The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
PLEASE OBSERVE CLOSING DATE — FRIDAY, DECEMBER 20, 1974 F ederal R eserve Ba n k o f Dallas 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, TE X A S 7 5 2 2 2 NEW OFFERING — TREASURY BILLS Circular No. 74-338 D ecem ber 13, 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 the Treasury, by this public notice, invites tenders for tw o series o f Treasury bills to the aggregate am ount o f $4,600,000,000, or thereabouts, to be issued D ecem ber 26, 1974, as follows: 91-D A Y B IL L S (to m aturity d ate) in the am ount of $2,600,000,000, or thereabouts, representing an additional am ount o f bills dated Septem ber 26, 1974, and to mature M arch 27, 1975 (C U S IP No. 912793 W B 8 ), orig inally issued in th e am ount of $1,800,305,000, th e additional and original bills to be freely interchangeable. 182-D A Y B IL L S for $2,000,000,000, or thereabouts, to be dated D ecem ber 26, 1974, and to m ature June 26, 1975 (C U S IP N o. 912793 W Q 5). T h e bills w ill be issued for cash and in exchange for Treasury bills m aturing D ecem ber 26, 1974, outstanding in the am ount o f $4,6 01,08 0,000, of which G overnm ent accounts and Federal - eserve Banks, for them selves and as agents o f foreign and international m onetary authorities, presently hold $2,799,600,000. T h ese accounts m ay exchange bills th e y hold for the bills now being offered a t th e average prices o f 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 w ill be payable w ithout in te re st 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 Banks and Branches up to one-thirty p.m., Eastern Standard T im e, Friday, D ecem ber 20, 1974. Tenders w ill not be received a t the D epartm ent o f the Treasury, Washington. Each tender m ust be for a m inim um o f $10,000. T enders over $10,000 m ust be in m ultiples o f $5,000. In the case o f com petitive tenders th e price offered m ust be expressed on the basis o f 100, w ith not m ore than three decim als, e.g., 99.925. Fractions m ay not be used. B anking institutions and dealers who m ake prim ary m arkets in G overnm ent securities and report daily to th e 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 customers provided th e nam es of the custom ers are set forth in such tenders. O thers 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 b y an incorporated bank or trust com pany. P u b lic announcem ent w ill be m ade by the D epartm ent of th e Treasury o f the am ount and price range of accepted bids. T hose subm itting com petitive tenders w ill be advised of the acceptance or rejection thereof. T h e Secretary o f th e Treasury expressly reserves th e right to accept or reject an y or all tenders, in w hole or in part, and his action in an y 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 th e respective issues. Settlem ent for accepted tenders in accordance w ith the bids m ust b e m ade or com pleted at the Federal R eserve Bank or Branch on D ecem ber 26, 1974, in cash or other im m ediately available funds or in a lik e face am ount of Treasury bills matur ing D ecem ber 26, 1974. Cash and exchange tenders w ill receive equal treatm ent. Cash adjustm ents w ill be m ade for differences betw een the par value of maturing bills accepted in exchange and the issue price of th e new bills. U nder Sections 4 5 4 (b ) and 1221 (5 ) of th e Internal R evenue Code o f 1954 the am ount of discount a t which bills issued hereunder are sold is considered to accrue w hen th e bills are sold, redeem ed or otherwise disposed of, and th e b ills are excluded from consideration as capital assets. Accordingly, the owner o f 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, w hether 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 th e return is made. D epartm ent o f the Treasury Circular N o. 418 (current revision) and th is notice, prescribe the term s of the Treasury B ills and govern th e conditions o f their issue. Copies o f th e circular m ay b e obtained from any Federal R eserve B ank 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, Friday, December 20, 1974. Tenders may not be entered by telephone. Federal Reserve Bank of Dallas Fiscal Agent of the United States F ig u re s c o n c e r n i n g o f f e r i n g o f 9 1 - D a y T r e a s u r y Bills m a t u r i n g M a r c h 2 0 , 1 9 7 5 , a n d 1 8 2 - D a y T r e a s u r y Bills m a t u r i n g J u n e 1 9 , 1 9 7 5 , n o t a v a i l a b l e w h e n this c i r c u l a r w a s p r i n t e d . (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, FRIDAY, DECEMBER 20, 1974 TENDER FOR ADDITION TO TREASURY BILLS SECURITY OFFERED 91 DAYS TO MATURITY Dated September 26,1974 Maturing March 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 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 $200,01? Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the avenf price (in three decimals) of accepted competitive bids. Prices should f expressed on ? basis of 100, nthr not more than thi^ decimal places, es,e4 99.925. Fractio? ictiof must not be ($■ C O M PE T IT IV E T E N D E R S -@ - I $- OTHER THAN BANKS: □ By Cashier’s Check □ By Certified Personal Check □ By Federal Funds Draft □ By Securities Submitted fe n ® z ow BANKS ONLY: □ □ □ (Description) H i s 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 $500,000 $1 Mil. COST: DEPOSIT: DUE TO SUBSCRIBER: DUE FROM SUBSCRIBER: Send to._ Book-entry (Banks only — indication of pieces not necessary): □ 01 General Account □ 04 Pledged to Secretary of Treasury □ 12 Investment Account □ 13 Trust Account □ -------------------------------TOTAL ?- G G § P o u (N am e of Subscriber) $---------------------------- — 02 Treasury Tax and Loan Collateral □ PLEASE PRINT OR TYPE (The information belo* will be used in delivery of securities.) (Street Addresg) (City, State, Zip Code) (Signature and title, if applicable) BANKS ONLY: it For the account o f , l if tender is for r another subscriber ( iber I I> 1 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 I United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envekl received with this legend will not be opened until after the closing time specified in the public announcement, comK cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from ' 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 tender and the signing of the form by an officer of the corporation will be construed as a representation by him thai has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm, 4 should sign in the form “----------------------------------------, a copartnership, by a member of the firm." 5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity vai' of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full paymc it b ? 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 Treasufi . material, the tender may be disregarded. (See reverse for announcement)