Average discount yields fell to 7.14 percent on three-month Treasury bills and to 7.36 percent on six-month bills at Monday`s auction. The yields were down from last week`s auction, when they were 7.30 percent and 7.52 percent, respectively. The Treasury received bids totaling $18.27 billion for the three-month bills and accepted $7.21 billion, including $1.21 billion of noncompetitive tenders at the average rate. The average dollar price was 98.195, and the average bond-equivalent return was 7.37 percent.
MCI TO SELL PAGER SUBSIDIARY MCI Communications Corp. has agreed in principle–once again–to sell Air Signal Inc., its paging and cellular-phone subsidiary. MCI said the proposed buyer is a subsidiary of McCaw Communications Co., and the deal is subject to approval of the boards of both companies and a host of regulatory agencies. MCI previously had signed a letter of intent to sell the subsidiary to Mobile Communications Corp. of America, but the MCI board refused to approve the deal when it learned that BellSouth, a regional Bell holding company, was a partner in the joint venture.
