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FEDERAL RESERVE BANK OF NEW YORK Fiscal A g e n t of the United States fCircular No. 25941 I March 12, 1948 J Public Notice of Offering of $800,000,000, or thereabouts, of 91-Day Treasury Bills Dated March 17, 1943 Maturing June 16, 1943 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 of 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 new o f f e r i n g of T r e a s u r y bills p a y a b l e a t m a t u r i t y w i t h o u t interest t o b e sold o n a d i s c o u n t basis t o t h e highest bidders. TREASURY D E P A R T M E N T Washington FOR RELEASE, M O R N I N G NEWSPAPERS, Friday, March 12, 1943. The Secretary of the Treasury, by this public notice, invites tenders for §800,000,000, or thereabouts, of 91-day Treasury bills, to be issued on a discount basis under competitive bidding. The bills of this series will be dated March 17, 1943, and will mature June 16, 1943, 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 war time, Monday, March 15, 1943. 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 from 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 Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The 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. 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 March 17, 1943. The income derived from Treasury bills, whether interest or gain from the sale or 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 Acts now or hereafter enacted. The bills shall be subject to estate, inheritance, gift, or other excise 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. For purposes of taxation the amount of discount at which Treasury 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 Act 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. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for 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 for which the return is made, as ordinary gain or lose. 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. I n a c c o r d a n c e w i t h t h e a b o v e a n n o u n c e m e n t t e n d e r s will b e r e c e i v e d a t t h e S e c u r i t i e s D e p a r t m e n t o f this b a n k ( 9 t h floor, 3 3 L i b e r t y S t r e e t , N e w Y o r k C i t y ) o r a t t h e B u f f a l o B r a n c h of this b a n k ( 2 7 2 M a i n S t r e e t , B u f f a l o , N e w Y o r k ) u p t o t w o o ' c l o c k p . m . , E a s t e r n w a r t i m e , o n M o n d a y , M a r c h 15, 1 9 4 3 . 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 special f o r m p r i n t e d o n r e v e r s e side a n d r e t u r n e d in special envelope enclosed herewith. Attention the War Loan is invited Deposit to the fact Account. that Payment payment for the must be made Treasury bills cannot be made in cash or other immediately by credit available through funds. ALLAN SPROUL, President. (OVER) 8X No TENDER FOR 91-DAY Dated March 17, 1943. To THE F E D E R A L R E S E R V E B A N K OF N E W TREASURY BILLS Maturing June 16, 1943. YORK, 1943 Fiscal A g e n t o f t h e U n i t e d States, New Y o r k City, N . Y . Pursuant the to provisions the the of provisions public of T r e a s u r y notice on Department March 12, T r e a s u r y , t h e u n d e r s i g n e d offers t o p a y of $ 1943, Circular as No. issued 418, by as the amended, and Secretary of * for a total (Rate per 100) to the amount ( m a t u r i t y v a l u e ) o f t h e T r e a s u r y bills therein d e s c r i b e d , o r f o r a n y less a m o u n t t h a t m a y b e a w a r d e d , p a y m e n t t h e r e f o r t o b e m a d e a t y o u r b a n k in c a s h o r o t h e r i m m e d i a t e l y a v a i l a b l e f u n d s o n t h e d a t e s t a t e d in t h e p u b l i c n o t i c e . The are to Treasury mature This on tender IMPORTANT bills June for w h i c h 16, tender is h e r e b y m a d e are to be dated March for Treasury 17, 1943, and bills." 1943. will be inserted in special envelope entitled "Tender INSTRUCTIONS! 1. No tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000 (maturity value). Also, if more than one price is offered, a separate tender must be executed at each price. 2. If the person making the tender is a poration authorized to make the tender, and the construed as a representation by him that he has should be signed by a member of the firm, who should copartnership, by corporation, the tender should be signed by an officer of the corsigning of the tender by an officer of the corporation will be been so authorized. If the tender is made by a partnership, it sign in the form " a a member of the firm." 3. Tenders will be received without deposit from 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. 4. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of Treasury, is material, the tender may be disregarded. th« Payment by credit through War Loan Deposit Account will not be permitted. Fill in all required spaces before signing. Name of Subscribers-^ By (Please print) (Official signature required) Street Address.. (Title) .. City, Town or Village, and State. * Price must be expressed on the basis of 100, with not more than three decimal places. Fractions may not be used. TENTB-663-« http://fraser.stlouisfed.org/ , .. Federal Reserve Bank of St. Louis V (OYER) JELCRAL RESERVE B N O MW Y R AK F E OK Fiscal Agent of the United States TREASURY D P R M N EAT E T Y/ashington F R RELEASE, M R I G N FS PAPERS, O O NN E / Tuesday, March 16, 194-3. Press Service The Secretary of the Treasury announced last evening that the tenders for $800,000,000, or thereabouts, of 91-day Treasury b i l l s to be dated March 17 and to mature June 16, 1943, which were offered on March 12, 1943, were opened at the Federal Reserve Banks on Iviarch 15• The details of this issue are as follows: Total applied for - $1,302,725,000 Total accepted 802,171,000 Range of accepted bids: High - 99 «925 Equivalent rate of discount approx. 0*297% per annum Low - 99 <>905 Equivalent rate of discount approx. 0.376$ per annum Average - 99.906 Equivalent rate of discount approx, 0»373^ price per annum (40 percent of the amount bid for at the low 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 $ Total Accepted 23,695,000 SAB,232,000 33,625,000 13,440,000 27,435,000 13,121,000 189,7/8,000 23,695,000 4,193,000 26,638,000 16,422,000 67,401,000 § 22,083,000 452,304,000 23,787,000 17,700,000 23,910,000 10,621,000 127,970,000 14,593,000 4,3.17,000 23,783,000 15,262,000 65,541,000 $1,302,725,000 $802,171,000 o0o~