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 THE U N ITE D ST A T E S Dallas, Texas, August 16, 1947 TREASURY FINANCING To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is quoted below a press statement which will be released Monday morning by the Secretary of the Treasury regarding forthcoming Treasury financing: “ Secretary Snyder announced today that thfe Treasury would offer on August 20 a 10-month % percent certificate in exchange for the % percent certificates maturing September 1, 1947, in the sum of $2,341,000,000. The Secretary also stated that early in September the Treasury would offer a 12i/2-month 1 percent note in exchange for the 1% percent and lVa percent Treasury notes falling due September 15, 1947, amounting to $1,687,000,000 and $2,707,000,000, respec tively. He further indicated that the Treasury Department will offer in the latter part of September a 2% percent non-marketable bond, dated October 1, 1947, subscriptions to which will be confined, in general, to institutional investors holding savings, insurance, and pension funds, and commercial banks holding savings deposits. Subscriptions to the new issue will be limited in accordance with a formula which will be announced later. The Secretary pointed out that United States Savings Bonds paying 2.9 percent interest on amounts up to $3,750 a year and 2*4 percent interest on further amounts up to an additional $100,000 a year are already available to individuals and other classes of investors, and that the offering of these securities will be continued. He said that it was his intention to supplement such issues by the offering of securities suitable primarily for institutional investment whenever the situation warrants such action.” Official offering circulars and subscription forms for the exchange offering to be announced on August 20, will be mailed so as to reach all banking institutions on that date. If the circulars and forms are not received in sufficient time, however, subscriptions may be entered by mail or by telegram, subject to confirmation with an official applica tion form. Officiaf offering circulars and subscription forms for the issues to be offered in Sep tember will be mailed as soon as they are available. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER