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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, August 18,1948

NEW OFFERING OF TREASURY SAVINGS NOTES, SERIES D

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:

There is quoted below a press statement issued by the Treasury Department today, announcing
a new offering of Treasury Savings Notes, Series D :
“Secretary of the Treasury Snyder announced today the details of the new Treasury Savings
Notes, Series D, which will become available for purchase on September 1, 1948, and the
termination of the sale of Treasury Savings Notes, Series C, at the close of business August 31.
“The new notes of Series D will be dated as of the first day of the month in which purchased,
will mature three years thereafter, and they will be issued at par. Interest on the notes will
accrue each month from month of issue, on a graduated scale, the equivalent yield if held to
maturity being approximately 1.40 percent per annum. The amount of accrual each month on
each $1,000 principal amount of notes, from month of issue to month of maturity, follows:
Half-Year Periods After
Month of Issue

Interest Accrual
Each Month Per
$1,000

First Yz year
Yz to 1 year
1 to 1Y2 years
IY 2 to 2 years
2 to 2 Yz years
2Yz to 3 years

$1,000 Principal with Interest
Accrual (Cumulative) To End
of Period Added

$0.80
1.00
1.20
1.30
1.40
1.40

$1,004.80
1,010.80
1,018.00
1,025.80
1,034.20
1,042.60

“The Secretary also announced that the period during which the new notes may not be sub­
mitted for cash redemption has been decreased from six months to four months from month
of issue.
“Like Series C, the new notes of Series D will be available for use in payment of income, estate
and gift taxes imposed by the Internal Revenue code and assessed against the owner of the
notes or his estate. If not presented in payment of taxes, and except for those in the names of
banks that accept demand deposits, the notes of Series D will be redeemable at par and accrued
interest, either at maturity or during and after the fourth calendar month after the month of
issue. If inscribed in the name of a bank that accepts demand deposits, the notes will be accepted
at par and accrued interest in payment of taxes, but redeemed for cash at or before maturity
only at the purchase price, or par.
“The new Treasury Savings Notes, like those of prior series, will be issued only by the Federal
Reserve banks and branches, and the Treasury Department, Washington.”
The official circulars containing complete details and application blanks for the new offering will
be mailed to arrive on or about September 1, 1948.

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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