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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 19, 1992
Page
19
The bank set aside 1 million to aid consumers with refinancing and low interest loans amid weak economy. Rates range from 8.4 percent for new vehicles to 13 percent for unsecured personal loans, according to Tom Baumhover.
Toys R Us reports first quarter earnings of 28.3 million dollars or 10 cents a share on 1.17 billion in sales up from 22.4 million and 1.03 billion a year earlier. Chairman Lazarus cites stronger basic toy sales while Kids R Us clothing unit remains weak.
In Washington the Treasury sold 11.6 billion dollars of six month bills at a 3.71 percent discount and 11.6 billion in three month bills at 3.61 percent. The Fed reported one year bill yields slipped to 4.12 percent. In Indiana Wilson Food Corp and unions prepare to meet to end a four state strike.
At the Inc 500 conference in Des Moines a survey of CEOs from America's fastest growing firms shows Ross Perot leading with 43 percent of 380 votes. George Bush 40 percent and Bill Clinton 9 percent. Bernard Goldhirsh calls the group highly astute.
Texan Tom Witherspoon of S&W Foundation Contractors in Richardson says the event lets executives swap war stories to solve problems. Inc magazine ranks his firm No. 294 among the nation's 500 fastest-growing private companies. Iowa hopes to attract future growth with the Field of Dreams theme and expansion prospects.
U.S. and Japanese auto makers agreed to form a joint working group to reduce the chronic sales imbalance. The four hour meeting in Oak Brook produced a businesslike tone with no dramatic outcomes but distinct plans to boost U.S. vehicle sales in Japan and lift Japanese purchases of U.S.-made car parts from $9 billion to $19 billion by 1994.
Iowa farmers near finishing 1992 corn planting with 97 percent seeded and 53 percent emerged as rain remains needed. Soybeans show 63 percent planted and 10 percent emerged while precipitation stays below normal. Topsoil and subsoil moisture remain largely adequate though overall month rainfall is under half of normal.
Dow rose 22.94 to 3376.03 as 149.83 million shares traded on the NYSE. Advances outpaced declines 3 to 2 with gains led by Penwest and Wal-Mart while Olympia & York bankruptcy fears lingered but relief eyed from slow growth and low inflation. Hewlett Packard fell as real estate debt concerns weighed on sentiment.
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