FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [" Circular No. 89831 L December 24. 1980 J OFFERING OF TWO SERIES OF TREASURY BILLS $4,200,000,000 of 90-Day Bills, To Be Issued January 2, 1981, Due April 2, 1981 $4,200,000,000 of 181-Day Bills, To Be Issued January 2, 1981, Due July 2, 1981 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: Following is the text of a notice issued by the Treasury The Department of the Treasury, by this public notice, invites tenders for two series of Treasury bills totaling approximately $8,400 million, to be issued January 2, 1981. This offering will pro- vide $300 million of new cash for the Treasury as the maturing bills were originally issued in the amount of $8,107 million. The two series offered are as follows : 90-day bills (to maturity date) for approximately $4,200 million, representing an additional amount of bills dated October 2, 1980, and to mature April 2, 1981 (CUSIP No. 912793 6L5), currently outstanding in the amount of $4,019 million, the additional and original bills to be freely interchangeable. 181-day bills for approximately $4,200 million, to be dated January 2, 1981, and to mature July 2, 1981 (CUSIP N o. 912793 7 K 6 ). Both series of bills will be issued for cash and in exchange for Treasury bills maturing January 2, 1981. In addition to the maturing 13-week and 26-week bills, there are $4,018 million of maturing 52-week bills. The disposition of this latter amount was announced last week. Federal Reserve Banks, as agents for foreign and inter- national monetary authorities, currently hold $2,497 m illion, and Federal Reserve Banks for their own account hold $2,633 million of the maturing bills. These amounts represent the combined hold- ings of such accounts for the three issues of maturing bills. Tenders from Federal Reserve Banks for themselves and as agents for foreign and international monetary authorities will be accepted at the weighted average prices of accepted competitive tenders. Additional amounts of the bills may be issued to Federal Reserve Banks, as agents for foreign and international monetary authorities, to the extent that the aggregate amount of tenders for such accounts exceeds the aggregate amount of maturing bills held by them. For purposes of determining such additional amounts, for- eign and international monetary authorities are considered to hold $1,840 million of the original 13-week and 26-week issues. The bills will be issued on a discount basis under competitive and noncompetitive bidding, and at maturity their par amount will be payable without interest. Both series of bills will be issued entirely in book-entry form in a minimum amount of $10,000 and in any higher $5,000 multiple, on the records either of the Federal Reserve Banks and Branches, or of the Department of the Treasury. Tenders will be received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, W ashington, D.C. 20226, up to 1 :30 p.m., Fastern Standard time, Monday, December 29, 1980. Form PD 4632-2 (for 26-week series) or Form PD 4632-3 (for 13-week series) should be used to submit tenders for bills to be maintained on the book-entry records of the Department of the T reasury. Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in multiples of $5,000. In the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. Banking institutions and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions in and borrowings on such securities may submit tenders for account of customers, if the names of the customers and the amount for each customer are Department: furnished. Others are only permitted to submit tenders for their own account. Each tender must state the amount of any net long position in the bills being offered if such position is in excess of $200 million. This information should reflect positions held at the close of business on the day prior to the auction. Such positions would in- clude bills acquired through “when issued” trading, and futures and forward transactions as well as holdings of outstanding bills with the same maturity date as the new offering, e.g., bills with three months to maturity previously offered as six month bills. Dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions in and borrowings on such securities, when submitting tenders for cus- tomers, must submit a separate tender for each customer whose net long position in the bill being offered exceeds $200 million. Payment for the full par amount of the bills applied for must accompany all tenders submitted for bills to be maintained on the book-entry records of the Department of the Treasury. A cash adjustment will be made on all accepted tenders for the difference between the par payment submitted and the actual issue price as determined in the auction. No deposit need accompany tenders from incorporated banks and trust companies and from responsible and recognized dealers in investment securities for bills to be maintained on the book-entry records of Federal Reserve Banks and Branches. Public announcement will be made by the Department of the Treasury of the amount and price range of accepted bids. Competi- tive bidders will be advised of the acceptance or rejection of their tenders. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and the Secretary’s action shall be final. Subject to these reservations, noncompetitive tenders for each issue for $500,000 or less without stated price from any one bidder will be accepted in full at the weighted average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders for bills to be maintained on the book-entry records of Federal Reserve Banks and Branches must be made or completed at the Federal Reserve Bank or Branch on January 2, 1981, in cash or other immediately available funds or in Treasury bills maturing January 2, 1981. Cash adjustments will be made for differences between the par value of the maturing bills accepted in exchange and the issue price of the new bills. Under Sections 454(b) and 1221(5) of the Internal Revenue Code of 1954 the amount of discount at which these bills are sold is considered to accrue when the bills are sold, redeemed or other- wise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of these bills (other than life insurance companies) must include in his or her Federal in- come tax return, as ordinary gain or loss, the difference between the price paid for the bills, whether on original issue or on sub- sequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made. Department of the Treasury Circulars, Public Debt Series—Nos. 26-76 and 27-76, and this notice, prescribe the terms of these Trea - sury bills and govern the conditions of their issue. Copies of the circulars and tender forms may be obtained from any Federal Re- serve Bank or Branch, or from the Bureau of the Public Debt. This Bank will receive tenders for both series up to 1:30 p.m., Eastern Standard time, Monday, December 29, 1980, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for both series are enclosed. Please use the appropriate forms to submit tenders and return them in the enclosed envelope marked “Ten- der for Treasury Bills.” Forms for submitting tenders directly to the Treasury are available from the Government Bond Division of this Bank. Tenders not requiring a deposit may be submitted by telegraph, subject to written confirmation; no tenders may be submitted by telephone. Payment for Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made m cash or o-ther immediately available funds or in Treasury securities maturing on or before the issue date. Results of the last weekly offering of Treasury bills are shown on the reverse side of this circular. A n t h o n y M. S o lo m o n , President. Please note that the current offering is for 90-day and 181-day Treasury hills. ( over ) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BANK OF NEW YORKFiscal A g en t of the U n ited S tates
[" Circular No. 8 9 8 3 1 L December 24. 1980 JOFFERING OF TWO SERIES OF TREASURY BILLS
$4,200,000,000 of 90-Day Bills, To Be Issued January 2, 1981, Due April 2, 1981 $4,200,000,000 of 181-Day Bills, To Be Issued January 2, 1981, Due July 2, 1981
To All Incorporated Banks and Trust Companies, and OthersConcerned, in the Second Federal Reserve District:Follow ing is the tex t of a notice issued by the T reasu ry
T h e D e p a r t m e n t o f th e T r e a s u r y , b y th is p u b l ic n o t ic e , in v it e s t e n d e r s f o r t w o s e r ie s o f T r e a s u r y b i l ls t o t a l in g a p p r o x im a t e ly $ 8 ,4 0 0 m il l io n , t o b e is s u e d J a n u a r y 2 , 1981 . T h i s o f f e r i n g w i l l p r o v id e $ 3 0 0 m i l l i o n o f n e w c a s h f o r th e T r e a s u r y a s th e m a t u r in g b ills w e r e o r i g in a l l y is s u e d in th e a m o u n t o f $ 8 ,1 0 7 m il l io n . T h e t w o s e r ie s o f f e r e d a re as f o l l o w s :
9 0 -d a y b i l l s ( t o m a t u r it y d a t e ) f o r a p p r o x im a t e ly $ 4 ,2 0 0 m il l io n , r e p r e s e n t in g a n a d d it io n a l a m o u n t o f b i l l s d a te d O c t o b e r 2 , 1980 , a n d t o m a tu r e A p r i l 2 , 1981 ( C U S I P N o . 9 1 2 7 9 3 6 L 5 ) , c u r r e n t ly o u t s ta n d in g in th e a m o u n t o f $ 4 ,0 1 9 m il l io n , th e a d d it io n a l a n d o r ig in a l b i l l s t o b e f r e e l y in t e r c h a n g e a b le .
1 8 1 -d a y b i l l s f o r a p p r o x im a t e ly $ 4 ,2 0 0 m il l io n , t o b e d a te d J a n u a r y 2, 1 981 , a n d t o m a tu r e J u ly 2 , 1981 ( C U S I P N o . 9 1 2 7 9 3 7 K 6 ) .
