WASHINGTON - The Treasury yesterday sold $14.29 billion of one-year bills at an average discount rate of 3.37%, down from 3.93% in the previous auction on June 25 and the lowest since the 3.06% incurred on April 10, 1963.

The coupon equivalent was 3.51%. The average price was 96.593.

The Treasury received $34.86 billion of tenders for the bills and accepted $14.29 billion, including $500 million offered noncompetitively from the public and $3.21 billion from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities, all at the average. The New York Federal Reserve District applied for $32.4 billion of the bills and received $13.42 billion.

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