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FEDER AL RESERVE BANK O F N EW YORK Fiscal Agent of the United States [Circular No. 7 9 2 I J t J u ly 2 1 , 1976 OFFERING OF TWO SERIES OF TREASURY BILLS $2,500,000,000 of 91-Day Bills, Additional Amount, Series Dated April 29, 1976, Due October 28, 1976 (To Be Issued July 29,1976) $3,600,000,000 of 182-Day Bills, Dated July 29, 1976, Due January 27, 1977 'f'Ojdll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: F ollow in g is the text of a notice issued by the T reasury D epartm ent, released yesterday: friJ be J r e a s u r y D e p a rtm e n t, b y th is p u b lic n o tice, in v ite s te n d e rs °!h T r e £ s u *:y b lb s , to th e a g g r e g a te a m o u n t o f ?6,100 m illio n , o r th e re a b o u ts , to be issu e d J u l y 29, 1976, a s f o llo w s : $ 6 lOO^millfni6 ^ ( t ° maturity d a te ) in th e a m o u n t of ^,i)UU m illio n , o r th e re a b o u ts , re p re s e n tin g a n a d d itio n a l a m o u n t o f b ills d a te d A p r il 29, 1976, a n d to m a tu re O c to b e r 28, 1976 ( C U S I P N o . 912793 B 7 0 ), o rig in a lly issu ed in th e a m o u n t of $3,502 m illio n , th e a d d itio n a l a n d o rig in a l b ills to be fre e ly in te rc h a n g e a b le . 1 8 2-day b ills fo r $3,600 m illio n , o r th e re a b o u ts , to be d a te d 91 'w « i n b il’t r N o y 9 l2 7 9 3 £ ’j 6 ) d t 0 m atUrC J a n u a r y 27> 1 977 ( C U S I P T h e bill.s w il| be isi P e d fo r c a s h a n d in e x c h a n g e fo r T r e a s u r y t n n n ia n n n g / u Iy . ^ 9> 1976, o u ts ta n d in g in th e a m o u n t of l 6’1' 0 ^ d l i o n , of w h ic h G o v e rn m e n t a c c o u n ts a n d F e d e ra l R e se rv e B a n k s, f o r th e m se lv e s a n d a s a g e n ts o f fo re ig n a n d in te rn a tio n a l a v e ra g e p ric e s o f a cc e p teh,°ld d te nf? d errs.th e b ills n o w o ffe re d a t th e T h e b ills of b o th se rie s w ill be issu e d on a d isc o u n t b a sis u n d e r r S S a ^ r r m petitiV e bid<?,i,n g a s b e ™ ™ '1" p ro v id ed , a n d f h T 2 \ tht m o u n t w ll> be p a y a b le w ith o u t in te re s t. $ 1 5 0 0 0 ^ $ 50bm o S «ien n nnnb%f™nfarm in d e n o m in a tio n s of $ 10 ,0 0 0 , $15,000, $50,000, $100,000, $500,000 a n d $1,000,000 ( m a t u r i ty v a lu e ) a n d in b o o k -e n try fo rm t o d e s ig n a te d b id d e rs . ^r a d lu m y v a m e ' Branchesdeu Reserve and B ra n c h e s u po to to tlL th e bcHnsreCeL lo s in g hVed o u r, St o n e F' - thderal ir ty p.m ., E a s te rBanks n D a v lie ht S a v in g tim e, M o n d a y , J u l y 26, 1976. T e n d e r s w ill n o t t re ce iv e d fo r a m in im u m o f^S d O n n n * ’ W a s h in g to n . E a c h te n d e r m u s t be m iltfo le T o f SS 00nf T$n ° ;S ° ° ' Tendre r s o v e r $10,000 m u s t be in m u m p le s of $5,000. I n th e case o f c o m p e titiv e te n d e rs th e p rice o ffe re d m u s t be e x p re s s e d on th e b a sis of 100 , w ith n o t m o re th a n h r e e d e c i m a l s , e.g ., 99.925. F r a c tio n s m a y n o t £ u se d I H s u r g e d s p e c i a f ^ m l o o e s ^ h f e h 0" p rin te d . fo rm s a " d f o rw a rd e d in f h e or B ra n c h e s ° o n S a p p lic a tio n by F e d e ra l ReSt™ B anks B a n k in g in s titu tio n s a n d d e a le rs w h o m a k e p r im a r y m a rk e ts B a?k 0 VofrnN e w r e p o r t d a ily to th e F e d e ra