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MARKET MIXED

The stock market drifted Monday, ending narrowly mixed. The Dow Jones industrial average rose 9.68 points to 3,514.69.

TREASURY YIELDS FALL. Interest rates on short-term Treasury securities fell in Monday's auction to the lowest level in three weeks. The Treasury Department sold $12-billion in three-month bills at an average discount rate of 3.07 percent, down from 3.14 percent last week. Another $12-billion was sold in six-month bills at an average discount rate of 3.19 percent, down from 3.30 percent last week. The new discount rates understate the actual return to investors _ 3.14 percent for three-month bills and 3.29 percent for a six-month bill. In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills rose to 3.61 percent last week from 3.58 percent.

DOLLAR HITS RECORD LOW. The dollar fell to a third consecutive record low against the Japanese yen Monday but was mixed against other major foreign currencies. The dollar closed at 105.10 yen in New York, down 1.15 yen from Friday's close. The yen has risen sharply this year amid the widespread view that the United States favors a strong yen as a way to whittle its huge trade surplus with Japan.

Tampa Bay/State

HSN stock reaches

a five-year high

Shares in Home Shopping Network Inc. hit their highest level in more than five years on Monday, closing at $10, up 62{ cents.

Gerald F. Hogan, president and chief executive of the St. Petersburg-based television retailer, said he thought the rally was triggered by the company's quarterly earnings report issued last week. Earnings and sales were both down in Home Shopping's third fiscal quarter, but analysts said the decline in profits was expected to be worse because the company was liquidating a lot of inventory through special sales events.

Also last week, Home Shopping announced it is talking with R.H. Macy & Co. about taking orders and handling shipping for the department store chain's planned venture into video retailing.

CHECKERS SETTLES WITH FRANCHISEES. Checkers Drive-In Restaurants Inc. has agreed to buy out two franchisees with rights to develop the Orlando market. Checkers, which is now trying to fill the Orlando market with company-owned stores, Monday said BLT's Inc. will get new shares in Checkers worth about $8.9-million for six restaurants and the right to build 15 more in Orlando. Keller Investment Properties will get shares worth about $3-million for three restaurants and the right to build three more in Lakeland/Winter Haven. The average Checkers generates about $1-million a year in sales.

AWD GETS CONTRACT. AWD Technologies Inc., a Rockville, Md., subsidiary of Dow Chemical Co., has been awarded a five-year contract of up to $42-million to provide hazardous waste remediation services to the Tulsa District of the U.S. Army Corps of Engineers. AWD has an office in Tampa.

DOMINO'S ADDS SUB SANDWICHES. Domino's Pizza Inc. has added eight submarine-style sandwiches, Eagle Snacks and Haagen-Dazs ice cream to the menu at its 36 Tampa Bay stores. The additions to its once exclusively pizza menu are part of a national rollout in the ever-escalating war among the big pizza chains, which have begun broadening their offerings. Domino's offers free delivery, including ice cream carried in insulated bags, but requires a minimum order in some neighborhoods.

Nation

LOAN DELINQUENCIES FALL. The delinquency rate on consumer loans fell during the first quarter to the lowest level in nearly four years, improving prospects for retail spending later this year, the American Bankers Association said Monday. A seasonally adjusted 2.31 percent of consumer loans were 30 days or more past due at the end of March, down from 2.43 percent three months earlier. Florida's rate was 0.61 percent, compared with 1.38 a year ago.

NORTHWEST HINTS AT FILING. Northwest Airlines sent a letter to Machinists union representatives Monday hinting it might have to file for bankruptcy protection to get the cost savings it seeks from its workers. The company's general counsel, Ben Hirst, said in a letter that the airline might have to try to have existing labor contracts wiped out and have labor cost savings imposed by a judge.

FLEET WINS IN COURT. Fleet Finance Inc., battling charges it trapped poor people in high-interest loans that were virtually impossible to repay, won a victory when the Georgia Supreme Court ruled Monday its lending was legal. The court did question the lender's ethics and urged the Georgia Legislature to enact tighter restrictions on the business.

Correction

Daniel Sumner, assistant general counsel for the state Department of Insurance, was misidentified Monday in a photo that accompanied a story about Steve Burgess, the department's consumer advocate.

DOW DOLLAR YIELD

30 industrials vs. Japanese yen 30-year U.S. bond

3514.69 105.10 6.82

+9.68 -1.15 +0.01

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