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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular

No. 7494 ~
l
Novem ber 1, 1974 -J

A U C T IO N

OF NOTES AND BONDS

T r e a s u ry N otes o f Series E -1 9 7 7 a n d B -1 9 8 1

8 V2 P e r c e n t T r e a s u ry B o n d s o f 1 9 9 4 -9 9
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

As a n n o u n ce d in ou r C ircu lar N o. 7493, d a ted O c to b e r 30, 1974, the Treasu ry w ill sell at
a u ction u n d er co m p e titiv e and n o n co m p e titiv e b id d in g —
$2.5 billion of Treasury Notes o f Series E-1977, dated and bearing interest from
N ovem ber 15, 1974, maturing N ovem ber 15, 1977;
$1.75 billion o f Treasury Notes o f Series B-1981, dated and bearing interest from
N ovem ber 15, 1974, maturing N ovem ber 15, 1981; and
$600 million o f an additional amount o f the 8 V percent Treasury Bonds of
2
1994-99, dated M ay 15, 1974, with interest from N ovem ber 15, 1974, maturing
M ay 15, 1999, callable at the option o f the United States on any interest
payment date on and after M ay 15, 1994.
T h e term s o f the offerin gs are set forth in T reasu ry D ep a rtm en t C irculars N os. 13-74, 14-74,
a n d 15-74, P u b lic D e b t Series, d a te d O c to b e r 31, 1974; a c o p y o f ea ch is p rin ted o n the fo llo w in g
p ages.
This B ank w ill r e c e iv e tenders — fo r the notes o f Series E -1 97 7 up to 1 :3 0 p .m ., Eastern
Stan dard tim e, W e d n e s d a y , N o v e m b e r 6 , 1974; fo r the notes o f Series B-1981, u p to 1 :3 0 p.m .,
E astern S tandard tim e, T h u rsd ay, N o v e m b e r 7, 1974; and fo r the b on d s, u p to 2 :3 0 p .m .,
E astern S tan dard tim e, F rid a y, N o v e m b e r 8 , 1974 — at th e Securities D ep a rtm en t o f its H e a d
O ffice a n d at its B u ffalo B ra n ch ; p r o v id e d , h o w e v e r, that non com petitive ten ders w ill b e c o n ­
sid ered tim ely r e c e iv e d if th e y are m a ile d to this B ank or its B ra n ch u n d er a postm ark no later than

N ov em b er 5 for th e n otes o f Series E-1977, N ovem b er 6 for th e n otes o f Series B-1981, and
N ov em b er 7 for th e bonds. P lease use th e en clo se d ten d er form s to su bm it tenders, and return them
in th e e n clo s e d e n v e lo p e m a rk ed “ T e n d e r fo r T reasu ry N otes o r B on d s.” T en d ers n o t req u irin g a
d e p o s it m a y b e su b m itted b y telegra p h, s u b je ct to w ritten con firm a tion ; n o tenders m a y b e su b ­
m itted b y telep h on e.
S ettlem en t fo r a c c e p te d tenders m u st b e c o m p le te d o n o r b e fo r e F riday, N o v e m b e r 15, 1974,

ex c e p t that p a y m e n t fo r u p to 50 p ercen t o f the am ou nt o f b o n d s a llotted m a y b e d e fe rre d until
D e c e m b e r 3, 1974, under th e conditions and procedures set forth in Section IV o f Treasury D epart­
m en t Circular No. 15-74 ( a c o p y o f w h ich is p rin te d o n th e fo llo w in g p a g e s ). I f partial p aym en t
fo r th e b o n d s is to b e so d eferred , the b id d e r m u st in d ica te in th e p a ym en t instructions o n the
te n d e r fo rm the a m ou n t o f b o n d s a llotted o n w h ich p a y m e n t w ill b e d e fe rre d , and fo r that am ount
a ccr u e d interest o f $4.22652 p e r $1,000 w ill b e a d d e d to th e p rice.
S ettlem en t m u st b e m a d e in cash, 5 % p e rce n t T reasu ry N otes o f Series A -1974, 3 % p ercen t
T reasu ry B on ds o f 1974, o r o th e r im m ed ia tely available fun ds. C o u p o n s d a ted N o v e m b e r 15, 1974
o n th e securities su rren d ered sh ou ld b e d eta ch ed and ca sh ed w h en due. I f p a ym en t is m a d e b y




ch e ck , th e ch e c k m u st b e a certified p erson al ch e c k o r an official ban k ch eck , p a y a b le o n its fa c e to
th e F ed era l R eserve B ank o f N e w Y ork; ch ecks endorsed to this Bank will not b e accepted .
T h e n otes w ill b e a u ction ed o n a y ie ld basis, rather than the co n v e n tio n a l p rice basis. C o m ­
p e titiv e ten ders fo r th ese n e w notes m u st b e expressed in term s o f an annual y ie ld in tw o d ecim al
p la ces, e.g., 7.91, rath er than in term s o f a p rice. T en d ers at the lo w e st yield s, a n d n o n co m p e titiv e
tenders, w ill b e a c c e p te d to th e exten t re q u ire d to attain the am ounts offered . A fte r a d eterm in ation
is m a d e as to w h ic h tenders are a cce p te d , a co u p o n y ie ld w ill b e d eterm in ed fo r ea ch issue to the
nearest % o f 1 p ercen t n ecessary t o m ake th e average a c c e p te d p rices 100.00 or less. T h o se w ill
b e th e rates o f interest th at w ill b e p a id on all o f th e notes o f ea ch issue. B ased o n su ch interest
rates, th e p rice on ea ch co m p e titiv e ten d er a llotted w ill b e d e te rm in e d and e a ch su ccessfu l c o m ­
p e titiv e b id d e r w ill p a y the p rice co rre sp o n d in g to the y ie ld h e b id . P rice calcu lation s w ill b e
ca rried to th ree d ecim a l p la ces o n the basis o f p rice p e r h u n d red , e.g., 99.923, and th e d eterm in ation s
o f th e S ecreta ry o f th e T reasu ry shall b e final. T en d ers at a y ie ld th at w ill p r o d u c e a p rice less than
99.251 fo r th e notes o f Series E -1977, and 98.251 fo r the n otes o f Series B-1981, w ill n o t b e a cce p te d .
T e le p h o n e inqu iries reg a rd in g this offerin g m a y b e m a d e b y ca llin g T e le p h o n e N o. 212-791-5823,
212-791-6616, o r 212-791-5465.
A lfred H ayes,

President.

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES E-1977
Dated and bearing interest from November 15, 1974

Due November 15, 1977

D E P A R T M E N T O F TH E TREASU RY,
Office of the Secretary,

d ep a rtm en t c ir c u la r
Public Debt Series -

I.

Washington, October 31,1974.

No. 13-74

II.

