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f e d e r a l R e s e r v e B a n k o f Da l l a s FISCA L AGENT O F T H E UNITED STATES DALLAS, TEXAS 7 5 2 2 2 Circular No. 72-2^3 October 2k, 1972 To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is quoted below the text of a press statement issued by the Treasury Department today: TREASURY ANNOUNCES INCREASE IN WEEKLY BILLS The Treasury today announced that it will meet part of its cash needs by increasing for the time being the size of its regular weekly bill auctions. The amounts of three-month and six-month bills will be increased by $100 million each beginning with the auc tion on October 30, thus raising $200 million a week as long as the additions are continued. The combination tender/official issued on November 2, 1972, are enclosed. upon request. circular forms for thebills to be Additional copies willbefurnished Yours very truly, P. E. Coldwell President Enclosures This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) F ederal reserve bank of Dallas FISCAL A G E N T OF THE UNITED STATES DALLAS, TE X A S 75222 C ircu la r No. 72-239 O c to b er 24, 1972 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 v ite s te n d e rs for tw o series of T re a su ry b ills to th e a g g reg ate a m o u n t of $4,300,000,000, o r th ere ab o u ts, fo r cash a n d in exchange fo r T re a s u ry bills m a tu rin g N o v e m b er 2, 1972, in th e a m o u n t of $4,101,755,000, as follow s: 91-D A Y B IL L S ( to m a tu rity d a te ) to b e issued N o v e m b er 2, 1972, in th e a m o u n t of $2,400,000,000, o r th e re a b o uts, re p rese n tin g a n a d d itio n a l a m o u n t of bills d a te d A ug u st 3, 1972, a n d to m a tu re F e b ru a ry 1, 1973 ( C U S I P No. 912793 Q D 1 ) , o rigin ally issued in th e a m o u n t of $1,800,035,000, th e a d d itio n a l a n d o riginal bills to b e freely in terchan g eab le. 182-D A Y B IL L S fo r $1,900,000,000, or th ere ab o u ts, to be d a te d N o v e m b er 2, 1972, a n d to m a tu re M a y 3, 1973 ( C U S I P No. 912793 Q S 8 ). T h e b ills of b o th series will b e issued on a d isco u n t 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 as h e re in a fte r p rov id ed , a n d a t m a tu rity th e ir face a m o u n t will b e 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 only, a n d in d e n o m in a tio 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 w ill b e receiv ed 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 th e closing hour, o n e -th irty p.m ., E a s te rn S ta n d a rd T im e , M o n d a y , O cto b er 30, 1972. T e n d e rs w ill n o t b e receiv ed a t th e T re a s u ry D e p a rtm e n t, W ashington. E ac h te n d e r m u st b e for a m in im u m of $10,000. T e n d e rs ov er $10,000 m u st be in m u ltip le s of $5,000. In th e case of c o m p e titiv e te n d e rs th e p rice offered m u st b e exp ressed 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 a y n o t b e used. I t is u rg e d t h a t te n 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 en v elop es w hich w ill b e su p p lied b y F e d e ra l R e se rv e B an k s o r B ra n ch e s o n a p p lic atio n th erefo r. B a n k in g in stitu tio n s g en erally m a y su b m it te n d e rs fo r a cco u nt of cu stom ers p ro v id ed th e n a m e s of th e cu stom ers a re se t fo rth in such ten d ers. O th e r th a n b a n k in g in stitu tio n s w ill n o t b e p e rm itte d to su b m it te n d e rs e x ce p t for th e ir ow n account. T e n d e rs will b e receiv ed w ith o u t d e p o sit fro m in co rp o ra ted b a n k s a n d tr u s t c o m p anies a n d fro m resp on sib le a n d recognized d e ale rs in in v e s tm e n t securities. T e n d e rs fro m o th ers m u st b e a cc o m p an ied 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 su ry b ills a p p lie d fo r, unless th e te n d e rs a re acco 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 o r tr u s t co m pany. Im m e d ia te ly a f te r th e closing hour, te n d e rs will b e o p en ed a t th e F e d e ra l R e se rv e B a n k s a n d B ranches, follow ing w hich p u b lic a n n o u n c e m e n t will b e m a d 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 price ran ge of a cc ep te d bids. O n ly those su b m ittin g c o m p e titiv e te n d e rs w ill be a d v ised o f th e a cc