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F E D E R A L R E S E R V E BA N K
OF N EW YORK
Fiscal Agent of the United States
1" Circular No. 6 3 2 2 "1
April 17, 1969
J

L

OFFERING OF TWO SERIES OF TREASURY BILLS
$500,000,000 of 276-Day Bills, Additional Amount, Series Dated Jan. 31, 1969, Due Jan. 31, 1970
(To Be Issued April 30, 1969)
$1,000,000,000 of 365-Day Bills, Dated April 30, 1969, Due April 30, 1970
To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:

Following is the text of a notice issued by the Treasury Department, released for publication
today at 4 p.m.:
The Treasury Department, by this public notice, invites
tenders for tw o series of Treasury bills to the aggregate amount
of $1,500,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing April 30, 1969, in the amount of
$1,701,601,000, as follow s:
276-day bills (to maturity date) to be issued April 30,
1969, in the amount o f $500,000,000, or thereabouts,
representing an additional amount of bills dated Janu­
ary 31, 1969, and to mature January 31, 1970, originally
issued in the amount of $1,000,177,000, the additional
and original bills to be freely interchangeable.
365-day bills, for $1,000,000,000, or thereabouts, to be
dated April 30, 1969, and to mature April 30, 1970.
The bills of both series will be issued on a discount basis
under competitive and noncompetitive bidding as hereinafter
provided, and at maturity their face amount will be payable
without interest. They will be issued in bearer form only, and
in denominations of $1,000, $5,000, $10,000, $50,000, $100,000,
$500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern Stand­
ard time, Thursday, A pril 24, 1969. Tenders will not be
received at the Treasury Department, W ashington. Each
tender must be for an even multiple of $1,000, and in the case
of competitive tenders the price offered must be expressed
on the basis o f 100, with not more than three decimals, e.g.,
99.925. Fractions may not be used. (N otwithstanding the fact
that the one-year bills will run for 365 days, the discount rate
will be computed on a bank discount basis o f 360 days, as is
currently the practice on all issues o f Treasury bills.) It is urged
that tenders be made on the printed form s and forwarded in
the special envelopes which will be supplied by Federal Reserve
Banks or Branches on application therefor.
Banking institutions generally may submit tenders for
account of customers, provided the names o f the customers are
set forth in such tenders. Others than banking institutions will
not be permitted to submit tenders except for their own account.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment o f 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty o f payment by an incorporated bank or
trust company.

Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, follow ing which
public announcement will be made by the Treasury Department
of the amount and price range o f accepted bids. Those sub­
mitting tenders will be advised of the acceptance or rejection
thereof. The 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, noncompetitive tenders for each issue for
$200,000 or less without stated price from any one bidder will
be accepted in full at the average price (in three decimals) of
accepted competitive bids for the respective issues. Settlement
for accepted tenders in accordance with the bids must be made
or com pleted at the Federal Reserve Bank on April 30, 1969,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing April 30, 1969. Cash and
exchange tenders will receive equal treatment. Cash adjust­
ments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of
the new bills.
The incom e derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, does not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills does not have any special treat­
ment, as such, under the Internal Revenue Code of 1954. The
bills are subject to estate, inheritance, gift or other excise
taxes, whether Federal or State, but are exempt from all taxa­
tion now or hereafter im posed on the principal or interest
thereof by any State, or any o f the possessions of the United
States, or by any local taxing authority. For purposes of
taxation the amount of discount at which Treasury bills are
originally sold by the United States is considered to be interest.
Under Sections 454(b) and 1221(5) of the Internal Revenue
Code of 1954, the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills
are excluded from consideration as capital assets. Accordingly,
the owner o f Treasury bills (other than life insurance com ­
panies) issued hereunder need include in his income tax return
only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made,
as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision)
and this notice prescribe the terms o f the Treasury bills and
govern the conditions of their issue. Copies o f the circular may
be obtained from any Federal Reserve Bank or Branch.

This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Standard time, Thursday, April 24,
1969, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective
series are enclosed. Please use the appropriate forms to submit tenders and return them in the enclosed envelope
marked “ Tender for Special Treasury Bills.” Tenders may be submitted by telegraph, subject to written confirmation;
they may not be submitted by telephone. Payment for the Treasury>bills cannot be made by credit through the Treasury
Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury
bills.




A lfred H a y e s ,

President.

No.
TENDER FOR 276-DAY TREASURY BILLS
Additional Amount, Series Dated January 31, 1969, Due January 31, 1970
(To Be Issued April 30, 1969)
To

F ederal

R eser ve

B a n k

of

N ew

Dated a t ..................................

Y ork,

Fiscal Agent of the United States.

1 9 ...

Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the
provisions of the public notice issued by the Treasury Department inviting tenders for the above described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
COMPETITIVE TENDER

r
|_A’

D o not fill in both Competitive and
d 'oncompetitive tenders on one form

$ ...................................................... (maturity value),
or any lesser amount that may be awarded.
Price: .................................. per 100.
( Pricc must be expressed iL’ith not more than three
decimal places, for example, 99.925)

]

NONCOMPETITIVE TENDER

$ ......................................................

(maturity value).

(N ot to exceed $200,000 fo r one bidder through all sources)

At the average price of accepted competitive bids.

Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces

Denomination

$

Maturity value

1,000

□

1. Deliver over the counter to the

□
□

100,000

4.

□

10,000
50,000

2.
3.

□

5,000

5.

undersigned
Ship to the undersigned
Hold in safekeeping (fo r ac­
count of member bank only)
Allotment transfer (see list
attached)
Special instructions:

500,000
1,000,000

(N o changes in delivery instructions
will be accepted)

Totals

Payment will be made as follow s:
□
By check herewith
LJ By cash or check in immediately
available funds on delivery
□
By charge to our reserve account
□
By surrender of $ ..............................
(maturity value) of maturing
Treasury bills. Pay cash adjust­
ment, if any—
□
By check
[H By credit to our reserve account
(Payment cannot be made through
Treasury Tax and Loan Account)

The undersigned (if a bank or trust company) hereby certifies that the Treasury bills which you are
hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
(N am e of subscriber— please print or type)

Insert this tender
in special en velop e

.............
•. •» ........................................... •
(Address— please print or type)

m arked “ T en d er fo r
Special Treasury B ills’

(Signature of subscriber or authorized signature)

(Title of authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(N am e of customer)

(N a m e of customer)

IN S T R U C T IO N S :
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f $1,000
(maturity value).
2. Others than banking institutions will not be permitted to submit tenders except for their ow n account.
Banking institutions submitting tenders for customer account may consolidate competitive tenders at the same pricc
and may consolidate noncompetitive tenders, provided a list is attached show ing the name o f each bidder, the amount
bid for his account, and method o f payment. Forms for this purpose will be furnished upon request.
3. If the person making the tender is a corporation, the tender should be signed by an officer o f the corporation
authorized to make the tender, and the signing of the tender by an officer o f 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.”
4. Tenders will be received without deposit from incorporated banks and trust companies and from respon­
sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of
2 percent of the face amount of Treasury bills applied for, unless the tenders arc accompanied by an express guaranty
o f payment by an incorporated bank or trust company. All checks must be drawn to the order o f the Federal Reserve
Bank o f New Y ork; checks endorsed to this Bank will not be accepted.
5. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the
Treasury, is material, the tender may be disregarded.




No.................

TENDER FOR 365-DAY TREASURY BILLS
Dated April 30, 1969

To

F

ederal

R

eserve

Bank

of

N

ew

Due April 30, 1970

Y

ork,

Dated at

Fiscal Agent of the United States.

19.
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the
provisions of the public notice issued by the Treasury Department inviting tenders for the above described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
COMPETITIVE TENDER

[

Do not fill in both Competitive and
Noncompetitive tenders on one form

$ ...................................................... (maturity value),
or any lesser amount that may be awarded.
P r ic e :.................................. per 100.
(Price must be expressed with not more than three
decimal places, for example, 99.925)

1

NONCOMPETITIVE TENDER

$ ......................................................

(maturity value).

(N ot to exceed $200,000 fo r one bidder through all sources)

At the average price of accepted competitive bids.

Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces

Denomination
$

Maturity value

□

1,000
□
□

5,000
10,000

□

50,000

□

100,000

1. Deliver over the counter to the
undersigned
2. Ship to the undersigned
3. Hold in safekeeping (fo r ac­
count of member bank only)
4. Allotment transfer (see list
attached)
5. Special instructions:

500,000
1,000,000

(N o changcs in delivery instructions
zvill be accepted)

T otals

Payment will be made as follow s:
□
By check herewith
Q By cash or check in immediately
available funds on delivery
□
By charge to our reserve account
□
By surrender of $ ........................
(maturity value) of maturing
Treasury bills. Pay cash adjust­
ment, if any—
□
By check
LJ By credit to our reserve account
(Payment cannot be made through
Treasury Tax and Loan Account)

The undersigned (if a bank or trust company) hereby certifies that the Treasury bills which you are
hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
(Name of subscriber— please print or type)

Insert this tender
in special envelope
marked “Tender for
Special Treasury Bills’

(Address— please print or type)

(Signature of subscriber or authorized signature)

(Title of authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(Name of customer)

(Name of customer)

IN S T R U C T IO N S :
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f $1,000
(maturity value).
2. Others than banking institutions will not be permitted to submit tenders except for their own account.
Banking institutions submitting tenders for customer account may consolidate competitive tenders at the same price
and may consolidate noncompetitive tenders, provided a list is attached showing the name o f each bidder, the amount
bid for his account, and method o f payment. Forms for this purpose will be furnished upon request.
3. If the person making the tender is a corporation, the tender should be signed by an officer o f the corporation
authorized to make the tender, and the signing o f the tender by an officer o f 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, w ho should sign in the form “ ............................................................................................. f a copartnership, by
....................... ......................................................................................a member o f the firm.”
4. Tenders will be received without deposit from incorporated banks and trust companies and from respon­
sible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of
2 percent o f the face amount o f Treasury bills applied for. unless the tenders are accompanied by an express guaranty
o f payment by an incorporated bank or trust company. All checks must be drawn to the order o f the Federal Reserve
Bank o f N ew Y ork ; checks endorsed to this Bank will not be accepted.
5. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the
Treasury, is material, the tender may be disregarded.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102