bl«*i«h'brbugHt opbhe Service
\ nil'filliiri —
and they are-fi<M8 in their determination t o f r o u t ^
thom tu4-_ it is the devoted purpose of every one of us — of thé'President,
of myself, as Secretary of the Treasury, of the Commissioner of Internal
Revenue, and of the whole honorable rank and file of the Service
discover and throw out every remaining malefactor#
Both the Commissioner of Internal Revenue and I h^ve
the
opportunity to cooperate with the King Subcommittee and with other
Congressional Committees in t h e ^ f f o H ^ o j c o x u ^ ^
ating procedures in the Bureau/f^reveîffrecuïrin^
It will be the continued aim ¿rid goal to maintain the standards of the
Bureau at the high level which the people are entitled to expect#
-vw
f
Adequate revenues, however, are only the first step in safeguarding
the financial system of our country# Our public debtis already very
large# It amounts at the present time to well over $2£0 billion armroximatelv one**half of the entire debt of the country, public and
private.
Xt Isthe single most important factor in the financial markets,
m d the major investment of millions of American citizens. Under these
circumstances, successful debt management is of vital concern to every
one of us — and of vital importance to the maintenance of a sound
financial situation throughout the economy#
From the earliest days of our country, the Secretary of the Treasury
has been charged by law with responsibility for the
Nation»s finances# This responsibility cannot be successfully fulfilled
without\he cooperation of all of our people,_ Sound debt management, under
present circumstances, depends heavily on savings. It depends on the
individual decisions of millions of our people to buy and hold the
obligations of their Government*
There is no compulsion on them to do so# One of the rights which we
cherish is the freedom of each individual to invest his surplus funds as
he sees fit! This right, we believe, is a vital P - t of the incentives
which make our free enterprise system the most productive in the world.
But that system depends on a recognition of public as well as private
interest. We should voluntarily take whatever steps are required to keep
^
o
^
r t r o n T Widespread ownership of Federal securities is necessary
124
to keep our large public debt from exercising a disruptive influence in
the economy» To the extent that the securities of the Government are not
bought and held by the citizens and private institutions of the Nation,
the Government must resort to borrowing from the banking system. Com
mercial bank holdings represent, of course, the most inflationary type of
debt ownership# Increasing reliance on bank financing would strengthen,
rather than weaken, the upward pressure on the price level«
This is why the Treasury is so deeply concerned with encouraging
people to save, and with promoting all measures and programs which en
courage the habit of thrift# This is important at all times. But at
present, it is vital — not only to the sound conduct of the Nation*s
finances, but to the successful functioning of the entire economy during
a period of heavy defense output*
I have emphasized taxes and greater savings because these are the
foundations of a successful fiscal policy during the period when we are
readjusting our defenses to the realities of the present world situation#
But these are only two measures which are required for safeguarding our
economic health# The restriction of credit to essential uses, the al
location of scarce materials, and various direct measures for assuring the
stability of wages and prices are also necessary# The job is a big one,
but I know that it can be done# I have every confidence that our people
will give wholehearted support to the measures necessary for conserving the
economic resources of our Nation.
Our enemies are well aware of
production plant* But what they ha
constantly underestimated
is the
men^
and thinking and working
each citizen*s
e crushing power of our present
fallcdHro a&e — what ■they have
ynamic strength of a Nation of fre
in an environment isandueiLvo to the
individual abilities and resources
From earliest childhood our children are taught to think for them
selves, to experiment, and to work with others in putting their ideas
into action# They are taught to examine new concepts — both their own
and those of others — and to try out new programs. They learn to express
their thoughts without fear, and without the restrictions which come from
a government operating by authoritarian decree#
It was this heritage and this environment, when put to the test,
which made possible the production miracles of World War II. And it is
this heritage and environment which will protect us now — if we have the
wisdom and the courage to pursue those national policies necessary for
safeguarding our American way of life#
The problems raised by the necessities of large-scale defense
financing — as I see them — are only a part of this larger whole. To
preserve our economic health, we must keep our fiscal position strong —
difficult as that may be in terms of the individual burdens involved#
1
0c
£L,oW
• 6 •
But the one essential thing — the one goal which must guide all of
our efforts on the domestic front — is the necessity for maintaining the
fundamental strength of our American economy, our American free enterprise
system, and our traditional American institutions*
I have every confidence that our national strength — physical, moral
and spiritual — will prove equal to this test#
i
Page 4
15. Have you or any member of your immediate family
(a)
since the date of your appointment to the Internal Revenue Service
received gifts, bequests, or legacies, the aggregate value of which
received from any one person exceeds $2,000.00? _______ ________
(b) at any time received an amount in excess of $5,000.00 by way of a
gift, bequest, or legacy?___________
. ^ so> S*ve details.
16. Have you or any member of your immediate family at any time received proceeds
from the sale of assets (House, farm, securities, etc.) in an amount in excess
of $5 ,000.00?_____ _______
so> g^e details.
17. Do you or your immediate family
property of value of more than
your immediate family (such as
agent or bailee)?_______ _
have custody or control over any cash or other
$1,000.00 which is owned by someone outside
executor, administrator, trustee, custodian,
^ s0» give details.
18. Do you now have, or have you had in the past two years, any employment or business
activities in addition to your Government employment?------------------ ----- —
If so, give full details.
19.
List below the office of the Collector of Internal Revenue with which you and
your immediate family filed income tax returns for the years 1945 through 1950.
Person filing
Collector's Office
1945
1946
1947
1948
1949
1950 ____ ____________________ ___
________________________ —
I certify that this statement, together with attachments, if any, is
complete and correct to the best of my knowledge and belief.
Q7
Signature
Date
G PO 83-19609
Page 3.
10. List the checking, savings, postal savings, building and loan brokerage and other
accounts maintained by you and your immediate family since January 1, 1949.
Name and address
of bank, etc.
11.
12.
Name in which
Acc’t carried
Type of
Acoount
Approximate Balance
as of Oct. 51, 1951
TOTAL
$___________ ■
Have you or your immediate family rented or used any safe deposit boxes since
January 1, 1949?_____________ If so,.furnish information below:
Name and address of
Person in whose
bank or vault
name box heId
Amount of Cash
TOTAL
|______________
List all securities owned, such as TJ.S. Gov’t bonds, stocks, certificates of deposit,
cashiers checks, money orders, etc. Itemize.
Cost or Fair Market Value
at Date of Acquisition
TOTAL
$______________
13. List all life insurance policies held by you and your immediate family.
Name and Address Type of
Date
Annual
Cash
Name of insured
of Insurer
Policy
Acquired Premiums Surrender Value
14.
TOTALS
$______ $___________
List all other assets, such as investments in partnerships, joint ventures, etc.
(which includes any investments in outside business activities)
Cost or Fair Market Value
at Date of Acquisition
TOTAL
$
Page >2.
8 . List below the sources of funds of yourself and your immediate family for each year
indicated. (if you do not know the exact amount of any item, write "not over"'
before such item).
Year Ended Year Ended
12/31/49
12/31/50
RECEIPTS
Your gross salary
Your income from outside business or employment - item #18
Spousefs gross income from business or employment
Other sources (such as, rents, dividends and interest, sale
of assets, borrowings, pensions, wagering winnings, royal
ties, redemption of IJ.S. bonds, repayment of loans made to
others, etc.) Itemize in detail
Gifts, bequests, and legacies of money and property from
others than your immediate family (including purchases of
goods and services by others for you and your immediate
family. Describe in detail if total for year is more than
#750.00)
Total Receipts
9.
*
1
'
List below the disposition of the funds of yourself and your immediate family for
each year indicated.
(if you ho not know the total amount of any item, write the
words not over" belore sucn ixem;.
EXPENDITURES
Family and household expenses (Food, heat, clothing, utili
ties, telephone, domestic help, minor household repairs
and improvements)
Rent or payments on dwelling(s)
Recreation (Entertainment, clubs, vacations, travel, summer
camp, etc.)
Insurance premiums and retirement deductions
Federal income taxes
Gifts and charitable contributions
Automobile purchase, repairs and maintenance
Investments and Savings (Real estate, stocks, bonds, etc.)
Others (itemize any expenditures in excess of #200 for house
hold furnishings, jewelry, silverware, paintings, tuition
of children and room and board away from home in school,
wagering losses, taxes other than Federal income, medical
and dental bills, interest paid, repayment of loans, other
than mortgage on dwelling, etc. Minor expenditure can be
grouped under heading "miscellaneous.")
Total Expenditures
Year Ended
12/31/49
Year Ended
12/31/50
Form 1361
U» S. TREASURY DEPARTMENT
Internal Revenue Service
FINANCIAL STATEMENT OF EMPLOYEE
1.
Name
Last
•2 .
Age
First
Init ial
Post of duty_
Address
3. Date first appointed to Internal Revenue Service
Present Grade_
4. Title of present position
Office to which attached
Present Salary
5. Are you married?____ How many children have you?: (a) Dependent__________ ____
(b) Non-dependent________ _
Other dependents, specify:
6.
List all assets, or everything you and your immediate family own as of October 31
1951. (Include any assets held for you, or any member of your immediate family,
by any person such as agent, custodian, nominee, trustee, etc.)
Date
Cost or Fair Market
ASSETS
Acquired
Value at Acquisition
Cash in banks
See Item 10
Cash anywhere else
See Item 11
___________________
Due from others-Loans, etc.
Automobiles
Securities
See Item 12
Real Estate
Cash surrender value of life
insurance
See Item 13
Personal effects and household furnishings
Other assets
See Item 14
TOTAL ASSETS
# _________
7.
List all liabilities, or everything you owe,
and your immediate family as of October 31,
LIABILITIES
Current obligations
Notes payable
To whom______________
Mortgages payable
To whom_______________
Other debts in.excess
of $200
To whom______________
of yourself
1951.
Date Incurred
___________
____________
____ Amount
_________
___________
TOTAL LIABILITIES
$
NET WORTH
$ __________________
(Total assets less total liabilities)
FMANCt A l STATEMENT OF EMPLOYEE
(See Com.-Him., C o ll. No. 6701)
Qenerel In»tractIone
(For» 1361)
1.
please print p lain ly or typewrite a ll answers.
•None", so indicate in the space provided.
Leave no spaces blank,
i f the answer is "No* or
2.
Use additional sheets where necessary, identifying on sane the related question by number and
attach them securely to th is statement, place name, address, t i t l e and o ffic e to which attached
at the top o f each such, additional sheet.
3.
For the purpose o f th is statement, wherever the term "immediate family" is used, it means spouse,
children and other persons dependent on you or your spouse fo r support.
a.
Upon completion, the o rigin al o f th is form should be returned to your designated superior fo r
transm ittal to the Bureau. I f you e le c t to transmit same d ir e c t, mail to the Commissioner o f
Internal Revenue, Attention: D irector, Internal Revenue Inspection se rv ice , Washington 25, D. C.
5.
The duplicate copy of the statement should be retained by you fo r your records.
6>
Your fin a n cia l statement should be completed and e ith e r submitted to the designated supervisory
o f f i c i a l or mailed to the Bureau in the shortest time possible, but not la te r than Oocenter l , 1951.
Treumir • ktentl Km ae, Washiigtoa, D.C.
- 3 -
received, in excess of the same amount, at any time in the
past from the sale of any property, and a statement showing
property held fo r the employee by any other person.
-
2
-
in the statements w ill be treated as s t r ic t ly c o n fid e n tia l.
The statements, which may be submitted through the head
of the o ffic e to which the employee is assigned, or
d ir e c tly to the Commissioner, are to be file d not la te r
than December f i r s t .
Those required to submit the statements are:
1.
A ll supervisory personnel, from the Commissioner
down to , and includin g, a ssista n t heads of d iv isio n s.
2.
A ll employees engaged in enforcement work.
These include deputy co lle cto rs* revenue agents, returns
auditors and examiners, conferees, techn ical advisors,
attorneys, sp ecial agents, enforcement and permissive
s t a ffs of the Alcohol Tax U n it, and supervisors of Accounts
and C o lle ctio n s.
3.
A ll other employees in grade CS-12 or above.
Minimum salary of th is grade is $7,040.
The questionnaire consists of a comprehensive report
of assets and l i a b i l i t i e s of the employee and members
of his immediate fam ily as o f October 31st, and receipts
and expenditures for the years 1949 and 1950, a l l in
extensive d e t a il.
Also required are detailed explanations
of any employment or business a c t iv it y in addition to
government employment; g i f t s , bequests, or le ga cie s in
excess of $5,000 received at any time in the past, proceeds
Prnpo sad
Questionnaires regarding th e ir fin a n c ia l condition
w ill be submitted to more than 27,000 employees o f the
in tern a l revenue service within the next few days, i t has
been announced by Commissioner of Internal Revenue,
John B* DunJa p.
The fin a n c ia l statements are required under the
terms of an order issued by the Commissioner, with the
approval of Secretary of the Treasury, John W. Snyder,
which states that a ’’duly appointed Congressional Com
mittee and the Treasury Department have concurred that
fo r the best in te re sts of the service i t is desirable fo r
the Treasury Department to require the periodic f i l i n g
/
;•
of fin a n c ia l statements by personnel o f the in tern al
revenue s e r v ic e .”
The order points out that the very nature of the
in tern al revenue service is such that each employee
holds a p ositio n of public tr u s t, and that the maintenance
of public confidence in the e ffic ie n c y and the in te g r ity
of the service are of paramount concern to a l l employees.
’’Consequently,” the order sta te s, ”C t is incumbent upon
each of us to do everything possible toward achieving
th is objective and demonstrating f i d e li t y to our public
t r u s t .”
I t is further stated that the information contained
131
IMMEDIATE RELEASE
Friday 3 O c t o b e r 26,
1951
S-2862
Questionnaires regarding their financial condition will be sub
mitted to more than 27,000 employees of the internal revenue service
within the next few days, it has been announced by Commissioner of
Internal Revenue, John B. Dunlap.
The financial statements are required under the terms of an
order issued by the Commissioner, with the approval of Secretary of
the Treasury, John W. Snyder, which states that a ’duly appointed
Congressional Committee and the Treasury Department have concurred
that for the best interests of the service it is desirable for the
Treasury Department to require the periodic filing of financial
statements by personnel of the internal revenue service."
The order points out that the very nature of the internal revenue
service is such that each employee holds a position of public trust
and that the maintenance of public confidence in the efficiency and*
the integrity of the service are of paramount concern to all
employees.
’’Consequently," the order states, "It is incumbent upon
each of us to do everything possible toward achieving this objective
and demonstrating fidelity to our public trust." It is further
stated that the information contained in the statements will be
treated as strictly confidential. The statements, which may be sub
mitted through the head of the office to which the employee is assigned
or directly to the Commissioner, are to be filed not later than
December first.
Those required to submit the statements are:
1.
All supervisory personnel, from the Commissioner down to,
and including, assistant heads of divisions.
2.
All employees engaged in enforcement work. These include
deputy collectors, revenue agents, returns auditors and examiners,
cdnferees, technical advisors, attorneys, special agents, enforcement
and permissive staffs of the Alcohol Tax Unit, and supervisors of
Accounts and Collections.
3.
All other employees in grade GS-12 or above.
of this grade is $7,040.
/
Minimum salary
132
-
2
-
The q u e s t i o n n a i r e consists of a c o m p r e h e n s i v e r e p o r t of asse t s
and l iabilities of the e m p l o y e e a n d m e m b e r s of h is i m m e d i a t e f a m i l y
as of O c t o b e r 31st, and receipts a n d e x p e n d i t u r e s f or the years 1949
and 1950, al l in e x t e n s i v e detail.
A l s o r e q u i r e d are d e t a i l e d e x
planations of a n y e m p l o y m e n t or b u s iness a c t i v i t y in a d d i t i o n to
government employment; gifts, bequests, or legacies in e x cess of
$5,000 r e c e i v e d at a n y time in the past, p r o c e e d s received, in excess
of the same amount, at a n y time in the pas t fro m the sale of a n y
property, a nd a s t a t e m e n t s h o w i n g p r o p e r t y h e l d for the e m p l o y e e by
any other person.
0O0
/
RELEASE, KQ8KI8G HSWSPAPERS,
&*■ &
TuatdMy, Oototar 30» 1951»
§
The Secretary of the Treasury announced last omanlng that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated Hoveaiiber 1, l ^ x f
and to nature January
31, 1952,
«hich «ere offered on October
25# «ere
opened at the
Federal Eeeerte Banks on October 29*
The details of this issue are as followst
Total applied for - $2,21?,00b,000
Total accepted
- 1,301,730,000
Average Price
(includes $172,331,000 entered on a
non-caapetitive basis and accepted in
'^•N
full at the average price shown below)
- 99*591/ Equivalent rate of discount approx« 1*6175 per annum
Benge of accepted competitive bids*
- 99*620 Equivalent rate of discount approx* 1*5035 per annum
* 99*509
*
■
*
*
*
1*6265 *
*
Hi#
im
(63 percent of the amount bid for at tha Ice pries «as accepted)
Federal Reserve
Bistrlct
Total
Affiled for
Total
Accepted
Boston
Wm fork
Philadelphia
1 0,916,000
1,523,80,000
iM liP «
37,257,»)
21,03,000
28,736,000
237,190,000
33,191,000
8,07,000
67,679,000
0,311,000
117,287,000
I
$2,217,00b,000
$1,301,730,000
Cleveland
Atlanta
St. Loais
yatuiy«» city
Dallas
San Francisco
TOTAL
37,5b6,ooo
759,288,000
28,80lt,000
27,120,000
19,683,000
28,106,000
179,380,000
21,857,000
8,07,000
63,1(09,000
36,312,000
91,08,000
ft
! RELEASE MORNING NEWSPAPERS,
fuesday, October 30, 1931.
134
S- 2 8 6 3
The Secretary of the Treasury announced last evening that the
tenders for $1,300,000,000, or thereabouts, Aof 91-da,'y Treasury bills
to be dated November 1, 1951, and to mature January 3 1 , 1 9 5 2 "which
,
7ere offered on October 2 5 , were opened at the Federal Reserve Banks
on October 2 9 .
The details of this issue are as follows:
Total applied for - $2,21?', 004-,000
Total accepted
- 1,301,730,000 (includes $172,381,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
m
aa
Average Price
- 9 9 «59-/ E q u i v a l e n t rate
of d i s c o u n t approx.
1.617$ pen annum
Range of accepted competitive bids:
-
Equivalent rate
1.503$
- 99.589 Equivalent rate
1 ,6 2 6 $
Low
(63
99*^20
of discount approx.
per annum
of discount approx.
per annum
percent of the amount bid for at the low price was accepted)
Federal Reserve
District___
Total
__ Applied for
Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
Atlanta
Chicago
St.1 Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
49,916,000
1,523,853,000
44.674.000
37.257.000
21.423.000
237.190.000
33.191.000
8,437,000
67.679.000
47.311.000
117 . 287.000
37,546,000
759.288.000
28.804.000
2 7 .1 2 0 . 0 0 0
1 9 ,6 8 3 , 0 0 0
28.416.000
179.380.000
21 857.000
8,437,000
63.409.000
36 312.000
91,478,000
$2,217,004,000
$1,301,730,000
28.786.000
TOTAL
Total
Accepted
0 O0
$
.
.
H I ' *
-3 I
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 ffhich
Treasury bills are originally sold by the United States shall be considered to
be interest.
Under Sections U2 and 117 (a) (1) of the Internal Revenue Code,
as amended by Section
115 of the Revenue Act of 19Ul, the amount of discount at
which bills issued 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.
Immediately after the closing hour, tenders mil 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.
j
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on November 8. 195>1
>
^-n cas^ or other immediately avail-
able funds or in a like face amount of Treasury bills maturing November 8. 19!>L_
i s r
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.,.DEPARfMIT
^ ¿ s h i a g t e n ---FOR RELEASE, MORNING NEWSPAPERS,
Thursday. November 1. 19Si
4± $x
The Secretary of the Treasury, by this public notice, invites tenders for
» i.y O j Q y jflL. in exchange for Treasury bills maturing
Novembgr.8.
* iT.sooVfooo.
19S3--- ’^°
issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated
will mature
interest.
1952
November^. 195]----- > ^
, '*en the face amount Will be payable wiibout
They will^bTissued 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. November 5. ,1251.
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 canpetitive tenders
the price offered must be expressed on the basis of 100, vdth not more than three
decimals, e. g „
99. 925-
Fractions may not be used.
It is urged that tenders
be made on the printed f o m s 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 frcm responsible and recognized
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the faoe amount of.Treasury bills applied for,
TREASURY DEPARTM ENT
Information Service
W A S H I N G T O N , D.C.
138
REXEA.SE MORNING NEWSPAPERS,
Thursday, November 1, 1951-
S-2864
The Secretary of the Treasury, by th is public notice, invites
tenders for $ 1 ,300,000,000, or thereabout s, of 91-day Treasury bill
for cash and in exchange for Treasury bil Is maturing November 8,
amount of'~$1,300,416,000, to be issued on a discount
19513 in '
bidding as hereinafter
basis under competitive and non-competiti ve bidding
be
dated
November 8, 1951 a
provided. The bills of this series will
,
e
face
amount
will be payable
and will mature February 7, 1952, when th
bearer
form
only,
and in
without interest. They will be issued in
$100,000,
$
500
,
000
, and
denominations of $1,000, $5,000, $10,000,
$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,
c.i
Trihhiitik will not be received at the
Monday, November 5 a
Treasury Department, Washington,! Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
on the basis of 100, with not more than
offered must be
be expressed
expre
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 with
out deposit from incorporated banks and trust companies and from
____ H H securities.
_
Tenders
responsible and recognized dealers in __
investment
nt
of
face
others
must
be
accompanied
by
payment'of
2
percent
of
the
from
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment -oy an Incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at
the Federa] 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
2
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 8, 1951, in cash or
other immediately available funds or in a like face amount of Treasury
bills maturing November 8, 1951. 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) (1) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of3.941, 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) ilsued hereunder need include in
his income tax return only the difference between the price paid for
such bills, whether on original issue or on subsequent purchase, and
the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue'. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
the tax oa the amount "laid off?
Commissioner Punlap pointed out that the lair specifically provides
that payment of the occupational or excise taxes Will net exempt any
person from any penalties provided under Federal or State lavs for con
ducting the taxed activities in violation of such lavs.
The occupational
tax stem? is a receipt for a tax paid, aid is in no sense a license.
Willful attempt in say manner to evade or defeat either of the taxes
relating to wagering constitutes a felony, punishable by a fine mot to
exceed $10,000 or imprisonment for not aero then five years, or both.
.
H 9
m
Jfei
(3)
Drsviags coaducted by charitable, educatioaal,
religious, or other orgsnlaatloas exeaapteà from imcome
tax under thè Internai Bevemue Cede, where a© part of
thè «et proceeds lauree to thè bemeflt ©f aay private
individuai or shareholder;
(4)
Coin-operateà machines already taxed by thè Federai
goverameat; aad
(5)
latterie« coaducted far pretti «ad similar type« ef
vageriag la whieh usually thè vagers «re placed,
wiaaers determinad «ad vlnaiaga distributed la thè
presene« ef all participante*
Under this provisi©«,
sneuats wagered in card gasa«» roulette ganes* dice
gsaee, gsmbllag wheels, biago ganes* «ad «Indiar
conteste ara exciuded fr©m thè tan*
U n t a c i « paysble asnthly «ad 1« required te he reperted «a a
special fera ef retir»*
thè retura fera vili aet Include thè asme* ef
betters* but perseas Háble far thè tea vili be required te keep cenciate
records te sugpert thè «aouats shova oa thè retarne*
k boelMher who "Isys eff" pert ef hls play vith aaether bookmaker
vho in Hable fer thè tan aay take credit fer thè tan «a thè «aeuat
«laid eff”, àf this is done strlctly la accerdaace irlth regulatloas te
be ìssued Ir, thè aear future*
thea Untole fer thè tan*
thè perso» acceptiag thè "lay eff* le
he such credit le alloued If beta ere "laid off
at a parì-mutuel track er peel9 er vith aay persea vhe 1« aet subject te
i
report the asmes ef »11 ef bis prlaeipals, vith the resideace aad buaiaess addresees (if «ay) i* each case*
the ecevpatiesal tax is effactive Hevarfber lat aad must he paid mi
or befare Hevember 30th by a persea Hable fer tax as a result ef emgagiag la the bastases ef acceptiag vagers duriag that moath.
Bo refuads
vlll be nade if aa operator censes buslaess befare the ead ef the tax«
able year*
the iaformatioa show ea the stamp irtU be eeatetaed ia a
H a t ef «pedal taxpayers ea file la the office «f the collecter vhere
the texpayer caaducts hls operatioas*
This H a t allí be opea te la«
spectlom by the pabilo duriag office hours.
the aev lav alee leries a tax of 10 per ceat ea vagers accepted
which la payable by peraeaa vho accept the vagers or mi abase behalf
acceptaace is made*
this tax must be patd by the persea acceptiag the
bet, but asy be cellected by hla frmi the better*
the tex applles te
such vagers m ceatests er sperts eveats, pumchbeards, pools, letterles,
aad similar operatioas coaducted for profit*
the 10 per ceat tax, payabla «aathly, dees aet apply te aaoumta
vagered las
(l)
Social er frleadly gaaea vhich are aet eperated by
a persea eagaged la the basiaeae er ceaduetiag such
gasea fer preflt#
(2)
Parí-mutual peale er races er ether ceatests vhere
these ere llceased by State er lecel lawsj
TREASURY DEPARTMENT
Iaformatioa Service
MASfiI8C^0®# 8» 6«
RELEASE MORHING nMSPAPEES
I
~£ce^->
Collectors of lateraal Reveaue(aw^-bei*g) furaished with forms required 1» the collectiom of the aew wageriag taxes, it vaa aaaouaced
today by Joha B. Dualap, Cossutsaioaer of lateraal Beveaue.
the Heveaue Act of 1951 ispoeea tee eeperate kiads of taxes with
respect to gwfcliag eperatieae*
Fereeae who are eagaged ia the buai-
aeee of acceptlag wagers are required to pay a
aaaual occupatioaml
tax, sad each '‘rumaer" or persoa who accepts wagers ©a behalf ef aaother is required to pay the sane tax*
Such persoas must purchase
occupatioaal Mstamps" ©a Which are hbswa the asture ef the tax, the
mmm aad address ef the texpeyer, aad the aaouat paid*
the taxshle
year covered by the payaeat eads Juae 30th, aad payaeat coverlag a part
ef the year ie prorated so that the tax for the period Severer let te
June 30th w i n be eight-twelfths of the usual tax, or $33*3**
The stomp ie required te be dlepleyed la the place ef busiaeee ef
the texpeyer, or, if he has a© place ef bueiaeee, must be cerried oa
hie persoa aad produced upoa demand ef aa iatermal reveaue represeatative.
Every person applying for a stamp ie required to register with the
collector, statlag whether he ie operatlag as a priacipal or as aa ageat.
A priacipal must report the aenee of all ef hie agnate, aad aa agsat must
(3)
Brawiaga coaducted by charitable, edueatioaal,
religlou», or other orgaalaatioas exaapted fres® tacóme
tax mtoP tbe I»termal Beveaue Code, where a© port ©f
tbe ait proceeds laurea ta the beiiefit if aay prívate
iadividual or atwrehalder¡
(b)
Cola-operated machima airead/ taxed by the Federal
geveramemtj M d
(5)
Letterlea coaducted for profit «ad atollar type« ©f
vageriag la nfcich uiually tiw nagera are placed,
visser» determlaed aad oiaaiaga diatributed la tbe
preæace if ail participa»**.
üader thia proviaioa,
amouata eagered la card games, roulette gamea, dice
ganta, ganbltag niwila, Ma g o ganta, aad atollar
eoatoata ara exeluded from tiw tax.
The tax la payable awathly «ad la requlred to be repartid ©a a
spécial foro if retara*
O » retura for® wlll net ¿«elude the ñames of
bettor», but périma llable for the tax irlll be required to keep empiété
record» t© »apport tiw anentta «*wwi ea tbe returma*
A bookmaker wfco ’’laya off* part if hla play ü t h aaother bookmaker
nbo le Habla for the tax may taba crédit far tbe tax ea tiw aneuat
’’laid off”, if thia la d e m atrlcUy la accordaace wlth regulatioaa te
be iaaued la tbe aear future*
thea llable far the tax*
The perso» acceptlag the "lay iff* la
ho euch crédit la allanad if beta «ri "laid off
at a pari-mutuel traek or poil, or ifith aay perso» vho la mot «ubject ta
• g *
report the aaste* of i U
M U
of M i principal», nltb tbe resldeace «ad baei*
«adresses (if *ay) I» u e l eut*
Th» occupatioattl tax i» effective Hevea&er let ead must be paid on
or befer* »eveatber
30th
by a per»oa liabl* fer tax a» a reault of «a*
le the bualaaa* ef aeceptiag nager» durlag tbat moath.
n m
1» refund»
b* «ad* if «a opérâter ceases business befere tb» «ad of tb* tax*
eble year*
Tbe information shawa ea tb* stmp will ba ceatained ia a
Xi*t ef ipeeial taxpayera ea f ü e ia tbe effiee «f tbe collecter vbere
tb» taxpayer coaduct» hi» operation»*
I M » H a t will be opea te la*
spection by tb» publie durtag effiee heur»*
tbe aew la» al»e Xenlea a tax ef lö per ceat oa vager» acc«pt«d
«hich 1» payable by peraoaa wbe accept tb* wagtr» ar ea wbe»* behalf
acceptance i s œade*
T M » tax s u t be paid by tb* pereui aeceptiag tb*
bet, bat a*y b* collected by hi» f n » tb* bettor.
tb* tax «pplie# to
euch nagera ea conteste er gparte eveat», puaefebonrds, pool», lotterte«,
«ad siailar operation» coaducted fer profit*
The 10 per ceat tax, payable aaatbly, deea u t apply te «mraat»
nagered ia:
(1 ) Social er fri**dly g**»»
*** •** ********
a persoa eagagad ia tba baaiæaa er conductiag such
gaaea fer profit:
(2)
Fari-®ata«l pool» er race» er ether conteste nbere
tbe»* are liceaaed by »tat* er lecat la»»:
fejii
im
•B a U S M i DKPAHTMKHT
XaforawtlM Service
WASMHGTOH, 0. C.
m
m
ssNORHim h m s p a f s r s
t
Collactors «f latwraal Beveaue -¿rir^MMg furalahed «ttb fona» n >
quired 1 » tte collectio» a f the eev wagarlag « m
m
,
it W M aaaouaced
ted*y by Jobs B. Buaiap, Cosaiasloaer «f Iatermal Ravern».
Tis« Revenue Act ©f 1951 impoaes tu© separate kinds ef taxes vith
respect to gaabllng operati©»*.
Fers©»» vho «re engaged 1« thè busi
ness ef acceptiag vagers «re required t© pay «
$50 «««»«1
e©m3P*tie*al
tax, and ««eh *ruaaer* er persea id» accepts wagers ©a behalf «f another is required to pay the smm tax*
Such persone «ist purchase
occupatlonal "stsaps" «a «hieb «re show» thè sature ef the tax, the
«aas aad address ef the taxpayer, «ad the aaeuat paida
The taxable
year covered by the payment end# June 30th, «ad payaeat covering a pari
ef the year is prerated se that thè tea far the period Hovember Ist to
June 30th will be eight-twelftha ef the aaaual tax, er $33*3**
The stssp 1« required to be displayed la the place ef business ef
the taxpayer, er, if he hai ae piace ef bugiasse, aast be carried on
hl« perso» aad produced upoa deaand ef ea lateraal remine representative*
Every pensa applying fsr a etaap 1« required to regieter «Ith the
eelleeter, «tatiag whether he le eperatiag ae a Principal « r w « agest»
A prlacipal nust repert the aas»« ef «11 «f hl« agents, and an «gast must
thè tax oa thè aneuat "laid off”
Canaalseioaer DuaXep poiated «ut that thè le» specifIcally providee
that payraeat of thè occupetioaal or exciee taxes vili «et exesapt aay
perso» fio® aay peaaltiea provided uader Federe! or State leve for eoaàuctiag thè taxed activlties la vlo3etioe of et*ch lev».
The ©ccupatieaai
tax etanp le e receipt for e tea peid, aad le la ao eeaee e llceaee.
WUlful atteapt le aay neaaer to t m & or defeet elther of thè taxee
relatiag to omgeriag coaetitutes e feloay, pualehehle by e fiat aot to
exceed $10,000 or Ìs©riaoaae»t far aot aero thaa flve yeare, or both.
A
/-fifatff*
V
V
.vf^
h
1/ $
ffl l
,
W mtel'C
fljbu^
w
W
^
-4 -
the tax
or
the amount "laid
off’
.
Commissioner Dunlap pointed ©ut that the law specifically provides
that payment of the occupational or excise taxes will not exempt any
person from any penalties provided under Federal or State laws for con
ducting the taxed activities in violation of such laws.
The occupational
tax stamp is a receipt for a tax paid, and is in no sense a license*
Willful attempt in any manner to evade or defeat either of the taxes
relating to wagering constitutes a felony, punishable by a fine not to
exceed $10,000 or imprisonment for not more than five years, or both.
- 3 (3)
Drawings conducted by charitable, educational,
religious, or other organizations exempted from income
tnx under the Internal Revenue Code, where no pnrt of
the net proceeds inures to the benefit of nay privnte
individunl or shareholder;
(k)
Coin «-©pernted mnchines nlrendy tnxed by the Federnl
government; and
(5)
Lotteries conducted for profit and similar types of
wagering in which usually the wagers are placed,
winners determined and winnings distributed in the
presence of all participants.
Under this provision,
amounts wagered in card games, roulette games, dice
games, gambling wheels, bingo games, and similar
contests are excluded from the tax.
The tax is payable monthly and is required to be reported on a
special form of return.
The return form will not include the names of
bettors, but persons liable for the tax will be required to keep complete
records to support the amounts shown on the returns.
A bookmaker who "lays off” part of his play with another bookmaker
who is liable for the tax may take credit for the tax on the amount
"laid off", if this is done strictly in accordance with regulations to
be issued in the near future.
then liable for the tax.
The person accepting the "lay off" is
No such credit is allowed if bets axe "laid off
at a »ari-mutuel track or pool, or with any person who is not subject to
-
2
-
report the names of all of his principals, with the residence and business addresses (if any) in each case.
The occupational tax is effective November 1st and must he paid on
or before November 30th by a person liable for tax as a result ©f en
gaging in the business of accepting wagers during that month. No refunds
will be made if an operator ceases business before the end of the tax
able year.
The information shown on the stamp will be contained in a
list of special taxpayers on file in the office of the collector where
the taxpayer conducts his operations.
This list will be open to in
spection by the public during office hours.
The new law also levies a tax of 10 per cent on wagers accepted
which is payable by persons who accept the wagers or on whose behalf
acceptance is made. This tax must be paid by the person accepting the
bet, but may be collected by him from the bettor.
The tax applies to
such wagers on contests or sports events, punchboards, pools, lotteries,
and similar operations conducted for profit.
The 10 per cent tax, payable monthly, does not apply to amounts
wagered in:
(1) Social or friendly games which are not operated by
a person engaged in the business or conducting such
games for profit;
(2) Pari-mutuel pools or races or other contests where
these are licensed by state or local laws;
RELEASE^MORNING NEWSPAPERS
/;
/^\T/
•
haVe 6««rt
Collectors of Internal Revenue ar*~be4 »% furnished with forms re
quired in the collection of the new wagering taxes, it was announced
today hy John B. Dunlap, Commissioner of Internal Revenue,
The Revenue Act of 1951 imposes two separate kinds of taxes with
respect to gambling operations.
Persons who are engaged in the busi
ness of accepting wagers are required to pay a
$50
annual occupational
tax, and each "runner" or person who accepts wagers on behalf of an
other is required to pay the same tax.
Such persons must purchase
occupational "stamps" on which are shown the nature of the tax, the
name and address of the taxpayer, and the amount paid.
The taxable
year covered by the payment ends June 30th, and payment covering a part
of the year is prorated so that the tax for the period November 1st to
June 30th will be eight-twelfths of the annual tax, or $33»3^*
The stamp is required to be displayed in the place of business of
the taxpayer, or, if he has no |>lace of business, must be carried on
his person and produced upon demand of an internal revenue representative.
Every person applying for a stamp is required to register with the
collector, stating whether he is operating as a principal or as an agent.
A principal must report the names of all of his agents, and an agent must
TREASURY
D E P A R T M E N T ________ _
Information Service
W
ashington
, d .c .
150
release
morning
,
1951«
newspapers
Thursday;, N o v e m b e r 1,
..
S - 2865
C o l l e c t o r s of I n t e r n a l R e v e n u e h a v e b e e n f u r n i s h e d w i t h forms
required in the c o l l e c t i o n of the n e w w a g e r i n g taxes, it was
announced t o d a y by J o h n B. Dunlap, C o m m i s s i o n e r of I n t e r n a l Revenue.
The R e v e n u e A c t of 1951 imposes two separ a t e kinds of taxes
with r e s p e c t to g a m b l i n g operations.
Persons w h o are e n g a g e d in
the b u s i n e s s of a c c e p t i n g w a g e r s are r e q u i r e d to p a y a $50 a n n u a l
occupational tax, an d e a c h " r u n n e r ” or p e r s o n w h o a c c e p t s w a gers
on b e h a l f of a n o t h e r is r e q u i r e d to p a y the same tax.
Such persons
must p u r c h a s e o c c u p a t i o n a l "stamps" on w h i c h are s h own the natu r e
of the tax, the name and ad d r e s s of the taxpayer, a n d the a m o u n t
paid.
The taxable y e a r c o vered b y the p a y m e n t ends June 30th, a n d
payment c o v e r i n g a p a r t of the yea r is p r o r a t e d s o ^that the tax
for the p e r i o d N o v e m b e r 1st to June 3Gth w i l l be eight**twelfths
of the a n n u a l tax, or $33.3^.
The s t a m p is r e q u i r e d to be d i s p l a y e d in the p l a c e ^ o f
business of the taxpayer, or, if he has no p l ace o f -business, m ust
be carried on his p e r s o n a n d p r o d u c e d u p o n d e m a n d of a n i n t e r n a l
revenue r e p r e s e n t a t i v e .
E v e r y p e r s o n a p p l y i n g for a stamp is r e q u i r e d to r e g i s t e r w i t h
the collector, s t a t i n g w h e t h e r he is o p e r a t i n g as a p r i n c i p a l or
as an agent.
A p r i n c i p a l m u s t r e p o r t the n a mes of a l l of his
agents, a nd a n a g ent m u s t r e p o r t the names of a ll of h is p r i n c ipals,
with the r e s i d e n c e a nd b u s i n e s s a d d r e s s e s (if any) in e a c h case.
The o c c u p a t i o n a l tax is e f f e c t i v e N o v e m b e r 1st an d m u s t be
paid on or b e f o r e N o v e m b e r 30th by a p e r s o n liable for tax^as a
result of e n g a g i n g in the b u s i n e s s of a c c e p t i n g w a g e r s d u r i n g that
month.
No re f u n d s w i l l be m a d e if a n o p e r a t o r ceases bu s i n e s s
before the e nd of the taxable year.
The i n f o r m a t i o n s h o w n on the
stamp w i l l be c o n t a i n e d in a list of s p e c i a l tax p a y e r s on fil©
in the office of the col l e c t o r w h e r e the t a x p a y e r conducts his
o p e r a t i o n s . This list w i l l be o p e n to i n s p e c t i o n b y the p u b l i c
during office hours.
151
- 2 -
The new law also levies a tax of 10 per cent on wagers
accepted which Is payable by persons who accept the wagers or on
whose behalf acceptance is m ade. This tax must be paid by the
person accepting the bet, but may be collected by him from the
bettor. The tax applies to such wagers on contests or sports
events, punchboards, pools, lotteries, and similar operations
conducted for profit.
The 10 per cent tax, payable monthly, does not apply to
amounts wagered in:
(1)
Social or friendly games which are not operated by
a person engaged in the business or conducting such
games for profit;
(2)
Pari-mutuel pools or races or other contests where
these are licensed by state or local laws;
(3)
Drawings conducted by charitable, educational,
religious, or other organizations exempted from
income tax under the Internal Revenue Code, where
no part of the net proceeds inures to the benefit
of any private individual or shareholder;
(4)
Coin-operated machines already taxed by the Federal
government; and
(5)
Lotteries conducted for profit and similar types of
wagering in which usually the wagers are placed,
winners determined and winnings distributed in the
presence of all participants. Under this provision,
amounts wagered in card games, roulette games, dice
games, gambling wheels, bingo games, and similar
contests are excluded from the tax.
The tax is payable monthly and is required to be reported on
a special form of return. The return form will not include the
names of bettors, but persons liable for the tax will be required
to keep complete records to support the amounts shown on the
returns.
