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F ederal R eserve Bank o f D allas
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
C ircu lar No. 73-337
D e c em b er 28, 1973

NEW OFFERING — TREASURY BILLS
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 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 $4,300,000,000, 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 a n u a r y 1 0 , 1974, in th e a m o u n t of
$4,304,290,000, as follows:
91-D A Y B IL L S (to m a tu rity d a te ) to be issued J a n u a r y 10, 1974, in th e a m o u n t of $2,500,000,000, o r th e re ­
abouts, re p rese n tin g a n a d d itio n al a m o u n t of bills d a te d O cto b er 1 1 , 1973, a n d to m a tu re A p ril 1 1 , 1974
( C U S I P No. 912793 T G I ) , o rig inally issued in th e a m o u n t of $1,803,250,000, th e a d d itio n al a n d original
b ills to be freely in terch an geab le.
182-D A Y B IL L S for $1,800,000,000, or th ereab o u ts, to be d a te d J a n u a ry 10, 1974, a n d to m a tu re J u ly 11, 1974
( C U S I P No. 912793 U E 4 ) .
T h e bills of b o th series w ill b e issued on a d iscou n t basis u n d e r c o 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
p rov ided , 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 itho u t in terest. T h e y will be issued in b e a re r form only, a n d in
d eno m in atio 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 w ill b e receiv ed a t F e d e ra l R e serv e B an k s a n d B ran ch 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 Sav ing T im e , M o nday, J a n u a ry 7, 1974. T e n d e rs will n o t be receiv ed 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 c o m p e titiv e
te n d e rs th e price 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 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 fo rw ard ed in th e special envelopes w hich w ill be su p plied
b y F e d e ra l R eserv e B a n k s or B ran ches on a p p lic a tio n th erefor.
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 custom ers p rov id ed th e nam es of th e custom ers are
set fo rth in such tend ers. O thers th a n b a n k in g in stitu tio n s will n o t b e 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 b e received w ith o u t d e p o sit from in co rp o rated b ank s and tr u s t co m pan ies a n d from responsible a n d recognized
d ealers in in v e stm e n t securities. T e n d e rs from o thers m u st be acco m p an ied 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 su ry b ills a p p lie d for, unless th e te n d e rs a re acco m p an ied b y an 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
t r 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 will be op en ed a t th e F e d e ra l R eserv 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 will be 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 range of a cc ep te d bids. O nly
th o se su b m ittin g co m p e titiv e te n d e rs w ill b e ad v ised of th e acceptance 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 tenders, in whole or in p a rt, a n d his actio n in a n y such re sp e ct shall be
final. S u b je ct to these 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 be a cc ep te d in full a t th e av erage p rice (in th re e d ecim als) of acc ep te d co m p e titiv e bids for th e resp ectiv e
issues. S e ttle m e n t for a ccep ted te n d e rs in accordance w ith th e bid s m u st b e m ad e or com p leted a t th e F e d e ra l R e se rv e B a n k
on J a n u a r y 10, 1974, in cash or o th e r im m e d ia tely a v ailab le fun d s or in a like face a m o u n t of T re a su ry b ills m a tu rin g J a n u a ry
10, 1974. C ash a n d exchange ten d e rs will receiv e eq u al tre a tm e n t. Cash a d ju stm e n ts will be m ad e for difference betw een th e
p a r v a lu e of m a tu rin g bills a ccep ted in exchange a n d th e issue price 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 C ode of 1954 th e a m o u n t of d isco u nt a t w hich bills
issued h e re u n d e r are sold is considered to accru e w h en th e bills a re sold, re d ee m e d or otherw ise disposed of, a n d th e bills a re
excluded from co n sid eratio n as cap ital assets. A ccordingly, th e ow ner of T re a su ry bills (o th e r th a n life in su rance com p an ies)
issued h e re u n d e r m u st include in his incom e tax re tu rn , as 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 on original issue or on su b seq u e n t p u rchase, 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 or re d em p tio n a t
m a tu r ity d u rin g 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 ircu lar No. 418 ( c u rre n t rev isio n ) a n d th is notice, p rescribe th e term s of th e T re a su ry bills a n d
govern th e co nditions of th e ir issue. C opies of th e circu 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 or B ranch.

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 Daylight Saving Time, Monday, January 7, 1974. Tenders
may not be entered by telephone.
Yours very truly,
P. E. Coldwell
President

Fi g ur e 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 April 4 , 1 9 7 4 a n d 1 8 3 - D a y T r e a s u r y Bills m a t u r i n g July 5, 1 9 7 4 ,
n o t a v a i l a b l e w h e n this c ir 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)

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated January 10,1974

Maturing July 11, 1974

T o : F ed eral R e ser v e B ank, S ta tio n K, D allas, T e x a s 75222
or —
T h e --------------------------------------------- B ranch
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.

N O N C O M P E T IT IV E T E N D E R $__________________________________________

_NOT TO E X C E E D $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.

l$_.

C O M PETITIV E T E N D E R S

$ _
$
$
*

<*
7

@

$
$
-------— $ — -----------------------------?

Prices should be
exp ressed on the
basis of 1 0 0 , with
not more than three
decimal places, e.g.,
99.925. F raction s
must not be used.

TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
N u m b e r of
pieces

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

M a tu rity V alue

@ $

1 0 ,0 0 0 $ ­

-@ $

15,000 $_

$

50,000 $_

_@ $

1 0 0 , 0 0 0 $_

□

B y m a tu r in g b ills
held b y ----------------------------------------------------

□

P a y m e n t to b e m ade b y------------------------

□

C harge our r e se r v e a cco u n t on p a y m e n t
d a te
| | D r a ft enclosed (E ffectual delivery o f enclosed d ra ft

-@ $ 50 0,000 $_

_@ $ 1, 000,000 $_

sh all be on la te st day w hich w ill p e rm it p re se n tm e n t
in o rd e r to ob tain irrevocably collected fu n d s on p a y ­
m e n t date)

D e liv e r y I n s tr u c tio n s :
□

H old in C u sto d y — G eneral A ccou n t

(S u b sc rib e r’s fu ll n am e o r c o rp o ra te title)

□

H old in C u sto d y — In v e stm e n t A c­
c ou n t

(A ddress)

□

H old in C ustody — T r u st A cco u n t

□

P le d g e to secu re T rea su ry T a x and
L oan A ccou n t

□

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

By(A uth o rized official s ig n a tu re an d title)
(F o r th e acco u n t of, if te n d e r is fo r a n o th e r sub scrib er)

(A ddress)

IMPORTANT

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiples of
$5,000 (maturity 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 matters 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 th
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 trust 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 (maturity 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 trust 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