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L I B R A R Y
R O A M f>030
JUN 1 4 197?
TREASURY DEPARTMENT
, I
s i »
/
nomma
June 3t W6&
t!m Secretary cf the
announced last evening that the tentes fCt
11,300,000,000, er thereabouts, cf 91«4ay treasury bills to be dated June S and to
mature September It, l|g2, which w e
offered on May 20, w e
opened at the Federal Re
serve Bate on June i #
the details of this issue are m foUossi
total w i l e d for - $1,^0,92?,000
total accepted
- 1,300,12?,QQO
iv e r a i® p r i c e
(includes f 139,$22,000 entered « a
zsonHcospetltlve basis and adapted In
full at the average price shown below)
«* f 9 * $ 5 l B f o l v a l e i i t r a t e o f d is c o u n t a p p r o * . 1 * 1 3 ? $ p e r m
t
Bange o f a c c e p te d c o m p e titiv e M f e
99*$08 Suivaient rate of discount approx« 1*630$ per annua
High
¡RgP
«
»
a
*
a
l*1t9$
»
(00 percent of the secant bid for at the 1er price see accepted)
fe ta l
d ie d f o r
Federal Reserve
District
I
Boston
ter York
Philadelphia
19,li6U,ooo
1^2,357,0»
39,585,0»
53,310,0»
Cleveland
Richmond
Atlanta
CMc&go
St* Louis
10,3 » , 0 »
y
3é,261i,0»
811,357*000
33,3 « , 000
53,310,000
,,700,000
22,968,0»
222,là6*Q»
209,llt6,000
22,535,01»
6,827,0»
fO S ii
t
23,168,0»
2U,035,0»
Kansas City
Dallas
Ssn Francisco
total
6 ,827,000
3à,196,0»
35,961,0»
33,538,0»
33,861,0»
fc7»h56.000
#1,928,927,0»
#1,3»,327,0»
*
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
R E L E A S E M O R N I N G NEWSPAPERS,
Tuesday, June 3, 1952.
=£_£________ __
-3064
____— „ —„
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 June 5 and to‘mature September 4, 1952, which were
offered on May 28, were opened at the Federal Reserve Banks on
June 2.
The details of this issue are as follows;
Total applied for - $1,928,027,000
•Total accepted
- 1,300,127*000 (includes $139,522,000
entered on a non-competitive
basis and accepted in full
at the average, price shown
below)
Average price
- 99*561 Equivalent rate of discount approve,
1*737$ per annum
Range of accepted competitive bids;
High
~ 99*588 Equivalent rate of discount approx.
1 .630$ per annum
~ 99.558 Equivalent rate'of discount approx.
1.749$ per annum
Low
(80 percent of the amount bid for at the low price was accepted)
Federal Reserve
D i s t r i c t ___
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Balias
San P'rancisco
Total
Applied for
19,464,000
1,402,357,000
39;565,000
53 .310.000
10 .300.000
23 .168.000
222,446,000
24.035.000
6 ,827,000
34 .198.000
35 .961.000
TOTAL
Total
___ Accepted
$
16,264,000
8 1 1 .357.000
33 .365.000
53 .310.000
9 .700.000
22 .968.000
5 7 .296 .OOO
209.146.000
22.535.000
6 .627.000
33.538.000
33 .861.000
____ » 7 ,^ 56,000
1,928,927,000
$ 1 ,300’127,000
0O0
- 3 m m
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 k2 and 117 (a) (1) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19l|l, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, 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. i|l8, 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
-
mooc
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
June 12, 19£2
, in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
June 12. 1952
a®
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
m xm xx
TREASURY DEPARTMENT
Washington
3 oC 5
FOR RELEASE, MORNING NEWSPAPERS
Thursday. June 5« 1952
The Secretary of the Treasury, by this public notice, invites tenders
icr $ lf2QQ nnQ fQQQ , or thereabouts, of
91
cash and in exchange for Treasury bills maturing
the amount of $
1.200» 138%000
-day Treasury bills, for
June 1?
19$2
in
» to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
June 12. 1952
The bills
, and will mature
September 11. 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.,
Daylight Saving
time, Monday. June 9» 1952
w ~
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 competi
tive 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
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, June 5, 1952.____
WASHINGTON,
S-3065
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200,000,000,.or thereabouts, of 9 1 -day Treasury bills,
for cash and in exchange for Treasury bills maturing June 12, 1952,
^ in the amount of $ 1 ,200,138 ,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 June 12, 1952, and
will mature September 11, 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 Daylight Saving
I time, Monday, June 9 » 1952. Tenders will not be received at the
I Treasury Department, Washington. Each tender must he for an even
■multiple of $1 ,000, and in the case of competitive tenders the price
t offered must he 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
I special envelopes which will be supplied by Federal Reserve Banks or
■ Branches on application therefor.
I
Others than banking institutions will not be permitted to submit
I tenders except for their own account. Tenders will be received
I without^deposit from incorporated.banks and trust companies and from
■Responsible and recognized dealers in investment securities. Tonders
■ 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.
L
,; ^mediately after the closing hour, tenders will be opened at the
L®™?sa Reserve Banks and Branches, following which public announcer , will De ttiQ-dc by the Secretary of the Treasury of the amount and
Ip?1?0 ^ango of accepted bids. Those submitting tenders will be
°f thG accePtance or rejection thereof" The Secretary of
ne ireasury expressly reserves the right to accept or reject any or
shqn<C?
n11 whole or
.and his action in any such respect
Lit 1 00 iinal. Subject to these reservations, non-competitive
$200,000 or less without stated price from any one
^ will be accepted in full, at the average price (in three
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utgtimo'l lo à&®<mUk*4*i t* * lS à ft *d4 M è i
t c acl#»ii«toiTO
sa ltfA lia o » «t# 4 0 iaolifie »te a i
èMUliWiiiWia« Mli tmeat^q
-a ##atr
m i^«"i’
H Mte;tWfAtiitasi
daRands niié for affecting * %mmnéou& vol»®# of monthly sapori remit*
tanca#« ih® campani## wer« sM&lltmti&n ih© a&QUiiittom of be#pernt#ly
»eaded f©ralg» exchange by the Chía©»# Communiât authorities.
îhe treasury £ap»ri»aai elated that ih# indictment m â the conta«-*
piatoli i ^ i Ä l s t of ih#»# channel» fef Maialanti United Stai#» Attorney
Brave» of Soft froiilitd Í» hut on# of a ##ri©» of »«asuro# m e m tly iméortaken to offoot a »or# strict compliance with ih© foreign Aa#©t# Conirol
lagulati©»#. Among ih# »or# recant of amah maasuras are those taken by
the ftrttfs Meets Coatrol io lat# 1951 to etamp out ih# extortion racket;
ih# indictment of ih# % 1 ä a Baily he»*« a Communist daily published in
h«w ìo rk City, for violations of tha forali» Maat« Control »adulati©»»;
and tho soi sure tram là# «all# uaéor #®areh warranta of a atiabar of tupport remittance# intended for ban«fieleri®# re#Iding la Cornua 1st China
and tha subsequent blocking ef the tal sad instrument#.
0» $«y 9 and 12, 1953, the Secretary of the Treasury l##ued coass and
dati#t order# directing ih# indicted firm# and aaothar fir» now under invasUgati©», to ce&s© and datisi fro» affantini any remittance* out#id«
the United Stata# without a Treasury lie«»##« this action was taken under
tha authority of Saetí on 5(b) of the t»êlp.g with ib# $»•*? let of 191?,
a# ara»dad.
Slnultanaously with tha relea#« of information concerning th# indict»
*ent of tha thro# Sam franatane remittance ©hanaal#» the frsatury üapart»
aant pointed out that only by virtu# of tha activa ##*i «tanca of influential
organisations in tha Ghia#ta eonranitlaa m û tha ©aoper&tioa of individual
»ambara of tbs so aoaanmttlaa til it possible to notibat tha extortion racket,
fh© fra&ftury stated that tha fuli«»t attainment ©f foreign Manta Control
objectives is dépendant on tha centinning patriotic coop«ratIon of tha#«
parson# und organisation#.
SÛS1.Ï KAXmKl A&XOLDl H U N S tm#b
6*3-52
Insert A:
The indictments were returned against George Chew doing business as
the Comfort Shoe Store and the Chew Commercial Company, 754 Grant Avenue,
San Francisco; Louis Phong doing business as the Service Supply Company,
831-33 Grant Avenue, San Francisco; Bock Hing Chan, an individual, and
Bock Hing Trading Corporation, 729 Grant Avenue, San Francisco. The
Chew indictment contained 24 counts, the last of which charged George
Chew with sending $222,048.67 to Communist China. The Phong indictment
contained 15 counts, the last of which charged Louis Phong with sending
$223,357.50 to Communist China. The Bock Hing Chan and Bock Hing Trading
Corporation indictments contained 27 counts, the last of which charged
the defendants with sending $23,352.45 to Communist China.
Vneh
Mr
V#
SK? $
z*c*&^*
£
i£f f f vTV
k federal grsnc jury at San Francisco tediiy inaictea three San
Francisco fir®# for violations of the foreign Assets Control Regulations,
which were Issued by the Treasury D®p&rt©emt on December IT, UoG.
The
indictments, Bimeua.eed by United States Attorney Chauacey Trajmtolo and
Assistant United States Attorney Sobert Drew®» at San Trendtee, charged
the three firms with effecting unlicensed remittances to Communist China
over a period of aporoxlMately one year. Thr I *r-r"Aar*f’eliwi eearti— tbrs-...
1
J
The violations were investigated by foreign Assets Control repre
sentatives, aided by United States Customs agent® specially assigned to
those % » Francisco investigations. Evidence of the violations was sub
mitted to the United States Attorney *s office for the ¿northern District
of California in San Francisco*
ihe Treasury Department stated that each of the defendants engaged
very actively in the business of sending illegal remittances to Communist
Chin* throughout the year U h l and advertised their facilities, in the 8m»
Francisco Chinese newspapers, notwithstanding the fact that each of them
is normally engaged In a retail business unrelated to the handling of re
mittances for other persons. The bulk of their business was derived from
the large Chinese populations of San Francisco and Oakland, California,
but hundreds of their remittances were received by mail fro* points as
far distant as bow Fork City, Seattle, and Mexico.
The indicted firms were first investigated by the Foreign Assets
Control when the extortion recket of the Chinese Communists became w ide
spread last fall. Extortion payments, »any of which were remitted through
the indicted firms, were ostensibly made to persons in Hong Song or tn
other non-communist countries and then delivered to China by various
methods. In providing a convenient means for compliance with extortion
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C
10
IMMEDIATE RELEASE,
June 4, 1952
Wednesda
3066
A federal grand jury at San Francisco today indicted three
San Francisco firms for violations of the Foreign Assets Control
Regulations, which were issued by the Treasury Department on
December 17, 1950. The indictments, announced by United States
Attorney Chauncey Tramutolo and Assistant United States Attorney
Robert Drewes at San Francisco, charged the three firms with
effecting unlicensed remittances to Communist China over a period
of approximately one year.
The indictments were returned against George Chew doing
business as the Comfort Shoe Store and the Chew Commercial Company,
754 Grant Avenue, San Francisco; Louis Phong doing business as the
Service Supply Company, 831-33 Grant Avenue, San Francisco;
Bock Hing Chan, an individual, and Bock Ring Trading Corporation,
729 Grant Avenue, San Francisco, The Chew indictment contained
24 counts, the last of which charged George Chew with sending
■$222,048.67 to Communist China. The Phong indictment contained
15 counts, the last of which charged Louis Phong with sending
$223,357.50 to Communist China. The Bock Hing Chan and Bock Hing
Trading Corporation indictments contained 27 counts, the last of
which charged the defendants with sending $23,352.45 to Communist
China,
The violations were investigated by Foreign Assets Control
representatives, aided by United States Customs agents specially
assigned to these San Francisco investigations. Evidence of the
violations was submitted to the United States Attorney’s
office
Luorney
Qi
for the Northern District of California m ¡¿an
Francisco
V
The Treasury Department stated that each of the defendants
engaged very actively in the business of sending illegal remittances
to Communist China throughout the year 1951 and advertised their
facilities in the San Francisco Chinese newspapers, notwithstanding
the fact, that each of them is normally engaged in a retail business
unrelated to the handling of remittances for other persons. The
bulk of their bus5,ness was derived from the large Chinese
^?^+Sa^~or:is
^an Francisco and Oakland, California, but hundreds
oi their remittances were received by mail from points as far
distant as New York City, Seattle, and Mexico.
The indicted .firms were first investigated by the Foreign
Assets Control when the extortion racket of the Chinese Communists
became widespread last fall. Extortion payments, many of which
were remitted through the indicted firms, were'ostensibly made
to persons in Kong Kong or in other non--Communist countries and
then delivered to China by various methods. In providing a
convenient means for compliance with extortion demands and for
effecting a tremendous volume of monthly support remittances, the
companies were facilitating the acquisition of desperately needed
foreign exchange by the Chinese Communist authorities.
The Treasury Department stated that the indictment and the.
contemplated prosecution of these channels by Assistant United
States Attorney Drcwes of San Francisco is but one of a series of
measures recently undertaken to effect a more strict compliance
with the Foreign Assets Control .Regulations. Among the more
recent of such measures are those taken by the Foreign Assets
Control in late 1951 to stamp out the extortion racket; the
indictment of the China Daily Kews, a Communist daily published
in New York City, for violations of the Foreign Assets Control
Regulations; and the seizure from the mails under search warrants
of a number of support remittances intended for beneficiaries
residing in Communist China, and the subsequent blocking of the
seized instruments.
On May 9 and 12, 1952* the Secretary of the Treasury issued
cease and desist orders directing the indicted firms and another
firm now under investigation, to cease and desist .from effecting
any remittances outside the United States without a Treasury
license. This action wa,s taken under the authority of Section
5(b) of the Trading with the Enemy Act of 1917> as amended.
Simultaneously with tho release of information concerning the
indictment of the three San Francisco remittance channels, the
Treasury Department pointed out that only by virtue of the active
assistance of influential organizations in the Chinese communities
and the cooperation of individual members of these communities
was it possible to combat the extortion racket. The Treasury
stated that the fullest attainment of Foreign Assets Control
objectives is dependent on the continuing patriotic cooperation
of these persons and organizations.
SI
ip XX •
^Though the om s* o t evil prosper,
Yet *tis truth alone Is strong!
Though her portion be the scaffold,
And upon the throne be wrong,
let that scaffold ewaye the future,
And, behind the dim unknown
Standsth God within the &adow
Keeping watch above hie own**
As you go forward In the days ahead, the high standards and the
honorable tradition of the United States Coast Guard will he3p to sustain
you In the trial© of life#
They w i n influence your live» and your
* philosophy of life in the years to come#
Slot only are they in$>ortant
to you, but, through you, they add moral strength to our country as a
whole#
You have now become their custodian©! keep their lustre bright
and free from tarnish#
stay they ever serve to remind you of the greatness
of the past and inspire you to make a sustained contribution to mankind
in the future#
— 0O0—
10
Coast Guard*
Likewise, in your ever-widening experience, you will be
representing the Treasury Department in its dealings with other branches
of the Government, as well as contributing to the foreign policy of the
United States*
This is a challenging future for you*
It will demand
the utmost of your ability, not only in the narrower sense of technical
skill, but in broader terms of advancing the humanitarian purposes of
the Coast Guard and of this Government*
lour training ha® equipped you for these tasks.
But the choice
that lies with you is expressed by dames Bus sell Lowell in these few
linesi
"Once to every man and nation
Comes the moment to decide,
In the strife of truth with falsehood
*
*
*
*
*
*
*
toy advanced engineering courses at sonnet o f the best technical institutes,
and some will be chosen for legal training*
As you become wore Qualified
L—
in all-around experience» you will be assigned to Headquarters*
There
you will be dealing with your opposite numbers in the Department of
Defense, as well as in civilian agencies of the Executive Branch of the
Government, such as State, Treasury, and Commerce.
limited to domestic matters*
But you will not be
You will be sent on technical missions
for the State Department to participate in conferences in other countries*
Such conferences involve, for example, the safety of life at sea,
communications and aids to navigation, where United States interest© and
those of friendly nations must be integrated.
Finally, you may someday
appear in behalf of the Coast Guard to testify before Congressional
committees, and then you will have arrived in the major leagues.
At each step within the Service, your ability will have more and
more isg>act upon increasing the efficiency and effectiveness of the
satter how dull or routine?
Will you as frame cheerfully the burdens that
cose with added responsibility?
Will you undertake enthusiastically
the hard work of further training?
She answer rests with you#
Your faith in this Government is well founded#
You are entering
its portals for the first time, a® I did, not many years ago#
else is enough to stagger the newcomer.
Its very
But, as you work with the fine
men in the Coast Guard, the Navy and other branches of the Federal
Government, you will be proud of the high type of person who is your
co-worker*
There are exceptions, of course, as in any comminity of persons,
and, among these exceptions, there are a few who have brought discredit
upon the Federal service#
Unfortunately, morality seems always to reach
a low point following every ma^or war, but, within the framework of our
Government, we have a fair and just method of dealing with auch people*
fosse of you will be selected for flight training at Pensacola#
It’s a real accomplishment to pass that course#
Others will be selected
31
- 1 -
respect and admiration for ths Coast Guard and the haroio exploits of
its personnel*
I hare used rescue operations as an lllus tratlon , but the same
demands for service hold true in other Coast Guard activities* such as
/
the ice patrol» ocean weather stations» loran station», aids to navigationf
and ths opportunity to contribute so much toward a safer and better
merchant marine*
You who are graduating hare just completed successfully a final set
of examinations* and for that you are to be congratulated*
However»
they are only the beginning» for you will continue to be tested in the
years which lie ahead*
ihat philosophy of life which you choose and
tamper by experience will determine how you pass these later teste*
m u
you grapple energetically with the Immediate task before you, no
»3
Th» courage necessary to rescue survivors of a Hood, a shipwreck.
Z-
or an aircraft down at sea, under conditions that are invariably adverse
is the highest characteristic of faith«
It includes the belief that
those in distress are worth saving and the conviction that fellow Coast
Guardsmen will do their part in the téamwork necessary to conclude a
successful rescue mission«
While some m y be singled out for special
awards or commendations, they could not have succeeded without the help
and sup ort of other members of the team«
Thus, it seems to me that
the term "highest tradition of the Coast Guard” really m?ans faith in
your fellow-man and service to him«
Perhaps this is ccmmonplace to you who are sons of Coast Guardsmen,
because you have grown up in this environment— and possiblÿ to you
other graduates who have absorbed the traditions here at this Aeadesy«
But I can assure you that this faith shines like a beacon light among
the public at large and serves to remind them of their own heritage of
courage and trust«
Many people in the shipping industry, in aircraft
operatlons— not to mention the small boat owners— have expressed their
remain the same for years to costs«
But you will either grow and develop
mentally and spiritually or you will remain stationary«
You have been blessed with certain precepts which have been in
stilled in you by your parents, the church, the schools, and, finally,
this Academy«
These precepts of honor, fair play, and regard for
others can be your bulwark and your inner strength«
Their application
is vital to the obligations which you will assume, and they are
essential to the humanitarian purposes to which you have dedicated
yourselvee*
In many respects, but one in particular, service in the Coast
Guard has an advantage over other vocations*
There are few fields of
endeavor where those who enter a particular profession can achieve the
personal satisfaction of direct humanitarian service to fell©.* men«
Doctors and nurses certainly have this experience«
Coast Guard offers the same reward«
The United States
Those who are fortunate in having
the qualifications to f eet the exacting demands of such service must
have more than physical endurance*
p r
• 4 **
among oth er reason s, because of the existence of fewer
b a rrie rs of a l l kinds*
For example, the son does not ord in arily
follow the trade o f h is f a th e r .
There are many instances known
personally to each of us in which w illin g workers have reached
the peak of honors in every f i e ld of endeavor.
What is the philosophy of l i f e which motivated the great
achievements of th is nation?
The cornerstone of th a t philosophy
is f a ith * - f a ith in God’ s ultim ate wisdom and f a ith in man’ s
dignity and worth*
I t includes the a b ility to accept the
r e a l i t i e s of l i f e but never to lose the vision of p o s s ib ilitie s
beyond the p resen t.
I t is sustained by m m
a p e rs is te n t—
perhaps stubborn—devotion to duty.
¡¡p
You who are graduating today are on the threshold of what
might be termed a c r u c ia l ne i th e r /o r w period of your career*
P h y sically , you are mature, and, except for adding a few
more pounds here and th e re , you w ill
The P resid en t, in dedicating the "C o u rie r,” said that i t s
sig n ifican ce " l i e s in the fa c t that i t w ill carry on the
fig h t fo r freedom in the fie ld where the ultim ate v icto ry
$
has to be won — th a t is in the minds of men.
*hioh i t w ill r f i a r j t o persons behind the so -ca lle d "Iron
Curtain® co n stitu te a strong weapon in the cause of freedom*
| |g
^Courier.* in effectrcEfled
¿ ¿ j .f i ght
for freedom we^Ere^waging^d' ^hieh ■- w a r e 1^ trjin g ^ to .'iriif In
At th is point in jou r career — a ”commencement” in the
most p r a c tic a l sense of the word — I should lik e to make a
few observations about the important choices which l ie ahead
of jou*
I t has been said th a t joung people in our country
have th ree g reat ch oices:
Choice of a p rofession ; choice of
a mate; and choice of a philosophy of lif e *
You who are
graduating today have made your choice of a profession*
And,
a f te r observing so many lovely g i r l s here today, I am convinced
that many of you have made up your minds about the choice of
a mate*
So th a t leaves ju st one ch o ice, but a c ru c ia l one - *
th at of a philosophy of life#
Western c iv iliz a tio n has given man the opportunity and
freedom to choose what his l i f e w ill be*
Within th is c i v i l i z a
tio n , Americans orobably have the g re a te s t la titu d e of a ctio n ,
In June, I9 6 0 , th ere occurred the unprovoked a tta c k against
South Korea, and the fre e world responded vigorously to defend
in tern a tio n a l law and order»
declared a n atio n al emergency.
In December, 1950, the President
Since then, almost every day
has brought added evidence o f the need fo r and increasing
success of our e f f o r ts at home and abroad to hasten rearmament
and look to the defenses of the fre e world.
You are becoming o f f ic e r s in one of the Mation5s armed
fo rces at a time of grave challenge to the free world.
Your
train in g in the Coast Guard equips you not only to serve
your country in time of peace but also to serve in i t s defense.
Coast Guardsmen are playing an important p art in the
n ation al emergency through the operation of mobile loran u n its,
A rc tic operations with the Navy, and the Port S ecu rity
Program, to mention but a few*
The Coast Guard re ce n tly received one of i t s most
unusual and important assignments — to man and operate the
c u tte r "C o u rier.*
This v esse l was placed in se rv ice as part
of the S tate Department5s "Voice of America" program*
It
c a r rie s the most powerful radio broadcasting equipment of
any s ta tio n in th e world.
The messages o f tru th and hope
FINAL DRAFT
{hJdM*
S t* -
ADDRESS BY/flOHN S . OM HAl) ASSISTANT SECRETARY OF THE
TREASURYyiBEFORE TaE ORAIOaTING CLASS JCQAST GUARD
ACADEMY, NEW LONDON, CONNECTICUTAT 2 : 3 0 F M ^ « _
FRIDAY , JUNE 6 , 1952«> cu^J
& » ■d
{ ...... — «**
1»
-T 1
v
Every graduation dsy has deep significance#
t
The p articip atio n
of S ecretary Snyder , Admiral 0* W eill , former Under S ecretary Daniel
B e ll and other distinguished guests in the dedication of the Coast
Guard Academy’ s new Memorial Chapel th is morning has given th is
graduation day exceptional import for everyone connected m any way
with th is g reat in stitu tion #
I t i s a pleasure for me to be with you on th is occasion ana to
have the opportunity of expressing some thoughts illicit i t in sp ires.
I t was my p riv ileg e to be here at the time of graduation in
1949, when you were completing your f i r s t year a t the Academy.
In
world a f f a i r s , we had already experienced sev eral postwar c r is e s ,
which were met with firm a ctio n in the form o f aid to Greece and
fu r key, interim loans to France and I t a l y , the Marshall Plan,
and the B erlin A irlift#
ttuonm yiixkflqnrfxi
Our hopes for a
genuine, peaceful settlem ent within the framework of the United
Nations had been g re a tly shaken by increasin g signs of Soviet
aggressive in te n tio n s.
And, as c r i s i s succeeded c r i s i s , the grim
r e a l it y of communist aggression became more and more m anifest.
/
TREASURY DEPARTMENT
Washington
The follow ing address by A ssista n t S e cre ta ry
John S. Graham before the graduating Glass of
th e'U n ited S ta te s Coast Guard Academy, New London,
C onnecticut, is scheduled fo r d eliv ery at 2 :3 0 p.nu
(EDT), Frid ay, June 6 ,' 1952, and i s fo r r e le a s e at
th a t tim e.
TREASURY DEPARTMENT
Washington
The following address by Assistant Secretary
John S. Graham before the Graduating Class of
the United States Coast Guard Academy* New London*
Connecticut* is scheduled for delivery at 2:30 p«m.
(EDT)* Friday, June 6* 19!?2* and is for release at~
that time*
Every graduation day has deep significance# The participation of
Secretary Snyder* Admiral O ’Neill* former Under Secretary Daniel Bell and
other distinguished guests in the dedication of the Coast Guard Academy’s
new Memorial Chapel this morning has given this graduation day exceptional
import for everyone connected in any way with this great institution.
It is a pleasure for me to be with you on this occasion and to have the
opportunity of expressing some thoughts which it inspires*
It was my privilege to be here at the time of graduation in 19li9> when
you were completing your first year at the Academy. In world affairs* we
had already experienced several postwar crises* which were met with firm
action in the form of aid to Greece and Turkey* interim loans to France and
Italy* the Marshall Plan* and the Berlin Airlift. Our hopes for a genuine*
peaceful settlement within the framework of the United Nations had been
greatly shaken by increasing signs of Soviet aggressive intentions. And*
as crisis succeeded crisis* the grim reality of communist aggression became
more and more manifest.
In June* 195*0* there occurred the unprovoked
attack against South Korea* and the free world responded vigorously to
defend international law and order. In December* 195>0* the President
declared a national emergency. Since then* almost every day has brought
added evidence of the need for and increasing success of our efforts at
home and abroad to hasten rearmament and look to the defenses of the free
world*
You are becoming officers in one of the Nation’s armed forces at a
time of grave challenge to the free world. Your training in the Coast Guard
equips you not only to serve your country in time of peace but also to serve
in its defense.
Coast Guardsmen are playing an important part in the national emergency
through the operation of mobile loran units* Arctic operations with the Navy*
and the Port Security Program* to mention but a few.
The Coast Guard recently received one of its most unusual and important
assignments -- to man and operate the cutter "Courier.” This vessel was
placed in service as part of the State Department’s "Voice of America"
program,^ It carries the most powerful radio broadcasting equipment of any
station in the world. The messages of truth and hope which it will relay
S-3067
25
2
to persons behind the so-called "Iron Curtain" constitute a strong weapon
in the cause of freedom. The President, in dedicating the "Courier," said
that its significance "lies in the fact that it will carry on the fight for
freedom in the field where the ultimate victory has to be won — that is in
the minds of men".
At this point in your career — a "commencement" in the most practical
sense of the word — I should like to make a few observations about the
important choices x^hich lie ahead of you« It has been said that young
people in our country have three great choices: Choice of a profession!
choice of a matej and choice of a philosophy of life. You who are
graduating today have made your choice of a profession. And, after observing
so many lovely girls here today, I am convinced that many of you have made
up your minds about the choice of a mate* So that leaves just one choice,
but a crucial one — that of a philosophy of life.
Western civilization has given man the opportunity and freedom to
choose what his life will be. Within this civilization, Americans probably
have the greatest latitude of action, among other reasons, because of the
existence of fewer barriers of all kinds* For example, the son does not
ordinarily follow the trade of his father. There are many instances known
personally to each of us in which willing x«rorkers have reached the peak of
honors in every field of endeavor.
What is the philosophy of life which motivated the great achievements
of this nation? The cornerstone of that philosophy is faith — faith in
God’s ultimate wisdom, and faith in man*s dignity and xforth* It includes
the ability to accept the realities of life but never to lose the vision of
possibilities beyond the present© It is sustained by a persistent —
perhaps stubborn — devotion to duty.
You who are graduating today are on the threshold of what might be
termed a crucial "either/or" period of your career. Physically, you are
mature, and, except for adding a few more pounds here and there, you x-rill
remain the same for years to come. But you will either grow and develop
mentally and spiritually or you will remain stationary.
You have been blessed with certain precepts which have been instilled
in you by your parents, the church, the schools, and, finally, this Academy*
These precepts of honor, fair play, and regard for others can be your bulwark
and jrour inner strength. Their application is vital to the obligations
which you will assume, and they are essential to the humanitarian purposes
to which you have dedicated yourselves.
In many respects, but one in particular, service in the Coast Guard
has an advantage over other vocations. There are few fielcfeof endeavor where
those who enter a particular profession can achieve the personal satisfaction
of direct humanitarian service to fellow men* Doctors and nurses certainly
have this experience* The United States Coast Guard offers the same reward.
Those who are fortunate in having the qualifications to meet the exacting
demands of such service must have more than physical endurance«
26
3
The courage necessary to rescue survivors of a flood* a shipwreck* or
an aircraft down at sea* under conditions that are invariab3.y adverse* is
the highest characteristic of faith« It includes the belief that those in
distress are worth saving and the conviction that fellow Coast Guardsmen
will do their part in the teamwork necessary to conclude a successful
rescue mission, While some may be singled out for special awards or
commendations* they could not have succeeded without the help and support
of other merribers of the team® Thus* it seems to me that the term «highest
tradition of the Coast Guard« really means faith in your fellow-man and
service to him©
Perhaps this is commonplace to you who are sons of Coast Guardsmen*
because you have grown up in this environment — and possibly to you other
graduates who have absorbed the traditions here at this Academy, But I
can assure you that this faith shines like a beacon light among the public
at large and serves to remind them of their own heritage of courage and
trust© Many people in the shipping industry* in aircraft operations — not
to mention the small boat owners — have expressed their respect and
admiration for the Coast Guard and the heroic exploits of its personnel*
I have used rescue operations as an illustration* but the same demands
for service hold true in other Coast Guard activities* such as the ice
patrol* ocean weather stations* loran stations* aids to navigation* and
the opportunity to contribute so much toward a safer and better merchant
marine,
You who are graduating have just completed successfully a final set
of examinations* and for that you are to be congratulated,, However* they
are only the beginning* for you will continue to be tested in the years
which lie aheado That philosophy of life which you choose and temper by
experience will determine how you pass these later tests * Will you grapple
energetically with the immediate task before you* no matter hoi* dull or
routine? Will you assume cheerfully the burdens that come with added
responsibility? Will you undertake enthusiastically the hard work of
further training? The answer rests with you0
Your faith in this Government is well founded,, You are entering its
portals for the first time* as I did* not many years ago* Its very size
is enough to stagger the newcomer© But* as you work with the fine men in
the Coast Guard* the Navy and other branches of the Federal Government* you
will be proud of the high type of person who is your co-worker©
There are exceptions* of course* as in any community of persons* and*
among these exceptions* there are a few who have brought discredit upon the
federal service© Unfortunately, morality seems always to reach a low point
following every major war* but* within the framework of our Government* we
have a fair and just method of dealing with such people©
Some of you will be selected for flight training at Pensacola, It*s
a real accomplishment to pass that course. Others will be selected for
advanced engineering courses' at some of the best technical institutes, and
27
9
-U -
some will be chosen for legal training* As you become more qualified in
all-around experience* you will be assigned to Headquarters* There you
will be dealing with your opposite numbers in the Department of Defense, as
well as in civilian agencies of thé Executive Branch of the Government,
such as State, Treasury, and Commerce0 But you will not be limited to
domestic matters» You will be sent on technical missions for the State
Department to participate in conferences in other countries» Such
conferences involve, for example, the safety of life at sea, communications
and aids to navigation, where United States interests and those of friendly
nations must be integrated» Finally, you may someday appear in behalf of
the Coast Guard to testify before Congressional committees, and then you
will have arrived in the major leagues»
At each step within the Service, your ability will have more and more
impact upon increasing the efficiency and effectiveness of the Coast Guard.
Likewise, in your ever-widening experience, you will be representing the
Treasury Department in its deal ings with other branches of the Government,
as well as contributing to the foreign policy of the United States, This
is a challenging future for you. It will demand the utmost of your
ability, not only in the narrower sense of technical skill, but in broader
terms of advancing the humanitarian purposes of the Coast Guard and of
this Government.
Your training has equipped you for these tasks» But the choice that
lies with you is expressed by James Russell Lowell in these few lines:
"Once to every man and nation
Comes the moment to decide,
In the strife of truth with falsehood
For the good or evil side$
"Though the cause of evil prosper,
Yet *tis truth alone is strong^
Though her portion be the scaffold,
And upon the throne be wrong.
Yet that scaffold sways the future,
And, behind the dim unknown
Standeth God within the shadow
Keeping watch above his own."
As you go forward in the days ahead, the high standards and the
honorable tradition of the United States Coast Guard will help to sustain
you in the trials of life. They will influence your lives and your philosophy
of life in the years to come. Not only are they important to you, but,
through you, they add moral strength to our country as a whole» You have now
become their custodians^ keep their lustre bright and free from tarnish. May
they ever serve to remind you of the greatness of the past and inspire you
to make a sustained contribution to mankind in the future.
0O 0
IMMEDIATE RELEASE,
Thursday« Jim» 5« 1952»
-=2> ---- ^
^ %
The Secretary of the Treasury today announced the subscription and allot*
meat figures with respect to the offering of additional amounts of the 2*3/4 per
cent Treasury Bonds, Investment Series B-1975-80, for cash and in exchange for
2*1/2 percent Treasury Bonds of 1965-70, 1966*71, and two issues of 1967*72,
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows:
Federal Reserve
District
Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government Invest*
ment Accounts
TOTAL
Cash Sub*
scriptions
1 12,230,000
163,287,000
21,928,500
12,504,000
10,329,500
10,105,500
28,836,000
5,511,500
3,030,000
6,003,500
6,492,500
37,600,000
508,500
Total Subscriptions
Exchange Sub*
scriptions
I
35,215,000
471,247,000
64,863,500
36,172,000
30,731,500
26,866,500
80,340,000
16,284,500
8,524,000
14,909,500
18,706,500
110,412,000
1,312,500
$
47,445,000
634,534,000
86,792,000
48,676,000
41,061,000
36,972,000
109,176,000
21,796,000
U , 562,000
20,913,000
25,199,000
U 8 , 012,000
1,821,000
132,025,000
391,775,000
523.800,000
1450,399,500
$1,307,359,500
$1,757,759,000
The breakdown of subscriptions by investor classes will be made public when
this information is available, which will probably be in about two weeks.
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
0
IMMEDIATE RELEASE,
Thurs day, June 5, 1952 0
S-3068
The Secretary of the Treasury today announced the subscription and allot
ment figures with respect to the offering of additional amounts of the
2-3/14 per
cent Treasury Bonds, Investment Series B-1975-80, for cash and in exchange for
2-1/2 percent Treasury Bonds of 1965-70, 1966-71* and two issues of 1967-72,
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as followsî
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government Investment Accounts
TOTAL
Cash Subscriptions
Exchange Subscriptions
$ 12,230,000
163*287,000
21,928,500
12 ,5014,000
10*329*500
10,105,500
28,836,000
5*511,500
3,038,000
6,003,500
6*/492,500
37,600,000
; 508,500
4
35,215,000
I47I, 217,000
64,863,500
36,172,000
30,731,500
26,866,500
80,3140,000
16,2814,500
8,5214,000
lU,909,500
18,706,500
110,1412,000
1,312,500
Total Subscriptions
5
Ii7,!+!t5,000
631t,53it,000
86,792,000
U8,6?6,000
141,061,000
36,972,000
109,176,000
21,796,000
11,562,000
20,913,00a
25,199,000
1148,012,000
1,821,000
132,025,000
391,775,000
523,800,000
lit50,399,500
51,307,359,500
$1 ,757,759,000
The breakdown of subscriptions by investor classes will be made public when
tlis information is available, which will probably be in about two weeks.
oOo
TREASURY DEPARTMENT
F is c a l Service
STATUTORY DEBT L I M I T A T I O N
Washinqton,J^anft
AS O F M ay 3 1 , 19 5 2
1952
)
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of o b liga tio n s issued
under authority of that Act, and the face amount of o b lig a tio n s guaranteed as to principal and interest by the
United States (except such guaranteed o b lig a tio n s as may be held by the Secretary of the Treasury), "sh all not
exceed in the aggregate $275,000,000,000 (Act of June 26, 1946; U.S.C., t i t l e Jl, sec. 757b), outstanding at
any one time. For purposes of th is section the current redemption value of any ob ligatio n issued on a discount
b a sis which is redeemable p rio r to maturity at the option of the holder shall be considered as it s face amount.'
The following table shows the face amount of o b lig a tio n s outstanding and the face*amount which can s t ill
be issued under th is lim itation :
Total face amount that may be outstanding
Outstanding
O bligations issued under Second Liberty
Interest-bearing:
Treasury b i l l s
C e rtific a te s of indebtedness.......
Treasury notes......................
Bonds Treasury............................
Savings (current redemp. value)
Deposi tary.........................
Armed Forces Leave ..............
Investment series .......
Special FundsCerti f icates of indebtedness.....
Treasury notes.......
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
War savings stamps ........................
Excess^frof i t)s tax refund bonds.....
Special "notes of the United States:
In te rn a t'l Monetary Fund s e r ie s ..
$275 ,000 ,000,000
at any one time
Bond Act, as amended
„
= 1 8 ,2 6 6 ,8 5 4 ,0 0 0
28,423,120,000
2.6,426,‘g o , ¿50 4 7 3 ,116 ,5 0 4 ,4 5 0
76 ,836 ,613,100
57,614,324,739
367,132,000
1 2 ,463,309,000
__ , , „ _
22*90S,43.5*000
14,290,022,000
147,281,378,839
37,198,437^06257,596,320,289
358,365,225
50,131,773
1,708,713 •
1 ,2 5 3 ,0 0 0 ,0 0 0 —
Total
Guaranteed o b lig a tio n s (not held by Treasury):
Interest-bearing:
Debentures: F. H. A. ..........................
Demand o b liga tio n s: C.C.C.
Matured, interest-ceased ...
1,304,840,486
259,259,526,000
43,017,836
801,863
43,819,689
1.508.850
45,328,539
259.304.854,539,
1 5 .6 9 5 .1 4 5 ,4 ^
Grand total o u tsta n d in g ................. ............. .............. .......
Balance face amount of o b lig a tio n s issuable under above authority
Reconcilement with statement of the Public Debt- ^
?A f..1 9 5 2
(D aily statement of the United States Treasury, J m e 2.^:...1952 )
Outstanding Total gross public debt ......................................................................... .........
Guaranteed o b lig a tio n s not owned by the Treasury ..............................................
Total gross public debt and guaranteed o b lig a tio n s ...........................................
Deduct - other outstanding public debt o b lig a tio n s not subject to debt lim ita tio n
3 0
TD •OAS •DC
259,905,345,507
_____ 45,328,531
259,950,674,046
¿),K'aiqf5Ql
259,304,854,539
STATUTORY DEBT LE'ITATION
AS OF MAY 31, 19^2
June 10, 1952
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount
Iof obligations issued under authority of that A.ct, 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, 19kój U.S.C., title 31, sec. 757b),
outstanding at any one time. For purposes of this section the current redemption
palile 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
fî275,000,000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
1 Interest-bearing:
Treasury bills..........18,266,851b000
Certificates of indebtedness
28,1|23,120,000
Treasury notes..*...........
26,k26,530,k50
73,U6,50k,k50
Bonds Treasury........
76,836,613,100
Savings (current redemp. value) ¿7,6lJU,32U,739
Depositary.••••••••••••••••••
367,132,0U0
Armed Forces Leave,,.........
Investment series•«•••••••.,. 12,k63,309,000
lk7,281,378,839
Special Funds Certificates of indebtedness. 22,908,kl5,000
Treasury notes..............
Ik,290,022,000
Total interest-bearing................ .
Matured, interest-ceased.
37,198,k37,000
596,320,2$9
358,365,225
Bearing no interest:
bar savings stamps...............
50,131,773
Excess profits tax refund bonds..
1,708,713
Special notes of the United States:
Internat *1.11onetaiy Fund series
1,253,000,000
Total,.,... ■__ ...
1,30k,8kO,k86
¿55,255,526,000
■Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debsnturesî F.H.A. ...........
1)3,017,836
I De^and obligations: C.C.C......
801,853
i Matured, interest—ceased...........«.T«".'’...'
k3,819*689
1,508,850
55^528¡,“559
l a l i w !°tal outstan^ing................... ............ 259,30k,85k,539
I
Iace amount of obligations issuable under above authority....."I'5,6'95,lk5,k6l
oncllementwith Statement of the Labile Debt - Kay 3l, 1952
’ /— “—
■
(Daily Statement of the United States Treasury, June 2, 1952)
Outstanding Total gross public debt ............................
ot^o god oj,< gn?
I Totfli’nteed obliSat:i*-ons not owned by the Treasury..............!!!!.!
* k5»328!539
leduc?
PUblic debt and Suaranteed obligations........... ^
Blili
?
r_ oubstanding public debt obligations not subject to
■
debt limitation......... .............. ..........
-3069
,
6k5,8l9,507
¿59,30k,35k,539
r n m im
m m im
im m à rm é *
Tuesday, June 10* 1952«
The Secretary of the Treasury announced last etexdng that the tenders for
$1,200*000,000, or thereabouts* of 91-day Treasury bills to be dated June 12 and to
mature September 11* 1952# «hich ware offered on «haus 5» «ere opened at the Federal Re
serre Banks cm June 9*
The details of this issus are as follone s
Total applied for - |I*0I5*lli7*OQO '1
Total accepted
- 1,200*78&*000 M
Average price
(includes $196*961,000 entered on a
non-cosapetltlre basis and aceitad in
full at the arerags price shown balear)
- 9 % 9 if Bruiraient rat® of discount approx* 1*753$ per annum
Range of accepted competitive bidet
Hisdi
LoT
- 99*583 E o u iva len t r a t e o f d isco u n t approx* 1*650$ p er annum
- 99*555
•
a « «
«
1*760$ *
*
(77 perçut of the amount bid for at the loor: pries m s accepted)
Federal Reserve
District
Total
Applied for
l
1
33,231,000
1,31*9,315,000
14,1*90,000
66,902,000
31,397*000
39,853,000
226,927,000
27,590,000
20*670,000
21**609,000
k5,98S,ooo
105,279,000
Boston
Sew Toric
Cleveland
Atlanta
Chicago
St* louis
'IpimeapoXls
Kansas City
H a ila «
Sen Francisco
TOTAL
# 2 , 0 15 . 11 *7,0 0 0
Total
Accepted
I
32,231,000
690,980,000
16,961,000
51*,801,000
27,853,000
37,933,000
168,287,000
18,220,000
17,187,000
2k» 11*8,000
36,865,000
75,318,000
|1,200, 781*,000
34
RELEASE M O R N I N G NEWSPAPERS,
S - 307O
Tuesday, June 10, 1952.
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 June 12 and to mature September 11, 1952, which were
offered on June 5* were opened at the Federal Reserve Banks on June 9 .
The details of this issue are as follows:
Total applied for - $2,015,147,000
Total accepted
1,200,784,000 (includes $ 196 ,961,000
entered on a non-competitive
basis and accepted in full at
the average price shown be,low)
Average price
- 99*557 Equivalent rate of discount approx.
1-753$ Po p annum
Rango of accepted competitive bids:
High
- 99*583 Equivalent rate
1 .650$
- 99-555 Equivalent rate
1 .760$
Low
of discount approx
per annum
of discount approx
per annum
(77 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Li tv
Balias
'
$
J
Ban Francisco
TOTAL
33 ,231,000
1 ,349 ,315,000
4 1 ,490,0.00
66 ,802,000
Total
Accepted
$
32 ,231,000
690,980,000
16 ,961,000
54 ,801,000
31,397,000
39,853,000
228,927,000
27,590,000
20,670,000
24,608,000
45 ,985,000
105 ,279,000
27.853,000
37,933,000
168,287,000
18 ,220,000
1 7 ,187,000
24,148,000
36 ,865,000
7 5 ,318,000
$2,015,147,000
$1,200,784,000
0O0
IMMIBIJS1 MLBASB,
3m »
s- 3 0 1 f
1 0 ,1 9 5 2
Secretary Snyder announced today that thè Treasury vili
effe? f o r cash s s Monday, June l 6 , 1952, «e intercediate honá "fe
I(ja^xin thè amount of $3,500,000,000, e? thereabouts.
Froceeds
fio» thè s a le s of thls bond aay he depositad in freasuiy f a x
and loas aceounts.
fh e S e c re ta ry a le e announced th a t h o ld e rs o f th è l- 7 / S £
c e r t i f i c a i es o f indebted ness o f S e r ie s 1-19 5 2 , s a tu r in e J u ly 1 ,
1952 , i n th è amount o f $5 , 215 * S%9»000, s i l i he a f f e r e i a t th è
same tim e a 1-7/3 $ c e r t i f i c a t e o f indebtedness to he datad
July 1 , 1952, and to « a ta r e June 1 , 1953*
fhis m a tu rity d ate
has heea s e le c t e d in ord e? to keep June 15* 1953» open f o r
ta x a a t le ip a t lo n b i l i s .
0O0
olí
TREASURY DEPARTMENT
WASHINGTON, D .C
Information Service
36
IMMEDIATE RELEASE,
Tuesday, June 10, 1952
S - 307I
Secretary Snyder announced today that the Treasury
will offer for cash on Monday, June 16 , 1952, an
intermediate' bond to be dated July 1, 1952, in the amount
of $3*500,000,000, or thereabouts.
Proceeds from the
sales of this bond may be deposited in Treasury Tax
and Loan Accounts .
The Secretary also announced that holders of the
1-7/8$ certificates of indebtedness of Series B-1952,
maturing July 1, 1952, in the amount of $5,215,8^9,000,
will be offered at the same time a 1- •7/Rat certificate
of indebtedness to be dated July 1, 1952, and to mature
June 1, 3.953*
This maturity date has been selected in
order to keep June 15, 1953, open for tax anticipation
bills .
0O0
- 3 ym m
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 2*2 and 11? (a) (l) of the Internal Revenue Code, as
amended by Section 11$ of the Revenue Act of 19l|l, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, 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. I4I 8, as amended, and this notice,
prescribe the terms of the Treasury bilis and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
x x m
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 accept
ance 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 reserva-
tions, non-competitive tenders for \f»20Q 90 0 y 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 Re
June 19. 19f>2
* in cash or other immediately available
------- ^
funds or in a like face amount of Treasury bills maturing
June 1 9 ^ 19b2— —
serve 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, Thè bills shall be
asm
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. June
12, 1952
3^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
June 19. 1952
» in
--------------------------------
the amount of $ l a200,632»000 , to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
June 19, 1952
The bills
, and will mature
September 18. 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
Daylight Saving
jfazudxxtd time, Monday, June 16, 1952
closing hour, two o ’clock p.m., Eastern
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 competi
tive 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
♦
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, June 12, 1952.
WASHINGTON, D .C .
S-3072
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200,000,000, or thereabouts, of 91-bay Treasury bills,
for cash and in exchange .for Treasury bills maturing June 19, 1952,
in the amount of $1 ,200,632 ,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 June 19, 1952, and
will mature September 18, 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 Daylight Saving
time, Monday, June 16, 1952. 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 pei’cent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
®
Reserve Banks and Branches, following which public announcent will be made by the Secretary of the Treasury of the amount and
of ?? range of accepted bids. Those submitting tenders will be advi seo
e
Q acceptance or rejection thei’eo.f. The Secretary of the Treasury
in S n y reserves the right to accept or reject any or all tenders,
final°*"Gq °v!•^n
and his action in any such respect shall be
$2oo nnn
^ ese reservations, non-competitive tenders for
acceAfUH ^ leSS without stated price from any one bidder will be
e m 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 June*19, 1952, in cash or other immediately available funds or
in a like .face amount of Treasury bills maturing June 19, 1952.
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 bo considered to be
interest. Under Sections k2 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 19^1, the
amount of discount at which bills issued 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. 4,18, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may he obtained
from any Federal Reserve Bank or Branch.
0O0
| cannot help but f a s t c o n f i d e n t
about tils f u t u r e b u s i n e s s t r e n d ,
| U ma i n t a i n i n g of our f u t u r e
p r o s p e r i t y and econoaii c w e l f a r e i s
a c t i v e l y envi sa ged as part of the
def ens e program,
To sum up, our goal f o r the
future
is t h r e e f o l d :
Promoting
n a t i o n a l d e f e n s e , ma i n t a i n i n g
n a t i o n a l p r o s p e r i t y and a c h i e v i n g
the f u l l e s t b e n e f i t s from our
p o t e n t i a l economic expansion
lr
,
In
a
ida,
or
country
large
such'
natural
„ i 1 it y «
a
l.twif
as
of
Louis!
ours,
resources
« r o w in a
with
ana
technical
population
means
in expanding ©conasiy•
#
51
mk.
An e q u a l
iittportant
If
dynamic
factor
is
our
a c o a l o r a t i.rtcj:’ r a t ®
growth
in
new
scientific
fisi
inci u s t r
strori g
p r o!»i s t
a c t i v ift y
in
the
i§ i
ana
years
discoveries
t e c h n § CjUwis y
support
m xt
to
capital
ahead#
ith
of
which
industrial
investment
this
out
loo
aou
.
m
50
n
&n
important
factor
of
strength
y
for
the
future
attitude
and
of
businessmen
4 P 5
w
seen
caution
industry
"getting
is
out
a
limb"
18
prepared
and
the
to
caution
most
take
was
potent
continued
that
they
desirability
opportunities*
of
in
danger
their
own
■ '■
businesses,
of
the
that
. 1
'■■> ■.
atiare
to
trade
means
This
alert
on
active
throughout
today.
are
the
in
advantage
This
one
factors
s t r e n g t h
same
of
are
of
of
also
being
future
attitude
the
of
in
our
postwar
of
4M»
Jjl*tj|
MM
except i on.
I M
r e l e a st
important
£%
mm
m pi I fl f%
© i l w %■ I1 ^ ^* I ï f ^
i v i l i an production
the
n d
o
d e m a n d
innati ont! s i t u a t i
is, however, conti
exoendi t u r e s
flffc#%’
fit %0
d e f e n s e
0'-4#
I1fi fj
oyiiibsr
an
of
industries,
isport ant
expansion
sut
with
an
of
factor
in
program
important
ha®
the
industrial
armament
it
and
been
current
capacity,
also
carries
offsetting
factors
—
I .V
increased
'with
the
production
normal
curtailment
of
costs,
flaw,
of
Interfere©
materials,
nondefense
c o n s t r u c t ion,
m
business
operate
uncertainty,
to
prevent
development
of
The
defense
present
the
a
etc.
full
—
which
and
civilian
program
free
economy,
is
shifting
after
Its
to
defense
peak#
some
tlis
production
Concern
cjuerters
defense
economic
that
spending
d o w n t u f *n
i
no
set
a
may
important
can
is
passed
in
slackening
in
initiate
in
ana
has
expressed
an
business
necessity
s u c h ■'& d o w n t u r n ,
outlook
for
activity,!
expecting
i will explain
why *
The
rearmami
has provided a
®nt
program,
sij b s t a n t
of
course, 1
ial s o u r c e of
t e m p o r a r y a d d iti*a n a l d e m a n d
in a
1
fit y
U p i ft
i
$ïil i
Hifet'ii
ilp
savings
banks
largest
Increase
the
five
figures
y e air è
record.
saving,
volume
savings
in
April
far
were
ag
o M
of
bonds
of
feank
and
the
a
the
month
since
compiled
reaching
hold
cash,
that
first
Because
people
showed
a
new
high
increase
in
tremendous
deposits,
.other
liquid
assets*
In thè miantim « personal Incoses
h ava
I?«;.6m
::..ft i n t a- i n e d
at
ri c o r i
l e v e 2 •.
«&*
1
il OTRI t i ,
! ìì
my
opinion,
strongest
is
f t etare
in
the
outlook
g§§
people
to
purchase*
in
.Kf¡Sft
savings
one
'I
g j£
#St,INI
<1,111
In e r e a s e
j£&¥*%
## W
4$* mi #*
k*
9
%
iVii I I %l t I %£&'
Itti
ÌÌ
#*%■
jjlWtf
r
'
i I 4J*
Xj/f?
&#■%0 1%
,
during
example,
T ti
<J»Mi
Ufi
the
the
past
year,
deposits
of
As
mutual
§fs
1« m**
with
a
farmers
ill » i
particularly
contribution,
generally
covered
by
important
those
outbid®
our
and
available
figures
they
analysts
the
and
which
«
most
sector
of
market
represented
investors*
we
savings
to
the
the
surveys
have
made*
important
government
by
are
area
according
represent
the
groups
payroll
programs ;
tnd
jlji*
feel,
security
individual
B
t
past
that
Ingenuity
sots
and
w ill
possible
the
you
you,
own
suggest
sales
come
in
in
small
the
for
with
particular,
members
personal
contact.
contacts
Pr
sa
own
best
proisotin
savings
of
individuals
numerous
with
your
approaches
Increased
to
your
bonds
whoa,
Those
who
with
tonal
businessmen
of
have
the
gi
.ft m *
t* ^ t
financing
to
' draw t o
possible
the
than
cons lit!
i f til#
It
the
that
the
important
b o nd
flow
degree
this
Treasury
snri
parenthetically,
any
bei f f s w i n g
bank) Ing
thought
in
the
I might
that
the
system
i n mi nd
recently
revisions
program,
savings.
in
to
is
extent
of
resorting
Commercial
*«ae w i t h
deficit
greatest
on t h e
r a t i 1i t r
I f Oft:!
Ftdural
the
isttfg
savings
arid,
details
o r o f l r s w mu s t
factor
Io
ti tuat
i on .
was
able
during
as
the
to
our
to
S o verna*®»it
a surplus
postwar
defense
about
federal
8 n§w
& f
financing
t h®
earlier
now b r o u g h t
having
1©
achieve
a whole,
the
nc o o ur i t
ifidoral
!whi
the
which
t nk®
i
period
needs
situation
in
Government
undertake
have
it
substantial
%
deficit
financing
{ am s u r e
to
expand
the
operation®,
that
point
I do
to
not
this
need
audience
mm
ça
*»
ûover c i f nent
a r e a ,
to
such
of
every
Treasury
do
with
funds
into
and
billions
you
here
in
having
operations,
out
the
of
ft^w
the
major
refunding
operations
involving
of
are
to
made
matters
affecting
year,
of
11 t %#
day-to-day
financing
many
domestSc
decision
from
systein,
B «afl IE
and
—
those
aa
in
fife
an
underlie®
the
program
dollars.
am
m imi
Siili
aware,
Ǥ
Üur©
the
all
Treasury
Cr
irawed i a t e
the
Treasury
is
the
the
defense
nd
other
by
the
provided
is
-
for
a broader
constantly
conduot
in
our
fact,
kinds,
the
smooth
growth
mu s t
such
be
of
as
functioning
our
the
economic
IjL
is
1
to
and
to
ill»
operations
a way
there
keep
agesnent
debt
of
Congress,
That
mir
of
measures
oh we
Treasury
in
financing
ai m
in
concern
of
all
promote
the
s ound
system.
This
objective
of
every
at the present ti me,
available
to be
in case t b i Communi s t s
launch f u l l - s c a l e war ; (3) to
devel op f u r t h e r our product i on
resources, f o r b a s i c raw m a t e r i a l s
ana
(4)
at
the same time* t o
iia i n t a in a sound and i n c r e a s i n g l y
p r o d u c t i v e c i v i l i a n economy*
Page 31 - line 5 —
beginning of the first paragraph
first sentence should be changed to read)
Our defense production program is organised
toward one principal objective!
to increase the
defensive strength of the United States and the free
world to such an extent that it will deter possible
aggression and provide a successful defense should
such aggression occur.
There are four major aims
in this defense production program .....
21 al*
’
Mk
an ns beln
M jjjpfe
Ip* * "'*■ 4$ *
the
Imp
im n e n s e
« 8
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DPI £!fit
to
or
s in Korea arid a t ho#«
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fifes,
end
for
c ,il%
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reserve
stc
add i t i ona I n i ( f t
¥** &%
M 1 O
l i nos
beyond
those
^ I
nee«
false
promises
Technical
underdeveloped
tool
in
our
weapons.
not
for
e
tits. o r i b e d
ft §
the
long-term
pointed
not
arid
areas
ago
to
of
t
interesting
Tu* i ne s s me n
areas
the
our
wastes.
success
of
program.
that
They
to
p o k e seta
the
underdeveloped
further
new
defense
that
security
out
to
represents
o1 r A m e r i c a n
the
key
assistance
was n s i t
long
a .group
cQfamun i sst.
arsenal
it
not
of
It
these
have
was
areas
great
ifp«t that make ft ttftIfftt%>
irtifiifs
and i r r i g a t i o n developments, community
we! In,
improvement of l i v e s t o c k an 1#
p o u l t r y , and introduction
of
h i g h e r - y i e l d i n g grain v a r i e t i e s , are
§ XM m I 1}
of a c t i v i t i os in which the
P-oint i Ifw program is g i v i ng t e c h n Ioa1
guIdance.
These are th 1ng 8* t ft 9t
p ©or l © i n other cotin t r 1 tis can see and
fee? I an
understand.
improvements of
t h i s so rt are having H pf*0found o f f e e
In turning men
ft
RI I
away$
tb®
living
conditions
til,
Above
storehouse
to
of
their
to
we
need
of
tecbnicaI
demonstrate
in
the
open
trees
primitive
conditions
exist
that
a
help
can
in
modern
bring
output
and
Under
a
good
already
living
the
start
bean
in
tii® f I
and
of
processes
improvements
in
standards.'
Faint
this
mad®.-
still
amount
techniques
e n o r mo u s
our
knowledge
w h e r e
even
people.
IV p r o c r a m ,
d i r e c t i o n has
The
program
is
t o p r e v e n t a b r o a d e n i n g of p r o d u c t i v e
c a p a c i t y of E u r o p e a n n a t i o n s a n d
m a i n t a i n i n g an o u t p u t of c i v i l i a n
goods substantially above prewar
lev els •
These facts are reassuring.
there are,
But
unfortunately, a number
of d a n g e r p o i n t s w h i c h h a v e b e e n
developing*
While the more advanced
industrial countries have
repaired war damages and f o rged
a h e a d rapi oly,
there remains
IV
am
b
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f| 11
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is
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our
productive capacity and nsinta
f *'
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rv
armara
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ave been
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eider ably
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iftft
program
«lowed
whieh
the
has
do«*
free
under American leadership*
i n t o action.'
feoer
world,
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tht danger
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rial
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ly & !» I •
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as
r e e l e d
uranos
banker
t he i 8
fl ftflU
i p
*
m
m m ■m
For
power,
as
few
contribute
economic
to
others
the
example
the
fctvln§i
y o u r 1 c o o p e© rr
and
your
KjF§VmI
a t i o n
to
countryf e basic
strength
Fo r
have,
soundness;
wor k
é
promoti n
in
program, and
I
ry
a
in
/
r e d i t /Restraintyrregram
illustrations
to
place
above
own
the
what
of
national
may ,
immediate
your
at
willingness
interest
times,
personal
trs
be
your
interests.
toy
student
of
are
end
business
informed
the
are
central
much
of
activity
because
needs
of
of
and
your
life
the
o f
of
points
your
your
your
the
you
which
you
and
revolve*
knowledge
productive
you
serve
thought
region
communities,
c o m m u n itie
For
around
economic
this
financial
leadership,'
institutions
the
the
faculty
assuring
and
of
constitute
body
school
arwf
who
of
the
capacities
have
the
i
Tress
w i t tig #
iilvlit
sue!
assistance
#
and
suggestions*
has
been
The
Invaluab
mt
i n t c r r n A t ìo n â l
provided
extraordinarily
in
l e a d tre
Œ
w
m
s
is I
of
the
along
peace,,
has
many
w h o ie
contributed
national
6 X ’& f i
ple
as
in
presidente
Association
war,
the
s e c t i o n s
given
the
abilities
this
J
type
the
llJ¥§
to; o u r
have
of
of
couth
8 at Ion
iRime a s u r a b l y
wellar
of
Bankers
other
country,
service
several
American
with
able
S a v a m m e n t
produced
In
fpJiP
E t a,tur©*
a
real
s e r v i fît
even greater
Importance, banking
has become more closely
than ever before
Interwoven
in t h e b u s i n e s s
life of the r u r a l and urban
c e n t e r s of t h e w h o l e c o u n t r y .
In t h i s f a s h i o n ,
program
its e d u c a t i o n a l
is m a k i n g a r e a l
c o n t r i b u t i o n to Amer l e a ’s e c o n o m i c
strength and progress.
Southern banking has p r o d u c e d I
m a n y l e a d e r s of n a t i o n a l a n d
JLJL
m
Pacific
Coast
Banking
the
Uni v e r s I t y
th©
School
of
fii
o f
Wisconsin»
e1 I
the
Banking
American
s e e k fn g
by
î i$i
to
a
and
th®
school
U n i v e r s ity
for
at
Un i v e r s i t y .
is
a vital
e c o n o m y
the
and q u a l i f i c a t i o n s
management
at
relations
advanc©
liln
at
Washington;
Banking
public
Northwestern
.
of
School
,
its
part
and
it
personnel*
is
welfare
compétence
of
of
its
Sut
of
campas
of
this
The
in
need
banking,
u n Iv o r s it y •
for
which
evident
entire
country
the
the
decade
prior
now
being
with
and
industry,
twenty-four
schools,
own,
the
Banking
World
at
in
met
during
War
! f*
by
the
Rutgers
colleges
among the
other
Graduate
is
c o l l a b o r â t ion
universities,
Notable
graduate
are
to
aggressively
schools.
education
was
throughout
banking
higher
than
School
your
of
University;
the
country,
of
.the
6,nl
hive
importance
expanded
io.
have
been
of
steps
aware
inpro
facilities
fc e q u a l l y
taken
keenly
for
the
impartant,
to
they
increase
their
:
knowledge
provide
their
of
advanced
associates
banking
as
a
reason
the
of
iitmifi
for
the
banking,
your
and
have
graduate
presence
for
chosen
t
career.
was
to
education
who
school
1
of-tanking
established,
today
\
on
the
and
m
H
m
a n d t h e h a r d w o r k of p r o g r e s s ive
people have drought
in d u s t r i e s *
in m a n y n e w
The remarkable
d e v e l o p m e n t of t h e p e t r o l e u m
industry,
e s t a b l îshiient of p l a n t s p r o d u c i n g
important Chemicals,
pulp ana paper
e x p a n s i o n of t h e
industry, and the
g r o w t h of t h e t e x t i l e m i l l s a r e ,
a m o n g t h e m a n y e x a m p l e s of t h e
progressiveness,
ingenuity and
d e t e r m i n a t io n w h i c h c h a r a c t e r i z e the
l e a d e r s h i p a n a t h e p e o p l e of t h e
’’N e w S o u t h * ”
5
of
its
industries,
splendid
advances
agricultural
and
in
in
the
its
techniques
and
farm
p r o d u c t ion,
in
alone,
have
of
7
the
taken.
South
million,
than
47
ten
tremendous
been
the
past
has
now
million
years
forward
The
strides
population
increased
totaling
people,
nearly
more
almost
#
a
third
of
population*
the
coun t r y ’s
Technological
advances
traditi tel,
seenî c
in
great
ti
t o d riapri v a t io n e t h a t f o l l o w e d
of the war b e t w e e n
Iri t h e
If
hen Henry Sr&dy,
the
esteemed publi s h e r of the Atlanta
Constitution,
speech,
deli-
that
he e l o q u e n t l y c r y s t a l l i z e d
t h e s p i r i t .of t h e r e b o r n S o u t h .
m
et a c o a l t o w a r d which .southerners
have s u c c e s s f u l l y striven for
three generation
K--r
.#;■
In o u r t i m e s .
t h i s s e c t i on o f t he .c o u n t r y
born
in
your
neighboring
Arkansas,
since
the
and
growth
part
of
great
the
which
many
is
of
That
famous
people
were
to
ne.
years
ago
you,
and
of
"The
our
been
a
speech,
to
Touth,*'
when
the
of
remember
provided
uouth
experiencing
man
I
inspiration
the
young
familiar
Mew
speech
of
of
have
undoubtedly
many
courage
progress
country
interest
reading
I was a
state
for
hope,
the
they
hardships
infhen
Board
of
the
Trustees
invitation
you
Chairman
to
be
I
f
looked
in
jrder
o b e < If
Vf
the
» fa
iI
it
I tl
o
s c hh o o l
Si w a d
i"
your
with
■A
w. * *
h e r * i.
the
present
I th i 8 se ssio n .
h
h;i#vv ee
the
extended
It
p i osi s e d
of
also
forward
to
a
Bf, for,
progress
Ban kins
inee
cosing
personally
splendid
of
to
of
th e-
oout
its o r g a n i z a t i o n
sort
o f
you
homecoming
know.
I
its
/
Th e following address by Secretary Snyder
before a seminar session of the School of
Banking of the South at Louisiana State
University, Baton Rouge, Louisiana, is
scheduled for delivery at *7? 15 p»m« CST,
T hursday, June l£, l95>£,
3 for r e lease
at that t i m e .
U**-
*t*ec ***■
98
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before a seminar session of the School of
Banking of the South at Louisiana State
University, Baton Rouge, Louisiana, is___
scheduled for delivery at 7°15 p.m. GST,
Thursday, Jime~12, 19 52 3
_ and is for ____
release at that "time.
When the Chairman of the Board of Trustees extended your
invitation to be present with you at this session, I was pleased to
accept. And I have looked forward to coming here in order to
personally observe the splendid progress the School of Banking of
the South has made since its organization. It is also a sort of
homecoming for me, for, as you know, I was born in your neighboring
state of Arkansas. Since I was a young man, the growth and progress
of our part of the country have been of great interest to m e . I
remember reading many years ago a speech, which is undoubtedly
familiar to many of you, "The New South." That famous speech
provided hope, courage and inspiration for the people of the South
when they were experiencing the hardships and deprivations that
followed in the wake of the war between the States ,
When Henry Grady, the esteemed publisher of the Atlanta
Constitution, delivered that speech, he eloquently crystallized the
spirit of the reborn South. He set a goal toward which Southerners
havo successfully striven for three generations. In our times,
this section of the country has achieved the goal and the ideals
Grady and many of its other outstanding leaders envisioned. The
greatness of Dixie does not rest in its history, its traditions, or
the charm of its scenic beauty and hospitality, although these have
few equals in any part of the country. Its greatness today lies in
the energies and productiveness of its people, in the great growth
°f its industries, and in the splendid advances in its agricultural
;techniques and farm production.
S-3073
QQ
\J
2
In the past ten years alone, tremendous forward strides have
been taken. The population of the South has increased nearly
7 million, now totaling more than 47 million people, almost
a third of the country's population. Technological advances and
the hard work of progressive people have brought in many new
industries. The remarkable development of the petroleum industry,
establishment of plants producing important chemicals, expansion
of the pulp and paper industry, and the growth of the textile mills
are among the many examples of the progressiveness, ingenuity and
determination which characterize the leadership and the people of
the "hew South.”
In the last decade, Southern agriculture too has made swift
progress. The acreage of harvested crops has risen from 76 million
to 87 million acres. Increased use of farm machinery, improved
agricultural techniques, control of soil erosion, crop rotation,
the use of chemical fertilizers and improved seed have all played
important roles in this increased agricultural output.
These advances in industrial and agricultural productiveness
have been accompanied by rapid expansion of business and commerce
I and by marked progress in banking. Total assets of the banks in
I the 13 Southern states have increased from $9 billion ten yeans
I ago, to more than $29 billion at the start of this year.
During this unparalleled period of economic development, the
bankers of the South, like those in other sections of the country,
I have been keenly aware of the importance of improved and expanded
I facilities for the public. Equally important, they have taken
I steps to increase their knowledge of banking, and to provide
I advanced education for their associates who have chosen banking as
la career. That is the reason the Graduate School of Banking of
Ithe South was established, and for your presence today on ■the
K campus of this university.
The need for higher education in banking, which was evident
I throughout the entire country during the decade prior to World
■ War II, is^now being aggressively met by the banking industry, in
■collaboration with twenty-four universities, colleges and schools.
■Notable among the graduate schools, other than your own, are the
■Graduate School of Banking.at Rutgers University* the Pacific
■Coast Banking School at the University of Washington] the School
■of Banking at the University of Wisconsin, and a school for
■financial public relations a t Northwestern University.
V/
- 3 -
Banking is a vital part of the American economy, and it is
seeking to advance its welfare by increasing the competence and
qualifications of its management personnel. But of even greater
importance, banking has become more closely interwoven than ever
before in the business life of the rural and urban centers of the
whole country. In this fashion, its educational program is making
a real contribution to America's economic strength and progress.
Southern
international
leadership in
presidents of
banking has produced many leaders of national and
stature. It'has provided extraordinarily able
Government service and has produced several
the American Bankers Association.
In peace, as in war, the South, along with other sections of
the country, has given the Nation many men whose abilities have
contributed immeasurably to our national welfare. I have a real
example of this type of service right in the Treasury. The debt
management tasks of my Treasury post have been made easier through
the .years because I have been able to draw upon the knowledge and
experience of outstanding men in financial and business life in
every area. Bankers and the banking industry have given generously
of their advice and suggestions. Their assistance has been
invaluable.
You who constitute the student body and faculty of this school
are assuring the financial and business life of your communities of
informed leadership. For you and the institutions you serve are
central points around which much of the economic thought and
activity of your region revolve . Because of your knowledge of the •
needs and the productive capacities of your communities, you have
the power, 0,s few others have-, to contribute to the country's basic
economic strength and soundness. For example, your work in
promoting the savings bonds program, and your cooperation in the
voluntary credit restraint program are illustrations of your
willingness to place the national interest above what may, at times,
be your own immediate personal interests. And while the voluntary
credit restraint program has been eased art the present time, I am
greatly heartened by the assurance of bankers throughout the country
of their willingness to step back into an aggressive program,
\
should the need develop.
I have complete confidence in your ability to help meet the
challenge which lies ahead. For America today is faced with one
of the most serious international problems in its history, ¥e
have fought costly wars -- many of us as active combatants -- in
the hope that we were crushing once and for all the attempts of
dictators to destroy the freedoms by which we live. It is now a
regrettable but inescapable fact that the communist threat
represents a real danger for our Nation. The events of the past
101
- 4 few years can have left few of our people with, any illusions about
the determination of the communist leaders to crush out freedom
wherever it exists. This country's military and economic
mobilization to^meet the communist threat has reached into millions
of American families. It has affected the lives of all of us.
Since Juno of 1950, the prepress of the communist program h a s ’been
considerably slowed down bjr the unity with which the free world •
under American leadership, has gone into action. If the communists
felt that wo would fail to recognize the danger to our own Nation
in an attack on one small country many thousands of miles away
they have been greatly disillusioned.
'*
Knowledge of the danger, and determination to combat it, are
not enough, however. We must have and support a courageous defense
program. j_ believe that we have such a program.
First let me mention some of the reassuring facts. The
remarkable progress wo have made toward a powerful military defense
in cooperation with tne other free nations, is tho most imoortant
development of the past two years. Less well-known'is our -progress
m tne economic sphere. It is very important that here in our own
country wo have been able to greatly increase our productive
capacity and maintain a strong and growing civilian .economy, while
at the same time we have been building up our armaments. In the
free^world as a whole, and particularly in Western Europe, the
strains of greatly stepped-up rearmament programs have not been so
severe as to^prevent a broadening of productive capacity of
European^nations and maintaining an output of civilian goods
substantially above prewar levels .
these facts are reassuring. But there are, unfortunately
a number of danger points which have been developing. While the
more advanced industrial countries have repaired war damages’and
forged ahead rapidly, there remains a groat need for Inlrfased
P^-ose countries and in the less developed areas. One
01 the most practical defense measures we have undertaken 3s to
nelp the underdeveloped areas to utilize their resources to imorovo
living conditions of their people. Above all, we need to ooen our
r^?r?^?US0
’
techniCQ'l knowledge to demonstrato in the areas where
primitive conditions still exist that even a small amount of help
in modern techniques and processes can bring enormous improvements
m ouuput and living standards.
d?P thG ?oint ,
IV
a good start in this direction has
»ready ocen made. The program is an important aspect of our total
aetense effort. As I have travelled around the.country I have
impressed that there is very little general knowledge on the
JMn of our people of the dynamic influence exerted by American
technical and advisory groups under the Point IV program
In
ino
- 5 almost every area of underdeveloped economy in the free world, hey
contributions are being made by our technicians and specialists.
Thev are helping the people of other countries work out plans
appropriate to their own conditions. These plans are already
showing tangible results in terms of the daily life of ordinary
citizens.
This progress has been made possible by technical "know-how,M
supplied, by only a small number of American specialists, and
through only a very limited expenditure of funds. The projects
are not generally of the type that make headlines. Drainage and
irrigation developments, community wells, improvement of livestock
and poultry, and introduction of higher-yielding grain varieties,
are examples of activities in which the Point IV program is giving
technical guidance. These are things that people in other
countries can see and feel and understand. Improvements of this
sort are having a profound effect in turning men's minds away
from the false promises of communism.
Technical assistance to underdeveloped areas represents a new
tool in our arsenal of defense weapons. It was most interesting to
note not long ago that the spokesman for a group of American
businessmen described the underdeveloped areas as the key to the
success of our long-term security program. It was pointed out
further that these areas are not arid wastes. They have great
potentialities for the development of international trade in far
greater volume than at present. You here in the South appreciate
these facts. International trade plays an important part in the
economic life of your states, with their bountiful resources and
their groat river and ocean ports. You understand that as we
improve the productivity of the less developed areas, we are also
creating additional world market capacities. Prom every point of
view, the technical assistance being rendered under the Point IV
program Is of immense practical importance to the future.
Our defense production program is organized toward one
principal objective: to increase the defensive strength of the
United States and the .free world to such an extent that it will
deter possible aggression and provide a successful defense should
such aggression occur. There are four major aims in this defense
production program:
(l) To produce military equipment for our
forces in Korea and at home, for aid to our Allies, and. for
reserve stocks; (2) to provide additional military production
lines beyond those needed at the present time, to be available in
case the Communists launch full-scale war; (3) to develop further
our production resources for basic raw materials; and (4) at the
same time, to maintain a sound and increasingly productive civilian
economy.
iI
-
6
-
While the immediate concern of the Treasury is the financing
of the defense and other measures provided for by the Congress,
there is a broader aim which we keep constantly in mind. That is
to conduct our debt management and, in fact, Treasury operations
of all kinds, in such a way as to promote the smooth functioning
and the sound growth of our economic system. This must be the
Wo. 1 objective of every Government program in the domestic area,
and it is an objective which underlies every decision made in the
Treasury -- from matters having to do with day-to-day operations,
such as those affecting the flow of funds into and out of the
banking system, to major refunding and financing operations
involving many billions of dollars.
This year, as I am sure all of you here are aware, the
Treasury’s program must take account of a new factor in the Federal
financing situation. While the Government was able to achieve a
surplus during the earlier postwar period as a whole, our defense
needs have now brought about a situation in which the Federal
Government is having to undertake substantial deficit financing
operations,
I am sure that I do not need to expand the point to this
audience that the only sound way of financing the Federal deficit ii
to draw to the greatest extent possible on the flow of savings,
rather than resorting in any considerable degree to borrowing from
the commercial banking system. It was with this thought in mind
that the Treasury recently made important revisions in the savings
bond program; and I might add, parenthetically, that the details'
of this program were decided on after very extensive consultations
with representatives of almost evei>y sector of investment opinion.
Commercial bankers, as you will readily appreciate, repres< ;nt
a pivotal factor in the efforts which we shall be making to
increase Federal security ownership on the part of nonbank investors
The splendid record of bank cooperation in the savings bond program
in the past indicates that your own ingenuity and-your own personal
contacts will suggest the best possible approaches for promoting
increased sales of savings bonds to the individuals with whom you
come in contact. Tho:
of you, in particular, who have numerous
contacts with the members of professional groups, with small
businessmen, and with farmers can, I feel, make a particularly
important contribution. These groups are generally outside the area
covered by our payroll savings programs; and according to the
available figures and the surveys and analyses which we have made,
they represent a most important sector of the Government security
market represented by individual investors.
7
In planning all of our programs, of course, we have to keep
in touch with economic developments and with trends in
the various factors affecting business activity.
closely
Today our total national production is at the highest level
in history. Nevertheless, in recent months I have noticed somewhat
more than the normal anxiety among businessmen over the immediate
economic outlook, and some apprehension is felt in regard to the
longer-term outlook after the peak of defense production has been
passed.
More recently, however, the nearby situation has shown evidence
of improvement, and business anxiety over the more immediate out-y
look, I believe, is beginning to diminish.
There are ample reasons for confidence in the business outlook
for the months ahead. For more than a year the civilian economy
has boen going through a corrective adjustment following the .
excessive post-Korean buying boom. The production of various
consumer goods has been severely cut back. Inventories of retail
stores have been very substantially reduced, and are now not far
from normal in relation to current sales. Signs of improved demand
have been noticed recently in a number of consumer goods markets -in textiles, shoes, automobiles, and some household appliances.
Commodity prices during May showed a firmer trend. Consumer
expenditures, after seasonal allowances, increased noticeably during
the first quarter.
A major concern among businessmen over the past year has been
a lagging trend of consumer buying. Retail sales for more than
a year have been running substantially below normal in relation to
personal income after taxes. The fact that they are still below
normal, in my opinion, is one of the strongest factors in the
outlook for the civilian economy.
For it is clear that the reluctance of people to increase their
purchases in recent months has not primarily been due to a lack of
money. On the contrary, people have been adding substantially to
their savings during the past year. As one example, the deposits
of mutual savings banks in April showed the largest increase for
that month since the figures were first compiled five years ago,
reaching a new high record. Because of the increase in saving,
people hold a tremendous volume of cash, bank deposits, savings
bonds and other liquid assets.
-
8
-
105
In the meantime, personal Incomes have "been maintained at
record levels. Defense expenditures are scheduled to rise steadily
during 1952. They are expected to reach a maximum early next year,,
and will hold at that level, in all probability, through 1953 arid *
1954. All of these factors, in my opinion, add up to the prospect
of well maintained business and income levels in the months ahead.
¥ith the growing evidence of Improvement in the more immediate
outlook, business anxiety seems to be shifting to the economic
outlook after defense production has passed its peak. Concern is
expressed in some quarters that a slackening in defense spending
may Initiate an important downturn in business activity. 1 can sec
no necessity for expecting such a downturn, and X will explain why.
The rearmament program, of course, has provided a substantial
source of temporary additional demand in a number of industries,
and has been an important factor in the current expansion of'
industrial capacity. But an armament program also carries with It
important offsetting factors — increased production costs,
interference with the normal flow of materials, curtailment of
nondefense construction, business uncertainty, etc.
which operate
to prevent a full and free development of the civilian economy.
The present defense program is clearly no exception. The
termination of this program would thus release important strengthen
ing factors for civilian production and demand.
With the international situation as it is, however, continued
heavy expenditures for defense are likely to be needed for a long
period ahead. This will permit the economy to make a gradual
transition to Its future_ situation and to correct any unbalanced
conditions that may be present now.
An important factor of strength for the future is seen In the
active attitude of caution throughout trade and industry today.
This means that businessmen are alert to the danger of "getting out
on a limb” in their own businesses, and that they are also aware
01 the desirability of being prepared to take advantage of future
opportunities. This same attitude of caution was one of the most
potent factors of continued strength in our postwar economy
prior to Korea.
'J
Finally, I am encouraged over the longer-term business trend
oecause we are not living in a static economy, but in a strongly
dynamic one. Surprisingly few people realize how rapidly our"
Population is growing. Currently, our domestic market for all
Kinds of goods has been enlarged by 2,700,000 people added in the
106
- 9 past year alone. This is equivalent to the addition of a new
state the size of Florida,, or Iowa, or Louisiana. In a country
such as ours, with large natural resources and technical ability,
a growing population means an expanding economy.
An equally important dynamio factor is our accelerating rat
of growth in new scientific discoveries and new industrial
techniques, which promise strong support to industrial activity
and new capital investment in the years ahead. With this outloo
I cannot help but feel confident about the future business trend
.9
The maintaining of our future prosperity and economic
welfare is actively envisage d as part of the defense program.
To sum up, our goal for the future is threefold:
Promoting
national defense, maintaining national prosperity and achieving
the fullest benefits from our potential economic expansion.
You here in the South have demonstrated what courage,
determination, and a spirit of cooperation can do. You have helped
forge this great Nation. We have risen to our position of world
power because we have been willing to face international
perplexities with forceful and effective action. Our people have
found great satisfaction in joining with the peaceful peoples of
the world in building for the future. In this lies the dynamic
force of American democracy.
oOo
i 1 i t i es w
£
|
*0
‘
mm
♦» •
Ä
f l e x ib 1 1 1ty
o f the public p r t . v l i i one of the strong
bulwarks in
m a I f i t s , I n 1 rtf§
good business
c ondi t i ons In t bs years t h a t ’ ll# ahead,
The power of t h i s country, and the
f ut ure of America, are to be found
in
tfi*
plan
willingness
together
eomelon good.
years,
this
into
great
t
a position
and
of
work
i t s people to
t oget her f o r tb®
In a l i t t l e more than 175
country
of
has been forged
Nation and has ri s e n to
world l eadershi p.
In
doing so, tos-ri 1 | has also assumed
"Y¥.
ätlW
futur«
teils in «88 and
u«
st
a
masst!
;:-Mgg,■■•
■IPSSiÄÄf§f8
exnendI
I p ©tí f i r n t i m y t f e n s © ■'&on tí f l a g
It8 thé
û
stnthtisi&si i e
s u p p o r t c f t h e eI 11ttns
s%
taken
that
m
.
our
a' w h o l e ,
I
national
finance
" b e t t e r ” than
that
the
have
exceeded
total
achieved
changes
that
e c o n o my
as
worl
tj
fi m
ill now
in
Federal
r
we
If
back
fortuna
m
have
balanced,
by t h a t
revenues
of
our
expendstures
by
y
bee
I mean
governmei
about
I x -y e a r .surplu
illion.
been
can
in
spite
have
taken
shifted
from
to
of
at
the
place
the
armament
to
sharp
in
end
our
of
di sarmai **
rearmament.
a few weeks,
dovernment
however
w ill
begin
to
run
w i l l have to be f i n a n c e d by b o r r o w i n g
The manner
in w h i c h t h e s e a d d i t i o n a l
f u n d s are b o r r o w e d w i l l be of gre a t
i m p o r t a n c e to our economy.
When
I t o o k o a t h o f o f f i c e as
s e c r e t a r y o f t h e T r e a s u r y o n J u n e 25,
1946,
i made this statement:
"It
is
the r e s p o n s i b i l i t y of the Government
to r e d u c e
its e x p e n d i t u r e s
in e v e r y
p o s s i b l e way,
to m a i ntain
adequate
tax rates
and to a c h i e v e a
balanced budget —
or b e t t e r
,.,"
For the six years,
since then,
Today a s u b s t a n t i a l p r o p o r t i o n
o f our n a t i o n a l p r o d u c t ! va rower la
d e d i c a t e d to t h e c ausa o f p r e v e n t i n g
Communist a g g r e s s i o n ,
y o r e than
Wmmii
b i l l i o n o f our p r o d uc t i on In
1952 1 1 f I
f o r t h i s purpose,
t h e t r e n d wi l l
and
c o n t i n u e upward.
A®
p r e s e n t l y soh©doled, the program
wi l l
reach a p l a t e a u In 1953 which
wi l l
be maintained through 1953 and
art of
these
defense
expenditures
benefit from bis a s p i r a t i o n s and
bis efforts.
As a r e s u l t of this,
t powerful nation.
America
is
Part of America*®
pov/er g r o w © o u t o f h e r g r e a t w e a l t h
natural
of
resources.
But such
r'6 •:
resources by themselves cannot make
x — iff
a
great economy.
country's power
The key to this
lies
In
the
t r e m e n d o u s p r o d u c t i v e o a p a o fty
created through the work of millions
of people
economy.
living u n d e r an e n t e r p r i s e
*■* 3*2*
c r e a t e d an e n v i r o n m e n t
Individual
in w h i c h
initiative and scientific
genius can flourish.
No m a n
is
t o Id w h e t h e r h e m u s t p l o w a f a r m o r
work
in a f a c t o r y ,
c h i l d r e n shall
or w h e t h e r his
or shall
not be
p e r m i t t e d to e n t e r s c h o o l s of h i g h e r
Ie a r n i n g .
He
is n o t t o l d w h a t h e
m u s t t h i n k or w h a t p a t t e r n his
must take.
He
is s t i l l
Ilf®
f r e e to
h i t c h h i s w a g o n to t h e s t a r o f h i s
own choosing.
Both he and a o o i e t y
no t
limlipluL,
31
-
© v a l o p e d a h i g h d e g r e e of adaptability,
hen the free p e o p l e of a d e m o c r a c y
t a k e a n a c t i v e a n d I n t e r e s t e d part.
n shaping the surroundings
they
live, t h e r e
inevitably
c o n s t a n t stream of new
in w h i c h
is a
i d eas,
new
p r o c e s s e s a n d n e w w a y s o f d o i n g things,
T h e s e h e l p d e v e l o p a f l e x i b l e and a
strong economy.
T h i s c o u n t r y ’s r e m a r k a b l e r e c o r d
of achievement
Is d u e p r i m a r i l y t o the
faot that here
in A m e r i c a w e h a v e
convgrind
into a m u l t i « b i l l i o n d o l l a r
war production maohlne during World
"¡mr
iI *
L a t e r f w i t h a m i n i m u m of
friction,
they were quickly
r e c o n v e r t e d to a p e a c e t i m e e c o n o m y
w i t h r e c o r d h i g h l e v e l s of p r o d u c t i o n
and employment*
Then,
apparent difficulty,
with little
they
were again
p l a c e d on a p a r t i a l w a r t i m e b a s i s
f o l l o w i n g the o u t b r e a k of the w a r
“W
in K o r e a #
Such achievements were
possible because our economy has
d i s c o v e r i e s and new
techniques.
for
These promise opportunities
increased
new capital
industrial
industrial acti v i t y and
investment
j
in t h e y e a r s
ahead*
My belief
future
in t h e N a t i o n 9« e c o n o m i o -
is m a t e r i a l l y s t r e n g t h e n e d b y tht
f a c t t h a t o u r m o d e r n A m e r i c a n e c o n o m y Is'
toughly resistant
to s h o c k *
D u r i n g the
past d e c a d e , w # h a v e d e m o n s t r a t e d the
r e s i l i e n c e of o u r e c o n o m y *
time,
business and
In r e c o r d
industry were
?,700,000
alone.
people
This
population
of
These
Iowa,
new
or
and
year
to
the
,>-
the
size
Louisiana,
homes,
new
industrial
municipal
modern
past
state
require
transportation
for
new
goods,
capacity,
the
equivalent
t
or
people
consumer
is
of
Florida,
in
development,
all
the
equipment
living.
Another
dynamic
factor
in
the
•■
national
rate
of
economy
growth
in
is
the
new
accelerating
scientific
m
be encourtgtd in
long-terra trend of business becaueo
we prs not liv in g in a s t a t i c eeohony
but in i strongly dynaraic one.
Surprisingly f i t people r e a l i z e haw
rapidly our population ia growing,
ii
f inane! i
country with our natural
resources and our te c h n ic a l a b i l i t y ,
an expanding population holpa a t i ititiati
an expanding economy.
Our doraestic
market for a l l kinds of poods hac
been enlarged by m additional
ii
IM I
The fact that
caution
shown now by businessmen
is b e i n g
is an
Important factor of s t r e n g t h for
the future.
They are carefully
checking their production
and m a r
in o r d e r n o t t o b e c o m e o v e r e x t e n d e d ,
and t h e y are
Ing a m o r e c a r e f u l
a n a l y s i s of the a d v a n t a g e s of future
opportunities.
This same cautious
attitude was one of the most potent
factors of continued strength during
the very modest business adjustment
J ,rdjEI
**
will
r§lôtse
factors
|
for
«•
mw
important
civiIlan
strengthening
production
and
demand.
Heavy
however,
for
will
several
will
to
defense
permit
make
and
that
to
a
probably
years
gradual
be
be
more.
business
correct
may
expenditures,
and
needed
This
industry
transition,
any
present
imbalances
now.
Iinvestments
in
equipment.
But
also
carries
new p l a n t
an
with
a r ma me nt
It
offsetting
factors.
increased
production
Interference
of
with
m aterials,
These
the
n o r ma i
factors
of
the
economy.
of
of
These
prevent
development
defense
flow
and c u r t a i l m e n t
offsetting
civilian
are
costs,
construction.
free
program
important
nondefense
and
and
a
full
the
Termination
»reduction
program
.in d e f e n s e s p e n d i n g m a y m a r k t h e
b e g i n n i n g of an
important downturn
in b u s i n e s s a c t i v i t y .
I cannot
agree that any such downturn must
necessarity occur.
It is t r u e t h a t t h e r e a r m a m e n t
program
is p r o v i d i n g a s u b s t a n t i a l
s o u r c e of t e m p o r a r y a d d i t i o n s I
demand.
It h a s o f c o u r s e
production and employment
industries.
factor
It
has b e e n
in t h e e x p a n s i o n
increased
in s o m e
an
important
in c a p i t a i
22
t acte
of p u r c h a s i n g power.
contrary,
Cm
the
people have been putting s
larger than n o rma ! p r o p o r t i o n of their
Incomes
Into s a v i n g s .
This
inoreased
saving m o a n s a greater v o lume of
potential
purchasing power for
the
future.
The
l o n g e r - t e r m b u s i n e s s outlook,
after defense production has passed
Its peak,
Is e q u a l If e n c o u r a g i n g .
There has been considerable concern
among businessmen that a slackening
rohasee
considerably
r
jfPiiS
¥
*
% .xX
«
%
Ml
ItJCtS
b u t I»1688
goods,
S% f * #»«.\ M I /| | * f t
I? * 9 tfc? ▼ 9
ImI
pIt0*3A©
have
1% i i ft**- #**• |®5 '% #j?r A f t ..
jp* 1 # * 1# f §
feit? lap Q* •#•.
much
of
the
h|
a» 4
■n
Although o u r t o t a l n a t i o n a l
p r o d u c t Ion o f g o o d s a n d s e r v f s s s
it
t?»a hi g h o s t
I ovol
on
record,
is
in
recant months there isI been eomo
apprehension
among
noma
nosrnlno
i**'
businessman
j f*S
^
^ jjSf f§
our
m f%«
,H%v
Yf
4&
c o n 5i«?iisr
|3^ f% jjf|%
HO t
jr"’^
ds
§||
«% §**■» §%
o i ap
rlitions
tw#lvi
atoms from a different
& §
a out
iook tor
ami
tho general
fills 8
J
tii© product of our i nt ens i ve war
postwar r e s e ar c h,
I hey promise
f ut ur e d e v e l o p m e n t w h i c h w i l l
c e r t a i n l y be a© great as those of t h e !
pa s t ,
¿ c i c n t i f i c research is contimwlj
o p e n i n g new' d o o r s t o
opportunity.
In t b i t 3 c o u n t r y . w e
constantly
benefits
of
of
t■ t r i v e n
mi o n c e
to
spread th e
and
improved t e c h n i q u e s
have
ta
ch n oloy,
a r id
improved
ways of usI n g our resources, among
a l l of our people.
Thi s has. meant
volume production.
It has meant
» o i l s
w a y that our e c o n o m y w i l l be kept
strong and healthy,
steadily
growing
and steadily mors productive*
T h e r e a rt same,
feel that
of c o u r s e ,
this country
do too much*
who
is t r y i n g to
They feel that the
e x p e n d i t u r e s r e q u i r e d by the d e f e n s e
p r o g r a m w i l l not o n l y f a i l to s a v e
our country, but will do
feel that we cannot
the aggressor
it h a r m ,
T
carry on a g a i n s t
in K o r e a , w e c a n n o t
b u i l c u p o u r m i l i t a r y ©staali§hti»r»ts
3
Atlantic Traaty Organization*
Sines its ©staalI somant In 1340 *
MAT6
has grown steadily in strength
and unity*
■ Our own Nation nacassarlly has
h a d to b e a r a s u b s t a n t i a l part
of th® m u t u a l d s f i o s a b u r d e n
up until now*
t h a t faiiraan,
In a s s u m i n g
ws n r ®
confront
act fay
th®
e h a l l a n g a t h a t , w h i l e d o i n g s o , « • must
manage our
internal affairs
in s u c h a
g¡ffc
sharply
roust
»>
Into
-
focus*
r iXy
actions
—
against
the
to
it
is
dominate
build
a
task
our
national
impregnable
Cowmunist
which*
defense^
conspiracy
to
0
achieve
world
while
domination*
the
road
ahead
rosy
still
be
i *
l o n g a n d | i ffi c u l t « » « h a v © s i r e a d y
m a d e s u b s t anti al p r o g r e s s
■'•'
»
in b u l l d i n g
t h e d e f e n « e t o f t h e f r e e B a t i a n a . again
b o t h e n t e r tisi a g g r e s s i o n a n d
e u b v e r t 1o n ,
l i t ® rnal
i t a r e w e l l .along th m
in e r t rt in g t f o u n d a t i o n
way
on w h i c h we
c a n b u i l d a w o r l d b a s e d uipon 1 aw
e n c o u r a g e d to a s s u m e t h e r e s p o o s i i f I i tit
af « 1 1 1 2®f»ship*
The p o s i t i v e p r o g r a m
of t h e E x c h a n g e Gillian Is a n
element
Important
In m a k i n g A m e r i c a n s m o r e f ul l y
a w a r e o f t h e m e a n i n g of d e m o c r a c y a n d
t h ® r e s p o n s i b i l i t i e s of t h o s e w h o
enjoy
its b e n e f i t s #
The Communist
aggression
in K o r e a
is a c l e a r t h r e a t t o o u r l i b e r t i e s
t o o u r ceittocratic w a y o f l i f e #
u s e of m i l i t a r y
ana
Dpsn
f o r c e to i m p o s e a
d i c t a t o r s h i p u p o n a f r o e d o m * l o v ing
giving
for
of
vigorous
batter
your
Arthur
support
citizenship*
Citizenship
%
Taylor,
ifA m e r i c a n
to
_The.
Study
has
Panel,
independence^
leadership,
respect
rights
With
much
the
of
the
said,
I#
responsibility,
for
Chairman
recently
cltizenship
stIf-eonfidance,
programs
world
of
and
o t h e r s * 114
subjected
to
%
Communist
importance
of
tyranny,
that
American«
be
it
each
is
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of
utmost
generation
and
«•
J
•
■H
itr©Id IS* Harter ••
among
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The
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Exchange
jab
level#
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an
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local
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Clubs
have
every
project
whether
And
at
on
ii|S
than
ever
before.
know
that
in
Exchange
savings
Cluii*
national
11 ait,
this
democracy
the
It
addition
bond
art
a
they
the
to
challenge
promoting
program,
In
assistance*
remarkable
have
|||»
has
also
Is
I
sa
e s p e c ia lly happy to bo
here because i t gives me an
opportunity to extend personally
to each of you th© thinks of a l l
of us in the treasury Department
f o r your fin© cooperation in
helping to assure the continuing
success of th© savings bond
program.
The flat!onal exchange
Club, through I t s able representative
on our cavings
Organizations
bonds
National
Committee
—
11
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T h e following address by Secretary Snyder
before the annual banquet of the Tennessee
State Exchange Clubs in the King Cotton
Hotel, Memphis, Tennessee, is scheduled for
delivery at 8:00 p.m. CST, Friday, June 13,
l 9 b 2 , and i s for release at that time.
1 wR?
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before the annual banquet of the Tennessee
State Exchange Clubs in the King Cotton
Hotel, Memphis, Tennessee, is scheduled for
delivery at 8?00 p.m. CST, Friday, June 13,
and' is for release at that time«
It was a great pleasure for me to accept the invitation of your
Convention Chairman, Mr. Alburty, to be with you here today, I am always
delighted to return to this part of the country which holds many personal.
memories for me. As you may know, I was born and began my banking
career in the neighboring State of Arkansas and received part of r.y
education here in Tennessee at Vanderbilt University.
I am especially happy to be here because it gives me an opportunity
to extend personally to each of you the thanks of all of us in the
Treasury Department for your fine cooperation in helping to assure the
continuing success of the savings bond program. The National Exchange
Club, through its able representative on our Savings Bonds National
Organizations Committee — Herold M. Harter — has been among the fore
most in offering volunteer assistance#
The Exchange Clubs have done a remarkable job on every project they
have undertaken* whether on the national or local level. And at this
time, with the challenge to democracy more serious than ever before, it
is inspiring to know that in addition to promoting the savings bond program,
Exchange Clubs are also giving vigorous support to programs for better
citizenship* The Chairman of your Citizenship Study Panel, Arthur W#
Taylor, has recently said, "American citizenship means self-confidence,
independence, responsibility, leadership, and respect for the rights of
others," With much of the world subjected to Communist tyranny, it is
of utmost importance that each new generation of Americans be educated
and encouraged to assume the responsibilities of citizenship. The positive
program of the Exchange Clubs is an important element in making Americans
more fully aware of the meaning of democracy and the responsibilities of
those who enjoy its benefits.
The Communist aggression in Korea is a clear threat to our liberties
and to our democratic way of life. Open use of military force to impose
a Red dictatorship upon a freedom-loving people has brought our primary
S-307U
r
-
2
1
-
task sharply into focus. It is a task which roust necessarily dominate
our national actions — to build impregnable defenses against the
Communist conspiracy to achieve world domination.
While the road ahead may still be long and difficult, we have already
made substantial progress in building the defenses of the free nations
against both external aggression and internal subversion. We are well
along the way in erecting a foundation on which we can build a world based
upon law and justice, in which men can live in freedom and tranquility.
We made a start on this foundation even before the termination of
World War II, with the. formation of the United Nations Organization.
Economic aid furnished by our country to other nations has been an important
factor because it has helped those countries to revitalize their own
economies, which are truly our first line of defense. Another significant
step was the formation of the North Atlantic Treaty Organization. Since
its establishment in 19U9.» NATO has grown steadily in strength and unity.
Our own Nation necessarily has had to bear a substantial part of
the mutual defense burden up until now. In assuming that burden, we are
confronted by the challenge that, while doing so, we must manage our
internal affairs in such a way that our economy will be kept strong and
healthy, steadily growing and steadily more productive.
There are some, of course, who feel that this country is trying to
do too much. They feel that the expenditures required by the defense
program will not only fail to save our country, but will do it harm. They
feel that we cannot carry on against the aggressor in Korea, we cannot
build up our military establishments, we cannot provide military and
economic aid to our NATO allies, we cannot increase our productive equip
ment and, at the same time, continue to maintain a sound civilian economy.
But frankly, I am convinced that the goals that have been set are
attainable. The job can be done, and it must be done. We have only to
look at our past to see that our abilities are sufficient for the job
ahead of us. In the annals of history, no other nation has made the
industrial, economic and technological progress that this country has
made since the end of World War II. No other nation has ever raised the
living standards of its people so high in so short a period of time.
More homes have been built, more automobiles have been produced, more
clothing and household goods have been manufactured and distributed than
in any other six-year period of time.
Dramatic strides have been made here in Tennessee, throughout all
the South, and throughout the whole Nation. They add up to an achievement
unprecedented in its magnitude. Here are some significant examplesj since
191+1 the total volume of national production has increased by more than
one-third. Private industry has expanded its plant and equipment by over
tp
- 3 -
$>l60 billion. Employment and personal incomes have been at record levels.
There has been tremendous development of new techniques, new processes,
and new materials. They are the product of our intensive war and postwar
research. They promise future developments which will certainly be as
great as those of the past. Scientific research is continually opening
new doors to opportunity.
In this country we have constantly striven to spread the benefits
of science and technology, of improved techniques and improved ways of
using our resources, among all of our people. This has meant volume
production. It has meant a broadly-based mass market for the products
of American industry and agriculture.
In the Treasury, we are obliged to keep closely in touch with
developments and prospects in the business world, because the volume of
business activity has a very considerable effect on national income,
Government revenues, security prices, debt management policies, and other
important Treasury activities.
Although our total national production of goods and services is at
the highest level on record, in recent months there has been some
apprehension among businessmen concerning the economic outlook. In part,
this stems from a lower volume of sales in certain consumer goods during
the past twelve months. In part, It stems from a different problem —
the outlook for business conditions and the general economy after the peak
of defense production has been passed. These two distinct sources of
business anxiety call for separate analysis.
When people rushed to stock up consumer goods after Korea, they set
in motion a train of inevitable consequences. Since the first quarter
of last year, the civilian economy has been going through a corrective
period in an effort to get back to normal demand and supply relationships.
Retail sales leveled out, after receding from their previous excessive
levels. Manufacturers of many consumer goods found their orders curtailed,
and were obliged to cut back production sharply. The civilian economy
•has gone through a full year of this corrective adjustment, while, at the
same time, the resulting slack has largely been taken up by the expanding
defense program.
Signs are now becoming evident that the adjustment in the civilian
economy may be nearing an end. Total inventories of retail stores have
been substantially reduced over the past year, and are now not far from
normal in relation to current sales. The basic commodities price index
during May showed the first evidence of firmness since last December.
A major concern among businessmen over the past year has been a
comparative lack of buying interest at the retail level. Retail buying,
however, recently has begun to show noticeable improvement, as evidenced
1 ^ Kj>
«a., W
-h by the fact that personal consumption expenditures in the first quarter
of this year were at an annual rate $3 billion above those of the
previous quarter.
There is a sound basis for this. For more than a year, purchases
of consumer goods have been considerably below normal in relation to
personal income after taxes. This is an important indication of underlying
strength in the business outlook. Instead of buying new goods, people
have been using part of their current incomes to meet installment payments
on previous purchases. They also have been using up much of the goods
they bought in the wave of excess buying which followed the outbreak of
war in Korea, At the same time, many articles bought at that time are
now beginning to reach the replacement stage. Such replacement, in many
cases, will probably be somewhat hastened by the new models which
manufacturers are putting on the market this year in competitive sales
programs.
The reluctance of the public to increase their purchases in recent
months certainly has not been due to lack of purchasing power. On the
contrary, people have been putting a larger than normal proportion of
their incomes into savings. This increased saving means a greater volume
of potential purchasing power for the future*
The longer-term business outlook, after defense production has passed
its peak, is equally encouraging. There has been considerable concern
among businessmen that a slackening in defense spending may mark the
beginning of an important downturn in business activity. I cannot agree
that any such downturn must necessarily occur.
It is true that the rearmament program is providing a substantial
source of temporary additional demand. It has of course increased,
production and employment in some industries. It has been an important
factor in the expansion in capital investments in new plant and equipment.
But an armament program also carries with it important offsetting factors.
These are increased production costs, interference with the normal flow
of materials, and curtailment of nondefense construction. These offsetting
factors prevent a full and free development of the civilian economy.
Termination of the defense production program will release important
strengthening factors for civilian production and demand.
Heavy defense expenditures, however, will probably be needed for several
years more. This will permit business and industry to make a gradual
transition, and to correct any imbalances that may be present now*
The fact that caution is being shown now by businessmen is an important
factor of strength for the future* They are carefully checking their
production and markets in order not to become overextended, and they are
making a more careful analysis of the advantages of future opportunities.
This same cautious attitude was one of the most potent factors of continued
strength during the very modest business adjustment in 19^9 and early 195>0.
We can be encouraged in the long-term trend of business because we
are not living in a static economy, but in a strongly dynamic one.
Surprisingly few people realize how rapidly our population is growing.
In a country with our natural and financial resources and our technical
ability, an expanding population helps stimulate an expanding economy.
Our domestic market for all kinds of goods has been enlarged by an
additional 2,700,000 people in the past year alone. This is equivalent
to the population of a new state the size of Florida, or Iowa, or
Louisiana. These people require new homes, new consumer goods, new
industrial capacity, municipal development, transportation and all the
equipment for modern living.
Another dynamic factor in the national economy is the accelerating
rate of growth in new scientific discoveries and new industrial techniques.
These promise opportunities for increased industrial activity and new
capital investment in the years ahead.
3Y£y belief in the Nationfs economic future is materially strengthened
by the fact that our modern American economy is toughly resistant to shock.
During the past decade, we have demonstrated the resilience of our economy.
In record time, business and industry were converted into a multi-billion
dollar war production machine during World War II* Later, with a minimum
of friction, they were quickly reconverted to a peacetime economy with
record high levels of production and employment. Then, with little
apparent difficulty, they were again placed on a partial wartime basis
following the outbreak of the war in Korea. Such achievements were
possible because our economy has developed a high degree of adaptability.
When the free people of a democracy take an active and interested part
in shaping the surroundings in which they live, there inevitably is a
constant stream of new ideas, new processes and new ways of doing things.
These help develop a flexible and a .strong economy.
This country*s remarkable record of achievement is due primarily to
the fact that here in America we have created an environment in which
individual initiative and scientific genius can flourish. No man is
told whether he must plow a farm or work in a factory, or whether his
children shall or shall not be permitted to enter schools of higher
learning. He is not told what he must think or what pattern his life
must take. He is still free to hitch his wagon to the star of his own
choosing. Both he and society benefit from his aspirations and his
efforts.
As a result of this, America is a powerful nation. Part of America*s
power grows out of her great wealth of natural resources. But such
-
6-
resources by themselves cannot make a great economy# The key to this
country*s power lies in the tremendous productive capacity created through
the work of millions of people living under an enterprise economy#
Today a substantial proportion of our national productive power is
dedicated to the cause of preventing Communist aggression# More than
|30 billion of our production in 1952 will be for this purpose, and the
trend will continue upward. As presently scheduled, the program will
reach a plateau in 1953 which will be maintained through 1953 and 195U*
Part of these defense expenditures will have to be financed by
borrowing. The manner in which these additional funds are borrowed will
be of great importance to our economy#
When I took oath of office as Secretary of the Treasury on June 25*
I9I4.
6 , I made this statements '*It is the responsibility of the Government
to reduce its expenditures in every possible way, to maintain adequate
tax rates *.# and to achieve a balanced budget — or better #.#’* For the
six years, since then, taken as a whole, I can fortunately say that our
national finances will have been "better11 than balanced, By that I mean
that the total revenues of our government have exceeded expenditures by
about $2 billion* This six-year surplus has been achieved in spite of
the sharp changes that have taken place in our economy as we shifted at
the end of World 'Jar II from armament to disarmament, and now back to
rearmament.
In a few weeks, however, the Federal Government will begin to run
a deficit because of the mounting defense expenditures. The amount
involved is not definite, but it will likely be substantial. It is my
responsibility, as Secretary of the Treasury, to raise the necessary
funds. But it is equally my responsibility to see that the methods used
are such as to make the maximum contribution to the continuing development
of our economy#
We have been and are exploring all the possible methods "of raising
these funds.
One of the steps we have recently taken, which is of particular
interest to you, was to increase the attractiveness of savings bonds
both to investors in small denomination bonds and to the larger investors
as well.
The Savings Bond Program has had great success in promoting thrift
in the post World War II period. This is evidenced by the fact that the
cash value of series E savings bonds outstanding today is greater than at
any period in history.
This great
accomplishment has been due strictly
to the keen interest the public has taken in the Savings Bonds program#
For it has actually been sustained by the volunteer work of individuals
157
S3
vj
- 7 and businesses of this country* The small staff of paid employees of
the Savings Bonds Division alone could not have done the job that has
been done. They alone cannot do the job that still needs to be done*
The Treasury must rely on the help of individual citizens and organizations
such as yours, for only with that help can the program measure up to its
fullest potential.
It takes hard work, right down the line, to do the job which the
Exchange Clubs have done in supporting the savings bond program. Every
one of you who has contributed his efforts in behalf of this program
helped earn the Defense Bond Flag the Treasury was pleased to oresent to
The National Exchange Club at its Convention in Miami last October,
With the enthusiastic approval and support of the citizens of this
country, and with the continued efforts of volunteer organizations like
your own, the United States savings bonds program will continue to be a
major element supporting the future stability and growth of business and
industry.
The Treasury Ts management of the public debt and the encouragement
of savings are vital to maintaining a strong and healthy economy. This
is true at all times, and it is particularly inportant during this period
of increased expenditures for national defense. Sound debt management and
he increasing savings of the public provide one of the strong bulwarks
in maintaining good business conditions in the years that lie ahead*
The power of this country, and the future of America, are to be found in
the willingness of its people to plan together and work together for the
common good. In a little more than 175 years, this country has been
orged into a great Nation and has risen to a position of world leadership,
in doing so, America has also assumed great responsibilities which must
t>e intelligently and constructively met. The problems which we have to
lace today are difficult, but they are not insurmountable. As long as
C?n .?a11 up?n t]?e ^resourcefulness, the imagination, and the
^ °£ lts Pe°Ple> ii
survive and prosper, and assure a
better future for all mankind.
0O 0
Secretary
am&memâ today ßfom hails on uhich
sufestnrlption* M E bo received for « f inteasadiate bond»
« * i t f j l i th e s u b s c rip tio n books w illo p e n on Ifcaday»
3m& 26p 19$2« As mmmmmA yestai&ay» tòt» offering «111
bo for costi oíü&p la tbo amount of I3*500#QÖ0*0Ö0» er
TÄWr®&öOuTm*
^atìsank subscriptions M l be accepted without H a l t
and rill be allotted la fall« Subscriptione free commercial
banks fear their osa account will be received without deposit
but will be restricted la sedi cose to S é aaourr| not eacceedlng
the eosbtned ospitai» surplus and undivided sofito» or 0 percent
of the total deposit«» whichever 1« greater» of the subscribing
bank# A H other subscriptions wm% be accoispanisd by payment
of W percent of the i sp a t of bonds applied for»
Object to the usual reservation*» subscriptions for
mcfm tm up to «al including HOG»CïOô tw m ctnmaercial hmäm
M l be allotted ia full« Subsorlption s for amounts over
gL0Q»000 h a caanercial bonks sill be allotted on «
percentage basis which will be mad® peddle when allotments
are made» fa accordance with tí» Treasury's usual practice»
eeaaereial banks are defined for this purpose as banks
accepting demand deposits«
- Full -details will be given -hi th© official circular which
iM U be available Monday, Wmm t€$ 19$2p
TFBartelt/nhh
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
IMMEDIATE RETJEASE,
Thursday, June 12, 1952.
S-3075
Secretary Snyder announced today the basis on which
subscriptions will be received for the intermediate bonds
on which the subscription books will open on Monday,
June 16 , 1952. As announced Tuesday, this offering
will be for cash only, in the amount of $3 ,50.
0300.0,000,
or thereabouts.
Nonbank subscriptions will be accepted without
limit and will be allotted in full. Subscriptions
from commercial banks for their own account will be
received without deposit but will be restricted in
each case to an amount not exceeding the combined
capital, surplus and undivided profits, or 5 percent
of the total deposits, whichever is greater, of the
subscribing bank. All other subscriptions must be
accompanied by payment of 10 percent of the amount of
bonds applied for.
Subject to the usual reservations, subscriptions
for amounts up to and including $100,000 from commercial
banks will be allotted in full. Subscriptions for
amounts over $100,000 from commercial banks will be
allotted on a percentage basis which will be made public
when allotments are made. In accordance with the
Treasury's usual practice, commercial banks are defined
for this purpose as banks accepting demand deposits.
Pull details will be given in the official circular
which will be available Monday, June lb, 1952.
0O0
-
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 VALUES 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 imports
: TOTAL QUOTA : Sept. 20, 1 9 5 1 to
•
: .Tune 10, 19^2
United Kingdom ................
Canada .................................
France ............ ....................
B ritish India ..................
Netherlands . . . . . ............
Switzerland ......................
Belgium ...............................
Japan ........................ ..
China ...................................
E g y p t........ .........................
C uba.......... ................. ..
Germany.......................... ...
I ta ly . . . . . . . . . . . . . . . . . .
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
60,279
233,803
5,482,509
294.082________
1/ Included in total imports, column 2.
prepared, lay "the Bureau of Customs
—
■—
—
—
—
- .
—
—
—
Imports
l/
: Established :
:
33-1/3* of : Sept. 20, 19$1
: Total Quota 1 to June 10, 195?2_
1,441,152
75,807
22,747
14 ,7 9 6
12,853
60,279
—
—
—
—
—
—
-
—
25,443
7,088
1.599,886
—
*•
—
60 .2 79
/
~ J\A
3 $
w l I ■"£
IMMEDIATE RELEASE
fc y fr1/
June-IG, 1 9$2--1 cK
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President’s Proclamation of September 5, 1939, as amended
/
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4ft
Imports Sept. 20, 19$jt to June 10, 1952, inclusive
Country o f Origin
Imports
Established Quota
Egypt and the AngloEgyptian Sudan . . . .
P e r u ........ ..; ................
B ritish India . . . . . . .
China ............................
Mexico ...................... ...
B razil ...................... ...
Union of Soviet
S o c ia lis t Republics
Argentina ................
H aiti ............ .
Ecuador .........................
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
1(0,185
8,883,259
11(2,837
475,124
5,203
237
9,333
—
—
—
—
Country of Origin
Established Quota
Honduras ...........................
Paraguay........ ..................
Colombia........ .............
I r a q .......... ........................
B ritish East Africa . . .
Netherlands E. Indies
Barbados . . : ........ ...........
l/0 th e r B ritish W. Indies
..........
Nigeria
2/0ther B ritish 1 . Africa
^/Other French Africa . . .
Algeria and Tunisia . . .
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
-
Imports
—
—
—
—
—
—
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4”
Imports Sept. 20,
'to May 31. 19^2
Cotton 1-1/8* or more, but less than 1-11/16a
Imports Feb.. 1, 195>2, to June 10, 19$2
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
,
45 656,420
1,1*68,867
TREASURY DEPARTMENT
Imports
18,1U0,021
TREASURY DEPARTMENT
Washington
S-3O76
IMMEDIATE RELEASE
Thursday, June 12, 1952
Prelim.: ,n; r y data on. imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President*s Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under
Imports Sept« 2Ó, 1931, to June 10, 1952, inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
P e r u ..... ..........
British India .......
China ............
Mexico ............
B r a z i l ..... .
Union of Soviet
Socialist Republics
Argentina ...........
H a i t i ............. .
Ecuador ..... .......
783,816
21*7,952
2,003,1-83
1,370,791
8,883,259
618,723
lî?5,12ù
5,203
237
9,333
Imports
¿¿0,185
-
8,883,259
11*2,837
a.
-
Country of Origin
3/ii"
Established Quota
Honduras ..............
Paraguay •••••.••••••••
Colombia
Iraq ..................
British East Africa ...
Netherlands R. Indies
Barbados .............
l/Other British ¥. Indies
Nigeria ...............
2/0ther British V. Africa
3/0ther French Africa ...
Algeria and Tunisia ...
7(yd
£0
871
12U
195
2,21-0
71,388
21,321
5,377
l6,00li
689
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
*5/ Other than Gold Coast and Nigeria.
3 / Other than Algeria, Tunisia, and Madagascar,
Cotton, harsh or rough, of less than 3/1*"
Imports Sept. 20, lp$I, to Hay' 31, 1952'’"
Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb. 7E, I 952, to June 10, 1952
Established Quota (Global)
Established Quota (Global)
Imports
Imports
Imports
-
2
COTTON WASTES
(In pounds)
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
COTTON
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
e
:
United Kingdom ••••••••«
Canada ••••.••••••••••«•
France
British India *..... ..
Netherlands
Switzerland.. .........
Belgium
Japan
China
Egypt ............. .
Cuba ...........••••••••
Germany ....... .
I t a l y ..... .
Established
TOTAL QUOTA
: Total Imports
? Sept. 20, 1991 to
i June 10, 1992
:
s
•
Imports
Sept.
20, 1991
33 -1/3% of :
Total Quota • to June 10, 1992
Established :
l,bbl,i92
75,807
1»*
22,7h7
60,279
h,323,h57
239,690
227,1;20
69,627
68,2liO
hit,388
38,559
3hi,535
17,322
8,135
6,91b
76,329
21,263
60,279
233,803
-.
-
25,Mt3
7,088
-
5,U82,509
29b,082
1,999,886
60,279
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
-
I>
/
W m m ^M
Æ
t
j
3 * ?
IMMEDIAT^ RELEASE,
-June Ify M
^
l
, -------
The~Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 191*1, as modified by the President’s proclamation of April 13, 19l*2,
for ¡the 12 months commencing May 29, 19£L, as follows;
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Imports
Quota
; May 2 9 , 1951
Wheat
Country
of
Origin
Established ;
Imports
Quota
iMay 2 9 , 1 9 5 l> to
7 9 5 ,0 0 0
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
—
A u stra lia
100
Germany
*100
S y ria
New Zealand
C h ile
100
Netherlands
2,000
Argentina
100
I t a ly
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Y ugoslavia
Norway
*
Canary Islan d s
1,000
Rumania
100
Guatemala
100
B r a z il
Union o f S o v ie t
100
S o c i a li s t Rep*ri>lies
100
Belgium
"8ÜÜ7TO
(Pounds)
7 9 5 ,0 0 0
mm
mm
mm
37
-
—
*»
—
—
mm
10
mm
mm
mm
—
—
mm
5 to
a
#
* May 2 8 , 1 9 5 2
(Bushels)
(Bushels)
■
3,815,000
2b ,000
13,000
13,000
8,000
7 5 ,ooo
1,000
5,000
5,ooo
1,000
1,000
1,000
lb ,o o o
2,000
12,000
1,000
1,000
1*000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
—
-
-
-
-
mm
—
May 28 , 3
(Pounds)
3,815,000
mm
~
62
**
■2,000
n5
mm
m
m
—
■*
m
m
mm
*•
7 9 5 , 01)7
b ,o o o ,000
3 ^ 2 8 ,7 5 7
TREASURY DEPARTMENT
WASHINGTON
165
immediate r e l e a s e
Thursday, June 12, 1952
S-3077
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, 19kl, as modified by the President's proclamation of April 13, 19k2,
for the 12 months commencing May 29, 1951, as follows:
Country
of
Origin
Whe at
Imports
Established*
Quota
:May 29, 1951, to
•
• May 28, 1952
Wheat flour, semolina,
crushed or cracked
wheat, and similar
xfheat products
Established :
Imports
Quota
:May 29, 1951 to
:May 28, 1952
(Bushels)
(Pounds)
(Pounds)
795,000
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
•
New Zealand
m.
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
France
1,000
«•
Greence
Mexico
100
_
Panama
Uruguay
«•
Poland and Danzig
_
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1 ,0 0 0
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
795,000
3,815,000
-
3,83.5,000
-
-
2k,000
13,000
13,000
8 ,0 0 0
-
75,000
Boo",ooo
755XW7
(Bushels)
-
37
M*
•
-
10
•
m
m
mm
mm
mm
«•
mm
—
mm
mm-
m
-
11,2 0 0
1*20
62
1 ,0 0 0
■w
5,000
3,000
-
•
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
lk ,co o
2,000
12,000
1 ,0 0 0
-
2,000
115
-
1,000
1,000
1,000
1,000
1,000
1,000
-
«•
«■
1 ,0 0 0
1 ,0 0 0
~
1,000
_
*•
.
mm
m
mm
mm
mm
mm
mm
<■»
k ,000,000
IJB'2B,T97
IMMEDIATE RELEASE,
(/ '
Denary figures showing the
J*he Bureau of Customs announced today, prf
idrawn from warehouse, for
quantities of wheat and wheat floui/^r^rea,®!
consumption under the import quotas established in the President’s proclamation
of May 28, 19bl, as modified by the President’s proclamation of April 13, 19ii2,
for the 12 months commencing May 29, 1$£2 , as follows;
"Wheat
Country
of
Origin
Established s
Imports
Quota
sMay 29, 1952, to
• June 10* 1952
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
100
Socialist Republics
100
Belgium
"8007300
120,177
«•
**
*•
mm
—
—
—
—
—
—
—
m*
mm
mm
—
— '
*
—
—
—
—
—
mm
—
—
120,it?
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
: May 29, 1952>
* to June 10« 1
(Pounds)
3 , 815,000
2h ,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
H i, ooo
2,000
12,000
1,000
1,000
1*000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
—
-
272,207
-
-
•»
—
“
**
—
--
--
—
-
h,000,000
272, ¿ W
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursdaya June 1231952
1B7
S~3078
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 comsumption under the import quotas established in the Presidents
proclamation of May 28, 19 111, as modified by the Presidents proclamation of
April 13, 19l;2, for the 12 months commencing May 29, 1952, as follows:
f
s
Country
of
Origin
;
:
:
j
i
f Wheat flour, semolina,
:
crushed or cracked
Wheat
*
wheat, and similar
_______ .._____
:
wheat products
Established :
Imports
; Established
Imports
Quota
: May 29, 1952, to :
Quota
: May £9 , 1952
t June 10, 1952
: __________ s to June 103 1952
(Bushels)
(bushels)
(Pounds)
(Pounds)
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
«
Germany
100
Syria
100
4M»
New Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
*•
France
f
1,000
Greece
•
Mexico
100
Panama
•
Uruguay
Poland and Danzig
Sweden
«•
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Repub1ics
100
Belgium
100
120,177
-
~
m
mm
mm
mm
mm
«
m
m
mm
mm
m
mm
m
m
mm
m
mm
m
mm
mm
■ mm
800,000
3,815,000
21;,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
Hi , 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
272,207
mm
mm
mm
m
mm
mm
mm
mm
mm
m
mm
mm
mm
m
mm
m
mm
mm
mm
■
-
-
mm
•
mm
mm
-
120,177
U,000,000
272,207
tr ea su r y d epa rtm en t
Information Service
WASHINGTON,
d. c
FOR RELEASE
Friday, June 20, 1952
.
Press Service
No. S-3079
Secretary of the Treasury Snyder today made public a se r ie s of
tabulations which w i l l appear in the report "S ta t is t ic s o f Income for
1949, Part 2," compiled from corporation income tax returns* These data
are prepared under the d irection o f Commissioner o f Internal Revenue
John 5 . Dunlap*
SUMMARY DATA
The number of corporation income tax returns for 1949 i s 649,957,
of which 384,772 show net income of 130,576,517,000, while 230,070 show
d e fic it of $2,381,680,000, and 35,115 have no income data (in active
corporations)*
The income tax l i a b i l i t y reported on these returns is $9,817,308,000
representing a decrease of 18 percent as compared with the to ta l for 1948
The amount of income tax does not take in to account any credit claimed
for income and p r o fits taxes paid to a foreign country or United States
possession.
A comparison o f the 1949 returns with the 1948 returns i s provided
in the following summary;
Corporation income tax returns, 1f 1949
and 1948: Summary data
(Money figures in thousands of d ollars)
:
:
1949
;
1948
•
Total number of returns
Returns with net income: Z/
Number
Net income 2 /
Income tax 5 /
Returns with no net income: 2 /
Number
”
D e fic it 2 /
Number of returns of inactive
corporations
649,957
384,772
30,576,517
9,817,308
630,670
;
Increase or
decrease ( - )
dumber or :Par
amount
• cent
19,287
3
395,860
-11,088
36,273,250 -5,696,733
11,920,260 -2,102,952
-3
-16
-18
230,070
2,381,680
198,383
1,848,226
31,687
533,454
16
29
35,115
36,427
-1,312
«4
" E -
RETURNS INCLUDED
The retu rn s Included in th is re le a s e are the corporation income ta x
returns f i l e d fo r the calendar year ending December 5 1, 1949, a f i s c a l
year ending w ith in the period J u ly 1949 through June 1950, and a p a rt
year w ith the gre a te r p ortion o f the accounting period in 1949*
The data are from corporation income ta x retu rn s, Form 1120; l i f e
insurance company income ta x retu rn s, Form 112OL; and mutual insurance
company income ta x re tu rn s, Form 1,12OH® Included fo r t h is purpose in
ad d itio n to retu rn s f i l e d by domestic corporations are the retu rn s f i l e d
by fo re ig n corporations engaged in business w ith in the United States«
Tfrft complete re p o rt, S t a t i s t i c s o f income fo r 1949, P art 2 , w i l l contain
more d e ta ile d s t a t i s t i c s from corporation income ta x retu rn s as w e ll as
data from personal holding company retu rn s, Form 1120H*
The s t a t i s t i c s are compiled from the retu rn s as f i l e d , p rio r to
re v is io n s th a t may be made as a r e s u lt o f a u d it b y the Bureau o f In tern a l
Revenue and p rio r to changes r e s u ltin g from carry-backs a f t e r the returns
were file d « Data from amended retu rn s and te n ta tiv e retu rn s are not
included in the tabulations«
The p rovision s
Revenue A ct o f 1945
f i s c a l years ending
in g ly , the data fo r
CCMPARABJLITX OF DATA
o f the In te rn a l Revenue Code as amended by the
continue in e f f e c t fo r the calendar year 1949 and
in the period J u ly 1949 through June 1950« Accord
1949 are g e n e ra lly comparable w ith those fo r 1948«
CLASSIFICATIONS PRESENTED
The f i r s t three ta b le s o f t h is re le a s e show data from corporation
income ta x re tu rn s, c la s s if ie d by in d u s tr ia l groups« The in d u s tr ia l
c la s s if ic a t io n i s based on the business a c t i v i t y reported on the return«
When m u ltiple businesses are reported on a retu rn , the c la s s if ic a t io n i s
determined b y the business a c t i v i t y which accounts f o r the la r g e s t per
centage o f t o t a l receip ts« Therefore, the in d u s tr ia l groups do not re
f l e c t pure in d u stry c la s s ific a tio n s «
The on ly change in the in d u s tr ia l c la s s if ic a t io n fo r 1949 as com
pared w ith 1948 A s th a t there i s an a d d itio n a l minor group, «Jewelry
s t o r e s ,« w ith in the major group »Other r e t a i l trade®« For 1948 «Jewelry
sto re s* was included in the minor group «Other r e t a i l stores*«
Table 4 shows data from retu rn s w ith balance sh ee ts, c la s s if ie d
according to s iz e o f t o t a l a s s e ts as o f December 5 1, 1949, or c lo se o f
f i s c a l year n earest thereto® The t o t a l a s s e ts c la s s e s are based on the
n et amount o f t o t a l a s s e ts a f t e r reserve s fo r d e p re cia tio n , d e p le tio n ,
am ortization, and bad debts«
The c la s s if ic a t io n o f the returns by n et income and d e f i c i t c la s s e s ,
shown in ta b le 5 , and the c la s s if ic a t io n by returns w ith n et income and
retu rn s w ith no n et income, shown in ta b le s 1 , 5, and 5 , are based on the
amount o f n et income or d e f i c i t which i s the d iffe re n c e between the t o t a l
income and the t o t a l deductions as reported on the retu rn , ex c lu siv e o f
the n et operating lo s s deduction«
NOTICE OF REVISION
!
