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FED ERAL RESER VE BANK O F N EW YO RK
ra
Fiscal Agent of the United States
O ffering o f $ 1 ,5 0 0 ,0 0 0 ,0 0 0 o f 90-D ay Treasury B ills
Dated November 26, 1954
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[.C ircular No. 4 1 0 4 1
I November 18,1954 J
*'-
Maturing February 2 4 , 1955
T o all Incorporated Banks and Trust Companies, and O thers
Concerned, in the Second Federal R eserve D istrict:
Following is the text of a notice published today:
TREASURY DEPARTMENT
■za:. Washington
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 18, 1954.
T h e T re a su ry D epartm en t, b y this pu blic n otice, invites tenders for $1,500,000,000, o r thereabouts, o f 90-day T re a su ry
bills, fo r cash and in ex ch a n g e fo r T rea su ry bills m atu rin g N o v e m b e r 26, 1954, in the am ou nt o f $1,500,969,000, to be issued o n
a discou n t basis under com petitive and n on com petitive bid d in g as h ereinafter provid ed . T h e bills o f this series w ill b e dated
N o vem b er 26, 1954, and w ill m ature F eb ru a ry 24, 1955, w h en the face am ou nt w ill be payable w ith ou t interest. T h e y w ill
be issued in bearer fo rm on ly , and in den om in ation 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 en d ers w ill be received at Federal R eserve B anks and B ran ches up to the clo s in g hour, tw o o ’ c lo ck p.m ., E astern
Standard tim e, M on d a y, N ov em b er 22, 1954. T en d ers w ill n ot be received at the T rea su ry D epartm en t, W a s h in g to n . E ach
tender m u st be fo r an even m ultiple o f $1,000, and in the case o f com p etitive tenders the price offered m u st be exp ressed on
the basis o f 100, w ith n ot m o re than three decim als, e. g., 99.925. F raction s m a y n ot be used. It is u rged th at ten ders be
m ade on the printed form s and forw a rd ed in the special en velopes w hich w ill be supplied b y Federal R eserve B anks or
B ra n ch es o n application th erefor.
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O th ers than b ankin g institutions w ill n o t be perm itted t o subm it ten ders e x cep t fo r their o w n a ccou nt. T en d ers w ill be
receiv ed w ith ou t dep osit fro m in corp ora ted banks a n d trust com panies and fro m respon sib le and recog n ized dealers in invest
m en t securities. T e n d ers fr o m oth ers m u st b e a ccom p a n ied b y paym ent o f 2 percent o f the face am ou nt o f T rea su ry bills
applied fo r, unless the tenders are a ccom p a n ied b y an exp ress gu aranty o f paym ent b y an in corp ora ted b a n k o r trust oom p any.
Im m ed ia tely after the clo s in g h ou r, tenders w ill be op en ed at the F ed eral R e serv e B anks and B ranches, fo llo w in g w h ich
p u b lic an n ou n cem en t w ill be m a d e b y the T rea su ry D epa rtm en t o f the am ou nt and price range o f a ccep ted bids. T h o s e
subm itting tenders w ill be advised o f the a ccep ta n ce o r rejection th ereof. T h e Secretary o f the T rea su ry e x p re s sly reserves
the righ t to a cce p t o r reject a n y or all tenders, 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 ject
to these reservations, n on com p etitive tenders fo r $200,000 o r less w ith ou t stated p rice fro m a n y on e bidder w ill b e a ccep ted
in full at the a vera ge price (in three d ecim a ls) o f a ccep ted com petitive bids. Settlem ent fo r a ccepted tenders in a ccord a n ce
w ith the bids m u st be m ade or com p leted at the Federal R eserve B ank on N ov em b er 26, 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 aturing N ov em b er 26, 1954. Cash and exch a n ge tenders w ill re
ceive equal treatm ent. Cash adjustm ents w ill b e m ade f o r d ifferen ces betw een the par value o f m aturing bills a cce p te d in
exch a n ge and th e issue price o f th e n ew bills.