ep ta n ce o r re je ctio n th ereo f. T h e S e c re ta ry of th e T re a su ry expressly reserves th e r ig h t to a c c e p t o r re je c t a n y o r all tend ers, in w hole o r in p a rt, a n d his a ctio n in a n y such re sp e ct shall b e final. S u b je c t to th ese reservatio n s, n o n c o m p e titiv e te n 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 e r w ill b e a cc ep te d in fu ll a t th e a v erage p rice ( in th re e d e cim als) of a cc ep te d c o m p e titiv e b id s fo r th e re sp e ctiv e issues. S e ttle m e n t for a cc ep te d te n d e rs in acco rd an ce w ith th e b ids m u st b e m ad e o r c o m p le te d a t th e F e d e ra l R eserv e B a n k o n N o v e m b er 2, 1972, in cash o r o th e r im m e d ia tely a v ailab le fu n ds or in a lik e face a m o u n t of T re a su ry b ills m a tu rin g N o v e m b er 2, 1972. C ash a n d e xchange te n d e rs will receive e q u al tre a tm e n t. C ash a d ju s tm e n ts will b e m a d e for differences b e tw ee n th e p a r v alu e of m a tu rin g b ills a c c e p te d in exchange a n d th e issue price of th e new bills. U n d e r S ections 45 4 ( 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 b ills issued h e re u n d e r a re sold is co nsid ered to accrue w h en th e bills a re sold, re d ee m e d o r otherw ise disposed of, a n d th e bills a re excluded fro m c o n sid era tio n as c a p ita l assets. A ccordingly, th e ow ner of T re a su ry b ills ( o th e r th a n life insuran ce c o m p a n ies) issued h e re u n d e r m u st in clud e in his incom e tax re tu rn , as o rd in ary gain o r loss, th e difference b e tw ee n th e p rice p a id for th e bills, w h e th er on orig in al 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 c tu a lly receiv ed e ith e r u p o n sale o r re d e m p tio n a t m a tu r ity d u rin g th e ta x a b le y e a r fo r w hich th e r e tu rn is m ade. T re a s u ry D e p a rtm e n t C ircular No. 418 ( c u rre n t re v 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 g overn th e co n dition s o f th e ir issue. C opies of th e circ u lar m a y 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 accordance with the above announcement, tenders w ill be received at this bank and its branches at El Paso, Houston and San Antonio up to twelve-thirty p.m., Central Standard Time, M onday, October 30, 1972. Tenders may not be entered by telephone. Yours very truly, P. E Coldwell President LAST PREVIOUS OFFERING OF TREASURY BILLS A m ou n t, R a n g e a n d A p p ro x im ate Y ie ld 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 J a n u a r y 25, 1973 D u e A p ril 26, 1973 $3,740,980,000________________________________ .T o ta l A p p lied F o r _________________________________ $3,652,555,000 $2,300,185,000__________________________________ T o ta l A c c e p te d ___________________________________$1,800,205,000 P ric e Y ie ld P ric e Y ield 98.819 4 .6 7 2 % ___________________________ H ig h _______________________ 9 7.428_________________ 5.0 87 % 98.803 4 .7 3 5 % ___________________________ L ow _______________________ 97.412_________________ 5 .119% 98.809 .4 .7 1 2 % ( 1 ) _____________________ A verag e_____________________ 97.419_____________ 5 .1 0 5% ( 1 ) ( 1 ) T hese rates are on a b a n k discount basis. T h e equ iv alen t coupon issue yields are 4 .8 3 % for th e 3-m onth bills a n d S.3 1 % for th e 6-m onth bills. (S ee reverse for tender form ) TENDER FOR TREASURY BILLS 182 DAYS TO MATURITY Dated November 2,1972 Maturing May 3,1973 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The------------------------------------- Branch El Paso 79999 Houston 77001 San Antonio 78295 (D a te ) P u rs u a n t to the provisions of T re asu ry D epartm ent C ircular No. 418 (cu rre n t revision) and the provisions of the public announcem ent issued by the T re asu ry D epartm ent, the undersigned offers to purchase T reasu ry bills in the am ount shown below, and agrees to pay fo r th e am ount allotted, on or before the issue date, by the method and a t the ra te indicated. NONCOMPETITIVE TENDER $________________________________________NOT TO EXCEED $200,000 Noncompetitive tenders for $200,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in th ree decimals) of accepted competitive bids. $ ') (a ) h COMPETITIVE TENDERS <§ xA % . ...... @ . . . . $ $ $ $ __ Prices should be e x p r e s s e d on th e basis of 100, w ith not more th a n three decimal places, e.g., 99.925. F r a c ti o n s m ust not be used. T EN D ERS MAY NOT BE ACCEPTED BY TE L EPH O N E . T EN D ERS BY W IRE, I F RECEIVED BEFO RE TH E CLOSING HOUR A RE ACCEPTABLE. Denominations Desired N u m b e r of pieces Paym ent fo r this issue of bills cannot be made by credit to T reasu ry T ax and Loan Account. METHOD OF PAYM ENT M a tu rity V alue 10,000 $ @$ 15,000 $ @$ 50,000 $ □ □ By maturing bills held by--------------------------------------------Paym ent to be made by---------------------- @ $ 100,000 $ @ $ 500,000 $ our reserve account on payment □ Charge date @ $1,000,000 $ □ D raft enclosed (E ffectu al delivery of enclosed d r a f t shall be on la te st day w hich 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 en t d a te ) Delivery Instructions: □ Hold in Custody Account— Member banks for own account only □ Pledge to secure Treasury Tax and Loan Account □ (S u b scrib er’s fu ll nam e o r c o rp o ra te title) (A d d ress) By- Ship to___________________________ ( A uthorized official sig n a tu re an d title ) ( 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 subscriber) (Address) IMPORTANT 1. No tender fo r less th a n $10,000 will be considered and each tender over $10,000 m ust be fo r an am ount in multiples of $5,000 (m atu rity value). 2. Tenders should be forw arded in an envelope clearly addressed to this bank or appropriate branch as Fiscal A gent of the United States, with notation on the envelope reading “TENDER FOR TREASURY O FF E R IN G ”. Since envelopes received w ith this legend will not be opened until a fte r the closing time specified in the public announcement, communi cations relatin g to other m atters should not be enclosed. Envelopes fo r subm itting tenders m ay 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 th e signing of the form by an officer of the corporation will be construed as a representation by him th a t he has been so authorized. If the tender is made by a partnership it should be signed by a m ember of the firm, who should sign in the form “____________________________, a copartnership, by____________________________________________, a member of the firm.” 5. Tenders from those other th an incorporated banks and tru s t companies or responsible and recognized dealers in invest ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the to tal am ount (m atu rity value) of the T reasu ry bills applied for, or unless the tenders are accompanied by an express g u a ra n ty of full paym ent by an incorporated bank or tru s t company. 6. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the T reasury is m aterial, the tender m ay be disregarded (See reverse for announcement) F ederal Reserve Bank of Dallas FISCAL A G E N T OF T H E UNITED STATES DALLAS, TE X A S 75222 C ircu la r N o. 72-238 O c to b er 24, 1972 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 v ite s te n d e rs fo r tw o series of T re a su ry b ills to th e a g g reg ate a m o u n t of $4,300,000,000, or th ere ab o u ts, fo r cash a n d in exchange fo r T re a s u ry bills m a tu rin g N o v e m b er 2, 1972, in th e a m o u n t of $4,101,755,000, as follow s: 91-D A Y B iL L S (to m a tu rity d a te ) to be issued N o v e m b er 2, 1972, in th e a m o u n t of $2,400,000,000, o r th e r e ab o uts, re p rese n tin g a n a d d itio n a l a m o u n t of b ills d a te d A ugust 3, 1972, a n d to m a tu re F e b ru a ry 1, 1973 ( C U S I P No. 912793 Q D 1 ), orig inally issued in th e a m o u n t of $1,800,035,000, th e a d d itio n a l a n d o rig in al bills to b e freely in terchan g eab le. 182-D A Y B IL L S for $1,900,000,000, o r th ere ab o u ts, to b e d a te d N o v e m b er 2, 1972, a n d to m a tu re M a y 3, 1973 ( C U S I P No. 912793 Q S 8 ). T h e b ills of b o th series will be issued on a discou n t 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 s h e re in a fte r p ro vided , 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 b e issued in b e a re r fo rm only, a n d in d e n o m in a tio 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 b e receiv ed a t F e d e ra l R e se rv e B a n k s a n d B ran ch es u p to th e closing hour, o n e -th irty p.m ., E a s te rn S ta n d a rd T im e , M o nd ay, O cto b er 30, 1972. T