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FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States

[. Novembe?2 1 4 ]
95

Public Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated November 8, 1945
To all Incorporated Banks and Trust Companies
Second Federal Reserve District and Others

Maturing February 7, 1946

in the
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 under competitive and fixed-price bidding.
FOR RELEASE, MORNING NEWSPAPERS,
Friday, N o v e m b e r 2, 1945.

TREASURY DEPARTMENT
Washington

The Secretary of the Treasury, by this public notice, invites tenders f o r $1,300,000,000, or thereabouts, of 91-day Treasury
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 N o v e m b e r 8, 1945, and will mature February 7, 1946, when the face amount will be payable without
interest. T h e y will be issued in bearer f o r m only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity v a l u e ) .
Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o'clock p.m., Eastern
Standard Time, Monday, N o v e m b e r 5, 1945. Tenders will not be received at the Treasury Department, Washington. Each tender
must be f o r 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 R e s e r v e Banks or Branches on application therefor.
T e n d e r s will be received without deposit f r o m incorporated banks and trust companies and from responsible and
recognized dealers in investment securities. Tenders f r o m 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, f o l l o w i n g 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 f o r $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 on N o v e m b e r 8, 1945.
The income derived f r o m Treasury bills, whether interest or gain f r o m the sale or other disposition of the bills, shall
not have any exemption, as such, and loss f r o m the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under Federal t a x A c t s now or hereafter enacted. T h e bills shall be subject to estate, inheritance, gift,
or other e x c i s e taxes, whether Federal or State, but shall be exempt from all taxation now 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. U n d e r Sections 42 and 117 ( a ) (1) o f 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 f r o m 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 1 1
1
his income t a x 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.
T r e a s u r y Department Circular N o . 418, as amended, and this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. Copies of the circular m a y be obtained f r o m any Federal Reserve Bank or Branch. -

In accordance with the above announcement tenders will be received at the Securities Department of this bank (9th
floor, 33 Liberty Street) N e w Y o r k 7, N. Y., or at the Buffalo Branch of this bank (270 Main Street) Buffalo 5, N. Y.,
up to two o'clock p.m., Eastern Standard Time, on Monday, November 5, 1945. It is requested that tenders be submitted
on special form printed on reverse side and returned in special envelope enclosed herewith. 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.
A L L A N SPROUL,

President.

(Extract
from Treasury Department
statement released for publication October 30, 1945, announcing
results after tenders were opened for Treasury bills dated November 1, 1945 maturing January 31, 1946)
T o t a l applied f o r

$2,210,328,000

T o t a l accepted

$1,318,006,000 (includes $51,040,000
entered on a fixed-price basis at
99.905 and accepted in f u l l )

A v e r a g e price . . 99.905+

Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids :
High
99.908
Equivalent rate of discount
approx. 0.364% per annum
Low

99.905

Equivalent rate of discount
approx. 0.376% per annum

(54 percent of the amount bid f o r at the l o w price
was accepted)



Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

Total
Applied for
$

25,860,000
1,619,250,000
51,775,000
55,985,000
10,772,000
9,305,000
328,588,000
21,945,000
3,445,000
14,893,000
7,790,000
60,720,000

$2,210,328,000

Total
Accepted
$

15,234,000
942,020,000
30,615,000
46,785,000
9,852,000
9,305,000
183,891,000
13,941,000
3,445,000
11,888,000
7,330,000
43,700,000

$1,318,006,000
(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 Bid".
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 November 8, 1945.

Maturing February 7, 1946.
Dated at

To

FEDERAL RESERVE B A N K

OF N E W

1945

YORK,

Fiscal Agent of the United States.
C O M P E T I T I V E BID

FIXED-PRICE BID

Pursuant to the provisions of Treasury
Department Circular N o . 418, as amended, and
to the provisions of the public notice on
N o v e m b e r 2, 1945, as issued b y the Secretary of
the Treasury, the undersigned offers to pay

Pursuant to the provisions of Treasury
Department Circular N o . 418, as amended, and to
the provisions of the public notice on N o v e m b e r
2, 1945, as issued b y 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

* f o r a total amount o f

(Rate per 100)

$

$
(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.

(maturity value)

(Not to exceed $200,000)

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

T h e Treasury bills f o r which tender is hereby m a d e are to be dated N o v e m b e r 8, 1945, and are to mature
on February 7, 1946.
This tender will be inserted

in special envelope
Name of
By

entitled "Tender

for Treasury

Bidder

....

bills."

(Please print)

(Official signature required)

(Title)

Street A d d r e s s
(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 t e n d e r
$1,000 ( m a t u r i t y v a l u e ) .

f o r less t h a n $1,000 w i l l b e c o n s i d e r e d , a n d e a c h
A s e p a r a t e t e n d e r m u s t be e x e c u t e d f o r e a c h b i d .

tender

must

be

for

an e v e n

multiple

of

2. If the p e r s o n m a k i n g the t e n d e r is a c o r p o r a t i o n , the t e n d e r s h o u l d be s i g n e d b y an o f f i c e r o f the c o r p o r a t i o n
a u t h o r i z e d t o m a k e the t e n d e r , a n d the s i g n i n g o f the t e n d e r b y an o f f i c e r o f the c o r p o r a t i o n w i l l be c o n s t r u e d as a r e p r e s e n t a t i o n b y h i m that he has b e e n s o a u t h o r i z e d . If t h e t e n d e r is m a d e b y a p a r t n e r s h i p , it s h o u l d be s i g n e d b y a m e m a c o p a r t n e r s h i p , by
b e r o f the firm, w h o s h o u l d s i g n in the f o r m "
a m e m b e r o f the
firm."
3. T e n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r p o r a t e d b a n k s a n d t r u s t c o m p a n i e s a n d f r o m r e s p o n s i b l e a n d r e c o g n i z e d d e a l e r s in i n v e s t m e n t s e c u r i t i e s . T e n d e r s f r o m o t h e r s m u s t be a c c o m p a n i e d by p a y m e n t of
2 p e r c e n t o f the f a c e a m o u n t o f T r e a s u r y b i l l s a p p l i e d f o r , u n l e s s the t e n d e r s a r e a c c o m p a n i e d by an e x p r e s s g u a r a n t y
o f p a y m e n t by an i n c o r p o r a t e d b a n k o r t r u s t c o m p a n y .
4. I f the l a n g u a g e o f this t e n d e r is c h a n g e d
T r e a s u r y , is m a t e r i a l , the t e n d e r m a y be d i s r e g a r d e d .

Payment

TENTB-801-a



in

any

r e s p e c t , w h i c h , in the o p i n i o n

by credit through War Loan Deposit Account

will not be

of

the S e c r e t a r y

of

the

permitted.

* Price must be expressed on the basis of 100, with not more than
three decimal places. Fractions may not be used.
(OVER)

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