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FEDERAL RESERVE BANK
OF NEW

YORK

Fiscal Agent o f the United States
r C ir cu la r N o. 5 0 5 2 1
J u n e 27, 1961
J

L

RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS
TO BE ISSUED JUNE 29, 1961
To A ll Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal R eserve D istrict:

A t the time o f printing our Circular No. 5050, dated June 26, 1961, announcing an offering o f 91-day and
182-day Treasury bills, to be issued July 6, 1961, the results o f bidding for the previous week’s offering o f 91-day
and 182-day Treasury bills, to be issued June 29, 1961, were not available. The results, now available, are:

Range of Accepted Competitive Bids
91-D a y T r e a s u r y B ills

1 8 2 -D a y T r e a s u r y B ills

M a tu r in g S e p te m b e r 2 8 , 1961

M a tu r in g D e c e m b e r 2 8 , 1961

A p p rox. equiv.
annual rate

P r ice

P rice

A p p rox. equiv.
annual rate

High ............................................

99.447

2.188%

98.796

2.382%

L o w ..............................................

99.427

2.267%

98.774

2.425%

Average ......................................

99.439

2 .2 1 9 % 1

98.787

2 .3 9 9 % 1

1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide
yields of 2.26 percent for the 91-day bills, and 2.46 percent for the 182-day bills. 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.

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

(17 percent o f the amount o f 182-day bills
bid for at the low price was accepted.)

Total Tenders Applied for and Accepted (By Federal Reserve Districts)
9 1 -D a y T r e a s u r y B ills
M a tu r in g S e p te m b e r 2 8 , 1961
D istrict

A pplied f o r

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

$

33,458,000

1 8 2 -D a y T r e a s u r y B ills
M a tu r in g D e c e m b e r 2 8 , 1961

A ccep ted

$

18,938,000

Applied fo r

$

A ccepted

2,058,000

$

2,058,000

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

1,398,180,000

776,430,000

812,896,000

387,146,000

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

25,727,000

14,727,000

7,636,000

2,636,000

C leveland...................... ........

25,650,000

25,450,000

18,732,000

18,732,000

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

9,745,000

9,745,000

1,113,000

1,113,000

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

14,193,000

13,338,000

6,343,000

6,143,000

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

178,117,000

124,117,000

87,101,000

48,401,000

St. Louis ....................... ........

20,873,000

17,873,000

4,973,000

4,473,000

M inneapolis.................. ........

14,535,000

14,535,000

4,930,000

4,515,000

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

34,522,000

34,422,000

9,105,000

9,105,000

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

13,193,000

11,393,000

3,228,000

3,088,000

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

39,071,000

39,071,000

14,445,000

12,720,000

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

$1,807,264,000

$972,560,000

$500,130,000

$1,100,039,000a

3Includes

$177,619,000 noncompctitive tenders accepted at the average price o f 99.439.
b Includes $40,318,000 noncompetitive tenders accepted at the average price o f 98.787.




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