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Monday's Markets

MARKET FALLS. A wave of heavy selling hit the stock market Monday, with the Dow Jones industrial average falling 21.61 points at 3,179.00. See story, this page.

T-BILLS FALL. Interest rates on short-term Treasury securities fell in Monday's auction to the lowest level in 30 years. The Treasury Department sold $10.2-billion in three-month bills at an average discount rate of 2.67 percent, down from 2.73 percent last week. Another $10.2-billion was sold in six-month bills at an average discount rate of 2.78 percent, down from 2.85 percent last week. The new discount rates understate the actual return to investors _ 2.73 percent for three-month bills and 2.86 percent for six-month bills. In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills fell to 3.02 percent last week from 3.16 percent the previous week.


Marriott to split

its operations

Marriott Corp. proposed Monday to spin off its hotel and food service management business, leaving real estate operations with most of the company's $2.9-billion debt.

The spinoff, which would be in the form of a special dividend to shareholders, went over well on Wall Street where Marriott gained $2.12{ a share to $19.25 on the New York Stock Exchange.

But the proposal was blasted by the major debt ratings agencies, one of which slashed its grades on Marriott debt while the other threatened to.

The company proposed giving stockholders one share in a new lodging, food and facilities management company for each current Marriott share.

The spinoff company would be called Marriott International Inc., and J.W. Marriott would head it. The remaining company's name would be changed to Host Marriott Corp. It would own 141 Marriott hotels, 16 retirement communities, the Host airport restaurant business and the Travel Plaza business.

CITICORP PRESIDENT QUITS. Citicorp president Richard S. Braddock resigned effective immediately Monday. Citicorp said it expects to report earnings between $80-million and $100-million for the third quarter, compared with a loss of $885-million during the third quarter of 1991. No successor was announced. A statement said Braddock, 50, planned to pursue new career opportunities.

AUTO SALES FALL. Automakers reported Monday their car and truck sales fell 0.6 percent in late September and for the month as consumers, worried about the economy and the presidential election, held on to their vehicles. The September sales rate worked out to a projected annual rate of 6.1-million cars, slightly higher than the 6-million rate of September 1991.

Tampa Bay/State

QUALITY PRODUCTS ANNOUNCES MERGER. Playtime Toys Inc. and Q.Y.P. Inc., a wholly owned subsidiary of Quality Products Inc., announced Monday that they would merge. Playtime Toys manufactures and markets children's toys. It has sales and marketing offices in Scottsdale, Ariz., and a manufacturing facility in Fort Smith, Ark. Quality Products, with its principal place of business in Tampa, manufactures and markets industrial hydraulic bench presses, floor presses and accessories used with multipresses.

COURT TO REVIEW PLAN. Even as city leaders wrestle over replacement plans, the U.S. Supreme Court has agreed to study a Jacksonville affirmative action program aimed at helping construction companies owned by minorities and women. The justices said Monday they will review a federal appeals court ruling that said an association of white contractors lacks the proper legal standing to challenge the program.




3179.00 119.75 7.34

-21.61 +0.40 +0.01