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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal A gent of the U nited States

[

Circular No. 7 5 2 6
December 16, 1974

~I

J

Auction of $2 Billion of New Treasury Notes
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following statements were issued on December 13 by the Treasury Department:
TREASURY TO ROLL OVER NOTES IN QUARTERLY CYCLE
i t ThtoTn6uSn ry
refund
billion o f notes held b y the public maturing D ecem ber 31, 1974 b y
selling $2.0 billion o f 2-year notes maturing D ecem ber 31, 1976. Additional amounts o f these notes
may be issued at the average price o f accepted tenders to Government accounts and to Federal
Reserve Ban s for themselves and as agents of foreign and international monetary authorities.
i
Th, j n? t6S
be S° ld at auction> on a yield basis, on M onday, D ecem ber 23. Bidders must state
the yield t ey w ill accept on the basis o f a percentage to two decimal places. The coupon rate will
be set, after the auction, at the Vs of one percent which is nearest to the average yield on accepted
tenders and which produces an average price at or b elow par. The minimum denomination o f these
notes will be $5,000.
The payment date for the notes will b e D ecem ber 31, 1974. Payment may not be made by credit
to Treasury tax and loan accounts.
This is the second rollover o f notes in the quarterly cycle o f 2-year maturities started in 1972.

DETAILS OF TREASURY ANNOUNCEMENT OF AUCTION OF $2 BILLION OF NOTES
The Treasury will auction under com petitive and
noncompetitive bidding $2.0 billion, or thereabouts o f
2-year notes to raise cash for refunding $1.9 billion o f
notes held by the public maturing D ecem ber 31, 1974.
The coupon rate for the notes will be determined after
tenders are allotted. Additional amounts of the notes
may be issued to Government accounts and to Federal
Reserve Banks for themselves and as agents o f foreign
and international monetary authorities.
The notes to be issued will be Treasury Notes o f
Series K-1976 dated D ecem ber 31, 1974, due D ecem ­
ber 31, 1976 (C U SIP No. 912827 E B 4) with interest
payable semiannually on June 30 and D ecem ber 31.
They will be issued in registered and bearer form in
denominations o f $5,000, $10,000, $100,000 and
$1,000,000, and in book-entry form to designated bid ­
ders. Delivery o f bearer notes will be made on or
about January 6, 1975. A purchaser o f bearer notes
may elect to receive an interim certificate on Decem ber
31, which shall be a bearer security exchangeable at
face value for Treasury Notes o f Series K-1976 when
available.
Tenders will be received up to 1:30 p.m., Eastern
Standard time, Monday, D ecem ber 23, at any Federal




Reserve Bank or Branch and at the Bureau o f the Pub­
lic Debt, Washington, D. C. 20226; provided, h ow ­
ever, that noncompetitive tenders will be considered
timely received if they are mailed to any such agency
under a postmark no later than Sunday, D ecem ber 22.
Each tender must be in the amount of $5,000 or a mul­
tiple thereof, and all tenders must state the yield, if a
competitive tender, or the term “noncom petitive”, if a
noncompetitive tender. The notation “T E N D E R FO R
TREASURY N O TE S” should be printed at the bottom
of envelopes in which tenders are submitted.
Competitive tenders for the notes must be expressed
in terms o f annual yield in two decimal places, e.g.,
7.75, and not in terms of a price. Tenders at the low ­
est yields, and noncompetitive tenders, will be ac­
cepted to the extent required to attain the amount
offered. After a determination is made as to which
tenders are accepted, a coupon yield will be deter­
mined to the nearest Vs of 1 percent necessary to make
the average accepted price 100.00 or less. That will
be the rate o f interest that will be paid on all o f the
notes. Based on such interest rate, the price on each
competitive tender allotted will be determined and
each successful com petitive bidder will pay the price
corresponding to the yield he bid. Price calculations

will be carried to three decimal places on the basis of
price per hundred, e.g., 99.923, and the determinations
o f the Secretary o f the Treasury shall be final. Tenders
at a yield that will produce a price less than 99.501 will
not be accepted.

