The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R E S E R V E BA N K O F N EW YORK Fiscal Agent of the United States r Circular No. 4 7 8 5 1 L October 1, 1959 J T R E A SU R Y FINANCING To A ll Banking Institutions, and Others Concerned, in the Second Federal E eserve D istrict: The follow in g statement was made public tod a y: The Treasury Department announced today that it is offering fo r cash subscription, $2 billion, or thereabouts, o f 5 percent 4-year 10-month Treasury Notes o f Series B-1964, at par, to be dated October 15, 1959, and to mature A ugust 15, 1964. In addition to the amount offered fo r public subscription, the Secretary o f the Treasury may allocate up to $100,000,000 o f these notes to Government Investment Accounts. $2 billion, or thereabouts, o f 245-day Treasury bills, Tax A nticipation Series, to be dated October 21, 1959, and to mature June 22, 1960. The subscription books will be open for the Treasury notes only on Tuesday, October 6, 1959. The Treasury bills will be sold at auction on W ednesday, October 14, 1959. Treasury notes Subscriptions to the notes from com mercial banks, fo r their own account, and from States, political subdivisions or instrumentalities thereof, and public pension and retirement and other public funds will be received without deposit, but subscriptions from commercial banks fo r their own account w ill be restricted to 50 percent o f the combined capital, surplus and undivided profits o f the subscrib ing bank. Subscriptions from all others must be accompanied by payment o f 10 percent o f the amount o f notes applied for, not subject to withdrawal until after allotment. In order to encourage wide distribution o f the 5 percent notes, subscriptions up to a maximum o f $25,000, if they are accompanied by 100 percent payment at the time the subscriptions are entered, will be allotted in fu ll to all subscribers. A n y subscriptions fo r the notes addressed to a Federal Reserve Bank or Branch, or to the Treasurer o f the United States, and placed in the mail before midnight, October 6, 1959, w ill be con sidered as timely. Commercial banks and other lenders are requested to refrain from making unsecured loans, or loans collateralized in whole or in part by the notes subscribed for, to cover the deposits required to be paid when subscriptions are entered, and banks will be required to make the usual certification to that effect. Treasury bills Tenders fo r the 245-day Treasury bills w ill be received at the Federal Reserve Banks and Branches up to the closing hour, 2 o ’clock p.m., Eastern D aylight Saving time, on Wednesday, October 14, 1959. The bills will mature June 22, 1960, but w ill be acceptable at par in payment o f income and profits taxes due June 15, 1960. F u ll details regarding the offering o f the Treasury bills will be released fo r m orning newspapers, W ednesday, October 7. B oth issues A ll subscribers to both issues are required to agree not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition o f the securities subscribed fo r under this offering, until after midnight, O ctober 6, in the case o f the notes, and until after the closing hour fo r tenders on October 14, in the ease o f the bills. The new issues may be paid fo r by credit in Treasury Tax and Loan Accounts. Circulars and subscription form s fo r the note offering w ill be m ailed to reach you by M onday, O ctober 5. A lfred H ayes, P resident.
@FedFRASER