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FEDERAL RESERVE BANK OF DALLAS
FISCA L AGENT OF THE UNITED STATES

Dallas, Texas, November 16, 1948

EXCHANGE OFFERING

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve D istrict:
There is quoted below a press statement issued today by the Treasury
Department regarding the securities to be offered in exchange for the notes
and certificates maturing January 1,1949, and the bonds called for redemp­
tion on December 15, 1948:
“Secretary of the Treasury Snyder announced today that holders
of the Treasury Notes and Certificates of Indebtedness which will
mature on January 1, 1949, will be offered a one-year 114 percent
Certificate of Indebtedness. The maturing securities are the Series
A-1949 Notes and the Series A-1949 Certificates of Indebtedness,
now outstanding in the aggregate amount of $6,126,729,000.
“A t the same time, the Secretary stated that holders of the 2 per­
cent Treasury Bonds of 1948-50, outstanding in the amount of
$571,431,150, which have been called fpr redemption on December
15, 1948, will be offered a one-year 1% percent Certificate of In­
debtedness.
“Full details will be announced later.”
Official offering circulars and subscription forms for the exchange will
be mailed so as to reach all banking institutions on or before the date the
books are opened. If the circulars and forms are not received in sufficient
time, however, subscriptions may be entered by mail or by telegram, sub­
je ct to confirmation with an official application blank.
Yours very truly,
R. R. G ILBER T
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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