IN TREASURY DEPARTMENT PRESS RELEASE NO. S-3079
In tables 1-4, inclusive, for returns with net income and returns
with balance sheets, the amount of ^Dividends paid in cash and assets
other than own stock" should be decreased by $105,300,000, for the
industrial group "Banks and trust companies." The revisions are as
follows:
Table
Page
Line
Classification
1
4
1
233
All industrial groups
Finance, insurance, real estate,
and lessors of real property
Finance
Banks and trust companies
6
234
235
2
3
8
11
13
16
18
21
4
23
39
39
60
60
60
60
60
60
All industrial groups
Total finance, insurance, real
estate, and lessors of real
property
Total finance
Banks and trust companies
All industrial groups
Total finance, insurance, real
estate, and lessors of real
property
Total finance
Banks and trust companies
All industrial groups
Total finance, insurance, real
estate, and lessors of real
property
Total finance
Banks and trust companies
Total
Total assets class— $100,000,000
and over
Dividends paid in
cash and assets other
than own stock
Original
Revised
(Thousands of dollars)
9,514,365
9,409,065
1,750,758
1,323,192
464,411
1,645,458
1,217,892
359,111
9,674,392
9,569,092
1,781,024
1,339,082
467,850
1,675,724
1,233,782
362,550
9,569,792
9,464,492
1,760,844
1,329,006
466,247
1,655,544
1,223,706
360,947
9,419,599
9,314,299
1.735.792
1,314,613
462,946
1.630.492
1,209,313
357,646
9.569.792
9.464.492
4,722,729
4,617,429
T-IR, Do C,
- 3 CREDIT ALLOWED LIFE INSURANCE COMPANIES
In analyzing the data compiled from retu rn s c la s s if ie d under the
major group «Insurance c a rrie rs and agents,* i t should be noted th a t
l i f e insurance companies, in rep o rtin g th e ir income fo r ta x purposes,
are required to include only t h e ir investment income, i . e . , in t e r e s t ,
dividends, and ren ts* Beginning 1942, l i f e insurance companies are
allowed a «reserve and other p o lic y l i a b i l i t y c r e d it* equal to a f l a t
proportion o f n et investment income le s s tax-exempt in te re s t* This
c r e d it, which i s deducted a f t e r a r r iv in g a t n et income and i s reported
only on returns w ith n et income, takes the p lace o f the deductions fo r
reserve earnings, deferred divid en ds, and in t e r e s t p a id , which form erly
were allowed in computing n et income* An amendment introduced b y the
Revenue Act o f 1950 lowered the c r e d it r a t io fo r 1949 and 1950, pending
further re v isio n s in the method o f ta x in g l i f e insurance companies*
For 1949 the c r e d it r a t io i s *9355 and fo r normal ta x purposes
the aggregate amount o f reserve and other p o lic y l i a b i l i t y c r e d it i s
$1,484,349,523, o f which $1,481,595,889 i s reported on retu rn s w ith
balance sheets* As an o f f s e t to t h is c r e d it , adjustment fo r c e r ta in
n o n -life insurance reserves i s reported in t o t a l amount o f $12,393,734,
of which $12,327,656 i s reported on retu rn s w ith balance sheets* The
la t t e r adjustment, which i s made ip. order to include in the ta x base
the in te r e s t received on n o n -life 'in s u ra n c e re s e rv e s , a p p lies on ly to
l i f e insurance companies d e riv in g a p ortion o f th e ir income from con
tra c ts other than l i f e insurance, a n n u itie s , or noncancellable h ea lth
and accident insurance*
DATA PREVIOUSLY RELEASED
A ta b u la tio n , prepared from con solidated income ta x retu rn s f i l e d
fo r 1949 by a f f i l i a t e d corp o ratio n s, was included w ith other ta b u latio n s
in a prelim inary re le a s e dated A p ril 3 , 1952, (Press S e rvice No. S-3012)
and i s omitted from t h is re le a se * Table 1—A o f the p relim in ary re le a s e
shows by major in d u s tr ia l groups the number o f consolidated income ta x
returns f i l e d by a f f i l i a t e d corp o ratio n s, w ith the corresponding amount
o f t o ta l compiled r e c e ip t s , n et income, income t a x , and dividends paid*
Although th e above-m entioned t a b le i s n ot shown h e r e , th e d a ta from
con solid ated re tu r n s a re in clu d ed i n a l l t a b le s o f t h i s r e l e a s e .
1 pQ
uw
- 4 -
-
Table 1 . - Corporation income ta x re tu rn s, 1/ 1949, by m ajor in d u s tria l groups and m inor in d u s tria l groups, fo r retu rn s w ith
net income and re tu rn s w ith no net income: Number o f re tu rn s, to ta l com piled re c e ip ts , net income or d e fic it , and dividends
p a id in cash and a sse ts oth er than own sto ck ; a ls o , fo r re tu rn s w ith net income, the income ta x
(Money fig u re s in thousands o f d o lla rs )
M ajor in d u s tria l groups and m inor
in d u s tr ia l groups 4/
1
2
S
4
S
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
SO
SI
52
S5
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
S2
55
54
55
56
57
58
59
60
61
62
65
64
65
66
67
68
69
70
71
72
75
74
75
76
77
78
79
80
81
82
85
84
T o ta l
T o ta l
Net
number Number com piled
of
income 2/
o f re
re ce ip ts 6/
turns 5/ retu rn s
Income
ta x 3/
D ividends
dividends
p aid in
paid in
Number T o ta l
cash and
D e fic it 2/ cash and
com piled
of
a sse ts
assets
other than returns re ce ip ts 6/
other than
own sto ck
own stock
649,957. 584,772 350,168,722 50,576,517 9,817,508 9,514,365 230,070 43,280,970 2,581,680
A ll in d u s tr ia l groups
286,205
3,694
32,249
58,722
66,637
1,616,005
209,591
8,562
4,312
A g ric u ltu re , fo re s try , and fis h e ry
269,754
29,538
5,326
56,295
202,056
64,619
1,568,878
7,642
4,010
Farms and a g ric u ltu ra l se rv ice s
3,725
1,042
1,457
2,174
128
5,481
23,094
288
139
F o re stry
255
12,728
1,669
240
2,054
561
452
165
24,035
F ish e ry
962,051
408,045
4,385
108,784
804,561
267,682
5,863,422
4,766
11,029
M ining and qu arryin g
655
111,409
10,416
109,474
48,334
854,624
151,989
175
1,696
M etal m ining
125
45
40,558
14,113
9,158
34
250,663
29,556
106
Iro n
57,305
491
8,009
118,627
57,834
92,475
113
559,797
1,278
Copper, le a d , z in c , g o ld , s ilv e r
13,636
2,282
2,886
119
5,806
1,342
44,164
512
28
Other m etal m ining
116,245
4,448
115
5,283
15,544
316,177
21,677
95
218
A n th racite m ining
348,511
25,480
55,532
1,037
122,803
43,038
1,578,787
1,033
Bitum inous co a l and lig n it e m ining
2,210
60,494
335,132
1,850
397,936
131,825
195,010
4,385
2,276
2,395,858
Crude petroleum and n a tu ra l gas production
1,571
246,289
48,515
110,387
183,115
356,886
5,214
1,882,469
1,650
Crude petroleum , n a tu ra l ga s, and n a tu ra l gasoline
88,843
12,181
11,897
459
21,438
1,171
626
513,389
61,050
O il- end g a s -fie ld co n tra ct se rv ic e s
50,664
7,946
34,485
750
110,156
59,202
717,976
2,520
1,189
N onm etallic m ining and q u arrying
39,489
4,340
24,045
10,080
441
518,072
1,554
1,028
69,592
Sto ne, sand, and g ra ve l
11,175
5,606
24,405
509
199,904
40,564
15,159
161
986
Other nonm etallic m ining and qu arryin g
73,737
1,241,459
200,106
68,385
9,456
8,676,151
591,250
27,041 16,290
C onstruction
405,403
49,517
22,199
146,765
16,692
2,509
4,041
2,712,628
7,106
G eneral b u ild in g co n tracto rs
1,071
227,688
15,164
27,943
235,856
83,558
2,418
2,456,781
5,601
G eneral co n tracto rs oth er than b u ild in g
3,817
60,791
11,751
3,340
396
1,207
595,265
34,239
718
G eneral co n tracto rs not a llo c a b le
5,099
515,949
30,169
52,654
19,839
14,053
2,779,756
165,540
8,679
S p e c ia l trade co n tracto rs
2,588
571
381
51,628
2,846
434
131,721
9,050
1,092
O ther co n stru ctio n
120,502 68,317 167*554,041 15,342,017 5.497.255 4,785,674 48,955 19,812,782 1,095,151
M anufacturing
497,423
107,185
1,581
37,912
4,957,037
471,046
171,910
3,555
1,786
Beverages
138,575
13,420
75,425
25,984
22,389
1,256
683,725
2,682
1,354
N onalcoholic beverages
215,996
15,999
102,169
54,179
155
447
2,191,306
271,524
254
M alt liq u o rs and m alt
2,385
85
21,965
2,067
508
185
6,493
92
109,669
Wines
120,887
87
6,108
117,604
41,690
30,109
245
D is t ille d , r e c t ifie d , and blended liq u o rs
86 1,972,357
107,860
428,965
4,265
6,266,668
11,665
546,790
7,056 23,644,861 1,181,586
Food and kindred products
4,532,849
27,056
1,419
34,205
446
941 7,182,744
135,888
47,662
Meat products
158,644
3,835
62,267
44,203
501
1,762
3,575,914
167,059
D a iry products
1,212
923
51,120
1,897
137,143
30,791
478,360
894 2,108,207
49,201
Canning f r u it s , ve ge ta b le s, and sea foods
114,757
41,997
27,674
424
337,157
10,059
1,525
865
5,482,164
G rain m ill p roducts, except ce re a l preparations
6,415
636
176,441
1,928
1,206
2,567,526
170,055
62,743
47,160
Bakery products
35
81,469
3,541
84 1,144,564
74,928
26,705
19,998
Sugar
120
397
37,107
35,344
244,548
11,760
SCO
589
992,095
101,059
C onfectionery
1,614
126
27
39,491
14,969
16,594
12
40
305,989
C e rea l p reparations
772
200,574
12,358
2,066
1,265
168,554
Other food, In c lu d in g m anufactured ic e and
1,757,201
59,291
69,810
fla v o rin g siru p s
72,672
117
308
175
930,459
27,023
21,013
55,212
1,790
Food and kindred products not a llo c a b le
260,259
83
34,795
1,326
206
114 3,200,423
97,599
93,055
Tobacco m anufactures
1,163
5,497
63
30,986
64
244,797
15,023
4,401
130
C ig a rs
163
88,654
76
50 2,955,626
245,236
92,102
20
3,809
Other tobacco m anufactures
87,338
6,145
9,459,263
756,803
273,575
219,463
2,341
1,365,451
T e x tile -m ill products
3,692
225
15,498
161,309
386
1,157,896
104,200
35,128
Tarn and thread (co tto n , w ool, s ilk , and synthetic
619
38,963
fib e r )
11,758
572
19,065
16,368
185
178,302
181
872,125
Broad-woven fa b ric s (woolen and w orsted)
51,597
223,971
70,657
12,000
67,266
121
455
2,345,551
309
Broad-woven fa b ric s (co tto n )
198,888
3,105
198,263
13,761
3,366
163
42,949
412
243
4,590
Narrow fa b ric s and other sm allw ares (c o tto n , wool,
s ilk , and syn th e tic fib e r )
16,528
269,586
2,046
1,265
52,939
17,153
753
1,374,290
93,590
K n it goods
586,337
4,523
667
19,067
406
55,109
12,048
79,809
D yeing and fin is h in g t e x t ile s , except k n it goods
250
47,999
3,701
59,951
171
22,284
19,332
94
70
678,012
Carpets and oth er flo o r coverings
2,571
262
108
6,767
2,450
1,405
152
56,508
114,378
H ats, except clo th and m illin e ry
25,771
11,339
952
595
1,368,331
115,335
322
198,339
42,340
Other t e x t ile -m ill products
6,535
227
59,805
105
764,080
21,202
21,628
100
106,679
T e x tile -m ill products not a llo c a b le
1,672,347
88,142
6,125,972
14,759
7,613
239,516
81,822
42,714
6,985
Apparel and products made from fa b ric s
21,841
2,683
1,114
458,332
1,540
2,018,742
91,070
17,912
Men's c lo th in g
52,329
44,107
805,474
7,275
5,756
2,770,925
98,156
32,874
14,693
3,460
Women's c lo th in g
37,179
1,200
475
233
75,725
1,747
427
334
238
M illin e ry
6,140
205
90,189
1,016
276
61,486
962
28
754
Fu r goods
4,457
757
595
219,155
8,246
2,654
1,706
90,420
338
O ther apparel and a cce sso rie s
7,521
142,177
766,668
29,367
5,888
2,028
1,141
9,936
860
Other fa b rica te d te x t ile products
2,876
547
211,271
9,968
3,397
241
48,576
292
2,153
Apparel and products made from fa b ric not a ll enable
669,875
52,150
78,964
2,434
5,939
3,365
3,362,450
519,599
105,7 U
Lumber and wood p roducts, except fu rn itu re
1,237
28,110
212,454
398,179
1,703
1,964,625
68,101
55,738
5,021
Lo gging camps, lo g g in g co n tra cto rs, sa w m ills, and
p lan in g w ills
14,474
131,946
792
74,695
1,241
843,540
26,702
16,201
430
M illw o rk, plywood, and p re fa b rica te d s tru c tu ra l
wood products
4,002
5,253
3,231
216
53,462
557
333
307,068
15,546
Wooden co n tain e rs
5,564
16,924
5,655
551
86,288
557
247,217
5,794
1,120
Other wood products
25,713
1,727
153,113
54,365
31,624
357,853
4,372
1,935,253
2,581
Fu rn itu re and fix tu re s
19,732
27,672
1,207
1,610,872
45,735
282,710
Fu rn itu re - household, o ffic e , p u b lic b u ild in g ;
1,875
128,169
3,131
and p ro fe ssio n a l
1,786
13,837
2,125
27,116
595
158,514
4,808
220
570
P a rtitio n s , sh e lv in g , lo c k e rs; and o ffic e and
sto re fix tu re s
3,667
234
277
3,208
1,543
38,221
515
158,966
9,248
Window and door scre e n s, shades, and Venetian
b lin d s
528
9,806
1,859
614
286
66
131
59
26,881
Other fu rn itu re and fix tu re s
28,307
154,247
888
^65,226
2,627
1,698
5,002,350
583,745
214,666
Paper and a llie d products
11,161
'174,035
136
P u lp , paper, and paperboard
314 2,956,706
411,526
151,842
110,639
,
460
7,508
161,681
1,267
96,851
35,058
23,386
paper bags and paperboard co n tain e rs and beans
830 1,095,985
42S
9,638
327
Pulp goods and oth er converted paper products
951,659
75,568
27,766
20,222
129,510
554
900
41,056
595,156
145,024
4,239
15,125
8,547
5,838,845
557,700
194,540
p rin tin g , p u b lish in g , and a llie d in d u strie s
14,108
68,777
153,705
2,075
2,149,087
91,793
802
2,918
258,213
Newspapers
9,481
23,866
23,618
538
105,873
1,274
68,370
699
864,299
P e rio d ic a ls
2,622
287
47,355
755
414
489,825
15,924
12,349
46,501
Books
8,755
42,507
26,126
1,507
191,973
1,595,574
Commercial p rin tin g ,in c lu d in g lith o g ra p h in g
5,069
5,491
124,160
4,897
79,156
454,695
12,471
11,052
845
2,398
1,488
57,829
Other p rin tin g and p u b lish in g
1,213
22,827
17,094
3,102
751
380
285,565
7,979
260
P rin tin g , p u b lish in g , and a llie d in d u strie s not
a llo c a b le
Fo r fo o tn o te s, see pp. £5-26.
160,027
1,245
980
225
40
12,587
2,412
24
901
1,487
2,332
2,096
S,437
5,085
552
310
238
72
2,637
1,533
409
21
668
6
66,608
1,102
90
879
37
96
7,960
3,868
153
1,529
498
103
558
251
1
t
3
4
S
6
7
e
9
10
n
u
13
14
15
16
17
18
16
20
21
22
23
24
23
26
27
28
29
930
30
51
32
33
34
36
36
37
36
39
40
70
64
SO
14
8,746
1,067
41
42
43
44
43
46
632
2,332
264
47
46
49
1,179
53
288
37
1,525
1,369
3,185
1,417
672
9
17
446
139
485
1,967
1,134
60
61
62
63
54
53
56
57
58
59
60
61
62
63
64
65
m
575
66
150
510
860
761
67
66
69
70
71
42
72
73
74
75
76
290 77
1,978 78
254 79
60
61
1^095 82
83
84
9
1,456
915
- 5 -
Table 1. - Corporation income ta x re tu rn s , 1/ 1949, b y m ajor in d u s tria l groups and m inor in d u s tria l groups, fo r re tu rn s with
net income and re tu rn s w ith no net income: Number o f re tu rn s, to ta l com piled re c e ip ts , net income o r d e fic it , and dividends
paid in cash and a sse ts other than own sto ck ; a ls o , fo r re tu rn s w ith net incom e, the income ta x (Money
figures in thousands of dollars)
Returns w ith net Income 57
Major in d u s tria l groups and minor
in d u s tria l groups 4/ - Continued
90
91
92
93
94
95
96
-97
sa
99
100
101
102
103
104
105
X06
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
150
151
152
153
154
155
156
157
M anufacturing - Continued
Chemicals and a llie d products
In d u stria l in o rgan ic chem icals
In d u stria l organic ch em icals, in clu d in g p la s tic
m aterials, syn th e tic rubber, and syn th e tic fib e rs
Drugs and m edicines
Soap and g ly c e rin , cle an in g and p o lish in g
preparations, e tc .
p a in ts, va rn ish e s, la cq u e rs, e tc .
perfumes, cosm etics, and other t o ile t preparations
F e r tiliz e rs
O ils and fa ts , anim al and ve ge tab le , except
edible cooking o ils
Other chem ical products
Chemicals and a llie d products not a llo c a b le
petroleum and co al products
Petroleum re fin in g
Other petroleum and co a l products
Rubber products
Tire s and inner tubes
Other rubber products, in clu d in g rubberized
fa b rics and clo th in g
Leather and products
Leather, tanned, c u rrie d , and fin ish e d
Footwear, except rubber
Other lea th e r products
Stone, c la y , and g la ss products
Glass and g la ss products
Cement (h y d ra u lic)
S tru ctu ra l c la y products
Pottery and re la te d products
Concrete, gypsum, and p la ste r products
Cut-stone and stone products
A brasives, asbesto s, and other nonm etallic
m ineral products
Primary m etal in d u strie s
B la st furnaces, ste e l w orks, and r o llin g m ills
Iron and ste e l foundries
Sm elting, re fin in g , r o llin g , draw ing, and
a llo yin g o f nonferrous m etals
Nonferrous foundries
Other prim ary m etal in d u strie s
Prim ary m etal in d u strie s not a llo c a b le
Fabricated m etal products, except ordnance,
m achinery, and tra n sp o rtatio n equipment
Tin cans and other tinw are
C u tlery, hand to o ls , and general hardware
Heating apparatus (except e le c t r ic a l) and
plumbers' su p p lie s
Fabricated structural metal products
Metal stamping, coating,and engraving
Lighting fixtures
Fabricated wire products
Other fabricated metal products
Fabricated metal products not allocable
Machinery, except transportation equipment and
electrical
Engines and turbines, except automotive, aircraft
and railway
Agricultural machinery and tractors
Construction and mining machinery
Metal-working machinery, including machine tools
Special industry machinery
General industry machinery
Office and store machines
Service-industry and household machines
Other machinery parts, and machine shops
Machinery, except transportation equipment and
electrical, not allocable
Electrical machinery and equipment
Electrical generating, transmission, distribution,
and industrial apparatus
Electrical appliances
Insulated wire and cable
Electrical equipment for motor vehicles, aircraft,
and railway locomotives and cars
Electric lamps
Radio, radar, and television equipment (except
radio tubes), and phonographs
Other communication equipment ànd related
products
Other electrical products, including batteries
Electrical machinery and equipment not allocable
Transportation equipment, except motor vehicles
Aircraft and parts, including.aircraft engines
Ship and boat building and repairing
Railroad equipment, including locomotives and
street cars
Motorcycles, bicycles, and parts
Other transportation equipment, except motor
ve h icles
For footnotes, see pp. 25-26,
Total
number
of re
turns 5/
Total
compiled
receipts 6/
Net
income 2/
7,790
256
536
4,273
155
298
1,521
930
761
462
1,429,820
1,162,944
263,803
114,505
1.152
697
357
545
712
262
274
560
1,478,552
246,782
536,194
1,434,132
28,673
44,418
87,065
1.152
644
704
298
406
663
46
617
660
329
428
166
262
427
29
398
2,959
4Z
1,620
253
646
721
2,750
545
69
533
196
964
281
362
1,097
1,455
4,326
613
79
775
351
1,544
381
583
Income
ta x 3/
12,491,858 1,715,658 606,108
555,265
79,103 28,609
2,588,387
560,944 185,532
587.784
25,445
199,478
3,240
93.902
42,917
83,504
43,575
675
31,345
10,295
15,990
32,194
31,397
4,780
13,530
15,680
1,181,907
144,152 52,209
1,878,095
506,178 113,117
17,523,579 1,169,222 344,484
16,662,555 1,094,823 817,495
861,024
74,399 26,989
2,873,770
164,597 58,596
2.285.454
113,199 59,509
588,316
S},398 18,887
843,315
11,334
93,420
61,184
1.679
6,285
9,395
J17
439
50,554
262,774
5,267
18,368
11 4
6,053
407
402
144,132
59,092
14,366
110,271
11,241
4,700
800
4,955
1,825
255
5
241
35,345
157,250
845,316
825,899
19,417
56,613
46,380
10,233
465
284
238
115
123
58,404
58,966
663,574
608,257
55,317
193,506
118,856
74,670
4,399
3,440
30,929
28,065
11,871
5.680
6,191
510
36
1,920
1,864
56
991
758
233
114,010 40,658
25,565
9,327
73,563 26,554
14,882
4,777
520,957 190,574
123,885
44,682
124,494 46.902
58,594 21,244
15,954
5,768
87,384 31,695
8,824
2,999
101,822 37,286
36,661
6,249
26,929
3,485
143,527
57,283
31,980
13,439
3,838
25,115
1,272
30,600
1,297
172
430
695
1,474
263
502,253
177,362
209,154
115.757
232,166
85,957
82
26,485
44,178
38,354
6,394
30,716
26,297
8,434
11,139
6,724
18,419
4,827
2,296
1,578
462
256
459
109
3,009
3,523
3,980
401
2,669
92
182
15
19
39
13,740,551 1,344,828 497,810
8,824,540
913,290 343,429
987.058
94,771 34,937
2,680,505
219,595 76,490
351,690
203,645
24,066
88,949
1,224
26
413
897,834
171,715
164,012
350,681
49,721
11,899
11,442
13,464
6,462
1,147
910
2,911
U6
n7
5,455
28,336
1,259
199,509
380
90,981
108,613
11,832
925,806
6,571
4,786
1,559
87,068
585
1,091
18
3,728
120
121
2,420,065
516,658
1,562,199
541,208
3,758,426
947,456
486,095
464,827
224,555
664,524
99,986
870,983
3,065
147
1,019
400
1,773
760
580
179
9,792
362
365
82
5,798
258,620
914,269
75,579
7,635,478
18,458
6,521
94,350 34,844
4,364
1,589
763,548 279,287
88
1,107
1,105
61
625
600
908.058
744,408
1.487.455
69,063
88,548
151,325
2,378
2,203
599
517
1,542
453
10,095
1,641
1,209
299
559
734
270
5,607
111
590
263
Returns with no net income 2 7
Dividends
Dividends
paid in
paid in
Number Total
cash and
cash and
of
compiled
Deficit 2/
assets
assets
returns receipts 6/
other than
other than
own stock
own stock
220
448
221
16
205
217
152
557
98
202
80
5,806
2,866
3.0
3
91
92
95
94
95
96
97
100
101
102
105
104
105
106
107
108
109
110
in
112
U3
11 4
ns
118
U9
25,522
52,348
55,206
19,395
28,096
51,633
25
458
23,642
99,226
.196,890
899
9,112
17,265
115
1,145
680
123
12 4
1,696,799
182,447 66,876
1,045,317
99,501 36,227
196,750
11,837
4,130
S5S,616
53,823 19,915
672,352
71, 498 26.205
348,725
35,506 12,858
12,516,574 1,434,196 551,508
34,232
22,350
2,410
11,577
19,924
9,914
564,476
705
957
291
152
580
170
4,252
178,009
166.758
63,143
25,471
180,047
42,620
1,119,427
24,052
16,323
4,542
1,512
10,700
2,865
96,685
417
419
90
188
586
90
5,981
125
126
127
128
129
150
131
122
100
44
405,170
14,045
8,852
50
21,030
2,504
S3
132
630
485
2,311
1,553
1,265
348
706
2,748,442
1.174.966
1,143,208
1,400,235
1,540,969
986,850
1,499,738
787,109
829,887
299,722 111,609
157,001 58,041
127,540 46,495
185.308 67,128
171,269 63,005
145.308 54,326
158,486 60,157
80,528 29,670
73,292 27,034
69,572
36,004
4Q,135
47,472
42,793
59,433
36,094
26,806
17,315
277
135
1,087
565
467
131
305
1,008
231
95,483
72,959
229,346
126,491
141,762
32,880
172.624
136,097
90,755
10,116
3,812
20,692
11,509
10,036
3,707
12,302
12,325
9,682
200
591
333
338
1,191
958
765
199
377
1,072
330
310
2,278
704
1,141
69
564
546
136
153
134
135
136
137
138
139
140
141
3,146
911
1,656
549
7,689,844
2,646,683
744,086 270,251
298,005 107,491
222,771
97,591
1,411
515,053
130,356
47,518
15,051
1,844
516
142
143
136
59
65
277,486
351,044
267,540
54,810
13,266
28,581
12,904
4,851
10,747
8.784
5,413
10,955
188
28
56
53,550
27,380
9,654
5,149
2,807
1,192
558
61
144
145
146
24
522
98,967
1,230,237
6,368
107,171
2,374
39,277
2,489
21,383
49
246
12,579
155,459
8,201
2,110
75
584
336
356
535
1,152
247
694
111
37
43
37,942
551
12
721
147
148
1.224.966
95,742
35.206
42,806
48,175
5,667
105
174
168
526
131
287
72
576,876
1,216,045
3,368,648
1,719,144
438,124
1,154,589
22,685
157,458
231,747
118,817
32,550
77,513
8,072
49,329
83,873
42,938
11,880
28,019
7,000
26,34C
90,748
43,320
10,393
36,143
176
147
554
98
382
54
30,985
48,915
485,946
245.625
197,964
26,207
2.306
8,424
57,018
14,253
17,708
1.307
184
3,426
171
2,880
350
18
18
48,166
8,625
2,515
554
845
191
791
17
101
12,524
3,626
2,958
812
24
23
3
1
150
151
152
153
154
155
156
157
Table 1 . - Corporation income ta x re tu rn s, 1 / 1948, by m ajor in d u s tria l groups and m inor in d u s tria l groups, fo r re tu rn s w ith
net income and re tu rn s w ith no net incom ei Number o f re tu rn s, to ta l com piled re c e ip ts , net income or d e fic it , and dividends
p aid in cash ami a sse ts other than own sto c k ; a ls o , fo r re tu rn s w ith net incom e, the income ta x - Continued
M ajor in d u s tr ia l groups and m inor
in d u s tr ia l groups 4 / - Continued
M anufacturing - Continued
Motor v e h ic le s and equipm ent, except e le c tr ic a l
Motor v e h ic le s , in clu d in g bodies and tru ck '
t r a ile r s
Motor v e h ic le p a rts and a c c e sso rie s, and
passenger t r a ile r s
Ordnance and a cce sso rie s
Guns, h o w itse rs, m ortars, and re la te d equipm ent,
in clu d in g sm all arms
Sm all arms ammunition
O ther ordnance and acce sso rie s
S c ie n t ific instrum ents; photographic equipment;
w atches, clo cks
P ro fe ssio n a l, s c ie n t ific , and c o n tro llin g
instru m e n ts, in clu d in g photographic and o p tic a l
goods
W atches, c lo ck s and clockw ork-operated devices
O ther m anufacturing
Je w elry (p re cio u s m e te l), silv e rw a re , p late d ware
Costums je w e lry , except precious m etal
Fa b ricate d p la s tic p ro d u cts, except p la s tic
m a te ria ls
M anufacturing not elsew here c la s s ifie d
P u b lic u t ilit ie s
Tran sp o rtatio n
R a ilro a d s, ra ilw a y express
Urban, suburban, and interurban railw a ys
(w ith e r w ithout buses)
Tru ckin g and w arehousing
Other motor ve h ic le tra n sp o rta tio n , in clu d in g
ta xica b s and buses
Pipe lin e tra n sp o rta tio n
W ater tra n sp o rtatio n
A ir tra n sp o rta tio n and a llie d se rv ic e s
S e rv ic e s in cid e n ta l to tra n sp o rtatio n
Other tra n sp o rtatio n
Communication
Telephone (w ire o r ra d io )
Telegraph (w ire and ra d io )
Radio b re ad castin g and te le v is io n
Other communication
E le c tr ic and gas u t ilit ie s
E le c tr ic lig h t and poser
Gas production and d is trib u tio n , except n a tu ra l
gas production Other p u b lic u t ilit ie s
Water supply
P u b lic u t ilit ie s so t elsew here c la s s ifie d
Trade
W holesale
Commission merchants
Other w holesalers
Food
A lc o h o lic beverages
Apparel and d ry goods
Chem icals, p a in ts , and drugs
Hardware, e le c tr ic a l goods, plum bing and heating
equipment
L u m b e r , ad llw o rk, and co n stru ctio n m ate rials
M achinery and equipment
Farm products (raw m a te ria ls)
W holesalers not elsew here c la s s ifie d
W holesalers not a llo c a b le
R e ta il
Food
G eneral m erchandise
Department sto re s
M ail-o rd e r houses
V a rie ty sto re s
Other general m erchandise
Apparel and a cce sso rie s
Fu rn itu re and house fu rn ish in g s
Automotive d e alers and f illin g sta tio n s
Autom obiles and tru cks
P a rts, a c c e sso rie s, t ir e s , b a tte rie s
F illin g sta tio n s
Drug sto re s
E a tin g and d rin k in g p la ce s
B u ild in g m a te ria ls and hardware
Lumber and b u ild in g m a te ria ls
Hardware and farm equipment
O ther r e t a il trade
Liq u o r sto re s
Je w e lry sto re s
O ther r e t a il sto re s
R e ta il trade not a llo ca b le
Trade not a llo c a b le
Fin an ce , in su ra n ce, r e a l e sta te , and le sso rs o f
re a l property
Finance
Banks and tru s t companies
C re d it agencies oth er than banks
Perso nal c re d it agencies
B usiness c re d it agencies
Other c re d it agencies
C re d it agencies and fin a n ce not a llo c a b le
F o r fo o tn o te s, see pp. 25-26.
(Money
Returns w ith, net income 2/
T o ta l
number Rusher T o ta l
Income
Net
com piled
of
o f re
ta x 3/
turns 5/ retu rn s re ce ip ts 6/ income 2/
1,588
494
Returns w ith no net income 2/
D ividends
Dividends
p aid in
paid in
Number T o ta l
cash and
D e fic it 2/ cash and
com piled
of
a sse ts
assets
returns re ce ip ts 6/
other than
other than
own sto ck
own stock
695 14,406,605 2,112,098
252 12,489,653 1,907,801
790,077
713,522
529,047
477,190
651
227
540,449
374,681
73,500
60,560
653
297
894
441
1,916,950
204,297
76,555
51,857
424
165,768
13,140
356
64
41
25
19
180,401
" 55,866
14,962
6,772
5,420
2,367
6,289
1,797
31
18
1,713
490
504
447
•
-
11
12
1,850
5
1
1,008
126,092i
445
1,727,660
8,127
63
186,778
3,029
24
68,303
4,492
64,523
6
7
783
89
1,134
129,853
17
40
17,653
475
1,727
944
1,516,154
166,270
60,632
56,524
731
108,351
12,165
429
125
11,117
958
549
1,204
64
5,283
469
162
571
211,506
5,676,172
381,511
61,371
314,555
20,508
301,963
29,789
3,23).
21,333
7,671
107,353
11,740
1,026
7,065
7,799
67,854
7,607
287
1,604
52
5,230
470
186
606
21,502
837,095
81,210
26,135
75,481
5,488
67,030
6,452
1,406
5,617
46
1,660
65
53
64
58,356
2,918,755
87,522
4,081
247,610
8,606
27,450 14,810 26,199,477 3.024.043 1,056,198 1,317,550
447,853
361,849
19,592 10,274 15,714,956 1,296,100
223,274
397 9,183,54!
255,481
715
722,180
7,798
2,095
85
187,57!
6,309
41
3,968
11,098
8,306
223
36
654,269
2,524,271
2,092,880
597,011
265,246
53,555
150,282
125,981
36,049
11,367
2,223
383,157
307,874
17,724
17,094
489
424
33
643
722
820
S3
1,768
1,130
12
620
6
276
125
151
28,117
165,461
238,862
103,644
3,508
327,078
23,614
207,462
95,747
255
73,202
28,822
44,380
771
18,270
17,271
7,089
346
17,334
3,172
3,180
10,954
28
4,070
1,687
2,383
221
760
1,606
275
31,111
12,829
746
567
12,005
7,000
24,111
824
181
946,755 74,705 15,834,124
372,285 25,581
8,125,009
615,505
34,996
4,262
7,509,704
337,287 21,319
3,247
1,945,647
42,721
848
317,140
19,810
754,173
19,275
2,595
1,124
189,883
30,361
461,487
1,594
46,001
2,897
787
2,110
547,048
257,442
24,743
232,701
29,466
8,237
32,535
9,396
19,526
154
144
10
29,524
11,083
1,360
9,723
1,513
527
1,818
159
723
432
1,309
341
2,679
922
14,511
258
7,907
7,675
5
56
191
1,046
1,322
1,264
1,140
77
9,758
5,965
5,828
1,610
2,338,22!
881,404
167,001
79,334
56,170
25,570
22,066
33,810
157
1,748
1,059
1,943
184
4,466
2,811
24
1,606
25
1,507
686
621
106
968
229
1,039
54
2,415
1,540
6
860
7
968
523
445
62,308
318,509
168,482
1,736,12!
612,78!
37,078
432,542
49,888
24,455
2,031
572,006
5,424,906
329,742
5,058,166
15,121
943
41,265
351,19!
427
56
6,897,649 1,324,234
5,589,586 1,085,948
1,508,061
258,286
23,351
58,409
9,001
17,275
701
136,452
121,969
295
14,177
15
461,774
376,934
84,840
17,576
42,640
2,512
12,833
829
257,124
229,731
12
7,372
9
705,748
557,590
148,158
2,085
1,165
1,624
951
224
«1
207,955 129,520
69,371 42,346
9,983
5,441
59,388 36,905
8,982
5,577
2,514
1,599
5,827
5,152
2,745
1,561
5,749
4,066
3,547
5,155
3,234
18,541
5,486
120,617
9,295
7,570
2,625
590
686
5,669
16,166
10,405
23,241
18,506
2,319
2,416
5,240
15,223
11,969
7,117
4,852
21,510
2,656
2,765
11,872
4,219
17,965
174,057
2,358
3,101
2,416
11,570
1,905
75,652
5,257
5,095
2,095
236
412
2,350
9,745
6,497
16,756
14,056
1,259
1,441
3,536
6,612
8,960
5,396
3,564
15,178
1,608
1,521
7,153
2,896
11,342
116,587
38,933
14,992
14,631
3,711
3,582
850
6,488
29,489
14,255
9,128
2,845
2,358
652
3,315
161,966
31,705
10,119
27,557
127,95!
8,760
4,346
54,011
1,359
116,457,14! 4,387,406 1,492,595
55,759,85! 1,694,825
575,979
140,744
2,988 ,92C
44,112
52,770,43! 1,554,088. 531,867
192,844
63,586
10,993,396
45,505
125,159
4,450,296
2,956,216
97,909
32,670
2,396,096
85,763
29,663
5,763,541
214,488
75,528
.
1,458
12,187
11,424
5,559
2,092
«
583
222
161
-
226
82
144
12,756
21,620
20,752
111,398
12,593
551,041
56,435
278,567
201,626
3,002
68,353
5,386
38,960
11,822
69,662
57,342
3,279
9,041
12,427
11,452
28,588
24,274
4,514
23,348
582
3,271
12,644
6,851
43,409
1,750,758
938
1,979
765
6,837
1,392
43,160
3,808
2,369
504
330
267
1,268
6,213
3,766
6,103
4,195
1,001
907
1,624
8,335
2,913
1,648
1,265
8,029
1,027
1,216
4,550
1,236
5,964
49,690
268,151
351,641
462,989
2,261,515
497,078
6,553,323
666,244
632,940
401,334
46,816
50,184
134,606
904,260
515,099
1,552,830
1,570,004
113,028
69,798
301,118
699,799
368,557
250,786
117,771
912,476
98,767
143,205
485,179
185,325
1,155,792
865,559
9,026
17,573
8,448
85,564
12,930
247,296
16,555
21,356
11,004
2,681
1,567
6,304
41,469
24,015
50,791
42,789
6,127
1,875
6,412
51,917
15,811
10,605
5,208
38,970
2,768
9,307
19,446
7,449
42,310
241,932
362,
529
717
490
227
1,106
82
240
591
195
3,930
30,266
494,975 .1 ,323,192
310,677
464,411
90,392
98,199
52,507
48,369
55,957
30,187
4,531
2,530
5,204
9,406
8,368
611
4,910
709
1,133
160
2,899
136,617
42,255
38,944
19,005
8,419
2,790
8,730
91,087
13,297
25,107
3,127
6,892
544
14,544
15,890
5,459
4,126
707
743
64
2,612
81,035
2,305,391
26,578
2,847,221
143,718
50,245
5,164,104
100,408
33,899
455,245
154,875
13,423,919
59,512
2,490,256
19,518
54,105,286 2,449,197
838,775
11,820,096
312,969
113,290
14,111,411
880,480
525,096
11,028,508
676,651
250,607
337,194
9,665
3,462
2,067,073
168,941
63,624
678,634
25,223
7,403
4,571,404
172,951
54,253
2,017,865
97,065
29,462
12,704,437
586,696
198,549
11,662,809
532,806
180,862
456,323
17,343
5,412
585,303
36,547
12,275
1,208,115
13,835
45,739
1,359,135
57,148
17,102
2,766,608
44,635
148,628
2,062,06!i
35,375
114,359
704,545
54,269
9,260
5,746,213
147,521
42,551
231,58!
5,556
1,220
577,489
5,551
18,811
2,099,801
82,249
24,094
1,057,342
40,905
11,686
6,592,507
243,384
77,845
16,182,500 5,525,919 1,010,379
6,303,245 2,282,930
3,766,917 1,031,341
295,141
964,850
505,£¿2
155,023
549 J | S , 104,371
57^60
14,010
52,403
19,737
5 ,5 5 3
-
m
47
-f
7]
Table 1 . - Corporatio n income ta x re tu rn s, 1 / 1949, by m ajor in d u s tria l groups and m inor in d u s tria l groups, fo r retu rn s w ith
net income and re tu rn s w ith no net income” Number o f re tu rn s, to ta l com piled re c e ip ts , net income o r d e fic it , and dividends
paid in cash and a sse ts other than own sto ck ; a ls o , fo r re tu rn s w ith net incom e, the income ta x - Continued
Major in d u s tria l groups and m inor
in d u s tria l groups 4/ - Continued
Finance, insurance, re a l e sta te , and le s s o rs of
re al property - Continued
Finance - Continued
241
242
24S
244
245
246
247
248
249
250
251
252
255
254
255
256
257
258
259
260
261
262
265
264
265
266
267
268
269
270
271
272
275
274
275
276
277
278
279
Holding and other investment companies
Operating-holding companies
Other investment and holding companies
Security and commodity-exchange brokers and dealers
Insurance carriers and agents
Insurance carriers
lif e insurance companies
Mutual insurance, except lif e o r m arine or
f ir e insurance companies iss u in g perpetual
p o lic ie s
Other insurance c a rrie rs
Insurance agents and brokers
Real e state, except le sso rs o f re a l property
other than b u ild in gs
Real estate operators, in clu d in g le s s o rs o f
build in gs
Developers o f re a l pro p e rty, in clu d in g tra d e rs
on own account
Real estate agents, b ro kers, and managers
T itle ab stra ct companies
Other re a l e sta te , except le sso rs o f re a l
property other than b u ild in g s
Lessors of re a l p roperty, except b u ild in g s
A g ric u ltu ra l, fo re s t, and s im ila r p ro p e rtie s
M ining, o il, and s im ila r p ro p e rtie s
Railroad property
P u b lic -u tility property
Other re a l property, except b u ild in g s
Services
Hotels and other lo d gin g places
Personal se rvice s
Laundries, cle an e rs, and dyers
Photographic stu d io s, in clu d in g coranercial
photography
Other personal se rv ice s
Business se rvice s
A dvertising
Other business se rv ice s
Automotive re p a ir se rv ice s and garages
M iscellaneous re p a ir se rv ic e s , hand trades
Motion pictu re s
Motion p ictu re production
Motion picture theaters
Amusement, except motion p ictu re s
Other se rv ice s, in clu d in g schools
Mature of business not a llo c a b le
For footnotes, see pp# 25-26,
(Money fig u re s in thousands o f d o lla rs )______
= 1
w ith net Income 2/
T o ta l
number Number T o ta l
Net
Income
o f re of
com piled
ta x 3/
turns! 5/ re tu rn s re ce ip ts 6/ income 2/
7,764
1,085
6,679
1,546
10,166
2,556
80<
656
5,283
810
4,473
843
7,499
2,158
755
612
1,096
7,610
118,70^
Returns w ith no net income
dividends
p aid in
Number T o ta l
cash and
com piled
of
D e fic it 2/
a sse ts
other than retu rn s re ce ip ts 6/
own sto ck
£Ivid e n d s
p aid In
cash and
a sse ts
other than
own 8took
1,423,149
929,224 78,732
705,179
345,658 33,434
717,970
583,566 45,298
148,349
29,224
7,365
6,709,986 2.353.770 261,418
6,330,697 2,293,155 244,030
1,866,386 1,654,027 43,202
48,497
58,358 13,250
761,731
272,787
488,944
6,658
197,330
178,778
62,777
42
2,228
263
1,965
619
2,415
357
42
44
19,736
4,032
15,704
35,702
175,299
119,457
126
279
47,104
4,295
42,809
5,579
17,761
12,272
31
127
8,142
2,246
5,896
183
1,002
865
8
-
241
242
243
244
245
246
247
248
791
5,341
76,010
4,415,814
379,289
2,896,984
600,770 187,578
60,615 17,388
741,256 201,923
115,959
18,552
138,132
251
2,078
36,603
119,052
55,842
523,118
12,114
5,489
123,143
857
137
12,517
249
250
251
91,550
63,660
2,399,621
585,723 157,758
120,519
26,161
439,584
82,431
11,031
252
13,359
7,285
275,695
106,732
3 1 ,/44
6,772
4,993
40,558
27,795
711
253
5,742
1,325
8,73C
1,969
762
2,334
97,158
40,997
83,513
13,850
8,701
24,250
3,654
2,503
6,284
1,995
3,316
5,530
1,585
478
3,386
24,923
5,288
12,965
3,332
455
9 ; 130
78
53
644
254
255
256
6,252
1,024
2,78C
342
155
1,951
57,533
6,287
11,95C
6,457
1,074
3,589
539
1,828
177
89
956
29,468
3,584
6,689
3,735
509
92,104
2,304
2,942
453
54,651
855
28,767
113
3,461
63
2,283
820
176,740 24,510
22,875
2,547
14,588
4,922
10,204
2,508
220
537
30,525
2,819
6,024
19,513
456
1,715
1,729,144
264,255
316,611
224,566
28,763
9,941
1,795
4,476
1,642
496
1,532
124,911
18,944
16,048
9,664
2,138
«57
185
514
7
151
3,823
170
272
139
32
257
258
259
260
261
262
263
264
265
266
267
4,419
11,446
2,923
8,526
4,389
2,411
5,811
1,209
4,602
7,556
7,682
16.03C
2,445
6,067
1,742
4,325
2,488
1,190
3,556
432
3,126
2,822
3,07C
902
63,282
332,179
137,611
194,568
86,292
65,845
318,393
215,558
98,035
178,909
171,660
25,375
4,246
23,039
6,832
16,207
5,445
4,849
22,770
16,877
5,893
19,188
14,628
7.586
101
849
202
647
148
65
764
429
535
1,171
384
1.150
268
269
270
271
272
273
274
275
276
277
278
279
272,285
147,963 52,065
15,185
7,122
2,086
141,301
73,146 25,306
77,751
47,534 17,77C
27,854
14,373
5,408
10,194
5,788
1,491
7,556,431 ' 682,310 223,746
1,267,249
115,486 37,904
1,191,893
78,044 22,765
918,196
56,776 17,29C
2,536
55,880
60S
217,817
1,827,037
1,115,761
711,276
295,286
203,081
1,731,826
1,066,119
665,707
505,034
535,025
83.570
18,752
153,279
73,702
79,577
27,911
14,145
182,756
89,006
93,730
62,262
48,447
9.420
4,866
51,076
25,89!
25,184
7,911
4,543
60,683
31,631
29,058
23,955
14,905
2.711
3,964
37,082
17,615
19,467
3,318
1,274
75,263
50,741
24,522
15,055
7,485
1.758
1,877
4,737
1,058
5,679
1,778
1,174
1,967
632
1,555
4,008
3,379
8.579
-
Table 2. - Corporation income tax returns, 1/ 1949, by major industrial groups: Number of returns, compiled receipts, compiled
deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction, income tax, compiled net
profit less income tax, and dividends paid by type of dividend
All
industrial
groups
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
51
32
33
34
25
Number of returns 7/
614,842
Receipts:
Gross sales 8/
520,597,851
Gross receipts from operations 9/
56,859,144
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable 10/
1,492,872
Subject to surtax only 11/
211,331
Wholly tax-exempt 12/
191,772
Other interest
4,021,258
Rents 13/
5,146,744
Royalties 14/
472,643
24,515
Excess of net short-term capital gpin
over net long-term capital loss 15/j
Excess of net long-term capital gain
698,472
over net short-term capital loss 15/
Net gain, sales other than capital
389,596
assets 16/
Dividends, domestic corporations 17/
2,162,166
452,267
Dividends, foreign corporations 1%7
Other receipts
2,729,261
Total compiled receipts 6/
393,449,692
Deductions:
Cost of goods sold 19/
247,310,792
Cost of operations 19/
32,235,578
Compensation of officers
26/6,743,038
Rent paid on business property
3,640,680
Repairs 20/
3,533,461
Bad debts
824,575
5,045,058
Interest paid
Taxes paid 21/
8,561,347
Contributions or gifts 22/
222,566
Depreciation
7,190,511
Depletion
1,476,223
Amortization 23/
50,557
Advertising
5,772,701
Amounts contributed under pension
1,216,086
plans, etc. 24/
227,211
Net loss, sales other than capital
assets 16/
45,232,699
Other deductions
27/365,065,083
Total compiled deductions
28,386,609
Compiled net profit or net loss
(16 less 53)
28,194,857
Net income or deficit 2/ (54 less 6)
196,304
Net operating loss deduction 25/
Income tax 3/
9,817,508
Compiled net profit less income tax
18,569,301
(34 less 37)
Dividends paid:
C ash and a s s e t s o th e r th a n own s to c k
9,674,392
C o r p o r a tio n * s own s t o c k _______________
6 8 4 .2 4 5
For
footnotes. see pp.
£5-2.6.
(Money figures in thousands of d ollars) ________
Major industrial groups 4/
Mining and quarryinf _________________
NonmeCrude
Bitumi
Total
Anthra nous coal petroleum tallic
mining
Metal
and natu mining Construc
cite
and
and
and
ral
tion
mining mining
lignite
quarry
gas pro quarry
mining
ing
ing
duction
Agriciuiure, xorestrjt i and fishery
Total
Farms
agricul
and
ture,
agricul Forestry Fishery
forestry,
tural
and
services
fisherv
1
267
14,106
6,189
871
201
148
4,381
15,996
6,146
165
748
199
128
4,249
15,689
5,906
140
98
2
20
107
235
259
25
25
«
25
72
1
-
9,004
278
219
11,847
30,802
48,288
810
5,876
34
89
2,404
2,937
1,506
95
408
55
1
546
5,008
6,686
23
2,195
122
74
2,284
11,430
11,951
29
1,952
35
24
5,755
8,637
26,285
644
573
52
31
860
2,790
1,862
19
1,701
67
209
5,293
23,376
1,524
376
10
20,762
15,739
4,899
124
25,853
1,706
875
6,482
14,431
2,359
16,490
11
2,510
2,189
227
94
5,219
208
392
946
3,497
176
5,551
3,231
17,931
1,902,210
5,121
5,231
17,069
1,838,632
184
1,056,572
166,804
45,586
30,451
22,382
4,274
14,522
32,802
779
59,705
2,243
2
10,606
3,218
1,032,423
154,126
43,308
30,101
20,703
4,187
13,047
30,845
751
57,201
1,574
2
10,521
3,144
830
206
16,472 5,528,916 897,205 343,937
19,526 1,035,992 30,173 64,807
2,070
4,106
25,746
7,336
1,436,117
352,107
403
9,151
1,939
8,006
1,466,695
357,822
1,653,778 1,963,144 670,852 2,416,491 180,857,446
220,915
639,473 80,624 7,323,108
3,621,469
2
S
4
5
6
7
8
9
5,706
12
486
26,817
81,842 19,956
8,425
46
1,346
427
1
5,507
376
45,057
1,278
36,761 6,825,473 966,123 432,422
2,273
8,053
7,018
44,170
324
527
67
1,639
115,577
6,102
9,750
22,420
1,927,298 2,730,990 768,640 9,917,590
15
14
15
16
11,885
2,178
901
64
132
55
938
1,507
8
737
862
«
37
63
12,266 3,564,317 585,761 295,871
10,500
664,898 19,932 46,266
1,577
90,303
4,903
3,444
266
2,498
2,651
36,620
1,547
96,691 10,792 11,467
32
6,829
1,058
113
337
56,215
2,107
5,774
650
203,850 41,460 10,085
2,931
162
20
206
1,767
502,443 51,327 11,101
7
475,409 75,719
7,956
3,133
50
7,545
172
48
998
675
11
21,330
2,436
1,283,561
157,008
25,410
7,025
32,473
1,269
7,657
38,014
775
71,424
47,477
89
1,441
6,154
999,014 402,110 1,870,156
597,725 45,967 6,027,580
34,535 22,011
356,624
4,562
19,884
38,693
15,763 26,196
47,939
18,347
1,847
2,542
57,951
24,365
4,726
97,758 16,555
96,298
5,174
1,130
658
151,670 36,921
156,468
521,808 22,469
1,407
2
2,992
74
25,487
2,906
2,028
8,831
968
11,099
17
18
19
1,434
51
m
55
14,655
595
41
4,930
7,855
2,036
1,915
66
272,958
1,724,720
177,490
262,338
1,665,986
172,646
5,127
22,358
4,459
177,342
4,555
66,637
110,855
172,518
4,295
64,619
108,027
4,459
26
1,457
3,002
385
232
561
28/176
695,777 141,573
657
6,040
267,682 46,334
428,314 93,328
17,229
288
5,283
11,947
97,525
926
43,038
54,359
537,442 102,210
3,344
825
151,825 59,202
205,641 63,039
59,967
2,746
57,273
2.685
2,899
-
295
60
420,632 111,886
13.456
-
15,876
7
57,628
5.675
200,447
6.467
582,308 45,978 22,277
7,495
56,376 6,129,477 824,461 415,192
385
695,996 141,662 17,250
20
21
22
23
24
25
26
27
28
29
50
3,370
499,473
719,257 16,978,191
145,194
288,912 79,947
1,829,901 2,593,524 666,599 9,399,868 173,096,401 5,021,216
433.244
97,397
517,722 14,250,422
537,466 102,241
54,795
1.307
517,515
10,151
200,106
517.616
71,022
I S . 212
14,246,866
66,151
5,497,255
8,755,167
32
S3
34
35
56
57
38
39
40
F o r f o o t n o t e s , se e p p . 2 5 -2 6 .
g j^ H H
Table 2 . - C orporatio n In c one ta x r e tu r n s , 1 / 1949, by m ajor in d u s t r ia l groupsi Number o f re tu rn s , com plied r e c e ip t s , comp i le d
d e d u ctio n s, com piled n e t p r o f it o r net l o s s , net income o r d e f i c i t , net o p e ratin g lo s s ded u ctio n , income t a x , com piled net
p r o f it l e s s income t a x , and d ivid e n d s p a id by ty p e o f d ivid e n d - Continued
(Honey figures in thousands of dollars)
Major industrialgroups 4/ - Continued'
Manufacturing - Continued
Tobacco
turas
Textilemill
products
Lumber
Apparel
and
Furniture
and
wood
products products,
fixtures
made from except
fabrics
furniture
5,799
197
14,598
6,055
1 Number of returns 7/
Receiptsi
5,107,511 10,499,155 7,510,411 5,795,652
2
(boss sales 8/
6,252
191,466
258,585
97,778
Gross receipts from operations 9/
5
Interest on Government obligations
(less amortizable bond premium)i
2,264
7,197
1,2«
129
4
Wholly taxable 10/
76
55
166
84
5
Subject to surtax only 11/
117
Wholly
tax-exempt
12/
46
554
54
6
2,005
5,012
7
795
7,660
Other Interest
9,925
17,208
5,599
5,286
8
Rents 15/
6,545
6
2,142
4,068
9
Royalties 14/
257
260
Excess of net short-term capital gain
1
298
10
over net long-term capital loss 15/
19,165
471
2,594
82,559
11
Excess of net long-term capital gain
over net short-term capital loss 15/
1,452
853
1,112
46
Net gain, sales other than capital
12
assets 16/
25,204
3,079
6,746
15
5*,179
Dividends^ domestic corporations 17/
544
221
574
2,546
Dividends, foreign corporations 38/
14
112,871
24,901
28,658
15
50,925
Other receipts
Total compiled receipts 6/
5,256,218 10,824,714 7,796,519 4,052,525
16
Deductionsi
2,222,553 8,505,976 6,125,709 2,957,171
17
Cost of goods sold 19/
69,127
1,045
124,266
178,640
Cost of operations 18/
18
9,961
247,789
160,906
82,848
Compensation
of
officers
19
55,564
69,856
12,842
Rent paid on business property
2,020
20
55,792
5,056
14,099
123,9871
Repairs 20/
21
537
22
6,156
7,459
7,956
Bad debts
24,572
54,046
16,579
16,264
25
Interest paid
147,087
62,752
511,764
71,556
24
Taxes paid 21/
1,107
12,215
6,155
2,U S
Contributions or gifts 22/
25
86,071
11,452
170,251
38,742
Depreciation
26
me
2
89,104
46
27
Depletion
•s
62
79
59
28
Amortisation 25/
65,672
65,507
U,950
Advertising
29
88,910
6,454
26,672
Amounts contributed under pension
6,155
4,514
50
plans, etc. 24/
69
12,265
2,707
51
5,782
Net loss, sales other than capital
assets 16/
Other
deductions
91,561
52
751,762 796,521
540,654
55
Total compiled deductions
2,976,259 10,154,695 7,644,911 5,764,759
54 Compiled net profit or net lose
258,979
669,819
151,408
267,566
(16 less 55)
55 Net income or deficit Z f (54 less 6)
258,955
669,465
151,574 267,449
56 Net operating loes deduction 26/
199
2,501
5,499
2,760
57 income tax 5/
273,575
81,822
105,7 U
97,599
58 Compiled net profit less income tsx
161,580
596,244
161,855
69,586
(54 loss 57)
Dividends paid)
59
228,209
80,951
Cash and assets other than ora stock
95,119
45,899
19.064
19.626
68
12.249
40
Corporation's own stock
4,508
Fabricated
metal
products,
Stone,
except
Printing,
Paper
Primary
Petroleum
Leather
Chemicals
day,
ordnance,
and
publishing, and allied and coal Rubber
metal
and
machinery,
and allied products
aUied
products products
industries
products
glass
and
products industries
products
transporta
tion
equipment
2,586
2,255,694 5,359,557
17,671
12,650
12,786
7,515
666
648
2,917
4,224
2,997
5,824,559 12,972,586 16,965,485 5,016,065 2,890,423 5,899,808 15,896,570
576,017
596,467
5,842
10,695
26,785
490,484
77,210
9,604
Machinery,
transporequipment
and elec
trical
9,859
8,587,234 15,186,752
66,981
264,572
1
2
S
714
27
27
1,441
1,867
257
81
5,054
149
94
2,406
5,U6
2,806
44
15,658
180
91
27,041
16,500
7,050
179
4,507
255
159
5,792
U,758
4,658
67
8,452
446
581
12,119
12,852
20,800
105
1,450
79Q
4,814
8,959
5,870
11,984
11
40
229
592
578
845
1,555
12
856
21
40
951
2,226
420
7
4,564
168
149
7,151
6,647
5,094
74
4,227
412
266
4,519
15,875
10,U 4
49
9,546
197
450
14,868
16,417
20,235
172
8,655
246
237
14,465
91,577
27,709
901
1,449
15
8
1,471
1,918
5,474
*
2,490
17,115
9,615
15,681
28,158
S44
298
779
714
1,U1
4
5
6
7
8
9
10
1,704
12,227
1,195
19,015
11,467
24,887
2,295,086 5,467,556
41,655
8,895
272,124
10,514
1,978
21,885
119,988
7,978
74,257
89
14,898
14,294
2,780
57,505
42,569
21,555
10,758
15,740
48,459
51,606
107,785
6,455,999 15,555,171 18,187,155 5,067,276 2,922,518 5,990,592 14,658,585
11,056
20,141
16,555
25,295
47,995
70,609
8,561,284 15,656,001
15
14
15
16
1,691,707 5,884,167
4,604
6,818
85,185
75,456
16,055
21,741
129,825
14,594
4,504
3,670
21,506
6,405
86,214
50,014
5,814
2,062
125,712
26,571
4,071
ns
7
14
25,o n
26,158
3,167
26,819
4,051,880 8,575,895 12,582,178 2,269,579 2,394,014 2,608,167 10,805,161
15,261
556,929
686
7,sn
294,686
267,076
29,491
108,545
19,984
78,547
62,290
156,019
52,180
224,590
15,187
45,971
12,967
18,887
129,674
46,476
63,720
556,415
18,655
99,418
506,541
52,868
51,216
215,659
7,455
5,556
5,060
24,015
12,197
56,629
2,702
82,744
7,056
13,505
15,816
21,356
44,775
82,559
247,027
61,805
94,272
52,249
181,201
417,522
84,592
7,557
2,124
2,891
1,172
4,451
8,087
6,079
557,925
57,959
21,064 104,222
522,958
88,955
525,620
47
166
2,618
52,270
19,247
726,149
14
906
1,657
268
20
54
67
628
57,215
56,272
27,955
29,505
408,435
78,796
59,505
50,568
5,604
7,715
15,571
81,007
29,848
124,688
6,158,865 9,192,510
42,869
55,482
221,U S
246,626
51,556
57,660
122,176
226,952
10,604
15,876
22,888
55,115
U8,542
218,552
12,905
6,948
158,507
256,620
1,155
96
661
59
81,506
145,028
28,425
61,548
17
18
806
5,902
265,425
485,962
2,165,646 4,9U,969
555,587
127,440
6,408
51
659,767
251,549
456,118
541,146
998,855 1,578,167 1,704,510
5,917,089 U , 680,197 17,048,625 2,914,542 2.854.578 5,467,960 15,546,187
1,295,198
502,652
152,754
87,740
516,910 1,654,974 1,158,550
890,606 1,775,449
7,884,645 12,298,109
676,659 1,357,892
52
55
54
87,715
1,255
40,658
47,082
502,558 1,295,107
1,269
5,617
190,574
497,810
797,588
512,058
676,480 1,557,5U
7,415
5,495
279,287
551,508
806,584
597,552
55
56
57
58
58,957
145,986
4.140
205,257
24.042
570,457
45.155
59
40
5,721
5,555
1,845
4,546
127,400
1,751
54,565
75,075
555,458
862
214,666
540,921
516,644 1,654,524 1,158,295
s,o n
5,514
4,175
544,484
194,540
606,108
794,046
522,570 1,048,886
152,726
505
58,596
94,558
52,484
6.595
156,703
9.815
147,002
16.477
847,256
44.528
57,604
752
697,179
26.505
847
_____ §J°S1
4,255
8,956
558,152
25.588
4,201
For footnotes, see pp. 25-26.
ro
Table 2. - Corporation income tax returns, 1/ 1949, by major industrial grataet Rusher of returns, compiled receipts, caapilnd
deductlone, compiled net profit or net lees, net irtccm* er deficit, set operating less deduction, Insane tax, c,willed net
profit less inoons tax, and dividends paid by type of dividend • Oontiaaed
i
2
3
4
5
6
7
8
9
LO
Ll
2
.3
4
S
6
17
l8
L9
.0
0.
¡2
5
.4
.5
.6
.7
.8
.9
SO
1
2
S3
4
3
6
S7
8
59
to
Number of returns 7/
5,067
1,080
Receipts:
Gross sales 8/
8,054,154 8,149,481
Gross receipts froa operations 9/
40,827
654,772
Interest on Oovemnent obligations
(less anortiaable bond premium):
Wholly taxable 10/
4,468
2,545
Subject to surtax only 11/
77
68
'Wholly tax-exempt 12/
277
197
Other interest
10,208
5,849
Rents 13/
6,728
5,265
Royalties 14/
10,579
4,428
Rxcess of net short-ten capital gall
266
70
over net long-ten capital loss 15/
Excess of net long-term capital gain
9,208
5,520
over net short-ten capital loss 15/
Ret gain, sales other than capital
415
319
assets 16/
Dividend^ domestic corporations 17/
27,482
6,925
Dividends, foreign corporations 18/
14,895
5,058
Other receipts
25,515
22,551
Total compiled receipts 6/
8,204,897 3,854,594
Deductions:
Cost of goods sold 19/
5,926,514 2,608,229
Cost of operations 19/
20,476
536,025
Compensation of officers
82,755
31,632
Rent paid on business property
33,659
15,249
Repairs 20/
102,296
76,198
Bad debts
3,952
6,580
Interest paid
29,749
9,945
Taxes paid 21/
157,958
62,067
Contributions or gifts 22/
3,792
1,485
Depreciation
154,292
52,208
Depletion
164
48
Amortization 25/
116
102
Advertising
124,134
12,292
Amounts contributed under pension
84,188
17,024
plans, etc. 24/
Net loes, a&les other than capital
3,801
2,892
assete 16/
Other deductions
797,580
250,520
Total compiled deductions
7,508,052 5,659,668
Compiled net profit or net loss
696,845
194,926
(16 less 55)
Net income or deficit 2/ (54 less 6)
696,568
194,729
Net operating lose deduction 25/
4,768
4,251
Income tax 3/
270,251
85,875
426,594
Compiled net profit lees income tax
111,055
(34 less 37)
Dividends paid:
Cash and assets other than own stock
224,615
94,174
Corporation's own stock
9.572
4.978
F o r fo o tn o te s, see pp, 25-26,
rm
V
Trade."•
Wholesale
Intel
trade
1,544
54
14,765,106
15,067
180,599
17
17,684
578
124
8,574
4,695
5,995
25
226
25
20
118
164
, 27
4
755
25
26
2,477
1,451
2,185
5
1,402
82
49
2,641
7,680
1,944
122
25,707
1,475
5,862
96,058
556,516
9,865
1,044
15,854
1,409
559
61,918
315,916
7,219
575
1,007
29
48
1,720
15,655
110
210
6,702
29
5,254
55,721
25,666
2,517
251
144
6
21
699
1,081
217
8
19,153
709
1,660
97,126
216,505
15,551
5,467
6,362
60
1,355
6,597
62,864
54,895
2,448
24,404
1,117
464
18
150
679
8,022
5,295
205
1,910
616
" 1,791
10,513
i
p
i
1
of
Ton*
• Continued
Mtaufaeturim «• Continued
Ac «tllit es
Transpor- Kotor
Scientific?
Electrical tation
Ordnance instruments)
vehicles
EUqtyic Other
Total
Other
machinery equipment, and
and
photographic neapf)»» public
Trenspor- Communi and gas
public
except
and
equipment, accesso equipment)
tttlec
cation
taring
utilities utilities
utilitiev
ries
equipment motor
except
vetches,
electrical
vehicle«
clocks
25,906
18,580
4,181
1,244
1,820,385 4,408,599
460,079
87,696
548,240
9,580
8,202
51,951 27,541,561 16,818,080 5,708,082 6,656,672
52,296
195
55,156
80
41,148
765
14,947,052 182,114
5,855
4,264
195,406
97,446
4,745
91,141
4,274
12,015
5,852
6,024
6,080
139
8,212
41,064
10,592
22,963
147,488
96,600
1,857,513 4,513,267 28,725,748 17,807,856 5,751,984 6,970,851
11,147,258 150,440
•
5,559
49,315
2,000
272
18,255
195,815
6,156
3,705
299
467
24,737
450,045
4,112
12,638
155
190,242
3,545
1,089
43
60
90,655
2,455
20,575
2,979
1,181,363 3,155,645
527,655
69,527
250,509
4,600
2,909
31,549 17,781,608 12,136,505 2,175,727 5,591,725
40,678
159,472
189,594
21,157
249,486
34,418
11,855
55,199
750,117
641,545
62,976
45,169
25,657
57,679
65,415
53,625
2,285
6,052
1,994
9,908
29,205
9,725
12,424
6,877
6,622
16,219
903,613
546,615
452,391
88,609
53,007
909,567
68,108 1,782,006
255,748
600,591
2,264
5,487
2,697
3,468
12,926
6,611
33,853
65,751 1,817,156
642,683
351,106
605,560
35,214
2
1
2,118
14,986
20,160
22
295
16,457
17,483
92
920
75,145
92,665
16,542
50,130
57,646
18,518
18,246
223,175
10,639
73,805
54,092
114,719
5,721
55
714,905
12,908,350
2,038,722
14,662
167,656
14,478
2,038,598
414
790,077
1,248,645
14,458
495
5,420
9,058
169,125
1,313
68,503
100,848
529,700
4.660
6,289
-
64,798
32.324
904
2,850
17,509
10,634
807
5,484
258,979
624,242 1,745,118 1,014,136
423,548
286,070
1,688,562 4,278,285 25,846,125 16,637,178 3,597,264 5,647,433
169,151
234,982 2,877,625 1,170,658
554,720 1,323,418
234,955 2,873,761 1,170,119
5,256
25,895
23,589
107,555 1,056,198
447,855
127,629 1,821,425
722,805
69,514 1,529,757
16.808
19.081
575,275
11.875
1,905
204,025
67,927
4,763 128,015,996 61,626,525
2,618,710 l,638,82i
180,717
f
9,705
58*224
Total
retail.
118,792
2,807,61* 58,819,015 58,910,985
950,012 ' 812,231
709,813
48«
39,348
48,802
11,77«
1,67*
1,38«
51
49
5,808
4,247
' 4,425
418
6,554
245
440
55,540
44,555
7,554
1,254
10,297
556
1,029
51,806
152,842
2,348
1,652
68,656
26,785
5,086
28,697
35,750
14,927
6,250
555
5,685
7,923
Z9 4
7,552
12
10,452
51,564
37,436
12,005
488
42,675
622,585
55,975
585,760
3,604,225 60,280,156 60,658,609
13
14
15
16
3,197 105,284,614 55,859,508 2,561,420 51,278,065 43,478,468
490,118
869,955
615,745
79,855
254,190
1,453,652
4,557
121,555
647,684 1,181,939
969,087
2,523,883
2,627
242,952
24,055
218,89S 1,085,189
1,597,269
80,515
216,529
1,473
524,808
5,027
85,540
75,425
155,852
179
237,655 ’ 82,616
7,193
246,415
108,098
7,428
100,670
119,648
16,000
610,074
18,571
558,857
18,100
1,041,116
357,408
131
1,592
18,058
50,679
19,450
53,197
484,805
17,607
791,275
12,544
228,804
241,348
16,537
15,854
517
1,422
66
17,630
525
1,255
14
1,700
340
17
913,512
157
283,630
1,286,803
304,530
20,700
44,904
88,724
559
143,762
49,954
5,050
17
2,076
es
1,612
195,077
184
64,855
41,796
55,519
45,16!
1,062,458
389,755
152,291,269 63,884,561
25,529
8,114
797
7,517
15,108
19,564 15,840,165 5,254,010
164,250 128,449,251 62,446,489
28,827
3,842,018 1,457,872
429,921 4,804,089 9,604,377
5,488,176 58,958,516 58,455,679
116,052 1,521,820 2,202,950
5,640,558 1,457,385
17,054
52,891
1, «2,595
575,979
2,349,425
861,895
116,005 1,521,380 2,201,901
2,462
15,596
14,592
551,867
44,112
838,775
71,940
789,955 1,564,157
554,672 1,520,164
469
1,550
156,452
461,774
861,644
218,268
28,806
487
10,119
18,708
257,507
1.294
12,983
102
705,974
5.812
Csasdsaiox
Total
wholesale merchants
feieii .
Other
whole
salers
976,257
161.310
383,366
76.505
56,556
7.576
547,010
68.927
545,552
73.090
Table 2 . - C orporatio n income ta x re tu rn s , 1 / 1949, by m ajor in d u s t r ia l groups: Number o f re tu rn s , compiled r e c e ip t s , c (» p ile d
deductio ns, compiled net p r o f it o r net l o s s , net income o r d e f i c i t , net op e ratin g lo s s d e ductio n, income t a x , com piled net
p r o f it le s s income t a x , and d ivid e n d s p a id b y type o f d ivid e n d - Continued
Major industrial groups 4/ - Continued
Trade - Continued
Retail - Continued
Food
9,065
12,561,265
77,595
7,462
Furniture
and house
furnish
ings
15,956
10,265
14,406,090 5,087,085 2,559,725
50,951
62,488
40,058
Automotive
Drug
dealers
and filling stores
stations
22,859
5,160
Eating
Building
materials
and
drinking and
hardware
places
14,947
11,875
Other
retail
trade
21,207
17,306
15,780,527 1,472,855 1,929,56C 5,055,572 4,458,682 7,478,557
27,275
100,851
558,055
14,054
101,150
160,654
57,857
14,846
14,058
7,511
1,462
25,507
55,120
7,486,684 1,532,861
•
591,280
589,027
25,507
275,857
w
76,717
1,329,534
841,506
805,390
204,956
190,845
186,777
181,354 135,091
128,628
5,646,990 2.508.829 1,855,448
150,677
114,017
2,019,589
182,959
55,065
1,951
11,785
14,417
8,429
5,817
164
275
541,561
3,872
114
795
19,659
1,246
2,251
107,521
50,258
50,889
1,972
10,660
2,656
1,957
4,499
2,550
111
589
166,277
4
451
25
21
2,215
10,587
484
59
5,204
191
785
17,125
65,451
278
26
1,261
24
18
2,279
25,528
115
29
578
18
116
5,258
5,082
47
51
1,074
56
51
15,549
14,592
228
1,155
125
15
11
559
5,221
92
9
11
45:
9,190
99
49
505
13
11
5,586
5,488
647
52
4,548
4,815
1,468
1,004
12,589
1,711
2,166
5,830
4,021
6,105
213,565
129,859
59,551
10,448
56,887
2,955
957
505
251
607
2,188
179
914
722
1,009
1,565
554,147
77,051
5,597
5,780
4,057
65,817
12
17,554
806,810
848,715
17,609
1,086,580
35,503
501
2,429
40,869
36,516
28,158
28,908
251,515
56,574
100,779
17,048,059 6,439,862 5,809,152 1,005,774 1,442,885
7,760
485
7,559
184,051
15
14
15
16
am
17
18
19
20
ZL
22
25
24
25
26
27
517
LA
784
25
25
7,205
11,925
558
242
956
60
142
5,972
16,859
1,424
163
1,695
14,110
6,754
1,268
5,593
4,468
2,960
2,242
2,979
99C
2,000
'9,659
2
95
6
551
58
4G
9
150
24,844
169,185
35,617
88,564
119,081
14,214
70,140
89,Oil
11,628
70,459
12,486,540 14,744,551 5,275,664 2,552,964 14,257,267 1.509.255 2,058,954 3,155,165 4,658,691 7,748,299
10,006,490
55,171
79,227
111,552
42,554
4,891
12,077
82,600
4,175
82,102
24
45
66,495
17,711
2,525
1,622,672
12,189,905
296,455
42,819
52,526
19,285
3,453
17,554
150,895
22,941
9,514
1,445
6,687
128,851
29,000
1,952
45,518
6,509
90
4,565
8,460
11,559
5,054
2,784
1,545
7,050,514 1,889,882 1,505,554
592,655
1,511,122
295,992
595,120
797,509 1,001,778
15,721,551 1,469,895 2,055,692 5,002,557 4,550,115 7,547,085 27/11,582,718 4,114,928 2,662,480
5,465,541 2,524,954 1,146,672
59,558
25,242
152,828
108,576
555,956
201,216
555,657
755,465
268,509
144,171
558,514
884,571
86,500
158,469
25,582
5,283,987 2,191,845 1,018,044
57,764
8,045
1,458
510,677
1,010,579
494,975
855,995
4,454,962 1,829,961
268,054
2,612
98,199
170,110
882,120
2,858
78,752
805,659
25,645
1,157
7,565
18,217
94,518
5.796
769,875
7.767
6,841
576
9,645,606 5,591,804 1,519,978 11,500,154 1,008,952 1,074,402 2,538,150 3,194,972 5,946,645
16,849
12,507
51,411
254,256
16,681
59,418
5,955
58,092
75,579
115,652
104,997
148,559
556,277
110,527
170,704
172,907
59,419
76,797
62,675
285,012
257,650
20,504
69,128
112,719
96,158
89,149
51,770
59,508
15,400;
7,856
9,459
16,890
24,759
6,699
24,00!
54,400
15,972
19,561
51,450
25,621
15,605
21,207
464
682
23,581
9,425
24,815
9,988
50,184
6,071
5,025
9,210
14,855
18,669
200,907
54,524
29,589
91,755
19,725
55,503
75,654
41,060
56,433
9,754
5,925
1,818
5,945
1,717
623
75C
1,994
5,068
112,190
46,758
19,029
29,182
85,890
14,884
44,000
65,120
50,790
em
5
10
10
450
554
50
10
885
52
186
102
564
155
52
269
52
105
141,507
78,217
555,182
20,194
15,497
147,790
21,856
68,996
68,961
54,409
4,511
1,294
5,540
1,25!
1,541
5,084
1,656
5,029
5,420
1,055
650
2,975,626 1,021,954
591,747
15,884,442 5,144,^.64 2,459,798
859,909
151,500
75,166
296,414
2,275
115,290
185,145
859,124
675
525,096
554,815
151,482
1,477
54,255
77,247
56,695
10.751
286,274
9,798
40,006
5.656
_
5,546
529
2,026
589
1,190
2,107
75,060
1,116
29,462
45,704
555,905
1,102
198,549
557,587
59,527
485
15,855
25,505
25,251
2,797
17,102
8,140
152,817
650
44,655
88,195
108,551
5,019
42,551
66,025
201,074
2,241
77,845
125,575
15,144
ilf«l
70,926
26.556
12,789
672
11,961
1.165
29,505
5.455
24,454
8.600
47,559
11.717
52,284
150,895
26/855,099
263,868
167,727
515,555
1,081,250
822,851
25,678
557,992
40,182
457
110,909
90,025
17,554
150,895
492,908
88,601
28,595
500,487
686,587
198,542
14,808
125,528
6,685
Id
69,251
66,202
61,476
18,742
1,781,024 1,559,082
97,175
67.815
ms
cm
«
am
578,650
51,632
24,854
221,288
551,059
142,462
11,587
70,646
164
-
467,850
55.674
54,060
20,989
1,777
72,129
175,598
21,186
1,197
9,279
5
.
»
57,257
6,766
559
585
15,079
5,694
272
2,085
9
11
2,766
1,765
5
6
7
8
9
10
838« SSn P 888
Number of returns 7/
Receiptst
Gross sales 8/
Gross receipts from operations 9/
Interest on Qovemment obligations
(less amortisable bond premium)t
Wholly taxable 10/
Subject to surtax only 11/
Wholly tax-exempt 12/ ”
Other interest
Rents 15/
Royalties 14/
Excess of net short-term capital gain
over net long-term capital loss 15/
Excess of net long-term capital gain
over net short-term capital loss 15/
Net gain, sales other than capital
assets 16/
Dividends^ domestic corporations 17/
Dividends, foreign corporations 15/
Other receipts
Total compiled receipts 6/
Deductionsi
Cost of goods sold 19/
Cost of operations T s /
Compensation of officers
Rent paid on business property
Repairs 20/
Bad debts
Interest paid
Taxes paid Z L /
Contributions or gifts 22/
Depreciation
Depletion
Amortization 25/
Advertising ~
Amounts contributed under pension
plans, etc. Z& /
Net lose, sales other than capital
assets 16/
Other demotions
Total compiled deductions
Compiled net profit or net loss
(16 less 55)
Net income or deficit 2/ (54 less 6)
Not operating loss deduction 25/
Income tax 5/
Compiled net profit less income tax
(54 less 57)
Dividends paidt
Cash and assets other than own stock
Corporation's own stock
Apparel
and
General
merchandise accesso
ries
Finance« insurance« real estate« and lessors of real property
Finance
Total
Security
finance,
Credit
Holding and
Trade
insurance,
Banks
conaodityand
other
agencies
real
estate,
not
Total
and
exchange
invest
other
allocable and lessors
finance trust
ment
brokers
than
of real
companies banks
companies and
property
dealers
For footnotes, aee pp, £5-26.
CO
Tab!» 2. - Corporation income tax returns, 1/ 1949, by major industrial groups« lhwber of returns, cospiled receipts, compiled
dediKtions, compiled net profit or not lews, not incone or deficit, net operating loss deduction, incone tax, compiled net
profit.less income tax, and dividends paid by typo of dividend - Continued
Finance, insurance, rual estate, and lessors of real
Real estate,
Insurance earners and agents
except
lessors of
Insurance
Total
real
Insurance
agents
insurance
property
end
carriers
carriers
»ther than
brokers
and agents
hidldinxs
2,495
9,914
Dumber of returns 7f
Receiptst
Cross sales § /
4,276,265
4,678,457
Cross receipts from operations 9/
Interest on Covemnent obligations
(loss amortisable bond premium)«
475,794
474,189
Wholly taxable 10/
15,604
15,652
Subject to surtax only 11/
47,440
47,457
Wholly tax-exempt 12/
1,290,987
1,295,078
Other interest
121,150
125,751
Sente 15/
58
125
Royalties 14/
295
517
Excess of net short-term capital gair
over net long-term capital loss 15/
9,060
10,279
Excess of net long-term capital p a n
over net short-term capital loss 1
750
979
Net gain, sales other than capital
assets 16/
200,900
205,650
Dividends; domestic corporations 17/
2,275
5,259
Dividends, foreign corporations 15/
15,578
54,154
' Other receipts
6,450,154
6,885,285
Total compiled receipts 6/
Deductionss
Cost of goods sold 19/
Cost of operations 15/
26/17,880
26/112,511
Compensation of officers
56,085
51,594
Rent paid on business property
1,429
2,250
Repairs 20/
2,502
6,750
Bad debts
2,334
5,945
Interest paid
143,527
150,711
Taxes paid 21/
1,546
2,178
Contributions or gifts 22/
29,914
54,857
D e p re cia tio n
12
12
Depletion
15
A m o rtisa tio n 25/
9,155
15,051
A d v e r tis in g
18,508
20,508
Amounts contributed under pension
plans, etc. 24/
844
1,054
Net loss, sales other than capital
assets 16/
5,858,717
4,100,447
Other deductions
27/4,501,819 27/4,121,851
Total compiled deductions
2,528,525
2,585,466
Compiled net profit or net loss
(16 less 55)
2,280,885
2,556,009
Net income or deficit 2/ (54 less 6)
6,679
7,284
Net operating loss deduction 25/
244,050
261,418
Income tax 5/
2,084,295
2,122,048
Compiled net p r o f it l e s s income ta x
(54 l e s s 57)
D ividends, p a id ;
179,643
198,552
Cash and a ss e ts oth er than cum sto ck
7,419
Services
Lessors
of real
Total
property, services
ixoept
buildings
112,615
Hotels
end other personal
lodging
services
pinose
Automo
tive
Business repair
services Services
and
garages
Laneous
ser
vices,
isad
trades
Notion
pictures
6,850
6,449
4,481
84,497
597,555
72,006
27,540
417
7
2
526
9,940
2,245
89
599
22
25
1,529
5.189
1.189
51
57
28
24
457
2,227
705
51
9
10
1,874
656
1,568
11
1,155
284
554
12
U , 912 1,071
17
227
4,588
1,579
24,767
4,829
5,507
23
4,601
1
1,127
50
1,417
7,250
8
54,452 14,545
1,989
4,462
28,064
8,045
19,528
147,565
9,116
502,810 9,285,575 1,551,504 1,508,504 2,159,216 581,578 268,926 2,045,219 683,945
944
51
16,498
706,685
1,069
7
5,514
106,945
IS
60,086
153,354 106,974 82,048
215,631
83,795 95,185 1,U6,575
607,054 1,101,405
57.292
22,686 16,142
94,142 151,995
98,250
5,445
28,881
45,846
42,124
17,058
1,447
4,446
12,014
20,154
1,426
868
1,009
4,516
5,646
18,133
691
5,742
5,675
6,587
94,454
4,527
24,535
9,U9
50,275
1,555
77
197
1,276
1,250
76.293
4,850
28,021
53,226
49,955
7
8
15
55
601
6
48
64
91
62,355
2,133
3,457
15,920
25,857
8,015
276
16,787
152
1,176
41,896
504,724
27,156
27,689
12,255
1,495
5,454
28,695
1,430
29,699
105
71
14,859
941
50,785
276,568
55,719
21,598
6,631
2,618
2,698
U,91£
502
15,965
14
69
14,207
2,585
55,647
15,528
5,949
1,580
970
674
1,848
2,521
65
3,348
159
5
702
529
17
18
19
20
568
1,269
457
1,179
51
292,202 142,995
66,290 45,985
359,U 1 259,650 1,884,626 640,867
160,595 45,076
22,467
9,296
214,914
672,845
35,842
18,805
107,087
1,858
52
55
54
55
56
57
58
55,978
- 1,725,105
7,062,468
6,151
U,6U
10,804
4,264
2,564
5,525
51,815
1,275,586
595
28
17
2,091
2,601
65
24
9,698
572
685
42,815
1,594,456
4,516
2,080
4,141
89
121
2,268
150,705
125,255
235
4,544
154
740
10,555
210,845
64,705
775
1,505
17
IS
2,016
U S , 556
527
79
517
12
54
554
5,717
482
51
777
72
40
1,712
20,479
5,492
107
152
14
1
271
15,427
101
518
42
685
81
6
1,171
7
627
5,925
45,852
56,768
94
1,219
66,950
6,517
50,995
4,715
2,092
4,699
5,942
235
10,784
255,067
4,750
964
20,576
435,151
27,710
1,106
107,466
5,420,302
14,750
Nature of
business
not
allocable
94,815 77,640
228,906 165,565 126,729
554,867
412,288
848,045 1,073,778 1,864,762 188,515 158,975 1,761,657 674,415
5,895
402,172
229
AmussOther
aent,
except services,
action including
jicschools
tures
1,050
5,317
792
1,004,275
5,905,157
415,362
6,740
556,558
4,246
155,517
2,529
18,429
664
74,920
41,199
269,926
29,722
7,672
215
537,141
12,186
196
52,778
1,022
157,505
46
50,622
523
293,505
520,255
52,250
68,925
59,552
2,853
51,960
66,650
1,585
80,972
12
72
22,757
712
7,771
2,500
765
601
1,004
26
5
142
576
15
5,898
2,200
220,940
119,427
154,555
7,672
569,701
444,076
6,477
385,421
707
519
26,601
2,990
190
39,258
241,750
579,988
55,145
1,028,412
2,801,504
618,798
55,126
605
17,588
57,755
618,115
21,808
201,925
416,875
158,022
627
52,065
86,078
557,599
12,48!
225,74£
334,394
96,542
1,656
57,904
58,651
61,996
1,991
22,765
59,265
130,240
2,581
51,076
79,204
22,466
574
7,9U
14,556
9,296
290
4,545
4,755
159,966
1,575
60,685
99,910
45,074
1,995
25,955
19,121
55,819
2,02C
14,906
18,954
1,854
577
2,7U
28/863
16,689
1,414
150,649
8,222
92,961
300
180,56!
10.793
25,045
3.546
14,660
1.382
57,931
2.91S
3,466
335
1,559
486
76,027
570
16,226
958
7,869
S9S
2,906
386
94,651
15,509
821
4,228
1,609
7,584
852
4,945
2,442
1,105
1,576
464,954
349,456
450,651
51,773 2,027,585
164,667 8,727,456 1,454,949 1,448,474 2,028,956
150,280
96,555
62,050
558,159
158,145
552
166
F o r fo o tn o te s, see pp. 25-26.
« t u r n s j l t h balance sheets, 1 / 1949, by major ia t e a t r ia l group* - P art I , a l l returns! P art IX , returns w ith net income t Number o f
"
lia te L U tie s , compiled re ce ip ts, compiled deduct!one, compiled net p r o f it or net lo s s , net income or d e f ic it ! net operating lo ss deduction,
income ta x, compiled net p r o f it le s s Income ta x , and dividends ra id bv tvne o f d-tiHHorJi
9
*
4
5
6
7
8
14
15
16
21
22
25
24
25
26
27
28
29
50
Table 5* — Corporation income tax returns alth balance sheets, ^ 1949, b y major industrial groups — Part I, all returns) Part IT, returns W i t h net income*
Humber of
returns, assets end liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction,
income tax, compiled net profit less income tax, and dividends paid b y type o f dividend
PART I. - AL L RETURNS WITH BALANCE SHEETS
1 Number o £ returns w ith balance sheets 55/
Assets*
Cash 30/
Notes and accounts receivable
4
Le ssi Reserve f o r bad debts
5
Inventories
Investments, Government o b lig atio n s 31/
7
Other investments 32/
8
Gross c a p ita l assess 55/ (except land)
9
L e ssi Reserves
10
Land
11
Other assets
12
T o ta l asse ts 54/
L ia b il it i e s t
. Accounts payable
Bonds, notes, mortgages payable!
14
M aturity le a s than 1 year
15
M aturity 1 year or more
16
Other l i a b i l i t i e s
17
C a p ita l 8took, preferred
IB
C a p ita l sto ck , common
19
Surplus reserves
20
Surplus and undivided p r o f it s 35/
Less : D e fic it 56/
T o ta l l i a b i l i t i e s 54/
Receipts::
Gross sale s 8 /
24
Gross re ce ip ts from operations 9/
In te re s t an Government ob lig atio n s (le s s
am ortizable bond premium)*
25
Wholly taxable 3£/
26
Subject to su rtax only 11/
27
Wholly tax-exempt 12/
28
Other in te re s t
29
Rents 13/
30
R o y a ltie s 14/
Excess of net short-term c a p ita l gain over
net long-term c a p ita l lo s s 15/
Excess o f net long-term e s p ila i gain over
net short-term c a p ita llo s s 1S /
Net g a in , sa le s other than c a p ita l asse ts 1 6 /
54
Dividends, domestic corporations 17/
55
Dividends, fo re ign corporations l5 7
56
Other re ce ip ts
57
T o ta l compiled re ce ip ts 6/
Deductions:
58
Cost o f goods so ld I S /
59
Cost o f operations Tjj/
40
Compensation o f o ffic e rs
41
Rent paid on business property
42
Repair« 20/
45
Bad debts
44
In te re s t paid
45
Taxes paid 21/
46
Contributions or g i f t s 22/
47
D epreciation
48
Depletion
49
Am ortization 25/
A d vertisin g
51
Amounts contributed under pension
p lan s, e tc . 24/
52
Net lo s s , sa le s other than c a p ita l asseta 16/
55
Other deductions
54
T o ta l compiled deductions
55 Compiled net p r o f it or net lo s s (57 le s s 54)
56 Net income or d e f ic it 2 / (55 le s s 27)
57 Net operating lo s s deduction 25/
58 Income ta x 5/
59 Compiled n e T p r o f it le s s income ta x (55 le s s 58)
[Dividends paid*
60 | Cash and asseta other than own stock
61 1 Corporation’ s own stock
For footnotes, see pp. 85-26.
2
3
6
IS
21
22
25
51
52
55
50
(Money figu res in thousands o f d o lla rs )
Major in d u s tr ia l
ItLning and
A g ric u ltu re , lo re s t r y . and fishery
To tal
A ll
To tal
Farms
and
Anthra
a g r ic u l
Metal
a g ri
in d u s tr ia l
c it e
Foreste; Usher y mining
tu re,
mining
c u ltu ra l
and
mining
groups
fo re s try , se rvice s
quarrying
and fishery
6,245
554,575
6 ,82a
22T -------55T -------- 5755T ------------55?
157
63, 863,'579
163,829
155,859
.168,928
86,965,879
186,138
5,278
1,440,072
2,769
44,726,149
253,524
247,321
110,968,777
102,647
112,762
91,151,693
182,464
169,741
195,023,582 1,087,745 1,011,401
68,987,840
422,445
399,995
9,581,127
324,575
309,753
11,708,797
48,555
45,881
543,561,671 1,933,867 1,808,769
24,896,091
161,421
145,575
6,048
1,922
870,545
170,538
30,988
200,556
12,619
4,591
901,232
178,779
55,051
220,627
466
43
985
11,891
653
3,262
3,382
2,821
161,088
568,862
18,830
74,562
7,802
2,313
885,770
287,251
28,840
158,518
9,969
2,754 1,115,928
246,145 118,923
172,871
47,519 28,823 9,036,861 1,853,275 472,016 1,730,616
14,695
7,757 4,525,806 1,126,269 247,764
804,691
12,999
1,823
122,653
22,567
2,707
26,857
1,283
1,391
296,964
88,865
20,595
41,114
86,568 38,530 9,261,098 1,881,032 479,355 1,817,168
11,245
1,034,639
1,364,018
54,293
2,679,735
460,471
819,162
5,879,157
2,430,562
286,480
229,112
1 0 ,288,U 9
788,848
1
2
5
4
5
6
7
8
9
10
11
12
15
10,170,127
380,688
242,958
291,254
1,083,539
75,706
756,169
109,667
1,369,115
91,221
4,657,113
5,115,896
12,261,747
9,522,465
6,918,830
27,861,05!
5,988,819
49,417,704
1,501,522
123,755,12!
105,225
462,942
252,643
147,066
456,855
84,159
1,427,840
47,597
5,269,804
536,901
1 ,1 7 8 ,4 a
666,748
7 a , 971
2,314,986
458,589
3,717,056-,
115,401
10,288,119
14
15
IS
17
18
19
339,458
64,554
1,659,373
209,275
1.941,974
620,945
662,287
77,857
2,556,732
7,159,595
178,898,284
5,549,477
5,346,029
20,795
29,219,897
142,285
25
5,876
54
89
2,402
2,956
1,501
95
405
35
1
546
5,006
6,686
25
2,186
122
74
2,246
11,543
11,883
29
1,948
54
24
5,701
8,569
25,765
656
568
52
51
857
2,547
1,860
18
1,695
67
209
5,168
22,985
1,485
567
105,498
5,458
3,553
144,103
265,173
141,394
5,404
1,745
48
no
3,043
5,988
459
96
5,162
289
500
12,051
20,292
6,165
568
25
26
27
28
29
50
31
24,961
1,654
871
6,523
15,815
2,298
15,944
251,557
8,023
4,928
81,674
1,546
565
43,523
55,496 6,729,994
180
19,956
'
427
5,404
956,489
172
5,614
592
898
5,286
8,425
44,002
2,275
8,012
7,018
527
67
1,659
1
524
21,825
5,242
1,278
9,574
115,210
427,659 1,900,666 2,689,051 756,129 9,690,720
14,000
.672,686
328,961
905,975
185,285,259
1,397,856
306,012
13,495
5,504
16,112
18,683
5,471,225
1,002,411
888,153
29,782
1,476,559
209,888
189,227
5,986,618
5,025,201
461,130
25,712
866
201
148
4,299
15,714
6,112
157
745
199
128
4,171
15,419
5,872
152
98
2
20
104
224
239
25
25
8,981
277
219
11,752
50,401
47,695
801
664,538
20,105
15,260
4,727
118
560,105
2,126,561
448,502
2,658,354
387,655,580
2,336
5,269
5,251
17,188
1,833,268
2,095
5,045
5,251
16,542
1,772,485
186
184
55
42
24
71
1
47,292
15,757
5,300
84,574
59,598
140,591
22,924
53, l U
20,744
579,586 120,055
72,196
12,695
924,611 206,898
93,380
15,971
1,881,032 479,335
135,118
1,030,546 1,007,166 11,581 11,999 5,529,575
148,826
157,155
1,770
9,903
644,158
43,448
41,250
873 1,525
88,355
29,870
29,562
56
252
55,650
21,299
19,714
121
1,464
95,076
4,195
4,115
52
50
6,340
15,584
12,584
669
531
55,144
51,553
29,766
1,155
652
201,524
761
755
8
2,895
20
56,874
54,490
702 1,682
297,480
2,171
1,371
795
7
468,809
2
2
3,128
10,551
10,248
36
47
7,426
2,946
2,872
21,167
63
11
577,659 292,160 1,275,049
19,669
46,176
150,054
4,867
24,702
5,597
2,490
2,657
6,625
10,760
10,932
32,090
1,015
97
1,257
5,752
2,105
7,562
41,292
10,016
37,406
206
162
762
51,258
11,004
70,514
75,457
7,885
46,946
50
89
172
998
1,420
2,436
675
6,115
990,678
586,014
33,828
19,457
15,522
2,158
37,454
96,453
1,112
148,565
. .8,528
2,987
2,821
11,014
1,761
1,650
265,554
255,458
1,661,701 1.606,112
171,567
166,571
171,419
166,245
4,191
3,953
63,674
61,703
107,893
104,668
316
40
4,558
45,241
22,172
140,586
814,620 410,452 1,805,513
141,869
17,207
97,155
141,780
17,206
97,079
288
901
656
48,130
5,265
42,550
95,759 11,944
54,623
6,069
279,908
550}508
558,545
558,519
2,642
150,119
. 208,424
66
45
2,862
7,254
20,607 34,982
4,682
514
4,662
514
21
217
1,418
553
3,264
28/39
56,695
2,399
2.685 . ____ ¿ s
263,702
564,195
8,865
952,458
123,552
291,794
1,653,146
523,555
69,386
105,991
5,269,804
800,126
1,427,443
530,199
59,565
2.745
95,512
692,690
12,610,155
16,523,019
95,069 2,066,503
456,307
14,666
2,184
427,657
27,780,439
60,041
126,068
9,439,251
46,431
82,545
502,819 | 11,349,554
720,884 1,395,734
76,981,422
54,965,917
527,708
587,250
2,102,677
23,329
80,108
22,918
147,452
2,590,850
814,657 4,637,115 125,755,125
Food and
kindred
products
10,571
50,639
316,257,327
55,748,478
9,569,792
677.9511
25,402
T o tal
manu
fa c tu r
Beverages
ing
llO ,2 6 S
5,léÔ
27,655
75,429
54,453
50,007
216,599
42,607
349,600
52,532
814,637
106,586
2,875
2,488
525,225
17,163
7,018 1,277,833
14,705
656,527
1,654
1,757
232,543
962
25,756 15,350 2,260,484
363
1,064
291,186
28,551 11,829 4,046,474
15,825
437,136
4,440
86,568 58,550 9,261,098
190,454
44,590,811
27/559.505.246
28,150,554
27,941,107
186,958
9,688,489
18,441,845
1 , 74!
Manufacturing
Con
stru c
tio n
268,527
607,962
124,751
119,568
231,824
207,643
100,054
83,675
58,779
56,060
723,544
684,458
99,187
97,760
589,474
549,114
135,127
114,862
1,933,867 1,808,769
481
25,289
575,151
371,706
4,807
254,541
564,950
493,646
4,260,070
2,017,374
47,375
125,672
4,268,928
Nonm e ta llic
mining
and
45,056
235,477
892,352
166,100
115,722
325,057
29,784
98,897
425,551
918,893
77,407
86,283
867,520 1,697,845
41,090
254,563
1,817,168 4,268,928
4,605
11,801,162
61,851,186
236,716,203
15,365,150
78,944,290
11,178,304
111,078,484
8,269,199
545,561,671
244,008,097
51,576,665
26/6.603.709
3,561,155
5,495,649
810,091
2,984,858
8,256,471
219,757
7,064,015
1,426,510
30,363
3,710,876
1,195,807
groups 4 J
quarrying
urude
Bitumi
nous coal petroleum
and natural
and
¡£ia produc
lig n it e
tio n
3,éé5
I,8 0 5
269
___60
12,037
565,465
6,052,227
697,767
697,548
5,251
264,913
; 432,854
416,609
15.456
111,878
15,876
* 7
57,584
5.675
196,664
6.467
20
21
22
24
12,761
52
670
2,127
11,174
27,698
1,692
27,055
28,375
92,576
5,426,245 29,568,804
55
54
55
56
57
596,029 1,824,524 154,679,475
42,265 5,900,905
2,061,54!
2,595,054
21,559
547,514
772,856
4,465
57,509
25,772
46,957
2,664,989
1,855
17,989
191,322
4,295
23,752
656,663
16,577
93,975
4,070,645
653
5,105
115,455
56,539
5,122,510
152,504
21,993
1,402
862,265
2
75
6,672
2,015
24,986
2,060,045
929
8,647
679,487
3,409,407
U ,5 0 0
50,046
12,949
40,121
3,586
20,839
686,515
4,101
81,690
2,125
14
162,186
11,464
24,501,701
62,251
196,297
78,775
258,587
17,259
72,025
278,905
8,506
289,289
1,150
1,547
596,598
52,978
58
59
40
41
42
45
44
45
46
47
48
49
50
1,054
77,558
653,154
102,995
102)964
764
58,871
64,124
7,672
5,179
495)246
2,480,684
4,992)566 28)504)200
1,064,604
455,679
453)569
1)064)504
7,520
2,189
171,480
424,556
262,199
640,248
52
55
54
55
56
57
58
59
2,977
691,574
9,180,151
510,589
510,580
9,623
196,551
! 514)258
78,655
16,752,546
171,127,754
14,157,505
14,155,974
64,559
5,446,457
8,711,068
54,607
70,584
1.507 ____ 19,070
4,858,270
559.115
108,214
9^558
51
60
553,974
24.138 1 61
—4
Table 5» - Corporation income ta x returns w ith balance sheets, 1/ 1949, by major in d u s tr ia l groups - P art I , a l l returns; P art I I , returns w ith net income: Humber o f
returns, assets »nH l i a b i l i t i e s , compiled re ce ip ts, compiled deductions, compiled net p r o fit or net lo s s , net income or d e f ic it , net operating lo ss deduction,
income ta x, compiled net p r o f it le s s income ta x , and dividends paid by type o f dividend — Continued
PART I . - ALL RETURNS WITH BALANCE SHEETS - Continued
______________________________________(Money figu res in thousands of d o lla r s )
T e x tile m ill
products
Tobacco
manufac
tures
1
2
S
4
S
6
7
8
9
10
U
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
52
S3
34
35
36
37
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
«
e:
mber o f returns w ith balance sheets 29/
se ts:
v
Cash 50/
Notes and accounts receivable
Less: Reserve fo r bad debts
Inventories
Investments, Government obligations 31/
Other investments 32/
Gross c a p ita l assess 53/ fexcept land)
Le ss: Reserves
Land
Other assets
To tal assets 34/
a b il it i e s :
Accounts payable
Bonds, notes, mortgages payable:
M aturity le s s than 1 year
M aturity 1 year or more
Other l ia b i l i t i e s
C a p ita l stock, preferred
C a p ita l stock, common
Surplus reserves
Surplus and undivided p ro fits 35/
Less: D e fic it 56/
T o ta l l i a b i l i t i e s 34/
iceipts:
Gross sale s 3/
Gross receipts from operations 9/
In te re st on Government obligations (Less
amortizable bond premium):
Wholly taxable 10/
Subject to surtax only w
Wholly tax-exempt 12/
Other in te re s t
Rents 13/
Royalties 14/
Excess o f net short-term c a p ita l gain over
net long-term c a p ita l lo s s 15/
Excess o f net long-term c a p ita l gain over
net short-term c a p ita l lo s s 15/
Net gain, sale s other than c a p ita l assets 16/
Dividends, domestic corporations 17/
Dividends, foreign corporations 18/
Other receipts
T o tal compiled receipts 6/
d u ctio n s:
Cost of goods sold 19/
Cost of operations m
Compensation of o ffic e rs
Rent paid on business properly
Repairs 20/
Bad. debts
In te re st paid
Taxes paid 21/
Contributions or g if t s 22/
Depreciation
Depletion
Amortization 25/
A dvertising
Amounts contributed under pension
plans, etc* 24/
Net lo s s , sales other than c a p ita l assets 16/
Other deductions
To tal compiled deductions
anpiied net p r o fit or net lo s s (57 lee s 54)
[et income or d e f ic it 2/ (55 le s s 27)
let operating lo s s deduction 25/
Income tax 5/
Compiled, net profit less income tax (55 less 58)
Dividends paid*
Cash, «nd assets other than own stock
Corporati
ipparel and
>roducts
îade from
fab rics
--------Ï57S55
-----------Ï 8 Ï
[umber and
wood prod Furniture
and
u c ts,
fix tu re s
except
fu rn itu re
Paper
and
a llie d
products
—
5)155
57353
P rin tin g ,
p u b lish in g,
and a llie d
in d u strie s
Chemicals
and a llie d
products
Petroleum
and coal
products
Rubber
products
Leather
and
products
2,/62
SS7
n7§n
524,578
816,887
30,001
500,642
284,461
571,184
2,361,798
812,458
122,943
152,614
4,492,648
_____
184,784
1,208,086
1,191,153
368,853
2,015,990
1,257,756
12,022
51,008
42,796
523,086
2,029,616
2,158,422
144,218
769,817
920,932
134,561
2,938,187
1,339,781
7,311,557 17,114,939 1,188,525
627,495
8,279,818
3,122,880
17,097
354,261
193,450
18,197
224,036
204,028
11,282,597 18,452,912 1,939,604
Primary
Stone,
c la y , and metal
g la ss
in d u strie s
products
5,95/
1,148,988
362,233
147,571
1,118,749
289,433
405,939
35,245
11,645
7,905
2,179,224
477,216
531,199
1,087,433
250,312
46,856
707,300
210,498
94,849
412,556 2,400,943 10,949,151
5,848,802
195,279 1,066,959
74,129
172,512
13,996
58,916
196,744
33,572
1,312,865 3,215,565 11,676,054
metal prod
u c ts, except
ordnance,
machinery,
and trans
portation
equipment
¿,190
704,302
824,235
25,415
1,382,057
345,670
287,519
2,872,880
1,232,245
116,835
127,820
5,403,658
1
2
256,474
385)585
9,037
600,963
164,551
198,799
1,758)662
'650)894
73)417
91,036
2,869,556
139,882
242)298
8,435
332,038
65,485
52'630
524,727
221)224
23,084
24,269
1,174,754
410,089
488,035
15,018
664,591
331,315
530,606
3,275,011
1,361,449
73,956
107,389
4,504,505
454,880
222,741
120,985
233,797
443,852
665,003
1,500,462
146,498
188,578
1,105,044
455,495
13
166,197
159,509
220,140
152,147
691,395
56,090
906,473
69)473
2,737,358
128,426
218,691
193,235
64,775
781,115
55)286
1,283,203
77,914
2,869,556
83,084
46,529
514,370
80,124
289,166
108,733
46)299
351,664
890,824
294,153
170,375
22,639
484,820 1,991,785
20,560
29,508
1,174,754 4,504,505
120,578
411,824
497,567
279,176
804,864
185,622
1,856,729
107,364
4,492,648
212,459
1,081,086
942,526
874,275
2,262,962
601,081
4,716,467
73,262
11,282,597
193,933
2,566,568
652,755
521,872
5,467,973
815,168
6,795,135
60,954
18,452,912
16,837
393,332
110,036
220,462
288,827
131,652
647,283
15,323
1,939,604
55,413
55,533
100,946
282,807
90,230
249,319
148,357
83,296
862,986
310,809
103,011
74,996
478,669 1,364,846
39,872
22,374
1,312,865 3,215,565
137,985
1,212,931
886,363
836,379
2,913,363
502,769
4,116,197
52,977
11,676,054
161,041
357,820
440,091
239,211
1,287,721
205,754
2,344,522
87,997
5,403,658
14
15
16
17
18
19
3,099,745 10,322,721
' 188)185
6) 086
7,386,863
'229)093
3,752,952
95,427
2,226,573
17,441
5,303,445
12,518
5,773,706 12,868,074
75,887
474,418
16,355,571
579,663
2,949,916
5,802
2,863,037
10,229
5,875,281
25,586
13,881,606
575,504
8,314,020
65,279
23
24
129
53
46
641
3,284
6
1
7,127
166
554
7,468
16,851
2)142
297
1,236
84
34
1,994
5,495
6,329
'249
2,237
76
117
2,965
9,818
4,061
257
850
20
40
937
2,207
417
7
4,546
168
149
7,126
6,522
3,093
74
4,162
370
265
4,406
15,752
9,872
46
9,475
196
426
14,812
16,320
20,143
172
6,229
245
237
12,806
91,286
26,687
899
1,44G
15
8
1,447
1,918
3,468
713
27
27
1,404
1,833
237
61
5,039
149
94
2,399
5,102
2,802
42
13,658
180
91
27,040
16,298
7,030
179
4,284
253
159
3,751
11,664
4,627
63
25
26
27
28
29
50
31
467
17,971
2,248
80,691
2,454
17,092
9,400
13,570
27,039
1,418
771
4,776
727,436
1,011)834
23)344
1,880,294
"497^978
567)196
4,226*897
l ) 821)861
82)123
128)430
7,276)985
418,378
688,264
18)526
996,978
79,225
152,350
559)136
227)344
24,569
64)328
2,757,558
53,325
512,219
253,481
630^775
135^690
22l)049
473'568
39)173
609^417
4)751
2,411)727
222,758
471)507
434)559
433)888
1,540)864
'523)011
3,396)033
57)856
7,276,983
101,030
468)255
2'914
1,520*145
14^ 356
64^906
343^389
122'320
9^730
15Î150
2,411,727
46
1,320
5,179
24,457
2,346
574
50,151
112,817
3,227)074 10,641,556
606
3,079
344
24,496
7,662,150
314
270
970
12,227
1,704
6,746
19,015
8G
1,195
24,663
28,066
11,332
3,962,463 2,265,491 5,410,908
2,215,743
'923
9,942
2,011
4,988
357
24,247
511,728
1,107
11,419
6,024,168
172,540
242,227
67)876
13)820
7,122
16,502
69,928
6,093
38,069
88,884
6,454
8,359,848
122,153
158)874
35)093
122,953
6,029
33,702
144,571
12)012
168,162
46
62
63,405
26,532
2,888,325 1,670,280 3,841,409
66,283
6,659
4,560
82,358
81,591
72,533
21,451
12,521
15,658
128,944
35,129
14,417
4,457
7,703
3,588
21,052
15,755
6,296
85,326
29,647
61,566
5,779
2,095
2,052
124,340
83,952
26,053
4,069
86,757
no
39
14
25,808
11,849
24,807
3,163
26,643
4,305
68
90,816
2,968^667
258,407
258,361
'199
97,574
161,055
11,298
722,186
9,986,706
654,850
654,496
2*445
267,145
387,705
5,687
587
1,617
4,023
262,529
479,786
332,633
779,318
5,694,502 2,137,993 4,859,676
7,507,898
551,232
127,498
267,961
154,252
551,083
127,458
154,218
267,844
1,702
804
2,654
3,310
212,595
104,612
55,785
80,552
558,657
75,713
165,54S
73,700 1
155,951
80. 54«
52,569
45.19C I
9.SXS
19.4601
12.245
S.6€»S
_
X9.06<
72
62,627
6) 117
140,880
3
4
5
6
7
8
9
10
11
12
20
21
22
8,881
5,563
32
571
351
41,653
8,895
7,978
14,898
21,195
42,263
5,964,609 14,622,732
779
11,002
16,328
47,638
8,485,410
33
54
35
36
37
8,508,957 12,210,439 2,210,613 2,370,217 2,591,579 10,790,414
356,593
14,568
656
6,903
278,870
28,596
107,913
77,287
61,623
19,769
31,314
154,493
45,861
15,030
12,944
18,599
126,254
45,794
536,317
18,547
99,223
52,284
306,177
212,215
7,422
2,663
5,014
3,547
36,593
12,136
82,699
13,410
6,967
13,763
81,423
44,432
246,835
61,345
31,897
93,574
179,033
399,643
7,554
2,857
1,171
2,119
4,437
6,029
537,599
103,499
20,842
56,259
321,676
500,787
52,270
166
2,603
47
689,082
19,196
906
54
20
1,657
268
611
37,179
29,272
27,818
36,245
74,376
401,861
50,363
13,532
5,457
7,708
111,894
80,578
6,102,328
42,123
218,927
37,105
121,432
10,506
22,596
117,173
6,906
137,369
96
38
80,878
28,296
38
39
40
41
42
43
44
45
46
47
48
49
50
51
8,421
3,937
633
240
1,600
4,989
3,517
432,271
658,320
339,701
228,982
1,610,863
986,060 1,563,171
5,854,726 11,583,767 16,465,409 2,846,538 2,805,704 3,463,481 15,326,664
501,128 1,296,068
88,452
154,481
1, 644, 301 1,091,541
511,155
501,034 1,295,977
88,425
154,475
1,091,104
510,890 1,643,875
1,236
1,179
3,477
451
5,008
4,127
5,403
189,702
497,533
58,015
40,549
526,480
601,727
191,956
798,535
48,105
511,426
764,861
96,468
1,042,574
519,219
146,463
596,836
842,030
57,504
38,751
145,885
358,087
44.528
6.042
752
4.140
23.588i
--------gg-wSOS
3,547
885,362
7,"812, 682
672,728
672,569
5,419
276,951
595,777
202,563
24.059]
52
53
54
55
1,107
753
672
272,067
21,787
119,419
74,237
37,503
2,777
106,677
48,187
51,399
6,365,881 13,228,068 17,556,750
3,998,893
258,522
221,162
62,675
50,874
23,802
21,002
83,508
8,002
88,065
14
67
39,034
29,531
207
39
1,977
10,514
89
14,294
13,524
10,740
3,001,019 2,894,156
Table 5« — Corporation income tax returns with balance sheets, 1 / 1949, b y major industrial groups — Part I, all returns} Part II,, returns w i t h net incomes Humber of
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction,
innnmn tax, compiled net profit less income tax, and dividends paid b y type of dividend — Continued
56
57
58
59
ICcmplled net p r o fit le a s income
\Dividends paid s
1
xm x
(55 le ss 58)
casti and assets othor than ovm ¡stock
92,526
5ST,T05
75,/Ü
O
165,549
227,584.
19,064
45,190
19.460
80,542
12.249
/5,
52,569
5.665
OOO,05/I
1
155,9511
9.8151
0X9,ÄX»
146,465
16.452
*
596,866
26,505
>
842,030
44.528
57,504
752
»
*
38, 751
6.042
145,885
4.140
Table 5* — Corporation income tax returns with balance sheets. 1 / 1949, b y major industrial groups - Part I, all returns} Part II, returns w i t h net income« Homb
leipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction,
returns, assets and liabilities, compiled receipts,
tax, compiled net profit less income tax, and dividends paid b y type of dividend — Continued
E le c t r ic a l
machinery
and equip
ment
1
2
S
4
5
6
7
8
9
10
U
12
15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
31
32
33
34
35
36
57
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
iumber o f returns w ith balance sheets 29/
Lssetss
Cash 5 0 /
Notes and accounts receivable
Less: Reserve fo r bad debts
Inventories
Investments, Government o b lig atio n s 51/
Other investments 52/
Gross c a p ita l assets 35/ (except land)
Le ssi Reserves
Land
Other assets
T o ta l asse ts 54/
•
l a b i li t ie s !
Accounts payable
Bonds, notes, mortgages payable:
M aturity le s s than 1 year
M aturity 1 year o r more
Other l i a b i l i t i e s
C a p ita l stock, preferred
C a p ita l stock, common
Surplus reserves
Surplus and undivided p r o fit s 55/
L e s s : D e f ic it 56/
T o ta l l i a b i l i t i e s 54/
Receipts:
Gross sale s 8/
Gross re ce ip ts from operations 9/
In te re st on Government o b lig atio n s (le s s
am ortizable bond premium):
Wholly taxable 10/
Subject to su rta x only 11/
W holly tax-exempt 12/
Other in te re s t
Rents W
,
R o y a ltie s 14/
Excess of net short-term c a p ita l gain over
net long-term c a p ita l lo s s 15/
Excess o f net long-term c a p ita l ga in over
net short-term c a p ita l lo s s 15/
Net g a in , sa le s other than c a p ita l assets 16/
D ividends, domestic corporations 17/
Dividends, fo re ign corporations 187
Other re ce ip ts
T o ta l compiled re ce ip ts 6/
deductions:
Cost o f goods so ld 19/
Cost o f operations 19/
Compensation o f o ffic e rs
Rent paid an business property
Repairs 20/
Bad debts
In te re st paid
"foxes paid 21/
Contributions or g i f t s 22/
D epreciation
Depletion
Am ortization 23/
A d vertisin g
Amounts contributed under pension
p lan s, e tc . 24/
Net lo s s , sa le s other than c a p ita l asse ts 16/
Other deductions
T o ta l compiled deductions
Compiled net p r o f it or net lo s s (37 le s s 54)
Net income or d e f ic it 2 / (55 le s s 27)
Net operating lo s s deduction 25/
Income ta x 5/
3emailed net p r o f it le s s income ta x (55 le s s 58)
Dividends paid:
Cash and assets other than own stock
Corporatio n 's cmn stock
i'o r i'ootnc
footnotes, see pp. ¡¡5.26,
Transpor
ta tio n
equipment,
except
motor
ve h icle s
Motor
ve h icles
and equip
ment, except
e le c t r ic a l
369,462
594,770
455,790
883,395
7,112
21,163
836,527
1,473,285!
279,110
641,704
143,295
808,374
2,183,557 1,323,615
701,716
904,750
45,658!
55,916
97,348
117,692
5.832.760 2.839.977
S c ie n t if ic
in s tru
ments;
photo
graphic
equipment;
watches,
clo cks
--------- 3?
1,^06
Ordnance
and
acces
so ries
Other
manufac
tu rin g
To tal
p u b lic
u t ilit ie s
Transpor
ta tio n
Communi
cation
E le c t r ic
and gas
u t ilit ie s
Other
p u b lic
u t ilit ie s
—
9,807
4yb
16,600
s,ôêè
150,666
35,729
986,521
252,861
11,979
720,151
8,093
800
9,645
452,665
1,714,741
65,550
82,111
12,726
1,927,465
127,242
440,170 41,520
658,351
88,929
3,938,810
290,323
1,876,667
43,560
19,243
2,606
78,186
24,139
9,888
111,484
8.031.216 222,567 1,448,Ç62
536,464
517,937
19,545
770,039
113,326
176,302
1,139,270
r 466,917
49,360
69,842
2,686,078
2,853,107
2,670,584
49,895
1,756,475
1,696,263
6,599,145
71,409,370
17,952,103
529,093
2,107,963
71,620,000
1,795,513
1,499,937
9,829
939,819
1,223,481
4,275,126
34,338,085
9,496,521
228,798
1,536,398
36,131,605
177,424
436,835
4,224
153,090
47,381
105,288
10,461,187
2,932,494
25,784
135,804
8,604,075
836,360
704,018
35,080
648,146
413,545
2,182,593
25,533,661
5,319,291
254,874
609,980
25.828.806
44,010
29,794
762
15,420
11,856
36,136
1,076,437
204,797
21,637
25,785
1.055.514
259;225
2,481,207
1,601,045
341,354
590,855
231,923
742,826
10,807
94,340
86,902
640,851
647,032
186,419
1,505,236
340,008
2,102,196
66,717
5.832.760
50,942
136,800
464,873
133,663
500,968
135,864
1,276,052
91,108
2.839.977
106,634
221,691
691,984
422,858
1,029,990
888,123
3,975,913
46,803
8.031.216
618
32,948
14,102
20,510
23,958
21,269
100',257
1,902
222,567
43,439
101,156
152,885
80,277
369,079
60,157
572,894
25,345
1,448,862
7,981,472
40,066
3,143,742
653,567
4,460
77
277
10,159
6,680
10,553
266
2,524
68
197
3,828
5,210
4,376
70
17.682
378
124
8,550
4,686
3,993
23
226
25
20
118
164
27
4
9,054
3,319
6,322
60
336,492
127,977
930,020
235,897 25,533,760 11,724,775
2,906,824
4,702,015
242,703
1,573,954
4,400,437
126,807
8,708,424
634,033 19,948,357
592,470
1,182,166
78,038
9,645,247
1,081,432 13,573,191
957,626
1,131,153
100,054
2,686,078 71,620,000 36,131,605
lÖf.SSÖ
2,261,468
5,875,787
154,755
5,928,763
539,119
1,649,950
3,190,064
1,166,344
278,108
384,601
18,786,741
4,051,916
514,457
24,551
7,029,727
385,154
187,807
2,581,121 10,737,947
1,301,316
451,657
2,540,612
196,776
6,645,196
4,381,851
517,845
52,202
3,300,959
466,253
114,680
34,926
8,604,075 25.828.806
20,567
489.917
62,238
89,095
212,886
19,649
160,732
23,921
1.055.514
2,497,947
3,286,270
3,372,746
1,556,878
9,409,209
1.024.478
15,584,087
755,959
42.985.383
4,486
178.918
125,848,335
2,490,068
14,748,813 180,399 1,811,637 4,373,914
49,954
8,084
17
12,765
453,204
27,062,708
342,471
16,697,967
9,132
3,698,416
97,115
6,487,407
752
25
26
2,477
1,449
2,183
3
1,400
82
49
2,601
7,613
1,936
122
23,466
1,471
2,249
90,732
354,315
9,831
1,041
15,782
1,409
539
54,875
312,243
7,219
572
987
28
48
1,714
15,561
100
210
6,554
28
1,641
33,456
25,643
2,295
251
1,527
6,509
61,833
34,551
2,323
23,915
1,044
65,553
651
128
4,283
3,855
4,274
6,080
22,576
10,533
1,848,559 4,475,964
7,796
184,182
12,015
145,261
28,410,104
5,088
96,979
5,852
95,356
17,670,903
200
4,741
139
7,977
3,741,376
1,908
80,386
6,024
40,367
6,806,990
600
2,076
15,676
83,439
55,485
1,057,377
129,964,962
323,159
246,487
5,873,902 2,604,425 11,134,807 130,440 1,174,935 3,108,552
2,855
30,198 17,629,102 12,063,414
5,152
535,135
19,852
185,401
244,010
40,360
157,779
2,000
49,044
31,299
81,799
635,751
744,219
11,716
34,589
272
18,109
15,144
33,348
51,692
60,979
57,491
6,156
25,529
195,659
76,177
101,320
9,601
28,993
1,980
9,778
299
3,697
5,934
6,466
442,535
885,925
16,033
6,617
467
24.682
9.889
29,602
903,689
1,760,900
67,585
52,836
429,685
4,112
61,895
155,997
12,711
3,463
3,449
2,263
12,638
155
1,483
3,764
835,564
1,795,208
65,110
33,756
190,132
3,543
52,054
133,292
14,978
34,997
2,117
1,089
48
164
16,452
17,46£
22
293
43
60
102
116
56,611
91,590
74,669
50,085
2,455
90,554
12,234
122,813
33,745
221,040
2,979
18,125
10,582
20,573
17,023
83,935
4,482
2,168,926
20,684
62,757
5,646
12,354
88,502
252,915
2,690
350,518
2
92
18,486
114,695
69,182
3,317,706
53,553
43,126
2,262
6,862
338,947
586,569
6,429
591,692
19,953
911
16,340
72,041
3,008 101,557,306
1,358,776
79,056
2,271,359
4,372
1,366,003
2,585
317,075
1,379
232,784
176
241,417
15,941
1,038,784
17,729
N 52,112
129
773,426
17,434
17,615
66
1,634
13
1,261,756
153
142,297
559
21,380
179
15,521,331
18,961
161,740 126,155,055
3,809,907
29,095
29,074 ' 3,808,266
30,1
452
1,468,943
10,077
2,340,964
19,018
519
366
6,923
27,480
3,058
14,641
22,318
24,946
8,130,497 5,847,519
5,731
788,281
7,438,380
692,117
691,840
4,685
267,593
' 424,524
2.890
228,522
3,652,254
195,265
195,068
4,238
83,669
111,596
224,325
94,113
jk ä Z ä
18
434
32,268
193
80
55,138
763
40,729
14,951,905 182,114
2,353
3,678
S3
869
618,077
258,224
14,662
713,595
12,893,152 167,636 1,680,171 4,238,655
.237,309
14,478
168,388
2,038,753
168,362
237,260
14,458
2,038,629
5,039
1,300
413
493
107,082
67,927
789,947
5,420
130,226
100,461
1,248,806
9,058
16,360
1,708,090
25,574,75]
2,835,353
2,833,104
25,501
1,040,736
1,794,617
10,547
987,40]
16,497,131
1,173,772
1,173,232
23,285
445,945
727,822
641
282,820
3,386,208
355,168
355,120
1,300
136;262
218,906
5,193
418,908
5,529,672
1,277,318
1,275,677
464
448,448
828,870
69,252
16.80Î
1,303,431
19.059
372,875
11.86.
237,344
1.282
680,416
___5,812
529,526
6,289
64,746
52.324
18,995
691
1,643
96,259
215,286
14,999
3,358
1,561
190,835
12,792
102
ès,è i3
5,347,578
11,168,950
390,808
13,446,198
1,275,874
2,981,512
10,936,602
4,010,635
1.155.477
1,074,833
42.985.383
964,51
159.624
Table 3* —Corporation Income tax returns w ith balance sheets, 1/ 1949, by major in d u stria l groups - Part I , a l l returns; Part I I , returns with net incomes Number of
returns, assets and l ia b il it i e s , canpiled receip ts, compiled deductions, compiled net p r o fit or net lo s s , net income or d e fic it , net operating loss deduction,
income tax, compiled net p ro fit le ss income tax, and dividends paid by type of dividend - Continued
PART I . - ALL RETURNS TOTH BALANCE SHEETS - Continued
(Money figures in thousands of d o lla rs)
Finance, insurance.real estate.and lessors a? real DroDerfcv
Finance
T B ia l
finance,
Banks and Credit
Trade
insurance,
Holding
Total
Other
agencies and other
tru st
re a l estate,
not
finance
r e t a il allocable and lessors
companies
other
investment
trade
than
of re al
companies
banks
property
6,ë73
12,672
34,680
l4,S66
15,841
146,120
19,4^6
------------------------------------------------------------------------------ ------------------------------------------------------------------------------------Total
r e t a il
umber oi* returns w iih balance sheets 29/
ssetss
Cash 30/
3
Notes and accounts receivable
4
Less: Reserve fo r bad debts
5
Inventories
6
Divestoents, Government obligations 51/
7
Other investments 32/
8
Gross c a p ita l assets 53/ (except land)
9
Less: Reserves
Land
10
11
Other assets
12
To tal assets 54/
l a b i li t ie s :
Accounts payable
13
Bonds, notes, mortgages payable;
Maturity le s s than 1 year
14
IS
Maturity 1 year or more
16
Other lia b il it i e s
17
C ap ital stock, preferred
18
C ap ita l stock, common
19
Surplus reserves
20
Surplus and undivided p ro fits 55/
Less: D e fic it 56/
21
22
Total lia b il it i e s 34/
leceipts:
23
Gross sales _§/
Gross receipts from operations 9/
24
Interest on Government obligations (le ss
amortizable bond premium) s
25
Yiholly taxable 10/
26
Subject to surtax only 11/
Wholly tax-exempt 12/
27
28
Other in tere st
29
Rents 13/
30
Royalties 14/
31
Sxcess of net short-term ca p ita l gain over
net long-term ca p ita l loss 15/
32
Excess of net long-term cap ital gain over
net short-term c a p ita l loss 15/
33
Net gain, sales other than c a p ita l assets 16/
Dividends, domestic corporations 17/
34
35
Dividends, foreign corporations IB/
36
Other receipts
37
Total canpiled receipts 6/
■ eductions s
38
Cost of goods d%ld 19/
39
Cost of operations 19/
40
Compensation of o ffice rs
41
Rent paid on business property
42
Repairs 20/
43
Bad debts
44
Interest paid
45
Taxes paid 21/
46
Contributions or g if t s 22/
Depreciation
47
48
Depletion
49
Amortisation 25/
50
Advertising
51
Amounts contributed under pension
plans, e tc. 24/
52
Net lo ss, sales other than c a p ita l assets 16/
53
Other deductions
54
To tal canpiled deductions
55 'anpiled net p ro fit or net loss (57 le ss 54)
56 let income or d e fic it 2/ (55 less 27)
57 let operating loss deduction 25/
58 Income tax 5/
59 Compiled net p ro fit le ss income tax (55 less 58)
Dividends paid;
60
Cash and assets other than own stock
61 t Corporation’s own stock
167, ¿4'g —
1
2
For footnotes, see pp* ¿5—£6.