l. R e se rv e s e c u ritie s a n d b o r r o w i n g ir , p o sitlo n s w ‘th re s p e c t to G o v e rn m e n t f°rt facc°unt t c u sto m e rs, p ro v id e d th e n a m e s o f th e submit c u sto m tenders e rs a r e se o r th in T h is ■ R ank ’ll * su ch te n d e rs. O th e r s w ill n o t be p e rm itte d to s u b m it te n d e rs e x c e p t fo r th e ir o w n a cc o u n t. T e n d e rs w ill be re c e iv e d w ith o u t d e p o sit ro m in c o rp o ra te d b a n k s a n d t r u s t c o m p a n ies a n d f ro m re sp o n sib le a " l r £ 0gm Z ed deale,r * m m v e stm e n t se c u ritie s. T e n d e r s fro m o th e rs T r o L u r acKC|.m p a n !e d ,b.y p a y m e n t o f 2 p e rc e n t of th e face a m o u n t o f e a s u ry b ills a p p lie d fo r, u n le ss th e te n d e rs a r e a cc o m p a n ie d b y a n e x p re s s g u a r a n ty of p a y m e n t by a n in c o rp o ra te d b a n k o r t r u s f co m p an y . p T ^ ed,i a j? ly a f te r th<; c lo s in g h o u r, te n d e rs w ill be o p e n ed a t th e F e d e r a l R e se rv e B a n k s a n d B ra n c h e s, fo llo w in g w h ic h p u b lic be m ad ? by tb e T r e a s u r y D e p a r tm e n t o f th e a m o u n t a n d p ric e r a n g e of a cc e p te d bids. O n ly th o se s u b m ittin g t h ! ^ Pe? t T h t on d e rs W ld he a d v is e d o f th e a c c e p ta n c e o r re je c tio n th e re o f. T h e S e c r e ta r y o f th e T r e a s u r y e x p re s s ly re s e rv e s th e r i g h t to a c c e p t o r r e je c t a n y o r a ll te n d e rs, in w h o le o r in p a r t, a n d his a c tio n in a n y su c h re sp e c t sh a ll be final. S u b je c t to th ese re s e rv a tio n s , n o n c o m p e titiv e te n d e rs f o r e a c h issu e fo r $500,000 o r If,if ^ ltb o u t s ta te d Pr ., ce f,:o m a n y one b id d e r w ill be a c c e p te d in l w ith<* aVf u a g e p n c e th r e e d e c im a ls) of a c c ep te d c o m p e ti• ve b l d s / o r re sp e c tiv e issu es. S e ttle m e n t fo r a cc ep te d te n d e rs J S S b ? 1®* Wi th ith e T,d s m u s t be m ad e o r c o m p le te d a t th e av ail a hi Re,s e r Ye B a n k o n J u l y 29, 1976, in c a s h o r o th e r im m e d ia te ly p “ Z d8 29 ° r i Q ^ r liu e *5“ r o u n t of T r e a s u r y S e a u a l t r L t m e n t ^ r i S ^ ’ i ^ a s h a n d e x c h a n ge te n d e rs w ill re ce iv e eq u al tr e a tm e n t. C a sh a d ju s tm e n ts w ill be m ad e fo r d iffe re n c e s b e tw e e n th e p a r v alu e o f m a tu r in g bills a c c ep te d in e x c h a n g e a n d th e issu e p ric e of th e n e w bills. ® C o d e ^ T Q S ^ l L T 8 45H V 1221 ( 5 ) 0f th e I n te r n a l R e v e n ue m v l r n i 95 1 ith-e a m 0 l!r| t °* d isc o u n t a t w h ic h b ills issu ed h e re n d e r a r e so ld is c o n sid e re d to a c c ru e w h e n th e b ills a r e so ld re d ee m e d o r o th e rw is e d isp o se d of, a n d th e bills a r e e x c lu d e d fro m b m s drort h p f nt h S Cr Pflta assets- A c c o rd in g 1y. th e o w n e r o f T r e a s u r y b ills ( o th e r th a n life in s u ra n c e c o m p a n ie s) issu e d h e re u n d e r m u s t in clu d e in h is in co m e t a x r e tu r n , as o rd in a r y g a f f o r lo ss th e d iffe re n c e b e tw ee n th e p rice p a id f o r - th e bills, w h e th e r on o r d i n a l e ith e r° u n o n s a l ^ o r ^ d p u r .c-haSe’ a n d th e a m o u n t a c tu a lly re c e iv e d for whkTthe reLnls'Tade! ^ "’C,axable year Treasury Department Circular No. 418 (current revision} and h,s "Otice prescribe ,he terms of the Treasury bills aid aove?n the conditions of their issue. Copies of the circular may be o b t a i n ^ from any *Federal Reserve Bank or Branch y obtamed -------w v ta * ve n a n x o r B ra n ch . 