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FEDERAL RESERVE 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, August 21, 1964

TREASURY BILLS — TAX ANTICIPATION SERIES
201 DAYS TO MATURITY
Dated September 2, 1964

$1,000,000,000

Maturing March 22, 1965

Acceptable at face value in payment of income taxes due March 15, 1965.
To All Banking Institutions and Other Concerned
in the Eleventh Federal Reserve District:
Your attention is invited to the following statement giving details of a new issue of Treasury bills:
The Treasury Department, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 201-day Treasury
bills, to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this
series will be designated Tax Anticipation Series, they will be dated September 2, 1964, and they will mature March 22, 1965.
They will be accepted at face value in payment of income taxes due on March 15, 1965, and to the extent they are not pre­
sented for this purpose the face amount o f these bills will be payable without interest at maturity. Taxpayers desiring to
apply these bills in payment of March 15, 1965, income taxes have the privilege o f surrendering them to any Federal Reserve
Bank or Branch or to the Office of the Treasurer of the United States, Washington, not more than fifteen days before March 15,
1965, and receiving receipts therefor showing the face amount of the bills so surrendered. These receipts may be submitted
in lieu of the bills on or before March 15, 1965, to the District Director of Internal Revenue for the District in which such
taxes are payable. The bills will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $50,000,
$100,000, $500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty p.m., Eastern
Daylight Saving time, Wednesday, August 26, 1964. Tenders will not be received at the Treasury Department, Washington.
Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be ex­
pressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Banking institutions generally may submit tenders for account of customers provided the names of the customers are
set forth in such tenders. Others than banking institutions will not be permitted to submit tenders except for their own account.
Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treas­
ury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which
public announcement will be made by the Treasury Department of the amount and price range of accepted bids. Those sub­
mitting tenders will be advised of the acceptance or rejection thereof. The Secretary o f the Treasury expressly reserves the right
to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reser­
vations, noncompetitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the
average price (in three decimals) of accepted competitive bids. Payment of accepted tenders at the prices offered must be made
or completed at the Federal Reserve Bank in cash or other immediately available funds on September 2, 1964.
The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, does not
have any exemption, as such, and loss from the sale or other disposition of Treasury bills does not have any special treatment,
as such, under the Internal Revenue Code of 1954. The bills 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. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections 454 (b ) and 1221
(5 ) of the Internal Revenue Code of 1954 the amount of discount at which bills issued hereunder are sold is not considered to
accrue until such bills are sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital
assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is
made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

Payment for this issue of Treasury bills must be made or completed at this bank or appropriate branch in cash or
other immediately available funds on September 2, 1964.
In accordance with the above announcement, tenders will be received at this bank and its branches at El Paso,
Houston and San Antonio, up to eleven-thirty a.m., Central Standard time, Wednesday, August 26, 1964. Tenders may
not be entered by telephone.
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)

This issue of Treasury Bills will be accepted at face value in payment of income taxes due on March 15,1965

TENDER FOR TREASURY BILLS
TAX ANTICIPATION SERIES
201 DAYS TO MATURITY
Dated September 2, 1964

Maturing March 22, 1965

To: Federal Reserve Bank, Station K, Dallas, Texas 75222
or —
The___________ __________________________ Branch
El Paso 79999

Houston 77001

------------------------------------------

San Antonio 78206

(Date)

Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the
provisions of the public announcement, as shown on reverse side, as issued by the Treasury Department,
the undersigned offers to purchase Treasury bills in the amount shown below, and agrees to pay for the
amount allotted, on or before the issue date, by the method and at the rate indicated.
NONCOMPETITIVE TENDER $____________________________ NOT TO EXCEED $200,000
Noncompetitive tenders for $200,000 or less from any one bidder, without stated price, will be accepted in
full at the average price (in three decimals) of accepted competitive bids.

$
$

COMPETITIVE TENDERS

$

$

*

.%

@

---------- -------------

Prices should be ex­
pressed on the basis of
100, with not more than
three decimal places.
e. g„ 99.925. Fractions
must not be used.

aS^TENDERS MAY NOT BE ENTERED BY TELEPHONE. TENDERS BY WIRE, IF RECEIVED BEFORE THE
CLOSING HOUR, ARE ACCEPTABLE.
These bills CANNOT be paid for by credit in Treasury Tax and Loan Accounts.
METHOD OF PAYMENT

Denominations Desired
Number of
Pieces

?
-~<g> ?
?
-

□ Payment to be made by.

Maturity Value

@ $

1,000 $
■
5,000 $
■

(Name of Bank)
□ By charge to our reserve account on payment date.

10,000 $
■
50,000 ?-

□ By draft enclosed (effectual delivery of enclosed draft
shall be on latest day which will permit presentment in
order to obtain irrevocably collected funds on payment
date).

? 100,000 $.
@ $ 500,000 ?$1 ,000,000 $-

(Subscriber’s full name or corporate title)

Delivery Instructions:
□ Hold in Custody Account— Member
banks for own account only

( Address)

By
(Authorized official signature and title)

□ Pledge to Secure Treasury Tax and
Loan Account
□ Ship to______

-

(F or the account of, if tender is fo r another subscriber)

- ( Address)

IMPORTANT
1. No tender for less than $1,000 will be considered and each tender must be for an amount in multiples of $1,000 (maturity
value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of the
United States, with notation on the envelope reading “ TENDER FOR TREASURY BILLS” . Since envelopes received
with this legend will not be opened until after the closing time specified in the public announcement, communications
relating to other matters should not be enclosed. Envelopes for submitting tenders may be requested from this bank or
appropriate branch.
3. Any qualified or conditional tender will be rejected.
4. If a corporation makes the tender the form should be signed by an officer of the corporation authorized to_ make the
tender and the signing of the form by an officer of the corporation will be construed as a representation by him that he
has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm, who
should sign in the form “ ............... .................................... , a copartnership, by......................................................................... ,
a member of the firm” .
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in invest­
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity
value) of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment
by an incorporated bank or trust company.
6. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material,
the tender may be disregarded.

Tenders will be received at this bank and its branches at El Paso, Houston and San Antonio, up to
eleven-thirty a.m., Central Standard time, Wednesday, August 26, 1964.

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