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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 09, 1994
Page
8
The technology sector dragged Wall Street as shares fell vice versa with a bond rally fading. The Dow closed down 6.46 at 3749.45 while the Nasdaq tumbled 9.51 to 29.79 as computer stocks led declines and Merisel warned of weaker second quarter results.
West Virginia firms report benefits from the North American Free Trade Agreement with Mexico as tariffs drop and paperwork standardizes. D&E Industries sold 500000 dollars of tractor-trailer brake parts to a Mexican buyer, with faster, direct U.S. trucking routes now possible. Ames Co and Moore Co expect long term gains from growing Mexican demand and standardized procedures, though some say impact is still early.
Radford Army Ammunition Plant announces reductions affecting as many as 100 employees across security, fire, maintenance, propellant and administrative areas. About 60 may stay on under Wackenhut Security with lower salaries. Hercules Inc. remains the subcontractor for fire and security services.
After six years promoting McDowell County development Addie Davis will train a trainee to take over as economic development director. She aims to prepare the county for the future with a younger leader while pursuing projects like the Kmart Big Four Shopping Center Coalwood redevelopment and a theater for recreation. Davis notes work on Kmart has begun and stresses breaking the isolation of television reliant life.
City Holding Co plans to acquire First National Bank of Hinton in Summers County for 15.3 million dollars. Officials expect completion by year end pending approvals from shareholders and regulators. First National Bank of Hinton holds about 66 million dollars in assets. City Holding counts 653.5 million in assets and eight subsidiary banks.
The dollar finished mixed in foreign exchange trading while gold rose. On the Commodity Exchange, gold for current delivery climbed 60 cents to 381.70 an ounce, and Republic National Bank quoted a late spot price of 381.30, up 1.00.
Brokerage firms have avoided large scale layoffs and steadily rebuilt staff over four years. The latest market slide intensifies caution as firms weigh potential hiring against renewed risk.
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