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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 27, 1992
Page
21
P G announced record high sales for the July September quarter at 7.9 billion dollars, with net earnings excluding a 200 million jelly reserve at 631 million, up 18 percent from a year ago. Including the reserve, earnings were 431 million.
Automotive experts say GM must downsize its bloated structure and deliver cars buyers want regardless of new chairman. Robert Stempel quit after a two year tenure marked by heavy losses, with interim leadership expected from John Smale as the board searches for a faster restructuring path.
The Dow Jones industrial average rose 36.47 to 3244.11 as traders responded to late election campaign developments. Analysts note mood shifts amid campaign news and a Commerce Department GDP report due today signals potential momentum in the economy. Firstar and Procter & Gamble posted gains while GM remained most active on the NYSE.
Regulators warned many banks remain troubled but a systemic crash is unlikely after the election. FDIC chief Andrew Howe Jr. projected 100–125 bank failures in 1992–93, citing $37–76 billion in assets, while reserves and fees are said to cover expected losses.
Iowa crop report shows only 24 percent of corn harvested by late last week, far below 84 percent a year ago and the five year average. Moisture content averaged 27 percent as warm weather slowly dries the crop and farmers await more warmth. Mold reports appeared but most corn remains in good condition.
AP. Timothy Ryan of the Office of Thrift Supervision says about 2,000 thrifts with roughly $900 billion in assets remain active. He notes 96 percent are profitable and expects 1992 profits to set a record as the bailout nears its end with 730 S&Ls closed and $88 billion spent.
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