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FEDERAL RESERVE BANK O F NEW
Fiscal A g e n t o f the United

YORK
r Circular No. 2 9 3 0 ^
L
April 13, 1945
J

States

Public Notice of Offering of $1,300,000,000, or thereabouts, of 91-Day Treasury Bills
Dated April 19, 1945

Maturing July 19, 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 t h e t e x t o f a n o t i c e t o d a y m a d e p u b l i c b y t h e T r e a s u r y D e p a r t m e n t w i t h r e s p e c t t o a n e w o f f e r i n g o f T r e a s u r )
bills p a y a b l e a t m a t u r i t y w i t h o u t i n t e r e s t t o b e s o l d o n a d i s c o u n t b a s i s u n d e r c o m p e t i t i v e a n d
fixed-price
bidding
FOR RELEASE, MORNING
Friday, April 13, 1945.

NEWSPAPERS,

TREASURY DEPARTMENT
Washington

T h e Secretary of the Treasury, by this public notice, invites tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and fixed-price bidding as hereinafter provided. T h e bills of this
series will be dated April 19, 1945, and will mature July 19, 1945, when the face amount will be payable without interest.
T h e y will be issued in bearer f o r m only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000
(.maturity v a l u e ) .
T e n d e r s will b e received at Federal R e s e r v e B a n k s and Branches up to the closing hour, t w o o ' c l o c k p.m., Eastern
war time, M o n d a y , April 16, 1945. T e n d e r s will not be received at the Treasury Department, W a s h i n g t o n . E a c h tender
must be f o r an even multiple of $1,000, and the price o f f e r e d must be expressed on the basis of 100, with not m o r e than
three decimals, e. g., 99.925. F r a c t i o n s m a y not be used. It is urged that tenders be m a d e on the printed f o r m s and f o r w a r d e d
in the special envelopes which will be supplied b y Federal R e s e r v e Banks or Branches o n application therefor.
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
r e c o g n i z e d dealers in investment securities. T e n d e r s f r o m others must be accompanied b y payment of 2 pcrcent of the
lace a m o u n t of T r e a s u r y 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 b y an
incorporated bank or trust c o m p a n y .
I m m e d i a t e l y after the closing hour, tenders will b e o p e n e d at the Federal R e s e r v e Banks and Branches, f o l l o w i n g which
public announcement will be m a d e b y the Secretary of the T r e a s u r y of the amount and price range of accepted bids. T h o s e
submitting tenders will be advised of the acceptance or rejection thereof. T h e Secretary of the T r e a s u r y expressly reserves
the right t o accept or reject any or all tenders, in w h o l e o r in part, and his action in any such respect shall be final. Subject
to these reservations, tenders for $200,000 or less f r o m any o n e bidder at 99.905 entered o n a fixed-price basis will be accepted
in full. P a y m e n t of accepted tenders at the prices o f f e r e d m u s t be made o r c o m p l e t e d at the Federal Reserve Bank in cash
or other immediately available funds on April 19, 1945.
T h e i n c o m e derived f r o m T r e a s u r y bills, whether interest or gain f r o m the sale o r other disposition of the bills, shall
not have any exemption, as such, and loss f r o m the sale or other disposition of T r e a s u r y bills shall not have any special
treatment, as such, under Federal tax A c t s n o w or hereafter enacted. T h e bills shall b e subject to estate, inheritance, gift,
or other excise taxes, whether Federal or State, but shall be e x e m p t f r o m all taxation n o w or hereafter imposed on the
principal o r interest thereof b y any State, or any of the possessions of the United States, or b y any local taxing authority.
F o r purposes of taxation the a m o u n t of discount at w h i c h T r e a s u r y bills are originally sold by the United States shall be
considered to be interest. U n d e r Sections 42 and 117 ( a ) ( 1 ) of the Internal R e v e n u e C o d e , as amended b y Section 115 ol
the R e v e n u e A c t of 1941, the amount of discount at which bills issued hereunder are sold shall not b e considered to accrue
until such bills shall be sold, redeemed or otherwise disposed o f , and such bills are excluded f r o m consideration as capital
assets. A c c o r d i n g l y , the o w n e r of Treasury bills (other than life insurance c o m p a n i e s ) issued hereunder need include in
his i n c o m e tax return o n l y the difference between the price paid f o r such bills, whether on original issue or on subseauent
purchase, and the a m o u n t actually received either u p o n sale or redemption at maturity during the taxable year f o r which
the return is made, as ordinary gain o r loss.
T r e a s u r y Department Circular N o . 418, as amended, and this notice, prescribe the terms of the Treasury bills and
g o v e r n the conditions of their issue. Copies of the circular m a y be obtained f r o m any Federal R e s e r v e Bank or Branch.
I n a c c o r d a n c e w i t h t h e a b o v e a n n o u n c e m e n t t e n d e r s w i l l b e r e c e i v e d at t h e S e c u r i t i e s D e p a r t m e n t o f t h i s b a n k ( 9 t h
floor, 3 3 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 a t t h e B u f f a l o R 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 . , E a s t e r n w a r t i m e , o n M o n d a y , A p r i l 16, 1 9 4 5 . It i s r e q u e s t e d that t e n d e r s b e s u b m i t t e d
o n s p e c i a l f o r m p r i n t e d o n r e v e r s e s i d e a n d r e t u r n e d i n s p e c i a l e n v e l o p e e n c l o s e d h e r e w i t h . 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.
A L L A N SPROUL,
President.

(Extract
results

from
after

Treasury
tenders

Department

were

opened

statement
for

Treasury

T o t a l applied f o r . . .$2,163,982,000
T o t a l accepted , . . . . $1,303,940,000 (includes $60,784,000
entered on a fixed-price basis at
99.905 and accepted in f u l l )
A v e r a g e price . . 9 9 . 9 0 5 +

Equivalent rate of discount
approx. 0.375% per annum

R a n g e of accepted competitive b i d s :
High

99.908

Equivalent rate of discount
approx. 0.364% per annum

Low

99.905

Equivalent rate of discount
a p p r o x . 0.376% per annum

(55 percent of the amount bid for at the l o w price


was a c c e p t e d )


released
bills

for

dated

publication
April

12,

April
1945

10,

maturing

Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

1945,
July

announcing
12,

1945)

Total
Applied for
$

31,625,000
1,554,076,000
48,230,000
23,905,000
16,437,000
9,215,000
326,929,000
19,887,000
13,360,000
18,748,000
17,860,000
83,710,000

$2,163,982,000

Total
Accepted
$

18,980,000
901,801,000
36,710,000
20,305,000
15,537,000
8,965,000
194,742,000
12,912,000
8,860,000
14,698,000
14,170,000
56,260,000

$1,303,940,000
(OVER)

13 C

I M P O R T A N T — 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.

NOT E N D E R FOR 9 1 - D A Y T R E A S U R Y BILLS
Dated April 19, 1945.

Maturing July 19, 1945.

Dated at
To

FEDERAL RESERVE B A N K

OF N E W

.1945

YORK,

Fiscal Agent of the United States.
C O M P E T I T I V E 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
April 13, 1945, 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 April
13, 1945, 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 April 19, 1945, and are to mature
on July 19, 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 f o r the account of a customer, indicate the customer's name on line b e l o w :

(Name of Customer)

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

Use a separate tender f o r each c u s t o m e r ' ! 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 of
payment by an incorporated bank or trust company.
4. If the language o f this tender is changed in any respect, which, in the opinion of
Treasury, is material, the tender may be disregarded.

Payment

TENTB-772-a


by credit through

War Loan Deposit

Account

will not be

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

the Secretary of

the

permitted.
(QVEB)

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