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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A gen t o f the U nited States f Circular No. 3 9 6 L April 17, 1953 3 % PERCENT TREASURY BONDS OF 1978-83 Offering Oversubscribed— Allotments Deferred To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today: Secretary o f the Treasury H um phrey announced today that the current cash offering o f 3*4 percent Treasury bonds has been heavily oversubscribed. Present indications are that total subscriptions when processed w ill be about $ 5 % billion. Some subscriptions were excessive in relation to the net worth o f the subscribers, and the Federal Reserve Banks are reviewing these sub scriptions before allotments can be made. Precise allotments on this issue will be deferred until next week in order to give time to complete this review. A ll subscriptions accepted w ill be allotted on an equal percentage basis. A llan S proul, P r e s id e n t.
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