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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O P TH E U N ITED ST A T E S Dallas, Texas, July 18, 1955 PRELIMINARY ANNOUNCEMENT EXCHANGE OFFERINGS To All Banking Institutions and Others Concerned In the Eleventh Federal Reserve District: Quoted below is a press statement issued today by the Treasury Department in regard to the new exchange offerings: “ The Secretary of the Treasury announced today that on Wednesday, July 20, holders of the $8,477,000,000 of certificates of indebtedness maturing August 15, will be given an opportunity to exchange their holdings for a new 2 percent Tax Anticipation Certificate of Indebtedness to mature June 22, 1956, or for an additional amount of the 2 percent Treasury Notes which were issued last May. Cash subscriptions will not be invited. “ The new tax anticipation certificates of indebtedness will be dated August 1, 1955. They will be receivable at par and accrued interest to maturity in payment of income and profits taxes due on June 15, 1956. The Treasury notes will be issued as of August 1, and will mature on August 15, 1956. “ Interest to maturity (August 15) will be allowed in full on the 1Ys percent certificates. Interest on the securities issued in exchange will begin to accrue from August 1. The coupons dated August 15, 1955, on the maturing certificates should be detached by holders and cashed when due. If the maturing certificates are to be exchanged for the notes, subscriptions should be accompanied by payment of accrued interest from May 17, 1955, to August 1, 1955, $4.1989 per $1,000. “ The subscription books will be open three days for this exchange offering. Any subscription for either issue addressed to a Federal Reserve bank or branch, or to the Treasurer of the United States, and placed in the mail before midnight Friday, July 22, will be considered as timely.” The official circulars and subscription forms for the offerings will be mailed to all banking institutions tomorrow, July 19. However, if the circulars and forms are not received in sufficient time, subscriptions should be entered by mail, telegraph or telephone, subject to confirmation with an official application. 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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