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F ederal R eserve Bank of D allas
FISCA L AGENT O F TH E UNITED STATES

DALLAS, TEXAS 75222
C ircular No. 74-308
N o v e m b er IS, 1974

OFFERING
TREASURY BILL — TAX A NTIC IPA TIO N SERIES

To A ll Banking Institutions an d Others Concerned
in the Eleventh Federal Reserve District:

Your attention is invited to the fo llo w ing statement giving details o f tw o issues of Treasury bills:
T h e D e p a rtm e n t of th e T rea su ry , b y th is p u b lic notice, inv ites te n d e rs for tw o series of T re a su ry bills to th e aggregate
a m o u n t of $3,500,000,000, or th ereab o u ts, as follows:
134-D A Y B IL L S , for $2,250,000,000, or th ere ab o u ts, to b e d a te d a n d issued D e c em b er 3, 1974, a n d to m a tu re
A pril 16, 1975 ( C U S IP No. 912793 X A 9 ) . T h e bills w ill be a cc ep te d a t face v alu e in p a y m e n t of incom e
tax e s due on A pril 15, 1975.
194-D A Y B IL L S , for $1,250,000,000, o r th ere ab o u ts, to b e d a te d and issued D e c em b er 5, 1974, a n d to m a tu re
J u n e 17, 1975 (C U S IP No. 912793 X B 7 ) . T h e bills will b e a cc ep te d a t face v a lu e in p a y m e n t of incom e
taxes du e on J u n e 15, 1975.
T h e bills will be issued on a discoun t basis 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 n d a t m a tu rity , to th e e x ten t
th e y a re n o t p re se n te d in p a y m e n t of incom e taxes, th e ir face a m o u n t will be p a y ab le w ith o u t in terest. T h e y will be issued in
b e a re r form in d e n o m inations of $10,000, $15,000, $50,000, $100,000, $500,000 a n d $1,000,000 ( m a tu rity v a lu e ) , a n d in booke n try form to d esig n ate d bidders.
T a x p a y e rs desiring to a p p ly th ese bills in p a y m e n t of inco m e taxes m a y su b m it th e b ills to a F e d e ra l R e se rv e B a n k or
B ra n ch or to th e B u re a u of th e P u b lic D e b t, W ashington, D.C. 20226, n o t m ore th a n fifteen day s befo re th e a p p ro p ria te in ­
com e ta x p a y m e n t date. I n th e case of bills su b m itte d in p a y m e n t of incom e taxes of a co rp o ratio n th e y shall b e accom panied
b y a d u ly c o m p le te d F o rm 503 a n d th e office receiving th ese ite m s will effect th e d e p o sit on th e d a te th e taxes a re due. In
th e case of bills su b m itte d in p a y m e n t of incom e tax es of all o th e r taxp ayers, th e office receiving th e bills will issue receipts
th erefo r, th e original of w hich th e ta x p a y e r shall su b m it on or befo re th e d a te th e taxes a re d u e to th e I n te rn a l R e v en u e
Service C e n te r D ire c to r for th e D istric t in w hich such taxes a re pay ab le.
T e n d e rs w ill b e receiv ed a t F e d e ra l R e se rv e B a n k s a n d B ra n ch e s u p to o n e -th irty p.m., E a s te r n S ta n d a rd T im e , W e d ­
nesday, N o v e m b er 20, 1974, for th e 134-day bills a n d u p to o n e -th irty p.m., E a s te rn S ta n d a rd T im e , T u esd ay , N o v em b er 26,
1974, for th e 194-day bills. T e n d e rs w ill n o t b e receiv ed a t th e D e p a rtm e n t of th e T rea su ry , W ashington. E ac h te n d e r m u st be
for a m in im u m of $10,000. T e n d e rs o ver $10,000 m u st be in m u ltip le s of $5,000. In th e case of c o m p e titiv e te n d e rs th e price
offered m u st b e expressed on th e basis of 100, w ith n o t m o re th a n th re e decim als, e.g., 99.925. F ra c tio n s m a y n o t be used.
B a n k in g in stitu tio n s a n d dealers w ho m a k e p rim a ry m a rk e ts in G o v e rn m e n t securities a n d re p o rt d aily to th e F e d e ral
R e se rv e B a n k of N ew Y o rk th e ir p o sitions w ith re sp e ct to G o v e rn m e n t securities a n d borrow ings th e re o n m a y su b m it ten d e rs
for a cc o u n t of cu stom ers p ro v id ed th e n am es of th e cu stom ers a re se t forth in such tend ers. O thers will n o t be p e rm itte d to
su b m it te n d e rs e xcep t for th e ir own account. T e n d e rs w ill b e receiv ed w ith o u t d epo sit from in co rp o ra ted b a n k s a n d tru s t com ­
panies a n d from respon sible a n d recognized dealers in in v e s tm e n t securities. T e n d e rs from o th ers m u st be a ccom p an ied by
p a y m e n t of 2 p e rc e n t of th e face a m o u n t of bills a p p lie d for, unless th e te n d e rs a re a ccom p an ied b y a n express g u a ran ty of p a y ­
m e n t b y a n inco rp o ra ted b a n k o r tr u s t com pany.
P u b lic a n n o u n c e m e n t w ill be m a d e b y th e D e p a rtm e n t of th e T re a su ry of th e a m o u n t a n d p rice range o f accepted bids.
T h o se su b m ittin g c o m p e titiv e te n d e rs w ill be ad v ised of th e a c c ep ta n ce or re je ctio n thereof. T h e S e c retary of th e T re a su ry
expressly reserv es th e rig h t to a c c e p t or re je c t a n y o r a ll tend ers, in w hole or in p a rt, a n d his a ctio n in a n y such re sp e ct shall be
final. S u b je c t to these reservations, n onc o m p e titiv e te n d e rs fo r $500,000 or less for th e 134-day bill a n d $300,000 or less for
th e 194-day bills, w ith o u t sta te d p rice from a n y one b id d e r w ill b e a cc ep te d in full a t th e average p rice ( i n th re e decim als) of
acc ep te d c o m p e titiv e bid s for th e resp ectiv e issues. S e ttle m e n t for a cc ep te d te n d e rs in accord ance w ith th e bid s m u s t be m ad e
or c o m p le te d a t th e F e d e ra l R eserve B a n k or B ra n ch in cash or o th e r im m e d ia tely a v ailab le fun ds on D e c e m b e r 3, 1974, for
th e 134-day bills, a n d on D e c em b er 5, 1974, for th e 194-day bills.
U n d e r Sections 454 ( b ) a n d 1221 ( 5 ) of th e In te rn a l R e v e n u e C ode of 1954 th e a m o u n t of disco unt a t w hich bills issued
h e re u n d e r are sold is considered to accrue w h en th e bills a re sold, re d ee m e d o r otherw ise disposed of, a n d th e bills a re excluded
from co nsideration as c ap ita l assets. A ccordingly, th e ow ner of bills (o th e r th a n life insuran ce co m p an ies) issued hereun der,
m u st include in his F e d e ra l incom e tax re tu rn , a s o rd in ary gain o r loss, th e difference b e tw ee n th e price p a id for th e bills,
w h e th e r on original issue or on su b seq u e n t purch ase, a n d th e a m o u n t a ctu a lly receiv ed e ith e r u p o n sale or re d e m p tio n a t m a ­
tu rity during th e tax a b le y e ar for w hich th e re tu rn is m ade.
D e p a rtm e n t of th e T re a su ry C ircular No. 418 ( c u rre n t rev isio n ) a n d th is notice, p rescrib e th e term s of th e T re a su ry
bills a n d govern th e cond ition s of th e ir issue. C opies of th e circu lar m a y be o b ta in e d from a n y F e d e ra l R eserv e B a n k or
B ranch.

