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FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
!* Circular No 7 8 8 0 * !
L

May 24, 1976

J

OFFERING OF TWO SERIES OF TREASURY BILLS
$2,500,000,000 of 91-Day Bills, Additional Amount, Series Dated March 4, 1976, Due September 2, 1976
(To Be Issued June 3, 1976)
$3,500,000,000 of 182-Day Bills, Dated June 3, 1976, Due December 2, 1976
To AJ/ /Mcor^orafod Fan&.y and TrMjf CofM^aw^y, and OMfrj

CcwcffHfd, i'?t f/:? .Second F?&ra/

Df^lrkt.'

Following is the text of a notice issued by the Treasury Department, released at 4 p.m. on May 21:
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$6,000 million, or thereabouts, to be issued June 3, 1976, as follows:
91-day bills (to maturity date) in the amount of
$2,500 million, or thereabouts, representing an additional
amount of bills dated March 4, 1976, and to mature
September 2, 1976 (CUSIP No. 912793 A71), originally
issued in the amount of $3,588 million, the additional
and original bills to be freely interchangeable.
182-day bills for $3,500 million, or thereabouts, to be dated
June 3, 1976, and to mature December 2, 1976 (CUSIP
No. 912793 C46).
The bills will be issued for cash and in exchange for Treasury
bills maturing June 3, 1976, outstanding in the amount of
$6,302 million, of which Government accounts and Federal Reserve
Ranks, for themselves and as agents of foreign and international
monetary authorities, presently hold $2,566 million. 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 (maturity value)
and in book-entry form to designated bidders.
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern Daylight
Saving time, Friday, May 28, 1976. Tenders will not be received
at the Treasury Department, Washington. 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.
Banking institutions 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 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 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 will be opened at
the Federal Reserve Banks and Branches, following 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 will be accepted in
full at the average price (in three decimals) of accepted competi­
tive bids for the respective issues. Settlement for accepted tenders
in accordance with the bids must be made or completed at the
Federal Reserve Bank on June 3, 1976, in cash or other im­
mediately available funds or in a like face amount of Treasury
bills maturing June 3, 1976. Cash and exchange tenders will
receive equal treatment. Cash adjustments will 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 454(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.
Treasury Department Circular No. 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.

This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Daylight Saving time, FrMay, May
ip/d, 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. Paywaw; jbr TraajMry M /j oawwof
?na&? &y oradiT f/ironp/i
f/n?. Trcayary Ta.v awa! Loan -<4c<ro:o:f. tSeff/oniowt
wacfo iw
or o?/tar fmmoJi'aiofy awi/aNa fMM&y or w
*MafMrinp Tr^ojnry Mfy.
The results of bidding for the previous offering of Treasury bills, to be issued May 27, 1976, were not available
at the time of printing this circular; those results will be announced after release by the Treasury Department.
[2 3 ]

PAUL A .

Closing date for receipt of tenders is Friday, May 28.



VOLCKER,

!MPORTANT-C!osing date for receipt of this tender is Friday, May 28, 1976
TENDER FOR 91-DAY TREASURY RiLLS
Additional Amount, Series Dated March 4, 1976, Maturing September 2, 1976
(To Re Issued June 3, 1976)
To

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

FEDERAL RESERVE B A N K OF N E W Y O R K ,

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 oifers 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:
Do not /if/ in &of/t CoMi^h'h'w and
JVoMoofM/>^?Mvf
on on? /orn:

COMPETITIVE TENDER

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

$.......................................................... (maturity value)
(Wo? to fjropfd %3(%7,0(X? /or on? &td&r MroMpA all -fOMrof-f/

P rice: ....................................................per 100.
f P n c f w n rf &<?
Jfftm a ? /dacr.f, / o r

NONCOMPETITIVE TENDER

at the average price of accepted competitive bids,

zpM no? w o r? Man
PP.P23/

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

Denomination
$

Maturity value

10,000

O 1. Deliver over the counter to the
undersigned
D 2. Ship to the undersigned

15,000

D 3. Hold in safekeeping (for mem­
ber bank only) in—

50,000

Payment will be made as follows:
n By charge to our reserve account
n By cash or check in immediately
avaiiaHe /nndr on delivery
(Payment cannot
made tAronpA
Prearnry Pa^r and Loan ^eeonnt/

D Investment Account

100,000

D 5. Special instructions:

FI General Account

500,000

D Trust Account

1,000,000

D 4. Allotment transfer (see list attached)
f Ao cAowycy in delivery iwrfrMriiowr
will Ae arrested/

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 le a s e p r in t o r t y p e )

Insert f/tM fender

in special envelope
mar&ed Tender /or
Treasury Bills"

(Address— inch City and State)
(Signature of subscriber or authorized signature)

( T e L N o .)

(Banking institutions submitting tenders for customer account must 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 )

INSTRUCTIONS:
1. No tender for less than $10,000 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 same /rice 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.
j. 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, 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 incorporated bank or trust company. 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, which, in the opinion of the Secretary of the Treasury,
is material, the tender may be disregarded.
Rtv. 3 /7 6




[2 3

]

7

!MPORTANT-C!osing date for receipt of this tender is Friday, May 28, 1976
TENDER FOR 182-DAY TREASURY B!LLS
Dated June 3, 1976

r-rvivcn^i
^AAitLMtLJN i : The individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be
issued, in accordance with the General Regulations governing United States securities (Department Circular No. 300) and the Regulations governing Treasury Bills
(Department Circular No. 418). The transaction will not be completed unless all required data is furnished.

To FEDERAL

Maturing December 2, 1976

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

RESERVE B A N K OF N E W Y O R K ,

Fiscal Agent of the United Stages

........................................................., 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:
Do not /d/ in
Competitive and
Noncompetitive tenders on one form

COMPETITIVE TENDER

$.......................................................... (maturity value)
or any lesser amount that may be awarded.
P rice: ....................................................per 100.
(Price mart &e ejrprerred tvM no? more tAan tAree

NONCOMPETITIVE TENDER

$.....................................^................... (maturity value)
(Mot to earceed

for on? bidder tAron^A of/ ronrcer)

at the average price of accepted competitive bids,

decim al p /ac ej, fo r exam ple, 99.923)

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

Denomination
$

Maturity value

10,000

D 1. Deliver over the counter to the
undersigned
D 2. Ship to the undersigned

15,000

D 3. Hold in safekeeping (for mem­
ber bank only) m—

50,000

Payment will be made as follows:
D By charge to our reserve account
D By cash or check in immediately
available fnndr on delivery
(Payment cannot be made tAroapA
Prea-mry Ta^r and Loan Hccoiinf)

O Investment Account

100,000

D 5. Special instructions:

FI General Account

500,000

D Trust Account

1,000,000

D 4. Allotment transfer (see list attached)
(Me cAanpe-t in delivery furtractions
toil/ Ae accepted)

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.

Insert this tender
in special envelope
ynarhed "Tender /or
Treasury BMis"

( N a m e o f s u b s c r ib e r — p le a s e p r in t o r ty p e )

( A d d r e s s — in c l. C it y a n d S t a t e )

(Tel. No.)

( 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 )

( T i t l e o f a u th o r iz e d s ig n e r )

(Banking institutions submitting tenders for customer account must 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 )

INSTRUCTIONS:
1. No tender for less than $10,000 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 of fAe Jam? price 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 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, 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 incorporated bank or trust company. AH checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
3. If the language of this tender is changed in any respect, which, in the ooinion of the Secretary of the Treasury
is material, the tender may be disregarded.


Rw.3/76


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