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Fe d e r a l r e s e r v e b a n k o f Da l l a s FISCA L AGENT O F T H E UNITED STATES DALLAS, TEXAS 7 5 2 2 2 C i r c u l a r No. 7 0 - 2 ^ 4 O c to b e r 1 5 , 1970 To A l l B a n k in g I n s t i t u t i o n s a n d O th e r s C o n c e rn e d i n th e E le v e n th F e d e ra l R eserv e D i s t r i c t : Q u o te d b e lo w i s t h e t e x t o f a s t a t e m e n t r e l e a s e d b y t h e T r e a s u r y D e p a r tm e n t c o n c e r n i n g t h e c l o s i n g t i m e on f u t u r e o f f e r i n g s o f T r e a s u r y n o te s and b o n d s. CHANGE OF CLOSING HOUR FOR RECEIVING SUBSCRIPTIONS TO TREASURY NOTE OFFERINGS The T r e a s u r y D e p a rtm e n t t o d a y c a l l e d a t t e n t i o n t o c h a n g e s i t i s m ak in g i n t h e ti m e i t s b o o k s w i l l b e open f o r s u b s c r ip tio n s i n f u t u r e o f f e r in g s o f T re a su ry n o te s and b o n d s. U n t i l now t h e p r a c t i c e h a s b e e n t o k e e p t h e b o o k s open f o r s u b s c r ip tio n s up t o m id n ig h t o f th e l a s t day s p e c if ie d in th e o f f e r in g announcem ent and to a c c e p t s u b s c r i p t i o n s p o stm a rk e d b e f o r e t h a t tim e . U n d er t h e new p r a c t i c e , w h ic h i s s i m i l a r t o t h a t n ow u s e d i n a c c e p t i n g t e n d e r s f o r T r e a s u r y b i l l s , t h e s u b s c r i p t i o n b o o k s w i l l b e open u n t i l th e day an d h o u r ( p r o b a b ly 7 :0 0 p .m . l o c a l t i m e ) s p e c i f i e d i n t h e o f f e r in g announcem ent b u t t o b e tim e ly , s u b s c r ip tio n s m ust b e r e c e i v e d b y a F e d e r a l R e s e rv e Bank o r B ran ch or by th e T reasu ry by th e s p e c ifie d tim e . S u b sc rip tio n s p o stm a rk e d b e f o r e m id n ig h t o f t h e p r e c e d in g day w i l l h o w ev er b e deem ed t o h a v e b e e n r e c e i v e d b y t h e s p e c i f i e d tim e . T he T r e a s u r y s a i d t h a t t h e new p r a c t i c e w i l l e n a b l e i t t o know, a n d t o a n n o u n c e , t h e r e s u l t s o f a f i n a n c i n g e a r l i e r and w ith g r e a te r p r e c is io n . T h is k n o w le d g e i s p a r t i c u l a r l y u s e f u l w hen m o re t h a n o n e f i n a n c i n g o p e r a t i o n m ay h a v e t o b e c o m p r e s s e d i n t o a l i m i t e d p e rio d o f tim e . T h is change i n p ro c e d u re w i l l a l s o m in im iz e r e v i s i o n i n t h e e a r l y p u b lis h e d r e s u l t s o f f i n a n c i n g o p e r a t i o n s , r e v i s i o n s w h ich h a v e r e s u l t e d i n p a r t from m a il d e la y s . Y ours v e ry t r u l y , P. E. C o ld w e ll, P re sid e n t This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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