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FEDERAL RESERVE BANK OF DALLAS F IS C A L AG EN T O F THE U N IT E D S T A T E S Dallas, Texas, September 25, 1958 PRELIMINARY ANNOUNCEMENT CASH OFFERINGS 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 the new cash offerings: “ The Treasury Department announced today that on Monday, September 29, it will offer for cash subscription $1 billion, or thereabouts, of 3*/2 percent 13-month Treasury Notes at par, and $ 2 ^ billion, or thereabouts, of 219-day Special Treasury Bills (to be issued on a fixed-price basis) at 98.023, at which price the yield to the purchaser is approximately 3.25 percent per annum. In addition, up to $100 million of the notes may be allotted to Government Investment Accounts. “ The notes will be dated October 10, 1958, and will mature November 15, 1959. Interest will be payable on a semiannual basis on May 15 and November 15, 1959. “ The Treasury bills will be dated October 8, 1958, and will mature May 15, 1959. “ 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 the case of the notes to an amount not exceeding 25 percent, and in the case of the bills not exceeding 50 percent, of the combined capital, surplus and undivided profits of the subscribing bank. Payment of 2 percent of the amount of notes or bills 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 subscribed for, to cover the deposits required to be paid when subscriptions are entered. “ 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, Septem ber 29, will be considered as timely.” Official circulars and subscription forms for the cash offerings will be mailed as soon as possible. However, if the circulars and forms are not received by Monday, September 29, subscriptions may be entered by mail, telegraph or telephone, subject to confirmation with official subscription blanks. 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)