DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
3510.82 110.65 6.78
+16.05 +0.90 -0.02
DOW GAINS. The Dow Jones industrial average rose 16.05 points Monday to 3,510.82.
TREASURY YIELDS RISE. Interest rates on short-term Treasury securities were mixed in Monday's auction. The Treasury Department sold $12.11-billion in three-month bills at an average discount rate of 3.10 percent, up from 3.07 percent last week. Another $12.18-billion was sold in six-month bills at an average discount rate of 3.19 percent, unchanged from last week. The new discount rates understate the actual return to investors _ 3.17 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 fell to 3.49 percent last week, down from 3.61 percent the previous week.
rating for USAA
A.M. Best Co. on Monday reaffirmed its "superior A++" rating of the USAA Group of insurance companies, significant providers of property insurance in Florida.
A.M. Best said that while Hurricane Andrew hurt USAA's 1992 operations, the group has generated strong earnings and its surplus increased by 62 percent over the past five years to over $3-billion.
The rating applies to United Service Automobile Association and its affiliates, USAA General Indemnity Co. and USAA Casualty Insurance Co. USAA Group, based in San Antonio, specializes in providing coverages to active, former, and retired military officers and their families.
MEDITEK TO BUY CENTERS. MediTek Health Corp. of Tampa has agreed to buy two magnetic resonance imaging centers in Georgia in a $9-million deal. MediTek, a subsidiary of HEICO Corp. of Hollywood, Fla., will have eight centers in three states once the deal is completed, which the company hopes to accomplish by October.
EUROPA PASSED OVER. Europa Cruise Corp. has lost in competition for three of the five dockside casino gaming licenses it is seeking in Louisiana and Mississippi, the company said Monday. The Pensacola-based cruise boat operator is confident enough about one of two applications still pending in Mississippi to pay $4-million for the site of a proposed casino resort including a hotel and golf course. The 404 acres front Intersate 10 in Diamondhead, Miss., about 50 miles east of New Orleans. Money to build it would have to come from a new stock issue in Casino World Inc., which was postponed until Europa lands what would be its first gaming license.
WINN-DIXIE OPENS THREE. Winn-Dixie Stores Inc. will unveil its new rose-and-teal color scheme in Tampa Bay at three stores that open July 1. A new store at 2401 E Hillsborough Ave. in Tampa will replace one that's half its size two blocks away. The other two are expanded, remodeled stores at 9535 E Fowler Ave. in Tampa and 1971 State Road 60 in Valrico.
SECURITIES MARKET INVESTIGATED. The Justice Department has started an investigation of the government securities market, hunting for evidence of possible collusion among large bond dealers, officials said Monday. The inquiry is the latest in a series of government investigations into trading practices in the multitrillion-dollar market for government bonds, notes and bills, and stems directly from the Treasury auction cheating scandal that ensnared Salomon Inc. in 1991.
Atlantic Mutual Insurance Co. and Centennial Insurance Co., part of Atlantic Mutual Companies, are not seeking an exemption to the state's six-month moratorium on homeowners insurance cancellations. Because of inaccurate information from the Florida Department of Insurance, these two companies incorrectly appeared in a June 5 list of insurers seeking exemptions for solvency reasons.