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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States j* Circular No. 6 8 5 9 *1 December 14, 1971 J RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS (TO BE ISSUED DECEMBER 16, 1971) To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At the time of printing our Circular No. 6858, dated December 10, 1971, announcing an offering of 91-day and 182-day Treasury bills, to be issued December 23, 1971, the results of bidding for the previous offering of 91-day and 182-day Treasury bills, to be issued December 16, 1971, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing March 16, 1972 182-Day Treasury Bills Maturing June 15,1972 Price High .................. ...................... Low .................... ...................... Average ............ ....................... Approx. equiv. annual rate 99.015 98.992 99.003 3.897% 3.988% 3.944%! Approx. equiv. annual rate Price 97.922 97.889 97.905 JThese rates are on a bank discount basis. The equivalent 4.30 percent for the 182-day bills. 4.110% 4.176% 4.144%! coupon issue yields are 4.05 percent for the 91-day bills, ai (6 percent of the amount of 91-day bills bid for at the low price was accepted.) (33 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 182-Day Treasury Bills Maturing June 15, 1972 91-Day Treasury Bills Maturing March 16, 1972 District Boston ............... ..................... New York ......... ..................... Philadelphia ..... ..................... Cleveland ........... ..................... Richmond ......... ..................... Atlanta ............... ..................... Chicago ............. ..................... St. Louis ........... ..................... Minneapolis ....... ..................... Kansas C ity ....... ..................... Dallas ................. ..................... San Francisco ..................... $ 19,495,000 2,662,030,000 33,890,000 30,375,000 12,535,000 40,295,000 222,225,000 64,105,000 26,600,000 34,310,000 35,630,000 196,090,000 $ ..................... $3,377,580,000 $2,300,195,000=* T otal .............. 9,495,000 1,745,610,000 17,990,000 29,775,000 12,535,000 30,320,000 173,225,000 58,105,000 26,100,000 32,310,000 15,305,000 149,425,000 Accepted Applied for Accepted Applied for $ $ 11,575,000 2,223,040,000 6,010,000 16,645,000 4,995,000 25,150,000 173,475,000 42,005,000 13,340,000 17,225,000 28,315,000 137,920,000 $2,699,695,000 1,575,000 1,279,440,000 6,010,000 16,645,000 4,195,000 15,930,000 126,125,000 28,335,000 11,340,000 12,200,000 6,315,000 91,920,000 $1,600,030,000b aIncludes $226,180,000 noncompetitive tenders accepted at the average price of 99.003. bIncludes $91,445,000 noncompetitive tenders accepted at the average price of 97.905. A lfr ed H ayes, President.