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FED ERAL RESER VE BANK OF NEW YORK Fiscal Agent of the United States f C i r c u la r N o . 5 0 5 7 L J u l y 12 , 1 9 6 1 1 J Results of Bidding for 365-Day Treasury Bills, Dated July 15, 1961 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict : The Treasury Department announced last evening that the tenders for $2,000,000,000, or thereabouts, of 365-day Treasury bills to be dated July 15, 1961, and to mature July 15, 1962, which were offered on July 5, were opened at the Federal Reserve Banks on July 11. The details of this issue are as follows: Total applied for .. $4,170,645,000 Total accepted .... $2,000,061,000 (includes $207,518,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High .......... 97.101 Equivalent rate of discount approx. 2.859% per annum Low ........... 97.039 Equivalent rate of discount approx. 2.920% per annum Average ....... 97.051 Equivalent rate of discount approx. 2.908% per annum1 (64 percent of the amount bid for at the low price was accepted.) Federal R eserve D istrict Boston .................... New York ................. Philadelphia ................ Cleveland ................. Richmond ................. Atlanta ................... Chicago ................... St. Louis .................. Minneapolis ................ Kansas City ................ Dallas .................... San Francisco .............. T otal ................ Total applied fo r $ 60,376,000 2,873,024,000 74,042,000 149,588,000 35,204,000 65,633,000 550,334,000 65,382,000 40,468,000 69,127,000 32,891,000 154,576,000 $4,170,645,000 Total accepted $ 15,960,000 1,351,514,000 19,946,000 52,572,000 12,204,000 17,733,000 402,078,000 15,322,000 11,488,000 24,997,000 14,651,000 61,596,000 $2,000,061,000 1 On a co u p o n issue o f th e sam e le n g th an d f o r the sam e am ou n t in v ested , th e retu rn on these bills w o u ld p ro v id e a y ie ld o f 3.02 p e rce n t. In te r e st rates on b ills axe q u oted in term s o f b a n k d iscou n t, w ith th e re tu rn re la te d t o th e fa c e am ou n t o f th e b ills p a y a b le a t m a tu r ity rath er th an th e am ou n t invested , an d th e ir le n g th in a c tu a l n u m b er o f d a y s re la te d t o a 3 6 0 -d a y y e a r . I n co n tra st, y ie ld s on certificates, n o te s, a n d b o n d s are co m p u te d in te rm s o f in te re st on th e am ou n t in v ested , an d rela te the n u m b er o f d a y s r e m a in in g in a n in te re st p a y m e n t p e r io d t o th e a ctu a l n u m b er o f d a y s in th e p e rio d , w ith sem i an n u al co m p o u n d in g i f m ore th a n one co u p o n p e rio d is in v olv ed . A lfred H ayes, President. „ r ST>ST7 In co rre ct D ates o n T en d er Form s F o r 91-D ay and 182-Day Treasury B ills T o b e Issued J u ly 20, 1961 T o A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: Our Circular No. 5056, dated July 12, 1961, announcing the regular weekly offering of 91-day and 182-day Treasury bills to be issued July 20, was mailed to you on July 12. The tender forms enclosed with that circular bore incorrect dates of issue and of maturity;the correct dates are as follows: 91-day Mils — Dated April 20, 1961 Maturing October 19, 1961 To be issued July 20, 1961 182-day bills — Dated July 20, 1961 Maturing January 18, 1962 In submitting tenders for either series of such bills, please change the dates on the applicable tender form to correspond to the foregoing. Any tender submitted on one of the incorrectly dated tender forms, whether or not changed as indicated, if received by the closing hour, 1:30 p.m., Monday, July 17, will be treated as a tender for the appropriate series of Treasury billsto be issued July 20. F E D E R A L R E S E R V E B A N K OF N E W Y O R K Digitized July for FRASER 13, 1961 Fiscal Agent of the United States
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