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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 29, 1964 CASH OFFERING OF TREASURY NOTES To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is enclosed Treasury Department Circular, Public Debt Series No. 12-64, relating to an offering of 4 percent Treasury Notes of Series D-1966 dated November 15, 1964, and maturing M ay 15, 1966. Subscription forms for your use are also enclosed. PAYMENT Down payments of not less than 2 percent of the amount of notes applied for are required of all subscribers, except those specifically exempted in Section III of the official circular. Down payments received by commercial banks from subscribers should be held by commercial banks until after allotment is made as specified in the official circular. If securities are tendered as a down payment and the face value exceeds the required amount, the subscriber should be encouraged to leave the entire amount as a deposit in order to avoid a denominational exchange and unnecessary movement of securities. 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, 1964: 4% percent Treasury Notes of Series C-1964 3% percent Treasury Notes of Series F-1964 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 Standard time on October 28, 1964. These subscribers must complete the certification on the reverse side of the subscription form. If the certification cannot be completed at the time the subscription is entered, a statement to that effect should accompany the subscrip tion and the certification may be submitted separately. If subscriptions of more than one of the special classes of subscribers are included in a single subscription form, separate certifications should be submitted. A form for furnishing delivery and payment instructions will accompany the notice of allotment. Provision will be made on the form for furnishing the taxpayer identifying number where registered notes are requested. CLOSING OF SUBSCRIPTION BOOKS The subscription books will be open only on Monday, November 2, 1964, and subscriptions post marked 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 4 PERCENT TREASURY NOTES OF SERIES D-1966 Dated and bearing interest from November 15, 1964 TREASURY DEPARTMENT Office of the Secretary Washington, October 29, 1964 DEPARTMENT CIRCULAR -----------Public Debt Series — No. Due May 15, 1966 12-64 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 4 percent Treasury Notes of Series D-1966. The amount of the offering under this circular is $9,250,000,000, or thereabouts. The following securities maturing November 15, 1964, 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: 4 % percent Treasury Notes of Series C-1964; or 3 % percent Treasury Notes of Series F-1964. The books will be open only on November 2, 1964, for the receipt of subscriptions for this issue. II. DESCRIPTION OF NOTES 1. The notes will be dated November 15, 1964, and will bear interest from that date at the rate of 4 percent per annum, payable semiannually on M ay 15 and November 15, 1965, and on M ay 15, 1966. They will mature M ay 15, 1966, 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 pre scribed 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 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 com mercial 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 (not including capital notes or debentures), 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 organiza tions 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 at a specific rate or price, until after midnight November 2, 1964. 4. 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. 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, 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 mem bership, foreign central banks and foreign States, Federal Reserve Banks and Government Investment Accounts will be allotted in full if the subscriber certifies in writing that at 4 p.m., Eastern Standard Time, October 28, 1964, it owned or had contracted to purchase for value securities of the two issues enumerated in paragraph 1 of Section I hereof in an aggregate amount equal to or greater than the amount of its subscription. If the certification is not made, none of such subscriber’s subscription shall be subject to a preferred full allotment. 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 interest1, if any, for notes allotted hereunder must be made or completed on or before November 16, 1964, 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 notes in bearer form, coupons dated November IS, 1964, should be detached and cashed when due. In the case of registered notes, the final interest due on November 15, 1964, 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-1964 and Series F-1964 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 4 percent Treasury Notes of Series D-1966” ; if the new notes are desired registered in another name, the assign ment should be to “The Secretary of the Treasury for 4 percent Treasury Notes of Series D-1966 in the name of_______________ ” ; if new notes in coupon form are desired, the assignment should be to “The Secretary of the Treasury for 4 percent Treasury Notes of Series D-1966 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. 1Accrued interest from November 15 to November 16, 1964, will not be collected.
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