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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States C ir cu la r N o. 6 0 5 2 O c to b e r 2 5 , 1967 [ To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was made public today by the Treasury Department: TREASURY ANNOUNCES NOVEMBER REFUNDING TERMS The Treasury will borrow $12.2 billion, or thereabouts, through the issuance of 1 5 month and 7-year Treasury notes for the purpose of paying off in cash $10.2 billion of Treasury securities maturing November 15, 1967, and borrowing new cash. The amount of the maturing issues held by the public is $2.6 billion. The notes to be issued are: $10.7 billion of 5 -5 /8 % Treasury Notes of Series A -1 969, to be dated November 15, 1967, and to mature February 15, 1969, at par; and $1.5 billion of 5 -3 /4 % Treasury Notes of Series A -1 9 7 4 , to be dated November 15, 1967, and to mature November 15, 1974, at par. The maturing securities are: $8,135 million of 4 -7 /8 % Treasury Notes of Series F -1967, dated May 15, 1966; and $2,019 million of 3 -5 /8 % Treasury Bonds of 1967, dated March 15, 1961. Interest will be payable on the 15-month notes on February 15 and August 15, 1968, and February 15, 1969, and on the 7-year notes semiannually on May 15 and November 15. The notes will be made available in registered as well as bearer form . All sub scribers requesting registered notes will be required to furnish appropriate identifying numbers as required on tax returns and other documents submitted to the Internal Revenue Service. Payment and delivery date for the notes will be November 15. Payment may be made in cash, or in 4 -7 /8 % notes of Series F -1967, or 3 -5 /8 % bonds of 1967, which will be accepted at par, in payment or exchange, in whole or in part, for the notes subscribed for, to the extent such subscriptions are allotted by the Treasury. The notes may not be paid for by credit in Treasury Tax and Loan Accounts. The subscription books will be open only on Monday, October 30. Subscriptions with the required deposits addressed to a Federal Reserve Bank or Branch, or to the T rea s urer of the United States, and placed in the mail before midnight, October 30, 1967, will be considered timely. Subscriptions from commercial banks, for their own account, will be restricted in each case to an amount not exceeding 50 percent of the combined capital (not including capital notes or debentures), surplus and undivided profits of the subscribing bank. (Over) Subscriptions from commercial and other banks for their own account, Federallyinsured savings and loan associations, States, political subdivisions or instrumen talities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, Government Investment Accounts, and the Federal Reserve Banks will be received without deposit. Subscriptions from all others must be accompanied by payment of 2% (in cash, or Treasury securities maturing November 15, 1967, at par) of the amount of notes applied for not subject to withdrawal until after allotment. The Secretary of the Treasury reserves the right to reject or reduce any subscrip tion, to allot less than the amount of notes applied for, and to make different percentage allotments to various classes of subscribers; and any action he may take in these re spects shall be final. The bases of the allotments will be publicly announced, and allot ment notices will be sent out promptly upon allotment. Subject to the reservations in the preceding paragraph, all subscriptions from States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, Government Investment Accounts, and the Federal Reserve Banks, will be allotted in full if a statement is submitted certi fying that the amount of the subscription does not exceed the amount of the two maturing securities owned or contracted for purchase for value, at 4 p .m ., Eastern daylight saving tim e, October 25, 1967. Any such subscriber may enter an additional subscription subject to a percentage allotment. 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 of the notes subscribed for under this offering at a specific rate or price, until after midnight, October 30, 1967. Commercial banks in submitting subscriptions will be required to certify that they have no beneficial interest in any of the subscriptions they enter for the account of their custom ers, and that their customers have no beneficial interest in the banks' subscrip tions for their own account. The official offering circulars and subscription form s for this offering will be mailed to reach you by Monday, October 30; however, if they do not reach you by that date, subscriptions may be entered by telegram or letter, subject to confirmation on the form s provided. Alfred Hayes, President.
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