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F E D E R A L R E S E R V E B AN K O F N E W Y O R K
Fiscal A g en t o f the U nited States
r Circular N o. 3 9 1 5 T
L N ovem ber 7, 1952 J

Offering of $2,000,000,000 of 210-Day Treasury Bills
To Be Designated “ Tax Anticipation Series”
Dated November 21,1952

Maturing June 19,1953

To all Incorporated Banks and Trust Companies, and Others Concerned,
in the Second Federal Reserve District:

Follow ing is the text o f a notice published tod ay:
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 ,
Friday, N ovem ber 7, 1952.

TREASURY DEPARTM ENT
W ashington

The Secretary o f the Treasury, by this public notice, invites tenders for $2,000,000,000, or thereabouts, o f 210-day
Treasury bills, to be issued on a discount basis under com petitive and non-com petitive bidding as hereinafter provided. T h e
bills o f this series w ill be designated T a x Anticipation Series, they w ill be dated N ovem ber 21, 1952, and will mature June 19,
1953. T h ey w ill be accepted at face value in payment o f incom e and profits taxes due on June 15, 1953, and to the extent
they are not presented for this purpose the face amount o f these bills w ill be payable without interest at maturity. T h ey w ill
be issued in bearer form only, and in denominations o f $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
Tenders w ill be received at Federal Reserve Banks and Branches up to the closing hour, tw o o ’clock p.m., Eastern
Standard time, Thursday, Novem ber 13, 1952. Tenders will not be received at the Treasury Department, W ashington. Each
tender must be for an even multiple o f $1,000, and in the case o f com petitive tenders the price offered must be expressed
on the basis o f 100, with not m ore 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 forwarded in the special envelopes w hich w ill be supplied by Federal Reserve Banks
o r Branches on application therefor.
Others than banking institutions w ill not be permitted to submit tenders except for their ow n account. Tenders w ill be
received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest­
ment securities. Tenders from 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 accom panied by an express guaranty o f payment b y an incorporated bank or trust company.
Imm ediately after the closin g hour, tenders will be opened at the Federal Reserve Banks and Branches, follow in g
which public announcement w ill be made by the Secretary o f the Treasury o f the amount and price range o f accepted bids.
Th ose submitting tenders w ill be advised o f the acceptance or rejection thereof. T h e Secretary o f the Treasury expressly
reserves the right to accept o r 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 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 with the bids must be made or com pleted at the Federal Reserve Bank in cash or other immediately available
funds on N ovem ber 21, 1952, provided, however, any qualified depositary will be permitted to make payment by credit in its
Treasury T a x and Loan A ccou n t for Treasury bills allotted to it for itself and its customers up to any amount for which
it shall be qualified in excess o f existing deposits when so notified by the Federal Reserve Bank o f its district.
T he incom e 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 o r other disposition o f Treasury bills shall not have any special
treatment, as such, under the Internal Revenue Code, or laws am endatory or supplementary thereto. T he bills shall be
subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but shall be exem pt 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 United States,
or by any local taxing authority. F or purposes o f taxation the amount o f discount at w hich Treasury bills are originally
sold b y the United States shall be considered to be interest. Under Sections 42 and 1 1 7 (a )(1 ) o f the Internal Revenue
Code, as amended by Section 115 o f the Revenue A c t o f 1941, the am ount o f discount at which bills issued hereunder are
sold shall not be considered to accrue until such bills shall be sold, redeemed o r otherwise disposed of, and such bills are
excluded from 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 incom e tax return on ly the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redemption at
maturity, or the amount o f incom e or profits taxes paid by means o f the bills, during the taxable year for w hich the return
is made, as ordinary gain or loss.
Treasury Departm ent 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 m ay be obtained from any Federal Reserve Bank or Branch.

This Bank will receive tenders up to 2 p.m., Eastern Standard time, Thursday, November 13, 1952, at the Securities
Department o f its H ead 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— T a x Anticipation Series.” Tenders may be
submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settlem ent 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 a x and Loan Account.




A llan

S proul,

President.
( over)

IM PORTANT— If you desire to bid on a com p etitive basis, fill in rate per 100 and maturity
value in paragraph headed “ Competitive Bid.” If you desire to bid on a non-com petitive
basis, fill in only the maturity value in paragraph headed “ Non-competitive Bid.” DO
N O T fill in both, paragraphs on on e 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 o f each bidder, the amount bid for his account, and method
o f payment. Forms for this purpose will be furnished upon request.
N o .............................

TENDER FOR 210-DAY TREASURY BILLS
TO BE DESIGNATED “ T A X ANTICIPATION SERIES”
Dated November 21, 1952
T o F e d e r a l R ese rv e B a n k o f N e w Y
Fiscal A gent o f the United States.

Maturing June 19, 1953
Dated at

ork,

1952

COM PETITIVE BID

NON-COMPETITIVE BID

Pursuant to the provisions o f Treasury
Department Circular N o. 418, as amended, and
to the provisions of the public notice on
November 7, 1952, 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 of the public notice on November 7,
1952, 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 ate per 100)

(N o t to exceed $200,000)

$ ...................................................... (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 :
□

B y cash or other immediately available funds

□

(maturity value) o f 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 credit to Treasury T a x and Loan Account

□

B y cash or other immediately available funds

□

By credit to Treasury T a x and Loan Account

* Price must be expressed on the basis o f 100, with not
mare than three decimal places, for example, 99.925.

The Treasury bills for which tender is hereby made are to be dated November 21, 1952, and are to
mature on June 19, 1953.
This tender will be inserted in special envelope marked “ Tender fo r Treasury Bills— T a x Anticipation
Series.”
Name o f Bidder . . . .
By

(Please print)

(O fficial signature required)

(T itle )

Street Address ......................................
(C ity , T ow n o r V illage, P. O . N o ., and State)

I f this tender is submitted b y a bank for the account o f a customer, indicate the custom er’s name on line below :
(N am e o f Custom er)

(C ity , T ow n o r V illage, P. O . N o ., and State)

IM PORTAN T INSTRUCTIONS:
1. N o tender for less than $1,000 w ill be considered, and each tender must be for an even multiple o f
$1,000 (maturity value).
2. If the person making the tender is a corporation, the tender should be signed b y an officer o f the corporation
authorized to make the tender, and the signing o f the tender by an officer o f the corporation w ill be construed as a rep­
resentation by him that he has been so authorized. I f the tender is made by a partnership, it should be signed by a m em ­
ber o f the firm, w ho should sign in the form “ ..................................................................................................... a copartnership, by
..............................................................................................................a mem ber o f the firm.”
3. Tenders w ill be received without deposit from incorporated banks and trust companies and from respon­
sible and recognized dealers in investment securities. T enders from others must be accom panied by payment o f
2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accom panied by an express guaranty
o f payment b y an incorporated bank or trust company.
4. If 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 may be disregarded.


TENSTB— 4


B e sure to return tender in special en v elo p e marked
“ T end er fo r Treasury Bills— Tax A nticipation Series.”
(

over)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102