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FEDERAL RESERVE BANK OF DALLAS
FISCAL AGENT OF THE UNITED STATES

Dallas, Texas, July 27, 1962

OFFERING OF SECURITIES

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:

Enclosed are Treasury Department Circulars, Public Debt Series Nos. 12-62, 13-62 and 14-62,
governing the offering of three new issues of Treasury securities. The press statement issued by the Treasury
Department concerning this offering is also enclosed.
SECURITIES OFFERED

3Vi PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1963 at par
4 PERCENT TREASURY BONDS OF 1969 at par
4 ’A PERCENT TREASURY BONDS OF 1987-92 at 101 percent of their face value
PAYMENT

By Cash, or by surrender of the following securities:
4 percent Treasury Notes of Series B-1962

3V* percent Treasury Notes of Series G-1962
Payment for either of the two issues of Treasury bonds may be made by credit in Treasury Tax
and Loan Accounts.
DOWN PAYMENTS

Down payments of not less than 2 percent of the amount of certificates applied for and 10 percent of
the amount of bonds applied for (in the form of cash or securities of the eligible issues) are required of all
subscribers, except those specifically exempted in Section III of each of the official circulars. Down payments
received by commercial banks from subscribers should be held by commercial banks until after allotment
is made.
ALLOTMENTS

Allotments will be made in accordance with Section III of each of the official circulars. A form for
furnishing delivery instructions and denominations of securities desired and method of payment for securi­
ties allotted will be forwarded promptly after the Treasury Department furnishes the basis for the allotment.
CLOSING OF SUBSCRIPTION BOOKS

The subscription books will be open only on Monday, July 30, 1962, and subscriptions placed in the
mail before midnight on that date will be considered timely. Subscriptions will be received at this bank
and its branches at El Paso, Houston and San Antonio. Additional circulars and forms will be furnished
upon request.
Yours very truly,
Watrous H. Irons
President

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

T R E A SU R Y D E P A R T M E N T
Washington, D. C.
July 26, 1962

TREASURY’S NEW FINANCING

The Treasury announced today its first major borrowing operation of the new fiscal year. It will
offer for cash $6.5 billion of one-year 3 ¥2 % certificates, at par; $1.5 billion o f 6% -year 4 % bonds,
at par; and up to $750 million of 25-30 year 4¥ 4 % bonds at a price of 101 to yield 4.19% . The
proceeds will be used to retire approximately $7.5 billion of securities maturing on August 15, and to
provide additional cash sufficient to complete the Treasury’s needs until the end o f September.
This offering, by covering the full maturity range, will provide attractive outlets for investors of
all types, will maintain a balanced debt structure, and will help to activate presently accumulating
long-term funds.
Books will be open for the cash subscriptions on Monday, July 30, and any subscriptions post­
marked before midnight on that day will be accepted. The certificate is being offered for subscription
without credit to tax and loan accounts in the commercial banks. Both o f the bonds can be paid for
through credit to such accounts. Payment for all of the new securities will be due August 15, 1962;
however, payment for the longer bond by savings-type subscribers m ay be made in installments over
a three-month period.
The maturing securities to be redeemed in cash are:
$158 million of 4 % Treasury Notes of Series B-1962, dated September 26, 1957, maturing
August 15, 1962, and
$7,325 million of 3¥ 4 % Treasury Notes of Series G-1962, dated February 15, 1961, maturing
August 15, 1962.
The new cash to be borrowed will be obtained from the issue o f:
$6,500 million, or thereabouts, of 3¥z% Treasury Certificates of Indebtedness, to be dated
August 15, 1962, and to mature August 15, 1963,
$1,500 million, or thereabouts, of 4 % Treasury Bonds, to be dated August 15, 1962, and to
mature February 15, 1969, and
up to $750 million, or thereabouts, of 4 ^ % Treasury Bonds of 1987-92, to be dated August 15,
1962, and to mature August 15, 1992, callable at the option o f the United States on any
interest date on and after August 15, 1987.
Subscriptions will be received subject to allotment. Payment for the new securities may be made
in cash, or in 4 % Treasury Notes of Series B-1962, or in 3 ¥ t% Treasury Notes o f Series G-1962,
which will be accepted at par, in payment or exchange, in whole or in part, for the new securities
subscribed for, to the extent such subscriptions are allotted by the Treasury.
Subscriptions from commercial banks, for their own account, will be restricted in the case of the
certificates to an amount not exceeding 5 0 % of the combined capital, surplus, and undivided profits of
the subscribing bank and in the case of both issues of bonds to an amount not exceeding 10% o f the
combined total of time and savings deposits, including time certificates of deposit, or 2 5 % of the
combined capital, surplus, and undivided profits of the subscribing bank, whichever is greater.
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 Y ork 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 % (in cash, or Treasury
Notes of Series B-1962, or Treasury Notes of Series G-1962, at par) in the case of the certificates and
10% in the case of both issues of bonds, of the amount of new securities applied for which will not be
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 securities 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. Subject to these
reservations, all subscriptions for the certificates from 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, Government Investment
Accounts, and the Federal Reserve Banks, will be allotted in full. The bases of the allotment of all
subscriptions will be publicly announced, and allotment notices will be sent out promptly upon
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 new securities until after midnight
July 30, 1962.
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 no beneficial interest in the banks’ subscriptions for their own account
Savings-type investors will be permitted to pay for the 4 X % Bonds of 1987-92 in installments
A
up to October 15, 1962 (not less than 3 0 % by August 15; 6 0 % by September 15; and full payment
by October 15). Amounts allotted to other classes of subscribers must be paid for in full on August 15.
Savings-type investors who may subscribe to the 4 V i% bonds on a deferred payment basis are:
Pension and Retirement Funds— public and private
Endowment Funds
Common Trust Funds under Regulation F of the Board o f Governors of the Federal
Reserve System
Insurance Companies
Mutual Savings Banks
Fraternal Benefit Associations and Labor Unions’ insurance funds
Savings and Loan Associations
Credit Unions
Other Savings Organizations (not including commercial banks)
States, political subdivisions or instrumentalities thereof, and Public Funds
Where subscribers in this group (except States, political subdivisions or instrumentalities thereof,
and public pension and retirement and other public funds) elect to pay for such bonds in installments,
delivery of 5 % of the total par amount allotted will be withheld until payment for the total amount
allotted has been completed.
The 4 V i% bonds will be redeemable at par prior to maturity in payment of Federal estate
taxes if owned by the decedent at time of death.
In addition to the amounts offered for public subscription, Government Investment Accounts will
be allotted up to $100 million of the 4 % bonds and up to $50 million of the 4 V4% bonds.

