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F eder al R eserve Ban 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. TEXAS 75222
Circular 73-73
A p ril 3, 1973

NEW OFFERING — TREASURY BILLS
To All B a n k in g Institu tions a n d O th e rs C o n c e r n e d
in t h e E leventh F e d e r a l R eserv e District:
Your a t t e n t i o n is in v ite d to t h e f o llo w in g s t a t e m e n t g iving d e t a il s of tw o iss u e s o f T re as u ry bills:
T h e T r ea su ry D e p a r tm e n t, b y th is p u b lic n o tic e, in v ite s ten d e rs for tw o series o f T rea su ry b ills t o t h e a g grega te am ou n t
o f $ 4 ,2 0 0 ,0 0 0 ,0 0 0 , or thereab o u ts, for ca sh a n d in ex ch a n g e for T rea su ry b ills m atu rin g A p ril 12, 19 73 , in t h e a m o u n t o f
$ 4 ,2 0 4 ,9 6 0 ,0 0 0 , a s fo llo w s:
9 1 - D A Y B I L L S ( t o m a tu rity d a te ) to b e issu ed A p ril 12, 197 3 , in t h e a m o u n t o f $ 2 ,4 0 0 ,0 0 0 ,0 0 0 , or th erea b ou ts,
r ep resen tin g an a d d itio n a l a m o u n t o f b ills d a te d Ja n u a ry 11, 19 73 , an d to m a tu re J u ly 12, 1 97 3 ( C U S I P N o.
9 1 2 7 9 3 R K 4 ) , o rig in a lly issu ed in th e a m o u n t o f $ 1 ,9 0 1 ,7 8 0 ,0 0 0 , t h e a d d itio n a l an d origin al b ills to b e freely
in terch a n geab le.
1 8 2 -D A Y B I L L S for $ 1 ,8 0 0 ,0 0 0 ,0 0 0 , or th erea b ou ts, t o b e d a te d A p ril 12, 19 73 , a n d to m a tu re O ctob er 11, 1973
(C U S IP No. 912793 R Y 4 ).
T h e b ills o f b o th se ries w ill b e issu ed o n a d isco u n t basis u n d er 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 s h erein a fter
p rov id ed , an d a t m a tu rity their fa ce a m o u n t w ill b e p a y a b le w ith o u t in terest. T h e y w ill b e issu ed in bearer form o n ly , an d 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 lu e ) .
T e n d e r s w ill b e rece iv ed a t F ed era l R e s e r v e B a n k s a id B ra n ch es u p to t h e clo sin g hour, o n e-th irty p.m ., E astern
Stan d ard tim e , M o n d a y , A p ril 9, 1973. T e n d e r s w ill n o t be rece iv ed a t t h e T rea su ry D e p a r tm e n t, W ash in g to n . E ach
ten d er m u st be fo r a m in im u m o f $ 1 0 ,0 0 0 . T e n d e r s o v e r $ 1 0 ,0 0 0 m u st b e in m u ltip le s o f $ 5 ,00 0. In th e case o f c o m p e titiv e
ten d e rs th e p rice offered m u st b e ex p ressed o n t h e b a sis o f 100, w ith n o t 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 ot b e used. I t is urged th a t ten d ers b e m a d e o n th e p rin te d form s and forw arded in t h e sp ecial e n v e lo p e s w hich w ill b e
su p p lied b y F e d e r a l R e s e r v e B a n k s or B r a n c h e s o n a p p lica tio n therefor.
B a n k in g in stitu tio n s g en era lly m a y su b m it ten d e rs fo r a cco u n t o f cu stom ers p ro v id ed t h e n a m e s o f t h e cu sto m ers are
se t forth in su ch ten ders. O th er th an b a n k in g in stitu tio n s w ill n o t b e p erm itted to su b m it ten d e rs e x c e p t for th eir ow n accou n t.
T e n d e r s w ill b e r e ce iv ed w ith o u t d e p o sit from in corp orated b an k s and tru st c o m p a n ie s an d from resp o n sib le an d reco g n ized
d ea lers in in v e stm e n t secu rities. T e n d er s from oth ers m u st 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 c e a m o u n t o f
T r ea su ry b ills a p p lie d for, u n le ss t h e ten d e rs are acco m p a n ied b y an ex p ress g u ara n ty o f p a y m e n t b y a n in corp orated b an k or
tru st com p an y.
Im m e d ia te ly a fte r t h e clo sin g hour, ten d e rs w ill b e o p e n e d a t th e F ed e r a l R e s e r v e B a n k s a n d B ran ch es, fo llo w in g w h ich
