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TRANSPORT SURGE: The Dow Jones transportation average rose 1.7 percent as some investors bet on improved business for the major airlines following Saturday's crash of a ValuJet DC-9 in the Everglades that killed all 109 people on board.

ValuJet Inc., a 3-year-old discount airline, saw its stock plummet 23 percent, or $4.18-3/4 a share, to close at $13.68-3/4 as 22 million shares were traded on the Nasdaq Stock Market.

MEMO

RATE HOLDS: Interest rates on short-term Treasury securities were unchanged in Monday's auction from the previous week. The Treasury Department sold $13.6 billion in three-month bills at an average discount rate of 5.02 percent. An additional $13.7 billion was sold in six-month bills at an average discount rate of 5.14 percent. The new discount rates understate the actual return to investors - 5.16 percent for three-month bills with a $10,000 bill selling for $9,873.10 and 5.35 percent for a six-month bill selling for $9,740.10.

TOO FEW LIQUID ASSETS: Seven-Up/RC Bottling Co. of Southern California filed Monday for Chapter 11 federal bankruptcy protection.

The independent bottler and its holding company, Beverage Group Acquisition, filed the petition in U.S. Bankruptcy Court in Delaware.

In court papers, Seven-Up/RC listed assets of $172.8 million and liabilities of $231.6 million. Beverage Group Acquisition listed assets of $184 million and liabilities of $251.8 million.

MILK NOT JUST FOR MORTALS: In the first-ever pairing of a mask and milk mustache, actor Billy Zane appears as the comic strip legend, the Phantom, in the newest ad for the ``Milk, What a Surprise!'' education campaign. Zane is the star of Paramount Pictures' highly anticipated action-adventure film, ``The Phantom,'' which will premiere in June. Zane, dressed as the famed superhero, joins an elite group of milk-mustachioed models, movie stars and champion athletes including Kate Moss, Pete Sampras, Jennifer Aniston and Steve Young. The Phantom ad, the first to tie in with a movie character, is part of the National Fluid Milk Processor Promotion Board's education campaign.

A GRAND SLAM?: Denny's is making another move to repair its image with minorities by picking a Latino-owned advertising agency to create Spanish advertising and marketing programs for its restaurants.

Dallas-based Siboney USA was selected Monday to create the restaurant chain's first Latino advertising campaign.

SECURITIES VIOLATIONS: Securities regulators ordered Josephthal, Lyon & Ross to pay about $575,000 and censured its chairman for overcharging hundreds of investors for stocks the brokerage firm sold them.

Monday marked the third time in less than four years that the firm and chairman Dan Purjes were cited for securities violations by the National Association of Securities Dealers, a Washington-based industry self-policing group.

In the latest settlement, Purjes was ordered not to violate NASD rules again. And the firm's former head trader, Frank Garriton, was suspended for 15 days and fined $10,000. Garriton is currently a stock trader with the firm. The New York-based firm did not admit or deny wrongdoing.

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2 Charts

Chart: (1--Color) DOW INDUSTRIALS

(2--Color) BIZ FACTS

P UTTING THE BRAKES ON TRAVEL COSTS

Percent of employers surveyed who place these restrictions of business travel arrangements, 1995

Knight-Ridder Tribune Graphics Network
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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Date:May 14, 1996
Words:539
Previous Article:NEWCOMER XYLAN CORP. PLANS 2ND STOCK OFFERING.
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