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F E D ERAL R E SE R V E B AN K O F N E W Y O R K rcircuiar No. 37461 Fiscal Agent o f the United States I A ugust 28,' 1951 J Offering o f $1,100,000,000 o f 91-Day Treasury Bills Dated September 6, 1951 Maturing D^celhber 6, 1951 T o all Incorporated Banks and Trust Companies in the Second Federal R eserve D istrict and O thers 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 N E W S P A P E R S , Tuesday, August 28, 1951. TREASU RY DEPARTM ENT W ashington . T he Secretary o f the Treasury, b y this public notice, invites tenders fo r $1,100,000,000, or -theriaahouts, o f 91-day Treasury bills, fo r cash and in exchange fo r Treasury bills maturing September 6, 1951, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. T he bills o f this series will be dated September 6, 1951, and will mature Decem ber 6, 1951, when the face amount will be payable without interest. T h ey will be issued in bearer form only, and :ih denominations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m aturity valu e). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, tw o o ’clock p.m., Eastern Daylight Saving time, Friday, August 31, 1951. Tenders w ill not be received at the Treasury Department, W ashington. Each tender must be fo r an even multiple o f $1,000, and in the case o f competitive tenders the price offered must be expressed on the basis o f 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 form s and f o r warded in the special envelopes which w ill be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions w ill not be permitted to submit tenders except fo r their own account. Tenders w ill be received without deposit fro m incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment o f 2 percent o f the face amount o f Treasury bills applied fo r, unless the tenders are accompanied b y an express guaranty o f payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Bank and Branches, follow in g which public announcement will be made by the Secretary o f the Treasury o f the amount and price range o f accepted bids. T h ose submitting tenders will be advised o f the acceptance or rejection thereof. T he Secretary o f the Treasury expressly reserves the right to accept o r reject any o r all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders fo r $200,000 or less without stated price fr o m any one bidder will be accepted in full at the average price (in three decim als) o f accepted competitive bids. Settlement fo r accepted tenders in accordance with the bids must be made o r completed at the Federal Reserve Bank on September 6, 1951, in cash or other immediately available funds or in a like face amount o f Treasury bills maturing September 6, 1951. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made fo r differ ences between the par value o f maturing bills accepted in exchange and the issue price o f the new bills. T h e income derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, shall not have any exemption, as such, and loss from the sale or other disposition o f Treasury bills shall not have a n y special treatment; as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. T he bills shall be subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but shall be exempt from all taxation n ow or hereafter imposed on the principal or interest thereof by any State, or any o f the possessions o f the United States, or by any local taxing authority. F or purposes o f taxa tion the amount o f 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 o f the Revenue A ct o f 1941, the amount o f discount at which bills issued hereunder are sold shall not be considered to accrue until such bill shall be sold, redeemed o r other wise disposed o f, and such bills are excluded fro m consideration as capital assets. A ccordin gly, the ow ner o f Treasury bills (other than life insurance com panies) issued hereunder need include in his income tax return only the difference betwen the price paid fo 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 f o r which the return is made, as ordinary gain or loss. Treasury Department Circular N o. 418, as amended, and this notice, prescribe the terms o f the Treasury bills and govern the conditions o f their issue. Copies o f the circular may be obtained fro m any Federal Reserve Bank or Branch. This Bank will receive tenders up to 2 p.m., Eastern Daylight Saving time, Friday, August 31, 1951, 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 for Treasury Bills.” Payment 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. (C L O S I N G D A Y F O R R E C E I P T O F T E N D E R S IS F R ID A Y , A U G U ST 31, 1951) . T O U f l 71 Al 7 ^ A T ^ C W K I R E S U L T S O F B I D D I N G F O R T R E A S U R Y B IL L S D A T E D A U G U S T 30, 1951 W E R E N O T A V A IL A B LE W H E N T H IS C IR C U L A R W A