Full text of Federal Reserve Bank of New York Circulars : 7791. Auction of $4.5 Billion of Treasury Notes

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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
!" Circuiar No. 779) 1
L January 8, 1976 J

AUCTION OF $4.5 BILLION OF TREASURY NOTES

/a fAg

7<e&ra/

Darner;

The following statement was issued January 7 by the Treasury Department:
The Department of the Treasury will auction $2.5 billion of 2-year notes, and $2.0 billion of 5-year 4month notes to refund $1.6 billion of bills maturing January 31, 1976, and to raise $2.9 billion of new cash.
The Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities,
hold $0.4 billion of the maturing bills and the public at large holds $1.2 billion.
Additional amounts of the notes may be issued to foreign and international monetary authorities for cash.
There are no Government account holdings of the maturing bills.
The notes to be auctioned will be:
$2.5 billion of Treasury Notes of Series J-1978 dated February 2, 1976, due
January 31, 1978 (CUSIP No. 912827 FE7) with interest payable on July 31, 1976,
and thereafter on January 31 and July 31, and
$2.0 billion of Treasury Notes of Series D-1981 dated January 26, 1976, due
May 15, 1981 (CUSIP No. 912827 FF4) with interest payable on May 15 and
November 15, 1976, and thereafter on May 15 and November 15.
The coupon rates will be determined after tenders are allotted.
The 2-year notes will be issued in registered and bearer form in denominations of $5,000, $10,000,
$100,000 and $1,000,000. The 5-year 4-month notes will be issued in registered and bearer form in
denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Both notes will be available for issue in
book-entry form to designated bidders. Payment for the notes may not be made through tax and loan
accounts.
Tenders for the 5-year 4-month notes will be received up to 1:30 p.m., Eastern Standard time, Tuesday,
January 13, and tenders for the 2-year notes will be received up to 1:30 p.m., Eastern Standard time,
Wednesday, January 14, at any Federal Reserve Bank or Branch and at the Bureau of the Public Debt,
Washington, D. C. 20226; provided, however, that noncompetitive tenders will be considered timely received if
they are mailed to any such agency under a postmark no later than January 12 for the 5-year 4-month notes
and January 13 for the 2-year notes. Tenders for the 2-year notes must be in the amount of $5,000 or a
multiple thereof. Tenders for the 5-year 4-month notes must be in the amount of $1,000 or a multiple thereof.
All tenders must state the yield desired, if a competitive tender, or the term "noncompetitive", if a
noncompetitive tender. Fractions may not be used in tenders. The notation "TENDER FOR TREASURY
NOTES (Series J-1978 or Series D-1981)" should be printed at the bottom of envelopes in which tenders are
submitted.
Competitive tenders must be expressed in terms of annual yield in two decimal places, e.g., 7.11, and not
in terms of a price. Tenders at the lowest yields, and noncompetitive tenders, will be accepted 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 determined for each issue to the nearest 14 of 1 percent necessary to make the average
accepted price 100.000 or less. Those will be the rates of interest that will be paid on all of the securities of
each issue. Based on such interest rates, the price on each competitive tender allotted will be determined and
each successful competitive bidder will pay the price corresponding to the yield bid. Price calculations will be
carried 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. Tenders for the 2-year note at a yield that will produce a price less
than 99.751 will not be accepted. Tenders for the 5-year 4-month note at a yield that will produce a price less
than 98.751 will not be accepted. Noncompetitive bidders will be required to pay the average price of
accepted competitive tenders; the price will be 100.000 or less.

