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F E D E R A L R E SE R V E B AN K O F N E W YO R K
Fiscal A gent of the United States
f Circular No. 3 7 7 0 1
L October 11, 1951 J

Offering of $1,250,000,000 of 144-Day Treasury Bills
To Be Designated “ Tax Anticipation Series”
Dated October 23, 1951

Maturing March 15, 1952

To all Incorporated Banks and Trust Companies, and Others Concerned,
in the Second Federal Reserve District:

Following is the text of a notice published today:
F O R R E L E A S E , M O R N IN G N E W S P A P E R S ,
Thursday, O ctober 11, 1951.

TREASU RY DEPARTM ENT
W ashington

T h e S e cre ta ry o f the T rea su ry, b y this p u b lic n otice, invites tenders fo r $1,250,000,000, o r th ereabouts, o f 144-day
T r e a s u ry bills, to be issued on a d iscou n t basis u nder com p etitive and n on -co m p e titiv e b id d in g as h ereinafter p rov id ed . T h e
bills o f this series w ill be design ated T a x A n ticip a tion Series, th ey w ill be dated O c t o b e r 23, 1951, and w ill m ature M a rch
15, 1952. T h e y w ill be a ccep ted in p a y m en t o f in com e taxes du e on M a rch 15, 1952, and to the exten t th ey are n o t presen ted
fo r this pu rp o se th e fa ce a m ou n t o f these bills w ill be pa ya b le w ith ou t interest at m aturity. T h e y w ill be issued in bearer
fo r m o n ly, and in den om in a tion s o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m a tu rity v a lu e).
T e n d e rs w ill be re ceiv ed at F ed era l R e serv e B anks and B ran ch es up to the clo s in g hour, tw o o ’ c lo c k p.m ., E astern
Standard tim e, W e d n e s d a y , O c to b e r 17, 1951. T en d ers w ill n ot be receiv ed at the T rea su ry D ep a rtm en t, W a s h in g to n .
E a ch ten der m u st b e fo r an even m u ltiple o f $1,000, and in the case o f com p etitiv e tenders the p rice o ffe re d m u st be
exp ressed o n th e basis o f 100, w ith n o t m o re than three decim als, e. g ., 99.925. F ra ction s m a y n o t be u sed. It is u rg ed that
ten ders be m ade o n the printed form s and forw a rd ed in the special en velop es w h ich w ill be sup plied b y F ed era l R eserve
Banks o r B ran ch es o n a pp lication th erefor.
O th ers than b ank in g in stitu tions w ill n ot be perm itted to subm it tenders e x ce p t for their o w n a ccou n t. T e n d e rs w ill be
re ce iv e d w ith ou t dep osit fr o m in corp ora ted banks and trust com pa n ies and fr o m respon sib le and re co g n iz e d dealers in in vest­
m en t securities. T e n d e rs fr o m oth ers m u st be a ccom p a n ied b y p a y m en t o f 2 p ercen t o f the fa ce a m ou n t o f T r e a s u ry bills
applied fo r, unless the ten ders are a ccom p a n ied b y an express gu a ra n ty o f p a ym en t b y an in corp ora ted bank o r trust com p a n y .
Im m ed ia tely a fter the clo s in g h our, tenders w ill b e op en ed at the F ed era l R e serv e B anks and B ra n ch es, fo llo w in g
w h ich p u b lic a n n ou n cem en t w ill be m ade b y th e S ecreta ry o f the T rea su ry o f the a m ou n t and price ran ge o f a ccep ted bids.
T h o s e su b m ittin g ten ders w ill be advised o f the a ccep ta n ce or re je ctio n th ereof. T h e S ecreta ry o f the T rea su ry exp ressly
reserves the righ t to a ccep t o r re je ct a n y o r all ten ders, in w h o le o r in part, and his action in a n y such re s p e ct shall be
final. S u b je ct to these reservations, n on -co m p e titiv e tenders fo r $200,000 or less w ith ou t stated price fr o m a n y on e b idd er
w ill b e a cce p te d in fu ll at the a vera ge p rice (in th ree d ecim a ls) o f a ccep ted com p etitive bids. S ettlem ent fo r a cce p te d tenders
in a cco rd a n ce w ith the b id s m u st be m ade o r com p le te d at the F ed eral R e serv e B a n k in cash o r oth er im m ed iately available
fu n d s o n O c t o b e r 23, 1951, provid ed , h ow ev er, a n y qualified d ep osita ry w ill be perm itted to m ake pa ym en t b y cred it in its
T re a su ry T a x and L o a n A c c o u n t fo r T rea su ry bills a llotted to it for itself and its cu stom ers up to any a m ou n t fo r w h ich
it shall be qualified in e x cess o f e xistin g dep osits w h en so n otified b y the F ed era l R eserve B ank o f its district.
T h e in co m e derived fro m T rea su ry bills, w hether interest o r gain fro m th e sale o r oth er d isp osition o f the bills, shall
n o t have a n y e x e m p tion , as such, and loss fr o m the sale o r oth er d isp osition o f T rea su ry bills shall n ot have a n y special
treatm ent, as such, under the In tern al R e v en u e C ode, or law s a m en d a tory o r sup plem entary th ereto. T h e bills shall be
su b je ct to estate, inheritance, gift, o r oth er excise taxes, w h e th e r F ed era l o r State, but shall be exem p t fr o m all taxation
n o w o r h ereafter im p o sed on the principal or interest th ereof b y a n y State, or a n y o f the possession s o f the U n ited States,
o r b y a n y lo ca l ta x in g authority. F o r pu rposes o f taxation the a m ou n t o f d iscou n t at w h ich T rea su ry bills are o rigin a lly
so ld b y the U n ite d States shall be con sid ered to be interest. U n d er S ection s 42 and 1 1 7 (a )(1 ) o f the In tern al R even u e
C ode, as a m en ded b y S e ctio n 115 o f the R even u e A c t o f 1941, the a m ou n t o f d iscou n t at w h ich bills issued hereun der are
so ld shall n o t b e co n sid ered to a ccru e u ntil such bills shall b e sold , red eem ed or oth erw ise d isp osed o f, and such bills are
ex clu d e d fro m con sid era tion as capital assets. A c c o r d in g ly , the ow n er o f T rea su ry bills (o th e r than life in su rance c o m ­
pan ies) issued h ereun der need in clude in his in com e ta x return o n ly the differen ce betw een th e p rice paid fo r such bills,
w h eth er o n origin a l issue o r on subsequen t pu rch ase, and the a m ou n t actu a lly receiv ed either u p on sale o r red em ption at
m aturity d u rin g the taxable yea r fo r w h ich the return is m ade, as ord in a ry gain o r loss.
T re a su ry D ep a rtm en t C ircu lar N o . 418, as am en ded, a n d this n otice, prescrib e th e term s o f the T rea su ry bills and
g o v e r n the co n d itio n s o f their issue. C op ies o f the circular m a y be ob ta in ed fr o m a n y F ed era l R e serv e B ank o r B ranch.

