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FEDERAL RESERVE BANK OF NEW YORK
r Circular No. 3 0 4 4 T
I December 24,1945 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 3, 1946

Maturing April 4, 1946

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 with r e s p e c t 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 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

FOR RELEASE, MORNING NEWSPAPERS,
Monday, December 24, 1945.

and

fixed-price

bidding.

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 3, 1946, and will mature April 4, 1946, 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
Standard Time, Friday, December 28, 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 f r o m incorporated banks and trust companies and from 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. 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 o r 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 o r completed at the Federal Reserve Bank in cash
or other immediately available funds on January 3, 1946.
T h e 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 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 now o r hereafter enacted. T h e bills shall be subject to estate, inheritance, gift,
o r other excise taxes, whether Federal or State, but shall b e exempt f r o m all taxation n o w o r hereafter imposed o n the
principal o r 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 by the United States shall b e
considered to be interest. Under Sections 42 and 117 ( a ) ( 1 ) of the Internal Revenue Code, as amended by 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. A c c o r d i n g l y , 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 o r on subsequent
purchase, and the amount actually received either upon sale o r redemption at maturity during the taxable year f o r 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 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 b e r e c e i v e d a t 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
floor.

(9th

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 . ,

up t o t w o o ' c l o c k p.m., Eastern Standard T i m e , o n Friday, D e c e m b e r 28, 1945.

I t i s r e q u e s t e d that t e n d e r s b e submitted

on 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 i n 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 .
bills cannot
mediately

be made
available

by credit

through

the War Loan

Deposit

Account.

Payment

must

Payment

be made

for the

in cash

Treasury

or other im-

funds.




ALLAN SPROUL,

President.

"Tl)

fy^H^

Tenders for this issue must reach the Federal Reserve Bank of New York or its Buffalo Branch not
later than 2 p.m., Eastern Standard time, Friday, December 28, 1945.

14N
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 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 F O R 9 1 - D A Y T R E A S U R Y BILLS
Dated January 3, 1946.

Maturing April 4, 1946.
Dated at

T o

FEDERAL RESERVE B A N K

OF N E W

1945

YORK,

Fiscal Agent of the United States.
COMPETITIVE BID

FIXED-PRICE

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
December 24, 1945, as issued by the Secretary of
the Treasury, the undersigned offers to pay
(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.

BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and to
the provisions of the public notice on December
24, 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
$

(Not to exceed $200,000)

(maturity value)

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 January 3, 1946, and are to mature
on April 4, 1946.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
Name of
By

Bidder.

(Please print)

(Title)

(Official signature required)

Street Address
(City, T o w n or Village, P. O. No., and State)

If this tender is submitted f o r the account of a customer, indicate the customer's name on line b e l o w :

(Name of Customer)

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

Use a separate tender f o r each customer's bid.

IMPORTANT INSTRUCTIONS:
1. N o tender f o r less 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 f o r each bid.
2. If the person making the tender is a corporation, the tender should be signed b y an officer of the c o r poration authorized to make the tender, and the signing of the tender b y an officer of the corporation will be construed
as a representation b y him that he has been so authorized. If the tender is made b y a partnership, it should be
signed b y a m e m b e r of the firm, w h o should sign in the f o r m "
copartnership, b y

a
. 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 of
payment b y 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 m a y be disregarded.

Payment by credit through War Loan Deposit Account will not be permitted.

http://fraser.stlouisfed.org/
TENTB-809-a
Federal Reserve Bank of St. Louis

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

A T T E N T I O N
DATING

OF UNITED

STATES

SAVINGS

BONDS

Past experience prompts us to bring to your attention the importance of changing the
year date in your office dating stamp from 1945 to 1946, at the turn of the year.
Extreme care should also be taken in inscribing the issue date on the bonds issued on or
after January 1, 1946.
Your precaution in these respects will avoi d to a great extent the necessity of recalling
a large number of bonds for reissue because of incorrect dating.
F E D E R A L R E S E R V E B A N K OF N E W Y O R K
December 31, 1945



Fiscal Agent of the United States

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