U N ITED STA TES O F A M ER IC A
3 ’/a PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS O F SERIES C-1963
Dated and bearing interest from August 15, 1962

Due August 15, 1963

TREASU RY DEPARTM ENT
Office o f the Secretary
Washington, July 30, 1962

DEPARTMENT CIRCULAR
Public Debt Series — No. 12-62

1. OFFERING OF CERTIFICATES
1.
The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, subject to allotment, at par and accrued interest, from the people of the
United States for certificates of indebtedness of the United States, designated 3 V2 percent Treasury Certifi­
cates of Indebtedness of Series C-1963. The amount of the offering under this circular is $6,500,000,000,
or thereabouts. The following notes maturing August 15, 1962, will be accepted at par in payment or
exchange, in whole or in part, for the certificates subscribed for, to the extent such subscriptions are allotted
by the Treasury:
4 percent Treasury Notes of Series B-1962; or
3V4 percent Treasury Notes of Series G-1962.
The books will be open only on July 30, 1962, for the receipt of subscriptions for this issue.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated August 15, 1962, and will bear interest from that date at the rate of
3 V2 percent per annum, payable semiannually on February 15 and August 15, 1963. They will mature
August 15, 1963, and will not be subject to call for redemption prior to maturity.
2. The income derived from the certificates is subject to all taxes imposed under the Internal Revenue
Code of 1954. The certificates 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. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable
in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000,
$5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. The certificates will not be issued
in registered form.
5. The certificates will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1.
Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of
the Treasurer of the United States, Washington 25, D. C. Only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies. Commercial banks, which for this purpose are defined
as banks accepting demand deposits, may submit subscriptions for account of customers provided the
names of the customers are set forth in such subscriptions. Others than commercial banks will not be
permitted to enter subscriptions except for their own account. 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, surplus and undivided profits of the subscribing bank. Subscriptions 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 cen­
tral banks and foreign States, dealers who make primary markets in Government securities and report daily
to the Federal Reserve Bank o f New York their positions with respect to Government securities and borrow­
ings thereon, Government Investment Accounts, and the Federal Reserve Banks. Subscriptions from all

