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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 4 2 1 L October 6, 1960 J TREASURY FINANCING — $1.5 Billion of 1-Year Bills — $3.5 Billion of 244-Day Tax Anticipation Bills To A ll In corporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today by the Treasury Department: The Treasury will issue $1% billion of 1-year (364-day) Treasury bills, for cash or in exchange for the $2 billion of Treasury bills which mature on October 17, 1960. The new bills will be sold on an auction basis, and tenders for such bills will be received on October 11, 1960. Payment for these bills cannot be made by credit in Treasury Tax and Loan Accounts. Full details regarding the offering of the bills to be issued on October 17, 1960, and to mature on October 16, 1961, are being released at this time. In addition, the Treasury will borrow $ 3 billion to cover its anticipated cash require ments during the remainder of the calendar year, including $500 million to cover the reduc tion in the October 17, 1960 bills. These funds will be obtained from the issuance of: $3i/2 billion, or thereabouts, of 244-day Treasury bills, Tax Anticipation Series, to be dated October 21, 1960. and to mature June 22, 1961. These tax anticipation bills will be acceptable at par in payment of income and profits taxes due June 15, 1961. They may be paid for by credit in Treasury Tax and Loan Accounts. Tenders for the bills, which will be sold on an auction basis, will be received on October 18, 1960. Full details regarding the offering of this issue of tax anticipation bills will be released next week. Circulars and tender forms for the 1-year Treasury bills to be issued on October 17, 1960, are enclosed. A lfred H ayes, President.
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