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FE D E RA L R E SE R V E BANK O F NEW YORK Fiscal Agent of the United States r Circular No. 4 4 1 9 1 L January 31, 1957 J T R E A S U R Y FINANCING — Exchange o f Certificates and Notes Maturing in February, March, and A pril — Offering o f 129-Day T ax A nticipation Bills To A ll B anking In stitution s, and Others Concerned, in the Second Federal Reserve D is tr ic t: The following statement was made public today: The Treasury Department announced today an optional exchange offering o f 3 % percent 1-year Treasury certificates o f indebtedness m aturing February 14, 1958, and 3^ percent 3-year and 3-month Treasury notes m aturing May 15, 1960, open to the holders o f $7,219 million 2 % p er cent certificates maturing February 15 and $2,997 million 2 % percent notes maturing M arch 15. The new certificate offering w ill also be open to holders o f the $531 m illion 1 ^ percent notes maturing A p ril 1. Cash subscriptions will not be received. The new certificates and the new notes w ill be dated February 15, 1957, and exchanges will be made at par, with an adjustment o f interest in all cases as o f that date. In the case o f the notes maturing March 15, accrued interest from September 15 to February 15 will be paid to subscribers follow ing acceptance o f the notes. In the case o f the notes maturing A p ril 1, accrued interest from October 1 to February 15 w ill be paid to subscribers follow ing acceptance o f these notes. In all cases the final coupon should be attached to the notes when surrendered. Interest on the new certificates will be payable August 15, 1957, and at maturity on February 14, 1958. Interest on the new notes will be payable on November 15, 1957, and semiannually thereafter. The subscription books w ill open on Monday, February 4, and w ill remain open only for tw o days fo r this exchange offering. A n y subscription fo r either issue addressed to a Federal Reserve Bank or Branch, or to the Treasurer o f the United States, and placed in the mail before midnight Tuesday, February 5, will be considered as timely. The Treasury also announced that 129-day Treasury bills fo r cash and in ary 15. The fu ll terms o f the offering morning, February 4. Tenders will be February 7. it will invite tenders fo r $1,750 million, or thereabouts, of exchange fo r the special Treasury bills m aturing Febru will be contained in a statement to be released Monday opened at 1 :30 p.m., Eastern Standard time, on Thursday, The new bills will be dated February 15 and will mature June 24, 1957. These will be Tax A nticipation bills, acceptable at face value in paym ent o f income and profits taxes due June 15, 1957. Settlement for accepted tenders must be made in cash or other immediately available funds or in a like face amount o f Treasury bills m aturing February 15. Subscription forms for the new certificates and notes, and tender forms for the Treasury bills, will be mailed to reach you on Monday, February 4. Please note that the subscription books for the new certificates and notes will be open for only two days, February 4 and February 5. A lfred H ayes, President. Federal R eserve NEW Bank of YORK RECTOR 4 5 . N ew York N .Y . 2 -5 7 0 0 (x4) F ebru ary 1 , 1957 DECEPTIVE COUNTERFEIT FEDERAL RESERVE NOTES To all Banks in the Second Federal Reserve District: We have been requested by the United States Secret Service to alert all banks in our District that counterfeit Federal Reserve notes of the 1950 A series in the $20 denomination have appeared in the Second Federal Reserve District. Your tellers and customers should be warned to be on the alert for the appearance of similar counterfeits. The United States Secret Service has supplied the following descrip tion of these counterfeits: $20 Denomination Check Letter Series 1950 A 1950 A M M Face Plate Back Plate 143 43 834 34 The serial number varies. The face of some of the notes is deceptively good in appearance. It is printed on good grade bond paper of approximately the same thickness as genuine paper. No attempt has been made to simulate the red and blue fiber threads. The back of the note has a washed-out appearance. Department stores, bars, and bakery shops have been the principal victims to date. All counterfeit currency received from any source should be marked for identification and forwarded to the nearest office of the United States Secret Service, rather than to Washington, D. C. In this District, the Secret Service has offices in Room 801, Federal Office Building, 90 Church Street, New York 7> New York; in the United States Court House, Buffalo 1, New York; in the Post Office Building, Syracuse, New York; and in the Post Office Building, Federal Square, Newark 2, New Jersey. Additional copies of this letter will be furnished upon request. ALFRED HAYES, President.
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