View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F ederal R eserv e 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

75222

C r u a No. 67-148
iclr
July 2 , 1967
6

PRELIMINARY ANNOUNCEMENT
TREASURY FINANCING
To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:

T h ere is quoted below a press statem en t issued to day by th e T reasu ry D ep artm en t in regard to current
financing:
Treasury Announces August Refunding Terms
T h e T reasury will borrow $9.6 billion, or thereabouts, through th e issuance of a 15-month 5 X %
A
T reasu ry note a t a price of 99.94 (to yield about 5 .3 0 % ) for the purpose of paying off in cash a like
am ount of th e following T reasury securities m aturing August 15, 1967:
$5,610 m illion of 5^4% T reasu ry C ertificates of Indebtedness of Series A-1967,
dated August 15, 1966;
$2,094 m illion of 3 % % T reasu ry N otes of Series A-1967, d ated Septem ber 15, 1962; and
$1,904 m illion of 4 % % T reasu ry N otes of Series E-1967, dated F eb ru ary 15, 1966.
T he am ount of th e m aturing securities held by th e public is $3.6 billion.
In terest will be payable on the 15-month notes on N ovem ber 15, 1967, and M ay 15 and Novem ­
ber 15, 1968.
T h e notes will be available in registered and bearer form. All subscribers requesting registered
notes will be required to furnish appropriate identifying num bers as required on tax retu rn s and other
docum ents subm itted to th e In tern al R evenue Service.
P ay m en t date for the notes will be August 15. P ay m en t m ay be m ade in cash, or in an y of th e
m aturing securities, which will be accepted a t par, in paym ent or exchange, in whole or in part, for th e
notes subscribed for, to the extent such subscriptions are allotted by th e T reasury. T h e notes may not
be paid for by credit in T reasu ry T ax and L oan accounts.
T h e subscription books will be open only on Monday, July 31. Subscriptions w ith th e required
deposits addressed to a F ederal R eserve B ank or Branch, or to th e T reasu rer of the U nited States,
and placed in the m ail before midnight, July 31, 1967, will be considered tim ely.
Subscriptions from com m ercial banks, for th eir own account, will be restricted in each case to an
am ount not exceeding 50 percent of the com bined capital (n o t including capital notes or deb en tures),
surplus and undivided profits of th e subscribing bank.
Subscriptions from com m ercial and o ther banks for their own account, F ederally-insured savings
and loan associations, States, political subdivisions or instrum entalities thereof, public pension and
retirem ent and other public funds, international organizations in which the U nited S tates holds m em ­
bership, foreign central banks and foreign States, dealers who m ake prim ary m arkets in G overnm ent
securities and repo rt daily to the F ederal R eserve B ank of New Y ork th eir positions w ith respect to
G overnm ent securities and borrowings thereon, G overnm ent Investm ent Accounts, and th e F ederal
R eserve B anks will be received w ithout deposit.
Subscriptions from all others m ust be accom panied by paym ent of 2 % (in cash, or T reasury
securities m aturing August 15, 1967, a t p a r) of th e am ount of notes applied for not subject to w ith­
draw al until after allotm ent.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

T h e Secretary of th e T reasu ry reserves th e right to reject or reduce any subscription, to allot less
th an the am ount of notes applied for, and to m ake different percentage allotm ents to various classes of
subscribers; and any action he m ay tak e in these respects shall be final. T h e basis of th e allotm ent
will be publicly announced, and allotm ent notices will be sen t out prom ptly upon allotm ent.
Subject to th e reservations in the preceding paragraph, all subscriptions from States, political sub­
divisions or instrum entalities thereof, public pension and retirem en t and other public funds, inter­
national organizations in which the U nited S tates holds m em bership, foreign central banks and foreign
States, G overnm ent Investm ent Accounts, and the F ederal R eserve Banks, will be allotted in full if
a statem en t is subm itted certifying th a t th e am ount of th e subscription does not exceed the am ount of
the three m aturing securities owned or contracted for purchase for value, a t 4 p.m., E astern D aylight
Saving Tim e, J u ly 26, 1967. Any such subscriber m ay en ter an additional subscription subject to a
percentage allotm ent.
All subscribers are required to agree not to purchase or to sell, or to m ake any agreem ents w ith
respect to the purchase or sale or other disposition of any of the notes subscribed for under this offering
a t a specific ra te or price, until after m idnight, Ju ly 31, 1967.
Com m ercial banks in subm itting subscriptions, will be required to certify th a t th ey have no bene­
ficial interest in any of the subscriptions th ey enter for th e account of th eir custom ers, an d th a t their
custom ers have no beneficial interest in th e banks’ subscriptions for th eir own account.
T h e official circulars and subscription forms for the new issue of T reasury notes will be m ailed T hursday,
Ju ly 27; however, if th e form s do not reach you by M onday, Ju ly 31, subscriptions m ay be entered by m ail or
telegram , subject to confirm ation on official subscription blanks.
Y ours very truly,
W atrous H . Irons
P resident


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102