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federa l

R eserve Ban k

D allas

F IS C A L A G E N T O F T H E U N ITED S T A T E S

DALLAS, TEXAS 75222
C ircular N o . 7 3 -1 2 9
M a y 2 9 , 1973

NEW OFFERING — TREASURY BILLS
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 leventh F e d e r a l R e serv e District:
Y o u r a t t e n t i o n is in v ite d to th e f o llo w in g s t a t e m e n t g iving d e t a il s of tw o iss 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 otice, in v ite s ten d ers for tw o series o f T rea su ry b ills to th e a g g rega te a m o u n t
o f $ 4 ,2 0 0 ,0 0 0 ,0 0 0 , or th ereab o u ts, for cash an d in ex ch a n g e for T rea su ry b ills m a tu rin g J u n e 7, 1973, in t h e a m o u n t o f
$ 4 ,2 8 7 ,3 7 0 ,0 0 0 , a s follow 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 J u n e 7, 19 73 , in t h e a m o u n t o f $ 2 ,5 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 M arch 8, 1 97 3, an d to m a tu re S e p te m b e r 6, 1973 ( C U S I P N o.
9 1 2 7 9 3 R T 5 ) , orig in a lly issu ed in t h e a m o u n t o f $ 1 ,8 0 0 ,4 9 0 ,0 0 0 , th e a d d itio n al and o rigin al b ills t o b e fr e e ly
in terch a n g ea b le.
1 8 2 -D A Y B I L L S fo r $ 1 ,7 0 0 ,0 0 0 ,0 0 0 , or th ereab ou ts, to be d ated J u n e 7, 197 3, a n d to m atu re D e c e m b e r 6, 1973
(C U S IP N o. 912793 S G 2 ).
T h e b ills o f b oth series w ill b e issu ed o n a d isco u n t b a sis under 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 after
p ro v id ed , an d a t m a tu rity th e ir fa ce am ou 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 b earer form o n ly , a n d 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 lu e ) .
T e n d e r s w ill b e r e ce iv ed a t F ed era l R e s e r v e B a n k s a n d B ra n ch es up to th e clo sin g hour, o n e-th irty p .m ., E a ste rn
D a y lig h t S a v in g tim e, M o n d a y , J u n e 4 , 1973. T e n d er s w ill not b e received a t th e T rea su ry D e p a r tm e n t, W a sh in gto n . E a ch
te n d e r m u s t b e fo r a m in im u m o f $ 10 ,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 ,00 0. In th e case o f c o m p e titiv e
t e n d e r s t h e p rice offered m u s t b e ex p ressed o n th e b a sis o f 100, w ith n ot 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 u sed . I t is urged th a t ten d ers b e m a d e o n th e p rin te d fo rm s and forw arded in th e sp ec ia l e n v e lo p e s w h ich w ill b e
su p p lie d b y F e d e r a l R e s e r v e B a n k s or B ra n c h e s o n a p p lica 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 cco u n t o f cu sto m ers p ro vid ed t h e n a m e s o f t h e cu sto m ers are
s e t fo rth in such tenders. O th ers th an b a n k in g in stitu tio n s w ill n ot b e p erm itted to su b m it ten d ers ex c e p t for th e ir o w n accou n t.
T e n d e r s w ill b e rece iv ed w ith o u t d ep o sit from in corp o rated b an k s and tru st co m p a n ie s an d from resp o n sib le an d reco g n ized
d e a le r s in in v e stm e n t secu rities. T e n d er s from others m u s t b e a cco 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
T r e a su r y b ills a p p lie d for, u n less t h e ten d e rs are a cco m p a n ied by a n exp ress guaran ty o f p a y m e n t b y a n in corp orated b a n 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, ten d e rs w ill b e o p en ed a t th e F ed era l R e s e r v e B a n k s and B ra n 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 th e a m o u n t and p rice range o f a cc 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 th e accep ta n ce or rejection th ereof. T h e S ecreta ry o f t h e T r ea su ry ex p ressly
r e s e r v e s t h 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 ole or in part, a n d h is a ctio n in a n y su ch resp ect sh a ll b e final. S u b ­
j e c t t o th e s e reserva tio n s, n o n c o m p e titiv e ten d e rs for ea ch issu e for $ 2 0 0 ,0 0 0 or le s s 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 c c e p te d in fu ll a t th e a v era g e p rice ( in th r ee 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 th e r e s p e c tiv e issu es. S e ttle m e n t for
a c c e p t e d ten d e rs in acco rd an ce w ith th e b id s m u st b e m a d e or co 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 J u n e 7, 1973,
in ca sh or o th er 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 a tu rin g Ju n e 7, 1973. C ash an d
e x c h a n g e ten d ers w ili r ece iv e eq u al trea tm en t. C ash a d ju stm en ts w ill be m a d e for d ifferen ces b e tw e e n th e par v a lu e o f m a tu rin g
b ills a c c 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 bills.
U n d e r S e c tio n s 4 5 4 ( b ) an d 1221 ( 5 ) o f th e In tern a l R e v e n u e C od e o f 1 95 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 so ld is co n sid ered to accru e w h e n t h e b ills are sold, re d e e m e d or o th erw ise d isp o sed of, and t h e b ills are ex clu d ed
fro m co n sid er a tio n a s ca p ita l assets. A cco rd in g ly , t h e o w n er o f Treasu.-y 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 n d er m u s t in clu d e in h is in co m e tax return, a s ord inary ga in or loss, th e d ifferen ce b e tw e e n th e p rice p a id for t h e b ills, w h eth er
o n orig in al issu e or o n su b seq u e n t p u rch ase, a n d th e a m o u n t a ctu a lly receiv ed eith er upon sa le or r ed em p tio n a t m a tu rity during
t h e ta x a b le yea r for w h ich th e retu rn is m ade.
T r ea su ry D e p a r tm e n t Circular N o . 4 1 8 (cu rren t re v is io n ) and th is n o tice, p rescrib e th 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 e ir issue. C o p ies o f t h e circular m a y b e o b ta in ed from a n y F ed e r a l R e s e r v e B a n k or Branch.

