The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FE D ER A L R E SE R V E BANK O F N EW YORK Fiscal Agent of the United States f Circular N o. 4 7 5 2 T L June 29, 1959 J Offering o f $3,000,000,000 of 258-Day Treasury Bills To Be Designated “ Tax Anticipation Series’’ : Dated July 8, 1959 Maturing March 22, 1960 T o A ll Incorporated Banks and T rust Companies, and O thers Concerned, in the Second F ederal R eserv e D istrict: Following is the text o f a notice issued by the Treasury Department, released for publication in morning news papers, Monday, June 29, 1959: T h e T r e a s u ry D epa rtm en t, b y this p u b lic n otice, invites ten ders fo r $3,000,000,000, or th ereabouts, o f 258-day, T rea su ry bills, t o b e issued on a d iscou n t basis under com p etitive and n o n co m p e titiv e b id d in g as h ereinafter p rov id ed . T h e bills o f this series w ill be, design ated T a x A n ticip a tion Series, th ey w ill be dated J u ly 8, 1959, and th ey w ill m ature M a rch 22, 1960. T h e y w ill be a ccep ted at fa ce valu e in p a ym en t o f in co m e and profits taxes due o n M a rch 15, 1960, and to the exten t they are n ot p resen ted fo r this pu rpose the fa ce a m ou n t o f these bills w ill be p ayable w ith ou t interest at m aturity. T a x p a y ers d esirin g to a p p ly these bills in p a ym en t o f M a rch 15, 1960, in co m e a n d profits taxes have th e privilege o f su rrendering th em to any F ed eral R e se rve B a n k o r B ra n ch or t o the O ffice o f the T re a su re r o f the U n ited States, W a s h in g to n , n ot m ore than fifteen days b e fo r e M a rch 15, 1960, and receiv in g receipts th e re fo r s h o w in g the face a m ou n t o f the bills s o surrendered. T h e s e receip ts m ay be su b m itted in lieu o f the bills on or b e fo r e M a rch 15, 1960, to the D istrict D ire cto r o f Internal R even u e fo r the D istrict in w h ich such taxes are payable. T h e bills w ill b e issued in bearer fo rm on ly , and in den om in a tion s o f $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (m a tu rity va lu e). T e n d e rs w ill b e re ce iv ed at F ed eral R e serv e B anks and B ra n ch es up to the clo s in g hour, o n e-th irty o ’ c lo c k p.m ., E a st ern D a y lig h t S a v in g tim e, W e d n e s d a y , July 1, 1959. T h e tenders w ill n o t be receiv ed at the T r e a s u ry D epa rtm en t, W a sh in g ton . E a ch ten der m u st be fo r an even m u ltiple o f $1,000, and in the case o f co m p etitive ten ders the price offered m u st be exp ressed on the basis o f 100, w ith n ot m o re than th ree decim als, e.g., 99.925. F ra ctio n s m ay n o t b e used. It is u rg ed that tenders be m ade o n the printed fo rm s and fo rw a rd e d in th e special en velop es w h ich w ill b e supplied b y F ed eral R es e rv e Banks o r B ran ches o n a pp lication therefor. O th e rs than b a n k in g institutions w ill n ot be perm itted to subm it tenders e x ce p t fo r their o w n a ccou n t. T en d ers w ill be rece iv e d w ith ou t d ep o sit fr o m in corp ora ted banks and trust com p a n ies and fro m resp on sib le and re co g n iz e d dealers in in vestm en t securities. T e n d e rs fro m oth ers m u st be a c c o m pan ied b y pa ym en t o f 2 p ercen t o f th e fa ce a m ou n t o f T rea su ry bills a pp lied fo r, unless the ten ders are a ccom p a n ied b y an ex p re ss gu a ra n ty o f pa ym en t b y an in corp ora ted b a n k o r trust com p a n y . A ll b id d ers are requ ired t o a gree n ot t o pu rch ase o r t o sell, o r t o m ake a n y agreem en ts w ith resp ect to th e pu rch ase or sale o r oth er d isp osition o f a n y bills o f this issue, until after o n e -th irty o ’ c lo ck p.m ., E astern D a y lig h t S a v in g tim e, W e d n esday, J u ly 1, 1959. Im m ed ia tely after the clo s in g hour, ten ders w ill be open ed at th e F ed era l R es e rv e B anks and B ran ches, fo llo w in g w hich p u blic a n n ou n cem en t w ill be m ade b y th e T r e a s u ry D epa rtm en t o f the a m ou n t and p rice ran ge o f a cce p te d bids. T h o s e su b m ittin g ten ders w ill be advised o f the a ccep ta n ce o r rejection th ereof. T h e S ecreta ry o f the T r e a s u ry e x p re s sly reserves the righ t to a ccep t