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FED ER A L R ESER VE BANK O F NEW YORK Fiscal Agent of the United States I*Circular No. 7 4 0 3 1 L May 31,1974 J Results of Treasury’ s Offer of $800 Million Strip of W eekly Bills To All Incorporated Bunks 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., yesterday: T enders fo r additional amounts o f eight series of T reasury bills to an aggregate amount o f $800,000,000, or thereabouts, to be issued June 5, 1974, were opened at the Federal R e serve Banks today. T h e amount o f accepted tenders will be equally divided am ong the eight issues of outstanding Treasury bills maturing September 19, September 26, O ctober 3, O c tober 10, O ctober 17, O ctober 24, O ctober 31, and N ovem ber 7, 1974. T he details o f the offering are as fo llo w s: Range of Accepted Competitive Bids Price Approx. equiv. annual rate of discount based on 130.5 days (average number of days to maturity) ......................... 97.018 8 .2 2 6 % L o w ............................ 96.981 8 .3 2 8 % A verage ..................... 96.997 8 .2 8 4 % i H igh 1 This is on a bank discount basis. The equivalent coupon issue yield is 8.66 percent. (6 9 percent of the amount bid for at the low price was accepted.) Tenders Applied for and Accepted (By Federal Reserve District) Federal Reserve District Boston ...................................................... ..... N ew Y o rk ............................................... ...... Philadelphia ............................................. Cleveland ................................................. R ichm ond ................................................. Atlanta ...................................................... ..... Chicago ...................................................... St. L o u i s .................................................... M inneapolis ............................................. Kansas City ......................... ................... Dallas ........................................................ San Francisco ........................................ T otals ............................................ ...... $ Total applied for Total accepted 19,200,000 1,964,080,000 $ 32,160,000 16,160,000 200,000 — 541,600,000 160,000 160,000 200,000 — 333,720,000 15,280,000 10,000,000 — 252,720,000 2,840,000 — 8,000,000 12,000,000 46,640,000 2,400,000 $2,457,440,000 $800,160,000 — 80,000 a Includes $3,480,000 noncompetitive tenders accepted at the average price. A lfred H a y e s , President.
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