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r Circular No. 5 4 3 8 *1 L January 2, 1964 j Offering of $2,500,000,000 of 159-Day Tax Anticipation Treasury Bills Dated January 15, 1964 Maturing June 22, 1964 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 $2,500,000,000, or thereabouts, of 159-day Treasury bills, to be issued on a discount basis under competitive and non competitive bidding as hereinafter provided. The bills of this series will be designated Tax Anticipation Series, they will be dated January 15, 1964, and they will mature June 22, 1964. They will be accepted at face value in payment of income taxes due on June 15, 1964, and to the extent they are not presented for this purpose the face amount of these bills will be payable without interest at maturity. Taxpayers desiring to apply these bills in payment of June 15, 1964, income taxes have the privilege of 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 June 15, 1964, 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 June 15, 1964, 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 o’clock p.m., Eastern Standard time, Thursday, January 9, 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 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. 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 incor porated 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 Treasury 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 of 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 $400,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted com petitive 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 January 15, 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 treat ment, 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 taxa tion 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 com panies) 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 N o. 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. This Bank will receive tenders up to 1 :30 p.m., Eastern Standard time, Thursday, January 9, 1964, at the Securities Department of 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— Tax Anticipation Series." Tenders may be submitted by telegraph, subject to written confirmation; they may not be sub mitted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds on January 15, 1964. A lfred H ayes, President. IM PO RTAN T— Payment by credit through Treasury Tax and Loan Account will not be permitted. 19 14 ( over ) F I F T I E T H A N N I V E R S A R Y 19 6 4 No............ TENDER FOR 159-DAY TREASURY BILLS TO BE DESIGNATED “ T A X ANTICIPATION SERIES” Dated January 15, 1964 To F eder al R eserve B a n k of N ew Y Maturing June 22, 1964 ork, IMPORTANT— Payment may not be made by credit to Treasury Tax and Loan Account. Fiscal Agent of the United States. Dated at ............................ . .............................................. 1964 Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions of the public notice issued by the Treasury Department and printed on the reverse side of this tender, the undersigned 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 below : COMPETITIVE TENDER N l7 o lZ L T J r ? !;1 l7 fZ i\ $ ...................................................... (maturity value), or any lesser amount that may be awarded. P rice: .................................. per 100. (Price must be expressed with not more than three decimal places, for example, 99.925) NONCOMPETITIVE t e n d e r $ ....................................................... (maturity value). (Not to exceed $400,000 for one bidder through all sources) At the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below Pieces Denomination $ Maturity value 1,000 □ 5,000 □ □ 10,000 □ 50,000 □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. Hold in safekeeping (for ac count of member bank only)* 4. Allotment transfer (see list attached) 5. Special instructions: Payment will be made as follows: □ By charge to our reserve account □ By cash or check in immediately available funds 100,000 500,000 1,000,000 (No changes in delivery instructions ivill be accepted) Total (Payment cannot be made through Treasury Tax and Loan Account) * If this item is checked, the undersigned certifies that the allotted bills will be owned solely by the undersigned. Name of subscriber Insert this tender in blue en velop e m arked “ T en d er for Treasury B ills — T a xA n tici pation Series' (Please print) By (Official signature(s) required) ^ ‘ t!e ....................... Title ........... Address ........... ................................................................................................................ (Banks submitting tenders for customer account must indicate name on line below, or attach a list) (Name of customer) IN S T R U C T IO N S : 1. No tender for less than $1,000 will be considered, and each tender must be for an even multiple of $1,000 (maturity value). 2. Others than banking institutions will not be permitted to submit tenders except for their own account. Banks submitting tenders for customer account may consolidate competitive tenders at the same price and may consolidate noncompetitive tenders, provided a list is attached showing _ the name of each bidder, the amount bid for his account, and method of payment. Forms for this purpose will be furnished on request. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender 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.” 4. 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 Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incor porated bank or trust company. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. F eder al R eserve B a n k of New Y ork NOTICE OF ALLOTMENT OF UNITED STATES OF AMERICA TREASURY BILLS T A X ANTICIPATION SERIES Your □ competitive □ noncompetitive tender for— U N ITE D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1 9 64 , DUE JUNE 2 2 , 19 64 has been accepted at the price of (per 100), in the amount of— $ (maturity value) Settlement therefor must be made in cash or other immediately available funds at the Federal Reserve Bank of New York on or before January 15, 1964. If settlement is to be made by check on a bank other than the Federal Reserve Bank of New York, such check should be received by us in time for collection on that date; otherwise it will be necessary for the bidder to pay for the securities allotted at the accepted price plus interest to the date of collection at the equivalent rate of discount. Delivery of the Treasury bills will be made in accordance with instructions submitted with your tender, and your reserve account will be charged on January 15, 1964 if you so indicated. If you did not submit such instructions, a Letter of Instructions form is enclosed; please com plete the letter in triplicate and return it promptly to this Bank. F ederal R eserve B a n k of N ew Y ork Fiscal Agent of the United States Checked by (This letter of instructions, accompanied by attached duplicate and triplicate copies, should be filled in and returned to Federal Reserve Bank of New York) LETTER OF INSTRUCTIONS To F ed era l R eserve B an k o f N ew Y ork , Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York, N. Y. 10045 Attention: Government Bond Division— 2nd Floor Dated a t ............ .1964 On our □ competitive □ noncompetitive tender for— U N IT E D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1 9 64 , DUE JUNE 2 2 , 1964 accepted at the price of (per 100), in the amount of— $ (maturity value) Please issue and make delivery of the bills as instructed below: Pieces Denomination $ P l e a s e D o N ot U se T h i s S pa c e Maturity Value 1,000 5,000 10,000 50,000 100,000 500,000 1,000,000 Total— □ 1. Deliver over the counter to the undersigned Q 2. Ship to the undersigned □ 3. Hold in safekeeping (for account of member bank only)* □ 4. Allotment transfer (see list attached) □ 5. Special instructions: (No changes in delivery instructions will be accepted) Payment will be made as follow s: □ By charge to our reserve account □ By cash or check in immediately available funds (Payment cannot le made through Treasury Tax and ___________________ Loan Account) If this item is checked, the undersigned certifies that the allotted bills will be 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, Submitted by (Please print) By .................. ..............B y .................................... (Authorized signature (s) required) Title . . Title Fiscal Agent of the United States. Address (Spaces below are for the use o f the Federal Reserve Bank of New Y ork ) Government Bond Division Safekeeping Division Checked .............. Delivered .................... D E L IV E R Y RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. http://fraser.stlouisfed.org/ Date.................................... Federal Reserve Bank of St. Louis Subscriber.......................................................................................... B y ................................................................................................. (D U PLICATE FOR USE OF F E D E R A L R E SE RVE BAN K OF N EW Y O RK ) DELIVERY TICKET— SAFEKEEPING DIVISION To F ederal R eserve B a n k of N ew Y ork, Fiscal Agent of the United States, Federal Reserve P. 0. Station, New York, N. Y. 10045 Attention: Government Bond Division— 2nd Floor Dated a t ...................................................... ................................................................1964 On our □ competitive □ noncompetitive tender for— U N ITED S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1964, DUE JUNE 22, 1964 accepted at the price of (per 100), in the amount of(maturity value) Please issue and make delivery of the bills as instructed below: Pieces Denomination $ P l e a s e D o N ot U s e T h i s S p a c e Maturity Value 1,000 5,000 10,000 50,000 100,000 500,000 1,000,000 Total— □ 1. Deliver over the counter to the undersigned Q 2. Ship to the undersigned □ 3. Hold in safekeeping (for account of member bank only)* □ 4. Allotment transfer (see list attached) □ 5. Special instructions: (No changes in delivery instructions will be accepted) Payment will be made as follow s: □ By charge to our reserve account □ By cash or check in immediately available funds (Payment cannot be made through Treasury Tax and ___________________ Loan Account) If this item is checked, the undersigned certifies that the allotted bills will be owned solely by the undersigned. This letter of instructions must be signed officially in the space provided and re turned immediately to Submitted by (Please print) By .................. E y .................. (Authorized signature(s) required) Federal Reserve Bank of New York, Title .............................................................................. Title .............. Fiscal Agent of the United States. A d dress.......................................................................................................... (Spaces below are for the use of the Federal Reserve Bank of New Y ork ) Government Bond Division Safekeeping Division Checked . . . . Delivered ....................... D E L IV E E Y EECEIPT Eeceived from Federal Eeserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. http://fraser.stlouisfed.org/ Date. Subscriber. Federal Reserve Bank of St. Louis B y. ** * ' 'A (T R IP L IC A T E FO R USB OF FE D E R A L RESERV E BAN K OF N EW YO RK ) RELOCATION OFFICE— OUT To F R eserve B a n k ederal of New Y ork, Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York, N. Y. 10045 Attention: Government Bond Division— 2nd Floor Dated at ............ .1964 On our □ competitive □ noncompetitive tender for— U N IT E D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 19 64, DUE JUNE 22 , 1964 accepted at the price of (per 100), in the amount of(maturity value) Please issue and make delivery of the bills as instructed below: Pieces Denomination $ P l e a s e D o N ot U se T h is S p a c e Maturity Value 1,000 5,000 10,000 50,000 100,000 500,000 1,000,000 Total— □ □ □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. Hold in safekeeping (for account of member bank only) * □ 4. Allotment transfer (see list attached) □ 5. Special instructions: (No changes in delivery instructions will be accepted) Payment will be made as follow s: □ By charge to our reserve account □ By cash or check in immediately available funds (Payment cannot he made through Treasury Tax and Loan Account) If this item is checked, the undersigned certifies that the allotted bills will be owned solely by the undersigned. This letter of instructions must be signed officially in the space provided and re turned immediately to Submitted b y .............................................................................................. (Please print) By ....................................... , B y .......... (Authorized signature(s) required) Federal Reserve Bank of New York, Title ............................................................................... Title .............. Fiscal Agent of the United States. A d d ress.......................................................................................................... (Spaces below are for the use o f the Federal Reserve Bank of New Y ork ) Government Bond Division Safekeeping Division Checked . . . Delivered ........... D E L IV E R Y RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. http://fraser.stlouisfed.org/ T)a,te. Federal Reserve Bank of St. Louis Subscriber. Bv. PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION Your □ 5 competitive □ noncompetitive tender for— U N ITE D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1 9 64 , DUE JUNE 2 2 , 19 64 which has been accepted at the price of (per 100), in the amount of— $ PRINCIPAL MASTER M A T U R IT Y V A L U E PRINCIPAL DISPOSITION SPLIT D ISPO SITIO N M E T H O D OF P A Y M E N T □ Over the Counter □ Safekeeping □ Ship □ Treasury Tax & Loan □ Allotment Transfer - □ Reserve Account □ Check or Cash □ Delivery Teller □ Foreign Oper. Div. □ Form 12 ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT □ competitive □ noncompetitive U N IT E D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1 9 64 , D UE JUNE 2 2 , 1 9 64 $ 6 RELOCATION OFFICE— IN i □ competitive Q noncompetitive U N ITE D S T A T E S OF A M E R IC A 1 5 9 -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 J A N U A R Y 15, 1 9 6 4 , D UE JUNE 2 2 , 1 9 64 $
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