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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 U N IT E D S T A T E S DALLAS, TEXAS 75222 Circular No. 71-248 October 15, 1971 NEW OFFERING — TREASURY BILLS To All B a n k in g Institution s a n d O th e r s C o n c e rn e d in t h e E leventh F e d e r a l R e se rv e District: Your a t t e n t i o n is in v ite d to th e f o llo w in g s t a t e m e n t g iv in g d e t a il s of t w o is s u e s o f T re as u ry bills: T h e T r ea su ry D e p a r tm e n t, b y th is p u b lic n o tic e, in v ites ten d e rs for tw o series o f T rea su ry b ills to th e a g grega te a m o u n t o f $ 3 ,9 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, for cash and in ex ch a n g e for T rea su ry b ills m atu rin g O ctob er 28, 197 1 , in t h e am ou n t o f $ 3 ,7 1 4 ,3 9 0 ,0 0 0 , as follo w s: 9 1 -D A Y B I L L S ( to m a tu rity d a te ) to b e issu ed O ctob er 28, 1971, in the a m o u n t o f $ 2 ,3 0 0 ,0 0 0 ,0 0 0 , or th e re ab ou ts, rep resen tin g an ad d itio n a l a m o u n t o f b ills d ated J u ly 29, 1971, and to m a tu re Jan u ary 27 , 1972 ( C U S I P N o . 9 1 2 7 9 3 M K 9 ) , o rig in a lly issu e d in th e a m o u n t o f $ 1 ,6 0 0 ,7 0 5 ,0 0 0 , t h e a d d itio n al a n d origin al b ills to b e fr e e ly in terch an geab le. 1 8 2 -D A Y B I L L S for $ 1 ,6 0 0 ,0 0 0 ,0 0 0 , or th erea b ou ts, to b e d a te d O ctob er 28, 1 9 71 , a n d to m atu re A p ril 27 , 1972 (C U S IP N o. 912793 M Y 9 ). T h e b ills o f b o th se ries w ill b e issu ed o n a d isc o u n t b asis und er c o m p e titiv e a n d n o n c o m p e titiv e b id d in g a s h erein a fter p ro vid ed , and a t m a tu rity their fa c e a m o u n t w ill b e p a y a b le w ith o u t in terest. T h e y w ill b e issu ed in bearer form o n ly , and in d e n o m in a tio n s o f $ 1 0 ,0 0 0 , $ 1 5 ,0 0 0 , $ 5 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 a n d $ 1 ,0 0 0 ,0 0 0 (m a tu r ity v a l u e ) . T e n d e r s w ill b e r e ce iv ed a t F ed era l R e s e r v e B a n k s an d B ra n c h e s u p to t h e c lo sin g hour, o n e-th irty p .m ., E astern D a y lig h t S a v in g T im e , F rid a y , O cto b er 22, 1971. T e n d er s w ill n o t b e receiv ed a t th e T reasu ry D ep a rtm e n t, W a sh in g to n . E ach ten d e r m u st b e for a m in im u m o f $1 0,0 00 . T e n d e r s o v er $ 1 0 ,0 0 0 m u s t b e in m u ltip le s o f $ 5 ,00 0. In t h e c a se o f c o m p e titiv e ten d ers th e p rice o ffered m u s t be exp ressed o n t h e b a sis o f 100, w ith n o t m ore than th r e e d ecim a ls, e.g., 99 .92 5. F ra ctio n s m a y n ot b e used. I t is u rged th a t ten d ers b e m a d e o n t h e p rin ted fo rm s a n d forw ard ed in t h e sp e c ia l e n v e lo p e s w h ic h w ill b e s u p p lie d b y F ed e r a l R e s e r v e B a n k s or B ra n c h e s o n a p p lic a tio n therefor. B a n k in g in stitu tio n s g en era lly m a y su b m it te n d e r s for a cco u n t o f cu stom ers p ro v id ed t h e n a m es o f t h e cu sto m ers are s e t forth in su ch ten d ers. O thers th a n b a n k in g in stitu tio n s w ill n o t b e p erm itted to su b m it ten d e rs e x c e p t for th e ir ow n a c c o u n t T e n d e r s w ill b e rece iv ed w ith o u t d e p o sit from in co rp o rated banks an d tru st co m p a n ie s and from resp o n sib le a n d reco g n ised d ea lers in in v e stm e n t secu rities. T e n d e r s from o th ers m u s t b e a c c o m p a n ie d b y p a y m e n t o f 2 p ercen t o f t h e fa c e a m o u n t o f T reasu ry b ills a p p lie d for, u n less t h e ten d e rs are a c c o m p a n ie d b y a n ex p ress gu aran ty o f p a y m e n t b y a n in corp orated b an k or tru st co m p a n y . I m m e d ia te ly a fter th e clo sin g hour, ten d e rs w ill b e o p en ed a t t h e F ed e r a l R e s e r v e B a n k s an d B ra n ch es, fo llo w in g w h ich p u b lic a n n o u n c e m e n t w ill b e m ad e b y th e T r ea su ry D e p a r tm e n t o f th e a m o u n t an d p rice range o f a c c e p te d bids. O n ly th o se su b m ittin g c o m p e titiv e ten d e rs w ill b e a d v ise d o f th e a ccep ta n ce or rejectio n th ereo f. T h e S ecretary of t h e T r ea su ry ex p ressly reserv es th e righ t to a c c e p t or reject a n y or a ll tenders, in w h o le or in part, and h is a ctio n in a n y su ch resp ect sh all b e final. S u b ject to th e se reservations, n o n c o m p e titiv e ten d ers for ea ch issu e for $ 2 0 0 ,0 0 0 or less w ith o u t sta ted p rice from a n y o n e b id d er w ill b e a c c e p te d in fu ll a t t h e a v erage