Full text of Federal Reserve Bank of New York Circulars : 8420. Treasury To Auction $2,684 Million of 2-Year Notes

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL
OF

RESERVE
NEW

BANK

YORK

Fisca! Agent o f the United States
Circular No. 8420
September 14. 1978

T R E A S U R Y T O A U C T IO N $ 2 ,6 8 4 M IL L IO N O F 2 -Y E A R N O T E S

To .4//

7n.st:tMt;oH.s. oo<T Orders Concerned,

m tAe S'ecouJ Tl'<7cra/

D/stnct.

The following statement was issued yesterday by the Treasury Department:
The Departm ent o f the Treasury will auction $2,684 million o f 2-year notes to refund the same amount o f
notes maturing September 30, 1978. The $2,684 million o f maturing notes are those held by the public,
including $709 million currently held by Federal Reserve Banks as agents for foreign and international monetary
authorities.
In addition to the public holding, Government accounts and Federal Reserve Banks, for their own accounts,
hold $511 million o f the maturing securities that may be refunded by issuing additional amounts o f the new
notes at the average price o f accepted competitive tenders. Additional amounts o f the new securities may also be
issued at the average price, for new cash only, to Federal Reserve Banks as agents for foreign and international
monetary authorities.

Printed on the reverse side is a table summarizing the highlights of the offering. Copies of the official
offering circular will be furnished upon request directed to our Government Bond Division (Tel. No.
212-791-6619).
Enclosed is a copy of a standard form that can be used in submitting tenders for this offering (or for
any subsequent offering of 2-year notes).
This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, September
20,1978, at the Securities Department of its Head Office and at its Buffalo Branch, /U/ compct/t/ve fencers,
whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. However,
for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their
tenders than to present them in person, the official offering circular provides that MOHCompef/t/ve tenders
will be considered timely received if they are mailed to this Bank or its Branch under a postmark no /ofer
f/m n .S ep tem b er / 9 .

Bidders submitting noncompetitive tenders should realize that it is possible that the average price may
be above par, in which case they would have to pay more than the face value for the securities.
Payment may be made by personal check, or an official bank check, payable on its face to the Federal
Reserve Bank of New York;
to tAils 7?anA
no? gcce/?Tc<V. A personal check sub­
mitted with the tender, either as a deposit or for the face amount of the securities, does not have to be
certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted
for the final payment must be certified.
As provided in the official offering circular, "in every case where full payment is not completed on
time, the deposit submitted with the tender, up to 5 percent of the face amount of securities allotted,
shall, at the discretion of the Secretary of the Treasury, be forfeited to the United States."
A recorded message (at the Head Office — Tel. No. 212-791-5823; at the Buffalo Branch — Tel. No.
716-849-5046) provides information about this and other Treasury offerings; additional inquiries regarding
this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch,
Tel. No. 716-849-5016. (If the inquiry relates to competitive tenders, however, the Head Office number to
call is 212-791-5465.)
PAUL A. VOLCKER,
PrasM/cMf.




(Over)

HIG H LIG H TS OF T R E A SU R Y
OFFERING TO THE PUBLIC
OF 2-Y E A R NOTES
TO BE ISSUED OCTOBER 2 ,1 9 7 8

Amount Offered:
To the p u b lic ........................................

$2,684 million

Description of Security:
Term and type o f se c u r ity ............
Series and C U S IP designation . .

2-year notes
Series T -1 9 8 0
(C U SIP No. 912827 JB9)

Maturity d a t e .......................................

September 30, 1980

Cai! d a t e .................................................

No provision

Interest coupon r a t e ...........................

T o be determined, based on the
average o f accepted bids

Investment y ie i d ...................................

To be determined at auction

Premium or d is c o u n t.........................

T o be determined after auction

Interest payment d a te s......................

March 31 and September 30

M inim um denomination available

$5,000

Terms of Sale:
Method o f sale ......................................................................................................

Yield auction

Accrued interest payable by in v e sto r .........................................................

None

Preferred a llo t m e n t ............................................................................................

Noncompetitive bid for $ 1 ,000,000
or less

Deposit requirem ent............................................................................................

5 % o f face amount

Deposit guarantee by designated in stitu tio n s........................................

