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FED ER A L R E SE R V E BANK OF N EW YORK Fiscal Agent of the United States r Circular Ciri No. 5 6 6 0 1 L May 25, 1965 J R E S U L T S O F B ID D IN G F O R 91-DAY AND 183-DAY T R E A S U R Y B IL L S TO B E ISSU E D M A Y 27, 1965 T o A ll Incorporated Banks and Trust Companies, and O thers Concerned, in the Second Federal R eserv e D istrict: At the time of printing our Circular No. 5659, dated May 24, 1965, announcing an offering of 91-day and 182-day Treasury bills, to be issued June 3, 1965, the results of bidding for the previous week’s offering of 91-day and 183-day Treasury bills, to be issued May 27, 1965, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing August 26, 1965 P rice 99.020 99.015 99.017 Low 183-Day Treasury Bills Maturing N ovem ber 26, 1965 A p p rox. equiv. annual rate A p p rox. equiv. annual rate P rice 3.877% 3.897% 3.889% 1 97.998 a 97.994 97.995 3.938% 3.946% 3.945% 1 a Excepting one tender of $2,125,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.98 percent for the 91-day bills, and 4.08 percent for the 183-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. (44 percent of the amount of 91-day bills bid for at the low price was accepted.) (88 percent of the amount of 183-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 August 26, 1965 Applied fo r D istrict ........... ........... ........... ........... ........... .......... Chicago ....................... ........... St. Louis ..................... .......... Minneapolis ................. .......... Kansas C i t y ................. .......... Dallas ........................... ........... San F ra n cisco ............. Boston ......................... New York ................... Philadelphia ............... Cleveland ..................... Richmond ................... T otal ................... ........... $ 22,856,000 1,464,203,000 26,177,000 21,858,000 20,389,000 34,763,000 296,408,000 34,668,000 17,230,000 30,325,000 22,804,000 100,301,000 $2,091,982,000 183-Day Treasury Bills Maturing N ovem ber 26, 1965 A ccepted $ 12,706,000 822,897,000 13,943,000 21,858,000 16,877,000 23,826,000 150,031,000 27,556,000 13,158,000 30,292,000 13,244,000 54,470,000 $1,200,858,000 b Applied fo r $ 13,555,000 1,399,166,000 18,691,000 23,038,000 5,398,000 22,590,000 337,018,000 12,554,000 7,137,000 17,402,000 9,219,000 135,432,000 $2,001,200,000 A ccepted $ 3,555,000 734,689,000 5,691,000 12,238,000 5,042,000 11,316,000 146,298,000 10,190,000 4,457,000 10,706,000 4,189,000 52,413,000 $1,000,784,000 b Includes $216,652,000 noncompetitive tenders accepted at the average price of 99.017. c Includes $84,749,000 noncompetitive tenders accepted at the average price of 97.995. A lfred H ayes, President.