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FEDERAL 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 7 5 2 2 2 Circular No. 7^-119 May 2, 197^+ To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are combination Treasury Department Circulars/tender forms, Public Debt Series Nos. 5-7^? 6-7*+, and 7-7*+ relating to the May refinancing. AUCTION SECURITIES OFFERED Treasury Notes of Series 1-1976 Treasury Notes of Series C-1978 8l/2$ Treasury Bonds of 199*+-99 The coupon rates for the two issues of notes will be announced on Friday, May 3. CONDITIONS 1. Tenders at prices less than the following amounts will not be accepted: 99*51 - for Treasury Notes of Series 1-1976 99.01 - for Treasury Notes of Series C-1978 93.80 - for 8 l/2$ Treasury Bonds of 199*+-99. 2. Noncompetitive tenders for $500,000 or less for each issue of notes will be accepted in full at the average price (in two decimals) of accepted competitive tenders. Noncompeti tive tenders for $250,000 or less ( and accepted competitive tenders) for the bonds will be awarded at the price of the lowest accepted bid. 3. Tenders must be accompanied by a payment of at least 5$ of the amount of notes and/or bonds applied for. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - k. 2- Tenders for the notes must be a minimum (and/or multiple) of $10,000. PAYMENT Payment in the form of cash, a cashier’s check or federal funds draft payable to this Bank, or 7 l/*+$ Treasury Notes of Series D-197*+ or 1 l/kio Treasury Bonds of 197*+ (both of which will be accepted at par) for + the total amount of notes and/or bonds applied for should accompany the tender. In the event a down payment of 5$ is submitted with the tender, the remaining payment must be completed in cash or other immediately available funds by Wednesday, May 15, 197*+. In every case where payment is not completed, payment with the application up to 5i of the amount of o securities allotted may be forfeited to the United States. CLOSING HOUR Tenders will be received up until the following times for each issue as indicated: Note, Series C-1978 Note, Series 1-1976 8 l/2 Bond of 199*+-99 12:30 p.m., 12:30 p.m., 1:00 p.m., C.D.S.T., Tuesday, May 7, 197*+ C.D.S.T., Wednesday, May 8, C.D.S.T., Wednesday, May 8 , 197*+ 197*+ In each instance noncompetitive tenders will be considered timely received if they are mailed under a postmark no later than May 6 for the Note Series C-1978 and May 7 for the other two issues. * * * Please note the appropriate closing times for each issue. Sub scriptions and tenders will be received at this Bank and its Branches at El Paso, Houston, and San Antonio, and should be submitted on the enclosed forms. Additional circulars and forms will be furnished upon request. Yours very truly, P. E. Coldwell President TENDER FOR 8%% TREASURY BONDS OF 1994-99 Dated and bearing interest from May 15, 1974 Maturing May 15, 1999 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 provision of Treasury Department Circular, Public Debt Series No. 7-74, as shown on the reverse side, the undersigned offers to purchase Treasury Bonds 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. Please Observe Closing Time of 1:00 P.M., Central Daylight Saving Time, Wednesday, M 8, 1974 ay NONCOMPETITIVE TENDER $______________________________________ NOT TO EXCEED $250,000 Noncompetitive tenders for $250,000 or less from any one bidder, without stated price, will be accepted in full at the price of the lowest accepted bid (in two decimals). $ @ COMPETITIVE TENDERS < $ $------------------------® --------------- $-------------------------@ $ $ . .. _ $ @ $ @ $ Prices should be ex pressed on the basis of 100, with two decimals in a multiple of .05, e.g. 990 95^etc10T0„ S0 e 5der10at°a price less than 93.80 w ill n o t be accepted. Fractions must not be used. All accepted competitive tenders will be awarded at the price of the lowest accepted bid. METHOD OF PAYMENT Denominations Desired Num ber of Pieces □ (5) $ @ $ @ $ @ $ 100,000 $. (5) ,000,000 $. n By charge to our reserve account on payment date. □ 1,000 $. 5,000 $. 10,000 $ Payment to be made by. □ M aturity Value By d raft enclosed (effectual delivery of enclosed draft shall be on latest day which will permit presentment in order to obtain irrevocably collected funds on payment date). SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired Pieces - - or Amount ------- @ $-------------------- $ ■ Soical Security No. Denomination Face A m o u n t----------- $_ Employer Identification No. CERTIFICATION BY COMMERCIAL BANKS We hereby certify that we have received tenders from our customers in the amounts set opposite the customers’ names on the list which is made a part of this tender; that there has been paid to us by each such customer as required by the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid for; that we have not made unsecured loans, or loans collateralized in whole or in part by the bonds bid for, to supply the amounts