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FEDERAL RESERVE BANK OF DALLAS
F I S C A L A G E N T O F T H E U N IT E D S T A T E S

Dallas, Texas, October 24, 1963

OFFERING OF TREASURY NOTES

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

Enclosed are Treasury Department Circular No. 17-63 and two copies o f a subscription form relating
to the offering of 3 % percent Treasury Notes of Series C-1965, maturing M ay 15, 1965.
PAYMENT

The notes may not be paid for by credit in Treasury Tax and Loan Accounts. Payment for the new notes
may be made in cash or by surrender of the following securities maturing November 15, 1963:
3 ’/a percent Treasury Certificates of Indebtedness of Series D-1963
4% percent Treasury Notes of Series C-1963
Down payments of not less than 2 percent of the amount of notes applied for (in the form of cash or securi­
ties of the eligible issues) are required of all subscribers, except those specifically exempted in Section III
of the official offering circular. Down payments received by commercial banks from subscribers should be held
by commercial banks until after allotment is made.
ALLOTMENTS

Each subscription is subject to allotment, but certain classes of subscribers named in Paragraph 5 of
Section III of the official offering circular may obtain full allotment up to the amount of the two eligible
securities maturing November 15 surrendered in payment if the eligible securities were owned or contracted
for purchase by 4 p.m. Eastern Daylight Saving time on October 23, 1963. These subscribers must complete
the certification on the reverse side o f the subscription form. If the certification cannot be completed at the
time the subscription is entered, a statement to that effect should accompany the subscription and the certi­
fication may be submitted separately.
CLOSING OF SUBSCRIPTION BOOKS

The subscription books will be open only on Monday, October 28, 1963, and subscriptions postmarked
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)

UNITED STATES OF AMERICA
3%

PERCENT TREASURY NOTES OF SERIES C-1965

Dated and bearing interest from November 15, 1963

TREASURY DEPARTM ENT
Office of the Secretary
Washington, October 24, 1963

DEPARTMENT CIRCULAR

----------Public Debt Series —

Due May 15, 1965

No. 17-63

I. OFFERING OF NOTES
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 notes of the United States, designated 3 % percent Treasury Notes of Series C-1965.
The amount of the offering under this circular is $7,600,000,000, or thereabouts. The following securities
maturing November 15, 1963, 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:
3Va percent Treasury Certificates of Indebtedness of Series D-1963; or
4 % percent Treasury Notes of Series C-1963.
The books will be open only on October 28, 1963, for the receipt of subscriptions for this issue.
II. DESCRIPTION OF NOTES
1. The notes will be dated November 15, 1963, and will bear interest from that date at the rate of
3 % percent per annum, payable semiannually on M ay 15 and November 15, 1964, and on M ay 15, 1965.
They will mature M ay 15, 1965, and will not be subject to call for redemption prior to maturity.
2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue
Code of 1954. The 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. The notes will be acceptable to secure deposits of public moneys. They 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. Provision 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 here­
after prescribed, governing United States notes.
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, D. C. 20220. 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 banking institutions 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, Federal Reserve Banks and Government Investment Accounts. Subscriptions
from all others must be accompanied by payment (in cash or in securities of the two issues enumerated
in Paragraph 1 of Section I hereof, which will be accepted at par) of 2 percent of the amount of notes
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 of 2 percent of the amount of notes allotted may be released upon the request of the subscribers.

2. 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, i.e.,
an individual’s social security number or an employer identification number.
3. 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 notes of this issue, until after midnight October
28, 1963.
4. 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.
5. 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. Subject to these reservations
and the submission of a written certification by the subscriber that the amount of the subscription does
not exceed the amount of the two eligible securities (listed in Paragraph 1 of Section I ) owned or con­
tracted for purchase for value, at 4 p.m., Eastern Daylight Saving time, October 23, 1963, all subscriptions
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, Federal Reserve Banks and Government Investment Accounts will be allotted
in full. In the absence of such certification the total amount of subscriptions entered by any subscriber
will be allotted on the basis of the allotment to be publicly announced. 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 notes allotted hereunder must be made or com ­
pleted on or before November 15, 1963, or on later allotment. Payment will not be deemed to have been
completed where registered notes are requested if the appropriate identifying number, as required by
Paragraph 2 of Section III hereof, has not been furnished; provided, however, if a subscriber has applied
for but is unable to furnish the identifying number by the payment date only because it has not been
issued, he may elect to receive, pending the furnishing of the identifying number, interim receipts and
in this case payment will be deemed to have been completed. In every case where full payment is not
completed, the payment with application up to 2 percent of the amount of notes 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 notes allotted hereunder in cash or by exchange of securities of the two
issues enumerated in Paragraph 1 of Section I hereof, which will be accepted at par. Where payment is
made with certificates or notes in bearer form, coupons dated November 15, 1963, should be detached
and cashed when due. In the case of registered notes, the final interest due on November 15, 1963, 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 C-1963 in registered form tendered as deposits and in payment for
notes 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, 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 3 % percent Treasury Notes
of Series C-1965”; if the new notes are desired registered in another name, the assignment should be to
“The Secretary of the Treasury for 3 % percent Treasury Notes of Series C-1965 in the name of
__________________________________________ ”; if new notes in coupon form are desired, the assignment should
be to “The Secretary of the Treasury for 3 % percent Treasury Notes of Series C-1965 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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they
may 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
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
DOUGLAS DILLON,
Secretary of the Treasury.

