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F ederal Reserve Bank

of

Dallas

F I S C A L A G E N T O F T H E U N IT E D S T A T E S

D A L L A S, T E X A S 7 5 2 2 2
C ir c u la r N o . 6 9 - 1 1 7
M a y 7, 1 9 6 9

N EW OFFERING — TREASURY BILLS
To A ll Banking Institutions an d Others Concerned
in the Eleventh Federal Reserve District:
Your attention is invited to the following statement giving details o f tw o issues of Treasury bills:
T h e T r e a s u r y D e p a r tm e n t, b y th is p u b lic n o tic e , in v ite s te n d e r s fo r tw o series o f T r e a s u r y b ills to th e a g g r e g a te a m o u n t o f
$ 3 ,0 0 0 ,0 0 0 ,0 0 0 , or th e r e a b o u ts, fo r ca sh a n d in e x c h a n g e fo r T r e a su r y b ills m a tu r in g M a y 15, 1 9 6 9 , in th e a m o u n t o f
$ 2 ,9 9 8 ,8 2 8 ,0 0 0 , a s fo llo w s:
9 1 - D A Y B I L L S ( t o m a tu r ity d a t e ) t o b e is s u e d M a y 15, 1 9 6 9 , in th e a m o u n t o f $ 1 ,7 0 0 ,0 0 0 ,0 0 0 , or th e r e a b o u ts ,
r e p r e s e n tin g a n a d d itio n a l a m o u n t o f b ills d a te d F e b r u a r y 13, 1 9 6 9 , a n d to m a tu r e A u g u s t 14, 1 9 6 9 , o r ig in a lly
is s u e d in t h e a m o u n t o f $ 1 ,1 0 0 ,4 9 8 ,0 0 0 , t h e a d d it io n a l a n d o r ig in a l b ills to b e f r e e ly in te r c h a n g e a b le .
1 8 2 - D A Y B I L L S fo r $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or th e r e a b o u ts , to b3 d a te d M a y 15, 1 9 6 9 , a n d to m a tu r e N o v e m b e r 13, 1 9 6 9 .
T h e b ills o f b o t h s e r ie s w ill b e is s u e d o n a d is c o u n t b a sis u n d e r c o m p e t it iv e a n d n o n c o m p e t it iv e b id d in g a s h e r e in a fte r
p r o v id e d , a n d a t m a t u r i t y t h e ir f a c e a m o u n t w ill b e p a y a b l e w i t h o u t in te r e s t. T h e y w ill b e is s u e d in b e a r e r f o r m o n ly , a n d in
d e n o m in a tio n s o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,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 t u r it y v a lu e ) .
T e n d e r s w ill b e r e c e iv e d a t F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s u p to t h e c lo s in g h o u r , o n e - t h ir t y p .m ., E a s te r n
D a y lig h t S a v in g T im e , M o n d a y , M a y 12, 1 9 6 9 . T e n d e r s w ill n o t b e r e c e iv e d a t th e T r e a su r y D e p a r tm e n t, W a s h in g to n . E a c h
t e n d e r m u s t b e fo r a n e v e n m u lt ip le o f $ 1 ,0 0 0 , a n d in t h e c a s e o f c o m p e t i t iv e t e n d e r s t h e p r ic e o ffe r e d m u s t b e e x p r e s s e d o n
t h e b a s i s o f 1 0 0 , w i t h n o t m o r e t h a n t h r e e d e c i m a ls , e .g ., 9 9 .9 2 5 . F r a c t i o n s m a y n o t b e u s e d . I t is u r g e d t h a t t e n d e r s b e m a d e
o n th e p r in te d fo r m s a n d fo rw a rd ed in th e s p 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 e d e r a l R e s e r v e B a n k s o r B r a n c h e s o n
a p p lic a tio n th e r e fo r .
B a n k in g in s tit u t io n s g e n e r a lly m a y s u b m it t e n d e r s for a c c o u n t o f c u s to m e r s p r o v id e d t h e n a m e s o f t h e c u s to m e r s a re
s e t fo r th in su c h te n d e r s . O th e r s t h a n b a n k in g in s tit u t io n s w ill n o t b e p e r m it t e d to s u b m it t e n d e r s e x c e p t fo r t h e ir o w n a c c o u n t.
T e n d e r s w ill b e r e c e iv e d w ith o u t d e p o s it fr o m in c o r p o r a te d b a n k s a n d tr u st c o m p a n ie s a n d fr o m r e sp o n sib le a n d r e c o g n iz e d
d e a le r s in in v e s t m e n t s e c u r itie s . T e n d e r s fr o m o th e r s 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 e r c e n t o f t h e f a c e a m o u n t o f
T r e a s u r y b ills a p p lie d fo r , u n le s s t h e t e n d e r s a r e a c c o m p a n ie d b y a n e x p r e ss g u a r a n ty o f p a y m e n t b y a n in c o r p o r a te d b a n k o r
tru st com p an y.
I m m e d ia te ly a fte r th e c lo sin g hour, te n d e r s w ill b e o p e n e d a t th e F e d e r a l R e s e r v e B a n k s a n d B ra n ch es, fo llo w in g w h ic h