The Secretary of 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 $500,000 or less for each issue of notes will be accepted in full at the average price of accepted competitive
tenders.
Commercial banks, which for this purpose are defined as banks accepting demand deposits, and dealers
who make primary markets in Government securities and report daily to the Federal Reserve Bank of New
York their positions with respect to Government securities and borrowings thereon, may submit tenders for the
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 without deposit from commercial and other banks for their own account,
Federally-insured savings and loan associations, States, political subdivisions or instrumentalities 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 Federal Reserve Bank of New York their positions with respect
to Government securities and borrowings thereon, Federal Reserve Banks, and Government accounts.
Tenders from others must be accompanied by payment of 5 percent of the face amount of notes applied for.
However, bidders who submit checks in payment on tenders submitted directly to a Federal Reserve Bank or
the Treasury may find it necessary to submit full payment for the notes 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 who
submit noncompetitive tenders.
Payment for accepted tenders for the 5-year 4-month notes must be completed on or before Monday,
January 26, 1976. Payment for accepted tenders for the 2-year notes must be completed on or before Monday,
February 2, 1976. Payment must be in cash, or other funds immediately available to the Treasury by the
payment date or by check drawn to the order of 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) Wednesday, January 21, 1976, for the 5-year 4-month notes and Wednesday,
January 28, 1976, for the 2-year notes 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 case of the Treasury, or (2)
Monday, January 19, 1976, for the 5-year 4-month notes and Monday, January 26, 1976, for the 2-year notes 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 Reserve Bank. Where full payment is not
completed on time, the allotment will be canceled and the deposit with the tender up to 5 percent of the
amount of notes allotted will be subject to forfeiture to the United States.
The terms of the offerings are set forth in Treasury Department Circulars Nos. 1-76 and 2-76, Public
Debt Series, both dated January 7, 1976; a copy of each is printed on the following pages.
This Bank will receive tenders—for the notes of Series D -1981, up to 1:30 p.m., Eastern Standard time,
Tuesday, January 13, 1976; and for the notes of Series J-1978, up to 1:30 p.m., Eastern Standard time,
Wednesday, January 14, 1976—at the Securities Department of its Head Office and at its Buffalo Branch;
provided, however, that MOMccwpcrAfvc tenders will be considered timely received if they are mailed to this
Bank or its Branch under a postmark no /<y?cr
72/o r ?Ac
o/* -Scr/c.? D-7P#7 on;?
73/o r rAc /io/o.y o / -Scr/cj /-7P7& Please use the enclosed forms to submit tenders, and return them in the
enclosed envelope marked "Tender for Treasury Notes or Bonds." Tenders not requiring a deposit may be
submitted by telegraph, subject to written confirmation; no tenders may be submitted by telephone.
Settlement for accepted tenders must be made in accordance with the conditions and procedures set
forth in Section IV of each of the official offering circulars. 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; cAccA^ cn<7oryc<3 ro /A7$ 7?<2/iA w/V/
Ac #cccprc<3.
The securities will be auctioned on a yield basis, rather than on a price basis, as set forth in Section III
of the official offering circulars. Tenders for the 2-year notes at a yield that will produce a price less than
99.751, and tenders for the 5-year 4-month notes at a yield that will produce a price less than 98.751, w;7/
no? Ac acccpfcJ. Noncompetitive bidders will be required to pay the average price of accepted competitive
tenders.
Telephone inquiries regarding this offering may be made by calling Telephone No. 212-791-5823, 212791-6616, or 212-791-5465.

PA U L A . VOLCKER,

PrC-H&ML
2

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES J-1978
Due January 31, 1978

Dated and bearing interest from February 2, 1976

DEPARTMENT CIRCULAR

DEPARTMENT OF THE TREASURY,

Pubtic Deb! Series—No. 2-76

O fH c C O f t h e

S c C T C t& fy ,

mgj/HMgfofL y<3MM#7y 7, 7976.

1. INVITATION FOR TENDERS

1.
The Secretary of the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $2,500,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series J-1978. The interest rate for
the notes will be determined as set forth in Section III,
paragraph 3, hereof. Additional amounts of these notes
may be issued at the average price of accepted tenders
to Government accounts and to Federal Reserve Banks
for themselves and as agents of foreign and inter
national monetary authorities. Tenders will be received
up to 1:30 p.m., Eastern Standard time, Wednesday,
January 14, 1976, under competitive and non
competitive bidding, as set forth in Section III hereof.

coupon and registered notes, and the transfer of regis
tered notes will be permitted.
5.
The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter
prescribed, governing United States notes.

III. TENDERS AND ALLOTMENTS

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, Wednesday, January 14,
1976. Each tender must state the face amount of notes
bid for, which must be $5,000 or a multiple thereof, and
the yield desired, except that in the case of noncompeti
tive tenders the term "noncompetitive" should be used
in lieu of a yield. In the case of competitive tenders, the
yield must be expressed in terms of an annual yield,
with two decimals, e.g., 7.11. Fractions may not be
used. Noncompetitive tenders from any one bidder
may not exceed $500,000.

II. DESCRIPTION OF NOTES

1. The notes will be dated February 2, 1976, and will
bear interest from that date, payable on a semiannual
basis, on July 31, 1976, January 31, 1977, July 31, 1977
and January 31, 1978. They will mature January 31,
1978, 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 Code 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.

