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FED ERAL RESER VE BANK O F NEW YORK Fiscal Agent o f the United States r C ir c u la r N o. 4 9 0 4 1 L J u n e 28, 1960 J R E S U L T S OF B ID D I N G F O R 9 1 -D A Y A N D 182-D A Y T R E A S U R Y B IL L S T O B E ISSU E D J U N E 30, 1960 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: A t the time o f printing our Circular No. 4903, dated June 27, 1960, announcing an offering o f 91-day and 182-day Treasury bills, to be issued July 7, 1960, the results o f bidding for the previous week’s offering o f 91-day and 182-day Treasury bills, to be issued June 30, 1960, were not available. The results, now available, are: Range o f A ccepted C om petitive Bids 91-Day Treasury Bills Maturing September 29, 1960 182-Day Treasury Bills M aturing Decem ber 29. 1960 Approx. equiv. annual rate Price Approx. equiv. annual rate Price High ........................ ................... 99.409 2.338% 98.608* 2.753% L o w .......................... ................... 99.381 2.449% 98.570 2.829% Average ................. .................... 99.394 2.399% 1 98.581 2.806% 1 2Except for one tender o f $500,000. 1 Average rate on a coupon issue equivalent yield basis is 2.45% for the 91-day bills and 2.89% for the 182-day bills. Interest rates on bills are quoted on the basis o f bank discount, with their length in actual number of days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed on the basis o f interest on the investment, with the number o f days remaining in a semiannual interest payment period related to the actual number o f days in the period, and with semiannual compounding if more than one coupon period is involved. (3 percent o f the amount o f 91-day bills bid for at the low price was accepted.) (83 percent o f the amount o f 182-day bills bid for at the low price was accepted.) T ota l Tenders Applied for and A ccepted (B y Federal R eserve Districts) District Boston ................................... $ 91-Day Treasury Bills Maturing September 29, 1960 182-Day Treasury Bills Maturing Decem ber 29,1960 Applied for Appliedfor 25,802,000 Accepted $ 15,802,000 $ Accepted 2,364,000 $ 2,364,000 New Y o r k ..................... ....... 1,325,147,000 752,747,000 636,805,000 349,977,000 Philadelphia ................. ....... 23,903,000 16,903,000 7,172,000 2,172,000 Cleveland....................... ....... 30.526,000 30,526,000 19,202,000 14,202,000 Richmond ..................... ....... 11,959,000 11,959,000 4,718,000 2.718.000 A tlan ta............................ ....... 18,026,000 17,626,000 6,104,000 5.704.000 Chicago ................................. 189,761,000 130,621,000 99,925,000 65,285,000 St. Louis ....................... ....... 17,782,000 16,797,000 3,804,000 3,804.000 M inneapolis................... ....... 7,820,000 7,820,000 4,101,000 3.701,000 32,992,000 30,082,000 5,322,000 5,297,000 8,406,000 8,406,000 2,471,000 2.471,000 65,902,000 60,902.000 53,195,000 42.580,000 Kansas City ................. D a llas............................. ........ San F ran cisco............... Total ............ ........ $1,758,026,000 $1,100,191,000» $845,183,000 $500,275.000c b Includes $180,174,000 noncompetitive tenders accepted at the average price o f 99.394. £ Includes $36,118,000 noncompetitive tenders accepted at the average price o f 98.581. A lfred H ayes, President.
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