Wheat First Securities Inc

Wheat First Securities Inc. admitted violating Treasury rules by purchasing freshly auctioned government securities for wealthy clients at a discount and arranging to resell them prematurely, the Treasury Department revealed. The unit of Charlotte, N.C.-based First Union Corp. bought the securities at the same price that major Wall Street dealers paid for them at Treasury auctions under a program that sets aside a portion of the offerings for individuals.

Wheat First Securities Inc. admitted violating Treasury rules by purchasing freshly auctioned government securities for wealthy clients at a discount and arranging to resell them prematurely, the Treasury Department revealed. The unit of Charlotte, N.C.-based First Union Corp. bought the securities at the same price that major Wall Street dealers paid for them at Treasury auctions under a program that sets aside a portion of the offerings for individuals.

The stock market posted a modest gain Tuesday in generally quiet trading with little activity outside the takeover arena. "It's been pretty dull," said Charles Jensen, a technical market analyst for the investment firm MKI Securities Corp. The Dow Jones industrial index, which fell 17.07 Monday, bounced up 6.40 to close at 2,087.48. Advancing issues outnumbered declines by more than 4 to 3 in nationwide trading of New York Stock Exchange. Big Board volume came to 142.

Cousins Home Furnishings doesn't always act like a company that has not generated a quarterly profit from operations since 1983. The San Diego-based retailer that operates stores in San Diego, San Francisco and Sacramento recently opened five new stores in Los Angeles, and hopes to eventually add about 10 more locations. That is an aggressive plan, acknowledged Cousins Chief Financial Officer Conrad Brownlee, who last week described Los Angeles as "the toughest market in North America."

Market Overview * A lackluster Treasury auction of three-year notes cooled an enthusiastic bond market rally Tuesday, suggesting that investors remain nervous after the weeklong price plunge that ended Monday. * Stocks closed mixed after the market made an initial surge keyed on a better-than-expected inflation report and a rally in the bond market.

Food, glorious food! Chips and dip, chocolates and brownie mix, cheeses and hot dogs and TV dinners. Although the dieter in you may fight to resist them, the investor should show less restraint. Food stocks are the first line of portfolio defense, analysts say, and lately investors have been taking heed. Current economic uncertainty is the reason.

* Wall Street blue chips closed modestly higher, regaining ground lost in the previous session when Salomon Bros. mistakenly sold a huge block of stock. The Dow Jones industrial average rose 8.28 points to 3,267.67. * In the credit markets, bond prices were lower despite new data showing an increase in first-time unemployment claims and a sluggish economy in the final three months of last year. The yield on the Treasury's bellwether 30-year bond rose to 7.98% from 7.94% Wednesday.

President Clinton's plan to further curb tobacco sales is one more headache for the besieged industry but, as a financial threat, the rules are a sideshow to the menacing litigation facing the $45-billion business. Experts said the prospect of expensive verdicts against the tobacco companies remains strong even though an Indiana jury late Friday decided in favor of the industry in a case brought by a smoker's family.

Sharalee Aardal has lived without a cat only once in her life--a short period while she was enrolled in college. Aardal's husband Danny is not a cat person. "He likes an animal that will come at your beck and call," Aardal said recently. No matter. Rum Tum Tugger, Sherry and Possum--sisters that Aardal found abandoned in a tree two years ago--"are just having a great time" living in the couple's San Marino home.