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

C ircular No. 7 8 7 2 1
M ay 12, 1976
J

OFFERING OF TWO SERIES OF TREASURY BILLS
$2,500,000,000 of 91-Day Biils, Additional Amount, Series Dated February 19, 1976, Due August 19, 1976
(To Be Issued May 20, 1976)
$3,500,000,000 of 182-Day Bills, Dated May 20, 1976, Due November 18,1976
To ^4/1
BaM amf Truy?
&j
CcwfffMfJ, !MlAa

and OMffj
Dfytn'cf;

FoHowing 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 two series of Treasury biiis to the aggregate amount of
$6,000,000,000, or thereabouts, to be issued May 20, 1976, as fol­
lows :
91-day bills (to maturity date) in the amount of
$2,500,000,000, or thereabouts, representing an additional
amount of bills dated February 19, 1976, and to mature
August 19, 1976 (CUSIP No. 912793 A55), originally
issued in the amount of $3,603,990,000, the additional
and original bills to be freely interchangeable.
182-day bills for $3,500,000,000, or thereabouts, to be dated
May 20, 1976, and to mature November 18, 1976
(CUSIP No. 912793 C20).
The bills will be issued for cash and in exchange for Treasury
bills maturing May 20, 1976, outstanding in the amount of
$6,210,140,000, of which Government accounts and Federal Reserve
Banks, for themselves and as agents of foreign and international
monetary authorities, presently hold $3,016,015,000. These accounts
may exchange bills they hold for the bills now being offered at the
average prices of accepted tenders.
The 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 (maturity value)
and in book-entry form to designated bidders.
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern Daylight
Saving time, Monday, May 17, 1976. Tenders will not be received
at the Treasury Department, Washington. Each tender must be
for a minimum of $10,000. Tenders over $10,000 must be in mul­
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.
Banking institutions and dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions with respect to Government
securities and borrowings thereon may submit tenders for account
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 tor, 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, following which public
announcement will be made by the Treasury Department of the
amount and price range of accepted bids. Only 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 decimals) of accepted competi­
tive bids for the respective issues. Settlement for accepted tenders
in accordance with the bids must be made or completed at the
Federal Reserve Bank on May 20, 1976, in cash or other im­
mediately available funds or in a like face amount of Treasury
bills maturing May 20, 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.
Under Sections 454(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.
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., Eastern Daylight Saving time, Monday, May 17,
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.
_for Trcoyary M/y rnwMOf
??tad^ &y cr^dff fAroM^A
?A^ Tr^ayary Ta.v ana? Loan ^4c<roM NoM/pwtowf way?
wf.
wtacfo in cayA or ofAfr fwwc&afc/y arwAiMa fawdy or fw
w:a taring T rcayary AfAy.
Results of the last weekly offering of Treasury bills (91-day bills to be issued May 13, 1976, representing an
additional amount of bills dated February 13, 1976, maturing August 12, 1976; and 183-day bills dated May 13, 1976,
maturing November 12, 1976) are shown on the reverse side of this circular.
PAUL A . VOLCKER,

*J



Pf
(OVER)

RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS
(TWO SERIES TO BE ISSUED MAY 13, 1976)

Range of Accepted Competitive Bids
pz-Day Ty^a^Mry Z?i/A
y
Afa^ywp
ZF, zpyd

High ....................... -.....................
Low ...............................................
Average .......................................

Prfr^
98.720 a
98.715
98.718

D fcoM ?
A M
Paf?
5.064%
5.084%
5.072%

z&?-Day TrcajMzy Rt/L
AfaiMWwp
zp, zpyd

Price
97.259^
97.240
97.242

5.20%
5.22%
5.21%

i Equivalent coupon-issue yield,
a Excepting one tender of $540,000.

Awve^fwewf
Patel
5.62%
5.66%
5.66%

Pate
5.392%
5.430%
5.426%

h Excepting one tender of $10,000.

(7 percent of the amount of 183-day bills
bid for at the low price was accepted.)

(4 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)
pz-Day Tzca^Mzy Fi/Ay
AfafaW^p
zp, zpyd
Perewed

District

Boston ....................... .............
New York ................. .............
Philadelphia ................ .............
Cleveland .................... .............
Richm ond.................... ............
Atlanta ........................ ............
Chicago ...................... ............
St. Louis .................... ............
Minneapolis ................ ............
Kansas City ................ ............
Dallas ........................... ............
San Francisco ............. ..........
TO TAL

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

........

