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FE D E RA L RE SER VE BANK O F N EW YO RK Fiscal Agent of the United States [ Offering o f Two Series of Treasury Bills SI,600,000,000 of 91-Day Bills, Dated December 11, 1958, Maturing March 12, 1959 $400,000,000 of 182-Day Bills, Dated December 11, 1958, Maturing June 11, 1959 T o all In corporated Banks and Trust Companies, and O thers Concerned, in the Second Federal R eserve D istrict: Following is the text o f a notice published today: R E L E A S E , A .M . N E W S P A P E R S T h u rsd a y , D e c e m b e r 4, 1958. TREASU RY W a sh in g ton DEPARTM ENT T h e T re a su ry D epa rtm en t, b y this p u b lic n otice, invites tenders fo r tw o series o f T rea su ry bills to the a g g re g a te a m o u n t o f $2,000,000,000, o r th erea b ou ts, fo r ca sh and in ex ch a n g e f o r T r e a s u ry bills m a tu rin g D e ce m b e r 11, 1958, in the a m ou n t o f $1,800,067,000, as fo llo w s : 91-d a y bills, fo r $1,600,000,000, or th ereabouts, to be dated D ecem b er 11, 1958, and to m ature M arch 12, 1959. 182-day bills, fo r $400,000,000, o r th erea b ou ts, to be dated D e ce m b e r 11, 1958, and t o m atu re June 11, 1959. T h e bills o f b oth series w ill be issued on a d iscou n t basis under com p etitiv e and n on com p etitiv e b id d in g as h ereinafter p ro v id e d , and at m aturity their face a m ou n t w ill be pa ya b le w ith ou t interest. T h e y w ill be issued in bearer fo rm o n ly , and in d e n o m in a tio n 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 be receiv ed at F ed eral R eserve B anks and B ra n ch es up to the clo s in g h our, on e-th irty o ’ c lo c k p.m ., E astern Standard tim e, M o n d a y , D e ce m b e r 8, 1958. T e n d e rs will n ot be received at the T rea su ry D epartm en t, W a s h in g to n . E a ch ten der m u st be fo r an even m u ltiple o f $1,000, and in the case o f com p etitive tenders the p rice offered m ust b e exp ressed o n the basis o f 100, w ith n ot m ore than three decim als, e.g., 99.925. F ra ction s m a y n ot be used. It is urged that ten ders be m ade o n the printed fo rm s and forw a rd ed in th e special en velop es w hich w ill be supplied b y Federal R eserve B an k s o r B ran ch es o n a pp lication th erefor. O th ers than b a n k in g institutions w ill n ot be perm itted to subm it tenders e x ce p t fo r their o w n a ccou n t. T e n d e rs w ill be received w ith ou t d ep o sit fro m in corp ora ted banks and trust com p a n ies and fr o m respon sib le and recog n ized dealers in in vestm ent securities. T e n d e rs fro 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 the face a m ou n t o f T rea su ry bills a pplied fo r, unless the tenders are a cco m p a n ie d b y an exp ress gu a ra n ty o f pa ym en t b y an in corp ora ted ba n k o r trust com p a n y . Im m ed ia tely after the clo s in g hour, ten ders w ill be op en ed at the F ed eral R eserve B anks and B ranches, 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 the a m ou n t and price ran ge o f a ccep ted bids. T h o s e su b m ittin g ten ders w ill b e advised o f the a ccep ta n ce o r re je ctio n th ereof. T h e S ecreta ry o f th e T rea su ry ex p ressly reserves the righ t t o a cce p t o r re je ct a n y o r all tenders, in w h ole o r in part, and his a ction in a n y such resp ect shall be final. S u b je ct to these reservations, n o n com p etitive ten ders fo r $200,000 o r less fo r the 9 1 -d a y bills and n on com p etitive tenders fo r $50,000 o r less fo r the 182-day bills w ith ou t stated price fr o m a n y o n e b id d er w ill be a ccep ted in full at the a vera ge price (in three d e cim a ls) o f a ccep ted co m p etitiv e bids for the respective issues. S ettlem ent fo r a ccep ted tenders in a ccord a n ce w ith the bids m u st b e m ade o r co m p le te d at the F ed eral R es e rv e B ank on D e ce m b e r 11, 1958, in cash o r oth er im m ediately available funds o r in a like fa ce a m ou n t o f T rea su ry bills m a tu rin g D e ce m b e r 11, 1958. C ash and ex ch a n g e tenders w ill receive equal treat m en t. Cash adju stm en ts w ill b e m ade fo r d ifferen ces betw een the p a r value o f m aturing