Cellular service for D.C. subway
Bell Atlantic Corp. plans to provide cellular services throughout the Metro subway system in Washington later this fall, the company said yesterday. Bell Atlantic, working in conjunction with the Washington Metropolitan Area Transit Authority (WMATA), said it will make underground services available in six stations initially and expand to as many as 23 by the end of next year.
The cellular system will eventually allow subway riders to initiate calls underground or above ground and continue those calls throughout their ride. Bell Atlantic said the network will consist of a series of small transmitters placed in underground stations and a separate network of cables, amplifiers and antennae in the tunnels to carry signals.
Bell Atlantic and the transit authority said they plan to share the estimated $3 million cost of the first phase of the project.
Fixed-rate mortgages rise to 8.01
Thirty-year, fixed-rate mortgages averaged 8.01 percent this week, up from 7.93 percent last week, according to a national survey released yesterday by the Federal Home Loan Mortgage Corp.
It was the first increase since the week ended Sept. 25, when rates moved up to 8.02 percent from 7.89 percent.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.97 percent, down from 5.01 percent last week.
The rates do not include fees known as points.
Civilian-type Humvees go on sale
A civilian version of the jeep-like military truck that helped haul troops during Persian Gulf War went on sale yesterday with a $46,500 sticker price.
AM General Corp., which has its headquarters in South Bend, Ind., introduced the civilian Hummer truck with national advertising and a roll-out ceremony at the factory.
AM General stresses the vehicle's military bloodlines -- "a new arsenal of pickup power on the road" was one description. The truck, called a Humvee by the armed forces, comes in five civilian models, including two- and four-door versions, hardtop and canvas-top.
SEC to revise pay disclosure plan
A Securities and Exchange Commission proposal to require companies to be more open about what they pay top executives will be revised but will retain shareholder protections, SEC Commissioner Mary Schapiro said yesterday.
"You will still get far better disclosure," Ms. Schapiro said after addressing the Rocky Mountain Securities Conference.
Ms. Schapiro declined to say how the proposal will differ when commissioners vote on it next Thursday and said revisions are still continuing.
The original proposal calls for companies to spell out executive pay for the five highest-paid officers of each publicly traded company.