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FED ERAL R E SE R V E BANK O F NEW YORK Fiscal A gen t o f the U nited States r Circular No. 3 9 7 7 1 L May 18, 1953 J T R E A S U R Y FIN AN CING To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The follow in g statement was made public tod a y: Secretary o f the Treasury H um phrey announced today that holders o f the $4,963,000,000 o f certificates o f indebtedness m aturing on June 1, and the $725,000,000 o f Treasury Bonds o f 1953-55 called fo r redemption on June 15, w ill be offered in exchange one-year 2 % percent Certificates o f Indebtedness, to be dated June 1. The certificates o f indebtedness will be exchanged as o f June 1. The called bonds w ill be exchanged as o f June 15, subject to an interest adjustment on the new certificates from June 1. The subscription books on this exchange will open on W ednesday, May 20, and w ill be closed in three days at the close o f business F riday, May 22. F u ll details o f the offering will be given in the press statement and official circular, which w ill be made public W ednesday morning, May 20. Copies o f the official circular and subscription form s w ill be mailed to reach you on M ay 20. A llan S proul, President.
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