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FEDERAL RESERVE BANK OF N EW YORK
r C ircular No. 34131
L J an uary 21,1949 J

Fiscal Agent of the United States

Public Notice of Offering of $900,000,000, or thereabouts, of 91-Day Treasury Bills
Dated January 27, 1949

Maturing April 28, 1949

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 puhlic by the Treasury Department with respect to a new offering of Treas­
ury bills payable at maturity without interest to be sold on a discount basis under competitive and non-competitive bidding.
F O R R E L E A S E , M O R N IN G N E W S P A P E R S ,
Friday, January 21, 1949.

TREASURY DEPARTM ENT
Washington

The Secretary of the Treasury, by this public notice, invites tenders for $900,000,000, or thereabouts, of 91-day Treas­
ury bills, for cash and in exchange for Treasury bills maturing January 27, 1949, to be issued on a discount basis under com­
petitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated January 27, 1949, and
will mature April 28, 1949, 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, January 24, 1949. Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and in the case oi competitive tenders 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 recog­
nized 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, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted
in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank on January 27, 1949, in cash or other immediately
available funds or in a like face amount of Treasury bills maturing January 27, 1949. Cash and exchange tenders will re­
ceive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in
exchange and the issue price of the new bills.
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 the Internal Revenue Code, or laws amendatory or supplementary thereto. 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 o f 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 com­
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 o f 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 45, 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 Standard time, on Monday, January 24, 1949. It is requested that tenders be submitted
on special form printed on reverse side and returned in special envelope enclosed herewith. Payment for the Treasury
bills cannot be made by credit through the War Loan Deposit Account. Settlement must be made in cash or other imme­
diately available funds or in maturing Treasury bills.
A llan

S proul,

President.

(Extract from Treasury Department statement released for publication January 18,1949, announcing results
after tenders were opened for Treasury bills dated January 20, 1949 maturing April 21, 1949)
Total applied for...........$1,511,627,000
Total accepted ............. $ 904,690,000 (includes $73,264,000
entered on a non-competitive basis
and accepted in full at the average
price shown below)
Average price....... 99.707
Equivalent rate of discount
approx. 1.160% per annum
Range of accepted competitive bids: (excepting one tender
of $200,000)
High ..................... 99.715
Equivalent rate of discount
approx. 1.127% per annum
L ow ....................... 99.706
Equivalent rate of discount
approx. 1.163% per annum
(37 percent of the amount bid for at the low
price was accepted)




Federal Reserve
District
....
New York ................. ....
Philadelphia .............
Cleveland .................
Richmond .................
St. Louis ...................
Minneapolis ..............
Kansas City ..............
San Francisco .........
T

o tal

..................... ....

Total
Applied for
$

Total
Accepted

22,190,000
1,181,749,000
27,055,000
18,539,000
5,772,000
7,281,000
108,194,000
19,978,000
8,740,000
18,198,000
11,487,000
82,444,000

$ 22,190,000
658,016,000
17,605,000
18,376,000
5,772,000
7,281,000
57,341,000
19,852,000
8,614,000
18,092,000
11,172,000
60,379,000

$1,511,627,000

$904,690,000

(om)

2 OR
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 non­
competitive basis, fill in only the maturity value in paragraph h eaded "Non-competitive
Bid”. DO N O T fill in both paragraphs on one form . A separate tender must be used for
each bid.
No___________________

TENDER FOR 91-D A Y TREASURY BILLS
D a te d J a n u a ry 27 , 1949.

M a tu rin g A p r il 2 8 , 1949.

Dated at

To F e d e r a l R e s e r v e B a n k o f N e w Y o r k ,
Fiscal Agent of the United States.

.1949

COMPETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions of Treasury
Department Circular No. 418, as amended, and
to the provisions of the public notice on
January 21, 1949, as issued by the Secretary
of
the Treasury, the undersigned offers

Pursuant to the provisions of Treasury De­
partment Circular No. 418, as amended, and to the
provisions of the public notice on January 21,
1949, as issued by the Secretary of the Treasury,
the undersigned offers a non-competitive tender
for a total amount of $-----------------------------------------

----------------------------------------- * for a total amount of

(Not to exceed $200,000)

(Rate per 100)

$-----------------------------------------------(maturity value)
of the Treasury bills therein described, or for
any less amount that may be awarded, settlement
therefor to be made at your bank, on the date
stated in the public notice, as follows:
By surrender of the maturing issue of
Treasury bills

