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FEDERAL RESERVE BANK OF DALLAS
F I S C A L A G E N T O F T H E U N IT E D S T A T E S

Dallas, Texas, January 27,1953

PRELIMINARY ANNOUNCEMENT
EXCHANGE OFFERING

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:
“ Secretary Humphrey announced today that it is the intention
of the Treasury to offer the holders of the $8,868,000,000 of 1%
percent Certificates of Indebtedness maturing on February 15, 1953,
a choice of exchanging them either for a one-year certificate or a five
to six-year security. The terms of the new issues will be announced on
Friday, January 30, and the subscription books will open Monday,
February 2.
“ Of the certificates maturing February 15, about $3.7 billion are
held by the Federal Reserve Banks, about $2.3 billion by commercial
banks, and the remainder by corporations and other non-bank
investors.
“ The bulk of the maturing certificates is thus held by investors
who prefer short-term securities. The new offering, however, will
give any holders who may wish to do so an opportunity to extend
their maturities.”
The official circulars and subscription forms for the exchange offering
will be mailed to reach all banking institutions on or before Monday, Febru­
ary 2, the date the books open.
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)


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