DOW 30 INDUSTRIALS 2624.10 +4.96 DOLLAR JAPANESE YEN 144.345 -0.025 BONDS 30-YEAR U.S. 8.38% -0.05 TREASURY YIELDS RISE. Interest rates on 52-week Treasury bills rose in Tuesday's action to the highest level since last fall. The Treasury Department sold $9.6-billion of the bills at an average discount rate of 7.42 percent, up from 7.21 percent at the last auction on Jan. 11.
The rate understates the actual return to investors - 7.97 percent with a $10,000 bill selling for $9,249.80.
CHRYSLER POSTS LOSS. Chrysler Corp. said Tuesday it had a fourth-quarter loss of $664-million, including one-time restructuring charges of $577-million. Chrysler said the costs included idling plants in Detroit and St. Louis, discontinuing some car lines and reducing the white-collar work force. Sales and revenue for the quarter sagged to $7.9-billion, compared with $9.3-billion a year earlier. For the year, Chrysler reported net income of $359-million, or $1.55 a share, on revenue of $34.9-billion. That compares with 1988 net income of $1-billion, or $4.66 a share, on revenues of $34.2-billion.
INTEGRATED FILES. Integrated Resources Inc., once the nation's biggest seller of tax-sheltered investments, on Tuesday filed for protection from creditors' lawsuits under Chapter 11 of the U.S. Bankruptcy Code. Integrated's had been negotiating with creditors on restructuring more than $1-billion in debt, much of it in high-yield junk bonds, but the talks collapsed.
CHRYSLER RAISES CASH. Chrysler Corp. said Tuesday it has agreed to sell Gulfstream Aerospace Corp. for $825-million to a partnership of Gulfstream chairman Allen E. Paulson and the New York investment firm Forstmann, Little & Co. Chrysler purchased the Savannah, Ga., maker of corporate jets in 1985 for $637-million.
KEATING AS 'VICTIM.' Lawyers for Phoenix millionaire Charles H. Keating Jr. on Tuesday portrayed him as a victim of a vendetta by federal savings and loan regulators. The Washington, D.C., hearing, going into its 10th day, is on a government motion to dismiss Keating's lawsuit alleging that regulators' seizure of his Lincoln Savings & Loan was "capricious and arbitrary."
KEMP PUSHES PROGRAM. Cuts in the capital gains tax, creative use of the tax code and reforms of the Federal Housing Administration will slash interest rates and result in cheaper mortgages, U.S. Housing Secretary Jack Kemp said Tuesday to about 8,000 Realtors gathered at an Orlando convention. The Bush administration will do "everything we can to remove barriers to home ownership" for moderate- and low-income families, Kemp told the convention of Century 21 real estate agents from around the world.
MOONLIGHTING ON THE RISE. A Labor Department report suggests that more Americans are working at two jobs now than at any time in decades.
In 1980, 4.9 percent of employed people held two jobs. The percentage rose to 5.4 in 1985, then to 6.2 percent in 1989. The Labor report says 44 percent of those working an extra job are doing so to meet household expenses and pay debts.
RECYCLING GOALS SET. The paper industry announced Tuesday that it is setting a goal of 40 percent paper recycling by 1995. Total paper use is expected to be just over 100-million tons by 1995. Recycling 40 percent of that would represent an increase of more than 50 percent from the 26-million tons recycled in 1988, said the American Paper Institute, a trade association.
CONSUMERS NOT CONFIDENT. Florida's Consumer Confidence Index sank to a five-year low in January, a decline a University of Florida economist blamed on pessimism about the national economic outlook. The index tumbled from 92.8 in November to 87.6 in January, the lowest level since the survey began in October 1984. Numbers below 100 indicate that consumers are less confident than they were in 1966, when the index was begun.
AMERIFIRST FILES SUIT. Financially troubled AmeriFirst Bank of Miami and its subsidiary, AmeriFirst Development Corp., filed a $75-million suit against former AmeriFirst senior executives and the thrift's former outside auditor, Deloitte & Touche. The suit alleges that former executives, including ex-chairman Thomas R. Bomar, made risky loans that artificially boosted the thrift's income but ended up going bad, causing $117.8-million in losses for the year ended last Sept. 30.
AmeriFirst, with assets of $4.3-billion, recently settled five shareholder class-action lawsuits. As part of the settlement, it promised to pursue claims against the former executives and auditor.
CLAIRSON TURNS PROFIT. Clairson International Corp. of Ocala on Tuesday reported that it turned a profit for the fiscal first quarter thanks to consolidating operations and reducing inventory and debt.
Clairson said it had net income of $688,000, or 13 cents per share, for the quarter ending Dec. 30, compared with a loss of $2-million, or 39 cents per share, for the same period a year ago. The current quarter earnings include $234,000 associated with tax losses carried forward from prior years. The manufacturer of coated wire shelving also said its shareholders will meet March 9 in Ocala to vote on a merger with Vermont American Corp.
Craig Davis will be the new general manager of Ensslin & Hall/Earle Palmer Brown, the Tampa advertising agency. A story in Tuesday's Times misidentified Davis.
The co-founder of Office Depot Inc. resigned Friday. The wrong company was named in a reference on Page 1E of Tuesday's Times.