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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States [Circular No. 26141 L April 23, 1943 J Public Notice of Offering of $900,000,000, or thereabouts, of 91-Day Treasury Bills Dated April 28, 1943 Maturing July 28, 1943 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 Treasury bills payable at maturity without interest to be sold on a discount basis to the highest bidders. TREASURY DEPARTMENT Washington FOR RELEASE, MORNING Friday, April 23, 1943. NEWSPAPERS, The Secretary of the Treasury, b y this public notice, invites tenders for $900,000,000, or thereabouts, of 91-day Treasury bills, t o be issued on a discount basis under competitive bidding. The bills of this series will be dated April 28, 1943, andj will mature July 28, 1943, when the face amount will be payable without interest. They 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, two o'clock p. m., Eastern War time, Monday, April 26, 1943. 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 by Federal Reserve Banks or Branches on application therefor. 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 b y an express guaranty of payment b y 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 by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The 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. Payment of accepted tenders at the prices offered must be made or completed at the Federal Reserve Bank in cash or other immediately available funds on April 28, 1943. 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 from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under Federal tax Acts now or hereafter enacted. The 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 hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by 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 Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered t o 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 subsequent 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 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. In accordance with the above announcement tenders will be received at the Securities Department of this bank (9th floor, 33 Liberty Street, New York City) or at the Buffalo Branch of this bank (272 Main Street, Buffalo, New York) up to two o'clock p.m., Eastern war time, on Monday, April 26, 1943. It is requested that tenders be submitted on special form printed on reverse side and returned in special envelope enclosed 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. (over) No... TENDER FOR 91-DAY TREASURY Dated April 28, 1943. BILLS Maturing July 28, 1943. Dated at To THE FEDERAL R E S E R V E B A N K OF N E W Y O R K , 1943 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 notice on April 23, Treasury, the undersigned offers to pay of S 1943, as issued by the Secretary of the * for a total amount (Rate per 100) (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. The Treasury bills for which tender is hereby made are to be dated April 28, 1943, and are to mature on July 28, 1943. This tender will be inserted in special envelope entitled " Tender for Treasury bills I M P O R T A N T INSTRUCTIONS: of $1,000 price. 1. N o tender for (maturity value). less than $1,000 will be considered, and each tender must be for an even Also, if more than one price is offered, a separate tender must be executed 2. If the person making the tender is a poration authorized to make the tender, and the construed as a representation by him that he has should be signed b y a member of the firm, who should copartnership, b y multiple at each corporation, the tender should be signed by an officer of the corsigning of the tender by an officer of the corporation will be been so authorized. If the tender is made- by a partnership, it sign in the form " , 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 of the Secretary of Treasury, is material, the tender may be disregarded. the Payment by credit through War Loan Deposit Account will not be permitted. Fill in all required spaces before signing. Name of Subscriber By (Please print) (Official signature required) (Title) Street Address City, Town or Village, and State * Price must be expressed on the basis of 100, with not more than three decimal places. Fractions may not be used. (OYIK) FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Tuesday, April 2 7 , 1943. Press Service The Secretary of the Treasury announced last evening that the tenders for $900,000,000, or thereabouts, of 91-day Treasury bills to be dated April 28 and to mature July 28, 194-3, which were offered on April 23, 194-3, were opened at the Federal Reserve Banks on April 26• The details of this issue are as follows: Total applied for -- $1,585,836,000 901,753,000 Total accepted Range of accepted bids: - 99.935 Equivalent rate of discount approx. 