This Bank will receive tenders up to 2 p.m., Eastern Standard time, Wednesday, October 17, 1951, at the Securities
Department of its Head Office and at its Buffalo Branch. Please use the form on the reverse side of this circular to submit a
tender, and return it in an envelope marked “ Tender for Treasury Bills— Tax Anticipation Series.” Settlement for

accepted tenders must be made in cash or other immediately available funds, except that any qualified depositary may
make payment by credit in its Treasury Tax and Loan Account.




A llan

S prou l,

President.

( over)

IMPORTANT— If you desire to bid on a competitive basis, fill in rate per 100 and maturity
value in paragraph headed “ Competitive Bid.” If you desire to bid on a non-competitive
basis, fill in only the maturity value in paragraph beaded “ Non-competitive Bid.” DO
NOT fill in both paragraphs on one form. A separate tender must be used for each bid,
except that banks submitting bids on a competitive basis for their own and their customers’
accounts may submit one tender for the total amount bid at each price, provided a list is
attached showing the name of each bidder, the amount bid for his account, and method
of payment. Forms for this purpose will be furnished upon request.

N o........................................

TENDER FOR 144-DAY TREASURY BILLS
TO BE DESIGNATED “ T A X ANTICIPATION SERIES”
Dated October 23, 1951

To

Maturing March 15, 1952
P a te r]

F ed era l R eserve B an k o f N ew

Y ork ,

Fiscal Agent of the United States.

........................................................... 1951

COMPETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
October 11, 1951, as issued by the Secretary
of the Treasury, the undersigned offers

Pursuant to the provisions of Treasury De­
partment Circular No. 418, as amended, and to the
provisions of the public notice on October 11,
1951, as issued by the Secretary of the Treasury,
the undersigned offers a non-competitive tender

............................................ * for a total amount of

for a total amount of $ ............................................

