BANKING & FINANCE
Rates on 52-Week Treasury Bills Fall: The Treasury reported that the average discount rate fell to 3.13%, down from 3.24% at the last auction on April 6. It was the lowest rate since 52-week bills averaged 3.09% on March 4, 1973. The bills will carry an equivalent coupon interest rate of 3.25% with each $10,000 in face value selling for $9,683.50. Sales totaled $14.34 billion out of bids of $43.85 billion. Thursday’s auction was the first use of the new Treasury Automated Auction Processing System--TAAPS. Large securities dealers in New York, Chicago and San Francisco were able to submit bids electronically.