B o t h s e r ie s o f b i l l s w i l l b e is s u e d f o r c a s h a n d in e x c h a n g e f o r T r e a s u r y b i l ls m a t u r in g J a n u a r y 2 , 1981 . In a d d it io n t o th e m a t u r in g 1 3 -w e e k a n d 2 6 - w e e k b i l ls , th e r e a re $ 4 ,0 1 8 m il l i o n o f m a t u r in g 5 2 -w e e k b i l ls . T h e d i s p o s it io n o f th is la t t e r a m o u n t w a s a n n o u n c e d la s t w e e k . F e d e r a l R e s e r v e B a n k s , a s a g e n ts f o r f o r e i g n a n d in t e r n a t io n a l m o n e t a r y a u t h o r i t ie s , c u r r e n t ly h o ld $ 2 ,4 9 7 m il l io n , a n d F e d e r a l R e s e r v e B a n k s f o r th e ir o w n a c c o u n t h o ld $ 2 ,6 3 3 m il l io n o f th e m a t u r in g b ills . T h e s e a m o u n ts r e p r e s e n t th e c o m b in e d h o l d in g s o f s u c h a c c o u n t s f o r th e th r e e is s u e s o f m a t u r in g b ills .
T e n d e r s f r o m F e d e r a l R e s e r v e B a n k s f o r th e m s e lv e s a n d a s a g e n t s f o r f o r e i g n a n d in te r n a t io n a l m o n e t a r y a u th o r it ie s w i l l b e a c c e p t e d a t th e w e ig h t e d a v e r a g e p r ic e s o f a c c e p t e d c o m p e t it iv e t e n d e r s . A d d i t i o n a l a m o u n ts o f th e b i l l s m a y b e is s u e d t o F e d e r a l R e s e r v e B a n k s , a s a g e n ts f o r f o r e i g n a n d in te r n a t io n a l m o n e t a r y a u th o r it ie s , t o th e e x t e n t th a t th e a g g r e g a t e a m o u n t o f t e n d e r s f o r s u ch a c c o u n t s e x c e e d s th e a g g r e g a t e a m o u n t o f m a t u r in g b i l l s h e ld b y th e m . F o r p u r p o s e s o f d e t e r m in in g s u c h a d d it io n a l a m o u n ts , f o r e ig n a n d in te r n a t io n a l m o n e t a r y a u th o r it ie s a re c o n s id e r e d t o h o ld $ 1 ,8 4 0 m il l io n o f th e o r ig in a l 1 3 -w e e k a n d 2 6 -w e e k issu e s .
T h e b i l l s w i l l b e is s u e d o n a d is c o u n t b a s is u n d e r c o m p e t it iv e a n d n o n c o m p e t i t iv e b id d in g , a n d a t m a t u r it y t h e ir p a r a m o u n t w i l l b e p a y a b le w i t h o u t in te r e s t . B o t h s e r ie s o f b i l l s w i l l b e is s u e d e n t ir e ly in b o o k - e n t r y f o r m in a m in im u m a m o u n t o f $ 1 0 ,0 0 0 a n d in a n y h ig h e r $ 5 ,0 0 0 m u lt ip le , o n th e r e c o r d s e i th e r o f th e F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s , o r o f th e D e p a r t m e n t o f th e T r e a s u r y .
T e n d e r s w i l l b e r e c e iv e d a t F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s a n d a t th e B u r e a u o f th e P u b l i c D e b t , W a s h i n g t o n , D .C . 2 0 2 2 6 , u p t o 1 :3 0 p .m ., F a s t e r n S ta n d a r d t im e , M o n d a y , D e c e m b e r 2 9 , 1980 . F o r m P D 4 6 3 2 -2 ( f o r 2 6 - w e e k s e r ie s ) o r F o r m P D 4 6 3 2 -3 ( f o r 1 3 -w e e k s e r i e s ) s h o u ld b e u s e d t o s u b m it te n d e r s f o r b i l l s t o
b e m a in ta in e d o n th e b o o k - e n t r y r e c o r d s o f th e D e p a r t m e n t o f th e T r e a s u r y .
