Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 14, 1992 TAG: 9201140109
SECTION: BUSINESS PAGE: A3 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
TRADER WORRIES PUT MARKET IN RETREAT
IN BUSINESS Trader worries put market in retreatNEW YORK - The stock market gave ground Monday, pressured by worries over interest rates and pending corporate earnings reports. Citicorp led the active list, up 1 1/2 at 12. Traders continued to speculate that the worst might be over for the bank holding company, which estimated a fourth-quarter loss of $125 million to $150 million.
Corning Inc., also among the volume leaders, fell 10[ to 68 7/8, while Dow Chemical dropped 7/8 to 53 7/8. Atlantic Richfield gained 2] to 104\ ; Chevron 1 7/8 to 68\ ; Texaco 1] to 59[; Amoco 3/4 to 47 3/4; Mobil 1 to 65], and Royal Dutch Petroleum 1\ to 81]. Delta Air Lines added 1 5/8 to 70\ ; UAL 1/2 to 148 1/2; AMR 1 7/8 to 71[, and British Air 1\ to 42]. - Associated Press Recycling company plans expansion
Cycle Systems Inc. of Roanoke said Monday it will hold a news conference Wednesday "to announce a major development in operations."
The recycling company's president, Bruce Brenner, will announce a development that will "expand the company's service area in Virginia and bring several new services to both its municipal and industrial customers," according to the written announcement. The session will be held at 1 p.m. at the Roanoke Airport Marriott hotel.
Brenner said the development will have an economic impact in the Roanoke Valley and Lynchburg areas. - Staff report T-bill results mixed in Monday's auction
The Treasury Department sold $10.2 billion in three-month bills Monday at an average discount rate of 3.83 percent, down from 3.85 percent last week. Another $10.3 billion was sold in six-month bills at an average discount rate of 3.87 percent, up from 3.86 percent last week.
The three-month bill rate was the lowest since they sold for 3.75 percent on Dec. 23. The six-month bill rate was the highest since they averaged 3.91 percent on Dec 30.
The Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 4.06 percent last week from 4.14 percent. - Associated Press Central Fidelity shows record profit
Central Fidelity Banks Inc. said Monday it had record profits for 1991.
The Richmond-based company operating banks in Western Virginia said its net income for the year was $60.4 million, 8.4 percent more than 1990. Net income per share rose from $2.47 to $2.80.
Fourth-quarter profits were $15 million, compared to $13.3 million for the 1990 period. Net income per share was 69 cents, compared to 61 cents.
Total assets at the end of the year were $6.8 billion, a 10.3 percent increase.
Net interest income increased 15.6 percent for the year. Excluding investment securities transactions, non-interest income for 1991 fell 5.4 percent. Total loans increased 1.2 percent to $3.6 billion and total deposits grew by 14.2 percent to $5.2 billion. - Associated Press P&G withdraws disputed Crest ad
BOSTON - Procter & Gamble will stop advertising Crest toothpaste as cavity protection for youngsters' teeth "down to the root" and will donate $50,000 for a student program, the state attorney general said Monday.
The disputed ad, entitled "Today's Kids," ran from December 1990 to June 1991 and promoted Crest as the first toothpaste clinically shown to protect down to the root of the tooth, Attorney General Scott Harshbarger said.
The clinical study was conducted on people age 54 to 93, not on children, he said.
The company said root cavities in children are clinically the same as those in adults, so there is no scientific reason to question the relevance of the study. - Associated Press Briefly . . .
Blockbuster Entertainment Corp., a Fort Lauderdale, Fla.-based operator of video rental stores including those in Roanoke, said Monday its common stock has been admitted to the Official List of the London Stock Exchange. The company sought the listing with its offer for the outstanding capital stock of Cityvision plc, a video rental operator in the United Kingdom.
VF Corp., Wyomissing, Pa.-based parent of Bassett-Walker of Martinsville, said Monday it has acquired Green Cotton Environment, Inc., a Los Angeles-based manufacturer and marketer of organic cotton clothing.