Food
77332
2,788,678
353,841
4,476'585
191,430
207,868
5,168
6,565,652
693,872
'680',853
36,320
1,155,051
103,834
6,882,238 1,051,945
2,496,877
384,425
'774'772
70,488
629,800
98,658
21,248,884 2,210,795
General
merchan
dise
6,820
Apparel
and
acces
sories
Furniture
and house
furnish
ings
Autanotive
dealers
and f illin g
stations
2i,310
14,862
869,545 312,117 103,175
623,952
1,433,024 433,684 679,854
616,968
18,579
104,728
15,554
25,311
2,071,332
743,522 424,151 1,051,020
88,700
'364'570
28,946
69^407
63,533
141,237
457,001 151,872
2,233,400 568,375 217,337 1,042,401
78,615
277,665
846,844 213,983
182,724
292,041
31,639
27,363
29,863
105,556
197,794
58,728
6,966,935 2,139,807 1,470,294 3,556,316
Drug
stores
57®
74,174
42,518
969
228,365
8,737
22,961
198,680
80,886
7,371
16,911
517,862
Eating
and
drinking
places
Building
materials
and hard
ware
12,158
11,272
99,822 142,769 209,485 297,432
42,524 417,490 619,093 816,578
12,657
24,572
28,185
330
65,577
592,611 695,202 951,783
41,114
55,902
27,126
15,933
67,699 110,654 176,331
36,260
559,631 369,617 640,852 864,300
347,412
213,286 147,742 253,433
55,500 102,597
59,144
48,502
24,562
60,432
59,340
38,388
693,021 1,540,619 2,153,235 2,949,758
40,446,786
52,553,347
488,200
6,001
97,185,542
67,891,773
18,974,490
4,454,449
4,553,169
5,334,346
281,982,805
37,257,672
50,773,231
471,161
6,001
74,359,522
21,110,155
2,872,666
731,724
242,425
1,676,123
187,074,910
1,489,154
614,604
710,245
13
- 2,308,338
5,108,992
6,780,617
- 2,970,179
150,107,908 147,894,662 774,362
391,353
77,857
1,325,268
10,553,423
3,452,442 971,448
1,052,044 179,832
2,059,369
7,231,367 818,540
13,741,863
92,454 524,237
2,091,684
187,074,910 159,615,918 8,504,419
248,732
3,510,365
1,369,433
812,230
6,031,406
812,125
5,522,865
1,447,506
17,569,893
14
15
16
17
18
19
450,415
2,913,106
90,310 139,209 178,528
37,642
93,610 195,406 228,598
128,353
83,518 205,988 205,855
65,289
59,404 109,350
20,631
27,284
194,435 472,411 562,599 731,542
31,759
61,069
17,806
6,614
597,935 690,212 1,036,721
196,699
52,320
67,370
59,114
21,612
693,021 1,540,619 2,153,235 2,949,758
4,147,762
17,397,079
216,785,207
1,878,520
16,357,207
2,320,083
24,073,983
3,889,942
281,982,805
57,525,634 11,985,633 14,097,964 4,959,299 2,324,475 13,517,391 1,426,762 1,835,866 3,009,898 4,368,346 7. 339.594
92,700 154,694
25,463
11,543
73,730
47,327
60,866
37,810
326, 341
744,901
69,121
53,223
7,425,196
22,511
1,521,906
584,190
586,207
1,514,472
203,563
180,553
5,624,634
1,919,590
174,907
15,810
827,977
189,524
132,533
2,290,570
149,119
49,006
11,576
795,437
186,299
128,148
1,842,986
112,970
1,937
8,197
5,711
156
272
336,72©
3,743
644
19,104
1,210
2,176
106,393
29,876
46,847
1,947
8,050
301,443
76,675
75,736 117,985
929,820
54,382
134,329
265,333
275,885
1,738,389
498,481 156,083 110,319
211,763
350,123
603,541 168,262 204,509
1,887,976
173,481
42,242
38,725
793,607
100,724
368^012 113,119
356,787
775,047
395,985 1,485,272 457,931
4,812,400
31,497
62,726
534,531
267,338
37,203
88,219
8,372,335
841,822 3,009,980 845,349 457,017 1,525,122
32,460
24,798
31,605
58,088
347,570
41,875
21,248,884 2,210,795 6,966,955 2,139,807 1,470,294 3,556,316
14,894
68,509
33,465
23,466
111,933
11,369
208,199
30,648
517,862
2,527,396
•
396,879
624,780
333,705
176,037
102,492
179,357
336,028
10,207
348
1,029
51,344
150,507
2,331
1,586
450
18
21
2,185
10,252
480
56
5,188
191
785
16,983
64,953
274
22
1,230
24
18
2,252
25,106
109
29
576
18
116
5,219
5,024
47
31
1,052
34
31
13,437
14,259
228
1,129
124
13
11
340
5,082
92
9
313
14
11
425
8,806
98
31
492
13
11
3,345
5,363
647
52
782
25
25
. 7,158
11,682
356
227
928
55
142
5,893
16,596
1,419
158
33,863
4,214
4,750
1,406
951
11,897
1,576
1,742
3,719
3,608
-
-
5,761
199,808
125,155
58,585
1,284
651
914
586
153
673
6,494
818
488
194
2,017
5,587
2,963
2,960
990
2,201
14,048
6,741
1,256
4,448
37,290
1,683
351
9
150
2
58
48
93
6
12,003
1,998
9,659
69,175
69,475
13,711
35,068
85,311 117,230
86,983
11,432
604,735
24,236
161,289
59,182,272 12,101,185 14,423,901 5,142,587 2,493,432 13,979,253 1,460,135 1,936,458 3,086,932 4,558,409 7,601,637
308,580
1,068,082
40,788
240,684
16,767,890
73,755
833,091
36,445
97,817
6,360,785
3,585
17,080
301
35,411
5,774,926
975,191 1,019,668 2,301,949 3,126,304 5,833,641
53,380
69,529
4,149
15, 366
40,936
70,042
36,513
108,710 166,107 168,905
67,500
19,964
86,766
50,424
90,724
24,258
6,539
22,700
9,304
16,476
23,307
20,509
452
661
13,366
14,572
18,316
9,073
2,963
5,724
55,189
72,161
52,972
19,054
38,016
1,695
1,955
5,029
598
689
63,930
49,601
14,519
41,533
28,718
448
349
880
10
103
142
246
52
32
21,527
67,957
67,699
19,867
14,765
5,055
1,210
1,299
3,012
1,649
51,373
130,853
26/810,908
256,264
158,982
310,067
1,055,255
797,694
23,221
539,752
38,943
419
108,852
89,438
17,160
130,855
487,155
86,724
28,308
295,752
658,021
196,106
14,669
124,703
6,537
99
68,694
65,752
1,801
49,869
498
938
2,809
517
1,164
12,117
549
1,703
3,339
600
6,954,870
9,375,408 1,576,398 2,912,481 997,420 583,142 1,284,050 289,245 560,044 389,319 783,309 983,544
57,009,902 11,811,778 13,581,711 5,013,661 2,420,343 13,448,430 1,421,692 1.908.132 2,954,692 4,449,463 7,400,327 27/11, 356, 760
5,411,130
530,823
28,526 152,240 108,948 201,310
2,172,370
289,387
75,089
842,190 128,926
38,443
5,230,577
530,792
58,432
28,315 132,229 108,921 201,168
289,366
841,405 128,906
72,973
2,171,341
2,113
35,789
610
2,840
2,489
980
445
12,629
2,171
659
1,392
1,063
992,453
76,907
41,973
28,892
16,744
44,186
820,930
109,938
195,583
13,507
517,913
52,194
4,418,677
11,582
88,054
36,973 124,403
524,277
1,351,440
179,449
76,752
44,197
335,240
24,936
1,760,844
95.762
42,430,040 9,697,782 9,430,735 3,301,504 1,495,424 11,081,483
11,272
225,357
15,887
30,592
445,742
48,803
329,972
75,669
112,438 145,401 103,167
1,148,019
109,735
107,194
61,623
1,060,011
279,802 253,779
33,652
41,160
15,003
7,708
210,524
57,782
131,227
4,822
30,669
15,802
19,287
22,881
9,867
29,474
11,657
9,284
116,678
24,064
594,058
197,055
52,491
29,056
89,725
80,500
5,891
29,760
3,719
1,786
4,086
9,341
84,202
79,521
18,718
471,586
109,080
45,694
SO
1,417
10
5
10
24
351
52
1,193
39
183
96
64,947
77,547
145,339
894,740
545,262 137,729
3,479
87,582
17,473
53,714
4,455
1,291
538,471
72.452
55,896
10.414
282,865
9.598
58,902
5.633
15,011
4.561
69,790
26.5X5
12,724
672
11,850
1.165
29,217
5.422
24,2L8
8.474
46,943
11.695
1
579,168 2
35,870,723
678,054
3
987,698
43,827,467 5,764,431
16,871 4
350,302 103,449
6,001
5
72,393,165 157,828 1,274,297 6
5,510,848 1,751,081 13,395,160 7
1,303,780 167,568 1,348,917 8
442,937 9
199,087
63,066
83,711 10
108,075
35,848
356,749 11
1,151,249
116,144
159,615,918 8,504,419 17,569,893 12
in
22,511 23
275,753 24
25
26
27
28
29
30
SI
55,599
32
3,868
3,264
790,816
17,45S
53,234
2,42?
28,559
27,179
991,929 1,417,893
33
34
35
36
37
58
39
40
41
42
43.
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
375,299
50,208
24,696
218,732
347,512
141,490
11,344
70,160
164
53,177
20,659
1,673
69,998
172,222
20,594
1,189
9,087
42,533
52,099
19,169
3,444
17,160
130,853
22,215
9,232
1,419
6,641
127,733
28,501
1,872
43,399
6,365
88
4,355
8,426
16,845
1,862,853
4,060,211
2,300,574
2,168,041
7,636
488,942
1,811,632
11,198
1,287,831
2,833,266
1,141,660
1,013,512
1,395
306,697
832,965
2,054
350,996
724,264
267,665
267,395
2,387
97,099
170,566
2,287
139,757
550,303
867,590
865,414
2,780
76,558
791,232
1,529,006
67.450
466,247
55.374
91,024
3.750
-
Table 3* — Corporation income tax returns with balance sheets, 1/ 1949, by major industrial groups — Part I, all returns; Part XI, returns with net incomes Number of
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction,
Income tax, compiled net profit less income tax, and dividends paid by type of dividend — Continued
20
21
22
764,901 00
7. 750 61
K g g H j
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income
Income tax, compiled net profit less income tax, and dividends paid by type of dividend — Continued
net income I Number of
deficit, net operating loss deduction,
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
2,240,128
321,581
2,864
554,232
455,066
52,401
26,634
14,791
51,981
1,584,680
22,411,579
44,240,816
621,905
35,520
15,585
3,112,070
72,924,880
-
-
•2,073,658 166,490
875,861
- 521,581 1,555,854
• 2,864
i2,679
-
-
22,391,701
44,137,060
540,925
19,669
10,558
3,074,684
72,208,675
19,678
103,756
80,982
15,851
5,247
37,386
716,205
- 548,401
164,505
348,401
18,457
22,504
65,483,601
57,892
1,054,527
15,725
6,240,955
295,182
72,924,880
75,756
4,658,042
30,712
4,267,159 590,885 1,245,248
7,725
1,859
1,957
4,465
2,550
111
588
475,127
13,587
47,256
1,290,403
125,143
125
316
472,733
13,559
47,219
1,288,384
120,675
58
292
9,043
2,921
10,060
65,258
7,756
483
6,688
176,057
975
204,971
3,229
55,452
6,858,644
56,464
6,625
520
581
10,554
5,521
264
2,057
6
11
2,657
1,763
26/109,006
51,067
2,210
6,621
5,822
150,125
2,151
54,588
12
15
14,808
20,476
-
-
65,418,643
17,278
951,258
-
6,102,846
281,350
72,208,675
18,457
22,504
64,958
20,614
103,269
13,725
158,109
13,832
716,205
986,499
59,229
750
225
232,927
200,242 4,729
26,745
2,266
963
1,106
13,351 20,101
100,714
6,435,711 422,933 3,256,250
-
-
26/17,680 91,528
55,980 15,087
1,421
789
2,499 4,122
2,284 1,536
142,975 7,152
1,358
813
29,797 4,789
12
15
9,124 5,684
18,284 2,192
14,215
-
208,598
114,527
126,247
7,043
355,941
422,527
6,189
568,811
653
303
25,308
2,912
1,506
847
665
182
30,545
84,269
4,085,298
3,849,953 255,545
976,652
152,378 27/4,481.044 27/4,112.010 569,054 2,658,069
23,659
2,577,600
2,525,701 53,899
598,181
21,722
2,530,564
2,276,482 53,882
597,518
1,074
6,672
7,261
589
20,329
6,788
260,457
245,455 16,982
192,398
16,871
2,117,165
2,080,246 56,917
405,783
6,854
576
197,834
20.840
179,551 18,285
19.426 1.414
89,052
§7355 :— i s ^ s s -
853,990 159,997
834,556
79,664
24,164
2,100
467,268
57,483
258,048
27,107
673,322 135,510
5,048,599 1,764,786
2,033,606
711,796
710,569 317,280
294,500
64,753
7,063,080 1,852,684
661,191
141,810
7.192
- 1,678,378
- 6,704,995
§72751 — Ï7ST7
Jkmuse—
Miscel
merit,
laneous
repair Motion
except
services, pictures motion
p ic
hand
tures
trades
57^3
fe,08ä
Other
services,
includ
ing
schools
57x 5s —
85,154 209,239 30,494 14,415 216,168 91,329
104,046 318,755 33,944 53,113 126,454 43,491
6,558
777
7,849
2,353
665
410
7,335
53,755
42,450 16,272 22,055 271,120
80,814 27,960
18,185
54,294
2,475
2,540
50,675 142,945 12,002
3,505 246,389 47,533
727,755 594,821 215,984 51,773 1,061,085 416,660
509,985 223,490 76,126 21,771 457,860 150,580
2,697 196, 92C 71,158
42,529
23,260
58,583
38,037
59,168 10,987
4,599
63,298
26,305
807,776 1,214,882 283,950 112,149 1,796,519 580,959
Nature of
business
not
allocable
57OT ■ "■ 'S,55T
67,194
95,091
3,452
16,798
24,675
34,765
215,777
82,202
18,164
27,353
414,161
24,899
61,550
863
19,725
9,221
57,578
152,761
57,629
22,826
13,334
325,202
129,454
48,775
47,960
71,224
44,445
54,557 24,466
4,877 112,547
111,907 125,758 69,547
10,079 370,242
64,584 162,401 21,961 14,581 163,651
.35,317
49,446
2,430
9,228
56,256
227,940 254,720 56,700 32,283 303,718
5,778
3,467
1,511
31,013
45,974
283,712 381,051 82,128 33,595 708,366
40,492
8,740
93,469
54,540 11,774
807,776 1.214.882 285,950 112,149 1,796,519
32,361
U l , 450
58,568
25,234
168,616
9,902
184,881
56,828
580,959
26,020
41,028
62,276
22,320
110,897
20,920
134,526
51,788
414,161
18,635
40,160
29,857
11,858
150,635
6,210
100,621
105,796
525,202
92,062
521,549 402,412 225,772 158,420 123,827
825,848 1,047,591 1,839,910 182,075 135,889 1,567,736
75,825
546,117
80,511
559,777
70,503
23,831
583
22
23
1,314
2,953
1,040
51
49
28
24
404
2,071
703
27
97,959
998,332
21,981 597,988
98,935
9,022,586 1,571,372 1,531,259 691,248
1,042,498 151,200 664,009 116,185
353,992 161,168 271,999
75,788
3,575,931 1,373,326 1,477,634 322,760
208,527
38,462 156,508
37,945
3,405,326 685,839 2,325,855 515,578
1,155,350 347,726 421,343 103,712
18,258,541 3,744,674 7,063,080 1,852,684
394
9,238
28
363
17
663
2,019
41,432
2,468 1,501,722
65
4,250
24
1,903
1,017
275*1 — 3375S5
95,125
102,901
1,498
535,672
78,969
2,515,807 224,995
12,155,590 3,524,529
3,277,530 409,675
4,030,858 244,301
459,128
87,025
18,258,541 3,744,674
551,922
300,075
69,451
45,828
98,127
15,568
169,095
27,487
1,584,680
Services
Automo
Lessors
tive
Hotels
of re al
Total
and other Personal Business repair
property, services
lodging services services services
except
and
places
buildings
garages
76,585
210,496
28,227
21,755
4,130
89
121
2,229
145,606
121,528
215
4,537
152
653
9,267
199,670
64,004
747
1,230
16
11
1,954
109,062
296
64
316
12
34
528
5,629
482
31
769
71
40
1,540
19,679
3,467
98
131
14
1
269
15,151
100
514
25
3
42
680
81
6
1,075
7
542
3,118
39,022
56,296
94
408
7
2
522
9,494
2,242
89
5,364
24,006
4,411
1,810
4,463
5,791
219
5,093
1,641
580
1,189
579
568
1,085
923
4,923
738
606
928
142
227
1,071
4,748
1,374
4,374
16
9,222
5,277
21,973
1,127
2,181
23
1,417
8
4,830
SO
1
42,506 13,677
18,556
7,847
27,604
4,362
1,941
8,721 132,376
292,211 8,850,311 1,489,880 1,463,702 2,129,493 567,784 262,871 1,819,572 650,203
277
941
51
15,883
663,806
252
1,044
7
2,940
103,072
58,896 39,666
987,593 269,652
35,486 25,747
88,255 25,922
16,614 11,625
1,594
1,558
16,075
5,244
89,301 27,012
1,501
1,395
70,089 23,228
7
105
556
67
53,297 14,004
931
7,951
48,462
266,083
51,185
20,599
6,251
2,540
2,556
11,396
457
13,360
14
68
15,579
2,555
54,587
11,878
5,596
1,439
859
615
1,747
8,152
65
3,157
115
5
645
301
456
1,832
2,205
857
1,083
302
161
1,090
6,498
30,067 1,959,063 437,333 538,128 453,902 63,562 44,552 276,416 133,750
157,436 8,316,493 1,393,765 1,404,985 1,998,525 345,421 253,467 1,683,867 605,794
134,775 533,818
96, U 5
81,717 130,968 22,363
9,404 155,705 44,409
96,104
134,654 533,165
61,683 150,928 22,362
9,404 135,163 44,407
563
1,555
1,791
2,417
539
262
11,550
1,384
1,856
37,145
22,342
50,676 212,459
50,663
7,735
4,512
52,192 25,672
84,099 521,579
58,970
4,892
59,375
80,305 14,628
85,515 20,737
544
191,440
630,669
35,187
35, U 4
1,946
14,178
18,959
919
16,518
100,574
2,698
2,674
321
2,563
155
7,511
584
2,599
358
•
977,752
- 5,690,828
6,347
4,146
2,217
651
39,471
28,956
212
11,652
51,741
4
42
318
92,194
500
599,667
317,345
129,453
17,806
71,373
259,246
7,434
323,124
195
962
145,245
50,484
155,577
8.762
286,068
310,615
30,999
66,340
57,954
2,778
51,222
65,011
1,555
78,930
11
69
22,183
692
22,562
1.546
210,772 151,465 102,101
591,021 1,091,492
80,994
90,685 128,516 21,550
40,382
42,779 28,020
19,585
11,717
4,292
5,550
4,595
949
6,392
5,565
3,650
24,021
8,821
29,464
1,214
1,265
192
48,433
51,929 27,441
S3
15
4
86
64
46
23,217
15,536
3,355
1,168
16,783
132
14,512
1.362
57,731
2.915
5,366
353
80,312
95,378
15,499
5,266
1,415
842
669
4,220
75
4,714
8
6
2.074
276
1,356
486
50,552
558
16,207
958
PSêÈSSÎiÊSfe& ê
109,747
195,655
539
Major Indus t r i a l groups ■ / —Continued
Continued
8 8 S a S
dumber o f returns with balance sheets 29/
Assets:
Cash 50/
Notes and accounts receivable
Less: Reserve fo r bad debts
Inventòrie s
Investments, Government obligations 5^/
Other investments 52/
Gross c a p ita l assets 55/ (except land)
Less: Reserves
Land
Other assets
To tal assets 54/
L ia b ilit ie s i
Accounts payable
Bonds, notes mortgages payable:
Maturity le s s than 1 year
Maturity 1 year or more
Other l ia b il it i e s
Capital stock, preferred
Cap ita l stock, common
Surplus reserves
Surplus and undivided p ro fits 55/
Less: D e fic it 56/
Total l ia b il it i e s 54/
Receipts:
Gross sales 8/
Gross receipts frcm operations 9/
Interest on Government obligations (le ss
amortisable bond premium) t
Wholly taxable 10/
Subject to surtax only 11/
Wholly tax-exempt 12/
Other intere st
Rents 3L5/
Royalties 14/
Excess of net short-term c a p ita l gain over
net long-term o a pltal lo ss 15/
Excess of net long-term cap ital gain over
net short-term ca p ita l lo ss 15/
Net gain, sales other than ca p ita l assets 16/
Dividends, domestic corporations 17/
Dividends, foreign corporations 1S /
Other receipts
To tal compiled receipts 6/
Deductions:
Cost of goods sold 19/
Cost of operations 19/
Compensation o f o ffic e rs
Rent paid on business property
Repairs 20/
Bad debts
Interest paid
Taxes paid 21/
Contributions or g if t s 22/
Depreciation
Depletion
Amortisation 25/
Advertising
Amounts contributed under pension
plans, e tc. 24/
Net lo s s , sales other than oapltal assets IS /
Other deductions
To tal compiled deductions
'omplled net p r o fit or net lo ss (57 le ss 54)
Ket income or d e fic it 2/ (55 le s s 27)
tet operating lo ss deduction 25/
Income tax 5/
3emptied net p ro fit less income tax (55 le ss 58)
Dividends paid:
Cash and assets other than cam stock
Corporation's a m stock
Finance, insurance, re al estate« and lessors of real property
Finance — Insurance carrie rs and agents
Real
Continued
estate,
Security
except
Insur
Total
and
lessors of
commodity- insurance
re a l
Insurance ance
agents property
exchange
carrie rs
carrie rs
and
brokers and and agents
other than
brokers
dealers
buildings
1,^60
ë,eSê
fe,Ò$4 6,6^2
§?,9S5
Table 3* - Corporation income ta x returns with balanoe sheets, l / 1949, by major in d u stria l groups - Fart I , a l l returns) Fart I I , returns with net incomes Number of
returns, assets and l ia b il it i e s , oompiled receip ts, compiled deductions, compiled net p ro fit or net lo s s , net inooxae or d e fio it, net operating loss deduction,
income ta x, oompiled net p ro fit le ss income ta x, and dividends paid by type of dividend - Continued
1 funber of returns wi'fch balanoe sheets ¿9/
js e ts 1
2 Cash 30/
S Notes and aooounts receivable
4
Less s Reserve fo r bad debts
6
Inventories
6
Investments, Government obligations 31/
7 Other investments 32/
8
Oross ca p ita l assess 33/ (except land)
9
Less t Reserves
Land
10
11 Other assets
12
Total assets 34/
lia b ilit ie s 1
IS
Accounts payable
Bonds, notes, mortgages payables
14
Maturity less than 1 year
15
Maturity 1 year or more
16 Other lia b il it i e s
17 Cap ital stock, preferred
18 Capital stock, oommon
19 Surplus reserves
20
Surplus and undivided p ro fits 35/
21
Less t D e fio it 36/
22
Total lia b il it i e s 34/
fooeipts s
23 Oross sales 8/
24 Oross receipts from operations 9/
Interest on Government obligations (le ss
amortisable bond premium) t
25
Wholly taxable 10/
26
Subject to surtax only l l /
Wholly tax-exempt 12/
27
28 Other interest
29 Rents 13/
30 Royalties 14/
31 Excess of net short-term oapital gain over
net long-term c a p ita l loss 15/
52 Excess of net long-term ca p ita l gain over
net short-term oapital loss 15/
33 Net gain, sales other than oapital assets 16/
54 Dividends, domestic corporations 17/
35 Dividends, foreign corporations 15/
36 Other receipts
37
Total oompiled reoeipts 6/
deductions t
38 Cost of goo>4s fo ld 19/
39 Cost of operations T?/
40 Compensation of o ffice rs
41 Rent paid on business property
42 Repairs 20/
43 Bad debts
44 Interest paid
Taxes paid 21/
46 Contributions or g if t s 22/
47 Depreciation
48 Depletion
49 Amortisation 23/
50 Advertising
51 Amounts contributed under pension
plans, e tc, 24/
Net lo s s , sales other than oapital assets 16/
Other deductions
Total oompiled deductions
Compiled net p ro fit (57 le ss 54)
Net income 2/ (55 less 27)
Net operating loss deduction 25/
Income tax 3/
Compiled net p ro fit less income ta x (55 less 58)
Dividends paid«
Cash and assets other than own shook
Corporation*s own shook
For footnote*(
pp. 25-26.
PART I I , - RETURNS WITH NET INCOME 2/
(Money figu res in thousands of d o llars)
idsjor In d u stria l groups 4 /
la sin g and quarrying
Agricu ltu re, fo restry, and fish e ry
Total
Total
Tams and
a g ri
A ll
Bituminous
Anthra coal and
mining
in d u stria l
culture ,
a g ri
Metal
and
c ite
groups
forestry, cu ltu ra l Forestry Fishery
mining
lig n ite
mining
quar
serviocs
and
mining
ryin g
fish e ry
560,243
m
4,42s
ÏS5
S.E87
146
5T
55?
3,855'
61,511,722
143,129
137,165
81,797,823
140,531
131,198
1,383
1,297,859
1,814
39,543,476
196,598
201,724
109,842,365
106,580
96,855
87,986,140
131,069
136,632
174,469,679
850,799
807,141
338,683
62,151,041
326,196
7,904,501
232,671
221,627
10,135,654
35,445
37,425
509,762,559 1,508,894 1,430,420
4,489
1,475
783,993
160,399
6,699 2,734
759,311
162,943
404
8,013
589
27
3,142
1,984
495,042
139,117
861,331
284,101
7,444 2,281
216,137
3,079 2,384 1,003,482
27,501 16,157 7,207,841 1,390,422
845,154
8,953
4,535 3,637,817
980
10,164
80,475
3,425
784
1,196
237,004
71,898
54,267 24,217 7,782,649 1,582,899
Total
manufac
turing
Beverages
Food and
kindred
products
1
66,173
r.T ss
183,595
325,184
89,940
24,875
634,495 11,821,624
180,593
26,690
300,716 88,369 1,748,621 14,873,884
2,739
2,101
12,422
1,932
401,888
652
60,836
224,399 55,188
340,615
24,904,704
16,502
361,656 45,463
9,233,553
22,990
147,221
118,659
261,882 10,716,132
154,595
440,206 77,687
114,857
361,953 1,380,937 3,446,715 627,814 1,160,067 70,701,442
173,363
639,883 1,682,792 296,625
491,172 32,285,694
39,190
18,726
66,051
1,868,032
2,536
16,698
51,389
96,556
18,749
121,780
2,002,158
18,413
413,801 1,513,142 3,649,797 723,210 3,948,576 113,433,957
245,632
328,031
6,978
884,619
119,312
269,034
1,364,997
424,015
56,388
85,235
2,922,255
936,766 2
1,126,601 3
4
29,813
2,230,312 5
450,260 6
707,079 7
4,977,151 8
2,111,217 9
244,783 10
189,578 11
8,721,500 12
341,456
632,192 15
195,185
39,314
654,477
8,905,003
78,917
34,784
2,646
43,884
18,789
10,667
106,601
11,617
193,705
5,791
413,801
75,169
327,935 14
19,480
142,897 18,064
174,156
2,176,256
646,543 54,932
389,544
847,934 16
115,786
204,366 10,622,829
8,717,153
278,561 46,411
891,933
229,220
811,873 16
92,781
19,836
83,447 23,838
6,284,732
133,227
617,701 17
84,790
725,760 175,436
357,736 1,989,837 18
337,083
604,951 25,123,703
70,617
66,832 41,446
104,542
5,754,222
78,688
426,489 ¡19
768,751 1,622,007 333,774 1,266,599 46,194,460 1,325,032 3,286,841 i 20
7,787
19,302 I 21
17,038
244,401
8,131
111,455 10,005
1,813,142 3,549,797 723,210 3,948,576 113,433,957 2,922,255 8,721,600 22
281,512,356 1,235,966
49,856,587
268,843
1,211,925
253,162
12,178
4,426
1,384,858 1,736,574 627,859 1,925,384
133,479
516,951 66,079 6,436,868
1,488,234
208,772
186,847
3,903,125
2,629,242
456,068
21,420
742
197
144
3,641
12,268
5,659
120
629
195
124
5,537
12,037
6,422
95
89
2
20
86
197
236
26
89,822
5,694
1,679
68
205
4,512
19,081
1,396
249
100,206
3,269
3,380
130,710
239,858
133,820
3,153
21,669
1,425
639
5,371
11,894
2,240
14,417
228,568
2,610
80,475
«
1,322
213
33,671
376
22,388 23,586 5,799,048
96
19,717
414
4,662
862,198
10,355
1,288
622
46
97
17
550
787
8
403
515
8,533 3,007,832
6,084
482,014
918
69,420
122
25,607
643
84,209
8
3,891
167
58,774
402
172,694
11
2,844
895
236,099
417,911
.
3,114
6,445
26
10
19,523
505,184
14,730
3,809
2,058
9,128
328
3,036
33,278
200
26,145
69,534
46
161
2,593
208,007 1,050,197
28,712
92,763
18,482
1,992
2,054
4,806
9,791
28,229
58
666
1,454
5,194
7,913
30,452
160
746
63,665
7,710
44,082
6,827
85
950
1,255
459
5,528
873,470 370,974 1,479,826 118,637,835 3,114,184 18,768,437
1,687,616
5,266
42,900
311,423 34,396 5,273,943
1,952,390
291,765
40,591
163,901
25,706
19,452
3,799
531,926
9,033
62,535
12,890
29,706
40,012
2,496,524
35,028
219,531
13,691 23,370
1,570
9,904
2,149
12,632
151,482
1,269
17,680
51,428
829,798
25,634
3,456
17,686
79,631
243,486
3,769,344
611,080
85,778
15,273
8,402
1,086
652
4,966
114,594
4,078
126,000
2,796,598
66,430
242,037
116,649 31,930
1,139
1,993
1,308
842,659
276,043
21,725
47
6,645
10
1,522
2
2,981
1,833,433
141,667
361,562
2,255
1,842
19,728
48,599
10,970
926
8,074
655,601
10,258
38
39
40
41
42
43
44
45
46
47
48
49
50
51
1
5,018
2,299 3,760
427,815
17,056 21,582 5,003,208
5,333 2,003
795,840
5,313
2,003
795,638
217
5,251
21
553
264*913
1,418
530,927
3,915 1,450
131
30,824
700,685
151,513
151,427
656
48,150
103,383
1,629
2,926
553
12
1,396
567,662
14,570
103,682
210,197 68,842
290,349 1,441,178 1,972,235 598,761 7,941,881
578,837
21,620
392,158 109,188
121,361
578,632
121,294
392,138 109,160
21,619
9,623
901
2,642
764
288
196,331
130,119 38,871
5,263
42,530
262,039 70,317
382,606
16,357
78,831
35
37
214,823,021
27,683,899
2^6.457,442
2,932,687
3,194,468
673,808
2,631,931
7,605,677
217,066
6,150,121
1,339,230
26,928
3,244,413
1,152,208
888,285
111,826
35,658
26,381
15,351
2,682
9,212
26,252
721
43,449
1,713
849,397
104,484
32,118
26,215
14,611
2,657
8,495
26,065
702
42,151
1,200
2,666
53
54
35
36
37
565
48
28
819
2,354
1,765
18
104
55,726
32
1,891
33
20
5,068
7,734
22,708
313
160
176
2,726
10,850
2,006
66
67
2,032
9,278
10,904
28
4,418
58,150
7,466
7,193
396
1,113
2,642
523
1,623
121
666,001
26,969
2,269
7,848
11,046
6,363
43,719
1,691
26,368
617
67
1,639
326,444
324
77,632
104,840
802,968
24,717
7,253
16,566
4,727
761
311,969 1,562,539 2,364,393 707,949 8,520,718 166,872,715 4,937,273 23,411,864
19
34
1
-
331
23
i
408
4,663
4,999
21
1,331
4,456
3,230
12,196
1,521,858
9,419,599
653,355
25
26
27
28
29
30
31
3,831
24
86
2,251
2,819
1,379
86
-
13,539
78,840
541
534
215,802
209,743
38,423,146
27/515,414,882 1,367,098 1,328,461
' 50,344,405
200,738
193,397
200,589
193,273
30,157,658
4,191
3,953
186,958
61,703
9,688,489
63,674
20,655,916
137,069
131,694
4,972
278
290
10,846
16,683
6,975
341
8,614
194
202
10,578
26,848
41,755
465
24
1,526
4,849
3,250
12,786
1,587,831
-
1,662
47
107
2,843
3,153
455
84
248,889
42,570
18,081
8,408
2,685
23
24
792,272
23,237
615,344
-
160,163,867 4,871,347 23,123,991
12,260
106,637
5,063,468
11,863 4,790,449
11,255
780,296
309,037
2,104,519
441,032
2,279,907
345,759,287
8,469
2,756
96,939
6 ,¿81
4,588
1,415 1,123
187,674
11,671 3,003
57,044
918,189
983
9,985
116,565
650,107
46,482
184,250
1,464
521
407,516
17,016 6,736 1,752,395
62,515
331 1,046
252,927
834,673
14,372 9,697 3,652,910
7,689
688
160,942
25,580
64,257 24,217 7,782,649 1,582,899
97,213
445,139
Manufacturing
9,352,013
78,280
75,744
139,962
125,288
52,090,785
252,524,074
77,673
66,705
13,720,319
28,560
26,575
69,893,658
545,887
522,135
10,501,256
97,215
95,839
103,726,788
487,315
463,246
2,646,775
43,211
34,934
609,762,369 1,508,894 1,430,420
20,800,281
1,697
Crude
Nonme
petroleum t a l lie
and
mining Construc
natural
and
tion
gas pro
quarry
duction
ing
¿,088
1,15?
15,322
-
33
61
2,174
251
60
404,692
12,260
109,474
-
247
8,417
15,544
7
55,488
4,692
191,628
6,274
34,488
1,307
68,001
18,531
32,123
2,135
4,866 52
14,551,893
405,598 2,011,964 53
150,671,263 4,467,785 22,244, 928 54
15,201,452
469,488 1,166,936 55
16,198,072
469,381 1,166,646 56
64,559
2,189
7,620 57
5,446,437
171,480
424,356 68
298,008
742,680 59
9,755,016
4,775,161
542,695
. corporation láceme tax returns with balanoe sheets, 1/ 1949, by ■*jor Industrial groupe - Part I, all returns) PartXX, returns with net incomes Number of
meseta end liabilities, compiled receipts, compiled deductions, compiled net profit or net lose, net Income or aenext. net operating lose deduction.
107,117
9,471
346,309 60
23,847 ! 61
Table 5* - Corporation loco,, tax » t a n . with baOano. wbtata, 1/ 1949, by major industrial i ronpw-Part I. «M. returns, £ r t II,
«, ««««».
assets EB¡»
and llwbilitlww,
receipts,
retorne.
_ compiled
,,
____
a— , compiled
— r— ___ doductlona,
--— , compiled net profit or net loan, mat income or deficit, net «P-atlng lore deduction.
1i¥in— tax, compiled net profit leea income tax, and dividends paid by type of dividend — Continued
PART XI. - RETURNS WITH NET INCOME
Te xtile m ill
producto
Tobacco
manufac
tures
2
B
4
S
6
7
8
9
10
11
12
1S
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
30
31
52
33
54
35
36
37
38
59
.40
«umber of returns with balance sheets 29/
Leaetat
C u b 52/
Notes sad accounts receivable
Leeri Reserve for bad debts
Inventories
Investments, Government obligations 51/
Other Investments 32/
Qross capital assets 88/ (except land)
Least Reserves
Land
Otber assets
Total assets 54/
¿ a b ilitie s i
Accounts payable
Bonds, notes, mortgages payable:
Maturity le ss than 1 year
Maturity 1 year or more
Other lia b ilit ie s
Capital stock, preferred
Capital stock, comnon
Surplus reserves
Surplus and undivided pro fits 35/
Lesst D e ficit 56/
Total lia b ilit ie s 34/
lecelptsi
Qross sales §/
Qross receipts from operations 2/
Interest an Government obligations
(le ss amortisable bond premium)i
Wholly taxable 10/
Subject to surtax only 11/
Wholly tax-exempt 12/
Other interest
Rente 15/
Royalties 14/
Excess of net short-term capital gain
over net long-tem capital loss ¿¡¡/
Excess of net long-term capital gain
over net short-term capital loss 1§/
Net gain, sales other than capital
assets 16/
Dividends, domestic corporations 17/
Dividends, foreign corporations 18/
Other receipts
Total compiled receipts 6/
Deductionst
Cost of gpods sold 19/
Cost of operations 19/
Compensation of officers
Rent paid on business property
Repairs 20/
Bad debts
Interest paid
Taxes paid 21/
Contributions or g ifts 22/
Depreciation
Depletion
Amortization 25/
Advertising
Amounts contributed under pension
plans, etc« 24/
Net lo ss, sales other then capital
assets 16/
Other deductions
Total compiled deductions
Compiled net pro fit (57 less 54)
Net income 2/ (55 less 27) ,
Net operating lose deduction 2
Income tax 5/
Compiled net p ro fit less income tax
(55 le ss 58)
Dividends paid:
Cash and assets other than own stock
Corporation1s own stock
For footnotes, see pp« 25-26«
Apparel
rad
products
oade from
f abrios
3,596
S I
99,182
468,608;
2,858
1,507,412
14,292
68,875
556,526
118,752
9,562
15,776
2,565,608
665,614
888,915
20,457
1,615,579
478,400
516,559
5.626.151
1.566.059
68,686
100,446
6,375,852
51,277
416,045
Lumber
furniture
and wood
products, and
fixtures
except
furniture
7,551
5,221
230,560
553,602
517,857
542,398
7,584
. 14,549
781,427
492,759
155,609
69,888
171,658
115,221
425,015 1,451,985
555,158
169,455
56,058
19,356
71,763
42,236
2,163,141 2,405,477
537,118
161,271
Paper
md
allied
products
%/ - Continued
Printing,
publishing, 0
ind a llie d a
Industries F
1,871
8,177
129,229 389,515
205,242 448,271
13,474
7,005
266,741 603,528
62,008 324,578
43,932 613,762
408,342 5, 059,459
174,010 1,262,901
67,160
17,731
95,875
17,345
967,557 4,198,556
499,916
757,686
25,854
458,294
276,205
545,200
2,158,414
759,412
113,488
132,487
4,154,444
195,584
386,410
2,510
88,002
*abricated
■ stai prod- 1laohineiy,
oets, except occept
slay,'sad Prlnmry
M tal
¿raneporIndustries aachinery,
bation
»redacts
equipment
and transjportation
rad
equltment
i, é
ii
5,487
1,740
1,582
Leather
Petroleum
rad
and coal Tinbbsr
products products
products
416
419
1,184,106 178,200 125,444 348,113 1,095,199
1,957,849 346,532 240,455 575,464 1,041,601
52,847
6,666
10,758
49,586
10,710
2,079,151 481,873 585,811 490,549 2,014,404
42,005 247,450 1,075,253
765,904 143,709
871,632
66,189 202,186
2,915^532 130,621
16'680',151 1,090,945 522,195 2,257,415 10,436,930
8,048,552 576,679 151,151 1,014,019 5,588,571
68,557
158,555
10,902
15,386
345,266
174,491
52,561
24,297
16,589
212,418
18,040,439 1,816,486 1,057,481 5,015,296 11,044,445
855,306
724,981
21,888
1,185,006
332,194
259,265
2,426,826
1,040,669
100,272
105,630
4,724,401
1,222,751
1,454,553
48,616
2,758,729
764,340
615,046
4,295,271
1,877,704
124,940
145,178
9,429,088
181,856 1,040,204
580,853
755,551
1,423,680
151,158
105,452
250,591 151,465
626'771 569,540
135,082 395,873
218'727 573,585
406'907 1,504,389
38,958 301,519
600,252 3,067,983
6,365
2^757
2,585,608 6,575,852
109,254
82,095
131,877
108,386
167,914
179,395
48,368
107,143
637,786
495,051
50,446
51,201
783,141 1,144,717
19,750
6,775
2,165,141 2,405,477
81,995
26,645
52,545 470,191
96,467 * 277,694
35,427 350,936
219,596 812,775
22,003 167,042
432,270 1,885,436
1,097
5,396
967,557 4,198,356
90,658
545,092
451,943
255,988
711,821
176,845
1,768,524
30,852
4,154,444
110,569
57,568
52,537
183,527
10,159
79,390 245,682 1,131,453
2,449,896 552,474
862,660
81,119 239,777
624,952 104,785
819,279
62,938 133,225
504j 123 209,281
9 15,424,673 266,954 234,159 792,773 2,732,510
491,101
59,640 100,636
794,066 129,672
6,656,559 612,829 406,475 1,312,820 5,862,572
5,705
4,247
9,021
806
1,057
18,040,439 1,816,486 1,057,461 3,015,296 11,044, U S
5,066,407 9,019,756
5,428 159,616
5,856,290 5,128,542 1,885,456 4.860.170
10,710
71,451
15,699
155,367
5,292,405
395,507
15,706,502 2,772,516 2,578,201 5.654*888 15,002,159
569,283
6,980
21,165
'572'024
4,705
1,452
15
7
7
8,181
242
233
12,516
90,528
26,292
'895
8,743
12,4699
25,877
1,290
516
6
521
7
6
152,587
88,861
620,682
260,068
874,598
403,152
524,895
200,425
1,080,950 2,105,462
611.621
192,663
2,129,242 3,840,182
16,270
11,851
4,724,401 9,429,088
7,422,181 12,072,564
247,171
52,784
631
27
25
999
1,257
196
56
2,977
143
92
2,306
4,735
2,762
37
13,459
156
8!
26,520
15,626
6,882
178
4,068
229
154
5,295
10,141
3,939
47
7,992
407
373
10,779
10,569
19,880
102
585
4,419
8,598
4,444
9,340
42
178
193
470
725
129
55
46
615
5,069
6
1
6,653
160
sss
6,550
14,489
1,921
267
1,063
79
54
1,577
4,295
6,201
234
2,089
72
115
2,502
7,531
3,910
232
814
20
40
764
1,654
539
4,425
159
144
6,805
5,724
2,989
75
5,985
354
212
4,007
14,248
7,016
59
2
440
15,471
1,528
75,317
2,204
16,635
17
671
280
588
102
128
25,916
3,165
2,556
574
41,657
112,646
5,192,594 9,293,736
12,039
6,498
1,525
2,168
18,956
1,195
344
73
22,099
22,591
8,993
19,514
6,046,974 3,321,289 1,918,791 4,961,056
21,492
2,775
58,878
5,790,175
8,817
40,502
1,810
10,484
7
272,000
7,975
14,896
14,294
73
1
74j226
59,45£
19,756
9,836
10,840
0
104^879
6 16,894^916 2,821,002 2,401,722 3,737,173 13,730,65v
19,602
10,688
25,280
16,303
60,909
42,106
7,570,799 12,485,473
2,190,521 7,192.852
'565 '100,459
8,770 127,861
26,017
1^781
4,845 109,871
4,700
514
25,548
25,958
509,245 125,253
11,946
1,106
11,025 142,747
46
55
54,323
88,018
24,462
6,445
4,727,561 2,362,170 1,387,692 5,466,480
5,662
3,255
49,757
114,543
70,029
58,956
64,970
176,792
17,625
11,248
44,000
9,012
11,941 122,582
10,721
27,956
3,302
2,661
4,853
5,29!
18,595
4,057
10,296
10,311
79,554
51,826
24,200
53,512
5,744
2,077
2,030
6,007
20,096 114,138
63,976
27,65'
4,062
107
80,959
57
2!
23,760
21,205
49,355
9,775
3,044
26,189
3,754
5,550
5,640,700
207,376
190,255
52,569
27,925
18,990
17,489
76,238
7,925
79,603
14
47
35,472
29,126
7 11,625,537 2pQ76f799 1,943,486 2,413,516 10, 0U ,51!
352,054
31,666
4,451
238
5 '276^699
90,20
68,7ft
47,562
16,552
5
27,S9C
42,965
11,242
13,19]
11,629
8
125,153
519,61
95,54C
14,872
49,303
9
300^342
5,76C
4,45!
2,080
3,12'
9
34,841
78,48'
11,446
4, 93!
12,654
4
77,209
232,765
57,04!
86,469
26,32'
6
393.88C
7,51
2,08?
2,831
1,169
>4
4,423
518,57!
95,98
S1,84C
16,371
3
483,132
51,64
166
2,586
34
«
677,276
79
45
8r
5
1,332
34,16
24,221
26,75!
33,58S
6
72'854
48,17«
13,28
6,809
5,106
2
110,502
5,574,299 8,312,680
24,622
51,524
198,347
180,756
27,723
42,309
U 0 , 422
214,789
10,034
7,699
43,119
15,538
197,118
102,059
12,786
6,806
223,042
115,609
1,084
86
623
K
126,702
70,331
27,068
58,529
55
2,705
86,646 605,898
2f 932,890 8,554,739
259,704 738,997
259,658 738,664
199
2,445
97,574 267,145
162,330 471,852
92,462
66
218,662
16.38S
969
2,721
>4
214,170 428,428
265,018
580,095
5,811,487 3,005,334 1,767,27] 4,382,714
151,520 578,542
315,955
235,487
315,842
151,480 578,198
235,453
804
1,702
2,63'
3,31C
55,785 212,595
104,616
80,552
97,735 365,747
211,34!
154,93£
853,479
5,239,729
550,446
550,234
5,405
191,936
' 358,510
5
8
»
3
.7
-7
It
152,74*7
9,08(
144,494
14,105
33
41
508
42,274
18,82(
495
78,41.
U , 52
196
31,512
5,644
79!
1,408
1,795
3,212
23]
38]
3,39.
1,98«
590,31
181,664 400,16'
508,852
1,563,71!
15,773,282 2.657.47 2,288,639 3.218.69 12,386,54
113,09C 518,47 1,3U,10*
Ì63,S2'
l',121, 63'
518,3a 1,344,02
115,06.
1,121,40]
163, 52(
1,25
3,47
1,17«
45]
.3,002
497,53 i
189,70!
40,34
58,012
326,48C
846,57 6
328,77
72,74]
105' 51'
795jl5
840,16,
44,23
56, 6L
75
36,46
5,99
143,42
4,01
s a , 621
23,58S
1,54C
1,287
744,12! 1,587,664
6,813,596 U , 054,755
757,20 1,430,718
757,04' 1,430,345
7,288
3,41<
530,208
276,95]
900,510
480,25!
198,85!
23,53
364,i a
44,245
Table 5. - Corporation income tax returns w ith balance sheets, 1/ 1949, by major in d u s tria l groups - Part X, a l l returns; Part I I , returns w ith net incane:
returns, assets and l i a b i l i t i e s , eanpiled re ce ip ts, compiled ‘Seductions, compiled net p r o fit or net lo s s , net income or d e fic it , net operating lo ss deduct;
income ta x, oompiled net p r o fit le s s income tax, and dividends paid by type of dividend - Continued
PART I I . - RETURNS WITH NET INOOME 2/ - Continued
(Money fig u res in thousands o f d o lla rs )
lfajor industrial groups^/ E le c t r ic a l
maobinary
and
equipment
1 Number of returns with balance sheets 29/
Assets;
Cash S O /
Notes and accounts receivable
4
Less: Reserve fo r bad debts
Inventories
S
6
Investments, Government obligations 51/
7
Other investments 52/
8
Gross c a p ita l assets 35/ (except land)
9
Less: Reserves
10
Land
11
Other assets
12
Total assets 54/
L ia b ilit ie s :
15
Acoounts payable
Bonds, notes, mortgages payable:
14
Maturity le s s than 1 year
15
M aturity 1 year or more
IA
Other l ia b il it i e s
17
C ap ita l stock, preferred
18
C ap ital stock, comaon
19
Surplus reserves
20
Surplus and undivided p ro fits 35/
21
Less: D e fic it 36/
£2
To tal l ia b i l i t i e s 34/
Receipts:
Qross sales 8/
£5
£4
Gross receipts from operations 9/
In te re st on Government obligations
(le s s amortizable bend premium):
25
Rholly taxable 10/
26
Subject to surtax only 11/
27
Wholly tax-exempt 12/
28
Other in tere st
£9
Rents 15/
50
Royalties 14/
51
Excess of net short-term c a p ita l gain over
net long-term c a p ita l lo ss 15/
52
Excess of net long-term c a p ita l gain over
net short-term c a p ita l lo ss 15/
55
Net gain, sale s other than c a p ita l assets 16/
54
Dividends, domestic corporations 17/
55
Dividends, foreign corporations 15/
56
Other receipts
57
To tal compiled receipts 6/
Deductions:
58
Coot of goods sold 19/
59
Cost o f operations 13/
40
Compensation o f o ffic e rs
41
Rent paid on business property
42
Repairs 20/
45
Bad debts
44
Inte re st paid
45
Taxes paid 21/
46
Contributions or g if t s 22/
47
Depreciation
48
Depletion
49
Amortization 23/
50
Advertising
51
Amounts contributed under pension
plans, e tc . 24/
52
Net lo s s , sales other than c a p ita l assets 16/
55
Other deductions
54
To tal eanpiled deductions
55 Compiled net p r o fit (57 le s s 54)
56 Net income 2/ (55 le s s 27)
57 Net operating lose deduction 25/
58 Income ta x 5/
59 Compiled net p r o fit le s s income ta x (55 le s s 58)
Dividends paid:
60
Cash and assets other than own stock
Corporation ' s own stock
61
2
s
1,611
Transpor
tatio n
equipment,
except
motor
vehicles
T09
Motor
vehicles
and
equipment
except
e le c tr ic a l
675
564,711
328,264
951,506
817,997
589,527
654,914
17,826
4,041
7,844
1,565,722
749,357 1,581,918
637,201
268,359 1,926,391
788,053
131, 394
425,516
2,021,218 1,153,568 5,712,690
834,809
596,698 1,785,015
51,898
69,791
54,355
105,654
74,440
97,270
5,497,819 2,528,325 7,627,137
547,412
191,450
705,876
S c ie n tif ic
Wholesale
Ordnance instruments;
Other
To tal
and
photographic Other
Trans
Communi E le c tr ic
public
To tal
manufac
publio
Total
and gas
equipment;
Commission
acces
u t ili
trade
turing
u t i li t i e s portation cation
wholesale merchants
u t i li t i e s tie s
sories
watches,
clocks
S3
T3733T
------- 57TSS ------ IS76ÖS -------5^37 — 57553--------- 55Î — 37T555 ----- 122,819
Tm y
35,557
142,726
294,220 2,640,257 1,630,521
148,672
819,955 41,106
4,849,147
997,262
408,379 2,580,789 1,280,970
9,800
234,551
396,529
680,399 22,891 9^689^900
067,408
799
7,177
15,139
45,774
7,846
2,653 . 34,691
584
344'080
155,245
63,334
414,798
601,402 1,652,413
154,818
844,193
641,408 11,994 11,576,594
111,599
12,726
81,252
105,532 1,633,969 1,173,663
35,686
413,035 11,585
l ) 206, 853
505,015
41,452
124,222
148,498 6,365,342 4,120,411
91,941 2,118,054 34,936
2)558)751
425,680
87,782
585,221
860,214 66,742,699 3Q656,850 9,890,791 25,258,549 936,509 9)175)297
550,142
43,176
265,184
552,545 16,604,650 8,473,555 2,691,181 5,264,908 175,006
952,677
3,391,802
2,563
17,784
37,206
480,290
192,465
19,314
250,812 17,701 1,009,235
233,159
9,718
19,240
46,896 1,810,909 1,081,058
104,545
603,660 21,666
859,169
283,320
218,957
1,345,453 2,134,465 67,056,244 3^498,708 8,128,462 25,486,276 922,798 37,187,064 16, 085,661
10,246
80,434
28,042
75,401
84,526
145,172
141,473
193,825
72,877
96,982
339,144
458,660
58,264
69,568
544,410
927,718
3,737
15,768
1,345,433 2,134,465
7,489,774
56,379
178,729
17
1,686,234
6,019
2,827,887 14,225,226
494,976
10,009
2,148,526 1,527,145
515,717
491,610
3,577,773
397,461
292,072
6,314
39,141 24,744,732 14,789,357 3,386,894
14,054
5
4
5
6
7
8
9
10
11
12
5,753,827 5,351,558
15
17,379
1,926,064 1,114,649
430,473
2,520,233 1,042,567
55,830
2,973,746 1,109,079
76,914
1,246,880
498,195
172,242 7,659)830 3,094,032
17,503
931,946
587,955
144,871 14,333)171 5,588,467
6,468
80,641
158)633
922,798 37,187)064 16,085,661.
14
15
16
17
18
19
20
21
£2
95,082 3,993 111,407,750 55,545,978
6,418)495 150) 006
1) 971)935 1,255,293
25
24
171,137
803,490
245,105
369,869
25,680,907 10,260,426 2,456,254 10,533,754
4,071,556 2,582,852
393,674 1,259,200
4,186,410 1,390,462
185,373 2,535,661
18,695,744 7,718,845 4,214,429 6,590,228
1,046,416
32,179
493,053
503,681
12,794,586 9,006,469
370,355 3,272,691
391,191 325,649
10,656
48,418
67,036,244 52^,98,708 8,128,462 25,488,276
4,544
76
264
9,691
5,975
10,276
265
2, 390
64
197
3,232
2,447
4,330
55
17,651
577
121
6,293
4,269
3,904
20
225
25
20
112
152
24
4
733
25
26
2,392
1,280
2,081
3
1,274
74
46
2,115
5,188
1,433
67
21,886
1,436
2,19C
81,945
324,149
9,427
968
15,071
1,380
493
47,148
282,957
6,961
502
561
22
37
950
14,933
85
208
6,115
28
1,641
55,194
25,470
2,291
251
139
6
19
656
809
92
7
17,582
629
1,620
82,693
175)995
15,610
2) 807
8,131
2,923
5,703
60
1,290
4,786
57,090
31,020
1,169
23,891
1,010
58,125
25
26
27
28
29
50
51
52
188
228
96
16
27,378
6,851
32,177
193
14,361
3,023
55,136
80
20,788
16,151
37,048
744
7,627,890 3,564,714 14,398,030 180,401
15
276
5,846
3,313
69
1,906
558
10,184
4,559
3,846
4,110
180,610
94,559
3,913
8o)267
81^047
2,071
39,499
6,080
3,946
11,410
5,582
4
6,024
52)275
40,220
9,680
17,629
126,854
80,645
4,782
40,120
1,307
887)235
521,556
1,719,704 3,657,858 25,966,007 15/150,620 5,419,939 6,734,776 160,673 114,763,483 55,318,287
55
54
55
36
57
5,468,691 2,301,396 10,667,037
18,123
584,033
2,907
67,796
40,447
24,100
27,834
12,265
13,571
78,867
96,761
186,869
4,079
3,246
2,710
26,209
19,637
7,513
53,687
145,970
420,097
3,758
1,456
12,621
121,812
45,596
169,334
1
47
1,065
20
82
57
114,994
10,196
81,302
15,647
83,180
20,078
129,237
1,078,836 2,477,602
284,557
211,253
2,849
1,757
23,315 15,929,761 10/156,575 1,941,029
55,236
120,558
195,926
142,345
16,979
9,355
24,016
849,188
562,580
42,992
24,941
51,698
44,386
37,541
5,772
1,402
6,449
25,388
7,197
11,270
5,241
10,510
807,365
380,666
82,360
50,450
55,988 1,645,555
805,193
242,621
2,251
3,408
12,528
3,295
2,679
50,802
48,479 1,627,721
698,732 328,920
1
1,265
32,643
12,729
17
259
16,647
15,674
52
46,501
60,230
76,431
45,499
16,500
17,955
9,654
216,555
30,961 113,136
58
59
40
41
42
45
44
45
46
47
48
49
50
51
951
710,513
6,890,882
737,208
736,944
4,685
267,595
-
1,896
257
6,121
140
435
4,083
155
3,352
—
43
2,402
2,979
469,615
473
199,735
3,155,559
231,575
251,178
4,258
83,669
147,706
1,750
846,741
12,286,225
2,111,807
2,111,686
413
789,947
1,321,860
49
14,270
165,419
14,982
14,962
495
5,420
9,562
222,481
6,245
90,748
4.918
528,875
5,924
6,289
67,793
3,270,471
32,753
42,925
2,092
6,771
330,713
582,590
6,427
585,616
19,882
910
16,298
71,980
2,682 89,736,995
61,886
1,026,227
5,849
1,845,468
675
l ) 103)696
981
272)802
182,025
iso
13,626
184,458
14,931
884,956
'127
5 l) 196
14,455
638,188
32
5,063
11
'985
134 1,092,232
458
'136)212
,715,401
627,778
770,823
184,599
69,595
59,377
83,372
303,619
19,050
191,792
3,426
215
258,028
46,018
150
828
10,957
5,422
464
4,953
118
9,449
,229
256,084
484,905 1,416,092
746,654
242,989
411,398 15,051 15, 279)311 4,505 ,058
1,535,957 3,356,964 22,991,440 14^60,096 3,048,612 5,453,570 129,162 110) 449,239 55,640,',180
185,767
500,894 2,974,567 1,290,524 371,327 1,281,205 31,511 4, 514, 244 1,678 ,107
185,741
500,848 2,972,577 1^90,031 371,290 1,279,564 31,492 4^512,624 1,677 ,649
1,500
5,039
25,288
25,504
464
452
15 ,448
1,500
50^190
67,927
107,083 1, 040, 736 445,949
156,262
448,448 10,077
1,468,945
571 106
117,840
195,811 1,953,851 844,575
255,065
832,757 21^434 2^845^501 1,107, 001
Tor footnotes, see pp. 25-26.
Tabla S,. - Corporation
182,909
55,031
70,757
27,020
576
593,727
117,094
138,275
52,115
616,644
431,285
667,824
14,005
160,285
116,692 - 405,875
20,470
1,211,683
430,055
974,930
22,106
328,325
128,932
874,617
21,269
1,991,186 1,138,319 3,793,153
98,754
6,474
52,522
4,168
584
5,497,819 2,528,325 7,627,137 218,957
1
2
incarno tan rat urn* with balano« sheet*, 1/ 1949, by majo
64,275
52.524
67,702
16,255
1, 291, 703
18,581
561,692
11.596
237,048
1.233
680,190
5.653
12,773
99
956,412
154,961
—returns,
- -aeeete and liabilities,-S55,KM3=r^S£i<iKW
tax, and dividends paid toy type
income tax, compiled net profit less lnoa
S # 35^T*M=«Sr *
of dividend - Continued
PART II. - RETURNS WITH NET INC CUE 2/ - Continued
(Money figures in thousands of dollars)
Automotive
dealers
and
filling
Apparel
and
acces
sories
General
Merchan
dise
Total
retail
Drug
stores
Eating
and
drinking
places
Building
Materials
and
hardware
Other
retail
trade
Total
'finance
Trade not
allocable
Banks
and
trust
companies
Credit
agenoies
other
than
banks
investment
companies
T r im
Assetst
Cash 30/
Notes and aocounts receivable
Lessi Reserve for bad debts
Inventories
.
Investments, Government obligations 81/
Other investments 52/
Gross capital assess 85/ (except land)
Less t Reserves
Land
Other assets
Total assets 54/
Liabilities«
Accounts payable
Bonds, notes, mortgages payable«
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, oaamon
Surplus reserves
Surplus and undivided profits 85/
Less« Defioit 36/
Total liabilities 34/
Receipts«
Gross sales 8/
Gross receipts from operations 9/
Interest on Government obligations
(less amortisable bond pr e m i m ) s
Wholly taxable 10/
Subject to surtax onlv ll/
Wholly tax-exempt 12/
Other interest
Rents 15/
Royalties 14/
Excess of net short-term capital gain over
net long-term capital loss 15/
Exoess of net long-term capilai gain over
net short-term capital loss 15/
Net gain, sales other than oapital assets 16/
Dividends, domestic corporations 17/
Dividends, foreign corporations 15/
Other reoeipts
Total oompiled reoeipts 6/
Deductions«
Cost of goods sold 19/
Cost of operations T5~/
Compensation of officers
Rent paid on^ business property
Repairs 20/
Bad debts
Interest paid
Taxes paid 21/
Contributions or gifts 22/
Depreciation
Depletion
Amortisation 23/
Advertising
51
Amounts contributed under pension
plans, eto. 24/
Net loss, sales other than oapital assets 16/
Other deductions
Total oompiled deductions
Compiled net profit (37 less 54)
Ret income 2/ (55 less 27)
57 Set operating loss deduction 25/
Income tax 3/
Compiled net profit less income tax (55 less 56)
Dividends paid«
60
Cash and assets other than own stock
For footnotes, see pp.
25-26«
15,546
390,870
80,991
30,917
260
41,947
13,997
26,419
345,713
137,303
33,076
22,574
458,081
67,735
56,487
57,479
29.149
435
171,752
8,581
16.150
142,073
65,626
6,201
2,064,598
363,062
577,951
240,679
128,143
261,304
357,671
94,018
131,943
165,429
180,611
40,696
79,449
400,920
679,902
25,782
50,498
694,669
932,196
16,632
8,834
1,681,339 2,477,066
17,677
62,178
42,419
9,967
111,923
6,449
163,030
9,949
458,081
81,639
70,664
160,695
28,311
267,499
28,202
397,344
6,099
1,157,298
116,073
438,663
582,489
334,149
1,401,437
254,221
2,928,616
7,681
6,619,918
243,614
146,633
1,148,537 1,246,291 2,664,478 3,538,729 6,279,681
61,584,091 11,384,594 13,516,210 4,115,330 1,867,471 12,102,451
120,536
68,598
22,141
41,549
9,382
281,612
26,229
47,828
42,844
67,924
698,107
1,009
32
31
12,425
11,982
189
1,029
1,094
1,954
19,928
2,088
8,198
468
30,460
3,767
4,634
300
3,559
1,372
11,041
1,150
288
4,963
644
122
1,581
358
101
420
443
4,687
972
2,949
4,372
1,222
6,651
13,913
1,628
36,601
9,655
1,
11,929
8,980
75,262
7,652
89,139
69,702
150,414
22,117
509,152
1,305,281
52,956,141 11,483,718 13,815,965 4,263,851 1,993,661 12,503,02^ 1,173,952
9,013,664
13,722
99,568
263,021
55,482
27,765
19,822
188,565
9,227
102,581
10
61,737
17,396
1,001
4,325
8,166,996 1,484,667
50,560,041 11,180,093
303,625
2,396,100
303,606
2,395,080
2,171
12,629
109,938
820,930
193,687
1,075,170
524,435
55,655
37
322,902
53,315
110,985
4,020
59,542
1,181
228
130,128
3,377
15,399
1,623
131
9,430
1,089
212
127
1,147
182
351*971
224,962
441,307 1,130,261
806,697
783,460
953,978 4,096,961 1,898,360 11,926,034 1,129,596 1,250,031
55,250
44,356
576,988
95,271
166,890
861,987
55,239
44,345
576,957
95,157
166,876
861,202
2,489
445
980
1,063
639
1,592
16,744
13,507
195,583
28,892
52,194
517,915
38,506
30,849
581,405
66,379
114,696
544,074
275,004
57,862
11,786
68,716
12,369
11,351
463
15
10
984
473
624
44
638
22
25
5,820
8,628
265
209
,439
5,041
4,884
619
499
4,947
2,763
,131
126
150
9
56,525
,334
54,552
,642 3,684,059 6,489,065
,256 2,525,595
38,114
,137
124,666
,531
61,058
,135
12,851
,024
18,810
,095
10,427
,983
42,985
,585
1,866
,660
37,701
,069
442
838
44
43
51,160
,135
2,618
,195
2,325,426
35,623,622
43,553,839
347,710
621,667
>,499,059
93,486
71,974,676
6,451,480
1,268,375
196,904
105,169
1,142,680
158,575,227
132,660
1,629,157
83,571
23,638
18,109
94,349
7,961,428
631,788
1,306,947
643,594 IS
„
214,513,246 148,640,240 146,907,432
1,609,021
1,066,002
71,733
14,381,828
9,680,600 3,392,630
2,166,753
1,963,775 1,035,069
22,868,724 13,193,303
7,172,708
1,480,139
680,657
4,246
273,016,744 183,978,719 158,676,227
22,377
276,456
22,377
1,476,616
574,440
573,274
820,261
189,195
150,926
2,252,945
141,731
45,176
. 10,968
790,513
186,079
126,862
1,828,887
109,071
1,956
7,926
5,368
233
517,915
3,000
87
623
192,802
121,445
55,876
7,730
55,187
32
276,420
1,061,664
40,343
211,089
15,961,094
65,523
828,906
56,051
89,423
6,251,521
3,372
17,011
301
34,699
3,736,973
2,259
17,373
2,427
24,467
954,874
3,333
787,426
32,821
25,997
1,399,091
33
44,861
7,018,370
17,049
150,816
466,559
81,464
27,517
277,525
604,418
189,867
14,629
118,834
6,561
11
66,651
65,160
54,796
4,382
120
-
370,866
49,437
24,437
214,202
545,875
140,085
11,329
68,910
164
47,527
18,907
1,455
59,797
160,745
18,704
1,176
7,341
41,996
51,944
17,882
3,393
17,049
130,816
19,532
8,707
1,298
3,166
90,618
27,172
1,870
41,777
6,193
11
4,223
8,396
16,932
895
378
222
6,497,169
809,257
610,795
,,868
27/10,337,377
6,249,018
>,774 3,539,194
5,623,717
240,037
144,865
3,868
5,445,284
144,840 - 239,895
3,858
35,789
2,113
2,84C
eie
992,453
76,907
41,973
1,186
4,631,264
163,130
102,692
3,682
12,758
1,772,080
3,850,477
2,381,044
2,250,118
7,636
488,942
1,892,102
10,794
1,267,51]
2,585,348
1,151,626
1,024,763
1,395
508,69'
842,928
592
528,821
666,141
288,733
288,500
2,387
97,099
191,654
630
125,891
487,249
911,842
909,795.
2,780
76,358
835,484
1,735,792
94,478
1,}14,61!
67,065
462,946
56,248
87,959
3,675
767,070
7,660
3,520
5,292
23,173
8,238
43,098
11,298
Table 5. • Corporation inccme tax returns with balance sheets, l/ 1949, by major industrial groups - Part I, all returnsj Part II, returns with net income» »umber of
returns, assets and liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, net operating loss deduction,
income tax, compiled net profit less income tax, and dividends paid by type of dividend - Continued
PAST XI« - RETURNS WITH NET INCOME 2/ - Continued
; in thousands or dollars)______
(Money “
Finance, .insurance, real estate, and lessors oí1 real
Continued
Finance Continued
Security
and
oonmodityexoh&nge
brokers
and
Number of returns with balance sheets 29/
Assets t
Cash SO/
Notes and accounts receivable
Least Reserve for bad debts
Inventories
t
Investments, Government obligations 31/
Other investments 32/
Gross oapital assess 33/ (except land)
_
Less t Reserves
Land
Other assets
Total assets 34/
Liabilities s
Accounts payable
Bonds, notes, mortgages payables
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, oonmoc
Surplus resez*ves
Surplus and undivided profits 35/
Lesss Defioit 36/
Total liabilities 34/
Receiptsi
Gross sales
Gross reoeipts from operations 9/
Interest on Government obligations
(less amortizable bond premium)s
»holly taxable 10/
Subject to surtax onlv ll/
»holly tax-exempt 12/
Other intez*est
Rents 13/
Royalties 14/
Excess of net short-term oapital gain over
net long-term oapital loss 15/
Excess of net long-tezm oapital gain over
net short-term capital loss 15/
Net gtln, sales other thaz: oapital' assets 16/
Dividends, domestic corporations 17/
Dividends, foreign corporations l5/
Other reoeipts
Total compiled receipts 6/
Deductions t
Cost of goods sold 19/
\
Cost of operations T? /
Compensation of offloors
Rent paid on business property
Repairs 20/
Bad debts
Interest paid
Taxes paid 2l/
Contributions or gifts 22/
Depreciation
Depletion
Amortisation 23/
Advertising
Amounts contributed under pension
plans, etc« 24/
Net loss, sales other than capital assets 16/
5 3 1 Other deductions
54]
Total ocmpiled deductions
55 iCcmpiled net profit (37 less 54)
5 6 INet income 2/ (55 le
ion 25/
57]Net operating loss
inocne ta x (55
IDiTidend* pftldt
th a n own
Insurance
Total
insurance
carriers
and
agents
carriers and agents
[nsuranpe
agents
and
brokers
Insurance
carriers
Real estate,
exoept
Lessors of
real
property
other than
buildings
>ssors of
real
property,
exoept
buildings
Total
servioes
8,018
26,977
814
6,746
17552
4,943
68,779
89,091
169,630
'253
2; 190,320
278,558
2,479
2,036,814
510,555
358,987
12,486,
5,936
2,234
42,507
1,179,281
22,255,749
44,172,880
600,888
31,337
15,060
3,076,920
72,556,559
22,236,916
44,079,100
532,914
17,921
10,184
3,045,891
71,923,898
153,506
278,558
2,479
.
18,833
93,780
67,974
13,416
4,876
31,029
632,661
734,084
1,068,132
9,564
•
294,980
1,809,193
9,188,095
2,734,102
3,191,526
312,309
13,854,653
131,565
297,207
-
297,207
675,139
46,133
531,432
227,866
69,837
33,672
75,379
11,960
111,309
3,758
1,179,281
11,920
17,598
66,017,967
35,957
1,008,943
6,182,847
28,319
72,556,559
•
64,958,642
16,579
921,758
6,050,366
23,447
71,923,898
11,920
17,698
59,315
19,378
87,185
12,449
132,481
4,872
632,661
743,252
6,274,647
759,997
273,298
2,614,848
163,649
2,943,291
593,468
13,854,653
8,559
877,400
95,052
133,764
1,077,437
26,880
539,283
177,695
2,626,813
4,497,497
4,155,008
342,489
22,484
1,044,257
6,963
1,814
1,784
4,060
866
56
555
471,032
13,281
46,770
1,289,397
122,186
120
281
470,660
13,257
46,753
1,287,663
120,185
58
266
372
24
17
1.734
2,001
62
16
8,294
307
620
36,131
1,285,581
3,648
1,643
2,650
9,230
8,274
956
57,208
56,569
7,097
482
4,260
140,583
945
203,539
3,201
30,763
6,688,242
746
198,986
2,236
13,064
6,317,157
199
4,553
963
17,699
371,085
208,171
26,917
1,103
83,072
2,778,436
53,447 *
12,449
.
_
26/95,496
■“ * 47,728
1,858
3,989
3,104
147,048
2,108
33,608
1,630
1,427
13,533
20,186
12
942
342
60,057
3,924,910
111,739 27/4,293,922
' 2,394,520
28,844
2,347,550
27,060
7,263
1,074
260,43'
6,786
2,133,882
22,06
IO« «Ai
6,66
_______ SZ
J
•
8,869
18,109
4,664
2,077
171,188
90,334
101,409
3,838
260,540
346,675
5,967
282,612
589
20S
18,446
2,544
270
3,726,173
27/S,981,951
2,335,226
2,288,473
6,672
243,45E
2,091,773
72
198,737
311,99:
59,09«
59,07’
68S
16,982
42,112
3,708
776,656
2,073,465
704,971
704,351
20,329
192,39«
512,673
26/16,794
35,155
1,162
1,926
1,910
140,746
1,313
29,603
12
>1
X»,42 1
78,702
12,573
706
2,064
1,194
6,302
796
4,105
132,974
18,16
1 4 « 1_______ 6*638
Persozial
services
Auto
motive
Business repair
services services
and
garages
Miscel
laneous
repair
servioes,
hand
trades
Amusement,
except
Motion
plotures motion
pictures
Other
sez*vioee,
including
schools
Nature of
business
not a l
locable
5,304
123,424
751,960
79,328
672,962
67,997
77,615
1,713
939
13,948
•
371,360
30,587
25,409
219,042
74,510
119,504
593,000
195,707
2,299,856 3,951,631 1,447,406
605,735
304,807 1,641,798
600,103
266,996
156,115
212,413
48,105
49,428
2,626,813 5,716,726 1,521,980
75,359
84,219
1,912
44,461
16,711
43,307
566,394
240,084
34,481
28,772
661.708
186,489
271,435
5,539
34,386
51,670
128,935
441,422
176,195
16,211
44,747
993.561
26¿709
26,667
492
10,410
2,215
10,418
174,913
63,450
31,932
8,172
227.494
12,050
25,590
562
15,682
2,412
1,957
37,752
16,612
1,763
3,167
83.199
197,241
91,994
1,582
219,840
72,655
230,275
848,322
378,971
181,387
46,918
,510,079
73,978
34,124
335
4,885
25,568
58,668
285,693
106,814
54,573
18,655
429.885
56,710
70.936
1,813
11,109
22,412
19.936
149,729
56.937
12,760
13,977
298.819
13,657
29,119
455
15,392
3,432
25,039
51,630
21,280
11,858
3,114
131.506
65,794
51,566
167,038
20,332
15,563
84,856
28,246
25,866
11,390
59,081
235,935
520,874
1,113,882
93,307
517,776
68,448
213,530
251,693
1,088,575
36,348
142,468
474,061
2,084,071
47,616
138,771
5,716,725 1,521,980
30,124
75,735
50,972
26,890
168,591
4,607
255,642
11,419
651.708
36,431
97,836
143,326
42,459
160,385
28,023
332,380
14,319
993.561
16,672
50,399
17,439
8,334
38,693
3,235
75,499
3,109
227.494
2,302
6,332
10,711
1,387
17,801
1,311
28,794
58,765
271,507
112,081
40,021
266,979
41,265
653,502
18,894
1,002
83.199 1,610,079
15,948
68,546
46,318
10,342
115,367
9,044
156,115
20,041
429.885
16,614
22,653
43,619
16,649
69,066
18,635
108,088
22,371
298.819
7,658
11,132
10,885
2,146
40,725
4,767
55,352
12,449
131.506
179,928
306,800
847,776 1,584,567
110,574
153,986
71,062
66,980
111,094 1,294,190
49,451
417,992
64,876
445,762
57,244
16,700
458
8,766
2,209
1,074
2,175
690
361
1,753
659
459,260
- 1,289,373
• 5,555,175
429,712
699,808
4,073
70
117
2,114
121,581
118,010
187
3,924
121
650
8,095
158,201
61,786
559
1,182
7
10
1,813
81,897
135
55
4,921
21,864
4,240
946
542
2,853
36,171
56,969
31
1,256
15,824
2,326
199
12,294
4,112
6,526
4,325
359
449
615
3,406
4,287
1,363
4,702
21,321
1,006
30
1,580
4,362
15,403
6,401
16,075
7,831
98,466
262,895 7,227,303 1,240,611 1,168,278 1,809,990
697
225
399
9,194
1,871
37,643
933
199,806 1,516,193
741
964
23
8,879
489,320
123
554
51
10,663
516,651
54,602
74,178
10,238
3,636
1,059
543
381
3,097
87
3,342
44,270
791,841
27,871
74,632
14,679
865
10,624
84,690
1,483
46,800
41,934
7,833
31,102
205,788
37,117
13,814
4,833
1,863
1,587
8,800
419
9,229
5
19
9,335
2,438
43,013
8,441
3,674
847
671
361
813
1,564
60
2,132
103
1,467
262
26,846
221,149
18,699
16,749
7,951
961
3,596
18,646
1,367
17,654
99
23
9,861
844
247
42
211,428
33,012
185,631 1,358,246
13.976
156,947
156,405
13.976
1,384
262
52,192
4,5X2
104,766
9,463
583
83,520
428,228
61,092
61,090
1,856
23,672
37,420
131
144,058
470,638
46,113
46,092
1,946
14,178
31,936
30
415
2,683
432
781
3,202
3,569
287,654
120,091
932,894
104,145
34,062
10,350
2,937
4,306
20,518
1,250
40,693
15
50
9,206
12,064
69,314
67,827'
15,618
22,321
3,342
638
2,889
7,068
185
21,814
371
2,161
124
346,174
23,623 1,487,391
119,613 6,681,087 1,127,570
112,941
646,216
143,362
112,931
143,265
645,566
11,550
1,555
563
212,439
50,676
37,145
433,777
75,79«
92,706
331
361
365,431
266,949
,092,011 1,658,342
151,648
76,267
151,608
76,233
2,417
1,791
50,665
22,342
100,985
105
46,819
260,321
27,235
27,232
339
7,736
19,498
22,458
1.642
36,972
3,237
8,760
28,634
4,413
327
168
9,282
3,906
254
806
3
Hotels
and
other
lodgizxg
places
5,208
2,910
1,776
266
24,412
22,265
198
7,788
30,711
31
311
91,369
300
739,069
3,033,253
306,690
242,920
106,953
12,671
61,377
220,046
7,265
237,092
157
272
109,674
25,096
150,126
233,685
263,622
24,334
49,568
48,242
2,233
23,700
54,400
1,328
61,866
10
30
17,606
512
159,259
475,954
68,768
28,238
15,497
2,631
4,494
25,157
1,166
56,545
24
42
17,911
1,045
63,926
66
38
1,272
49,769
7,140
210
1,004
7
2,001
81,088
362
207
:~ .o ii
72 ,.28?
8,7S-J
8,776
321
2,663
6,236
51
X78•6901
19,4261
5,2371
22,4381
1,642 I
18,166!
132,9741
1,1601______ 6,63S|
1,272 1 49,7691
16,0381
7,140 I
1,672 1
432|_____ 667|______ 92p|_____ 630 |______332 |
Table 4. - Corporation income tax returns with balance sheets, 1/ 1949, by total assets classes:
Number of re t u r ^ , « s e t s ^ l l ^ l ^ t i e » , ^ o ^ » i l e d
" r e c e i p t s , compiled deductions, compiled net profit or net loss, net income or deficit, net operating lose deduction, income tax, compiled net
profit less income tax, and dividends paid by type of dividend
thousands o f d o lla r s )
Under
50
1
z
s
4
S
6
7
8
9
10
11
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
““ 55------------ 166
under
under
250
under
500
500
under
1.000
under
5,000
5.000
under
10.000
10,000
under
50,000
50.000
under
100.000
100,000
and
over
623
S56
3,761
4,650
27,793
25,651
44,634
99,878
104,262
242,765
Number of returns with balance sheets 29/
554,573
28,630,742
Assets:
_
4,697,783
LO,051,075
860,796 1,838,458 1,761,762 2,141,531 8,452,655 4,714,530
714,247
Cash 3 ^
63,865,579
5,866,321 13,064,231 6,720,914 L3,237,933 5,846,907 35,013,068
Notes and accounts receivable
86,965,879 1,022^856 1,468)624 3)416,793 5,308,252
465,786
117,198
231,480
106,307
218,096
80,252
79,437
80,951
35)046
25^559
Le ss: Reserve fo r bad debts
1,440,072
2,878,228 6,900,515 5,088,152 7,015,196 3,284,653 15,562,482
2,745,507
2,998)502
1,339^723
913*613
Inventories
44,726,149
62,929,423
8,325,465
18,395,371
8,123,623
497,486 1,238,239 L I,018,686
'311)576
90)217
38*891
Investm ents, Government o b lig a tio n s 51/
110,968,777
63,719,751
912,569 1,069,254 1,604,514 5,381,463 3,094,425 9,210,811 5,575,777
344)578
238^551
Other investments 52/
91,151,693
7,727,869 L8,903,481 9,063,006 24,914,091 15,080,440 97,858,000
Gross c a p ita l assess 53/ (except land)
195,023,582 2,696^200 3,550)842 7,998,485 7,231,168
5,085,908 33,097,541
9,551,979
3,568,372
7,225,823
2,918,204
2,582,905
2)735)855
l)2
1
9
)l3
6
Less: Reserves
68,987,840 1^002^319
1,157,507
555,691
687,568 1,143,241
'527)974 1,250,468 1,121,637 1,037,682 1,992,287
*527*272
Land
9,581,127
5,561,977
566,070 1,627,493 1,012,892
407,379 1,028,862
494,257
'526)201
235^684
248)002
Other assets
11,708,797
38,956,502
75,811,752
32,583,389
17,903,307 59,298,059
T o tal assets 34/
543,561,671 5, 159)436 7,176)574 16,435,868 15,566,961
7,125,636
L i a b il it i e s :
_
1,818,299 3,823,738 1,422,117 3,164,786 1,427,897
Accounts payable
24,896,091 1,005,037 1,061,197 2,150,605 1,896,779
Bonds, notes, mortgages payable:
2,308,499
789,344
1,438,287
886,871
950,302 1,089,383 2,330,210
499,721 1,079,577
448,968
M aturity le s s than 1 year
11,801,162
5,097,244 31,559,026
852*995 1,212)101 3)007)976 2,664,397 2,628,937 5,728,150 2,258,635 6,861,725 16,046,815
M aturity 1 year or more
61,851,186
,3,769,334
33,564,969
15,074,719
'555)924 l)270)068 1,488,327 2,758,459 21,736,658
470^950
Other l i a b i l i t i e s
236,716,203
6,945,164
830,932 2,553,269 1,741,555
550,445 1,642,249
434,155
'381,483
155)471
130^447
C a p ita l sto ck , preferred
15,365,150
3,690,758 8,639,177 3,837,077 8,781,207 4,926,436 35,975,969
C a p ita l sto ck , common
78,944,290 2,425*564 2,401^808 4,541)679 5,724,615
5,712,729
975,152
714,845 1,930,836
298,782 1,123,907
195,759
'146)551
46)250
33^513
Surplus reserves
11,178,504
15,866,236 7,998,028 18,263,279 8,769,748 41,789,825
Surplus and undivided p r o fit s 55/
111,078,484 1,163^585 1,894)355 4,765)273 4,893,022 5,677,153 1,592,266
296,359
817,669
746,606
639,835
608,889
680,575
*905,544
*630)253
Le ss: D e fic it 36/
8,269,199 1*371*603
59,298,059 32,583,389 75,811,752 38,956,502 274,869,823
T o ta l l i a b i l i t i e s 34/
543,561,671 5)159)456 7,176)574 16,435)868 15,566,961 17,903,307
Receipts:
24,542,057 52,479,325 20,854,755 45,649,064 19,967,366 77,192,408
Gross sa le s 8/
316,257,527 9,803,778 12,619,603 28,009,042 25,139,949
3,764,859 7,295,840 2,510,367 6,056,955 3,812,320 20,460,156
Gross re ce ip ts from operations 9/
55,748,478 2)655)653 2)147)989 3)829)189 5,217,170
In te re s t on Government o b lig atio n s
(le s s am ortizable bond premium):
831,666
104,142
233,134
108,472
156,783
19,515
9,662
8,082
2,707
1,996
1,476,359
Wholly taxable 10/
144,105
15,706
28,066
9,620
10,155
1,166
449
299
*165
157
209,888
Subject to surtax only 11/
86,453
13,454
36,769
19,250
28,962
3,166
655
304
155
59
189,227
Wholly tax-exempt 12/
2,294,138
232,775
538,393
258,091
445,004
84,023
55,196
50,841
16,752
11,405
5,986,618
Other in te re st
640,875
102,155
180,161
98,338
267,327
154,720
462,756
584,723
252*586
281)580
3,025,201
Rents 13/
120,662
28,564
112,166
34,609
68,155
50,447
23,109
22,686
12^145
8)588
461,130
R o y a ltie s 14/
7,197
1,525
3,286
1,141
2,564
1,956
1,557
2,145
l ) l7 8
l ) l6 S
23,712
Excess of net short-term c a p ita l ga in over net long
term c a p ita l lo s s 15/
133,949
42,375
126,990
54,863
125,130
51,554
44,852
43,880
20,862
20,073
664,538
Excess of net long-term c a p ita l gain over net short
term c a p ita l lo s s 15/
16,046
4,795
27,868
15,868
60,410
46,931
48,065
64,723
35,296
40,103
360,105
Net g a in , sale s other than c a p ita l assets 16/
1,132,064
225,081
352,158
108,559
208,765
46,121
25)513
20,069
2*951
5^080
2,126,361
D ividends; domestic corporations 17/
304,436
50,680
67,341
9,283
11,725
2,069
1,074
1,155
*100
*439
448,302
Dividends, fo re ign corporations w
488,864
91,550
359,993
177,825
454,694
213,974
280,223
516,033
133,092
142,088
2.658.334
Other re ce ip ts
53,772,343 24,692,468 105,853,199
387,635,580 12,935)602 15,282)143 32,958,179 29,310,230 28,962,558 61,612,839 24,261,019
T o tal compiled re ce ip ts 6/
Deductions:
15,217,753 57,499,009
244,008,097 7,378,845 9,825,770 22,204,472 20,023,153 19,503,801 41,405,047 15,960,607 34,989,660
Cost o f goods so ld 19/
2,057,405 2,312,590 4,429,002 1,339,295 2,976,759 1,847,610 11,590,552
Cost of operations I s /
1 31,576,665 1^444^697 l)243)432 2)355)525
274,161
112,251
389,595
281,628
1,034,632
887,427
698,480
'756)717 1)275)055
*893^763
6,605,709
Compensation o f o ffic e rs
961,581
199,505
325,582
153,419
417,484
254,135
261,846
'374,923
253^765
380^917
5,561,153
Rent paid on business property
1,363,179
299,875
594,789
214,122
599,495
142,528
146,987
166)834
84^340
85)500
3,495,649
Repairs 20/
211,207
39,927
99,320
56,259
125,150
59,321
64,811
81)844
59)995
32^257
810,091
Bad debts
1,275,090
224,541
356,310
156,165
156,688 , 363,091
152,574
174,124
72)725
53^950
2,984,838
In te re s t paid
3,464,704
532,496
1,183,909
495,192
977,960
404,633
365,907
417)055
204)214
190^401
8,236,471
Taxes p aid 21/
50,958
12,472
19,124
34,870
45,276
18,112
15,636
14,663
5,227
5*419
219,757
Contributions or g if t s 22/
2,633,971
486,993
885,022
378,435
906,110
418,051
408,683
240)907
485)673
220^170
7,064,015
D epreciation
895,092
92,809
213,118
57,450
101,016
31,396
16,124
ll',89€
5)955
3^654
1,426,510
Depletion
19,974
859
4,080
547
621
188
874
883
1,518
*839
30,363
Am ortization 25/
928,405
260,197
606,292
305,026
593,851
253,004
240,400
271)251
131,273
123,177
3,710,876
A d vertisin g
650,806
113,399
209,567
70,561
114,63?
28,722
13,011
9,
SIC
2)782
3*016
1,195,807
Amounts contributed under pension p la n s, e tc . 24/
20,252
12,047
17,189
21,425
35,837
12,61C
14,384
18',2S«
10)732
27^700
190,454
Net lo s s , s a le s other than c a p ita l assets 16/
9,600,295
6,402,609 3,011,190
44,390,811 2,175^535 2,118)45« 4,172,477 5,534,817 3,392,677 7,001,064 2,981,691 49,286,671 22,463,704 91,419,036
Other deductions
359,505,246 15|oi6^660 14)994)353 32)014)87« 28,203,817 27,666,93' 57,950,19« 22,489,020 4,465,67! 2,228,764 12,434,165
T o ta l compiled deductions
287)812
'938)303 1,106,413 1,295,62' 3,662,644 1,771,999
28.130.334 57/8l)058
Compiled net p r o f it or net lo s s (57 le s s 54)
937,99' 1,105,758 1,292,458 3,633,68! 1,752,748 4,448,90! 2,215,510 12,347,710
287)657
27,941,107 37/81^117
Net Income or d e f ic it Z f (55 le s s 27)
8,230
7,486
16,217
11,105
27,524
15,57'
18,635
28,291
21,08'
—
'
32^812
186,958
Net operating lo s s deduction 25/
3,778,562
779,809
661,212 1,588,52«
527,827 1,400,74?
433,793
540,16!
113)627
64)425
9,888,489
Income ta x 5/
8,655,801
1,448,955
2,897,144
1,110,787
2,261,903
767,797
672,62C
598,13«
174)18«
18,441,845 28/145)483
Compiled n e l p r o f it le s s income ta x (55 le s s 58)
Dividends paid:
4,722,729
896,477
559,581 1,528,714
972,503
311,34«
254,057
210,11'
84,56«
69,705
9,569,792
Cash and assets other than cwn stock
140.416
16.260
87.09'
57.031
182.78!
71,964
54,22«
49.76«
For footnotes, see op. 25-26.
1
2
3
4
S
6
7
8
9
10
11
12'
IS
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
31
32
33
34
35
36
57
38
59
40
«1
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Table 5* — Corporation income tax returns, 1/ 1949, by net income and deficit classes, for
returns with net income and returns with no net income: Number of returns^ and net income
or deficit; also, for returns with net income, the income tax
(Net income and deficit classes and money figures in thousands of dollars)
Returns with no
Net income and deficit
Returns with net income 2/
net income 2/
classes Zj
Number of
Number of
Income
Net
Deficit Zj
tax 3/
returns
returns
income 2/
Under 1
1 under Z
Z under 3
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
Total
Nò income data (inactive
coroorations)
For footnotes, see pp. 25-26.
32,759
80,876
39,414
57,617
27,301
67,668
73,254
21,057
17,259
77,462
53,215
383,819
30,737
378,268
365,754
21.036
18,444
415,460
30,670
1,064,615
19,344
1,359,347
14,324
2,218,039
1,812,221
5,173
2,766
1,933,252
5,054,284
2,441
2,482,857
354
361 h 12.799^841
384.772
28,496
41,436
45,261
45,293
45,039
193,529
150,867
119,261
95,529
301,025
275,754
293,903
185,025
155,283
234,513
70,820
5,826
10,540
12,620
13,952
14,930
77,345
79,667
78,383
91,268
309,361
484,368
786,843
638,752
669, 691
1,715,115
838,471
3.990.039
93,950
28,436
18,296
13,034
10,051
27,237
12,340
6,894
4,283
8,685
3,996
1,953
544
226
129
11
5
locrf 646
30.576.517 38/9.817.308
230.070
2.381.680
35.115
««a
Footnotes for tables in this release
y
The Information contained in this release
is compiled from the returns as filed, prior to
revisions that aay be made as a result of audit by
the Bureau of Internal Revenue and prior to changes
resulting froa carry-backs after the returns were
filed.
2/ "Net income" or "Deficit* is the differ
ence between the total incoas and the total de
ductions reported, exclusive of the net operating
loss deduction. See note 25.
5/ "Incoas tax" consists of noraal tax, sur
tax, and alternative tax reported in lieu of noraal
tax and surtax where the Incoas includes an excess
of net long-term capital gain over net short-tern
capital loss, if and only if such tax is less than
ths noraal tax and surtax. Tabulated with the in
coas tax for returns with net incoas is a snail
aaount of tax reported on returns with no net in
come, under the special provisions applicable to
certain mutual insurance companies, other than
life or marine.
4/ The industrial classification is based on
the business activity reported on the return. When
multiple businesses are reported on a return, the
classification is determined by the business ac
tivity which accounts for the largest percentage of
total receipts. Therefore, the industrial groups
do not reflect pure industry classifications.
5/ Total number of returns includes returns
of inactive corporations.
6/ "Total compiled receipts" consists of
gross sales (less returns and allowances), gross
receipts from operations (where inventories are
not an income-determining factor), all interest
received on Government obligations (less amor
tisable bond premium), other interest, rents, roy
alties, excess of net short-term capital gain over
net long-term capital loss, excess of net long-term
capital gain over net short-term capital loss,
net gain from sale or exchange of property other
than capital assets, dividends, and other receipts
required to be included in gross income. "Total
compiled receipts* excludes nontaxable income
other than tax-exempt interest received on certain
Government obligations.
1/
Number of returns shown excludes returns
of inactive corporations.
y
"Gross sales" consists of amounts received
for goods, less returns and allowances, in trans
actions where inventories are an income-determining
factor. For "Cost of goods sold," see "Deductions."
9/ ■'Gross receipts from operations" consists
of amounts received from transactions in which in
ventories are not an income-determining factor.
For "Cost of operations," see "Deductions."
¿2/ "Interest received on Government obli
gations, wholly taxable" consists of interest on
Treasury notes issued on or after December 1, 1940,
and obligations issued on or after March 1, 1941,
♦ -l.?8
States or m y agency or instrumen
tality thereof, reported as item 9(c), page 1, Form
ii/ "Interest received on Government obli
gations, subject to surtax only* consists of in
terest on United States savings bonds and Treasury
»ends owned in principal amount of over $5,000
issued prior to March 1, 1941, reported as item
9(a), page 1, Form 1120; and interest on obli
gations of instrumentalities of the United States
(other than obligations of Federal land banks,
joint stock land banks, and Federal Intermediate
credit banks) issued prior to March 1, 1941,
reported as item 9(b), page 1, Fora 1120.
12/ "Interest received on Government obli
gations, wholly tax-exempt* consists of interest
cm obligations of States, Territories, or po
litical subdivisions thereof, the District of
Columbia, and United States possessions; obli
gations of the United States issued on or before
September 1, 1917; all postal savings bonds;
Treasury notes issued prior to December 1, 1940;
Treasury bills issued prior to March 1, 1941;
United States savings bonds and Treasury bonds
owned in principal amount of $5,000 or less is
sued prior to March 1, 1941; and obligations
issued prior to March 1, 1941, by Federal land
banks, joint stock land banks, and Federal
intermediate credit banks. Interest from such
sources is reported under item 19(a), (b), and
(c) of schedule M, page 4, Form 1120.
15/ Amount shown as "Rents" consists of
gross amounts received. The anoints of depre
ciation, repairs, interest, taxes, and other
expenses, which are deductible from the gross
amount received for rents, are included in the
respective deduction items.
14/ Amount shown as "Royalties" consists of
gross amounts received. The amount of depletion,
which is deductible from the gross amount of roy
alties received, is included in the item of
"Depletion* in deductions.
15/ Capital gain or loss is the amount of
gain or loss arising from the sale or exchange
of capital assets. (A. net loss from this source
is not deductible for the current year, but may
be carried over and applied against capital
gains in the five succeeding taxable years to
the extent not allowed as a deduction against
any net capital gains of any taxable year inter
vening between the taxable year in which the net
capital loss was sustained and the taxable year
to which carried.) The term "Capital assets"
means property held by the taxpayer (whether or
not connected with trade or business), but ex
cludes (1) stock in trade or other property
which would properly be included in inventory
if on hand at the close of the taxable year,
(2) property held primarily for sale to cus
tomers in the ordinary course of trade or
business, (5) property used in trade or busi
ness, of a character which is subject to the
allowance for depreciation, (4) Government
obligations issued on or after March 1, 1941,
on a discount basis and payable without interest
at a fixed maturity date not exceeding one year
from the date of issue, and (5) real property
used in the trade or business of the taxpayer.
Beginning 1942 gains and losses from (a) sale
or exchange of depreciable property and real
property, used in the trade or business and held
for more than 6 months, and Aram (b) involuntary
conversion of such property and of capital as
sets held for more than 6 months are treated as
long-term capital gains and losses, if the gains
exceed the losses. If the losses exceed the
gains, the net loss is deductible as an ordinary
loss. For taxable years beginning after December 31
1941, "short-term" applies to gains or losses
-
26
-
Footnotes for tables in this release - Continued
on the sale or exchange of capital assets held
six months or less; "long-term" applies to gains
or losses on capital assets held over six months.
16/ "Net gain or loss, sales other than
capital assets" is the net amount of^ gain or
loss arising from the.sale or exchange of de
preciable and real property used in trade or
business and short-term noninterest-bearing
Government obligations issued on or after March 1,
1941, on a discount basis. If the property used
in trade or business'has been held for more than
6 months, special treatment of the gain or loss is
provided as described in note 15 above.
17/ "Dividends, domestic corporations" con
sists of dividends received from domestic corpo
rations subject to income taxation under chapter 1
of the Internal Revenue Code. This item is re
ported in column 2, schedule E, page 2, Form 1120,
and is the amount used for computation of the
dividends received credit.
18/ "Dividends, foreign corporations" is the
amount reported in column 3, schedule E, page 2,
Form 1120, and is not used for the computation of
dividends received credit.
19/ Where the amount reported as "Cost of
goods sold" or "Cost of operations" includes
items of deductions such as depreciation, taxes,
etc., these items ordinarily are not transferred
to their specific headings. However, an exception
is made with respect to amounts reported in costs
and identifiable as "Amortization of emergency
facilities" and "Amounts contributed tinder pension
plans, etc.," such amounts being transferred to
the respective deduction items.
20/ Amount shown as "Repairs" is the cost of
incidental repairs, including labor and supplies,
which do not add materially to the value of the
property or appreciably prolong its life.
21/ The item "Taxes paid" excludes (1)
Federal income tax and Federal excess profits
taxes, (2) estate, inheritance, legacy, succession,
and gift taxes, (3) income taxes paid to a foreign
country or possession of the United States if any
portion is claimed as a tax credit, (4) taxes as
sessed against local benefits, (5) Federal taxes
paid on tax-free covenant bonds, and (6) taxes re
ported on "Cost of goods sold" and "Cost of opera
tions."
22/ The deduction claimed for "Contributions
or gifts" is limited to 5 percent of net income as
computed without the benefit of this deduction.
23/ Amount shown as "Amortization" is the de
duction provided by section 124 of the Internal
Revenue Code as amended with respect to the amor
tization of the cost of emergency facilities nec
essary for national defense.
24/ "Amounts contributed under pension plans,
etc.," consists of deductions claimed under sec
tion 23(p) of the Internal Revenue Code for
amounts contributed by employers under pension,
annuity, stock-bonus, or profit-sharing plans,
or other deferred compensation plans.
25/ The net operating loss deduction tabu
lated herein is the amount originally reported,
consisting only of the net operating loss carry
over reduced by certain adjustments, and does not
take into account whatever revisions may subse
quently be made as the result of any carry-back
of net operating loss from the succeeding tax year.
For any taxable year beginning after December 31,
1941, and before January 1, 1950, a net operating
loss may be carried back to the two preceding tax
able years and may be included in computing the
net operating loss deduction for each such pre
ceding taxable year. The net operating loss for
any such taxable year is first used as a carry
back and, to the extent not so used, may be used
as a carry-over to (a) the two succeeding years if
the net operating loss occurred in a taxable year
beginning prior to January 1, 1948, or (b) the
three succeeding years if the net operating loss
occurred in a taxable year beginning after
December 31, 1947, and before January 1, 1950.
26/ Amount shown as "Compensation of of
ficers" excludes compensation of officers of
life insurance companies which file Form 1120L.
Data not available.
27/ See note 26.
28/ Compiled net loss after income tax
payment.
29/ "Number of returns with balance sheets"
excludes returns of inactive corporations and
returns of active corporations for which balance
sheet data are lacking.
50/ Amount shown as "Cash" includes bank
deposits.
31/ Amount shown as "Investments, Govern
ment obligations" consists of obligations of the
United States or agency or instrumentality
thereof as well as obligations of States, Terri
tories, and political subdivisions thereof, the
District of Columbia, and United States possesssions. See note 32.
52/ Where investments are not segregated as
between "Government obligations" and "Other,"
the entire amount is included in "Other invest
ments."
53/ A m o u n t shown as "Capital assets" con
sists of (1) depreciable tangible assets such as
buildings, fixed mechanical equipment, manufac
turing facilities, transportation facilities,
and furniture and fixtures, (2) depletable tan
gible assets — natural resources, and (3) in
tangible assets such as patents, franchises,
formulas, copyrights, leaseholds, goodwill, and
trade-marks. (Amounts in tables 3 and 4 of
this release exclude land.)
54/ Assets and liabilities are tabulated
as of December 31, 1949, or close of fiscal year
nearest thereto. Total assets classes are based
on the net amount of total assets after reserves
for depreciation, depletion, amortization, and
bad debts. Adjustments are made in tabulating
the data as follows:
(1) Reserves, when shown
under liabilities, are used to reduce corre
sponding asset accounts, and "Total assets" and
"Total liabilities" are decreased by the amount
of such reserves, and (2) a deficit in surplus,
shown under assets, is transferred to liabili
ties, and "Total assets" and "Total liabilities,"
are decreased by the amount of the deficit.
35/ Amount shown as "Surplus and undivided
profits" consists of paid-in or capital surplus
and earned surplus and undivided profits. See
note 36.
36/ Amount shown as "Deficit" consists of
negative amounts of earned surplus and undivided
profits.
57/ Compiled net loss or deficit.
38/ Included in the total, but not in the
detail, under "Income tax," is $137,000 of tax
reported on returns with no net income. See
note 3.
Treasury - Internal Revenue, Washington, D.C.
IMMEDIATE RELEASE
June IQ, 195?2
V
13'Uie Bureau o f Customs announced today prelim inary figu res showing the
inports for consumption o f commodities on which quotas were prescribed by
the P hilippine Trade Act o f 1 9U6, from Januaiy 1 , 1952, to May 3 1, 1952,
in c lu siv e , as fo llo w s 5
products o f the
P hilippines
:
t
E stablished Quota
Quantity
Buttons • • • • • • •
8 5 0 , 0 0 0
,000,000
s
:
Unit o f
Quantity
Imports as of
May 31, 1952
Gross
2 7 1
Number
61
,1(06
(2,880
C ig a r s......................... «
2 0 0
Coconut O il • • • * •
UU8,000,000
Pound
28,081,755
Cordage • • • • • • •
6
,000,000
Pound
l,59l(,219
Rice • * . . • • • • •
i,oU o,ooo
Pound
-
1,90U,000,000
Pound
(refin ed • • •
Sugars
678,718,1(17
(unrefined • •
Tobacco • • • • • • •
6 , 500,000
Pound
805,7l!(
182'
TREASURY DEPARTMENT'
WASHINGTON
IMMEDIATE
T h u rsd ay,
RELEASE
June 12, 1952
S-3080
The Bureau of Customs Announced today preliminary figures showing the
imports for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 19U6, from January 1, 1952, to May 31, 1952,
inclusive, as follows:
:
Products of the
Philippines
Buttons • » • • • • •
:
:
#
#
i.
Established Quota
Quantity
85o,ooo
:
:
•
Unit of
Quantity
:
:
Imports as of
May 31, 1952
Gross
271,k06
61*2,880
Cigars • • • • » • •
200,000,000
Number
Coconut Oil • • . • •
1^8,000,000
Pound
28,081,755
Cordage • • • • « • •
6,000,000
Pound
l,59l*,219
Rice • • • » • * « •
1 ,0)40,000
Pound
-
1 ,90k,000,000
Pound
mm
(refined 9 «
Sugars
678,718,1+17
(unrefined
Tobacco
6,500,000
Pound
805,711+
'MEDIATE RELEASE
June i&y 1952
The Bureau o f Customs announced today prelim inary fig u re s showing the im
p o rts fo r consumption o f commodities w ith in t a r i f f - r a t e quota lim ita tio n s from
the beginning o f the quota periods to May 3 1, 1952, in c lu s iv e as fo llo w s :
Commodity
Unit o f
Quantity
Period and Quantity
Imports as oi
Ifey 31, 1952
Whole m ilk, fl*esh or
sour • • • • • • • • • •
Calendar year
3,000,000
G allon
15,789
Cream.
Calendar year
1,500,000
G allon
328
iSpr. X, 1952July 15 , 1952
5 , 000,000
Pound
2 ,S Q
F ish , fre sh or fro zen ,
f i l l e t e d , e t c . , cod,
haddock, hake, p o llo c k ,
cusk, and r o s e fis h • • •
Calendar year
31,1*72,108
Pound
Quota Filled
White o r I r is h P otatoes:
c e r t i f i e d seed • • • • •
o th e r. • • • • • • • • •
12 months from
Sep t. 1 5 , 1951
15 0 , 000,000
2Ú9,600,000
Pound
Pound
71*, 301,030
1*3,1*1*7,287
Walnuts • • • •
Calendar y e a r
5 , 000,000
Pound
3,837,092
• • • • « • • « * •
.....................
Petroleum and petroleum
products • • • • • • * *
Almonds:
sh e lle d « • .........................
Calendar year
Venezuela
2,956,81*1,91*9
Netherlands
930,857,651
Other Countries 1,090,11*8,800
*
October 1 , 1951
'
a)
2,1*57,1*51,628 1
Quota Filled
Quota Filled
1,995,968
12 months from
*ii, 5oo,ooo
prepared
G allon
G allon
G allon
1
Pound
1*70,109
Of the t o t a l , not more than 500,000 pounds s h a ll be blanched, ro a sted , or otherwise
prepared or preserved almonds (not including almond p aste)*
(1 ) Im ports fo r consum ption a t th e quota r a te a re lim ite d to l5 ,73 6 ,0 5 U pounds during
th e f i r s t s ix months o f th e ca len d a r y e a r .
TREASURY DEPARTI'SNT
Washington
Bll.EDX. TE RELEASE
Thursdays June 12 3 1952
S-3081
The Bureau of Customs announced today preliminary figures showing the im
ports for consumption of commodities vd.thin tariif—rate quota. limitations from
the beginning of the quota, periods to May 31, 1952, inclusive as follows?
A I 'Commodity
Period and Quantity
Imports as of
May 31, 1952
Unit
of
Quantity
Calendar year
3,000,000
1
Gallon
15,789
Calendar year
1 ,500,000
Gallon
328
Butter • • • • • • • • • •
Apr. 1, 1952July 15, 1952
5,000,000
Pound
a,pi
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish • • •
Calendar year
31,1*72,108
Pound
(i)
Quota Pilled
150,000,000
21*9,600,000
Pound
Pound
714,301,030
1*3,1*1*7,287
5 ,000,000
Pound
3,837,092
Whole milk, fresh or
White or Irish Potatoes:
certified seed ........
other. • • • • • • • • •
months from
Sept. 15, 1951
Walnuts
Calendar year
. . . • • • • • •
Petroleum and petroleum
products • • • • • • • •
Almonds s
shelled
• • • • • • • •
prepared • • • • • • • •
*
12
Calendar year
Venezuela
2,956,81*l,9l-!-9
Netherlands
930,857,65l
Other
Courrtries
1,090,11*8,800
12
Gallon
Gallon
2,1*57,1*51,628
Quota Filled
Gallon
Quota Filled
1 ,995,968
months from
4i,500,000
Pound
October 1, 1951
1*70,109
Of the total, not more than 500,000 pounds shall be blanched, roasted, or other• wise prepared or preserved almonds (not including almond paste).
(1)
Imports for consumption a,t the quota rate are limited to
during the first six months of the calendar year.
15 ,73°,05*4 pounds
r
June 5» 1952
TO ME# BAHTBLTt
The fo llo w in g tran sactio n s were made in d ir e c t and guaranteed
s e c u r itie s o f the Govensaent f o r Treasury investm ent and other
accounts during the month o f May, 1952«
Purchases * • • « » * •
» * . • * « * • * *
$5)322,000
Sales * * ♦ ' . * . # # * # # * * * • * # » •
Het purchases . * . . . * * * * » • * • « •
2,92U,l50
C h ie f. D ivisio n o f Investments
D. o f I . Ho. 36
Wise carver
6/5/52
TREASURY DEPARTMENT
Information Se rvice
Wa s h i n g t o n , d .c .
RELEASE MORNING NEWSPAPERS,
Friday, June 13, 1952.
During the month of May, 1952
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $2,924,150, Secretary
Snyder announced today.
I
oOo
S-3082
„
f t
*m
\Kr
forfeited to tha United States*
âay qualified depoaitary will be permitted
te make payment by credit for boula allotted to It for itself and Ita
customers ay to a*§r amenait for fÉfiili It shall ba qualified la w
of
existing ■ émpmi.tB» shea m notified by tba federal Reserve iask of Ita Biatrlet.
?*
m
fROVXSIGMS
1» Aa fiscal agenta of the imitad States, federal B e a m s Banks are
authorised sad requested to receive subscriptions, to make allotments on tbs
basis sad qp to the amounta indicated by tbs decretory of the treasury to
the Federal B a m Banka of the respective Districts, to issus allotment
notion, to M
p
payment for benda allotted, to make delivery of bonds on
fun-paid subscriptions allebbsd, and they may leans Interim receipts pending
delivery of the definitive bonds*
fé
the secretary of the treasury may at any time, 'or from time to time»
prescribe
or sssssdNM&evy rules and regulations governing the
offering, which will be c^imanleated promptly to the Federal Beesree Banks.
JÜHH V* SHfü,SS,
Secretary of the treasury.
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* *
December 15# 1952# and th e r e a fte r on June 15 and December 15 in
b a s is on
each y e a r u n t il th e p r in c ip a l amount becomes p ayable*
They v i l i m ature
15# 1958# and w i l l n o t b e s u b je c t t o c a l l t op redem ption p r io r to
m atu rity*
2*
The in c o io d e riv e d from th e bond® s h a ll be s u b je c t to a l l ta r e s
now o r h e re a f te r Imposed under th e In te n m l Revenue Code, o r law s amendatory
o r s u p p l^ n fc a r y th e r e to .
The bonds s h a ll be s u b je c t to e sta te # in h e rita n ce ,
g i f t o r o th e r e x c is e ta r e s , w hether F e d e ra l o r s t a t e , b u t s h a ll be exempt
from a l l ta x a tio n now o r h e r e a fte r imposed on th e p r in c ip a l o r in t e r e s t
th e re o f b y any S tate# or any o f th e p o ssessio n s o f th e U nited S tates# o r by
any lo c a l ta x in g a u th o r ity .
3*
The bonds w i l l b© a cc e p ta b le to secu re d e p o s its o f p u b lic moneys*
k*
B earer bonds w ith in t e r e s t coupons attached# and bonds r e g is te r e d
as t o p r in c ip a l am?, in t e r e s t , w i l l be iss u e d in denom inations o f $500# $1,000,
$5# 000# $10,000# $100,000 and. $1# (XX),000.
P ro v isio n will be mfide f o r th e
in te rch a n g e of bonds o f d iff e r e n t denom inations and o f coupon and re g is te re d
bonds# and for
the
transfer of registered bonds# under r u le s and re g u la tio n s
p re sc rib e d by the S e c re ta ry o f the T rea su ry.
5«
The bom?® w i l l be s u b je c t to th e g en era l re g u la tio n s o f th e T reasury
Department# nrn o r h e r e a fte r prescribed # governing U nited
States bonds.
III. SUBSCRIPTION AM) E H M
1*
Subscription® w i l l be re c e iv e d at the Federal R eserve Banks and
Branches and a t th e T reasu ry Departm ent, W ashington.
Commercial banks#
m $m
n o n
m
m m & k
2- 3/8 m a m
xm
b
is oh® a t
in t e r e s t fr o e J u ly l , 1952
Datad and
\
8\
B m J a m 3$,
Sm
s%$ and Decenber 15
O ffic e o f tb e S e c re ta ry ,
W ashington, «lisie 1 6 , 19$2,
Circular Ho. 919
Fiscal Service
if the Public Debt
S#
1«
th e
Secretary of th e tr e a s u r y , pursuant t o th e a u th o r ity o f th e
Second L ib e r ty
Bend A c t, as amended, in v it e s s u b s c r ip tio n s , a t p a r and
accru ed I n t e r e s t , from th e p eo p le o f th e u n ite d s ta t e s f o r bonds o f th e
U nited
states, d esig n a ted 2-3/8 p e rce n t tr e a s u ry Bonds o f 19 58 , th e amount
o f th e
offering is 13,500,000,DOS, o r th e re a b o u ts.
1«
S u b scrip tio n « from o th e rs th a n com m ercial banks f o r t h e ir own
accou n t s i l l n o t be r e s t r ic t e d I n amount,
3,
S u b scrip tio n s from com m ercial banks f o r t h e ir own accou n t « H I be
in each case to an amount n o t exceed in g th e combined c a p it a l,
and undivided profits, or 5 percent of the total d e p o s its , a s of
3 1 , 19 5 1, w hichever i s g r e a te r , o f th e s u b sc rib in g bank.
Commercial
XL WM
1*
The bonds w i l l b e d ated
th a t d a te a t th e r a te o f 2-3/8
1 , X952, and s i l l b ear in t e r e s t from
p e r am ass, p ayab le m a sem iannual
m%
t e trm m s e f
Statili im M te M m m
itateli«*
&&3tkp%àJ3&B ÉW t
QÌ
Mtlr
te» ¿*'’
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l^ipH^t^9K^ Uff# SBÉhSE'iSBÉ tO SfiS 90
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f#
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xtebfcadn»«« te sarte M & g t * tenr&ng teor 1# 19$fc# t a t e teli ta «ecepted te par» te
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Slstetetef te Ijm«s» «iintesni nntetai# te r a t e n t
r«r
«Hottei# to
osartifte««®« «n te ll*p ta l «tasnxipilon« «Unttedf p!?# timr «agr temi
mntapte
2»
dnliw iy te iNi d te ln lilte oox%Sfteste«#
t e Stemtessr te t e tte a n sy n«r ^ ta f t e « t «r H m t e » te t e i » pitarl^*
jnnoniai or
nni@ asm rnpuu»»xno» goinircuag ili» oiT©niig» w iicn
wuj.
.ir'<^ n » a ^ ii y i ^
f f r f
g # o ® p il| r
t e
te #
$ 0 é
&
&
é
X
f ìit ir m
t a t a i#
■ì IC M ìS
W *
SMtMkMjr se ti» neaway*
**
msm se*®» or
t-7/8 msm imam
wmmumor ia® »s*e» cr shoss b-is
wss’ing iatereet Aron Juiy 1#
19$8
ugs
8
» , « » « ss» *
S e p s i » » Ciratiar Se. 9 U
< * « • • «f thè « « « ,
WeeM n gtOB, Stane 16( 1952»
Fiscal Cervice
Si o m i of thè Public echi
x. | H R I » csBtipxctm
l» The secreta*? ti thè Trecca*?, pareoaat te thè aethorit? of thè Secati liberty
Orni
a
bt
, «e eaestied, invite» ffidweripttaaa» «t per* i»® thè p«pl« of thè unitoti stat
ter certificato» «f iffiffibfcedneea «f thè gsttwt Sfate®* designate* 1-7/1 pomnt Imwrj
Oertificatee af Xitiebtedaeae ai Sertee B-19S3, io axchange far M A pereeot Treasury
Certtfleetea iti Xitiehtadneee of carice »-1958* «otarlag July 1, 1958.
xx. Bssatimc« « «
J
n
J
1. The eerttncatee «HI he detod Itti? 1» ISSI» mi wlS bear internet fw» thti I
pmr»ama, payable triti»
date et thè rate of 1-7/8 parami
June 1* 1953. tt«f «ili net be auhjeet te eall far reOwptiw» pria? te aetoritr.
t.
b e r a tite r
He
iacee» derive* t r m thè ocrttfteatee «bell he tabjeet te all teme,
e
iopeeed otiar «ti Intarmi {«eveoie Code* er law emettiate*? or ^plaeaota?
temete. The eertifleatee H all he « ^ cfe to estate, itiierlteuee» g in or other affilai
toma»
whethar federai or state* hot Shell he «anapt Sree a ll taxation noe or baratta
iepoaed on thè jsriaeii»! er iatereet thereef by « f State» or «ny of thè poagoaaluna f
thè tttited stetea» or by auy locai taadng aatherlty.
3 . «ss eerUficatee « ili he aeeeptable to eeeure depeette ef puhUe eomy*. ®0
« i l i not he aBcegtataa io p ep am i ef t » s .
k,
Bearer eertifleatee
$100,000 end $1*000*000.
5.
«U l
he tweed
io danatioatiane of fl*000, $5*000,
H e eerttfieatee «ili
aot he
i30* ® 11
iaamd In restetorad fon.
I
H e eartifieatea «ili be suìtieet to ti» g e m m i regalati«» of tba Treeouty B*,l
partwnt» «*r or hereafter pweerlbed, gowntias «tited statee eerttfieatee.
ut. aaMwimiat
1* stieerijitieee « ili he m a in i at He Fedenti, «eeerw Baake and Bsaoehee «d
the c e r t ific a te » now o ffe re d w i l l be dated J u ly 1 , 1952, and w i l l bear
in te r e s t from th a t date a t the ra te o f 1-7/3 percent per annua, payable with
the p rin c ip a l a t m aturity m June 1 , 1953.
They w i l l be issued in bearer
form only in denominations o f $1,000, $$,000, $10,000, $100,000 and $1,000,(XX),
Pursuant to the provisions of th e Public Debt Act o f 1941, as amended,
in te r e s t upon the s e c u r itie s now offered shall act have any exemption, as
such, under the In tern a l Revenue Code, or laws amendatory or supplementary
thereto#
The full provision s relating to taxability are s e t fo rth in the
o f f i c i a l circulars released today.
Subscriptions fo r both is s u e s w i l l be received a t the Federal Reserve
Banks and Branches, sad a t the tre a s u ry Department, Washington.
Subscrip
tio n s fo r the new c e r t i f i c a t e s should be accompanied by the c e r t if ic a t e s to
be exchanged.
The su bscrip tion books fo r the new Treasury bond o ffe r in g may close
as to any or a l l su bscrip tio n s a t any lime without notice#
The su bscrip tio n books f o r the c e r t i f i c a t e exchange w i l l c lo s e fo r the
re c e ip t o f a l l su bscrip tio n s a t the d o s e o f business Thursday, June 19.
Su bscription s fo r t h is exchange o ffe r in g addressed to a Federal Reserve Bank
o r Branch, or t o the Treasury Department, «id placed in the m ail before mid
n igh t June 19, w i l l be considered as having been entered before the close of
the su bscrip tio n books#
The te x ts o f the o f f i c i a l c ir c u la r s follo w :
mmasE wmim
Monday. June 16« 3 ffg
S e cre ta ry o f the Treasury Snyder today announced th e d e t a ils o f the
o ffe r in g , through the Federal Heeerre Banks, o f 2*3/8 percent Treasury bonds
of
open fo r cash su b scrip tio n o n ly , in the amount o f 13,500,000,000,
o r thereabou ts.
The b a sis on uhleh su b scrip tio n s s i l l be received f o r th is
o ffe r in g was announced in the Treasury*s re le a s e o f Thursday, June 12 , 1952,
end i s contained in the o f f i c i a l c ir c u la r , which ie attached h ereto.
Commercial banks a re requested to en ter t h e ir su b scrip tio n s fo r t h is o ff e r
in g d i r e c t ly w ith the F ederal Reserve Bank o f the D is t r ic t in which they
a re lo c a te d , even though payment f o r or d e liv e ry o f the bonds a llo t t e d i s
d esired in another D is t r i c t .
At the sane t in e , the S e creta ry announced the d e t a ils o f the o ffe rin g
o f 1*7/8 percent Treasury C e r t if ic a t e s o f Indebtedness o f S e rie s B-1953,
open on an exchange b a s is , par f o r p a r, to holders o f 1-7/8 percent Treasury
C e r t if ic a t e s o f Indebtedness o f S e rie s B-1952, m aturity J u ly 1 , 1952, in
th e amount o f $5,215,82*9,000«
Cash su b scrip tio n s f o r th e new c e r t i f i c a t e s
w i l l not be re ce iv e d .
The bonds now o ffe re d w i l l be dated J u ly 1 , 1952, and w i l l bear in te rest
from th a t date a t the ra te o f 2*3/8 percent per annum, payable on a semi
annual b a s is on December 1 5 , 1952, and th e r e a fte r on June 15 and December 15
in each year u n t il the p r in c ip a l amount becomes p ayable.
June 1 5 , 1958.
They w i l l mature
Bearer bonds w ith in te r e s t coupons attached and bonds r e g is
tered as to p rin c ip a l and in term it w i l l be issued in denominations o f $500,
$1,000, 15,000, $10,000, $100,000 and $1,000,000.
tr ea su r y departm en t
Inform ation
Service
Wa s h in g t o n , d .c .
1Sp
RELEASE M O R N I N G NEWSPAPERS,
Monday, June 16,-1952.______
S-3083
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 t o day a n n o u n c e d the d e t a i l s
of the offering, t h r o u g h the F e d e r a l R e s e r v e Banks, of 2 - 3 / 8
percent T r e a s u r y bonds of 1958, ope n for cash s u b s c r i p t i o n only,
in the amount of $3*500,000,000, or thereabouts.
The b a s i s on
which s u b s c riptions w i l l be r e c e i v e d for this o f f e r i n g was a n n o u n c e d
in the T r e a s u r y ’s r e l ease of Thursday, June 12, 1952, a n d is
contained in the of f i c i a l circular, w h i c h is a t t a c h e d h e r e t o .
Commercial banks are r e q u e s t e d to e n t e r their s u b s c r i p t i o n s for this
offering d i r e c t l y w i t h the F e d e r a l R e s e r v e B a n k of the D i s t r i c t in
which they are located, e v e n t h o u g h p a y m e n t for or d e l i v e r y of the
bonds a l l o t t e d is d e s i r e d in a n o t h e r District.
At the same time, the S e c r e t a r y a n n o u n c e d the d e t a i l s of the
offering of 1 - 7/8 p e r c e n t T r e a s u r y C e r t i f i c a t e s of I n d e b t e d n e s s of
Series B-1953, o pen on a n ex c h a n g e basis, par for par, to h o l d e r s
of 1-7/8 pe r c e n t T r e a s u r y C e r t i f i c a t e s of I n d e b t e d n e s s of Series
B - 195.2, m a t u r i n g J uly 1, 1952, in the a m o u n t of $ 5 , 2 1 5 , 8 4 9 , 0 0 0 .
Cash subscriptions for the n e w c e r t i ficates w i l l n o t be received.
The bonds n o w offered w i l l be d a t e d July 1, 1952, a n d w i l l
bear interest f r o m that date at the rate of 2- 3/8 p e r c e n t per
annum, payable on a s e m i - a n n u a l basis on D e c e m b e r 15* 1952, and
thereafter on June 15 a nd D e c e m b e r 15 in e a c h y e a r u n t i l the
principal a m o u n t be c o m e s payable.
The y w i l l m a t u r e June 15* 1958.
Bearer bonds w i t h i n t erest coupons a t t a c h e d and b o nds r e g i s t e r e d
as to n r i n c i p a l a n d interest w i l l be issued in d e n o m i n a t i o n s of
$ 500, $ 1 ,000, $ 5 , 000, $ 10 ,000, $ 100,000 and $ 1 ,000, 000.
The c e r t i ficates n o w offered w i l l be d a t e d J u l y 1, 1952, and
will bear in t e r e s t f r o m that date at the r a t e . o f 1 - 7/8 p e r c e n t
per annum, pa y a b l e w i t h the p r i n c i p a l at m a t u r i t y on June 1, 1953.
They will be issued in b e a r e r for m only in d e n o m i n a t i o n s of $ 1 , 000,
$ 5 *000, $ 10 ,000, $ 100,000 and $ 1 , 000,000.
Pursuant to the p r o v i s i o n s of the Public D e b t A c t of 1941,
as amended, in t e r e s t u p o n the securities n o w o f f e r e d s h all not have
any exemption, as such, under the I n t e r n a l R e v e n u e Code, or laws
amendatory or s u p p l e m e n t a r y thereto.
The full p r o v i s i o n s r e l a t i n g
to taxability are set f o rth in the o f f i c i a l circulars r e l e a s e d today.
2
S u bscriptions for b o t h issues
Reserve Banks and Branches, an d at
Washington.
S u b s c r i p t i o n s for the
accompanied by the c e r t i ficates to
w i l l be r e c e i v e d at the F e d e r a l
the T r e a s u r y D epartment,
n e w .c e r t i ficates s h ould be
be e x c h a n g e d .
The s u b s c r i p t i o n books for the n e w T r e a s u r y b o n d o f f e r i n g m a y
close as to a n y or a l l s u b s c r i p t i o n s at a n y time w i t h o u t notice.
The s u b s c r i p t i o n books for
the certificate, e x c h a n g e w i l l close
for the receipt of a l l subsc r i p t i o n s at the close of b u s i n e s s
Thursday, June 19.
S u b s c r i p t i o n s for this ex c h a n g e o f f e r i n g
addressed to a F e d e r a l R e s e r v e B a n k or Branch, or to the T r e a s u r y
Department, and p l a c e d in the. m a i l before m i d - n i g h t June 19, w i l l
be' considered as h a v i n g b e e n e n t e r e d before the close of the
subscription books.
The texts
of the of f i c i a l circulars follow;
UNITED STATES OF AMERICA
2-3/8 PERCENT TREASURY BONDS OF 1958
Due June 15* 1958
Dated and b ea rin g i n t e r e s t from J u ly 1 , 1952
I n t e r e s t p ayable June 15 and December 15
TREASURY DEPARTMENT,
Office of the Secretary*,
Washington, June 16, 1952©
1952
Department Circular No® 910
Fiscal Service
Bureau of the Public Debt
I®
1.
OFFERING OF BONDS
The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Bond Act, as amended, invites subscriptions, at par and
accrued interest, from the people of the United States for bonds of the
United States, designated 2-3/8 percent Treasury Bonds of 1958©
The amount
of the offering is #3, 500,000,000, or thereabouts®
2®
Subscriptions from others than commercial banks for their own
account will not be restricted in amount©
3©
Subscriptions from commercial banks for their own account will be
restricted In each case to an amount not exceeding the combined capital,
surplus and undivided profits, or
5
percent of the total deposits, as oi
December 31, 1951, whichever is greater, of the subscribing bank®
Commerical
banks are defined for this purpose as banks accepting demand deposits®
II»
1.
DESCRIPTION OF BONDS
The bonds will be dated July 1, 1952, and will bear interest from
that date at the rate of
2-3/8
percent per annum, payable on a semiannual
1
QQ
JL <J vJ
•* 2
*
basis on December l£, 19£2, and thereafter on June 1$ and December l£ in
each year until the principal amount becomes payable*
They will mature
June 1f>, 195>8, and will not be subject to call for redemption prior to
maturity*
2*
The income derived from the bonds shall be subject to all taxes
now or hereafter imposed under the Internal Revenue Code* or laws amendatory
or supplementary thereto*
The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by
any local taxing authority*
3*
The bonds will be acceptable to secure deposits of public moneys*
lu
Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $ 5>00, $1 ,000,
$9>000, $10,000, $100,000 and $1,000,000»
Provision will be made for the
interchange of bonds of different denominations and of coupon and registered
bonds, and for the transfer of registered bonds, under rules and regulations
prescribed by the Secretary of the Treasury*
£*
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds*
III.
1*
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Fashington.
Commercial banks,
\
-3 -
1 QQ
which for this purpose are defined as banks accepting demand deposits, may
submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than commercial banks will not be permitted to enter subscriptions ex
cept for their own account*
Subscriptions from commercial banks for their
own account will be received without deposit*
must be accompanied by payment of
10
Subscriptions from all others
percent of the amount of bonds applied
for.
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 bonds applied
for, and to close the books as to any or all subscriptions at any time with
out notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank sub
scriptions prescribed in Section X of this circular, and within the limita
tion of the amount of the offering, subscriptions for amounts up to and
including $100,000 from commercial banks, and subscriptions in any amounts
from all other subscribers, will be allotted In full and subscriptions for
amounts over $100,000 from commercial banks will be allotted on a percentage
basis, to be publicly announced when allotments are made.
