The Dow Jones industrial average rose 23.92 points Monday to 3,856.22.
TREASURY YIELDS RISE. Interest rates on short-term Treasury securities rose in Monday's auction to the highest level in more than 20 months. The Treasury Department sold $12.6-billion in three-month bills at an average discount rate of 3.52 percent, up from 3.40 percent last week. Another $12.6-billion was sold in six-month bills at an average discount rate of 3.75 percent, up from 3.61 percent. The new discount rates understate the actual return to investors _ 3.60 percent for three-month bills and 3.88 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 4.16 percent last week, up from 4.01 percent.
McDonald's may try
a new home style
McDonald's Corp. said Monday it is studying a new concept described as a sit-down restaurant chain serving home-style dinner foods such as roasted chicken, meat loaf and mashed potatoes.
The revelation signals a shift in strategy at the fast-food company, which has been trying unsuccessfully for years to develop a dinner menu to pump up evening sales at its McDonald's outlets.
The new chain would be called Hearth Express, according to the weekly Crain's Chicago Business.
Hearth Express is a "test concept," McDonald's spokesman Chuck Ebeling said. He declined further comment.
Crain's said the restaurants will cater to families looking for dinners at prices averaging about $5 per person, Crain's said.
CITIBANK EXEC WELL PAID. Citicorp paid its top executive, John S. veed, a record $4.2-million last year as the bank staged a substantial recovery from its real estate lending losses in the 1980s, according to documents released Monday. Reed earned a $3-million cash bonus and $1.2-million in salary and savings plan benefits for 1993 _ a 92 percent increase from his 1992 salary and bonus, according to Citicorp's 1994 proxy statement.
Best Mortgage Rate
The best 30-year fixed mortgage rate in the Tampa Bay area as reported Monday was 7.625 percent with 0 points. The lenders who offer this rate are AAA Mortgage Loan & Investments (813) 799-9999, Mortgage Financial Network (813) 530-9903, and Bayview Financial Services, (813) 854-5262. The rate is based on a $100,000 purchase with a 5 to 10 percent down payment. For additional mortgage rate information, see the complete list of rates offered by area institutions in Saturday's Home & Garden section. The information is supplied by National Financial News Services in West Chester, Pa.
DOW DOLLAR YIELD
30 industrials vs. Japanese yen 30-year U.S. bond
3856.22 105.50 6.79
+23.92 Unch. -0.04