A bookmaker who "lays off" part of his play with another
bookmaker who is liable for the tax may take credit for the tax on
the amount "laid off", if this is done strictly in accordance with
regulations to be issued in the near future. The person accepting
the "lay off" is then liable for the tax. No such credit is
allowed if bets are "laid off" at a pari-mutuel track or pool, or
with any person who is not subject to the tax on the amount
"laid off".
152
- 3 Commissioner Dunlap pointed out that the lav specifically
provides that payment of the occupational or excise taxes vill
not exempt any person from any penalties provided under Federal
or State lavs for conducting the taxed activities in violation of
such lavs. The occupational tax stamp is a receipt for a tax
paid, and is in no sense a license.
Willful attempt in any manner to evade or defeat either of
the taxes relating to vagering constitutes a felony, punishable
by a fine not to exceed $ 10,000 or imprisonment for not more
than five years, or both.
\
oOo
- 3 -
tmx
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 othervdse disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the aimer 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, 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,OQ#
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 November If»* 19&1
s in
cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing November 15.
"aBE
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
raixmana
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, November 5, 1951______ •
w
The Secretary of the Treasury, by this public notice, invites tenders for
? ! -day Treasury bills, for cash and
in exchange for Treasury bills maturing
November 15. 195>1
,,jA° 13(3issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series m i l be dated
vd.ll mature February^lh. 19^2
j
November1$. 19£L
> an
when the face amount will be payable witho
interest. They vail be issued in bearer form only, and in denominations of
Tenders will be received at Federal Reserve Banks and Branches up to the
Tenders vali 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 frcrn others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
TREASURY DEPARTMENT
Information Service
RELEASE M O R N I N G N EWSPAPERS,
Monday, November 5» 1951«
•
■■
S-2866
The Secretary of the Treasury, by this public notice, invites
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing November 15?*
1951, in the amount of $ 1 ,300,^-03,000, 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 15, 1951*
and will mature February 14,:1952, 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 tine,
Friday> November 9, 1951. 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.jj 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 anv 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 November 15, 1951, In cash
or other immediately available funds or in a like face amount of
Treasury bills maturing November 15, 1951. 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 ether disposition of the bills, shall not heave any
exemption, as such, and loss from t h e 1sale 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 bo 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-òr
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 1.15 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 sub
sequent purchase, and the amount actually received either upon sale
o r ,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 thè
conditions of their issue. Copies of the circular-.may be obtained
from any Federal Reserve Banks or Branch.
oOo ■
flier* i m been
within tine* Division a new M
l
Supervisory Service under ti» administrative direction of the
Deputy Ckaasdsaioaer
in charge.
It willbe the doty »id responsibility
of the field supervisors to coordinate
activities of the
39 field
cm a
nation-wide basis tli*
districts in the interest of uniformity*
effectiveness and econosy of operation*
The field supervisors* duties
will extend to the Investigation of natters relating to personnel
an
activities and to the conduct of/investigations or inspections which
the Deputy Cemnissioner may f*e® tins to time direct*
There has also been created in the new Income Tax Division an
Analysis and Flarming Staff under the direct supervision of the
Deputy Commissioner*
The technicians assigned to the group will
conduct continuing* independent research and study of legislative*
administrative and procedural problems bearing upon the functional
operations of the new Division*
The group will analyse special case
reports on the si&Jeet of tax avoidance under existing law and regu
lations and will also report upon instances in which inequities exist
to the disadvantage of the taxpayer*
m m u n
reuses
f < “7
C w & s s i o n e r John B* B m l a p attnoimcwi today the first
m>$G*
reorganisation in «te Bursaa of Internai Savana» d u c e te was pi**»«
in charge.
This ia the atreenlining of the former Income Tax «Bit
into a ant income Tax Division.
Ite eld Unit bad léffl. asployaoa
whereas the new Division has 11*88, or * reduction of 113.
Tteee d l l
be transferred oat of the Division to other pressing work.
The
stated that tee reorganisation plana ted bean
diacnssed with tee King
Subccmittee investigating tee Bureau of
Inte rnal Beveste and teat tee subeowdttee was in thorough accord with
tee objectives of tee reorganisation.
The §--- 1<.<»</««• also announced teat tee Subccamittee staff has
bean p a r t i c i p a t e and will continue to participate actively in further
<H r >,y.<ri<M»« and studies which will te sede
wards tee
bar the
Bureau looking to
reergsBiEatien of other divisions of tee Bureau.
The temer organisation coneiated of 13 najor divisions, the
work of which has been distributed mad reassigned according to
functions.
B d e has resulted in tee telescoping of 13 divisi*»
into S divisions, now known as branches*-
159
TREASURY DEPARTMENT
Bureau of Internal Revenue
IMMEDIATE RELEASE,
Friday, N o v e m b e r 2,
1951«
,
S - 286.7
C o m m i s s i o n e r J o h n B. D u n l a p a n n o u n c e d t o d a y the first m a j o r
reorganization in the B u r e a u of I n t e r n a l R e v e n u e since he was
placed in charge.
This is the s t r e a m l i n i n g of the f o r m e r Income
Tax U n i t into a n e w Income T a x D i v i sion.
The old U n i t h a d 1,601
employees w h e r e a s the n e w D i v i s i o n has 1,488, or a r e d u c t i o n of
113.
These w i l l be t r a n s f e r r e d out of the D i v i s i o n to other
pressing work.
The C o m m i s s i o n e r stated that the r e o r g a n i z a t i o n plans h a d
teen d i s c u s s e d w i t h the K i n g S u b c o m m i t t e e i n v e s t i g a t i n g the B u r e a u
of In t e r n a l R e v e n u e and that the S u b c o m m i t t e e was in t h o r o u g h
accord w i t h the o b j e ctives of the r e o r g a n i z a t i o n .
The C o m m i s s i o n e r also
has b e e n p a r t i c i p a t i n g and
in f u r ther d i s c u s s i o n s and
Bureau l o o k i n g towards the
the Bureau.
a n n o u n c e d that the S u b c o m m i t t e e staff
w i l l continue to p a r t i c i p a t e a c t i v e l y
studies w h i c h w i l l be m a d e by the
r e o r g a n i z a t i o n of o t h e r d i v i s i o n s of
The f o r m e r o r g a n i z a t i o n c o n s isted of 13 m a j o r d i v i sions, the
work of w h i c h has b e e n d i s t r i b u t e d a nd r e a s s i g n e d a c c o r d i n g to
functions.
This has r e s u l t e d in the t e l e s c o p i n g of 13 d i v i s i o n s
into 5 divisions, n o w k n o w n as branches.
There has b e e n e s t a b l i s h e d w i t h i n the D i v i s i o n a . n e w F i e l d
Supervisory Service u n d e r the a d m i n i s t r a t i v e d i r e c t i o n o f the
Deputy C o m m i s s i o n e r In c h a r g e . It w i l l be the d u t y a n d
responsibility of the f i eld supe r v i s o r s to c o o r d i n a t e •on .a n a t i o n
wide basis the a c t i v i t i e s of the 39 f i eld d i s t r i c t s i n the i n t e r e s t
of uniformity, e f f e c t i v e n e s s a n d - e c o n o m y of operation.
The field
supervisors' duties w i l l e x t e n d to the i n v e s t i g a t i o n of m a t t e r s
relating to' p e r s o n n e l a c t i v i t i e s a n d to the conduct of a ll i n v e s t i
gations or i n s p e c t i o n s w h i c h the D e p u t y C o m m i s s i o n e r m a y f r o m
time to time direct.
T h ere h as a l s o b e e n c r e a t e d in the n e w Income T a x D i v i s i o n a n
Analysis a nd P l a n n i n g S t aff u n d e r the d i r e c t s u p e r v i s i o n of the
Deputy Commissioner*
The t e c h n i c i a n s a s s i g n e d to the g r o u p w i l l
conduct continuing, i n d e p e n d e n t r e s e a r c h a nd s t u d y of legislative,
administrative and p r o c e d u r a l p r o b l e m s b e a r i n g u p o n the f u n c t i o n a l
operations of the n e w Division.
The group w i l l a n a l y z e s p ecial
case r e p orts on the subject of tax a v o i d a n c e u n d e r e x i s t i n g law and
regulations a n d w i l l a lso r e p o r t u p o n i n s tances In w h i c h i n e q u i t i e s
exist to the d i s a d v a n t a g e of the taxpayer.
q Oo
IMMEDIATE RELEASE
November 5, 1951
The Bureau of Customs announced today that the absolute
Canadian quota of 3,815,000 pounds of wheat flour, semolina,
crushed or cracked wheat and similar wheat products (not
including any commodity unfit for human consumption) prescribed
in the President's Proclamation of May 28,
as modified,
has been filled for the quota year ending May 28, 1952.
The Bureau of Customs also announced today that the current
absolute Canadian quota of 795,000 bushels of wheat was
approximately 70 percent filled by entries for consumption
authorized as of the close of business on November 2, 1951.
161
IMMEDIATE RELEASE,
Monday, November 5, 1 9 5 1 «
S-2868
The B u r e a u of Customs a n n o u n c e d t o d a y that
absolute
flour,
C a n a d i a n q u o t a of 3, 8 1 5 , 0 0 0 p o unds
semolina,
wheat products
the
of w h eat
crushed or cracked w h e a t a nd si m i l a r
(not i n c l u d i n g a n y c o m m o d i t y u n f i t
for h u m a n c o n s umption)
P r o c l a m a t i o n of M a y 28,
p r e s c r i b e d in the P r e s i d e n t ’s
1941,
as mod i f i e d ,
f i l l e d for the q u o t a y e a r e n d i n g M a y 28,
has been
1952.
The B u r e a u of Customs also a n n o u n c e d t o d a y that
the c u r rent a b s o l u t e C a n a d i a n q u o t a of 7 9 5 , 0 0 0 b u s h e l s
of w h e a t was a p p r o x i m a t e l y
e n t ries
70
p e r c e n t f i l l e d by
for c o n s u m p t i o n a u t h o r i z e d as of the
of bu s i n e s s
on N o v e m b e r 2,
19 5 1 .
oOo
close
•S-
S31
release , m r n i r n newspapers ,
Tuesdayj Movamber 6* 1951»
Tba Secretary of the Treasury announced last evening that the tender« for
$1,300,000,000, or thereabouts, of 91~day Treaeury b ills to be dated Keveaber 8, 1951,
and to »ature February 7, 1952# which were offered on November 1, were opened at the
Federal
Reeerre Banfes on Bovember 5«
the details of this issue are as follows«
Total applied for - |2,l61i,9lii,Q0Q
Total accepted
* 1,300,325,000
Average Price
(includes #165,128,000 entered on a
non-competitive basis and accepted in
fu ll at the average price shown below)
• 99*593 Equivalent rate of discount approx. 1.610# par annua
langa of accepted competitive bidet
High
Low
« 99.620 Equivalent rate of discount approx. 1*503# per annua
~99*591
*
* *
»
*
1.6l8# "
■
(70 percent
of the «nennt bid for at thelew price was accepted)
Federal Reserve
D istrict
Total
Applied for
Total
Accepted
Boston
Hew Torfe
Philadelphia
t
1
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
Sen Francisco
TOTAL
28,277,000
1,5X0,227,000
38,bb9,QQO
1i2 ,232,000
22,915,000
35 , 500,000
208,139,000
i»0 , 732,000
20,105,000
bb,b90,000
70,097,000
103,751,000
12,16b,91b,000
23,662,000
782,027,000
20,879,000
37,682,000
20,885,000
25,161,000
I65,b39,000
37,052,000
19,265,000
b l,690,000
57,782,000
68,801,000
#1,300,325,000
TREASURY DEPARTMENT
Information Service
WASHINGTON, D.C
1G3
KEIEASE M O R N I N G NEWSPAPERS,
Tuesday, N o v e m b e r 6 , 1951,
S -2869
The Secretary of the Treasury announced last evening that the
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills
to be dated November 8 , 1951, and to mature February 7, 1952, which
were offered on November 1, were opened at the Federal Reserve Banks
on November 5*
The details of this issue are as follows:
Total applied for - $2,164,914,000
1 , 3 0 0 , 3 2 5 , 0 0 0 (includes $ 1 8 5 , 1 2 8 , 0 0 0
Total accepted
entered on a non-competitive
basis a nd a c c e p t e d i n ful l at
the a v e r a g e p r ice shown
below)
• 9 9 . 5 9 3 E q u i v a l e n t rate of d i s c o u n t approx,
Average Price
1 .610$ p er a n n u m
Range of accepted c o m p e t i t i v e bids:
High.
- 99,o2Q Equivalent rate of discount approx.
Low
1.503$ per annum
- 9 9 . 5 9 1 E q u i v a l e n t rate of d i s c o u n t approx.
1 .6 l8$ per annum
(?0 percent of the amount bid for at the low price was accepted)
Total
Accepted
Total
Applied for
Föderal Reserve
District
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
28,277,000
1 ,510 '227,000
38.449.000
42.232.000
22 915.000
35.500.000
208,139,000
40.732.000
.
Total
$
23,662,000
782.027.000
20 ,879,000
37 ,682,000
20 ,885,000
25 ,161,000
165.439.000
20.105.000
3^ , 052,000
19,265,000
.44,490,000
70,097,000
41.690.000
57.782.000
103,751,000
68.801.000
$2,164,914,000
$1 ,300,325,000
0O 0
* 3 1
Repeal of the manufacturers' excise tax on e le c tr ic
heating pads w ill not become e ffe c tiv e u n t il A p ril 1, 1952,
Commissioner of In tern al Revenue John B. Dunlap advised
manufacturers today*
Although other changes in excise taxes went into
e ffe c t on November 1 s t, the removal o f the tax on e le c tr ic
heating pads was deferred under the terms of a rider to
an act {!!*£• 3590) re la tin g to ta x a b ility o f gains on
condemnations, e tc*, o f property*
October 31st.
This act was approved
Manufacturers w ill continue to be lia b le
fo r th is tax on sales made before A p ril 1, 1952*
00 ©
165
TREASURY DEPARTMENT
B u r e a u of I n t e r n a l R e v e n u e
I M M E D I A T E RELEASE,
Monday, N o v e m b e r 5»
1951»
S-2870
R e p e a l of the m a n u f a c t u r e r s 1 exci s e tax on
e l e c t r i c h e a t i n g pads w i l l not become e f f e c t i v e u n t i l
A p r i l 1, 1952, 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
J o h n B. D u n l a p a d v i s e d m a n u f a c t u r e r s today.
A l t h o u g h o t h e r ch anges in e x cise taxes w e n t
into e f f e c t on N o v e m b e r 1st, the r e m o v a l of the
tax on e l e c t r i c h e a t i n g pads was d e f e r r e d u n d e r the
terms of a r i d e r to a n a ct (H.R. 3590) r e l a t i n g to
t a x a b i l i t y of gains o n c o ndemnations, etc., of'
p r o p erty.
This act w as a p p r o v e d O c t o b e r 31st.
M a n u f a c t u r e r s w i l l co n t i n u e to be liable for this
tax on sales m a d e b e f o r e A p r i l 1, 1952.
0O0
\
/
STATUTORY DEBT LIM ITA TIO N
I l
AS OF
tre^ uryoeparment
O c t . 3 1 , 1951 ....
Washington,
HOV.
K
1351
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 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., t it le 3 1 , sec. 757b), outstanding at
any one time. For purposes of this section the current redemption value of any obligation issued on a d is c o u n t
basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face*amount which can still
be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury b ills
#16 ,8^9,157,000
23.015.636.000
Certi f icates of indebtedness..........,
Treasury notes...................................
26,373,^67,1001
Bonds Treasu ry
78,068,268,050
Savings (current redemp. value)
57,501,413,709
Depositary
348,097,500
m
Armed Forces Leave.........................
13.016.884.000
Investment series...........................
Special Funds Certificates of indebtedness
Treasury notes........................
Total interest-bearing
Matured, interest-cease^'
Bearing no interest:
War savings stamps.............................
Excess profits tax refund bonds.....
Special notes of the United States:
Internat'l Monetary Fund series...
Total
21.376.865.000
14.238.226.000
$275,000,000,000
71 ,238,260,100
148,934,663,259
35.615.091.000
255,788,014,359
498,115,975
46,661,163
1.987,574
1 ,293,000,000
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F. H. a.
Demand obligations: C.Ç.C................... .......
Matured, interest-ceased
1,341,648,737
257,627.779,071
34,583,336
1 ,145,237
35,728,573
1 ,754,500
37,483,073
Grand total outstanding
Balance face amount of obligations issuable under above authority
257.665.262,144
17.334.737.8g
Reconcilement with statement of the Public Debt Qçt* .3.1* 195î>
(Date)
(Daily Statement of the United States Treasury, 3l9Y* l$ .1 9 5 V )
Outstanding *
(bate)
Total gross public debt ............................................................. .....................................
Guaranteed obligations not owned by the Treasury
Total gross public debt and guaranteed obligations
Deduct - other outstanding public debt obligations not subject to debt limitation
258,298,191,374
37,483,075
258,335,b74,447
PTTT
167
STATUTORY DEBT LIMITATION
AS OF OCTOBER 31, 1951
November 13, 1951
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 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, 191*6: 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 amount"
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
$275,000,000,000
Treasury bills............,.#.*.$ 16,81*9,157,000
Certificates of Indebtedness#.## 28,015,636,000
26,373,1*67,100 $71,238,260,100
Treasury notes.......... .......
Bonds Treasury.
78, 068, 268 ,0 5 0
Savings (current redemp, value) 57,501,1*13,709
Depositary.
31*8,097,500
Armed Forces Leave......
Investment series.
13,016,881*,000 11*8,931*,663,259
Special Funds Certificates of Indebtedness#. 21, 376, 865,000
Treasury notes.•••••••«••«••#. 11*,238, 226,000 35,615,091.000
Total interest-bearing.####..
25F,W,mi77559
Matured, interest-ceased#,#••••••••#.
1*98,115,975
Bearing no interest:
War savings stamps..#.#•••• #.#••••,
1*6,661,163
Excess profits tax refund bonds##..
1,987,571*
Special notes of the United States:
Internat’l Monetary Fund Series#. 1,293,000,000
1,31*1,61*8,737
Total........... ....... *...
...o........... ^7^7,779,071
Guaranteed obligations (not held by Treasury) :
Interest-bearing :
Debentures: F.H.A. •••».#•«•••#•..
3l*,583,336
Demand obligations: C.C.C. .#•••••
1,11*5,237
Matured, interest-ceased...... .
.
35,728,57$
~ 1 ,751*,5Ô0
3T7I*S37o?3
Grand total outstanding.............. ..............
257.665.262.1bh
Balance face amount of obligations issuable under above authority..#* 17,331*,737,856
Reconcilement with Statement of Public Debt - October 31, 1951
"
(Daily Statement of the United States Treasury, November 1, 1951)
Outstanding Total gross public debt............................................ 258,298,191,371*
Guaranteed obligations not ownedby the Treasury#..,...,.,..##.#.*#
37,1*83,073
Total gross public debt and guaranteed obligations#,............... 256,335,671*, 1*1*7
Deduct - other outstanding public debt obligations not subject to
debt limitation...... .... .....................
S-2871
670,1*12,303
257,66b'262,11111
-3i~
Name of Bond Issue
Mount
Outstanding
October 31*
1951
Bate of
Maturity
Bonds of Direct Issue:
City of Manila Public Improvement Act 3456,
First Series, 4fe6 loan of 1929 (due 1959 (C)
Total Bonds Outstanding
1/
2/
$ 98,000
122,665,350
Peso bonds payable at the Philippine Treasury (dollar equivalent)
These issues sometime listed collectively under designation
»Collateral 4§s due 1957, Provincial».
3/ Callable on any interest date.
Coupon bonds (C) - registered bonds (R).
April 1, 1959
-
2
-
Amount
Outstanding
October 31,
1951
Name of Bond Issue
Date of
Maturity
National Collateral Bonds:
Province and 9 Municipalities of Iloilo Public
Improvement*
collateral loan of 1926*
(1936-1956KR)
$151,500
January 1*
Province of Pangasinan Public Improvement,
collateral loan of 1926 (due 1956)(R)
30*500
March 1, 1956
Province of Occidental Negros Public
Improvement* kzfc collateral loan of 1926
(due 1956) (R)
5,000
April 1, 1956
Province and 3 Municipalities of Ilocos Norte
Public Improvement*
collateral loan of
1926 (due 1956)(R)
5,000
June 1, 1956
Province of Marinduque Public Improvement,
collateral loan of 1926 (due 1956)(R)
Province of Laguna Public Improvement* ki%
collateral loan of 1927 (due 1957)(R)
2/Province and 1 Municipality of Ilocos Sur
Public Improvement*
collateral loan
of 1927 (due 1957)(C)
2/Province of Bulacan Public Improvement*
collateral loan of 1927 (due 1957)(C)
2/Province of Nueva Ecija Public Improvement,
collateral loan of 1927 (due 1957)(C)
2/Province of Pampanga Public Improvement.
k U collateral loan of 1927 (due 1957 )(C)
T
2/Province of Tarlac Public Improvement*
collateral loan of 1927 (due 1957)(C)
Province and k Municipalities of Camarines
Sur Public Improvement* ki% collateral
loan of 1927 (1937-57)(C)
500
May 1, 1956
86*000
May 1, 1957
)
)
)
)
)
)
1
I
638*000
July 1, 1957
)
)
)
)
)
1*000
August 1, 1 9 0
Province of La Union Public Improvement.
collateral loan of 1928 (due 1958)(C)
110,000
January 1, 1958
^Province of Occidental Negros Public Improve
ment* First Series* 5# collateral loan of
1933 (due 1963)(R;
638,850
July 1,
1963
OUTSTANDING PHILIPPINE GOVERNMENT BONDS ISSUED HtlOR TO MAY 1» 193U
Amount
Outstanding
October 31#
1951
Name of Bond issue
Date of
Maturity
National Bonds:
Financial Interest Protection,
1922 (due 1952)(C)
%%
loan of
$ 1 ,891,000
February 1, 1952
Irrigation and Permanent Public Works (Sundry
Purpose),
loan of 1922 (due 1952)(C)
U,ou? ,000
July 1, 1952
Currency,
9,380,000
July 15, 1952
70,000
March 1, 1958
loan of 1922 (due 1952)(C)
Cebu Port Works, First Sériés, U ÿ loan of
1928, (due 1958)(C)
hsjt loan
Cebu Fort Works, Second Sériés,
1929, (due 1959)(C)
Cebu Port Works, Third Sériés,
1930 (due I960)(C)
ki%
U o i l o Port Works, First Sériés,
1928 (due 1958)(C)
U o i l o Fort Works, Second Sériés,
1929 (due 1959)(C)
U o i l o Port Works, Third Sériés,
1930 (due 1960)(C)
of
253,000
September 15# 195?
500,000
March 15, I960
235,000
April 1, 1958
U5U,ooo
October 15# 1959
loan of
loan of
hÿ* loan
of
loan of
(925,000
April 15, I960
Metropolitan Water District Purchase Act
320Îi, 5% loan of 1925 (1935-1955)(C)
i,8Uo,ooo
April 1, 195$2/
Metropolitan Water District Purchase Act
3255# First Sériés, kifr loan of 1929
(1939-1959XC)
1 ,056,000
October 1, 1959
^/Metropolitan Water District Purchase Act
3255, Second Sériés, Ui# loan of 1931
(du© 1961). (R)
250,000
April 1, 1961
2
Twenty-seven issues of Riilippine Government bonds issued prior to
May 1, 193U are now outstanding in the amount of $22,665,350, all of which
are dollar bonds except for two Peso issues having a dollar equivalent face
value of $888,850* Inasmuch as the Special Trust Account is adequate to
meet interest and principal payments on all outstanding bonds of the
Philippines, its provinces, cities, and municipalities, issued prior to
May 1, 193U under authority of acts of Congress, all interest and principal
amounts hereafter due on such bonds will be paid from the Special Trust
Account as required by the Philippine Independence Act, as amended*
Maturing dollar bonds of the Philippine Government may, as in the past,
be presented for payment to the Treasurer of the United States through any
Federal Reserve Bank, or to the Treasurer of the Philippines* Maturing
Peso bonds issued prior to May 1, 193U are payable only through the
Treasurer of the Philippines*
The attached statement shows the outstanding amounts of Philippine
bonds issued prior to May 1, 193U, referred to above, and the dates on
which they mature*
TREASURY DEPARTMENT
Washington
OtfTfACB
Press Service
MAD'KTTKTl'i M T O J R P A U R T P R
Secretary Snyder announced today that the Philippine Government has
made the final payment into the Special Trust Account established in the
Treasury to provide for the payment, when due, of all interest and prin
cipal on outstanding Philippine Government bonds issued prior to May 1,
1931*.
In accordance with the provisions of the Philippine Independence Act,
as amended in 1939, a Special Trust Account was established in 191*6 with
the Secretary of the Treasury for the payment of interest and principal
of outstanding Philippine Government bonds issued prior to May 1, 193U*
The funds in this account represent the proceeds of sinking funds orig
inally maintained by the Philippine Government for such bonds, the proceeds
of a Supplementary Sinking Fund maintained by the Secretary of the Treasury
under provisions of the Act, and annual payments which the Philippine Govern
ment has been making into the account since 191*6 under an agreement with the
Secretary of the Treasury.
In addition to the annual amounts paid by the Philippine Government
into the Special Trust Account since 191*6,that Government during this
period paid all interest coining due on its pre-193U bonds and the prin
cipal amounts maturing.
Section 6(g)(5) of the Philippine Independence Act provides that
ttwhenever the special trust account is determined by the Secretary of the
Treasury of the United States to be adequate to meet principal and interest
payments on all outstanding bonds of the Philippines, its provinces, cities,
and municipalities, issued prior to May 1, 193d, under authority of acts of
Congress, the Secretary of the Treasury is authorized to pay from such trust
account the principal of outstanding bonds and to pay all interest due and
owing on such bonds” •
The balance in the Special Trust Account as of October 31, 1951 was as
follows:
Assets
Phr Value
$23,223,200
2,271,000
$25,lt9U,200
Book Value
United States securities
Philippine securities
Accrued interest purchased
Cash
$23,U25,l4l*8.13
2,3U2,663.36
Total
#25,798,1(U6.32
18,227.92
12.106.91
TREASURY DEPARTMENT
Washington
RELEASE MORNING NEWSPAPERS,
Tuesday, November 13,1951»
■ 2872
Secretary Snyder announced today that the Philippine
Government has made the final payment into the Special Trust Account
established in the Treasury to provide for the payment, when due,
of all interest and principal on outstanding Philippine Government
bonds issued prior to May 1, 1934.
In accordance with the provisions of the Phi lippine
Independence Act, as amended in 1939* & Special Trust Account was
established in 19h-6 with the Secretary of the Tre asury for the
payment of interest and principal of outstanding Philippine
Government bonds issued prior to May 1,. 1934. lh e funds in this
account represent the proceeds of sinking funds originally
maintained by the Philippine Government for such bonds, the proceeds of a Supplementary Sinking Fund maintained by the Secretary
of the Treasury under provisions of the Act, and annual payments
which the Philippine Government has been making into the account
since 1946 under an agreement with the Secretary of the Treasury.
In addition to the annual amounts paid by the Philippine
Government into the Special Trust Account since 1946, that
Government during this period paid all interest coming due on its
pre-1934 bonds and the principal amounts maturing.
Section 6(g)(5) of the Philippine Independence Act provides
that "whenever the special trust account j_s determined by the
Secretary of the Treasury of the United States to be adequate to
meet principal and interest payments on all outstanding bonds of
the Philippines, its provinces, cities, and municipalities, issued
prior to May 1, 1934 , under authority of acts of Congress, the
Secretary of the Treasury is authorized to pay from such trust
account the principal of outstanding bonds and to pay all interest
due and .owing on such bonds".
174
2
1951
The b a l ance in the S p e c i a l Trust A c c o u n t as of O c t o b e r 31*
was as follows:
Par Value
Assets
B o o k Value
$ 23 ,223,200
2 ,271,000
United States securities $ 2 3 , 4 2 5 , 4 4 8 , 1 3
Philippine securities
2,342,663.36
Accrued'interest purchased
1 8 , 2 27.92
Cash
______ 1 2 , 1 0 6 , 9 1
$25*494,200
Tota!
$25,798,446.32
T w e n t y - s e v e n issues of P h i l i p p i n e G o v e r n m e n t bonds i s sued
prior to M a y 1, '1934 are n o w o u t s t a n d i n g in the a m o u n t of
$22,665,350, a ll of w h i c h are d o l l a r bonds e x c e p t for two Peso
issues h a v i n g a d o l l a r e q u i v a l e n t face value of $ 888,850 .
Inasmuch as the S p e c i a l T r ust A c c o u n t is a d e q u a t e to m e e t in t e r e s t
and p r i n c i p a l p a y m e n t s on a ll o u t s t a n d i n g bonds of the Philippines,
its provinces, cities, a n d m u n i c i p a l i t i e s , i s s u e d p r i o r to
May 1, 1934 u n d e r a u t h o r i t y of acts of Congress, a l l i n t e r e s t and
principal a m o u n t s h e r e a f t e r due on such bonds w i l l be p a i d f r o m
the S p e c i a l T r u s t A c c o u n t as r e q u i r e d b y the P h i l i p p i n e
Independence Act, as amended.
M a t u r i n g d o l l a r bonds of the
Philippine G o v e r n m e n t may, as in the past, be p r e s e n t e d for p a y m e n t
to the T r e a s u r e r of the U n i t e d States t h r o u g h a n y F e d e r a l R e s e r v e
Bank, or to the T r e a s u r e r of the Philippines'.
M a t u r i n g Peso bonds
issued p r i o r to M a y 1, 1934 are p a y a b l e o nly t h r o u g h the
Treasurer of the Phil i p p i n e s .
The a t t a c h e d sta t e m e n t shows the o u t s t a n d i n g a m ounts of
Philippine b o n d s i s s u e d p r i o r to M a y 1, 1934, r e f e r r e d to above,
and the dates on w h i c h they mature.
175
Amount
Outstanding
October 31,
Name of Bond Issue
Date of
Maturity
______________________________________________________________ 1251________________________
National Collateral Bonds •-(Cont!d 0):
Province and 3 Municipalities of Ilocos Norte
Public Improvement, 44$ collateral loan of
1926 (due 1956)(E)
5,000
Province of Marinduque Public Improvement,
44$ collateral loan of 1926 (due 1956)(R)
Province of Laguna Public Improvement, 44$
collateral loan of 1927 (due 1957)(R)
2/province and 1 Municipality of Ilocos Sur
Public Improvement, 44$ collateral loan
of 1927 (due 1957)(C)
)
)
)
¿/Province of Bulacan Public Improvement,
44$ collateral loan of 1927 (due 1957)(C)
)
)
¿/Province of Nueva Ecija Public Improvement,
4|$ collateral loan of 1927 (due 1957)(C)
j
)
¿/province of Pampanga Public Improvement,
44$ collateral loan of 1927 (due 1957)(C)
\
)
¿/Province of Tarlac Public Improvement, 44$
collateral loan of 1927 (due 1957)(C)
)
)
Province and 4 Municipalities of Camarines
Sur Public Improvement, 42$ collateral
loan of 1927 (1937-57)(C)
June 1, 1956
500
May 1, 1956
86,000
May 1, 1957
638,000
1,000
July 1, 1957
August 1, 1957^/
Province of La Union Public Improvement.
4^$ collateral loan of 1928 (due 1958)(C)
110,000
January 1, 1958
l/Province of Occidental Negros Public Improve
ment, First Series, 5$ collateral loan of
1933 (due 1963)(R)
638,850
July 1, 1963
Bonds
of Direct Issue:
City of Manila Public Improvement Act 3456,
First Series, 44$ loan of 1929 (due 1959)(C)
98,000
April 1, 1959
Total Bonds Outstanding
$22,665,350__________________
]J
1/
Peso bonds payable at the Philippine Treasury (dollar equivalent)0
These issues sometime listed collectively under designation
“Collateral 4§s due 1957, Provincial“«,
V Callable on any interest date0
Coupon bonds
(C) - registered bonds
(R)e
odtstaiiling pkiiippini ; (xmmBxrt x u 'ds issues p h i o r to m m
Amount
Outstanding
October .31,
1951
Name of Bond Issue
i
. 1934
176
Date of
Maturity
National Bonds $
financial Interest Protection,
1922 (due 1952)(C)
5% loan
of
$1,391,000
February 1, 1952
Irrigation and Permanent Public Works (Sundry
Purpose), 4;« loan of 1922 (due 1952) (C)
4*047,000
July 1, 1952
Currency, 4-1$ loan of 1922 (due 1952) (C)
9,330,000
July 15, 1952
70,000
larch 1, 1958
Cebu Port Works, First Series,
1928, (due 1953) (C)
loan of
Cebu Port Works. Second Series, 4 $ loan of
1929, (due 1959) (C)
253*000
September 15, 195
Cebu Port Works* Third Series,
1930 (due I960)(C)
500,000
March 15, I960
Iloilo Port Works, First Series,
1928 (due 1958)(C)
loan of
loan of
" 235,000
April 1, 1953
Iloilo Port Works, Second Series, 4 % loan of
1929 (due 1959) (C)
454,000
October 15, 1959
Iloilo Port Works, Third Series,
1930 (due 1960)(C)
925,000
April 15, I960
loan of
Metropolitan Water District Purchase Act
3204,
% loan of 1925 (1935-1955)(C)1,840,000
April 1, 1955^/
Metropolitan Water District Purchase Act
3255, First Series, 4 ^ loan of 1929
(1939-1959)(C)
1,056,000
October 1, 1959
l/Metropolitan Water District Purchase Act
3255, Second Series, 4i^ loan of 1931
(due 1961) (B)
250,000
April 1, 1961
151,500
January 1, 19562/
National Collateral Bonds *
Province and 9 Municipalities, of Iloilo Public
Improvement,
collateral loan ox 1926,
(1936-1956)(R)
Province of Pangasinan Public Improvement,
collateral loan of 1926 (due 1956) (R)
Province of Occidental Negros Public
Improvement, $0> collateral loan of 1926
(due 1956) (R)
30,500
March 1, 1956
5,000
April 1, 1956
%
w s m m %, m m i m
Satarday. jtovaabar 10. 1951.
Th® FttfiUi1y ®f tb® ?r®«®wy «nnounced la*t «▼«ning that the iander® for
tl9300900090Gü9 ®r th«r®ab®uta9 of 91~day ?r#a«iiry bilí® to b® datad üoir«Bsb®r U 9 1951,
and to *atur® Fabruary l h 9 19S29 whiah w®r® ojtf®r®d ®n B**«®b®r 59 v®r® ©penad ®t ti»
Federal fíeeerr® Bank® «m Woviwber 9»
fh® detall® o t tbi# lasu« ara a® folio*«t
fatal ampliad for - #2*128,035,000
fatal accepted
- 1,30% ,809,000
Averag® Bric®
-
99,591
(inelsd®® $162,638,000 enterad ®n a
non~co*p«titive ba®i® and aecepied in
m i at tfe® mrarag® pw&m «boira bal®®)
iqoiYalant rat®
ot dieecraat
a p p r o x . 1 . 6 1 9 5 p o r oxmm
S»g# of aaaapted coapetitiY® bidet
High
|p
- 99.618 Bquivaleat rat® ®f dieeount appnxx* 1 . 5 H 5 par azuma
- 99.539
•
*
•
a
*
1.6265 *
*
(66 pereent el bbe ammmt bid fbr at tb® lo® prie® va® aeaaptad)
F®d«ral K«®®rv®
Bietrict
total
Applied lor
fatal
Boato®
H«v York
Fhiladelphia
Cleveland
Bielaidnd
Atlanta
Chicago
St. lemis
Minneapolia
Kansa® City
1
8
fialjaa
San FFanciee©
tmt
Accepted
1,503,866,000
33,62li,000
1.6,806,000
28,633,000
» , Ufe,000
166,863,000
32,662,000
16,665,000
62,360,000
S8,?8?,000
117,616,000
63,102,000
372,653,000
16,626,000
60,806,000
25,626,000
31,666,000
67,261,000
28,803,000
12,677,000
53,280,000
65,687,000
52.236,000
12,128,035,000
81,302,803,090
l*f»868,003
RELEASE MORNING NEWSPAPERS,
Saturday, November 10, 1951»
S-2Ö73
The Secretary of the Treasury announced last evening that the
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills
to be dated November 15, 1951* and to mature February 14, 1952, which
were offered on November 5* were opened at the Federal Reserve Banks
on November 9.
The details of this issue are as follows;
Total applied for - ¿2 ,128 ,035,000
- 1 ,302,809,000 (includbes $ 1.62 ,638,000 enter«
Total accepted
on a non-competitive basis
and ac cepted. in full at the
averagee price shown below)
Average Price
- 99.591 Equivalent rate of discount approx.
1 .619$ per annum
Range of accepted competitive bids;
High
- 99*6l8 Equivalent rate
1 .511 $
- 99.589 Equivalent rate
1 .626$
Low
of discount approx.
per annum
of discount approx.
per annum
(66 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
Accepted
Total
Applied for
Federal Reserve
District
49,802,000
1,503,844,000
33,624,000
46,806,000
28,695*000
■34,124,000
144 ,863,000
32,469,000
14,445,000
62 ,960,000
58 ,987,000
117,416,000
$2 ,128 ,035,000
oOo
$
43,102,000
872 ,459,000
16,624,000
40,806,000
25,624,000
31,444,000
87 *261,000
28,809,000
12,677,000
59 ,280,000
45,487,000
39 ,236,000
$ 1 ,302,809,000
ftorkItt'i t o g e t h e r
can
unselfishly
a better world
build
--
we
a
\
peaceful
where
and
a prosperous
freedom
shared
and
heritage
express
my
of
It
stimulating
for
with
such
of
has
me
a
are
the
mankind.
I wish
joining
session
convention.
talk
all
to
appreciation
opportunity
opening
justice
of
In c l o s i n g ,
world
for
you
your
been
the
at
the
annual
most
to m e e t
typical
again
ana
American
42
can ana
is being e f f e c t i v e l y
cured.
Such p r o b l e m s m u s t be
t t f i f
I inerting, Iy corrected.
essential
It is
that we as a nation
go forward with the traditional
c o n f i d e n c e ana o p t i m i s m for
the future that
is
c h a r a c t e r i s t i c of Americans.
have
|
the courage and m e have
ine s t r e n g t h and
m
u e t e r m i n a t i o n that
have the
is needed.
By
Ili
I
Ml
%# e r v I
a i í ci
k n o w íe d g e
of
ce.
instance of wrongdoing.
same time,
putting
At the
he has been a g g r e s s i v e l y
into a c tive operation
m any of the r e o r g a n i ? a t i o n plans
which have been under study
Bureau for some time.,
C o m m i s s i o n e r and
in the
The
I have
s i n cerely w e l c o m e d the c o n s t r u c t i v e
alo ana c o o p e r a t i o n of the King
s u b c o m m i t t e e ana other C o n g r e s s i o n a
committees
in this d e t e r m i ne d
I IS ■; | : |
p r o g r a m to e r a d i c a t e all
v estiges
internal
Revenue,
Jofin §, -Dunlap,
General
took o f f i c e about
three m o n t h s ago w i t h
Instructions
from the P r e s i d e n t and myself
to
take every m e a s u r e n e c e s s a r y to
provide the people of the
U n i t e d S t a t e s * Ith the most honest
the fairest, and
the most efficlen
Internal
Revenue Service ■human
Iy
I...-.:
possible.
He has our s t r o n g e s t
support and
is c l o t h e d with
fullest authority.
And as i
have said before and r e p e a t here.
r
•*
our c i
a
listing your suppor
program*
you
all
sna
will
k
f
s
4 1
§
feel
asaur
ibi I ity.
i
S
ct that
at anguish.
a
Hii
to m e ’ that
shock and concern
ees of the
b I ic trust
It
is
greater dist r e s s that
reserve
Know,
a
too
fund c a n n o t be a c c u m u l a t e d m e rely by
wishful
thinning.
It d e p e n d s on
e s t a b l i s h i n g i s y s t e m a ti c savings
program
one of us should
to the future and build up a personal
r e s e r v e by p u t t i n g aside something
r e g u l a r l y from* our c u r r e n t
Every dollar that
now out of c u r r e n t
income,
Is put aside
income will
be
ting for a later o p p o r t u ni t y to serv
The p u r c h a s i n g power that wartime
CD ^
•^
*» 31 *»
ban«
f i n ancing would strengthen,
than
Ken,
the p r i c e
rather
the upward p r e s s u r e on
Ieve I,
I m e n t i o n e d the
importance of
building up a fund of »or«fme capital
to meet temporary e m e r g e n c i e s and
to ta«e a d v a n t a g e of p r o m i s i n g
opportunitIes.
I suspect that every
one of you here c o u l d tell me from your
| i %
;
■
Ipllll
own
.'
; ■
.
