View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK OF DALLAS
F IS 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, September 12,1942

To All Banking Institutions in the
Eleventh Federal Reserve District:

There are transmitted herewith copies of two Treasury Department
circulars (No. 695 and No. 696) governing new issues of Treasury Tax
Savings Notes which will go on sale Monday, September 14, 1942, replacing
the present Series A and B Tax Savings Notes, the sale of which will
terminate at the close of business on Saturday, September 12, 1942.
There are also transmitted a copy of the Treasury Department’s press
statement regarding these notes, and a letter from Secretary of the Treas­
ury Morgenthau.
The new notes of Tax Series A-1945 are intended primarily for the
smaller taxpayer. The limitation on the principal amount th at may be
presented on account of any one taxpayer’s liability for each class of taxes
(income, estate or gift) for each taxable period, has been raised from
$1,200 to $5,000.
The new notes of Tax Series C-1945 are adaptable for dual purposes;
(1) for the accumulation of tax reserves and (2) for the temporary or
short-term investment of cash balances which are at present idle. This
new series of Treasury notes, the Secretary states, will furnish a security
well adapted to corporations and other investors for the mobilization of
their idle funds for the War program.
A supply of application forms, together with copies of a brief summary
covering the important features of the new series of Tax notes, will be
forwarded to all banks within a few days.
Yours very truly,
R. R. GILBERT

President

CTOKY
BU Y

U N IT E D
•T A T B E

WAR
BONDS
AK0

STAMPS

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102