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F ederal r eser ve 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 7 5 2 2 2 C ir c u la r N o . 6 9 - 1 9 0 J u ly 30, 1969 NEW OFFERING — TREASURY BILLS To All B a n k in g Institutions a n d O th e r s C o n c e r n e d in th e E leventh F e d e r a l Reserve District: Y ou r a t t e n t i o n is in v ite d to th e fo llo w in g s t a t e m e n t givin g d e t a il s of tw o iss u es of T re as u ry bills: T h e T r e a s u r y D e p a r t m e n t , b y th is p u b lic n o tic e , in v it e s t e n d e r s fo r tw o se r ie s o f T r e a s u r y b ills t o t h e a g g r e g a te a m o u n t o f $ 2 ,8 0 0 ,0 0 0 ,0 0 0 , o r th e r e a b o u ts , fo r c a s h a n d in e x c h a n g e fo r T r e a s u r y b ills m a tu r in g A u g u s t 7, 1 9 6 9 , in t h e a m o u n t o f $ 2 ,8 0 0 ,7 6 2 ,0 0 0 , a s fo llo w s : 9 1 - D A Y B I L L S ( t o m a t u r i t y d a t e ) t o b e i s s u e d A u g u s t 7, 1 9 6 9 , i n t h e a m o u n t o f $ 1 , 6 0 0 , 0 0 0 , 0 0 0 , o r t h e r e a b o u t s , 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 M a y 8, 1 9 6 9 , a n d to m a tu r e N o v e m b e r 6, 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 ,3 0 0 ,2 8 2 ,0 0 0 , t h e a d d itio n a l a n d o r ig in a l b ills t o 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 ,2 0 0 ,0 0 0 ,0 0 0 , o r th e r e a b o u ts, t o b e d a te d A u g u s t 7, 1 9 6 9 , a n d to m a tu r e F e b r u a r y 5, 1 970. T h e b ills o f b o th 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 it y th e ir 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 te r e s t. T h e y w ill b e is s u e d in b ea re r fo 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 tu r ity 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 th e c lo sin g D a y lig h t S a v in g T im e , M o n d a y , A u g u s t 4 , 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 t e n d e r m u s t b e for a n e v e n m u lt ip le o f $ 1 ,0 0 0 , a n d in c a se 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 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 l s , 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 o n t h e p r in te d fo r m s a n d fo r w a r d e d in t h 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 a p p lic a tio n th e r e fo r . h o u r , o n e - t h ir t y p .m ., E a s t e r n D e p a r tm e n t, W a sh in g to n . E a c h o ffered m u st b e e x p re ssed o n is u r g e d t h a t t e n d e r s b e m a d e R eserv e B a n k s or B ra n ch es on B a n k in g in stitu tio n s g e n e r a lly m a y s u b m it te n d e r s fo r a c c o u n t o f c u sto m e r s p r o v id e d th e n a m e s o f th e c u sto m e r s a re s e t fo r th in su c h ten d ers. O th e r s th a n b a n k in g in s t it u t io n s w ill n o t b e p e r m it t e d t o s u b m it t e n d e r s e x c e p t fo r f 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 co r p o r a ted 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 l e r s in i n v e s t m e n t s e c u r i t i e s . T e n d e r s f r o m o t h e r s m u s t b e a c c o m p a n i e 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 su r y b ills a p p lie d fo r, u n le s s t h e te n d e r s a re 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 or tru st com p a n 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 r a n c h e s, fo llo w in g w h ic h p u b l i c a n n o u n c e m e n t w ill b e m a d e b y t h e T r e a s u r y D e p a r t m e n t o f t h 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 t e 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 or r e je c tio n th e r e 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 s s ly r e se r v e s th e r ig h t to a c c e p t o r r e j e c t a n y o r a ll te n d e r s , in w h o le o r in p a r t, a n d h is a c t io n in a n y s u c h r e s p e c t s h a ll b e fin a l. S u b j e c t to 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 s s w it h o u t s t a t e 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 fu ll a t t h e a v e r a g e p r ic e ( in th r e e d e c im a ls ) o f a c c e p t e d c o m p e t it iv e b id s fo r t h e r e s p e c tiv e is s u e s. S e t t le m e n t fo r a c c e p t e d te 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 o r 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 A u g u s t 7, 1 9 6 9 , i n c a s h c r o t h e r i m m e d i a t e l y a v a i l a b l e f u n d s o r i n a l i k e f a c e a m o u n t o f T r e a s u r y b i l l s m a t u r i n g A u g u s t 7, 1 9 6 9 . C a s h 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 ju s tm e n ts w ill b e m a d e fo r 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 i n 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 fr o 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 fr o m t h e s a 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 tr e a tm e n t, a s su ch , u n d er th e In 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 a re su b je c t to esta te , in h e r ita n c e , g ift or o th e r e x c is e ta x es, w h e th e r F e d e r a l or S ta te , b u t a re e x e m p t fr o m a ll ta 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 o r in te r e s t th 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 , or 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 s e s o f ta x a tio n t h e a m o u n t o f d is c o u n t a t w h ic h T r e a s u r y b ills a re o r ig 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 te 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 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 th 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 re s o ld is n o t c o n s id e r e d to 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 th e r w is e d is p o s e d o f, a n d s u 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 , th 