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FEDERAL. RESERVE BANK OF DAL.ULS F IS C A L A G E N T O F T H E U N IT E D ST A T E S Dallas, Texas, June 20, 1957 PRELIMINARY ANNOUNCEMENT SPECIAL OFFERING OF TREASURY BILLS 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 a special offering of Treasury bills: “The Treasury Department will invite tenders Wednesday, June 26, for $3,000,000,000, or thereabouts, of 264-day Treasury bills to raise cash for current requirements. The full terms of the offering will be contained in a state ment to be released for morning newspapers Monday, June 24. Tenders will be opened at 1:30 p.m.. Eastern Daylight Saving Time, next Wednesday. “The new bills will be dated July 3, 1957, and will mature March 24, 1958. They will be Tax Anticipation bills, acceptable at face value in payment of income and profits taxes due March 15, 1958. They may be paid for by credit in Treasury Tax and Loan Accounts. “To encourage wide distribution, noncompetitive tenders for $400,000 or less without stated price from any one bidder, in lieu of the $200,000 limit applicable to the regular weekly bills, will be accepted in full at the average price of accepted competitive bids. This provision enables smaller institutions and those not familiar with the current movement of Treasury bill prices to assure themselves of participation for any amount they desire to acquire up to $400,000.” The official circular and tender forms for the offering will be mailed to all banking institutions Friday, June 21. However, if the circular and forms are not received, in sufficient time, tenders should be entered by mail or telegraph, subject to confirmation with an official tender form. 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)