$

58,270,000
4.905,335,000
20,735,000
75,595,000
28,155,000
30,885,000
238,510,000
46,475,000
23,550,000
39,625,000
38,430,000
231,595,000

$5,737,160,000

created

$

20,085,000
2,383,515,000
17,620,000
23,370,000
15,655,000
26,010,000
33,065,000
20,910,000
11,550,000
22,330,000
13,430,000
13,645,000

$2,601,185,000^

c Includes $322,970,000 noncompetitive tenders from the public,
d Includes $174,953,000 noncompetitive tenders from the public.




z#?-Day Tzca^Mzy Pf/L
AfaAan'wp
z^, zpyd
Pecefred

$

28,490,000
5,378,490,000
45,265,000
88,445,000
98,120,000
11,180,000
469,475,000
64,115,000
55,690,000
21,420,000
22,310,000
235,265,000

$6,518,265,000

erected

$

9,490,000
3,336,825,000
10,865,000
16,870,000
12,620,000
10,180,000
28,075,000
31,185,000
5,040,000
16,320,000
12,310,000
111,165,000

$3,600,945,000 d

(Closing date for receipt of this tender is Monday, May 17, 1976)
TENDER FOR 91-DAY TREASURY BILLS
Additiona! Amount, Series Dated February 19, 1976, Maturing August 19, 1976
(To Be Issued May 20, 1976)
Dated a t ........................................................

t'itiVALY ALT STA TEM EN T: The individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be
issued, m accordance with the Genera! 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 Y O R K ,

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 M ? /if/ !M & CoW^PfMff O d
O
0?/t
M

COMPETITIVE TENDER

V o M ? O W / '? ? i ? i f f f ? M d ? r .f OM CM? / o r w :

$.......................................................... (maturity value)
or any lesser amount that may be awarded.
Price : ....................................................per 100.
(PflOf fM J?
M
O ^ r f ^ d tO M ? WOr? ?/:3M ?Af?f
!?A O
dfcima/ p/a<r?r, /or f.rattt/'/f, P9.923)

NONCOMPETITIVE TENDER

$.......................................................... (maturity value)
(W o ? fo

?^r???d

/o r

OM?

5t'dd?r iArotipA a ll

iO M r f f - f )

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

D 1. Deliver over the counter to the
undersigned

10,000
O 2. Ship to the undersigned
15,000

D 3. Hold in safekeeping (for mem­
ber bank only) in—

50,000

Payment will be made as follows:
D By charge to our reserve account
Q By cash or check in fww?dfa?r/y
araf/ab/? /Mndr on delivery
(Pay?M?n? raM O
M?
wad? ?AroM
pA
7Y?a.fMry Ta-v and I.oaM /IffOMM?)

Q Investment Account
100,000

D 5. Special instructions:

n General Account

500,000

O Trust Account

D 4. Allotment transfer (see list attached)
(Vo rAanp?^ in df/irrry !M ??t'oM
J?rM
J
toff/ b? arrested)

1,000,000
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.
(Name of subscriber—please print or type)

Insert thfs tender
in special envelope
mar&ed 'Tender /or
Treasury Bills"

(Address—inc!. City and State)
(Tel. No.)

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

(Banking institutions submitting tenders for customer account must fist customers' names on lines below or on an attached rider)
(Name of customer)

(Name of customer)

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 a? (A? mm? /<rf?? 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 ofRcer of the corporation
authorized to make the tender, and the signing of the tender by an ofHcer 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, 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 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.
Rtv. 3/76




[2 ' ]

(H osing date for receipt of this tender is Monday, May i7, i976)
TENDER FOR 182-DAY TREASURY BILLS
Dated May 20, 1976

PRIVACY ACT ST A T E M E N T : The individual identifiable information required on this form is necessary to permit the tender to be processed and the bids to be
issued, in accordance with the Genera! 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.

To

FED ER A L R ESER V E B A N K

Maturing November 18, 1976
OF N E W

Dated a t ........................................................

YORK,

Fiscal Agent of the United Stages

..........................................................., 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 /Ri in &otA Competitive and
Noncom petitive tenders on on? form

COMPETITIVE TENDER

$.......................................................... (maturity value)
or any lesser amount that may be awarded.
P rice: ....................................................per 100.
(P rice mart &e e-rprejyed udtA not more tAan tAree
d ffb n cl place.?, for example, 99.923)

NONCOMPETITIVE TENDER

$.......................................................... (maturity value)
(Wot to earceed

for owe bidder tArowpA aM iowrce^)

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

10,000

Payment will be made as follows:
D By charge to our reserve account
n By cash or check in iwfMfdiaffly
avaiiabie /and? on delivery

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) m—

50,000

(Payment cannot be made tAroa^A
Treasury Taar and Doan -dccowttf)

D Investment Account

100,000

D 5. Special instruction!:

Gl Genera! Account

500,000

D Trust Account

1,000,000

D 4. Allotment transfer (see list attached)
(Wo cAanpe? in delivery iwrtrMctiowr
wiM be accepted)

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 m 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
ynar&ed "Tender /or
Treasury BMIs"

( A d d r e s s — in c h C it y a n d S t a t e )

( 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 e i . N o .)

( T it t 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 at Me ?ame /rice 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 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.
mv.3/76




[

2 1 ]

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