■
■
' ,,
e x p e r i e n c e that at one time or
another the successful
gfaft *?''■■■.■
project
o u t c o m e of I
.
'
v,¿E#/, 'Wk : 1
In which you have been
interested has d e p e n d e d on such t
§115
■
but such p u r c h a s e s are essential
we are to Keep our
large public
if
debt
from e x e r c i s in g a d i s r u p t i v e
influence
in the economy.
To the
extent that the s e c u r i t i e s of the
G o v e r n m e n t are not bought and held
by the citi z e n s and p r i v a t e
institutions of the Nation,
the
G o v e r n m e n t m u s t r e s o r t to. borrowing
from the ban« ing system.
banx holdi n g s represent,
the m ost
Commercial
of course,
inflationary type of debt
ownership.
increasing r e l i a n c e on
p JLf
sense
t
m tI#m
è
w
(tiy <
i
/H »*
cons I
persona I expend iture
p r i c e s ere f|
expenses
ft.41#*
*53>
«¿8S*. ,0?&4
A d e q u a t e revenues,
are only the first step
safeguarding
however,
in
the f inane irI system
of our country*
Of eons I Importance
/
in b o l s t e r i n g the e c o n o m i c strength
of our c o u n t r y are savings p rograms
of all
types.
At a time when much
of our p r o d u c t i o n must go for
d e f e n s e purposes,
it is o n i y common
their high
out
incomes c a n n o t be turned
in s u f f i c i e n t q u a n t i t i e s to
m eet demands w i t h o u t enda n g e ri n g
our r e a r m a m e n t program*
A strong and b r o a d l y based
p r o g r a m to c o u n t e r the
impact of
I ||| . | |§ ■ . |
these d e v ® I o p m e n t s ’ on the economy
c l e a r l y necessary.
c
is
Under such .a
p r o g r a m many desirable,
but honessential
e x p e n d i t u r e s are going to have to
be postponed.
increased.
S a v i n g s m u s t be material I
At the same time our
<r\
U Ub>
no one of us c a n at this time
jfi J | u n d o u b t e d l y bring
And
W||i;
let
larger expenditures,
as actual
o u t p u t and d e l i v e r y under our
c u r r e n t defense p r o g r a m gain m omentum
The tension which this p r o g r a m
wifi p l a c e on our economy
evident
Is o u Ic k ly
in a brief r e v i e w of the
c o m p a r a t i v e figures.
As r e c e n t l y
as the second quarter of
1950* only
about 6 p e r c e n t of our nttional
p r o d u c t was u t i l i z e d for d e f e n s e
i
of the s a c r i f i ce s and burdens of
m
a l l - o u t war effort.
of p r e s e n t estimates,
O n the basis
which tax©
Into
a c c o u n t the effect of the r e c e n t l y
e n a c t e d tax bill, r e v e n u e s for the
¡¡¡II
fiscal
year
;
I
1952 will still
be some
17.5 billion short of a n t i c i p a t e d
Federal
e x p e n d ! tures»
The p r o s p e c t of this s i z e a b l e
d e f i c i t comes at the very start of
8 p e r i o d of p r o l o n g e d p r e p a r a t i o n
for defehse,
the
length of which
SOS
m a tter of g r a t îf î c a t Ion to every
of us.
!t p r o v i d e s r e a s s u r i n g
evidence that the t r e m e n d o u s
b u s i n e s s r e p r e s e n t e d by the
G o v e r n m e n t of the U n i t e d States has
been
c o n d u c t e d with due p r u d e n c e
during the dynamic p e riod of
r e c o n v e r s i o n and r e a d j u s t m e n t following
the c l o s e of Äorld
foe
Iff* ||
we are e m i t
in
a n o t h e r struggle *« one short of
a
ut war but still r e q u i r i n g many
19
of all,
a continuing„inflationary
■
spiral
would
?■
impair the
incentives
to work and to save.
A basic fact about
w h i c h I should
like to emphasj ze
today -- and which
|
inflation
I w ish every
citizen of our country could fully
a p p r e c i a t e --
is that the fulfillment
of our present defense program,
toget h e r with essential
needs,
civilian
n e c e s s a r i l y means the
creation of a volume of p u r c h a s i n g
x
One
*
of
v
of
-
such
the
requirements
\
a program
■and c o n t i n u e d
for
major
is t h e
support
safeguarding
the
adoption
of
measures
financial
fie hrve
moved far away from the drfvs o
**rtf-r.
Every step
nronuctfv
in the
IWIISS
com.;.er
n
i
i t r sn sa c t i
a
i*
e smooth
l ir
%»I
d
r a m
-
functioning
fter>ends
of
th*
o n
«*
vnc
I S * *
You p e o p l e here today,
through
your n a t i o n w i d e c o n t a c t s and through
your c o m m u n i t y
leadership, can do
much to bring about better public
u n d e r s t a n d i n g of the p r o b l e m s
involved and the
issues at s t a K e .
1 want to lane a few m i n u t e s this
morning,
therefore,
to give you
the b r o a d o u t l i n e s of a p r o g r a m
which
is essential
if we are to
Keep our domestic d e f e n s e s at full
s t r e n g t h and our p r o d u c t i v e power
8nU eJi
A
Il o f
this
sv,
that
witn n
©«
«o
test
are
of
# t *■
i1 1 z e n s n i
ernment
t of
or
rests
squarely
Individual
national
r o i le ins
m
r e s o o n s I b i 111
and
rrosrra
|| do
a u t h o r It a r 11
'W W I P w l ?
» y w
ffi, to b e s u c c è s 5 fui,
at Iona I nro&raiR
must
n
reorese
i0
c. twire
si fi fi I 9% &
t*.©r.S
?%£&#*
the
till
his
means
ss i
fui!
of
the
full
[jmU
oubli
nubile' sunrort
p
HQ'
VVJ
14
s and not by mere words •*
until
the time when she
is willing
C -<
£%
■a
n
w
those of other n a t i o n s and Keep
them ther
to
•H
ards.
menace
our defense
W
So
iong as
the c o m m u n i s t
order
W d ?
d
ists,
we
I
III
and our allies m u s t / c o n t i n u e to
uo and mainta
VJ ë I w FIC5 t
s t r e n g t h of o v e r w h e l m i n g superior
i ty
if
learned the hard way*
The
free world will never be safe as-if. ' fe '
long as the t h reat'of c o m m u n i s t
a g g r e s s i o n exists.
P r e s i d e n t told you
to the N a t i o n
evening,
As the
in his address
last W e d n e s d a y
we are still
hopeful
that
we can find the u l t i m a t e road to
o e a c e through t Just d i s a r m a m e n t
plan*
But until
when Russia
the time, c o m e s
is w i l l i n g to bacp up
her p r o t e s t s t i o n s of p e a c e with
12
e s t a b l i s h m e n t of the Cominform,
a p p a r e n t l y for the sole purpose
of stirring up trouble and
i n t e r n a t ÎonaI
our doubts.
hatred,
Finally
c o n f i r m ed
it has
become n e c e s s a r y to physically
meet and stop the brutal
c o m m u n i s t assault on the
Repub lie of Korea.
SIS
- I I -
ever since the f i g h t i n g
War 11 ceased.
/
internati onaI
in Won Id
Our hopes for
.
cooperation
were
weakened when the USSR adopted
o b s t r u c t i v e tactics
in Germany and
tried to sabotage the European
Reco v e r y Program,
communist regimes
and —
The
imposition of
in Eastern Europe
only four years after the
d i s s o l u t i o n of the C o m i n t e rn —
the
c re
v
- IO -
i Jk
our freedoms.
d e t e r m i n a t i o n to
Kb
hope that the
ri
among
wartime
would conti nue and
had secured
in peaceti
v ic t o r y .
The Un
ization,
signers,
increase
with 51 original
was
f o u n d a t i o n for that c o o p e r a ti o n
'■ He in the free
wor
, have
to a c o n t i n u o u s
of the
p r o g r e s s toward r e s t o r a t i o n of a
nigh
level of employment.
Then
in 1939 ftor Id War II
broke out when Hitler m a r c h e d his
troops
into Poland.
World War 11 was the most
d e s t r u c t i v e war
in which the U n i t e d
S t ates had ever engaged.
a l l i e s won
We and our
it. at a t r e m e n d ou s cost,
by o u t f i g h t i n g and o u t p r o d u c i n g
enemy.
We won
the
it t h r o u g h cooperation
in p l a n n i n g and performance.
We won
it b e c a u s e we had the c o u r a g e
a n d
the
forms.
But
I
in union we have found
%
stre n g t h to meet them.
t the time your a s s o c i a ti o n
i i $* founded
in 1919,
we had just
emerged from fighting a great
world war which we thought had
m ade the world safe for democracy.
So we e l e c t e d to withd r a w to a state
of
isolation and to enjoy the
p r o s p e r i t y which was boomina
our domestic economy.
however,
in
In .19.21,
we were strucK by a sharp.
w i l l i n g n e s s of A m e r i c a n s to join
together to promote general
as
individual
as well
w e l f a r e has been the
keystone of our amazing progress.
Our Nation
has,
in fact,
been made
the stronghold of d e m o c r a c y thro u g h
the efforts of
individual
citizens
w o r k i n g together not on Iy for the ir
personal
a d v a n c e m e n t or for group
a d v a n c e m e n t , but for the a d v a n c e m e n t
of' all.-
Our probl e m s have seldom
been easy.
They have come
in various
5
economy.
O n e of the foremost
p u r p o s e s of your o r g a n i s â t Ion, as
stated
In its constitution,
was
"To p r o v i d e the m e a n s whereby
m a n u f a c t u r e r s of b o t t l e d c a r b o n a t e d
b e v e r a g e s and other types of bottled
soft dr inns, and o t h e r s
interested
%
In the p r o g r e s s and w e l f a r e of the
industry, may d i s c u s s p r o b l e m s of
common
interest to t h e m s e l v e s and
to the c o m m u n i t y
in genera I
It seems to me that this
»"
4
Ameri c a n consumer.
is a iso a most
our national
Your
industry
important factor
economy,
a f f o r d i n g as
it does d i rect e m p l o y m e n t
than
100,000 people
plants,
and
in
for more
in your business
indirect e m p l o y m e n t for
more than | m i l l i o n o r p p r i e t o r s and
employees
in .the retail
your oroducts.
I was
t
Impressed to
selling of
'
•,’
s
learn that
your a s s o c i a t i o n early r e c o g n i z e d
its r e s p o n s i b i I i t y
in the domestic
Amer
that
ha v e
siness
j
com
m
un it f es.
industry
stop
soft
M
j
wr* *
The product
or
i es I Iy Amer lean
Fourth
drinks
r ican scene
corner
ore.
at the
as
ms
ecretai«
address
m
sums
x *
3 3 » A M A I B O * « ? ! * OF THE
Amamttt BQfTOSSS OF CAHB08ATI® «WE0KJB8
Washington, D. C ,
November 13, 1951
The follow ing address by Secretary Snyder
annual meeting of the American B o ttlers
of Carbonated Beverages^National Guard Armory
Washington, D. C . , is scheduled fo r delivery
at 11:00 a,m,, EST, Tuesday, November 13, 1951
and is fo r release at that time.
TREASURY DEPARTMENT
ppc
Washington
The following address by Secretary Snyder before the
annual meeting of the American Bottlers of Carbonated
Beverages, at the National Guard Armory, Washington, D. C.,
is scheduled for delivery at 11:00 a.m., EST, Tuesday,
November 13, 195>1, and'"is for release at that time•
It is a real pleasure for me to address your association. I feel
that in talking with you today, I am talking with a cross section of
the whole people of America. Probably no other industry is more
representative than yours of the small business concerns which are the
backbone of our great free enterprise system. Representing as it does
over 6,000 small plants in more than 2,600 communities, it is an
important factor in the progress and prosperity of these communities.
Nor does the influence of your industry stop there. The product
you sell — soft drinks — has come to be as 'typically American as
baseball or the Fourth of July picnic, and its enjoyment just as wide
spread. Refreshing soft drinks are everywhere on the American scene —
at the corner grocery store, at roadside stands and filling stations,
in offices and factories, and in every American home. And I might well
add that in recent years our servicemen have been effective boosters
for your product in many foreign countries.
Comparatively young as your business is, its widespread and
progressive growth since the establishment of your trade association, a
little over three decades ago, has made it an important factor among
industries serving the American consumer. Your industry is also a most
important factor in our national economy, affording as it does direct
employment for more than 100,000 people in your business plants, and
indirect employment for more than 6 million proprietors and employees in
the retail selling of your products.
I
was impressed to learn that your association early recognized its
responsibility in the domestic economy. One of the foremost purposes
of your organization, as stated in its constitution, was nTo provide
the means whereby manufacturers of bottled carbonated beverages and other
types of bottled soft drinks, and others interested in the progress and
welfare of the industry, may discuss problems of common interest to
themselves and to the community in general.
It seems to me that this willingness of Americans to join together
to promote general as well as individual welfare has been the keystone
of our amazing progress. Our Nation has, in fact, been made the
stronghold of democracy through the efforts of individual citizens
working together not only for their personal advancement or for group
advancement, but for the advancement of all. Our problems have seldom
been easy. They have come in various forms. But in union we have found
strength to meet them.
S-287li
- 2 -
At the time your association was founded in 1919, we had just
emerged from fighting a great world war which we thought had made the
world safe for democracy. So we elected to withdraw to a state of
isolation and to enjoy the prosperity which was booming in our domestic
economy. In 1921, however, we were struck by a sharp, though fortunately
short, recession
a recession such as had followed every major war up
to that time.
Coming out of that economic set»back we entered into a period of
seeming prosperity that came to an abrupt end with the collapse of the
stock market in the fall of 1929.
In the decade of the *30’s* we found that while prosperity was not
fully realized we did make progress toward restoration of* a high level
of employment.
Then in 1939 World War II broke out when Hitler marched his troops
into Poland.
World War II was the most destructive war in which the United States
had ever engaged. We and our allies won it, at a tremendous cost, by
outfighting and outproducing the enemy. We won it through cooperation
in planning and performance. We won it because we had the courage arid
the determination to defend our freedoms.
We had a right to hope that the wartime cooperation among the great
powers would continue and increase in peacetime after we had secured
victory. The United Nations organization, with 51 original signers, was
intended as the foundation for that cooperation.
We in the free part of the world, however, have been subjected to
a continuous cold war barrage ever since the fighting in World War II
ceased. Our hopes for international cooperation were weakened when the
USSR adopted obstructive tactics in Germany and tried to sabotage the
European Recovery Program. The imposition of communist regimes in Eastern
Europe and •• only four years after the dissolution of the Comintern «*•>
the establishment of the Cominform, apparently for the sole purpose of
stirring UP trouble and international hatred, confirmed our doubts.
Finally it has become necessary to physically meet and stop the brutal
communist assault on the Republic of Korea.
We learned the hard way. The free world will never be safe as
long as the threat of communist aggression exists. As the President
told you in his address to the Nation last Wednesday evening, we are
still hopeful that we can find the ultimate road to peace through a just
disarmament plan. But until the time comes when Russia is willing to
back up her protestations of peace with deeds and not by mere words -»
™
the time when she is willing to lay her cards on the table with
those of other nations and keep them there — we cannot afford for one
minute to lower our defence guards. So long as the communist menace
to peace and order throughout the world exists, we and our allies must
227
- 3 -
continue to build up and maintain a defense strength of overwhelming
superiority.
All of this means that we are faced, today, with a new test of
citizenship. Our form of Government rests squarely on the concept of
individual responsibility for national policies and programs. We do
not operate under authoritarian decrees. Every national program, to
be successful, must represent the will of the people — and this means
full public understanding and full public support.
You people here today, through your nationwide contacts and through
your community leadership, <?an do much to bring about better public
understanding of the problems involved and the issues at stake. I want
to take a few minutes this morning, therefore, to give you the broad
outlines of a program which is essential if we are to keep our domestic
defenses at full strength and our productive power unimpaired.
One of the major requirements of such a program .is the adoption
and continued support of measures for safeguarding the financial system
of the country. We have moved far away from the days of barter. Every
step in the productive process +- every commercial transaction
every
investment program
depends on the smooth functioning of the financial
system in every area of our economic life — business, and personal, and
governmental.
Because this is true, a sustained inflationary spiral could totally
disable a modern industrialized economy. Confidence wouid give way to
fear and uncertainty; working contracts would be disrupted; and the flow
of operations necessary to any long-range production program would be
slowed down at every turn. Most harmful of all, a continuing inflationary
spiral would impair the incentives to work and to save*
The basic fact about inflation which X should like to emphasize
today mm and which I wish every citizen of our country could fully
appreciate — is that the fulfillment of our present defense program,
together with essential civilian needs, necessarily means £tte creation
of a volume of purchasing power large enough to represent a real
potential inflationary threat.
Until the Korean outbreak our Nation was making steady economic
progress..
During the fiscal year ended June 30, 1951 > as you may know, the
Federal Government showed a budget surplus of $3*5 billion. Over the
past five years, we have operated the Government with a surplus of nearly
$8 billion. This can be a matter of gratification to every one of us.
It provides reassuring evidence that the tremendous business represented
by the Government of the United States has been conducted with due
prudence during the dynamic period of reconversion and readjustment
following the close of World War II*
228
~ h •*
But now we are engaged in another struggle — one short of allout war but still requiring many of the sacrifices and burdens of an
all-out war effort. On the basis of present estimates, which take into
account the effect of the recently enacted tax bill, revenues for the
fisca! year 1952 will still be some #7,5 billion short of anticipated
Federal expenditures*
F
The prospect of this sizeable deficit comes at the very- start of
°f ProlOT}Sfd preparation for defense, the length of which no
one of us can at this time predict. And 1953 will undoubtedly bring
much larger expenditures, as actual output and delivery under our
current defense program gain momentum.
. The tension which this program will place on our economy is
quickly evident in a brief review of the comparative figures. As recently
as the second quarter of 1950, only about 6 percent of our national
product was utilized.for defense purposes. Most of our resources,
consequently, were still available for civilian purposes. And that fact
I might note, provided a sort of Indian sununer o f ™ t i f u l civÍliL
supplies -- a period which lulled many people into believing that the
brushed^asidef * Serl°US
in
p r e s s u ^ c o r i d be
. ,
Perlod, as our defense administrators have recently made
amply clear, is rapidly ending. Already our defense programáis drawing
?ncri=Tel7 muofj.larger share of total output} and the proportion will 8
increase, reaching^something like 20 percent by next summer. Inches
and therefore purchasing power, will continue at high levels. But the
restricted800^ :
thbl8
°u’iiian purohase wil1 become increasingly
l f l Í nCOmü
be turned out in sufficient quantities te
demands without endangering our rearmament program,
A strong and broadly based program to counter
evelopments on the economy is clearly necessary.
many desirable, but nonessential, expenditures are
nenr?0ned‘ SfTÍnfs must be materially increased.
people are going to have to shoulder a substantial
for a considerable period to come.
Zet
the impact of these
Under such a program
going to h a v e ^ o ^
At the same time our
burden of taxation
taxation
,,
“ equate revenues, however, are only the first step in safeguarding
5
°
5 stem of w
country. Of equal importance in bolstering
At a L°n°mlu Strenf th.of our country are savings programs of all types8
At a time when much of our production must go for defense purposes
is only common sense that we must exercise considerable restraint
m our personal expenditure programs if prices are to 'b e k e p S i n Sne.
thl
Moreover, in a period like this, when employment is hicrh anH «y,™
- 5
229
Everyone needs financial reserves to provide for emergencies* to
meet expenses such as the education of their children or the purchase of
a home or automobile* and to provide for a happier and more enjoyable old
age. Such a reserve should be invested in the safest possible way* and
an excellent investment for this purpose is United States Defense bonds.
Not only does the purchase of Defense bonds help alleviate
inflationary pressures by taking money out of the spending stream* but
such purchases are essential if we are to keep our large public debt from
exercising a disruptive influence in the economy. To the extent that
the securities of the Government are not bought and held by the citizens
and private institutions of the Nation* the Government must resort to
borrowing from the banking system. Commercial bank holdings represent,
of course* the most inflationary type of debt ownership. Increasing
reliance on bank financing would strengthen* rather than weaken* the
upward pressure on the price level.
I
mentioned the importance of building up a fund of working capital
to meet temporary *emergencies and to take advantage of promising
opportunities. I suspect that every one of you here could tell me from
your own experience that at one time or another the successful outcome
of a project in which you have been interested has depended on such a
reserve. louknow, too* that such a fund cannot be accumulated merely
by wishful thinking. It depends on establishing a systematic savings
program. Every one of us should look to the future and build up a
personal reserve by putting aside something regularly from oup current
income.> Every dollar that is put aside now out of current income will
be waiting for a later opportunity to sepve1
The purchasing power that wartime savings put into the hands of
the people — amounting to about $200 billion
gave them the courage
when the end of the war came to go out and spend their current income,
so that for the first time in our history after a war we were able to
keep our economy on, a very high level. The savings that people make
a this time are going to mean just as much in the future when we have
solved this defense problem* and I hope* the war threat.
I
have emphasized taxes and greater savings because these are the
foundations of a successful fiscal policy during the period when we ar*
rea justing our defenses to the realities of the present world situation
But these are only two measures which are required for safeguarding our
economic health. The restriction of credit to essential uses* the
allocation^ of scarce materials* and various direct measures for assuring
6 stability of wages and prices are also necessary. The job is a big
one* but I know that it can be done. I have every confidence that our
people will giv@ wholehearted support to the measures necessary for
conserving the economic resources of our Nation.
Program that I have outlined to maintain our financial and
xonomic health* can succeed only with the free and willing cooperation
f °Ur cltl2ens. In enlisting your support for that program, you must
Ql assured that all will share in that responsibility.
-
6-
230
I speak now of a subject that has caused me great anguish* It
was a matter of' shock and concern to me that some employees of the Bureau
of Internal Revenue have been found unworthy of public trust. It is of
even greater distress that some of these have been officials in responsible
places. I want again to assure the citizens of this Nation that every
facility of investigation and discovery at the command of the Bureau,
together with full, unstinted cooperation and assistance of the King
Subcommittee, is being used and will continue to be used to ferret out
any remaining irregularitie s.
The new Commissioner of Internal Revenue, General John B. Dunlap,
took office about three months ago with instructions from the President
and myself to take every measure necessary to provide the people of the
United States with the most honest, the fairest, and the most efficient
Internal Revenue Service humanly possible. He has our strongest support
and is clothed with fullest authority, And as I have said before ’
and repeat here, this purpose significantly has the earnest and devoted
support of the great body of honest, decent, conscientious and hard
working public servants who comprise that organization. They resent
deeply those few who betray the honor of the Service.
Commissioner Dunlap has already, in the short time he has been
in office, taken prompt and effective steps to rout out every instance
of wrongdoing. At the same time, he has been aggressively putting into
active operation many of the reorganization plans which have been under
study in the Bureau for some time. The Commissioner and I have sincerely
welcomed the constructive aid and cooperation of the ^ing Subcommittee
and other Congressional committees in this determined program to
eradicate all vestiges of misconduct and inefficiency. In carrying out
this program, however, the Commissioner will also require and earnestly
solicits the cooperation of not only the patriotic and honest citizens
within the Service, but also of all citizens, who may have knowledge of
irregularities, to make this information known to the Bureau.
This blight on the Service can and is being effectively cured.
Such problems must be unflinchingly corrected. It is essential that we
as a nation go forward with the traditional confidence and optimism for
the future that is characteristic of Americans. We have the courage and
we have the strength and we have the determination that is needed. By
working together unselfishly we can build a better world — a peaceful
and a prosperous world where freedom and justice are the shared heritage
of all mankind.
In closing, I wish to again express my appreciation for the
opportunity of joining you at the opening session of your annual
convention. It has been most stimulating for me to meet and talk with
such a typical American group and to partake of your refreshing
hospitality.
0O0
November 6, 1951
TO lit* BARTELTt
The following transactions were mads in direct and guaranteed
securities of the Government for Treasury investment and other
accounts during the month of October, 19511
Purchases • * • . » • » • • « • • •
$U2,6li*,000
Sales
3k,169.550
Net purchases .....................$ 8,kkk,k50
0. Z. Wovrstm.
•e
Chief, Division of Investments
Wisecarver 11/6/51
RELEASE MORNING NEWSPAPERS,
Thursday, November 15, 1951.
S-2875
During the month of October 1 9 5 1 ,
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $8,^44,450, Secretary
Snyder announced today.
0O0
TWO AND ONE-HAiP PERCENT TREASON BONDS OF 1952-51*
(DATED MARGE 31, 1 » )
NOTICE OF CALL FOR REDEMPTION
To Holders of 2-1/2 percent Treasury Bonds of 1952-51* (dated
March 3 1 , 19U1), and Others Concerned:
1.
Public notice is
hereby given that all outstanding 2-1/2
percent Treasury Bonds of 1952-51** dated March 31, 19i*l, due
March 1$9 1951** are hereby called for redemption on March 15*
19^2, on which date interest on such bonds will cease.
2« Holders of these bonds may, in advance of the redemp
tion date, be offered the privilege of exchanging all or any part
of their called bonds for other interest-bearing obligations of
the United States, in which event public notice will hereafter
be given and an official circular governing the exchange offering
will be issued.
3. Full information regarding the presentation and surrender
of the bonds for cash redemption under this call will be found in
Department Circular No. 666, dated July 21, 191*1.
John W* Snyder,
Secretary of the Treasury.
TEEASURX DEPARTMENT*
Washington, November lU, 1951*
bblea&s, rnrnim newspapers,
Wednesday, November Ih,
19$1*
The Secretary of the Treasury announced today that all outstanding
2-1/2 percent Treasury Bonds of 1952-51*# dated March 31, 191*1, due
March 15, 1951*, are called
for
redemption on larch 15, 1952.
There
are now outstanding $1,023,568,350 of these bonds.
The 2 percent Treasury Bonds of 1951-53, which are also callable
on March 15, 1952, will not be called for redemption on that date.
The text of the formal notice of call is as follows t
S T A N D A R D FO R M N O. 64
UNITED STATES GOVERNMENT
O ffu
TO
date
:November 13,
FROM
SUBJECT:
The Secretary has signed the attached notice of call which
is to be given to the press on November 13 for release, morning
newspapers, Wednesday, November Hi, with the brief statement,
which is also attached.
Attachments
19$1
IT
TREASURY DEPARTMENT
Information Service
WASHINGTON, C
belease m o r n i n g n e w s p a p e r s ,
[Wednesday, N o v e m b e r 14, 1951.
S-2Ö76
The Secretary of the Treasury announced today that all outstand
ing 2-1/2 percent Treasury Bonds of 1952-54* dated March 31# 1941#
due March 15, 1954, are called for redemption on March 15, 19 5 2 .
There are now outstanding $1,023#-568,350 of these bonds.
on
The 2 percent Treasury Bonds of 1951-53# which are also callable
March 15, 1952, will not be called for redemption on that date.
The text of the formal notice of call is as .follows;
W O AND ONE-HALF PERCENT TREASURY BONDS OP 1952-54
(DATED MARCH 31, 194l)
NOTICE OF CALL FOR REDEMPTION
To Holders of 2-1/2 percent Treasury Bonds of 1952-54 (dated
March 31# 1941), and Others Concerned;
1. Public notice is hereby given that all outstanding 2-1/2
percent Treasury Bonds of 1952-54,. dated March 31, 1941, due
March 1 5 , 1954, are hereby called for redemption on March 15, 1952,
on which date interest on such bonds will cease.
2. Holders of these bonds may, in advance of the redemption
date, bo offered the privilege of exchanging all or any part of their
called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued.
3. Full information regarding the presentation and surrender
of the bonds for cash redemption under this call will be found in
Department Circular No. 6 6 6 , dated July 21, 1941.
John ¥. Snyd.er ,
Secretary of the Treasury
TREASURY DEPARTMENT,
Washington, November 14, 1951.
0 O0
for Rome today to attend the Eighth Session of the North
Atlantic Council, meeting in Rome November 24th.
The
Secretary will be joined in Rome by George H. Willis,
Director of the Office of International Finance, Treasury
Department, and William L. Hebbard and William M. Tomlinson,
also of that office.
The North Atlantic Council is composed of the
foreign ministers, the finance ministers and the defense
ministers of the NATO countries.
At the Rome meeting
the ministers will consider the broad financial and
economic problems associated with the Western defense
effort.
Secretary Snyder joined in similar discussions at
the Seventh Session of the North Atlantic Council, which
was held in Ottawa from September 15 to 20 of this year.
The Secretary is sailing from New York on the
SS AMERICA and arrives at Le Havre, France, on November 21.
He expects to stop overnight in Paris enroute to Rome.
Secretary Snyder*s last trip to Europe was to
attend the Fifth Annual Meeting of the Boards of Governors
of the International Bank and the International Monetary
Fund at Paris in September, 1950.
oOo
TREASURY DEPARTM ENT
RELEASE 3:30 P.M., E.S.T.,
Wednesday, November 14, 1951.
S- 2 8 7 7
Secretary of the Treasury John W. Snyder departed
for Rome today to attend the Eighth Session of the
North Atlantic Council, meeting in Rome November 24th.
The Secretary will be joined in Romo by George H. Willis,
Director of the Office of International Finance, Treasury
Department, and William L. Hebbard and William M.
Tomlinson, also of that office.
The North Atlantic Council is composed of the
foreign ministers, the finance ministers and the defense
ministers of the NATO countries. At the Rome meeting
the ministers will consider the broad financial and
economic problems associated with the Western defense
effort.
Secretary Snyder joined in similar discussions at
the Seventh Session of the North Atlantic Council, which
was held in Ottawa from September 1 5 to 20 of this year.
The Secretary is sailing from New York on the
SS AMERICA and arrives at Le Havre, France, on November 21
He expects to stop overnight in Paris enroute to Romo.
Secretary Snyder's last trip to Europe was to attend
the Fifth Annual Meeting of the Boards of Governors of the
International Bank and the International Monetary Fund at
Paris in September, 1950.
m m u m mmêM*
Seeratary of tin traaamry Snyder w m m m A today that tassiani «ill
ho accepted on taoodoyf Mom s&m r 1 % 19$1> of M d s to am issue of 201*day
treasury billa ta the amount of $1,250,000,000, or thereabouts* to bo
dated iicwaaber 2?# Ä | | and to maton»
m êmm
1$$
W§M*
them Mill
©ill ho the seeemd offering of ®fas Anticipation Serio#1 treasury bàlio
f i é the Secretary in M o statement of October 10# 1951» s o m m e e â
would he offered within the mash few weeks*
to M
full details with reject
new offering will ha released far thureday morning new®papers.
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C
o
I M M E D I A T E RELEASE,
W e d n e s d a y , N o v e m b e r 14,
S - 2 878
1951.
S e c r e t a r y of the T r e a s u r y S n y d e r a n n o u n c e d
t o d a y that tenders w i l l be a c c e p t e d on Tuesday,
N o v e m b e r 20,
1951 *
T r e a s u r y bills
or thereabouts,
of bids
to a n issue
of 2 0 1 - d a y
in the a m o u n t of $1, 2 5 0 , 0 0 0 , 0 0 0 ,
to be d a t e d N o v e m b e r 27,
a n d to m a t u r e on June
15*
1952.
1951,
These b i lls w i l l
be the s e cond o f f e r i n g of "Tax A n t i c i p a t i o n Series"
T r e a s u r y bills w h i c h
the S e c r e t a r y in h i s
of O c t o b e r 10,
a n n o u n c e d w o u l d be o f f e r e d
1951*
w i t h i n the n e x t few weeks.
respect
sta t e m e n t
Full details with
to the n e w o f f e r i n g w i l l be r e l e a s e d for
Thursday morning newspapers.
0O0
/
40
- 3 c 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 Lj2 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. 1|18, as amended, and this notice, prescribe
the terns 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
-
I
tMM
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, 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 I
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 Tilth the bids must be made or completed at the
Federal Reserve Bank on
November 23. 1951
.. .. m 1v *
, in cash or other immediately avail-
able funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
November 23. 1951.
''''' J'"~ '
" '>
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
m
m
m
TREASURY DEPARTMENT
Washington
/? f
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 15| 1951
The Secretary of the Treasury, by this public notice, invites tenders for
90 -day Treasury bills, for cash and
$1.100 «000*>000 . , or thereabouts, of
3»gj—
in the amount of $ 1,100.662,000,
’ w
in exchange for Treasury bills maturing November 23 « 1951
136
_>A°
3pc|
issuedon
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
m i l mature
interest.
The bills of this series will be dated
November^23, 1951---- > and
February 21. 1952 i when the face amount tdll be payable without
...."1A j "1,
k ' r ' ...
They Tdll 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 Tdll be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. November 19,.„125l.
vXDUL
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, vdth 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 Brandies on application therefor.
Others than banking institutions
except for their own account.
Tdll not be permitted to submit tenders
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
244
reiease
morning
newspapers
,
Thursday, November 15. 1951,
S-2879
The S e c r e t a r y of the T r e a sury, b y this p u b l i c notice, invites
tenders for $1 , 1 0 0 , 0 0 0 , 0 0 0 , or t hereabouts, of 90-day T r e a s u r y b i l l
for cash a i d I n e x c h a n g e fir T r e a s u r y b i lls m a t u r i n g N o v e m b e r 23,
10^1
,
?n the -mount of $1 100 ,662 ,000, to be issued on a discount
basis u n d e r c o m p e t i t i v e a nd n o n - c o m p e t i t i v e
^
^
23 ^ 19 51
v-i TT44--un7i4- 'interest
T h e y wiUl too issued in hearer form only,
^ i n d e n o ^ n a t i o n s o f $ 1 ,000, $5 ,000, $10 ,000, $ 100 ,000, $500,000,
and $ 1 ,000,000 (maturity value).
T e n d e r s w i l l toe r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d 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 time,
Mondav
N o v e m b e r 19, 1951.
T e n d e r s w i l l not toe r e c e i v e d at the
Treasury D e p a r t m e n t * W a s h i n g t o n .
E a c h t e n d e r m u s t be for a n e v e n
multiple of $ 1 , 000, a nd in tho case of c o m p e t i t i v e tenders the p n
o f f e r e d m u s t be e x p r e s s e d on the b a s i s of 100 , w i t h n o t m o r e t han
th-ppp d e c i m a l s
e
e
99.925.
F r a c t i o n s m a y not toe used.
ureed t h a t t o n d o r s &
m a d e on the p r i n t e d forms a nd f o r w a r d e d in tho
spfeial e n v e l o p s w M c S w i l l be s u p p l i e d b y F e d e r a l R e s e r v e B a n k s or
Branches on a p p l i c a t i o n 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
submit tenders e x c e p t for t h eir own account.
Tendors will
received w i t h o u t d e p o s i t f r o m i n c o r p o r a t e d b a nks a nd t r ust co m p a n i e s
and f r o m r e s p o n s i b l e a nd r e c o g n i z e d d e a l e r s i n i n v e s t m e n t securitio
Tenders .from others 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 of 2 p e r c e n t ot
the face a m o u n t of T r e a s u r y b i lls a p p l i e d for, u n l e s s the tenders
are a c c o m p a n i e d b y a n e x p ress g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d
bank or trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders w i l l be o p 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 a nd Branches, f o l l o w i n g w h i c h p u b l i c
annou n c e m e n t w i l l bo m a d e b y the S e c r e t a r y _ o f the T r e a s u r y
amount a nd p r i c e range of a c c e p t e d bids.
Those s u b m i t t i n g tenders
will toe a d v i s e d of the a c c e p t a n c e or r e o e c t i o n thereof.
The
S e c r etary of the T r e a s u r y e x p r e s s l y r e s e r v e s the r i $ i t to a c c e p t or
reject a n y or a l l tenders, in w h o l e or i n part, an a h is a c t i o n i n
any such r e s p e c t s h all be final.
S u b j e c t to these r e s e r v a t i o n s
n o n - c o m p e t i t i v e tenders for $ 200,000 or less w i t h o u t s t a t e d p r i c e
from°any°one b i d d e r w i l l be a c c e p t e d in f u l l a t the a v e r a g e p r i c e
2
(in throe decimals) of accepted competitive bids. Settlement for
accepted, tenders in accordance with the bids must be made or
completed at the Federal Reserve Bonk on November 23, 1951, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing November 23, 1951. 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 principa.1 or
interest thereof by any State, or any of the
possessions of the United States, or b^
any local taxing authority. For purposes of taxation the amount of
discount at which Treasury bills are originally sold by the United
States shall be considered to be interest. Under Sections 42 and
117 (a) (1) of the Internal Revenue Code, as.amended by Section 115
of the Revenue Act of 1941, the amount of discount at which bills
issued hereunder are sold shall not be considered to accrue until
such bills shall.be sold, redeemed or otherwise disposed of, and. such
bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life, insurance companies)
issued hereunder need,include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular N o . 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions, of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
S-2879
•
%
*
? KQ
inheritance, gift or other excise taxes, whether Federal or State, bat shall
be exempt from all taxation mm o r hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the United States,
©r by any local taxing authority.
For purposes of taxation the amount of
discount at which treasury bills sre originally sold by ths United States
shall be considered to be interest.
Under Sections ii2 and lit (s) (1) of the
Internal Revenue Cods, as amended by Section 11$ of the Revenue Act of 191*1*
the amount of discount at which bills issued hereunder are acid shall not bo
considered to accrue until such bills «tall ba sold, redeemed or otherwise
disposed of, and such bills arc 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 issuo or on sub
sequent purchase, and the amount actually received either upon sale or re
demption at maturity during the taxable year for which the return is made, aa
ordinary gain or loss*
treasury Department Circular He* 1*18, as amended, and this notice, pre
scribe the terms of the treasury b ills and govern the conditions of their
issue. Copies of the circular may be obtained from any Fodoral Reserve Bank
or Branch.
1»
- 2 *
0
by payment of 2 percent ef thè face amount of Treaeury bill» applied for,
unisse thè tendere are accoaipanied by an exprese guarenty of payaent by an
incorporated bank or trust company.
taediately after thè closing hour, tender» vili be oponed at thè Federai
Reeerre Banks and Branche» , following vhieh putolie annonnceaest vili be vade
by thè Seeretary of thè Treaeury of thè aaiouat and priee rango of aeeoptod
bidè.
Thoee subnitiing tender* vili bo advised ©f thè accaptane* or rejeetion
thereof*
Tho Seeretary of thè Treasury expreesly roeerree tho right io accept
or reject any or all tenderef in vhols or in pari, and bis action in any soeh
respeet »hall bo final*
Subjeet io these reservatiena, n©n-c©Pipetitive ten
derà for $200,000 or lesa vithout stated prie© fra» any ©no bidder vili bo
accepted in full at thè average priee (in three decimai») of aeeoptod competi
tive bidè*
Settleeent for aeeopted tendere in aeeordanee vith thè bidè ausi
be nade or completad at tho Federai Reserre Bank in cash or other immediately
available funde oa Sovember 2?, 1 9 $ 1 , provided, hoverer, any Qaalifisd
depositary vili bs peraitteé to aako payaeat by credit in ite Treaeury fan
and Loan Account for freaeury bilie allotted to it for itself and ite eustoaers
up to any amount far vhich it ahall bo qualified in exeoas of axlsting deposita
vhen so notified by tho Fiderai Reserve Bank of ite Districi*
The incorna derivad frena freaeury bilie, whethar interest or gain fro» thè
salo or other dispositi©» of thè bilie, shall not bave any exemptien, as such,
and loss fro» thè sale or other disposltion of Treaeury bilis ©hall not bave
any special treatment, as such, under thè Internai Ravenne Code, or lave
emendatory or supplestsntary theroto. The bilie shall bs subisci t© estate,
i r f P
r&é
d~
FOR RELEASE, «ORNIHO KKWÍIAPESB,
Thursday a S o T U b T 15 » 1951«
The Secretary of the Treasury, by this public notice, invites tenders
for
$1,250,000,000,
or thereabouts, of 201~day Treasury bills, to be issued
on a discount basis under competitive and ron*competitive bidding as herein*
after provided.
The bills of this series will be designated tax Anticipation
Series, they will be dated November 27, 1951, and «ill nature June 15, 1952«
they will be accepted in payment of income taxes due on June 15, 1952, and
to the extent they are not presented for this purpose the face amount of
PlmB
these bills «ill be payable without interest at maturity*
they « H I 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}»
tendere « ill be received at Federal Reserve Banks and Branches up to
the closing hour, two o *clock p*nu, Eastern Standard time, Tuesday, November
20, 1951.
Teodors
« ill rot be received at the treasury Department, Washington.
Each tender must be
tor
an even multiple of $1,000, and in the caee of
competitive tendere the price offered must be expressed on the basis of 100,
with rot more than three decimals, e. g .,
99*925«
Fractions may rot be used*
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which w ill be supplied by Federal Reserve Banks or Branches
on application therefor*
Others than banking institutions w ill rot be permitted to submit tenders
except for their own account* fenders w ill be received without deposit from
incorporated banks and trust companies and from responsible and recognised
dealers in investment securities* fenders from others must be accompanied
TREASURY DEPARTMENT
information Service
WASHINGTON, D.C
248
R E L E A S E M O R N I N G N EWSPAPERS,
Thursday, N o v e m b e r 15, 1 9 5 1 .
