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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1823 March 4, 1938 Public notice of offering of two series of Treasury bills to the aggregate amount of $100,000,000, or thereabouts. Dated March 9, 1938. One series of $50,000,000, or thereabouts, of 91-day bills maturing on June 8, 1938, and the other series of $50,000,000, or thereabouts, of 99-day bills maturing on June 16, 1938. Bidders will be required to specify the particular series for which each tender is made. Any tender which does not specifically refer to a particular series will be subject to rejection. To all Incorporated Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: Following is the text of a notice today made public by the Treasury Department with respect to a new offering of two series of Treasury bills payable at maturity without interest to be sold on a discount basis to the highest bidders. S T A T E M E N T BY SECKETAEY M O R G E N T H A U The Secretary of the Treasury gives notice that tenders are invited for two series of Treasury bills to the aggregate amount of $100,000,000, or thereabouts. One series will be 91-day bills and the other series will be 99-day bills. Both series will be sold on a discount basis to the highest bidders. Tenders will be received a t the Federal Reserve Banks, or the branches thereof, u p to two o'clock p.m., Eastern Standard time, on Monday, March 7, 1938. Tenders will not be received a t the Treasury Department, Washington. The Treasury bills will, as stated, be issued i n two series, $50,000,000, or thereabouts, maturing on J u n e 8, 1938, a n d $50,000,000, or thereabouts, maturing on J u n e 16, 1938; both series to be dated March 9, 1938. Bidders will be required to specify the particular series for which each tender is made. The face amount of the bills of each series will be payable without interest on their respective maturity dates. The bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). I t is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal Reserve Banks or branches upon application therefor. No tender for a n amount less than $1,000 will be considered. Each tender must be i n multiples of $1,000. The price offered must be expressed on the basis of 100, with not more than three decimal places, e.g., 99.125. Fractions must not be used. /•"•*v Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible a n d recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent 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. Immediately after the closing hour for receipt of tenders on March 7, 1938, all tenders received at the Federal Reserve Banks or branches thereof up to the closing hour will be opened and public announcement of the acceptable prices for each series will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders, and to allot less than the amount applied for, and his action in any such respect shall be final. Any tender which does not specifically refer to a particular series will be subject to rejection. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve Banks in cash or other immediately available funds on March 9, 1938, provided, however, any qualified depositary will be permitted to make payment by credit for Treasury bills maturing June 16, 1938, allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its district. The Treasury bills will be exempt, as to principal and interest, and any gain from the sale or other disposition thereof will also be exempt, from all taxation, except estate and inheritance taxes. (Attention is invited to Treasury Decision 4550, ruling that Treasury bills are not exempt from the gift tax.) No loss from the sale or other disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions. 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 or branch thereof. In accordance with the above announcement tenders will be received at the Securities Department of this bank (2nd floor, 33 Liberty Street, New York City) or at the Buffalo Branch of this bank (272 Main Street, Buffalo, New York) until two o'clock p.m., Eastern Standard time, on Monday, March 7, 1938. It is requested that tenders be submitted on special form for each series and forwarded in special envelope enclosed herewith. Bids for both series may be enclosed in a single envelope. Attention is invited to the fact that payment for Treasury bills maturing June 8, 1938, cannot be made by credit through the War Loan Deposit Account. Payment on that series must be made in cash or other immediately available funds. However, any qualified depositary will be permitted to make payment by credit for Treasury bills maturing June 16,1938, allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits. GEOKGE L. HARBISON, President. No TENDER FOR 91-DAY TREASURY BILLS Dated March 9, 1938. Maturing June 8, 1938. Dated at To THE FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York City, N. Y. Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public announcement on March 4, 1938, as issued by the Secretary of the Treasury, the undersigned offers to pay * for a total amount (Rate per 100) of $ (maturity value) of the Treasury bills therein described, or for any less amount that may be allotted, payment therefor to be made at your bank in cash or other immediately available funds on the date stated in the public announcement. The Treasury bills for which tender is hereby made are to be dated March 9, 1938, and are to mature on June 8, 1938. This tender will be inserted in special envelope entitled "Tender for Treasury bills." IMPORTANT INSTRUCTIONS: 1. No tender for less than $1,000 will be considered, and each tender must be for an amount in multiples of $1,000 (maturity value). Also, if more than one price is offered, a separate form must be executed at each price. 2. If the person making the tender is a corporation, the form should be signed by an officer of the corporation authorized to make the tender, and the signing of the form 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 " ,a copartnership, by , a member of the firm." 3. Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent 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 form is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. Payment by credit through War Loan Deposit Account will not be permitted. Before signing fill in all required spaces. Bank or Trust Company Post Office Address. State Official signature required. SPACES BELOW ARE FOR THE USE OF THE FEDERAL RESERVE BANK Examined Carded Allotment Received Ledger Classified Figured Checked Checked Advised Recorded Acknowledged Disposition Method of Payment Window Amount Custody TENTB-397-& * Price should be expressed on the basis of 100, with not more than ihree decimal places, e. g., 99.125. Fractions must not be used. Date Released Mail By Other Departments No TENDER FOR 99-DAY TREASURY BILLS Dated March 9, 1938. Maturing June 16, 1938. Dated at To THE FEDERAL EESERVE BANK OF NEW YORK, 1938 Fiscal Agent of the United States, New York City, N. Y. Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public announcement on March 4, 1938, as issued by the Secretary of the Treasury, the undersigned offers to pay * for a total amount (Rate per 100) of $ (maturity value) of the Treasury bills therein described, or for any less amount that may be allotted, payment therefor to be made at your bank on the date stated in the public announcement, as indicated below: By cash or other immediately available funds • By credit n The Treasury bills for which tender is hereby made are to be dated March 9, 1938, and are to mature on June 16, 1938. This tender will he inserted in special envelope entitled "Tender for Treasury bills." IMPORTANT INSTRUCTIONS: 1. No tender for less than $1,000 will be considered, and each tender must be for an amount in multiples of $1,000 (maturity value). Also, if more than one price is offered, a separate form must be executed at each price. 2. If the person making the tender is a corporation, the form should be signed by an officer of the corporation authorized to make the tender, and the signing of the form 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 " ,a copartnership, by , a member of the firm." 3. Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent 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. Any qualified depositary will be permitted to make payment by credit for Treasury bills maturing June 16, 1938, allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits. 5. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. Before signing fill in all required spaces. Bank or Trust Company Post Office Address. State Official signature required. SPACES BELOW ARE FOR THE USE OF THE FEDERAL RESERVE BANK Examined Carded Allotment Received Classified Figured Checked Ledger Checked Advised Recorded Acknowledged Disposition Method of Payment Window Amount Custody TENTB-398-6 • Price should be expressed on the basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used. Date Released Mail By Other Departments
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