BRIEFCASE FARMERS DODGE BIG LOCKOUT LOSSES.

Byline: - Staff and Wire Services

VENTURA - County growers escaped severe losses from the port lockout.

Agriculture officials estimated Monday that the nearly two-week lockout cost Ventura County growers more than $2 million.

``We came through it with very few problems,'' Agricultural Commissioner Earl McPhail said. ``My understanding is that there wasn't much damage locally. I haven't heard anything different from the packinghouses.''

As the 10-day shipping lockout began, cartons of late-season Valencia oranges were in a refrigerated warehouse at Port Hueneme ready for export to Asia. When port operations resumed last week, the citrus was fresh enough for shipment overseas, McPhail said.

But Sunkist Growers spokesman Gerry Davidson said about 142,000 cartons of citrus that were scheduled for export during the lockout had to be repackaged and sold domestically or turned into juice, which provides little profit to growers.

In addition, at least 20,000 cartons were ruined. Davidson estimated the total losses at about $2.3 million.

Tuesday auction lifts T-bill rates

WASHINGTON - Interest rates on short-term Treasury securities rose in Tuesday's auction.

The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.630 percent, up from 1.585 percent last week. An additional $15 billion was sold in six-month bills also at a rate of 1.630 percent, up from 1.530 percent.

Both the three-month and six-month rates were the highest since Sept. 16, when the bills sold for 1.660 percent and 1.640 percent, respectively.

In a separate report, the Federal Reserve said Tuesday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 1.59 percent last week from 1.55 percent the previous week.

Vivendi receives credit extension

PARIS - Heavily indebted Vivendi Universal said Tuesday that it had secured an extension of a $1.62 billion credit line from its banks.

In a statement, the company said it had received commitments from JPMorgan Chase and Bank of America to extend the credit facility from Nov. 1 to June 30, 2003.

An initial short-term credit facility was put in place by the group's media unit, Vivendi Universal Entertainment, in May 2002 as part of its acquisition of the entertainment assets of USA Networks Inc.

The company indicated the extension would provide Vivendi Universal Entertainment with breathing space before it is able to ``replace the credit facility with permanent financing.''