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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States rC ircu lar N o. 5 5 4 2 '1 U A ugust 27, 1964 J Results of Treasury’s $1 Billion 201-Day Tax Anticipation 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 publication in this m orning’s newspapers: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, of Tax A nticipation Series 201-day Treasury bills to be dated September 2, 1964, and to mature March 22, 1965, which were offered on August 21, were opened at the Federal Reserve Banks on August 26. The details of this issue are as fo llo w s : Total applied fo r Total accepted . . $2,234,744,000 $1,000,715,000 (Includes $28,944,000 entered on a non competitive basis and accepted in fu ll at the average price shown below) Range of accepted competitive bids (excepting one tender o f $200,000) : H igh ........................ 98.012 L o w .......................... 97.998 Average 98.001 ................. Equivalent rate o f discount approx. 3.561% per annum Equivalent rate of discount approx. 3.586% per annum Equivalent rate of discount approx. 3.580% per annum1 (29 percent of the amount bid fo r at the low price was accepted.) Federal Reserve District Total applied for Boston .......................................................... $ New Y ork .................................................... Philadelphia ............................................... Cleveland .................................................... Richmond .................................................... Atlanta ........................................................ Chicago ........................................................ St. L o u i s ...................................................... Minneapolis ............................................... Kansas City ............................................... D a lla s ............................................................ San F r a n c is c o ............................................. T o t a l ................................................. Total accepted 20,810,000 1,743,175,000 21,000,000 62,355,000 3,108,000 2,365,000 233,873,000 6,595,000 8,810,000 3,783,000 35,970,000 92,900,000 $ $2,234,744,000 560,000 793,355,000 3,000,000 8,577,000 3,108,000 2,365,000 149,863,000 2,595,000 2,310,000 1,712,000 970,000 32,300,000 $1,000,715,000 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 3.70 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
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