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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.