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FED ERAL R E SE R V E BANK OF N E W YORK Fiscal Agent of the United States f Circular N o. 5 5 2 9 ' L July 31, 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 today’s morning newspapers: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, of 361-day Treasury bills to be dated August 4, 1964, and to mature July 31, 1965, which were offered on July 23, were opened at the Federal Reserve Banks on July 30. The details of this issue are as follow s: Total applied for Total accepted .. $2,079,802,000 $1,000,212,000 (Includes $20,937,000 entered on a non competitive basis and accepted in full at the average price shown below) Ilange of accepted competitive bids: High ...................... 96.362 Equivalent rate of discount approx. 3.628% per annum L o w ........................ 96.339 Equivalent rate of discount approx. 3.651% per annum Average ................ 96.346 Equivalent rate of discount approx. 3.644% per annum1 (37 percent of the amount bid for at the low price was accepted.) Federal Reserve District Boston .............................. .................... New Y o r k ............................................ P h iladelph ia........................................ Cleveland ............................................ Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. L o u is .............................................. Minneapolis ........................................ Kansas City ........................................ Dallas ................................................... San Francisco .................................... T o t a l .......................................... Total applied for $ 21,844,000 1,687,798,000 22,487,000 14,854,000 9,245,000 9,760,000 178,533,000 6,415,000 7,845,000 8,053,000 15,925,000 97,043,000 $2,079,802,000 Total accepted $ 3,844,000 769,348,000 12,487,000 11,854,000 9,245,000 5,760,000 102,273,000 3,315,000 6,215,000 8,053,000 6,925,000 60,893,000 $1,000,212,000 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield of 3.80 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. 19 14 A lfred H ayes , President. FI FTI ETH A N N I V E R S A R Y 19 6 4