The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FED ERAL RESERVE BANK O F NEW YORK J CFeErSLry07,* 9M7 1 Fiscal A gent o f the United States Public Notice o f Offering o f $1,000,000,000, or thereabouts, o f 91-Day Treasury Bills Dated February 16, 1950 Maturing May 18, 1950 T o all Incorporated Banks and Tru st Com panies in the Second Federal R e se rv e D istrict and Others C oncern ed: Following is the text o f a notice today made public by the Treasury Department with respect to a new offering o f 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 , T u e sd a y, F ebruary 7, 1950. TREASURY DEPARTM ENT W a sh in g to n T h e S ecretary o f the T reasu ry, b y this public notice, invites tenders fo r $1,000,000,000, or thereabouts, of 9 1-d a y T re asu ry bills, for cash and in exchange for T reasu ry bills m aturing February 16, 1950, to be issued on a discount basis under com petitive and n on -com petitive bidding as hereinafter provided. T h e bills of this series w ill be dated F ebruary 16, 1950, and w ill m ature M a y 18, 1950, w hen the face am ou n t will be payable w ithout interest. T h e y w ill be issued in bearer fo rm on ly , and in denom i nations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m atu rity va lu e). T enders w ill be received at Federal R eserve B an ks and B ranches up to the closin g hour, tw o o ’clock p .m ., E astern Standard tim e, F rid ay, February 10, 1950. T en ders w ill not be received at the T re asu ry D ep artm ent, W a sh in g to n . E ach tender m ust be for an even m ultiple of $1,000, and in the case o f com petitive tenders the price ottered m ust be expressed on the basis of 100, w ith not m ore than three decim als, e. g ., 99.925. F ractions m a y not be used. It is urged that tenders be m ade on the printed form s and forw arded in the special envelopes w hich will be supplied by Federal R eserve B anks or Branches on application therefor. T e n d e rs will be received w ithout deposit from incorporated banks and trust com panies and fro m responsible and reco g nized dealers in investm ent securities. T en ders fro m others m ust be accom panied by paym ent o f 2 percent of the face am ount o f T re asu ry bills applied for, unless the tenders are accom panied by an express guaranty o f paym ent by an incorporated bank or trust com pany. Im m ed iately after the closin g hour, tenders w ill be opened at the Federal R eserve B anks and Branches, follow in g which public announcem ent w ill be m ade by the Secretary o f the T reasu ry o f the am ount and price range o f accepted bids. T h o se subm itting tenders will be advised of the acceptance or rejection thereof. T h e Secretary of the T reasu ry exp ressly reserves the right to accept or reject any or all tenders, in w hole or in part, and his action in an y such respect shall be final. Subject to these reservations, non -com petitive tenders for $200,000 or less w ithout stated price from any one bidder will be accepted in full at the average price (in three decim als) o f accepted com petitive bids. Settlem ent for accepted tenders in accordance w ith the bids m u st be m ade or com pleted at the Federal R eserve B ank on F ebruary 16, 1950, in cash or other im m ediately avail able funds or in a like face am oun t o f T reasu ry bills m aturing F ebruary 16, 1950. Cash and exchange tenders w ill receive equal treatm ent. Cash adjustm ents will be m ade for differences betw een the par value o f m aturing bills accepted in exchange and the issue price o f the new bills. T h e incom e derived from T reasu ry bills, w hether interest or gain from the sale or other disposition of the bills, shall not have any exem ption , as such, and loss from the sale o r other disposition o f T re asu ry bills shall not have any special treatm ent, as such, under the Internal R evenue Code, or law s am endatory or supplem entary thereto. T h e bills shall be subject to estate, inheritance, gift or other excise taxes, w hether Federal or State, but shall be exem p t from all taxation n ow or hereafter im posed on the principal or interest thereof by any State, or any of the possessions o f the U n ited States, or by any local taxin g authority. F o r purposes of taxation the am ount o f discount at w hich T reasu ry bills are originally sold by the U n ited States shall be considered to be interest. U n d er Sections 42 and 117 ( a ) ( 1 ) o f the Internal Revenue Code, as am ended by Section 115 of the R evenue A c t o f 1941, the am ount o f discount at w hich bills issued hereunder are sold shall n ot be considered to accrue until such bills shall be sold, redeemed or otherw ise disposed of, and such bills are excluded from consideration as capital assets. A cco rd in g ly , the ow ner o f T re asu ry bills (other than life insurance co m panies) issued hereunder need include in his incom e tax return on ly the difference betw een the price paid for such bills, w hether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption at m aturity during the taxable year for w hich the return is m ade, as ordinary gain or loss. T reasu ry D epartm ent Circular N o . 