S-2880
The S e c r e t a r y of the Treasury, b y this p u b l i c notice, invites
tenders for $ 1 , 2 5 0 , 0 0 0 , 0 0 0 , or t h e r e abouts, of 2 0 1 - d a y T r e a s u r y
bills, to be i s s u e d 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 p r o v ided.
The b i lls of this
series w i l l be d e s i g n a t e d T a x A n t i c i p a t i o n Series, t h e y w i l l be
dated N o v e m b e r 27, 1951, a n d w i l l m a t u r e June 15, 1952.
They will
be a c c e p t e d in p a y m e n t of income taxes d u e on June 15, 1952, and
to the e x t e n t they are n o t p r e s e n t e d for this p u r p o s e the face
amount of these b i lls w i l l be p a y a b l e w i t h o u t i n t e r e s t at m a t u r i t y .
They w i l l be i s s u e d in b e a r e r f o r m only, a n d in d e n o m i n a t i o n s of
$1,000, $5,000, $10,000, $100,000, $ 500, 000, a nd $ 1 , 0 0 0 , 0 0 0
(maturity v a l u e ).
Te n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d 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 time,
Tuesday, N o v e m b e r 20, 1951*
T e nders w i l l not be r e c e i v e d at the
Treasury Department, Washington.
E a c h t e n d e r m u s t be f or a n e v e n
mu l t i p l e of $1,000, a nd in the case of c o m p e t i t i v e t e n ders the
price o f f e r e d m u s t be e x p r e s s e d on the b a sis of 100, w i t h n o t m o r e
than three decimals, e. g., 99*925.
F r a c t i o n s m a y n o t be used.
It
is u r g e d that tenders be m a d e on the p r i n t e d forms and f o r w a r d e d in
the s p e c i a l e n v e l o p e s w h i c h w i l l be s u p p l i e d b y F e d e r a l R e s e r v e
Banks or
B r a n c h e s on a p p l i c a t i o n therefor.
Othe r s t han 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 submit
tenders e x c e p t for their o w n account.
T e n d e r s w i l l be r e c e i v e d
without d e p o s i t f rom i n c o r p o r a t e d b a n k s a n d t r ust com p a n i e s a n d f rom
r e s p o nsible an 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 securities.
T e n ders
from others 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 of 2 p e r c e n t of the face
amount of T r e a s u r y b i lls a p p l i e d for, u n l e s s the tenders 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 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 c l o s i n g hour, tenders w i l l be 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 a nd Branches, f o l l o w i n g w h i c h p u b l i c
a n n o u n c e m e n t w i l l be m a d e b y the S e c r e t a r y of the T r e a s u r y of the
amount a nd p r i c e r a nge of a c c e p t e d bids.
T h o s e s u b m i t t i n g te n d e r s
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 e r v e s the r i g h t to a c c e p t
or r e j e c t a n y or a ll tenders, in w h o l e or i n part, a nd h i s a c t i o n in
any such r e s p e c t shall be final.
S u b j e c t to these r e s e r v a t i o n s .
2
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 in cash or other immediately
available funds on November 27^ 1951., provided, however, any
qualified depositary will be permitted to make payment by credit in
its Treasury Tax and Loan Account for Treasury bills allotted to it
for itself and its customers up to any amount for which it shall be
qualified in excess of existing deposits when so notified by the
Federal Reserve Bank of its District.
The i n come d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r e s t or
g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills, s h a l l n o t have
a n y exemption, as such, a n d l o s s f r o m the sale or o t h e r d i s p o s i t i o n
of T r e a s u r y b i lls s h all n o t h a v e a n y s p e c i a l treatment, as such,
u n d e r the I n t e r n a l R e v e n u e Code, or laws a m e n d a t o r y or s u p p l e m e n t a r y
thereto. ^The b i l l s s h a l l be s u b j e c t to estate, inheritance., gift or
other exci s e taxes, w h e t h e r F e d e r a l or State, but s h a l l be e x e m p t
from a l l t a x a t i o n 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 t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the
U n i t e d States, or b y a n y l o cal t a x i n g a u t h o r i t y .
F o r p u r p o s e s of
ta x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y b i l l s are
o r i g i n a l l y sold by the U n i t e d States s h a l l be c o n s i d e r e d to be
interest.
U n d e r S e c t i o n s 42 a n d 117 (a) (1) of the I n t e r n a l R e v e n u e
Code, as a m e n d e d b y S e c t i o n 115 of the R e v e n u e A c t of 1941, the
a m o u n t of d i s c o u n t at w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall '
n o t be c o n s i d e r e d to a c c r u e u n t i l such b i l l s s h all be sold, r e d e e m e d
or o t h e r w i s e d i s p o s e d of, a n d such b i lls are e x c l u d e d f r o m c o n
s i d e r a t i o n as c a p i t a l assets.
A c c o r d i n g l y , the o w n e r of T r e a s u r y
bills ( o ther t h a n life i n s u r a n c e c ompanies) i s s u e d h e r e u n d e r n e e d
i n c lude in hi s income tax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the
p r i c e p a i d for suc h bills, w h e t h e r on o r i g i n a l issue or on s u b
s e q u e n t p u r c hase, a n d the a m o u n t a c t u a l l y r e c e i v e d e i t h e r u p o n sale
or r e d e m p t i o n at m a t u r i t y d u r i n g the t a x able y e a r f o r w h i c h the
r e t u r n is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, a nd 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 a n d g o v e r n the
c o n d i t i o n s of t h e i r issue.
Copies of the c i r c u l a r m a y be o b t a i n e d
f r o m a n y F e d e r a l R e s e r v e B a n k or B r anch.
0O 0
S-2880
- 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:
Country of Origin
United Kingdom .....
Canada ..............
France ..............
British India .......
Netherlands ........
Switzerland ........
Belgium .............
J a p a n .... ..........
China ...............
E g y p t .... ..........
C u b a ..... ..........
Germany ..... .
I t a l y .... ..........
Imports
: Established :
:
33-1/3$ of : Sept. 20, 1951
: Total Quota : to Nov. 3, 1951
Estal£Lished
TOTAL QUOTA
: Total imports
: Sept. 20,1951 to
* Nov. 3, 1951
4,323,457
1,441,152
75,807
22,747
76,329
21,263
26,623
46,898
—
—
—
—
—
—
—
—
5,482,509
73,521
1,599,886
2 3 9 ,6 9 0
227,420
6 9 ,6 2 7
68,240
44,388
38,559
341,535
17,322
8,135
6 ,5 4 4
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
1 4 ,7 9 6
12,853
—
—
—
25,443
7,088
26,623
— •
-•
- .
—
—
«•
_______ 26,623
1/
IMMEDIATE RELEASE
ks.
— I'—
'
/
y
«*»
ci
r> n-
>
¿T
C^~~
November 14, 1951
u
' /X
^ ;ip w # | K i J ■/■
;k$M. fiMM S||
Preliminary 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 under 3/4”
Imports Sept. 20,ic?51 to November 3. 1951, inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
P e r u ..... ;.........
British India ......
China .............
Mexico .............
Brazil .............
Union of Soviet
Socialist Republics
Argentina .... ......
H a i t i .... .
E c u a d o r .......... ..
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
Imports
—
t
~
1,368,855
-
Country of Origin
Established Quota
Honduras .............
P a r a g u a y .............
Colombia .... .........
Iraq ......;..........
British East Africa ...
Netherlands E. Indies
Barbados
l/Other British W. Indies
Nigeria ...;....... .
2/0ther British W. Africa
¿/Other French Africa ...
Algeria and Tunisia ...
Imports
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
-
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2j Other than Gold Coast and Nigeria.
¿/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough« of less than 3/kn
Imports Sept. 20,1951.to Nov, 3, 1951
Established Quota (Global)
70,000,000
Imports
1,004,297
Cotton L-l/8" or more, but less than 1-11/168
Imports Feb« 1.1951.t© Nov> 3« 1951
Established Quota (Global)
45,656,420
Cotton, harsh or rough (except cotton ©f perished
staple, grabbots, and cotton pickings) of 1-3/16
inches or more but less than 1— 3/8 inches
Imports July 5, 1951 |to November 3, 1951_________
Established Quota (Global)
Imports
1,500,000
152,348
Imports
Quota Filled
—
-
a s m a a &L?iagMF\ti
■-t -
IMMEDIATE RELEASE
Thursday, November 15 * 1951
THffiStJHÏ DEPA.RTMENT
Washington
S-2881
Preliminaiy data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the Presidents Proclamation of September 5* 1939* as amended
COTTON (other than 1inters) (in pounds)
'*•
tD
-a ; r
Country of Origin
4
*.
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept* 20, 1951. to November 3, 1951, inclusive
Established Quota
Egypt and the AngloEgyptian S u d a n . ... ..... .783,016...
Peru
.......
247,952
British India
' 2,0Q3,¿S3
China ..*•...«...• ••..
1*370,791 w
Mexico ..............
8,883,259
Brazil •••.V*.. *•••••
618,723
Union of Soviet
Socialist Republics
475,124
Argentina ...... .
-, 5,203
Haiti .«.. "a..........
237
Ecuador
9 ,3 3 3
¿/
2/
y
Imports
'
Country of Origin
Honduras .••»•••••••••«
Psrs^iHy •*«•••«•••• 0 •10
' Colombia •.............
Iraq ................. .
mm
,..s4':
. .... v.:-.1,368*855
*—
Imports
752
871 “ • "w
124
195
2*240' ' ..
71*388
■British East Africa ¿*v
Netherlands E* Indies .
— $
—
Established Quota
’
21*321
mm
mm
mm
mm
—
.
.
- -
Cotton 1-1/8» or more, but less than l-IlA6n
Imports Feb. I , 1951, to Nov* 3, 1951
Established Quota (Global)
Established Quota (Global)
.
70,000,000
-,r
1 *604*297
mm
. 5,377
16,004
. 689
—
Cotton, harsh or rough, of less than 3/4»
Imports Sept* 20, 1931. to Novw 3, 1951
Imports
mm
mm
Rs rhAdn.«? _____ .'______
\l/ Other British W* Indies
Nigeria ••»......«. .....*
2/ Other British $• Africa
3/ Other French Afiica •
Algeria said Tunisia *•♦
Other than Barbados, Bermuda* Jamaica* Trinidad, and Tobago.
Other than Gold Coast and Nigeria*
Other than Algeria* Tunisia* and Madagascar* •
'"
-
45*656*420
Cotton, harsh or rough (except cotton of perished
staple, grabbots, and cotton pickings) of 1-3 A 6
inches or mors but less than 1-3/8 inches ______
Imports July 5. 1951, to November 3. 1951________
Established Quota (Global)
Imports
1,5CO*000
152,34S
Imports
Quota Filled
ro
m
1—a
COTTON WASTES
(In pounds)
rtrt ) STR'TPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
“ H L to
U?mS?E, S L i m WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED III 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:
rn T T O N
— —--- '
Country of Origin
Established : Total imports
: TOTAL QUOTA : Sept. 20, 1951 to
l
•
United Kingdom
British IndL a ....... ...
Netherlands
Switzerland . » • • • • • • • • «
Egypt-
Cuba
* •»t
*••*•••••
*»»«»•••
Italy . . . . . 9 # * • * *
*
: Nov. 3. 19>1
1*,323,1*57
239,690
227,1(20
69,627
68,21*0
1*1*,388
38,559
31(1,535
17,322
8,135
6,5UU
76,329
01 263
5.1*82.509
1/ Included in total imports, column- 2.
Prepared by the Bureau of Customs
26,623
1*6,898
Established s
Imports
33-1/3# of : Sept. 20, 1951
Total Quota : to Nov. 3» 1951
1,1*1*1,152
l/
26,623'
mm
.
75,807
22,71*7
H i , 796
12,853
—
gg |
* Jot
2 5 ,^ 3
7,088
73.521
l
1 ,59 9.88 6
-
26.623_____________
IMMEDIATE RELEASE
November 14. 1951
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 November 3* 1951# inclusive, as follows:
Commodity
Period and Quantity
Unit
Imports as of
of
Quantity Nov. 3. 1951
Whole milk, fresh or
sour ••••••••...... .
Calendar year
3,000,000
Gallon
16,575
Cream
Calendar year
1,500,000
Gallon
1^84
Rutter ................
Nov. 1, 1951Mar. 31, 1952
Fish, fresh or frozen,
filleted, etc», cod,
haddock, hake, pollock,
cusk, and rosefish ... Calendar year
50,000,000 Pound
29,239,808 Pound
White or Irish Potatoes:
certified seed ••••••• 12 months from 150,000,000 Pound
other •••••••••••••••• Sept. 1$, 1951 249,600,000 Pound
Walnuts .*••...«.««*«..
Calendar year
5,000,000 Pound
14
Quota filled
409,600
936,684
Quota filled
Petroleum and petroleum
products ••••••••••••• Calendar year
Venezuela
2,,613,137,096 Gallon
Netherlands
822,654,271 Gallon
Other Countries 963,429,333 Gallon
Quota filled
Quota filled
Quota filled
253
TREASURY DEPARTMENT
Washington
M E D I A T E RELEASE
Thursday, November 15» 1951
S-2882
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 November 3* 1951, inclusive, as follows:
~ ---Commodity
^ _____
1
’
Period and Quantity
A
Whole milk, fresh or
sour
Calendar year
Unit
of
Quantity
Imports as of
Nov, 3« 1931
3,000,000
Gallon
16,575
1,681*
Cream ••»,••»•»,,......
Calendar year
1 ,500,000
Gallon
Butter ••••••••••••••.••«
Nov, 1, 1951**
Mar, 31* 1952
50,000,000
Pound
1U
Fish, fresh or frozen,
filleted, etc,, cod,
haddock, hake, pollock.
cusk, and rosefish ,,,
Calendar year
29,239,808
Pound
Quota filled
White or Irish Potatoes:
certified seed •••*•.,
other ,, * , , •
12 months from 150,000,000
Sept, 15, 1951 2^9,600,000
Pound
Pound
1*09,600
936,681*
Walnuts
Calendar year
5,000,000
Pound
Quota filled
Gallon
Gallon
Gallon
Quota filled
Quota filled
Quota filled
.... .
Petroleum and petroleum
products
Calendar year
Venezuela
Netherlands
Other count:
613,137,096
822,65^,271
¡963,1*29,333
-FO!T IMMEDIATE RELEASE,
November*^« 1951________
Tjf
The Bureau of Customs announced today preli|diiary figures showing the
quantities of wheat and wheat flour/en^ere®, or mtnarawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, I 9I4I, as modified by the President’s proclamation of April 13, 19h2,
for the 12 months commencing May 29, 1951, as follows:
)
Wheat
Country
of
Origin
Established s
Inports
Quota
{May 29, 1951, to
*November 3,1951
(Bushels)
(Bushels)
Canada
795,000
China
**
Hungary
Hong Kong
.
Japan
100
United Kingdom
Australia
100
Germany
Syria
*100
New Zealand
Chile
100 *
Netherlands
2,000
Argentina
Italy
100
Cuba
1,000
France
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
"Sweden
Yugoslavia
Norway
—
Canary Islands
1,000
Rumania
Guatemala
100
100
Brazil
Union of Soviet
Socialist Republies
100
100
Belgium
8uU,000
5 5 k ,963
-
—
—
—
~
—
—
—
—
-
1
—
_
8 Wheat flour, semolina;,
:
crushed or cracked
j
wheat, and similar
s
wheat products
8 Established t Imports
8
Quota
8 May 29, 1951,
8 to November 3
8
(Pounds)
(Pounds)
3,815,000
2 h ,000
13,000
13,000
8,000
75 ,o o o
1,000
5,000
3,8X5,000
11,200
62
.—
Mé *
5,000
—
1,000
1,000
1,000
Ik ,o o o
2,000
12,000
1,000'
1,000:
1,000“
—
—
n
1*23-
115
i,oocr
mm
1,000
1,000
OL,000
1,000
1,000
1,000 v
mm
— •
m
-
mm
-
mm
-
•
-
.
mm
-
“55U5903
“
-
*■“
li, ooo, 000
3,826,800
TREASURY DEPARTMENT
Washington
255
IMMEDIATE RELEASE
Thursday, November 15» 1951
S-2883
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President*s proclamation of May 28, 1910-, as modified by the President*s
proclamation of April 13, 19i*2, for the 12 months commencing May 29, 1951,
as follows;
Wheat
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
Urited Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
Prance
Greece
Mexico
Panama
Uraguay
Poland and Danzig
Sweden
Yogoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
Established :
Imports
Quota
:May 29, 1951,'to
:November 3, 1951
1 (Bushels)
(Bushels)
795,000
m
-
55k,963
3,815,000
•
Ml
2i|.,000
13,000
13,000
mm
1,000
•M
5,000
5,000
1,000
1,000
1,000
11*,000
100
100
100
-
•
-
mm
100
2,000
100
1,000
«M
m
W
-
-
«•
100
«.
mm
Mi
m
mm
...
mm
1,000
100
100
100
100
806,000
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
:May 29, 195:
;November 3. .1951
(Pounds)
(Pounds)
mm
mm
mm
8,000
75,000
2,000
12,000
1,000
1,000
1,000
1^000
1,000
1,000
1^000
1,000
1^000
3,815,000
Ml
mm
11,200
62
m
m
mm
mm
mm
mm
1*23
115
mm
mm
1^000
mm
m.
mm
mm
m
mm
m
55ir;w
-
m
Hi'666,<566
3,826,806
'T,
V
9/I
IMMEDIATE RELEASE
Y
November" 04. 1951
IS
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 ®f 1946, from January 1, 1951, to November 3,
1951# inclusive, as follows:
Products of the
Philippines
e
e
:
:
e
e
Buttons ..........
Established Quota
Quantity
050,000
Unit of
Quantity
Gross
498,450
908,710
Cigars....... .
200,000,000
Number
Coconut Oil .«*••••
440,000,000
Pound
Cordage ••«••••••••
6,000,000
Pound
Rice ........... .
1,040,000
Pound
1,904,000,000
Pound
(refined •••••
Sugars
91,263,572
Quota filled 1/
1,000,000
(unrefined ...
Tobacco ••••••....
: Imports as of
: Nov. 3, 1951
1,367,249,417
6,500,000
1/ Quota filled November 15, 1951*
Pound
84,041
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Thursday, November
S-2QQU
15, 1951
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 19ii6, from January 1, 1951, to November 3,
1951, inclusive, as folloxiS:
*
«
Products of the
Philippines
:
:
Buttons «••»••••••••
Established Quota
Quantity
650,000
j
i
•è
Unit of
Quantity
••
: Imports as of
l Nov, 3, 1951
é
•»
Gross
1(98,1150
908,710
Cigars
200,000,000
Number
Coconut Oil
14*8,000,000
Pound
6 ,000,000
Pound
Qüota filled 1/
1 ,01(0,000
Pound
M
M
Rice
*••*
91,263,572
1 ,000,000
i,90l(,000,000
Sugars
Pound
1,367»21*9,1(17
(unrefined,,
Tobacco , , « ••«,«•« *,
6,500,000
l/ Quota filled November 15, 1951*
Pound
8U,0lil
2
Revenue to the performance of these extraneous duties
'can have no result other than to hurt, impede and
confuse its principal mission of administering the
internal Revenue laws.
It would be false economy in
the over-a11 organization of our Government to permit
an apparent minor saving of personnel to obscure and
dilute the central directing force and efforts of the
revenue collection agency of the Government•
;/2. The liquor industry is a major source of Federal
revenues.
From the social standpoint it has been re—
______ • __ J ___
l r t W O f nmiJTl T
PfiTlT.T*
..w— a high degree of fGovernment
control
garded as requiring
and regulation.
These two separable aspects of Government
relationship — revenue and regulation
are each important and distinct. As a matter of sound Government
organization. i U s not believe® that these separable
public purposes sure best achieved by blending the
regulation and control function directed toward social
purpose with the tax collection function.
Th6 power of
regulation and/administration for basic
+
purposes is not compatible with the detached objectivity
which the tax/laws impose upon the tax collector in
other fields / u
0O 0
PROPOSED PRESS RELEASE
Secretary Snyder announced today that he had
approved the recommendation of tfee Commissioner of
Internal Revenue John B. Dunlap that the control and
regulation of the alcohol beverage industry be trans
ferred to an appropriate regulatory agency outside
of the Treasury Department.
The Secretary stated that he had discussed the
recommendation with the President who had indicated
hÀSApproval.
\31Cl
*
—
.
reasons for recommending the transfer of
these functions from theJ^De^rtment are as follows:
,,
_ 1Art
,
_____ J ^
0
1. The Treajmwy'Departmonf* tana frefwi engaged for
sometime past in intensive efforts to reorganize and
streamline the operations of the Bureau of Internal
Revenue with a view to insuring maximum possible effi
ciency, personnel utilization and economy of operation
in the collection of the revenues.
The huge size and
variety of revenue collections with which the Internal
Revenue Bureau is charged by law require that this
function be given primacy, and that top-side direction
and management efforts ana personnel utilization not
be diverted by unrelated objectives or functions.
The
work load of the Bureau has accelerated rapidly of
late, not only because of the great increase in the
amount of tax collections and number of taxpayers, but
also because of new programs recently undertaken such
as the establishment of the "racketeer squads" and the
enforcement of the recently enacted gambling tax.
Limitations of personnel already strain the Bureau of
Internal Revenue in achieving the quality of performance
it seeks in the discharge of its functions directly
related to the collection of the revenues.
The Federal
Alcohol Administration Act*s basic permit and trade
practice and consumer protective measures are clearly
separable from the functions performed by the Bureau
of Internal Revenue in the collection, enforcement and
protection of alcohol tax revenues.
Considering the
importance of the tax collection function today, to
continue to divert the efforts of the Bureau of Internal
TR EA SU RY
DEPARTMENT
Information Service
WASHINGTON, D.C
260
IMMEDIATE RELEASE,
Wednesday, November 14, 1953- •
S- 2 8 8 5
Secretary Snyder announced today that he had approved the
recommendation of Commissioner of Internal Revenue John B. Dunlap
that the control and regulation of.the alcohol beverage industry
be transferred to an appropriate regulatory agency outside of the
Treasury Department.
The Secretary stated that he had discussed.the recommendation
with the President who had indicated his approval.
The Secretary said his reasons for recommending the transfer
of these functions from the Treasury Department are as follows*
nl. We have been engaged for sometime past in intensive
efforts to reorganize and streamline the operations of the
Bureau of Internal Revenue with a view to insuring maximum
possible efficiency, personnel utilization and economy of
operation in the collection of the revenues. The huge size and
variety of revenue collections with which the Internal Revenue
Bureau is charged by law require that this function be given
primacy, and that top-side direction and management efforts and
personnel utilization not be diverted by unrelated objectives or
functions. The work load of the Bureau has accelerated rapidly
of late, not only because of the great increase in the amount of
tax collections and number of taxpayers, but also because of new
programs recently undertaken such as the establishment of the
"racketeer squads" and the enforcement of the recently enacted
gambling tax. Limitations of personnel already strain the
Bureau of Internal Revenue in achieving the quality of
performance it seeks in the discharge of its functions directly
related to the collection of the revenues. The Federal Alcohol
Administration Act's basic permit and trade practice and consumer
protective measures are clearly separable from the functions
performed by the Bureau of Internal Revenue in the collection,
enforcement'and protection of alcohol tax revenues. Considering
the importance of the tax collection function today, to continue
to divert the efforts of the Bureau of Internal Revenue to the
¿61
-
2
-
performance of these extraneous duties can have no result other
than to hurt, impede and confuse its principal mission of
administering the Internal Revenue laws. It would he false
economy In the over-all organization of our Government to permit
an apparent minor saving of personnel to obscure and dilute the
central directing force and efforts of the revenue collection
agency of the Government.
"2. The liquor industry is a major source of Federal
revenues. From the social standpoint it has been regarded as
requiring a high degree of Government control and regulation.
These two separable aspects of Government relationship -- revenue
and regulation — are each important and distinct. As a matter
of sound Government organization, I do not believe that these
separable public purposes are best achieved, by blending the
regulation and control function directed toward social purpose
with the tax collection function. The power of regulation and
administration for basic public social purposes is not compatible
with the detached objectivity which the tax laws impose upon the
tax collector in other fields.1'
oOo
IMMEDIATE RELEASE
November l £ ,19^1
The Bureau of Customs announced today that the absolute
quota on cordage, as prescribed by the rhilippine Trade Act
of 19i|6, title II, part 2, section 212, has been filled for
the quota year ending December 31> 19^1
TR EA S U R Y DEPARTM E
Information Service
263
I M M E D I A T E RELEASE,.
Thursday, November
15, 1951»
• S-2886
The Bureau of Customs announced today that
the absolute quota on cordage, as prescribed by
the Philippine Trade Act of 19^6, title II, part 2,
section 212 , has been filled for the quota year
ending December 31,1951.
oOo
¡¡¡Jg
S - 1 i
of the Treasury E. H«
Acting Secretary/Foley today announced changes in the regu
lations governing the enrollment of persons for practice before
the Treasury which will permit the Department to maintain a
closer supervision over enrollees.
In inaugurating the new procedures Mr* Foley said that
all persons now enrolled will be required to obtain renewal
cards.
The current cards will be void after March 31, 1952 and
must be returned to the Departments Committee on Practice which
is authorized to issue renewal cards to those who meet the require
ments •
#
Treasury field offices have been directed to improve their
systems for continuous local check on the qualifications of
enrollees#
Also improved methods are being adopted to obtain
directly at the Department current reports from bar associations,
accounting societies and st^te aarbhorities regarding cases of
disbarments and convictions*
The order calling in outstanding credentials, which is an
amendment to Treasury Department Circular 230, has been filed with
the Federal Register for publication.
The Department will also
publicize the new procedures by communication to interested pro
fessional societies, and by other means.
It is not planned, however,
to address individual notices to the thousands of enrollees.
The action is another step in Treasury’s cooperation with the
King Committee which has been investigating tax procedures and
^practices.
oOo
TREASURY DEPARTM ENT
Acting Secretary of the Treasury E. H. Foley today
announced changes in the regulations governing the
enrollment of persons for practice before the Treasury
which will permit the Department to maintain a closer
supervision over enrollees.
In inaugurating the new procedures Mr. Foley said
that all persons now enrolled will be required to obtain
renewal cards. The current cards will be void after
March 31 , 1952 and must be returned to the Department's
Committee on Practice which is authorised to issue
renewal cards to those who meet the requirements.
Treasury field offices have been directed to
improve their systems for continuous local check on
the qualifications of enrollees. Also improved methods
are being adopted to obtain directly at the Department
current reports from bar associations, accounting
societies and state authorities regarding cases of
disbarments and convictions.
The order calling in outstanding credentials, 'which
is an amendment to Treasury Department Circular 230,
has been filed with the Federal Register for publication.
The Department will also publicize the new procedures by
communication to interested professional societies, and
by other means. It is not planned, however, to address
individual notices to the thousands of enrollees.
The action is another step in Treasury's cooperation
with the King Committee which has been investigating tax
procedures and practices.
0O0
RELEASE JtORNIHQ NEWSPAPERS,
/
Tueaday, MoTwtbar 20, 19S1.
¿r I t '
fbm Secretary of the Treasury announced last evening that the tenders for
#1,100,000,000, or thereabouts, of 90-day Treasury bills to be dated November 23
1951, and to nature Februaiy 21, 1952, which were offered on November 15, were
opened at the Federal Reserve Banks on November 19*
The details of this issue are as follows«
Total applied for - $2,187,^50,000
Total accepted
- 1,100,712,000 (includes 8203,727,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Average price
~ 99.601* Equivalent rate of discount approx* 1*5855 per
Range of accepted competitive bidet
Hi&h
Low
- 99.610 Equivalent rate of discount 1*5605 per annum
» 99.602
*
*
»
*
l#592jg *
n
(26 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
1
38,060,000
1,533,098,000
1*4,327,000
63,U»6,000
27,196,000
26,666,000
200,1*75,000
38,587,000
13,609,000
i|0,50i*,000
57,314,000
1014,1*68,000
•
82,187,1*50,000
H , 100,712,000
Total
16,1*98,000
6^6,696,000
12,262,000
1*8,352,000
20,196,000
16,734,000
155,137,000
17,970,000
12,559,000
35,532,000
39,274,000
79,502,000
TREASURY DEPARTMENT
en
I
Information Service
W A S H I N G T O N , D.C.
267
RELEASE MORNING NEWSPAPERS,
Tuesday, November 20, 1951*.
S'-2888
Tha^Secretary of the Treasury announced last evening that the
tenders for $1,100,000,000, or thereabouts, of 90-day Treasury bills
to be dated November 23, 1951, and to mature February 21 19S2 which
were offered on November 15 , were opened at the Federal Reserve Banks
on November 1 9 .
The details of this issue are as follows:
Total applied for - $ 2 , 187 ,450,000
Total accepted
1,100,712,000
Average price
(includes $203,727,000 entered
on a non-competitive basis
and accepted in full at the
average price shown below)
99.604 Equivalent rate of discount approx.
1 .585$ per annum
Range of accepted competitive bids:
- 99.610 Equivalent rate of discount 1 .560$ per
annum
~ 99.602 Equivalent rate of discount 1.592$ per
annum
High
Low
(26 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
M inneapolis
Kansas’City
Dallas
San Francisco
Total
Applied for
$
TOTAL
38, 060,000
1 .533 , 098,000
44 .327.000
6 3.146.000
27 .196.000
26 .666.000
200.475.000
38.587.000
13 .609.000
Total
Accepted
$
40.504.000
57.314.000
104.468.000
16,498,000
646.696.000
12 ,’262,000
48.352.000
20.196.000
16.734.000
155.137.000
17.970.000
12.559.000
35.532.000
39.274.000
79.502.000
$2,187,450,000
$ 1 , 100,712,000
sas
axait» » mi® mmnrsse
lâM nm ém f* ffoveaber 71» W §1 *
îhe
^
ery of the fm m m y annoiineed X«»t evening that tho tender* fer
$1#2$Q,ÜÔG,Q00, or thereabout#, of fax Anticipation Serie# 201-day Treasury bille te bt
dated Hovenber 27, Ïf5i# and te nature dune 15, 1952f which were offered on Movenber 15
were opened at the Federal Eeeerve Santa on Hevenber 20,
The detaile of this $ sm & are ae follow#t
Total applied for • fl,3&?,iOl,OO0
fetal aeeepted
1,250,725,000
Average Price
(includes #395,121,000 entered on a
non-co*petitive baeia and aeoopted in
fell at the average price shewn below)
- 99*1¡¡¡§ Equivalent rate of discount approx* 1*1*975 per annua
Hange of aooepted eonpetitive bides (Excepting five tenders totaling $1,205,000)
99.229 Equivalent rat* o t discount appro*. 1.383# per amu»
99.152
•
•
•
*
*
l.SGM, •
*
High
Lee
(97 pereant ef Usa anount M d far at the low prlaa m
accepted)
Federal Reserve
District______
fetal
Applied for
Total
Boston
Saw Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chisago
St. Louie
Minneapolis
Kansas City
¡Talles
I 117,990,000
1,1*38,895,000
11*7,Soit,ooo
272,552,000
11*0,521«,000
128,01*9,000
1*05,735,000
78,591*,000
85,125,000
132.119.000
126.998.000
286.720.000
f
83,360,801,000
81,250,725,000
Sas Francisco
TOTAL
53,978,000
298.825.000
59.879.000
151.802.000
60.290.000
58.559.000
176.970.000
1*
1 ,699,000
28 ,1*50,000
73.799.000
105.279.000
lbl.19S.000
TREASURY DEPARTMENT
★
Information Service
W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Wednesday, November 2 1 , 19 5JU
S -2889
The Secretary of the Treasury announced last evening that the
tenders for $1,250,000,000, or thereabouts, of Tax Anticipation
Series 201-day Treasury bills to be dated November 27, 1951 , and to
mature June 15* 1952, which wore offered on November 15* were opened
at the Federal Reserve Banks on November 20.
The details of this issue are as .follows:
Total applied for - $3,360,801,000
Total accepted
- 1,250,725,000 (includes $395,121,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average Price
- 9 9 . 1 6 4 / E q u i v a l e n t rate of d i s c o u n t approx.
1 . 4 9 7 $ P er a n n u m
Range of accepted competitive bids;
High
Low
(Excepting five tender
totaling $ 1 ,205,000)
- 99.229 Equivalent rate
1. 381$
- 99.158 Equivalent rate
1 .508$
of discount approx.
per annum
of discount approx,
per annum
(97 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
$
1 1 7 ,990,000
1,438,895,000
147.504.000
272.552.000
140.524.000
128.049.000
405.735.000
78.594.000
85.125.000
132.119.000
126.994.000
Total
Accepted
$
53,978,000
298.825.000
59.879.000
151.802.000
60.290.000
286.720.000
58.559.000
176.970.000
41.699.000
28.450.000
73.799.000
105 .279.000
141,195,000
$3,360,801,000
$ 1 ,250 ,725,000
0O0
o
*iQ$ 195X*
Mr*
1« Olili» *
Imitili
js$$
Om
s
Miai,
O r í Ifor» i# *
*Wtê a m t e *
y « r
1 ti#.## b # f# r# s©» j ^ r
» » t i g n a t i * » *#
Hint «t §«» Fr#í*«it«©*
l^ u r
b*
1 f i l t e r l# fe # ^ riîà g
< # tfe* t t e it « 4
io« r#¿-i«e#i tktfc
&>,§ #&&& $ s
jp w tib lt*
^^s$sá:- =■;..■vllll j<M it rwc«#*i
I tm
lo I# r«li*v*ä of ii% wá m mmp%im$ ^
t lo a $
i© b# o f f o O t i t o
* t tfe# &.3L©## © f tÄMiäiMMMI
i©T«^r 30§ 1951*
ymure*
(Signod) I. H. JTolif
Acting
6f ti»#
THE
UNDER
S E C R E T A ; IY O F T H E
TREASURY
2:35 p.m*
11/20/51
MR* FOLEY:
Mr* Acken said he talked with Mr*
Hopkins at the White House who said i t
w ill be fin e fo r you to handle the G ille n
resignation here in the Treasury and just
send him copies.
vis
yi
§
T
^
é
si ■
y
.
Acting Secretary of the Treasury E. H. Foley today
accepted the resignation of George B* Gillin, Superintendent of
the Mint at San Francisco, to be effective as of the close of busi
ness November 30*
The letter of resignation and the reply are attached.
o
TREASURY DEPARTMENT
Information Service
W A S H I N G T O N , D.C.
y
I M M E D I A T E RELEASE,
Tuesday, N o v e m b e r 20,
S - 289O
1951.
A c t i n g S e c r e t a r y of the T r e a s u r y E. H. F o l e y t o day a c c e p t e d
the r e s i g n a t i o n of George B. Gillin, S u p e r i n t e n d e n t of the M i n t at
San F rancisco, to be e f f e c t i v e as of the close of bus i n e s s
N o v e m b e r 30, 1951.
The
letter of r e s i g n a t i o n and the r e p l y f o l l o w
Sa n Fran c i s c o ,
N o v e m b e r 20,
California
I 95I
The H o n o r a b l e J o h n V. S n yder
S e c r e t a r y of the T r e a s u r y
Treasury Department
W a s h i n g t o n 25, D. C.
M y d e a r Mr.
Secretary:
As y o u know, I have g i v e n the p ast three an d oneh a l f years to the service of the G o v e r n m e n t as S u p e r i n t e n d e n t
of the M i n t at S a n Francisco.
In fairness to m y f a m i l y a n d myself, I find it
n e c e s s a r y to d e vote the next few years to m o r e g a i n f u l
pursuits.
For that reason, I tender m y r e s i g n a t i o n and a sk
that y o u a c c e p t it as s oon as possible.
I
a m v e r y g r a t e f u l for the o p p o r t u n i t y to h a v e
served as S u p e r i n t e n d e n t of the Mint.
I especially
a p p r e c i a t e the letter to me from N e l l i e Tayloe Ross,
D i r e c t o r of the Mint, d a t e d S e p t e m b e r 2 1 , 1951 w h e r e i n
Mrs. R o s s says:
"You an d you r f e l l o w w o r k e r s are to be
h i g h l y c o n g r a t u l a t e d for the o u t s t a n d i n g success of your
i m p r o v e m e n t p r o g r a m .”
I
look f o r ward to r e n e w i n g our p e r s o n a l a c q u a i n t a n c e
ship on y o u r n e x t v i s i t to S a n Francisco.
S i n c e r e l y yours,
/s/
GEORGE B.
George B.
GILLIN
Gillin.
274
2
N o v e m b e r 20,
1951.
Mr. George B. Gillin,
Superintendent,
U n i t e d States Mint,
San Francisco, California.
D e a r Mr.
Gillins
I
h a v e before me y o u r letter
t e n d e r i n g y o u r r e s i g n a t i o n as S u p e r i n t e n d e n t
of the U n i t e d States M i n t at S an Francisco.
Y o u r e q u e s t that y o u r r e s i g n a t i o n be
a c c e p t e d as soon as possible.
I
am h e r e b y c o m p l y i n g v i t h y o u r
r e q u e s t to be r e l i e v e d of d u t y a nd a m
a c c e p t i n g y o u r resignation, to be e f f e c t i v e
at the close of business N o v e m b e r 30, 1951.
S i n c e r e l y yours,
(Signed)
E. H. F o l e y
A c t i n g S e c r e t a r y of the Treasury.
0O0
I '#'■
.
~ 3 -
jrmc
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) °f the Internal Revenue Code,
as amended by Section 115 of the Revenue Act of 19Ul, the amount of discount at
which bills issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets*
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder need 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 terns 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
-
(I
tHHtt
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 subm itting tenders w ill be advised of the acceptance or re je ctio n thereof.
The Secretary of the Treasury expressly reserves the rig h t to accept or reject
any or a l l tenders, in whole or in p a rt, and h is action in any such respect shall
be f in a l.
SB
\
Subject to these reservation s, non-competitive tenders fo r '¿200,000
or le ss without stated price frcrn any one bidder w ill be accepted in f u l l at the
average p rice (in three decimals) of accepted com petitive b id s.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
November
29* 19f>l
>
an cas^ or other immediately avail-
able funds or in a lik e face amount of Treasury b ills maturing November 29,
Gash and exchange tenders will receive equal treatment.
195L
Cash adjustments will he
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
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
TREASURY DEPARTMENT
Washington
/--
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 22, 19$1 _ ♦
h
The Secretary of the Treasury, by this public notice, invites tenders for
fiS F Z S S Z jll^toOQ,
| 1 ,1 0 0 ,0 0 0 ,0 0 q _, or thereabouts, of
in exchange for Treasury bills maturing
November^
, lg^l— >/to te 13sue
on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
will mature
interest.
The bills of this series vail be dated ^
« ^ 2 6 .
They will
1952
ovember^g, lgj l ----» and
*-hen the face amount vail be payable without
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, ^ n d a ^ . IWember 26^ 1 .
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, vdth 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 trill not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and fr<m responsible and recognized
dealers in investment securities.
by payment of
Tenders from others must be accompanied
2 percent of the face amount of Treasury bills applied for,
RELEASE MORNING NEWSPAPERS,
Thursd a y
■, N o v e m b e r 22 . 1 Q B 1 .
S-2891
The Secretary of the Treasury, by this public notice, invites
tenders for_fl,.100,000,000, or thereabouts., of 91-day Treasury bills
for cash and in. exchange for Treasury bills .maturing November 29'
1
1951, in the amount of $1,100,636,000, to be issued'on a discount
basis under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be darted November 29 1951
and will ginture February 28, 1952,- when the face amount will be
payable without, interest. They will .be issued in bearer form only
¡“5 l i n ' o ^ n n ^ O 10? 8 ?£
$5 ,000, $ 10 ,000, $ 100,000,. $ 500,000,•
and ;$1 ,000,000 (maturity value) .
*
i
'. lenders will be received at Federal Reserve Banks and Branches
up to-the closing hour, two o' clock p .m., Eastern Standard time ,
Monday, November 26 , 1951. Tenders will not. be received at the
Treasury Department, Washington. Each tender must be for an even
of $ 1 ,000, and in the case o f ;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.
■
, ^ 2 Ranking'institutions will not be permitted to submit
tenders except for their own account. Tenders .will be received
fr0® 1 “«0P f ated banks and trust companies and from
responsible and recognized dealers in investment securities.
.enders from others must be accompanied .by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders
henv 22°?PanF d by an express guaranty of payment by an incorporated
oank or trust company.
th»
after the closing hour, tenders will be opened at
n o ^ deralF eS? r ? BankS and Branches, following which public
am222?°em2nt V 1 11 be made by the Secretary of the Treasury of the
vm
F h oe
of aooePted bids. Those submitting tenders
v ^ ?e a^vlse<^ °t “the acceptance or rejection thereof.
