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F e d e r a l Re s e r v e Ba n k of Da 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 Circular No. 73-303 November 23, 1973 To All Banking Institutions and. Others Concerned in the Eleventh Federal Reserve District: Quoted, below is the text of a statement issued by the Treasury Department in regard, to current financing. SALE OF APRIL AND JUNE TAX ANTICIPATION BILLS The Treasury is selling $3.0 billion of tax antici pation bills, $1.0 billion which are an additional amount of those maturing in April 197*+ and, $2.0 billion to mature in June 197*+. The bills will be auctioned on Wednesday, November 28, for payment on December 3. Commercial banks may make pay ment for 50% of their own and, their customers’ accepted tenders by credit to Treasury Tax and. Loan accounts. The bills will mature on April 19 and, June 21, but may be used, at face value in payment of Federal income taxes due on April 15 and June 15, 197*+ > respectively. The Treasury noted, that a somewhat larger financing at this time than it had, earlier anticipated, is prudently re quired to offset actual or potential redemption of Treasury securities held, by foreign monetary authorities and to afford adequate flexibility in the absence of authority to borrow directly from Federal Reserve Banks. The tenders for the two issues of Treasury bills are enclosed,. Additional forms and, additional copies of this letter will be furnished upon request. Yours very truly, P.E. Coldwell President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) F ederal reserve b a n k of 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, TEX AS 7 5 2 2 2 Circular N o. 73-301 N ovem ber 23, 1973 OFFERING TREASURY BILL — TAX ANTICIPATION SERIES 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 Treasury D epartm ent, by this public notice, invites tenders for two series of Treasury bills to the aggregate am ount of $3,000,000,000 or thereabouts, as follows: 137-D A Y B IL L S (to m aturity d ate) to be issued D ecem ber 3, 1973, in the am ount o f $1,000,000,000, or there abouts, representing an additional am ount of bills dated Novem ber 1, 1973, and to mature April 19, 1974 (C U S IP No. 912793 U C 8 ), originally issued in the am ount of $2,006,685,000, the additional and original bills to be freely interchangeable. T h e bills w ill be accepted at face value in paym ent of incom e taxes due on April 15, 1974. 200-D A Y B ILL S, for $2,000,000,000, or thereabouts, to be dated D ecem ber 3, 1973 and to mature June 21, 1974 (C U S IP No. 912793 V N 3 ). T h e bills w ill be accepted at face value in paym ent of incom e taxes due on June 15, 1974. T h e bills o f both series will be issued on a discount basis under com petitive and noncom petitive bidding as hereinafter provided, and at maturity, to the extent they are not presented in paym ent of incom e taxes, their face am ount w ill be payable w ithout interest. T h ey w ill be issued in bearer form only, and in denom inations of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 (m aturity v a lu e ). Taxpayers desiring to apply these bills in paym ent of incom e taxes m ay subm it the bills to a Federal R eserve B ank or Branch or to the Office of the Treasurer of the U n ited States, W ashington, not m ore than fifteen days before the appropriate incom e tax paym ent date. In the case of bills subm itted in paym ent of incom e taxes of a corporation th ey shall be accom panied by a duly com pleted Form 503 and the office receiving these item s w ill effect the deposit on the date the taxes are due. In the case of bills subm itted in paym ent of incom e taxes of all other taxpayers, the office receiving the bills w ill issue receipts therefor, the original of which the taxpayer shall subm it on or before the date the taxes are due, to the Internal R evenue Service Center Director for the D istrict in which such taxes are payable. T enders will be received at Federal R eserve Banks and Branches up to the closing hour, one-thirty p.m.,, Eastern Standard T im e, W ednesday, Novem ber 28, 1973. Tenders will not be received at the Treasury D epartm ent, W ashington. E ach tender m ust be for a m inim um of $10,000. Tenders over $10,000 m ust be in m ultiples of $5,000. In the case of com petitive tenders the price offered m ust be expressed on the basis o f 100, with not more than three decim als, e.g., 99.925. Fractions m ay not be used. It is urged that tenders be m ade on the printed forms and forwarded in the special envelopes which w ill be supplied b y Federal R eserve Banks or Branches on application therefor. Banking institutions generally m ay subm it tenders for account of custom ers provided the nam es of the custom ers are set forth in such tenders. Others than banking institutions w ill not be perm itted to subm it tenders except for their own account. Tenders w ill be received w ithout deposit from incorporated banks and trust com panies and from responsible and recognized dealers in investm ent securities. Tenders from others m ust be accom panied by paym ent of 2 percent of the face am ount of Treasury bills applied for, unless the tenders are accom panied by an express guaranty o f paym ent by an incorporated bank or trust company. A ll bidders are required to agree not to purchase or to sell, or to m ake any agreem ents w ith respect to the purchase or sale or other disposition of any bills bid for under this offering at a specific rate or price, until after one-thirty p.m., Eastern Standard T im e, W ednesday, N ovem ber 28, 1973. Im m ediately after the closing hour, tenders w ill be opened at the Federal R eserve Banks and Branches, follow ing which public announcem ent will be m ade by the Treasury D epartm ent of the am ount and price range of accepted bids. O nly those subm itting com petitive tenders will be advised of the acceptance or rejection thereof. T h e Secretary o f the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for $250,000 or less for the 137-day bill and $500,000 or less for the 200-day bills, w ithout stated price from any one bidder w ill be accepted in full at the average price (in three decim als) of accepted com petitive bids for the respective issues. S ettlem ent for accepted tenders in accordance with the bids m ust be m ade or com pleted at the Federal R eserve B ank in cash or other im m ediately available funds on D ecem ber 3, 1973. A ny qualified depositary w ill be perm itted to m ake settlem ent by credit in its Treasury T ax and Loan account for not m ore than 50 percent of the am ount of Treasury bills allotted to it for itself and its customers. Under Sections 454 ( b ) and 1221 ( 5 ) of the Internal R evenue Code of 1954 the am ount o f discount at which bills issued hereunder are sold is considered to accrue when the bills are sold, redeem ed or otherwise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance com panies) issued here under m ust include in his incom e tax return, as ordinary gain or loss, the difference betw een the price paid for the bills, whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption at m aturity during the taxable year for which the return is made. Treasury D epartm ent Circular No. 418 (current revision) and this notice, prescribe the term s o f the Treasury bills and govern the conditions of their issue. Copies of the circular m ay be obtained from any Federal R eserve B ank or Branch. 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, Wednesday, November 28, 1973. Tenders may not be entered by telephone. Yours very truly, P. E. Coldwell President (S e e reverse side for tender form ) This issue of Treasury bills will be accepted at face value in payment of income taxes due on April 15,1974 TENDER FOR ADDITION TO TREASURY BILLS TAX ANTICIPATION SERIES Dated November 1,1973 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The-------------------------------------- Branch El Paso 79999 Maturing April 19,1974 137 DAYS TO MATURITY Houston 77001 ---------------------------------- San Antonio 78295 (D ate) Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provisions of the public announcement, as shown on reverse side, as 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 TENDER $_______________________________________NOT TO EXCEED $250,000 Noncompetitive tenders for $250,000 or less from any one bidder, without stated price, will be accepted in full at the aver age price (in three decimals) of accepted competitive bids. COMPETITIVE TENDERS ? $ ? ? $ Prices should be ex p ressed on th e basis of 100, with not more than three decimal places, e.g., 99.925. F ra ctio n s must not be used. $ @ (EXTENDERS MAY NOT BE ENTERED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE CLOSING HOUR, ARE ACCEPTABLE. Denominations Desired N um ber of P ie c e * METHOD OF PAYMENT M a tu rity V a lu e * (a) $ $ <5> $ □ By charge to our Treasury Tax and Loan Account not to exceed 50% of cost of bills allotted (indicate below remaining payment) □ Payment to be made by........................................... .............. 