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FED ER A L RESER VE BANK O F N E W YORK Fiscal Agent of the United States Circular 8375~j [ June No. 1978 J 23. R esults of T rea su ry ’s 364-D ay B ill A uction T o A l l I n c o r p o r a t e d B a n k s a n d T r u s t C o m p a n i e s , a n d O th e r s C o n c e r n e d , in th e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : The following auction results were announced by the Treasury Department: Tenders for $2,750 million of 52-week Treasury bills to be dated June 27, 1978, and to mature June 26, 1979, were accepted at the Federal Reserve Banks and Treasury today [June 21]. The details are as follows: Range of Accepted Competitive Bids D is c o u n t I n v e s tm e n t P r ic e High ............................. .................... L o w ............................... .................... A v erag e....................... .................... R a te R a te ' 92.265 92.217 92.237. 7.650% 7.697% 7.678% 8.24% 8.29% 8.27% E q u iv a len t coupon-issue yield. Tenders at the low price were allotted 42 percent. Total Tenders Received and Accepted F .R . D i s t r i c t ( a n d U .S . T r e a s u r y ) A c c e p te d R e c e iv e d $ 16,790,000 2,392,765,000 2,820,000 55,195,000 21,580,000 7,685,000 133,815,000 8,965,000 17,605,000 6,505,000 10,870,000 72,120,000 Boston........................................... New York...................................... Philadelphia ................................. C leveland...................................... Richmond...................................... A tla n ta .......................................... Chicago.......................................... St. L ouis........................................ Minneapolis.................................. Kansas C ity .................................. Dallas ........................................... San Francisco............................... $ 31,790,000 3,709,365,000 2,820,000 65,195,000 36,740,000 7,685,000 212,515,000 18,545,000 17,605,000 6,505,000 11,370,000 278,120,000 U.S. T reasu ry ............................... 3,480,000 3,480,000 Total.................................... $4,401,735,000 $2,750,195,000 The $2,750 million of accepted tenders includes $86 million of noncompetitive tenders from the public and $1,178 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 $31 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 , President.
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