E a c h t e n d e r m u s t b e f o r a m in im u m o f $ 1 0 ,0 0 0 . T e n d e r s o v e r $ 1 0 ,0 0 0 m u s t b e in m u lt ip le s o f $ 5 ,0 0 0 . I n th e c a s e o f c o m p e t it iv e t e n d e r s th e p r ic e o f f e r e d m u s t b e e x p r e s s e d o n th e b a s is o f 100 , w it h n o t m o r e th a n th r e e d e c im a ls , e .g ., 9 9 .9 2 5 . F r a c t io n s m a y n o t b e u s e d .
B a n k in g in s t itu t io n s a n d d e a le r s w h o m a k e p r im a r y m a r k e ts in G o v e r n m e n t s e c u r it ie s a n d r e p o r t d a i ly t o th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k t h e ir p o s i t io n s in a n d b o r r o w in g s o n su ch s e c u r it ie s m a y s u b m it t e n d e r s f o r a c c o u n t o f c u s t o m e r s , i f th e n a m e s o f th e c u s t o m e r s a n d th e a m o u n t f o r e a c h c u s t o m e r a r e
D e p a rtm e n t:fu r n is h e d . O t h e r s a r e o n ly p e r m it t e d t o s u b m it t e n d e r s f o r t h e ir o w n a c c o u n t . E a c h t e n d e r m u s t s ta te th e a m o u n t o f a n y n e t l o n g p o s i t io n in th e b i l l s b e in g o f f e r e d i f s u c h p o s i t io n is in e x c e s s o f $ 2 0 0 m il l io n . T h i s i n fo r m a t io n s h o u ld r e f le c t p o s i t io n s h e ld a t th e c l o s e o f b u s in e s s o n th e d a y p r i o r t o th e a u c t io n . S u c h p o s i t io n s w o u ld in c lu d e b i l l s a c q u ir e d t h r o u g h “ w h e n is s u e d ” t r a d in g , a n d fu t u r e s a n d f o r w a r d t r a n s a c t io n s a s w e l l a s h o ld in g s o f o u t s ta n d in g b i l l s w i t h th e sa m e m a t u r it y d a te a s th e n e w o f f e r i n g , e .g . , b i l l s w it h th r e e m o n t h s t o m a t u r it y p r e v io u s ly o f f e r e d a s s ix m o n t h b i l ls . D e a le r s w h o m a k e p r im a r y m a r k e t s in G o v e r n m e n t s e c u r it ie s a n d r e p o r t d a i ly t o th e F e d e r a l R e s e r v e B a n k o f N e w Y o r k th e ir p o s i t i o n s in a n d b o r r o w in g s o n su ch s e c u r it ie s , w h e n s u b m it t in g t e n d e r s f o r c u s t o m e r s , m u s t s u b m it a s e p a r a te te n d e r f o r e a c h c u s t o m e r w h o s e n e t l o n g p o s i t io n in th e b i l l b e in g o f f e r e d e x c e e d s $ 2 0 0 m il l io n .
P a y m e n t f o r th e fu l l p a r a m o u n t o f th e b i l l s a p p l ie d f o r m u s t a c c o m p a n y a ll t e n d e r s s u b m it te d f o r b i l l s t o b e m a in ta in e d o n th e b o o k - e n t r y r e c o r d s o f th e D e p a r t m e n t o f th e T r e a s u r y . A ca s h a d ju s t m e n t w i l l b e m a d e o n a ll a c c e p t e d t e n d e r s f o r th e d i f f e r e n c e b e tw e e n th e p a r p a y m e n t s u b m it te d a n d th e a c tu a l is s u e p r i c e as d e te r m in e d in th e a u c t io n .
N o d e p o s i t n e e d a c c o m p a n y t e n d e r s f r o m in c o r p o r a t e d b a n k s a n d t r u s t c o m p a n ie s a n d f r o m r e s p o n s ib le a n d r e c o g n iz e d d e a le r s in in v e s t m e n t s e c u r it ie s f o r b i l l s t o b e m a in ta in e d o n th e b o o k - e n t r y r e c o r d s o f F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s .