p u b lic a n n o u n c em en t w ill b e m a d e b y t h e T reasu ry D e p a r tm e n t o f t h e a m o u n t an d p rice range o f a cc e p te d bids. O n ly th o se
su b m ittin g c o m p e titiv e te n d e r s w ill b e a d v ise d o f t h e a cc e p ta n c e o f rejectio n th ereof. T h e S ecreta ry o f t h e T r ea su ry ex p ressly
reserv es th e rig h t t o a c c e p t or reject a n y or a ll ten d ers, in w h o le or in part, a n d h is a ctio n in a n y such r e sp ect sh a ll b e final. S u b ­
je c t to th e se reserva tio n s, n o n c o m p e titiv e ten d e rs for ea ch issu e fo r $ 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 cc e p te d in fu ll a t th e a v era g e p rice ( i n th ree d ecim a ls) o f a c c e p te d c o m p e titiv e b id s for th e r e s p ectiv e issues. S e ttle m e n t for
a cc e p te d ten d ers in accord a n ce w ith t h e b id s m u st b e m a d e or co m p le te d a t t h e F ed era l R e s e r v e B a n k on A p ril 12, 1973,
in cash or o th er im m e d ia te ly a v a ila b le fu n d s or in a lik e fa ce a m o u n t o f T rea su ry b ills m a tu rin g A p ril 12, 1973. C ash and
ex ch a n g e ten d e rs w ill r ece 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 etw een t h e par va lu e o f m atu rin g
b ills a c c e p te d in ex ch a n g e a n d th e issu e p rice o f t h e n ew b ills.
U n d er S e c tio n s 4 5 4 ( b ) an d 1 2 21 ( 5 ) o f t h e In tern a l R e v e n u e C od e o f 1954 t h e a m o u n t o f d isco u n t a t w h ich b ills issued
h ereu n d er a re so ld is con sid ered to accru e w h en t h e b ills are sold , red eem ed or o th erw ise d isp o sed of, and th e b ills are ex clu d ed
from co n sid era tio n a s ca p ita l assets. A cco rd in g ly , t h e ow n er o f T reasu ry b ills ( o th e r th a n life in su ran ce c o m p a n ie s) issu ed h ere­
u n d er m u st in clu d e in h is in co m e ta x return, a s ord in ary ga in or loss, t h 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 origin al issu e or o n su b seq u e n t p u rch ase, a n d t h e a m o u n t a c tu a lly r e ce iv ed e ith er u p o n sale or red em p tio n a t m a tu r ity du rin g
th e ta x a b le y ea r for w h ich t h e return is m ade.
T r ea su ry D e p a r tm e n t C ircular N o . 4 1 8 (c u rren t re v is io n ) a n d th is n o tic e, p rescrib e th e term s o f t h e T rea su ry b ills and
g overn t h e c o n d itio n s o f th eir issue. C o p ie s 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 o r 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 w ill 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 s o
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 , April 9, 1973. T e n d e rs m a y n o t
be e n t e r e d b y t e l e p h o n e .
Y ours v e r y truly,
P. E. C oldw e ll
P r e s id e n t
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m o u n t, R a n g e a n 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
3 -M o n th B ills
6 -M o n th B ills
D u e J u ly 5, 1 9 7 3
D u e O cto b er 4 , 1 9 73
$ 3 ,8 8 9 ,8 3 0 ,0 0 0
T o ta l A p p lie d F o r ____________________________________$ 4 ,2 3 8 ,7 4 0 ,0 0 0
$ 2 ,3 9 9 ,8 3 0 ,0 0 0 ______________________
T o ta l A c c e p te d
P r ic e
Y ie ld
P r ic e
Y ie ld
9 8 .3 6 7 --------------------- 6 .4 6 0 % ----------------------------------JH igh .
9 6 .5 8 5 __________ 6 .7 5 5 %
9 8 .3 4 1 ______________ 6 .5 6 3 % ____________________
L o w _________________9 6 .5 4 8 _____________6 .8 2 8 %
9 8 .3 4 9 ----------------------6 .5 3 1 % ( 1 ) ----------------------------------- A v era g e--------------------9 6 .5 5 5 ______________6 .8 1 4 % ( 1 )

