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F ed er 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 UNITED ST A T E S

DALLAS, TEXAS 7 5 2 2 2
C ircu lar No. 73-155
J u n e 26, 1973

NEW OFFERING — TREASURY BILLS
To All Banking Institutions a n d Others Concerned
in the 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, inv ites ten d e rs for tw o series of T re a su ry bills to th e ag g reg ate a m o u n t
of $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 ly 5, 1973, in th e a m o u n t of
$4,302,525,000, 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 ly 5, 1973, in th e a m o u n t of $2,500,000,000, o r 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 A pril 5, 1973, a n d to m a tu re O ctober 4, 1973 (C U S IP
No. 912793 R X 6 ) , o rig in ally issued in th e a m o u n t of $1,800,975,000, th e a d d itio n al a n d orig in al b ills to be
fre e ly interchan geab le.
182-D A Y B IL L S for $1,700,000,000, or th ere ab o u ts, to be d a te d J u ly 5, 1973, a n d to m a tu re Ja n u a ry 3, 1974
( C U S I P No. 912793 S S 6 ).
T h e bills of b o th series w ill be issued on a d iscoun t basis u n d e r co m p e titiv e a n d n o n co m p etitiv e b id d in g as 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 w ill be p a y ab le w ith o u t in terest. T h e y will be issued in b e a re r form only, and 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 be received a t F e d e ral R eserv e B ank s a n d B ranch es 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 S av in g T im e , M on day, J u ly 2, 1973. T e n d e rs w ill no t b e received a t th e T re a su ry D e p a rtm e n t, W ashington. E a c h
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
ten d e rs th e p rice offered m u st be expressed on th e basis of 100, w ith n o t m ore 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 rg ed th a t ten d e rs be m ad e on th e p rin te d form s a n d forw arded in th e special envelopes w hich w ill be
su p p lied by F e d e ra l R eserv e B ank s or B ran ch es on a p p lic a tio n therefor.
B a n k in g in stitu tio n s generally m ay su b m it te n d e rs for account of cu stom ers p ro v id ed th e nam es of th e cu stom ers a re
se t fo rth in such ten ders. O th ers th a n b an k in g in stitu tio n s w ill not be p e rm itte d to su b m it ten d e rs ex cep t for th e ir ow n account.
T e n d e rs will b e received w ith o u t d ep o sit from in co rp o rated b a n k s and tru st com panies a n d from resp onsible a n d recognized
d ealers in in v estm e n t securities. T e n d e rs from o th ers m u st be a cco m p anied by 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 su ry bills a p p lie d for, unless th e te n d e rs a re a ccom panied 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
tru st com pany.
Im m e d ia te ly a fte r th e closing hour, ten d e rs will be o pen ed a t the F e d e ra l R e se rv e B an ks a n d B ran ches, follow ing w hich
pu blic an n o u n ce m en t will be m ad e by th e T re a su ry D e p a rtm e n t of tire a m o u n t a n d p rice ran g e of acc ep te d bids. O nly those
s u b m ittin g co m p e titiv e ten d e rs w ill b e advised of th e accep tan ce o r rejection thereof. T h e S e c retary of th e T re a su ry expressly
reserves th e rig h t to a cc ep t or re je c t a n y or all ten d ers, in w hole or in p a rt, a n d his a ctio n in a n y such re sp e c t shall b e final. S u b ­
ject to th ese reservation s, n o n co m p etitiv e ten d e rs for each issue fo r $203,000 or less w ith o u t sta te d p rice from a n y one b id d e r will
be a ccep ted in full a t th e average p rice (in th re e decim als) of a ccep ted co m p e titiv e bids for th e resp ectiv e issues. S e ttle m e n t for
acc ep te d ten d e rs in accordance w ith th e b id s m u st be m ade or com pleted a t th e F e d e ra l R eserv e B a n k on J u ly 5, 1973,
ir. cash or o th e r im m e d ia tely av ailab le funds o r in a like face a m o u n t of T re a su ry bills m a tu rin g J u ly 5, 1973. C ash an d
exchange ten d e rs will receive eq u al tre a tm e n t. Cash a d ju s tm e n ts w ill b;- m ad e for differences b etw een th e p a r value of m atu rin g
bills acc ep te d in exchange a n d th e issue p rice of th e new bills.
U n d e r Sections 454 (b ) a n d 1221 ( 5 ) of th e In te rn a l R e v en u e Code of 1954 th e a m o u n t of discou nt a t w hich bills issued
h e reu n d e r are sold is considered to accrue w hen th e bills are sold, red eem ed or otherw ise disposed of, a n d th e bills a re excluded
from consideration as c a p ita l assets. A ccordingly, th e ow ner of T rea su ry b ills (o th e r th a n life insurance c om p anies) issued here­
u n d e r m u st include in nis incom e tax 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 eth er
on original issue or on su b sequent p urchase, a n d th e a m o u n t a ctu a lly received e ith e r upon sale or re d e m p tio n a t m a tu rity during
th e tax a b le y e ar 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 re v 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
govern th e conditio ns of th e ir issue. C opies of th e c ircu lar m ay be o b tain e d from a n y F e d e ra l R e se rv e B a n k o r B ranch.