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 lv e - th ir ty p .m ., C e n tral D a y lig h t S a v in g Time, M o n d a y , J u n e 4, 1 9 73. 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 .
Y ours v e r y truly,
P. E. C oldw e ll
P re s id e n t
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m ou 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
3 -M o n th B ills
D u e A u g u st 3 0 , 1973
$ 3 ,4 5 0 ,2 6 0 ,0 0 0 __________________
$ 2 ,5 0 0 ,0 8 5 ,0 0 0 __________________
P r ic e
Y ie ld
9 8 .3 3 2 _____________ 6 .5 9 9 % _____
9 8 .2 8 9 _____________ 6 .7 6 9 % _____
9 8 .3 0 8 _____________ 6 .6 9 4 % ( 1 ) .

.-T ota l A p p lie d F or..
T o ta l A c c e p te d __
.-.High____
L o w ___
..A verage..

6 -M o n th B ills
D u e N o v e m b e r 29 , 1973
--------------------------------------- $ 3 ,5 6 3 ,0 4 0 ,0 0 0
--------------------------------------- $ 1 ,7 0 0 ,6 1 0 ,0 0 0
P r ic e
Y ie ld
----------- 9 6 .5 5 4 ______________ 6 .8 1 6 %
_______ 9 6 .5 1 8 __________
6 .8 87 %
_______ 9 6 .5 3 0 ______________ 6 .8 6 4 % ( 1 )

t h V 6T^ t h " ^ s a r e ° n 8 b a n k d i s c o u n t b a s i s - T h ® e q u i v a l e n t c o u p o n i s s u e y i e l d s a r e 6 . 9 0 %

(S ee reverse for te nd er form)

fo r t h e 3 - m o n t h bills a n d 7 . 2 1 %

for

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

TENT

I FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated June 7,1973

Maturing December 6 ,1 9 7 3

To: Federal Reserve Bank, Station K, Dallas, T exas 75222
or —
The__________________ ____ ____ Branch
El Paso 79999

Houston 77001

San Antonio 78295

(D a te )

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 at 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.
*
$
11
/ 1
¥

ift.
(a)

¥

@

¥

l$

<
n)

¥

¥

COMPETITIVE T E N D E R S

Prices should be
e x p ressed on the
basis of 100, with
not more than three
decimal places, e.g.,
99.925. F ra c tio n s
m ust not be used.

$

@

¥

TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
¥

10,000 $_

¥

15.000 $_

Payment for this issue of bills cannot be made by
credit to Treasury Tax and Loan Account.
METHOD OF PAYMENT
□ B y m a tu r in g bills
held b y__________________________________

¥

50.000 $_

□

P a y m e n t to be m a d e b y_______________

-@ ¥

100,000 $_
500,000 $_

□

¥

C harge our r e se r v e acco u n t on p a y m e n t
d a te

N n m b e r of
pieces

M a tu rity Y alue

|~| D r a f t enclosed

_® $ 1, 000,000 $_

( E f f e c tu a l d e liv e ry o f e nc lose d d r a f t
sh a ll b e o n l a t e s t d a y w h i c h will p e r m i t p r e s e n t m e n t
in o r d e r to o b t a i n i r r e v o c a b ly collected f u n d s o n p a y ­
m e n t d ate)

D eliv e r y In str u c tio n s:
□

Hold in C u stod y — General A cco u n t

□

Hold in C u stod y — I n v e s tm e n t A c ­
count

□

Hold in C u stod y — T ru st A cco u n t

□

(A ddress)

P le d g e to secu re T r e a su r y T a x and
Loan A cco u n t

□

( S u b s c r ib e r 's full n a m e o r c o rp o r a t e tit le )

O ther------------------------------------------------

By( A u t h o r i z e d of fi 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 , i f 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 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 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 “__________________________ , 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 Treasury is
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