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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 r Circular No. 6 7 5 7 "1 L July 1, 1971 J RESULTS OF TREASURY’ S OFFER OF $1% BILLION OF SEPTEMBER TAX BILLS To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department and released at 6:30 p.m., yesterday: The Treasury Department announced that the tenders for $1,750,000,000, or thereabouts, of 77-day Treasury tax anticipation bills to be dated July 6, 1971, and to mature Sep tember 21, 1971, which were offered on June 16, 1971, were opened at the Federal Reserve Banks today. The details of this issue are as follows: Total applied for .... $3,884,910,000 Total accepted......... $1,750,370,000 (Includes $154,160,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting one tender of $1,000,000) : High ....................... 98.953 Equivalent rate of discount approx. 4.895% per annum Low ......................... 98.912 Equivalent rate of discount approx. 5.087% per annum Average ................. 98.923 Equivalent rate of discount approx. 5.035% per annum1 1 This is on a bank discount basis. The equivalent coupon issue yield is 5.17 percent. (58 percent of the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Total accepted Boston...................................................... New York .............................................. Philadelphia ............................................ Cleveland ................................................ R ichm ond................................................ Atlanta .................................................... Chicago.................................................... St. L ou is.................................................. Minneapolis ............................................ Kansas City ............................................ Dallas ...................................................... San Francisco ........................................ $ 171,375,000 1,934,010,000 164,375,000 153,600,000 48,010,000 55,015,000 375,615,000 85,070,000 495,250,000 101,790,000 91,200,000 209,600,000 $ 133,375,000 547,530,000 85,955,000 66,600,000 17,010,000 36,775,000 218,915,000 49,650,000 441,550,000 97,990,000 17,360,000 37,660,000 T o t a l ................................................. $3,884,910,000 $1,750,370,000 A lfred H ayes, President.
@FedFRASER