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FED ER AL RESERVE BANK O F N EW YORK Fiscal A gent of the U nited States r C irc u la r No. 7 0 3 9 1 ^ N ovember 20, 1972 -* Results of Treasury’s Offer of $2 B illion of April Tax Bills To A ll Incorporated B anks and T rust Companies, and Others Concerned, in the Second Federal Reserve D istrict: T he follow ing statem en t was issued by the T re a su ry D ep artm en t and released a t 6 :3 0 p.m., N ovem ber 17: The Treasury Department announced that the tenders for $2,000,000,000, or thereabouts, of 147-day Treasury tax anticipation bills to be dated November 24, 1972, and to mature April 20, 1973, which were offered on November 10, 1972, were opened at the Federal Reserve Banks today. The details of this issue are as follows: Total applied for .. $6,354,800,000 Total accepted ..... $2,000,570,000 (Includes $339,050,000 entered on a non competitive basis and accepted in full at the average price shown below.) Range of accepted competitive bids (excepting two tenders totaling $200,000) : High ................... 98.085 Equivalent rate of discount approx. 4.690% per annum L o w ..................... 98.062 Equivalent rate of discount approx. 4.746% per annum Average ............. 98.072 Equivalent rate of discount approx. 4.722% per annum 1 1 T h is is on a bank d iscou n t basis. T h e eq u ivalen t coupon issu e yield is 4.88 percent. (17 percent of the amount bid for at the low price was accepted.) Federal Reserve D istrict Boston ................................................ ....... New York ........................................ Philadelphia ...................................... Cleveland .......................................... Richmond .......................................... ....... Atlanta .............................................. Chicago ............................................... St. L o u is ............................................. Minneapolis ...................................... Kansas City ...................................... Dallas ................................................. San Francisco .................................. Total .................................. Total applied for Total accepted $ 340,575,000 3,036,295,000 246,560,000 140,340,000 25,560,000 109,010,000 757,625,000 129,150,000 421,760,000 194,015,000 110,200,000 843,710,000 $ 164,815,000 474,135,000 39,340,000 17,440,000 14,900,000 51,895,000 215,080,000 56,450,000 198,110,000 170,835,000 9,200,000 588,370,000 $6,354,800,000 $2,000,570,000 A lfred H a y es, President.
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