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FEDERAL RESERVE BANK OF DALLAS FISCAL AGENT OF THE UNITED STATES Dallas, Texas, April 29, 1960 EXCHANGE OFFERING To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are Treasury Department Circulars Nos. 1041 and 1042 governing the offering of 4 % percent Treasury Certificates of Indebtedness of Series B-1961, dated M ay 15, 1960, due M ay 15, 1961, and 4 s/a percent Treasury Notes of Series A-1965, dated M ay 15, 1960, and due M ay 15, 1965. SECURITIES OFFERED 4% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-1961 or 4Ve PERCENT TREASURY NOTES OF SERIES A-1965 SECURITIES ELIGIBLE FOR EXCHANGE 4 percent Treasury Certificates of Indebtedness of Series B-1960 Maturing M ay 15, 1960 or 3Y2 percent Treasury Notes of Series A-1960 Maturing M ay 15, 1960 or 3Y> percent Treasury Notes of Series B-1960, Maturing M ay 15, 1960 GENERAL INFORMATION In the case of exchange for either of the new issues, the M ay 15 coupons should be detached from all of the maturing securities being exchanged, and cashed when due. The books for the receipt of subscriptions for the new issues will be opened on Monday, May 2, and will remain open through Wednesday, May 4. The maturing securities may be tendered singly or in combinations in exchange for either of the new issues. Payment for the face amount of new securities allotted in this offering must be made on or before Monday, M ay 16, 1960, by tendering a like amount of the securities set forth above. Cash subscrip tions will not be received. Subscriptions to this exchange offering will be received at this bank and its branches at El Paso, Houston and San Antonio, and should be submitted on the enclosed forms. Additional circulars and forms will be forwarded upon request. CLOSING OF SUBSCRIPTION BOOKS Subscription books will close at the close of business Wednesday, May 4. No further closing announce ment will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Department and placed in the mail before midnight, M ay 4, 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 FOUR AND THREE-EIGHTHS PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-1961 Dated and bearing interest from May 15, 1960 I9 6 0 Department Circular No. 1041 Due May 15, 1961 TREASURY DEPARTMENT Office of the Secretary Washington, May 2, 1960 Fiscal Service Bureau of the Public Debt 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 4 % percent Treasury Certificates of Indebtedness of Series B-1961, in exchange for the following securities all of which mature M ay 15, 1960: 4 percent Treasury Certificates of Indebtedness of Series B-1960 3 V2 percent Treasury Notes of Series A-1960 3V4 percent Treasury Notes of Series B-1960 The amount of the offering under this circular will be limited to the amount of maturing certificates and notes tendered in exchange and accepted. The books will be open only on May 2 through May 4 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the maturing securities are offered the privilege of exchanging all or any part of such securities for 4 % percent Treasury Notes of Series A-1965, which offering is set forth in Department Circular No. 1042, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated M ay 15, 1960, and will bear interest from that date at the rate of 4 % percent per annum, payable semiannually on November 15, 1960, and M ay 15, 1961. They will mature M ay 15, 1961. 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 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 not be accept able in payment of taxes. 4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, 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 author ized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject or reduce any subscription, and to allot less than the amount of certificates applied for; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. 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 M ay 16, 1960, or on later allotment, and may be made only in the securities of the three issues enumerated in Section I hereof, which will be accepted at par, and should accompany the subscription. Coupons dated M ay 15, 1960, should be detached from the maturing securities by holders and cashed when due. 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 ofi 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 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. R O B E R T B. ANDERSON, Secretary of the Treasury. UNITED STATES OF AMERICA FOUR AND FIVE-EIGHTHS PERCENT TREASURY NOTES OF SERIES A-1965 Dated and bearing interest from May 15, 1960 Due May 15, 1965 1960 TREASURY DEPARTMENT Office of the Secretary Washington, May 2, 1960 Department Circular No. 1042 Fiscal Service Bureau of the Public Debt I. OFFERING OF NOTES 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 notes of the United States, designated 4 % percent Treasury Notes of Series A-1965, in exchange for the following securities all of which mature M ay 15, 1960: 4 percent Treasury Certificates of Indebtedness of Series B-1960 3V2 percent Treasury Notes of Series A -1960 3 V«, percent Treasury Notes of Series B-1960 The amount of the offering under this circular will be limited to the amount of maturing certificates and notes tendered in exchange and accepted. The books will be open only on May 2 through May 4 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the maturing securities are offered the privilege of exchanging all or any part of such securities for 4 2 3/s percent Treasury Certificates of Indebted ness of Series B-1961, which offering is set forth in Department Circular No. 1041, issued simultaneously with this circular. II. DESCRIPTION OF NOTES 1. The notes will be dated M ay 15, 1960, and will bear interest from that date at the rate of 4 % percent per annum, payable semiannually on November 15, 1960, and thereafter on M ay 15 and Novem ber 15 in each year until the principal amount becomes payable. 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 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. 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 subscription, and to allot less than the amount of notes applied for; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment IV. PAYMENT 1. Payment at par for notes allotted hereunder must be made on or before May, ,16, 1960, or on later allotment, and may be made only in the securities of the three issues enumerated in Section I hereof, which will be accepted at par, and should accompany the subscription. Coupons dated M ay 15,. 1960, should be detached from the maturing securities by holders and cashed when due. 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 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 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. R O B E R T B. ANDERSON, Secretary of the Treasury.
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