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FEDERAL RESERVE BANK OF DALLAS FISC A L. A G E N T O F TH E U N ITE D ST A T E S Dallas, Texas, February 2, 1962 EXCHANGE OFFERING To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve. District: Enclosed are Treasury Department Circulars, Public D ebt Series Nos. 2-62 and 3-62 relating to an offering o f Treasury securities to be exchanged at par. Subscription form s for your use are also enclosed. SECURITIES OFFERED 3 ’A PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1963 4 PERCENT TREASURY NOTES OF SERIES A-1966 SECURITIES ELIGIBLE FOR EXCHANGE 3% percent Treasury Notes of Series A-1962, maturing February 15, 1962 4 percent Treasury Notes of Series D-1962, maturing February 15, 1962 3 ’A percent Treasury Notes of Series F-1962, maturing February 15, 1962 1 Vi percent Treasury Notes of Series EA-1962, maturing April 1, 1962 PAYMENT The securities to be exchanged should accom pany the subscriptions and final settlement will be made on February 15, 1962. CLOSING OF SUBSCRIPTION BOOKS The subscription books w ill be open on February 5 through February 7, 1962, and sub scriptions placed in the mail before midnight on Wednesday, February 7, w ill be considered tim ely. Subscriptions will be received at this bank and its branches at E l Paso, Houston, and San Antonio, and should be submitted on the enclosed forms. Additional circulars and forms will be furnished upon request. Yours very truly, W atrous 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 / THREE AND ONE-HALF PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1963 Dated and bearing interest from February 15, 1962 Due February 15, 1963 TREASURY DEPARTM ENT Office of the Secretary Washington, February 5, 1962 DEPARTMENT CIRCULAR Public Debt Series - No. 2-62 I. OFFERING OF CERTIFICATES 1. The Secretary o f 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 o f the United States, designated 3 Vi percent Treasury Certificates o f Indebtedness of Series A-1963, in exchange for any of the following notes: 3 % percent Treasury Notes o f Series A-1962, maturing February 15, 1962 4 percent Treasury Notes of Series D-1962, maturing February 15, 1962 3 Vi percent Treasury Notes o f Series F-1962, maturing February 15, 1962 lYa percent Treasury Notes of Series EA-1962, maturing April 1, 1962 Interest will be adjusted in the case of the 1 Vi percent Treasury Notes of Series EA-1962 as set forth in Section IV hereof. The amount of the offering under this circular will be limited to the amount of eligible notes tendered in exchange and accepted. The books will be open only on February 5 through February 7, 1962, for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the eligible notes are offered the privilege of exchanging all or any part of such notes for 4 percent Treasury Notes of Series A-1966, which offering is set forth in Department Circular, Public Debt Series-N o. 3-62, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated February 15, 1962, and will bear interest from that date at the rate of 3 Vi percent per annum, payable semiannually on August 15, 1962, and February 15, 1963. They will mature February 15, 1963, and 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 o f 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 acceptable 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 25, D. C. Banking institutions generally 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. 2. The Secretary of the Treasury reserves the right to reject or reduce any subscription, and to allot less than the amount o f 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 for the face amount of certificates allotted hereunder must be made on or before February 15, 1962, or on later allotment, and may be made only in notes of the four series enumerated in Section I hereof, which will be accepted at par, and should accompany the subscription. Coupons dated February 15, 1962, should be detached and cashed when due by holders of the maturing notes of Series A-1962, Series D-1962 and Series F-1962 in coupon form. In the case of registered notes of Series F-1962, the final interest due on February 15, 1962, 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. Coupons dated April 1, 1962, must be attached to the 1 Vz percent Treasury Notes of Series EA-1962 when surrendered and accrued interest from October 1, 1961, to March 1, 1962 ($6.22253 per $1,000) will be credited, accrued interest from February 15, 1962, to March 1, 1962 ($1.35359 per $1,000) on the certificates to be issued will be charged, and the difference ($4.86894 per $1,000) will be paid to subscribers following acceptance of the notes. V. ASSIGNMENT OF REGISTERED NOTES 1. Treasury Notes of Series F-1962 in registered form tendered in payment for certificates offered hereunder should be assigned by the registered payees or assignees thereof to “The Secretary of the Treasury for exchange for 3 Vi percent Treasury Certificates of indebtedness of Series A-1963 to be delivered to________ _______________________________________ ”, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be surren dered with the subscription to a Federal Reserve Bank or Branch or to the Office of the Treasurer of the United States, Washington 25, D. C. The notes must be delivered at the expense and risk of the holder. 