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FE D E R A L R E SE R V E BANK O F N E W YORK
Fiscal Agent of the United States
j" Circular No. 7955 1
L September IS, 1976 J
OFFERING OF TWO SERIES OF TREASURY BILLS
$2,100,000,000 of 91-Day Bills, Additional Amount, Series Dated June 24,1976, Due December 23,1976
(To Be Issued September 23, 1976)
$3,100,000,000 of 182-Day Bills, Dated September 23,1976, Due March 24, 1977
To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:
Following is the text of a notice issued by the Treasury Department, released yesterday:
T h e T r e a s u r y D e p a rtm e n t, by th is p u b lic no tice, in v ite s te n d e rs
f o r tw o se rie s of T r e a s u r y bills to th e a g g r e g a te a m o u n t of
$5,200 m illio n , o r th e re a b o u ts , to be issu e d S e p te m b e r 23, 1976, as
f o l lo w s :
9 1 -d a y b ills
( t o m a tu r ity d a te )
in th e a m o u n t of
$2,100 m illio n , o r th e re a b o u ts , r e p re s e n tin g a n a d d itio n a l
a m o u n t o f b ills d a te d J u n e 24, 1976, a n d to m a tu re
D e c e m b e r 23, 1976 ( C U S I P N o . 912793 C 7 9 ) , o rig in a lly
issu e d in th e a m o u n t o f $3,103 m illio n , th e a d d itio n a l
a n d o rig in a l b ills to be fre e ly in te rc h a n g e a b le .
18 2 -d ay b ills fo r $3,100 m illio n , o r th e re a b o u ts , to be d a te d
S e p te m b e r 23, 1976, a n d to m a tu re M a r c h 24, 1977
( C U S I P N o . 912793 F 3 5 ) .
T h e b ills w ill be issu e d f o r c a s h a n d in e x c h a n g e f o r T r e a s u r y
b ills m a tu r in g S e p te m b e r 23, 1976, o u ts ta n d in g in th e a m o u n t of
$5,208 m illio n , o f w h ic h G o v e rn m e n t a c c o u n ts a n d F e d e r a l R e s e rv e
B a n k s , f o r th e m se lv e s a n d a s a g e n ts o f fo re ig n a n d in te r n a tio n a l
m o n e ta ry a u th o ritie s , p re s e n tly h o ld $2,876 m illio n . T h e s e a c c o u n ts
m a y e x c h a n g e b ills th e y h o ld f o r th e b ills n o w b e in g o ffe re d a t th e
a v e r a g e p ric e s of a c c e p te d te n d e rs.
T h e b ills o f b o th se rie s w ill be issu e d on a d isc o u n t b a sis u n d e r
c o m p e titiv e a n d n o n c o m p e titiv e b id d in g a s h e r e in a f te r p ro v id ed , a n d
a t m a tu r ity th e ir face a m o u n t w ill be p a y ab le w ith o u t in te re s t.
T h e y w ill be issu e d in b e a r e r fo rm in d e n o m in a tio n s of $10,000,
$15,000, $50,000, $100,000, $500,000 a n d $1,000,000 ( m a t u r i ty v a lu e )
a n d in b o o k -e n try fo rm to d e s ig n a te d b id d e rs .
of c u s to m e rs , p ro v id e d th e n a m e s o f th e c u s to m e rs a r e s e t f o r th in
su c h te n d e rs. O th e r s w ill n o t be p e rm itte d to su b m it te n d e rs e x c e p t
fo r th e ir o w n a cc o u n t. T e n d e rs w ill be re c e iv e d w ith o u t d e p o sit
fro m in c o rp o ra te d b a n k s a n d t r u s t c o m p a n ies a n d fro m re sp o n sib le
a n d re c o g n iz e d d e a le rs in in v e s tm e n t se c u ritie s. T e n d e rs fro m o th e rs
m u s t be a cc o m p a n ied by p a y m e n t o f 2 p e rc e n t of th e face a m o u n t of
T r e a s u r y b ills a p p lie d fo r, u n less th e te n d e rs a r e a cc o m p a n ied by an
e x p r e s s g u a r a n ty of p a y m e n t by a n in c o rp o ra te d b a n k o r tr u s t
co m p an y .