2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and deal
ers who make primary markets in Government secu
rities and report daily to the Federal Reserve Bank of
New York their positions with respect to Government
securities and borrowings thereon, may submit 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 without deposit from
banking institutions for their own account, Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities 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 Federal Reserve Bank
of New York their positions with respect to Government

3. The notes will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment
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, $10,000, $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

securities and report daily to the Federal Reserve Bank
of New York their positions with respect to Government
securities and borrowings thereon, and Government
accounts. Tenders from others must be accompanied by
payment of 5 percent of the face amount of notes
applied for.
3.
Immediately after the closing hour tenders will be
opened, following which public announcement will be
made by the Department of the Treasury of the amount
and yield range of accepted bids. Those submitting
competitive tenders will be advised of the acceptance or
rejection thereof. In considering the acceptance of
tenders, those with the lowest yields will be accepted to
the extent required to attain the amount offered. Ten
ders 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 14 of one percent necessary to make the
average accepted price 100.000 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 com
petitive tender allotted will be determined and each
successful competitive bidder will be required to pay the
price corresponding to the yield bid. Price calculations
will be carried 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
Secretary 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 tenders for more or less
than the $2,000,000,000 of notes offered, and his action
in any such respect shall be final. Subject to these
reservations, noncompetitive tenders for $500,000 or
less without stated yield from any one bidder will be
accepted in full at the average price (in three decimals)
of accepted competitive tenders.

IV. PAYMENT

1.
Settlement for accepted tenders in accordance with
the bids must be made or completed on or before
January 26, 1976, at the Federal Reserve Bank or
Branch or at the Bureau of the Public Debt. Payment
must be in cash, m other funds immediately available to

the Treasury by January 26, 1976, or by check drawn to
the order of 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) Wednesday,
January 21, 1976, 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
case of the Treasury, or (2) Monday, January 19, 1976,
if the check is drawn on a bank in another district.
Checks received after the dates set forth in the pre
ceding sentence will not be accepted unless they are
payable at a Federal Reserve Bank. Payment will not
be deemed to have been completed where registered
notes are requested if the appropriate identifying num
ber as required on tax returns and other documents
submitted to the Internal Revenue Service ( an individ
ual's social security number or an employer identi
fication number) is not furnished. In every case where
full payment is not completed, 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.

V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, to make such allotments as may be prescribed
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 of the Treasury may at any time, or
from time to time, prescribe supplemental or amenda
tory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve
Banks.
STEPHEN S. GARDNER,

yfcf/ng

of fAo Troa^a/y

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES D-1981
Due May 15, 1981

Dated and bearing interest from January 26, 1976

DEPARTMENT CIRCULAR
Pubtic Debt Series-No. i-76

D EPA RTM EN T OF THE TREASURY,
Ofhce o f the Secretary,
ira-sVHMgfoH,
7, 7976.

1. INVITATION FOR TENDERS

available to eligible bidders in multiples of those
amounts. Interchanges of notes of different denomina
tions and of coupon and registered notes, and the
transfer of registered notes will be permitted.

1.
The Secretary of 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 D-1981. The interest rate for
the notes will be determined as set forth in Section III,
paragraph 3, hereof. Additional amounts of these notes
may be issued at the average price of accepted tenders
to Government accounts and to Federal Reserve Banks
for themselves and as agents of foreign and inter
national monetary authorities. Tenders will be received
up to 1:30 p.m., Eastern Standard time, Tuesday,
January 13, 1976, under competitive and noncompeti
tive bidding, as set forth in Section III hereof.

5.
The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter
prescribed, governing United States notes.

III. TENDERS AND ALLOTMENTS

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, Tuesday, January 13,
1976. Each tender must state the face amount of notes
bid for, which must be $ 1,000 or a multiple thereof, and
the yield desired, except that in the case of noncompeti
tive tenders the term "noncompetitive" should be used
in lieu of a yield. In the case of competitive tenders, the
yield must be expressed in terms of an annual yield,
with two decimals, e.g., 7.11. Fractions may not be
used. Noncompetitive tenders from any one bidder
may not exceed $500,000.

II. DESCRIPTION OF NOTES

1. The notes will be dated January 26, 1976, and will
bear interest from that date, payable on a semiannual
basis on May 15 and November 15, 1976, and there
after on May 15 and November 15 in each year until
the principal amount becomes payable. They will
mature May 15, 1981, 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 Code 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 acceptable in payment
of taxes.
4. Bearer notes with interest coupons attached, and
notes registered as to principal and interest, will be
issued in denominations of $1,000, $5,000, $10,000,
$100,000 and $1,000,000. Book-entry notes will be

