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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, October 26,1953 PRELIMINARY ANNOUNCEMENT CASH 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 in regard to a new cash offering: “ Secretary of the Treasury Humphrey announced today that on Wednesday, October 28, the Treasury will offer for cash sub scription an issue of $2,000,000,000, or thereabouts, of fully market able 2% percent Treasury Bonds, to be dated November 9,1953, and to mature September 15, 1961. “ Subscriptions from commercial banks, which for this purpose are defined as banks accepting demand deposits, for their own ac count will be received without deposit. A payment of 10 percent of the amount of bonds subscribed for, not subject to withdrawal until after allotment, must be made on all other subscriptions. “ Commercial banks and other lenders are requested to refrain from making unsecured loans, or loans collateralized in whole or in part by the bonds subscribed for to cover the 10 percent deposits required to be paid when subscriptions are entered, and a certifica tion by the submitting bank that no such loan has been made will be required on each subscription entered by it for account of its customers. “ The Treasury reserves the right to reject or reduce any sub scription, and to make different percentage allotments to various classes of subscribers.” The official circular and subscription forms for the cash offering will be mailed to reach all banking institutions on Wednesday, October 28, the date the books open. If the circular and forms are not received in sufficient time, however, subscriptions may be entered by mail or by telephone, sub ject to confirmation with an official application blank. Yours very truly, W. D. GENTRY First Vice 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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