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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.
@FedFRASER