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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular L N o. 5 3 5 7 “ 1 July 16, 1963 J Treasury Considers Monthly Auctions of One-Year Bills To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public by the Treasury Department yesterday: The Treasury Department announced today that it is giving consideration to the establishment o f monthly auctions o f one-year Treasury bills in the interest o f a more orderly scheduling of its short-term debt maturities. Under such a program , if adopted, the outstand ing quarterly series o f one-year bills (w hich mature 0 11 January 15, A p ril 15, July 15, and October 15) would gradually be retired as they were replaced by m onthly issues. The amount o f one-year bills to be auctioned monthly would, o f course, be substantially smaller than the amounts currently auctioned on a quarterly basis. The monthly auctions, although they might be varied in size to meet both market conditions and Treasury cash needs, would probably be in the neighborhood of $1 billion. It is contemplated that the monthly one-year bill series might be dated to mature on the last day of each month. Before proceeding further in its consideration of a monthly auction of one-year bills, the Treasury requests comments from members of the financial community and other inter ested parties concerning the desirability, the feasibility, and the technical market aspects of such a program. Comments should be submitted within the next thirty days, addressed to: Mr. Frank E. Morris Assistant to the Secretary (D ebt Management) Room 3321, Main Treasury W ashington 25, D. C. A lfred H ayes, President.
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