10,000 15,000 * 50,000 I (Name of Bank) m $ 100,000 $$ 500,000 $o oo © o o <fi> $1 I □ By charge to our reserve account on payment date. □ By draft enclosed (effectual delivery of enclosed draft shall be on latest day which w ill permit presentment in order to obtain irrevocably collected funds on payment date). We certify that we, as well as our customers, if any, listed hereon have agreed not to purchase or to sel!, or to make any agreements with respect to the purchase or sale or other dis position of any bills on this issue at a specific rate or price, until after one-thirty p.m., Eastern Standard Time, Wednesday. November 28, 1973. Delivery Instructions: □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count □ □ □ (S u b s c rib e r’s f u ll n am e o r c o rp o ra te t it le ) (A d d res s) Hold in Custody — Trust Account Pledge to secure Treasury Tax and Loan Account Other.___ _____________________ By- (A u th o riz e d o ffic ia l s ig n a tu re a n d tit le ) ( F o r th e acco u n t o f, i f te n d e r is f o r a n o th e r su b scrib e r) (A d d re s s ) IMPORTANT 1. No tender for less than $10,000 w ill 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, communications relating to other m atters should not be enclosed. Envelopes for submitting tenders may be requested from this bank or appropriate branch. 8. 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 fo r announcement) FEDERAL RESERVE BANK OF 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 D ALLAS, TEX AS 7 5 2 2 2 C ircu lar N o . 7 3 -3 0 2 N o v e m b e r 2 3 , 19 7 3 OFFERING TREASURY BILL — TAX ANTICIPATION SERIES 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 r ea su ry D e p a r tm e n t, b y th is p u b lic n o tic e, in v ite s ten d ers for tw o se ries o f T rea su ry b ills to th e a gg reg a te a m o u n t o f $ 3 ,0 0 0 ,0 0 0 ,0 0 0 or th erea b o u ts, as fo llo w s: 1 3 7 -D A Y B I L L S ( t o m a tu rity d a te ) to b e issu ed D e c e m b e r 3, 197 3 , in th e a m o u n t o f $ 1 ,0 0 0 ,0 0 0 ,0 0 0 , or th e re a b o u 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 ted N o v e m b e r 1, 19 7 3 , a n d to m a tu re A p ril 19, 1 97 4 ( C U S I P N o . 9 1 2 7 9 3 U C 8 ) , o rig in a lly issu ed in th e a m o u n t o f $ 2 ,0 0 6 ,6 8 5 ,0 0 0 , th e a d d itio n a l a n d o rigin al b ills to b e fr e e ly in terch a n g ea b le. T h e b ills w ill b e a ccep ted a t fa ce v a lu e in p a y m e n t o f in co m e ta x e s d u e o n A p ril 15, 1 974. 2 0 0 -D A Y B IL L S , for $ 2 ,0 0 0 ,0 0 0 ,0 0 0 , or th erea b o u ts, to b e d a te d D e c e m b e r 3, 197 3 an d to m atu re J u n e 2 1 , 19 7 4 ( C U S I P N o . 9 1 2 7 9 3 V N 3 ) . T h e b ills w ill b e a ccep ted a t fa c e v a lu e in p a y m e n t o f in co m e ta x e s d u e o n J u n e 15, 1 974. T h e b ills o f b o th 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 a fter p ro v id ed , a n d a t m a tu rity , to th e e x te n t th e y are n o t p resen ted in p a y m e n t o f in co m e ta x es, th e ir fa c e a m o u 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 , and in d en 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 a n d $ 1 ,0 0 0 ,0 0 0 (m a tu r ity v a lu e ) . T a x p a y e r s d esir in g to a p p ly th e se b ills in p a y m e n t o f in co m e ta x es m a y su b m it th e b ills to a F e d era l R e s e r v e B a n k or B ra n ch or to th e O ffice o f th e T reasu rer o f th e U n ite d S ta tes, W a sh in g to n , n o t m o re th a n fifte e n d a y s b efo re t h e ap p ro p ria te in co m e ta x p a y m e n t date. In th e ca se o f b ills su b m itted in p