Allotment notices
will be sent out promptly upon allotment.
IV.
1.
RAIMENT
Payment at par and accrued interest, if any, for bonds allotted
hereunder must be made or completed on or before July 1, 19^2, or on later
allotment*
In every case where payment is not so completed, the payment with
application up to
10
percent of the amount of bonds applied for shall, upon
declaration made by the Secretary of the Treasury in his discretion, be
200
It «•
forfeited to the United States*
Any qualified depositary will be permitted
to make payment by credit for bonds 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*
V. GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve Banks of the respective Districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds on
full-paid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds*
2*
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve Banks*
JOHN ¥* SNYDER,
Secretary of the Treasury*
UNITED STATES OF AMERICA
D a ted
Due June 1 , 1953
and bearing interest from July 1, 1952
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, June 16, 1952
1952
Department C ir c u la r No. 911
F is c a l S e rv ic e
Bureau o f the P u b lic Debt
I.
1*
OFFERING OF CERTIFICATES
The S e c r e ta r y o f the T rea su ry , pursuant to th e a u th o r ity o f the Second
Liberty Bond A c t , a s amended, i n v it e s s u b s c r ip tio n s , a t p a r , from the people o f the
United S ta te s f o r c e r t i f i c a t e s o f indebtedness o f th e U nited S t a t e s , d esig n a ted
1-7/8 p ercen t T reasu ry C e r t i f i c a t e s o f Indebtedness o f S e r ie s B -1953, in exchange
for 1-7/8 p ercen t T reasu ry C e r t i f i c a t e s o f Indebtedness o f S e r ie s B-1952, maturing
July 1, 1952»
II.
1.
DESCRIPTION OF CERTIFICATES
The certificates will be dated July 1 , 19 5 2 , and will bear interest from
that date at the rate of 1-7/8 percent per annum, payable with the principal at
maturity on June 1 , 1953«
They will not be subject to call for redemption prior
to maturity*
2.
The income derived from the certificates shall be subject to all -taxes,
now or hereafter imposed under the Internal Revenue Code, or laws amendatory or
supplementary thereto«
The certificates shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3.
The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
lu
Bearer certificates will be issued in denominations of $1,000, $5*000,
110,000, $100,000 and $1,000,000.
registered form.
The certificates will not be issued in
- t »
The certificates will be subject to the general regulations of the Treasury
Department,
now or hereafter prescribed, governing United States certificates.
III.
1,
202
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington.
Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2,
The Secretary of the Treasury reserves the right to reject any subscription*
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.
nations, all subscriptions will be allotted in full*
Subject to these reser*
Allotment notices will be
sent out promptly upon allotment*
IV.
1,
PAYMENT
Payment at par for certificates allotted hereunder must be made on or before
July 1, 19^2, or on later allotment,, and may be made only in Treasury Certificates
of Indebtedness of Series B-195>2, maturing July 1, 1952, which will be accepted at
par, and should accompany the subscription.
The full amount of interest due on the
certificates surrendered will be paid following acceptance of the certificates.
V.
1.
CENTRAL PROVISIONS
As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up to the
amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of
the respective Districts, to issue allotment notices, to receive payment for certi
ficates 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, pre
scribe supplemental or amendatory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve Banks.
JOHN W. SNYDER,
Secretary of the Treasury,
eoo
b
u
s
w m \m
jussMiws»
Tueaday, Jane 1?, 18#,
fte
eC Ite
te## Éi$|testerà far
m nmmsbmuif e t PJMter t m « y t e li* te te dateci t e
m%mm teptefflter 1% 19$$» teieh «ere
19 and to
» t e » Ift* imm o$emà a# Ite Federai
wmasm teste « te » li*
^te S t e i U s Hf ^ É É -Itemi sdr» te £oH.gws s
fate! «pplted far * fSfQt^QlStOOG
fatei «0«#pt«d
** 1,302*128»oocr
(include# f232*066*OOO #sfc«É a» »
###tetepteifcii# basi» t e aeeepted in
. ,”
£#11 *# Ite M t e pria# stem tete)
« 9f*S8# ^ u lm lte rate a£ disamai# *&$*<*» 1*626$ per mrn
i t e l i prie#
Haag» af aecepted caspetiliv* M i a i
* 99<S9%' Equivalerli rate eC dloeoa&t apprese* l.ólfcg per arra
Lee
^ 99*$88
»
«
( li. p e rite # af te# « n o te H # f a r at I t e
Federai teienre
Distrla#
total
Sente#
$
ìm
«
»
l,630 £
»
p rie# ma# a#e#pt#d)
M ,
A f 'i'lle S
iter iena
1*6,201*000
1*612,150,000
.^tetl#d#lpliis
diamela##
iijUteood
Àlias##
62.367.000
25*963,000
29.690.000
iF ! M .^ n | ^ i
|jt
C lt ff
teli##
te#- Francisco
mài.
h p f i j
t
. 3 %
» § * s »
768,711,000
30 816.000
.
6 1
.668.000
i » '
30 . 669.000
26.617.000
36^07,000
«,683,000
22 360.000
161 357,000
1 5 , m ,ooo
21 837,000
«5,05(6000
57,9tó,000
10.862.000
^ 069,015,900
11,202,328,000
A
SI* ÌMàM
^ n » o n
*
.
*
*
»
TREASURY DEPARTMENT
RELEASE MORNING NEWSPAPERS,
Tuesday, June 17, 1952-____
S-3084
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000.,OOO, or thereabouts, of 91-day Treasury bills
to be dated June 19 and to mature September 18, 1952, which were
offered on June 12, were opened at the Federal Reserve Banks on
June 16.
The details of this issue are as follows;
Total applied for - $2,049,015,000
Total accepted
» 1,202,128,000 (includes’$212,066,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99*589 Equivalent rate of discount approx.
1.626$ per annum
Range of accepted competitive bids:
High
- 99*592 Equivalent rate of discount approx.
1.6l4$ per annum
- 99*588 Equivalent rate of discount approx.
Low.
1 . 6 3 0 $ p e r annum
(8l percent of the amount bid for at the low price was accepted)
Federal Reserve
Total
Applied for
District
Boston
$
New York '
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
46,201,000
1,412,150,000
31.247.000
62.847.000
Total
Accepted
$
3 0 ,9 1 0 ,000 .
768 .713.000
10 .814.000
43.448.000
25.983.000
2 2 .6 8 3 .0 0 0
29.490.000
195,329,000
30.649.000
24.617.000
34.207.000
57.942.000
98.353.000
22.840.000
141.857.000
15.191.000
TOTAL
o
21 .837.000
2 5 ,0 5 0 ,0 0 0
30.842.000 ■
6 7.9 3 7.0 0 0
TREASURY DEPARTMENT
Information Service
Wa s h i n g t o n , d .c .
IMMEDIATE RELEASE
Tuesday, June 17, 1952.
•
■ S --3085
The Treasury Department today made public
a report of monetary gold transactions with foreign
governments and central banks for the first quarter
of 195>2.
U* P. purchases of gold exceeded sales by
million in this period.
table showing net transactions by country
for the first quarter of
195>2
and total
195>1
is attached
UNITED STATES GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
January 1, 1952 - March 31 > 1952
(in millions of dollars)
20
Negative figures represent net sales by the
United States] positive figures, net purchases.*
Country
1st Quarter 1952*
Afghanistan ....
Argentina ......
Belgium..... ...
Belgian Congo ...
Canada........ .
Chile ..........
20.2
Colombia....... .
C u b a ............
Denmark ..........
Dominican Republic
Ecuador .........
E g y p t .... ......
-17.5
-
-
Fiji Islands
Finland ....
France .....
Greece .....
Indonesia ..
Lebanon ....
_
-
-12.3
-
Mexico ....
Netherlands
P e r u ......
Philippines
Portugal ,..
Salvador ...
Total
17.5
-20.0
-19.7
-8.0
-3.5
-76.0
3.6
-U.8
-20.0*
-10.3
-ii5.o
- 5 .ii
11.3
-60.3*
-ii.5
-15.0
3.5
-3Ì1.9
-3.0
-
.3
-
22.5
2.3
-
South Africa ... .....................
United Kingdom ........... ............
Uruguay......... .....................
Vatican C i t y ............... ......... .
Venezuela........................... .
All O t h e r .......... *.............. .
-|li9.9
-10.3*
-8.0
-10.0
4w8*
-1.1
-
Saudi Arabia
Swed e n ....
Switzerland ....................
Switzerland-3ank for International
Settlements .......
Syria
1951 Total
it.3
520.0
10.0
-.2
; 15 5 7 .3
-.8
-32.0
-15 .O
-30.U*
-6.3
£2.1
U69.9*
22.2*
£.0
-,9
.1
$75.2
*Transactions with each country in the first quarter of 1952 were all purchases or
•+v>Sa^es*
for total 1951 also represent annual gross transactions
courvitile country ¿ith the exception,of countries marked with asterisk: for these
uixuxxub t-ne net figures represent the difference between gross purchases and
gross sales. Net sales of $932 million in the first half of 1951 were offset by
net purohases of $1,007 million in the second half. Gross purchases, of gold in
¿701 amounted to $1,250 million, gross sales were $1,175 million.
m m m
m m im
uEsfSPAPgss,
Tuesday, June 1 7 , 19S2.
S e creta ry o f th e trea su ry Snyder announced la s t n ig h t th a t
th e su b scrip tio n books fo r th e cu rren t o ffe r in g o f 2-3/8 percent
Treasury Bonds o f 1958 clo sed a t th e c lo s e o f bu sin ess Monday,
June 16 .
Su bscrip tion s p laced in the m ail b efo re 12 o 'c lo c k midnight
Monday, June id , m ill be considered as having been entered b efo re
th e c lo s e o f th e su b scrip tio n books.
Announcement o f th e amount o f su b scrip tio n s and th e b a sis
o f allotm ent w i ll probably be made on Thursday, Juna 19 .
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
207
R E L E A S E M O R N I N G NEWSPAPERS,
Tuesday, June 17, 1952.
S-3086
Secretary of the Treasury Snyder announced
last night that the subscription books for the
current offering of 2-3/8 percent Treasury
Bonds of 1958 closed at the close of business
Monday, June 16.
Subscriptions placed in the mail before
12 o'clock midnight Monday, June 16, will be
considered as having been entered before
the close of the subscription books.
Announcement of the amount of subscriptions
and the basis of allotment will probably be
made yon Thursday, June 19.
0O0
- 3-
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 ij.2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 191*1, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
June 26, 1952
, in cash or other Immediately available
------- 3 S --------funds or in a like face amount of Treasury bills maturing
June 26, 1952
--------------------------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
,
TREASURY DEPARTMENT
Washington
FOR RELEASE; MORNING NEWSPAPERS,
Thursday. June 19, 1952
-
b
o
y
j
The Secretary of the Treasury, by this public notice, invites tenders
for $1,200,000,000 , or thereabouts, of
91
-day Treasury bills, for
— i®r—
•
~ W “
cash and in exchange for Treasury bills maturing June 26, 1952
» in
a} a lljp
the amount of $ 1 ,201,069,000
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
September 25, 1952
terest.
June 26, 1952______
The bills
, and will mature
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1 ,000, $5 ,000, $10,000, $100,000, $500,000, and $ 1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/AtamAnol time, Monday, June 23, 1952
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 competi
tive tenders the price offered must be expressed on the basis of
not more than three decimals, e. g., 99.925.
100,
with
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
TREASURY DEPARTMENT
Information Service
release m o r n i n g n e w s p a p e r s ,
Thursday, June 19, 1952.
Wa s h i n g t o n , d .c .
S - 3 O 87
The S e c r e t a r y of the Treasury, hy this p u b l i c notice, invites
tenders for $1, 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y T r e a s u r y bills,
for cash a nd in exc h a n g e for T r e a s u r y bills m a t u r i n g June 26, 1952,
in the a m ount of $ 1 ,2 0 1 , 0 6 9 , 0 0 0 , to be issued on a d i s c o u n t basis
under c ompetitive a nd n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r
provided.
The bills of this series w i l l be d a t e d June 26, 1952, and
will mature S e p t e m b e r 25, 1952, w h e n the face a m o u n t w i l l be p a y a b l e
without i n t e r e s t . T h e y w i l l be i s sued in bear.er f o r m only, a nd in
denominations of $1,000, $5,000, $10,000, $100,000, $ 5 0 0 , 0 0 0 , an d
$1,000,000 ( m a t u r i t y value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Daylight Saving .
time, Monday, June- 23, 1952. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
mutliple 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 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 Federal Re 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
announcement w i l l be m a d e by the S e c r e t a r y of the T r e a s u r y of the
amount and price range of a c c e p t e d b i d s . Those s u b m i t t i n g tenders
will be a d vised 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 reserves the r i ght to a c c e p t or
reject any or a l l tenders, in w h o l e or in part, a nd h i s a c t i o n in
any such r e s pect shall be final. S u b j e c t to these r e s e r vations,
non-competitive tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated price
from any one b i d d e r w ill be a c c e p t e d in full at the av e r a g e price
2
(in three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on June 26, 1952, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing June 26, 1952. 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 Sta^tes shall be considered to be
interest. Under Sections 42 and 117 (a) (l) of the Interna,! Revenue
Code, as amended by Section 115 of the Revenue Act of 194.1, the
amount of. discount at which bills issued hereunder are sold shall
not be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include
in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
V!
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/
IMMEDIATE RELEASE,
Thursday» June 19» 19 52.
Secretary of the Treasury Snyder announced today that the cash offer
ing of 2-3/8 percent Treasury Bonds of 1958, on which the books were opened
for subscription on Monday, dune 16, was oversubscribed by wore than three
times. Subscriptions from nonbank investors alone exceeded the amount of
the offering, which was 13-1/2 billion, or thereaboutsi and were so large
that the total allotment had to be expanded in order to provide any minimum
allotment to commercial banks.
Total subscriptions received aggregated approximately 111,695,000,000.
Subscriptions from nonbank investors totaled $3,61^2,000,000. In accordance
with the announcement of the offering, these subscriptions will bs allotted
in full, and commercial banks will bs allotted up to $100,000 each. The
total of the new issue will approximate $b,2lt9,000,000, divided as follows!
(In millions)
Bonbank su b scrip tio n s — to b s a llo tte d
in f u l l
$3,6ii2
Commercial bank su b scrip tio n s fo r amounts
up to and in clu d in g $100,000 fo r th e ir
own account — to be a llo tte d in f u n
193
Commercial bank su b scrip tio n s fo r amounts
over $100,000 fo r th e ir own account —
to be a llo tte d $100,000 on each
su b scrip tio n
3lU
In ad d itio n to th e above, th ere w ars
a llo tte d to Government Investment
Accounts
100
Approximate t o t a l allotm en ts
$b»2b9
Details as to subscriptions and allotments will bs announced when final
reports are received from the Federal Reserve Banks.
01^ w0
IMMEDIATE RELEASE,
Thur sday, June 19, 1.952 .
S -3088
Secretary of the Treasury Snyder announced today that the
cash offering of 2-43/8 percent Treasury Bonds of 1958, on which
the books were opened for subscription on Monday, June 16, was
oversubscribed by more than three times. Subscriptions from
nonbank investors alone exceeded the amount of the offering, which
was $3-1/2 billion, or thereabouts; and were so large that the
total allotment had to be expanded in order to provide any minimum
allotment to commercial banks.
Total subscriptions received aggregated approximately
¿11,695,000,000. Subscriptions from nonbank investors totaled
$3,542,000,000, In accordance with the announcement of the offer
ing, these subscriptions will be allotted in full, and commercial
banks will be allotted up to $100,000'each. The total of the new
issue will approximate $4,249,000,000, divided as follows:
(In millions)
NGnbank subscriptions -- to be allotted.
in full
$3,642
Commercial bank subscriptions for
.amounts up to and including
$100,000 for their own account -to be allotted in full
193
Commercial bank subscriptions for
amounts over $100,000 for their
own account -- to be allotted.
$100,000 on each subscription
314
In-addition to the above, there
were allotted to Government
Investment Accounts
100
Approximate total allotments
$4,249
Details as to subscriptions and-allotments will be announced
when final reports are received from the Federal Reserve Banks.
oOo
RELEASE mm im NEWSPAPERS,
Tnesday, June 2U, 1952»
The Secretary of the Treasury announced last craning that the tenders for
$1,200,000,000, or thereabouts, of 91~day Treasury bills to be dated June 26 and to
mature September 25» 1952, which were o ffe re d on June 19 , were opened a t the Federal
Reserve Banks on June 23*
The details of this issue are as followst
Total applied for - $1,999,100,000
Total accepted
- 1,200,060,000
Average price
«* 99*575
(includes $180,317,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Equivalent rate of discount approx* 1*6825 per annua
Range of accepted competitive bides
- 99*598
- 99*569
High
Low
Equivalent rate of discount approx* 1*5905 per annua
*
*
*
«
*
1*7015 »
■
(12 percent of the amount bid for et the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Dallas
San Francisco
#
17,668,000
1,397,033,000
26,71k,000
1)3,817,000
19,388,000
23,730,000
162,61)2,000
21,907,000
9,092,000
39,371,000
70,333,000
167,203,000
I
11,999,100,000
11,200,060,000
Total
16,668,000
662,273,000
12,311),000
1)3,817,000
19,388,000
23,730,000
117,61)2,000
18,027,000
9,092,000
39,571,000
70,335,000
167,203,000
5
l,». M*. ^
RELEASE M O R N I N G NEWSPAPERS,
Tue 8day, June 24, 19 5 2 »
S-308Q
The S e c r e t a r y o f t h e T r e a s u r y a n n o u n c e d l a s t e v e n i n g t h a t t h e
t e n d e r s f o r $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,- o r t h e r e a b o u t s , o f • 9 1 -day T r e a s u r y b i l l s
to be d a t e d J u n e 2 6 arid t o m a t u r e S e p t e m b e r 2 5 , 1 9 5 2 , w h i c h w e r e
offered o n J u n e 19, w e r e o p e n e d a t t h e F e d e r a l R e s e r v e B a n k s o n
June 2 3 .
The d e t a i l s
of
th is
T o ta l a p p lie d fo r
T o ta l a ccep ted
-
A verage
-
Range
p ric e
o f a ccep ted
is s u e
are
as
fo llo w s :
$1 , 9 9 9 , 1 0 0 ,0 0 0
1 , 2 0 0 , 060,000
( i n c l u d e s •$ 1 8 0 , 3 1 7 , 0 0 0
e n t e r e d on a n o n - c o m p e t i t i v e
b a s i s and a c c e p te d in f u l l
a t ' t h e a v e r a g e p r i c e show n
b e lo w )
99-575 E q u iv a le n t r a te o f d is c o u n t ap p ro x.
1 .6 8 2 $
p e r annum
c o m p e titiv e
b id s:
- 99*598 E q u iv a le n t
H ig h •
ra te
o f d isc o u n t
approx.
1 . 5 9 6 $ p e r annum
Low
( 1 2
- 9 9 .5 6 9 E q u i v a l e n t r a t e
1 .7 0 5 $
percent
of
th e
am ount b id
Federal Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis'1
Kansas City
Dallas
San Francisco
TOTAL
$
fo r
at
th e
T o ta l
A p p lie d
fo r
1 7 ,6 6 8 ,0 0 0
1 , 397, 033,000
2 6 , 7391,000
k 3 , 8 .1 7 , 0 0 0
1 9 ,3 8 8 ,0 0 0
2 3 ,7 3 0 ,0 0 0
162, 642,000
2 1 , 907,000
9 ,0 9 2 ,0 0 0
3 9 , ^ 1,000
7 0 ,3 3 5 * 0 0 0
1 6 7 , 2 0 3 . , 000
$ 1 ,9 9 9 ,1 0 0 ,0 0 0
0O0
o f d isc o u n t
p e r annum
lo w p r i c e
approx.
was a c c e p t e d )
T o ta l
A ccep ted
$
1 6 ,6 6 8 ,0 0 0 '
6 6 2 ,2 7 3 ,0 0 0
1 2 .^ 1 ^ ,0 0 0
43-, 8 1 7 , 0 0 e
1 Q ,3 8 8 ,0 0 0
2 3 ,7 3 0 ,0 0 0
1 1 7 , 6 4 2 , GOO
1 8 ,0 2 7 ,0 0 0
9 , 0 9 2 .0 0 0
3 9 , 5 7 1 ,000
7 0 , 335 ,0 0 0
1 6 7 ,2 0 3 ,0 0 0
' $ 1 ,2 0 0 ,0 6 0 ,0 0 0
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 1|2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 191*1, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, 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. ii.18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
R eserve
Copies of the circular may be obtained from any Federal
Bank o r
B ranch,
2
-
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
.Tiny 3 1?E>2
9
in cash
or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
July^3^ 1952
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
»
M sm m o L
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, June 26, 1952
*
5 o *0
The Secretary of the Treasury, by this public notice, invites tenders
for $1,200,000,000 , or thereabouts, of
91 -day Treasury bills, for
—
—
" W ~ "
cash and in exchange for Treasury bills maturing
July 3, 1952
, in
the amount of $ 1,201,505.000 » to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
The bills
of this series will be dated
October 2. 1952
terest.
July 3. 1952
, and will mature
---------------------------------- —
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1 ,000, $5 ,000, $10,000, $100,000, $500,000, and $1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/s&asEKJaoKS time, Monday, June 30, 1952 »
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 competi
tive tenders the price offered must be expressed on the basis of
not more than three decimals, e. g., 99.925.
100,
with
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
TREASURY DEPARTMENT
WASHINGTON, D C .
Information Service
RELEASE m o r n i n g
Thursday, June
newspapers
26, 1952.
,
S-3090
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’.July. 3, 1952, in
the amount of $1,201,505,000, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
The
'bills of this series will be dated July 3, 1 9 5 2 / and will mature
October 2, 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 (maturityvalue ).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o 1clock p.m., Eastern Daylight Saving
time, Monday, June 30, 1952. 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 ill 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 adyised of the acceptance or rejection thereof* The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
fnom any one bidder will be accepted in full at the average price
2
(in three decimals) of* accepted, competitive bids, Settlement for
accepted tenders in accordance with the "bids must ho made or
completed at the Federal Reserve Bankroll July 3, 1952, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing July 3, 19p2., Cash and exchange tenders will
receive equal treatment. Cash adjustments will be made for
differences between the par value of maturing bills accepted ih
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 bythe United. States shall be considered to be
interest. Under Sections 42 and 117 (&) (l) oi 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
520
URY DEPARTMENT
ím
?v*t i n Service
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C
IMMEDIATE RELEASE,
Wednesday, June 2>, 1952
S e creta ry o f th e treasu ry Snyder today announced th e su bscrip tion
and allotm ent fig u re s w ith resp ect to the cu rren t cash o ffe r in g o f 2*3/8
percent Treasury Bonds o f 1258 to bs dsted J u ly 1 , 1252«
Subscriptions m û allotm ents were divided among th e s e v e ra l Federal
Reserve D is t r ic t s and th e Treasury as follo w s t
Federal Reserve
D is t r ic t
T o ta l Subscrip*
tie n s Received
T o tal Subscrip*
tie n s A llo tte d
Boston
Row York
P h ilad elp h ia
Cleveland
Richmond
A tla n ta
Chicago
S t . Louis
M inneapolis
Kansas C ity
D allas
San Francisco
Treasury
Government Invest*
ment Accounts
1
1
TOTAL
580,651.500
1»,829,933,000
538,125,000
636,029^900
U»6,31í6,5QÓ
5M,1*1»9,S®
1 ,5 2 6 ,1*51»,500
301»,082,««
263,922,500
357,083,000
105,907,000
1,110,837,500
1»,530,000
221,175,000
2,Ol»9,li72,500
102,1»32,000
163,907,000
132,202,000
2l»8,i»82,500
1»83,875,000
102,196,000
107,5b7,000
120,988,500
lll9,llt2,QOO
255,1*81,000
It,530,000
100,000,000
100.000,000
111,693,351,000
•It,2lt8,li37,500
221
IMMEDIATE RELEASE,
Wednesday, June 25,
1952.
s »3091
Sec r e t a r y of the T r e a s u r y S n y d e r t o d a y a n n o u n c e d the s u b
scription a nd a l l o t m e n t figures w i t h r e s p e c t to the current cash
offering of 2 - 3 / 8 p e r c e n t T r e a s u r y Bonds of 1958 to be d a t e d
July 1* 1952 .
S u b s c riptions and a l l o t m e n t s were d i v i d e d a m o n g the
Federal Re s e r v e D i s t r i c t s a n d the T r e a s u r y as follows:
Total Subscrip
tions A l l o t t e d
Total Subscrip
tions R e c e i v e d
Federal R e serve
District
TOTAL
$
580,651,500
^ , 829,933,000
538 ,125,000
636 ,029,000
446,346,500
0
0
io
548,449,500
1,526,454,500
304,082,000
263 ,922,500
357,083,000
415,907,000
1,141,837,500
4,530,000
1
O
O
V«
O
O
O
V»
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
... .
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government Investment A c c o u n t s
$ 1 1 ,693 , 351,000
0O0
several
$
221,175,000
2 , 0^ 9 ,472,500
102.432.000
163.907.000
139.209.000
248.482.500
483.875.000
.
102 196.000
107.547.000
1 2 0 .9 8 8 .5 0 0
149.142.000
255.481.000
4 ,530,000
1
0
0
, 0 0 0 , 0 0 0
$4,248,437,500
Comparison of principal items of assets and liabilities of national 'banka — Continued
(In thousands of dollars)
••
t» Mar. 3 1 ,
m
• 1952
|
;•
Dec. 3 1 »
1951
•
l Apr. 9,
•
1951
Increase or decrease: Increase or decrease
I since Dec. 3 1 » 1951s sin ce Apr. 9» 1951
,
Amount
:Percent
Amount
:Percent:
LIABILITIES
D eposits o f in d iv id u a ls, p artn ersh ip s,
and corporations!
$54,855,841 $48,671,446
D e m a n d ..................• • • • ....................$50 , 606,189
18,998,878
Tim e........................ .................................. 20,162,908
19.825.659
4 . 2 13,269
2 . 233,623
D eposits o f U. S. Government...................
3»677*&91
6 ,5 0 2
10,003
P o sta l savings d e p o sits*...........................
12,639
D eposits o f S ta te s and p o l i t i c a l
5 . 609,334
5.924,592
s u b d iv is io n s .. . .........................................
6,059*^9
9.789.974
D eposits o f banks................................... . . .
8 ,4 71,774
7.759.253
Other d ep o sits ( c e r t i f i e d and c a sh ie rs 1
1.143,094
1 , 791.8 69
checks § e tc # )•♦ •••••••♦ ••*••••••••••
$^4^1
9 4 , 4 3 1 ,5 6 1
86,401,776
T o ta l d e p o s its .................................... .. 9 0 , 3 1 7 .1 4 1
B i l l s p ayable, red isco u n ts, and other
15,484
160 ,20 2
l i a b i l i t i e s fo r borrowed m o n e y ......
2 47,9 3 7
1,276,344
1 , 658,627
1.6 2 1,3 9 7
Other l i a b i l i t i e s .
T o ta l l i a b i l i t i e s , excluding
8 7 , 838,322
96,068,442
c a p ita l accounts...........
9 2 , 223.765
CAPITAL ACCOUNTS
C a p ita l stock:
8,546
7.0 0 7
P r e fe r r e d .. . .
13.753
............................... ..
2 . 0 17.6 9 9
2 . 1 7 3 .7 4 4
Common.. . . . . . . . . . . . . . . . . . . . . . . . . . .
2.096,799
2 , 0 3 1,4 5 2
2,180,751
2,105,345
T o t a l.......................... ...................
3
.
083,495
3
,
12
3
,7
5
6
2 , 948,622
S u rp lu s................................ ...........................
1 , 226,647
1,212.538
Undivided p r o f i t s ............................... • • •••
1.183.453
2 6 9 ,58 1
268,740
260,648
D eserves.........................................................
T o ta l su rplu s, p r o f it s , and
4,401,656
4,564,773
4 ,6 i o ,t e i
r e s e r v e s ..
6,670,118
6,te3.10 8
6 , 791.20 2
T o ta l c a p ita l a c c o u n ts ..•• « ••• ••• •
T o ta l l i a b i l i t i e s and c a p ita l
94,271*430
account s . . . . . . . . . . . . . . . . . . . . . . . . 9 9 , 0 14 ,9 6 7 102,738,560
Percent
Percent
Percent
RATIOS:
35.20
34.22
34.30
U.S.Grov11 s e c u r itie s to t o ta l a s s e ts .
32.18
3 1 .5 6
Loans and discounts to t o t a l a s s e ts . •
3 2 .6 7
7.0 6
7 .4 5
C a p ita l accounts to t o t a l d e p o s its .••
7*52
-$ 4 , 249,652
337.2%
1,444,068
3*98
$1 , 934,743
1 , 164,030
- 53 5.578
6.137
6 .1 3
- 1 2 .7 1
2,636
-7 .7 5
1.70
64.65
26.35
13M 97
- 1 , 318,200
2 .2 8
-13 .4 6
450.155
712.521
8.03
9 .1 8
-465,418
-4 ,114,42 0
-2 5.9 7
-4.36
183.357
3.915.365
1 6 .04
232.453 150 1.25
37,290
2 . 3O
87.735
382.343
5 4 .7 7
29.96
9te39
4 .5 3
-3,844,677
-4.00
4 , 385,443
4.99
-1.53 9
76,945
75.406
t o , 261
-18 .0 1
- 49.05
13.50 9
- 8,092
1 .1 1
- 3 .0 1
-6,746
156,045
149.299
175.134
42,594
-8.933
..........4 5 . 67 s
1 2 1 , os4
1.00
1.82
208,795
358.094
4 .7 4
- 3 . 723.593
- 3 .6 2
4,743.537
5 . 0?
NOTE:
3 .6 7
3 .5 8
1 .3 1
7 .7 3
7.35
3 3 4
3 .6 0
- 3 .3 1
Minus sign denotes d ecrease.
5.57
Statement
shoving comparison of principal
items of
assets and liabilities
of active national han k s
as of March 3 1 , 1 9 5 2, December 3 1 , 1951 and. April 9 , 1951
(In thousands of dollars)
1952
Humber o f banks.......... . .................... .
4 ,9 3 3
] Dec* 3 1 ,
;
1951
•:
A pr. 9,
1951
4 .9 5 9
-13
-•2 6
-2 6
-.5 2
$1 4 , 3 9 3 ,1 1 7
7 , 1 2 3 ,7 0 1
1 / 4 , 3 7 2 ,13 4
-$ 4 2 ,9 1 5
-♦ 27
1 .1 1
• 60
$1 , 253,223
8 *71
500,818
7.03
1.59
3.92
-4 .53
6.82
20.94
6.63
4,946
ASSESS
$1 5 , 6^6 , 31*0 $1 5 , 689,255
Commercial and in d u s tr ia l lo an s*•••
7 . 6 2 4 ,519
7 , 5 4 1,1 0 3
Loans on r e a l e s ta te * ...........
4 , 4 1 5 ,1 5 3
u , 1*1*1 , 71*1
Consumer loans to in d iv id u a ls ...........
Other loans to in d iv id u a ls: S in g le payment loans o f $3*000 and over*
1 , 38 7.292
1,1*1*1,727
*•
3 . 686,203
A ll other lo an s, in clu din g o verd rafts
3 . 8 6 1.3 13
3 2 . 840,530
3 2 , 8 9 4 ,116
1*87,788
470.339
Less v a lu a tio n re s e rv e s ...........
Het lo a n s.................................
3 2 , 4 2 3 ,7 7 7
3 2 .3 5 2 . 7^2
U. S* Government s e c u r itie s :
35,146,687
33.948,307
D ire c t o b lig a tio n s ...........................
9
,670
9.656
O b ligation s f u l l y gu aran teed.•• •
T o tal TJ* S* s e c u r it ie s * * « * ...
35.156.343
33.957*977
O b ligation s o f S ta te s and p o l i t i c a l
5.333.230
5 , 607,202
su b d ivisio n s*......................................
2,284,860
Other bonds, notes, and debentures*
2.373.149
Corporate sto cks, Including stocks
180,895
185,284
o f Federal Reserve banks.................
43.043,617
T o ta l s e c u r i t i e s . . . . . . ...................
**2 . 0 35.323
T o ta l loans and s e c u r it ie s ...........
75.467,394
7^.388.065
1 , 2 17,4 0 6
1,418,564
Currency and c o in * * .* ...........................
1 2 , 8 2 1,4 3 2
Reserve w ith F ederal Reserve banks*
12 ,77 l*.31*3
1 1 , 7 7 2 ,16 2
Balances w ith other banks*•• * * • •• ••
9.325.429
T o ta l cash, balances w ith other
banks, in clu d in g reserve b a l
ances and cash items in pro
2 6 , 0 12 .15 8
23.317.178
c e ss o f c o lle c t i o n .. * * . • • . . . . *
1,259.008
1.309.724
Other a s s e ts * * .........................................
99,Oil*,967 10 2 ,738,560
Increase or decrease: Increase or decrease
I since Dec* 3 1 , 1951s since Apr* 9 , 19 5 1
Amount
¡Percent
Amount
:Fercent:
e
•
•
Mar* 3 1 ,
8 3 ,4 16
26,588
-71,0 35
3 .7 1
-.2 2
108,810
163,624
2,096.082
84,470
2 , 0 1 1 ,6 1 2
33,184,412
- 1 , 198,380
14
-1,198 ,366
- 3 .4 1
.1 4
-3 .4 1
766,255
,7 .3 10
773.5<>5
2 .31
309.75
2*33
4 , 930 .776
2 , 436,304
273,972
-88,289
5 .14
-3 .7 2
676,426
-151,444
13 .72
-6 .2 2
4,389
2 .4 3
- 1 , 008,294
-1,079.329
- 2 0 1,15 8
-2 .3 4
- 1 .4 3
-14 .18
-.3 7
-20.78
7.620
1 , 3 0 6 ,16 7
4.29
3 .2 1
3.317.779
37.879
155.767
1 , 1 0 7 ,1 9 1
4.67
1 .2 3
13-4Z
1.300,837
124,921
**.7**3.537
5 -9 1
1 0 .5 4
5*03
1 . 3 3 2 ,9 17
3.522.579
30,744,4+8
403,318
30 , 3 4 1.13 0
3 3 , 18 2 ,0 52
2,360
54 ,4 3 5
- 1 7 5 .1 1 0
- 53 .58 6
17 .4 4 9
177,664
40,729.156
7 1 , 070,286
1,17 9 ,5 2 7
12,618,576
8,218,238
-2.446,733
22,016,341
1,184,803
94,271,430
-2.694,980
50,716
-3.723.593
1/ Adjusted to exclude single-payment loans o f $3*000 and over
69,607
-47,089
- .1 6
- 10 .3 6
4.0 3
- 3 .6 2
8 .1 6
4 .6 5
3*21
-
2
and dealers and others for the purpose of purchasing and carrying securities, and
to hanks, etc., amounted to $5*128,000,000, a decrease of 2 percent since December, I
The percentage of loans and discounts to total assets on March 51, 1952 was 32.67,
in comparison with 31*56 on December 3^
32*12» in April 1951*
Investments of the hanks in United States Government obligations on March 31, I
1952 aggregated $33>958»000,000 (including $10,000,000 of guaranteed obligations), I
a decrease of $1,198,000,000, or 3 percent, hut an increase of $77^*000,000, or
2 percent, since .April 1951*
These investments were 3^ percent of total assets,
compared to 35 percent last year.
Other bonds, stocks and securities of
$8,077,000,000» which included obligations of States and political subdivisions
1
of $5,607,000,000, were $190,000,000, or 2 percent, more than in December, and
$533,000,000, or 7 percent, more than held on April 9 last year.
The total se
curities held amounting to $^2,000,000,000 was $1,000,000,000, or 2 percent, below I
the amount reported for the end of December last, but $1,300,000,000, or over 3
percent, more than the amount held on April 9 & year ago.
Cash of $1,217,000,000, reserve with Federal Deserve Banks of $12,77^*°0°»000 I
and balances with other banks (including cash items in process of collection) of
I
$9 »326 ,000,000, a total of $23 ,317 ,000,000, showed a decrease of $2 ,695*000,000,
or more than 10 percent, since December.
The unimpaired capital stock of the banks on March 31* 1952 was $2»181,000,0001
including $7,000,000 of preferred stock.
Surplus was $3,123,000,000, undivided
profits $1 ,226 ,000,000 and capital reserves $261 ,000,000, or a total of
$H,610,000,000.
Total capital accounts of $6,791*000,000, which were 7.52 percent I
of total deposits, were $121,000,000 more than in December when they were J*06
percent of total deposits.
RELEASE MORNING NEWSPAPERS
Press Service
O fM v -
Ho* S
- 3
0 9
j _
The total assets of national 'banks on March. ^>1 , 1952 amounted to
%
£
$99*000*000*000, it was announced today by Comptroller of the Currency Preston
%
Delano*
The returns covered the 4,933 active national hanks in the United
States and possessions*
The assets were $3*700,000,000 below the amount re
*
p o rted as o f th e end o f 1951* hu t were more than $4,700,000,000 over the aggre
gate reported as of April 9* 1951* the date of the spring call a year ago*
The deposits of the hanks on March 31 this year were $90,000,000,000, a
decrease of more than $4,000,000,000, or 4 percent, since the figure reported
three months previously*
Included in the recent deposit figures were demand
deposits of individuals, partnerships and corporations of $50 ,606,000,000,
which decreased $4,250,000,000, or 7-3/4 percent, since December, and time de
posits of individuals, partnerships and corporations of $20,163 ,000,000, an in
crease of $337,000,000*
Deposits of the United States Government of
$ 3 *67S ,000,000 were up $1,444,000,000 since December; deposits of States and
political subdivisions of $6 ,059*000,000 showed an increase of $135 *000,000;
and deposits of hanks amounted to $6,472,000,000, a decrease of $1,313,000,000,
or 13 percent, since December*
Postal savings deposits were $12,600,000 and
certified and cashiers* checks were $1 ,326,000,000.
Net loans and discounts on March 31 this year were $32,353*0°0,000, a de
crease of $71,000,000 since December, but $2 ,012 ,000,000, or 7 percent, above
the April 9» 1951 figure.
Commercial and industrial loans as of the recent call
date were $15,646,000,000, a decrease of $43,000,000 since December*
real estate of $7,625,000,000 were up 1 percent in the period.
Loans on
Consumer loans
to individuals were $4,442,000,000, exclusive of single-payment loans to individ
uals of $3,000 and over.
All other loans, including loans to farmers, to brokers
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
O O O
/ y K
C
.4L.vJ
RELEASE MORNING NEWSPAPERS,
W ednesday,
June
25,
1952.
S -- 3 092
The t o t a l a s s e t s o f n a t i o n a l b a n k s on M arch 3 1 , 199 2 am o u n te d
to $ 9 9 , 0 0 0 , 0 0 0 , 0 0 0 , i t w a s a n n o u n c e d t o d a y b y C o m p t r o l l e r o f t h e
Currency P r e s t o n D e la n o .
The r e t u r n s c o v e r e d t h e 4 , 9 3 3 a c t i v e
n a tio n a l banks in th e U n ite d S t a t e s and p o s s e s s i o n s .
The a s s e t s
were $ 3 , 7 0 0 , 0 0 0 ,0 0 0 b e l o w t h e a m o u n t r e p o r t e d a s o f t h e e n d o f
1951, h u t w e re more t h a n $ 4 ,7 0 0 ,0 0 0 ,0 0 0 o v e r t h e a g g r e g a t e r e p o r t e d
as o f A p r i l 9 , 1 9 5 1 , t h e d a t e o f t h e s p r i n g c a l l a y e a r a g o .
T h e d e p o s i t s o f t h e b a n k s on M a r c h 3 1 t h i s y e a r w e r e
¿ 90 , 000 , 0 0 0 , 0 0 0 , a d e c r e a s e o f m o r e t h a n $ 4 , 0 0 0 , 0 0 0 , 0 0 0 , o r 4
p e r c e n t, s i n c e t h e f i g u r e r e p o r t e d t h r e e m onths p r e v i o u s l y .
In c lu d e d i n t h e r e c e n t d e p o s i t f i g u r e s w e r e demand d e p o s i t s o f
i n d i v i d u a l s , p a r t n e r s h i p s an d c o r p o r a t i o n s o f $5 0 , 6 o6 , 000, 000,
which d e c r e a s e d $ 4 , 2 5 0 , 00 0,0 0 0 , or 7-3/4 p e r c e n t , s i n c e D e c e m b e r , a n d
time d e p o s i t s o f i n d i v i d u a l s , p a r t n e r s h i p s a n d c o r p o r a t i o n s o f
$20 ,163,0 0 0 ,0 0 0 , an i n c r e a s e o f '$ 3 3 7 ,0 0 0 ,0 0 0 .
D e p o s its o f the
United S t a t e s G o v e rn m e n t o f $3 , 6 7 8 ,0 0 0 ,0 0 0 w e r e up $ 1 , 4 4 4 , 0 0 0 , 0 0 0
since D ecem b er; d e p o s i t s o f S t a t e s and p o l i t i c a l s u b d i v i s i o n s o f
$6 , 059 , 0 0 0 ,0 0 0 s h o w e d a n i n c r e a s e o f $ 1 3 5 , 0 0 0 , 0 0 0 ; a n d d e p o s i t s o f
hanks a m o u n t e d t o $ 8 , 4 7 2 , 0 0 0 , 0 0 0 , a d e c r e a s e o f $ 1 , 3 1 8 , 0 0 0 , 0 0 0 , o r
13 p e r c e n t , s i n c e D e c e m b e r .
P o s t a l s a v in g s d e p o s it s were
$1 2 , 6 0 0 ,0 0 0 a n d c e r t i f i e d a n d c a s h i e r s ' c h e c k s w e r e $ 1 , 3 2 6 , 0 0 0 , 0 0 0 .
N et l o a n s an d d i s c o u n t s on M arch 3 1 t h i s y e a r w e r e
^ 3 2 , 3 3 3 , 0 0 0 , 0 0 0 , a d e c r e a s e o f $ 7 1 , 0 0 0 ,0 0 0 s i n c e t p ^ b e m b e r , b u t
$ 2,0 12,0 0 0 ,0 0 0 , o r 7 p e r c e n t , a b o v e th e A p r i l 9 , 19 5 1 f i g u r e .
C o m m e rc ia l a n d i n d u s t r i a l l o a n s a s o f t h e r e c e n t c a l l d a t e w e r e
$ 15,6 46 ,0 0 0 ,0 0 0 , a d e c r e a s e o f '$ 4 3 ,0 0 0 ,0 0 0 s i n c e D ecem ber.
Loans
on r e a l e s t a t e o f $ 7 , 6 2 5 , 0 0 0 ,0 0 0 w e r e u p 1 p e r c e n t i n t h e p e r i o d .
Consumer l o a n s t o i n d i v i d u a l s w e r e $ 4 , 4 4 2 , 0 0 0 , 0 0 0 , e x c l u s i v e o f
s in g le -p a y m e n t l o a n s t o i n d i v i d u a l s o f $3,0 0 0 and o v e r .
A l l other
loans, i n c l u d i n g l o a n s t o f a r m e r s , t o b r o k e r s and d e a l e r s and
others f o r th e p u r p o s e o f p u r c h a s i n g and c a r r y i n g s e c u r i t i e s , and
to b a n k s , e t c . , a m o u n t e d t o $ 5 , 1 2 8 , 0 0 0 , 0 0 0 , a d e c r e a s e o f 2 p e r c e n t
since D e c e m b e r. 'T h e p e r c e n t a g e o f l o a n s and d i s c o u n t s t o t o t a l
a s s e t s on M a r c h 3 1 , 1 9 5 2 w a s 3 2 . 6 7 , i n c o m p a r i s o n w i t h 3 1 . 5 b on
December 3 1 a n d 3 2 . 1 8 i n A p r i l 1 9 5 1 .
2
Investments of the hanks in United States Government
obligations on March 31, 1952 aggregated $33,958,000,000 (including
$10,000,000 of guaranteed obligations), a decrease of
$1 198,000,000, or 3 percent, hut an increase of $77^,000,000, or
2 percent, since April 1951. These investments were 3^ percent of
total assets, compared to 35 percent last year. Other bonds, stocks
and securities of $ 8 ,077 ,000,000, which included obligations of
States and political subdivisions of $5,607,000,000, were
$190,000,000, or 2 percent, more than in December, and $533,000,000,
or l^ercent, more than held on April 9 last year. The total
securities held amounting to $42,000,000,000 was $1,000,000,000,, or
2 percent, below the amount reported for the end of December lasc,
but $1,300,000,000, or over 3 percent, more than the amount held on
April 9 a year ago.
Cash of $1,217,000,000, reserve with Federal Reserve Banks of
$12,774,000,000 e.nd balances with other hanks (including cash items
in process of collection) of $9,326,000,000, a total of
$23,317,000,000, showed a decrease of $2 ,695 ,000,000, or more than
10 percent, since December,
The unimpaired capital stock of the banks on March 31, 1952
was $2 ,18 1 ,000,000, including $7,000,000 of preferred stock.
Surplus was $3,123,000,000, undivided profits $ 1 ,_226 ,000,000 arid
capital reserves $261,000,000, or a total of $4,010,000,000. Total
capital accounts of $6,791*600,000, which were 7*52 percent of
total deposits, were $121,000,000 more than in December when they
were 7.66 percent of total deposits.
S~ba--bernent, s h e w i n g c o m p a r i s o n
of
p r i n c i p a l
i t e m s
o f
a s s e t s
a n d
l i a b x l
i t i ë s
o f
a c t i v e
n a t i o n a l
b a n k s
as of March 31, 1952, December 31, 1951 and April 9, 1951
(In'thousands of dollars)
Apr. 9 ,
. Dec. 31,
: 1951
: 1951
li 9^9
'T79 ÏÏ5—
SJs
"Tt,933
Mar. 31 ,
1952
N u m ber o i
banK S • • * • •
:Increase or decrease: Increase or decrease
: since Dec. 31, 19^1 : since April 9 , 1951
:Percent
: Amount
:Percent: Amount
-13
-.26
-26
-.52
-$82,915
-.27
1.11
$1 ,253,223
500,818
69,607
8.71
7.03
1.59
3.92
108,810
8.16
-175,110
-U.5 3
“ =337359 ”
'17 ,0*9
3.71
-.22
-7 1 ,0 3 5
163 ,621*
27090 ,952
81*,1*70
14.65
6.82
20 .9b
2 ,011,612
0 .6 3
7 6 6 ,2 5 5
7 ,3 1 0
773,565
2.31
309.75
2.33
6 7 6 ,1*26
-151 ,1*0 *
13.72
-6.22
ASSiiTb
$15 ,61*6 ,31*0 #15,689,255 Lu, 393,1 1 ?
Commercial and indus'
7,514,103
7,123,701
7,621*,519
loans on real estate
i,,J,i,i ri?h!,!J¡1,145,153 l/li,3?2 ,13U
uisumer loans to individuals...
4
Other loans /to individuals: Sii
1 ,387,292
1 ,332,917
payment loans of $2+000 and over 1 ,14^1 ,727
All other loans, including ovei
9 ABA
3 ,522,579
drafts
3 ,861,313
30,7139018"
32,894,110
, 3 2 ,614.0 ,53 0
}i?
9R
¡*0 3 ,3 18
1;70,339
L
.P.’71,7(,
O
...
less valuation reserves .. .
30731117130
. 32 ,352,7Û2 3 2 9 15 3 7 77 7
Net loans....... .
U. b. Government securities:
33 ,182,052
, 33,9148,307
Direct obligations... .
35 ,106,687
2,360
9,656
9,670
Obligations fully guaranteed.
33
,
181
*,1*12
Total U. S. securities.... . 33,957,977
35 ,156 ,31*3
O kl i o A ti
o f
;s f . a t o c
and
83,816
26,588
5i;,l4.35
.6 0
‘
-1 ,198,380
-3 .I4I
.lU
11*
-1 ,198,366 ' -3 .8 1
__
n o i 4 f.-i
5 ,333,230
2 ,373,11*9
1*,930,776
2 ,1*36,301*
185,281;
180,895
. I*2 ,035,3?3 • 1*3 ,01*3 ,6Î?
714/388,065 ' 76 ,T;67 ,39b
177 ,661*
To, 729,133”
, 5 ,607,202
. 2 ,28b,860
Total securities...........
Total loans and securities....
Currency and coin............
Reserve with Federal Reserve bank
Balances with other tanks......
Total cash, balances with othe
banks, including reserve bal
ances and cash items in pro
cess of collection....... .
Other assets............... ..
Total assets
► 1 • y iiu>0
. 12 ,774,343
. 9,325129
1 2 ,8 2 1 ,14.32
11 ,772,152
71,0707299
1 ,179,3^7
12 ,618,576
8 ,218,238
26 ,012,153
, 23 ,317,178
22 ,016,381
. T, 3097725”— I Î ^ Î ’ÔoB“ 1 ,181;,803
. 99 ,m , 1 7 10 2 ,7 3 3 7 3 9 0 "9117^71,D30
)ayment loans of $3,000 and over.
273,972
-88,289
14,389
-i,008,29ÎT
-1 ,0 79 ,3 2 9
-2 0 1 ,1 3 5
-1*7,089
-2 ,0 *6,733
5 .lit
-3 .7 2
2 .1*3
T 3T
-X.U3
-.III.TB’“
- .3 7
-•2 0 .78
-2 ,69l4,980 -.1 0 .3 6
~5o,7l5~ T . 0 3 '
Kr\
-3'S*62
'
-3 ,723,593
7,620
I,30o7 îb7
3 ,317,779
37,879
155,767
1 ,107,191
4-29
3.21
3 .2 1
1 .2 3
13 .b7
5.91
1 ,300,837
12b,92l" 1 0 .5 8
5 .0 3
8 /783,537
ro
ro
"
IMMEDIATE RELEASE,
F r id a y , Jon« 27, 195?
'Z— 3
6
^3
The S e cre ta ry o f th e Treasury today announced the su b scrip tio n and
allotm ent fig u re s w ith resp ect to the cu rren t o ffe r in g o f 1-7/8 percent
T reasury C e r tific a te s o f Indebtedness o f S e rie s B-1953, to be dated
J u ly 1 , 1952.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows s
Total Subscriptions
Received and Allotted
Federal Reserve
District
#
89,969,000
2,772,21*8,000
Boston
Rev York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
98,287,000
268 ,875,000
56,599,000
160, 202,000
702, 265,000
153,101*,000
105.365.000
203 521.000
.
86, 178,000
262 ,221,000
li.063.000
TOTAL
*4,963,097,000
TREASURY DEPARTM ENT
Information
WASHINGTON, D .C .
Service
IMMEDIATE RELEASE,
Friday, June 27, 1952.
S-3093
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
B-1953, to be dated July 1, 1952.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federa1 Re se rve
District
Total Subscriptions
Rcceived and Aliotied
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
&
8 9 , 0 6 9 , 0 0 0
2,772,248,000
9 8 .2 8 7 .0 0 0
268,875,000
56 .5 9 9 .0 0 0
160,202,000
702,265,000
153 .10 4 .0 0 0
105.365.000
2 0 3.52 1.0 0 0
8 6 .378.000
.
262 221.000
4,0 6 3 ,0 0 0
$^963,097,000
TOTAL
\
0O 0
~ z .
j
release m m m ®
- J
r a s p « ,
M M y m 1952.
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 <faly | and
to mature October 2, 1952, which «ere offered on June 26, mere opened at the
Federal Reserve Banks on June 30.
the details of this issue are as follows t
total applied for - $2,136,032,000 f (includes $ 167 ,903,000 entered on a
- 1 ,200,257 ,000{ / non-competitive basis and accepted in
total accepted
full at the arerage price shown below)I
Average price
99*5 W M Equivalent rate of discount approx. 1.7885 per
Bangs of accepted competitive bidsi
* 99*599 Equivalent rate of discount approx. 1*5865 per annfl
- 9 9 .9 6
*
*
•
*
*
1.8005 8
High
Low
(2 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew fork
P h ila d e lp h ia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
S&aneapolis
Kansas City
Dallas
San Francisco
I
I
TOTAL
HI
19,1*07,000
1,527,920,000
36,521,000
31*.731,000
16,181*,000
12,331*,000
228,932,000
39,592,000
33,600,000
1*6 ,285,000
3k,515,000
125 ,961,000
$2 ,136 ,032,000
13 ,1*27,000
705, 630,000
21 ,521,000
89,731,000
Ik,098,000
12 ,236,000
166 ,028,000
29,392,000
U , 1*22,000
1*3,305*000
3k,515,000
ne, 952,000
1 1 ,200,257,000
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C
0
7 1
(L v, w
RELEASE M O R N I N G NEWSPAPERS,
S -3094
Tuesday* July 1, 1952.
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 July 3 and to manure October 2* 1952* which were offered
on June 26* were opened at the Federal Reserve Banks on June 30.
The details of this issue are as follows:
Total a p p l i e d for
Total a c c e p t e d
Average price
$
2 * 136 * 032*000
1 *200,257,000 (includes $167 *903,000
entered on a non-competitive
basis and accepted in full at
the■average price shown
below)
99.548/ Equivalent rate of discount approx.
1 .788$ per annum
Range of a c c e p t e d c o m p e t i t i v e bids;
- 99.599 Equivalent rate
1 .586$
- 99.5^5 Equivalent rate
1 .800$
High
Low
of discount approx
per annum
of discount approx
per annum
(2 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Accepted
34,731,000
16*184*000
1 2 ,33^,000
228*982*000
39,592*000
13 ,600,000
46*285,000
3^, 515,000
125 ,961,000
13,427*000
705,630,000
2 1 *521,000
29,731,000
lb,008,000
12 *236*000
166 *028,000
20*392*000
11*422*000
45 ,305,000
34 ,515,000
1 18 ,952,000
$2 ,136 ,032,000
$1 *200*257,000
$
Boston
New York
Philadelphia.
Cleveland
Richmond.
Atlanta. .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
19*407*000
1 *527 ,920*000
36 *521*000
Total
0O0
'$
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D. C,
FOR RELEASE
Saturday, July 5« 1952
Press Service
No, S-5095
Secretary of the Treasury Snyder today made public data
the
report, Statistics of Income for 1948. Part 1 . compiled from indi
vidual income tax returns and from taxable fiduciary income tax re
turns for the income year 1948, These data are prepared under the
direction of Commissioner of Internal Revenue John B, Dunlap.
INDIVirUAL RETURNS
The total number of individual income tax returns filed for the
income year 1948 is 52,072,006. This is 3,027,002 returns, or 5.5
percent, less than were filed for the previous year. The current
year returns consist of 19,245,300 optional returns, Form 1040A;
20,203,306 short-form returns, Form 1040; and 12,623,400 long-form
returns, Form 1040.
Of the total number of returns filed, 43,243,079, or 83,0 per
cent, show use of the optional standard deduction. The tax liability
is determined from the optional tax table on 39,448,606 returns which
is 75.8 percent of all returns filed.
There are 36,411,248 taxable returns; this is a decrease of
5,167,276 returns or 12,4 percent of the number of taxable returns
filed for 1947. Nontaxable returns for 1948 number 15,660,758, an
increase of 2,140,274 or 15.8 percent, as compared with the number
of nontaxable returns for 1947. Included in the nontaxable returns
are 326,309 returns with adjusted gross deficit; this represents an
increase of approximately 9 percent over the number of deficit returns
in the previous year.
The adjusted gross income of $164,173,861,000 for 1948 shows an
increase of $13,878,586,000, or 9.2 percent, over that reported for
1947. The adjusted gross deficit of $657,847,000 is greater by
$98,654,000, or 17.6 percent, than in the previous year.
The tax liability for the. current year is $15,441,529,000. As
compared with the previous year, there is a decrease of $2,634,752,000,
or 14.6 percent. The decrease is due to several factors such as,
increase in exemptions, increase in the standard deduction, increase
in the percentage of tax reduction, and the split-income method for
confuting tax on joint returns.
-
2
-
Comparative data, individual returns, 1948 and 1947
(Money figures in thousands of dollars)
1947
.1948
Increase or
decrease (-)
Number
or
Percent
amount
All returns:
. 52,072,006 55,099,008 -3,027,002
.164,173,861 150,295,275 13,878,586
-5.49
9.23
. 36,411,248 41,578,524 -5,167,276
.142,056,885 135,301,876 6,755,009
. 15,441,529 18,076,281 -2,634,752
-12.43
4.99
-14.58
Taxable returns:
Tax liability. .. .
Nontaxable returns:
. 15,660,758
13,520,484
2,140,274
15.83
. 15,334,449
. 22,116,976
13,221,412
14,993,399
2,113,037
7,123,577
15.98
47.51
299,072
559,193
27,237
98,654
9.21
17.64
With adjusted gross income:
Number. .•••#*«« «.«*,**<*«
Adjusted gross deficit,
.
.
326,309 '
657,847
Returns included
The individual income tax returns included in this release are for the
calendar year 1948, a fiscal year ending 'within the period July 1948
through June 1949, and a part year -with the greater part of the accounting
period in 1948. The returns include F otols 104QA and 1040, filed by citi
zens and resident aliens, and F o m 1040B filed by nonresident aliens hav
ing a business -within the United States. Tentative returns are not in
cluded and amended returns are used only if the original returns are ex
cluded. Statistics are taken from the returns as filed, prior to revisions
that may be made as a result of audit.
Form 1040A is the employee’s optional return -which may be filed by
persons -whose total income is less than $5,000 consisting of -wages reported
on Form W-2 and not more than a total of $100 of other income from wages,
dividends, and interest only. The optional return cannot be used as a^
separate return for community income of husband or "wife. The tax. liability
on Form 1040A is determined by the collector of internal revenue on the
basis of the income reported, in accordance -with a tax table provided under
Supplement T of the Internal Revenue Code, -which allows for the exemptions
claimed and also allows for deductions and tax credits approximating 10
percent of the income. Husband and wife may file a joint return on Form
1040A if their aggregate income meets the requirements for use of this
form. On a joint return, the tax liability, determined from the tax table
by the collector, is the lower of two taxes:.an aggregate of the two taxes
2L
§
>3
sJ^
-
3
-
on the separate incomes of husband and wife or a tax on the combined
income, -which tax is the liability under the split-income method.
Form 1040, the regular income tax return, -which may be either
a long-form return or a short-form return, is used by persons who,
ty reason of the size or source of their income, are not permitted
to use Form 104QA, and by persons who, although eligible to use
F o m 1040A, find it to their advantage to use Form 1040. Persons
with adjusted gross income of less than $5,000, regardless of the
source, may elect to file the short-form return on which deductions
and tax credits are not reported and on which the tax is determined
from the tax table provided under Supplement T, by the taxpayer on
the basis of the adjusted gross income. If the taxpayer whose ad
justed gross income is less than $5,000 wishes to claim noribusiness
deductions in excess of the standard deduction allowed through use
of the tax table, he must file the long-form return and compute the
tax liability on the basis of net income after the allowable
exemptions. Persons with adjusted gross income of $5,000 or more
must file the long—form return and compute the tax liability. In
computing the net income to be taxed, the taxpayer may use, in lieu
of noribusiness deductions, the optional standard deduction which is
the smaller of $1,000 or an amount equal to 10 percent of the ad
justed gross income, except that in the case of a separate return
of a married person, the standard deduction is $500.
Data for the returns with adjusted gross income under $25,000,
except the number of returns, and their distribution by adjusted
gross income classes are estimated on the basis of samples as
explained on pages 6 and 7.
Changes in the Internal Revenue Code
Under the Revenue Act of 1948, amendatory of the Internal
Revenue Code, there are changes affecting the comparability of income
and tax data for 1948 with that tabulated for 1947; the major changes
are:
(a) An income tax return is required to be filed for every indi
vidual (citizen or resident) including minors, having $600 or more
(formerly $500) gross income for the taxable year. Individuals whose
gross income is less than $600 and from whom tax was withheld should
file a return to claim refund of tax.
(b) The per capita exemption for the taxpayer, his spouse, and
dependents is increased, from the former $500 exemption, to $600.
Supplementing this general increase in per capita exemption, the
1948 act also provides (l) an additional exemption of $600 for the
taxpayer if he has attained the age of 65 before the end of the year
and another $600 exemption if blind at the end of the year; and (2)
if a separate return is made by a taxpayer whose spouse has no income
and is not dependent on another, an additional exemption of $600 for
the taxpayer’s spouse if he or she is 65 years of age béfate the close cfthe
- 4 year, and another exemption of $600 if such spouse is blind at "the
close of the year* On a joint return, these exemptions are also
allowed to each spouse even though one may have no income. The per
capita and additional exemptions are allowable in computing both the
normal tax and the surtax* (The additional exemption for blindness
replaces the former special deduction of $500 for blindness of the
taxpayer*)
(c) The deduction for medical expenses paid in excess of 5 per-
cent of adjusted gross income cannot exceed $1,250 multiplied by the
number of exemptions other than those for age and blindness with a
maximum deduction of $2,500, except in the case of a joint return of
husband and wife the maximum is $5,000*
(d) The optional standard deduction, formerly the smaller of
$500 or 10 percent of the adjusted gross income, is increased to the
smaller of $1,000 or 10 percent of the adjusted gross income; however,
if husband and wife file separate returns, the standard deduction
cannot exceed $500 each.
(e) Although the tentative normal tax rate of 3 percent of
normal tax net income and the tentative surtax rates ranging from 17
percent of the first $2,000 of surtax net income to 88 percent of
such income in excess of $200,000, are retained, the 1948 act substi
tutes for the 5 percent reduction of the combined tentative taxes a
series of larger reductions ranging from 17 percent of the first
$400 of combined tentative taxes to 9.75 percent of such taxes in
excess of $100,000. The combined normal tax and surtax, thus
computed, cannot exceed an amount equal to 77 percent of the net
income.
, * _
‘
.. ,
In the case of a joint return of husband and wife, the combined
normal tax and surtax is twice the combined normal tax and surtax
determined on one-half the net income after applicable credits.
(f) The optional tax table under Supplement T is
reflect the increased amount of exemption, as well as
percentage reduction in the combined tentative normal
and to provide a tax on the basis of split-income for
revised to
the greater^
tax and surtax,
joint returns.
(g) The amount of tax withheld at source on wages paid on or
after May 1, 1948, is reduced to 15 percent of the excess of wage
payments over withholding exemptions; and revised wage bracket
withholding tables state the reduced amounts to be withheld.
(h) In the case of a taxable year beginning in 1947 and ending
in 1948, t h e t a x l i a b i l i t y U
the sum
portion of a tax, computed under the law applicable to 1947 income,
which the number of days falling in 1947 bears to the total number
of days in the fiscal year, and (2) that portion of a tax, computed
under the law applicable to 1948 income, which the number of days
falling in 1948 bears to the total number of days in the fiscal
The tax liability tabulated for fiscal year returns is the sum
of the prorated taxes; but, amounts other than the tax are those
used in computing the tax applicable to 1948 income.
23 fi
- 5 Classification of returns
For the tables of this release, individual returns are classi
fied as taxable and nontaxable returns, by adjusted gross income
classes, by returns "with standard deduction or "with itemized deduc
tions, by marital status and sex of the taxpayer, by types of tax
liability, and by States and Territories in which the returns are
filed*
Adjusted gross income, being common to all types of returns*
supplies the base for segregating the returns into adjusted gross
income classes, disregarding the amount of net income or net deficit
■when computed* Returns with adjusted gross deficit are tabulated
as one class and appear as the first adjusted gross income class
under nontaxable returns.
The classification of returns as taxable and nontaxable is
based on the existence or nonexistence of a tax liability* after tax
credits if they are allowable*
Returns with standard deduction are optional returns, Form
104QA, a-nr? short—form returns, Form 1040, with adjusted gross in
come less than $5,000, on both of which deductions are allowed auto
matically through use of the tax table; and long-form returns.
Form 1040, with adjusted gross income of $5,000 or more oh which
the optional standard deduction is used* The standard deduction in
the latter case is the smaller of $1,000 or 10 percent of the ad
justed gross income, except that if husband and wife file separate
returns, the standard deduction is $500 each*
Returns with itemized deductions are long—form returns, Form
1040, on which nohbusiness deductions are itemized in detail; ‘longform returns, Form 1040, with no deductions filed by spouses of tax
payers who itemized deductions (such spouses are denied the standard
deduction); and returns with no adjusted gross income, Form 1040,
whether or not deductions are itemized*
Returns are classified according to the marital status of the
taxpayer on the last day of the taxable year, or on the date of the
death of a spouse* There are four graips: joint returns, separate
returns of husbands and wives, separate community property returns,
and returns of single persons* Except for the joint returns, each
group is subdivided into returns of men and returns of women.
Returns with normal tax and surtax consist of (l) the optional
returns, Form 1040A, short—foim returns, Form 1040, on both of which
the optional taxispaad in lieu of the regular normal tax and surtax;
and taxable long—form returns, Form 1040, except those on which the
alternative tax with regard to capital gains is imposed*
Returns with alternative tax are long-form returns, Form 1040,
wherein the net income includes a net long-term capital gain or an
excess of net long-term capital gain over the net short-term capital
—
6
—
loss, and the alternative tax liability is less than the regular
normal tax and surtax computed on net income which includes all net
gain from sales of capital assets* The alternative tax (not effective on returns with surtax net income under $22,000) is the sum
of a partial tax computed at the regular normal tax and surtax
rates on net income, reduced for this purpose by the amount of
such long-term capital gain, and 50 percent of such long-term gain*
The segregation of returns by States and Territories is made
for the 48 States, Hawaii, and the District of Columbia* The
segregation is determined by the location of the collection
district in which the return is filed, except that for the District
of Columbia, which comprises a part of the collection district of
Maryland, the segregation is determined from the address of the
taxpayer* Collection districts, or groups of such districts, are
coextensive with the States and Territories, except that the
District of Columbia comprises a part of the collection district
of Maryland and the Territory of Alaska is a part of the collection
district of Washington* The sampling technique employed does not
permit the separate tabulation of returns from Alaska*
Description of the sample and limitations of data
Data in tables 1 - 5 in this release are derived from a
stratified random sample of individual income tax returns designed
to comprise 1 percent of returns, Form 104QA and Form 1040, with
adjusted gross income under $7,000 and with total receipts from
business, if any, under $25,000; 10 percent of returns, Form 1040,
with adjusted gross income under $7,000 and with total receipts
from business of $25,000 or more; 10 percent of returns, Form 1040,
with adjusted gross income from $7,000 to $10,000; 20 percent of
returns, Form 1040, with adjusted gross income from $10,000 to
$25,000; and 100 percent of returns, Form 1040, with adjusted gross
income of $25,000 or more* Precise 1 percent, 10 percent, and 20
percent representation of returns in the various income classes
was not achieved. However, the over-all universes applicable to
the separate sampling strata were determined, primarily from admini
strative reports of returns filed, and the data tabulated from the
samples were extended to such universes*
In computing the possible variation of a given frequency due
to random sampling, a range of two standard errors was used; chances
are 19 out of 20 that the frequency as estimated from the sample
tabulation differs from the actual frequency, if the entire universe
were tabulated, by less than twice the standard error* Variation
beyond the two-error limit would occur only 1 time in 20 and would
be sufficiently rare to justify a two-error range in defining
sampling variability* Accordingly, in cells associated with taxable
or nontaxable adjusted gross income classes under $7,000, fre
quencies of the magnitude of 1 million or more are subject to
variation of less than 5 percent; variation for lesser frequencies
increases to a maximum of 9 percent at 100,000, and a maximum of
- 7 28 percent at 10,000* In cells associated with adjusted gross
income classes from $7,000 to $25,000, frequencies of the magnitude
of 100,000 or more are subject to less than 3 percent variation;
variation for lesser frequencies increases to a maximum of 9 percent
at 10,000, and a maximum of 28 percent at 1,000* The degrees of
variability noted above relate only to cell frequencies and do not
indicate the variability associated with money amounts of income,
deductions, or tax*
Data in table 6, distributed by States and Territories, are
derived from the basic sample described above, except that the re
turns with no adjusted gross income are excluded since the sampling
variability is too great to permit their presentation on a State
basis* The aggregate data relative to returns with adjusted gross
income by States in table 6 do not precisely agree with correspond
ing United States totals in tables 1 and 2. Minor discrepancies
occur as a result of (a) the dual system of weighting, involving
one series of weights uniformly applicable to all collection
districts for the national distributions and independent series of
weights for each collection district for the State distributions,
and (b) the use of rounded weighting factors.
TAXABLE FIDUCIARY RETURNS
The total number of taxable fiduciary income tax returns filed
for the income year 1948, is 101,283. The total income reported
thereon is $986,806,000 and the net income taxable to the fiduciary
is $530,360,000, resulting in a tax liability of $176,309,000. '
Comparative data, taxable fiduciary returns, 1948 and 1947
(Money figures in thousands of dollars)______________
:
*
sIncrease or decrease(-)
: 1948
: 1947
i Number or : percenfc
:
: _______ 8 amount
:
Number of returns***.*»«*
101,283 109,997
-8*714
—7*92
Total income«»***«*******
986,806 973,583
13,223
1*36
Net income taxable to
fiduciary***«*•••*»•••••
530,360 509,244
21,116
4*15
Tax liability*«.**..***.* 176.509
175.071
5.258
1*87
The taxable fiduciary returns included in these statistics are
for the calendar year 1948, a fiscal year ending within the period
July 1948 through June 1949, and a part year with the greater
portion of the accounting period in 1948* An exiguous number of
taxable returns for estates and trusts filed improperly on Form 1040
are included; however, the data thereon are edited to conform to
that reported on Form 1041* Tentative returns are not included and
amended returns are used only if the original returns are excluded*
Statistical data are completely tabulated from each taxable fidu
ciary return, prior to audit*
Although only the taxable fiduciary returns are included in
the statistics, nevertheless, a return is required to be filed for an
estate if the gross income is $600 or more, for a trust if the net
8
Income is $100 or more, or if the gross income is $600 or more, re
gardless of the net income, and for every estate or trust of which
any beneficiary is a nonresident alien*
The rates of tax, the provisions respecting gross income to
be reported, the deductions with certain exceptions, and the tax
credits provided for the income of individuals apply also to income
of estates and trusts* Deductions for contributions without
limitations and for amounts distributable to beneficiaries are
allowable in computing the net income on which the fiduciary is to
be taxed* An estate is allowed an exemption of $600 and a trust
is allowed an exemption of $100 against net income for purposes of
both the normal tax and surtax for 1948* The tax, not subject to
current collection^ is due when the return is filed, after the
close of the year*
The total income reported provides the base for classification
of the returns by size of income* Total income is the amount re
sulting from the combination of profit or loss from rents and
royalties, from trade or business, from partnerships, from sales or
exchanges of property, together with income from dividends, interest,
estates and trusts, and miscellaneous income* Total income is an
approximation of the adjusted gross income tabulated for individual
returns*
r - K i . x . - Individual returns f o r 1948, by adjusted gross inoeme e la ss a s t Simple and cumulative d is trib u tio n s o f number o f re tu rn s, sdJusted
gross Income, and ta x l i a b i l i t y , w ith corresponding percentage d is trib u tio n s
(
Ad-lusted cro ss income c la s s e s and money fig u res in thousands o f d o lla r s )
Jumulaiive d i s t r i Simple d is trib u tio n butlon from h igh est
Adjusted gross incase c la ss e s
^
percent
Number
Number
ileturns w ith adjusted gross income
(ta x a b le and nontaxable)t
Under 0 .5
0 .5 under 0.7 5
0*75 under 1
launder 1.25
1 .2 5 under 1 .5 '
1 .5 under 1.7 5
1 .7 5 under 2
2 under 2.25
2 .2 5 under 2 .5
2 .5 under 2.7 5
2 .7 5 under 5
5 under 3 .5
3 .5 under 4
4 under 4 .5 4/
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 13*
13 under 14
14 under 15
15 under 20
20 under 25
25 under 30
30 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 300
300 under 400
400 under 500
500 under 750
750 under 1,000
1 .0 0 0 under 1,500
1 ,5 0 0 under 2,000
2 .0 0 0 under 3,000
3.000 under 4,000
4 .0 0 0 under 5,000
5 .0 0 0 or more
T o tal
Returns w ith no adjusted gross
income 5/ (nontaxable)
3,2 9 9 ,9 1 9
2¡1 5 1 ¡0 7 8
2^320*024
2^475^559
Z y 705^ 328
2*871*027
3^095¡370
3 ¡ 142^587
3^155¡567
3 ¡158^124
3^005^132
5 ¡526¡715
4^070^031
3¡0 4 7 ¡8 1 0
2^046^937
2*310^295
162*828
#590^026
354^540
248¡517
188¡222
138^553
110^811
87^975
73*984
236^438
122^221
70^ 550
7 6'884
37^642
21*375
13^062
8*466
5^ 733
4 y 089
9*619
6 .3 8
4 .1 6
4 .4 8
4 .7 8
5.2 3
5*55
5*98
6 .0 7
6 .0 9
6.10
5
5.8 1
10.29
7.8 7
5.89
3*96
4 .4 6
2 .2 5
1 .1 4
•69
•46
•36
•27
•21
.1 7
•14
.4 6
.2 4
.1 4
.1 5
.0 7
•04
.03
.02
.0 1
.0 1
.02
.0 1
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6
51,7 4 5 ,6 9 7
100.00
3)122
1)315
*708
685
269
310
105
87
29
22
4
326,509
52.0 7 2 .0 0 6
Percent
of
5 1 ,745,697 1 0 0.00
9 5 .62
48)445)778
8 9 .47
46,2 9 4 ,7 0 0
8 4 .98
43)974)676
8 0 .2 0
4 l)5 0 l)ll7
7 4 .97
58)795)789
69.43
35)924)762
6 5 .44
32)829)392
57.37
29)686)805
51.28
26)533)238
45 .1 7
23)575)114
39.37
20)369)982
2 9 .07
15)043)269
10)973)258
2 1 .21
1 5 .32
7)925)428
11.36
5)878)491
6 .9 0
3 ,5 6 8 ,1 9 6
4 .6 5
2)405)368
3.5 1
1)815)342
2 .8 2
l ) 460)802
2 .3 4
1)212)285
1 .9 8
l)0 2 4 ) 063
1 .7 1
'8 8 5 )5 1 0
1 .5 0
774,699
686,724
1 .3 3
1 .1 8
612)740
.7 5
376,302
.4 9
254)081
.3 5
183,531
106,647
.2 1
69,005
.1 3
.0 9
47,630
.0 7
34)568
.0 5
26,102
.0 4
20,369
.03
1 6 ,280
6)661
.0 1
.0 1
3,539
(6
)
2 ,224
1 ,516
(6 )
(6 )
833
564
(6 )
254
(6 )
149
(6 )
62
(6 )
53
(6 )
(6 )
11
(6 )
7
Simple distribution
Percent
of
Number
3,2 9 9 ,9 1 9
5 ,4 5 0 ,9 9 7
7 ,7 7 1 ,0 2 1
1 0 ,2 4 4 ,5 8 0
12,9 4 9 ,9 0 8
1 5 ,8 2 0 ,9 3 5
18)916,305
22,0 5 8 ,8 9 2
25,2 1 2 ,4 5 9
2 8 ,3 7 0 ,5 8 3
51,375,715
3 6,702,428
40,7 7 2 ,4 5 9
43,8 2 0 ,2 6 9
4 5 ,8 6 7 ,2 0 6
4 8 ,1 7 7 ,5 0 1
4 9 ,3 4 0 ,5 2 9
49,930,355
50,284,895
5 0 ,535,412
5 0 ,721,634
50,8 6 0 ,1 8 7
5 0 ,970,998
51,058,973
5 1 ,132,957
51,3 6 9 ,3 9 5
5 1 ,4 9 1 ,6 1 6
51,562,166
5 1 ,6 3 9 ,0 5 0
51,6 7 6 ,6 9 2
51,698,067
5 1 ,711,129
5 1 ,719,595
5 1 ,725,328
5 1 ,7 2 9 ,4 1 7
51,7 3 9 ,0 3 6
51,7 4 2 ,1 5 8
51,745,473
5 1 ,7 4 4 ,1 8 1
51,7 4 4 ,8 6 4
51,7 4 5 ,1 3 3
51,7 4 5 ,4 4 3
51,7 4 5 ,5 4 8
51,7 4 5 ,6 3 5
5 1 ,7 4 5 ,6 6 4
5 1 ,7 4 5 ,6 8 6
5 1 ,7 4 5 ,6 9 0
51,7 4 5 ,6 9 3
Kl '
fíQ7
6 .3 8
1 0 .53
1 5 .02
1 9 .8 0
2 5 .03
50.57
36.56
42.63
4 8 .72
54.83
60.63
70.93
78.79
84.68
88.64
9 3 .10
9 5 .35
96.49
9 7 .18
9 7 .66
98.02
9 8 .29
9 8 .5 0
98.67
98 .8 2
9 9 .27
9 9 .5 1
99.65
99.79
9 9 .87
9 9 .91
99.93
99.95
99.96
9 9 .97
99.99
99.99
99 .9 9
99 .9 9
9 9 .99
99.99
9 9 .99
9 9 .99
99.99
9 9 .99
99.99
99.99
99.99
Amount
3 f*"~
to ta l
Amount
of
to ta l
Amount
928,155
1 ,3 5 2 ,3 6 0
2 ,0 3 1 ,0 1 6
2 ,7 8 6 ,7 1 1
3 ,7 1 6 ,9 8 8
4 ,6 6 1 ,8 4 1
5 ,8 0 7 ,5 3 8
6,6 7 4 ,7 8 9
7,489,7.05
8 ,2 8 6 ,4 1 5
8 ,6 5 4 ,7 7 8
17,271,552
1 5 ,2 1 3 ,5 5 4
1 3 ,020,768
9 ,6 9 5 ,9 3 7
1 2 ,577,685
7,4 9 2 ,8 5 7
4 ,3 9 3 ,9 6 4
3 ,0 0 0 ,5 3 1
2 ,3 5 3 ,2 5 9
1 ,9 7 0 ,5 4 3
1 ,5 9 0 ,0 3 0
1 ,3 8 3 ,0 6 4
1 ,1 8 5 ,7 2 5
1 ,0 7 1 ,3 0 6
4 ,0 5 4 ,2 5 1
2 ,7 1 7 ,6 0 1
1 ,9 2 4 ,6 9 6
2 ,6 3 9 ,3 9 8
1 ,6 7 5 ,7 1 3
1 ,1 6 5 ,9 8 9
844,505
632,508
485,649
387,631
1 ,1 5 3 ,4 5 6
534,345
290,723
192,616
234,178
119,172
184,524
90,180
103,037
48,550
52,532
13,279
13,362
27.332
928,155
.57 1 64,173,861 100.00
2 ,2 8 0 ,4 9 3
9 9 .43
.8 2 165,245,719
4
y
311,509
9 8 .6 1
1 .2 4 161,893,359
7 ,0 9 8 ,2 2 0
97.37
1 .7 0 1 59,862,343
1
0
,8
1 5 ,2 0 8
9 5 .68
2 .2 6 1 5 7,075,632
9 3 .4 1 15,4 7 7 ,0 4 9
2 .8 4 153,558,644
21,2
8
4 ,5 8 7
90.57
3.5 4 1 4 8,696,805
8 7 .0 4 2 7 ,9 5 9 ,3 7 6
4 .0 7 142,889,265
35,449,079
82,97
4 .5 6 1 36,214,476
78.41 4 5 ,755,494
5 .0 5 128,7 2 4 ,7 7 5
73.36 5 2 ,370,272
5 .2 6 1 20,458,358
6 8 .10 6 9 ,6 4 1 ,6 2 4
1 0 .52 1 1 1,803,580
57.58 84, 855,178
9 .2 7 9 4 ,5 3 2 ,2 2 8
4 8 .31 97,8 7 5 ,9 4 6
7.9 3 79,3 1 8 ,6 7 4
4
0 .3 8 107,571,883
6
6
,297,906
5 .9 1
34.48 1 2 0,149,566
7 .6 6 5 6 ,601,969
26 .8 2 127,642,425
4 .5 6 4 4 ,0 2 4 ,2 8 6
22.25 1 32,036,587
2 .6 8 56,531,429
19 *58 155,036,918
1 .8 3 32,137,465
17.75 137,390,177
1 .4 3 2 9 ,1 3 6 ,9 5 4
1 6 .31 139,3 6 0 ,7 2 0
1 .2 0 26,7 8 3 ,6 7 5
1 5 .1 1 1 4 0,950,750
.9 7 2 4 ,813,132
14.15 142,3 3 5 ,8 1 4
.8 4 23,2 2 3 ,1 0 2
1 3 .30 143,519,539
.72 21,8 4 0 ,0 3 8
1 2 .58 1 4 4,590,845
.6 5 20,6 5 4 ,3 1 3
1 1 .95 148,645,096
2 .4 7 1 9 ,583,007
9 .4 6 151,362,697
1 .6 6 1 5 ,5 2 8 ,7 5 6
7 .8 0 153,287,395
1.1 7 12,8 1 1 ,1 5 5
6 .6 3 1 55,926,791
1 .6 1 1 0 ,886,459
5.0 2 1 57,600,504
8 ,2 4 7 ,0 6 1
1.0 2
4 .0 0 158,766,495
6 ,5 7 5 ,5 4 8
.7 1
5.2 9 159,610,798
5 ,407,359
.5 1
2.78 1 6 0,243,306
4 ,5 6 3 ,0 5 4
.3 9
2 .3 9 160,728,955
5 ,9 3 0 ,5 4 6
.3 0
2 .1 0 1 6 1,116,586
3 ,4 4 4 ,8 9 7
.2 4
1 .8 6 162,270,042
5 ,0 5 7 ,2 6 6
.7 0
1 .1 6 162,804,387
1 ,9 0 3 ,8 1 0
.3 3
.83 1 63,095,110
1,3 6 9 ,4 6 5
.18
.66 163,287,726
1 ,0 7 8 ,7 4 2
.1 2
.5 4 163,5 2 1 ,9 0 4
886,126
.1 4
.4 0 1 65,641,076
651,948
.0 7
.3 2 1 63,825,600
552,776
.1 1
.2 1 1 6 3,915,780
.0 5
348,252
.1 6 1 6 4,018,817
258,072
.06
.09 1 6 4,067,347
155,035
.0 3
.0
6 164,119,879
106,505
.0 3
.0 3 164,133,158
53,973
.0 1
.0
2 164,1 4 6 ,5 2 0
40,694
.0 ]
.02 164.1 7 3 .8 6 1
27.332
.02
164,1 7 3 ,8 6 1
100.00
(7 )
jj/657,847
(? )
(7)
9/163.516.014
(? )
For fo o tn o tes, see pp.24-26} f o r e x te n t to which data a re estim ated, see pp. 6 -7 .
but!on from h igh est bution from low est Simple distribution bution from highest bution te rn lowest
income class_____
in case c la s s
in case c la s s _______
income c la s s
.57
1.3 9
2 .6 3
4 .3 2
6 .5 9
9.43
1 2.96
17.03
2 1.59
2 6.64
3 1.90
4 2.42
5 1.69
59.62
65.52
73.18
77.75
80.42
82.25
8 3.69
84.89
8 5.85
8 6.70
87.42
88.07
9 0.54
9 2.20
9 5.37
94.98
9 6.00
9 6.71
97.22
9 7.61
9 7.90
98.14
98.84
99.17
9 9.34
9 9.46
9 9.60
99.68
9 9.79
99.84
9 9.91
99.94
99.97
99.98
99.98
100.00
2,965
54,741
70,450
116,965
184,240
250,783
320,946
583,632
438,229
476,419
1,00 6 ,6 1 6
983,619
899,935
787,111
1 ,119,689
737,712
472,053
344,668
286,812
252,268
214,571
196,008
175,004
164,193
684,138
526,578
418,906
654,532
481,756
374,132
293,126
234,070
188,812
157,020
503,298
256,026
146,878
100,541
127,101
67,434
103,851
52,015
61,773
28,189
31,339
7,771
7,356
15,287
15,441,529
15,441,529
1 5 ,438,575
15,403,832
15,333,382
15,216,417
15,032,177
14,781,594
14,460,448
14,076,816
13,638,587
13,162,168
12,153,552
11,171,933
10,271,998
9.48 4 .8 8 7
8,365 ,1 9 8
7,62 7 ,4 8 6
7 ,155,453
6,810,785
6,52 3 ,9 7 3
6 ,271,705
6,05 7 ,1 3 4
5,86 1 ,1 2 6
5,686,122
5 ,521,929
4 ,8 3 7 ,7 9 1
4 , 311,215
3 ,892,307
3 ,257,775
2,756,019
2 .3 8 1 .8 8 7
2 ,088,761
1 ,8 5 4 ,6 9 1
1 ,665,879
1 ,508,859
1 ,0 0 5 ,5 6 1
749,555
602,657
502,116
375,015
307,581
205,730
151,715
89,942
61,753
30,414
22,643
15.287
10
0.OG
99.98
99.76
99.30
98.54
97.35
95.72
93.65
91.16
88.32
85.24
78.72
72.35
66.52
61.42
54.17
49.40
46.34
44.11
42.25
40.62
39.23
37.96
36.82
35.76
31.33
27.92
25.21
20.97
17.85
15.43
13.53
1 2 .0 1
10.79
9.77
6.51
4.8E
5.90
3.25
2.43
1.99
1.32
.98
.58
.40
.2 0
.15
.10
.02
2,965
.24
57,706
.70
108,156
1.46
225,121
2.65
409,561
4.28
660,144
6.35
981,090
8.84
1 ,364,722
1802,951
1 .6 8 :
I,
14.76 :
2 ,279,370
21.28 :
3 ,285,986
27.65 i
4 ,2 6 9 ,6 0 5
33.48 i
5 ,169,540
38.58 !
5 .956.651
4 5.83 !
7 ,076,340
50.60 :
7 ,814,052
53.66
8 ,286,085
55.89
8 ,630,753
57.75
8 ,917,565
59.38
9,16 9 ,8 5 3
60.77
9,38 4 ,4 0 4
62.04
9 ,580,412
63.18
9,75 5 ,4 1 6
64.24
9 ,919,609
68.67
10,603,747
72.08
II,
130,325
74.79
11,549,231
79.03
12,203,765
82.15
12,685,519
84.57
13.059.651
86.47
15,352,777
87.99
13,586,847
89.21
13,775,659
90.23
13,932,679
93.49
14,435,977
95.15
14,692,005
96.10
14,858,881
96.75
14,939,422
97.57
15,066,523
98.01
15,133,957
98.68
15,237,808
99.02
15,289,823
99.42
15,351,596
99.60
15,379,785
99.80
15,411,124
99.85
15,418,895
99.90
15,426,251
15.441.529 100.00
ir s x s a s ta :
.s t s ; ^
s s
. -
ìl s : m
s b ra ita s s i r a :
S? -
l i a b i l i t y , ta x payments, and ta x overpayment
PARTI
.-ALLRETURNS
Adjusted gross incoia* c la ss e s
2
5
1
4
5
6
7
8
9
10
11
1I2
S
14
IS
16
17
18
19
2
0
2
1
2
2
25
24
25
26
27
28
29
S a la rie s
and
wages 10/
y
taxable retu rn st
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1.2 5
1 .2 5 under 1 .5
1 .5 under 1.75
1 .7 5 under 2
2 under 2.25
2 .2 5 under 2 .5
2 .5 under 2.7 5
2 .7 5 under 5
3 under 5 .5
5 .5 under 4
4 under 4 .5
4.5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
15 under 14
14 under IS
15 under 20
20 under 25
25 under SO
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1,000
1 .0 0 0 under 1 ,5 0 0
1 ,5 0 0 under 2,000
2.000 under 5,000
3.0 0 0 under 4,000
4.0 0 0 under 5,0 0 0
5.000 o r nore
T o ta l taxab le returns
Nontaxable retu rn st 55/
No adjusted gross incone 5/
Under 0 .5
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1 ;2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
2 under 2.25
2.2 5 under 2 .5
2 .5 under 2.75
2 .7 5 under 5
5 under 5 .5
7«
421
451
544
919
514
,882
,717
,444
,668
,418
,265
,257
,957
,295
,828
,026
,5 «
,617
,222
,558
,811
,975
,984
,458
,221
,S50
,884
,642
,575
,062
,466
,755
1,069
,619
,122
L,518
708
683
269
510
105
87
29
22
Annuities
Dividends 11/ In
I te r e s t 12/ and
pensions 13/
255,757
906,102
1,0 9 2 ,7 9 0
1 ,8 7 0 ,9 7 0
2,580,945
5,0 8 2 ,5 2 2
4 ,489,276
4 ,9 9 5 ,2 «
5,6 7 7 ,6 2 9
6,5 8 5 ,7 0 8
1 5 ,455,406
1 2 , 5 « , 964
1 0,665,758
8 ,4 5 1 ,6 4 4
10,574,659
5 ,751,982
5 ,010,455
1 ,825,218
1 ,2 8 8 ,« 5
1 ,0 5 4 ,7 5 1
754,057
8 5 9 ,2 «
527,151
455,568
1 ,6 5 6 ,2 1 0
1 ,0 2 9 ,5 6 1
710,542
959,097
5 « , 542
565,479
2 « , 584
184,595
155,895
105,107
281,642
110,022
« ,5 6 7
28,861
27,984
11, « 5
14,186
4,061
5,59]
2,542
8«
254
10
5.5 under 4
4 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income
under $S ,000 and nontaxable returns
Taxable returns with adjusted gross
1
Income of $5,000 or more
For footnotes,
pp.24—
26? fo
1,955
8 ,811
10,557
19,505
28,786
26,518
52,892
55,419
55,665
57,829
84,515
8 4 ,5 «
86,154
84,444
157,425
1 4 7 ,8 «
1 2 5 ,9 «
111,141
105,547
96,665
93,097
82,854
77,805
78,522
522,247
261,768
2 0 9 ,1 «
542,965
258,550
202,505
165,561
152,706
107,952
91,081
516,007
169,879
95,755
69,765
87,529
47,555
62,650
« ,1 1 0
« ,5 0 0
15,915
17,956
7,755
4, « 8
25.417
1,467
5 ,550
5,794
1 2 ,454
16,994
17,648
21,215
20,956
21,879
27,048
60, « 6
52,046
45,779
45,067
71,198
59,525
45,769
37,129
55,514
28,182
25,255
21.658
19,257
19,290
76,060
52,815
40,279
56.658
57,491
25,854
18,970
14,285
10,849
8,558
25,220
12,501
6,164
4,279
4,562
2,548
4,161
1,552
2,197
1,241
509
51,275
9,967
17,459
25,969
27,641
20,486
14,991
14,826
11,652
10,859
9,485
5,696
8,156
6,720
14,406
11,179
19,052
25,256
27,279
20,174
11,920
12,766
9,806
8,205
6,025
5,985
6,505
5,679
260
1,602
1.905
7,417
9 ,842
9,871
8,505
8 ,441
7,857
8,697
1 4 ,524
9,946
11,755
9,172
14,157
8,096
5,778
4,458
5,955
2,604
2,988
2,145
1.905
1 ,5 2 0
6,895
5,792
5,225
4 ,510
2,942
1,716
1,410
1 ,281
807
1 ,0 7 4
2,251
882
490
275
186
205
157
84
28
. 50
118
50
17,485
191
55,529
1.187
66,676
1 .1 8 8
180,298
5,185
200,566
5,708
198,864
4,476
522,182
5,829
522,668
5,995
548,625
9,026
458,545
10,959
806,254
20,567
815,266
17,216
771,185
15,995
727,758
12 ,6 2 4
15,808 1 ,088,461
891.945
12,145
715,218
6.425
600,100
4,102
529,116
5,516
450,058
2,753
592,249
2.426
542.946
2,421
296,689
1,642
270,762
1 ,6 8 0
998,677
5,966
645,926
5,257
419,445
2,480
612,774
5,259
296,514
1 ,9 21
185,998
1,501
112,099
924
78,097
850
54,545
655
45,568
546
97,849
1,4 46
59,542
729
15,448
509
9,488
546
15,454
288
4,811
80
6,182
254
1,485
292
4,540
85
1,159
57
552
795
2,844
5,055
6,982
8,950
9,506
12,664
11,494
15,552
16,679
27,956
25.557
26,416
25,651
56,018
24,917
15.557
10,850
9,545
8.104
6,549
5,590
5.104
5,142
21,924
14,828
10,985
17,179
12,546
8,242
6,529
5,697
5,596
4,444
12,656
5,757
5,500
2,967
2,671
1,509
1,840
1,294
1,980
572
246
256
105
2,881
15,565
16,882
29,189
58,075
40,195
68,580
65,711
88,825
110,525
225,112
207,422
252,457
248,770
599,785
592,718
296,159
256,450
250,955
250,586
207,557
191,095
175,995
167,005
676,680
489,659
565,794
525,404
546,050
252,100
190,071
159,429
104,184
85,087
212,467
82,028
44,107
20,258
25,426
9,672
12,097
6,359
1,678
5,157
952
9
26
(54)
665
450
966
1,190
1,582
1 ,488
1 ,5 5 1
3,447
2,547
6,249
5,178
5,525
7,219
14,677
7,280
4,545
2,474
2,887
2,554
2,477
1 ,774
1,416
2,326
7,616
4.985
4,060
5,541
2,904
1,975
1.986
2,105
912
724
3,077
1,755
864
475
1,052
545
640
134
297
IDS
110
1 ,5 1 5
2,756
9 ,082
15,942
17,567
15,110
15,596
9,011
6,376
5,485
4 ,904
1 ,701
954
(5 4 )
lo s s
lo se
2,518
11,280
12,522
26,080
51,544
50,572
45,697
40,808!
47,267
50,077
112,468
117,505
99,969
87,540
145,076
121,180
85,457
71,599
59,157
55,154
48,180
40,960
55,495
55,199
135,127
95,951
65,086
91,957
60,659
59,735
50,655
21,754
1 6 ,« 6
15,186
41,248
18,526
9,105
7,505
9,2 9 1
2,896
6,597
4,578
2,850
1 ,4 «
680
26,650
50,184
50,620
58,771
68,421
46,680
46,976
45,052
28,545
55,070
22,224
15,852
22,014
15,061
1 5 .084
519,207
26,599
5,811
5,850
5,590
4,605
5,720
5,098
5,882
2,857
2 ,124
4,557
1,515
2,555
2,055
2.026
19,560
76,949
151,092
207,828
529,998
356,801
542,775
449,600
292,192
505,880
512,005
187,954
524,463
174,151
177.642
644,456
52,852
20,640
16,477
21,511
15,257
11,551
14,711
10,995
8,869
8 ,8 6 8
2,259
7,540
5,354
10.117
545
1,688
1,420
2,752
4,251
5.156
4,867
6,414
4,779
7.085
14,418
14,656
11,787
11,155
16,550
16,159
10,097
8,545
7,099
6,642
5,892
5.157
4,287
4,586
15,851
536
5.152
5,618
10,6«
14,577
14,201
21,406
25,822
50,125
32,616
69,096
77,564
81,552
70,447
150,956
120,587
95,502
74,758
67,568
58,425
50,775
43,615
57,456
54,314
129,199
91,676
68,867
97,566
70,751
55,658
45,106
56,559
35,842
26,415
97,455
58,524
« ,7 5 6
54,164
45,242
28,075
« ,1 1 1
22,299
26,155
15.475
15,928
4,156
5,112
417
,«
10 2
7,098
9.085
5,192
5,187
2,256
1,451
1,018
784
1,825
672
285
145
142
60
61
26
26
isr
20,165 149,679
7,062
8,618
5,472
19,449
2,457
25,721
1,845
35,757
6,650
54,628
2,199
40,452
2,205
60,056
1,176
40,747
1,411
42,521
1,091
45,657
27,677 (54)
5.959
47,485
1.959
22,021
6.622
50.489
12,725
8,175
5,178
5,479
6,622
4,769
2,911
5,545
2,975
2,675
2,443
1,571
2,765
1,713
2.168
45,987
10,980
15,659
15,602
20,745
18,696
12,147
20,271
15,458
14.152
12,202
6,879
14,205
8,342
12.475
12
S
4
5
6
7
8
9
10
11
1IS2
14
IS
16
17
18
19
2
0
2
1
22
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
62
63
64
65
66
67
1,566,571
267,76716,154,659
L,809,752 |
145,954
which data.
>le 2. - individual returns fo r 1948, by taxable and nontaxable retu
and toy adjusted groaa incc
classes — Part I.
a l l returns! Part II*
w4
standard deductiont Part.
68
5,878,4911 52,291,7671
Taxable returns with adjusted gross
Income of $5.000 or more
For footnotes,
pp. 24-26? fo
extent t>o which data.
* T
I*©turns W1WJ 1 W
5UU.KOU uouui- «iui«..
------------—
—-------
-11
T-tums: part. I I , returns with standard deduction; part. 1IX,
afc “
»
-m
»r ■
■
.jiwiMMit a
liability, -tax payments, and 'tax overpayment
■ Continued
Continued
■■
dr% ™
’
~
PART I* - ALL RETURNS - Continued
i income classes and money figures in thousands of dollars)
Adjusted gross income classes 1/
Taxable returns:
0.5 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2.25
2.25 under 2.5
2.5 under 2.75
2.75 under 5
5 under 5.5
5.5 under 4
4 under 4.5
4.5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
15 under 14
1 4 under 15
15 under 20
20 under 25
25 under 50
50 under 40
40 under 50
SO under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1,000
1.000 under 1,500
1,500 under 2,000
2.000 under 5,000
5.000 under 4,000
4.000 under 5,000
5.000 or more
Total taxable returns
Nontaxable returns: 55/
No adjusted gross incone 5/
Under 0.5 .
0.5 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2.25
2.25 under 2.5
2.5 under 2.75
2.75 under 5
S under 5.5
5.5 under 4
4 or nore
Total nontaxable returns
Sales or exchanges of
property other than
capital assets 18/
(54)
505
(54)
916
1 ,075
585
1 ,556
1.545
2,476
2,750
5,449
4,405
4,881
4 ,611
7 .5 4 5
6,959
4,104
2,848
2,016
2,577
2,129
1,679
1 ,492
1,558
4,561
2,721
1,786
2,168
1 ,160
841
454
582
254
95
496
259
28]
2
1
58
7
592
10
11
(5 4 )
(54)
1,002
1 ,0 7 1
758
1,445
1,178
796
970
6,065
5,466
2,558
5,776
5,909
5,959
2,215
. 1 ,8 4 1
1 ,461
1,399
948
786
729
785
2,678
1 ,754
1 ,590
1,727
1,097
1,047
645
400
505
256
948
551
259
257
106
54
65
45
6
6
48
4,607
777
1 ,495
1 ,6 1 6
1,572
5 ,070
1 ,8 5 2
5,427
2,426
2,146
2,051
1,468
1,510
1 ,629
66,844
4,794
1,625
1,581
1 ,446
2 ,146
1 ,240
1,956
1 ,128
957
925
(54)
1,497
(.54)
62,éOÒ
HÖ7385
48,572
58,594
Grand total
Taxable returns with adjusted gross incone
under $5,000 and nontaxable returns
Taxable returns with adjusted gross
Income from
estates and
trusts 19/
Miscel
laneous
incrane 20/
515
2,816
2,526
6,228
5 ,7 8 4
7,471
6,550
9,498
6,558
8,540
16,761
15,004
26,064
15,008
'41,598
42,620
28,765
26.908
25,827
25,967
21,971
22,612
21,085
17,857
81,622
65,960
54.940
87,178
65.940
49,616
40,756
50,862
27,418
22,812
95.909
50,859
56,144
22,011
28,584
14,227
51,571
11,795
20,855
10,588
17,587
1,558
7,287
1 ,791
2,879
4,112
4,651
4,950
4,040
2,075
2,099
5,280
i ;7 5 6
(5 4 )
5,019
1 ,0 9 0
I,
5 ,591
6,621
14,895
15,165
1 5 ,574
21,587
20,581
19,649
21,085
45,512
42,005
51,962
51,885
58,051
56,258
21,268
17,555
15,655
II,
10,116
10,055
6,620
6,458
20,990
14,852
1 1 ,804
16,109
10,816
6,480
5,978
5,2 8 4
2,115
1,801
5,865
1,2 0 8
1,578
581
505
142
100
57
150
6 ,814
7,119
10,954
15,085
22,501
16,965
18,125
21,870
15,655
15,805
15,118
5,467
15,411
7,0 2 0
6.555
Adjusted
gross
income 2/
Amount of
exemption 21/
265,424
907
1,0 0 9 ,0 5 1
1 ,205,525
2 .145.506
2,9 2 4 ,2 0 1
5.422.857
5,010,716
5,517,847
6,250,927
7,2 8 4 ,9 8 5
14,808,555
15,906,417
12,015,198
9 ,695,957
12,577,685
7.4 9 2 .8 5 7
4 ,595,964
5 ,000,551
2,555,259
1 ,970,545
050
1 ,5 9 0 ,0 5 0
1 ,5 8 5 ,0 6 4
1,1 8 5 ,7 2 5
1 .0 7 1 .5 0 6
4 ,054,251
2 ,717,601
1,9 2 4 ,6 9 6
2 ,659,598
1,6 7 5 ,7 1 5
1,1 6 5 ,9 8 9
844,505
652,508
485,649
587,651
1 ,155,456
554,545
290,725
192,616
254,178
119,172
184,524
90,180
105,057
48,550
52,552
15,279
15,562
27,352
221,844
693,855
642,871
1 ,2 0 7 ,1 7 5
l ) 489,129
l)S25',215
2)517,686
2,570,649
2 ,889,681
5*,572',801
7)027)564
6 ,3 5 1 ,0 1 6
5', 177 ,126
5)817,669
4'518)895
2 ,195,151
l ) ll6 ',6 0 2
'6 7 6 ,4 9 6
474,850
563,724
269,500
21 4 ,S28
171)920
145,172
465)169
243)184
140)461
155)469
74)468
42,070
25,755
16,528
11,041
7,860
18,165
5,839
2)401
1 ,2 4 4
1 ,2 1 0
475
516
181
152
41
57
8/657,847
928,153
1 ,0 8 8 ,9 5 6
1,0 2 1 ,9 8 5
1 ,5 8 5 ,1 8 6
1 ,5 7 5 ,4 8 2
1 ,7 5 7 ,6 4 0
2 ,5 8 4 ,6 8 1
1 ,6 6 4 ,0 7 5
1 ,9 7 1 ,8 5 6
2 ,055,488
1 ,5 4 9 ,7 9 5
2,465,019
1,5 0 7 ,1 3 7
1 .0 0 7 .5 7 0
496,297
2,6 6 3 ,2 2 1
1 ,8 4 1 ,0 2 1
1,8 4 6 ,5 8 2
2.511.645
2,217,958
2 ,510,95!
2,815,979
2.049.751
2,255,102
2,179,084
1 ,485,604
2,540,651
1,298,564
894.50!
Tax
withheld
Tax lia
bility 5/
Payments
on 1948
déclaration 22/
17,464
69,950
91,057
149,915
214,364
275,548
568,742
426,909
484,580
532,954
1,092,258
1,040,157
919,551
770,260
1,04 2 ,0 3 1
607,914
334,908
210,564
155,259
125,196
93,585
80,093
65,856
58,002
219,595
143,176
101,549
136,440
85,999
56,481
59,012
29,584
21,664
17,014
45,992
17,710
7,136
4,560
4,659
1,759
2,214
591
456
528
111
22
620
2,907
4,810
8,510
14,185
14,706
19,609
25,078
26,964
52,561
69,123
73,752
80,693
81,024
159,655
161,018
115,846
108,165
104,610
97,515
90,809
86,915
82,285
81,569
558,891
500,275
243,843
599,242
309,094
245,703
198,059
159,559
150,851
110,283
566,546
194,069
116,998
79,400
102,270
57,984
87,559
45,650
55,378
26,597
24,626
7 ,512
4,801
14.546
-
6,156
59,115
48,165
22,315
55,054
29,591
29,556
44,522
24,751
50,249
52,782
18,446
56,166
20,515
17.253
40,087
8,476
6,275
7,061
8,127
6,744
5,229
6,856
4,986
4,269
6 ,1 5 !
2,772
6 , SIC
5,429
9,514
9,484,887
5,705,042
4,725,519
2,965
54,741
70,450
116,965
184,240
250,785
520,946
385,632
458,229
476,419
1 ,006,616
985,619
899,955
787,111
1,119,689
757,712
472,033
344,668
286,812
252,268
214,571
196,008
175,004
164,195
684,138
526,578
418,906
654,532
481,756
574,132
295,126
254,070
188,812
157,020
503,298
256,026
146,878
100,541
127,101
67,434
105,851
52,015
61,775
28,189
31,339
7,771
7,556
15.287
- «9
Overpayment
(refund, or
credit on
Tax due
at tine
of filing
1949 tax)
406
4,749
8,255
11,556
16,596
19,255
22,478
' 25,648
28,715
50,062
67,264
68,521
66,151
65,927
99,701
85,699
74,204
62,699
57,655
52,619
48,751
45,526
40,652
37,998
157,705
118,511
95,606
147,517
106,570
82,949
64,064
50,875
40,459
33,191
102,308
48,526
25,254
18,091
22,621
8 ,7 6 4
16,068
8 ,500
6,266
1,679
7,052
457
2,554
941
-
15,525
42,846
35,629
55,017
60.905
58,725
89,882
92,205
101,827
119,157
222,029
198,791
166,459
150,101
181,695
116,917
50,925
36,565
28,713
22,860
18,576
16,521
13,747
13,395
52,053
55,386
22,092
28,464
17.906
11,002
8,010
5,748
4,165
5,468
9,548
4,281
2,509
1,508
2,449
1 ,0 7 4
1,970
526
527
415
449
46,223
67,589
54,439
29,573
45,185
56,555
54,764
51,180
29,758
54,519
58,912
21,218
42,676
25,741
26.556
m;sss
1 ,1 5 6 ,9 7 7
For fo o tn o tes, see pp.24-26) fo r e x te n t to which data are estim ated, see pp. 6 -7 .
1 1 ,154,878
1 ,771,592
715,061
l i a b i l l t y , ta x payrants, and ta x orerpaynsnt - Continuad
P4RT II. - RETURHS WITH STANDARD DEDUCTION 25/
inora* claaeea and noray flsnraa ln thonaand» of dolíara)
Nunber
1
2
s
4
S
e
7
8
9
1n0
1182
14
15
16
17
18
2
0
21
2
2
28
19
24
28
26
27
28
26
Dividaad* 1 1 /
of
r t turna
Adjuntad groas in cora elaaaaa 1 /
Taxable returner
0 .5 under 0.7S
0 .7 5 under 1
1 under 1 .2 5
1 .2 5 under 1 .5
1 .8 under 1 .7 5
1 .7 5 under 2
2 under 2.2 5
2.2 5 under 2 .5
2 .5 under 2 .7 5
2 .7 5 under 8
8 under 8 .5
5 .5 under 4
4 under 4.5
4 .5 under 5
5 under 6
6 under 7
7 aider 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under IS
IS under 14
14 under 15
15 under 20
20 under 25
25 under 80
SO under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 older 150
150 under 200
200 under 250
250 under 800
800 under 400
400 under 500
500 under 750
750 under 1 ,000
1 .0 0 0 under 1 ,500
1 ,5 0 0 under 2 ,0 0 0
2 .0 0 0 under 5 ,000
5 .0 0 0 under 4 ,000
4 .000 under 5 ,000
5 .0 0 0 or ra re
T otal taxable retarne
Nontaxable return*i 8 5 /
Ho adjusted gross ine ra s 5 /
Under 0 .5
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1 .2 5 under 1 .5
1 .5 under 1.7 5
1 .7 5 under 2
2 under 2 .2 5
2.2 5 under 2 .5
2 .5 under 2.7 5
2 .7 5 under 8
282,756
865,210
859,555
1,0 8 4 ,7 7 5
997,485
963,417
1 ,7 1 8 ,1 1 7
1 ,4 1 0 ,8 8 0
2 .811.217
1 ,5 6 0 ,8 8 5
2 ,7 1 4 ,4 8 0
1 ,5 8 1 ,7 0 1
8,6 9 4 ,0 6 6
2 ,0 7 8 ,2 5 2
4,279,885
1 ,9 6 5 ,1 4 0
4 .816.217
1 ,9 9 9 ,2 2 5
5,5 0 4 ,1 9 8
2,1 0 4 ,5 8 8
8 ,6 4 5 ,7 9 5 10,7 9 4 ,9 0 8
8,6 8 8 ,6 1 8
2 ,8 6 4 ,7 2 2
8,0 4 8 ,1 5 9
2 ,159,879
6 ,2 6 4 ,1 0 6
1 ,6 2 6 ,9 6 8
7 ,1 6 0 ,4 6 2
1 ,5 7 1 ,9 0 4
5,6 6 0 ,0 5 6
798,754
2,0 2 0 ,4 4 2
408,882
1 ,1 9 2 ,1 9 2
242,688
852,640
170,258
662,087
180,084
480,174
60,286
586,679
68,762
272,462
214,085
41,928
660,902
118,195
815,854
49,509
198,767
22,749
154,705
19,575
59.175
6,842
29,724
2 ,998
16.176
1,522
10,056
825
6 ,9 2 8
527
8,102
292
7 ,710
479
1,958
110
592
194
18
105
14
55,111
22
In ta ra a t 1 2 /
1.647
6,867
6,8 5 4
14,710
19.595
15,859
19.596
20,689
20,512
22,886
50,652
50.596
51,888
47.647
86,848
78,885
67,665
68,484
56,594
58,452
47,558
41,457
85,561
82,780
110,711
65,862
88,685
45,071
21,878
1 1 ,681
8 ,4 5 6
6 ,911
5,548
2 ,4 1 2
5 ,1 5 4
1,0 1 6
824
47
79
Annuities
and
panaiona 1 8 /
1 ,288
8 ,500
8,978
9,805
11,419
10,681
12,888
12,020
14,887
17,067
82,186
82,885
28,620
25,049
88,998
84,689
26,069
21,672
1 9 ,285
16,651
1 5 ,816
1 1 ,062
9 ,4 9 0
8 ,6 2 4
27,047
14,278
7,875
8,298
8,810
1,475
1 ,005
684
(5 4 )
1 ,887
1,101
6,858
6,297
5 ,991
5 ,088
5 ,978
4,198
5,002
9,188
6,889
6 ,928
5,410
7 ,6 5 1
8,998
2,918
1,968
2,871
1 ,252
1,527
4
6
6
7
8
9
10
111
2
18
14
18
16
17
18
19
2
0
2
1
2
2
28
28
26
27
28
29
80
81
82
88
84
866
168
460
166
88
86
2
2
84
87
88
89
40
41
42
48
44
48
46
47
48
49
84
80
8 under 3.5
5 .5 under 4
4 or rare
Total nontaxable r e t u r n
8,2 7 0 ,1 1 2
1 ,7 1 2 ,8 5 0
1,0 6 6 ,2 9 5
1 ,8 2 8 ,9 0 9
1 ,0 8 7 ,5 0 0
976,298
1 ,1 8 5 ,2 0 6
665,155
746,102
698,592
878,477
655,406
280,589
185.658
821,687
808,607
628,646
1,0 2 7 ,1 5 8
1,0 0 6 ,8 6 1
1 ,1 7 2 ,9 0 5
1 ,6 9 1 ,4 8 0
1,0 9 2 ,2 1 6
1 .4 1 6 .7 4 4
1 ,4 7 4 ,5 8 1
9 0 5 ,111
1 .7 6 0 .7 4 5
885,498
466,282
8 9 , 4 4 8 ,6 0 6
77,574,565'
8,794,478
18,409,718
6 ,798
18,952
17,159
20,796
11,805
7,908
8,987
4 ,592
5 ,852
4,518
1 ,6 8 1
2,441
817
682
9 ,5 2 4
15,820
18,587
21,584
12,654
7 ,619
9,175
8 ,844
5 ,8 9 1
2,822
1,857
2,457
651
1,279
61
82
58
54
56
56
57
88
(54)
(54)
(5 4 )
(84)
Grand total
Taxable returns with adjusted gross incora
under 85,000 and nontaxable returns
Taxable returns with adjusted gross
incora of 45.000 or rare
©
X
* footnotes, see pp.24-26) fox* extent.
Totolo te • Individual
2
8
24
10
15
1
i uehlch dots
standard deduction! part XXX,
and t v adjusted croas 1in n— classes - part I» all retoraaj Part XX, votoan» mwith
9 deductions, exemption, tax
• t a n a fox* 1948, by U n b l e m d aootaxahls
raí
or loss
from each of tlw sources comprising adjusted groas inn ran, adjusted gross luce
89
60
61
62
68
64
65
66
67
68
Taxable reburns with adjusted gross
income of >5.000 or wore
29,264j
5,794,4751 18,409,7151
599,8281
55,4P5j 5,989,ZOO
ox* footnotes, see pp.24-26{ fo r sxtent to which <Uts
table X. - Individual returns fo r 1948, b y '
ru turim with itemised deduct lone t M u d a r
liability, tax p a y a n t e , and tax o v e r p a y
with standard deduction! part 111,
», deductions, exemption, tax
Continwad
p m
II. _ u n S B u n
STANDARD DEDUCTIC* 25/ - Continuad
In thousands of M X u » '
Adjusted groas IncGSM classes 1 /
Taxable returnsi
0.S under 0.7S
0.75 under 1
1 under 1.25
1.25 salar 1.S
1.5 under 1.76
1 .7 5 under 2
2 under 2.25
2.25 uniter 2.5
2 .5 under 2.7 5
2 .7 5 under 5
5 under 5 .5
5.5 under 4
4 under 4.5
ftftStfttftfcPSgSSSSiggSgSgBSgggBBggSSSgKg
68
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under •
9 under 10
10 under 11
11 under 12
12 under 19
15 under 14
14 under 15
15 uoder 20
20 under 25
25 under SO
SO under 40
40 under 50
50 under 60
80 under 70
70 under 80
80 under 90
90 under 100
100 under 150
ISO under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1 ,0 0 0
1 .0 0 0 under 1 ,5 0 0
1 ,5 0 0 under 2,000
2 .000 O der 5,000
5 .0 0 0 under 4 ,000
4 .000 under 5 ,000
or n a n
T otal taxable returns
Montaxable returnsi 5 3 /
So adjusted gross Incoas 5 /
Under 0 .5
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1 .2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
Sales or exciUOfM oi
property otl mr than
c a p ita l ass< ® » j »(
(« 4 )
804
(84)
¿1 4
877
598
888
800
1 ,8 0 8
1*551
4 205
2*865
8*641
8*088
5*018
8*044
2*604
2*062
1*452
1,625
1,407
1*045
1*220
*089
2,507
1*597
*725
748
299
80S
65
ID
14
8
89
(8 5 )
(8 4 )
(S4)
728
686
(84)
1,095
*662
755
625
2,128
1*618
1*597
2¡128
4*824
1*445
1*251
*807
929
655
452
552
548
520
848
512
541
591
250
65
16
15
8
24
65
28
(5 5 )
Adjusted
Inccne tram Hlaoelgroes
e sta te s and laneoue
Incoes 2 0 / incoes y
tru nts 1 9 /
515
2 ,197
1*597
5,510
3*987
5*260
4^870
5^852
5*466
s ' 525
10^655
9^516
17*096
8¡470
21*220
20*645
16*668
14*508
14^474
15^940
12,607
10¡O4O
9^909
7¡8 3 1
29^667
17*045
11,505
12*818
6'lOO
5'588
2*914
1*910
*959
902
2,698
1*155
*229
267
su
1 ,8 6 0
4^401
4,094
12,214
11,956
10,071
18,965
15,110
14,505
15*,890
51,557
52,063
28,722
23,060
22,721
21^747
15,859
11,« 1
9,147
7,389
6,155
6,251
4^530
3,851
12,655
6¡420
5,5 9 0
4,463
2,492
1,038
*258
445
247
86
543
270
(38)
(3 5 )
_
258,807
945,172
1 ,081,417
1 ,952,711
2 ,5 8 0 ,5 0 1
2,964,028
4 ¡4 U ¡1 5 4
4,665,587
5,254,505
8,0 4 4 ,5 6 8
11,854,201
10^705,558
9 ,071,047
7 ,2 8 5 ,5 8 2
8,5 5 7 ,5 9 0
5,112,767
5,040,942
2 ,053,228
1 ,6 1 1 ,0 7 4
1 ,3 6 1 ,0 9 4
1,0 3 5 ,8 9 5
658,500
715,764
606,778
2 ,0 1 8 ,6 5 4
1,091,805
619,132
666,955
502,842
162,855
98,059
61,614
44,554
27,663
58,703
18,709
4,989
4,890
4,905
902
1,252
bnount of
sxenptlcn 2 1/
217.926
650,885
578,060
1 ,111.528
1 ,8 0 8 ,5 11
1,5 0 0 ,0 55
2 ,2 2 8 ,S U
2,1 4 8 ,054
2,4 1 1 ,631
2 ,958,779
5 ,571,050
4,8 3 5 ,114
5,872,803
2,810,489
2,8 8 6 ,382
1,4 6 5 ,828
759,770
456,905
521,174
247,580
175,197
152,285
102,496
81,052
228,590
95,781
44,159
38,428
15,099
5,673
2,849
1 ,561
1,015
562
876
194
40
27
14
2 ,902
88,574
65,594
107,871
188,965
227,450
289,717
540,464
585,581
412,209
849,175
804,508
719,555
621,542
806,855
532,518
343,U S
247,292
204,643
181,739
146,653
127,462
111,066
97,855
559,891
225,500
144,598
178,558
95,284
57,622
37,696
25,463
19,222
12,452
27,608
9,888
2,717
2,770
3,175
556
653
Tax
withheld
17,257
66,790
85,495
157,180
192,971
245,140
528,U 4
569,298
415,695
448,665
886,900
815,226
704,656
582,436
719,052
417,607
228,910
139,483
100,994
81,639
54,165
42,689
54,541
27,657
88,204
43,555
25,175
22,100
9,026
4,567
2,524
1,495
1,151
552
1,088
«4
81
U
U
1,752
2,278
(5 5 ) *
Tax l i a
b ility
en 1948
declara
tio n 2 2 /
Tax dun
a t tin e
oT f ilin g
678
2,452
5,868
7,506
10,747
10,855
15,540
U ,67S
19,476
28,458
51,056
6 1 , SU
58,011
59,116
105,258
107,676
80,770
76,770
73,691
69,797
63,172
57,768
52,981
48,585
187,688
125,721
80,567
105,776
56,394
54,768
23,528
16,151
11,561
8 ,0 U
17,952
6,885
1,807
1 ,804
2 ,084
523
642
881
4,S U
7,185
9 ,9 U
14,556
16,357
19,283
22,222
24,315
25,457
56,717
57,711
54,621
54,872
76,096
85,991
58,985
49,504
44,770
42,298
5 8 ,U S
54,595
29,884
27,334
102,591
66,665
45,501
56,887
51,654
19,246
12,291
8,159
6,712
4,086
8,892
5,118
874
948
1,078
51
1,631
161
refund, or
sredlt an
L849 ta x i
15,513
4 0 ,U 4
28,949
48,485
49,292
44,882
75,008
67,627
75,902
85,550
145,479
120,246
97,912
75,065
91,528
58,955
25,478
18,266
14,815
11,996
8,880
7,559
6,558
5,719
U .5 9 1
10,621
4,445
4,204
1,770
960
648
545
202
169
525
54
45
(35)
(35)
*
49
:
5.000
2 under 2.25
2 .2 5 under 2 .5
2 .5 under 2 .7 5
2 .7 5 under 5
5 under 5 .5
5 .5 under 4
4 or aere
T otal nontaxable returns
Qrand to t a l
Taxable returns with adjuntad gross incane
under 55 ,000 and nontaxable returns
Taxable returns with adjusted groes
1,1 9 6
2 ,2 6 4
5,031
5 ,891
2 ,824
2,295
1 ,2 8 5
1 ,0 7 8
2,014
706
(5 4 )
(5 4 )
(34)
625
1 ,2 0 2
1*502
1*221
2*774
1*556
2*801
2*196
1*655
1*878
*761
815
1 ,048
5,806
1*564
1,501
1 ,278
*945
709
1,552
(54)
681
245
(5 4 )
724
(54)
k .o o s
14.080 -----------
gfe
6,565
9,918
12,525
19,794
13,082
15,414
19,468
10,861
11,930
15,272
5,591
9,526
5 ,2 i ;
2.114
153.07!
918,727
1,043,886
937,776
1 ,4 9 5 ,4 0 '
1,407,831
1,587,492
2,227,088
1,410,592
1,775,656
1,822,111
1,089,02:
2,104,211
1,050,336
613.09!
19.481.206
2,625,990
1,7 7 8 ,408
1,7 5 2 ,278
2,2 1 5 ,212
2 ,(« 7 ,2 7 2
2 ,175,851
2 ,673,683
1,8 3 0 ,775
2,068,280
2,002,195
1 ,270,807
2,259,218
1,099,747
633.515
26«443,051
7,127
4,743
5,596
5,586
4,173
3,426
4,708
3,089
2,964
5,645
1,059
2,616
881
516
367,84"
lÍ590Í88Í
836,28'
291,954
« .,6 8 8
26,901
106,128
370,94!
88,485,646
58,447,696
5,028,50]
5,670,844
380.70C
27,479
13,847
233,690
13 9 , cas
3 0,142,34'
7,059,516
4,004,24!
2 ,044.67C
1,415,231
For Footnotes, see pp.24-26;for extent to which date are estleated, see pp. 6-7.
65,742
51,778
25,572
58,828
29,854
29,256
44,985
20,690
58,615
<7,054
19,977
35,242
25,461
25,810
40,255
17,601
24,743
26,832
11,415
25,700
15,578
6.820
50,477
12,454
28,515
14,457
jsH fr
ta b le 2 . - In d irid oal return« f o r 1948, toy ta xabl e «ad nentaxable returns and toy adjusted gross la c one c la ss e s - p a rt I , all re tn m s j P a rt I I , returns with standard deduction} P art I I I ,
returns with ite n lse d deductions t Pusher of re tu rn s, insane or le s s fro a sash a f the Sources ccaprialng adjusted gross In ca se, adjusted gross inccaa, deductions, exeap tieo, ta x
l i a b i l i t y , ta x payments, and ta x everpayasnt - Continued
PART I I I . - RETDRIB WITH ITEMIZED D2DUCTI0R5 24/
Adjusted gyoea incoas classe s
faxaKLa raturasi
0.6 nadar 0.76
0.75 uader 1
1 nadar 1.25
1.25 nadar 1.5
1.5 under 1.75
1.75 nadar 2
2 nadar 2,25
2.25 nadar 2.5
2.5 nadar 2.75
2.75 nadar 5
5 nadar 5.5
5.5 nadar 4
4 nadar 4.5
4.5 andar 5
5 nndar 6
6 nadar 7
7 nadar 8
j nadar 9
9 nndar 10
10 nadar 11
11 nndar 12
12 nadar 15
15 nadar 14
14 uader 15
15 nadar 20
20 nadar 25
25 nadar 50
50 nadar 40
40 nadar SO
50 nadar 60
60 under 70
70 nadar 80
80 nadar 90
90 nadar 100
100 nadar 150
150 nadar 200
200 nndar 250
250 nadar 500
500 nadar 400
400 nadar 500
500 nadar 750
750 under 1,000
1.000 nadar 1,500
1,500 nadar 2,000
2.000 nndar 5,000
5.000 nadar 4,000
4.000 nadar 5,000
5.000 or more
Total'taxable returna
Nontaxable ret u m s i
55/
No adjusted groes incoas 5/
Under 0.5
0.5 under 0.75
0.75 under 1
1 under 1.2 5
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2.25
2.25 under 2 .5
2 .5 under 2.75
2.75 under 5
5 under S.5
5 .5 under 4
4 or aore
To t a l nontaxable r e t u m s
Orand total
T a x a b l e r e t u r a s w l t h a d j u s t e d g r oes I n co to b u n d e r $ 5 , 0 0 0 a n d n o n t a x a b l e rotura
T a x a b l e r e t u r n e w l t b a d j u s t e d groes
tnoo n e o f > 5 , 0 0 0 o r a o r e _________________
F o r foot-note a
Riafcer
S a la rie *
return*
wage* 10/
1 /
Annuities
Dividends 11/ In te r e s t 12/ and
pansions 15/
56/6,550
5,001
71,646
46,569
106,054
95,505
157,964
152,855
211,054
269,728
244,615
568,042
281,650
« 5 ,2 1 0
558,577
715,565
579,219
661,412
451,065 1 ,081,515
914,625 2 ,660,498
855,545 2 ,860,54$
695,558 2,617,579
519,969 2,167,559
758,591 5,414,177
569,074 1,871,946
181,694
990,015
11 1 ,907
655,056
78,264
456,655
58,188
572,664
43,267
525,865
4 2 ,0 «
502,561
54,864
254,669
82,056
259,555
118,245
995,508
72,912
716,207
546,775
47,801
57,509
784,592
« 9 ,5 6 7
50,800
18,582
555,755
11,540
255,408
7,641
174,557
5,206
126,972
8,797
100,005
9,140
275,952
8,012
108,069
1,295
45,975
28,667
690
669
27,681
267
11,479
508
14,171
105
4,061
85
5,552
2,542
29
22
847
4
254
5
1C
4
9
7 .297.845 28.277.014
(54)
1 ,944
5,« 5
4,595
12,195
10,659
15,296
14,880
15,155
14,944
55,681
5 5 ,9 «
54,521
56,797
71,080
75,960
56,285
47,707
46,755
45,211
45,559
41,577
42,242
45,592
211,556
195,906
170,505
297,894
256,652
190,874
155,105
126,795
104,584
88,669
509,855
168,865
95,411/
69,716
87,250
47,555
62,656
40,110
42,417
15,915
17,956
7,755
4,458
25.417
5 . ¿ 1 5 .567
174
1,850
1 ,8 1 6
5,129
5,575
6,918
8,582
8 ,9 l6
7,542
9,981
18,559
19,215
15,169
18,618
S2,soa
24,656
17,700
15,457
14,081
11,551
11,457
10,576
9,767
10,666
« ,0 1 5
58,555
52, « 4
« ,5 8 5
54,181
24,559
17,965
15,599
10, « 4
8,190
24,760
12,155
6,142
4,245
4,528
2,541
4,151
1,552
2,196
1,241
509
56
125
2.289
é2é.02S
526,509
66,576
29,807
4,875
68,508
21,555
97,500
59,847
78,199
55,962
119,684
82,122
92,810
79,086
85,850
82,544
119,550
170,072
151,745
85,748
81,088
147,478
90,987
196,550
279,094
110,889
69,427
197,106
78.920
285.920
l.fc s l.o e l 1,820,088
8,828.927 ¿0.09^.097
6 ,744,909 16,215,050
51,275
5,169
5,507
6,810
6,845
8,685
7,085
5,889
7,043
5,527
4,972
4,065
5,695
5,905
16,285
122769?