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T h e in co m e derived fr o m T rea su ry bills, w h eth er interest o r gain fr o m the sale o r oth er disposition o f th e bills, shall n ot
have any exem ption , as such, and loss fro m the sale or oth er d isp osition o f T rea su ry bills shall n ot have a n y special treat
m ent, as such, under the Internal R even u e C od e, o r law s a m en d a tory o r supplem entary thereto. T h e bills shall b e su b je ct
t o estate, inheritance, gift, or oth er excise taxes, w h eth er F ed eral or State, but shall be exem p t fro m all taxation n o w o r h ere
after im p osed on the principal 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
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 origin a lly s o ld b y the U n ited
States shall be con sidered to 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 ode, 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 h ereunder are sold shall n ot be con sidered
to a ccru e until such bills shall be sold , red eem ed o r oth erw ise disp osed o f, and su ch bills are exclu ded fro m con sidera 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 insurance com p a n ies) issued h ereun der need in
clu de in his in co m e ta x return on ly the differen ce betw een th e price paid fo r such bills, w h eth er on origin al issue o r on sub
sequen t purchase, and the am ou nt actu a lly receiv ed either u pon sale o r red em ption at m aturity d u rin g the ta x ab le 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 epartm en t Circular N o . 418, R evised , and this n otice, prescrib e the term s o f th e T rea su ry bills and go v e rn
the con d ition s o f their issue. C opies o f th e circular m a y be ob ta in ed fr o m any Federal R eserve B ank o r B ran ch.
This Bank will receive tenders up to 2 p.m., Eastern Standard time, Monday, November 22, 1954, at the Securi
ties 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, subject 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
S p r o u l , P r es id e n t.
Results of last offering of Treasury bills (91-day bills dated November 18, 1954, maturing February 17, 1955)
T o t a l applied fo r.......... $2,116,863,000
T o t a l a c c e p t e d .............. $1,500,394,000 (in clu des $248,354,000
entered on a n on com p etitive basis
and a ccep ted in full at the average
price sh ow n b e lo w )
A v era ge p rice ........ 99.765
E quivalent rate o f discou n t
app rox. 0.931% per annum
R a n ge o f a ccepted com petitive b id s:
(E x ce p tin g one
tender o f $150,000)
H i g h ......................... 99.775
E quivalent rate o f discou nt
a p p rox. 0.890% per annum
L o w .........................
99.762
E quivalent rate o f discou nt
a p p rox. 0.942% per annum
(1 percent o f the am ou nt bid fo r at the low
price w as a ccep ted )
Federal R eserv e
D istrict
B o s to n ........... ........ .........
N ew Y o r k .....................
Philadelphia
C levelan d ......
R ich m on d ......
A tla n ta ..........
C h ica go ........
St. L ou is ........
M in n eap olis ...
K ansas C ity ..
D allas .............
San F ra n cisco
T otal
........................
Total
A pplied f o r
$
Total
A ccepted
37,071,000
1,462,286,000
43.135.000
61.652.000
19.194.000
28.736.000
197,205,000
31.527.000
16.308.000
49.905.000
77.852.000
91.992.000
30.601.000
963.509.000
27.838.000
59.652.000
18.994.000
27.741.000
151.315.000
31.527.000
16.308.000
49.905.000
46.902.000
76.102.000
$2,116,863,000
$1,500,394,000
Please note that the current offering is fo r 90-day Treasury bills.
( over )
32 J
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— -Please note that this offering is for 90-day Treasury bills, which will be
dated Friday, N ovem b er 26, 1954, because Thursday, N ovem b er 25, «/*// fee Thanksgiving
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IMPORTANT— If you desire to bid on a com petitive basis, fill in rate per 100 and maturity
value' in paragraph headed "Competitive Bid.” If you desire to bid on a n oncom petitive
basis, fill in only the maturity value in paragraph headed "Noncompetitive Bid.” D O
N O T fill in b oth 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
che<4 showing the name of each bidder, the amount bid for his account, and method
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p§yment^
Forms for this purpose will be furnished upon request.
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No.
