STOCKS DECLINE. The stock market drifted lower in slow trading Monday, still restrained by worries over rising interest rates. The Dow Jones average of 30 industrials, down 50.76 points last week, slipped 1.34 to 2,975.40. T-BILLS RISE. Interest rates on short-term Treasury securities rose Monday as the government auctioned $10-billion of three-month Treasury bills and $10.1-billion of six-month bills. The average discount rate for the three-month bill was 5.60 percent, up from 5.59 percent last week, while the average discount rate for the six-month bill was 5.78 percent, up from 5.71 percent. The discount rate understates the return to investors _ a yield of 5.78 percent on three-month bills and 6.05 percent on six-month bills. In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills rose to 6.30 percent last week, up from 6.13 percent the previous week.
Ch. 13 parent gets
A federal bankruptcy judge in Denver has extended until June 25 the date that the parent company of WTVT-Ch. 13 has to file for Chapter 11 bankruptcy reorganization.
Three of the nation's largest financial companies are trying to force Gillett Holdings Inc., which also owns television stations in Baltimore and California and two Colorado ski resorts, into the reorganization.
George Gillett, the Colorado executive who owns the junk-bond indebted Gillett Holdings, has been seeking to renegotiate the concern's debts out of court.
Judge Sidney Brooks on Monday ruled Gillett cannot have any further extensions, but the company has until June 25 because the Gillett's talks with creditors haven't been successful.
BANK BILL TARGETED. Rep. John D. Dingell, chairman of the House Energy and Commerce Committee, is trying to derail the Bush administration's proposed banking system overhaul from the legislative fast track. House Speaker Thomas S. Foley, D-Wash., wants to move a comprehensive banking bill through the House before Congress recesses in early August. That likely would leave Dingell's panel with only a few weeks to review the legislation. In an 11-page letter to Foley released Monday, Dingell, D-Mich., argued he needed more time. Dingell is skeptical about key elements of the bill, including permitting commercial and industrial firms to own banks and allowing banks to affiliate with securities firms and insurance companies.
INVENTOR SUES NIKE. An Arlington, Va., inventor is putting on a full-court press against one of Michael Jordan's biggest backers, Nike Inc. Charles Petrosky, a 73-year-old inventor who works out of a cluttered shop in his basement, claims in a federal suit in Alexandria, Va., that the manufacturing giant swiped his invention when it marketed the Air Jordan sneaker, named after the Chicago Bulls' star guard.
GAS PRICES RISE. What do you get when you mix falling wholesale gasoline prices with a recession that has dampened demand? If you answered lower prices at the pump, you may be wrong. In one of those curiosities that seems peculiar to the oil business, motorists seem to be paying more and more for gasoline each week, even though some dealers are paying less. Critics say the major oil companies are once again exploiting consumers because summer driving season is here. The American Petroleum Institute said gasoline prices typically rise in the summer because of refining processes triggered by higher demand. The API also cited higher taxes and a higher per-barrel cost of crude oil.
UNISYS NEARS SETTLEMENT. Unisys Corp. is nearing agreement with federal prosecutors to settle fraud charges stemming from schemes to obtain confidential bid information on defense contracts, government sources said Monday. The computer systems manufacturer, which has a plant in Oldsmar, could end up paying as much as $190-million to settle allegations arising from the Justice Department investigation known as "Operation Ill Wind," said government sources.
FEDERATED BILLS CLIMBING. Legal fees are approaching $90-million in the 17 months since Federated Department Stores Inc. and Allied Stores Corp. filed for Chapter 11 bankruptcy protection, a court trustee said. "We've tried to control the fees," said bankruptcy court trustee Conrad Morgenstern. The companies, headquartered in Cincinatti, operate such retail stores as Maas Brothers/Jordan Marsh and Burdines. Morgenstern said that if it takes $100-million in legal fees to bring a $10-billion company out of bankruptcy, that represents only 1 percent of the company's assets.
The Jacaranda chapter of the American Business Women's Association will meet at 6 p.m. Saturday at Las Fontanas Restaurant, 15481 49th St. N, Clearwater. Due to incorrect information provided to the Times, an item Monday gave a different address.
Jasmine Shasteen, 6, was pictured in a photo Saturday. She was incorrectly identified.
There is no longer a Bonwit Teller store in Kansas City's Country Club Plaza. A file photo and caption Sunday incorrectly described the store as a current merchant.
DOW DOLLAR VS. 30-YEAR U.S.
30 INDUSTRIALS JAPANESE YEN BONDS
2975.40 141.55 8.47%
-1.34 +1.20 Unchanged