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FEDERAL RESERVE BANK O F N EW YORK Fiscal Agent of the United States r C ircu lar N o . 4 9 0 7 1 June 3 0 , 1960 J L Offering of $3,500,000,000 of 252-Day Tax Anticipation Treasury Bills Dated July 13, 1960, Maturing March 22, 1961 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: Following is the text of a notice issued by the Treasury Department, released for publication today: The Treasury Department, by this public notice, invites tenders for $3,500,000,000, o r thereabouts, o f 252-day Treasury bills, to be issued on a discount basis under competitive and non competitive bidding as hereinafter provided. The bills o f this series will be designated T ax Anticipation Series, they will be dated July 13, 1960, and they will mature March 22, 1961. They will be accepted at face value in payment of income and profits taxes due on March 15, 1961, and to the extent they are not presented 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 o f March 15, 1961, income and profits taxes have the privilege of surrendering them to any Federal Reserve Bank or Branch or to the Office o f the Treasurer of the United States, Washington, not more than fifteen days before March 15, 1961, and receiving receipts therefor showing the face amount o f the bills so surrendered. These receipts may be submitted in lieu of the bills on or before March 15, 1961, to the District Director of Internal Revenue for the D istrict 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, $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 o’clock p.m., Eastern Daylight Saving time, Wednesday, July 6, 1960. 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 o f competi tive tenders the price offered must be expressed 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. Others than banking institutions w ill not be permitted to submit tenders except for their own account. Tenders w ill be received w ithout deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accom panied by payment o f 2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty o f payment by an incorporated bank or trust company. A ll bidders 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 any bills o f this issue, until after one-thirty o’clock p.m., Eastern Daylight Saving time, Wednesday, July 6, 1960. Imm ediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, follow in g which public announcement w ill be made by the Treasury Department o f the amount and price range o f accepted bids. T h ose sub mitting tenders will be advised o f the acceptance or rejection thereof. T h e 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 reservations, noncompetitive tenders for $500,000 or less without stated price from any one bidder w ill be accepted in full at the average price (in three decimals) o f accepted com petitive bids. Paym ent o f accepted tenders at the prices offered must be made or com pleted at the Federal Reserve Bank in cash or other immediately available funds on July 13, 1960, provided, however, any qualified depositary w ill be permitted . to make payment b y credit in its Treasury T a x and Loan A ccou n t for Treasury bills allotted to it for itself and its cus tomers up to any am ount for which it shall be qualified in excess o f existing deposits when so notified by the Federal Reserve Bank o f its District. The incom e derived from Treasury bills, whether interest or gain from the sale or other disposition o f the bills, does not have any exemption, as such, and loss from the sale or other disposition o f Treasury bills does not have any special treat ment, as such, under the Internal Revenue Code o f 1954. The bills are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exem pt from all taxa tion now or hereafter im posed on the principal or interest thereof by any State, or any o f the possessions o f the United States, or by any local taxing authority. F or purposes o f taxation the amount o f discount at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections 454(b) and 1221(5) o f the Internal Revenue Code o f 1954 the amount o f 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. A ccordin gly, the ow ner o f Treasury bills (other than life insurance com panies) issued hereunder need include in his incom e 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 Departm ent Circular No. 418, Revised, and this notice, prescribe the terms o f the Treasury bills and govern the conditions o f their issue. Copies o f the circular may be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders up to 1 :30 p.m., Eastern Daylight Saving time, Wednesday, July 6, 1960, at the Securities Department o f its Head 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 of existing deposits. A l f r e d H a y e s , President. ( ovee ) No.............................. T E N D E R F O R 2 5 2 -D A Y T R E A S U R Y B IL L S T O R E D E SIG N A TE D “ T A X A N T IC IP A T IO N SERIES” D a te d July 1 3 , 1 9 6 0 , M a tu rin g M a rc h 2 2 , 1 96 1 To Dated at ........................................................ F ederal R eserve B a n k o f N e w Y o rk , Fiscal A gent o f the United States. .............................................................. . 