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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No. 2724 "1
I November 12, 1943 J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
91-Day Treasury Bills
Dated November 18, 1943
Maturing February 17, 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, November 12, 1943.

NEWSPAPERS,

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 November 18,1943, and will mature February 17,1944, 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, November 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. 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 November 18, 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. F o r 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 1 1 7 ( a ) ( 1 ) of the Internal Revenue Code, as amended by 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 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 c o m panies) issued hereunder need include in his income tax return only the difference between 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, 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 o r 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 15, 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.




A L L A N SPROUL,

President.
(OVER)

10G
IMPORTANT—If it is desired to bid on a competitive basis, fill in rate per 100 and
maturity value in paragraph headed "Competitive Bid". If it is desired to bid on a fixedprice basis, fill in only the maturity value in paragraph headed "Fixed-Price Bid".
DO NOT fill in both paragraphs on one. form. A separate tender must be used for each bid.
No.

TENDER FOR 91-DAY TREASURY BILLS
Dated November 18, 1943.

Maturing February 17, 1944.
Dated at

T o

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 BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
November 12, 1943, as issued by the Secretary
of the Treasury, the undersigned offers to pay

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and to
the provisions of the public notice on November
12, 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

(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.

$

(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 November 18, 1943, and are to
mature on February 17, 1944.
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, T o w n 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:

(Name of Customer)

(City, Town or Village, P.O. No., 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 "
a copartnership, by
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 permitted.


TENTB-698-a


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

FEDERAL RESERVE B N OF N W Y R
AK
E OK
f i s c a l Agent o f the United States
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, November 16, 1943.

Press Service
No. 39-53

The Secretary o f the Treasury announced l a s t evening that the
tenders f o r $1,000,000,000, or thereabouts, o f 91-day Treasury
b i l l s to be dated November IS, 1943, and to mature February 17,
1944, which wore o f f e r e d on November 12, were opened at the
Federal Reserve Banks on November 15.
The d e t a i l s o f t h i s issue are as f o l l o w s :
Total applied f o r - #1,221,697,000
Total accepted

-

1,001,415,000 (includes $74,198,000
entered on a f i x e d - p r i c e b a s i s at
99.905 and accepted in f u l l )

Average
p r i c e - 99.905+Equivalent rate o f discount approx. 0.375$
per annum
Range o f accepted competitive b i d s :
High
Low

- 99.925 Equivalent rate o f discount approx. 0.291%
per annum
- 99.905 Equivalent rate o f discount approx. 0.376$
per annum

(82 percent o f the amount bid f o r at the lov/ p r i c e was accepted)
Federal ReserveDistrict
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco




Total

Total
Applied f o r
$

18,340,000 '
810,755,000
28,760,000
29,920,000
25,441,000
13,250,000
145,951,000
20,498,000
11,560,000
24,715,000
21,382,000
71,125,000

#1,221,697,000
oOo-

Total
Accepted
$

16,864,000
627,346,000
24,692,000
28,643,000
24,820,000
12,944,000
128,725,000
18,738,000
10,800,000
23,833,000
19,887,000
64,123,000

vl,001,415,000

FEDERAL RESERVE BANK
OF NEW YORK

November 12, 1943.

To all Banking

Institutions

Second Federal Reserve

in the
District:

We are pleased to announce that Hempstead Bank,
Hempstead, New York, lias become a member of the Federal
Reserve System effective November 12, 1943.




ALLAN

SPROUL,

President.

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