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FEDERAL RESERVE BANK OF NEW

YORK

• Fiscal Agent of the United States

C ircular No. 3 79 3 "1
J

[ D ecem ber 13, 1951

Offering o f $1,200,000,000 of 91-Day Treasury Bills
D ated D ecem ber 20, 1951

M aturing M arch 20, 1952

T o all Incorporated B anks and Trust Companies, and Others
Concerned, in the Second Federal R eserv e D istrict:

Following i the t xt of a notice published today:
s
e
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 ,
T h u rsd ay, D ecem ber 13, 1951.

TREASURY DEPARTM ENT
W ash in gton

T h e Secretary o f the T reasu ry, by this pu blic notice, invites tenders fo r $1,200,000,000, or thereabouts, o f 91-d a y T reasu ry
b ills, fo r cash ana in exch ange fo r lre a s u r y bills m aturing D ecem ber 20, 1951, in the am ount o f $1,202,700,000, to be issued on a
discou n t basis under com petitive and n on -com p etitive bidding as h ereinafter provided . T h e bills o f this series w ill be dated
D ecem ber 20, 1951, and w ill mature M arch 20, 1952, when the face am ount w ill be payable w ithout interest. T h ey w ill
be issued in bearer form only, and in denom inations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m aturity va lu e).
T en ders w ill be received at Federal Reserve Banks and Branches up to the clo s in g hour, tw o o ’c lo ck p.m., Eastern
S tandard time, M onday, D ecem ber 17, 1951. Tenders w ill n ot be received at the T reasu ry Department, W a sh in gton . E ach
tender m ust be fo r an even m ultiple o f $1,000, and in the case o f com petitive tenders the price offered must be expressed on
the basis o f 100, w ith not m ore than three decim als, e.g., 99.925. F raction s m ay not be used. It is urged that tenders be
m ade on the printed form s and forw a rd ed in the special envelopes w hich w ill be supplied by Federal R eserve Banks or
B ranches on application therefor.
O thers than banking institutions w ill n ot be perm itted to subm it tenders excep t f o r their ow n account. T en ders w ill be
received w ithout deposit from in corporated banks and trust com panies and from responsible and recogn ized dealers in in­
vestm ent securities. Tenders from others must be accom panied by paym ent o f 2 percent o f the face am ount o f T reasu ry bills
applied fo r, unless the tenders are accom pa n ied by an express guaranty o f paym ent b y an in corporated bank or trust com pany.
Im m ediately a fter the closin g hour, tenders w ill be opened at the Federal Reserve Banks and B ranches, fo llo w in g which
public announcem ent w ill be made by the Secretary o f the T reasu ry o f the amount and price range o f accepted bids. T h ose
subm itting tenders w ill be advised o f the acceptance or rejection thereof. T h e Secretary o f the T reasu ry exp ressly reserves
the righ t to accept o r reject any or all tenders, in w hole or in part, and his action in any such respect shall be final. S ubject
to these reservations, n on-com petitive tenders fo r $200,000 or less w ithout stated price from any one b idd er w ill be accepted
in fu ll at the average price (in three decim a ls) o f accepted com petitive bids. Settlem ent f o r a ccepted tenders in a ccord a n ce
w ith the bids m ust be m ade o r com pleted at the Federal R eserve Bank on D ecem ber 20, 1951, in cash or oth er im m ediately
available funds o r in a like face am ount o f T reasu ry bills m aturing D ecem ber 20, 1951. Cash and exch ange tenders w ill receive
equal treatment. Cash adjustm ents w ill be m ade fo r differences between the par value o f m aturing bills accepted in exch an ge
and the issue price o f the new bills.
T h e incom e derived from T reasu ry bills, whether interest or gain from the sale or oth er disp osition o f the b ills, shall
n ot have any exem ption, as such, and loss from the sale or oth er disp osition o f T reasu ry bills shall not have any special
treatment, as such, under the Internal Revenue Code, or law s am endatory or supplem entary thereto. T h e bills shall be
subject to estate, inheritance, g ift, or oth er excise taxes, w hether Federal or State, but shall be exem pt from all taxation
n ow o r hereafter im posed on the principal or interest thereof by any State, or any o f the possessions o f the U nited States,
o r by any loca l ta x in g authority. F o r purposes o f taxation the am ount o f discou nt at w hich T reasu ry bills are origin a lly
so ld b y the U nited States shall be con sidered to be interest. U n der S ections 42 and 1 1 7 (a )(1 ) o f the Internal Revenue
C ode, as am ended b y Section 115 o f the Revenue A ct o f 1941, the amount o f discou nt at w hich bills issued hereunder are
so ld shall n ot be con sid ered to accru e until such bills shall be sold, redeem ed or otherw ise disposed of, and such bills are
e xclu d e d from con sideration as capital assets. A ccord in g ly , the ow n er o f T reasu ry bills (oth er than life insurance co m ­
pan ies) issued hereunder need include in his in com e ta x return on ly the difference between the price paid fo r such bills,
w hether on o rigin a l issue or on subsequent purchase, and the am ount actu ally received either upon sale o r redem ption at
m aturity du rin g the taxable year f o r w hich the return is m ade, as ord in a ry gain or loss.
T reasu ry D epartm ent C ircu la r N o. 418, as amended, and this notice, prescribe the terms o f the T rea su ry bills and
govern the con ditions o f their issue. Copies o f the circu la r m ay be obtained from any Federal R eserve Bank o r Branch.

