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F ED E R A L R ESER V E BANK OF NEW YORK Fiscal A g e n t of the U nited States r Circular N o. 7 3 6 3 L March 2 2 , 1974 ~ l J Auction of $1.5 Billion of 2-Year Treasury Notes of Series H-1976 T o A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: As announced in our Circular No. 7362, dated March 21, 1974, the Treasury will sell at auction, on Thursday, March 28, under competititve and noncompetitive bidding, $1.5 billion of 2-year Tre'asury Notes of Series H-1976, dated April 9, 1974, due March 31, 1976. The terms of the offering are set forth in Treasury Department Circular No. 4-74, Public Debt Series, dated March 21, 1974, a copy of which is printed below. This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Thursday, March 28, 1974, at the Securities Department of its Head Office and at its Buffalo Branch, except that noncompetitive tenders mailed to this Bank or its Branch postmarked no later than Wednesday, March 27, will be considered timely. Please use the enclosed tender forms to submit tenders, and return them in the enclosed envelope marked “ Tender for Treasury Notes.” Tenders not requiring a deposit may be submitted by telegraph, subject to written confirmation; no tenders may be sub mitted by telephone. Settlement for accepted tenders may be made in cash or other immediately available funds; settlement cannot be made by credit in Treasury Tax and Loan Accounts. The coupon rate for the notes will be announced on Wednesday, March 27. You may call this Bank (Telephone No. 212-791-5360, 212-791-5368, or 212-791-5465) on that date to ascertain the rate. A lfred H a y e s, President. UNITED STATES OF AMERICA TREASURY NOTES OF SERIES H-1976 Dated and bearing interest from April 9, 1974 D E P A R T M E N T C IR C U L A R P u b lic D e b t S e r ie s — N o . 4 - 7 4 Due March 31, 1976 DEPARTMENT OF THE TREASURY, Office o f the Secretary, Washington, March 21, 1974. I. INVITATION FOR TENDERS 1. The S ecretary o f the T reasury, pursuant to the au th ority o f the Second L ib erty B on d A ct, as am ended, invites tenders at a price not less than 99.76 percent o f their face value fo r $1,500,000,000, or there abouts, o f notes o f the U n ited States, designated T reasu ry Notes o f Series H -1976. The interest rate fo r the notes w ill be p u b licly announced by the S ecretary o f the T reasu ry on M arch 27, 1974. Tenders w ill be received up to 1 :30 p.m., Eastern D a y lig h t Savin g time, T hu rsday, M arch 28, 1974, under com petitive and noncom petitive b id d in g, as set forth in S ection I I I hereof. II. DESCRIPTION OF NOTES 1. The notes w ill be dated A p r il 9, 1974, and w ill bear interest fro m that date, payable on a sem iannual basis on Septem ber 30, 1974, M arch 31 and S eptem ber 30, 1975, and M arch 31, 1976. T hey w ill m ature M arch 31, 1976, and w ill not be su b ject to call fo r redem ption p rio r to m aturity. 2. The incom e derived fro m the notes is su b ject to all taxes im posed u nder the Internal R evenue C ode o f 1954. The notes are su b ject to estate, inheritance, g ift or other excise taxes, whether F ederal or State, but are exem pt fro m all taxation now or h ereafter im posed on the p rin cip a l or interest th e re o f b y any State, or an y o f the possessions o f the U nited States, or b y an y local ta x in g authority. 3. The notes w ill be acceptable to secure deposits o f p u b lic m oneys. T h ey w ill not be acceptable in p a y m ent o f taxes. 4. B earer notes w ith interest cou p on s attached, and notes registered as to p rin cip a l and interest, w ill be issued in denom inations o f $1,000, $5,000, $10,000, $100,000 and $1,000,000. P rovision w ill be m ade fo r the in terch an ge o f notes o f different denom inations and o f cou p on and registered notes, and fo r the tran s fe r o f registered notes, under rules and regulations p rescribed b y the S ecretary o f the T reasury. 