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F E D E R A L R E S E R V E BA N K O F N EW YORK Fiscal Agent of the United States r C irc u la r N o . 5 1 2 5 1 L D e c e m b e r 19, 1 9 6 1 1 RESULTS OF B ID D IN G FOR 91-DAY A N D 182-DAY T R E A SU R Y BILLS TO BE ISSUED D E C E M B E R 21, 1961 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserv e D istrict: A t the tim e o f p r in tin g o u r C ircu la r N o . 5123, dated D e c e m b e r 15, 1961, a n n o u n cin g an o ffe r in g o f 91d a y and 182-day T re a s u r y b ills, to b e issu ed D e c e m b e r 28, 1961, the resu lts o f b id d in g fo r the p r e v io u s w e e k ’s o ffe r in g o f 91 -d a y and 182-day T re a s u r y bills, to be issued D e c e m b e r 21, 1961, w e re n o t a v a ila b le. T h e resu lts, n o w available, a r e : Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing March 22, 1962 182-Day Treasury Bills Maturing June 21, 1962 Approx. equiv. P rice A p p rox. equiv. annual rate P rice annual rate H igh ............................................... 9 9 .3 3 1 a 2 .647% 9 8 .5 4 0 b 2.8 8 8 % L o w ......................... ........................ 99.322 2 .682% 98.520 2 .927% A verage ........................................ 99.325 2 .670% 1 98.526 2.9 1 5 % 1 b Excepting one tender o f $4,032,000. a Excepting two tenders totaling $530,000. 1 On a coupon issue o f the same length and for the same amount invested, the return on these bills would provide yields o f 2.73 percent for the 91-day bills, and 3.00 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 o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms o f interest on the amount invested, and relate the number o f 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. (4 9 percent o f the amount o f 91-day bills bid fo r at the low price was accepted.) (7 4 percent o f the amount o f 182-day bills bid fo r at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing March 22, 1962 Applied fo r District Boston ............................. ........ $ 35,130,000 182-Day Treasury Bills Maturing June 21, 1962 Applied A ccepted $ 27,540,000 $ for A ccepted 19,741,000 $ 17,691,000 N ew Y o r k ...................... ........ 1,760,937,000 755,833,000 934,644,000 441,523,000 Philadelphia ................. ........ 32,260,000 10,850,000 8,141,000 3,141,000 C le v e la n d ........................ ........ 38,623,000 37,417,000 25,953,000 24,121,000 R ichm ond ...................... ........ 19,120,000 16,789,000 2,881,000 2,831,000 A tla n ta ............................. ........ 30,636,000 23,981,000 8,816,000 7,016,000 Chicago .......................... ........ 207,573,000 95,838,000 94,900,000 56,196,000 St. L ouis ........................ ........ 35,088,000 27,088,000 6,502,000 4,870,000 M in n ea p o lis.................... ........ 19,990,000 10,690,000 6,478,000 2,758,000 Kansas City ................. ........ 60,898,000 31,890,000 14,582,000 10,222,000 D a lla s ............................... ........ 30,527,000 27,527,000 7,324,000 3,924,000 San F r a n c is c o ............... 52,531,000 35,890,000 34,812,000 25,901,000 $1,164,774,000 $600,194,000 T ota l............. ........ $2,323,313,000 $1,101 ,3 3 3 ,0 0 0 c c Includes $239,466,000 noncompetitive tenders accepted at the average price o f 99.325. d Includes $52,163,000 noncompetitive tenders accepted at the average price o f 98.526. A lfred H ayes, President.