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FED ERAL R E SE R V E BANK O F NEW YORK Fiscal Agent of the United States r Circular N o. 4 4 2 4 ~I L February 8, 1957 J T R E A S U R Y ’S C U R R E N T E X C H A N G E O F F E R IN G S P r e lim in a r y F ig u r e s on E x c h a n g e s o f M a tu r in g Issues To A ll Banking Institutions, and Others Concerned, in the Second Federal B eserve D istrict: The following statement was made public today by the Treasury Department: Prelim inary figures show that about $9,870 million o f the certificates maturing February 15 and the notes m aturing M arch 15 and A p ril 1 have been exchanged fo r the new 3 % percent one-year certificates and the 3Y2 percent 3-year, 3-month Treasury notes. A bou t $8,420 m illion o f the securities were exchanged fo r the new certificates and $1,450 million for the new notes, leaving fo r cash redemption about $275 million o f the certificates m aturing February 15, and $590 million o f the notes maturing on the March 15 tax date, and $10 million on A p ril 1. Further details regarding the exchange will be announced next week after final reports are received from the Federal Reserve Banks. A lfred H ayes, President.