S P R IN T E D . ( ovek ) 25X I M P O R T A N T — Please n o te t h a t tenders f o r th is issue m u s t be receiv ed n o t la te r th a n p .m ., E a ste rn D a y li g h t S a v in g tim e , F r id a y , A u g u s t 3 1 , 1 9 5 1 . fO f 2 I M P O R T A N T — I f y o u desire t o b id on a competitive basis, fill in r a te p er 1 0 0 a n d m a t u r it y v a lu e in p a r a g r a p h h ead ed "C o m p e t it iv e B id .” I f y o u desire t o b id o n a non-competitive basis fill in o n ly th e m a t u r it y v a lu e in p a r a g ra p h head ed " N o n -c o m p e t i t i v e B id .” Do lyCXF; fiH in- both, paragraphs on one form . A sep arate ten d e r m u s t b e u sed f o r ea ch b id , e x c e p t t h a t b a n k s s u b m ittin g bids on a c o m p e titiv e basis f o r th eir o w n a n d th eir c u sto m ers’ a cc o u n ts m a y s u b m it one ten d e r f o r th e t o t a l a m o u n t b id a t ea ch p r ic e , p r o v id e d a list is a tta c h e d s h o w in g th e n a m e o f ea ch b id d e r, th e a m o u n t b id f o r his a c c o u n t, a n d m eth od o f p a y m e n t. F o rm s f o r th is pu rp o se w ill be fu r n ish e d u p o n req u est. No__ __ TENDER J iv FOR 9 1 -D A Y D a t e d S ep tem b er 6 , 1 9 5 1 >V-; Dated at ...... — <> i., . .--. - To F ederal R eserve B a n k of N e w Y ork , Fiscal Agent of the United States. C O M P E T IT IV E B IL L S M a tu r in g D e c e m b e r 6 , 1 9 5 1 bnfisviiifeqmoo tsbni • £<Iin t o r lt m o s G 3 ir};;r> 7 ; i « . v h a s TREASU RY 1951 B ID N O N - C O M P E T I T I V E B ID Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to the provisions of the public notice on August 28, 1951, as issued by the Secretary . .of the tTreasury, the undersigned offers da 289! . ....... ........ for a total amount of Pursuant to the provisions of Treasury De partment Circular No. 418, as amended, and to the provisions of the public notice on August 28, 1951, as issued by the Secretary of the Treasury, the undersigned offers a non-competitive tender for a total amount of $.._____ ___________ _ (Rate per 100) (Not to exceed $200,000) $..... ... _............ (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 indicated below: □ By surrender of maturing Treasury bills amounting to _______ $............... (maturity value) of the Treasury bills therein described, at the average price (in three deci mals) of accepted competitive bids, settlement therefor to be made at your Bank, on the date stated in the public notice, as indicated below: □ By surrender of maturing Treasury bills amounting to ........$.............. . □ By cash or other immediately available funds □ By cash or other immediately available funds *P rice must be expressed on the basis o f 100, w ith not m ore than three decimal places, f o r example, 99.925. The Treasury bills for which tender ishereby made are to be dated September 6, 1951, and are to mature on December 6, 1951. This tender will be inserted in special envelope marked “ Tender fo r Treasury Bills.” Nam e o f Bidder 9 :ir i:“ V (Please print) :■ B y ......... ,-r, ijnj (Official signature required) (Title) Street Address ................................................ ht;- (City, Town or Village, P. O. No., and State) If this tender is submitted by a bank 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) IM P O R T A N T IN S T R U C T IO N S : 1. N o tender fo r (maturity value). 2. I f the person authorized to make the tender, tion by him that he has been so less than $1,000 will be considered, and each tender must be fo r an even multiple o f $1,000 making the tender is a corporation, the tender should be signed by an officer o f the corporation and the signing o f the tender b y an officer o f the corporation will be construed as a representa authorized. I f the tender is made by a partnership, it should be signed by a member o f the firm, w ho should sign in the fo rm “ ...................................................................................................................................................... a copartnership, by ......................................................................................................................... a member o f the firm.” 3. Tenders w ill be received without deposit fro m incorporated banks and trust companies and fro m responsible and recognized dealers in investment securities. Tenders fr o m others must be accompanied by payment o f 2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment b y an incor porated bank or trust company. 4. I f the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the Treasury, is material, the tender m ay be disregarded. http://fraser.stlouisfed.org/ Payment by credit through Treasury Tax and Loan Account will not be permitted. TE t t T B —Bank 1105-a Federal Reserve of St. Louis (o v e r )
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