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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
Circular No. 2651]
July 16. 1943 J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
92-Day Treasury Bills
Dated July 21, 1943

Maturing October 21, 1943

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 under competitive and fixed-price bidding.
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G
Friday, July 16, 1943.

NEWSPAPERS,

The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of
92-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 July 21, 1943, and will mature October 21, 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, July 19, 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. Subject to these reservations, tenders for $100,000
or less from 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 July 21, 1943.
T h e 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 loss.
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.

In accordance with the above announcement tenders will be received at the Securities Department of
this bank (9th floor, 33 Liberty Street, New York City) or at the Buffalo Branch of this bank (272 Main
Street, Buffalo, New York) up to two o'clock p.m., Eastern war time, on Monday, July 19, 1943.
It is requested that tenders be submitted on special form printed on reverse side and returned 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.



ALLAN

SPROUL,

President.

Use a separate tender f o r m for each bid.

No...

9P

TENDER FOR 92-DAY TREASURY BILLS
Dated July 21, 1943.

Maturing October 21, 1943.
Dated at

To

THE F E D E R A L R E S E R V E B A N K OF N E W

.1943

YORK,

Fiscal Agent of the United States,
New York City, N. Y .

Use this
paragraph
for
competitive
bidding

Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the
provisions of the public notice on July 16, 1943, as issued by the Secretary of the Treasury, the undersigned offers to pay
* for a total amount of
( R a t e per 1 0 0 )

$
(maturity value) of the Treasury bills therein described, or for 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.
Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the

Use this
paragraph
for
fixed-price
bidding

provisions of the public notice on July 16, 1943, as issued by the Secretary of the Treasury, the undersigned offers to pay a fixed-price of 99.905 (rate per 100) for a total amount of $

(Not to exceed $100,000)

(maturity value) of the Treasury bills therein described, payment therefor to be made at your bank in
cash or other immediately available funds on the date stated in the public notice.
The Treasury bills for which tender is hereby made are to be dated July 21, 1943, and are to
mature on October 21, 1943.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
IMPORTANT INSTRUCTIONS:
1. N o tender for less than $1,000 will be considered, and each tender must
$1,000 (maturity value). A separate tender must be executed for each bid.
2. If the person making the tender is a
poration authorized to make the tender, and the
construed as a representation b y him that he has
should be signed b y a member of the firm, who should
copartnership, b y

be for an even

multiple of

corporation, the tender should be signed b y an officer of the corsigning of the tender b y an officer of the corporation will be
been so authorized.
If the tender is made b y 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 b y 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 by credit through War Loan Deposit Account will not be permitted.
Fill in all required spaces before signing.
Name of Bidder..

By

(Please print)

(Official signature required)

Street Address

(Title)

.'

City, T o w n or Village, and State.
If this tender is submitted for the account of a customer, indicate the customer's name on line below:
N a m e of Customer

City, T o w n or Village, and State

Use a separate tender for each customer's bid.

TENTB-681


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

FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 20, 1943.

Press Service

The Secretary of the Treasury announced last evening that
the tenders for $1,000,000,000, or thereabouts, of 92-day Treasury
bills to be dated July 21 and to mature October 21, 1943, which
were offered on July 16, 194-3, were opened at the Federal Reserve
Banks on July 19.
The details of this issue are as follows:
Total applied for - $1,520,429,000
Total accepted

-

1,003,796,000 (includes $70,638,000
entered on a fixed-price basis at
99.905 and accepted in full)

Range of accepted bids:
High
Low

- 99.910 Equivalent rate of discount approx. 0.352$
per annum
- 99.904 Equivalent rate of discount approx. 0.376$
per annum

Average
price - 99.905 Equivalent rate of discount approx. 0.374$
per annum
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve
Bank
Boston
Ne?/ York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco




Total

Total
Applied for
$

77,070,000
837,679,000
56,900,000
68,505,000
29,903,000
24,410,000
135,937,000
39,255,000
28,365,000
40,114,000
17,245,000
115,046,000

$1,520,429,000
-oOo-

Total
Accepted
$

58,102,000
490,431,000
45,162,000
63,297,000
28,226,000
23,429,000
94,849,000
23,382,000
20,542,000
37,132,000
16,931,000
102,313,000

$1,003,796,000

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