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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.