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/ & Federal R eserve New Ba n k of York, N.V. r 6 8 0 7 N ew Yo r k 10045 AREA CODE 212 732-5700 F iscal for the Ag e n t T of the ennessee Un S it e d Va l l e y tates Au t h o r i t y September 28, 1971 Results of Bidding for TVA Power Notes To Certain Commercial Banks, Trust Companies, and Dealers in Investment S e c u r i t i e s : The following statement was authorized b y the Tennessee Val l e y Aut h o r i t y for issuance today, announcing the auction results of its recent offering of Power N o t e s : The Tennessee Val l e y A u t h o r i t y sold at auction t o d a y $200 million par value of 119-day discount notes at an average price of 98 *305 > which results in a rate of discount of 360-day basis. 5*128 percent per a n n u m on a The notes are dated September 30, 1971 and mature on J a n u a r y 27, 1972. A ccepted bids ranged from a high price of 98*338 (5*028 percent discount) to a low of 98.298 (5-149 percent discount). Approximately 51 percent of the total amount b i d for at the low price was accepted. Total bids received were $1,109 million, of which $200 million were accepted. Alfred Hayes, President. FEDERAL RESERVE BANK OF N EW YORK rCircular No. 6 8 0 8 1 L September 30, 1971 J Appointment of Director F o r U n ex p ired P o r tio n o f T e rm E n d in g D e ce m b e r 31, 1973 To the Member Banks of the Second Federal Reserve District: The Board o f Governors o f the Federal Reserve System has appointed A la n P ife r a class C director o f the Federal Reserve Bank o f New York, effective October 1, 1971, for the unexpired portion of the term ending- December 31, 1973. Mr. P ifer is President o f the Carnegie Corporation o f New York. He succeeds Y o u n g , J r ., W h itn e y who served as a class C director o f the Bank from January 1, 1971 until his death on March 11, 1971. M. A lfred H ayes, President.
@FedFRASER