View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK OF N E W
Fiscal

Agent

of

the United

YORK
r C i r c u l a r N o . 3014 "1
I O c t o b e r 12, 1945 J

States

Public Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated October 18, 1945

Maturing January 17, 1946

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District and Others
Concerned:
F o l l o w i n g is t h e t e x t o f a n o t i c e t o d a y m a d e p u b l i c b y t h e T r e a s u r y D e p a r t m e n t w i t h r e s p e c t t o a n e w o f f e r i n g o f T r e a s u r y
b i l l s p a y a b l e at m a t u r i t y w i t h o u t i n t e r e s t t o b e s o l d o n a d i s c o u n t b a s i s u n d e r c o m p e t i t i v e a n d
fixed-price
bidding.
FOR RELEASE, MORNING NEWSPAPERS,
Friday, October 12, 1945.

TREASURY DEPARTMENT
Washington

T h e Secretary of the Treasury, by this public notice, invites tenders f o r $1,300,000,000, or thereabouts, of 91-day T r e a s u i j
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 18, 1945, and will mature January 17, 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 p.m., Eastern
Standard Time, Monday, October 15, 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 on 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 f r o m 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 T r e a s u r y of the amount and price range of accepted bids. T h o s e
submitting tenders will be advised of the acceptance or rejection thereof. T h e 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 f r o m 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 o n October 18, 1945.
T h e income derived from Treasury bills, whether interest or gain f r o m the sale o r 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 A c t s now or hereafter enacted. T h e bills shall be subject to estate, inheritance, gift,
or other excise taxes, whether Federal or State, but shall be exempt f r o m all taxation n o w 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.
F o r purposes of taxation the amount of discount at which T r e a s u r y 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 A c t 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. A c c o r d i n g l y , the owner of Treasury bills (other than life insurance companies) issued hereunder need include m
his income tax return only the difference between the price paid f o r 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 f o r which
the return is made, as ordinary gain or loss.
Treasury Department Circular N o . 418, as amended, and this notice, prescribe the terms of the Treasury bills and
govern the conditions o f their issue. Copies of the circular m a y be obtained f r o m any Federal Reserve Bank or Branch.
I n a c c o r d a n c e with the a b o v e a n n o u n c e m e n t tenders will b e received at the Securities D e p a r t m e n t of this b a n k (9th
floor, 3 3 L i b e r t y S t r e e t ) N e w Y o r k 7, N . Y . , o r at t h e B u f f a l o B r a n c h o f t h i s b a n k ( 2 7 0 M a i n S t r e e t ) B u f f a l o 5, N . Y . ,
u p t o t w o o ' c l o c k p . m . , E a s t e r n S t a n d a r d T i m e , o n M o n d a y , O c t o b e r 15, 1 9 4 5 . I t is r e q u e s t e d t h a t t e n d e r s b e s u b m i t t e d
o n s p e c i a l f o r m p r i n t e d o n r e v e r s e s i d e a n d r e t u r n e d i n s p e c i a l e n v e l o p e e n c l o s e d h e r e w i t h . Payment
jor 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
results
after tenders
were
T o t a l applied f o r

Department
opened
for

statement
Treasury

$2,157,462,000

released
for
publication
October
9, 1945,
bills dated October
11, 1945 maturing
January
Federal Reserve

T o , a , accepted

$1,310,993,000 (includes $54*863,000
entered on a fixed-price basis at
99.905 and accepted in full)
it
• i «.
*
( discount
*
A v e r a g e p r i c e . . . no o n e ,
99.905+
Equivalent rate of a approx. 0.375% per annum

Boston
New Y o r k
Philadelphia
Cleveland
Richmond

. .
Range of accepted competitive b i d s :

Atlanta
Chicago

High

99.907

Low

nnnnc
99.905

Equivalent rate
approx. 0.368%
T? • I *
.
Equivalent rate
approx. 0.376%

of discount
per annum
f A*
of discount
per annum

(54 percent of the amount bid f o r at the low price
v
P
accepted)
w a s




D

"'

H

«

St. Louis
Minneapolis
Kansas City

D a U a s
S a n

F r a n c i s c o

Total

announcing
10,
1946)

Total
r ^ f i S
$ ^,700,000
1,573,957,000
46,645,000
23,070,000
21,424,000

Total
Z M L
$
18,534,000
939,157,000
32,385,000
17,550,000
18,664,000

$

10,120,000
301,795,000

10,074,000
172,098,000

18,175,000
8,020,000
24,705,000
25,615,000
75,236,000

11,551,000
8,020,000
19,139,000
16,645,000
47,176,000

"77777777777
$2,157,462,000

1777771
7"
$1,310,993,000
(OVER)

I M P O R T A N T — I f it is desired to bid on a competitive basis, fill in rate per 100 and
maturity value in paragraph headed "Competitive Bid". If it is desired to bid on a fixedprice basis, fill in only the maturity value in paragraph headed "Fixed-Price B i d " .
DO NOT fill in both paragraphs on one form. A separate tender must be used for each bid.
No.

TENDER FOR 91-DAY TREASURY BILLS
Dated October 18, 1945.

Maturing January 17, 1946.
Dated at
1945

T o FEDERAL RESERVE BANK OF NEW YORK,

Fiscal Agent of the United States.
COMPETITIVE

BID

FIXED-PRICE

Pursuant to the provisions of Treasury
Department Circular N o . 418, as amended, and
to the provisions of the public notice on
O c t o b e r 12, 1945, as issued by the Secretary of
the Treasury, the undersigned offers to pay
(Rate per 100)

* f o r a total amount of

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

BID

Pursuant to the provisions of Treasury
Department Circular N o . 418, as amended, and to
the provisions of the public notice on O c t o b e r
12, 1945, as issued by the Secretary of the T r e a s ury, the undersigned offers, to pay a fixed-price
of 99.905 (rate per 100) f o r a total amount of
$

(maturity value)

(Not to exceed $200,000)

o f the Treasury bills therein described, payment
therefor to be made at y o u r bank in cash o r other
immediately available funds on the date stated
in the public notice.

T h e Treasury bills for which tender is hereby made are to be dated O c t o b e r 18, 1945, and are to mature
on January 17, 1946.
This tender will be inserted

in special envelope

entitled "Tender

Name of Bidder.
By

for Treasury

bills."

(Please print)

(Official signature required)

(Title)

Street Address
(City, Town or Village, P.O. No., and State)
If this tender is submitted for the account of a customer, indicate the customer's name on line below:
(Name of Customer)

(City, Town or Village, P.O. No., and State)

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

INSTRUCTIONS:

1. N o 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 tru6t 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


http://fraser.stlouisfed.org/
TENTB-798-a
Federal Reserve Bank of St. Louis

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)

c J t i o / y

FEDERAL RESERVE BANK
OF NEW YORK

October 13, 1945.

To all Banking Institutions in the
Second Federal Reserve

District:

We are pleased to announce that Bank of Holland, Holland,
New York, lias become a member of the Federal Reserve System
effective October 13,1945.




ALLAN

SPKOUL,

President.

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