CASH

SUBSCRIPTION

3 % % Treasury N otes of Series C-1965
A T PAR
Due May 15,1965

DEPOSITS REQUIRED ON SUBSCRIPTIONS ENTERED THROUGH COMMERCIAL BANKS SHOULD BE RETAINED BY THE COMMERCIAL BANKS

Dated November 15,1963
To: Federal Reserve Bank, Station K, Dallas, Texas 75222
or —
The................................................................................................. Branch
El Paso 79999

Houston 77091

San Antonio 78206

LIST ALL SUBSCRIPTIONS ON REVERSE SIDE
All subscriptions except those specifically exempted in Section III of the official circular, must be accompanied by the deposit
of cash, or 4% % Treasury Notes, Series C-1963 or 3%% Treasury Certificates of Indebtedness, Series D-1963 in an amount not
less than 2% of the amount of securities applied for. In the cases of subscriptions entered through commercial banks the deposits
should be retained by the bank entering the subscriptions until allotment has been made and final payment is completed. All other
required deposits must accompany this subscription.
Pursuant to the provisions of Treasury Department Circular, Public Debt Series No. 17-63, dated October 24, 1963, the under­
signed hereby subscribes for $......................................... 3 % % Treasury Notes of Series C-1965, dated November 15, 1963, maturing
May 15, 1965, and will make payment in accordance with the provisions of Section IV of the offering circular.
PAYMENT FOR NOTES ALLOTTED MAY NOT BE MADE BY CREDIT IN TREASURY TAX AND LOAN ACCOUNTS.

CLASS OF SUBSCRIPTION
Form for indicating METHOD OF PAYMENT,
DELIVERY INSTRUCTIONS and DENOMI­
NATIONS of securities desired will accompany
NOTICE OF ALLOTMENT.

Amount

f)nr ow n s u b s c r i p t i o n ...............................................

$

(List again on reverse)
C u stom ers s u b s c r i p t i o n .........................................
(Show in schedule on reverse)

$

TOTAL

.

.

.

$

CERTIFICATION BY COMMERCIAL BANKS
We hereby certify that we have received applications from our customers in the amounts set opposite the customers’ names on
the list which ismade a part of this subscription; that there has been paid to us by each such customer as required by official offering
circular, not subject to withdrawal until after allotment, not less than 2 percent of the amount applied for; that we have not made
unsecured loans, or loans collateralized in whole or in part by the securities applied for, to supply the amounts of such payments
to any of such customers; that we have no beneficial interest in the applications of such customers, and that none of our customers
has any beneficial interest in the amount subscribed for our own account.
We further certify that the subscription for our own account does not exceed 50 percent of our combined capital, surplus and
undivided profits.
We further certify that applications received by us, if any, from other commercial banks for their own account and for the ac­
count of their customers have been entered with us under the same conditions, agreements and certifications as set forth in this sub­
scription form.
CERTIFICATION BY ALL SUBSCRIBERS
We certify that all subscribers listed hereon have agreed not to purchase or to sell, or to make any agreements with respect
to the purchase or sale or other disposition of any securities of this issue, until after midnight, October 28, 1963.
CERTIFICATION BY SPECIAL CLASSES OF SUBSCRIBERS (If Applicable)
(See reverse side)

□

This is an original subscription

□

This is a confirmation

(Name of subscriber)

(Address)

By

(Authorized signature)

Dated.
PLEASE FILL IN THE FORM BELOW WHICH WILL BE RETURNED TO YOU AS AN ACKNOWLEDGMENT OF
YOUR SUBSCRIPTION
(OVER)

This acknowledges your subscription for $.
3 % % Treasury Notes of Series C-1965.
F.R.B. Subscription No.
IMPORTANT — Please use the above number in all
matters — whether payment or correspondence — re­
lating to this subscription.
The Federal Reserve Bank or Branch will
acknowledge by stamping below.

MAIL
TO l ® 3
Name

Address

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

. Individuals, partnerships andpersonal trust accounts
Mutual savings banks

1.

2
3.
4.
5.

Insurance companies
Dealers and brokers
Pension and retirement funds of State and local governments
6. 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
19- Savings and building and loan associations
11- All others

LIST O F SUBSCRIBERS
In va itor
C ists

NAME OF SUBSCRIBER

AMOUNT

ADDRESS

DO NOT USE

Our own subscription

TOTAL $

CERTIFICATION BY SPECIAL CLASSES OF SUBSCRIBERS AS REQUIRED
BY PARAGRAPH 5 SECTION III, TREASURY DEPARTMENT CIRCULAR NO. 17-63
The undersigned hereby certifies with respect to our subscription in the amount of $.___ __ .____ __ .— ----------- for 3% percent
Treasury Notes of Series C-1965, that we owned or had contracted to purchase for value, at 4 p.m., Eastern Daylight Saving Time,
October 23, 1963, an equal amount of either or both of the following securities:
3% percent Treasury Certificates of Indebtedness of Series D-1963; or 4% percent Treasury Notes of Series C-1963.

(Name of subscriber)

By-------------------------------------------------------(Authorized signature)

Dated_________________________________________________________
Note:

If the subscriber is unable to complete the above certification at the time the subscription is entered, a statement to that
effect should accompany the subscription, and the certification in the above form should be submitted separately as soon
as possible.

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