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FEDERAL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
r Circular No. 26661
I August 13. 1943 J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
91-Day Treasury Bills
Dated August 19, 1943

Maturing November 18, 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.
FOR RELEASE, MORNING NEWSPAPERS,
Friday, August 13, 1943.

TREASURY DEPARTMENT
Washington

The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, 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 August 19, 1943, and will mature November 18, 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, August 16, 1943. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and the pricfe 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 August 19, 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 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, August 16, 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.
(OVER)

9T

IMPORTANT—It will be noted that the offering is for 91-day Treasury bills and that payment is to be made on
Thursday, August 19, 1943, three days after tenders are opened on Monday, August 16, 1943.
If it is desired to bid on a competitive basis, fill in rate per 100 and maturity value in paragraph headed "Competitive
B i d " . If it is desired to bid on a fixed-price basis, fill in only the maturity value in paragraph headed "Fixed-Price
B i d " . DO NOT fill in both paragraphs on one form. A separate tender must be used for each bid.
No.

T E N D E R F O R 9 1 - D A Y T R E A S U R Y BILLS
D a t e d A u g u s t 19, 1943.

M a t u r i n g N o v e m b e r 18, 1943.
Dated at-

To

T H E FEDERAL RESERVE B A N K OF N E W

.1943

YORK,

Fiscal A g e n t o f 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 N o . 418, as amended, and
to the provisions of the public notice
on
A u g u s t 13, 1943, as issued by the Secretary
of the Treasury, the undersigned offers to pay
* f o r a total amount of

(Rate per 100)

$
o f the Treasury bills
any less amount that
therefor to be made at
immediately available
in the public notice.

(maturity value)
therein described, or f o r
may be awarded, payment
your bank in cash or other
funds on the date stated

BID

Pursuant to the provisions

of

Treasury

Department Circular N o . 418, as amended, and to
the provisions of the public notice on August 13,
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
$

(maturity

(Not to exceed $100,000)

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 August 19, 1943, and are to mature
on N o v e m b e r 18, 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. N o 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


http://fraser.stlouisfed.org/
TENTB-685-a
Federal Reserve Bank of St. Louis

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.
(OVER)

FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS >
Tuesday, August 17, 1943•

Press Service

The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000, or thereabouts, of 91-day Treasury
bills to be dated {August 19 and to mature November 18, 1943, which
were offered on August 13, were opened at the Federal Reserve Banks
on August 16.
The details of this issue are as follows:
Total applied for - $1,420,407,000
Total accepted

-

1,005,236,000 (includes $75,320,000
entered on a fixed-price basis at
99.905 and accepted in full)

Range of accepted bids:
High
Low

- 99.909 Equivalent rate of discount approx. 0.360$
per annum
- 99*905 Equivalent rate of discount approx. 0*376%
per annum

Average
price - 99 • 905* Equivalent rate of discount approx.
per .annum

0,315%

(97 percent of the amount bid for at the low price was accepted)
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St« Louis
Minneapolis
Kansas City
Dallas
San Francisco




Total

Total
Applied for

$

Total
Accepted

32,255,000
39,245,000
23,904,000
30,135,000
169,065,000
35,191,000
17,476,000
34,553,000
27,370,000
91,425,000

653,805,000
31,039,000
30,578,000
19,162,000
27,851,000
93,676,000
11,614,000
16,510,000
29,548,000
22,707,000
48,700,000

$1,420,407,000

$1,005,236,000

-0O0'

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