8.656.259
550,895
14, « 6
1,655
5,752
4,649
5,745
7,520
4,501
5,595
5,962
2,814
5,201
2,128
5,866
5 ,0 «
7.592
74,209
700.252
199,244
2,084,018 15,882,052
5,285,572
500,994
¡ PP. 2A - 2B} f o r e x t e n t -to w h i c h data
(54)
215
804
2,059
5,545
5,860
5,215
4 , MS
5,659
5,695
5,891
5,607
4,810
5,762
6,586
4,098
2,860
2,470
1 ,5 8 4
1,552
1,461
1,052
1,105
659
4,689
4,758
2 ,4 «
5,612
2,784
1,649
1,555
1,257
784
1,070
2 ,224
8«
490
275
186
205
187
64
28
50
118
1
feentr ejftd
ro y a ltie s 14/
■ it
p r o fit
lo ss
(54)
2,947
5 ,« 9
5,815
9,487
12,856
15,995
14,711
18,785
17,685
57,552
45,185
86,052
52,886
56,450
« ,8 5 2
29,952
27,400
22,594
18,954
17,691
16,251
15,109
17,804
70,416
57,724
45,851
68,581
« ,6 5 1
55,816
26,974
19,488
14,596
12,590
59,544
1 7 ,774
9,065
7,586
8,415
2,472
6,597
4,576
2,850
1 ,4 «
680
SO
5
16
¿ 5 . « 7 LÒ 18.22*
•
Business and
vrofssslon 15/
Nat
Ret
le * »
p r o fit
(5 4 )
(54)
987
575
589
1,515
8,28«
427
2,258
10,98« (54)
1,617
2,594
17,15«
6«
1,689
6,905
54,55«
2,415
2,158
46,« 1
8,124
5,906
2,116
9 ,5 «
51,010
2 ,5 «
2,585
71,97«
14,298
2,450
5,892
19,475
68,594
5 ,9 «
5,085
25,525
86,460
5,205
9,085
160,047 10,665
50,954
7,725
51,657
178,011
9,260
7 J8 2
62,855
154,59«
8,828
5/?90
1 5 0 ,« « 12,585
65,541
7,967
275,164 17,104
125,105
4 ,8 «
200,986 11,795
118,612
2,576
150,192
6,184
72,055
1 ,428
151,514
4,298
60,525
1,182
118,528
4,242
57,001
1,075
88, « 8
52,015
5,022
907
82,864
51,554
5,279
80,151
1,425
2,885
50,065
795
74,558
2,555
55,295
795
77,625
2,765
54,928
5,555
544,211 15,258
272,508
280,652 10,787
2,209
2 « , 797
1,827
215,815
8,542
220,475
2,586
295,797 14,177
5 « , 082
1,659
194,081 10,906
265,552
1,529
129,851
7,528
205,955
859
85,659
5,966
159,559
806
6 1 ,5 «
5,518
120, « 5
620
41,754
5,005
91,681
525
55,906
4,184
74,858
1 ,5 «
84,520 12,079
195,982
691
5,724
55,241
78,088
509
14,575
5,406
« ,1 2 5
5«
8 ,« 2
2,950
19,471
288
2,671
11,502
25,552
9,672
80
4,811
1,509
255
5,955
1 ,8 «
12,081
292
1 ,« 5
1,294
6,559
85
5,« 7
1,678
1,980
57
572
5,157
1,159
6
552
2«
952
.
1
256
9
56
5,771
105
26
•
197
HO
92.655 4 . 1 « . 260 ¿42.835 5.412.185
1,515
26,650 26,599
19,560
(54)
5,775
944
5,210
1,599
7,650
1,079
8,971
1,587
1 5 ,074
15,652
1,595
2,725
14,886
1,515
22,658
5 ,1 «
15,059
1,265
« ,6 1 9
4,694
15,047
1,516
55,918
5,061
11,562
1,718
« ,7 6 5
2,065
10,710
« ,7 0 7
1,7 5 4
1,829
11,270
1 ,1 «
57,769
2,479
6, « 4
5,129
« ,5 7 2
1,577
8,250
918
57,658
768
1 0 ,« 4
1 ,864
« ,8 9 6
(54)
6,950
1,657
5 5 ,2 «
1.201
9.426
1.652
5 6 .« 8
1 7 1 ,ote 47,928
29,750
492,263
125.247 L.189.261 140.568 4.641.523
'Îfe.ôSS' « s , S ia 9 7 , 6 « 1 ,510,106
52,413
766,743
Partnership 16/ S a les e r srehangs* a f ¿alea e r exehaages o f Inecoa fro a Miac e l*
property e th er than
c a p ita l a sse ts 17/
a stata« and
Ret
c a p ita l a s se ts 18/
Iacea» 2£/
le w
Ret gaia' R st Is a s
Rat gaia
■at lo s s
T il
p r o fit
75.780
(54)
278
788
2,241
5,902
4,456
4,862
6,970
8,151
8,205
22,865
21,906
24,547
21,554
47,097
52,690
29,868
21,608
21,055
16,060
14,965
14,257
1 2 ,4 «
15,277
60,561
51,078
42,520
69,111
5 4 ,4 «
« ,1 8 7
57,979
51,216
27,812
25,529
88,150
55,008
58,910
51,776
4L,970
27,612
« ,1 8 4
22,299
26,152
15,475
15,92B
4,156
5,112
2.417
i . 216.571
644,456
20,165 1 « ,6 7 9
5 ,7 «
S80 (54)
5,112
1,158 (54)
5 ,2 «
2,752 (54)
4 ,« 5
1,895 (54)
4,918
4,426 (54)
2,147
4 , 2 « (54)
4,190
6,750 (54)
5,465
10,520 (54)
2,955
6,808 (54)
2,875
10,195 (54)
880
9,021 (54)
4,558
12,721
5,009
5,852
9,786
1,918
9,056
17.541
6,589
70^ 831
^ 0 2 5 168,048
944,7^6 5.550.508 241,8¿8
766,816
454,072 185,756
« ,9 8 7
1,202
2,158
2,921
2,224
5 ,5 «
2,789
4,060
4,184
2,621
5,866
2,092
5, « 5
4,001
9.510
96,427
1.512.998
2 ^ ,1 6 2
169.126
75 , « £
4,607
(54)
(54)
(54)
551
(54)
(54)
(54)
(54)
(54)
(54)
707
(54)
581
l.« 2
ll.O S f
42.011
20,921
1*085*853
95*725
21*095
42,918 5,151,426 177,900 5,095,357
(54)
(54)
(54)
(54)
(54)
578
277
1,996
950
5,805
2,116
2,920
4,252
7,925
5,278
2,561
1,075
1,541
1,520
1,272
1,057
668
1,786
4,974
5,272
2,952
4 ,« 1
2,« 2
1,628
1,852
1,860
852
659
5,017
1,680
865
475
1,052
5«
6«
154
297
105
m
70
•
on
56*079
(54)
5«
««
699
2,17«
755
1,70«
2,869
1,411
5,264
7,051
7,01«
6,10«
4,905
9,675
8,755
6,000
4,025
5,795
5,519
5,526
2,918
2,579
2,906
11,212
7 ,964
5,950
8,055
4,78«
5,007
2,162
1,592
961
766
1,795
668
285
1«
141
60
61
26
25
8
6
1
1
a.
IC 5057
12,725
1,804
1,297
1,465
2,516
1,597
1,185
1 ,« 6
1,795
1,229
1,247
1 ,0 «
2,000
1,077
1.922
(54)
(54)
(54)
(54)
185
8«
444
1,171
1,219
1,244
1 ,5 «
1 ,2 «
1,625
2,525
2,995
1,500
786
584
754
722
654
272
569
2,054
1,524
1,065
1,425
861
556
589
572
2«
92
427
259
28
21
58
7
592
10
11
5
(54)
274
(54)
(54)
560
(54)
(54)
5«
5,955
1 ,6 «
961
1 ,6 «
1,085
4,496
984
1,054
552
544
516
«4
581
«5
1,850
1,242
1 ,2 «
1,556
867
982
629
585
502
232
915
551
215
257
106
54
65
«
68
«
.
•
•
•
•
•
(» )„
50.900
2 .5 «
S5.oèô
19
947.897
66,844
(54)
(54)
(34)
(34)
1,205
(54)
(34)
(54)
(54)
(34)
(54)
(34)
(54)
(34)
75. « 2 '
108.580
04,029
7,287
(54)
615
1,081
760
2,106
1 ,7 «
(54)
1,021
1,266
1,050
(34)
2,441
(54)
4.961
26.6Se~
24*547
a t i n a ted, ee
T a b l a 2. — I n d i v i d u a l r e t u r n s f o r 1 9 4 8 b y t a x a b l e a n d n o n t a x a b l e retu r n s a n d b y a d j u s t e d gross Inco m e classes — P a r t I, a l l returns} p a r t XI, r e t u r n s w i t h s t a n d a r d d eduction} P a r t TXT,
returns wit h Itemised deductions:
N u m b e r o f re t u r n s , I nco m e o r los s f r o m e a c h o f the sour c e s c o m p r i s i n g a d j u s t e d gross Inco m e , a d j u s t e d gross Income, d e d u c t i o n s , e x e m p t i o n , t a x
619
929
918
1,817
2,211
1,460
5 ,6 «
2,872
2,817
6,128
5,688
8,968
6,558
20,178
21,975
12,097
12,400
11,565
10,027
9 ,564
12,572
11,174
10,026
51,955
« ,9 1 7
« ,6 5 5
74,560
5 7 ,6 «
« ,0 2 8
57,842
28,952
2 6 ,« 9
21,910
95,211
« ,7 0 6
55,915
21,744
28,072
14,225
51,570
11,796
20,853
10,888
17,887
1,558
_
974.755
71,468
903*287
(54)
1,190
1,727
2,681
5,207
5,505
4,622
5,271
5,144
5,595
12,155
9,942
8 ,2 «
8,825
15,510
1 4 ,« 1
7,429
6,064
4,608
S,64L
5,981
5,784
2,290
2,587
8,555
8,412
8,414
1 1 ,6 «
8,524
5,442
5,720
2,859
1,868
1,715
5,520
958
1,570
575
500
142
100
67
150
4
281
9
(55)
18
204,135
1
2
S
4
S
6
7
8
9
10
11
12
U
14
15
16
17
18
U
20
21
22
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
6,814
554
1,056
2,758
2,507
5,881
2,711
2,« 2
2 ,774
1,875
1 ,8 «
1 ,874
5,885
1,805
4.221
« .9 «
245.157
U ¿,¿ 3 ó
50
51
52
55
54
55
56
57
58
59
60
61
62
65
64
65
66
67
152,250 1
F o r f o o t n o t e s . s e e PP.24-SB) f o r e x t e n t -to w h i c h data.
e stln a t e d .
T a b l e 2. - I n d i v i d u a l r e t u r n s T o r 1 9 4 8 b y t a x a b l e a n d n o n t a x a b l e retu r n s a n d b y a d j u s t e d gross Inco m e clas s e s - P a r t I, a l l returns; P a r t XX, returns w i t h s t a n d a r d d eduction; p a r t ITT,
returns wit h i temised deductions:
N u m b e r o f re t u r n s , i n come o r lo s s f r o m e a c h o f the s o u r c e s c o m p r i s i n g a d j u s t e d gross inco m e , a d j u s t e d g ross income, de d u c t i o n s , e x e m p t i o n , t a x
liability, t a x payments, a n d ta x overpayment
^Continued
— ■*“*---- 1
PART III. - RETURNS WITH ITEMIZED DEDUCTIONS ZA/ - Continued
(Adjusted gross income classes and money figures in thousands of dollar«)
8 8 g 8 8 3 3 S 8 3 « a g a S g 8
Adjusted gross incoine c la sse s
1 /
Taxable returns:
0 .5 under 0.7 5
0 .7 5 under 1
1 under 1.25
1*25 under 1*5
1 ,5 under 1*75
1 .7 5 under 2
2 under 2.25
2.2 5 under 2 .5
2 .5 under 2.75
2.7 5 under 5
5 under 5 .5
5 .5 under 4
4 under 4 .5
4 .5 under 5
5 aid er 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
15 under 14
14 under 15
15 m der 20
20 under 25
25 under 50
50 under 40
40 under 50
50 under 80
60 under 70
70 m der 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1,000
1,000 under 1,500
1 ,500 under 2,000
2,000 under 5,000
5 ,000 n it e r 4,000
4 ,000 Mder 5,000
5 ,000 or m a re
T o tal taxable returns
BmiÌ t s M n nafmwia. ««/
Bo adjusted gross in com 5/
Under 0 .5
0 .S under 0.75
0 .7 5 under 1
X under 1.25
1.2 5 ander 1 .5
1 .5 aid er 1.75
1 .7 5 old er 2
2 under 2.25
2.2 5 andsr 2 .5
2 .5 under 2.75
2.75 ander 5
5 noter 5 .5
5 .5 outer 4
4 o r m a re
T o te l nontaxable returns
Grand t o t a l
Taxable return» with adjusted gross in eoM a id er $5,000 and nontaxable returns
Taxable returns w ith adjusted gross
lncaoe o f $5.000 o r Macs
Adjusted
gross
Income 2/
4,617
65,859
122,108
190,795
545,900
458,829
599,562
852,260
996,422
1,2 4 0 ,4 1 ?
2,9 7 4 ,1 5 2
5,201,059
2,942,151
2,462,555
4 ,020,095
2,5 8 0 ,0 9 0
1 ,555,022
947,505
742,185
609,449
554,155
524,564
469,961
464,528
2 ,055,597
1 ,625,798
1,5 0 5 ,5 6 4
1,9 7 2 ,4 4 5
1 ,5 7 0 ,8 7 1
1 ,005,156
746,246
570,894
441,115
559,968
1,0 9 6 ,7 5 5
.515,656
285,754
187,726
229,275
118,270
185,292
90,180
100,759
48,550
52,552
15,279
15,562
27.552
8/657,847
9,4 0 6
45,050
84,209
87,782
165,645
150,146
157,595
255,481
198,221
215,578
260,772
558,809
256,799
594.475
Deduction f o r Losses from Medicei,
Contribu
In te re s t 26/ Taxes 27/ f i r e , storm, den tei,
e tc .,
tio n s 25/
e t c . 28/
expenses 29/
45
4 ,114
7,711
11,493
20,565
25,802
52,575
44,288
49,920
58,547
158,442
141,241
126,905
105,020
154,599
95,217
52,074
56,910
29,080
24,859
21,945
20,485
18,129
17,776
75,561
55,270
41,706
62,275
41,918
51,115
25,287
18,525
14,925
12,415
42,555
25,242
15,878
9 ,711
12,750
6,849
11,552
6,595
7,668
5,804
5,866
1,121
1,280
4.098
(54)
595
1,627
2,700
4,958
7 ,55 4
11,098
17,885
22,969
29,562
82,661
90,821
82,456
70,556
100,959
59,085
55,418
21,946
16,626
15,695
11,929
10,695
9 ,6 7 6
9,117
54,995
25,205
17,059
24,221
15,749
10,720
8,415
6,576
4,627
4,091
11,626
5,747
2,957
2,579
2,580
1,198
2,295
718
547
106
260
25
7
s m p p tfti
2,651
1,015
5,555
5,092
4,645
9,078
7,508
7,002
11,507
9 ,278
9 ,4 6 4
11,059
15,997
11,420
15.442
5,292
1,129
1 ,1 1 4
2,402
5,086
5,550
5,658
5,755
9,647
6 ,712
8 ,070
10,551
16,195
11,744
20,989
888,757
"55«,51?
991,976
467,214
98
2,207
4,205
6,222
12,447
16,411
20,885
50,515
55,179
44,177
108,502
117,567
105,460
89,769
152,946
81,584
47,442
•55,715
26,588
25,102
21,055
19,669
18,102
17,178
74,147
57,814
45,827
64,566
45,214
50,527
22,677
17,154
15,495
10,586
52,948
15,715
9,1 5 1
5,457
6,688
2,690
4,815
2,519
2,668
1,0 5 0
1,286
292
279
664
(54)
240
796
1,552
1,874
2,554
5,701
4,972
5,205
7,155
16,485
18,087
16,554
15,945
19,766
12,425
6,875
4,655
5,228
2,491
2,025
2,149
1,674
1,525
5,552
5,720
2,969
4,468
2,564
1,877
1,562
1,159
809
557
1 ,9 0 4
785
402
517
284
87
827
142
68
6
90
m
■
8,206
2,448
4,415
7,015
7,529
10,759
10,025
9,106
12,246
8 ,971
9,457
11,580
15,699
10,602
20,974
ur
2,448
554
207
875
1,176
1 ,194
2,555
4,250
2,7561
5,874
5,895
4,042
7,551
6,952
21,520
Total
deduc
tions
■
r
154
584
4,254
1,557
12,654
51,225
5,815
27,995
94,115
6,779
42,189
148,606
11,442
72,217
271,684
95,847
15,859
562,985
19,501
121,128
478,455
26,007
169,650
682,651
52,000
197,981
798,442
40,781
258,184 1 ,002,252
92,282
566,249 2 ,407,884
110,516
602,164 2,598,896
116,585
551,521 2*590,650
105,942
461,680 2 ,000,676
216,628
729,006 3,291,087
151,004
440,252 1,959,858
76,759
248,669 1 ,104,555
55,178
175,575
771,954
40,785
152,424
609,761
52,512
109,149
500,501
28,058
95,758
458,597
25,675
85,642
438,922
20,172
75,947
596,014
18,540
69,757
594,792
74,416
285,011 1.7 5 2 .5 8 6
47,915
198,679 1 ,4 *7 ,1 1 9
54,592
147,055 1,158,531
48,884
211,872 1 ,760,570
50,849
157,854 1 ,253,058
21,980
904,852
98,285
16,015
72,855
675,414
11,272
55,127
515,767
9,568
45,989
597,126
7,956
524,507
55,660
24,518
115,994
982,758
11,684
57,552
458,504
6,929
55,547
252,587
5,606
25,685
164,042
6,401
28,699
200,575
2 ,724
15,554
104,717
4,559
25,852
159,460
5,141
12,725
77,455
2,258
12,988
87,771
1,068
6,055
42,497
1,071
6,5 7 2
45,960
66
1 ,5 0 4
11,775
•
566
1.95S
11.429
■
m s n
n u t ......
1 h il 1 il _ [in nl
8,711
5,510
6,911
15,707
12,942
20,075
20,515
20,951
24,650
22,747
19,695
20,702
29,520
17,944
27,060
Æ ffl
10,845
2,122
2,796
4,925
5 ,714
8,675
8 ,621
7,751
15,154
14,082
12,797
16,217
27,729
22,255
70,586
51,155
10,557
18,799
5 4 ,(0 4
55,089
55,088
54,657
54,795
75,925
65,665
65,555
•75,955
112,470
80,895
176,591
Payments Tax due
on 1948
a t time
declara of f ilin g
tio n 22/
Overpayment
(refund, or
c re d it on
1 9 « tex)
5,918
65
42
207
25
42,988
1,567
475
5,140
455
64,820
4,856
7,542
944
1,050
95,645
9 ,094
12,785
1,202
l)6 3 8
180,619
15,277
21)595
3)456
2)060
_
225,162
23,555
50)408
5,871
2)898
288,874
40,618
5^216
51,229
4,269
43)l68
421,595
57,615
6)505
5^626
_
478,250
52,648
68,685
7)489
4^400
64)210
614,022
84,269
9)105
4)625
_
1,456,515
157,443
18,087
205)558
10)547
.
1,515,902
179,111
224,951
a , 916
10,810
1,504,524
214,915
180,582
22,682
11)530
.
1,007,180
165,769
187,824
21,908
11,055
1 ,452,515
512,854
522,979
56,419
23,605
.
727,524
205,594
190,507
55,542
19,708
M
556,852
128,848
105)998
55,076
15)219
219,595
51)595
97,576
70,881
15,595
•
153,676
S2,265
82,169
50,919
12)885
116,144
45,557
70,529
27,616
10)521
•
96,104
67,918
59,420
27,657
lo )s5 6
•
82,245
68,546
57,424
29,155
10)731
69,424
63)958
51,295
29^504
10)748
•
64,120
66,558
50,545
55)004
10,664
.
324,247
256,579
151,591
171,203
55)114
•
147,405
501,278
99,641
174,554
51,848
96,522
274,508
78,576
165,476
50,105
«
115,042
475,974
295,466
114,540
90,450
M
586,472
61,569
74,975
252,700
74,956
36,397
516,510
51,914
210,955
65,705
•
22,886
255,450
56,488
174)SS1
51,775
M
208,607
14,966
27,889
145,408
42,716
M
10,027
20,515
119,290
55,747
169,590
m
7,298
144,588
16,462
102)270
29,155
m
17,289
475)690
42,904
548,S94
95,416
.
5,645
246,145
187,684
17,296
45,408
M
2,561
144,161
7,055
115)191
24,580
M
97,771
4,542
1,217
77,596
17,142
•
1,196
125,926
4,646
100,186
21,545
•
472
66,878
1,758
57,461
8,755
%
515
105,198
86,897
2,212
16,059
52,015
181
591
45,650
8,500
447
55,747
150
60,021
6,105
M
4L
28,189
528
26,597
1,679
•
57
31,559
111
24,626
7,052
*
6
7,771
22
7,512
457
4
7,556
2
2 ,554
4,801
m
15.287
941
8
14.546
,T -- ; — IT .7 S g .6 7 i « . 408liè S g.filB.'öSff r û ô f g g ô l'.ÔÔS.Ôgl
212
2,682
4,680
6,552
11,615
15,845
16,874
24,576
27,925
55,787
76,550
78,545
68,547
55,018
90,167
57,962
25,447
18,297
15,900
10,864
9,696
8,762
7,409
7,676
55,462
24,765
17,649
24,260
16,156
10,042
7,562
5,406
5,961
5,299
9,225
4,247
2,464
1,506
2,449
Net
Net
income 51/ d e f ic it
61
4,124
9,845
15,642
21,151
27,887
55,572
46,165
52,709
58,162
127,876
124,150
105,931
78,648
104,529
62,920
52,107
22,995
16,120
12,508
10,751
8,970
6,195
5 ,804
20,741
10,758
6,898
7,456
5,540
2,069
1,077
661
764
275
666
161
49
54
16
7
5
9
■ 1
•
1
—
Miscel«
laneous
deduc
tio n s 50/
5,479
28,862
51,856
54,452
112,900
96,677
104,510
180,616
155,581
149,827
187,411
247,908
178,158
229.456
"1.759,468
K /
688,999
4,429
2,609
1,641
1,759
2,542
1,186
1,5 1 1
1,058
1,0 2 4
1,805
571
1,570
2,254
11.569
Amount of
Tax l i a Tax
exemption 21/ b i l i t y 5/ withheld
496,297
57,251
62,615
94,105
96,455
160,666
155,105
142,295
218,975
164,822
176,888
212,797
281,419
198,818
261,188
For fo o tn o tes, see pp.24-26] f o r e x te s t to which data are s s t la s t s d , see pp. 6 - 7 .
15,ASS,144
86,551
557,880 1 ,(0 8 ,0 9 8 5 ,786,662 22,672,967
40,067
1.549
1.550
1,465
2,541
2,571
1,805
2,150
1,897
1,505
2,488
1,755
5,894
2,548
8,798
m
342.514
46,225
1,847
2,661
5,801
4,555
6,701
5,528
6,217
9,048
6,815
8,455
8,764
14,561
9 ,284
19,219
78.156'
101
885,142
6,156
498
1,151
2,556
1,812
4.150
5,726
4,067
7.150
5,506
5,950
7,051
10,466
6,755
10,481
l)o74
1,970
526
278
415
449
S .506.570
lSBJöSÖ
574,841
4,095,562 5,480,659 1,658,572 5,508,288
421,127
16,487,281
Table 3» - Individual returns for 1948, b y taxable and nontaxable returns and b y adjusted gross income classes:
Frequency
distributions of returns for each specific source of income or loss comprising adjusted gross income, for each type of
tax payment, and for tax overpayment
Humber of returns with -
"T ö tü
Adjusted gross income classes 1/
(Thousands of dollars)
number
of
returns
Salaries
and
Dividends 37/ Interest 57/
nages
Annuities
and
pensions
Rents and royalties
Met
Sales or exchanges
of capital assets
Business and
profession
profitlNet loss
Net proJTE Met loss Net gain" Met loss
26,975
36/950
75.517 « 7 4 ,9 9 6
61,529 W 4 ,6 7 4
11,734
136,908
14,212
150,572
133,959
13,599
195,638
21,244
18,829
181,858
21,240
181,478
22,099
210,846
46,782
356,351
521,980
32,956
29,488
268,166
216,106
21,616
30,582
284,087
18,459
193,578
128,568
9,704
93,555
6,808
5,090
72,821
4,394
56,544
44,805
3,404
55,778
2,963
2,398
28,962
2,051
24,791
7,380
76,989
4,487
39,569
21.518
2,861
3,498
21,595
2,042
9,805
5,241
1,219
2,851
925
653
1,736
1,127
461
768
374
1,028
1,624
5U
195
109
96
33
55
15
10
4
4
(39)
36/1,730 36/1,100
36/4,732
” 18,875 36/1,101 W 6 ,9 9 5 38/4,325
17,656. W l , 3 U W 8 ,S 8 4 38/4,242
19,516 W e , 915
26 ,7 9ill
: W 2 , 954
24,944 38/8,895
29,262 W l , 9 7 4
26,454 W 7 ,1 B 6
28,685 W 2 ,4 6 3
12,481
55,256
43,246 $6/3,462
14,504
36,580
38,105
U ,2 2 4
45,492
47,565
16,281
45,339
54,365 38/4,550
34,478
99,438
97,691 W S , 679
32,429
104,019
82,576 38/7,955
27,713
101,419
87,549 W S ,6 5 7
85,867
24,249
76,815 38/5,589
58,529
139,355
10,165
107,893
51,521
107,569
87,96!iSl 36/4,946
3,154
21,204
71,518
58,050'J
17,023
2,505
52,561
44,474
15,678
43,320
2 ,U 6
57,794
12,538
34,205
31,709
1,962
10,559
27,988
1,572
26,146
9,181
23,030
1,019
21,825
7,301
19,432
926
18,999
16,872
960
7,461
16,625
26,234
58,554
5,462
57,75C
16,245
1,957
35,052
33,604
10,794
22,096
1,519
20,855
13,549
26,380
1,554
24,239
7,407
14,541
80S
12,772
4,545
8 ,991
7,761
3,012
S,8SS
4,898
1,929
3,970
3,204
1,335
2,803
2,173
1,015
1,997
1,531
2,372
5,209
3,288
834
1,754
995
808
427
452
195
449
201
181
65
218
72
73
29
SO
19
19
IS
pro/TE Met loss Met
Partnership
ixable returns:
1
2
3
4
S
6
7
8
9
10
U
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
52
SS
54
55
36
37
38
59
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
65
64
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1 .2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
2 under 2 .2 5
2 .2 5 under 2 .5
2 .5 under 2 .7 5
2 .7 5 under 3
5 under 3 .5
5 .5 under 4
4 under 4 .5
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under IS
13 under 14
14 under 15
15 under 20
20 under 25
25 under 30
SO under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under ISO
150 under 200
200 under 250
250 under 800
300 under 400
400 under 500
500 under 750
750 under 1 ,0 0 0
1 .0 0 0 under 1 ,5 0 0
1 ,5 0 0 under 2 ,000
2 .0 0 0 under 3 ,000
3 .0 0 0 under 4 ,0 0 0
4 .0 0 0 under 5 ,0 0 0
5 .0 0 0 or more
369,740
1 ,1 5 6 ,4 2 1
1 ,0 7 1 ,4 5 1
1 ,548,344
1,8 0 1 ,9 1 9
1,8 2 6 ,3 1 4
2,3 5 9 ,8 8 2
2,3 2 3 ,7 1 7
2,3 7 8 ,4 4 4
2,5 5 5 ,6 6 8
4 ,5 6 0 ,4 1 8
3 ,720,265
2,8 3 5 ,2 3 7
2,0 4 6 ,9 3 7
2,3 1 0 ,2 9 5
1,1 6 2 ,8 2 8
590,026
354,540
248,517
188,222
138,553
110,811
87,975
73,984
236,438
122,221
70,550
76,884
57,642
21,375
13,062
8 ,466
5,755
4 ,089
9,619
5,122
1,315
708
685
269
310
105
87
29
22
4
3
4
T otal taxable returns
ontaxable re tu rn s: 58/
No adjusted gross ino erne 5/
Under 0 .5
0 .5 under 0 .7 5
0 .7 5 under 1
1 under 1.2 5
1 .2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
2 under 2.2 5
2.2 5 under 2 .5
2 .5 under 2.7 5
2 .7 5 under 3
5 under 5 .5
3 .5 under 4
4 or more
56/800
SOT, 500
W 4 ,0 0 0
” 1 0 ,020
12,832
1 0 ,730
12,051
12,301
12,162
12,101
20,275
15,067
14,787
U ,0 1 5
17,056
10,506
6,769
4,759
3,933
2 ,9 U
2,595
2,018
1,629
1,417
5,015
3,174
1,986
2,323
1,367
814
597
390
302
241
610
246
124
55
63
51
20
10
7
2
3
1
36/6,251 36/1,302
25,207 W 5 ,1 6 4
24,893 W 5 ,0 6 1
52,143 ~ 1 1 ,5 43
63,029
15,561
65, 2 U
19,088
24,443
83,705
30,106
90,018!
37,806
102,490
46,912
118,226
88,558
244,994
79,313
246,551
67,788
188,022
49,223
151,660
202,859
126,115
76,466
52.404
40,969
32,371
25,516
20,622
17.405
15,452
52,389
29,563
17,636
20,533
10,763
6,389
3,982
2,645
1 ,8 1 6
1,333
3,362
1,1 2 4
497
274
263
108
136
47
35
18
8
3
1
2
222.591 ¿ 2 2 5 ^ 4 8 4
48,924
2 ,9 1 4 ,8 1 0
1,381,559
788,558
989,963
843,431
816,646
993,040
626,794
685,924
651,175
598,504
661,031
502,901
173,552
21,596
42.591
65,481
69,925
68,962
52,650
55,180
34.591
26,345
22,455
18,530
10,593
14,618
36/8,403
10,889
29,034
69,585
98,004
100,785
99,605
75,669
51,617
51,674
34,470
55,209
26,288
13,742
20,164
U ,6 2 0
12,909
36/1,529
” 1 2 ,4 3 0
21,802
24,000
26,221
19,250
16,310
U ,2 4 1
58/6,521
W S , 920
W 4 ,0 3 0
W l.5 2 2
(39)
56/1.260
51,488
97,959
118,667
U 2 ,2 9 0
118,951
85,361
72,464
69,398
44,747
47,395
40,806
23,279
43,108
23,559
19,454
12.276.592
500.809
728.171
164,726
948.926
1,856,475
2,554,058
1,429,489
506,547
Total nontaxable returns
16.660.758
Orand total
52,072,006
taxable r e t u r n s w i t h a d j u s t e d g r o s s i n
c o m e u n d e r $ 5 , 0 0 0 a n d n o n t a x a b l e r etu r n s
taxable r eturns w i t h a d j u s t e d gross in
c o m e o r 1 5. O O P o r m o r e ______________________
2,229
942
525
500
192
235
70
64
18
20
5
1
2
9 ,8 3 0
31.578
55,961
64,149
83,513
84,586
109,050
106,810
125,092
139,978
286,586
284,638
237,808
204,288
543,302
225,509
143,904
101,231
79,437
63,109
49,900
40,688
33,985
30,299
104,479
59,539
3 7 ,S U
44,261
23.578
14,009
8,855
5,972
4,094
3,015
7 ,5 6 6
2 ,568
1,135
616
589
241
264
95
79
29
21
4
3
4
526,309
5,299,919
1,7 8 1 ,3 3 8
1 ,163,603
1,4 0 2 ,1 0 8
1,1 5 6 ,9 8 4
1,069,106
1 ,2 6 9 ,0 5 6
782,705
829,850
779,680
469,464
766,295
349,766
214,578
66
SS
6,686
36/6,520
26,517
27,235
43,995
60,655
59,463
75,749
80,256
85,927
93,210
209,692
205,786
194,598
166,081
293,690
215,456
146,341
U l,2 1 2
87,816
72,288
57,960
47,813
40,687
36,107
123,021
71,673
44,599
52,619
27,602
16,523
10,414
6,918
4,766
3,454
8,417
2 ,787
1,203
651
647
254
288
99
82
29
22
3 6 .4 U .2 4 8 32,724,005
65
67
335,605
1,0 5 6 ,6 4 8
9 8 9 ,U S
1,5 8 2 ,8 4 6
1 ,6 2 6 ,1 6 4
1,6 7 8 ,1 6 9
2,1 6 5 ,7 5 3
2,1 4 9 ,0 8 9
2,2 0 9 ,0 7 6
2,5 4 8 ,7 2 8
4 ,2 4 9 ,U 6
5 ,4 5 7 ,5 8 0
2 ,6 0 1 ,5 1 6
1,8 5 1 ,9 1 5
2 ,0 4 4 ,8 9 0
966,398
455,701
252,708
165,916
125,273
85,394
67.762
52,722
45,266
158,446
70,734
41,573
46,425
22.763
13,256
8,177
5,465
3,702
2 ,627
46,195,515
5,878,491
■94 2 6 |for m
a
rtant -fcowhich data i
40,577,910
4,622,685
1,485,449
Wz.ooo
70,970
576.510 ¿ J2 7 9 J4 6 1
22,401
17,742
10,681
U ,S 7 5
13,525
U ,8 6 6
36/8,892
“ 11Î761
9 ,126
36/8,729
U ,0 0 5
36/5,003
38/8,625
W 4 ,S 2 2
W 4 .7 9 8
2,411,524 641,595
765,086
12,164
254,221
264,812
26 3 ,6 U
531,475
282,848
246,756
284,258
165,082
157,681
144,881
82,208
127,235
59,982
47.772
94.087
iti
W 7 ,4 7 9
!>5/3,20e
38/2.852
36/7,325
25,648
34,615
30,574
36,199
30,657
31,540
40,567
24,730
25,154
22,650
12,205
19,408
36/8,929
W 8 .S 6 0
29,579
41,256
56/8,905
24,416
24,766
W 4 ,4 9 0
31,597
35/3,458
W J , 361
37.490
50,873
35/3,006
23,823
W S ,0 3 4
27,069
W 2 ,8 1 6
18,525
W l,5 S 9
20,145
Wl,692
18,750
35/1,748
9 ,616
(59)
36/1,879
16.491
9,561
36/974
5671.009 36/7,632
444.164
356.757
529.553
244,633
42,357
22,527
20,046
21,477
17,853
14,714
15,695
9,267
9,621
36/8,848
38/4,120
5,240,847 708,585 1,010,670 155,551
179,478 1,146,525 111,891
625,548
40,570
1
2
5
4
5
6
7
8
9
10
U
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
SI
32
33
34
55
56
57
58
39
40
41
42
43
44
45
46
47
48
49
20,100 50
14,945 51
9,696 52
10,870 55
13,204 54
9,065 55
36/5,985 56
35/6, 731 57
38/6,049 58
W S ,2 4 5 59
35/4,970 60
35/5,429 61
35/4,589 62
35/2,949 63
35/3.515 64
121.138
969,146 527,156
725,084I 258,967
1 oo—
of >5,000 or i
Ta b l e 3* — In d i v i d u a l r e t u r n s f o r 1948, by -taxable a n d n o n t a x a b l e r e t u r n s a n d b y a d j u s t e d g ross i n c o m e classes«
Frequency
d i s t r i b u t i o n s o f r e t u r n s f o r e a c h s p e c i f i c s o u r c e o f i n c o m e o r loss c o m p r i s i n g a d j u s t e d g ross Income, f o r e a c h t y p e o f
t a x paym e n t , a n d f or t a x o v e r p a y m e n t — C o n t i n u e d
Number of returns with — Continued
Adjusted gross income cla sse s 1/
(Thousands o f d o lla rs)
1
2
•5
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
30
31
32
53
34
35
36
57
58
39
40
41
42
43
44
45
46
47
48
49
50
51
52
S3
54
55
56
57
58
59
60
61
62
65
64
Taxable return s:
0*5 under 0*75
0.7 5 under 1
1 under 1.2 5
1*25 under 1*5
1.5 under 1.7 5
1 .7 5 under 2
2 under 2.25
2*25 under 2*5
2 .5 under 2.7 5
2 .7 5 under 5
5 under 5 .5
5 .5 under 4
4 under 4 .5
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 13
15 under 14
14 under IS
15 under 20
20 under 25
25 under 50
30 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
300 under 400
400 under 500
500 under 750
750 under 1,000
1 ,000 under 1,500
1 ,500 under 2 ,0 0 0
2 ,000 under 3,000
3,000 under 4,000
4 ,0 0 0 under 5 ,000
5 ,000 or more
T otal taxable returns
(ontaxable retu rn s: 55/
No adjusted gross income 5/
Under 0 .5
0 .5 under 0.75
0.7 5 under 1
1 under 1.2 5
1 .2 5 under 1 .5
1 .5 under 1.7 5
1 .7 5 under 2
2 under 2.25
2 .2 5 under 2 .5
2 .5 under 2.7 5
2 .7 5 under 3
3 under 3 .5
3 .5 under 4
4 or more
65
T o ta l nontaxable returns
66
Grand t o t a l
67
68
Taxable returns with adjusted gross in cane under $5,000 and nontaxable returns
Taxable returns w ith adjusted gross i n cane o f $ 5 .0 0 0 or more
S a les or exchanges o f
property other than
c a p ita l a sse ts
Net gain
Net lo ss
Income from
e sta te s and
tru sts
(39)
36/1.310
(39)
36/1.631
W 2 .4 7 0
W 2 .1 8 1
"56/3.862
38/3,305
3 ^ 4 ,2 7 4
35/4,607
38/8.572
9,410
56/6.629
36/7,568
38/8.043
38/5.501
3,997
2 ,350
1,717
1,486
1,210
1,136
938
949
2,416
1,286
693
747
368
183
106
75
61
36
86
42
11
11
7
6
13
5
5
1
1
(39)
(39)
36/2.163
35/2,021
38/1.164
38/2.735
38/2,495
38/2.536
38/2.537
55 A , 521
75/6.175
3§/4,304
38/2,852
36/5,030
35/3.653
2,643
1,673
1,583
1,288
984
703
675
606
1,990
1,307
794
936
477
324
211
129
100
69
221
74
36
28
21
10
11
8
7
3
3
89.917
63.141
36/S,702
38/2,1S8
35/5,951
38/3.937
OO /4.128
38/3.672
38/3,213
38/4.750
38/3.296
38/5.090
38/2.696
OO A , 948
35/1,613
38/2,494
A . 632
12,945
36A , 071
38/2.256
38/5,076
38/2.949
38/2.755
/ l,609
2 ! /2'.876
3«
38/1,350
38/1.555
38/1.500
(39)
36/1.573
(S9)|
46.215
36/1.000
3 5 A , oso
35/4.321
38/8.320
38/7.252
38/7,331
38/6.583
38/8.904
38/7.095
38/7.073
15,393
13,006
16,636
12,278
22,562
18,913
12,435
9 ,720
8,418
6,822
6,126
5,298
4,613
3,898
14,927
9,541
6,522
8,333
4,922
3,121
2,152
1,442
1,1 40
819
2,857
1,026
499
287
282
117
149
56
43
16
15
3
Misc e lia n e ous
income 58/
Tax
withheld
Payments on
1948 decla
ratio n Z Z /
Overpayment
(refund, or
c re d it on
1949 tax )
Tax due
a t time
o f f ilin g
310,055
984,957
930,525
1,310,447
1,554,126
1,623,128
2,090,914
2,095,471
2,161,898
2,501,151
4,163,822
3,397,074
2,558,493
1,814,446
2,007,843
942,064
439,027
241,577
157,768
116,280
80,241
63,273
48,809
40,219
127,657
65,308
40,085
42,495
20,790
12,079
7,451
4,981
3,591
2,420
5,674
1,881
787
447
403
164
188
55
43
IS
15
3
1
9,734
41,709
50,712
83,631
116,205
108,614
141,239
144,010
151,516
172,472
524,592
305,707
274,106
242,419
369,852
286,416
207,913
162,169
133,153
110,662
89,845
74,742
63,272
55,562
187,964
105,507
63,312
71,141
35,722
20,539
12,626
8,220
5,587
3,974
9,468
3,086
1,504
706
681
269
307
105
87
29
22
4
3
4
56,953
195,711
186,361
283,290
324,553
309,443
385,021
390,638
388,525
422,515
819,038
755,387
649,446
531,869
636,920
387,671
249,815
177,598
136,534
110,305
86,481
71,405
58,404
49,555
.161,258
84,991
50,572
56,687
28,477
16,591
10,153
6,652
4,524
S', 204
7,615
2,459
1,015
544
524
190
255
79
64
20
16
4
3
4
306,487
945,380
869,978
1,242,532
1,451,442
1,490,469
1,945,067
1,905,813
1,960,172
2,088,445
3,686,712
2,918,538
2,125,582
1,487,226
1,663,104
770,281
336,966
174,280
109,974
75,938
50,738
38,333
28,673
23,746
73,085
36,137
19,566
19,793
8,988
4,688
2,859
1,766
1,182
871
1,969
649
500
161
156
75
75
25
25
8
4
2
10,810
29,565
30,394
52,787
58,539
58,271
85,689
92,495
92,091
102,399
202,859
179,015
145,833
111,880
64,536
44,801
26,520
17,852
14,125
10,232
8,070
7,106
5,532
4,966
16,670
9,719
6,173
7,659
4,019
2,454
1,536
1,040
755
531
1,110
579
175
95
115
46
55
21
19
5
6
2
1
1
276.296
1.508.949
51.769.937
4.250.519
8.099.095
27.866.254
9,276
63,065
54,214
45,415
56,414
43,295
45,515
46,770
28,508
29,021
27,225
11,657
25,425
15,654
36/6.445
41,356
2,767,259
1,183,422
563,858
718,671
600,673
581,609
761,779
458,762
528,555
517,875
316,526
550,490
258,268
146.523
61,515
42,593
47,534
55,647
65,468
55,290
43,859
55,947
35,251
33,211
54,187
14,786
27,795
12,251
12.476
-
i
36A , 697
35A , 749
35/S.920
35/7,042
35/7,254
35/6,56S
s A , 963
85/2.961
35/2,031
38/2.852
38/2,178
(39)
36/1.685
36/921
_____ 71.675
95,896
2,805,293
1,227,679
614,836
778,341
650,629
621,592
810,109
468,152
555,849
546,091
529,556
574,959
268,585
156.474
39.971
52.090
505.895
9.975.604
595.650
136.152
103.112
528.386
2.012.844
41.745.541
4.846.149
8.099.095
58.569.855
102,646
77,515
171,332
1,756,522
57,272,111
2,762,096
5,698,550
54,925,442
33,486
25,597
. 157.054
256,322
4 ,473,450
2,084,055
2,400,545
3,444,411
m
For footn otes, see pp.24-28j fo r exte n t"to which data a re estim ated, see pp. 6 -7 .
•
•
•
-
10.505.619
- 18
Table 4. - Individual returns for 1948, by 'taxable and nontaxable returns, by adjusted gross income
classes, and by types of tax: Number of returns, adjusted gross income, exemption, tax liability,
average tax, and effective tax rate
(AdjustedP---gross------inoosw -classes and money figures, except average tax, in thousands of dollars)
-------- -------- --------
Adjusted gross income classes 1/
Total number
of returns
Adjusted
gross
income 2/
Amount of
exemption 21/
Tax
liability 3/
Effective
tax rate
(percent),
based on
adjusted
gross
incone
Average
tax 40/
All returns
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
57
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Taxable returns:
0.5 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2*25
2.25 under 2.5
2.5 under 2.75
2.75 under 3
3 tinder 3.5
3.5 under 4
4 under 4.5
4.5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 13
13 under 14
14 under 15
15 under 20
20 under 25
25 under 30
30 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 300
500 under 400
400 under 500
500 under 750
750 under 1,000
1,000 under 1,500
1,500 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000
5,000 or more
Total taxable returnsNontaxable returns: 33/
No adjusted gross Income 5/
Under 0.5
0.5 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2.25
2.25 under 2.5
2.5 under 2.75
2.75 under 5
5 under 3.5
3.5 under 4
4 or moire
369,740
1,156,421
1,071,451
1,548,544
1,801,919
1,826,314
2,359,882
2,323,717
2,378,444
2,535,668
4,560,418
5,720,265
2,835,237
2,046,957
2,510,295
1,162,828
590,026
354,540
248,517
188,222
158,553
110,811
87,975
73,984
236,438
122,221
70,550
76,884
57,642
21,375
13,062
8,466
5,733
.4,089
9,619
5,122
1,315
708
683
269
310
105
87
29
22
4
5
4
263,424
1,009,031
1,203,525
2,143,506
2,924,201
3,422,857
5,010,716
5,517,847
6,250,927
7,284,985
14,808,533
13,906,417
12,013,198
9,695,937
12,577,683
7,492,857
4,393,964
5,000,551
2,355,259
1,970,545
1,590,030
1,385,064
1,185,725
1,071,506
4,054,251
2,717,601
1,924,696
2,659,398
1,673,713
1,165,989
844,505
652,508
485,649
387,651
1,153,456
534,345
290,725
192,616
234,178
119,172
184,524
90,180
103,037
48,530
52,532
13,279
13,362
27,332
36,411,248
142,056,885
326,309
3,299,919
1,781,338
1,163,603
1,402,108
1,156,984
1,069,108
1,269,056
782,705
829,850
779,680
469,464
766,295
349,766
214,573
221,844
693,855
642,871
1,207,173
1,469,129
1,523,215
2,517,686
2,570,649
2,889,881
5,572,801
7,027,364
6,351,016
5,177,126
3,817,669
4,518,895
2,193,151
1,116,602
676,496
474,850
363,724
269,300
214,528
171,920
145,172
465,169
243,184
140,461
153,469
74,468
42,070
25,735
16,528
11,041
7,860
18,165
5,839
2,401
1,244
1,210
473'
516
181
132
41
37
6
4
8
2,965
34,741
70,450
116,965
184,240
250,785
320,946
383,652
438,229
476,419
1,006,616
983,619
899,935
787,111
1,119,689
737,712
472,055
544,668
286,812
252,268
214,571
196,008
175,004
164,193
684,138
526,578
418,906
654,532
481,756
574,132
293,126
234,070
188,812
157,020
505,298
256,026
146,878
100,541
127,101
67,434
103,851
52,015
61,773
28,189
31,539
7,771
7,356
15,287
$8
SO
66
76
102
137
136
165
184
188
221
264
318
385
485
634
800
972
1,154
1,340
1,549
1,769
1,989
2,219
2,894
4,308
5,938
8,513
12,798
17,503
22,441
27,648
52,934
38,401
52,323
82,007
111,694
142,007
186,092
250,684
335,003
495,381
710,034
972,034
1,424,500
1,942,750
2,452,000
5,821,750
1.1!
3.44
5,85
5.46
6.5C
7.3!
6.4]
6.95
7.0]
6.54
6.8C
7.01
7.45
8.12
8.9C
9.85
10.74
11.45
12.IS
12.8C
13.45
14.11
14.76
15.5!
16.81
19.55
21.76
24.8C
28.75
52.05
34.72
37.0]
38.85
40.5]
43.6!
47.9]
50.52
52.2C
54.25
56.55
56.25
57.65
59.95
58.05
59.66
58.52
55.05
55.9!
50,857,156
15,441,529
424
10.81
8/657,847
928,133
1,088,936
1,021,985
1,583,186
1,573,482
1,737,640
2,584,681
1,664,073
1,971,856
2,035,488
1,349,793
2,463,019
1,307,137
1,007,570
496,297
2,663,221
1,841,021
1,846,382
2,311,645
2,217,938
2,310,953
2,815,979
2,049,751
2,233,102
2,179,084
1,483,604
2,540,656
1,298,564
894,503
_
_
-
*
•
■
*
me
_
»
.
_
-
-
*
*
■
*
*
*
“
*
-
65
Total nontaxable returns
15,660,758
9/21,459,129
29,182,679
66
Qrand total
52,072,006
9/163,516,014
80,039,835
15,441,529
297
9.44
adjusted gross
and nontaxable
46,193,515
9/106,914,036
68,884,957
5,956,651
129
5.51
adjusted gross
more
5,878,491
56,601,969
11,154,878
9,484,887
1,613
16.76
67
68
raxable returns with
income under $5,000
returns
raxable returns with
income of $5,000 or
footnotes, see pp.
24-26; for extent to which data are estimated, see pp. 6-7,
- 19 Table 4. - Individual returns for 1948, by taxable and nontaxable returns, by adjusted gross income
classes, and by types of taxi Number of returns, adjusted gross income, exemption, tax liability,
average tax, and effective tax rate - Continued
(Adjusted groes income classes and money figures, except average tax, in thousands of dollars)
Adjusted gross income classes 1/
369,740
1,156,421
1,071,451
1,548,544
1,801,919
1,826,314
2,559,882
2,525,717
2,578,444
2,535,668
4,560,418
5,720,265
2,833,237
2,046,957
2,310,295
1,162,828
590,026
354,540
248,517
188,222
158,553
110,811
87,975
73,984
236,458
122,138
69,523
74,521
55,478
16,442
8,850
5,340
3,463
2,591
4,693
1,431
539
266
240
93
97
36
40
10
12
1
1
1
1 1.5 under 0,75
I
1
1 2 1,75 under
1.25
I 45 Lunder
„25 under 1*5
5 „5 under 1.75
6
„75 under 2
7 !under 2,25
8
9
10
11
12
IS
14
IS
16
17
18
19
20
121
22
25
24
25
26
27
28
29
50
SI
132
I SS
54
I
55
156
IS?
I 38
I 59
140
141
I4
2
43
44
45
46
147
48
49
I
I
■
I
50
51
52
53
I84
I
55
I 56
I 57
158
■ 59
I 80
I6
1
62
I 63
I 64
I 65
I 66
I 67
I 68
I 69
■ 70
■ 71
■ 72
I 75
I
Number of
returns
1,25 under 2,5
1.5 under 2,75
!,75 under 5
Iunder 3*5
1.5 under 4
lunder 4,5
„5 under 5
>under 6
under 7
Ìunder 8
Iunder 9
iunder 10
.0 under 11
1 under 12
2 under IS
.3 under 14
.4 under 15
5 under 20
0 under 25
5 under 50
>0 under 40
0 under 50
0 under 60
0 under 70
0 under 80
0 under 90
0 under 100
.00 under 150
50 under 200
:00 under 250
50 under 300
00 under 400
00 under 500
00 under 750
50 under 1,000
,000 under 1,500
,500 under 2,000
,000 under 3,000
,000 under 4,000
,000 under 5,000
,000 or more
Total returns with n o m a i tax
and surtax
36,380,352
Adjusted
groes
income 2/
Amount of
exemption 21
Returns with
263,424
1,009,031
1,203,525
2,145,506
2,924,201
3,422,857
5,010,716
5,517,847
6,250,927
7,284,985
14,808,335
13,906,417
12,013,198
9,695,937
12,577,683
7,492,857
4,593,964
3,000,531
2,353,259
1,970,543
1,590,030
1,385,064
1,185,725
1,071,306
4,054,251
2,715,657
1,890,596
2,557,089
1,575,265
894,594
571,457
398,711
293,145
226,482
560,066
244,617
119,235
72,370
82,210
41,003
58,250
50,763
47,479
16,522
28,889
3,281
4,059
6,774
138,966,602
J
Tax
liability 3/
normal tax and surtax 41/
2,965
221,844
54,741
695,853
642,871
70,450
116,965
1,207,173
184,240
1,489,129
250,783
1,525,215
320,946
2,517,686
583,632
2,570,649
2,889,881
438,229
476,419
3,572,801
1,006,616
7,027,364
983,619
6,351,016
5,177,126
899,955
787,111
3,817,669
1,119,689
4,318,895
757,712
2,195,151
472,033
1,116,602
344,668
676,496
286,812
474,850
252,268
363,724
214,571
269,510
196,008
214,528
175,004
171,920
145,172
164,193
684,138
465,169
525,997
243,115
408,138
139,221
626,662
150,953
446,617
71,794
282,158
35,096
197,054
17,619
10,547
147,270
114,457
6,702
92,337
4,610
247,997
8,954
120,337
2,655
63,128
1,002
40,081
461
47,466
453
24,989
166
36,721
166
18,467
59
61
31,314
10,404
15
15
19,318
2,147
1
2,398
2
2
4,096
50,803,753
14,113,287
Average
tax 40/
Effective
tax rate
(percent),
based on
adjusted
gross
income
18
30
66
76
102
157
136
165
184
188
221
264
318
385
485
634
800
972
1,154
1,340
1,549
1,769
1,989
2,219
2,894
4,307
5,887
8,409
12,589
17,161
22,266
27,579
35,051
38,619
52,844
84,093
117,121
150,680
197,775
268,699
378,567
512,972
782,850
1,040,400
1,609,833
2,147,000
2,398,000
4,096,000
1713
3.44
5.85
5.46
6.30
7.33
6.41
6.95
7.01
6.54
6.80
7.07
7.49
8.12
8.90
9.85
10.74
11.49
12.19
12.80
13.49
14.17
14.76
15.35
16.87
19.57
21.59
24.51
28.35
31.54
34.48
36.94
39.04
40.77
44.26
49.19
52.94
55.36
57.74
60.94
63.06
60.03
65.95
62.97
66.87
65.44
59.06
60.47
388
10.16
$7,000
8,776
11,794
16,238
18,645
22,809
27,767
32,756
38,094
51,827
80,242
107,925
136,787
179,763
241,165
315,164
486,203
648,064
936,053
1,202,100
1,874,667
2,479,000
3,730,333
29.56
31.56
33.86
35.69
33.89
35.21
37.13
38.63
40.14
43.02
46.83
48.84
50.26
52.40
54.30
53.15
56.46
54.82
55.56
50.84
56.25
53.29
54.44
1
2
3
4
S
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
Returns with alternative tax 42/
nder 20
0 under 25
5 under 30
0 under 40
0 under 50
0 under 60
0 under 70
0 under 80
0 under 90
0 under 100
00 under 150
50 under 200
00 under 250
50 under 300
00 under 400
00 under 500
00 under 750
50 under 1,000
•,000 under 1,500
•,500 under 2,000
1,000 under 3,000
',000 under 4,000
,000 under 5-,000
,000 or more
56/83
17227
2,565
2,164
4,933
4,212
3,126
2,270
1,698
4,926
1,691
776
442
443
176
213
69
47
19
10
3
2
5
1,964
34,100
82,309
98,448
271,395
272,848
253,797
192,504
161,149
595,390
289,728
171,488
120,246
151,968
78,169
126,294
59,417
55,558
32,008
23,643
9,998
9,305
20,558
69
1,240
2,516
2,674
8,974
8,116
5,981
4,539
3,250
9,211
3,184
1,399
783
777
307
350
122
71
26
22
5
2
6
581
10,768
27,870
35,139
91,974
96,072
86,800
74,355
64,683
255,301
155,689
83,750
60,460
79,635
42,445
67,130
33,548
50,459
17,785
12,021
5,624
4,958
11,191
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
--- — al retum a with alternative tax
°r footn°tea, see pp.
24-26} for. extent to which data are estimated, see pp. 6-7,
74
Table 5 . - Individual returns f o r 1948, by taxable and nontaxable retu rn s, by adjusted gross income c la s s e s , and by m a rita l statu s and sex o f taxpayers
o f retu rn s, adjusted gross income, exemption, and ta x l i a b i l i t y
Number
returns
Adjusted gross income cla sse s
1
2
s
4
S
6
7
8
9
10
11
'12
13
14
15
18
17
18
19
20
a
22
25
24
25
26
27
28
29
30
51
32
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
62
65
64
1/
'axable retu rn s:
0*5 under 0.75
0.7 5 under 1
1 under 1.25
1.2 5 under 1 .5
1 .5 under 1.75
1 .7 5 under 2
2 under 2.2 5
2 .2 5 under 2.5
2 .5 under 2.75
2.7 5 under 3
5 under 5 .5
3 .5 under 4
4 under 4 .5
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
13 under 14
14 under 15
15 under 20
20 under 25
25 under 30
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
ISO under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1,000
1.000 under 1,500
1,500 under 2,000
2.000 under 5,000
5.000 under 4,000
4.000 under 5,000
5.000 or more
Total
number of
returns
569,740
1 ,156,421
1,0 7 1 ,4 5 1
1,548,344
1,801,919
1 ,826,314
2,359,882
2,523,717
2 ,578,444
2,535,668
4,5 6 0 ,4 1 8
3,720,265
2 ,835,237
2,046,937
2 ,310,295
1,162,828
590,026
354,540
248,517
188,222
138,555
110,811
87,975
75,984
256,458
122,221
70,550
76,884
57,642
21,575
15,062
8,466
5,755
4,089
9,619
5,122
1,515
708
683
269
510
105
87
29
22
4
5
4
T otal taxable returns
ontaxable retu rn s: 55/
No adjusted gross income 5/
Under 0 .5
0 .5 under 0.75
0 .7 5 under 1
1 under 1.25
1 .2 5 under 1 .5
1 .5 under 1.7 5
1 .7 5 under 2
2 under 2.25
2 .2 5 under 2 .5
2 .5 under 2.75
2.7 5 under 5
5 under 5 .5
5 .5 under 4
4 o r more
Adjusted
gross
income 2/
263,424
1,0 0 9 ,0 3 1
1,203,525
2 ,145,506
2,924,201
3,422,857
5 ,010,716
5,517,847
6 ,250,927
7,284,985
14,808,535
15,906,417
12,013,198
9,695,957
12,577,683
7,492,857
4,395,964
5,000,551
2,353,259
1,970,545
1 ,590,050
1 ,583,064
1,185,725
1 ,071,506
4,0 5 4 ,2 5 1
2,7 1 7 ,6 0 1
1 ,9 2 4 ,6 9 6
2,659,398
1 ,675,715
1,165,989
844,505
652,508
483,649
587,651
1,1 5 5 ,4 5 6
554,545
290,725
192,616
254,178
119,172
184,524
90,180
103,057
48,550
52,552
13,279
15,562
27.552
Amount
o f exemp
tio n 21/
221,844
693,853
642,871
1 ,207,175
1,489,129
1,523,215
2,517,686
2,570,649
2,889,881
3 ,572,801
7,0 2 7 ,5 6 4
6,351,016
5 ,177,126
3,817,669
4 ,318,895
2 ,193,151
1,116,602
676,496
474,850
563,724
269,300
214,528
171,920
145,172
465,169
245,184
140,461
155,469
74,468
42,070
25,755
16,528
11,041
7,860
18,165
5,859
2,401
1,244
1,210
475
516
181
132
41
57
6
4
8
T otal
ta x l i a
b ility y
Number
of
returns
2,965
54,741
70,450
116,965
221,575
184,240
534,564
250,783
556,164
520,946
813,368
585,632
924,068
438,229 1,100,963
476,419 1,476,436
1,006,616 3,097,828
985,619 2,888,839
899,955 2 ,359,971
787,111 1 ,765,855
1,119,689 2 ,068,472
757,712 1 ,042,551
472,053
522,916
544,668
509,592
286,812
215,409
252,268
163,596
214,571
119,482
196,008
94,780
175,004
75,659
164,195
63,962
684,158
202,504
526,578
105,612
418,906
60,652
654,532
66,293
481,756
52,280
574,152
18,529
293,126
11,188
254,070
7,197
188,812
4,777
157,020
5,429
505,298
7,986
256,026
2,582
146,878
1,060
100,541
539
127,101
529
67,454
202
105,851
223
52,015
67
61,773
43
28,189
11
51,559
8
7,771
2
7,556
1
15.287
56.411.248
142.056.885
50.857.156
15.441.529 20.521.542
526,509
5,299,919
1 ,781,558
1,165,605
1 ,402,108
1 ,156,984
1,069,108
1,269,056
782,705
829,850
779,680
469,464
766,295
549,766
214.575
8/657,847
928,155
1 ,088,956
1 ,021,985
1 ,583,186
1,575,482
1 ,757,640
2,5 8 4 ,6 8 1
1,664,075
1 ,971,856
2 ,035,488
1,549,795
2,465,019
1,507,157
1.007.570
496,297
2 ,665,221
1 ,841,021
1 ,846,582
2,511,645
2,217,958
2 ,310,955
2,815,979
2 ,049,751
2,255,102
2 ,179,084
1 ,485,604
2,540,656
1 ,298,164
894.505
210,961
596,624
425,079
636,460
866,054
818,650
856,057
1 ,059,559
697,540
762,400
728,186
447,727
758,789
—
541,578
207.220
-
65
T otal nontaxable returns
15.660.758
9/21.459.129
29.182.879
66
Grand t o t a l
¡£s£Z£*22£ 9/165.516.014
80.0S9.8SS
15.441.529 29.695.806
46,195,515 9/106,914,086
68,884,957
5,956,6511 24,494,095
11,154,878
9,484,887
67 Caxable returns with adjusted gross in—
o o s m under $5,000 end nontaxable returns
68 Taxable returns with adjusted gxoes inL_ooae of $5.000 dr n o g s
F o r fo o t n o t e s , s e e p p .
£4-2ei
5,878,491
f o r e x t e n t t o wfalnfa U n t e
o»’ "
56,601,969
_
9.1 7 4 .4 6 4
5,201,715
Adjusted
gross
income % /
Men
Adjusted
Amount
gross
o f exemp
income 2/ tio n 21/
Amount
Number
o f exsmp— Tax l i a
b i l i t y 5/ of
tio n 23/
512,748
542,945
668,743
1,728,392
2,196,398
2,901,488
4,245,608
10,086,306
10,807,975
9,926,529
8,367,161
11,262,784
6,715,555
3,897,436
2,619,863
2,039,245
1,712,726
1,371,145
1 ,183,000
1,019,714
926,330
5,471,773
2,548,497
1,654,509
2,275,568
1,435,521
1,000,054
723,504
537,714
404,807
525,055
957,247
441,755
254,195
146,588
181,574
89,819
131,971
57,772
51,233
18,556
18,966
6,820
4,755
265,886
401,477
427,397
1 ,236,740
1,405,289
1 ,786,760
2,626,245
5,683,436
5,567,543
4 ,700,773
3,538,429
4,082,425
2,073,584
1,050,692
631,653
441,364
337,696
250,156
196,195
159,415
154,732
429,461
225,599
129,964
142,244
68,710
58,871
25,741
15,185
10,045
7,151
16,427
5,255
2,128
1,070
1,044
403
454
142
84
21
16
4
1
-
2,975
15,799
26,928
49,864
88,507
128,860
186,506
529,849
650,584
663,873
631,551
956,772
634,821
400,685
286,828
256,574
208,687
175,268
158,268
142,418
134,529
551,760
428,187
337,799
532,675
592,687
506,716
241,794
191,511
151,593
127,258
404,318
206,566
114,898
74,588
96,504
49,566
72,659
30,800
28,106
9,778
9,986
5,620
2,536
22
1C
14
20.556
5.163.154
980.627
56/8.047
56,525
28,877
14,092
17,895
14,882
11,651
15,564
56/7.265
■56/7.810
58/7.910
W 2 .5 0 1
58/6,210
W 2 .5 2 0
58/1.542
8/15,822
10,798
18,241
12,254
20,522
20,150
18,954
28,952
15,421
18,567
20,605
7,159
19,972
8,657
7.508
6,570
28,525
26,969
19 j 197
24,755
25,245
22,954
50,524
17,671
19,884
20,252
7)l4 2
19j 170
6,918
s ' 762
182.869
9/211.476
279.277
60.755.827 10.671.591 1.154.559 9/5.574.650
¿ ig s g jg o *
599,490
709,750
775,848
1 ,169,711
1 ,581,187
1,691,907
1 ,915,787
2 ,569,999
1 ,852,756
2 ,071,784
2,048,977
1 ,422,687
2,457,072
1,275,155
877.849
9/68,807,247 50,257,956
49,264,989
4,387
13,542
14,116
24,886
38,692
42,457
72,252
74,221
97,142
95,206
190,775
125,372
81,731
45,898
25,094
13,902
5,808
3,115
2,278
1,814
1,523
1,145
812
662
2,275
1,106
647
772
573
196
148
85
59
54
125
49
29
15
19
1C
14
5
—
•
en
me
m
•
•
ee
•
9 A 7 .0 2 2 .9 5 6 22.617.958
9/1M.072.2KB
«.
5,20C
1 9 ,62S
26,562
45,722
77,08C
100,106
154,676
185,872
265,529
274,ir
559,662
401,255
288,988
182,757
108,557
74,212
37,371
21,905
16,892
16,051
13,258
11,966
9,157
7,714
52,287
20,195
14,505
21,457
15,495
9,848
8,140
5,22E
5,17C
2,731
15,222
7,19C
4,454
5,624
5,122
5,186
7,557
5,902
25,576
10,092
18,816
5,284
971.470
101.049.280 S 8 .U 7 .8 6 9 10.671.591
8/477,259
118,045
269,802
560,508
979,942
1,117,889
1 ,595,290
1,955,825
1,485,015
1,812,086
1,9 0 1 ,2 8 0
1,287,585
2,574,560
1,276,798
969.574
56/7.511
22,570
23,527
32,966
47,482
53,459
72,835
78,082
100,055
95,366
172,464
107,676
68,551
38,698
19,900
11,518
5,010
2,600
1 ,784
1,551
1,159
958
678
535
1,842
901
552
627
505
180
126
70
61
29
111
42
20
15
15
7
12
7
21
6
8
1
10,477,891
Number
Tax l i a
b i l i t y Z j returns
54
19,14(
661
56,092
1,552
62'212
2,639
84,512
4,824
101,67}
7,558
106,65]
10,651
116)412
14,889
101,06]
22,421
77,212
24,368
57)492
50,505
60,555
59,023
28)952
29,517
16,172
19j 528
9,852
11,380 56/8,219
8,896 W 4 .5 5 3
4,960
2,262
l)772
3,000
2,517
1,291
2,585
875
2,243
806
2,158
728
1,668
56/452
1,491
W 408
7,062
"1 ,6 0 7
5,044
664
4,064
454
471
6,656
4 ,760
282
5,808
155
5,296
92
2,278
50
2,252
57
1,516
42
6,511
95
3,669
57
2,556
25
1,885
10
2,885
1,779
5,885
5,964
16,540
6,286
11,285
2,258
11.191
583.694
•
•
em
»
women
Adjusted
Amount
gross
o f exempincome 2/
15,65C
49) H i
70)S86
116,437
165)222
199,798
247,057
239,56]
202)418
164,468
194,598
107)624
68)570
46)171
44)952
27^955
16,847
15)018
12,288
9,170
9,277
9)062
5,827
5,860
27,700
14,754
12,589
16,192
12,650
7,298
5,958
5,695
5,122
3,991
11,459
6,467
5,697
2,667
5,155
2)580
4,226
2,591
5)399
6,970
11,484
33' 656
57)529
59¡66C
73)122
75)949
92)990
79,153
60)830
48)169
48'589
24)759
15)527
8)786
7^274
3)861
2)054
l)S 86
1)279
'806
751
750
401
592
1,678
'617
457
440
263
119
87
44
55
51
85
29
25
10
Tax l i a
b ility y
160
1,719
4,062
7^285
12)144
16)923
2 l ) 076
22)258
19)628
16)212
20^679
11^947
8*039
5)505
5^729
5)865
2)571
2)525
2,052
l)5 9 5
1*707
1)760
1)174
l)l2 9
6,408
3*969
5)758
5,505
4)775
2)986
2,526
1,678
l)5 0 2
l)9 5 0
5)867
5)552
5,249
l 'e i a
1)775
1¡674
2)801
l)8 5 1
3)811
4*582
6.775
4.096
925.162
2.206.775
691.075
56/5.545
157,105
59,925
24,550
26,751
19,451
11,750
15,520
56/5,610
W 2 . 510
38/2.511
TZ b )
(46)
8/9.007
42,055
56,544
21,422
50)214
26) 176
19,056
25,111
ll) 8 6 6
5)894
5.968
(46)
(46)
2,602
108,554
49)054
52)244
59,561
51)297
22)068
26)156
12)504
6) 012
5I 6O6
(46)
(46)
(46)
(46)
(46)
261.205
'
-
528.094
9/220.066
-
559.087
-
585.694 L. 251.256 9/2.426,641 1.050.16Ö
261.205
6
2,975,076 1,10S,751 S>/2, 796,606 1,197,956
227,990
167,615
6
7,698,515
155,704
95,590
6*
50,606
578,024
i estimated,
H
U
fasJ. i i>
|
inn
a
1» t tannami $ o f dallart)
61,968
,226,068 9/2,104.957 1,007,090
25,188
521,904
28,069
• s t m t t o vtaleh d a t a i
estimated.
Table S. —
liability — 4
o r a —y —ff)
i d j w M gro*> Imeame o l u m
3/
Sambar
Tax Ila- 1
billty 5/1
Tax Ila.
billty S/
1
2
8
«
S
6
7
8
9
IO
n
12
IS
u
15
16
17
18
19
20
21
22
28
at
25
26
27
28
29
SO
51
32
55
54
55
56
37
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
62
65
64
65
iaxabla re tom ai
0 .5 andar 0 .7 5
0.7 S ondar 1
1 ondar 1.2 5
1 .2 5 ondar 1 .5
1 .5 ondar 1 .7 5
1 .7 5 ondar 2
2 ondar 2.25
2 .2 5 ondar 2 .5
2 .5 ondar 2 .7 6
2.75 ondar 5
S ondar 5 .5
8 .5 ondar 4
4 ondar 4 .5
4 .5 ondar 5
5 ondar 6
6 ondar 7
7 ondar 8
8 ondar 9
9 ondar 10
10 ondar 11
11 ondar 12
12 ondar 15
15 ondar 14
14 ondar 15
15 ondar 20
20 ondar 25
25 ondar 50
50 ondar 40
40 ondar 50
50 ondar 60
60 ondar 70
70 ondar 80
80 ondar 90
90 ondar 100
100 ondar 150
150 ondar 200
200 ondar 250
250 ondar 500
500 ondar 400
400 ondar 500
500 ondar 750
750 ondar 1 ,000
1.000 ondar 1 ,500
1,500 ondar 2,000
2 .0 0 0 ondar 5,000
5.000 ondar 4,000
4.000 ondar 5,000
5.000 or more
(46) j
Ws,zoo
n / S,968
ra/7,056
9,864
12,949
80,669
25,121
58,655
25,852
15,691
10,882
56/8,171
55(4,848
8,558
2,647
1,969
1,544
1,295
1,025
701
608
2,011
1,051
648
628
255
156
(4 6 )r
1,418
5,056
7,240
6,595
18,575
19,852
50,961
80,645
72,222
125,467
96,500
66,0681
51,955
44,596
51,459
26,514
22,401
18,698
16,147
14,840
12,814
9,449
8,818
54,629
22,728
17,755
21,442
11,245
8,541
5,829
5,227
4,551
2,867
7,962
2,556
872
2 ,220
2,000
1,251
2,565
947
(46)|
970
1,615
4,285
8,480
6,008
7,858
10,726
29,498
28,812
88,820
25,699
15,827
11,150
8 ,447
5,656
5,878
2,905
2,218
1,747
1 ,401
1,165
755
689
2,177
1,185
725
700
298
178
105
75
62
52
80
15
5
8
5
2
2
1
(46)
(46)
(46) j
1 ,840
48 56/1,506
2,724
'2 ,8 8 8
180
6,111
572 56/4,578
6,558
870 W 4,052
6 ,956
18.025
952
21,868
0,048
1,554
12,475 29,865
2,672
82,595
81,442
7,000
74.054
25,756
6,748
89,095 126,572
12,804
98,717
26,846
10,178
65,564
14,986
7 ,400
50,808
10,675
6,154
42,570
5,516 86/7.722
22,996
4,094 [Se/5,S50
26,455
a* 558
5,908
21,506
2,522
5,452
18,871
1,919
5,119
19,524
1,858
2,865
1,282
14,699
2,766
15.055
2,479
1,041
10.025
746
1,951
8,977
621
1,875
87,479
2,175
8,109
22,572
1,014
6 ,224
16,994
620
5,576
20,792
609
7,419
11,895
265
4,551
7,706
141
5,565
5,561
86
2,597
5,148
2,356
4 ,2 6 0
2,107
2,787
1,415
6,592
4,165
2,557
1,519
1,067
493
2,464
1,258
924
1,043
820
876
1 ,690
1,0 6 0
947
615
R
(46)
905
1,485
8,418
8,804
5,847
8,225
9,754
27,601
25,198
84,567
28,585
18,075
9 ,678
7,544
8,570
5,415
2,259
1,995
2,062
1,219
1,019
759
652
2,145
998
602
599
261
151
85
62
54
54
57
14
4
10
5
1
(46)
49
164
848
408
1,074
1,807
2,751
7,597
7.078
18,171
10,775
7,508
6,219
5,850
5,209
5,984
5,450
5,107
5,425
2,791
2,574
2,095
1,900
8,865
6,526
5,565
7.501
4,724
8,251
2.465
2,354
2.078
1,582
5.501
1.466
592
1,561
511
551
757
615
of e x m p — Ta x Ilatipo 21/ billty 8/
206,774
602,128
511,852
569,078
571,842
568,788
604.758
598,024
560,825
511,504
771,858
444,108
258,851
145.759
184,464
55,594
52,850
21,659
15,679
10,965
8,629
7,550
5,757
4,506
14,578
7,557
4,156
4 ,581
2 ,244
1,296
751
508
579
262
652
209
85
57
54
18
29
11
147,459
824,598
578,605
784,881
926,960
1,067,088
1,284,896
1,408,817
1,466,789
1,468,716
2 ,490,516
1,655,006
1,094,754
688,862
729,166
557,792
242,569
185,288
148,769
114,794
99,056
91,415
77,357
66,165
246,516
165,071
115,562
150,125
99.551
70,689
47,140
57,948
81,998
24,768
76,425
55,909
18,988
15,557
18.552
7,905
17,891
9,611
8,626
4,895
5,599
5,175
4,059
124,064
861,274
807,111
896,940
419.765
420,220
600,725
495,897
484,486
454,582
696,109
408,844
246,817
142,658
126.765
55,557
51,070
20,946
15,187
10,825
8,107
7,211
5,574
4,545
14,548
7,496
4,261
4,487
2,550
1,555
756
I , 791
18,158
88,869
50,280
67,868
86,650
106,699
125,280
186,142
141,227
256,028
180,552
125,152
81,504
91,861
48,175
85,055
28,046
25,875
19.477
17,865
17,252
15,265
15,822
55,855
45,764
54,065
50,545
37,510
28,779
19,978
17,422
14,699
II,
gross
Incorna 8/
185,705
472,516
468,781
680,685
788,56«
782,265
785,101
602,08«
477,779
848,991
880,507
198,515
119,255
65,256
68,847
40,654
19,891
15,768
10,466
7,87C
5,902
4,949
4,024
5,546
11,921
5,642
5,488
5,875
2,014
1,158
749
666
58.477
19,287
10,446
8,488
10,812
4,796
10,277
6,295
5,780
2,794
5,852
1,894
2,597
96.557
412,940
527,191
870,419
1,199,051
1,870,777
1,554,495
1,426,878
1,250,519
985,828
1,225,419
789,541
506,127
808,245
845,479
268,110
146,976
116,750
99,100
82.551
67,797
61,774
54,222
48,441
204,068
126,007
95,182
154,025
89.557
61,878
48,171
87.551
51,940
25.450
80,571
58,15!
25.450
19,497
25,070
15,607
19,046
12,409
12,40«
8,258
9,550
tico 21/
Ta x H a blllty 8/
81,422
288,506
281,269
452,101
549,888
545,844
598,917
495,609
405.564
801,792
555.564
177,515
105,877
61,069
61,547
59,220
19,685
14,072
10,529
8,775
6,548
5,066
4,224
8,521
12,887
6,181
5,824
4,226
2,218
1,248
815
255
122
985
14,109
80,620
58,070
85,524
110,698
129,298
127,296
116,578
94,486
125,081
80.584
58,644
56,674
48.100
54,657
20,896
.17,588
15,789
15,688
11,929
11.585
10,456
9,945
46.101
55,063
28,261
44,634
55,172
25,027
20,469
16,691
14,801
12,075
40,659
21,168
14,664
11,546
15,774
8,591
12,452
7,881
7,756
4,949
6*256
2,623
4,568
36/1.156
53/1,518
53/2,168
(46)
56/942
(46)
(46)
56/1,045
(46)
(46)
(46)
(46)
(46)
8/7,162
410
1,557
(46)
1,027
(46'
(46
1,925
(46)
(46)
(46)
(46)
(46)
(46)“
(46)'
56/1,519 8/8,198
495
W l ,8 5 6
656
W l,0 9 8
W l,1 5 6
1,002
W l,1 8 2
1,358
(4 6 ;
( 4 6 )*
(46)
(46)
2,127
56/1,154
(46)
(46)
(46)
(46)
(46)
(46)
1,151
1,072
1,976
(46)
1,150
(46*
(46
1,852
(46)
(46)
(46)
(46)
(46)
(46)
(46)
(46)
203.565
Grand t o t a l
'or footn otes, see pp.
1,010
1,562
97S
1,048
1,54C
(46)
(46)
1,951
(46)
(46)
(46)
47/421
T o ta l nontaxable retarne
axable retarne w ith adjosted gross in
come onder $5p00 and nontaxable retarne
axable retarn e with adjosted gross i n oome o f 8 5 .0 0 0 or more________________
10
11
12
18
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
SO
SI
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
T o ta l taxabla retarne
ontaxdble re to m a i 35/
No adjosted gross Insane 5/
Under. 0 .5
0 .5 ondar 0.7 5
0 .7 5 onder 1
1 onder 1 .2 5
1.2 5 onder 1 .5
1 .5 onder 1.7 5
1.7 5 ondar 2 '
2 ondar 2.25
2.2 5 onder 2 .5
2 .5 ondar 2 .7 5
2.7 5 onder 5
5 onder 5 .5
5 .5 onder 4
4 o r more
1
2
5
4
5
6
7
8
9
198,056
51,459
9 / S 7 i,7 S 0
360,501
188,287
55,929
54,510
86,502
24-26} f o r exten t to which data am estim ated, see pp. 6 -7 .
199,498 ^577,271
174,267
549,509
29,296
29,908
62,458
1,559,555
705,398
215,982
215,251
155,167
90,789
97,767
59,612
56,270
26,930
15,174
16,225
56/4,443
W 4 .0 5 8
S1,70C
8/82,540
438,684 1,053,556
530,575
425,450
28 3 ,65L
187,496
298,427
242,233
179,258
212,265
175,516
147,196
195,596
183,485
97,881
84,163
91,692
85,976
70,502
70,212
39,067
57,781
51,868
52,270
14,651
16,481
9.844
21.516
58,84«
1,146,74C
558,79«
272,979
274,05«
170,28«
96,56«
100,88
52,574
20,84«
14,072
56/5,751
W 4 ,2 6 !
W l,4 2 i
t S / 1.581
5,219,055
9/2,087.459 5.156.570
2.759.241
144.23C
58,948 10,133,942 Sj/17,662,529 8,615,i
85,282
334,195
5,521,107
321,595
1,4 0 9 ,
749,581
8/57,879
517,671
559,107
258,74!
506,110
229,278
156,25«
189,256
68,944
49,500
56,727
16,413
15,558
5,222
7.053
55,967
780,401
455,646
539,868
565,267
256,361
175,885
189,960
68,511
45,699
33,564
15,857
10,330
3,842
2.158
SO
51
52
55
54
55
56
57
58
59
60
61
62
65
64
65
9/1.917.759
9/16.796.8
7.650.527
9/ Ì4,590,
7,445,779 1,065,415
2,406,145
206,748
615,706
22
6* - Individual returns with adjusted gross income for 1948, by States and Territories* Number
returns, salaries and wages, dividends, interest, adjusted gross income, and tax liability
States and
Territories
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington 48/
West Virginia
Wisconsin
Wyoming
Total
(Money figures m thousands of dollars)
Number of
Salaries
returns
Dividends 11/ Interest 12/
and
(taxable
wages 10/
and nontaxable)
Adjusted
gross
income 2/
Tax
liability 3/
1,373,418
492,880
558,095
10,473,302
868,681
2,353,840
366,664
885,425
1,544,252
1,614,824
480,523
310,067
10,058,734
3,361,426
1,500,163
1,132,818
1,433,684
1,365,589
633,19C
2,507,482
4,906,660
6,765,326
2,046,323
530,919
2,786,547
411,257
718,347
161,450
463,387
5,488,560
317,046
17,158,637
1,855,176
253,663
8,216,216
1,118,013
1,275,848
10,507,690
853,313
855,597
242,102
1,662,995
4,474,955
530,277
237,451
2,085,575
2,240,543
1,488,697
2,855,273
213.738
25,868
15,129
12,225
448,294
44,093
142,751
40,111
44,866
102,717
61,551
16,822
5,435
. 368,082
83,307
42,250
32,725
53,758
47,618
34,624
94,329
253,029
184,377
77,586
12,939
134,268
10,819
25,740
8,685
19,734
197,957
7,820
929,553
79,942
5,103
304,071
32,014
34,712
362,465
41,757
21,463
6,369
39,930
136,816
11,428
15,911
75,707
60,813
34,541
96,510
4.847
7,261
6,594
4,740
151,845
15,266
27,343
3,975
13,917
33,771
12,601
2,657
4,143
74,816
22,425
20,487
13,085
11,743
31,600
10,199
28,501
57,908
50,454
23,246
5,109
29,596
5,005
9,445
2,443
5,768
52,769
4,091
224,893
10,001
3,507
59,521
10,086
18,266
74,555
8,733
5,442
3,305
10,081
42,671
3,980
4,25S
13,344
27,542
5,966
29,902
2.197
1,679,746
660,433
808,796
14,307,829
1,333,092
2,901,236
485,791
1,128,555
2,184,806
2,060,766
586,944
519,785
12,959,004
4,364,014
2,736,718
1,948,127
1,934,941
1,841,078
825,415
3,036,471
5,949,883
8,175,360
3,071,655
743,541
3,784,449
664,243
1,402,937
217,275
565,176
6,628,354
472,944
21,437,148
2,359,574
610,211
10,095,564
1,719,212
1,835,879
12,656,320
1,025,377
1,056,583
596,537
2,041,261
6,482,687
653,441
331,730
2,568,408
2,970,439
1,730,289
3,802,274
320.222
121,400
55,947
63,875
1,483,005
124,155
309,598
72,369
124,884
192,187
161,964
57,618
38,408
1,344,871
374,381
216,959
173,592
146,904
170,322
59,554
279,058
543,751
752,115
267,983
56,054
347,794
56,269
121,768
25,796
42,075
615,496
40,598
2,265,751
177,614
47,331
949,747
153,119
179,862
1,145,176
101,231
72,509
45,329
156,520
684,526
43,489
23,562
205,210
290,582
128,794
318,840
29r868
51,788,146 126,036,638
4,943,461
1,281,053
164,272,520
15,459,810
616,539
206,128
304,152
4,060,087
440,969
871,497
122,255
339,450
749,657
741,220
182,227
190,204
3,690,962
1,441,605
923,294
645,843
713,550
619,475
336,902
958,698
1,947,809
2,410,194
1,066,112
281,508
1,287,540
210,143
466,438
63,581
211,073
1,993,768
155,756
6,203,398
901,457
198,521
3,090,503
577,105
557,588
4,073,136
331,699
424,012
'212,645
769,354
2,037,366
221,326
131,103
905,559
902,167
618,189
1,285,103
99r279
For footnotes, see pp. 24-26; Jbr extent to which data are estimated, see pp. 6-7
I
O
M
jœ O > ^ K > o K ) ( Û O > O < D < 0 H Q > ? 0 ( 0 ^ 3 H i ^ H œ 0 ) C n O ) 0 ) C 0 i ^ i ^ W ( f l H 0 ? i ^ ? 0 i ^ ? 0 < 0 P H C P 0 ) i f t * 3 i ^ < P 0 P C ^ t f » ( n ^ 3 0
o
«o oo —a a> en íN o» î o i—» o
co oo —
>3 en en in> os to I—* o
co ao —3 en en
os
10 1—*
O
<0 OD -O
en en sP* o s
>0 1—* o <0 00 -O
en en *£w os
rs a
I
M
lÉÉk$
Table 7 . » Taxable fid u cia ry retu rn s f o r 1948, by t o t a l incog» c la s s e s : Number o f re tu rn s, incog» or lo s s fr o » each o f th e sources comprising t o t a l incone,
t o t a l incog», deductions, balance in c a se , amount d is trib u ta b le to b e n e f ic ia r ie s , n et in c a se , exemption, and ta x l i a b i l i t y
dents and
[n terest r o y a ltie s 52/
il
T o tal
number
T o ta l in case c la s s e s 49/
of
return s
50
51
52
T o tal
Taxable
incosw
Taxable
incone
returns with total
under $5,000
returns with tota)
o f $5,000 o racre
For fo o tn o tes, see pp.
5
2
1
101,283
518,021
84,703 117,655
65,076
5 5 ,106
36,207
24-26,
464,912
16
222
455
557
557
603
685
592
653
534
526
1 ,114
1 ,044
1 ,023
997
1 ,5 2 6
1 ,404
1 ,2 3 9
1 ,2 3 0
1 ,1 0 8
961
901
738
629
676
5,144
2 ,559
1 ,868
2 ,9 1 5
2 ,115
1 ,8 5 0
1 ,255
445
626
628
2 ,819
1 ,641
376
1 ,4 5 8
16
940
3
30
353
799
10
73
16
17
23
75
56
34
24
51
22
50
17
48
56
42
28
49
44
45
27
30
23
18
22
21
32
99
69
58
82
19
40
18
20
46
17
59
12
9
159
526
998
1,0 9 1
1,047
1 ,149
1 ,149
1,083
1,075
1,136
1,027
2 ,077
1,937
1,792
1 ,888
3,252
5 ,084
2,813
2 ,695
2,335
2,168
2,2 5 7
2,142
1,681
1,610
7,705
5,454
4,798
7,09C
4,981
5,890
2,948
2,14«
2,688
1,650
5,625
2,521
1,94<
997
2,441
78!
3,7&
155
2,985
792
940
1 ,5 1 1
1 ,251
1 ,2 4 6
1,318
1 ,323
1,2 4 4
1,099
1 ,2 0 2
1 ,150
2 ,248
2,033
2 ,0 1 0
1,989
3 ,302
3 ,094
2 ,873
2 ,5 5 8
2 ,3 0 5
2 ,107
1,882
1 ,772
1 ,510
1 ,5 7 7
6,648
4,443
3 ,420
4,983
3,515
2,294
1,918
1 ,5 9 0
1,127
1 ,0 0 0
2 ,8 2 1
1 ,7 8 8
982
825
1,241
411
699
458
361
45
164
63,548
Net
Net
5
55
40
45
28
55
72
19
14
25
9
34
19
63
27
45
53
44
9
81
66
80
26
17
31
67
45
52
56
154
121
92
66
8
138
13
81
27
27
15
17
••
g
27
21,158
Net
Net
850
1,478
2,1 9 0
2,5 8 9
2,713
2 ,8 7 6
2 ,947
5 ,1 9 6
2 ,9 9 8
5 ,244
3,152
6,484
6,013
5,931
6,465
11,558
11,732
11,215
1 0 ,268
9,743
9 ,6 9 5
8,2 8 2
8 ,2 6 8
7 ,179
8 ,292
53,576
2 6 ,538
24,163
37,742
26,582
20,725
18,087
14,437
11,857
9 ,5 3 6
53,497
16,244
15,514
12,884
1 2 ,021
7 ,118
12,472
9 ,4 0 1
8 ,941
6,314
7,702
3,0 6 6
261
6,879
5,703
6,738
5,810
4,87 2
4 ,5 1 9
5,942
5,586
3,088
2,892
2,527
4 ,6 2 1
3,764
3,180
2 ,9 5 5
4,547
3,753
3,045
2,48 3
2,06 1
1 ,84 8
1 ,45 4
1,342
1,029
1,080
3 ,75 6
2,223
1,617
1 ,9 2 8
1 ,0 9 8
694
493
518
241
177
495
172
107
76
67
27
35
17
14
Under 0 ,5
0 ,5 under 0.75
0 ,7 5 under 1
1 under 1,25
1 ,2 5 under 1 ,5
1 ,5 under 1.75
1.7 5 under 2
2 under 2,25
2.2 5 under 2 ,5
2 .5 under 2.7 5
2,7 5 under 5
3 under 3 .5
3 .5 under 4
4 under 4 .5
4 .5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 13
13 under 14
14 under 15
15 under 20
20 under 25
25 under 30
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 300
300 under 400
400 under 500
500 under 750
750 under 1 ,0 0 0
1 ,0 0 0 under 1 ,5 0 0
1 ,5 0 0 under 2,000
2 ,0 0 0 under 3,000
5 ,0 0 0 under 4,000
4 ,0 0 0 under 5,000
S a le s or
exchanges
o f c a p ita l
a s se ts 55/
Partner
ship a /
a/
Net
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
30
51
52
35
34
35
56
37
38
39
40
41
42
43
44
45
46
47
48
Freute or
business 55/
1 ,477 45,506
497
1 8 ,is:
9,516
981 55,991
99,500
■
Net
Deduction f o r Amount
d is t r ib
Incase
T o tal Balance u tab le
M iscel
T o ta l
M iscel
from
income to
deduc
laneous
in
In te r e s t Taxes 61/ laneous
fid u cia
tio n s S/
ben efi
deduc
r i e s 57/ income 56/ cog» 59/
c ia r ie s
tio n s 68/
SB/
I,
3,677
5,8S9
6.513
6,672
7 .514
7,394
7,608
7,525
7,596
7,259
14,940
14,107
15,476
14,003
24,843
24,280
22,755
21.079
19,530
19,335
16,696
16,752
13,878
15,640
64,751
49,616
44.079
66,574
48,920
37,870
51.807
25.808
20,534
16,834
59,690
29,657
23,913
20,769
22,953
II,
20,716
14,279
16,778
8 , 0U
11,454
6,532
4,261
10.93S
114
61
4
7
525
107
555
29
213
657
8
265
671
17
256
758
4
512
787
9
285
826
15
294
850
15
569
908
20
315
877
6
276
1 ,7 4 0
740
15
1 ,8 0 0
30
707
1,6 6 7
20
719
1,5 7 9
701
4
5,082
1 ,1 8 0
25
5 ,151
1,062
10
2 ,564
32
1,345
1 ,2 9 9
7 2 ,5 7 0
2 ,267
37
1,2 7 8
2 ,5 2 5
22
1 ,575
2 ,0 5 8
7
910
2 ,080
16
1 ,101
1 ,499
856
1
1 ,8 2 0
8
1,285
7,547
22
4 ,3 6 5
6,248
60
5 ,2 2 6
5,640
2
2 ,704
8 ,2 9 6
72
3,482
6,252
14
3 ,8 8 0
5.795
2 ,3 8 6
13
4 ,864
25
1,8 9 8
2
5,285
1 ,5 1 6
2 .7 9 6
1,149 (35)
2 ,9 2 0
702
23
2,967
34 10,554
5,563
1 ,148
2
5,874
487
4 ,1 6 8
510
373
3" 5,541
1 ,934
415
2 ,3 3 0
544
2 ,851
84
4 .458
1,728
3,576
5.459
3,975
1,885 48,948
465
Net
Net
S a le s o r
exchanges
o f property
oth er than
c a p ita l
a s s e ts 56/
5,598
1,415 45,550
632 144,583 3,6 5 8
199
145
14, U 4
454 130,471
14,609
1,741
l,1 9 d
443
19,500
986,806
861,087
18,461
15,186
54,160
26,762
22,025
19,159
20,910
11,108
18,923
13,601
16,083
7,082
10,790
6,274
4,261
10.838
1,742
3,212
5,085
5 ,404
5 ,298
5 ,624
5,605
5 ,5 9 6
5,560
5 ,5 8 9
5,061
598
9,997
9,367
8,706
8,926
15,436
14,577
15,755
12,764
11,505
11,548
9,598
9,631
7,613
9 ,149
3 5 ,0 U
26,941
25,838
54,149
25,929
19,304
15,560
10,527
9,000
7,729
28,647
12,074
10,312
7 ,701
8 ,760
4 ,5 5 6
4 ,7 2 5
7,322
6,582
3,497
4,092
3,619
5,973
10.788
21,492
47,550 79,425 907,581
377,021
530,360
5,509
10,264 115,452
25,084
90,370
551,957
459,990
757
1,246
1,198
1 ,082
964
1 ,006
910
867
885
616
627
5,242
2,249
2 ,2 0 5
3,195
2,651
2,019
1,695
1,328
1 ,131
1,061
3,189
1,602
1 ,0 7 0
852
1 ,255
324
1 ,1 6 4
237
527
531
385
167
(35)
___ 211
776
125,716
9 ,500
Amount
Tax
of
lia b il
exeaptio n S S / i t y S B /
78
276
445
645
856
1,088
1,167
1,558
1,329
1,565
I,
5,641
3.551
5 ,646
3,867
7 ,530
7,651
7 ,176
6,741
6,470
6,201
5,724
5,691
5,170
5,422
24,523
18,807
16,504
26,785
18,876
15,306
13,754
11,558
9,462
7,458
25,513
14,688
I I , 713
11,459
12,150
6.552
14,197
6,279
9,502
5,585
6,697
2,655
288
___50
975
10,403
Net In
coas
tax ab le
to the
fid u cia
ry § i/
18,182
654
656
644
600
1,302
1,190
1,124
1,210
2,077
2 ,051
1,841
1,574
1,557
1 ,585
1 ,375
1 ,430
1 ,095
1 ,0 6 9
5,217
3,868
3,756
5,440
4 ,115
3,261
2,493
1,923
2,075
1,647
5,530
2,875
1,888
1,610
2 ,045
668
1,794
678
695
929
663
257
(35)
102
1 ,820
5 ,487
5,525
6,047
6,155
6,712
6,771
6,954
6,689
6,952
6,659
15,658
12,918
12,552
12,795
22,766
22,229
20,911
19,505
17,973
17,750
15,522
15,322
12,783
14,570
59,534
45,748
40,542
60,954
44,805
54,609
29,314
21,886
69,157 791,926
1 ,7 7 1
2,659
2,265
1 ,859
1,665
1,442
1,267
1,084
970
857
1,478
1 ,197
985
910
1,347
1,054
847
715
7U
759
715
1,454
1 ,4 1 6
1,353
1,435
2,880
2,564
2,524
2,460
2 ,2 8 6
2,379
2,055
2,121
(55)
(35)
1 ,7 2 6
2,170
8,859
7 ,786
7,571
11,988
10,098
8,063
6.837
4,725
4.260
5,768
14,805
6,497
5,983
4 .261
4,918
2,817
2,771
4 ,794
3,880
2,324
2,149
1 .837
1 ,9 8 7
8 .575
50,799 176,309
21,055
11,795
9 ,746 164,514
- 24
Footnotes
l / Adjusted gross income classes are based on
the amount of adjusted gross income (see note 2 ) ,
regardless of the amount o f net income or n et d efi
c i t when computed} returns with adjusted gross
d e fic it are designated “No adjusted gross income?
without regard to the amount and appear as the
f i r s t class under nontaxable returns*
2 / Adjusted gross income means gross income
minus allowable trade and business deductions, ex
penses of trav el and lodging in connection with em
ployment, reimbursed expenses in connection with
employment, deductions attrib utab le to ren ts and
ro y a ltie s, certain deductions of l i f e tenants and
income beneficiaries of property held in tr u s t, and
allowable losses from sales or exchanges of prop
e rty . Should these allowable deduction's exceed the
gross income, there is an adjusted gross d e fic it*
3 / Tax l i a b ility a fte r deducting tax cred its
relatin g to income tax paid a t source on in te re st
from tax-free covenant bonds and to Income tax
paid to a foreign country or possession of the
United S tates. Such cred its are reported on returns
with itemized deductions.
4 / This class Includes nontaxable returns
with adjusted gross income exceeding the designated
class lim it*
5 / Returns with no adjusted gross income are
returns showing adjusted gross d e f ic it; th a t i s ,
returns on which the deductions allowable for the
computation of adjusted gross income equal or ex
ceed the gross income (see note 2)*
6 / Less than 0*005 percent*
7 / Not computed.
8 / Adjusted gross d e f ic it.
9 / Adjusted gross income less adjusted gross
d e f ic it.
1 0 / S alaries and wages include annuities,
pensions, and retirement pay reported in the
schedule fo r s a la rie s ; but exclude wages not ex
ceeding $100 per return from which no tax was
withheld, reported as other income on Form 104QA
(see note 2 0 ).
1 1 / Dividends, foreign and domestic, include
p a rtia lly tax-exempt dividends on share accounts in
Federal savings and loan asso ciation s, but exclude
dividends not exceeding $100 per return reported as
other income on Form 1040A (see note 20) and a l l
dividends received through partnerships and fid u ci
a r ie s .
1 2 / In terest received includes in te re st on
notes, mortgages, bank deposits, and in terest
(before amortization of bond premium) from corpo
ration bonds and from taxable and p a rtia lly ta x exempt Government ob ligations; also includes, when
received through partnerships and fid u ciaries,
p a rtia lly tax-exempt Government in te re st and par
t i a l l y tax-exempt dividends on share accounts in
Federal savings and loan asso ciation s. Excludes
in te re s t, not exceeding $100 per retu rn , reported
as other Income on Form 104OA (see note 2 0 ).
1 5 / Income from annuities and pensions i s only
the taxable portion of amounts received during the
y ear. Amounts received to the extent of 3 percent
of the to ta l cost of the annuity are reported as
income fo r each taxable year, u n til the aggregate
o f amounts received and excluded from gross income
in th is and p rior years equals the to ta l c o s t.
Thereafter, en tire amounts received are taxable
and must be included in adjusted gross income,
/n n u ities, pensions, and retirement pay upon which
ta x is withheld may be reported in sa la rie s and
wages.
1 4 / Rents and ro y alties n et p ro fit is the ex
cess of gross rents received over deductions for
depreciation, rep airs, in te re s t, taxes, and other
expenses attrib u tab le to ren t income; and the ex
cess of gross ro yalties over depletion and other
royalty expenses. Conversely, net loss from these
sources is the excess of the respective expenses
over gross income received.
1 5 / Net p ro fit from business is the excess of
gross receip ts from business over deductions for
business expenses and the net operating loss de
duction due to the unabsorbed net operating loss
from business, partnership, and common tru s t funds
fo r the 2 preceding y ears. Conversely, net loss
from business is the excess of business expenses
and n et operating loss deduction over to ta l receip ts
from business.
1 6 / Partnership net p ro fit or loss excludes
p a rtia lly tax-exempt in te re st on Government obli
gations, p a rtia lly tax-exempt dividends on share
accounts in Federal savings and loan association s,
and net gain or loss from sales o f cap ital a s se ts .
In computing partnership p ro fit or lo s s , chari
table contributions are not deductible nor is the
n et operating loss deduction allowed.
1 7 / Net gain or loss from sales or exchanges
of cap ital assets is the net gain or the allowable
loss used in computing adjusted gross income. Each
is the resu lt of combining net sh o rt- and long
term cap ital gain and lo ss and any cap ital loss
carry-over from the years 1943-1947, in clu sive, not
previously deducted. Deduction for the lo s s , how
ever, i s limited to the amount o f such lo s s , or to
the n et income (adjusted gross income i f tax is
determined from the tax tab le) computed without re
gard to gains and losses from sales of cap ital
a s se ts , or to $ 1 . 000, whichever is sm allest.
Sales of c ap ital assets include worthless
stock, worthless bonds i f they are cap ital asse ts,
nonbusin ess bad debts, certain distributions from
employees* tru s t plans, and each p a rticip an t's
share of n et sh o rt- and long-term cap ital gain and
loss to be taken into account from partnerships
and common tru s t funds.
1 8 / Net gain or lo ss from sales or exchange of
property other than cap ital assets i s th at from the
sales of ( l ) property used in trade or business of
a character which is subject to the allowance for
depreciation, (2 ) obligations of the United States
or any of i t s possessions, a State or Territory or
any p o litic a l subdivision thereof, or the D istrict
of Columbia, issued on or a fte r March 1 , 1941, on
a discount basis and payable without in te re st a t a
fixed maturity date not exceeding 1 year from date
of issu e, and (3 ) re a l property used in trade or
business.
1 9 / Income from estates and tru s ts excludes
p a rtia lly tax-exempt in te re st on Government ob li
gations aid p a rtia lly tax-exempt dividends on
share accounts in Federal savings and loan associ
atio n s. (The net operating loss deduction is
allowed to e sta te s and tru s ts and is deducted in
computing the distributable income.)
2 0 / Miscellaneous income includes
alimony
received, p rizes, rewards, sweepstakes winnings,
gambling p ro fits , recoveries of bad debts or in
surance received as reimbursement fo r medical ex
penses i f deduction fo r eith er was taken in a
p rior year. For returns with standard deduction,
there are included $40,448,000 of wages not sub
j e c t to withholding, dividends, and in te re s t, not
exceeding in to ta l $100 per retu rn , reported as
other income on 896,400 retu rn s, Form 104GA.
2 1 / Amount of exemption, allowed fo r purposes
of both normal ta x and surtax, includes the $600
per capita exemptions for the taxpayer, his
spouse, and each dependent, together with additional
- 25
Footnotes - Continued
exemptions o f $600 fo r blindness and $600 fo r age
65 or over, o f the taxpayer and his spouse.
2 2 / Payments on 1948 declaration o f estimated
ta x , reported on retu rn s, Form 1040, Include the
cre d it for overpayment o f prior year tax as well
as the aggregate payments made on the declaration,
Form 1040-ES. The frequency of returns with such
payments includes returns showing cred it only,
cash payments only, and those showing both.
2 5 / Returns with standard deduction are op
tio n al retu rn s, Form 10404, and short-form re
turns, Form 1040, with adjusted gross income less
than $5,000, on both of which the tax is deter
mined from the tax ta b le ; and long-form retu rn s,
Form 1040, with adjusted gross income of $5,000 or
more on which the standard deduction i s used. On
the la t t e r returns, the standard deduction is the
smaller of $1,000 or 10 percent of adjusted gross
income, except th at on the return of a married
person filin g a separate return the standard de
duction is $500.
2 4 / Returns with itemized deductions are longform retu rn s, Form 1040, on which nonbusiness deduc
tions are itemized; long-form returns, Form 1040,
with no deductions filed by spouses of taxpayers
who itemized deductions (such spouses are denied
the standard deduction); and returns, Form 1040,
with no adjusted gross income whether or not de
ductions are itemized.
2 5 / Contributions, reported on returns with
itemized deductions, include each p artn er's share
of charitable contributions of partnerships, but
cannot exceed 15 percent of the adjusted gross
income.
2 6 / In te re s t, reported on returns with itemized
deductions, i s th at paid on personal debts, bank ^
loans, or mortgages, but excludes in te re st paid on
business debts reported in schedules fo r business
or rent income, and in te re st on loans to buy ta x exempt s e c u ritie s , single-premium l i f e insurance,
or endowment con tracts.
2 7 / Taxes paid, reported on returns with itemized
deductions, include personal property taxes, State
income taxes, certain r e t a i l sales taxes, and real
esta te taxes except those levied for improvements
which tend to increase the value of property. This
deduction excludes Federal income taxes; e s ta te ,
inheritance, legacy, succession, and g if t taxes;
taxes on shares in a corporation which are paid by
the corporation without reimbursement from the tax
payer; taxes deducted in the schedules fo r rent and
business; income taxes paid to a foreign country or
possession of the United States i f any portion
thereof is claimed as tax c re d it; and Federal social
security and employment taxes paid by or for the
employee.
2 8 / Losses resulting from f i r e , storm, ship
wreck, or other casualty, or th e ft, reported on re
turns with itemized deductions, are the actual non
business losses sustained, th at i s , the value of
such property less salvage value and insurance or
other reimbursement received.
2 9 / Medical and dental expenses, reported on
returns with itemized deductions, paid for the care
of the taxpayer, his spouse, or dependents, not
compensated by insurance or otherwise, which exceed
5 percent o f the adjusted gross income. The deduc
tion cannot exceed $1,250 multiplied by the number
o f exemptions other than those for age and blindness
with a maximum deduction of $2,500, except on a
jo in t return of husband and wife the maximum is
$ 5,000.
3 0 / Miscellaneous deductions, reported on re
turns with itemized deductions, include alimony
payments, expenses incurred in the production or
collectio n of taxable income or in the management
of property held fo r the production of taxable in
come, amortizable bond premium, the taxpayer's
share of in te re st and re a l e state taxes paid by a
cooperative apartment corporation, and gambling
losses not exceeding gambling gains reported in
income.
3 1 / Net income reported on long-form returns,
Forms 1040, showing adjusted gross income in ex
cess of itemized deductions.
3 2 / Net d e fic it reported on nontaxable returns,
Form 1040, c lassified as returns with itemized de
ductions, consists of adjusted gross d e fic it on
short-form returns and the net d e fic it on long-form
returns resulting from the combination of adjusted
gross d e fic it and itemized deductions or from the
excess of itemized deductions over adjusted gross
income. There is a net d e fic it on 367,779 returns
of which 326,309 show adjusted gross d e fic it and
41,470 show adjusted gross income of various amounts
and itemized deductions of larg er amounts.
3 5 / Nontaxable returns are those with no adjusted
gross income and those with adjusted gross income
which income, when reduced by deductions, standard
or itemized, and exemptions, resu lts in no tax l i
a b ility . The 1,204,775 nontaxable returns with ad
justed gross income and with itemized deductions in
clude 41,470 returns with net d e f ic it.
3 4 / Number of returns associated with th is item
is subject to sampling variation of more than 100
percent. Such items are not shewn separately since
they are considered too unreliable for general use;
however, they are included in the to ta ls . For de
scription of sample see pages 6 and 7.
5 5 / Less than $500.
3 6 / Number o f returns is subject to maximum
sampling variation of 30 to 100 percent, de
pending on the number in the c e l l . For descrip
tion of sample, see pages 6 and 7 .
3 7 / Frequency of returns excludes the number of
returns, Form 1040A, with th is source of income re
ported as other income (see note 2 0 ).
3 8 / Frequency of returns includes 896,400 re
turns, Form 104QA, showing other income consisting
of wages not subject to withholding, dividends,
and in te re s t, not exceeding in to ta l $100 per
retu rn .
3 9 / Number of returns is subject to sampling
variation of more than 100 percent and is con
sidered too unreliable fo r g e n e ra lis e ; therefore,
the number is not shorn separately, but is included
in the to ta ls . For description of sample, see
pages 6 and 7 .
4 0 / Average tax is based on the tax lia b ility
a fte r the two tax cred its relatin g to income tax
paid a t source on in te re st from ta x -fre e covenant
bonds and to income tax paid to a foreign country
or possession of the United S tates. Such cred its
are allowed only on returns with itemized deduc
tio n s.
4 1 / Returns with normal tax and surtax consist
of 0) the optional retu rn s, Form 1040A, and shortform retu rn s, Form 1040, wherein the optional tax
is paid in lieu of normal tax and surtax, and (2)
long-form retu rn s, Form 1040, on which the regular
normal tax and surtax are reported; that i s , a l l
taxable long-form returns except those on which the
altern ative tax is imposed (see note 4 2 ).
4 2 / Returns with altern ative tax are long-form
returns, Form 1040, wherein (1 ) the net income in
cludes a net long-term ca p ita l gain or an excess of
net long-term cap ital gain over n et short-term
cap ital lo ss, and (2 ) the altern ative tax is less
than the regular normal tax and surtax computed on
Footnotes —Continued
net income which includes a ll net gain from sales
of capital assets* Alternative tax (not effective
on returns with surtax net income under $22,000) is
the sum of (1 ) a p artial tax computed a t the regular
normal ta x and surtax rates on net income reduced
for this purpose by such long-term capital gain and
(2) f if ty percent of such long-term gain.
4 5 / Joint returns of husbands and wives include
join t returns filed on Fora 104QA even though the
collector determined the tax on the basis of
separate incomes of husband and wife*
4 4 / Separate returns of husbands and wives do
not include join t returns filed on Form 1040A, even
though the collecto r determined the tax on the
basis of separate incomes of husband and wife. Un
equal numbers of returns for men and for women result
from insufficient data to identify returns of married
persons and from-the use of samples as a basis of
estimating data.
4 5 / Separate community property returns of hus
bands and wives are filed on Form 1040 only. Unequal
numbers of returns for men and for women result from
insufficient data to identify returns of married
persons and from the use of samples as a basis of
estimating data.
4 6 / Number of returns is subject to sampling
variation of more than 100 percent. The number of
returns aid data associated with such returns are not
shown separately since they are considered too unre
liable for general use; however, they are included
in the totals* For description of sample, see
pages 6 and 7.
4 7 / Adjusted gross d e ficit less adjusted gross
income.
4 8 / Includes Alaska.
4 9 / Total income classes are based on the amount
of to ta l income tabulated for taxable fiduciary re
turns (see note 59 ).
5 0/ Dividends, foreign and domestic, exclude
p artially tax-exempt dividends on share accounts in
Federal savings and loan associations and a l l divi
dends received through partnerships and other fiduci
a rie s .
5 1/ Interest on bank deposits, notes, mortgages,
corporation bonds, taxable and p artially tax-exempt
in terest on Government obligations, and p artially
tax-exempt dividends on share accounts in Federal
savings and loan associations. Also includes such
Government in terest and p artially tax-exempt divi
dends on share accounts received through partnerships
and other fiduciaries*
5 2/ Rents and royalties net p rofit is the excess
of gross rents received over deductions for depreci
ation, repairs, in te re st, taxes, and other expenses
attributable to rent income} and the excess of gross
royalties over depletion and other royalty expenses.
Conversely, net loss from these sources is the excess
of the respective expenses over gross income received.
55/ Trade or business p rofit or loss is the
current year net p rofit or lo ss. (Net operating lose
deduction is roported in miscellaneous deductions*) .
54/ Partnership net p rofit o r loss excludes
taxable and p artially tax-exempt in terest on Govern
ment obligations, p artially tax-exempt dividends on
share accounts in Federal savings and loan associ
ations, and net gain or loss from sales of capital
a ssets. In computing partnership p rofit or loss,
charitable contributions are not deductible nor is
the net operating loss deduction allowed.
5 5/ Net gain or loss from sales or exchanges of
capital assets is the net gain or the allowable loss
used in computing the net income taxable to the
fiduciary. Each is the result of combining net shortand long-term capital gain or loss and any capital
loss carry-over from the years 1945-1947, inclusive,
not previously deducted. Deduction for the lo ss,
however, is limited to the amount of such loss or to
the net income computed without regard to gains and
losses from sales of capital assets, or to $1,000,
whichever is sm allest.
Sales of capital assets include worthless stock,
worthless bonds i f they are capital assets, nonbusi
ness bad debts, certain distributions from employee's
tru st plans, and each participant's share of net
short- and long-term capital gain and loss to be
taken' into account from partnerships and conmon
tru st funds.
56/ Net gain or loss from sales or exchanges of
property other than capital assets is that from the
sales o f ( l ) property used in trade or business of a
character which is subject to the allowance for de
preciation, (2) obligations of the United States
or any of i t s possessions, a State or Territory or
any p o litica l subdivision thereof, or the D istrict
of Columbia, issued on or a fte r March 1, 1941, on
a discount basis and payable without in terest a t a
fixed maturity date not exceeding 1 year from date
of issue, and (5) real property used in trade or
business•
57/ Income from other fiduciaries excludes
taxable and p artially tax-exempt in terest on
Government obligations and p artially tax-exempt
dividends on share accounts in Federal savings and
loan associatioiis*
5 8/ Miscellaneous income includes taxable income
from sources other than those tabulated.
5 9/ Total income is the amount resulting from the
combination of p rofit or loss from rents and royal
ti e s , from trade or business, from partnerships, from
sales or exchanges of property, together with income
from dividends, In terest, other fiduciaries, and from
miscellaneous income* (Total Income is an approxi
mation of the adjusted gross income tabulated for
individual retu rn s.)
6o/ Interest is that paid on debts, mortgages,
and bank loans} i t does not include in terest on
business indebtedness reported in the schedules for
rent or business income, nor in terest on indebted
ness incurred to buy tax-exempt secu rities, single
premium lif e insurance or endowment contracts.
6 1/ Taxes paid Include State income taxes,
certain re ta il sales taxes, and real estate taxes
except those levied for improvements which tend
to increase the value of property. This deduction
excludes Federal income ta x , e sta te , inheritance,
legacy, succession, and g if t taxes} taxes imposed
upon shares in a corporation which are paid by the
corporation without reimbursement from the taxpayer}
taxed deducted in the schedules for business and
rent income, and income taxes paid to a foreign
country or possession of the United States i f any
portion thereof is claimed as a tax cre d it.
62/ Miscellaneous deductions Include the net
operating loss deduction, losses resulting from
f ir e , storm, shipwreck, or other casualty or from
th e ft, not compensated by insurance or otherwise,
and other authorised deductions except in terest and
taxes*
65/ Balance income is the excess of to ta l Income
over to ta l deductions} th at i s , income before the
amount distributable to beneficiaries is deducted.
64/ Net income taxable to the fiduciary is the
net income remaining in the hands of the fiduciary
a fte r deductions fo r allowable expenses and for the
amount distributable to beneficiaries*
65/ Exemption is $600 for each estate and
$100 for each tru s t, in the form of a credit against
net income for purposes of both the normal tax and the
surtax.
66/ Tax lia b ility a fter credits relating to in
come tax paid a t source on in terest from tax-free
covenant bonds and to income tax paid to a foreign
country or possession of the United S tates.
T-m-K
now being taken to provide the
Nation with the finest Internal
Kevenue Service it is possible
to create.
27
remarkable initiative,
ingenuity
and et
: 'l
§|||
f
l
i
o
4
u ^ ~ -
| If wiuW^ mT o^u4-e
/he American people are entitled
'to a Federal Revenue Service of top
efficiency, of unquestioned integrity,
and of maximum operating economy,
Continued success of this country’s
voluntary system of taxpayer
compliance depends upon such a
Service.
New York City shares
significantly t-sstey in the steps
so with untiring interest and earnest
cooperat ion.
In addition,
I want to thank|all
who have so enthusiastically
contributed to the successful
outcome of the task,
including
Congressional groups, the personnel
of the revenue service, consultants
of business management firms, and
others who ai ded us in various
advisory capacities.
All who have
taken part in this task have shown
Installation of the reorganized
Internal Kevenue service here today
I«¡ini uv 1 -wnw
uiiuoi
ltd« nod (jj. 1 1
brings
to a fulfillment the intensive work
of many individuals and groups.
All who aided in the task deserve
public commendation.
I also want
to commend Commissioner Dunlap and
his associates for the splendid work
they have done in carrying out the
Keorgan izat ion Plan.
They have done
- 24 positions ofJU irector of Internal
Revenue,/Ü istr iet Commissioner of
Internal Revenue,( ?yid other
%
%
supervisory posts.1— I set up a
A
Select ion board made up of top
career officials of the Treasury
|
and the Bureau of Internal R e v e n u e . ^
Acting under Civil Service Commission
rules and regulations, $his boar#^
has inquired painstakingly into the
qualifications and records of all
applicants and appointees.
23
we have reached this final step
in a long series of actions taken
by the
isury department to
improve and streamline the Federal
tax-collection system.
The
President’s Reorganization Plan
No. 1 of 1952 is the capstone of
this progressive development.
in placing the plan in effect,
we have made it our objective that
only the most capable persons
available would be named to the
22
and reports.
Congressional
(
\Recommend ations were given the
closest attention,
A firm of
management engineers was employed
to analyze operations of the
Service and suggest other
improvements.
The Alcohol Tax
and Tobacco lax divisions of the
Bureau were consolidated.
In this fashion for six years
we have been gradually reorganizing
the Bureau of Internal Revenue until
21
task of collecting revenues and
enforcing the tax laws
Conferences were held with
many groups of Revenue officials
to discuss problems and suggested
solutions.
A work simplification
program was set up as a means of
enlisting the aid of every employee
toward improved efficiency»
Task
forces of key officials were
established to make specific surveys
-
20
-
evenue collected, many expert
employees had been called into the
armed forces, new tax legislation
to *
had been enactedj^and the bureau
had not been able to modernize its
operations due to shortage of
up-to-date equipment.
We
immediately set about to improve
management methods and achieve
greater operating efficiency,
but
every change had to be made without
N
ef-ist’<trb4Jig, the Service’s continuing
- 19
Service has been accomplished
through 6 years of intensive study
and effort.
¿ P is'
rwles evident^A.
*
fV
became
Secretary of the Treasury in 194-6
that the Revenue Service
suffered severely due to the
conditions under which it had,to
expand under wartime restrictions
and developments.
There had been
a great increase in the number of
tax returns filed and the amount
V\
■ 18 -
to an Assistant Commissioner of
Internal Kevenue in Washington.
The Reorganization Plan has
features that will stimulate high
morale among Revenue ¿ervice
personnel.
Extension of the merit
system throughout the service
will help develop great efficiency
and loyalty among the Bureau’s
employees.
Promotion opportunities
are being broadened throughout the
field service.
1-f*
* X k * j C
ft-*
Q*
\Reorgan izat ion of the Revenue
17
it embodies assures the Revenue
< X ^
Serv ice of ttre— f~utur-e^ttve h ighdjWF'
degree of efficiency Hi— i>
The independent Inspection
vi\
Service of the Bureau of Internal
> * * •
Revenue^w i11 be represented in the
w
York City district by a Chief
%ill
Inspector.
^
■
l
,
,i*i.
'I fig
Otis o 1
maintain a vigorous and thorough
//
f
1
1f
1jftj
check on the Revenue Service offices
v^jand empl o y ^ s ^ j ^ T h e ^ ^
ion
Service will be directly responsible
16
“
of the Assistant District Commissioner
for Intelligence, to the full
limit of available manpower.
The fact that the Reorganization
Plan makes possible a more thorough
audit of all types of returns will
H f have a direct and forceful effect
in the war against tax dodging.
step in government.
operations,
Streamlining
i-pointing of
responsibility and the improved
business methods and procedures
f
activity and prosecutions.
There are a^numbar of /impoiyia/it
indictments perking ynere/in/New
York/at the pc/ese nrt tinfe
Last year, additional taxes
and penalties resulting from
tax fraud investigations! in
this area amounted to a-SWt $75
million.
This activity will be
stepped up, under the direction
The task of fighting tax
k
~
' i!
frauds!never was an easy one.
In recent years, the criminal
element has attempted tax
evasion with greater persistence
than ever before.
_
Th&^pers istence of tax
evaders wi11 be met by the Special
Agents of the Kevenue Service
with even greater enforcement
-.j
- 13
tremendously simplified.
Under the District Commissioner,
the Assistant District Commissioner
for Intelligence has very important
responsibility^
Under his direction,
there will be intensified efforts to
see that every fraudulent attempt
to evade Federal taxes
bringf quick invest igat
4
but one line
from the District
Commissioner to his Washington
superior.
Our fixed purpose is
to eliminate as many complexities
for taxpayers as possible.
New
York City taxpayers will find that
with authority lodged in the local
offices to deal with a great many
problems formerly referred to
vaejMt m *••If, -4^ . * 7■""'•* '».
Iwashlngton, the compliance with
Federal tax laws has been
r e p o r t s went t o W as h in g to n from the
New York C i t y o f f i c e s of 3 C o l l e c t o r s ,
3 I n t e r n a l Kevenue A g e n t s - i n - C h a r g e ,
an a p p e l l a t e s t a f f ,
a regional
finance o ffic e ,
a Special
Agent-in-Charge
and a d i s t r i c t
S u p e r v i s o r o f the A l c o h o l Tax
division.
That was a t o t a l o f 10
l i n e s o f a u t h o r i t y and r e s p o n s i b i l i t y
in d a i l y o p e r a t i o n .
Now t h e r e
is
In & y e a r t h i s
6 m illion
corporate,
individual,
p a y r o l l and
other Federal tax return s.
cation of a l l
Federal
\\
t a x - p a y i n g and t a x - c o l l e c t i n g
t
p r o c e s s e s was a major g o a l
in the
p r e p a r a t i o n o f the Revenue s e r v i c e
R e o r g a n iz a t io n Plan.
has been a c h i e v e d
respects.
in many important
P r i o r to r e o r g a n i z a t i o n ,
The work o f t he
I n t e r n a l Revenu e
o f f i c e s here d oe s not end,
by any
means,
of
taxes,
w i t h t he c o l l e c t i o n
d u r i n g 1951,
$128 m i l l i o n
for
income
instance,
in a l c o h o l t a x e s and
more t ha n $80 m i l l i o n
in r e t a i l
exc i se t a x e s were c o l l e c t e d
revenue c o l l e c t i o n s f o r the e n t i r e
United s t a t e s ,
ftiw K m i r i n g t h e
aJL^y^c a l e n d a r y e a r 1951 t h i s
A
area
produced $ 8 . 4 b i l l i o n s . o f
revenue c o l l e c t i o n s ,
internal
i n c l u d i n g such
sums as $ 3 . 2 b i l l i o n s
in c o r p o r a t i o n
income and p r o f i t s t a x e s ,
and
$4 b i l l i o n s o f
income
'f ■ ■ ’ ■
individual
';: ■
and employment t a x e s .
who fsT=RHdsfcy assumes h i s
r e s p o n s i b i l i t i e s t oda y,
t a k e s charge
o f an a re a o f e x c e p t i o n a l
ft,
t he f i e l d
importance
of p u b lic service .
the f i s c a l y e a r 1951
p eople and b u s i n e s s c o n c e r n s \
accounted
f o r almost 15 p e r c e n t o f t he
internal
Ö
ill
no change
o f any o f t he
o f f i ces
in the l o c a t i o n s
I n t e r n a l Revenue
w h i c h New Y o r k e r s are
accustomed t o d o i n g b u s i n e s s .
eventually,
t h e Bureau o f
But,
Internal
Wv
Revenue, ho » e-e Kt o b r i n g t o g e t h e r
tw , rv u .
u n d e r - » ne r» » -f the o f f i c e s under
a
the j u r i s d i c t i o n
o f each o f the
three u j r e c t o r s of
The U i s t r i c t
for
York City.,
I n t e r n a l Revenue.
C o m mi ss io n er
/?
•
-
Di r e c t o r s o f
7
-
I n t e r n a l Revenue are
r e s p o n s i b l e to t he 0 i s t r i c t
i
IB
I
C om m is s i o n er .
He in t u r n
is
d i r e c t l y r e s p o n s i b l e t o the
o f f i c e o f t he Co mmi ss io n er o f
I n t e r n a l Revenue
in W a s h i n g t o n .
Thes e s t r a i g h t
l i n e s of a u t h o r i t y
w i l l help
and c l e a r
and a c c o u n t a b i l i t y
i n s u r e more e f f i c i e n t
s e r v i c e to ta x pa ye rs.
For t he p r e s e n t ,
at l e a s t ,
there
-
b
-
c o r r e s p o n d to those of the f o r m e r £
C o l l ectors of Internal Revenue«.
.Additional
3A
A
re v e n u e services, w i l l be i n s t a l l e d in each fef the
D i r e c t o r s .* O f f i c e s , i n c l u d i n g the
-
/
.
audit ope r a t i o n s (of ¿Internal R e v e n u e
A g e n t s , and the I n t e l l i g e n c e f acilities
of the bu r e a u ' s S p e c i a l A g e n t s A
t
:
Ç
*
: ' r ; :iu~bx:u.
To s t r e a m l i n e the a d m i n i s t r a t i o n
of
I n t e r n a l Revenue o p e r a t i o n s ,
d istrict
C om m is s i o n er w i l l s u p e r v i s e
revenue o p e r a t i o n s
whole.
a
in t he c i t y
as a
F o r m e r l y t h e r e was no
counterpart
in the Revenue ¡service
for t h i s posit ion.
The t h r e e
!F
In
York C j t y w i l l be c a r r i e d
on t h r o u g h the o f f i c e s o f t he new
\ y '
/ D i r e c t o r s of
are b e i n g
I n t e r n a l Revenue who
i n s t a l l e d t o d a y f o r Upper
M anhat tan,
Lower Manhattan and
Brooklyn.
The r e s p o n s i b i l i t i e s o f
the D i r e c t o r s o f
I n t e r n a l Revenue
the importance of what is taking
place here today.
The reorganized Internal Revenue
offices in the New York City district
will provide more convenient and
faster service to all New Yorkers
who have Federal tax business to
transact.
3
authorized by the Presidents
Reorganization Plan No. 1 of 1952.
New York City is the second area
in which the plan has been placed
in effect,
its
will be
other areas of the
country
in the next few months.
I am glad that so many citizens
of New York have gathered for this
installation ceremony.
Their
attendance shows they appreciate
of the changes in the reorganization
is that from now on the New York
City offices of the Service are
to be manned wholly by civil
service personnel.
Ability,
integrity and application to duty
are the cardinal tests for
employment and promotion in all
positions in the service.
Conversion of internal revenue
operations to a career service was
a new era
in the Internal Revenue Service
the beginning of a new phase in the
history of the Service in the City
1
-Ha* completely modernized
.
Revenue Service structure is being
throughout the country to keep the
Service fully abreast of its
far-reaching responsibilities.
One
operations under the new plan brings
to a f u l f i l l m e n t t h e
of m a n y
i n t e n s i v e v/ork
incii v i d u a l s a n d g r o u p é .
All who aided
in t h e t a s k d e s e r v e
puolic commendation.
1 also want
to c o m m e n d C o m m i s s i o n e r
Dunlap and
his a s s o c i a t e s for the s p l e n d i d work
they have done
in c a r r y i n g o u t t h e
R e o r g a n i z a t i o n Rian.
so w i t h u n t i r i n g
They have done
interest and earnest
c o o p é r â t ion.
Im a d d i t i on,
I want
to t h a n k
Treasury
Department
streamline
';i
the
Federal
The
and
tax-collection
Presidentas
Plan
N o
this
progressive
.
in
have
only
improve
-
system.
we
to
1
of
1952
is
Reorganization
the
capstone
development.
placing
the
plan
made
our
objective
the
most
it
of
capable
in
effect,
that
persons
l ,•
available
would
positions
of
Internal
Revenue,
be
District
Revenue,
and
named
other
to
the
Commissioner
Director
of
supervisory
of
internal
posts.
r e c o m m e n d a t ions
closest
were
given
A
attention.
management
engineers
to
operations
analyze
and
suggest
Alcohol
of
we
the
Tax
and
Bureau
was
of
Tobacco
were
have
been
gradually
have
long
Internal
reached
series
of
the
Tax
for
fashion
of
employed
Service
The
divisions
consolidated.
this
Bureau
of
improvements.