IN V IT A T IO N F O R TE N D E RS

1.
The Secretary of the Treasury, pursuant to the
authority o f the Second Liberty Bond Act, as amend­
ed, invites tenders on a yield basis for $2,500,000,000,
or thereabouts, of notes of the United States, desig­
nated Treasury Notes of Series E-1977. The interest
rate for the notes will be determined as set forth in
Section III, paragraph 3, hereof. An additional amount
o f the notes may be allotted by the Secretary of the
Treasury to Government accounts and Federal R e­
serve Banks at the average price of accepted tenders
in exchange for securities maturing N ovem ber 15,
1974. Tenders will be received up to 1:30 p.m., East­
ern Standard time, W ednesday, N ovem ber 6, 1974,
under com petitive and noncom petitive bidding, as
set forth in Section III hereof. The 5 % % Treasury
Notes o f Series A-1974 and 3 7 % Treasury Bonds of
/s
1974, maturing N ovem ber 15, 1974, will be accepted
at par in payment, in w hole or in part, to the extent
tenders are allotted by the Treasury.




2

D E SC R IP T IO N O F NOTES

1. The notes will be dated N ovem ber 15, 1974,
and will bear interest from that date, payable semi­
annually on May 15 and N ovem ber 15 in each year
until the principal amount becom es payable. They
will mature N ovem ber 15, 1977, and will not be sub­
ject to call for redemption prior to maturity.
2. The incom e derived from the notes is subject
to all taxes imposed under the Internal Revenue C ode
o f 1954. The notes are subject to estate, inheritance,
gift or other excise taxes, whether Federal or State,
but are exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any
State, or any o f the possessions o f the United States,
or by any local taxing authority.
3. The notes will be acceptable to secure deposits
o f public moneys. They will not be acceptable in pay­
ment o f taxes.

be accepted to the extent required to attain the
amount offered. Tenders at the highest accepted yield
w ill be prorated if necessary. After the determina­
tion is made as to which tenders are accepted, an in­
terest rate will be established at the nearest Vs o f one
percent necessary to make the average accepted price
$100.00 or less. That will be the rate o f interest that
will b e paid on all o f the notes. Based on such inter­
est rate, the price on each com petitive tender allotted
will be determined and each successful com petitive
bidder will b e required to pay the price corresponding
to the yield bid. Price calculations will b e carried to
three decimal places on the basis o f price per hun­
dred, e.g., 99.923, and the determinations o f the Sec­
retary of the Treasury shall be final. The Secretary of
the Treasury expressly reserves the right to accept or
reject any or all tenders, in w hole or in part, including
the right to accept more or less than $2,500,000,000
of tenders, and his action in any such respect shall be
final. Subject to these reservations, noncom petitive
tenders for $500,000 or less without stated yield from
any one bidder will be accepted in full at the average
price (in three decim als) of accepted com petitive
tenders.

4. Bearer notes with interest coupons attached,
and notes registered as to principal and interest, will
be issued in denominations of $5,000, $10,000,
$100,000 and $1,000,000. Book-entry notes will be
available to eligible bidders in multiples of those
amounts. Interchanges o f notes o f different denomina­
tions and of coupon and registered notes, and the
transfer of registered notes will be permitted.
5. The notes will be subject to the general regula­
tions of the Department of the Treasury, now or here­
after prescribed, governing United States notes.
III.

TE N D E RS A N D A LL O T M E N T S

1. Tenders will be received at Federal Reserve
Banks and Branches and at the Bureau of the Public
Debt, Washington, D .C . 20226, up to the closing
hour, 1:30 p.m., Eastern Standard time, W ednesday,
N ovem ber 6, 1974. Each tender must state the face
amount o f notes bid for, which must be $5,000 or a
multiple thereof, and the yield desired, except that in
the case o f noncom petitive tenders the term “non­
com petitive” should be used in lieu of a yield. In the
case of com petitive tenders, the yield must be ex­
pressed in terms of an annual yield, with two deci­
mals, e.g., 7.91. Fractions may not be used. N on­
com petitive tenders from any one bidder may not
exceed $500,000.

4. All bidders are required to agree not to pur­
chase or sell, or to make any agreements with respect
to the purchase or sale or other disposition o f any
notes of this issue at a specific rate or price, until after
1:30 p.m., Eastern Standard time, W ednesday, N ovem ­
ber 6, 1974.

2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and
dealers who make primary markets in Government
securities and report daily to the Federal Reserve
Bank of N ew York their positions with respect to
Government securities and borrowings thereon, may
submit tenders for account o f customers provided
the names of the customers are set forth in such
tenders. Others will not be permitted to submit
tenders except for their own account. Tenders will be
received without deposit from banking institutions
for their ow n account, Federally insured savings and
loan associations, States, political subdivisions or in­
strumentalities thereof, public pension and retire­
ment and other public funds, international organiza­
tions in which the United States holds membership,
foreign central banks and foreign States, dealers who
make primary markets in Government securities and
report daily to the Federal Reserve Bank of N ew York
their positions with respect to Government securities
and borrowings thereon, and Government accounts.
Tenders from others must be accom panied by pay­
ment (in cash, or the securities referred to in Section
I which will be accepted at par) o f 5 percent o f the
face amount o f notes applied for.

5. Commercial banks in submitting tenders w ill be
required to certify that they have no beneficial interest
in any o f the tenders they enter for the account o f their
customers, and that their customers have no beneficial
interest in the banks’ tenders for their ow n account.
IV.

1.
Settlement for accepted tenders in accordance
with the bids must be made or com pleted on or before
N ovem ber 15, 1974, at the Federal Reserve Bank or
Branch or at the Bureau o f the Public D ebt, W ashing­
ton, D. C. 20226. Payment must be in cash, securities
referred to in Section I (interest coupons dated
N ovem ber 15, 1974, should be d etach ed), in other
funds immediately available to the Treasury by
N ovem ber 15, or b y check drawn to the order o f the
Federal Reserve Bank to w hich the tender is sub­
mitted, or the United States Treasury if the tender is
submitted to it, w hich must be received at such Bank
or at the Treasury no later than: ( 1 ) Tuesday, N ovem ­
ber 12, 1974, if the check is drawn on a bank in the
Federal Reserve District o f the Bank to w hich the
check is submitted, or the Fifth Federal Reserve
District in the case o f the Treasury, or ( 2 ) Friday,
N ovem ber 8, 1974, if the check is drawn on a bank
in another district. Checks received after the dates
set forth in the preceding sentence will not b e ac­
cepted unless they are payable at a Federal Reserve
Bank. Payment will not be deem ed to have been
com pleted where registered notes are requested if the

3. Immediately after the closing hour tenders will
be opened, follow ing which public announcement will
be made by the Department of the Treasury o f the
amount and yield range of accepted bids. Those sub­
mitting com petitive tenders will be advised of the ac­
ceptance or rejection thereof. In considering the ac­
ceptance o f tenders, those with the lowest yields will




PA YM E N T F O R A N D D E L IV E R Y O F N O TE S

3

appropriate identifying number as required on tax
returns and other documents submitted to the Internal
Revenue Service ( an individual’s social security num­
ber or an em ployer identification num ber) is not
furnished. In every case where full payment is not
com pleted, the payment with the tender up to 5 per­
cent of the amount of notes allotted shall, upon d ec­
laration made b y the Secretary of the Treasury in his
discretion, be forfeited to the United States. W hen
payment is made with maturing securities, a cash
adjustment will be made to or required of the bidder
for any difference between the face amount of securi­
ties submitted and the amount payable on the notes
allotted.
2.
D elivery o f notes in bearer form will be made on
or about N ovem ber 25, 1974. Purchasers o f bearer
notes may elect to receive interim certificates on
N ovem ber 15, 1974, w hich will be exchangeable for
the notes when available at any Federal Reserve Bank
or Branch or at the Bureau of the Public Debt, W ash­
ington, D. C. 20226. The interim certificates must be
returned at the risk and expense o f the holder.
V.

