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FEDERAL RESERVE BANK OF NEW YORK
F i s c a l A g e n t o f t h e U n i t e d States

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Public Notice of Offering of $1,200,000,000, or thereabouts, of 91-Day Treasury Bills
Dated December 21,1944

Maturing March 22, 1945

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 text of a notice today made public b y the T reasury D e p a r t m e n t with respect to a n e w offering of 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 s o l d o n a d i s c o u n t basis under c o m p e t i t i v e and f i x e d - p r i c e b i d d i n g .
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 15, 1944.

TREASURY DEPARTMENT
Washington

The Secretary of the Treasury, by this public notice, invites tenders for $1,200,000,000, 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 December 21, 1944, and will mature March 22, 1945, 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, December 18, 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 $200,000 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 December 21, 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.
I n a c c o r d a n c e with the a b o v e announcement tenders will be received at the Securities Department o f this bank ( 9 t h
floor, 33 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 . ,
u p t o t w o o ' c l o c k p.m., Eastern w a r time, o n M o n d a y , D e c e m b e r 18, 1944. It is requested that tenders be submitted
o n special f o r m 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
made in cash or other immediately
available
funds.
ALLAN SPROUL,
President.
(Extract
from Treasury
results after tenders were

Department
statement
released
opened for Treasury bills dated

Total applied for

$1,934,307,000

Total accepted

$1,206,956,000 (includes $71,957,000
entered on a fixed-price basis at
99.905 and accepted in full)

Average price . . . .

99.905+

Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids :
High

99.910

Low

99.905

Equivalent rate of discount
approx. 0.356% per annum

Equivalent rate of discount
approx. 0.376% per annum
(57 percent of the amount bid for at the low price
was accepted)




for publication
December
12, 1944,
December
14, 1944 maturing March
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

announcing
15, 1945)

Total
Applied for
$ 38,601,000
1,316,335,000
42,670,000
40,684,000
36,555,000
17,740,000
284,280,000
37,486,000
19,100,000
17,741,000
9,410,000
73,705,000
$1,934,307,000

Total
Accepted
$

24,626,000
775,990,000
29,555,000
39,824,000
32,879,000
15,418,000
168,976,000
25,661,000
12,650,000
15,462,000
8,980,000
56,935,000

$1,206,956,000
(OVER)

12L
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 FOR 91-DAY TREASURY BILLS
Dated December 21, 1944.

Maturing March 22, 1945.
Dated at

To

F E D E R A L RESERVE 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
December 15, 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 December
15, 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 $200,000)

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 December 21, 1944, and are to
mature on March 22, 1945.
This tender will be inserted in special envelope entitled "Tender
Name of Bidder.
By . . . .

for Treasury

bills."

(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)

U s e a separate tender for each customer's bid.

IMPORTANT INSTRUCTIONS:
1. No 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 "
, a copartnership, by
, 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 the
Treasury, is material, the tender may be disregarded.
Payment

http://fraser.stlouisfed.org/
TENTB-755-a
Federal Reserve Bank of St. Louis

by credit through

War Loan Deposit Account

will not be

permitted.

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

FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

December 20, 1944.
PAYMENT OF UNITED STATES SAYINGS BONDS
Claims for Reimbursement for Services

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District Qualified to Make Payments
in Connection with the Redemption of United States Savings Bonds:

In accordance with the provisions of Section 321.5 of Treasury Department Circular
No. 750, which appears at page 6 of our Circular No. 2834, dated September 5, 1944, you
are entitled to receive reimbursement for your services in paying United States Savings
Bonds forwarded to us in each calendar quarter (ending March 31, June 30, September 30
and December 31), according to the following scale:
15 cents each for the first 1,000 bonds
12 cents each for the second 1,000 bonds
10 cents each for all over 2,000 bonds.

