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FEDERAL RESERVE BANK O F N E W YORK
Fiscal A g e n t

of

the United

Circular No. 3030 "1
November 23. 1945 J

States

Public Notice of Offering of $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 91-Day Treasury Bills

N

Dated November 29, 1945

Maturing February 28, 1946

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 t e x t of 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 respect to a n e w o f f e r i n g of T r e a s u r y
b i l l s p a y a b l e at 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 f i x e d - p r i c e b i d d i n g .
FOR RELEASE, MORNING NEWSPAPERS,
Friday, November 23, 1945.

TREASURY DEPARTMENT
Washington

The 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. The bills of this
series will be dated November 29, 1945, and will mature February 28, 1946, 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
Standard Time, Monday, November 26,1945. 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
o r other immediately available funds on November 29, 1945.
The income derived from Treasury bills, whether interest or gain from the sale o r other disposition of the bills, shall
not have any exemption, as such, and loss from the sale o r 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,
o r other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the
principal o r interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority.
F o r 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) o f 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 f o r 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 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 at t h e B u f f a l o B r a n c h o f t h i s 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 S t a n d a r d T i m e , o n M o n d a y , N o v e m b e r 2 6 , 1945. I t is reqested that tenders be submitted
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 side a n d r e t u r n e d in special 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.
ALLAN SPROUL,
(Extract
from
Treasury
results after tenders were

Department
opened for

statement
released
jor publication
November
20, 1945,
Treasury
bills dated November
23,1945
maturing
February

Total applied f o r

$2,178,513,000

Total accepted

$1,302,105,000 (includes $59,970,000
entered on a fixed-price basis at
99.905 and accepted in full)

Average price . . 99.906-|-

Equivalent rate of discount
approx. 0.376% per annum

Range of accepted competitive b i d s :
High
99.908
Equivalent rate of discount
0.368% per annum
Low

99.906

Equivalent rate of discount
0.376% per annum

(56 percent of the amount bid for at the low price
was accepted)




Federal Rescn>e
District
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

President.

announcing
21,
1946)

Total
Applied for
.

..

$

72,215,000
1,536,968,000
53,840,000
18,175,000
20,157,000
10,600,000
299,630,000
44,495,000
8,830,000
25,130,000
13,459,000
75,014,000

$2,178,513,000

Total
Accepted
$

40,615,000
924,082,000
32,764,000
10,579,000
13,601,000
7,248,000
176,264,000
12,847,000
6,630,000
19,818,000
8,757,000
48,900,000

$1,302,105,000
(OVER)

141
I M P O R T A N T — I f 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

TENDER FOR 91-DAY TREASURY BILLS
Dated November 29, 1945.

Maturing February 28, 1946.
Dated at

T o

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
November 23, 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 November
23, 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 November 29, 1945, and are to
mature on February 28, 1946.
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, T o w n or V i l l a g e , 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 below:

(Name of Customer)

( C i t y , T o w n or V i l l a g e , P.O. No., and State)

Use a separate tender f o r each customer's bid.

IMPORTANT

INSTRUCTIONS:

1. N o tender f o r 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 f o r 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

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.
TENTB-804-a




(OVER)

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