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FE D ER AL R ESER VE B AN K OF D A L L A S F ISC A L A GENT O F THE U NITED STA TES Dallas, Texas, March 2, 1956 EXCHANGE OFFERINGS To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are: Treasury Department Circular No. 976 governing the offering of 2% percent Treasury Certificates of Indebtedness of Series A-1957, in exchange for 1% percent Treasury Notes of Series A-1956, maturing March 15, 1956, or IV2 percent Treasury Notes of Series EA-1956, maturing April 1, 1956. Treasury Department Circular No. 977 governing the offering of an additional issue of 2% percent Treasury Notes of Series A-1958, in exchange for the 1% percent Treasury Notes of Series A-1956, maturing March 15, 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, March 5 through March 7. Subscriptions should be submitted on the enclosed forms, with the sur render of the maturing securities, and should be in multiples of $1,000. The new certificates will be dated March 5, 1956, and will mature February 15, 1957. The addi tional issue of 2% percent notes (originally issued December 1, 1955) will be dated December 1, 1955, and will mature June 15, 1958. Exchanges will be made at par with adjustments of interest as outlined in the respective circulars. Delivery of the new securities will be made March 15, 1956, following acceptance of the securities to be exchanged. In all cases, final coupons must be attached to the securities surrendered. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Wednesday, March 7. 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, March 7, 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 TWO A N D FIVE-EIGHTHS PERCENT TREASURY CERTIFICATES OF IN D EBTED N ESS O F SERIES A -19 57 Dated and bearing interest from March 5, 1956 1956 Department Circular No. 976 Fiscal Service Bureau of the Public Debt Due February 15, 1957 TRE ASU RY DEPARTM ENT Office o f the Secretary W ashington, M arch 5, 1956 1. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions from the people of the United States for certificates of indebtedness of the United States, designated 2% percent Treasury Certifi cates of Indebtedness of Series A-1957, in exchange for 1% percent Treasury Notes of Series A-1956, maturing March 15,1956, or l 1/^ percent Treasury Notes of Series EA-1956, maturing April 1, 1956. Exchanges will be made at par with an adjustment of interest as set forth in Section IV hereof. The amount of the offering under this circular will be limited to the amount of maturing notes tendered in exchange and accepted. The books will be open only on March 5 through March 7 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the notes maturing March 15, 1956, are also offered the privilege of exchanging all or any part of such notes for 2% percent Treasury Notes of Series A-1958 (originally issued December 1, 1955), which offering is set forth in Department Circular No. 977, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated March 5, 1956, and will bear interest from that date at the rate of 2% percent per annum, payable with the principal at maturity on February 15, 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 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 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 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 gen erally 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. 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 March 15, 1956, or on later allotment, and may be made only in Treasury Notes of Series A-1956, maturing March 15, 1956, or Treasury Notes of Series EA-1956, maturing April 1, 1956, which will be accepted at par, and should accompany the subscription. Coupons dated March 15, 1956, must be attached to the notes of Series A-1956 when surrendered, and accrued interest from September 15, 1955 to March 5, 1956 ($7.67857 per $1,000) will be paid to subscribers following acceptance of the notes. Coupons dated April 1, 1956, must be attached to the notes of Series EA-1956 when surrendered, and accrued interest from October 1, 1955 to March 5, 1956 ($6.39344 per $1,000) will be paid to subscribers following acceptance of the notes. 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 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. UNITED STATES OF AMERICA TWO AND SEVEN-EIG HTHS PERCENT TREASURY NO TES O F SERIES A -195S Dated and bearing interest from December 1, 1955 Due June 15, 1958 ADDITIONAL ISSUE 1956 Department Circular No. 977 Fiscal Service Bureau of the Public Debt TR E A SU R Y DEPARTM ENT Office o f the Secretary W ashington, March 5, 1956 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 provided in Section IV hereof, from the people of the United States for notes of the United States, designated 2% percent Treasury Notes of Series A-1958, in exchange for 1% percent Treasury Notes of Series A-1956, maturing March 15, 1956. The amount of the offering under this circular will be limited to the amount of maturing notes of this series tendered in exchange and accepted. The books will be open only on March 5 through March 7 for the receipt of subscriptions for this issue. 2. In addition to the offering under this circular, holders of the maturing notes are also offered the privilege of exchanging all or any part of such notes for 2% percent Treasury Certificates of Indebtedness of Series A-1957, which offering is set forth in Department Circular No. 976, 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 A-1958 issued pursuant to Department Circular No. 972, dated November 28, 1955, will be freely interchangeable therewith, are identical in all respects therewith, and are described in the following quotation from Department Circular No. 972: “1. The notes will be dated December 1, 1955, and will bear interest from that date at the rate of 2% percent per annum, payable on a semiannual basis on June 15 and December 15, 1956, and thereafter on June 15 and December 15 in each year until the principal amount becomes payable. They will mature June 15, 1958, 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 denominations 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, 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 gen erally 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 for notes allotted hereunder must be made on or before March 15, 1956, or on later allotment. Payment of the principal amount may be made only in Treasury Notes of Series A-1956, maturing March 15, 1956, which will be accepted at par, and should accompany the subscription. Coupons dated March 15, 1956 must be attached to the notes when surrendered, and accrued interest from September 15, 1955 to March 5, 1956 ($7.67857 per $1,000) will be credited, accrued interest from December 1, 1955 to March 5, 1956 ($7.46243 per $1,000) on the notes to be issued will be charged, and the difference ($0.21614 per $1,000) will be paid to subscribers following acceptance of the notes. 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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