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F E D E R A L R E S E R V E B A N K O F D A LL A S
F IS C A L A G E N T O F T H E UN ITED S T A T E S
DALLAS, TEXA S 7 5 2 2 2
NEW OFFERING — TREASURY BILLS
C ircular N o . 74-3 1 1
N o v e m b e r 19, 1 9 7 4
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 t h e E le v en th F e d e r a l R e serv e District:
Y our a t t e n t i o n is in v ited to t h e f o llo w in g s t a t e m e n t giving d e t a il s o f t w o is s u e s o f T re a s u ry bills:
T h e D e p a r tm e n t o f t h e T rea su ry , b y th is p u b lic n o tic e, in v ite s ten d e rs for tw o se ries o f T r ea su ry b ills to t h e a g g reg ate
a m o u n t o f $ 4 ,9 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, to b e issu ed N o v e m b e r 29 , 1 97 4 , as fo llo w s:
9 0 - D A Y B I L L S ( t o m a tu rity d a te ) in th e a m o u n t o f $ 2 ,8 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, rep resen tin g an a d d itio n a l
a m o u n t o f b ills d a ted A u g u st 29, 19 74 , an d to m atu re F eb ru ary 27, 19 75 , ( C U S I P N o . 9 1 2 7 9 3 V X 1 ) , orig in a lly
issu ed in th e a m o u n t o f $ 2 ,0 0 3 ,5 7 5 ,0 0 0 , th e a d d itio n a l and origin al b ills to b e fr e e ly in terch a n g ea b le.
1 8 1 -D A Y B I L L S for $ 2 ,1 0 0 ,0 0 0 ,0 0 0 , or th erea b o u ts, t o b e d a te d N o v e m b e r 29, 197 4, an d to m a tu re M a y 29 , 1975
(C U S IP N o. 912793 W L 6 ).
T h e b ills w ill b e issu ed for cash a n d in ex ch a n g e for T rea su ry b ills m a tu rin g N o v e m b e r 29, 19 74 , o u tsta n d in g in t h e
a m o u n t o f $ 4 ,7 0 5 ,9 9 0 ,0 0 0 , o f w h ich G o v ern m en t a ccou n ts an d F ed era l R e s e r v e B a n k s, for th e m s e lv e s a n d a s a g e n ts o f fo reign
an d in tern atio n al m o n e ta ry a u th o rities, p r e s e n tly h o ld $ 2 ,6 5 7 ,1 2 0 ,0 0 0 . T h e s e a cco u n ts m a y ex ch a n g e b ills t h e y h o ld for t h e
b ills n ow b ein g offered a t th e a vera g e p rices o f a cc e p te d tenders.
T h e b ills w ill b e issu ed o n a d isco u n t b asis u n d 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 n d a t m a tu rity th e ir fa ce
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 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 an d $ 1 ,0 0 0 ,0 0 0 (m a tu r ity v a l u e ) , a n d in b ook -en try form t o d esig n a ted bidders.
T e n d e r s w ill b e re 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 an d B r a n c h e s u p to o n e-th irty p.m ., E a ste rn S tan d ard T im e ,
M o n d a y , N o v e m b e r 25, 1974. T e n d er s w ill n o t b e re c e iv e d a t th e D e p a r tm e n t o f t h e T reasu ry , W ash in g to n . E a c h ten d e r m u st b e
for a m in im u m o f $ 1 0 ,0 0 0 . T e n d er s o v er $ 1 0 ,0 0 0 m u st b e in m u ltip le s o f $ 5,0 00 . In th e ca se o f c o m p e titiv e ten d e rs t h e p rice
offered m u s t be exp ressed o n th e b asis o f 100, w ith n o t m o re th a n th r ee d ecim a ls, e.g., 9 9 .9 2 5 . F ra ctio n s m a y n o t b e used.
