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FEDERAL RESERVE BANK O F N EW YORK Fiscal A g e n t o f the U nited States r C i r c u la r N o . 3 7 8 1 "I L N o v e m b e r 15, 1951 J Offering of $ 1 ,2 5 0 ,0 0 0 ,0 0 0 of 201-D ay Treasury Bills To Be Designated “ Tax Anticipation Series” Dated Novem ber 27, 1951 Maturing June 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 , T h u rsd a y, N o v e m b e r 15, 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 ten ders fo r $1,250,000,000, or thereabouts, o f 201-day T re a su ry bills, to be issued on a d iscou n t basis u nder com p etitive and n o n -com p etitiv 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 N o v e m b e r 27, 1951, and w ill m ature June 15, 1952. T h e y w ill be a ccep ted in pa ym en t o f in com e taxes due on June 15, 1952, and t o th e exten t th ey are n ot presen ted fo r this pu rp o se th e face am ou nt o f these bills w ill be p a ya b le w ith ou t interest at m aturity. T h e y w ill b e 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 receiv ed at F ed eral R eserve B anks and B ra n ch es up to the clo s in g hour, tw o o ’ c lo ck p.m ., E astern Standard tim e, T u esd a y, N o v e m b e r 20, 1951. T e n d e rs w ill n ot be receiv ed at the T rea su ry D epa rtm en t, W a s h in g to n . E a ch ten der m ust be for an even m u ltiple o f $1,000, and in the case o f com p etitive tenders the price offered m u st be exp ressed o n the 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 ot be used. 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 B ank s o r B ran ch es o n a pp lication th erefor. O th e rs than b ank in g in stitu tions w ill n ot be perm itted to su b m it ten ders e x ce p t fo r their o w n a ccou n t. T e n d e rs w ill be receiv ed w ith ou t dep osit fr o m in corp ora ted banks and trust com pa n ies and fro 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 fro 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 face 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 exp ress 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 after the clo s in g h our, tenders w ill be o p en ed at the F ed era l R eserve 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 the S ecreta ry o f the T rea su ry o f the a m ou n t and price range o f a ccep ted bids. T h o s e su b m ittin g tenders w ill be advised o f the a ccep ta n ce o r rejection thereof. T h e S ecreta ry o f the T r e a s u ry exp ressly reserves the righ t to a ccep t o r re je ct any o r all tenders, in w h o le o r in part, and his a ction in any su ch resp ect shall be final. S u b je ct to these reservations, n on -co m p e titiv e tenders fo r $200,000 o r less w ith ou t stated price fr o m a n y on e b idder w ill be a cce p te d in fu ll at the a vera ge price (in th ree decim a ls) o f a ccep ted com p etitive bids. S ettlem ent fo r a ccep ted 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 era l R es e rv e B ank in cash o r oth er im m ediately available fu n ds on N o v e m b e r 27, 1951, provid ed , h ow ev er, a n y qualified d ep osita ry w ill b e 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 a n y a m ou n t fo r w hich it shall be qualified in e x cess o f e xistin g dep osits w h en so n otified b y the Federal R eserve Bank o f its district. T h e in co m e derived fr o m T rea su ry bills, w h eth er interest o r gain fro m the sale o r oth er d isp osition o f th e bills, shall n o t have any exem ption , 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 Internal R even u e C ode, or law s a m en d a tory o r su p plem en ta ry thereto. 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 ex em p t fro m all taxation n o w o r hereafter im p osed on the prin cip a l o r interest th ereof b y a n y State, o r a n y o f the p ossession s o f the U n ited States, o r b y a n y loca l taxing 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 sold b y the U n ited 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 ue C o d e , as a m en ded b y S ection 115 o f the R even u e A c t o f 1941, the a m ou n t o f discou n t at w h ich bills issued hereun der are sold shall n ot be co n sid ered to a ccru e until such bills shall b e so ld , red eem ed o r oth erw ise disp osed o f, and such bills are e x clu d e d fro m con sidera tion as capital assets. A c co r d in g ly , the o w n e r o f T rea su ry bills (o th e r than life insurance c o m pa n ies) issued hereun der need in clude in his in com e tax return o n ly the differen ce betw een the p rice paid fo r such bills, w h eth er o n origin al issue o r on subsequent pu rch ase, and the a m ou n t actu a lly receiv ed either u pon sale o r red em ption at m aturity d u rin g the ta xab le yea r fo r w h ich the return is m ade, as ord in a ry ga in or loss. T rea su ry D epa rtm en t C ircu lar N o. 418, as am en ded, and this n otice, prescrib e the term s