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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1652]
LMarch 20, 1 9 3 6J

Public Notice of Offering of $50,000,000, or thereabouts, of Treasury Bills
Dated March 25, 1936
Maturing December 23, 1936

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 on a discount basis to the highest
bidders.
STATEMENT BY ACTING SECRETARY OF T H E TREASURY TAYLOR

The Secretary of the Treasury gives notice that tenders are invited for Treasury bills to the amount of 850,000,000,
or thereabouts. They will be 273-day bills; and will be sold on a discount basis to the highest bidders. Tenders will be
received at the Federal Reserve Banks, or the branches thereof, up to two o'clock p.m.. Eastern Standard time, on
Monday, March 23, 1936. Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be dated March 25. 1936, and will mature on December 23, 1936, and on the maturity
date the face amount will be payable without interest. They will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied
by the Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender must be in multiples of $1,000. The
price offered must be expressed on the basis of 100, with not more than three decimal places, e. g., 99.125. Fractions
must not be used.
Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per 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 for receipt of tenders on March 23, 1936, all tenders received at the
Federal Reserve Banks or branches thereof up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance
or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve Banks
in cash or other immediately available funds on March 25, 1936.
The Treasury bills will be exempt, as to principal and interest, and any gain from the sale or other disposition
thereof will also be exempt, from all taxation, except estate and inheritance taxes. (Attention is invited to Treasury
Decision 4550, ruling that Treasury bills are not exempt from the gift tax.) No loss from the sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or
hereafter imposed by the United States or any of its possessions.
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 thereof.
In accordance with the above announcement tenders will be received at the Securities Department of
this bank (2nd floor, 33 Liberty Street, New York City) or at the Buffalo Branch of this bank (272 Main
Street, Buffalo, New York) until two o'clock p.m., Eastern Standard time, on Monday, March 23, 1936.
It is requested that tenders be submitted on special form and in special envelope enclosed herewith.
Attention is invited to the fact that 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.




GEORGE L. HARRISON,

President.

No
TENDER FOR 273-DAY TREASURY BILLS
Dated March 25, 1936.
Maturing December 23, 1936.
Dated at
.1936

To THE FEDERAL RESERVE BANK OF NEW YORK,

Fiscal Agent of the United States,
New York City, N. Y.

Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to
the provisions of the public announcement on March 20, 1936, as issued by the Acting Secretary of the
Treasury, the undersigned offers to pay

* for a total amount

(Rate per 100)

of $

_ (maturity value) of the Treasury bills therein described, or for any less
amount that may be allotted, payment therefor to be made at your bank in cash or other
immediately available funds on the date stated in the public announcement.
The Treasury bills for which tender is hereby made are to be dated March 25, 1936,
and are to mature on December 23, 1936.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
IMPORTANT INSTRUCTIONS*
1. No tender for less than $1,000 will be considered, and each tender must be for an amount in multiples
of $1,000 (maturity value). Also, if more than one price is offered, a separate form must be executed at each
price.
2. If the person making the tender is a corporation, the form should be signed by an officer of the corporation authorized to make the tender, and the signing of the form 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 accepted without cash deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10 per 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.
4. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the
Treasury, is material, the tender may be disregarded.

Payment by credit through War Loan Deposit Account will not be permitted.
Before signing fill in all required spaces.
Bank or Trust Company
Post Office Address.
State
Official signature required.
SPACES BELOW ARE FOR THE USE OF THE FEDERAL RESERVE BANK
Examined

Allotment

Received

Classified

Carded

f igured

Checked

TENTB-258-a



Checked

Ledger

Advised II

Recorded

Acknowledged

Method of Payment

Window

Disposition

Amount

Custody

* Price should be expressed on the basis of 100, with not more than
three decimal places, e. g,, 99.125. Fractions must not be used.

Date Released

Mail

By

Other Departments

FEDERAL RESERVE BANK
OF NEW YORK

March 19, 1936.

To

Member and Nonmember Clearing Banks
in the Second Federal Reserve district:
We have been advised that due to flood conditions in the territory

of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland, presentation of cash and noneash items payable in that territory forwarded by this
bank since Monday, March 16, 1936, has necessarily been delayed.
We are continuing to give credit in accordance with our time
schedule for cash items forwarded to us which are payable in that territory,
but the advice and return of unpaid items will be considerably delayed*
Cash letters which have been sent on or after March 16, 1936, by
our member and nonmember clearing banks direct to the Pittsburgh Branch, and
for which we have given credit on March 17, 18 and 19, 1936, are being
charged back by us to the sending banks today under separate advices, and
we will give credit for such letters when we receive advice and credit from
the Pittsburgh Branch.