Im m e d ia te ly a f te r th e c lo s in g h o u r, te n d e rs w ill be o p en ed a t
the F e d e r a l R e se rv e B a n k s a n d B ra n c h e s, fo llo w in g w h ic h p u b lic
a n n o u n c e m e n t w ill be m ad e by th e T r e a s u r y D e p a r tm e n t o f th e
a m o u n t a n d p ric e ra n g e of a c c e p te d bids. O n ly th o se s u b m ittin g
c o m p e titiv e te n d e rs w in be a d v is e d of th e a c c e p ta n c e o r re je c tio n
th e re o f. T h e S e c r e ta r y of th e T r e a s u r y e x p r e s s ly re s e rv e s th e r ig h t
to a c c e p t o r r e je c t a n y o r a ll te n d e rs, in w h o le o r in p a r t, a n d
his a c tio n in a n y su c h re s p e c t sh a ll be final. S u b je c t to th ese
re s e rv a tio n s , n o n c o m p e titiv e te n d e rs fo r e a c h issue fo r $500,000 o r
less w ith o u t s ta te d p ric e fro m a n y one b id d e r w ill be a c c e p te d in
full a t th e a v e ra g e p ric e ( i n th re e d e c im a ls ) o f a cc ep te d c o m p e ti
tiv e b id s fo r th e re sp e c tiv e issu es. S e ttle m e n t fo r a cc e p te d te n d e rs
in a c c o rd a n c e w ith th e b ids m u s t be m ad e o r c o m p le te d a t th e
F e d e r a l R e s e rv e B a n k on S e p te m b e r 23, 1976, in c ash o r o th e r im
m e d ia te ly a v a ila b le fu n d s o r in a lik e face a m o u n t of T r e a s u r y bills
m a tu r in g S e p te m b e r 23, 1976. C a sh a n d e x c h a n g e te n d e rs w ill r e
ceive e q u a l tre a tm e n t. C a s h a d ju s tm e n ts w ill be m ad e fo r d iffere n ce s
b e tw ee n th e p a r v a lu e o f m a tu r in g bills a cc e p te d in e x c h a n g e
a n d th e issu e p rice o f th e n e w bills.
T e n d e r s w ill be re c e iv e d a t F e d e r a l R e s e rv e B a n k s a n d
B ra n c h e s u p to th e c lo s in g h o u r, o n e - th ir ty p.m ., E a s te r n D a y lig h t
S a v in g tim e, M o n d a y , S e p te m b e r 20, 1976. T e n d e r s w ill n o t be r e
ceiv ed a t th e T r e a s u r y D e p a rtm e n t, W a s h in g to n . E a c h te n d e r m u st
be fo r a m in im u m o f $10,000. T e n d e r s o v e r $10,000 m u s t be in
m u ltip le s o f $5,000. I n th e c ase o f c o m p e titiv e te n d e rs th e p rice
o ffered m u s t be e x p re s s e d o n th e b a sis of 100, w ith n o t m o re th a n
:h ree d e cim als, e.g ., 99.925. F r a c tio n s m a y n o t be u sed . I t is u r g e d
:h at te n d e rs be m ad e o n th e p r in te d fo rm s a n d f o r w a r d e d in th e
special e n v e lo p e s w h ic h w ill be su p p lied by F e d e r a l R e s e rv e B a n k s
i r B ra n c h e s o n a p p lic a tio n th e re fo r.
U n d e r S e c tio n s 4 5 4 ( b ) a n d 1 2 2 1 (5 ) of th e I n te r n a l R ev en u e
C ode o f 1954, th e a m o u n t o f d isc o u n t a t w h ic h b ills issu ed h e re
u n d e r a r e so ld is c o n sid e re d to a c c ru e w h e n th e bills a r e sold,
re d e e m e d o r o th e rw is e d isp o se d of, a n d th e b ills a r e e x c lu d e d fro m
c o n s id e ra tio n a s c a p ita l a sse ts. A c c o rd in g ly , th e o w n e r o f T r e a s u r y
b ills ( o th e r th a n life in s u ra n c e c o m p a n ie s) issu e d h e re u n d e r m u st
in clu d e in his incom e t a x r e tu r n , as o r d in a r y g a in o r loss, th e
d iffe re n c e b e tw e e n th e p ric e p a id f o r th e bills, w h e th e r on o rig in a l
issu e o r o n s u b s e q u e n t p u rc h a se , a n d th e a m o u n t a c tu a lly re ce iv e d
e ith e r u p o n sale o r re d e m p tio n a t m a tu r ity d u r in g th e ta x a b le y e a r
fo r w h ic h th e r e tu r n is m ade.
