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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [Circular No. 1 6 9 6 ] ISeptember 11. 1936-1 Public Notice of Offering of $50,000,000, or thereabouts, of Treasury Bills Dated September 16, 1936 Maturing June 16, 1937 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 SECRETARY MORGENTHAU The Secretary of the Treasury gives notice that tenders are invited for Treasury bills to the amount of $50,000,000, 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, September 14, 1936. Tenders will not be received at the Treasury Department, Washington. The Treasury bills will be dated September 16, 1936, and will mature on June 16, 1937, 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 September 14, 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 alloted must be made at the Federal Reserve Banks in cash or other immediately available funds on September 16, 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 (three o'clock p.m., "Daylight Saving time"), on Monday, September 14, 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 September 16, 1936. Maturing June 16, 1937. Dated at To THE FEDERAL RESERVE BANK OF NEW YORK, 1936 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 September 11, 1936, as issued by the 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 September 16, 1936, and are to mature on June 16, 1937. This tender will be inserted in special envelope entitled "Tender for Treasury bills.11 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 1 igured - Checked TENTB-291-a Checked Ledger Advised 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 N E W YORK September 16, 1936. To each Member Bank in the Second Federal Reserve District: The Board of Governors of the Federal Reserve System has requested us to obtain information on the rates of interest being paid on savings and time deposits and the rates of interest or discount being charged on various classes of loans by each member bank in this district as of October 1, 1936. In order to provide this information we are enclosing two copies of form F.R. 249, one of which should be used in submitting the data to us and the other may be retained for your files. It will be appreciated if you will forward this report in the enclosed envelope to us promptly after October 1, 1936. George L. Harrison, President. Form F. R. 249—August, 1936 The report should be prepared in duplicate and one copy thereof should be forwarded to the Federal Reserve Bank Name of Bank. Location. (City) (State) (F. R. District No.) RATES OF INTEREST PAYABLE ON DEPOSITS RECEIVED ON OR AFTER OCTOBER 1, 1936 Rate Class of Deposit 1. Savings deposits (as defined in Regulation Q of the Board of Governors of the Federal Reserve System) (See note) 2. Time deposits having a maturity date six months or more after the date of deposit, or payable upon written notice of six months or more (See note) c. 3. Time deposits having a maturity date less than 6 months and not less than 90 days after the date of deposit, or payable upon written notice of less than 6 months but not less than 90 days (See note) 4. Time deposits having a maturity date less than 90 days after the date of deposit, or payable upon written notice of less than 90 days (See note) a., b. c.. 5. Postal savings deposits Note: If the same rate is applicable to all deposits of the given class, regardless of the size of account, show the rate on the first line. If there is a sliding scale of rates applicable to various portions of a deposit account, the rate applicable to each portion should be shown opposite the specified portion of the deposit to be inserted on lines a, b, or c. The following is illustrative of how the information should be reported: a. Under $500 b. $500-$999 2 c. $1,000 and over 1 CURRENT RATES OF INTEREST OR DISCOUNT CHARGED ON LOANS, OCTOBER 1, 1936 Rates charged (see note 1) High Low To greatest number of borrowers (see note 2) On largest volume (amount) of loans (see note 2) 1. Commercial and industrial loans (see note 3) 2. Agricultural loans (see note 3) 3. Real estate loans: a. Farm real estate b. Urban residential properties c. Urban commercial properties 4. Other loans: a. Payable in monthly installments b. All other Notes: 1. Give rates currently charged by your bank on loans specified, but do not show any rate for any class of loan that is made by the bank only occasionally. 2, More than one rate may be given if no single rate is considered applicable. 3. By "Commercial and industrial loans" is meant loans other than agricultural loans made for the purpose of providing funds to be used in producing, purchasing, carrying or marketing goods. By "Agricultural loans" is meant loans for the purpose of providing funds for the production of agricultural products, the marketing or carrying of agricultural products by the growers thereof, and the breeding, raising, fattening or marketing of live stock. (Signed) (Name) (Title)