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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