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FEDERAL OF RESERVE NEW BANK YORK Fiscal A g en t o f the U nited States Circular No. 4 7 9 9 October 29, 1959 J T R E A S U R Y FINANCING To A ll Banking In stitution s, and Others Concerned, in th e Second Federal R eserve D istrict: T h e f o ll o w in g s ta te m e n t w a s m a d e p u b lic t o d a y : The Treasury Department announced today an optional exchange offering o f 4 % percent one-year certificates o f indebtedness, to be dated November 15, 1959, and to mature November 15, 1960, and 4 % percent four-year Treasury notes, to be dated November 15, 1959, and to mature November 15, 1963, open to holders o f : $7,711 million o f 3 % percent Treasury Certificates o f Indebtedness o f Series E-1959, m aturing November 15, 1959; and $1,184 m illion o f 3 ^ percent Treasury Notes o f Series B-1959, m aturing November 15, 1959. In addition, $2,000 million 4 percent Treasury Notes o f Series B-1962 m aturing August 15, 1962, will be eligible fo r exchange into the new four-year notes only. H olders o f the Series B-1962 notes have an option to effect the redemption o f such notes on February 15, 1960, upon giving notice o f intention to redeem not later than November 16, 1959. Cash subscriptions w ill not be received. Interest on the new certificates will be payable on May 15 and November 15, 1960. Interest on the new notes w ill be payable M ay 15 and November 15 in each year until the principal amount is payable. Exchanges w ill be made at par as o f November 15. The coupons due on that date on the m aturing certificates and 3^ percent notes maturing on November 15, 1959, should be detached and cashed when due. In the case o f the 4 percent notes o f Series B-1962 interest coupons Nos. 5 through 10 should be attached to the notes when they are surrendered, and accrued interest fo r these notes from August 15, 1959, to November 15, 1959, w ill be paid subscribers follow ing acceptance o f the notes. The delivery date fo r both new issues w ill be November 16. The subscription books will be open November 2 through November 4 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 m idnight W ednesday, November 4, will be con sidered as timely. The 4 % percent four-year notes m aturing November 15, 1963, will be made available in registered form , as well as bearer form . Notes in this form , however, will not be available fo r immediate delivery on November 16, as special printing arrangements have to be made fo r registered notes. In the interim, notes in conventional bearer form w ill be available to subscribers. The Treasury also announced that in view o f the widespread interest o f individuals evidenced by their purchases o f the 4 % percent Treasury notes dated J u ly 20, 1959, maturing M ay 15, 1964, and the 5 percent Treasury notes dated October 15, 1959, m aturing A u gust 15, 1964, it is arranging to make available to the holders o f these issues notes in registered form. A s soon as the new registered notes are available, a furth er announcement will be made and instructions fo r presenting bearer notes fo r exchange fo r registered notes w ill be given. C ir c u la r s a n d s u b s c r ip t io n f o r m s f o r th e a b o v e o f fe r in g w ill b e m a ile d t o r e a c h y o u b y M o n d a y , N o v e m b e r 2. T h e s u b s c r ip t io n b o o k s w ill r e m a in o p e n f o r three d a ys, N o v em b er 2 through N o v em b er 4, e x c e p t th a t n o s u b s c r ip t io n w ill b e r e c e iv e d o v e r th e c o u n te r a t th e H e a d O ffice o r B u ff a lo B r a n c h o f th is B a n k o n T u e s d a y , N o v e m b e r 3, th a t d a y b e in g E le c t io n D a y , a p u b lic h o lid a y o n w h ic h th is B a n k w ill b e c lo s e d . A lfred H ayes, President.
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