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FEDERAL RESERVE BANK OF DALLAS FISCAL AGENT OF THE UNITED STATES Dallas, Texas, May 2,1957 P R E L IM IN A R Y A N N O U N C E M E N T E X C H A N G E O FFE R IN G 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 the new exchange offering: “ The Treasury Department announced today an optional exchange offering of 3 percent Treasury Certificates of Indebtedness, maturing April 15, 1958, and 3% percent Treasury Notes, maturing February 15,1962, open to the holders of $4,155 million 1% percent Treasury Notes maturing May 15. Cash subscrip tions will not be received. “ The new certificates and the new notes will be dated May 1, 1957, and exchanges will be made at par with an adjustment of interest as of that date. Accrued interest on the maturing notes from November 15, 1956, to May 1,1957 (about $7.50 per thousand) will be paid to subscribers following acceptance of the notes, and in all cases the final coupon should be attached to the notes when surrendered. Delivery of the new securities will be made on May 15. “ Interest on the new certificates will be payable October 15, 1957, and at maturity on April 15, 1958. Interest on the new notes will be payable on August 15, 1957, and semiannually thereafter. “ The subscription books will be open May 6 through May 8 for this exchange offering. Any subscription for either issue addressed to a Federal Reserve Bank or Branch, or to the Treasurer of the United States, and placed in the mail before midnight Wednesday, May 8, will be considered as timely.” Official circulars and subscription forms for the exchange offering will be mailed to reach all banking institutions by Monday, May 6. However, if the circulars and forms are not received in sufficient time, subscriptions may be entered by mail, telegraph or tele phone, subject to confirmation with an official subscription blank. 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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