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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular N o. 5 9 0 0 ~ l L November 17, 1966 J OFFERING OF TWO SERIES OF TREASURY BILLS $500,000,000 of 274-Day Bills, Additional Amount, Series Dated August 31,1966, Due August 31, 1967 (To Be Issued November 30, 1966) $900,000,000 of 365-Day Bills, Dated November 30, 1966, Due November 30, 1967 T o A ll Incorporated Banks and Trust Compatiies, and Others Concerned, in the Second Federal R eserve District: Following is the text of a notice issued by the Treasury Department, released for publication today at 4 p.m., Eastern Standard time: T h e T reasu ry D epartm ent, by this public notice, invites tenders for tw o series of T reasury bills to the aggregate am ount o f $1,400,000,000, or thereabouts, for cash and in e x change for T reasury bills m aturing N o vem ber 30, 1966, in the am ount of $1,000,580,000, as fo llo w s: 2 74 -d ay bills (to m aturity date) to be issued N ovem ber 30, 1966, in the am ount of $500,000,000, or thereabouts, representing an additional am ount of bills dated A u g u st 31, 1966, and to mature A u g u st 31, 1967, originally issued in the am ount of $1,000,051,000, the additional and original bills to be freely interchangeable. 3 65-d ay bills, for $900,000,000, or thereabouts, to be dated N o v e m b e r 30, 1966, and to mature N o vem ber 30, 1967. T h e bills of both series will be issued on a discount basis under com petitive and noncom petitive bidding as hereinafter provided, and at m aturity their face am ount will be payable w ithout interest. T h e y will be issued in bearer form only, and in denom inations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000 (m aturity valu e). T e n d e rs will be received at Federal R eserve Banks and B ranches up to the closing hour, one-th irty p.m ., Eastern Standard time, W ed n e sd a y , N o vem ber 23, 1966. T en ders will not be received at the T reasu ry D epartm ent, W ash in g ton . E ach tender m ust be for an even multiple of $1,000, and in the case of com petitive tenders the price offered m ust be expressed on the basis of 100, with not m ore than three decim als, e.g., 99.925. Fractions m ay not be used. (N otw ith sta n d in g the fact that the on e-year bills will run for 365 days, the discount rate will be com puted on a bank discount basis o f 360 days, as is currently the practice on all issues of T reasu ry bills.) It is urged that tenders be made on the printed form s and forw arded in the special envelopes w hich will be supplied by Federal Reserve B anks or Branches on application therefor. B an kin g institutions generally m ay subm it tenders for account of custom ers, provided the nam es o f the custom ers are set forth in such tenders. O thers than banking institutions will not be perm itted to subm it tenders except for their own account. T en d ers will be received without deposit from incorporated banks and trust com panies and from responsible and recognized dealers in investm ent securities. T en ders from others m ust be a cco m p a n ie d b y paym ent o f 2 percent of the face am ount of T reasu ry bills applied for, unless the tenders are accompanied by an express guaranty o f paym ent by an incorporated bank or trust com pany. Im m ediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, follow ing which public announcem ent will be made by the T reasury Departm ent of the am ount and price range of accepted bids. T h ose sub m itting tenders will be advised of the acceptance or rejection thereof. T h e Secretary of the T reasury expressly reserves the right to accept or reject any or all tenders, in w hole or in part, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for each issue for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decim als) of accepted competitive bids for the respective issues. Settlem ent for accepted tenders in accordance w ith the bids m ust be made or com pleted at the Federal Reserve Bank on N o vem ber 30, 1966, in cash or other im m ediately available funds or in a like face am ount of T reasury bills m aturing N o vem ber 30, 1966. Cash and exchange tenders will receive equal treatment. Cash adjustm ents will be made for differences between the par value of m aturing bills accepted in exchange and the issue price of the new bills. T h e income derived from T reasury bills, whether interest or gain from the sale or other disposition o f the bills, does not have any exem ption, as such, and loss from the sale or other disposition o f T reasury bills does not have any special treat ment, as such, under the Internal Revenue Code of 1954. T he 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 of the possessions