This Bank w l receive tenders up t 2 p m , Eastern Standard time, Monday, December 1 , 1951, a the S c r i s
il
o ..
7
t
e u it e
Department of i s Head O f c and a i s Buffalo Branch. Please use the form on the reverse s d of t i c r
t
fie
t t
ie
h s i cular t
o
submit a tend r and return i i an envelope marked “Tender f r Treasury B l s ” Payment for the Treasury bills
e,
t n
o
il.
cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other
immediately available funds or in maturing Treasury bills.
A l l a n S p r o u l , President.
Results of last offering of Treasury hills (91-day bills dated December 13, 1951, maturing March 13, 1952)
T o ta l applied f o r .........$1,883,143,000
T o ta l a c c e p t e d ............. $1,200,354,000 (in clu des $177,571,000
entered on a n on -com p etitive basis
and accepted in fu ll at the a ver­
age price show n b elow )
A v e ra g e p r ic e ...........

9 9 .57 0 + E quivalent rate o f discount
approx. 1.700% per annum

Federal R eserve
D istrict

Total
A pplied for
.

N ew Y o rk ...................
Philadelphia ...............
C leveland .....................
R ich m on d .....................

R a n ge o f accepted com petitive b id s :
H i g h .......................

99.600

Equivalent rate o f discount
approx. 1.582% per annum

L o w .........................

99.565

E quivalent rate o f discount
app rox. 1.721% per annum

(7 percent o f the amount bid fo r at the low
price was accep ted)




St. L o u i s .......................
M in neapolis .................
K ansas C i t y .................
San F r a n c i s c o .............
T

otal

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

$

18.057,000
1,309.769.000
28.573.000
49.069.000
19.745.000
37.357.000
209.468.000
28.293.000
12.980.000
34.824,000
54,797,000
80,211,000

$1,883,143,000

Total
A ccep ted
$

15,267,000
684,349.000
12,643.000
49.069.000
19,745.000
35,427.000
181.678.000
22.340.000
12.794.000
34,824.000
54,797,000
77,421,000

$1,200,354,000
( over)

26M
IM PORTANT— If you desire to bid on a com petitive basis, fill in rate per 100 and maturity
value in paragraph headed “ Competitive B id.” If you desire to bid on a non-competitive
basis, fill in only the maturity value in paragraph headed “ 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 o f each bidder, the amount bid for his account, and method
of payment. Forms for this purpose will be furnished upon request.

No............................
T E N D E R F O R 9 1 -D A Y T R E A S U R Y B IL L S
Dated December 20, 1951

To

F e d e ra l R eserve B a n k o f N ew

Maturing March 20, 1952

Dated at.........