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 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. DOUGLAS DILLON, Secretary of the Treasury. UNITED STATES OF AM ERICA FOUR PERCENT TREASURY NOTES OF SERIES A-1966 Due August 15, 1966 Dated and bearing interest from February 15, 1962 TREASURY DEPARTM ENT Office o f the Secretary Washington, February 5, 1962 DEPARTMENT CIRCULAR Public Debt Series — No. 3-62 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-1966, in exchange for any of the following notes: 3 % percent Treasury Notes of Series A-1962, maturing February 15, 1962 4 percent Treasury Notes of Series D-1962, maturing February 15, 1962 3V4 percent Treasury Notes of Series F-1962, maturing February 15, 1962 lVz percent Treasury Notes of Series EA-1962, maturing April 1, 1962 Interest will be adjusted in the case of the lVz percent Treasury Notes of Series EA-1962 as set forth in Section IV hereof. The amount of the offering under this circular will be limited to the amount of eligible notes tendered in exchange and accepted. The books will be open only on February 5 through February 7, 1962, for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the eligible notes are offered the privilege of exchanging all or any part of such notes for 3 V2 percent Treasury Certificates of Indebtedness of Series A -1963, which offering is set forth in Department Circular, Public Debt Series-N o. 2-62 issued simultaneously with this circular. II. DESCRIPTION OF NOTES 1. The notes will be dated February 15, 1962, and will bear interest from that date at the rate of 4 percent per annum, payable semiannually on August 15, 1962, and thereafter on February 15 and August 15 in each year until the principal amount becomes payable. They will mature August 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 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 25, D. C. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks arid 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 for the face amount of notes allotted hereunder must be made on or before February 15, 1962, or on later allotment, and may be made only in notes of the four series enumerated in Section I hereof, which will be accepted at par, and should accompany the subscription. Coupons dated February 15, 1962, should be detached and cashed when due by holders of the maturing notes of Series A-1962, Series D-1962 and Series F-1962 in coupon form. In the case o f registered notes of Series F-1962, the final interest due on February 15, 1962, 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. Coupons dated April 1, 1962, must be attached to the 1V2 percent Treasury Notes of Series EA-1962 when surrendered and accrued interest from October 1, 1961, to March 1, 1962 ($6.22253 per $1,000) will be credited, accrued interest from February 15, 1962, to March 1, 1962 ($1.54696 per $1,000) on the new notes to be issued will be charged, and the difference ($4.67557 per $1,000) will be paid to subscribers following acceptance of the notes of Series EA-1962. V. ASSIGNMENT OF REGISTERED NOTES 1. Treasuiy Notes of Series F-1962 in registered form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, in one of the forms hereafter set forth, and thereafter should be surrendered with the subscription to a Federal Reserve Bank or Branch or to the Office of the Treasurer of the United States, Washington 25, D. C. The 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 o f the Treasury for exchange for 4 percent Treasury Notes of Series A-1966”; if the new notes are desired registered in another name, the assignment should be to “The Secretary of the Treasury for exchange for 4 percent Treasury Notes o f Series A-1966 in the name of____________________________________________ if the new notes in coupon form are desired, the assignment should be to “The Secretary of the Treasury for exchange for 4 percent Treasury Notes of Series A-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 o f 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 o f the Treasury.
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