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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States r Circular No. 5 5 4 6~1 L September 1, 1964 J RESULTS OF B ID D IN G FOR 91-D A Y AN D 182-D A Y T R E A S U R Y BILLS TO BE ISSUED SEP TEM B ER 3, 1964 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: A t the time of printing our Circular No. 5544, dated August 31, 1964, announcing an offering of 91-day and 182-day Treasury bills, to be issued September 10, 1964, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued September 3, 1964, were not available. The results, now available, a re : Range of Accepted Competitive Bids 91 -Day Treasury Bills Maturing December 3 ,1 9 64 Price H i g h .............................. ................. Low .............................. ................. Average ........................ ................. 99.115 99.110 99.112 182-Day Treasury Bills Maturing March 4 ,1 9 6 5 Approx. equiv. annual rate Approx. equiv. annual rate Price 3.501% 3.521% 98.171 98.161 98.165 3.512% ! 3.618% 3.638% 3.629% ! 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.59 percent for the 91-day bills, and 3.75 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. (45 percent of the amount of 91-day bills bid for at the low price was accepted.) (78 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders A pplied for and A ccepted (B y Federal Reserve Districts) 91-Day Treasury Bills Maturing December 3 ,1 9 64 District Applied for B o s t o n ............................ ........... $ 31,394,000 182-Day Treasury Bills Maturing March 4 ,1 9 6 5 Applied for Accepted $ 16,394,000 $ Accepted 17,451,000 $ 12,451,000 1,130,468,000 603,268,000 New Y o r k ..................... ........... 1,542,543,000 Philadelphia ................. ........... 36,211,000 15,984,000 10,774,000 9,444,000 ..................... ........... 28,692,000 27,915,000 52,978,000 50,778,000 5,414,000 Cleveland 782,168,000 Richmond ..................... ........... 13,406,000 13,056,000 5,414,000 .......................... ........... 30,423,000 26,138,000 9,741,000 8,469,000 Chicago .......................... ........... 213,574,000 159,199,000 169,703,000 101,603,000 St. Louis ...................... ........... 38,362,000 30,752,000 8,663,000 7,163,000 ................. ........... 20,490,000 16,340,000 6,709,000 6,209,000 Kansas City ................. ........... 32,486,000 29,986,000 8,884,000 8,884,000 ............................ ........... 25,981,000 16,431,000 9,995,000 8,995,000 115,483,000 65,928.000 91,702,000 77,602,000 Atlanta Minneapolis Dallas San Francisco ............. T o t a l ............. ........... $2,129,045,000 $1,200,291,000* $1,522,482,000 $900,280,000'’ a Includes $236,842,000 noncompetitive tenders accepted at the average price of 99.112. h Includes $63,455,000 noncompetitive tenders accepted at the average price of 98.165. 19 14 A lfred H ay es, P residen t . FIFTIETH ANNIVERSARY 19 6 4
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