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FED ERAL RE SE R V E BANK O F N EW YORK [ Swm b?rVi 95S2 ] Fiscal Agent of the United States Offering o f $ 1 ,60 0,00 0,0 00 o f 91-Day Treasury Bills D ated N ovem ber 17, 1955 M aturing February 16, 1956 T o all In corporated Banks and Trust Com panies, and O thers 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 , W e d n e s d a y , N o v e m b e r 9, 1955. TREASURY DEPARTM ENT W a sh in g to n T h e T r e a s u r y D e p a r tm e n t, b y th is p u b lic n o tic e , in v ites ten d e rs f o r $1,600,000,000, o r th e re a b o u ts, o f 9 1 -d a y T r e a s u r y b ills , fo r c a s h an d in e x c h a n g e fo r T r e a s u r y b ills m a tu r in g N o v e m b e r 17, 1955, in the a m o u n t o f $1,600,635,000, t o b e issu e d on a d is c o u n t b a s is u n d e r c o m p e t it iv e an d n o n c o m p e titiv e b id d in g a s h e r e in a ft e r p r o v id e d . T h e b ills o f th is s e r ie s w i l l b e d a ted N o v e m b e r 17, 1955, a n d w ill m a tu re F e b r u a r y 16, 1956, w h en the fa c e am ou n t w ill be p a y a b le w it h o u t in te re st. T h e y w ill b e is s u e d in b e a r e r fo r m o n ly , an d in d e n o m in a tio n s o f $1,000, $5,000, $10,000, $100,000, $500,000 an d $1,000,000 (m a t u r ity v a lu e ). T e n d e r s w ill b e r e c e iv e d at F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s up t o the c l o s in g h o u r , o n e -th ir t y o ’c l o c k p.m ., E a s te r n S ta n d a r d tim e, M o n d a y , N o v e m b e r 14, 1955. T e n d e r s w ill n o t b e r e ce iv e d at the T r e a s u r y D e p a rtm e n t, W a s h in g t o n . E a ch te n d e r m u st b e f o r a n e v e n m u ltip le o f $1,000, a n d in th e c a s e o f c o m p e t it iv e ten d e rs the p r ic e o ffe r e d m u st b e e x p r e s s e d o n th e b a s is o f 100, w ith n o t m o r e th an th r e e d e c im a ls , e. g ., 99.925. F r a c t io n s m a y n o t b e u s e d . It is u r g e d th a t te n d e rs be m a d e o n th e p rin te d fo r m s an d fo r w a r d e d in th e s p e c ia l e n v e lo p e s w h ic h w ill b e su p p lie d b y F e d e r a l R e s e r v e B a n k s o r B r a n c h e s o n a p p lic a t io n t h e r e fo r . O t h e r s th a n b a n k in g in s titu tio n s w ill n o t b e p e rm itte d to su b m it ten d ers e x c e p t f o r th e ir o w n a c c o u n t. T e n d e r s w ill be r e c e iv e d w it h o u t d e p o s it fr o m in c o r p o r a t e d b a n k s a n d tru s t c o m p a n ie s an d fr o m r e s p o n s ib le a n d r e c o g n iz e d d e a le r s in in v e stm en t s e c u r itie s . T e n d e r s fr o m o th e r s m u st be a c c o m p a n ie d b y p a y m e n t o f 2 p e rc e n t o f the fa c e a m o u n t o f T r e a s u r y b ills a p p lie d fo r , u n le ss th e te n d e rs a r e a c c o m p a n ie d b y an e x p r e s s g u a ra n ty o f p a y m e n t b y an in c o r p o r a t e d b a n k o r tru st c o m p a n y . I m m e d ia te ly a fte r th e c lo s in g h o u r , te n d e rs w ill b e o p e n e d at th e F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s , f o l l o w in g w h ic h p u b lic a n n o u n c e m e n t w ill b e m a d e by the T r e a s u r y D e p a r tm e n t o f th e a m o u n t a n d p r ic e r a n g e o f a c c e p t e d b id s . T h o s e su b m ittin g te n d e rs w ill b e a d v is e d o f th e a c c e p t a n c e o r r e je c tio n t h e r e o f. T h e S e c r e t a r y o f the T r e a s u r y e x p r e s s ly re se rv e s th e r ig h t to a c c e p t o r r e je c t a n y o r a ll te n d e rs , in w h o le o r in p a rt, an d h is a c t io n in a n y su ch r e s p e ct s h a ll b e fin a l. S u b je c t to th ese r e s e r v a tio n s , n o n c o m p e titiv e te n d e rs fo r $200,000 o r le ss w it h o u t sta ted p r ic e fr o m a n y o n e b id d e r w ill b e a c c e p te d in fu ll at the a v e r a g e p r ic e (in th re e d e c im a ls ) o f a c c e p te d c o m p e titiv e b id s . S ettle m e n t f o r a c c e p te d ten d e rs in a c c o r d a n c e w ith the b id s m u st b e m a d e o r c o m p le te d at the F e d e r a l R e s e r v e B a n k o n N o v e m b e r 17, 1955, in c a s h o r o t h e r im m e d ia te ly a v a ila b le fu n d s o r in a lik e fa c e a m o u n t o f T r e a s u r y b ills m a tu r in g N o v e m b e r 17, 1955. C a s h an d e x c h a n g e ten d e rs w ill r e c e iv e e q u a l tre a tm e n t. C a sh a d ju stm e n ts w ill be m a d e f o r d iffe r e n c e s b etw