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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 21, 1994
Page
3
April's leading indicators show higher unemployment claims at 1,895 and lower new motor vehicle registrations at 7,444, signaling a softer economy than last year but with some improvements. The seasonally adjusted unemployment rate was 8.9 percent, while average private sector wages ran 10.56 per hour and coal mining pay stood at 17.55.
Ex smoker Michael Miles exits as chairman and CEO of Philip Morris Companies Inc leaving the 61 billion conglomerate unlikely to split tobacco and food units. R William Murray becomes chairman and Geoffrey Bible takes CEO duties while two executives touted to lead the foods arm push a unified strategy. Analysts say Wall Street may value the combined company higher and board actions end breakup talks for now.
U S stocks fell broadly on Monday as weak foreign shares and a sinking dollar fueled inflation worries. The Dow dropped 34.88 to 3741.90 while the Nasdaq slid 1.4 percent. European markets also declined with Tokyo and London posting losses. Investors anticipated possible Fed rate hikes as a weak dollar could lift import costs, though data suggested the economy might be slowing. Major indices showed declines across S&P 500, NYSE composite, Nasdaq, and Amex. Notable moves included Chrysler, Caterpillar lower, Morrison rising on management news, and IDE Communications trading after audit talks. U S Healthcare gained on takeover chatter surrounding Johnson & Johnson.
At Farmers Livestock Market in Tazewell on June 16, buyers examined heifers steers bulls slaughter cows butcher bulls and breeding stock with prices per weight and per head. A horse sale is set for June 22 and rodeo events follow later in June while July sales include stock cow bred heifer and stock ewe ram offerings. Narrows Livestock Market in Narrows Virginia reported June 18 sales totaling 59561.14 with lambs feeder cattle and slaughter cattle including cows bulls and stock calves and prices by weight.
The Clean Air Act Amendments require cleaner reformulated gasoline in high pollution areas starting Jan 1 1995, but many issues remain unsettled. EPA’s possible ethanol mandate and special treatment for foreign refiners await ruling while refiners have spent millions preparing. The program would cover about a third of the U.S. gasoline market. UPS promotes Griffith and Reep to midlevel management roles, detailing their career paths and family details.
The Treasury sold 12.1 billion in three month bills at 4.18 percent average discount, up from 4.16. Another 12.1 billion in six month bills sold at 4.55 percent, unchanged from last week. Three month rate highest since May 31 at 4.23 and six month last higher May 31 at 4.67.
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