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FEDERAL RESERVE BANK
OF N E W YORK
Fiscal Agent of the United States

[

Circular No. 5 4 7 4 “I
March 26, 1964
J

Offering of $1,000,000,000 of Special 357-Day Treasury Bills
Dated April 8, 1964

Maturing March 31, 1965

To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:

Following is the text of a notice issued by the Treasury Department for release today:
The Treasury Department, by this public notice, invites
tenders for $1,000,000,000, or thereabouts, of 357-day Treasury
bills, to be issued on a discount basis under competitive and
noncompetitive bidding as hereinafter provided. The bills of
this series will be dated April 8, 1964, and will mature March
31, 1965, when the face amount will be payable without
interest. They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $50,000, $100,000,
$500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern
Standard time, Friday, April 3, 1964. Tenders will not be
received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and 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 generally may submit tenders for
account of customers provided the names of the customers are
set forth in such tenders. Others than banking institutions
will not be permitted to submit tenders except for their own
account. Tenders will be received without deposit from incor­
porated 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.
A ll bidders are required to agree not to purchase or to sell,
or to make any agreements with respect to the purchase or sale
or other disposition of any bills of this issue at a specific rate
or price, until after one-thirty p.m., Eastern Standard time,
Friday, April 3, 1964.
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. Those sub­
mitting tenders will be advised of the acceptance or rejection

thereof. 1 he 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 $200,000 or less
without stated price from any one bidder will be accepted in
full at the average price (in three decimals) of accepted com­
petitive bids. Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank in
cash or other immediately available funds on April 8, 1964,
provided, however, any qualified depositary will be permitted to
make payment by credit in its Treasury tax and loan account
for not more than 50 percent of the amount of Treasury bills
allotted to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits when so
notified by the Federal Reserve Bank of its District.
1 he income derived from Treasury bills, whether interest
or gam from the sale or other disposition of the bills, does not
have any exemption, as such, and loss from the sale or other
disposition of treasury bills does not have any special treat­
ment, as such, under the Internal Revenue Code of 1954. The
bills are subject to estate, inheritance, gift or other excise
taxes, whether I<ederal or State, but are exempt from all taxa­
tion now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United
States, or by any local taxing authority. For purposes of
taxation the amount of discount at which Treasury bills are
originally sold by the United States is considered to be interest.
Under Sections 454(b) and 1221(5) of the Internal Revenue
Code of 19o4 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills
are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance com­
panies) issued hereunder need include in his income tax return
only the difference between the price paid for such 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,
as ordinary gam or loss.
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 up to 1:30 p.m., Eastern Standard time, Friday, April 3, 1964, at the
Securities Department of its Head Office and at its Buffalo Branch. Please use the form on the reverse side of this
circular to submit a tender, and return it in the enclosed yellow envelope marked “ Tender for Special Treasury Bills.”
Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone.
Settlement for accepted tenders must be made in cash or other immediately available funds, except that any qualified
depositary may make payment by credit in its Treasury Tax and Loan Account for not more than 50 percent of
the amount of Treasury bills allotted to it for itself and its customers, up to any amount for which it shall be qualified
in excess of existing deposits.

19 14



A

lfred

H

ayes,

President.
F I F T I E T H

A N N I V E R S A R Y

( over)

19 6 4

IM PORTANT— The discount rate on the bills of this issue will be computed on a bank discount basis
of 360 days, as is currently the practice on all issues of Treasury bills.

No.............
TENDER FOR SPECIAL 357-DAY TREASURY BILLS
Dated April 8, 1964
To

F ed eral R eserve B a n k

of

N ew

Maturing March 31, 1965
Dated at

Y ork,

Fiscal Agent of the United States.