T E N D E R FO R 9 0 -D A Y T R E A SU R Y BILLS
Maturing February 24, 1955
Dated November 26, 1954
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To 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 ,
■ Fiscal Agent o f the United States.
Dated at.................
.1954
COMPETITIVE BID
NONCOMPETITIVE BID
%lv>£
_ ^’thA,- .provisions of Treasr
U£yr. department r‘£ircuiar N o.. 418, Revised,.
J&ev provisions o f the public n oriikfc- gfl :■N!aYenahftf i^i;.l:L954, ‘as issued by the
s^Treasury‘ Department, the •->undersigned offers
w ? .- = 8 3 t X iiiV K p C S
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K-vJtffsr-j (Rateper 100) J ‘x v i ;;;j«
Pursuant to the provisions of Treasury De- partment Circular No. 418, Revised, and to the
provisions of the public notice on November 18,
1954, as issued by the Treasury Department,
the undersigned offers a noncompetitive tender
;■' :••• -
f or a total amount of
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(Not to exceed $200,000)
Value)
.’ of the .Treasury bills therein described, or for
;.jafiy. less^amdunt that may be awarded, settlement
therefor to be made at your Bank, on the date
•-stated in’ the public notice, as indicated below:
•-O', By sulren^er of maturing Treasury bills
; .ifuountingto . ; . , . . .
h W V i'j
v d h lo a
r
•- ............... .
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(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:
O By surrender of maturing Treasury bills
amounting to ........... .
$__________________
'
>O .t By cash or Other' immediately available f unds
y .f K a lUsria b f o a 9 * 3 isb fcP -J V *:.
for a total amount of $............................................
•.Q - By cash or other immediately available funds
t:
i z*Pricr Must be -exprtested on the*basis of 100, with not
- inbre than three decimal places, fdr example, 99.925. <’
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The i.Tceasury .bills for. which tender is hereby made are to be dated November 26, 1954, and are to
mature on February 24, 1955.
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s-This tender will be inskped in special envelope marked “ Tender for Treasury Bills.”
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Nam e of B id d e r ......... ....................................................................... ........................................ .................
(Please print)
.
(Title)
( 6 H c i a i s ig n a tu r e re q u ir e d )
•v.u> \x:u: Street A d d re ss.................... .............................. ..........................
*tsji Alas rt'l
VSAJ.JA
(City, Town or Village, P. O. No., and State)
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, indicate th e cu stom er’ s n am e o n line b e lo w :
•
**5L s M "
:
(Name o f Customer)
.....
(City, Town or VUlage,
P.
O. No., and State)
IMPORTANT INSTkyCTIONS:
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.
1. N o; ten der f o r .less than $1,000 w ill b e con sidered, and each tender m u st b e fo r an even m u ltiple o f $1,000
(m a tu rity v a lu e ). ’
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2. If, th e 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 the co rp o ra itioti a uthorized to m a ke the tender, and the sig n in g o f the ten der b y an officer o f the corp ora tion w ill b e con stru ed as a
^■-•representation b y h im -that he has been s o authorized. I f the tender is m ade b y a partnership, it sh ou ld be sign ed b y a
f m e m b e r o f the firm , w h o sh ou ld s ig n in the fo r m “ ............................ ....................................... .................................. a copartn ersh ip, b y
CUv;.;u;........................................... ................................................................. . a m em b er o f the firm .”
.
3. X fn d e r s w ill be receiv ed w ith ou t dep osit fro m in corp ora ted banks and trust com pa n ies and fro m resp o n _sib}e and re co g n ize d dealers in in vestm ent securities. T en d ers from oth ers m u st b e a ccom p a n ied b y pa ym en t o f 2 percent
1 o f the fa ce am ou nt 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 paym ent
v xby.;an in co rp o ra te d ba n k o r trust com pan y.
'
’ _ 4 . I f the language o f this ten der is ch a n ged in a n y respect, w hich, in the op in io n o f the S ecreta ry o f the
T re a su ry , is m a teria l, th e ten der m a y b e disregarded.
Paym ent b y credit through Treasury T ax and Loan A ccount w ill not be perm itted.
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