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FEDERAL RESERVE BANK OF DALLAS F IS C A L A C E N T O F TH E U N ITE D ST A T E S Dallas, Texas, May 14, 1949 P R E L IM IN A R Y A N N O U N C E M E N T E X C H A N G E O FFER IN G To A ll Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve D istrict: There is quoted below a press statement issued today by the Treasury Department in regard to the June financing: “The Treasury will announce on Thursday, May 19, an offering of one-year one and one-quarter percent Treasury Certificates of Indebtedness in exchange for the Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, in the amount of $4,301,117,000, and the Treasury Bonds of 1949-51 called for redemption on June 15, 1949, in the amount of $1,014,018,900. “Exchanges will be made par for par in the case of the maturing certificates and at par with an adjustment of interest as of June 15, 1949, in the case of the called bonds.” Official offering circulars and subscription forms for the exchange offering will be mailed so as to reach all banking institutions on Thurs day, May 19. If the circulars and forms are not received in sufficient time, however, subscriptions may be forwarded by letter or by telegram, subject to confirmation with an official application blank. 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)