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FEDERAL RESERVE BANK
O F N E W YORK
Fiscal Agent of the United States
f Circular No. 27221
I November 5, 1943 J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
9 0 - D a y Treasury Bills
Dated November 12, 1943

Maturing February 10, 1944

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
Friday, N o v e m b e r 5, 1943.

NEWSPAPERS,

TREASURY DEPARTMENT
Washington

T h e Secretary of the Treasury, by this public notice, invites tenders f o r $1,000,000,000, or thereabouts,
of 90-day Treasury bills, to be issued on a discount basis under competitive and fixed-price bidding as hereinafter provided. T h e bills of this series will be dated N o v e m b e r 12, 1943, and will mature February 10, 1944,
when the face amount will be payable without interest. T h e y will be issued in bearer f o r m 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, t w o o ' c l o c k
p.m., Eastern war time, M o n d a y , N o v e m b e r 8, 1943. Tenders will not be received at the Treasury Department, Washington. E a c h tender must be f o r an even multiple of $1,000, and the price offered must be
expressed o n the basis of 100, with not more than three decimals, e. g., 99.925. Fractions m a y not be used.
It is urged that tenders be made on the printed f o r m s and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches o n application therefor.
Tenders will be received without deposit f r o m incorporated banks and trust companies and f r o m responsible and recognized dealers in investment securities. Tenders f r o m others must be accompanied by p a y ment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied
b y 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,
f o l l o w i n g which public announcement will be made b y the Secretary of the Treasury of the amount and
price range of accepted bids. T h o s e submitting tenders will be advised of the acceptance or rejection thereof.
T h e Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in w h o l e
o r in part, and his action in any such respect shall be final. Subject to these reservations, tenders f o r $100,000
or less f r o m any one bidder at 99.905 entered o n 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 o r
other immediately available funds on N o v e m b e r 12, 1943.
T h e income derived f r o m Treasury bills, whether interest or gain f r o m the sale or other disposition of
the bills, shall not have any exemption, as such, and loss f r o m the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under Federal tax A c t s n o w or hereafter enacted. T h e bills
shall be subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but shall be
exempt f r o m all taxation n o w or hereafter imposed o n the principal or interest thereof b y any State, or any
of the possessions of the United States, or b y any local taxing authority. F o r purposes of taxation the amount
of discount at which Treasury bills are originally sold b y the United States shall be considered to be interest.
U n d e r Sections 42 and 117 ( a ) ( 1 ) of the Internal R e v e n u e Code, as amended b y Section 115 of the Revenue
A c t of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered t o
accrue until such bills shall be sold, redeemed o r otherwise disposed of, and such bills are excluded f r o m
consideration as capital assets. A c c o r d i n g l y , the o w n e r of Treasury bills (other than life insurance c o m panies) issued hereunder need include in his income tax return only the difference b e t w e e n the price paid
f o r 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, a s ordinary
gain o r loss.
Treasury Department Circular N o . 418, as amended, and this notice, prescribe the terms of the Treasury
bills and govern the conditions of their issue. Copies of the circular m a y be obtained f r o m any Federal
R e s e r v e 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 7, N. Y., or at the Buffalo Branch of this bank (270 Main
Street) Buffalo 5, N. Y., up to two o'clock p.m., Eastern war time, on Monday, November 8, 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.
(OVEX)

10F
I M P O R T A N T — I t will be noted that the offering is for
ary 10,1944, but will be dated November 12, 1943, owing
If it is desired t o bid o n a competitive basis, fill in rate
B i d " . If it is desired t o bid o n a fixed-price basis, fill
B i d " . DO NOT fill in both paragraphs on one form.

90-day Treasury bills w h i c h will m a t u r e o n Thursday,
Februto the fact that Thursday, November 11, will be Armistice
Day.
per 100 and m a t u r i t y value in paragraph headed " C o m p e t i t i v e
in only the m a t u r i t y value in paragraph headed " F i x e d - P r i c e
A separate tender must be used for each bid.

No

TENDER FOR 90-DAY TREASURY BILLS
Dated November 12, 1943.

Maturing February 10, 1944.
Dated at

To

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.
COMPETITIVE

BID

FIXED-PRICE

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
November 5, 1943, as issued by the Secretary
of the Treasury, the undersigned offers to pay
(Rate per 100)

* for a total amount of

$
(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.

BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and to
the provisions of the public notice on November
5, 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
$

(maturity value)

(Not to exceed $100,000)

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 November 12, 1943, and are to
mature on February 10, 1944.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
Name of Bidder.
By

(Please print)

(Official signature required)

(Title)

Street Address

(City, Town or Village, P.O. No., and State)

If this tender is submitted for the account of a customer, indicate the customer's name on line below:

(City, Town or Village, P.O. No., and State)

(Name of Customer)

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 by credit through War Loan Deposit Account will not be

http://fraser.stlouisfed.org/
TENTB-697-a
Federal Reserve Bank of St. Louis

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 MEW YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
WASHINGTON

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, November 9, 194-3•

Press Service

The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000, or thereabouts, of 90-day Treasury
bills to be dated November 12, 194-3, and to mature February 10,
1944, which were offered on November 5, were opened at the
Federal Reserve Banks on November 8«
The details of this issue are as follows:
Total applied for - $"1,247,105,000
Total accepted

-

1,004,665,000 (includes $75,587,000
entered on a fixed-price basis at
99.905 and accepted in full)

Range of accepted bids:
High
Low

- 99.915 Equivalent rate of discount approxt 0.340>t
per annum
- 99.906 Equivalent rate of discount approx® 0,376$
per annum

Average
price - 99.906+ Equivalent rate of discount approx» 0.3151%
per annum
(90 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
$

21,990,000
787,491,000
37,225,000
43,493,000
31,015,000
11,185,000
150,909,000
27,440,000
25,145,000
17,605,000
10,412,000
83,195,000

$1,247,105,000
•oOo-

Total
Accepted
$

16,220,000
6^1,612,000
15,945,000
35,290,000
22,960,000
8,190,000
129,459,000
17,4-60,000
21,005,000
15,269,000
7,500,000
73,755,000

$1,004,665,000

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