ASSIG N M E N T O F R E G IS T E R E D SECURITIES

1.
Registered securities tendered as deposits and
in payment for notes allotted hereunder are not re­
quired to b e assigned if the notes are to be registered
in the same names and forms as appear in the regis­
trations or assignments o f the securities surrendered.
Specific instructions for the issuance and delivery of
the notes, signed by the owner or his authorized rep­
resentative, must accom pany the securities presented.
Otherwise, the securities should be assigned by che
registered payees or assignees thereof in accordance

with the general regulations governing United States
securities as hereinafter set forth. Notes to be regis­
tered in names and forms different from those in the
inscriptions or assignments of the securities presented
should be assigned to “The Secretary of the Treasury
for Treasury Notes o f Series E-1977 in the name of
(nam e and taxpayer identifying num ber).” If notes
in coupon form are desired, the assignment should be
to “The Secretary of the Treasury for coupon Treasury
Notes o f Series E-1977 to be delivered t o .....................
....................... .” Securities tendered in payment should
be surrendered to the Federal Reserve Bank or Branch
or to the Bureau of the Public Debt, Washington,
D. C. 20226. The securities must be delivered at the
expense and risk o f the holder.
VI.

G E N E R A L PROVISIONS

1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, to make such allotments as may be prescribed
by the Secretary of the Treasury, to issue such notices
as may be necessary, to receive payment for and make
delivery o f notes on full-paid tenders allotted, and
they may issue interim receipts pending delivery of
the definitive notes.
2. The Secretary of the Treasury may at any time,
or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offer­
ing, w hich will be com municated prom ptly to the
Federal Reserve Banks.
W IL L IA M E. SIM ON,

Secretary of the Treasury.

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES R-1981
Dated and bearing interest from November 15, 1974

Due November 15, 1981

D E PA R TM E N T O F TH E TREASURY,
Office o f the Secretary,

DEPARTMENT CIRCULAR

Washington, October 31,1974.

Public Debt Series — No. 14-74

I.

IN V IT A T IO N F O R TE N D E R S

1.
The Secretary o f the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $1,750,000,000, or
thereabouts, o f notes of the United States, designated
Treasury Notes o f Series B-1981. The interest rate for
the notes will be determined as set forth in Section
III, paragraph 3, hereof. An additional amount o f the
notes may be allotted b y the Secretary o f the Treasury
to Government accounts and Federal Reserve Banks




4

at the average price o f accepted tenders in exchange
for Treasury securities maturing N ovem ber 15, 1974.
Tenders will be received up to 1:30 p.m., Eastern
Standard time, Thursday, N ovem ber 7, 1974, under
com petitive and noncompetitive bidding, as set forth
in Section III hereof. The 5 % percent Treasury Notes
o f Series A-1974 and 3 % percent Treasury Bonds of
1974 maturing N ovem ber 15, 1974, will be accepted
at par in payment, in w hole or in part, to the extent
tenders are allotted b y the Treasury.

II.

DESCRIPTION OF NOTES

United States holds membership, foreign central banks
and foreign States, dealers who make primary markets
in Government securities and report daily to the F ed­
eral Reserve Bank of New York their positions with
respect to Government securities and borrowings
thereon, and Government accounts. Tenders from
others must be accom panied by payment (in cash
or the securities referred to in Section I which will
be accepted at par) of 5 percent of the face amount
of notes applied for.

1. The notes will be dated N ovem ber 15, 1974, and
will bear interest from that date, payable semiannually
on M ay 15 and N ovem ber 15 in each year until the
principal amount becom es payable. They will mature
N ovem ber 15, 1981, and will not be subject to call for
redem ption prior to maturity.
2. The incom e derived from the notes is subject to
all taxes im posed under the Internal Revenue C ode o f
1954. The notes are subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but
are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or
any o f the possessions o f the United States, or b y any
local taxing authority.

3. Immediately after the closing hour tenders will
be opened, follow ing which public announcement will
be made by the Department o f the Treasury o f the
amount and yield range of accepted bids. Those sub­
mitting competitive tenders will be advised of the
acceptance or rejection thereof. In considering the
acceptance of tenders, those with the lowest yields
will be accepted to the extent required to attain the
amount offered. Tenders at the highest accepted yield
will be prorated if necessary. After the determination
is made as to which tenders are accepted, an interest
rate will be established at the nearest Vs of one per­
cent necessary to make the average accepted price
100.00 or less. That will be the rate of interest that
will be paid on all of the notes. Based on such interest
rate, the price on each com petitive tender allotted
will be determined and each successful competitive
bidder will be required to pay the price correspond­
ing to the yield bid. Price calculations will be carried
to three decimal places on the basis of price per hun­
dred, e.g., 99.923, and the determinations of the Sec­
retary of the Treasury shall be final. The Secretary of
the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, including
the right to accept m ore or less than $1,750,000,000 of
tenders, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive
tenders for $500,000 or less without stated yield from
any one bidder will be accepted in full at the average
price ( in three decim als) o f accepted competitive
tenders.

3. The notes will b e acceptable to secure deposits
o f public moneys. They will not be acceptable in
payment o f taxes.
4. Bearer notes with interest coupons attached,
and notes registered as to principal and interest, will
b e issued in denominations of $1,000, $5,000, $10,000,
$100,000 and $1,000,000. Book-entry notes will be
available to eligible bidders in multiples of those
amounts. Interchanges of notes o f different denom i­
nations and of coupon and registered notes, and the
transfer o f registered notes will be permitted.
5. The notes will be subject to the general regu­
lations o f the Department o f the Treasury, now or
hereafter prescribed, governing United States notes.

III. TENDERS AND ALLOTMENTS
1. Tenders will be received at Federal Reserve
Banks and Branches and at the Bureau o f the Public
Debt, W ashington, D. C. 20226, up to the closing hour,
1:30 p.m., Eastern Standard time, Thursday, N ovem ­
ber 7, 1974. Each tender must state the face amount
o f notes bid for, which must be $1,000 or a multiple
thereof, and the yield desired, except that in the case
of noncom petitive tenders the term “noncom petitive”
should be used in lieu of a yield. In the case o f com ­
petitive tenders, the yield must be expressed in terms
o f an annual yield, with two decimals, e.g., 7.91.
Fractions may not b e used. Noncom petitive tenders
from any one bidder may not exceed $500,000.

