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FED E R A L R E S E R V E BANK O F N E W YORK Fiscal A gent of the U nited States f Circular No. 6 5 2 9 L April 24, 1970 Results of Treasury’s 9-Month and 12-Month Bill Offerings To A ll In corporated B anks and T ru st Com panies, and Others Concerned, in the Second F ederal R eserve D is tr ic t: The following statement was issued by the Treasury Department and released at 6:30 p.m. yesterday: The T reasury D epartm ent announced th a t the tenders for two series of T reasury bills, one series to be an additional issue of the bills dated J a n u a ry 31, 1970, and the other series to be dated A pril 30, 1970, which were offered on A p ril 16, 1970, were opened a t the F ederal Reserve Banks today. Tenders were invited fo r $500,000,000, or thereabouts, of 276-day bills and fo r $1,200,000,000, or thereabouts, of 365-day bills. The details of the two series are as follow s: Range of Accepted Competitive Bids 276-Day Treasury Bills Maturing January 31,1971 P rice H igh ........................................... L o w ............................................. Average ..................................... 94.844a 94.637 94.753 365-Day Treasury Bills Maturing A pril 30,1971 A pprox. equiv. annual rate P rice 6.725% 6.995% 6.844%1 93.258b 92.908 93.091 A pprox. equiv. annual rate 6.650% 6.995% 6.814%1 a E xcepting two tenders totalin g $600,000. b Excepting one tender o f $10,000. i These rates are on a bank discount basis. The equivalent coupon issue yields are 7.23 percent for the 276-day bills, and 7.29 percent for the 365-day bills. (48 percent of the am ount of 276-day bills bid for at the low price was accepted.) (24 percent of the am ount of 365-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 276-Day Treasury Bills Maturing January 31,1971 .........$ ......... ......... ......... ......... ......... S an F ra n cisco A ccepted A p p lied fo r D istrict .......... ......... 330,000 845,660,000 6,630.000 1,560,000 5,990,000 11,140.000 51,770,000 T otal ................... .........$1,000,680,000 365-Day Treasury Bills Maturing A pril 30,1971 $ 330,000 369,060,000 6,630,000 1,560,000 5,990,000 7,140,000 38,510,000 10,320,000 12,080,000 840,000 8,650,000 39,170,000 $500,280,000c A p p lied for $ 20,440,000 1,377,420,000 13,390,000 22,820,000 12,550,000 14,950,000 87,610,000 20,070,000 14,790,000 4,440,000 11,540,000 124,930,000 $1,724,950,000 A ccepted $ 20,440,000 916,220,000 13,390,000 22,820,000 12,550.000 9,950,000 80,010,000 20,070.000 14,790,000 4,440,000 10,540,000 74,930,000 $1,200,150,000d c Includes $15,950,000 noncompetitive tenders accepted at the average price of 94.753. d Includes $54,700,000 noncompetitive tenders accepted at the average price of 93.091. A l fr ed H ayes, President.