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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, September 30,1955 21/4 CASH OFFERING PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1956 To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed is Treasury Department Circular No. 968 covering a cash offering of 2 % per cent Tax Anticipation Certificates of Indebtedness of Series C-1956. Enclosed also is a sup ply of subscription forms. Additional circulars and forms will be forwarded upon request. The books for the receipt of subscriptions will be open on Monday, October 3, for one day only. Subscriptions will be received at this bank and its branches at El Paso, Houston, and San Antonio. Commercial banks may submit subscriptions for the account of customers, but others 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. It will be observed that a qualified depositary will be permitted to make payment by Treasury Tax and Loan Account credit for certificates allotted to it for itself and its customers. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceeding one-half of the combined capital, surplus and undivided profits of the subscribing bank. Subscriptions from all others must be accompanied by payment of 5 percent of the amount of certificates applied for. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business, Monday, October 3. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Department and placed in the mail before midnight Monday, October 3, will be considered as having been entered before the close of the subscription books. 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 TW O A N D O N E-Q U A R TER P E R C E N T TR EA SU R Y C E R T IFIC A T E S O F IN D E B T E D N E SS O F S E R IE S C -I9 5 6 TAX ANTICIPATION SERIES Dated and bearing interest from October 11, 1955 1955 Department Circular No. 968 Fiscal Service Bureau of the Public Debt Due June 22, 1956 TREASURY DEPARTMENT Office of the Secretary Washington, October 3, 1955 I. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for Tax Anticipation Certificates of Indebtedness of the United States, designated 2 % percent Treasury Certificates of Indebtedness of Series C-1956. The amount of the offering is $2,750,000,000, or thereabouts. The books will be open only on October 3, 1955, for the receipt of subscriptions. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated October 11, 1955, and will bear interest from that date at the rate of 2% percent per annum, payable with the principal at maturity on June 22, 1956. They 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 posses sions 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 June 15, 1956. 4. Bearer certificates will be issued in denominations of $1000, $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 subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Depart ment 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 com mercial banks for their own account will be received without deposit, but will he restricted in each case to an amount not exceeding one-half of the combined capital, surplus and undivided profits, of the subscribing bank. Subscriptions from all others must be accom panied by payment of 5 percent of the amount of certificates applied for, not subject to withdrawal until after allotment. Following allotment, any portion of the 5 percent payment in excess of 5 percent of the amount of certificates allotted may be released upon the request of the subscribers. 2. 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’ sub scriptions for their own account. 3. The Secretary of the Treasury reserves the right to reject or reduce any subscrip tion, and to allot less than the amount of certificates applied for; and any action he may take in these respects shall be final. 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 October 11, 1955, or on later allotment. In every case where payment is not so completed, the payment with application up to 5 percent of the amount of certificates 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 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 exist ing 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.