View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

federa l

R eser ve Ba n k 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 75222
C ircular 73 -66
M a rch 2 7 , 1973

NEW OFFERING — TREASURY BILLS
To All B a n k in g Institutio ns a n d O th e r s C o n c e r n e d
in t h e E lev enth F e d e r a l R eserve District:
Y our a t t e n t i o n is in v ite d to t h e f o llo w in g s t a t e m e n t g iving 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 T r ea su ry D e p a r tm e n t, b y th is p u b lic n o tic e , in v ite s ten d e rs for tw o series o f T r ea su ry b ills to t h e a g g reg a te a m o u n t
o f $ 4 ,2 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, for ca sh a n d in e x ch a n g e for T reasu ry b ills m a tu rin g A p ril 5, 1 97 3 , in th e a m o u n t o f
$ 4 ,2 0 2 ,7 9 0 ,0 0 0 , a s fo llow s:
9 1 - D A Y B I L L S ( t o m a tu rity d a te ) to b e issu ed A p ril 5, 1973, in th e a m o u n t o f $ 2 ,4 0 0 ,0 0 0 ,0 0 0 , or th erea b ou ts,
rep resen 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 Jannuary 4, 197 3, a n d to m a tu re J u ly 5, 19 7 3 ( C U S I P N o .
9 1 2 7 9 3 R J 7 ) , o rig in a lly issu ed in th e a m o u n t o f $ 1 ,9 0 1 ,1 0 5 ,0 0 0 , t h e a d d itio n a l a n d orig in a l b ills to b e freely
in terch a n g ea b le.
1 8 2 -D A Y B I L L S fo r $ 1 ,8 0 0 ,0 0 0 ,0 0 0 , or th erea b o u ts, to b e d a te d A p ril 5, 19 73 , a n d t o m a tu re O ctob er 4 , 1973
(C U S IP N o. 912793 R X 6 ).
T h e b ills o f b oth se ries w ill b e issu ed o n a d isco u n t b a sis 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 s h erein a fter
p rov id ed , an d a t m a tu rity their 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 o n ly , an d in
d en 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 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 re c e iv e d a t F ed e r a l R e s e r v e B a n k s a n d B ra n c h e s u p to th e c lo sin g hour, o n e-th irty p .m ., E a ste rn
S ta n d a rd tim e , M o n d a y , A p ril 2, 1973. T e n d e r s w ill n o t b e rece iv ed a t th e T rea su ry D e p a r tm e n t, W ash in g ton .
E ach
ten d er m u s t be for a m in im u m o f $ 1 0 ,0 0 0 . T e n d e r s o v e r $ 1 0 ,0 0 0 m u st b e in m u ltip le s o f $5 ,00 0. In t h e ca se o f c o m p e titiv e
ten d ers th e p ric e offered m u st b e ex p ressed o n t h e b a sis o f 1 00, w ith n o t m ore 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 . It is u rged th a t ten d e rs b e m a d e o n th e p rin te d fo rm s an d forw arded in t h e sp e c ia l e n v e lo p e s w h ich w ill b e
su p p lied b y F e d e r a l R e s e r v e B a n k s or B r a n c h e s o n a p p lic a tio n therefor.
B a n k in g in stitu tio n s g en era lly m a y su b m it ten d e rs for a c c o u n t o f cu sto m ers p ro v id e d t h e n a m e s o f t h e cu sto m ers are
s e t forth in su ch ten ders. O th er th a n b an k in g in stitu tio n s w ill n ot b e p er m itte d to su b m it ten d ers e x c e p t for th e ir o w n a ccou n t.
T e n d er s w ill b e re c e iv e d w ith o u t d ep o sit from in corp ora ted b a n k s and tru st c o m p a n ie s a n d from resp o n sib le a n d reco g n ized
d ea lers in in v e stm e n t secu rities. T e n d e r s from o th e rs m u st b e a cco m p a n ied b y p a y m e n t o f 2 p er c e n t o f th e fa c e a m o u n t o f
