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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States TCircular No. 5 4 8 0 1 ** A pril 6, 1964 Results of Treasury’s One-Year Bill Offering To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department and released for morning newspapers, April 4: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, of 357-day Treasury bills to be dated April 8, 1964, and to mature March 31, 1965, which were offered on March 26, were opened at the Federal Reserve Banks on April 3. The details of this issue are as follows: Total applied for $2,567,634,000 Total accepted $1,000,864,000 (Includes $117,894,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High .......................... 96.334 Low .......................... 96.306 Equivalent rate of discount approx. 3.725% per annum Average .................... Equivalent rate of discount approx. 3.697% per annum 96.312 Equivalent rate of discount approx. 3.719% per annum1 (51 percent of the amount bid for at the low price was accepted) Federal Reserve District Total applied for Boston ..................................................$ New Y o r k ............................................ Philadelphia ....................................... Cleveland ............................................ Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. Louis .............................................. Minneapolis ....................................... Kansas C it y .......................................... Dallas .................................................. San Francisco ..................................... 119,962,000 1,112,909,000 55,121,000 205,547,000 56,148,000 65,631,000 372,851,000 54,542,000 101,566,000 44,231,000 226,481,000 152,645,000 T o t a l .......................................... $2,567,634,000 Total accepted $ 53,216,000 295,209,000 33,681,000 81,557,000 28,258,000 27,131,000 147,473,000 24,344,000 47,416,000 24,283,000 161,101,000 77,195,000 $1,000,864,000 i On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield of 3.88 percent. Interest rates on bills are quoted in terms of bank discount, with the return related to the face amount of the bills payable at maturity rather than the amount invested, and their length in actual number of days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in an interest payment period to the actual number of days in the period, with semiannual compounding if more than one coupon period is involved. A lfred H ayes, President. 19 14 FIFTIETH ANNIVERSARY 19 6 4
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