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FEDERAL RESERVE BANK OF DALLAS FISCAL AGENT OF THE UNITED STATES Dallas, Texas, July 25, 1958 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 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 President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)