1976, at the Securities Department of° ta^ead^O ffice1and' at°iK " r ff3?**? Da7Iig]lt Saving time, Monday, July 26 series are enclosed. Please use the L n r m t t f !,”h lts Buffalo Branch. Tender forms for the respettivl “Tender for Treasury Bills.” Tenders not requiring a deptsft‘^ k T u b m h t e d h T i ” the,encl°s.ed envelope market firmation; no tenders may be submitted by telephone8 Payment ^ teIegrfPh' subject to written conthe Treasury Tax and Loan Account. Settlement must be thr°u9> maturing Treasury bills. aae n cash or other immediately available funds or ir tionautiijunttjf'bni^^t^AprU 22^ W6^rmturing October *2^1976* January 20, 1977) are shown on the [31] % 22' 1976’ an addibl" S dated July 22> '976, maturing P A UL A . V oL C K E R , President. (OVJR) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED JULY 22,1976) Range of Accepted Competitive Bids 182 -Day Treasury Bills Maturing January 20, 1977 9 1 -Day Treasury Bills Maturing October 21,19 76 High .......................... Low ......................... Average .................... ......... ........ ........ Price Discount Rate Investment Rate1 Price Discount Rate Investment Ratei 98.685a 98.675 98.679 5.202% 5.242% 5.226% 5.34% 5.39% 5.37% 97.216 97.188 97.201 5.507% 5.562% 5.536% 5.74% 5.80% 5.78% 1 E q u iv a le n t c o u p o n - is s u e y ie ld . a E x c e p t i n g o n e t e n d e r o f $ 5 0 0 ,0 0 0 . ( 94 percent of the amount of 182-day bills bid for at the low price was accepted.) (2 percent of the amount of 91-day bills bid for at the low price was accepted.) Total Tenders Received and Accepted (By Federal Reserve District) 182 -Day Treasury Bills Maturing January 20, 1977 91 -Day Treasury Bills Maturing (October 21,1976 Boston ......... New York .... Philadelphia .. Cleveland ..... Richmond..... Atlanta ......... Chicago ....... St. Louis ..... Minneapolis .. Kansas City .. Dallas ........... San Francisco T otals .. $ 24,960,000 3,996,050,000 20,605,000 67,170.000 20,385,000 26.750.000 371,520,000 45,325,000 34,850,000 36,015,000 41,405,000 169,590,000 $4,854,625,000 $ 16,960,000 2,071,365,000 19,155,000 34,770,000 19,405,000 21,760,000 98,110,000 22,405,000 7,850,000 32,665,000 12,525,000 43,265,000 $2,400,235,000 b I n c lu d e s $ 3 3 4 ,6 4 0 ,0 0 0 n o n c o m p e titiv e t e n d e r s f r o m th e p u b lic . c I n c l u d e s $ 1 6 2 ,7 5 5 ,0 0 0 n o n c o m p e titiv e te n d e r s f r o m t h e p u b lic . Accepted Received Accepted Received D istrict $ 21,130,000 4,325,010,000 23,975,000 71,825,000 51,255,000 28,315,000 301,315,000 43,785,000 29,410,000 20,420,000 21,935,000 390,740,000 $5,329,115,000 $ 18,930,000 2,791,190,000 17,855,000 60,625,000 42,105,000 28,315,000 154,815,000 31,225,000 15,380,000 17,420,000 20,935,000 301,740,000 $3,500,535,000 ■ (Closing date for receipt of this tender is Monday, July 26, 1976) TENDER FOR 91-DA\ TREASURY BILLS Additional Amount, Series Dated April 29, 1976, Maturing October 28, 1976 (To Be Issued July 29, 1976) To F ederal =3 5 R eserve Bank of N ew Y ork, D a t e d a t .............................................. F iscal A gen t o f the U n ited States 19. P u r s u a n t t o t h e p r o v i s i o n s o f 1 r e a s u r y Department C i r c u l a r N o . 