ECONOMY

T-note yields fell. The Treasury sold seven-year notes at an average yield of 7.95 percent, down from 8.76 percent at the last auction on Oct. 10.

COMPANIES

Circuit City Stores of Richmond will add as many as 50 new Impulse stores in the next year. Impulse stores specialize in personal, gift-oriented items.

W.R. Grace plans to relocate the bulk of its headquarters staff to Boca Raton, Fla. The specialty chemical and health products company said it was building a new facility in Boca Raton but would keep its headquarters in midtown Manhattan.

AT&T settled allegations that International Telecharge surreptitiously switched long-distance service at pay phones. The out-of-court settlement included corrective measures to address unauthorized switching, as well as an undisclosed payment to AT&T.

GM will proceed with development of its small, electric-powered Impact car despite failing to find an alternative for lead-acid batteries that limit the car's range, an executive said.

Microsoft unveiled a new version of its Excell spreadsheet program for personal computers, heating up its rivalry with another software giant, Lotus Development.

PEOPLE

Scott Thompson, as expected, resigned as chairman of PRC, a government services and technology contractor in McLean. PRC, in the midst of a management reorganization, said Thompson left to pursue other professional opportunities. No replacement was named. The company is a subsidiary of Black & Decker Corp. in Towson, Md.

William H. Cowie Jr., the head of Union Trust Bancorp who steered the company through its conversion into Signet BankMaryland, will retire as president and chief executive in April. Cowie will be replaced by Kenneth Trout, who heads Signet BankMaryland's commercial line of business.

Richard F. Barry III, president of Landmark Communications in Norfolk for almost 13 years, resigned that post to become vice chairman to develop growth and acquisition strategy. John O. Wynne, president of Landmark's newspapers and broadcasting group, will succeed Barry.

William S. Paley's estate sold 250,000 shares of CBS common stock for $180 per share. The late CBS chairman's shares were sold in a block but not through a stock exchange. An SEC filing did not disclose who purchased the shares.

ODD LOTS

Corporate name changes dropped 17 percent last year, thanks to fewer mergers and corporate buyouts, greater stress on core businesses and growing fears of a recession, according to an annual survey by Anspach Grossman Portugal Inc., a consulting firm.

Shearson decided not to renew sponsorship of a San Diego golf tournament after the Professional Golfers Association tournament is played next month. Shearson said it could not justify spending the $3 million being asked by the organization that has run the tournament.