T-bill rates fell to their lowest levels since April 1988. The Treasury sold three-month bills at an average discount rate of 6.12 percent, down from 6.52 percent last week, and six-month bills at an average discount rate of 6.21 percent, down from 6.51 percent last week. The actual return to investors is 6.30 percent for three-month bills and 6.50 percent for six-month bills.
The Chicago Board of Trade raised its minimum margin requirements for the trading of eight commodities, effective today, in anticipation of volatile trading.
Pillsbury said it laid off about 375 workers at its Green Giant processing plant in Watsonville, Calif., as part of a restructuring.
Reynolds Metals of Richmond said it has agreed in principle to buy NZ Forest Products's gold-producing unit. Terms were not announced.
Legislation to re-regulate cable TV, including setting prices and service standards, was introduced by three senators. The measure is similar to a bill that died in Congress last fall. A spokesman for the National Cable Television Association said the industry wants the FCC to address re-regulation before Congress does.
Wilkinson Sword was ordered by a federal judge to drop all advertising claims that its Ultra Glide razor is better than Gillette's Atra Plus system.
MCI Communications has signed a three-year, $36 million contract to provide long-distance services to 300 U.S. and foreign facilities of Baxter International.
Chase Manhattan reported a 10.3 percent gain in fourth-quarter earnings but a $334 million loss for the year.
J.P. Morgan said fourth-quarter profit rose 24 percent. For all of last year, Morgan reported $1 billion in profit, compared with a loss of $1.3 billion in 1989.
First Chicago said fourth-quarter profit dropped 54 percent and for the year it fell 31 percent.
Melvin Wilczynski, an Ohio pharmacist who accused Rite Aid Corp. of bribery, recanted his allegations in a letter of apology to company president Martin L. Grass as part of a settlement of a defamation lawsuit the drugstore chain filed against the pharmacist.
Robert Willis, a New York psychiatrist who pleaded guilty to trading stock on inside information he obtained during sessions with the wife of a financier, agreed to pay $136,580 to settle related civil charges brought by the SEC.
Atlantic City's gaming industry, boosted by the record numbers from Donald Trump's Taj Mahal Casino, reported its take from gamblers rose 5.2 percent to $2.951 billion in 1990.