of such payments to any of such customers; that we have no beneficial interest in the tenders of such customers; and that none of our customers has any beneficial interest in the amount bid for our own account. We further certify that tenders received by us, if any, from other commercial banks for their own account and for the account of their customers have been entered with us under the same conditions, agreements and certifications as set forth in this form. CERTIFICATION BY ALL SUBSCRIBERS We certify that all subscribers listed hereon have agreed not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition of any of the bonds of this issue at a specific rate or price, until after 2:00 p.m., Eastern Daylight Saving Time, Wednesday, May 8, 1974. Delivery Instructions: (Subscriber’s full nam e o r corporate title) □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Loan Account □ (Address) By. (Authorized official signature and title) (For the account of, if tender is fo r another subscriber) Other______________ (A ddress) (See reverse for announcement) UNITED STATES OF AMERICA 8 V2 PERCENT TREASURY BONDS OF 1 9 9 4 -9 9 D ated a n d b e a r in g interest from M a y 15, 1974 Due M a y 15, 1999 REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND AFTER MAY 15, 1994 D E PA R TM EN T OF T H E TREASURY DEPARTMENT CIRCULAR Office of the Secretary Public Debt Series — No. 7-74 Washington, May 2,1974 TIM E O 1:00 P.M., CENTRAL F DAYLIGHT SAVING TIME, WEDNESDAY, M Y 8, 1974 A I. IN VIT ATIO N FOR TENDERS 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites tenders at a puce not less than 93.80 percent of their face value for $300,000,000, or thereabouts, of bonds of the United States, designated 8^2 percent Treasury Bonds of 1994-99. An additional amount of the bonds may be allotfcd by the Secretary of the Treasury to Government accounts and Federal Reserve Banks in exchange for Treasury securities maturing May 15, 1974. Tenders on a com petitive or noncompetitive basis will be received up to 2:00 p.m., Eastern Daylight Saving time, Wednesday, May 8, 1974. The price for the bonds will be established as set forth in Section I I I hereof. The 7J4 percent Terasury Notes ofSeries D-1974 and 4% percent Treasury Bonds of 1974 maturing May 15, 1974, will be accepted at par in payment, in whole or in part, to the extent tenders are allotted by the Treasury. II. DESCRIPTION O F BO ND S 1. The bonds will be dated May 15, 1974, and will bear interest from that date at the rate of 8y 2 percent per annum, payable semiannually on November 15, 1974, and thereafter on May 15 and November 15 in each year until the principal amount becomes payable. They will mature May 15, 1999, but may be redeemed at the option of the United States on and after May 15, 1994, in whole or in part, at par and accrued interest on any interest day or days, on 4 months’ notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemention, the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption shall cease. 2. The income derived from the bonds is subject to all taxes imposed under the Internal Revenue Code of 1954. The bonds are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The bonds will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest, will be issued in de nominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be made for the interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of registered bonds, under rules and regulations pre scribed by the Secretary of the Treasury. 5. The bonds will be subject to the general regulations of the Department of the Treasury, now or hereafter prescribed, governing United States bonds. III. TENDERS A N D ALLOTMENTS 1. Tenders mill be received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, Washington, D. C. 20226, up to the closing hour, 2:00 p.m., Eastern Daylight Saving time, Wednesday, May 8, 1974. Each tender must state the face amount of bonds bid for, which must be $1,000 or a multiple thereof, and the price offered except that in the case of noncompetitive tenders the term “noncompetitive” should be used in lieu of a price. In the case of competitive tenders, the price must be expressed on the basis of 100, with two decimals in a multiple of .05, e.g., 100.10, 100.05, 100.00, 99.95, etc. Tenders at a price less than 93.80 will not be accepted. Noncompetitive tenders from any one bidder may not exceed $250,000. Fractions may not be used. 2 . Commercial banks, which for this purpose are defined as banks accepting demand deposits, may submit tenders for ac count of customers provided the names of the customers are set forth in such tenders. Others than commercial banks will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from banking institutions for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks, and foreign States, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Goverment accounts. Tenders from others must be accompanied by payment (in cash or the securities referred to in Section I which will be accepted at par) of 5 percent of the face amount of bonds applied for. 3. In considering the acceptance of tenders, those at the highest prices will be accepted in fullto the extent required to attain the amount offered; provided, however, that tenders at the lowest of such accepted prices will beprorated if necessary. All tenders so accepted will be allotted at the price of the lowest accepted tender. Those submitting tenders will be advised of the acceptance, and awarded price, or the rejection of their bids. