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F E D E R A L R E S E R V E BANK O F N EW YO R K Fiscal Agent of the United States r C irc u la r N o . 6 6 1 9 "1 L O c to b e r 16, 1970 J Results of Treasury’s Offer of $2.5 Billion of June Tax Bills T o A ll I n c o r p o r a te d B a n k s a n d T r u s t C om pan ies, a n d O th ers C on cern ed, in th e S eco n d F e d e ra l R e se rv e 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 announced th a t th e te n d e rs fo r $2,500,000,000, or th e re abouts, of 244-day T re a su ry ta x a n tic ip a tio n bills to be d a ted O ctober 21, 1970, and to m a tu re J u n e 22, 1971, w hich w ere offered on O ctober 8, 1970, w ere opened a t the F e d e ra l Reserve B an k s today. T he d etails of th is issue are as fo llo w s: T o tal a p p lie d fo r T o ta l accepted . . $5,577,625,000 $2,500,185,000 (In clu d e s $370,745,000 en tered on a non com petitive basis an d accepted in fu ll a t th e average price shown below) R ange of accepted com petitive bids (ex cep tin g one te n d e r of $3,000,000) : H ig h ......................... 96.001 L o w .............. . . . . 95.934 A verage .................. 95.954 E q u iv a le n t ra te of discount approx. 5.900% p e r ann u m E q u iv a le n t ra te of discount approx. 5.999% p e r annum E q u iv a le n t ra te of discount approx. 5.970% p e r a n n u m 1 i This is on a bank discount basis. The equivalent coupon issue yield is 6.26 percent. (38 p e rc e n t of th e am o u n t bid fo r a t the low price was accepted.) F e d e ra l R e se r v e D is tr ic t T o ta l a p p lie d f o r B oston ............................................................. $ 221,580,000 New Y o rk ...................................................... 2,158,540,000 P h ila d e lp h ia ................................................. 261,000,000 Cleveland ...................................................... 281,150,000 R ichm ond ...................................................... 75,015,000 A tla n ta .......................................................... 144,930,000 Chicago .......................................................... 627,385,000 S t. Louis ........................................................ 109,550,000 M inneapolis ................................................. 394,425,000 K an sas C ity .................................................. 130,810,000 D allas ............................................................. 297,545,000 S an F ran cisco ............................................. 875,695,000 To tal .............................................. $5,577,625,000 T o ta l a c c e p te d $ 190,780,000 475,540,000 118,000,000 127,650,000 34,915,000 69,930,000 373,835,000 66,890,000 315,495,000 94,710,000 77,245,000 555,195,000 $2,500,185,000 A lfred H a y es, President.
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