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F ed er a l R eserve Ba n k o f Dallas
FISCAL. AGENT OF TH E UNITED STATES

DALLAS, TEXAS 75222

C irc u la r N o. 74-300
N o v e m b e r 7, 1974

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 fo llo w ing statem ent giving details of an issue o f Treasury bills:
T h e D epartm ent of the Treasury, b y this public notice, invites tenders for $2,000,000,000, or thereabouts, of 364-day
Treasury bills to be dated Novem ber 19, 1974, and to m ature N ovem ber 18, 1975 (C U S IP No. 912793 W V 4 ).
T h e bills will be issued for cash and in exchange for Treasury bills m aturing N ovem ber 19, 1974, outstanding in the amount
of $1,800,640,000, of which G overnm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign and inter­
national m onetary authorities, presently hold $1,134,740,000. T h e se accounts m ay exchange bills th ey hold for the bills now being
offered at the average price o f accepted tenders.
T h e bills w ill be issued on a discount basis under com petitive and noncom petitive bidding, and at m aturity their face
am ount will be payable w ithout interest. T h ey will be issued in bearer form in denom inations of $10,000, $15,000, $50,000,
$100,000, $500,000 and $1,000,000 (m aturity v a lu e ), and in book-entry form to designated bidders.
Tenders will be received a t Federal R eserve Banks and Branches up to one-thirty p.m., Eastern Standard T im e,
W ednesday, Novem ber 13, 1974. Tenders w ill not be received at the D epartm ent of the Treasury, W ashington. Each tender m ust
be for a m inim um of $10,000. Tenders over $10,000 m ust be in m ultiples of $5,000. In the case of com petitive tenders the
price offered m ust be expressed on the basis of 100, w ith not more than three decim als, e.g., 99.925. Fractions m ay not be used.
B anking institutions and dealers who m ake primary m arkets in G overnm ent securities and report daily to th e Federal
R eserve Bank of N ew York their positions with respect to G overnm ent securities and borrowings thereon m ay subm it tenders
for account of custom ers provided the nam es of the customers are set forth in such tenders. Others will not be perm itted to
subm it tenders except for their own account. Tenders w ill be received without deposit from incorporated banks and trust com ­
panies and from responsible and recognized dealers in investm ent securities. Tenders from others m ust be accom panied by
paym ent of 2 percent of the face am ount of bills applied for, unless the tenders are accom panied by an express guaranty of
paym ent by an incorporated bank or trust company.
P ublic announcem ent w ill be m ade b y the D epartm ent of the Treasury o f the am ount and price range of accepted bids.
T hose subm itting com petitive tenders w ill be advised of the acceptance or rejection thereof. T h e Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders, in w hole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncom petitive tenders for $200,000 or less w ithout stated price from any one bidder w ill be
accepted in full at the average price (in three decim als) of accepted com petitive bids. Settlem ent for accepted tenders in accor­
dance w ith the bids m ust be m ade or com pleted at the Federal R eserve Bank or Branch on N ovem ber 19, 1974, in cash or other
im m ediately available funds or in a like face am ount of Treasury bills maturing Novem ber 19, 1974. Cash and exchange tenders
w ill receive equal treatment. Cash adjustm ents w ill be m ade for differences betw een the par value of m aturing bills accepted
in exchange and the issue price of the new bills.
U nder Sections 45 4 ( b ) and 1221 ( 5 ) of th e Internal R evenue Code o f 1954 the am ount o f discount at which bills
issued hereunder are sold is considered to accrue when the bills are sold, redeem ed or otherwise disposed of, and the bills are
excluded from consideration as capital assets. Accordingly, the owner of bills (other than life insurance com panies) issued here­
under m ust include in his Federal incom e tax return, as ordinary gain or loss, the difference betw een the price paid for the bills,
whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption atm aturity during the taxable year for which the return is made.
D epartm ent of th e Treasury Circular No. 418 (current revision) and this notice, prescribe the term s of the Treasury bills
and govern the conditions of their issue. Copies of the circular m ay be obtained from any Federal R eserve B ank or Branch.

In accordance w ith the a b o v e announcement, tenders w ill be received a t this b a nk an d its branches a t Ei Paso,
Houston a n d San Antonio up to tw e lv e -th irty p .m ., Central Standard Time, W e d n es d a y, N ovem b er 13, 1974. Tenders
m a y not be entered b y telephone.
Federal Reserve Bank of Dallas
Fiscal A g en t o f the United States

(See reverse fo r te n d e r fo rm )

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

CLOSING
TIME

12:30 P.M., CENTRAL STANDARD TIME, W EDNESDAY, NOVEMBER 13, 1974

TENDER FOR TREASURY BILLS

SECURITY
OFFERED

364 DAYS TO MATURITY
Dated November 19, 1974

Maturing November 18, 1975

Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions of
the public announcement issued by the Department of the Treasury, 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 a t the
rate indicated.

0
h
—I

NONCOMPETITIVE TENDER $______________________________________

M
&
H

Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the average
price (in three decimals) of accepted competitive bids.
Prices should be
---------------------------expressed on the
---------------------------basis of 100, with
$
-@ COMPETITIVE TENDERS ($"
__________________
not more than three
_@ _
__________________
decimal places, e.g.,
-@ 99.925. F ra c tio n s
must not be used.

o

JNOT TO EXCEED $200,000

I

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h

OTHER
□ By
□ By
□ By
□ By

a*

g s

THAN BANKS:
Cashier’s Check
Certified Personal Check
Federal Funds D raft
Securities Submitted

BANKS ONLY:
□
□
□

(Description)

ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK

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

(A w ritten 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 otherw ise):
$10,000

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O
&
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SON

s i s

$15,000

$50,000

$100,000

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5

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

Book-entry (Banks only):
□

01 General Account

□

02 Treasury Tax and
Loan Collateral

$_

□

04 Pledged to Secretary
of Treasury
_

□

12 Investment Account

_

13 Trust Account

_

(N am e of Subscriber)
(S treet Address)

_

TOTAL $_

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DEPOSIT:

DUE FROM SUBSCRIBER:

Send to:

□ -------------- --

G
O

$1 Mil.

DUE TO SUBSCRIBER:

□

>1
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w
>*
J
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Q

$500,000

COST:

(City, State, Zip Code)
(Signature and title, if applicable)

BANKS ONLY:
For the account of, 1
it
if tender is for
r
another subscriber J
iber f

1. No tender for less than 810,000 will be considered and each tender over $10,000 must 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 signing of the form by an officer of the corporation will be construed as a representation by him th at 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, b y _______________________________________ _
a member of the firm.”
5. Tenders from those other than incorporated banks and tru st 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 (m aturity 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 tru st 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.

( e r v r ef r announc t)
S e ees o
emen

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