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FED ER A L RESER VE BANK
OF N EW YORK
Fiscal Agent of the United States
r C ircu lar N o . 7 2 0 6~I
L
A u g u s t 9 , 1 9 73

J

Results of Treasury’s Offer of $2.0 Billion of September Tax Bills
To All 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 $2,000,000,000, or thereabouts,
of 35-day Treasury tax anticipation bills to be dated August 15, 1973, and to mature Septem­
ber 19, 1973, which were offered on July 25, 1973, were opened at the Federal Reserve Banks
today.
The details of this issue are as follows:
Total applied for ..

$3,879,675,000

Total accepted .....

$2,000,225,000(Includes $142,075,000 entered on a non­
competitive basis and accepted in full
at the average price shown below.)

Range of accepted competitive bids:
High ...................

99.091

Equivalent rate of discount approx.
9.350% per annum

Low

...................

99.022

Equivalent rate of discount approx.
10.059% per annum

A verage...............

99.047

Equivalent rate of discount approx.
9.802% per annum1

1 This is on a bank discount basis. The equivalent coupon issue yield is 10.03 percent.

(47 percent of the amount bid forat the low price was accepted.)
Federal Reserve District

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

$ 181,545,000
2,078,900,000
132,700,000
160,100,000
20,745,000
44,770,000
588,310,000
19,900,000
209,950,000
68,640,000
2,655,000
371,460,000

$ 116,045,000
627,400,000
92,400,000
75,100,000
20,745,000
19,270,000
482,810,000
15,250,000
209,950,000
67,140,000
2,655*000
271,460,000

$3,879,675,000

$2,000,225,000
A

lfred

H

ayes,

President.