The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK O F N EW YORK Fiscal A gent o f the United States [ ) O fferin g o f $ 1 , 0 0 0 , 0 0 0 , 0 0 0 o f 9 1 -D a y T reasu ry B ills Dated December 28, 1950 Maturing March 29 , 1951 T o all Incorporated Banks and Trust Companies in the Second Federal R eserve District and Others Concerned: Following is the text o f a notice published today: F O R R E L E A S E , M O R N IN G T u e sd a y, D ecem ber 19, 1950. N EW SPAPERS, - ; , ; TREASURY DEPARTM ENT W a sh in g to n T h e Secretary of the T reasu ry, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 9 1 -d a y Treasury bills, for cash arid in exch ange for. T reasury, bills m aturing D ecem ber 28, 1950, to be issued on a discount basis under com peti tive and non -com petitive bidding as hereinafter provided. T h e bills of this series w ill be dated D ecem ber 28, 1950, and will m ature M arch 29, 1951, when the face am oun t will be payable w ithout interest. T h e y w ill be issued in bearer form only, and in denom inations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m atu rity value). T enders will be received at Federal R eserve B anks and Branches up to the closing hour, tw o o ’clock p .m ., Eastern Standard tim e, Friday, D ecem ber 22, 1950. T en d ers w ill not be received at the T reasu ry D epartm ent, W a sh in g to n . Each tender m ust be for an even multiple o f $1,000, and in the case o f com petitive tenders the price offered m ust be expressed on the basis of 100, w ith not m ore than three decim als, e.g., 99.925. Fractions m a y not be used. It is urged that tenders be made on the printed form s and forw arded in the special envelopes which will be supplied by Federal R eserve B anks or Branches on application therefor. O th ers than banking institutions w ill not be perm itted to subm it tenders except for their ow n account. T enders w ill be received w ithout deposit from incorporated banks and trust com panies and fro m responsible and recognized dealers in investm ent securities. T enders fro m others m u st be accom panied by paym ent o f 2 percent of the face am ount of T reasury 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 ediately after the closing hour, tenders w ill be opened at the Federal Reserve B anks and Branches, follow ing which public announcem ent will be m ade b y the Secretary of the T reasury of 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 reasury expressly reserves the right to accept or reject any or all tenders, in w hole or in part, and his action in any such respect shall be final. Subject to these reservations, non -com petitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decim als) of accepted com petitive bids. Settlem ent for accepted tenders in accordance with the bids m ust be made or com pleted at the Federal Reserve Bank On D ecem ber 28, 1950, in cash or other immediately available funds or in a like face am ount of T reasu ry bills m aturing D ecem ber 28, 1950. Cash and exchange tenders will receive equal treatm ent. Cash adjustm ents will be made for differences between the par value of m aturing bills accepted in exchange and the issue price of 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 or other disposition o f T reasu ry bills shall not have any special treatm ent, as such, under the Internal R evenue C ode, 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 now or hereafter im posed on the principal or interest thereof by any State, or any o f the possessions o f the U nited States, or by any local taxing authority. F or purposes of taxation the am ount of discount at w hich T reasu ry bills are originally sold by the U n ited S tates shall be considered to be interest. U nd er Sections 42 and 117 ( a ) ( 1 ) o f the Internal Revenue Code, as am ended by Section 115 of the Revenue A c t o f 1941, the am ount of discount at w hich bills issued hereunder are sold shall not 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 gly , the ow ner of T reasu ry bills (other than life insurance co m panies) issued hereunder need include in his incom e tax return only 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 re asu ry D ep artm en t Circular N o . 418, as am ended, and this notice, prescribe the term s o f the T reasu ry bills and govern the conditions of their issue. Copies o f the circular m ay be obtained from any Federal R eserve B ank or Branch. This Bank will receive tenders up to 2 p.m., Eastern Standard time, Friday, December 22, 1950, at the Securities Department o f its Head Office and at its Buffalo Branch. Please use the form on the reverse side o f this circular to submit a tender, and return it in an envelope marked “ Tender fo r Treasury Bills.” Paym ent f o r the Treasury bills cannot be made by credit through the Treasury T ax and Loan A ccount. