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FEDERAL RESERVE BANK OF DALLAS
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 7 5 2 2 2
C ir c u la r N o . 6 9 - 1 2 8
M a y 21, 1969

N EW OFFERING — TREASURY BILLS
To A ll Banking Institutions an d Others Concerned
in the Eleventh Federal Reserve District:
Your attention is invited to the following statement giving details o f tw o issues of Treasury bills:
T h e T r e a s u r y D e p a r t m e n t , b y t h is p u b lic n o t ic e , in v it e s t e n d e r s fo r tw o series o f T r e a s u r y b ills t o t h e a g g r e g a t e a m o u n t
o f $ 3 ,0 0 0 ,0 0 0 ,0 0 0 , or th e r e a b o u ts, fo r ca sh a n d in e x c h a n g e fo r T r e a su r y b ills m a tu r in g M a y 2 9 , 1 9 6 9 , in th e a m o u n t o f
$ 3 ,0 0 2 ,2 6 1 ,0 0 0 , a s fo llo w s:
9 1 - D A Y B I L L S ( t o m a t u r it y d a t e ) t o b e is s u e d M a y 2 9 , 1 9 6 9 , in t h e a m o u n t o f $ 1 ,7 0 0 ,0 0 0 ,0 0 0 , o r th e r e a b o u ts ,
r e p r e 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 F e b r u a r y 27, 1 9 6 9 , a n d t o m a tu r e A u g u s t 2 8 , 1 9 6 9 , o r ig in a lly
is s u e d in t h e a m o u n t o f $ 1 ,1 0 0 ,8 2 7 ,0 0 0 , t h e a d d itio n a l a n d o r ig in a l b ills to b e f r e e ly in te r c h a n g e a b le .
1 8 3 - D A Y B I L L S fo r $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or th e r e a b o u ts , to b e d a te d M a y 2 9 , 1 9 6 9 , a n d to m a tu r e N o v e m b e r 2 8 , 1 9 6 9 .
T h e b ills o f b o th series w ill b e issu e d o n a d is c 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 fte r
p r o v id e d , a n d a t m a t u r i t y t h e ir f a c e a m o u n t w i l l b e p a y a b l e w i t h o u t in t e r e s t . T h e y w i l l b e is s u e d in b e a r e r f o r m o n l y , a n d in
d e n o m in a tio n s o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 5 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 a n d $ 1 ,0 0 0 ,0 0 0 ( m a t u r it y v a lu e ) .
T e n d e r s w ill b e r e c e iv e d a t F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s u p to t h e c lo s in g h o u r , o n e - t h ir t y p .m ., E a s te r n
D a y lig h t S a v in g T im e , M o n d a y , M a y 26, 1 9 6 9 . T e n d e r s w ill n o t b e r e c e iv e d a t t h e T r e a s u r y D e p a r tm e n t, W a s h in g to n . E a c h
te n d e r m u s t b e fo r a n e v e n m u lt ip le o f $ 1 ,0 0 0 , a n d in th e c a se o f c o m p e t i t iv e te n d e r s t h e p r ic e o ffe r e d m u s t b e e x p r e ss e d o n
t h e b a s is o f 1 0 0 , w it h n o t m o r e t h a n t h r e e d e c i m a ls , e.g ., 9 9 .9 2 5 . F r a c t io n s m a y n o t b e u s e d . I t is u r g e d t h a t t e n d e r s b e m a d e
o n th e p r in te d fo r m s a n d fo r w a r d e d in th e s p e c ia l e n v e lo p e s w h ic h w ill b e s u p p lie d b y F e d e r a l R e s e r v e B a n k s o r B r a n c h e s o n
a p p lic a tio n th e r e fo r .
B a n k in g in s t it u t io n s g e n e r a lly m a y s u b m it t e n d e r s for a c c o u n t o f c u s to m e r s p r o v id e d t h e n a m e s o f t h e c u s to m e r s a re
s e t fo r th in s u c h te n d e r s . O th e r s t h a n b a n k in g in s t it u t io n s w ill n o t b e p e r m i t t e d to s u b m it t e n d e r s e x c e p t fo r t h e ir o w n a c c o u n t.
T e n d e r s w ill b e r e c e iv e d w it h o u t d e p o s it fr o m in c o r p o r a t e d b a n k s a n d tr u s t c o m p a n ie s a n d f r o m r e s p o n s ib le a n d r e c o g n iz e d
d e a le r s in in v e s tm e n t s e c u r itie s . T e n d e r s fr o m o th e r s m u s t b e a c c o m p a n ie d b y p a y m e n t o f 2 p e r c e n t o f t h e fa c e a m o u n t o f
T r e a s u r y b ills a p p lie d fo r, u n le s s th e t e n d e r s a r e a c c o m p a n ie d b y a n e x p r e s s g u a r a n ty o f p a y m e n t b y a n in c o r p o r a te d b a n k or
tru st com p a n y .