4. All bidders are required to agree not to purchase
or sell, or to make any agreements with respect to the
purchase or sale or other disposition o f any notes of
this issue at a specific rate or price, until after 1:30
p.m., Eastern Standard time, Thursday, Novem ber 7,
1974.

2. Com m ercial banks, which for this purpose are
defined as banks accepting demand deposits, and
dealers w ho make primary markets in Government
securities and report daily to the Federal Reserve
Bank of N ew York their positions with respect to
Government securities and borrowings thereon, may
submit tenders for account o f customers provided the
names o f the customers are set forth in such tenders.
Others will not be permitted to submit tenders except
for their ow n account. Tenders will be received with­
out deposit from banking institutions for their own
account, Federally-insured savings and loan associa­
tions, States, political subdivisions or instrumentalities
thereof, public pension and retirement and other p ub­
lic funds, international organizations in w hich the




5. Commercial banks in submitting tenders will be
required to certify that they have no beneficial interest
in any of the tenders they enter for the account of
their customers, and that their customers have no
beneficial interest in the banks’ tenders or their own
account.

IV. PAYMENT FOR AND DELIVERY OF NOTES
1.
Settlement for accepted tenders in accordance
with the bids must be made or com pleted on or
before Friday, N ovem ber 15, 1974, at the Federal
Beserve Bank or branch or at the Bureau of the
Public Debt. Payment must be in cash, securities
referred to in Section I (interest coupons dated Nov-

5

em ber 15, 1974, should b e d etach ed), in other funds
immediately available to the Treasury by Novem ber
15, or b y check drawn to the order o f the Federal
Reserve Bank to w hich the tender is submitted, or
the United States Treasury if the tender is submitted
to it, w hich must be received at such Bank or at the
Treasury no later than: ( 1 ) Tuesday, N ovem ber 12,
1974, if the check is drawn on a bank in the Federal
Reserve District of the Bank to which the check is
submitted, or the Fifth Federal Reserve District in
case o f the Treasury, or ( 2 ) Friday, N ovem ber 8,
1974, if the check is drawn on a bank in another
district. Checks received after the dates set forth in
the preceding sentence will not be accepted unless they
are payable at a Federal Reserve Bank. W here full
paym ent is not com pleted on time, the allotment will
b e canceled and the deposit with the tender up to 5
percent o f the amount of notes allotted will be subject
to forfeiture to the United States. Payment will not be
deem ed to have been com pleted where registered
;notes are requested if the appropriate identifying
number as required on tax returns and other d ocu ­
ments submitted to the Internal Revenue Service (an
individual’s social security number or an em ployer
identification num ber) is not furnished. W hen pay­
ment is made with securities, a cash adjustment will be
made to or required of the bidder for any difference
betw een the face amount o f securities submitted and
the amount payable on the notes allotted.

quired to b e assigned if the notes are to be registered
in the same names and forms as appear in the regis­
trations or assignments o f the securities surrendered.
Specific instructions for the issuance and delivery of
the notes, signed by the owner or his authorized
representative, must accom pany the securities pre­
sented. Otherwise, the securities should be assigned
b y the registered payees or assignees thereof in ac­
cordance with the general regulations governing United
States securities, as hereinafter set forth. Notes to be
registered in names and forms different from those in
the inscriptions or assignments o f the securities pre­
sented should be assigned to “The Secretary of the
Treasury for Treasury Notes o f Series B-1981 in the
name of (name and taxpayer identifying nu m ber).”
If notes in coupon form are desired, the assignment
should be to “The Secretary o f the Treasury for
coupon Treasury Notes o f Series B-1981 to be de­
livered t o .........................” Securities tendered in pay­
ment should be surrendered to the Federal Reserve
Bank or Branch or to the Bureau of the Public Debt,
W ashington, D. C. 20226. The securities must be
delivered at the expense and risk o f the holder.

VI. GENERAL PROVISIONS
1. As fiscal agents o f the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, to make such allotments as may be prescribed
by the Secretary o f the Treasury, to issue such notices
as may be necessary, to receive payment for and make
delivery of notes on full-paid tenders allotted, and
they may issue interim receipts pending delivery of
the definitive notes.

2.
D elivery of notes in bearer form will be made
on or about N ovem ber 25, 1974. Purchasers of bearer
notes may elect to receive interim certificates on N ov­
em ber 15, 1974, which will be exchangeable for the
notes when available at any Federal Reserve Bank or
Branch or at the Bureau of the Public Debt, W ash­
ington, D. C. 20226. The interim certificates must be
returned at the expense and risk of the holder.

2. The Secretary of the Treasury may at any time,
or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offer­
ing, which will be communicated promptly to the
Federal Reserve Banks.

V. ASSIGNMENT OF REGISTERED SECURITIES

WILLIAM E. SIMON,

1.
Registered securities tendered as deposits and
in payment for notes allotted hereunder are not re­

Secretary of the Treasury.

UNITED STATES OF AMERICA
8 V PERCENT TREASURY RONDS OF 1994-99
2
D ue M ay 15, 1999

D ated M ay 15, 1974, with interest from N ovem ber 15, 1974
R ED EE M A B L E A T TH E O PTIO N OF TH E U N ITE D STATES A T PAR AN D A CCRU ED
IN TEREST ON A N D A FT E R M A Y 15, 1994

D E P A R T M E N T O F TH E TREASU RY,
Office o f the Secretary,

D E P A R T M E N T CIRC U LAR

Washington, October 31,1974.

Public D ebt Series — N o. 15-74

thereabouts, of bonds o f the United States, designated

I. INVITATION FOR TENDERS

8V2 percent Treasury Bonds of 1994-99. An additional

1.
The Secretary o f the Treasury, pursuant to the
authority o f the Second Liberty Bond Act, as
amended, invites tenders at a price not less than
94.01 percent o f their face value for $600,000,000, or




6

amount of the bonds may be allotted by the Secretary
of the Treasury to Government accounts and Federal
Reserve Banks at the average price o f accepted
tenders in exchange for Treasury securities maturing

N ovem ber 15, 1974. Tenders wall be received up to
2:30 p.m., Eastern Standard time, Friday, N ovem ­
ber 8, 1974, under competitive and noncompetitive
bidding, as set forth in Section III hereof. The 5 3
A
percent Treasury Notes of Series A -1974 and 3 % per­
cent Treasury Bonds of 1974 maturing N ovem ber 15,
1974, will be accepted at par in payment, in whole or
in part, to the extent tenders are allotted by the
Treasury.

and of coupon and registered bonds, and for the
transfer of registered bonds, under rules and regula­
tions prescribed by the Secretary of the Treasury.
“5. The bonds will be subject to the general
regulations o f the Department o f the Treasury, now
or hereafter prescribed, governing United States
bonds.”

III. TENDERS AND ALLOTMENTS

2.
D eferred payment for fifty percent of the
amount o f bonds allotted may be made as provided in
Section IV hereof. Delivery of bearer bonds will be
made on Novem ber 15, 1974, except that delivery of
the bonds on which a portion o f the payment is de­
ferred will be made on D ecem ber 3, 1974.

