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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No. 1781 1

I September 17, 1937 J

Public Notice of Offering of $50,000,000, or thereabouts, of Treasury Bills
Dated September 22, 1937
Maturing June 22, 1938

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 20, 1937. Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be dated September 22, 1937, and will mature on June 22, 1938, 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 20, 1937, 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 September 22, 1937, provided, however, any qualified depositary will be
permitted to make payment by credit for Treasury bills allotted to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its district.
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 20, 1937.
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 must be made in cash or other
immediately available funds or may be made by credit through the War Loan Deposit Account.




GEORGE L. HARRISON,

President.

No.
TENDER FOR 273-DAY TREASURY BILLS
Dated September 22, 1937.

Maturing June 22, 1938.
Dated at

To THE FEDERAL EESERVE BANK OF NEW YORK,

.1937

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 17, 1937, 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 on the date stated in the
public announcement, as indicated below:
By cash or other immediately available funds •

By credit

•

The Treasury bills for which tender is hereby made are to be dated September 22,1937,
and are to mature on June 22, 1938.
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. Any qualified depositary will be permitted to make payment by credit for Treasury bills allotted to it for
itself and its customers up to any amount for which it shall be qualified in excess of existing deposits.

5. 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.
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

Figured

Checked

JNTB-372-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

Bv

Other Departments

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