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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States I" Circular N o. 5 3 4 3 1 L June 7, 1963 J CASH OFFERING 4 Percent Treasury Bonds of 1970 To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The subscription books will be open on June 11 for a cash offering, at par, of 4 percent Treasury Bonds of 1970, dated June 20, 1963, maturing August 15, 1970. The terms of the offering are set forth in Treasury Department Circular No. 12-63, Public Debt Series, a copy of which is printed on the following pages. Subject to the conditions set forth in Paragraph 5 of Section III of that circular, subscriptions for amounts up to and including $100,000 will be allotted in full, and subscriptions for amounts over $100,000 will be allotted on a percentage basis, but not less than $100,000 on any one subscription. All subscribers 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 of any bonds of this issue, until after midnight, June 11, 1963. A commercial bank submitting a subscription direct to the Federal Reserve Bank of its District may, if it is a qualified depositary, pay by credit in its Treasury Tax and Loan Account for bonds allotted on such subscription; however, a commercial bank submitting a subscription through a correspondent bank may not pay by credit in its Tax and Loan Account for bonds allotted on the subscription of the correspondent bank. Subscriptions will be received by this Bank as fiscal agent of the United States. Subscriptions should be made on official subscription forms, copies of which are enclosed, and should be mailed immediately. If filed by telegram or letter, subscriptions should be confirmed immediately by mail on the forms provided. The subscription books will remain open for one day only, Tuesday, June 11. Any subscription addressed to a Federal Reserve Bank or Branch or to the Treasury Department and placed in the mail before midnight, June 11, will be considered timely. A lfred H ayes, President. UNITED STATES OF AMERICA 4 PERCENT TREASURY BONDS OF 1970 Dated and bearing interest from June 20, 1963 Due August 15, 1970 Interest payable February 15 and August 15 TREASURY DEPARTM ENT, DEPARTM ENT C IR C U L A R O ffic e Public Debt Series— No. 12-63 I. OFFERING OF BONDS 1. The Secretary o f the Treasury, pursuant to the authority of the Second Liberty Bond A ct, as amended, invites subscriptions, at par and accrued interest, from the people of the United States fo r bonds of the United States, designated 4 percent Treasury Bonds o f 1970. The amount of the offering under this circular is $1,250,000,000, or thereabouts. In addition to the amount offered fo r public subscription, the Secretary o f the Treasury reserves the right to allot up to $50,000,000 of these bonds to Government Investment Accounts. The books will be open only on June 11, 1963, fo r the receipt of subscriptions fo r this issue. II. DESCRIPTION OF BONDS 1. The bonds will be dated June 20, 1963, and will bear interest from that date at the rate of 4 percent per annum, payable on a semiannual basis on Febru ary 15 and A ugust 15, 1964, and thereafter on February 15 and A ugust 15 in each year until the principal amount becomes payable. They will mature A ugust 15, 1970, and wTill not be subject to call for redemption prior to maturity. 2. The income derived from the bonds is subject to all taxes imposed under the Internal Revenue Code o f 1954. The bonds are subject to estate, inheritance, g ift 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 o f the United States, or by any local taxing authority. 3. The bonds will be acceptable to secure deposits o f public moneys. They will not be acceptable in p ay ment o f taxes. 4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest, will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be made fo r the interchange of bonds of different de nominations and o f coupon and registered bonds, and fo r the transfer o f registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. 5. The bonds will be subject to the general regula tions of the Treasury Department, now or hereafter prescribed, governing United States bonds. o f th e S ecreta ry , W ashington, June 7, 1963. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office o f the Treasurer o f the United States, W ashington 25, D. C. Only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Commercial banks, which fo r this purpose are defined as banks accepting demand deposits, may submit sub scriptions fo r account of customers provided the names o f the customers are set forth in such subscriptions. Others than commercial banks will not be permitted to enter subscriptions except fo r their own account. Subscriptions from commercial banks fo r their own account will be restricted in each case to an amount not exceeding 10 percent o f the combined amount of time and savings deposits, including time certificates o f deposit, or 25 percent o f the combined capital, surplus and undivided profits of the subscribing bank, whichever is greater. Subscriptions W’ill be received without deposit from banking institutions fo r their own account, Federally-insured savings and loan asso ciations, States, political subdivisions or instrumentali ties thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, and dealers who make prim ary markets in Government securities and report daily to the Federal Reserve Bank o f New Y ork their positions with respect to Government securities and borrowings thereon. Subscriptions from all others must be ac com panied by payment o f 10 percent of the amount of bonds applied for, not subject to withdrawal until after allotment. Follow ing allotment, any portion of the 10 percent payment in excess o f 10 percent of the amount o f bonds allotted may be released upon the request of the subscribers. 