o f the T rea su ry bills and g o v e rn the co n d itio n s o f their issue. C opies o f the circular m a y be ob ta in ed from any F ed eral R eserve B ank o r B ranch. This Bank will receive tenders up to 2 p.m., Eastern Standard time, Tuesday, November 20, 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— T a x 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 T ax and Loan Account. A llan S proul, President. ( over) IM P O R T A N T — I f you desire to b id on a com p etitive basis, fill in rate per 100 and maturity value in paragraph headed “ Com petitive B id.” I f you desire to b id on a n on -com petitive basis, fill in only the m aturity value in paragraph headed “ N on-com petitive B id.” DO N O T fill in both, paragraphs on on e form . A separate tender must be used fo r each bid, except that banks submitting bids on a com petitive basis fo r their own and th eir customers’ accounts m ay submit one tender fo r the total amount bid at each price, provided a list is attached showing the name o f each bidder, the amount b id f o r his account, and m ethod o f payment. Forms fo r this purpose w ill be furnished upon request. N o. TENDER FOR 201-DAY TREASURY BILLS TO BE D ESIG N ATED “ T A X A N T IC IP A T IO N SERIES’ Dated N ovem ber 27, 1951 Maturing June 15, 1952 Dated at To F e d e ra l R eserv e B a n k o f N ew Y ork , Fiscal A gent o f the United States. 1951 C O M P E T IT IV E BID N O N -C O M P E TIT IV E BID Pursuant to the provisions of Treasury Department Circular N o. 418, as amended, and to the provisions o f the public notice on November 15, 1951, as issued by the Secretary of the Treasury, .the undersigned offers 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 November 15, 1951, as issued by the Secretary o f the Treasury, the undersigned offers a non-competitive tender ............................................... * for a total amount of for a total amount o f $ ............................................... (R a te p er 100) ( N o t t o e x c e e d $ 2 0 0 ,0 0 0 ) $ ...................................................... (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 below: (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 cash or other immediately available funds □ By cash or other immediately available funds □ By credit to Treasury T a x and Loan Account □ By credit to Treasury T a x and Loan Account * Price must be expressed on the basis of 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 November 27, 1951, and are to mature on June 15, 1952. This tender will be inserted in special envelope marked “ Tender for Treasury Bills— T ax Anticipation Series. N a m e o f B id der (P le a s e p r in t ) By (O ff ic ia l s ig n a tu r e re q u ire d ) (T itle ) Street A d d re s s ......................................... ( C it y , T o w n o r V illa g e , P . O . N o ., a n d S ta te ) I f this ten der is su b m itted b y a b a n k fo r the a cco u n t o f a cu stom er, in dicate the cu stom er’ s n am e o n lin e b e lo w : (N a m e o f C u s to m e r) ( C it y , T o w n o r V illa g e , P . O . N o ., a n d S ta te ) IM P O R T A N T IN STR U C T IO N S: 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 for 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 co rp o ra tio n , the tender should be sign ed b y an officer o f the corp ora tion a uthorized to m ake the tender, and the sig n in g o f the ten d er 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 s o a uthorized. I f the ten der is m ade b y a partnership, it sh ou ld be sign ed b y a m e m ber o f the firm , w h o sh ou ld sign in the fo rm “ .............................................................................................................a cop artn ersh ip, by ...................................................................................................................... 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 fr o m in corp ora ted banks and trust com p a n ies and fr o m re s p o n sible and r e co g n iz e d dealers in in vestm ent securities. T e n d e rs fr o m oth ers m u st be a cco m p a n ie d b y pa 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 a pplied fo r, unless the tenders 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 o r trust com p a n y . 4. I f the la n g u a ge o f this ten der is ch a n g ed in any respect, w hich, in the op in ion o f the S ecreta ry o f the T re a su ry , is m aterial, the ten der m ay be disregarded. http://fraser.stlouisfed.org/ TENSTB—2 Federal Reserve Bank of St. Louis B e sure to return tender in special en v elo p e marked “ Tender fo r Treasury Bills— T ax Anticipation Series.” ( over) N A -T B -1 LETTER OF INSTRUCTIONS To F e d e r a l R e s e r v e B a n k o p N e w Y o r k , Fiscal Agent o f the United States, Government Bond Department, New York 45, N . Y. From (Name and address o f Subscriber) (D a te ) Referring to our tender at (rate per 100) which has been accepted in the amount o f $ (maturity value) for Treasury bills, Tax Anticipation Series, dated November 27, 1951 and maturing on June 15, 1952, please issue and make delivery o f the bills in the denominations as instructed below. Settlement will be made as indicated below: B y check $............................ B y charge to our reserve account, which you are authorized to make . . . $............................ B y credit to Treasury Tax and Loan Account on our books as indicated on the attached Certificate o f Deposit which we have officially executed.. $............................ B y cash $............................ Is 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 is S pace M a t u r it y V a lu e 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 N u m bers □ I. 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 □ 5. S p e c ia l in s tru ctio n s : 1 ,0 0 0 5 ,0 0 0 2 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. T h e u n d e r s ig n e d , i f a b a n k o r tru s t c o m p a n y , h e r e b y c e r t ifie s th a t th e T r e a s u r y b ills w h ic h y o u a r e h e r e b y in s tr u c te d to d is p o s e o f in th e m a n n e r in d ic a t e d in ite m s n u m b e r e d 3 a n d 4 a b o v e a r e th e s o le p r o p e r t y o f th e u n d e r s ig n e d . (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 i r e d ) ............................................... (T it le ) Street address ................................................................................................................. City, Town or Village, P. O. No., and S t a t e .......................................................... S p a c e s b e lo w a r e f o r th e u se o f th e 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 Paid Stamp Released Taken from Vault- Delivery Receipt Received from F e d e r a l R e s e r v e B a n k o p N e w Y o r k the above described United States Government obligations allotted in the amount indicated above. Counted AmountSubscriber Checked B y- Delivered Date. B y. If payment is to be made by credit to Treasury Tax and Loan Account, the following Certificate of Deposit should be officially executed. F ed e r a l R eser ve GOVERNMENT b a n k BONO o f N ew Y ork DEPARTM ENT ( T h i s c e r t ific a t e m u st b e e x e c u t e d w h e n s u b s c r ib e r is m a k in g p a y m e n t th r o u g h T r e a s u r y T a x a n d L o a n A c c o u n t ) Certificate o f Deposit in Treasury Tax and Loan Account COST The undersigned depositary certifies that it will deposit on November 27, 1951 to the credit o f Federal Reserve Bank o f 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 November 27, 1951, due June 15, 1952, allotted as per Notice o f Allotment dated November 21, 1951. (N a m e o f d e p o s it a r y ) B y. (O ffic ia l s ig n a t u r e r e q u ir e d ) (T it le ) Street address ................................................................................................. D ated.......................................................... City, Tow n or V illa g e, P . O. N o., and State 2 F ederal of R eser v e New Y B ank ork NOTICE OF A LLO TM E N T OF U N ITED STATES OF A M E R IC A T R E A S U R Y BILLS T A X A N T IC IP A T IO N SERIES November 21, 1951. Y ou r tender at amount o f $ (rate per 100) has been accepted in the (m aturity value) fo r Treasury bills, Tax A nticipation Series, dated November 27, 1951 and m aturing on June 15, 1952. Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank o f New Y ork or by credit to Treasury Tax and Loan A ccount on or before November 27, 1951. To obtain delivery o f the Treasury bills, please state on the attached form in the spaces provided therefor, the denominations o f 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 o f New York, such check should be received b y us in time fo r collection on date bills are issued, otherwise it w ill be necessary to charge interest to the date o f collection. I f settlement is to be made by credit to Treasury T ax and Loan Account, the Certificate o f Deposit which is part of the attached form must be executed and officially signed. F e d e ra l R eserve B a n k o f N ew Y ork Fiscal A gent o f the United States. Checked by 3 F ederal of TB R N eserve ew Y B ank ork P END IN G D E L IV E R Y TIC K E T OF U N ITED STATES OF A M E R IC A T R E A S U R Y BILLS T A X A N T IC IP A T IO N SERIES November 21, 1951. Y ou r tender at (rate per 100) has been accepted in the amount o f $ (m aturity value) fo r Treasury bills, Tax A nticipation Series, dated November 27, 1951 and m aturing on June 15, 1952. PAR TOED CHECKED PR IN C IPAL DISCOUNT M ETHOD OF P A Y M E N T DISPO SITION M ASTER □ Payment to be made through Treasury Tax and Loan Account. N A -T B -2 a* 37%! 