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept less than $300,000,000 of tenders, and his action in any such respect shall be final. Subject to these reservations noncompetitive tenders for $250,000 or less will be accepted in full at the same price as accepted competitive tenders. The price may be 100.00, or more or less than 100.00. 4. All bidders are required to agree not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition of any bonds of this issue at a specific rate or price, until after 2:00 p.m., Eastern Daylight Saving time, Wednesday, May 8, 1974. 5. Commercial banks in submitting tenders will be required to certify that they have no beneficial interest in any of the tenders they enter for the account of their customers, and that their customers have no beneficial interest in the banks’ tenders for their own account. IV. PAYMEN T PLEASE OBSERVE CLOSING 1. Settlement for accepted tenders at the price estab’ished by the auction must be made or completed on or before May 15, 1974, at the Federal Reserve Bank or Branch or at the Bureau of the Public Debt, Washington, D. C. 20226, in cash, securi ties referred to in Section I (interest coupons dated May 15, 1974, should be detached) or other funds immediately available by that date. Payment will not be deemed to have been completed where registered bonds are reauested if the appropriate identirying number as required on tax returns and other documents submitted to the Internal Revenue Service (an individual’s social security number or an employer identification number) is not furnished. In every case where full payment is not completed, the payment with the tender up to 5 percent of the amount of bonds allotted shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. When payment is made with securities, a cash adjustment will be made to or required of the bidder for any difference between the face amount of securities submitted and the amount payable on the bonds allotted. V A SS IG N M E N T O F REGISTERED SECURITIES 1. Registered securities tendered as deposits and in payment for bonds allotted hereunder are not required to be assigned if the bonds are to be registered in the same names and forms as appear in the registrations or assignments of the securities surrendered. Specific instructions for the issuance and delivery of the bonds signed by the owner or his authorized representative, must a^c^mpany the securities presented. Otherwise, the securities should be assigned by the registered payees or assignees thereof in accordance with the general regulations governing United States securities, as hereinafter set forth Bonds to be registered in names and forms different from those in the inscriptions or assignments of the securities presented should be assigned to “The Secretary of the Treasury for 814 percent Treasury Bonds of 1994-99 in the name of (name and taxpayer identifying number).” If bonds in coupon form are desired, the assignment should be to “The Secretary of the Treasury for 8 percent coupon Trea sury Bonds of 1994-99 to be delivered to __________ .” Securities tendered in payment should be surrendred to the Federal Reserve Bank or Branch or to the Bureau of the Public Debt, Washington, D. C. 20226. The securities must be de livered at the expense and risk of the holder. VI. GENERAL P R O V IS IO N S 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive tenders, to make such allotments as may be prescribed by the Secretary o* the Treasury, to issue such notices as may be necessary, to rereive payment for and make delivery of bonds on full-paid tenders allotted, and they may issue interim receipts pending delivery of the definitive bonds. 2 . The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. George P. Shultz, Secretary of the Treasury (See reverse for tender form) UNITED STATES OF AMERICA TREASURY NOTES OF SERIES 1-1976 Dated and bearing interest from May 15, 1974 Due June 30, 1976 DEPARTMENT CIRCULAR Public D ebt Series — No. 5-74 D E P A R T M E N T OF T H E T R E A S U R Y Office of the Secretary Washington, M ay 2, 1974 II. PLEASE o b s e r v e c l o s i n g t i m e o f 1 2 . 