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FE D E RA L R E SE R V E BANK OF NEW YORK Fiscal A gen t o f the U nited States r Circular N o. 4 8 5 1 T February 5, 1960 J L Preliminary Figures on Treasury’s Current Exchange Offering T o A ll Banking Institutions, and Others Concerned, in the Second Federal B eserve D istrict: The following statement was made public today by the Treasury Department: Prelim inary figures show that about $10,958 million, or 96.4 percent, o f the 3 % percent Treasury certificates o f indebtedness m aturing February 15, 1960, in the amount o f $11,363 million, and about $141 m illion o f the V/z percent notes due A p ril 1, 1960, in the amount o f $198 million, involved in the current refunding, have been exchanged fo r new one-year certificates and four-year nine-month notes. Exchanges were as follow s: Exchanges fo r 1-year 4 % percent certificates due February 15, 1961: (I n m illions) M aturing certificates fo r new certificates .................................................. Notes due A p ril 1, 1960, fo r new certificates ......................................... $3,312 109 Total, other than Federal Reserve System ....................................... M aturing certificates held by Federal Reserve System ........................ $3,421 3,507 Total new 4 7/8 percent certifica tes........................................................ $6,928 Exchanges fo r 4-year 9-month 4 % percent notes due November 15, 1964: (In millions) M aturing certificates fo r new notes .......................................................... Notes due A p ril 1, 1960, fo r new notes ...................................................... $2,139 32 Total, other than Federal Reserve S y s t e m ......................................... M aturing certificates held by Federal Reserve System ........................ $2,171 2,000 Total new 4 % percent n o t e s ................................................................... $4,171 Certificates maturing February 15, 1960, were held by others than the Federal Reserve System in the amount o f $5,856 million. O f this amount $5,451 million, or 93 percent, were exchanged fo r the new certificates and notes, leaving $405 million, or 7 percent, which were not exchanged. The Federal Reserve System held $5,507 million o f the maturing February 15, 1960 certificates, o f which $3,507 m illion were exchanged fo r the new certificates and $2,000 million were exchanged fo r the new notes. Holders o f $141 m illion o f the l 1/^ percent notes due A p ril 1, 1960, in the amount o f $198 million, elected to exchange their notes at this time fo r the new certificates and notes. Final figures fo r the exchange will be announced after final reports are received from the Federal Reserve Banks. A lfred H ayes, P re sid e n t.
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