4 1 8 ( c u r r e n t r e v i s i o n ) a n d t o t h e p r o v i o f t h e p u b l i c n o t i c e C s u e d b y t h e T r e a s u r y Department inviting tenders f o r the a b o v e - d e s c r i b e d Treasury b i ll s , t h e undersigned hereby offers to purchase such Treasury b i l l s in the amount indicated b e l o w , a n d a g r e e s to m a k e p a y m e n t th e r e f o r a t y o u r B a n k o n o r b e fo re th e is s u e d a te a t th e p ric e in d ic a te d b e lo w : s io n s Do not fill in both Competitive and oncompetitive tenders on one form C O M P E T IT IV E T E N D E R $....................................................... (maturity value) or any lesser amount that may be awarded. $ ................................................................................... ( m a t u r i t y v a l u e ) (N o t to exceed $500,000 for one bidder through all sources) Price : ........................... ................... per 100. at the average price of accepted competitive bids. ( Price must be expressed w ith not more than three decimal places, for example, 99.925) S u b je c t to P ie c e s allotment, D e n o m in a tio n N O N C O M P E T IT IV E T E N D E R A p le a s e is s u e , d e liv e r, a n d a c c e p t M a t u r i t y v a lu e payment f o r th e b ills a s i n d ic a te d b e l o w : □ 1. Deliver over the counter to the u n d e r s ig n e d $ 10,000 □ •c 2 . S h ip to th e u n d e r s ig n e d P a y m e n t w ill be m a d e a s f o l l o w s . □ B y c h a rg e to o u r re se rv e a c c o u n t □ B y c a s h o r c h e c k in 0 3. 50,000 H o ld in s a f e k e e p in g b e r b a n k o n ly ) in — (for □ I n v e s tm e n t A c c o u n t □ G e n e ra l A c co u n t □ T ru st A ccount m em 1 0 0 ,0 0 0 5 0 0 ,0 0 0 1,000,000 □ (Paym ent cannot be made through Treasury T ax and Loan Account) □ 5. Special instructions: 4. A ll o t m e n t t r a n s f e r ( s e e lis t a t t a c h e d ) (N o changes in delivery instructions will be accepted) T o ta ls to immediately available funds o n d e liv e r y 15,000 1h e undersigned (member bank) hereby c e r t i f i e s t h a t t h e Treasury b i l l s which y o u a r e h e r e b y instructed dispose o f m t h e manner indicated i n i t e m 3 a b o v e are owned s o l e ly by t h e undersigned. (Name of subscriber—please print or type) Insert this ten der in special en velope m arked “T en der for T reasu ry B ills” (Address—inch City and State) (Tel No.) (Signature of subscriber or authorized signature) (Title of authorized signer) ( B a n k i n g i n s t i t u t i o n s s u b m i t t i n g te n d e r s fo r c u s t o m e r a c c o u n t m u s t lis t c u s t o m e r s ' n a m e s o n lin e s b e lo w o r o n a n attached rider) (Name of customer) ( N a m e of c u s to m e r ) INSTRUCTIONS: 1. N o t e n d e r f o r le s s t h a n $ 1 0 ,0 0 0 w ill b e c o n s id e re d , a n d e a c h t e n d e r m u s t be f o r a m u ltip le o f $ 5 ,0 0 0 ( m a t u r i t y v a l u e ) . 