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F E D E R A L R E S E R V E BANK O F N E W Y O R K
[Circular No.
30091
LSeptember 2 8 , 1 9 4 5 J

Fiscal Agent of the United States

P u b l i c Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated October 4, 1945

Maturing January 3, 1946

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:
Following is the text of a notice today made public by the Treasury Department with respect to a new offering of Treasury bills payable at maturity without interest to be sold o n a discount basis under competitive and fixed-price bidding.
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS,
Washington
Friday, September 28, 1945.
The Secretary of the Treasury, by this public notice, invites tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and fixed-price bidding as hereinafter provided. The bills of this
series will be dated October 4, 1945, and will mature January 3, 1946, 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 pjn., Eastern
standard time, Monday, October 1, 1945. Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and 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 cm the printed forms and forwarded
in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor.
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, tenders for $200,000 or less from any one bidder at 99.905 entered on a fixed-price basis will be accepted
in full. Payment of accepted tenders at the prices offered must be made or completed at the Federal Reserve Bank in cash
or other immediately available funds on October 4, 1945.
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 Federal tax Acts now or hereafter enacted. The bills shall be subject to estate, inheritance, gift,
or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be
considered to be interest. Under Sections 42 .and 117 ( a ) ( 1 ) of the Internal Revenue Code, as amended by Section 115 of
the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue
until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration 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. 418, 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.
In accordance with the above announcement tenders will be received at the Securities Department of this bank (9th
floor, 33 Liberty Street) N e w York 7, N . Y . , or at the Buffalo Branch of this bank ( 2 7 0 Main Street) Buffalo 5, N . Y . ,
up to t w o o'clock p.m., Eastern standard time, on Monday, October 1, 1945. It is requested that tenders be submitted
o n special form printed on reverse side and returned in special envelope enclosed herewith. Payment for the
Treasury
bills cannot be made by credit through the War Loan Deposit Account.
Payment must be made in cash or other immediately available
funds.
ALLAN SPROUL,
President.
(Extract
from Treasury
Department
statement
released for publication September 25,1945,
announcing
results after tenders were opened for Treasury bills dated September 27,1945 maturing December
27,1945)
Total applied for
Total accepted

$2,073,470,000
.$1,300,610,000 (includes $52,975,000
entered on a fixed-price basis at
99.905 and accepted in full)
Average price
99.905+ Equivalent rate of discount
approx. 0.375% per annum
Range of accepted competitive bids:
High
99.908
Equivalent rate of discount
approx. 0.364% per annum
Low
99.905
Equivalent rate of discount
approx. 0.376% per annum
(57 percent of the amount bid for at the low price
was accepted)



Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

Total
Applied for
$

39,690.000
1,540,203,000
40,175,000
19,530,000
20.380,000
5,995,000
277,110,000
17,855,000
4,400,000
14.217,000
10,300,000
83,615,000

$2,073,470,000

Total
Accepted
$

25.543,000
951.877,000
29,640.000
14,241.000
16,725,000
5,995,000
163,096,000
11,663,000
4,400.000
12,067.000
9,440,000
55,923.000

$1,300,610,000
(OVER)

14A
I M P O R T A N T — I f i t is desired t o bid on a c o m p e t i t i v e basis, fill in r a t e p e r 100 a n d
m a t u r i t y v a l u e i n p a r a g r a p h h e a d e d " C o m p e t i t i v e B i d " . If i t is desired t o b i d on a fixedp r i c e basis, fill in o n l y t h e m a t u r i t y v a l u e in p a r a g r a p h h e a d e d " F i x e d - P r i c e B i d " .
DO NOT fill in both paragraphs tin one form. A separate tender must be used for each bid.
No..

TENDER FOR 91 -DAY TREASURY BILLS
D a t e d October 4, 1945.

M a t u r i n g J a n u a r y 3, 1946.
Dated at

T o F E D E R A L R E S E R V E B A N K OF N E W

.1945

YORK,

Fiscal Agent of the United States.
COMPETITIVE BID

FIXED-PRICE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
September 28, 1945, as issued by the Secretary of
the Treasury, the undersigned offers to pay

Pursuant to the provisions of Treasury
Department Circular N o . 418, as amended, and to
the provisions of the public notice on September
28, 1945, as issued by the Secretary of the Treasury, the undersigned offers to pay a fixed-price
of 99.905 (rate per 100) for a total amount of
(maturity value)
$

* for a total amount of
( R a t e p e r 100)

$
(maturity value)
of the Treasury bills therein described, or for
any less amount that may be awarded, payment
therefor t o be made at your bank in cash or other
immediately available funds on the date stated
in the public notice.

(Not to exceed $200,000)

of the Treasury bills therein described, payment
therefor to be made at your bank in cash or other
immediately available funds on the date stated
in the public notice.

The Treasury bills for which tender is hereby made are to be dated October 4, 1945, and are to mature
on January 3, 1946.
This tender will be inserted

in special envelope

entitled

"Tender

for Treasury

Name of Bidder.
By

bills."

(Please p r i n t )

(Official s i g n a t u r e required)

(Title)

Street Address
(City, T o w n or Village, P . O. No., a n d State)

If this tender is submitted for the account of a customer, indicate the customer's name on line below:

(Name of Customer)

(City, T o w n or ViUage, P . O. No., a n d State)

Use a separate tender for each customer's bid.
IMPORTANT

INSTRUCTIONS:

1. No tender for less than $1,000 will be considered, and each tender must be for an even multiple of
$1,000 (maturity value). A separate tender must be executed for each bid.
2. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed
as a representation by him that he has been so authorized. If the tender is made by a partnership, it should be
signed by a member of the firm, who should sign in the form "
a
copartnership, by
a member of the firm."
3. 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.
4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the
Treasury, is material, the tender may be disregarded.
Payment


TENTB-796-a


by credit

through

War

Loan

Deposit

Account

-will not be

permitted.

* Price must be expressed on the basis of 100, with not more than
three decimal places. Fractions may not be used.
(OVER)

FEDERAL RESERVE

BANK

OF NEW YORK

September 28, 1945.

To all Banking

Institutions

Second Federal Reserve

in the
District:

We are pleased to announce that Broadway Bank & Trust
Company, Paterson, New Jersey, has become a member of the
Federal Reserve System effective September 28, 1945.




ALLAN

SPEOUL,

President.

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