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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. 8150 July 21, 1977 _ RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series S-1979) To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued July 19 by the Treasury Department: The Department of the Treasury has accepted $2,506 million of $1,687 million of tenders received from the public for the 2-year notes, Series S-1979s auctioned today. The range of accepted competitive bids was as follows: Lowest yield..... 6.25% Highest yield.... 6.35% Average yield.... 6.31% j/ Excepting one tender of $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.....100.000 High-yield price....99*815 Average-yield price.. 99*831 The $2,506 million of accepted tenders includes $330 million of noncompetitive tenders and $2,095 million of competitive tenders (including 88% of the amount of notes bid for at the high yield) from private investors. It also includes $80 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, $655 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 July 31, 1977 ($65 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($590 million). P aul A. V olcker, President.