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FEDERAL RESERVE BANK OF NEW Y O R K Fiscal Agent of the United States /"Circular No. 4 1 4 2 1 I August 31, 1954 J RESULTS OF BIDDING FOR TREASURY BILLS DATED SEPTEMBER 2, 1954 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: A t the time of printing our Circular No. 4141, dated August 31, 1954, announcing an offering o f 91-day Treasury bills, to be dated September 9, 1954, the results of bidding for the previous week’s issue of 91-day Treasury bills, to be dated September 2, 1954, and maturing December 2, 1954, were not available. The results, now avail able, are: Total applied for . . $2,347,486,000 Total accepted . . $1,500,636,000 Average price .......... 99.742 (Includes $218,876,000 entered on a non competitive basis and accepted in full at the average price shown below) Equivalent rate of discount approx. 1.023% per annum Range o f accepted competitive bids: (Excepting three tenders totaling $735,000) High ...................... 99.754 Equivalent rate of discount approx. 0.973% per annum Low 99.738 Equivalent rate of discount approx. 1.036% per annum ...................... (2 0 percent o f the amount bid for at the low price was accepted) Federal Reserve District Boston .................................................... New Y o r k .............................................. Philadelphia .......................................... Cleveland .............................................. Richmond .............................................. Atlanta .................................................. Chicago .................................................. St. L o u is ................................................ Minneapolis .......................................... Kansas City .......................................... D allas...................................................... San Francisco........................................ Total .................................. Total Applied fo r $ Total Accepted 38,124,000 1,751,444,000 54,889,000 38,397,000 11,194,000 31,456,000 237,158,000 15,900,000 14,057,000 57,038,000 30,774,000 67,055,000 $ $2,347,486,000 34,624,000 977,594,000 39,889,000 36,397,000 11,194,000 28,856,000 194,758,000 14,600,000 13,957,000 56,938,000 26,774,000 65,055,000 $1,500,636,000 A llan S proul, President. AT A1A2 F ed er al o f R eserve n e w Y B ank ork N ew Y o r k 4 5 , N. Y. September 2, 1954 To Member and Nonmember Clearing Banks in the Second Federal Reserve District: The recent hurricane has disrupted transportation and operating facilities of a number of banks in the First and Second Federal Reserve Districts. As a result, there will be a delay in advice of nonpayment and return of unpaid items drawn on banks located in the affected areas. We will continue to give credit in accordance with our time schedules for cash items payable in the affected areas, but we reserve the right, of course, to charge back any unpaid items at any time. ALLAN SFROUL, President.
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