Heine Securities Corp

Heine Securities Buys 6.1% Stake in Chase Manhattan: The Short Hills, N.J.-based investment adviser said it paid $365 million for the 11.1 million shares of Chase Manhattan Corp. In a filing with the SEC, Heine Securities Corp. said it bought the stake on behalf of its advisory clients for investment purposes. Of the common shares purchased by Heine, 10.9 million were bought between Feb. 13 and Wednesday at prices ranging from $33.788 to $37.74 a share.

Franklin Resources Inc. announced Tuesday that it has agreed to pay a minimum of $610 million for legendary stock picker Michael Price's mutual fund company. Franklin's purchase of Heine Securities Corp. could reach as much as $800 million if Price meets certain incentive goals. The deal would give Franklin, the fifth-largest mutual fund company, a strong presence in U.S. stocks. Franklin is known for its international stock and U.S. bond mutual funds.

Franklin Resources Inc. announced Tuesday that it has agreed to pay a minimum of $610 million for legendary stock picker Michael Price's mutual fund company. Franklin's purchase of Heine Securities Corp. could reach as much as $800 million if Price meets certain incentive goals. The deal would give Franklin, the fifth-largest mutual fund company, a strong presence in U.S. stocks. Franklin is known for its international stock and U.S. bond mutual funds.

Heine Securities Buys 6.1% Stake in Chase Manhattan: The Short Hills, N.J.-based investment adviser said it paid $365 million for the 11.1 million shares of Chase Manhattan Corp. In a filing with the SEC, Heine Securities Corp. said it bought the stake on behalf of its advisory clients for investment purposes. Of the common shares purchased by Heine, 10.9 million were bought between Feb. 13 and Wednesday at prices ranging from $33.788 to $37.74 a share.

Two large groups of Smith International Inc.'s creditors have filed objections that threaten Smith's plan to pull itself out of bankruptcy by Dec. 31. The challenges, filed Monday in U.S. Bankruptcy Court in Los Angeles, are the first to attack Smith's plan to emerge from Chapter 11 bankruptcy proceedings by repaying creditors a total of $415.5 million.

The dollar plunged below 85 Japanese yen Thursday for the first time ever in after-hours U.S. trading, the latest in a spree of record lows, amid diminishing expectations of higher U.S. interest rates. Blue-chip stocks crept up to the week's second record closing high, despite a selloff in oil stocks and jitters before today's employment report, while bond yields moved lower. Currency traders said U.S. employment figures were expected to show that the U.S.

The dollar plunged below 85 Japanese yen Thursday in after-hours U.S. trading, the latest in a spree of record lows, as currency traders reacted negatively to prospects for a U.S. tax cut. But on Wall Street, blue-chip stocks crept up to the week's second record closing high, despite weakness in oil stocks and jitters before today's report on March employment. The Dow industrial average added 4.84 points to 4,205.41, inching past its previous record high of 4,201.61 set Tuesday.

For California banks and savings and loans, stable interest rates and a continuing economic recovery should boost loan volume and profits in 1995, as has already been shown in robust first-quarter earnings reports. But even if they get a breather from interest rate turbulence, bankers and thrift executives can't expect a year of relaxation.

The consolidation wave in the money management business swelled again Monday, with Wall Street titans Morgan Stanley Group and Merrill Lynch & Co. snapping up two smaller firms, and mutual fund legend Michael Price rumored to be on the verge of selling his firm. In the day's biggest deal, Morgan Stanley said it will buy Van Kampen American Capital Inc., a major mutual fund company, for $745 million plus assumption of debt.