View PDF

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

F E D E R A L R E S E R V E BANK O F N E W

YORK

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

[

Ci M^h N 2°'

m512 ]

Public Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated March 8, 1945

Maturing June 7, 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 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 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, March 2, 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 March 8, 1945, and will mature June 7, 1945, when the face amount will be payable without interest.
T h e y 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, t w o o'clock p.m., Eastern
war time, Monday, March 5, 1945. Tenders will not be received at the Treasury Department, Washington. Each tender
must be tor 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 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
lace 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 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 whole or in part, and his action in any such respect shall be final. Subject
to these reservations, tenders for $200,000 or less f r o m 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
o r other immediately available funds on March 8, 1945.
T h e income derived f r o m Treasury bills, whether interest o r 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 A c t s now 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 f r o m all taxation now o r hereafter imposed on 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. 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 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 subsenuent
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 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 w i l l b e 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
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 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 , M a r c h 5, 1945. I t is requested that t e n d e r s b e submitted
o n special f o r m p r i n t e d on 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 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.

(Extract
from
Treasury
Department
statement
released
for
results
after
tenders
were
opened
for Treasury
bills dated
T o t a l applied f o r .. . $2,065,776,000
T o t a l accepted

$1,314,147,000 (includes $59,003,000
entered on a fixed-price basis at
99.905 and accepted in full)

A v e r a g e price . . 99.905+

Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids:
High

99.908

Equivalent rate of discount
approx. 0.364% per annum

L

99.905

Equivalent rate of discount
approx. 0.376% per annum

o w

(58 percent of the amount bid for at the l o w price
was accepted)




publication
March
1,

February
27, 1945,
1945 maturing
May

Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

announcing
31,
1945)
Total
Accepted

Total
Applied for
$

-

35.135,000
1,484,581,000
33,305,000
23,697,000
23,000,000
7.705.000
282,178.000
7,170,000
3.490,000
19.721.000
15,849,000
129.945,000

$2,065,776,000

$

25,601 000
917,161,000
22,385 000
21.597',000
18.246.000
7.705,000
172.873.000
6.120.000
3.480.000
19.091.000
14.043.000
85.845,000

$1,314,147,000
(cmn)

12W

IMPORTANT — If it is desired to bid on a competitive basis, fill in rate per 100 and
maturity value in paragraph beaded "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

Maturing June 7, 1945.

Dated March 8, 1945.

Dated at
To

FEDERAL RESERVE B A N K

OF N E W

.1945

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
March 2, 1945, 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 March
2, 1945, 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 $200,000)

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 March 8, 1945, and are to mature
on June 7, 1945.
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, 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 less than $1,000 will be considered, and each tender must b e 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 o f
Treasury, is material, the tender may be disregarded.

Payment
TENTB-766-a




by credit through

War Loan Deposit

Account

will not be

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

the Secretary of

the

permitted.
(OVE

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