1. Tenders will be received at Federal Reserve
Banks and Branches and at the Bureau of the Public
Debt, W ashington, D. C. 20226, up to the closing
hour, 2:30 p.m., Eastern Standard time, Friday,
N ovem ber 8, 1974. Each tender must state the face
amount of bonds bid for, which must be $1,000 or a
multiple thereof, and the price offered, except that
in the case o f noncompetitive tenders the term “non­
com petitive” should be used in lieu o f a price. In
the case o f competitive tenders, the price must be
expressed on the basis o f 100, with two decimals,
e.g., 100.00. Tenders at a price less than 94.01 will
not be accepted. Fractions may not be used. N on­
competitive tenders from any one bidder may not
exceed $500,000.

II. DESCRIPTION OF BONDS
1.
The bonds now offered will be identical in all
respects with the 8 V percent Treasury Bonds of 19942
99 issued pursuant to Department Circular, Public
D ebt Series — No. 7-74, dated M ay 2, 1974, except
that interest will accrue from N ovem ber 15, 1974.
W ith this exception the bonds are described in the
follow ing quotation from Department Circular No.
7-74:

2. Com mercial banks, which for this purpose are
defined as banks accepting demand deposits, and
dealers who make primary markets in Government
securities and report daily to the Federal Reserve
Bank o f N ew York their positions with respect to
Government securities and borrowings thereon, may
submit tenders for account o f customers provided the
names of the customers are set forth in such tenders.
Others will not be permitted to submit tenders except
for their own account. Tenders will be received
without deposit from banking institutions for their
ow n account, Federally-insured savings and loan
associations, States, political subdivisions or instru­
mentalities thereof, public pension and retirement and
other public funds, international organizations in
which the United States holds membership, foreign
central banks and foreign States, dealers w ho make
primary markets in Government securities and report
daily to the Federal Reserve Bank o f N ew York
their positions with respect to Government securities
and borrowings thereon, and Government accounts.
Tenders from others must be accom panied by pay­
ment (in cash or the securities referred to in Sec­
tion I which will be accepted at par) o f 5 percent of
the face amount o f bonds applied for.

“ 1. The bonds will be dated May 15, 1974, and
will bear interest from that date at the rate of
8 V2 percent per annum, payable semiannually on
Novem ber 15, 1974, and thereafter on May 15 and
N ovem ber 15 in each year until the principal amount
becom es payable. They will mature M ay 15, 1999,
but may be redeem ed at the option o f the United
States on and after May 15, 1994, in whole or in part,
at par and accrued interest on any interest day or
days, on 4 months’ notice o f redemption given in such
manner as the Secretary of the Treasury shall pre­
scribe. In case of partial redemption, the bonds to
be redeemed will be determined by such method as
may be prescribed by the Secretary of the Treasury.
From the date of redemption designated in any such
notice, interest on the bonds called for redemption
shall cease.
“2. The incom e derived from the bonds is sub­
ject to all taxes im posed under the Internal Revenue
C ode of 1954. The bonds are subject to estate,
inheritance, gift or other excise taxes, whether
Federal or State, but are exempt from all taxation
now or hereafter im posed on the principal or interest
thereof by any State, or any of the possessions o f the
United States, or by any local taxing authority.

3. Immediately after the closing hour tenders will
be opened, follow ing which public announcement will
be made by the Department o f the Treasury o f the
amount and price range of accepted bids. Those sub­
mitting tenders will be advised of the acceptance or
rejection thereof. In considering the acceptance of
tenders, those at the highest prices will b e accepted
to the extent required to attain the amount offered.
Tenders at the lowest accepted price will be prorated
if necessary. The Secretary of the Treasury expressly
reserves the right to accept or reject any or all tenders,

“3. The bonds will be acceptable to secure de­
posits of public moneys. They will not be acceptable
in payment of taxes.
“4. Bearer bonds with interest coupons attached,
and bonds registered as to principal and interest, will
be issued in denominations of $1,000, $5,000, $10,000,
$100,000 and $1,000,000. Provision will be made for
the interchange of bonds of different denominations




7

in whole or in part, including the right to accept less
than $600,000,000 o f tenders, and his action in any
such respect shall b e final. Subject to these reserva­
tions, noncom petitive tenders for $500,000 or less
without stated price from any one bidder will be
accepted in full at the average p rice1 (in tw o deci­
m als) o f accepted com petitive tenders.
4. All bidders are required to agree not to pur­
chase or sell, or to make any agreements with respect
to the purchase or sale or other disposition of any
bonds o f this issue at a specific rate or price, until
after 2:30 p.m., Eastern Standard time, Friday, N ov­
em ber 8, 1974.
5. Com m ercial banks in submitting tenders will be
required to certify that they have no beneficial interest
in any of the tenders they enter for the account of
their customers, and that their customers have no
beneficial interest in the banks’ tenders for their own
account.

IV. PAYMENT
1.
Settlement for accepted tenders in accordance
with the bids must be made or com pleted on or before
N ovem ber 15, 1974, at the Federal Reserve Bank or
Branch or at the Bureau o f the Public D ebt, except
that a bidder may elect to defer paym ent for not
more than 50 percent o f the amount o f bonds allotted
until D ecem ber 3, 1974. Payment must be in cash,
securities referred to in Section I (interest coupons
dated N ovem ber 15, 1974, should b e d etach ed), in
other funds immediately available to the Treasury by
the paym ent date, or b y check drawn to the order of
the Federal Reserve Bank to which the tender is
submitted, or the United States Treasury if the tender
is submitted to it, which must be received at such
Bank or at the Treasury no later than: (1 ) Tuesday,
N ovem ber 12, 1974, if the check is drawn on a bank
in the Federal Reserve District of the Bank to which
the check is submitted, or the Fifth Federal Reserve
District in case of the Treasury, or (2 ) Friday, N ov­
em ber 8, 1974, if the check is drawn on a bank in
another district. Checks received after the dates set
forth in the preceding sentence will not be accepted
unless they are payable at a Federal Reserve Bank.
A ccrued interest from N ovem ber 15 to D ecem ber 3,
1974, will be charged on the face amount o f bonds
on which payment is deferred, at the rate o f $4.22652
per $1,000. W here partial payment for bonds allotted
is to b e deferred, delivery o f 5 percent o f the total
par amount of bonds allotted, adjusted to the next
higher $1,000, will be withheld from all bidders re­
quired to submit a 5 percent paym ent with tenders,
until payment for the total amount allotted has been
com pleted. Payment will not b e deem ed to have been
com pleted where registered bonds are requested if
the appropriate identifying number as required on tax
returns and other documents submitted to the Internal
1 Average price may be at, or more or less than 100.00.




Revenue Service ( an individual’s social security
number or an employer identification num ber) is not
furnished. W here full paym ent is not com pleted by
the dates shown above, the payment with the tender
up to 5 percent o f the amount o f bonds allotted shall,
upon declaration m ade b y the Secretary of the Trea­
sury in his discretion, be forfeited to the United States.
W hen payment is made with maturing securities, a
cash adjustment will be made to or required of the
bidder for any difference between the face amount of
securities submitted and the amount payable on the
bonds allotted.

