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F E D E R A L R E S E R V E BANK O F NEW YO RK Fiscal Agent of the United States Circular No* 8134 June 22, 1977 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series R-1979) To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued yesterday by the Treasury Department: The D epartm en t o f t h e T r e a s u r y h as a c c e p t e d $ 1 ,5 0 2 m i l l i o n o f $ U ,3 5 8 m i l l i o n o f t e n d e r s r e c e i v e d fro m 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 R -1 9 7 9 , a u c t i o n e d t o d a y . The ra 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 was as f o l l o w s : L ow est y i e l d ...............6 .1 1 $ “ H ig h e s t y i e l d ........... 6 .1 ^ $ A v e ra g e y i e l d ........... 6 .lh% E x c e p t in g tw o t e n d e r s t o t a l i n g $ 1 ,0 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 th e 6 - 1 /8 $ r a t e , t h e a b o v e y i e l d s r e s u l t in t h e f o l l o w i n g p r i c e s : L o w - y ie l d p r i c e ............1 0 0 .0 2 8 H i g h - y i e l d p r i c e ......... 9 9 *972 A v e r a g e - y i e l d p r i c e . . 9 9 *972 The $ 1 ,5 0 2 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 $257 m i l l i o n n o n c o m p e t i t i v e t e n d e r s and $ 1 ,2 ^ 5 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 9^$ o f t h e amount o f n o t e s b i d f o r a t th 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 . of In a d d i t i o n , $79^ 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 fro m 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 ch a n g e f o r s e c u r i t i e s m a tu rin g June 3 0 , 1977 ($26U m i l l i o n ) and from F e d e r a l R e s e r v e Banks as a g e n ts f o r f o r e i g n and i n t e r n a t i o n a l m o n e ta ry a u t h o r i t i e s f o r new c a s h ($ 5 3 0 m i l l i o n ) . P aul A. V olcker, President.