Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, March 10, 1993 TAG: 9303100107
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
IN BUSINESS
Primerica may buy Shearson LehmanNEW YORK - American Express Co. said Tuesday it is discussing the sale of the Shearson Lehman Brothers Inc. brokerage and asset management operations to Primerica Corp.
The resulting combination would be a Wall Street powerhouse with 11,400 brokers and nearly 500 branches. American Express said no agreement has been reached with Primerica, parent of Smith Barney, Harris Upham & Co.
An American Express spokeswoman said the talks do not involve American Express' Lehman Brothers investment-banking and trading unit or retail brokerages that operate under the Lehman name.
Despite Wall Street's record profits last year, Shearson lost $116 million because of special charges to reflect the depressed value of its real estate and for legal provisions. - Associated Press
\ Va. Power trims rate rise request
RICHMOND - Virginia Power has reduced its proposed rate increase by $99.4 million, guaranteeing its 1.8 million customers their third refund in a year.
The Richmond-based utility this week revised its request to produce $314.1 million in additional revenue, down from the original 1992 request of $413.5 million. The latest request is $17.5 million less than the company has been collecting under interim rates that took effect Oct. 27, but $54 million more than recommended by the State Corporation Commission's staff.
Virginia Power customers' electric bills have been based on interim rates since May 1, 1990. The SCC ordered refunds last year from rate increases proposed in 1990 and 1991. However, monthly bills did not drop because new interim rates took effect first. - Associated Press