I m m e d ia te ly a fte r th e clo sin g hour, te n d e r s w ill b e o p e n e d a t th e F e d e r a l R e s e r v 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 b e m a d e b y th e T r e a s u r y D e p a r t m e n t o f t h e a m o u n t a n d p r ic e r a n g e o f a c c e p t e d b id s. T h o s e
s u b m it t in g t e n d e r s w ill b e a d v is e d o f th e a c c e p t a n c e o r r e je c tio n th e r e o f. T h e S e c r e ta r y o f t h e T r e a s u r y e x p r e s s ly r e se r v e s t h e
r i g h t t o a c c e p t o r r e j e c t a n y or a l l t e n d e r s , in w h o l e o r in p a r t, a n d h is a c t i o n in a n y s u c h r e s p e c t s h a ll b e fin a l. S u b j e c t t o
t h e s e r e se r v a tio n s , n o n c o m p e t it iv e t e n d e r s fo r e a c h is s u e fo r $ 2 0 0 ,0 0 0 o r le s s w it h o u t s t a te d p r ic e fr o m a n y o n e b id d e r w ill b e
a c c e p t e d in f u ll a t t h e a v e r a g e p r ic e ( i n t h r e e d e c i m a l s ) o f a c c e p t e d c o m p e t i t i v e b id s f o r t h e r e s p e c t i v e is s u e s . S e t t l e m e n t fo r
a c c e p t e d te n d e r s in a c c o r d a n c e w it h t h e b id s m u s t b e m a d e o r c o m p le t e d a t th e F e d e r a l R e s e r v e B a n k o n M a y 2 9 , 1 9 6 9 ,
in c a s h o r o t h e r im m e d i a t e ly a v a ila b le fu n d s or in a lik e f a c e a m o u n t o f T r e a s u r y b ills m a t u r in g M a y 2 9 , 1 9 6 9 . C a s h a n d
e x c h a n g e te n d e r s w ill r e c e iv e e q u a l t r e a t m e n t C a sh a d ju s t m e n t s w ill b e m a d e for d iffe r e n c e s b e t w e e n t h e p a r v a lu e o f m a tu r ­
in g b ills a c c e p t e d in e x c h a n g e a n d t h e is s u e p r ic e o f t h e n e w b ills.
T h e in c o m e d e r iv e d fr o m T r e a s u r y b ills, w h e t h e r in te r e s t o r g a in fr o m th e s a le o r o th e r d is p o s itio n o f t h e b ills, d o e s n o t
h a v e a n y e x e m p tio n , a s su c h , a n d lo ss fro m th e s a le o r o th e r d is p o s itio n o f T r e a s u r y b ills d o e s n o t h a v e a n y s p e c ia l tr e a tm e n t,
a s su c h , u n d er th e I n te r n a l R e v e n u e C o d e o f 1 9 5 4 . T h e b ills are s u b je c t to e s ta te , in h e r ita n c e , g ift o r o th e r e x c is e ta x e s, w h e th e r
F e d e r a l o r S t a t e , b u t a r e e x e m p t fr o m a ll t a x a t io n n o w o r h e r e a f te r im p o s e d o n t h e p r in c ip a l o r in t e r e s t t h e r e o f b y a n y S t a t e ,
or a n y o f th e p o ss e s s io n s o f th e U n ite d S ta te s, or b y a n y lo c a l ta x in g a u th o r ity . F o r p u r p o s e s o f ta x a tio n th e a m o u n t o f d is c o u n t
a t w h ic h T r e a s u r y b ills a r e o r ig in a lly s o ld b y t h e U n i t e d S t a t e s is c o n s id e r e d to b e in te r e s t. U n d e r S e c t i o n 4 5 4 ( b ) a n d
1 2 2 1 ( 5 ) o f t h e I n t e r n a l R e v e n u e C o d e o f 1 9 5 4 t h e a m o u n t o f d i s c o u n t a t w h i c h b i l l s is s u e d h e r e u n d e r a r e s o ld is n o t c o n ­
s id e r e d to a c c r u e u n t il su c h b ills a re so ld , r e d e e m e d o r o t h e r w is e d is p o s e d o f, a n d su c h b ills a r e e x c lu d e d f r o m c o n s id e r a t io n a s
c a p ita l a sse ts. A c c o r d in g ly , th e o w n e r o f T r e a su r y b ills (o th e r th a n lif e in su r a n c e c o m p a n ie s ) issu e d h e r e u n d e r n e e d in c lu d e
in h is in c o m e ta x r e tu r n o n ly t h e d iffe r e n c e b e t w e e n t h e p r ic e p a id fo r s u c h b ills, w h e t h e r o n o r ig in a l is s u e o r o n s u b s e q u e n t
p u r c h a se , a n d th e a m o u n t a c tu a lly r e c e iv e d e ith e r u p o n s a le or r e 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 t u r n i s m a d e , a s o r d i n a r y g a i n o r lo s s .
T r e a s u r y D e p a r t m e n t C irc u la r N o . 4 1 8 ( c u r r e n t r e v is io n ) a n d t h is n o t ic e , p r e s c r ib e t h e t e r m s o f t h e T r e a s u r y b ills a n d
g o v e r n t h e c o n d it io n s o f t h e ir is s u e . C o p ie s o f t h e c ir c u la r m a y b e o b t a in e d f r o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h .