2. A ll subscribers requesting registered bonds will be required to furnish appropriate identifying num bers as required on tax returns and other documents submitted to the Internal Revenue Service, i.e., an individu al’s social security number or an employer identification number. 3. A ll subscribers 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 of any bonds o f this issue, until after midnight June 11, 1963. 4. Commercial banks in submitting subscriptions will be required to certify that they have no beneficial interest in any of the subscriptions they enter fo r the account o f their customers, and that their customers have no beneficial interest in the banks’ subscriptions for their own account. 5. The Secretary of the Treasury reserves the right to reject or reduce any subscription, to allot less than the amount of bonds applied for, and to make differ ent percentage allotments to various classes o f sub scribers ; and any action he may take in these respects shall be final. Subject to these reservations, subscrip tions for amounts up to and including $100,000 will be allotted in full, and subscriptions fo r amounts over $100,000 will be allotted on a percentage basis, but not less than $100,000 on any one subscription. The basis o f the allotment will be publicly announced, and allotment notices will be sent out prom ptly upon allotment. case payment will be deemed to have been completed. In every ease where payment is not so completed, the payment with application up to 10 percent of the amount of bonds allotted shall, upon declaration made by the Secretary o f the Treasury in his discretion, be forfeited to the United States. A n y qualified de positary will be permitted to make paym ent by credit in its Treasury Tax and Loan A ccount for bonds allotted to it fo r itself and its customers up to any amount for which it shall be qualified in excess o f existing deposits, when so notified by the Federal Reserve Bank o f its District. V. GENERAL PROVISIONS 1. A s fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks o f the respec tive Districts, to issue allotment notices, to receive IV. PAYMENT payment fo r bonds allotted, to make delivery o f bonds 1. Payment at par and accrued interest, if any, on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive for bonds allotted hereunder must be made or com bonds. pleted on or before June 20, 1963, or on later allot ment. Payment will not be deemed to have been 2. The Secretary of the Treasury may at any time, completed where registered bonds are requested if or from time to time, prescribe supplemental or the appropriate identifying number, as required by amendator}" rules and regulations governing the offer Paragraph 2 of Section III hereof, has not been fu r ing, which will be communicated prom ptly to the nished ; provided, however, if a subscriber has applied Federal Reserve Banks. for but is unable to furnish the identifying number by the payment date only because it has not been DOUGLAS DILLON, issued, he may elect to receive, pending the furnishing o f the identifying number, interim receipts and in this Secretary of the Treasury. Subscription No. Subscriber's Reference No. CASH SUBSCRIPTION For United States of America 4 Percent Treasury Bonds of 1970 Dated June 20, 1963, Due August 15, 1970 IM P O R T A N T IN ST R U C T IO N S A llo tm e n t s . S u b scrip tio n s f o r a m ou n ts up to a nd in clu d in g $ 1 0 0 ,0 0 0 w iil b e a llo tte d in fu ll, a nd su b scrip tio n s f o r a m ou nts o v e r $ 1 0 0 ,0 0 0 w ill b e a llo tte d on a p e r ce n ta g e b a sis, b u t n o t less than $ 1 0 0 ,0 0 0 on a n y on e s u b s crip tio n . P a y m e n t. P a y m e n t at p a r f o r the b o n d s to b e a llo tte d h e r e u n d e r m ust b e m a d e on or b e fo r e June 2 0 , 1 9 6 3 . A q u a lifie d d e p o s ita r y w ill b e p e r m itte d to m a k e p a y m en t b y c r e d it in its T r e a s u r y T a x a n d L oa n A c c o u n t . D e p o s it. S u b scrip tio n s fr o m b a n k in g in stitu tion s a n d oth ers as s p e cifie d in S e ctio n 111 o f T r e a s u ry D ep a rtm en t C ircu la r N o. 1 2 -6 3 , P u b lic D e b t S e ries, w ill b e r e c e iv e d w ith ou t d e p o s it. S u b sc rip tio n s fr o m all oth ers m ust b e a c co m p a n ie d b y p a y m e n t o f 1 0 % o f th e a m o u n t o f b o n d s a p p lie d fo r , e x c e p t that co m m e rcia l b a n k s s u b s crib in g f o r a cco u n t o f cu stom ers are u rg e d to re ta in th eir c u s t o m e r s ’ d e p o s its until a ft e r a llotm en t. C h eck s a cco m p a n y in g the su b s crip tio n s sh ou ld b e m a d e p a y a b le to the o rd e r o f F e d e ra l R e s e r v e B an k o f N ew Y o r k , F isca