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 NEW YORK Fiscal Agent o f the United States ( ( oSSer 28.^M48 ] O ffering o f $ 1 ,5 0 0 ,0 0 0 ,0 0 0 o f 91*Day Treasury B ills Dated N ovem ber 4, 1954 Maturing February 3, 1955 T o all In corpora ted Banks and T rust Com panies, and O th ers Concerned, in the Second Federal R eserv e D istrict: 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, O c t o b e r 28, 1954. TREASU RY D EPARTM EN T W a s h in g to n T h e T re a su ry D ep a rtm en t, b y this p u b lic n otice, in vites ten ders fo r $1,500,000,000, o r thereabouts, o f 91 -d a y T rea su ry bills, fo r cash and in e x ch a n g e for T rea su ry bills m atu rin g N o v e m b e r 4, 1954, in the a m ou n t o f $1,500,909,000, to b e issued o n a d isco u n t basis under com p etitive and n on 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 dated N o v e m b e r 4, 1954, and w ill m ature F eb ru a ry 3, 1955, w h en the face a m ou n t w ill be p ayable w ith ou t interest. T h e y w ill be issued in b ea rer fo r m on 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 b e receiv ed at F ed eral R e serv e B anks and B ra n ch es up t o th e c lo s in g h our, tw o o ’c lo c k p.m ., E astern S tandard tim e, M on d a y , N o v e m b e r 1, 1954. T e n d e rs w ill n ot be receiv ed at the T rea su ry D epartm en t, W a s h in g to n . E ach ten der m u st be fo r an even m u ltiple o f $1,000, and in th e ca se o f com p etitive ten ders the p r ice o ffe re d m u st b e ex p re s se d on the basis o f 100, w ith n o t m o re than th ree decim a ls, e. g., 99.925. F ra ction s m a y n ot be u sed. It is u rg ed that tenders be m a d e o n th e p rin ted fo rm s a n d fo rw a rd e d in th e special en v elop es w h ich w ill b e su p plied b y F ed era l R e s e rv e B ank s o r B ra n ch es o n a pp lica tion th erefor. O th e rs than b a n k in g in stitu tions w ill n ot b e perm itted to subm it ten ders e x ce p t fo r th eir o w n a ccou n t. T e n d e rs w ill be receiv ed w ith ou t d ep o sit fr o m in corp ora ted banks and trust com p a n ies and fro m resp on sib le and re co g n iz e d dealers in in vest m e n 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 pa ym en t o f 2 p ercen t o f th e fa ce a m ou n t o f T r e a s u ry bills applied fo r, u nless th e tenders are a cco m p a n ie d b y an ex p re s s gu a ra n ty o f p a y m en t b y an in corp ora ted b a n k o r trust com p a n y . Im m ed ia tely a fter th e c lo s in g h ou r, ten ders w ill b e op en ed at the F ed era l R e s e rv 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 b e m ade b y th e T r e a s u ry D ep a rtm en t o f th e a m ou n t and p r ice ra n ge o f a cce p te d b ids. T h o s e su b m ittin g ten ders w ill be advised o f th e a cce p ta n ce o r reje ctio n th ereof. T h e S ecreta ry o f th e T r e a s u ry e x p re s sly reserves the righ t t o a cce p 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 a ction in a n y such resp ect shall b e final. S u b je ct to th ese reserva tion s, n on com p etitiv e ten ders f o r $200,000 o r less w ith ou t stated p r ice fr o m a n y o n e b idd er w ill b e a cce p te d in full at the a vera ge price (in th ree d e c im a ls ) o f a ccep ted com p etitiv e bids. S ettlem ent f o r a cce p te d ten ders in a cco rd a n ce w ith the bids m ust be m ade o r com p leted at the F ed eral R eserve Bank on N o v e m b e r 4, 1954, in cash or oth er im m ediately available funds o r in a like face a m ou n t o f T rea su ry bills m atu rin g N o v e m b e r 4, 1954. Cash and exch a n ge ten ders w ill receive equal treatm ent. C ash adju stm en ts w ill be m ade fo r d ifferen ces b etw een th e pa r valu e o f m a tu rin g bills a cce p te d in ex ch a n g e a n d the issue p rice o f th e n ew bills. T h e in co m e derived fr o m T r e a s u ry bills, w h e th e r