1 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, New York 45, N. Y. From (Name and address o f 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 November 27,1951 and matur ing on June 15, 1952, please issue and make delivery of the bills in the denominations as instructed below. Settlement will be made as indicated below: B y cash $............................ By check B y charge to our reserve account, which you are authorized to make . . . $ .*........................ B y credit to Treasury Tax and Loan Account on our books as indicated on the attached Certificate of Deposit which we have officially execu ted.. $. Issue Bills in the Following Denominations Pieces $............................ Denomination 1,000 P lease D o N ot U se T h is S D pace Numbers Maturity Value □ □ □ 5,000 10,000 □ 100,000 □ 500,000 is p o s e of 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 (for member bank only) 4. Hold as collateral for Treasury Tax and Loan Account 5. Special instructions: 1,000,000 Totals------ IM PORTANT: No changes in delivery instructions will be accepted. T h e u n d e r s ig n e d , i f a b a n k o r tru s t c o m p a n y , h e r e b y c e r t ifie s th a t th e T r e a s u r y b ills w h ic h y o u a re h e r e b y in s tr u c te d to d is p o s e o f in th e m a n n e r in d ic a t e d in ite m s n u m b e r e d 3 a n d 4 a b o v e a r e th e s o le p r o p e r t y o f th e u n d e r s ig n e d . (Fill in all required spaces before signing) Name o f Subscriber.., (P le a s e P r i n t ) By. (O ff ic ia l s ig n a t u r e r e q u i r e d ) (T it le ) Street address .................................................. City, Town or Village, P. 0 . No., and State S p a c e s b e lo w a r e f o r th e u s e o f th e 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 Delivery Receipt Paid Stamp Received from F e d e r a l R e s e r v e B a n k o p N e w Y o r k the above described United States Government obligations allotted in the amount indicated above. Counted ---------- Amount ■ --- ----------------------------be officially executed. FEDERAL RESERVE GOVERNMENT BANK BOND OF NEW YORK DEPARTM ENT ( T h i s c e r t ific a t e m u st b e e x e c u t e d w h e n s u b s c r ib e r is m a k in g p a y m e n t th ro u g h T r e a s u r y T a x an d L o a n A c c o u n t ) Certificate o f D eposit in Treasury Tax and Loan A ccoun t COST The undersigned depositary certifies that it will deposit on November 27, 1951 to the credit o f 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 November 27, 1951, due June 15, 1952, allotted as per Notice o f Allotment dated November 21, 1951. (N a m e o f d e p o s it a r y ) By. (O ffic ia l sig n a tu r e r e q u ir e d ) Street address .............................. Dated. C ity, T ow n or V illa g e, P . O . N o., and State (T it le ) F ederal of R eserve New Y B ank ork NOTICE OF A LLO TM E N T OF U N ITED STATES OF A M E R IC A T R E A S U R Y BILLS T A X A N T IC IP A T IO N SERIES November 21, 1951. Y ou r non-competitive tender lias been accepted in fu ll at the average price of accepted competitive bids, namely (rate per 100), in the amount o f $ (m aturity value) fo r Treasury bills dated November 27, 1951 and m aturing on June 15, 1952. Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank o f New Y ork or by credit to Treasury Tax and Loan A ccount on or before November 27, 1951. To obtain delivery o f the Treasury bills, please state on the attached form in the spaces provided therefor, the denominations o f the bills desired and method by which settlement will be made. I f settlement is to be made b y check on a bank other than the Federal Reserve Bank o f New Y ork, such check should be received by us in time fo r collection on date bills are issued, otherwise it w ill be necessary to charge interest to the date o f collection. I f settlement is to be % made by credit to Treasury Tax and Loan Account, the Certificate o f Deposit which is part of the attached form must be executed and officially signed. 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. Checked by 3 F ederal of TB R eserve N ew Y B ank ork P END IN G D E L IV E R Y TIC K E T OF U N ITED STATES OF A M E R IC A T R E A S U R Y BILLS T A X A N T IC IP A T IO N SERIES November 21, 1951. Y ou r non-competitive tender has been accepted in fu ll at the average price of accepted competitive bids, namely (rate per 100), in the amount o f $ (m aturity value) for Treasury bills, Tax A nticipation Series, dated November 27,1951 and matur ing on June 15, 1952. . PAR CHECKED URED P R IN C IP A L DISCOUNT M ETHOD OF P A Y M E N T DISPO SITION M ASTER □ Payment to be made through Treasury Tax and Loan Account. T A X A N T IC IP A T IO N SERIES November 21, 1951. Y ou r non-competitive tender has been accepted in fu ll at the average price o f accepted competitive bids, namely (rate per 100), in the amount o f $ (m aturity value) fo r Treasury bills, Tax A nticipation Series, dated November 27,1951 and matur ing on June 15, 1952. □ Payment to be made through Treasury Tax and Loan Account.