Stocks fell Tuesday, depressed in part by concern about second-quarter corporate profits. The Dow Jones industrial average lost 13.29 points to 3,497.53.
TREASURY YIELDS FALL. Yields on two-year Treasury notes fell in Tuesday's auction to the lowest level in two months. The high yield was 4.16 percent, down from 4.17 percent at the last auction on May 25. It was the lowest rate since two-year notes sold for 3.88 percent on April 27. The notes will carry a coupon interest rate of 4[ percent. A total of $16.01-billion in notes was sold out of bids totaling $44.29-billion.
Owner of Denny's hires black exec
The owner of the Denny's restaurant chain, accused of racial discrimination against black customers, has hired a black food executive to oversee its employees.
Flagstar Corp., which also owns Hardee's and Quincy's restaurants, hired Norman J. Hill of Memphis, Tenn., for the newly created job of vice president of human resources.
Beginning July 6, Hill will oversee the employees of more than 2,200 restaurants in the three chains. Flagstar changed its name from TW Services last week. Hill comes from Perkins Family Restaurants, where he served as vice president of human resources.
HIGHLAND CANKER QUARANTINE LIFTED. Highland County was released from a citrus canker quarantine Tuesday and declared disease-free. The last trace of canker there appeared in the Smoak Groves, but the Smoak family moved quickly, destroying 69,000 trees and preventing its spread. Citrus canker, which ruined citrus throughout the state during the mid-1980s, has all but disappeared from Florida. Two counties _ southern Hillsborough and parts of western Manatee _ remain on quarantine lists, limiting the export of fresh fruit from there. Those areas, if they stay disease-free, will qualify for release in January, according to the Florida Department of Agriculture and Consumer Services. Insect found in Cuba could threaten Florida citrus. Business Briefs, 6E.
PHARMACY MANAGEMENT NAMES PRESIDENT. Pharmacy Management Services Inc., a medical cost containment and pharmaceutical services company in Tampa, announced a new president to replace Cecil S. Harrell, who will remain its chairman and chief executive officer. Bertram T. Martin Jr., long a company director and consultant, had been a partner of Tunstall Consulting Inc., a corporate finance company. Martin has an extensive knowledge of the workers' compensation industry and has helped Pharmacy Management build its corporate client base by more than 100 companies per year, Harrell said in a statement.
BANK RAISES DIVIDEND. Indian Rocks State Bank, Largo, said it increased its mid-year dividend by 13 percent to 17 cents per share. The bank has paid 10 consecutive dividends since it was started in 1986.
TECHNOLOGY RESEARCH ANNOUNCES DEALS. Technology Research Corp. announced two international agreements Tuesday. The Clearwater-based company designs and makes devices related to the distribution of electrical power, and specializes in safety products that protect against shock and electrocution. B & R Electrical Products, a current licensee in the United Kingdom, signed an additional agreement for a new product. Also, Technology Research said it signed an exclusive sales agreement with IMETEC of Italy that requires a minimum purchase of $1.5-million worth of products over three years beginning in 1994.
DOW DOLLAR YIELD
30 industrials vs. Japanese yen 30-year U.S. bond
3497.53 110.90 6.77
-13.29 +0.25 -0.01