Treasury may find it necessary to submit full payment
for the securities with their tenders in order to meet
the time limits pertaining to checks as hereinafter set
forth. Allotment notices will not be sent to bidders
w ho submit noncompetitive tenders.

The Secretary o f the Treasury expressly reserves the
right to accept or reject any or all tenders, in whole or
in part, including the right to accept more or less than
the $2.0 billion offered to the public, and his action in
any such respect shall be final. Subject to these reser­
vations, noncompetitive tenders for $500,000 or less
will be accepted in full at the average price of ac­
cepted competitive tenders, which price will be 100.00
or less.

Payment for accepted tenders must be com pleted on
or before Tuesday, D ecem ber 31, 1974, at the Federal
Reserve Bank or Branch or at the Bureau of the Public
D ebt in cash, 57/s% Treasury Notes of Series F-1974,
which will be accepted at par, in other funds immedi­
ately available to the Treasury by D ecem ber 31, or by
check drawn to the order o f the Federal Reserve Bank
to which the tender is submitted, or the United States
Treasury if the tender is submitted to it, which must
be received at such Bank or at the Treasury no later
than: ( 1 ) Friday, Decem ber 27, 1974, if the check is
drawn on a bank in the Federal Reserve District o f
the Bank to which the check is submitted, or the Fifth
Federal Reserve District in case of the Treasury, or
( 2 ) Tuesday, Decem ber 24, 1974, if the check is drawn
on a bank in another district. Checks received after
the dates set forth in the preceding sentence will not
be accepted unless they are payable at a Federal Re­
serve Bank. W here full payment is not com pleted on
time, the allotment will be canceled and the deposit
with the tender up to 5 percent of the amount of se­
curities allotted will be subject to forfeiture to the
United States.

Commercial banks, which for this purpose are de­
fined as banks accepting demand deposits, and dealers
who make primary markets in Government securities
and report daily to the Federal Reserve Bank o f N ew
York their positions with respect to Government se­
curities and borrowings thereon, may submit tenders
for the account of customers, provided the names o f
the customers are set forth in such tenders. Others will
not be permitted to submit tenders except for their
ow n account.
Tenders will be received without deposit from com ­
mercial and other banks for their ow n account, F ed­
erally-insured savings and loan associations, States, p o ­
litical subdivisions or instrumentalities thereof, public
pension and retirement and other public funds, inter­
national organizations in which the United States holds
membership, foreign central banks and foreign States,
dealers w ho make primary markets in Government se­
curities and report daily to the Federal Reserve Bank
o f N ew York their positions with respect to Govern­
ment securities and borrowings thereon, Federal R e­
serve Banks, and Government accounts. Tenders from
others must be accom panied by payment o f 5 percent
o f the face amount o f securities applied for. However,
bidders who submit checks in payment on tenders sub­
mitted directly to a Federal Reserve Bank or the

Commercial banks are prohibited from making un­
secured loans, or loans collateralized in w hole or in
part by the securities bid for, to cover the deposits
required to b e paid when tenders are entered, and they
will be required to make the usual certification to that
effect. Other lenders are requested to refrain from
making such loans.
All bidders are required to agree not to purchase or
to sell, or to make any agreements with respect to the
purchase or sale or other disposition o f the notes bid
for under this offering at a specific rate or price, until
after 1:30 p.m., Eastern Standard time, Monday, D e­
cem ber 23, 1974.

The terms of this offering are set forth in Treasury Department Circular No. 16-74, Public Debt
Series, dated December 16, 1974, a copy of which is printed on the following pages.
This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Monday, December 23,
1974, at the Securities Department of its Head Office and at its Buffalo Branch, except that non­
competitive tenders mailed to this Bank or its Branch postmarked no later than Sunday, December 22,
will be considered timely. Please use the enclosed tender form to submit a tender, and return it
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 submitted by tele­
phone. Settlement for accepted tenders may be made in cash, 5% % Treasury Notes of Series F-1974,
or other immediately available funds; settlement cannot be made by credit to Treasury Tax and Loan
Accounts. If payment is made by check, the check must be a certified personal check or an official
Bank check, payable on its face to the Federal Reserve Bank of New York; checks endorsed to this
Bank will not be accepted.
The notes will be auctioned on a yield basis, rather than the conventional price basis. Competitive
tenders for these new notes must be expressed in terms of an annual yield in two decimal places, e.g.,




