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F ederal Reserve Bank of D allas
F I S C A L A G E N T O F T H E U N IT E D S T A T E S

DALLAS. TEXAS

75222

Circular No. 67-70
April 5, 1967

NEW OFFERING — TREASURY BILLS
° ^ banking Institutions an d Others Concerned
,n the Eleventh Federal Reserve District:
Y°ur attention is invited to the fo llow in g sta tem en t giving details of two issues of Treasury bills:
T he Treasury D epartm ent, by this public notice, invites tenders for two series of T reasury bills to the aggregate amount
$2,300,000,000, or thereabouts, for cash and in exchange for T reasury bills maturing April 13, 1967, in the am ount of
$2,302,903,000, as follows:
91-DAY B ILLS (to m aturity d ate) to be issued April 13, 1957, in the am ount of $1,300,000,000, or there­
abouts, representing an additional am ount of bills dated January 12, 1967, and to m ature Ju ly 13, 1967,
originally issued in the am ount of $1,000,205,000, the additional and original bills to be freely interchangeable.
183-DAY B ILLS for $1,000,000,000, or thereabouts, to be dated April 13, 1967, and to m ature October 13, 1967.
T he bills of both series will be issued on a discount basis under com petitive and noncompetitive bidding as hereinafter
Provided, and at m aturity their face am ount will be payable without interest. T hey will be issued in bearer form only, and in
^nom inations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000 (m aturity value).
T enders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., E astern
standard Time, Monday, April 10, 1967. Tenders will not be received at th e T reasury D epartm ent, Washington. Each
tender must be for an even m ultiple of $1,000, and in the case of com petitive tenders the price offered must be expressed on
basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged th a t tenders be made
°n the printed forms and forwarded in the special envelopes which v/ill be supplied by Federal Reserve Banks or Branches
°h application therefor.
Banking institutions generally may subm it tenders for account of customers provided the names of th e customers are
^ forth in such tenders. Others than banking institutions will not be perm itted to subm it tenders except for their own account.
*eoders will be received without deposit from incorporated banks and trust companies and from responsible and recognized
Jjfalers in investm ent securities. Tenders from others must be accompanied by paym ent of 2 percent of the face am ount of
*rsasury bills applied for, unless the tenders are accompanied by an express guaranty of paym ent by an incorporated bank or
l'st company.
Im m ediately 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 D epartm ent of the amount and price range of accepted bids. Those
E m ittin g tenders will be advised of the acceptance or rejection thereof. The Secretary of the T reasury expressly reserves the
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
‘e® reservations, noncompetitive tenders for each issue for $200,000 or less w ithout stated price from any one bidder will be
e
accepted in full at the average price (in three decimals) of accepted com petitive bids for the respective issues. Settlem ent for
Ccepted tenders in accordance with the bids must be made or completed at the Federal Reserve B ank on April 13, 1967, in
^ash or other im m ediately available funds or in a like face amount of Treasury bills m aturing April 13, 1967. Cash and
.Change tenders will receive equal treatm ent. Cash adjustm ents will be made for differences between the par value of matur2 bills accepted in exchange and the issue price of the new bills.
i
T he income derived from T reasury bills, whether interest or gain from the sale or other disposition of th e bills, does not
ave any exemption, as such, and loss from the sale or other disposition of Treasury bills does not have any special treatm ent,
j® such, under the Internal Revenue Code of 1954. T he bills are subject to estate, inheritance, gift or other excise taxes, whether
Qaderal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State,
any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount
1„ which Treasury bills are originally sold by the United States is considered to be interest. U nder Sections 454 (b ) and
s- * (5) of the Internal Revenue Code of 1954 the am ount of discount at which bills issued hereunder are sold is not con^ Qered to accrue until such bills are sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as
in*!!*3* assets- Accordingly, the owner of Treasury bills (other than life insurance com panies) issued hereunder need include
1 bis income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent
re rc^ase> and the am ount actually received either upon sale or redem ption at m aturity during th e taxable year for which the
brn is made, as ordinary gain or loss.
„
T reasury D epartm ent Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury bills and
j Vem the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

