Short Reports

Procter & Gamble Co. has sold its oldest laundry detergent brand, Oxydol, to two former P&G employees who formed their own company, Redox Brands Inc.

The number of Americans behind on home mortgage payments declined to the lowest level in 28 years during the first three months of the year, an industry group reported Thursday. Mortgage delinquencies were a seasonally adjusted 3.72 percent in the January-March quarter, down from 3.82 percent in the fourth quarter of 1999 and 4.06 percent in the first three months of 1999.

Rates on 30-year and 15-year mortgages ticked down this week. The average interest rate on 30-year fixed-rate mortgages fell to 8.16 percent for the week ending July 6, down from 8.22 percent the previous week, according to a survey released Thursday by Freddie Mac, the mortgage company.

Tractor maker Deere & Co. has obtained permission to operate a federally insured savings bank that will take over the company’s credit card business. The Office of Thrift Supervision announced Thursday its approval for Deere to open the bank, to be named FPC Financial and based in Madison, Wis.

The Labor Department is proposing broad new rules aimed at reducing black lung disease, the leading killer of U.S. coal miners. The plan calls for overhauling the system of sampling, detecting and controlling dust in mines.

Marriott International Inc. reported an 11 percent increase in second-quarter net income over the same period last year, beating Wall Street’s estimates.