others must be accompanied b y payment (in cash or in notes of the two issues enumerated in Section I
hereof, which will be accepted at par) of 2 percent of the amount of certificates applied for, not subject to
withdrawal until after allotment. Registered notes submitted as deposits should be assigned as provided
in Section V hereof. Following allotment, any portion of the 2 percent payment in excess o f 2 percent o f
the amount of certificates allotted may be released upon the request of the subscribers.
2. 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 certificates of this issue, until after midnight
July 30, 1962.
3. Commercial banks in submitting subscriptions will be required to certifiy that they have no bene­
ficial interest in any of the subscriptions they enter for the account o f their customers, and that their
customers have no beneficial interest in the banks’ subscriptions for their own account
4. The Secretary of the Treasury reserves the right to reject or reduce any subscription, to allot less
than the amount of certificates 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. Subject to these reservations,
all subscriptions from States, political subdivisions or instrumentalities thereof, public pension and retire­
ment and other public funds, international 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. The basis of the allotment will be publicly announced, and allotment notices
will be sent out promptly upon allotment.
IV. PAYMENT
1.
Payment at par and accrued interest, if any, for certificates allotted hereunder must be made or
completed on or before August 15, 1962, or on later allotment In every case where payment is not so
completed, the payment with application up to 2 percent o f the amount of certificates allotted shall, upon
declaration made b y the Secretary o f the Treasury in his discretion, be forfeited to the United States.
Payment may be made for any certificates allotted hereunder in cash or by exchange of notes of the two
series enumerated in Section I hereof, which will be accepted at par. Where payment is made with bearer
notes, coupons dated August 15, 1962, should be detached and cashed when due by holders. In the case
of registered notes, the final interest due on August 15, 1962, will be paid by check drawn in accordance
with the assignments on the notes surrendered, or by credit in any account maintained by a banking
institution with the Federal Reserve Bank of its District
V. ASSIGNMENT OF REGISTERED NOTES
1.
Treasury Notes of Series G-1962 in registered form tendered as deposits and in payment for
certificates allotted hereunder should be assigned by the registered payees or assignees thereof to “The
Secretary of the Treasury for 3Vz percent Treasury Certificates of Indebtedness of Series C-1963 to be
delivered to_______________ ,” in accordance with the general regulations of the Treasury Department
Notes tendered in payment should be surrendered to a Federal Reserve Bank or Branch or to the Office
of the Treasurer of the United States, Washington 25, D. C. The notes must be delivered at the expense
and risk of the holder.
VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to
receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary
of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to
receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
DOU GLAS D ILLO N ,
Secretary o f the Treasury.

U N ITED STA TES O F A M ER IC A
414 PERCENT TREASURY BONDS O F 1987-92
Dated and bearing interest from August 15, 1962

Due August 15, 1992

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND AFTER
AUGUST 15, 1987
Interest payable February 15 and August 15

TREASURY DEPARTM ENT
Office o f the Secretary
Washington, July 30,1962

DEPARTMENT CIRCULAR
Public Debt Series — No. 14-62

I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, subject to allotment, at 101 percent o f their face value and accrued interest,
from the people of the United States for bonds of the United States, designated 414 percent Treasury Bonds
of 1987-92. The amount of the offering under this circular is up to $750,000,000, or thereabouts. In addi­
tion to the amount offered for public subscription, the Secretary of the Treasury reserves the right to allot
up to $50,000,000 o f these bonds to Government Investment Accounts. The following notes maturing
August 15, 1962, will be accepted at par in payment or exchange, in whole or in part, for the bonds
subscribed for, to the extent such subscriptions are allotted by the Treasury:
4 percent Treasury Notes o f Series B-1962; or
314 percent Treasury Notes of Series G-1962.
The books will be open only on July 30, 1962, for the receipt of subscriptions for this issue.
2. Deferred payment for bonds allotted hereunder may be made as provided in Section IV hereof
by any of the following subscribers, who for this purpose are defined as savings-type investors:
Pension and Retirement Funds— public and private
Endowment Funds
Common Trust Funds under Regulation F of the Board o f Governors o f the
Federal Reserve System
Insurance Companies
Mutual Savings Banks
Fraternal Benefit Associations and Labor Unions’ insurance funds
Savings and Loan Associations
Credit Unions
Other Savings Organizations (not including commercial banks)
States, Political Subdivisions or instrumentalities thereof, and Public Funds
II. DESCRIPTION OF BONDS
1. The bonds will be dated August 15, 1962, and will bear interest from that date at the rate of 4 %
percent per annum, payable semiannually on February 15 and August 15 in each year until the principal
amount becomes payable. They will mature August 15, 1992, but may be redeemed at the option of the
United States on and after August 15, 1987, in whole or in part, at par and accrued interest, on any
interest day or days, on 4 months’ notice of redemption given in such manner as the Secretary of the
Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by
such method as may be prescribed by the Secretary of the Treasury. From the date o f redemption
designated in any such notice, interest on the bonds called for redemption shall cease.2
4
3
2. The income derived from the bonds is subject to all taxes imposed under the Internal Revenue
Code o f 1954. The bonds 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. The bonds will be acceptable to secure deposits of public moneys.
4. Bearer bonds with interest coupons attached, and bonds registered as
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and
be made for the interchange of bonds of different denominations and of coupon
for the transfer of registered bonds, under rules and regulations prescribed b y the

