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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 I C ircular N o . 5 0 3 9 M a y 2 3 . 1961 T J RESULTS OF B ID D IN G FO R 91-DAY A N D 183-DAY T R E A SU R Y BILLS T O BE ISSUED M A Y 25, 1961 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. 5038, dated May 22, 1961, announcing an offering o f 91-day and 182-day Treasury bills, to be issued June 1, 1961, the results o f bidding for the previous week’s offering o f 91-day and 183-day Treasury hills, to be issued May 25, 1961, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-D ay Treasury Bills Maturing A ugust 24,1961 183-Day Treasury Bills Maturing Noz'em ber 24,1961 Price A pprox. equiv. annual rate Price Approx. equiv. annual rate 99.41 l a 2.330% 98.756b 2.447% L o w .......................... ......... 99.401 2.370% 98.735 2.489% Average 99.405 2.354% 1 98.744 2.470% 1 ........ High ................. ........ a E x ce p tin g tw o ten ders to ta lin g $900,000. b E x ce p tin g on e ten der o f $100,000. 1 O n a c o u p o n issue o f th e sam e len gth and fo r the sam e a m ou n t in vested, th e return on these bills w ou ld provide yie ld s o f 2.40 p e rcen t fo r th e 9 1 -d a y bills, a n d 2.54 percen t fo r the 183-day bills. In terest rates on bills are q u ote d in term s o f b a n k discou n t, w ith th e return related to the face a m ou n t o f the bills pa ya b le at m aturity rather than the a m ou n t in vested, a n d th eir len gth in actual n um ber o f d a ys related to a 360-day year. In con tra st, yield s on certificates, n otes, and b o n d s are com p u ted in term s o f interest on the a m ou n t in vested, and relate th e n u m ber o f d a ys rem ain in g in an in terest pa ym en t p eriod to th e actual n u m ber o f days in the p eriod , w ith sem iannual c o m p o u n d in g if m o re than on e co u p o n p eriod is in v olv ed . (8 percent o f the amount o f 91-day bills bid for at the low price was accepted.) ("84 percent o f the amount o f 183-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (B y Federal Reserve Districts) 91-Day Treasury Bills Maturing August 24,1961 District Boston Applied for .......................... $ New Y o r k ..................... . . . 33,554,000 Accepted $ 19,554,000 183-Day Treasury Bills Maturing N ovem ber 24,1961 Applied for $ Accepted 3,917,000 $ 3,917,000 1,459,791,000 679,210,000 823,156,000 397,156,000 25,708,000 10,708,000 7,274,000 2,274,000 C le v e la n d ..................... 33,887,000 21,845,000 14,400,000 14,400,000 Richmond 12,360,000 11,762,000 1,708,000 1,708,000 Atlanta ............................ 25,114,000 22,814,000 3,069,000 2,869,000 C h ic a g o ........................... 297,147,000 225,912,000 66,621,000 40,621,000 St. Louis ....................... 21,385,000 16,385,000 5,631,000 4,631,000 M in n ea p olis................... 17,652,000 9,596,000 5,834,000 3,754,000 Kansas C i t y ................... 34,588,000 26,908,000 11,465,000 6,365,000 Dallas .............................. 14,249,000 14,249,000 4,873,000 4,873,000 San F r a n c is c o ............... 72,117,000 41,297,000 18,013,000 17,513,000 $2,047,552,000 $1,100,240,000 $965,961,000 Philadelphia ............... Total ............. .. . $500,081,000d c Includes $209,911,000 noncom petitive tenders accepted at the average price o f 99.405. d Includes $49,788,000 noncom petitive tenders accepted at the average price o f 98.744. A lfred H ayes, President.