In accordance with the ab ove announcement, tenders w ill be received a t this b a n k and its branches at El Paso,
Houston an d San Antonio up to tw elve-thirty p.m., Central Daylight Saving Time, M o n d a y , M a y 26 , 1969. Tenders m ay
not be entered by telephone.
Yours very truly,
P. E. Coldwell
President
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m o u n t, R a n g e a n d A p p ro x im a te Y ie ld o f A c c e p te d T en d ers
Due

9 1 -D a y B ills
A ugust 21, 1969

1 8 2 -D a y B ills
D u e N ovem b er 20, 1969

$ 2 , 5 8 7 , 9 0 9 , 0 0 0 ------------------------------------ -------- ------------------ T o t a l A p p l i e d F o r _________________________________________ $ 2 , 4 1 4 , 4 2 1 , 0 0 0
$ 1 , 7 0 0 , 2 4 0 , 0 0 0 -------------------------------------------------------------------T o t a l A c c e p t e d ------------------------------------------------------------------ $ 1 , 3 0 0 , 2 2 2 , 0 0 0
P r ic e

Y ie ld

P r ic e

Y ie ld

9 8 . 4 5 8 ---------------------------6 . 1 0 0 % ................................................................. H i g h _________________ ________ 9 6 . 8 6 4 _________________ 6.203%
9 8 .4 3 6
6 . 1 8 7 % ---------------------------------------------------l o w ___________________________ 9 6 . 8 3 6 ________________ 6 . 2 5 8 %
9 8 .4 4 6
6 . 1 4 8 % ------------------------------------------------A v e r a g e ................................................... 9 6 . 8 5 0 ________________ 6 . 2 3 1 %
( 1 ) T h e s e r ate s are on a h a r k d is c o u n t basis. T h e e q u i v a l e n t c o u p o n issue yield s
t h e 1 2 2 - d a y hi ll s.

are

633%

for th e

91-day tills,

and

6.52%

(1 )
for

( S e e r e v e r s e sid e fo r t e n d e r f o r m )

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

TENDER FOR TREASURY BILLS

183 DAYS TO MATURITY
Maturing November 28, 1969

Dated May 29, 1969
To: Federal Reserve Bank, Station K, Dallas, Texas 75222
or—
The_________________________________Branch
E l P a s o 79999

H o u sto n 77001

S a n A n to n io 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.

NONCOMPETITIVE TENDER $_____________________________________ NOT TO EXCEED $200,000
N o n c o m p e titiv e te n d e r s fo r $200,000 or le s s from a n y on e bidder, w ith o u t sta te d price, w ill b e accep ted in f u ll a t the a v e r a g e
p rice ( in th ree d e c im a ls) o f a cce p te d c o m p e titiv e bids.

Prices should be ex ­
pressed on the basis of
100. with not more than
th ree decim al p la ce s,
e. g., 99.925. Fractions
must not be used.

(*■
s

cm

*

COMPETITIVE TENDERS

@

¥

TENDERS MAY NOT BE ENTERED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR, ARE ACCEPTABLE.
Payment for this issue of bills cannot be made
D e n o m in a tio n s D e sir ed
by credit to Treasury Tax and Loan Account.
N um ber of
‘

M a tu rity V alue

P ie ces

$

-@ ?

5,000 $_____________

-(& $

10,000 $___________

-@ $

50,000

METHOD OF PAYMENT

1,000 $-----------------

_<a>

_(n)

□
□

P a y m e n t to be m a d e by______________

□

Charge our reserve account on p a y m e n t
date

$____________

$ 100,000 $___________

-(a ) $

B y maturing bills
held by______________________________

500,000 $_____________

I I Draft enclosed

.(g) $1,000,000 $.

date ]

Delivery Instructions:
□
□
□

( S u b s c r ib e r ' s f u ll n n m e o r c o r u o r a t e title )

Hold in Custody Account— M e m b e r
banks for o w n account only
Pledge to secure Treasury T a x and
Loan Account

(Effectual delivery of enclosed draft

s h a ll he o n la te s t d a y w h i c h will c e n n i t £ r e s e n t m e n t i n
fiTder to o b ta in ir r e v o c a b l y o r llec te d f u n d s o n t a j m e n t

(A ddress)

By_

Ship to_

( A u th o r is e d official s i f l r a t u r e a n d title ]

( F o r th e a c c o u n t of, if t e n d e r is f o r a n o t h e r s u b s c r ib e r ]

( Address]
IM P O R T A N T

1. No tender for less than $1,000 will be considered and each tender must be for an amount in multiples of $1,000 (maturity
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 “TENDER FOR TREASURY OFFERING.” Since envelopes re­
ceived with this legend will not be opened until after the closing time specified in the public announcement, communi­
cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from this
bank or appropriate branch.
3. Any qualified or conditional tender will be rejected.
4. 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 h e
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, b y............................................................................................ .
a member of the firm.”
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in invest­
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity value)
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 m a te­
rial, the tender may be disregarded.

(See reverse for announcement)

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