2. Commercial banks, which for this purpose are
dehned as banks accepting demand deposits, and deal
ers who make primary markets in Government secu
rities and report daily to the Federal Reserve Bank of
New York their positions with respect to Government
securities and borrowings thereon, may submit 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 without deposit from
banking institutions for their own account, Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities 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
3

securities and borrowings thereon, and Government
accounts. Tenders from others must be accompanied by
payment of 5 percent of the face amount of notes
applied for.
3.
Immediately after the closing hour tenders will be
opened, following which public announcement will be
made by the Department of the Treasury of the amount
and yield range of accepted bids. Those submitting
competitive tenders will be advised of the acceptance or
rejection thereof. In considering the acceptance of
tenders, those with the lowest yields will be accepted to
the extent required to attain the amount offered. Ten
ders 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 14 of one percent necessary to make the
average accepted price 100.000 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 com
petitive tender allotted will be determined and each
successful competitive bidder will be required to pay the
price corresponding to the yield bid. Price calculations
will be carried 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
Secretary 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 tenders for more or less
than the $2,500,000,000 of notes offered, and his action
in any such respect shall be final. Subject to these
reservations, noncompetitive tenders for $500,000 or
less without stated yield from any one bidder will be
accepted in full at the average price (in three decimals)
of accepted competitive tenders.
IV. PAYMENT
1.
Settlement for accepted tenders in accordance with
the bids must be made or completed on or before
February 2, 1976, at the Federal Reserve Bank or
Branch or at the Bureau of the Public Debt, Washing
ton, D. C. 20226. Payment must be in cash, in other
funds immediately available to the Treasury by Febru
ary 2, 1976, or by check drawn to the order of 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) Wednesday, January 28,
1976, 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) Monday, January 26, 1976,
if the check is drawn on a bank in another district.
Checks received after the dates set forth in the pre
ceding sentence will not be accepted unless they are
payable at a Federal Reserve Bank. Payment will not
be deemed to have been completed where registered
notes are requested if the appropriate identifying num
ber as required on tax returns and other documents
submitted to the Internal Revenue Service ( an individ
ual's social security number or an employer identi
fication number) is not furnished. In every case where
full payment is not completed, 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.
V. GENERAL PROVISIONS

STEPHEN S. GARDNER,

Bering

q/*

FORM NA-1

IMPORTANT—Closing time for receipt of this tender is 1:30 p.m., Wednesday, January 14, 1976.

TENDER FOR TREASURY NOTES OF SERIES J-1978
Dated February 2, 1976

Due January 31, 1978

FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y. 10045

Dated a t.....................................................
.......................................................... . 1 9 _

Pursuant to the provisions of Treasury Department Circular No. 2-76, Public Debt Series, dated January 7,
1976, the undersigned hereby ohers to purchase United States of America Treasury Notes of Series J-1978 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.

COMPETITIVE TENDER

Do not /:// /n 7?ofAcowpefMve onJ
JVoncompcfMve femurs on ono/orm

$....................................................... (maturity value)
or any lesser amount that may be awarded.

NONCOMPETITIVE TENDER

$....................................................... (maturity value)
fM% fo exceed #300,000 /or ono 7n&7er fArougA a// sources)

at the average price of accepted competitive bids.
Yield: ..........
( y/oM THUS? Tic expressed wM oof wore f/ioo fwo
Jecffna/p/aces, Jorexawp/e, 7.77)
Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on
the reverse side (if
securities are desired, please also complete schedule on reverse side):
Pieces

Denomination
$

Maturity value

3.000
10.000
100.000
1.000.000
Totals

O 1. Deliver over the counter to the un
dersigned
D 2. Ship to the undersigned
D 3. Hold in safekeeping (for member
bank only) in —
D Investment Account
D General Account
D Trust Account
D 4. Hold as collateral for Treasury Tax
and Loan Account*

Payment will be made as follows:
D By charge to our reserve account
D By cash or check in twwcJtafc^ avai/aTi/cTuorTs
D 3. Special instructions.

(N o t/iun#es to </o/ttcry tosfroeftows
))'///
orrcpfeJ)

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.
( If a commercial bank or dealer is subscribing for its own account or for account of customers, the following
certifications are made a part of this tender.)

WE HEREBY CERTIFY that we have received tenders from our customers in the amounts set forth opposite the
customers' names on the list which is made a part of this tender, and that we have either received and are
holding for the Treasury or we guarantee payment to the Treasury of deposits stipulated in the ofRcial offering
circular.
WE FURTHER CERTIFY 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,
agreements, and certifications as set forth in this form.
( Name of subscriber ptease pnnt or type)

(A ddress-tnd. City and State)

(le t. No.)