or re je ct any or all ten ders, in w h ole or in part, a n d his a ction in a n y su ch resp ect shall be final. S u b je ct to these reservations, n on com p etitive ten ders fo r $400,000 o r less w ith ou t stated price fr o m a n y o n e b id d er w ill be a ccep te d in full at the a vera ge price (in three d ecim a ls) o f a ccep ted co m petitive bids. P a y m en t o f a ccep ted ten ders at the p rices offe re d m u st be m ade o r com p leted at the F ed era l R e serv e B ank in cash o r oth er im m ed iately available fu n ds on Ju ly 8, 1959, provid ed , h ow ev er, any qualified d ep osita ry w ill b e perm itted to m a k e p a ym en t b y cred it in its T r e a s u ry T a x and L oa n A c c o u n t fo r T rea su ry bills a llotted t o it fo r itself a n d its cus tom ers up to a n y a m ou n t fo r w h ich it shall be qualified in excess o f e xistin g d ep osits w h en s o n otified b y the Federal R eserve B a n k o f its D istrict. T h e in co m e derived fr o m T r e a s u ry bills, w h eth er interest o r gain fr o m th e sale o r oth er d isp osition o f the bills, d o e s n ot have a n y exem p tion , as such, and lo s s fr o m th e sale o r oth er d isp osition o f T rea su ry bills d oes n ot have a n y special treat m ent, as such; u nder the In tern a l R even u e C o d e o f 1954. T h e bills are su b ject to estate, in heritance, g ift o r oth er excise taxes, w h eth er F ed era l o r State, but are e x e m p t fr o m all taxa tion n o w o r h erea fter im p osed on th e prin cip a l o r interest th ereof b y a n y State, o r a n y o f th e p oss e s s io n s o f the U nited States, or b y a n y lo ca l ta x in g authority. F o r pu rp oses o f ta xation th e a m ou n t o f d iscou n t a t w h ich T r e a s u ry bills are o rig in a lly sold b y th e U n ited States is con sid ered t o be interest. U n d er S ection s 4 5 4 (b ) and 1221(5) o f the In tern al R even ue C o d e o f 1954 the a m ou n t o f d iscou n t at w h ich bills issued hereun der are s o ld is n ot con sid ered to a ccru e u ntil such bills a re sold, red eem ed o r oth erw ise disp osed of, a n d such bills are exclu d ed fr o m con sid era tion as capital assets. A c co r d in g ly , the o w n e r o f T rea su ry bills (o th e r than life in su ra n ce co m pan ies) issued hereun der need in clude in his in co m e ta x return o n ly the differen ce betw een the price paid fo r such bills, w hether on origin a l issue o r on subsequen t pu rch ase, and the a m ou n t actu a lly receiv ed either u p on sale o r red em p tion at m atu rity d u rin g the taxable year fo r w h ich the return is m ade, as ord in a ry gain o r loss. T rea su ry D ep a rtm en t C ircular N o . 418, R evised , and this n otice, prescrib e the term s o f the T r e a s u ry bills and g o v e rn the con d ition s o f their issue. C op ies o f the circu la r m a y be ob ta in ed fr o m a n y F ed era l R e serv e B a n k o r B ran ch. This Bank will receive tenders up to 1 :30 p.m., Eastern Daylight Saving time, Wednesday, July 1, 1959, at the Securities Department o f its H ead Office and at its Buffalo Branch. Please use the form on the reverse side of this circular to submit a tender, and return it in the enclosed blue envelope marked “ Tender for Treasury Bills— T a x Anticipation Series.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be sub mitted by telephone. Settlement for accepted tenders must be made in cash or other immediately available funds, except that any qualified depositary may make payment by credit in its Treasury T a x and Loan Account for Treasury bills allotted to it for itself and its customers, up to any amount for which it shall be qualified in excess o f existing deposits. A lfred H a y e s , President. ( over) No............... ............... TENDER FOR 258-DAY TREASURY BILLS TO BE DESIGNATED “ T A X ANTICIPATION SERIES” Dated July 8, 1959 To F ederal R eserve B a n k of Maturing March 22, 1960 N ew Y ork, Fiscal Agent o f the United States. Dated at ........................................................ ........................................... .. 