DOW 30 INDUSTRIALS 2430.20 -5.94 DOLLAR JAPANESE YEN 128.65 +0.40
BONDS 30-YEAR U.S. 8.82% +0.07
MARKET DOWN. The Dow Jones average of 30 industrials, up about 20 points in the early going, closed with a 5.94 loss at 2,430.20. Declining issues outnumbered advances by more than 2 to 1 on the New York Stock Exchange, with 481 up, 1,030 down and 453 unchanged. Volume totaled 133.98-million shares, against 130.19-million in the previous session.
Merrill Lynch's plan
may lead to job cuts
A management overhaul at Merrill Lynch & Co. could lead to several hundred job cuts at the nation's biggest securities firm.
The reorganization replaces Merrill's separate consumer and capital markets groups with six business divisions, it was announced Monday.
Analysts said the move reflects a renewed emphasis on individual investors and other clients over the creation of new products.
The restructuring is not expected to affect Merrill Lynch's 114 brokers in retail offices in Tampa, Clearwater, New Port Richey and St. Petersburg, said David B. Quinty, resident vice president in St. Petersburg. The company also has a municipal bond office in Clearwater.
OIL PRICES UP. Oil prices moved above $34 per barrel in light trading on the futures market Monday, amid concerns that a Soviet peace effort in the Persian Gulf had failed. Light sweet crude oil rose $1.67 to $34.68 per barrel for December delivery on the New York Mercantile Exchange.
BRADY SAYS NO RECESSION. Treasury Secretary Nicholas F. Brady said Monday the nation's economy has expanded at a 1.5 percent annual rate during the first nine months of the year. An aide said Brady did not have advance knowledge of third-quarter growth figures, which will be released Tuesday by the Commerce Department, and was merely saying that the economy still is expanding. Brady said the country is not in a recession.
SOUTHLAND PAYS DEBTS. A federal judge ruled Friday that Southland Corp. can pay $220-million owed its suppliers and keep its 7-Eleven convenience store chain operating while it goes through bankruptcy reorganization. Southland incurred the debts before it filed for protection under Chapter 11 of the Federal Bankruptcy Act last Wednesday.
CZARIST BONDS PAY OFF. Holders of turn-of-the-century Czarist Russian bonds may finally be paid under a Franco-Soviet treaty signed Monday that pledges French assistance as the Soviet Union shifts to a market economy. An estimated 250,000 to 300,000 people in France can claim title to Russian bonds issued before the 1917 Bolshevik revolution. The bonds could be worth $46-billion.
NEW BARNETT PRESIDENT. Allen L. Lastinger Jr., 48, will become president and chief operating officer of Jacksonville-based Barnett Banks Inc. on Jan. 1, the bank announced Monday. He will succeed Albert D. Ernest Jr., 60, who will retire. Lastinger currently serves as vice chairman and chief banking officer.
GTE CREATES DIVISION. GTE Information Services, a Tampa-based unit of GTE Corp., has created a division to help with marketing, officials said Monday. GTE Marketing Services, based in Irving, Texas, was previously a unit of GTE's telephone directories division. The division will include a direct mail facility, a telemarketing center and a database management system. "We think it can get a big enough market that it can be profitable on its own," said Peter L. Green, vice president and general manager of the new unit.
HEALTHACCESS EXPANDS. Florida HealthAccess, a public-private partnership that seeks to introduce health insurance to thousands of small businesses, is expanding into Pinellas County, spokesmen said Monday. HealthAccess, financed largely by the state, has been available in Hillsborough County on a pilot program since May 1989. HealthAccess reduces insurance premiums by absorbing administrative and marketing expenses. HealthAccess is available to employers with fewer than 19 staffers who agree to pay 50 percent of the premium for each employee and have not been offering other health-care coverage.
NOKIA MOBILE PHONES. Nokia Mobile Phones, with U.S. operations based in Largo, reported a 59 percent sales increase through August, compared with the corresponding eight-month period in 1989. The company reported international sales of $408.2-million, up from $257-million the prior year. Nokia Mobile Phones is a unit of the Nokia Group, based in Helsinki, Finland.
Leonid Rubin is general manager of a German company that has a preliminary agreement with Pinellas businessman Arnold Lipman. Rubin does not have an ownership interest in the company or a partnership agreement with Lipman as stated or implied in a Monday Business story.