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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, July 3, 1953
CASH OFFERING
2 >/2% T A X ANTICIPATION CERTIFICATES OF INDEBTEDNESS
To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:
The press statement concerning the cash offering of 2*4 percent Tax Anticipation
Certificates of Indebtedness, designated 21/2 percent Treasury Certificates of Indebtedness
of Series C-1954, is reproduced on the reverse hereof. The certificates will be accepted at
par and accrued interest to maturity in payment of income and profits taxes due on
March 15, 1954. Interest will be payable with the principal at maturity on those certifi
cates not presented in payment of taxes. Treasury Department Circular No. 925 covering
the offering, and a supply of the subscription forms are enclosed. Additional circulars
and forms will be forwarded upon request.
The books for the receipt of subscriptions will be opened on Monday, July 6, 1953,
and subscriptions will be received at this bank and its branches at El Paso, Houston, and
San Antonio.
Banking institutions generally may submit subscriptions for the account of customers,
but others than banking institutions will not be permitted to enter subscriptions except
for their own account. Subscriptions by commercial banks for their own account should
be entered by the subscribing bank and not through another bank. Attention is called to
the fact that payment for the certificates may be made through Treasury Tax and Loan
accounts.
Subscriptions from commercial banks for their own account will be received without
deposit. Other subscriptions must be accompanied by payment of 10 percent of the
amount of certificates applied for. Subject to the usual reservations, subscriptions for
amounts up to and including $100,000 will be allotted in full, and subscriptions for
amounts over $100,000 will be allotted on an equal percentage basis which will be made
public when allotments are made.
Commercial banks and other lenders are requested to refrain from making unsecured
loans, or loans collateralized in whole or in part by the certificates subscribed for, to
cover the deposits which are required to be paid when subscriptions are entered.
CLOSING OF SUBSCRIPTION KOOKS
The subscription books may be closed at any time without notice.
Yours very truly,
R. R. GILBERT
President
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
TREASURY DEPARTMENT
Washington
Release, morning newspapers, Monday, July 6, 1953.
Secretary of the Treasury Humphrey announced today the details of a cash offering
of $5,500,000,000, or thereabouts of 2 ^ percent Tax Anticipation Certificates of Indebt
edness to be dated July 15, 1953, and to mature on March 22, 1954. The new certificates
will be accepted at par plus accrued interest to maturity in payment of income and profits
taxes due on March 15, 1954. Interest will be payable with the principal at maturity on
those certificates not presented in payment of taxes.
Subscriptions from commercial banks for their own account will be received without
deposit. Other subscriptions must be accompanied by payment of 10 percent of the amount
of certificates applied for. Subject to the usual reservations, subscriptions for amounts
up to and including $100,000 will be allotted in full, and subscriptions for amounts over
$100,000 will be allotted on an equal percentage basis to be publicly announced when allot
ments are made, but not less than $100,000 on any one subscription. The subscription
books may be closed at any time without notice.
Commercial banks and other lenders are requested to refrain from making unsecured
loans, or loans collateralized in whole or in part by the certificates subscribed for, to cover
the deposits which are required to be paid when subscriptions are entered.
Subscriptions will be received at the Federal Reserve Banks and Branches and at the
Office of the Treasurer of the United States. Commercial banks are requested to enter
their subscriptions directly with the Federal Reserve Bank of the District in which they
are located, even though payment for or delivery of the certificates allotted is desired in
another District.
UNITED STATES OF AMERICA
TWO AND ONE-HALF PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES C -1954
Dated and bearing interest from July 15, 1953
1953
Department Circular No. 925
--------Fiscal Service
Bureau of the Public Debt
Due March 22, 1954
TREASURY DEPARTMENT
Office of the Secretary
Washington, July 6, 1953
I. OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, as amended, invites subscriptions from the people of the United States for Tax
Anticipation Certificates of Indebtedness of the United States, designated 2*4 percent
Treasury Certificates of Indebtedness of Series C-1954. The amount of the offering is
$5,500,000,000, or thereabouts.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated July 15, 1953, and will bear interest from that date
at the rate of 2% percent per annum, payable with the principal at maturity on March 22,
1954. They will not be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all taxes, now or here
after imposed under the Internal Revenue Code, or laws amendatory or supplementary
thereto. The certificates shall be subject to estate, inheritance, gift or other excise taxes,
whether Federal or State, but shall be 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
be accepted at par plus accrued interest to maturity in payment of income and profits
taxes due on March 15, 1954.
