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F E D E R A L R E SE R V E B AN K O F N E W YO R K Fiscal A gent of the United States f Circular No. 3 7 7 0 1 L October 11, 1951 J Offering of $1,250,000,000 of 144-Day Treasury Bills To Be Designated “ Tax Anticipation Series” Dated October 23, 1951 Maturing March 15, 1952 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: Following is the text of 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 , Thursday, O ctober 11, 1951. TREASU RY DEPARTM ENT W ashington T h e S e cre ta ry o f the T rea su ry, b y this p u b lic n otice, invites tenders fo r $1,250,000,000, o r th ereabouts, o f 144-day T r e a s u ry bills, to be issued on a d iscou n t basis u nder com p etitive and n on -co m p e titiv e b id d in g as h ereinafter p rov id ed . T h e bills o f this series w ill be design ated T a x A n ticip a tion Series, th ey w ill be dated O c t o b e r 23, 1951, and w ill m ature M a rch 15, 1952. T h e y w ill be a ccep ted in p a y m en t o f in com e taxes du e on M a rch 15, 1952, and to the exten t th ey are n o t presen ted fo r this pu rp o se th e fa ce a m ou n t o f these bills w ill be pa ya b le w ith ou t interest at m aturity. T h e y w ill be issued in bearer fo r m o n ly, and in den om in a tion s o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (m a tu rity v a lu e). T e n d e rs w ill be re ceiv ed at F ed era l R e serv e B anks and B ran ch es up to the clo s in g hour, tw o o ’ c lo c k p.m ., E astern Standard tim e, W e d n e s d a y , O c to b e r 17, 1951. T en d ers w ill n ot be receiv ed at the T rea su ry D ep a rtm en t, W a s h in g to n . E a ch ten der m u st b e fo r an even m u ltiple o f $1,000, and in the case o f com p etitiv e tenders the p rice o ffe re d m u st be exp ressed o n th e basis o f 100, w ith n o t m o re than three decim als, e. g ., 99.925. F ra ction s m a y n o t be u sed. It is u rg ed that ten ders be m ade o n the printed form s and forw a rd ed in the special en velop es w h ich w ill be sup plied b y F ed era l R eserve Banks o r B ran ch es o n a pp lication th erefor. O th ers than b ank in g in stitu tions w ill n ot be perm itted to subm it tenders e x ce p t for their o w n a ccou n t. T e n d e rs w ill be re ce iv e d w ith ou t dep osit fr o m in corp ora ted banks and trust com pa n ies and fr o m respon sib le and re co g n iz e d dealers in in vest m en t securities. T e n d e rs fr o m oth ers m u st be a ccom p a n ied b y p a y m en t o f 2 p ercen t o f the fa ce a m ou n t o f T r e a s u ry bills applied fo r, unless the ten ders are a ccom p a n ied b y an express gu a ra n ty o f p a ym en t b y an in corp ora ted bank o r trust com p a n y . Im m ed ia tely a fter the clo s in g h our, tenders w ill b e op en ed at the F ed era l R e serv e B anks and B ra n ch es, fo llo w in g w h ich p u b lic a n n ou n cem en t w ill be m ade b y th e S ecreta ry o f the T rea su ry o f the a m ou n t and price ran ge o f a ccep ted bids. T h o s e su b m ittin g ten ders w ill be advised o f the a ccep ta n ce or re je ctio n th ereof. T h e S ecreta ry o f the T rea su ry exp ressly reserves the righ t to a ccep t o r re je ct a n y o r all ten ders, in w h o le o r in part, and his action in a n y such re s p e ct shall be final. S u b je ct to these reservations, n on -co m p e titiv e tenders fo r $200,000 or less w ith ou t stated price fr o m a n y on e b idd er w ill b e a cce p te d in fu ll at the a vera ge p rice (in th ree d ecim a ls) o f a ccep ted com p etitive bids. S ettlem ent fo r a cce p te d tenders in a cco rd a n ce w ith the b id s m u st be m ade o r com p le te d at the F ed eral R e serv e B a n k in cash o r oth er im m ed iately available fu n d s o n O c t o b e r 23, 1951, provid ed , h ow ev er, a n y qualified d ep osita ry w ill be perm itted to m ake pa ym en t b y cred it in its T re a su ry T a x and L o a n A c c o u n t fo r T rea su ry bills a llotted to it for itself and its cu stom ers up to any a m ou n t fo r w h ich it shall be qualified in e x cess o f e xistin g dep osits w h en so n otified b y the F ed era l R eserve B ank o f its district. T h e in co m e derived fro m T rea su ry bills, w hether interest o r gain fro m th e