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F E D E R A L R E S E R V E BANK OF NEW YORK Fiscal Agent of the United States Circular No. 4 4 5 5 1 May 2, 1957 J T R E A S U R Y FINANCING To A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The follow in g statement was made public to d a y : The Treasury Department announced today an optional exchange offering o f 3 percent Treasury certificates o f indebtedness, m aturing A p ril 15, 1958, and 3 % percent Treasury notes, maturing February 15, 1962, open to the holders o f $4,155 million 1 % percent Treasury notes maturing May 15. Cash subscriptions will not be received. The new certificates and the new notes will be dated May 1, 1957, and exchanges w ill be made at par with an adjustment o f interest as o f that date. A ccrued interest on the maturing notes from November 15, 1956, to M ay 1, 1957 (about $7.50 per thousand) will be paid to sub scribers follow ing acceptance o f the notes, and in all cases the final coupon should be attached to the notes when surrendered. Delivery o f the new securities will be made on May 15. Interest on the new certificates will be payable October 15, 1957, and at maturity on A p ril 15, 1958. Interest on the new notes will be payable on August 15, 1957, and semiannually thereafter. The subscription books will be open May 6 through May 8 fo r this exchange offering. A ny subscription for 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 W ednesday, May 8, will be considered as timely. Subscription form s fo r the offerings will be m ailed to reach you on M onday, M ay 6. A lfred H ayes, President.
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