MARKET RALLIES. The Dow Jones average of 30 industrials rose 19.68 points Monday to 3,245.08 in buying encouraged by hope for additional credit-easing by the Federal Reserve. Last week the Fed indicated it wasn't ready to take immediate steps to relax its credit policy, but analysts said chances are good that the central bank will make a move before long.
T-BILLS PLUMMET. Interest rates on short-term Treasury securities fell Monday to their lowest level in nearly 20 years as the government auctioned $10.4-billion of three-month Treasury bills and $10.5-billion of six-month bills. The average discount rate for the three-month bill was 3.72 percent, down from 3.86 percent last week, while the average discount rate for the six-month bill was 3.80 percent, down from 3.93 percent. The discount rate understates the return to investors _ a yield of 3.82 percent on three-month bills and 3.94 percent on six-month bills. In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills fell to 4.19 percent last week, down from 4.23 percent the previous week.
Small gain ends '91
for U.S. Home Corp.
U.S. Home Corp., which has been in bankruptcy reorganization since April, reported net income of $85,000 in the fourth quarter of 1991 and a loss of $8.8-million for the year. That compares with a loss of $101.6-million the previous year.
The Houston-based home-building company, which had its beginnings in Clearwater, was to have filed its reorganization plan in U.S. Bankruptcy Court in New York today, but it received an extension until May 11.
BANKER STILL MISSING. The Panhandle search continues for C. Bowers Sandusky, a Blountstown banker missing since Jan. 26. Sandusky, president of the C & L Bank of Blountstown, last was reported seen that morning in Greensboro, Fla. His locked car later was found about 30 miles from Blountstown, near the Apalachicola River Bridge. Law enforcement officials continue to search the river and surrounding woods. State examiners have audited the bank since Sandusky's disappearance and have said they found no problems.
MORE COAL FOR ELECTRIC FUELS. Electric Fuels Corp., the mining and transportation subsidiary of Florida Progress Corp., has acquired more than 50-million tons in coal reserve in eastern Kentucky. Terms were not disclosed. Last year, Electric Fuels sold 10-million tons of coal to industrial and utility customers. About half the coal went to Florida Power Corp. of St. Petersburg, the main subsidiary of Florida Progress.
NEW NAME FOR MORRISON'S? Morrison's Inc., best known for its 165 cafeterias, is considering a name change that might better reflect its overall business. Shareholders will be asked on Sept. 30 to rename the company Morrison Restaurants Inc. The company, based in Mobile, Ala., also runs 165 Ruby Tuesdays and 39 L & N Seafood restaurants, and it holds 801 food service management contracts.
TRUMP EXEC JUMPS SHIP. Stephen Bollenbach, one of Donald Trump's top executives, on Monday announced he is leaving the Trump Organization, which the developer hired him to salvage two years ago. Bollenbach, who said Trump now is in great financial shape, is returning to Marriott Corp., where he worked until 1986.
DRUG-TEST FAILURES DROP AGAIN. The percentage of American workers and job applicants who failed drug tests declined for the fifth straight year in 1991, a drug-testing company said Monday. Even so, 8.8 percent of the 2.2-million people tested in 1991 came up positive, said SmithKline Beecham Clinical Laboratories. The company reported in February 1991 that 11 percent of the workplace drug tests it conducted were positive in 1990, down from 12.7 percent in 1989 and 13.6 percent in 1988.
HASBRO INC. The world's largest toy and game manufacturer said Monday its acquisition of Tonka Corp. helped push fourth-quarter earnings up 61 percent, to a record $44.8-million, or 76 cents per share, on sales of $761-million. A year ago, Hasbro made $27.9-million, or 49 cents per share, on sales of almost $493-million.
TIME WARNER INC. Paced by strong results in movies, music and cable television, Time Warner Inc. reported Monday its first profitable quarter since taking on a huge debt in a media-entertainment merger more than two years ago. The company earned $45-million in the three months ending Dec. 31. That compares with a loss of $34-million in the same period in 1990.
People interested in getting certified to bid on affordable housing at the Resolution Trust Corp.'s auction on March 14 should call the Florida Low Income Housing Coalition at (800) 553-6544. Because of incorrect information from the RTC, the agency was misidentified in a story Friday.
DOW 30 INDUSTRIALS 3245.08 +19.68
DOLLAR JAPANESE YEN 126.70 +1.40
YIELD 30-YEAR U.S. BOND 7.80 +0.04