to principal and interest,
$1,000,000. Provision will
and registered bonds, and
Secretary of the Treasury.

5. Any bonds issued hereunder which upon the death of the owner constitute part of his estate, will
be redeemed at the option of the duly constituted representatives of the deceased owner’s estate, at par
and accrued interest to date of payment,1 provided:
3
2
( a ) that the bonds were actually owned by the decedent at the time of his death; and
( b ) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption to
the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned to “The Secretary of the
Treasury for redemption, the proceeds to be paid to the District Director of Internal Revenue at----------__________________ for credit on Federal estate taxes due from estate of__________________________ Owing
to the periodic closing of the transfer books and the impossibility of stopping payment of interest to the
registered owner during the closed period, registered bonds received after the closing of the books for
payment during such closed period will be paid only at par with a deduction of interest from the date of
payment to the next interest payment date;2 bonds received during the closed period for payment at a
date after the books reopen will be paid at par plus accrued interest from the reopening of the books to
the date of payment. In either case checks for the full six months’ interest due on the last day of the closed
period will be forwarded to the owner in due course. All bonds submitted must be accompanied by form
P D 1782,® properly completed, signed and certified, and by proof of the representatives’ authority in the
form o f a court certificate or a certified copy of the representatives’ letters of appointment issued by the
court. The certificate, or the certification to the letters, must be under the seal of the court, and except in
the case of a corporate representative, must contain a statement that the appointment is in full force and
be dated within six months prior to the submission of the bonds, unless the certificate or letters show that
the appointment was made within one year immediately prior to such submission. Upon payment of the
bonds appropriate memorandum receipt will be forwarded to the representatives, which will be followed
in due course b y formal receipt from the District Director of Internal Revenue.
6. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter
prescribed, governing United States bonds.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of
the Treasurer of the United States, Washington 25, D. C. Only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies. Commercial banks, which for this purpose are defined
as batiks accepting demand deposits, may submit subscriptions for account of customers provided the
names o f the customers are set forth in such subscriptions. Others than commercial banks will not be
permitted to enter subscriptions except for their own account. Subscriptions from commercial banks for
their own account will be restricted in each case to an amount not exceeding 10 percent of the combined
amount of time and savings deposits, including time certificates of deposit, or 25 percent of the combined
capital, surplus and undivided profits of the subscribing bank, whichever is greater. Subscriptions 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 member­
ship, 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.
Subscriptions from all others must be accompanied by payment (in cash or in notes of the two issues
enumerated in Section I hereof, which will be accepted at par) of 10 percent of the amount of bonds
applied for, not subject to withdrawal until after allotment. Registered notes submitted as deposits should
be assigned as provided in Section V hereof. Following allotment, any portion of the 10 percent payment
in excess of 10 percent of the amount of bonds allotted may be released upon the request of subscribers.
2. 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 bonds of this issue, until after midnight July
30, 1962.
3. 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 no beneficial interest in the banks’ subscriptions for their own account
1 An exact half-year’s interest is computed for each full half-year period irrespective o f the actual number o f days in the half
year. For a fractional part o f any half year, computation is on the basis o f the actual number of days in such half year.
2 The transfer books are closed from January 16 through February 15, and from July 16 through August 15 (both dates inclu­
sive) in each year,
3 Copies o f Form P D 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington
25, D . C.

