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F E D E R A L R E SE R V E BANK O F N EW YORK Fiscal Agent of the United States r Circular No. 4 8 0 2 1 L November 6, 1959 J Preliminary Figures on Treasury’s Current Exchange Offerings To A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The following statement was made public today by the Treasury Department: Prelim inary figures show that about $8,311 million o f the two issues of Treasury certificates o f indebtedness and notes m aturing November 15, involved in the current refunding, aggregating $8,894 million, have been exchanged for the new one-year certificates and four-year notes. Exchanges include about $7,014 million fo r the new one-year 4 % percent certificates and $1,297 million fo r the four-year 4 % percent notes. The entire holdings o f the Federal Reserve, amount ing to $5 billion, were exchanged fo r the one-year certificates. A bou t $585 million o f the two issues m aturing November 15 remain fo r cash redemption. In addition, holders o f about $1,615 million o f the $2 billion o f 4 percent Treasury Notes o f Series B-1962, maturing A ugust 15, 1962, but redeemable on February 15, 1960, upon giving notice o f intention to redeem not later than November 16,1959, were also exchanged fo r the new 4 % percent 4-year Treasury notes. Total exchanges for the one-year 4 % percent certificates amount to about $7,014 million and fo r the four-year 4 % percent notes, to about $2,913 million. Final figures regarding the exchange will be announced after final reports are received from the Federal Reserve Banks. A l f r e d H a y e s , P resid en t.
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