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FEDERAL RESERVE BANK OF DALLAS
F I S 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, November 25, 1959

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 special exchange offering, details of which were enclosed with this bank’s circular letter of
November 20, 1959:
“The Treasury Department announced today that it has received information from
banking institutions and other sources that many holders of the Series F and G savings bonds
which mature in 1960 and which may be exchanged for 4 % percent Treasury notes will not
be able to complete all the detail requirements necessary to enable them to file their
subscriptions by November 30, 1959, the final date set by the Treasury for the receipt of
subscriptions. In many cases it is necessary for holders of Series F and G bonds to obtain
signatures of trustees or other officials, or to await meetings of trustees or committees before
the exchange can be consummated. In some cases, holders of Series F and G bonds may be
away from home and do not have access to their bonds, which may be lodged in safe deposit
boxes at their places of residence.
“In view of this situation, the Treasury will permit holders of the Series F and G savings
bonds who are unavoidably delayed in completing their subscriptions, to file with Federal
Reserve Banks and Branches or the Treasurer of the United States or place in the mail
before midnight Monday, November 30, a letter of intent stating that they propose to enter
an exchange subscription and outlining the reasons which account for their inability to com­
plete their subscription and delivery of the Series F and G bonds to be exchanged by that
date. In such cases the subscribers will have until the close of business December 10, 1959,
to complete their subscriptions and to submit the bonds to be exchanged. When any sub­
scription is delayed, this may result in some delay beyond December 15 in delivery of the
4
percent Treasury notes.

3
A

‘T h e Treasury announced on November 19, 1959, that the subscription books would
be open during the period of November 23 to November 30, during which time holders of
Series F and G savings bonds which mature in 1960 may exchange at their face amount,
with certain interest and other adjustments, as of December 15, 1959, for the 4 % percent
Treasury notes dated July 20, 1959, maturing M ay 15, 1960, to be issued at a price of
99% percent"
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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