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PLEASE OBSERVE CLOSING DATE — FRIDAY, DECEMBER 27, 1974 F e d e r a l r e s e r v e b a n k o f D a l l a 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. 74-349 D ecem ber 20, 1974 To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Your attention is invited to the following statement giving details of two issues of Treasury bills: T h e D epartm ent of the Treasury, by this public notice, invites tenders for two series of Treasury bills to the aggregate am ount of $4,900,000,000, or thereabouts, to be issued January 2, 1975, as follows: 91-D A Y B IL L S (to m aturity d ate) in the am ount of $2,700,000,000, or thereabouts, representing an additional am ount of bills dated October 3, 1974, and to m ature April 3, 1975 (C U S IP No. 912793 W C 6 ), originally issued in the am ount of $1,893,955,000, the additional and original bills to be freely interchangeable. 182-D A Y B IL L S for $2,200,000,000, or thereabouts, to be dated January 2, 1975, and to m ature July 3, 1975 (C U S IP No. 912793 X C 5). T h e bills w ill be issued for cash and in exchange for Treasury bills maturing January 2, 1975, outstanding in the am ount of $4,710,265,000, of which G overnm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign and international m onetary authorities, presently hold $2,706,370,000. T h ese accounts m ay exchange bills they hold for the b ills now being offered at th e average prices of 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 w ill be payable w ithout in terest T h ey w ill 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. T enders w ill be received at Federal R eserve I -'T\k and Branches up to one-thirty p.m., Eastern Standard Tim e, Friday, D ecem ber 27, 1974. Tenders w ill not be received at the D epartm ent of the Treasury, Washington. E ach 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 m ore than three decim als, e.g., 99.925. Fractions m ay not be used. B anking institutions and dealers who m ake primary markets in G overnm ent securities and report daily to the Federal R eserve B ank of N ew Y ork their positions w ith respect to G overnm ent securities and borrowings thereon m ay subm it tenders for account of custom ers provided th e nam es of the custom ers are set forth in such tenders. O thers w ill not be perm itted to subm it tenders except for their own account. Tenders w ill be received w ithout 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 b y paym ent of 2 percent o f the face am ount of bills applied for, unless the tenders are accom panied by an express guaranty of paym ent b y 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 h ose subm itting com petitive tenders w ill be advised o f the acceptance or rejection thereof. T h e Secretary of the Ti isury 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 each issue for $200,000 or less w ithout stated price from any one bidder w ill be accepted in fu ll a t th e average price (in three decim als) of accepted com petitive bids for th e respective issues. Settlem ent for accepted tenders in accordance w ith the bids m ust be m ade or com pleted at the Federal R eserve Bank or Branch on January 2, 1975, in cash or other im m ediately available iunds or in a like face am ount of Treasury bills matur ing January 2, 1975. Cash and exchange tenders w ill receive equal treatment. Cash adjustm ents w ill be m ade for differences b etw een the par value of maturing bills accepted in exchange and the issue price of the new bills. Under Sections 45 4 (b ) and 1221 ( 5 ) of the Internal R evenue Code of 1954 th e am ount of 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 o f bills (other than life insurance com panies) issued hereunder m ust include in his Federal incom e tax return, as ordinary gain or loss, the difference betw een the price paid for the b ills, whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption at m aturity during th e taxable year for which the return is made. D epartm ent of the Treasury Circular N o. 4 1 8 (current revision) and this notice, prescribe the term s of the Treasury B ills 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 with the above announcement, tenders will be received at this bank and its branches at El Paso, ouston and San Antonio up to twelve-thirty p.m., Central Standard Time, Friday, December 27, 1974. Tenders may ot be entered by telephone. Federal Reserve Bank of Dallas Fiscal Agent of the United States F i g u r e s c o n c e r n i n g o f f e r i n g o f 9 1 - D a y T r e a s u r y Bills m a t u r i n g M a r c h 2 7 , 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 J u n e 2 6 , ^75, 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 12:30 P.M., CENTRAL STANDARD TIME, FRIDAY, DECEMBER 27, 1974 TENDER FOR ADDITION TO TREASURY BILLS SECURITY OFFERED I 91 DAYS TO MATURITY D a ted O ctober 3, 1974 M atu rin g A p ril 3 A 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 J the amount shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at ^ rate indicated. N O N C O M P E T IT IV E T E N D E R $_______________________________________________ N OT TO E X C E E D $ 2 0 0 ,0 0 Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the aver*^ price (in three decimals) of accepted competitive bids. O K a. (4 s Prices should ^ expressed on basis of 100, not more than th * i decimal places, e-1 99.925. Fractitf? must not be use S I $ |$ $ fffi (a) OTHER THAN BANKS: □ By Cashier’s Check □ By Certified Personal Check □ By Federal Funds Draft □ By Securities Submitted c!. &» $ @ .. 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 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: DUE FROM SUBSCRIBER: Send to:_ Book-entry (Banks only — indication of pieces not necessary): □ 01 General Account □ 02 Treasury Tax and Loan Collateral □ 04 Pledged to Secretary of Treasury □ □ 12 Investment Account 13 Trust Account TOTAL $_ § 8 (N am e of Subscriber) $-------------------------------- □ -------------------------------- CO PLEASE PRINT OR TYPE (The information belo^ will be used in delivery of securities.) (Street Address) (City, State, Zip Code) (Signature and title, if applicable) BANKS ONLY: For the account of, if tender is for another subscriber -A 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 5 United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envel<?5 received with this legend will not be opened until after the closing time specified m the public announcement, comm’g 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 th:1 has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm. i ' should sign in the f o r m ----------------------------------------- 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 inV. ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity v»‘ of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment; ' 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 material, the tender may be disregarded. (Seereverseforannouncement)
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