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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.