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F E D E R A L R E S E R V E BANK O F N EW YORK Fiscal Agent of the United States r Circular No. 4 9 4 7 1 October 13, 1960 J L Results o f Bidding for Special 364-Day Treasury Bills, Dated October 17, 1960 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: The Treasury Department announced that the tenders for $1,500,000,000, or thereabouts, o f 364-day Treasury bills to be dated October 17, 1960, and to mature October 16, 1961, which were offered on October 6, were opened at the Federal Reserve Banks on October 11. The details of this issue are as follow s: Total applied for .. Total accepted___ $3,300,052,000 $1,500,395,000 (includes $189,120,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High ....................... 96.891 Low ......................... 96.815 Average .................. 96.834 Equivalent rate of discount approx. 3.075% per annum Equivalent rate of discount approx. 3.150% per annum Equivalent rate of discount approx. 3.131% per annum1 (50 percent of the amount bid for at the low price was accepted.) Federal R eserve D istrict Boston .............................................. New York ......................................... Philadelphia ..................................... Cleveland ......................................... Richmond ......................................... Atlanta ............................................. Chicago ............................................ St. Louis ........................................... Minneapolis ..................................... Kansas City ..................................... D allas................................................ San Francisco ................................. To t a l ........................................................ Total applied f o r Total accepted $ 111,675,000 2,099,802,000 58,012,000 168,272,000 36,986,000 47,417,000 337,921,000 47,871,000 23,396,000 54,167,000 18.585,000 295,948,000 $ 70,225,000 911.502.000 8.012,000 47,877,000 20,086,000 15,317,000 218,996.000 23,994.000 13,496,000 28,507,000 6.935.000 135,448.000 $ 3 ,3 0 0 ,0 5 2 ,0 0 0 $ 1 ,5 0 0 ,3 9 5 ,0 0 0 1 On a coupon issue o f the same length and fo r the same amount invested, the return on these bills would provide a yield o f 3.25 percent. Interest rates on bills are quoted in terms o f bank discount, with the return related to the face amount o f the bills payable at m aturity rather than the amount invested, and 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 in terms o f interest on the amount invested, and relate the number o f days rem aining in an interest, pay ment period to the actual number o f days in the period, with semiannual com pounding i f more than one coupon period is involved. A lfred H ayes, President.
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