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FEDERAL RESERVE BANK O F N EW YO R K Fiscal Agent of the United States [ ClfA^“ 28 °'i9 6 5 22] Offering o f $1,500,000,000 o f 91-Day Treasury Bills D ated M ay 5, 1955 M aturing August 4, 1955 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: Following is the text o f 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, A pril 28, 1955. TREASURY DEPARTM ENT W ashington T h e Treasury Department, by this public notice, invites tenders for $1,500,000,000, or thereabouts, o f 91-day Treasury bills, for cash and in exchange for Treasury bills maturing M ay 5, 1955, in the amount o f $1,500,192,000, to be issued on a discount basis under com petitive and noncom petitive bidding as hereinafter provided. T h e bills o f this series will be dated M ay 5, 1955, and will mature August 4, 1955, when the face amount will be payable without interest. T h ey will 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 (m aturity value). Tenders w ill be received at Federal Reserve Banks and Branches up to the closin g hour, tw o o ’ clock p.m., Eastern Daylight Saving time, M onday, M ay 2, 1955. 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 which w ill be supplied b y Federal R eserve Banks or Branches on application therefor. Others than banking institutions w ill not be permitted to submit tenders except for their ow n account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest ment securities. T enders from others must be accom panied by payment o f 2 percent o f the face am ount o f Treasury bills applied for, unless the tenders are accom panied by an express guaranty o f payment by an incorporated bank or trust com pany. 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 Treasury Department o f the amount and price range o f accepted bids. Those submitting tenders will be advised o f the acceptance or rejection thereof. T h e Secretary o f the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for $200,000 or less without 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. Settlement for accepted tenders in accordance with the bids must be made or com pleted at the Federal Reserve Bank on M ay 5, 1955, in cash or other immediately available funds or in a like face amount o f Treasury bills maturing M ay 5, 1955. Cash and exchange tenders w ill receive equal treatment. Cash adjustments w ill be made for differences between the par value o f m aturing bills accepted in exchange and the issue price o f the new bills. T h e incom e derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, does not have any exem ption, as such, and loss from the sale or other disposition o f Treasury bills does not have any special treat ment, as such, under the Internal Revenue Code o f 1954. T h e bills are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exem pt from all taxation now or hereafter im posed on the principal o r interest thereof by any State, o r 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 which Treasury bills are originally sold by the United States is considered to be interest. U nder Sections 454(b) and 1221(5) o f the Internal Revenue Code o f 1954 the amount o f discount at which bills issued hereunder are sold is not considered to accrue until such bills are sold, redeemed or 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 only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Departm ent Circular N o. 418, Revised, and this notice, prescribe the terms o f the Treasury bills and govern the conditions o f their issue. Copies o f the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders up to 2 p.m., Eastern Daylight Saving time, Monday, May 2, 1955, at the Securities Department o f 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 fo r 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 f unds or in maturing Treasury bills. A l l a n S p r o u l , President. R e s u lts o f la st o ffe r in g o f T r e a s u r y b ills ( 9 1 -d a y b ills d a te d A p r i l 2 8 , 195 5, m a t u r in g J u ly 2 8 , 1 9 5 5 ) Total applied for ...$2,623,524,000 T otal accepted ........ $1,500,984,000 (includes $223,636,000 entered on a noncom petitive basis and accepted in full at the average price shown below ) Average price . 99.5714- Equivalent rate o f discount approx. 1.697% per annum Range o f accepted competitive bids: XT- , ooA?n p n„ ; m |ont H,gh " - 620 1 ner =fnn m n or™ appr° x - i-503^ per annum L ow ....................... 99.570 Equivalent rate o f discount approx. 1.701% per annum (38 percent o f the amount bid for at the low price was accepted) Federal Reserve District B oston ............ .............. New Y o r k ..................... Philadelphia ................. Cleveland ....................... Richmond ..................... ^,llanta ......................... Chicago ......................... S t LoU' S ....................... Minneapolis ................. Kansas City ................. Dallas ............................. San Francisco ............. Total .............. Total Applied fo r $ 41,932,000 1,859,930,000 45,828,000 76,313,000 14,472,000 ^^J’249,000 301,935,000 23,524,000 17,801,000 48,034,000 44,754,000 117,752,000 $2,623,524,000 Total Accepted $ 33,990,000 992,829,000 16,383,000 62,404,000 11,052,000 26,114,000 198,012,000 21,292,000 15,011,000 40,980,000 27,514,000 55,403,000 ---------------------$1,500,984,000 ( over) 33 G IM PORTANT— 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 noncom petitive basis, fill in only the maturity value in paragraph headed "Noncompetitive Bid.” D O N O T fill in both paragraphs on one fo rm . 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 fo r this purpose will be furnished upon request. No. T E N D E R FOR 91 -D A Y T R E A SU R Y BILLS Maturing August 4, 1955 Dated May 5, 1955 To F ederal R eserve Ban k of N ew Y Dated at ork, 1955 Fiscal Agent o f the United States. COMPETITIVE BID NONCOMPETITIVE BID Pursuant to the provisions o f Treasury Department Circular No. 418, Revised, and to the provisions o f the public notice on April 28, 1955, 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 April 28, 1955, as issued by the Treasury Department, the undersigned offers a noncompetitive tender undersigned o f f e r s ...................................... * for a for a total amount of $ ............................................. (R ate per 100) (N ot to exceed $200,000) total amount o f $ .................................. (maturity value) o f 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: □ (maturity value) of the Treasury bills therein described, at the average price (in three decimals) 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 surrender o f maturing Treasury bills □ By surrender of maturing Treasury bills amounting to .................. $_____________________ amounting to .................. $--------------------------------- □ □ By cash or other immediately available funds By cash or other immediately available funds *Price must be expressed on the basis o f 100, with not more than three decimal places, fo r example, 99.925. The Treasury bills for which tender is hereby made are to be dated May 5, 1955, and are to mature on August 4, 1955. This tender will be inserted in .special envelope marked “ Tender for Treasury Bills.” Name o f Bidder ....................... ............... (Please print) B y. (T id e ) (Official signature required) Street Address (C ity, T ow n o r V illage, P. O . N o., and State) If this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below: (N am e o f Customer) (C ity, T ow n o r V illage, P. O . N o., and State) IM PORTANT INSTRUCTIONS: 1. N o tender for less than $1,000 will 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 corpora tion 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 representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a member o f the firm, w ho should sign in the form “ ........................................................................................... , a copartnership, by .........................................................................................................................., a mem ber o f the firm.” 3. Tenders will be received without deposit from incorporated banks and trust companies and from respon sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment o f 2 percent of the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank o r trust company. 4. I f 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. Payment b y cred it through T reasury T a x and Loan A ccou n t w ill n ot b e perm itted. T EFRASER N T B — 1296-a Digitized for (0VEH > AT 42 2 2 FE D E RA L RE SE R V E BANK O F NEW YORK A pril 27, 1955. To A ll Banking Institutions in the Second Federal Reserve District: T h e T appan Z ee N ational B a n k o f N y a c k , a n ew ly o rg a n ize d bank in N yack , N ew Y o rk , w as g ra n te d a ch a rter b y the C o m p tro lle r o f the C u rre n cy on A p r il 26, 1955, an d on th at sam e d a y becam e a m em b er o f the F e d e r a l R e se rv e S y stem . T h e new bank ex p ects to o p e n f o r bu siness on M a y 2, 1955, w ith ca p ita l o f $225,000 an d su rp lu s o f $175,000. Officers of the new bank are : H e n r y H o y le President and Chairman o f the Board F Executive Vice President and Cashier r e d e r ic k P alm er L ester C. S t illw e ll Jam es V. C o n ti Assistant Cashier Assistant Cashier The A.B.A. transit number and check routing symbol o f the 50—1227 Tappan Zee National Bank o f Nyack is —gjg— • A llan S proul, President.
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