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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F TH E U N ITE D ST A T E S Dallas, Texas, July 2, 1953 ADDITIONAL DETAILS CONCERNING CASH OFFERING OF T A X ANTICIPATION CERTIFICATES OF INDEBTEDNESS To A ll Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is reproduced below a press statement issued today by the Treasury Depart ment which contains the rate and other details of the new cash offering: “ Secretary Humphrey announced today that the Tax Anticipation Certifi cates of Indebtedness which are to be offered for subscription on Monday, July 6, will carry an interest rate of 2*4 percent. The amount of the offering will be $5,500,000,000, or thereabouts. “ Subscriptions from commercial banks for their own account will be received without deposit. Subscriptions from all others must be accompanied by payment of 10 percent of the amount of certificates applied for. “ Subject to the usual reservations, subscriptions for amounts up to and including $100,000 will be allotted in full. Subscriptions for amounts over $100,000 will be allotted on an equal percentage basis but not less than $100,000 on any one subscription. The basis of the allotments will be publicly announced when the allotments are made. “ In view of the large size of the issue, Federal Reserve Banks will be pre pared to act promptly on requests for temporary increases in Treasury Tax and Loan Account authorizations.” As indicated in the preliminary announcement, the official circular and subscription forms for this offering will be mailed to reach all banking institutions on or before Monday, July 6, the date the books open. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER