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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1868 August 19, 1938 Public Notice of Offering of $100,000,000, or thereabouts, of Treasury Bills Dated August 24, 1938 Maturing November 23, 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. The Secretary of the Treasury gives notice that tenders are invited for Treasury bills to the amount of $100,000,000, or thereabouts. They will be 91-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, August 22, 1938. Tenders will not be received at the Treasury Department, Washington. The Treasury bills will be dated August 24, 1938, and will mature on November 23, 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 August 22, 1938, 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 August 24, 1938. 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, August 22, 1938. 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. ""N GEORGE L. HARRISON, President. No TENDER FOR 91-DAY TREASURY BILLS Dated August 24, 1938. Maturing November 23, 1938. Dated at To THE FEDERAL RESERVE BANK OF N E W YORK, 1938 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 August 19, 1938, 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 August 24, 1938, and are to mature on November 23, 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. 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 Classified Carded Ledger Acknowledged Disposition • Allotment Received 1 inured Checked TENTB-425-a Checked Advised Recorded Method of Payment Y indow V Amount Custody * Price should be expressed on tlie basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used. iJate Released Mail By Uther Departments FEDERAL RESERVE BANK OF NEW YORK August 23, 1938, DISPLAY SIGN INDICATING MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM To each Member Bank in the Second Federal Reserve District: There is enclosed a description of a new type of displaysign, indicating membership in the Federal Reserve System, which we shall be glad to furnish you in reasonable quantities without charge. Whether or not you wish us to send you any of these signs, it will be appreciated if you will fill out and return the enclosed form at your early convenience. R. M. Gidney, Vice President. FEDERAL RESERVE BANK OF NEW YORK August 23, 1938. DISPLAY SIGNS INDICATING MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Inquiries have occasionally been received from member banks as to the possibility of obtaining display signs to indicate membership in the Federal Reserve System. Recently there has been developed a type of display sign, to be applied to the glass of windows and doors or to other smooth surfaces, which gives the effect of a painted sign and which is adaptable to wider use than the customary metal or glass sign. This type of sign is designed to be easily and quickly applied and to last for a substantial time if reasonable care is used in cleaning the surface to which it is applied. The Federal Reserve Bank of New York will furnish signs of this type in the form of a copy of the official symbol indicating membership in the Federal Reserve System, as illustrated in miniature by the following imprint: The face is printed with gold lettering and border on a black background, and the reverse side is solid black. Where both the face and reverse sides will be visible to the public two signs may be mounted back to back. Two sizes are available—6" x 12" and 10" x 21". Instructions for applying the signs accompany them. Date Federal Reserve Bank of New York, Federal Reserve Post Office Station, New York, N. Y. We QTe n o t interested in using the membership signs referred to in your letter of August 23, 1938. We request that you forward to us when available: of the 6" x 12" size, and of the 10" x 21" size. (Name of Bank) (Location) (Official Signature)