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F E D E R A L R E S E R V E BA N K O F NEW YORK Fiscal Agent of the United States ["C ir c u la r N o . 4 9 0 6 T L June 3 0 , 1 9 6 0 J TREASURY FINANCING — $3.5 B illion o f 252-Day Tax A nticipation Bills — $1.5 B illion o f 1-Year Bills To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The following statement was made public today by the Treasury Department: The Treasury will borrow $31/2 billion and will reduce by $ y 2 billion the July 15 issue o f Treasury bills which are now outstanding in the amount o f $2 billion. This will provide $3 billion o f new funds to cover the T reasu ry’s anticipated cash requirements during the first quarter o f the new fiscal year beginning J u ly 1. The new issues will consist o f : $3 y2 billion, or thereabouts, o f 252-day Treasury bills, Tax Anticipation Series, to be dated J uly 13, 1960, and to mature March 22, 1961, and $1 y 2 billion, or thereabouts, o f one-year Treasury bills to be dated July 15, 1960, and to mature J u ly 15, 1961. Tax anticipation Treasury bills Tenders fo r the $31/£ billion o f 252-day Treasury bills will be received at the Federal Reserve Banks and Branches up to the closing hour, 1 :30 p.m., Eastern Daylight Saving time, on W ednesday, July 6, 1960. The bills will be dated J u ly 13, 1960, and will mature March 22, 1961, but will be acceptable at par in paym ent o f income and profits taxes due March 15, 1961. Noncompetitive tenders for $500,000 or less without stated price from any one bidder will be accepted in fu ll at the average price o f accepted competitive bids. These tax anticipation bills may be paid fo r by credit in Treasury Tax and Loan Accounts. Full details regarding the offering o f this issue o f tax anticipation bills are being released at this time. One-year Treasury bills The Treasury will also issue $1^2 billion o f 1-year Treasury bills, for cash or in exchange for the $2 billion o f Treasury bills which mature on July 15, 1960. The new bills will be sold on an auction basis, and tenders fo r such bills will be received on J u ly 12, 1960. Payment fo r these bills cannot be made by credit in Treasury Tax and Loan Accounts. F ull details regarding the offering o f the bills to be issued on July 15, 1960, will be released next week. Axfred H ayes, President.
@FedFRASER