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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. 8217 November 16, 1977 Results o f Treasury’s 364-Day Bill Auction To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: T h e fo llo w in g a u c tio n resu lts w ere a n n o u n c e d b y th e T r ea su ry D e p a r tm e n t on N o v e m b e r 9: Tenders for $3,405 million of 52-week Treasury bills to be dated November 15, 1977, and to mature November 14, 1978, were accepted at the Federal Reserve Banks and Treasury today. The details are as follows: R ange o f A ccepted C om petitive Bids Discount Rate Price 6.520% 6.549% 6.542% H igh.............................. Low .............................. ...................... 93.378 Average ........................ ...................... 93.385 Investment Rate 1 6.96% 6.99% 6.98% ^Equivalent coupon-issue yield. Tenders at the low price were allotted 51 percent. T otal T enders R eceived and A ccepted F.R. District (and U.S. Treasury) Received Accepted $ 12,685,000 Boston ........................................... $ 17,685,000 3,105,825,000 New York....................................... 4,710,925,000 17,685,000 Philadelphia................................... 22,585,000 14,180,000 Cleveland....................................... 65,635,000 6,110,000 Richmond ..................................... 23,100,000 12,885,000 34,185,000 Atlanta........................................... 58,230,000 357,180,000 Chicago......................................... 27,980,000 46,195,000 St. Louis......................................... 33,525,000 55,025,000 Minneapolis................................... 12,815,000 29,015,000 Kansas City................................... 4,725,000 13,325,000 Dallas............................................. 98,580,000 316,630,000 San Francisco............................... 185,000 185,000 U.S. Treasury ............................... $3,405,410,000 Total....................................... $5,691,670,000 The $3,405 million of accepted tenders includes $100 million of noncompetitive tenders from the public and $1,052 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 $181 million of the bills will be issued to Federal Reserve Banks as agents of foreign and international monetary authorities for new cash. PAUL A. VOLCKER, P residen t.
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