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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States [ 0 C ircu lar N o . 8 6 4 6 O c to b e r 1, 1979 TREASURY TO AUCTION $1,500 MILLION OF 15-YEAR 1-MONTH BONDS To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department: The Department of the Treasury will auction $1,500 million of 15-year 1-month bonds to raise new cash. Additional amounts of the bonds may be issued to Federal Reserve Banks as agents of foreign and international monetary authorities at the average price of accepted competitive tenders. 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 Treasury and Agency Issues Division (Tel. No. 212-791-6619). In addition, enclosed is a copy of the form to be used in submitting tenders. This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Tuesday, October 9, 1979, at the Securities Department of its Head Office and at its Buffalo Branch. A l l c o m p e t i t i v e te n d e r s , 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 n o n c o m p e t it i v e tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark n o la te r th a n O c t o b e r 8. 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; c h e c k s e n d o r s e d to th is B a n k w ill n o t b e a c c e p te d . A personal check submitted 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. THOMAS M. TIMLEN, F ir s t V ice P r e s id e n t. HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 15-YEAR 1-MONTH BONDS TO BE ISSUED OCTOBER 16, 1979 (D e liv e ry d a te f o r c o u p o n sec u rities is O c to b e r 26, 1979) Amount Offered: To the public................................................................................................. $1,500 million Description of Security: Term and type of security.............................................................................. 15-year 1-month bonds Series and CUSIP designation...................................................................... Bonds of 1994 (CUSIP No. 912810 CJ5) Maturity date................................................................................................. November 15, 1994 Call date......................................................................................................... No provision Interest coupon ra te...................................................................................... To be determined, based on the average of accepted bids Investment yield............................................................................................. To be determined at auction Premium or discount...................................................................................... To be determined after auction Interest payment dates.................................................................................. May 15 and November 15 (first payment on May 15, 1980) Minimum denomination available................................................................ $ 1,000 Terms of Sale: Method of sale............................................................................................... Yield auction Accrued interest payable by investor............................................................ None Preferred allotment....................................................................................... Noncompetitive bid for $ 1,000,000 or less Deposit requirement..................................................................................... 