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FED ER AL RESERVE BANK OF 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 No. 73-177
July 17, 1973

NEW OFFERING — TREASURY BILLS
To All Banking Institutions a n d Others Concerned
in th e Eleventh Federal Reserve District:
Your attention is invited to the following s ta te m e n t giving details of tw o issues of Treasury hills:
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 te n d e rs for tw o series of T re a su ry b ills to th e ag greg ate a m o u n t
of $4,200,000,000, or th ereab o u ts, for cash a n d in exchange for T re a su ry bills m a tu rin g J u ly 26, 1973, in th e a m o u n t of
$4,299,725,000, 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 26, 1973, in th e a m o u n t of $2,500,000,000, or th ereab o u ts,
re p re se n tin g a n ad d itio n al a m o u n t of b ills d a te d A pril 26, 1973, a n d to m a tu re O ctob er 25, 1973 (C U S IP
No. 912793 S A 5 ), originally issued in th e a m o u n t of $1,799,345,000, th e a d d itio n al a n d original bills to be
fre ely in terchang eable.
182-D A Y B IL L S for $1,700,000,000, or th ere ab o u ts, to b e d a te d J u ly 26, 1973, a n d to m a tu re J a n u a ry 24, 1974
(C U S IP No. 912793 S V 9 ).
T h e b ills of b o th series w ill b e issued on a disco u n t basis u n d e r co m p e titiv e and n o n c o m p e titiv e b id d in g as h e re in a fte r
p ro 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 a y ab le w ith o u t interest. 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 an k s a n d B ran ches 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 Saving T im e , M o nd ay, J u ly 23, 1973. T e n d e rs w ill n o t b e received a t th e T re a su ry D e p a rtm e n t, W ashington. E ac 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
te n d e rs th e p rice offered m u st b e 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 be used. I t is u rged th a t ten d e rs be m ad e on th e p rin te d form s a n d fo rw arded in th e special env elop es w hich w ill be
su p p lie d by F e d e ra l R eserv e B an ks or B ra n ch e s on a p p lic a tio n th erefo r.
B an k in g in stitu tio n s generally m a y su b m it ten 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 ten ders. O th e rs th a n b an k in g in stitu tio n s w ill n o t be p e rm itte d to su b m it ten d e rs ex cep t for th e ir own 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 an k s and tru s t com p an ies a n d from respo nsib le a n d recognized
d ealers in in v e stm e n t securities. T e n d e rs from o th ers m u st be acco m p an ied 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, u nless th e te n d e rs a re a cco m p an ied by a n express g u a ran ty of p a y m e n t by a n in co rp o ra ted b a n k or
tru s t com pany.
Im m e d ia te ly a fte r th e closing hour, ten d e rs w ill b e op en ed a t th e F e d e ra l R eserv e B ank s a n d B ranches, follow ing w hich
p u b lic a n n o u n c e m e n t will be m ad e by 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 ran ge of a ccep ted bids. O nly those
su b m ittin g c o m p e titiv e ten d e rs will be ad v ised of th e a cc ep ta n ce or re je ctio n 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 ct shall be final. S u b ­
je c t to th ese reserv ation s, n o n co m p etitiv e ten d e rs for each issue fo r $200,000 or less w ith o u t sta te d p rice fro m a n y one b id d e r will
be acc ep te d in full a t th e av erag e price (in th re e d ecim als) of acc ep te d co m p e titiv e bids for th e re sp ectiv e issues. S e ttle m e n t for
accep ted ten d e rs in accordance w ith th e bids m u st be m ad e or co m p leted a t th e F e d e ra l R eserv e B a n k on J u ly 26, 1973,
in cash or o th e r im m e d ia tely a v ailab le fu n d s or in a lik e face a m o u n t of T re a su ry bills m a tu rin g J u ly 26, 1973. C ash a n d
exchange te n d e rs will receive e q u al tre a tm e n t. Cash a d ju stm e n ts w ill be m ad e for differences b etw een th e p a r value of m a tu rin g
bills 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 454 (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 discou nt a t w hich b ills issued
h e re u n d e r a re sold is considered to accrue w hen th e bills a re sold, re d eem ed or otherw ise disposed of, a n d th e bills a re excluded
from co n sid era tio n as c ap ital assets. A ccordingly, th e ow ner of T rea su ry bills (o th e r th a n life insuran ce c o m p an ies) issued here­
u n d e r m u st include in h is incom e tax re tu rn , as o rd in ary gain or loss, th e difference b etw een th e price p a id for th e bills, w h e th er
on o riginal issue or on su b seq u e n t purchase, a n d th e a m o u n t a c tu a lly received e ith e r upon sale or re d e m p tio n a t m a tu rity d urin g
th e ta x a b le y e a r fo r w hich th e re tu rn is m ade.
T re a su ry D e p a rtm e n t C ircu lar No. 418 (c u rre n t rev isio n ) a n d th is notice, pre sc rib e th e term s of th e T re a su ry bills a n d
govern th e c o n d ition s 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 ranch.

