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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 Circular No. 4 4 3 5 1 March 15, 1957 J [ T R E A S U R Y FINANCING To A ll B anking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The following statement was made public today: The Treasury Department announced today that on Monday, March 18, it will offer fo r cash subscription $3 billion, or thereabouts, o f additional amounts o f outstanding public debt issues. The offering w ill consist o f an additional $750 million, or thereabouts, o f the 3 % percent Treasury Notes o f Series A-1960, dated and bearing interest from February 15, 1957, and due May 15, 1960, and $2,250 million, or thereabouts, o f the 3 % percent Treasury Certificates of Indebtedness o f Series A-1958, dated and bearing interest from February 15, 1957, and due February 14, 1958. In addition, up to $100 m illion o f the notes may be allotted to Government investment accounts. Both issues w ill be offered at par and accrued interest from February 15, 1957, to March 28, 1957. The books will be open only fo r one day, on March 18. Subscriptions fo r either issue from commercial banks, which fo r this purpose are defined as banks accepting demand deposits, fo r their ow n account, w ill be received without deposit, but will be restricted in each case to an amount not exceeding the combined capital, surplus and undivided profits o f the subscribing bank. A payment o f 3 percent o f the amount o f securities subscribed fo r must be made on all other subscriptions. The new securities may be paid fo r by credit in Treasury T ax and Loan Accounts. Commercial banks and other lenders are requested to refrain from making unsecured loans, or loans collateralized in whole or in part by the securities subscribed for, to cover the 3 percent deposits required to be paid when subscriptions are entered. A n y subscription addressed to a Federal Reserve Bank or Branch, or to the Treasurer o f the United States, and placed in the mail before midnight, March 18, w ill be considered as timely. The Treasury has advised us that payment for the new securities is to be made on March 28, 1957. Subscription forms for the offerings will be mailed to reach you on Monday, March 18. Please note that the subscription books will be open for only on e day, March 18. A lfred H ayes, President.
@FedFRASER