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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
[Circular No.
[.January 21.

27561
19441

Public Notice of Offering of $1,000,000,000, or thereabouts, of
91-Day Treasury Bills
Dated January 27, 1944

Maturing April 27, 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.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 21, 1944.
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 January 27, 1944, and will mature April 27, 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, January 24, 1944. 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 January 27, 1944.
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 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, January 24, 1944.
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.
(OYKL)

10Q
I M P O R T A N T — I f it is desired to bid on a competitive basis, fill in rate 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 B i d " . If it is desired to bid on a fixedprice basis, fill in only the m a t u r i t y v a l u e 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 91 - D A Y TREASURY BILLS
Maturing A p r i l 27, 1944.

D a t e d January 27, 1944.

Dated at
T o FEDERAL RESERVE B A N K

OF N E W

,1944

YORK,

Fiscal Agent of the United States.
COMPETITIVE

FIXED-PRICE BID

BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
January 21, 1944, as issued by the Secretary
of the Treasury, the undersigned offers to pay
(Kate tier 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.

Pursuant to the provisions of

Treasury

Department Circular No. 418, as amended, and to
the provisions of the public notice on January 21,
1944, 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 January 27, 1944, and are to
mature on April 27, 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. 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

TENTB-708-a



by credit through

War Loan Deposit Account

will not be

permitted.

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

FEDERAL RESERVE B N OF N W Y R
AK
E
OK
Fiscal Agent of the United States
TREASURY DEPARTMENT
WASHINGTON
F R RELEASE, MORNING NEWSPAPERS,
O
Tuesday, January 25, 194-4.

Press Service
No. 4-0-43

The Secretary of the Treasury announced l a s t evening that the tenders
for U,000,000,000, or thereabouts, of 91-day Treasury b i l l s to be dated
January 27 and to mature April 27, 1944., which were offered on January 21,
were opened, at the Federal Reserve Banks on January 24*
The details of this issue are as f o l l o w s :
Total applied for - $2,290,465,000
Total accepted

-

1,015,849,000 (includes <#66,702,000
entered on • fixed-price basis at
»
:
99.905 and accepted in f u l l )

Average
price - 99,905+ Equivalent rate of discount approx, 0,374$
per annum
.Range of accepted competitive bids:
High

- 99.925 Equivalent rate o f discount approx. 0.297$
per annum

Low

- 99.905 Equivalent rate of discount approx. 0,316%
per annum

(32 percent of the amount bid for at the low price was accapted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco




Total

Total
Accepted

Total
Applied for
£ 140,556,000
>
1,371,181,000
80,171,000
45,353,000
31,270,000
24,660,000
323,573,000
66,490,000
44-, 4-59,000
22,627,000
24,470,000
115,655,000

$

£2,290,465,000

$1,015,849,000

-oOo-

63,444,000
527,310,000
40,119,000
37,159,000
23,450,000
2.1,192,000
126,698,000
29,005,000
20,659,000
17,502,000
19,156,000
90,155,000

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