sale o r oth er d isp osition o f the bills, shall n o t have a n y e x e m p tion , as such, and loss fr o m the sale o r oth er d isp osition o f T rea su ry bills shall n ot have a n y special treatm ent, as such, under the In tern al R e v en u e C ode, or law s a m en d a tory o r sup plem entary th ereto. T h e bills shall be su b je ct to estate, inheritance, gift, o r oth er excise taxes, w h e th e r F ed era l o r State, but shall be exem p t fr o m all taxation n o w o r h ereafter im p o sed on the principal or interest th ereof b y a n y State, or a n y o f the possession s o f the U n ited States, o r b y a n y lo ca l ta x in g authority. F o r pu rposes o f taxation the a m ou n t o f d iscou n t at w h ich T rea su ry bills are o rigin a lly so ld b y the U n ite d States shall be con sid ered to be interest. U n d er S ection s 42 and 1 1 7 (a )(1 ) o f the In tern al R even u e C ode, as a m en ded b y S e ctio n 115 o f the R even u e A c t o f 1941, the a m ou n t o f d iscou n t at w h ich bills issued hereun der are so ld shall n o t b e co n sid ered to a ccru e u ntil such bills shall b e sold , red eem ed or oth erw ise d isp osed o f, and such bills are ex clu d e d fro m con sid era tion as capital assets. A c c o r d in g ly , the ow n er o f T rea su ry bills (o th e r than life in su rance c o m pan ies) issued h ereun der need in clude in his in com e ta x return o n ly the differen ce betw een th e p rice paid fo r such bills, w h eth er o n origin a l issue o r on subsequen t pu rch ase, and the a m ou n t actu a lly receiv ed either u p on sale o r red em ption at m aturity d u rin g the taxable yea r fo r w h ich the return is m ade, as ord in a ry gain o r loss. T re a su ry D ep a rtm en t C ircu lar N o . 418, as am en ded, a n d this n otice, prescrib e th e term s o f the T rea su ry bills and g o v e r n the co n d itio n s o f their issue. C op ies o f the circular m a y be ob ta in ed fr o m a n y F ed era l R e serv e B ank o r B ranch. This Bank will receive tenders up to 2 p.m., Eastern Standard time, Wednesday, October 17, 1951, at the Securities Department of its Head Office and at its Buffalo Branch. Please use the form on the reverse side of this circular to submit a tender, and return it in an envelope marked “ Tender for Treasury Bills— Tax Anticipation Series.” Settlement for accepted tenders must be made in cash or other immediately available funds, except that any qualified depositary may make payment by credit in its Treasury Tax and Loan Account. A llan S prou l, President. ( over) IMPORTANT— If you desire to bid on a competitive basis, fill in rate per 100 and maturity value in paragraph headed “ Competitive Bid.” If you desire to bid on a non-competitive basis, fill in only the maturity value in paragraph beaded “ Non-competitive Bid.” DO NOT fill in both paragraphs on one form. A separate tender must be used for each bid, except that banks submitting bids on a competitive basis for their own and their customers’ accounts may submit one tender for the total amount bid at each price, provided a list is attached showing the name of each bidder, the amount bid for his account, and method of payment. Forms for this purpose will be furnished upon request. N o........................................ TENDER FOR 144-DAY TREASURY BILLS TO BE DESIGNATED “ T A X ANTICIPATION SERIES” Dated October 23, 1951 To Maturing March 15, 1952 P a te r] F ed era l R eserve B an k o f N ew Y ork , Fiscal Agent of the United States. ........................................................... 1951 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 October 11, 1951, 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 October 11, 1951, 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 $ ............................................ (Rate per 100) (N ot 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: (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 cash or other immediately available funds □ By cash or other immediately available funds □ By credit to Treasury Tax and Loan Account □ By credit to Treasury Tax and Loan Account * Price must be expressed on the basis o f 100, with not more than three decimal places, for example, 99.925. The Treasury bills for which tender is hereby made are to be dated October 23, 1951, and are to mature on March 15, 1952. This tender will be inserted in special envelope marked “ Tender for Treasury Bills—Tax Anticipation Series.” N a m e o f B id d er .......................................................................................................................................... (Please print) B y ........................................................ ............................. (Official signature required) .................................. (Title) S treet A d d re s s ............................................................................................................................... (City, Town or Village, P. O. No., and State) I f this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below: (Name o f Customer) (City, Town or Village, P. O. No., and State) IM PORTANT INSTRUCTIONS: 1. N o ten der fo r less than $1,000 w ill be con sid ered , and each ten der m u st be fo r an even m u ltiple o f $1,000 (m a tu rity v a lu e ). 2. I f the person m a k in g the ten der is a corp ora tion , the ten der should be sign ed b y an officer o f th e corp o ra tio n a u th orized to m ake the tender, and the sign in g o f the ten der b y an officer o f the co rp o ra tio n w ill be con stru ed as a rep resentation b y him that he has been so authorized. I f the ten der is m ade b y a partnership, it sh ou ld be sig n ed b y a m e m ber o f the firm , w h o sh ou ld sign in the fo r m “ ............................................................................................................ a cop artn ersh ip, b y ...................................................................................................................... a m em b er o f the firm .” 3. T e n d e rs w ill be receiv ed w ith ou t dep osit fro m in corp ora ted banks and trust com p a n ies and fr o m re sp o n sible a n d re co g n iz e d dealers in in vestm en t securities. T e n d e rs fro m oth ers m u st be a cco m p a n ie d b y p a ym en t o f 2 p ercen t o f the fa ce a m ou n t o f T rea su ry bills applied for, unless th e ten ders are a ccom p a n ied b y an exp ress gu aranty o f pa ym en t b y an in corp ora ted bank or trust com p a n y . 4. I f the language o f this ten der is ch a n ged in a n y respect, w h ich , in the op in ion o f the S ecreta ry o f the T re a s u ry , is m aterial, the ten der m a y be disregarded. http://fraser.stlouisfed.org/ T E N ST B — 1 Federal Reserve Bank of St. Louis Be sure to return tender in special envelope marked “ Tender for Treasury Bills—Tax Anticipation Series.” (OVER) r N A -T B 1 Qs LETTER OF INSTRUCTIONS To F ed era l R eserve B an k o f N ew Y ork , Fiscal Agent of the United States, Government Bond Department, New York 45, N. Y. From (Name and address of Subscriber) (Date) Referring to our tender at (rate per 100) which has been accepted in the amount of $ (maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and maturing on March 15, 1952, please issue and make delivery of the bills in the denominations as instructed below. Settlement will be made as indicated below: By cash $........................... By check By charge to our reserve account, which you are authorized to make . . . By credit to Treasury Tax and Loan Account on our books as indicated on the attached Certificate of Deposit which we have officially executed.. Issue Bills in the Following Denominations Denomination Pieccs P lease Do N o t U se T h ese S Numbers Maturity Value D paces is p o s e □ □ □ ] 0,000 • □ 100,000 □ 500,000 --------- 1,000,000 B il l s A s I n d ic a t e d B elow 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. Hold in safekeeping (fo r member bank only) 4. H old as collateral for Treasury Tax and Loan Account 5. Special instructions: 1,000 5,000 of --------- Totals------- IM PO RTAN T: No changes in delivery instructions will be accepted. The undersigned, if a bank or trust company, hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned. (F ill in all required spaces before signing) Name o f S u bscriber.. (P le a s e P r i n t ) B y. (T itle ) (O ff ic ia l sig n a tu r e r e q u ir e d ) Street address .................................................... City, Town or Village, and