1960 Pursuant to the provisions o f Treasury Department Circular No. 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 elow : C O M P E T IT IV E T E N D E R [ j D o not fill in both Competitive and "1 Noncompetitive tenders on one form J ............................ ........ (maturity value), or any lesser amount that may be awarded. P r i c e : ......... .. per 100. (P rice must be expressed with, not more than three decimal places, for example, 99.925) N O N C O M PE TITIV E TE N D E R $ ................. .......................................... (maturity value). (Not to exceed $500,000 for one bidder through all sources) 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 13, 1960, by cash or other immediately available funds or (in the case of a qualified depositary) by credit in Treasury T a x and Loan Account. We herebyQffreenotto,buyortosell,ortomake any agreements with respect to thepurchase or sale otherdispositionofanykillsofthisissue,untilafterone-thirtyo’clockp.m.,EasternDaylightSaving time, Wednesday,July6,1960. or Insert this tender in blue envelope marked **'Tender for Treasury Bills— Tax Anticipation Series’ Name o f subscriber .............................................................. (Please print) By ...................................................................... .B y ......................... (Official signature (s) required) Title ......................... .............................................. T itle Address ............... ..................................................... ..........................................., .......... (Banks submitting tenders for custom er account must indicate name on line below, or attach a list) (N am e of customer) (A d d r e s s ) ( N o t e . Successful bidders will receive a letter o f instructions form with their allotment notice to instruct us as to the disposition of, and method o f payment for, the bills allotted to them.) IN S T R U C T IO N S : 1. N o tender for less than $1,000 will be considered, and each tender must be for an even multiple o f $1,000 (maturity value). 2. Others than banking institutions w ill not be permitted to submit tenders except for their own account. Banks submitting tenders for custom er account may consolidate competitive tenders at the same price and may consolidate noncom petitive tenders, provided a list is, attached show ing the name o f each bidder, the amount bid for his account, and m ethod o f payment. F orm s for this purpose w ill be furnished on request. 3. If the persqn making the tender is a corporation, the tender should be signed by an officer o f the corporation authorized to make the tender, and the signing o f the tender by an officer o f the corporation w ill be construed as a representation b y him that he has been so authorized. I f the tender is made b y a partnership, it should be signed by a mem ber o f the firm, w ho should sign in the form M..................................... ........................ ............................ . a copartnership, by ................. ...................................................................................... a m em ber o f the firm.” 4. Tenders w ill he received without deposit from incorporated banks and trust companies and from respon sible and recognized dealers in investment securities. T en ders from others must be accom panied by payment o f 2 percent o f the face amount o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. 5. If the language o f this tender is changed in any respect, which, in the opinion o f the Secretary o f the Treasury, is material, the tender may be disregarded. Federal Reserve Bank of N ew York Securities Department ( 9th Floor) 33 Liberty Street TENDER FOR TREASURY BILLS t a x a n t i c i p a t i o n s e r ie s (D O N O T U SB T H IS E N V E L O P E F O R O T H E R P U R P O S E S ) New York 45, N. Y. ( T * . ^e^ er ° f instructions, accompanied by attached duplicate copy, should be filled in for the total amount o f Treasury bills o f this issue awarded, and returned to Federal Reserve Bank o f New Y ork) LETTER OF INSTRUCTIONS To F e d e r a l R e s e rv e B a n k o f N e w Y o r k , Fiscal Agent o f the United States, Federal Reserve P. 0 . Station, New York 45, N. Y. A ttention: Government Bond Division— 2nd Floor Dated a t ........... .1960 On our competitive and noncompetitive tenders for— U N IT E D S T A T E S O F A M E R I C A 2 5 2 - D A Y T R E A S U R Y B IL L S — T A X A N T I C I P A T I O N D A T E D J U L Y 1 3 , 1 9 6 0 , D U E M A R C H 2 2 , 1961 S E R IE S accepted in the aggregate amount of- $ (maturity value) Please issue and make delivery of the bills as instructed below PieceB Denomination $ Maturity Value 1,000 P l e a se D o N ot U se T h is S pa ce ---------- 5,000 10,000 100,000 500,000 1,000,000 Totals— □ □ □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. Hold in safekeeping (fo r account of member bank only) □ 4. Hold as collateral for Treasury Tax and Loan Account Q 5. Special instructions: Payment will be made as follow s: □ B y charge to our reserve account □ B y cash or other immediately available funds □ B y credit to Treasury