1. Archive




3251.57 127.55 7.78

+6.49 +0.85 -0.02

STOCKS UP SLIGHTLY. The stock market settled modestly higher Tuesday. The Dow Jones average of 30 industrials climbed 6.49 to close at 3,251.57.

T-NOTE YIELDS FALL. Yields on newly issued three-year Treasury notes fell Tuesday to their lowest level since the government started auctioning the securities on a regular basis 17 years ago. The average yield was 5.54 percent, down from 6.0 percent at the last auction on Nov. 5. The notes will carry a coupon interest rate of 5{ percent with each $10,000 in face value selling for $9,989.10. A total of $15.02-billion in notes were sold out of bids totaling $29.43-billion.


NAACP chief urges

boycott of Japanese cars

The head of the NAACP on Tuesday urged blacks not to buy Japanese cars because of what he called a reluctance among Japanese automakers to establish dealerships owned by blacks or build plants in inner cities.

"This is not Japanese bashing. We don't hate anybody," said Benjamin Hooks, the group's executive director. "But we want to take care of our own."

Blacks have a big stake in the survival of the Big Three U.S. automakers, which have treated them far better than their Japanese counterparts, Hooks said. He made the announcement during the 83rd anniversary celebration of the National Association for the Advancement of Colored People.

JAPANESE MULL PRICE HIKES. Some Japanese automakers are considering U.S. price increases for their cars and trucks partly to make up for the strength of the Japanese yen, the companies say. Both Toyota and Nissan spokesmen have been quoted as saying they are considering price hikes. The two are the largest Japanese automakers. Their price increases frequently are followed by other Japanese companies.

GREENSPAN URGES PATIENCE. Federal Reserve Chairman Alan Greenspan, in his first remarks since a dismal report showing severe job losses nationwide, said Tuesday the Fed has done enough to stimulate growth. Speaking to a group of bankers in Texas, Greenspan urged his audience to be patient. He said that while the Fed stands ready to ease credit again if needed, the body believes interest rates have been reduced enough to revive the economy.

BANK OFFERING SOUGHT. NationsBank Corp., parent company of the nation's fourth largest bank, is requesting regulators' clearance to sell $1-billion in debt securities and preferred stock. In a filing with the Securities and Exchange Commission, Charlotte-based NationsBank sought approval for a shelf offering that amounts to permission to sell corporate IOUs _ like notes or bonds _ and stock from time to time. Money raised by selling the securities would be used for general corporate purposes including working capital, or possible acquisitions. The filing said NationsBank currently does not have any specific plans for further acquisitions.

GAS PRICES FALL. Gasoline prices at the pump have fallen for a 12th straight week, to their lowest level in nearly two years, the American Automobile Association said Tuesday. The national average price for a gallon of self-serve regular unleaded dropped .4 cent, to $1.045.

APPLE SUIT SEEKS $4-BILLION. Microsoft Corp. said Tuesday rival computer giant Apple Computer Inc. is seeking more than $4-billion in damages for alleged infringement of Apple copyrights in Microsoft's Windows graphics program. "Microsoft considers Apple's damage claim to be insupportable and speculative," the Redmond, Wash.,-based software maker said after receiving a legal memorandum detailing the suit, filed in March 1988. The memo indicated Apple would seek $4.37 billion.

Tampa Bay/State

FOREIGN TRADE UP. International trade is on the increase in Florida in spite of the recession, the state Commerce Department reports. "During a time of a lot of bad news for the state, international trade offers us some good news," said Commerce Secretary Greg Farmer. Exports totaled about $18.3-billion for the year ending last Nov. 30, up 19 percent from $15.4-billion in the previous 12 months. Imports totaled $15-billion, up 1.3 percent from just under $15-billion the year before.

BARNIE'S FRANCHISEES SUE. Eleven franchisees of Barnie's Coffee & Tea Co. have sued the parent company, claiming price-gouging and strict inventory controls force them to buy their products from Barnie's instead of other vendors. In the lawsuit filed Jan. 22 in federal court in Orlando, franchisees accuse Barnie's of "arbitrarily and capriciously" interfering in their businesses. They say Barnie's inventory control practices are monopolistic and violate antitrust law. Phil Jones, Barnie's president, was not available for comment.


OUTBACK. Outback Steakhouse Inc., the Tampa-based restaurant chain, announced a 190-percent gain in earnings in the fourth quarter of 1991 from the comparable quarter a year earlier. For the three months ended Dec. 31, Outback reported net income of $1.775-million or 17 cents per share, up from $610,600, or 7 cents per share, in the fourth quarter of 1990. For the full year, net income rose 122 percent to $5.225-million, compared with $2.352-million in 1990. The company, which went public in 1991, operates 50 restaurants in eight states.