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FED ER AL RESERVE BANK O F N EW YORK F isc a l A g e n t o f th e U n ite d S ta te s Circular No. 8118 May 19, 1977 _ RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series Q-1979) T o A l l B a n k in g I n s titu tio n s , a n d O th e rs C o n c ern ed , in th e S e c o n d F e d e ra l R e s e r v e D is tr ic t: The following statement was issued May 18 by the Treasury Department: The T r e a s u r y h a s a c c e p t e d $ 1 ,5 0 1 m i l l i o n o f $ 3 ,8 2 7 m i l l i o n o f t e n d e r s r e c e i v e d from t h e p u b l i c f o r t h e 2 - y e a r n o t e s , S e r i e s Q -1 9 7 9 , a u c tio n e d to d a y . The r a n g e o f a c c e p t e d c o m p e t i t i v e b i d s w as a s f o l l o w s L ow est y i e l d . H ig h e s t y i e l d A verage y i e l d 6 .2 5 $ 6 .2 3 $ E x c e p t in g on e t e n d e r o f $ 3 0 , 0 0 0 . The i n t e r e s t r a t e on t h e n o t e s w i l l b e 6 - 1 / 8 $ . At t h e 6 - 1 / 8 $ r a t e , th e above y i e l d s r e s u lt in th e fo llo w in g p r ic e s : L o w - y ie ld p r i c e ............ 9 9 .8 6 1 H i g h - y i e l d p r i c e ..........9 9 .7 6 8 A v e r a g e - y i e l d p r i c e . .9 9 .8 0 5 The $ 1 ,5 0 1 m i l l i o n o f a c c e p t e d t e n d e r s i n c l u d e s $ 260 m i l l i o n o f n o n c o m p e t i t i v e t e n d e r s and $ 1 , 1 ^ 1 m i l l i o n o f c o m p e t i t i v e t e n d e r s ( i n c l u d i n g 3 0 $ o f t h e amount o f n o t e s b id f o r a t t h e h ig h y i e l d ) from p r i v a t e i n v e s t o r s . I t a l s o i n c l u d e s $ 100 m i l l i o n o f t e n d e r s a t t h e a v e r a g e p r i c e from F e d e r a l R e s e r v e Banks a s a g e n t s f o r f o r e i g n and i n t e r n a t i o n a l m o n e ta r y a u t h o r i t i e s i n e x c h a n g e f o r m a tu r in g s e c u r itie s . In a d d i t i o n , $ 5 7 0 m i l l i o n o f t e n d e r s w ere a c c e p t e d a t t h e a v e r a g e p r i c e from G overnm ent a c c o u n t s and F e d e r a l R e s e r v e Banks f o r t h e i r own a c c o u n t i n e x c h a n g e f o r s e c u r i t i e s m a tu r in g May 3 1 , 1 9 7 7 ($ 1 9 0 m i l l i o n ) and from F e d e r a l R e s e r v e Banks a s a g e n t s f o r f o r e i g n and i n t e r n a t i o n a l m o n e ta r y a u t h o r i t i e s f o r new c a s h ($380 m i l l i o n ) . P aul A. V olcker, President.