V. ASSIGNMENT OF REGISTERED
SECURITIES
1. Registered securities tendered as deposits and
in payment for bonds allotted hereunder are not re­
quired to be assigned if the bonds are to be registered
in the same names and forms as appear in the regis­
trations or assignments o f the securities surrendered.
Specific instructions for the issuance and delivery of
the bonds, signed b y the owner or his authorized rep­
resentative, must accom pany the securities presented.
Otherwise, the securities should be assigned by the
registered payees or assignees thereof in accordance
with the general regulations governing United States
securities, as hereinafter set forth. Bonds to be regis­
tered in names and forms different from those in the
inscriptions or assignments of the securities presented
should be assigned to “ The Secretary o f the Treasury
2
for 8 V percent Treasury Bonds of 1994-99 in the name
of (nam e and taxpayer identifying num ber).” If bonds
in coupon form are desired, the assignment should b e
to “The Secretary of the Treasury for 8 V2 percent
coupon Treasury Bonds o f 1994-99 to b e delivered to
.................................................... ” Securities tendered in
payment should be surrendered to the Federal Reserve
Bank or Branch or to the Bureau of the Public Debt,
Washington, D. C. 20226. The securities must be
delivered at the expense and risk o f the holder.

VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to re­
ceive tenders, to make such allotments as may be
prescribed by the Secretary of the Treasury, to issue
such notices as may be necessary, to receive payment
for and make delivery of bonds on full-paid tenders
allotted, and they may issue interim receipts pending
delivery of the definitive bonds.
2. The Secretary of the Treasury may at any time,
or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offer­
ing, which will be communicated promptly to the
Federal Reserve Banks.

WILLIAM E. SIMON,
Secretary of the Treasury.

Federal Reserve Bank of New York
Securities Department (8th Floor)
33 Liberty Street
New York, N. Y. 10045
Tender for Treasury Notes or Bonds



IMPORTANT — Closing time for receipt of this tender is 1:30 p.m., Wednesday, November 6,1974.
TE N D E R FOR TREASURY NOTES O F SERIES E-1977
D ated N ovem ber 15, 1974

D ue N ovem ber 15,1977
Dated a t .........................................................

F e d e r a l R eserve B an k o f N ew Y ork ,

Fiscal Agent o f the United States,
N ew York, N. Y. 10045

................................................................, 1974

Pursuant to the provisions o f Treasury Department Circular No. 13-74, Public D ebt Series, dated
O ctober 31, 1974, the undersigned hereby offers to purchase United States o f America Treasury Notes of
Series E-1977 in the amount indicated below , and agrees to make payment therefor at your Bank on or
before the issue date at the price awarded on this tender.

C O M P E T IT IV E TE N D E R

Do not fill in both Competitive and
Noncompetitive tenders on one form

N O N C O M PE TITIV E TE N D E R

$ .........................................................

(maturity value)

$ ......................................................... (maturity valu e),
or any lesser amount that may b e awarded.

(Not to exceed $500,000 for one bidder through all sources)

Y ie l d :..........

at the average price o f accepted com petitive bids.

(Yield must be expressed with not more than two
decimal places, for example, 7.91 )

Subject to allotment please issue, deliver, and accept payment for the notes as indicated below and on
the reverse side ( if registered notes are desired, please also com plete schedule on reverse sid e):
Pieces Denomination

Maturity value

□

1.

Deliver over the counter to the
undersigned

Payment will be made as follows:

□
$

5 ,0 0 0

2.

Ship to the undersigned

□
□

□

3.

Hold in safekeeping (for m em ­
ber bank on ly) in —

□

□

□
1 ,0 0 0 ,00 0

Totals

4.

Trust Account

available funds

General Account

□

1 00 ,0 0 0

By surrender of maturing secu­
rities as indicated in official
circular

Investment Account

□

10,000

By charge to our reserve account
By cash or check in immediately

□

5.

Special instructions:

H old as collateral tor Ireasury
Tax and Loan A ccou nt*

(No changes in delivery instructions
will be accepted)

0 The undersigned certifies that the allotted notes will be owned solely by the undersigned.

W e hereby agree not to buy or to sell, or to make any agreements ivilh respect to the purchase or sale
or other disposition of any notes of this issue at a specific rate or price, until after one-thirty p.m., Eastern
Standard time, Wednesday, November 6,1974.
( If a commercial bank is subscribing for its own account or for account of customers, the following certifications
are made a part of this tender.)
W e H e r e b y C e r t i f y that w e have received tenders from our customers in the amounts set opposite the
customers’ names on the list which is made a part o f this tender; that there has been paid to us b y each
such customer as required by the official offering circular, not subject to withdrawal until after allotment,
not less than 5 percent o f the amount bid for; that w e have not m ade unsecured loans, or loans collateralized
in w hole or in part b y the notes bid for, to supply the amounts of such payments to any o f such customers;
that w e have no beneficial interest in the tenders o f such customers; and that none o f our customers has
any beneficial interest in the amount bid for our ow n account.

W e F u r t h e r C e r t i f y that tenders received b y us, if any, from other commercial banks for their own
account and for the account of their customers have been entered with us under the same conditions, agree­
ments, and certifications as set forth in this form.

(Name of subscriber — please print or type)

Insert this tender in
special envelope marked
“ Tender for Treasury
Notes or Bonds”

( Address — please print or type)

(Tel. N o.)

(Signature of subscriber or authorized signature)

(Title of authorized signer)

IM P O R T A N T — Banks submitting tenders for customer account must indicate names
and amounts desired b y each on a separate list attached hereto.
IN S T R U C T IO N S :
1.
valu e ).

N o tender for less than $ 5 ,0 0 0 will be considered and each tender must be for an even multiple of $ 5 ,0 0 0 (maturity

2.
Only banking institutions, and dealers who make primary markets in Government securities and report daily to this
Bank their positions with respect to Government securities and borrowings thereon, m ay submit tenders for customer account;
in doing so, they may consolidate competitive tenders at the same yield and may consolidate noncompetitive tenders,
provided a list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted
to submit tenders except for their own account.
3. I f the person making the tender is a corporation, the tender should be signed by an officer of the corporation author­
ized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a representation
by him that he has been so authorized. I f the tender is made by a partnership, it should be signed by a member of the
firm, who should sign in the form “ .............................. ............................................................................ a copartnership, b y .....................................
......................................................... .. a member of the firm.”
4. Tenders will be received without deposit from commercial and other banks for their own account, Federally-insured
savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other
public funds, international organizations in which the United States holds membership, foreign central banks and foreign
States, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of N ew York
their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others
must be accompanied b y payment of 5 percent of the face amount of securities applied for. A ll checks must be drawn to the
order of the Federal Reserve Bank of N ew York; checks endorsed to this Bank will not be accepted.
5.
is

If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury

material, the tender may be disregarded.




u

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□

IMPORTANT —Please fill in information requested below.
( N um ber references b elow are to facilitate
com puter processing o f the inform ation.)

