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F ederal R eserve Bank of D allas F IS C A L A G E N T O F T H E U N IT E D S T A TES DALLAS, TEXAS 75222 C ircular No. 74-278 O cto b er 15, 1974 TREASURY’S 2 2 7 -D A Y BILL OFFERING To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Your attention is invited to the fo llo w ing statement giving details of an issue 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, invites te n d e rs for $1,500,000,000, o r th ere ab o u ts, of 227-day T re a su ry bills, to be issued on a discou nt basis u n d e r c o m p e titiv e a n d no nc o m p e titiv e b idd in g as h e re in a fte r provided. T h e bills of this series will be d a te d N o v e m b e r 4, 1974, a n d will m a tu re J u n e 19, 1975 ( C U S I P No. 912793 W Z 5 ) w hen th e face a m o u n t will be p a y ab le w ith o u t interest. T h e y will be issued in b e are r form in d e n o m in a tio n s of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 ( m a tu rity v a lu e ), a n d in b oo k -e n try form to desig n ated bidders. T e n d e rs will be received a t F e d e ra l R e se rv e B anks a n d B ra n ch e s u p to o n e -th irty p.m., E a s te rn S ta n d a rd tim e, O cto b er 29, 1974. T e n d e rs will n o t b e received 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 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 le s of $5,000. I n 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 not m ore th a n th r e e decim als, e.g., 99.925. F ra c tio n s m a y n o t be used. B a n k in g in stitu tio n s and dealers who m a k e p rim a ry m a r k 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 ral R eserv e B a n k of N ew Y ork th e ir p ositio ns w ith respect to G o v e rn m e n t securities a n d borrow ings th ere o n m ay su b m it ten d e rs for a cc o u n t of custo m ers p ro v id ed th e n am es o f th e custom ers a re set forth in such tenders. O th e rs will n o t be p e rm itte d to su b m it te n d e rs except for th e ir own account. T e n d e rs will be received w ithou t deposit from in co rp o ra ted ban ks a n d tru s t com panies a n d from respo nsible a n d recognized dealers in in v e s tm e n t securities. T e n d e rs from o th ers m u st be accom 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 bills a p p lie d for, unless th e tenders a re a cc o 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 inco rp o ra ted b a n k or tr u s t com pany. P u b lic a n n o u n c e m e n t will be 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 ran ge of a cc ep te d bids. T h o se su b m ittin g co m p etitiv e ten d e rs will be advised of th e a ccep tan ce o r rejectio n thereo f. 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 o r re je c t a n y o r all te n d e rs, in whole or in p a rt, a n d his a ctio n in a n y such re sp e c t shall be final. S u b je c t to th ese reservations, non co m p e titiv e te n d e rs for $200,000 o r less w ith o u t sta te d p rice from a n y one bidder will be a cc ep te d in full a t th e average price (in th ree d ecim als) of a ccepted co m p etitiv e bids. S e ttle m e n t fo r a cc ep te d te n d e rs in acco rdance w ith the bids m u st be m a d e or co m p leted a t th e F e d e ra l R eserve B a n k or B ranch in cash or o th e r im m e d ia tely av ailab le fu nds on N o v e m b er 4, 1974. U n d e r Sections 454 ( b ) and 1221 ( 5 ) of th e In te rn a l R e v en u e Code of 1954 th e a m o u n t of d iscou nt a t w hich bills issued h e reu n d e r are sold is considered to accrue w hen th e bills are sold, red eem ed o r otherw ise disposed of, a n d th e bills are excluded from con sideration as cap ital assets. A ccordingly, th e ow ner of bills ( o th e r th a n life in surance c o m p a n ies) issued h e reu n d e r m u st include in his F e d e ral incom e ta x re tu rn , a s o rd in ary gain o r loss, th e difference b etw een th e p rice p a id for the bills, w h e th e r on original issue or on su b seq u en t purchase, and 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 tion a t m a tu r ity during th e tax a b le y e ar for which 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 ircular No. 418 (c u r re n t revision ) and th is notice, prescribe th e te rm s of th e T re a su ry bills an d govern th e conditions of th e ir issue. C opies o f th e c irc u lar m a y b e o b tain e d from a n y F e d e ral R eserve B a n k or B ranch. In accordance with the ab ove announcement, tenders w ill be received a t this b a nk a n d its branches at El Paso, Houston, and San Antonio up to tw elve -th irty p.m., Central Standard Time, Tuesday, October 29, 1974. Tenders m ay not be entered by telephone. Yours very truly, P. E. Coldwell President (S e e reverse for 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, TUESDAY, OCTOBER 29, 1974 TENDER FOR TREASURY BILLS SECURITY OFFERED 227 DAYS TO MATURITY Dated November 4, 1974 Maturing June 19, 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 at the rate indicated. NONCOMPETITIVE TENDER $______________________________________ Q i—i M -NOT TO EXCEED $200,000 N n o p t t v t n e s f r $ 0 , 0 o ls from any b d e ,w t o t s a e pie wl b a c p e i fl a t ea e a e o c m e i i e e d r o 2 0 0 0 r es i d r i h u t t d rc, il e c e t d n ul t h v r g p i e (n t r e d c m l ) o a c p e c m e i i e bd. r c i h e e i a s f c e t d o p t t v is " fa O w (s H COMPETITIVE TENDERS (a ) % (n ) * > ' fa 1 $ Ol , @ 1 ? OTHER THAN BANKS: □ By Cashier’s Check □ By Certified Personal Check □ By Federal Funds Draft □ By Securities Submitted fiH ^ ? $ ? Prices should be expressed on the basis of 100, with not more than three decimal places, e.g., 99.925. F ractio n s must not be used. - BANKS ONLY: □ □ □ By charge to our reserve account on payment date By draft enclosed. By charge to our correspondent: £ ^ (Description) s ALL CHECKS MUST BE PAYABLE TO THE FEDERAL PvESERVE BANK (A written authorization for such charge should be provided from your correspondent.) FEDERAL RESERVE BANK ONLY: Bearer Securities: COST: @ $ @ $ E H ccON C h 100,000 $. @ $ o & 50,000 $. (® $ © H H H U 15,000 $. (a) $ m fc 10,000 $. 500,000 $. DEPOSIT: DUE TO SUBSCRIBER: DUE FROM SUBSCRIBER: PLEASE PRINT OR TYPE (The information below will be used in delivery of securities.) (ffi ?1,000,000 $. Book-entry (Banks only): fc < § b 05 W s H p 6 < j H C □ 01 General Account ?_ □ 02 Treasury Tax and Loan Collateral _ (S tre et A ddress) □ 04 Fledged to Secretary of Treasury _ (C ity, S ta te , Zip Code) □ 12 Investment Account _ □ 13 Trust Account _ □ ---------------TOTAL $_ 03 O ►-H E h S f c O U (N am e of Subscriber) (S ig n a tu re and title, if applicable) BANKS ONLY: ic cou nt ' For the a ccount of, I if te n d e r is fo r a n o th e r su bscrib er I nibacriber 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 otner 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 th at 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 ------------------------------ ------------- ----------------f 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 (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 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)
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