Each branch or facility at which bonds are paid may be regarded as a separate entity for
the purpose of computing claims for reimbursement, provided the bonds paid by each
are separately scheduled and accounted for. Subagents, however, may not be considered
as separate entities for this purpose. A supply of forms for use in submitting your claims
for reimbursement is enclosed.
The date on which paid bonds are forwarded to us in proper form will govern the
rate and amount of reimbursement. Accordingly, in stating the number of bonds paid by
you during the calendar quarter, you should take into consideration the total number of
bonds included on each of your transmittal letters bearing a date and mailed within the
quarter, regardless of when the bonds are received by us. Bonds which we return to you
f o r correction or adjustment should be deducted from the totals of your transmittal letters,
and should not be counted in your claim for reimbursement until the date of your transmittal letter with which the bonds are forwarded to us in proper form. Any bonds which
you are not authorized to pay under Treasury Department Circular No. 750 and which
must be forwarded to us for redemption may not be included in your claim.
Any bonds included in your transmittal letters forwarded to us on or before the last
business day of the calendar quarter, which must be returned to you for correction or
adjustment, will be received by you not later than the tenth day of the month following
the close of the quarter. In order that your claim for reimbursement may be in proper
form and all return items deducted, we suggest that you do not file the claim before the
tenth of the month following the close of the quarter.
If you are located in the territory assigned to our Buffalo Branch, your claim should
be forwarded to the branch.




ALLLAN" SPROUL,

President.

SAV. B. 30—25M (quarterly)—12-44

QUARTERLY STATEMENT OF NUMBER OF SAVINGS BONDS PAID BY A QUALIFIED BANK
OR TRUST COMPANY UNDER TREASURY DEPARTMENT CIRCULAR NO. 750 AND
AMOUNT CLAIMED AS REIMBURSEMENT FOR SUCH SERVICES

194

To

F E D E R A L RESERVE B A N K

OF N E W

YORK,

Federal Reserve Post Office Station,
New York 7, New York.
194

This statement and claim is for the quarter ending

. (Last day of

March, June, September or December.)

N O T E : If branches submit separate transmittal letters and are to be treated as separate entities
in computing reimbursement, separate statement and claim must be submitted for each branch.

Total number of bonds paid
A t 15 cents each, not more than 1,000 .
At 12 cents each for second 1,000
A t 10 cents each for excess over 2,000
TOTAL AMOUNT

DUE

The undersigned claims $

, as the amount due, as reimbursement for its services

in connection with payment of the above number of bonds submitted to you during the quarter specified.
Payment should be made b y :

•
•
•

Credit to our reserve
or clearing account

(Name of bank or trust company)

Credit to

(Branch)

for our account
(Address)

Check to our order

by-

(Name)

(Title)

F O R USE BY F E D E R A L R E S E R V E BANK
Audited

Checked




Payment
Approved

Amount
Paid

Date
Paid

Treasury
Charged

SAV-BB 4M—12-44

QUARTERLY
OR

STATEMENT

TRUST

COMPANY

AMOUNT

OF

NUMBER

UNDER

CLAIMED

OF

SAVINGS

TREASURY

AS

BONDS

DEPARTMENT

REIMBURSEMENT

FOR

PAID

BY

A

CIRCULAR
SUCH

QUALIFIED
N O . 750

BANK

AND

SERVICES

194

To

BUFFALO B R A N C H ,
FEDERAL RESERVE B A N K OF N E W

YORK,

Buffalo 5, N. Y .
194

This statement and claim is for the quarter ending

. (Last day of

March, June, September or December.)

N O T E : If branches submit separate transmittal letters and are to be treated as separate entities
in computing reimbursement, separate statement and claim must be submitted for each branch.

Total number of bonds paid
At 15 cents each, not more than 1,000 .
At 12 cents each for second 1,000
At 10 cents each for excess over 2,000
TOTAL A M O U N T D U E

The undersigned claims $

, as the amount due, as reimbursement for its services

in connection with payment of the above number of bonds submitted to you during the quarter specified.
Payment should be made b y :

•
•
•

Credit to our reserve
or clearing account

(Name of bank or trust company)

Credit to

(Branch)

for our account

(Address)

Check to our order

by-

(Name)

(Title)

FOR USE BY FEDERAL RESERVE BANK
Audited

Checked




Payment
Approved

Amount
Paid

Date
Paid

Treasury
Charged

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