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F e d e r a l r e s e r v e Ba n k o f D a lla s
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
C ir c u la r N o . 6 9 - 1 9 9
A u g u st 6, 1969

NEW OFFERING — TREASURY BILLS
To All B a n k in g Institutions a n d O th e r s C o n c e r n e d
in t h e E le venth F e d e r a l R e serve District:
Y our a t t e n t i o n is in vited to th e fo llo w in g s t a t e m e n t g iv in g d e ta ils o f tw o is s u e s of T re as u ry bills:
T h e T r e a s u r y D e p a r tm e n t, b y th is p u b lic n o tic e , in v ite s te n d e r s fo r tw o series o f T r e a su r y b ills to th e a g g r e g a te a m o u n t
o f $ 2 ,8 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 f o r T r e a s u r y b ills m a tu r in g A u g u s t 14, 1 9 6 9 , in t h e a m o u n t o f
$ 2 ,8 0 2 ,0 9 5 ,0 0 0 , a s fo llo w s:
9 1 - D A Y B I L L S ( t o m a tu r ity d a t e ) t o b e is su e d A u g u s t 14, 1 9 6 9 , in th e a m o u n t o f $ 1 ,6 0 0 ,0 0 0 ,0 0 0 , or 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 M a y 15, 1 9 6 9 , a n d to m a tu r e N o v e m b e r 13, 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 ,3 0 0 ,4 7 4 ,0 0 0 , t h e a d d itio n a l a n d o r ig in a l b ills t o 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 ,2 0 0 ,0 0 0 ,0 0 0 , o r th e r e a b o u ts , to b e d a te d A u g u s t 14, 1 9 6 9 , a n d m a tu r e F e b r u a r y 13, 1 9 7 0 .
T h e b ills o f b o th se r ie s w ill b e is s u 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 t it iv e a n d n o n c o m p e t it iv 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 it y th e ir f a c e a m o u n t w ill b e p a y a b le w it h o u t in te r e s t. T h e y w ill b e is s u e d in b e a r e r fo r m o n ly , 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 sin g
D a y lig h t S a v in g T im e , M o n d a y , A u g u s t 11, 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 th e T r e a su r y
t e 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 c a s e o f c o m p e t it iv e te n d e r s th e p r ic e
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
o n t h e p r in te d fo r m s a n d fo r w a r d e d in t h 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
a p p lic a tio n th ere fo r .

h o u r , o n e - t h ir t y p .m ., E a s t e r n
D e p a r tm e n t, W a sh in g to n . E a c h
o ffered m u s t b e e x p r e sse d o n
is u r g e d t h a t t e n d e r s b e m a d e
R eserv e B a n k s or B ran ch es on

