DOW 30 INDUSTRIALS 2516.09 -4.70 DOLLAR JAPANESE YEN 126.25 +1.00
BONDS 30-YEAR U.S. 8.75% +0.01
DOW FALLS SLIGHTLY. The stock market settled for a mixed showing Monday after last week's rally ran into resistance from sellers. The Dow Jones average of 30 industrials, which climbed 122.77 points last week, slipped 4.70 to 2,516.09. Brokers said the mood in the marketplace had been lifted by a slide in oil prices. Crude oil for November delivery, which ended last week at $33.79 a barrel, tumbled to about $28.50 a barrel on the New York Mercantile Exchange.
AUCTION POSTPONED. The Treasury Department on Monday postponed an $18.8-billion auction of 13-week and 26-week bills because of inaction on legislation raising the debt limit. It was the second auction within a week to be delayed because the debt ceiling has been reached. On Thursday, the Treasury postponed an auction of $10.75-billion in 52-week bills. The debt limit dropped from $3.195-trillion to $3.12-trillion Saturday and a bill to raise the ceiling is mired in federal budget negotiations. The Treasury had planned to offer $9.4-billion each of 13-week and 26-week bills in its weekly auction Monday. Meanwhile, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 7.58 percent last week, down from 7.62 percent the previous week.
AT&T raises night
and weekend rates
American Telephone & Telegraph will raise its basic night and weekend long-distance phone prices by 2.2 percent beginning Nov. 2, the company said on Monday.
"The change is necessary to bring prices in line with costs," said Merrill Tutton, vice president of AT&T Consumer Services. The company said the increase will result in about $39.4-million in increased annual revenue. The increase amounts to about 5 cents on an average $16 monthly long-distance bill, the company said.
AT&T said the increase applies only to out-of-state direct-dialed long distance calls made during night and weekend hours. These are after 11 p.m. Sunday through Friday and all weekend until 5 p.m. Sunday.
MGM-UA DEAL NEAR CLOSING. The long-delayed sale of MGM-UA Communications Co. neared completion Monday when Italian financier Giancarlo Parretti's Pathe Communications Corp. delivered the $967-million balance of the purchase price. MGM-UA's board of directors scheduled a meeting Tuesday regarding the $1.3-billion sale of the historic studio, the two companies said in a statement. Pathe, a Beverly Hills-based entertainment conglomerate, said if the board gives its approval, Pathe anticipates closing the deal Friday.
WARDS RECRUITS RETIREES. Montgomery Ward & Co. is turning to its retirees to help run cash registers during the Christmas shopping season. The Chicago-based retailer recently sent out a recruiting letter to approximately 4,400 retirees in Florida, Arizona, California and Texas, offering them flexible hours, extra income and discounts to come back to work part time.
DIGITAL CHANGES STRATEGY. Digital Equipment Corp. said Monday it plans a major shift in strategy toward the "open" computer standards that are gaining increasing popularity in the computer industry. Analysts said the world's second-largest computer maker was pushed into the change by a slumping market for its proprietary machines, which cannot easily be connected with computers made by other companies or use their software.
MORE PAN AM FLIGHTS. Pan American World Airways announced Monday it will increase its flights between Tampa and Miami from three to five non-stop flights daily in each direction, starting Sunday. Flights between Orlando and Miami also will be increased.
ALAMO HAS HIGH HOPES. Alamo Rent a Car President Chuck Platt said the company plans to buy 110,000 1991 model year cars, up from 75,000 of this year's models, in anticipation of record sales. Fall reservations are up 30 percent over last year, he said.
PERRY BANK SETS DIVIDEND. First Federal Savings Bank of Perry has announced an initial dividend of 20 cents per share from the earnings for the fiscal year ended Sept. 30. The dividend will be payable Nov. 30 to shareholders of record Nov. 15. Net earnings for the 12-month period ended Sept. 30 were $543,720 or 85 cents per share, compared to $505,171, or 79 cents per share, for the same period one year ago. First Federal has offices in Pasco and Hernando.
SHAKE-UP AT MAJOR REALTY. The Major Group, Inc. and Major Realty Corp. announced James M. Adams III's resignation as chief executive officer, president and director of The Major Group and as chairman of Major Realty Corp. Adams joined both of the Orlando-based companies in January. Randon A. Samelson, chairman of Stoneridge Resources, Inc., Major Realty's largest shareholder, has been named chairman of Major Realty Corp. William J. Carter, executive vice president of The Major Group, Inc., will continue to direct that firm.