The
r
the Treasury expressly reserves the'right'to accept or
anv
y ov al l tenders, in whole or in part, and his action in
non f*n7rm
pect shall be final. Subject to these reservations,
non-competitrve tenders for $ 200,000 or less without stated priJe
m any one
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 November 29, 1951* in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing November 29, 1951.
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 bo
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 consid
eration-.as capital assets.. Accordingly, the owner,of Treasury bills
(other than life insurance companies) issued hereunder need include
in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made, as
ordinary gain or loss.
''•Treasury Department Circular No. 4l8, as amended, and this
notice* prescribe the terms of the Treasury bills and govern the
conditions of. their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
A
RELEASE M O B M i m MEI6PAPERS,
P
7
■fc /
Tuesday* November 27, 19$1*
The Secretary of the Treasury announced la st evening that the tenders for
11,100,000,000, or tii.re.bout«, of 91-d«y Tr.aaury M i l » to b. dated November 89,
1951, «id to mature February 28, 19S2, which mere offered on *over*er 22, were
opened at the Federal Reserve Banka on November 26,
The details of this issue are as follows s
total applied for ** *1,951»,319,000
_
.
■Total accented
- 1,100,013,000 (lnoludea #15U,705,000 entered on *
Total acoepuea
Average priee
«»
non-oampetitive basis and accepted in
fu ll at the average price ahown below)
- 99.593/ Equivalent rat* of discount appro*. 1.609* per annum
Range of accepted competitive bidet
- 9 9 .6 1 1 Equivalent rate of discount appro*. 1.539* per annum
High
- 99*591
*
*
•
*
a.©*®*
Low
(22 percent ef the amount bid for at the low prie* wae accepted)
Federal Reserve
D istrict_______ _
Total
Applied for
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallam
San Francisco
$
Total
38,228*000
1,368,505,000
1,6,211,000
U2.U91.000
13.322.000
16.867.000
205,830,000
37.305.000
7,110,000
U9.U88.000
39.532.000
89.100.000
#1*951»,319,000
Total
Accepted
33.278.000
668,305,000
28,2U ,000
35.371.000
.
12 322.000
15.867.000
1U9.890.000
27.189.000
7,1 UQ ,000
U6,928,000
27.972.000
U7.51<0,000
*1,100,013,000
RELEASE MORNING NEWSPAPERS,
Tuesday, November 27 , 195 1 .
S -2892
2 *<
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 November 29 , 1951 , and to mature February 28, 1952,
which were offered on November 22, were opened at the Federal Reserve
Banks on November 26 .
The details of this issue are as follows:
Total applied for - $1,954,319,000
Total accepted
- 1,100,013,000 (includes $154,705,000
entered on a non-competitive
basis and accepted in full
at tne average price shown
below)
Average price
~ 99.593/ Equivalent rate of discount approx.
1 .609$ por annum
Range of accepted competitive bid
High
- 99.611 Equivalent rate
1 .5 3 9 $
- 9 9 .5 9 1 E q u iv a le n t r a t e
1 .6 l8 $
Low
of discount approx.
P op annum
o f d is c o u n t a p p r o x .
p e r annum
(22 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
>
38,
228,000
1 ,368,505.000
4 6 , 211.000
¿J-2 ,491.000
13, 322.000
16 ,867,000
205,8 3 0 ,0 0 0
37, 305,000
33.278.000
668.305.000
28.211.000
35.371.000
12 .322.000
'1 5 ,867,000
89 .400.000
149.890.000
27 .189.000
7,140,000
46.928.000
27.972.000
47.540.000
$1,954,319,000
$ 1 , 100 , 013,000
140.000
4,' 488.000
39, 532.000
TOTAL
Total
Accepted
0O 0
%
s, m
u
rmmmm
Bureau of Internal Revenue
Rml&ÿBre and employees affected by the withholding provisions
of Federal income tax Ians were reminded today by
Oom&MBlon&c
of
Internal He venue, John B* Bunlap, that on© of the rules for claiming
withholding exemptions was changed by the recently-enacted Revenue
let of 1951«
Heretofore, an employe© could not cíala an exemption for a de
pendent whose gross incoa© for the year was ISOO Or more,
1m
increases this H a l t to
#600 per
has a gross Income of less than
#600
year*
the
mm
therefore, a person who
and who meets the other require
ments of a dependant may be claimed as an exemption*
Couraissionor Dunlap pointed out that this is the tine for em
ployees to file
nm
withholding exemption certificates on Fora W-h
vtth their ©aployare if they are affected b y this new provision of
law, or if there have been any other changes in their exemption status.
Hewly revised Foras W*lt have not yet been issued, but an old Form W«4i
m y be used for this purpose, the employee bearing in wind the in
crease from
#500
to # 600,in the income limitation for dependents*
in ©sployee is required to m e
if his exertions have decreased*
a new certificate on Form W*4
The employee is not required to
file a new Form W«4, however, if his exemptions have not changed, or
if he is entitled to am additional exemption but does not wish to
claim it»
ffee Commissioner asked that employers give the widest possible
notice to their employees of the change in the-—
■»law*r i/vi#■
»//f/S'l
/
•
¥
H'I*'1
TREASURY DEPARTMENT
Bureau of Internal Revenue
6 , \^ £ j L Employers and employees affected by the withholding provisions
of Federal income tax laws were reminded today by Commissioner of
I;internal Revenue, John B. Dunlap, that one of the rules for claiming
withholding exemptions was changed by the recently-enacted Revenue
Act of l?5l•
Heretofore, an employee could not claim an exemption for a de
pendent whose gross income for the year was $^00 or more.
law increases this limit to $600 per year.
has a gross income of less than
|600
The new
Therefore, a person who
and who meets the other require
ments of a dependent may be claimed as an exemption.
Commissioner Dunlap pointed out that this is the time for em
ployees to file new withholding exemption certificates on Form W-l*
with their employers if they are affected by this new provision of
law, or if there have been any other changes in their exemption status.
Newly revised Forms W —I4. have not yet been issued, but an old Form ¥ —Ij.
may be used for this purpose, the employee bearing in mind the in
crease from
$500
to $600. in the income limitation for dependents.
An employee is required to file a new certificate on Form W —I4
.
if his exemptions have decreased.
The employee is not required to
file a new Form ¥-U, however, if his exemptions have not changed, or
if he is entitled to an additional exemption but does not wish to
claim it.
The Commissioner asked that employers give the widest possible
notice to their employees of the change in the law.
0O0
283
TREASURY DEPARTMENT
B u r e a u of I n t e r n a l R e v enue
IMMEDIATE RELEASE
Monday, N o v e m b e r 26 ,
19 5 1 >
S -2893
Employers and employees affected by the withholding
provisions of Federal income tax laws were reminded today
by Commissioner of Internal Revenue, John B. Dunlap, that
one of the rules for claiming withholding exemptions was
changed by the recently-enacted Revenue Act of 1951 .
H e r e t o f o r e , a n e m p l o y e e could n o t c l a i m a n e x e m p t i o n
for a d e p e n d e n t w h ose gross income for the y e a r was $500
or more.
The n e w law increases this limit to $ 6 0 0 p er
year.
Therefore, a p e r s o n w h o has a gross income of
less t h a n $600 a n d w ho m e e t s the o t her r e q u i r e m e n t s of
a d e p e n d e n t m a y be c l a imed as a n exemption.
C o m m i s s i o n e r D u n l a p p o i n t e d out that this is the
t i m e ^ f o r e m p l o y e e s to file n e w w i t h h o l d i n g e x e m p t i o n
c e r t i f i c a t e s on F o r m W - 4 w i t h their e m p l o y e r s if they
are a f f e c t e d b y this n e w p r o v i s i o n of law, or if there
h a v e b e e n a n y other changes in their e x e m p t i o n status
N e w l y r e v i s e d F o rms W - 4 h a v e not ye t b e e n issued, b u t ’an
old F o r m W - 4 m a y be u s e d for this purpose, the em p l o y e e
b e a r i n g in m i n d the i n c r ease f r o m $500 to $600 in the
income l i m i t a t i o n for d e p e n d e n t s .
A n e m p l o y e e is r e q u i r e d to file a n e w c e r t i f i c a t e
on F o r m W - 4 if his e x e m p t i o n s h a v e decreased.
The
e m p l o y e e is not r e q u i r e d to file a n e w F o r m W-4, h o w e v e r
if h is e x e m p t i o n s h a v e n o t changed, or if he is entitled*
to a n a d d i t i o n a l e x e m p t i o n but does not w i s h to c l aim it.
The C o m m i s s i o n e r a s k e d that e m p l o y e r s give the w i d e s t
p o s s i b l e n o t i c e to their e m p l o y e e s of the change in the law.
0 O0
George N. Welch, Jr., assistant collector, Nashville, Tennessee.
Ira Parker, Jr., chief field deputy, office of Collector, Nash
ville, Tennessee.
Daniel F. Cunningham, a deputy collector in the San Francisco
collector's office, who was suspended September 27, is being restored
to duty December 5 with loss of pay, as a disciplinary action, for the
period of his suspension. Investigations in the cases of some employees
in that office and other areas have not yet been completed.
The complete files in all of the cases are being made available
to the King Subcommittee of the House of Representatives which is
currently investigating the Internal Revenue Service.
- 3 -
James K* Harris, deputy collector, office of Collector, Denver,
Colorado*
Mary A. Cook, clerk, office of Collector, Syracuse, New York.
Cletus H. Gerdel, clerk, office of Collector, St* Louis, Missouri#
John A. Festa, internal revenue agent, Philadelphia, Pennsylvania#
The following have been required to submit resignationss
William B# Anater, assistant chief field deputy, office of Col
lector, San Francisco, California#
Frederick G. Simmons, deputy collector, office of Collector, San
Francisco, California#
Sam J. McCalla, deputy collector, office of Collector, Los Angeles,
California.
Theodore Isaacs, internal revenue agent, Upper New York District,
New York City.
Milton A. Shachat, internal revenue agent, Newark, New Jersey.
Joseph J. Weyn, special agent, Detroit, Michigan.
Samuel J. Hamway, special agent, Detroit, Michigan.
George C* Mulligan, deputy collector, office of Collector, Phila
delphia, Pennsylvania.
E. Joseph Huppman, deputy collector, office of Collector,
Baltimore, Maryland#
Jessie M. Jones, teller, office of Collector, Baltimore, Maryland#
Martin J. Tierney, head, wage and excise tax division, office of
Collector, San Francisco, California*
Ignatius M. Beresford, assistant head, wage and excise tax divi
sion, office of Collector, San Francisco, California.
James J. Christman, deputy collector, San Rafael, California,
office of Collector, San Francisco, California.
Lionel J. Bailey, a field division chief, office of Collector,
Los Angeles, California.
Jacob Friedman, internal revenue agent, Upper New York District,
New York City.
Mordecai M. Miller, internal revenue agent, Upper New York District
New York City.
Jack Neustadt, internal revenue agent, Upper New York District,
New York City.
Dominic Vita, chief inspector, alcohol and tobacco tax division,
Newark, New Jersey.
Walter F. Gately, deputy collector, office of Collector, Boston,
Massachusetts.
Donald M. McElwee, deputy collector, office of Collector, SpringfieId, Illinois.
Ofcis B. Knapp, investigator, alcohol and tobacco tax division,
Harrison, Arkansas.
Justin F. Vandenoever, deputy collector, VfiLlliston, North Dakota,
office of Collector, Fargo, North Dakota*
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
IMMEDIATE RELEASE
November 28, 1951
**
*”
Commissioner of Internal Revenue John B. Dunlap today announced
that
IS
employees of the Bureau have been removed from office and
that
12
have been called upon to resign, as results of investigations
by the Bureau into charges of irregularities.
The Commissioner ex
plained that the distinction between removal and involuntary resignation
is based on the degree of seriousness of the charges involved.
Dis
ciplinary actions less severe in nature have been taken in a number
of other cases where the facts do not warrant separation from the
Service*
guardina J i h e -seeuifjrQ.
«Every effort is being made,« the Commissioner said, «to eliminate
from the Service every person who is unsuitable, for any reason, to
remain in it.
The taxpayers of this country are entitled to the
cleanest and most efficient revenue service it is humanly possible to
provide.
I mean to see that they get it.«
Those removed from office ares
Paul V. Doyle, chief office deputy, office of Collector, San
Francisco, California.
John J. Boland, chief field deputy, office of Collector, San
Francisco, California.
TREASURY DEPARTMENT
B u r e a u of I n t e r n a l R e v e n u e
I M M E D I A T E RELEASE,
W e d n esday, N o v e m b e r 28,
1951,
S-2894
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 J o h n B. D u n l a p t o day
a n n o u n c e d that 18 e m p l o y e e s of the B u r e a u h a v e b e e n r e m o v e d from
o f f i c e ^ a n d ^ t h a t 12 hav e b e e n called u p o n to resign, as r e s ults of
in v e s t i g a t i o n s b y 'the B u r e a u into charges of i r r e g u l a r i t i e s .
The
C o m m i s s i o n e r e x p l a i n e d that the d i s t i n c t i o n b e t w e e n r e m o v a l and
i n v o l u n t a r y r e s i g n a t i o n is b a sed on the d e gree of s e r i o u s n e s s of
the charges involved.
D i s c i p l i n a r y ac t i o n s less severe in n a t u r e
have b e e n t a k e n in a n u m b e r of other cases w h ere the facts do not
w a r r a n t s e p a r a t i o n from the Service.
"Every e f f o r t is b e i n g made," the C o m m i s s i o n e r said, "to
eli m i n a t e from the Service e v e r y p e r s o n wh o is unsuitable, for
any^ reason, to r e m a i n in it.
The taxpayers of this c o u n t r y are
en t i t l e d to the cleanest a nd m o s t e f f i c i e n t r e v e n u e service it
is h u m a n l y p o s s i b l e to provide.
I m e a n to see that the y get it."
Those r e m o v e d f r o m office are:
Paul V. Doyle, chief office deputy,
San Francisco, California.
office
of Collector,
J o h n J. Boland, chief field deputy,
San F r a n cisco, California.
office
of C o l l e c t o r
*
M a r t i n J, 'Tierney, head, wage and exci s e tax d i v i s i o n
office of Collector, San Francisco, California.
Ignatius M, Beresford, a s s i s t a n t head, wag e a n d e x c i s e tax
division, office of Collector, S a n F r a n cisco, California.
James J. Christman, d e p u t y collector, S a n R a f a e l
California, office of Collector, S an Fra n c i s c o , California.
L i o n e l J. Bailey, a field d i v i s i o n chief,
Collector, Los Angeles, California,
J a c o b ^riedman, in t e r n a l revenue agent,
District, N e w Y o r k C ity.
office
of
Upper New York
OOQ
¿GO
~
2
-
Mordecai M. Miller, internal revenue agent, Upper New York
District, New York City.
Jack Neustadt, internal revenue agent, Upper New York
District, New York City.
Dominic Vita, chief inspector, alcohol and tobacco tax
division, Newark, New Jersey.
Walter F. Gately, deputy collector, office of Collector,
Boston, Massachusetts,.
Donald M. McElwee, deputy collector, office of Collector,
Springfield, Illinois.
Otis B. Knapp, investigator, alcohol and tobacco tax division,
Harrison, Arkansas.
Justin F. Vandenoever, deputy collector, Willis ton,
North Dakota, office of Collector, Fargo, North Dakota.
James K. Harris, deputy collector, office of Collector,
Denver, Colorado.
Mary A. Cook, clerk, office of Collector, Syracuse, New York.
Cletus H. Gerdel, clerk, office of Collector, St. Louis,
Missouri.
John A. Festa, internal revenue agent, Philadelphia,
Pennsylvania.
The following have been required to submit resignations:
William B. Anater, assistant chief field deputy, office of
Collector, San Francisco, California.
Frederick C , Simmons, deputy collector, office of Collector,
San Francisco, California.
Sam J. MeCalla, deputy collector, office of Collector,
Los Angeles, California.
Theodore Isaacs, internal revenue agent, Upper New York
District, New York City.
290
-3 Jessie M. Jones, teller, office of Collector, Baltimore, Md.
Milton A. Shachat, internal revenue agent, Newark, New Jersey.
Joseph J. Weyn, special agent, Detroit, Michigan.
Samuel J
Hamway, special agent, Detroit, Michigan.
George C. Mulligan, deputy collector, office of Collector,
Philadelphia, Pennsylvania.
E. Joseph Huppman, deputy collector, office of Collector,
Baltimore, Maryland.
George N. Welch, Jr., assistant collector, Nashville,
Tennessee.
Ira Parker, Jr., chief field deputy, office of Collector,
Nashville, Tennessee.
Daniel F. Cunningham, a deputy collector in the
San Francisco collector's office, who was suspended September 27,
is being restored to duty December 5 with loss of pay, as a
disciplinary action, for the period of his suspension.
Investigations in the cases of some employees in that office and
other areas have not yet been completed.
The complete files in all of the cases are being made
available to the King Subcommittee of the House of Representatives
which is currently investigating the Internal Revenue Service.
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 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
- a-
unless the tenders are accompanied by an express guaranty of payment by an in
corporated bank or tru st company.
Immediately a fte r the closin g hour, tenders w ill be opened at the Federal
Reserve Banks and Branches, follow ing which public announcement w ill be made by
the Secretary of the Treasury of the amount and price range of accepted b id s.
Those subm itting tenders w ill be advised of the acceptance or re je ctio n thereof.
The Secretary of the Treasury expressly reserves the rig h t to accept or reject
any or a l l tenders, in whole or in p a rt, and h is action in any such respect shall
be f in a l.
Subject to these reservation s, non-competitive tenders fo r .¿200,000
or le ss without stated price from any one bidder w ill be accepted in f u l l at the
average p rice (in three decimals) of accepted com petitive b id s.
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on December 6, 1951
>
in cash or other immediately avail-
able funds or in a lik e face amount of Treasury b i lls maturing December 6^ 1%1L,
Cash and exchange tenders w ill receive equal treatm ent.
Cash adjustments w ill be
made fo r d ifferen ces between the par value of maturing bills accepted in exchangj
and the issue p rice of the new b i l l s .
The income derived from Treasury b i l l s , whether in te re st or gain from the
sale or other d isp o sitio n of the b i l l s , s h a ll not have any exemption, as such,
and lo ss from the sale or other d isp o sitio n of Treasury b ills s h a ll not have any
sp e cia l treatm ent, as such, under the In tern al Revenue Code, or laws amendatory
or supplementary th ereto .
g if t
The b i lls s h a ll be subject to e sta te , inheritance,
or other excise ta x e s, whether Federal or S ta te , but s h a ll be exempt
a l l taxation now or hereafter imposed on the p rin cip a l or in te re st thereof by
j
TREASURY DEPARTMENT
Washington
1
FOR RELEASE, MORNING NEWSPAPERS,
Thursday f November
29, 1931 ___ *
The Secretary of the Treasury, by th is public n o tice , in v ite s tenders fo r
®i i no.ooo.OOO
. or thereabouts, of
91
-day Treasury b i l l s , fo r cash and
in the amount of $ 1 , 10 2 , 78 9 , OOP,
in exchange fo r Treasury b ills maturing Deeember6, 1951------>/to be issued on
* ’
a discount b asis under com petitive and non-competitive bidding as hereinafter
provided.
vd.13. mature
in te r e s t.
The b i l ls of th is series w ill be dated December 6. 1951--------- and
March 6, 19?2_______ , when the face amount w ill be payable without
They w iU t o issued in bearer fo m only, and in denominations of
11,000, $5,000, $10,000, $100,000, $500 , 000 , and $1,000,000 (maturity valu e).
Tenders m i l be received at Federal Reserve Banks and Branches up to the
clo sin g hour, two o 'clo ck p .m ., Eastern Standard tim e, Monday, December 3, lg &
Tenders w ill not be received at the Treasury Department, Tfashington.
Each tender
must be fo r an even m ultiple of $1,000, and in the case of com petitive tenders
the p rice offered must be expressed on the basis of 100, w ith not more than three
decim als, e . g ., 99.925.
Fractions may not be used.
I t is urged th at tenders
be made on the printed forms and forwarded in the sp ecial envelopes which w ill
be supplied by Federal Reserve Banks or Branches on ap plication th erefo r.
Others than banking in stitu tio n s w ill not be permitted to submit tenders
except fo r th e ir own account.
Tenders w ill be received without deposit from
incorporated banks and tru st companies and from responsible and recognized
dealers in investment s e c u r itie s .
Tenders
from
others must be accompanied
by payment of 2 percent of the face amount of Treasury b ills applied fo r ,
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,!;’
Thursday, November 29, 1951.,
WASHINGTON, D .C
t.O
■S-28.95
Tha S e c r e t a r y of the Treasury, b y this p u b l i c n o tice
invite«?
tenders for |l, 100,000,000,:* o r t h e r e abouts
of 9 1 - d a y T r e a s u r y billsf n c T Ca^
? ? d in e x c h a n &a fyr T r e a s u r y b i l l s m a t u r i n g D e c e m b e r 6 , •
1951, in the a m o u n t of •$1 ,102 ,785 ,000," to be i s s u e d on a d i s c o u n t
non -compe titivè bidding as hereinafter •
provided,' • The bills of this- series will be dated December'.6, 1 9 5 1 ..
and wilCf mature -March 6, 1952, when the face, amount will, .he pay-.' *■
able without interest. They, will be issued in’bearer form; only
and lì noo0nnna/m0?S ?£
O0o $5, 000/\$10;;000, $100y00'0,' $ m ® > 000,
Tenders, will be received at Federal Reserve B a n k s and. Blanches
up'fa the closing hour, twp,.o ’clock p,.m. ,;:Bas tern^Standard time',
Monday, December 3, 1951. 'Tenders' will not be •rccoivéd at: the
■ Treasury Department, Washington^' Each tender mttst be for an even
^°.f $1 ^000, and'in the case.'of;.:competitive -tenders the price s
offered mush be expressed on the basis; of- 100, with not more than; ■
three decimals,, e> .g,, 99 v925. Fractions, may not be used . If is
urged that_ tenders be made on the printed' forms' a n d ‘forwarded ■in-^" 'v:theaspecial envelopes which’will be supplied”by Federal Reserve
Banks or Branches on application therefor." r
-ft;
. . .
Others than banking institutions will not be permitted- to submit
tenders except.-for, their own account... Tender's will be received- /"'I
without deposit, from .-.incorporated ..banks 'and trust, companies and
rom responsible and recognized dealers in investment -securities
Tenders from others must,he/accompanied by payment of 2 percent ef'v
the face amount of Treasury bills applied fòr, unless the tenders KAWva^ QÌHa^ ed
an expr?s s guaranty of payment by;an incorporated
,ha I®me<liately after the cl^ln^hour, tenders vili 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
?ny or aD tenders, in whole or in part, and his action in
nJJ ™ Ch f?®Pe c t shall be
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 tho average price
2
(in three d e c i m a l s ) of a c c e p t e d comp e t i t i v e b i d s .
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 ade or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k on D e c e m b e r 6 , 1951, in cash
or o t h e r i m m e d i a t e l y a v a i l a b l e funds or in a like face a m ount of
T r e a s u r y b i lls m a t u r i n g D e c e m b e r 6 , 1951.. Cash a nd e x p h a n g e tenders
w i l l re c e i v e e q u a l 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 pa r value 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 a n d the issue price of the n e w bills.
The income, d e r i v e d f r o m T r e a s u r y bills, w h e t h e r ^ i n t e r e s t e r o
s a i n f r o m the sale or o t her d i s p o s i t i o n of the bills, snail no
h a v e a n y exemption, as such,: a nd loss f r o m the sale
Jj^er
d i s p o s i t i o n of T r e a s u r y b i lls s h all not; h a v e a n y s p e c i a l t r e a t m e n ,
as such, u n d e r the I n t e r n a l R e v enue "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. s u b 3e ct to
t
i nheritance, gift or other e x cise t a x e s > w h e t h e r F e d e r a l or State,
b S s h a l l b 4 I x e m p t f r o m a l l t a x a t i o n n o w o r 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 i n t erest thereof, b y a n y State, or a n y of the
p o s s e s s i o n s o f the U n i t e d .States,, or b y a n y local t a x i n g author ity.
F o r p u r p o s e s of t a x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y
b i l l s a re o r i g i n a l l y sold by. the U n i t e d .States f ^ l l h e c o n s i d e r o d
to be interest.
U n d e r S e c tions 42 and 117 (a) (1) of ^ © I n t e r n a l
R e v e n u e Code, as a m e n d e d b y .Section 115 of the R e v e n u e A c t o f 1941,
the a m o u n t of d i s c o u n t at w h i c h bills issued h e r e u n d e ? are ^ s o l d .
s h all not: bo c o n s i d e r e d to a c c r u e u n t i l such bills s h a l l he sola,
r e d e e m e d or o t h e r w i s e d i s p o s e d of, e n d such b i l l s are e x c l u d e d f rom
c o n s i d e r a t i o n as c a p i t a l h s s e t s . .Accordingly,-.the o w ner of T r e asury
b i lls (other than life i n s u r a n c e com p a n i e s ] i s s u e d h e r e u n d e r n e e d
include i n h is 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
p r i c e p a i d for such hills,, w h e t h e r o n o r i g i n a l i s s u e .or o n
_
subsequent, p u r chase, a nd the a m o u n t a c t u a l l y r e c e i v e d e i t h e r u p o n
sale or r e d e m p t i o n at m a t u r i t y d u r i n g the t a x a b l e . y e a r for w h i c h
the r e t u r n is made., as o r d i n a r y g a i n or l o s s .
T r e a s u r y . D e p a r t m e n t .C i r c u l a r N o . 4 l 8 ’, as amended, and ibis
notice
p r e s c r i b e the terms of the T r e a s u r y bil-lp^ sjid.govern the
c o n d i t i o n s 0of t h e i r issue.
Copies of the circular'.may be o b t ained
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.
oOo
RESTRICTED SECURITY INFORMATION
-2- 2376, November 28, 1 p.m., from R o m e t
During the course of these discussions the US del has made
perfectly clear that the contribution of the US to the NATO
program has been determined by the Congress for the current
fiscal year.
The US del has made no (rpt no) commitments with
respect to aid beyond that period.
"We have* of course, given sympathetic consideration to the
problems which our friends in other NATO countries face, and
have indicated continuing US participation in the mutual de
fense effort; however, we always have been conscious, through
out our deliberations with the delegations of other countries,
of the considerable expansion of our overall defense program
in the recent past, and of the burdens which are now (rpt
now) falling upon the Amer people as a result of our present
efforts to fight Communism in Korea and to assist in main
taining peace in other parts of the world.
HWe have been privileged indeed to meet in this great city
of Rome.
Thé T t a 1 Govt did an excellent job in arranging the
fine facilities we have had for this conference.
We have
been warmly and hospitably reed by the Ital Govt and the
Ital people.” .,
DUNN
MAM:ED
Note ?
Mrs . Lewis (DC/L)
RESTRICTED
n o tifie d
9:15 a .m., 11/28/51 CWO-M.
IN^RMATION
\
13-M
tettai
DC L
tato
SS
G
SXSA
SUR
1
RON: Rome
TELEGRAPH BRAHCH
ftf RESTRICTED SECURITY INFORMATION
Coltrai: 13167
M l: November 28, 1951
:'
.7:^9 a.m.
TO: Secretary of State
W:
2376* November 2 8 / 1 p.ra.
NIACT.
FOR UNDER SECY OF TREASURY FOLEY FROM SNYDER.
The fol statement is being released today immed upon final
adjournment of the NATO mtgfc. Pis release simultaneously
ill Washington thru Treasury^
A
*
ft**—
’’Press Release.
^atiSo^eeble J o h n ^ W n y d e r ,
■Tranfliur^"—trt^ihr Ur /released the fol/statement in Rome to
day upon adjournment of the 8th Session of the North Atlantic
Council, which he had been attending:
’’In my opinion the N0rth Atlantic Council has made progress
in its 8th Session. The discussions of the Council have re
flected the determination of the member govts to approach
the tasks before them in a spirit of mutual understanding
and recognition of the common objectives of the free world.
’’During-' the session in Rome,/the Council had an opportunity
to hear statements by reps' or the international agencies asso
ciated with NATO in the mil7 and eoon7 fields. These reports
added greatly to the understanding by the reps of the NATO
countries of the questions with which the twelve countries
are .'concerned-.
\;
:h.
*Mr. Harriman reported to the Council in his capacity as
chairman of a comite charged with studying the econ and
financial problems associated with the defense program of
the North Atlantic Treaty organization.
Mr. Harriman s re
port was of an interim nature, providing an analysis of the
present situation, and did not {rpfc=sot) involve taking
official positions by any govts.
The report will be studlea
by the several govts and w i l l ,be subject to appropriate dis
cussions at subsequent mtgs of the Council.
Decisions on
the questions involved can be taken Ohly by the responsible
govts of the various countries in accordance with their
normal procedures.
m m rn rn ^
During the
TREASURY DEPARTMENT
Information Service
I M M E D I A T E RELEASE,
Wednesday, N o v e m b e r 28,
W A S H I N G T O N , D.C.
1951.
S -2896
S e c r e t a r y S n y d e r r e l e a s e d the f o l l o w i n g s t a t e m e n t in Róme
today u p o h a d j o u r n m e n t of the 8th S e s s i o n of the N o r t h A t l a n t i c
Council, w h i c h he h a d ’ b e e n attending.
"In m y o p i n i o n the N o r t h A t l a n t i c C o u n c i l has
m a d e p r o g r e s s in its 8th Session.
The d i s c u s s i o n s of
the C o u n c i l hav e r e f l e c t e d the d e t e r m i n a t i o n of the
m e m b e r g o v e r n m e n t s to a p p r o a c h the tasks before them
in a spirit of m u t u a l u n d e r s t a n d i n g a nd r e c o g n i t i o n of
the c o m m o n o b j e ctives of the free world.
" D u r i n g the s e s s i o n in Rome, the C o u n c i l h a d a n
o p p o r t u n i t y to h e a r s t a t ements b y r e p r e s e n t a t i v e s of
the i n t e r n a t i o n a l a g e n c i e s a s s o c i a t e d w i t h N A T O in
the m i l i t a r y an d e c o n o m i c fields.
These reports
a d d e d g r e a t l y to the u n d e r s t a n d i n g b y the r e p r e s e n t a t i v e s
of the N A T O countries of the q u e s t i o n s w i t h w h i c h the
twelve countries are concerned.
"Mr. H a r r i m a n r e p o r t e d to the C o u n c i l in his
c a p a c i t y as c h a i r m a n of a committee c h a r g e d w i t h
s t u d y i n g the e c o n o m i c an d f i n a n c i a l p r o b l e m s a s s o c i a t e d
w i t h the d e f e n s e p r o g r a m of the N o r t h A t l a n t i c T r e a t y
o r g a n ization.
M r , H a r r i m a n * s r e p o r t was of a n i n t e r i m
nature, p r o v i d i n g a n an a l y s i s of the p r e s e n t s i t u a t i o n
a nd d id n o t involve t a k i n g o f f i c i a l p o s i t i o n s by a n y
g o v e r nments.
The r e p o r t w i l l be st u d i e d b y the s e v eral
g o v e r n m e n t s a nd w i l l be subject to a p p r o p r i a t e d i s
cussions at s u b s e q u e n t m e e t i n g s of the Council.
D e c i s i o n s on the q u e s tions in v o l v e d can be t a k e n o nly by
the r e s p o n s i b l e g o v e r n m e n t s of the va r i o u s countries in
a c c o r d a n c e w i t h their n o r m a l p r o c e dures.
" D u r i n g the course of these d i s c u s s i o n s the U n i t e d
States d e l e g a t i o n has m a d e p e r f e c t l y clear that the
c o n t r i b u t i o n of the U n i t e d States to the N ATO p r o g r a m
has b e e n d e t e r m i n e d b y the C o n gress for the c u r r e n t
f i s c a l year.
The U n i t e d States d e l e g a t i o n has m a d e no
c o m m i t m e n t s w i t h re s p e c t to aid b e y o n d that period.
297
-
2
-
tn
of^coura-e,s l v e n s y m p a t h e t i c c o n s i d e r a t i o
C n , l h \ PJ 0i l e m S .,W *H‘ch our friends in o t her N A T O cou n t r i e s
face, an d h a v e i n d i c a t e d c o n t i n u i n g U n i t e d States
p a r t i c i p a t i o n i n the m u t u a l d e f e n s e effort; ho w e v e r , we
b e e n conscious, t h r o u g h o u t our d e l i b e r a t i o n s
_th the d e l e g a t i o n s •of o t her countries, of the c o n s i d e r a b l e
e x p a n s i o n of our o v e r a l l d e f e n s e p r o g r a ^ i n the r e cent
past, a n d of the b u r dens w h i c h are n o w f a l l i n g u p o n the
A m e r i c a n p e o p l e as a r e s u l t of our p r e s e n t ef f o r t s to
xght C o m m u n i s m in K o r e a a n d to a s s i s t in m a i n t a i n i n g
p e ace in other parts of the world.
°
W e h a v e b e e n p r i v i l e g e d indeed to m e e t in this
great city of Home.
The I t a l i a n G o v e r n m e n t did an
e x c e l l e n t job in a r r a n g i n g the fine f a c i l i t i e s we have
h a d for this conference.
We h a v e b e e n w a r m l y and
h o s p i t a b l y r e c e i v e d by the I t a l i a n G o v e r n m e n t a nd the
Italian p e o p l e , 1
oOo
TREASURY DEPARTMENT
Information Service
W A S H I N G T O N , D.C.
oo
\J
RELEASE, MORNING NEWSPAPERS,
Monday, December 3 , 1951;
S-2897
Acting Secretary of the Treasury Foley today announced the offering,
through the Federal Reserve Banks, of 1-7/8 percent Treasury Certificates
of Indebtedness of Series F—1952, open on an exchange basis, par for par,
in authorized denominations, to holders of 2—1/4 percent Treasury Bonds
of 1951-53 (dated December 22, 1939) in the amount of $1,118,051,100,
called for redemption on December 15, 1951* Cash subscriptions will not
be received.
The certificates now offered will be dated December 15, 1951j and
will bear interest from that date at the rate of one and seven—eighths per
cent per annum, payable with the principal at maturity on December 1 , 1952*
They will be issued in bearer form only, in denominations of $1,000* $5,000
$10,000, $100j000 and $ 1 ,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, as amended;
interest upon the certificates now offered shall not have any exemption,
as such, under the Internal Revenue Code, or laws amendatory or supplementa
thereto. The full provisions relating to taxability are set forth in the
official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branch,
and at the Treasury Department, Washington, and should be accompanied by a
like face amount of the called bonds. Subject to the usual reservations,
all subscriptions will be allotted in full.
The subscription books will close for the receipt of all subscriptions
at the close of business Thursday, December 6.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight December 6,
will be considered as having been entered before the close of the subscrip
tion books,
The text of the official circular follows:
UNITED STATES OF AMERICA
1-7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES F-1952
Dated and bearing interest from December 15, 1951
Due December 1, 1952
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, December 3, 1951»
1951
Department Circular No. 897
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
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 certificates of indebtedness of the United
States, designated 1-7/8 percent Treasury Certificates of Indebtedness of
Series F-1952, in exchange for 2-1/4 percent Treasury Bonds of 195i~53, dated
December 22, 1939, due December 15, 1953, called for redemption December 15,
1951.
II,
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated December 15, 1951, and will bear in
terest from that date at the rate of 1- 7/8 percent per annum, payable with
the principal at maturity on December 1, 1952, They will not be subject to
call for redemption prior to maturity,
2 . The income derived from the certificates shall be subject to all
taxes, now or hereafter imposed under the Internal Revenue Code, **r laws
amendatory or supplementary thereto. The certificates shall be subject t$
estate, inheritance, gift or other excise taxes, whether Federal or State,
but shall be exempt from all taxation now or hereafter imposed on the princi
pal or interest thereof by any State, or any of the possessions of the United
States, or by any local taxing authority.
3»
moneys,
The certificates will be acceptable to secure deposits of public
They will ngt be acceptable in payment of taxes,
4, Bearer certificates will be issued in denominations of $1,000,
$5aC00, $10,000, $100,000 and $1,000,000. The certificates will not be issue«
in'registered form,
5, The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States
certificates.
III,
SUBSCRIPTION AND ALLOTMENT
1, Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Washington. Banking institutions
generally may submit subscriptions for account of customers, but only the
-
2
-
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 sub
scription, in whole or in part, to allot less than the amount of certificates
applied for, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be
final» Subject to these reservations, all subscriptions will be allotted in
full» Allotment notices will be sent ©ut promptly upon allotment.
IV.
PAY1 'ENT
1* Payment at par for certificates allotted hereunder must be made on
or before December 15, 1951, or on later allotment, and may be made only in
Treasury Bonds of 1951-53, called for redemption December 15, 1951, which will
be accepted at par, and sheuld accompany the subscription. Final interest due
December 15 on the called bonds surrendered will be paid, in the case of
coupon bonds, by payment of the December 15, 1951 coupons, which should be
detached by holders before presentation of the bonds, and in the case of regis
tered bonds, by checks drawn in accordance with the assignments on the bonds
surrendered*
V.
ASSIGNMENT OF REGISTERED BONDS
1* Treasury Bonds of 1951-53 in registered form tendered in payment for
certificates oifered hereunder should be assigned by the registered payees or
assignees thereon to ,rThe Secretary of the Treasury for exchange for Treasury
Certificates o.t Indebtedness of Series F—1952 to be delivered to
«
in accordance with the general .regulations of the Treasury Department govern
ing assignments ler 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
authorized and requested to receive subscriptions, t© make allotments on the
basis and up to the amounts indicated by the Secretary ©f the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,
to receive payment for certificates allotted, to make delivery of certificates
on full—paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive certificates*
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve Banks.
E. H. FOLEY,
Acting Secretary of the Treasury.
r
BBLEàSS
HRRSPAmS
Tuesdayr Beeeaber li» 1951,t_
f b m Seeretary of the Treasury announced last evening that the tenders for
*1,100,000,000, or th«*r»»bmit«, of ?l-d«y Troaourjr bill» to bo dotod Doooobor 6, ISSI,
and to ««tur» March 6, 195*» vhieh *»ro offorod on *w««b»r 29, wore opened ot the
Federal Bogerve Bank» on Dec«»ber 3*
Tho details of thin issue oro as felloesi
Total applied for - #1,91*0,072,000
Total acceptod
- 1,103,1*22,000
Average price
(includes IU*7,2Ì*2,Q0Q entered on a
non-competitive beala and accepted in
full at the average price shown below)
- 99*$S7/ Equivalant rato of discount approx* 1.632$ p * r mmm
Range of accepted competitive bids:
High
Low
- 99«6û 2* Equivalent rate of diacount approx»
m k annua
- 99.586
®
«
«
«
«
1.638$ »
(The «stire aaount bid for at «se lo* price imo accepted)
Federal Reserve
District______
Total
Applied for
Total
Acceptod
Boston
I
$
13,086,000
1,358,788,000
2l*,772,000
1*7,931,000
16.396.000
19,71*3,000
Fill,270,000
27*788,000
17.721.000
1*0 ,502,000
1*8 ,720,000
110.355*000
Rev fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dalles
San Francisco
TOTAL
H , 91*0,072,000
1 0 ,086,000
655.788.000
7,372,000
1*6,931,000
13,U*6,000
18,1*1*3,000
173.270.000
20 ,188,000
17.321.000
36 .5 02.000
28 *720,000
75 , 35$,000
*1 , 103, 1*22,000
R E L EASE M O R N I N G NEWSPAPERS,
Tuesday, D e c e m b e r 4, 19 5 1 .
S -2808
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 ,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y bills
to be d a t e d D e c e m b e r 6 , 1951, and to m a t u r e M a r c h 6 , 1952 . w h i c h were
offered on N o v e m b e r 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
December 3.
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 , 9 ^ 0 , 0 7 2 , 0 0 0
Total a c c e p t e d
1,103,422,000
A v e r a g e price
(includes $ 1 4 7 , 2 4 2 , 0 0 0
entered on a non-competitive
basis and a c c e p t e d in ful l
at the a v e r a g e price s h own
below)
- 9 9 - 5 8 7 / E q u i v a l e n t rate of d i s c o u n t approx.
