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Fe d e r a l r e se r v e b a n k o f Da l l a s
F IS C A L A G E N T O F T H E U N IT E D S T A T E S
D A L L A S, T E X A S

75222

Circular No. 67-216
October 25, 19^7
PRELIMINARY ANNOUNCEMENT
TREASURY FINANCING

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:
There is quoted below a press statement issued today by the Treasury Department
in regard to current financing:
TREASURY ANNOUNCES NOVEMBER REFUNDING TERMS
The Treasury will borrow $12.2 billion, or thereabouts, through
the issuance of 15-month and 7-year Treasury notes for the purpose
of paying off in cash $10.2 billion of Treasury securities maturing
November 15, 19^7, end borrowing new cash. The amount of the ma­
turing issues held by the public is $2.6 billion.
The notes to be issued are:
$10.7 billion of 5-5/8$ Treasury Notes of Series A-I9 6 9 ,
to be dated November 15, 1 9 6 7 , and to mature
February 15, 19 6 9 , at par; and
$1.5 billion of 5-3/4$ Treasury Notes of-Series A-1974,
to be dated November 15, 1967, and to mature
November 1 5 , 1974, at par.
The maturing securities are:
$8,135 million of 4-7/8$ Treasury Notes of Series F-I9 6 7 ,
dated May 15, 1 9 6 6 ; and
$2,019 million of 3-5/8$ Treasury Bonds of 19 6 7 , dated
March 15, 19^1 •
Interest will be payable on the 15-month notes on February 15 and
August 15, 19 6 8 , and February 15 , 19^9; and on the 7-year notes semi­
annually on May 15 and November 1 5 .
The notes will be made available in registered as well as bearer
.form. All subscribers requesting registered notes will be required
to furnish appropriate identifying numbers as required on tax returns
and other documents submitted to the Internal Revenue Service.
Payment and delivery date for the notes will be November 1 5 .
Payment may be made in cash, or in 4-7/8$ notes of Series F-I9 6 7 , or
3-5/8$ bonds of 1 9 6 7 , which will be accepted at par, in payment or
exchange, in whole or in part, for the notes subscribed for, to the
extent such subscriptions are allotted by the Treasury. The notes
may not be paid for by credit in Treasury Tax and Loan accounts.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

The subscription books will be open only on Monday, October 30*
Subscriptions with the required deposits addressed to a Federal
Reserve Bank or Branch, or to the Treasurer of the United States,
and placed in the mail before midnight October 30* 79^7, will be
considered timely.
Subscriptions from commercial banks, for their own account, will
be restricted in each case to an amount not exceeding 50 percent of
the combined capital (not including capital notes or debentures),
surplus and undivided profits of the subscribing bank.
Subscriptions 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, Government Investment Accounts, and the Federal Reserve Banks
will be received without deposit.
Subscriptions from all others must be accompanied by payment of
2°o (in cash, or Treasury securities maturing November 15, 19^7, at
l
par) of the amount of notes applied for not subject to withdrawal
until after allotment.
The Secretary of the Treasury reserves the right to reject or
reduce any subscription, to allot less than the amount of notes applied
for, and to make different percentage allotments to various classes of
subscribers; and any action he may take in these respects shall be
final. The bases of the allotments will be publicly announced, and
allotment notices will be sent out promptly upon allotment.
Subject to the reservations in the preceding paragraph, all
subscriptions from States, political subdivisions or instrumentalities
thereof, public pension and retirement and other public funds, inter­
national organizations in which the United States holds membership,
foreign central banks and foreign States, Government Investment
Accounts, and the Federal Reserve Banks, will be allotted in full if
a statement is submitted certifying that the amount of the subscription
does not exceed the amount of the two maturing securities owned or
contracted for purchase for value, at k p.m., Eastern Daylight Saving
Time, October 25, 1967* Any such subscriber may enter an additional
subscription subject to a percentage allotment.
All subscribers 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 of the notes subscribed for under this
offering at a specific rate or price, until after midnight October 30,
1967.

Commercial banks in submitting subscriptions -will be required to
certify that they have no beneficial interest in any of the subscriptions
they enter for the account of their customers, and that their customers
have not beneficial interest in the banks' subscriptions for their own
account.
The official circular and subscription forms for the two new issues of Treasury
notes will be mailed Thursday, October 26; however, if the forms do not reach you
by Monday, October 30^ subscriptions may be entered by mail or telegram, subject
to confirmation on official subscription blanks.
Yours very truly,
Watrous H. Irons
President


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102