In
the
we
other
firm
the
this
six
reorganizing
Revenue
final
actions
years
step
taken
by
until
in
the
a
task of c o l l e c t i n g r e v e n u e s and e n f o r c i n g
the tax laws*
Conferences were held with many
g r o u p s of R e v e n u e o f f i c ia l s a s e a r l y as
O c t o b e r 1 9 4 6 to d i s c u s s p r o b l e m s a n d
s u g g e s t e d s o l u t io n s .
A work simplificati
p r o g r a m w a s s e t u p a s a m e a n s of
*
e n l i s t i n g t h e a i d of e v e r y e m p l o y e e
toward
improved efficiency.
Task
f o r c e s of k e y o f f i c i a l s w e r e
e s t a b l i s h e d to m a k e s p e c i f ic s u r v e y s
and reports*
Congressional
r e o r g a n i za t i on of t h e R e v e n u e S e r v i c e
has been accomplisheet th r o u g h 6 y e a r s
of
intensive study and effort.
by no m e a n s a q u i c k l y c o n c e i v e d
It
after
h
It w a s
idea.
© c a m e e v i d e n t to m e s h o r t l y
I b e c a m e S e c r e t a r y of t h e T r e a s u r y
in 1 9 4 6 t h a t
the R e v e n u e S e r v i c e had
s u f f e r e d s e v e r e l y d u e to t h e
c o n d i t ions u n d e r w h i c h
it h a d h a d to
expand under wartime restrictions
and developments.
a
great
increase
There had been
in t h e n u m b e r of
tax re t u r n s f i l e d and the amount
m
W,
16
-
p i n - p o i n t i n g of r e s p o n s i b i l i t y a n d t h e
improved business methods and procedures
it e m b o d i e s a s s u r e s
the R e v e n u e
S e r v i c e of a h i g h d e g r e e of e f f i c i e n c y .
The
in o e p e n u e n t
of t h e B u r e a u of
will maintain
Inspection Service
Ie t e r n a i R e v e n u e ,
which
a vigorous and thorough
c h e c k on t h e R e v e n u e S e r v i c e o f f i c e s
a n d e m p l o y e e s , w i 11 b e r e p r e s e n t e d
New York City
Inspector.
distr ict
in
by a Chief
fli i
I
■
The
Inspection Service/
w i l l be d i r e c t l y r e s p o n s i b l e to an
t
» C
VJr - U
l?5 rail
S k
£ %
Mi
T
%$ß %g
stepp
re
full
io n e r
lirait
a
of
tacit
makes
for
?Ä»
in a
il
a
3t
4» W £9t
£ Ft @
*
1arar
y* v
È&v WL
Cl 1i r
The
&
n f
t *f
W*1i
V*
Ir
& II ist i n s t
plan
g o v e r n m e n t .
is
m
manpower
fi iS
more
rI
I#
4*
unoer
D is +
available
types
have
>
I
tritaliìgerics
possible
d
y
r
îI ec?eo iI <
&
©
CI
%rf*
m m i s s
I 1
t !
thorough
w I
et t e c
tax
a
step
n...s
operat
in
io n s
w
Washington,
the compliance with
F e d e r a l tax laws has been
tremendously
simplified.
Under the District Commissioner,
t h e A s s i s t a n t D i s t r i ct C o m m i s s i o n e r
for
Intelligence has very
r e s p o n s ib i1 i t ie s .
th e r e w i l l be
important
Under his direction
i n t e n s i f i e d e f f o r t s to
see t h a t e v e r y f r a u d u l e n t
a t t e m p t to
evade Federal taxes will bring quick
investigation and action.
T h e t a s k of f i g h t i n g
tax f r a u d s
11
t ax-pay inn and t a x - c o l l e c t i n g
p r o c e s s e s was a major g o a l in the
p r e p a r a t i o n of the Revenue S e r v i c e
R e o r g a n i z a t ion Plan,
Thi s g oa l
has been ac hi e ve d in many importanl
respects.
|p
P r i o r to raoryan i zat i on,
r e p o r t s went to Washington from the
isw York C i t y o f f i c e s of 3 C o l l e c t o r s ,
3 i n t e r n a l Revenue A g e n t s - i n - c h a r g e ,
an a p p e l l a t e s t a f f , a r e g i o n a l
finance o f f i c e ,
'R:.:;'
a Spacial
-
Agent - in-Charye and a d i s t r i c t
S u p e r v i s o r of the Al c o ho l Tax
and employment, taxes*
T h e w o r k of th e
Internal Revenue
o f f i c e s h e r e d o e s not end, by any
means,
taxes.
w i t h t h e c o l l e c t i o n of
During 1951,
$128 million
for
income
instance,
in a l c o h o l t a x e s a n d
more than $80 million
in r e t a i l
excise taxes were collected h e r e .
one year this area
in
is n o w p r o c e s s i n g
over 6 million corporate,
individual,
p a y r o l l and other F e d e r a l tax r e t u r n s
S i m p l if icat ion of a l l F e d e r a l
in
is
such
-
8
-
a c c u s t o m e d to d o i n g b u s i n e s s .
eventually,
Revenue,
t h e B u r e a u of
But,
Internal
in o r d e r t o p r o m o t e e f f i c i e n c y
and c o n v e n i e n c e for the tax payer,
p l a n s to b r i n g t o g e t h e r
in o n e
l o c a t i o n the offices under the
j u r i s d i c t i o n of e a c h o f t h e t h r e e
D i r e c t o r s of
Internal Revenue.
T h e Di s t r i c t C o m m i s s i o n e r f o r
New York City, who assumes his
responsibilities t o d a y , takes charge
of an a r e a of e x c e p t i o n a l
importance
h e r e t o f o r e p e r f o r m e d by R e v e n u e
Agents
in C h a r g e .
To st r e a m l i n e
of
the a d m i n i s t r a t i o n
internal Revenue operations,
district
Commissioner will supervise
revenue operations
whole.
a
Formerly
counterpart
t h e r e w a s no
in t h e R e v e n u e S e r v i c e
for this position.
0 |r e c t o r s of
in t h e c i t y as a
The three
Internal R e v e n u e are
r e s p o n s i b l e to t h e d i s t r i c t
the
i m p o r t a n c e of w h a t
is t a k i n g
place here today.
The reorganized
offices
Internal Revenue
in t h e H e w Y o r k C i t y d i s t r i c t
w i l l p r o v i d e m o r e c o n v e n i e n t and
f a s t e r s e r v i c e to all Ne w Y o r k e r s
w h o h a v e F e d e r a l t a x b u s i n e s s to
transact.
T h e g r e a t e r p a r t of t h e p u b l i c ’s
t r a n s a c t i o n s of F e d e r a l t a x m a t t e r s
in N e w Y o r k C i t y w i 11 b e c a r r i e d
o n t h r o u g h t h e o f f i c e s of t h e n e w
Information S ervice heading
S~3&
Release 1 1 :3 0 A.M. EDT
Monday, June 3 0 3 1952
New York, N.Y*, June 3 0 : S ecretary of the Treasury
&t"'
John W . Snyder, spe aking ceremonies in the Custom Hous e
A
fo r the in s ta lla tio n of o f f ic ia ls of the reorganized
In tern al Revenue Service in New York C ity, said today:
\
TREASURY DEPARTMENT
Information Service
Release 11:30 A.H. EDT
Monday, June 30, 195>2
WASHINGTON, D .C
3-3096
New York, N.Y., June 30: Secretary of the Treasury John W* Snyder,
speaking at ceremonies in the Custom House for the installation of
officials of the reorganized Internal Revenue Service in New York City,
said today:
HWe are entering a new era in the Internal Revenue Service
throughout the country, and to-day marks the beginning of a new phase
in the history of the Service in the City of New York.
"A completely modernized Revenue Service structure is being
completed here and elsewhere throughout the country to keep the Service
fully abreast of its far-reaching responsibilities. One of the changes
in the reorganization is that from now on the New York City offices of
the Service are to be manned wholly by civil service personnel. Ability
integrity and application to duty are the cardinal tests for employment
and promotion in all positions in the Service.
"Conversion of. internal revenue operations to a career service was
authorized by the Presidents Reorganization Plan No, 1 of 195>2. New
York City is the second area in which the plan has been placed in
effect. Reorganization will be completed in other areas of the country
within the next few months.
"I am glad that so many citizens of New York have gathered for
this installation ceremony. Their attendance shows they appreciate
the importance of what is taking place here today.
. "The reorganized Internal Revenue offices in the New York City
district will provide more convenient and faster service to all New
Yorkers who have Federal tax business to transact.
"The greater part of the public’s transactions of Federal tax
matters in New York City will be carried on through the offices of the
new Directors of Internal Revenue who are being installed today for
Upper Manhattan, Lower Manhattan and Brooklyn. The responsibilities of
the Directors of Internal Revenue correspond to those of the former
2
Collectors of Internal Revenue, except that the Directors are under
Civil Service, Additional revenue services will be installed in each
of the Directors’ Offices, including the audit operations heretofore
performed by Revenue Agents in Charge,
MTo streamline the administration of Internal Revenue operations,
a District Commissioner will supervise revenue operations in the city
as a whole, Formerly there was no counterpart in the Revenue Service
for this position« The three Directors of Internal Revenue are
responsible to the District Commissioner. He in turn is directly
responsible to the office of the Commissioner of Internal Revenue in
Washington.
"These straight and clear lines of authority and accountability
will help insure more efficient service to taxpayers.
"For the present, at least, there will be no change in the
locations of any of the Internal Revenue offices with which New
Yorkers are accustomed to doing business. But, eventually, the Bureau
of Internal Revenue, in order to promote efficiency and convenience
for the tax payer, plans to bring together in one location the offices
under the jurisdiction of each of the three Directors of Internal
Revenue.
"The District Commissioner for New York City, who assumes his
responsibilities today, takes charge of an area of exceptional
importance in the field of public service. This area is of far greater
importance than most people realize, for in the fiscal year 1951, its
people and business concerns accounted for almost 15 percent of the
internal revenue collections for the entire United States. During the
calendar year 1951 alone this area produced $8.U billions of internal
revenue collections, including such sums as $3»2 billions in corporation
income and profits taxes, and $U billions of individual income and
employment taxes.
"The work of the Internal Revenue offices here does not end, by
any means, with the collection of income taxes. During 1951, for
instance, $128 million in alcohol taxes and more than $80 million in
retail excise taxes were collected here. In one year this area is now
processing over 6 million corporate, individual, payroll and other
Federal tax returns,
"Simplification of all. Federal tax^paying and'tax^coliecting
processes was a major goal in the preparation of the Revenue Service
Reorganization Plan. This goal has been achieved in many important
j w
306
- 3 -
respects. Prior to reorganization, reports went to Washington from
the New York City offices of 3 Collectors, 3 Internal Revenue Agentsin-Charge, an appellate staff, a regional finance office, a Special.
Agent-in-Charge and a District Supervisor of the Alcohol Tax Division,
That was a total of 10 lines of authority and responsibility in daily
operation. Dow there is but one line
from the District Commissioner
to his Washington superior. Our fixed purpose is to eliminate as many
complexities for taxpayers as possible. New York City taxpayers will
find that with authority lodged in the local offices to deal with a
great many problems formerly referred to Washington, the compliance
with Federal tax laws has been tremendously simplified.
"Under the District Commissioner, the Assistant District
Commissioner for Intelligence has very important responsibilities.
Under his direction, there will be intensified efforts to see that
every fraudulent attempt to evade Federal taxes will bring quick
investigation and action.
"The task of fighting tax frauds never was an easy one. In recent
years, the criminal element has attempted tax evasion with greater
persistence than ever before.
"It is our determination that this persistence of tax evaders
will be met by the Special Agents of the Revenue Service with even
greater enforcement activity and prosecutions.
"Last year, additional taxes and penalties resulting from tax
fraud investigations in this area amounted to approximately $75 million.
This activity will be stepped up, under the direction of the Assistant
District Commissioner for Intelligence, to the full limit of available
manpower.
"The fact that the Reorganization Plan makes possible a more
thorough audit of all types of returns 'will have a direct and forceful
effect in the war against tax dodging.
"'The plan is a forward step in government. Streamlining operations,
pin-pointing of responsibility and the improved business methods and
procedures it embodies assures the Revenue Service of a high degree of
efficiency.
"The independent- Inspection Service of the Bureau of Internal
Revenue, -which will maintain a vigorous and thorough check on the
Revenue Service offices and employees, will be represented in the
New York City district by a Chief Inspector. The Inspection Service
307
- h -
will be directly responsible to an Assistant Commissioner of Internal
Revenue in Washington#
"The Reorganization Plan has features that will stimulate high
morale among Revenue Service personnel. Extension of the merit system
throughout the Service will help develop great efficiency and loyalty
among the Bureau1s employees. Promotion opportunities are being
broadened throughout the field service.
"It is a significant fact that the reorganization of the Revenue
Service has been accomplished through 6 years of intensive study and
effort. It was by no means a quickly conceived idea,
"It became evident to me shortly after I became Secretary of the
Treasury in 19i|.6 that the Revenue Service had suffered severely due
to the conditions under which it had had to expand under wartime
restrictions and developments. There had been a great increase in the
number of tax returns filed and the amount of revenue collected, many
expert employees had been called into the armed forces, new tax legis
lation had been enacted, the work load had increased enormously, and
the Bureau had not been able to modernize its operations due to
shortage of up-to-date equipment. We immediately set about to improve
management methods and achieve greater operating efficiency. But every
change had to be made without interrupting the Service*s continuing
task of collecting revenues and enforcing the tax laws.
"Conferences were held with many groups of Revenue officials as
early as October 191*6 to discuss problems and suggested solutions, A
work simplification program was set up as a means of enlisting the aid
of every employee toward improved efficiency. Task forces of"key offi
cials were established to make specific surveys and reports. Congressional
recommendations were given the closest attention, A firm of management
engineers was employed to analyze operations of the Service and suggest
other improvements. The Alcohol Tax and Tobacco Tax Divisions of the
Bureau were consolidated.
"In this fashion for six years we have been.gradually reorganizing
the Bureau of Internal Revenue until we have reached this final step in
a long series of actions taken by the Treasury Department to improve and
streamline the Federal tax-collection system. The President’s Reorgan
ization Plan No. 1 of 195>2 is the capstone of this progressive development.
"In placing the plan in effect, we have made it our objective that
only^the most capable persons available would be named to the positions
of District Commissioner of Internal Revenue, Director of Internal
Revenue, and other supervisory posts. To accomplish this end, we set
up a Selection Board made up of top career officials of the Treasury
and the Bureau of Internal Revenue, which, acting under Civil Service
Commission rules and regulations, has inquired painstakingly into
the qualifications and records of all applicants and appointees.
"Installation of the reorganized Internal Revenue service here
today for the Bureau’s New York City operations under the new plan
brings to a fulfillment the intensive work of many individuals and
groups. Ail who aided in the task deserve public commendation. I
also want to commend Commissioner Dunlap and his associates for the
splendid work they have done in carrying out the Reorganization Plan.
They have done so with untiring interest and earnest cooperation.
"In addition, I want to thank all who have so enthusiastically
contributed to the successful outcome of the task, including
Congressional groups, the personnel of the revenue service, consultants
of business management firms, and others who aided us in various
advisory capacities. All who have taken pax’t in this task have shown
remarkable initiative, ingenuity and objectivity.
"In closing, I want to assure you that the American people are
entitled to a Federal Revenue Service of top efficiency, of unquestioned
integrity, and of maximum operating economy. Continued success of this
country’s voluntary system of taxpayer compliance depends upon such a
Service. New York City shares significantly in the steps now being taken
to provide the Nation with the finest Internal Revenue Service it is
possible to create.
Olfieremony.
And we are happy, of course,
to have so many of you present.
The
bowling ureen v i c i n i t y and t h i s famous
Custom House seem to me p a r t i c u l a r l y
appropriate for such a gatherin g, c lo s e ly
id e n t i f i e d as they are with many forward
steps in New York l i f e .
C e r t a in ly there
is every prospect that the steps we are
t a k in g here today w i l l be f r u i t f u l of real
improvement and progress.
*
tn
^
-«»'
»t
v
w
f* "* "
r «*•
Jl
sa-
f «* ^
t4/u*A***^ ) ¿sK.
^ the man whose Guidance and in s p ir a t io n
sta rte d the Keorgan i zat i on Plan on it
s i x years ago, and who p a t ie n t ly but
ay
t
firm i s indeed proud to
A
have shared in planning these
improvements and i s convinced
that under the cont i nued
le adership and in t e r e s t which
has been displayed by you and
other o f f i c i a l s of the Treasury
Department, a record v/i 11 be
made in v/hich a l l personnel of
the Treasury Department can take
equal pride I
we are happy to have had - - and we
appreciate — the generous cooperation of
many New Yorkers in arranging t h i s
Bureau of In t e r n a l Revenue are
hod s of
b u r e a u of
Internal
à fV I 1
di îd
e n g
oresap,
sneers
L.
n
ck
a
l e t t e r from a :
engineers,
b y a Mev,
Mr .
a e-.
%ss® i
<M
tj*s-
ner of these manacio
T. ii, M o r r i s ,
firmes observations
as t o t h e
outlir
q
of
sty or be trayal
a l t of
want to
support which
Treasury,
fact
benefits
due «n
are
sure to the
again witness an important proceeding,
^ Our purpose t h i s morning i s to effect
re o r g a n iz a tio n of the Bureau of In ternal
Revenue o f f i c e s in New York C i t y in
accordance with the P r e s i d e n t
Reorganization P l a n No. 1 o f 1 9 5 2 , a s
approved by the Congress,
v
Under the Reorganization P l a n the
I n t e r n a l Revenue s e r v ic e becomes, the
country over, a career s e r v i c e .
Its
ob j e c t I vee
Information S ervice heading
he lease 1 1 :3 0 A.M. EDT
Monday , June 3 0 , 1952
New York, N .Y ., June 30 - Under S ecretary of the Treasury
Edward H. Foley said today, in opening ceremonies a t the
Custari House for the in s ta lla tio n of o f f i c i a ls of th e
reorganized In tern al Revenue Service in New York C ity:
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
317
Release 11:30 A.M. EDT
Monday, June 30, 1952
S-3097
New York, N.Y., June 30 - Under Secretary of the Treasury
Edward H. Fo3.ey said today, in opening ceremonies at the Custom House
for the installation of officials of the reorganized Internal Revenue
Service in New York City:
"These are historic premises, and they again witness an important
proceeding.
"Our purpose this morning is to effect reorganization of the
Bureau of Internal Revenue offices in New York City in accordance with
the President's Reorganization Plan No. 1 of 1952, as approved by the
Congress.
"Under the Reorganization Plan the Internal Revenue Service
becomes, the country over, a career service. Its objectives are the
best possible service to the public, a maximum degree of efficiency
and economy of operation, and every possible freedom from suspicion of
dishonesty or betrayal of trust.
"I want to acknowledge, on behalf of the Treasury, the effective
support which the Reorganization Plan had from Senator Herbert H. Lehman,
Representative Eugene J. Keogh, and the other members of the New York
Congressional delegation. The fact that the benefits of the plan are
being extended today to the New York City area is due in no small
measure to the endorsements which Representative Keogh and Senator
Lehman gave it while it was pending before the Congress.
"The ideas embodied in the Reorganization Plan derived in part from
a thorough, unbiased examination into the structure and operating
methods of the Bureau of Internal Revenue by a New York firm of manage
ment engineers — the firm of Cresap, McCormick and Paget.
"Secretary Snyder has recently had a letter from a partner of these
management engineers, Mr. T. D. Morris, outlining his firm's observations
as to the character of the job being done to make reorganization effective.
318
2
I want to read two paragraphs from Mr. Morris’ letter.
He said:
’I want to pass on to you personally our -feeling
that the results being obtained in the Bureau of Internal
Revenue are in large measure attributable to the fine
leadership which you and other capable Treasury personnel
have given, and to the enlightened use which you have
made of outside specialists, both in and outside of
government.
’My firm is indeed proud to have shared in planning
these improvements and is convinced that under the
continued leadership and interest which has been dis
played by you and other officials of the Treasury
Department, a record will be made in which all personnel
of the Treasury Department can take equal pride.'
"We are happy to have had — and we appreciate — the generous
cooperation of many New Yorkers in arranging this ceremony. And we
are happy, of course, to have so many of you present. The Bowling
Green vicinity and this famous Custom House seem to me particularly
appropriate for such a gathering, closely identified as they are
with many forward steps in New York life. Certainly there is every
prospect that the steps we are taking here today will be fruitful of
real improvement and progress."
Under Secretary Foley introduced Secretary Snyder, the principal
speaker at the ceremony, as "the man whose guidance and inspiration
started the Reorganization Plan on its way six years ago, and who
patiently but resolutely saw it through to full accomplishment."
0O0
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’i|2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19kl, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly* "the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
•'
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
dealers in investment securities.
Tenders from others must be accompanied
ty 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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
July 1iQ^L952_____ , in cash or other immediately available
July 10
funds or in a like face amount of Treasury bills maturing
19^2
—
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, July 2, 1952
The Secretary of the Treasury, by this public notice, invites tenders
for $ i f 1^00,000,000 s o r thereabouts, of
fee
9 1 -day Treasury bills, for
35*
cash and in exchange for Treasury bills maturing
July 10, 1952
, in
r o c
the amount of $1,U01»772,000
> to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
October 9, 1952
July 10
n952
The bills
, and will mature
_,
, when the face amount will be payable without in-
--------------- —
terest.
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m.,
ern/Stomteadk time, Monday. July 7. 1952 »
iäk
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 competi
tive 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
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
322
RELEASE MORNING NEWSPAPERS
Wednesday, July 2, 1952.
S-3098
The. Secretary of the Treasury, hy this public notice, invites
tenders for $1,400^000,000, or thereabouts, of 9 1 -day Treasury bills,
for cash and in exchange for Treasury bills maturing July 10, 1952,
in the amount of $1,401,772,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills.of this series will be dated July 10, 1952, and
will mature October 9 , 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 Daylight Saving
time, Monday, July 7 , 1952. 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 bo received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
-
2
-
( in th re e d e c im a ls ) o f a c c e p te d c o m p e titiv e b id s .
S e ttle m e n t fo r
a c c e p t e d t e n d e r s i n a c c o r d a n c e w i t h t h e b i d s m u s t b e m ade o r
c o m p le te d a t t h e F e d e r a l R e s e r v e B an k on J u l y '1 0 , 19 5 2 * i n c a s h o r
o t h e r im m e d ia t e ly a v a i l a b l e fu n d s o r i n a l i k e f a c e am ount o f
T r e a s u r y b i l l s m a t u r i n g J u l y 10 * 1 9 5 2 .
C ash and e x ch a n g e te n d e r s
w i l l r e c e iv e eq u al trea tm en t.
C a s h a d j u s t m e n t s w i l l b e m ade f o r
d i f f e r e n c e s b e tw een th e p a r v a lu e o f m a tu r in g b i l l s a c c e p t e d in
e x c h a n g e an d t h e i s s u e p r i c e o f t h e new b i l l s .
T h e i n c o m e d e r i v e d f r o m T r e a s u r y b i l l s , w h e t h e r i n t e r e s t o r gain,
fro m th e s a l e o r o t h e r d i s p o s i t i o n o f th e b i l l s * s h a l l n o t h a v e an y
e x e m p tio n * a s su ch * and l o s s fro m th e s a l e o r o t h e r d i s p o s i t i o n o f .
T r e a s u r y b i l l s s h a l l n o t h a v e an y s p e c i a l tr e a tm e n t* a s such* u n d er
t h e I n t e r n a l 'R e v e n u e Code* o r la w s a m e n d a to r y o r s u p p le m e n t a r y
th ereto .
The b i l l s s h a l l be s u b j e c t t o e s t a t e * i n h e r i t a n c e * g i f t .
o r o t h e r e x c i s e t a x e s * w h e th e r F e d e r a l o r S t a t e * b u t s h a l l be exem pt
f r o m . a l l t a x a t i o n now o r h e r e a f t e r i m p o s e d o n t h e p r i n c i p a l o r
i n t e r e s t t h e r e o f by an y S ta te * o r any o f th e p o s s e s s io n s o f th e
U n ite d S ta to n * o r by an y l o c a l t a x in g a u t h o r i t y .
For purposes o f
t a x a t i o n th e am ount o f d i s c o u n t a t w h ic h T r e a s u r y b i l l s - a r e
o r i g i n a J . ly s o ld b y th e U n ite d S t a t e s s h a l l be c o n s id e r e d t o be
in te r e s t.
U n d e r S e c t i o n s 4-2 a n d 1 1 7 ( a ) ( l ) o f t h e I n t e r n a l R e v e n u e
Code* a s am ended b y S e c t i o n 1 1 5 o f th e R e v en u e A c t o f 1 9 4 1 * th e
am ount o f d i s c o u n t a t w h ic h b i l l s i s s u e d h e r e u n d e r a r e s o l d s h a l l
n o t be c o n s id e r e d t o a c c r u e u n t i l s u c h b i l l s s h a l l be s o ld * redeem ed
o r o t h e r w i s e d i s p o s e d o f* and su c h b i l l s a r e e x c lu d e d fro m c o n s i d
e r a tio n as c a p ita l a s s e ts .
A c c o r d i n g l y , th e ow ner o f T r e a s u r y b i l l s
( o t h e r th a n l i f q in s u r a n c e c o m p a n ie s) is s u e d h e r e u n d e r n e e d in c lu d e
i n h i s in co m e t a x r e t u r n o n l y th e d i f f e r e n c e b e t w e e n t h e p r i c e p a id
f o r s u c h b i l l s * w h e t h e r on o r i g i n a l i s s u e o r on s u b s e q u e n t p u r c h a s e *
and th e am ount a c t u a l l y r e c e i v e d e i t h e r upon s a l e o r r e d e m p tio n a t
m a t u r i t y d u r i n g t h e t a x a b l e y e a r f o r w h i c h t h e r e t u r n i s m ad e* a s
o rd in a ry g a in or lo 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 * a s am ended* an d t h i s
n o t ic e * p r e s c r i b e th e term s o f th e T r e a s u r y b i l l s and g o v e r n th e
c o n d itio n s o f t h e ir is s u e .
C o p i e s o f t h e c i r c u l a r m ay b e o b t a i n e d
fro m a n y F e d e r a l R e s e r v e B an k o r B r a n c h ,
oOo
release
morning n e w s p a p e r s ,
0
Tuesday# July 8, 1952*
f Z
7
7
The Secretary of the Treasury announce! last evening that the tenders for
$1,1400,000,000# or thereabouts, of 91-day Treasury bills to be dated July 10 and to
mature October 9, 1952, which were offered on July 2, were opened at the Federal Re
serve Banks on July
The details of this issue are as followst
Total applied for - $2,160,91(5,000
Total accepted
- 1,1)00,233,000
Average price
(includes $169,751,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
- 99.51)7 Equivalent rate of discount approx. 1*793# per annum
Range of accepted competitive bidet
High
Low
- 99.600 Equivalent rate of discount approx. 1.582# per annum
- 99*51(3
*
«
* »
«
1.808# «
«
(68 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New fork
fill
a
Cleveland
Richmond
Atlanta
Chicago
3t. Louis
Minneapolis
Kansas City
Balias
San Francisco
1
1
5o,6S5,ooo
1 ,1152,501,000
36,627,000
TOTAL
49,695,000
723,021,000
21,627,000
65,187,000
29,944,000
31,028,000
2Ui,473,000
35,338,000
10,673,000
53,729,000
65,687,000
85,109,000
65,187,000
29,944,000
31,028,000
232,553,000
31,980,000
10,673,000
53,729,000
65,687,000
85,109,000
$2,160,91)5,000
$1, 1)00, 233,000
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
RELEASE MORNING NEWSPAPERS,
T u e s d a y , J u l y 8 , 1 9 5 2 . _____
S-3099
The S e c r e t a r y o f t h e T r e a s u r y a n n o u n ce d l a s t e v e n i n g t h a t th e
te n d e r s f o r $ 1 ,4 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f 9 1 - d a y T r e a s u r y b i l l s
to be d a t e d J u l y 10 and t o m a tu re O c to b e r 9 , 1 9 5 2 , w h ic h w e re
o f f e r e d on J u l y 2 , w e re o p e n ed a t th e F e d e r a l R e s e r v e B a n k s on J u l y 7
The d e t a i l s
of
th is
T o ta l a p p lie d fo r
T o ta l a ccep ted
Lverage p r i c e
Range
o f a ccep ted
are
as
fo llo w s :
$ 2 ,1 6 0 ,9 4 5 ,0 0 0
1 ,4 0 0 ,2 3 3 ,0 0 0
( i n c l u d e s $ 1 8 9 ,7 5 4 ,0 0 0
e n t e r e d on a n o n - c o m p e t i t iv e
b a s i s and a c c e p t e d in f u l l
a t t h e a v e r a g e p r i c e show n
b e lo w )
9 9-5 4 7 E q u iv a le n t r a t e o f d is c o u n t a p p ro x .
1 * 7 9 3 $ p e p annum
c o m p e titiv e
b id s:
- 99*600 E q u i v a le n t
rate
1 . 582 $
- 99*543 E q u iv a le n t r a t e
1 . 808 $
H ig h
Low
(68
is s u e
percen t
of
th e
am ount b i d
F ederal R eserve
D is tric t
B o sto n
New Y o r k
P h ila d e lp h ia
C le v e la n d
R ich m on d
A tla n ta
C h ica g o
S t. L o u is
M in n e a p o lis
K ansas C i t y
D a lla s
San F r a n c i s c o
TOTAL
fo r
at
T o ta l
A p p lie d
$
th e
lo w p r i c e
$2 , 1 6 0 , 9 4 5 ,0 0 0
ap prox
approx
was a c c e p t e d )
T o ta l
A ccep ted
fo r
5 0 , 655,000
1 , 4 5 2 , 501,000
3 6 , 627,000
6 5 , 187,000
2 9 ,9 4 4 ,0 0 0
3 1 . 0 2 8 ,0 0 0
2 4 4 ,4 7 3 ,0 0 0
3 5 ,3 3 2 ,0 0 0
1 0 , 673,000
5 3 ,7 2 9 ,0 0 0
6 5 , 687,000
8 5 ,1 0 9 ,0 0 0
0O0
o f d isc o u n t
p e r annum
o f d isc o u n t
p e r annum
$
4 9 , 695,000
7 2 3 , 021,000 ■
2 1 , 627,000
6 5 , 187,000
2 9 ,9 4 4 ,0 0 0
,0 2 8 ,0 0 0
2 3 2 ,5 5 3 ,0 0 0
3 1 . 980,000
1 0 , 673,000
5 3 ,7 2 9 ,0 0 0
6 5 , 687,000
8 5 , 109,000
31
$ 1 ,4 0 0 ,2 3 3 ,0 0 0
TREASURY DEPARTMENT
Information Servipe
Wa s h i n g t o n , d .c .
IMMEDIATE RELEASE
TUESDAY, JULY 1, 1952
S-3100
Secretary of the Treasury Snyder announced today the budget r esu lts
for the f i s c a l year 1952.
Budget receip ts of the Government amounted to
$ 6 2 , 12 9 , 000 , 000 , as compared with $1*8,145,000,000 in the previous year.
Expenditures amounted to $66,11*5*000,000, as compared with $1*1*,633,000,000
in the f i s c a l year 1 9 5 1 »
The year ended with a budget d e fic it of $1*,017,000,000 compared with
a budget surplus of $3,510,000,000 in the previous f i s c a l year.
A com
parison of budget r esu lts for the f is c a l years 1952 and 1951 is shown
below ( in m illio n s):
F isca l
Year 1952
F isca l
Year 1951
Receipts ......................
Expenditures . . . . . . . .
$62,129
66,11*5
$48,143
44,633
Surplus (+) or
D e fic it (-) ........
-1*,017
+3,510
D eta ils o f receip ts and expenditures are shown in an attached ta b le .
Both
receip ts and expenditures were below the estim ates made in the January
Budget; receip ts by $551,000,000 and expenditures by $1*,736,000,000.
The gross public debt on June 30, 1952, amounted to $259,105,000,000,
an increase of $3,885,000,000 during the year.
A comparison o f the changes in the various c la sses o f the public debt
is shown in an attached ta b le .
Note:
A ll figu res are rounded to nearest m illio n .
r 2 -
326
The financing of the budget d e f ic it during the f i s c a l year is se t
forth in the table below:
(in millions)
Increase in public debt ..........
Reduction in general fund balance ..
Sub-total ..................
Less excess of expenditures in
trust fund accounts, etc........ •
Budget deficit
$3*883
388
4,271
254
4,017
The Treasury closed the f i s c a l year with a general fund balance of
$ 6 , 969 , 000 , 000 , or $388,000,000 le s s than the balance a year ago.
This summary statement is being released prior to the publication
of d eta iled information in the fin a l issue of the d aily Treasury sta te
ment for the f i s c a l year 1952, which w ill be available in printed form
on July 2.
Six-Year Summary
Secretary Snyder mentioned that the closin g of the f i s c a l year 1952
marks the completion of s ix f u l l f is c a l years since he became Secretary
of the Treasury on June 25, 1946.
muring that six-year period, in sp ite
of the need for increased outlays for such purposes as defense and foreign
a ssista n ce, there has been a cumulative budget surplus of $3*733*000,000,
as follow s:
(m illions)
............ ..
...............
surplus
surplus
d e fic it
d e fic it
surplus
d e fic it
3,122
3*510
4,017
Six-year period . • • .
surplus
3,733
F isca l
F isca l
F isca l
F isc a l
F isca l
F isca l
year
year
year
year
year
year
1947
1948
1949
1950
1951
1952
............
.....
...............
........
>75**
8,419
l,8 ll
- 3 -
327
In commenting on the budget surplus, the Secretary made the follow
ing statement:
“When I took oath of office as Secretary of the Treasury
on June 25, 19^-6, I said:
'It is the responsibility of the
Government to reduce its expenditures in every possible way,
to maintain adequate tax rates ... and to achieve a balanced
budget—
or better ...'
For the six years since then, taken
as a whole, I can fortunately say that the Budget has been
'better' than balanced.
By that I mean tha'J the total reve
nues of our Government have exceeded expenditures by over $3^
billion.
"This is the more remarkable in view of the serious
problems which our economy has faced during th is period.
Following World War I I , we undertook a rapid s h ift from war
to peace.
Readjustment to a peacetime economy was s t i l l in
process when i t became clear that our help was needed to
turn back the threat of communism in Europe.
The program
to aid European recovery succeeded in putting communism on
the defensive throughout Western Europe, and in Greece and
Turkey.
No sooner had the success of th is program become
evident, however, than the dictator countries struck in a
new area.
The attack on Korea gave notice that the com
munist plans for world domination were being r e le n tle s s ly
pursued.
I t was necessary to begin a new defense and secu rity
program adapted to the requirements of a strong and la stin g
defense against communist aggression.
328
- If -
"The fa ct that we have been able to do these things and
s t i l l achieve a budget surplus of over $ 3 i b illio n which
could be applied to the reduction of our wartime debt is e v i
dence o f the strength and r e silie n c e of the American economy.
The funds necessary to finance our defense and secu rity
programs have been provided.
The credit of the United States
Government has been maintained.
Our banking and fin a n cia l
structure has continued in a p osition of unparalleled sound
ness; and our free enterprise system as a whole has proved
strongly r esista n t to the shock of rapidly changing conditions,
both here and abroad.
"The budget surplus during the years follow ing the close
of World War I I , moreover, is not the only evidence of continued
soundness in the Nation's finances during th is six-year period.
The to ta l of the public debt has been reduced by about $11
b illio n , from $270 b illio n on June 3 0 , 1946, to about $259
b illio n a t the present tim e.
The budget surplus provided part
of the funds used to accomplish th is reduction.
Most of the
remainder came from funds available in the cash balance at the
end of wartime financing, in excess of the amount which the
Treasury needed to keep on hand under postwar conditions.
"In addition to a budget surplus of over $3§- b illio n and
reduction in the to ta l Federal debt by about $11 b illio n
during the s ix years since June 30, 1946, Government secu rity
holdings of the commercial banking system were reduced by $24
- 5 billion.
These holdings have an inflationary potential; and
the sharp cut-back in their amount which has been accomplished
since the middle of 191+6 has made a significant contribution
to the financial health of the economy during this period.
"An important development which has made it possible to
reduce bank ownership of Federal securities by a very much
larger amount than the reduction in the total debt outstanding
has been the increase in savings bond ownership on the part
of the American people in the past six years.
In June 19^6
it was our hope that savings bonds would continue to be a
major savings outlet, even though many individuals could be
expected to use a part of their wartime savings to buy newly
available civilian goods.
As the postwar period progressed,
this hope became a fact • Some bonds were cashed to pay for
goods which had been in short supply during the war years,
or in connection with other individual expenditure programs.
But the wholesale liquidation of savings bonds which had
been generally predicted at the close of World War II never
occurred.
Savings bond ownership, in fact, increased $8-1/2
billion —
from approximately $^9 billion on June 30, 19^6,
to more than $57-l/2 billion at the present time.
This
increase has been an important factor in the reduction of
bank holdings of United States Government securities.
It has
been an important part of the Treasury's broader program for
encouraging thrift and promoting the widest possible public
ownership of the securities of the Government.
-
6
-
"The debt management policies of the Treasury during
the past six years have contributed to maintaining a business
environment favorable to the continued sound progress of our
economy.
The Treasury's most recent 'new money' offering of
2-3/8 percent Treasury bonds, dated July 1, 1952, and maturing
June 15, 1958, was a success.
The amount of the offering was
originally set at $3-l/2 billion or thereabouts.
This amount
was oversubscribed, however, by more than three times.
Sub
scriptions from nonbank investors alone exceeded the amount
of the original offering and were so large that the total
allotment had to be expanded in order to provide the minimum
allotment announced for commercial banks.
"Total subscriptions received aggregated approximately
$11,695 million.* Subscriptions from nohbank Investors totaled
$3,642 million and these subscriptions were allotted in full.
Commercial banks were allotted $50? million of the new securi
ties, and Government investment accounts were allotted $100
million, bringing the total finally allotted to $4,249 million.
"On June 10, at the same time announcement was made
relating to the 2-3/8 percent bonds, the Treasury announced an
offering of an 1 1 -month 1 -7/8 percent certificate of indebted
ness in exchange for certificates bearing the same rate maturing
July 1, 1952.
Out of a total of $5,216,000,000 certificates
maturing July 1, $4,963,000,000, or over 95 percent, were
*
y
exchanged for the new certificate.
QQ
- 7 -
"The success of these recent financing operations is
highly gratifying.
With continued cooperation on the part of
our people, there is every assurance that the finances of the
Government can and will be maintained in a sound position,
despite the heavy costs of national security under the condi
tions prevailing in the world today.'*
Attachments
0O0
Comparative Statement of Budget Receipts and Expenditures
F isca l Years 1951 and 1952
(Based upon Daily Treasury Statements)
In m illion s of dollars
Classification
■
Receipts:
internal revenue:
Income tax withheld and social security taxes ...
Income tax, other ....................... *....
Miscellaneous internal revenue ............ .
Taxes on carriers and their employees .........
Customs .... .................. ............. rrttr
Miscellaneous receipts:
Railroad unemployment insurance contributions
for administrative expenses .................
Surplus property (act October 3, 1944) .........
Other miscellaneous receipts ............. .
Total budget receipts ................... .
Deduct:
Appropriation to Federal old-age and survivors
insurance trust fund ............... ........
Refunds of receipts ...........................
Net budget receipts ......... ................
Expenditures:
Legislative establishment .................... .
The Judiciary.............................. .
Agriculture Department:
Agricultural Research Administration ...........
Farmers* Home Administration............ .....
Forest Service .......... ....... ........ .
Production and Marketing Administration:
Commodity Credit Corporation (net) ........
Other .............. ..................... .
Rural Electrification Administration.......
Soil Conservation Service ........ ••••.........
Other ............................. ...........
Appropriations to the President:
Defense Production Act ..••••.... .
Mutual Security Act:
Economic and technical assistance
Military assistance .•••.••..................
Other ..... ...... ........ .
O t h e r .... .......... ...... ...................
Atomic Energy Commission ................... ••••••
Civil Service Commission:
Employees* retirement funds (U. S. share) ••••••.
Other .................. .......................
Commerce Department;
»
Civil aeronautics ........... ............ .
Maritime activities ............................
Public Roads ......................... .
Other ............................
332
Attachment 1
Fiscal Year
1952
Fiscal Year
1951
$22,148
33,026
9,726
735
551
$16,888
24,218
9,423
578
624
10
193
l,6n
10
214
1,415
67,999
53,369
3,569
2,302
62,129
3,120
2,107
48,143
6l
27
6l
25
106
202
87
70
179
72
a/ 139
442
243
59
234
a/ 592
532
276
5^
52
146
172
2,191
2,228
47
194
1,648
3,006
884
•
103
908
310
22
305
20
172
235
454
117
164
109
427
95
.
Comparative Statement of Budget Receipts and Expenditures
Fiscal Years 1951 and 1952 — continued
Clas sif icat ion
Expenditures — continued
Defense Department:
Office of the Secretary of Defense:
Retired pay— military services ........... .
Other .........................................
Air Force ................... ...................
Army:
Military functions
................
Civil functions ............................ .
N a v y ........ .............................. .
Executive Office of the President:
Emergency funds ................................
Other ............. ..............................
Export-Import Bank of Washington
Federal Security Agency:
Social Security Administration ............ ..
Other ................ ..........................
General Services Administration....... ...........
Housing and Home Finance Agency:
Office of Administrator:
Federal National Mortgage Association
Other ........... .............................
Federal Housing Administration ...............
Home Loan Bank B o a r d ..... .....................
Public Housing Administration ...................
Interior Department:
Bureau of Reclamation ...........................
Other ........................ ..................
Justice Department ................................
Labor Department ....... ....................
Post Office Department (deficiency) ......... .
Railroad Retirement Board:
Railroad Retirement Account ........ .......... .
Other ...........................................
Reconstruction Finance Corporation ...............
State Department ........ .........................
Tennessee Valley Authority ......... ........... ..
Treasury Department:
Coast Guard ................................... jj
Customs ............................
Fiscal Service:
Interest on the public debt ..............
Other
Internal Revenue .... ...................... .
Other
«...•«».......•s..
Veterans' Administration:
National service life insurance fund
Other ........
Other agencies
Total budget expenditures ..... .
Budget surplus (+) or deficit (-) ...............
Excess of credits, deduct.
Fiscal Year
1952
Attachment \
Page 2
Fiscal Year
.1951
__
OOo
$538
64
12,350
$306
36
6,238
15,^37
7 8
6
9,9 6 1
6 ,8 11
1,16 9
5,757
18
9
25
10
88
1,217
k6k
1,087
VT5
4l
g 7
a7 l6
122
k
1,2 2 1
355
826
405
15
V
g51
96
152
256
329
198
253
740
298
307
150
232
624
771
10
a/ 217
260
l8l
608
6
a/ 78
307
57
233
43
168
37
5,859
156
361
22
5,613
163
353
41
203
if, 698
336
43
5,206
297
66,145
1*4,633
-if, 017
+3,510
Attachment 2
Changes in Public Debt
(in millions of dollars)
Classification
Fiscal
Year
Fiscal
Year
1952
1951
a/ +$2,512
b/ -$17,351
+23
+155
-1,209
-657
-VT8
+13,57^
Special Issues .................
+ 3,086
+2,297
All other obligations ••••••••«•
-50
-153
T o t a l ....... ........
+3,883
-2,135
Marketable obligations ........
U. S . savings bonds .... .
Treasury savings notes ..... .
Investment series bonds Series B-1975-ÔO ...........
a/
Gives effect to exchange of $1,17** million involving four issues
of bank restricted, marketable Treasury bonds for a like amount
of investment series bonds; also takes into account issuance of
$2,068 million of l-l/2$ marketable Treasury notes in exchange
for investment series bonds issued on April 1, 1951 ($2,000
million of this was exchanged by Federal Reserve System).
b/
Includes $13,57^ million Treasury bonds of June and December
1967 -72 , exchanged for investment series bonds.
TREASURY DEPARTMENT
F isc a l Service
STATUTORY DEBT LI MI TATI ON
W ashington,
AS 0F June 30, 1952
Section 21 o f Second Liberty Bond Act, as amended, provides that the face amount of o b lig a tio n s issued
under au th o rity of that Act, and the face amount of o b lig a tio n s guaranteed as to p rin cip al and interest by the
United States (except such guaranteed o b lig a t io n s as may be held by the Secretary o f the Treasury), "s h a ll not
exceed in the aggregate $275,000,000,000 (Act of June 26, 1946; U.S.C., t i t l e ?1, sec. 757b], outstanding at
any one time.
For purposes of th is section the current redemption value o f any o b lig a tio n issued on a discount
b a sis which is redeemable p r io r to m aturity at the option of the holder sh all be considered as it s face amount."
The follow ing table shows the face amount o f o b lig a t io n s outstanding and the face*amount which can s t i l l
be issued under th is lim ita tio n :
|275,000,000,0C0
Total face amount that may be outstanding at any one time
Outstanding
O b ligatio n s issued under Second Liberty Bond Act, as amended
Interest-bearin g:
Treasury b i l l s ................................
C e rtif¡c a te s of indebtedness.........
■517,219,036,000
Treasury n o t e s ...............................
25,679,212,850
Bonds Treasury......................................
Savings (current redemp. value)
Deposi ta ry .................................
28,423,120,000
4 7 1 ,217 ,368,850
75 ,660 ,210,100
57,684,970,598
373,035,000
Armed Forces Leave ......................
Investment s e r ie s ........................
Special Funds C e r t ific a t e s of indebtedness
Treasury n o te s...............
Total in te re st-b e arin g
li.,016 ,120,000
147,764,335,698
23.097.515.000
14.641.422.000
-
Matured, interest-ceased
Bearing no interest:
War savin gs stamps ....
Excess p r o f it s tax refund bo nd s....
37,736,937,000
256,720,641,548
414,611,225
50,081,211
1,698,808
Special notes of the United States:
In te rn a t’l Monetary Fund series...
1.274.000.000
T o t a l.................................................
1.325.780,019
258,461,032,792
Guaranteed o b lig a tio n s (not held by Treasury):
In terest-beari ng:
Debentures: F. H. a . ............................
Demand o b lig a tio n s: C .C .C ... ............. ......
Matured, interest-ceased .............................
43,534,536
558,110
44,092,646
1,472,700
45,565,346
258.506.598,138
16.493.4017552
Grand to tal o u tsta n d in g ...............................................................
Balance face amount of o b lig a tio n s issuable under above au th ority
Reconcilement with statement of the P ublic Debt
(D aily Statement of the United S tate s Treasury,
Jjnate 3 ^ 1952
1
1Q52)
Outstanding Total gross pu blic debt .................................................... .................................
Guaranteed o b lig a tio n s not owned by the Treasury ................................................
Total gross pu blic debt and guaranteed o b lig a t io n s ...........................................
Deduct - other outstanding pu blic debt o b lig a tio n s not subject to debt lim ita tio n
TD . OAS • DC
259,105,178,785
45.565,346
259,150,744,131
644.145,993
258,506,598,136
A
STATUTORY DEBT LIMITATION
AS OF JUNE 30, 1952
~ -
y
July 10, 1952
Section 21 of Second Liberty Bond Act, as amended, provides that the face anount
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), «snalx not
exceed in the aggregate £275,000,000,000 (Act of June 26, l9hoj U.S.C., tivfc Jl,
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 tne
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
O u ts ta n d in g
<
Obligations issued under Second Liberty Bond Act, as amended.
I n te r e s t-b e a r in g ;
Treasury bills«••.••««••••*•..*.$17,219,036,000
Certificates of indebtedness.«,. 28,1*23,120,000
Treasury n
o
t
e
s
.
25*575>212?85,0 .? 71,217,368,8^>0
Bonds Treasury..,..... ..........
75,660,210,100
Savings (current redemp.value) 57,684,970,598
Depositary >•••..,«*...•..•«0..
373,035,000
Armed Forces leave,«,
o••
■*
Investment series............. ll*T01*6,120,000
..
. , Q
ll*7,7ou,335,698
Special Funds Certificates of indebtedness.. 23,097,515,000
Treasury notes...... .
ll*36^1,1*22,000 ^37^^X^932^000
Total interest-bearing...••».««.....•oe.e.* 256,720,641,540
Matured, i n t e r e s t - c e a s e d . 1*11*,611, ¿.25
Bearing no interest;
Nar savings stamps« . « « . . « * » 50,081,211
Excess profits tax refund bonds.*•
1 ,698,808
Special notes of the United States;
Internat'l Monetary Fund Series
1A37?4,000,000
Total................................... .
258,461,032,792
Guaranteed obligations (not held by Treasury):
I n te r e s t-b e a r in g ;
Debentures; F.H.A...........•*••••
Demand obligations; C.C.C,.......
Matured, interest-ceased..«..,
^
1*3,534,530
558?110
44,092,046
.
--r—
1*5,565,31*6
Grand total outstanding,•».•*••*»•••«•»..•«•.g **0®*
^
.
Q m M m ?'
vyro1
Balance face amount of obligations issuable under above authority.«, 16,493?401?oO£
Reconcilement with Statement of the Public Debt - June 30, 1952
'(Daily Statement of the United States Treasury, July 1, 1952)
Outstanding ^
^
R704
Total gross public debt.... .................... ........ ..••••
257,105,1
5
Guaranteed obligations not owned by the Treasury.••«.,«.««««.o•* „ ....—
Total gross public debt and guaranteed obligations•«,,••.«...••« 259,150,71*4, 3
Deduct - other outstanding public debt obligations not subject to
debt limitation. ........................
S-3101
POT IMMEDIATE RELEASE,
July 8y 1952-*--------The Bureau of Customs announced t^ay, ragl|mnary figures showing the
quantities of wheat and wheat flour/tMe re cl, or w i hhdrawn from warehouse, for
consumption under the import quotas established in the President's proclamation
of May 28, 19l*l, as modified by the President's proclamation of April 13, 19^2,
for the 12 months commencing May 29, 1952, as follows:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
Established
Established s
-Imports
Quota
Quota
*May 29, 1952, to
May 29, 1552,
to July
191
________ July
19f?2______
(Pounds
(Bushels)
(Pounds
(Bushels
Wheat
1
Country
of
Origin .....
,
•
t
*
•
•
8 ,
-
mm
-
mm
-
mm
100
mm
—
*
mm
100
100
mm
-
mm.
-
mm
100
2,000
100
-
1,000
-
mm
mm.
M
mm
mm
100
-
3 ,815,000
2U ,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
11*,000
2,000
12,000
1,000
1,000
1*000
mm
-
*»
-
-
„
-
-
*
-
800,000
-
-
—
—
—
-
pm
mm
mm
mm
mm
mm
mm
mm
—
—
—
“
-
-
mm
-
-
mm
-
mm
-
-
-
mm
wm
—
791*7575
Vo
100
100
639,73k
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
100
)
coc
coc
Belgium
1 9 k ,$ 7 6
-
f r
S o c ia lis t Republics
795,ooo
SB
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
8 ,
)
)
639,735
TREASURY DEPARTMENT
Washington
888
IMMEDIATE RELEASE
Wednesday, July 9, 1952
S-3102
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 Presidents
proclamation of May 28, 19kl, as modified by the Presidents proclamation of
April 13, 19k2, for the 12 months commencing May 29, 1952, as follows:
Wheat
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
Few Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yougoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
Imports
Established :
:May 29,1952,to
Quota
:July 8, 1952
(Bushels)
(Bushels)
795,000
100
100
100
»
100
2,000
100
1,000
100
1,000
100
. 100
79li,576
-
- '
-
3,815,000
2i|,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
lk,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
•
639,73U
-
- '
*■
-
-
_
100
100
800,ood
Wheat flour, semolian,
crushed or cracked
wheat, and similar
wheat products
Established ;
Imports
Ouota
sMay 29,1952 to
:July 8, 1992
(Pounds;
(Pounds)
79it,576
k,ooo,bbo
639,73U
IMMEDIATS RELEASE
-“%
The Bureau o f Customs announced to d ay p re lim in a ry fig u r e s showing th e
im ports fo r consum ption o f com m odities on w hich quotas w ere p re sc rib e d b y
th e P h ilip p in e Trade A ct o f 19U6, from January 1 , 1952, to June 28, 1952,
in c lu s iv e , as fo llo w s z
*
p rod u cts o f th e
P h ilip p in e s
t
;
f
E sta b lish e d Quota
Q u an tity
;
t
#
•»
B uttons • • • • • • • • •
8^0,000
I*
u n it o f t
Q u an tity t
*
Im ports as o f
June 28, 1952
Gross
294,824
736,500
• • » « • • • * *
200,000,000
Humber
Coconut O il • • • • • • •
14*8,000,000
pound
37,851,832
Cordage • • • • • • • » *
6,000,000
Pound
1,836,508
R ice • » • • • » • * • • «
1,01*0,000
Pound
4M
1,904,000,000
pound
C ig a rs
(r e fin e d . ,
Sugars
913,562,051
(u n refin ed »
Tobacco . . * • • « . « «•
6,$00,000
pound
855,714
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, July 9> 1952.
S-3103
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 19i16, from January 1, 1952, to June 28, 1952,
inclusive, as follows;
Products of the
Philippines
;
:
•
- •
Buttons « • • • • • • • • •
:
;
•
#
Imports as of
June 28, 1952
Established Quota
Quantity
j Unit of
: Quantity
*
•’
850,000
Gross
2 9 h ,e z k
736,500
Cigars • • • • • • • « • •
200,000,000
Number
Coconut Oil • • • • • # • •
Wi8,000,000
Pound
37,851,832
Cordage * • • • • • • « • •
6,000,000
Pound
1,886,508
Rice • • • • • • • • • • •
1,01^0,000
Pound
-
(Refined . •
—
l,90li,000,000
Sugars
Pound
(unrefined •
Tobacco • • • • • • • • •
913,562,051
6,500,00 0
Pound
855,71ti
-
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
: Total imports
: Sept. 20, 19$1 to
: July 8. 1952
Established
: TOTAL QUOTA
United Kingdom........
Canada ................
France ...............
British India .........
Netherlands ..........
Switzerland ...........
Belgium ...............
J a p a n ................
China .................
Egypt .................
C u b a .................
Germany.......... .
Italy ........... .
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
5,482,509
110,792
233,803
1,441,152
75,807
MNI
mm
mm
mm
mm
mm
mm
mm
__ __ a W u & s _______
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
Imports
: Established :
:
33-1/3% of : Sept. 20, 1 9 &
? Total Quota ? to July 8 f 195>2
22,747
14,796
12,853
-
25,443
7,088
1 ,599,886
110 ,79 2
-'
—
—
»
—
—
-
—
—
—
110.792
1/
__
bà _
IMMEDIATE RELEASE
IM
£
July Bu 19$2_____
1
"
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 lin te r s ) (in pounds)
Cotton under L -l/8 inches other than rough or harsh under 3 /4 ”
Imports Sept. 20, I? # ., to July 8, 1952, in clu sive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
P e r u .....?v ........
British India ......
China .............
Mexico ............
Brazil ............
Union of Soviet
Socialist Republics
Argentina .........
Haiti ..............
Ecuador ...........
Imports
-
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
Uo,l85
—
—
8,883,259
142,837
475,124
5,203
237
9*333
—
—
—
—
Country of Origin
Established Quota
Honduras .......... ..
Paraguay....... ....
Colombia ............
Iraq
.........
British East Africa ...
Netherlands E. Indies
Barbados ..;...........
l/0ther British W. Indies
Nigeria ...;...........
2/0ther British 1. Africa
¿/Other French Africa ...
Algeria and Tunisia ...
752
871
124
195
2,240
71,388
—
21,32 1
5,377
16,004
689
-
1 / Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2 / Other than Gold Coast and Nigeria.
¿ / Other than A lgeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of le s s than 3/4**
Imports Sept. 20, 19$19 to June 28, 19f?2
Cotton 1-1/8* or more, but le s s than 1-11/16**
Imports Feb, 1, 19525 to July 8, 19f>2
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
Z,769,90h
45,656,420
Imports
19,6X7,371
Imports
— .
...
—v
mm
m
m
mm
mm
m
m
à
mm
mm
TREASURY DEPARTMENT
Washington
E « m i A T E RELEASE
S-310U
Wednesday| July 9, 1932
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President's Proclamation of September 5, 193 9 , as amended
COTTON (other than 3-inters) (in pounds)
Cotton un3eFl-i/B inches other than rough or harsh under 3 / b H
Imports Sept, 20, 1951, to Jnly 8, i952, inclusive
Country of Origin
Established Quota
Imports
Egypt and the Anglo-
Egyptian Sudan«»«»
PerE!.,...........
British India.......
China...............
..... .
Brazil..............
Union of Soviet
Socialist Republics
itfgentina.... .
Haiti...............
Ecuador,,c*eooo•• oe«
1/
2!
3/
783,816
2U 73?52
2,003,1*33
T o-7o 701
8*883*259
’618 723
b10*7^
U0,185
8,883,259
W
,m
■“* ’
Country of Origin
Honduras........ .
Paraguay...............
Colombia...............
Iraq...................
British Easu Africa,...
Netherlands E. Indies..
Barbados...,..... .....
l/other British W. Indies
sf
U75,12t*
.
7 9J J J
_
_
sri® V T r
2/Other British W* Africa
3/Other French Africa...,
Algeria and Tunisia....
6
Established fiuota
Imports
752
gg
w
¿ 3c n v
71,388
21,321
e; *177
Mnok
lo,UJh
689
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago*
other than Gold Coast and Nigeria*
Other than Algeria, Tunisia, and Madagascar,
o/{ u
Cotton, harsh or rough, off less than. 3/4—
¿ft■■t.* 1
A TorTo
Imports Sept0 20, 1931,
June
Established Quota (Global)
70,000,000
*
Cotton 1^1/8» or more, but less than 1 -11/16»
— T c 7 S ^ ^ T l^ fir ~ T 9 ^ — "
Imnorts Feb* 1, 195^3 to July o,
__
J
-----ir .. ...... ........
Imports
2,769,901*
1*5,656,1*20
19,617,371
oo
4 ^
CO
-
2
-
COTTON WASTES
(In pounds)
COTTON GAUD 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/}6 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
•
»
•
Country of Origin
United Kingdom,......
Canada................
France.
British India•••••»•••
Netherlands
Switzerland...••••••••
Belgium.
Japan............
China.................
Egyot............ .
Cuba.
Germanv
Italy.
\J
Established
TOTAL QUOTA
: Total imports
: Sept. 20, 1931 to
-a « t e 6, 1952....
. h , 3 2 3 ,1 6 1
239,690
227,2.20
69,627
68,2^0
1*1|,388
38,559
3Ul,535
17,322
8,135
110,792
233,803
- '
*
-
21,263
—
«
-
5,U82,5o 9
’ 3U+^595
76,329
Included in total imports, column 2*
Prepared by the Bureau of Customs
i Established s
:
Imports
33-1/3$ of : Sept. 20, 1951
Total Quota : to July 8# 1952
1 ,24^1,152
110,792
75,807
22,7^7
lii,796
12,853
«
»
«
«
7 a088
1,599,886
'M
«.
m
m
M
m
»
«.
110^792
~
ïï
F y
Y"
3 / ^
\ XiatolATE RELEASE
¿/July % 1952
The Bureau of Customs announced today preliminary figures showing the mjports
for consumption of commodities within tariff-rate quota limitations from the be
ginning of the quota periods to June 28, 1952, inclusive, as follows ?
Ccmod£$r
period and Quantity
55TE
^^28^1952
Quantity
•Whole milk, fresh or
sour * « • • * • • •
Calendar year
3,000,000
Gallon
16,1*72
Cream • • •
Calendar year
1 ,500,000
Gallon
390
Apr. X, 1952Butter * ......... . • july 15, 1952
5,000,000
Pound
3,192
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,>
cusk, arid rosefish • • Calendar year
31,1*72,108
Pound
(i)
Quota Filled
150 ,000,000
21*9,000,000
pound
Pound
78,020,070
55,086,1*62
5 ,000,000
Pound
1*,013,907
..........
White or Irish Potatoes?
certified seed • * • • 12 months from
* Sept* l5, 1951
* Calendar year
Petroleum and petroleum
products • • » • • * •
Calendar year
Venezuela
Netherlands
Other
Countries
2,956,8Ul, 91*9
930,857,651
Gallon
Gallon
2,922,110,525
Quota Filled
1,090,11*8,800
Gallon
Quota Filled
Almonds?
2,1*1*2,61*7
12 months from
*l*,5oo,ooa
• October 1, 1951
#
Pound
1*75,709
Of the total, not more than 500,000 pounds shall be blanched, roasted, or other
wise prepared or preserved almonds (not including almond paste)*
(1) Imports for consumption at the quota rate are limited to l5,73^,05U pounds during
the first six months of the calendar year*
TREASURY DEPARTMENT
Washington
y j1
IMMEDIATE RELEASE
Wednesday, July 9* 1952
S-3105
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff-rate quota limitations from the be
ginning of the quota periods to June 28, 1952, inclusive, as follows:
Commodity
Period and Ouaniity
Unit
of
Quantity
Imports as of
June 28, 1952
Whole milk, fresh or
sour . . . . . « . *
Calendar year
3*000,000
Gallon .
Cream
Calendar year
1,500,000
Gallon
Apr. 1, 1952July 15*1952
5*000,000
Pound
3*192
\
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,i
cusk, and rosefish •
Calendar year
31*^72,108
Pound
co
Ouota Filled
White or Irish Potatoes:
certified seed. » * « 12 months from 150,000,000
other• « . « . . » • »
Sept. 15, 1951 2i.9*600,000
Pound
Pound
78,020,070
55*086,U62
Walnuts . * . . • • • «
Pound
4,013,907
• •••.»•<>
Butter •
Calendar year
Petroleum and petroleum
products........ « .
Almonds:
Shelled ..........
.
5*000,000
Calendar year
Venezuela
2,956,8^1,9^9
Netherlands
930, 857* 6,51
Other
Countries 1,090,1)48,800
Prepared.
*
October 1,1951
390
Gallon
Gallon
2,922,110,525
Quota Filled
Gallon
Quota Filled
12 months from
*14,500,000
16,h72
2,442,647
Pound
475,709
Of the total, not more than 500,000 pounds shall be blanched, roasted, or other
wise prepared or preserved almonds (not including almond paste)»
(1) Imports for consumption at the quota rate are limited to 15*736,05U pounds dur
ing the first six months of the calendar year*
- 3 AlsfiMifc
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 k2 and 11? (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19ifL, 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.
Accord-
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
-
dealers in investment securities.
2
-
Tenders from others must be accompanied
hy 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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
July 17, 1952
, in cash or other immediately available
/
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
July 17, 1952
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
(E
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, Jul "0, 1952_______ .
J? /
The Secretary of the Treasury, by this public notice, invites tenders
for $1,^00,000,000
, or thereabouts, of
91
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
the amount of $1,^00,888,000
July 17, 1952
9 to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
October 16 , 1952
terest.
, in
July
VJ, 1952
The bills
, and will mature
when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value)
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/flfegHoiaiBai tame, Monday, J ' I k , 1952
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 competi
tive 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
349
RELEASE MORNING NEWSPAPERS,
Thursday, July 10, 1952.
S-3106
The Secretary of the.Treasury, by this public notice, invites
tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing July 17, 1952, J
in the amount of $1,400,888-, 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 July 17, 1952, and will mature
October 16, 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 I received at Federal Reserve Banks and Branches
up to tthe
;
closing hodr, two o'clock p.m., Eastern Daylight Saving
time, Monday, July 14, 1952. Tenders will not be received at the
Treasury Department, Washington. Each ,tender must be for an even
multiple of.$1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g„, 99*925* Fractions may not be used. It is
urged that tenders be made on.the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on July 17, 1952, in cash or
other immediately available funds or in a like face amount of
Treasury bills maturing July 17, 1952. 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^exompt
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
ori.gina3.ly 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 194.1, the
amount of discount at which bills issued hereunder are sold shall
not be considered to accrue until such bills shall bo 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 purch?
and the amount actually received either upon sale or redemption at
maturity during the taxable year for which, the return is made
ordinary gain or loss.
iO
Treasury Department Circular No. 4 l 8 , as amended, and this,
notice, prescribe the terms of the Troasur y bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0
*
'T'
I 1 1
ΠA S U R Y D E P A R T M E KJ
t"*
WASHINGTON, D .C .
^for^aiioo-Service
351
S3« ,V xltft
RELEASE M0RNIÏÏG KEWSPAPERS,
F r id a y , Ju ly 1 1 , 1952.
tp m g
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QC^dsfiMta^at«. * » «a« ff *;»$•#in w3 £t^u3»tüdo*mq #^0
and o th fr acco u n ts re s u lte d in n e t
pur ch ases o f ¿ 1 , 5 2 6 , 9 j I
AeaiiffiatrJ BfXifldO (f>33)
siflostfaoval lo nolelvid *1oliiD
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-
“3 / ° 7
July 7 , 1952
MEMORANDUM TO MR. B&RTELTt
The follow ing transactions were made in d irect and guaranteed
se c u r itie s o f the Government fo r Treasury investment and other
accounts during the month o f June, 195>2:
Purchases * • • « « * * • • * * # • • * * *
#5#66h,000
Sales * . ........................................ ....................* li,137*100
Met purchases • « * • • * • « • • • • * * »
#1,526,900
(Sgd) Charles T. Brannah
C hief, D ivision o f Investments
D. o f I . So* 36
Wisecarver 7/7/52
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
351
S-3107
During the month of June, 1952
market transactions in direct and
guaranteed securities of the
Government for Treasury investment
and other accounts resulted in net
purchases of $1,526,900, Secretary
Snyder announced today.
oOo
J f $€
^
RELEASE HOBNIHO NEWSPAPERS,
Tue«<Uy. July IS. 1952.
The Secretary of the Treasury announced la s t evening that the tenders for
#1,¡¿DO,000,000, or thereabout«, of 91-day Treasury b ill s to be dated July 17 and to
mature October 16, 1952, which were offered on July 10, were opened a t the Federal
Reserve Banks on July lit*
The d e ta ils of th is issue are as follows»
Total applied for - #1,981,995,000
Total aeceptsd
- 1,¡¿00,395,000 (includes #206,707,000 entered on a
non-competitive basis and accepted in
fu ll a t the average price shown below)
Average price
- 99.51*2/ Equivalent ra te of discount approx. 1*810$ per annua
Range of accepted competitive bids«
High
bow
- 99*600 Equivalent rate of discount approx. 1*582$ per annum
* 99*535
*
*
*
‘ ■
*
1.81i0$ ■
*
(36 percent of the amount bid for a t the low price was accepted)
Federal Reserve
D istrict
Total
Applied for
Total
Accepted
Boston
Hew Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1 10»,010,000
1,368,576,000
36,312,000
Ä , 997,000
25,539,000
30,131,000
177,296,000
32,982,000
1 3 ,271»,000
56,968,000
73,978,000
87,932.000
#
#1,981,995,000
#1,¡¿00,395,000
Total
l à ,010,000
815,176,000
23,112,000
31»,997,000
25,539,000
30,131,000
162,296,000
32,982,000
1 3 ,27k,000
56,968,000
73,978,000
87,932.000
353
RELEASE MORNING NEWSPAPERS,
:Tuesday, July 15, 1952.
3-3108
The Secretary of the Treasury announced last evening that the
tenders for $1,400,000,000, or thereabouts, of 91-hay Treasury bills
to be dated July 17 and to mature October 16, 1952, 'which were
offered on July 10, were opened at the Federal Reserve Banks on
■July 14.
The details of this issue are as follows:
Total applied for
Total accepted
Average price
$1 ,981 ,995,000
1,400,395,000 (Includes $206,707,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
99*542/ Equivalent rate of discount approx,
1 .810$ per annum
Range of accepted competitive bids:
99.600 Equivalent rate of discount approx
1.58 oC.of/0 per annum
c
z
?
c
j Equivalent rate of discount approx
99
High
Low
1.84 0;
A pe r annum
(36 percent of the -amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleve land.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
* TOTAL
Total
Applied for
$
.44,010,000
1 ,368,576,000
36,312,000
34,997,000
25.539,000
30,131,000
177,296,000
32,982,000
13,274,000
56,968,000
73 ,978,000
....... 87,932,000
$ 1 ,981 ,995,000
0O0
Total
Accepted
■$
44.010,000
815 ,176.000
'23 ,112,000
34,997.000
25,539,000
30,131,000
162 ,296,000
32,982,000
13 ,274.000
56 ,968,000
73 ,978,000
_,, 8v'3q
-J89T>■■oon
■-'•
$1,400,395,000
- 3 -
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 k2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section ll£ of the Revenue Act of 19lfL, 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.
Accord
ingly* "the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax returri only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
July 2k, 1952______, in cash or other immediately available
July 2kf 1932
S*
funds or in a like face amount of Treasury bills maturing
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 17, 1952
The Secretary of the Treasury, by this public notice, invites tenders
for
$1,1*00,000,000
__2
, or thereabouts, of
91
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
the amount of
$ 1 , 1*00 , 587,000
July 2k, 1952_____ , in
npjE '
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
October 23, 1952
terest.
July 2k, 1952
The bills
, and will mature
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500 ,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/SflQCKflaciQt time,
Monday, July 21, 1952
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 competi
tive 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
«
TREASURY DEPARTMENT
Information Service
REIEASE m o r n i n g n e w s p a p e r s ,
Thursday, July 17."1952.
WASHINGTON, D .C .
S-3109
The Secretary cf* the Treasury, by this public notice, invites
tenders for $1,400,000,000, or thereabouts, of O l y ^ y Treasury bills,
for cash and in exchange for Treasury bills maturing July 24, 1952-,
in the amount of $1,400,587*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 July 24, 1952, and
will mature October 23* 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 Daylight Saving
time, Monday, July 21, 1952. 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.. Zt- ts.
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 pex'cent of the face
amount of Treasury bills applied for, unless, the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those suomitting 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 those 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 rat the Federal Reserve Bank on July 24, .1952, in cash or
other immediately available .funds or in a like face amount of
Treasury bills maturing July 24, 1952. 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 of
supplementary thereto. The bills shall be subject to estate,
inheritance, gift of 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 Codo, 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 paicj. 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 for which the
return is made, as ordinary gain or loss.
Treasury Department Circular Wo. 4l8, as amended, and this notice*
prescribe the terms of the Treasury bills and govern the conditions
<Bf their Issue. Copies of the circular may be obtained from any
Fcder.al Reserve Bank or Branch.
oQo
- 5 -
climb the fence he discarded a newspaper and a loaded ,32 calibre
revolver, Chief Baughman reported.
The newspaper was found to
contain 10 counterfeit $100 notes,
Lennon refused to make admissions,
claiming that the man who got away was a hitch-hiker and a stranger
to him.
Among Lennon’s effects was a Social Security card issued to
Ray Gwinn, 1931 No, 31st Street, Terre Haute, Indiana,
an alias used by Pearce,
Gwinn was
Secret Service agents frcm Indianapolis
went to the Terre Haute address and recovered some of the camera
equipment bought with the counterfeit bills, but Pearce had fled,
Pearce, arrested by Secret Service agents and San Francisco
police at 951 O ’Farrell Street, had only 29 cents on his person,
A
”It*s a good thing you came in fast,” he told agents, "because I
was going out the window,”
He had planned to flee to Australia by
way of Canada if he could get enough money, the Secret Service said,
Pearce declared that he and Lennon intended to make a killing
by resale of the expensive camera equipment at premium prices in
the British black market, according to Chief Baughman,
He refused
to identify the source from which they obtained their counterfeit
$100 bills, but the Secret Service revealed that the notes are
believed to have been bought in London,
Pearce and hepnon are riaw awaiting proke^Htion in C&Lifo:
and in otherNlities where Pearce passed the counterfeit money.
- 4 -
camera store*
Blampied was identified as an alias used by Pearce,
and it was learned that he was also sought by Immigration authorities
for extradition to Australia, where he was wanted for embezzlement*
Through Hollywood detectives, agents learned that Percy Lennon,
alias Tomlinson, was wanted for automobile theft*
In February 1952
he had rented a 1951 Buick sedan in Hollywood and had never returned
4
it.
He had given Blampied*s name as a reference.
Detective Sergeant
D. Reeves had established that Lennon and his wife, Alvine, had
sailed from New York for Southampton, England, on the SS Queen Elizabeth
February 20, the Secret Service said*
Hollywood police reported on June 16 that Percy Lennon was believed
to be back in Hollywood, driving a smoky blue Cadillac convertible and
living in an unidentified motel.
Secret Service agents and detectives scoured the movie colony
searching for the Cadillac car.
On the morning of June 17 an agent
and Detective Reeves, driving along Sunset Boulevard, spotted a 1950
blue Cadillac convertible occupied by two men.
The police car made a
**U" turn to follow the Cadillac and the driver apparently became
suspicious and sped down a side street.
Detective Reeves broadcast
a radio alarm, and a short while later it was reported that the Cadillac
was located in an alley and that the occupants had escaped on foot*
Secret Service men and police rushed to the area and found that
Motorcycle Officer R. 0. Tucker had found Lennon hiding in shrubbery,
but that Pearce had scaled a fence and escaped capture.
In order to
- 3 -
On June 6, Pearce tried to buy three rolls of sound film in a
camera store in Philadelphia, Pa.
According to the Secret Service,
when he presented one of the counterfeit $100 bills the clerk told
Pearce he believed the bill to be counterfeit and would have to show
it to the store manager.
Pearce left the place without the bill or the
film.
Chief Baughman said Pearce was again frightened away on June 10
in St. Louis, Mo., when he offered a $100 note in payment for film at
a shop which had received a Secret Service warning.
The clerk accepted
the note, asked Pearce to wait for change and called the Secret Service.
Suspicious of the delay, Pearce fled, leaving the note and the film.
Agents arrived minutes after Pearce had departed.
A store employee had
tried unsuccessfully to follow him.
In each instance, victims agreed that the sketch drawn by
Mrs. Roswick was ”a good likeness” of the passer.
The trail then led to Albuquerque, N. M., where on June 12 Pearce
allegedly tried to buy a polaroid Land camera and film with one of the
$100 notes.
When there was a delay in wrapping the package, he became
alarmed and left the shop.
He had given the name of R. Watson, 6730
Sunset Boulevard, Hollywood, and Secret Service agents in Los Angeles
immediately checked that address.
It was found to be occupied by the Vaughn Singer Motor Company,
dealers in foreign-make automobiles.
Agents discovered that two fonner
employees, known as William Cope and William Blampied, answered the
descriptions of the men who passed the $100 notes in the Chicago
- 2 notes were passed in other camera shops in Chicago for the purchase
¿jfP
of motion picture film^ ayL in one store where Pearce was almost
caught when the hill was detected, he not only talked himself out
of trouble but also took $10 of the store's money with him#
According
to the Secret Service, he presented a counterfeit $100 note for $21#&&
worth of film#
The clerk told him the bill was a counterfeit#
passer calmly asked what was wrong with it#
The
The clerk took a genuine
$10 note from the cash register and pointed out differences in the
quality of the engraving between the ten and the hundred#
Pearce took
a good $5 bill from his wallet and compared it to the others, then he
agreed with the clerk that the $100 note looked badland said he knew
where he obtained it#
He folded the store's $10 bill into the two
other notes and quietly departed.
The Secret Service immediately sent detailed descriptions of both
men to its field offices in all parts of the country, with instructions
to warn all camera shftps and airline offices to be on the alert#
Two
days later a bank in Detroit discovered seven counterfeit $100 notes
in the deposit of a camera dealer, who told the Secret Service he
received the bills from a man who bought a 16 mm recording projector
for $700,and who complained that he should not be made to pay the 71£
sales tax because he was from Hollywood, California#
The next day, June 5> Pearce passed two notes in New York City,
one in payment for $22 worth of film, and one in payment for a pen and
pencil set, Chief Baugjiman declared.
¡DIATE RELEASE
U . E / Baughman re p o rte d t e - Sée ro
S e c r e t Si rr y ìc
l ceeJ.U
tT,
Snyder-tO d
" — Jy
~/J
/
h aï) th e a r r e s t of R. C / C . P e a rc é , a l l
an P ran cis^e^/ C a l if o r n ia ,
W illiam Blari&i
■
>
ended a Cross count
hq4
chase tjjr' S e c r e t/S e r v ic e agen ts
B rritiih
i t i s h b lack market
and a v ^ l o t i o p r o f i t e e r in
iu r'th
'th e JB
r/efugti thej s a l i of e^ p en siv e/p h o to g ra^ h ic equipment
^kJ
rrh n nr d J i t / --^nTlhTfyW^^ yii
* /
Jflcmry»
■g*.4»a idr-fov
-aoeomp 14.ee of/P eag 6»y was a r r e s te d
Jxi ne/1
7
the jSe cJjet S e rv ic e /a n d Los Ange Ip& jPo l i c e in
Hollywood! in tr u e to o v ie -th rille W f a s h i o n / P e ir c e
7 / 7I /
1 1 /
.
* '
«
was w ith Lennon a t th e time'
'
/
/ f
I
r j r
I
‘Hpt ” ~fHJ lYftf +
mySteifi ouQ t r i p e t e Europe—aad—hack -r- Lennon
\
l
^ e t h A u o t r i r i bi' a » / - be gan- spend ing -bogue $100.
were pursued by th e S e c r e t S e rv ic e
from Chicago to D e t r o i t , New York, P h ila d e lp h ia , S t . L ou is,
Albuquerque and Los A ngeles.
En r o u te , they passed
$ 2 , 1 0 0 in c o u n t e r f e i t s f o r c o s t l y 16 mm camera equipment
in th e se c i t i e s , Chief Baughman s a id .
A p e n c il sk etch
drawn by one of t h e i r v ic tim s , Mrs. L ois Roswick, a
t i c k e t c le r k f o r A ir lin e R e s e rv a tio n s , I n c . ,
in C hicago,
helped to id e n tif y P e a rce a s th e man who passed one of
th e b i l l s f o r a t i c k e t to C in c in n a ti.
The two men passed e ig h t o f th e b i l l s f o r an $800
so u n d -o n -film 16 mm camera in a Chicago camera shop.
Additiona
S e cre t S e rv ic e Chief U .E. Baughman reported to
S ecreta ry Snyder today that two a r r e s t s in C a lifo rn ia on
c o u n te rfe itin g charges had ended su c c e s sfu lly a cro ss-co u n try
chase th a t had many of th e ty p ic a l earmarks of a movie
th r ille r .
The men a rre ste d , R .C.C. P earce, a lia s W illiam Blampied,
and Percy Lennon, a lia s Mervyn A. Tomlinson, are aaBrae&xsijeap
accused ©f passing c o u n te r fe it $100 notes in c i t i e s f r m
New York t@ Los A ngeles.
Lennon was a rre ste d June 17 by the S e c re t Serv ice
and the Los Angeles p o lic e . P earce, who was w ith Lennon a t
the time but escaped, was captured l a s t n ig h t in San Erancisc® .
The two men, both A u stra lia n s , came to the a tte n tio n of the
S e cre t S e rv ice when, follow ing mysterious t r ip s to Europe and
back, they began spending bogus $100 b i l l s in Chicago.
7
o
IMMEDIATE RELEASE,
Thursday, July 17, 1952.
S-3110
Secret Service Chief U. E. Baughman reported to Secretary
Snyder today that two arrests in California on counterfeiting
charges had ended successfully a cross-country chase that had
many of the typical earmarks of a movie thriller.
The men arrested, R.C.C. Pearce, alias William Blampied,
and Percy Lennon, alias Mervyn A. Tomlinson, are accused of
passing counterfeit $100 notes in cities from New York to
Los Angeles.
Lennon was arrested June 17 by the Secret Service and the
Los Angeles police. Pearce, who was with Lennon at the time but
escaped, was captured last night in San Francisco.
The two men,' both Australians, came to the attention of the
Secret Service when, following mysterious trips to Europe and
back, they began spending bogus $100 bills in Chicago.
They were pursued by the Secret Service from Chicago to
Detroit, New York, Philadelphia, St. Louis, Albuquerque and
Los Angeles. En route, they passed $2,100 in counterfeits for
costly 16 mm camera equipment in these cities, Chief Baughman
said, A pencil sketch drawn by one of their victims,
Mrs. Lois Roswick, a ticket clerk for Airline Reservations,
Incorporated, in Chicago, helped to identify Pearce as the man
who passed one of the bills for a ticket to Cincinnati.
The two men passed eight of the bills for an $800 sound-onfilm 16 mm camera in a Chicago camera shop. Additional notes
were passed in other camera shops in Chicago for the purchase of
motion picture film.
In one store where Pearce was almost caught when the bill
was detected, he not only talked himself out of trouble' but also
took $10 of the store’s iaoney with him. According to the
Secret Service, he presented a counterfeit $100 note for $21.88
worth of film. The clerk told him the bill was a counterfeit.
The passer calmly asked what was wrong with it. The clerk took
2
3G5
a genuine■$10 note from the cash register and pointed out
differences in the quality of the engraving between the ten and
the hundred. Pearce took a good $5 hill from his wallet and
compared it to the others, then he agreed with the clerk that
the" $100 note looked had, and said he knew where he obtained n .
He folded the store bs $10 bill into the two other notes and
quietly departed..
The Secret Service immediately sent detailed descriptions
of both men to its field offices 'in all parts of the country,
with instructions to warn all camera shops and airline offices
to be on the alert. Two days later a bank in Detroit discovered
seven counterfeit $100 notes in the deposit of a camera dealer,
who told the Secret Service he received the bills from a man who
bought a 1.6 mm recording projector for $ {00, and who complained
that he should not be made to pay the 71f¿ sales tax because he
was from Hollywood, California.
The next day, June 5, Pearce passed two notes in Hew York City,
one in payment for $22 worth of film, and one in payment for a
pen and pencil set, Chief Baughman declared.
*
On June 6, Pearce tried to buy three rolls of sound film in
a camera store in Philadelphia, Pennsylvania. According to the
Secret Service, when he presented one of the counterfeit $100
bills the. clerk told Pearce he believed the bill to be counterfeit
and'would have to show it to the store manager. Pearce left the
place without the bill or the film.
Chief Baughman said Pearce was again frightened away on
June 10 in St. Louis, Missouri, when he offered a $100 note in
payment for film at a shop which had received a Secret Service
warning. The clerk accepted the note, asked Pearce to wait for
change and called the Secret Service. Suspicious of the delay,
Pearce fled, leaving the note and the film. Agents arrived
minutes after Pearce had departed. A store employee had tried un
successfully to follow him.
In each instance, victims agreed that the sketch drawn by •
Mrs. Roswick was "a good likeness” of the passer.
The trail then led to Albuquerque, Hew Mexico, where on
June 12 Pearce allegedly tried to buy a polaroid Land camera
and film with one of the $100 notes. When there was a delay
in wrapping the package, he became alarmed and leit the shop.
He had.given the name of R. Watson, 6730 Sunset Boulevard,
Hollywood, and Socret Service agents m Los Angelos immediately
checked that address.
36S
- 3 -It was found to be occupied by the Vaughn Singer Motor
Company, dealers in foreign-make automobiles. Agents discovered
that two former employees, known as William Cope and William
Blampied, answered the descriptions of the men who passed the
$100 notes in the Chicago camera store. Blampied was identified
as an .alias used by Pearce, and it was learned that he was also
sought by Immigration authorities for extradition to Australia,
where he was wanted for embezzlement.
Through. Hollywood detectives, agents learned that Percy
Lennon, alias Tomlinson, was wanted for automobile theft. In
February 1952 he had rented a 1951 Buick sedan in Hollywood and
had never returned it. He had given Blampied's name as a
reference. Detective Sergeant D. Reeves had established that
Lennon and his wife, Alvine, had sailed from Hew York for
Southampton, England, on the SS Queen Elizabeth February 20, the
Secret Service said.
Hollywood police reported on June l6 that Percy Lennon was
believed to be back in Hollywood, driving a smoky blue Cadillac
convertible and living in an unidentified motel.
Secret Service agents and detectives scoured the movie colony
searching for the Cadillac car. On the morning of June 17 an
agent and Detective Reeves, driving along Sunset Boulevard,
spotted a 1950 blue Cadillac convertible occupied by two men.
The police car made a "Uf' turn to follow the Cadillac and the
driver apparently became suspicious and sped down a side street.
Detective Reeves broadcast a radio alarm, and a short while
later it was reported that the Cadillac was located In an alley
and that the occupants had escaped on foot*
Secret Service men and police rushed to the area and found
that Motorcycle Officer R. 0. Tucker had found Lennon hiding in
shrubbery, but that .Pearce had scaled a fence and escaped, capture•
In order to climb the fence he discarded a newspaper and a
loaded .32 calibre revolver. Chief Baughman reported. The
newspaper was found to contain 10 counterfeit $100 notes. Lennon
refused to make admissions, claiming that the man who got away
was a hitch-hiker and a stranger to him.
Among Lennon's effects was a Social Security card issued to
Ray Gwinn, 1931 North 31st Street, Terre Haute, Indiana. Gwinn
was an ali<as used by Pearce. Secret Service agents from
Indianapolis went to the Terre Haute address and recovered some
of the camera equipment bought with the counterfeit bills, but
Pearce had fled.
367
- 4 Pearce, arrested by Secret Service agents and San Francisco
police at 951 O'Farrell Street, San Francisco, had only 29 cents
on his person. "It's a good thing you came in fast," he told
agents, ,!because I was going out the window.” He had planned
to flee to Australia by way of Canada if he could get enough
money, the Secret Service said.
Pearce declared that he and Lennon intended to make•a
killing by resale of the expensive camera equipment at premium
prices in the British black market, -according to Chief Baughman.
He refused to identify the source from which they obtained their
counterfeit $100 hills, but the Secret Service revealed that the
notes are believed to have been bought in London.
(3£
release
vtomim
hw spafehs ,
/
Tuesday* July 22* 1952*
/7__
3 / / /,
Th# Secretary of the Treasury announced loot evening that tho tenders for
#1,1*00,000,000, or thereabouts, of 91-day Treasury bills to be dated July 2h and to
mature October 23# 1952# which were offered on July 17, were opened at the Federal
Reserve Banks on July 21«
The details of this issue are as followsi
Total applied for - #2,10b,175,Q0Q
Total accepted
- 1,1(00,110,000 (includes #215,060,000 entered on a
non-competitive basis and accepted in
full at the avenge price shown below)
Average price
- 99*532/ Equivalent rate of discount approx* 1*8505 per annus
Range of accepted competitive bids« (Excepting two tenders totaling #650,000)
- 99*555 Iquivalsnt rate of discount approx* 1*7605 par annus
- 99*527
*
« *
*
•
1,8715 ■
*
&ow
(73 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Aeeeptsd
Boston
Rew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Dallas
San FTaeeiaee
1 61,587,000
1,¿35,178,000
¿1,511,000
56,229,000
35,655,000
19,823,000
213,162,000
51,875,000
18,218,000
¿¿,853,000
¿0,180,000
85,70^000
1
#2,10k,175,000
11,¿00,110,000
Total
59,0k7,000
76k,103,000
26,511,000
56,229,000
3k,505,ooo
19,823,000
199,062,000
51,875,000
18,218,000
¿¿,853,000
¿0,180,000
85,70b,ooo
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
369
RELEASE MOBLIEG NEWSPAPERS,
Tuesdav. July 22, 1950 « __
s-3111
The Secretary of the Treasury announced last evening that the
tenders .for $1,400.000,000, or thereabouts, of 91-day Treasury bills
to be dated July 24 and to mature October 23, 1952, which were
offered on July 17, were opened at the Federal Reserve Banks on
July 21.
The details of this issue are as follows:
Total applied for - $2,104,175*000
Total accepted
- 1,400,110,000 (includes 0215*OoO,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
99.532/
Equivalent
rate of discount approx.
Average price
1.850$ per annum
Rancce of accepted competitive bids: (Excepting two tenders
totaling $650 ,000)
High
- 99.555 Equivalent rate
1 ,760$
- 99.527 Equivalent rate
1 .871$
How
of discount approx
per annum
of discount approx
per annum
(73 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
$
6 1 ,587*000
1*435*178,000
41,511*000
56 ,229,000
35,855*000
1 9 ,8 2 3 , 0 0 0
213 *162,000
51*875,000
1 8 ,2 1 8 , 0 0 0
44,853*000
40.180.000
85.704.000
$2,104,175*000
0O0
Total
Accepted
59*04-7, 000
764,103* 000
26,511* 000
g 6 22Q 000
3 4 ',505* 000
19*823* 000
199 ,062,000
51*875*000
1 8 , 2 1 8 , 000
44,853, 000
40*180, 000
85*704,000
$1,400,110,000
- 3 -
i&m:
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 bZ and 11? (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19lfLj 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.
Accord
ingly, 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. Iil8, 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.
-
dealers in investment securities.
2
-
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 accept
ance 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 reserva
tions, non-competitive tenders for 1200,000 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 Re
serve Bank on ______ Juljy^l. 1952 » in cash or other immediately available
funds or in a like face amount of Treasury bills maturing July 31> 1952____
P?
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
&.«• ,v—
q
xkxx
fe fe fc a in A
TREASURY DEPARTMENT
Washington
/)
^
>7^
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 24, 1952
*
“
V
/y o
J
/ r
Jr-
»
The Secretary of the Treasury, by this public notice, invites tenders
fcr $1,500,000,000
, or thereabouts, of
91
cash and in exchange for Treasury bills maturing
the amount of $ 1,502,963*000
-day Treasury bills, for
July 31> 1952
» to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
, in
July 31,
1952
The bills
. and will mature
October 30* 1952____ , when the face amount will be payable without in-
¥&l
,J
terest.
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/StaK&aosi time, Monday, July 28, 1952.
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 competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.9 25.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application 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
TREASURY DEPARTMENT
Information Service
RE L E A S E M O R N I N G NEWSPAPERS,
Thursday, J u l y 24, 1952,
WASHINGTON, D .C .
S-3112
The S e c r e t a r y cf the Treasury, b y this p u b l i c notice, invites
tenders for $ 1 ,500,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y
bills, for c ash a n d in e x c h a n g e for T r e a s u r y b i lls m a t u r i n g
July 31, 1952, in the a m o u n t of $ 1 , 5 0 2 ,9 6 3 , 0 0 0 , to be i s s u e d o n 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 b i d d i n g as
h e r e i n a f t e r provided.
The bills of this series w i l l be d a t e d
July 31, 1952, a n d w i l l m a t u r e O c t o b e r 30, 1952, w h e n the face
amount w i l l be p a y a b l e w i t h o u t interest.
T h e y w i l l be i s s u e d in
bearer f o r m only, and in d e n o m i n a t i o n s of $1,000, ¿5*000, $10,000,
$100,000, $ 5 0 0 , 0 0 0 , a n d $ 1 , 0 0 0 , 0 0 0 (m a t u r i t y value).
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 D a y l i g h t S a v i n g
time, Monday, July 28, 1952.
T e n d e r s w i l l not be r e c e i v e d at the .
Tr e a s u r y D epartment, Washington.,
E a c h t e nder m u s t be for a n e v e n
multiple of $1,000, an d in the case of comp e t i t i v e tenders the
price o f f ered m u s t be e x p r e s s e d on the basis of 100, w i t h n ot more
than three decimals, e. g., 99-925.
F r a c t i o n s m a y n ot be used.
It is u r g e d that tenders be mad e on the p r i n t e d forms a n d f o r w a r d e d
in the s p e cial env 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 Re 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.
O t hers 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 no t be p e r m i t t e d to
submit tenders e x c e p t for their own account.
T e n d e r s w i l l be
received w i t h o u t de p o s i t f r o m i n c o r p o r a t e d banks a nd trust
companies a n d 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 de a l e r s i n i n v e s t m e n t
securities.
Tenders f r o m others m u s t be a c c o m p a n i e d by p a y m e n t of
2 p e r c e n t of 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, unless
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 by
an 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 Re s e r v e B a nks and 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 mad e by the S e c r e t a r y of the T r e a s u r y of the
amount a n d p r ice range of a c c e p t e d bids.
T h ose 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
Sec 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 ght to a c c e p t or
reject a ny or a l l tenders, in whole or in part, a nd h i s a c t i o n in
any s uch r e s p e c t s h all be final.
S u b ject to these r e s e r vations,
n o n - c o m p e t i t i v e tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated pri ce
from a n y 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 pri ce
2
(in three d e c i m a l s ) of a c c e p t e d c o m p e titive bids.
S e t t l e m e n t for
a c c e p t e d tenders in a c c o r d a n c e w i t h the bids m u s t be m a d e or
c o m p l e t e d at the F e d e r a l R e s e r v e B a n k on J u l y 31* 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 ount of
T r e a s u r y b i lls m a t u r i n g Jul y 31> 1952.
Cash an d e x c h a n g e tenders
w i l l r e c eive e q u a l treatment.
C a s h a d j u s t m e n t s w i l l be m a d e for
d i f f e r e n c e s b e t w e e n the p a r v a lue of m a t u r i n g bills a c c e p t e d in
e x c h a n g e and the issue p r ice 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, s h all 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 b i lls shall n o t h a v e a n y sp 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 bills shall be s u b ject to estate,
inheritance, gift or o t her excise taxes, w h e t h e r F e d e r a l or State,
but shall be e x e m p t f r o 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 i n t e r e s t t h e r e o f by 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 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 considered
to be interest.
U n d e r Sections \2 a n d 117 (a) (l) of the Internal
R e v e n u e Code, as a m e n d e d by S e c t i o n 115 of the R e v e n u e A c t of 19*1-1,
the a m ount of d i s c o u n t at w h i c h bills issued h e r e u n d e r are sold
shall n o t be c o n s i d e r e d to a c crue u n t i l such bills s h all be sold,
r e d e e m e d or otherwise d i s p o s e d of, and such bills are e x c l u d e d
f r o m 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 tha n life i n s u rance companies) i s sued
h e r e u n d e r n e e d include in his income tax r e t u r n o n l y t he
d i f f e r e n c e b e t w e e n the price 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, and 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 or w h i c h the r e t u r n is made, as o r d i n a r y g a i n or loss
T r e a s u r y D e p a r t m e n t Circu l a r Wo. 418, 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 itions of their 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.
oOo
ASUR
*%
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y Q
RELEASE MORNING NEWSPAPERS,
Tuesday, July 29 * 1952»
The Secratary of the treasury announced last evening that the tenders for
$1,500,000,000, or thereabouts, of 91-day treasury bills to be dated July 31 and to
nature October 30, 1952, which were offered on July 2ii, were opened at the Federal
Reserve Banks on July 28*
the details of this issue are as follows«
total applied for # 12,056,572,000
total accepted
- 1,500,622,000
Average price
- 99*526
{includes $185,960,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Equivalent rate of discount approx* 1*8775 Per annum
Range of accepted competitive bids*
High
Low
- 99*555
* 99*517
Equivalent rate of discount approx. 1*7605 per annum
*
s e e
«
1*9115 •
*
(30 percent of the amount bid for at the lew price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New toxic
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
f
|
Total
1,0,968,000
l,k 7 k ,072,000
3 3 ,0 9 1 ,0 0 0
31 ,8 3 0 ,0 0 0
16 ,7 7 2 ,0 0 0
2k ,3 7 5 ,ooo
2lj6 ,ii63,ooo
28,k 5l,ooo
8 ,3 1 3 ,0 0 0
lt3,57U,000
29 ,6 2 1 ,0 0 0
79.01)2.000
• 2,056,572,000
1)0,268,000
93 7 ,5 7 2 ,0 0 0
2k ,591,000
3 1 ,8 3 0 ,0 0 0
1 6 ,7 7 2 ,0 0 0
2k ,375,000
236,213,000
28,1)51,000
8 ,3 1 3 ,0 0 0
k3,57k,000
2 9 ,6 2 1 ,0 0 0
79,01)2,000
1 1 ,5 0 0 ,6 2 2 ,0 0 0
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
REMAKE HORTUNG NEWSPAPERS,
Tues day, July_ 29, 1 9 5 2 . _ _
375
«-3113
The Secretary of the Treasury announced last evening that the
tenders for $1,500,000,000, or thereabouts, of 91-day Treasury bills
to be dated July 31 and to mature October 30* 1952, which were
offered on July 24, were opened at the Federal Reserve Banks on
July 28
The details of this issue are as follows:
Total applied for - $2*056,572,000
1 ,500,622,000 (includes $185 ,960,000
Total accepted
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
99.526 Equivalent rate of discount approx.
Average price
I.877$ per annum
Range of accepted competitive bids:
High
Low
- 99.555 Equivalent rate
1 .760$
- 99.517 Equivalent rate
1 .911 $
of discount approx.
per annum
of discount approx.
per annum
(30 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Appiled for
Total
Accepted
40.968.000
1,474,072,000
33 .091.000
3 1 ,8 3 0 , 0 0 0
Ì6 ,772,000
24.375.000
246,463,000
28.451.000
8 ,3 1 3 , 0 0 0
43.574.000
29 621.000
79,042,000
40.268.000
937.572.000
24.591.000
31.830.000
16 ,772,000
24.375.000
236.213.000
28.451.000
8,313,000
43.574.000
29 621.000
79.042,000
$2 ,056,572,000
$1,500,622,000
.
.
campaigns
to
the
will
whole
petroleum
economic
country
Industry
defense
effectively,
so
much
our
further
of
just
the
military
functioning
how t h e
Is
of
as
defense
our
advancing
the
motive
of
demonstrate
it
Nation
is
producing
p o we r
and
the
for
for
the
domestic
ec onomy .
V
I deeply
the
with
pleasure
you
appreciate
and t h e
today,
Thank
the
honor
you.
of
privilege
being
21
you
wiII
here
give
active assistance
in p r o m o t i n g e d u c a t i o n a l
in y o u r c o m p a n i e s ,
a v e r a g e o f at
campaigns
to r e a c h a n
least 50 p e r c e n t
employee participation
in y o u r
Payroll
and to s e t
an
S a v i n g s Plans,
example for the N a t i o n by your
p a t r i o t i c p r o m o t i o n of the Payroll
Savings Plan throughout your
industry.
I h o p e you will
t r y to
conduct your campaigns during a
to t w o - w e e k p e r i o d in September,
s t o c k h a v e u p w a r d s of 7 5 p e r c e n t
o f t h e i r e m p l o y e e s on t h e i r P a y r o l l
P a v i n g s Plan for Bonds.
Let me e m p h a s i z e again that
it is m o r e
important now than ever
b e fore to obtain the widest
p o s s i b l e o w n e r s h i p of t h e p u b l i c
debt.
The Payroll savings Plan
h a s p r o v e d an e f f e c t i v e
instrument
t h i s end,
for a c c o m p l i s h i n g
as w e l l as for e n c o u r a g i n g
"
*
the s y s t e m a t i c prac t i c e of thrift.
S e c r e t a r y - T r e a s u r e r Brown,
and the
response by the
companies
indivi d u a l
and a s s o c i a t i o n s resulted
Payroll
in t h e
Savings Plan being made
available throughout the
A b o u t 25 p e r c e n t o f t h e
in y o u r c o m p a n i e s n o w
industry.
employees
invest
in
United States Defense Bonds by
r e g u l a r s a v i n g s from their pay.
two of your
leading companies which
r e w a r d t h i s f o r m of e m p l o y e e s a v i n g
with a generous bonus
in c o m p a n y
- 16
in p a y r o l l
savings oampaigns which
have resulted
in 50,
60,
TO,
80,
and
e v e n up to 9 8 p e r c e n t o f t h e
e m p l o y e e s of
large c o m p a n i e s signing
u p on t h e P a y r o l l
Savings Plan,
9
These campaigns have pleased
m a n a g e m e n t and t h e y have p l e a s e d
the employees who have participated
in t h e m .
lifin
Your Council,
by resolution
I mm
y
u n a n i m o u s l y a d o p t e d at y o u r
P
January
13,
1949 m e e t i n g ,
y o u r a p p r e c i a t i o n of t h e
expressed
importance
'Ôv
*•15
P l a n for your e m pl o y e e s .
You know
t h i s as the p l a n w h e r e b y the e m p l o y e e
.\ •
s e t s a s i d e s o m e t h i n g each p a y day for
I n v e s t m e n t in U n i t e d S t a t e s D e f e n s e
Bonds,
it Is the o n l y m e t h o d for
I n ve sting In B o n d s on an i n s t a I I m e n t
basis.
For m i l l i o n s of Americans,
t h e Payroll S a v i n g s P l a n m a r k s the
difference between systematic
savi ng
not s a v i n g at all.
In the past two years, s a le s
m e t h o d s have b e e n p e r f e c t e d for use
XX
s t r e ng t he n t h a t f a i t h and we promote
t he s t a b i l i t y
artel sound growth of our
American i n s t i t u t i o n s and of our
American f r e e e n t e r p r i s e system.
i- am here t o e n l i s t your f u r t h e r
aid in a campaign which w i l l promote
t h e s e aims t hrough s t i m u l a t i n g an
i nc r ea s ed investment
in United s t a t e s
Government o b l i g a t i o n s by t he employees
in your i n d u s t r y .
1 vent ure to say
t h a t a l l of you here today have
already p a r t i c i p a t e d
in such
our
9
on June 30, 1952.
Thi s was done
part i a l l y t hrough use of the budget
surplus,
and p a r t i a l l y through
reduction
left
in t he cash bal anc e
at the end of wartime
financing.
1 p u b l i c debt o f the magnitude
o f ours has a tremendous impact on the
f u n c t i o n i n g of the p r i v a t e e n t e r p r i s e
system.
The management of t he debt
can i n f l u e n c e t he soundness of t he
Nation’ s finances,
private.
both p u b l i c and
It can i n f l u e n c e t he f a i t h
opr
7
;u*3»yvvv■’
•r ince - - t h a t
it
is the r e s p o n s i b i l i t y
o f dovernment t o reduce i t s
e x p e n d i t u r e s in evaj~y p o s s i b l e way,
to mai nt ai n adequate t a x r a t e s ,
I
m
u
to
alanoed budget, ani t o
s t r i v e t o reduce t he t u b i i e debt .
As you Know,
t he Tr eas ur y,
it
is
x
h & uon o i ebo , not
f*
whi eh l evi es
d i r e c t s the spend I ng of
O
‘T
: im
3
C Si X lì
Vin1 Jr
t h a t t he Treasury pays o u t .
s and
oliar
it
is
my r e s p o n s i b i l i t y t o ra i se t he rdone y
to pay the T i l l s Itji Cf C0 aay off
jgf
01
rr
C#
$ -fy
national
I o'ft§ f e l t - - as I state
fk \ í
m V
when
taking
secretary
go,
debt.
of
the
the
oath
of
office
Treasury
and have frequentl
as
r i x years
v m mI. & I
I
rever
representing your
in m i n d t h e
industry,
he h a d
i m m e a s u r a b l e aid given
the war effort by the p e t r o l e u m
i n d u s t r y as a w h o l e
and by m a n y of
you here today personally.
T h e A x i s p o w e r s w e r e on the m a r c h
at t h e t i m e o f t h e a t t a c k on P e a r l
Harbor,
triumph.
l o o k i n g f o r w a r d to w o r l d - w i d e
But we d e f e a t e d t h e m
in
less than four years by a c o m b i n a t i o n
of fighting h e a r t , industrial power
an d u n p a r a l l e l e d t e a m ' w o r k .
That
36
-
3
struck oil near Titusville 93 years
ago
has
revolutionized
industry,
American
and c h a n g e d the c o n d i t i o n s
of civilized living for every American
c it i z e n .
The National Petroleum Council
is an o u t s t a n d i n g e x a m p l e o f
cooperation between
dovernment
Nation,
President
in t h e
when
i n d u s t r y and
interest of the
in M a y ,
1946,
the
recommended the establishment
o f an a d v i s o r y o r g a n i z a t i o n
C h a i r m a n H a l l a n a n and m e m b e r s
#'
of the Nati o n a l P e t r o l e u m Council:
It is a r e a l p l e a s u r e t o b e
with you this morning,
I am h e r e to t a l k a b o u t
program that
a
is q u i t e d i f f e r e n t
in
t e m p o from what we h a v e been w a t c h i n g
a n d l i s t e n i n g t o f o r t h e p a s t few
weeks,
today w e a r e t o d i s c u s s a
matter that
is c o m p l e t e l y n o n p o l t t i cal
and n o n p a r t i s a n ,
and m u s t
it a l w a y s h a s b e e n
a l w a y s r e m a i n so.
It
is a
The following address by S ecretary Snyder before
the Ifetional Petroleum Council in the Departmental
Auditorium, Washington, D .C ., is s cheduled for
delivery at 11 A.M. BDT Tuesday, July 2 9 , 1952,
and is for release at th at time.
3 / 11/
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder before
the National Petroleum Council in the Departmental
Auditorium, Washington, D. C», is scheduled for
delivery at 11:00 A »Mo EDT ■Tuesday, July 29, Ip £2,
and is for release at tliatTtime»
Chairman Hallanan and members of the National Petroleum Council:
It is a real pleasure to be with you this morning«
$
I
am here to talk about a program that is quite different in tempo
from what we have been watching and listening to for the past few weeks«
Today we are to discuss a matter that is completely nonpolitical and
nonpartisan» It always has been and must always remain so« It is a
program that succeeds because of the volunteer leadership of men like
yourselves, and because it is a program of the individual people in
every city, town and hamlet of the country«
I
need not elaborate on the importance of the material which you
produce and process from the earth« The development of petroleum and
its products since Colonel Drake struck oil near Titusville 93 years ago
has revolutionized American industry, and changed the conditions of
civilized living for every American citizen®
The National Petroleum Council is an outstanding example of
cooperation between industry and Government in the interest of the Nation«
Mien in May, 19^6, the President recommended the establishment of an
advisory organization representing your industry, he had in mind the
immeasurable aid given the war effort by the petroleum industry as a
whole and by many of you here today personally»
The Axis powers were on the march at the time of the attack on
Pearl Harbor, looking forward to world-wide triumph» But we defeated
them in less than four years by a combination of fighting heart,
industrial power and unparalleled teamwork» That same combination will
win our present fight to avert an even more devastating war and preserve
the right of men everywhere to live in freedom«
Today the Communist aggressors are engaged in a program for world
domination which has as its goal the destruction of freedom wherever it
exists« In opposition to that program we have to prepare our military
defenses* At the same time we have to maintain our economic' strength,
S-3111*
-
2
401
-
and demonstrate the falseness of the Communist propaganda that the
private enterprise system leads inevitably to economic collapsee
Economic defense is a very broad subject* I shall refer to only
one aspect of this subject, but a most important aspect — the sound
management of the national debt#
I
have long felt — as I stated when taking the oath of office as
Secretary of the Treasury six years ago, and have frequently repeated
since — that it is the responsibility of Government to reduce its
expenditures in every possible way, to maintain adequate tax rates, to
achieve a balanced budget, and to strive to reduce the public deot*
As you know, it is the"Congress, not the Treasury, which levies taxes
and directs the spending of every dollar that the Treasury pays out#
It is my responsibility to raise the money to pay the bills and to pay
off maturing obligations and to do it in ways that will be to the best
advantage of the Nation as a whole#
I
am pleased to report that the budget has been "better than
balanced" for the period of the past six years ending with the fiscal
year 1952. The total revenues of our Government exceeded expenditures
by over $3-1/2 billion during this period, and the public debt was
actually reduced by about $11 billion, from $270 billion on June 30,
19U6, to about '£59 billion on June 30, 1952# This was done partially
through use of the budget surplus, and partially through reduction in
the cash balance left at the end of wartime financing#
A public debt of the magnitude of ours has a tremendous impact on
the functioning of the private enterprise system* The management of the
debt can influence the soundness of the Nation’s finances, both public
and private* It can influence the faith and assurance which enable us to
conduct our business, buy and sell, pay our personnel, plan the use of
current and future income -- in short, participate fully in American
life, confident in the fundamental stability of our Nation* We must
never forget that the retention of faith in the soundness of our financial
system is precious for all the people# When we encourage the wide owner
ship of the public debt, we strengthen that faith and we promote the
stability and sound growth of our American institutions and of our
American free enterprise system#
I am here to enlist your further aid in a campaign which will promote
these aims through stimulating an increased investment in United States
Government obligations by the employees in your industry# I venture to
say that all of you here today have already participated in such campaigns
in the past* Your efforts have been a part of the broader program by
which the Government security holdings of the commercial banking system
have been reduced by $2l* billion during the past six years, while holdings
of United States savings bonds have increased by over $8-l/2 billion,
- 3 -
These are impressive results, but now we need to do still better*
Our defense and security programs are costly — both in terms of dollars
and in terms of materials and resourcesc We need to meet these costs,
and we must meet them, without causing undue strains — financial or
otherwise — in our economy«
One of the ways we can do this is to meet our needs for funds to
the greatest extent possible by drawing on individual savings*
The best method yet devised for encouraging the systematic practice
of thrift, and promoting the widest possible public ownership of the
securities of the Government, is the Payroll Savings plan* Most of you
operate the payroll Savings Plan for your employees* You know this as
the plan whereby the employee sets aside something each pay day for
investment in United States Defense Bonds* It is the only" method for
investing in Bonds on an installment basis* For millions of Americans,
the Payroll Savings Plan marks the difference between systematic saving
and not saving at all.
In the past two years, sales methods have been perfected for use
in payroll savings campaigns which have resulted in 50, 60, 70, 80, and
even up to 98 percent of the employees of large companies signing up
on the Payroll Savings Plan* These campaigns have pleased management
and they have pleased the employees who have participated in them*
Your Council, by resolution unanimously adopted at your January 13,
I9 k 9 * meeting, expressed your appreciation of the importance of the
proper management of the public debt to the future of American industry
and our free enterprise system* You authorized your chairman to invite
the voluntary support of the Petroleum Industry in making the Payroll
Savings Plan available to company employees and encouraging their
interest in acquiring United States Savings Bonds*
The endorsement of the Council, the work of Chairman Hallanan and
Secretary-Treasurer Brown, and the response by the individual companies
and associations resulted in the Payroll Savings Plan being made avail
able throughout the industry. About 2$ percent of the employees in
your companies now invest in United States Defense Bonds by regular
savings from their pay. Two of your leading companies which reward this
form of employee saving with a generous bonus in company stock have
upwards of 75 percent of their employees on their Payroll Savings Plan
for Bonds*
Let me emphasize again that it is more important now than ever
before to obtain the widest possible ownership of the public debt. The
Payroll Savings Plan has proved an effective instrument for accomplishing
this end, as well as for encouraging the systematic practice of thrift*
- u -
There is no more direct means by which you as individual citizens can
contribute to the Nation’s financial strength than by promoting Savings
Bond ownership on the part of your employees* There is no more direct
effort that you can make* gentlemen* to preserve the integrity of our
financial system than to take that step»
I am confident that every one of you here will give active assistance
in promoting educational campaigns in your companies*, to reach an average
of at least 5>0 percent employee participation in your Payroll Savings
Plans* and to set an example for the Nation by your patriotic promotion
of the Payroll Savings Plan throughout your industry* I hope you will
try to conduct your campaigns during a 10-day to two-week period in
September* or as near thereto as appropriate to your company programs#
I am asking the State Directors of the Savings Bonds Division to call
upon you within a few days after you return home* to give you any
desired information concerning the methods other companies have found
practical and productive in enrolling their employees on the Payroll
Savings Plan#
Your leadership in these campaigns will further demonstrate to
the whole country how the petroleum industry is advancing the economic
defense of the Nation effectively* just as it is producing so much of
the motive power for our military defense and for the functioning of our
domestic economy*
I deeply appreciate the privilege* the pleasure and the honor of
being with you today# Thank you«
-0O 0-
- 3 -
mum
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 i*2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section ll£ of the Revenue Act of IRlfL, 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.
Accord
ingly, 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 Wo. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
-
2
-
mmx
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
August 7> 1952
'jsjr
, in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
August 7 1 1952
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
£%M3oitxì
kWttkx
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 31» 1952
___ .
&£
‘
The Secretary of the Treasury, by this public notice, invites tenders
for $1,300*000»OOP
i or thereabouts, of
Sjt
91
-day Treasury bills, for
iW~~
cash and in exchange for Treasury bills maturing
the amount of $1 ,303»1^8,000
August 7. 1952_____, in
ifei
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
November 6, 1952
terest.
August 7, 1952
The bills
, and will mature
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern/fefcamfaansi- time, Monday, August
1952 »
¿I?
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 competi
tive 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
TREASURY DEPARTMENT
Information Service
FOR RELEASE, MOFNIi'IG KEWSPA.PERS,
Thursday , July, -^1, 1952 . __V ____ •
Wa s h i n g t o n , d .c .
3
S-^llB
The S e c r e t a r y of the Treasury, hy this publ i c notice, invites
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,
for cash and in ex c h a n g e for T r e a s u r y bills m a t u r i n g August 7, 1952,
in the a m o u n t of ¿ 1 , 3 0 3 .1^8,000, to be Issued on a d i s c o u n t basis
under c o m p e t i t i v e and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r
provided.
The bills of this series w i l l be dated August 7, 1952,
and Wil l m a t u r e N o v e m b e r 6, 1952, w h e n the- face a m o u n t .wi 11 -be payable
without interest.
T h e y w i l l be issued in b e a r e r f orm only, and I n
denominations of ¿1,000, $5,000, ¿1.0,000, ¿100,000, ¿ 5 0 0 ,0 0 0 , and
|l,000,000 ( m a turity value).
Te n d e r s w i l l be r e c eived at F e d e r a l R e s e r v e Banks 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 . , -Eastern D a y l i g h t S a v i n g
time, Monday, A u g u s t 4, 1952.
T e n ders w i l l not be received at the
^
Treasury D e p a r tment, W a s h i n g t o n .
E a c h tender mus t be for an e v e n
multiple o f ¿1,00.0, and in the case of c o m p e t i t i v e tenders the price
offered m u s t be expressed on the basis of 100, w i t h not mor e than
three decimals, e. g., 99.925.
F r a c t i o n s m a y not .be used.
Tt is
urged that tenders be made on'the printed forms and forwarded in the
special e n v e l o p e s w h i c h w i l l he supplied b y F e d e r a l R e s e r v e Banks or
Branches on a p p l i c a t i o n therefor-.
Others than b a n k i n g institutions' w i l l hot he pe r m i t t e d to submit
tenders e x c e p t for their own account.
T e nders w i l l be received
without d e p o s i t fro m incorporated banks and trust companies and from
responsible and r ecognized dealers in inv e s t m e n t securities.
T e nders
from others m ust be a c c o m p a n i e d by p a y m e n t of 2 p e rcent of the face
amount of T r e a s u r y bills applied for, 'unless the tenders are
accompanied b y an express g u a r a n t y of p a y m e n t by an i pcorporated 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 wil l he opened at the
Federal R e s e r v e Banks and Branches, f o l l o w i n g w h i c h public a n n o u n c e
ment 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 a m o u n t and
price range of accepted bids.
Those s u b m i t t i n g tenders w i l l be
advised 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 reser v e s the right to a c cept or reje c t a ny
or all tenders, in w h ole or In part, and his a c t i o n In a ny such
respect shall be final.
Subject to these r e s e r vations, n o n - c o m p e t i t i v e
tenders for ¿ 2 0 0 , 0 0 0 or less ' w i t h o u t stated price from a n y one b i d d e r
will be accepted In full at the average price (in three d e c i mals)
2
of a c c epted comp e t i t i v e bids.
Set t l e m e n t for accepted tenders in
a c c o r d a n c e w i t h the bids m ust be m a d e or completed at the F e d e r a l
R e s e r v e B a n k on A u g u s t 7, 195.2,. 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 ount of T r e a s u r y bills m a t u r i n g
A u g u s t 7, 1952.
Cash and e x c hange 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 mad 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 a c c e p t e d in ex c h a n g e and the issue
price of the n e w bills.
The income d e r i v e d form T r e a s u r y bills, w h e t h e r Interest or
gain f v 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 from the sale or other d e s p o s i t i o n
of T r e a s u r y bills shall not hav e a n y special 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 shall be subject to estate, inheritance, gift
or o t h e r exci s e taxes, w h e t h e r F e d e r a l or State, but shall be exempt
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 imposed on the p r i n c i p a l or
>>
interest t h e reof by a ny State, or a n y of the p o s s e s s i o n s of the
United States, or by a n y local t a x i n g authority.
F or pu 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 by the U n i t e d States shall be considered to be
interest.
U n d e r Sections 42 and 117 (a) (l) of the I n t e r n a l Revenue
Code, as amended b y S e c t i o n 115 of the R e v e n u e A ct of 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 r are sold shall
not be con s i d e r e d to accrue until such bills shall be sold, redeemed
or oth e r w i s e d i s posed of, and such bills are exclueded from
c o n s i d e r a t i o n as c a pital assets.
Accordingly, the owner of Treasury
bills (other t h a n life insurance companies; issued h e r e u n d e r need
include in his income tax r e t u r n only the d i f f e r e n c e b e t w e e n the
price paid for such bills, w h e t h e r on or i g i n a l issue or on subsequent
purchase, and the amount a c t u a l l y received 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 yea r for w h i c h the return
is made, as o r d i n a r y gain or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r U o # 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 bills and g o v e r n the
c o n d itions of t h eir issue.
Copies of the c i r cular m a y be obtained
from a n y F e d e r a l R e s e r v e B a n k or Branch.
0O0
BtSEDIATE RELEASE
WEDNESDAY< JULY 30« 1952
s - J / / £
Secretary of the Treasury Snyder today announced the offering
of a 1-year 2% c e rtific a te of indebtedness* dated August 15* 1952*
in exchange for the two outstanding issues of ce rtific a te s of
indebtedness which mature on August 25 and September 1* respectively,
as follows:
Series 0*1952* maturing August 25» 1952 in the amount
of $583,202*000* and Series D-1952* maturing September 1 , 1952 in
the amount of $1,832*1|2|6*0009 An in terest adjustment w ill be made
with respect to the ce rtifica te s maturing September 1 , which are
exchanged for the new certificates«
Monday* August be
Subscription books w ill open
TREASURY DEPARTMENT
Information Service
WASHINGTON, D.
409
IMMEDIATE RELEASE
Wednesday, July 30» '1952
S-3116
Secretary of the Treasury Snyder today announced the
offering of a 1-year 2% certificate of indebtedness, dated
August 15, 1952, in exchange for the two outstanding issues
of certificates of indebtedness which mature on August 15
and September 1, respectively, as follows:
maturing August
Series
of
D-1952,
15,
1 9 5 2 . in
the amount of
maturing September 1,
$1,832,446,000.
1952
Series
C-1952,
$ 5 83,202,000,
in the amount
An interest adjustment will be made
with respect to the certificates maturing September 1,
which are exchanged for the new certificates.
scription books will open Monday, August
0O0
4.
Sub
and
S '1
Snyder announced today th a t th e new
S e r ie s H c u r re n t income U nited S ta te s Savings Bonds
a re now being d e liv e re d to p u rc h a s e rs .
The S e r ie s H bonds went on s a le June 1 .
U n til
th e Bureau o f Engraving and P r in tin g could tu rn out
a supply o f th e bonds, o rd e rs were taken and in te rim
r e c e i p t s is s u e d .
Bonds a re now being m ailed to h o ld ers
o f th e se r e c e i p t s , as w e ll as to new p u rc h a s e rs .
L o cal banks and o th e r l o c a l b o n d -s e llin g a g e n cie s
forw ard a l l o rd e rs f o r H bonds to the T reasu ry o r th e
F e d e ra l R eserve Banks and b ran ch es, which iss u e and
d e liv e r th e bonds.
S e r ie s H bonds a re a v a ila b le in fo u r denom inations,
each b e a rin g th e p o r t r a i t o f a P re s id e n t o f th e U nited
S ta te s .
The p o r t r a i t s a r e :
$500 bond - Woodrow Wilson
$ 1 ,0 0 0 bond - Abraham L in co ln
$ 5 ,0 0 0 bond - James Monroe
$ 1 0 ,0 0 0 bond - Theodore R o osevelt
The S e r ie s H bonds may be held only by in d iv id u a ls .
I f th e H bond i s held 9 y e a rs and 8 months, i t s in v e s t
ment y ie ld i s 3 p e r c e n t, compounded se m i-an n u ally , th e
same as th e y ie ld o f th e new type S e r ie s E bond.
The H bond s e l l s a t p a r , and i s redeem able a t p ar
a t any tim e a f t e r 6 months from th e is s u e d a te , on one
month’ s n o t i c e .
The i n t e r e s t on H bonds i s paid each
s i x months by T reasu ry ch eck , brought by th e postman.
The purchase lim it i s $ 2 0 ,0 0 0 o f any one ca le n d a r y e a r ’ s
is s u e
3
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
IMMEDIATE RELEASE
Thursday, July 31, 195?
S-3117
Secretary Snyder announced today that the new Series H
current income United States Savings Bonds are now being
delivered to purchasers*
The Series H bonds went on sale June 1, Until the
Bureau of Engraving and Printing could turn out a supply of
the bonds, orders were taken and interim receipts issued.
Bonds are now being mailed to holders of these receipts, as
well as to new purchasers*
Local banks and other local bond-selling agencies forward
all orders for H bonds to the Treasury or the Federal Reserve
Banks and branches, which issue and deliver the bonds.
Series H bonds are available in four denominations,
each bearing the portrait of a President of the United States.
The portraits are?
$£00
$1,000
$£,000
$10,000
bond
bond
bond
bond
-
Woodrow Wilson
Abraham Lincoln
James Monroe
Theodore Roosevelt
The Series H bonds may be held only by individuals. If'
the H bond is held 9 years and 8 months, its investment yield
is 3 percent, compounded semi-annually, the same as the yield
of the new type Series E bond.
The H bond sells at par, and is redeemable at par at
any time after 6 months from the issue date, on one months
notice. The interest on H bonds is paid each six months by
Treasury check, brought by the postman. The purchase limit
is $20,000 of any one calendar year's issue.
oOo
I li I
August l$9 1952* or im teste? Ctertiftoste of laâsbUdr»»» of Serie» B-19Ö2,
mteiag sapiente X* WM* testo «Ul b© mmtfœé st par iüft shouM ao©e®f»ny
te suteripiioa* t e fan aaiouiifc of Interest d m on t e certificat©» ©f Sirte
G-»1S$2 s a r r t e e t e w ill p
c e rtific a te *
Ä te
paid t e t e « s fo s e rite following accepts«*** « f t e
mm of te
c e r t i f i c a t e of t e i « » D-1952# » ® â
te
tes«t fra* œtobsr 1, 1951* ta teste 15* 1952 ($16*31)221 psr tl9000) «111 b©
paid to t e «teerte? foiteUtg accepte®® of t e certificate«
a
tMrawt&'Sii n ív » l i i S I B
1« A* ftesi s««te of t e Halte State* federal Reserve Bate ara p i # ite mut requested to roetes subscription», to ate alístete m t e basta t e
i if
to
t e
anote« teleate
b y
t e
secretary of
t e
treasury to
t e
fatesi Bo*
servo late of te raspeóte* sterlets* to l e m alloteat notices* to malve
payment fis* certificate allotted* to te© delivery of certificate ©a full*
paid subsorlpttous ©Hotte* t e tey aay l e m intarla rocoipta petes« delivery
of te daftaitiv© certificate*
2* t e secretary of t e treasury may at aay tea* or from tins to tine,
prosertbs scpptetesl or antestey rules t e regulation gowning te offer
ing, which Win be ecswi&eate pr«ptly to t e federal Reserve Bate*
«il l# CTS|
Secretary of t e treasury«
co
«• 2
«ut
fc~ \
Ir
all tamitoa mm or hereafter
m the principal ©e interest thereof hy
any Stato» or any of tbo possessions of tha baited States, or by any locai taa&ng
authority*
3* The certificates will he aeceptabla to secare deposits of public aoneys«
They will aot fee mmpiMet in 'paymmi of tasca*
è# Bearer eertificatee sin be issued la denaeiaatioa* ef $1,000, $5*000,
$10,000» $100,000 mà $1*000,000« Ttm certificata» wlU not be issued la regis
tered fora«
n< 5« The certificates win be subject to the p w a l regulations of the
✓
fnaasury BepsTteent* nm m hereafter prescribed, governing United State# car*»
tificates*
in* a w m i m a i m
mm$mw
1* subacrlptloaa win be received at the Federal Baser«# Banks and Branch©«
and at the Treasury Bapsrtismt, ftuttJQglM* Banking institution* generally ear
submit subscription* for account of customra, bat caOy the Federal Baser«*
Banks and the Treasury Bepartaent are authorised to act as official s ^ l ^ *
2« Th* Oecreta^r of the Treasury mmarmn the rl#it to reject any sub
scription, la whole ar la part, to allot lesa than the ascent of oertlfleatea
applied for, and to el#®# the books as to any «* all subscriptions at any tin»
wttheist notice* and any #§!$$§ he way take in thesa reacts «hall be fimi#
subject to these reservations, a n subscriptions win ba allotted la fan*
Allotment notices will be sent oat promptly s^on allotiwmt*
IF* H I M
1* Paysaant for certificates allotted hereunder nmst be made cm or before
August 15, 1952, m m later allotasnt# Faysent of the principal amount way be
lasd* only in Treasury Certificates of Indebted»*« of Bsriee 0-1952, mtarlng
M é $ m
tm
W
àMMlùk
m i a i cantorms$ cr ittififtiiPfÉ ir i m i # 4 ^
n
Date* «mi tearing intera*! I t e ¿agate 35» 19Ì&
1953
Bis» ¿agite 35» 3553
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Dapartsast Circolar Ho» fH
affieni «£ tè i saerotery*
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or cufifiaAfES
pirsuaiit te ite «mterlte ^ ite Utente
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stai«« far certificata« of Ii ì M
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l^f/S «arcassi Trcaaary CarUfItele* «C Xteafatedaaaa ef Sarte» 01952* mtaring
¿ugnai 35» 3952» er OT/S p w i t e ^ r Certificate* of Xteabteteaaa «f
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a» teiaataaat eff m a t e aa af «nate 15» 1952» te tea eaaa ef Ite cartlfleale»
ef m É U t e a af Sarte* 04951*
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m m m $
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te teuvity va àwpfft 35» 3953« t e r t e li t e te «telate te ««31 far ro tean te
patio? te iite%i
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glft er «ter ornimi tara*» teter faterai er itela» tei atei! te «nate fra
release,
mamma
newspapers,
4» 1952,
S - v5//^
Secretary of ih« Treasury Snyder today announced the offering, through
the Federal Reserve Banks, of 2 percent Treasury Certificates of Indebtedness
of Series C-1953» open on an exchange basis to holders of L~?/$ percent
Treasury Certificates of Indebtedness of Series C-1952, in the amount of
$533,202,000, maturing August 15, 1952, or 1 -7 /3 percent Treasury Certificates
of Indebtedness of Series 0-1952, in the amount of $1,$32,4*6,000, maturing
September 1 , 1952* Exchanges will be made par for par in the case of the
certificates of Series C-1952, and at par with an adjustment of interest as
of August 15, 1952, in the case of the certificates of Series 0-1952, Cash
subscriptions will not be received*
The Secretary also announced that the option to call for redemption on
December 15, 1952, the four issues of Treasury bonds eligible to be called
on that date, will not be exercised.
