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F e d er a l R es er v e Ba n k o f D a lla 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
C ircu lar No. 73-335
D e c em b er 21, 1973

NEW OFFERING — TREASURY SILLS
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 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 two series of T re a su ry bills to th e ag g reg ate a m o u n t
of $4,300,000,000, 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 a n u a ry 3, 1974, in th e a m o u n t of
$4,302,330,000, as follows:
91-D A Y B IL L S (to m a tu rity d a te ) to b e issued J a n u a ry 3, 1974, in th e a m o u n t of $2,500,000,000, o r th e re ­
a b o u ts re p rese n tin g a n a d d itio n al a m o u n t of bills d a te d O cto ber 4, 1973, a n d to m a tu re A p ril 4, 1974
(C U S I P No. 912793 T F 3 ) , orig in ally issued in th e a m o u n t of $1,800,960,000, th e a d d itio n al a n d original
bills to be freely interch ang eable.
183-D A Y B IL L S fo r $1,800,000,000, or th ere a b o u ts to be d a te d J a n u a ry 3, 1974, a n d to m a tu re J u ly 5, 1974
(C U S I P No. 912793 U D 6 ).
T h e b ills of b o th series w ill b e issued on a d iscou n t basis u n d e r c o m p e titiv e a n d n on co m p etitiv e b id d in g as h e re in a fte r
prov ided, a n d a t m a tu rity th e ir face a m o u n t w ill be p a y ab le w ith o u t in terest. T h e y will be issued in b e are r form only, a n d in
d en o m in atio n s of $10,000, $15,000, $50,000, $100,000, $500,000 a n d $1,000,000 (m a tu r ity v a lu e ).
T e n d e rs will be received a t F e d e ral R e serv e B a n k s a n d B ranches u p to th e closing hour, o n e -th irty p.m., E a ste rn
S ta n d a rd T im e , F rid a y , D e c em b er 28, 1973. T e n d e rs w ill no t be received a t th e T re a su ry D e p a rtm e n t, W ashington. E ac h
te n d e r m u st be for a m in im u m of $10,000. T e n d e rs o ver $10,000 m u st be in m u ltip les of $5,000. In 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 on th e basis of 100, w ith n o t m ore th a n th re e decim als, e.g., 99.925. F ra c tio n s m ay no t be
used. I t is urg ed th a t ten d e rs be m ad e on th e p rin te d form s a n d fo rw ard ed in th e special envelopes w hich will be su p p lied by
F e d e ra l R e se rv e B a n k s or B ran ch es on a p p lic a tio n th erefo r.
B a n k in g in stitu tio n s generally m ay su b m it te n d e rs for accou n t of custom ers prov id ed th e nam es of th e cu sto m ers are
set fo rth in such tenders. O thers th a n b an k in g in stitu tio n s will n o t be p e rm itte d to su b m it ten d e rs ex cep t for th e ir own account.
T e n d e rs will be received w ith o u t d ep osit from in co rp o ra ted b an k s and tr u s t com panies a n d from responsible a n d recognized
d ealers in in v estm e n t securities. T e n d e rs from o th ers m u st be acco m p anied by 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 su ry bills a p p lie d for, unless th e ten d e rs are a cco m p an ied b y a n express g u a ran ty of p a y m e n t by 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 hour, ten d e rs will b e o pen ed a t th e F e d e ra l R eserv e B an k s a n d B ranches, follow ing w hich
p u b lic an n o u n ce m en t w ill be m ad e 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 rang e of acc ep te d bids. O nly those
su b m ittin g c o m p e titiv e ten d e rs will be ad vised of th e accep tan ce or rejectio n thereof. T h e S e c retary of th e T re a su ry expressly
reserves th e rig h t to a c c e p t or re je c t a n y or a ll tenders, in w hole or in p a rt, a n d his actio n in a n y such re sp e ct shall b e final. S u b ­
je c t to th ese reservations, n o n co m p etitiv e ten d e rs for each issue for $ 2 0 0 , 0 0 0 or less w ith o u t sta te d p rice from a n y one b id d er will
b e a cc ep te d in full a t th e average p rice (in th re e decim als) of accep ted c o m p e titiv e bids for th e respective issues. S e ttle m e n t for
a cc ep te d ten d e rs in accordance w ith th e bid s m u st be m ad e or com p leted a t th e F e d e ra l R e serv e B a n k on J a n u a ry 3, 1974,
in cash or o th e r im m e d ia tely a v ailab le fu n ds or in a like face a m o u n t of T re a su ry bills m a tu rin g J a n u a ry 3, 1974. C ash a n d
exchange ten d e rs will receive equ al tre a tm e n t. Cash a d ju s tm e n ts w ill be m ad e for differences b etw een th e p a r v alue of m a tu rin g
bills a ccep ted in exchange a n d th e issue p rice of th e new bills.
U n d e r Sections 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 am o u n t of discount a t w hich bills issued
h e reu n d e r are sold is considered to accrue w hen th e bills a re sold, red eem ed or otherw ise disposed of, a n d th e bills are excluded
from c o nsid eratio n as c ap ital assets. A ccordingly, th e ow ner of T rea su ry bills (o th e r th a n life insuran ce c o m p an ies) issued h ere­
u n d e r m u st in clude 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 or on su b seq u e n t p u rchase, 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 or re d e m p tio n a t m a tu rity du rin g
th e tax ab le y e a r for w hich th e re tu rn 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 this notice, p rescrib e th e term s of th e T re a su ry b ills a n d
govern th e conditions of th e ir issue. C opies of th e c ircu lar m ay be o b ta in e d fro m a n y F e d e ra l R eserv e B a n k or B ranch.

