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FED ERAL RESER VE BANK O F NEW YORK Fiscal A gen t o f the U nited States r Circular N o. 4 8 4 3 1 January 13, 1960 J L Results of Bidding for 366-Day Treasury Bills T o A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: The following statement was issued by the Treasury Department, for publication in this m orning’s newspapers: The Treasury Department announced last evening that the tenders fo r $1,500,000,000, or thereabouts, o f 366-day Treasury bills to be dated January 15, 1960, and to mature January 15, 1961, which were offered on January 6, were opened at the Federal Reserve Banks on January 12. The details o f this issue are as fo llo w s : Total applied fo r Total accepted . . $2,301,076,000 $1,500,076,000 (includes $347,716,000 entered on a non competitive basis and accepted in fu ll at the average price shown below) Range o f accepted competitive bids (excepting 4 tenders totaling $380,000) : H igh ...................... 94.927 Low ........................ 94.764 ............... 94.849 Average Equivalent rate o f discount approx. 4.990% per annum Equivalent rate o f discount approx. 5.150% per annum Equivalent rate o f discount approx. 5.067% per annum1 (71 percent o f the amount bid for at the low price was accepted) Federal R eserve D istrict Boston .................................................... New Y ork ............................................. Philadelphia ......................................... Cleveland ............................................. Richmond ............................................. Atlanta ................................................. Chicago ................................................. St. Louis ............................................... Minneapolis ......................................... Kansas City ......................................... D a lla s ..................................................... San Francisco .................................... T o t a l ............................................. Total applied fo r $ Total accepted 63,139,000 1,628,949,000 47,002,000 81,371,000 12,562,000 43,984,000 234,962,000 22,806,000 6,131,000 42,242,000 10,335,000 107,593,000 $ $2,301,076,000 30,723,000 1,011,162,000 24,932,000 68,821,000 10,559,000 22,488,000 172,321,000 17,744,000 4,331,000 29,336,000 10,306,000 97,353,000 $1,500,076,000 l Average rate on a coupon issue equivalent yield basis is 5.36% fo r these bills. Interest rates on bills are quoted on the basis o f bank discount, with their length in actual number o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are com puted on the basis o f interest on the invest ment, with the number o f days rem aining in a semiannual interest paym ent period related to the actual number o f days in the period, and with semiannual com pounding i f more than one coupon period is involved. A lfred H ayes, President.
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