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FEDERAL RESERVE BANK OF DALLAS F ISC A L A G ENT O F T H E UNITED ST A T E S D ALLA S. TEX AS 7 5 2 2 2 Circular No. 69-195 July 31, 1969 To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is quoted below the text of a press statement issued by the Treasury Department in regard to current financing: TREASURY AJMOUNCES AUGUST 15 REFUNDING TERMS The Treasury today announced that it is offering holders of the $3>366 million of 6$ Treasury Notes of Series C-I9 6 9 ? maturing > August 15, 1 9 6 9 ? the right to exchange their holdings for a 7 - 3 A 1o 18-month Treasury note to be dated August 15? 19&9? to m ature February 15? 1971? at a price of 99*90 to yield about 7*82$. Subscribers will receive a cash payment for the difference between the par value of the maturing notes and the offering price of the new notes. The public holds about $3*2 billion of the maturing notes. Cash subscriptions for the new notes will not be received. The books will be open for three days only, on August b through August 6, for the receipt of subscriptions. Subscriptions addressed to a Federal Reserve Bank or Branch, or to the Office of the Treasurer of the United States, and placed in the mail before midnight August 6, will be considered as timely. The payment and delivery date for the notes will be August 15? 1969* The notes will be available in reg istered 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. Coupons dated August 15, 1969? on 'the maturing notes should be detached and cashed when due. The August 15? 19&9? interest due on registered notes will be paid by issue of interest checks in regular course to holders of record on July 15? 1 9 6 9 ? the date the transfer books closed. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Interest on the new notes will be payable on February 15 and August 1 5 , 1970 , and February 1 5 , 1971 The official circular and subscription forms for the new issue of Treasury notes are enclosed. Additional copies will be furnished upon request. Yours very truly, P. E. Coldwell President Enclosures UN ITED STATES O F A M E R IC A 7% PERCENT TREASURY NOTES OF SERIES D-1971 Dated and b a i g i t r s from August 1 , 1969 e r n neet 5 Due February 15, 1971 T R E A SU R Y D E PA R TM EN T DEPARTMENT CIRCULAR Office o f th e Secretary P ublic D e b t Series N o. 5-69 W ashington, J u ly 31, 1969 I. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers notes of the United States, designated 7% percent Treasury Notes of Series D-1971, at 99.90 percent of their face value, in exchange for 6 percent Treasury Notes of Series C-1969, maturing August 15, 1969. Cash payments due subscribers will be made as set forth in Section IV hereof. The amount of this offering will be limited to the amount of eligible notes tendered in exchange. The books will be open only on August 4 through August 6, 1969, for the receipt of subscriptions. II. DESCRIPTION OF NOTES 1. The notes will be dated August 15, 1969, and will bear interest from that date at the rate of 7 3 percent A per annum, payable semiannually on February 15 and August 15, 1970, and on February 15, 1971. T hey will mature February 15, 1971, and will not be subject to call for redemption prior to maturity. 2. T he income derived from the notes is subject to all taxes imposed under the Internal Revenue Code of 1954. T he notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation 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. 3. T he notes will be acceptable to secure deposits of public moneys. T hey will not be acceptable in payment of taxes. 4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, will be issued in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. Pro vision will be made for the interchange of notes of different denominations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. 5. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions accepting the offer made by this circular will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington, D. C. 20220. Banking insti tutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. Under the Second Liberty Bond Act, as amended, the Secretary of the Treasury has the authority to reject or reduce any subscription, and to allot less than the amount of notes applied for when he deems it to be in the public interest; and any action he may take in these respects shall be final. Subject to the exercise of that authority, all subscriptions will be allotted in full. IV. PAYMENT 1. Paym ent for the face amount of notes allotted hereunder must be made on or before August 15, 1969, or on later allotment, and may be made only in a like face amount of 6 percent Treasury N otes of Series C-1969, which should accompany the subscription. Paym ent will not be deemed to have been completed where regis tered notes 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. A cash payment of $1.00 per $1,000 will be made to subscribers on account of the issue price of the new notes. The payment will be made by check or by credit in any account maintained by a banking institution with the Federal Reserve Bank of its district, following acceptance of the maturing notes. In the case of registered notes, the payment will be made in accordance with the assignments on the notes sur rendered. When payment is made with notes in bearer form, coupons dated August 15, 1969, should be detached and cashed when due. When payment is made with registered notes, the final interest due on August 15, 1969, will be paid by issue of interest checks in regular course to holders of record on July 15, 1969, the date the