P u b l i c a n n o u n c e m e n t w i l l b e m a d e b y th e D e p a r t m e n t o f th e T r e a s u r y o f th e a m o u n t a n d p r i c e r a n g e o f a c c e p t e d b id s . C o m p e t i t iv e b id d e r s w i l l b e a d v is e d o f th e a c c e p t a n c e o r r e je c t i o n o f th e ir t e n d e r s . T h e S e c r e t a r y o f th e T r e a s u r y e x p r e s s l y r e s e r v e s th e r ig h t t o a c c e p t o r r e j e c t a n y o r a ll t e n d e r s , in w h o le o r in p a r t , a n d th e S e c r e t a r y ’ s a c t io n s h a ll b e f in a l. S u b je c t t o th e s e r e s e r v a t io n s , n o n c o m p e t i t iv e t e n d e r s f o r e a c h is s u e f o r $ 5 0 0 ,0 0 0 o r le s s w i t h o u t s ta te d p r i c e f r o m a n y o n e b id d e r w i l l b e a c c e p t e d in fu l l a t th e w e ig h t e d a v e r a g e p r ic e ( i n th r e e d e c i m a l s ) o f a c c e p t e d c o m p e t it iv e b id s f o r th e r e s p e c t iv e issu e s .
S e t t le m e n t f o r a c c e p t e d t e n d e r s f o r b i l l s t o b e m a in ta in e d o n th e b o o k - e n t r y r e c o r d s o f F e d e r a l R e s e r v e B a n k s a n d B r a n c h e s m u s t b e m a d e o r c o m p le te d a t th e F e d e r a l R e s e r v e B a n k o r B r a n c h o n J a n u a r y 2 , 1981 , in c a s h o r o t h e r im m e d ia te ly a v a i la b le fu n d s o r in T r e a s u r y b i l ls m a t u r in g J a n u a r y 2, 1 981 . C a s h a d ju s t m e n ts w il l b e m a d e f o r d i f f e r e n c e s b e tw e e n th e p a r v a lu e o f th e m a t u r in g b i l l s a c c e p t e d in e x c h a n g e a n d th e is s u e p r i c e o f th e n e w b i l ls .
U n d e r S e c t io n s 4 5 4 ( b ) a n d 1 2 2 1 ( 5 ) o f th e I n t e r n a l R e v e n u e C o d e o f 1 95 4 th e a m o u n t o f d is c o u n t a t w h ic h th e s e b i l l s a r e s o ld is c o n s id e r e d t o a c c r u e w h e n th e b i l l s a r e s o ld , r e d e e m e d o r o t h e r w is e d is p o s e d o f , a n d th e b i l ls a r e e x c l u d e d f r o m c o n s id e r a t io n as c a p ita l a ss e ts . A c c o r d i n g l y , th e o w n e r o f th e s e b i l l s ( o t h e r th a n l i fe in s u r a n c e c o m p a n ie s ) m u s t in c lu d e in h is o r h e r F e d e r a l in c o m e t a x r e tu r n , a s o r d in a r y g a in o r lo s s , th e d i f f e r e n c e b e tw e e n th e p r ic e p a id f o r th e b i l l s , w h e th e r o n o r i g in a l is s u e o r o n s u b s e q u e n t p u r c h a s e , a n d th e a m o u n t a c t u a l ly r e c e iv e d e i th e r u p o n sa le o r r e d e m p t io n a t m a t u r it y d u r in g th e t a x a b le y e a r f o r w h ic h th e r e tu r n is m a d e .
D e p a r t m e n t o f th e T r e a s u r y C ir c u la r s , P u b l i c D e b t S e r ie s — N o s . 2 6 -7 6 a n d 2 7 -7 6 , a n d th is n o t ic e , p r e s c r ib e th e t e r m s o f th e s e T r e a s u r y b i l l s a n d g o v e r n th e c o n d it io n s o f t h e ir iss u e . C o p ie s o f th e c i r c u la r s a n d te n d e r f o r m s m a y b e o b ta in e d f r o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h , o r f r o m th e B u r e a u o f th e P u b l i c D e b t .
