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FE DE RAL R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States r Circular No. 7244-1 October 4, 1973 J L Results of Treasury’ s 294rDay Bill Offering To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was issued by the Treasury Department and released at 6:3 0 p.m., yesterday: Tenders for $1.8 billion of 294-day Treasury bills to be dated October 9, 1973, and to mature July 30, 1974, were opened at the Federal Reserve Banks today. The details are as follow s: Range of Accepted Competitive Bids High ................... 93.780a Approximate equivalent annual rate 7.616% per annum Low ..................... 93.678 Approximate equivalent annual rate 7.741% per annum Average ............... 93.710 Approximate equivalent annual rate 7.702% per annum 1 a Excepting four tenders totaling $455,000. 1 This is on a bank discount basis. The equivalent coupon issue yield is 8.21 percent. (19 percent of the amount bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) Federal Reserve District Boston ........................................................ New York ............................................ Philadelphia ........................................ . Cleveland .................... Richmond ... Atlanta ....................... Chicago ......... St. Louis ....................... Minneapolis ........ Kansas City ........................................ Dallas ......... San Francisco .................................... Total .................................... Total applied for Total accepted $ 165,205,000 2,390,525,000 121,060,000 46,025,000 26,295,000 13,625,000 561,845,000 24,710,000 427,545,000 80,920,000 6 ,020,000 341,495,000 $ 125,405,000 824,275,000 36,060,000 37,525,000 14,295,000 9,625,000 359,645,000 16,110,000 241,945,000 74,020,000 3,620,000 57,495,000 $4,205,270,000 $1,800,020,000 b Includes $95,050,000 noncompetitive tenders accepted at the average price. A lfred H ayes, President.
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