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FEDERAL RESERVE BANK OF NEW YORK
F sc l Agent of the United States
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{SSSKS? 1

Offering of $1,200,000,000 of 91-Day Treasury Bills
Dated Decem ber 27, 1951

Maturing March 27, 1952

T o all Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal R eserv e D istrict:

Following i the t of a n i e published today:
s
ext
ot c
F O R R E L E A S E , M O R N IN G N E W S P A P E R S ,
T u e s d a y , D e ce m b e r 18, 1951.

TREASURY DEPARTM ENT
W a s h in g to n

T h e S ecreta ry o f the T rea su ry , b y this p u b lic n otice, invites ten ders fo r $1,200,000,000, o r th ereabouts, o f 9 1-d ay T rea su ry
bills, fo r cash and in exch a n ge fo r T rea su ry bills m aturing D e ce m b e r 27, 1951, in the a m ou n t o f $1,200,936,000, to be issued on
a d isco u n t basis u n d er com p etitive and n on -co m p e titiv e b id d in g as h erein a fter p rov id ed . T h e bills o f this series w ill be dated
D e c e m b e r 27, 1951, and w ill m ature M a rch 27, 1952, w h en the fa ce a m ou n t w ill be pa ya b le w ith ou t interest. T h e y w ill be
issued in b ea rer fo r m o n ly , and in den om in a tion s o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m a tu rity v a lu e ).
T e n d e rs w ill be receiv ed at F ed eral R e serv e B anks and B ra n ch es up t o the clo s in g h our, tw o o ’ c lo ck p.m ., E astern
S tandard tim e, F rida y, D e ce m b e r 21, 1951. T en d ers w ill n ot be received at the T r e a s u ry D epa rtm en t, W a s h in g to n . E a ch
ten der m u st be fo r an even m u ltiple o f $1,000, and in the case o f com p etitiv e ten ders the p rice o ffe re d m u st be exp ressed o n
the basis o f 100, w ith n o t m ore than th ree decim a ls, e.g., 99.925. F ra ction s m a y n ot be used. It is u rg ed th at ten ders be
m ade o n th e printed fo rm s and forw a rd ed in th e special en velop es w h ich w ill be supplied b y F ed eral R e serv e B anks o r
B ran ch es o n a pp lica tion th erefor.
O th e rs than b ank in g institutions w ill n ot b e perm itted to subm it ten ders e x cep t fo r their ow n a ccou n t. T e n d e rs w ill be
receiv ed w ith ou t dep osit fr o m in corp ora ted banks and trust com p a n ies and fr o m resp on sib le and recog n ized dealers in in vest­
m en t securities. T e n d e rs fr o m oth ers m u st be a ccom p a n ied b y paym ent o f 2 p ercen t o f the fa ce a m ou n t o f T r e a s u ry bills
applied for, unless th e ten ders are a ccom p a n ied b y an exp ress gu a ra n ty o f paym ent b y an in corp ora ted bank o r trust com p a n y .
Im m ed ia tely a fter th e clo s in g h ou r, ten ders w ill be op en ed at the F ed eral R eserve Banks and B ranches, fo llo w in g w hich
pu blic an n ou n cem en t w ill be m ade b y the S ecreta ry o f the T rea su ry o f the a m ou n t and price ran ge o f a ccep ted bids. T h o s e
su b m ittin g ten ders w ill be advised o f the a ccep ta n ce o r re je ctio n th ereof. T h e S ecreta ry o f the T rea su ry exp ressly reserves
th e righ t to a cce p t o r re ject any o r all tenders, in w h o le o r in part, and his a ction in a n y such resp ect shall be final. S u b ject
t o th ese reservations, n on -co m p e titiv e tenders fo r $200,000 o r less w ith ou t stated p rice fr o m a n y on e b idd er w ill be a ccep ted
in fu ll at the a vera ge p rice (in th ree d ecim a ls) o f a ccep ted com p etitive bids. S ettlem ent fo r a ccep ted tenders in a ccord a n ce
w ith the bids m ust be m ade or com p le te d at the F ed eral R es e rv e B ank on D e ce m b e r 27, 1951, in cash or oth er im m ediately
available fu n ds o r in a like fa ce a m ou n t o f T rea su ry b ills m atu rin g D e ce m b e r 27, 1951. Cash and exch a n ge ten ders w ill receiv e
equal treatm ent. C ash a dju stm en ts w ill b e m ade fo r d ifferen ces betw een the par va lu e o f m a tu rin g bills a cce p te d in exch a n ge
and th e issue p r ice o f th e n ew bills.
T h e in co m e derived fr o m T r e a s u ry bills, w h eth er interest o r gain fr o m th e sale or oth er d isp osition o f the bills, shall
n o t h av e a n y exem ption , as such, and loss fr o m th e sale o r oth er d isp osition o f T r e a s u ry bills shall n ot have a n y special
treatm ent, as such, under the In tern al R even u e C od e, o r law s a m en d a tory o r sup plem entary th ereto. T h e bills shall be
s u b je ct to estate, inheritance, gift, o r oth er excise taxes, w h eth er F ed era l or State, but shall b e exem p t fr o m all taxation
n o w o r hereafter im p osed on th e prin cip a l o r in terest th ereof b y a n y State, o r a n y o f the p ossession s o f th e U n ited States,
o r b y a n y lo ca l ta x in g authority. F o r pu rposes o f ta xation the am ou nt o f d iscou n t at w h ich T r e a s u ry bills are originally
so ld b y th e U n ited States shall b e co n sid e re d t o b e interest. U n d er S ection s 42 and 1 1 7 (a )(1 ) o f the In tern al R even u e
C ode, as a m en ded b y S ection 115 o f th e R even u e A c t o f 1941, the a m ou n t o f d iscou n t at w h ich bills issued hereun der are
so ld shall n o t be co n sid ered t o a ccru e u ntil such bills shall be sold , red eem ed o r oth erw ise disp osed o f, and such bills are
e xclu ded fro m con sid era tion as capital assets. A c c o r d in g ly , the o w n e r o f T rea su ry bills (o th e r than life insurance com p a n ies)
issued hereun der need in clude in his in co m e ta x return o n ly the differen ce b etw een the p rice paid fo r such bills, w hether
o n o rigin a l issue o r o n subsequen t pu rch ase, and the a m ou n t actu ally receiv ed either u p on sale or red em ption at m aturity
d u rin g th e ta x ab le yea r fo r w h ich th e return is m ade, as ord in a ry gain o r loss.
T r e a s u ry D ep a rtm en t C ircu lar N o . 418, as am en ded, and this n otice, p rescrib e the term s o f th e T r e a s u ry bills and go v e rn
th e co n d itio n s o f th eir issue. C op ies o f th e circu la r m ay be obtain ed fr o m a n y F ed era l R e serv e B ank o r B ranch.