V
c,C
c<>rdance with the a b o v e a n nou ncem en t, tenders v/ill be received at this b ank an d its branches at El Paso,
lot |je n and San Antonio, up to twelve-thirty p.m., Central Standard Time, M on d ay, April 10, 1967. Tenders m ay
er>tered by tele p h o n e .
Yours very fruiy,
Watrous H. Irons
President

LAST PREVIOUS OFFERING OF TREASURY BILLS
Amount, Range and Approximate Yield of Accepted Tenders
91-Day Bills
D ue Ju ly 6, 1967
Total Applied F or— __
$2,252,543,000__________________________
$1,300,185,000________________________________ T otal A ccepted____________
Price
Yield
99-002____________ 3.948% __________________________ High________________
98.990
3.996% __________________________ Low________________
98.995
3.976% ( 1 ) ____________________ Average-----------------------

182-Day Bills
Due October 5, 1967
___
$1,863,923,000
________________$1,000,738,000
Price
Yield
97.988___________ 3.980%
97.967________ ___ 4.021%
97.979___________ 3.998% (1)

U-) These ra te s are on a b an k discount basis. T h e eq uivalent coupon issue yields are 4 .0 8 % for the 91-day bills, and 4 .1 5 % for
the 182-day bills.

(See reverse side for tender form)

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

TENDER FOR ADDITION TO TREASURY BILLS

91 DAYS TO MATURITY
Dated January 12, 1967

Maturing July 13, 1967

To: Federal Reserve Bank, Station K, Dallas, Texas
or —
The_______________________________ Bran ch
El Paso 79999

Houston 77001

75222

San Antonio 78206

(D ate)

Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and the provisions of the
public announcement issued by the Treasury Department, the undersigned offers to purchase Treasury bills in the amount
shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at the rate indicated.

_NOT TO EXCEED $200,000

NONCOMPETITIVE TENDER $

Noncompetitive tenders for $200,000 or less from any one bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.
(_
_
Prices should be e x ­
pressed on the basis of
100, with not more than
(a) _
...
$
COMPETITIVE TENDERS $
three decim al p la ces,
e. g., 99.925. Fractions
% - .........
@
$■..............................................................
must not be used.
IBEr* TENDERS MAY NOT BE EN TERED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR, ARE ACCEPTABLE.
Denominations Desired
N u m b e r of
Pieces

Payment for this issue of bills cannot be made
by credit to Treasury Tax and Loan Account.

M a tu rity V alue

$
<> ?
a
<a $
(5)

1,000

METHOD OF PAYMENT

$-

□

5,000 $10,000 $-

□

(5) $ 50,000 $.
_<a> $ 100,000 $_<a $ 500,000 $.
...(a) $1 ,000,000 ?.

By maturing bills
held by_
Payment to be made by.

□

Charge our reserve account on payment
date
[ I Draft enclosed ( E f f e c t u a l d e liv e r y o f e n c l o s e d
d ra ft shall ba on la te st day which will p e rm it p r e s e n t­
m en t in order to o b ta in irrevocably collected fu n d s on
p a y m e n t date)

Delivery Instructions:
□
□

Pledge to secure Treasury Tax and
Loan Account

(S u b scrib er’s fu ll nam e o r co rp o rate title)

Hold in Custody Account—Member
banks for own account only

□

(A ddress)

By
(A uthorized official s ig n a tu re and title)

Ship to---------------------------------------

(F o r th e acco u n t of, if ten d er is fo r a n o th e r subscriber)

(A ddress)

IMPORTANT

1. No tender for less than $1,000 will be considered and each tender must be for an amount in multiples of $1,000 (m aturity
value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of the
United States, with notation on the envelope reading “T E N D E R FOR TREASURY BILLS”. Since envelopes received
with this legend will not be opened until after the closing time specified in the public announcement, communications
relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from this bank
or appropriate branch.
Any qualified or conditional tender will be rejected.
If a corporation makes the tender, the form should be signed by an officer of the corporation authorized to make the
tender and the signing of the form 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”.
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in in v e st­
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity valq e )
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment by an
incorporated bank or trust company.
6. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasury is
material, the tender may be disregarded.
(See reverse for announcement)

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