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FE D E RA L R E SER VE BANK OF NEW YORK Fiscal A g en t o f the U nited States f Circular No. 4 4 9 L August 8, 1957 SPECIAL CASH OFFERING OF T R E A S U R Y BILLS T o A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: The follow in g statement was made public toda y: The Treasury Department announced today that it will invite casli tenders for $1,750,000,000, or thereabouts, o f 237-day Treasury bills to raise cash for current requirements. The fu ll terms o f the offering will be con tained in a statement to be released M onday morning, August 12. Tenders will be opened at 1:30 p.m., Eastern D aylight Saving time, on Wednesday, August 14. The new bills will be dated and must be paid for on August 21. 1957, and may be paid fo r by credit in Treasury Tax and Loan Accounts. They will mature on A p ril 15, 1958. To encourage wide distribution, noncompetitive tenders fo r $300,000 or less without stated price from any one bidder, in lieu o f the $ 2 0 0 ,0 0 0 limit applicable to the regular weekly bills, will be accepted in fu ll at the average price o f accepted competitive bids. This provision enables smaller institu tions and those not fam iliar with the current movement o f Treasury bill prices to assure themselves o f participation fo r any amount they desire to acquire up to $300,000. A lfred H ayes, President.
@FedFRASER