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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A gent of the United States r Circular N o. 4 2 5 0 1 L July 18. 19SS J T R E A S U R Y F IN A N C IN G T o A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The follow in g statement was m ade public tod a y : The Secretary o f the Treasury announced today that on Wednesday, July 20, holders o f the $8,477 million of certificates of indebtedness matur ing August 15, will be given an opportunity to exchange their holdings for a new 2 percent Tax Anticipation certificate o f indebtedness to mature June 22, 1956, or for an additional amount of the 2 percent Treasury notes which were issued last May. Cash subscriptions will not be invited. The new Tax Anticipation certificates of indebtedness will be dated August 1, 1955. They will be receivable at par and accrued interest to maturity in payment o f income and profits taxes due on June 15, 1956. The Treasury notes will be issued as of August 1, and will mature on August 15, 1956. Interest to maturity (August 15) will be allowed in full on the 1Ys percent certificates. Interest on the securities issued in exchange will begin to accrue from August 1. The coupons dated August 15, 1955, on the maturing certificates should be detached by holders and cashed when due. I f the maturing certificates are to be exchanged for the notes, subscriptions should be accompanied by payment o f accrued interest from May 17, 1955, to August 1, 1955, $4.1989 per $1,000. The subscription books will be open three days for this exchange offer ing. A ny 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 Friday, July 22, will be considered as timely. A llan S proul, P resident.
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