(Rate per 100)

(N ot to exceed $200,000)

$ ................................................... (maturity value)
of the Treasury bills therein described, or for
any less amount that may be awarded, settlement
therefor to be made at your Bank, on the date
stated in the public notice, as indicated below:

(maturity value) of the Treasury bills therein
described, at the average price (in three deci­
mals) of accepted competitive bids, settlement
therefor to be made at your Bank, on the date
stated in the public notice, as indicated below:

□

By cash or other immediately available funds

□

By cash or other immediately available funds

□

By credit to Treasury Tax and Loan Account

□

By credit to Treasury Tax and Loan Account

* Price must be expressed on the basis o f 100, with not
more than three decimal places, for example, 99.925.

The Treasury bills for which tender is hereby made are to be dated October 23, 1951, and are to
mature on March 15, 1952.

This tender will be inserted in special envelope marked “ Tender for Treasury Bills—Tax Anticipation
Series.”
N a m e o f B id d er ..........................................................................................................................................
(Please print)

B y ........................................................ .............................
(Official signature required)

..................................

(Title)

S treet A d d re s s ...............................................................................................................................
(City, Town or Village, P. O. No., and State)

I f this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below:
(Name o f Customer)

(City, Town or Village, P. O. No., and State)

IM PORTANT INSTRUCTIONS:
1. N o ten der fo r less than $1,000 w ill be con sid ered , and each ten der m u st be fo r an even m u ltiple o f
$1,000 (m a tu rity v a lu e ).
2. I f the person m a k in g the ten der is a corp ora tion , the ten der should be sign ed b y an officer o f th e corp o ra tio n
a u th orized to m ake the tender, and the sign in g o f the ten der b y an officer o f the co rp o ra tio n w ill be con stru ed as a rep ­
resentation b y him that he has been so authorized. I f the ten der is m ade b y a partnership, it sh ou ld be sig n ed b y a m e m ­
ber o f the firm , w h o sh ou ld sign in the fo r m “ ............................................................................................................ a cop artn ersh ip, b y
...................................................................................................................... a m em b er o f the firm .”
3. T e n d e rs w ill be receiv ed w ith ou t dep osit fro m in corp ora ted banks and trust com p a n ies and fr o m re sp o n ­
sible a n d re co g n iz e d dealers in in vestm en t securities. T e n d e rs fro m oth ers m u st be a cco m p a n ie d b y p a ym en t o f
2 p ercen t o f the fa ce a m ou n t o f T rea su ry bills applied for, unless th e ten ders are a ccom p a n ied b y an exp ress gu aranty
o f pa ym en t b y an in corp ora ted bank or trust com p a n y .
4. I f the language o f this ten der is ch a n ged in a n y respect, w h ich , in the op in ion o f the S ecreta ry o f the
T re a s u ry , is m aterial, the ten der m a y be disregarded.


http://fraser.stlouisfed.org/B — 1
T E N ST
Federal Reserve Bank of St. Louis

Be sure to return tender in special envelope marked
“ Tender for Treasury Bills—Tax Anticipation Series.”
(OVER)

r

N A -T B 1

Qs

LETTER OF INSTRUCTIONS
To

F ed era l R eserve B an k o f N ew Y ork ,

Fiscal Agent of the United States,
Government Bond Department,
New York 45, N. Y.
From (Name and address of Subscriber)
(Date)

Referring to our tender at
(rate per 100) which has been accepted in the
amount of $
(maturity value) for Treasury bills, Tax Anticipation Series,
dated October 23, 1951 and maturing on March 15, 1952, please issue and make delivery of the
bills in the denominations as instructed below.
Settlement will be made as indicated below:
By cash

$...........................

By check

By charge to our reserve account, which you are authorized to make . . .
By credit to Treasury Tax and Loan Account on our books as indicated
on the attached Certificate of Deposit which we have officially executed..
Issue Bills in the
Following Denominations
Denomination

Pieccs

P

lease

Do N o t

U

se

T

h ese

S

Numbers

Maturity Value

D

paces

is p o s e

□
□
□

] 0,000

•

□

100,000

□

500,000
---------

1,000,000

B

il l s

A

s

I

n d ic a t e d

B

elow

1. Deliver over the counter to the
undersigned
2. Ship to the undersigned
3. Hold in safekeeping (fo r member
bank only)
4. H old as collateral for Treasury Tax
and Loan Account
5. Special instructions:

1,000
5,000

of

---------

Totals-------

IM PO RTAN T: No changes in delivery instructions will be accepted.
The undersigned, if a bank or trust company, hereby certifies that the Treasury bills which you are hereby instructed to
dispose of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned.
(F ill in all required spaces before signing)
Name o f S u bscriber..
(P le a s e P r i n t )

B y.
(T itle )

(O ff ic ia l sig n a tu r e r e q u ir e d )

Street address ....................................................
City, Town or Village, and State.................
Spaces below are for the use of the Federal Reserve Bank of New York
Delivery Receipt

Paid Stamp

Released

Received from F e d e r a l R e s e r v e B a n k o f N e w Y o r k the above described
United States Government obligations allotted in the amount indicated above.