Acceptable

Key Dates:
Deadline for receipt o f te n d e r s ........................................................................

W ednesday, September 20, 1978,
by 1:30 p .m ., E D S T

Settlement date (final payment due)
a) Cash or Federal fu n d s .............................................................................

M onday, October 2, 1978

b) Check drawn on bank within FRB district where submitted

Thursday, September 28, 1978

c) Check drawn on bank outside FRB district where submitted

W ednesday, September 27, 1978

Delivery date for coupon securities.................................................................




Monday, October 2, 1978

UN ITE D

STATES OF A M E R I C A

T R E A S U R Y NO TES

OF S E P T E M B E R

30,

1980

SERIE S T-1980

DEPARTMENT CIRCULAR
P u b l i c Debt Se rie s - No.

1.
1.
of

1.

D E P A R T M E N T OF THE TREASURY,
OF F IC E OF THE SECRETARY,
W a sh i n g t o n , S e p t e mb e r 14,

22-78

I NV IT A T I O N

FOR T E N DE R S

The S e c r e t a r y of the Tr ea sury,

the Sec o nd L i b e r t y Bond Act,

approximately

un d e r the a u t h o ri t y

as amended,

in vites

$ 2 , 6 8 4 , 0 0 0 , 0 0 0 of Un it ed S t a t es

d e s i g n a t e d T r e a s u r y N ot e s

of S e p t e m b e r

(CUSIP No.

The s e cu ri ti es w i l l

w it h

bidd in g

the pr ice
The
each

91 282 7
on

JB 9).

the basis of yield.

equivalent

of

below.

bid will

Additional

Government
ac co un t

1980,

the bid y i el d of each
and

be d e t e r m i n e d

agent s of fo r e ig n

issued

for cash

will

bear

on Ma r c h

Ba n k s

31,

redemption prior
2.
to all
The

2.
taxes

taxes,

taxation
t h er e of

s ec ur i t i e s
from

30,

1980,

Ad d i t io n al
Banks

as

a u th or it ie s.

2, 1978,

on a s e mi a n n u a l

6 months

and
basis

on S e p t e m b e r

b e co me s p a yab le .

and will

income d er i v ed

are

not be s u bj e c t

30

They will
to call

un d e r

from the s e c u r i t i e s

the I n te rn al R e v e n u e

sub jec t

to estate,

for

of

gift

but are e x e m p t

imposed on the p r i n c i p a l

any p o s s e s s i o n of the U n i t e d

au thority.

is su bject

Code

in he rit an ce,

w h e t h e r F ed era l or State,

taxing

to

to ma turity.

by any State,




payable

s u b s e q ue n t

the p r i n c ip a l

now or h e r e a f t e r

local

issued

to Fe d e r al R e s e r v e

will be da ted O c t o b e r

that date!

and each

imposed

se c ur i t i e s

exc is e

any

The

de sc r i be d

D E S C R I P T I O N OF S E C U R I T I E S

until

September

tender.

secur it ies .

i nt er n a t i o n a l m o n e t a r y

1979,

31,

at

for their own

and

i n te re s t

and M a r c h
mature

The

be r e qui re d

a c c e p t ed

2.
1.

T-1980

the p r i c e e q u i v a l e n t of

for ma tu r i ng T r e a s u r y

be

for

be sold at au ct io n

in the m a n n e r

and Fed er al R e s e r v e

in e x c h a n g e

2.

Series

a mo unt s of these s e cu r i t i e s ma y be

accounts

am o unt s ma y also

30^

tenders

securities,

P a y m e n t w il l

inte res t rate on the se c ur i t i es
a c ce pt ed

1978.

or

1954.
or other
from all

in terest

States,

or

2.

3.

The

s e c u r i t i e s will

of p u b l i c monies.

T h e y will

be a c ce p t a b l e

not be a c ce p t a b l e

to se c ur e d ep osi ts
in p a y m e n t of

taxes.
2.
and

4.

Bearer

securities

is sue d

s e c u r i t i e s w it h

registered

in d e n o m i n a t i o n s

$ 1, 00 0, 00 0.
b i d d er s

in m u l t i p l e s

securities

5.