2. O n ly b a n k i n g i n s t i t u t i o n s , a n d d e a l e r s w h o m a k e p r i m a r y m a r k e t s in G o v e r n m e n t s e c u r itie s a n d r e p o r t d a ily to th is B a n k t h e ir p o s itio n s w ith r e s p e c t to G o v e r n m e n t s e c u r itie s a n d b o r r o w i n g s th e r e o n , m a y s u b m it t e n d e r s f o r c u s to m e r a c c o u n t ; in d o in g t e n d e r s at the same price a n d t e n d e r s , p r o v id e d a lis t is e a c h b id d e r th e a m o u n t f o r h is a c c o u n t. O t h e r s w ill n o t be p e r m i tt e d to s u b m it t e n d e r s e x c e p t f o r t h e i r o w n a c c o u n t. so, they may consolidate competitive attached showing the name of and bid may consolidate noncompetitive o. I f t h e p e r s o n m a k i n g th e t e n d e r is a c o r p o r a ti o n , t h e t e n d e r s h o u ld b e s ig n e d b y a n o ffic e r o f t h e c o r p o r a ti o n a u t h o r i z e d t o m a k e t h e te n d e r , a n d t h e s i g n i n g o f th e t e n d e r b y a n o ffic e r o f t h e c o r p o r a ti o n w ill be c o n s t r u e d a s a r e p r e s e n t a t i o n b> h im t h a t h e h a s b e e n so a u t h o r i z e d . I f th e t e n d e r is m a d e b y a p a r t n e r s h i p , it s h o u ld be s ig n e d b y a m e m b e r o f th e firm , w h o s h o u ld s ig n in th e f o rm " ................................................................. ' a c o p a rtn e rs h ip by ........................................................................................................................ , a m e m b e r o f th e f ir m .” 4. T e n d e r s w ill be r e c e iv e d w ith o u t d e p o s it f r o m i n c o r p o r a t e d b a n k , a n d t r u s t c o m p a n ie s a n d f r o m r e s p o n s ib le am re c o g n iz e e d e a l e r s in i n v e s tm e n t s e c u r itie s . T e n d e r s f r o m o t h e r s m u s t b e a c c o m p a n ie d 6 y p a y m e n t o f 2 p e r c e n t of th e la c e a m o u n t of I r e a s u r y b ills a p p lie d fo r, u n le s s th e t e n d e r s a r e a c c o m p a n ie d b y a n e x p r e s s g u a r a n t y o f p a y m e n t b y a n in c o r p o r a t e d b a n k o r t r u s t c o m p a n y . A ll c h e c k s m u s t be d r a w n to th e o r d e r o f th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k ; c h e c k s e n d o r s e d to t h i s B a n k w ill n o t b e a c c e p te d . 5. If th e l a n g u a g e o f t h is t e n d e r i , c h a n g e d is m a te ria l, th e te n d e r m a y be d is re g a rd e d . Rev. 3/76 in a n y r e ,p e e l, w h ic h , in th e [ 31 ] o o in io n o f th e S e c re ta ry 7 o f th e Treasury r (Closing date for receipt of this tender is Monday, July 26, 1976) TENDER FOR 182-DAY TREASURY RILLS Dated July 29, 1976 To Maturing January 27, 1977 Dated a t ....... ................................................ F ed era l R eserve 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 D epartm ent 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 m ake paym ent therefor at your Bank on or before the issue date at the price indicated below: Do not fill in both Competitive and Noncompetitive tenders on one form COMPETITIVE TENDER NONCOMPETITIVE TENDER $.......................................................... (maturity value) $.......................................................... (maturity value) or any lesser am ount that m ay be awarded. (N ot to exceed $500,000 for one bidder through all sources) P r ic e : ..............................................................per 100. (Price must be expressed with not