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FED E R AL R E SE R VE BANK O F N E W YORK Fiscal A gent of the United States r L Circular No. 6 7 0 8 -1 April 1, 1971 J RESULTS OF OFFERING OF $2.2 BILLION STRIP OF TREASURY BILLS To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The follow in g statement was issued by the T reasury Departm ent and released at 6 :3 0 p.m., M arch 31, 1971: The Treasury Department announced that tenders for additional amounts of eleven series of Treasury bills to an aggregate amount of $2,200,000,000, or thereabouts, to be issued April 6 , 1971, which were offered on March 16, 1971, were opened at the Federal Reserve Banks today. The amount of accepted tenders will be equally divided among the eleven issues of out standing Treasury bills maturing July 8 , July 15, July 22, July 29, August 5, August 12, August 19, August 26, September 2, September 9, and September 16, 1971. The details of the offering are as follows : Total applied for .... $5,080,185,000 Total accepted....... $2,205,720,000 (includes $6,655,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: Price High .......................................... L o w ............................................ Average ................................... Approximate equivalent annual rate of discount based on 128 days (average number of days to maturity) 98.664 98.630 98.645 3.758% 3.853% 3.811%* 1 This rate is on a bank discount basis. The equivalent coupon issue yield is 3.93 percent. (43 percent of the amount bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal District B oston...................................................... New York .............................................. Philadelphia ............................................ Cleveland ................................................ Richmond ................................................ Atlanta .................................................... C hicago.................................................... St. L ou is.................................................. Minneapolis ............................................ Kansas City ........................................... Dallas ...................................................... San Francisco ........................................ T otal .............................................. Reserve Districts) Applied for $ 38,500,000 4,028,640,000 55,770,000 65,450,000 22,330,000 17,050,000 268,070,000 14,740,000 5,830,000 6,215,000 82,940,000 474,650,000 Accepted $ 495,000 1,929,235,000 770,000 5,500,000 11,330,000 3,850,000 79,035,000 5,445,000 330,000 990,000 — 168,740,000 $5,080 ,1 8 5 ,0 0 0 $ 2 ,2 0 5,720,000 A lfred H a yes, President.