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FEDERAL RESERVE BANK OF NEW YORK

r Circuar No. 2811
L
June 30, 1944

Fiscal A g e n t o f the U n i t e d States

J

Public Notice of Offering of $1,200,000,000, or thereabouts, of 91-Day Treasury Bills
Dated July 6, 1944

Maturing October 5, 1944

To all Incorporated, Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:
F o l l o w i n g is the t e x t o f a n o t i c e t o d a y m a d e p u b l i c b y the T r e a s u r y D e p a r t m e n t w i t h respect to a n e w o f f e r i n g of T r e a s u r y
b i l l s p a y a b l e at m a t u r i t y w i t h o u t interest t o b e s o l d o n a d i s c o u n t b a s i s u n d e r c o m p e t i t i v e a n d
fixed-price
bidding.
FOR RELEASE, MORNING NEWSPAPERS,
TREASURY DEPARTMENT
Friday, June 30, 1944.
Washington
The Secretary of the Treasury, by this public notice, invites tenders for $1,200,000,000, 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 July 6, 1944, and will mature October 5, 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, July 3, 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 July 6, 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.
I n a c c o r d a n c e w i t h the a b o v e a n n o u n c e m e n t t e n d e r s will be r e c e i v e d at the S e c u r i t i e s D e p a r t m e n t of this bank ( 9 t h
floor, 3 3 L i b e r t y S t r e e t ) N e w Y o r k 7, N . Y . , o r at t h e B u f f a l o B r a n c h o f this b a n k ( 2 7 0 M a i n S t r e e t ) B u f f a l o 5, N . Y . ,
u p t o t w o o ' c l o c k p . m . , E a s t e r n w a r t i m e , o n M o n d a y , J u l y 3, 1944. I t is r e q u e s t e d t h a t t e n d e r s b e s u b m i t t e d
o n special f o r m p r i n t e d o n r e v e r s e side a n d r e t u r n e d in special e n v e l o p e e n c l o s e d h e r e w i t h . 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,
(Extract
from Treasury
after tenders were

Department
statement
releaed
opened for Treasury
bills dated

Total applied for

$2,308,882,000

Total accepted

$1,207,842,000 (includes $52,912,000
entered on a fixed-price basis at
99.905 and accepted in full)

Average price . . . .

99.905+

E q u i v a l e n t ^ of discount
approx. 0.375% per annum

for publication
June 27, 1944, announcing
results
June 29, 1944 maturing September
28,1944)
Federal Reserve
District

Boston
New Y o r k
g S f f i f * .
Richmond

Range of accepted competitive bids:
99.910
Equivalent rate of discount
approx. 0.356% per annum

Atlanta
gicago ...............
Minneapolis . . . . . i . . . . .

Low

Kansas City
Dallas

99.905

Equivalent rate of discount
approx. 0.376% per annum

. (43 percent of the amount bid for at the low price
was accepted)




President.

San

F™ncisco
T q t a l

Total

Total

Applied for
$ 103,225,000
1,449,651,000

_Accepted
$ 52,666,000
711,501,000

23;i35;000

20;513;000

15,102,000
396 632 000
23,995,000

12,458,000
182 213 000
IS^OOO

20,498,000
13,256,000

15,226,000
13,256,000

116,820,000

77,490,000

$2,308,882,000

$1,207,842,000
(OVER)

UN
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

T E N D E R FOR 91-DAY TREASURY BILLS
Dated July 6, 1944.

Maturing October 5, 1944.
Dated at

T o FEDERAL RESERVE B A N K OF N E W Y O R K ,

1944

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
June 30, 1944, 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 June 30,
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

(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.

$

(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.

T h e Treasury bills for which tender is hereby made are to be dated July 6, 1944, and are to mature
on October 5, 1944.
This tender will be inserted in special envelope
Name of
By . . . .

entitled "Tender

Bidder.

for Treasury

bills.'

(Please print)
(Title)

(Official signature required)

Street A d d r e s s

(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:

(Name of Customer)

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

Use a separate tender for each customer's bid.

IMPORTANT INSTRUCTIONS:
1. N o tender f o r less than $1,000 will be considered, and each
$1,000 (maturity value). A separate tender must be executed f o r each bid.
2. If the person making the
authorized to make the tender, and the
resentation by him that he has been so
ber of the firm, who should sign in the

tender must be f o r

an even

multiple

of

tender is a corporation, the tender should be signed by an officer of the corporation
signing of the tender by an officer of the corporation will be construed as a repauthorized. If the tender is made by a partnership, it should be signed by a m e m form "
a copartnership, by
a member of the firm."

3. 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 payment of
2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty
o f payment by an incorporated bank o r 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.

http://fraser.stlouisfed.org/
TENTB-731-a
Federal Reserve Bank of St. Louis

* Price

must be expressed on the basis of 100, with not more
three decimal places. Fractions may not be used.

than
(OVER)

FEDERAL RESERVE
OF NEW

BANK

YORK

June 30, 1944.

Semiannual Dividend

GENTLEMEN :

The board of directors of Federal Reserve Bank of New York has
declared a dividend for the six-month period ending June 30, 1944, at
the rate of six per centum per annum on the paid-in capital stock of
the bank, payable June 30, 1944, to stockholders as shown by the books
of the bank at the close of business on that date.
Payment of $

, the amount of such dividend due you, is

being made at the close of business today by credit to your reserve
account.




Very truly yours,

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