in terest o r gain fr o m the sale o r oth er d isp osition o f th e bills, shall n ot h ave a n y exem ption , as such, and lo s s fr o m the sale o r oth er d isp osition o f T r e a s u ry bills shall n ot have a n y sp ecia l treat m en t, as such, under the In tern al R even u e C ode, or la w s a m en da tory o r su p p lem en ta ry th ereto. T h e bills shall be su b je ct to estate, inheritance, g ift, o r oth er ex cise taxes, w h eth er F ed era l o r State, but shall b e ex em p t fro m all taxation n o w o r h e re a fter im p o se d on the prin cip a l or 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 lo ca l ta x in g authority. F o r p u rp oses o f taxation th e a m ou n t o f discou n t at w h ich T r e a s u ry bills are orig in a lly s o ld b y th e U n ited States shall b e co n sid e red t o be interest. U n d er S ection s 42 and 1 1 7 (a )(1 ) o f the Internal R even u e C od 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 d iscou n t at w h ich bills issued hereun der are s o ld shall n ot b e con sid ered t o a ccru e until such bills shall be sold, red eem ed o r oth erw ise d isp osed o f , and such bills are ex clu d ed fr o m con sid era tio n as capital assets. A c c o r d in g ly , th e ow n er o f T r e a s u ry bills (o th e r than life insurance co m p a n ie s ) issued h ereun der need include in his in co m e ta x return o n ly th e differen ce b etw een the p rice pa id fo r such bills, w h eth er on origin al issue o r o n subsequen t pu rch ase, and the a m o u n t actu a lly receiv ed either u p on sale or red em p tion at m atu rity d u rin g the ta xab le yea r f o r w hich the return is m ade, as o rd in a ry gain o r loss. T re a su ry D e p a rtm e n t Circular N o . 418, R evised , and this n otice, p rescrib e th e term s o f th e T r e a s u ry b ills and g o v e rn the co n d itio n s o f their issue. C op ies o f th e circu la r m a y be ob ta in ed fr o m a n y F ed era l R e s e rv e B a n k o r B ran ch. This Bank will receive tenders up to 2 p.m., Eastern Standard time, Monday, November 1, 1954, 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.” Tenders may be submitted by telegraph, sub ject to written confirmation; they may not be submitted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills. A lla n Sproul, President. R e s u l t s o f la s t o f f e r i n g o f T r e a s u r y b ills ( 9 1 - d a y b ills d a t e d O c t o b e r 2 8 , 1 9 5 4 , m a t u r i n g J a n u a r y 2 7 , 1 9 5 5 ) T o ta l applied fo r ...$ 2,1 2 1 ,8 9 9,0 0 0 F ed era l R eserv e Total T o ta l a cce p te d ......... $1,500,637,000 (in clu d es $214,773,000 entered on a n on com p etitiv e basis and a ccep ted in full at the a vera ge p rice sh ow n b e lo w ) A v e ra g e p r ice . . . 99.746 E q u iva len t rate o f discou n t a p p rox. 1.007% p er annum 0 . , ... , .. R a n ge o f a ccep ted co m p etitive b id s : H ig h ...................... 99.756 E q u iva len t rate o f discou n t a p p rox . 0.965% per annum ____ — ! rict____ A pplied f o r B o s to n ............................. $ 21 453 000 N ew Y o r k ...................... 1,473,970;000 P h iladelphia .................. 43,172,000 C levelan d ......................... 84,283,000 R ich m o n d ...................... 19,439,000 A tla n ta ............................. 23,745,000 C h ica g o ........................... 216,040,000 St. L ou is ......................... 19,585,000 M in neapolis .................... 11,890,000 L ow g j f g f C i‘ y ir a,,a4 ■• ......................... San F r a n c i s c o ................ ...................... 99.743 E q u iva len t rate o f d iscou n t a n o r o x 1 0 1 7 % o e r annum a p p ro x . i .u i l/ c p er annum (25 p ercen t o f the a m ou n t b id fo r at the lo w p rice w as a cce p te d ) T o t a l ................ 