T rea su ry b ills a p p lie d for, u n less t h e ten d e rs a re a c c o m p a n ie d b y a n exp ress gu a ra n ty o f p a y m e n t b y a n in corp o ra ted b an k or
tru st com p a n y .
I m m e d ia te ly a fte r t h e clo sin g hour, te n d e r s w ill b e o p e n e d a t th e F ed e r a l R e s e r v e B a n k s an d B ran ch es, fo llo w in g w h ich
p u b lic a n n o u n c em en t w ill b e m a d e b y t h e T r ea su ry D e p a r tm e n t o f t h e a m o u n t a n d p rice range o f a c c e p te d bids. O n ly th o se
su b m ittin g c o m p e titiv e ten d ers w ill b e a d v ise d o f t h e a c c e p ta n c e o f rejectio n th ereo f. T h e S ecretary o f t h e T r ea su ry ex p ressly
reserves th e rig h t t o a c c e p t or reject a n y or a ll ten d ers, in w h o le or in part, an d h is a c tio n in a n y such r e s p e c t sh all b e final. S u b ­
je c t to th e se reserva tion s, n o n c o m p e titiv e ten d ers for each issu e fo r $ 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 ccep ted in fu ll a t th e a vera g e p rice ( in th ree d e c im a ls) o f a cc e p te d c o m p e titiv e b id s for th e r e s p e c tiv e issu es. S e ttle m e n t for
a ccep ted ten d e rs in a ccord an ce w ith t h e b id s m u s t b e m a d e or c o m p le te d a t th e F ed era l R e s e r v e B a n k o n A p ril 5, 1973,
in cash or other im m e d ia te ly a v a ila b le fu n d s or in a lik e fa ce am ou n t o f T rea su ry b ills m a tu rin g A p ril 5, 1973. C ash an d
ex ch a n g e ten d ers w ill r ece iv e eq u al trea tm en t. C ash a d ju stm en ts w ill b e m a d e for d ifferen ces b e tw e e n th e p ar v a lu e o f m atu 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 e w b ills.
U n d er S e c tio n s 4 5 4 ( b ) an d 1 2 21 ( 5 ) o f t h e In tern a l R e v e n u e C o d e o f 1 9 5 4 t h e a m o u n t o f d isco u n t a t w h ich b ills issu ed
h ereu n d er are sold is co n sid ered to accru e w h en t h e b ills are sold , red eem ed or o th e rw ise d isp o sed of, an d t h e b ills a re ex clu d ed
from con sid era tio n as ca p ita l assets. A cco rd in g ly , t h e o w n er o f T r ea su ry b ills ( o th e r th a n life insu ran ce c o m p a n ie s) issu ed h ere­
u nd er m u s t in clu d e in h is in co m e tax return, a s ord in ary g a in 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 origin al issu e or on su b seq u e n t purch ase, a n d t h e a m o u n t a c tu a lly re c e iv e d e ith er u p o n sa le or r e d e m p tio n a t m a tu r ity du rin g
t h e ta x a b le y e a r for w h ich t h e return is m ade.
T rea su ry D e p a r tm e n t C ircular N o . 4 1 8 (c u rren t re v is io 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 overn th e c o n d itio n s o f th e ir issu e. C o p ies o f t h e circular m a y b e o b ta in e d from a n y F ed e r a 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 th 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 w ill 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 ouston 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 Time, M o n d a y , April 2, 1 9 73. T e n d e rs m a y n o t
be e n t e r e d b y t e l e p h o n e .
Y ours v e r y truly,
P. E. C o ld w e ll
________________

