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F ed e r a l R e s er v e Ba n k o f D alla 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 7 5 2 2 2
NEW OFFERING — TREASURY BILLS
Circular No. 74-285
October 25, 1974

To All Bonking institutions and Others Concerned
in the Eleventh Federal Reserve District:

CEt^ASE

OBSERVE

CLOSING

13A T E — FRID AY,

NOVEMBER

1 1974
,

Your attention is invited to the following statement giving details of two issues of Treasury bills:
The Department of the Treasury, by this public notice, invites tenders for two series of Treasury bills to the aggregate
amount of $4,800,000,000, or thereabouts, to be issued November 7, 1974, at follows:
91-DAY BILLS (to maturity date) in the amount of $2,700,000,000, or thereabouts, representing an additional
amount of bills dated August 8, 1974, and to mature February 6, 1975 (CUSIP No. 912793 VU7), originally
issued in the amount of $2,006,960,000, the additional and original bills to be freely interchangeable.
182-DAY BILLS for $2,100,000,000, or thereabouts, to be dated November 7, 1974, and to mature May 8, 1975
(CUSIP No. 912793 WH5).
The bills will be issued for cash and in exchange for Treasury bills maturing November 7, 1974, outstanding in the amount
of $4,556 850,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and inter­
national monetary authorities, presently hold $2,620,690,000. These accounts may exchange bills they hold for the bills now
being offered at the average prices of accepted tenders.
The bills will be issued on a discount basis under competitive and noncompetitive bidding, and at maturity their face
amount will be payable without interest. They will be issued in bearer form in denominations of $10,000, $15,000, $50,000,
$100,000, $500,000 and $1,000,000 (maturity value), and in book-entry form to designated bidders.
Tenders will be received at Federal Reserve Banks and Branches up to one-thirty p.m., Eastern Standard Time,
Friday, November 1, 1974. Tenders will not be received at the Department of the Treasury, Washington. Each tender must be
for a minimum of $10,000. Tenders over $10,000 must be in multiples of $5,000. In the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used.
Banking institutions and 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 may submit tenders
for account of customers provided the names of the customers are set forth in such tenders. Others will not be permitted to
submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied
by payment of 2 percent of the face amount of bills applied for, unless the tenders are accompanied by an express guaranty of
payment by an incorporated bank or trust company.
Public announcement will be made by the Department of the Treasury of the amount and price range of accepted bids.
Those submitting competitive tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for each issue for $200,000 or less without stated price from any
one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids for the respective
issues. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank
or Branch on November 7, 1974, in cash or other immediately available funds or in a like face amount of Treasury bills matur­
ing November 7, 1974. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences
between the par value of maturing bills accepted in exchange and the issue price of the new bills.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954 the amount of discount at which bills
issued hereunder are sold is considered to accrue when the bills are sold, redeemed or otherwise disposed of, and the bills are
excluded from consideration as capital assets. Accordingly, the owner of bills (other than life insurance companies) issued
hereunder must include in his Federal income tax return, as ordinary gain or loss, the difference between the price paid for the
bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made.
Department of the Treasury Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury Bills
and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

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 Standard Time, Friday, November 1, 1974. Tenders may
not be entered by telephone.
Yours very truly,
P. E. Coldwell
President

F ig u re s c o n c e r n i n g o f f e r i n g o f 91 - 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 3 0 , 1 9 7 5 , a n d 1 8 2 - D a y T r e a s u r y Bills m a t u r i n g M a y 1,
1 9 7 5 , 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)

CLOSING
TIME

1 2 :3 0 P.M ., C E N T R A L S T A N D A R D TIM E, F R ID A Y , N O V E M B E R 1, 1974
.

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_______________________________________

TENDER FOR ADDITION TO TREASURY BILLS
SECURITY
OFFERED

91 DAYS TO MATURITY
Dated August 8,1974

Maturing February 6,19'

Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions
the public announcement issued by the Department of the Treasury, the undersigned offers to purchase Treasury bills I
the amount shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at tt»
rate indicated.
N O N C O M P E T IT IV E T E N D E R $_
JVOT TO E X C E E D $200,OP

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Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the averal*
price (in three decimals) of accepted competitive bids.

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OTHER THAN BANKS:
□ By Cashier’s Check
□ By Certified Personal Check
□ By Federal Funds Draft
□ By Securities Submitted

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Prices should i
expressed on tl
basis of 100, wif
not more than thrn
decimal places, e l
99.925. Fractiol
must not be use4

BANKS ONLY:
□
□
□

By charge to our reserve account on payment
date
By draft enclosed.
By charge to our correspondent:

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(Description)

I 2

ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK

(A written authorization for such charge should
be provided from your correspondent.)
FEDERAL RESERVE BANK ONLY:

Bearer Securities (will be shipped to address at lower
right unless indicated otherwise):
$10,000

$15,000

$50,000

$100,000

$500,000

$1 Mil.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:

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DUE FROM SUBSCRIBER:

Send to:_

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Book-entry (Banks only — indication of pieces not
necessary):
01 General Account

□

04 Pledged to Secretary
of Treasury

□

12 Investment Account

□

13 Trust Account

<5

£_____________________

□ -------------------------------TOTAL $_

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(N am e of Subscriber)

02 Treasury Tax and
Loan Collateral

□
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PLEASE PRINT OR TYPE (The information belo«
will be used in delivery of securities.)

(Street Address)
(City, State, Zip Code)
(Signature and title, i f applicable)

BANKS ONLY:
it
For the account o f , }
if tender is for
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another subscriber f
iber

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiple*
$5,000 (maturity value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since enveloj
received with this legend will not be opened until after the closing time specified in the public announcement, comnrf
cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from
bank or appropriate branch.
Any qualified or conditional tender will be rejected.
If a corporation makes the tender, the form should be signed by an officer of the corporation authorized to make
tender and the signing of the form by an officer of the corporation will be construed as a representation by him thal
has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm,
should sign in the form “__________________________ , a copartnership, b y ------------------------------------------------a member of the firm.”
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in inf
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity va
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment W
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 Treasufl
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