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FED ERAL RE SE R V E BANK O F NEW YORK Fiscal A g en t o f the U nited States r Circular No. 3 9 4 0 ~[ L January 27, 1953 TREASURY FINANCING To all Banks, and Others Concerned, in the Second Federal Reserve D istrict: S ecretary H um phrey announced today that it is the intention o f the T reasury to offer the holders o f the $8,868,000,000 o f 1 % per cent certificates o f indebtedness m aturing on F ebru ary 15, 1953, a choice o f exchanging them either fo r a one-year certificate or a five to six-year s e cu r ity .' The term s o f the new issues w ill be announced on F riday, Janu ary 30, and the subscription books w ill open M onday, F ebru ary 2. O f the certificates m aturing F ebru ary 15, about $3.7 billion are held by the F ederal R eserve Banks, about $2.3 billion by com m ercial banks, and the rem ainder by corporations and other non-bank investors. The bulk o f the m aturing certificates is thus held by investors who p refer short-term securities. The new offering, however, w ill give any holders who m ay wish to do so an opportu nity to extend their maturities. Copies o f the T reasury D epartm ent circular setting forth the terms o f this offerin g and official subscription form s will be m ailed to reach you on F ebru ary 2, 1953. A llan S proul, President. J
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