3 0 p .m ., c e n t r a l d a y l i g h t s a v i n g t im e , W e d n e s d a y , m a y s, 1974 I. INVITATION FOR TENDERS 1. The Secretary o f the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites tenders at a price not less than 99.51 percent of their face value for $2,000,000,000, or thereabouts, of notes of the United States, designated Treasury Notes of Series 1-1976. The interest rate for the notes will be publicly announced by the Secretary of the Treasury on M ay 3, 1974. An additional amount of the notes may be allotted by the Secretary of the Treasury to Government accounts and Federal Reserve Banks at the average price of accepted tenders in exchange for Treasury notes and bonds maturing May 15, 1974. Tenders will be received up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, M ay 8, 1974, under competitive and noncompetitive bidding, as set forth in Section III hereof. The 7Vi percent Treasury Notes of Series D-1974 and 4 Vi percent Treasury Bonds of 1974, maturing M ay 15, 1974, will be accepted at par in payment, in whole or in part, to the extent tenders are allotted by the Treasury. DESCRIPTION OF NOTES 1. The notes will be dated M ay 15, 1974, and will bear interest from that date, payable on a semiannual basis on December 31, 1974, and thereafter on June 30 and December 31 in each year until the principal amount becomes payable. They will mature June 30, 1976, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue Code of 1954. The notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, will be issued in denominations of $10,000, $100,000 and $1,000,000. Provision will be made for the interchange of notes of different denominations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. 5. The notes will be subject to the general regulations of the Department of the Treasury, now or hereafter perscribed, governing United States notes. III. TENDERS AND ALLOTMENTS 1. Tenders will be received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, Washington, D.C. 20226, up to the. closing hour, 1:30 p.m., Eastern Daylight Saving time, Wednesday, May 8, 1974. Each tender must state the face amount of notes bid for, which must be $10,000 or a multiple thereof, and the price offered, except that in the case of noncompetitive tenders the term “ noncompetitive” should be used in lieu of a price. In the case of competitive tenders, the price must be expressed on the basis of 100, with two decimals, e.g., 100.00. Tenders at a price less that 99.51 will not be accepted. Fractions may not be used. Noncompeti tive tenders from any one bidder may not exceed $500,000. 2. Commercial banks, which for this purpose are defined as banks accepting demand deposits, may submit tenders for account of customers provided the names of the customers are set forth in such tenders. Others than commercial banks will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from banking institutions for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment (in cash or the securities referred to in Section I which will be accepted at par) of 5 percent of the face amount of notes applied for. 3. Immediately after the closing hour tenders will be opened, following which public announcement will be made by the Depart ment of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. In considering the acceptance of tenders, those at the highest prices will be accepted to the extent required to attain the amount offered. Tenders at the lowest accepted price will be prorated if necessary. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept less than $2,000,000,000 of tenders, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for $500,000 or less without stated price from any one bidder will be accepted in full at the average price1 (in two decimals) of accepted competitive tenders. 4. All bidders are required to agree not to purchase or sell, or to make any agreements with respect to the purchase or sale or other disposition of any notes of this issue at a specific rate or price, until after 1:30 p.m., Eastern Daylight Saving Time, Wednes day, M ay 8, 1974. 5. Commercial banks in submitting tenders will be required to certify that they have no beneficial interest in any of the tenders they enter for the account of their customers, and that their customers have no beneficial interest in the banks’ tenders for their own account. IV. PAYMENT 1. Settlement for accepted tenders in accordance with the bids must be made or completed on or before M ay 15, 1974, at the Federal Reserve Bank or Branch or at the Bureau of the Public Debt, Washington, D.C. 20226, in cash, securities referred to in Section I (interest coupons dated M ay 15, 1974, should be detached) or other funds immediately available by that date. Payment will not be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other documents submitted to the Internal Revenue Service (an individual’s social security number or an employer identification number) is not furnished. In every case where full payment is not completed, the payment with the tender up to 5 per cent of the amount of notes allotted shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. When payment is made with securities, a cash adjustment will be made to or required of