2

7.75, rather than in terms of a price. Tenders at the lowest yields, and noncompetitive tenders, will be
accepted to the extent required to attain the $2 billion offered. After a determination is made as to
which tenders are accepted, a coupon yield will be determined to the nearest % of 1 percent necessary
to make the average accepted price 100.00 or less. That will be the rate of interest that will be paid on
all of the notes. Based on such interest rate, the price on each competitive tender allotted will be
determined and each successful competitive bidder will pay the price corresponding to the yield he bid.
Price calculations will be carried to three decimal places on the basis of price per hundred, e.g., 99.923,
and the determination of the Secretary of the Treasury shall be final. Tenders at a yield that will
produce a price less than 99.501 will not be accepted.
Telephone inquiries regarding this offering may be made by calling Telephone No. 212-791-5823,
212-791-6616, or 212-791-5465.




Alfred H ayes,

President.

3

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES K-1976
Due December 31, 1976

Dated and bearing interest from December 31, 1974

D E PA RTM EN T CIRC U LAR
Public D ebt Series — No. 16-74

D E PA R TM E N T O F TH E TREASURY,
Office o f the Secretary,

Washington, Decem ber 16,1974.
I.

5. The notes will be subject to the general regula­
tions o f the Department of the Treasury, now or here­
after prescribed, governing United States notes.

IN V IT A T IO N F O R TE N D E R S

1. The Secretary o f the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $2,000,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series K-1976. The interest rate for
the notes will be determined as set forth in Section
III, paragraph 3, hereof. Additional amounts of the
jnotes may be issued by the Secretary of the Treasury
to Government accounts and Federal Reserve Banks
for themselves and as agents of foreign and interna­
tional monetary authorities at the average price of
accepted tenders. Tenders will be received up to 1:30
p.m., Eastern Standard time, Monday, D ecem ber 23,
1974, under competitive and noncompetitive bidding,
as set forth in Section III hereof. The 57/s percent
Treasury Notes o f Series F-1974, maturing Decem ber
31, 1974, will be accepted at par in payment, in whole
or in part, to the extent tenders are allotted by the
Treasury.
II.

III.

1. Tenders will be received at Federal Reserve
Banks and Branches and at the Bureau of the Public
Debt, Washington, D. C. 20226, up to the closing
hour, 1:30 p.m., Eastern Standard time, Monday,
Decem ber 23, 1974. Each tender must state the face
amount o f notes bid for, which must be $5,000 or a
multiple thereof, and the yield desired, except that
in the case of noncom petitive tenders the term “non­
com petitive” should be used in lieu of a yield. In the
case of com petitive tenders, the yield must be ex­
pressed in terms of an annual yield, with tw o deci­
mals, e.g., 7.75. N oncompetitive tenders from any
one bidder may not exceed $500,000.
2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and
dealers w ho make primary markets in Government
securities and report daily to the Federal Reserve
Bank of N ew York their positions with respect to G ov­
ernment securities and borrowings thereon, may sub­
mit tenders for account of customers provided the
names of the customers are set forth in such tenders.
Others will not be permitted to submit tenders except
for their own account. Tenders will be received with­
out deposit from banking institutions for their own
account, Federally-insured savings and loan associa­
tions, States, political subdivisions or instrumentali­
ties thereof, public pension and retirement and other
public funds, international organizations in which the
United States holds membership, foreign central banks
and foreign States, dealers who make primary markets
in Government securities and report daily to the F ed ­
eral Reserve Bank of N ew York their positions with
respect to Government securities and borrowings
thereon, and Government accounts. Tenders from
others must be accom panied by payment (in cash or
57/s percent Treasury Notes o f Series F-1974 which
will be accepted at par) o f 5 percent o f the face
amount of notes applied for.