5. The notes w ill be su b ject to the general regu la tions o f the D epartm en t o f the T reasury, now or here after prescribed, g overn in g United States notes. III. TENDERS AND ALLOTMENTS 1. T enders w ill be received at F ederal R eserve Banks and B ranches and at the B ureau o f the P u b lic D ebt, W ash in gton , D . C. 20226, up to the closing hour, 1 :30 p.m ., E astern D a y lig h t S avin g time, T hursday, M arch 28, 1974. E ach tender must state the face am ount o f notes bid for, w hich must be $1,000 or a m u ltip le th ereof, and the p rice offered, except that in the case o f n oncom petitive tenders the term ‘ ‘ n on com p e titiv e ” should be used in lieu o f a price. In the case o f com p etitive tenders, the p rice must be expressed on the basis o f 100, w ith tw o decim als, e.g., 100.00. T en ders at a p rice less than 99.76 w ill not be accepted. F ra ction s m ay not be used. N on com petitive tenders fro m an y one bidder m ay not exceed $500,000. 2. C om m ercial banks, w hich fo r this purpose are defined as banks accep ting dem and deposits, m ay sub m it tenders fo r account o f custom ers p rov id ed the names o f the custom ers are set fo rth in such tenders. Others than com m ercial banks w ill not be perm itted to subm it tenders except fo r their own account. T en ders w ill be received w ithout deposit fro m banking in stitu tions fo r their ow n account, F ed erally-in su red savings and loan associations, States, p olitica l su b d iv i sions or instrum entalities th ereof, p u b lic pension and retirem ent and other p u b lic fu n ds, international o r ganizations in w hich the U nited States holds m em ber ship, foreig n central banks and foreign States, dealers w h o make p rim a ry markets in G overnm ent securities and rep ort d aily to the F ed era l Reserve Bank o f New Y o rk th eir positions w ith respect to G overnm ent secu rities and borrow in gs thereon and G overnm ent ac counts. T enders from others m ust be accom panied by paym en t o f 5 percen t o f the face am ount o f notes a p p lied fo r. 3. Im m ediately after the closin g h our tenders w ill be opened, fo llo w in g which p u b lic announcem ent w ill be m ade b y the D epartm en t o f the T reasury o f the am ount and p rice range o f accepted bids. Those su b m ittin g tenders w ill be advised o f the acceptance or rejection th ereof. In con sid erin g the acceptan ce o f * A verage price m ay be at, or more or less than 100.00. tenders, those at the highest prices w ill be accepted to the extent requ ired to attain the am ount offered. Tenders at the lowest accepted p rice w ill be prorated if necessary. The S ecretary o f the T reasu ry expressly reserves the righ t to accept or reject any or all ten ders, in w hole or in part, in clu d in g the righ t to accept less than $1,500,000,000 o f tenders, and his action in a n y such respect shall be final. S u b ject to these res ervations, n on com petitive tenders fo r $500,000 or less w ithout stated p rice fro m any one bid d er w ill be accepted in fu ll at the average p rice* (in tw o d eci m als) o f accepted com petitive tenders. 4. A ll bidders are requ ired to agree not to p u r chase or sell, or to make any agreements with respect to the purchase or sale or other disposition o f any notes o f this issue at a specific rate or price, u ntil a fte r 1 :30 p.m ., E astern D a y lig h t Savin g time, T hu rs day, M arch 28, 1974. 