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FEDERAL. RESERVE BANK OF D ALLAS
FISCAL AGENT OF THE UNITED STATES

Dallas, Texas, August 8, 1957

P R E L IM IN A R Y ANNOUNCEM ENT
SPE C IAL OFFERING OF TR E A SU R Y 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 announced today that it will invite cash tenders
for $1,750,000,000, or thereabouts, of 237-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 Monday morning, August 12. Tenders will be opened at 1 :30
p.m., Eastern Daylight Saving Time, on Wednesday, August 14. The new bills
will be dated and must be paid for on August 21, 1957, and may be paid for by
credit in Treasury Tax and Loan Accounts. They will mature on April 15, 1958.
“ To encourage wide distribution, noncompetitive tenders fo r $300,000 or
less without stated price from any one bidder, in lieu of the $200,000 limit appli­
cable 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 them­
selves of participation for any amount they desire to acquire up to $300,000.”
The official circular and tender forms for the offering will be mailed to all banking
institutions Friday, August 9. 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)


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