BANKING

T-Bill Rates Decline to Lowest Level Since 1972: The Treasury sold $10.3 billion of new three-month bills at an average discount rate of 4.14%, down from 4.21% last week. Another $10.3 billion of new six-month bills was sold at an average discount rate of 4.19%, down from 4.20% last week. The three-month bill rate was the lowest since the 4.058% of Aug. 21, 1972. The six-month bill rate was the lowest since the 4.187% of June 12, 1972. The new discount rates understate the actual return to investors--4.25% for three-month bills, with a $10,000 bill selling for $9,895.40, and 4.35% for a six-month bill selling for $9,788.20. The discount rate reflects the price discount received when government securities are purchased at less than face value.