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FEDER AL RESERVE BANK O F N E W YORK Fiscal Agent of the United States C irc u la r N o. 7960 S e p te m b e r 23, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series R-1978) To All Banking Institutions, and Others Concerned, in the Second Federal R eserve District: The following statement was issued September 21 by the Treasury Department: The Treasury has accepted $2,503 million of $5,221+ million of tenders received from the public for the 2-year notes, Series R-19 78 , auctioned today. The range of accepted competiĀ tive bids was as follows: Lowest yield...... Highest yield..... Average yield..... 1 6.27#1 6.32# 6.30# {Excepting one tender ot $10,000. The interest rate on the notes will be 6-1/1+#. At the 6-1/1+# rate, the above yields result in the following prices: Low-yield price...... 99*963 High-yield price..... 99*870 Average-yield price... 99*907 The $2,503 million of accepted tenders includes 33# of the amount of notes bid for at the highest yield and $1+07 million of noncompetitive tenders accepted at the average yield. In addition, $68l million of tenders were accepted at the average-yield price from Government accounts and Federal Reserve Banks for their own account in exchange for notes maturing September 30, 1976 ($326 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($355 million). P aul A. V olcker, President.