B a n k in g in stitu tio n s a n d d ea lers w h o m a k e p rim ary m a rk ets in G o v ern m en t se cu rities a n d report d a ily to t h e F ed era l
R e s e r v e B a n k o f N e w Y o rk their p o sitio n s w ith resp ect to G o v ern m en t secu rities an d borrow ings th e reo n m a y su b m it ten d ers
for a cco u n t o f cu sto m ers p ro v id ed th e n a m e s o f th e cu sto m ers a re se t forth in su ch tenders. O thers w ill n ot b e p erm itted to
su b m it ten d e rs e x c e p t for th e ir o w n accou n t. T e n d er s w ill b e rece iv ed w ith o u t d e p o sit from in corp o ra ted b a n k s a n d trust
c o m p a n ie s and from resp o n sib le an d recog n ized d ealers 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 acco m p a n ied
b y p a y m e n t o f 2 p ercen t o f th e fa ce a m o u n t o f b ills a p p lie d for, u n le ss th e ten d e rs are a cco m p a n ied b y a n ex p ress g u aran ty o f
p a y m e n t b y a n in corp orated bank or tru st co m p a n y .
P u b lic a n n o u n c em en t w ill b e m a d e b y th e D e p a r tm e n t o f th e T rea su ry o f t h e a m o u n t a n d p r ice ran ge o f a c c e p te d bids.
T h o s e 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 t h e accep ta n ce or rejectio n th ereof. T h e S ecreta ry o f t h e T reasu ry
ex p ressly reserves th e right to a c c e p t or reject a n y or all ten ders, in w h o le or in part, an d h is a ctio n in a n y su ch resp ect sh all b e
final. S u b je c t 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 cc e p te d in fu ll a t t h e av era g e p rice ( i n th r e e d e c im a ls) o f a c c e p te d c o m p e titiv e b id s for t h e re sp e c tiv e
issu es. S e ttle 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 leted a t th e F ed era l R e s e r v e B a n k
or B ran ch on N o v e m b e r 2 9 , 1974, in cash or o th e r im m e d ia te 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 rea su ry b ills m atu r
in g N o v e m b e r 29, 1974. C ash an d ex ch a n g e ten d e rs w ill r ece iv e eq u a l trea tm en t. Cash a d ju stm en ts w ill b e m a d e for d ifferen ces
b e tw e e n t h e par v a lu e o f m a tu rin g b ills a cc e p te d in ex ch a n g e a n d th e issu e p rice o f t h e n ew bills.
U n d e r S e c tio n s 4 5 4 ( b ) and 1221 ( 5 ) o f t h e In tern al R e v e n u e C od e o f 1 9 5 4 th e a m o u n t o f d isc o u n t a t w h ich b ills
issu ed h ereu n d er are sold is con sid ered t o accru e w h en th e b ills are sold, red eem ed or o th e rw ise d isp o sed o f, an d th e b ills are
ex clu d ed fro m con sid era tio n a s ca p ita l assets. A cco rd in gly, t h e ow ner o f b ills ( o th e r th a n life in su ran ce c o m p a n ie s) issu ed
h ereu n d er m u st in clu d e in h is F ed era l in co m e ta x return, a s ord inary gain or loss, th e d ifferen ce b e tw e e n t h e p rice p a id for th e
b ills, w h eth er on orig in al issu e or o n su b seq u e n t purch ase, a n d th e a m o u n t a ctu a lly r e ce iv ed e ith e r u p o n sa le or r ed em p tio n a t
m a tu rity du rin g t h e ta x a b le y ea r for w h ich t h e return is m ade.
D e p a r tm e n t o f t h e T rea su ry Circular N o . 4 1 8 (cu rren t r ev isio n ) an d th is n o tic e, p rescrib e t h e term s o f t h e T r ea su ry B ills
an d g ov ern t h e co n d itio n s o f th eir issue. C o p ies o f t h e circu lar m a y b e o b ta in ed from a n y F ed era 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 , t e 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 ,
Houston a n d S an A n to n io u p to tw e l v e - th ir ty p .m ., C e n tral S t a n d a r d Tim e, M o n d a y , N o v e m b e r 2 5 , 1 9 74. T e n d e rs m a y
not b e e n t e r e d b y t e l e p h o n e .