bills a ccep ted in ex ch a n g e and the issue price o f the n e w bills. T h e in co m e derived fro m T rea su 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 o t have a n y e x e m p tion , as such, and lo s s 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 treatm ent, as such, under the Internal R even u e C o d e o f 1954. T h e bills are s u b je ct to estate, inheritance, g ift o r oth er e x cis e taxes, w h eth er Federal o r State, but are exem p t from all taxation n o w o r hereafter im posed on the principal o r interest 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, or b y a n y lo ca l ta x in g authority. F o r pu rp oses o f taxation the am ou nt o f d iscou n t at w h ich T rea su ry bills are o rigin a lly sold b y the U n ited States is con sid ered to be interest. U n d e r S ection s 454 ( b ) and 1221 (5 ) o f the In tern al R even u e C o d e o f 1954 the a m ou n t o f d iscou n t at w hich bills issued hereun der are so ld is n o t con sid ered to a ccru e until such bills are sold , red eem ed o r oth erw ise disp osed of, and such bills are e x clu d e d fro m con sidera tion as capital assets. A c c o r d in g ly , the o w n e r o f T rea su ry bills (o th e r than life insurance co m p a n ie s ) issued hereun der need in clude in his in com e ta x return o n ly the differen ce betw een the p rice paid f o r such bills, w hether on origin a l issue o r on subsequen t purchase, and the a m ou n t actu a lly receiv ed either u pon sale o r red em p tion at m aturity d u rin g the ta x ab le year 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 epa rtm en t C ircu lar N o. 418, R evised , and this n otice, p rescrib e th e term s o f the T rea su ry bills a n d g o v e rn the co n d itio n s o f th eir issue. C op ies o f the circu la r m a y be ob ta in ed fr o m a n y Federal R eserve B ank o r Branch. This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Standard time, Monday, December 8, 1958, at the Securities Department o f its Head Office and at its Buffalo Branch. Tender forms for the respective series are enclosed. Please use the appropriate forms to submit tenders and return them 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 lfred H ayes , President. R esults o f the last offerin g o f T re a s u ry bills (9 1 -d a y b ills d a ted D ecem b er 4 , 1 958, m a tu rin g M a rch 5, 1 9 5 9 ) T o t a l applied fo r . . $2,795,051,000 T o t a l a ccep ted .........$1,800,207,000 (in clu d es $280,288,000 entered on a n on com p etitiv e basis and a ccep ted in full at the a verage price sh ow n b e lo w ) R a n g e o f a cce p te d co m p etitive b id s : (e x c e p tin g on e ten der tota lin g $800,000) H ig h .................. 99.297 E quivalent rate o f discou n t a p p rox. 2.781% p er annum Low .................. 99.288 E q u iva len t rate o f discou n t a p p rox. 2.817% per annum A v e ra g e ........... 99.291 E quivalent rate o f discou n t a p p rox. 2 .806% p er annum (94 p ercen t o f the a m ou n t bid fo r at the low price w as a ccep ted ) Federal R eserve D istrict Total A pplied f o r B o s to n ...................... . . . N ew Y o r k ............. P h iladelphia ........... C leveland ............... R ich m on d ................ A tlanta .................... C h ica g o .................... St. L ou is .................. M in n eap olis ........... K ansas C ity ........... D allas ...................... San F ra n cisco . . . . T o ta l .... . . . $ 30,250,000 2,087,513,000 41,371,000 59,745.000 16,083.000 33,391.000 285,872,000 25,673,000 16.781,000 53.745.000 29.859.000 114,768,000 $2,795,051,000 Total A ccepted $ 19,247,000 1,265,804.000 18,546,000 56,445,000 15,171,000 20,899,000 224,994,000 21,473,000 14,251,000 35,798,000 24,471,000 83,108,000 $1,800,207,000 N o............. TENDER FOR 91-DAY TREASURY BILLS Dated December 11,1958 To Maturing March 12, 1959 Dated a t ................................ F ed era l R eserve B an k o f N ew Y ork , Fiscal Agent o f the United States. 1 9 ... Pursuant to the provisions o f Treasury Department Circular No. 418, Revised, and to the provisions of the public notice issued by the Treasury Department inviting tenders for the above described Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: COMPETITIVE TENDER [ ] D o not fill in both Com petitive and N oncom petitive tenders on one fo rm $ ........................................................