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F E D E R A L R E SE R V E BANK
OF NEW YORK
Fiscal Agent o f the United States
r Circular N'o. 4 8 5 6 1
L February 16. 1060 J

R E S U L T S OF B ID D I N G FO R 9 1 -D A Y A N D 182-D A Y T R E A S U R Y B IL L S
T O B E ISSU ED F E B R U A R Y 18, 1960
To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:
A t the time o f printing our Circular No. 4854, dated February 16, 1960, announcing an offering o f 91-day and
182-day Treasury bills, to be issued February 25, 1960, the results o f bidding fo r the previous week’s offering o f
91-day and 182-day Treasury bills, to be issued February 18, 1960, were not available. The results, now available,
are:

Range of Accepted Competitive Bids
91-Day Treasury Bills
Maturing M ay 19, 1960
Price
High ............................ ................

Approx. equiv.
annual rate

Approx. equiv.
annual rate

Price

3.960%

97.854 »

4.245%

4.114%

97.818

4.316%

4.045% 1

97.829

4.294% 1

98.999 *

Low ............................
Average .................... ................

182-Day Treasury Bills
Maturing August 18. 1960

98.978

* Excepting tw o tenders totaling $668,000.

b Excepting four tenders totaling $770,000.

1
A verage rate on a coupon issue equivalent yield basis is 4.15% fo r the 91-day bills and 4.46% for the 182-day
bills. Interest rates on bills are quoted on the basis o f bank discount, with their length in actual number o f days related
to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed on the basis o f interest on the
investment, with the number o f days remaining in a semiannual interest payment period related to the actual number
o f days in the period, and with semiannual com pounding if more than one coupon period is involved.

(37 percent o f the amount o f 91-day bills
bid for at the low price was accepted.)

(84 percent o f the amount o f 182-day bills
bid fo r at the low price was accepted.)

T otal Tenders Applied for and A ccepted (B y Federal Reserve Districts)
91-Day Treasury Bills
Maturing M ay 19, 1960
District

Applied for

Boston ........................... .......

$

26.961,000

182-Day Treasury Bills
Maturing August 18, 1960
Applied for

Accepted
$

16,961,000

$

Accepted

6,682,000

$

6,682,000

New Y o r k .................... ........

1,334,330,000

792.180,000

528,694,000

259,074.000

Philadelphia ................ ........

32,917,000

19,767,000

10,829,000

5,829,000

Cleveland...................... ........

41,314,000

41,314,000

19,086,000

14,086,000

Richmond .................... ........

18.995,000

16,995,000

4.829,000

2.829,000

A tlan ta........................... ........

26,609,000

26,609.000

4,894.000

4,494,000

Chicago ......................... ........

180,697,000

145,197,000

68,971,000

60,111,000

St. Louis ...................... -------

23,048.000

23,048,000

5.721,000

5,701.000

Minneapolis.................. ........

11.518.000

11,518,000

4,204,000

1,956,000

Kansas City ................ ........

34,512,000

34,512,000

11,739,000

8,739,000

D a llas............................. ........

15,441,000

15,441,000

4,383,000

4,383,000

San F ran cisco.............. .......

56.491,000

56,491.000

28,737.000

26,157,000

T o ta l.............. ........

$1,802,833,000

$698,769,000

$400,041,000

$1,200,033,000c

« Includes $237,273,000 noncompetitive tenders accepted at the average price o f 98.978.
d Includes $53,012,000 noncompetitive tenders accepted at the average price o f 97.829.




A

lfred

H

ayes,

President.