By surrender of the maturing issue of
Treasury bills----------------$ ________________________

$

By cash or other immediately available
fu n d s

(maturity value) of the Treasury bills therein
described, at the average price (in three deci­
mals) of accepted competitive bids, settlement
therefor to be made at your bank, on the date
stated in the public notice, as follows:

By cash or other immediately available
fu n d s---------------------------$ ________________________

$

The Treasury bills for which tender is hereby made are to be dated January 27, 1949, and are to mature
on April 28, 1949.
This tender will be inserted in special envelope entitled "Tender for Treasury bills” .
Name of Bidder....,
By .......

(Please print)
(Title)

(Official signature required)

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.
IM PORTANT 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 cor­
poration 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 respon­
sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 per­
cent o f 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 b y credit through W ar Loan Deposit Account will not be permitted.

TENTH—9«9-a


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

F E D E R A L R E SE R V E BANK
OF NEW YORK

January 24, 1949.

To all Member and Nonmember Clearing Banks in the
Second Federal Reserve District, and Others Concerned:

On the reverse side of this letter there are set forth lists showing
(1) the currently effective operating circulars (numbered 1 through 20)
of this Bank, and the supplements thereto, and (2) the currently effec­
tive Kegulations (lettered A through W) of the Board of Governors of
the Federal Keserve System, and the amendments and supplements
thereto. The lists will enable you to determine whether your sets of
T
those documents are complete. We shall be pleased to furnish upon
request copies of any which you do not have.
We transmit herewith revised tables of contents of the operating
circulars and of the regulations to replace those now in your binder.




A

llan

S proul,

President.

CURRENTLY E F F E C T IV E
OPERATING CIRCULARS OF F E D E R A L RESERVE BA N K OF N E W YORK
and
REGULATIONS OF TH E BOARD OF GOVERNORS OF TH E F E D E R A L RESERVE SYSTEM

January 24, 1949

Regulations

Operating Circulars
Operating Circular No. 1
First Supplement . .

.
.

.

. January 7,1949
. January 24,1949
8,1947

Rules of Organization and
Rules of Procedure . .

.

. September 11 1946

Regulation A . . .
Amendment . .
Amendment . .

.
.
.

Regulation B .

.

15 1930

.

31 1946

1 1937
20 1942
11 1944

Operating Circular No. 2

.

December

Operating Circular No. 3

.

.

Operating Circular No. 4

.

. January

1,1949

Regulation C . . .

Operating Circular No. 5

.

.

. June

3,1948

Regulation D . .
Supplement .

.
.

.
.

. . . September 16 1948
September 16 and 24 1948

Operating Circular No. 6

.

.

. June

3,1948

Regulation E .

.

.

1 1940

Operating Circular No. 7

. September 29,1948

Operating Circular No. 8
First Supplement . .

.

.

July 22,1948

December 8,1947
February 16,1948

.

.

.

Regulation F . . . .
Amendment . . .
Amendment to A p p e n d ix ......................

.

Operating Circular No. 9
Operating Circular No. 10

.

December

8,1947

.

December

8,1947

.

February

1 1940
1 1948

.

.

.

.

.
.
.
.

.
.
.
.

.
.
.
.

.
.

Regulation L . .
Amendment .

.
.

.
.

......................July

December
February

Regulation M .

.

.

.

Regulation N .

.

.

.

.

.

Regulation 0

.

.

.

.

......................J uly

1 1939

8,1947

Regulation P .

.

.

.

.

.

.

. January

1 1936

8,1947

Regulation Q . .
Supplement .

.
.

.
.

.

.

.

February 11 1937
1 1936

December

Operating Circular No. 13

.

.

.

.
.

8,1947

August 12,1948

.

8.1947
9.1948
July 29,1948

December

Operating Circular No. 16

.

.

December

Operating Circular No. 17
First Supplement . .

.
.

.
.

.
March 1,1948
December 20,1948

Operating Circular No. 18
First Supplement . .
Second Supplement .
Third Supplement
.

.
.
.
.

.
.
.
.

December 8,1947
. January 23.1948
.
March 16.1948
. . July 22.1948

Operating Circular No. 19

.

.

December




.

.

.

.

.

.

.

Operating Circular No. 20

.

.

Operating Circular No. 12

.

.

.

.

