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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [ C ircutarN o. 7 8 6 0 1 A pri! 21, 1976 J OFFERING OF TWO SERIES OF TREASURY BILLS $2,600,000,000 of 91-Day Bills, Additional Amount, Series Dated January 29, 1976, Due July 29, 1976 (To Be Issued April 29, 1976) $3,500,000,000 of 182-Day Bills, Dated April 29, 1976, Due October 28, 1976 7Y AM jMCor/mrafod FanCf and TrM^f and OMor^ Concerned, !M Mo Fodoral Fojorz^o DAFfcf .* Following is the text of a notice issued by the Treasury Department, released at 4 p.m. yesterday: The Treasury Department, by this public notice, invites tenders for tw o series of Treasury bills to the aggregate amount of $6,100,000,000, or thereabouts, to be issued April 29, 1976, as fol low s : 91-day bills (to maturity date) in the amount of $2,600,000,000, or thereabouts, representing an additional amount of bills dated January 29, 1976, and to mature July 29, 1976 (C U S I P No. 912793 A 2 2 ), originally issued in the amount of $3,501,865,000, the additional and original bills to be freely interchangeable. 182-day bills for $3,500,000,000, or thereabouts, to be dated April 29. 1976, and to mature October 28, 1976 (C U S I P N o. 912793 B 70). The bills will be issued for cash and in exchange for Treasury bills maturing April 29. 1976, outstanding in the amount of $6,305,065,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,616,620,000. These accounts may exchange bills they hold for the bills now being offered at the average prices of accepted tenders. 1 he bills of both series will be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided, and at maturity their face amount will be payable without interest. They will be issued in bearer form in denominations of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 (m aturity value) and in book-entry form to designated bidders. of 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 incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, follow ing which public announcement w ill be made by the Treasury Department of the amount and price range of accepted bids. O nly those submitting competitive tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for each issue for $500,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decim als) of accepted competi tive bids for the respective issues. Settlem ent for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 29, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing April 29, 1976. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differ ences between the par value of maturing bills accepted in exchange and the issue price of the new bills. Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., Eastern D aylight Saving time, Monday, April 26, 1976. Tenders will not be received at the Treasury Department, W ashington. Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in m ul tiples of $5,000. In the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Under Sections 4 5 4 (b ) and 1221(5) of the Internal Revenue Code of 1954, the amount of discount at which bills issued here under are sold is considered to accrue when the bills are sold, redeemed or otherwise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder must include in his income tax return, as ordinary gain or loss, the difference between the price paid for the bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made. Banking institutions and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of N ew Y ork their positions with respect to Government securities and borrowings thereon may submit tenders for account Treasury Department Circular No. 418 (current revision) and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders for both series up to 1 :30 p.m., FaMcrM Day/h//;? 6?;:o, Monday, April 26, 1976, at the Securities Department of 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 the enclosed envelope marked "Tender for Treasury Bills." Tenders not requiring a deposit may be submitted by telegraph, subject to written con firmation; no tenders may be submitted by telephone. Paymow? .for Troajary M/A <ranno; &o taacfo &y crocfif MroMpA Mo Troajary Ta.v Loaw HcronM. Aoff/omonf &o macfo in raj/; or oMor iwwodiafcTy a^af/a&Jo fMnd.y or in waMrm^ Troayary Results of the last weekly offering of Treasury bills (91-day bills to be issued April 22, 1976, representing an ad ditional amount of bills dated January 22, 1976, maturing July 22, 1976; and 182-day bills dated April 22. 1976, matur ing October 21, 1976) are shown on the reverse side of this circular. r 1 P A U L A . VOLCKER, (O V E R ) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED APRIL 22, 1976) Range of Accepted Competitive Bids .'M. *!t ' ' -* ' ' pa-Day Yr canary M at/trfap 7 td y Di-fCOM M t High ........................... ................. Low ............................. ................. Average ..................... ................. r^F-Day Yraa^ary FF, T pyd Price Pate 98.802 98.793 98.796 4.739% 4.775% 4.763% A fatarfw p O cfo& ar F7, z p y d /nre^tw:ent Patel 4.86% 4.90% 4.89% Price Pate Zwve^twent Patel 97.442 97.420 97.427 5.060% 5.103% 5.089% 5.26% 5.31% 5.30% Di-fCOM W t ^Equivalent coupon-issue yield. (36 percent of the amount of 182-day bills bid for at the low price was accepted.) (27 percent of the amount of 91-day bills bid for at the low price was accepted.) Total Tenders Received and Accepted (By Federal Reserve District) z&?