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FE D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States rCircular No. 6 7 0 4 1 March 25, 1971 J Results of Treasury’ s Offer of Additional $2 Billion of April Tax Bills To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: T he following- statement was issued by the T reasury Departm ent and released at 6 :3 0 p.m. yesterday: The Treasury Department announced that the tenders for an additional $2,000,000,000, or thereabouts, of Tax Anticipation Series Treasury bills dated July 23, 1970, maturing April 22, 1971, were opened at the Federal Reserve Banks today. The additional amount of bills, which were offered on March 16, 1971, will be issued March 30, 1971 (23 days to maturity date). The details of this issue are as follows: Total applied for $5,094,635,000 Total accepted .. $2,000,395,000 (Includes $8,065,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High ....................... 99.773 Equivalent rate of discount approx. 3.553% per annum Low ....................... 99.761 Equivalent rate of discount approx. 3.741% per annum Average ................. 99.765 Equivalent rate of discount approx. 3.678% per annum1 !T h is is on a bank discount basis. The equivalent coupon issue yield is 3.75 percent. (78 percent of the amount bid forat the low price was accepted.) Federal Reserve District B oston........................................................ New York ................................................ Philadelphia .............................................. Cleveland .................................................. Richmond .................................................. Atlanta ...................................................... C hicago...................................................... St. L o u is.................................................... Minneapolis .............................................. Kansas City .............................................. Dallas ........................................................ San Francisco .......................................... T otal ................................................ Total applied for Total accepted $ 20,720,000 3,719,200,000 60,475,000 78,305,000 285,000 13,000,000 492,920,000 23,875,000 10,870,000 33,385,000 94,300,000 547,300,000 $ $5,094,635,000 720,000 1,555,200,000 3,475,000 29,805,000 285,000 1,000,000 131,340,000 16,495,000 870,000 16,845,000 17,760,000 226,600,000 $2,000,395,000 A lfred H a yes , President.
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