5% of face amount Deposit guarantee by designated institutions............................................... Acceptable Key Dates: Deadline for receipt of tenders...................................................................... Tuesday, October 9, 1979, by 1:30 p.m., EDST Settlement date (final payment due) a) cash or Federal funds............................................................................ Tuesday, October 16, 1979 b) check drawn on bank within FRB district where submitted.............. Friday, October 12, 1979 c) check drawn on bank outside FRB district where submitted.............. Thursday, October 11, 1979 Delivery date for coupon securities.............................................................. Friday, October 26, 1979 October 1, 1979 CORRECTION NOTICE To th e Addressee: The heading on the tender form fo r the bond o f f e r in g should read: "TENDER FOR 15-YEAR 1-MONTH TREASURY BONDS OF 1994" C ircu la rs D iv is io n FEDERAL RESERVE BANK OF NEW YORK UNITED STATES OF AMERICA TREASURY BONDS OF 1994 DEPARTMENT OF THE TREASURY, OFFICE OF THE SECRETARY, W a s h in g t o n , O c to b e r 1 , 1979 DEPARTMENT CIRCULAR P u b l i c D eb t S e r i e s - No. 2 3 - 7 9 1. 1. 1. INVITATION FOR TENDERS The S e c r e t a r y o f t h e S e c o n d L i b e r t y Bond A c t , th e T r e a su r y , a s am ended, u n d er t h e a u t h o r i t y o f in v ite s a p p r o x im a te ly $ 1 ,5 0 0 ,0 0 0 ,0 0 0 o f U n ited S t a t e s d e s i g n a t e d T r e a s u r y Bonds o f 1994 s e c u r i t i e s w i l l be s o l d y ie ld . y ie ld s e c u r itie s , (CUSIP No. 9 1 2 8 1 0 CJ 5 ) . The a t a u c t i o n w i t h b i d d i n g on th e b a s i s o f Paym ent w i l l be r e q u i r e d a t t h e p r i c e e q u i v a l e n t o f t h e b id o f each a c ce p ted and t h e p r i c e ten d er. The i n t e r e s t r a t e on t h e s e c u r i t i e s e q u i v a l e n t o f e a c h a c c e p t e d b id w i l l be d e t e r m in e d in t h e manner d e s c r i b e d b e lo w . A d d i t i o n a l am ounts o f may be i s s u e d a t t h e a v e r a g e p r i c e fo r ten d ers for fo r e ig n to F e d e r a l R e se rv e B anks, as a g en t and i n t e r n a t i o n a l m o n e ta r y a u t h o r i t i e s . 2. 2. th ese s e c u r it ie s 1. DESCRIPTION OF SECURITIES The s e c u r i t i e s w i l l bear i n t e r e s t w i l l be d a t e d O c t o b e r 1 6 , 1 9 7 9 , and from t h a t d a t e , p a y a b l e on a s e m ia n n u a l b a s i s on May 1 5 , 1 9 8 0 ,- and e a c h s u b s e q u e n t 6 m on ths on Novem ber 15 and May 1 5 , u n til November 1 5 , p r io r 19.94, 2. ta x es and w i l l n o t be s u b j e c t t o c a l l f o r r e d e m p tio n ta x es, The incom e d e r i v e d from t h e s e c u r i t i e s is s u b j e c t to im p o se d u n d e r t h e I n t e r n a l R even ue Code o f 1 9 5 4 . The se c u r itie s are s u b j e c t to e s t a t e , w h eth er F e d e r a l or S t a t e , now o r h e r e a f t e r any S t a t e , a u th o r ity . 2. 3. in h er ita n c e, g i f t or o th er e x c is e b u t a r e e x em p t from a i l ta x a tio n im p o sed on t h e p r i n c i p a l o r i n t e r e s t t h e r e o f by any p o s s e s s i o n o f t h e U n it e d S t a t e s , The s e c u r i t i e s w i l l be a c c e p t a b l e o f p u b lic m o n ies. They w i l l m ature to m a tu r ity . 2. a ll th e p r i n c i p a l becom es p a y a b le . They w i l l n o t be a c c e p t a b l e o r any l o c a l t a x i n g to sec u r e d e p o s its in paym ent o f ta x es. -2 - 2. 