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FE D E R A L R E SE R V E BANK O F NEW YORK Fiscal Agent o f the United States r Circular No- 4 5 2 8 1 L N ovem ber 6,1 9 57 J RESULTS OF BIDDING FOR 91-DAY TREASURY BILLS DATED NOVEMBER 7, 1957 T o all Incorporated Banks and Trust Companies, and O thers Concerned, in the Second Federal R eserv e D istrict: A t the time o f printing our Circular No. 4527, dated N ovem ber 5,1957, announcing an offerin g o f 91-day T reasury bills, to be dated N ovem ber 14, 1957, the results o f bidding fo r the previous w eek ’ s issue o f 91-day T reasury bills, to be dated N ovem ber 7, 1957, and to mature F ebru ary 6, 1958, were not available. The results, now avail able, a r e : Total applied for .. $2,475,547,000 Total accepted . . . . $1,700,448,000 (includes $363,733,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: (excepting one tender of $300,000) Equivalent rate of discount approx. High .................. 99.100 3.560% per annum Low .................. 99.095 Equivalent rate of discount approx. 3.580% per annum Average ............. 99.097 Equivalent rate of discount approx. 3.571% per annum (52 percent of the amount bid for at the low price was accepted) F ederal R eserv e D istrict Boston .............................................. New York ........................................ Philadelphia ...................................... Cleveland .......................................... Richmond .......................................... Atlanta .............................................. Chicago .............................................. St. L ouis............................................ Minneapolis ...................................... Kansas City ...................................... Dallas ................................................ San Francisco ................................... Total ............................ T ota l A pplied f o r $ Total A ccepted 53,517,000 1,638,203,000 44,332,000 71,795,000 23,293,000 40,680,000 296,178,000 42,475,000 22,337,000 50,229,000 45,847,000 146,661,000 $2,475,547,000 $ 50,989,000 1,007,585,000 30,234,000 59,395,000 21,563,000 35,826,000 228,446,000 37,237,000 21,101,000 45,341,000 39,454,000 123,277,000 $1,700,448,000 A lfred H ayes, President.