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F E D E R A L R E S E R V E BANK O F NEW YORK Fiscal Agent of the United States Circular No. 8232 December 9. 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: The following auction results were announced by the Treasury Department on December 7: Tenders for $3,506 m illion of 52-week Treasury bills to be dated December 13, 1977, and to mature December 12, 1978, w ere accepted at the Federal Reserve Banks and Treasury today. The details are as follows: Range of Accepted Competitive Bids Discount Rate High ............................. ................ Low ............................. ................ Average ....................... ................ 93.398a 93.378 93.382 Investment Rate 1 6.529% 6.549% 6.545% Price 6.97% 6.99% 6.98% 1 E qu iv a len t c o u p o n -is s u e yield. a E x cep tin g tw o ten d ers tota lin g $ 5 ,9 3 0 ,0 0 0 . Tenders at the low price w allotted 24 percent. ere Total Tenders Received and Accepted F.R. District (and U.S. Treasury) Received Accepted Boston ...................................... New York.................................. Philadelphia............................... Cleveland.................................. Richmond ................................ Atlanta...................................... Chicago.................................... St. Louis.................................... Minneapolis............................... Kansas City............................... Dallas........................................ San Francisco........................... $ 58,965,000 4,610,395,000 1,935,000 61,140,000 26,265,000 17,745,000 434,065,000 30,705,000 27,780,000 25,415,000 12,025,000 514,295,000 $ 39,445,000 2,919,775,000 1,935,000 43,540,000 6,110,000 6,745,000 196,365,000 6,295,000 17,780,000 13,135,000 3,025,000 250,475,000 U.S. Treasury ........................... 1,075,000 1,075,000 Total.................................. $5,821,805,000 $3,505,700,000 The $3,506 million of accepted tenders includes $62 m illion of noncompetitive tenders from the public and $1,162 million of tenders from Federal Reserve Banks for them selves and as agents of foreign and international monetary authorities accepted at the average price. An additional $328 m illion of the bills w be issued to Federal Reserve Banks as agents of ill foreign and international m onetary authorities for new cash. PAUL A. VOLCKER, President.
@FedFRASER