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FEDERAL RESERVE BAN K O F N E W Fiscal Agent of the United States YORK [C Novemto°3 , i9 5 5 1] 4 O ffe r in g o f $ 1 ,6 0 0 ,0 0 0 ,0 0 0 o f 9 1 -D a y T r e a s u r y B ills Dated November 10, 1955 Maturing February 9 , 1956 T o all In corpora ted B anks and Tru st Com panies, and O thers C oncerned, in the Second Federal R eserv e 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 , T h u rsd a y , N o v e m b e r 3, 1955. TREASU RY DEPARTM ENT W a s h in g to n T h e T r e a s u ry D epartm en t, b y this p u b lic n otice, invites tenders fo r $1,600,000,000, o r th ereabou ts, o f 9 1-d ay T reasu ry b ills, fo r cash and in e x ch a n g e for T rea su ry bills m a tu rin g N ov em b er 10, 1955, in the a m ou n t o f $1,600,507,000, to be issued on a d iscou n t basis under com p etitive and n on com p etitiv e b id d in g as h ereinafter provid ed . T h e bills o f this series w ill be dated N o v e m b e r 10, 1955, and w ill m ature F eb ru a ry 9, 1956, w h en the fa ce am ou nt w ill b e pa ya b le w ith ou t interest. T h e y w ill be 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 va lu e). T e n d e rs w ill be receiv ed at F ed eral R e serv e B anks and B ra n ch es up to the clo s in g h ou r, on e-th irty o ’ c lo c k p.m ., Eastern S tandard tim e, M on d a y , N ov em b er 7, 1955. T en d ers w ill n ot be receiv ed at the T rea su ry D ep a rtm en t, W a s h in g to n . E ach ten der m u st be f o r an even m u ltiple o f $1,000, and in th e ca se o f com p etitive ten ders th e p r ice o ffe re d m u st b e ex p resse d on the basis o f 100, w ith n ot m o re than th ree decim als, e. g., 99.925. F ra ction s m ay n o t be used. It is u rg ed th at tenders be m a d e o n the p rin ted fo rm s and fo rw a rd e d in th e special en velop es w h ich w ill b e sup plied b y F ed era l R e serv e B anks 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 institutions w ill n ot b e perm itted t o subm it ten ders e x ce p t f o r their 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 fr o m resp on sib le and re co g n iz e d dealers in in vest m e n t secu rities. T e n d e rs fr o 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 fa c e a m ou n t o f T r e a s u ry bills a pp lied fo r, u nless th e tenders are a ccom p a n ied b y an exp ress 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 e d ia te ly a fter the clo s in g h ou r, tenders w ill b e op en ed at the F ed era l R es e rv e B anks a n d 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 T rea su ry D epa rtm en t o f th e a m ou n t and p rice ran ge o f a cce p te d bids. T h o s e su b m ittin g te n d e rs w ill be advised o f the a ccep ta n ce or re je ctio n th ereof. T h e S ecreta ry o f the T r e a s u ry e x p re s sly reserves th e rig h t t o a cce p t o r re je ct a n y o r 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 je ct t o th ese reserva tion s, n on com p etitive ten ders fo r $200,000 o r less w ith ou t stated p rice fr o m a n y on e b id d er w ill b e a ccep ted in fu ll 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 fo r a cce p te d ten ders in a ccord a n ce w ith the b id s m u st be m ade o r com p leted at the Federal R eserve Bank on N o v e m b e r 10, 1955, in cash o r oth er im m ediately available fu n d s o r in a like face a m ou n t o f T rea su ry bills m a tu rin g N o v e m b e r 10, 1955. Cash and ex ch a n g e ten ders w ill re ce iv e equal treatm ent. Cash a dju stm en ts w ill be m ade fo r d ifferen ces betw een the par value o f m a tu rin g bills a cce p te d in e x ch a n g e and th e issue p rice o f th e n ew bills. T h e in co m e derived fro m T r e a s u ry bills, w h eth er interest o r gain fr o m the sale o r oth er d isp osition o f the bills, d oes n ot have a n y e x e m p tion , as such, and loss fro m the sale or oth er d isp osition o f T rea su ry bills d oes n ot have a n y special treat m en t, as such, u nder the Internal R even u e C od e o f 1954. T h e bills are su b ject to estate, in heritance, g ift o r oth er e x cis e taxes, w h eth er F ed era l o r State, but are ex em p t fr o m all ta xation n o w o r h erea fter im p osed on the principal o r in terest th e re o f 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 any lo ca l ta x in g authority. F o r pu rp oses o f ta xation 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 th e U n ited States is con sid ered to b e interest. U n d er S e ctio n s 4 5 4 (b ) and 1221(5) o f the In tern al R even u e C o d e o f 1954 th e a m ou n t o f d iscou n t at w h ich bills issu ed hereun der are so ld is n ot con sid ered t o a ccru e until such bills are sold , red eem ed o r oth erw ise d isp osed o f, and such bills are exclu d ed fr o m con sid era tion as capital assets. A c c o r d in g ly , the o w n er o f T r e a s u ry bills (o th e r than life in su rance co m p a n ie s ) issued hereun der need in clu d e in his in co m e ta x return o n ly the differen ce betw een the price pa id fo r such bills, w h e th e r on origin a l issue o r o n su b seq u en t pu rch ase, and the a m ou n t actu a lly receiv ed either u p on sale or red em ption at m a tu rity d u rin g the taxable yea r fo r w hich the return is m ade, as ord 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 bills and g o v e rn th e co n d itio n s o f their issue. C opies o f th e circu la r m a y b e ob ta in ed fr o m a n y F ed era l R e serv e B a n k o r B ra n ch . This Bank will receive tenders up to 1 :30 p.m., Eastern Standard time, Monday, November 7, 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, subject 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 funds or in maturing Treasury bills. A l l a n S p r o u l , President. R e s u l t s o f l a 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 N o v e m b e r 3 , 1 9 5 5 , m a t u r i n g F e b r u a r y 2 , 1 9 5 6 ) T o t a l applied f o r ...