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Dallas, Texas, July 25, 1958


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 in
regard to a new cash offering:
“The Treasury Department announced today that on Tuesday, July 29, it
will offer for cash subscription $3i/^ billion of IV2 percent Tax Anticipation
Certificates of Indebtedness, to be dated August 6, 1958 maturing March 24,
1959, and receivable at par plus accrued interest to maturity in payment of
income and profits taxes due on March 15, 1959. The books will be open only
for one day on July 29.
“Subscriptions from commercial banks, which for this purpose are defined
as banks accepting demand deposits, for their own account, will be received
without deposit. A payment of 2 percent of the amount of certificates subscribed
for must be made on all other subscriptions. The new certificates 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 certificates
subscribed for, to cover the 2 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
July 29, will be considered as timely.”
Official circulars and subscription forms for the cash offering will be mailed as soon
as possible. However, if the circulars and forms are not received by Tuesday, July 29,
subscriptions may be entered by mail, telegraph or telephone, subject to confirmation
with an official subscription blank.
Yours very truly,
Watrous H. Irons

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