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F ederal Reserve Bank of Dallas F IS C A L A G EN T O F T H E UN ITED STA T E S DALLAS, TEXAS 7 5 2 2 2 NEW OFFERING — TREASURY BILLS C ircular N o . 7 4 -3 10 N o v e m b e r 19, 1974 To All B a n k in g In stitution s a n d O th e rs C o n c e r n e d in th e E leventh F e d e r a l R e serv e District: Y our a t t e n t i o n is invited to th e fo llo w in g s t a t e m e n t giving d e t a il s of tw o iss u e s of T re a s u ry bills: T h e D e p a r tm e n t o f t h e T reasu ry, b y th is p u b lic n o tice, in v ite s ten d ers for tw o series o f T r ea su ry b ills to t h e a ggregate a m o u n t o f $ 4 ,9 0 0 ,0 0 0 ,0 0 0 , or therea b ou ts, to b e issu ed N o v e m b e r 29 , 1974, as fo llo w s: 9 0 -D A Y B I L L S ( to m a tu rity d a te ) in th e a m o u n t o f $ 2 ,8 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, rep resen tin g a n a d d itio n a l a m o u n t o f b ills d a ted A u g u st 29 , 1974, an d to m atu re F eb ru a ry 27, 1975, ( C U S I P N o . 9 1 2 7 9 3 V X 1 ) , o rigin ally issu ed in th e a m o u n t of $ 2 ,0 0 3 ,5 7 5 ,0 0 0 , th e a d d itio n al an d origin al b ills to b e fr e e ly in terch an g eab le. 1 8 1 -D A Y B I L L S for $ 2 ,1 0 0 ,0 0 0 ,0 0 0 , or thereab o u ts, to be d a ted N o v e m b e r 29 , 1974, a n d to m atu re M a y 29, 1975 (C U S IP N o. 912793 W L 6 ). T h e b ills w ill b e issu ed for cash and in ex ch a n g e for T reasu ry b ills m atu rin g N o v e m b e r 29, 197 4, o u tsta n d in g in th e a m o u n t o f $ 4 ,7 0 5 ,9 9 0 ,0 0 0 , o f w h ich G o v ern m en t a ccou n ts an d F ed era l R e s e r v e B an k s, for th e m s e lv e s an d as a g en ts o f foreign an d in tern atio n al m o n e ta ry au th orities, p r e se n tly h o ld $ 2 ,6 5 7 ,1 2 0 ,0 0 0 . T h e s e a cco u n ts m a y ex ch a n g e b ills t h e y h o ld for th e b ills n ow b ein g offered a t t h e a v erag e p rices o f a cc e p te d tenders. T h e b ills w ill b e issu ed on a d isco u n t b a sis u n d er c o m p e titiv e an d n o n c o m p e titiv e b id din g, a n d a t m a tu rity th e ir fa c e a m o u n t w ill be p a y a b le w ith o u t interest. T h e y w ill b e issu ed in bearer form in d en o m in a tio n s o f $ 1 0 ,0 0 0 , $ 1 5 ,0 0 0 , $5 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 an d $ 1 ,0 0 0 ,0 0 0 (m a tu r ity v a l u e ) , an d in b ook -en try form to d esig n a ted bidders. T e n d er s w ill b e r e ce iv ed a t F ed era l R e s e r v e B a n k s an d B ran ch es u p to on e-th irty p.m ., E a ste rn Stan d ard T im e , M o n d a y , N o v e m b e r 25, 1974. T e n d er s w ill n o t b e rece iv ed a t th e D e p a r tm e n t o f th e T reasu ry, W a sh in gto n . E ach ten d er m u s t b e for a m in im u m o f $ 10 ,0 0 0 . T e n d er s o ver $ 1 0 ,0 0 0 m u st be in m u ltip le s o f $ 5,000. In th e case o f c o m p e titiv e ten d ers th e p rice offered m u st b e ex p ressed on th e b asis o f 100, w ith n ot m ore th a n th ree d ecim a ls, e.g., 9 9 .9 2 5 . F ra ctio n s m a y n o t b e used. B a n k in g in stitu tio n s an d d ea lers w h o m a k e p rim a ry m a rk ets in G o v ern m en t secu rities an d rep ort d a ily to t h e F ed era l R e s e r v e B a n k of N e w Y ork their p o sitio n s w ith resp ect t o G o v ern m en t secu rities and borrow ings th ereo n m a y su b m it ten d ers for a cco u n t o f cu sto m ers p rov id ed th e n a m e s o f th e cu stom ers are se t forth in such tenders. O thers w ill n o t b e p erm itted to su b m it ten d ers e x c e p t for th eir ow n a ccou n t. T e n d er s w ill b e rece iv ed w ith o u t d ep o sit from in corp orated b a n k s an d trust c o m p a n ie s an d from resp on