transfer books closed. V. ASSIGNMENT OF REGISTERED NOTES 1. Treasury notes of Series C-1969 in registered form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, in one of the forms hereafter set forth, and thereafter should be surrendered with the subscription to a Federal Reserve Bank or Branch or to the Office o f the Treasurer of the United States, Washington, D. C. 20220. The maturing notes must be delivered at the expense and risk of the holder. If the new notes are desired registered in the same name as the notes surrendered, the assignment should be to “The Secretary of the Treasury for exchange for 7% percent Treasury N otes of Series D -1971”; if the new notes are desired registered in another name, the assignment should be to “The Secretary of the Treasury for exchange for 7% percent Treasury N otes of Series D-1971 in the name of _______________”; if new notes in coupon form are desired, the assignment should be to “The Secretary of the Treasury for exchange for 7% percent Treasury N otes of Series D-1971 in coupon form to be delivered to VI. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make such allotments as may be prescribed by the Secretary of the Treasury, to issue such notices as m ay be necessary, to receive payment for and make delivery of notes on full-paid subscriptions allotted, and they m ay issue interim receipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amenda tory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. D A V ID M. K ENNEDY, Secretary of the Treasury. EXCHANGE SUBSCRIPTION 7%% Treasury Notes of Series D-1971 At 99.90% of Face Value Due February 15, 1971 Dated and bearing interest from August 15,1969 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The............................................................................................ Branch E I P a so 79999 H o u sto n 77001 S a n A n to n io 78206 EACH SUBSCRIPTION TO THIS ISSUE MUST BE IN A MULTIPLE OF $1,000 Pursuant to the provisions of Treasury Department Circular, Public Debt Series No. 5-69, dated July 31, 1969, the undersigned hereby subscribes for $_____________ 7 % % Treasury Notes of Series D-1971, dated August 15, 1969, maturing February 15, 1971, and tenders the following securities i i i payment: Securities Tendered Net Cash Adjustment* (per $1,000 face amount) Payable to Subscriber Face Amount 6% Notes, C-1969 Cash Adjustment To be paid to Subscriber $1.00 *See official circular for details METHOD OF SETTLEMENT: . # □ Reserve account. . . □ Check. . . □ Otherwise.........................................- ......................................... ---........ $— „ ....................................... ........... The securities to be applied in payment should be listed on the reverse side and should accompany this subscription.^ If the securities do not accompany this subscription, please attach a letter giving complete information regarding their location and approximate date of surrender. SCHEDULE FOR ISSUE OF BEARER SECURITIES INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES F ill in N u m b er o f Pieces by D en o m in atio n N nm b er of Pieces DO N O T U S E T H IS CO LU M N At A m ount □ □ $1,000 □ 15.000 Custody—Member bank for own account $----------As collateral—Treasury Tax and Loan account (Bank’s own securities) $----------In joint safekeeping for own account and----------- t ' o 000 Deliver to_ *100,000 *1.000,000 ( State whether free or against funds) TOTAL f SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired P ieces D eno m in atio n 0) $ 1 - or l-l - 1 1 1 1 E m ployer Id e n tifica tio n N o. Social S ecu rity No. A m ount $-------------------- @ «--------------------«----------------------P P Face A m ount.................$---------------------- We Hereby certify that at the time this subscription was entered the abuve-uesenbeu securities surrendered or to be surr®n_ered in connection with this exchange were owned and delivery accepted by the subscriber, or were contracted for purchase for value by the subscriber for delivery to the subscriber prior to the closing of the subscription books. □ This is an original subscription □ This is a confirmation (N am e o f su b sc rib e r) (d- , A d* ) By......... (A u th o rized s ig n a tu re ) Dated_________ PLEASE F IL L IN TH E FORM BELOW W HICH W IL L BE RETURNED TO YOU AS AN ACKNOW LEDGMENT OF YOUR SUBSCRIPTION (O V E R ) 69-195 This acknowledges your subscription for $ . 7 % % Treasury Notes of Series D-1971. F.R.B. Subscription No. IMPORTANT — Please use the above number in all matters — whether paym ent or correspondence — relating to this subscription. The Federal Reserve Bank or Branch will acknowledge by stamping below. MAIL TO 8 ^ Name A ddress Please list name and address of each subscriber, indicating by number in the first column the class of investor, in accordance with the following schedule: INVESTOR CLASSES AND NUMBERS 1. 2. 3. 4. 5. 6. Individuals, partnerships and personal trust accounts Mutual savings banks Insurance companies Dealers and brokers Pension and retirement funds of State and local governments Other pension and retirement funds 7. State and local government funds other than pension and retirement 8. Commercial banks 9. Corporations other than banks and insurance companies 10. Savings and building and loan associations 11. All others LIST OF SUBSCRIBERS ln v » (o t Class NAME OF SUBSCRIBER AMOUNT ADDRESS DO NOT USE Our own subscription TOTAL ? LIST OF SECURITIES SURRENDERED IN PAYMENT (C O U PO N S M A T U R IN G A U G U ST 15, 1969, M U ST B E D ET A C H E D ) Description No. Pieces Denomination Serial Nos. Location Amount