B a n k in g in s titu tio n s a n d d e a le rs w h o m a k e p r im a r y m a r k e ts
n G o v e rn m e n t s e c u ritie s a n d r e p o r t d a ily to th e F e d e ra l. R e se rv e
3 a n k o f N e w Y o r k th e ir p o sitio n s w ith re s p e c t to G o v e rn m e n t
e c u ritie s a n d b o r r o w in g s th e re o n m a y su b m it te n d e rs f o r a c c o u n t
T r e a s u r y D e p a r tm e n t C ir c u la r N o . 418 ( c u r r e n t r e v is io n ) a n d
th is n o tic e p re s c rib e th e te rm s o f th e T r e a s u r y bills a n d g o v e rn
th e c o n d itio n s o f th e ir issu e. C opies of th e c ir c u la r m ay be o b tain e d
fro m a n y F e d e r a l R e s e rv e B a n k o r B ra n c h .
This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Daylight Saving time, Monday, September
JO, 1976, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective
eries 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 conirmation; no tenders may be submitted by telephone. Payment for Treasury bills cannot be made by credit through
he Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in
mturing Treasury bills.
Results of the last weekly offering of Treasury bills (91-day bills to be issued September 16, 1976, representing an
dditional amount of bills dated June 17, 1976, maturing December 16, 1976; and 182-day bills dated September 16,
976, maturing March 17, 1977) are shown on the reverse side of this circular.
39i
J
P
a u l
A.
V
o l c k e r
,
President.
( over )
RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS
(TWO SERIES TO BE ISSUED SEPTEMBER 16, 1976)
Range of Accepted Competitive Bids
9 1 -Day Treasury Bills
Maturing December 16,1976
High ............................ ..............
Low .............................. ..............
Average ...................... ..............
182 -Day Treasury Bills
Maturing March 17,1977
Price
Discount
Rate
Investment
Rate1
Price
Discount
Rate
Investment
Rate1
98.714
98.709
98.711
5.087%
5.107%
5.099%
5.23%
5.25%
5.24%
97.328
97.311
97.316
5.285%
5.319%
5.309%
5.51%
5.54%
5.53%
1 E q u iv a le n t c o u p o n -issu e yield.
(78 percent of the amount of 91-day bills
bid for at the low price was accepted.)
(83 percent of the amount of 182-day bills
bid for at the low price was accepted.)
Total Tenders Received and Accepted (By Federal Reserve District)
91 -Day Treasury Bills
Maturing December 16,1976
182 -Day Treasury Bills
Maturing March 17,1977
District
Boston ......................... ...........
New Y ork ................... ...........
Philadelphia ................ ...........
Cleveland .................... ...........
Richmond .................... ...........
Atlanta ........................ ...........
Chicago ....................... ...........
St. Louis ............ ....................
Minneapolis ............... ...........
Kansas City ............... ...........
Dallas ......................... ...........
San Francisco .......... . ...........
Received
S 44,810,000
3,956,675,000
19,330,000
37,020,000
27,645,000
34,045,000
228,315,000
52,315,000
33,050,000
51,970,000
32,255,000
297,515,000
Accepted
$ 27,660,000
1,687,665,000
19,330,000
35,620,000
22,205,000
33,685,000
103,715,000
31,315,000
17,170,000
48,445,000
19,865,000
54,415,000
Received
$ 51,370,000
5,410,135,000
7,680,000
65,070,000
49,265,000
36,160,000
252,975,000
43,400,000
45,985,000
23,955,000
28,705,000
273,185,000
Accepted
$ 29,370,000
2,707,825,000
7,680,000
15,070,000
26,755,000
35,110,000
65,975,000
23,400,000
40,985,000
20,445,000
15,705,000
112,845,000
...........................
$4,814,945,000
$2,101,090,000“
$6,287,885,000
$3,101,165,000b
T
o t a l s
a In c lu d e s $398,790,000 n o n c o m p e titiv e tenders fro m th e public.
bIncludes $171,880,000 noncompetitive tenders from the public.
(Closing date for receipt of this tender is Monday, September 20, 1976)
TENDER FOR 91-DAY TREASURY BILLS
Additional Amount, Series Dated June 24, 1976, Maturing December 23, 1976
(To Be Issued September 23, 1976)
To
F
ederal
R
eser ve
B
a n k of
N
ew
Y
Dated a t ...............................
ork,
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
Freasury 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 fill in both Competitive and
Noncompetitive tenders on one form
COMPETITIVE TENDER
$....................................................... (maturity value)
or any lesser amount that may be awarded.
Priee : .................................................. per 100.
