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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