of the United States, or by any local taxing authority. F or purposes of taxation the am ount o f discount at which T reasury bills are originally sold by the U nited States is considered to be interest. Under Sections 4 5 4 (b ) and 1221(5) of the Internal Revenue Code of 1954, the am ount of discount at which bills issued hereunder are sold is not considered to accrue until such bills are sold, redeemed or otherw ise disposed of, and such bills are excluded from consideration as capital assets. A ccord ingly, the ow ner o f T reasury bills (other than life insurance com panies) issued hereunder need include in his income tax return only the difference betw een the price paid for such bills, whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption at m aturity during the taxable year for which the return is made, as ordinary gain or loss. T reasury D epartm ent Circular N o . 418 (current revision) and this notice prescribe the term s of the T reasury bills and govern the conditions o f their issue. Copies o f the circular m ay be obtained from any Federal Reserve Bank or Branch. This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Standard time, Wednesday, Novem ber 23 1966, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective series are enclosed. Please use the appropriate forms to submit tenders and return them 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 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 or in maturing Treasury ^ A lfre d H ayes, President. No................ TENDER FOR SPECIAL 274-DAY TREASURY BILLS Additional Amount, Series Dated August 31, 1966, Due August 31, 1967 (To Be Issued November 30, 1966) 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 , Dated a t .............................................................. Fiscal Agent of the United States. ................................................................ 19... . Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provisions of the public notice issued by the Treasury Department inviting tenders for the above-described Treasury bills, 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 settlement date specified in the public notice at the price indicated below: C O M P E T IT IV E T E N D E R f” I wot ail tn both Competitive and Noncom petitive tenders on one form $ ................................................................ (maturity value), or any lesser amount that may be awarded. Price: ....................................... per 100. (Price must be expressed with not more than three decimal places, fo r example, 99.925) ”1 N O N C O M P E T IT IV E T E N D E R I $ ................................................................ (maturity value). (N o t to exceed $200,000 fo r one bidder through all sources) A t 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 B y charge to our reserve account 3. H old in safekeeping (for ac count o f member bank o n ly )* □ B y cash or check in immediately available funds 4. Allotment attached) □ 50,000 2. □ 10,000 Payment will be made as follow s: □ □ 5,000 1. Deliver over the counter to the undersigned □ 1,000 □ 5. Ship to the undersigned transfer (see list (maturity value) of maturing Treasury bills. Pay cash adjust ment, if any— Special instructions: 100,000 O B y check □ 500,000 By credit to our reserve account 1,000,000 (N o changes in delivery instructions will be accepted) Total Treasury T a x and Loan Account) * If this item is checked, the undersigned certifies that the allotted bills will be owned solely by the undersigned. N a m e of subscriber Insert this tender in yelloiv envelope marked “Tender for Special Treasury Bills' (Please print) B y ................................... By (Official signature (s ) required) T itle ............................... ................... . T i t l e ............ A dd ress (B an k s subm ittin g tenders for custom er account m ust indicate nam es below , or attach a list) (N am e of customer) (N a m e of customer) IN S T R U C T IO N S : 1. N o tender for less than $1,000 w ill be considered, and each tender m ust be for an even m ultiple o f $1,000 (m aturity valu e). 2. O th ers than banking institutions w ill not be perm itted to subm it tenders except for their ow n account. B anks subm itting tenders for custom er account m ay consolidate com petitive tenders at the same price and m ay consolidate non competitive tenders, provided a list is attached show ing the nam e of each bidder, the am ount bid for his account, and m ethod o f paym ent. F orm s for this purpose will be furnished on request. 