a y m e n t of in co m e ta x es o f a co rp o ra tio n t h e y sh a ll b e a cco m p a n ied b y a d u ly c o m p le te d F o rm 5 0 3 a n d th e office r e c e iv in g th e se ite m s w ill e ffe ct th e d e p o sit on t h e d a te th e ta x es are d u e. In th e ca se o f b ills su b m itted in p a y m e n t o f in co m e ta x e s o f a ll o th er taxpayers, th e office r ece iv in g th e b ills w ill issu e r e ce ip ts therefor, th e o rig in a l o f w h ich th e ta x p a y e r sh a ll su b m it on or b efo re th e d a te th e ta x es are d u e, to th e In tern a l R e v e n u e S e r v ic e C en ter D ir e c to r for th e D istr ic t in w h ich su ch ta x e s are p a y a b le. T e n d e r s w ill b e re c e iv e d a t F e d era l R e s e r v e B a n k s and B r a n c h e s u p to th e c lo sin g hour, o n e-th irty p .m .,, E a ste rn S tan d ard T im e , W ed n esd a y , N o v e m b e r 2 8 , 1973. T e n d e r s w ill n o t b e r ece iv ed a t th e T rea su ry D ep a rtm e n t, W a sh in g to n . E a ch ten d e r m u st b e for a m in im u m o f $ 1 0 ,0 0 0 . T e n d e r s o v er $ 1 0 ,0 0 0 m u s t b e in m u ltip le s o f $ 5 ,0 0 0 . In t h e ca se o f c o m p e titiv e ten d e rs th 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 o t m o re 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 u rg ed th a t ten d e rs b e m a d e o n th e p rin te d form s a n d forw ard ed 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 era l R e s e r v e B a n k s or B r a n c h e s o n a p p lic a 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 v id ed th e n a m e s o f t h e cu sto m ers are se t fo rth in su ch ten d ers. O th ers th a n b a n k in g in stitu tio n s w ill n o t b e p erm itted to su b m it ten d e rs e x 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 re c e iv e d w ith o u t d e p o sit from in corp orated b a n k s a n d tru st co m p a n ie s a n d fro m r esp o n sib le a n d reco g n ized d ea lers in in v e stm e n t secu rities. T e n d e r s from o th ers m u s t b e acco 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 c e a m o u n t o f T r ea su ry b ills a p p lie d for, u n le ss th e ten d e rs are a cco m p a n ied b y a n ex p ress g u aran ty o f p a y m e n t b y a n in corp orated b a n k or tru st co m p a n y . A ll b id d ers are req u ired to ag ree n o t to p u rch a se or to se ll, or to m a k e a n y a g reem en ts w ith resp ect to th e p u rch a se or sa le or o th e r d isp o sitio n o f a n y b ills b id for u n d er th is offerin g a t a sp ecific rate or p rice, u n til a fter o n e-th irty p.m ., E astern S ta n d a rd T im e , W ed n esd a y , N o v e m b e r 28 , 1973. Im m e d ia te ly a fte r th e c lo 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 an d 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 th 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 a n d p rice ran ge o f a c c 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 e rs w ill b e a d v ise d o f th e a ccep ta n ce or rejectio n th ereo f. T h e S ecreta ry o f th e T r ea su ry ex p ressly reserv es th e rig h t to a c c e p t or reject a n y or a ll ten d ers, in w h o le or in p art, 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 je c t to th e se reserv a tio n s, n o n c o m p e titiv e ten d ers for $ 2 5 0 ,0 0 0 or less for th e 1 3 7 -d a y b ill a n d $ 5 0 0 ,0 0 0 or le s s for th e 2 0 0 -d a y b ills, w ith o u t sta te d p rice fro m 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 r ic e ( 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 te d ten d ers in a ccord an ce w ith th e b id s m u s t b e m a d e or c o m p le te d a t th e F e d era l R e s e r v e B a n k in cash or oth er im m e d ia te ly a v a ila b le fu n d s o n D e c e m b e r 3 , 1973. A n y q u alified d ep o sita ry w ill b e p erm itted to m a k e s e ttle m e n t b y cred it in its T rea su ry T a x a n d L oa n acco u n t for n o t m ore th a n 5 0 p ercen t o f th e a m o u n t o f T rea su ry b ills a llo tte d to i t for it s e lf a n d its cu stom ers. U n d e r S e c tio n s 4 5 4 ( b ) a n d 1221 ( 5 ) o f th e In tern a l R e v e n u e C od e o f 1 9 5 4 th 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 