sib le and reco g n ized dealers in in v estm en t secu rities. T e n d er s from o thers m u s t b e a cco m p a n ied b y p a y m e n t o f 2 p ercen t o f th e fa ce a m o u n t o f b ills a p p lied for, u n less th e ten d ers are a cco m p a n ied b y a n exp ress guaran ty of p a y m e n t b y an incorp orated b ank or tru st com p an y. P u b lic a n n o u n c em en t w ill be m a d e b y th e D e p a r tm e n t o f t h e T rea su ry o f th e a m o u n t and p rice range o f a c c e p te d bids. T h o s e su b m ittin g c o m p e titiv e ten d ers w ill be a d v ised o f th e a ccep ta n ce or rejectio n th ereof. T h e S ecreta ry o f t h e T reasu ry ex p ressly reserves th e right to a c c e p t or reject a n y or a ll tenders, in w h o le or in part, an d h is a ctio n in a n y su ch resp ect sh all b e final. S u b je c t to th e se reservations, n o n c o m p e titiv e ten ders for each issu e for $ 2 0 0 ,0 0 0 or less w ith o u t sta ted p rice from a n y o n e bid der w ill b e a ccep ted in full a t th e av era g e p rice ( in th ree d e c im a ls) o f a cc e p te d c o m p e titiv e b id s for t h e resp ectiv e issu es. S e ttle m e n t for a ccep ted ten ders in accord an ce w ith th e b id s m u s t b e m a d e or c o m p le te d a t th e F ed era l R e s e r v e B a n k or B ran ch on N o v e m b e r 29, 1974, in cash or o th er im m e d ia te ly a v a ila b le fun d s or in a lik e fa ce a m o u n t of T rea su ry b ills m atu r in g N o v e m b e r 29, 1974. Cash a n d ex ch a n g e ten d e rs w ill r e c e iv e eq u a l trea tm en t. C ash a d ju stm en ts w ill b e m a d e for d ifferen ces b e tw e e n th e par v a lu e o f m atu rin g b ills a c c e p te d in ex ch a n g e an d t h e issu e price o f th e n ew bills. U n d er S ectio n s 4 5 4 ( b ) and 1221 ( 5 ) o f t h e In tern al R e v e n u e C od e o f 1954 th e a m o u n t o f d isco u n t a t w h ich b ills issu ed h ereu n d er are sold is con sid ered to accrue w h en th e b ills are sold, red eem ed or o th erw ise d isp osed of, an d th e b ills are ex clu d ed from con sid era tio n as cap ital assets. A ccord in gly, th e ow n er o f b ills (o th e r th a n life insu ran ce c o m p a n ie s) issu ed h ereu n d er m u st in clu d e in h is F ed era l in com e tax return, a s ord inary gain or loss, th e d ifferen ce b e tw e e n th e p rice p a id for th e b ills, w h eth er o n original issu e or on su b seq u en t p urchase, an d the a m o u n t a ctu a lly rece iv ed e ith er u p o n sa le or r ed em p tio n a t m a tu rity during th e ta x a b le yea r for w h ich th e return is m ade. D e p a r tm e n t o f th e T reasu ry Circular N o . 4 1 8 (cu rren t re v is io n ) and th is n o tice, prescrib e th e term s o f th e T rea su ry B ills an d go vern th e co n d itio n s o f their issue. C o p ies o f th e circular m a y b e o b ta in ed from a n y F ed era l R e s e r v e B a n k or B ranch. In a c c o r d a n c e w ith th 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 a so , Houston a n d S an A n to n io u p to tw e lv e - th ir ty p .m ., C e n tral S t a n d a r d Time, M o n d a y , N o v e m b e r 25, 1 974. T e n d e rs m a y not b e e n t e r e d b y t e l e p h o n e . F e d e r a l R eserve B a n k o f D a lla s Fiscal A g e n t o f th e U nited S tates LAST PREVIOUS OFFERING OF TREASURY BILLS A m o u n t, R a n g e an d A p p ro x im a te Y ie ld o f A c c e p te d T e n d er s - 1 3 -W eek B ills 2 6 -W e e k B ills D u e F eb ru a ry 20 , 1975 D u e M a y 22 , 1975 $ 3 ,8 7 4 ,5 6 5 ,0 0 0 ......... .................. ... ..................................