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January 15 B I9I48 Attached is a suggested schedule of yields that might be adopted for a new series of Treasury savings notes• This schedule, which has been prepared by the Federal Reserve Bank of New Yorkf presumes continuation of the yields on short-term marketable securities at present levels, If the rate on certificates should be raised, the schedule of yields on savings notes should probably also be higher than that suggested* CONFIDENTIAL TREASURY SAVINGS NOTES TABLE OF TAX-PAYMENT OR REDEMPTION VALUES AND INVESTMENT YIELDS Month After Month of Issue First Second Third Fourth Fifth Amount of Interest Tax Payment or Approximate Invest. Accrual Each Month Redemption Values Yield on Par Amount After Month of During Eaoh Monthly From Issu«5 Date to Period After Beginning of Each , Issue pei• $100 par Month of Issue Monthly- Period Present Proposed Present Proposed Proposed Present Issue Issue Issue Issue Issue* Issue .60 100.05 100»O7 .84 •07 •05 ft ti .60 100.10 .84 ioo.i4 it ft .60 100.21 .84 100.15 tt fi .60 100.28 100.20 .84 tt u .60 100.25 100.35 .84 Sixth Seventh Eighth Ninth Tenth Ele venth Twelfth Thirteenth ti tt •08 .08 .10 tt ti t$ t» n i* tt n tt .11 .09 ti Fourteenth Fifteenth Sixteenth Seventeenth Eighteenth. Nineteenth n n ft .84 .86 100.46 100,54 •90 100.62 .93 .96 100.90 101.00 101.11 101.22 100.70 100.78 100.87 IOO.96 .98 1*00 1.02 101.0$ 101,1^ 101.23 101.32 1.06 1.08 1.09 1.11 101.142 1.13 tf it 101.33 it IOIJ4I4. n it .12 K ft .10 101.55 . IOI.67 101.79 n ft Federal Reserve Bank of New York Securities Department December 22. 100.30 100.38 it * Calculated at simple interest, jt 100,142 100.50 100.60 100,70 100.80 Approximate Invest. Yield on <Jurrent Tax-Payment or Redemp. Proposed Support Level Values from Beginning For Marketable Of Each Monthly Period To Maturity Issues 1 Present Proposed (Yield) Issue Issue# 1.36 1.08 1.09 1.38 1*11 1.39 1.12 1^41 .60 .65 .69 .72 .74 .76 .78 1.125 1.14 1.16 .80 .82 1.04 1.18 1.20 1.21 1.23 1.25 .84 .85 .86 .88 .89 R&S 100-2573 1.43 1U4 1.45 1.46 1.47 1.48 1.17 1.17 1*18 ia6 1^9" 1.19 1.50 1.51 1.52 1,20 1.21 1.22 1.22 1.53 1.53 1.54 1.55 1.56 1.57 1.23 1.24 1*25 1.26 1.26 At compound interest yields would be slightly lower. « n tt it ti ti tt hi#ier« (Continued on following page*) - 2TREASURY SAVINGS NOTES TABLE OF TAK-PAYMEBT OR REDEMPTION VALUES AND IU7ESTMEHT YIELDS (Continued) COBFIDHJFIAL Tax Payment o r Amount of I n t e r e s t Approximate Invest* Accrual 3Sach Month Redemption Values Yield on Par Amount Proposed D u r i n g Bach Monthly From Issue Date t o After Month of Support Level I s s u e per $100 par Period After Beginning of Each For Marketable Month of Issue Monthly ]Period Issues (Yield) Present Proposed Present Present Proposed Proposed Issue Issue Issue* Issue Issue Issue .12 1.26 101.91 101,52 ao 1.15 .91 Month After Month of I s s u e Twentieth Twenty-first Twenty- s e cond Twenty-third Twenty-fourth tt «tr ft tl tt ft .11 n .11* ti tt \ : tt Thirty-fourth Thirty-fifth Thirty-sixth tt : tl 103.21 103.35 103.14-9 103.63 n n tt tt fl n 1.1+0 l.l+l 1.30 1.31 102.91 • 1.32 1-1+5 103.02 103.13 103.24 1.05 1.06 1.07 1.1+7 1.1+8 1.50 1.22 103.or It 1.01 1.02 1.03 1.0U 1*05 102.03 102.11+ ' 102.25 102.36 1 102,93 Twenty-ninth Thirtieth T h irty-first Th irty- se cond Thirty-third 1.34 1-35 1.37 1.38 1 102.51; ' 102.67 102.80 tl .97 .98 .99 UOO 1.16 1.17 1.19 1.21 - tl •95 1.28 1.30 1.31 1.33 101.62 . 101.72 101.82 101.92 : it ft •93 .94 102.03 102.15 102.28 102.1+1 : u .13 Twenty-fifth Twenty-sixth Twenty-seventh Twenty-eighth 103.77 103.91 104.05 .92 • 1^3 1.2U 1.26 1.27 1.28 102.1+7 102.58 102.69 102.80 1.33 1.31+ 1.35 1.1+3 1.10+ * Calculated at simple interest* At compound interest yields would be s l i g h t l y lower• JL tt tt tt it Reserve Beaak o f New York Department December k R&S IOO-2573 it ti it tt tt n tt higher, : Approximate Invest* Yield on Current Tax-Payment or Redemp Values ifrom Beginning Of Each Monthly Perio To Maturity Proposed Present Issued Issue 1.26 1.57 1.27 1.58 1.28 1.59 1.28 1.60 1.29 I.60 1.6l 1.6l 1.62 1.63 i 1.29 1.29 1.29 1.29 I.63 I.63 I.63 1.62 1.62 1.29 1.29 1.29 1.29 1.28 1.62 1,62. 1.28 1.28
@FedFRASER