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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
F IS C A L A G E N T O F T H E UNIT ED S T A T E S

DALLAS, TEXAS 7 5 2 2 2
C ircu la r N o. 73-134
J u n e 5, 1973

NEW OFFERING — TREASURY BILLS
To All Banking Institutions a n d Others Concerned
in th e Eleventh Federal Reserve District:
Your a ttention is invited to the following s ta te m e n t giving details of tw o issues of Treasury bills:
T h e T re a su ry D e p a rtm e n t, b y th is p u b lic notice, in v ites ten d e rs fo r tw o series of T re a su ry bills to th e ag greg ate a m o u n t
o f $4,200,000,000, or th ere ab o u ts, fo r cash a n d in exchange for T re a su ry bills m a tu rin g J u n e 14, 1973, in th e a m o u n t of
$4,302,365,000, as follow s:
91-D A Y B IL L S (to m a tu rity d a te ) to b e issued J u n e 14, 1973, in th e a m o u n t of $2,500,000,000, or th ere ab o u ts,
re p re se n tin g a n a d d itio n al a m o u n t of bills d a te d M arch 15, 1973, a n d to m a tu re S e p te m b e r 13, 1973 (C U S IP
No. 912793 R U 2 ) , orig in ally issued in th e a m o u n t of $1,801,040,000, th e a d d itio n a l a n d orig in al bills to be
fre ely interchang eable.
182-D A Y B IL L S fo r $1,700,000,000, o r th ere ab o u ts, to be d a te d J u n e 14, 1973, a n d to m a tu re D e c em b er 13, 1973
(C U S IP No. 912793 S H 0 ).
T h e bills of b o th series w ill b e issued o n a d isco u n t basis u n d e r co m p e titiv e a n d no n c o m p e titiv e b id d in g a s h e re in a fte r
pro v id ed , a n d a t m a tu rity th e ir face a m o u n t will be p ay ab le w ith o u t in terest. T h e y w ill be issued in b e a re r fo rm only, a n d in
d e n o m in a tio n s of $10,000, $15,000, $50,000, $100,000, $500,000 a n d $1,000,000 ( m a tu rity v a lu e ).
T e n d e rs will b e received a t F e d e ra l R e se rv e B a n k s a n d B ranches u p to th e closing hour, o n e -th irty p.m ., E a s te rn
D a y lig h t Sav ing T im e , M ond ay , Ju n e 11, 1973. T e n d e rs w ill no t be received a t th e T re a su ry D e p a rtm e n t, W ashing ton . E ach
te n d e r m u st be for a m in im u m of $10,000. T e n d e rs over $10,000 m u st be in m u ltip les of $5,000. In th e case of co m p e titiv e
te n d e rs th e p rice offered m u st be expressed o n th e basis of 100, w ith n o t m o re th a n th re e decim als, e.g., 99.925. F ra c tio n s m ay
n o t b e used. I t is u rged th a t te n d e rs b e m ad e on th e p rin te d form s a n d fo rw arded in th e special en velo pes w hich w ill be
su p p lie d by F e d e ra l R e se rv e B a n k s o r B ran ch es o n a p p lic a tio n therefor.
B a n k in g in stitu tio n s gen erally m a y su b m it te n d e rs for acco u n t of custom ers p ro v id ed th e nam es of th e custom ers a re
se t fo rth in such tend ers. O th ers th a n b a n k in g in stitu tio n s w ill n o t be p e rm itte d to su b m it te n d e rs ex cep t fo r th e ir ow n account.
T e n d e rs w ill be receiv ed w ith o u t d ep o sit from in co rp o ra ted b a n k s and tr u s t com p an ies a n d fro m respon sible a n d recognized
d e ale rs in in v e stm e n t securities. T e n d e rs fro m o th ers m u st be acco m p anied b y p a y m e n t of 2 p e rc e n t of th e face a m o u n t of
T re a s u ry bills a p p lie d for, unless th e te n d e rs a re a ccom p an ied b y a n express g u a ran ty of p a y m e n t b y a n in co rp o ra ted b a n k or
tr u s t com pany.
Im m e d ia te ly a f te r th e closing hour, te n d e rs w ill b e o p e n ed a t th e F e d e ra l R e se rv e B a n k s a n d B ranches, follow ing w hich
p u b lic a n n o u n ce m en t w ill b e m ad e b y th e T re a su ry D e p a rtm e n t of th e a m o u n t a n d p rice rang e of acc ep te d bids. O nly those
s u b m ittin g co m p e titiv e te n d e rs w ill b e advised of th e a cc ep ta n ce or rejectio n thereof. T h e S e c retary of th e T re a su ry expressly
re se rv e s th e rig h t to a c c e p t or re je c t a n y or all ten d e rs, in w hole or in p a rt, a n d his a ctio n in a n y such re sp e ct shall be final. S u b ­
j e c t to th ese reservations, n o n c o m p e titiv e te n d e rs for each issue fo r $200,000 or less w ith o u t sta te d p rice from a n y one b id d e r will
b e a cc ep te d in full a t th e average p rice (in th re e d ecim als) of a cc ep te d co m p e titiv e b ids for th e resp ectiv e issues. S e ttle m e n t for
a c c e p te d te n d e rs in accord ance w ith th e b id s m u st be m ad e or c o m p leted a t th e F e d e ra l R eserv e B a n k on J u n e 14, 1973,
in cash or o th e r im m e d ia te ly a v ailab le fu nds or in a like face a m o u n t of T re a su ry bills m a tu rin g J u n e 14, 1973. C ash a n d
ex chan ge te n d e rs will receive eq u al t r e a tm e n t C ash a d ju stm e n ts w ill be m ad e for differences b e tw ee n th e p a r valu e of m a tu rin g
b ills a cc ep te d in exchange a n d th e issue p rice of th e new bills.
U n d e r S ections 4 5 4 ( b ) a n d 1221 ( 5 ) of th e In te rn a l R e v en u e C ode of 1954 th e a m o u n t of d iscoun t a t w hich bills issued
h e re u n d e r a re sold is considered to accrue w hen th e bills a re sold, red eem ed or o therw ise disposed of, a n d th e bills a re excluded
fro m co n sid era tio n a s c a p ita l assets. A ccordingly, th e ow ner of T re a su ry bills (o th e r th a n life insu rance c o m p an ies) issued h e re ­
u n d e r m u st include in his incom e ta x re tu rn , a s o rd in ary gain or loss, th e difference b etw een th e p rice p a id for th e bills, w h e th er
o n orig in al issue o r on su b seq u e n t p urch ase, a n d th e a m o u n t a ctu a lly receiv ed e ith e r u p o n sale o r re d e m p tio n a t m a tu rity d u rin g
t h e ta x a b le y e a r for w hich th e re tu rn is m ade.
T re a su ry D e p a rtm e n t C ircular No. 418 (c u rre n t rev isio n ) a n d th is notice, p re sc rib e th e te rm s of th e T re a su ry bills a n d
go v ern th e c on ditio ns of th e ir issue. C opies of th e circ u lar m ay be o b ta in e d fro m a n y F e d e ra l R e se rv e B a n k o r B ran ch.

