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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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