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0 F ederal R eserve b a n k of D allas FIS C A L A G ENT O F T H E UNITED STATES DALLAS, TEXAS 75222 C ircu la r No. 74-309 N o v e m b er IS, 1974 OFFERING TREASURY BILL — TAX A NTIC IPA TIO N SERIES To A ll Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Your attention is invited to the fo llo w in g statem ent giving details of tw o issues of Treasury bills: T h e D e p a rtm e n t of th e T rea su ry , b y th is p u b lic notice, in vites te n d e rs for tw o series of T re a su ry bills to th e ag gregate a m o u n t of $3,500,000,000, or th ere ab o u ts, as follows: 134-D A Y B IL L S , for $2,250,000,000, or th ere ab o u ts, to b e d a te d a n d issued D e c e m b e r 3, 1974, a n d to m a tu re A p ril 16, 1975 ( C U S I P No. 912793 X A 9 ) . T h e bills w ill be a cc ep te d a t face v alu e in p a y m e n t of incom e taxes due on A pril IS, 1975. 194-D A Y B IL L S , for $1,250,000,000, or th ere ab o u ts, to b e d a te d a n d issued D e c e m b e r S, 1974, a n d to m a tu re J u n e 17, 1975 ( C U S I P No. 912793 X B 7 ) . T h e bills w ill be a cc ep te d a t face v alue in p a y m e n t of incom e taxes d ue on J u n e 15, 1975. T h e bills w ill b e issued on a d isco unt basis u n d e r 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 n d a t m a tu rity , to th e e x te n t th e y a re n o t p re se n te d in p a y m e n t of incom e taxes, th e ir face a m o u n t will be p a y a b le w ith o u t in terest. T h e y w ill be issued in b e a re r fo rm in d e n o m inations 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 ) , a n d in booke n try form to d esig n ated bidders. T a x p a y e rs d esiring to a p p ly th ese bills in p a y m e n t of incom e taxes m a y su b m it th e bills to a F e d e ra l R e se rv e B a n k or B ra n ch o r to th e B u re a u of th e P u b lic D e b t, W ashington, D.C. 20226, n o t m o re th a n fifteen days before th e a p p ro p ria te in com e tax p a y m e n t date. I n th e case of bills su b m itte d in p a y m e n t of incom e taxes of a c o rp o ratio n th e y shall b e a ccom panied b y a d u ly c o m p le te d F o rm 503 a n d th e office receivin g th ese item s will effect th e d e p o sit on th e d a te th e taxes a re due. I n th e case of b ills su b m itte d in p a y m e n t of incom e taxes of a ll o th er taxpayers, th e office receiving th e bills w ill issue receip ts th ere fo r, th e original of w hich th e ta x p a y e r shall su b m it on or before th e d a te th e taxes a re d u e to th e In te rn a l R e v en u e Service C e n te r D ire c to r fo r th e D is tric t in w hich such tax es a re payable. T e n d e rs will b e received a t F e d e ra l R e se rv e B a n k s a n d B ra n ch e s u p to o n e -th irty p.m., E a s te r n S ta n d a rd T im e , W e d nesday, N o v e m b er 20, 1974, for th e 134-day bills a n d u p to o n e -th irty p.m., E a s te rn S ta n d a rd T im e , T u esd ay , N o v e m b er 26, 1974, for th e 194-day bills. T e n d e rs will n o t be receiv ed a t th e D e p a rtm e n t of th e T rea su ry , W ashington. E ac h te n d e r m u st be fo r 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 c o m p e titiv e te n d e rs th e price offered m u st be expressed on 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 a y n o t b e used. B a n k in g in stitu tio n s a n d dealers who m a k e p rim a ry m a rk e ts in G o v e rn m e n t securities a n d re p o rt d aily to th e F e d e ra l R e se rv e B a n k of N ew Y ork th e ir p ositions w ith re sp e ct to G o v e rn m e n t securities a n d borrow ings th e re o n m a y su b m it te n d e rs for a ccou nt of cu stom ers p ro v id ed th e n am es of th e cu sto m ers a re se t fo rth in such tenders. O th e rs will n o t b e p e r m itte d to su b m it te n d e rs excep t for th e ir own account. T e n d e rs w ill b e received w ith o u t dep osit from in co rp o ra ted b a n k s a n d tru s t com p a n ie s a n d fro m respo nsible 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 a cco m panied 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 bills a p p lie d for, unless th e te n d e rs a re a ccom panied by a n express g u a ra n 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. P u b lic a n n o u n c e m e n t w ill b e m a d e b y th e D e p a rtm e n t of th e T re a s u ry of th e a m o u n t a n d p rice ra n g e of a cc ep te d bids. T h o se su b m ittin g c o m p e titiv e ten d e rs w ill be advised of th e a ccep tan ce or 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 o r all ten ders, in w hole o r in p a rt, a n d his a ction in a n y such re sp e c t shall be final. S u b je c t to th ese reservations, n o n c o