p u b lic a n n o u n c e m e n t w ill b e m a d e b y th e T r e a s u r y D e p a r t m e n t o f th e a m o u n t a n d p r ic e r a n g e o f a c c e p te d b id s. T h o s e
s u b m ittin g te n d e r s w ill b e a d v is e d o f th e a c c e p ta n c e o r r e je c tio n th ere o f. T h e S e c r e ta r y o f th e T r e a su r y e x p r e ssly re se r v e s th e
r i g h t t o a c c e p t o r r e j e c t a n y o r a l l t e n d e r s , i n w h o l e o r i n p a r t , a n d h i s a c t i o n i n a n y s u c h r e s p e c t s h a l l b e f in a l. S u b j e c t t o
t h e s e r e se r v a tio n s , n o n c o m p e t it iv e t e n d e r s fo r e a c h is s u e fo r $ 2 0 0 ,0 0 0 o r le ss w it h o u t s ta te d p r ic e fr o m a n y o n e b id d e r w ill b e
a c c e p t e d in f u ll a t t h e a v e r a g e p r ic e ( i n t h r e e d e c i m a l s ) o f a c c e p t e d c o m p e t i t i v e b id s f o r t h e r e s p e c t i v e is s u e s . S e t t l e m e n t fo r
a c c e p t e d t e n d e r s in a c c o r d a n c e w it h t h e b id s m u s t b e m a d e or c o m p le t e d a t t h e F e d e r a l R e s e r v e B a n k o n M a y 1 5 , 1 9 6 9 ,
in c a s h o r o th e r im m e d ia t e ly a v a ila b le fu n d s or in a lik e fa c e a m o u n t o f T r e a su r y b ills m a t u r in g M a y 1 5, 1 9 6 9 . C a sh a n d
e x c h a n g e t e n d e r s w ill r e c e iv e e q u a l tr e a tm e n t. C a sh a d j u s t m e n t s w ill b e m a d e for d iffe r e n c e s b e t w e e n t h e p a r v a lu e o f m a tu r ­
in g b ills a c c e p t e d in e x c h a n g e a n d t h e is s u e p r ic e o f t h e n e w b ills.
T h e in c o m e d e r iv e d fro m T r e a s u r y b ills, w h e th e r in te r e s t o r g a in fr o m t h e s a le o r o t h e r d is p o s itio n o f t h e b ills, d o e s n o t
h a v e a n y e x e m p t io n , a s su c h , a n d lo ss fro m t h e sa le o r o th e r d is p o s itio n o f T r e a s u r y b ills d o e s n o t h a v e a n y s p e c ia l t r e a tm e n t,
a s su c h , u n d er th e I n te r n a l R e v e n u e C o d e o f 1 9 5 4 . T h e b ills are s u b je c t to e s ta te , in h e r ita n c e , g ift o r o th e r e x c is e ta x e s, w h e th e r
F e d e r a l o r S ta t e , b u t a r e e x e m p t fr o m a ll t a x a tio n n o w or h e r e a fte r im p o s e d o n th e p r in c ip a l or in te r e s t t h e r e o f b y a n y S ta te ,
o r a n y o f th e p o s s e s s io n s o f th e U n ite d S ta te s , o r b y a n y lo c a l ta x in g a u th o r ity . F o r p u r p o se s o f ta x a tio n th e a m o u n t o f d is c o u n t
a t w h i c h T r e a s u r y b ill s a r e o r i g in a lly s o ld b y t h e U n i t e d S t a t e s is c o n s id e r e d t o b e in t e r e s t . U n d e r S e c t i o n 4 5 4 ( b ) a n d
1 2 2 1 ( 5 ) o f t h e I n te r n a l R e v e n u e C o d e o f 1 9 5 4 t h e a m o u n t o f d is c o u n t a t w h ic h b ills is s u e d h e r e u n d e r a r e s o ld is n o t c o n ­
s id e r e d t o a c c r u e u n t il s u c h b ills a r e so ld , r e d e e m e d o r o t h e r w is e d is p o s e d o f, a n d su c h b ills a r e e x c lu d e d fr o m c o n s id e r a t io n a s
c a p it a l a s se ts. A c c o r d in g ly , t h e o w n e r o f T r e a s u r y b ills ( o t h e r t h a n lif e in s u r a n c e c o m p a n ie s ) issu e d h e r e u n d e r n e e d in c lu d e
in h is in c o m e ta x r e tu r n o n ly th e d iffe r e n c e b e t w e e n t h e p r ic e p a id fo r su c h b ills, w h e t h e r o n o r ig in a l is s u e o r o n s u b s e q u e n t
p u r c h a se , a n d th e a m o u n t a c tu a lly r e c e iv e d e ith e r u p o n s a le or r e d e m p tio n a t m a tu r ity d u r in g th e ta x a b le y e a r fo r w h ic h t h e
r e t u r n i s m a d e , a s o r d i n a r y g a i n o r lo s s .
T r e a s u r y D e p a r t m e n t C ir c u la r N o . 4 1 8 ( c u r r e n t r e v is io n ) a n d t h is n o t ic e , p r e s c r ib e t h e t e r m s o f t h e T r e a s u r y b ills a n d
g o v e r n t h e c o n d it io n s o f t h e ir issu e . C o p ie s o f t h e c ir c u la r m a y b e o b t a in e d fr o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h .