D E S C R IP T IO N O F NOTES

1. The notes will be dated Decem ber 31, 1974, and
will bear interest from that date, payable semiannually
on June 30, 1975, Decem ber 31, 1975, June 30, 1976,
and Decem ber 31, 1976. They will mature D ecem ber
31, 1976, and will not be subject to call for redemption
prior to maturity.
2. The income derived from the notes is subject to
all taxes imposed under the Internal Revenue C ode of
1954. The notes are subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but are
exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of
the possessions of the United States, or by any local
taxing authority.
3. The notes will be acceptable to secure deposits
of public moneys. They will not be acceptablc- in pay­
ment of taxes.
4. Bearer notes with interest coupons attached, and
notes registered as to principal and interest, will be
issued in denominations of $5,000, S10,000, $100,000
and $1,000,000. Book-entry notes will be available to
eligible bidders in multiples of those amounts. Inter­
changes of notes of different denominations and of
coupon and registered notes, and the transfer of regis­
tered notes will be permitted.




TE N D E R S A N D A L L O T M E N T S

3. Immediately after the closing hour tenders will
be opened, follow ing which public announcement will
be made b y the Department of the Treasury of the
amount and yield range of accepted bids. Those sub­
mitting com petitive tenders will be advised o f the
acceptance or rejection thereof. In considering the
acceptance of tenders, those with the lowest yields

4

will be accepted to the extent required to attain the
amount offered. Tenders at the highest accepted yield
will be prorated if necessary. After the determination
is made as to which tenders are accepted, an interest
rate will be established at the nearest Vs of one per­
cent necessary to make the average accepted price
100.00 or less. That will be the rate o f interest that
will be paid on all of the notes. Based on such inter­
est rate, the price on each competitive tender allotted
will be determined and each successful competitive
bidder will be required to pay the price correspond­
ing to the yield bid. Price calculations will be car­
ried to three decimal places on the basis of price per
hundred, e.g., 99.923, and the determinations of the
Secretary of the Treasury shall be final. The Secre­
tary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in part,
including the right to accept more or less than
$2,000,000,000 offered to the public, and his action in
any such respect shall be final. Subject to these reser­
vations, noncompetitive tenders for $500,000 or less
without stated yield from any one bidder will be ac­
cepted in full at the average price ( in three decim als)
of accepted competitive tenders.
4. All bidders are required to agree not to purchase
or sell, or to make any agreements with respect to
the purchase or sale or other disposition of any notes
of this issue at a specific rate or pi ice, until after 1:30
p.m., Eastern Standard time, Monday, Decem ber 23,
1974.
5. Commercial banks in submitting tenders will
be required to certify that they have no beneficial in­
terest in any of the tenders they enter for the account
o f their customers, and that their customers have no
beneficial interest in the banks’ tenders for their own
accounts.
IV .

PA Y M E N T F O R A N D D E L IV E R Y O F N O TES

1.
Settlement for accepted tenders in accordance
with the bids must be made or com pleted on or before
D ecem ber 31, 1974, at the Federal Reserve Bank or
Branch or at the Bureau of the Public Debt, W ash­
ington, D. C. 20226. Payment must be in cash, 5%
percent Treasury Notes of Series F-1974 (interest
coupons dated D ecem ber 31, 1974, should be de­
tach ed), in other funds immediately available to the
Treasury by Decem ber 31, or by check drawn to the
order of the Federal Reserve Bank to which the ten­
der is submitted, or the United States Treasury if the
tender is submitted to it, which must be received at
such Bank or at the Treasury no later than: ( 1 ) Fri­
day, Decem ber 27, 1974, if the check is drawn on a
bank in the Federal Reserve District of the Bank to
which the check is submitted, or the Fifth Federal
Reserve District in the case of the Treasury, or ( 2 )
Tuesday, D ecem ber 24, 1974, if the check is drawn on
a bank in another district. Checks received after the
dates set forth in the preceding sentence will not be
accepted unless they are payable at a Federal Re­
serve Bank. Payment will not be deemed to have been
com pleted where registered notes are requested if
the appropriate identifying number as required on
tax returns and other documents submitted to the




Internal Revenue Service ( an individual’s social secur­
ity number or an em ployer identification num ber) is
not furnished. In every case where full payment is
not com pleted, the payment with the tender up to 5
percent of the amount of notes allotted shall, upon
declaration made by the Secretary of the Treasury in
his discretion, be forfeited to the United States. W hen
payment is made with notes, a cash adjustment will
be made to or required of the bidder for any differ­
ence between the face amount of notes submitted and
the amount payable on the notes allotted.
2.
Delivery o f notes in bearer form will be made
on or about January 6, 1975. Purchasers o f bearer
notes may elect to receive interim certificates on D e­
cem ber 31, 1974, which will be exchangeable for the
notes when available at any Federal Reserve Bank
or Branch or at the Bureau of the Public Debt, W ash­
ington, D. C. 20226. The interim certificates must be
returned at the risk and expense of the holder.
V.