sold is co n sid ered to accru e w h en th e b ills are sold, red eem ed or o th erw ise d isp o sed o f, an d th e b ills a re ex clu d ed from co n sid er a tio n a s c a p ita l a ssets. A cco rd in g ly , th e ow n er o f T reasu ry b ills (o th e r th a n life in su ra n 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 ta x return, a s ord in ary gain or loss, th e d ifferen ce b e tw e e n th e p rice p a id for th e b ills, w h eth er o n o rig in a l issu e or on su b seq u e n t p u rch ase, an d t h e a m o u n t a c tu a lly rece iv ed e ith er u p o n sa le or red em p tio n a t m a tu rity d u rin g th e ta x a b le y ea r for w h ich th e return is m a d e. T r ea su ry D e p a r tm e n t C ircu lar N o . 4 1 8 (cu rren t r e v is io n ) a n d th is n o tic e, p rescrib e th e term s o f t h e T r ea su ry b ills a n d g o v ern th e c o n d itio n s o f th e ir issu e. C o p ies o f th e circu lar m a y b e o b ta in ed from a n y F ed era l R e s e r v 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, Wednesday, November 28, 1973. Tenders may not be entered by telephone. Yours very truly, P. E. Coldwell President (S e e reverse side for tender form ) This issue of Treasury bills will be accepted at face value in payment of income taxes due on June 15,1974 TENDER FOR TREASURY BILLS TAX ANTICIPATION SERIES Dated December 3,1973 200 DAYS TO MATURITY To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The--------------------------------------- Branch £1 Paso 79999 Houston 77001 Maturing June 21, 1974 _______ San Antonio 78295 (D ate) Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provisions of the public announcement, as shown on reverse side, as 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 TENDER $___________________________________ ___________________________________ NOT TO EXCEED $500,000 Noncompetitive tenders for $500,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in three decimals) of accepted competitive bids. $ Prices should be ex p ressed on th e basis of 100, with not more than three decimal places, e.g., 99.925. F ra ctio n s must not be used. $ COMPETITIVE TENDERS < $ ? $ $ $ $ @ $ ag^T E N D E R S MAY NOT BE ENTERED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE CLOSING HOUR, ARE ACCEPTABLE. Denominations Desired METHOD OF PAYMENT Maturity Values N um ber of Pieces ----- @ $ 10,000 ----- @ $ 15.000 □ By charge to our Treasury Tax and Loan Account not to exceed 50% of cost of bills allotted (indicate below remaining payment) □ Payment to be made by.......................................................... $. 50.000 $. ___ @ $ 100,000 $_ ----- @ $ (Nam e of Bank) ____ @ $ 500,000 $. □ By charge to our reserve account on payment date. ____ <§> $ 1 ,000,000 * □ By draft enclosed (effectual delivery of enclosed draft shall be on latest day which w ill permit presentment in order to obtain irrevocably collected funds on payment date). We certify that we, as well as our customers, if any, listed hereon have agreed not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other dis position of any bills on this issue at a specific rate or price, until after one-thirty p.m., Eastern Standard Time, Wednesday, November 28, 1973. Delivery Instructions: □ Hold in Custody — General Account □ Hold in Custody — Investment A c count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Loan Account □ Other__________________________ (S u b s c rib e r’s f u ll n am e o r co rp o ra te t it le ) (A d d res s) By(A u th o riz e d o ffic ia l s ig n a tu re a n d t it le ) (F o r th e acco u n t o f, i f te n d e r ia f o r a n o th e r su b s c rib e r) (A d d res s) 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 TREASURY OFFERING”. Since envelopes received with this legend will not be opened until after the closing time specified in the public announcement, communications relating to other m atters should not be enclosed. Envelopes for submitting tenders may be requested from this bank or appropriate branch. 3. Any qualified or conditional tender w ill 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 w ill 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 m ay be disregarded. , (See reverse fo r announcement)
@FedFRASER