$ 2,4 2 9 ,1 8 2,0 0 0 F ed era l R eserv e T otal T o ta l T o ta l a cce p te d ......... $1,602,267,000 (in clu d es $242,415,000 en tered on a n on com p etitiv e b a sis 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 rice . . 9 9 .4 4 9 + E q u iva len t rate o f d iscou n t a p p rox . 2.179% per annum ------- D istrict_____ B o s to n ............................. N e w Y o r k .................... P h iladelphia .................. C le v e la n d ......................... R ich m o n d ...................... Range A t l a n t a ............................. 29,818,000 26,416,000 C h ica g o ........................... 314,933,000 189,587,000 S t- L o u is ......................... 25,899,000 22,973,000 M in n ea p olis 11,908,000 9>5W 00 K ansas C ity .................. 39,913,000 29,177,000 D a l l a s ......................... 35 718 000 21 918 000 San F r a n cis co .............. 97,505,000 78,’767^000 ---------------------- ---------------- ----T o ta l ............. $2,429,182,000 $1,602,267,000 of a ccep ted , Low .................. com p etitive b id s: (e x c e p tin g tw o ten ders to ta lin g $1,100,000) nn/ic-? ^ i ( r * 9 9 4 52 p er ann um 99.448 E q u iva len t rate o f discou n t a p p rox. 2.184% p er annum (28 p ercen t o f the a m ou n t bid fo r at the lo w p rice w a s a cce p te d ) A pplied f o r $ 42,448,000 1,731,636,000 27,333,000 54,468,000 17,603,000 A ccep ted $ 32,446,000 1,138,587 000 10,147’,000 28,830,000 14,063,000 ( over) 34 H Closing time for receipt of tenders i 1:30 p.m., Eastern Standard time, Monday, November 7, 1955 s IM P O R T A N T — Please note that closing time is 1:3 0 p.m ., Eastern Standard time. IM P O R T A N T — I f you desire to bid on a c o m p e titiv e basis, fill in rate per 100 and maturity value in paragraph headed "Com petitive Bid.” I f you desire to bid on a n o n c o m p e titiv e basis, fill in only the m aturity value in paragraph headed "Noncom petitive Bid.” D O N O T fill in b o th paragraph s on on e fo r m . 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 m ay 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. No. T E N D E R FOR 91 -D A Y T R E A SU R Y BILLS Dated November Maturing February 9, 1956 10, 1955 Dated at T o F ederal R eserve B an k of N ew Y ork, Fiscal Agent o f the United States. 1955 COMPETITIVE BID N O N C O M P E T IT IV E BID Pursuant to the provisions o f Treasury Department Circular No. 418, Revised, and to the provisions o f the public notice on November 3, 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 November 3, 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 o f $ ............................................ (Rate 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) o f 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 o f 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 10, 1955, and are to mature on February 9, 1956. This tender will be inserted in special envelope marked “ Tender fo r Treasury Bills.” Name of Bidder ........................................................................................ ................ (Please print) By. (Official signature required) (T itle) 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 or Village, P . O . N o., and State) IM P O R T A N T IN S T R U C T IO N S : 1. N o ten der fo r less than $1,000 w ill b e 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 the ten der is a co rp o ra tio n , the ten der sh ou ld be sign ed b y an officer o f the c o rp o ra tion a u th orized to m ake the ten der, and the sig n in g o f the ten der b y an officer o f th e corp o ra tio n w ill be con stru ed as a rep resen tation b y h im that he has b een s o auth orized. I f the ten d er is m ade b y a partnersh ip, it sh ou ld be sign ed b y a m e m b e r o f th e firm , w h o sh ou ld sig n in th e fo r m “ .................................................................................................... , a cop artn ersh ip, b y ........................................................................................................................................ . a m em b er o f th e firm .” 3. T e n d e rs w ill b e receiv ed w ith ou t d ep 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 a n d re c o g n iz e d dealers in in vestm ent securities. T en d ers fr o m oth ers m u st b e a ccom p a n ied b y pa ym en t o f 2 p ercen t o f th e 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 pa ym en t b y an in co rp o ra te d b a n k o r trust com p a n y . 4. I f th e la n g u a ge o f this ten der is ch a n g e d in any resp ect, w h ich , in the op in ion o f the S ecreta ry o f the T re a s u ry , is m aterial, th e ten der m a y be disregarded. Payment by credit through Treasury Tax and Loan A ccount will not be permitted. T E N T B — 1323-a (O V E R )
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