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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F TH E U N ITE D S T A T E S Dallas, Texas, September 24, 1952 PRELIMINARY ANNOUNCEMENT TAX ANTICIPATION SERIES-TREASURY BILLS To All Banking Institutions and Others Concerned, in the Eleventh Federal Reserve District: There is quoted below a press statement issued today by the Treasury Department in regard to a special offering of Treasury bills: “ Secretary of the Treasury Snyder announced today that tenders will be accepted on October 3, 1952, of 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 of income and profits taxes due on March 15, 1953. Pay ment for such bills will be made in cash on the date of issue, except that any qualified depositary may make payment by credit in its Treasury Tax and Loan Account for Treasury bills allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits. Formal invitation for ten ders will be issued on September 26, 1952. “ These bills are being issued to meet anticipated cash require ments of the Treasury; and to the extent that they are not presented in payment of 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 antici pates 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 formal invitation for tenders and forms will be placed in the mail as soon as available so as to reach all banking institutions in time for ten ders to be submitted by October 3, the date on which they will be accepted. 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)