4. se c u r itie s 3 e a r e r s e c u r i t i e s w ith r e g iste r e d a s t o p r i n c i p a l and i n t e r e s t , in d e n o m in a tio n s o f $ 1 ,0 0 0 , $ 1 ,0 0 0 ,0 0 0 . b id d e rs i n t e r e s t coupons a tt a c h e d , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , w i l l be i s s u e d $ 1 0 0 ,0 0 0 , B o o k - e n t r y s e c u r i t i e s w i l l be a v a i l a b l e in m u l t i p l e s o f t h o s e a m o u n ts . and t h e and to e l i g i b l e In terch a n g es of s e c u r i t i e s o f d i f f e r e n t d e n o m i n a t i o n s and o f c o u p o n , se c u r itie s, and r e g iste r e d tr a n sfe r of r e g iste r e d and b o o k - e n t r y s e c u r i t i e s w i l l be perm i t t e d . 2. 5. The D e p a r tm e n t o f g o v e r n i n g U n it e d S t a t e s in th is c ir c u la r . c u r r e n tly th e T r e a s u r y ' s g e n e r a l r e g u l a t i o n s se c u r itie s a p p ly t o t h e s e c u r i t i e s T h e se g e n e r a l r e g u l a t i o n s in e f f e c t , as w e ll as th o s e in c lu d e offered th ose t h a t may be i s s u e d at a la te r d ate. 3. 3. 1. SALS PROCEDURES T e n d e r s w i l l be r e c e i v e d and 3 r a n c h e s and a t t h e B ureau o f D. C. 2 0 2 2 5 , a t F e d e r a l R eserv e 3anks th e P u b l i c D e b t , W a s h in g t o n , up t o 1 : 3 0 p . m . , E a s t e r n D a y l i g h t S a v in g t i m e , T u esd ay, O cto b er 9 , 1 9 7 9 . w i l l be c o n s i d e r e d tim ely N o n c o m p e t i t i v e t e n d e r s a s d e f i n e d b e lo w i f p o s tm a r k e d no l a t e r th a n Monday, O ctob er 3 , 1 9 7 9 . 3. 2. s e c u r itie s Each t e n d e r m ust s t a t e b id fo r. The minimum b id i s be in m u l t i p l e s o f t h a t am ount. th e y i e l d d e sir e d , expressed d e c im a ls, e .g .,* 7 .1 1 % . N o n c o m p e titiv e t h e f a c e amount o f C o m p e titiv e t e n d e r s m ust a l s o show in term s o f an a n n u a l y i e l d w i t h two^ Common f r a c t i o n s may n o t be u s e d . t e n d e r s m ust show t h e t e n d e r form in l i e u $ 1 , 0 0 0 and l a r g e r b i d s m ust of a sp e c ifie d more th a n o ne n o n c o m p e t i t i v e term " n o n c o m p e t i t i v e " on th e y ie ld . No b i d d e r may s u b m it t e n d e r and t h e amount may n e t e x c e e d $1 , 000, 000. 3. 3. A l l b i d d e r s m ust c e r t i f y t h a t t h e y h a v e n o t made and w i l l n o t make any a g r e e m e n t s f o r t h e s a l e o r p u r c h a s e o f any se c u r itie s of S e c tio n 3 .1 . ten d ers for t h a t such m ents, fo r th is i s s u e p r io r to th e d e a d lin e e s t a b l i s h e d fo r r e c e ip t o f ten d ers. T h o se a u t h o r i z e d t h e a c c o u n t o f c u s t o m e r s w i l l be r e q u i r e d ten d ers t o s u b m it to c e r t i f y a r e s u b m i t t e d u n d er t h e same c o n d i t i o n s , and c e r t i f i c a t i o n s t h e i r own a c c o u n t . in as te n d e r s su b m itte d d i r e c t l y agree by b i d d e r s -3 - 3. 4. C om m ercial b a n k s , w h ic h f o r t h i s p u r p o s e a r e d e f i n e d a s ba n k s a c c e p t i n g demand d e p o s i t s , and p r im a r y d e a l e r s , w h ic h f o r t h i s p u r p o s e a r e d e f i n e d a s d e a l e r s who make p r im a r y m a r k e ts G overn m ent s e c u r i t i e s and r e p o r t d a i l y o f New York t h e i r p o s i t i o n s may s u b m it t e n d e r s t o t h e F e d e r a l R e s e r v e Bank i n and b o r r o w in g s on su c h s e c u r i t i e s , fo r a cco u n t o f cu stom ers if th e names o f th e c u s t o m e r s and th e amount f o r e a c h c u s t o m e r a r e f u r n i s h e d . are o n ly p e r m itted 3. 