SECURITIES

Treasury Rates Fall to 1962 Levels: Interest rates on short-term Treasury securities fell in Monday’s auction to the lowest level in nearly 30 years. The Treasury Department sold $10.2 billion in three-month bills at an average discount rate of 2.73%, down from 2.91% last week. An additional $10.3 billion was sold in six-month bills at an average discount rate of 2.85%, down from 2.93% last week. The three-month bill rate was the lowest since they sold for 2.686% on Oct. 29, 1962. The six-month bill rate was the lowest since they averaged 2.846% on Nov. 9, 1962. The new discount rates understate the actual return to investors--2.79% for three-month bills with a $10,000 bill selling for $9,931.00 and 2.93% for a six-month bill selling for $9,855.90.