Full text of Federal Reserve Bank of New York Circulars : 2594. Public Notice of Offering of $800,000,000, or Thereabouts, of 91-Day Treasury Bills

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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

of

the

provisions

the

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

bills."

17,

1943,

and

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 BANK OF MEW YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
Y/ashington
FOR RELEASE, MORNING NEF/S PAPERS,
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

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