B a n k in g in s titu tio n s g e n e r a lly m a y s u b m it te n d e r s fo r 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 th e c u s to m e r s a re
s e t fo r th in su c h te n d e r s . O th e r s th a n b a n k in g in s titu tio n s w ill n o t b e p e r m it t e d to s u b m it te n d e r s e x c e p t fo r th 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 ith o u t d e p o s it fr o m in c o r p o r a te d b a n k s a n d tr u st c o m p a n ie s a n d fr o m r e sp o n sib le a n d r e c o g n iz e d
d e a le r s in in v e s t m 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 f a 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 te n d e r s a re a c c o m p a n ie d b y a n e x p r e ss 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 o r
tru st co m p a n y .
I m m e d ia te ly a fte r th e c lo 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 ch es, fo llo w in g w h ic h
p u b l ic a n n o u n c e m e n t w ill b e m a d e b y t h 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 ittin g te n d e r s w ill b e a d v ise d o f t h e a c c e p ta n c e o r r e je c tio n th ere o f. T h e S e c r e ta r y o f th e T r e a su r y e x p r e ss ly r e se r v e s th 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 o r a ll t e n d e r s , i n 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 te n d e r s fo r e a c h is s u e fo r $ 2 0 0 ,0 0 0 or le s s w it h o u t s ta 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 l l 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 fo 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 t e 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 or c o m p le t e d a t t h e F e d e r a l R e s e r v e B a n k o n A u g u s t 1 4 , 1 9 6 9 ,
in c a s h o r o th e r im m e d ia te ly a v a ila b le fu n d s or in a lik e fa c e a m o u n t o f T r e a su r y b ills m a tu r in g A u g u s t 14, 1 9 6 9 . C a sh 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 tr e a tm e n t. C a sh a d ju s tm e n ts w ill b e m a d e fo r d iffe r e n c e s b e tw e e n t h e p a r v a lu e o f m a tu r­
i n g b ill s a c c e p t e d i n 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 t h e s a le o r o t h e r d is p o s itio n o f t h e b ills, d o e s n o t
lia v e a n y e x e m p tio n , a s su c h , a n d lo ss fr o m th e sa le or o th e r d is p o s itio n o f T r e a su 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 In te rn 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 su b je c t to esta te , in h erita n c e, g ift or o th er e x c ise ta x es, w h e th e r
F e d e r a l o r S ta te , b u t a r e e x e m p t fr o m a ll ta x a tio n n o w or h e r e a fte r im p o s e d o n th e p r in c ip a l or in te r e s t th e r e o f b y a n y S ta te ,
or a n y o f th e p o s s e s s io n s o f t h e U n it e 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 t h 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 th 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 io 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 ill s i s 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 t o a c c r u e u n t il s u c h b ills a r e so ld , r e d e e m e d o r o th e r w is e d is p o s e d o f, a n d s u c h b ills a r e e x c lu d e d fr o m c o n s id e r a t io n a s
c a p it a l a s se ts. A c c o r d in g ly , t h e o w n e r o f T r e a s u r y b ills ( o t h e r th a n lif e in s u r a n c e c o m p a n ie s ) is s u 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 t a 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 th 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 t h e ta x a b le y e a r fo r w h ic h th e
r e t u r n is m a d e , a s o r d in a r y g a in o r lo s s.
T r e a s u r y D e p a r t m e n t C ir c 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 issu 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 a c c o r d a n c e w ith t h e a b o v e a n n o u n c e m e n t , t e n d e r s will b e r e c e iv e d a t this b a n k a n d its b r a n c h e s a t El P aso,
H ousto n a n d S an A n to n io u p to tw e lv e - th ir ty p.m ., Central D ayli ght S av in g Time, M o n d a y , A u g u s t 11, 19 69 . T e n d e rs m a y
not b e e n t e r e d by t e l e p h o n e .
Yours v e r y truly,
P. E. Cold w ell
P re sid en t
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
9 1 -D a y B ills
D u e N o v em b er 6, 1969
$ 2 , 7 0 3 , 8 7 9 , 0 0 0 _____________________
$ 1 , 6 0 1 , 0 1 1 , 0 0 0 ________________ ____
P r ic e
9 8 . 2 4 7 _________
9 8 . 2 2 6 _________
9 8 . 2 3 2 _________

1 8 2 -D a y B ills
D u e F eb ru a ry 5, 1 9 7 0
- T o t a l A p p lie d For_.
___ T o t a l A c c e p t e d . __

--------------------------------- $ 2 , 4 4 1 , 9 2 3 , 0 0 0
--------------------------------- $ 1 , 2 0 0 , 2 3 1 , 0 0 0

..H ig h ..
-L ow A verage_

. . 9 6 . 4 4 4 .It __________________ 7 . 0 3 4 %
. 9 6 . 4 1 1 _ _____ _____________ 7 . 0 9 9 %
_
- 9 6 . 4 1 8 ________________ 7 . 0 8 5 % ( 1 )

y ie ld
. . 6 . 9 3 5 % ......... .
. . 7 . 0 1 8 % ______
.6 .9 9 4 % ( 1 ) .

P r ic e

Y ie ld

C l) T h e s e rates are on a b ank discou nt basis. T h e eq u iv a le n t cou p on issue yield s are 7 .2 2 % for th e 9 1 - d a y bills, and 7 . 4 5 % for
th e 1 8 2 -day bills.

