Buffalo nickel unveiled

The U.S. Mint marked the return of the buffalo nickel Tuesday after a 67-year absence.

U.S. Mint Director Henrietta Holsman Fore displayed the new nickels publicly for the first time during a ceremony at Capitol Hill with Cody the bison standing next to her.

Members of the White Oak Singers, above, performed during the event.

Some 97 million of the 5-cent coins are being shipped this week from the Federal Reserve’s 12 regional banks to local banks around the country. They should start showing up in store cash registers within the next two weeks.

The new nickel features Thomas Jefferson on one side and a bison standing on grass on the other side.

Earnings

Payless ShoeSource shares rise on report

Shares of Payless ShoeSource Inc. rose sharply Tuesday, as the retailer’s fiscal fourth-quarter results showed signs of solid progress in an ongoing turnaround effort and the company said spring sales were off to a strong start.

The Topeka-based discount footwear chain widened its profit margins during the holidays, as well-targeted styles commanded higher prices and tight inventory minimized markdowns.

Payless also completed a restructuring program that included the closing of nearly 500 Payless stores at a cost of $67.9 million — well below the original estimate of $77 million to $97 million. The company’s year-end cash balance doubled to $294.6 million, and the company said it may continue recent stock buybacks, which totaled $10 million during the fourth quarter.

Shares of Payless closed up $2.96, or 25 percent, to $14.68 on the New York Stock Exchange.

Economy

Low mortgage rates boost construction

Construction spending rose a strong 0.7 percent in January as low mortgage rates continued to bolster home building and nonresidential construction climbed to the highest level in more than two years.

The increase, reported Tuesday by the Commerce Department, pushed total construction activity to a record high of $1.05 trillion at a seasonally adjusted annual rate and followed an even larger 1.2 percent rise in December.

The strength in January reflected a 0.6 percent increase in private construction, which included a 0.4 percent rise in residential activity and a 1.2 percent jump in nonresidential building. Government construction rose 0.8 percent in January.