5. C om m ercial banks in subm itting tenders w ill be required to c e rtify that they have no beneficial in ter est in an y o f the tenders they enter fo r the account o f their custom ers, and that their custom ers have no beneficial interest in the b a n k s’ tenders fo r their own account. IV. PAYMENT 1. Settlem ent fo r accepted tenders in accordance w ith the bids must be m ade or com pleted on or before A p r il 9, 1974, at the F ed eral Reserve B ank or B ranch or at the B ureau o f the P u b lic D ebt, W ash in gton , D. C. 20226, in cash or other fu n d s im m ediately avail able b y that date. P aym ent w ill not be deem ed to have been com pleted w here registered notes are requested i f the a p p rop ria te id e n tify in g num ber as requ ired on tax returns and other docum ents subm itted to the In ternal R evenue S ervice (an in d iv id u a l’s social security num ber or an em p loyer identification n um ber) is not furn ish ed. In every case where fu ll paym ent is not com pleted, the p aym en t w ith the tender up to 5 p er cent o f the am ount o f notes allotted shall, u p on d ec laration m ade b y the S ecretary o f the T reasu ry in his d iscretion, be fo rfe ite d to the U nited States. V. GENERAL PROVISIONS 1. A s fiscal agents o f the U nited States, F ed eral R eserve Banks are authorized and requested to receive tenders, to make such allotm ents as m ay be prescribed by the S ecretary o f the T reasury, to issue such notices as m ay be necessary, to receive paym ent fo r and make -delivery o f notes on fu ll-p a id tenders allotted, and they m ay issue interim receipts p en din g delivery o f the definitive notes. 2. The S ecretary o f the T reasu ry m ay at any time, or from tim e to tim e, prescribe supplem ental or am en datory rules and regulations g overn in g the offer ing, w hich w ill be com m unicated p ro m p tly to the F ed eral Reserve Banks. G E O R G E P. S H U L T Z , Secretary o f the Treasury. FO R M NA IM P O R T A N T — Closing time for receipt of this tender is 1:30 p.m., Thursday, March 28,1974. TENDER FOR TREASURY NOTES OF SERIES H-1976 Due March 31, 1976 D a te d April 9, 1974 D a ted at F e d e r a l R eserve B a n k o f N e w Y o rk , F iscal A gen t o f the U n ited States, N ew York, N. Y. 10045 ., 1974 Pursuant to the provisions o f Treasury D epartm en t C ircular N o. 4-74, P u b lic D e b t Series, dated M arch 21, 1974, the u ndersigned h ereb y offers to purchase U nited States o f A m erica Treasury N otes o f Series H -1976 in the am ount in d icated b e lo w , and agrees to m ake paym en t th erefor at you r Bank on or b efore the issue date at the p rice in d icated b elow . C O M P E T IT IV E T E N D E R D o not fill in both C om petitive and N on com p etitive tenders on on e form N O N C O M P E T IT IV E T E N D E R $ .......................................................... (m atu rity v a lu e ), or any lesser am ount that m ay b e aw arded. ( Not to ex ceed $500,000 for one bidder through all sou rces) P rice: ........... p er 100 (m in im u m o f 99.76) at the average p rice o f a cce p te d com p etitive bids. $ ............................................................ ( maturity v a lu e ) (P rice must he expressed with not m ore than tw o decim al places, for exam ple, 100.00.) S u bject to allotm ent, please issue, deliver, and a ccep t paym en t fo r the notes as in dicated b e lo w and on the reverse side ( i f registered notes are desired, please also com p lete schedule on reverse s id e ): D enom ination $ Maturity value 1,000 5,000 10,000 □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned □ 3. H old in safekeeping (fo r ac count o f m em ber bank o n ly )* □ 4. H old as collateral for Treasury Tax and Loan Account® □ Pieces 5. Special instructions: 100,000 Payment will be made as follow s: □ By charge to our account on your books □ By cash or check in imm ediately available funds on delivery 1,000,000 Totals ° ( N o changes in delivery instructions will b e a ccep ted ) I he undersigned certifies that the allotted notes will be ow ned solely by the undersigned. W e h ereby agree not to buy or to sell, or to make any agreem ents with respect to the purchase or sale or other disposition of any notes of this issue at a specific rate or price, until after one-thirty p.m., Eastern Daylight Saving time, Thursday, March 28, 1974. ( If a com m ercial bank is subscribing for its ow n account or for account o f customers, the follow ing certifications are made a part o f this tender.) W e H e r e r y C e r t i f y that w e have receiv ed tenders from