T his B ank will receive tenders for both series up to 1 :30 p.m., E aste rn S tan dard time, M onday, D ecem ber 29, 1980, a t the Securities D epartm ent of its H ead Office and at its Buffalo B ranch . T end er form s for both series are enclosed. P lease use the app ropria te form s to subm it ten ders and re tu rn them in the enclosed envelope m arked “ T e n der for T reasu ry B ills.” F orm s for subm itting tenders directly to the T reasu ry are available from the G overnm ent B ond Division of th is Bank. T end ers no t requ iring a deposit m ay be subm itted by telegraph , sub ject to w ritten confirm ation ; no tenders m ay be subm itted by telephone. P a y m e n t f o r T r e a s u r y b ills c a n n o t b e m a d e b y c r e d i t th r o u g h th e T r e a s u r y T a x a n d L o a n A c c o u n t . S e t t l e m e n t m u s t b e m a d e m ca sh o r o -th er im m e d ia t e ly a v a ila b le fu n d s o r in T r e a s u r y s e c u r i t i e s m a tu r in g o n o r b e f o r e th e i s s u e d a te .
R esults of the last weekly offering of T reasu ry bills are show n on the reverse side of th is circular.A n t h o n y M. S o l o m o n ,
President.P le a se n o te th a t th e c u r r e n t o f fe r in g is f o r 9 0 -d a y a n d 1 8 1 -d a y T r e a s u ry h ills .
( o v e r )Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED DECEMBER 26, 1980)
H ig h .......................................................L o w .........................................................A v e ra g e .................................................
1 E q u iv a le n t c o u p o n - i s s u e y ie ld . a E x c e p t i n g o n e te n d e r o f $ 2 0 0 ,0 0 0 .
R an g e of A cc ep ted C o m p e titiv e B ids9 0 -D a y Treasury Bills
M aturing M arch 26 , 1981
PriceDiscountRate Investment Rate1
96.275a 14.900% 15.69%96.241 15.036% 15.84%96.252 14.992% 15.79%
18 1-D a y Treasury Bills M aturing June 25, 1981
Discount InvestmentPrice Rate Rate1
93.006 13.911% 15.16%92.835 14.251% 15.56%92.945 14.032% 15.31%
(92 percent of the am ount of 90-day bills (2 percen t of the am ount o f 181-day billsbid for a t the low price was accep ted .) bid for a t the low price was accepted.)
T o ta l T e n d e rs R eceived an d A ccep ted9 0 -D a y Treasury Bills 18 1 -D a y Treasury Bills
M aturing M arch 26, 1981 M aturing June 25, 1981
B y F .R . D istrict (and U S . T rea su ry) R eceived A ccep ted R eceived A ccep ted
B o s to n ............................................... $ 126,240,000 $ 80,740,000 $ 35,395,000 $ 35,395,000N ew Y o r k ....................................... 5,097,645,000 2,965,365,000 4,322,565,000 3,086,365,000P h ila d e lp h ia .................................... 45,160,000 40,160,000 16,410,000 16,410,000C lev e lan d ......................................... 49,900,000 45,735,000 29,475,000 29,475,000R ic h m o n d ........................................ 43,380,000 43,380,000 33,625,000 33,625,000A tla n ta .............................................. 65,820,000 63,220,000 32,325,000 32,310,000C h ic a g o ............................................. 661,315,000 175,765,000 563,895,000 413,875,000St. L o u is .......................................... 33,195,000 23,195,000 33,425,000 33,425,000M in n eap o lis .................................... 8,825,000 8,825,000 9,850,000 9,850,000K ansas C i ty .................................... 43,945,000 42,335,000 33,440,000 33,440,000D a lla s ................................................ 21,050,000 21.050,000 11,030,000 11,030,000S an F ra n c is c o ................................ 519,105,000 385,105,000 308,950,000 203,950,000U .S . T re a s u ry ............................... 105,645,000 105,645,000 61,220,000 61,220,000
T o t a l s ................................... $6,821,225,000 $4,000,520,000 $5,491,605,000 $4,000,370,000B y class o f bidder
PublicC o m p e titiv e ............................... $4,497,370,000 $1,676,665,000 $3,373,310,000 $1,882,075,000N o nco m p etitiv e ........................ 843,685,000 843,685,000 573,040,000 573,040,000
S u b t o t a l s ............................ $5,341,055,000 $2,520,350,000 $3,946,350,000 $2,455,115,000F ederal R e s e rv e ............................ 1,040,000,000 1,040,000,000 1,041,955,000 1,041,955,000F ore ig n Official Institu tions ..... 440.170,000 440,170,000 503,300,000 503,300,000
T o t a l s ..... ......................... $6,821,225,000 $4,000,520,000 $5,491,605,000 $4,000,370,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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