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FED ER AL RESERVE BANK O F NEW YORK Fiscal Agent of the United States f Circular No. 8 1 2 4 * 1 L May 27, 1977 Results of Treasury’s 364-Day Bill Auction T o A l l I n c o r p o ra te d B a n k s an d T r u s t C o m pan ies, an d O th e rs C o n cern ed , in th e S e c o n d F e d e r a l R e s e r v e D is tr ic t: The following auction results were announced by the Treasury Department on May 25: Tenders for $2,402 million of 52-week Treasury bills to be dated May 31, 1977, and to mature May 30, 1978, were accepted at the Federal Reserve Banks and Treasury today. The details are as follows: Range of Accepted Competitive Bids P r ic e H ig h ................................. .................... Low ................ Average ............... 94.540 D isc o u n t R a te I n v e s tm e n t R a te 1 5.400% 5.411% 5.403% 5.71% 5.72% 5.71% 1Equivalent coupon-issue yield. Tenders at the low price were allotted one percent. Total Tenders Received and Accepted F .R . D is tr ic t (a n d U S . T r e a s u r y ) B oston ........... New Y ork ............ Philadelphia ................ Cleveland ........................................ Richmond ...................................... Atlanta ............................................ Chicago ............................................ St. L o u is.......................................... Minneapolis .................................... Kansas City .................................... Dallas .............................................. San Francisco.................................. R e c e iv e d $ 39,915,000 4,209,110,000 1,840,000 1,455,000 9,155,000 4,560,000 216,050,000 23,560,000 36,625,000 6,680,000 3,730,000 366,695,000 A c c e p te d $ 1,915,000 2,290,890,000 1,840,000 1,455,000 1,155,000 2,810,000 10,550,000 4,560,000 3,625,000 6,680,000 1,730,000 75,195,000 U.S. Treasury ............................... 40,000 40,000 Total ........................................ $4,919,415,000 $2,402,445,000 The $2,402 million of accepted tenders includes $52 million of noncompetitive tenders from the public and $788 million of tenders from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities accepted at the average price. An additional $50 million of the bills will be issued to Federal Reserve Banks as agents of foreign and international monetary authorities for new cash. P a u l A. V olcker , P r e s id e n t. J
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