In acco rd a n c e with th e a b o v e a n n o u n c e m e n t, tenders will b e received a t this b a n k a n d its b ranches a t El Paso,
Houston a n d San Antonio up to tw elve-thirty p.m., Central Daylight Saving Time, M onday, Ju n e 11, 1973. Tenders m ay
Dot b e e n te re d by teleph on e.
Yours very truly,
P. E. Coldwell
President
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m oun t, R a n g e a n d A p p ro x im ate Y ield of A ccep ted T en d e rs
3 -M o n th B ills
6-M o n th B ills
D u e S e p te m b e r 6, 1973
D u e D e c em b er 6, 1973
$3,422,900,000
T o ta l A p p lied F o r_________________________________ $3,398,055,000
$2,500,370,000---------------------------------------------------- -T o tal A c c ep ted ___________________________________$1,706,780,000
P ric e
Y ield
P ric e
Y ield
98.229
7 .0 0 6 % ------------------------------------------H ig h _______________________ 96.386____________7.149%
98.185
7 .1 8 0 % --------------------------------------- -L o w ______________________ 96.350____________7.220%
98.197
7.133% ( 1 ) --------------------------------- A v erag e______________________ 96.355____________7.210% (1 )
( 1 ) T h e s e ra s are on a b ank d iscou nt basis. T h e eq u iv a le n t coupon issue y ie ld s are 7 .3 6 % for th e 3-m on th bills an d 7 .5 9 % for
t h e 6 -m o n th 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)

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Maturing December 13,1973

Dated June 14,1973
To: Federal Reserve Bank, Station E, Dallas, Texas 75222
or —
The________________________ Branch
El Paso 79999

Houston 77001

San Antonio 78295

(D ate)

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 a t the rate indicated.

NONCOMPETITIVE TENDER $_______________________________________ NOT 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.
^
\%

COMPETITIVE TENDERS

a

(j.

Prices should be
ex p ressed on th e
basis of 100, with
not more than three
decimal places, e.g.,
99.925. F ra c tio n s
m ust not be used.

fn)
(n)

<?i
t
$

a
a
$

E gP TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Payment for this issue of bills cannot be made by
credit to Treasury Tax and Loan Account.
METHOD OF PAYMENT

Denominations Desired
Number of
pieces

Maturity Value

@$

10,000 $

□

15,000 $
50,000 $

□

@ ? 100,000 $
@ $ 500,000 $

□

@$1,000,000 $

Hold in Custody — General Account

□

Hold in Custody — Investment Ac­
count
Hold in Custody — Trust Account
Pledge to secure Treasury Tax and
Loan Account

□
□
□

Charge our reserve account on payment
date

| | D r a f t e n c l o s e d (Effectual delivery o f enclosed d ra ft
shall be on latest day which will permit presentm ent
in order to obtain irrevocably collected funds on pay­
ment date)

Delivery Instructions:
□

By maturing bills
held by_____________________________
Payment to be made by_____________

(Subscriber's full name or corporate title)

(Address)

By-

(Authorized official signature and title)
( For the account of, if tender is for another subscriber)

Other-----------------------------------------

(Address)

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 a fter 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, by------------------------------------------------------------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
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