1964

Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and
provisions of the public notice issued by the Treasury Department and printed on the reverse side of this
the undersigned hereby offers to purchase the above described Treasury bills in the amount indicated
and agrees to make payment therefor at your Bank on or before April 8, 1964 at the price indicated
^rkTV/rr>T?rrnwi7

COMPET TIVE TENDER

$ ........................................................ (maturity value),
or any lesser amount that may be awarded.
Price: .................................. per 100.
(Price must be expressed with not more than three
decimal places, for example, 99.925)

Subject to allotment,
immediately available
Account of not more
immediately available

J

T D o not fil1 in both Competitive and~|
Noncompetitive tenders on one form

to the
tender,
below,
below:

NONCOMPETITIVE TENDER

$ ........................................................ (maturity value).
(Not to exceed $200,000 for one bidder through all sources)

At the average price of accepted competitive bids.

payment for these bills will be made at your Bank on April 8, 1964, by cash or other
funds, or (in the case of a qualified depositary) by credit in Treasury Tax and Loan
than 50 percent of the amount of bills allotted and the remainder in cash or other
funds.

W e hereby agree not to buy or to sell, or to make any agreements with respect to the purchase or sale or
other disposition of any bills of this issue at a specific rate or price, until after one-thirty o’clock p.m., Eastern
Standard time, Friday, April 3, 1964.

Name of subscriber

Insert this tender
in yellow envelope
marked “Tender for
Special Treasury Bills'

(Please print)

B y ..........................
Title

By

(Official signature(s) required)

....................

Title ...........

Address
(Banks submitting tenders for customer account must indicate name on line below, or attach a list)
(Name of customer)

(Note. Successful bidders will receive a letter of instructions form with their allotment notice to instruct us as to the
disposition of, and method of payment for, the bills allotted to them.)
IN S T R U C T IO N S :
1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000
(maturity value).
2. Others than banking institutions will not be permitted to submit tenders except for their own account. Banks
submitting tenders for customer account may consolidate competitive tenders at the same price and may consolidate non­
competitive tenders, provided a list is attached showing the name of each bidder, the amount bid for his account, and
method of payment. Forms for this purpose will be furnished on request.
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 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 incorporated bank or trust company.
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.




F

ederal

R eserve B a n k

of

New Y

ork

1

NOTICE OF ALLOTMENT
OF UNITED STATES OF AMERICA SPECIAL TREASURY BILLS

April

Your □

competitive □

noncompetitive tender for—

U N ITE D S T A T E S OF A M E R IC A SP ECIAL 3 5 7 -D A Y T R E A S U R Y
D A T E D APRIL 8, 19 64, DUE M A R C H 31, 1965

has been accepted at the price of

(per

$

BILLS

100), in the amount of—
(maturity value)

Settlement therefor must be made in cash or other immediately available funds at the
Federal Reserve Bank of New York on or before April 8, 1964. However, a qualified depository
may make settlement by credit to its Treasury Tax and Loan Account of not more than 50 per­
cent of the amount payable, rounded to the next higher $ 1,000, provided the advice of deposit
attached to the enclosed letter of instructions form is executed and returned immediately.
If settlement is to be made by check on a bank other than the Federal Reserve Bank of New
York, such check should be received by us in time for collection on April 8, 1964; otherwise it
will be necessary for the bidder to pay for the securities allotted at the accepted price, plus
interest to the date of collection at the equivalent rate of discount.
On the enclosed letter of instructions form, please fill in instructions as to payment and
disposition for the total amount of Treasury bills of this issue awarded to you, and return the
letter immediately to our Government Bond Division.

F ed er al R eserve B a n k

of

N ew Y

ork,

Fiscal Agent of the United States.

Checked by




6, 1964

PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION

Your □

2

competitive □ noncompetitive tender for—
U N ITE D S T A T E S OF A M E R IC A SP EC IAL 3 5 7 -D A Y T R E A S U R Y BILLS
D A T E D APR IL 8, 1 9 64 , DUE M A R C H 31, 1965

which has been accepted at the price o f

(per
$

100), in the amount of—
(maturity value)

PRINCIPAL

MASTER
M A T U R IT Y V A L U E

PRINCIPAL

DISPOSITION

SPLIT D ISPO SITIO N
M E T H O D OF P A Y M E N T

0

Over the Counter

0

Safekeeping

0

Ship

0
0

□

Treas. T. & L. Acc.

