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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States f*Circular No. 6 8 4 61 U November 26, 1971 J RESULTS OF TREASURY’ S OFFER OF $2.5 BILLION OF APRIL 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 6:3 0 p.m., November 24: The Treasury Department announced that the tenders for $2,500,000,000, or thereabouts, of 142-day Treasury tax anticipation bills to be dated December 1, 1971, and to mature April 21, 1972, which were offered on November 18, 1971, were opened at the Federal Reserve Banks today. The details of this issue are as follows: Total applied for ..... $4,772,580,000 Total accepted ......... $2,501,140,000 (Includes $239,930,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting four tenders totaling $2,900,000) : High ....................... 98.254 Equivalent rate of discount approx. 4.426% per annum L o w ......................... 98.185 Equivalent rate of discount approx. 4.601% per annum A verage................... 98.202 Equivalent rate of discount approx. 4.558% per annum1 1This is on a bank discount basis. The equivalent coupon issue yield is 4.72 percent. (61 percent of the amount bidfor at the low price was accepted.) Federal Reserve District Total applied for Boston...................................................... New York .............................................. Philadelphia ............................................ Cleveland ................................................ R ichm ond................................................ Atlanta .................................................... C hicago.................................................... St. L ou is.................................................. Minneapolis ............................................ Kansas City ............................................ Dallas ...................................................... San Francisco ........................................ $ 172,625,000 2,773,060,000 132,275,000 104,585,000 14,415,000 59,605,000 385,700,000 78,190,000 474,410,000 107,865,000 79,850,000 390,000,000 $ T otal ........................................ $4,772,580,000 $2,501,140,000 Total accepted A 49,535,000 1,210,060,000 42,325,000 61,935,000 14,415,000 40,805,000 320,750,000 52,190,000 471,410,000 107,865,000 4,850,000 125,000,000 lfred H ayes, President.
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