-Day Yraa^ary Bii/y M a f a r f a p Ocfo&ar FZ. z p / d ^4cce/?ted Peceiaed 16,435,000 2,159,480,000 28,615,000 28,345,000 20.700,000 44,740,000 47,815,000 35,065,000 11,310,000 27,725,000 14,260,000 68,170,000 $ 10,500,000 4,510,680,000 5,805,000 87,885,000 39,080,000 31,525,000 305,270,000 66,890,000 47,065,000 18,665,000 25,185,000 217,890,000 $ $2,502,660,0003 $5,366,440,000 $3,400,065,000^ Peceiaed District Boston ......................... ............ New York ................... ............ Philadelphia ................. ......... Cleveland ..................... Richmond ..................... Atlanta ....-................................ Chicago ....................... St. Louis ..................... ............ Alinneapolis ................. ............ Kansas Citv ................. ........... Dallas ........................... ........... San Francisco ............. ............ TOTAL pr-Day 7Yaajary BfiY A f a / a r iw p J a f y FF, z p / d ................. ....... $ 19,435,000 4.526,525.000 84,745,000 59.995.000 32,110,000 53,740.000 259,280,000 73,915.000 46,310,000 33.700.000 34,260,000 277,280,000 $5,501,295,000 $ a bicludes $353,295,000 noncompetitive tenders from the public, h Includes $181,005,000 noncompetitive tenders from the public. .d created 8,000,000 2,866,880,000 5,805,000 41,485,000 34,065,000 29,225,000 181,410,000 48,890,000 37,065,000 18,665,000 18,685,000 109,890.000 (H o sin g date for receipt of this tender is Monday, Aprii 26, i976) TENDER FOR 91-DAY TREASURY RILLS Additional Amount, Series Dated January 29, 1976, Maturing July 29, 1976 (To Be Issued April 29, 1976) Dated at T o FEDERAL RESERVE B A N K OF N EW YORK, *K:= 033 = ^ S 5 <u S sg 3E § to ^ e"i o. Fiscal Agent of the United States , 19, Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions 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: D o not /i// iw bof/t Dotw/teMve awd Nowr OMt/*eMre fewder^ ow one /orw: C O M P E T IT IV E T E N D E R $........................................................ (maturity value) or any lesser amount that may be awarded. Price: .................................................. per 100. gt3 G ., <u_^ §s (P rice mMit be e^ rer^ ed to M wot w ore Maw Mree decimal /dace-L /o r earam^/e, 99.923) N O N C O M P E T IT IV E T E N D E R $........................................................ (maturity value) (Wot to exceed #300,000 /o r owe bidder tArowyA of/ yowrcey) 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 10,000 L 3.3 . -3 % 15,000 ^Sc 50,000 D 1. D eliver over the counter to the undersigned Payment will be made as fo llo w s: D B y charge to our reserve account D 2. Ship to the undersigned Q By cash or check in immediately at'at/ab/e /wwdj on delivery O 3. H old in safekeeping (for mem ber bank only) in— (Paytwewf cawwo/ be wtade ibroMpb 7rea.fMry 7aar awd Loan ^ccowwf) D Investm ent Account 100,000 5O-B E -3 c3 3 0.-0 CVO ^Q.B _o Mc<U TS.&^ B'C ^ 3 3 " CO ^^ M M c gj c B 3;!/3 *o V C-3 O v S-3G .,3 OMR 3.G 5C S oG U^ ^ O 5. Special instruction!: f*l General Account 500,000 D T rust Account 1,000,000 D 4. A llotm ent transfer (see list attached) ( N o cbawpei iw de/irery iwj/rwc/iowj w i// be o e r s te d ) T otals The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned. ( N a m e o f m b s c r ib e r — p le a s e p r in t o r t y p e ) In s e r t th is ten d er (A d d r e s s — in c l. C it y a n d S t a t e ) in s p e c ia l e n v e lo p e m a r k e d " T e n d e r /or T r e a s u r y R iffs " ( T e l . N o .) ( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e ) ( T i t l e o f a u th o r iz e d s ig n e r ) 3 5 c 3.g .O ^GO (B ank ing institutions submitting tenders for customer account m ust list customers' names on lines below or on an attached rider) (N a m e o f cu sto m er) ( N a m e o f c u s to m e r ) IN S T R U C T IO N S : ' gH 3^ ^ s ^ C 43 ^ 1. N o tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (m aturity value). 2. O nly banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions w ith respect to Government securities and borrow ings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders at /be Jame /'rice and may consolidate noncompetitive tenders, provided a list is attached show ing the name of each bidder and the am ount bid for his account. Others will not be permitted to submit tenders except for their own account. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized 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. If the tender is made by a partnership, it should be signed by a member of the hrm, w ho should sign in the form "............................................................................................................... . a copartnership, by ......................................................................................................... , a member of the firm." 4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. A ll checks must be drawn to the order of the Federal Reserve Bank of New Y ork; checks endorsed to this Bank w ill not be accepted. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. --------------- Htv. 3/76 he ] (Closing date for receipt of this tender is Monday, Apri! 26, 1976) TENDER FOR 182-DAY TREASURY RILES Dated Apri! 29, 1976 Maturing October 28, 1976 Dated a t ........................................................ i 3 i / \ i E L M t L i N i : i he individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be issued, in accordance with the General Regulations governing United States securities (Department Circular No. 300) and the Regulations governing Treasury Bills (Department Circular No. 418). The transaction will not be completed unless all required data is furnished. T O FEDERAL RESERVE B A N K OF NEW YORK, Fiscal Agent of the United States ............................................................ 19— Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions 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: Do not /i// At AofA Cou^chh'rc and COMPETITIVE TENDER NONCOMPETITIVE TENDER JVoMcowt/'fhh'rc tenders on on? /arm $.......................................................... (maturity value) or any lesser amount that may be awarded. $.......................................................... (maturity value) (Wo? /a carcccd %3(%?,C#0 /or owe Aidder tAron^A a// jowrccr) Price : ....................................................per 100. at the average price of accepted competitive bids. (P r ic e m m ? A? iot'(A n ot w a r? (Aon tAree decimal /dacfj, /or fjram/df, 99.923) Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces Denomination Maturity value $ 10,000 D 1. Deliver over the counter to the undersigned D 2. Ship to the undersigned 15,000 D 3. Hold in safekeeping (for mem ber bank only) in— Q Investment Account Genera! Account 50,000 100,000 500,000 Payment will be made as follows: Q By charge to our reserve account Q By cash or check in iyntwediafcly avadaAIe /nnd.f on delivery (Payment cowwo? Ac tnade (Arou^A Treasury To* and Loan <4ccoMttf) D 5. Special instructions: D Trust Account 1,000,000 D 4. Allotment transfer (see list attached) (No cAowycr in dch'rcry iwrtrMctfowr will Ac acff/dfd) Totals The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned. ( N a m e o f s u b s c r ib e r — p le a s e p r in t o r ty p e ) Insert this tender in special envelope mar&ed "Tender /or Treasury Bids" ( A d d r e s s — in c !. C it y a n d S t a t e ) (Tel. No.) ( T it l e o f a u th o r iz e d s ig n e r ) (Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider) ( N a m e o f c u s to m e r ) ( N a m e o f c u s to m e r ) INSTRUCTIONS: 1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value). 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, may submit tenders for customer account; in doing so, they may consolidate competitive tenders of (Ac yarnc 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. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized 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. If 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, by ............................................................................. , a member of the firm." 4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. 5. If the la n g u age of this tender is ch an ged in an y resp ect, which, in the oDinion of the Secretary of the Treasury, is material, the tender may be disregarded. R'v.3/76 [ie ] FEDERAL OPEN MARKET COMMiTTEE OPEN MARKET OPERAHONS OF FEDERAL RESERVE BANKS A M EN D M EN T S f 1. Effective April 1, 1974, section 270.4(c)(2) is amended to read as follows: SECTION 270.4— TRANSACTIONS IN OBLIGATIONS 2. Effective January 30, 1975, section 270.4(d) is amended to read as follows: SECTION 270.4— TRANSACTIONS IN OBLIGATIONS * * * * * * * * * *' (d) In accordance with such limitations, terms, and conditions as are prescribed by law and in (c) In accordance with such limitations, terms, authorizations and directives issued by the Com and conditions as are prescribed by law and in mittee, the Reserve Bank selected by the Commit authorizations and directives issued by the Com tee (or, under special circumstances, such as when mittee, the Reserve Bank selected by the Commit that Bank is closed, any other Federal Reserve tee is authorized and directed— Bank) is authorized and directed, for its own ac count or the System Open Market Account, to * * * * * purchase directly from the United States such (2) To buy and sell bankers' acceptances in amounts of Government securities as may be neces sary from time to time for the temporary accom the open market for its own account; modation of the Treasury Department. * * * * * * * * * * t For this Regulation to be complete as amended April 1, 1974, retain: 1) Printed Regulation pamphlet as amended effective February 1, 1973. 2) This slip sheet. (Destroy April 1974 revised slipsheet) JANUARY 1975
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