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F E D E R A L R E S E R V E B A N K O F N E W YORK Fiscal Agent of the United States r C ir c u la r N o . 7 8 4 8 L March 31, 1976 *] J OFFERING OF TWO SERIES OF TREASURY BILLS $2,700,000,000 of 91-Day Bills, Additional Amount, Series Dated January 8, 1976, Due July 8, 1976 (To Be Issued April 8, 1976) $3,500,000,000 of 182-Day Bills, Dated April 8, 1976, Due October 7, 1976 To /wcoyTorafcd and Tra^f Cow/'anfe^, and OMer-f Concerned, !?t f/:e .Second Federal Fe^erve District.' Following is the text of a notice issued by the Treasury Department, released at 4 p.m. yesterday: The Treasury Department, by this public notice, invites tenders for tw o series of Treasury bills to the aggregate amount of $6,200,000,000, or thereabouts, to be issued April 8, 1976, as fol low s : 91-day bills (to maturity date) in the amount of $2,700,000,000, or thereabouts, representing an additional amount of bills dated January 8, 1976, and to mature July 8, 1976 (C U S IP N o. 912793 Z X 7 ), originally issued in the amount of $3,500,915,000, the additional and original bills to be freely interchangeable. Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., Eastern Stand ard time, Monday, April 5, 1976. Tenders will not be received at the Treasury Department, W ashington. Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in mul tiples of $5,000. In the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. of customers, provided the names of the customers are set forth in such tenders. Others w ill 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 of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders w ill 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 of accepted bids. Only those submitting competitive tenders will be advised of the acceptance or rejection thereof. 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 each issue for $500,000 or less without stated price from any one bidder w ill be accepted in full at the average price (in three decim als) of accepted competi tive bids for the respective issues. Settlem ent for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 8, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing April 8, 1976. Cash and exchange tenders will receive equal treatment. Cash adjustments w ill be made for differ ences between the par value of maturing bills accepted in exchange and the issue price of the new bills. Under Sections 4 5 4 (b ) and 1221(5) of the Internal Revenue Code of 1954, the amount of discount at which bills issued here under are sold is considered to accrue when the bills are sold, redeemed or otherwise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder must include in his income tax return, as ordinary gain or loss, the difference between the price paid for the 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. Banking institutions and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of N ew York their positions with respect to Government securities and borrowings thereon may submit tenders for account Treasury Department Circular N o. 418 (current revision) and this notice prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. 182-day bills for $3,500,000,000, or thereabouts, to be dated April 8, 1976, and to mature October 7, 1976 (C U S I P No. 912793 B 47). The bills will be issued for cash and in exchange for Treasury bills maturing April 8, 1976, outstanding in the amount of $6,194,140,000, of which Government accounts and Federal Reserve Batiks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,503,210,000. These accounts may exchange bills they hold for the bills now being offered at the average prices of accepted tenders. 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 in denominations of $10,000, $15,000, $50,000, $100,000, $500,000 and $1,000,000 (m aturity value) and in book-entry form to designated bidders. This Bank wili receive tenders for both series up to 1 :30 p.m., Eastern Standard time, Monday, April 5, 1976, 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 Treasury Bills." Tenders not requiring a deposit may be submitted by telegraph, subject to written con firmation; no tenders may be submitted by telephone. Paywew? Jor Trca^ary caaao^ wade &y credit f/iroagdz f/ic Traa^zzry Ta.v awd Loaa Hrcozwf. wa.yf &e wade w cay/z or of/zer fwwcdiafc/y aT/ada&Je Jaady or in wafar:w 7 Treajary Results of the last weekly offering of Treasury bills (91-day bills to be issued April 1. 1976, representing an ad ditional amount of bills dated January 2, 1976, maturing July 1, 1976; and 182-day bills dated April 1, 1976, maturing September 30, 1976) are shown on the reverse side of this circular. r,g i P A U L A . VOLCKER, (OVER) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED APRIL 1, 1976) Range of Accepted Competitive Bids pz-Day jTyrtMMry Bf/Ay AAa^arfwp A;Ay 7, zpyd z&?-Day BTra-y^ry Bf/A AfaiMrwp zpyd DAyccMM? High ............................................ Low .............................................. Average ...................................... 98.762 a 98.749 98.754 4.898% 4.949% 4.929% 5.03% 5.08% 5.06% EWcf 97.336 97.295 97.307 DAycoMMf 5.269% 5.351% 5.327% 5.49% 5.58% 5.55% I Equivalent coupon issue yield, a E xcepting one tender of $50,000. (44 percent of the amount of 91-day bills bid for at the low price was accepted.) (22 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Received and Accepted (By Federal Reserve District) pz-Day Byra-yary Bf/Ay MaAarwp /M/y z, zpyd Boston ......................... ............ New York ................... ............ Philadelphia ................. ............ Cleveland ..................... ............ Richm ond..................... ........... Atlanta ......................... ............ Chicago ....................... ............ St. Louis ..................... ........... Minneapolis ................. ........... Kansas City ................. ........... Dallas ........................... ........... San Francisco ............. ........... T OTAL ................. ........... 71,440,000 3,959,080,000 24,000,000 34,230,000 27,450,000 35,655,000 260,710,000 59,650,000 30,040,000 56,990,000 41,395,000 278,015,000 $ 46,320,000 2,086,280,000 24,000,000 34,230,000 26,650,000 35,655,000 123,430,000 36,650,000 26,680,000 54,640,000 39,835,000 67,505,000 $ 65,270,000 4,183,700,000 27,500,000 82,895,000 59,255,000 13,890,000 344,820,000 41,490,000 23,550,000 24,725,000 18,005,000 234,505,000 $ $4,878,655,000 $2,601,875,000b $5,119,605,000 $3,400,305,000 $ b Includes $370,250,000 noncompetitive tenders from the public, c Includes $179,950,000 noncompetitive tenders from the public. z&?