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F ederal Reserve bank of Dallas FISCAL AGENT OF THE UNITED STATES DALLAS, TEXAS 75222 Circular No. 67-128 June 28, 1967 TREASURY CASH FINANCING To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is quoted below a press statement issued today by the Treasury Department in regard to current financing: Treasury Borrowing Plans T he Treasury announced today the first steps in the program of borrowing to m eet cash needs during the fiscal year beginning July 1, 1967. On July 5, the Treasury plans to sell, through competitive auction, $4 billion of Tax Anticipation bills maturing in March and April 1968. The $4 billion total includes $2 billion of bills maturing March 22, 1968, and $2 billion of bills maturing April 22, 1968, which may be used at face value in payment of taxes due, respectively, on March 15 and April 15, 1968. The bills are to be issued and paid for on July 11, 1967. Commercial banks may make payment for the bills by crediting Treasury Tax and Loan accounts. The Treasury also announced that weekly offering of 3-month bills would be enlarged by $100 million, commencing with the bills to be auctioned on July 10. This means that weekly bill offerings will include $1.4 billion of 3-month bills and $1.0 billion of 6-month bills. This will raise $1.3 billion of new cash over the course of three months. Further, it is planned that subsequent offerings of bills maturing on month-end dates will include $1 billion of 1-year bills and $500 million of 9-month bills. This will raise $900 million of new cash over the course of the next fiscal year. Finally, it was indicated that additional cash borrowing will be needed after the August 1967 refunding, and that plans for this borrowing will be announced when the needs have been evaluated more precisely and the financing program formulated. Official announcements and tender forms for the two new series of Tax Anticipation bills are enclosed, and additional copies will be furnished upon request. Tenders should be forwarded in distinctively marked envelopes to reach this bank or appropriate branch before the closing time, twelve-thirty p.m., Central Daylight Saving Time, Wednesday, July 5, 1967. Tenders may not be entered by telephone. 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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