Tax and Loan Account on our books as indicated on the attached Advice 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 tru st 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 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 item 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 o f instructions must be signed [icially in the space provided and re turned immediately to Federal Reserve Bank o f New York, Fiscal Agent o f the United States. Submitted by (P le a s e p r in t) By ....................... B y ......... (A u th o r iz e d s i g n a t u r e (s ) r e q u ir e d ) Title Title Address .................................................................................................................. (S p a c e s b e lo w a r e fo r th e use o f F ed era l R eserv e B an k o f N ew Y o r k ) to W j : Trea. Safekeeping Division Government Bond Division 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 a te .................... Subscriber. ....................................................................... B y .......................................................................................... * If payment is to be made by credit to Treasury Tax and Loan Account, an advice o f the deposit should be furnished this Bank on the form below. Advice o f Deposit in Treasury Tax and Loan Account ITo Federal Reserve Bank of New York Government Bond Division W e will deposit on July 13, 1960, $ (purchase price) to the credit of the Federal ;erve Bank of New York, Fiscal Agent o f the United States, in the Treasury Tax and Loan Account, to be held subject (maturity value) 252-day Tax Anticipation n-ithdrawal on demand in payment for $ sury bills dated July 13, 1960, due March 22, 1961. 1 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 (N a m e o f d e p o s ita r y ) Address (C ity a n d S ta te ) (This letter o f instructions, accompanied by attached duplicate copy, should be filled in for the total amount o f Treasury bills o f this issue awarded, and returned to Federal Reserve Bank o f New York) LETTER OF INSTRUCTIONS To F e d e r a l R eserv e B a n k op N ew Y o rk , Fiscal Agent o f the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . Attention: Government Bond Division— 2nd Floor Dated a t ....................................................... ................................................................ 1960 On our competitive and noncompetitive tenders for— U N IT E D S T A T E S O F A M E R I C A 2 5 2 - D A Y T R E A S U R Y B IL L S — T A X A N T I C I P A T I O N D A T E D J U L Y 1 3 , 1 9 6 0 , D U E M A R C H 2 2 , 19 61 S E R IE S accepted in the aggregate amount of(maturity value) Please issue and make delivery of the bills as instructed below Pieces Denomination $ Maturity Value P le a s e Do N o t U se T h is Space 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 5 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 ... T o t a ls — □ □ □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. H old in safekeeping (fo r account of member bank only) □ 4. Hold as collateral for Treasury Tax and Loan Account □ 5. Special instructions: Payment will be made as follow s: □ B y charge to our reserve account □ B y cash or other immediately available funds □ B y credit to Treasury Tax and Loan Account on our books as indicated on the attached Advice of Deposit (N o 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 *t c o m p a n y ) h e r e b y c e r tifie s that 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 remmediately to '"o F Federal Reserve Bank o f New York, Fiscal Agent o f the United States. Submitted by ( P le a s e p r i n t ) By By ................... (A u th o riz e d s ig n a tu r e (s ) r e q u ir e d ) .......................... Title ............... Title ............. Address (S p a c e s b e lo w a r e f o r th e use o f F ed era l R eserv e B an k o f N ew Y o r k ) Safekeeping Division Government Bond Division D E L IV 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 amount indicated above. D ate................................... B y. Subscriber. 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 o f Deposit in Treasury Tax and Loan Account x0 fe d e ra l Reserve Bank o f New York Government Bond Division We will deposit on July 13, 1960, $ (purchase price) to the credit of the Federal I Reserve Bank o f New York, Fiscal Agent of the United States, in the Treasury Tax and Loan Account, to be held subject to withdrawal on demand in payment for $ (maturity value) 252-day Tax Anticipation Treasury bills dated July 13, 1960, due March 22, 1961. (N a m e o f d e p o s ita ry ) Address (C ity a n d S ta te ) (D U P L IC A T E F O R U SE OF F E D E R A L R E S E R V E B A N K O F N E W Y O R K ) LETTER OF INSTRUCTIONS To F e d e ra l R eserve B a n k o f N ew Y ork , F isca l A g e n t o f the U n ited States, F ed era l R eserve P . O. Station, N ew Y o rk 45, N. Y . A tte n tio n : G overnm ent B o n d D ivision — 2 n d F lo o r D ated a t ............................................................. ........................................................................1960 On ou r com petitive and n oncom petitive tenders fo r — U N ITE D S