$ 1 ,8 0 0 ,2 8 5 ,0 0 0

( 1 ) T h e s e r a t e s a r e o n a b a n k d is c o u n t basis. T h e e q u iv a le n t c o u p o n issue y ie ld s a r e 6 .7 3 % fo r th e 3 -m o n th b ills a n d 7 . 1 6 % for
t h e 6 - m o n t h h ills .

( e r v r ef rt n e f r )
S e ees o e d r o m

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

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
D a te d A pril 1 2 ,1 9 7 3

Maturing October 11,1 973

T o : Federal Reserve Bank, Station K, Dallas, T exas 75222
or —
T he-----------------------------------------Branch
El Paso 79999 Houston 77001

San Antonio 78295
(Data)

Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and the provisions of the
public announcement issued by the Treasury Department, 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 T E N D E R $______________________________________

JNOT 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.
/,

«

9
COMPETITIVE T EN D E R S

^

(ho

&

¥
'¥
¥-

(h)

¥
¥
$

.................

Prices should be
expressed on th e
basis of 100, with
not more than three
decimal places, e.g.,
99.925. F ra c tio n s
must not be used.

BSP” TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired

M ¥
fa ¥

10,000 ¥15,000 ¥-

Payment for this issue of bills cannot be made by
credit to Treasury Tax and Loan Account.
METHOD OF PAYMENT
□ B y m a tu r in g b ills
held b y---------------------------------------------------

(a ¥

50,000 ¥-

□

P a y m e n t to be m a d e b y ------------------- —

¥ 100,000 ¥(a) ¥ 500,000 ¥-

□

C harge our r e se r v e account on p a y m e n t
date

(a. ¥1 ,000,000 ¥■

[ j D r a ft enclosed

N u m b e r of
pieces

M a tu r ity V alue

j®

(Effectual delivery of enclosed d r a f t

■ h a l l be o n l a t e s t d a y w h i c h wi l l p e r m i t p r e a a n t m e n t
in o r d e r to o b t a i n i r r e v o c a b ly collected fu n d a o n p a y ­
m en t d ate)

D e liv e r y In str u c tio n s:
□

Hold in C u stod y — General A cco u n t

(S u b s c rib e r'^ fu ll n a m e o r c o r p o r a t e title)

□

Hold in C u stod y — I n v e stm e n t A c­
count

(A ddress)

□

Hold in C u stod y — T r u st A ccou n t

□

P led g e to secu re T r e a su r y T a x and
Loan A ccou n t

□

O ther-------------------------------------

By( A u t h o r i z e d of fi c ia l s i g n a t u r e a n d t i t l e )

( F o r t h e a c c o u n t o f , i f t e n d e r la f o r a n o t h e r s u b s c r i b e r )

—
(A ddress)

IMPORTANT
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 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 hanks 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.
fi. 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.
(See reverse for announcement)

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