This Bank w l rece v tenders up t 2 p m , Eastern Standard t m , Friday, December 2 , 1951, a the S c r t e
il
ie
o ..
ie
1
t
euiis
Department of is Head O f c and a is Buffalo Branch. Please use the form on the reverse s d of t i c r u a t
t
fie
t t
ie
hs i c l r o
submit a te d r and return i i an envelope marked “Tender for Treasury B l s ” Payment for the Treasury bills
ne,
t n
il.
cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other
immediately available funds or in maturing Treasury bills.
A l l a n S p r o u l , President.
(CLOSING D A Y FOR RECEIPT OF TENDERS IS F R ID A Y , D E C EM B ER 2 1 , 1 9 5 1 )




RESULTS OF BIDDING FOR TREASURY BILLS
DATED DECEMBER 20, 1951 WERE N O T A VAIL­
ABLE W H EN THIS CIRCULAR WAS PRINTED.
( oveb)

26N
IM PORTANT— Please note that tenders for this issue must be received not later than
2 p.m., Eastern Standard time, Friday, December 21, 1951.
IM PORTANT— If you desire to bid on a c o m p e titiv e basis, fill in rate per 100 and maturity
value in paragraph headed "Competitive Bid.” If you desire to bid on a n o n -co m p e titiv e
basis, fill in only the maturity value in paragraph headed "Non-competitive Bid.” DO
N O T fill in b o th para grap h s on on e fo r m . A separate tender must be used for each bid,
except that banks submitting bids on a competitive basis for their own and their customers*
accounts may submit one tender for the total amount bid at each price, provided a list is
attached showing the name o f each bidder, the amount bid for his account, and method
o f payment. Forms for this purpose will be furnished upon request.

