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

Dallas, Texas, August 10,1949

IMPORTANT NOTICE RELATING TO THE SALE OF
UNITED STATES TREASURY SAVING NOTES OF SERIES D

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
Secretary of the Treasury Snyder has announced a change, effective
Thursday, August 11, 1949, in the terms of Department Circular No. 833,
which provides that after the opening of business on that date Treasury
Savings Notes of Series D will be sold at par and accrued interest from the
first day of the month in which purchased to the day, inclusive, on which
full payment is made in cash or other immediately available funds. For
example, if Treasury Savings Notes are purchased on the fifteenth day of
a month, accrued interest would be payable for fourteen days.
Any bank which is qualified as a War Loan Depositary may continue
to make payment (including accrued interest) by credit to its depositary
account for savings notes purchased for itself or its customers. Where pay­
ment is made through the War Loan Deposit Account, accrued interest
should be calculated to the date the deposit is entered on the books of the
depositary bank. In the case of payments made by other means, accrued
interest will be payable to the date funds are available to this bank or
appropriate branch.
The amount of accrued interest payable by the purchaser should be
computed at the rate at which interest accrues on the notes ($0.80 per
month per $1,000 par amount) for the actual number of days in the month
in which the purchase is made. One day’s accrued interest per $1,000 in a
31-day month is $0.02581
30-day month is $0.02667
29-day month is $0.02759
28-day month is $0.02857
Application Form FA 453-Rev. should indicate the par amount and ac­
crued interest, if any, separately.
Copies of the amendment to Circular No. 833 will be mailed to all banks
as soon as available.
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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