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FEDERAL RESERVE BANK OF DALLAS F IS 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, November 16, 1956 EXCHANGE OFFERINGS To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are Treasury Department Circulars Nos. 981 and 982, governing the offer ings of 3 14 percent Tax Anticipation Certificates of Indebtedness of Series C-1957, matur ing June 24, 1957, and 3% percent Treasury Certificates of Indebtedness of Series D-1957, maturing October 1,1957, in exchange for 2% percent Treasury Certificates of Indebted ness of Series D-1956, maturing December 1, 1956. Subscription forms for the two issues of securities are enclosed. Additional circulars and forms will be forwarded upon request. Cash subscriptions will not be received. The books for the receipt of subscriptions for these offerings will be open for three days only, November 19 through November 21. Subscriptions should be submitted on the enclosed forms with the surrender of the maturing securities. The full amount of interest due on the certificates surrendered will be paid following acceptance of the certificates. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business, Wednesday, November 21. 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, Wednesday, November 21, will be considered as having been entered before the close of the subscription books. Reproduced on the reverse hereof is the Treasury Department’s press statement covering these offerings. 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) TREASURY DEPARTMENT Washington PRESS STATEMENT Friday, November 16, 1956 The Treasury Department announced today an offering of S% percent Tax Antici pation Certificates of Indebtedness, maturing June 24, 1957, and an offering of 3 14 percent Treasury Certificates of Indebtedness maturing October 1, 1957, in exchange for the $9,083 million of 2% percent Certificates of Indebtedness maturing December 1, 1956. Both new issues will be dated December 1, 1956. Cash subscriptions will not be received. The new 3*4 percent June tax anticipation certificates of indebtedness, which will carry one interest coupon payable on June 24, 1957, will be receivable at par and accrued interest to maturity in payment of income and profits taxes due on June 15, 1957. In the case of the new 3% percent October certificates of indebtedness, two interest coupons payable April 1 and October 1, 1957, will be attached. The subscription books will be open November 19 through November 21 for this exchange offering. Any subscription for either issue addressed to a Federal Reserve Bank or Branch, or to the Treasurer of the United States, and placed in the mail before midnight Wednesday, November 21, will be considered as timely. UNITED STATES OF AMERICA T H R E E A N D O N E -Q U A R T E R P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F SE R IE S C -1 9 5 7 TAX ANTICIPATION SERIES Dated and bearing interest from December 1, 1956 1956 Department Circular No. 981 Fiscal Service Bureau of the Public Debt Due June 24, 1957 TREASURY: DEPARTMENT Office of the Secretary Washington, November 19, 1956 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, from the people of the United States for certificates of indebtedness of the United States, designated 3% percent Treasury Certificates of Indebtedness of Series C-1957, in exchange for 2% percent Treasury Certificates of Indebtedness of Series D-1956, maturing December 1, 1956. The amount of the offering under this circular will be limited to the amount of maturing certificates tendered in exchange and accepted. The books will be open only on November 19 through November 21 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the maturing certificates are offered the privilege of exchanging all or any part of such certificates for 3% percent Treasury Certificates of Indebtedness of Series D-1957, which offering is set forth in Department Circular No. 982, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated December 1, 1956, and will bear interest from that date at the rate of 31/4 percent per annum, payable at the maturity of the certificates on June 24, 1957. 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, 1957. 4. Bearer certificates with one interest coupon attached will be issued in denomina tions 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. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. 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 fo r ; 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 for certificates allotted hereunder must be made on or before December 3, 1956, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series D-1956, maturing December 1, 1956, which will be accepted at par, and should accompany the subscription. The full amount of interest due on the certificates surrendered will be paid following acceptance of the certificates. Y. 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 o f 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. UNITED STATES OF AMERICA TH R E E A N D O N E -Q U A R T E R P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F SE R IE S C -1 9 S 7 TAX ANTICIPATION SERIES Dated and bearing interest from December 1, 1956 1956 Department Circular No. 961 Fiscal Service Bureau of the Public Debt Due June 24, 1957 TREASURY DEPARTMENT Office of the Secretary , Washington, November 19, 1956 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, from the people of the United States for certificates of indebtedness of the United States, designated 3% percent Treasury Certificates of Indebtedness of Series C-1957, in exchange for 2% percent Treasury Certificates of Indebtedness of Series D-1956, maturing December 1, 1956. The amount of the offering under this circular will be limited to the amount of maturing certificates tendered in exchange and accepted. The books will be open only on November 19 through November 21 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the maturing certificates are offered the privilege of exchanging all or any part of such certificates for 3*4 percent Treasury Certificates of Indebtedness of Series D-1957, which offering is set forth in Department Circular No. 982, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated December 1, 1956, and will bear interest from that date at the rate of 31/!, percent per annum, payable at the maturity of the certificates on June 24, 1957. 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, 1957. 4. Bearer certificates with one interest coupon attached will be issued in denomina tions 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. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. 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 for certificates allotted hereunder must be made on or before December 3, 1956, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series D-1956, maturing December 1, 1956, which will be accepted at par, and should accompany the subscription. The full amount of interest due on the certificates surrendered will be paid following acceptance of the certificates. 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.
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