BANKING & FINANCE - Aug. 17, 1993

T-Bill Rates Fall: The Treasury Department sold $12.4 billion in three-month bills at an average discount rate of 3.03%, down from 3.05% last week. An additional $12.2 billion was sold in six-month bills at an average discount rate of 3.12%, down from 3.18% last week. The rates were the lowest since July 6, when three-month bills sold for 3.01% and six-month bills averaged 3.10%. The new discount rates understate the actual return to investors: 3.10% for three-month bills, with a $10,000 bill selling for $9,923.40, and 3.10% for a six-month bill selling for $9,842.30.