418, as am ended, and this notice, prescribe the term s o f the T re asu ry bills and govern the conditions o f their issue. C opies o f the circular m a y be obtained from any Federal R eserve B ank or Branch. In accordance with the above announcement tenders will be received at the Securities Department o f this bank (9th floor, 33 Liberty Street) New Y ork 45, N . Y ., or at the Buffalo Branch o f this bank (270 Main Street) Buffalo 5, N . Y ., up to two o ’clock p.m., Eastern Standard time, on Friday, February 10, 1950. It is requested that tenders be submitted on special form printed on reverse side and returned in special envelope enclosed herewith. Paym ent f o r the Treasury bills cannot be made by credit through the Treasury T ax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. A l l a n S p r o u l, President. (PLEASE N O T E C H A N G E IN T H E CLOSING D A Y O N TH IS O FFERING .) RESULTS OF B ID D IN G FOR TR E A SU R Y BILLS D A T E D FEBRU ARY 9, 1950, W ERE N O T A V A IL ABLE W H E N T H IS C IR C U L A R W A S P R IN T E D . (o t o ) u w PLEASE N O T E C H A N G E IN T H E CLOSING D A Y O N T H IS OFFERING. Tenders fo r this issue must reach the Federal Reserve Bank o f N e w Y o rk or its Buffalo Branch not later than 2 p.m ., Eastern Standard time, Friday, F ebruary 10, 1950. IM P O R T A N T — I f it is desired to bid on a com petitive basis, fill in rate per 100 and m atu rity value in paragraph headed "C om petitive Bid” . I f it is desired to bid on a non com petitive basis, fill in only the m atu rity value in paragraph headed "N on -com p etitive Bid” . D O N O T fill in both paragraphs on one form . A separate tender m ust be used fo r each bid. No. T E N D E R FO R 9 1 -D A Y T R E A S U R Y B ILLS D ated February 16, 1950. M aturing M ay 18, 1950. Dated at T o F e d e ra l R eserve B a n k o f N ew Y o rk , Fiscal A gent o f the United States. 1950 C O M PETITIVE BID N O N -C O M P E T IT IV E BID Pursuant to the provisions o f Treasury Department Circular No. 418, as amended, and to the provisions o f the public notice on February 7, 1950, as issued by the Secretary o f the Treas Pursuant to the provisions o f Treasury Department Circular No. 418, as amended, and to the provisions o f the public notice on February 7, 1950, as issued by the Secretary o f the Treas ury, the undersigned offers a non-competitive ury, the undersigned o ffe rs .......................................* (R ate per 100) tender fo r a total amount o f $ .................................. fo r a total amount o f $ ............................................... (maturity value) o f 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 indicated b elow : □ By surrender o f Treasury bills............. □ the maturing issue o f (N ot to exceed $200,000) (maturity value) o f the Treasury bills therein described, at the average price (in three deci mals) o f accepted competitive bids, settlement therefor to be made at your bank, on the date stated in the public notice, as indicated below: □ By surrender of the maturing issue o f Treasury bills............. $(A m ount surrendered) B y cash or other immediately available funds □ (A m ount surrendered) B y cash or other immediately available funds The Treasury bills fo r which tender is hereby made are to be dated February 16, 1950, and are to mature on M ay 18, 1950. This tender will be inserted in special envelope entitled “ Tender f o r Treasury bills” . N a m e o f Bidder ................................................ (Please print) By (Official signature required) S treet A d d ress (T itle ) ........................................... (C ity, T ow n or Village, P .O . N o., and State) I f this tender is subm itted for the account o f a custom er, indicate the custom er’s nam e on line b e lo w : (N am e o f Customer) (C ity, T ow n o r V illage, P .O . N o., and State) U s e a separate tender fo r each custom er’ s bid. IM PORTAN T INSTRUCTIONS: 1. N o tender fo r less than $1,000 w ill be considered, and each tender m u st be for an even m ultiple o f (m aturity v a lu e ). A separate tender m u st be executed for each bid. $1,000 2. I f the person m a k in g the tender is a corporation, the tender should be signed b y an officer o f the corpora tion authorized to m ake the tender, and the sig n in g o f the tender b y an officer of the corporation will be construed as a representation b y him that he has been s o authorized. I f the tender is m ade by a partnership, it shou ld be signed b y a m em ber o f the firm, w h o should sign in the form “ ............................................................................................................ a copartnership, by ............................................................................................................................... a m em ber o f the firm ” . 3 . T en d ers w ill be received w ithout deposit fro m incorporated banks and trust com panies and from respon sible and recognized dealers in investm ent securities. T en d ers from others m u st be accom panied b y p aym ent o f 2 percent o f the face am ou nt of T re a su ry bills applied fo r, unless the tenders are accom panied b y an express guaranty o f paym ent by an incorporated bank or tru st com pany. 4. I f the language o f this tender is changed in any respect, w hich, in the opinion of the Secretary o f the T reasu ry, is material, th e tender m a y be disregarded. P aym ent b y cred it throu gh Treasury T a x and Loan A cc o u n t -will n ot b e perm itted. http://fraser.stlouisfed.org/ T E N T B — 1024-a Federal Reserve Bank of St. Louis * P rice must be expressed on the basis o f 100, with not more than three decimal places. Fractions may not be used. (OVEb)
@FedFRASER