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FEDERAL RESERVE BANK O F N E W YORK Fiscal Agent o f the United States [ C ir c u l a r N o . 4 9 7 8 1 L D e c e m b e r 20, 1960 J RESULTS OF BIDDING FOR 91-DAY AND 183-DAY TREASURY BILLS TO BE ISSUED DECEMBER 22, 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. 4977, dated December 16, 1960, announcing an offering o f 91-day and 182-day Treasury bills, to be issued December 29, 1960, the results o f bidding fo r the previous week’s offering o f 91-day and 183-day Treasury bills, to be issued December 22, 1960, were not available. The results, now avail able, a re : Range of Accepted Competitive Bids 9 1 -D a y T r e a s u r y B ills 1 8 3 -D a y T r e a s u r y B ills M a tu r in g M a r c h 2 3 ,1 9 6 1 M a tu r in g J u n e 2 3 , 1961 Approx. equiv. annual rate Price Approx. equiv. annual rate Price High .......................... ................. 99.449 2.180% 98.800 2.361% L o w ............................ ................. 99.433 2.243% 98.780 2.400% Average ................... ................. 99.438 2.222% 1 98.784 2.392% 1 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 2.27 percent for the 91-day bills, and 2.46 percent for the 183-day bills. Interest rates on bills are quoted in terms of bank discount, with the return related to the face amount of the bills payable at maturity rather than the amount invested, and their length in actual number of days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in an interest payment period to the actual number of days in the period, with semiannual compounding if more than one coupon period is involved. (31 percent o f the amount o f 91-day bills bid for at the low price was accepted.) (7 7 percent o f the amount o f 183-day bills bid fo r at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 9 1 -D a y T r e a s u r y B ills M a tu r in g M a rc h 2 3 , 1961 District Accepted Applied for Boston ........................... ........ $ 32,106,000 1 8 3 -D a y T r e a s u r y B ills M a tu r in g J u n e 2 3 , 1961 $ 31,656,000 Applied for $ Accepted 6,533,000 $ 6,004,000 N ew Y o r k .................... ........ 1,434,657,000 673,507,000 875,744,000 354,983,000 Philadelphia ................ ........ 27,334,000 12,034,000 7,594,000 2,244,000 Cleveland....................... ........ 60,282,000 29,507,000 31,704,000 20,874,000 Richmond .................... ........ 13,375,000 13,205,000 8,096,000 8,088,000 A tlan ta........................... ........ 23,342,000 18,842,000 5,327,000 4,876,000 Chicago ......................... ........ 183,382,000 116,669,000 65,561,000 34,508,000 St. L o u is ....................... ........ 29,390,000 26,420,000 5,430,000 4,930,000 M inneapolis.................. ........ 17,969,000 14,969,000 5,003,000 2,388,000 Kansas City ................ ........ 44,381,000 37,351,000 13,949,000 8,149,000 D a llas............................. ........ 13,891,000 13,831,000 5,611,000 4,910,000 San F ran cisco.............. ........ 119,321,000 113,186,000 53,380,000 48,144,000 T o ta l.............. ........ $1,999,430,000 $1,083,932,000 $500,098,000 $1,101,177,000a * Includes $234,001,000 noncompetitive tenders accepted at the average price o f 99.438. b Includes $53,183,000 noncompetitive tenders accepted at the average price o f 98.784. A l f r e d H a y e s , President.
@FedFRASER