Taken from VaultCounted

A m ou n t-

Subscriber

Checked

B y.

Date.

By-

Delivered

If payment is to be made by credit to Treasury Tax and Loan Account, the following Certificate of Deposit should
officially executed.

FEDERAL

RESERVE

GOVERNMENT

BANI^

BOND

OF

NEW

YORK

DEPARTM ENT

(T his certificate must be executed when subscriber is making payment through Treasury Tax and Loan Account)

Certificate of Deposit in Treasury Tax and Loan Account

COST

$

The undersigned depositary certifies that it will deposit on October 23, 1951 to the credit of Federal Reserve Bank of
New York, Fiscal Agent o f the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on
demand the above sum. in payment of $
(maturity value) Treasury bills, Tax Anticipation Series,
dated October 23, 1951, due March 15, 1952, allotted as per Notice of Allotment dated October 18, 1951.




(Name of depositary)

(Location)

Dated.

by.

(Authorized Signature)

F ederal R eserve
of

N ew

B ank

Y ork

NOTICE OF ALLOTMENT
OF UNITED STATES OF AMERICA TREASURY BILLS
T A X ANTICIPATION SERIES
October 18, 1951.

Your tender at
amount o f $

(rate per 100) has been accepted in the
(maturity value) for Treasury bills, Tax Anticipation Series,

dated October 23, 1951 and maturing on March 15, 1952.
Settlement therefor must be made in cash or other immediately available funds at the
Federal Reserve Bank of New York or by credit to Treasury Tax and Loan Account on or
before October 23, 1951.
To obtain delivery of the Treasury bills, please state on the attached form in the spaces
provided therefor, the denominations of the bills desired and method by which settlement will be
made. I f settlement is to be made by check on a bank other than the Federal Reserve Bank of
New York, such check should be received by us in time for collection on date bills are issued,
otherwise it will be necessary to charge interest to the date of collection. If settlement is to be
made by credit to Treasury Tax and Loan Account, the Certificate of Deposit which is part of
the attached form must be executed and officially signed.

,

F ederal R eserve B a n k

of

N ew

Y ork

Fiscal Agent of the United States.
Checked by




3
F ed eral R eserve
of

TB

New

B ank

Y ork

PENDING DELIVERY TICKET
OF UNITED STATES OF AMERICA TREASURY BILLS
T A X ANTICIPATION SERIES

October 18, 1951.

Your tender at
(rate per 100) has been accepted in the
amount of $
(maturity value) for Treasury bills, Tax Anticipation Series,
dated October 23, 1951 and maturing on March 15, 1952.

PAR




P R IN C IP A L

D IS C O U N T

M ETH OD OF P A Y M E N T

D I S P O S IT IO N

M ASTER

□

Payment to be made through
Treasury Tax and Loan Account.

N A -T B -2

LETTER OF INSTRUCTIONS
T o F e d e ra l R eserve B a n k o f N ew Y ork ,

Fiscal Agent of the United States,
Government Bond Department,
N e w York 45, N . Y.
From (Name and address of Subscriber)
(D a te )

Referring to our non-competitive tender which has been accepted in full at the average price of
accepted competitive bids, namely
(rate per 100), in the amount of $
(maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and matur­
ing on March 15, 1952, please issue and make delivery of the bills in the denominations as
instructed below.
Settlement will be made as indicated below:
By cash

$...........................

By check

$..........................

By charge to our reserve account, which you are authorized to make . . .

$..........................

By credit to Treasury Tax and Loan Account on our books as indicated
on the attached Certificate of Deposit which we have officially executed..

$.

I s s u e B ills in th e
F o l l o w i n g D e n o m in a tio n s
P ie c e s

D e n o m in a tio n

P l e a se D o N ot U se T h e se S paces

M a t u r it y V a lu e

N u m bers

D is p o s e o f B i l l s A s I n d ic a t e d B e l o w
□

1.

D e liv e r o v e r
u n d e r s ig n e d

□

2.

S h ip t o th e u n d e r s ig n e d

□

3.

H o ld in s a fe k e e p in g
b a n k o n ly )

□

4.

