Merrill Lynch leads in munisMerrill Lynch & Co. ranked...

BUSINESS DIGEST

December 28, 1993

Merrill Lynch leads in munis

Merrill Lynch & Co. ranked first among municipal bond underwriters in 1993 as the federal government investigated the industry's sales practices.

Merrill managed 458 bond issues totaling $34.8 billion this year, according to preliminary figures from Securities Data Co./Bond Buyer. Those issues accounted for 12.3 percent of the total $284 billion of municipal bonds sold through Thursday. Merrill overtook Goldman, Sachs & Co., which ranked first among municipal underwriters last year.

Start of FX network put off to June

FX, a basic cable network being started by Fox Inc., said yesterday that it delayed its launch date to June 1 from March 1. The debut was being postponed in response to requests by several key cable operators, and it will allow the new network to put all its creative and technical aspects firmly in place, Anne Sweeney, chairwoman of FX, said in a statement.

Rupert Murdoch, chief executive of News Corp. Ltd., parent company of Fox Inc. and the Fox television network, said last summer that he intends to make FX the fifth American network, exclusively for cable.

Macy posts loss for November

R. H. Macy & Co. said that monthly sales fell slightly in November compared with a year earlier and that the company posted net losses of about $15 million.

The retailer, which is operating under Chapter 11 of federal bankruptcy laws, reported yesterday that total sales for the month were $570.4 million, down from $582.7 million in November 1992.

Beatrice shareholders give notice

A group of TLC Beatrice International Holdings Inc. shareholders filed with the Securities and Exchange Commission to sell as many as 1.69 million common shares. The 46 shareholders will sell their stock from time to time through brokers or individuals at a price to be determined later, said the S-1 registration statement, filed Dec. 23.

In general, registering shares with the SEC allows the public to purchase them, but the TLC Beatrice shares will likely be available only to institutional holders and not individuals, a TLC Beatrice spokesman said.

Jamesway to shut 14 stores

Jamesway Corp. said yesterday that it would close 14 stores and upgrade 11 others as part of its continuing Chapter 11 bankruptcy reorganization, which began in July. The store closings will be completed during the first quarter of 1994.

The Secaucus, N.J.-based company, which said its store in Pasadena, Md., would not be affected, did not reveal if layoffs would accompany the latest cutbacks. The discount retailer will be left with 94 stores in seven states after the latest round of cuts is completed.

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