the bidder for any difference between the face amount of securities submitted and the amount payable on the notes allotted. V. ASSIGNMENT OF REGISTERED SECURITIES 1. Registered securities tendered as deposits and in payment for notes allotted hereunder are not required to be assigned if the notes a r e to be registered in the same n a m e s and forms as appear in t h e registrations or assignments of the securities surrendered. Specific instructions for the issuance and delivery of the notes, signed by the owner or his authorized representative, must accom pany the securities presented. Otherwise, the securities should be assigned by the registered payees or assignees thereof in accord ance with the general regulations governing United States securities, as hereinafter set forth. Notes to be registered in names and forms different from those in the inscriptions or assignments of the securities presented should be assigned to “ The Secretary of the Treasury for Treasury Notes of Series 1-1976 in the name of (name and taxpayer identifying num ber).” If notes in coupon form are desired, the assignment should be to “ The Secretary of the Treasury for coupon Treasury Notes of Series 1-1976 to be delivered to---------- — ---------------------- ” Securties tendered in payment should be surrendered to the Federal Reserve Bank or Branch or to the Bureau of the Public Debt, Washington, D.C. 20226. The securities must be delivered at the expense and risk of the holder. VI. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested such allotments as may be prescribed by the Secretary of the Treasury, to issue such notices as may ment for and make delivery of notes on full-paid tenders allotted, and they may issue interim receipts tive notes. - 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental ulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. to receive tenders, to make be necessary, to receive pay pending delivery o f the difini- J or amendatory rules and reg B George P. Schultz, Secretary of the Treasury ’Average price may be at, or more or less than 100.00. (See reverse for tender form ) TENDER FOR TREASURY NOTES OF SERIES 1-1976 Dated and bearing interest from May 15,1974 Maturing June 30,1976 T o : Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The_____________________________Branch PLEASE OBSERVE CLOSING TIME OF 12:30 P.M., CENTRAL DAYLIGHT SAVING TIME, W EDNESDAY, M AY 8, 1974 El Paso 79999 Houston 77001 San Antonio 78295 (Date) Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 5-74, as shown on the reverse side, the undersigned offers to purchase Treasury notes 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 $____________________________________________ _ N O T TO EXCEED $500,000 Noncompetitive tenders for $500,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in two decimals) o f accepted competitive bids. ($ 1$ (a) (a) Prices should be expressed on the basis o f 100, with two decimals, e, g., 100.00. Tenders at a price less than 99.51 w ill n ot be a cc e p ted . Fractions must not be used. % $ COMPETITIVE TENDERS <$ @ $ )$ @ $ ($ @ $ M E TH O D OF P A Y M E N T Denominations Desired □ Payment to be made b y _ _ _______________ □ Number o f Pieces B y charge to our reserve account on payment date. □ By draft enclosed (effectual delivery o f enclosed draft shall be on latest day which will permit presentment in order to obtain irrevocably collected funds on paym ent date). Maturity Value @ $ 10,000 $_ @ $ 100,000 $. @ $ 1, 000,000 $_ SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Nam e or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired No. of Pieces Denomination Amount (a) $ - - | or (a) $ B Social Security No. Employer Identification No. $ $ Face Am ount ................. $ C E R T IF IC A T IO N B Y C O M M E R C IA L B A N K S W e hereby certify that we have received tenders from our customers in the amounts set opposite the customers’ names on the list which is made a part o f this tender; that there has been paid to us by each such customer as required by the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid fo r; that we have not made unsecured loans, or loans collateralized in whole or in part by the notes bid for, to supply the amounts o f such payments to any of such customers; that we have no beneficial interest in the tenders o f such custom ers; and that none o f our customers has any beneficial interest in the amount bid for our own account. W e further certify that tenders received by us, if any, from the other commercial banks for their own account and for the account o f their customers have been entered with us under the same conditions, agreements and certifications as set forth in this form. C E R T IF IC A T IO N B Y A L L SU B SC R IB E R S W e certify that all subscribers listed hereon have agreed not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition of any of the notes of this issue at a specific rate or price, until after 1 :30 p.m., Eastern D aylight Saving Time, W ednesday, M ay 8, 1974. Delivery Instructions: (Subscriber’s full name or corporate title) □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count (Address) By- □ Hold in Custody — Trust Account au th orized official signature and title) □ Pledge to secure Treasury Tax and Loan Account (For the account of, if tender is for another subscriber) □ Other-------------------------------------------(Address) (See reverse for announcement) TENDER FOR TREASURY NOTES OF SERIES C-1978 Dated and bearing interest from May 15,1974 Maturing August 15,1978 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The------------------------------------- Branch Houston 77001 San Antonio 78295 _ Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 6-74, as shown on the reverse side, the undersigned offers to purchase Treasury notes 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 $____________________________________ 1 $ COMPETITIVE TENDERS () a Prices should be ex pressed on the basis of 100, with two decimals, e. g., 100.00. Tenders at a price less than 99.01 will not be accepted. Fractions must not be used. $ $- $ 1 $ £ $ $ - METHOD OF PAYMENT Denominations Desired □ DAYLIGHT Payment to be made by______________ □ Number of Pieces By charge to our reserve account on payment date. □ By draft enclosed (effectual delivery of enclosed draft shall be on latest day which will permit presentment in order to obtain irrevocably collected funds on payment date). M aturity Value $ 10,000 $__________ $ 100,000 $_ O 12:30 P.M., CENTRAL F $1,000,000 $_ SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired No. of Pieces Denomination Amount red [ TIM E CLOSING OBSERVE JVOT TO EXCEED $500,000 Noncompetitive tenders for $500,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in two decimals) of accepted competitive bids. Employer Identification No. $ * fa) or Social Security No. PLEASE _____________ (Date) SAVING TIME, TUESDAY, M Y A 7, 1974 El Paso 79999 $ $ Face Amount .............. $ - CERTIFICATION BY COMMERCIAL BANKS We hereby certify that we have received tenders from our customers in the amounts set opposite the customers’ names on the list which is made a part of this tender; that there has been paid to us by each such customer as required by the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid for; that we have not made unsecured loans, or loans collateralized in whole or in part by the notes bid for, to supply the amounts of such payments to any of such customers; that we have no beneficial interest in the tenders of such customers; and that none of our customers has any beneficial interest in the amount bid for our own account. We further certify that tenders received by us, if any, from the other commercial banks for their own account and for the account of their customers have been entered with us under the same conditions, agreements and certifications as set forth in this form. CERTIFICATION BY ALL SUBSCRIBERS We certify that all subscribers listed hereon have agreed not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition of any of the notes of this issue at a specific rate or price, until after 1:30 p.m., Eastern Daylight Saving Time, Tuesday, May 7, 1974. Delivery Instructions: (Subscriber’s full name or corporate title) □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Loan Account □ Other_ (Address) By- (Authorized official signature and title) (For the account of, if tender is for another subscriber) (Address) (See reverse for announcement) UNITED STATES OF AMERICA TREASURY NOTES OF SERIES C -1978 Dated and bearing interest from May 15, 1974 Due August 15, 1978 DEPARTMENT CIRCULAR DEPARTMENT OF THE TREASURY P u b lic D e b t Series — No. 6-74 Office of th e S e c retary W ashington, M a y 2, 1974 PLEASE OBSERVE CLOSING TIME O 1 : 0 P M , CENTRAL DAYLIGHT F 23 . . SAVING TIME, TUESDAY, MAY 7 1974 , I. IN VIT ATIO N FOR TENDERS 1. T h e S e c retary of th e T rea su ry , p u rsu a n t to th e a u th o rity of th e Second L ib e rty B o n d A ct, as a m end ed, in v ite s te n d e rs a t a p rice n ot less th a n 99.01 p e rc e n t of th e ir face v alue for $1,750,000,000, or th ereab o u ts, of notes of th e U n ite d S tates, d esig n ated T re a su ry N otes of Series C-1978. T h e in te re st ra te for th e notes will be p u b lic ly an n ou n ced by th e S e c retary of th e T re a su ry on M a y 3, 1974. An a d d itio n al a m o u n t of th e notes m ay be a llo tte d b y th e S ec retary of th e T re a su ry to G o v e rn m en t accou n ts an d F e d e ra l R eserv e B anks a t th e average price of a cc ep te d ten d e rs in exchange for T re a su ry notes a n d bonds m a tu rin g M a y 15, 1974. T e n d e rs will be received u p to 1 :3 0 p.m., E a s te rn D a y lig h t S aving tim e, T uesd ay, M a y 7, 1974, u n d e r co m p e titiv e a n d n o n c o m p e titiv e bidding, as set fo rth in Section I I I hereof. T h e 7 1 p e rc e n t T re a su ry N otes of S eries D -1974 and 4 1 p e rc e n t T re a su ry B ond s of 1974, m a tu rin g M a y 15, '4 /* 1974, will be acc ep te d a t p a r in p a y m e n t, in w hole or in p a rt, to the e x te n t te n d e rs are a llo tte d b y th e T reasu ry . II. DESCRIPTION O F NOTES 1. T h e notes will be d a te d M a y 15, 1974, an d will b e a r in te re st from th a t d ate, p a y ab le on a sem ian n u al basis on A u gu st 15, 1974, a n d th e re a fte r on F e b ru a ry 15 a n d A ug u st 15 in each y e ar u n til th e p rin cip a l a m o u n t becom es payable. T h e y will m a tu re A ugust 15, 1978, a n d will n o t be su b je ct to call for re d e m o tio n p rio r to m atu rity . 