p rice ( in th r ee d e c im a ls) o f a ccep ted c o m p e titiv e b id s fo r th e resp ectiv e issu es. S e t tle m e n t for a cc e p te d ten d ers in a ccord an ce w ith th e b id s m u st b e m a d e or c o m p le te d a t t h e F ed era l R e s e r v e B a n k o n O cto b er 28 , 1971, in cash or other im m e d ia te ly a v a ila b le fun d s or in a lik e fa c e a m o u n t of T rea su ry b ills m a tu rin g O ctob er 2 8, 1971. Cash an d ex ch a n g e ten d ers w ill r e c e iv e eq u al trea tm en t. C ash a d ju stm en ts w ill b e m a d e fo r d ifferen ces b e tw e e n th e p ar v a lu e o f m a tu rin g b ills a ccep ted in ex ch a n g e a n d th e issu e price o f t h e n e w b ills. U n d er S e c tio n s 4 5 4 ( b ) an d 1221 ( 5 ) o f th e In tern a l R e v e n u e C od e o f 1 95 4 t h e a m o u n t o f d isco u n t a t w h ich b ills issu ed h ereu n d er are sold is co n sid ered t o accru e w h en t h e b ills are sold, red eem ed or o th erw ise d isp o sed o f, and t h e b ills are ex clu d ed from con sid era tion a s c a p ita l assets. A cco rd in g ly , t h e o w n er o f T rea su ry b ills ( o th e r th a n life insu ran ce c o m p a n ie s) issu ed h ere u n d er m u st in clu d e in h is in co m e ta x return, a s ord in ary g ain or lo ss, th e d ifferen ce b etw een th e p rice p a id fo r th e b ills, w h eth er o n orig in a l issu e or on su b seq u e n t purchase, an d th e a m o u n t a ctu a lly r e c e iv e d e ith er upon saie or r ed em p tio n a t m a tu rity d uring th e ta x a b le y ea r for w h ich t h e return is m ade. T rea su ry D e p a r tm e n t C ircular N o . 4 1 8 (cu rren t r e v is io n ) an d th is n o tic e, p rescrib e th e term s o f t h e T r ea su ry b ills an d g o v ern t h e c o n d itio n s o f th eir issue. C o p ies o f th e circu lar m a y b e o b ta in e d from a n y F e d e r a l R e s e r v e B a n k or B ranch. In a c c o r d a n c e w ith t h e a b o v e a n n o u n c e m e n t , te n d e r s will b e r e c e iv e d a t this b a n k a n d its b r a n c h e s a t El P aso, | Houston a n d San A n to n io u p to tw e lv e - th ir ty p .m ., Central D a y lig h t S avin g Time, F riday, O c to b e r 22, 1971. T enders may n o t b e e n t e r e d b y te l e p h o n e . Y ours v e r y truly, P. E. C oldw ell ________________ Fig u re s c o n c e r n i n g o f f e ri 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 J a n u a r y 2 0 , P re sid e n t 1972, and 1 8 2 - D a y T r e a s u r y Bills m a t u r i n g April 2 0 , 1 9 7 2 , n o t a v a i l a b l e w h e n th is c i r c u l a r w a s p r i n t e d . (S ee 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 April 2 7 ,1 9 7 2 Dated October 28,1971 T o : Federal R eserve 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 T E N D E R $__________________________________________ NOT TO E X C E E D $200,000 Si IM N OS Noncompetitive tenders for $200,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in three decimals) of accepted competitive bids. __________________ Prices should be ex pressed on the basis of 100, with not more than COMPETITIVE T E N D E R S --------------------------th re e decimal p laces, e. g., 99.925. Fractions _(©_ --------------------------m ust not be used. £ <3 TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE CLOSING HOUR, ARE ACCEPTABLE. cq o H U O Denominations Deaired N u m b e r of pieces < Q NH OS a % 10,000 <s> % (n) $ ■ 15,000 □ 50,000 * <® % 100,000 ? H < Q O % 500,000 * m n ,000,000 % Delivery Instructions: Til □ o u w !> Payment for this issue of bills cannot be made by credit to Treasury Tax and Loan Account. METHOD OF PAYMENT M atu rity V alue □ □ Charge our reserve account on paym en t date |~| D ra ft enclosed (E ffectual delivery o f enclosed d r a f t s h a ll be on la t e s t d a y w h ic h w ill p e r m i t p r e e e n t m e n t in o r d e r to o b t a i n irr e v o c a b l y c o lle c te d f u n d s o n p a y m e n t date) Hold in Custody Account— Member banks for own account only □ Pledge to secure Treasury Tax and Loan Account PC □ W Ship to.------------------------------------------ B y m aturing bills held by---------------------------------------------Paym ent to be made b y_____________ _ (S u b scrib er1! fu ll nam e or corp o rate title) (Addreu) By- (A uthorized official aiffnature a n d title) ifi 05 (F o r the accou n t of. If te n d e r in fo r a n o th e r subscriber) cc (A d d reu ) O w < H Cl, 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 Bigning 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 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) J
@FedFRASER