Dow Industrials were down 13.96 points, the dollar was down 0.65 andbonds were unchanged, remaining at 8.45%.
DOW RETREATS. The stock market was mixed at the close of a drifting session Friday, with the Dow Jones average of 30 industrials dropping 13.96 to 2,635.59, finishing the week with a net loss of 12.61 points.
Advancing issues slightly outnumbered declines in nationwide trading of New York Stock Exchange-listed stocks.
PRODUCTION SLIDES. Industrial production slipped 1.2 percent in January, the government said Friday, as abnormally warm weather reduced utility use and automakers temporarily laid off workers to reduce bloated inventories. The Federal Reserve said January's decline followed a revised 0.2 percent gain in output a month earlier.
December's increase originally was reported to be 0.4 percent.
OLDS CUTS PRICES. The Oldsmobile Division of General Motors Corp. said it was making rare price cuts of as much as $500 on the price of two of its models in an unusual attempt to spur sales in a sluggish auto market. The nation's Big Three automakers all have incentives in effect to boost sales that have slumped since the model year began in October.
RATES ON ARMS DOWN. Effective commitment rates for adjustable-rate mortgages (ARMs) declined from 9.36 percent in early December to 9.32 percent in early January, reaching their lowest level since November 1988, the Federal Housing Finance Board reported Friday. Effective commitment rates for fixed-rate mortgages (FRMs) remained at 10.26 in January, unchanged from December and their lowest level since April 1987.
BANK BORROWS MORE. Financial troubles sent the Bank of New England Corp. to the Federal Reserve Bank to borrow money again amid reports the bank is ready to cut its work force by some 5,500 employees. The Federal Reserve Bank of Boston Thursday reported loans totaling $931-million to member banks this week, compared with $723-million the week before.
NUTMEG CLOSES DEAL. Nutmeg Industries Inc. of Tampa said Friday it closed a joint venture deal that is supposed to get its products on the shelves of such mass merchants as K mart, Target and Wal-Mart.
Nutmeg will be joint venture partners with Shirt Shed Inc., a Wabash, Ind.,-based shirt maker that will manufacture themed sportswear using Nutmeg's designs and licenses. Shirt has a distribution relationship with many discount stores. Nutmeg will hold 51 percent controlling interest in the partnership. Nutmeg's biggest customers are college bookstores and J.C. Penney Co. Inc.
TRIBUNE, UNION TALK. Tampa Tribune management and representatives of their mailroom employees negotiated for about an hour Friday but made little progress toward a new contract. Since last April, the 230 or so mailroom employees have been represented by the Teamsters, Chauffeurs, Warehousemen and Helpers of America. But the union and the company have not yet agreed to a contract. The two sides are expected to talk again in about two weeks.
BARNETT NAME CHANGE. The recently combined Citrus and Hernando county operations of Barnett Banks Inc. has been named Barnett Bank of the Suncoast, N.A. The bank, with assets of $415-million, will be based in Weeki Watchee.
BRAZO TO SHOW. Brazo Industries Inc., of St. Petersburg, a manufacturer of prefabricated building panels systems, will be one of the American companies at a major international-trade fair in Milan, Italy. The fair runs from April 21-29. Brazo was established in 1988 by St. Petersburg businessman Peter C. Brady, who acquired the operation from Muncie, Ind.-based Ball Corp., maker of glass screw-top storage containers.
AMERICAN SHIP BUILDING. American Ship Building Co. of Tampa on Friday restated its net loss for the fiscal year ended Sept. 30 as $12-million. Earlier, the company had said the loss was $6.5-million.
Chairman and chief executive George M. Steinbrenner said costs associated with a ship construction contract from 1987 would be reflected in the last fiscal year. Steinbrenner said the company made the move in order to report its financial data more conservatively.
The company will continue to seek reimbursement on the contract.
FOOD LION. Salisbury, N.C.,-based Food Lion Inc. on Friday reported a 36 percent earnings increase for the fourth quarter. Earnings hit $46.8-million, or 14 1/2 cents per share, compared to $34.3-million, or 10 / cents a share, on sales that increased to $1.5-billion up from $1.3-billion. For the 1989 fiscal year, the grocery chain said earnings rose to $139.8-million, or 43 cents per share, up from $112.5-million, or 35 cents per share. For the year same-store sales, those in stores that were open during both reporting periods, increased 8.6 percent compared to 8.2 percent in 1988.
DOMINO'S PIZZA. Domino's Pizza Inc. tried to cut down on legal actions last year by giving its delivery people driving instruction, but the safety effort also helped steer profits down 16.4 percent. The Ann Arbor-based company also said launching a new product, pan pizza, led to a drop in 1989 profits to $5.1-million, compared with net income of $6.1-million in 1988.