4.
The Secretary of the Treasury reserves the right to reject or reduce any subscription, to allot less
than the amount of bonds 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 basis of the allotment will be
publicly announced, and allotment notices will be sent out promptly upon allotment
IV. PAYMENT
1. Payment at 101 percent of their face value and accrued interest for bonds allotted hereunder
must be made or completed on or before August 15, 1962, or on later allotment in cash or by exchange
of notes of the two issues enumerated in Section I hereof, which will be accepted at par; provided, however,
that where a subscriber eligible to defer payment under Section I hereof elects to defer payment for part
of the bonds allotted, not less than 30 percent of the bonds allotted must have been paid for by August 15,
1962, not less than 60 percent must have been paid for by September 15, 1962, and full payment must be
completed by October 15, 1962. All payments made subsequent to August 15, 1962, must be accompanied
by accrued interest from that date, at the rate of $0.12 per $1,000 per day. In the event allotments are less
than a rate of 10 percent of the amount subscribed for, the amount of the deposit in excess of the par
amount of the bonds allotted hereunder will be returned to the subscriber. Where partial payment for
bonds allotted is to be deferred beyond August 15, 1962, delivery of 5 percent of the total par amount of
bonds allotted, adjusted to the next higher $500, will be withheld from all subscribers (except States,
political subdivisions or instrumentalities thereof, and public penison and retirement and other public
funds) until payment for the total amount allotted has been completed. In every case where payment
is not so completed the 5 percent so withheld shall, upon declaration made b y the Secretary of the Treasury
in his discretion, be forfeited to the United States. In all other cases where payment is not completed on
or before August 15, 1962, or on later allotment, the payment with application up to 10 percent of the
amount of bonds allotted shall, upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States. Any qualified depositary will be permitted to make payment in its
Treasury Tax and Loan Account for bonds allotted to it for itself and its customers which are paid for in
cash 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. Where payment is made with bearer notes, coupons dated August 15,
1962, should be detached and cashed when due by holders. In the case of registered notes, the final interest
due on August 15, 1962, will be paid by check drawn in accordance with the assignments on the notes
surrendered, or by credit in any account maintained b y a banking institution with the Federal Reserve
Bank of its District.
V. ASSIGNMENT OF REGISTERED NOTES
1. Treasury Notes of Series G-1962 in registered form tendered as deposits and in payment for bonds
allotted hereunder should be assigned by the registered payees or assignees thereof, in accordance with the
general regulations of the Treasury Department, in one of the forms hereafter set forth. Notes tendered
in payment should be surrendered to a Federal Reserve Bank or Branch or to the Office of the Treasurer
of the United States, Washington 25, D. C. The notes must be delivered at the expense and risk o f the
holder. If the bonds are desired registered in the same name as the notes surrendered, the assignment
should be to “The Secretary of the Treasury for 4 Vi percent Treasury bonds of 1987-92” ; if the bonds are
desired registered in another name, the assignment should be to “The Secretary of the Treasury for 4 Vi
percent Treasury Bonds of 1987-92 in the name of_______________ ”; if bonds in coupon form are desired,
the assignment should be to ‘T h e Secretary of the Treasury for 4 Vi percent Treasury Bonds o f 1987-92
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 allotments on the basis and up to the amounts indicated by the Secretary
of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to
receive payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and they
may issue interim receipts pending delivery of the definitive bonds.2
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
DOU GLAS D ILLO N ,
Secretary o f the Treasury.

U N ITED STA TES O F A M E R IC A
4 PERCENT TREASURY BONDS O F 1969
Dated and bearing interest from August 15, 1962

