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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 3 3 5 9 ~ l L August 10, 1948 J ANNOUNCEMENT REGARDING TREASURY FINANCING To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: Following is the text of a public announcement made by the Secretary of the Treasury on August 9, 1948: 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 1^4 percent one-year certificate of indebtedness; Treasury notes maturing on September 15, 1948 will be refunded into 1% percent Treasury notes maturing A pril 1, 1950. The 2 ^ percent partially tax-exempt Treasury bonds maturing in the amount of $451 million on September 15, 1948 will be paid oif 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. Additional copies of this circular will be furnished upon request. A llan S proul, President.