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

Dallas, Texas, November 18, 1954

PRELIMINARY ANNOUNCEMENT
EXCHANGE OFFERINGS

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:
“ The Treasury Department announced today that the subscription books
will open on Monday, November 22, for an optional exchange of its December
maturities into 2 V2 percent 8-year and 8-month Treasury Bonds maturing
August 15, 1963, 1 1 4 percent one-year Certificates of Indebtedness, and an addi­
tional amount of the 1¥$ percent Certificates of Indebtedness maturing August
15, 1955.
“ These securities will be offered in exchange for $17,347 million of
ties which become due on December 15. These maturities consist of $8,175
of 1% percent Treasury Notes and $9,172 million of 2 percent Treasury
Holders of the maturing securities will have the option of exchanging for
all of the three issues now offered.

securi­
million
Bonds.
any or

“ The new bonds and the new certificates will be dated December 15, 1954,
and exchanges will be made par for par. Holders should detach the December 15,
1954, coupons from the securities they exchange for these issues and cash them
when due.
“ In the case of exchanges for the additional issue of August certificates,
holders should submit the securities to be exchanged with the December 15,1954,
coupons attached. The full six months’ interest on the securities surrendered
will be credited and accrued interest from August 15 to December 15 on the cer­
tificates will be charged, and subscribers will be paid the difference.
“ The subscription books will be open for three days only for this exchange.
They will close at the close of business November 24, and any subscription
addressed to a Federal Reserve Bank or Branch or to the Treasurer of the United
States and placed in the mail before midnight November 24 will be considered
as timely.”
The official circulars and subscription forms for the exchange offerings will be mailed
to reach all banking institutions by Monday, November 22. However, if the circulars and
forms are not received in sufficient time, subscriptions may be entered by mail, telegraph
or telephone, subject to confirmation with an official application blank.
Yours very truly,
WATROUS H. IRONS
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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