( S e e reverse sid e for ten d er fo rm )

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
D ated A ugust 14,1969

M aturing F e b ru ary 13,1970

To: Federal Reserve Bank, S tation K, Dallas, Texas 75222
or—
The_________________________________Branch
El Paso 79999

Houston 77001

San Antonio 78206

(Date)

P ursu an t to th e provisions of T reasury D epartm ent Circular No. 418 (current revision) and the provisions of the
public announcement issued by the T reasury D epartm ent, the undersigned offers to purchase T reasury bills in the am ount
shown below, and agrees to pay fo r the am ount allotted, on or before the issue date, by th e method and a t th e ra te indicated.

JNOT TO EX CEED $200,000

NONCOM PETITIVE T E N D E R $_

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.

Jir_

------------------------------

COM PETITIVE TEN D ER S
------------------------------

----------------------------------------1 *U S ’"

TEND ERS MAY NOT BE E N TE R E D BY TELEPH O N E. TEND ERS B Y W IRE, IF RECEIVED BEFO RE THE
CLOSING HOUR, ARE ACCEPTABLE.
Denominations Desired

N u m b e r of
Pieces

P aym ent fo r this issue of bills cannot be made
by credit to T reasury Tax and Loan Account.
METHOD OF PAYMENT

M a tu rity V alue

m $
(a) $
(a) $
(a) $

1,000 *

□

5,000 $10,000 ?-

□

50,000 $(a) $ 100,000 $(a) $ 500,000 ?-

□

By m atu rin g bills
held by______________________________
P ay m en t to be m ade by______________
Charge our reserve account on paym ent
date

I
_j D r a f t e n c l o s e d (Effectual delivery of enclosed draft
ehal] be on latest day which will pe rm it p re s en tm en t in
o rd e r to o btain irrevocably collected fu n d s on p a y m e n t
date)

(ii) $1 ,000,000 $Delivery In stru ctio n s:
□

Prices should be ex­
pressed on the basis of
100, w ith not more than
t h r e e d ecim al p la c e s,
e. g., 99.925. F ractions
m u st not be used.

(S ubscriber’s full nam e or c o rp o ra te title)

Hold in Custody Account— M ember
banks fo r own account only

□

Pledge to secure T reasu ry T ax and
Loan Account

□

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

(Address)

By_
(A uthorized official s ig n a tu re a n d title)

(F o r th e a ccount of, if te n d e r is fo r a n o th e r subscriber)
(A ddress)

IMPORTANT
1. No tender fo r less th a n $1,000 will be considered and each tender m u st be for an am ount in multiples of $1,000 (m atu rity
value).
2. Tenders should be forw arded in an envelope clearly addressed to this bank or appro priate branch as Fiscal A gent of th e
United States, w ith notation on the envelope reading “TENDER FOR IREASURY OFFERING.” Since envelopes re­
ceived w ith this legend will not be opened until a f te r the closing time specified m the public announcement, communi­
cations relating to other m a tte rs should not be enclosed. Envelopes for subm itting tenders may be obtained from this
bank or app ropriate branch.
3. A ny qualified or conditional tender will be rejected.
4. If a corporation m akes the tender, th e form should be signed by an officer of the corporation authorized to m ake th e
tender and the signing of the form by a n officer of the corporation will be construed as a representation by him th a t
he has been so authorized. If the tender is made by a partnership it should be signed by a mem ber of the firm, who
should sign in th e form “.............................................., a copartnership, by ..............................................................................................
a mem ber of th e firm.”
5. Tenders from those other th a n incorporated banks and tr u s t companies or responsible and recognized dealers in invest­
m ent securities will be disregarded, unless accompanied by a deposit of 2 percent of the total am ount (m aturity value)
of the T reasury bills applied for, or unless the tenders are accompanied by an express g u ara n ty of full paym ent by an
incorporated bank or tru s t company.
6 . If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasury is mate­
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