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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5 3 0 5 L February 25, 1963 Extension of Subscription Privileges for Trustees in Treasury Advance Refunding 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: Certain banking and other institutions have inform ed the Treasury that they will not be able to complete all o f the detailed requirements necessary to file their subscriptions in the current advance refunding offer by February 28, 1963. They explain that they hold in custody fo r trustees (or are trustees for, in their own right) large amounts o f securities eligible fo r exchange in the offer. In many cases it is necessary for holders of the issues eligible fo r exchange to obtain signatures o f trustees or to await decisions by meetings of trustees or committees before the exchange can be consummated. In view o f this situation, the Treasury will permit trustees to file with Federal Reserve Banks or Branches, or the Treasurer of the United States, or place in the mail before m id night February 28, 1963, a letter of intent stating that they propose to enter or are consider ing submission of exchange subscriptions and giving the reasons which account fo r their inability to complete their subscriptions by that date. In such cases the subscribers will have until the close of business March 8, 1963, to complete their subscriptions. A lfred H ayes, President. J
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