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FED E R AL R E S E R V E B A N K O F N E W YORK Fiscal A gent of the U nited States Circular No. 6 5 6 1 ~l J u n e 2 4 , 1970 J R esults of Treasury’s 9 -Month and 1 2 -Month B ill Offerings To A ll In corporated B anks and T rust Companies, and Others Concerned, in the Second Federal 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 M arch 31, 1970, and the other series to be dated Ju n e 30, 1970, which were offered on Ju n e 17, 1970, were opened a t the F ederal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, of 274-day bills and for $1,200,000,000, or thereabouts, of 365-day bills. The details of the two series are as follow s: Range of Accepted Com petitive Bids 274-Day Treasury Bills M aturing March 31,1971 H igh ........................................... Low ............................................. Average ..................................... 365-Day Treasury Bills M aturing June 30,1971 P rice A pprox. equiv. annual ra te P rice 94.695a 94.604 94.620 6.970% 7.090% 7.069%1 92.923 92.766 92.823 A pprox. equiv. annual rate 6.980% 7.135% 7.079% ! a Excepting one tender of $800,000. i These rates are on a bank discount basis. The equivalent coupon issue yields are 7.49 percent for the 274-day bills, and 7.59 percent for the 365-day bills. (96 percent of the am ount of 274-day bills bid for at the low price was accepted.) (28 percent of the am ount of 365-day bills bid for at the low price was accepted.) T otal Tenders A pplied for and Accepted (By Federal Reserve Districts) 274-Day Treasury Bills M aturing March 3 1 , 1 9 7 1 D istrict Applied for B o s to n .................................. 1? 430,000 New Y o r k ............................ 984,210,000 P h ila d e lp h ia ........................ 1.150.000 Cleveland ............................ 1,280,000 Richmond ............................ 3,350,000 A tlanta ................................ 14,360,000 Chicago ................................ 106,280,000 St. L o u i s .............................. 8,610,000 M inneapolis ........................ 2,610,000 K ansas C i t y ........................ 7,130,000 Dallas .................................. 14,210,000 San Francisco ................... 99,560,000 T o t a l ............................ $1,243,180,000 Accepted 365-Day Treasury Bills M aturing Ju ne 3 0 , 1 9 7 1 Applied for $ 430,000$ 22,040,000 388,410,000 1,405,910,000 1,150,000 3,710,000 1,280,000 13,120,000 2,350,000 6,950,000 6,920,000 19,940,000 31,080,000 154,420,000 7,110,000 14,840,000 2,110,000 5,890,000 2,130,000 13,670,000 1,210,000 16,390,000 56,360,000 95,970,000 $500,540,000b $1,772,850,000 Accepted $ 12,040,000 961,870,000 3,710,000 11,120,000 6,950 000 17,940^000 106,420 000 14,840 000 3,890000 8 670 000 7’390000 45*400*000 ^1,200^240^000= b Includes $21,440,000 noncompetitive tenders accepted a t the average price of 94.620. c Includes $74,010,000 noncompetitive tenders accepted a t the average price of 92.823. A lfred H ayes, President.
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