T-bill yields fell. The Treasury said yields on 30-year bonds fell to their lowest level in four years as the government completed its biggest-ever $34.5 billion quarterly refunding. The average yield was 7.98 percent, down from 8.71 percent at the last auction Nov. 6, 1990. The bonds will carry a coupon interest rate of 7 7/8 percent.
Local gasoline prices fell another 3.1 cents last week, to an average price of $1.182 for a gallon of self-service unleaded gas, AAA reported.
Edwin T. McBirney III, former Sunbelt Savings Association president, pleaded guilty to fraud, misapplication of funds and other felonies. Prosecutors agreed to limit McBirney's penalty to a maximum prison sentence of 15 years, a $7.5 million restitution payment and an $8.5 million settlement of civil claims by the FDIC.
Community Newspapers, a debt-laden, Trenton, N.J.-based newspaper chain will file for Chapter 11 bankruptcy protection if it can't persuade creditors to sell back their bonds at a discount.
Maytag slashed its dividend by 44 percent and eliminated a policy of paying an extra year-end dividend. Goodyear also said it is slashing its quarterly dividend by almost 80 percent to 10 cents a share.