The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A gen t o f the U nited States f Circular N o. 4 2 7 0 *1 L September 29, 1955 j T R E A S U R Y FINANCING To A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The follow in g statement was made public tod a y: • The Secretary of the Treasury announced today that on Monday, October 3, the Treasury will offer for cash subscription $2% billion of 2*4 percent Tax Anticipation certificates of indebtedness, to be dated October 11, 1955, maturing June 22, 1956, and receivable at par plus accrued interest to maturity in payment of income and profits taxes due on June 15, 1956. The books will be open only for one day on October 3. Subscriptions from commercial banks, which for this purpose are defined as banks accepting demand deposits, for their own account, will be received without deposit, but will be restricted in each case to an amount not exceed ing 50 percent of the combined capital, surplus and undivided profits of the subscribing bank. A payment of 5 percent of the amount of certificates subscribed for, not subject to withdrawal until after payment, must be made on all other subscriptions. The new certificates may be paid for by credit in Treasury Tax and Loan Accounts. Commercial banks and other lenders are requested to refrain from making unsecured loans, or loans collateralized in whole or in part by the certificates subscribed for, to cover the 5 percent deposits required to be paid when subscriptions are entered. Any subscription addressed to a Federal Reserve Bank or Branch, or to the Treasurer o f the United States, and placed in the mail before mid night, October 3, will be considered as timely. A llan S proul, P resident.
@FedFRASER