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F ED ERAL R E SE R V E BANK OF N E W YORK Fiscal Agent of the United States J"Circular No. 5 5 2 0 * 1 L July 20, 1964 J OFFERING OF $1,000,000,000 STRIP OF WEEKLY TREASURY BILLS To All Incorporated Banlcs and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: Following is tlie text of a public notice issued by the Treasury Department, released for publication today: The Treasury Department, by this public notice, invites tenders for additional amounts of ten series of Treasury bills to an aggregate amount of $1,000,000,000, or thereabouts, for cash. The additional bills will be issued July 29, 1964, will be in the amounts, and will be in addition to the bills originally issued and maturing, as follows: Am ount of additional issue Original issue dates 1964 M aturity Dates 1964 D ays from July 2 9 ,1 9 6 4 to maturity Am ount currently outstanding (in millions) $100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 April 16 April 23 April 30 May 7 May 14 May 21 May 28 June 4 June 11 June 18 October 15 October 22 October 29 November 5 November 12 November 19 November 27 December 3 December 10 December 17 78 85 92 99 106 113 121 127 134 141 $2,102 901 900 900 900 900 900 905 901 901 $1,000,000,000 The additional and original bills will be freely interchangeable. Each tender submitted must be in the amount of $10,000, or an even multiple thereof, and the amount tendered will be applied to each of the above series of bills on the basis of the ratio of each series to the total of all series. (F or example, an accepted tender for $50,000 will be applied $5,000 to the issue with original date of April 16, 1964, and $5,000 to each of the additional weekly issues through the issue with original date of June 18, 1964.) The bills offered hereunder will be issued on a discount basis under competitive and noncompeti tive bidding as hereinafter provided, and at maturity their face amount will be payable without inter est. They 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, onethirty p.m., Eastern Daylight Saving time, Friday, July 24, 1964. Tenders will not be received at the Treasury Department, Washington. 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. A single price must be submitted for each unit of $10,000, or even multiple thereof. A unit represents $1,000 face amount of each issue of bills offered hereunder, as previously described. 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 and Branches on application therefor. 19 14 (OVEB) FI FTI ETH A N N I V E R S A R Y 19 6 4 Banking institutions generally may submit tenders for account of customers provided the names of 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 incorpo rated 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. 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 submitting tenders will be advised of the accept ance 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. Noncompetitive tenders for $100,000 or less (in even multiples of $10,000) without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids, provided, however, that if the total of noncompetitive tenders exceeds $200,000,000, the Secre tary of the Treasury reserves the right to allot less than the amount applied for on a straight per centage basis with adjustments where necessary to the next higher multiple of $10,000. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank or Branch in cash or other immediately available funds on July 29, 1964. The income derived from Treasury bills, whether interest or gain from the sale or other disposi tion o f 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 treatment, 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 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. For 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) 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. Accord ingly, the owner of Treasury bills (other than life insurance companies) 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. Purchasers of a strip of the bills offered hereunder should, for tax purposes, take such bills on to their books on the basis of their purchase price prorated to each of the ten outstanding issues, using as a basis for proration the closing market prices for each of the issues on July 29, 1964. (Federal Reserve Banks will have available a list of these market prices, based on the mean between the bid and asked quotations furnished by the Federal Reserve Bank of New York.) Treasury Department Circular No. 418, Revised, 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 Daylight Saving time, Friday, July 24, 1964, at the Securities Department of its Head Office and at its Buffalo Branch. Please use the enclosed tender form to submit a tender, and return it in the enclosed pink envelope marked “ Tender for Strip of Weekly Treasury B ills.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Payment for accepted tenders must be made in cash or other immediately available funds; payment cannot be made by credit through Treasury Tax and Loan Account. A lfred IIayes, President. No. TENDER FOR STRIP OF 10 SERIES OF TREASURY BILLS TO BE ISSUED JULY 29, 1964 MATURING WEEKLY FROM OCTOBER 15, 1964 TO DECEMBER 17, 1964 (Additional Amounts of Outstanding Series Dated Weekly From April 16, 1964 to June 18, 1964) To F e d e ra l R eserve B ank o f N ew Dated a t ................................................ Y ork, Fiscal Agent of the United States. ...................................................... . 