T A T E S OF A M E R IC A 2 5 2 -D A Y T R E A S U R Y BILLS— T A X A N T IC IP A T IO N SERIES D A T E D JULY 13, 1960, D UE M A R C H 22, 1961 accep ted in the aggregate am ount o f(m a tu rity valu e) P lease issue and make delivery o f the bills as in stru cted below Pieces Denomination $ M aturity Value P lease D o N ot U se T h is S pace 1,000 5,000 10,000 100,000 500,000 1,000,000 T otals— □ 1. D eliv er over the cou nter to the undersigned □ □ □ 2. S h ip to the undersigned 3. H o ld in safekeeping ( f o r account o f m em ber bank o n ly ) 4. H o ld as collateral fo r T reasu ry T a x and L oan A cco u n t □ 5. P aym en t w ill be m ade as fo llo w s : S pecial in stru ction s: □ B y charge to ou r reserve account □ B y cash or other im m ediately available fu n ds □ B y cred it to T reasu ry T ax and L oan A cco u n t on o u r books as in dicated on A d v ice o f D ep osit attached to the original co p y o f this letter (N o changes in d eliv ery in stru ctions w ill be a ccep ted ) The undersigned ( i f a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item numbered 3 or 4 above are owned solely by the undersigned. This letter of instructions must be signed officially in the space provided and re turned immediately to Federal Reserve Bank of New York, F iscal A gent o f the United States. Submitted by (P le a se p rin t) By By (A u th o r iz e d s ig n a tu r e (s ) req u ired ) Title Address ........................... T itle .............. ...................................................................................................................... (Spaces below are fop the use of Federal Reserve Bank of New York) Government B ond Division Safekeeping Division Paym ent received ...................................................................................................................................................... D E L IV E R Y R E C E IP T Received from Federal Reserve Bank o f New Y ork, Fiscal A gent o f the United States, the above described securities allotted in the amount indicated above. Date. S u b s c r ib e r . By . (D U P L IC A T E F O R USE OF F E D E R A L R E S E R V E B A N K O F N E W Y O R K ) LETTER OF INSTRUCTIONS To F e d e ra l R eserve B a n k o f N ew Y ork , F isca l A g e n t o f the U n ited States, F ed era l R eserve P . O. Station, N ew Y o r k 45, N. Y . A tte n tio n : G overn m en t B o n d D ivision — 2nd F lo o r D ated a t ............................................................. ........................................................................ 1960 On ou r com petitive and n oncom petitive tenders fo r — U N ITE D S T A T E S OF A M E R IC A 2 5 2 -D A Y T R E A SU R Y BILLS— T A X A N T IC IP A T IO N SERIES D A T E D JULY 13, I 9 6 0 , D U E M A R C H 22 , 1961 a ccep ted in the aggregate am ount o f— $ (m a tu rity valu e) P lease issue and make d elivery o f the bills as in stru cted b e lo w : Pieces Denomination $ M aturity Value P lease D o N ot U se T h is S pace 1,000 5,000 10,000 100,000 500,000 1,000,000 || T otals— □ 1. □ □ □ 2. Ship to the undersigned 3. H o ld in safekeepin g ( f o r accou nt o f m em ber bank o n ly ) 4. H o ld as collateral fo r T reasu ry T a x and L oan A cco u n t D eliver over the cou nter to the undersigned □ 5. P aym en t w ill be m ade as fo llo w s: S p ecia l in stru ction s: □ B y charge to ou r reserve account □ B y cash or other im m ediately available fu n d s Q B y cred it to T reasu ry T ax and L oan A cco u n t on o u r books as in dicated on A d v ice o f D eposit attached to the original co p y o f this letter (N o changes in d eliv ery in stru ctions w ill be a ccep ted ) The undersigned ( i f a bank or trust company) hereby certifies that the Treasury bills which you are hereby instructed to dispose o f in the manner indicated in item numbered 3 or 4 above are owned solely by the undersigned. This letter o f instructions must be signed •i i j officially in the space provided and re- Submitted by ................................................. ......................................... ( Please print) ^ turned immediately to (Authorized signature(s) required) Federal Reserve Bank of New York, Fiscal A gen t o f the United States. Title .............................................................................. Address Title ...................................................................................... (Spaces below are for the use of Federal Reserve Bank of New York) Safekeeping Division Government B ond Division P aym ent Checked r e c e i v e d ................................ . Delivered Deliver against paym ent o f $. D E L IV E R Y R E C E IP T Received from Federal Reserve Bank o f New York, Fiscal A gen t o f the United States, the above described securities allotted in the amount indicated above. D a t e ................................................... S u b s c r i b e r ........................................................................................................................ B y ....................................................................................................................................
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