{ P r i c e m u s t be e x p r e s s e d w i t h n o t m o r e th a n th r e e
d e c im a l p la c e s , f o r e x a m p le , 9 9 .9 2 5 )
NONCOMPETITIVE TENDER
$........................................................ (maturity value)
(Not to exceed $500,000 for one bidder through all sources)
at the average price of accepted competitive bids.
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces Denomination
Maturity value
unices an required data is furnished.
$ 10,000
□ 1. Deliver over the counter to the
undersigned
□ 2. Ship to the undersigned
15,000
□ 3. Hold in safekeeping (for mem
ber bank only) in—
□ Investment Account
□ General Account
□ Trust Account
50,000
100,000
500,000
1,000,000
Payment will be made as follows :
□ By charge to our reserve account
□ By cash or check in immediately
available funds on delivery
(Payment cannot be made through
Treasury Tax and Loan Account)
□
5. S p e c ia l in s tr u c tio n * :
□ 4. Allotment transfer (see list attached)
(N o changes in delivery instructions
Totals
will be accepted)
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)
In se rt th is te n d e r
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 fo r
T re a su ry B ills ”
(Address—inch City and State)
(Tel. No.)
(Signature of subscriber or authorized signature)
(Title of authorized signer)
(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)
( N a m e of c u s t o m e r )
(N a m e o f c u s to m e r)
IN S T R U C T IO N S :
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
then p osition s W ith respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders a t th e s a m e p r ic e and may consolidate noncompetitive tenders, provided a
Tst.,s attached sh o w in g the name ot each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except tor their o w n account.
-mthii-Jd
the ,te"der > .a corporation, the tender should be signed by an officer of the corporation
autho.i/td to make the tender, and the signing ot the tender by an officer of the corporation will be construed as a
I f *he
,e " d e r "
—
b >- *
^
sig n e d b y a
...........- ............................................................. a member ot tne firm.”
and 4recJmizedS dealir ^ inr
tH=°Ut v*P0Sm
jncorPOrated banks anti trust companies and from responsible
th e face Amount of tU ,, v hll
securities. Tenders trom others must be accompanied by payment of 2 percent of
bv an fnrn?nnratt<.Hf
applied tor unless the tenders are accompanied by an express g u a ran ty of payment
Y o rk ;
i , m t e r U l . 'i h e t S
Rtv. 3/76
aCc ce p te d mU3t *
m ay
m
d ™ Wn t0 ^
° r d e r o f th e F e d e r a l R e se rv e B a n k of N e w
r e ip e c t ' ' v h ic h ' in ,h e °!>in io n “
*e
S e c r e ta r y of th e T r e a s u r y ,
[8 9 ]
(C losing date for receipt of this tender is Monday, September 20, 1976)
TENDER FOR 182-DAY TREASURY BILLS
Dated September 23, 1976
Maturing March 24, 1977
To F ederal R eserve B a n k op N ew Y ork ,
Fiscal Agent of the United States
Dated a t ........................................................
........................................................ . 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 fill in both Competitive and
Noncompetitive tenders on one form
COMPETITIVE TENDER
$........................................................ (maturity value)
or any lesser amount that may be awarded.
NONCOMPETITIVE TENDER
$........................................................ (maturity value)
(Not to exceed $500,000 for one bidder through all sources)
Price: ..................................................per 100.
at the average price of accepted competitive bids,
(Price must be expressed with not more than three
decimal places, for example, 99.925)
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces Denomination
$
Maturity value
10,000
□ 1. Deliver over the counter to the
undersigned
□ 2. Ship to the undersigned
15,000
□ 3. Hold in safekeeping (for mem
ber bank only) in—
50,000
Payment will be made as follows:
□ By charge to our reserve account
□ By cash or check in immediately
available funds on delivery
(Payment cannot be made through
Treasury Tax and Loan Account)
□ Investment Account
100,000
□ 5. Special instructions:
FI G e n e ra l A c c o u n t
500,000
□ Trust Account
1,000,000
□ 4. Allotment transfer (see list attached)
(No changes in delivery instructions
will 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.
(Name of subscriber*—please print or type)
Insert this tender
in special envelope
marked “Tender for
Treasury Bills1*
(Addreaa—incl. City and State)
(Tel. No.)
(Signature of subscriber or authorised signature)
(Title of authorised signer)
(Banking institutions submitting tenders for customer account must list customers' names mi lines below or on an attached rider)
(Name of customer)
(Name o f customer)
IN S T R U C T IO N S :
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 the same price 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 6y 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.
.-.3 / 7 6
I* *
1
@FedFRASER