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FEDERAL, RESERVE BANK OF DALLAS F IS C A L A G EN T O P T H E U N IT E D ST A T E S Dallas, Texas, March 14, 1957 PRELIMINARY ANNOUNCEMENT CASH OFFERING 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 for release March 15 in regard to the new cash offering: “The Treasury Department announced today that on Monday, March 18, it will offer for cash subscription $3 billion, or thereabouts, of additional amounts of outstanding Public Debt issues. The offering will consist of an additional $750 million, or thereabouts, of the 3 I/ 2 percent Treasury Notes of Series A-1960, dated and bearing interest from February 15, 1957, and due May 15, 1960, and $2,250 million, or thereabouts, of the 3% percent Treasury Certificates of Indebt edness of Series A-1958, dated and bearing interest from February 15, 1957, and due February 14, 1958. In addition, up to $100 million of the Notes may be allotted to Government investment accounts. Both issues will be offered at par and accrued interest from February 15, 1957, to March 28, 1957. The books will be open only for one day, on March 18. “Subscriptions for either issue from commercial banks, which for this purpose are defined as banks accepting demand deposits, for their own account, will be received without deposit, but will be restricted in each case to an amount not exceeding the combined capital, surplus and undivided profits of the sub scribing bank. A payment of 3 percent of the amount of securities subscribed for must be made on all other subscriptions. The new securities may be paid for by credit in Treasury Tax and Loan Accounts. “Commercial banks and other lenders are requested to refrain from making unsecured loans, or loans collateralized in whole or in part by the securities sub scribed for, to cover the 3 percent deposits required to be paid when subscrip tions are entered. “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, March 18, will be considered as timely.” Official circulars and subscription forms for the cash offering will be mailed to reach all banking institutions by Monday, March 18. However, if the circulars and forms are not received in sufficient time, subscriptions may be entered by mail, telegraph or tele phone, subject to confirmation with an official subscription 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)