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F ED ER AL R ESER VE BAN K O F N E W YORK Fiscal Agent of the United States f Circular No. 6 5 9 6 "I L August 26, 1970 J Results of Treasury’s 9-Month and 12-Month Bill Offerings T o A ll In corporated B anks an d T ru st Companies, and O thers 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 re a su ry D e p a rtm e n t an n o u n ced th a t th e te n d e rs fo r two series of T re a su ry bills, one series to be an a d d itio n a l issue of the bills d a te d M ay 31, 1970, an d the o th e r series to be d ated A u g u st 31, 1970, w hich w ere offered on A u g u st 19, 1970, w ere opened a t th e F e d e ra l R eserve B anks today. T enders w ere in v ited fo r $500,000,000, or th ereab o u ts, of 273-day bills a n d fo r $1,200,000,000, or th ereab o u ts, of 365-day bills. The d etails of the tw o series are as fo llo w s: R a n g e o f A c c e p t e d C o m p e t it iv e B i d s 273-Day Treasury Bills M aturing May 31,1971 P rice 95.087 95.040 95.063 H ig h . . Low . . . A verage 365-Day Treasury Bills M aturing A u g u st 31,1971 A pprox. equiv. annual rate 6.479% 6.541% e.510%1 P rice A pprox. equiv. annual rate 93.564 93.476 93.515 6.348% 6.435% 6.396% ! i These rates are on a bank discount basis. The equivalent coupon issue yields are 6.87 percent for the 273-day bills, and 6.82 percent fo r the 365-day bills. (72 p e rce n t of th e am o u n t of 365-day bills bid fo r a t the low price was accepted.) (39 p e rc e n t of th e a m o u n t of 273-day bills b id fo r a t th e low p rice was accep ted.) T o ta l T e n d e rs A p p lie d fo r an d A c c e p te d ( B y F e d e r a l R e s e r v e D is t r i c t s ) 273-Day Treasury Bills M aturing May 31,1971 A p p lie d fo r D istric t . . $ ......... ......... S t. L o u i s .................... ......... M inneapolis .............. ......... K a n sa s C i t y .............. . . . . ......... S a n F ra n c isc o ......... 10,790,000 949,980,000 750,000 1,080,000 8,660,000 14,970,000 95,790,000 12,600,000 15,700,000 11,590,000 14,450,000 83,120,000 To t a l .................. ......... $1,219,480,000 365-Day Treasury Bills M aturing A u g u st 31,1971 A ccepted A p p lied fo r $ 10,790,000 374,880,000 750,000 1,080,000 5,050,000 6,020,000 40,740,000 10,600,000 13,180,000 7,980,000 1,450,000 27,560,000 $ $500,080,000a $2,032,790,000 12,010,000 1,533,030,000 4,210,000 20,470,000 18,010,000 32,180,000 209,140,000 14,870,000 9,800,000 12,840,000 16,370,000 149,860,000 A ccepted $ 2,010,000 927,230,000 4,210,000 10,470,000 12,730,000 21,870,000 121,650,000 14,590,000 8,800,000 12,540,000 3,370,000 60,560,000 $1,200,030,000b a Includes $24,100,000 noncompetitive tenders accepted a t the average price of 95.063. b Includes $60,660,000 noncompetitive tenders accepted a t the average price of 93.515. A l f r e d H a y es, President.