1.

in this

re gi st er ed

of the T r e a s u r y ' s g e n er a l
securities

circular.

in effect,

a p p l y to the

Th es e g e ne r a l

as we l l as

those

r e g u la t io n s
that m a y be

D.

up

20226,

at

to 1:30 p.m.,

September

below will

be c o n s i d e r e d

September

3.

2.

for.

Each

20,

of

19,

des ire d,

de c i m a l s ,

Noncompetitive

timely

if p o s t m a r k e d no later

Noncompetitive
form

than one

state

the

Competitive

than

face am ou n t of

se curities

te n d e rs m u s t

also show the

in terms of an an nu a l y i e l d w it h
Common

t e n d er s mu s t

in lieu of

as def ined

is $5,000 a n d l a r g e r bids m us t be in

amount.

7.11%.

t e nd er s

time,

1978.

expressed

e.g.,

W a s h i ng t on ,

E a st e r n D a y l i g h t S a v i n g

tender must

that

at Fed er al R e s e r v e Banks

1978.

The m i n i m u m bid

multiples

te n d e r

be re c ei v e d

the Bu r ea u of the P u b l i c Debt,

Wednesday,

Tues day ,

SALE P R O C E D U R E S

T e n d e r s w il l
and

more

and of coupon,

and the t r a n s f e r of r e g i s t e r e d

U n i t e d St a te s

currently

and B r a n c h e s

yield

to e l ig ibl e

at a la ter date.

3.

bid

and

I n t e r c h a n g e s of

3.

C.

will be

be p er mi t t e d .

offered

th ose

$100,000,

those amounts.

of

governing

securities

iss ued

$10,000,

interest,

be a v a i l a b l e

Th e D e p a r t m e n t

regulations

and

attached,

s e c u r i t i e s will

se cur it i e s,

securities will

i nc lud e

$5,000,

of d i f f e r e n t d e n o m i n a t i o n s

and b o o k - e n t r y

2.

as to p r i n c i p a l

of

Book-entry

i n te re st c o up on s

f r a ct i o n s m a y not be used.

show

the t e rm

a s p e c i f i e d yield.

noncompetitive

two

te nd er and

"noncompetitive"

on the

N o b i d d e r m a y submit

the a m o u n t m a y not exceed

$ 1 ,000 ,000 .
3.
wi ll

3.

All

not m a k e

securities

of

any
this

Section

3.1.

tenders

for the




b i d d e r s m u s t c e r ti f y that
agreements

for the sale or p u r c h a s e of any

issue p r i o r

for r e c e i p t of
a c c o u n t of

they h a v e not made and

to the d e a d l i n e

tenders.

established

Th os e a u t h o r i z e d

cu st o m er s will

be r e q u ir e d

in

to submit
to certify

-3 that

such

ments,

ten der s

and

bi dd e rs

certifications

4.

as banks

Commercial

in G o v e r n m e n t

as tenders

banks,

are d ef in ed

securities

Bank of Ne w York
se cu rit ie s,

may

su bmit

Ot he r s

5.

by

are d e f in ed

and p r i m a r y dealers,

w h ic h

as d e al er s who m ak e p r i m a r y m a rk e ts

and re p or t

ten de rs
and

for this p u r po s e

da ily

to the Fe deral R e s e r v e

in and b o r r o w i n g s

on such

for a c co u n t of cu st o m er s

the a m o u n t for each

are only p e r m i t t e d

T en de r s

own acco un t

will

if the

cu s to m e r are

to su bm it

be r e ce i v e d w i t h o u t

from c om me r c i a l

p r i m a r y dealers,

banks and o t h e r

as d ef in e d

above;

loan ass oc ia ti o ns ;

States,

i n s t r u m en ta l it ie s ;

public pension

funds;

international

holds m em b er s hi p;
Federal R e s e r v e
o t he rs mus t

tenders

such

Banks;

a pp li e d

central

for their

or r e a d i l y

(in the

c ol le c t i b l e

by a c o mm e rc ia l

3.

