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F ed er a l r e s e r v e Ba n k o f D alla 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 75222
Circular No. 73-141
June 12, 1973

NEW OFFERING — TREASURY BILLS
To All Banking Institutions a n d Others Concerned
in the Eleventh Federal Reserve District:
Your a ttention is invited to the following sta te m e n t giving details of tw o issues of Treasury bills:
T h e T re a su ry D e p a rtm e n t, b y th is p u b lic notice, in v ites ten d e rs for tw o series of T re a su ry bills to th e agg reg ate a m o u n t
o f $4,200,000,000, or th ereab o u ts, for cash a n d in exchange for T re a su ry bills m a tu rin g J u n e 21, 1973, in th e a m o u n t of
$4,306,315,000, as follows:
91-D A Y B IL L S (to m a tu rity d a te ) to b e issued J u n e 21, 1973, in th e a m o u n t of $2,500,000,000, o r th ere ab o u ts,
re p re se n tin g an a d d itio n al a m o u n t of bills d a te d M a rc h 22, 1973, a n d to m a tu re S e p te m b e r 20, 1973 (C U S IP
No. 912793 R V 0 ) , o rig in ally issued in th e a m o u n t of $1,801,355,000, th e a d d itio n al a n d orig in al bills to be
fre ely in terch an g eab le.
182-DA Y B IL L S for $1,700,000,000, or th ere ab o u ts, to be d a te d J u n e 21, 1973, a n d to m a tu re D e c em b er 20, 1973
(C U S I P N o. 912793 S J 6 ) .
T h e bills o f b o th series will b e issued on a d isco unt basis u n d e r co 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 e re in a fte r
pro v id ed , a n d a t m a tu rity th e ir face a m o u n t will be p a y ab le w ith o u t in terest. T h e y will be issued in b e a re r fo rm only, a n d in
de n o m in a tio n s of $10,000, $15,000, $50,000, $100,000, $500,000 arid $1,000,000 (m a tu rity v a lu e ).
T e n d e rs will be receiv ed a t F e d e ra l R eserv e B a n k s a n d B ran ches u p to th e closing hour, o n e -th irty p.m ., E a s te rn
D a y lig h t S av ing T im e , M o nd ay, J u n e 18, 1973. T e n d e rs w ill n o t be received a t th e T re a su ry D e p a rtm e n t, W ashington. E a c h
te n d e r m u st b e fo r a m in im u m of $10,000. T e n d e rs over $10,000 m ust be in m u ltip les of $5,000. I n th e case of c o m p e titiv e
ten d e rs th e p rice offered m u st be expressed o n th e basis of 100, w ith n o t m o re th a n th re e decim als, e.g., 99.925. F ra c tio n s m ay
n o t b e used. I t is urg ed th a t te n d e rs be m ad e on th e p rin te d fo rm s a n d forw arded in th e special envelopes w hich w ill b e
su p p lie d by F e d e ra l R e se rv e B ank s or B ran ch es o n a p p lic a tio n therefor.
B a n k in g in stitu tio n s g enerally m ay su b m it te n d e rs fo r accoun t of custo m ers p ro v id ed th e n am es of th e c ustom ers a re
se t fo rth in such tend ers. O th ers th a n b an k in g in stitu tio n s w ill n o t be p e rm itte d to su b m it te n d e rs ex cep t for th e ir ow n account.
T e n d e rs will be receiv ed w ith o u t d ep o sit from in co rp o rated b a n k s and tr u s t com p an ies a n d fro m respon sible a n d recognized
d e ale rs in in v e stm e n t securities. T e n d e rs from o th ers m u st b e a ccom panied b y p a y m e n t of 2 p e rc e n t of th e face a m o u n t of
T re a s u ry bills a p p lie d for, unless th e te n d e rs a re a cco m p an ied b y a n express g u a ran ty of p a y m e n t b y a n in co rp o ra ted b a n k or
tru s t com pany.
Im m e d ia te ly a f te r th e closing h our te n d e rs will b e op en ed a t th e F e d e ra l R eserv e B a n k s a n d B ranch es, follow ing w hich
p u b lic a n n o u n ce m en t will be m ade by th e T re a su ry D e p a rtm e n t of th e a m o u n t a n d p rice ra n g e of acc ep te d bids. O nly those
s u b m ittin g c o m p e titiv e ten d e rs w ill b e ad v ised of th e acc ep ta n ce o r rejectio n thereof. T h e S e c retary o f th e T re a su ry expressly
reserv es th e rig h t to a cc ep t o r re je c t a n y o r a ll ten d ers, in w hole or in p a rt, a n d his a ctio n in a n y such re sp e c t sh all b e final. S u b ­
je c t to th ese reserv atio ns, n o n co m p etitiv e te n d e rs for each issue for $200,000 or less w ith o u t sta te d p rice fro m a n y one b id d e r w ill
b e a ccep ted in full a t th e average p rice (in th re e d e cim als) of a ccep ted c o m p e titiv e b ids for th e resp ectiv e issues. S e ttle m e n t for
a c c e p te d te n d e rs in accordance w ith th e bids m u st b e m ad e or c o m p leted a t th e F e d e ra l R e se rv e B a n k on J u n e 21, 1973,
in cash o r o th e r im m e d ia tely a v ailab le fu n d s o r in a like face a m o u n t of T re a su ry bills m a tu rin g J u n e 21, 1973. C ash a n d
exchange te n d e rs will receive equ al tre a tm e n t. C ash a d ju s tm e n ts w ill be m ad e for differences b e tw ee n th e p a r v alu e of m a tu rin g
bills acc ep te d in exchange a n d th e issue p rice of th e new bills.
U n d e r S ections 454 ( b ) a n d 1221 ( 5 ) of th e In te rn a l R e v en u e C ode of 1954 th e a m o u n t of d iscoun t a t w hich bills issued
h e re u n d e r a re sold is con sidered to accru e w h en th e bills a re sold, red eem ed or otherw ise disposed of, a n d th e b ills a re exclud ed
fro m co n sid eratio n as c ap ital assets. A ccordingly, th e ow ner of T rea su ry b ills (o th e r th a n life insuran ce c o m p an ies) issued here­
u n d e r m u st include in his incom e tax re tu rn , as o rd in ary gain or loss, th e difference betw een th e p rice p a id for th e bills, w h e th er
on original issue o r on su b seq u e n t p urchase, a n d th e a m o u n t a ctu a lly received e ith e r u p o n sale o r re d em p tio n a t m a tu rity d u rin g
th e tax ab le y e ar fo r w hich th e r e tu r n is m ade.
T re a su ry D e p a rtm e n t C ircu lar No. 418 (c u rre n t rev isio n ) a n d th is notice, p re sc rib e th e te rm s of th e T re a su ry b ills a n d
govern th e cond ition s of th e ir issue. C opies of th e c irc u lar m ay be o b ta in e d fro m a n y F e d e ra l R e se rv e B a n k o r B ranch.