/o r 7rMM*;y
/Vofrs or #on<A "

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

INSTRUCTIONS:
1. No tender for less than than $5,000 will be considered; and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their
positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may
consolidate competitive tenders at /Ac sawcyfc/J and may consolidate noncompetitive tenders, provided a list is attached showing the name
of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the
tender, and the signing of the tender by an ofheer of 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 commercial and other banks for their own account, federally-insured savings and loan
associations, States, political subdivisions or instrumentalities 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 Federal Reserve Bank of New York their positions with respect to Government securities and
borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment of 5 percent of the face amount of
the securities applied for. All checks must be drawn to the order of the Federal Reserve Bank of New York; checks endorsed to this Bank
will not be accepted.
5. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material, the tender
may be disregarded.

FORM NA-2

IMPORTANT—Closing time for receipt of this tender is 1:30 p.m., Tuesday, January 13, 1976.

TENDER FOR TREASURY NOTES OF SERIES D-1981
Dated January 26, 1976

Due May 15, 1981

FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y. 10045

Dated a t.....................................................
.......................................................... . 19 _

Pursuant to the provisions of Treasury Department Circular No. 1-76, Public Debt Series, dated January 7,
1976, the undersigned hereby ohers to purchase United States of America Treasury Notes of Series D-1981 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.

COMPETITIVE TENDER

Do no?/:// /n Z)o?/: con?pe?/?:vo onJ
Noncompetitive tenr/ers on OHO/orm

NONCOMPETITIVE TENDER

$.......................................................(maturity value)
or any lesser amount that may be awarded.

$.......................................................(maturity value)

Yield: ..........

at the average price of accepted competitive bids.

/No? ?o exceed #.500,000 /or one 7):</</er t/iroug/i a// sourcey)

/X/e/J H7Mi? Z?e expre^e(7 w/t/i no? wore ?Aon two
</ec:wa/ p/acei, /or exowp/e, 7.77)

Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on
the reverse side (if /Tgis/frat? securities are desired, please also complete schedule on reverse side):
Pieces Denomination
$

Maturity value

1,000
5,000
10,000
100,000
1,000,000

n !. Detiver over the counter to the un
dersigned
D 2. Ship to the undersigned
D 3. Ho)d in safekeeping (for member
bank on)y) in —
O Investment Account
D Genera) Account
O Trust Account
D 4. Hotd as coHatera) for Treasury Tax
and Loan Account*

Payment wiH be made as foHows:
O By charge to our reserve account
D By cash or check in imme<7;a?e/y ava//a/i/e /onr/r
D 5 . Specia) instructions.

(N o r/ionpes :n e/e/iverv wstr/ot/oHs
tt /// Tie or t epter/)

Totals
* The undersigned certifies that the aHotted securities wiH be owned so)e)y by the undersigned.
( if a commerciat bank or dea)er is subscribing for its own account or for account of customers, the foHowing
certifications are made a part of this tender.)
WE HEREBY CERTIFY that we have received tenders from our customers in the amounts set forth opposite the
customers' names on the list which is made a part of this tender, and that we have either received and are
holding for the Treasury or we guarantee payment to the Treasury of deposits stipulated in the official offering
circular.
WE FURTHER CERTIFY that tenders received by us, if any, from other commercial banks for their own
account and for the account of their customers have been entered with us under the same conditions,
agreements, and certifications as set forth in this form.

/nsprf /Ms
s/yffta/ fnvf/opf /warAfJ
/o r 7r<?aM*yy
/Voffs or /?on?A "

( Address- ,nd. C,t> and State)

(Te) No.)

( Banking institutions submitting tenders for customer account must )ist customers' names on lines betow or on an attached rider)

INSTRUCTIONS:
1. No tender for )ess than than $),000 wiH be considered; and each tender must be for a multipte of $),000 ( maturity vatue).
2. On)y banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their
positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may
consoiidate competitive tenders a? t/ie sameyie/r/ and may consolidate noncompetitive tenders, provided a )ist ts attached showing the name
of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
3. If the person making the tender is a corporation, the tender shou)d be signed by an officer of the corporation authorized to make the
tender, and the signing of the tender by an officer of 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 shoutd be signed by a member of the firm, who shoutd sign in the form
"............................................................. . a copartnership, by............................................................................................................ a member
of the firm."
4. Tenders wiH be received without deposit from commercial and other banks for their own account, federaHy-insured savings and )oan
associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, Internationa)
organizations in which the United States ho)ds membership, foreign centra) banks and foreign States, deaters who make primary markets in
Government securities and report daily to the Federat Reserve Bank of New York their positions with respect to Government securities and
borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment of 5 percent of the face amount of
the securities app)ied for. AH checks must be drawn to the order of the Federa) Reserve Bank of New York; checks endorsed to this Bank
will not be accepted.
5. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is matena). the tender
may be disregarded.

Full text of Federal Reserve Bank of New York Circulars : 7791. Auction of $4.5 Billion of Treasury Notes

FRASER