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F E D E R A L R E S E R V E BAN K O F N E W Y O R K
Fiscal Agent o f the United States

[ CioC obr 23,'i952 9 ]
c” e?

Offering of $1,500,000,000 of 91-Day Treasury Bills
Dated October 30, 1952

Maturing January 29 , 1953

To all Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve D istrict:

Following is the text o f a notice published today:
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 ,
Thursday, O ctober 23, 1952.

TREASURY DEPARTM ENT
W ashington

T h e Secretary of the Treasury, by this public notice, invites tenders for $1,500,000,000, or thereabouts, o f 91-day T reas­
ury bills, for cash and in exchange for Treasury bills maturing O ctober 30, 1952, in the amount o f $1,500,422,000, to be issued
on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills o f this series w ill be
dated O ctober 30, 1952, and will mature January 29, 1953, when the face amount will be payable without interest. Th ey w ill be
issued in bearer form only, and in denominations o f $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, tw o o ’clock p.m., Eastern
Standard time, M onday, O ctober 27, 1952. Tenders w ill not be received at the Treasury Department, W ashington. Each
tender must be for an even multiple o f $1,000, and in the case o f competitive tenders the price offered must be expressed on
the basis o f 100, with not m ore than three decimals, e.g., 99.925. Fractions m ay not be used. It is urged that tenders be
made on the printed form s and forwarded in the special envelopes which w ill be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions w ill not be permitted to submit tenders except for their own account. T enders w ill be
received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest­
ment securities. Tenders from others must be accom panied by payment o f 2 percent of the face amount o f Treasury bills
applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders w ill be opened at the Federal Reserve Banks and Branches, follow in g which
public announcement w ill be made by the Secretary o f the Treasury o f the amount and price range o f accepted bids. Th ose
submitting tenders will be advised o f the acceptance or rejection thereof. T he Secretary o f the Treasury expressly reserves
the right to accept or reject any or all tenders, in w hole or in part, and his action in any such respect shall be final. Subject
to these reservations, non-com petitive tenders for $200,000 or less without stated price from any one bidder w ill be accepted
in full at the average price (in three decimals) o f accepted competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank on O ctober 30, 1952, in cash or other immediately
available funds or in a like face amount o f Treasury bills maturing O ctober 30, 1952. Cash and exchange tenders w ill receive
equal treatment. Cash adjustments w ill be made for differences between the par value o f maturing bills accepted in exchange
and the issue price o f the new bills.
T h e incom e derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, shall not
have any exemption, as such, and loss from the sale or other disposition o f Treasury bills shall not have any special treat­
ment, as such, under the Internal Revenue Code, o r laws amendatory or supplementary thereto. T h e 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 here­
after imposed on the principal or interest thereof by any State, or any o f the possessions o f the United States, or by any local
taxing authority. F or purposes o f taxation the amount o f discount at which Treasury bills are originally sold b y the United
States shall be considered to be interest. Under Sections 42 and 1 1 7 (a )(1 ) o f the Internal Revenue Code, as amended by
Section 115 o f the Revenue A ct o f 1941, the amount o f 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. A ccordingly, the owner o f Treasury bills (other than life insurance companies) issued hereunder need in­
clude in his incom e tax return only the difference between the price paid for such bills, whether on original issue o r on sub­
sequent 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 o f the Treasury bills and govern
the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

This Bank will receive tenders up to 2 p.m., Eastern Standard time, Monday, October 27, 1952, at the Securities
Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side o f this circular to sub­
mit a tender, and return it in an envelope marked “ Tender for Treasury Bills.” Tenders may be submitted by telegraph,
subject to written confirmation; they may not be submitted by telephone. Payment fo r the Treasury bills cannot be made
by credit through the Treasury T ax 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.

Results o f last offering o f Treasury bills (91-day bills dated October 23, 1952, maturing January 22, 1953)
T otal applied for......... $2,408,430,000
T otal accep ted ..............$1,401,548,000 (includes $272,554,000
entered on a non-competitive basis
and accepted in full at the average
price shown below )
Average price.......