3. I f the person m aking 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 w ill be construed as a representation by him that he has been so authorized. I f the tender is m ade by a partnership, it should be signed b y 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 en ders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investm ent securities. T enders from others m ust be accom panied by paym ent of 2 percent of the face am ount o f 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. If the language of this tender is changed in any respect, which, in the opinion o f the Secretary of the T reasu ry, Is material, the tender m ay be disregarded. No. TENDER FOR SPECIAL 365-DAY TREASURY BILLS Dated November 30, 1966 To F e d era l Due November 30, 1967 R eserve Dated a t .......................................................... .........................................................., 1 9 . . . . B a n k o f N ew Y o rk , Fiscal Agent of the United States. Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provisions of the public notice issued by the Treasury Department inviting tenders for the above-described Treasury bills, 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 settlement date specified in the public notice at the price indicated b elow : Do not fill in both Competitive and ”1 C O M P E TIT IV E TE N D E R N O N C O M PE TITIV E TE N D E R [ 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 with not more than three decimal places, for example, 99.925) I $ ............................................................(maturity value). (N ot to exceed $200,000 for one bidder through all sources) A t the average price of accepted competitive bids. Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below : Pieces Denomination $ M aturity value 1,000 □ 1. Deliver over the counter to the undersigned □ 3. H old in safekeeping (for ac count o f member bank o n ly )* 4. Allotment attached) □ 50,000 Ship to the undersigned □ 10,000 2. □ 5,000 5. transfer (see Payment will be made as follow s: □ list B y charge to our reserve account □ B y cash or check in immediately available funds □ B y surrender of $ .................................. (maturity value) o f' maturing Treasury bills. Pay cash adjust ment, if any— Special instructions: 100,000 □ B y check 500,000 □ B y credit to our reserve account 1,000,000 (Payment cannot be made through Treasury Tax and Loan Account) will be accepted) Total * If this item is checked, the undersigned certifies that the allotted bills will be owned solely by the undersigned. N a m e o f subscriber Insert this tender in yellow envelope marked “ Tender for Special Treasury Bills’ (Please print) By B y ................................... (Official signature(s) required) T itle ....................... T i t l e ............ A d d ress (B an k s subm itting tenders for custom er account m ust indicate nam es below , or attach a list) (N a m e of customer) (N am e of customer) IN S T R U C T IO N S : 1. N o tender for less than $1,000 w ill be considered, and each tender m ust be for an even m ultiple o f $1,000 (m aturity valu e). 2. O th ers than banking institutions w ill not be perm itted to subm it tenders except for their ow n account. B anks subm itting tenders for custom er account m ay consolidate com petitive tenders at the same price and m ay consolidate non com 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 o f paym ent. F orm s for this purpose will be furnished on request. 3. I f the person m aking 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. I f the tender is m ade by a partnership,-it should be signed by a m em ber of the firm, w ho should sign in the form “ ......................................................................................................... a copartnership, by ...................................................................................................................... . .. m em ber of the firm .” 4. T en ders will be received w ithout deposit from incorporated banks and trust com panies and from responsible and recognized dealers in investm ent securities. T en ders from others m ust be accom panied by paym ent of 2 percent of the face am ount o f T reasu ry bills applied for, unless the tenders are accom panied by an express guaranty of paym ent by an incorporated bank or trust com pany. 5. I f the language of this tender is changed in any respect, which, in the opinion o f the Secretary of the T reasury, is material, the tender m ay be disregarded. F ederal R eserve B a n k op New Y ork NOTICE OF ALLOTMENT OF U N ITED STATES OF A M E R IC A T R E A S U R Y BILLS Y our □ competitive □ noncompetitive tender fo r — 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 D A T E D A U G U S T 3 1 , 1 9 66 , DUE A U G U S T 31 , 1 9 67 , T O BE ISSUED N O VE M B ER 30 , 19 66 has 'been accepted at the price