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F E D E R AL R E SERVE BANK
O F N E W YORK
Fiscal A gent of the United States
/"Circular N o. 3 7 1 IT
L M ay 29, 1951 J

RESULTS O F BIDDING F O R T R E A S U R Y BILLS
D ATED M A Y 31, 1951

T o all Incorporated Banks and T ru st Com panies in the
Second Federal R eserv e D istrict and O thers C on cern ed:

A t the time o f printing our Circular No. 3709, dated M ay 29, 1951, relating to
an offerin g o f 91-day T reasury bills, dated June 7, 1951, the results o f bidding fo r
the previous w eek’s issue o f 91-day T reasury bills, dated M ay 31, 1951, and m aturing
A ugu st 30, 1951, were not available. The results, now available, a r e :
Total applied fo r — $1,967,257,000
Total accepted

— $1,100,688,000

Average price .............

99.596

(includes $98,464,000 entered on a non­
competitive basis and accepted in full
at the average price shown below)
Equivalent rate o f discount approx.
1.600% per annum

Range o f accepted competitive b id s:
H igh

..............................

99.620

Equivalent rate o f discount approx.
1.503% per annum

L ow

..............................

99.594

Equivalent rate o f discount approx.
1.606% per annum

(70 percent o f the amount bid for at the low price was accepted)
Federal R eserve
D istrict

Boston .........' .................................$
New Y o r k ....................................
Philadelphia ................................
Cleveland ....................................
Richmond ....................................
Atlanta .........................................
Chicago .........................................
St. Louis .......................................
Minneapolis ................................
Kansas City ................................
Dallas ...........................................
San Francisco ............................




Total

....................................

Total
Applied f o r

Total
A ccepted

8,385,000
$
1,481,021,000
27,869,000
33,811,000
8,725,000
11,826,000
227,392,000
21,402,000
2,160,000
27,878,000
24,357,000
92,431,000

8,385,000
764,312,000
12,869,000
31,711,000
7,025,000
11,526,000
167,692,000
14,452,000
2,160,000
25,878,000
15,357,000
39,321,000

$1,967,257,000

$1,100,688,000

A

llan

S

proul,

P resid en t.

a> 3?//
STATE

C R — IB 2

OR

M U N ICIPAL

ISSU E

(Please Submit in Triplicate)
E a s t e r n I n v e s t m e n t B a n k in g
V o l u n t a r y C r e d it R e s t r a in t C o m m it t e e ,
(Date)

33 Liberty Street, New Y ork 45, N. Y .
Gentlem en :

The follow ing inform ation refers to authorization (s) o f securities which the undersigned proposes ultimately to
offer fo r sale. This inform ation is submitted to you in confidence but with the understanding that you may forw ard
it to the national V oluntary Credit Restraint Committee. In you r opinion, w ill the proposed transaction be in harmony
with the principles o f the V oluntary Credit Restraint Program ?
V ery truly yours,

(Legal title of issuer)

B y .................................................................................................... .

..................................... .......................................
(Official title or name of attorneys)

IN FO R M AT IO N R E G A RD IN G PROPOSED TRAN SACTIO N
Total amount o f securities: $
T y p e : General obligation Q

Approxim ate m aturity ra n ge:
Revenue £

Legal opinion, if any (Name o f approving a ttorn eys):
Proposed date o f sale, if scheduled:

Item
No.

Purpose

Amount

Date of authorization
(if by referendum,
indicate “ R”
afterdate)

1. School improvements (including $................... fo r land) $
2. Im provement o f existing roads or streets..........................
3. Extension or improvements o f existing water, sewer
or drainage s y s te m s ..........................................................
4. Acquisition o f real estate fo r future improvements
(Describe below) ..............................................................
5. R efunding o f bonds (Describe b e l o w ) ..............................
6. Tax anticipation notes or e q u iv a len t................................
7. A cquisition o f existing utility facilities (C ircle appro­
priate classification) : W ater, sewer or power sys­
tem, bridge, railroad, airport, terminal, harbor
(See below) .........................................................................
8. Street, sewer or other improvements fo r new real estate
d evelop m en ts.......................................................................
9. Park or playground (in cluding $...................... fo r land)
10. Soldiers ’ bonus or similar p u r p o s e .....................................

Outstanding notes
or certificates
to be retired by
this financing
$

13. Fire, health or police buildings or apparatus.................
15. Other (Describe b e l o w ) ........................................................
A dditional inform ation regarding item 4, 5 or 15:

I f equity capital is to be replaced either directly or indirectly under item 7 please give details:




(OVER)

The projects fo r which the securities are to be issued have progressed as follow s (E s tim a te ):

I tem N o.

Com pleted
( percen ta ge)

%

Under unconditional
con tract

Item N o.

Com pleted
( percen tage )

Under unconditional
contract

%

$

$

R ejection or postponement o f the proposed issues w ould have the follow in g result in respect o f the issuer or o f the
Defense Program ( I f p roject approved by Federal Government department or agency, please in d ic a te ):

Other pertinent comments or explanations:

(T h e spaces below for Committee use only)

The proposed transaction appears to be in harmony with the principles o f the V oluntary Credit Restraint P r o g r a m ..
The proposed transaction does n ot appear to be in harmony with the principles o f the V oluntary Credit Restraint Program Q

A dditional Committee com m ents:

E
........................................................

V

astern

oluntary

Investm ent B

C r e d it R

a n k in g

e s t r a in t

C o m m it t e e

(Date)




By

Secretary


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102