(maturity value), or any lesser amount that may be awarded. P r i c e :.................................. per 100. (P r ic e must be expressed with not m ore than three decimal places, f o r exam ple, 99.925) NONCOMPETITIVE TENDER $ ........................................................( maturity value ). (N o t to ex ceed $200,000 f o r one bidder through all sources) At the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination $ Maturity value □ 1. Deliver over the counter to the undersigned 1,000 n 2. Ship to the undersigned 5,000 □ 3. H old in safekeeping ( f o r ac count o f member bank only) □ 4. Allotment attached) □ 5. Special instructions: 10,000 100,000 500,000 transfer (see Payment will be made as fo llo w s : list □ B y charge to our reserve account □ B y cash o r other immediately avail able funds □ B y surrender o f $ ........................... (m aturity value) o f maturing Treasu ry bills. Pay cash adjust ment, if any— □ 1,000,000 □ (N o Totals------- By check B y credit to our reserve account changes in delivery instructions will be accepted) (P aym en t cannot be made through Treasury T a x and Loan A ccou n t) The undersigned ( if a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item 3 above are solely owned by the undersigned. N am e o f su b scrib er Insert this tender in special envelope m a rk ed “ T e n d er _ fo r Treasury Bills” _ (Please print) By ......................... T i t l e ............................... A d d re ss ................, B y ............ (Official signature(s) required) T itle ........................................................................................................ (B anks submitting tenders fo r customer account must indicate name on line below, or attach a list) (Nam e o f customer) (Address) IN S T R U C T IO N S : 1. N o tender fo r less than $1,000 w ill be co n sid ered , and each ten d er m ust b e fo r an even m u ltiple o f $1,000 (m atu rity va lu e). 2. O th ers than ban k in g institutions w ill n ot be perm itted to subm it tenders e x ce p t f o r their o w n a ccou n t. Banks su b m ittin g tenders fo r cu sto m e r a cco u n t m ay co n so lid a te com petitive tenders at the same price and m ay co n so lid a te n on com p etitive ten ders, p r o v id e d a list is attached s h o w in g the nam e o f each bidder, the a m ou n t bid fo r his accou n t, an d m e th o d o f paym ent. F orm s f o r this p u rp ose w ill be furn ished on request. 3. I f the person 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 co rp o ra tio n a u th orized to m ake the ten der, and the sign in g o f the tender b y an officer o f the co rp o ra tio n w ill be con stru ed as a representation b y him that he has been s o au th orized. I f the ten der is m ade b y a partnersh ip, it sh ou ld be sign ed b y a m em b er o f the firm , w h o sh ou ld sign in the fo r m “ ..............................................................................................., a cop artn ersh ip , b y .................................................................................................................... a m e m b e r o f the firm .” 4. T e n d e r s w ill b e receiv ed w ith ou t d ep osit fr o m in co rp o ra te d banks and trust com p a n ies and fro m re s p o n sib le and r e co 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 fa ce a m ou n t o f T rea su ry bills a pp lied fo r, u nless th e ten ders are a ccom p a n ied b y an ex p re s s gu aranty o f paym ent b y an in co rp o ra te d b a n k o r trust com p a n y . 5. I f the la n g u a ge o f this ten der is ch a n g ed in a n y resp ect, w hich, in the op in ion o f the S ecreta ry o f the T reasu ry, is m aterial, th e ten der m a y be disreg arded. No. TENDER FOR 182-DAY TREASURY BILLS Dated December 11,1958 To Maturing June 11, 1959 Dated a t .................................. F ed era l R eserve B a n k o f N ew Y ork , 1 9 ... Fiscal Agent o f the United States. Pursuant to the provisions o f Treasury Department Circular No. 418, Revised, and to the provisions of the public notice issued by the Treasury Department inviting tenders for the above described Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: COMPETITIVE TENDER C D o not fill in both Com petitive and ~\ N Noncom on competitive petitive tenders tenders on on one one fo forrm m JJ $ ........................................................ (maturity value), or any lesser amount that may be awarded. Price: .................................. per 100. (P rice must b e exp ressed with not m ore than three decimal places, f o r exam ple, 99.925) NONCOMPETITIVE TENDER $ ........................................................ ( maturity value ). (N o t to ex ceed $50J)00 f o r one bidder through all sources) At the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination $ M aturity value 1,000 5,000 10,000 □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned □ 3. H old in safekeeping ( f o r ac count o f member bank on ly) □ 4. Allotm ent attached) □ 5. Special instructions: 100,000 transfer (see Paym ent w ill be made as f o llo w s : □ B y charge to our reserve account □ B y cash or other immediately avail able funds □ B y surrender o f $ ................................ (m aturity value) o f maturing Treasury bills. P a y cash adjust ment, i f any— list 500,000 1,000,000 ( N o changes in delivery instructions w ill b e accepted) Totals------- □ B y check □ B y credit to our reserve account (P aym en t cannot be made through T reasury T a x and Loan A ccou n t) The undersigned ( if a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item 3 above are solely owned by the undersigned. N a m e o f su b scrib er Insert this tender in special en velope m a rk ed “ T en d er _ fo r Treasury Bills” _ (Please print) By B y .................................. (Official signature(s) required) T itle .............................. A dd ress ..................... T i t l e ............... ..................................................................................................... (B anks submitting tenders fo r customer account must indicate name on line below, o r attach a list) (Name of customer) (Address) IN S T R U C T IO N S : 1. N o ten der fo r less than $1,000 w ill be con sid ered , a n d each ten der m u st b e fo r an even m u ltiple o f $1,000 (m a tu rity v a lu e ). 2. O th e rs than b a n k in g institutions w ill n ot be perm itted to subm it ten ders e x cep t fo r th eir o w n a ccou n t. B anks su b m ittin g ten ders fo r cu stom er a ccou n t m a y con solid a te com p etitiv e tenders at the same price and m a y con solid a te n o n co m p e titiv e ten ders, p r o v id e d a list is attached sh ow in g th e nam e o f each bidd er, the a m ou n t bid f o r his a ccou n t, and m eth od o f paym en t. F o r m s f o r this p u rp o s e w ill be fu rn ish ed o n request. 3. I f th e p e r so n m a k in g the ten der is a corp ora tion , th e ten der sh ou ld be sign ed b y an officer o f th e co rp o ra tio n a uthorized to m ake th e tender, and the sig n in g o f th e ten der b y an officer o f th e corp o ra tio n w ill be con stru ed as a represen tation b y h im that he has been s o a uthorized. I f the ten der is m ade b y a partnership, it sh ou ld be sign ed b y a m em b er o f th e firm , w h o sh ou ld sign in th e fo r m “ .................................................................................................... . a cop artn ersh ip , b y ................................................................................................................... a m em b er o f th e firm .” 4. T e n d e rs w ill be received 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 resp on sible and re co g n iz e d dealers in in vestm en 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 e rce n t o f th e fa ce a m ou n t o f T r e a s u ry bills a pp lied fo r, unless th e ten ders are a ccom p a n ied b y an exp ress guaranty o f p a ym en t b y an in co rp o ra te d bank o r trust com p a n y . 5. I f the la n g u a ge o f this ten der is ch a n g ed in a n y respect, w h ich , in th e 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 ay be disregarded.
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