Due February 15, 1969

Interest payable February 15 and August 15

TREASURY DEPARTM ENT
Office o f the Secretary
Washington, July 30, 1962

DEPARTMENT CIRCULAR
Public Debt Series — No. 13-62

I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority o f the Second Liberty Bond Act, as
amended, invites subscriptions, subject to allotment, at par and accrued interest, from the people of the
United States for bonds of the United States, designated 4 percent Treasury Bonds of 1969. The amount
of the offering under this circular is $ 1,500,000,000, or thereabouts. In addition to the amount offered for
public subscription, the Secretary of the Treasury reserves the right to allot up to $100,000,000 of these
bonds to Government Investment Accounts. The following notes maturing August 15, 1962, will be accepted
at par in payment or exchange, in whole or in part, for the bonds subscribed for, to the extent such sub­
scriptions are allotted by the Treasury:
4 percent Treasury Notes of Series B-1962; or
3 X percent Treasury Notes of Series G-1962.
A
The books will be open only on July 30, 1962, for the receipt of subscriptions for this issue.
II. DESCRIPTION OF BONDS
1. The bonds will be dated August 15, 1962, and will bear interest from that date at the rate of
4 percent per annum, payable semiannually on February 15 and August 15 in each year until the principal
amount becomes payable. They will mature February 15, 1969, and will not be subject to call for redemp­
tion prior to maturity.
2. The income derived from the bonds is subject to all taxes imposed under the Internal Revenue
Code of 1954. The bonds 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 b y any local taxing authority.
3. The bonds will be acceptable to secure deposits of public moneys. They will not be acceptable in
payment of taxes.
4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will
be made for the interchange of bonds of different denominations and of coupon and registered bonds, and
for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter
prescribed, governing United States bonds.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of
the Treasurer of the United States, Washington 25, D. C. Only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies. Commercial banks, which for this purpose are defined
as banks accepting demand deposits, may submit subscriptions for account of customers provided the names
of the customers are set forth in such subscriptions. Others than commercial banks will not be permitted
to enter subscriptions except for their own account. Subscriptions from commercial banks for their own
account will be restricted in each case to an amount not exceeding 10 percent of the combined amount of
time and savings deposits, including time certificates of deposit, or 25 percent of the combined capital,
surplus and undivided profits of the subscribing bank, whichever is greater. Subscriptions 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, Government Investment Accounts, and the Federal Reserve Banks. Subscriptions from
all others must be accompanied by payment (in cash or in notes of the two issues enumerated in Section I
hereof, which will be accepted at par) of 10 percent of the amount of bonds applied for, not subject to
withdrawal until after allotment Registered notes submitted as deposits should be assigned as provided in
Section V hereof. Following allotment, any portion of the 10 percent payment in excess of 10 percent of
the amount of bonds allotted may be released upon the request of the subscribers.
2. 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 bonds of this issue, until after midnight
July 30, 1962.
3. Commercial banks in submitting subscriptions will be required to certify that they have no bene­
ficial interest in any of the subscriptions they enter for the account of their customers, and that their
customers have no beneficial interest in the banks’ subscriptions for their own account.
4. The Secretary of the Treasury reserves the right to reject or reduce any subscription, to allot less
than the amount of bonds 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 basis of the allotment will
be publicly announced, and allotment notices will be sent out promptly upon allotment
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made or
completed on or before August 15, 1962, or on later allotment. In every case where payment is not so
completed, the payment with application up to 10 percent of the amount of bonds allotted shall, upon
declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States.
Payment may be made for any bonds allotted hereunder in cash or by exchange of notes of the two issues
enumerated in Section I hereof, which will be accepted at par. Any qualified depositary will be permitted
to make payment by credit in its Treasury Tax and Loan Account for bonds allotted to it for itself and its
customers which are paid for in cash 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. Where payment is made with bearer
notes, coupons dated August 15, 1962, should be detached and cashed when due by holders. In the case
of registered notes, the final interest due on August 15, 1962, will be paid by check drawn in accordance
with the assignments on the notes surrendered, or by credit in any account maintained by a banking
institution with the Federal Reserve Bank of its District
V. ASSIGNMENT OF REGISTERED NOTES
1. Treasury Notes of Series G-1962 in registered form tendered as deposits and in payment for bonds
allotted hereunder should be assigned by the registered payees or assignees thereof, in accordance with
the general regulations of the Treasury Department, in one of the forms hereafter set forth. Notes tendered
in payment should be surrendered to a Federal Reserve Bank or Branch or to the Office of the Treasurer
of the United States, Washington 25, D. C. The notes must be delivered at the expense and risk of the
holder. If the bonds are desired registered in the same name as the notes surrendered, the assignment should
be to “The Secretary of the Treasury for 4 percent Treasury bonds of 1969”; if the bonds are desired
registered in another name, the assignment should be to ‘T h e Secretary of the Treasury for 4 percent
Treasury Bonds of 1969 in the name of_______________ ”; if bonds in coupon form are desired, the assign­
ment should be to “The Secretary of the Treasury for 4 percent Treasury Bonds o f 1969 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 allotments on the basis and up to the amounts indicated by the Secretary
of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to
receive payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and they
may issue interim receipts pending delivery of the definitive bonds.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
DOU GLAS DILLO N ,
Secretary of the Treasury.

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