40,756,000 119,204,000 ----------------------$2,121,899,000 T ota l A ccep ted $ 17 053 000 909 283 000 28,172,000 84,183,000 18,064,000 22,870,000 190,790,000 19,585,000 11 240’ 000 40,156,000 111,079,000 ---------------------$1,500,637,000 ( over) 32 G 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 noncompetitive basis, fill in only the maturity value in paragraph headed "Noncompetitive 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. No. T E N D E R FO R 91 -D A Y T R E A SU R Y BILLS Dated November 4, 1954 To F ederal R ese rv e Bank of N ew Y Maturing February 3, 195 5 Dated at ......................... ork, Fiscal Agent of the United States. 1954 COMPETITIVE BID NONCOMPETITIVE BID Pursuant to the provisions of Treasury Department Circular No. 418, Revised, and to the provisions of the public notice on October 28, 1954, as issued by the Treasury Department, the Pursuant to the provisions of Treasury Department Circular No. 418, Revised, and to the_ provisions of the public notice on October 28, 1954, as issued by the Treasury Department, the undersigned offers a noncompetitive tender undersigned o ffe r s * for a (Rate per 100) total amount of $ ................................. (maturity value) of the Treasury bills therein described, or for any less amount that may be awarded, settle ment therefor to be made at your Bank, on the date stated in the public notice, as indicated below: for a total amount of $ ........................................... ( N o t to e x c e e d $20 0 ,0 0 0 ) (maturity value) of the Treasury bills therein described, at the average price (in three decimals) 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 surrender of maturing Treasury bills amounting to ................. $____________________ □ □ By cash or other immediately available funds By cash or other immediately available funds *P rice m ust be exp ressed on the basis o f 100, w ith not m ore than three decim al places, f o r exam ple, 99.925. The Treasury bills for which tender is hereby made are to be dated November 4, 1954, and are to mature on February 3, 1955. This tender will be inserted in special envelope marked “ Tender for Treasury Bills” N a m e o f B i d d e r ...................................................................................................................... (P le a s e prin t) B y. (O fficia l sig n atu re re q u ire d ) (T itle ) S treet A d d re s s (C ity , T o w n o r V illa g e , P . O . N o ., and S tate) I f this ten der is su b m itted b y a ba n k fo r th e a cco u n t o f a cu stom er, in dicate th e cu sto m e r’ s nam e o n lin e b e lo w : (N a m e o f C u sto m e r) (C ity , T o w n o r V illa g e , P . O . N o ., a n d S tate) IMPORTANT INSTRUCTIONS: 1. N o ten der f o 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 th e p erson m a k in g th e ten der is a corp ora tion , the ten der sh ou ld b e sign ed b y an officer o f the c o rp o ra tion a uthorized to m a k e the tender, and the sig n in g o f the ten der b y an officer o f th e co rp o ra tio n w ill be con stru ed as a represen tation b y him that he has been s o auth orized. I f the ten der is m ade b y a partnership, it sh ou ld b e sign ed b y a m em b er o f th e 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 fr o m in corp ora ted banks and trust com p a n ies and fr o m re sp o n sible and re co g n iz e d dealers in in vestm ent securities. T e n d e rs fr o m oth ers m ust be a ccom p a n ied b y p a ym 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 a pplied fo r, unless th e tenders are a ccom p a n ied b y an exp ress gu a ra n ty o f paym ent b y an in co rp o ra ted ba n k o r trust com p a n y . 4. I f th e la n g u a ge o f this tender is ch a n g e d 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 su ry , is m aterial, th e ten der m a y be disregarded. Payment by credit through Treasury Tax and Loan Account will not be permitted. TENTB— 1270-a ( over )
@FedFRASER