The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States [ Circular No. 5 5 3 7"1 August 19, 1964 J Offering of $1,000,000,000 of Special 365-Day Treasury Bills Dated August 31, 1964 Maturing August 31, 1965 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 for release today: The Treasury Department, by this public notice, invites tenders for $1,000,000,000, or thereabouts, of 365-day Treasury bills, for cash and in exchange for Treasury bills maturing August 31, 1964, in the amount of $1,001,143,000, to be issued on a discount basis under competitive and noncompetitive bidding, as hereinafter provided. The bills of this series will be dated August 31, 1964, and will mature August 31, 1965, when the face amount will be payable without interest. 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, one-thirty p.m., Eastern Daylight Saving time, Tuesday, August 25, 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. (Notwithstanding the fact that these bills will run for 365 days, the discount rate will be computed on a bank discount basis of 360 days, as is currently the practice on all issues of Treasury bills.) 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 $200,000 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. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on August 31, 1964, in cash or other immediately available funds or in a like face amount of Treasury bills matur ing August 31, 1964. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. 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 No. 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 Daylight Saving time, Tuesday, August 25, 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 yellow envelope marked “ Tender for Special Treasury Bills.” Tenders may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Payment jor 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 or maturing Treasury bills. 19 14 A lfred H a y e s , President. ( over) FIFTIETH ANNIVERSARY 19 6 4 IM P O R T A N T — The discount rate on the bills of this issue will be computed on a bank discount basis of 360 days, as is currently the practice on all issues of Treasury bills. No................................. TENDER FOR SPECIAL 365-DAY TREASURY BILLS Dated August 31, 1964 To F ed eral R eserve B a n k of N ew Maturing August 31, 1965 Dated at ........................................................ .............................................................. . 1964 Y ork, Fiscal Agent of the United States. Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and provisions of the public notice issued by the Treasury Department and printed on the reverse side of this the undersigned hereby offers to purchase the above described Treasury bills in the amount indicated and agrees to make payment therefor at your Bank on or before August 31, 1964 at the price indicated C O M P E T IT IV E TE N D E R [ DJ not fill. in both Competitive and ~\ I Noncompetitive tenders on one form $ ............................................................ (maturity value), or any lesser amount that may be awarded. P r i c e :.....................................per 100. (Price must be expressed zvith not more than three decimal places, for example, 99.925) to the tender, below, b elow : N O N C O M PE TITIV E TEN D ER $ ............................................................ (maturity value). (Not to exceed $200,000 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. □ □ 2. 3. □ 4. □ 5. Deliver over the counter to the undersigned Ship to the undersigned Hold in safekeeping (for ac count of member bank only)* Allotment transfer (see list attached) Special instructions: Payment will be made as follows: □ By charge to our reserve account □ By cash or check in immediately available funds □ By surrender of $ ................................ (maturity value) of maturing Treasury bills. Pay cash adjust ment, if any— 100,000 500,000 1,000,000 (No changes in delivery instructions will be accepted) Total □ By check O By credit to our reserve account (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 (Please print) Insert this tender in yellow envelope marked “Tender for Special Treasury Bills’ By By (Official si'gnature(s) required) Title J .................... 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 non competitive 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 “ .................................................................................................. f 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 incorporated 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 ederal R eserve B a n k of New Y ork NOTICE OF ALLOTMENT OF U N ITE D STATES OF A M E R IC A T R E A S U R Y BILLS Y ou r □ competitive □ noncompetitive tender fo r— UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 has been accepted at the price o f (per 100), in the amount of— $ (m aturity value) Settlement therefor must be made in cash or other immediately available funds or in a like face amount of the maturing issue of Treasury bills at the Federal Reserve Bank of New Y ork on or before the issue date. I f settlement is to be made by check on a bank other than the Federal Reserve Bank o f New York, such check should be received by us in time for collection on that date; otherwise it will be necessary fo r the bidder to pay fo r the securities allotted at the accepted price, plus interest to the date o f collection at the equivalent rate o f 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 the issue date 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 prom ptly to this Bank. F ederal R eserve B a n k of New Y ork Fiscal A gent o f the United States Checked by & . • - " — — ............................... .......... m-------- r— -------------------------------------- >; ™ ; ^ .- r " - ^ ------ j-------------------- (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 2 To 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 , Fiscal A gent o f the United States, Federal Reserve P. 0 . Station, New York, N. Y . 