2. T h e incom e d eriv ed from th e n o tes is su b je ct to all taxes im posed u n d e r th e In te rn a l R e v en u e C ode of 1954. T h e n otes a re su b ject to estate, in h eritan ce, g ift or o th e r excise taxes, w h e th er F e d e ra l or S ta te , b u t are ex em p t from all tax a tio n now or h e re a fte r im posed on th e p rin cip a l or in te re st th ere o f b y an y S tate, o r a n y of th e possessions of th e U n ite d S tates, or b y an y local tax in g au th o rity . 3. T h e n otes will be a cc ep ta b le to secure depo sits of p u b lic m oneys. T h e y will n o t be acc ep ta b le in p a y m e n t of taxes. 4. B e are r n o tes w ith in te re st coupons a tta ch e d , an d notes reg istered as to p rin cip a l a n d in terest, w ill be issued in d eno m in atio n s of $10,000, $100,000 a n d $1,000,000. P ro visio n w ill be m ad e for th e in te rc h an g e of notes of differen t den o m in atio n s a n d of coupon an d registered notes, a n d for th e tra n s fe r of re g iste red notes, u n d e r rules a n d regulations p re sc rib e d b y th e S e c retary of th e T rea su ry . 5. T h e notes will be su b je ct to th e g eneral reg u latio n s of th e D e p a rtm e n t of th e T rea su ry , now or h e re a fte r p erscrib ed , governing U n ited S ta te s notes. III. TENDERS A N D ALLOTMENTS 1. T e n d e rs will be received a t F e d e ra l R eserv e B an k s an d B ranch es an d a t th e B u re au of th e P u b lic D e b t, W ash in gto n, D.C. 20226, u p to th e closing hour, 1 :3 0 p.m., E a s te rn D a y lig h t Saving tim e, T u esd ay , M a y 7, 1974. E a c h te n d e r m u st sta te th e face a m o u n t of n o tes bid for, which m u st b e $10,000 or a m u ltip le th ereof, an d th e p rice offered, ex cept t h a t in th e case of n o n co m p etitiv e te n d e rs th e te rm “ n o n c o m p e titiv e ” should be used in lieu of a price. In th e case of c o m p e titiv e ten d ers, th e price m u st b e expressed on th e basis of 100, w ith tw o decim als, e.g., 100.00. T e n d e rs a t a p rice less th a n 99.01 will n o t be accep ted. F ra c tio n s m ay n o t be used. N o n co m p eti tive ten d e rs from a n y one b id d e r m ay n o t exceed $500,000. 2. C om m ercial banks, w hich for th is p u rp o se are defined as b ank s accep tin g d e m a n d deposits, m a y su b m it te n d e rs for accou n t of custom ers p ro v id ed th e n am es of th e cu sto m ers a re set fo rth in such tenders. O th ers th a n com m ercial b ank s will n o t be p e rm itte d to su b m it te n d e rs ex cep t for th e ir own account. T e n d e rs will be received w ith o u t d ep o sit from b an k in g in stitu tio n s for th e ir own account, F e d e rally -in su red savings a n d loan associations, States, po litical subdivisions or in stru m e n talitie s thereof, p u b lic p ension a n d re tire m e n t and o th e r p u b lic funds, in te rn a tio n a l o rg anization s in w hich th e U n ite d S ta te s holds m em b ersh ip , foreign c e n tra l b an k s a n d foreign S tates, dealers who m ak e p rim a ry m ark e ts in G o v e rn m en t securities a n d re p o rt d aily to th e F e d e ra l R e se rv e B a n k of N ew Y ork th e ir positio ns w ith re sp e ct to G o v e rn m en t securities a n d borrow ings th ereon , an d G o v e rn m en t accounts. T e n d e rs from o th ers m u st be a cco m p an ied b y p a y m e n t ( in cash or th e secu rities re ferre d to in S ectio n I w hich will be acc ep te d a t p a r ) of 5 p e rc e n t of th e face a m o u n t of notes a p p lie d for. 3. Im m e d ia te ly a fte r th e closing h o u r te n d e rs will be opened, follow ing w hich p u blic an n o u n ce m en t will be m ad e b y th e D e p a rt m e n t of th e T re a su ry of th e a m o u n t and p rice ran ge of a cc ep te d bids. T h o se su b m ittin g ten d e rs will be ad vised of th e a ccep tan ce or re je ctio n thereof. In considering th e acceptan ce of tend ers, those a t th e hig hest p rices will be acc ep te d to th e e x te n t re q u ire d to a tta in th e a m o u n t offered. T e n d e rs a t th e low est accep ted price will be p ro ra te d if necessary. 