The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, April 30, 1959 PRELIMINARY ANNOUNCEMENT CASH AND EXCHANGE 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 current financing: “The Treasury Department announced today its program for meeting at maturity the $2.7 billion of special Treasury bills issued October 8, 1958, maturing M ay 15, 1959, and the $1.8 billion of IV 4 percent certificates of indebtedness issued June 15, 1958, maturing M ay 15, 1959, and for raising new cash funds estimated to be required for the balance of the fiscal year. “The $2.7 billion of special Treasury bills maturing M ay 15 will be redeemed for cash on • that date. “A further step in the Treasury’s program to establish a pattern of 1-year Treasury bill maturities with quarterly dates in January, April, July and October, will be taken with an offering of $2 billion, or thereabouts, of 340-day Treasury bills to be dated M ay 11, 1959, and to mature April 15, 1960. Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty o’clock p.m., Eastern Daylight Saving time, on Wednesday, M ay 6, 1959, for this offering. Any qualified depositary will be permitted to make payment by credit in its Treasury tax and loan account for Treasury bills of this issue. “Tenders will also be received by the Federal Reserve Banks and Branches on Thursday, M ay 7, up to the closing hour, one-thirty o’clock p.m., Eastern Daylight Saving time, for an offering of 221-day Tax Anticipation Treasury bills in the amount of $1.5 billion, or thereabouts, to be dated M ay 15, 1959, and to mature December 22, 1959. These bills will be accepted at the face value in payment of income and profits taxes due on December 15, 1959, and to the extent they are not presented for this purpose the face amount of the bills will be payable without interest at maturity. Payment for Treasury bills of this issue must be made in cash or other immediately available funds on M ay 15. “Full details of the two Treasury bill offerings are being made public today. All subscribers to the two issues of Treasury bills are required to agree not to purchase or sell or to make any agreements with respect to the purchase or sale or other disposition of the bills subscribed for until after the closing hour for tenders on M ay 6 and M ay 7, respectively. “The Treasury will announce late Thursday, M ay 7, an offering of a 1-year certificate of indebtedness to be dated M ay 15, 1959, and to mature M ay 15, 1960, in exchange for the $1.8 billion of IV 4 percent certificates of indebtedness maturing M ay 15. The subscription books will be open only on M ay 11 and M ay 12 for the receipt of subscriptions for this issue. Any sub scription for the new certificates addressed to a Federal Reserve Bank or Branch or to the Treasurer of the United States and placed in the mail before midnight M ay 12 will be considered as timely.” Tenders for the two issues of Treasury bills will be received at this bank and its branches at El Paso, Houston and San Antonio, up to eleven-thirty o’clock, a.m., Central Standard time, on M ay 6 and M ay 7, respectively. Official tender forms for the two issues of Treasury bills will be mailed on Friday, M ay 1. However, if the forms are not received in sufficient time to enable the completed tenders to reach this bank or the appropriate branch by the respective closing times, tenders may be entered by letter or by telegram, subject to confirmation on official tender forms. Official offering circulars and subscription forms for the certificates of indebtedness ,will be mailed as soon as possible after the terms of the offering have been announced on Thursday, M ay 7. 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)