The certificates now offered will be dated August 15, 1952, and will
bear interest from that date at the rate of two percent per annum, payable
with the principal at maturity on August 15, 1953* They will be issued in
bearer for» oily, in denominations of $1,000, $5,000, $10,000, $100,000
and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, as amended,
interest upon the certificates now offered shall not have any exemption, as
such, under the Internal Revenue Cods, or laws amendatory or supplementary
thereto. The full provisions relating to taxability are set forth in the
official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Washington, and should be accompanied by a
like face amount of the maturing certificates. Subject to the usual reserva
tions, all subscriptions will be allotted in full.
The subscription books will close for the receipt of all subscriptions
at the d o s e of business Thursday, August 7*
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight August 7, will
be considered as having been entered before the close of the subscription
books.
The text of the official circular follows!
TREASURY DEPARTMENT
Information Service
WASHINGTON, D C .
4.1
RELEASE, MORNING NEWSPAPERS,
Monday, August h> 1952
S-3118
Secretary of the Treasury Snyder today announced the offering* through
the Federal Reserve Banks, of 2 percent Treasury Certificates of Indebtedness
of Series C-1953, open on an exchange basis to holders of 1-7/8 percent
Treasury Certificates of Indebtedness of Series C-1952, in the amount of
1583,202,000, maturing August l£, 1952, or 1-7/8 percent Treasury Certificates
of Indebtedness ox Series
1952, in the amount of $1,832,1414^,000, maturing
September 1, 1952* Exchanges will be made par for par in the case of the
certificates of Series C-1952, and at par with an adjustment of interest as
of August 15, 1952, in the case of the certificates of Series D-1952. Cash
subscriptions will not be received*
The Secretary also announced that the option to call for redemption on
December 15, 1952, the four issues of Treasury bonds eligible to be called
on that date, will not be exercised.
The certificates now offered will be dated August 15, 1952, and will
bear interest from that date at the rate of two percent per annum, payable
with the principal at maturity on August 15, 1953. They will be issued in
bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000
and $1,000,000*
Pursuant to the provisions of the Public Debt Act of I 9I4I , as amended,
interest upon the certificates new offered shall not have any exemption, as
such, under the Internal Revenue Cede, or laws amendatory or supplementary
thereto. The full provisions relating to taxability are set forth in the
official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Washington, and should be accompanied by a
like face amount of the maturing certificates. Subject to the usual reserva
tions, all subscriptions will be allotted in full.
The subscription books will close for the receipt of all subscriptions
at the close of business Thursday, August 7*
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight August 7, will
be considered as having been entered before the close of the subscription
books•
The text of the official circular follows*
UNITED STATES OF AMERICA
2 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1953
Dated and bearing interest from August 15, 1952
1952
Department Circular No* 912
Due August 15, 1953
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August I±, 1952
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
1 0 The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Bond Act, as amended, invites subscriptions from the people
of the United States for certificates of indebtedness of the United States,
designated 2 percent Treasury Certificates of Indebtedness of Series C-1953,
in exchange for 1-7/8 percent Treasury Certificates of Indebtedness of
Series C-1952, maturing August 15, 1952, or 1-7/8 percent Treasury
Certificates of Indebtedness of Series D-1952, maturing September 1, 1952.
Exchanges will be made par for par in the case of the certificates of in
debtedness of Series C-1952, and at oar with an adjustment of interest as
of August 15, 1952, in the case of the certificates of indebtedness of
Series D-1952a
«
II*
DESCRIPTION OF CERTIFICATES
1* The certificates will be dated August 15>, 1952, and will bear
interest from that date at the rate of 2 percent per annum, payable with
the principal at maturity on August 13, 1953* They will not be subject
to call for redemption prior to maturity*
2* The income derived from the certificates shall be subject to all
taxes, now or hereafter imposed under the Internal Revenue Code, or laws
amendatory or supplementary thereto* The certificates shall be subject
to estate, inheritance, gift or other excise taxes, whether Federal or
State, but shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by.any State, or any of the possessions
of the United States, or by any local taxing authority*
3*
moneys«
The certificates will be acceptable to secure deposits of public
They will not be acceptable in payment of taxes*
lu Bearer certificates will be issued in denominations of $1,000,
$5,000, $10,000, $100,000 and $1,000,000* The certificates will not be
issued in registered form*
!?• 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
Federal Reserve Banks and the Treasury Department are authorized to act as
official agencies»
20 The Secretary of the Treasury reserves the right to reject any
subscription, in whole or in part, to allot less than the amount of
certificates applied for, and to close the books as to any or all
subscriptions at any time without notice^ and any action he may take in
these respects shall be final« Subject to these reservations, all
subscriptions will be allotted in full* Allotment notices will be sent
out promptly upon allotment»
IV»
PAYMENT
1. Payment for certificates allotted hereunder must be made on or
before August 15, 1952, or on later allotment» Payment of the principal
amount may be made only in Treasury Certificates of Indebtedness of
Series C-1952, maturing August 15, 1952, or in Treasury Certificates of
Indebtedness of Series D-1952, maturing September 1, 1952, which will be
accepted, at par and should accompany uhe subscription. The full amount
of interest due on the certificates of Series C-1952 surrendered will be
paid to the subscriber following acceptance of the certificates» In the
case of the certificates of Series D--1952, accrued interest from
October 1, 1951* to August 15, 1952 ($16«3U221 per $1,000) will be paid
to the subscriber following acceptance of the certificates*
V*
GENERAL PROVISIONS
lo As fiscal agents of the United States, Federal Reserve Banks
are authorized and requested to receive subscriptions, to make allot
ments on the basis and up to the amounts indicated by the Secretary of
the Treasury to the Federal Reserve Banks of the respective Districts,
to issue allotment notices, to receive payment for 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»
JOHN W* SNYDER,
Secretary of the Treasury.
m
iE
&
smm
m
îMw
m
&
P
A
sm
s,
f j
f f
The se c re ta ry o f th e tre a su ry announced la s t evening th a t the tenders to r
$1,300,000,000, or th ereab ou ts, a t F l-d ay tre a su ry h i l l s to be dated August 7 « a i to
¡nature Movember 6f
lf|lt which
s e r e o tte red on «hûy 31» n ere opened a t th e F ed eral £*»
serve Banks on August U*
th e d e t a ils o f this issue are as f o l l o s a s
t o t a l a p p lie d for - $1»93k*191»OQQ
total adapted
* ^300^000
Average price
(includes $100,352,000 entered on a
non-eampetitlve basis and accepted in
full at the average price shown below)
- 99*530 Equivalent rate of discount appro*. 1.860$ per annua
Bange of accepted competitive bidet
(Sscepting one tender of $50,000)
99.S3S Squivaleat rate of discount approx* 1.8b0$ per amusa
Si#
low
filili
*
* *
•
■
1.890 *
*
(kO percent of the amount bid for at the lew prico was accepted)
Federal Reserve
District
Total
Allied for
Total
Accepted
Boston
Hew ïcrk
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Paii&a
San Francisco
1
•
2 U ,äk 9 ,ooo
1,362,667,000
37,oat,ooo
21,876,000
13,852,0»
21,688,000
251,219,000
37,233,«»
12,175,Of»
13,695,000
50,010,000
TOTAL
21,599,000
790,1*17,000
22,081,000
21,576,000
13,302,000
21,688,000
220,01(9,000
33,633,000
11,975,000
1*3,31(5,000
19,510,000
55,tl3,ooo
50,1(13,000
$1,931,791,000
11,300,091,00Q
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
420
RELEASE MERITING NEWSPAPERS
Tuesday, August 5, 1952.
S-3119
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 August 7 and to mature November 6 , 1952, which were
offered on July 31* Were opened at the Federal Reserve Banks on
August 4. .
The details of this issue are as follows:
Total applied for
Total accepted
Average price
$1,934,791,000
1,300,091,000 (includes $188,152,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
99.530 Equivalent rate of discount approx.
1 .860$ per annum
Range of accepted competitive bids: (Excepting one tender of
$50,000)
- 99.535 Equivalent rate
1.840$
“ 99.521 Equivalent rate
1 .895$
Low
of discount approx.
per annum
of discount approx.
per annum
(40 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2 4 , 8 4 9 , 000
362; , 6 6 7 , 000
3 7 :, 0 8 4 , 0 0 0
01J. •, 8 7 6 , 0 0 0
1 3 ;, 8 5 2 , 0 0 0
2 1 , 6 8 8 , 000
2 5 4 ,»2 4 9 , 0 0 0
3 7 ;. 2 3 3 , 0 0 0
1 2 , »1 7 5 , 0 0 0
4 3 ,»6 9 5 , 0 0 0
5 0 ,, 0 1 0 , 0 0 0
5 5 ,,4 1 3 , 0 0 0
$ '
934, 7 9 1 , 000
$ 1 ,3 0 0 , O9I, 000
TOTAL
0O0
Total
Accepted
2 1 , 5 9 9 , 000
790, 4 1 7 , 000
2 2 , 0 8 4 , 000
2 1 , 5 7 6 , 000
1 3 , 802, 0 00
2 1 , 6 8 8 , 000
2 2 0 , 0 4 9 , 000
633, 000
11 9 7 5 , 000
4 3 , 345, 000
49, 5 1 0 , 000
5 0 , 4 1 3 , 000
In addition to counterfeiters and forgers, the Secret Service arrested
43S persons for other crimes, for a grand total of 2,687 persons arrested*
There were 2,422 convictions, representing 98*0 percent of convictions in all
cases that went to trial*
Prison sentences during the year totaled 2,884 years, and additional
sentences of 2,538 years were suspended or probated*
Fines in criminal cases
prosecuted totaled $23,734.02*
Cases of all kinds received for investigation, including counterfeiting
and forgery cases, aggregated 39*884, and although 42,464 cases were closed
during the year, there were 9*952 cases still awaiting investigation as of
June 30, Chief Baughman reported*
- 9 -
She claimed the theft was motivated by her dire need of money to pay
outstanding household bills.
Because she had no criminal record and en
joyed a good reputation, the United States Attorney- declined to prosecute,
but insisted that she make full restitution.
During /he fiscal
Secret Service for the nr.*e tume was given
permanent/statutory/uthor/ty for its a€tivit\es.
of exis/ence, thenSecret /ervice djrdved its
sionax appropriation acfs.
/
!
/
InJfts pr#ious,#7i
fran/annual Qpngpes
Thejpowers grantda yearly wer# daiined/ijfa ni
7
If
7/ï/
i
(Publi/
Federal statute (Publj
A, Law 70, S2d Congres/,/approved «July16, Wpi.) wbM
No new powers/or duties were Jyfven to the Secret Service infche
The opening of the remodeled White House to the public on April 22
gave fresh responsibilities to the White House Police Force, a unit of the
Secret Service,
Members of the Force control the crowds of visitors who
walk through part of the Executive Mansion at the average rate of 3,000 per
hour during the two hours the building is open from Tuesday through Saturday
each week.
On one rainy Saturday the crowd totaled nearly 10,000, and
President Truman personally ordered the house kept open an extra hour so that
many visitors would not have waited in vain.
The Treasury Guard Force, another uniformed unit of the Secret Service,
protected some 500 billion dollars in currency, bonds, stamps and other
obligations and securities in production, transit, and storage.
Members of
the Guard Force won third place in the weekly revolver matches of the National
Rifle and Pistol Club,
No -¥reacury gu.ailU""la ■pew&it'tHgd to "iai l '
J a revolver
- 8.cted and sentí
to serve seven years.
^gery
single
'checl
Forgeries of stolen Savings Bonds added to the enforcement burden of the
Secret Service, which received 4,227 forged bonds for investigation and closed
4,900 cases representing $379*208.85*
There were 105 persons arrested for
these offenses*
case in Boston involved a girl who played the star role in a
story-book plot to steal and cash nearly $3,000 worth of Savings Bonds*
While
the girl was visiting her mother-in-law, a next-door neighbor left the key to
her apartment with the mother-in-law*
The girl secretly took the key, entered
and searched the neighbor's apartment, and found a safe-deposit key with a
metal tag bearing a stamped number*
She took the safe-deposit key and returned
the neighbor's doorkey to its proper place in the mother-in-law's apartment*
To identify the bank to which the safe-deposit key belonged, she decided
to telephone each bank, posing as the owner of the box*
To the first banker
she called she said she owned a b
an<^ had lost her key$\
o
x
,
V
The banker examined his records and *told her that if she would call at the
bank he would replace the key.
She knew she would have to sign an access slip before entering the vault,
so she obtained a birthday card which the rightful owner of the box had sent
to one of the plotter's children*
She practiced the signature until she could
write it without hesitation, then she went to the bank, forged a slip, opened
the safe-deposit box and extracted the savings bonds*
name to the bonds and cashed $1,200 worth in the bank*
She forged the owner s
A teller became
suspicious when the^w w m n decided not to cash the rest of the bonds, and he
notified the Secret Service*
A week later the girl was taken into custody.
- 7 -
license, and the Secret Service obtained a copy of the forger's photograph.
The hot trail suddenly cooled when it was established that the name and ad
dress were fictitious*
The agents then acted on a hunch that the suspect might have obtained a
peddler's license in his own name at one time#
A tedious and painstaking
search of peddler's license applications and pictures finally turned up a
photograph of the forger and his correct Brooklyn address*
took him into custody*
Agents promptly
He admitted forging and cashing about 60 Government
checks and said he had concluded that "two wives are just too many for one man
to support#"
iSfcch
shnaked* t o r
t
o
Lhg" o th er , an d 1both ""were
was hea r tb i
t h ey »hud|iteeew"li'v,iug> on
j jr w e a d g f '■■HPhe dewfote-
awaiting prosecution as a forger and also as a bigamist*
One forger in Brooklyn got the surprise of his life when he tried to cash
a Government check in a check-cashing agency and was instantly confronted by
a Secret Service agent.
The forger, C* B# Richards, had negotiated about 10
stolen Treasury checks, and agents were covering the check-cashing agencies
anticipating further visits from him*
he was arrested was his own*
Ironically, the check he presented when
He confessed to the forgeries of other checks
and was sentenced to 2j years#
In Nashville, Tennessee, a three-time loser received the most severe
/
. /
y
sentence Tn his forgery career when he was caugb® for forging a
^
check Buyable to Willie Outlaw*
rarres1
The forger,yfoe Bailey
convj/cted in 1947, 1949, J&d in 1952, forjfo r g e r y of Governmes
commercial checks*
Stati
Hijf motto, he said^was "easy
[ole a Government g/Fieck at a local #ollege he used
^»ints of whisky vdfich he handed ov£ to friends and
above. 20
•s-by,
\
^*1,,^^®5^5r,^!P,,^^55SnfTfT^T!TWSPT!BT^Sri
,
TITirTrHRPQ in Seattle, Washington, '■^péwr a
National Service L ife Insurance dividend check was mailed to
Herman Taylor*
In 1950> Taylor himself had served a prison sentence for steal
ing and forging Government checks.
When his own check was delivered a t his
home, he was in the S ea ttle City J a il on a misdemeanor.
Taylor*s check, forged and cashed i t .
ficisrr Trftrnnwmrip w
\i\nmitoi-n*rk>**n S t n + n P n r n -Ho p t i n ’
issued a duplicate check for $330 to Herman Taylor —
tolen
man
Another th ie f sto le
G o v ern m e n t
but the duplicate check
anni?enjìifìii»ì y ag y sefeed
Testing his theory that three can live as cheaply as one, a man in Brooklyn
married two women, established a heme for each, and divided his time between
them.
He spent four days a week with one wife, three with the other, posing
as a traveling salesman whose work kept him away from heme part of the time.
Actually his only '’business" was stealing and forging Government checks, using
the proceeds to maintain his two hemes.
Using a fictitious name, he obtained
a New York City pushcart peddler's license and used it as identification to
cash stolen checks.
He altered the license as necessary in each instance.
When he applied for the license he had to submit a photograph of himself,
but he figured that his false name would make a definite identification im
possible.
One forgery victim, however, noted the number of the peddler's
II
5 using marijuana when he was 19, and within five years was consuming $70 worth
of heroin every day«
To satisfy his craving he stole and forged some 200
checks in Brooklyn and the Bronx«
He teamed up with another addict Seymour C«
Cohan, who was also having difficulty getting $70 a day for heroin, and in
about three weeks Cohan stole and cashed more than 50 checks«
Descriptions
of the pair were circulated by the Secret Service, and an alert merchant
spotted Bogdanoff and had him arrested*
Both mew blamed suiiuly" TUF TftSTT1*
Each was sentenced to serve three years and was sent to the U« S,
Public Health Service Hospital at Lexington, Ky«, for rehabilitation«
A new variation of the "sick friend" story resulted in the arrest of a>u.
- W l n d i a n in Montana who use a forged check to pay for medicine for "a
sick friend*"
The druggist furnished the medicine and gave the Indian the
balance in cash.
A few hours later the Indian returned to the store with the
medicine unopened*
wantum money back."
"My friend, him die," the Indian said*
"No need medicine
The druggist refunded the purchase price and the Indian
departed, but a few days later he was arrested for the forgery and is serving
V
a sentence in McNeil Island Penitentiary.
Life at hafle is supposed t<f be worse than potion for one Montanpc miner
■f
J
who cashed a/:orged Treasury jcneck in a salo^t and went on a spre^f to forget
his family/broubles and re/jponsibilities
Haled into Federal^court, he
confront/d with a previous criminal record, which he reluctantly admitted*
"My wi/e is working, ']/he explained/^'and I have to givg^the family nj/st of
my p^y check.
It w&s 40 below a£ro and I had to haye something tqfthaw me
o u $ so I took tjlre check to M y a drink*
I figuj^ if you send n/ to a Federal
pin, 1*11 have/a chance to/ake the alcohol c]^fe and get away /ram the wife«"
- 4 -
The forgery and fraudulent negotiation of Government checks continued
to be a two-million-dollar racket, Chief Baughman reported*
During the ye«
the Secret Service received 2B,5&6 forged checks for investigation, and
completed 30,091 forged check cases involving $2,305,750.50#
Agents arrested
In Washington, D. C., for example, a forger was identified and found to
be confined in the District of Columbia Workhouse at Occoquan, Va., on other
difficulty in locating the forger*s victim, the right&A,pi#
p
ful owner of the check, but finally traced him, to Occoquan M B S } where he
/v
was found to be the forger*s cellmate# Upon learning who had stolen his
check, the victim insisted upon withdrawing all charges because he and the
forger had become fast friends#
In another Washington case Lee Martin Padgett, a narcotic addict, was
caught by the long arm of coincidence when he stole and forged a check payable
to Annie Jones
cash the check
happened to be
A
Padgett and delivered it to its rightful owner.
Padgett was arrested by
Secret Service agents in Washington and confessed that he stole the check to
get money to buy illicit drugs.
He was sentenced to serve from 10 to 30
months in the Lexington, Ky., narcotic hospital where he will undergo treat
ment for his addiction#
His motive for forgery followed a growing pattern
among other drug addicts.
In New York City two men who "experimented" with marijuana and later
became slaves to heroin were arrested as forgers.
Robert Bogdanoff began
- 3 Within 25 minutes the man and wcman were in custody.
This i s the printed
prayer on which Mr* Ott wrote the lic e n se number;
HDear God, teach us to keep our
big mouths shut and not talk
about things of which we know
so little*
Teach us to learn by listening
and to keep our nose out of other
people*s business* Amen*"
In one case in Buffalo, N. Y*, the Secret Service discharged its responsi
bility for protecting the currency of other countries*
Last April about 30
counterfeit $10 Canadian notes were passed in Buffalo*
On April 21 Marvin Donald
Epps, 29& Walnut Street, Buffalo, was arrested by police for passing a counterfeit $10 Canadian note on a taxi driver and for passing another note i n a v
restaurant*
Epps admitted passing both notes, along with seme 25 others, saying
he used the proceeds to buy narcotices for him self and his friends*
He pleaded
g u ilty May 19 and was sentenced May 26 to serve 2¿ years in a Federal peniten
tiary
-
2
-
and Oddo went to New York with $40,000 and two women, Alice Mae MacDowell and
Ellen Maxwell*
They explained to the undercover agent that they would get the
balance of $60,000 later*
Secret Service agents keeping the quartette under
surveillance identified the two women as passers of counterfeit notes in
Pennsylvania and Kentucky*
When Mazzo and Oddo delivered the $40,000 in a New York restaurant they
were arrested and the women were taken into custody in their hotel rooms*
The men confessed that they had made other big deals in counterfeit money,
Chief Baughman said.
Mazzo was sentenced to six years, Oddo to four years*
Each of the women was sent to prison for three years*
In Kansas City, Missouri, a printed prayer helped to trap a man and woman
charged with passing counterfeit notes*
The Kansas City Secret Service office
blanketed the area with descriptions of counterfeit bills appearing in circu
lation in large quantities.
One of these descriptions was noted by G. E. Ott,
proprietor of the Skelly Filling Station in Eudora, Kansas.
One morning a man
and woman drove up to his station and the man bought a package of cigarettes,
handing Mr. Ott a $10 bill.
Mr. Ott snapped the paper, which tore in half.
He then glanced at the tell tale numbers and told the customer the bill was no
good.
The man paid other money for the cigarettes, and as he and the woman
returned to the car and drove away, Mr. Ott ran out and made a mental note of
their license number.
He rushed back into the station to write down the number before he forgot
it*
There was no blank paper at hand, so he grabbed a cardboard on the counter,
on which was printed a prayer, and he wrote the license number on the back of
the cardboard.
Then he telephoned the Sheriff, who called the Secret Service.
Ca s e .
NDINC
SECI
>52
The U. I . Secret Service, in a successfu l crackdown on/a Chicago counter
f e it in g garu|, spiked the/Wide spread c iiS u la tio n of counterfeit $10 an<£ $20
b i l l s and jpaved the way for more intejrfse in vestigateon s/of forged Gdrerranent
checks, ^ cording to Chief U. E. Baughman in h is fised f-year activ:jpy report
to Secretary of the treasury John y . Snyder, made p u ttie today.
le Chicago e/Lsode was clim/xed by the a r r e s t/ February 3 / f William
Skal/y, Sam S fe r a / and James S fe /a s, a fter an unde/cover Secret S ervice
a g e/t obtained $y)0,000 in co u r/erfeit b i l l s through Skally, Chief Baughman
said*
A fourth/defendant, William Russo, surrendered on February 6.
All
f<fur are awaitjJug prosecution*
Following these arrests the circu lation of counterfeits in various parts
of the country declined, according to Chief Baughman, and the trend in counter
f e it in g i s s t i l l downward.
During the year ended June 30, however, the public
l o s t $374*002.15 in counterfeit b i l l s and $5*359.34 in counterfeit coins,
passed on unsuspecting merchants and cash iers.
In addition, the Secret Service
captured $393*302.25 in counterfeit b i l l s and $266.70 in counterfeit coins
before they could be circu lated, and arrested 279 persons for v io la tio n s of
the counterfeiting laws.
Convincing undercover work led to the downfall of two Cleveland couples
and the seizure of $40,000 in phoney $10 and $20 notes, Chief Baughman
revealed.
Frank Oddo and Frank Mazzo, described by the Secret Service as
“Cleveland hoodlums," were the principal d istribu tors of the b i l l s in the
Cleveland area.
An undercover agent gained th eir confidence and arranged for
a shipment of $100,000 in counterfeits to be delivered in New York C ity.
Mazzo
Inform ation S ervice heading
s-
Release Morning Newspapers
3 / X
t?
A downward trend in co u n terfeitin g has followed
a crackdown l a s t February by the United S tates S e cre t S erv ice
on a gang of co u n te rfe ite rs in Chicago, Chief U.E. Baughman
of the S e cre t Service reported today in a f i s c a l year
review of S ecret Service op eration s.
The Chicago in v estig atio n netted four p risoners and
¿5L ^ 1 4 ( 4 4
<fjr~
spiked the widespread c irc u la tio n ofAspurious $10 and $20
b ills .
William S k ally , Sam Sferas and James Sferas were
arre ste d February 3 a fte r an unjdercover S ecret Service agent
obtained $100,000 in co u n te rfe it b il l s through Skally ,
Chief Baughman sa id . A fourth defendant, William Russo, surrendered
February 6* The four men are awaiting prosecution.
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
A
Release Morning Newspapers
Sunday, August 10, 1952
S-3120
A downward trend in counterfeiting has followed a crackdown last
February by the United States Secret Service on a gang of counter
feiters in Chicago* Chief U. E. Baughman of the Secret Service reported
today in a fiscal year review of Secret Service operations.
The Chicago investigation netted four prisoners and spiked the
widespread circulation of a series of spurious $10 and $20 bills.
William Skally, Sam Sferas and James Sferas were arrested February 3
after an undercover Secret Service agent obtained $100*000 in counter
feit bills through Skally, Chief Baughman said. A fourth defendant*
William Russo* surrendered February 6. The four men are awaiting
prosecution.
Following these arrests the circulation of counterfeits in various
parts of the country declined, according to Chief Baughman* and the
trend in counterfeiting is still downward. During the year ended
June 30* however* the public lost $37^*002.15 in counterfeit bills and
$£*859.8h in counterfeit coins* passed on unsuspecting merchants and
cashiers. In addition, the Secret Service captured $393*802.25 in
counterfeit bills and $266.70 in counterfeit coins before they could
be circulated* 'and arrested 279 persons for violations of the counter
feiting laws.
Convincing undercover work led to the downfall of two Cleveland
couples and the seizure of $lj.0*000 in phoney $10 and $20 notes* Chief
Baughman revealed. Frank Oddo and Frank Mazzo* described by the Secret
Service as MCleveland hoodlums*n were the principal distributors of the
bills in the Cleveland area. An undercover agent gained their confidence
and arranged for a shipment of $100*000 in counterfeits to be delivered
in New York City. Mazzo and Oddo went to New York with $i;0*000 and two
women* Alice Mae MacDowell and Ellen Maxwell. They explained to the
undercover agent that they would get the balance of $60,000 later. Secret
Service agents keeping the quartette under surveillance identified the two
women as passers of counterfeit notes in Pennsylvania and Kentucky.
When Mazzo and Oddo delivered the $1*0,000 in a New York restaurant they
were arrested and the women were taken into custody in their hotel rooms.
The men confessed that they had made other big deals in counterfeit money*
Chief Baughman said. Mazzo was sentenced to six years, Oddo to four years.
Each of the women was sent to prison for three years.
In Kansas City, Missouri, a printed prayer helped to trap a man and
woman charged with passing counterfeit notes. The Kansas City Secret
Service office blanketed the area with descriptions of counterfeit bills
appearing in circulation in large quantities. One of these descriptions
was noted by G. E. Ott, proprietor of the Skelly Filling Station in
Eudora, Kansas. One morning a man and woman drove up to his station and
the man bought a package of cigarettes, handing Mr. Ott a $10 bill.
Mr. Ott snapped the paper, which tore in half. He then glanced at the
tell-tale numbers and told the customer the bill was no good. The man
paid other money for the cigarettes, and as he and the woman returned to
the car and drove away, Mr. Ott ran out and made a mental note of their
license number.
He rushed back into the station to write down the number before he
forgot it. There was no blank paper at hand, so he grabbed a cardboard
on the counter, on which was printed a prayer, and he wrote the license
number on the back of the cardboard/ Then he telephoned the Sheriff, who
called the Secret Service. Within 25 minutes the man and woman were in
custody. This is the printed prayer on which Mr. Ott wrote the license
number:
”Dear God, teach us to keep our
big mouths shut and not talk
about things of which we know
so little.
Teach us to learn by listening
and to keep our nose out of other
peopled business. Amen.*’
In one case in Buffalo, N. I., the Secret Service discharged its
responsibility for protecting the currency of other countries. Last
April about 30 counterfeit $10 Canadian notes were passed in Buffalo.
On April 21 Marvin Donald Epps, 298 Walnut Street, Buffalo, was arrested
by police for passing a counterfeit $10 Canadian note on a taxi driver
and for passing another note in a restaurant. Epps admitted passing
both notes, along with some 25 others, saying he used the proceeds to
buy narcotics for himself and his friends. He pleaded guilty May 19 and
was sentenced May 26 to serve 2-J years in a Federal penitentiary.
The forgery and fraudulent negotiation of Government checks continued
to be a two-million-dollar-a-year racket, Chief Baughman reported. During
the year the Secret Service received 28,586 forged checks for investigation,
and completed 30,091 forged check cases involving $2,385*750.50. Agents
arrested 2,114; persons for check forgery.
The agents uncovered some unusual cases during the year. In Washington
D. C., for example, a forger was identified and found to be confined in
the District of Columbia Workhouse at Occoquan, Va., on other charges.
- 3 *
Agents had difficulty in locating the forger's victim, the rightful
owner of the check, but finally traced him, also, to Occoquan, where
he was found to be the forger's cellmate. Upon learning who had stolen
his check, the victim insisted upon withdrawing all charges because he
snd the forger had become fast friends..
In another Washington case Lee Martin Padgett, a narcotic addict,
was caught by the long arm of coincidence when he stole and forged a
check payable to Annie Jones« He asked an acquaintance, axso ncme
Jones, to cash the check for him. The check happened to be payable
to the friend*s mother, and her son confiscated it from Padgett and
delivered' it to its rightful owner. Padgett was arrested by Secret
Service agents in Washington and confessed that he stole the check to
get money to buy illicit drugs. He was sentenced to serve from 10 to
30 months in the Lexington, Kentucky, narcotic hospital vtoere he will
undergo treatment for his addiction. His motive for forgery followed
a growing pattern among other drug addicts.
In New fork City two men who "experimented’» with marijuana and
later became slaves to heroin were arrested as forgers. Robert
Bogdanoff began using marijuana when he was 19, and within five years
was consuming $70 worth of heroin every day. To satisfy his craving
he stole and forged some 200 checks in Brooklyn and the Bronx, he
teamed up with another addict, Seymour C. Cohan, who was also having
difficulty getting $70 a day for heroin, and in about three wreeks _
Cohan stole and cashed more than $0 checks. Descriptions cu uhe pair
were circulated by the Secret Service, and an alert merchant spotoed
Bogdanoff and had him arrested. Each was sentenced to serve three
years and was sent to the IT. S. Public Health Service Hospital at
Lexington, Kentucky, for rehabilitation.
A new variation of the "sick friend" stoiy resulted in the arrest
of an Indian in Montana who used a forged check to pay lor medicine for
"a sick friend," The druggist furnished the medicine and gave the
Indian the balance in cash. A few hours later the Indian returned to
the store with the medicine unopened. "My friend, him die," the Indian
said. "No need medicine — wantum money back." The druggist refunded
the purchase price and the Indian departed, but a few days later he was
arrested for the forgery and is serving a sentence in McNeil Island
Penitentiary.
In Seattle, Washington, a $330 National Service Life Insurance
dividend check was mailed to Herman Taylor. In 195>0, Taylor himself had
served a prison sentence for stealing and forging Government checks.
When his own check was delivered at his hone, he was in the Seattle City
Jail on a misdemeanor. Another thief stole Taylor’s check, forged and
cashed it. The Government issued a duplicate check for $330 to Herman
Taylor — but the duplicate check was stolen by a third man. Both
thieves wound up in prison. Taylor finally got his money.
TO
/
- h -
Testing his theory that three can live as cheaply as one, a man in
Brooklyn married two women, established a heme for each, and divided his
time between them. He spent four days a week with one wife, three with
the other, posing as a traveling salesman whose work kept him away from
home part of the time. Actually his only "business" was stealing and
forging Government checks, using the proceeds to maintain his two homes.
Using a fictitious name, he obtained a New York City pushcart peddler’s
license and used it as identification to cash stolen checks. He altered
the license as necessary in each instance.
When he applied for the license he had to submit a photograph of
himself, but he figured that his false name would make a definite
identification impossible.' One forgery victim, however, noted the
number of the peddler’s license, and the Secret Service obtained a
copy of the forger2s photograph. The hot trail suddenly cooled when
it was established that the name and address were fictitious.
The agents then acted on a hunch that the suspect might have
obtained a peddler5s license in his own name at one time. A tedious
and painstaking search of peddlor’s license applications and pictures
finally turned up a photograph of the forger and his correct Brooklyn
address. Agents promptly took him into custody. He admitted forging
and cashing about 60 Government checks and said he had concluded that
"two wives are just too many for one man to support."
He is awaiting
prosecubion as a forger and also as a bigamist.
One forger in Brooklyn got the surprise of his life when he tried
to cash a Government check in a check«cashing agency and was instantly
confronted by a Secret Service agent. The forger, C* B. Pdchards, had
negotiated about 10 stolen Treasury checks* and agents were covering the
check-cashing agencies anticipating further visits from him. Ironically,
the check he presented when he was arrested was his own. He confessed
to the forgeries of other checks and was sentenced to
years.
Forgeries of stolen Savings Bonds added to the enforcement burden of
the Secret Service, which received lj.,227 forged bonds for investigation
and closed H,900 cases representing $379,208.85» There were 105 persons
arrested for these offenses.
A case in Boston involved a girl who played the star role in a
story-book plot to steal and cash nearly $3,000 vrorth of Savings Bonds,
While the girl was visiting her mother-in-law, a next-door neighbor left
the key to her apartment with the mother-in-law. The girl secretly took
the key, entered and searched the neighbor’s apartment, and found a safedeposit key with a metal tag bearing a stamped number. She took the safedeposit key and returned the neighbor^ doorkey to its proper place in the
mother-in-law* s apartment.
- 5_
438
To identify the bank to which the safe-deposit key belonged, she
decided to telephone each bank, posing as the owner of the box» To
the first banker she called she said she owned a box, giving the number,
and had lost her key* The banker examined his records and told her that
if she would call at the bank he would replace the key.
She knew she would have to sign an access slip before entering the
vault, so she obtained a birthday card which the rightful owner of the
box had sent to one of the plotter's children* She practiced the
signature until she could write it without hesitation, then she went to
the bank, forged a slip, opened the safe-deposit box and extracted the
savings bonds. She forged the owner1s name to the bonds and cashed
$1,200 worth in the bank. A teller became suspicious when the girl
decided not to cash the rest of the bonds, and he notified the Secret
Service. A week later the girl was taken into custody.
She claimed the theft was motivated by her dire need of money to pay
outstanding household bills. Because she had no criminal record and en
joyed a good reputation, the United States Attorney declined to prosecute,
but insisted that she make full restitution.
The opening of the remodeled White House to the public on April 22
gave fresh responsibilities to the White House Police Force, a unit of
the Secret Service. Members of the Force control the crowds of visitors
who walk through part of the Executive Mansion at the average rate of
3,000 per hour during the two hours the building is open from Tuesday
through Saturday each week. On one rainy Saturday the crowd totaled
nearly 10,000, and President Truman personally ordered the house kept
open an extra hour so that many visitors would not have waited in vain.
The Treasury Guard Force, another uniformed unit of the Secret
Service, protected some 500 billion dollars in currency, bonds, stamps
and other obligations and securities in production, transit, and
storage. Members of the Guard Force won third place in the weekly
revolver matches of the National Rifle and Pistol Club.
In addition to counterfeiters and forgers, the Secret Service
arrested h38 persons for other crimes, for a grand total of 2 ,68? per
sons arrested. There were 2,U22 convictions, representing 98.0 per
cent of convictions in all cases that went to trial.
Prison sentences during the year totaled 2,884 years, and addi
tional sentences of 2,538 years were suspended or probated. Fines in
criminal case3 prosecuted totaled $>23,73ii*02.
Cases of all kinds received for investigation, including counter
feiting and forgery cases, aggregated 39,88h, and although 1*2 ,U64 cases
were closed during the year, there were 9,952 cases still awaiting in
vestigation as of June 30, Chief Baughman reported.
0 O0
MEDIATE RELEASE
August 5 , 1952
V
The Bureau o f Customs announced today th a t th e 1952
quota on crude petroleum , topped crude petroleum , and fu e l
o i l d erived from petroleum , in clu d in g fu e l o i l known as
gas o i l , the produce or m anufacture o f th e Kingdom o f the
N etherlands (in clu d in g i t s overseas t e r r it o r ie s ) was f i l l e d
on March 3&, 1952«.
The d ates are not y e t a v a ila b le on which the quotas
were f i l l e d on petroleum and petroleum products fo r Vene
zu ela and fo r »other fo re ig n countries*»
438
I M M E D I A T E RELEASE,
Tuesday, A u g u s t 5, 1952,
S-3121
The B u r e a u of Customs a n n o u n c e d t o d a y that
the 1 9 5 2 q u o t a on crude petroleum*
petroleum,
t o p p e d crude
a n d fuel oil d e r i v e d f r o m petroleum,
i n c l u d i n g f u e l oil k n o w n as ga3 oil,
or m a n u f a c t u r e
of the K i n g d o m of the N e t h e r l a n d s
( i n c l u d i n g its overseas
on M a r c h 31*
the p r o d u c e
territories)was
f i lled
1952.
The dates are n o t yet a v a i l a b l e on w h i c h
the quotas were f i l l e d on p e t r o l e u m a n d p e t r o l e u m
products
for V e n e z u e l a a n d for "oth e r f o r e i g n
c o u n t r i e s .1
0O 0
TR EASU RY D EPARTM EN T
Information Service
WASHINGTON, D. C.
FOR RELEASE
Wednesday, August £03 1952
Press Service
No. S-3122
Secretary of the Treasury Snyder today made public data from
the p relim in ary re p o rt, Statistics of Income for 1949, P art 1, com
p ile d from in d iv id u a l income ta x retu rn s and from taxa b le fid u c ia r y
income ta x re tu rn s, fo r the income year 1949, under the d ire c tio n
o f Commissioner o f In te rn a l Revenue John B* Dunlap*
This re le a se con tain s fo u r ta b le ss th ree showing data fo r in d i
v id u a l retu rn s and one showing d ata fo r ta x a b le fid u c ia r y retu rn s*
Table 1 shows th e sim ple and cum ulative d is trib u tio n s o f number o f
in d iv id u a l re tu rn s, ad ju sted gro ss income, and ta x l i a b i l i t y tabu
la te d tfcr ad ju sted g ro ss income c la sse s* Table 2 shows sources o f
income and ta x data' fo r a l l in d iv id u a l retu rn s and s e le c te d item s
fo r retu rn s w ith item ized d edu ction s, by ta x a b le and nontaxable
retu rn s and by ad ju sted gross income c la sse s* Table 5 shows c e rta in
item s o f income, ad ju sted gro ss income, and ta x l i a b i l i t y fo r in d i
v id u a l retu rn s by S ta te s and T e r rito rie s * Table 4, fo r ta xa b le
fid u c ia r y re tu rn s, shows sources o f income, d edu ction s, and ta x
l i a b i l i t y , by t o t a l income c la sse s*
These p relim in ary data p resen t a complete coverage o f retu rn s
f ile d ; however, th e y are su b je c t to such re v is io n s a s are found
n ecessary upon fu rth e r p rocessin g o f the retu rn s fo r a d d itio n a l
s t a t is t i c s fo r the com plete rep o rt*
INDIVIDUAL RETURNS
For the income ye a r 1949, th ere are 5 1,8 14 ,12 4 in d iv id u a l in
come ta x retu rn s* This i s £57,882 re tu rn s, o r 0*50 p ercen t, le s s
than were f i l e d fo r the p reviou s year* The 1949 retu rn s c o n s is t o f
16,710,800 o p tio n a l re tu rn s, Form 1040A; 21,652,580 sh ort-fotm r e
tu rn s, Form 1040; and 13,470,944 long-form re tu rn s, Form 1040* O f
th e t o t a l re tu rn s, th ere a re 38,343,180 retu rn s on which the ta x i s
determ ined from the ta x ta b le ; and 42,122,784 retu rn s show use o f
the o p tio n a l standard deduction*
The number o f ta x a b le retu rn s i s 35,628,295* This i s a
o f 782,953 re tu rn s, o r 2*15 p ercen t o f the number o f ta x a b le
fo r 1948* N ontaxable retu rn s number 16 ,18 5,8 2 9 , which i s an
crease o f 525,0 71 re tu rn s, o r 3*35 p ercen t, a s compared w ith
p reviou s year*
. .
decrease
retu rn s
in
the
'
%
- z «
u
For 1949$ the total adjusted gross income is $161,375,205,000©
This is a decrease of $2, 800$ 656$000$ or 1©71 percent, as compared
■with adjusted gross income reported last year© The adjusted gross
deficit for 1949 is $799$280$000$ an increase of $141,455,000 over
the deficit of the previous year©
The tax liability for 1949 is $14,558,141$000« This is a
decrease of $905,588,000, or 5 ©85 percent, as compared to the tax
for 1948©
Comparative data, individual returns, 1949 and 1948
(Money figures in thousands of dollars)_________ _
----------------- »
‘
T"
g
Increase or
\
1949
g
v g
decrease (-)
g(preliminary):
s Number orsperpent
-1 ________
?
• . •
* amount__•--- ■
--A H returns g
Number
Adjusted gross income
Taxable returnsg
Number
Adjusted gross income
Tax liability
Nontaxable returnsg
Number of returns
With adjusted gross
income g
Number
Adjusted gross income
With no adjusted gross
income g
Number
Adjusted gross deficit
51s014s124 52,072,006
161,575,205 164,175,861
-257,882 «©50
«2,800,656 -1©71
55,628,295 56,411,248
158,566,406 142,056,885
14s5S8,141 15,441,529
«782,955 «2o25
«5,490,479 «2 ©46
-905,588 «5 ©85
16,185,829
25,660,758
525,071
5 ©55
15$ 675,$615
22j806»799
15,554,449
22,116,976
559,166
689,825
2 ©21
¿ .1 2
512,214
799,280
526,509
657,847
185,905 56*97
141,455 21©5D
Returns included
The individual income tax returns included in this release are
for the calendar year 1949, a fiscal year ending within the period
July 1949 through June 1950, and a part year with the greater part of
the accounting period in 1949© The returns are Forms 104QA and 1040,
filed by citizens and resident aliens© Tentative returns are not in*»
eluded and amended returns are used only if the original returns are
excluded© Statistics are taken from the returns as filed, prior to
revisions that may be made as a result of audit©
Form 1040A is the employee* s optional return •which may be filed
by persons whose total income is less than $5 «,000 consisting of
wages reported on Form W-2 and not more than a total of $100 from
other wages* dividends* and interest« The tax liability on
Form 104QA is deterrairfed by the collector of internal revenue on
the basis of the income reported* in accordance with a tax table
provided under Supplement T of the Internal Revenue Code* which
allows for the exemptions claimed and also allows for deductions
and tax credits approximating 10 percent of the income* The optional
return cannot bemused as a separate return for community income of
husband or wife* A joint return of husband and wife may be filed on
Form 104QA if their combined income meets the requirements for use
of this form* On a joint return* the tax liability* determined from
the tax table by the collector* is the lower of two taxest an
aggregate of the two taxes on the separate incomes of husband and
wife ©r a tax on the combined income* which tax is the liability
under the split-ineome method*
Form 1040* the regular income tax return* which may be either
a long-form return or a short-form return* is used by persons who*
by reason of^the size or source of their income* are not permitted to
use Form 1040A* and by persons who* although eligible to use
Form 104QA* find it to their advantage to use Form 1040* Persons
with adjusted gross income of less than $5*000* regardless of the
source* may elect to file the short^form return on which nonbusiness
deductions and tax credits are not reported* the tax being determined
on the basis of adjusted gross income* by the taxpayer from the tax
table provided under Supplement T* Parsons with adjusted gross in
come of $5*000 or more* and persons with adjusted gross income of
less than $5*000 who wish to claim deductions in excess of the
standard deduction allowed through use of the tax table* file the
long-form return and compute the tax liability based on net income
after allowable deductions and exemptions*
Data tabulated for individual returns for 1949 with adjusted
gross income under $50*000 are estimated on the basis of samples*
This is the first year for which data are estimated for the returns
with $25*000 under $50*000 adjusted gross income* Description of
the samples used and limitations of the data are given on pages 4 and 5*
Statutory Provisions Applicable to Returns for 1949
Returns for the income year 1949 are filed under the provisions
of the Internal Revenue Code as amended by the Revenue Act of 1948*
which provisions are in general the same as were in effect for the
previous year*
- 4 Classification of returns
Adjusted gross income, being common to all types of returns,
supplies the base for segregating the returns into adjusted gross
income classes; and the amount of net income or net deficit when
computed is disregarded« Returns with adjusted gross deficit are
tabulated as one class and appear as the first adjusted gross Ï
income class under nontaxable returns.
The classification of returns as taxable and nontaxable is
based on the existence or nonexistence of a tax liability after
tax credits if -they are allowable.
Returns with itemized deductions are long-form returns,
Fprm 1040, on which nonbusiness deductions are itemized in detail;
long-form returns, Form 1040, with no deductions filed by spouses
of taxpayers who itemized deductions (such spouses are denied the
standard déduction); and returns with no adjusted gross income,
Form 1040, whether or not deductions are itemized.
The segregation of returns by States and Territories consists
of the 48 States, Hawaii, and the District of Columbia, The segre
gation is based, on the collection district in which the return is
filed, except that for the District of Columbia, the segregation is
detemined by the address of the taxpayer. Collection districts,
or groups of such districts, are coextensive with the States and
Territories, except that the District of Columbia comprises a part
of the collection district of Maryland and the Territory of Alaska
is a part of the collection district of Washington, The sampling
technique employed does not permit the separate tabulation of
returns showing an Alaskan address.
Description of the sample and limitations of data
Tables 1^ 2, and 3 in this release are derived from a strati
fied random sample of individual income tax returns designed to
comprise one-half of 1 percent ,of returns, Form 1040A and Form 1040,
with adjusted gross income under $7,000 and with total receipts
from business, if any, under $25,000; 10 percent of returns,
Form 1040, with adjusted gross income under $7,000 and with total
receipts from business of $25,000 or more; 10 percent of returns,
Form 1040, with adjusted gross income from $7,000 to $25,000;
25 percent of returns, Form 1040, with adjusted gross income from
$25,000 to $50,000; and 100 percent of returns, Form 1040, with
adjusted gross income of $50,000 or more. Precise 1 percent,
10 percent, and 25 percent representation of returps in the various
income classes was not achieved. However, the over-all universes
applicable to the separate sampling strata were determined,
primarily from administrative reports of returns filed, and the
data tabulated from the samples were extended to such universes«
5 In computing the possible variation of a given frequency due
to random sampling* a range of two standard errors was used; chances
are 19 out of 20 that the frequency as estimated from the sample
tabulation differs from the actual frequency* if the entire universe
were tabulated* by less than twice the standard error, Variation
beyond the two-error limit would occur only 1 time in 20 and would
be sufficiently rare to justify a two-error range in defining sampling
variability« Accordingly* in cells associated with taxable or non—
taxable adjusted gross income classes under $7*000* frequencies of
the magnitude of 1 million or more are subject to variation of less
than 4 percent5 variation for lesser frequencies increases to a
maximum of 12 percent at 100*000* and a maximum of 40 percent at
10,000« In cells associated with adjusted gross income classes
from $ 7*000 to $£5*000* frequencies pf the magnitude of 100*000
or more are subject to less than 3 percent variation ; variation for
lesser frequencies increases to a maximum of 9 percent at 10*000*
and a maxirmnn of 28 percent at 1*000« In cells associated with ad
justed gross income classes from $25*000 to $50*000* frequencies
of the magnitude of 10*000 or more are subject to less than 4 percent
variation^ variation for lesser frequencies increases to a maximum
of 14 percent at 1*000« The degrees of variability noted above relate
only to cell frequencies and do not indicate the variability associated
with money amounts of income* deductions* or tax«
TAXABLE m U C I A E Y RETQBNS
The total number of taxable fiduciary income tax returns*
filed for the income year 1949* is 99*577, The total income reported
on these returns is $926*824*000 and the net income taxable to the
fiduciary is $462*775*000 resulting in a tax liability of $144*030*000«
Comparative data* taxable fiduciary returns* 1949 and 1948
(Money figures in thousands of dollars) _______ _
f
s
g
Decrease
:
1949
1948 :Number ors
l
*(preliminary) \
samount
gPercent
•
•
-1*706
-1,68
99*577 101*283
liumber of returns, «««•««••
-59*981
-6.08
986*806
926*824
Total income••«••«««•«•,«•
Net income taxable to
-67*585 -12«74
462*775 530*360
fiduciary * e*«•»»««««»»•••
-32,279 -18.31
144*030 176,309
Tax liability«#oooo««,o<>®«
The taxable fiduciary returns included in Statistics of Income
are for the calendar year 1949* a fiscal year ending within the
period July 1949 through June 1950* and a part year with the greater
portion of the accounting period in 1949« An exiguous number of
taxable returns for estates and trusts filed improperly on Form 1040
are included; however* the data thereon are edited to conform to
that reported on Form 1041« Tentative returns are not included and
amended returns are used only if the original returns are excluded«
Statistical data are completely tabulated from each taxable fiduciary
return* prior to audit.
441
-
6
-
Although only the taxable fiduciaiy returns are included in
statistics, nevertheless, a return is required to be filed for an
estate if the gross-income is $600 or more, for a trust if the net
income is $100 or more, or if the gross income is $600 or more,
regardless of the net income, and for every estate or trust of
which any beneficiary is a nonresident alien«
The retes of tax, the provisions respecting gross income to be
reported, the deductions with certain exceptions, and the tax credits
provided for the income of individuals apply also to incopie of
estates and trusts* Deductions for contributions without limitations
and for amounts distributable to beneficisLries are allowable in
computing the net income on which the fiduciary is to be taxed* An
estate is allowed an exemption of $600 and a trust is allowed an
exemption of $100 against net income for purposes of both the
normal tax and surtax* The tax, not subject to current collection,
is due when the return is filed, after the close of the year*
The total income reported provides the base for classification
of the returns by sise of income* Total income is the amount
resulting from the combination of profit or loss from rents and
royalties, from trade or business, from partnerships, from sales
or exchanges of property, together with income from dividends,
interest, estates and trusts, and miscellaneous income* Total
income is an approximation of the adjusted gross income tabulated
for individual returns*
Table i # • Individual returns fo r 1949, by adjusted gross income cla s s e s : Simple and cumulative d is trib u tio n s of ntmber of retu rn s,
adjusted gross ino caie, and t a x l i a b i l i t y , with corresponding percentage d istrib u tio n s
aa.iue^ea gross xnc<mIB
Adjusted gross ino one o ls ss e s l /
Beturns with adjusted gross
inooms (taxab le and
nontaxable) i
Under 0 ,6
0 ,6 under 0 ,7 5
0*75 under 1
1 under 1,25
1 ,2 5 under 1*5
1 ,5 under 1«75
1 ,7 5 under 2
2 under 2*26
2 ,2 5 under 2 ,6
2 ,5 under 2 ,7 5
2 ,7 5 under 3
3 under 3«5
5 ,5 under 4
4 under 4 ,5
4 ,5 under 5 4^
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 13
13 under 14
14 under 15
16 under 20
20 under 25
25 under 30
30 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 300
500 under 400
400 under 500
600 under 750
750 under 1,000
1 ,0 0 0 under 1,500
1,500 under 2 ,000
2 ,0 0 0 under 3 ,0 0 0
3j000 under 4 ,0 0 0
4 ,0 0 0 under 5 ,000
)
1
2
T otal
Returns with no adjusted gross
income S/ (nontaxable)
Brand t o t a l
Cumulative d i s t r i Cumulative d i s t r i
Simple d is tr ib u ti oh bution from highest bution fron lowest
income c la s s
Percent
Percent
Percent
Humber
of
of
Humber
Humber
of
to ta l
3 ,9 2 6 ,3 1 6
1 ,3 7 1 ,1 1 8
2 ,4 1 6 ,5 0 2
2 ,7 5 9 ,3 1 2
2 ,7 7 1 ,0 3 0
2 ,7 8 4 ,3 3 8
3 ,0 0 7 ,8 2 2
3 ,0 3 8 ,9 4 8
3 ,0 6 8 ,9 5 8
3 ,1 2 7 ,3 6 6
2 ,9 0 2 ,3 7 4
5 ,1 6 1 ,3 1 4
4 ,0 5 1 ,8 4 0
2 ,8 4 6 ,6 8 0
2 ,0 8 8 ,5 4 7
2 ,3 5 6 ,9 3 6
1 ,2 1 8 ,2 4 4
637,062
373,238
252,314
185,416
134,444
1 0 7,744
84,126
69,842
220,420
116,446
65,543
7 1 ,287
34,431
18,881
11,215
7,395
4,9 8 2
3 ,6 5 7
8,028
2 ,7 2 3
1 ,1 8 9
608
641
234
280
99
58
23
20
12
7 .6 6 6 1 ,3 0 1 ,9 1 0
2 .6 7 4 7 ,3 7 5 ,6 9 4
4.7 1 4 6 ,0 0 4 ,4 7 6
5 .3 8 4 5 ,5 8 6 ,9 7 4
5 .4 0 4 0 ,8 2 6 ,6 6 2
5.4 3 3 8 ,0 5 5 ,6 3 2
5 .8 6 3 5 ,2 7 1 ,2 9 4
5 .9 2 3 2 ,2 6 3 ,4 7 2
6 .9 8 2 9 ,2 2 4 ,5 2 4
6 .1 0 2 6 ,1 5 5 ,5 6 6
5 .6 6 2 3 ,0 2 8 ,2 0 0
1 0 .0 4 2 0 ,1 2 5 ,8 2 6
7 .9 0 1 4 ,9 7 4 ,5 1 2
6 .5 5 1 0 ,9 2 2 ,6 7 2
4 .0 7 8 ,0 7 6 ,9 9 2
4 .5 9 5 ,9 8 7 ,4 4 5
2 .3 7 3 ,6 3 0 ,5 0 9
1 .2 4 2 ,4 1 2 ,2 6 5
.73 1 ,7 7 5 ,2 0 3
.4 9 1 ,4 0 1 ,9 6 5
.36 1 ,1 4 9 ,6 5 1
964,235
.2 6
829,791
.2 1
722,047
.16
.1 4
637,921
568,079
.43
347,659
.2 3
231,213
.13
165,670
.1 4
94,383
.0 7
59,952
.0 4
41,071
.0 2
29,856
.01
.01
22,461
.0 1
17,479
13,822
.0 2
5 ,7 9 4
.01
3,0 7 1
(6 )
1 ,882
(6 )
1 ,2 7 4
(« )
733
(6 )
499
(6 )
219
(6 )
120
(8 )
62
(«)
39
(« )
19
(6 )
7
(6 )
4
(8 )
5 1 ,3 0 1 ,9 1 0
100.00
512,214
6 1 ,8 1 4 ,1 2 4
(7 )
1 0 0.00
9 2 .35
8 9 .67
8 4 .9 6
79.58
7 4 .1 8
6 8 .75
62.89
5 6 .97
50.98
4 4 .89
59.23
29.19
2 1 .2 9
15 .7 4
11.67
7.0 8
4 .7 0
3 .4 6
2.7 3
2 .2 4
1.8 8
1.6 2
1.4 1
1 .2 4
1.1 1
.68
.45
.3 2
.1 8
.12
.08
.0 6
.0 4
.03
.0 3
.01
.01
(8)
(8 )
(8 )
(6 )
(6 )
(6 )
(6 )
(8 )
(6 )
(8 )
(6 )
3 ,9 2 6 ,3 1 6
5 ,2 9 7 ,4 3 4
7 ,7 1 6 ,9 5 6
10,475,248
1 3 ,2 4 6 ,2 7 8
1 6 ,0 3 0 ,6 1 6
1 9 ,0 3 8 ,4 3 8
2 2 ,0 7 7 ,3 8 6
2 6 ,1 4 6 ,3 4 4
2 8 ,2 7 3 ,7 1 0
3 1 ,1 7 6 ,0 8 4
3 6 ,3 2 7 ,5 9 8
4 0 ,3 7 9 ,2 3 8
4 3 ,2 2 5 ,9 1 8
4 5 ,3 1 4 ,4 6 5
4 7 ,6 7 1 ,4 0 1
4 8 ,8 8 9 ,6 4 6
4 9 ,6 2 6 ,7 0 7
4 9 ,8 9 9 ,9 4 5
5 0 ,1 5 2 ,2 5 9
5 0 ,3 3 7 ,6 7 5
5 0 ,4 7 2 ,1 1 9
5 0 ,6 7 9 ,8 6 3
5 0 ,6 6 3 ,9 8 9
5 0 ,7 3 3 ,8 3 1
5 0 ,9 5 4 ,2 5 1
6 1 ,0 7 0 ,6 9 7
5 1 ,1 3 6 ,2 4 0
6 1 ,2 0 7 ,6 2 7
5 1 ,2 4 1 ,9 5 8
5 1 ,2 6 0 ,8 3 9
5 1 ,2 7 2 ,0 5 4
5 1 ,2 7 9 ,4 4 9
6 1 ,2 8 4 ,4 3 1
5 1 ,2 8 8 ,0 8 8
5 1 ,2 9 6 ,1 1 6
5 1 ,2 9 8 ,8 3 9
6 1 ,3 0 0 ,0 2 8
5 1 ,3 0 0 ,6 3 6
6 1 ,3 0 1 ,1 7 7
5 1 ,3 0 1 ,4 1 1
5 1 ,3 0 1 ,6 9 1
5 1 ,3 0 1 ,7 9 0
6 1 ,3 0 1 ,8 4 8
5 1 ,3 0 1 ,8 7 1
5 1 ,3 0 1 ,8 9 1
5 1 ,3 0 1 ,9 0 3
6 1 ,3 0 1 ,9 0 6
5 1 .3 0 1 ,91C
-
(7)
7 .6 (
10.32
15.04
2 0 .4 !
25.82
31.22
37.13
43.02
49.02
55.1]
60.77
70.61
78.71
84.2<
88.32
92.92
96.3C
96.54
97.27
97.7«
98.12
98.5«
98.52
98.7«
98.82
99.32
99.51
9 9 .6Ö
99.82
99.82
99.92
99.94
99.96
99.97
99.97
99.9S
99.92
99.92
99.92
99.9S
99.92
99.92
99.92
99.92
9 9.9!
99.92
99.92
99.9<
1 0 0 .0
VXKOOQO BLUU
AX
Cumulative d i s i r i Simple d istrib u tio n • sution from highest
Income d a s s
Percent
Percent
Amount
of
Amount
of
to ta l
to ta l
C
b
i
100.00
.8 2 161,5 7 3 ,2 0 6
1 ,5 2 6 ,8 1 0
9 9 .1 8
.67 1 6 0 ,0 4 6 ,3 8 4
924,594
9 8 .6 0
1 .3 2 1 5 9 ,1 2 1 ,7 9 0
2 ,1 2 3 ,4 9 1
9 7 .2 9
1.9 3 156,9 9 8 ,2 9 9
3 ,1 0 8 ,2 5 5
9 5 .3 6
2 .3 6 15 3 ,8 9 0 ,0 4 4
3 ,8 0 2 ,4 0 1
93 .0 1
2 .8 0 1 5 0 ,0 8 7 ,6 4 3
4 ,6 2 0 ,3 1 1
9 0 .2 1
3 .5 0 145,5 6 7 ,3 3 2
5 ,6 4 0 ,6 9 1
86.71
4 .0 0 13 9 ,9 2 6 ,6 4 1
6 ,4 5 1 ,8 3 1
8 2 .71
4 .5 1 1 3 3 ,4 7 5 ,1 1 0
7 ,2 8 4 ,3 6 7
7 8 .2 0
5 .0 8 126,1 9 0 ,7 5 3
8 ,2 0 6 ,4 9 2
73.11
6 .1 7 117,9 8 5 ,2 6 1
8 ,3 3 7 ,2 4 5
6 7 .9 5
1 0 .3 8 10 9 ,6 4 8 ,0 1 6
1 6 ,6 9 5 ,5 2 2
57.60
9.3 8 9 2 ,9 6 2 ,6 9 4
1 5 ,1 3 7 ,3 2 4
4 8 .22
7 .4 7 7 7 ,8 1 5 ,3 7 0
1 2 ,0 5 8 ,3 9 0
40.75
6 .1 7 6 5 ,7 5 6 ,9 8 0
9 ,9 4 9 ,0 4 6 .
34.58
8
5
,8
0
7
,9
3
4
7.9 5
1 2 ,8 2 9 ,2 5 3
2 6 .63
4 .8 6 4 2 ,9 7 8 ,6 8 1
7 ,8 4 6 ,2 3 8
21.77
2 .9 4 3 6 ,1 3 2 ,4 4 3
4 ,7 4 9 ,3 7 8
1 8 .83
1 .9 6 3 0 ,3 8 3 ,0 6 5
3 ,1 5 9 ,3 0 7
1.4 8 2 7 ,2 2 3 ,7 5 8 - 1 6 .8 7
2 ,3 8 6 ,5 2 0
15 .3 9
1 ,9 4 0 ,5 8 1
1 .2 0 2 4 ,8 3 7 ,2 3 8
1 4 .1 9
.9 6 2 2 ,8 9 6 ,6 6 7
1 ,5 4 2 ,8 6 9
1 3 .2 3
.8 3 2 1 ,3 6 3 ,7 9 8
1 ,3 4 2 ,4 8 1
1 2 .40
.7 0 2 0 ,0 1 1 ,3 1 7
1 ,1 3 4 ,1 6 7
1 1 .7 0
.63 1 8 ,8 7 7 ,1 5 0
1 ,0 1 1 ,7 4 2
1 1 .0 7
2 .3 4 1 7 ,8 6 5 ,4 0 8
3 ,7 8 3 ,1 6 3
8 .7 3
1 .6 0 1 4 ,0 8 2 ,2 5 5
2 ,6 8 8 ,8 9 7
7 .1 2
1 .1 1 1 1 ,4 9 3 ,3 5 8
1 ,7 8 7 ,8 2 1
6.0 1
9
,7
0
5
,6
8
7
1.5
2
2 ,4 4 6 ,5 2 3
4 «50
7 ,2 6 9 ,0 1 4
.9 5
1 ,5 2 9 ,6 4 7
3*56
5
,7
2
9
,4
6
7
.6
4
1 ,0 2 9 ,2 4 7
2 .9 1
4 ,7 0 0 ,2 2 0
.45
724,293
2 .4 6
3 ,9 7 5 ,9 2 7
.3 4
661,992
3 ,4 2 5 ,9 5 5
2 .1 2
.2 6
422,375
1
.8 6
3
,0
0
1
,5
6
0
.2 1
5 4 6,317
1.6 5
.6 0
2 ,6 5 5 ,2 4 3
961,006
1 .0 6
.2 9
1 ,6 9 4 ,2 3 7
466,140
•76
1 ,2 2 8 ,0 9 7
.1 6
263,988
•60
964,139
.1 0
165,094
•60
799,045
184,812
•11
•38
bid1235
.0 6
104,592
•32
609,841
•10
167,972
•21
341,869
•05
8 6 ,360
•16
255,509
.0 4
69,688
•12
155,821
.0 2
3 9 ,3 1 6
•09
•O
S
146,506
4 6 ,5 4 0
•06
.0 3
9 8 ,165
4 2 ,6 8 7
•03
65,478
.0 1
1 2 ,463
•05
4S,015
•OS
43,015
16 1 ,3 7 5 ,2 0 5
100.00
8/7 9 9 ,2 8 0
(T)
^ 1 6 0 ,5 7 5 ,9 2 5
(T)
For fo o tn o tes, see pp* 13-14? f o r exten t t o which data a re estim ated, seejgu 4 - 5 ,
-P*
ro
Tabla 8 . - Individual retu rn s f o r 1949, by taxable and nontaxable retu rn s and by adjusted gross Incoas c la s s e s : Runbar of re tu rn s, Incoas or lo s s f r e a each
of the source* ocuprising adjusted gross incoas, adjusted gross in coas, exemption, ta x l i a b i l i t y , ta x peyaants, and ta x overpayment f o r a l l retu rn s} also
se le cte d items f o r retu rn s with ite n ise d deductions
PART Z. . AIX RETURNS
(Adjusted gross incoas c la s s s s and money f is u ra s in thousands of d o lla r» )
Adjusted gross ineaas classes 1/
1
2
S
4
S
6
7
8
9
10
11
18
IS
14
IS
16
17
18
19
80
81
8
8
85
84
25
86
87
88
89
50
31
58
S3
54
35
86
57
38
59
40
41
48
45
44
45
46
47
48
49
50
51
58
53
54
55
56
57
58
59
60
61
6
8
65
64
65
66
67
68
69
Taxable returnsT
0.6 under 0.75
0.75 under 1
1 under 1.85
1.25 under 1.5
1.5 under 1.75
1.75 under 8
2 under 8.25
8.85 under 8.5
8.5 under 2.75
2.75 under 5
5 under 5.5
5.5 under 4
4 under 4.5
4.5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 18
18 under 15
15 under 14
14 under 15
15 under 80
20 under 25
85 under 50
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 800
800 under 850
850 under 500
- 500 under 400
400 under 500
500 under 750
750 under 1,000
1.000 under 1,500
1,500 under 8,000
8.000 under 5,000
5.000 under 4,000
4.000 under 5,000
5.000 or acre
Total taxable returns
Nontaxable returns : 58/
No adjusted gross income 5/
Under 0.6
0.6 under 0.75
0.75 under 1
1 under 1,85
1.85 under 1.5
1.5 under 1.75
1.75 under 8
8 under 8.25
2.85 under 2.5
8.5 under 2.75
2.75 under 5
S under 5.5
5.5 under 4
4 under 4.5
4.5 or aore
Total nontaxable returns
Grand total
Taxable returns with adjusted gross in
come under $5,000 end nontaxable returns
Taxable returns with adjusted gross in
come of $5.000 or aore
f o p footnotea, see pp#
for extent to
Total
Salaries
number of and
returns
wages 10/
Annuities
Rants and
Business and
Partnership 16/
Dividends 11/ Interest 12/ and
profession 15/
royalties 14/
pensions 15/ Vet profit Nst loss Net profit Net loss Net profit Net loss
881,406
919,785
1,854,890
1,808,817
8,588,144
8,850,699
4,175,758
4,638,897
5,458,018
6,586,555
18,768,587
18,484,468
10,815,095
8,808,190
10,856,656
6,178,545
5,468,885
8,085,111
1,488,188
1,111,537
796,666
686,596
546,807
455,095
1,665,468
1,044,787
697,711
909,007
529,031
545,146
889,087
170,489
128,748
98,579
848,736
98,689
47,777
86,508
86,185
11,658
15,159
8,907
4,184
888
405
339
11
88
2,786
10,880
15,525
24.598
54,952
57.185
49,580
52,486
44,862
55,878
124,212
118,514
106,919
97,194
196,654
167,028
158,090
119,910
110,476
104,641
98,958
86,914
81,105
81,550
554,989
878,469
815,546
541.693
849,681
196,685
155,088
185,050
104.693
98,418
888,804
156,844
99,415
68.598
79,147
48.185
74,854
36,049
50,590
17,575
19,015
11,998
8,485
81.490
8,958
7,098
9,576
17,515
84,890
87,588
86,772
51,498
50,905
89,155
68,988
62,948
61,657
56,559
105,755
78,076
50,574
40,805
54,689
51,478
87,756
85,110
81,875
20,015
81,961
59,484
41,571
60,547
58,850
86,795
18,580
14,095
10,841
8,514
85,586
11,679
6,157
5,547
5,984
8,188
8,789
8,517
1,478
1,864
550
104
85
8.280
518,814
84,195
3,986,515 1,114,198
466,616
1,015,284
1,857,585
681,199
1,534,158 1,150,561
1,855,548 1,144,447
1,120,6SC 1,295,981
1,285,764 1,784,596
810,598 1,286,175
878,788 1,641,805
880.588 1,714,685
458,868 1,081,148
775,808 8,058,588
551.588 1,108,894
408,878
117,750
89.995
544.568
16.185.885 17.559.806
51.814.184 124.885.148
45,886,679 91,001,017
88,081
16,587
15,611
88,465
88,547
84.084
17,277
19.084
14,725
11,299
18,641
5,895
18,019
7,196
5,070
18.869
5507989
5.846.227
1,054,559
16,875
16,964
15,71$
87,741
88,865
88,835
81,471
18,080
18,550
8,459
8,508
5,545
6,581
5,000
8,889
7.855
¿84.815
1.587.850
676,154
5,987,445 55,882,125
4,811,671
851,675
557,894
1,180,974
1.225.174
1.517.685
1.665.685
1,788,055
8,888,555
8.190.175
2,506,855
8,444,105
4,576,11S
5,700,515
8.788.955
1,998,545
8.556.955
1,816,844
657,068
575,855
858,514
185,416
154.444
107,744
84,126
69,848
280,48C
116.445
65,545
71,887
54,431
18,881
11,815
7,595
4,988
5,657
8,085
8,788
1,189
608
541
854
880
99
58
85
2C
12
5
4
(55)
2,998
8,997
11,755
81,517
15,413
18,084
15.850
14,971
14,896
81.850
83,051
18,743
15,590
19,880
17,708
7,100
5,568
4.866
5,505
5,385
8,751
8,061
8,555
7,250
4,845
5,571
5,984
5,483
1,794
1,516
1,099
809
776
1.867
968
659
257
315
150
884
79
17
49
93
46
4,146
14,858
14,984
51,475
58,117
40,784
58,065
58,161
55,215
68,861
144,701
158,514
187,565
118,507
177,155
155,898
99,568
88,978
78,488
61,711
55,508
47,544
39,186
58,015
141,045
94,706
69,846
96,748
59,669
59,558
28,871
19,704
15,666
18,158
56,687
18,466
8,554
5,416
6,740
5,788
4,618
1,951
8,584
800
78
49
15,377
411
1,191
47,595
1,000
47,589
5,048
143,870
4,441
177,508
175,695
5.795
6.796
893,117
7,658
284,140
9,404
587,644
9,655
596.984
88,943
765,198
17,778
658,155
17,125
696,878
11,854
686,018
17,088
956,521
11,488
764,753
7,167
594,565
4,710
480,915
5,125
451,558
4,941
354,858
511.984
8,660
8,885
277,918
1,748
858,480
1,986
817,888
6,861
805,714
4,688
585,674
3,815
547,668
4,196
413,615
8,549
853,860
1,712
135,485
1,455
78.865
740
57.865
748
58,988
86,956
519
1,593
68,858
1,066
84,904
646
11,059
580
5,496
7,856
890
515
5,580
588
5,058
67
1,861
41
5,951
87
1,078
885
55
4
19
507
(54)
59
1.781
2.572.465 ¿09.809 18.051.7ll
(55)
4,090
8,250
81,701
2,697
85,588
5,551
48,777
10,656
57,789
8,750
68,898
8,947
85,405
11,579
88,470
14,359
106,427
16,551
105.578
856,575
50,888
288.898
51,798
861,876
19,175
17,569
870,465
26,611
407,101
585,696
16,695
508,455
10,639
268,677
8,601
7,486
844,004
6,656
814,885
6,367
204,518
5,899
170,591
161,941
4,939
156,478
4,959
588,488
84,158
16,636
468,651
12,857
516,855
468.579
18,055
504,057
13,545
8,868
801,379
6,547
147,655
5,891
105.899
80,795
5,011
61,756
5,888
158,866
10,672
6,785
66,081
4,508
58,769
2,518
15,888
14,817
8,517
1,451
6,814
5,857
8,710
7,887
1,043
1,966
1,564
5,458
124
589
479
8
54
185
50
487.501 7.¿57.787
35,417 46,104
1,459
16,451 765,754
17,658
5,816
57,607
8,981
50,057
148,904
89.511
7,470
12,078
1,858
44,041
101,688
81.505
16,598
78,567
881,188
5,544
51,808
88,190
85,975
5,156
87,008
547,680
54,608
81,553
88,471
76,957
556,997
5,459
17,544
55,588
80,588
545,688
4,111
54,755
14,530
55.511
68,487
16,045
11,317
411,554
3,558
75.555
10,841
57,547
4,169
58.556
8,158
898,960
8,875
51,791
507,551
4,808
8,750
64,860
4,718
55,317
8.989
61,721
889,360
7,589
16,881
8,465
169,441
1,917
89,767
5,080
86,785
2,019
505,548
5,010
69,797
6,954
987
17,803
146,580
1,588
4,146
28,151
5,761
(55)
70,871
686
(33)
15.505
(53)
74.468
5.989
19.550
85.051
17.995
144.587
687.169
445.408 5.059.658 518.771 15.689.546 1.598.872 7.918.888
359,526 1,588,377 888,000 8,850,465 1,151,856 8,548,884
104,088 1,471,859
90,775 7,599,078
847,654 5,565,408
(S3)
450
559
8,110
1.488
5,785
8,558
5,651
5,868
5,145
10,480
9,158
7,881
8,767
15,685
6,163
5,988
4,781
5,714
5,067
5,069
8,775
8,888
1,901
9,458
7,747
5.489
7,814
4.197
5,409
8,599
8,065
1,621
1,040
5,508
1,418
1,566
1.198
854
370
1,441
550
514
59
85
Seles or exchanges
of capital asset* 17/
Net sain
Net loss
(5$)
27
168.508
548
8,805
3,818
6,817
14,088
9,485
17,444
19,165
80,848
27,608
58,545
57,418
65,756
59,558
104,874
91,578
67,589
55,159
46,557
59,146
55,851
29,978
86,800
27.714
96,901
67,610
51,114
75,485
59,895
41,068
55,497
89,656
83,709
81.715
68,994
48,776
88,188
84,518
89,554
15,601
52,177
14,016
14,878
6,081
5,807
86,749
5,600
17.548
1.714.5Í¿
494
1,786
1,157
3,556
5,818
5,572
5,669
6,995
8,464
8,558
16,936
15,969
16,548
15,584
85.570
16,856
18.571
9,570
8,840
7,685
6,945
5,756
5,009
4,588
16,540
11,015
7,491
9,480
5,888
5,170
1,955
1,405
970
746
1,695
605
868
154
116
54
75
86
18
6
5
1
1
1
278.880
1
8
5
4
5
6
7
8
9
10
11
18
15
14
15
16
17
18
19
80
81
88
85
84
85
86
27
28
89
50
51
58
35
54
35
56
57
58
59
40
41
48
45
44
45
46
47
48
49
189,555
81,654
5,786
6,984
4,613
4,467
6,478
5,173
8,087
5,149
5,615
(35)
4,488
6,571
(S3)
33
69,061
81,097
6,159
14,641
15,158
15,386
14,847
16,175
10,988
10,664
9,881
4,111
14,407
7,867
1,615
18.478
19,501
15,839
5,585
5,199
6,151
4,315
4,097
4,087
8,688
8,646
8,570
8,129
5,006
8,156
855
2.847
458.158
358,454
1.955.580
608,216
550.695
189,205
50
51
58
55
54
55
56
57
58
59
60
61
68
65
64
65
66
67
68
{105,684
1,355,505
161,487
69
which data are estimated, aeepp. 4-5.
and b y adjusted groas Income classes! ífc¡mbe^6 fTOtiiras, income or lose from.each
Table 2. - Individual returns for 1949, b y taxable and nontaxable returns exemption, tax liability, tax payments,, and +-ev overpayment 'for all returns ; also
of the sources comprising adjusted gross income, adjusted gross Income,
selected Items for returns with itemised deductions - Continued
t
: _
a t .t .
P im m M S — r .n n t l n u e d
T&blo 2« *“ IndIvldual returns for 1949, fey 'taxable and nontaxable returns and b y adjusted gross income classess Number of returnsj income or loss frin . oacb
of the sources comprising adjusted gross income^ adjusted gross income^ exemption, tax liability, tax payments, and tax overpayment ‘for
returns 3 also
selected Items for returns with itemized deductions * Continued
PART !• - ALL RETURNS - Continued
Adjusted gross income cla sse s 1 /
Sales or exchanges of
property other than
c a p ita l asse ts 1 8 /
Net gain
Net loss
Income from Miscellaneous
e sta te s and Income 2 0 /
tru s ts 1 9 /
Taxable returns«
0*6 under 0*75
(53)
0*75 under 1
(53)
(55)
1 under 1.2 5
(33)
(53)
1.2 5 under 1 .5
952
1,256
1*5 under 1 .7 5
922
803
1.7 5 under 2
1,617
714
2 under 2.2 5
2,375
2 ,164
2.2 5 under 2 .5
1,003
2,278
2 .5 under 2.75
2,744
1,406
2.7 5 under 5
1,197
2,175
5 under 5 .5
5 ,555
5,743
5 .5 under 4
4,115
3,829
4 under 4 .5
4,251
4,162
4 .5 under 5
7,688
4,628
5 under 6
8,157
6,288
6 under 7
5,981
5,811
2,290
7 under 8
5,798
8 under 9
3,251
1,735
9 under 10
2,088
1,401
10 under 11
1,549
1,417
11 under 12
2,294
1,188
12 under 13
1,176
931
15 under 14
978
776
14 under 15
895
573
15 under 20
4,454
5,467
2 0 -under 25
2,044
1,855
25 under SO
1,919
1,782
30 under 40
1,722
2,072
40 under 50
935
1,595
50 under 60
856
403
60 under 70
370
675
70 under 80
331
746
80 under 90
269
398
90 under 100
117
247
100 under 150
481
1,142
150 under 200
302
250
200 under 250
47
308
250 under 500
7
159
500 under 400
21
80
400 under 500
420
55
500 under 750
24
1,016
750 under 1 ,000
90
1 ,000 under 1,500
129
15
1,500 under 2,000
2,000 under 3,000
7
6
3,000 under 4 ,0 0 0
4,000 under 5 ,000
20
5,000 or more
1
Total taxable returns
1W .5S5 -------- B57Ï57 ■”
Nontaxable returns« 3 2 /
No adjusted gross income 5 /
72,716
5,602
Under 0 .6
8,368
1 ,520
0 .6 under 0*75
2,565
844
0.7 5 under 1
1 ,421
2,321
1 under 1.2 5
3,780
2,354
1 .2 5 under 1 .5
1,102
1 ,826
1 .5 under 1.7 5
2,517
2 ,210
2 ,722
1 .7 5 under 2
1,584
2 ,2 5 0
2 under 2.25
1 ,354
1,795
2 .2 5 under 2 .5
968
1 ,497
2,677
2 .5 under 2.7 5
1,849
2 .7 5 under 5
(53)
5 under 5 .5
2,644
1,5 5 1
1,907
3 .5 under 4
(58)
4 under 4 .5
(55)
(5 3 )
4 .5 o r more
2.492
(55)
E505T
T otal nontaxable returns
27.959
Grand t o ta l
175.802
Taxable returns with adjusted gross in 136,582
62,346
cerne under $5,000 and nontaxable returns
Taxable returns with adjusted gross in 44,148
57,218
cone of $ 5 .000 or more
toe footnote«, see pp« 13-14j f o r exten t to which date are eetla a te d ,
1M.49Ü
(S3)
2,261
1 ,198
4,407
7,021
8,711
9,546
7,881
12,106
8,737
21,644
24,243
22,467
21,982
40,201
49,009
55,754
29,613
28,690
26,533
25,108
22,649
22,382
20,980
93,211
75,011
63,469
97,686
69,040
56,892
45,750
56,270
30,905
25,956
90,059
54,246
35,217
24,965
21,200
13,901
33,293
21,421
12,557
9,017
23,637
3,464
1753035
8,066
5,019
4,485
4,479
8,558
4,029
3,838
3,870
2,725
2,533
960
3,338
1,929
1,005
(53)
(55)
57.175
1 .443.568
209,500
1 ,235,864
seegp» 4 -5 .
3,586
11,553
8,4 9 1
15,648
23,554
23,175
29,255
31,516
50,790
31,115
67,386
56,061
46,215
43,515
64,041
43,591
26,458
18,683
18,014
14,548
11,747
10,447
9 ,171
6,968
28,132
21,610
12,549
16,476
9,540
6 ,270
3,649
5,581
1,766
1,766
3,483
1,303
1,013
677
252
504
127
29
49
4
4
1
77
1 7 5 7 .7 5 ?
Adjusted
gross
Income 2 /
254,328
1 ,055,645
1,3 7 5 ,9 2 3
2 ,0 9 8 ,3 2 6
2,6 9 9 ,2 6 1
5 ,226,328
4,7 2 9 ,0 3 8
5 ,197,035
6 ,065,625
7,0 2 1 ,2 3 1
14,202,032
13,825,865
1 1,561,339
9 ,468,498
12,829,255
7 ,846,238
4 ,7 4 9 ,3 7 8
3,1 5 9 ,3 0 7
2 ,5 8 6 ,5 2 0
1,9 4 0 ,5 8 1
1 ,542,859
1 ,3 4 2 ,4 8 1
1 ,134,167
1 , 0 U , 742
5,783,153
2 ,5 8 8 ,8 9 7
1 ,787,821
2 ,4 4 6 ,5 2 5
1 ,529,547
1,0 2 9 ,2 4 7
724,295
551,992
422,375
346,317
961,006
466,140
263,958
165,094
184,812
104,592
167,972
86,360
69,688
39,316
48,540
42,687
12,465
48.015
Tax
Thx
Amount of
exemption 2 1 / l ia b i l it y 5 / withheld
214,736
708,584
735,104
1,1 9 7 ,1 2 6
1,4 0 5 ,5 7 6
1 ,4 4 9 ,9 3 4
2,409,602
2,4 4 4 ,7 8 2
2,8 1 6 ,0 9 5
3,444,928
6,7 6 1 ,7 4 9
6,347,862
5,0 0 1 ,9 8 6
3,744,085
4 ,4 3 4 ,7 5 0
2,3 0 2 ,5 0 5
1 ,2 1 9 ,4 9 0
719,843
488,147
362,580
264,000
212,488
165,896
138,195
437,945
254,946
132,986
144,541
68,261
37,328
21,980
14,446
9,589
7,048
15,111
5,015
2,189
1,050
978
408
488
158
92
37
29
17
4
7
Sfl.124.68S
477
455
2,453
15,126
5,555
35,984
62,763
2,824
11,635
80,562
90,691
4,800
110,540
127,742
8,455
14,321
163,245
172,507
13,051
19,855
251,702
15,891
23,794
231,228
309,580
19,807
28,086
294,659
22,577
51,544
355,421
562,258
425,571
27,770
35,374
419,876
487,340
26,563
455,824
36,646
950,825
64,441
82,666
953,481
66,913
965,921
942,026
85,094
82,852
853,713
806,824
68,222
72,194
78,031
755,465
687,626
1,1 2 5 ,9 9 5
984,998
126,428
118,470
607,417
122,097
99,450
765,667
78,399
357,071
103,273
502,994
64,946
221,879
94,956
357,962
57,588
286,690
156,875
91,703
50,360
85,297
243,385
125,579
83,207
90,832
45,504
204,851
76,997
42,489
79,430
186,196
58,114
64,500
73,515
165,046
72,818
36,718
152,419
53,701
143,457
625,709
205,388
319,481
111,099
277,082
491,165
155,537
93,478
225,964
82,651
378,482
593,440
126,089
370,475 . 127,997
285,994
89,156
429,095
75,0*6
65,555
521,978
46,911
220,793
173,220
48,007
35,246
245,790
142,188
59,103
199,181
24,575
118,517
28,429
159,445
18,173
100,685
25,129
135,971
14,874
3 5 ,5E0
314,884
69,257
407,379
216,042
34,380
15,970
173,710
150,760
6,812
108,726
19,088
69,614
13,157
84,068
5,742
81,145
14,390
97,470
3,649
7,359
57,671
1,675
49,683
85,898
2,157
12,759
96,429
5,371
, 46,934
52,036
313
5,274
87,565
40,342
296
21,870
1,882
23,689
101
26,668
4,064
30,156
56
3,650
22,737
44
19,450
1,685
6 ,941
5,255
1
2.419
22.614
1
20.194
1 4.580.141 5.SX5.751 TTBTOTEBS 2.120.042
9 ,965
8/799,280
759,422
18,664
1 ,326,810
3,588,515
14,000
1,1 9 5 ,2 6 2
670,266
21,928
1,067,848
1 ,9 86/586
30,249
2 ,569,087
1,7 5 2 ,3 3 2
28,452
2 ,571,452
1 ,704,075
24,926
2,4 3 0 ,3 5 3
1,821,050
52,589
2,8 5 1 ,5 6 4
2 ,414,565
19,820
2,1 2 8 ,4 3 8
1 ,722,493
19,084
2 ,087,322
2,3 6 8 ,2 5 8
19,815
2 ,141,867
2 ,2 7 9 ,9 7 1
10,376
1 ,4 3 5 ,3 1 9
1 ,316,014
14,053
2 ,5 3 8 ,0 0 0
2,493,290
9,863
1,311,459
1 ,280,028
2,557
497,051
464,562
6.657
480.548
367.254
ZS2T597 “5 7 2 0 0 7 Î O T — roV4ÜOJT
1.0 4 0 .7 8 9
8 0 .5 5 4 .5 4 0
69,091,795
704,658 9/104 ,7 6 5 ,9 8 0
6,811
•
72,230
21,874
20,515
52,770
27,941
26,974
38,512
-21,028
28,628
29,259
•
16,136
52,299
18,890
•
7,497
9.950
41Ö.&14
1 4 .558,141 9.646.70b
5 ,678,372 6,063,493
1 1 ,442,545
8,8 5 9 ,7 7 3 3,585,216
B75R5Î89ISS8
536,130
55,807,954
Overpayment
Payments on Tax due
(refund, or
1949 decla a t time
c re d it on
ra tio n 2 2 / o f f ilin g
1950 ta x )
25,567
7,466
3,086
5 ,771
5,562
5,122
5,015
5,066
8,826
3,672
4,097
2,120
4,654
3,489
1,803
4.847
-
13,606
34,937
26,567
39,979
42,170
40,159
62,813
60,959
68,839
74,725
144,450
128,110
104,188
82,384
103,905
65,297
35,748
25,819
19,477
15,850
14,493
12,720
11,062
10,816
42,619
52,553
23,612
51,120
21,101
13,062
8,683
6,684
5,678
4,214
12,283
6,018
3,876
2, 445
1,715
1,046
2,385
583
793
165
632
407
1 .4 5 6 .Sèi
52,178
79,695
24,959
26,087
58,555
55,064
31,988
43,577
24,654
52,299
53,554
18,258
56,954
22,578
9,100
14.795
501.475“
éo.séb
-
504,546
535,688
1,425,557
4,224 ,2 8 4 1 ,584,946
552,674
¿.786.6SB 5.155.543 "Ì.858I8HT
Table 2« m Individual return* for 1949, by taxable and nontaxable retorna and by adjusted groes 1noone classest Number of retorna, income or lose t r on each
of the aooroes comprising adjusted groes income, adjusted groas incoas, sxsaption, tax liability, tax payante, aid tax oeerpayant for all returns; also
sslsoted items for returns with itemised deductions - Continued
Adjusted gross lnooae alasse* \ /
Number
of
returne
Taxable returns!
1
! 0.6 under 0.75
0.75 under 1
8
S ■ 1 under 1.25
4
s
6
7
8
9
10
11
18
18
14
15
18
17
18
19
2
0
2
1
2
2
28
24
25
26
27
28
29
80
81
82
88
84
85
86
87
88
59
40
41
42
45
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
65
64
65
66
67
68
69
1.25 under 1.5
1.5 under 1.75
• 1.75 under 2
2 under 2.25
2.25 under 2.5
2.5 under 2.75
2.75 under 5
5 under 5.5
5.5 under 4
. 4 under 4.5
4.5 under 5
i 5 under 6
: 6 under 7
! 7 under 8
8 under 9
. 9 undergo..
10 under li
11 under 12
12 under 15
13 under 14
14 under 15
15 under 20
20 under 25
25 under 50
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1,000
1,000 under 1,500
1,500 under 2,000
2,0d0 under 5,000
3,000 under 4,000
4,000 under 5,000
5,000 or more
Total taxable returns
Nontaxable returns; 52/
No adjusted gross income 5/
Under 0.6
0.6 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
1.5 under 1.75
1.75 under 2
2 under 2.25
2.25 under 2*5
2.5 under 2.75
2.75 under 3
3 under 3.5
5.5 under 4
4 under 4.5
4.5 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and nontaxable returns
Taxable returns with adjusted gross
income of $5,000 or more
Fox* f o o t n o t e s *
see pp. 1 8 — 1 4 }
5,624
80,184
116,180
151,850
217,220
271,100
500,606
566,568
402,750
452,554
996,528
954,622
780,524
595,150
784,508
405,582
205,514
121,126
79,650
64,052
49,452
45,980
57,686
52,672
122,442
76,686
47,896
56,598
29,268
16,808
10,194
6,807
4,702
5,469
7,701
2,658
1,170
594
557
252
278
99
58
25
20
12
5
4
7,899,061
Adjusted
gross
inoc m 2/
PART II. - RETURNS WITH ITEMIZED DEDUCTIONS 25/
(Adjusted gross lnooae olasses and money figures In thousands of dollars)
Deduotien for Losses molasi,
Amount
froa
dontal, Mieoeltaf
Net
Total
Net
Contribu Interest
Taxes 26/ fire,
etc., ex laneous
deduc inoaam 80/ deficit
tions 24/ 25/
deduc
■tora, penses
tions
tions
3 /
tions 29/
sto. 27/ 28/
21/
227
4,091
(55)
150
(55)
48
5,581
69
610
71,462
717
4,551
2,599
216
4,176
1,595
15,857
57,625
1,771
150,851
8,290
4,856
654
10,554
4,771
99,994
30,856
12,642
15,167
209,751
2,859
7,529
1,321
8,124
162,110
47,621
555,586
20,422
15,207
5,455
24,62C
10,281
1,405
75,567
278,018
508,697
50,282
8,592
19,685
5,545
52,779
15,701 110,185
598,515
640,845
56,010
19,005 155,475
12,086
25,975
5,259
41,160
505,568
870,221
47,011
54,024
3,506
17,850
48,095
24,888 175,574
694,847
55,869
55,887 215,690
1,056,275
26,508
59,699
5,558
56,590
840,586
1,502,217
65,179
52,295
49,429
65,975
5,370
57,253 253,502 1,048,714
5,258,577 149,878
97,556 126,295 16,489 159,552
99,656 829,186 2,609,591
5,572,244 154,124 111,968 141,886 18,594 137,987 119,755 684,111 2,888,155
5,507,845 142,141 111,024 129,698 16,569 115,552 127,022 659,985 2,667,856
2,818,967 122,151
88,461 120,559 549,690 2,269,277
94,790 109,408 14,559
4,262,985 174,567 141,562 165,915 20,906 150,229 179,569 810,546 5,452,637
2,600,951 105,159
81,465 103,199 11,580
73,257 128,215 502,875 2,098,076
1,516,482
62,778
45,127
7,525
75,577 292,485 1,224,000
65,175
38,705
1,025,557
42,529
29,485
25,989
44,205
5,750
55,446 197,378
828,159
755,058
51,586
20,258
55,584
2,958
17,464
58,625 144,075
608,982
670,706
27,899
17,821
2,259
50,262
54,845 127,605
14,538
545,101
22,906
567,620
14,490
25,464
1,756
25,671 100,927
10,659
466,692
548,217
21,651
12,600
24,518
1,846
9,431
25,292
95,142
455,076
19,957
508,548
10,886
1,421
7,967
22,274
20,115
82,619
425,751
8,816
473,655
18,499
21,147
7,291
1,511
17,744
75,006
398,650
2,114,295
78,049
59,692
91,608
5,012
22,184
75,162 511,708 1,802,586
58,872
1,708,605
26,525
5,261
72,242
12,094
50,102 222,896 1,485,707
42,594
19,052
55,971
2,207
1,507,790
7,165
35,550 160,339 1,147,451
65,156
26,268
1,945,715
77,826
5,812
7,465
49,485 227,989 1,717,725
1,301,101
42,002
16,118
50,845
2,390
3,696
53,212 148,262 1,152,858
30,257
916,654
11,701
1,104
55,450
2,178
21,093 101,764
814,890
22,272
658,467
7,961
24,948
1,536
1,052
15,655
75,225
585,245
508,211
18,221
6,176
822
19,758
12,007
739
57,704
450,506
598,686
14,662
5,185
721
45,867
15,259
445
9,594
552,819
528,527
12,516
4,381
12,994
447
548
7,846
38,532
289,994
922,672
58,992
11,285
1,277
56,292
604
25,910 114,356
808,516
454,887
5,587
22,249
18,714
656
15,577
592,544
180
62,545
259,811
14,182
2,828
10,327
498
66
225,272
8,640
36,559
161,157
9,556
2,366
6,194
259
5,686
29
25,850
157,508
2,579
185,584
11,416
7,007
581
59
6,582
27,805
155,580
105,478
7,605
985
5,951
165
4
5,426
16,135
87,545
166,557
10,974
1,526
527
6,410
7
142,547
4,746
25,989
6,142
819
5,048
232
86,560
1,955
12,195
74,165
5,747
69,688
590
2,890
132
5
2,019
11,184
58,504
59,516
5,514
262
1,458
94
886
6,214
55,103
48,540
5,184
355
1,676
78
1,786
7,058
41,281
42,687
2,654
25
11
535
259
5,482
59,205
12,465
1,519
1
584
45
264
2,011
10,452
5,197
45,015
40
1,684
12
1,254
8,187
54,828
44,734,802 1175357951 '170357587 17783,184 Ì7Ì,Ó7l I,170,087 1,609,556 17758,57« 57,'051.125
Tax É
due at
time
of
fillac
Overpeymsnt (re
funds, or
credit on
1950 tax)
5,494
65
165
88
12
1,586
48,110
641
507
8,800
69,708
4,982
7,540
1,044 1,074
spi
107,112
11,622
9,504
1,656 2,061
a.
190,800
14,459
18,505
2,784 2,542
—
245,046
25,162
50,655
4,061 3,475
308,058
39,455
52,744
4,755 4,097
•
451,118
45,485
55,076
6,741 5,081
•
507,521
55,096
8,557 5,559
67,002
638,555
67,464
80,452
7,601 6,411
•
1,604,502 166,057 198,769
16,457 15,507
1,685,650 199,854 228,657
19,865 15,895
_
1,462,501 201,517 220,176
19,615 15,356
•e 1,170,542
182,911 194,709
20,978 14,447
_
1,571,258 514,405 315,582
56,001 28,195
815,526 216,005 200,929
55,267 19,584
409,514 159,112 115,455
29,728 15,245
245,554 101,439
74,300
28,255 12,840
•
160,729
79,969
53,565
26,215 11,041
•
129,774
74,995
26,107 11,149
46,634
Ú
100,561
67,869
37,542
28,199 10,169
•
89,233
68,873
57,574
28,068 11,058
•
76,662
67,825
55,156
50,256 11,458
• ,
65,972
65,952
29,212
52,082 11,577
248,054 528,607 152,277
170,879 55,954
156,474 509,565 100,987
178,494 55,245
74,887
98,296 266,819
165,609 47,884
115,784 458,881 108,252
294,049 84,226
.
58,215 557,252
67,717
243,455 65,472
•
35,552 282,224
45,752
196,206 52,468
4
20,020 220,446
51,620
156,958 40,071
25,572
15,551 181,074
131,555 52,476
.
9,061 149,284
17,724
111,752 25,255
•
6,668
127,971
14,083
95,529 22,475
14,517 588,727
54,888
501,972 65,759
4,897 209,999
169,548 52,555
15,800
2,154 128,378
6,800
107,060 18,306
s»
1,050
81,768
5,699
68,292 12,222
96,711
973
5,639
80,440 14,546
sa»
405
57,095
1,668
49,150 7,521
•
484
95,516
85,171 12,581
2,149
•
158
52,056
313
46,954 5,571
•
92
40,542
296
57,565 3,274
57
25,689
101
21,870 1,882
29
30,136
36
26,668 4,064
17
22,757
44
19,450 5,650
4
6,941
1
5,255 1,685
7
22.614
1
20,194 2,419
12,318.3(31 s u s i n i 2,779,303 3,131,503 5327751
200
2,562
4,477
6,055
9,591
15,009
15,538
20,414
25,782
27,000
62,475
62,540
55,810
47,225
61,575
57,578
21,294
15,954
10,648
8,895
8,041
7,807
6,985
6,918
50,484
25,161
19,561
27,626
19,592
12,204
8,185
6,528
5,446
4,116
11,892
5,884
5,788
2,445
1,715
1,046
2,585
585
793
165
652
407
Payments
Taz 11f— Tax
on 1940
bility 5/ withhold toelaration 22/
•
•
512,214
8/799,280
2,244
5,244
8,186
1,550
5,111
3,734
25,871
825,149
759,422
6,811
25,567
_
_
42,658
17,196
5,347
2,235
3,175
(55)
6,946
2,708
7,889 9,405
18,710
50,784
651 i 1,102
52,788
36,505
2,515
1,445
5,444
1,232
5,927
1,925
16,486
22,986 2,967
46,022
967
664
101,090
87,764
5,588
2,777
7,577
1,945
14,918
4,912
57,518
52,825 2,579
95,478
1,267
2,553
«
74,594
85,961
5,238
2,571
7,615
637
14,187
5,678
55,925
50,382 2,346
92,572
818
2,015
156,500
9,714
189,440
6,661
12,856
1,759
7,996
26,173
65,160
126,492 2,212
178,122
4,697
1,524
•
109,262
8,791
■j
176,155
6,221
11,104
26,901
1,595
9,865
64,475
112,694 1,014
154,625
3,822
1,466
i
80,748
151,218
7,125
5,156
9,415
3,551
9,189
96,207 1,274
21,852
56,285
150,794
5,556
1,145
•
122,282
258,956
12,019
9,122
15,481
2,944
28,160
12,959
80,666
179,457 1,168
220,000
1,957
6,750
•
88,144
208,625
9,425
10,416
2,861
9,995
24,649
12,405
69,749
159,226
349
1,712
168,076
6,315
_
•
224,114
8,819
2,847
85,012
10,203
11,256
11,457
67,427
22,852
157,004
518
1,572
185,305
5,699
284,646
99,560
11,925
12,508
13,245
3,608
25,412
15,789
80,285
205,515 1,151
250,862
6,888
1,285
«
•
402,902
18,596
18,688
124,552
19,316
8,820
40,098
27,552 152,871
272,145 2,113
10,984
510,551
2,796
_
81,844
305,209
12,691
24,777
14,495
14,449
4,998
28,959 100,366
204,292 1,449
227,004
8,591
3,065
«
41,940
176,420
6,384
7,785
8,111
6,082
11,138
19,950
59,448
117,597
627
128,658
1,467
4,515
39,291
228,776
10,549
17,534
16,559 15,340
20,624
106,558 12,271
56,500 134,688
122,206
7,425
4,645
1,792,279 9/2,080,618 154,855 3X5,411 171,788 577575 8177758 2&1,$54 1,045,335 1,Ò5l,069 866,591 3,098,081
£1,652
- -- 51,333
9,591,340 9/46,825,420 2,051,734 1,323,248 1,360,317 228,346 1,487,810 T,"84(37830 8,773,603 38,312,134 "555,531 16.(08.981 5,183,711 2,861,308 S.US.&l 892,751
“7,483,499 9/20,US,017 373,571 658,464 874,152 148,488 1,035,381 855,700 4,537,519 16,575,080 "555,131' U, 568,356 1,004,464 1,285,312
155,255 57,754
2,207,841
26,709,599 1,052,223
T o r e xtent t o wh i c h d a t a ar e estimated,
573,787 1,086,770
80,487
591,850
987,195 4,172,288 22,557,115
4,448,625 5,135,250 1,625,994 5,077,989 804,995
s ee p p . 4* 5 «
T b l ^ ^ ^ a i i v i d u a l returns with adjusted gross income for 1949, by Stat.« «id
r e t u y S s T e S E r i - «ad wage., dirldemln, interest, adjusted gross income, «id tax liability
a*
12
8
4
5
6
7
8
9
10
11
12
IS
14
15
18
17
18
19
2
20
1
2
2
28
24
25
26
27
28
29
50
81
52
85
54
55
56
57
38
59
40
41
42
45
44
45
46
47
48
723,368' 49
52,178
1,754
1,650
5,800
2,855
6,025
5,289
4,680
8,707
8,025
7,270
8,174
15,780
11,456
5,982
12,064
l53,¿48
337,636
583,303"
50
51
52
58
54
55
56
57
S8
59
60
61
62
65
64
65
66
67
68
375,729 69
liable 3. - Individual returns with adjusted gross income for 1949, by States and Territoriest Number
of returns, salaries and wages, dividends, interest, adjusted gross Income, and tax liability
(Money figures In thousands of dollars)
Number of
Salaries
returns
Dividends 11/ Interest 12/
and
States and Territories (taxable
and nontaxwages 10/
able)
1
2
5
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
32
SS
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New Tork
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington 55/
West Virginia
Wisconsin
Wyoming
Total
Adjusted
gross
income Z/
Tax
liability y
610,951
205,174
526,192
5,998,611
459,267
826,426
120,795
396,604
770,284
725,497
182,805
187,650
5,619,255
1,409,222
954,663
654,528
679,542
625,020
522,500
1,104,645
1,902,361
2,355,558
1,064,195
282,472
1,170,544
210,026
475,954
61,605
201,461
1,941,010
175,767
6,106,261
906,710
217,505
2,977,078
600,921
541,659
5,974,815
521,008
428,358
214,957
771,088
2,124,568
216,504
127,061
917,580
906,292
596,898
1,267,745
101*625
1,502,405
456,556
625,708
10,690,192
979,922
2,102,945
290,019
1,156,488
1,648,985
1,725,525
445,919
540,542
9,846,902
5,428,000
1,541,605
1,184,458
1,421,884
1,458,027
568,529
2,858,460
4,995,510
6,586,909
2,156,529
544,068
2,795,451
404,254
795,497
161,261
580,583
5,293,793
538,052
16,815,185
1,859,820
522,455
7,785,264
1,142,802
1,287,587
9,949,926
752,895
901,554
244,528
1,704,511
4,775,674
466,923
220,860
2,161,044
2,502,092
1,549,549
2,875,592
223,156
29,701
14,255
12,564
456,002
59,849
147,942
55,890
42,524
95,561
64,509
17,267
7,858
557,852
92,596
48,833
28,499
46,656
50,365
56,298
103,561
218,207
198,740
78,495
17,786
156,951
15,190
50,691
9,002
55,124
194,990
13,797
1,016,750
80,129
6,122
515,205
58,414
41,961
587,069
42,246
27,280
4,859
48,895
140,004
17,176
18,845
86,652
56,588
45,010
109,615
8.425
10,910
8,618
5,404
165,412
20,600
27,479
6,205
11,548
51,969
11,587
2,995
5,252
85,720
28,806
28,934
14,714
9,510
12,746
11,471
50,187
51,982
61,259
27,162
10,158
28,555
7,450
12,709
2,954
11,765
55,649
7,575
262,505
12,179
4,060
79,728
16,965
27,980
84,877
9,711
9,654
2,898
15,888
55,888
6,750
5,489
16,841
50,195
8,879
59,592
4,643
1,654,742
642,640
859,742
15,978,169
1,454,809
2,651,557
448,352
1,576,898
2,265,498
2,064,459
540,858
529,951
12,510,506
4,574,124
2,755,521
1,888,755
1,829,511
1,895,155
781,219
5,581,245
5,912,113
7,760,425
2,993,559
743,415
5,611,191
629,115
1,556,295
207,747
515,591
6,455,505
551,172
21,202,910
2,555,044
565,172
9,656,409
1,715,487
1,781,985
12,094,565
902,520
1,114,879
540,617
2,155,940
6,865,925
630,251
507,216
2,606,750
2,949,865
1,620,262
5,764,845
527,108
716,224
50,452
57,656
1,573,925
128,524
267,465
77,209
141,467
188,665
161,959
47,120
59,554
1,226,825
571,821
207,742
155,625
152,687
167,711
56,581
290,284
518,417
700,599
238,292
55,677
354,840
51,468
109,957
22,506
58,465
590,526
45,204
2,157,040
165,890
57,986
879,644
156,048
162,958
1,075,079
78,975
75,146
56,855
158,559
673,588
42,750
21,774
205,112
271,847
109,570
508,588
28.461
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
31
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51,511,929
125,557,549
5,181,454
1,495,519
161,668,875
14,564,205
51
H
(
For footnotes, see pp. 15-14; for extent to which data are estimated, seepp. 4-5
-P*
45m
Table 4. - Taxable fiduciary return« for 1949, by total Incone classesi Number of return«, Incone or loee from each of the «onree« coa?»l«ing total Income,
total lnoone, deduction«, balance Income, amount distributable to beneficiaries, net Income, exertion, and tax liability
figure« In thousand» of dollar«)
Deduction for of property
partner
Trade or
Rents and
Total
Interest royalties 14/ buslMsa 59/ ship 40/
other than
number llvidands
58/
capltal
52/
of
assets W
returns
Nët
Net
Net TSÏ— W T "TfeT"~ Net
-m —
Net Nei
gain
loss
gain
loss
loss
profit
ifit
loss
profit
Total incone classes 56/
1
2
5
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
55.
54
55
36
57
38
59
40
41
42
43
44
45
46
«7
48
49
52
18
17
30
28
26
21
19
55
22
42
19
48
27
35
25
52
28
46
56
26
23
25
19
14
29
64
52
67
55
110
30
67
1,070
692
1,555
1,565
1,521
1,529
1,326
1,515
1,150
1,185
1,193
2,352
2,054
2,044
1,986
3,592
3,181
2,875
2,685
2,291
2,492
1,905
1,790
1,521
1,565
6,754
4,595
3,585
4,688
3,125
2,5n
1,900
1,409
1,017
977
2,780
1,525
706
446
740
546
622
444
188
220
76
17
13
99,577
64,539
529.760
53,714
84.264 102.559 1,448
21,691 18,549
450
35,058
476,048
62,573 84,009 1,020
55
65
25
25
24
24
225
410
486
467
468
418
605
520
502
457
968
855
798
647
,272
,125
,144
,027
747
772
691
726
800
547
,014
,496
,565
,352
,428
,128
537
476
813
551
,721
588
423
444
,030
7
14
19
21
46
54
52
14
24
26
4
51
23
68
15
51
40
3D.
64
2e
5C
16
59
SC
46
n7
156
91
46
ne
159
34
45
45
102
in
19
10
25
52
56
492
70
182
16
10
-
«
Total
Taxable returns with total
Income under $5,000
Taxable returns with tota
179
4
5
179
484
9
7
562
588
9
625
25
16
655
9
709
7
720
5
795
8
727
18 1,375
22 1,591
12 1,354
1,525
85 2,490
47 2,442
2,199
13 2,068
1,974
15 2,055
10 1,714
14 1,692
27 1,492
1,577
26 6,411
79 5,681
57 4,475
36 5,776
15 4,574
59 3,762
16 3,545
2< 2,425
1,788
2,090
8,054
4,825
3,310
1C 1,551
16 1,889
4,686
1,552
2,578
2(
1,067
'7,802
44
15
2
775
-
96
n2
202
216
282
275
344
279
296
371
315
681
655
681
652
1,197
1,293
1,107
1,340
929
890
959
1,000
751
855
3,724
2,517
1,958
5,310
2,30!
2,359
1,067
1,253
870
298
2,272
909
60<
52
437
279
z
Miscel
Miscel
iotal Balance
Total
laneous
laneous
deduc in
in
in
Interest Taxes deduc
tions come 4ft/
come
44/
come 43/
46/ tions 47/
4§/
1
s
15
15
9
15
10
7
17
10
12
12
9
62
46
108
104
123
152
125
180
128
156
165
378
184
270
263
18
595
24
556
18
546
19
29!
10
221
17
186
266
10
293
28
179
406
16
1,042
H
l)l36
12
*70£
1,428
29
53
'743
68
585
616
551
219
15
58 * 1,592
47
*295
76
63
(54)
29
128
Í0 (54)
258
(34)
(34)
1,147
'60S
(34)
1C
17
15
26
24
14
52
52
« 58
12
24
17
48
45
48
24
68
25
46
60
28
57
55
52
65
19
59
58
76
154
85
20
17
58
109
225
261
267
265
268
252
256
265
241
459
421
567
295
683
527
505
556
463
470
426
519
294
242
1,247
1,152
'679
1,25C
'652
756
481
513
285
443
301
164
162
34
58
J
6C
71
24
42
34
121
187
206
204
206
214
226
220
217
405
402
552
540
657
585
547
547
455
480
408
425
575
571
1,552
1,577
1,045
1,560
1,190
986
619
499
448
413
1,834
725
405
557
403
143
267
193
591
261
124
137
(34)
(54)
56
1C
168
85
197
261
310
524
343
370
374
402
599
775
702
692
641
1,251
1,163
1,138
1,029
897
924
781
845
685
721
5,086
2,593
2,055
3,424
2,666
1,984
1,472
1,524
1,075
967
3,037
1,441
1,301
842
1,094
638
712
481
561
135
262
220
124
340
485
562
580
611
651
656
687
685
1,294
1,222
1,126
1,077
2,125
1,938
1,869
1,752
1,481
1,605
1,399
1,420
1,187
1,266
5,577
4,546
3,5«
5,714
4,4U
3,398
2,366
2,427
1,718
1,536
5,614
2,611
1,850
1,271
1,576
827
1,087
747
1,037
396
524
(34)
22!
157
2,686
2,751
5,554
6,082
6,158
6,437
6,557
7,010
6,568
6,831
6,747
13,224
12,284
12,190
11,930
22,656
21,U9
20,420
19,689
16,991
16,885
15,366
14,461
12,728
15,244
58,136
46,487
38,741
55,655
41,287
30,508
25,002
22,012
16,753
12,601
51,807
28,931
22,752
12,889
16,152
12,655
19,058
12,283
18,354
6,705
6,912
5,077
4,657
175
181
440
651
835
1,051
1,148
1,424
1,446
1,7U
1,702
3,585
3,558
3,550
3,901
7,577
7,174
7,452
7,001
6,641
6,491
5,920
5,957
5,489
5,651
25,213
20,690
17,728
25,04!
19,446
15,22!
15,226
12,560
9,047
6,612
27,490
15,351
14,013
8,967
9,956
5,216
15,597
5,756
8,59C
6,55!
6,827
S,05D
4,47!
9
7
22
57
45
51
62
47
58
66
68
U5
U9
81
95
216
191
185
176
149
201
210
150
151
175
758
576
473
750
555
428
275
404
196
158
742
446
124
72
80
46
109
73
85
« s r’Olcn
S
3 *■ P- S im
• B f il ..U*
<1 o
»
a
o ®
Amount
Tax
of
exemp liabil
tion ity 51/
60/
2,512
2,569
5,114
5,451
5,303
5,886
5,209
5,586
5,122
5,120
5,046
9,639
8,746
8,640
8,030
15,059
13,945
12,968
12,688
10,560
10,391
9,445
8,504
7,240
7,593
32,923
25,797
21,013
28,615
21,839
15,280
11,776
9,652
7,706
5,989
24,317
15,580
8,719
5,922
6,196
7,440
5,661
6,528
9,764
151
86
26
161
274
866
159
1,608
411
2,631
552
2,261
57&
1,806
655
1,559
645
1,296
718
1,244
680
1,039
699
933
710
841
1,405 1,413
1,105 1,524
962 1,546
801 1,290
1,554 2,515
1,014 2,434
836 2,371
696 2,430
519 2,050
480 2,129
586 2,010
343 1,862
285 1,628
257 1,775
934 8,332
590 7,554
571 6,581
420 9,871
¿SS 8,541
149 6,225
98 5,085
4,370
78
3,634
56
38 2,908
n s 12,398
41 7,570
24 4,956
2,161
n
3,847
11
7 4,ns
5,465
4,246
4 5,455
76
(34)
32
(34)9
108
(34)
5,416
16( 11,664
1,572
599
626
156
16.26C
2,40
16.74!
5,98.
926.824
123,068
9.n9 23.05C
88C 5,37!
46.958 79.126
6,041 10,50]
847.698
112,789
384.92! 462.776 29.716 144.030
KU,9DC n,412
5,141 1,43! 55,586
55. 97,507
974
47!
12,76]
803,739
8,28'' 19,67
40,915 68,82!
734,909
359,58 575,32]
,828
596
►*! to c+ aï »tí o * m
Sey&ps'gjp
i i ç ?II!
O
P (D
S P ^ M ’i d l H
P-3 p.- 5 ñ cj-¡g©lo»
s fa’sPet-B
ft H* Q> 0
H H O 1
Net in
come
taxable
to
fiduci
ary 49/
2,906
2,875
5,894
6,567
6,700
7,017
6,967
7,641
7)225
7,518
7,432
14)518
13,506
13,515
13)007
24,761
25,057
22,289
21,442
18,472
18,488
16,764
15,881
15,915
14,510
65,514
51,032
42,290
59,369
45,698
35,S16
27,5'S
24,4:>9
18,471
14,159
57)421
31,542
24,562
14,160
17,728
15,482
20)l45
13,030
19j392
7)099
7^435
3,078
4,860
For footnotes, see pp. 15-14»
£¡*3
SBo
® o ts
Amount
distrib
utable
to
teneficiaries
«
00
to
rl
so
51
262
485
964
1,153
1,161
1,082
1,179
1,258
1,157
1,052
1,106.
2,175
1,918
1,869
1,788
5,303
2,975
2,779
2,798
2,262
2,445
2,160
1,922
1,605
1,565
7,540
5,588
4,607
6,4«
4,754
3,974
2,173
2,194
2,025
1,368
6,170
2,208
1,020
1,497
1,812
1,283
2,348
577
2,806
1,264
1,112
2,306
2,614
2,676
3,004
2,769
5,211
5,178
5,345
5,551
6,561
6,220
6,125
6,200
12,147
11,398
11,529
10,876
9,720
9,544
8,783
8,261
7,585
7,876
35,180
29,414
24,991
54,298
28,412
19,548
17,158
15,712
11,565
8,457
34,730
21,265
18,363
10,018
11,591
5,553
14,557
9,257
7,314
6,893
7,329
5,054
4,072
8,657
4,243
6,777
5,866
4,887
4,332
3,721
3,612
3,048
2,848
2,589
4,482
5,606
3,141
2,730
4,525
5,565
2,970
2,529
1,948
1,764
1,460
1,275
1,052
1,002
3,681
2,291
1,545
1,722
1,024
620
422
326
218
149
473
183
no
52
51
30
53
15
16
Under 0.6
0.6 under 0.75
0.75 under 1
1 under 1.25
1.25 under 1.5
l.£ under 1.75
1.75 under 2
2 under 2.25
2.25 under 2.5
2.5 under 2.75
2.75 under 5
5 under 5.5
5.5 under 4
4 under 4.5
4.5 under 5
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
IS under 14
14 under 15
15 under 20
20 under 25
25 under SO
30 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 300
300 under 400
400 under 500
500 under 750
750 under 1,000
1,000 under 1,500
1,500 under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 or more
Income
from
fiducia
ries 42/
çt O
3
Q
P*. &
9,367 132,616
66íí!fe5íifef¡égS385 8 ! 2 g S { 3 g 8 8 S 8 8S8fSSS8eS
and :
Sales or
exchanges
of capital
assets 41/
- 18
Footnotes
\ f Adjusted g ro ss income classes are based on the amount
of adjusted gross income, (see note 2), regardless of the
anounb of net income or net deficit when computed; returns
idth adjusted gross deficit are designated "No adjusted gross
income" without regard to the amount and appear as the first
class under nontaxahLe returns.
2/ Adjusted gross income means gross income minus al
lowable trade and business deductions, expenses of travel and
lodging in connection with employment, reimbursed expenses in
connection with employment, deductions attributable to rents
and royalties, certain deductions of life tenants and income
beneficiaries of property held in trust, and allowable losses
from sales or exchanges of property. Should these allowable
deductions exceed the gross income, there is an adjusted gross
deficit«
5/ Tax liability after deducting tax credits relating to
income tax paid at source on interest from tax-free covenant
bonds and to income tax paid to a foreign country or posses
sion of the United States. ' Such credits are reported on
returns, Fora 1040, with itemized deductions.
4/ This class includes nontaxable returns with adjusted
gross income exceeding the designated class limit.
5/ Returns with no adjusted gross income are returns
showing adjusted gross deficit; that is, returns on which the
deductions allowable for the computation of adjusted gross
income equal or exceed the gross income (see note 2 ) ,
6/ Less than 0.005 percent.
T/ Not confuted.
8/ Adjusted gross deficit.
16/ Partnership net profit or loss excludes partially taxexempt interest on Government obligations, and net gain or loss
from sales of capital assets. In computing partnership profit
or loss, charitable contributions are not deductible nor is the
net operating loss deduction allowed.
17/ Net gain or less from sales or exchanges of capital
assess is the net gain or the allowable loss used in computing
adjusted gross income. Each is the result of combining net
short- and long-term capital gain and loss and any capital
loss carry-over from the years 1944-48, inclusive, not previ
ously deducted. Deduction for the loss, however, is limited
to the amount of such loss, or to the net income (adjusted
gross income if tax is determined from the tax table) computed
without regard to gains and losses from sales of capital
assets, or to $1,000,whichever is smallest.
Sales of capital assets include worthless stocks, worth
less bonds if they are capital assets, nonbusiness bad debts,
certain distributions from employees* trust plans, and each
participant's share of net short- and long-term capital gain
and loss received through partnerships and common trust finds.
18/ Net gain or loss from sales or exchanges of property
other than capital assets is that from the sales of (l) property used in trade or business of a character which is subject
to the allowance for depreciation, (2) obligations of the
United States or any of its possessions, a State or Territory
or any political subdivision thereof, or the District of
Columbia, issued on or after March 1, 1941, on a discount
basis and payable without interest at a fixed maturity date
not exceeding 1 year from date of issue, and (3) real property
used in trade or business.
19/ Income from estates and trusts excludes partially taxexempt interest on Government obligations.
(The net operating
loss deduction is allowed to estates and trusts and is deducted
in computing the distributable income.)
9/ Adjusted gross income less adjusted gross deficit.
10/ Salaries and wages include annuities, pensions, and
Iretirement pay reported in the schedule for salaries, but
exclude wages not exceeding $100 per return from which no tax
was withheld, reported as other income on Fora 1040A (see
note 20).
11/ Dividends, foreign and domestic, exclude dividends
not exceeding $100 per return reported as other income on
Form 1040A (see note 20) and dividends received through
partnerships and fiduciaries.
12/ Interest received includes interest on notes, mort
gages, bank deposits, and interest (before amortization of
bond premium) from corporation bonds and from taxable and
partially tax-exempt Government obligations; also, includes,
when received through partnerships and fiduciaries, partially
tax-exempt Government interest, but excludes interest, not
exceeding $100 per return, reported as other income on
Form 1040A (see note 20).
J
15/ Income from annuities and pensions is only- the taxa
ble portion of amounts received during the year. Amounts
¡received to ^he extent of 3 percent of the total cost of the
annuity are reported as income for each taxable year, until
the aggregate of amounts received and excluded from gross'
income in this and prior years equals the total cost. Thereafter, entire amounts received are taxable and must be in
cluded in adjusted gross income. Annuities, pensions, and
¡retirement pay upon which tax is withheld may be reported in
jsalaries and wages.
j
20/ Miscellaneous income includes alimony received, prizes,
rewards, sweepstakes winnings, gambling profits, recoveries of
bad debts or insurance received as reimbursement for medical
expenses if deduction for either was takeq, in a prior year. For
returns with standard deduction, there are included$35,948,000
of wages not subject to withholding, dividends, and interest,
not exceeding in total $100 per return, reported as other income
on 779,600 returns, Fora 1040A.
21/ Amount of exemption, allowed for purposes of both nor
mal tax and surtax, includes the $600 per capita exemptions
for the taxpayer, his spouse, and each dependent, together with
additional exemptions of $600 for blindness a n d $600 for age
65 or over for the taxpayer and his spouse.
2 2 / Payments on 1949 declaration of estimated tax, reported
on returns, Fora 1040, include the credit for overpayment of
prior year tax as well as the aggregate payments made on the
declaration, Form 1040-ES.
23/ Returns with itemized dBdictions are long--fora returns,
Fbra-1040, on which nonbusiness deductions are itemized; longfora returns, Fora 1040, with no deductions filed by spouses of
taxpayers who itemized deductions (such spouses are denied the
standard deduction); and returns, Fora 1040, with no adjusted
gross income whether or not deductions are itemized.
24/ Contributions, reported on returns with itemized deduc
tions, include each partner's share of charitable contributions
of partnerships, but cannot exceed 15 percent of the adjusted
gross income.
2 ^ Bents and royalties net profit is the excess of
gross rents received over deductions for depreciation,
repairs, interestj taxes, and other expenses attributable to
rent income; and the excess of gross royalties over deple
tion and other royalty expenses. Conversely, net loss from
these sources is the excess of the respective expenses over
gross income received.
2 5 / Interest, reported on returns with itemized deduc
tions, is that paid on personal debts, bank loans, or mortgages,
but excludes interest paid on business debts reported in
schedules /or business or rent income, and interest on loans to
buy tax-exempt securities, single-premium life insurance, or
endowment contracts.
Jjj/ Net profit from business is the excess of gross
¡receipts from business over deductions for business expenses
and the net operating loss deduction due to the unabsorbed
net operating loss from business, partnership, and common
mst finds for the 2 preceding years. Conversely, net loss
¡from business is the excess of business expenses and net
operating loss deduction over total receipts from business.
26/ Taxes paid, reported on returns with itemized deduc
tions, include personal property taxes, State income taxes,
certain retail sales taxes, and real estate taxes except those
levied for improvements which tend to increase the value of
property. This deduction excludes Federal income taxes;
estate, inheritance, legacy, succession, and gift taxes; taxes
on shares in a corporation which are paid by the corporation
without reimbursement from the taxpayer; taxes deducted in the
14
Footnotes - Continued
scheckiles for business and rent; income taxes paid to a
foreign country or possession of the United States if any
portion thereof is claimed as tax credit; and Federal social
security and employment taxes paid by or for the employee.
27/ Losses resulting from fire, stonp, shipwreck, or
other casualty, or theft, reported on returns with itemized
deductions, are the actual nonbusiness losses sustained, that
is, the value of such property less salvage value and insur
ance or other reimbursement received.
28/ Medical and dental expenses, reported on returns with
itemized deductions, paid for the care of the taxpayer, his
spouse, or dependents, not compensated by insurance or other
wise, which exceed 5 percent of the adjusted gross income.
The deduction cannot exceed an amount equal to $1,250 multi
plied by the number of exemptions other than age and blind
ness, with a maximum deduction of $2,500,-except on a Joint
return of husband and wife the maximum is $5,000.
29/ Miscellaneous deductions, reported on returns with
itemized deductions, include alimony payments, expenses in
curred in the production or collection of taxable income or
in the management of property held for the production of
taxable income, amortizable bond premium, the taxpayer's share
of interest and real estate taxes paid by a cooperative apart
ment corporation, and gambling losses not exceeding gambling
gains reported- in income.
50/ Net income reported on long-form returns, Form 1040,
whicTT”have adjusted gross income in excess of itemized
deductions.
31/ Net deficit, reported on nontaxable returns, Fbrrn 1040,
classified as returns with itemized deductions, consists of
adjusted gross deficit on short-form returns and the net defi
cit on long-form returns resulting from the combination of
adjusted gross deficit and itemized deductions or from the
excess of itemized deductions over adjusted gross income.
There is a net deficit on 556,510 returns of which 512,214
show adjusted gross deficit and 44,296 show adjusted gross
income of various amounts and itemized deductions of larger
amounts.
52/ Nontaxable returns are those with no adjusted gross
income and those with adjusted gross income which income, when
reduced by deductions, standard or itemized, and exemptions,
results in no tax liability. The 1,280,065 nontaxable returns
with adjusted gross income and with itemized deductions include
44,296 returns with net deficit.
55/ Number of returns associated with this item is subject
to sampling variation of more than 100 percent. Such items
are not shown separately since they are considered too unre
liable for general use; however, they are included in totals.
For description of sample see pages 4 and 5.
54/ Less than $500.
55/ Includes Alaska.
56/ Total income classes are based on the amount of total
income tabulated for taxable fiduciary returns (see note 44).
57/ Dividends, foreign and domestic, exclude dividends
received through partnerships and other fiduciaries.
58/ Interest received on bank deposits, notes,corporation
bonds, taxable and partially tax-exempt Government obligations,
and such Government interest received through partnerships
and other fiduciaries.
59/ Trade or business profit or loss is the current year
net profit or loss.
(Net operating loss deduction is reported
in miscellaneous deductions.)
40/ Partnership net profit or loss excludes taxable and
partially tax-exempt interest on Government obligations, and
net gain or loss from sales of capital assets. In computing
partnership profit or loss, charitable contributions are not
deductible nor is the net operating loss deduction allowed.
41/ Net gain or loss from sales or exchanges of capital
assels is the net gain or the allowable loss used in com
puting the net income taxable to the fiduciary. Each is the
result of combining net short- and long-term capital gain
and loss and any capital loss carry-over from the years
1944-48, inclusive, not previously deducted. Deduction for
the loss, however, is limited to the amount of such loss,
or to the net income computed without regard to gains and
losses from sales of capital assets, or to $1,000, whichever
is smallest.
Sales of capital assets include worthless stock, worthless
bonds if they are capital assets, nonbusiness bad debts,
certain distributions from employee's trust plans, and each
participant's share of net short- and long-term capital gain
and loss from partnerships and common trust finds.
42/ Income from other fiduciaries excludes taxable and
partially tax-exempt interest on Government obligations.
45/ Miscellaneous income includes taxable income from
sources other than those tabulated.
44/ Total income is the amount resulting from the combina
tion of profit or loss from rents and royalties, from trade or
business, from partnerships, from sales or exchanges of prop
erty, together with income from dividends, interest, other
fiduciaries, and from miscellaneous income.
(Total income is
an approximation of the adjusted gross income tabulated for
individual returns.)
45/ Interest is that paid on debts, mortgages, and bank
loans; it does not include interest reported in schedule for
business or rent income, nor interest on indebtedness in
curred to buy tax-exempt securities, single-premium life
insurance, or endowment contracts.
46/ Taxes paid include State income taxes, certain retail
sales taxes, -and real estate taxes except those levied for im
provements which tend to increase the value of property. This
deduction excludes Federal income tax, estate, inheritance,
legacy, succession, and gift taxes; taxes imposed upon shares
in a corporation which are paid by ..the corporation without re
imbursement from the taxpayer; taxes de&icted in the schedules
for business and rent income; and income taxes paid to a for
eign country or possession of the United States if any portion
thereof is claimed as a tax credit.
47/ Miscellaneous deductions include the net operating
loss deduction, losses resulting from fire, storm, shipwreck,
or other casualty o r ’from theft, not compensated by insurance
or otherwise, and other authorized deductions except interest
and taxes.
48/ Balance income is the excess of total income over total
deductions; that is, income before the amount distributable to
beneficiaries is deducted.