1964 Pursuant to the provisions of Treasury Department Circular No. 418, Revised, and to the provisions of the public notice issued by the Treasury Department and printed in your Circular No. 5520, dated July 20, 1964, the undersigned hereby offers to purchase the Treasury bills described in said public notice in the aggre gate 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 (In m ultiples of $10,000) NONCOMPETITIVE TENDER (In m ultiples of $10,000) j D o not fill in both Competitive and I Noncom petitive tenders on one form $ ........................................................ (maturity value), or any lesser amount that may be awarded. $ .................................................... (maturity value). (Not to exceed $100,000 for one bidder through all sources) Price: .................................. per 100. at the average price of accepted competitive bids. (Price must be expressed with not more than three decimal places, for example, 99.925) Please issue and make delivery of the bills as instructed below: ( I f the same denominations are desired for all series, indicate here only the denominations for a single series. Otherwise, use reverse side.) $ 1 ,0 0 0 $ 5 ,0 0 0 $ 5 0 ,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 Pieces □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned □ 3. Hold in safekeeping (for account of member bank only)* Payment will be made as follows: □ By charge to our reserve account □ By cash or other immediately available funds □ 4. Allotment transfer (see list attached) □ 5. Special instructions: ( N o changes in delivery instructions w ill be accepted) (Paym ent 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. Tender submitted by . . . Insert this tender in pink envelope marked “Tender for Strip of Weekly Treasury Bills” (Please print) By .................................. T itle ........................, B y .................... (Official signature(s) required) ................................................................................ T itle . Address ...................................................................................... (B an k s subm itting tenders for custom er account m ust indicate nam e on line below , or attach a list) (N am e of Customer) (N am e of Customer) IN S T R U C T IO N S : 1. Tenders must be submitted in units of $10,000 or multiples thereof. A unit represents $1,000 face amount of each series of bills offered hereunder. A single price must be submitted for each unit of $10,000 or multiple thereof. Amounts issued on accepted tenders will be applied equally to each of the 10 separate series included in the offering. 2. O th ers than banking institutions will not be perm itted to subm it tenders except for their own account. subm itting tenders for custom er account m ay consolidate competitive tenders at the same price Banks and m ay consolidate noncom petitive tenders, provided a list is attached show ing the nam e of each bidder, the am ount bid for his account, and m ethod of paym ent. 3. F orm s for this purpose will be furnished on request. If the person m aking the tender is a corporation, the tender should be signed by an officcr 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 be representation by him that he has been so authorized. I f the tender is made by a partnership, it should signed by a m em ber of the firm, w ho should sign in the form “ ......................................................................................................... a copartnership, by ............................................................................................................................ a m em ber of the firm .” 4. T enders w ill be received w ithout deposit from incorporated sible and recognized dealers in investm ent securities. T e n d e rs from banks and others trust com panies and m ust be accom panied by from respon paym ent of 2 percent of the face am ount of T reasu ry bills applied for, unless the tenders are accom panied by an express guaranty o f paym ent by an incorporated bank or trust com pany. 5. I f the language o f this tender is changed in an y respect, which, in the opinion of the Secretary of the Treasury, is material, the tender m ay be disregarded. Issue $ 1 ,0 0 0 $ 5 ,0 0 0 $ 1 0 ,0 0 0 $ 5 0 ,0 0 0 A pril 16-Oct. 15 April 23-Oet. 22 April 30-0ct. 29 • May 7-Nov. 5 May 14-Nov. 12 • May 21-Nov. 19 May 28-Nov. 27 June 4-Dec. 3 June 11-Dec. 10 June 18-Dec. 17 ■ 1,1mmm $ 1 0 0 ,0 0 0 $ 5 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 /Oe-ce>> Federal Reserve Bank of New York Securities Department (9th Floor) 33 Liberty Street TENDER FOR STRIP OF WEEKLY TREASURY BILLS (DO NOT UBS T H I8 EN V ELO P S FOR OTHER PURPOSES) New York, N. Y. 10045 \5 \5 'o ? 0 F ederal R eserve B a n k of N ew Y 1 ork NOTICE OF ALLOTMENT OF UNITED STATES OF AMERICA TREASURY BILLS July 27, 1964. Your □ competitive Q noncompetitive tender for— A STR IP OF U N ITE D S T A T E S OF A M E R IC A T R E A S U R Y BILLS T O BE ISSUED JULY 29 , 1964, M A T U R IN G W E E K L Y FROM O C T O B E R 15, 1 9 6 4 T H R O U G H DECEM BER 17, 1 9 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 July 29, 1964. I f 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 July 29, 1964; 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 July 29, 1964 if you so indicated. I f 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 e d e ra l R eserve B a n k o f 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 e d e ra l R eserve B a n 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 at ...................................................... ............................................................. 