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F ed e r a l R es er v e Ba n k o f D allas
F IS 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
NEW OFFERING — TREASURY BILLS
Circular No. 74-295
November 1, 1974

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:

PLEASE

OBSERVE

CLOSING

DATE

— F R ID A Y ,

N O V EM BER

8,

1974

Your attention is invited to the following statement giving details of two issues of Treasury bills:
The Department of the Treasury, by this public notice, invites tenders for two series of Treasury bills to the aggregate
amount of $4,900,000,000, or thereabouts, to be issued November 14, 1974, as follows:
91-DAY BILLS (to maturity date) in the amount of $2,800,000,000, or thereabouts, representing an additional
amount of bills dated August 15, 1974, and to mature February 13, 1975 (CUSIP No. 912793 VV5), originally
issued in the amount of $2,004,240,000, the additional and original bills to be freely interchangeable.
182-DAY BILLS for $2,100,000,000, or thereabouts, to be dated November 14, 1974, and to mature May 15, 1975
(CUSIP No. 912793 WJ1).
The bills will be issued for cash and in exchange for Treasury bills maturing November 14, 1974, outstanding in the
amount of $4,706,875,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign
and international monetary authorities, presently hold $2,765,627,000. These accounts may exchange bills they hold for the
bills now being offered at the average prices of accepted tenders.
The bills will be issued on a discount basis under competitive and noncompetitive bidding, 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 one-thirty p.m., Eastern Standard Time,
Friday, November 8, 1974. Tenders will not be received at the Department of the Treasury, Washington. Each tender must be
for a minimum of $10,000. Tenders over $10,000 must be in multiples 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.
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 bills applied for, unless the tenders are accompanied by an express guaranty of
payment by an incorporated bank or trust company.
Public announcement will be made by the Department of the Treasury of the amount and price range of accepted bids.
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 $200,000 or less without stated price from any
one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids for the respective
issues. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank
or Branch on November 14, 1974, in cash or other immediately available funds or in a like face amount of Treasury bills matur­
ing November 14, 1974. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences
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 hereunder 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 bills (other than life insurance companies) issued
hereunder must include in his Federal 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.
Department of the Treasury 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.

In accordance with the above announcement, tenders will be received at this bank and its branches at El Paso,
Houston and San Antonio up to twelve-thirty p.m., Central Standard Time, Friday, November 8, 1974. Tenders may
not be entered by telephone.
Federal Reserve Bank of Dallas
Fiscal Agent of the United States

F ig u re s c o n c e r n i n g o f f e r i n g o f 91 - D a y T r e a s u r y Bills m a t u r i n g F e b r u a r y 6 , 1 9 7 5 , a n d 1 8 2 - D a y T r e a s u r y Bills m a t u r i n g M a y 8,
1 9 7 5 , n o t a v a i l a b l e w h e n this c ir c u l a r w a s p r i n t e d .

(S e e reverse for tender form )

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

CLOSING
TIME
SECURITY
OFFERED

12:30 P.M., CENTRAL STANDARD TIME, FRIDAY, NOVEMBER 8. 1974

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated November 14,1974

Maturing May 15.19'

Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions 1
the public announcement issued by the Department of the Treasury, the undersigned offers to purchase Treasury bills 1
the amount shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at t*
rate indicated.
N O N C O M P E T IT IV E T E N D E R $_
-N O T TO E X C E E D $200,0?
Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the aver*4
price (in three decimals) of accepted competitive bids.

I
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w
*

$

I

(a)

$
$

C O M PETITIV E T E N D E R S

(n)

$
$

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@

$

OTHER THAN BANKS:
□ By Cashier’s Check
□ By Certified Personal Check
□ By Federal Funds Draft
□ By Securities Submitted

QH
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tc><

BANKS ONLY:
□
□
□

(Description)

— CL

s r

Prices should '
expressed on '
basis of 100, w
not more than thidecimal places, ei
99.925. Fraction
must not be use*1
i

ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK

By charge to our reserve account on payment
date
By draft enclosed.
By charge to our correspondent:
(A written authorization for such charge should
be provided from your correspondent.)

FEDERAL RESERVE BANK ONLY:
Bearer Securities (will be shipped to address at lower
right unless indicated otherwise):
$10,000

$15,000

$50,000

$100,000

$500,000

$1 M il.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:
DUE FROM SUBSCRIBER:

Send to:_

I
coONj
O
S3
§
M

Book-entry (Banks only — indication of pieces not
necessary):

PLEASE PRINT OR TYPE (The information belo*
will be used in delivery of securities.)
(N am e of Subscriber)

01 General Account

□

02 Treasury Tax and
Loan Collateral
04 Pledged to Secretary
of Treasury

(City, State, Zip Code)

□

12 Investment Account

(Signature and title, if applicable)

□

W

□

□

£

13 Trust Account

<

£

.j
w
Q

□
TOTAL $_

cn
55
O

O
V

(Street Address)

BANKS ONLY:
it
For the account of,^
if tender is for
r
another subscriber I
iber (

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiples
$5,000 (maturity value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of I
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envelop
received with this legend will not be opened until after the closing time specified in the public announcement, comm1:
cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from ;
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
tender and the signing of the form by an officer of the corporation will be construed as a representation by him that
has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm, '
should sign in the form “----------------------------------------, a copartnership, b y -------------------------------------------- _ _
a member of the firm.”
and
responsible
5. Tenders from those other than incorporatedt banks tJl’f trust companies orfA+ol nmAiin+-and recognized dealers in invfl
1
*r!__ 1 1 1 ___ —
1 _Jf—
__J.J unless t n /4onA
9 a deposit FfllO
»
ment securities will be disregarded, __1__ Laccompanied by norAOTlt r"of 2 percent of the/ vhaI...,*j______________ val^
total amount (maturity
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment by'
incorporated bank or trust company.
_
.
. .
6. If the language of this form is changed in any respect, which, in the opmion of the Secretary of the Treasury
material, the tender may be disregarded.

( e r v r ef ra n u c m n )
S e ees o n o n e e t

I

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