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FEDERAL RESERVE OF NEW BANK YORK Fiscal Agent of the United States No. 26381 (Circular 11, 1943 J June Public Notice of Offering of $1,000,000,000, or thereabouts, of 92-Day Treasury Bills Dated June 16, 1943 Maturing September 16, 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 under competitive and fixed-price bidding. TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Friday, June 11, 1943. The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 92-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 June 16, 1943, and will mature September 16, 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, June 14, 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 by an express guaranty of payment by 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. T h e Secretary of the Treasury qxpressly 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. Subject to these reservations, tenders for $100,000 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 or completed at the Federal Reserve Bank in cash or other immediately available funds on June 16, 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 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 or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance c o m panies) 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, N e w Y o r k City) or at the Buffalo Branch of this bank ( 2 7 2 Main Street, Buffalo, N e w Y o r k ) up to two o'clock p.m., Eastern war time, on Monday, June 14, 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. Use a separate tender form for each bid. 9K No T E N D E R F O R 9 2 - D A Y T R E A S U R Y BILLS Dated June 16, 1943. Maturing September 16, 1943. Dated at T o THE FEDERAL RESERVE 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 June 11, 1943, as issued by the Secretary of the Treasury, the undersigned offers to pay * for a total amount of (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. Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public notice on June 11, 1943, 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 $100,000) (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 June 16, 1943, and are to mature on September 16, 1943. . This tender will be inserted in special envelope entitled "Tender for Treasury bills." IMPORTANT INSTRUCTIONS: 1. N o tender for less than $1,000 will be considered, and each tender must be f o r an even multiple of $1,000 (maturity value). A separate tender must be executed for 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 by him that he has been so authorized. If the tender is made by 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 m e m b e r of the firm." 3. T e n d e r s 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. T e n d e r s 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 a c c o m p a n i e d b y 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 the Treasury, is material, the tender may be disregarded. Payment by credit through War Loan Deposit t3r Account permitted. Fill in all required spaces before signing. Name of Bidder. By_ will not be (Please print) (Official signature required) (Title) Street Address City, T o w n or Village, and State. If this tender is submitted for the account of a customer, indicate the customer's name on line below: Name of Customer City, T o w n or Village, and State Use a separate tender for each customer's bid. * Price must be expressed on the basis of 100, with not more three decimal places. Fractions may not be used. than (OVEK) FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Tuesday, June 15, 194-3« Press Service The Secretary of ,the Treasury announced last evening that the tenders for §1,000,000,000, or thereabouts, of 92-day Treasury bills to be dated June 16 and to mature September 16, 19-43, which were offered on June 11, 1943* were opened at the Federal Reserve Banks on June 14. The details of this issue are as follows: Total applied for - $1,405,213-,000 Total accepted - 1,000,540,000 (Includes $79,106,000 entered on a fixed-price basis at 99.905 and accepted in full) Range of accepted bids: High Low - 99.910 Equivalent rate of discount approx. 0.352$ per annum - 99.904 Equivalent rate of discount approx» 0«376^ per annum .average price - 99.905 Equivalent rate of discount approx. 0.374% per annum (61 percent of the amount bid for at the lav/ price was accepted) Federal Reserve Bank Bank Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Total Applied for $ 42,563,000 847,065,000 54,523,000 50,887,000 30,484,000 22,195,000 173,054,000 46,349,000 7,746,000 26,472,000 23,485,000 79,89^,000 $1,405,213,000 -o0c~ Total accepted $ 35,309,000 535,584,000 44,517,000 44,823,000 26,620,000 21,809,000 128,848,000 30,754,000 7,333,000 24,149,000 23,068,000 77,726,000 $1,000,540,000 FEDERAL RESERVE OF NEW BANK YORK June 11, 1943. To all Bunking Institutions in the Second Federal Reserve District: We are pleased to announce that The Farmers Bank of Springville, Erie County, N. Y., Springville, New York, has become a member of the Federal Reserve System effective June 11, 1943. ALLAN SPROUL, President.