A SSIG N M EN T O F R E G IS T E R E D NOTES

1. Registered notes tendered as deposits and in
payment for notes allotted hereunder are not required
to be assigned if the notes are to be registered in the
same names and forms as appear in the registrations
or assignments of the notes surrendered. Specific in­
structions for the issuance and delivery of the notes,
signed by the owner or his authorized representative,
must accom pany the notes presented. Otherwise, the
notes should be assigned by the registered payees or
assignees thereof in accordance with the general regu­
lations governing United States securities, as herein­
after set forth. Notes to be registered in names and
forms different from those in the inscriptions or assign­
ments of the notes presented should be assigned to
“The Secretary of the Treasury for Treasury Notes
o f Series K-1976 in the name o f (nam e and taxpayer
identifying nu m ber).” If notes in coupon form are
desired, the assignment should be to “The Secretary
of the Treasury for coupon Treasuiy Notes o f Series
K-1976 to be delivered to ..........................................
Notes tendered in payment should be surrendered
to the Federal Reserve Bank or Branch or to the
Bureau of the Public Debt, Washington, D. C. 20226.
The notes must be delivered at the expense and risk
o f the holder.
VI.

G E N E R A L PRO VISIONS

1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to re­
ceive tenders, to make such allotments as may be pre­
scribed by the Secretary of the Treasury, to issue
such notices as may be necessary, to receive payment
for and make delivery of notes on full-paid tenders
allotted, and they may issue interim receipts pending
delivery of the definitive notes.
2. The Secretary o f the Treasury may at any time,
or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offer­
ing, which will be com municated promptly to the
Federal Reserve Banks.
STEPHEN S. GARDNER,

Acting Secretary of the Treasury.

wiurtin i — Closing time tor receipt ot this tender is 1:30 p.m., Monday, December 23, 1974.

juui

TENDER FOR TREASURY NOTES OF SERIES K-1976
D ated D ecem ber 31, 1974
F e d e r a l R eserve B a n k o f N e w

D ue D ecem ber 31, 1976
Dated at

York,

Fiscal Agent of the United States,
N ew York, N . Y. 10045

1974

Pursuant to the provisions o f Treasury Department Circular No. 16-74, Public D ebt Series, dated
D ecem ber 16, 1974, the undersigned hereby offers to purchase United States of America Treasury Notes o f
Series K-1976 in the amount indicated below , and agrees to make payment therefor at your Bank on or
before the issue date at the price awarded on this tender.

C O M P E T IT IV E T E N D E R

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

N O N C O M P E T IT IV E T E N D E R

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

( maturity valu e)

$ ......................................................... (maturity value),
or any lesser amount that may b e awarded.

(N ot to ex cee d $500,000 for on e bidder through all sources)

Y ie l d :..........

at the average price of accepted com petitive bids.

(Y ield must b e expressed with not m ore than tw o
decim al places, fo r exam ple, 7 .7 5 )

Subject to allotment please issue, deliver, and accept payment for the notes as indicated below and on
the reverse side ( if registered notes are desired, please also com plete schedule on reverse sid e ):
Pieces

Denom ination

$

Maturity value

5,000

□

1.

D eliver over the counter to the
undersigned

□

2.

Ship to the undersigned

□

3.

H old in safekeeping (fo r m em ­
ber bank on ly ) in —
□
□
□

10,000
100,000
1, 000,000
Totals

□

4.

Investment A ccount
General A ccou nt
Trust A ccou nt

Paym ent w ill b e m ade as fo llo w s:
□
By charge to our reserve account
□
By cash or check in im m ediately
available funds
□
By surrender o f maturing secu­
rities as indicated in official
circular
□

5.