Hereafter, until normal conditions are restored,

credit for letters sent direct to the Pittsburgh Branch on and after March 19,
1936, will be deferred until we receive advice and credit from that branch.




GEORGE L. HARRISON,
President.

FEDERAL RESERVE BANK
OF NEW YORK

March 20, 1936,

To Member and Nonmember Clearing Banks
in the Second Federal Reserve District:
We have been advised that due to flood conditions in certain parts of
New York State, presentation of cash and noncash items to banks located in
affected sections has necessarily been delayed.
Under date of Mareh 19, 1936, we have been advised by the Federal
Reserve Bank of Richmond as follows:
"As the result of flood conditions in sections of
Maryland, West Virginia, and Virginia, it is likely that
presentation of items forwarded by this office and our
Baltimore Branch to banks in the sections affected will
be delayed. Also, the remittances forwarded to us and
our branch by the banks in settlement of items previously
sent are being delayed. Therefore, depositing member
banks should not expect the return of unpaid checks or
wire advice of the non-payment of items $500.00 and over
on the basis of usual schedules."
Under date of March 20, 1936, we have been advised by the Federal
Reserve Bank of Cleveland as follows:
"Because of flood and road conditions in this
district, and the curtailment of train and bus service
to many cities, incoming mail has been greatly delayed
and it has been impossible to effect delivery or receive payment on a substantial portion of our outgoing
cash letters since March 17. Until conditions improve,
mail schedules cannot be maintained, and cash items received by us on March 17 and thereafter, are being
credited according to our published time schedule subject
to the right of this bank to charge back to you any unpaid
items at any time."
As we advised member and nonmember clearing banks in our letter of
March 19, 1936, cash letters which had been sent on or after March 16, 1936, by
member and nonmember clearing banks direct to the Pittsburgh Branch of the




Federal Reserve Bank of Cleveland, and for which we gave credit on March 17, 18
and 19, 1936, have been charged back by us to the sending banks under separate
advices and we will give credit for such letters when we receive advice and
credit from the Pittsburgh Branch;

and hereafter until normal conditions are

restored credit for cash letters sent direct to the Pittsburgh Branch on and
after March 19, 1936, will be deferred until we receive advice and credit from thet
branch.
For cash items payable in the affected areas above referred to (other
than items included in cash letters sent direct to the Pittsburgh Branch of the
Federal Reserve Bank of Cleveland) we are continuing to give credit in accordance
with our time schedules, but advice and return of unpaid items may be considerably delayed.

We, of course, reserve the right to charge back any unpaid items

at any time.




George L. Harrison,
President.

FEDERAL RESERVE BANK
OF NEW YORK

March 23, 1936.
To Member and Nonmember Clearing Banks
in the Second Federal Reserve District:
Under date of March 21, 1936, we have been advised by the Federal Reserve
Bank of Boston as follows:
"Flood conditions this district such that deliveries of mail
cannot be maintained and cash items received by us since March 17
and thereafter will be credited according to our published time
schedule subject to our right to charge back to you any unpaid
items at any time."
Under date of March 21, 1936, we have been advised by the Federal Reserve
Bank of Philadelphia as fallows:
"Train and bus service in the State of Pennsylvania has
been considerably delayed. Therefore, mail schedules cannot be
maintained and cash items received by us on March 17 and thereafter
are being credited according to our published Time Schedule subject
to the right of this bank to charge back to you any unpaid items at
any time."
Under date of March 21, 1936, we have been advised by the Federal Reserve
Bank of Richmond as follows:
"As result of flood conditions in our district, particularly
sections of Maryland, West Virginia and Virginia, train and bus
service has been considerably delayed. Therefore, mail schedules
cannot be maintained and cash items received by us and our branches
on March 16, and thereafter are being credited according to our
published time schedules subject to the right of this bank to charge
back to you any unpaid items at any time."
For cash items payable in the affected areas above referred to, we are
continuing to give credit in accordance with our time schedules, but advice and
return of unpaid items may be considerably delayed.

We, of course, reserve the

right to charge back any unpaid items at any time.
This letter supplements, but does not modify, our previous letters of
March 19 and 20, 1936, with reference to cash items payable in other areas affected
by flood conditions.



George L. Harrison,
President.

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