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FEDERAL RESERVE BANK OF DALLAS
F IS C A L A G E N T O P TH E U N ITED ST A T E S

Dallas, Texas, July 18, 1955

PRELIMINARY ANNOUNCEMENT
EXCHANGE OFFERINGS

To All Banking Institutions and Others Concerned
In the Eleventh Federal Reserve District:
Quoted below is a press statement issued today by the Treasury Department in regard to the
new exchange offerings:
“ The Secretary of the Treasury announced today that on Wednesday, July 20, holders of the
$8,477,000,000 of certificates of indebtedness maturing August 15, will be given an opportunity
to exchange their holdings for a new 2 percent Tax Anticipation Certificate of Indebtedness to
mature June 22, 1956, or for an additional amount of the 2 percent Treasury Notes which were
issued last May. Cash subscriptions will not be invited.
“ The new tax anticipation certificates of indebtedness will be dated August 1, 1955. They will
be receivable at par and accrued interest to maturity in payment of income and profits taxes
due on June 15, 1956. The Treasury notes will be issued as of August 1, and will mature on
August 15, 1956.
“ Interest to maturity (August 15) will be allowed in full on the 1Ys percent certificates. Interest
on the securities issued in exchange will begin to accrue from August 1. The coupons dated
August 15, 1955, on the maturing certificates should be detached by holders and cashed when
due. If the maturing certificates are to be exchanged for the notes, subscriptions should be
accompanied by payment of accrued interest from May 17, 1955, to August 1, 1955, $4.1989
per $1,000.
“ The subscription books will be open three days for this exchange offering. Any subscription
for either issue addressed to a Federal Reserve bank or branch, or to the Treasurer of the
United States, and placed in the mail before midnight Friday, July 22, will be considered as
timely.”
The official circulars and subscription forms for the offerings will be mailed to all banking
institutions tomorrow, July 19. However, if the circulars and forms are not received in sufficient
time, subscriptions should be entered by mail, telegraph or telephone, subject to confirmation with
an official application.
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)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102