Y ork ,

Fiscal Agent of the United S a e .
tts

1951

COM PETITIVE BID

NON-COMPETITIVE BID

Pursuant t the provisions of Treasury
o
Department Circular No. 418, as amended, and
to the provisions of the public notice on
December 1 , 1
3 951, as issued by the Secretary
of the Treasury, the undersigned o f r
fes

Pursuant to the provisions of Treasury De­
partment CircularNo. 418, as amended, and to the
provisions of the public notice on December 1 ,
3
1 5 , as issued by the Secretary of the Treasury,
91
the undersigned o f r a non-competitive tender
fes
for a t t l amount of $ .
oa
. .

................ * for a t t l amount o
oa
f

(Not to exceed $200,000)

(Rate per 100)

$................... (maturity value)
of the Treasury b l s therein described, or f r
il
o
any l s amount that may be awarded, settlement
es
therefor to be made a your Bank, on the date
t
stated i the public n t c , as indicated below:
n
oie

(maturity value) of the Treasury b l s therein
il
described, a the average price ( n three deci­
t
i
mals) of accepted competitive b d , settlement
is
therefor t be made a your Bank, on the date
o
t
s at d i the public n t c , as indicated below:
t e n
oie

□

□

By surrender of maturing Treasury b l s
il

By surrender of maturing Treasury b l s
il

amounting to....... $----------------

amounting to....... $________________

□

□

By cash or other immediately a a l b e funds
vial

By cash or other immediately available funds

* P r ic e must be exp ressed on the basis of 100, with not
m ore than three decimal places, fo r exam ple, 99.925.

The Treasury b l s for which tender i hereby made are t be dated December 2 , 1
il
s
o
0 951, and are t
o
mature on March 2 , 1 5 .
0 92
This tender will be inserted in special envelope marked “Tender for Treasury Bills.”
Nam e o f B idder
(Please print)

By

....
(Official signature required)

(T itle)

Street A d d ress ............................................
(C ity, Town or Village, P. O. No., and State)

I f this tender is subm itted b y a bank fo r the accou n t o f a custom er, indicate the cu stom er’ s name on line b elow :
(Name o f Customer)

(C ity, Town or V illage, P. O. No., and State)

IM PORTANT INSTRUCTIONS:
1. N o tender f o r less than $1,000 w ill be con sid ered , and each tender must be fo r an even m ultiple o f
$1,000 (m atu rity va lu e).
2. I f the person m akin g the tender is a corp ora tion , the tender should be sign ed by an officer o f the corp ora tion
authorized to make the tender, and the sign in g o f the ten der by an officer o f the corp ora tion w ill be construed as a rep­
resentation b y him that he has been so authorized. I f the ten d er is made by a partnership, it should be signed by a m em ­
ber o f the firm, w h o should sign in the form “ ................................................................................................................. a copartn ersh ip, by
..................................................................................................................... a m em ber o f the firm .”
3. T en ders w ill be received w ith ou t deposit from in corporated banks and trust com panies and from respon­
sible and recogn ized dealers in investm ent securities.
T en d ers from others must be accom panied by paym ent o f
2 percent o f the fa ce am ount o f T reasu ry bills applied for, unless the tenders are accom panied by an express guaranty
o f paym ent by an in corporated bank or trust com pany.
4. I f the language o f this tender is changed in any respect, w hich, in the opin ion o f the S ecretary o f the
T reasu ry, is m aterial, the tender m ay be disregarded.


Payment by credit through Treasury Tax and Loan Account will not be permitted.
http://fraser.stlouisfed.org/
T E N T B —1120-a
Federal Reserve Bank of St. Louis

(

over)

FEDERAL RESERVE BANK
O F NEW Y O R K
Decem ber 14,1951.

To all Banking Institutions in the
Second Federal Reserve District:

F irst National Bank in W estport, a newly organized bank in W estport, Con­
necticut, was granted a charter by the C om ptroller o f the Currency on Decem ber 12,
1951, and on that same day became a member o f the F ederal R eserve System.

This

new bank is opening fo r business on D ecem ber 15, 1951.
The A .B .A . transit number and check routing sym bol o f the F irst National
Bank in W estp ort is




•
A

llan

S

proul,

President.

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