99.561+

Equivalent rate o f discount
approx. 1.735% per annum

Range o f accepted competitive bids:
H igh ...................... 99.570
Equivalent rate
approx. 1.701%
L ow ........................ 99.560
Equivalent rate
approx. 1.741%

o f discount
per annum
o f discount
per annum

(79 percent o f the amount bid for at the low
price was accepted)




Federal Reserve
District
Boston ............................ $
N ew Y ork ....................
Philadelphia ..................
Cleveland ......................
Richm ond ......................
Atlanta ..........................
Chicago ..........................
St. Louis ........................
Minneapolis ..................
Kansas City ..................
Dallas ............................
San Francisco ..............
T ota l

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

Total
Applied fo r
40,528,000
$
1,592,521,000
42,103,000
76,285,000
36,515,000
38,145,000
271,333,000
56,552,000
26,880,000
55,778,000
56,989,000
114,801,000
$2,408,430,000

Total
Accepted
25,005,000
869,443,000
25,293,000
49,284,000
18,400,000
23,504,000
157,342,000
45,716,000
15,510,000
42,566,000
41,294,000
88,191,000
$1,401,548,000
(

over)

28 F

IM PORTANT— I f you desire to bid on a competitive basis, fill in rate per 100 and maturity
value in paragraph headed "Competitive Bid.” I f you desire to bid on a non-competitive
basis, fill in only the maturity value in paragraph headed "Non-competitive Bid.” DO
N O T fill in both paragraphs on one form. A separate tender must be used fo r each bid,
except that banks submitting bids on a competitive basis fo r their own and their customers’
accounts may submit one tender fo r the total amount bid at each price, provided a list is
attached showing the name o f each bidder, the amount bid fo r his account, and method
o f payment. Forms fo r this purpose will be furnished upon request.
N o___________________

T E N D E R FOR 91 -D A Y T R E A SU R Y BILLS
Dated October 30, 1952
T o F e d e ra l R eserve B a n k o f N e w Y
F is ca l A gent o f the United States.

Maturing January 29, 1953
Dated at..

ork,

.1952

COMPETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions o f Treasury
Department Circular N o. 418, as amended, and
to the provisions o f the public notice on
October 23, 1952, as issued by the Secretary
of
the
Treasury,
the
undersigned
offers

Pursuant to the provisions o f Treasury D e­
partment Circular No. 418, as amended, and to the
provisions o f the public notice on October 23,
1952, as issued by the Secretary o f the Treasury,
the undersigned offers a non-competitive tender

................................................. * for a total amount o f

for a total amount o f $.................................................

(R a te per 100)

(N ot to exceed $200,000)

$....................................................... (maturity value)
o f the Treasury bills therein described, or for
any less amount that may be awarded, settlement
therefor to be made at your Bank, on the date
stated in the public notice, as indicated below:
□

B y surrender o f

(maturity value) o f the Treasury bills therein
described, at the average price (in three deci­
mals) o f accepted competitive bids, settlement
therefor to be made at your Bank, on the date
stated in the public notice, as indicated b e lo w :

maturing Treasury bills

□

By surrender o f maturing Treasury bills

amounting t o ..................... $----------------------------------

amounting t o ..................... $______________________

□

□

B y cash or other immediately available funds

By cash or other immediately available funds

*
Price must be expressed on the basis o f 100, with not
more than three decimal places, fo r example, 99.925.

The Treasury bills for which tender is hereby made are to be dated October 30, 1952, and are to mature
on January 29, 1953.
This tender will be inserted in special envelope marked “ Tender f o r Treasury B ills”
Name o f Bidder .......
By

(P lease p rin t)

(Official signature required)

(T itle)

Street Address ............................................
(C ity, T ow n or V illage, P.O. No., and State)
I f th is t e n d e r is s u b m it t e d b y a b a n k f o r t h e a c c o u n t o f a c u s t o m e r , in d ic a te t h e c u s t o m e r ’s n a m e o n lin e b e l o w :

(Name o f Custom er)

(C ity, T ow n or V illage, P.O. N o., and State)

IMPORTANT INSTRUCTIONS:
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f $1,000
(maturity value).
2. If the person making the tender is a corporation, the tender should be signed b y an officer o f the corpora­
tion authorized to make the tender, and the signing o f the tender by an officer o f the corporation w ill 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 o f the firm, w ho should sign in the form “ .............................................................................................. . a copartnership, by
............................................................................................................. . a member o f the firm.”
3. Tenders w ill be received without deposit from incorporated banks and trust companies and from respon­
sible and recognized dealers in investment securities. Tenders from others must be accom panied b y payment o f 2 percent
o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment
by an incorporated bank or trust company.
4. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the
Treasury, is material, the tender may be disregarded.


Payment b y credit through Treasury Tax and Loan Account -will not be permitted.
http://fraser.stlouisfed.org/
T EReserve Bank of St. Louis
N T B — 1165-a
Federal

(ovm)

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