Full text of Federal Reserve Bank of New York Circulars : Issuance of Series E and H Savings Bonds Temporarily Suspended

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FEDERAL RESERVE BANK
O F N E W YORK
Fiscal Agent of the United States

November 30, 1973

ISSUANCE OF SERIES E AND H SAVINGS BONDS
TEMPORARILY SUSPENDED
To A ll Issuing A gents for United States Savings Bonds
in the Second Federal R eserve D istrict:

The Treasury Department has asked us to advise you
as follows:
Because increase in debt ceiling has not been
authorized, it is necessary to suspend issuance of
Series E and H savings bonds until further notice.
It is believed that authority will be granted
shortly, making it possible to resume normal issuance
of bonds.
A short delay in issuance of bonds will not
cause loss to purchasers or disruption of payroll
savings plans because all bonds issued in December
will earn interest from December 1, 1973.
Should companies and others operating payroll
savings plans inquire, they should be advised to continue
withholding but to retain proceeds in special accounts;
proceeds should not be remitted to Federal Reserve
Banks or bonds issued until further notice.
Applications may be accepted over the counter
and on bond-a-month plans, but bonds may not be issued
until further notice.




Alfred Hayes,
President.