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FED ERA L R E SER V E BANK O F NEW YORK Fiscal A gen t of the U nited States C ircular No. 4 3 5 1 1 J u ly 20, 1956 J TREASURY’S CURREN T EXCHANGE O FFER IN G P relim inary Figures on Exchanges of M aturing Issues To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statem ent was made public to d a y : P relim inary figures show th a t about $12.1 billion of the T reasury notes m aturing A ugust 15 and October 1 have been exchanged for the new twelve and one-half-month 2% percent T reasury notes, leaving nearly $900 million fo r cash redem ption. F u rth e r details regarding the exchange will be announced next week a fte r final reports are received. F. T r e i b e r , F irst Vice President. W illia m