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F E D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States rC ircu la r N o. 4 7 3 0 1 L April 30, 1959 J TREASURY FINANCING T o A ll Banking In stitution s, and Others Concerned, in th e Second Federal Reserve D istrict : The follow in g statement was made public tod a y: The Treasury Department announced today its program fo r meeting at maturity the $2.7 billion o f special Treasury bills issued October 8,1958, m aturing May 15, 1959, and the $1.8 billion o f 1^4 percent certificates o f indebtedness issued June 15, 1958, m aturing May 15, 1959, and for raising new cash funds estimated to be required for the balance o f the fiscal year. The $2.7 billion o f special Treasury bills m aturing May 15 will be redeemed fo r cash on that date. A further step in the Treasury’s program to establish a pattern o f 1-year Treasury bill maturities with quarterly dates in January, A pril, J u ly and October, w ill be taken with an offer ing o f $2 billion, or thereabouts, o f 340-day Treasury bills to be dated May 11,1959, and to mature A p ril 15, 1960. Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, one-thirty o ’clock p.m., Eastern Daylight Saving time, on W ednesday, M ay 6, 1959, fo r this offering. A n y qualified depositary will be permitted to make payment by credit in its Treasury Tax and Loan A ccount fo r Treasury bills o f this issue. Tenders will also be received by the Federal Reserve Banks and Branches on Thursday, M ay 7, up to the closing hour, one-thirty o ’clock p.m., Eastern D aylight Saving time, fo r an offering o f 221-day tax anticipation Treasury bills in the amount o f $1.5 billion, or thereabouts, to be dated May 15, 1959, and to mature December 22, 1959. These bills will be accepted at face value in payment o f income and profits taxes due on December 15, 1959, and to the extent they are not presented fo r this purpose the face amount o f the bills will be payable without interest at maturity. Payment fo r Treasury bills o f this issue must be made in cash or other immediately available funds on May 15. F u ll details o f the two Treasury bill offerings are being made public today. A ll subscribers to the two issues o f Treasury bills are required to agree not to purchase or sell or to make any agreements with respect to the purchase or sale or other disposition o f the bills subscribed fo r until after the closing hour fo r tenders on May 6 and M ay 7, respectively. The Treasury will announce late Thursday, May 7, an offering o f a 1-year certificate o f indebtedness to be dated M ay 15, 1959, and to mature May 15, 1960, in exchange for the $1.8 A percent certificates o f indebtedness m aturing May 15. The subscription books will billion o f 1X be open only on May 11 and M ay 12 fo r the receipt o f subscriptions fo r this issue. Any subscrip tion fo r the new certificates addressed to a Federal Reserve Bank or Branch or to the Treasurer o f the United States and placed in the mail before m idnight M ay 12 will be considered as timely. Circulars and tender form s fo r the two T reasury bill offerings will be mailed to reach you by M onday, M ay 4. A lfked H ayes, P resident.
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