Money market fund yields were lower in the latest reporting week, the Donoghue Organization said. Average seven-day simple yields were at 7.56 percent, down from 7.59 the previous week, and 30-day simple yields stood at 7.62 percent, down from 7.65.
The Treasury announced tentative plans to offer a record $32.35 billion in notes and bonds at its quarterly refunding next week, pending a decision by Congress on the debt limit. Net borrowing needs for the October-December quarter were estimated by the Treasury to be a record $65 billion to $70 billion, excluding Resolution Trust Corp. borrowing.
The Treasury also plans to sell $10 billion in 36-day cash management bills next Thursday, raising all new cash.
Construction spending, which had fallen for two straight months, was flat in June. The Commerce Department said spending on residential, nonresidential and government projects was at an annual rate of $447.5 billion after dropping 1.9 percent in April and 0.3 percent in May.
Blinder, Robinson & Co., once a major force in the penny stock industry, closed its offices and filed notice that it will seek bankruptcy protection. But the SEC filed a motion seeking to dismiss the notice, saying it wanted a trustee appointed to supervise the liquidation of the Denver-based brokerage and the return of cash and stocks to investors.
Walt Disney unveiled a master plan for a 350-acre, $2-billion oceanside resort and theme park in Long Beach, Calif. Port Disney would include five luxury hotels, the world's largest aquarium, the Queen Mary and the Spruce Goose airplane.
Transcolor Corp. of Cheverly issued 116 million shares to its majority shareholder, Four D Acquisition Corp., in exchange for a capital contribution of $11.5 million, which will be used in part to retire debt, the company said.
Federal labor officials supported charges that the Nordstrom department store chain engaged in unlawful efforts to eliminate union representation, including paying employees to attend anti-union rallies. A company official said the Seattle-based chain would move quickly to settle the charges.
Four South American countries announced plans to create a common market and a free trade zone by 1995. Officials of Brazil, Argentina, Chile and Uruguay also agreed to include Paraguay in the common market.
Three asbestos makers were granted court permission to sue the government for reimbursement of payments they made to sick workers at Navy shipyards. Attorneys said the decision would lead to lawsuits by dozens of companies that are trying to force the government to share the burden of making payments to thousands of workers afflicted with asbestos-related diseases.
Continental Can workers won another round in a long legal battle for their pensions when a federal appeals court upheld a judge's finding that the company illegally dismissed employees as they neared the qualifications for increased benefits.
Oppenheimer Management, one of the nation's biggest mutual fund companies, will be acquired by Massachusetts Mutual Life Insurance and senior executives of Oppenheimer from British & Commonwealth Holdings for about $150 million.
Nautilus Sports-Medical Industries is being sold to a group of investors headed by Dan Baldwin, former head of the fitness machine company. Terms were not disclosed.
Kodak said its earnings rose nearly fivefold in the second quarter from results that were depressed by a large restructuring charge a year earlier.
Grumman said its second-quarter earnings rose 37 percent.
TransAmerica reported a 5.2 percent decline in second-quarter earnings.
Pan Am said it lost $49 million in the second quarter, an improvement over a loss of $101 million in the year-ago period.
Merger and acquisition activity dropped 42 percent from June to July, despite a 3 percent rise in the value of transactions, according to IDD Information Services. There were 233 deals in July, valued at $18.5 billion, compared with 391 transactions valued at $16.1 billion in June, it said.
The IRS is losing its battle against overdue taxes, which are growing faster than tax collections. If the problem isn't reduced, a government auditor told a Senate committee, it ''could have a serious negative impact on voluntary taxpayer compliance,'' said Paul Posner, associate director of the General Accounting Office.