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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 A g en t o f the U nited States r Circular N o. 4 8 4 8 "1 January 28, 1960 J L TREASURY FINANCING T o A ll Banking Institutions, and Others Concerned, i?i the Second Federal R eserve D istrict: The following statement was made public today by the Treasury Department: The Treasury Department will offer on February 1: 4 % percent one-year certificates o f indebtedness to be dated February 15, 1960, and to mature F ebruary 15, 1961, at p a r; and 4 % percent 4-year 9-montli Treasury notes to be dated February 15, 1960, and to mature Novem ber 15, 1964, at 99.75 percent o f face value, to yield about 4.93 percent, to holders o f : $11,363 million o f 3 % percent Treasury Certificates o f Indebtedness o f Series A-1960, m aturing February 15, 1960; and $198 million o f 1 % percent Treasury Notes o f Series EA-1960, m aturing A pril 1, 1960. Cash subscriptions w ill not be received. Interest on the new certificates will be payable on A ugust 15, 1960, and February 15, 1961. Interest on the new notes will be payable May 15 and November 15 in each year until the principal amount is payable. Exchanges o f the maturing 3 % percent Treasury certificates will be made fo r a like face amount o f the eligible securities as o f February 15. Coupons dated February 15 on the m aturing certificates should be detached by holders and cashed when due. A cash payment o f $2.50 per $1,000 face value o f the new 4 % percent notes, representing the discount from the face value, will be paid upon issuance o f the notes to holders electing to exchange fo r such notes. Exchanges o f the l 1/^ percent Treasury Notes o f Series E A -1960 will be made fo r a like face amount o f the eligible securities as o f February 15. Interest on the 1 % percent Series E A -1960 notes will be adjusted as o f March 15, 1960. Coupons dated A p ril 1 on the Series E A notes should be attached to the notes when surrendered, and interest from October 1 to March 15 will be credited, interest from February 15 to March 15 on the new certificates or notes will be charged, and the differ ence will be paid to subscribers follow ing acceptance o f the notes. In addition to the interest adju st ments where the Series EA-1960 notes are exchanged fo r the new 4 % percent Notes o f Series C-1964, a cash payment o f $2.50 per $1,000 face value, representing the discount from the face value, w ill be paid to the holders. The subscription books will be open only on February 1 through February 3 fo r the receipt o f subscriptions fo r these issues. A n y subscription fo r either issue addressed to a Federal Reserve Bank or Branch, or to the Office o f the Treasurer o f the United States, and placed in the mail before midnight, February 3, will be considered as timely. The 4 % percent 4-year 9-month notes will be made available in registered form , as well as bearer form. Circulars and subscription forms for the above offering will be mailed to reach you by Monday, February 1. The subscription books will remain open fo r t h r e e d a y s , F e b r u a r y 1 t h r o u g h F e b r u a r y 3. A lfred H ayes, President.
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