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F ederal R eserve Bank o f Dallas
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. 73-336
Decem ber 28, 1973

NEW OFFERING — TREASURY BILLS
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 vites ten d e rs for two series of T re a su ry bills to th e ag gregate 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 10, 1974, in th e a m o u n t of
$4,304,290,000, as follows:
91-D A Y B IL L S ( to m a tu rity d a te ) to be issued J a n u a ry 10, 1974, in th e a m o u n t of $2,500,000,000, o r th e re ­
abouts, 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 1 1 , 1973, a n d to m a tu re A p ril 1 1 , 1974
( C U S IP No. 912793 T G I ) , orig in ally issued in th e a m o u n t of $1,803,250,000, th e ad d itio n al a n d original
b ills to be freely interch ang eable.
182-D A Y B IL L S for $1,800,000,000, or th ere ab o u ts, to be d a te d Ja n u a r y 10, 1974, a n d to m a tu re J u ly 11, 1974
(C U S IP No. 912793 U E 4 ) .
T h e bills of b o th series will b e issued on a d isco un t basis u n d e r co m p e titiv e a n d n o n co m p etitiv e b id d in g as 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 itho 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 inatio n s of $10,000, $15,000, $50,000, $100,000, $500,000 a n d $1,000,000 ( m a tu rity v a lu e ).
T e n d e rs w ill be received a t F e d e ra l R e se rv e B an k s a n d B ranch es 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 Saving T im e , M onday, J a n u a ry 7, 1974. T e n d e rs will 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 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 over $10,000 m u st be in m u ltip les of $5,000. In th e case of co m p etitiv e
te n 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
n o t b e used. I t is u rg 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 arded in th e special envelopes w hich w ill be sup p lied
by F e d e ra l R e serv e B a n k s or B ran ch es on a p p lic atio n th erefo r.
B a n k in g in stitu tio n s generally m a y su b m it te n d e rs for acco un t of custom ers p ro v id ed th e nam es of th e custom ers are
set fo rth in such ten ders. O thers th a n b a n k in g in stitu tio n s will n o t b e 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 w ill be received w ith o u t d ep o sit from in co rp o ra ted b a n k s and tr u s t com panies a n d from responsible a n d recognized
dealers 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 an ied 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 te n d e rs a re accom pan 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
tr u s t com pany.
Im m e d ia te ly a f te r th e closing hour, te n d e rs will be o pen ed a t th e F e d e ra l R eserve 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 will be m ad e b y 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 ran ge of acc ep te d bids. O nly
tho se su b m ittin g c o m p e titiv e ten d e rs will be ad vised of th e acceptance o r re je ctio 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 cc ep t or re je c t a n y or all ten d ers, in whole or in p a rt, a n d his actio n in a n y such re sp e ct shall be
final. S u b je c t to these reservations, n o n c o m p e titiv e te n d e rs for each issue for $200,000 or less w ith o u t sta te d p rice from a n y
one b id d e r w ill b e acc ep te d in full a t th e av erag e p rice ( in th re e decim als) of acc ep te d co m p e titiv e bids for th e resp ectiv e
issues. S e ttle m e n t for acc ep te d ten d e rs in accordance w ith th e bids m u st b e m ad e or co m 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 10, 1974, in cash or o th e r im m e d ia tely av ailab le funds 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
10, 1974. C ash a n d exchange ten d e rs will receive eq u al tre a tm e n t. C ash a d ju stm e n ts will be m ad e for difference b etw een th e
p a r v alu e 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 S ections 454 ( b ) a n d 1221 ( 5 ) of th e In te rn a l R e v e n u e Code of 1954 th e a m o u n t of d isco u nt a t w hich bills
issued h e re u n d e r a re sold is considered to accru e w hen th e bills are sold, re d ee m e d or otherw ise disposed of, a n d th e bills are
excluded from c o n sid eratio n as c ap ital assets. Accordingly, th e ow ner of T re a su ry bills (o th e r th a n life in su rance co m pan ies)
issued h e re u n d e r m u st in clu de 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 rch ase, 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 em p tio n a t
m a tu rity d u rin g th e tax a b le y e ar fo r 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 th is notice, p rescrib e th e term s of th e T re a su ry bills an d
govern th e co nditions of th e ir issue. C opies of th e circular m a y be o b tain e d from a n y F e d e ral R e serv 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 Daylight Saving Time, Monday, January 7, 1974. Tenders
may not be entered by telephone.
Yours very truly,
P. E. Coldwell
President

Fig ur 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 April 4, 1 9 7 4 a n d 1 8 3 - D a y T r e a s u r y Bills m a t u r i n g July 5, 1 9 7 4 ,
not 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)

I

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

TENDER FOR ADDITION TO TREASURY BILLS

91 DAYS TO MATURITY
Dated October 11,1973

Maturing April 11,1974

T o : F ed eral R e se r v e B ank, S ta tio n K, D alla s, T e x a s 75222
or —
------------------------------- B ran ch
The
Ei Paso 79999

Houston 77001

San Antonio 78295

(D ate)

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

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.

$ ..

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

(cb

$ ....

$
$

...

$

@

$

@

—
-

V----——
--------------------------------$
$

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

I S P TENDERS MAY NOT BE ACCEPTED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR ARE ACCEPTABLE.
Denominations Desired
N u m b e r of
pieces

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

_@ $

10,000 $_

-@ ?

15.000 $_

@ $

50.000 $_

$

1 0 0 , 0 0 0 $_

□

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

□

P a y m e n t to b e m ad e b y _______________

□

C harge our r e se r v e accou n t on p a y m e n t
d a te
D r a ft en closed (E ffectual delivery of enclosed d ra ft

-@ $ 500,000 $_
@

$ 1, 000,000 $ ________________

j j

sh all be on la te st day w hich w ill p e rm it p re se n tm e n t
in o rd er to ob tain irrevocably collected fun d s on p a y ­
m e n t d ate)

D e liv e ry I n s tr u c tio n s :
□

Hold in C u sto d y — G eneral A ccou n t

(S u b scrib er’s fu ll n am e o r c o rp o ra te title)

□

Hold in C u sto d y — In v e s tm e n t A c ­
co u n t

(A ddress)

□

H old in C u stod y — T r u st A ccou n t

□

P le d g e to secu re T rea su ry T a x and
L oan A cco u n t

□

O ther_______________________________

By(A u th orized official s ig n a tu re an d title)

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

(A ddress)

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 (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 TREASURE 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
officerof the corporation authorized to m
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 cf 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