Full text of District Notices (Federal Reserve Bank of Dallas) : Rates on Short Term Government Securities

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FEDERAL RESERVE BANK OF DALLAS
F I S C A L A G E N T O F T H E U N IT E D S T A T E S

Dallas, Texas, August 9, 1948

RATES ON SHORT-TERM GOVERNMENT SECURITIES

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:

There is quoted below a press statement issued by the Secretary of
the Treasury this afternoon:
“ Secretary of the Treasury Snyder announced today that as a
further anti-inflationary move he is raising the rate on short­
term Government securities.
“ Treasury Certificates of Indebtedness and Notes maturing on
October 1, 1948 will be refunded into a 114 percent one-year Cer­
tificate o f Indebtedness; Treasury Notes maturing on September
15, 1948 will be refunded into 1% percent Treasury Notes matur­
ing April 1, 1950.
“ The 2 1/2 percent partially tax-exempt Treasury Bonds maturing
in the amount o f $451 million on September 15, 1948 will be paid
off in cash.
“ The rate of interest on Treasury Savings Notes will also be
adjusted. Details will be announced later. Treasury Savings Notes
with the new rate will be available starting on September 1, 1948.
“ The Secretary said further that no change would be made in the
Government’s policy with regard to the long-term bonds.”
Complete details regarding the exchange offerings and the rate of
interest on the Treasury Savings Notes will be forwarded to each bank in
this district as soon as available.

Yours very truly,
R. R. G IL B E R T
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)