1964 On our □ competitive □ noncompetitive tender for— A STRIP OF U N ITE D S T A T E S OF A M E R IC A T R E A SU R Y BILLS T O BE ISSUED JULY 29, 1964, M A T U R IN G W E E K L Y FROM O C TO B E R 15, 1964 T H R O U G H D ECEM BER 17, 19 64 which has been accepted at the price of (per 100), in the amount of( maturity value) Please issue and make delivery of the bills as instructed below: ( I f the same denominations are desired for all series, indicate here only the denominations for a single series. Otherwise, use reverse side.) $ 1 ,0 0 0 $ 5 ,0 0 0 $ 1 0 ,0 0 0 $ 5 0 ,0 0 0 $ 1 0 0 ,0 0 0 $ 5 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 Pieces □ 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 other 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 • .................., B y ............... (Authorized signature(s) required) Federal Reserve Bank of New York, Title Title Fiscal Agent of the United States. (Spaces below are for the use o f the Federal Reserve Bank o f New Y o rk ) Government Bond Division Safekeeping Division Checked ... Delivered .............. D E L I V E R Y R E C E IP T Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. Date. Subscriber. By. (D U PLICATE FOR USE OF F E D E R A L RESER VE BANK OF N EW Y O RK ) DELIVERY TICKET— SAFEKEEPING DIVISION To F e d e r a l R eserve B a n k of N e w Y o r k , 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— A STRIP OF UNITED S T A T E S OF A M E R IC A T R E A SU R Y BILLS T O BE ISSUED JULY 29, 1964, M A TU R IN G W E E K L Y FROM O C TO B ER 15, 1964 T H R O U G H DECEMBER 17, 1964 which has been accepted at the price of (per 100), in the amount of— (maturity value) $ Please issue and make delivery of the bills as instructed below: ( I f the same denominations are desired for all series, indicate here only the denominations for a single series. Otherwise, use reverse side.) $ 1 ,0 0 0 $ 5 ,0 0 0 $ 1 0 ,0 0 0 $ 5 0 ,0 0 0 $ 1 0 0 ,0 0 0 $ 5 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 Pieces □ □ □ 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 other 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 .......................... , B y ...................... (Authorized signature(s) required) Federal Reserve Bank of New York, Title Title Fiscal Agent of the United States. Address (Spaces below are for the use o f the Federal Reserve Bank o f New Y ork ) Government Bond Division Safekeeping Division D E L I V E R Y R E C E IP T Received from Federal Reserve Bank of New York, Fiscal A gent of the United States, the above described securities allotted in the amount indicated above. Date. Subscriber. By. (T R IPL IC A TE FOR USE OF FE D E R A L RESERVE BANK OF N EW YO RK ) RELOCATION OFFICE— OUT To F e d e ra l R eserve B a n 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 at ...................................................... ............................................................. 1964 On our □ competitive Q noncompetitive tender for— A STRIP OF U NITED S T A T E S OF A M E R IC A T R E A S U R Y BILLS T O BE ISSUED JULY 29, 1964, M A T U R IN G W E E K L Y FROM O C TO B E R 15, 1 9 64 T H R O U G H DECEM BER 17, 19 64 which has been accepted at the price of (per 100), in the amount of( maturity value) $ Please issue and make delivery of the bills as instructed below: ( I f the same denominations are desired for all series, indicate here only the denominations for a single series. Otherwise, use reverse side.) $ 1 ,0 0 0 $ 5 ,0 0 0 $ 1 0 ,0 0 0 $ 5 0 ,0 0 0 $ 1 0 0 ,0 0 0 $ 5 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 Pieces □ □ □ 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 other immediately available funds (Payment cannot be made through Treasury Tax and Loan Account) V 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 . By (Authorized signature (s) required) Federal Reserve Bank of New York, Title .......................... Title .............. Fiscal Agent of the United States. A d d r e s s ............................................................................................................... (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 I V E R Y R E C E IP T Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described securities allotted in the amount indicated above. Date. Subscriber. By. 5 PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION Your □ competitive □ noncompetitive tender for— A STRIP OF U N ITED S T A T E S OF A M E R IC A T R E A S U R Y BILLS T O BE ISSUED JULY 29, 1964, M A T U R IN G W E E K L Y FROM O C TO B E R 15, 1 9 64 T H R O U G H DECEM BER 17, 1964 price of $ Issue 4 / 1 6 — 1 0 /1 5 Amount $ M E T H O D OF P A Y M E N T PU R C H ASE PRICE Check or Cash 4 / 2 3 — 1 0 /2 2 Reserve Account 4 / 3 0 — 1 0 /2 9 5 / 7 — 1 1 /5 Delivery Teller MASTER 5 / 14— 11/ 1 2 5 / 2 1 — 1 1 /1 9 Foreign Oper. Div. M A T U R IT Y V A L U E 5 / 2 8 — 1 1 /2 7 6 /4 _ 1 2 /3 Form 12 PU R C H ASE PRICE 6 / 11 — 1 2 / 1 0 6 / 1 8 — 1 2 /1 7 TOTAL DISPOSITION □ Over the Counter □ Safekeeping □ Treasury Tax & Loan □ Ship 0 Allotment Transfer • AM OUNT ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT □ competitive □ noncompetitive A STRIP OF U N ITE D S T A T E S OF A M E R IC A T R E A S U R Y BILLS T O BE ISSUED JULY 29 , 1964, M A T U R IN G W E E K L Y FROM O C T O B E R 15, 1 9 6 4 T H R O U G H DECEM BER 17, 19 64 $ 6 RELOCATION OFFICE— IN □ competitive □ noncompetitive A STR IP OF U N ITE D S T A T E S OF A M E R IC A T R E A S U R Y BILLS T O BE ISSUED JULY 29 , 19 64, M A T U R IN G W E E K L Y FROM O C TO B E R 15, 1 9 6 4 T H R O U G H D ECEM BER 17, 1 9 6 4