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FE D E RA L RE SE R V E BANK O F NEW YORK F isca l A g e n t o f th e U n ite d States J" Circular No. 4 9 6 1 "1 L Novem ber 10, 1960 J TREASURY’S CURRENT EXCHANGE OFFERINGS Final Results To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today by the Treasury Department: T he results o f the T re a s u r y ’s cu rren t exch ange offerin g o f 3 % percen t 15-m onth notes, due F e b ru a ry 15, 1962, and 3 % p ercen t 5 ^ - y e a r bon ds, due M ay 15, 1966, both to be dated N ovem ber 15, 1960, are sum m arized in the fo llo w in g ta b le s : ( I n thousands o f d o lla rs) Exchange Subscriptions Eligible for Exchange Maturing Issues 3% % 3 % % Notes Bonds For Cash Total Redemption 43,4 % C ertificates, C-1960 $ 7,037,206 $6,430,259* $ 334,129 $ 6,764,388 $272,818 2 y 8% B on d s o f 1960 . . . 3,806,483 2,669,295 878,954 3,548,249 258,234 T o t a l ............................ $10,843,689 E xch an gesfo r $9,099,554 $1,213,083 B oston .............................................. N ew Y o rk ....................................... P hiladelph ia .................................. C leveland ......................................... R ich m on d ....................................... A t l a n t a .............................................. C hicago ............................................ St. L ou is ......................................... M in n eapolis ..................................... K ansas C i t y ..................................... D allas ................................................ San F ra n cisco ................................ T reasu ry ..................................... E xchanges Boston .............................................. N ew Y o r k ....................................... P h ilad elp h ia .................................. C leveland ......................................... R ich m on d ....................................... A t l a n t a .............................................. C hicago ............................................ St. L ouis ......................................... M in n eapolis ..................................... Kansas C i t y ..................................... D allas ................................................ San F ra n cisco ................................ T reasu ry ..................................... T o t a l ..................................... 2 % % Bonds o f 1960 $ 68,474,000 5,685,086,000* 23,533,000 59,604,000 30,411,000 45,062,000 157,080,000 70,892,000 31,947,000 41,839,000 22,060,000 185,998,000 8,273,000 T o t a l ..................................... $6,430,259,000 Federal Reserve District $531,052 3 y±% N o t e s o f S e r i e s F-1962 4 % % Certificates Series C-1960 Federal Reserve District $10,312,637 for $ 42,842,000 1,657,922,000 42,041,000 95,158,000 67,462,000 79,996,000 263,624,000 116,859,000 63,358,000 74,739,000 40,101,000 120,023,000 5,170,000 $2,669,295,000 3 % % B onds of 4 % % Certificates Series C-1960 $334,129,000 $ 111,316,000 7,343,008,000 65,574,000 154,762,000 97,873,000 125,058,000 420,704,000 187,751,000 95,305,000 116,578,000 62,161,000 306,021,000 13,443,000 $9,099,554,000 1966 2 % % Bonds o f 1960 $ 20,802,000 163,590,000 7,944,000 6,510,000 4,899,000 9,053,000 55,809,000 11,802,000 10,569,000 15,430,000 7,232,000 20,352,000 137,000 Total Exchanges for F-1962 Notes Total Exchanges for Bonds o f 1966 $ 21,118,500 340,167,500 28,038,000 48,862,000 20,126,500 29,053,500 177,379,500 50,260,000 27,019,000 56,831,000 30,702,500 46,094,000 3,302,000 $ 41,920,500 503,757,500 35,982,000 55,372,000 25,025,500 38,106,500 233,188,500 62,062,000 37,588,000 72,261,000 37,934,500 66,446,000 3,439,000 $878,954,000 $1,213,083,000 * In clu d es $ 5 billion fo r account o f F e d e ral Reserve B anks. A lfred H ayes, President. At 4961 FED ERAL RE SE R V E BANK O F NEW YORK November 10, 1960. To A ll M em ber Banks o f the Second Federal R eserve D istrict: Our Circular No. 4952, dated October 26, 1960, informed you of the change in reserve requirements for member banks to be effective in part November 24 and in part December 1 in accordance with an amendment to Regulation D of the Board of Governors of the Federal Reserve System. The approximate amount of reserves expected to be released nationwide as a result of the amendment appears in our October 26 circular. Our member banks will be interested, we believe, in the effect of the change on reserves within the Second Federal Reserve District. Printed on the reverse side of this circular is a tabulation showing estimates of the amounts of reserves to be released based on figures for the reserve computation periods ending October 19, 1960. A lfred H ayes, President. E S T IM A T E D A D D IT IO N A L R E S E R V E S T O B E M A D E A V A IL A B L E T O M E M B E R B A N K S IN T H E SECO N D F E D E R A L R E S E R V E D IS T R IC T (Based on Periods Ending October 19, 1960) C en tra l re serv e c ity banks Reserve requirements 17% % o f net demand deposits and 5% of time deposits (current requirement) ....................................................................................... $3,706,385,000 16% % o f net demand deposits and 5% of time deposits (effective December 1, 1960) ............................................................................. 3,508,613,000 Additional reserves made available ...................................... $ 197,772,000 Currency and coin countable as reserves All currency and coin (effective November 24, 1960) .................... $ 141,550,000 Currency and coin currently countable............................................ 11,869,000 Additional currency and coin countable as reserves.......... $ 129,681,000 Total additional reserves made available (8.8% of the October 19 period requirement) ............................................................................. $ 327,453,000 R eserv e c ity banks Reserve requirement 16% % o f net demand and 5% of time deposits (continues unchanged) ......................................................................................... $ 183,228,000 Currency and coin countable as reserves A ll currency and coin (effective November 24, 1960) .................. $ Currency and coin currently countable .......................................... Additional currency and coin countable as reserves (5.0% of the October 19 period requirement).............................. 28,763,000 19,599,000 $ 9,164,000 C ou n try banks Reserve requirements 12% of net demand and 5% of time deposits (effective Novem ber 24, 1960) .................................................................................... $1,060,811,000 11% of net demand and 5% of time deposits (current requirement) 998,321,000 Additional reserves re q u ire d .................................................. $ 62,490,000 Currency and coin countable as reserves All currency and coin (effective November 24, 1960) .................... $ 239,236,000 Currency and coin currently countable............................................ 86,588,000 Additional currency and coin countable as reserves.......... $ 152,648,000 Less: Additional reserves req u ired........................................ 62,490,000 N et ad d ition a l reserves m ade available (9 .0 % p eriod requ irem en t) o f the O ctober 19 ....................................................................................... $ 90,158,000
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