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. tbw jj A l l a n S p r o u l , President. (CLOSIN G D A Y FOR RECEIPT OF TEN DERS IS F R ID A Y , DECEMBER 22, 1950) http://fraser.stlouisfed.org/ ( j i 't rs ' Federal Reserve Bank of St. Louis RESULTS OF B ID D IN G FO R TR E A SU R Y BILLS D A T E D DECEMBER 21, 1950 W ERE N O T A V A IL ABLE W H E N TH IS C IR C U L A R W A S PR IN TE D . (over) •ILXU'iT 24N IM P O R T A N T — Please note that tenders fo r this issue m ust be received not later than 2 p.m., Eastern Standard time, Friday, D ecem ber 22, 1950. IM P O R T A N T — I f y o u desire to bid on a com petitive basis, fill in rate per 100 and m aturity valu e in paragraph headed "C om petitive Bid.” I f y o u desire to bid on a non-com petitive basis, fill in only the m aturity value in paragraph headed "N on -com petitive Bid.” DO N O T fill in b oth paragraphs on one fo rm . A separate tender m ust b e used fo r each bid. N o ............................ T E N D E R F O R 9 1 - D A Y T R E A S U R Y BILLS M aturing M arch 29, 1951 D ated D ecem ber 28, 1950 Dated at ................................... T o F e d e r a l R e se r v e B a n k o f N e w Y Fiscal A gent o f the United States. ork, 1950 CO M PE TITIV E BID Pursuant to the provisions o f Treasury Department Circular N o. 418, as amended, and to the provisions o f the public notice on December 19, 1950, as issued by the Secretary of the Treasury, the undersigned offers ............................................. * fo r a total amount o f N O N -C O M P E T IT IV E BID Pursuant to the provisions o f Treasury De partment Circular N o. 418, as amended, and to the provisions o f the public notice on December 19, 1950, as issued by the Secretary o f the Treasury, the undersigned offers a non-competitive tender for a total amount o f $ ............................................. (N ot to exceed $200,000) (R ate per 100) $ ...................................................... (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 : □ B y surrender o f the maturing issue o f (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 o f the maturing issue o f Treasury bills................... $. Treasury bills................... $-----------------------------------(Am ount surrendered) (Amount surrendered) □ B y cash or other immediately available funds □ By cash or other immediately available funds * Price must be expressed on the basis o f 100, with not m ore than three decimal places, f o r example, 99.925. The Treasury bills fo r which tender is hereby made are to be dated December 28, 1950, and are to mature on March 29, 1951. This tender will be inserted in special envelope marked “ Tender fo r Treasury Bills.” N a m e o f Bidder (Please print) By . (Official signature required) (T itle) Street A dd ress (City, Tow n o r Village, P.O . N o., and State) I f this tender is subm itted by a bank for the account of a custom er, indicate the custom er’s nam e on line below : (N am e o f Customer) (C ity, Town or V illage, P .O . No., and State) Use a separate tender for each customer’ s bid. IM P O R T A N T IN STR U C T IO N S: 1. (m aturity N o tender for less than $1,000 w ill be considered, and each tender must be for an even multiple of $1,000 value). A separate tender must be executed for each bid. 2. I f the person m aking the tender is a corporation, the tender should be signed by an officer o f the corpora tion authorized to m ake 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. I f the tender is m ade by a partnership, it should 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 of the firm.” 3. T en ders w ill be received without deposit from incorporated banks and trust com panies and from respon sible and recognized dealers in investm ent securities. T enders from others must be accom panied by paym ent of 2 percent o f the face am ount of T reasu ry bills applied for, unless the tenders are accom panied b y an express guaranty of paym ent b y an incorporated bank or trust com pany. 4. I f the language o f this tender is changed in any respect, which, in the opinion of the Secretary of the T reasu ry, is material, the tender m ay be disregarded. Vaym ent b y credit through T reasury T a x and Loan A cco u n t w ill n ot be perm itted. http://fraser.stlouisfed.org/ T E N T B — 1069-a Federal Reserve Bank of St. Louis (o v e r ) aV 3 * * 9 FEDERAL RESERVE BANK OF NEW YORK Decem ber 29, 1950. S em ian nual D ivid en d G entlem en : The board o f directors o f F ederal R eserve Bank o f N ew Y o rk has declared a dividend fo r the six-m onth period ending Decem ber 3 1 ,1 9 5 0 , at the rate o f six per centum per annum on the paid-in capital stock of the Bank, payable December 29, 1950, to stockholders as shown by the books o f the Bank at the close o f business on that date. P aym ent o f $ ........................... , the amount of such dividend due you, is being made today by credit to your reserve account. F o r your in for m ation in connection with your reporting this dividend for tax purposes, $ ........................... thereof represents dividend on stock fo r which paym ent was made to this Bank prior to M arch 28, 1942, and $ ........................... represents dividend on stock fo r which paym ent was made to this Bank on or a fter M arch 2 8 ,1 9 4 2 . F o r inform ation as to taxation o f dividends upon F ederal R eserve Bank stock see our O perating Circular N o. 16, Revised June 10, 1949. V e ry truly yours, President,
@FedFRASER