1959 Pursuant to the provisions o f Treasury Department Circular N o. 418, Revised, and to the provisions of the public notice issued by the Treasury Department and printed on the reverse side o f this tender, the under signed hereby offers to purchase the above described Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated b e lo w : COMPETITIVE TENDER f Do not fill in both Competitive and 1 [_ Noncompetxtwe tenders on one form J NONCOMPETITIVE TENDER $ ............................................................ (maturity value), or any lesser amount that may be awarded. $ ....................................................;------ ( maturity value ). (Not to exceed $400fl00 for one bidder through all sources) P r i c e : .....................................per 100. (Price must be expressed with not more than three decimal places, for example, 99.925) A t the average price o f accepted competitive bids. Subject to allotment, payment for these bills will be made at your Bank on July 8, 1959, by cash or other immediately available funds or (in the case o f a qualified depositary) by credit in Treasury T a x and Loan Account. W e hereby agree not to buy or to sell, or to make any agreements with respect to the purchase or sale or other disposition of any bills of this issue, until after one-thirty o’clock p.m., Eastern Daylight Saving time, Wednesday, July 1, 1959. Nam e o f subscriber ................................................................................... Insert this tender in blue envelope marked “ T ender for Treasury Bills — Tax Anticipation Series” _ (P le a s e p rin t) By .................................................................................. B y ..................... (O ffic ia l s ig n a t u r e (s ) re q u ire d ) T i t l e ................................................................................ T itle ..................................... Address ............................................................................................................................. (B a n k s su b m ittin g tenders fo r cu stom er a cco u n t m u st in dicate nam e on line b e lo w , o r attach a list) ( N a m e o f cu s to m e r) (A d d ress) Successful bidders w ill receive a letter o f instructions form with their allotment notice to instruct us as to the disposition o f, and m eth od o f pa ym en t fo r, the bills allotted to th em .) (N o te . IN S T R U C T IO N S : 1. N o ten der fo r less than $1,000 w ill be con sid ered , and each ten der m u st be fo r an even m u ltiple o f $1,000 (m a tu rity v a lu e ). 2. O th ers than b a n k in g in stitu tions w ill n ot be perm itted to subm it ten ders e x cep t fo r their o w n a ccou n t. Banks su b m ittin g ten ders fo r cu stom er a ccou n t m a y con solid a te com p etitive ten ders at the sam e price and m ay con solid a te n o n co m p e titive tenders, p r ov id ed a list is attached sh ow in g the nam e o f each bidd er, the a m ou n t b id for his a ccou nt, and m eth od o f paym ent. F o r m s fo r this pu rpose w ill be furn ished on request. 3. I f the person m a k in g the ten der is a corp ora tion , the ten der sh ou ld be sign ed b y an officer o f the corp ora tio n authorized t o m ake the tender, and the sign in g o f the ten der b y an officer o f the corp ora tion w ill b e con stru ed as a represen tation b y him that he has been s o a uthorized. If the ten der is m ade b y a partnership, it sh ou ld be sign ed b y a m em b er o f the firm , w h o sh ou ld sign in the fo r m “ ................................................. ................... ............................ . a cop artn ersh ip, b y ................................................. .............................................................. . a m em b er o f the firm .” 4. T e n d e rs w ill b e receiv ed w ith ou t dep osit fr o m in corp ora ted banks and trust com p a n ies and fr o m resp o n sible and re co g n iz e d dealers in in vestm ent securities. T en d ers fr o m oth ers m u st b e a ccom p a n ied b y p a ym en t o f 2 p ercen t o f the fa ce a m ou n t o f T r e a s u ry bills applied fo r, unless the ten ders are a cco m p a n ie d b y an exp ress gu aranty o f pa ym en t b y an in corp ora ted b a n k o r trust com p a n y . 5. I f th e lan gu age o f this ten der is ch anged in a n y respect, w h ich , in the op in ion o f the S ecreta ry o f the T re a su ry , is m aterial, th e ten der m a y be disregarded. 