l A g e n t o f the U n ited States. S u b scrip tio n a m ou n ts. A m o u n t o f b o n d s a p p lie d f o r m u st b e in m u ltip les o f $ 5 0 0 . The subscription books will be open only on June 11 for the receipt of subscriptions. F ederal R eserve B a n k op N ew Y Dated at or k , Fiscal A gent o f tlie United States, New Y ork 45, N. Y . .1963 A ttention: Securities Department— 9th F loor G entlem en : Pursuant to the provisions of Treasury Department Circular No. 12-63, Public Debt Series, dated June 7, 1963, the undersigned hereby subscribes at par fo r United States o f A m erica 4 percent Treasury Bonds o f 1970, as follow s: F or own a c c o u n t ................................................................................................................ F or our customers, as shown on reverse side (fo r use o f commercial banks*) Total subscription. * (U s e s e p a ra te su b s crip tio n fo rm s f o r cu stom ers w h o s e su b s crip tio n s a re f o r o v e r $ 1 0 0 ,0 0 0 an d f o r cu stom ers w h o s e s u b s crip tio n s are f o r $ 1 0 0 ,0 0 0 or le s s .) The undersigned subscriber is, or is subscribing fo r account of, a savings-type investor, as follow s (a commercial bank, when listing its savings-type investor customers on reverse side, should indicate the kinds o f investors by the letters used below) : □ □ □ □ □ Pension and retirement funds— public and private B. Endowm ent funds (where principal ordinarily is not expendable) C. Insurance companies D. Mutual savings banks E . Fraternal benefit associations and labor u n ions’ insurance funds A. □ □ □ □ □ F. Savings and loan associations G. Credit unions H. Other savings organizations, not including com mercial banks (state typ e) I. States, political subdivisions or instrumentalities thereof, and public funds J. Common trust funds under Regulation 9 o f the Com ptroller of the Currency ( I f a commercial bank is subscribing for its own account or for account o f customers, the following certifications are made a part o f thig subscription) W e H e r e b y C e r t i f y that we have received applications from our customers in the amounts set opposite the customers’ names on the list which is made a part o f this subscription ; that there has been paid to us by each such customer as required by the official offering circular, not subject to withdrawal until after allotment, not less than 10 percent o f the amount applied f o r ; that we have not made unsecured loans, or loans collateralized in whole or in part by the securities applied for, to supply the amounts o f such payments to any of such custom ers; that we have no beneficial interest in the applications of such customers, and that none of our customers has any beneficial interest in the amount subscribed fo r our own account. W e F u r t h e r C e r t i f y that all subscribers fo r whom subscriptions are hereby entered have agreed not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition o f any bonds o f this issue, until after midnight, June 11, 1963. W e F u r t h e r C e r t i f y that the subscription fo r our own account does not exceed 10 percent o f the combined amount o f our time and savings deposits, including time certificates of deposit, or 25 percent of our combined capital, surplus and undivided profits, whichever is greater. W e F u r t h e r C e r t i f y that applications received by us, if any, from other commercial banks fo r their own account and fo r the account o f their customers have been entered with us under the same conditions, agreements, and certifications as set forth in this subscription form . The undersigned agrees not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition o f any bonds of this issue, until after midnight, June 11, 1963. TO S U B S C R IB E R : (F ill in all required spaces before signing) Mark ( X ) in proper space to indicate if this is: Original subscription (Name of subscriber— Please print or typewrite) .................... □ Confirmation o f a telegram ......... □ Confirmation of a letter................. □ B y ......... ............................................. j ......... (Official signature) (T itle ) Address (Spaces below w e for the use o f Federal Reserve Bank o f New Y ork ) Exam ined.......................... D E PO SIT A cknow ledged.................. $ A LL O TM E N T . . $ . — ----------- C oded................................. Figured Advised C arded............................... ( I f a c k n o w le d g m e n t o f this su b s crip tio n is d e s ire d , c o m p le te this s tu b ) R eceipt is acknowledged o f you r subscription for $.................................................... . 4 % Treasury Bonds of 1970, dated June 20, 1963 and maturing August 15, 1970. For use of Federal Reserve Bank Time Stamp To. (Name) (Address) (F o r use o f commercial banks only) List of Customers Included in this Application (U s e separate subscription form s fo r custom ers w hose subscriptions are fo r over $ 1 0 0 ,0 0 0 and fo r custom ers w hose subscriptions are fo r $ 1 0 0 ,0 0 0 or le ss) ( I f savingstype investor, indicate kind by letter— see other side) ( I f space is insufficient in schedule below, attach separate listing) Name o f Customer Am ount Subscribed Leave blank — ----------------- f