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F E D E R A L R E S E R V E BA N K O F N EW Y O R K Fiscal A gent o f the United States r Circular No. 5 8 0 9 1 May 6, 1966 J L Preliminary Results of Treasury’s Current Exchange Offering To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement v/as made public today by the Treasury Departm ent: Prelim inary figures show that about $8,132 million, or 87.3 percent, o f Treasury notes and bonds maturing May 15, 1966, aggregating $9,317 million, have been exchanged for the new 4 % percent notes offered in the current exchange. A bout $1,185 million, or 12.7 percent, o f the two maturing issues remain for cash redemption. O f the maturing securities held outside the Federal Reserve Banks and Government accounts, 43 percent were not exchanged. W hile the attrition on this refunding is relatively high, it will not cause the Treasury to alter its plans not to borrow prior to the end o f the fiscal year. Details o f the exchange are as follows (in m illio n s ): Eligible fo r exchange___________ ________Exchanged by Am ounts F R B ’s and Govt, accts. A ll others Total exchanged TJnexchanged $8,289 $6,430 $1,054 $7,484 $ 805 ........ 1,028 255 393 648 380 T o t a l s .............. $9,317 $6,685 $1,447 $8,132 $1,185 Securities 4 % notes ............... 3 % % bonds Details by Federal Reserve Districts as to subscriptions will be announced later. A lfred H ayes, President.
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