o f (per 100), in the amount o f— $ (m aturity value) Settlement therefor must be made in cash or other immediately available funds or in a like face amount o f 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 of New York, such check should be received b y us in time for collection on that date; otherwise forfeiture o f the prescribed deposit may be declared by the Secretary o f the Treasury. D elivery o f the Treasury bills w ill 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, or if additional instructions are required, a Letter of Instructions form is enclosed; please complete the letter in triplicate and return it prom ptly to this Bank. F e d era l R eserve B an k o f N ew Y o rk Fiscal A gent o f 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 er al R eser ve B a n k op N e w Y Fiscal A gent of the United States, Federal Reserve P. 0 . Station, New Y ork, N. Y . 10045 ork, A tten tion : Government Bond Division— 2nd F loor Dated a t ...................................................... ....................................................................1966 On our □ competitive □ noncompetitive tender fo r— U N IT E D S T A T E S OF A M E R IC A T R E A S U R Y BILLS D A T E D A U G U S T 3 1 , 1 9 66 , D UE A U G U S T 31 , 1 9 67 , T O BE ISSUED N O V E M B E R 30, 1966 accepted at the price o f (per 100), in the amount of— $ (m aturity value) Please issue and make delivery o f the bills as instructed b e lo w : Denomination Pieces $ M aturity Value P l e a se D o N ot U se T h is S pace 1,000 5,000 10,000 50,000 100,000 500,000 1,000,000 Total— Q 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 o n ly )* □ 4. A llotm ent transfer (see list attached) □ 5. Special instructions: (N o changes in delivery instructions will he accepted ) Payment will be made as fo llo w s : □ □ □ B y charge to our reserve account B y cash or check in immediately available funds B y surrender o f $ .................................. (m aturity value) o f maturing Treasury bills. Pay cash adjustment, if any— □ B y check □ B y credit to our reserve account (P aym en t cannot be made through Treasury Tax and Loan A ccou n t) 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 Subm itted bj (Please print) By ................... By (Authorized signature(s) required) Federal Reserve Bank of New York, .......................... T itle Title ............... Fiscal A gen t of the United States. A d d r e s s ............................................................................................................... (Spaces below are for the use o f Federal Reserve Bank o f New Y ork ) Government Bond Division Safekeeping Division Security Custody Department P A Y M E N T R E C E IV E D signed : Taken from vault ............................................... D E L I V E R A G A IN S T P A Y M E N T Counted ..................................................................... Checked ..................................................................... OF $ ........................................................... sign ed : D E L I V E R Y R E C E IP T Received from Federal Reserve Bank o f New York, Fiscal A gent o f the United States, the above described Treasury bills allotted in the amount indicated above. Subscriber. Date. By. (D UPLICATE FOR USE OF F E D E R A L R ESERVE BA N K OF N E W YORK) DELIVERY TICKET— SAFEKEEPING DIVISION 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 Fiscal A gen t of the United States, Federal Reserve P. 0 . Station, New York, N. Y . 10045 o rk , A tten tion: Government Bond Division— 2nd F loor Dated at .1966 On our Q com petitive □ noncompetitive tender fo r— U N IT E D S T A T E S OF A M E R IC A T R E A S U R Y BILLS D A T E D A U G U S T 31 , 1 9 66 , D UE A U G U S T 31 , 1 9 67 , T O BE ISSUED N O VE M B ER 30, 1966 accepted at the price o f (p er 100), in the amount of— $ (m aturity value) Please issue and make delivery o f the bills as instructed b e lo w : Denomination Pieces $ M aturity Value P le a s e Do N o t U s e T h i s S p a c e 1,000 5,000 10,000 50,000 100,000 500,000 1,000,000 Total— □ □ □ □ □ 1. D eliver over the counter to the undersigned 2. Ship to the undersigned 3. H old in safekeeping (fo r account o f member bank o n ly )* 4. A llotm ent transfer (see list attached) 5. Special instructions: (N o changes in delivery instructions will be accepted) & Payment will be made as fo llo w s : □ □ □ B y charge to our reserve account B y cash or check in immediately available funds B y surrender o f $ .................................. (m aturity value) of m aturing Treasury bills. Pay cash adjustment, if any— □ B y check □ B y credit to our reserve account (P aym en t cannot be made through Treasury Tax