1. □
Registered

Definitive bearer

2. □

1. □

Deliver to third party

D eliver to subscriber

Deliver to customer

47 Delivery instructions

2. □

H old for safekeeping (clearance)
H old as collateral for TT&L A /C

3. □

8. □
H old as collateral for other A /C

7. □

ui" §

a

9. □

Book-entry (clearan ce)

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46 Type of security requested

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NTEREST

NO,
SUBSCRIPTION
E-1977
O SERIES
F
NOTES
TREASURY
O REGISTERED
F
ISSUE
FO
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SCHEDULE

IMPORTANT — Closing time for receipt of this tender is 1:30 p.m., Thursday, November 7,1974.
T E N D E R FOR TREASURY NOTES O F SERIES B-1981

Dated November 15,1974

Due November 15,1981
D ated a t .........................................................

F e d e ra l R eserve B an k o f N e w Y ork ,

Fiscal Agent o f the United States,
N ew York, N. Y. 10045

................................................. , 1974
Circular No. 14-74, Public D ebt Series, dated

Pursuant to the provisions of Treasury Department
O ctober 31, 1974, the undersigned hereby offers to purchase United States of America Treasury Notes of
Series B-1981 in the amount indicated below , and agrees to make payment therefor at your Bank on or
before the issue date at the price awarded on this tender.

COMPETITIVE TENDER

Do not fJl in both Competitive and
Noncompetitive tenders on one form

NONCOMPETITIVE TENDER

$ .........................................................

( maturity va lu e)

$ ......................................................... (maturity value),
or any lesser amount that may b e awarded.

(N ot to ex cee d $500,000 for one bidder through all sources)

Y ie l d :..........

at the average price o f accepted com petitive bids.

( Yield must b e expressed with not m ore than tw o
decim al places, fo r exam ple, 7.9 1)

Subject to allotment please issue, deliver, and accept payment for the notes as indicated b elow and on
the reverse side ( if registered notes are desired, please also com plete schedule on reverse sid e):
Pieces Denomination
$

Maturity value

1,000
5,000

□

1.

□ 2. Ship to the undersigned
□

3.

100,000

Totals

H old in safekeeping (fo r m em ­
ber bank on ly ) in —
□
□
□

10,000

1 ,000,000

D eliver over the counter to the
undersigned

□

4.

Investment A ccount
General A ccount
Trust A ccou nt

Paym ent w ill b e m ade as follow s:
□
By charge to our reserve account
□
By cash or check in im m ediately
available funds
□
By surrender o f maturing secu­
rities as indicated in official
circular
□

5.

Special instructions:

H old as collateral ror treasury
Tax and Loan A ccou nt*

(N o changes in d elivery instructions
w ill b e a ccep ted )

0 T h e undersigned certifies that the allotted notes will be ow ned solely by the undersigned.

W e hereby agree not to buy or to sell, or to make any agreements with respect to the purchase or sale
or other disposition of any notes of this issue at a specific rate or price, until after one-thirty p.m., Eastern
Standard time, Thursday, November 7,1974.
( If a com m ercial bank is subscribing for its ow n account or for account o f customers, the follow in g certifications
are made a part o f this ten der.)
W e H e r e b y C e r t i f y that w e have received tenders from our customers in the amounts set opposite the
customers’ names on the list which is m ade a part o f this tender; that there has been paid to us b y each
such customer as required by the official offering circular, not subject to withdrawal until after allotment,
not less than 5 percent o f the amount bid for; that w e have not m ade unsecured loans, or loans collateralized
in w hole or in part by the notes bid for, to supply the amounts of such payments to any of such customers;
that w e have no beneficial interest in the tenders of such customers; and that none o f our customers has
any beneficial interest in the amount bid for our ow n account.

W e F u r th e r C e r t i f y that tenders received b y us, if any, from other commercial banks for their own
account and for the account of their customers have been entered with us under the same conditions, agree­
ments, and certifications as set forth in this form.

(N e of subscriber —please print or type)
am
Insert this tender in
special envelope marked
“ Tender for Treasury
Notes or Bonds”

(A
ddress —please print or type)

(Tel. N o.)

(Signature of subscriber or authorized signature)
(Title of authorized signer)

IMPORTANT — Banks submitting tenders for customer account must indicate names
and amounts desired by each on a separate list attached hereto.
IN S T R U C T IO N S :

1.
v a lu e).

N o tender for less than $1,000 will be considered and each tender must be for an even m ultiple o f $1,000 (maturity

2 . O nly banking institutions, and dealers w ho make primary markets in Governm ent securities and report daily to this
Bank their positions with respect to Governm ent securities and borrowings thereon, m ay submit tenders for customer account;
in doing so, they m ay consolidate com petitive tenders at the sam e yield and m ay consolidate noncom petitive tenders’,
p rovided a list is attached show ing the name o f each b idder and the amount b id for his account. Others w ill not b e permitted
to subm it tenders except for their ow n account.
3. If the person making the tender is a corporation, the tender should be signed b y an officer o f the corporation author­
ized to make the tender, and the signing o f the tender b y an officer o f the corporation will b e construed as a representation
b y him that he has been so authorized. If the tender is m ade b y a partnership, it should be signed b y a m em ber o f the
firm, w ho should sign in the form “ ............................ ......................................................................, a copartnership, b y ....................................
...................................................... . a m em ber o f the firm.”

4 . Tenders w ill b e received without deposit from com m ercial and other banks for their ow n account, Federally-insured
savings and loan associations, States, political subdivisions or instrumentalities thereof, pu b lic pension and retirement and other
pu b lic funds, international organizations in w hich the United States holds m em bership, foreign central banks and foreign
States, dealers w ho make primary markets in G overnm ent securities and report daily to the Federal Reserve Bank of New York
their positions w ith respect to Governm ent securities and borrowings thereon, and Governm ent accounts. Tenders from others
must b e accom panied b y paym ent of 5 percent of the face amount o f securities applied for. A ll checks must be drawn to the
order o f the Federal Reserve Bank of New York; checks endorsed to this Bank w ill not b e accepted.
5.

If 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.


I

SCHEDULE FOR ISSUE OF REGISTERED TREASURY NOTES OF SERIES B-1981

SUBSCRIPTION NO.
F O R F R B USE O N L Y

D E L I V E R Y I NS TRUCTI ONS
S U B S C R IB E R

I ID E L I V E R O V E R T H E C O U N T E R

SIGNATURE_

I I SHIP T O S U B S C R I B E R

TRANS. A C C O U N T I N G D A T E

□ O T H E R INSTRUCTIONS:

ADDRESS

ISSUE AGEN T 12 L O A N
NOV. 15, 1974

.I i£ _

INTEREST COMP. DATE

REGISTRATION

NO.

INSTRUCTIONS

OF

P IE C E S

DEN0M .

Ml

NAME(S)

3;
»

10.000

99

3B
»a g

T R C A S E NO.

c cr
ST o

*d 8
3 S'

..............