- T o ta l A p p lie d F o r _______________________ $ 3 ,6 8 5 ,5 1 5 ,0 0 0 $ 2 ,8 0 0 ,0 6 5 ,0 0 0 --------------------------------------------- ----- — T o ta l A c c e p te d ________________________ $ 2 ,1 0 0 ,6 0 5 ,0 0 0 P r ic e R a te P ric e R a te 9 8 .1 2 9 7.40 2 % ---------------------------- ——„ ------- H ig h -----------------------------------------9 6 .2 5 8 __ 7.402 % 9 8 .0 8 6 7 .5 7 2 % ____ L o w _________________________ 9 6 .2 3 4 ........................... 7 .4 4 9 % 9 8 .0 9 7 7 .5 2 8 % ( 1 ) ------------A v era g e__________________ .9 6 .2 4 5 ______________7 .42 7% ( 1 ) G L T * 1656 ra.te.? a r e o n a b a n k d is c o u n t b a s is - T h e e q u iv a le n t c o u p o n issu e y ie ld s a r e 7 .7 8 % fo r th e 1 3 -w eek b ills, a n d 7 .8 2 % for t h e 2 6 - w e e k b ills . (See 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 12:30 P.M., CENTRAL STANDARD TIME, MONDAY, NOVEMBER 25, 1974 J TENDER FOR ADDITION TO TREASURY BILLS S E C U R IT Y OFFERED 90 DAYS TO MATURITY D a ted A u g u s t 29, 1974 M a tu rin g F e b r u a r y 27,19'; Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions! the public announcement issued by the Department of the Treasury, the undersigned offers to purchase T reasury 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 '■*; rate indicated. N O N C O M P E T IT IV E T E N D E R $_ JNTOT TO E X C E E D $200,W Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the aver*1 price (in three decimals) of accepted competitive bids. I u. O Prices should ! expressed on ^ basis of 100, *1 not more than tOT decimal places, e# H C O M PE T IT IV E T E N D E R S $ $ ? ? i ... ? I - 99 .9 25 . □ □ □ ALL CHECKS MUST BE PAYABLE TO THE FEDERAL RESERVE BANK $ 1 5 ,0 00 $50 ,0 00 $ 10 0 ,0 0 0 $5 00 ,0 00 u s^ By charge to our reserve account on paym ent 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 otherw ise): $10 ,0 00 F r a c ti^ m ust not be BANKS ONLY: (D esc rip tio n ) I? $ $ @ OTHER THAN BANKS: □ By Cashier’s Check □ By Certified Personal Check □ By Federal Funds D raft □ By Securities Submitted O — S_ (a) (a) @ $1 M il . COST: 1 DEPOSIT: DUE TO SUBSCRIBER: cd I E D £ C DUE FROM SUBSCRIBER: Send to:_ H C N z s < o 5* « w 5 Book-entry (Banks only — indication of pieces not necessary): □ 01 General Account □ 02 Treasury Tax and Loan Collateral □ 04 Pledged to Secretary $-------------------------------- (N a m e of S ubscriber) (S treet A ddress) (C ity , S ta te , Zip Code) of Treasury w Q □ 12 Investment Account □ 13 Trust Account □ ---------------TOTAL $_ § B Q O u ( S i g n a t u r e a n d t it le , if a p p li c a b le ) BANKS ONLY: F o r t h e a c c o u n t hi, i f t e n d e r is f o r a n o th e r subscriber j No tender for less than $10,000 will be considered and each tender over $10,000 m ust be for an amount in multiple-' $5,000 (m aturity value). 2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of1 United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since enveld received with this legend will not be opened until after the closing time specified in the public announcement, comm11 cations relating to other m atters should not be enclosed. Envelopes for submitting tenders may be obtained from 1 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 1 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. ' a copartnership, by should sign in the form a member of the firm.” Tenders from those other than incorporated banks and tru st companies or responsible and recognized dealers in iir^ ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (m aturity vai* of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment bj 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 material, the tender may be disregarded. (See reverse for announcement) l. go J PLEASE PRINT OR TYPE (The information belo« will.be used in delivery of securities.)
@FedFRASER