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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular N o. 5 4 4 8*1 L January 21, 1964 J Treasury’s Advance Refunding Results To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was made public today by the Treasury Department: The Treasury Department today announced that preliminary reports from the Federal Reserve Banks show that total subscriptions of about $3,105 million have been received for the 4 percent Treasury Bonds of August 15, 1970, and the 4% percent Treasury Bonds of May 15, 1975-85, included in the Department’s current advance refunding operation. Subscriptions include $2,213 million for the 4 percent bonds, and $892 million for the 4*4 percent bonds. The Treasury will allot in full all subscriptions received for the 4 percent bonds. On subscrip tions to the 4^4 percent bonds, the Treasury will allot in full subscriptions up to $50,000 and other subscriptions will be subject to an 8 3 ^ percent allotment, with a minimum of $50,000 per subscription. This is the first allotment of bonds to be necessary in an advance refunding since June 1960. How ever, the total of accepted subscriptions for both bond offerings, representing about 20 percent of the public holdings of the issues that had been eligible for exchange, appears to be well within the dis tributive and absorptive capacity of the market. These results represent further progress in the Treasury’s continuing program of extending debt maturities and maintaining a well-balanced debt structure without unduly disturbing the financial markets. Details by Federal Reserve Banks as to subscriptions and allotments and of the eligible securities exchanged for the 4 percent and 4 ^ percent bonds will be announced later. Summary of A mount and N umber of S u b s c r ip t io n s R e c e iv e d (D ollar amounts in millions) 4 % Bonds of 1970 4~y±% Bonds of 1975-85 Total No. sub. Amount No. sub. 42 3,175 $ 14 1,074 1,234 748 4,100 2,021 251 477 ................... $2,024 9,296 $742 Government Accounts $ 189 $150 $ 339 $2,213 $892 $3,105 Amount Individuals1 .............. Commercial banks (own account) . . . . A ll others2 ................ T otals G rand T otals . . $ Amount $ No. sub. 56 4,249 266 504 1,485 1,225 4,366 2,525 1,844 $2,766 11,140 1 Includes partnerships and personal trust accounts. 2 Includes insurance companies; mutual savings banks; corporations exclusive of commercial banks; private pension and retirement funds; pension, retirement, and other funds of State and local governments; and dealers and brokers. 19 14 A lfred H ayes, P resid en t. F I F T I E T H A N N I V E R S A R Y 19 6 4
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