In a ccordance with the a b o v e a n n o u n c e m e n t, tenders will b e received a t this b a n k a n d its bra n c h e s a t El Paso,
Houston a n d San Antonio up to tw elve-thirty p.m.. Central Daylight Saving Time, M o nd ay, Ju n e 18, 1973. Tenders m ay
not b e e n te re d by telepho ne.
Yours very truly,
P- E. Coldwell
President
LAST PREVIOUS OFFERING OF TREASURY BILLS
A m ount, R a n g e a n d A p p ro x im ate Y ield of A ccep ted T e n d e rs
3 -M o n th B ills
6-M o n th B ills
D u e S e p te m b e r 13, 1973
D u e D e c em b er 13, 1973
$3,578,100,000
T o ta l A p p lied F o r _________________________________ $3,213,940,000
$2,500,870,000
• « ----T o ta l A c c ep ted ___________________________________$1,700,355,000
P ric e
Y ield
P ric e
Y ield
98.213
7 .0 6 9 % -----------------------------. H ig h ....
96.392
7.137%
98.186
7 .1 7 6 % -------------------------------------------L ow _______________________ 96.3 68 _____________ 7.184%
98.198
7 .129% ( 1 ) __________________
A v erag e_____________________ 9 6 .3 7 4
.. 7,172% ( 1 )
( 1 ) T h e s e rates are on a b ank d iscou nt basis. T h e eq u iv a le n t cou p on issue y ie ld s are 7 .3 6 % for th e 3-m on th bills and 7 .5 5 % for
th e 6 - m o n th bills.

( S the Federal Reserve form
This publication was digitized and made available by e e reverse for tenderBank )of Dallas' Historical Library (FedHistory@dal.frb.org)

TENDER FOR TREASURY BILLS

182 DAYS TO MATURITY
Dated June 21, 1973

Maturing December 20,1973

To: Federal Reserve Bank, Station K, Dallas, Texas 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 a t the rate indicated.

NONCOMPETITIVE TENDER $

NOT TO EXCEED $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.
(r
.
c
Prices should be
expressed on th e
(ft)
i*
basis of 100, with
$
(ft)
COMPETITIVE TENDERS < $__________________ @ ------------------¥----------------------------------not more than three
$
¥
decimal places, e.g.,
(n)
'¥
¥
99.925. F ra c tio n s
¥
¥
@
must not be used.
TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
Number of
pieces

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

Maturity Value

() ¥
a,
() ¥
a,

10,000 ¥
15,000 ¥

□
□

50,000 ¥
fi $ 100,000 ¥
rl
0 ¥ 500,000 ¥
0, $l;,000,000 ¥
() ¥
a,

□

Charge our reserve account on payment
date
| | Draft enclosed (Effectual delivery of enclosed draft
shall be on latest day which will permit presentment
in order to obtain irrevocably collected funds on pay-

Delivery Instructions:
□
□
□
□
□

Hold in Custody — General Account
Hold in Custody — Investment Ac­
count
Hold in Custody — Trust Account
Pledge to secure Treasury Tax and
Loan Account

m date)
ent
(Subscriber’s fuff name or corporate title)

(Address)

___________________________________
(Authorized official signature and title)

_____________________________________

_

(F or the account of, if tender is for another subscriber)

Other----------------------------------------—

By maturing bills
held by__________
Payment to be made by_

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

(Address)

IMPORTANT

1. No tender for less than $10,000 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, 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