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F E D E R A L R E SE R V E BANK O F NEW YORK Fiscal A g e n t o f the U n ited States r C ir c u la r N o 4 4 7 1 M a y 2 3 , J957 L 1 J Results of Bidding for 119-Day Treasury Bills, Dated May 27, 1957 Tax Anticipation Series To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal B eserve D istrict: The Treasury Department announced last evening that the tenders for $1,500,000,000, or thereabouts, o f Tax Anticipation Series 119-day Treasury bills to be dated May 27 and to mature September 23, 1957, which were offered on May 17, were opened at the Federal Reserve Banks on May 22. The details o f this issue are as follow s: Total applied for . . . Total accepted ........ $3,688,537,000 $1,500,119,000 Range o f accepted competitive b id s : (excepting one tender o f $200,000) 99.108 H igh ....................... Low ........................ Average 99.049 ..................... 99.066 (includes $398,935,000 entered on a non competitive basis and accepted in full at the average price shown below) Equivalent rate o f discount approx. 2.698% per annum Equivalent rate o f discount approx. 2.877% per annum Equivalent rate o f discount approx. 2.824% per annum (63 percent o f the amount bid fo r at the low price was accepted) Federal B eserve D istrict Total A p plied fo r Boston ................................................. $ New Y ork ........................................... Philadelphia ....................................... Cleveland ............................................. Richmond ............................................. Atlanta ................................................. Chicago ................................................. St. L o u i s ............................................... Minneapolis ......................................... Kansas C i t y ......................................... Dallas ................................................... San Francisco ..................................... T otal ....................................... 148,890,000 1,681,205,000 144,849,000 256,452,000 157,495,000 132.565,000 458,856,000 106,635.000 106,675,000 88,090,000 173,910,000 232,915,000 Total A ccep ted $ 91,020,000 625,895,000 92,699.000 121,152,000 91,684,000 63,370,000 75,506.000 40,435,000 64,290,000 43,993,000 144,910.000 45,165,000 $3,688,537,000 $1,500,119,000 A lfred H ayes, President.
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