our custom ers in the am ounts set op p osite the custom ers’ names on the list w h ich is m ad e a part o f this tender; that there has been paid to us b y each such custom er as requ ired b y the official offerin g circular, not su bject to w ithdraw al until after allotment, not less than 5 p ercen t o f the am ount b id for; that w e have not m ade unsecured loans, or loans collateralized in w h ole or in part b y the notes b id for, to su pply the amounts o f such paym ents to any o f such custom ers; that w e have n o ben eficial interest in the tenders o f such custom ers; and that n one o f our custom ers has any ben eficial interest in the am ount b id fo r our ow n account. W e F u r t h e r C e r t i f y that tenders receiv ed b y us, if any, from other com m ercial banks for their ow n accou n t and fo r the a ccou n t o f their custom ers have been entered w ith us under the same conditions, agree ments, and certifications as set forth in this form . (Name of subscriber — please print or type) Insert this tender in special en velope marked “ T ender for Treasury N otes ” (Address — please print or type) (Tel. N o.) (Signature of subscriber or authorized signature) (Title of authorized signer) IM P O R T A N T — Banks submitting tenders for customer account must indicate names and amounts desired by each on a separate list attached hereto. IN S T R U C T IO N S : 1. va lu e). 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 2. Others than com m ercial banks will not be permitted to submit tenders except for their ow n account. Banks submitting tenders for custom er account may consolidate com petitive tenders at th e same price and may consolidate noncom petitive 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. 3. I f the person making the tender is a corporation, the tender should be signed b y an officer o f the corporation author ized to make the tender, and the signing o f the tender b y an officer o f the corporation will b e construed as a representation by him that he has been so authorized. If the tender is made b y a partnership, it should be signed b y a member o f the firm, w ho should sign in the form “ ............................ ................................................................... a copartnership, b y ................................... ........................................................ a m em ber o f the firm.” 4. Tenders will be received without deposit from com m ercial and other banks for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, pu blic pension- and retirement and other public funds, international organizations in which the United States holds membersnip, foreign central banks and foreign States, dealers w ho make primary markets in Governm ent securities and report daily to the Federal Reserve Bank o f N ew York their positions with respect to Governm ent securities and borrowings thereon, and Government accounts. Tenders from others must be accom panied b y paym ent o f 5 percent o f the face amount o f securities applied for. All checks must b e drawn to the order o f the Federal Reserve Bank o f N ew York; checks endorsed to this Bank will not be accepted. 5. If the language o f this tender is changed in any respect, w hich, in the opinion o f the Secretary o f the Treasury is material, the tender m ay b e disregarded. SCHEDULE FOR ISSUE OF REGISTERED TREASURY NOTES OF SERIES H-1976 SUBSCRIPTION NO. GO 00 05 □ □ □ I* te) td m d O ft) d ►1 ft) o ea fcfr '-+ r • 5 T on J* ' 0 ft) 3. o, ) r-t* rta a. c o a- a ft) p ft) w H > -O P 5 A, H o ^ o 2, ► 3 d c cr * H > a d > ►I M-» o CO GO M U M H d 03 O l-H ft) ft) 3 o 0 ) co a" a .) □ □ □ □ □ a C/1 £ O O o I . » —* P S C D r-h hr-11 P ^ O g I o p Q Q > > -*■ o r-r ft i-i E c T d‘ cr a. ► d p cr a > 4 5' £ M O a SS’ S' * 3J 33 a a 0 5 O r-t2- S- o? 2L 2t = 3 ° E £ S < < 3 ^ > > C »+» ft) ft a O -■ p p p □ « S 3 C/5 0) cr. 2. o Er d 5• p s—' r-t■ a > £ > r+ N -* O S 3 > -t rt ► O C rt C/5 rt o- R° 2 o- p SL f > > O O 3 o ® o3