and Loan A ccou n t) 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 Subm itted hy (Please print) By ................. .......................... , B y .................... (Authorized signature(s) required) Federal Reserve Bank of New York, Tjtle .......... .......................... Title .............. Fiscal A gent of the United States. A d d r e s s ......... (Spaces below are for the use of Federal Reserve Bank of New Y ork ) Government Bond Division Safekeeping Division Security Custody Department P A Y M E N T R E C E IV E D sign ed : Taken from vault ............................................... D E L I V E R A G A IN S T P A Y M E N T Counted sign ed : ..................................................................... Checked ..................................................................... D E L I V E R Y R E C E IP T Received from Federal Reserve Bank o f New York, Fiscal A gent o f the United States, the above described Treasury bills allotted in the amount indicated above. Datfi.................................... Subscriber.......................................................................................... B y ..................................................................................... (TR IPLICATE FOR USE OF F E D E R A L R ESERVE BAN K OF N E W YORK) 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 Fiscal A gen t of the United States, Federal Reserve P. 0 . Station, New Y ork, N. Y . 10045 ork, A tten tion : Government B ond Division— 2nd F loor Dated a t ..................................................... ....................................................................1966 On onr Q com petitive □ noncompetitive tender fo r — 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 D A T E D A U G U S T 31 , 1 9 66 , D UE A U G U S T 3 1 , 1 9 67 , T O BE ISSUED N O V E M B E R 30, 1966 accepted at the price o f (per 100), in the amount of— $ (m aturity value) Please issue and make delivery o f the bills as instructed b e lo w : Denomination Pieces $ M aturity Value P l e a se D o N ot U se T h is S pace 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. A llotm ent transfer (see list attached) 5. Special instructions: (N o changes in delivery instructions will be accepted ) Payment will be made as fo llo w s : □ □ □ B y charge to our reserve account B y cash or check in immediately available funds B y surrender o f $ .................................. (m aturity value) o f m aturing Treasury bills. Pay cash adjustment, if any— □ B y check □ B y credit to our reserve account ( Paym ent cannot be made through Treasury Tax and Loan A ccou n t) 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) Title .............. .......................... Title .............. Fiscal A gent of the United States. A d d r e s s ............................................................................................................. (Spaces below are for the use o f Federal Reserve Bank o f New Y o rk ) Government Bond Division Safekeeping Division Security Custody Department P A Y M E N T R E C E IV E D signed : Taken from vault ............................................... D E L I V E R A G A IN S T P A Y M E N T OF $ ........................................................... signed : D E L I V E R Y R E C E IP T Received from Federal Reserve Bank o f New York, Fiscal A gent of the United States, the above described Treasury bills allotted in the amount indicated above. Date.................................... Subscriber.......................................................................................... B y ................................................................................................. PENDING DELIVERY TICKET FOR GOVERNMENT BOND DIVISION Y our □ competitive □ noncompetitive tender fo r — 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 D A T E D A U G U S T 3 1 , 1 9 6 6 , D UE A U G U S T 31 , 1 9 6 7 , T O BE ISSUED N O V E M B E R 30, 1966 which has been accepted at the price of (per 100), in the amount of- $ PRIN CIPAL MASTER M A T U R IT Y V A L U E PRIN CIPAL DISPOSITION □ Safekeeping □ Ship □ □ M E T H O D OF P A Y M E N T Over the Counter □ SPLIT D ISPO SITIO N □ Reserve Account □ Check or Cash □ Delivery Teller Treasury Tax & Loan □ Foreign Oper. Div. Allotment Transfer □ Form 12 □ Maturing Bills 5 ALLOTMENT NOTICE FOR SECURITIES DEPARTMENT □ competitive □ noncompetitive UNITED STATES OF AMERICA TREASURY BILLS DATED AUGUST 31, 1966, DUE AUGUST 31, 1967, TO BE ISSUED NOVEMBER 30, 1966 $ R E L O C A T IO N O F FIC E — IN □ com petitive □ 7 noncompetitive UNITED STATES OF AMERICA TREASURY BILLS DATED AUGUST 31, 1966, DUE AUGUST 31, 1967, TO BE ISSUED NOVEMBER 30, 1966 / $
@FedFRASER