Dial The Fed For Info On Treasuries

Federal Reserve Bank branches have become popular places to hang out because of the yearlong rise in interest rates.

At the Seattle branch, for example, direct buying of Treasury bonds, bills and notes doubled in 1994 to 34,798 transactions, up from 17,473 in 1993.

Investors telephone inquiries to the automatic information lines tripled, to 60,680 calls.

To assist investors who want to bypass brokers in the purchase of U.S. government obligations, the Fed suggests they first get “Buying Treasury Securities,” which is available from the bank.

For recorded information on purchasing the securities, investors can dial 1-206-343-3605. An operator will come on at the end of the message.

For rates and upcoming auction dates, dial 1-206-343-3615. No operator.

To buy by mail, applications and checks must be postmarked no later than the day before the auction and received by the issue date of the security.

To buy in person, bring the check and application to the Federal Reserve Bank lobby between 9 a.m. and 3:30 p.m., Monday through Friday. The bank opens 30 minutes early on auction day and does not take tenders after 9 a.m.

For Treasury bills, which require a minimum $10,000 investment, cashier’s or certified checks are required.

Personal checks are accepted to notes and bonds. Notes with a $5,000 minimum come in two- and threeyear maturities.

There is a $1,000 minimum for maturities five years or longer.

All checks must be payable to the Federal Reserve Bank of San Francisco.

Consistent funds

If you prefer mutual funds that combine performance and consistency to the hot hands of the moment, consider this recent analysis by Morningstar Inc., which classifies stock funds in nine categories, from “small-cap value” to “large-cap growth.”

Three funds had perfect scores, with higher returns than the majority of their peers in eight of the last eight years: Fidelity Destiny (large-cap blend), Fidelity Contrafund and Security Equity (medium-cap blend).

In the popular large-cap value category, four funds beat their peers in seven of the last eight years: Neuberger & Berman Guardian, New York Venture, Sequoia (closed) and Vanguard Quantitative. Smallcap value winners: Berwyn, Heartland Value and FAM Value.

Higher bounces

Bounced checks now cost consumers an average of $19.92, according to surveys last year of 120 institutions by Bank Rate Monitor.

If the bank pays the check as a service to keep it from bouncing, the average charge is about the same: $20.33.