Special instructions:

H old as collateral for Treasury
Tax and Loan A ccou nt*

(N o changes in d elivery instructions
w ill b e a ccep ted )

° The undersigned certifies that the allotted notes will be owned solely by the undersigned.

W e hereby agree not to buy or to sell, or to make any agreements 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
Standard time, Monday, Decem ber 23,1974.
( I f a com m ercial bank is subscribing for its ow n account or for account o f customers, the follow in g certifications
are made a part o f this ten der.)
W e H e r e b y C e r t if y that w e have received tenders from our customers in the amounts set opposite the
customers’ names on the list which is made a part o f this tender; that there has been paid to us b y each
such customer as required b y the official offering circular, not subject to withdrawal until after allotment,
not less than 5 percent o f the amount bid for; that w e have not made unsecured loans, or loans collateralized
in w hole or in part b y the notes bid for, to supply the amounts o f such payments to any o f such customers;
that w e have no beneficial interest in the tenders o f such customers; and that none o f our customers has
any beneficial interest in the amount bid for our ow n account.
W e F u r t h e r C e r t if y that tenders received by us, if any, from other commercial banks for their own
account and for the account o f their customers have been entered with us under the same conditions, agree­
ments, and certifications as set forth in this form.

(N am e o f subscriber — please print or type)

Insert this tender in
special envelope marked
“ Tender for Treasury
Notes”
------

(Address — incl. City and State)

(Tel. N o.)

(Signature o f subscriber or authorized signature)

(T itle o f authorized signer)

(Banking institutions subm itting tenders for custom er account must list customers’ names on lines b elow or on an attached rider)

(Name of Customer)

(Name of Customer)

IN S T R U C T IO N S :

1.
v a lu e ).

N o tender for less than $5,000 will be considered and each tender must b e for an even multiple o f $5,000 (m aturity

2 . O nly banking institutions, and dealers w ho make primary markets in Governm ent securities and report daily to this
Bank their positions w ith respect to G overnm ent securities and borrow ings thereon, m ay submit tenders for customer account;
in d oin g so, they may consolidate com petitive tenders at the sam e yield and m ay consolidate noncom petitive tenders, provided
a list is attached show ing the nam e o f each bidd er and the amount b id for his account. Others w ill not be permitted to
subm it tenders except for their ow n account.
3. I f the person making the tender is a corporation, the tender should b e 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 w ill b e construed as a representation
b y him that he has been so authorized. I f the tender is made b y a partnership, it should b e signed b y a m em ber o f the
firm, w h o should sign in the form “ ............................ ...................................................................... .. a copartnership, b y ...................................
.................................................... .. a m em ber o f the firm.”

4 . Tenders will b e 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 b lic pension and retirement and other
pu blic funds, international organizations in w hich the United States holds mem bership, foreign central banks and foreign
States, dealers w ho make primary markets in G overnm ent securities and report daily to the Federal Reserve Bank o f N ew York
their positions with respect to G overnm ent securities and borrowings thereon, and Governm ent accounts. Tenders from others
must b e accom panied b y paym ent of 5 percent of the face amount o f securities applied for. All checks must be drawn to the
order o f the Federal Reserve Bank o f N ew York; checks endorsed to this Bank will not b e 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, die tender may be disregarded.


SUBSCRIPTION NO.

SCHEDULE FOR ISSUE OF REGISTERED TREASURY NOTES OF SERIES K-1976

FOR FRB USE ONLY

D E L I V E R Y INSTRUCTIONS
S U B S C R IB E R

]

I D E L IV E R O V E R T H E C O U N T E R

S IG N A T U R E __

|

I S H IP T O S U B S C R IB E R

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T R A N S . A C C O U N T IN G D A T E

ISSUE AGENT 12 L3A.N CPPE

ADDRESS

DEC. 31, 1974

JLUEL
R E G IS T R A T IO N

INSTR UC TIO NS

DENOM.

SERIAL NOS.
(LEAVE BLANK)

AMOUN T

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□

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NO. OF
PIECES

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05

653

T H E R IN S T R U C T IO N S :

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CD

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