5. in t o s u b m it t e n d e r s for O th ers t h e i r own a c c o u n t . T e n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t f o r t h e i r own a c c o u n t from c o m m e r c ia l ba n k s and o t h e r b a n k in g p r im a r y d e a l e r s , as d e f in e d above; in stitu tio n s? F e d e r a lly -in su r e d lo a n a s s o c i a t i o n s ; S ta tes, in str u m e n ta litie s; p u b l i c p e n s i o n and r e t i r e m e n t and o t h e r p u b l i c fu n d s; and t h e i r p o l i t i c a l s a v i n g s and in te r n a tio n a l o r g a n iz a tio n s m em b ersh ip ; fo r e ig n R eserv e 3anks; i n w h ic h th e U n i t e d S t a t e s h o l d s c e n t r a l ba n k s and f o r e i g n and G overn m ent a c c o u n t s . be a c c o m p a n ie d by a d e p o s i t o f 5% o f a p p lie d fo r (in r e a d ily c o lle c tib le s u b d i v i s i o n s or sta tes; Tenders Federal from o t h e r s m u st t h e f a c e amount o f s e c u r i t i e s t h e form o f c a s h , m a t u r in g T r e a s u r y s e c u r i t i e s or c h e c k s ) , o r by a g u a r a n t e e o f s u c h d e p o s i t by a c o m m e r c ia l bank o r a p r im a r y d e a l e r . 3. opened, 6. Im m ed ia tely a f t e r fo llo w e d 4, S u b je c t to n o n co m p e titiv e th en c o m p e t it iv e hour, t e n d e r s w i l l be by a p u b l i c a n n o u n c e m e n t o f th e amount and y i e l d range o f a c c e p te d b id s . S e c tio n th e c l o s i n g th e r e s e r v a t i o n s t e n d e r s w i l l be a c c e p t e d t e n d e r s w i l l be a c c e p t e d , expressed in f u l l , s t a r t i n g w ith in and th ose th e lo w e s t y i e l d s , th r o u g h s u c c e s s i v e l y h ig h e r y i e l d s r e q u ir e d t h e amount o f f e r e d . at T e n d e r s a t th e h i g h e s t to a t t a i n accep ted y ie ld d e te r m in a tio n w i l l be p r o r a t e d i n c r e m e n t , w h ic h r e s u l t s on th e b a s i s A f t e r th e o f a 1 /8 o f one p e r c e n t t o 1 0 0 . 0 0 0 and a l o w e s t a c c e p t e d p r i c e a b o v e on a l l o f th e s e c u r i t i e s . on e a c h c o m p e t i t i v e That r a te o f B a sed on s u c h ten d er a l l o t t e d s u c c e s s f u l c o m p e titiv e e e q u iv a l e n t t o t h e y i e l d a co u p o n in an e q u i v a l e n t a v e r a g e a c c e p t e d p r i c e is s u e d isc o u n t l im it o f 9 6 .2 5 0 . necessary. i s made a s t o w h ic h t e n d e r s a r e a c c e p t e d , r a t e w i l l be e s t a b l i s h e d , c lo se if to th e e x t e n t i n t e r e s t w i l l be p a id in te r e st ra te, th e p r i c e w i l l be d e t e r m i n e d and e a c h b i d d e r w i l l be r e q u i r e d b id . th e o r i g i n a l t o pay th e p r i c e T h o se s u b m i t t i n g n o n c o m p e t i t i v e -4 - t e n d e r s w i l l pay t h e p r i c e e q u i v a l e n t t o t h e w e i g h t e d a v e r a g e y i e l d o f accep ted c a r r ie d e .g ., to c o m p e titiv e ten d ers. P r i c e c a l c u l a t i o n s w i l l be t h r e e d e c i m a l p l a c e s on th e b a s i s o f p r i c e p e r h u n d r e d , 9 9 .9 2 3 , and th e d e t e r m i n a t i o n s o f T r e a s u r y s h a l l be f i n a l . If th e amount o f n o n c o m p e t i t i v e r e c e i v e d w o u ld a b s o r b a l l o r m o st o f t e n d e r s w i l l be a c c e p t e d t h e S e c r e t a r y o f th e th e o f f e r i n g , i n an amount s u f f i c i e n t d e te r m in a tio n o f th e y i e l d . T enders r e c e iv e d c o m p e titiv e to p r o v id e a f a i r from G overnm ent a c c o u n t s and F e d e r a l R e s e r v e 3 a n k s w i l l be a c c e p t e d e q u i v a l e n t to th e w e ig h te d a v era g e y i e l d renders a t th e p r ic e o f accep ted c o m p e titiv e ten d ers. 3. 