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F E D E R A L R E S E R V E BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5 2 5 3 1 L November 7,1962 J RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED NOVEMBER 8, 1962 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: At the time of printing our Circular No. 5252, dated November 5, 1962, announcing an offering of 91-day and 182-day Treasury bills, to be issued November 15, 1962, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued November 8, 1962, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing February 7,1963 Price High ........................................ Low ........................................ Average .................................. 99.287a 99.279 99.282 182-Day Treasury Bills Maturing May 9,1963 Approx. equiv. annual rate A pprox. equiv. annual rate Price 2.821% 2.852% 2.841%1 98.526b 98.519 98.520 2.916% 2.929% 2.927%! a Excepting one tender o f $1,500,000. b Excepting three tenders totaling $400,000. 1 O n a coupon issue o f the same length and for the same amount invested, the return on these bills would provide yields of 2.90 percent for the 91-day bills, and 3.01 percent for the 182-day bills. Interest rates on bills are quoted in terms o f 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 com puted in terms o f 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 com pounding if more than one coupon period is involved. (24 percent of the amount of 91-day bills bid for at the low price was accepted.) (35 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing February 7,1963 Boston .......................... $ 27,504,000 $ 23,604,000 Accepted Applied fo r Accepted Applied fo r District 182-Day Treasury Bills Maturing May 9,1963 $ 24,075,000 $ 3,045,000 New Y o r k .................... 1,658,214,000 918,878,000 1,403,797,000 606,345,000 Philadelphia.................. 35,722,000 19,207,000 10,163,000 3,269,000 Cleveland ...................... 28,326,000 23,326,000 48,223,000 17,073,000 Richmond .................... 17,936,000 13,860,000 2,453,000 2,353,000 A tla n ta .......................... 21,418,000 17,816,000 15,592,000 4,787,000 ........................ 233,408,000 122,128,000 145,274,000 28,696,000 St. Louis ...................... 29,536,000 22,254,000 7,068,000 4,568,000 M inneapolis.................. 28,252,000 20,992,000 8,527,000 6,027,000 Kansas C it y .................. 39,327,000 30,567,000 15,790,000 8,087,000 D a lla s............................ 29,392,000 19,632,000 10,875,000 5,675,000 San F ran cisco.............. 99,864,000 68,324,000 69,302,000 12,798,000 T o t a l.............. $2,248,899,000 Chicago $1,300,588,000c $1,761,139,000 $702,723,000d c Includes $234,241,000 noncom petitive tenders accepted at the average price of 99.282. d Includes $58,177,000 noncompetitive tenders accepted at the average price of 98.520. A lfred H ayes, President.
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