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 ) is s u 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 t a x r e tu r n o n ly t h e d if f e r e n c e b e t w e e n t h e p r ic e p a id fo r s u 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 it h e r u p o n s a le o r r e d e m p t io n a t m a t u r it y d u r in g t h e t a x a b le y e a r fo r w h ic h th 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 th 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 a c c o r d a n c e w ith th 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 a so , H o u s to n a n d S an A n to n io u p to tw e l v e - th ir ty p .m ., Central D j y l i g h t S av in g Time, M o n d a y , A u g u s t 4, 1 9 6 9 . T e n d e rs m a y n o t b e entered by telephone. Yours very truly, P. E. Coldw ell P re sid e n t LAST PREVIOUS OFFERING OF TREASURY BILLS A m o u n t, R a n g e a n d A p p ro x im a te Y ie ld o f A c c e p te d T e n d e r s 9 1 -D a y B ills D u e O c to b e r 30, 1 9 6 9 1 8 2 -D a y B ills D u e January 29, 1970 $ 2 ,6 4 2 ,5 6 9 ,0 0 0 ________ _____________________________ T o t a l A p p l i e d F o r --------------------------------------------------------------- $ 2 , 1 4 6 , 3 2 6 , 0 0 0 $ 1 , 6 0 0 , 3 4 3 , 0 0 0 . _ ___ _____ _____ ________ _____ _ _____ T o t a l A c c e p t e d ------------------------------------------------------------------ $ 1 , 1 0 0 , 3 2 4 , 0 0 0 P r ic e Y ie ld P r ic e Y ie ld 9 8 .1 9 4 . 7 .1 4 5 % _ _______________ _ _ . . H i g h --------------------------------------------9 6 . 3 1 9 ------------------------- 7 . 2 8 1 % 9 8 . 1 8 2 _______ 7 .1 9 2 % _____________________________ L o w _____________________ _____ . . 9 6 . 2 9 5 ________________ 7 . 3 2 9 % 9 8 .1 8 7 ..................... . 7 . 1 7 2 % ( 1 ) __________ _____ - . A v e r a g e -----------------------------------------9 6 . 3 0 3 ------------------------- 7 . 3 1 3 % (1 ) ( 1 ) T h e s e rales arc on a b ank discou nt basis. T h e eq u iv alent co u p o n issue yield s are 7 . 4 1 % for th e 9 1 -d a y bills, a n d 7 . 7 0 % for t h e 1 8 2 - d a y bills. ( S e e rev erse sid e for te n d er fo 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 May 8,1969 Maturing November 6,1969 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or— The____________________________ ___ Branch E l Paso 79999 H ouston 77001 San Antonio 78206 (Hate) P u rsu a n t to the provisions of T reasu ry D epartm ent Circular No. 418 (cu rren t revision) and th e provisions of the public announcem ent issued by the T reasury D epartm ent, the undersigned offers to purchase T reasu ry bills in the am ount shown below, and agrees to pay for the am ount allotted, on or before the issue date, by the method and a t the ra te 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. c. (rr * COMPETITIVE TENDERS (u Prices should be ex pressed on th e basis of 100, with not more than th r e e d ec im a l p la c e s, e. g., 99.925. Fractions m ust not be used. ? $ Ejgr5 TEND ERS MAY NOT BE E N TER ED BY TELEPH ON E. TEN D ERS BY W IRE, IF RECEIVED BEFO RE THE CLOSING HOUR, ARE ACCEPTABLE. P aym ent fo r this issue of bills cannot be made by credit to T reasury T ax and Loan Account. METHOD OF PAYMENT Denominations Desired N u m b e r of Pieces Maturity Value (a) $ (al $ (a $ (fit $ 1,000 $ 5,000 $ □ 10,000 $ 50,000 ? □ □ (a) $ 100,000 ? < ? 500,000 $ (? (fil $1 ,000,000 $ □ □ □ Charge our reserve account on payment date Draft enclosed (Effectual delivcrr of enclosed <lr«ft *hnll be on latest day which will permit presentment in order to obtain irrevocably collected funds rn p a y m e n t date) Delivery Instructions: □ By maturing bills held by______________________________ Payment to be made by_ (Subscriber’ full n a m e or corporate title) s Hold in Custody Account—Member banks for own account only Pledge to secure Treasury Tax and Loan Account Ship to___________________________ ------------------------------* ----------- (Address) By_ (Authorized official signature and title) (For the account of, ii tender is for another subscriber) * * “ (Address) IM PORTANT 1. No tender fo r less th an $1,000 will be considered and each tender m ust be fo r an am ount in m ultiples of $1,000 (m atu rity value). 2. Tenders should be forw arded in a n envelope clearly addressed to this bank or appropriate branch as Fiscal A gent of the U nited S tates, w ith notation on th e envelope reading “TEN D ER FOR TREA SU RY O FFE R IN G .” Since envelopes re ceived w ith th is legend will not be opened until a fte r the closing time specified in the public announcement, communi cations relating to other m a tte rs should not be enclosed. Envelopes fo r subm itting tenders m ay be obtained from this bank or ap p ro p riate branch. 3. A ny qualified o r conditional ten der will be rejected. 4 I f a corporation makes the tender, th e form should be signed by an officer of th e corporation authorized to make the ’ tender and the signing 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 ten der is m ade by a partnersh ip it should be signed by a m em ber of the firm, who should sign in the form “.............................................., a copartnership, by ................................ .................................... ......................., a member of th e firm.” 5. Tenders from those other th an incorporated banks and tru s t companies or responsible and recognized dealers in invest m ent securities will be disregarded, unless accompanied by a deposit of 2 percent of the to tal am ount (m aturity value) of the T reasury bills applied for, or unless the tenders are accompanied by an express g u aran ty of full paym ent by an incorporated bank or tr u s t company. 6. If the language of this form is changed in any respect, which, in the opinion of the S ecretary of th e T reasury is m ate rial, th e tender m ay be disregarded. (See reverse for announcement)
@FedFRASER