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FED ERAL R E SER VE BANK
O F NEW YORK
Fiscal A g en t o f the U nited States

r Circular N o. 3 6 1 9 ~[
L Novem ber 24, 1950 J

ANNOUNCEMENT REGARDING NEW TREASURY OFFERING

To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

The following statement was made public

0 November
11

22, 1950:

Secretary o f the Treasury Snyder announced today that owners o f the
Treasury bonds o f 1950, m aturing December 15, 1950, and owners o f the
Treasury certificates o f indebtedness maturing January 1, 1951, will be
offered a 1 % percent 5-year Treasury note. The bonds w ill be exchanged
par fo r par on December 15 and the certificates at par with an adjustment o f
interest on January 1. The new note will be dated December 15, 1950. The
subscription books fo r this offering will open on Monday, December 4.
The m aturing bonds and certificates are outstanding in the amounts of
$2,635,433,500 and $5,372,668,000, respectively.

Additional copies o f this circular will be furnished upon request.




A

llan

S proul,

President.

av 3 M

F e d e ra l R e se rve B ank
of

N

e w

Yo

r k

N e w Y o r k 4 5 .N .Y .

November 27, 1950

To Member Banks and Nonmember Clearing Banks
in the Second Federal Reserve District:

We have been advised that, owing to the existence of conditions arising
from heavy storms, there will be a delay in the presentation of cash and noncash
items payable at banks in the entire Fourth Federal Reserve District; the counties
of Blair and Cambria, Pennsylvania, in the Third Federal Reserve District, and
possibly other points in that district; and other points in the northeastern
United States where flood conditions prevail.
The Governor of Pennsylvania has declared Monday and Tuesday, November 27
and 28, holidays for banks in 17 counties in Western Pennsylvania; accordingly,
the Pittsburgh Branch of the Federal Reserve Bank of Cleveland will not be open
for business on those days.
We will continue to give credit in accordance with our time schedules
for cash items payable in the affected areas, but advice of nonpayment and return
of unpaid items may be delayed.

We, of course, reserve the right to charge back

any unpaid item at any time.




ALLAN SPROUL,
President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102