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FED ERAL RE SE R V E BANK O F NEW YORK Fiscal A gen t o f the U nited States J" C i r c u la r N o . 4 9 1 0 "I L J u ly 7 , 1 9 6 0 J Results of Bidding for 252-Day Treasury Bills, Dated July 13, 1960 Tax Anticipation Series To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The Treasury Department announced last evening that the tenders for $3,500,000,000, or thereabouts, of Tax Anticipation Series 252-day Treasury bills to be dated July 13, 1960, and to mature March 22, 1961, which were offered on June 30, were opened at the Federal Reserve Banks on July 6. The details of this issue are as follow s: T otal a p p lied fo r . . T otal accepted . . . . $4,392,203,000 $3,500,109,000 (in clu d es $439,999,000 entered on a n on com p etitive basis an d a ccep ted in fu ll at the average p rice show n b elow ) R ange o f a ccep ted com p etitive bids (e x ce p tin g one ten der o f $1,300,000) : H ig h ........................... 98.138 E q u iv a len t rate o f d iscou n t ap p rox . 2 .6 6 0 % p e r annum L ow ............................ 97.972 ..................... 98.024 E q u iv a len t rate o f d iscou n t ap p rox . 2 .8 9 7 % p e r annum E q u ivalen t rate o f d iscou n t ap p rox. 2 .8 2 3 % p e r annum 1 A verage (98 percen t o f the am ount b id fo r at the low p rice was a ccep ted ) Federal Reserve District Total applied for B oston ....................................................... $ 210,315,000 N ew Y o r k ................................................ 1,846,698,000 P hiladelph ia ............................................ 206,775,000 C leveland ................................................ 428,046,000 R ich m on d ................................................ 109,645,000 A tla n ta ..................................................... 174,057,000 C hicago ..................................................... 577,726,000 St. L ou is .................................................. 130,208,000 M in neapolis ................................ ........... 113,575,000 K ansas C ity ............................................ 107,438,000 D allas ....................................................... 210,430,000 San F ra n cisco ....................................... T o t a l .......................................................... Total accepted $ 179,075,000 1,231,447,000 192,225,000 387,206,000 86,275,000 157,107,000 545,106,000 101,488,000 110,075,000 99,125,000 196,730,000 277,290,000 214,250,000 $4,392,203,000 $3,500,109,000 l Average rate on a coupon issue equivalent yield basis is 2.91 per cent 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 investment, 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 l f r e d H a y e s , President.
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