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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 28, 1994
Page
13
The New York market closed broadly up as dollar fears eased and bond prices reversed, lifting investors from a weak start. The Dow rose 48.56 to 3,685.50 amid mixed overseas trading and NYSE circuit breakers triggering near session end.
The dollar closes under 100 yen in Tokyo for the first time since the 1940s, sparking calls for stronger Japanese central bank action amid stock declines in Tokyo and Hong Kong. The currency weakness affects Japanese exporters and US inflation fears, with Europe steadier and the dollar at about 100.15 yen in London.
The Clinton administration and the Federal Reserve confront limited policy choices as the dollar sinks. Options include further rate hikes risking recession, or renewed currency market intervention whose impact has been weak. Some advocate coordinated rate cuts abroad with hikes at home, but Germany and Japan resist. If no action is taken, traders send the dollar lower, with losses nearing 9 percent versus the mark and over 10 percent versus the yen.
May existing home sales dipped slightly as mortgage rates rose to 8.6 percent, with a 4.09 million annual rate. The West led declines while the Northeast and South posted gains. Midwest was flat. Prices varied by region, median prices ranged from 87,100 to 148,600.
U S Department of Energy data show domestic coal production at 19.3 million tons for the week ending June 18, down 2.8 percent from 19.8 million. Wyoming led with 3.9 million tons, followed by Kentucky 2.9 million and West Virginia 2.7 million. Year to date production stands at 486 million tons, 6.5 percent above last year.
FCFT Inc directors in a June 22 meeting declared a 22.5 cent per share second quarter dividend to shareholders of record June 24, payable around June 30. This payout rises 36 percent from Q2 1993. First quarter 1994 earnings were 3.1 million, up from 2.3 million. ROE reached 18.97 percent, vs 15.36 percent a year ago. EPS rose to 73 cents from 54 cents. FCFT is part of FCYT, a West Virginia multi bank holding company with total resources near 700 million and about 350 employees across six counties.
Public notices from Bluefield Virginia and Princeton West Virginia announce July hearings. Bluefield Planning Commission will consider closing an alley between Roscoe and Poe streets in West Graham on July 5 at 7 p m. Princeton City Council will hold July 1994 hearings on multiple zoning and code amendments in Council Chambers at 7 30 p m. Citizens may view ordinances in offices and speak at hearings. Kelly Davis city clerk.
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