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FE D E RA L RE SE R V E BANK
OF NEW YORK
Fiscal Agent of the United States
No. 5 0 7 7 I
[Circular
August 29, 1961 I

R E S U L T S OF B I D D I N G F O R 9 1 -D A Y A N D 1 8 2 -D A Y T R E A S U R Y B IL L S
T O B E IS S U E D A U G U S T 31, 1961
To A ll Incorporated B anks and T rust Companies, and Others
Concerned, in the Second Federal R eserv e D istrict:

A t the time of printing our Circular N o. 5075, dated A u gust 28, 1961, announcing an offering of 91day and 182-day Treasury bills, to be issued September 7, 1961, the results of bidding for the previous week’s
offering of 91-day and 182-day Treasury bills, to be issued A u gust 31, 1961, were not available. T he re­
sults, now available, a re:
Range of Accepted Competitive Bids

91-Day Treasury Bills
Maturing N ovem ber 30, 1961

182-Day Treasury Bills
Maturing March 1, 1962

A p p rox. equiv.
annual rate

P rice

P rice

A p p rox. equiv.
annual rate

H ig h ...............................................

99.425

2.275%

98.691

2.589%

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

99.407

2.346%

98.663

2.645%

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

99.413

2.321% 1

98.677

2 .6 1 7 % 1

1
O n a coupon issue o f the same length and fo r the same amount invested, the return on these bills would provide
yield s o f 2.37 p ercen t for the 91-day bills, and 2.69 percent fo r the 182-day bills. In terest rates on bills are quoted in
terms o f bank discount, with the return related to the face amount o f the bills payable at maturity rather than the
amount invested, and their length in actual number o f days related to a 360-day year. In contrast, yields on certificates,
notes, and bonds are computed in terms o f interest on the amount invested, and relate the number o f days remaining in
an interest payment period to the actual number o f days in the period, with semiannual com pounding if more than one
coupon period is involved.

(90 percent of the amount of 91-day bills
bid for at the low price was accepted.)

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

Total Tenders Applied for and Accepted (B y Federal Reserve Districts)

91-D ay Treasury Bills
Maturing N ovem ber 30, 1961
Applied f o r

D istrict

........

$

28,214,000

182-Day Treasury Bills
Maturing March 1, 1962

A ccepted

$

15,814,000

Applied fo r

$

A ccep ted

5,783,000

$

5,783,000

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

1,322,200,000

718,700,000

750,688,000

460,688,000

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

24,234,000

9,234,000

7,828,000

2,828,000

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

21,440,000

17,627,000

17,627,000

9,499,000

1,039,000

1,039,000

A tlanta.............................

22,375,000

3,624,000

3,424,000

........

236,474,000

177,674,000

92,928,000

57,028,000

St. L o u is ........................ ........

24,802,000

20,702,000

4,146,000

3,896,000

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

23,556,000

23,556,000

7,466,000

7,466,000

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

33,591,000

23,091,000

5,250,000

5,250,000

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

23,485,000

16,085,000

9,218,000

7,118,000

48,530,000

42,030,000

27,859,000

27,859,000

$933,456,000

$600,006,000

San Francisco...............
T o ta l............... ........

$1,820,605,000

$1,100,200,000a

• Includes $199,284,000 noncompetitive tenders accepted at the average price of 99.413.
b Includes $43,721,000 noncompetitive tenders accepted at the average price of 98.677.




A

lfred

H

ayes,

President.