Full text of Federal Reserve Bank of New York Circulars : 2893. Public Notice of Offering of $1,300,000,000, or Thereabouts, of 91-Day Treasury Bills

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK OF NEW YORK
r Circular N o . 2 8 9 3 1
L January 19, 1945 J

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

Public Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated January 25, 1945

Maturing April 26, 1945

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 t o a n e w o f f e r i n g o f T r e a s u r y
bills payable a t maturity w i t h o u t interest t o b e sold o n a d i s c o u n t basis 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,
Friday, January 19, 1945.

TREASURY DEPARTMENT
Washington

T h e Secretary of the Treasury, by this public notice, invites tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and fixed-price bidding as hereinafter provided. T h e bills of this
series will be dated January 25, 1945, and will mature April 26, 1945, 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'clock p.m., Eastern
war time, Monday, January 22, 1945. 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 b y Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from 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 b y payment of 2 percent of the
face amount *of Treasury bills applied for, unless the tenders are accompanied b y an express guaranty of payment b y an
incorporated bank o r 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. T h e 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 $200,000 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 25, 1945.
T h e income derived from Treasury bills, whether interest o r gain from the sale o r other disposition of the bills, shall
not have any exemption, as such, and loss f r o m the sale o r other disposition of Treasury bills shall not have any special
treatment, as such, under Federal tax Acts n o w or hereafter enacted. T h e bills shall be subject to estate, inheritance, gift,
or other excise taxes, whether Federal o r State, but shall be exempt from all taxation n o w o r hereafter imposed o n the
principal or interest thereof b y any State, o r any of the possessions of the United States, o r by 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 b e
considered to be interest. Under Sections 42 and 117 ( a ) ( 1 ) of the Internal Revenue 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 to 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. 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 f o r such bills, whether on original issue or on subsequent
purchase, and the amount actually received either upon sale o r redemption at maturity during the taxable year for which
the return is made, as 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 may be obtained f r o m any Federal Reserve Bank o r 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
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 the B u f f a l o
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 time, o n M o n d a y , J a n u a r y
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
fact that payment for the Treasury
bills cannot be made by credit
be made in cash or other immediately
available
funds.

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 o f this b a n k ( 9 t h
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 . ,
2 2 . 1945. I t is r e q u e s t e d that tenders b e submitted
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
through the War Loan Deposit
Account.
Payment
must
A L L A N SPROUL,

(Extract
from Treasury
Department
statement
results after tenders were opened for Treasury
Total applied f o r .. . $2,197,862,000
Total accepted

$1,302,234,000 (includes $73,032,000
entered on a fixed-price basis at
99.905 and accepted in full)

Average price . . 99.905+

Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids:
High

99.915

Equivalent rate of discount
approx. 0.336% per annum

Low

99.905

Equivalent rate of discount
approx. 0.376% per annum

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




released for publication
January 16, 1945,
bills dated January 18, 1945 maturing
April
Federal Reserve
District
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

President.

announcing
19,
1945)

Total
Applied for
$

31,675,000
1,456,482,000
52,610,000
20,335,000
17,302.000
24,990,000
338,730,000
22,740,000
29,690,000
42,828,000
23,370,000
137,110,000

Total
Accepted
$

19,531,000
822,042,000
36,050,000
19,093,000
15,867,000
19,700,000
188,931,000
15.012,000
18,180,000
40,018,000
19,000,000
88,810,000

$1,302,234,000

(OVER)

12Q
I M P O R T A N T — 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 fixedprice 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..
TENDER FOR 9 1 - D A Y T R E A S U R Y BILLS
Maturing A p r i l 26, 1945.

Dated January 25, 1945.

Dated at
To

FEDERAL RESERVE B A N K

OF N E W

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

-1945

YORK,

States.
FIXED-PRICE

BID

Pursuant

Pursuant to the p r o v i s i o n s of T r e a s u r y
D e p a r t m e n t Circular N o . 418, as amended, and
to the p r o v i s i o n s
of
the public notice on
January 19, 1945, as issued b y the Secretary
of the T r e a s u r y , the undersigned o f f e r s to pay
(Rate per 100)

to

BID

the provisions

of

Treasury

Department Circular N o . 418, as amended, and t o
the p r o v i s i o n s of

the public notice on

January

19, 1945, as issued by the Secretary of the T r e a s u r y , the undersigned o f f e r s to pay a fixed-price

* f o r a total a m o u n t of

o f 99.905
$

$
(maturity v a l u e )
o f the T r e a s u r y bills therein described, o r f o r
a n y less a m o u n t that m a y be a w a r d e d , payment
t h e r e f o r to be made at y o u r bank in cash o r other
immediately available f u n d s o n the date stated
in the public notice.

(rate per 1 0 0 ) f o r a total a m o u n t
(maturity

(Not to exceed $200,000)

of

value)

o f the T r e a s u r y bills therein described, payment
t h e r e f o r to be m a d e at y o u r bank in cash o r other
immediately

available

f u n d s o n the date

stated

in the public notice.

T h e T r e a s u r y bills f o r w h i c h tender is hereby m a d e
are to be dated January 25, 1945, and are to mature
o n A p r i l 2 6 , 1945.
This tender will be inserted in special envelope

e

ititled "Tender

Name of Bidder
By

for

Treasury

bills."

(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:

(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 for les^v, 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
Treasury, is material, the tender may be disregarded.
Payment


http://fraser.stlouisfed.org/
TENTB-760-a
Federal Reserve Bank of St. Louis

by credit through

War Loan Deposit

Account

will not be

the Secretary of

the

permitted.

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