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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent o f the United States r C ir cu la r N o. 5 0 5 2 1 J u n e 27, 1961 J L RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED JUNE 29, 1961 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: A t the time o f printing our Circular No. 5050, dated June 26, 1961, announcing an offering o f 91-day and 182-day Treasury bills, to be issued July 6, 1961, the results o f bidding for the previous week’s offering o f 91-day and 182-day Treasury bills, to be issued June 29, 1961, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-D a y T r e a s u r y B ills 1 8 2 -D a y T r e a s u r y B ills M a tu r in g S e p te m b e r 2 8 , 1961 M a tu r in g D e c e m b e r 2 8 , 1961 A p p rox. equiv. annual rate P r ice P rice A p p rox. equiv. annual rate High ............................................ 99.447 2.188% 98.796 2.382% L o w .............................................. 99.427 2.267% 98.774 2.425% Average ...................................... 99.439 2 .2 1 9 % 1 98.787 2 .3 9 9 % 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 2.26 percent for the 91-day bills, and 2.46 percent for the 182-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. (9 percent o f the amount o f 91-day bills bid for at the low price was accepted.) (17 percent o f the amount o f 182-day bills bid for 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 S e p te m b e r 2 8 , 1961 D istrict A pplied f o r Boston ........................... ........ $ 33,458,000 1 8 2 -D a y T r e a s u r y B ills M a tu r in g D e c e m b e r 2 8 , 1961 A ccep ted $ 18,938,000 Applied fo r $ A ccepted 2,058,000 $ 2,058,000 New Y o r k .................... ....... 1,398,180,000 776,430,000 812,896,000 387,146,000 Philadelphia ................ ........ 25,727,000 14,727,000 7,636,000 2,636,000 C leveland...................... ........ 25,650,000 25,450,000 18,732,000 18,732,000 Richmond .................... ........ 9,745,000 9,745,000 1,113,000 1,113,000 A tlan ta........................... ........ 14,193,000 13,338,000 6,343,000 6,143,000 Chicago ......................... ........ 178,117,000 124,117,000 87,101,000 48,401,000 St. Louis ....................... ........ 20,873,000 17,873,000 4,973,000 4,473,000 M inneapolis.................. ........ 14,535,000 14,535,000 4,930,000 4,515,000 Kansas City ................ ........ 34,522,000 34,422,000 9,105,000 9,105,000 D a llas............................. ........ 13,193,000 11,393,000 3,228,000 3,088,000 San F ran cisco.............. ........ 39,071,000 39,071,000 14,445,000 12,720,000 T o ta l.............. ........ $1,807,264,000 $972,560,000 $500,130,000 $1,100,039,000a 3Includes $177,619,000 noncompctitive tenders accepted at the average price o f 99.439. b Includes $40,318,000 noncompetitive tenders accepted at the average price o f 98.787. A lfred H a yes, P resid en t.
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