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F E D E R A L R E S E R V E BANK O F N EW YO R K Fiscal Agent of the United States [circular No. 8185"! [September 23, 1977] RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series U-1979) To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued September 21 by the Treasury Department: The Department of the Treasury has accepted $3,ll+0 million of $5,1+85 million of tenders received from the public for the 2-year notes, Series U-1979, auctioned today. The range of accepted competitive bids was as follows: Lowest yield.... 6.71$"^ Highest yield....6.75$ Average yield....6.7*+$ Excepting two tenders totaling $10,000. The interest rate on the notes will be 6-5/8$. At the 6-5/8$ rate, the above yields result in the following prices: Low-yield price.... 99*81+3 High-yield price....99•770 Average-yield price.99*788 The $3 ,ll+0 million of accepted tenders includes $1+66 million of noncompetitive tenders and $2,532 million of competitive tenders (including 36% of the amount of notes bid for at the high yield) from private investors. It also includes $ll+2 million of tenders at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities in exchange for maturing securities. In addition, $705 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities maturing September 30, 1977 ($90 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($615 million). P a u l A . V olcker, President.