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F ed e r a l R e s e r 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. 74-321
D ecem ber 3, 1974

To All Banking Institutions and Others Concerned
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 th e Treasury, b y 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 D ecem ber 12, 1974, as follows:
91-D A Y B IL L S (to m aturity d ate) in the am ount of $2,800,000,000, or thereabouts, representing an additional
am ount of bills dated Septem ber 12, 1974, and to mature March 13, 1975, (C U S IP No. 912793 V Z 6 ), originally
issued in the am ount of $1,805,935,000, 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 D ecem ber 12, 1974, and to m ature June 12, 1975
(C U S IP No. 912793 W N 2 ).
T h e bills w ill be issued for cash and in exchange for Treasury bills maturing D ecem ber 12, 1974, outstanding in the
am ount of $4,713,950,000, o f which G overnm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign
and international m onetary authorities, presently hold $2,231,930,000. T hese accounts m ay exchange bills they hold for the
bills now being offered a t th e 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
am ount w ill be payable w ithout interest. T h e y w ill 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 w ill be received a t Federal R eserve B anks and Branches up to one-thirty p.m., Eastern Standard T im e,
M onday, D ecem ber 9, 1974. Tenders w ill not be received at the D epartm ent of the Treasury, W ashington. E ach tender m ust be
for a m inim um of $10,000. Tenders over $10,000 m ust be in m ultiples of $5,000. In th e case o f com petitive tenders th e price
offered m ust be expressed on th e basis o f 100, w ith not more than three decim als, e.g., 99.925. Fractions m ay not be used.
B anking institutions and dealers who m ake primary m arkets in G overnm ent securities and report daily to the Federal
R eserve B ank of N ew Y ork their positions w ith respect to G overnm ent securities and borrowings thereon m ay subm it tenders
for account of custom ers provided th e nam es o f the custom ers 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 w ithout 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 o f 2 percent o f th e face am ount o f bills applied for, unless the tenders are accom panied b y an express guaranty of
paym ent by an incorporated bank or trust company.
P ublic announcem ent w ill be m ade by the D epartm ent of the Treasury of the am ount and price range o f accepted bids.
Those subm itting com petitive tenders w ill be advised o f th e acceptance or rejection thereof. T h e Secretary of th e Treasury
expressly reserves th e right to accept or reject any or all tenders, in w hole 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 w ithout stated price from any
one bidder w ill be accepted in full a t th e average price (in three decim als) o f accepted com petitive bids for the respective
issues. S ettlem en t for accepted tenders in accordance w ith the bids m ust be m ade or com pleted at th e Federal R eserve Bank
or Branch on D ecem ber 12, 1974, in cash or other im m ediately available funds or in a like face am ount of Treasury bills matur­
ing D ecem ber 12, 1974. Cash and exchange tenders w ill receive equal treatment. Cash adjustm ents w ill be m ade for differences
betw een the par value o f maturing bills accepted in exchange and the issue price of the new bills.
U nder Sections 45 4 (b ) and 1221 (5 ) o f the Internal R evenue Code of 1954 th e am ount of discount at which bills
issued hereunder are sold is considered to accrue when the b ills are sold, redeem ed or otherwise disposed of, and th e bills are
excluded from consideration as capital assets. Accordingly, th e 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, th e difference betw een the price paid for the
bills, whether on original issue or on subsequent purchase, and th e am ount actually received either upon sale or redem ption at
m aturity during th e taxable year for which the return is made.
D epartm ent o f th e Treasury Circular N o. 4 1 8 (current revision) and this notice, prescribe th e term s of the Treasury B ills
and govern th e conditions of their issue. Copies o f 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, December 9, 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
Am ount, R ange and Approxim ate Y ield of A ccepted Tenders
13-W eek B ills
26-W eek B ills
D u e M arch 6, 1975
D ue June 5, 1975
$3,389,255,000
.T otal A pplied For_________________________________ $3,816,155,000
$2,800,355,000__________________________________ T otal_A ccep ted___________________________________$2,101,030,000
Price
R ate
Price
R ate
98.142
7.350% ----------------------------------------- H igh _______________________ 96.214____________ 7.489%
98.041
7.750% ----------------------------Low_______________ 96.168____________ 7.580%
98.098
7.524% ( 1 ) ------------------A verage
96.176
....7.564% ( 1 )
( 1 ) T h e s e rates are on a bank d iscou nt basis. T h e eq u iv a le n t coupon issu e y ie ld s are 7 .7 8 % for th e 13-w eek b ills, an d 7 .9 7 % 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

12:30 P.M., CENTRAL STANDARD TIME, MONDAY, DECEMBER 9, 1974

TENDER FOR ADDITION TO TREASURY BILLS
SECURITY
OFFERED

91 DAYS TO MATURITY
Dated September 12,1974

Maturing March 13, 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 Treasury bills
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 $2 00,(H

I
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W

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

(U

.........

$
C O M PE T IT IV E T E N D E R S

I

?
$
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@

$
BANKS ONLY:
□
□
□

(Description)

W qJ
5

(a)
(ft

$

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

W,
oi
aw

Prices should
expressed on 1
basis of 100,
not more than thr
decimal places, el
99.925. Fractioi
must not be use<

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

$16,000

$60,000

$100,000

$600,000

$1 Mil.

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

Send to:_

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

01 General Account

□

02 Treasury Tax and
Loan Collateral

□

04 Pledged to Secretary
of Treasury

□

12 Investment Account

□

13 Trust Account

$------------------------ —----

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

G
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o
e
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&
©

PLEASE PRINT OR TYPE (The information below
will be used in delivery of securities.)
(N am e of Subscriber)
(Street Address)
(City, State, Zip Code)
(Signature and title, if applicable)

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

)

l. 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 *
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envelol
received with this legend will not be opened until after the closing time specified in the public announcement, comm«
cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from t
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 I
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.”
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in invi
ment securities will be disregarded, unless accompanied by a deposit of 2 percen of the total amount (maturity val'
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 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