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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F TH E U N ITE D ST A T E S Dallas, Texas, M ay 7, 1959 PRELIMINARY ANNOUNCEMENT EXCHANGE OFFERING To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is quoted below a press statement issued today by the Treasury Department in regard to a new exchange offering: “The Treasury Department announced today the complete details of the offering of a one-year certificate of indebtedness in exchange for the $1.8 billion of IV a percent certificates of indebtedness maturing M ay 15, concerning which a preliminary announcement was made last Thursday, April 30. “The Treasury will offer the holders of the $ 1.8 billion of 1 Va percent certificates of indebt edness maturing M ay 15, 1959, the opportunity to exchange their holdings for a new issue of 4 percent certificates of indebtedness to be dated M ay 15, 1959, and to mature M ay 15, 1960. The certificates will be issued at a price of 99.95 percent of face value, to yield about 4.05 percent. Cash subscriptions will not be received. “Interest will be payable on the new certificates semiannually on November 15, 1959, and M ay 15, 1960. “A cash payment of $.50 per $1,000 face value of the new certificates, representing the dis count from the face value, will be paid to holders upon issuance of the new certificates. “The subscription books will be open only on M ay 11 and M ay 12 for the receipt of sub scriptions for this issue. Any subscription for the new certificates addressed to a Federal Reserve Bank or Branch or to the Treasurer of the United States and placed in the mail before midnight, M ay 12 will be considered as timely.” Official circular and subscription forms for the exchange offering will be mailed as soon as possible. However, if the circular and forms are not received by Tuesday, M ay 12, subscriptions may be entered b y mail, telegraph or telephone, subject to confirmation with official subscription blanks. 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)