In accord an ce with the 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 ranch es a t El Paso,
Houston a n d San Antonio up to tw elve-thirty p.m., Centra! Daylight Saving Time, M ond ay , July 2, 1973. Tenders m ay
not b e e n te re d by telepho ne.
Yours very truly,
P. E. Coldwell
President
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m ount, R a n g e a n d A p p ro x im ate Y ield of A c cep ted T e n 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 27, 1973
D u e D e c em b er 27, 1973
$4,019,605,000
.T o tal A p p lied F o r _____________________
$3,775,325,000
$2,500,645,000--------------------------------------T o tal A c c e p te d ___________________________________$1,700,12 5,000
P ric e
Y ield
P ric e
Y ield
98.182.— ----7 .1 9 2 % ----------------------------------------- H ig h______________________ 96.320„ v , _________ 7.279%
98.167---------------- 7.251%--------------- „------- --- — L ow ___________________ 96.304___________ 7.311%
98.173------------------ 7.228% ( 1 ) . —....- --------------A v e rag e _______________ 96.310—
2-__________ 7 .299% ( 1 )
( 1 ) T h e s e rates are on a b ank discount basis. T h e eq u iv a le n t coupon issue yie ld s are 7 .4 6 % for th e 3-m on th b ills an d 7 .6 8 % for
th e 6 -m on th bills.

(S e Federal r te n d e fo rm
This publication was digitized and made available by etherev erse foReserve rBank) of Dallas' Historical Library (FedHistory@dal.frb.org)

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Maturing January 3, 1974

Dated July 5,1973
To: Federal Reserve Bank, Station K, 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 at the rate indicated.

NONCOMPETITIVE TENDER $_______________________________________ NOT TO EXCEED $200,000
Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.
^
9
Prices should be
ex pressed on the
1$
(n)
basis of 100, with
$
not more than three
$
(ri)
COMPETITIVE TENDERS
%
decimal places, e.g.,
1$
@
§
99.925. F ra c tio n s
$
@
$
m ust not be used.
TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
Number of
pieces

Payment for this issue of bills cannot be made by
credit to Treasury Tax and Loan Account.
METHOD OF PAYMENT

Maturity Value

(n $

10,000 $_

@$

15.000 $_

•@ ¥

50.000 $_

&$

100,000 $_

-@ $

500,000 $_

□
□

By maturing bills
held by_____________________________
Payment to be made by_____________

□

Charge our reserve account on payment
date
| | Draft enclosed (Effectual delivery of enclosed draft

.@ $ 1 ,0 0 0 ,0 0 0 $_

shall be on latest day which will permit presentment
in order to obtain irrevocably collected funds on pay­
m ent date)

Delivery Instructions:
□

Hold in Custody — General Account

□

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

□
□
□

(Subscriber's full name or corporate title)

(Address)

By-

(Authorized official signature and title)
(F or 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 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 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.
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

( e r v r ef ra n u c m n )
S e ees o n o n e e t

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