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FEDERAL RESERVE BANK
OF N E W YORK
Fiscal Agent of the United States
r Circular No. 5 5 4 1 1
L August 26, 1964 J

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 365-day Treasury bills to be dated August 31, 1964, and to mature August
31, 1965, which were offered on August 19, were opened at the Federal Reserve Banks on
August 25.
The details of this issue are as fo llo w s:
Total applied fo r
Total accepted . .

$1,940,054,000
$1,000,214,000

(Includes $40,009,000 entered on a non­
competitive basis and accepted in fu ll
at the average price shown below)

Range o f accepted competitive bids:
H igh ........................

96.270

Low

96.252

........................

Average

.................

Equivalent rate of discount
3.679% per annum
Equivalent rate of discount
3.697% per annum
Equivalent rate o f discount
3.688% per annum1

96.260

approx.
approx.
approx.

(82 percent o f the amount bid fo r at the low price was accepted.)
Federal Reserve District

Total applied for

Boston ..........................................................
New Y o r k ...................................................
P h ila d e lp h ia ...............................................
Cleveland ...................................................
Richmond ...................................................
Atlanta ........................................................
Chicago ........................................................
St. L o u i s ......................................................
Minneapolis ...............................................
Kansas City ...............................................
Dallas ..........................................................
San Francisco ...........................................
T o t a l ...............................................

$

Total accepted

30,558,000
1,484,392,000
12,933,000
85,623,000
2,793,000
5,202,000
175,437,000
9,538,000
9,400,000
11,486,000
21,424,000
91,268,000

$

$1,940,054,000

9,468,000
764,692,000
1,933,000
38,823,000
2,793,000
4,202,000
95,487,000
4,938,000
4,100,000
9,986,000
5,064,000
58,728,000

$1,000,214,000

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 3.85 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.

FIFTIETH

ANNIVERSARY

19 6 4


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102