State................. Spaces below are for the use of the Federal Reserve Bank of New York Delivery Receipt Paid Stamp Released Received from 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 the above described United States Government obligations allotted in the amount indicated above. Taken from VaultCounted A m ou n t- Subscriber Checked B y. Date. By- Delivered If payment is to be made by credit to Treasury Tax and Loan Account, the following Certificate of Deposit should officially executed. FEDERAL RESERVE GOVERNMENT BANI^ BOND OF NEW YORK DEPARTM ENT (T his certificate must be executed when subscriber is making payment through Treasury Tax and Loan Account) Certificate of Deposit in Treasury Tax and Loan Account COST $ The undersigned depositary certifies that it will deposit on October 23, 1951 to the credit of Federal Reserve Bank of New York, Fiscal Agent o f the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on demand the above sum. in payment of $ (maturity value) Treasury bills, Tax Anticipation Series, dated October 23, 1951, due March 15, 1952, allotted as per Notice of Allotment dated October 18, 1951. (Name of depositary) (Location) Dated. by. (Authorized Signature) F ederal R eserve of N ew B ank Y ork NOTICE OF ALLOTMENT OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES October 18, 1951. Your tender at amount o f $ (rate per 100) has been accepted in the (maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and maturing on March 15, 1952. Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank of New York or by credit to Treasury Tax and Loan Account on or before October 23, 1951. To obtain delivery of the Treasury bills, please state on the attached form in the spaces provided therefor, the denominations of the bills desired and method by which settlement will be made. I f settlement is to be made by check on a bank other than the Federal Reserve Bank of New York, such check should be received by us in time for collection on date bills are issued, otherwise it will be necessary to charge interest to the date of collection. If settlement is to be made by credit to Treasury Tax and Loan Account, the Certificate of Deposit which is part of the attached form must be executed and officially signed. , F ederal R eserve B a n k of N ew Y ork Fiscal Agent of the United States. Checked by 3 F ed eral R eserve of TB New B ank Y ork PENDING DELIVERY TICKET OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES October 18, 1951. Your tender at (rate per 100) has been accepted in the amount of $ (maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and maturing on March 15, 1952. PAR P R IN C IP A L D IS C O U N T M ETH OD OF P A Y M E N T D I S P O S IT IO N M ASTER □ Payment to be made through Treasury Tax and Loan Account. N A -T B -2 LETTER OF INSTRUCTIONS T o F e d e ra l R eserve B a n k o f N ew Y ork , Fiscal Agent of the United States, Government Bond Department, N e w York 45, N . Y. From (Name and address of Subscriber) (D a te ) Referring to our non-competitive tender which has been accepted in full at the average price of accepted competitive bids, namely (rate per 100), in the amount of $ (maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and matur ing on March 15, 1952, please issue and make delivery of the bills in the denominations as instructed below. Settlement will be made as indicated below: By cash $........................... By check $.......................... By charge to our reserve account, which you are authorized to make . . . $.......................... By credit to Treasury Tax and Loan Account on our books as indicated on the attached Certificate of Deposit which we have officially executed.. $. I s s u e B ills in th e F o l l o w i n g D e n o m in a tio n s P ie c e s D e n o m in a tio n P l e a se D o N ot U se T h e se S paces M a t u r it y V a lu e N u m bers D is p o s e o f B i l l s A s I n d ic a t e d B e l o w □ 1. D e liv e r o v e r u n d e r s ig n e d □ 2. S h ip t o th e u n d e r s ig n e d □ 3. H o ld in s a fe k e e p in g b a n k o n ly ) □ 4. H o ld a s c o lla t e r a l f o r T r e a s u r y T a x and L oan A ccou n t 0 5. S p e c ia l in s tru ctio n s : 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 -----------1 0 0 ,0 0 0 5 0 0 ,0 0 0 th e cou n ter (fo r to th e m em ber 1 ,0 0 0 ,0 0 0 T o t a l s --------- IM PO RTAN T: No changes in delivery instructions will be accepted. The undersigned, if a bank or trust company, hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned. (F ill in all required spaces before signing) Name o f Subscriber. (P le a s e P r in t ) B y. (O ff ic ia l s ig n a t u r e r e q u ir e d ) ( T it le ) Street address ................................ City, Town or Village, and State................. Spaces below are for the use of the Federal Reserve Bank of New York Delivery Receipt Paid Stamp Released Received from 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 the above described United States Government obligations allotted in the amount indicated above. Taken from Vault----Counted ------ Checked ------ •livered AmountSubscriber By- ------ Date. B y. payment is to be made by credit to Treasury Tax and Loan Account, the following Certificate of Deposit should ;ially executed. F ed er a l R eser ve GOVERNMENT b a n k BOND o f N ew Y ork DEPARTM ENT (This certificate must be executed when subscriber is making payment through Treasury Tax and Loan Account) Certificate of Deposit in Treasury Tax and Loan Account COST $ The undersigned depositary certifies that it will deposit on October 23, 1951 to the credit of Federal Reserve Bank of New York, Fiscal Agent of the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on demand the above sum in payment of $ (maturity value) Treasury bills, Tax Anticipation Series, dated October 23, 1951, due March 15, 1952, allotted as per Notice of Allotment dated October 18, 1951. g V ( N a m e o f d e p o s it a r y ) it http://fraser.stlouisfed.org/ M Federal Reserve Bank of St. Louis -................v... .................. (L o c a t io n ) Dated...................................................... (A u t h o r iz e d S ig n a t u r e ) by................................................................................................................ F ederal op R eserve New B ank Y ork NOTICE OF ALLOTMENT OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES October 18, 1951. Your non-competitive tender lias been accepted in full at the average price of accepted competitive bids, namely (rate per 100), in the amount of $ (maturity value) for Treasury bills dated October 23, 1951 and maturing on March 15, 1952. Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank of New York or by credit to Treasury Tax and Loan Account on or before October 23, 1951. To obtain delivery of the Treasury bills, please state on the attached form in the spaces provided therefor, the denominations of the bills desired and method by which settlement will be made. I f settlement is to be made by check on a bank other than the Federal Reserve Bank of New York, such check should be received by us in time for collection on date bills are issued, otherwise it will be necessary to charge interest to the date of collection. If settlement is to be made by credit to Treasury Tax and Loan Account, the Certificate of Deposit which is part of the attached form must be executed and officially signed. F e d e ra l R eserve B an k o f N ew Y o rk F is c a l A g e n t Checked by of t h e U n i t e d S t a te s . 3 F ed eral R eserve B a n k op TB New Y ork PENDING DELIVERY TICKET OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES October 18, 1951. Your non-competitive tender has been accepted in full at the average price of accepted competitive bids, namely (rate per 100), in the amount of $ (maturity value) for Treasury bills. Tax Anticipation Series, dated October 23, 1951 and matur ing on March 15, 1952. PAR ch ecked P R IN C IP A L D IS C O U N T M E TH O D OF P A Y M E N T D I S P O S IT IO N M ASTER □ Payment to be made through Treasury Tax and Loan Account. T A X ANTICIPATION SERIES October 18, 1951. Your non-competitive tender lias been accepted in full at the average price of accepted competitive bids, namely (rate per 100), in the amount of $ (maturity value) for Treasury bills, Tax Anticipation Series, dated October 23, 1951 and matur ing on March 15, 1952. □ Payment to be made through Treasury Tax and Loan Account.
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