Immediately

opened,

then

4,

bids.

re q u i r e d

rate will
increment,

yi eld

is made

5% of

as

w h ic h

issue d i s c o u n t

r es ul t s

the

tenders will

the am ou nt

on the basis of
in an e q u i v a l e n t

That

and yield

in full,

sta rt ing w it h

in

and

those at

to the

Te nd ers

are ac cepted,

at the
After

the

a coupon

a 1/8 of one p e rc e n t
average

and a lo we st a c c e p t ed p r i c e

limit of 99.750.

be

e x pr e s s ed

if n ec ess ar y.

ten de rs

of

dealer.

hour,

the am ou nt offered.

to wh i c h

Treasury

or by a g u a ra n t e e

be a c c e p t ed

be p r o r a t e d

from

face am oun t

maturing

to the r e s e r v a t i o n s

be accepted,

or

States

Te nders

cash,

and

states;

s u c c e s s i v e l y h i g h er yi el d s

will

be e st ab l i s h e d ,

to 10 0.000




through

to at ta in

a c c e pt ed

determination

close

checks),

te nders will

t en der s will

lowest yields,

highest

form of

the cl osing

S u bj ec t

noncompetitive

competitive

e xt en t

foreign

f o llo we d by a p u b l i c a n n o u n c e m e n t of

range of a cc e p t e d
S e c t io n

and

of

sa vi ngs

the Un it ed

bank or a p r i m a r y

after

in st itutions;

and ot he r p u b l ic

accounts.

by a d e po s i t

deposit
6.

banks

for their

s u b di v i s io n s

retirement

in w h ic h

and G o v e r n m e n t

for

banking

Federally-insured

and

organizations

f or eig n

d e po s i t

and t he ir p o l i t i c a l

be a c c o m p a n i e d

s e cu ri ti e s

se cu ri ti es

the

directly

agree­

account.
3.

of

conditions,

s u b m i tt e d

wh i c h

their p o s i t i o n s

of the c us t o m e r s

furnished.
own

un d e r the same

ac c e p t i n g d e m a n d de po sits,

this p u r p o s e

names

su bmi t t ed

for th eir own account.

3.

for

are

rate of

above

a c c e p t ed

price

the or i gi n a l

in t er e s t will

be

-4p ai d

on all of

p r i c e on each
each

the se cu ri t i e s.
competitive

successful

weighted

y ie l d
be

of pr i ce p e r h u n dr ed ,

the T r e a s u r y

noncompetitive

tenders

competitive

sufficient
received

e.g.,

at

of

competitive

7.

th eir

t e n d er s w ill o n l y
or w h e n

shall

be

1.

be final.

of the

If the amoun t of

be ac c ep t e d

in an amount

and F e d er a l R e s e r v e
to the w e i g h t e d

Tend ers

Ba nks will

ave ra ge yield

tenders.

tenders.
n o t if ie d

the pr i c e

be ad v i s ed of

T ho se s u b m i t t i n g
if the

te nder

the a c ce pt a nc e

noncompetitive

is not

acc ep te d

in

is over par.
RESERVATIONS

The S e c r e t a r y of the T r e a s u r y e x p r e s s l y re s er ve s

r i gh t to a c c e p t
to al lot m o r e

or re je c t

or

and

less

any or all

t e nd er s

1,

to m a k e d i f f e r e n t p e r c e n t a g e

cl a sse s

of a p p l i c a n t s w h e n
interest.

in w ho le

than the am ou n t of s e c u r i t i e s

Section

public

Price

and the d e t e r m i n a t i o n s

equivalent

4.
4.

99.923,

a c c o u n ts

the p ri c e

of

tenders.

to three d e c im a l p l a c e s on the basis

C o m p e t i t i v e b i d d e r s w il l

or r e j e c t i o n

full,

competitive

to the

a fair d e t e r m i n a t i o n of the yield.

be a c c e p t e d

3.

equivalent

r e c e i v ed w o u l d a b s o r b all or m os t of the

from Government

accepted

su b mi t t i ng

t e n de r s will

to p r o v i d e

to pay the

T ho se

of ac c ep t e d

ca r ri e d

the

be d e t e r m in ed and

the p ri ce

t e n d e r s will pa y

calculations will

of fer in g ,

te nder al l ot t e d will

to the y i e l d bid.

average

S e c r e t a r y of

int er est rate,

c o m p e t i t i v e bi dd er w il l be r e qu ir ed

price equivalent
noncompetitive

B as ed on such

the S e c r e t a r y

The S e c r e t a r y ' s

or

a c t i on un d e r

in part,

s p eci fi ed

allotments

considers

the

in

to vari ous

it in the

this

S e ct ion

is

final.
5.
5.

