View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK OF DALLAS
F IS C A L A G E N T O F TH E U N IT E D ST A T E S

Dallas, Texas, October 10, 1951

PRELIMINARY ANNOUNCEMENT
TAX ANTICIPATION SERIES-TREASURY BILLS

To All Banking Institutions and Others Concerned,
in the Eleventh Federal Reserve D istrict:
There is quoted below a press statement issued today by the Treasury
Department in regard to a special offering of Treasury bills:
“ Secretary o f the Treasury Snyder announced today that tenders
will be accepted on October 17, 1951, o f bids to an issue of 144-day
Treasury bills in the amount of $1,250,000,000 to be dated October
23, 1951, and to mature on March 15, 1952. These bills will be labeled
‘TAX ANTICIPATION SERIES’ and will be acceptable in payment
o f income taxes due on March 15, 1952. Payment for such bills will
be made in cash on the date o f issue, except that any qualified deposi­
tary may make payment by credit in its Treasury Tax and Loan
Account for accepted tenders submitted by it on behalf o f itself or
its customers up to any amount for which it shall be qualified in
excess o f existing deposits. Formal invitation for tenders will be
issued tomorrow, October 11, 1951.
“ These bills are being issued to meet anticipated cash require­
ments of the Treasury, and to the extent they are not presented in
payment of income taxes due on the maturity date, they will be paid
in cash at maturity.
“ Secretary Snyder also announced that within the next few weeks
another offering o f Treasury bills will be made to mature on June
15, 1952, which also will be acceptable in payment o f income taxes
due on that date. While no amount has been set for this offering it
is probable that it may be in the neighborhood o f $1,000,000,000.”
The formal invitation fo r tenders and forms will be placed in the mail
as soon as available so as to reach all banking institutions in time for
tenders to be submitted by October 17, the date on which they are accept­
able.
Yours very truly,
R. R. GILBERT
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

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