e n d e rs w ill n o t b e receiv ed a t th e T re a s u ry D e p a rtm e n t, W ashington. E a c 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 v er $10,000 m u st be in m u ltip le s of $5,000. In th e case of c o m p e titiv e te n d e rs th e p rice offered m u st b e 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 ay n o t b e used. I t is urg ed t h a t te n d e rs be m ad e on th e p rin te d fo rm s a n d fo rw ard ed in th e special env elo pes w hich w ill be su p p lied b y F e d e ra l R e se rv e B a n k s or B ra n ch e s o n a p p lic a tio n th erefo r. B a n k in g in stitu tio n s gen erally m a y su b m it te n d e rs fo r a cco un t of custom ers p ro v id ed th e n am es o f th e custo m ers a re se t fo rth in such ten d ers. O th e r th a n b a n 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 w ill be receiv ed w ith o u t d e p o sit fro m in co rp o ra ted b a n k s a n d tr u s t c o m p anies a n d fro m respo n sib le a n d recognized d ealers in in v e stm e n t securities. T e n d e rs fro m o th ers m u st be acco m p an ied 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 su ry b ills a p p lie d for, un less th e te n d e rs a re a cc o m p an ied b y a n express g u a ra n ty of p a y m e n t b y 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 h our, te n d e rs w ill b e o p e n ed a t th e F e d e ra l R e se rv e B a n k s a n d B ran ches, follow ing w hich p u b lic a n n o u n ce m en t will b e 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 a cc ep te d bids. O n ly th o se su b m ittin g c o m p e titiv e te n d e rs will b e a d v ised of th e acc ep ta n ce o r re je ctio n thereo f. T h e S e c re ta ry 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 all ten d e rs, in w hole o r in p a rt, a n d h is a ctio n in a n y such re sp e ct shall be final. S u b je c t to th ese reserv atio n s, 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 fro m a n y one b id d e r will b e a cc ep te d in fu ll a t th e a v erag e price ( in th re e d e cim als) o f a cc ep te d c o m p e titiv e b id s for th e re sp e ctiv e issues. S e ttle m e n t for a cc ep te d te n d e rs in acco rd an ce w ith th e b id s m u st b e m ad e o r 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 on N o v e m b e r 2, 1972, 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 lik e face a m o u n t of T re a s u ry b ills m a tu rin g N o v e m b er 2, 1972. C ash a n d exchange te n d e rs will receive e q u al tre a tm e n t. C ash a d ju s tm e n ts w ill be m a d e fo r differences b e tw ee n th e p a r va lu e o f m a tu rin g b ills a c c e p te d in exchange a n d th e issue p rice of th e new bills. U n d e r Sections 4 54 ( b ) a n d 1221 ( 5 ) of th e I n 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 n t a t w hich b ills issued h e re u n d e r a re sold is co n sidered to accru e 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 n sid era tio n as c a p ita l assets. A ccordingly, th e ow ner of T re a su ry b ills ( o th e r th a n life in su ran ce co m p a n ies) issued he re u n d e r m u st include in his incom e tax re tu rn , as o rd in ary gain o r loss, th e difference b e tw ee n th e p rice p a id fo r th e bills, w h e th er on origin al 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 c tu a lly re ce iv e d e ith e r u p o n sale o r re d e m p tio n a t m a tu r ity d u rin g th e ta x a b le y e a r fo r w hich th e re tu r n is m ade. T re a su ry D e p a rtm e n t C ircu la r No. 418 ( c u rre n t re v isio n ) a n d th is notice, p re sc rib e th e te rm s of th e T re a s u ry b ills a n d govern th e c o nd ition s of th e ir issue. C opies of th e c irc u lar m a y 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 accordance v/ith 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, Monday, October 30, 1972. Tenders may not be entered by telephone. Yours very truly, P. E. Coldwell President LAST PREVIOUS OFFERING OF TREASURY BILLS A m ou n t, R a n g e a n d A p p ro x im ate Y ie ld of A ccepted T e n d e rs 3 -M o n th B ills 6 -M o n th B ills D u e J a n u a r y 25, 1973 D u e A p ril 26, 1973 $3,740,980,000________________________________ .T o ta l A p p lied F o r __________ ______ ________________$3,652,555,000 $2,300,185,000__________________________________ .T o tal A