Because of the large volume of debt claims (12,346) disposed of during the first 9 months of this year, the estimated workload of 3,166 cases per attorney for these types of claims has decreased to approximately 2,000 per attorney.

The reduction in our authorization as approved by the House would increase these workloads to approximately 350 title claims per attorney and 2,140 debt claims cases per attorney. It is obvious that these workloads must be substantially reduced if claims are to be disposed of in accordance with the expressed desire of Congress.

Litigation

The workload in fiscal year 1956 will be approximately 46 cases per attorney. This represents an increase of 13 cases per attorney over the fiscal year 1953 when this office was operating with a $3,700,000 authorization, an increase of 9 over the fiscal year 1952 when the authorization was $3,500,000 and an increase of 2 over the fiscal year 1951 when the authorization was $4,050,000.

The progress made since the beginning of the current fiscal year is a clear demonstration of what can be accomplished with adequate manpower. During the 9-month period July 1, 1954, through March 31, 1955, the office disposed of 13,245 claims, which is far greater than any number disposed of in any preceding 12-month period. This increased production was achieved only because of the momentum furnished by an increased staff. That momentum once lost will be costly and difficult to recapture. Any reduction in the $3 million authorization requested will definitely prolong the period required to liquidate the affairs of the Office of Alien Property.

* 2 includes 3,351 title claims actually filed and not included in July estimate.

Vesting orders issued and total property vested to June 30, 1954

1 Tentative final payment by the Netherlands Government per intercustodial agreement. There may be additional minor payments made in future to arrive at final total.

2 Values include only prevesting royalties; no value is placed upon patents, trade-marks, and copyrights. NOTE. No estimates for future years made, as the vesting program has been completed.

Disposition of property, actual to June 30, 1953, and for the fiscal year 1954, estimated for the fiscal years 1955 and 1956

1 This column represents the sum of the 2 value columns on exhibit No. 1.

i. e., through intercustodial agreements.

2 These columns do not include property that may be acquired by the Office subsequent to June 30, 1954,

Values include only prevesting royalties.

BUSINESS ENTERPRISE UNIT

Vested business enterprises constituting control or substantial minority interests and cases in liquidation, by fiscal years 1950 to 1956, inclusive

* The fiscal years 1955 and 1956 should continue to see the release of blocks of securities from trust accounts which will be assigned to the Unit for disposition. A number of the securities will result in public offerings by prospectus similar to sales procedures involving substantial interests and are reported as enterprise cases due to the workload required to prepare prospectus and complete public sale. The 39 cases reported for 1954 included 11 minority interests.

Adjusted to include 3 additional companies, i. e., Hugo Stinnes Corp., Hugo Stinnes Industries, and Atlantic Assets, all under the supervision of the intercustodial and foreign funds officer.

Estimate. Adjusted to include 8 real-estate holding companies, heretofore reported with real estate. • Includes personal property cases transferred to Real and Personal Property Section.

COLLECTION AND CUSTODY UNIT, LIQUIDATION SECTION

Miscellaneous securities, including those sold and redeemed, by fiscal years 1950 to

1956, inclusive

21954-55 budget report listed 4,632. This number had been estimated and an actual count disclosed 5,580 blocks. Figures changed accordingly.

The figure for the end of the 1951 fiscal year has been converted to a block basis starting with 1952. These figures do not include 2,184 transactions involving reregistrations, reorganizations, validations, etc., as these transactions do not involve a change in the number of blocks under control of the Federal Reserve bank.

A large number of securities are not salable upon receipt due to pendency of claims or litigation. Some are Government securities, some are valueless and many represent foreign issues withheld from sale pending international negotiations.

The end of the vesting program also ends new cases received.

REAL AND PERSONAL PROPERTY UNIT

Workload statement, by fiscal years 1950 to 1956, inclusive

2 Includes 1,217 Philippine cases.

Includes sales, liquidations, property returned to claimants and writeoffs.

4 Philippine activity, 1954: Includes the sale of 47 parcels; the transfer of 780 mortgages to Legal and Legislative Section; and the balance of 246 parcels still remaining to be liquidated or transferred to the Philippine Government as of June 30, 1954. Of the remaining vested property, 206 parcels have now been authorized for transfer to the Philippine Government. For the purpose of this report, the Philippine activity for the years 1955 and 1956 will be reflected in the narrative statement of justification only. Does not include 20 parcels on which offers to purchase have been accepted.

LEGAL AND LEGISLATIVE SECTION, PATENT UNIT

Workload statement, by fiscal years 1950 to 1956, inclusive