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F E D E R A L R E S E R V E BAN K
O F NEW YORK
F iscal A g en t o f the U nited States

r Circular N o. 3 9 0 1 T

L

September 24, 1952

SPECIAL OFFERING OF 161-DAY TREASURY BILLS

T A X A N T IC IP A T IO N SERIES

To all Incorporated Banks and Trust Companies, and
Others Concerned, in the Second Federal Reserve D istrict:

Secretary o f the Treasury Snyder announced today that tenders will be accepted
on October 3, 1952, o f bids to an issue of 161-day Treasury bills in the amount of
$2,500,000,000, to be dated October 8, 1952, and to mature on March 18, 1953. These
bills will be designated “ Tax Anticipation Series” and will be acceptable at face value
in payment o f income and profits taxes due on March 15,1953. Payment fo r such bills
will be made in cash on the date o f issue, except that any qualified depositary may
make payment by credit in its Treasury Tax and Loan Account fo r Treasury bills
allotted to it fo r itself and its customers up to any amount for which it shall be quali­
fied in excess o f existing deposits. Form al invitation fo r tenders will be issued on
September 26, 1952.
These bills are being issued to meet anticipated cash requirements o f the Treas­
ury ; and to the extent that they are not presented in payment o f income and profits
taxes due on March 15, 1953, they will be paid in cash at maturity.
Secretary Snyder also announced that this is the first step in the Treasury’s fall
tax bill financing program. The Treasury anticipates that further tax bills will be
offered later in the year, but that the next offering is not likely to take place until
some time in November.
The offering circular and tender form fo r these special Treasury bills will be
mailed to reach you on September 26, 1952.




A ll a n S pbou l,

President.

J

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