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FEDERAL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
f Circular No. 26671
I
July 23, 1943
J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
92-Day Treasury Bills
Dated July 28, 1943

Maturing October 28, 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
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
Friday, July 23, 1943.
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 28, 1943, and will mature October 28, 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 26, 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 OP 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 28, 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 ^iall 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, N e w Y o r k C i t y ) or at the Buffalo Branch of this bank (272 Main
Street, Buffalo, N e w Y o r k ) up to two o'clock p.m., Eastern war time, on Monday, July 26, 1943.
It is requested that tenders be submitted on special f o r m 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.
(err**)

9Q
I M P O R T A N T — I f it is desired to b i d o n a competitive basis, fill in rate per 100 and
maturity value in paragraph h e a d e d " C o m p e t i t i v e B i d " . If it is desired to bid on a fixedp r i c e basis, fill in only the maturity value in paragraph headed " F i x e d - P r i c e B i d " .
DO NOT fill in both paragraphs on one form. A separate tender must be used for each bid.
No._

TENDER FOR 92-DAY TREASURY BILLS
Maturing O c t o b e r 28, 1943.

Dated July 28, 1943.

Dated at.1943

T o THE FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
N e w Y o r k City, N . Y .
COMPETITIVE

FIXED-PRICE

BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
July 23, 1943, 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 July 23,
1943, as issued by the Secretary of the Treasury,
the undersigned offers to pay a
fixed-price
of 99.905 (rate per 100) f o r 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.

T h e Treasury bills f o r which tender is hereby made are to be dated July 28, 1943, and are to mature
on October 28, 1943.
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, 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, and State)

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

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). 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 "
copartnership, by

, 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 the
Treasury, is material, the tender may be disregarded.
Payment


TENTB-682-a


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.
(ovx*)

FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS y
Tuesday, July 27, 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 28 and to nature October 28, 194-3, which
were offered on July 23, 1943, were opened at the Federal Reserve
Banks on July 26,
The details of this issue are as follows:
Total applied for - $1,373,786,000
Total accepted

-

1,002,819,000 (includes $48,779,000
• entered on a fixed-price basis at
99.905 and accepted in full)

Range of accepted bids:
- 99.910 Equivalent rate of discount approx. 0.352%
per annum
Low
- 99.904 Equivalent rate of discount approx. 0.376$
per annum
Average
price - 99.904+ Equivalent rate of discount approx, 0.374^
per annum
High

(75 percent of the amount bid for at the low price was accepted)
Total
Applied for

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




Total

$

43,495,000
828,308,000
82,680,000
51,934,000
28,124,000
9,925,000
130,152,000
31,734,000
26,438,000
18,196,000
19,225,000
103,575,000
^JJJjl

$1,373,786,000
-oOo'

Total
Accepted
$

36,570,000
521,067,000
76,704,000
47,183,000

26,908,000

9,600,000
112,420,000
25,859,000
21,408,000
17,650,000
19,125,000
88,325,000

$1,002,819,000

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