1.

P A Y M E N T AND D E L I V E R Y

Settlement

for a l l o tt e d

c o m p l e t e d on or b e f or e Monday,
Reserve

October

2,

Bank or B r a n c h or at the B u r e au

wherever
other

s e c u r i t i e s m u s t be ma de or

the

funds

t e n d e r was
immediately

bills,

notes

be fo re

the

or bo nds

of

at the Federal

the P u b l i c Debt,

P a y m e n t m u s t be

a v a i l a b l e to the T r eas ur y;

(with all

co upons

de ta ched)

date

but wh i c h

are

in the g e n e ra l

regulations

governing

U n i t ed S t a t es

by che ck d r a w n

to the o r d e r of the




settlement

submitted.

1978,

in cash;

in T r e a s u r y
ma t ur i n g

not o v e rd u e

institution

in

on or

as defined

securities;

to w hi ch

the

or

tender was submitted, which must be received at such institution no
later than:
(a)

Th ursday,
bank

September

in the

to wh i c h

the check

if the ch eck

is dr awn on a

D i st r i c t of the

is su bm it t e d

in case of

i n st i t u ti o n

(the Fifth Fe deral

the Bu re au of

the P u b l i c

or

(b) W e d n e s d a y ,
bank

1978,

Federal R e s e r v e

Re se r v e D i s t r i c t
Debt),

28,

September

in a no th e r

27,

1978,

F e d er al R e s e r v e

if the

check

is dr awn on a

Di st rict.

Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve Bank.

Payment will not be considered

complete where registered securities are requested if the
appropriate identifying number as required on tax returns and
other documents submitted to the Internal Revenue Service (an
individual's social security number or an employer identification
number) is not furnished.

When payment is made in securities, a

cash adjustment will be made to or required of the bidder for any
difference between the face amount of securities presented and
the amount payable on the securities allotted.
5.

2.

on

time,

of

the

In e ver y

the d e p o s i t

face

am oun t

d i s c r e t i o n of

case wh e r e

full p a y m e n t

s u b m it te d with

of s ec ur i t i e s

the S e c r e t a r y of

is not co mp le t e d

the tender,

allotted,

up to 5 p e rc e nt

shall,

the Tre as ury ,

be

at the

forf ei ted

to the

U ni te d States.
5.
payment

3.

for al lo tt e d

if the new
forms

Registered

s ec ur i t i e s

securities

as a p pe ar

are

surre nde re d.

registered

in names

assignment

taxpayer
are

o f f e re d

When
forms

as d e po s i t s

not re q ui r e d

in the same

or a s s i g n m e n t s

the new s e cu r i t i e s
different

by this

and

of

are

from those

names

n umb er ). "

in the name

If new s e c u r i t i e s

sh ou ld be to

( sec ur it ies

o f f er e d

to be

in the

of

the

for

(name

and

in coupo n

"The S e c r e t a r y of
by this

and

the

of the s e c u r i ti e s p r es e n t e d ,

circular)

in

to be a s sig ned

"The S e c r e t a r y of the T r e a s u r y

the a ss ig n m e n t

for co upo n




are

to be r e g i s t e r e d

or a s s i g n m e n t s

id en t if yi n g

desired,

Treasury

and

s h o u l d be to

(secur it ies

t e nde re d

in the r e g i s t r a t i o n s

se c ur i t i e s

i ns c r i p t i o n s

s ec u r i t i e s

circular)

form
the

to be

-6 -

delivered
iss u an c e

to

(name

and

and d e l i v e r y of

or a u t h o r i z e d
presented.