. September 27,1948

Operating Circular No. 15

.

.

Regulation J

.

.
.
.

.

Regulation I

Operating Circular No. 11

Operating Circular No. 14
First Supplement . .
Second Supplement .

Regulation G .
Regulation H .

.

1 1940
1 1945
—

.

. October

8,1947
1,1948

Regulation K .
Amendment
Amendment
Amendment

.

.

.

. January

1 1936
1 1949

.
.

.
.

29
1
November 1
February 2

1930
1937
1943
1945

1 1940
1 1948
14 1937

.

.

. January

1 1944

Regulation R .

.

.

.

4 1936

Regulation S

.

.

.

30 1942

Regulation T . .
Supplement .

.
.

.
.

Regulation U .

.

.

.

Supplement .

.

.

1 1948
1 1947

.

.

11 1944

.

Regulation V .

.

Regulation W . . . .
Amendment No. 1 .
Amendment No. 2 .

.

.

.

.

.

.

February

November

1 1948
1 1947

20 1948
1 1948
1 1949

Fed eral Reserve Bank
of

N ew Y ork

CONTENTS
Title o f Operating Circular

Authorized Signatures....................................................................
Reserves of Member Banks.............................................................
Paper Currency and Coin...............................................................
Collection of Cash Items..................................................................
New York Head Office Time Schedule..........................................
Buffalo Branch Time Schedule.....................................................
Saturday C lo sin g .............................................................................
Collection of Noncash Items...........................................................
Collection of Postal Money Orders..............................................
Transfers of Funds...........................................................................
Schedule of Time Limits for Telegraphic Transfers of
Funds to Other Federal Reserve Banks and Branches.. .
Advances and Discounts Under Sections 13, 13a and 10(b)
of the Federal Reserve A c t.......................................................
Discount Rates....................................................................................
Safekeeping, Handling and Shipment of Securities...............
Payment of Interest on Time and Savings Deposits.............
Taxation of Income from Federal Reserve Bank Stock.........
Transactions in Marketable Securities of the
United States Government.......................................................
Payment Through Depositary Banks of Funds Withheld
as T a x e s ..........................................................................................
Reports of Transactions in Foreign Exchange, Transfers of
Credit, and the Export of Coin and Currency..................
United States Savings Bonds, Series E, Instructions to
Issuing Agents .............................................................................




Federal
of

R eserve
N ew

Bank

Y ork

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
RULES
Rules of Organization and Rules of Procedure
REGULATIONS
Discounts for and Advances to Member Banks by
Federal Reserve Banks.............................................................................

A

Open Market Purchases of Bills of Exchange, Trade Acceptances and
Bankers’ Acceptances under Section 14...................................................

B

Acceptance by Member Banks of Drafts or Bills of Exchange..............

C

Reserves of Member Banks.........................................................................

D

Purchase of Warrants...................................................................................

E

Trust Powers of National Banks.................................................................

F

Collection of Noncash Items.......................................................................

G

Membership of State Banking Institutions in the
Federal Reserve System...........................................................................

H

Increase or Decrease of Capital Stock of Federal Reserve Banks and
Cancelation of Old and Issue of New Stock Certificates....................

I

Check Clearing and Collection.....................................................................

J

Banking Corporations Authorized to do Foreign Banking Business
under the Terms of Section 25(a) of the Federal Reserve Act............

K

Interlocking Bank Directorates under the Clayton Act............................

L

Foreign Branches of National Banks and of Corporations Organized
under the Provisions of Section 25(a) of the Federal Reserve A c t.. . .

M

Relations with Foreign Banks and Bankers................................................

N

Loans to Executive Officers of Member Banks............................................

0

Holding Company Affiliates— Voting Permits..........................................

P

Payment of Interest on Deposits.................................................................

Q

Relationships with Dealers in Securities under Section 32 of the Bank­
ing Act of 1933...........................................................................................

R

Industrial Loans by Federal Reserve Banks..............................................

S

Extension and Maintenance of Credit by Brokers, Dealers, and Members
of National Securities Exchanges............................................................

T

Loans by Banks for the Purpose of Purchasing or Carrying Stocks
Registered on a National Securities Exchange......................................

U

Financing of War Production and War Contract Termination..............

V

Consumer Instalment Credit.......................................................................

http://fraser.stlouisfed.org/
(R ev. 1-24-49)
Federal Reserve Bank of St. Louis

W

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