In accordance with the ab ove announcement, tenders will be received a t this b a n k and its branches at El Paso,
Houston an d San Antonio up to tw elve-thirty p.m., Central Daylight Saving Time, M o n d a y , M a y 12, 1969. Tenders may
not be entered by telephone.
Yours very truly,
P. E. Coldwell
President
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m o u n t, R a n g e an d A p p ro x im a te Y ie ld o f A c c e p te d T en d ers
9 1 -D a y B ills
D u e A u g u s t 7, 1 9 6 9

1 8 2 -D a y B ills
D u e N ovem b er 6, 1969

$ 2 , 5 6 3 , 7 1 1 , 0 0 0 -------------------------------------------------------------- . T o t a l A p p l i e d F o r _________________________________________ $ 2 , 2 5 4 , 8 7 4 , 0 0 0
$ 1 , 7 0 0 , 0 0 1 , 0 0 0 ----------------------------------------------------------T o t a l A c c e p t e d ________________________ ________________ $ 1 , 3 0 0 , 1 6 4 , 0 0 0
P r ic e

Y ie ld

P r ic e

Y ie ld

9 8 . 4 9 8 . . .................
5 . 9 4 2 % ______
________________H i g h ____________________________ 9 6 . 9 5 1 ________________ 6 . 0 3 1 %
9 8 . 4 7 8 ------------------------ 6 . 0 2 1 % --------- ----------------- --------------------------- L o w _____________________________9 6 . 9 2 2 ....
_______ 6 . 8 8 8 %
9 8 . 4 8 9 ------------------------ 5 . 9 7 8 % ---------------------------------------------------A v e r a g e ----------------------------------------- 9 6 . 9 3 5 . . . ____ _________ 6 . 0 6 3 %
( 1 ) T h e s e r ate s a tp on s h a n k d i s c o u n t basts. T h e eQnivfllent c o u p o n issu e y i e l d s a re
t h e 1 8 2 - d s y b ill s.

6 15%

f o r i b e Q l - d s v bi ll s , a n d

(1 )

fi 3 4 Of. f OI

( S e e re v e r se sid e fo r te n d e r f o r m )

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

TENDER FOR ADDITION TO TREASURY BILLS

91 DAYS TO MATURITY
Dated February 13, 1969

Maturing August 14, 1969

To: Federal Reserve Bank, Station K, Dallas, Texas 75222
or—
The---------- --------------------------------------- Branch
El Paso 79999

Houston 77001

____________________ ___________________

San Antonio 78206

(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 one bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.

/
Prices should be ex1 ? --------------------------------------------------------------------------------------------------------- @
: ______

COMPETITIVE TENDERS <V------------------------- @------------$-------------------------------

^

‘^ T iL T ^ s *

1$___________________ fa)_________ f ________________________ e. g., 99.925. Fractions
\
must not be used.
‘■
'

TENDERS MAY NOT BE ENTERED BY TELEPHONE. TENDERS BY
CLOSING HOUR, ARE ACCEPTABLE.
Denominations Desired

N u m h e ro f

Pieces

<> ?
§

1,000

----- < > $
6

METHOD OF PAYMENT

5,000

.
.

50,000 $------------

(i ?
j)

□ By maturing bills
held by______________________________
□ Payment to be made by______________
------------------------------□ Charge our reserve account on payment
date

10,000 $----------------------

$

100,000 $______________

<i $ 500,000
(>
@

□
□

_J D r a f t e n c l o s e d (Effectual delivery of enclosed draft
J

shall tie on Intent day nhich will D it DTtwentm in
<?rm
ent
order to obtain irrevocably collected lunda on Bnjiment
date)

000,000 $-------------------------$1,

Delivery I n
°

s t r

u

c

t i o

n

s : ------------------------------------------------------------------------------(Subscriber
s full name or corporate title)

Hold in Custody Account— Member
banks for own account only
Pledge to secure Treasury Tax and
Loan ACCOUnt

THE

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

Maturity Value
^_________________

---( ) ?
a

WIRE, IF RECEIVED BEFORE

(Address)

By_________________________________________________
(Authorized official signature and title)

("For th e a c c o u n t o f, if te n d e r

f o r a n o t h e r n nh K e r ib e r }

( A ddress)

IM P O R T A N T

1. No tender for less than $1,000 will be considered and each tender must be for an amount in multiples of $1,000 (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 re­
ceived 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 e
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 m ate­
rial, the tender may be disregarded.

(See reverse for announcement)

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