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FEDERAL RESERVE BANK O F NEW YORK Fiscal A gen t o f the United States r Circular N o. 4 8 5 9 1 L Novem ber 9, 1960 J RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED NOVEMBER 10, 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 C ircular N o. 4958, dated N ovem ber 7, 1960, announcing an offerin g o f 91-day and 182-day T reasu ry bills, to be issued N ovem ber 17, 1960, the results o f bidding fo r the previous w eek’s offerin g o f 91-d ay and 182-day T reasu ry bills, to be issued N ovem ber 10, 1960, were not available. T h e results, now avail able, a re: Range of Accepted Competitive Bids 9 1 -D a y T rea su ry Bills M aturing F eb ru a ry 9,1 9 6 1 182-D ay T rea su ry Bills M aturing M a y 1 1,1961 Approx. equiv. annual rate Price A pprox. equiv. annual rate 99.413 a 2.322% 98.722 b 2 .5 2 8 % 99.379 2.457% 98.691 2.589% 99.396 2 .3 9 0 % 1 98.700 2 .5 7 2 % 1 Price H igh ......................... ................ L ow A verage .................. ................ a E xcepting one tender o f $225,000. b E xcepting two tenders totaling $275,(XX). 1 On a coupon issue o f the same length and fo r the same amount invested, the return on these bills would provide yields o f 2.44 percent fo r the 91-day bills, and 2.64 percent fo r the 182-day bills. Interest rates on bills are quoted in terms o f bank discount, with the return related to the face amount o f the bills payable at maturity rather than the amount invested, and their length in actual number o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are com puted in terms o f interest on the amount invested, and relate the number o f days remaining in an interest payment period to the actual number o f days in the period, with semiannual com pounding i f m ore than one coupon period is involved. (4 3 percent o f the amount o f 91-day bills bid fo r at the low price was a ccepted.) (4 4 percent o f the amount o f 182-day bills bid fo r at the low price was accepted.) Total Tenders Applied for and Accepted (B y Federal Reserve Districts) 9 1 -D a y T rea su ry Bills M aturing F eb ru a ry 9 ,1 9 6 1 District B oston Applied for ........................... $ ......... 22,357,000 182-D ay T reasury Bills M aturing M a y 11,1961 Accepted $ 12,357,000 Applied for $ Accepted 2,971,000 $ 2,696,000 1,371,401,000 745,001,000 728,691,000 305,091,000 29,082,000 17,082,000 8,053,000 3,053,000 Cleveland 32,428,000 32,428,000 16.860.000 16,860,000 Richm ond 10,759,000 10,759,000 3,459,000 3,459,000 26.764,000 26,764,000 5,068,000 5,068,000 194,263,000 129,263,000 56,957,000 23,177,000 St. L o u i s ....................... 20,831.000 19,831,000 5,153,000 5,153,000 Minneapolis 19,562,000 19,262,000 5,399,000 3,119,000 Kansas City 29,868,000 29,868,000 6,144,000 6,044,000 Dallas 16,242.000 16,242.000 3,151,000 3,151,000 San F rancisco 41,820,000 41,320,000 24,685,000 23,185,000 Total $1,815,377,000 N ew Y ork Philadelphia ................ ......... Atlanta Chicago $1,100,177,0 0 0 c $866,591,000 $400,056,000 d c Includes $208,162,000 noncompetitive tenders accepted at the average price of 99.3%. d Includes $ 44,961,000 noncompetitive tenders accepted at the average price of 98.700. A l f r e d H a y e s , President.