In acc o rd a nc e with the a b o v e a n n o u n c e m e n t, tenders will be received a t this b a n k a n d its b ran ch es a t El Paso,
Houston a n d San Antonio up to twelve-thirty p.m., Central Daylight Saving Time, M onday, July 23, 1973. Tenders m ay
hot be e n te re d by te le p h o n e .
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 ie ld of A c c ep ted T e n d e rs
3 -M o n th B ills
6-M on th B ills
D u e O c to b er 18, 1973
D u e Ja n u a ry 17, 1974
$4,273,005,000____________________
.T o ta l A p p lied F o r _________________________________ $3,429,730,000
$2,500,275,000__________________________________ .T o ta l A c c ep ted ___________________________________$1,700,820,000
P ric e
Y ie ld
P ric e
Y ie ld
98.003------------------- 7 .9 0 0 % ------------------------------------------ H ig h _______________________ 95.983_____________ 7.946%
97.983_____________ 7 .9 7 9 % ____
-Low_.
-9 5 .9 4 0
U*
8.031%
97.986_____________ 7.967% (1)_
.A v era g e _
-95.944____________ 8.023% ( 1 )
( 1 ) T h ese rates are on a b an k d iscount basis. T h e eq u ivalen t cou p on issue yie ld s are 8 .2 4 % for th e 3-m on th b ills and 8 .4 8 % for
th e 6 -m on th b ills.

(S e e Federal Reserve Bank )
This publication was digitized and made available by the reverse for tender formof Dallas' Historical Library (FedHistory@dal.frb.org)

TENDER FOR ADDITION TO TREASURY BILLS

91 DAYS TO MATURITY
Maturing October 25, 1973

Dated April 26,1973
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 th e
public announcement issued by the Treasury Department, the undersigned offers to purchase Treasury bills in the am ount
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 a v e rag e
price (in three decimals) of accepted competitive bids.

|
$
$
!
$
|'r-

COMPETITIVE TENDERS

-— ■

Prices should be
ex pressed on t h e
basis of 100, w ith
not more than th re e
decimal places, e.g.,
99.925. F ra ctio n s
must not be used.

()
a
()
a
<)
n

S------------- @ ----

?

U3P* TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE T H E
CLOSING HOUR ARE ACCEPTABLE.
Payment for this issue of bills cannot be m ade by
Denominations Desired
credit to Treasury Tax and Loan Account.
Number of
M aturity Value
pieces
METHOD OF PAYMENT

10,000 ?15,000 ?-

□
□

50,000 $100,000 *
500,000 ?-

□

----

□

Charge our reserve account on paym ent
date
| I Draft enclosed (E ffectual delivery o f enclosed draft

-@ ?i ,000,000 *
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

By maturing bills
held by
Payment to be made by_

shall be on latest day which will permit P r e se n tm e n t
in order to obtain irrevocably collected funds o n n n _
m ent date)

(Subscriber's full name or corporate title)

(Address)

By
(Authorized official signature and title)
(F o r 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 must be for an amount in m ultiples 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 o f thp
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, com m uni­
cations relating to other m atters should not be enclosed. Envelopes for submitting tenders may be obtained from th is
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 m ak
tender and the signing of the form by an officer of the corporation will be construed as a representation by him t h 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,
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 in v est­
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (m aturity v alu e )
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment b y ^
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