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FE D E RA L RE SE R V E BANK OF NEW YORK Fiscal Agent of the United States f C ircular No. 4 8 9 3 1 L M ay 24, 1960 J RESULTS OF B ID D IN G FO R 91-DAY AN D 183-DAY T R E A SU R Y BILLS T O BE ISSUED M A Y 26, 1960 T o all In corporated B anks and Trust Companies, and O thers Concerned, in the Second Federal R eserv e D istrict: A t the time o f printing our C ircular N o. 4892, dated M ay 24, 1960, announcing an offerin g o f 91-day and 182-day T reasu ry bills, to be issued June 2, 1960, the results o f bidding for the previous w eek’s offerin g o f 91-day and 183-day Treasury bills, to be issued M ay 26, 1960, were not available. T h e results, n ow available, a re: Range o f A ccepted Com petitive Bids 91-Day Treasury Bills Maturing August 25, 1960 183-Day Treasury Bills Maturing N ovem ber 25, 1960 Price Approx. equiv. annual rate Price Approx. equiv. annual rate 99.1403 3.402% 98.076b 3.785% L o w ......................... ........ 99.100 3.560% 98.020 3.895% ................. ........ 99.116 3.497% 1 98.034 3.867% ! H igh ....................... ........ A verage a E x cep tin g tw o tenders tota lin g $200,000. b E xcep tin g three tenders totalin g $664,000. 1 A v era ge rate on a cou pon issue equivalent yield basiis is 3.58% fo r the 91-day bills and 4.00% for the 183-day bills. Interest rates on bills are quoted on the basis o f bank discount, w ith their length in actual num ber o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are com puted on the basis o f interest on the investment, w ith the num ber o f days rem aining in a sem iannual interest paym ent period related to the actual num ber o f days in the p eriod, and w ith sem iannual com pou nding if m ore than one cou pon period is involved. (37 percent o f the am ount o f 91-day bills bid for at the low price was accepted.) (56 percent o f the am ount o f 183-day bills bid for at the low price was accepted.) Total Tenders A p p lied fo r and A ccepted (B y Federal Reserve Districts) 91-Day Treasury Bills Maturing August 25, 1960 A ccepted A pplied for D istrict B oston ...................................... $ 25,884,000 $ 183-Day Treasury Bills Maturing N ovem ber 25, 1960 A pplied for A ccepted 15,884,000 $ 18,371,000 $ 8,371,000 N ew Y o r k ..................... ........ 1,393,826,000 839,006,000 695,833,000 356,063,000 Philadelphia ................. ........ 24,652,000 9,652,000 9,498,000 4,498,000 Cleveland 26,659,000 26,659,000 21,536,000 21,436,000 11,374,000 11,374,000 3,853,000 1,853,000 21,134,000 20,634,000 3,994,000 3,794,000 196.830,000 154,540,000 80,728,000 50,028,000 16,932,000 15,932,000 3,897,000 3,897,000 ................. 9,914,000 9,014,000 2,947,000 2,347,000 K ansas C ity ................. 23,147,000 23,122,000 7,230,000 7,130,000 10,282,000 10,282,000 4,581,000 4,531,000 73,982.000 63,982,000 44,175,000 36,175,000 . . R ich m on d A tlanta ......................... C h icago St. L o u i s ....................... M inneapolis D allas ............................ ........ San Francisco ............. T otal ... $1,834,616,000 $1,200,081,000c $896,643,000 $500,123,000d c Includes $194,379,000 noncom petitive tenders accepted at the average price o f 99.116. d Includes $45,577,000 noncom petitive tenders accepted at the average price o f 98.034. A lfred H ayes, President.
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