49/ Net income taxable to fiduciary is the net income re
maining in the hands of the fiduciary after deductions for al
lowable expenses and amount distributable to beneficiaries.
50/ Amount of exemption is $600 for each estate and $100
for each trust, in the form of a credit against net income for
purposes of both normal tax and surtax.
51/ Tax liability after tax credits relating to income tax
paid at source on interest from tax-free covenant bonds and to
income tax paid to a foreign country or possession of the
United States.
Treasury - Internal Revenue, Washington, D. C,
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 JLj.2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19ifL, 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.
Accord
ingly, 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. I4I 8, 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.
-
dealers in investment securities.
2
-
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
August Ih , 19^2
* in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
August lit 19S2
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
»
TREASURY DEPARTMENT
Washington
3/X 3
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 7, 1952
The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.500 nn0.QQQ , or thereabouts, o f __ 91_-day Treasury bills, for
cash and in exchange for Treasury bills maturing
August, 1)i.
♦ in
the amount of $ 1,500.97? OOP , to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
November 13. 1952
terest.
August.,,^ .,125 2 .
The bills
, and will mature
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value)
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern j6tasxata3dxtime, Monday, August 11. 1952
S§E
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 competi
tive 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
TREASURY DEPARTMENT
Information Service
Wa s h i n g t o n , d .c .
449
RELEASE MORNING NEWSPAPERS,
Thursday, August 7, 1 9 52.__ _
.
S-3123
The S e c r e t a r y of the Treasury, by this p u b l i c notice, invites
tenders for $1 , 5 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y T r e a s u r y bills,
for cas h and in ex c h a n g e for T r e a s u r y bills m a t u r i n g A u g u s t l b ,
1952 , in the amou n t of -$1 ,500,972 ,000, to be i s s u e d on a d i s c o u n t
basis u n d e r comp e t i t i v e and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r
provided.
The bills of this series w i l l be d a t e d A u g u s t I k , 1952,
and w i l l m a t u r e N o v e m b e r 13, 1952, w h e n the face a m o u n t w i l l be
payable w i t h o u t interest.
T h e y w i l l be i s sued in b e a r e r f o r m
only, a nd 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 n d $ 1 , 0 0 0 , 0 0 0 (ma turity value).
T e n ders 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 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 ock p.m., E a s t e r n D a y l i g h t S a v i n g
time, Monday, A u g u s t 11, 1952.
T e n d e r s w i l l n o t be r e c e i v e d at
the T r e a s u r y D epartment, 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
even m u l t i p l e of $1,000, a n d in the case of c o m p e t i t i v e tenders
the price of f e r e d m u s t be e x p r e s s e d on the basis of 100, w i t h not
more" t h a n three decimate, e. g., 99-925.
F r a c t i o n s m a y n ot be
used.
It is u r g e d that tenders be m a d e on the p r i n t e d forms a nd
forwarded in the s p ecial 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 by
Fe 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.
Others t h a n b a n k i n g i n s t i t u t i o n s w i l l not be p e r m i t t e d to
submit tenders e x c e p t for their o w n account.
T e n d e r s w i l l be
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 banks a n d trust c o m p a n y i e s
and f r o m r e s p o n s i b l e and r e c o g n i z e d de a l e r s in i n v e s t m e n t securities.
Tenders fro m others m u s t be a c c o m p a n i e s by p a y m e n t of 2 p e r c e n t of
the face a m o u n t of T r e a s u r y bills applied for, unless the tenders
are a c c o m p a n i e d by a n express 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 porated b a n k or trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders w i l l be o p ened at
the F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h public
annou n c e m e n t w i l l be m a d e by the S e c r e t a r y of the T r e a s u r y of the
amount a nd price range of a c c e p t e d bids.
T h ose s u b m i t t i n g tenders
will be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n thereof.
The
Secretary of the T r e a s u r y e x p r e s s l y r e s erves the r i g h t to a c cept
or reje c t a n y or al l tenders, in whole or in part, a nd h i s a c t i o n
in an y such r e s p e c t shall be final.
S u b j e c t to these reser v a t i o n s ,
n o n - c o m p e t i t i v e tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated price
from a n y one b i d d e r w i l l be a c c e p t e d in full at the a v e r a g e price
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 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 erve B a n k cn A u g u s t 14, 1952, 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 A u g u s t 14, 1952.
Cas h and e x c h a n g e tenders
w i l l r e ceive e q u a l t r e a t m e n t . 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 a c c e p t e d in
e x c h a n g e and the issue price of the n e w bills.
T h e ' i n c o m e 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 thé sale or other d i s p o s i t i o n of the bills;, shàll not
h a v e a n y exemption, as s u c h , and loss f r o m the sale or other
d i s p o s i t i o n of T r e a s u r y bills shall n ot 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 Re v e n u e Code, or laws a m e n d a t o r y or
s u p p l e m e n t a r y thereto.
The bills shall be subject to estate,
inheritance, gift or o t her exci s e taxes, w h e t h e r F e d e r a l or State,
but shall be e x e m p t f r o m all. t a x a t i o n now. or h e r e a f t e r im 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 by 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 pu 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 by the U n i t e d States shall be c onsidered
to be interest.
U n d e r S e c t i o n s 42 an d 117 (a) (l) of the Inter nal
R e v e n u e Code, as a m e n d e d by S e c t i o n 115 of the R e v e n u e A c t of
1941, the amou 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 r are
sold shall not be c o n s i d e r e d to accrue u n t i l s uch bills shall be
sold, ■redeemed, or oth e r w i s e d i s p o s e d of, a n d s uch bills 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 ner of T r e a s u r y bills (other t h a n life ins u r a n c e c o m p a n i e s )
issu e d h e r e u n d e r n e e d include in his income tax r e t u r n onl y the
d i f f e r e n c e b e t w e e n the price paid for such bills, w h e t h e r on
o r i g i n a l issue or on s u b s e q u e n t purchase, and thé a m ount a c t u a l l y
r e c e i v e d e i t h e r u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the
taxable y e a r .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 Ho. 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 bills a n d g o v e r n the
conditions of:,their issue.
Copies of the c i r c u l a r m a y be o b t ained
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 o r .Branch..•
oOo
8/5/52
¡far
> D1:— y AuguotSecretary Snyder today announced
that Sydney A. Swensrud, President/ Gulf Oil Corporation, has agreed to serve as
^ a i r m a n of ¿ft©'payroll savings drive which will be conducted in the petroleum
industry in September, to increase systematic savings in U. S. Savings Bonds among
the nation*s oil workers*
Complete cooperation in the drive has been pledged by the National Petroleum
Council, headed by Walter S. Hallanan, President of the Plymouth Oil Company.
Support of the drive has also been pledged by Frank M. Porter, President of the
American Petroleum Institute.
Approximately ^00,000 employees will be covered in the drive. Already,
125,000 workers are enrolled in the industry*s payroll savings plan and it is
expected that an additional 125,000 in this vital defense industry will sign up.
In a letter to Mr. Swensrud, expressing appreciation of his willingness to
accept the chairmanship of the petroleum industry campaign, Secretary Snyder said:
,fThe sale of Defense Bonds is a direct part of the defense
effort against the disease of Communism. The person who
helps to provide for his own and his family* s future through
the exercise of thrift gains a personal dignity and a new
understanding of Americanism.
“As you know, maintenance of our country* s economic stability
in this defense jperiod is also closely linked with the
successful prog^ss of the Bond program. Your/public-spirited
action and that of the other members of the Petroleum Industry
who- will join you will advance our economic well-being and
provide an important example for all of American industry,
“I am confident the campaign will be an outstanding success.
I appreciate the patriotic, generous spirit with which you
have responded to meet the need for your leadership,**
M r • Swensrud joined the Gulf Oil Corporation as executive vice president in
May, 19h7, becoming president a year later. He previously had been executive
vice president of the Standard Oil Company of Ohio, which he joined in August, 1928,
as assistant to the president. Mr. Swensrud received his Bachelor of Science
degree at the University of Minnesota in 1923, and his master*s degree at the
Harvard Graduate School of Business Administration in 192?. He is chairman of the
board of directors of the Pittsburgh branch, Federal Reserve Bank of Cleveland;
a director of the Reliance Life Insurance Company, the Crucible Steel Company, the
American Petroleum Institute and of the Pennsylvania State Chamber of Commerce;
a member of the board of trustees, Carnegie Institute of Technology; a councilor
on the advisory board of the Interstate Oil Compact Commission, and an internationally-known authority on the economics of the oil industry.
2
public-spirited action and that of the other members
of the Petroleum Industry who will join you will
advance our economic well-being and provide an important
example for all of American industry.
>r
”1 am confident the campaign will be an outstanding
success.
I appreciate the patriotic, generous spirit
with which you have responded to meet the ne e d for
your leadership.”
Mr. Swensrud joined the Gulf Oil Corporation as executive
vice president in May,
19^7, becoming president a year later.
He previously had been executive vice president of the Standard
Oil Company of Ohio, which he joined in August,
to the president.
1928,
as assistant
Mr. Swensrud received his Bachelor of Science
degree at the University of Minnesota in 1923,
and his master's
degree at the Harvard Graduate School of Business Administration
in 1927.
He is chairman of the board of directors of the
Pittsburgh branch, Federal Reserve B a n k of Cleveland;
of the R e liance Life Insurance Company,
Company,
a director
the Crucible Steel
the American Petroleum Institute and of the Pennsylvania
State Chamber of Commerce;
a member of the board of trustees,
Carnegie Institute of Technology;
a councilor on the advisory
board of the Interstate Oil Compact Commission,
and an inter-
nationally-known authority on the economics of the oil industry.
Secretary Snyder today announced that Sydney A. Swensrud,
President of the Gulf Oil Corporation, has agreed to serve as
chairman of a payroll savings drive which will be conducted in
the petroleum industry in September, to increase systematic
savings in Ü. S. Savings Bonds among the nation's oil workers.
Complete cooperation in the drive has been pledged by the
National Petroleum Council, headed by Walter S. Hallanan,
President of the Plymouth Oil Company.
Support of the drive
has also been pledged by P r a n k M. Porter, President of the
American Petroleum Institute.
Approximately 500,000 employees will be covered in the
drive.
Already,
125,000 workers are enrolled in the industry's
payroll savings plan and it is expected that an additional
125,000 in this vital defense industry will sign up.
In a letter to Mr. Swensrud, expressing appreciation of
his willingness to accept the chairmanship of the petroleum
industry campaign, Secretary Snyder said:
"The sale of Defense Bonds is a direct part of the
defense effort against the disease of Communism.
The
person who helps to provide for his own and his f a m i l y ’s
future through the exercise of thrift gains a personal
dignity and a n ew understanding of Americanism,
jp "As you know, maintenance of our c o u n t r y ’s economic
stability in this defense period is also closely linked
with the successful progress of the Bo n d Program.
Your
TREASURY DEPARTMENT
Information Service
RELEASE SUNDAY NEWSPAPERS
August 10, 1952.________
WASHINGTON, D .C .
S-3124
Secretary Snyder today announced that Sydney A. Swensrud,
President of the Gulf Oil Corporation, has agreed to serve as
chairman of a payroll savings drive which will be conducted in
the petroleum industry in September, to increase systematic
savings in ü. S. Savings Bonds among the nation’s oil workers.
Complete cooperation in the drive has been pledged by the
National Petroleum Council, headed by Walter S. Hallanan,
President of the Plymouth Oil Company. Support of the drive has
also been pledged by Prank
Porter, President of the American
Petroleum Institute,
Approximately 500,000 employees will be covered in the drive.
Already, 125,000 workers are enrolled in the industry’s payroll
savings plan and it is expected that an additional 125,000 in this
vital defense industry will sign up.
*
In a letter to Mr. Swensrud, expressing appreciation of his
willingness to accept the chairmanship of the petroleum industry
campaign, Secretary Snyder said:
,rThe sale of Defense Bonds is a direct part of the
defense effort against the disease of Communism. The
person who helps to provide for his own and his family’s
future through the exercise of thrift gains a personal
dignity and a new understanding of Americanism.
"As you know, maintenance of our country’s economic
stability in this defense period is also closely linked
with the successful progress of the Bond Program. Your
public-spirited action and that of the other members
of the Petroleum Industry who will join you will
advance our economic well-being and provide an important
example for all of American industry.
"I am confident the campaign will be an outstanding
success. I appreciate the patriotic, generous spirit
with which you have responded to meet the need for your
leadership."
-
2
-
Mr. Swensrud joined the Gulf Oil Corporation as executive
vice president in May, 19^7, becoming president a year later.
He previously had been executive vice president or the Standard
Oil Company of Ohio, which he joined in August, 1928, as assistant
to the "President, Mr, Swensrud received his Bachelor of Science
degree at the University of Minnesota in 1923* an(^
master’s
degree at the Harvard Graduate School of Business Administration
in 1927, He is chairman of the board of directors of the
Pittsburgh'branch, Federal Reserve Bank of Cleveland; a director
of the Reliance Life Insurance Company, the Crucible Steel
Company, the American Petroleum Institute and of the Pennsylvania
State Chamber of Commerce; a member of the board of trustees,
Carnegie Institute of Technology; a councilor on the advisory
board of the Interstate Oil Compact Commission, and an internationally-known authority on the economics of the oil industry.
0O0
TREASURY DEPARTMENT
F is c a l Service
STATUTORY DEBT LIMITATION
July 31, 1952 .
AS OF
W ashington,
..AM*....!»..1.9#
'i\t
Section 21 o f second Liberty Bond Act, as amended, provides that the face amount of o b lig a tio n s issued
under au th o rity of that Act, and the face amount of o b lig a tio n s guaranteed as to prin cip al and interest by the *
United States (except such guaranteed o b lig a t io n s as may be held by the Secretary o f the Treasury), "sh a ll not
exceed in the aggregate $275,000,000,000 (Act of June 26, 19U6; U.S.C., t i t l e 3 1 , sec. 757b|, outstanding at
any one time.
For purposes o f t h is section the current redemption value o f any o b lig a tio n issued on a discount
b a sis which is redeemable p r io r to m aturity at the option o f the holder sh a ll be considered as it s face amount."
The follow ing table shows the face amount o f o b lig a t io n s outstanding and the face*amount which can s t i l l
be issued under th is lim ita tio n :
$275,000,000,000
Total face amount that may be outstanding at any one time
Outstanding
O b ligatio n s issued under Second Liberty Bond Act, as amended
In te re st-b e arin g:
Treasury b i l l s ................................
C e r t ific a t e s o f indebtedness........ ,
117 .212 .673.000
28 .170 .156.000
2S.frl0.771.850 I 70,793,600,850
Treasury notes ...............................
Bonds T reasu ry
Savin gs (current redemp. value)
79,852,15^.100
57,708,938,272
377.85fr.500
D epositary..................................
Armed Forces Leave .....................
lfr,096,268,500
Investment s e r i e s .......................
Special Funds Certi fic a te s of indebtedness
,
152,035,215,372
,
2 3 0 6 2 5 15,000
lfr 882lfrl0 frOO....................................
37,9frfr.925.fr00
Treasury n o te s.................... .... .................................
Total inte re st-b e arin g ...........................................
260 ,773»74l,622
Matured, in te re st-ce ase d ......................................................
Bearing no interest:
War savin gs stamps .........................
Excess p r o f it s tax refund bo nd s....
3 2 5 *9 2 1 *1 8 2
48,749,567
1,667,765
Special notes o f the United sta te s:
1 ,288,000,000
In te r n a t'l Monetary Fund series...
1 ,338 ,417,332
262,438,080,136
T o t a l.................................................
Guaranteed o b lig a tio n s (not held by Treasury):
Interest-bearin g:
Debentures: F.H. a . ............................
Demand o b lig a tio n s: C .C .C ... ............. ......
Matured, interest-ceased .............................
32 ,520,fr86
fr3.529
32,564,015
1,648,575
34,212,590
262,472,292,726
12,527,707,274
Grand to ta l o u tsta n d in g ..... . ............................ ......... .......... .....
Balance face amount of o b lig a tio n s issuable under above au th ority
Reconcilement with statement of the Public D ebt
..3^.*....1952
(D a t e )
(D a ily statement of the United State s Treasury,
1,
1952)
(D a t e )
Outstanding Total gross pu blic debt .........................................................................................
Guaranteed o b lig a tio n s not owned by the Treasury ...................................................
Total gross pu blic debt and guaranteed o b lig a tio n s ............................................
Deduct - other outstanding public debt o b lig a tio n s not subject to debt li m i t a t i o n ...
J - 3 as
/
TO » OAS • DC
263,072,711,937
34,212,590
263,106,924,527
634,631,801
262,472,292,726
STATUTORY LEBT LIMITATION
AS OF JULY 31, 19^2
4
August 11,195;
•Section 21 of Second Liberty Bond Act, as amended, provides that the face amoun
of obligations issued under authority of that Act, and the face amount of obliga
tions guaranteed as,to principal and interest by the United States (except such
guaranteed obligations as may be held by the Secretary of the Treasury), "shall not
exceed in the aggregate $275,000,000,000 (Act of June 26, 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 bhe
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
$275 ,000 ,0 0 0 ,0 0 0
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest* bearing:
Treasury bills... ............... 17,212,673,000
Certificates of indebtedness... 28,170,156,000
Treasury notes................
25,1+10,771,850 $ 70,793,600,850
Bonds Treasury....... ......:.... ,.
Savings (current redemp. value)
Depositary.......
Armed Forces Leave....... .
Investment series...........
Special Funds Certificates of indebtedness.
Treasury notes..............
79,85?, 15^,100
57,708,938,272
377,85^,500
l!*,096,268,500
23,06?,515,000
1^,882,1+10,^00
Total interest-bearing....................
Matured, interest-ceased........ ..........
Bearing no interest:
War savings stairips............. .
i48,7U 9,567
Excess profits tax refund bonds,.
1,667,765
Special notes of the United States:
Internat»1 Monetary Fund series
1,288,000,000
152,035,215,372
37,9^4,925,^00
260,773,75Ï7322
325,921,182
1,333,1+17,332
Total.........................................................777777.".77".77 “2627 57770,136
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A..........
32,520,1+86
Demand obligations: C.C.C. ....
¿3,529
Matured, interest-ceased .......... 777777777777777
32,561+, 015
1,61+8,575
31^,212,590
Grand total outstanding........... ...........
262,1+72,292,726
Balance face amount of obligations issuable under above authority... 70^527,707,271+
Reconcilement with Statement of the Public Debt - July 31, 1952
(Daily Statement of the United States Treasury, August 1, 1952)
Outstanding Total gross public debt...................................
263 072 711 937
Guaranteed obligations not owned by the Treasury........ .........
31+^212^590
Total gross public debt and guaranteed obligations............... 263,106,921+,527
Deduct - other outstanding public debt obligations not subject to
debt limitation...........................................
63I+,631,801
S-3125
262*1+72,2.92,726
revenue «^collect Ing ■ »g#noy in h i s t o r y ,
manned by c apabl e and t r u s t wo r t h y
men anti women.
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to a Federal Nevenat S e r v i c e
of top e f f i c i e n c y ,
integrity,
«ns oí maxi«um
o p e r a t i n g economy.
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the
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v a r i o u s o p e r a t i o n a l changes i nvol v e d.
\ Af t e r a t e s t p e r i o d, we proceeded
to s e t up the New f o r k C i t y D i s t r i c t
wi th a view to f u r t h e r o b s e r v a t i o n s
and a dj us t me nt s .
\ with the f e a s i b i l i t y ,
j u s t i f i c a t i o n and a c c e p t a b i l i t y
o f
the f i e l d o p e r a t i o n f u l l y e v i d e n t ,
we
are now proceedi ng to the important
changes which are bein^ made here
today in the Washington headquar t er s
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Information Service heading
s-
RELEASE 10 A.M. EDT
U
f a
Monday, August 11, 19$2
Washington, Aug* H
- Secretary of the Treasury John W. Snyder
spoke on the subject «Reorganization - A Constructive Achievement"
today
at a ceremony/marking reorganization of the headquarters of
Tie-*/“
the Internal Revenue Service*
A
The ceremony, held at the Bureau of Internal Revenue,
was for the installation
iMiulrtw
new headquarters
officials of the Revenue Service* These s w a m in were
Justin F. W i n U e , Assistant Commissioner (Operations),
Norman A* Sugarman, Assistant Commissioner (Technical), and^^,
Edgar E. Hoppe, Assistant Commissioner (Inspection), and^members ^
Secretary Snyder said t
"I am glad to be here to join with you in the establishment
of the new headquarters of t he Internal Revenue Service •
"The headquarters of the Bureau of Internal Revenue is being
reconstituted under the provisions and the
TREASURY DEPARTMENT
Information Service
FOE RELEASE 10 A„M., EOT
Monday, August 11, 19$2
Wa s h i n g t o n , d . c .
S-3126
Washington, August 11 - Secretary of the Treasury John W* Snyder
spoke on the subject »Reorganisation - A Constructive Achievement» at a
ceremony today marking reorganization of the headquarters of th® new
Internal Revenue Service*
The ceremony, held at the Bureau of Internal Revenue, was for the
installation of new headquarters officials of the Revenue Service. Those
sworn in were Justin F. Winkle, Assistant Commissioner (Operations),
Norman A* Sugarman, Assistant Commissioner (Technical), and Edgar E. Hoppe
Assistant Commissioner (Inspection), and 12 staff members*
Secretary Snyder said:
»1 am glad to be here to join with you in the establishment of the
new headquarters of the Internal Revenue Service.
»The headquarters of the Bureau of Internal Revenue is being re
constituted under the provisions and the authority of the Presidents
Reorganization Plan No. 1 of 195>2. This plan marks the culmination of
long and earnest efforts to remold the Revenue Service into a modernized
agency, better able to discharge its tremendous task of administering
the revenue system of our Nation.
»The Bureau of Internal Revenue as we know it today has developed
since 1913, when income taxation was authorized by Congress pursuant to
the Sixteenth Amendment.
»Collection of the income tax at first was a relatively simple
task although, because the tax was new, the Bureau had a considerable
task in promoting public understanding and acceptance. The earlier duties
of the field offices of the Bureau were largely to receive and forward
to Washington the tax returns* As time passed, however, and the growth
of the Nation and the cost of operating our Government increased, the
responsibilities of the Bureau were concurrently enlarged until in 19^0,
just before the beginning of World War II, the organization had grown to
an agency employing about 2)4,000 people and collecting approximately
5 billion dollars. .
-
**W ith o u r
up
o u r a rm ed
r e q u ir e d
e n tra n ce
fo rc e s
r a p id
to
2
-
i n t o W o r ld W ar I I ,
m eet th e
changes
in
th e
h ow ever,
n e c e s s itie s
reven u e
o f th e
la w s ,
th e
cost
d e fe n s e
and th e
o f b u ild in g
of
b u rd en s
o u r co u n try -
of
th e B u reau
grew d a i l y .
T h e r e w as n e i t h e r tim e n o r t h e o p p o r t u n it y t o t a k e a n y
d e f i n i t i v e s t e p s to w a r d r e s h a p in g t h e B u r e a u f o r i t s e x p a n d in g t a s k s .
N e ith e r th e T r e a s u r y D e p a rtm e n t n o r t h e B u re a u w a s a b le t o d e v o te t h e
n e c e s s a r y s tu d ie s and a c t io n s r e q u ir e d t o r e o r g a n iz e th e c o lle c t io n o f
reven u es
at
th a t
tim e ,
due t o
th e
p ressu res
o f w a r tim e
r e s p o n s ib ilitie s ,
m anpow er s h o r t a g e s , an d t h e s c a r c i t y o f m od ern e q u ip m e n t.
;!?e
T r e a s u r y and th e B u re a u , a t t e n t io n had t o b e c o n c e n tr a te d on th e d a i l y
g r o w in g a n d c h a n g in g l e g i s l a t i v e an d a d m i n i s t r a t i v e r e s p o n s i b i l i t i e s ,
AS
th e w ar p r o g re s s e d ,
econ om y d e v e lo p e d ,
w as w on,
th e
and th e
p o stw a r
a d m in is tr a tiv e
e x p a n s io n
b u rd en s
o f th e
o f th e
B u reau
A m e r ic a n
in c r e a s in g ly
e m p h a s iz e d t h e n e c e s s i t y f o r a b a s i c s t r u c t u r a l r e v i s i o n i n t h e B u r e a u s
o p e r a tio n .
I w a n t t o s a y h e r e t h a t g r e a t c r e d i t m u s t g o t o t h e f i n e m en
a n d w om en w h o , u n d e r v e r y t r y i n g c i r c u m s t a n c e s , m e t t h e c h a l l e n g e o f
he
tim e s and c a r r i e d on t h e a rd u o u s w o rk o f t a x c o l l e c t i o n d u r in g l i e
¿ec i c
w ar d aysa
»As t h e
p ressu res
o f w ar le s s e n e d ,
and a s
m ore m an p ow er a n d
e q u ip m e n t
b ecam e a v a i l a b l e , t h e T r e a s u r y D e p a rtm e n t a n d t h e B u re a u im m e d ia t e ly
b e g a n t o g iv e c o n s id e r a t io n t o t h e n e c e s s a r y s t e p s le a d in g to w a rd th e
u ltim a te
r e c o n s tr u c tio n
o f th e B u reau ,
C o m m is s io n e r
As
d ir e c tio n ,
th e
C o lle c to r s
and I n t e r n a l R even ue A g e n ts ,
e a r ly
o f I n te r n a l R evenue
h ere
in
as
O c to b e r
c a lle d
a
19U6,
at
c o n fe re n c e
W a s h in g to n ,
to
my
of
b e g in
th e
w o rk o f d e v e lo p in g p la n s f o r im p r o v in g t h e o p e r a t io n o f t h e s e r v i c e .
F ro m t h a t m om en t u n t i l t o d a y t h e r e h a s b e e n a s t e a d y s e r i e s o f s t u d i e s ,
c h a n g e s , a n d im p o r t a n t d e v e lo p m e n ts i n o p e r a t i o n s .
T h is p ro g ram c a l l e d
f o r c o n s t a n t w o r k o n t h e p a r t o f m em b ers o f t h e T r e a s u r y a n d B u r e a u
s t a f f s , a n d c o n s u l t a n t s i n m any f i e l d s , i n d e v i s i n g im m e d ia te a n d l o n g ran ge
s o lu tio n s
o f th e
B u reau *s
p r o b le m s .
In
s e ttin g
out to
a c c o m p lis h
t h i s g o a l , i t w a s n e c e s s a r y , h o w e v e r , f o r u s t o b e a r c o n s t a n t l y i n m in d
t h a t t h e d a i l y t a s k s o f t h e B u r e a u m u st b e c a r r i e d on w it h o u t i n t e r r u p t i o n .
U n lik e a m a n u fa c t u r in g p l a n t , w e c o u ld n o t s h u t dow n o p e r a t i o n s t o r e - t o o l
we had t o
keep
g o in g ,
» D u r in g t h i s
d e v e lo p m e n t p e r i o d ,
E m p lo y e e s c o n t r i b u t e d
e x te n s iv e
m any s u g g e s t i o n s .
C o n g r e s s io n a l g ro u p s
O u ts id e e x p e r t s w e r e c a l l e d i n t o a d v is e u s .
u p - t o - d a t e m e c h a n ic a l e q u ip m e n t w a s s t a r t e d .
fo r
d e s ir a b le
changes
»As w e to o k
in n u m e r a b le
o b lig a tio n .
d a ily
As I
a ll
in
B u reau
o f th e se
a c tiv itie s
have s a id ,
stru c tu re
ste p s
th e y
im p r o v e m e n ts w e r e
c o lle c t
th e
N a tio n * s
a s s is te d
u s.
The in s t a lla t io n o f
S p e c ific a t io n s w ere p re p a re d
and p r o c e d u r e s .
had t o
be
in te g r a te d
w ith
th e
o f th e B u re au *s e v e r - p r e s s in g t a x - c o lle c t in g
t h e o ld R e ven u e S e r v ic e h a d t o m a in ta in l u l l
o p e r a tio n a s w e d e v is e d and f i n a l l y in a u g u r a te d th e
je o p a r d iz e th e p u b lic i n t e r e s t th ro u g h a n y f a i l u r e ,
to
e ffe c te d .
reven u es.
new .
even
We c o u l d n o t
th o u g h te m p o r a r y ,
"This morning*s program, unveiling the new headquarters organization
of the Revenue Service and installing the men who will direct its work,
is a manifestation of our progress in making reorganization of the
Revenue Service a reality*
m e have tried to be exceptionally thorough in every step of preparing
and activating the reorganization from the very beginning* We realized
that we had to go to the very roots of the system and build the foundation
of the new structure on that level. This we have done, We have done
first things first; And accordingly, out of this tremendous undertaking,
we have evolved the plan which we see well under way today.
»As you know, we set up initially the Chicago District in order to
try out the plan in the field, to iron out the functional problems, to
test the acceptability of the plan by the public, and to coordinate the
various operational changes involved.
"After a test period, we proceeded to set up the New York City
District with a view to further observations and adjustments.
»With the feasibility, justification and acceptability of the field
operation fully evident, we are now proceeding to the important changes
which are being made here today in the Washington headquarters of the
Bureau.
"The transition in the remaining offices of the Bureau throughout
the country will proceed rapidly from this point on and by the end of the
year we will see the whole plan in full operation. I am fully confident
that a most important advance in Government will have been achieved for
the American people.
"As originally set up, the Bureau had an organizational branch for
each type of tax. This original structure worked well in the early days,
but as' revenue requirements mounted and tax administration became
complicated, with many types of tax for both individuals and corporations,
difficulties rapidly developed.
"As the complications grew, it became apparent that as a first
essential in dealing with them the Bureau must lessen the burden faced
by the taxpayer in meeting his responsibilities. Out of this realization
grew one of the most important features made possible by the President*s
Reorganization Plan — its functional design.
"The new Revenue Service will have branches for each of its basic
functions. By that I mean tax law interpretation, tax collection, the
auditing of tax returns, and taxpayer appeals. This approach will bring
about immediately important advancements in simplification, efficiency
and convenience.
"This effort at greater convenience for the taxpayer will be served
by reorganization in a number of ways.
487
- It -
’’Instead of having to deal, as heretofore, with different Revenue
offices for each type of tax, a taxpayer will deal with a single office,
regardless of the type of tax. This will hold true also for those who
desire advice or have grievances to register, as well as those who have
problems in connection with the auditing of their tax returns.
’’Another important feature of great interest to the taxpayer,
growing out of the reorganization plan, is that the headquarters oiiices
of the Revenue Service in Washington will be freed of all tasks directly
related to actual tax settlements, except for a minimum of supervisory
functions required by statute. The headquarters function henceforth
is that of policy making, executive direction and planning*
»As the changes in the Bureau’s operating machinery are implemented,
we are assured of increased efficiency, high integrity, and equitable,
impartial administration of the internal revenue statutes*
”As both Commissioner Dunlap and Chairman Ramspeck have pointed out,
cardinal consideration was given as we revamped the Bureau to the mainte
nance of exacting standards in filling the Bureau’s supervisory posts*
”As we began the task of making appointments to the necessary positions
under reorganization, we found that many experienced employees of the
Bureau were applicants. As we progress, the qualifications and records
of the candidates for field positions are being investigated painstakingly
by a Selection Board made up of top Treasury and Bureau career officials.
’’After the Selection Board’s
Commissioner and the Secretary of
makes a further evaluation of the
after these intensive studies are
recommendations are approved by the
the Treasury, the Civil Service Commission
qualifications of the nominees. Only
completed are appointments authorized*
»For many positions, lists of eligibies also are being made available
through Civil Service examination channels.
»Our experience in Chicago and New York has been most gratifying in
our ability to obtain outstanding men for the administrative positions,
the smoothness with which the transition period has operated, and the
hearty acceptance of the nexv Revenue Service by the public, including
professional groups whose interests are largely devoted to tax matters*
»As a part of reorganization, the days ahead will be orighter for
all of the Bureau’s officials and employees, as the agency becomes a full
career service with further incentives to personal advancement.
»The headquarters officials who are to take their oaths oi office here
today are among the Bureau’s most outstanding career men. Under the
C onimissioner *s guidance, they will undertake responsibilities of wide
scope. I extend to the Commissioner, to these new officials, and to the
employees of the Bureau my warm thanks for the fine job done, my sincere
good wishes for the future, and my firm support*
* 5 ~
,fI know every employee of the Bureau from top to bottom will respond
wholeheartedly and that with the completion of the reorganization and
the revitalizing of the Revenue Service, we will have the soundest
revenue-collecting agency in history, manned by capable and trustworthy
men and women*
•’The American people are entitled to a Federal Revenue Service of
top efficiency, of unquestioned integrity, and of maximum operating
economy* This, we are certain, the reorganization will supply^'*
0O 0
¡|:||
•
M
3 /i
Tuesday» August 3l20 3^2»
.
^
7
^
The Secret,ary of the Treasury announced last evening that the tenders for
fl,50Q»OQO*OQO, or thereabout«» of 9L«day Treasury bills to be dated August li* and to
mature fiovaiaber 13» X9S2# which were offered cm August 7» were opened at the Federal
Reserve Banks on August 11«
The details of this Issue are as felloess
Total applied for <* 12*336*776*000
Total accepted
** 3*500*559*000
Average price
(Includes |2>5*969*000 entered on a
non-competitive basis and accepted In
full at fl| average price ahosm below)
- 99*$19 Equivalent rate of discount approx« 1*903$ per annua
Bangs of accepted competitive bides
High
Low
~ 99*540 Equivalent rate of discount approx* 1*320$ per annua
-
9 9 * 5 1 4
•
*
*
•
*
1 * 9 2 3 $
«
■
(70 percent of the amount bid for at the loir price was accepted)
Federal Beserve
District
Total
Applied for
Total
Accepted
Boston
$
1
12*336,776*000
$1,500,559*000
32,63b,000
1,618,917,000
Ul,162,000
§3,611,000
3 1 ,60b,000
3 0 ,023,000
2 5 1 ,1*97,000
1*3,738,000
1 8 ,771,000
6 3 ,808,000
§2,275,000
98^7361000
Hem York
f%fi
a
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Kansas City
Dallas
San Francisco
TOTAL
21*,33l*,000
917,61*2,000
3 1 ,162,000
§3,611,000
29,101*,000
29,598,000
182,610,000
3 2 ,858,000
36,771,000
6 1 ,258,000
1*9,075,000
72,536,000
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
T3U
RELEASE M0RÎIIRG NEWSPAPERS,
Tuesday. August 12, 1952.
3127
The Secretary of the Treasury announced last evening tha,t the
tenders for $T,50Q,000,000., or thereabouts, of 91-day Treasury hills
to he dated August 14 and to mature November 13, 1952, which were
offered on August 7 , were opened at the Federal Reserve Banks on
August 11.
The details of this issue are as follows:
Total applied for
Total accepted
Average price
$2,336,776,000
■
„
1,500,559,000 (includes $215,969,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
99.519 Equivalent rate of discount approx.
i nnoctf per annum
1.903$
Range of accepted competitive bids:
- 99.5^0 Equivalent rate
1 .820$
- 99.514 Equivalent rate
1 .923$
High
Low
of discount approx.
per annum
of discount approx.
per annum
(70 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
32,63^,000
Total
Accepted
24 . 334.000
1,618,917,000
917.642.000
4 1 .162.000
53 .611.000
31.604.000
31. 162.000
'53, 611,000
3 0 . 0 2 3 .0 0 0
2 5 1 ,4 9 7 , 0 0 0
4 3 .7 3 8 .0 0 0
1 8 .7 7 1 . 0 0 0
6 3 .8 0 8 .0 0 0
5 2 .2 7 5 .0 0 0
0 8 .7 3 6 . 0 0 0
29.104.000
29.398.000
182 610.000
32.858.000
16.771.000
61.238.000
•49,075,000
72.536.000
$2,336,776,000
$1,500,559,000
q
Qd
.
*
j r -
FOR IMMEDIATE RELEASE,
.195?-----------August-
The Bureau of Customs announced today, preliminary figures showing the
quantities of wheat and wheat flou]/ entereijO^fetSdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 19kl, as modified by the President’s proclamation of April 13, 19^2
for the 12 months commencing May 29, 1952, as follows:
Wheat
Country
of
Origin
Established s
Imports
Quota
slay 29, 1952, to
¡August 12, 1952
(Bushels)
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
Hew 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
100
2,000
100
1,000
100
1,000
100
100
79k,576
_»
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established (
•
Imports
Quota
t May 29, 1952,
•
• to August 12,
(Pounds)
(Pounds)
3 ,8 15 ,0 0 0
801,73k
2k,000
13 ,0 0 0
1 3 ,0 0 0
mm
mm
8,000
mm
.
75,0 0 0
1,000
5 ,0 0 0
5 ,0 0 0
1,0 0 0
mm
mm
mm
mm
mm
mm
mm
mm
100
100
-
000,000
75E575
1,000
1,000
Hi , 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
—
...
... '
I
**
mm
mm
mm
m
mm
-
I
—
—
“ 5 ,000,000
861,735
TREASURY DEPARTMENT
Washington
492
FOR IMMEDIATE RELEASE
Wednesday, August 13, 1952
S-3128
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, 19ul, as modified by the President’s proclamation of April 13, 19U2, for the
12 months commencing May 29, 1952, as follows:
W heat
Country
of
Origin
•
•
Imports
Established : May 29, 1952, to
Quota
: August 12, 1952
(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
791*,576
795,000
-
-
-
100
100
100
100
2,000
100
1,000
-
5,000
5,000
1,000
1,000
1,000
-
iB,ooo
-
-
1,000
-
-
800,000
8,000
-
75,000
-
-
100
100
13,000
801,731*
-
-
100
-
-
3,815,000
2li,000
13,000
-
-
-
1,000
100
100
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
:
Imports
May 29, 1952,
Established :
: to August 12, 1952
Quota
(Founds)
(Pounds)
-
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
-
-
-
-
-
-
-
-
-
-
-
791*, 576
h, 000,000
-
801,731*
IMMEDIATE^RSLEASE
A ugust g ? 1952
f h e 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 19U6, from January 1* 1952, to August 2, 195&,
inclusive, as follows:
products of the
Philippines
s
t
:
e
t
:
t
i
£
l
Established Quota
Quantity
•
unit of i
Quantity :
Imports as of
August 2, 1952
t
t
Cross
351*,963
200,000,000
number
863,050
1)1*8,000,000
Found
53,612,338
Cordage • • • • • » • ,
6,000,000
Pound
2,099,619
Rice . * * • • • « • <
1,01*0,000
pound
1,901*,000,000
pound
Buttons
.
850,000
Cigars
•
Coconut Oil * • • • ♦ •
mm
(Refined •
Sugars
1,273,11*2,017
(Unrefined %
Tobacco • • » « * • • • .
6,500,000
Found
1,325,31*5
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, August 13, 1952
S-3129
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quocas were presciioed by
the Philippine Trade Act of 19U6, from January 1, 1952, to August
19>2,
inclusive, as followsi
Products of the
Philippines
:
i
Buttons .............
Established Quota
Quantity
850,000
Imports as of
August 2, 1952
:TJnit of :
:Quantity:
Gross
35U.963
863,050
Cigars • ...... .
200,000,000
Number
Coconut Oil..........
UU8,000,000
Pound
53,612,338
Cordage ............ *
6,000,000
Pound
2,099,619
R i c e ....... «........
1,0U0,000
Pound
'
(Refined ....
l,90li,000,000
Sugars
Pound
1,273,1^2,017
(Unrefined ...
Tobacco ........ ....
6,500,000
Pound
1,325,3U5
-
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 ................
Japan .................
C h i n a ............... ..
E g y p t .... .............
C u b a ..... .............
G e r m a n y ....... ........
Italy .................
Established
TOTAL QUOTA
Imports
1/
: Total imports
: Established :
: Sept. 20, 1951, to I
33-1/3* of s Sept. 20, 1 9 5 1 ,
: August 12, 1952
: Total Quota : to foigust 12, 1952
4,323,457
239,690
227,420
69,627
68,240
64,388
38,559
341,535
17,322
8,135
6,564
76,329
21,263
382,627
233,803
5,482,509
66 s, Dili___________
1/ Included in total imports, column 2.
prepared by the Bureau of Customs
39,562
«ft
a»
a*
«m
1,441,152
—
75,807.
22,747
14,796
12,853
25,443
7,088
382,627
~
:—
«•
1,599,886
389,676________
•
-
m
«»
-
7,0U9
-IMMEDIATE RELEASE
- 1 »
sJT—
3 /
August 44j 1952—
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President’s Proclamation of September
1939 as amended
5 ,
5
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3
Imports Sept. 20, 1951, to August 12, 1952s inclusive
/ 4 *
Egypt and the AngloEgyptian Sudan
Peru
British I n d i a ....
C h i n a .........
Mexico .............
Brazil .............
Union of Soviet
Socialist Republics
Argentina ........
Haiti
Ecuador
. . . .
. . . . .
. %
. . ' . . .
. .
.. ..
..
.
.
Imports
Established Quota
Country of Origin
....
. . . . . . . . . . . . . . .
. . . . . . . . . . . . .
Established Quota
Country of Origin
Honduras ............
Pa 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 ...
..
783>816
247,932
2,003,483
1,370,791
8,883,259
618,723
.. ..
«•
1*0,185
.
—
—
8,883,259
11*2,837
475,124
5,203
237
9,333
••
—
-
-
.
.
. . .
. . .
s
.. ..
. . .
752
871
124
195
2,240
71,388
-
Cotton« harsh or rough, of less than 3/4*
Imports Sept. 20, 1 9 $ lj to August 25 1952
Cotton 1-1/8* or more, but less than 1-11/16**
Imports Feb, 1, 1952, to August 12, 1952
Established Quota (Global)
Established Quota (Global)
70 ,000,000
1*,913,19®
45,656,420
'm i
**
W»
mm
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.
-*
Imports
Imports
Imports
20,580,291
mm
mmmm
mm
■
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, August 13, 1952
S-3130
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)
Cotton under 1-l/B inches ot her than rough or harsh under 3/A ”
Imports Sept. 20, 1951, to à ugust 12, 1952, inclusive
Country of Origin
Established Quota
Egypt and the angleEgyptian Sudan ••••••
pp,r*l} rf. *T,r T +T*-■.tT»■"T.■*
British India
C h i n a ....... .........
Mexico ............
7-iT i » t f t t t t t t r t t t » r
Union of Soviet
Socialist Republics
Argentina
Haiti ....... .
Ecuador .......... .
1/
2/
2/
783,016
247,952
2,003,4B3
1,370,791
8,883,259
618, 723
475,124
5,203
237
9,333
Imports
40,185
—
8,883,259
142,837
—
—
—
-
Country of Origin
Established Quota
Honduras ....... .
Paraguay .......... .
Colombia
Iraq ..................
British Fast Africa ...
Netherlands E. Indies •
Barbados
l/Other British W. Indies
Nigeria ........ .
2/üther British W. Africa
3/0ther French Africa ...
Algeria and Tunisia ...
: Imports
752
871
124
195
2,240
71,388
—
-
—
-
21,321
5,377
16,004
689
—
-■
—
—
Other than 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 3/4”
Imports Sept. 20, 1951 to August 2, 1952
Cotton 1-1/8” or more, but less than 1-II/I6”
Imports Feb. 1, 1952, to August 12, 1952
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
4,913,190
45,656,420
Imports
20,580,291
CD
—J
-2~
cofíq» «astbs
(In
p ou n d s)
carrot GARB SCRIPS made from cotton having a staple of less than 1 - 3/L6 inches in lengthy CGm BES
W£0$$ IAP WASTE, SLIVER WASTE, AND ftüVlMO WASTE, WHETHER OR HOOT PAilJFACTUHEB OR O T ^ O T S l
ADVANCED in VAI$E: 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 c a se of the following countries? United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy?
Country of Origin
; Established
TOTAL QUOTA
United Kingdom ......
Canada ..............
Prance •••»•••
British India •»»••••
Switzerland .... .**••
Belgium •..•
«Japan ,*,•
.•••
China •• •
•••
EgSS^ ...............
Cuba.................
G0 íííi0íiy #••##•••••##•
s Total imports
: Sept. 33, 1951 to
: August 12. 1952
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,533
17,322
8 ,1 3 5
6 ,5 4 4
56,329
21,263
5,482,509
1/
Included in total imports, column 2#
Prepared by the Bureau of Customs
382,627
233,803
39,562
—
—
- ■
•—
7.049
663,041
s
:
;
Established
33-1/3% of
Total. Quota.
:
:
:
Imports
1/
Sept. 20, 1951 to
August 12. 1952
382,627
1 ,4 4 1 ,1 5 2
■—
75,807
■—
22,747
14,796
12,853
—*
*
—1
'' ■■••••• —■
25,443
7,088
1.599,886
—
—
.
„
—
7,049
389.676
w
p
5"-
3 /¿I
IWTOIATg RELEASE
August -at» 1952
The Bureau o f Customs announced today p relim in ary fig u re s showing the imports
fo r consumption o f commodities w ith in t a r i f f - r a t e quota lim ita tio n s from the be
ginning o f the quota periods to August 2, 1952, in c lu s iv e , as fo llo w s *
Commodity
Period and Q uantity
u n it
of
Q uantity
Imports as of
August 2, 1952
Whole m ilk, fre sh o r
sour * • • • • • • • •
Calendar year
3,000),000
G allon
18,11*8
Cream * • • • • • • • •
Calendar year
1,500,000
Gallon
528
(A pr. 1 , 1952( Ju ly 1 5 , 1952
5 , 000,000
Pound
159,805
(July 1 6 , 1952(Oct. 3 1, 1952
5 , 000,000
Bound
6b8
31,1*72,108
Bound
( i)
Quota f i l l e d
15 0 , 000,000
21*9 , 600,000
Pound
Pound
78,020,070
55,263,581*
5 , 000,000
Pound
1»,295,890
B u tter
• • • • • * • •
F ish , fre sh o r fro zen ,
f i l l e t e d , e tc * , cod,
haddock, hake, p o llo c k ,
cusk, and r o s e fis h • * • calendar ye a r
White or I r is h potatoes»
c e r t i f i e d seed • • • « • 12 months from
o th er • • • • • • • « •
Sept* 1 5 , 1951
Walnuts * « • • • • • •
Calendar year
petroleum and petroleum
products • • • • * • * • Calendar y e a r
Venezuela
2 ,956,8 1a,91*9
Netherlands
930,857,651
Other
Countries
1,090,11*8,800
Almonds»
s h e lle d • • • ................. 12 months from
*1»,500,000
p r e p a r e d .........................
October 1 , 1951
»
G allon
G allon
Quota f i l l e d
Quota f i l l e d
G allon
Quota f i l l e d
2,51*3,01*2
pound
1*75,709
Of the t o t a l , not more than 500,000 pounds s h a ll be blanched, ro a ste d , o r other
w ise prepared o r preserved almonds (not in clu d in g almond p aste)*
(1) Imports fo r consumption a t the quota r a te are lim ite d to 23,6oU,08l pounds dur
in g the f i r s t nine months o f the calendar year*
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
We driesday 3 August 1 3 , 1952
S-3131
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff“rate quota limitations from the Be
ginning of the quota periods to August 2, 1952, inclusive, as follows?
•
;
Commodity
î
Unit
of
« Quantity
%
•
Period and Quantity
: Imports as of
: August 2, 1952
Whole milk, fresh or sour*. Calendar year
3,000,000
Gallon
l8,l).*8
Cream ...............
Calendar year
1 ,5 0 0 ,0 0 0
Gallon
528
Butter ............
(Apr. 1, 1952(July 15, 1952
5 ,0 0 0 ,0 0 0
Pound
159,805
(July 16, 1952(Oct. 31, 1952
5 ,0 0 0 ,0 0 0
Pound
61*8
31,1*72,108
Pound
(i)
Quota filled
1 5 0 ,0 0 0 ,0 0 0
21*9,600,000
Pound
Pound
78,020,070
55,263,581*
5 ,0 0 0 ,0 0 0
Pound
1*,295,890
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish.......
Calendar year
White or Irish potatoèsî
12 months from
certified s e e d ....... .
other................... . Sept. 15, 1951
W a l n u t s ..... ............. Calendar year
Petroleum and petroleum
products ...............
Almonds :
shelled ................
Calendar year
Venezuela
Netherlands
Other
Countries
2,956,81*1,9h9
930,857,651
Gallon
Gallon
Quota .filled
Quota filled
1 ,090,1^8,800
Gallon
Quota filled
2,51*3,01*2
12 months from
*-U,500,000
prepared..............
*
October 1, 1951
Pound
U75,709
Of the total, not more than 500,000 pounds shall be blanched, roasted, or
otherwise prepared or preserved almonds (not including almond paste)*
(l)Lmpcrts for consumption at the quota rate are limited to 23>60U,08l pounds
during the first nine months of the calendar year*
- 3 -
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
U2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19ipL, 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.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on ._Augus,t ^ l f 1952
5 in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
August 21, 1952
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
.
macmm
i m
TREASURY DEPARTMENT
Washington
J7
3
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August lit.» 1952______•
adc
The Secretary of the Treasury, by this public notice, invites tenders
fcr $1,300,000,000
s or thereabouts, of
91
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
August 21- 1952
> in
132T
the amount of $1,303,390,000
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
The bills
August 21 « 1 9 5 2 _) and will mature
¿□ex
November 20, 1952
terest.
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, 15,000, $10,000, $100,000, $500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o ’clock p.m., Eastern ^Issn&àacEi time, Monday, August 18, 1952,
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 competi
tive 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
T R E A S U R Y D E P A R T M ENT
Information Service
WASHINGTON, D .C .
50
RELEASE MORNING NEWSPAPERS,
Thursday, August 14, 1952.
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 August 21,
1 9 5 2 , in the amount of $1,303,390,000, to be issued on a discount
basis under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated August 21, 1952,
and will mature November 20, 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 Daylight Saving
time, Monday, August 18 1952. 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 submdfc
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 he final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
(in three decimals) of accepted competitive bids. Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on August 21, 1952, in cash or
2
other immediately available funde or in a like face amount of
Treasury bills maturing August 21, 1952. 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 wither
upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular Ko. 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
— yl
¿0
/ 3 3'
5
August 6, 19$2
MQIORAHDgll TO MR» B&HTBLTt
The following transactions were made in d irect and
guaranteed secu rities of the Government for Treasury invest
ment and other accounts during the month of July* 1952*
Purchases * * « • * • • « * • • * * • •
$?,0i*5>000
B ales # • # • < * « * * * « • • • * # * *
Net purchases • # # « * * • *
• * * « * X|4 dt|3$0
Charles T. Braimatt
#
Chief, Division of Investments
D. of I . ffo, 3 6
W isecarver 8/6/52
505
RELEASE MORNING NEWSPAPERS,
F r id a y , A u gu st 1 5 , 19 5 2 .
S - 3133
D u r in g t h e m onth o f J u l y ,
19 52
m a r k e t t r a n s a c t i o n s i n d i r e c t and
g u a ra n te e d s e c u r i t i e s
o f th e
G overnm ent f o r T r e a s u r y in v e s t m e n t
and o t h e r a c c o u n t s r e s u l t e d
p u r c h a s e s o f $ 1 ,4 0 4 ,3 5 0 ,
S n y d e r a n n o u n ced t o d a y .
0 O0
in n e t
S e c re ta ry
IMMEDIATE RELEASE,
Thursday , August Hi, 1952«
< c" <5 / o J
** 0 / ^ /
^
The Secretary of the treasury today announced the subscription and allotment
figures with respect to th «cu rre n t offering of g percent Treasury C ertificates of
Indebtedness of Series C-1953> to be dated August IS , 1952, open to the holders of
Treasury C ertificates of Indebtedness of Series C-1952, maturing August 15, 1552.
and Treasury C ertificates of Indebtedness of Series D-1952, maturing September 1 ,
1952«
Subscriptions and allotments were divided among the several Federal Reserve
D istricts and the Treaumry as follows«
Federal Reserve
D istrict
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Series C-1952
C ertificates
Exchanged
• 35,752,000
l89,7bb,000
3.737.000
36.991.000
6.260.000
6.577.000
81 631.000
.
l i t , 299,000
9.655.000
10.979.000
11 .682.000
22 ,569,000
l,381t.OOO
TOTUi
I b 3 1 ,260,000
Series D-1952
C ertificates
Exchanged
•
26, 088,000
687.581.000
65.825.000
57,6 5b ,000
17.736.000
8 l, 1*21),ooo
221.188.000
79.227.000
Total
Exchangee
I
61,81*0,000
877.325.000
69.562.000
9l*,61*5,000
23.996.000
.
88 001.000
302.819.000
6 200,000
93.526.000
71.299.000
91.982.000
55,01*9,000
171,055,000
7 ,58b, 000
*1,577,1*23,000
*2 ,008,683,000
.
6l,6i*b,000
81 003.000
b 3,367,000
11)8 , 1*86,000
,
TREASURY DEPARTMENT
Information Service
WASHINGTON,
507
IMMEDIATE RELEASE,
Thursday, August 14, 1952.
S-3134
The Secretary of the Treasury today announced the subscription
and allotment figures with respect to the current offering of 2
percent Treasury Certificates of Indebtedness of Series 0-1953* to be
dated August 15, 1932* open to the holders of Treasury Certificates of
Indebtedness of Series C-1952, maturing August 15* 1952, and Treasury
Certificates of Indebtedness of Series D-1952* maturing September 1,
1952.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
TOTAL
$ 35 ,752,000
189 ,7 ^4,000
3*737*000
36,991,000
6 ,2 6 0 , 0 0 0
6,577,000
81 ,631,000
14,299,000
9 ,655,000
10 *979*000
1 1 ,682,000
22,569*000
1,384,000
2 6 , 088,
68 7, 58 1,
659
57* 6 5 4 ,
*]7( , 7 3 6 ,
±
8 1, 424,
2 2 1 , 18 8 ,
7Q
I y *2 2 7 ,
6 1, 644,
s i,
47 3 6 7 ,
14 8 , 486,
6 ? 200,
$431,260,000
577* 4 2 3 , 000
CO
ro
VJ1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
$t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Series D-1952
Certificates
Exchanged
Series C-1952
Certificates
Exchanged
0
0
C
O
o>
Federal Reserve
District
0 O0
000
000
000
000
000
000
000
000
000
000
000
000
000
Total
Exchange s
$
6 1 , ,8 4 0 , 000
'JOC
- J * 000
8 77, > w
69, ,5 6 2 , 000
9^, ,6 4 5 , 000
23, ,9 9 6 , 000
88.; 0 0 1, 000
302, : 8 1 9 , 000
93*,5 2 6 , 000
71*,299* 000
91* ,9 0 2 , 000
55*,0 4 9 , 000
17 1* .055* 000
7*.5 8 4 , 000
$ 2 ,0 0 8 , ,6 8 3 , 000
or
A Federal Court in Minneapolis found Thomas W. Banks,
a reputed underworld ch a ra cte r in con trol of the Twin City
Rapid T ran sit Company, g u ilty of evasion over a th ree-y ear
period.
He was sentenced to three years in prison and fined
$10,000.
In one of the biggest cases in recent tim es, 3 i m illion
d o lla rs in ta x e s , p en alties and in te r e s t were co lle cte d from
Dr. Sidney Lange, of C incinnati, Ohio.
Dr. Lange, a pioneer
in the use of X -ray treatm ents fo r cancer, was indicted by a
fed eral grand jury fo r fa ilu r e to pay $663,589 in income taxes
during a fiv e -y e a r period, and entered a g u ilty p le a .
In v estig atio n showed th at he had b u ilt up an e sta te of more than
eight m illion d o lla rs since 1920 and a ctu a lly owed the Federal
Government $ 1 ,7 5 0 ,0 5 0 in taxes plus penalty assessments.
Dr.
Lange paid S i m illion d o lla rs to the C ollector sh o rtly before
his death in May of th is y ear.
Samuel D. Mussman, a lia s Sam D. Mason, a confidence man who,
JU m j *
a Congressional committee charged, defrauded persons by
A
them government p ro p e rtie s, was convicted on charges of fa ilu re
to f i l e income tax retu rn s and sentenced to one year in j a i l and
fined $ 1 0 ,0 0 0 .
Joseph F. Stovesand, Im perial, Missouri automobile dealer
and former county tax c o lle c to r , was found g u ilty of an attempt
to bribe a sp e cia l agent of the In te llig e n ce Division and an
attempt to evade ta x e s.
He was sentenced to two years in prison
on the charge of attempted bribery and fined $5,000 on the taxevasion charge.
A seven-fold increase over f i s c a l year 1951 in. the number of
gamblers and rack eteers convicted was also noted by Commissioner
Dunlap.
This in cre a se , he said , is due prim arily to the
a c t i v i t i e s of the Racket Squads organized throughout the
country in the summer o f 1951.
Ty^i-oo.]. TwE-ffyaud
Prosecution o f one bookmaking syndicate in Los Angeles^tfiie
Guarantee Finance Company, I n c ^ resu lted in 5-y e a r prison
sentences and fin es of $190,000 fo r each of the four p rin cip al
defendents.
F ifty -fo u r other individuals were convicted in
th is same case.
Conviction of three members of another gambling syndicate,
The Golden News Service of Las Vegas, Nevada, brought tax and
penalty assessments of more than four m illion d o lla rs .
Michael Mosolino, P o t t s v il le , Pennsylvania " sp orts
commissioner" charged with paying only 2 /1 0 ths of 1 per cent of
income taxes due, pleaded no co n te s t, and was fined $5,000 and
given a p rison sentence.
Michael Cohen, Los Angeles underworld ch a ra c te r, was found
g u ilty on four counts of attempted income ta x evasion and
sentenced to fiv e years in prison and a $10,000 fin e .
Convictions
of eig h t other notorious gamblers brought prison sentences
to ta llin g 2 6 i y e a rs, and fin e s of more than $ 6 5 ,0 0 0 .
la
m anagem ent s t u d i e s t o f r e e p e r s o n n e l fro m r o u t i n e d u t i e s
f o r a s s ig n m e n t t o e n fo r c e m e n t t a s k s ,
m ent p e r s o n n e l ,
r e g r o u p in g o f e n f o r c e
and s t r e n g t h e n e d l e a d e r s h i p . ”
D u r in g t h e f i s c a l y e a r ,
th e I n t e l l i g e n c e D iv is io n o f
t h e B u re a u i n v e s t i g a t e d 3 ,8 5 5 c a s e s o f a l l e g e d c r i m i n a l t a x
fra u d .
The t o t a l f o r t h e p r e v i o u s f i s c a l y e a r w as 3 , 2 1 9 .
C o n v i c t i o n s w e re o b t a in e d i n 436 c r i m i n a l t a x f r a u d
cases,
o r 96 p e r c e n t o f a l l t h o s e s e n t t o t r i a l ,
t o t a l s e n t e n c e s f o r a l l o f t h e 598 i n d i v i d u a l s
a g g r e g a t e d 567 y e a r s .
and t h e
in v o lv e d
F in e s am ounted t o $ 2 ,9 1 3 ,3 2 6 .
t h e y e a r p r o s e c u t i o n w as recom m ended i n
1 ,6 2 8 c a s e s ,
i n c r e a s e o f 695 c a s e s o v e r t h e p r e v i o u s y e a r .
D u r in g
an
T h e r e w e re
re c o m m e n d a tio n s f o r $ 2 5 0 ,7 7 8 ,4 6 6 i n a d d i t i o n a l t a x e s and
p e n a lt ie s in th o s e c a s e s .
cases,
I n d ic t m e n t s w e re o b t a in e d i n 7 8 1
some o f w h ic h a r e a w a i t i n g t r i a l .
The R even u e S e r v i c e w as p a r t i c u l a r l y
a c tiv e
in ta x fr a u d
c a s e s i n v o l v i n g p e r s o n s i n t h e g a m b le r o r r a c k e t e e r c a t e g o r y .
A lm o st 60 p e r c e n t o f th e c a s e s recom m ended f o r p r o s e c u t i o n
d u r in g t h e tw e lv e -m o n th p e r i o d w e re i n t h i s f i e l d .
fta iin ir . T ^ r .A T ^ n r x r r p
3 / J5
S e c r e t a r y S n y d e r t o d a y commended a s ’’e v id e n c e o f
e x c e l l e n t e n fo r c e m e n t w o rk ” a r e p o r t t o him b y C o m m issio n e r
o f I n t e r n a l R even u e John B . D u n la p t h a t i n t h e f i s c a l y e a r
en d ed Ju n e 3 0 ,
i n v e s t i g a t i o n s o f ta x e v a s io n c a s e s in v o lv in g
s u s p e c t e d c r i m i n a l f r a u d num bered 20% more th a n i n t h e
p r e v io u s f i s c a l y e a r .
«
Commissioner Dunlap informed the Secretary that there
were substantial increases also in the number of criminal
prosecutions for tax fraud, and the number of gamblers and
racketeers subjected to tax prosecutions.
’’The y e a r ’ s r e c o r d sh ow s t h a t t h e R even u e S e r v i c e g e t s
r e a l r e s u lts
in th e d i f f i c u l t
t a s k o f r u n n in g down t h o s e who
com m it c r i m i n a l t a x f r a u d s , ” S e c r e t a r y S n y d e r com m ented.
” I t a ls o
show s t h a t t h e many s t e p s t a k e n i n t h e B u rea u
o f I n t e r n a l R even u e i n r e c e n t y e a r s t o s t r e n g t h e n f r o n t
e n fo r c e m e n t w o rk h a v e b e e n e f f e c t i v e .
s Ç -
J
.
lin e
T h e s e s t e p s in c lu d e d
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C .
RELEASE SUNDAY NEWSPAPERS
A u g u s t 17,
1952.___________
S -3135
S e c r e t a r y S n y d e r t o d a y c o m m e n d e d as "evidence of e x c e l l e n t
e n f o r c e m e n t work" a r e p o r t to h i m by 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 that i n the f i s c a l y e a r e n d e d June 30,
i n v e s t i g a t i o n s of tax e v a s i o n cases i n v o l v i n g s u s p e c t e d criminal
f r a u d n u m b e r e d 2 0 % m o r e t h a n i n the p r e v i o u s f i s c a l year.
C o m m i s s i o n e r D u n l a p i n f o r m e d the S e c r e t a r y that there were
s u b s t a n t i a l i n c r eases a l s o in the n u m b e r of c r i m i n a l p r o s e c u t i o n s
for tax fraud, an d the n u m b e r of g a m blers a n d r a c k e t e e r s subjected
to tax p r o s e c u t i o n s .
"The y e a r ’s r e c o r d shows that the R e v e n u e S e r v i c e gets real
results in the difficult, t as k of r u n n i n g d o w n those w h o commit
crimi n a l tax frauds," S e c r e t a r y S n y d e r commented.
"It als o shows that the m a n y steps t a k e n in the B u r e a u of
In t e r n a l R e v e n u e in r e c e n t y e a r s to s t r e n g t h e n f r ont line
e n f o r c e m e n t w o r k h a v e b e e n effective.
These steps i n c l u d e d
m a n a g e m e n t studies to free p e r s o n n e l f r o m r o u t i n e duti e s for
a s s i g n m e n t to e n f o r c e m e n t tasks, r e g r o u p i n g of e n f o r c e m e n t
personnel, a nd s t r e n g t h e n e d l eadership."
D u r i n g the. f i scal year, the I n t e l l i g e n c e D i v i s i o n of the
B u r e a u i n v e s t i g a t e d 3,855 cases of a l l e g e d c r i m i n a l tax fraud.
total for the p r e v i o u s f i s c a l y e a r was 3 *2 1 9 .
The
C o n v i c t i o n s w e r e o b t a i n e d in.43 6 c r i m i n a l tax f r a u d cases, or
cent of a l l those sent to trial, a n d the t o t a l sentences
for a l l of the 5 9 8 i n d i v i d u a l s i n v o l v e d a g g r e g a t e d 5 6 7 years.
Pines a m o u n t e d to $ 2,913,326.
D u r i n g the y e a r p r o s e c u t i o n was
r e c o m m e n d e d in 1 , 6 2 8 cases, a n incre a s e of 6 9 5 cases over the
previous year.
There were r e c o m m e n d a t i o n s for $ 2 5 0 , 7 7 8 , 4 6 6 in
a d d i t i o n a l taxes and p e n a l t i e s in those cases.
I n d i c t m e n t s were
obtained in 7 8 1 cases, some of w h i c h are a w a i t i n g trial.
9 6 p er
51-3
2
The R e v e n u e Service was p a r t i c u l a r l y active in tax fraud
cases i n v o l v i n g p e r sons in the g a m bler or r a c k e t e e r category.
A l m o s t 60 p e r cent of the cases r e c o m m e n d e d for p r o s e c u t i o n
d u r i n g the t w e l v e - m o n t h p e r i o d wer e in this field.
A seve n - f o l d
increase over f i s c a l y e a r 1951 In the n u m b e r of g a m blers and
rac k e t e e r s con v i c t e d was als o n o ted b y C o m m i s s i o n e r Dunlap.
This
increase, he said, is due p r i m a r i l y to the a c t i v i t i e s of the
R a c k e t Squads o r g a n i z e d throughout the co u n t r y in the summer of
1951.
Prosecution of one bookmaking syndicate in Los Angeles,
The Guarantee Finance Company, Incorporated, resulted in 5-year
prison sentences and fines of $190,000 for each of the four
principal defendents. Fifty-four other individuals were convicted
in this same case.
Conviction of three members of another gambling syndicate,
The Golden News Service of Las Vegas, Nevada, brought tax and
penalty assessments of more than four million dollars.
Michael Mosolino, Pottsville, Pennsylvania nsports commission
er" charged with paying only 2/10ths of 1 per cent of income taxes
due, pleaded no contest, and was fined $5,000 and given a prison
sentence.
Michael Cohen, Los Angeles underworld character, was found
guilty on four counts of attempted income tax evasion and
sentenced to five years in prison and a $10,000 fine. Convictions
of eight other notorious gamblers brought prison sentences
totalling 2 6 \ years, and fines of more than $65 ,000.
A Federal Court in Minneapolis found Thomas ¥. Banks,
a reputed underworld character in control of the Twin City Rapid
Transit Company, guilty of evasion over a three-year period. He
was sentenced to three years in prison and fined $10,000.
In one of the biggest cases in recent times, 3i million
dollars in taxes, penalties and interest were collected from
Dr. Sidney Lange, of Cincinnati, Ohio. Dr. Lange, a pioneer in
the use of X-ray treatments for cancer, was indicted by a federal
grand jury for failure to pay $663,589 in income taxes during a
five-year period, and entered a guilty plea. Investigation showed
that he had built up an estate of more than eight million dollars
since 1920 and actually owed the Federal Government $1,750,050 in
taxes plus penalty assessments. Dr. Lange paid 3i million dollars
to the Collector shortly before his death In May of this year.
514
-
3: -
S a m u e l D. Mussman, alias Sam D. Mason, a confidence m a n who-^
a C o n g r e s s i o n a l committee charged, d e f r a u d e d persons by
^ending
the m G o v e r n m e n t properties, was convicted on charges of failure
to file income tax returns and sentenced to one y e a r in jail ana
fined $10,000.
J o s e p h F. Stovesand, Imperial, M i s s o u r i a u t o m o b i l e d e a l e r
and f o r m e r c o u n t y tax collector, was found guilty of a n a t t e m p t
to bribe a s p e c i a l a g e n t of the Inte l l i g e n c e D i v i s i o n end an^
at t e m p t to evade taxes.
H e was s e n t enced to two y e a r s in p r i s o n
on the charge of a t t e m p t e d b r i b e r y and fined $ 5 , 0 0 0 on the
t a x - e v a s i c n charge.
oOo
R. B
Member State Tax Board - 193Uj
>^ce^Prësîdent7 Associated Refineries, Inc*£
/^¿rector, Northwest Broadcasting Co., Inc. j
r^irector an d^Béputy ^pfiairman of Federal Reserve Bank/
J)
faJector of Vernon Times 'Publishing Company,1
Erector of Vernon Transit CompanyJ_^J3
jpirector of General Mid-Continent Oil and Gas As s o c i a t i o n ^ ^ *
? of Texas Wesleyan Coliege
—
•-IIn
1' '
111*****""*<l**^^
esident, Board of Education, Vernon}
V.pirector, Vernon Industrial Association, Inc .J j
C
J)
Director, American Petroleum Institute
President, Mid-Continent, Since 19U8 (
^Member Industrial Petroleum Association of America^
jT
^ jr^ s^ s^ ^ ' >^eS ’a a S r°SX
A
.^ ^ 'JZ e m b e r Methodist Churchy 32nd Degree Mason
r
................. ............ unni »Min
M F .................................................
.......... I.............. Il III lini I T ~
(airman, State Board of Education, 19U9
A
51 7
t
R E I N A S E M O R N I N G N EWSPAPERS,
Tuesday, A u g u s t 19, 1952.
, w JLi
S-3136
R o b e r t B. A n d e rson, of Vernon, Texas, C h a i r m a n of the State
B o a r d of E d u c a t i o n in Texas, h as b e e n a p p o i n t e d C o - C h a i r m a n of
the U. S. T r e a s u r y A d v i s o r y C o m m i t t e e on S a v i n g s B o n d s in that
State b y S e c r e t a r y of the T r e a s u r y J o h n V. Snyder.
Mr. A n d e r s o n
will serve as C o - C h a i r m a n w i t h the p r e s e n t Chairman, N a t h a n Adams,
H o n o r a r y C h a i r m a n of the B o a r d of the F i r s t N a t i o n a l B a n k of
Dallas, w ho for m a n y y e ars h a s r e n d e r e d o u t s t a n d i n g service to
the S a v ings B o n d Program.
I n a n n o u n c i n g the appoi n t m e n t , S e c r e t a r y S n y d e r said:
"The
success of our p r o g r a m is a s s u r e d b y leaders of the stature of
Mr. And e r s o n , and our enti r e d e p a r t m e n t w e l c o m e s him.
Mr. A n d e r s o n
and N a t h a n A d a m s w i l l m a k e a great team."
Mr. A n d e r s o n is a l i f e l o n g r e s i d e n t of Texas, h i s e a r l i e r
years h a v i n g b e e n spent in B u r l e s o n and Godley.
After graduation
from G o d l e y H i g h School, he a t t e n d e d W e a t h e r f o r d College, later
g r a d u a t i n g f r o m the S c hool of L a w at the U n i v e r s i t y of Texas.
A f t e r s e r v i n g as a m e m b e r of the T e xas L e g i s lature, he was
a p p o i n t e d A t t o r n e y G e n e r a l fo r Texas.
F or a time he w a s P r o f e s s o r
of L a w at the U n i v e r s i t y of Texas, t e a c h i n g courses in Oil and
Gas a n d R e a l Property.
O t h e r h o n o r s followed, i n this order;
State Tax C ommissioner, m e m b e r T e x a s R a c i n g C o m m i ssion, C h a i r m a n
and E x e c u t i v e D i r e c t o r of T e x a s U n e m p l o y m e n t C o m m i ssion.
I n 1937, Mr. A n d e r s o n joined the W. T. W a g g o n e r E s t a t e as
General Counsel, a nd i n 1941, b e came G e n e r a l M a n a g e r of the
Estate.
A m o n g h i s m a n y a f f i l i a t i o n s are:
M e m b e r State T a x B o a r d —
1934; vice pre s i d e n t , A s s o c i a t e d R e f i n e r i e s , Incor p o r a t e d ; d i r ector,
N o r t h w e s t B r o a d c a s t i n g Company, Incor p o r a t e d ; d i r e c t o r a n d d e p u t y
chairman of F e d e r a l R e s e r v e Bank; d i r e c t o r of V e r n o n T i m e s
P u b l i s h i n g Company; d i r e c t o r of V e r n o n T r a n s i t Company; d i r e c t o r
of G e n e r a l M i d - C o n t i n e n t Oil a n d Gas A s s o c i a t i o n ; d i r e c t o r of
Texas W e s l e y a n College; president, B o a r d of Educ a t i o n , V e r non;
director, V e r n o n I n d u s t r i a l A s s o c i a t i o n , I n c o r p o r a t e d ; director,
A m e r i c a n P e t r o l e u m Institute; president, M i d - C o n t i n e n t , since 1948;
m e m b e r I n d u s t r i a l P e t r o l e u m A s s o c i a t i o n of A m e r i c a ; m e m b e r
M e t h odist Church; 32nd D e g r e e Mason; chairman, State B o a r d of
Education, 1949.
oOo
Q.rp
JLW
7
SttBASE JKRNSK1
fhe secretary of the treasury announced la s t evening th at the tenders fo r
$1,300,000*000» or thereabouts, of 9X«4sy Treasury b ills to be dated August 2X and to
¡mature Bovember 20, X9$2, ehieh sere offered on August XU, ware opened a t the Federal
Reserve Banks on August IB.
The d etails of th is issue are as fo lic*» t
Total applied fo r « $2,082,£19,000
- 1,300,266,000
Total accepted
Average p rice
(includes $211,539.000 entered on a
non-competitive basis sad accepted in
- 99*$%$ Equivalent _
-----
mm
„
Hange o f accepted c o s p e tiiiv e bids*
_ 99,553 Equivalant rate of discount appro*. 1.768% per annus
• 99,531
»
»
»
*
•
1.855* *
*
High
las
Toe at the low price
(97 percent of the a-Kwnt bid
Federal Reserve
D istrict ____
io ta l
¿ppllad for
Total
Accepted
Boston
Hew Tork
I
I
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t. louis
Minnsap olls
Kansas City
26,057,000
1, 1*79, 1*65,000
31,957*000
1*9,373,000
21*,1*16,000
29,220,000
223,628,000
31.615.000
13.330.000
San Francisco
to m
£ 3^r
i$,557»ooo
U*,673,000
1(0,912,000
35.733.000
22,801,000
25.990.000
153,51(8,000
25,1*62,000
16.305.000
38,81(3,000
33.867.000
72.663.000
»2,082,519,000
»1 , 300, 266,000
1(1,263,000
Dallas
21,737,000
813,620,000
TREASURY DEPARTMENT
WASHINGTON, D .C .
Information Service
R E L E A S E M O R N I N G NEWSPAPERS,
Tuesday. A u g u s t 19, 1955.
51 Q
S-3137
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 th a t the
tenders fo r $1, 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 -day T r e a s u r y bills
to he d a t e d A u g u s t 21 a n d to m a t u r e N o v e m b e r 20, 1952, w h i c h wer e
offered on A u g u s t 14, w e r e o p e n e d at the F e d e r a l R e s e r v e B a n k s on
August 18.
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 , 0 8 2 , 5 1 9 * 0 0 0
T o t a l accepted.
1,300,266,000
Average price
(includes $ 2 1 1 , 5 3 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 and a c c e p t e d in full
at the a v e r a g e p r i c e s h o w n .
below)
- 9 9 . 5 3 5 E q u i v a l e n t rate of d i s c o u n t approx.
1.841$ per annum
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
- 9 9 * 5 5 3 E q u i v a l e n t rat e
1 .7 6 c%
- 9 9 . 5 3 1 E q u i v a l e n t rate
1-855$
HighL ow
( 9 7 percent
of d i s c o u n t approx.
per annum
of d i s c o u n t approx.
per onnum
of the a m o u n t b i d for at the low p r ice was a c c e pted)
Total
A p p l i e d for
Federal R e s e r v e
D i s t r i c t _____
Boston
New Y o r k
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
TOTAL
$
2 6 ,0 5 7 , 0 0 0
1,479*465,000
31.957.000
Total
Accepted
$
.2 1 ,7 3 7 , 0 0 0
818.820.000
1 5 .5 5 7 . 0 0 0
49 ,873 >000
44 .673.000
24.416.000
2 2 .8 0 1 . 0 0 0
2 5 .9 9 0 . 0 0 0
1 6 3 .5 4 8 . 0 0 0
2 9 .2 2 0 . 0 0 0
2 2 3 ,6 2 8 , 0 0 0
3 1 .6 1 5 . 0 0 0
1 8 .3 3 0 . 0 0 0
4 1 .2 6 3 . 0 0 0
40.912.000
85.783.000
25.462.000
16.305.000
38.843.000
33.867.000
72.663.000
$2,082,519,000
$1 , 3 0 0 , 2 6 6 , 0 0 0
0O0
‘
»«sur §
Hi
very
at
k in your
M o r e o v e r , in a p e r i o d life® t h e
p r e s e n t , when e m p l o y m e n t
incomes are high,
is h i g h a n d
individuals i n
p r o v i d e d a g o l d e n o p p o r t u n i t y for
b u i l d i n g up t h e i r
finanoi&l reserves
Everyone n e e d s s u c h r e s e r v e ® to
p r o v i d e for e m e r g e n c i e s ,
to m e e t
e x p e n s e s s u c h as the e d u c a t i o n of
their
c h i l d r e n or t h e p u r c h a s e o f a
h o m e or a u t o m o b i l e ,
for a h a p p i e r
age.
a n d to p r o v i d e
and m o r e e n j o y a b l e
The s a f e s t w a y
old
and th e s u r e s t
oop
«St U
ine s e m e n ,
and civil!an,
students,
educators,
f a n n e r s a n d t h o s e of u s
government —
must
in
individually
d e t e r m i n e to t a k e w h a t e v e r
actions
are n e c e s s a r y to k e e p our d o m e s t i c
d e f e n s e s at f u l l s t r e n g t h , and our
productive power unimpaired.
The s y s t e m a t i c p u r c h a s e of
United States Defense Bonds offers
o n e of t h e v e r y b e s t w a y s
every American can play an
part
in ass ur ing
in w h i c h
important
tea's s t r e n g t h
f u l l -public underst andi ng and f u l l
p u b l i e s up p o r t .
It
i s c l e a r t ha t
our pr e s e nt s i t u a t i o n - - on© which
i s s h o r t of a l l - o u t war, but which
b r i n g s many of the burdens of a war
per i od - - r e q u i r e s t tough and
l o n g - l a s t i n g brand of p a t r i o t i s m .
It r e q u i r e s a new degree of
s t a t e s ma ns hi p on the par t of each
i n d i v i d u a l - - not j u s t t h e i r
r e p r é s e n t â t i v e s and l e a d e r s
Washi ngton.
in
A l l of us — m i l i t a r y
of America,
It i s
a menace
which
coul d d e s t r o y a l l the product s o f
the t h i n k i n g and the e f f o r t so
m a g n i f i c e n t l y evi denced in the
achi evement s of our f r e e e n t e r p r i s e
syst em,
i t coul d d e s t r o y e v e r y t h i n g
t h a t we have done to b u i l d up t h i s
Nat i on;
i t l i t e r a l l y c oul d d e s t r o y
a l l the way of l i f e t h a t we have
f a s hi o ne d f or o u r s e l v e s ,
i t coul d
b l o t out , as i f they haa never
exi st ed. , the f r e e
i n s t i t u t i o n s which
ÌS3
©
W
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but
h
$ *§
è
l i
T»■ #m
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toil
t o
g>- # .
v f *i
5
m a r ic a n
&r t-waritì i ne
& m
v
etica
.#%•
i t g i v e s m& , as
it G i v e s
P
iv
1 w
If t
1% ¿ a
à
Wm
^
t
i
1 ? nei
?Is
in pr
of Uni t e a S t a t e s 2
helping
to
carry
forma
i n o i p i e of s a v i n g
and
1 1n
bui lai no
the f u t u r a .
a
is
lir e # bit
into
1 1 tv.
r
t v a f u r r y ai i e d t i e
T 0 i t, ®
W"'
otp i t a l
j?'yV
n I c
*p f*4 Vi T
0
I| '&■ %
not s i i
1 1
I
O V
' H i t
¥t been j u
w w k l t h .
much
m
11 I &
U
1 1
** n o s e
auiii
ad
to
•Ia n
i
bi§
» &
V I fffi S
mone y
or
ol
a5
indirect
I (.& '»*a V Into the C uP I t a 1
formation
oi
our
1 rȤ
enter m I
p r e s e n t 11 it of r a t e r s o n t h e
N a t i o n ' s f i r s t m a n u f a a tur ing
c o m m u n i t y -- m e n s u c h a®' T h o m a s
Edison,
" T h e feizard of M e n l o
rafie," w h o s e
inventions went
»nt o t h e h u n d r e d s a n d w h o s e
genius ushered
a g e
man*
in a n e w
industrial
ut b e h i n d the
v i s i o n a n d p o n i u s of m e n s u c h a s
t h e s e h a v e b e e n m e n of p r a c t i c a l
application,
capitai
w h o f u r n i s h e d tlh a
to t r a n s l a t e
1 9
ideas and
True,
the
industrial
a d v a n c e m e n t of t h i s S t a t e , w h i c h
has draught
in its w a K e s u c h
great o p p o r t u n i t i e s for your
people,
h a s b e e n soarited b y m e n
of v i s i o n a n d g e n i u s —
men such
as A l e x a n d e r H a m i l t o n ,
our first
S e c r e t a r y of t h e T r e a s u r y ,
who
f o r e s a w the g r e a t b e n e f i t that
would come
to o u r p e o p l e
through
t h e d e v e l o p m e n t of m a n u f a c t u r e s ,
and who e s t a b l i s h e d on the
- 7 helps assure the future security
a n d c o n t i n u e d p r o g r e s s of o u r
Nation.
Anyone who wants some concrete
e v i d e n c e of w h a t A m e r i c a n t h r i f t
has already meant
in t h e a d v a n c e m e n t
of f r e e p e o p l e a n d t h e b u i l d i n g o f
a s t r o n g N a t i o n n e e d s o n l y to take
a
quick
State.
tour through your own
F r o m N e w J e r s e y ’s r i c h
g a r d e n f a r m l a n d s to its
industrial
plants whose manufactures have
gjg
d i r e c t littIr s a l t *
•wcs^rsn
it h a s b e e n
d o n s b e c a u s e t h e p e o p l e of t h i s
country
are s e l l i n g
something
and buying
they believe
Airier i c a n t h r i f t .
U.
S. S a v i n g s B o n d s ,
a s s y m b o l s of t h r i f t ,
whose worth
in —
are a p r o d u c t
t h e y c a n m e a s u r e -- a
product which not only brings greater
p e r s o n a l s e c u r i t y to t h e m s e l v e s
and their families,
but also
ha p r e p a r e s t o g e t a j o b d o n e .
W i t h h i s q u a r t e r b a c k ing a n d y o u r
teamwork
in s u p p o r t ,
th e P a y r o l l
I am c e r t a i n
Savings enterprise
which the State Chairman
on his a s s o c i a t e s
is c a l l i n g
in H e w J e r s e y
i n d u s t r y to u n d e r t a k e w i l l be
completely successful«
To m y m i n d o n e of t h e m o s t
inspiring t h i n g s ab o u t the
Savings Bonds Program
is t h e w a y
the p e o p l e of t h i s c o u n t r y have
» 3 -
Mis K e e n m i n d h t $ b e e n mo st
i n f l u e n t i a l in these c o n f e r e n c e s .
But h i s t a le n t s are not r e s t r i c t e d
to an a d v i s o r y c a p a c i t y .
always
¿one
p
«c k
He has
to his home s t at e
a f t e r these m e e t i n g s a n d
t r a n s l a t e d the n a t i o n a l p r o g r a m s
into o n e 1 1 c a l results.
T o d a y ’s g a t h e r i n g here at
Spring Laae of the i n d u s t r i a l
l e a d e r s h i p of itw J e r s e y is a tribute
to the e f f e c t i v e m a n n e r in w h i c h
untiring efforts to strengthen
the economic sinews of Aster let
through advancement of individual
thrift is public service of the
first order.
For many years now he has
been putting the force of his
able leadership behind U. $. havings
donds.
He his visited Washington
many times to join with other state
advisory chairmen in conferences
to help chart our bond campaigns.
||
||^ 2
i
;
■
«*
^
•
;
iiiii
” '!....
I know that everyone of you
shirs® ray a p p re c ia tio n of the
thoughtfulness and generous
h o s p i t a l i t y of our host, State
Savings Bonds Chairman Elmer Safest.
I tin sure a l l of us r e a l i z e that
there are no bounds to the State
I §||p||p!
Chairman’ s enthusiasm for the
Savings Bonos rrograra, the
promotion of which in Hew Je rse y
th is f a l l
is the occasion for
t h i s g a th e rin g .
The Chairman’ s
TREASURY DEPARTMENT
548
Washington
The following address by Secretary Snyder
before a conference of.New Jersey employers
at Spring Lake, New Jersey, is scheduled for
delivery at 8 P.M. EDT Wednesday, August 20,
19^2,"and is for release at'that time.
I know that everyone of you shares my appreciation of the thoughtfulness
and generous hospitality of our host, State Savings Bonds Chairman Elmer
Bobst, I am sure all of us. realize that there are no bounds to the State
Chairman* s enthusiasm for the Savings Bonds Program, the promotion of which
in New Jersey this fall is the occasion for this, gathering. The Chairman* s
untiring efforts to strengthen the economic sinews of America through
advancement of individual thrift is public service of the first order.
For many years now he has been putting the force of his able leadership
behind U. S. Savings Bonds. He has visited Washington many times to join
with other state advisory chairmen in conferences to help chart our bond
campaigns. His keen mind has been most influential in these conferences.
But his talents are not restricted to an advisory capacity. He has always
gone back to his home state after these meetings and translated the national
programs into practical results.
Today's gathering here at Spring Lake of the industrial leadership of
New Jersey is a tribute to the effective manner in which he prepares to get
a job done. With his quarterbacking and your teamwork in support, I am
certain the Payroll Savings enterprise which the State Chairman is calling
on his associates in New Jersey industry to undertake will be completely
successful.
To my mind one of the most inspiring things about the Savings Bonds
Program is the way the people of this country have taken it over and made it
their own.
The Savings Bonds Program has become the greatest volunteer sales effort
in all our history. Hundreds of millions of dollars have been donated by
American business to advertise these bonds through all communication mediums.
Countless hours of personal time have been taken from busy lives to organize
and direct their sale.
There has been sound reason why this was done. It has been done because
the people of this country are selling and buying something they believe
in — American thrift. U, S. Savings Bonds, as symbols of thrift, are a
product whose worth they can measure — a product which not onljr brings
greater personal security to themselves and their families, but also helps
assure the future security and continued progress of our Nation.
S-3138
-
2
-
549
Anyone who wants some concrete evidence of what American thrift has
already meant in the advancement of free people and the building of
a strong Nation needs only to take a quick tour through your own State.
From New Jersey* s rich garden farmlands to its industrial plants whose
manufactures have brought us dynamic progress and brought your State and
citizens world renown — from the modern homes in your cities and along
your countrysides, to your halls of learning, offering the finest in
educational opportunities for your children — all these things are
directly attributable to American thrift.
True, the industrial advancement of this State, which has brought in
its wake such great opportunities for your people, has been sparked by men
of vision and genius — men such as Alexander Hamilton, our first Secretary
of the Treasury, who foresaw the great benefit that would come to our
people through the development of manufactures, and who established on the
present site^of Paterson the Nation's first manufacturing community — men
such as Thomas Edison, "The Wizard of Menlo Park," whose inventions went
into the hundreds and whose genius ushered in a new industrial age for
mankind. But behind the vision and genius of men such as these have been
men of practical application, who furnished the capital to translate ideas
and dreams into reality. Those who have furnished the capital to forge our
great Nation into the world power that it is today have not simply been men
of great x>realth. They have been just as much the little people of this
Nation, whose cumulative savings have added up to big money -- money which
directly or indirectly found its way into the capital formation of our free
enterprise system.
Not only in New Jersey but on every hand in this great land of ours may
be seen the impressive results of the practice of American thrift. And it
gives me, as I know it gives you, heart-warming satisfaction to know that in
promoting the sale of United States Savings Bonds we are helping to carry
forward this great American principle of saving and building for the future.
The promotion of thrift is the underlying concept of the Savings Bonds
Program. At the same time, however, there is an equally important correlative
benefit which savings bond sales promote. That is, savings bond owners
become financial shareholders in their country and, as such, take a more
active part in the affairs of their Nation.
As you men of business know, when a man becomes a stockholder in a cor
poration he is personally concerned with the manner in which its operations
are conducted, and he is going to make sure his voice is heard. Ours is a
democracy in which every citizen's voice counts, but he is much more likely
to exercise his American birthrights and take an active part in the affairs
of our Nation when he has a financial stake in its future,.
It is important at any time to encourage thrift and greater participation
by our people in national affairs. In the present world crisis it is
imperative if we are to build impregnable defenses against the forces of
communism which seek to destroy our democracy and enslave a free world.
550
- 3 -
You are as cognizant as I am of what the communist menace, if left
unchecked, forebodes for the future of America. It is a menace which
could destroy all the products of the thinking and the effort so magnifi
cently evidenced in the achievements of our free enterprise system. It
could destroy everything that we have done to build up this Nation; it
literally could destroy all the way of life that we have fashioned for
ourselves. It could blot out, as if they had never existed, the free
institutions which have made all of these things possible.
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 suc
cessful, must represent the will of the people — and this means full
public understanding 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, businessmen, educators,
students, farmers and those of us in Government — must individually de
termine to take whatever actions are necessary to keep our domestic
defenses at full strength, and our productive power unimpaired*
The systematic purchase of United States Defense Bonds offers one of
the very best ways in which every American can play an important part in
assuring Americans strength in these crucial days. The dollars they save
are building power for the Nation — not only economic power to back up
our great defense effort, but a reservoir of purchasing powrer for the
future stability and prosperity of our Nation when the present emergency
is over. For bare physical survival is not enough. We must continue to
build, as we have always built, for the future.
Moreover, in a period like the present, when employment is high and
incomes are high, individuals are provided a golden opportunity for build
ing up their financial reserves. Everyone needs such 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* The safest way and the surest way for the wage
earners of America to build up such a reserve is to sign up for the
regular purchase of United States Savings Bonds through the Payroll
Savings Plan*
Savings in the past have built the great total of United States
Savings Bonds outstanding today. That total is $58 billion — $9 billion
higher than the amount outstanding at the end of World War II* Indi
vidual holdings of E bonds alone account for $35 billion of the total —
$1; billion more than at the close of the war. This is big money owned
~ h -
by millions of small capitalists* Every effort that we make to increase
participation in this vital program means that we are helping to assure
a lot more of the kind of thrifty capitalism that has brought us great
prosperity and progress and that will insure an even greater America of
the future*
The people of New Jersey are by tradition great believers in their
future and in America*s future* Your history is replete with indelibly
written contributions to America*s economic development* VJhat is more
important, your faith in Americans future is constantly enlarging those
contributions*
Men of genius and vision are busily at work in your great industrial
laboratories and research centers bringing forth scientific discoveries
that are constantly opening up new economic frontiers for America*, These
reserach projects in North Jersey alone represent about one-tenth of the
entire Nation's probing into the scientific world of the future,, the
annual research outlay for this purpose exceeding f>15>0 million*
We have already had some very pleasant samples in the postwar years
of how scientific discoveries devoted to peacetime pursuits can enrich
humanity and revolutionize our mode of living* We want to make sure that
today*s scientific dreams do not die in the test tubes* We want to make
sure that today* s dreams will again be tomorrow* s realities* And we want
to make sure that we are going to be able to enjoy them*. American thrift
is our best assurance*
In closing, I want to express my pleasure in meeting with you, and to
thank you for your leadership in the payroll savings program* I know that
you are going to make New Jersey's industrial drive a real success* It is
something in which we, as individuals, can believe and something of which
we can measure the merits* I know that through your efforts and the
efforts of the volunteers who work with you, the results of your campaign
this fall will be highly gratifying*
0O 0
- 3 -
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 bZ and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 191*1, the amount of discount
at which bills issued hereunder are sold shall npt 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.
Accord
ingly, 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. lp.8, 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.
-
dealers in investment securities.
2
-
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 accept
ance 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 reserva
tions, 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 Re
serve Bank on
August 28, 1952
, in cash or other immediately available
funds or in a like face amount of Treasury bills maturing August 28, 1952
5^
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
.
VjOuv^ M M' / 6?
AkRKAx
TREASURY DEPARTMENT
Washington
3 / 37
FOR RELEASE, MORNING NEWSPAPERS
Thursday, August 21. 1952______
W
The Secretary of the Treasury, by this public notice, invites tenders
for 11,300,000,000
, or thereabouts, of
92
cash and in exchange for Treasury bills maturing
the amount of $1,300,^-7^,000
-day Treasury bills, for
August 28, 1952
» to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
, in
August 28, 19 5 2
The bills
, and will mature
November 28, 1952
, when the face amount will be payable without in
w
terest. They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, two o !clock p.m., Eastern/sfcJSUOJixxai time, Monday, August 25, 1952.
3S?
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 competi
tive 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
TREASURY DEPARTMENT
Information Service
RELEASE MORN I N G NEWSPAPERS
Thursday, August 21, 1952.
WASHINGTON. D .C .
S -3 1 3 9
The Secretary of the Treasury, by this public notice, invites
tenders for $1,300,000,000, or thereabouts, of 92-day Treasury
bills, for cash and in exchange for Treasury bills maturing
August 28, 1952, in the amount of $1,300,474,000, to be issued on
a discount basis under competitive and non-competitive bidding as
hereinafter provided.
The bills of this series will be dated
August 28, 1952, and will mature November 28, 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 wi l l be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m,, E a s t e r n Daylight Saving
time,, Monday, August 25, 1952.
Tenders will not be received at the
Treasury Department, Washington.
Eac h tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925.
Fractions m a y not be used.
It. is
urged that tenders be made on/the printed forms and forwarded, in the
special envelopes Which will be supplied 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 ahd 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 w h i c h public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted b i d s . Those submitting tenders
will be advised of the acceptance or 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 August 28, 1952, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing August 28, 1952. 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 othen disposition of the bills, shall not
have any exemption, ad such, and loss from the sale or other
disposition of.Treasury bills:shall;not have any special treatment,
as such, under the Intèrna! Revenue Code, or laws amendatory or
supplementary thereto; Thè 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 tof the United States,, òr 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 capita! assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued here
under need include- in his income thx 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 ordinaryrgain 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. Uopies of the circular may be obtained
from any Federal Reserve Bank or Branch, :
6
One of the largest ammunition seizures in years was
made at the port of N ew York in March.
over 14,000 rounds of
Customs officers took
.38 calibre pistol cartridges which had
been laden abroad a vessel destined for Latin-American ports
without benefit of State department license.
5
55 ounces of _smokij9^ opium,
captured near Calexico, California,
from smugglers making delivery to an undercover agent.
Marihuana seizures of some 18,500 ounces were down sharply
fr o m the previous year.
Fewer large seizures were made,
possibly reflecting the reluctance of the traffickers to
gamble with large shipments in view of severe blows dealt
them in recent years.
Cooperation of the Mexican Government
also has been a factor in reducing traffic both in marihuana
and in smoking opium.
Customs agents continued to make large revenue recoveries
for the Government through investigations of cases involving
under-valuation of merchandise and other frauds.
Activities connected with the national defense made
increasing demands upon customs manpower during the year.
the United States Coast Guard in protecting United States
t 1 T ~ i r - 1TekT r | i a n ^--g e g g P.l « i Mfl f ,.nn n n a a a n t i n n a l ,, 1 M 9 nfiB fii
obfcrafttpri
agents have made
_
numerous
seizures in
investigations,
inspections and
i»»<P policies of the Office of International
T r a d e ^ Department of C o m m e r c ^ igprëpthe Munitions Division,
Department of State,
and other Federal agencies controlling
exportation of strategic materials.
4
Rustlers, operating in approved western style,
stole the
cattle deep in Mexico, herded them across the Rio Grande at
isolated spots,
and hid the herds away in remote canyons until
they felt it safe to market them.
Agents in one case,
a prospective witness,
traveling deep into Mexico to interview
found that watchful associates of the
man in the nearby brush had had them covered with carbines
and a sub-machine gun.
The witness apparently feared an attempt
to take h im across the border involuntarily.
revealed the kidnaping fears were unfounded,
When the interview
the armed Mexicans
came out of the brush and joined enthusiastically in the co n
versations.
Agents on the Mexican border reported numerous instances
of smugglers being apprehended carrying firearms.
In one case
agents engaged in a pitched battle with marihuana runners
fleeing back across the line after dropping their contraband.
Customs officers continued to cooperate with the Bureau
of Narcotics in suppressing the smuggling of narcotics.
Customs men made more than 3,000 seizures of narcotics,
including marihuana,
during the fiscal year.
Seizures of opium
type drugs at ports and border points increased from 884 ounces
in fiscal 1951 to 1,161 ounces in fiscal 1952.
Increased
seizures were reported in the case of raw opium, heroin and
cocaine, with smoking op i u m captures down slightly.
Other large scale narcotics seizures included 40 ounces
of heroin,
discovered at P h i l a delphia by customs searchers on
a merchant vessel,
59 ounces of cocaine seized at Charleston,
South Carolina, on a vessel arrived here from Peru,
and
3
Not all valuable metals traffic was outbound.
officers, working with Canadian authorities,
Customs
developed a c o n
spiracy case against half a dozen persons in the Chicago and
Buffalo areas who were engaged in smuggling into the United
States scarce nickel and other metals destined for black
market channels.
The traffic in parrots,
smuggler,
a lucrative one for the successful
appeared on the increase during the year, with
several large seizures of birds worth thousands of dollars.
Their importation is restricted by Public Health laws.
One
parrot squawked an alert to officers on the watch for smugglers.
^amales turned up frequently in petty meat smuggling
activities along the Mexican border,
such importations being
in violation of Bureau of Animal Industry regulations. One
such case not so petty involved a bicycling youth, who,
investigation revealed,
illegally imported for a border
restaurant meat running into the tons,
over a period of several months.
a few pounds at a time,
The operators of the cafe
were arrested.
Cattle smuggling became an increasing problem for Customs
»licated by the recent ban 'on importations 4**»
due to the outbreak of foot and mouth
Mexican border involved several hundred
ad to be traced through distribution
channels in several states to obtain evidence against the
smugglers.
2
One of the cases concluded during the 1952 fiscal year
involved $121,000 worth cfxA diaraonds recovered,
in November 1951,
from a clogged toilet drain in a hotel at Rouses Point, N e w
York.
Customs officers had ke*t under surveillance Mrs. Adele
Meppen of N e w York City and A b r a m Winnik,
Mrs.
Meppen met in Montreal.
a Belgian who m
Mrs. Meppen dropped the diamonds
in the toilet at Rouses Point after being removed from aA train
there.
Mrs. Meppen and Winnik, who had followed her to the
United States, were arrested.
Government,
term.
The woman testified for the
and Winnik was convicted and given a 2-year prison
The woman received a suspended sentence.
Another large-scale diamond seizure occurred on May 8,
1952,
at N e w York, when a jeweler arriving by plane from Europe,
via Cuba and Miami, Florida, was found by customs officers to
have gems valued at $44,000 in his luggage, which were not
declared.
The case is pending.
The largest seizure of gold involved in illegal export
operations was made at N e w York last April, when 250 pounds of
bullion valued at $171,000 was discovered by customs officers
concealed in a false gas-tank compartment of an automobile being
laden"on the liner
for an ostensible tourist.
/o their gold seizures involved $70,000 worth of the metal,
in strips, which was about to be exported as "tie clasps," and
$9,000 worth of gold bars that a Portuguese seaman tried to
smuggle aboard his vessel.
.5- J / V e ?
* iu iu m iju m wry a y Ke f r o s e
Customs officers continued to deal hard blows to inter
national traffic in contraband gold and diamonds during the
fiscal year that ended June 30,
1952, Commissioner of Customs
Frank D o w reported to Secretary Snyder today.
Smugglers specializing in commodities ranging from parrots
to platinum and from heroin to hot tamales also were heavily
penalized through work of the enforcement agents of the Customs
Service.
Agents on the Texas-Mexican border wrote a chapter of
Customs history that might have been taken from a novel of the
old Wild West,
in dealing with bands of cattle rustlers
operating across the Rio Grande River.
Chester A. Emerick, Deputy Commissioner of Customs,
c h a r g e of the Bureau's Division of Investigation,
in
reported
that the creation of a special "racket squad" at the port of
N e w York added to effectiveness of operations against inter
national violators of customs and related laws.
Mr. Emerick said there appears to be a relationship
between the o u t w a r d smuggling of gold and the inward smuggling
of
Jhiif VfrTi t
» p Q
f n H M
n
n n .. i ■ —
■
il
i. » r > 1 r r n
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,
Sunday, August 2 k , 195?. _
WASHINGTON, D .C .
S-3l40
Customs officers continued to deal hard blows to inter
national traffic in contraband gold and diamonds during the fiscal
year that ended June 30, 195?, Commissioner of Customs Frank Dow
reported to Secretary Snyder today.
Smugglers specializing in commodities ranging from parrots
to platinum and from heroin to hot tamales also were heavily
penalized through work of the enforcement agents of the Customs
Service.
Agents on the Texas-Mexican border wrote a chapter of Customs
history that might have been taken from a novel of the old Wild
West, in dealing with bands of cattle rustlers operating across
the Rio Grande River.
Chester A. Emerick, Deputy Commissioner of Customs, in charge
of the Bureau's Division of Investigation, reported that the
creation of a special "racket squad” at the port of New York
added to effectiveness of operations against international
violators of customs and related laws.
Mr. Emerick said there appears to be a relationship between
the outward smuggling of gold and the inward smuggling of
diamonds.
One of the cases concluded during the 195? fiscal year
involved $121,000 worth of smuggled diamonds recovered, in
November 1951, from a clogged toilet drain in a hotel at Rouses
Point, NewYork,
Customs officers had kept under.surveillance
Mrs. Adele Meppen of New York City and Abram Winnik,a Belgian whom
Mrs! Meppen met in Montreal. Mrs. Meppen dropped the diamonds
in the toilet at Rouses Point after being removed from a
Montreal-New York train there.
Mrs. Meppen and Winnik, who had followed her to the^
United States, were arrested. The woman testified tor the
Government, and Winnik was convicted and given a 2-year prison
term. The woman received a suspended sentence.
vjU V
- 2 Another large-scale diamond seizure occurred on May 8, 1952*
at New York, when a jeweler arriving by plane from Europe, via
Cuba and Miami, Florida, was found by customs officers to have
gems valued at $44,000 in his luggage, which were not declared.
The case is pending.
The largest seizure of gold involved in illegal export
operations was made at New York last April, when 250 pounds of
bullion valued at $171,000 was discovered by customs officers
concealed in a false gas-tank compartment of an automobile being
laden on the liner Queen Mary for an ostensible tourist.
Other gold seizures involved $70,000 worth of the metal, in
strips, which was about to be exported as "tie clasps," and
$9,000 Worth of gold bars that a Portuguese seaman tried to
smuggle aboard his vessel.
Not all valuable metals traffic was outbound. Customs
officers, working with Canadian authorities, developed a conspiracy
case against half a dozen persons in the Chicago and Buffalo areas
who were engaged in smuggling into the United States scarce nickel
and other metals destined for black market channels.
The traffic in parrots, a lucrative one for the successful
smuggler, appeared on the increase during the year, with several
large seizures of birds worth thousands of dollars. Their
importation is restricted by Public Health laws. One parrot
squawked an alert to officers on the watch for smugglers .
Tamales turned up frequently in petty meat smuggling
activities along the Mexican border, such importations being in
violation of Bureau of Animal Industry regulations. One such case
not so petty involved a bicycling youth, who, investigation
revealed, illegally imported for a border restaurant meat running
into the tons, a few pounds at a time, over a period of several
months. The operators of the cafe were arrested.
Cattle smuggling became an increasing problem for Customs
on the Canadian border. The problem was complicated by the recent
ban by the Department of Agriculture, on importations due to the
outbreak of foot and mouth disease in Canada.
Half a dozen cattle smuggling cases on the Mexican border
involved several hundred head of stock that had to be traced
through distribution channels in several states to obtain evidence
against the smugglers.
>1*;
“ 3 Hustlers, operating in approved western style, stole the
cattle deep in Mexico, herded them across the Hio Grande at
isolated spots, and hid the herds away in remote canyons until
they felt it safe to market them.
Agents in one case, traveling deep into Mexico to interview
a prospective witness, found that watchful associates of the man
in the nearby brush had had them covered with carbines and a
sub-machine gun. The witness apparently feared an attempt to take
him across the border involuntarily. When the interview revealed
the kidnaping fears were unfounded, the armed Mexicans came out
of the brush and joined enthusiastically in the conversations.
Agents on the Mexican border reported numerous instances of
smugglers being apprehended carrying firearms. In one case agents
engaged in a pitched battle with marihuana runners fleeing back
across the line after dropping their contraband.
Customs officers continued to cooperate with the Bureau of
Narcotics in suppressing the smuggling of narcotics.
Customs men made more than 3*000 seizures of narcotics,
including marihuana, during the fiscal year. Seizures of opium
type drugs at ports and border points increased from 884 ounces
in fiscal. 1951 to l,l6l ounces in fiscal 1952. Increased seizures
were reported in the case of(raw opium, heroin and cocaine, with
smoking opium captures down slightly.
Other large scale narcotics seizures included 40 ounces of
heroin, discovered at,Philadelphia by customs searchers-on a
merchant vessel, 59 ounces of cocaine seised at Charleston,
South Carolina, on a vessel arrived here from Peru, and 55 ounces
of smoking opium, captured near Calexico, California, from
smugglers making delivery to an undercover agent.
Marihuana seizures of some 18,500 ounces were down sharply
from the previous year. Fewer large seizures were made, possibly
reflecting the reluctance of the traffickers to gamble with large
shipments in view of severe blows dealt them in recent years.
Cooperation of the Mexican Government also has been a factor in
reducing traffic both in marihuana and in smoking opium.
Customs agents continued to make large revenue recoveries for
the Government through investigations of cases involving under
valuation of merchandise and other frauds.
Activities connected with the national defense made increasing
demands upon customs manpower during the year. The Service assists
the United States Coast Guard in protecting United States port
facilities.
565
- 4 -
Customs agents have made numerous investigations, inspections
and seizures in executing the policies of the Office of
International Trade in the Department of Commerce, as veil as the
Munitions Division, Department of State, and other Federal
agencies controlling exportation of strategic materials.
One of the largest ammunition seizures in years was made at
the port of New York in March. Customs officers took over 14,000
rounds of .38 calibre pistol cartridges which had been laden
abroad a vessel destined for Latin-American ports without benefit
of State Department license.
responsibility,
a privilege,
a n o p p o r t u n i t y to t a k e p a r t
leadershi
p
.
and
in t h a t
¡¿over
n e c e s s a r ily m a k e
our
in c r e a
enter
a
again
in o u r
c e of s t r e n g t h
a n d söfft« ere©»
f i nanei a l
Nat i on
to s u p p o r t
grams
© i f e c t iv e
are a b r o a d
in t h e w o r l d , a n d b e c a u s e
no o n e c a n g a u g e w i t h a b s o l u t e
c e r t a i n t y t h e p r o p e r c o m b i n a t i o n of
c i r c u m s t a n c e s u n d e r w h i c h a n a t i o n gr o w
and b e c o m e s more p r o s p e r o u s .
But
I do e m p h a s i z e o u r
p o p u l a t i o n and our
increasing
increasing pace
of s c i e n t i f i c d i s c o v e r y a n d
improved
i n d u s t r i a l t e c h n i q u e s for g r eater
production.
These can enable this
c o u n t r y to r e a l i z e
its f u l l e s t
economic and social potentials«
T h e s e p r o v i d e s t r o n g s u p p o r t for
that
«1 rv
11
a
*?■■■
I
more
more housing,
% 4*1 ¥%
more clothing,
a l l of t h e o t h e r
m
that
m a i n t a i n and
more
to
i m p r o v e A m e r i c a ’s h i g h
,
I am n o t e n g a g i n g
in a l o n g - r a n g e e c o n o m i c
ardous,
©
ill l o o m b e f o r e u s
of C o m m u n i s m
I
our
to
i
our
in
40
Busin e s s and
willing
industry have been more
in r e c e n t y e a r s t h a n e v e r before!
to r i s k t h e i r c a p i t a l
the f u t u r e .
W o r l d War
capital
in b u i l d i n g f o r
During the years following
II, u p to K o r e a ,
investment
total new
in t h i s c o u n t r y w a s
n e a r l y $100 b i l l i o n .
And there has
been a further great expansion
in
p r i v a t e c a p i t a l o u t l a y s since the
b e g i n n i n g of the U n i t e d N a t i o n s
d e f e n s e of K o r e a ,
We are not livi n g
in a s t a t i c
Today our f i n a n c i a l system is
more soundl y based than ever b e f o r e .
Thi s
i s one of the r e a s o ns why our
peopl e can have a f i r m b e l i e f
N a t i o n ’ s economic s t r e n g t h .
far greater
in the
We have
i n d u s t r i a l c a p a c i t y and
i n d u s t r i a l pr oduc t i on than ever bef or e.
Our farms are produci ng f o o d , f i b r e
and l i v e s t o c k
in q u a n t i t i e s t ha t were
thought i mpossi bl e a decade ago.
l e v e l of pe r s ona l
The
incomes a f t e r t a x e s ,
and in terms of r e a l purchasi ng power,
is hi gher now than ever b e f o r e .
times in
have
our
cour
ofound
of our c o u n t r y .
economi u
nor
i s count r y
q
to t h e i r fund
optimism a
the f u t u r e .
0,0rie
to p r i v a t e b o r r o w e r s -- a m o u n t ins to
m o r e t h a n $38 b i l l i o n
6 years
in t h e p a s t
w o u l d h a v e so s w o l l e n t h e
m o n e y s u p p l y that our e f f o r t s to
curtail
inflationary forces would
have m e t w i t h far less success.
course,
Of
t h e e x p a n s i o n of b a n k c r e d i t
h e l p e d to f i n a n c e a g r e a t l y
o u t p u t of g o o d s a n d s e r v i c e s
postwar years.
increased
in t h e
This added
i m m e a s u r a b l y to th e g r e a t r i s e
in the
s t a n d a r d of l i v i n g o f o u r p e o p l e
individuals having
billion
this period.
The T r e a s u r y
is h i g h l y g r a t i f i e d
by the a s s i s t a n c e a n d s u p p o r t w h i c h
t h e N a t i o n ' s b a n k s h a v e g i v e n to
the Savings Bonds Program.
not s u c c e e d e d
in r e d u c i n g
of the d e b t , and
Had we
the total
in r e d u c i n g t h e
b a n k - h e l d p o r t i o n of t h e d e b t ,
the
t r e m e n d o u s e x p a n s i o n of b a n k c r e d i t
a n t i - jnflat ionary
by n o n - b a n k
contribution
investors.
The Savings
in t h i s c o n n e c t i o n ,
stability
involved reducing the
v o l u m e of g o v e r n m e n t s e c u r i t i e s
No o n e
in t h i s c o u n t r y
appreciates more keenly
t h a n bantcers t h e f a c t t h a t
- 3 2 a **
Recently,
however,
as
K
result
of o u r c u r r e n t d e f e n s e a n d s e c u r i t y
programs,
the Treasury has been
faced with a substantial deficit«
T h i s d e f i c i t m u s t be f i n a n c e d .
w i l l be
important
however,
to f i n a n c e
it
it,
in s u c h a w a y a s to p r o m o t e
c o n t i n u e d e c o n o m i c s t a b i l i t y at t h e
p r e s e n t h i g h l e v e l s of e c o n o m i c
activi t y .
ijfr§1
"ai revenues
al expend!tur
Treasury *s general
reduced during
June 1346,
"It
I made t h i s s t a t e m e n t :
i s the r e s p o n s i b i l i t y
of the
government to r ed uc e e x p e n d i t u r e s
in e v e r y p o s s i b l e way,
adequate t a x r a t e s
....
to m a i n t a i n
and to
a c h i e v e a b a l a n c e d budget —
better
.
s i x years,
or
And c u r i n g t he p a s t
t a k e n as a whole,
our
n a t i o n a l f i n a n c e s have been b.s.tiSC.
T r e a s u r y o p e r a t i o n s of a l l k i n d s ,
including
debt
management, in such
a way a s to promote the smooth
f u n c t i o n i n g and the sound growth
o f our economic s ys t em.
However,
it
i s the C o n g r e s s ,
hot the T r e a s u r y , whi ch l e v i e s
t a x e s and d i r e c t s the s p e n d i n g of
every d o l l a r
t h a t the T r e a s u r y
to
ant
it.
financing
I J?
£
f a r c o s i f -tfti Communists should
launch f u i i - s o a i e war;
(3)
to
csevelop s t i l l fu r th e r our basic
resources and expand our i n d u s t r i a l
c a p a c i t y ; and (4)
to maintain a
sound ano i n c r e a s i n g l y productive
c i v i l i a n economy « h ile we are
b uilu in,, our arsenal of fief ense,
But l e t me s t r e s s , as the
r e s i d e n t has so often and c l e a r l y
loIotifi
, r ha t t }■
nta 1
purpose which l i e s behind a l l of our
iignoti 9
root
in n a t i o n s t h a t have
i ty,
resources,
t i on
the f a m i l y of n a t i o n s
f act,
e d u c a t i o n of the aver a
citizen
c o u n t r y , is
One of our b e s t weapons a g a i n s t
Communism i s our w i l l i n g n e s s and
ability
to s h a r e w i t h o t h e r s our
technical
’’know h ow, " our s c i e n t i f i c
knowledge,
and our u n d e r s t a n d i n g of
the management t e c h n i q u e s f o r
increased a g r i c u l t u r a l
and i n d u s t r i a l
p r o d u c t i on;
To a c h i e v e t h i s ,
the P o i n t
IV program.
we i n s t i t u t e d
It
i s one of
the most p o w e r f u l y e t l e a s t c o s t l y
weapons
in our a r s e n a l of d e f e n s e *
865
4L
ino ipally in f8 V i $f
Vi.
f'1% &%
fi r* iJí ä
M I %* C$-
#%
Ü,
«fà oan le
wh0ts 11
*®r
"»%
t ri y
«'4 ;»i .nrt r\ *'» Hh
%l Cl til tíf O i
io
or
f11 ^k/0\t
<*•>#11 itíflé
u a 0 n the
of our fa c to r i
TI ¡1
J Ip
6 ss
s i defense
I®
“
» -•
£*i
« 2*
C-Í
V
W>
I
«3
*"»
£* a ft A
OVUM
ml ■
I 4# m4
f
U-et i v t
4» î
f ST*'!
out
Û \i/
0 4
urn, ria ans
Th i
, t oo .
«yi
I»|bfci^
UpO
■Ite'.
fe»
i »«*
^ i! f
trie
si '$1*•# i ty
jl û *>
^
t hr ii Vön Xe o t n0 m
?V I
II
1
ft
il
roaden
P
r %n# |np§r 0
..ij, !■%
V iñora asod amarnent pr oor am
Vd
t*
nW
il# û
%4- ;
Mfc,
*
swn economy.
ir
b o
ÍÍ5
«H«f* «»H*S
1 1
n
rful m i l i t a r y
sreatina a
ed is the fact
t
»
L
inta ined a
e c o n o m y at the
up our
i n d u s t r i a l p l a n t to p r o d u c e vast
q u a n t i t i e s of war
our
n a t i o n s of
ial
and for
t ime
i ate
into
believing
lives of
that this
to reeogni
17
w e s t e r n Europe
through
our
m i l i t a r y and e c o n o m i c aid to
those n a t i o n s
I d o u b t that a n y of our
p e o n i e now h a v e any i l l u s i o n s
a b out the d e s i r e of the
C o m m u n i s t l e a d e r s h i p to u n r o o t
and d e s t r o y f r e e d o m w h e r e v e r
it exists.
Our c o u n t r y ’s
e c o n o m i c and m i l i t a r y m o b i l i z a t i o n
to m e e t t h i s threat has d e e p l y
a f f e c t e d our economy.
It has
mm
Is
engulf m a n y
m
13
e c o n o m i c t h o u g h t and a c t i v i t y
of your c o m m u n i t i e s r e v o l v e .
You have k n o w l e d g e of the
n e e d s and p r o d u c t i v e c a p a c i t i e s
of your c i t i e s and t o w n s , a s
well as the powe r to m a ke
c r e d i t «Valladle.
Your a w a r e n e s s of your role
in the N a t i o n ’s f i n a n c i a l life
is s p lgge n d i d l y, i l l u: s t3 r a' t|e'dg ';bv
the
¡¡¡¡I I
work you have done t h r o u g h the
y e a r s in h e l p i n g to o r o m o t e the
coti
nati onal
ìiid
u fioro due 11 v e .
y u I ii
IG
redient of
e activity.
tutions you s e r v e are
s around wh ieh the
present,
colleges,
in 24 u n i v e r s i t i e s and
schools lik e
yours,
with s i m i l a r c u r r i c u l a r a c t i v i t i e s ,
have been e s t a b l i s h e d ,
in
c o l l a b o r a t i o n w i t h the b a n k i n g
industry.
N ot abl e among t he se
graduate sc h o o ls,
own,
o t h e r than yo u r
are the P a c i f i c
C oa s t
d a n * i n g S c h o o l a t the U n i v e r s i t y
of Washington,
the S c h o o l f o r
F i n a n c i a l P u b l i c d e l a t i o n s at
Northwestern U n iv e r s i t y ,
and the
838
9
to n e a r l y $80 b i l l i o n at the
bag i n n i ng o f t h i s y e a r .
The f o r w a r d s t r i d e s made
fay t h i s s c h o o l , and by more than
a score of other
institutions
of h i g h e r e d u c a t i o n
in banking,
have gone a l o n g way toward
fu lfillin g
the need f o r g r e a t e r
p r a c t i c a l and t h e o r e t i c a l
knowledge of b a n k i n g which was
so e v i d e n t d u r i n g the decade
p r i o r to World War I I .
At the
commerce> and
ro
in
i mp o r t a n t
The
1 11tie
cal f e r t iliz e r s ,
have a l l
in the
.
played
and i « p r o v e d
im po r ta n t
increased a g r i c u l t u r a l
There has a l s o
been a
J
growth/''] n p r o d u c t i o n of d a i r y
c t s here
in W i s c o n s i n ,
as w e l l
agri culture
s e c t i o n s of the c o u n t r y
a very
life.
The c o n t r i b u t i o n s
fa r ms , f a c t o r i e s and
c o u n t r y s economic
to
1
little
short
and i n g e n u i t y
SI e
<1
%»
of the peoole of t h i
«5
have
inception
fact
in 194o.
The v e r y
t h a t your e n r o l l m e n t has
i n c r e a s e d from 47 s t u d e n t s ,
a t t e n d i n g the f i r s t
session,
to the p r e s e n t s t u d e n t body of
660
i s e v i d e n c e o f the keen
i n t e r e s t t h a t has been g en er at ed ,
and the b e n e f i c i a l r e s u l t s t h a t
are b e i n g e x p e r i e n c e d t h r o u g h o u t
t h i s area from the work o f the
c l a s s e s here.
reason t h a t I took
in a c c e p t i n g the
invitation
here
ft
y
r e p r e s e n t s an
i moort ant
o a n K
ve r y o u t s e t , I
w
on
y
which h
the School of
since i
as
wûver
taKen
a oriva
a Keen
in s p e c ia
educaiiun in
I have constantly sought every
opportunity to encourage and
A
& o o ©
A m e r i c a n DanKtng
in e s t a b l i s h i n g
courses of education and schools
ot bank itig in various parts of
the country
TREASURY DEPARTMENT
Washington
617
The following address by Secretary Snyder before
a seminar session of the School of Banking at
the University of Wisconsin, Madison, Wisconsin,
is scheduled for delivery at 7?30 P.m,, CST,
Monday, August~S, 195^> and7 is for release at
that time.
For many years — as an administrator in government and as a private
banker — I have taken a keen interest in specialized education in the
banking profession, I have constantly sought every opportunity to encourage
and advance the varied activities of American banking in establishing
courses of education and schools of banking in various parts of the country.
It was for that reason that I took particular pleasure in accepting the
invitation of the Director of your school to come here tonight and address
your group, which unquestionably represents an important segment of American
banking.
At the very outset, I want to commend you on the splendid progress which
has been made by the School of Banking since its inception in 19Ui>. The very
fact that your enrollment has increased from h i students, attending the first
session, to the present student body of 660 is evidence of the keen interest
that has been generated, and the beneficial results that are being experienced
throughout this area from the work of the classes here.
Banking, business and agriculture here in the North-Central and
Mid-Western sections of the country represent a very great part of America’s
economic life. The contributions of your farms, factories and banks to the
country* s economic growth during the past decade have been little short of
astounding. The work and ingenuity of the people of this area have added
tremendously to America’s unparalleled economic expansion during this period.
Your presence here signifies that as bankers you intend to educate and equip
yourselves with further knowledge, and to take advantage of the experience
of others so that the communities, states and regions you represent may
continue their economic growth and expansion.
The Mid-West and North-Central States contain many industrial centers
producing vast quantities of civilian goods. At the same time, they are
arsenals of democracy.
Over two-thirds of the acreage of agricultural products on which the
Nation depends is in the area whose state bankers’ associations have endorsed
this school. In the past ten years alone, the acreage of harvested crops in
these 16 states has risen from about 212 million to almost 220 million acres.
Improved farm methods, soil erosion control, more machinery on the farms, use
of chemical fertilizers, and improved seed have all played important roles in
the increased agricultural output,. There has also been a great growth
S-31ÌI1
-
2
-
618
in production of dairy products here in Wisconsin, as well as in other
states represented at this school«
The vastly increased industrial and agricultural activity in your
states has been accompanied by great expansion of business and commerce,
and by important progress in banking« The assets of the banks in these
states have increased from a little less than $23 billion in 19Ul to
nearly $60 billion at the beginning of this year*
The forward strides made by this school, and by more than a score of
other institutions of higher education in banking, have gone a long way
toward fulfilling the need for greater practical and theoretical knowledge
of banking which was so evident during the decade prior to World War II*
At the present, in 2k universities and colleges, schools like yours, with
similar curricular activities, have been established, in collaboration with
the banking industry« Notable among these graduate schools, other than
your own, are the Pacific Coast Banking School at the University of
Washington, the School for Financial Public Relations at Northwestern
University, and the Graduate School of Banking at Rutgers University«
In seeking to advance the welfare of the banking industry through
increasing the competence and qualifications of its management personnel,
banking is coming more and more to exert a very vital influence upon the
Nation. The rural and urban centers of the country depend upon your
institutions for the fulfillment of their credit needs. Without credit,
the life-blood of industry, wheels of.commerce would undoubtedly cease to
turn, and the national economy could become dormant and unproductive«
Informed financial leadership is the basic ingredient of all economic
activity. You and the institutions you serve are focal centers around which
the economic thought and activity of your communities revolve« You have
knowledge of the needs and productive capacities of your cities and towns,
as well as the power to make credit available«
Your awareness of your role in the Nation1s financial life is splendidly
illustrated by the work you have done through the years in helping to
promote the United States Savings Bonds Program, and by voluntary cooperation
in efforts to hold the forces of inflation in check. In these and other
ways, bankers have demonstrated their willingness to place the interests of
the Nation above the immediate interests of their own institutions, and this
certainly is the acid test of true leadership«
Banks are normally staffed with practical men who know how to deal with
practical problems, and are demonstrating their awareness that it takes more
than a sharp pencil to meet the realities which confront the Nation. Therefore,
I have complete confidence in your ability to help this country meet the
challenge which lies ahead, both in the immediate future and in years to come*
The starting point for any discussion today is the inescapable fact that
this Nation is now confronted by the very grave danger of Communist threat
from abroad* We have seen Communism engulf many formerly free nations« We
B19
- 3 -
have been able, however, to resist its expansion in Greece, Turkey and
Western Europe through our military and economic aid to those nations»
I
doubt that any of our people now have any illusions about the desire
of the Communist leadership to uproot and destroy freedom wherever it
exists» Cur country's economic and military mobilization to meet this
threat has deeply affected our economy» It has reached into millions of
American families, and into the lives of us all» But it is important to
remember that the Communist threat has been materially curtailed by the
unity with which the free world, under American leadership, has gone into
action against it. If the leaders of Communist forces deluded themselves
into believing that this Nation would fail to recognize the danger to itself
inherent in their aggression against one country of the free world after
another — or if they believed that America would not respond forcefully and
decisively to an attack on one small country many thousands of miles across
the Pacific — they have most certainly found that they were mistaken.
This Nation, with its allies, has made significant progress in recreating
a powerful military defense« But less well appreciated is the fact that we
have maintained a strong and growing economy at the same time that we were
building up our industrial plant to produce vast quantities of war material
and arms both for our own defense and for other free nations of the world.
In the other free nations, principally in Western Europe, the stress
and strain of their own greatly increased armament programs have not pre
vented them from broadening their domestic productive capacity, too. This,
in turn, means that we can look forward to a time when their dependence
upon the output of our factories for their essential defense needs will be
lessened, thus reducing the strains upon our own economy,
While the more advanced industrial countries have repaired war damages
and forged ahead rapidly, there remains a great need for increased produc
tion and better standards of living in the.less developed areas. One of the
most practical defense measures we have undertaken is to help the under
developed areas to utilize their resources to improve the living conditions
of their people. One of our best weapons against Communism is our willing
ness and ability to share with others our technical "know how," our scientific
knowledge, and our understanding of the management techniques for increased
agricultural and industrial production.
To achieve this, we instituted the Point IV Program, It is one of the
most powerful yet least costly weapons in our arsenal of defense. American
technicians and specialists in industry, agriculture, medicine and sanitation
are at work'today in many countries overseas. They are making outstanding
contributions to the further development of other countries in the free world.
Many of these nations will be vital sources of raw materials for this country
for years to come. Yet that is, perhaps, less important than the general
cause of human liberty which also draws strength from the Point IV Program.
820
- 1* -
Communism, as we have learned from experience, is least able to take
root in nations that have the resources, the productive capacity, the
knowledge and the determination to become self-sustaining members of the
family of nations. This fact, plus the education of the average citizen
in our own country, is the reason why Communism has never made any signif
icant progress in America.
Here at home, the defense production program in which we are engaged
has four major aims: (l) To produce military equipment for our forces
in Korea and at home, for aid to our allies, and for reserve stocks;(2) to provide further military production capacity, beyond that which
we need at the present time, to supply our armed forces if the Communists
should launch full-scale war; (3) to develop still further our basic re
sources and expand our industrial capacity; and (U) to maintain a sound
and increasingly productive civilian economy while we are building our
arsenal of defense.
But let me stress, as the President has so often and clearly pointed
out, that the fundamental purpose x-rhich lies behind all of our defense
efforts is the prevention of another full-scale war. Such a war could
bring catastrophe to all the free nations of the world and their peoples,
and we must act now to prevent it.
While the immediate concern of the Treasury is the financing of the
defense program and other measures provided for by the Congress, there is
a broader aim which we keep constantly in mind. That is to conduct
Treasury operations of all kinds, including debt management, in such a way
as to promote the smooth functioning and the sound growth of our economic
system.
However, it is the Congress, not the Treasury, which levies taxes
and directs the spending of every dollar that the Treasury pays out.
The Treasury’s responsibility is to pay the bills — to raise the money
and to meet maturing obligations. And it is also its duty to do this in
ways that will be best for the Nation as a whole.
When I took
@FedFRASER