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FEDERAL RESERVE
OF NEW

BANK

YORK

Fiscal Agent of the United States
f Circular No. 27651
I February 18. 1944 J

Public Notice of Offering of $1,000,000,000, or thereabouts, of
91-Day Treasury Bills
Dated February 24, 1944

Maturing May 25, 1944

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.
FOR RELEASE, MORNING
Friday, February 18, 1944.

NEWSPAPERS,

TREASURY DEPARTMENT
Washington

The Secretary of the Treasury, by this public notice, invites tenders for $1,000,000,000, or thereabouts,
of 91-day Treasury bills, to be issued on a discount basis under competitive and fixed-price bidding as hereinafter provided. The bills of this series will be dated February 24, 1944, and will mature May 25, 1944,
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, February 21, 1944. 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.
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. Subject to these reservations, tenders for $100,000
or less from 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 February 24, 1944.
The 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
Act 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 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 7, N. Y., or at the Buffalo Branch of this bank (270 Main
Street) Buffalo 5, N. Y., up to two o'clock p.m., Eastern war time, on Monday, February 21, 1944.
It is requested that tenders be submitted on special form printed on reverse side and returned in special
enclosed herewith.

1ope

'ntion is invited to the fact that payment for the Treasury bills cannot be made by credit through the
Deposit Account. Payment must be made in cash or other immediately available funds.



ALLAN

SPROUL,

President.
(OVER)

10U

IMPORTANT — 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
Maturing May 25, 1944.

Dated February 24, 1944.

Dated at.
To

F E D E R A L R E S E R V E B A N K OF N E W

.1944

YORK,

Fiscal Agent of the United States.
COMPETITIVE BID

FIXED-PRICE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
February 18, 1944, as issued by the Secretary
of the Treasury, the undersigned offers to pay

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and to
the provisions of the public notice on February
18, 1944, 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

(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.

$

(maturity value)

(Not to exceed $100,000)

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 February 24, 1944, and are to
mature on May 25, 1944.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
Name of Bidder.
By_

(Please print)

(Official signature required)

(Title)

Street Address

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

Use a separate tender for each customer's bid.

IMPORTANT INSTRUCTIONS:
1. N o tender for 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 for each bid.
2. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender 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 "
copartnership, by

, 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
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
Treasury, is material, the tender may be disregarded.

Payment by credit through War Loan Deposit Account will not be

http://fraser.stlouisfed.org/
TENTB-712-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.

permitted.

FEDERAL RESERVE BANK OF NE.7 YORK
Fiscal Agent of the United States
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, February 22, 1944.

Press Service
No. 40-79

The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000,or thereabouts, of 91-day Treasury bills
to be dated February 24 and to mature May 25, 1944, which were offered
on February IB, were opened at the Federal Reserve Banteon February 21.
The details of this issue are as follows:
Total applied for - $1,978,929,000
Total accepted

-

1,007,481,000 (includes $75,003,000
entered on a fixed-price basis at
99.905 and accepted in full)

Average
price - 99.905+ Equivalent rate of discount approx. 0,315%
per annum
Range of accepted competitive bids:
High

- 99.910 Equivalent rate of discount approx, 0.356$
per annum

Low

~ 99.905 Equivalent rate of discount approx. 0.376$
per annum

(45 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco




Total
Applied for

Total
Accepted

$
45,216,000
1,358,713,000
32,492,000
70,440,000
20,400,000
16,340,000
269,459,000
29,330,000
10,152,000
19,325,000
20,377,000
86,685,000
Total

$

$1,978,929,000

$1,007,481,000 .

-oOo-

26,173,000
636,266,000
17,763,000
48,165,000
17,815,000
11,225,000
133,215,000
15,855,000
9,982,000
16,740,000
16,362,000
57,920,000

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