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Dow hits another record

DOW HITS ANOTHER RECORD. Stock prices jumped to record highs Wednesday, with the Dow Jones average of 30 industrials rising 25.26 points to 3,276.83, surpassing its previous closing peak of 3,272.81 reached on Feb. 4.

T-NOTE YIELDS FALL. Yields on 10-year Treasury notes fell in Wednesday's auction to the lowest level since 1987 as the government continued its $36-billion quarterly refunding. The average yield was 7.29 percent, down from 7.53 percent at the last auction on Nov. 6. The notes will carry a coupon interest rate of 7{ percent with each $10,000 in face value selling for $10,141.30. A total of $11.03-billion in notes were sold out of bids totaling $25.42-billion.

Tampa Bay/State

Protests over lottery

ad account rejected

In a surprise move, the Florida Lottery Wednesday threw out the protests to its selection of an advertising agency.

Lottery Secretary Marcia Mann signed a final order effectively awarding the $27.5-million account to Tampa-based Earle Palmer Brown. The order dismisses a protest by Bozell Inc., also of Tampa, which contended that Earle Palmer Brown's proposal was incomplete and should have been disqualified.

A lottery statement said Bozell should have protested last October, when the issue of complete proposals was decided.

Bill Diaz of Bozell questioned that logic, since, he said, a hearing officer last year issued a ruling that effectively allows Bozell to protest after the fact. Nevertheless, Diaz said he is unsure whether he will further contest the decision by filing with the 1st District Court of Appeal.

SHIPYARD DRAWS FINE. Jacksonville Shipyards Inc. has been fined $692,000 by the federal Occupational Safety and Health Administration following an investigation into a crane accident in which two workers were killed. The workers were killed Aug. 14 when they fell 74 feet to the deck of the USS Philippine Sea from a crane-suspended personnel platform at the Mayport shipyard. The men were not wearing safety belts with lanyards attached when they fell.

LUFTHANSA ADDS ROUTE. Lufthansa German Airlines will expand service between Florida and Germany effective April 2 with the introduction of twice-weekly nonstop flights from Miami to Hamburg, Germany's largest port city. The carrier already has 11 weekly passenger flights and one weekly freighter service. The new Miami-Hamburg nonstop flights are being offered at an introductory fare of $555 round trip ($599 from Tampa or Orlando) before June 1.

Nation

SEARS PLANS MORE CUTS. Sears, Roebuck and Co. said Wednesday it will overhaul the management of its merchandise group, a move that will eliminate 600 jobs by mid-April and save the retailing and financial services conglomerate $50-million. Sears said it would close its 10 regional offices and 26 of its 72 merchandising district offices. The nation's third-largest retailer has cut or announced plans to remove 40,000 jobs from its merchandise operation since 1990.

Earnings

C.H. HEIST. Sales and earnings performance improved in the fourth quarter for the Clearwater company specializing in cleaning and maintenance services. Sales for the quarter ended Dec. 29 were $18.1-million, up 13.3 percent from $15.9-million last year. Net income was $726,444, or 25 cents per share adjusted for an October split, compared to $695,941, or 23 cents per share, for the comparable quarter the year before. Year-end sales totaled $70-million, up 7.1 percent from the previous year's $65.4-million. Net income of $2.0-million, or 70 cents per share, was down from $2.6-million, or 90 cents per share the previous year. Chairman and president C. H. Heist said he was "encouraged by positive fourth quarter results after a difficult start to the fiscal year."

DOW DOLLAR YIELD

30 Industrials VS Japanese Yen 30-Year U.S. Bonds

3276.83 127.40 7.81

+25.26 -0.15 +0.03

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