Money Supply Measures Rise NEW YORK - The two broadest measures of the nation's money supply rose in the week ended Aug. 13, the Federal Reserve Board reported Thursday. The Fed said the measure known as M2 rose to a seasonally adjusted $3,299.8 billion from $3,292.1 billion the previous week. An even broader measure, M3, rose to a seasonally adjusted $4,085.6billion from $4,083.1 billion. The narrowest measure of the money supply, M1, rose to a seasonally adjusted $814.4 billion from $812.9 billion.
Zapata to Sell 90% Interest in Rig Fleet HOUSTON - Zapata Corp. announced Thursday it has reached an agreement to sell a 90 percent interest in its drilling rig fleet to a European group for about $280 million. The Houston-based drilling rig company also said it has reached an agreement in principle with its bank lenders to restructure about $560 million of senior secured debt. A cash tender offer for the company's subordinated debt will be the final step in Zapata's restructuring, the company said.
Judge Upholds Takeover of Lincoln S&L WASHINGTON - A federal judge Thursday upheld the government's takeover of Lincoln Savings and Loan Association from Phoenix financier Charles H. Keating Jr.
U.S. District Court Judge Stanley Sporkin, in dismissing Keating's suit to recover the colllapsed Irvine, Calif., thrift, said it is ``abundantly clear'' that Keating and other officials of the S&L's holding company ``abused their positions with respect to Lincoln.'' The judge said the actions of Keating and other officials ``amounted to a looting of Lincoln.''
Federal regulators have estimated that Keating's use of federally insured deposits in Lincoln to finance various junk bond, stock and real estate ventures and the institution's subsequent collapse could cost taxpayers up to $2 billion.
Honeywell to Lay Off 120 MINNEAPOLIS - Honeywell Inc. said Thursday that 120 employees will be cut from its defense and marine systems unit, which employs about 8,300 people. …