1 .632$ p e r a n n u m
Raxage of a c c e p t e d comp e t i t i v e bids:
High
- 99.6 0 4 E q u i v a l e n t rate
1.567$
- 99.586 E q u i v a l e n t rate
1 .638$
Low
of d i s c o u n t approx.
por annum
of d i s c o u n t approx.
pe r a n n u m
(The enti r e a m o u n t bid for the low price was acc e p t e d )
Federal R e s e r v e
District
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San F r a n c i s c o
Total
A p p l i e d for
$
13 ,086,000
1 , 358,788,000
24 .772.000
47.931.000
16 . 396.000
19.743.000
214 .270.000
27 .788.000
1 7 .721.000
40.502.000
48.720.000
110.355.000
TOTAL
$ 1 ,940,072,000
0 O0
Total
Accepted
$
10 , 086,000
655.788.000
7 , 372,000
46.931.000
13.446.000
18.443.000
173.270.000
20. 188.000
17.321.000
36.502.000
28.720.000
75.355.000
$1,103,422,000
- 3 -
nat
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
1 1 $ of
the Revenue Act of 1?1*1, the amount of
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 paxd 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 terns 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
-
m m
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 vri.ll 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 bo accepted m
average price (in three decimals) of accepted competitive bids.
full at the
j
Settlement for
accepted tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on
December 13, 1951 , i» cash or other immediately availj
able funds or in a life face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
December^, lgSt
Cash adjustments will tj
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 g a m from the
sale or other disposition of the bills, shall not have any exertion, 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 fro
all taxation now or hereafter imposed on the principal or interest there
y
TREASURY DEPARTMENT
Washington
0s Q
- 2
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December
£ki
6,
19$1---- .•
The Secretary of the Treasury, by this public notice, invites tenders for
£ 1.200.000,000 , or thereabouts, of _ 9 L . " day ¿ r t h ^ ^ m t -of sI.2(l?9OSMX>0 ,
in exchange for Treasury bills maturing _ _ D e c e m ^ ^ 2 S i - > A 0
issued °n
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
Yri.ll mature
interest.
The bills of this series will be dated
.
iforo-h 11. 1 9 ^
pecaabffi ^
,1951 .— >
cinci.
vihen the face amount vri.ll be payable without
> wtl0n
lao
They will te issued in bearer fona only, and in denominations 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 (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, M™ d a y,
Tenders will not be received at the Treasury Department, Washington.
must be for an even multiple of
$1,000, and
M .-0951.
Each tender
in the case of competitive tenders
the price offered must be expressed on the basis of 100, vath not more than thr
decimals, e. g., 99.925.
Fractions may not be used.
It xs urged that tenders
be made on the printed forms and forwarded in the special envelopes whxch vail
be supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions veil! 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 recognised
dealers in investment securities.
Tenders froa others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
306
RELEASE MORNING NEWSPAPERS, '■
Thursday, December 6 , 1951»
'X •
S-2899
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200,000,000,,or thereabouts, of 91-day Treasury bills,
for cash and in exchange, for Treasury bills maturing December 13,
1951 , in the amount of $ 1 ,202,909,-000, to be issued on a discount
basis under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 13, 1951#
and will mature March 13, 1952, 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, December 10, 1951. 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 bo 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
vill 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
2
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 December 13, 1951, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing December 13, 1951. 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) (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 a s 'capital assets, Accordingly, the owner.of Treasury
bills (other1than 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
re turn is made, as ordinary gain.or loss.
Treasury Department Circular No., 4l8, as amended, and this:* W
notice,prescribe the terms of the Treasury bills and govern the if’**
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
The following table shows the face amount of obligations outstanding and the face*amount which can still
be issued under this limitation:
$ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury b ills ........................................ #18.X00.355.000
2 8 016 601,000
Certificates of indebtedness...........
26,143,656,100$
Treasury notes .......................................
Bonds 78,066,000,550
Treasury............................ ......... .........
57,552,184,810
Savings (current redemp. value)
, ,
Depositary............................................
Armed Forces Leave ...........................
Investment series.............................
Special Funds Certificates of indebtedness
Treasury notes...........................
Total interest-bearing
Matured, i nte rest-ceased...................
Bearing no interest:
War savings stamps ................................
Excess profits tax refund bonds......
Special notes of the United States:
Internat'l Monetary Fund series...
Total...............................................................
72.260,612,100
346,450,500
«4
1 3 .0 1 3 .7 2 3 .0 0 0 148,978.358.860
21,6^, 565,000
14,217.830.000
35.862,395,000
257,101,365.960
484,656,857
46,908,463
1,968,135
1.301,000,000
1.349.876.598
258,935.899,^15
Guaranteed obligations (not held by Treasury):
Interest-bearing:
«_ ,v
» _,/■
Debentures: F.H.a. ....................................
3 7 * * ^roO
Demand obligations: C.C.C..................... ..................3»9o3»97o
Matured, interest-ceased .................................................................... —
41,109,462
1.730.600
42,840,062
258.978,739,477
Grand total outstanding........ ................................................... ..................
Balance face amount of obligations issuable under above authority
16.021.260,
Reconcilement with statement of the Public Debt K0T . 3P , 1951
(Date) _ Q _*
(Daily Statement of the United states Treasury, £6 0 . 3 ,1 9 5 * )
v
J
(Date)
Outstanding Total gross public debt .............................................................................................................
Guaranteed obligations not owned by the Treasury ...........................................................
Total gross public debt and guaranteed obligations ................................................
Deduct - other outstanding public debt obligations not subject to debt limitation
259,604,103,220
42.840.062
259,645,943,282
668.203,805
258,978,739.W
308
STATUTORY DEBT LIMITATION
AS OF NOVEMBER 30, 1951
December 10, '1951
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 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, 19l*6j 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 amount,1
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
.......... . .$18,100,355*000
Certificates of indebtedness... 28,016,601,000
Treasury notes.............. . 26,11*3,656,100 $72,260,612,100
Bonds Treasury,.... .
78,066,000,550
Savings (current redemp.value) 57,552,l81*,8lO
Depositary. ..... .
31*6,1*50,500
Armed Forces Leave.
Investment series••..«..••••• 13,013,723,000
11*8,978,358,860
Special Funds Certificates of indebtedness. 21,61*!*,565,000
Treasury n
o
t
e
s
li*,217,830,000
Total interest bearing
Matured, interest-ceased..........
35,862,395,000
257,101,365,960
1*8)4,656,857
Bearing no interest:
War savings stamps..... .........
1*6,908,1*63
Excess profits tax refund bonds..
1,968,135
Special notes of the United States:
Internat'l Monetary Fund Series
1,301,000,000
Total.,........................... 2£8,93$,B99,Ia5
1,31*9,876,598
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A.
.... .
37,lU5>1*86
Demand obligations: C.C.C.
3,963,976
1*1,109,1*62
Matured, interest-ceased.•••••••••••....•..
1,730,600
1*2 , 81*0,062
Grand total o
u
t
s
t
a
n
d
i
n
g
258,978,739,^77
Balance face amount of obligations issuable under above authority. ••• 16,021,'260,523
Reconcilement with Statement of the Public Debt - November 30, 1951
(Daily Statement of the United States 'Treasury, December 3, 1951)
Outstanding Total gross public debt.••...•••• .... ................. .
Giib-ranteed obiigations not owned by the T r e a s u r
Total gross public debt and guaranteed obligations....... .
Deduct - other outstanding public debt obligations not subject to
debt limitation............................ .
S-2900
y
259,60l*,103,220
.
1*2,81*0,062
^59761*6,91*3,282
668,203.805
^ 8,97877397577
(Proposed Press Release)
Acting Secretary of the Treasury K. H. Foley today announced
that the enrollment cards issued after January 1» 1952 to poisons
practicing before the Treasury Department w ill by their teres
expire fir e years after th eir dates of issue, but w ill be renew
able# At present enrollment cards contain no expiration date*
th is change supplements the action taken Hovenber 16, 1951
to eeeeoi *1? outstanding enrollment cards effective March 31 , 1952
awl to issue renewals upon application c f practitioners meeting
the requirements.
The cider fixin g expiration dates fo r the new cards is being
file d today with the Federal Register fo r publication as an amend
ment to Treasury Department Circular 230.
(Initialed
(Proposed Press Release)
Acting Seoretaxy of the Treasury E* H* Foley today announced
that the enrollment cards issued after January 1, 1952 to persons
practicing before the Treasury Department w ill by their teres
expire fir e years after their dates o f issue, but w ill be renew
able*
At present enrollment cards contain no aspiration date.
m is change supplements the action taken November 16, 1951
to cancel
outstanding enrollment cards effective March 31, 1952
and to issue renewals upon application o f practitioners meeting
the requirements »
The order fixin g expiration dates fo r the new cards is being
file d today with the Federal Register fo r publication as an amend
ment to Treasury Department Circular 230*
(Initialed.) E«H»F*
B1
(Proposed Press Release)
¿7
Acting Secretary of the Treasury £. H. Foley today announced
that the enrollment cards issued after January 1, 193>2 to persons
practicing before the Treasury Department w ill by their terms
expire fiv e years after their dates of issue, but w ill be renew
able.
At present enrollment cards contain no expiration date.
This change supplements the action taken November 16, 1951
to cancel a ll outstanding enrollment cards effective March 31, 1952
and to issue renewals upon application of practitioners meeting
the requirements.
The order fixin g expiration dates for the new cards is being
file d today with the Federal Register fo r publication as an amend
ment to Treasury Department Circular 230.
312
IMMEDIATE RELEASE
Friday, December 7 , 1951.
S-2901
Acting Secretary of the Treasury E, H. Poley today announced,
that the enrollment cards issued after January 1, 1952 to persons
practicing before the Treasury Department will by their terms
expire five years after their dates of issue, but will be renew
able. At present enrollment cards contain no expiration date.
This change supplements the action taken November 16, 1951
to cancel all outstanding enrollment cards effective March 31,
1952 and to Issue renewals upon application of practitioners
meeting the requirements.
The order fixing expiration dates for the new cards is
being filed today with the Federal Register for publication as
an amendment to Treasury Department Circular 230.
0 O0
-
2-
If the extortion racket is permitted to flourish, it will not only
victimize American-Chinese, but in addition it will be a substantial
source of dollar exchange to the Chinese communists*
Funds remitted to
Communist China to pay ransom demands can be used by the Communists, in
such markets of the world as are open to them, for the purchase of com
modities which they desire to continue their war against the United States
and other United Nations Forces in Korea*
Extortion payments thus are
directly contrary to the basic purpose of the Foreign Assets Control Regu
lations, which is to cut off the dollar resources of Communist China.
It is not the intention of the Treasury Department to recommend prosecuij^^
tion of any persons
***— ‘
>
i
*
becaus^fn°TK§^Ssti”:£ii5^ii5^
in response to extortion demands.
It is presently considered, however, that
adequate dissemination through all available channels has been given to in
formation concerning the prohibitions against such remittances contained in
the Regulations, the reasons for these prohibitions, and the necessity for
full cooperation in combatting the extortion racket.
The Treasury Depart
ment, accordingly, is prepared to recommend the application of the prescribed
hereafter
penalties of law against persons who remit funds/contrary to the Regulations.
The Trading with the enemy Act, under which the Regulations were is
sued, provides a maximum penalty of a |i0,000 fine and ten years in prison
for each illegal remittance*
2 f d pL
Acting Secretary Foley today made the following statement in response
to inquiries concerning the investigation currently being carried on by the
Treasury Department into extortion demands made from Gomimjr^^tGjbina on
Chinese in this country^
^
In its efforts to deal with the extortion problem, the Treasury Depart
ment has been deeply gratified by the cooperation of leading members of
Chinese communities and of the Chinese benevolent associations and similar
institutions throughout the country*
These individuals and organizations
have given very valuable aid toward halting the remittance of money to
Communist China in response to ransom demands received by American-Chinese
who have relatives there* The principal American-Chinese groups have indi
cated their agreement that the only way to protect Chinese in this country
from such blackmail is to maintain a united position of refusal to comply
with the demands*
The Treasury has taken pains to inform Chinese-Americans that any re
mittance of funds in response to extortion demands is illegal under the
Foreign Assets Control Regulations administered by the Department. With
the help of the American-Chinese groups, the Department has emphasized
that the Regulations prohibit all such remittances, not only directly to
Communist China but also through Hong Kong or other places from which trans
fers would ultimately be made to persons in Comiminist China.
In fact, any
request by a person in the United States that someone outside this country
make a payment of money or transfer of goods to a person in red China con
stitutes a violation of the Regulations*
H
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,
Monday, December 10, 1951«
W A S H I N G T O N , D.C.
S -2902
Acting Secretary Foley today made the following statement
in response to inquiries concerning the investigation currently
being carried on by the Treasury Department into extortion
demands made from Communist China on Chinese in this country
having relatives in China:
In its efforts to deal with the extortion problem,
the Treasury Department has been deeply gratified by
the cooperation of leading members of Chinese
communities and of the Chinese benevolent associations
and similar institutions throughout the country. These
individuals and organizations have given very valuable
aid toward halting thè remittance of money to Communist
China in response to ransom demands received by
American-Chinese who have relatives there. The
principal American-Chinese groups have indicated their
agreement that the only way to protect Chinese in this
country from such,blackmail is to maintain a united
position of refusal to comply with the demands.
The Treasury has taken pains to inform ChineseAmericans that any remittance of funds in response to
extortion demands is illegal under the Foreign Assets
Control Regulations administered by the Department.
With the help of the American-Chinese groups, the
Department has emphasized that the Regulations prohibit
all such remittances, not only directly to Communist
China but also through Hong Kong or other places from
which transfers would ultimately be made to persons in
Communist China. In fact, any request by a person in
the United States that someone outside this country
make a payment of money or transfer of goods to a
person in red China constitutes a violation of the
Regulations.
2
If the e x t o r t i o n r a c k e t is p e r m i t t e d to flourish,
it w i l l no t o n l y v i c t i m i z e Arnerlean“Chinese, but in
a d d i t i o n it w i l l be a s u b s t a n t i a l source of d o l l a r
e x c h a n g e to the Chinese communists.
F u n d s r e m i t t e d to
C o m m u n i s t C h i n a to p a y r a n s o m d e m a n d s can be use d b y the
Communists, in such m a r k e t s of the w o r l d as are o p e n to
them, for the pu r c h a s e of c o m m o d i t i e s w h i c h they d e sire
to continue their w a r a g a i n s t the U n i t e d States and
o t her U n i t e d N a t i o n s F o r c e s in Korea.
E x t o r t i o n paym e n t s thus are d i r e c t l y c o n t r a r y to the b a s i c p u r p o s e
of the F o r e i g n A s s e t s C o n t r o l R e g u l a t i o n s , w h i c h is to
cut off the d o l l a r r e s o u r c e s of C o m m u n i s t China.
It is not the i n t e n t i o n of the T r e a s u r y D e p a r t m e n t
to r e c o m m e n d p r o s e c u t i o n of a n y p e r s o n s be c a u s e of
r e m i t t a n c e s m a d e in the p a s t in r e s p o n s e to e x t o r t i o n
demands.
It is p r e s e n t l y considered, however, that
a d e q u a t e d i s s e m i n a t i o n t h r o u g h a ll a v a i l a b l e channels
ha s b e e n g i v e n to i n f o r m a t i o n c o n c e r n i n g the p r o h i b i t i o n s
a g a i n s t such r e m i t t a n c e s c o n t a i n e d in the R e g u l a t i o n s ,
the r e a s o n s for these prohi b i t i o n s , a n d the n e c e s s i t y
for f u l l c o o p e r a t i o n in c o m b a t t i n g the e x t o r t i o n racket.
T he T r e a s u r y Depa r t m e n t , a c c o r dingly, is p r e p a r e d to
r e c o m m e n d the a p p l i c a t i o n of the p r e s c r i b e d p e n a l t i e s
of law a g a i n s t p e r s o n s w h o r e mit funds h e r e a f t e r c o n t r a r y
to the Regu l a t i o n s .
The T r a d i n g w i t h the e n e m y Act, u n d e r w h i c h the
R e g u l a t i o n s w e r e issued, p r o v i d e s a m a x i m u m p e n a l t y
of a $ 10,000 fine a nd ten years in p r i s o n for e a c h
illegal r e m i t t a n c e .
oOo
316
Public notice is hereby given that the m i i p p i n e C^errment has
determined to exercise its option to call all outstanding bonds oi the
following is sue si
All outstanding bonds of the Philippine Islands 4 ^
Collateral Loan of 1926 (1936-1956) dated January 1, 1926 due
January 1, 1956 are hereby called for redemption on January 1*
1952, on -which date interest on such bonds will cease.
Ail outstanding bonds of the Philippine Islands 4 X/%/°
Collateral Loan of 1927 (1937-1957), Camarines Sur, dated
August 1, 1927, due August 1, 1957, are hereby called for
redemption on February 1, 1952 on which date interest on such
bonds will cease.
PHILIPPINE ISLANDS 5% GOLD I Q M OF 1925 (1935-1955)
All outstanding bonds of the Philippine Islands 5% Gold
Loan of 1925 (1935—1955) dated April 1, 1925* due April 3-,
19555 are hereby called for redemption on April 1, 1952 on
which date interest on such bonds will cease.
All such bonds will be redeemed at the Treasury of the United States,
Washington, D. C., or throu^i any Federal Reserve Bank to which » b o n d s
must be presented and surrendered.
M* Cuaderao
( Espressioni )
( Seal of )
(Central Bank)
( of the )
(Philippines )
Signature
Governor
Central Bank of the Philippines
mìe
Manila, P* I.i
November 26# 1$$1
Date
~
~
Treasury Department
Washington 25, D • C
Press Service
Release, Morning Newspapers
W
No •
O
.x
/<? ^
3
Monday, December 10, 1951
The Secretary of the Treasury announced today that the Philippine
Government has exercised its option to call for redemption three issues
of Philippine Government bonds issued prior to May 1, 1934 which are
redeemable at par at the pleasure of the Philippine Government on any
interest payment date* These bonds will be paid from funds on deposit in
a Special Trust Account established in the name of the Secretary of the
Treasury as provided in the Philippine Independence Act, as amended in
1939* The issues called and dates on whi 6h called for redemption aret
Issue
P* I* 4 l/2# Collateral
Loan of 1926
(1936-56)
P* I. 4 1/2% Collateral
Loan of 1927
(1937-57)
Camarines Sur
P. I*
5% Gold Loan of
1925 (1935-55)
Amount
Outstanding
Called for
Redemption on;
$
January
1, 1952-
February
1, 1952
April
1, 1952
151,500
1,000
1 ,840,000
Of the outstanding Philippine Government bonds issued prior to
May 1, 1934, these are the only issues which are callable prior to
maturity.
The text of the notice of call issued by the Central Bank of the
Riilippines as Fiscal agent of the Philippine Government, under the pro
visions of Section 124 of the Philippine Central Bank Act, is attached.
TREASURY DEPARTMENT
Information Service
W A S H I N G T O N , D.C.
31 Q
O X w
R E L E A S E M O R N I N G NEWSPAPERS,
Monday, D e c e m b e r 10, 1951«
S-2903
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 t o d a y that the
Philippine G o v e r n m e n t h as e x e r c i s e d its o p t i o n to call for
r e d e m p t i o n three issues of P h i l i p p i n e G o v e r n m e n t b o nds i s s u e d p r i o r
to M a y 1, 1934 w h i c h are r e d e e m a b l e at p a r at the p l e a s u r e of the
Philippine G o v e r n m e n t on a n y i n t e r e s t p a y m e n t date.
These bonds
will be p a i d f r o m funds on d e p o s i t in a S p e c i a l T r u s t A c c o u n t
e s t a b l i s h e d i n the name of the S e c r e t a r y of the T r e a s u r y as p r o
vided in the P h i l i p p i n e I n d e p e n d e n c e Act, as a m e n d e d in 1939«
The issues called and d a t e s o n w h i c h ’ call e d for r e d e m p t i o n are:
Issue
P.I.
P.I.
P.I.
4 1/2$ C o l l a t e r a l
L o a n of 1926
(1936-56)
4 1/2$ C o l l a t e r a l
L o a n of 192?
(1937-57)
Camarines Sur
Amount
Outstanding
$
151,500
1,000
C a l l e d for
R e d e m p t i o n on:
January
F e b r u a r y 1,
5%
Gold L o a n of
1925 (1935-55)
1,840,000
1,1952
April
1952
1 , 1952
Of the o u t s t a n d i n g P h i l i p p i n e G o v e r n m e n t b o nds i s s u e d p r i o r to
May 1, 1934, these are the o n l y issues w h i c h are ca l l a b l e p r i o r to
maturity.
The text of the noti c e of call i s s u e d b y the C e n t r a l B a n k of
the P h i l i p p i n e s as F i s c a l agent of the P h i l i p p i n e Government, u n d e r
the p r o v i s i o n s of S e c t i o n 124 of the P h i l i p p i n e C e n t r a l B a n k Act,
is attached.
2
320
NOTICE OF C A L L F O R R E D E M P T I O N OF O U T S T A N D I N G P H I L I P P I N E G O V E RNMENT
B O N D S I S S U E D PRIOR'''£0 M A Y 1. 1034 A N D R E D E E M A B L E A T THE P L E A S U R E
0^ THE pHILii^PINE GOVERNMENT.
----*
---
Public notice is hereby given that the Philippine Government
has determined to exercise its option to call all outstanding
bonds of the following issues:
k 1/2%
PHILIPPINE ISLANDS
C O L L A T E R A L L O A N OP 1Q26
All outstanding bonds of the Philippine Islands
^ 1/2 % Collateral Loan of 1926 (1936-1955) dated
January 1, 1926 due January 1, 1956 are hereby called
for redemption on January 1, 1952, on which date
interest on such bonds will cease.
PHILIPPINE ISLANDS
k 1/2%
C O L L A T E R A L L O A N OF 1927
~
T1937-1957) CAMARINES~SUl^
All outstanding bonds of the Philippine Islands
4 1/2 Collateral Loon of 1927 ( 1937 - 1957)5 Camarine 3 Sur,
dated August 1, 1927 , due August 1/ 1957, are hereby
called for redemption on February 1 , 1952 on which date
interest on such bonds will cease.
P H I L I P P I N E I S L A N D S 5$ G OLD L O A N OF 1925
(1935-1955)
All outstanding bonds of the Philippine Islands
5% Gold^Loan of 9 2 5
dated April
due April
5
hereby called for redemption on
April
on which date interest on such bonds will
Cease.
I (1935-1955)
1, 1955 &re
1, 1952
1, 1925a
All such bonds will be redeemed at the Treasury of the
United States, Washington, D. C., or through any Federal Reserve
Bank to which bonds must be presented and surrendered.
M,
Impression ]
Seal of
)
Central Bank]
of the
)
Philippines )
Manila, P.I.:
¡
Signature
Governor
Central Bank of the Philippines
Title
November 26 , 1951
Bate
—
Cuaderno
0O0
RILRASI, MOENXHQ KEWSPAFERS,
J ft >
/
^
Tuesday, December lip 1951»
The Secretary of the Treasury announced last evening that the tenders for
11,200,000,000, or thereabouts, of 91*day Treasury bills to be dated December 13# 1951,
and to mature March 13# 1952# which were offered on December 6# were opened at the
Federal Reserve Banks on December 10«
The details of this issue are ae follows?
Total applied for * $l,883,lk3,©00
Total accepted
- 1,200,35k,000
Average price
_
(include# |1T7,5T1#000 entered on a
non-competitive basic and accepted in
full at the average price shown below)
* 99.57©/* Equivalent rate of discount approx. 1.7005 par anuaa
Range of accepted competitive bidet
High
* 99.600 Equivalent rate of discount approx. 1.5825 per annua
« 99.565
*
«
»
«
*
1.7215 *
•
(T oereent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Mew fork
Philadelphia
|
18,057,000
1 *309*769,00©
28.573.000
k9,069,000
19,71*5,000
37.357.000
209,1*68,000
28.293.000
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
8
15,267,000
68k,3k9,G0O
12,6k3,GOO
k9,069,000
19,7k5,00©
35,k27,000
181,678,000
80.211»000
22,3k0,000
12,79k,000
3k,82k,000
5k,797,000
77.k21.QOO
#1,883,11*3,©©©
H,200,35k,000
.
12 980.000
3k,82k,000
5k,797,000
TOTAL
Total
Accepted
322
RELEASE M O R N I N G NEWSPAPERS,
Tuesday, D e c e m b e r 11, 19 5 1 .
S -2904
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 , 2 0 0 ,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y h i lls
to be d a t e d D e c e m b e r 13 , 1951, and to m a t u r e M a r c h "13 , 1952 , w h i c h
were o f f e r e d on D e c e m b e r 6 , w ere o p e n e d at the F e d e r a l R e s e r v e Banks
on D e c e m b e r 10.
The d e t a i l s * o f this issue are as follows:
T o t a l a p p l i e d for - $ 1 , 8 8 3 , 1 4 3 , 0 0 0
Total accepted
1,200,354,000
A v e r a g e price
Range
- 9 9 . 5 7 0 / E q u i v a l e n t rate of d i s c o u n t a p p r o x
1 .700$ p e r a n n u m
of a c c e p t e d c o m p e titive bids:
9 9 «600 E q u i v a l e n t rate
1 .582$
- 9 9 . 5 8 5 E q u i v a l e n t rate
1.721$
High
Low
(7
(includes $ 1 7 7 , 5 7 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
basis a n d 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)
of d i s c o u n t approx.
per annum
of d i s c o u n t approx.
per annum
p e r c e n t of the a m o u n t bid for at the low price w as a c c epted)
Federal R e s erve
District
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Cit y
Dallas
San F r a n c i s c o
T o tal
A p p l i e d for
$
TOTAL
18 ,057,000
1 , 309,769,000
28,573,000
Total
Accepted
49,069,000
19 ,7 ^ 5,000
37,357,000
209,^ 68,000
28,293,000
12 ,980,000
34,824,000
54 ,797,000
80,211.000
15,267,000
684,349,000
12,643,000
49,069,000
19,745,000
35,427,000
18 1 ,678,000
22,340,000
12,794,000
34,824,000
54,797,000
77,421,000
$ 1 ,883, 143,000
$1,200,354,000
0O0
$
IMMEDIATE RELEASE
December H , 1951
The Bureau of Customs announced today preliminary figures showing^
the inports for consumption of commodities on which quotas were prescribed
by the Philippine Trade Act of 191*6, from January 1, 1951 , to December 1,
1951, inclusive, as follows:
:
: Established Quota
î
Quantity
•
Products of the
Philippines
•
Unit of : Imports as of
Quantity : Dec* 1, 1951
*
»
Gross
575,681
200,000,000
Number
963,585
14*8,000,000
Pound
102,838,717
Cordage *•*•••••••...
6,000,000
Pound
Quota filled
...
1 ,01*0,000
Pound
-
1 ,901*,000,000
Pound
6,500,000
Pound
Buttons ........ ..
850,000
..
Coconut Oil •••••«
1 ,000,000
Sugars
(unrefined
...
1 ,389,650,502~)
¿89,691
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, December 12, 1951
S-2905
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were prescribed
by the Philippine Trade Act of 191*6, from January 1, 1951, to December 1,
1951* inclusive, as follows:
Products of the
Philippines
:
:
Established Quota
Quantity
Buttons .........
850,000
Cigars ..........
:
:
Unit of
Quantity
:
:
Imports as of
Dec. 1, 1951
Gross
575,681
200,000,000
Number
963,585
Coconut Oil......
iUj.8,000,000
pound
Cordage ... ......
6,000,000
4
Rice ............
1,01*0,000
»
Sugars
102,838,71?
Quota filled
(refined ................ .........................
1 ,000,000
1 ,9014,000,000
pound
(unrefined.......
1 ,389,650,502
Tobacco ...............
6,500,000
pound
1*89,691
IMMEDIATE RELEASE
December SIJ.» 1951
l
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 December 1* 1951* inclusive, as follows?
----- -Commodity
Period and Quantity
Unit
of
Quantity
Imports as of
Dec« 1, 1951
Whole milk, fresh or
S0Ur »........... ...»
Calendar year
3 *000,000
Gallon
19,751*
C r e a m ............. .
Calendar year
1 ,£00,000
Gallon
1,751*
Butter •»••••••••••••••
Nov» 1, 1951“*
£0,000,000 Pound
781*
29,239,808
Pound
Quota filled
150,000,000
21*9,600,000
Pound
Pound
10,660,316
5 ,000,000
Pound
Quota filled
Gallon
Gallon
Gallon
Quota filled
Quota filled
Quota filled
Mar. 31, 1952
Fish, fresh or frozen,
filleted, etc», cod,
haddock, hake, pollock,
cusk, and rosefish ... Calendar year
White or Irish Potatoes:
certified seed »••»••• 12 months from
other •••»•••••••••••• Sept» l£, 1951
Walnuts •»•••••»•••••••
Calendar year
Petroleum and petroleum
products •••«•••••••»«
Calendar year
Venezuela
2,613,137,096
822,651*,271
Netherlands
Other countries 963,1*29,333
7,£28,019
326
fp
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, December 12, 1951
S-2906
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 December 1, 1951, inclusive, as follows:
Commodity
"■
Period and Quantity
Unit
'
of
Quantity
Imports as of
Dec« 1, 1951
Whole milk, fresh or
sour ••• «»
Calendar year
3 ,000,000
Gallon
19,75U
Cream #•••••
Calendar year
1 ,500,000
Gallon
1,7SU
Butter •••••l#*»........
Nov« 1, 1951Mar. yi9 1952
Fish, fresh or frozen,
filleted, etc#, cod,
haddock, hake, pollock,
cusk, and rosefish «« Calendar Year
White- or Ir?,.sh Potatoes:
certified seed •••••• 12 months from
other ««#,,........ .
Sept« 15, 1951
Walnuts •••.#••••••••••
Calendar year
Petroleum and Petroleum
products •••••••••••«
Calendar year
50,000,000 Pound
78U
29,239,808
Pound
Quota filled
150,000,000
2U 9,600,000
Pound
Pound
10,660,316
5,000,000
Pound
Quota filled
Gallon
Gallon
Gallon
Quota filled
Quota filled
Quota filled
,613,137,096
Venezuela
Netherlands
822,65U,271
Other countries 963,U29,333
7,528,019
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
1
;
Oct. 10,
1951
* June 3 0 ,
;
19 5 1
Oct. 4,
19 5 0
Increase or decrease:Increase or decrease
since June 30. 1951 :since Oct. 4 , 1 9 5 0 _
;
:Percent
:Percent: Amount
Amount
LIABILITIES
Deposits of individuals, partnerships,
and corporationsj
5.85
$48,729,481 $2,793,033
5.73 $2,848,811
$48,785,259
Demand........................... $51,578,292
1 8 ,9 3 8 ,1 0 9
1 .8 7
3.3^
633,3^1
35^,514
1 9 ,2 1 2 , 9 3 6
19,571,1+50
Time.............................
5 0 .0 3
9 10 J 22
-30.14
1,820,282 -1 ,1 7 8 , 3 0 2
3 ,9 0 9 ,3 0 6
2 ,7 3 1 ,0 0 4
Deposits of U. S. Government..........
2 1 .2 0
6 ,2 2 1
1,319
7,540
4.59
331
Postal savings deposits...............
7,209 .
Deposits of States and political
1 .0 6
56,984
-IO.3 S
-6 2 6 ,8 3 6
5 .3 5 6 .1+78
6 ,01+0 ,2 9 8
5,413,462
subdivisions........................
1
1
.0 6
882,314
l6 .l6
1,232,490
7 ,6 2 6 ,5 2 9
7 ,9 7 6 ,7 0 5
8 ,8 5 9 ,0 1 9
Deposits of banks.....................
Other deposits (certified and cash
-II . 1 6
-1 3 , 8 6 1 ___ =1*23
-140.087
1.115.190
1 ,1 2 9 , 0 5 1
1.255.277
iers* checks, etc.).................
6 .3 4
2.81
5 .3 1 9 .6 3 0
86,836,814
8 3 ,9 5 6 ,3 2 7
Total deposits...................
2,1+39,11+3
89,275,957
Bills payable, rediscounts, and other
1+7,988
1 0 0 ,9 2 2
1 1 6 ,0 2 0
32,890
1+7.55
1 ^ 8 ,9 1 0
3 5 2 .7 5
liabilities for borrowed money.......
i4.o6
16.72
1 7 8 ,1+80
207.317
1 .21+0 .19 1 +
Other liabilities.....................
1.269.031
1.447.511
Total liabilities, excluding
6.54
2,733,61+3
8 5 .2 9 7 .iA3
3.10
5.57»+.935
90.872.378
capital accounts...............
88.138.735
CAPITAL ACC ODETS
Capital stock:
-2 1 .91+
- 3 .0 9
-3,391
12 ,0 6 2
12,447
-385
Preferred........................
15,1153
1+.37
1
.
971
+.
1+88
9
6
.0
6
7
2.054,708
■
77
15.81+7
Common...........................
2.070.555
4.66
921
676
1
5
!
4
6
2
2
!
0
6
7
[
1
5
5
A 0t)8rX• ••»•••••••••••«•••*••••••
____ .75
2.082.617
1,989.9^1
8.10
2
2
6
,
2
0
1
2
3
,0
6
4
2,994,48b
•11
Surplus...............................
3 ,0 1 7 ,5 5 0
2 ,791,3^9
4.62
7.81
56,832
1,286,764
1,229,932
9 3 ,2 6 5
Undivided profits.....................
l, 193,499
-1 4 . 5 6
2 6 4 .8 8 6
3 1 6 .0 3 6
-46.029
Reserves..............................
5.121
1.93
270,007
Total surplus, profits, and
5.46
237.004
l & M o
4.574,321
reserves......................
4.452.871
1+.337.317
2.73
329.680
2.10
5 .2 1
61656.938 --- ^ 52ö!ö2ST
1 3 6 .9 1 2
Total capital accounts...........
6.327,258
Total liabilities and capital
6.44
5,90»+, 6 1 5
91,62^.701 _ 2 ,8 7 0 ,5 5 5 ,____ 3,03
9 ^. 6 5 8 .7 6 1
accounts
97.529.316
Percent
Percent
Percent
RATIOS:
39.08
34.92
U.S.Gov*t securities to total assets
34.71
NOTE: Minus sign denotes decrease.
29.65
3 2 .1 6
Loans and discounts to total assets
32.31
7.46
Capital accounts to total deposits
7.54
7-51
Statement showing comparison of principal items of assets and liabilities of active national banks
as of October 10, 1951, June 30, 1951»
October 1*, 1950
(In thousands of dollars)
Oct. 10,
1951
June 30»
1951
Oct. 1*,
1950
:Increase or decrease:Increase or decrease
:since June 30. 1951 •since Oct. 1*. 1950
: Amount
:Percent: Amount
:Percent
4,947
*+.953
4,975
-.6
-.12
-28
-.56
Commercial and industrial loans.....
Loans on real estate................
Consumer loans to individuals.......
Other loans to individuals: Single
payment loans of $3,000 and over...
All other loans, including overdrafts1
Total gross loans.................
Less valuation reserves.......
Net loans....... ...........
U. S. Government securities:
Direct obligations«..............
Obligations fully guaranteed.....
$1^,901,392
7,419.939
^,iK)6,Q36
$1^,331.830
7 ,279,042
4,397,651
$11,927,538
6.708,572
1/4,386,278
$569,562
ii*0,897
3,385
3.97
1.9^
.*19
$2,973,854
711,367
19,758
2^.93
1.353.510
1,371,375
3 ,692.77g
3 .612.021
31 ,773 »*>55 30,991,919
1*12 .501*
407.683
31.361.15 1 ’ 30.584.236
1,198,1*21*
3.291.226
27,512,038
-17,865
80,757
781,73b
4,821
776,915
33.git7.660
8,898
33,051,114
2,660
35,806,312
•
33.856.558
33.053.774
5,168,196
4,968,271
2,434,656
Number of banks......................
ASSETS
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 col
lection........ ..................
Other assets................ ........
Total assets.......... .........
2,380,837
179.671
41.585.262
72.946.413
1,333,012
12,864,033
9.223.403
23.11-20.1*1*8
i !ï W ! 4 5 5
97,529,316
343.977
27.lés.Obi
.
155,086
12.94
12.20
401,55.2.
4,261,617 ■15.49
2.52
1.18
, 68.527
19.92
15.43
' 2.54 . 4.193,090
2.4l
234.51
4,567,337
2,370,173
199,925
-53,319
1*,02
-2.21
178.597
40.635.298
71.219.534
985,074
12,370,1*80
8.897.587
178.578
42.925.988
70.094.049
1,164,852
10.802,333
8,446.917
t1,071*
^9^964
I.72O T 9
347,938
493,553
325.816
35.32
3.99
.3.66
22,253,11*1
1.180.086
94,653,761
20.4l4.102
I.II6.55O
91,624,701
1.167,307
-23.631
2,870,555
5.25
-1.99
3.03
1/ Adjusted to exclude single-payment loans of $3,000 and over,
.1*5
-I.3O
2.2**
796,546
6,238
802.784
3.588
10.60
2-43
.60
2.34"
2.42
-1 ,958.652
5,310
-1.953.342
-5.47
147.99
-5 .45.
I3 .I6
600,859
10,661*
.1*5
.61
1,093
-1 .340)726
-3-12
2,852,3.61* _ 4.07
168,160 il*.1*4
2,061,700 19.09
776.1*86 I z H
3.006.346
45.905
5,904,615
14-73
Vll
6.1*1*
2
prior to June 1951* All other gross loans, including loans to farmers, to brokers
and dealers and others for the purpose of purchasing and carrying securities, and
to hanks, etc., amounted to $5*01+6,000,000, an increase of 2* percent since June.
The percentage of loans and discounts to total assets on October 10, 195^ was
in comparison with 3^*3^ on
30 end 29«65 iu October 1950*
^
Investments of the banks in United States Government obligations (including
$9,000,000 guaranteed obligations) on October 10, 1951 aggregated $33,857*000,000,
which was an increase of $800,000,000 since June, but a decrease of nearly
$2,000,000,000, or 5 percent, since October of last year.
These investments were
35 percent of total assets, compared to 39 percent a year ago.
Other bonds, stocks
and securities of $7,729,000,000, which included obligation« of States and political
subdivisions of $5,168,000,000, were $1^7,000,000, or 2 percent, more than in June,
and $613,000,000, or 9 percent, more than held last October. The total securities
held amounting to $1+2,000,000,000 was an increase of $1,000,000,000 since June, but
was 3 percent less than the amount held on October *+, 1950.
Cash of $1,333,000,000, reserve with federal Reserve banks of $12,86*+,000,000
and balances with other banks (including cash items in process of collection) of
$9 *223,000,000, a total of $23,*+20,000,000, showed an increase of $1 ,167*000,000,
or 5 percent, in the quarter.
The unimpaired capital stock of the banks on October 10, 195^ was
$2 ,083,000,000, including $12,000,000 of preferred stock.
Surplus was $3 ,017,000,001
undivided profits $1,287,000,000 and capital reserves $270,000,000, or a total of
$H,57*4-,000,000. Total capital accounts of $6,657,000,000, which were 7.M-6 percent
of total deposits, were $137,000,000 more than in June when they were 7.51 Peroent
of total deposits.
TREASURY DEPARTMENT
COMPTROLLER OF THE CURRENCY
Washington* D. C.
p PLEASE
MORNING NEWSPAPERS
„,
:
^-Vn iJL.
Press Service
No..J —
7
1
The total assets of national hanks on October 10, 1951 amounted to more than
$37,000,000,000, it lias announced today by Comptroller of the Currency Preston
Delano*
The returns covered the *4,9*47 active national banks in the United States
and possessions*
I
The assets were nearly $3*000,000,000 more than the amount re
ported by the *4,953 active banks on June 30» 1951» t*16 &ate of the previous call,
and were nearly $ 6,000,000,000 more than reported by the *4,975 active national
banks as of October *4, 1950*
The deposits of the banks on October 10 were $89*000,000,000, an increase of
over $2,000,000,000 since June, and exceeded by $5,000,000,000 the amount reported
on October *4 last year.
Included in the recent deposit figures were demand deposits
of individuals, partnerships and corporations of
$51 *578»000,000,
which increased
$2,793,000,000 since June, and time deposits of individuals, partnerships and
corporations of $19,571,000,000, an increase of $358,000,000.
Deposits of the
United States Government of $2,731*000,000 were down $1,178,000,000 since June;
deposits of States and political subdivisions of $5**41*4,000,000 showed a decrease
of $ 627,000,000; and deposits of banks amounting to $8,859*000,000 increased
$1,233,000,000 since June*
Postal savings were $8,000,000 and certified and
cashiers* checks were $1 ,115 ,000,000*
Net loans and discounts on October
high.
They were
$777,000,000 above the June figure and $*4,000,000,000, or 15
percent, above the October
*4 figure last year.
of the recent call date were
June.
10, 1951 were $31 *3.$1*000,000, an all-time
Commercial and industrial loans
as
$1*4,901,000,000, an increase of $569,000,000 since
Loans on real estate of
$7,*420,000,000 were up 2 percent in the period.
Consumer loans to individuals were
$*4,*106,000,000, exclusive of single-payment loans
to individuals of $ 3,000 and over^which were included with this class of loans
TREASURY DEPARTMENT
Information Service
W A S H I N G T O N , D.C.
331
R E t E A S E M O R N I N G NEWSPAPERS,
Thursdasr, D e c e m b e r 13 , 1 9 5 1 .