In accordance with the above announcement, tenders will be received at this bank and its branches at El Paso,
Houston and San Antonio up to twelve-thirty p.m., Central Standard Time, Friday, December 28, 1973. Tenders may
not be entered by telephone.
Yours very truly,
P. E. Coldwell
President

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 8 , 1 9 7 4 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 7 ,
1 9 7 4 , 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)

TENDER FOR TREASURY BILLS

183 DAYS TO MATURITY
Dated January 3, 1974

Maturing July 5, 1974

T o : F ederal R ese r v e B ank, S ta tio n K, D allas, T e x a s 75222
or —
T h e --------------------------------------------B ranch
El Paso 79999

Houston 77001

San Antonio 78295

(D**)

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.

N O N C O M P E T IT IV E T E N D E R $_________________________________________

-N O T TO E X C E E D $200,000

C O M PETITIV E T E N D E R S

Denominations Desired
N u m b er of
pi«ces

*
$
T
$
T
$
*

------------------------------------ —

Prices should be
exp ressed on the
basis of 1 0 0 , with
not more than three
decimal places, e.g.,
99.925. F ra c tio n s
must not be used.

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

M a tu rity V alue

_@ $

1 0 ,0 0 0 $_

-@ $

15,000 $_

□

$

1 0 0 , 0 0 0 $_

B y m a tu r in g b ills
h eld by----------------------------------------------------

□

50,000 $ .

P a y m e n t to b e m a d e by_

□

C h arge our r e ser v e acco u n t on p a y m e n t
d a te
| | D r a ft enclosed (E ffectual delivery o f enclosed d ra ft

-@ $ 500,000 $_
- @ $ 1 ,0 0 0 ,0 0 0

CLOSING

*-------------------------------------- {0 -----------$ (a)
i
t
■ ■
$ .......
@
@
-r
$------------------------------ -— @ ------------

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

DATE

— FR ID A Y , DECEMBER

28, 1973

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.

$_

shall be on la te st day which will p e rm it p re sen tm en t
in o rd er to o b tain irrevocably collected fu n d s on p ay ­
m e n t date)

D e liv e r y In stru ctio n s:
H old in C u stod y — G eneral A ccou n t

(S u b sc rib e r’s fu ll n a m e o r c o rp o ra te title)

□
OBSERVE

□

H old in C u sto d y — In v e stm e n t A c­
cou n t

(A ddress)

□

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

□

P led g e to secu re T re a su r y T a x and
L oan A c c o u n t

□

O ther_______________________________

B y(A u th o rised official s ig n a tu re a n d title)

PLEASE

(F o r th e acco u n t of, if te n d e r is fo r a n o th e r su b scrib er)

(A ddress)

IMPORTANT
l. 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 (maturity 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 matters 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 that 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 trust 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 (maturity 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 trust 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