99

p

1
0
o
o
CD
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P

(
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S3
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+
8
£L

0
•
-»

o
H

ts
=
p
rf

TR. .CASE NO.

5.000
10.000

ID O R S.S. NO.

□

1
2

100.000
42

ADDRESS
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T E N D E R FO R 8 % PER C EN T TREASURY RONDS OF 1994-99

ADDITIONAL AMOUNT
Dated May 15, 1974, With Interest From November 15, 1974, Due May 15, 1999
Dated at

F e d e r a l R e s e r v e B a n k o f N e w Y ork ,

Fiscal Agent o f the United States,
N ew York, N. Y. 10045

1974

Pursuant to the provisions o f Treasury Department Circular No. 15-74, Public D ebt Series, dated
O ctober 31, 1974, the undersigned hereby offers to purchase United States o f America 8 V percent Treasury
2
Bonds of 1994-99 in the amount indicated below , and agrees to make payment therefor at your Bank on or
before the issue date at the price indicated b elow (plus accrued interest o f $4.22652 per $1,000 on payment
deferred until D ecem ber 3 ).

COMPETITIVE TENDER

Do not fill in both Competitive and
Noncompetitive tenders on one form

$ ......................................................... (maturity value),
or any lesser amount that may b e awarded.

NONCOMPETITIVE TENDER

$ .........................................................

( maturity valu e)

(N ot to ex cee d $500,000 for one bidder through all sources)

at the average price o f accepted competitive bids.
P r i c e : ..................... p er 100 ( minimum o f 9 4 .0 1 )
( P rice m ust b e expressed w ith n ot m ore than two
d ecim al places, fo r exam ple, 1 0 0 .0 0 )

Subject to allotment please issue, deliver, and accept payment for the bonds as indicated below and on
the reverse side ( if registered bonds are desired, please also com plete schedule on reverse sid e):
Pieces

D enom ination

Maturity value

1,000

$

5,000

□

1.

D eliver over the counter to the
undersigned

□

2.

Ship to the undersigned

□

3.

H old in safekeeping (fo r m em ­
ber bank on ly ) in —
□
□
□

10,000
100,000
1 ,000,000

□
□

Investment A ccou nt
General A ccount
Trust A ccou nt

Paym ent w ill b e made as follow s:
□
By charge to our reserve account
□
By cash or check in im m ediately
available funds
□
By cash or ch eck in funds
available b y D ecem ber 3 for
............(pa r valu e) o f bonds
□

4.

H old as collateral for Treasury
Tax and Loan A ccou nt*
5. Special instructions:

B y surrender o f maturing secu­
rities as indicated in official
circular

Totals
* The undersigned certifies that the allotted bonds will be ow ned solely b y the undersigned.

W e hereby agree not to buy or to sell, or to make any agreements with respect to the -purchase or sale
or other disposition of any bonds of this issue at a specific rate or price , until after two-thirty p.m., Eastern
Standard time, Friday, November 8,1974.
( If a com m ercial bank is subscribing for its ow n account or for account o f customers, the follow in g certifications
are made a part o f this ten der.)
W e H e r e b y C e r t i f y that w e have received tenders from our customers in the amounts set opposite the
customers’ names on the list which is made a part o f this tender; that there has been paid to us by each
such customer as required b y the official offering circular, not subject to withdrawal until after allotment,
not less than 5 percent o f the amount bid for; that we have not made unsecured loans, or loans collateralized
in w hole or in part by the bonds bid for, to supply the amounts o f such payments to any o f such customers;
that w e have no beneficial interest in the tenders o f such customers; and that none o f our customers has
any beneficial interest in the amount bid for our own account.
W e F u r t h e r C e r t i f y that tenders received by us, if any, from other commercial banks for their own
account and for the account of their customers have been entered with us under the same conditions, agree­
ments, and certifications as set forth in this form.

(Name of subscriber — please print or type)

Insert this tender in
special envelope marked
“ Tender for Treasury
Notes or Bonds”

( Address — please print or type)

(Tel. No.)

( Signature of subscriber or authorized signature)

(Title of authorized signer)

IMPORTANT — Banks submitting tenders for customer account must indicate names
an^ amounts desired by each on a separate list attached hereto.

INSTRUCTIONS1.
va lu e) .

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

2. Only banking institutions, and dealers w ho make primary markets in Governm ent securities and report daily to this
Bank their positions with respect to Governm ent securities and borrowings thereon, may submit tenders for customer accountin doing so, they may consolidate com petitive tenders at the same price and may consolidate noncom petitive tenders'
p rovided a list is attached showing the name o f each bidder and the amount bid for his account. Others will not b e permitted'
to subm it tenders except for their ow n account.
3. If the person making the tender is a corporation, the tender should be signed b y an officer o f the corporation author­
ized to make the tender, and the signing o f the tender by an officer o f the corporation will b e construed as a representation
by him that he has been so authorized. I f the tender is m ade b y a partnership, it should be signed b y a m em ber o f the
firm, w ho should sign in the form “ ............................ ........................................................................ a copartnership, b y ...................................
...................................................... .. a m em ber o f the firm.”

4 . Tenders will b e received without deposit from com m ercial and other banks for their ow n account, Federally-insured
savings and loan associations, States, political subdivisions or instrumentalities thereof, p u b lic pension and retirement and other
p u b lic funds, international organizations in w hich the United States holds m em bership, foreign central banks and foreign
States, dealers w h o make primary markets in G overnm ent securities and report daily to the Federal Reserve Bank o f N ew York
their positions with respect to G overnm ent securities and borrow ings thereon, and Governm ent accounts. Tenders from others
must b e accom panied b y paym ent o f 5 percent o f the face amount o f securities applied for. A ll checks must b e drawn to the
order o f the Federal Reserve Bank o f N ew York; checks endorsed to this Bank w ill not be accepted.
5. U nder certain conditions, partial paym ent for the bonds m ay b e deferred until D ecem ber 3, 1974; procedures for
d oin g so are contained in the official offering circular.

6 . I f the language o f this tender is changed in any respect, w hich, in the opinion o f the Secretary o f the Treasury
is material, the tender may be disregarded.




SUBSCRIPTION NO.

SCHEDULE FOR ISSUE OF REGISTERED 8% PERCENT TREASURY BONDS OF 1994-99 (ADDITIONAL AMOUNT)
D E L I VE RY INSTRUCTIONS

FOR F R B USE O N LY

S U B S C R IB E R

1

1D E L I V E R O V E R T H E C O U N T E R

S IG N A T U R E _

I

I S H IP T O S U B S C R I B E R

[ 3

T R A N S . A C C O U N T IN G D A T E

w
□

□

ISSUE AGENT 12

A D D R ES S

kQ.AN C Q P E

td
NOV. 15, 1974

JLifL
REGISTRATION

b
NO. OF
PIECES

INSTRUCTIONS

DENOM.

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AMOUNT

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O T H E R IN S T R U C T IO N S :

TOTAL

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total

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102