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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jan 27, 1994
Page
2
The piece compares the president's State of the Union with the CEO's annual report message. It notes both aim to impress while staying credible, using generalities, future claims, and selective details. It highlights drafting, review, and the need for candor versus rosy framing.
William H. Ellis president of Piper Jaffray Companies Inc asserts that a bull market in stocks continues aided by low inflation and low interest rates. He cites Kansas City area growth, forecasts 5-7 percent bond returns and 8-10 percent stock returns, and notes Piper Jaffray’s earnings rising to $41 million for the year ending Sept. 30.
U S factory orders for durable goods climbed 8.6 percent in 1993, the largest gain in five years, with a 2.2 percent rise in December. The Commerce Department reported a record December total of 142.8 billion dollars, continuing a five month advance. Unemployment benefit claims fell 56,000 last week amid bad weather, a holiday, and an earthquake in California.
U S Central Credit Union disclosed 255 million dollars in uninsured Banesto deposits before its seizure by Spain. Congressman Gonzalez seeks Fed review and questions if U S banks, including J P Morgan, were involved. Credit unions defend diversification to top rated global banks amid safeguards and asset flows through corporate credit unions.
The 13,000 U S credit unions must invest only in government backed U S securities while U S Central Credit Union of Overland Park, managing about 27 billion in assets, deposits members funds with foreign financial institutions without restrictions.
Marion Merrell Dow Inc reports a 21 percent drop in fourth quarter net income to 116 million and a 47 percent annual decline to 362 million after a 180 million restructuring charge. Quarterly sales fall 7 percent, and excluding the charge earnings slip 28 percent to 491 million. Philip Morris also logs steep earnings declines amid the cigarette price war, with a 71.7 percent drop in Q4 and 37.4 percent for the year.
Scott Paper Co announced a third restructuring in four years, outlining a plan to cut 8300 jobs and reduce costs to better match competition. The move places Scott among several major manufacturers slashing payroll and closing plants recently.
Local stocks brief invites readers to call for quotes and directs to Saturday Journal-World for the full market wrapup. It references a local stock update and a stock numbers line, signaling ongoing financial listings. The notice emphasizes telephone access and upcoming publication.
Market snapshots show Midland Elevator Lawrence listing wheat at 3.60 per bushel, corn 2.90, milo 4.76, and soybeans 6.88. Nearby livestock quotations from Omaha and St. Joseph reflect higher hog values, with 900 hogs and 1.00 gains for barrows and gilts, and varied ranges for 220 to 700 pound categories.
Foreka Western Resources Inc operate as KPL KG&E and Gas Service reports 1993 net income of 177.37 million on operating revenues 1.909 billion a 39 percent rise and 23 percent higher revenues than 1992 Earnings per share 2.76 on 59.29 million average shares versus 2.20 on 52.27 million in 1992 Board declares quarterly dividend 49 cents per share payable April 1 to holders of record March 4 Merger effects and return to normal weather cited as drivers with electricity sales 19.989 billion kWh up 26 percent in 1993.
Trade shows slow momentum as slaughter steer and heifer sales are below targets for a full market test. Wednesday totals include 1,500 slaughter steers and 300 slaughter heifers, with week to date at 34,000 head. Prices shown on mixed selects and choices with weights around 1175 to 1225 pounds at 72.50, 1200 pounds dressed at 175.00, heifers 1025 to 4200 pounds at 72.00 to 72.50, and 1300 pounds at 71.50, per Commerce Bank Kansas City quotes.
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