F e d e r a l R e serv e B a n k o f D a lla s
Fiscal A g e n t o f t h e U nited S tates
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 er s
13 -W eek B i l l s
2 6 -W e e k B ills
D u e F eb ru ary 20 , 1975
D u e M a y 22, 1975
$ 3 ,8 7 4 ,5 6 5 ,0 0 0
T o ta l A p p lie d F o r ___________________________________ $ 3 ,6 8 5 ,5 1 5 ,0 0 0
$ 2 ,8 0 0 ,0 6 5 ,0 0 0 ------------------------------------------------ ------- T o t a l A c c e p te d ______________________________
$ 2 ,1 0 0 ,6 0 5 ,0 0 0
P r ic e
R a te
P r ic e
R a te
9 8 .1 2 9
7 .4 0 2 % ---------------------------------------------H ig h ------------------------------------ 9 6 .2 5 8 ______________ 7 .40 2%
9 8 .0 8 6
7 .5 7 2 % -------------------------------------L o w ______________ ______9 6 .2 3 4 ______________7 .44 9%
9 8 .0 9 7
7 .5 2 8 % ( 1 ) ----------------------A v e r a g e ------- -------------- 9 6 .2 4 5 - ________
7 .4 2 7 % ( 1 )
y ) ^ h e s e ,ra^ ^ a r e o n a b a n k d is c o u n t b a s is ' T h e e q u iv a le n t c o u p o n issu e y ie ld s a r e 7 . 7 8 % fo r th e 1 3 -w eek b ills, a n d 7 . 8 2 % for
t h e 2 6 - w e e k h ills .
(See reverse for tender form )
1
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, MONDAY, NOVEMBER 25, 1974
TENDER FOR TREASURY BILLS
S E C U R IT Y
OFFERED
181 DAYS TO MATURITY
J
D ated N o v e m b e r 29, 1974
M atu rin g M ay 2 9 , 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
the amount shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at th
rate indicated.
N O N C O M P E T IT IV E T E N D E R $_
JNTOT TO E X C E E D $200
s
n
N o n c o m p e t i t i v e t e n d e r s f o r $ 2 0 0 ,0 0 0 o r l e s s f r o m a n y b id d e r, w it h o u t s t a t e d p r ic e , w i l l b e a c c e p t e d in f u l l a t t h e avers?
p r ic e ( in th 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.
o
Prices should 1
expressed o“n
basis of 100, *>1
not more than thi^
decimal places, ei
99.925. Fractio*
must not be use.
w
CL,
(ft)
(3)
Cri)
@
C O M PETITIV E T E N D E R S x $
$
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$-------------------------------
I
OTHER THAN BANKS:
□ By Cashier’s Check
□ By Certified Personal Check
□ By Federal Funds D raft
□ By Securities Submitted
DM
iK §{ L
BANKS ONLY:
□
□
□
(D escription)
ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK
By charge to our reserve account on paym ent
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 ,0 00
$15 ,0 00
$50,000
$100,000
$50 0, 0 00
$1 M i l .
COST:
DEPOSIT:
DUE TO SUBSCRIBER:
G0
I
DUE FROM SUBSCRIBER:
Send to:-
J
O
§
H
><
o :D
£ ^ 2
H C o
Book-entry (Banks only — indication of pieces not
necessary):
PLEASE PRINT OR TYPE (The information belo*
will be used in delivery of securities.)
tH cq
□
01 General Account
M
W
►
□
02 Treasury Tax and
Loan Collateral
□
04 Pledged to Secretary
of Treasury
(C ity , S ta te , Z ip Code)
□
12 Investment Account
( S ig n a tu re a n d title , if app licab le)
s<
□
$--------------------------------
13 Trust Account
□ ---------------TOTAL $_
E
c
(S tre et A ddress)
BANKS ONLY:
F o r t h e a c c o u n t of,
i f t e n d e r is f o r
an o th er subscriber
No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiples'
$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 !*
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envelfij
received with this legend will not be opened until after the closing time specified in the public announcement, comm
cations relating to other m atters should not be enclosed. Envelopes for submitting tenders may be obtained from t'
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 ■
tender and the signing of the form by an officer of the corporation will be construed as a representation by him tha'
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, by --------------------------------- -------- .
a member of the firm.”
6. Tenders from those other than incorporated banks and tru st companies or responsible and recognized dealers in invH
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (m aturity val*
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment by1
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
m aterial, the tender may be disregarded.
(See reverse for announcement)
1.
o
( N a m e of S ubscriber)
@FedFRASER