P re s id 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
3 -M o n th B ills
D u e J u n e 2 8, 1 9 7 3
$ 3 ,6 5 6 ,1 8 5 ,0 0 0
$ 2 ,4 0 0 ,7 8 0 ,0 0 0 -------------------------------------------------P r ic e
9 8 .4 3 0 -----9 8 .4 1 0 --------------9 8 .4 2 0 ..........

6 -M o n th B ills
D u e S e p te m b e r 27 , 1973
$ 4 ,6 2 3 ,9 0 0 ,0 0 0
.T o ta l A p p lie d F o r ________________________
T o ta l A c c e p te d _____________________________________ $ 1 ,8 0 6 ,1 3 5 ,0 0 0

Y ie ld
P r ic e
6 .2 1 1 % ---------------------------------------------- H ig h ___ _____
J 9 6 . 6 5 7 ________
6 .2 9 0 % ___
L o w ____ ___
9 6 .6 4 4 __________
6 .2 5 1 % ( 1 ) ------------------------ ---- — A v e r a g e ----------------------------------- 9 6 .6 4 7 .................

Y ie ld
6 .6 1 3 %
_ 6 .6 3 8 %
6 .6 3 2 % ( 1 )

( 1 ) T h e s e r a t e s a r e o n a b a n k d is c o u n t b a sis. 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 6 . 4 4 % f o r t h e 3 - m o n th b ills a n d 6 . 9 6 % for
t h e 6 - m o n th b ills.

( e r v r ef rt n e f r )
S e ees o e d r o m

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

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated April 5, 1973

Maturing October 4 ,1 9 7 3

To: Federal R eserve Bank, Station K, Dallas, T exas 75222
or —
T he-----------------------------------------Branch
El Paso 79999 Houston 77001

_______________

San Antonio 78295

(D ata)

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

NONCOMPETITIVE T E N D E R $______________________ __ _________________ NOT TO E X C E E D $200,000
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 th e
basis of 100, with
1$
?
COMPETITIVE T E N D E R S
__________________ @ ____________$_________________________
not more than three
$
decimal places, e.g.,
r
/i!
99.925. F ra c tio n s
@
*
m ust not be used.

()
n
()
n

h
n

tenders

may not be accepted

b y t e l e p h o n e , t e n d e r s b y w ir e , i f r e c e iv e d b e f o r e t h e

CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
N om ber o f

piecea

Maturity

.(a $

V a l u e

10,000 ?-

(ft) $

Payment for this issue of bills cannot be made by
credit to Treasury Tax and Loan Account.
METHOD OF PAYMENT

15,000 $-

□
□

C h arg e ou r r e se r v e a ccou n t on p a y m e n t
d a te

I

M $ 500,000 *
.(ft $1 ,000,000

P a y m e n t to be m ad e by_

□

50,000 $<5} ?
-< ) $ 100,000 $S

B y m a tu r in g b ills
held b y-------------------------------------

I D r a f t e n c l o s e d (E ffe c tu a l d e liv e ry o f enclosed d r a f t
s h a ll be o n la t e s t d a y w h ic h w ill p e r m i t p r e s e n t m e n t
in o r d e r t o o b t a i n i r r e v o c a b l y c o lle c te d f u n d s o n p a y -

D e liv e r y I n s t r u c t io n s :
□
□

H old in C u sto d y A ccou n t M em ber
ban k s f o r o w n a cco u n t o n ly

mcnt date)
( S u b s c r i b e r ' s f u l l n a m e o r c o r p o r a t e title )

_____________________________________________
(A ddress)

P le d g e t o secu re T re a su r y T a x and
L oan A cco u n t

B y ______

S h ip t o — _ ---------------------------------------

--------------

( A u t h o r i z e d o f f i c ia l s i g n a t u r e a n d t i t l e )

□

( F o r t h e a c c o u n t o f, if t e n d e r is f o r a n o t h e r s u b s c r i b e r )

(A ddress)

IMPORTANT
1. No tender for less than $10,000 will be considered and each tender over $10,000 m ust 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 th is
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 a t 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 1
, a copartnership, by
----------------------------------------------------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 T reasury is
m aterial, the tender may be disregarded.
(See reverse for announcement)

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