S -2907
The total assets of n a t i o n a l banks on O c t o b e r 10, 1951
a m o u n t e d to m o r e tha n $ 97 *000, 000,000, it was a n n o u n c e d t o d a y 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 re t u r n s covered
the 4 , 9 4 7 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 ssessions.
The assets were n e a r l y $ 3 , 0 0 0 , 0 0 0 , 0 0 0 m o r e than the
amount r e p o r t e d b y the 4 , 953 a c tive banks on June 30, 1951, the
date of the p r e v i o u s call, an d w ere n e a r l y $ 6 , 000, 000,000 m o r e
than r e p o r t e d by the 4 , 975 active n a t i o n a l banks as of O c t o b e r 4,
1950.
The d e p o s i t s of the banks on O c t o b e r 10 w e r e $ 8 9 , 0 0 0 , 0 0 0 , 0 0 0,
an in c r e a s e of o v e r $ 2 , 0 0 0 , 0 0 0 , 0 0 0 since June, a n d e x c e e d e d by
$ 5 , 0 0 0 , 0 0 0 , 0 0 0 the a m o u n t r e p o r t e d on O c t o b e r 4 last year.
Included
in the r e c e n t d e p o s i t figures were d e m a n d d e p o s i t s of individuals,
p a r t n e r s h i p s a nd c o r p o r a t i o n s of $ 5 1 , 578 , 000, 000, w h i c h i n c r e a s e d
$ 2 , 7 9 3 , 0 0 0 , 0 0 0 since June, and time d e p o s i t s of individuals,
p a r t n e r s h i p s a nd corpo r a t i o n s of $ 19 , 571 , 000,000, a n inc r e a s e of
$358,000,000.
D e p o s i t s of the U n i t e d States G o v e r n m e n t of
$ 2 , 7 3 1 , 0 0 0 , 0 0 0 w e r e d o w n $ 1 , 1 7 8 , 0 0 0 , 0 0 0 since June; d e p o s i t s of
States a n d p o l i t i c a l s u b d i v i s i o n s of $ 5 , 4 1 4 , 0 0 0 , 0 0 0 showed a
decrease of $ 627 , 000, 000; and de p o s i t s of banks a m o u n t i n g to
$ 8 , 8 5 9 , 0 0 0 , 0 0 0 i n c r e a s e d $ 1 , 2 3 3 , 0 0 0 , 0 0 0 since June.
P o s t a l savings
were $ 8 , 000,000 and c e r t i f i e d and c a s h i e r s ’ checks were
$ 1 ,1 1 5 , 000, 000.
N e t loans a n d d i s c o u n t s on O c t o b e r 10, 1951 were
$31,361,000,000, a n al l - t i m e high.
T h e y wer e $ 7 7 7 , 0 0 0 , 0 0 0 above
the June figure and $4,000,000,000, or 15 percent, a b ove the
October 4 figure last year.
C o m m e r c i a l a n d i n d u s t r i a l loans as
of the r e c e n t call date were $14 , 9 0 1 , 0 0 0 , 0 0 0 , a n i n c r e a s e of
$569, 0 0 0 , 0 0 0 since June.
L o ans on rea l estate of $ 7 , 4 2 0 , 0 0 0 , 0 0 0
¥ere
2 P e r c e n t ln the Period. C o n s u m e r loans to i n d i v i d u a l s
were $ 4 , 4 0 6 , 0 0 0 , 0 0 0 , e x c l u s i v e of s i n g l e - p a y m e n t loans to
individuals of $ 3,000 and over, w h i c h were i n c l u d e d w i t h this
class of loans p r i o r to June 1951»
A i l o t h e r gross loans, i n c l u d
ing loans to farmers, to brokers a nd d e a l e r s a nd others for the
purpose of p u r c h a s i n g a nd c a r r y i n g securities, a nd to banks, etc,,
amounted to $5,046 , 0 0 0 , 0 0 0 , a n i n c rease of l£ p e r c e n t since June.
The p e r c e n t a g e of loans and d i s c o u n t s to total a s sets on
October 10 , 1951 was 32.16 in c o m p a r i s o n w i t h 32.31 on June 30 and
29.65 in O c t o b e r 1950.
-2
-
332
■':"
■pipi .••V/ "
,
Investments of the banks In United States Government
iinciuding $9 ,000,000 guaranteed obligations) on
of 4800 non n n o \ ? ? Sref ted ^ 3 , 8 5 7 , 000,000, which was an increase
nin ’
000,200 since June, but a decrease of nearly
^2,000,000,000, or 5 percent, since October of last voar
These
investments were 35 percent of total assets, compared t o *39
as £; „ ° ther b o n d s > Stocks a nd sec u r i t i e s of
^ '¿I. .
^00, 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 oolitlcal
s u b d i v i s i o n s of $5,168,000,000, w e r l $147) 000,D O O / o r f p e r c e n t
$613 ,000,000, or 9 percent, more than held
securities held amounting to
$42,000,000,000 was an increase of $1,000,000,000 since June but
was 3 percent less than the amount held on October 4, 1950 . 9
last Ontohei Ju? h ’
41? 86^ ™ ^ ^ ! ^ ° ? ’°°°’
reserve wlth Feder
f 12 ,004 ,000,000 and balances with other banks (including cash
4?8m!?nno ^ ° o n n S °£ °°llection) of $9,223,000,000, a total of
$¿3,420,000,000, showed an increase of $1,167,000 000 or
5 percent, in the quarter.
'
*
*
3
non
jap±taX stock of the banks on October 10, 1951
was $-,083,000,000, including $12,000,000 of preferred stock!
Surplus was $3,017,000,000, undivided profits $1,287,000,000 and
capital reserves $270,000,000, or a total of $4,574,000 000
Tota! capital accounts of $6 ,657 ,000,000, which were 7.46 ^¿rcent
of total deposits, were $137,000,000 more than in June when they
were 7 , 5 1 percent of total deposits.
y
0O0
Statement showing comparison of principal items of assets and liabilities of active national banks
as of October 10, 1951, June 30, 1951 and October k, 1950
3
(In thousands of dollars)
:
•
Number of banks........
ASSETS
Commercial and industrial loans..**,»•
Loans on real estate........ ......
Consumer loans to individuals ......
Other loans to individuals: Single
payment loans of $3-000 and over.,i
All other loans, including overdrafl:s
Total gross loans............*..,
Less valuation reserves..*...,
Net loans..................
U* S. Government securitiesDirect obligations«.......
>+
Obligations fully guaranteed....,)9
Total U. S. securities........
Obligations of States and political
subdivisions .................
Other bonds, notes, and debentures.,>•
Corporate stocks, including stocks
of Federal Reserve banks.••••••••«
9
•
Currency and coin...........
Reserve with Federal Reserve
•
Balances with other banks...
•
Total cash, balances with other
banks, including reserve balances
and cash items in process of col
lection......... *...... .....
Other assets........................
Total assets............... .
Oct. 10,
1951
il, w
. June 30,
s
1951
r
li,953
Increase or decrease: Increase or decrease
:since June 30, 1951 :
since Oct.k, .1950
; Amount
•percent: Amount
•Percent
-6
li,975
-.1 2
-28
-.5 6 >
. Oct. k 9
1950
;
$ l!i,901,392 filli, 331,830 $11,927,538
7,279,01-2
6,708,572
7,iil9,939
li,l}06,036
it,397,651 l/ li,3 8 6 ,278
$569,562
11(0,897
8,385
3.97
1.9k
.19
1,353,510
3,692,778
31,773,655
iil2,50li
31,361,1^1
30,991,919
1(07,683
3 0 ,58h,236
33,8ii7,660
8,898
33,856,558
33,051, lli i
2,660
33,053,77U
3,588
35,809,900
5,168,196
2,380,837
li, 968,271
2,l(3ii,656
l i ,567,337
2,370,173
199,925
11.02
-53,819
-2.21
179,671
178,597
i ll, 585, 262 k o ,635,298
72,9li6,itl3 " 7 l , 2l9,53li
1,333,012
9&5,07ii
12,370,ij80
12,86k,033
9,223,k03
8,897,587
178,578
lié. 925.988
70,09k,0k9
~ i,16li,852
10,802,333
8,lili6, 917
1,071;
OI.Q QAJ,
1,726,879
'3ïï7 ,5 3 8
li93,553
325,816
p 0»,
2.h2
35.32
3.99
3.66
1,371,375
3 , 6 12 ,0 2 1
2k. 93
10.60
•k5
1 ,198,h2l+
3,291,226
27,512,038
31(3,977
27.168.061
-17,865
- 1 .3 0
155,086
12.9ÎI
80,757
2.211
1(01,552 12.20
781,736
2 .5 2
ll,261,617
15.1i9
li, 821
1.18
68,527
19.92
-y-'T'a—
7f?A
Q"1d -- 2 ??." 41.,ttyj
no5uyu
non -q
.
■0,yx?
1P.k3
3 5 , 806,312
2 .I 11 -1,958,652
6,238 23U. 5 1
5,310
802,78k ~ C T T “ -1,953,31(2
-5.1i7
11(7.99
-5i'55
600.859
10,66k
33.16
23,li20,iilt8
20,klk,102
22 , 253 , i ia
1.162.Ü55 — I7IB6TÔBo '''— m t '"55Ô "
9l(,658,76l
97,529,316
91,6211,701
1/ Adjusted to exclude single-payment loans of $3,000 and over,
$2,973,851t
711,367
19,758
796,5116
1,167,307
-25 651
2,870,555
*60
5.25
—I 00
—-j-.yy
3.03
.li5
.61
1,093
0 Vo1
f,24b, f¿.u -1.12
2,852,361i
ii.0 7
168,16Ü" Ik .k k
2,061,700
19.09
776,k86
9.19
3,006,3li6
i.c ond
iii .7 3
1.
to
4
.-L
-L
<6>.liU
5,90li,6i5
— Co--CO
Comparison of principal items of assets and. liabilities of national banks — continued.
h
(In thousands of dollars)
* Oct. 10,
:
1951
LIABILITIES
Deposits of individuals, partnerships 9
and corporations:
Demand.......... .......... . .. $51,578,292
Time... .................
.. 19,571,1(50
Deposits of U. S. Government.•••*•••• ..
2,731,00k
Postal savings deposits............ ••
7,51(0
Deposits of States and political
subdivisions....... .
..
5,1(13,1(62
Deposits of banks.... ........... ..
8,859,019
Other deposits (certified and cash
iers» checks, etc.
..
1,115,190
Total deposits
•• 89,275,957
Bills payable, rediscounts, and other
liabilities for borrowed moneys....,►•
lit8,910
Other liabilities.
I f ¿47,511
Total liabilities, excluding
capital accounts
90,872,378
CAPITAL ACCOUNTS
Capital stock;
Preferred.
12,062
Common............
.
2,070,555
•
2,082,617
.
3*01/,550
Undivided profits....... *••••••*... •
l,286,76ij;
Reserves....................... . •
270,007
Total surplus, profits, and
reserves.
.
¿4,571;,321
Total capital accounts........... •
6,ò 5ò ,938
Total liabilities and capital
accounts................ # . 97,529,316
RATIOS:
Percent
U. S. Gov»t. securities to total asj
Loans and discounts to total assets
32.16
Capital accounts to total deposits
7.1}6
1
June 30,
1951
$¿48,735,259
19 ,212,936
3 ,909,306
Oct, I4,
:
1950
•
]Increase or decrease: Increase or decrease
since June 30, 1951 :since Oct. I}, 1950
* Amount
:Percent: Amount
:Percent
7,209
^1}8,729*1}81
18,938,109
1,820,282
6,221
358,511;
1.87
-1,178,302 -30.12(
331
1(.59
$2,81(8,811
633,31(1
910,722
1,319
6,0li0,298
7,626,529
5,356f78
7,976,705
-626,836 -10.38
1,232,1(90 16.16
56,981;
882,3H(
1.06
11.0 6
1,255,277
86,836,811}
1,129,051
83,956,327
-Iii0,087 -11.16
2.81
2,1(39,11(3
«13,861
5,319,630
«1.23
6.31}
32,890
1,269,031
100,922
l,2k0,ipk
116,020 352.75
178,1(80 ll(.06
1(7,988
207,317
1(7.55
16.72
88,138,735
85,297,1(1(3
2,733,61(3
3.10
5,57l(,935
6.51}
12,1(147
2,0514,708
2,067,155
“ 2,99ii,i;86
1,193,1(99
2624,886
15,U53
1,9724,1(88
1,939,91(1
2,791,31(9
1,229,932
316,036
-385
15,81(7
15,1(62
" 23,0fcl(
93,265
5,121
-3.09
.77
.75
.77
7.81
1.93
14,2452,871
“ '6,520,026
1(,337,317
“ 6',327,258
121,!}50
“ 136,912
2.73
2.10
237,00l(
329,680
5.1}6
5.21
9l},658,761
Percent
91,62l(,701
Percent
39.08
29.65
7.51}
2,870,555
3.03
5,90l(,6l5
6.14}
3U.92
32.31
7.51
12 ,793,033
5.73
5.85
3.31;
50.03
21.20
-3,391 -21.91;
96,067
k.87
92,676 — 1T.ÏÏ6
226,201
8.10
56,832
I}.62
-I}6,029 -ll}.56
NOTE: Minus sign denotes decre^g^.
4*.
/
-F^TIMMEDIATE RELEASE,
December H . *1951
Z l o V
IX
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, 191*2,
for the 12 months commencing May 29, 1951, as follows:
Wheat
Country
of
Origin
t
:
Imports
* Established :
:
Quota
«May 29, 1951, to
#
«December 1, 1951
(Bushels)
(Bushels)
795,000
Canada
China
*
Hungary
Hong Kong
—
Japan
100
United Kingdom
Australia
100
Germany
*10 0
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
f
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
100
Socialist Reptiles
100
Belgium
■ffuo,uou
554,963
mm
—
mm
mm
.,
imm
mm
”
10
—
Wheat flour, semolina.,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
* May 29, 1951,
: to Dec. .1, 195
(Pounds)
(Pounds)
3,81$,000
24,000
13,000
13,000
8,000
75,000
1,0 0 0
5,000
5,000
1,0 0 0
1,0 0 0
1,0 0 0
14,0 0 0
2,000
12,000
1,000
1,000
. 1*000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
*■*
-
554,973
5 , ODD",TOD
3,815,000
11,200
62
—
—
—
423
115
—
- .
3 ,826,800
336
TREASURY DEPARTMENT
Washington
■IMMEDIATE RELEASE,
Wednesday, December 12, 1951
S-2908
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the Presidents proclamation
of May 28, 1981, as modified by the Presidents proclamation of April 13, 1982,
for the 12 months commencing May 29, 1951, as follows;
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Wheat
Country
of
Origin
Established :
Imports
Quota
¡May 29, 1951, to
¡December 1, 1951
(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
551,963
1
-
«
100
2,000
100
1,000
aw
100
•w
Established ;
Imports
Quota
May 29, 1951,
<to Dec* 1, 195
(Pounds)
(Pounds)
-
3,815,000
21;,000
13,000
13,000
8,000
75,000
1,000
-
5,ooo
•
-
mm
mm
•w
10
mm
mm
m
mm
m.
mm
m
-
mm
1,000
100
100
mm
5,000
1,000
1,000
1,000
18,000
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
«M
11,200
mm
62
mm
mm
mm
m
m
1*23
115
mm
aw
‘
mm
aw
100
100
•*
-
E,ooo,ooo
3,826,800
'
800,000
551*»973
-
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 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
: Established
: TOTAL QUOTA
United Kingdom ........ .
Canada ................
France ................
British India ........
Netherlands ...........
Switzerland..... ..... .
Belgium ...............
Japan .................
China ................
Egypt ........... .....
C u b a ..... ............
Germany ....... .
Italy ........
4,323,457
2 3 9 ,6 9 0
227,420
6 9 ,6 2 7
68,240
44,388
38,559
341,535
17,322
8,135
6 ,5 4 4
7 6 ,3 2 9
21,263
: Total imports
: Sept. 20, 1951 to
: Dec, 1, 1951
27,370
121,515
—
-
-
Imports
: Established :
:
33-1/3* of : Sept. 20, 1951
: Total Quota : to Dec- l r 1951
1,441,152
75,807
—■
22,747
1 4 ,7 9 6
12,853
—
—
—
—
25,443
7,088
27,370
—
—
—
—
—
**
—
—
—
■— .
—
5,432,509________148,335_____________ 1,599,386__________ 27,270.
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
1/
vUiUCJ.J'oiJJW. V U ,C iU -
¿sis
. - '
IMMEDIATE RELEASE
iV U I IO
V C iU U J
wr*>'
V ia M
"“v^-
a
i ü l i i v X L i e i i/W\LL
r> 9
O
December I>1,, 1-951
^ Preliminary 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 under 3/4”
Imports Sept . 20, 1951jfcoDecember 1« 1951. inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
Peru ...... i...... ..
British India .......
China ..............
Mexico .............
Brazil .............
Union of Soviet
Socialist Republics
Argentina .^
.
Haiti ...... *.......
Ecuador .............
783,816
247,952
2,003,48T
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
Imports
MF
—
—
1,368,855
—
—
—
—
—
Country of Origin
Established Quota
Honduras ........ ....
Paraguay ..............
Colombia .... ......
Iraq ......;.... .....
British East Africa ...
Netherlands E. Indies
Barbados ..............
l/0ther British W. Indies
Nigeria ... s.... ......
2/0ther British W . Africa
¿/Other French Africa ...
Algeria and Tunisia ...
Imports
732
871
124
195
”
2,240
71,388
21,321
5,377
16,004
689
1J 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. 20,1951.to December 1, 1951
Established Quota (Global)
70, 000,000
Tmpnrt.a
1,024,173
Cotton 1-1/8" or more, but less than 1-11/16a
Imports Feb» ljj.951 to December l r 1951
Established Quota (Global)
45,656,420
Cotton, harsh or rough (except cotton of perished
staple, grabbots. and cotton picking^~white in
_______ .
color, of l-3/l6 inches or more but less than 1-3/8 inches
Imports July 5. 1951. to December 1, 1951_______________ Established Quota (Global)
Imports
1,500,000
152,348
Imports
Quota Filled
esybish
*syj
Jo ® h
IMMEDIATE RELEASE
Wednesday, December 12, 1951
aaTiaaHHi
.TREASURY DEPARTMENT
Washington
S-2909
Pi*6linnnax^r data on imports Tor 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 under
Imports Sept, 20, 1951, to December 1, 1951, inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian °udah ....
Peru
British India •••••••
China ............. .
Mexico ..............
Brazil ..............
Union of Soviet
Socialist Republics
Argentina ...........
Haiti *#••,•■#•****»»,
Ecuador
783,816
21(7,952
2,003,1(83
1,370,791
8,883,259
618,723
Imports
1,368,855
1(75,12l(
5,203
237
9,333
Country of Origin
3/ku
Established Quota
Honduras..... .
Paraguay ••*«•••••«•
Colombia *««••••••••
Iraq
British East Africa
Netherlands E* Indies
Barbados •••«••«••••
l/other British W. Indies
Nigeria
_2/0ther British W„ Africa
3/0ther French Africa
Algeria and Tunisia
Imports
752
871
12l*
195
2,21*0
71,388
21,321
5,377
16,001*
689
1/ Other 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 3/1*»
Imports sept, ¿u, 1951, to December'1, T95l
Cotton 1-1/8» or more, but less than 1-11/16»
imports Feba 1, 1931 to December 1,1951
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
1,021*,173
U5,656,1*20
Imports
Quota Filled
Cotton, harsh or rough (except cotton of perished
stapie7~~grabbots, and cotton pickings'), white" in
-----color, of 1-3/16 inches or more but less than 1-3/8 inches:Imports July 5, 1951, to December 1, 1951"
...
Established Quota (Global) 11
in
Imports
i,5oo,do‘o
152,31*8
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:
.i
Country of Origin
:
United Kingdom ...... ...
Canada .«..... ......
France ...... .......
British India •••«.•• ...
Netherlands ••••••«•• ...
Switzerland .»••••.••
....
Belgium
Japan
China
...
Egypt .............. ...
Cuba ••••.••«••••••••
Germany ...... .
Italy ............... ...
...
1/
Established
TOTAL QUOTA
li,323,157
239,690
227,14-20
69,627
68,21*0
Total imports
Sept* 20, 1951 to
Pec* 1, 3951
27,370
121,515
—:
-—
—
: Established
s
33-1/3%
of
: Total Quota
1,1(1(1,152
:
Imports
: Sept. 20, 1951
: to Dec. 1, 1951
27,370
w
75,807
22,71(7
Hi, 796
12,853
A
38,559
3ld,535
17,322
8,135
6,5i*U
76,329
21,263
—
-
25,U(3
7,o88
-
5,1(82,509
11(8,885
1,599,886
27,370
Included in total imports, column 2
Prepared by the Bureau of Customs
-
•m
*.
«.
M,
•»
1/
Q£S
^ . B M K E M S RELEASE
I^
December //* 1901
Commissioner of Internal Revenue John B* IXmlap announced today
that the Bureau, of Internal Revenue will no longer follow the policy
under which the Bureau has at times refrained from recommending crimi
nal prosecution for tax violations because of the health of the tax**
payer* In connection with this change of policy the Commissioner
issued the following statement!
«It has been the long established policy of the Bureau of Internal
Revenue not to recommend criminal prosecution where standing trial
would endanger the taxpayer's life* Under this policy the opinion of
qualified Government doctors who have examined the taxpayer has been
decisive, and if their opinion has been that standing trial would
endanger the taxpayer's life or sanity, the criminal aspects of a case
under review have been disposed of without recommendation of prosecu
tion*
«this policy has not been based upon any desire to grant immunity
to tax evadersi it always has been and always will be the sincere
desire of the Bureau to secure and assist in full and vigorous enforce
ment of the internal revenue penal statutes through imposition of maxi
mum penalties provided by law* Rather the policy has been based upon
the view that enforcement efforts generally would be enhanced rather
than retarded if under such circumstances resort were limited to civil
statutory penalties of substantial additional money amounts*
«Since I have become Commissioner, however, I have reviewed the
policy thoroughly* It is my conclusion that while the general theory
of the policy may be sound, the Bureau of Internal Revenue is not a
proper agency to take part in carrying it out* The Bureau is charged
by law with the administration of the Federal tax laws, and in the
performance of this duty it gathers the evidence upon which criminal
prosecutions are based* It is my conclusion that in gathering and
transmitting this evidence to the prosecuting authorities, it should
not be a function of the Bureau to consider a collateral matter such
as health* Matters of this sort can more appropriately be taken into
account id thin the procedures provided by the Judicial process.«
341
±J
V U U
L
0 .1 1 U V J. ±XC-0JL
IMMEDIATE RELEASE,
Tuesday^ December 11, 1951»
1
l v
v U A iU U
S-2910
Commissioner of Internal Revenue John B. Dunlap announced
today that the Bureau of Internal Revenue will no longer follow
the policy under which the Bureau has at times refrained from
recommending criminal prosecution for tax violations because of
the health of the taxpayer.
In connection with this change of
policy the Commissioner issued the following statement:
!,It has been the long established policy of the Bureau
of Internal Revenue not to recommend criminal prosecution where
standing trial would endanger the taxpayer's life. Under this
policy the opinion of qualified Government doctors who have
examined the taxpayer has been decisive, and if their opinion
has been that standing trial would endanger the taxpayer's life
or sanity, the criminal aspects of a case under review have been
disposed of without recommendation of prosecution.
"This policy has not been based upon any desire to grant
immunity to tax evaders:
it always has been and always will
be the sincere desire of the Bureau to secure and assist in full
and vigorous enforcement of the internal revenue penal statutes
through imposition of maximum penalties provided by law. Rather
the policy has been based upon the view that enforcement efforts
generally would be enhanced rather than retarded if under such
circumstances resort were limited to civil statutory penalties
of substantial additional money amounts.
nSince I have become Commissioner, however, I have, reviewed
the policy thoroughly.
It is my conclusion that while the
general theory of the policy may be sound, the Bureau of Internal
Revenue is' not a proper agency to take part in carrying it out.
The Bureau is charged by law with the administration of the
Federal tax laws, and in the performance of this duty it gathers
the evidence upon which criminal prosecutions are based. It is
my conclusion that in gathering and transmitting this evidence
to the prosecuting authorities, it should not be a function of
the Bureau to consider a collateral matter such as health.
Matters of this sort can more appropriately be taken into
account within the procedures provided by the judicial process."
oOo
December 7, 1951
TO
M.
BiUSmTt
The following transactions were made in direct and guaranteed
securities of the Goveraaent for Treasury investment end other
accounts during the month of November,, 19511
Sales * « * • » * ♦ ' * • * * • * *
$12,134,000
Purchases • • • • # * • • •
^^J^JSSSiSSSi
* * *
list Sales # * * • « * * « • * * ♦
$ 3|63ktQOO _ „
(Sgd.) £• 0. BaracS
Chief, Division of Investments
%
TSisecarver 12/7/51
TREASURY DEPARTMENT
Information Service
W
ashington
RELEASE MORNING NEWSPAPERS
,d .c .
S-291I
Monday, December 17, 1951.
During the month of November 1951*
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in
net sales of $3,63^,000, Secretary
Snyder announced today.
0O0
- 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
hZ
and 117 (a-) (1) °£ the Internal Revenue Code,
as amended by Section 115> of the Revenue Act of 19Ul, the amount of discount at
which bills issued hereunder are sold, shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder need 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
-
m m
unless the tenders are accompanied toy an express guaranty of payment toy an in
corporated toank or trust company.
Immediately after the closing hour* tenders will toe opened at the Federal
Reserve Banks and Branches, following which public announcement will toe made toy
the Secretary of the Treasury of the amount and price range of accepted bids.
Those submitting tenders will toe 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
toe final.
Subject to these reservations, non-competitive tenders for '
”>200,000
or less without stated price from any one bidder will toe accepted in full at the j
average price (in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must toe made or completed at the
Federal Reserve Bank on
December 20, 195>1
"
> an
cas^ or other immediately avail-
aBS
able funds or in a like face amount of Treasury bills maturing December 20, .,1251a
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 toy
TREASURY DEPARTMENT
Washington
si
FOR RELEASE, MORNING NEWSPAPERS,
Thursday,, December 13, 19^1
The Secretary of the Treasury, by this public notice, invites tenders for
a I -900.000.000
> or thereabouts, °f „ ^ „ - d a y ^ r e a s u ^ b i l l s ^
2olt700^0'aQ ,
in exchange for Treasury bills maturing _ P e c ^ e ^ 0 1_ 1 2 & --->/to
issued on
a discount basis under competitive and non-ccmpetitive bidding as hereinafter
provided.
The bills of this series will be dated .Dec e m b e r ^ , lggl---- , and
will mature
interest.
March 20, 1952
"hen the face amount will be payable without
They w i l l i s s u e d in bearer form only, and in denominations of
11,000, $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, D e c k e r 17,J #1.
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
. 59
2
decimals, e. g.,
Fractions may not be used.
It is urged that t
be made on the printed forms and forwarded in the special envelopes which m i l
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 recognised
dealers in investment securities.
Tenders frcm 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 I N G T O N , D.C.
347
RELEASE MORNING NEWSPAPERS,
Thursday, December 13, 1951
S-2912
The Secretary of the Treasury, by this public notice, invites
tenders for $.1,200,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing December 20,
1951, in the amount of $ 1 ,202,700,000, to be. issued on a discount
basis under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 20, 1951,
and will mature March 20, 1952, whep 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 Branchés
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, December 17,-1951. 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 faceamount of Treasury bills applied for, 1101653 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 December 20, 1951* in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing December 20, 1951* Cash and exchange tenders
will receive equal treatment.
Cash adjustments will be made .for
differences between the par value of maturing bills accepted in
exchange and the issue price of the. new bills.
.The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills shall not have any special treatment, as such,
under*.the Internal Revenue Code, or laws amendatory or supplementary
thereto.
The bills shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority. For purposes of
taxation the amount of discount at which Treasury bills are originally
sold by the. United States shall be considered to be interest. Under
Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended
by Section 115 of the Revenue Act of 1941, the amount of discount at
which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed
of, and such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance
companies) issued hereunder need include in his income tax return
only the difference between the price paid for such bills, whether
on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during
the taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
IMMEDIATE RELEASE,
Friday, Daeember lit* 1951»
The Secretary of the Treasury today announced the subscription and
allotment figures with respect to the current offering o f 1-7/6 percent
Treasury Certificates of Indebtedness of Series
f-1952,
to be dated
December 15, 1951*
Subscription«
and allotment* were divided among the several Federal
Reserve D istrict* and the Treasury as follows*
Total Subscriptions
Federal Reserve
Received end Allotted
D istrict______ _
i
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
W(,685,000
639,21*7,000
20,579,000
99,325,000
11,1*33,000
8,181**000
130,91*8,000
25.706.000
13 .6 77.0 0 0
29 006.000
7.592.0 0 0
25 ,162,000
6.865.000
.
TOTAL
#1,062,609,000
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
34
IMMEDIATE RELEASE,
Friday, December 14, 1951*
3-2913
The Secretary of the Treasury today announced the
subscription and allotment figures with respect to the current
offering of 1-7/8
percent Treasury Certificates of Indebtedness
of Series F-1952, to be dated December 15, 1951.
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
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
44 ,885,000
639 , 247,000
20.579.000
99.325.000
11.433.000
8,184,000
130*948*000
25 ,706,000
13,677,000
29,006,000
7.592.000
25,162,000
6.865.000
TOTAL
$1,062,609,000
_______
__
BSLE1.SE, MORSI*} NEWSPAPERS,
Tuesday, DeesBibsr 18. 1951.
V
O' /
/
O 4* / ' /
the Secretary of the trees»? announced last erening that the tenders for
11,200,000,000, or thereabouts, of 91-day treasury bills to be dated December 2 0 , 1951
and to nature March 20, 1952, which were offered on Dacenber 1 3 , were opened at the
Federal Reserve Banks on December 1?*
The details of this issue are as follows!
Total applied for **> llf?96»8lOfOGQ
Total accepted
- 3.t2O0#8?6fOO0
Average price
(includes $179#629,QOQ entered on a
non-competitive basis and accepted in
foil at the average price shown below)
» 99.561* Equivalent rate of discount approx« 1.725Î per *m m
Range of acoepted competitive bidss
, 99,600 Equivalent rate of discount approx. 1«582$ per annua
- 99*560
«
«
•
■
*
"
High
Low
(66 percent of the nonnt bid for at ths low pries was accepted)
Federal Reserve
District_____ _
I
■
Boston
Mew Torte
Philadelphia
Cleveland
Richmond
Atlanta
Total
Applied for
Total
I
I
23 ,2 33 ,0 00
1,256,21*2,00©
22 362,000
5 2 .0 6 7 .0 0 0
23 .0 95 .0 00
26,061*^00
17 6,350,000
3 5 .1 91 .0 00
9,212,000
27.5 93 .0 00
1*7,358,000
96 .0 2 3 .0 0 0
52.087.000
22.755.000
26 , 061**000
173,250,000
31»,817,000
9 ,212,000
27.593.000
1*7,358,000
96.023.000
11,796,810,000
♦1,200,876,000
,
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
23,233,000
677,822,000
10,662,000
RELEASE M O R N I N G NEWSPAPERS,
Tuesday, D e c e m b e r 18, 1951.
S-2914
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 ,200,000,000, 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 D e c e m b e r 20, 1951, a nd to m a t u r e M a r c h 20, 1952, w h i c h
were o f f e r e d on D e c e m b e r 13, were opened at the F e d e r a l R e s e r v e
Banks on D e c e m b e r 17,
The d e tails
of this issue are as follows:
T o t a l a p p l i e d for - $ 1 , 7 9 6 , 8 1 0 , 0 0 0
Total accepted
1 , 2 0 0 , 8 7 6 , 0 0 0 (includes $ 1 7 9 , 6 2 9 , 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 n d a c c e p t e d i n full
at the a v e r a g e price s h o w n
below)
A v e r a g e p r ice
- 99.564 E q u i v a l e n t rate of d i s c o u n t approx.
1 .725$ p e r a n n u m
Range
of a c c e p t e d competitive bids:
High
Low
- 9 9 . 6 0 0 E q u i v a l e n t rate
1.582$
- 9 9 . 5 6 0 E q u i v a l e n t rate
1.741$
(66 p e r c e n t of the amount b i d for at the
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 F r a n c i s c o
TOTAL
of d i s c o u n t approx.
per annum
of d i s c o u n t approx.
per annum
low p r ice was a c c e pted)
Total
A p p l i e d for______
$
23,233,000
1,256,242,000
2 2 ,3 6 2 ,0 0 0
■ 52,087,000
23.095.000
26.064.000
178,350,000
3 5 .1 9 1 .0 0 0
9,212,000
27.593.000
47.358.000
9 6 .0 2 3 .0 0 0
$ 1 ,796 ,010,000
0O 0
Total
Accepted
$
23 ,233,000
6 7 7 ,8 2 2 ,0 0 0
1 0 ,6 6 2 ,0 0 0
52 ,087,000
22.755.000
26.064.000
1 7 3 ,2 5 0 ,0 0 0
34.817.000
9,212,000
27.593.000
^7,358,000
9 6 .0 2 3 .0 0 0
1,200,075,000
-3 -
ai m 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
as amended by Section
bZ
and
117 (a) (1) of the Internal Revenue Code,
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 aimer 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.
of the circular may be obtained from any Federal Reserve Bank or Branch.
Copies
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. I
The Secretary of the Treasury expressly reserves the right to accept or reject
any or all tenders, in whole or in parti a^d nas action in any such respect shallj
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 I
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
December 27j 195>1 * an cas^ or other immediately avail-i
.
3S5c
able funds or in a like face amount of Treasury bills maturing December 2?, 19?lA
Federal Reserve Bank on
Gash and exchange tenders will receive equ&l treatment.
Cash adjustments will bej
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
WXSEWX
TREASURY DEPARTMENT
Washington
iS
■
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. December
18, 1951___ .•
^
-----------
The Secretary of the Treasury, by this public notice, invites tenders for
I 1.200,000.OOP..-» or thereabouts, of
& »".gofclgoQP.,
in exchange for Treasury bills maturing December^ .
?^ ,1%>1-- >A 0
issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
The bills of this series vri.ll be dated ^Dec e m b e r ^ lggl---- , and
vri.ll mature
March 27. 1952
, when the face amount vri.ll be payable without
interest. They wiUteissued 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, Friday, Ttecenfcer 21,.J#1Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g.,
99.9 25-
Fractions may not be used.
It xs urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Brandies 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
W
ashington
,d .g .
355
RELEASE M O R N I N G NEWSPAPERS,
Tuesday,, December 18, 1951.
. S-2915
The S e c r e t a r y of the Treasury, b y this p u b l i c notice, invites
tenders for $ 1 ,200,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y bills,
for cash and in exchange for T r e a s u r y bills m a t u r i n g D e c e m b e r 27,
1 9 5 1 , i n th e amount o f $ 1 , 2 0 0 , 9 3 6 , 0 0 0 , to be is s u e d on a d is c o u n t
basis under c o m p e titiv e and n o n -c o m p e titiv e b id d in g as h e r e i n a f t e r
p ro vid ed . The b i l l s ,o f t h i s s e r i e s w i l l be d a te d December .27, 1951,
and w i l l m ature March 27, 1952, when the fa c e amount w i l l be p a y a b le
without i n t e r e s t . They w i l l be is s u e d i n b e a r e r form o n ly , and in
denom inations o f $ 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
$1,000,000 ( m a tu r ity v a l u e ) .
T e nders w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a nks and B r a n c h e s
up to the c l o s i n g hour, two o ’clock p.m., E a s t e r n S t a n d a r d t i m e >
F rid ay, December 21, 1951. Tenders w i l l n o t be r e c e iv e d a t th e
Treasury D ep a rtm en t, W ash in g to n . E ach te n d e r m ust be f o r an oven .
n u ltip le o f $ 1 ,0 0 0 , and in th e ca se o f c o m p e titiv e te n d e r s th e p r ic e
Dfferod must be e x p re sse d on the b a s is o f 100, w ith n o t mope th a n
three d e c im a ls , e , g., 99.925* F r a c t io n s may n o t be u s e d . I t . i s
urged t h a t te n d e r s be made on the p r in t e d form s and forw ard ed in the
s p e c ia l e n v e lo p e s w hich w i l l be s u p p lie d by F e d e r a l R e se rv e Bank's or
Branches on a p p l i c a t i o n t h e r e f o r ,
_
.
O th e rs th an b a n k in 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 itte d to subm it
tenders e x c e p t f o r t h e i r own a c c o u n t. Tenders w i l l be. r e c e iv e d
without d e p o s it from in c o r p o r a te d banks and t r u s t com panies and from
re sp o n sib le and r e c o g n iz e d d e a le r s i n in v e stm e n t s e c u r i t i e s .
Tenders
from o th e r s must be accom panied by payment o f 2 p e r c e n t o f th e fa c e
amount o f T re a su r y b i l l s a p p lie d f o r , u n le s s th e te n d e r s are
accompanied by an e x p re ss g u a ra n ty o f payment by an in c o r p o r a t e d bank ,
or t r u s t company.
Im m e d ia te ly a f t e r th e c l o s i n g h o u r , te n d e r s w i l l be opened a t th e
Federal R e se rv e Banks and B ra n c h e s , f o llo w in g w hich p u b lic announce
ment w i l l be made -by th e S e c r e t a r y o f th e T r e a s u r y o f the amount and
price ran ge o f a c c e p te d b i d s .
Those s u b m ittin g te n d e r s w i l l be
advised o f th e a c c e p ta n c e or r e j e c t i o n t h e r e o f . The S e c r e t a r y o f th e
Treasury e x p r e s s ly r e s e r v e s th e r i g h t to a c c e p t or r e j e c t any or a l l
tenders, i n w hole or i n p a r t , and h i s a c t i o n i n any such r e s p e c t
sh a ll be f i n a l .
S u b je c t to t h e s e . i,e s e r v a t i o n s , n o n -c o m p e titiv e
tenders f o r $200,000 or l e s s w ith o u t s t a t e d p r ic e from any one
bidder w i l l be a c c e p te d i n f u l l a t the a v e ra g e p r ic e ( in th r e e
2
d e c i m a l s ) 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 D e c e m b e r 27* 1951* in 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 like face a m o u n t of T r e a s u r y
bills m a t u r i n g D e c e m b e r 27, 1951.
Cas h and ex c h a n g e tenders w i l l
r e c e i v e 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 p a r value of m a t u r i n g bills .accepted in
e x c h a n g e and the issue p r ice of the n e w bills.
The i n c o m e d e r i v e d from T r e a s u r y bills, w h e t h e r i n t e r e s t or
gai n f r o m the sale or other d i s p o s i t i o n of the bills, shall n ot have
a n y exemption, as such, a nd loss f r o m the sale or o t h e r d i s p o s i t i o n
of T r e a s u r y b i lls shall not h ave a n y . s p e c i a l treatment, as such,
u n d e r the I n t e r n a l R e v enue Code, or laws a m e n d a t o r y or, s u p p l ementary
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,
f rom al l t a x a t i o n 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
i n t e r e s t t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the
U n i t e d States, or b y a n y 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 t h e ‘a m o u n t of d i s c o u n t at w h i c h 'T r e a s u r y b i lls are original!
sold b y the U n i t e d States shall be c o n s i d e r e d to be interest.
Under
S e c t i o n s .42 and 117 (a) (l) of the I n t e r n a l R e v e n u e Code, as amended
by Section. 115 of the R e v e n u e A c t of 1941, the a m o u n t of d i s c o u n t at
w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall not be c o n s i d e r e d to
a c c r u e p n t i l such bills shall be sold, r e d e e m e d or oth e r w i s e disposed
of, a n d suc h bills are e x c l u d e d from c o n s i d e r a t i o n as ca p i t a l assets.
A c c o r d i n g l y , the o w ner of T r e a s u r y bills (other t h a n life insurance
companies) i s sued h e r e u n d e r n e e d include in his income tax
return
onl y the d i f f e r e n c e b e t w e e n the price pai d for such bills, w h e t h e r
on o r i g i n a l issue or on sub s e q u e n t purchase, a n d . t h e a m o u n t
a c t u a l l y r e c e i v e d e i t h e r u p o n sale or r e d e m p t i o n at m a t u r i t y during
the taxable y e a r for w h i c h the r e t u r n is made, as o r d i n a r y g a i n or
loss .
t
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, a nd 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 itions of their 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.
oOo
r e l e a se ,
mmim wmnmm,
Í
Saturday» December 22» 1951»
The Secretary of the Treasury announced last evening that the tendera for
ll#200,000,000, or thereaboutef of 91-day Treasury billa to be dated leeember 27# 1951
and to nature ffareh 27# 1959# which were offered on Deeamber IS# ««re opened et the
Federal Reserve Banka on December 21«
The detalla of this issue are aa follows!
