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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)


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