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 tend ers, in whole or in p a rt, including th e rig h t to a cc ep t less th a n $1,750,000,000 of tenders, an d his actio n in a n y such re sp e ct shall be final. S u b je ct to th ese reservations, no n c o m p e titiv e ten d e rs for $500,000 or less w ith o u t sta te d price from an y one b id d er will b e a cc ep te d in full a t th e average price 1 (in tw o d ecim als) of acc ep te d co m p e titiv e tenders. 4. All b id d ers a re re q u ire d to agree n o t to p urch ase or sell, or to m ak e an y a g ree m e n ts w ith resp ect to th e p u rch ase o r sale or o th e r dispo stion of an y notes of th is issue a t a specific ra te or price, u n til a fte r 1:3 0 p.m., E a s te rn D a y lig h t S av ing T im e, T u e s day, M a y 7, 1974. 5. C o m m ercial b ank s in su b m ittin g te n d e rs will be re q u ire d to c ertify th a t th ey h av e no beneficial in te re st in an y of th e te n d e rs th e y e n te r for th e a ccou n t of th e ir custom ers, a n d t h a t th e ir c usto m ers have no beneficial in te re st in th e b a n k s’ ten d e rs for th e ir own account. IV. PAYM ENT 1. S e ttle m e n t for acc ep te d ten d e rs in accordance w ith th e bids m u st be m ad e or co m p leted on or before M a y 15, 1974, a t th e F e d e ra l R eserv e B a n k or B ran ch or a t th e B u re au of th e P u b lic D e b t, W ashington, D.C. 20226, in cash, securities re ferred to in Section I (in te re s t coupons d a te d M a y 15, 1974, should be d e ta c h e d ) or o th er funds im m e d ia tely av ailab le b y th a t d ate. P a y m e n t will n o t be d eem ed to have b een co m p le te d w here registered notes are re q u este d if th e a p p ro p ria te id en tify in g n u m b er as req u ired on tax re tu rn s a n d o th er d ocu m en ts su b m itte d to th e In te rn a l R ev en ue Service ( a n in d iv id u a l’s social security n u m b er or a n em p loy er identification n u m b e r) is n o t furnished. In ev ery case w here full p a y m e n t is n o t co m pleted , th e p a y m e n t w ith th e te n d e r u p to 5 p e r c en t of th e a m o u n t of n o tes a llo tte d shall, u p o n d e cla ra tio n m ad e b y th e S ecretary of th e T re a su ry in his discretion, be forfeited to th e U n ite d States. W h en p a y m e n t is m ad e w ith securities, a cash a d ju s tm e n t will be m ad e to or re q u ire d of th e b id d er fo r a n y difference betw een th e face a m o u n t of secu rities su b m itte d an d th e a m o u n t p a y ab le on th e notes allotted . V. A SS IG NM EN T OF REGISTERED SECURITIES 1. R e g iste re d securities te n d e re d as d ep osits an d in p a y m e n t for notes a llo tte d h e re u n d e r a re n o t re q u ire d to be assigned if th e notes a re to be reg istered in th e sam e n am es a n d form s as a p p e a r in th e reg istratio n s or assig n m ents of th e securities surrendered. Specific instru ctio n s for th e issuance a nd d eliv ery of th e notes, signed b y th e ow ner or his a u th o riz ed re p rese n tativ e, m u st acco m p an y th e securities p resen ted . O therw ise, th e securities should be assigned by th e reg istered p ay ees or assignees th ere o f in accordance w ith th e general reg u latio n s governing U n ite d S ta te s securities, as h e re in a fte r set forth. N o tes to be reg istered in nam es an d form s d ifferent from those in th e inscrip tio n s or assig n m en ts of th e securities pre se n te d should be assigned to “T h e S ec retary of th e T re a su ry for T re a su ry N otes of Series C-1978 in th e n am e of (n a m e an d tax p a y e r id en tify in g n u m b e r ) .” If notes in coupon form a re desired, th e a ssign m en t should be to “T h e S e c retary of th e T re a su ry for coupon T re a su ry N otes of Series C-1978 to be d eliv ered to __ ___ ” S ecurities ten d e re d in p a y m e n t should be su rren d ered to th e F e d e ra l R e se rv e B a n k or B ra n ch or to th e B u re au of th e P u b lic D e b t, W ashington, D.C. 20226. T h e securities m u st be d eliv ered a t th e expense a n d risk of th e holder. VI. GENERAL P R O V IS IO N S 1. As fiscal a g en ts of th e U n ite d S tates, F e d e ra l R eserv e B an k s a re au th o rized a n d re q u este d to receive ten ders, to m ak e such a llo tm e n ts as m ay be p re sc rib e d b y th e S e c retary of th e T rea su ry , to issue such notices as m ay be necessary, to receive p a y m e n t for a n d m ak e d eliv ery of notes on fu ll-paid te n d e rs allo tte d , an d th e y m ay issue in te rim re ce ip ts p en d in g d eliv ery of th e difinitiv e notes. 2. T h e S e c retary of th e T re a su ry m a y a t a n y tim e, o r from tim e to tim e, p rescrib e su p p le m e n tal or a m e n d a to ry rules a n d reg u lation s governing th e offering, w hich w ill be c om m un icated p ro m p tly to th e F e d e ra l R eserv e B anks. G eorge P . Schultz, S e c retary of th e T re a su ry ‘A verage p rice m a y be a t, o r m ore or less th a n 100.00. (See reverse for tender form)
@FedFRASER