een the p a r v a lu e o f m a tu r in g b ills a c c e p te d in e x c h a n g e a n d th e issu e p r ic e o f th e n e w b ills. T h e in c o m e d e r iv e d fr o m T r e a s u r y b ills , w h e th e r in terest o r g a in fr o m the s a le o r o t h e r d is p o s itio n o f the b ills , d o e s n ot h a v e a n y e x e m p tio n , as s u ch , a n d lo s s fr o m th e s a le o r o th e r d is p o s itio n o f T r e a s u r y b ills d o e s n o t h a v e a n y s p e c ia l tre a t m en t, a s s u ch , u n d e r the I n te r n a l R e v e n u e C o d e o f 1954. T h e b ills a r e s u b je c t to esta te, in h e rita n ce , g i f t o r o t h e r e x c is e ta x es, w h e th e r F e d e r a l o r S ta te , bu t a re e x e m p t fr o m a ll t a x a t io n n o w o r h e r e a fte r im p o s e d on the p r in c ip a l o r in te r e s t t h e r e o f by a n y S ta te , o r a n y o f the p o s s e s s io n s o f th e U n ite d S ta te s , o r b y a n y lo c a l t a x in g a u th ority . F o r p u r p o s e s o f t a x a t io n the a m o u n t o f d is c o u n t at w h ic h T r e a s u r y b ills a re o r ig in a lly s o ld b y th e U n ite d S ta tes is c o n s id e r e d to b e in te re st. U n d e r S e c tio n s 4 5 4 (b ) a n d 12 2 1 (5 ) o f th e I n te r n a l R e v e n u e C o d e o f 1954 th e a m o u n t o f d is c o u n t a t w h ic h b ills issu ed h e re u n d e r a re s o ld is n ot c o n s id e r e d t o a c c r u e u n til s u ch b ills a re s o ld , re d e e m e d o r o t h e r w is e d is p o s e d o f , a n d s u c h b ills a r e e x c lu d e d fr o m c o n s id e r a tio n as ca p ita l asse ts. A c c o r d i n g l y , th e o w n e r o f T r e a s u r y b ills ( o t h e r than life in s u r a n c e c o m p a n ie s ) issu ed h e r e u n d e r n eed in c lu d e in h is in c o m e t a x re tu rn o n ly th e d iffe r e n c e b e tw e e n th e p r ic e p a id fo r su ch b ills , w h e th e r o n o r ig in a l issu e o r o n su b se q u e n t p u rch a se , a n d th e a m o u n t a c t u a lly r e c e iv e d e ith e r u p o n sa le o r re d e m p tio n at m a tu r ity d u r in g the t a x a b le y e a r f o r w h ic h the re tu rn is m a d e , as o r d in a r y g a in o r loss. T r e a s u r y D e p a r tm e n t C ir c u la r N o . 418, R e v is e d , an d th is n o t ic e , p r e s c r ib e the term s o f th e T r e a s u r y b ills a n d g o v e r n th e c o n d itio n s o f th e ir issu e. C o p ie s o f th e c ir c u la r m a y b e o b ta in e d fr o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h . This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Monday, November 14, 1955, 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 l l a n S p r o u l , President. Results of last offering of Treasury bills (91-day bills dated November 10, 1955, maturing February 9, 1956) T o t a l a p p lie d f o r ......... $2,222,715,000 T o t a l a c c e p t e d ............. A v e r a g e p r i c e ........... $1,600,065,000 (in c lu d e s $238,182,000 en te re d o n a n o n c o m p e titiv e b a sis a n d a c c e p te d in fu ll at the a v e r a g e p r ic e s h o w n b e lo w ) 99.486 E q u iv a le n t rate o f d is co u n t a p p r o x . 2 .0 3 4 % p e r an nu m R a n g e o f a c c e p te d c o m p e t it iv e b i d s : H i g h ......................... 99.514 E q u iv a le n t rate o f d is co u n t a p p r o x . 1.923% p e r an nu m L o w ........................... 99.472 E q u iv a le n t rate o f d is co u n t a p p r o x . 2.0 89% p e r a n n u m (8 4 p e rc e n t o f th e a m o u n t b id f o r at th e lo w p r ic e w a s a c c e p t e d ) Federal R eserve D istrict B o s t o n ........................... . . N e w Y o r k .................. P h ila d e lp h ia ............. C le v e la n d .................... R i c h m o n d .................... A tla n t a ......................... C h i c a g o ........................ St. L o u is .................... M i n n e a p o l i s ................ K a n s a s C i t y ................ S a n F r a n c i s c o ........... T otal ...................... . . Total A pplied for $ 25,089,000 1,622,403.000 33,326,000 35,503.000 19,950,000 29,995,000 263,828,000 23,498,000 15,060,000 47,669,000 37,716,000 68,678,000 $2,222,715,000 Total A ccep ted $ 25,089,000 1,080,803.000 18,326,000 35,503,000 19,950,000 29,995,000 204,828,000 23,498,000 14,660,000 47,669,000 31,066,000 68,678,000 $1,600,065,000 ( over) 34 I 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 — If 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 “ Competitive Bid.” I f you desire to bid on a n o n c o m p e titiv e basis, fill in only the maturity value in paragraph headed “ Noncompetitive Bid.” D O N O T fill in b o th para grap h s o n o n 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 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. N o............................ T E N D E R F O R 9 1 -D A Y T R E A S U R Y B IL L S Dated November 17, 1955 To F ederal R eserve B a n k of N e w Y o rk Maturing February 16, 1956 Dated at , Fiscal Agent o f the United States. 1955 C O M P E T IT IV E B ID N O N C O M P E T IT IV E BID Pursuant to the provisions of Treas ury Department Circular No. 418, Revised, and to the provisions of the public no tice on November 9, 1955, as issued by the Treasury Department, the undersigned offers Pursuant to the provisions of Treasury De partment Circular No. 418, Revised, and to the provisions of the public notice on November 9, 1955, as issued by the Treasury Department, the undersigned offers a noncompetitive tender ..........................................* for a total amount of for a total amount of $. ( R a t e p e r 100) ( N o t t o e x c e e d $200,000) $ ....................................................(maturity value) of 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: (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 : □ □ By surrender o f maturing Treasury bills amounting t o .................... $--------------------------------□ By surrender of maturing Treasury bills amounting t o ....................$______________________ By cash or other immediately available funds □ By cash or other immediately available funds * P r ice must be expressed on the basis o f 100, with not m ore than three decim al places, fo r exam ple, 99.925. The Treasury bills for which tender is hereby made are to be dated November 17, 1955, and are to mature on February 16, 1956. This tender will be inserted in special envelope marked “ Tender for Treasury Bills” N am e o f B id der .............................................. (P le a s e p r in t ) By (T it le ) (O ff ic ia l s ig n a t u r e r e q u ir e d ) S tr e e t A d d r e s s ............................................. (C it y , T o w n o r V illa g e , P . O . N o ., a n d S ta te ) If this tender is submitted by a bank for the account of a customer, indicate the customer’s name on line below: ( C it y , T o w n o r V i ll a g e , P . O . N o ., a n d S ta te ) (N a m e o f C u s to m e r ) IM P O R T A N T IN ST R U C TIO N S: 1. N o te n d e r f o r $1,000 (m a tu r ity v a lu e ). le ss th a n $1,000 w ill b e c o n s id e r e d , an d each te n d e r m u st b e fo r an even m u ltip le of 2. I f the p e rs o n m a k in g the te n d e r is a c o r p o r a t io n , the te n d e r s h o u ld be sig n e d b y an o ffic e r o f the c o r p o r a tio n a u th o riz e d to m ak e the te n d e r, an d the s ig n in g o f the te n d e r b y an o ffice r o f the c o r p o r a t io n w ill be c o n s tr u e d as a r e p re s e n ta tio n b y h im that h e h a s b een s o a u th o riz e d . I f the t e n d e r is m a d e b y a p a rtn e rs h ip , it s h o u ld b e sig n e d b y a m e m b e r o f the firm , w h o s h o u ld s ig n in the fo r m “ ..........................................................................................................................a c o p a rtn e rs h ip , b y .......................................................................................................................... . a m e m b e r o f th e firm .” 3. T e n d e r s w ill b e s ib le an d r e c o g n iz e d d e a le r s 2 p e rc e n t o f the fa c e a m o u n t o f p a y m e n t b y an in c o r p o r a t e d r e c e iv e d w it h o u t d e p o s it fr o m in c o r p o r a t e d b a n k s a n d tru st c o m p a n ie s an d fr o m r e s p o n in in v e stm e n t s e c u r itie s . T e n d e r s fr o m oth ers m u st b e a c c o m p a n ie d b y p a y m en t o f o f T r e a s u r y b ills a p p lie d fo r , u n less th e ten d ers a r e a c c o m p a n ie d b y a n e x p r e s s g u a ra n ty b a n k o r tru st co m p a n y . 4. I f th e la n g u a g e o f th is te n d e r is c h a n g e d T r e a s u r y , is m a te r ia l, th e te n d e r m a y b e d is r e g a r d e d . in a n y r esp ect, w h ic h , in the o p in io n o f th e S e c r e t a r y o f the Payment by credit through Treasury Tax and Loan Account will not be permitted. http://fraser.stlouisfed.org/ T E N T B — 1324-a Federal Reserve Bank of St. Louis ( over)