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FEDERAL RESERVE BANK O F NEW YORK Fiscal Agent of the United States r Circular No. 5 2 1 9 ~l L August 28, 1962 J RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED AUGUST 30, 1962 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At the time of printing our Circular No. 5218, dated August 27, 1962, announcing an offering of 91-day and 182-day Treasury bills, to be issued September 6, 1962, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued August 30, 1962, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing November 29, 1962 Price .......... High Low ...................... .......... Average .............. .......... 182-Day Treasury Bills Maturing February 28, 1963 Approx. equiv. annual rate 99.296 99.288 99.291 Approx. equiv. annual rate Price 2.785% 2.817% 2.806% 1 98.534 98.523 98.526 2.900% 2.922% 2.916% 1 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 2.86 percent for the 91-day bills, and 3.00 percent for the 182-day bills. Interest rates on bills are quoted in terms o f 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. (48 percent of the amount of 91-day bills bid for at the low price was accepted.) (97 percent 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 November 29, 1962 Applied for District Boston .......................... ........ $ 33,563,000 182-Day Treasury Bills Maturing February 28, 1963 Accepted $ 17,563,000 Applied for $ 6,228,000 Accepted $ 6,078,000 New Y o r k .................... ........ 1,768,655,000 1,005,348,000 1,049,980,000 606,300,000 Philadelphia ................ ........ 28,415,000 11,505,000 8,644,000 1,844,000 .................... ........ 20,506,000 19,934,000 16,102,000 8,067,000 Richmond .................... ........ 10,572,000 10,572,000 1,167,000 1,167,000 A tla n ta .......................... ........ 28,734,000 24,761,000 3,923,000 3,773,000 Chicago ........................ ........ 201,462,000 95,726,000 109,948,000 37,048,000 St. Louis ...................... ........ 31,393,000 26,393,000 6,052,000 4,052,000 ................ ........ 21,934,000 17,362,000 7,444,000 5,944,000 Kansas City ................ ........ 26,709,000 21,584,000 11,564,000 6,464,000 D a lla s ............................ ........ 23,709,000 14,189,000 7,859,000 2,859,000 San Francisco ............ 52,010,000 35,902,000 30,577,000 16,547,000 Cleveland Minneapolis Total ............ $2,247,662,000 $1,300,839,000* $1,259,488,000 $700,143,0001 a Includes $208,458,000 noncompetitive tenders accepted at the average price of 99.291. b Includes $50,373,000 noncompetitive tenders accepted at the average price of 98.526. A lfred H a y e s, President.
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