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FEDERAL RESERVE BANK OF DALLAS
FISCAL AGENT OF THE UNITED STATES

Dallas, Texas, November 25, 1955

P R E L IM IN A R Y ANNO UNCEM ENT
EXCH ANG E O FFERING

To all Banking Institutions and Others Concerned
In the Eleventh Federal Reserve D istrict:

Quoted below is a press statement issued today by the Treasury Department in regard to the
new exchange offering:
“ The Treasury Department announced today that the subscription books w ill open
on Monday, November 28, fo r an optional exchange o f its December maturities into 2%
percent, one-year Treasury certificates o f indebtedness or 2% percent two and one-half
year Treasury notes, maturing June 15, 1958. Cash subscriptions w ill not be received.
“ These securities w ill be offered in exchange fo r $12,212 million o f securities which
w ill become due on December 15. These securities consist o f $5,359 million o f l 1 percent
/^
certificates o f indebtedness and $6,853 million o f 1% percent Treasury notes. Holders of
the maturing securities w ill have the option o f exchanging fo r either o f the issues now
offered.
“ The new certificates and the new notes w ill be dated December 1,1955, and exchanges
w ill be made at par with an adjustment o f interest as o f that date. D elivery o f the new
securities w ill be made on December 8, follow ing acceptance o f the securities to be
exchanged. Coupons dated December 15, 1955, should be attached to the certificates and
notes to be exchanged, and accrued interest to December 1,1955, will be paid in each case
on December 8.
“ The subscription books w ill be open three days fo r this exchange offering. Any sub­
scription fo r either issue addressed to a Federal Reserve bank or branch, or to the Treas­
urer o f the United States, and placed in the mail before midnight Wednesday, November 30,
w ill be considered as tim ely.”
The official circulars and subscription forms for the offering w ill be mailed November 26.
However, i f the circulars and forms are not received in sufficient time, subscriptions may be entered
by mail, telegraph, or telephone, subject to confirmation with an official application.

Yours very truly,
Watrous H. Irons
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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