m p e titiv e te n d e rs for $500,000 or less for th e 134-day bill a n d $300,000 o r less for th e 194-day bills, w ith o u t sta te d p rice from a n y one b id d e r will be a cc ep te d in full a t th e a v erag e p rice ( in th re e d e cim als) of a c c e p te d c o m p e titiv e bids fo r th e respective issues. S e ttle m e n t for a cc ep te d te n d e rs in accordance w ith th e bids m u st be m ad e or c o m p le te d a t th e F e d e ra l R e se rv e B a n k or B ra n ch in cash or o th e r im m e d ia tely a v ailab le funds on D e c e m b e r 3, 1974, for th e 134-day bills, a n d on D e c e m b e r 5, 1974, for th e 194-day bills. U n d e r S ections 454 ( b ) a n d 1221 ( 5 ) of th e I n te rn a l R e v e n u e C ode of 1954 th e a m o u n t of d isco u n t a t w hich bills issued h e re u n d e r a re sold is considered to accrue w h en th e bills a re sold, re d ee m e d or otherw ise disposed of, a n d th e bills a re excluded from c o nsid eratio n as c ap ita l assets. Accordingly, th e ow ner o f bills (o th er th a n life insurance co m p an ies) issued hereund er, m u st includ e in his F e d e ra l incom e ta x re tu rn , as o rd in a ry gain or loss, th e difference b e tw ee n th e price p a id for th e bills, w h e th e r 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 or re d e m p tio n a t m a tu r ity du ring th e tax a b le y e a r for w hich th e r e tu rn is m ade. D e p a rtm e n t of th e T re a su ry C ircu lar No. 418 (c u rre n t re v isio n ) a n d th is notice, p rescrib e th e term s of th e T re a su ry bills a n d govern th e cond itio ns of th e ir issue. C opies of th e c irc u lar m a y be o b tain e d from a n y F e d e ra l R e se rv e B a n k or B ranch. In accordance w ith the ab ov e announcem ent, tenders w ill be received a t this b a nk a n d its branches a t El Paso, Houston a n d San Antonio, up to tw e lv e-th irty p.m ., Central Standard Time, W ed n es d a y , N ovem b er 2 0 , 1974, an d tw e lv e-thirty p.m ., Central Standard Time, Tuesday, N ovem b er 26, 1974, respectively for the 1 3 4 -d a y an d the 1 9 4 -d a y issues. Tenders m ay not be entered by telephone. Federal Reserve Bank of Dallas Fiscal A gent of the United States (See reverse side fo r te n d e r fo rm ) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) CLOSING TIME 12:30 P.M., CENTRAL STANDARD TIME, WEDNESDAY, NOVEMBER 20, 1974 TENDER FOR TREASURY BILLS — TAX ANTICIPATION SERIES (Acceptable at face value in payment of income taxes due on April 15,1975.) SECURITY OFFERED 134 DAYS TO MATURITY Dated December 3,1974 Maturing April 16,1975 Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions of the public announcement issued by the Department of the Treasury, 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. n HH NONCOMPETITIVE TENDER $_____________________________________ PQ Noncompetitive tenders for $500,000 or less from any bidder, without stated price, will be accepted in full at the average price (in three decimals) of accepted competitive bids. [9 ^ 9 Prices should be expressed on the basis of 100, with COMPETITIVE TENDERS not more than three decimal places, e.g., $ .......... _ _ _ _ _ 99.925. F ra c tio n s @ $ must not be used. Em O a C u >* fn) (a) (a) 9 9 9 9 OTHER □ By □ By □ By □ By °g -W gs THAN BANKS: Cashier’s Check Certified Personal Check Federal Funds D raft Securities Submitted _NOT TO EXCEED $500,000 9 9 BANKS ONLY: □ □ □ (D e sc rip tio n ) ALL CHECKS MUST BE PAYABLE TO THE FEDERAL RESERVE BANK By charge to our reserve account on payment date By draft enclosed By charge to our correspondent: (A written authorization for such charge should be provided from your correspondent.) FEDERAL RESERVE BANK ONLY: Bearer Securities (will be shipped to address at lower right unless indicated otherwise): $10,000 $15,000 $50,000 $100,000 cn $500,000 $1 Mil. COST: DEPOSIT: DUE TO SUBSCRIBER: fc ow E-1 S5 ^P si—i « DUE FROM SUBSCRIBER: Send to : PLEASE PRINT OR TYPE (The information below will be used in delivery of securities.) 5 Book-entry (Banks only): 2 i <O i B Oi H w P i—i ■< M w « □ 01 General Account □ 02 Treasury Tax and Loan Collateral _ (S treet Address) 04 Pledged to Secretary of Treasury _ (City, State, Zip Code) □ 12 Investment Account _ □ 13 Trust Account _ □ $_ □ -------------- TOTAL $_ CQ Z o EQ fc O u ( N a m e of S u bscriber) ( S i g n a t u r e a n d ti tle , i f a p p l ic a b le ) BANKS ONLY: F o r t h e a c c o u n t of, if t e n d e r is fo r a n o t h e r s u b s c r ib e r ■} 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 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, b y _______________________________________ , 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 forannouncement)
@FedFRASER