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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 19, 1955 EXCHANGE OFFERINGS To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are Treasury Department Circulars Nos. 963 and 964 governing the offer ings of 2 percent Tax Anticipation Certificates of Indebtedness of Series B-1956, maturing June 22, 1956, and 2 percent Treasury Notes of Series B-1956, maturing August 15, 1956, in exchange for 1% percent Treasury Certificates of Indebtedness of Series D-1955, matur ing August 15, 1955. 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, July 20 through July 22. Subscriptions should be submitted on the enclosed forms, with the surrender of the maturing securities, and should be in multiples of $1,000. Final interest due August 15 on the maturing certificates will be paid in full. The coupons dated August 15, 1955, should be detached by holders and cashed when due. If the matur ing certificates are to be exchanged for the notes, subscriptions for the notes should be accompanied by payment of accrued interest from May 17, 1955 to August 1, 1955, at the rate of $4.1989 per $1,000. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Friday, July 22. 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 Friday, July 22, 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) U N ITED STATES O F AM ER ICA T W O PER C EN T T R E A S U R Y CE R TIFICA TE S O F IN D E B T E D N E SS O F SER IES B -1 9 S 6 TAX ANTICIPATION SERIES Dated and bearing interest from August 1, 1955 Due June 22, 1956 1955 Department Circular No. 963 TREASURY DEPARTMENT Office of the Secretary Washington, July 20, 1955 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 2 percent Treasury Certificates of Indebtedness of Series B-1956, in exchange for lY s percent Treasury Cer tificates of Indebtedness of Series D-1955, maturing August 15, 1955. 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 July 20 through July 22 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 2 percent Treasury Notes of Series B-1956, which offering is set forth in Department Circular No. 964, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated August 1, 1955, and will bear interest from that date at the rate o f 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 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 June 15, 1956. 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. 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 August 1, 1955, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series D-1955, maturing August 15, 1955, which will be accepted at par, and should accompany the subscription. Coupons dated August 15, 1955, should be detached from the certificates when surrendered, 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 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. UN ITED ST AT ES OF AM ERICA T W O P E R C E N T T R E A S U R Y N O T E S O F SE R IE S B -1 9 5 6 Dated and bearing interest from May 17, 1955 Due August 15, 1956 ADDITIONAL ISSUE 1955 Department Circular No. 964 TREASURY DEPARTMENT Office of the Secretary Washington, July 20, 1955 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 with an adjustment of interest as pro vided in Section IV hereof, from the people of the United States for notes of the United States, designated 2 percent Treasury Notes of Series B-1956, in exchange for 1% percent Treasury Certificates of Indebtedness of Series D-1955, maturing August 15, 1955. 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 July 20 through July 22 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 2 percent Treasury Certificates of Indebtedness of Series B-1956, which offering is set forth in Department Circular No. 963, issued simultaneously with this circular. II. DESCRIPTION OF NOTES 1. The notes now offered will be an addition to and will form a part of the series of 2 percent Treasury Notes of Series B-1956 issued pursuant to Department Circular No. 960, dated May 3, 1955, will be freely interchangeable therewith, are identical in all respects therewith, and are described in the following quotation from Department Circular No. 960: “ 1. The notes will be dated May 17, 1955, and will bear interest from that date at the rate of 2 percent per annum, payable on a semi-annual basis on February 15 and August 15, 1956. They will mature August 15, 1956, 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 will be issued in denomi nations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. The notes will not be issued in registered form. “ 5. The notes will be subject to the general regulations of the Treasury Department as now or hereafter prescribed in Department Circular No. 300, Revised.” 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 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 and accrued interest from May 17, 1955, to August 1, 1955, for notes allotted hereunder must be made on or before August 1, 1955, or on later allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebted ness of Series D-1955, maturing August 15, 1955, which will be accepted at par. The certificates together with accrued interest at the rate of $4.1989 per $1,000 on the notes to be issued should accompany the subscription. Coupons dated August 15, 1955, should be detached from the certificates when surrendered, 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. 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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