The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5148 "I L February 6, 1962 J RESULTS OF B ID D IN G FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED FEB R U A R Y 8, 1962 To all Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At the time of printing our Circular No. 5147, dated February 5, 1962. announcing an offering of 91-day and 182-day Treasury bills, to be issued February 15, 1962, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued February 8, 1962, were not available. The results, now available, are: Range of A ^cepted Competitive Bids 91 -Day Treasury Bills Maturing May 10,1962 182-Day Treasury Bills Maturing August 9,1962 Price Approx. equiv. annual rate Price Approx. equiv. annual rate High .............................. 99.324 2.674% 98.544 2.880% Low ...................... ........ 99.314 2.714% 98.529 2.910% Average ................ ........ 99.319 2.695%! 98.535 2.898%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 2.75 percent for the 91-day bills, and 2.98 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. (42 percent of the amount of 91-day bills bid for at the low price was accepted.) (82 per cent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing May 10,1962 District $ New York .................. ........ Applied for Accepted Applied for B osto n ........ 182-Day Treasury Bills Maturing August 9,1962 11,628,000 $ Accepted 2,797,000 $ 2,297,000 1,518,814,000 798,414,000 982,330,000 509,730,000 Philadelphia .......... ........ 26,446,000 11,446,000 11,396,000 6,396,000 Cleveland .......... ........ 22,956,000 22,956,000 18,823,000 8,723,000 Richmond . . ........ 10,696,000 10,696,000 2,166,000 1,976,000 21,796,000 5,278,000 4,978,000 190,207,000 104,760,000 36,860,000 20,148,000 6,572,000 5,072,000 Atlanta . . . . C h ica g o.......... St. L o u is ................ Minneapolis .............. ........ 26,097,000 20,307,000 6,020,000 4,430,000 Kansas City ................ ........ 35,990,000 25,990,000 8,427,000 7,741,000 Dallas .................. 18,116,000 9,730,000 4,707,000 San Francisco . . . 48,379,000 20,060,000 7,170,000 Total ........ $1,200,083,000 “ $600,080,000 b $1,178,359,000 A lfred H ayes, President.
@FedFRASER