No...........

TENDER FOR 91-DAY TREASURY BILLS
Dated December 27, 1951

To

Maturing March 27, 1952

Dated a
t

F ed era l R eserve B an k o f N ew Y ork ,

F sc l Agent of the United S a e .
i a
tts
1951

COMPETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and t
o
the provisions of the public notice on December
1 , 1951, as issued by the Secretary of th Treas­
8
e
u y, the undersigned offers............. *
r

Pursuant t the provisions of Treasury
o
Department Circular No. 418, as amended, and t
o
the provisions of the public notice on December
1 , 1951, as issued by the Secretary of the Treas­
8
ury, the undersigned o fe s a non-competitive
f r
tender for a t t l amount of $............
oa

(Rate per 100)

for a t t l amount of $.................
oa
(maturity value) of the Treasury b l s the i
il
re n
des r e , or for any l s amount t a may be
c ib d
es
ht
awarded, settlement therefor t be made a your
o
t
Bank, on the date s a e i the public n t c , as
ttd n
oie
i dicated below:
n
□ By surrender of maturing Treasury b l s
il
amounting to....... $________________
□_Bycash or other immediately a a l b e funds
vial

(Not to exceed $200,000)

(maturity value) of the Treasury b l s t e e n
il h r i
de c i e , a the average p i e ( n three d c ­
srbd t
rc i
ei
mals) of accepted competitive b d , s t l m n
is e t e e t
therefor t be made a your Bank, on the d t
o
t
ae
s a e i t e pu l c n t c , as i d
ttd n h
b i oie
n icated below:
□ By surrender of maturing Treasury b l s
il
amounting to....... $________________
Q By ^ or other immediately a a l b e funds
vial

*P rice must be exp ressed on the basis o f 100, with not
m ore than three decimal places, f o r exam ple, 99.925.

The Treasury b l s for which tender i hereby made are t be dated December 2 , 1951, and are t
il
s
o
7
o
mature on March 27, 1 5 .
92
This tender will be inserted in special envelope marked “Tender for Treasury Bills.”
N am e o f B id d er
B y .........

(Please print)

(Official signature required)

S treet A d d re s s

(Title)

........................................

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

If this tender is submitted by a bank 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)

IM PORTANT INSTRUCTIONS:
1. N o ten d er fo r less than $1,000 w ill b e con sid ered , and each ten der m u st be f o r an even m u ltiple o f $1,000
(m a tu rity v a lu e ).
2. I f th e p erson m a k in g th e ten der is a co rp o ra tio n , the ten d er sh ou ld be sig n ed b y an officer o f th e c o rp o ra ­
tion a u th orized t o m ake th e tender, and th e s ig n in g o f the ten der b y an officer o f th e co rp o ra tio n w ill b e con stru ed as a
rep resen tation b y h im th at he has b een s o auth orized. I f th e ten der is m a d e b y a partnersh ip, it sh ou ld be sign ed b y a
m e m b e r o f the firm , w h o sh ou ld sign in th e fo r m “ ................................................................................................ , a cop artn ersh ip , b y
...................................................... ............................................................... , a m e m b e r o f the firm .”
3. T e n d e rs w ill be receiv ed w ith ou t d ep osit fr o m in corp ora ted banks and trust com p a n ies and fr o m r e s p o n ­
sible a n d re co g n iz e d d ea lers in in vestm en t securities. T en d ers fr o m oth ers m u st be a ccom p a n ied b y p a y m en t o f 2 percen t
o f th e fa ce a m ou n t o f T r e a s u ry bills applied fo r, unless th e ten ders are a cco m p a n ie d b y an exp ress gu aranty o f paym ent
b y an in co rp o ra te d b a n k or tru st com p a n y .
4. I f th e la n g u a ge o f this ten der is ch a n g e d in a n y respect, w hich, in the o p in io n o f the S ecreta ry o f the
T re a su ry , is m aterial, th e ten der m a y be disregarded.

P a y m en t b y c r e d it th r o u g h T r e a s u ry T a x and L oan A c c o u n t w ill n o t b e p erm itted .

T E N T B — 1121-a


( over)

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