In accordance with the ab ove announcem ent, tenders w ill be received a t this b a nk a n d its branches a t El Paso,
Houston an d San Antonio, up to tw e lv e -th irty p.m ., Central Standard Time, W ed n es d a y, N ovem b er 20, 1974, an d
tw e lv e -th irty p.m., Central Standard Time, Tuesday, N ovem b er 26 , 1974, respectively for the 1 3 4 -d a y an d the 1 9 4 -d a y
issues. Tenders m ay not be entered by telephone.

Federal Reserve Bank of Dallas
Fiscal A g e n t of the United States
(See reverse side fo r te n d e r fo rm )

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

CLOSING
TIME

12:30 P.M., CENTRAL STANDARD TIME, TUESDAY, NOVEMBER 26, 1974

TENDER FOR TREASURY BILLS — TAX ANTICIPATION SERIES
(Acceptable at face value in payment of income taxes due on June 15,1975.)

SECURITY
OFFERED

194 DAYS TO MATURITY
Dated December 5,1974

Maturing June 17,1975

Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions of
the public announcement issued by the Department of the Treasury, 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 $_____________________________________

Q
n
fa
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a
.
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_NOT TO EXCEED $300,000

Noncompetitive tenders for $300,000 or less from any bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.
Prices should be
()
a
%
expressed on the
(h
i
u
%
basis of 100, with
COMPETITIVE TENDERS ( s
not more than three
...
@_
%
decimal places, e.g.,
h
$
99.925. F ra c tio n s
($
?
must not be used.
OTHER
□ By
□ By
□ By
□ By

THAN BANKS:
Cashier’s Check
Certified Personal Check
Federal Funds D raft
Securities Submitted

BANKS ONLY:
□
□
□

( D e s c r ip t io n )

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

co
£

$500,000

$1 Mil.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:

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DUE FROM SUBSCRIBER:

Send to:_

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□

01 General Account

□

02 Treasury Tax and
Loan Collateral

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□

13 Trust Account

□
TOTAL $_

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( S t r e e t A d d re s s)

12 Investment Account

□

( N a m e of S u b s c r ib e r )

$

04 Pledged to Secretary
of Treasury

□

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PLEASE PRINT OR TYPE (The information below
will be used in delivery of securities.)

Book-entry (Banks only):

( C it y , S t a t e , Z i p C ode)
( S i g n a t u r e a n d ti t l e , i f a p p l ic a b le )

BANKS ONLY:
F o r t h e a c c o u n t o f, (
if te n d e r is f o r
i
a n o t h e r s u b s c r ib e r
J

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiples of
$5,000 (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 “TENDER FOR TREASURY OFFERING”. Since envelopes
received with this legend will not be opened until after the closing time specified in the public announcement, communi­
cations relating to other m atters 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 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 tru st 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 (m aturity 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 tru st 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.

( e r v r e f r announcement)
Se ees o

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