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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 r Circular No. 5 5 7 6 1 L November 18, 1964 J Results of Treasury’s $1.5 Billion 210-Day Tax Anticipation Bill Offering To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The follow ing statement was issued by the T reasury D epartm ent and released fo r to d a y ’ s m orning new spapers: The Treasury Department announced last evening that the tenders for $1,500,000,000, or thereabouts, of Tax Anticipation Series 210-day Treasury bills to be dated November 24, 1964, and to mature June 22, 1965, which were offered on November 10, were opened at the Federal Reserve Banks on November 17. The details of this issue are as follows: Total applied for Total accepted . . $3,700,419,000 $1,501,005,000 (includes $202,919,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting six tenders totaling $3,100,000) : High ........................ 97.895 L o w .......................... 97.874 Average ................. 97.877 Equivalent rate of discount approx. 3.609% per annum Equivalent rate of discount approx. 3.645% per annum Equivalent rate of discount approx. 3.639% per annum1 (98 percent of the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Total accepted Boston .......................................................... $ 193,595,000 New Y o r k ................................................... 1,510,250,000 Philadelphia............................................... 112,340,000 Cleveland ................................................... 334,991,000 Richmond ................................................... 63,075,000 Atlanta ........................................................ 80,570,000 Chicago ........................................................ 387,530,000 St. L o u is ...................................................... 37,330,000 Minneapolis ............................................... 136,165,000 Kansas City ............................................... 74,473,000 Dallas .......................................................... 323,800,000 San Francisco ........................................... 446,300,000 T o t a l ................................................... $ 115,631,000 476,640,000 49,340,000 115,931,000 54,575,000 57,150,000 121,390,000 28,830,000 49,765,000 41,373,000 121,100,000 269,280,000 $3,700,419,000 $1,501,005,000 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield of 3.76 percent. Interest rates on bills are quoted in terms of bank discount, with the return related to the face amount of the bills payable at maturity rather than the amount invested, and their length in actual number of days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in an interest payment period to the actual number of days in the period, with semiannual compounding if more than one coupon period is involved. 19 14 A lfred H ayes, President. F I F T I E T H A N N I V E R S A R Y 19 6 4