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FEDERAL RESERVE BANK O F N EW Y O R K Fiscal A gent of the U nited States rCircular No. 6 6 6 6 1 L December 29, 1970 J R E SU L T S O F B ID D IN G F O R 91-DAY A N D 182-DAY T R E A S U R Y B ILLS TO B E ISSU ED D E C E M B E R 31, 1970 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: A t th e tim e o f p rin tin g our C ircular No. 6665, dated D ecem ber 28, 1970, announcing an offering of 91-day and 182-day T re a su ry bills, to be issued Ja n u a ry 7, 1971, the results of bidding fo r the previous w eek’s offering of 91-day and 182-day T re a su ry bills, to be issued Decem ber 31, 1970, w ere not available. T he results, now avail able, a r e : R ange of A ccepted C o m p etitiv e B ids 182-Day Treasury Bills Maturing July 1,1971 91-Day Treasury Bills Maturing April 1,1971 Price A pprox. equiv. annual rate Price Approx. equiv. annual rate H ig h 98.800® 4.747% 97.590 4.767% Low . . . 98.762 4.898% 97.524 4.898% A verage 98.779 4.830%* 97.555 4.836% x a Excepting one tender of $20,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 4.96 percent for the 91-day bills, and 5.03 percent for the 182-day bills. (24 percent o f the am ount of 91-day bills bid fo r at the low price was accepted.) (72 percent of the am ount of 182-day bills bid for at the low price w as accepted.) T o ta l T e n d e rs A p p lie d fo r a n d A ccepted (B y F e d e ra l R eserve D istricts) 91-Day Treasury Bills Maturing April 1,1971 Applied for District Boston ............................. New Y o rk ...................... P h ila d e lp h ia .................... Cleveland ......................... R ic h m o n d ......................... A tlan ta ............................. C h ic a g o ............................. St. L o u i s ........................... M inneapolis .................... K ansas City .................... D allas ............................... San F rancisco ................ ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... T o ta l .............. ......... $ 40,080,000 1,833,935,000 43,300,000 42,630,000 16,300,000 41,425,000 226,180,000 45,390,000 21,555,000 32,370,000 178,000,000 121,285,000 $2,642,450,000 182-Day Treasury Bills Maturing July 1,1971 $ 30,080,000 1,157,935,000 27,740,000 42,630,000 16,300,000 41,425,000 226,030,000 45,390,000 21,555,000 32,370,000 148,000,000 111,285,000 $1,900,740,000b Accepted Applied for Accepted $ 11,930,000 1,640,020,000 6,225,000 22,245,000 7,945,000 24,115,000 100,630,000 20,605,000 16,350,000 13,120,000 33,770,000 112,175,000 $2,009,130,000 $ 1,930,000 1,076,620,000 6,225,000 22,245,000 7,945,000 24,115,000 100,630,000 20,605,000 16,350,000 13,120,000 30,770,000 80,175,000 $1,400,730,000' b Includes $292,285,000 noncompetitive tenders accepted at the average price of 98.779. c Includes $112,285,000 noncompetitive tenders accepted at the average price of 97.555. A lfr ed H a y e s , President.