0 Reserve Account
□

Check or Cash

Treasury Tax & Loan

□

Delivery Teller

Allotment Transfer

0 Foreign Oper. Div.




0 Form 12

ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT

Your □ competitive Q noncompetitive tender for—
U N ITE D S T A T E S OF A M E R IC A SP EC IAL 3 5 7 -D A Y T R E A S U R Y
D A T E D APRIL 8, 1 9 64 , DUE M A R C H 31 , 1965

which has been accepted at the price of




BILLS

(per 100), in the amount of$

(maturity value)

RELOCATION OFFICE— IN

Your □ competitive □ noncompetitive tender for—
U N ITE D S T A T E S OF A M E R IC A SP ECIAL 3 5 7 -D A Y T R E A S U R Y BILLS
D A T E D APR IL 8 , 1 9 6 4 , D UE M A R C H 31 , 1965

which has been accepted at the price of




(per 100), in the amount of—

$

(maturity value)

(This letter of instructions, accompanied by attached duplicate and triplicate
copies, should be tilled in for the total amount of Treasury bills of this
issue awarded and returned to Federal Reserve Bank of New York)

LETTER OF INSTRUCTIONS

To

F ederal R eserve B a n k of N e w

Y ork,

Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
New York, N. Y.
10045

Attention: Government Bond Division— 2nd Floor
Dated at ......................................................
........................................................................ 1964

On our competitive and noncompetitive tenders for—
U N ITE D S T A T E S OF A M E R IC A SP ECIAL 3 5 7 -D A Y T R E A S U R Y BILLS
D A T E D APR IL 8, 1 9 64 , DUE M A R C H 31, 1965

accepted in the aggregate amount of—
(maturity value)
Please issue and make delivery of the bills as instructed below:
Maturity Value

Denomination

P ieces

$

P lease D o N

ot

U se T h is S pace

1,000
5,000

10,000
50,000

100,000
500,000

1,000,000
|

Total—
□
□
□
□
□

1. Deliver over the counter to the undersigned
2. Ship to the undersigned
3. Hold in safekeeping (for account of member bank
only)*
4. Hold as collateral for Treasury Tax and Loan Account*
5. Special instructions:

Payment will be made as follow s:
Q By charge to our reserve account
□

By cash or other immediately available funds

□

By credit in Treasury Tax and Loan Account (not
more than 50% of purchase price, rounded to next
higher $1,000) for which Advice of Deposit is
submitted herewith.

(No changes in delivery instructions will be accepted)
If this item is checked, the undersigned certifies that the allotted bills are owned solely by the undersigned.

This letter of instructions must be signed
officially in the space provided and returned immediately to

submitted by
(Please print)

By

................................................................................. .

B y ..................

(Authorized signature(s) required)

Federal Reserve Bank of New York,

T^le ...............................................................................

Title ..............

Fiscal Agent of the United States.
A d d ress..........................................................................................................
(Spaces below are for the use o f the Federal Reserve Bank of New Y ork )
Safekeeping Division

Government Bond Division

D E L IV E R Y RECEIPT
Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount
indicated above.

By-

Subscriber.

Date.

If payment is to be made by credit to Treasury Tax and Loan Account, an advice of the deposit should be
furnished this Bank on the form below.

Advice of Deposit in Treasury Tax and Loan Account

To

F ederal

R eserve

B ank

of

New

Y ork,

Government Bond Division.
We will deposit on A pril 8, 1964, $
(not more than 50% of purchase price, rounded
to next higher $1,000) to the credit of the Federal Reserve Bank of New York, Fiscal Agent of the United States, in
the Treasury Tax and Loan Account, to be held subject to withdrawal on demand in payment for $
(maturity value) Special 357-day Treasury bills dated April 8, 1964, due March 31, 1965.