4. Bearer certificates will be issued in denominations of $1,000, $5,000 $10,000,
$100,000 and $1,000,000. The certificates will not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury Depart
ment, 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. Commercial banks, which
for this purpose are defined as banks accepting demand deposits, may submit subscrip
tions for account of customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies. 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 received without deposit. Subscriptions
from all others must be accompanied by payment of 10 percent of the amount of certifi
cates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, to allot less than the amount of certificates applied for, and to close the
books as to any or all subscriptions at any time without notice; and any action he may
take in these respects shall be final. Subject to these reservations, subscriptions for
amounts up to and including $100,000 will be allotted in full, and subscriptions for amounts
over $100,000 will be allotted on an equal percentage basis to be publicly announced when
allotments are made, but not less than $100,000 on any one subscription. Allotment notices
will be sent out promptly upon allotment.
IV. PAYM ENT
1. Payment at par and accrued interest, if any, for certificates allotted hereunder
must be made on or before July 15, 1953, or on later allotment. In every case where pay
ment is not so completed, the payment with application up to 10 percent of the amount
of certificates applied for shall, upon declaration made by the Secretary of the Treasury
in his discretion, be forfeited to the United States. Any qualified depositary will be per
mitted to make payment by credit for certificates allotted to it for itself and its customers
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.
V.
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.
G. M. HUMPHREY,
Secretary of the Treasury.
LIST OF SUBSCRIBERS
DO NOT USE
AMOUNT
ADDRESS
NAME OF SUBSCRIBER
TOTAL $
FOR USE OF FEDERAL RESERVE BANK
Bank Subscriptions
Allotted
Non-bank Subscriptions
S
Subscribed...........
Subscribed ...
Allotted
...
S
$
_______ s
. _
CASH SUBSCRIPTION
,
FOR
2V2% Treasury Certificates of Indebtedness of Series 0-1954
Tax Anticipation Series
Dated July 15, 1953
Maturing March 22, 1954
THESE CERTIFICATES ARE RECEIVABLE AT PAR PLUS ACCRUED INTEREST TO MATURITY
IN PAYMENT OF INCOME TAXES DUE MARCH 15, 1954
For Use of
Federal Reserve Bank
TO:
□ Federal Reserve Bank, Station K, Dallas, Texas
□ Federal Reserve Bank Branch, El Paso, Texas
□ Federal Reserve Bank Branch, Houston 1, Texas
□ Federal Reserve Bank Branch, San Antonio 6, Texas
Number............. —............
Amount $....................—~
Pursuant to the provisions of Treasury Department Circular No. 925, dated July 6, 1953, the undersigned
hereby subscribes for $
... ................... 21/2% Treasury Certificates of Indebtedness of Series C-1954, dated
July 15, 1953, maturing March 22, 1954, payment for which will be made as follows:
EACH SUBSCRIPTION TO THIS ISSUE OF CERTIFICATES MUST BE IN MULTIPLES OF $1,000
PROPOSED METHOD OF PAYMENT AFTER ALLOTMENT
For Use of
Federal Reserve Bank
□ By charge to our reserve account hereby authorized
□ Payment will
he m ade
by
(Write Name)
□ Payment to be made by charge to our Treasury Tax and Loan Ac
count (Qualified Depositary Bank Only)
“ Advice of Credit” Form FA-794 for execution will be mailed with
allotment notice.
□ Draft enclosed on
□ Otherwise (describe)
We hereby certify that we have received applications from our customers in the amounts set opposite the customers’ names
listed on the reverse side and which list is made a part of this subscription; that there has been paid to us by each such customer,
not subject to withdrawal until after allotment and payment in full for certificates allotted, 10 per cent of the amount applied for,
and that the amounts of such payments have not been loaned by us to any of such customers.
□ This is an original subscription
Time Stamp
□ This is a confirmation
For use o f Federal Reserve Bank
(Name of Subscriber)
By...........................................................................
(Authorized Signature)
(Address)
Dated.............................................................................................................
Form for requesting delivery and denominations of securities desired will accompany notice of allotment
PLEASE FILL IN THE FORM BELOW WHICH WILL BE RETURNED TO YOU AS AN ACKNOWLEDGMENT OF
YOUR SUBSCRIPTION
ness of Series C-1954, dated July 15, 1953, maturing March 22, 1954.
The Federal Reserve Bank
or Branch will acknowledge by
stamping below.
M AIL
TO {ET*
Name
Address
@FedFRASER