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F ederal Reserve Bank 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. 74-305
Novem ber 12, 1974

T All Banking Institutions and Others Concerned
o
in the Eleventh Federal Reserve District:
Your attention is invited to the following statement giving details of two issues of Treasury bills:
T h e D epartm ent of the Treasury, by this public notice, invites tenders for two series of Treasury bills to the aggregate
am ount of $4,900,000,000, or thereabouts, to be issued N ovem ber 21, 1974, as follows:
91-D A Y B IL L S (to m aturity date) in the am ount of $2,800,000,000, or thereabouts, representing an additional
am ount of bills dated August 22, 1974, and to mature February 20, 1975, (C U S IP No. 912793 V W 3 ), originally
issued in the am ount of $2,001,830,000, the additional and original bills to be freely interchangeable.
182-D A Y B IL L S for $2,100,000,000, or thereabouts, to be dated N ovem ber 21, 1974, and to mature M ay 22, 1975
(C U S IP No. 912793 W K 8).
T h e bills w ill be issued for cash and in exchange for Treasury bills maturing N ovem ber 21, 1974, outstanding in the
am ount of $4,708,580,000, of which G overnm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign
and international monetary authorities, presently hold $2,597,285,000. T hese accounts m ay exchange bills they hold for the
bills now being offered at the average prices of accepted tenders.
T h e bills w ill be issued on a discount basis under com petitive and noncom petitive bidding, and at m aturity their face
amount will be payable without interest. T h ey will be issued in bearer form in denom inations of $10,000, $15,000, $50,000,
$100,000, $500,000 and $1,000,000 (m aturity v a lu e ), and in book-entry form to designated bidders.
Tenders will be received at Federal R eserve Banks and Branches up to one-thirty p.m., Eastern Standard Tim e,
M onday, N ovem ber 18, 1974. Tenders w ill not be received at the D epartm ent of the Treasury, Washington. Each tender must be
for a m inim um of $10,000. Tenders over $10,000 m ust be in m ultiples of $5,000. In the case of com petitive tenders the price
offered m ust be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions m ay not be used.
Banking institutions and dealers who m ake primary m arkets in G overnm ent securities and report daily to the Federal
R eserve Bank of N ew York their positions with respect to G overnment securities and borrowings thereon m ay subm it tenders
for account of customers provided the names of the customers are set forth in such tenders. Others w ill not be perm itted to
subm it tenders except for their own account. Tenders w ill be received without deposit from incorporated banks and trust
com panies and from responsible and recognized dealers in investm ent securities. Tenders from others m ust be accom panied
by paym ent of 2 percent of the face am ount of bills applied for, unless the tenders are accom panied by an express guaranty of
paym ent by an incorporated bank or trust company.
P ublic announcem ent will be made by the D epartm ent of the Treasury of the amount and price range of accepted bids.
Those subm itting com petitive tenders will be advised of the acceptance or rejection thereof. T he 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, noncom petitive tenders for each issue for $200,000 or less without stated price from any
one bidder w ill be accepted in full at the average price (in three decim als) of accepted com petitive bids for the respective
issues. Settlem ent for accepted tenders in accordance with the bids must be made or com pleted at the Federal R eserve Bank
or Branch on N ovem ber 21, 1974, in cash or other im m ediately available funds or in a like face am ount of Treasury bills matur­
ing N ovem ber 21, 1974. Cash and exchange tenders w ill receive equal treatment. Cash adjustments will be made for differences
betw een 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 R evenue Code of 1954 the am ount of discount at which bills
issued hereunder are sold is considered to accrue when the bills are sold, redeem ed or otherwise disposed of, and the bills are
excluded from consideration as capital assets. Accordingly, the owner of bills (other than life insurance com panies) issued
hereunder m ust include in his Federal incom e tax return, as ordinary gain or loss, the difference betw een the price paid for the
bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redem ption at
m aturity during the taxable year for which the return is made.
D epartm ent of the Treasury Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury B ills
and govern the conditions of their issue. Copies of the circular m ay be obtained from any Federal R eserve 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, Monday, November 18, 1974. Tenders may
not be entered by telephone.
Federal Reserve Bank of Dallas
Fiscal Agent of the United States

LAST PREVIOUS OFFERING OF TREASURY BILLS
Amount, Range and Approxim ate Y ield of Accepted Tenders
13-W eek B ills
26-W eek B ills
D u e February 13, 1975
D u e M ay 15, 1975
$4,491,210,000
T otal A pplied For_________________________________ $3,853,010,000
$2,801,220,000__________________________________ T otal A ccepted___________________________________$2,100,590,000
Price
Y ield
Price
Y ield
98.089
7.560% ___________________________ H igh _______________________ 96.192____________ 7.532%
98.073
7.623% ___________________________ Low _______________________ 96.173____________ 7.570%
98.078_____________ 7.604% ( 1 ) _____________________ A verage______________________96.182____________ 7.552% ( 1 )
( 1 ) T h ese rates are on a bank d iscount basis. T h e eq u iv a le n t coupon issue y ie ld s are 7 .8 6 % for th e 13-w eek b ills, and 7 .9 6 % for
th e 2 6 -w eek bills.

(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, MONDAY, NOVEMBER 18, 1974

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated November 21,1974

Maturing May 22,1

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

A
M

Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the V*
price (in three decimals) of accepted competitive bids.
’

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!$ .... .
____
1 ............
$
$

$

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

\

OTHER
□ By
□ By
□ By
□ By

OH

%
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THAN BANKS:
Cashier’s Check
Certified Personal Check
Federal Funds Draft
Securities Submitted

■

■ ?---------—------------------—
$

Prices shorn
expressed on
basis of 100,
not more than ‘
decimal places
99.925. Fracmust not be

BANKS ONLY:
□
□
□

By charge to our reserve account on payment
date
By draft enclosed.
By charge to our correspondent:

BfcH
(Description)

WrL

ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK

(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 Mil.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:

Xfl

I

DUE FROM SUBSCRIBER:

Send to:_

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I

Ba 3
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Book-entry (Banks only — indication of pieces not
necessary):
01 General Account
02 Treasury Tax and
Loan Collateral

□

04 Pledged to Secretary
of Treasury

□
□

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□
□

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12 Investment Account

$--------------------------------

13 Trust Account

□ -------------------------------TOTAL $_

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

J

(City, State, Zip Code)
(Signature and title, if applicable)

BANKS ONLY:
For the account of,
if tender is for
another subscriber

)

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiple
$5,000 (maturity value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent oi[
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envel^
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.
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
tender and the signing of the form by an officer of the corporation will be construed as a representation by him ths*
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, by --------------------------------y
a member of the firm.”
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in in^ ^
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity vai1
J
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment W|
incorporated bank or trust company.
f
6 . If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasury
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