The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States r Circular No. 4 9 5 0 1 L October 1 9 , 1 9 6 0 J Results o f Bidding for 244-Day Treasury Bills, Dated October 21, 1960 Tax Anticipation Series To A ll In corporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: The Treasury Department announced last evening that the tenders for $3,500,000,000, or thereabouts, o f Tax Anticipation Series 244-day Treasury bills to be dated October 21, 1960, and to mature June 22, 1961, which were offered on October 11, were opened at the Federal Reserve Banks on October 18. The details o f this issue are as follow s : Total applied for .. Total accepted . . . . $5,440,036,000 $3,501,096,000 (includes $612,556,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting two tenders totaling $300,000 ) . High ....................... 98.205 Low ......................... 98.082 Average 98.110 ................. Equivalent rate of discount approx. 2.648% per annum Equivalent rate of discount approx. 2.830% per annum Equivalent rate of discount approx. 2.788% per annum1 (9 percent of the amount bid for at the low price was accepted.) Federal Reserve D istrict Boston .............................................. New York ......................................... Philadelphia ..................................... Cleveland ......................................... Richmond ......................................... Atlanta ............................................ Chicago ............................................ St. Louis .......................................... Minneapolis ..................................... Kansas City ..................................... Dallas .............................................. San Francisco ................................. T otal ......................................... Total applied f o r $ 277,089,000 2,127,544,000 228,310,000 543,665,000 154,976,000 219,773,000 689,576,000 396,727,000 156,940,000 145,221,000 255,260,000 444.955,000 $5,440,036,000 Total accepted $ 221,346,000 1,148,319.000 172,205,000 347,014,000 122,361.000 162,692,000 527,469,000 112,552,000 127,937,000 118,571,000 208,735.000 231,895,000 $3,501,096,000 1 On a coupon issue o f the same length and fo r the same amount invested, the return on these bills would provide a yield o f 2.87 percent. Interest rates on bills are quoted in terms o f bank discount, with the return related to the fa ce amount o f the bills payable at maturity rather than the amount invested, and their length in actual number o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms o f interest on the amount invested, and relate the number o f days rem aining in an interest payment period to the actual number o f days in the period, with semiannual com pounding i f more than one coupon period is involved. A lfred H ayes, P r e s id e n t. Federal R eserve Ba n k of N ew Yo rk NEW YORK 4 5 . N Y. RECTOR 2-5 7 0 0 October 25, i960 DECEPTIVE COUNTERFEIT FEDERAL RESERVE NOTES To All Banks in the Second Federal Reserve District: We have been requested by the United States Secret Service to alert all banks in this District that counterfeit $20 notes on the Federal Reserve Bank of New York of the 1950 A series are now appearing in this and other Federal Reserve Districts. Your tellers and customers should be warned to be on the alert for the appearance of similar counterfeits. The United States Secret Service has supplied the following description of these counterfeits: $20 Denomination Series Check Letter Face Plate Back Plate 1950 A J 147 870 The serial number varies. The note, which is fairly deceptive, is printed on one sheet of paper approximately the same thickness as genuine paper. No attempt has been made to simulate the red and blue fibers. The Treasury seal is printed in a dull green and has a flat appearance. All counterfeit currency received from any source should be marked for identification and forwarded to the nearest office of the United States Secret Service, rather than to Washington, D. C. In this District, the Secret Service has offices in Room 801, Federal Office Building, 90 Church Street, New York 7 y N. in the United States Court House, Buffalo 1, N.Y.; in the Post Office Building, Syracuse, N.Y.; and in the Post Office Building, Federal Square, Newark 2, N.J. Additional copies of this letter will be furnished upon request. ALFRED HAYES, President.
@FedFRASER