0.257% per annum Low - 99#905 Equivalent rate of discount approx. 0.376$ per annum Average - 99.906 Equivalent rate of discount approx. 0.372$ price per annum High (24- percent of the amount bid for at the low price was accepted.) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago S t . Louis Minneapolis Kansas City Dallas San Francisco Total Total Applied for $ 52,675,000 954-, 486,000 67,105,000 61,741,000 27,485,000 21,965,000 137,381,000 76,037,000 9,663,000 20,026,000 25,358,000 131,914,000 $1,585,836,000 •oOo— Total Accepted $ 38,178,000 414,249,000 42,466,000 52,030,000 27,250,000 18,146,000 96,706,000 30,437,000 9,556,000 17,803,000 24,826,000 130,106,000 $901,753,000 F E D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States April 24, 1943 SECOND W A R LOAN SUBSCRIPTIONS BY COMMERCIAL BANKS TO 2 Percent Treasury Bonds of 1950-52 Dated April 15, 1943 Due September 15, 1952 To each Bank in the Second Federal Reserve District Accepting Demand Deposits: W e send you herewith cash subscription Form No. 5 for your use in subscribing for your own account to 2 percent Treasury Bonds of 1950-52, dated April 15, 1943, due September 15, 1952. A s stated in Treasury Department Circular No. 709, dated April 12, 1943, which accompanied our Circular No. 2601, allotments to commercial banks (which are defined for this purpose as banks accepting demand deposits) for their own account will be limited to $2,000,000,000, or thereabouts. The books will be open on April 28, April 29 and April 30, 1943, for the receipt of subscriptions from such banks for their own account. Payment for bonds allotted to commercial banks must be made on May 10, 1943 at par and accrued interest f r o m April 15 to M a y 10, 1943. ALLAN SPROUL, President. (GREEN CODE) Application Number CASH SUBSCRIPTION FORM NO. 5 FOR OWN ACCOUNT BY BANK ACCEPTING DEMAND DEPOSITS 2% Treasury Bonds of 1950-52 Dated at Important Information 1943 1. Payment for securities allotted on this subscription must be made on May 10, 1943 at par and accrued interest from April 15, 1943 to May 10, 1943. One day's accrued interest is $0.05435 per $1,000. Accrued interest at such rate from April 15, 1943 to May 10, 1943 is $1.35875 per $1,000. On subscriptions for more than $1,000 and less than $25,000 one day's accrued interest may be calculated at $0.05 per $1,000. 2. Subject to the reservations set forth in Treasury Department Circular No. 709, subscriptions for $100,000 or less from banks accepting demand deposits will be allotted in full and larger subscriptions from such banks will be allotted on an equal percentage basis. 3. Subscriptions can be made only in multiples of $500. 4. The subscription books will be open April 28, April 29 and April 30, 1943 for the receipt of subscriptions for own account from banks accepting demand deposits. FEDERAL RESERVE B A N K OF N E W YORK, Fiscal Agent of the United States, Securities Department—1st Floor: DEAR SIRS: Pursuant to the provisions of Treasury Department Circular No. 709, dated April 12, 1943, please enter our subscription as follows for UNITED STATES OF AMERICA 2 PERCENT TREASURY BONDS OF 1950-52 DATED APRIL 15, 1943 DUE SEPTEMBER 15, 1952 DO N O T USE T H I S SPACE ALLOTMENT * For our own account $ $ Figured Checked Advised We agree: in consideration of the receipt by you of this subscription, to make payment in full for the entire amount which may be allotted on this subscription at par and accrued interest to May 10, 1943. Such payment will be made by the method indicated hereon. • • B y charge to our reserve account B y check TO S U B S C R I B E R : Mark ( X ) in proper space to indicate if this i s : Original subscription Confirmation of a t e l e g r a m . . Confirmation o f a letter • • • B y credit to War Loan Deposit Account S W Fill in all required spaces before signing. • (Name of Banking Institution) By. (Official signature) (Title) Address. (City, Town or Village, and State) * NOTE : Securities of this issue allotted to a qualified depositary f o r its own account may be paid f o r by credit to War Loan Deposit Account and may also be deposited with Federal Reserve Bank of New Y o r k as collateral security f o r such Account. S P A C E S B E L O W A R E F O R T H E U S E OF T H E F E D E R A L R E S E R V E SUBSCRIPTION RECORD BANK DISPOSITION PAYMENT BLOTTER EXAMINED FOR CLASSIFICATION D OWN ACCOUNT CHECKED CHECKED R/A EXAMINED CARDED B/C ACKNOWLEDGED C
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