ccep ted ___________________________________$1,800,205,000 P ric e Y ie ld P ric e Y ield 98.819 4 .6 7 2 % ____________ __ __________ H ig h _________________________ 97.428__________ __ 5.0 8 7% 98.803 4 .7 3 5 % ________ __ ___________ __ L ow ___________________________ 97.412____________ 5 .119% 98.809 4 .7 1 2 % ( 1 ) -------------------------- ---- -----A v erag e _____________________ 97.419____________ 5 .10 5 % ( 1 ) (1 ) These rates are on a bank discount basis. The equivalent coupon issue yields are 4.83% for the 3-month bills and 5.31% for the 6-month bills. (S ee reverse for te n der form ) TENDER FOR ADDITION TO TREASURY BILLS 91 DAYS TO MATURITY Dated August 3,1972 Maturing February 1,1973 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The------------------------------------- Branch E l Paso 79999 H ouston 77001 San Antonio 78295 ( D a te ) P u rsu a n t to the provisions of T re asu ry D ep artm ent C ircular No. 418 (cu rre n t revision) and the provisions of the public announcem ent issued by the T re asu ry D epartm ent, the undersigned offers to purchase T reasu ry bills in the am ount shown below, and agrees to pay fo r the am ount allotted, on or before the issue date, by the method and a t the ra te indicated. NONCOMPETITIVE TENDER $________________________________________ NOT TO EXCEED $200,000 Noncompetitive tenders for $200,000 or less from any one bidder, without stated price, will be accepted in full a t the average price (in th ree decimals) of accepted competitive bids. $ COMPETITIVE TENDERS I $ $ $ (n) $ @ @ @ $ $ $ Prices should be e x p r e s s e d on th e basis of 100, w ith not more th a n three decimal places, e.g., 99.925. F r a c ti o n s m ust not be used. I S P T EN D ERS MAY NOT BE ACCEPTED BY TE L EPH O N E . T EN D ERS BY W IRE, I F RECEIVED BEFO RE TH E CLOSING HOUR A RE ACCEPTABLE. Paym ent fo r this issue of bills cannot be made by credit to T reasury Tax and Loan Account. METHOD OF PAYM ENT Denominations Desired N u m b e r of pieces M a tu rity V alue 10,000 $ □ 15,000 $ @$ @$ 50,000 $ @$ 100,000 $ □ □ 500,000 $ □ @ $1,000,000 $ By maturing bills held by--------------------------------------------Payment to be made by---------------------Charge our reserve account on payment date Draft enclosed (E ffectu al delivery of enclosed d ra ft shall be on la te st day w hich will p e rm it p re sen tm en t in o rd er to o b ta in irrevocably collected fu n d s on p ay m en t d a te ) Delivery Instructions: □ Hold in Custody Account— Member banks for own account only □ Pledge to secure Treasury Tax and Loan Account □ (S u b scrib er’s fu ll nam e o r c o rp o ra te title) (A ddress) By- Ship to___________________________ a u t h o r i z e d official s ig n a tu re a n d title ) ( 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 subscriber) (A d d re ss) IM PORTANT 1. No tender fo r less th a n $10,000 will be considered and each tender over $10,000 m ust be fo r an am ount in multiples of $5,000 (m atu rity v a lu e ). 2. Tenders should be forw arded in an envelope clearly addressed to this bank or appropriate branch as Fiscal A gent of the United States, with notation on the envelope reading “TENDER FOR TREASURY O FFE R IN G ”. Since envelopes received w ith this legend will not be opened until a fte r the closing time specified in the public announcement, communi cations relatin g to other m a tte rs should not be enclosed. Envelopes for subm itting tenders m ay be obtained from this bank or appropriate branch. 3. Any qualified or conditional tender will be rejected. 4. If a corporation m akes the tender, the form should be signed by an officer of the corporation authorized to m ake the tender and the signing of the form by an officer of the corporation will be construed as a representation by him th a t 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 th an incorporated banks and tru s t companies or responsible and recognized dealers in invest ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the to tal am ount (m atu rity value) of the T reasu ry bills applied for, or unless the tenders are accompanied by an express g u a ra n ty of full paym ent by an incorporated bank or tru s t company. 6. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the T reasury is m aterial, the tender m ay be disregarded (See reverse for announcement)
@FedFRASER