7. C o m p e t i t i v e b i d d e r s w i l l be a d v i s e d o f or r e j e c t io n of th e ir ten d ers. t e n d e r s w i l l o n l y be n o t i f i e d o r when t h e p r i c e 1. th e r ig h t p a rt, if th e t e n d e r The S e c r e t a r y o f in S e c t i o n a llo tm e n ts c o n sid e r s not accep ted th e T r e a s u r y e x p r e s s l y t o a c c e p t o r r e j e c t any o r a l l s p e c ifie d is in f u l l , RESERVATIONS t o a l l o t more o r l e s s 1, ten d ers reserves i n w h o le o r i n th a n t h e amount o f s e c u r i t i e s and t o make d i f f e r e n t p e r c e n t a g e t o v a r i o u s c l a s s e s o f a p p l i c a n t s when t h e S e c r e t a r y it under t h i s in t h e p u b l i c S e c tio n is 5. 5. T h o se s u b m i t t i n g n o n c o m p e t i t i v e is over par. 4. 4. th e a c c e p t a n c e I. in te r e st. The S e c r e t a r y ' s fin a l. PAYMENT AND DELIVERY S e ttle m e n t for a l l o t t e d se c u r itie s c o m p l e t e d on o r b e f o r e T u e s d a y , O c to b e r 1 6 , R e s e r v e Bank o r B ra n ch o r a t w h erever th e o t h e r fu n d s a c tio n th e B ureau o f t e n d e r was s u b m i t t e d . im m e d ia te ly a v a i l a b l e (w ith a l l m ust be made o r 1979, a t th e F ed era l th e P u c i i c D e b t, Paym ent m ust be i n c a s h ; to th e T r e a su r y ; coupons d e ta c h e d ) in in T reasury b ills, n o t e s o r bon ds b efo re th e s e t t l e m e n t d a t e b u t w h ic h a r e n o t o v e r d u e a s d e f i n e d t h e g e n e r a l r e g u l a t i o n s g o v e r n i n g U n it e d S t a t e s c h e c k drawn t o t h e o r d e r o f th e i n s t i t u t i o n t e n d e r was s u b m i t t e d , w h ic h m ust be r e c e i v e d m a t u r in g on or se c u r itie s; o r by t o w h ic h th e a t such i n s t i t u t i o n no l a t e r th a n ; (a ) F r i d a y , O c t o b e r 1 2 , 1 9 7 9 , i f t h e c h e c k i s drawn on a bank i n t h e F e d e r a l R e s e r v e D i s t r i c t o f th e i n s t i t u t i o n in -5 - t o w h ic h t h e c h e c k i s R eserve D i s t r i c t D eb t) , su b m itte d in c a se o f (th e F ifth t h e B ureau o f Federal th e P u b l i c or (b) T h u r s d a y , O c t o b e r 1 1 , 1979 , i f th e c h e c k is drawn on a bank i n a n o t h e r F e d e r a l R e s e r v e D i s t r i c t . C h eck s r e c e i v e d a fter th e d a t e s s e t fo rth s e n t e n c e w i l l n o t be a c c e p t e d u n l e s s a p p lic a b le F e d e r a l R e s e r v e Bank. c o m p l e t e w here r e g i s t e r e d a p p ro p ria te id e n tify in g so c ia l t h e y a r e p a y a b l e a t th e Paym ent w i l l n o t be c o n s i d e r e d se c u r itie s are r e q u e ste d if th e number a s r e q u i r e d on t a x r e t u r n s and o t h e r d o c u m en ts s u b m i t t e d in d iv id u a l's in t h e p r e c e d i n g t o th e I n t e r n a l R even ue S e r v i c e (an s e c u r i t y number o r an e m p lo y e r id e n tific a tio n number) is not fu r n ish e d . in s e c u r i t i e s , a c a s h a d j u s t m e n t w i l l be made t o o r r e q u i r e d o f th e b i d d e r f o r any d i f f e r e n c e se c u r itie s p resen ted When paym ent i s made b e tw e e n th e f a c e amount o f and t h e amount p a y a b l e on th e s e c u r i t i e s a llo tte d . 5. on t i m e , of 2. In e v e r y c a s e w here f u l l p aym en t i s th e d e p o s i t su b m itte d w ith t h e f a c e amount o f s e c u r i t i e s d isc r e tio n of th e S e c r e t a r y o f th e te n d e r , a llo tte d , n o t c o m p le t e d up t o 5 p e r c e n t s h a ll, th e T r e a s u r y , a t th e be f o r f e i t e d t o th e U n it e d S t a t e s . 5. 