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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)