Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, May 3, 1994                   TAG: 9405030134
SECTION: BUSINESS                    PAGE: C-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Brendle's Inc., an Elkin, N.C., discount retailer with stores in Western Virginia, has completed its financial reorganization and emerged from Chapter 11 bankruptcy. Under the plan, 35 percent of the company's stock was distributed to unsecured creditors. Also, the company said it has signed a $45 million, five-year revolving operating loan with Foothill Capital Corp.

Savings bond rate rises to 4.7%

WASHINGTON - The interest rate on U.S. savings bonds for the next six months will be 4.7 percent, up from 4.25 percent, the Treasury Department said Monday.

The rate, adjusted twice a year for market conditions, took effect Sunday and will continue through Oct. 31 for Series EE bonds.

When held for five years, the yield at redemption is the average of semiannual interest rates during the period or the guaranteed minimum rate, whichever is higher.

Series EE bonds issued since March 1, 1993, pay a minimum 4 percent when redeemed within five years.

The new rate equals 85 percent of the average market yield during the last six months on Treasury securities with five years remaining to maturity.

- Associated Press

T-bill rates hit two-year high

The Treasury Department on Monday sold $11.4 billion in three-month bills at an average discount rate of 4 percent, up from 3.85 percent last week. Another $11.5 billion was sold in six-month bills at an average discount rate of 4.41 percent, up from 4.25 percent.

The three-month bill rate was the highest since they sold for 4.08 percent on March 30, 1992. The six-month rate was the highest since the 4.5 percent of Nov. 25, 1991.

In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable-rate mortgages, rose to 4.99 percent last week from 4.9 percent the previous week.

- Associated Press

Intermet profits up

Intermet Corp., Atlanta parent of Lynchburg Foundry Co. in Radford, reported net income of $1.7 million, or 7 cents per share, in its first quarter ended April 3, up from $720,000, or 3 cents per share, a year earlier. Sales fell 3 percent to $118.9 million from $122.8 million in the 1993 quarter.

- Staff reports