York Corp

NEW YORK -- U.S. stocks rose yesterday, led by telephone and drug shares, as investors were attracted by stable earnings and safe dividends in a wobbly market. BellSouth Corp. shares reached an all-time high.Stocks rallied at the opening, lost their gains by midday and rebounded in the afternoon, as investors come to grips with how the financial market routs in Asia and the collapse of Yamaichi Securities Co., Japan's fourth-largest brokerage, will affect the United States."The weakness in Asia will take the edge off of domestic growth and inflation concerns, but will leave us with moderate growth and benign inflation, rather than pushing us into a recession," said Philip J. Orlando, chief investment officer at Value Line Asset Management in New York, which oversees $6.5 billion.

NEW YORK -- U.S. stocks were mixed yesterday as two big bank mergers boosted financial firms, while higher bond yields hurt telephone companies.The Dow Jones industrial average rose 17.44 to 9,012.30, just 21 points shy of its record close. J. P. Morgan & Co., the biggest gainer, soared $7.0625 to $47.625.The Standard & Poor's 500 index fell 0.98 to 1,109.69. The Nasdaq composite index rose 4.71 to 1,824.95.Among other broad market indexes, the Russell 2,000 index of small capitalization stocks slipped 0.48 to 479.56; the Wilshire 5,000 index of stocks on the New York, American and Nasdaq exchanges lost 3.70 to 10,567.

NEW YORK -- U.S. stocks were mixed yesterday, ending three days of gains. Expectations that the Federal Reserve will continue to lower interest rates helped boost bank and financial shares, countering a drop in metals stocks.The gain in financial stocks was led by shares of the Federal National Mortgage Association, which rallied $5.25 to a record $125 after the company said it will buy back up to 9 percent of its common stock.The Dow industrials fell 4.34 to 5,105.92 after gaining as much as 16.25 points earlier.

NEW YORK -- U.S. stocks rose yesterday as an unexpected drop in durable goods orders led to optimism the Federal Reserve won't raise interest rates again before the summer.Stocks also advanced as investors anticipated companies will report stronger first-quarter earnings in April. Automobile and financial issues were among the issues posting the biggest gains."The issue of [further] Fed tightening is over, for at least a couple of months anyway," said Jim Benning, equity trader at BT Brokerage, a unit of Bankers Trust New York Corp.

A profile of Frank N. Newman, chairman of Bankers Trust Ne York Corp., that appeared in Tuesday's editions contained a typographical error. Sixteen, not 126, bankers attended a White House coffee in 1996 that Newman, then deputy Treasury secretary, organized.The Sun regrets the errors.Pub Date: 4/12/97

NationsBank Corp. said yesterday that it will buy Chicago Research and Trading Group Ltd., one of the world's largest options and government bond trading firms, for $225 million in cash.CRT performs securities risk-management services for its clients, trading in so-called "derivatives," or products derived from underlying financial instruments or commodities, such as stocks, bonds, currencies and oil. Some common derivatives include options, futures and interest-rate swaps."On our own we can provide some of the complex products that our corporate customers need," said NationsBank Chairman and Chief Executive OfficerHugh L. McColl.

Insider transactions of 1,000 shares or more for public companies based in Maryland or with operations here. Insiders are officers, directors or owners of 10 percent or more of a corporation's stock. York International Corp. Gerald C. McDonough, chairman of the board, purchased 3,000 shares of common stock at $28.65 to $28.80 each on Sept. 20 and he now directly and indirectly holds 3,129,974 shares. Insider Trading is compiled by Thomson Financial/First Call.

Shares of Legg Mason Inc. jumped by more than 6 percent yesterday and volume soared on speculation that the Baltimore-based brokerage firm could be acquired.Legg's shares closed at $49.125, up $2.875. More than 143,000 shares were traded, nearly triple its average daily volume.John F. Curley Jr., Legg vice chairman, said the company's standard response to merger rumors is "no comment.""Brokerage stocks are not completely rational in their day-to-day movements," Curley said.Legg's stock rose yesterday as San Francisco-based BankAmerica Corp.

The New York Stock Exchange said yesterday that it had taken disciplinary actions against BT Alex. Brown Inc. for XTC violating NYSE rules and federal securities laws.The case, which has been prosecuted by the NYSE's division of enforcement, may be reviewed by the Securities and Exchange Commission and then brought before federal courts.The NYSE said BT Alex. Brown consented to findings that it had failed to make and preserve required records on customer orders executed on the exchange floor and over the counter.

Reflecting its purchase of Alex. Brown Inc., Bankers Trust New York Corp. has elected three officials of the Baltimore investment bank to its board, including Chairman and Chief Executive A. B. "Buzzy" Krongard.Krongard, 60, will also become a vice chairman of the boards at Bankers Trust New York and its operating unit, Bankers Trust Co. Bankers Trust New York said all four will also become directors of Bankers Trust.Lee Ault III, 60, a director at Alex. Brown and Equifax Inc., was named a director, Bankers Trust New York said.