Total applied for - &,608,850,000
Total aeeapted
* 1,200,850,000
Average price
(includes 8135*211*000 entered en a
non-competitive basis and accepted In
full at the average price shown below)
* 99*529 Equivalent rate ef discount approx. 1*8655 par annum
Fange of accepted competitive bidet
High
lo*
(Excepting one tender of 110,000)
- 99*600 Equivalent rate of discount approx* 1*5825 per annum
- 99.512
*
•
•
*
*
1.9315 *
*
(60 percent ef the amount bid for at the lev price was accepted)
Federal Reserve
District
Total
Applied for
Total
Aeeapted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Balias
fan Francisco
1
10,442,000
1,201,193,000
20,467,000
30,667,000
23,669,000
11,829,000
164,522,000
28,732,000
$,$$7,000
33,860,000
34,789,000
(>3,121,000
1
tl,608,850,000
11,200,850,000
TOTAL
» , 442,000
803,193,000
10,1*67,000
30,669,000
23,669,000
11,829,000
164,522,000
28,732,000
$,$$7,000
33,860,000
34,789,000
fc3.121 .oqg
TREASURY DEPARTMENT
Information Service
W
ashington
RELEASE M O R N I N G NEWSPAPERS,
Saturday, D e c e m b e r 22, 1951»
,d .c .
S -2916
357
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 $1,200, 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y T r e a s u r y bills
to be d a t e d D e c e m b e r 27, 1951, a nd to m a t u r e M a r c h 27 , 1952, w h i c h
were o f f e r e d on D e c e m b e r 18, were o p ened at the F e d e r a l R e s e r v e B a n k s
on D e c e m b e r 21.
The d e t a i l s
of this issue are as follows:
'
I
T o t a l a p p l i e d for - $ 1 , 6 0 8 , 8 5 0 , 0 0 0
1 ,200,850,000 (includes $ 135 ,211,000 e n t e r e d
Total accepted
on a n o n - c o m p e t i t i v e basis
a n d a c c e p t e d in full at the
a v e r a g e price s h o w n below)
'99.529
E
q
u
i
v
a
l
e
n
t
rate of d i s c o u n t approx.,
A v e r a g e price
1 .865$ p er a n n u m
Range
of a c c e p t e d
99.600
E q u i v a l e n t rate
1 .582$
- 99.512 E q u i v a l e n t rate
1 .931$
Low
percent
( E x c e p t i n g one
tender of
$ 1 0 ,0 0 0 )
-
High
(60
competi tive bids:
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 er a n n u m
of,the a m ount bid for at the low price was acc e p t e d )
T o tal
Accepted
Total
A p p l i e d for
Federal Reserve
D i s t r i c t ____
$
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
10,442,.000
1,201,193,000
20.467.000
30.669.000
23 ,669,000
11,829,000
TOTAL
$
10,442,000
803.193.000
10.467.000
30.669.000
23, 669,000
11, 829,000
164,522,000
28,732,000
5,557,000
33 ,860,000
34.789.000
43.121.000
164.522.000
$ 1 , 608 , 850,000
$ 1 ,200,850,000
28 ,732,000
5 ,557,000
33 .860.000
34.789.000
~43 .12 i.QOQ
jmm
any State, or any of the possessions of the United States, or by any local tax-
I
ing authority. For purposes of taxation the anount of discount at which
I
Treasury bills are originally sold by the United States shall be considered to
I
be interest.
I
Under Sections U2 and 117 (a) (1) of the Internal Revenue Code,
as amended by Section 11$ of the Revenue Act of 19Ul, the anountof discount at
|j
which biUs 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
I
excluded from consideration as capital assets.
I
Accordingly, the cn/ner of
Treasury bills (other than life insurance companies) issued hereunder need in-
I
elude in his income tax return only the difference between the price paid for
I
such bills, whether on original issue or on subsequent purchase, and the amount
I
actually received either upon sale or redemption at maturity during the taxable
I
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. U18, as amended, and this notice, prescribe I
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.
I
-
2
-
I
unless the tenders are accompanied by an express guaranty of payment by an in-
I
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. I
I
The Secretary of the Treasury expressly reserves the right to accept or reject
R§
any or all tenders, in whole or in part, and his action in any such respect shallP
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 tho I
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
January 3» 1952
> in cash or other immediately avail-1
VU /
able funds or in a like face amount of Treasury bills maturing January 3, 1952.„ J
108
1
Cash and exchange tenders will receive equal treatment. Cash adjustments will be|j
Federal Reserve Bank on
made for differences between the par value of maturing bills accepted in exchange«
ir
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 anyi
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 froia
all taxation now or hereafter imposed on the principal or interest thereof by
TREASURY DEPARTMENT
Washington
yl
FOR RELEASE, MORNING NEWSPAPERS,
Monday, December
2k.
s\ Of
1951.____•
The Secretary of the Treasury, by this public notice, invites tenders for
onn non ooo * or thereabouts, of
91 *-day Treasury bills, for cash and
» ay ---" W “
in the amount of $1 ,201,520,00
in exchange for Treasury bills maturing
January R. 1952 > A ° be issued on
a discount basis under competitive and non-competitive bidding as hereinafter
provided.
of this
series
dated January
3,------1952
J
t
'The bills
*
—
--- ----- will
-- be
----------------'/yv*
•y/iii mature
April 3> 1952
— -- ,
and
, when the face amount ii/ill be payable without
interest. They mil 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 Trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o*clock p.m., Eastern Standard time,Friday, December 28, 195.1*
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 frcm others must be accompanied
by payment of 2 percent of the face amount of Troasury bills applied for,
/
T R E A S U R Y D E P A R T M EiiN
T
iiniin!■n«
Information Service
W a s h i n g t o n ,d .c .
361
RELEASE MORNING NEWSPAPERS,
Monday, December 24, 1951,
S-2917
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing January 3, 1952,
in*the amount of $1,201,520,000, to be issued on a discount basis
under competitive'and non-competitive bidding as hereinafter
provided. The bills of this series -will be dated January 3, 1952,
and will^mature April 3, 1952, 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,
Friday, December 28, 1951. 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
d.11 bo 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
iny such respect shall be final. Subject to these reservations,
ion-competitive tenders for $200,000 or less without stated price
h’om any one bidder will be accepted in full at the average price
(in throe d e c i m a l s ) 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 accordance, w i t h the bids m u s t be m a d e or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k on J a n u a r y 3, 1952, in cash or
o t h e r i m m e d i a t e l y a v a i l a b l e funds or in a like face a m o u n t of
T r e a s u r y bills m a t u r i n g J a n u a r y 3, 1952.
Cash a nd e x c h a n g e tenders
w i l l re c e i v e e q u a l 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 p ar value 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 a n d the issue price of the n e w bills.
The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r e s t or
g a i n f r o m the^ sale or other d i s p o s i t i o n of the bills, shall not have
a n y exemption, as such, and loss f r o m the sale or o t h e r d i s p o s i t i o n
of T r e a s u r y bills shall not h a v e a n y s p e c i a l treatment, as such,
u n d e r the I n t e r n a l R e v e n u e Code, or laws a m e n d a t o r y or su p p l e m e n t a r y
thereto.
The bills shall be su b j e c t to estate, i n h e ritance, gift
or o t h e r e x cise ;taxes, w h e t h e r F e d e r a l or State, but shall be exempt
fro m a l l t a x a t i o n 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
in t e r e s t t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the
U n i t e d States, or b y a n y local t a x i n g a u t h ority.
F o r p u r p o s e s of
t a x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y bills are
o r i g i n a l l y sold b y the U n i t e d States shall be c o n s i d e r e d to .be
interest.
U n d e r Se c t i o n s 42 a nd 117 (a) (1) of the I n t e r n a l Revenue
Code, as a m e n d e d b y S e c t i o n 115 of the R e v e n u e Ac t of 1 9 4 1 , the
a m o u n t of d i s c o u n t at w h i c h bills i s sued h e r e u n d e r are sold shall not
be c o n s i d e r e d to accr u e u n til such bills shall be sold, r e d e e m e d or
oth e r w i s e d i s p o s e d of, and such b i lls are e x c l u d e d f r o m c o n s i d
e r a t i o n as c a p i t a l assets.
A c c o r d i n g l y , the owner of T r e a s u r y bills
(c b ier tha n life insurance companies) i s s u e d h e r e u n d e r nee d
ireIado H i his income tax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the
pro ote p a i d for suc h bills, w h e t h e r on o r i g i n a l Issue or o n
subs e q u e n t -p u r c h a s e , a nd the a m o u n t a c t u a l l y r e c e i v e d e i t h e r u p o n
sale or r e d e m p t i o n at m a t u r i t y d u r i n g the ta x a b l e y e a r for w h i c h the
r e t u r n is- made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 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 l l s a n d g o v e r n the
cond 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 r o m a n y F e d e r a l R e s e r v e B a n k or Branch.
TREASURY DEPARTMENT
Bureau o f Internal Revenue
< _ % f/ (
IMMEDIATE RELEASE
December
1951
Corporations which make d istrib u tio n s based on patronage
are required to report patronage dividends, rebates or refunds
of $100.00 or more paid or credited during the calendar year
1951 to any patron, Commissioner of In tern al Revenue John B.
Dunlap announced today* These reports are required th is year
fo r the f i r s t time by the Revenue Act o f 1951.
Reports o f each of these dividend payments must be f ile d
with the Processing D ivision of the Bureau o f Internal Revenue
at Kansas C ity , M issouri, on Information Return Poms 1099 and
summaries o f such payments on Form 1096 on or before February 28,
1952. These f om s have not been revised to r e fle c t the new
requirements o f the law but may be adapted fo r th is purpose.
The dividends must be reported whether they arejgaid in
cash, merchandise, or in any other manner, or i f the patron
is merely n o tifie d that they have been credited to h is account.
The requirement fo r reporting these dividends w ill par
t ic u la r ly a ffe c t farmers* and producers* cooperative organisations
which make d istrib u tio n o f earnings to members.
Exempted from the reporting requirement are rural e le c t r i f i
cation cooperatives, and benevolent l i f e insurance companies,
mutual d itch or ir r ig a tio n companies, mutual telephone companies
and lik e organizations, or mutual Insurance companies and asso
cia tio n s (other than l i f e or marine) which are exempt from tax
under sections 101(10} or (11) of the Internal Revenue Code.
oOo
tf
363
TREASURY DEPARTMENT
Bureau of Internal Revenue
IMMEDIATE RELEASE
Thursday, December 27> 1951
S-2918
Corporations which make distributions based on patronage are
required to report patronage dividends, rebates or refunds of
$100,00 or more paid or credited during the calendar year 1951 to
any patron, Commissioner of Internal Revenue John: B. Dunlap announced
today. These reports are required this year for the first time by
the Revenue Act of 1951«
Reports of each of these dividend payments must be filed with
the Processing Division of the Bureau of Internal Revenue at Kansas
City, Missouri, on Information Return Forms 1099 and summaries of
such payments on Form 1096 on or before February 28, 1952. These
forms have not been revised to reflect the new requirements of the
law but may be adapted for this purpose.
The dividends must be reported whether they are paid in cash,
merchandise, or in any other manner, or if the patron is merely
notified that they have been credited to his account.
The requirement for reporting these dividends will particularly
affect farmers’ and producers’ cooperative organizations which make
distribution of earnings to members.
Exempted from the reporting requirement are rural electrification
cooperatives, and benevolent life insurance companies, mutual ditch
or i r r i g a t i o n companies, mutual telephone companies and like
organizations, or mutual insurance companies and associations (other
than life or marine) which are exempt from tax under sections
101(10) or (11) of the Internal Revenue Code.
0O0
3 - ITI 7
RELEASE HORNING NEWSPAPERS,
Saturday, Decwber 29, 19^1.
fh# Secretary of the treasury announced last evening that the tender» for
$1,200,000,000, or thereabout«, of 91-day Treasury bill« to be dated January
3
and
to nature April 3, 1952, which were offered on December 2k, were opened at the Federal
Reserve Bank« on December 28.
The detail« of this issue are a« follows*
total applied for - #2,117,782,000
total accepted
- 1,200,828,000
Average price
. . _ ^
_
.
(include« #lSl,6lé,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
- 99.52k/ Equivalent rate of discount approx. 1.883$ per annua
Range of accepted competitive bidsi
• 99,608
- 99.520
High
Low
Equivalent rate of discount approx.
»
a « «
■
1.55l$
(k3 percent of the amount bid for at the low price was accepted)
Patterai Reserve
Dletrict
Boston
New loric
Philadelphia
Cleveland
Blctmond
Atlanta
Chicago
St. Loci.
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total
Applied for
Total
I
I
8,637,000
1,399,732,000
31,1*99,000
55,1*89,000
20,922,000
11,983,000
1*32,536,000
31,11*0,000
9,155,000
1*3,299,000
2k,659,000
1*8.731,000
12,117,782,000
Accepted
8,109,000
61*8,051,000
10.973.000
25.929.000
.
,
12 922.000
11 133,000
357,508,000
20,37k,000
9,155,000
ko,kS7,ooo
21 ,520,000
3k,667,000
11,200,828,000
per
1.899$ *
«mum
*
TR EA SU RY
DEPARTM ENT
Information Service
W A S H I N G T O N . D.C.
365
S -2919
RELEASE M O R N I N G N EWSPAPERS,
Saturday, D e c e m b e r 29, 1951.
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 $1,200, 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - h a y T r e a s u r y b i l l s
to be d a t e d J a n u a r y 3 and to m a t u r e A p r i l 3> 1952, w h i c h w ere
offered on D e c e m b e r 24, were opened at the F e d e r a l R e s e r v e B a n k s on
December 28»
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 - $ 2 , 1 1 7 , 7 8 2 , 0 0 0
Total accepted
1,200,828,000
A v e r a g e p r ice
Range
(includes $ 1 5 1 , 6 1 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 n d 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 .524rBquivalent rate o f " d i s c o u n t approx.
1 .883$ p e r a n n u m
of a c c e p t e d comp e t i t i v e bids:
High
-
99..608 E q u i v a l e n t rate of d i s c o u n t approx.
Low
-
99..520 E q u i v a l e n t rate of d i s c o u n t approx.
1 .551 $
1 .899$
per annum
pe r a n n u m
(43 p e r c e n t of the a m ount bid for at the low p r i c e was a c c epted)
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 F r a n c i s c o
TOTAL
Total
Applied' for
8 ,637,000
1,399,732,000
31 .499.000
55 .489.000
20.922.000
1 1 .983.000
432,536,000
31.140.000
9,155,000
43.299.000
24.659.000
48.731.000
$ 2 , 1 1 7 ,782,000
$
Total
Accepted
8 ,109,000
648,051,000
10 ,973,000
25 ,929,000
12 ,922,000
1 1 , 133,000
357,508,000
20,374,000
9,155,000
40,487,000
2 1 ,520,000
34,667,000
1 i 7'2'Ô0,8 2 8 , 0 0 0
$
that
pride
the
citizens
in t h e i r
confidence
prepared
without
to
in
Fort
yesterdays
their
give
stint.
of
orth,
and
tomorrows,
that
with
support
are
th
for
§
strong
the
present
and
s t a b IS e c o n o m y
emergency
The c o n s t a n t
aggression
to
the
the
future
American,
plain,
our
of
threat
of
our
of C o r o m u n I s t
every
ftt m u s t
productive
all
sk
factories
end
financial
strength,
only
but
to
individual
fistt 1 I It
but
not
Nation
fthat w e m u s t
manpower
of* o u r
is o v e r #
is g c h a l l e n g e
future
*hen
do
is
not
s
only
the
power
i I Is,
of
materials,
and
of
our
our
of. o u r
products,
defense
1952,
propram
as
the
proportion
resources
diverts
of
to
expect
continued
build
at
the
our
higher
rise
in
be
production
of
volume
Keep
the
us.
of
In
defense
* ar*»ster
and material
industries,
and
we
a
incomes.
Impossible,
time,
to
of
employment
up m i l i t a r y
same
ahead
manpower
defense
It w i l l
to
Iies
mounting
expenditures
may
the « * 1 n p a r t
but
to
of course,
production
expect
pace
with
and,
civilian
the
average
person
10 p e r c e n t
than
in
more
1930,
with
substantial
increases
consumption
of
such
New
as
milk,
drugs,
other
eggs
such
v ir t u a I i y u n k n o w n
war.--
are
declining
their
now
numbers o f
able
to
s e t s , n yI on
per
similar
the
foods
poultry.
penicillin
before
have
the
and
accompanied
output.
American
afford
good
available,
prices
increased
in
and
as
meat
Growing
families
radios,
clothing,
are
television
and
other
over-all
we m u s t
economic progress,
look to an average for c o m p a r i s o n .
Trial
shows that the goods and services
available
to the average American todayl
far exceeds those the people
in
1339 1 if?
The
fields.
For
number
times
in
Americans
to
example,
bougnt
bougnt
as m a n y
c i# afters
bought
able
improvement
automobiles
the
I
ana
in
in
living
enjoy.
shows
the
up
number
i960
today
as
in
of
1930
was
double
1339,
and
three
r e f r igerators-,
washing
In m a n y
vacuum
machines
1339.
consume
on
We
the
were
statement
American
that every
individual
is better off
he was a decade ago»
today than
People
on pensions or other fixed
have been hard hit
It
income
by rising
is these people who f i rst
the ravages of
inflation,
are,
of
course,
prices
feel
and their
interests must be protected.
the other end of
living
the scale,
At
there
those whose incomes
have shown spectacular advances
in comparison with the rise
prices.
But as a measure of
in
our
YYAV
it ti
I g'fl I T I r
w a
;*3? #
w h
iv e s
I C?
nte#1
p A f
&lfc*
f #|
i
W'
nome
IS
tni
c a a 1 1 ni!
*i I I
I
m a r e
than
the
average
2
fn
«
price change -
ìé è é ìé é
i
1
.
per
capi
8 tfeènt to
I i
HI Iy
oerè onai
iite iiiiii
{M
1 do n.ot
to
Imply
by
■f 1
tni
invasion.
conomic
or o g r e s s
rs, moreover,
.er, v
in even
sharper
stands
ii
individual
today
as
&
w f
¡IV!
o u r
t fi g
*-
compared
Iso,
m
standard
m1
&y
f*mc* *si-w®
5
ym
w ¡
g a r s #
the-1 i rices
sharply since
d
the
r e v a ¡ i in g
e p rf
c # i n ?e
with
con
§
|y
P*
f
Hf
have ri
133 S ana tna
h a v e "in c r e a s e d
*£
greatly
cw- f
■
sine
history.
War
11,
close
and
Since
private
to
$140
and
operation
This
industry
and
are
in
accompanied
by
resulted
in
large
income,
Total
now
$257
to
18 p e r c e n t
if S'! at
the
has
plans
moving
invested
plant
for
further
efficiency
rapidly
ahead.
production,
higher
prices,
increases
personal
billion,
higher
time
of W o r l d
in n e w
increased
expansion
over
close
billion
eouipment,
expansion
of
the
of
of
income
or
than
the
has
is
close
in J u n e
Korean
our
defenses
the
realities
Id s i t u a t i o n .
,Ü
them
to
is a v e r y
can
c i t i
economic
sential
positive
way
in w h i c h
contribute
stability
as
Supporti
of
the
to
Nation
measures
these
a
to d o
however
s t a b i I Ìz a t i o n
The
the
r e s t r iet ion
essential
uses,
of
credit
the
scarce
materials,
direct
measures
job
to
allocation
and
for
alone.
of
various
assuring
the
■
must
be
financed
to
f in a n c e d
economy
without
the
engendered
strains
defense
s as
for
intensify
by
s a v ifili
successful
taxes
the
to
of
taxation
period
to c o m e .
and
increased
foundation
fiscal
this,
i I I in g
must
a considerable
Adequate
hi
do
output.
a Nation
our
policy
are
of
a
during
readjus
representing
expenditures
for
past
wars
will
for
half
of
costs
for
85
the
of
w ars,
of
Federal
*52.
an
wa r , w i l l
percent
account
remaining
fiscal
past
another
--
the
for
preventing
require
totaI
over
FederaI
budget.
Our
necessary
m i11tary
for
our
expenditures
survi v a I .
are
They
establishment*
military
stockpiling
strategic
of
defense
oroduction,
defense
housing,
In t h e
as
current
these
S
will
materials,
atomic
and
abroad,
energy,
I iKe,
the
fiscal
year,
require
over
the
TO
l.
perceht
of
| | | f§|j|
« I i Federal
expenditures♦
whole
public
and
aid
story„
debt,
benefits
But
that
Interest
and
--
is n o t
on
veterans*
largely
the
the
services
will
help
cover
c o s t s , but
fiscal
the
during
year,
on
heavier
the
the
Government
will
still
exceed
by
substantial
a
American
no
current
basis
estimates,
defense
of
present
expenditures
expected
revenues
margin.
thinKS f i r s t o f
~ 24
-
The p u r c h a s e
bonds
— *■ in f a c t ,
savings
one
of
of
sound
in all
the
the
forms
main
fiscal
American
economy
The
of
other
taxation.
by C o n g r e s s
--
program
stability
ahead
The
accumulation
pillars
economic
period
savings
in
to
of
is,
of
therefore,
a
insure
the
the
the
difficult
us.
main
tax
pillar
bills
in r e c e n t
of
is
enacted
months
w
bond
holdings
part
of
comprised
years
their
the
after
a
current
first
time
so»
savings
as m u c h
incomes,
in o u r
a
this
very
which
time
in t h e
war
are
keep
level.
our
that
our
Just
people
going
to m e a n
future
defense
, the
high
so
history
to
on
at
to
war
economy
the
substantial
it
in t h e
for
a
problem,
threat.
and
I
P e e p Ie were u r g e d
m i r - m a■IP '5or
save
nr 11.
in u n p r e c e d e n t e d
some
$200
savings
which
the
of
ena
t h e
billion
our
war
to
save
Ana
they
did
amounts,
in
people
ana
liquid
held
at
savings
Hages
15 t h r o u g h
21
out
"VfN
3o
**
accomplishment
tnat
dona
it
is
scale,
the
as
people
benefit.
§
*
vigorously
translated
purchases
the
14
on
an
national
of
and
into
see
regular
increasing
economy
fort
Worth
as
we I i
wiI I
rank as a Defense Bond Flag City.
Your Treasury Flag will signify
that more than 80 percent of the
employers of Fort Worth have agreed
to offer the Payroll Savings Plan
of bono-buying to their employees.
That is a real accomplishment
on Fort Worth’s part.
This was
the first major city of the entire
Southwest to join the list of Defense
Bond Flag Cities.
If you follow up thi
C u r t e In.
As
gj|f-g|H 0
our
on e
the
un
fr e
st r e n
it
is
e sse nti
P
I
Ci * t
s
th p t
nst ay
defense
against
u e 1y
e
wor
th
but
p
1d
owe j r
i
s
f u 1
th e
c g P ¡5>city
and
enterpr
I S6
r e s p o n s ib
f
i it i e s
p r o t e c t fif
i n
trength.
no t only
of
aggression
1
and
r'or
o f
p
V#- I
for
the
o f
economy
A t that
therefor v
t the
our
own
g
iq
f rAp
e A m e r i c a8 nn
ere well
enemies
it
our
entir
all
c
>
and
mm
Keep them
afford
for
defense
there
one
minute
guards.
communist
menace
throughout
the
our
must
allies
and
maintain
of
overwhelming
The
not
or
test
alone
guns
assemble
of
in t h e
or
on
bombs
this
to
long
as
to
peace
and
to
defense
our
the
exists,
continue
a
cannot
lower
So
world
up
we
--
order
we
end
build
strength
superiority.
that
strength
number
which
side
of
we
of
is
tanns
can
the
Iron
ppp
10
V«#v v
found
a
through
just
to
worK
we
out
the
United
But
it d o e s
time
to
comes
baCK
up
peace
with
words
--
willing
table
honorable
disarmament
contrary,
are
such
mean
when
her
with
On
a solution
that
and
until
through
the
is w i l l i n g
not
of
by mere
the
time
when
her
cards
on
of
the
organization
protestations
those
•-
endeavoring
Russia
deeds
lay
means
plan.
still
Nations
until
to
-
other
she
the
nations
is
our defense mobilization effort.
ie must face the reality that
the forces of Red Imperialism
will be poised to strike
whenever and wherever weakness
appears.
This does not mean, however,
that we have abandoned hope that
the ultimate road to peace can be
T6E:
8
bolder and laid down a barrage
of direct and indirect assaults
V
on the free world.
/ ’\ .■
I . ;■‘
l ■ 4|
I ■.
It quickly
became clear that the armed
aggression of Korea was but one
spearhead in the communist
drive against the security of
the free world.
Knowing this,
we cannot afford to-be lulled
into complacency or to relax
see
7
stability
to
nations
the
r a v a g e s 5 01r i# r
has
sought
of
aid
our
to
to
unprecedented
free
nations
blight
for
seIf-defense.
the
s t a b i Ii ty
of
urgent
economic
our
in W e s t e r n
c e r t a in --
and
O F 11.
fruits
the
of
the
Union
efforts
succès
is n o w
our
w
try
aid
with
and
costly
and
financial
fr i e n d s
became
Soviet
from
f h o S o v iet
d I ss i p a t e
the
As
suffering
and
ne
alii
more
imperialism
became
And
it,
Ae
let
there
want
real
To seeK t h i s ,
which
men
might
differences
of
common
earnestly
$.$
we
and
be
peace
set
worK
to
win
up
an
Ae
about
In t h i s
world.
a
in
out
arrange
problems.
m.lstaKe
no
forum
their
for
solutions
tried
honorable
the co une i 1 table.
very
peace
But the
ians. have triedÍ to m g k e a m o c K e r y
he vital
worK a nd p r o c e d u r e of
United Na t i o n s .
d to
restore
Ah i Ie we have
economic
and
financia
for
the
uoon
respect
which
In
the
•a $
it
%#" %#
w a s
--
is
unified
Al l ofp
with
great
lijes
cause
are
and
founded.
crisis
which
Soviet
imperial*
W
imperative
that
action
~~
rights
fe
\hi I
economic
peace
coun
ine’ the struct
-M*' C3
nd
basic, h u m a n
present
us
If w
have
our
of
ail
moral,
must
to
dedicated
justice.
we
fronts
military
11
e and
í
j
?
in
our
fr e e d o m
íjy
Mi 'A ■
9
■*>,
:.fr^• •'
/V, '
•■
' v_ .j‘-a•jv -4- '
Fort W o r t h ’s c o n t r i b ut i o n to the
story of our times.
.^(Because
of this background,
it is
not s ur p r i s i n g that Fort Worth has
a s s u m e d ^ J e ^ d X o .g place
in the present
d e f e n s e effort w h i c h u n i t e s our
/
entire country a g a i n s t a common danger
that of c o m m u n i s t aggression.
The
d o c t r i n e s of c o m m u n i s m have no place
for the
individual.
(They have no place
3b
fS A K
JkU T
m i l l s and r e f i n e r i e s and p
plants,
a great focus of ff
and retail
of rail,
trade,
nighway
You nave built,
educational
and a cr
and air t
too,
splendid
institutions,
and
f a c i l i t i e s for recreation.
Your city's entire history
is richly colorful,
courageous,
warmly
and fraught with
o u t s t a n d i n g persona I ities and
events.)
Great
indeed has been
3a
c i t iz e n s of 014r border areas did
not need to be a r o u s e d to a defe n s e
effort.
D e f e n s e was a constant
necessity, and
it bred strong
ind iv iduaIs.
With the b e a t i n g out of the
Chisholm
Trail, and the era of the
great c a ttle drives,
began comi n g
men
fort Worth
into its own.
Here
of vision and ambition have
built
immense m a n u f a c t u r i n g
enterpri s e s , livestock and grain
m a r k e t s of c o m m a n d i n g
importance,
m a k i n g o u t s t a n d i n g c o n t r i b u t i o n s to
our present d e f e n s e effort.
this
is most appropriate,
And
since
d e f e n s e was the moti v e for
e s t a b i i s h i n g the original
which this city derived
That fort took
all of you so well
fort f r o m
its name.
its place,
know,
as
more than
10 0 years ago in a chain of m ilitary
posts e s t a bl i s h e d for the purpose
of protecting border s e t t l e m e n t s
the Southwest*
In those days,
in
the
C l e a r i n g House A s s o c i a t i o n and other
#
areas of Fort Worth b u s i n e s s and
civic act iv it y .
11 was many years
iI
m§t
ago that your city first
me
ith
impressed
its dynamic energy
pronounced
individuality.
and
its
My
admi r a t io n for Fort Worth- has
grown with each s u c c e s s i v e visit
here.
Your city
is p a r t i c u l a r l y
(
q u a l i f i e d to rank high among those
I
' Ameri c a n c o m m u n i t i e s which are
it is always a plea s u r e for me
to have an o p p o r t u n i t y of paying a
new visit to Texas,
wel l - k n ow n for
a state
its e n t e r p r i s i n g
its c a p a c i t y for great
vigor a
ishment as
reach of
it is for the
its boundaries,
h o s p i t a l i t y of
V
products,
the
its people, and
almost e n a l e s s variety of
long
the
its
’
I greatly a p p r e c i a t e
the p r i v i l e g e of m e e t i n g here at
F o r t Worth with my friends of the
The follow ing address by Secretary Snyder
before a luncheon meeting of the ï ï x i x l x
Clearing House Association of Fort Worth
at the Fort Worth Club, Fort Worth, Texas,
is scheduled for deliv e ry at 1 P.M« CST
Monday^ , “’■JTDecember
8^7 - 3,951, and"
is for ■■■■release
r
—.M— ■
'
■■
M M
at that time.
BS
408
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before a luncheon meeting of the Clearing
House Association of Fort Worth at the
Fort Worth Club, Fort Worth, Texas, is
scheduled for delivery at I p»M. CST
Monday, December 31 » 1951, and is for
release at that time.
'
It is always a pleasure for me to have an opportunity of paying a
new visit to Texas, a state as well-known for its enterprising vigor and
its capacity for great accomplishment as it is for the long reach of
its boundaries, the hospitality of its people, and the almost endless
variety of its products* I greatly appreciate the privilege of meeting
here at Fort Worth with my friends of the Clearing House Association
and other areas of Fort Worth business and civic activity. It was
many years ago that your city first impressed me with its dynamic
energy and its pronounced individuality. My admiration for Fort Worth
has grown with each successive visit here.
Your city is particularly qualified to rank high among those
American communities which are making outstanding contributions to our
present defense efiort. And this is most appropriate, since defense
was the motive for establishing the original fort from which this city
derived its name.
That fort took its place, as all of you so well know, more than
100 years ago in a chain of military posts established for the purpose
of protecting border settlements in the Southwest. In those days, the
citizens of our border areas did not need to be aroused to a defense
effort. Defense was a constant necessity and it bred strong individuals.
With the beating out of the Chisholin Trail, and the era of the
great cattle drives, Fort Worth began coming into its own. Here men
of vision and ambition have built immense manufacturing enterprises,
livestock and grain markets of commanding importance, mills and refineries
and packing plants, a great focus of wholesale and retail trade, and a
crossroads of rail, highway and air traffic. You have built, too,
splendid educational institutions, and facilities for recreation.
Your city's entire history is richly colorful, warmly courageous,
and fraught with outstanding personalities and events. Great indeed has
been Fort Worth's contribution to the story of our times.
S-292Q
m
V
409
- 2Because of this background, it is not surprising that Fort Worth
has assumed a leading place in the present defense effort which
unites our entire country against a common danger — that of communist
figg^sssion. The doctrines of communism have no place for the individual*
They have no place for the respect of basic human rights upon which our
country was founded.
In the present crisis which confronts us — the Soviet imperialism
threatening the structure of world peace — it is imperative that we
have unified action on all fronts* All of our power —— moral, military
and^economic — must be joined in the great cause to which we and our
allies are dedicated — freedom with peace and justice*
And let there be no mistake about it. We want real peace in this
world* To seek this, we set up a forum in which men might work out their
differences and arrange for solutions of common problems. We tried very
earnestly to win an honorable peace across the council table. But the
Russians have tried to make a mockery of the vital work and procedure
of the United Nations* While we have tried to restore economic and
financial stability to nations suffering from the ravages of war, the
Soviet Union has sought to dissipate the efforts of our unprecedented
and successful aid to free nations and is now trying to destroy the
fruits of cur aid with the blight of urgent and costly need for selfdefense.
As the economic and financial stability of our friends and allies
in Western Europe became more certain — Soviet imperialism became
bolder and laid down a barrage of direct and indirect assaults on the
free world. It quickly became clear that the armed aggression of
Korea was but one spearhead in the communist drive against the security
of the free world* Knowing this, we cannot afford to be lulled into
complacency or to relax our defense mobilization effort* We must face
the reality that the forces of Red Imperialism will be poised to strike
whenever and wherever weakness appears.
This does not mean, however, that we have abandoned hope that the
ultimate road to peace can be found through honorable means — a just
disarmament plan. On the contrary, we are still endeavoring to work
out such a solution through the United Nations organization. But it
does mean that until the time comes when Russia is willing to back up
her protestations of peace with deeds and not by mere words — until
the time when she is willing to lay her cards on the table with those
of other nations and keep them there — we cannot afford for one
minute to lower our defense guards. So long as the communist menace
to peace and order throughout the world exists, we and our allies
must continue to build up and maintain a defense strength of over
whelming superiority*
-3 -
410
The test of that strength is not alone in the number of tanks or
guns or bombs which we can assemble on this side of the Iron Curtain*
As our enemies are well aware, the one uniquely powerful weapon of the
free world is the productive strength and capacity of the American
free enterprise economy* It is essential, therefore, that all of us
accept the responsibilities which are ours in protecting and increasing
that strength* For it is the mainstay not only of our own defense but
of the defense against aggression for the entire free world*
Right here, I should like to mention an important contribution
which the citizens of Fort Worth are making to our defense effort
through their support of the Defense Bonds Program*
Just before the Cotton Bowl football game at Dallas, tomorrow, I
shall present to Fort Worth — and also to Dallas — a Treasury Flag
in recognition of your newly earned rank as a Defense Bond Flag City*
Your Treasury Flag will signify that more than 80 percent of the
employers of Fort Worth have agreed to offer the Payroll Savings Plan
of bond-buying to their employees.
That is a real accomplishment on Fort Worth*s part* This was the
first major city of the entire Southwest to join the list of Defensé
Bond Flag Cities* If you follow up this accomplishment vigorously and
see that it is translated into regular bond purchases on an increasing
scale, the national economy as well as the people of Fort Worth will
benefit#
People were urged to save during World War II* And they did save
in unprecedented amounts* The some
$>200 billion in liquid savings
which our people held at the end of the war — and savings bond hold
ings comprised a substantial part of it — gave them the couráge in the
postwar years to go out and spend their current incomes, so that for
the first time in our history after a war we were able to keep our
economy on a very high level. Just so, the savings which our people
make at this time are going to mean as much in the future when we have
solved the defense problem, and I hope, the war threat#
The purchase of savings bonds — in fact, the accumulation of
savings in all forms — is, therefore, one of the main pillars of a
sound fiscal program to insure the economic stability of the American
economy in the difficult period ahead of us*
The other main pillar is taxation. The tax bills enacted by
Congress in recent months will help cover the heavier defense costs,
but during the current fiscal year, on the basis of present estimates,
Government expenditures will still exceed expected revenues by a
substantial margin*
~bAs items in the list of defense costs, the average American no
doubt thinks first of the support of our own military establishment,
military aid abroad, stockpiling of strategic materials, defense
production, atomic energy, defense housing, and the like* In the
current fiscal year, the national security programs such as these
will require over 70 percent of all Federal expenditures* But that
is not the whole story© Interest on the public debt, and veterans*
services and benefits — largely representing expenditures for past
wars — will account for half of the remaining Federal costs of
fiscal *52.
Thus, this year*s expenditures for past wars, and for preventing
another war, will require over 85 percent of the total Federal budget*
Our military expenditures are necessary for our survival* They
must be financed* They can be financed without danger to our economy
and without intensifying the strains engendered by high defense output*
But to do this, we as a Nation must be willing to bear a very high
level of taxation for a considerable period to come*
Adequate taxes and increased savings are the foundation of a
successful fiscal policy during the period when we are readjusting
our defenses to the realities of the present world situation* Support*»
ing them is a very positive way in which every citizen can contribute
to the economic stability of the Nation* Essential as these two
measures are, however, we cannot expect them to do the while stabiliza
tion job alone* The restriction of credit to essential uses, the
allocation of scarce materials, and various direct measures for assuring
the stability^of wages and prices are also necessary* The job is a big
one* But it is one that must be done*
As we marshal our resources to meet the crucial threat of
communism, we are fortunate that our economy today is one of unprece
dented industrial strength* We are far stronger than in 19^0 when we
began to rearm for World War II* Our production plant is more
efficient than ever before in our history* Since the close of World
War II, private industry has invested close to $11*0 billion in new
plant and equipment, and plans for further expansion and Increased
efficiency of operation are moving rapidly ahead. This expansion in
production, accompanied by higher prices, has resulted in large in
creases <?f income* Total personal income is now over $257 billion, or
close to 18 percent higher than in June 1950 at the time of the Korean
invasion*
Our economic progress in recent years, moreover, stands out in
even sharper light when we consider the individual consumer today as
compared with the standard of living prevailing on the average during
41
- $ the prewar years« We all realize that prices have risen sharply since
1939 and that taxes, also, have increased greatly since that time#*
But a truly significant development — and one which drives home the
measure of our progress — is the fact that the average per capita
income today will buy about I4O percent more goods and services than
the average per capita inccme in 1939* after adjustment for price
changes and for all personal taxes«
I do not mean to imply by this statement that every individual
American is better off today than he was a decade ago® People living
on pensions or other fixed inccme have been hard lit by rising prices«
It is these people who first feel the ravages of inflation, and their
interests must be protected. At the other end of the scale, there
are, of course, those whose incomes have shown spectacular advances
in comparison with the rise in prices* But as a measure of our overf
all economic progress, we must look to an average for comparison*
That shows that the goods and services available to the average
American today far exceeds those the people living in 1939 were able
to enjoy«
The improvement shows up in many fields« For example, the number
of automobiles bought in 1950 was double the number bought in 1939, and
three times as many refrigerators, vacuum cleaners and washing machines
were bought in 1950 as in 1939* We Americans today consume on the
average 10 percent more meat per person than in 1939, with similar
substantial increases in the consumption of other good foods such as
milk, eggs and poultry. New drugs, such as penicillin — virtually
unknown before the war — - are now available, and declining prices
have accompanied their increased output« Growing numbers of American
families are able to afford radios, television sets, nylon clothing,
and other new conveniences and luxuries*
While the defense program will reduce the available supplies of
various consumer goods, nevertheless the prosperity of the American
people will remain high during the period ahead* We are beginning an
extended program of national preparedness, the length of which no one
at this time can predict* We have already made a long stride toward
volume production of the numerous complicated military products, but
the main part of the defense program lies ahead of us* In 1952, as
the mounting volume of defense expenditures diverts a greater pro
portion of our manpower and material resources to defense industries,
we may expect higher employment and a continued rise in incomes«
It will be impossible, of course, to build up military production
and, at the same time, to expect civilian production to keep pace with
the rising incomes. Vfe must use every practicable means to control
inflationary pressures arising from the inevitable disparity between
412
-
6
-
civilian demand and available civilian goods* This will require
personal restraint by all of us against unnecessary buying. It will
call for adequate price and credit controls* It will require con
tinued heavy taxes to pay for building a strong military establishment.
It will require the largest possible amount of savings by eveiy
American citizen.
Fortunately, we are well able to bear the added burdens called
for by our need to defend ourselves against the communist threat. The
American consumer has never before been so well supplied with both
the necessities of life and the means for a comfortable living. By
meeting our responsibilities now, out of the wealth of our present
resources, we shall prepare the way for a strong and stable econony
when the present emergency is over*
The constant threat of Communist aggression is a challenge not
only to the future of our Nation but to the future of every individual
American. What we must do is plain. We must mobilize not only our
manpower but all the power of our productive skills, of our factories
and materials, of our financial strength, and of our faith in human
liberty. Once the Soviet rulers see that power completely organized
and activated, they may decide that peace is better for the world after
all.
The citizens of Fort Worth may be justly proud of the manner in
which they are sharing in these mobilization responsibilities. The
leadership which has made this a Flag City of the Defense Bond Program
is making it equally a conspicuous center of many other.vital under
takings* Flag cities everywhere are a source of great pride to the
Treasury, not only because of the financial and economic importance of
each additional flag award, but also because qualifying for a Flag
City signifies widespread public support of our entire national de
fense effort* As your flag is presented at the Cotton Bowl tomorrow,
it will denote that the citizens of Fort Worth, with pride in their
yesterdays and confidence in their tomorrows, are prepared to give
that support without stint#
0O0
@FedFRASER