H o ld a s c o lla t e r a l f o r T r e a s u r y T a x
and L oan A ccou n t

0

5.

S p e c ia l in s tru ctio n s :

1 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
-----------1 0 0 ,0 0 0
5 0 0 ,0 0 0

th e

cou n ter

(fo r

to

th e

m em ber

1 ,0 0 0 ,0 0 0
T o t a l s ---------

IM PO RTAN T: No changes in delivery instructions will be accepted.
The undersigned, if a bank or trust company, hereby certifies that the Treasury bills which you are hereby instructed to
dispose o f in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned.
(F ill in all required spaces before signing)
Name o f Subscriber.
(P le a s e P r in t )

B y.
(O ff ic ia l s ig n a t u r e r e q u ir e d )

( T it le )

Street address ................................
City, Town or Village, and State.................
Spaces below are for the use of the Federal Reserve Bank of New York
Delivery Receipt

Paid Stamp

Released

Received from F e d e r a l R e s e r v e B a n k o f N e w Y o r k the above described
United States Government obligations allotted in the amount indicated above.

Taken from Vault----Counted

------

Checked

------

•livered

AmountSubscriber
By-

------

Date.

B y.

payment is to be made by credit to Treasury Tax and Loan Account, the following Certificate of Deposit should
;ially executed.

F ed er a l

R eser ve

GOVERNMENT

b a n k

BOND

o f

N ew

Y ork

DEPARTM ENT

(This certificate must be executed when subscriber is making payment through Treasury Tax and Loan Account)

Certificate of Deposit in Treasury Tax and Loan Account

COST

$
The undersigned depositary certifies that it will deposit on October 23, 1951 to the credit of Federal Reserve Bank of
New York, Fiscal Agent of the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on
demand the above sum in payment of $
(maturity value) Treasury bills, Tax Anticipation Series,
dated October 23, 1951, due March 15, 1952, allotted as per Notice of Allotment dated October 18, 1951.

g

V

( N a m e o f d e p o s it a r y )

it


http://fraser.stlouisfed.org/
M
Federal Reserve Bank of St. Louis

-................v ..................
...
(L o c a t io n )

Dated......................................................
(A u t h o r iz e d S ig n a t u r e )

by................................................................................................................

F ederal
op

R eserve
New

B ank

Y ork

NOTICE OF ALLOTMENT
OF UNITED STATES OF AMERICA TREASURY BILLS
T A X ANTICIPATION SERIES

October 18, 1951.

Your non-competitive tender lias been accepted in full at the average price of
accepted competitive bids, namely

(rate per 100), in the amount of $

(maturity value) for Treasury bills dated October 23, 1951 and maturing on March 15, 1952.
Settlement therefor must be made in cash or other immediately available funds at the
Federal Reserve Bank of New York or by credit to Treasury Tax and Loan Account on or
before October 23, 1951.
To obtain delivery of the Treasury bills, please state on the attached form in the spaces
provided therefor, the denominations of the bills desired and method by which settlement will be
made. I f settlement is to be made by check on a bank other than the Federal Reserve Bank of
New York, such check should be received by us in time for collection on date bills are issued,
otherwise it will be necessary to charge interest to the date of collection. If settlement is to be
made by credit to Treasury Tax and Loan Account, the Certificate of Deposit which is part of
the attached form must be executed and officially signed.

F e d e ra l R eserve B an k o f N ew Y o rk
F is c a l A g e n t

Checked by




of

t h e U n i t e d S t a te s .

3
F ed eral R eserve B a n k
op

TB

New

Y ork

PENDING DELIVERY TICKET
OF UNITED STATES OF AMERICA TREASURY BILLS
T A X ANTICIPATION SERIES

October 18, 1951.

Your non-competitive tender has been accepted in full at the average price of
accepted competitive bids, namely
(rate per 100), in the amount of $
(maturity value) for Treasury bills. Tax Anticipation Series, dated October 23, 1951 and matur­
ing on March 15, 1952.

PAR


ch ecked


P R IN C IP A L

D IS C O U N T

M E TH O D OF P A Y M E N T

D I S P O S IT IO N

M ASTER

□

Payment to be made through
Treasury Tax and Loan Account.

T A X ANTICIPATION SERIES

October 18, 1951.

Your non-competitive tender lias been accepted in full at the average price of
accepted competitive bids, namely
(rate per 100), in the amount of $
(maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and matur­
ing on March 15, 1952.




□

Payment to be made through
Treasury Tax and Loan Account.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102