1 F ed eral R eserve B a n k o f N e w Y o rk NOTICE OF ALLOTMENT OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES July 2, 1959. Y ou r □ com petitive □ U N IT E D noncompetitive tender fo r— STATES O F A M E R IC A 2 5 8 -D A Y TREASURY B IL L S — T A X A N T IC IP A T IO N S E R IE S D A T E D JU LY 8, 19 59, D U E M A R C H 2 2 , 1960 has been accepted at the price o f (per 1 00), in the amount of— $ (m aturity value) Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank o f New Y ork on or before J u ly 8, 1959. However, a qualified depositary may make settlement by credit to its Treasury Tax and Loan A ccount, provided the advice o f deposit on the enclosed letter o f instructions form is executed and returned immediately. I f settlement is to be made by check on a bank other than the Federal Reserve Bank o f New Y ork, such check should be received by us in time for collection on J u ly 8, 1959, otherwise it will be necessary fo r the bidder to pay fo r the securities allotted at the price com puted on the rate o f discount on such securities to the date o f collection. On the enclosed letter o f instructions form , please fill in instructions as to payment and dis position for the total amount o f Treasury bills o f this issue awarded to you, and return the letter immediately to our Government Bond Division. F ederal R eserve B a n k of N e w Y ork Fiscal A gen t o f the United States. Checked by PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION Y our □ com petitive □ U N IT E D 2 noncompetitive tender fo r— STATES O F A M E R IC A 2 5 8 -D A Y TREASURY B IL L S — T A X D A T E D JU LY 8, 1959, D U E M A R C H which has been accepted at the price o f A N T IC IP A T IO N S E R IE S 22, 1960 (per 1 00), in the amount o f— (m aturity value) P R IN C IP A L M ASTER M A T U R IT Y VALUE P R IN C IP A L D IS P O S IT IO N □ Over the Counter □ Safekeeping □ Ship □ Treasury Tax & Loan □ Allotment Transfer S P L IT D IS P O S IT IO N M ETH OD OF PAYM ENT □ Treas. T . & L. Acc. □ Reserve Account □ Check or Cash □ Delivery Teller □ Foreign Oper. Div. □ Form 12 ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT Y ou r □ competitive □ U N IT E D noncompetitive tender for— STATES O F A M E R IC A 2 5 8 -D A Y TREASURY B IL L S — T A X D A T E D JU LY 8, 19 59, D U E M A R C H which has been accepted at the price o f A N T IC IP A T IO N 22, 1960 (p er 100), in the amount o f— $ (m aturity value) S E R IE S ALLOTMENT NOTICE FOR SECURITY FILES Y ou r □ competitive □ U N IT E D noncompetitive tender fo r— STATES O F A M E R IC A 2 5 8 -D A Y TREASURY B IL L S — T A X D A T E D JU LY 8, 1959, D U E M A R C H which has been accepted at the price o f A N T IC IP A T IO N 22, 1960 (p er 100), in the amount o f— $ (m aturity value) S E R IE S (This letter of instructions, accompanied by attached duplicate copy, should be filled in for the to ta l a m ou n t of Treasury bills of this issue awarded and returned to Federal Reserve Bank of New York) LETTER OF INSTRUCTIONS T o F ederal R eserve B a n k o f N e w Y ork, Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y. Attention: Government Bond Division— 2nd Floor Dated at ....................................................... ................................................................ 1959 On our competitive and noncompetitive tenders for— U N IT E D S T A T E S O F A M E R IC A 2 5 8 -D A Y DATED TREASURY B IL L S — T A X JU L Y 8, 1 9 5 9 , D U E M A R C H A N T IC IP A T IO N S E R IE S 22, 1960 accepted in the aggregate amount of— $ (maturity value) Please issue and make delivery o f the bills as instructed below : Pieces Denomination $ P lease Do N ot Use T his Space Maturity Value 1,000 5,000 10,000 100,000 500,000 1,000,000 T ota ls— □ 1. Deliver over the counter to the undersigned Payment will be made as follow s: □ 2. Ship to the undersigned □ B y charge to our reserve account □ 3. H old in safekeeping (fo r account of member bank only) □ B y cash or other immediately available funds □ By credit to Treasury Tax and Loan Account on our books as indicated on the attached Advice of Deposit □ 4. Hold as collateral fo r Treasury Tax and Loan Account □ 5. Special instructions: (No changes in delivery instructions will be accepted) T h e u n d e r s ig n e d ( i f a b a n k o r tru st c o m p a n y ) h e r e b y c e r tifie s th a t th e T r e a s u r y b ills w h ic h y o u a r e h e r e b y in s tr u c te d to d is p o s e __________ _ o f in th e m a n n e r in d ic a t e d in ite m n u m b e r e d 3 o r 4 a b o v e a r e o w n e d s o le ly b y th e u n d e r s ig n e d . This letter of instructions must be signed officially in the space provided and returned immediately to Submitted b y .................................................... (pi'easVpVint) Cr ................................................................ By ................ (A u th o rize d sig n a tu re(s) required) Title ...................................................................... Title ................ Federal Reserve Bank of New York, Fiscal Agent of the United States. A dd ress................................................................................................ Safekeeping Division Government Bond Division DELIVERY RECEIPT Received from Federal Reserve Bank o f New York, Fiscal Agent o f the United States, the above described securities allotted in the amount indicated above. D ate. By. Subscriber. W T If payment is to be made by credit to Treasury Tax and Loan Account, an advice of the deposit should be furnished this Bank on the form below. Advice of Deposit in Treasury Tax and Loan Account To Federal Reserve Bank o f New York Government Bond Division W e will deposit on July 8, 1959, $...............£ £ £ " * 7",*............t0 the Credit ° f the Federal Reserve Bank of New York, Fiscal Agent o f the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on demand in payment for $ (maturity value) Treasury Bills, Tax Anticipation Series, dated July 8, 1959, due March 22, 1960. (N a m e o f depositary) Address (C it y and State) (DUPLICATE FOR USE OF FEDERAL RESERVE BANK OF NEW YORK) LETTER OF INSTRUCTIONS To F e d e r a l R eserve B a n k o f N ew Y o rk , F iscal A gent o f the United States, Federal Reserve P. 0 . Station, New Y ork 45, N. Y . A tten tion: Government Bond Division— 2nd F loor Dated at ......................................................... ................................................................... 1959 On our competitive and noncompetitive tenders for— U N IT E D STATES O F A M E R IC A DATED 2 5 8 -D A Y TREASU RY JU LY 8, 1959, DU E B IL L S — T A X M ARCH A N T IC IP A T IO N S E R IE S 22, 1960 accepted in the aggregate amount of— $ (m aturity value) Please issue and make delivery o f the bills as instructed below : Pieces Denomination $ Maturity Value P lease Do N ot U se T h is S pace 1,000 5,000 10,000 100,000 500,000 1,000,000 Totals— □ 1. Deliver over the counter to the undersigned Payment will be made as fo llo w s: □ 2. Ship to the undersigned □ B y charge to our reserve account □ 3. H old in safekeeping (fo r account o f member bank only) □ B y cash or other immediately available funds □ □ 4. H old as collateral fo r Treasury Tax and Loan Account □ 5. Special instructions: B y credit to Treasury Tax and Loan Account on our books as indicated on the attached A dvice of Deposit (No changes in delivery instructions will be accepted) T h e u n d e r s ig n e d ( i f a b a n k o r t ru s t c o m p a n y ) h e r e b y c e r t ifie s th a t th e T r e a s u r y b il l s w h ic h y o u a r e h e r e b y in s t r u c t e d t o d is p o s e o f in th e m a n n e r i n d i c a t e d in it e m n u m b e r e d 3 o r 4 a b o v e a r e o w n e d s o l e l y b y th e u n d e r s ig n e d . This letter of instructions must be signed officially in the space provided and re turned immediately to Submitted by (P le a s e p rin t) By ............... By (A u th o r iz e d s ig n a tu r e (s ) requ ired) Title ......................................................................... Title ................. Federal Reserve Bank o f New York, Fiscal Agent o f the United States. Address (S p a c e s b e lo w a re f o r th e u s e o f F e d e ra l R e se rv e B a n k o f N ew Y o r k ) Safekeeping Division Government Bond Division D E LIV E R Y RECEIPT Received from Federal Reserve Bank o f New York, Fiscal Agent o f the United States, the above described securities allotted in the amonnt indicated above. Date Subscriber
@FedFRASER