Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, October 27, 1994 TAG: 9410270050
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - Newspapers are urging Congress to repeal a provision in a recently enacted law that eliminated banks' obligation to advertise their financial condition four times a year.
``Coming after the savings-and-loan debacle ... the idea of just blacking out public disclosure of the condition of depository institutions just boggles the mind,'' said Mark Sheehan, vice president of the National Newspaper Association.
``The newspapers are griping about the revenue loss. ... They don't care about the public interest,'' said Bert Ely, an Alexandria financial analyst who does consulting work for banks.
The little-noticed provision is part of a much larger banking bill signed by President Clinton on Sept. 23. The bill's primary purpose was to provide federal support for community-development lending in poor areas.
A section of the bill sought to ease banks' paperwork burden; one provision among many ended the requirement that nationally chartered banks and state-chartered banks belonging to the Federal Reserve System advertise their quarterly statements of condition in a newspaper.
Banks must continue to give the statements to anyone who asks and post lobby notices informing customers of their availability.
- Associated Press
Westvaco adopts forest-care rules
Westvaco Corp., the paper-making company with a plant in Alleghany County, says it has adopted sustainable-forestry guidelines approved by the American Forest & Paper Association for its members.
The guidelines promote economically and environmentally sound logging practices that help ensure the long-term health and productivity of forests, the group says.
Westvaco owns 1.3 million acres in the eastern United States and also buys wood from private landowners. The company said it will give preference to wood suppliers, loggers and other contractors who follow the sustainable forestry guidelines.
Westvaco also said it will help train and educate loggers and forest service contractors in the best management practices to protect water and air quality, wildlife resources, and the timber resource.
- Staff report
Survey time nears for annual forecast
Western Virginia companies are invited to participate in the annual economic forecast survey conducted by Roanoke College for the Roanoke Times and World-News.
The survey asks companies and firms to gauge their performance and economic conditions, employment and sales for the current year and to predict those factors for the coming year. Responses are anonymous.
Questionnaires are mailed in mid-November, and statistical results will be published in early January. New companies and others that have not previously participated are asked to send their mailing addresses and the name of a contact person to Economic Survey, Business News Department, Roanoke Times & World-News, P.O. Box 2491, Roanoke 24010, or by fax to (703) 981-3346.
- Staff report
Briefly ...
American Electric Power Co., Columbus, Ohio, parent of Appalachian Power Co. of Roanoke, on Wednesday declared a regular quarterly cash dividend of 60 cents per share, payable Dec. 9 to shareholders of Nov. 10.
Heafner Tire & Products has moved from Salem and opened operations at 1835 Tom Andrews Road in Northeast Roanoke. The Lincolnton, N.C.-based wholesaler distributes tires and other automotive equipment to garages, car dealers and service stations. The new 25,000-square-foot facility doubles the size of Heafner's Roanoke-area operations.
Earnings ...
Sara Lee Corp., Chicago operator of knitwear mills in Martinsville and a L'eggs distribution center in Salem, reported net income of $165 million, or 33 cents per share, on sales of $4.29 billion for its first quarter ended Oct. 1, compared with year-earlier income of $120 million, or 24 cents, on sales of $3.80 billion.
by CNB