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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)


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