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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 YORK Fiscal Agent of the United States [ Circular No. 4 7 5 1 1 June 25, 1959 J T R E A S U R Y FINANCING To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The follow in g statement was made public today by the T reasury D epartm ent: The Treasury Department is offering fo r cash subscription: $3,000 million, or thereabouts, o f 258-day Treasury bills, Tax A nticipation Series, to be dated J u ly 8, 1959, and to mature March 22, 1960, and $2,000 million, or thereabouts, o f 1-year Treasury bills to be dated J u ly 15, 1959, and to mature J u ly 15, 1960. (Issuance o f the securities will be dependent upon the availability at time o f issue o f an adequate debt limitation.) The current cash financing will cover the m ajor share o f Treasury cash financing needs for the first quarter o f the fiscal year. Treasury bills, Tax Anticipation Series The $3,000 million o f Treasury bills, Tax Anticipation Series, will be offered on an auction basis on J u ly 1, 1959. These bills will be dated July 8, 1959, and will mature March 22, 1960. They will be acceptable at par in payment o f income and profits taxes due March 15, 1960. Treasury bills, 1-year The $2,000 million o f 1-vear Treasury bills will be offered on an auction basis on J u ly 8, 1959. Notwithstanding the fact that these bills will run for 366 days, the discount rate will be com puted on a bank discount basis o f 360 days as is currently the practice on all issues o f Treasury bills. The bills will be dated J u ly 15, 1959, and will mature J u ly 15, 1960. This is the third step in the Treasury’s program looking to the eventual establishment o f a pattern o f 1-year maturities on quarterly dates in January, A p ril, July, and October. General requirements A ll subscribers to each o f the above issues o f Treasury bills are required to agree not to purchase or to sell, or to make any agreements with respect to the purchase or sale or other disposition o f the Treasury bills fo r which tenders are submitted under these offerings, until after the closing hours fo r tenders on July 1 and J u ly 8, respectively. F ull details regarding the offering o f tax anticipation Treasury bills will be released for morning newspapers Monday, June 29, and for the 1-year Treasury bills on Monday, July 6. The new issues may be paid fo r by credit in Treasury Tax and Loan Accounts. Our circulars and tender form s fo r the tax anticipation bill offerin g will be mailed to reach you b y Monday, June 29, and fo r the one-year bill offering, b y Monday, July 6. A lfred H ayes, P resid en t.
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