-Day Braa^ary Bf/Ay Afa^armp jo, zpyd 65,270,000 2,625,480,000 27,500,000 82,895,000 50,255,000 13,890,000 279,920,000 21,490,000 23,550,000 21,725,000 16,005,000 172,325,000 (tJosing date for receipt of this tender is Monday, Apri! 5, !976) TFADKR FOR 91-DAY TREASURY Rif J S Additionai Amount, Series Dated January 8, !976, Maturing Juty 8, !97() (!o Re !ssued Aprii 8, !976) T o FED ER A L R ESER V E B A N K OF N E W Dated at YORK, Fiscal Agent of the United States , 19__ Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions 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: D o no? /if? in bo?/: CoM:/>^?:?:vf one? JVoHfOM:/'o?:?:vf on on? form COMPETITIVE TENDER $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ....................................................per 100. fPW cf wnr? bo o ^ r o jj^ d tr M wo? ?nor? Man ?/ir?f drriwa? /daerr, for f-ratM/df, PP.P23) NONCOMPETITIVE TENDER $.......................................................... (maturity value) (Wo? ?o #500,(70(7 for on? bidder ?AroM<7& a?? roMrorr/ 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 $ M aturity value D 1. D eliver over the counter to the undersigned Payment will be made as fo llo w s: D By charge to our reserve account D 2. Ship to the undersigned Q By cash or check in iMMfdiofHy ava:7ab/f /Muds on delivery 10,000 15,000 D 3. H old in safekeeping (for mem ber bank only) in— 50,000 fPay??:?;:? raHHo? b? wad? f/troMph Pr^orMry Pa^r and Doan ^dcooMH?) D Investment Account 100,000 D 5. Special instructions: 500,000 D Trust Account 1,000,000 D 4. Allotm ent transfer (see list attached) fN o cAnwpfr in d f/trfry MtrfrMrfionr wM bf accr/d fd/ Totals The undersigned (member bank) 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 a m e o f s u b ;c r ib e r — p !e a !e p r in t o r ty p e ) Insert this tender in special envelope ynar&ed "Tender /or Treasnry Bills" ( A d d r e s s — in c !. C ity a n d S t a t e ) ( T e l . N o .) (B anking institutions submitting tenders for customer account m ust list customers' ( N a m e o f c u s to m e r ) names on lines below or on an attached rider) ( N a m e o f c u s to m e r ) IN S T R U C T I O N S : 1. N o tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (m aturity valu e). 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 a? ?/:c ra?Mt* fric? and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the am ount 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 officer of the corporation w ill 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 tbe 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 responsible 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 are accompanied by an express guaranty of payment by an mcorporated bank or trust company. A ll checks must be drawn to the order of the Federal Reserve Bank of New Y ork; checks endorsed to this Bank will not be accepted. 5. If the language of this tender is changed in any respect, which, in the ooinion of the Secretary of the Treasury ts material, the tender may be disregarded. Rtv. 3/76 [ 15 ] (Closing date for receipt of this tender is Monday, Apri! 5, 1976) TENDER FOR 182-DAY TREASURY R!EES Dated Aprii 8, 1976 P R IV A C Y A C T S T A T E M E N T : T he individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be iMued, m accordance with the General R egulations governing United States securities (Departm ent Circular N o. 300) and the Regulations governing T reasury B ills (Departm ent Circular No. 41 8 ). The transaction w ill not be completed unless all required data is furnished. To FED ER A L R ESER V E B A N K Maturing October 7, 1976 OF N E W Dated a t ........................................................ YORK, Fiscal Agent of the United States ..................................................... , 19— Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions 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: D o not /di in &otA Competitive and Noncom petitive tenders on on? form COMPETITIVE TENDER $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ....................................................per 100. (P rice mart &e e^rprej^ed ivitA not more t^an tAree decimal placer, for fjratnfdf, PP.P23) NONCOMPETITIVE TENDER $.......................................................... (maturity value) (Wot to exceed for on? bidder tAron^h ad ronreer) 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 $ M aturity value D 1. D eliver over the counter to the undersigned Payment will be made as fo llo w s: D By charge to our reserve account D 2. Ship to the undersigned [3 By cash or check in iwtwediafely available /nndr on delivery 10,000 15,000 D 3. H old in safekeeping (for mem ber bank only) in— 50,000 (Paym ent cannot &e made tAron^A Treasury Ta^r and Loan T cconnt) O Investment Account 100,000 n 500,000 n General Account 5. Special instructions: D Trust Account 1,000,000 D 4. A llotm ent transfer (see list attached) ((Vo eAanyer in delivery in.yfrMffiowr toil/ &e accented) Totals The undersigned (member bank) 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 a m e o f !u b : c r ib e r — p le a s e p r in t o r t y p e ) Insert (Ais fender in special envelope mar&ed "Tender /or Treasury Rills" ( A d d r e s s — in c l. C ity a n d S t a t e ) ( T e l . N o .) ( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e ) (B ank ing institutions submitting tenders for customer account m ust list customers' names on lines below or on an attached rider) ( N a m e o f c u s to m e r ) ( N a m e o f c u s to m e r ) IN S T R U C T I O N S : 1. N o tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (m aturity 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 borrow ings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders a? tl:e rame price and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the am ount 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 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 should be signed by a member of the hrm, w ho 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 responsible andrecognized 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 are accompanied by an express guaranty of payment by an incorporated bank or trust company. A ll checks must be drawn to the order of the Federal Reserve Bank of N ew Y ork; checks endorsed to this Bank w ill not be accepted. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. [ 15] Rtv. 3/76