10045 A tten tion : Government B ond Division— 2nd Floor Dated a t ......................................................... ....................................................................1964 On our □ competitive □ noncompetitive tender fo r— UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 accepted at the price of (per 100), in the amount of( maturity value) Please issue and make delivery of the bills as instructed below: Denomination Pieces $ Maturity Value P le a se Do N ot U se T h is S pac e 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. H old in safekeeping (fo r account o f member bank on ly )* 4. Allotment transfer (see list attached) 5. Special instructions: (No changes in delivery instructions will he accepted) Payment will be made as follow s: □ □ □ By charge to our reserve account B y cash or check in immediately available funds B y surrender of $ ............................(m aturity value) o f maturing Treasury bills. Pay cash adjustment, if any— □ B y check □ By credit to our reserve account (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. A d d ress......... (Spaces below are for the use o f Federal Reserve Bank o f New Y ork) Government Bond Division Security Custody Department Safekeeping Division P A Y M E N T RECEIVED Taken from v a u lt ............................................... signed: D ELIVE R AG A IN ST P A Y M E N T OF Counted ................................................................. $ ........................................................ signed: 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 Treasury bills allotted in the amount indicated above. http://fraser.stlouisfed.org/ Subscriber Date Federal Reserve Bank of St. Louis By (DU PLICATE FOR USE OF F E D E R A L R ESERVE BANK OF NEW YO RK ) ; H DELIVERY TICKET— SAFEKEEPING DIVISION 3 To 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 , Fiscal A gent o f the United States, Federal Reserve P. 0 . Station, New York, N. Y . 10045 A tten tion : Government Bond Division— 2nd F loor Dated a t ....................................................... .. ....................................................................1964 On our □ competitive □ noncompetitive tender fo r— UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 (per 100), in the amount of- accepted at the price of $ ( maturity value) Please issue and make delivery of the bills as instructed below: Denomination Pieces $ P le 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. 2. 3. □ □ on ly )* 4. Allotment transfer (see list attached) 5. Special instructions: Payment will be made as follow s: □ □ □ (No changes in delivery instructions will be accepted) B y charge to our reserve account B y cash or check in immediately available funds B y surrender of $ ............................(m aturity value) o f maturing Treasury bills. Pay cash adjustment, if any— □ B y check □ B y credit to our reserve account (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 Federal Reserve Bank of New York, Submitted by (Please print) By By (Authorized signature(s) required) j j tle ......................... Title ................ Fiscal Agent of the United States. Address (Spaces below are for the use o f Federal Reserve Bank o f New York) Government Bond Division Security Custody Department Safekeeping Division PA Y M E N T RECEIVED signed: DELIVER AG AIN ST P A Y M E N T OF Counted ................................................................. $ ........................................................ signed: Checked ................................................................. D ELIVE R Y RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent of the United States, the above described Treasury bills allotted in the amount indicated above. http://fraser.stlouisfed.org/ Subscriber. [D ate...................... Federal Reserve Bank of St. Louis B y. (T R IP LIC A T E FOR USE OF F E D E R A L R ESERVE BANK OF N EW YO RK ) RELOCATION OFFICE— OUT To 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 , Fiscal A gent o f the United States, Federal Reserve P. 0 . Station, New York, N. Y . 10045 A tten tion : Government Bond Division— 2nd Floor Dated at ............. .1964 On our □ competitive □ noncompetitive tender fo r— UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 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 $ Maturity Value P l e a s e D o N ot U se T h i s S pac e 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. H old in safekeeping (fo r account of member bank o n ly )* 4. Allotm ent transfer (see list attached) 5. Special instructions: (No changes in delivery instructions will be accepted) Payment will be made as follow s: □ □ □ B y charge to our reserve account B y cash or cheek in immediately available funds B y surrender of $ ............................(maturity value) of maturing Treasury bills. Pay cash adjustment, if any— □ B y check □ By credit to our reserve account (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. A d d ress....................................................................................................... (Spaces below are for the use o f Federal Reserve Bank o f New York) Government Bond Division Security Custody Department Safekeeping Division P A Y M E N T RECEIVED Taken from v a u lt ............................................... signed: D ELIVER AG A IN ST P A Y M E N T OF Counted ................................................................. $ ........................................................ signed: Cheeked ................................................................. 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 Treasury bills allotted in the amount indicated above. Subscriber. Date. By. PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION Y ou r □ competitive □ 5 noncompetitive tender fo r— UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 which has been accepted at the price o f (per 100), in the amount of— $ PRINCIPAL MASTER MATURITY VALUE PRINCIPAL DISPOSITION □ Over the Counter □ Safekeeping □ SPLIT DISPOSITION METHOD OF PAYMENT □ Reserve Account □ Check or Cash Ship □ Delivery Teller □ Treasury Tax & Loan □ Foreign Oper. Div. □ Form 12 □ Allotment Transfer □ Maturing bills ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT □ competitive □ noncompetitive UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 R E LO C A T IO N OFFICE— IN □ competitive □ noncompetitive UNITED STATES OF AMERICA SPECIAL 365-DAY TREASURY BILLS DATED AUGUST 31, 1964, DUE AUGUST 31, 1965 $
@FedFRASER