(Name of depositary)

Address
(City and State)

(D U PLIC A TE FO R USE OF FE D E R A L RESERVE BANK OF N EW Y O RK )

DELIVERY TICKET— SAFEKEEPING DIVISION
To

F

ederal

R eserve B a n k

of

N ew Y

ork,

Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
New York, N. Y.
10045

Attention: Government Bond Division— 2nd Floor
Dated a t ............
.1964

On our competitive and noncompetitive tenders for—
U N ITED S T A T E S OF A M E R IC A SPEC IAL 3 5 7 -D A Y T R E A S U R Y BILLS
D A T E D APR IL 8, 1 9 64 , DUE M A R C H 31, 1965

accepted in the aggregate amount of(maturity value)
Please issue and make delivery of the bills as instructed below:
Pieces

Denomination

$

P lease Do N

Maturity Value

ot

U se T h is S pace

1,000
5,000

10,000
50,000

100,000
500,000

1,000,000
Total—
□
□
□

1. Deliver over the counter to the undersigned
2. Ship to the undersigned
3. Hold in safekeeping (for account of member bank
only)*
□ 4. Hold as collateral for Treasury Tax and Loan Account*
□ 5. Special instructions:

Payment will be made as follow s:
□

By charge to our reserve account

□

By cash or other immediately available funds

□

By credit in Treasury Tax and Loan Account (not
more than 50% of purchase price, rounded to next
higher $1,000) for which Advice of Deposit is
submitted herewith.

(No changes in delivery instructions will be accepted)
*5? If this item is checked, the undersigned certifies that the allotted bills are owned solely by the undersigned.

This letter of instructions must be signed
officially in the space provided and re
turned immediately to
Federal Reserve Bank of New York,

Submitted by
(Please print)

By

............. , B y..........

(Authorized signature(s) required)

Title . .

Title

Fiscal Agent of the United States.
Address
(Spaces below are for the use of the Federal Reserve Bank o f New Y o rk )
Safekeeping Division

Government Bond Division

D E L IV E R Y RECEIPT
Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount
indicated
above.

http://fraser.stlouisfed.org/
Subscriber.
Date.
Federal Reserve Bank of St. Louis

By.

(T R IPL IC A T E FOR USE OF F E D E R A L RESERVE BANK OF N EW Y O RK )

RELOCATION OFFICE— OUT
To

F ederal R eserve B a n k

of

N ew

Y ork,

Fiscal Agent of the United States,
Federal Reserve P. 0 . Station.
New York, N. Y.
10045

Attention: Government Bond Division— 2nd Floor
Dated at ......................................................
................................................................1964

On our competitive and noncompetitive tenders for—
U N ITED S T A T E S OF A M E R IC A SPECIAL 3 5 7 -D A Y T R E A S U R Y BILLS
D A T E D APRIL 8, 1964, DUE M A R C H 31, 1965

accepted in the aggregate amount of—
(maturity value)
Please issue and make delivery of the bills as instructed below:
Pieces

Denomination

$

Maturity Value

P l e a s e D o N ot U

se

T his S pace

1,000
5,000

10,000
50,000

100,000
500,000

, _

1,000,000
Total—

t

□
□
□

1. Deliver over the counter to the undersigned
2. Ship to the undersigned
3. Hold in safekeeping (for account of member bank
only)*
□ 4. Hold as collateral for Treasury Tax and Loan Account*
□ 5. Special instructions:

Payment will be made as follow s:
□

By charge to our reserve account

□

By cash or other immediately available funds

□

By credit in Treasury Tax and Loan Account (not
more than 50% of purchase price, rounded to next
higher $1,000) for which Advice of Deposit is
submitted herewith.

(No changes in delivery instructions will be accepted)
If this item is checked, the undersigned certifies that the allotted bills are owned solely by the undersigned.

This letter of instructions must be signed
officially in the space provided and re­
turned immediately to

E m i t t e d by
(Please print)

By

.

By

(Authorized signature(s) required)

Federal Reserve Bank of New York,

Title

.........................

Title ..............

Fiscal Agent of the United States.
A ddress..........................................................................................................
(Spaces below are for the use of the Federal Reserve Bank of New Y ork )
Government Bond Division

Safekeeping Division

Payment received ......................................................................................................................................................
Deliver against payment of $

..........................................................................................................................

Delivered ..................................

D E LIV E R Y RECEIPT
Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the
indicated
above.


http://fraser.stlouisfed.org/
Date.
Federal Reserve Bank of St. Louis

Subscriber.

By.

amount