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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 8470 December 11, 1978 RESULTS OF TREASURY'S 364-DAY B!LL AUCTiOM To <4// Incorporated Ban&s and Trast Companies, and Others Concerned, in iAe Second Federa/ Reserve Dis/rir/. The following auction results were announced by the Treasury Department: Tenders for $3,8*i0 million of 52-week Treasury bills to be dated December 12, 1978, and to mature December 11, 1979; vere accepted at the Federal Reserve Banks and Treasury today [Pc.e.anbcA 6]. The details are as follows: Range of Accepted Competitive Hid* Frire High .............. 90.587* Low ............... 90.569 Average ............ 90.576 Drscoani fnves/men/ Ra/c Rate 9.310% 9.327% 9.320% 10.16% 10.18% 10.17% ^Equivalent coupon-issue yield. ^Excepting one tender of $620,000. Tenders at the low price were alloted 71 percent. lo ta ! lenders Received and Accepted / R. Fistr/ct fand f/..?. Treasury* /!<<eptrd Boston.......... New York........ Philadelphia..... Cleveland....... Richmond........ Atlanta......... Chicago......... St. Louis....... Minneapolis...... Kansas City...... Dallas.......... San Francisco.... $ 18,550,000 3,<461 .770.000 3 ,2 6 0 ,0 0 0 *1,785,000 25,990,000 1*1,170,000 197,*170,000 5,625,000 12,125,000 11,080,000 *1,115,000 76,680,000 U.S. Treasurv.... *1,5*10,000 Total Rerr/t'er/ $6,571,910,000 $3,8*10,160,000 (Over) The $3,8^0 million of accepted tenders includes $102 million of noncompetitive tenders from the public and $1,93^ 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 $183 million of the bills will be issued to Federal Reserve Banks as agents of foreign and international monetary authoriĀ ties for new cash. PAUL A. VOLCKER,