more than three decimal places, for example, 99.925) 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 $ Maturity value 10,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 15,000 □ 3. Hold in safekeeping (for mem ber bank only) in— 50,000 Treasury Tax and Loan Account) □ Investment Account 100,000 - c-~ Payment will be made as follows: □ By charge to our reserve account □ By cash or check in immediately available funds on delivery ( Payment cannot be made through □ 5. Special instructions: n General Account 500,000 □ Trust Account 1,000,000 □ 4. Allotment transfer (see list attached) (No changes in delivery instructions will be 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. (Name of subscriber—please print or type) Insert this tender in special envelope marked “ Tender for Treasury Bills” (Address—incl. City and State) (Tel. No.) (Signature of subscriber or authorized signature) (Title of authorized signer) ( B a n k in g in s titu tio n s s u b m ittin g te n d e rs for c u s to m e r a c c o u n t m u s t lis t c u s to m e rs ’ n a m e s o n lin e s b e lo w o r o n a n a tta c h e d r id e r ) (Name of customer) (Name of customer) IN ST R U C T IO N S: 1. N o te n d e r fo r less th a n $10,000 w ill be c o n sid e re d , a n d e a c h te n d e r m u s t be f o r a m u ltip le o f $5,000 ( m a t u r i ty v a lu e ) . 2. Only banking institutions, and dealers who make primary markets in Government securities and report d a ily to this Bank th e ir p o s itio n s w ith re sp e c t to G o v e rn m e n t s e c u ritie s a n d b o r r o w in g s th e re o n , m a y su b m it te n d e rs fo r c u s to m e r a c c o u n t; in doing so, th e y m ay c o n so lid a te competitive tenders at the sam e p rice and may consolidate noncompetitive tenders, provided a list is a tta c h e d s h o w in g th e n a m e o f e a c h b id d e r a n d th e a m o u n t bid fo r h is a cc o u n t. O th e r s w ill n o t be p e rm itte d to su b m it te n d e rs except fo r th e ir o w n 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 m e m b e r o f th e firm , w h o sh o u ld sig n in th e fo rm “ ......................................................................................................................f a c o p a rtn e rs h ip , b y .......................................................................... , a member of the firm.” 4. T e n d e r s w ill be re ce iv e d w ith o u t d e p o sit fro m in c o r p o r a te d b a n k s a n d t r u s t c o m p a n ies a n d fro m re sp o n sib le a n d re c o g n iz e d d e a le rs in in v e s tm e n t se c u ritie s. T e n d e r s f r o m o th e r s m u s t be a c c o m p a n ie d By p a y m e n t o f 2 p e rc e n t o f th e face a m o u n t o f T r e a s u r y b ills a p p lie d fo r, u n le s s th e t e n d e r s a r e a cc o m p a n ie d b y a n e x p r e s s g u a r a n ty o f p a y m e n t b y a n in c o r p o r a te d b a n k o r t r u s t co m p a n y . A ll c h e c k s m u s t be d r a w n to th e o r d e r o f th e F e d e ra l R e s e rv e B a n k o f N e w Y o r k ; c h e c k s e n d o rs e d to th is B a n k w ill n o t b e a cc ep te d . 5. I f th e la n g u a g e o f th is te n d e r is c h a n g e d in a n y re s p e c t, w h ich , in th e o o in io n o f th e S e c r e ta r y o f th e T r e a s u r y , is material, the tender may be disregarded. Rev. 3/76 ( 31 ]
@FedFRASER