Securities

P u b l i c Debt,
delivered
5.

settlement

sha ll

issue,
Reserve

D.

returned

the

ma d e

a f te r

Reserve
make

the

risk

be s u r r e nd er e d

the holder.

shall

for d e f i n i t i v e

for d e l i v e r y on

been

form

of this

at any Fe deral

of the P u b l i c Debt,

i n te r i m c e r t i f i c a t e s m u s t

a c co un t has

be

the holder.
in r e g i s t e r e d

form w il l

be

been validated,

been e s t a b l is h e d ,

and

the

GENERAL PROVISIONS
agents of

as d i r e c t e d

the Un i te d States,

and r e q u e s t e d

securities

i n t er i m c e r t i f i c a t e s

on

p e nd i n g

Fed er al

to re c e i ve

by the S e c r e t a r y of

as ma y be ne ce ssary,
of

in be ar e r

securities

form of r e g i s t r a t i o n has

are a u t h o r i z e d

and m ak e d e l i v e r y

i n te r i m

inscribed.

fiscal

notices

be issued

are avai la ble ,

The

the

s e c u r i t i e s must be

are not re ad y

and e x pe n s e of

i nt e r e s t

As

Ba nks

The

or at the Bu re a u

requested

have

1.

such

issue

securities

D e l i v e r y of s e c u r i t i e s

allotments

issue

20226.

and risk of

20226.

6.
6.

C.

securities

C.

the r e g i s t e r e d
securities

sh ou ld

certificates

or B r a nc h

5.

the se c ur i t i es

T he s e

Washington,
at

in p a ym e n t

for the

by the owner

p u r c h a s e r s ma y elect to r e c ei v e

such

Bank

5.

D.

be e x c h a n g e a b l e

when

accompany

signed

date,

ce r t i f i c a t e s .
and

in s t r uc t i o ns

B a nk or Br an ch or to the Bu re au of

at the e x p e n s e
If b e a r e r

must

t e n d er e d

Washington,

4.

S p e c i f ic

the new securities,

representative,

to the F ed er a l R e s e r v e

the

ad d re s s ) ."

tenders,

the T re asu ry,

to r e ce iv e p a y m e n t

f u ll - p a id

a l lo tm en ts ,

d e l i v e r y of

to
to

for

and

to

the d e f i n i t i v e

sec ur it ie s .
6.

2.

The S e c r e t a r y of

supplemental
of fer in g .

or a m e n d a t o r y

Public

the T r e a s u r y m a y at any time

rules

a n n o u n c e m e n t of

and r e g u l a t i o n s

governing

such c h an ge s w il l

the

be p r o m p t l y

pro vi de d.

Paul H. Taylor,
Fiscal A s s i s t a n t Se cr etary.




issue

FORM NA-2YR

IMPORTANT— This is a standard form. Its terms are subject to change at any time by the Treasury.
This tender will be construed as a bid to purchase the 2-year notes for which the Treasury has out­
standing an invitation for tenders on the date received by the Federal Reserve Bank of New York
or its Buffalo Branch.
TENDER FOR 2-YEAR TREASURY NOTES
To FEDERAL RESERVE BANK OF NEW

YORK

Dated at

, 19.

P R IV A C Y A C T S T A T E M E R - — The individually identifiable information required on this form is necessary ^ permit the subscription to be processed and the securities to be issued.
If registeref securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security
numbers; the numbers and other information are used m mscnbmg the securities and establishing and servicing the ownership and interest records The transaction will not be completed
unless all required data is furnished.

Fiscal Agent of the United States
New

York,

N.Y. 10045

Pursuant to the provisions of the public notice issued by the Treasury Department inviting tenders for
the current offering of 2-year Treasury notes, the undersigned hereby offers to purchase such currently offered
Treasury notes 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.
D o

COMPETITIVE TENDER

MO? /if/ !M

&0?A

.VoMcoTM^fMrf

$...................................................................... (maturity value)
or any lesser amount that may be awarded.
Y ie ld : ...................
(Ft'c/d IM jt Ac
M
WttA M ? ? O* tA two
O M ? t? aM
decimal %daccy, for c^raMt^ic, 7.U )

C o ? M ^ ? i? iW

aw d

O O O fcrw
M M

NONCOMPETITIVE TENDER

$...................................................................... (maturity

value)

(V o? to exceed #7,060,000 for one Aidder tArcM^A o/i JowcM,)
at the average price of accepted competitive bids.

Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and
on the reverse side (Tf
arc
a/vo com pete yrAc&Jc on reverse yfofc) .*
Pieces

Denominations
$

5,000

$

Maturity value

10,000

$ 100,000

n Deliver over the counter to the
undersigned d )
D Ship to the undersigned (2)
D Hold in safekeeping (for member
bank only) in—
D Investment Account (4)
Q General Account (5)
D Trust Account (6)
O Hold as collateral for Treasury
Tax and Loan Account* (?)