3. R e g iste r e d p aym en t f o r if a llo tte d th e new s e c u r i t i e s se c u r itie s se c u r itie s ten d ered as d e p o s it s are not r e q u ir e d a r e t o be r e g i s t e r e d t o be a s s i g n e d i n th e same names and form s as a p p e a r in t h e r e g i s t r a t i o n s o r a s s i g n m e n t s o f s e c u r itie s surrend ered. When t h e new s e c u r i t i e s r e g iste r e d i n names and fo rm s d i f f e r e n t from t h o s e i n s c r i p t i o n s or a s s ig n m e n ts o f th e s e c u r i t i e s a s s i g n m e n t s h o u l d be t o "The S e c r e t a r y o f (se c u r itie s o ffered ta x p a y er id e n t if y in g are d e s ir e d , to n u m b e r )." a r e t o be i n th e p resen ted , th e th e T re a su r y fo r i n t h e name o f I f new s e c u r i t i e s (se c u r itie s o ffered (name and a d d r e s s ) . " i s s u a n c e and d e l i v e r y o f or a u th o r iz e d c ir c u la r ) th e (name and i n co u p o n form t h e a s s i g n m e n t s h o u ld be t o "The S e c r e t a r y o f T r e a s u r y f o r co u p o n d e liv e r e d by t h i s and in by t h i s S p e c ific th e new s e c u r i t i e s , r e p r e se n ta tiv e , c ir c u la r ) in str u c tio n s th e t o be fo r th e s i g n e d by t h e owner m ust accom pany t h e s e c u r i t i e s -6 - p resen ted . S e c u r itie s ten d ered i n p aym en t shou Id be s u r r e n d e r e d t o t h e F e d e r a l R e s e r v e 3ank o r B ran ch o r t o th e B ureau o f th e P u b l i c D e b t , W a s h i n g t o n , D. C. 2 0 2 2 6 . d e liv e r e d 5. a t t h e e x p e n s e and r i s k 4. I f bearer s e c u r it ie s th e s e t t l e m e n t d a t e , c e r tific a te s. T hese c e r t i f i c a t e s are n o t ready t o re c e i v e securi tie s are a v a i l a b l e , R e s e r v e 3ank o r B ra n ch o r a t t h e B ureau o f W a s h in g t o n , D. C. 2 0 2 2 6 . r e tu r n e d a t th e r i s k 5. 5. D e liv e r y o f s e c u r it ie s th e r e q u e s te d v a lid a te d , th e r e g i s t e r e d and th e s e c u r i t i e s 1. T reasury, As f i s c a l issu e of and t o th e d e f i n i t i v e 6. 2. th e h o ld e r . i n r e g i s t e r ed form w i l l be h a s be< :e n a g e n ts o f th e U n ited S t a t e s , and r e q u e s t e d as d i r e c t e d such n o t i c e s issu e in te r im Federal to r e c e iv e by th e S e c r e t a r y o f th e a s may be n e c e s s a r y , to r e c e i v e on f u l l - p a i d c e r tific a te s p e n d in g d e l i v e r y s e c u r itie s. The S e c r e t a r y o f th e T r e a s u r y may a t any tim e i s s u e and r e g u l a t i o n s g o v e rn in g th e P u b l i c a n n o u n c e m e n t o f s u c h c h a n g e s w i l l be p r o m p tly p r o v id e d . t GENERAL PROVISIONS s u p p l e m e n t a l o r a m e n d a to r y r u l e s o ffe r in g . th e P u b l i c D e b t , c e r t i f i e s t e s m u st be p a y m en t f o r and make d e l i v e r y o f s e c u r i t i e s a llo tm e n ts, th is i n t e r e s t a c c o u n t h a s b e e n e s t a b l i sh e d t o make a l l o t m e n t s to of a t a ny F e d e r a l form o f r e g i s t r a t i o n R eserve 3anks are a u th o r iz e d ten d ers, in ter im have been i n s c r i b e d . 6. 6. The i n t e r i m and e x p e n s e o f made a f t e r f o r d e l i v e r y on s h a l l be i s s u ed i n b e a r e r form for d e f i n i t i v e when s u c h s e c u r i t i e s m ust be th e h o l d e r p u r c h a s e r s may e l e c t and s h a l l be e x c h a n g e a b l e issu e , of The s e c u r i t i e s P a u l H. T a y l o r , F is c a l A s s is ta n t S ecreta ry
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