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F e d e r a l R e s e r v e Ba n k o f D a lla s
FISCAL. AGENT OF TH E UNITED STATES

DALLAS, TEXAS 75222

C irc u la r N o. 74-323
D ecem ber 5, 1974

N EW OFFERING — TREASURY BILLS

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 statem ent giving details o f an issue of Treasury bills:
T h e D epartm ent of the Treasury, by this public notice, invites tenders for $2,000,000,000, or thereabouts, of 364-day
Treasury bills to be dated D ecem ber 17, 1974, and to m ature D ecem ber 16, 1975 (C U S IP No. 912793 W W 2).
T h e bills will be issued for cash and in exchange for Treasury bills maturing D ecem ber 17, 1974, outstanding in the amount
of $1,802,550,000, of which Governm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign and inter­
national m onetary authorities, presently hold $1,277,825,000. T h ese accounts m ay exchange bills th ey hold for bills now being
offered at the average price of accepted tenders.
T h e bills w ill be issued on a discount basis under com petitive and noncom petitive bidding, and a t m aturity their face
am ount will be payable without interest. T h ey 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.
T enders w ill be received at Federal R eserve Banks and Branches up to one-thirty p.m., Eastern Standard T im e,
W ednesday, D ecem ber 11, 1974. Tenders will not be received at the D epartm ent of the Treasury, W ashington. Each tender m ust
be for a m inim um of $10,000. T enders 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, w ith not more than three decim als, 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 overnm ent securities and borrowings thereon m ay subm it tenders
for account of custom ers provided the nam es of 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 will be received without deposit from incorporated banks and trust com ­
panies and from responsible and recognized dealers in investm ent securities. T enders 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 b y 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 of accepted bids.
T hose subm itting com petitive tenders will be advised of the acceptance or rejection thereof. T h e Secretary of the Treasury
expressly reserves the 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 $200,000 or less w ithout stated price from any one bidder will be
accepted in full at the average price (in three decim als) of accepted com petitive bids. Settlem ent for accepted tenders in accor­
dance w ith the bids m ust be m ade or com pleted at the Federal R eserve Bank or Branch on D ecem ber 17, 1974, in cash or other
im m ediately available funds or in a like face am ount of Treasury bills m aturing D ecem ber 17, 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 of m aturing bills accepted
in exchange and the issue price of the new bills.
U nder Sections 454 ( b ) and 1221 ( 5 ) of th e 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 here­
under 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 am ount 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. 41 8 (current revision) and this notice, prescribe the terms of the Treasury bills
and govern th e conditions of their issue. C opies o f th e circular m ay be obtained from any Federal R eserve B ank or Branch.

In accordance w ith the ab ove announcement, tenders w ill be received a t this b a n k an d its branches a t El Paso,
Houston and San Antonio up to tw e lv e-th irty p.m., Central Standard Time, W ed n es d a y, December 11, 1974. Tenders
m a y not be entered by telephone.
Federal Reserve Bank of Dallas
Fiscal A g e n t of the United States

(See reverse 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, WEDNESDAY, DECEMBER 11, 1974

TENDER FOR TREASURY BILLS
SECURITY
OFFERED

364 DAYS TO MATURITY
Maturing December 16, 1975

Dated December 17,1974

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 a t the
rate indicated.

Q
HH

__________________ _ _____________ _
_
NONCOMPETITIVE TENDER $ _

P
Q

JVOT TO EXCEED $200,000

Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.
^
n
Prices should be
expressed on the
3
5
Cn)
X
basis of 100, with
COMPETITIVE TENDERS 3
not more than three
5
Cn)
3
5
decimal places, e.g.,
$
(ffi
¥
99.925. F ra c tio n s
3
5
@
$
m ust not be used.
OTHER
□ By
□ By
□ By
□ By

-

BANKS ONLY:

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

Six
w c
u

□
□
□

( 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 w ritten authorization for such charge should
be provided from your correspondent.)

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

$15,000

$50,000

$100,000

CO

$500,000

$1 Mil.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:

f
c

I
u

DUE FROM SUBSCRIBER:

Send to:_

g
HH

L)

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

5
SON

Book-entry (Banks only):

55g

□

01 General Account

S
3
H

□

02 Treasury Tax and
Loan Collateral

_

□

04 Pledged to Secretary
of Treasury

_

J
H
o

$_

□

12 Investment Account
13 Trust Account

_

□ -------------- -TOTAL $_

0G

o

( S tr e e t A ddress)

(City, State, Zip Code)

_

□

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

( 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 th e a c co u n t o f, \
i
if t e n d e r is f o r
r
1
a n o t h e r s u b sc rib e r
ib
*

1. No tender for less than $10,000 will be considered and each tender over $10,000 m ust 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 th a t 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, b y ------------------------------------------------------------,
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
m aterial, the tender may be disregarded.

( e r v r ef r ann
S e ees o
ouncement)

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