Payment will be made as follow s:
D By charge to our reserve account (D)
n By cash or check in immedidtety
oraiiaAfc pmch (F)
D By surrender of maturing securities (E)
D By charge to my correspondent
bank .................................................... (D)
D Special instructions d )

$1,000,000
D Wire to

Totals

.(8)

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.
(I f 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.)
W E HEREBY CERTIFY that we have not made and will not make any agreements for the sale or purchase
of any securities of this issue prior to the closing time for receipt of this tender.
W E FURTHER CERTIFY that we have received tenders from customers in the amounts set forth opposite
their names on the list which is made a part of this tender, and that we have received and are holding for the
Treasury, or that we guarantee payment to the Treasury, of the deposits stipulated in the official offering cir­
cular.
W s FURTHER CERTIFY that tenders received by us, if any, from other commercial banks or primary dealers
for their own account, and for the account of their customers, have been entered with us under the same con­
ditions, agreements, and certifications set forth in this form.
Type)

Insert this tender in
special envelope marked
"Tender /or Treasnry
Notes or Bonds"

City

State

Zip

Phone (Include Area Code)

T.tte of Authorized Signer

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

IN S T R U C T IO N S :
1. N o tender for less 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 tAe -ra?M yie/d and may consolidate noncompetitive tenders, provided
C
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. 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 at least 5 percent o f the face amount of the securities applied for.
4. A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submit­
ted with the tender. Personal checks submitted with the tender, either as a deposit or for the face amount of the securities, do
;;ot have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the
final payment must be certified and received at this Bank on the payment date (which is generally three business days before the
issue date) shown on the "Notice o f Balance Due" that will be mailed to you. A11 checks must be payable on its face to the
Federal Reserve Bank of New Y ork; cAccA^ endorsed to tAiy BanA wifi Mot Ac accented. Settlement on the issue date must
be in cash or in other immediately available funds.
5. A recorded message (at the Head Office— Tel. No. 212-791-5823; at the Buffalo Branch— Tel. No. 716-849-5046) pro­
vides information about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the
Head OfHce, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. (I f the inquiry relates to competitive
tenders, however, the Head Office number to call is 212-791-5465.)
6. 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.




(O V E R )

SCHEDULE FOR ISSUE OF REGISTERED 2-YEAR TREASURY NOTES

SUBSCRIPTtON NO
DEUVERY ]N$TRUCT!ONS

PAYMENT tNSTRUCTtONS

n

DELIVER OVER THE COUNTER

O

BY CHARGE TO OUR
RESERVE A C C O U N T

D

SH)P T O SUBSCRIBER
n

BY CASH O R CHECK
IN f^MFD/ATELY AVAILABLE FUNDS

Q

BY SURRENDER OF
M ATURING SECURITIES

D

BY CHARGE TO M Y
CORRESPONDENT BANK

FOR FRB USE ONLY
SUBSCRIBER'S N A M E

A D D R E S S ______________

n
CITY

_________________

OTHER INSTRUCTIONS:

.HP

.STATE

SIGNATURE

NO. OF
PIECES

REGISTRATION INSTRUCTIONS
NAME(S)

DENOM.

32

42

1,000,000

ADDRESS

99

FOR FRB USE ONLY

100,000

ID OR S.S. NO.

SERIAL NOS.
(LEAVE BLANK)

IN T E R E S T COM P. DATE

10,000

33

AMOUNT

!SSUE AGENT 12

5,000

34

TR AN S. A C C O U N T IN G DATE

TOTAL

CITY
NAME(S)

STATE

TR. CASE NO.

ZIP
32

5 000

34

10,000

33

100,000

ID OR S.S. NO.

42

1,000,000

ADDRESS

99

TOTAL

CITY

STATE

TR. CASE NO.

ZIP

NAME(S)

32

5 000

34

10,000

33

100,000

ID OR S.S. NO.

42

1,000,000

ADDRESS

99

TOTAL

CITY




STATE

ZIP

TR. CASE NO.

LO AN CODE

11001