Banks post record first quarter profits despite real estate woes
Washington AP reports U S commercial banks earned a record 7.6 billion in Q1 led by 93 percent profitability across 11 806 banks. FDIC chair William Taylor warns profits mask underlying troubles from weak real estate loans and potential extended losses despite low rates.
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Washington
William Taylor
Federal Deposit Insurance Corp
FDIC
Lawrence eyed revival in commercial real estate activity
Lawrence Chamber of Commerce President Gary Toebben and McGrew Real Estate agent Doug Brown say commercial construction could revive as the economy strengthens. A former All-Star Dairy site at Second Street and McDonald Drive will be redeveloped into a 55 000 square foot office complex by Star Group L C with Sallie Mae leasing 16 000 square feet. Knight Enterprises plans to fill remaining space at Lawrence Office Center. Low rents, eight to twelve dollars per square foot, deter new development despite rising demand and improved office leasing.
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Lawrence
Gary Toebben
Lawrence Chamber of Commerce
Doug Brown
McGrew Real Estate
All-Star Dairy
Second Street
McDonald
Bo Harris
Sallie Mae
Student Loan Marketing Assn
Harris
Star Group
Knight's Company
Retirement Management Co
Brandon Woods
Elizabeth Hague
Knight’s Company
Tobbben
Johnson County
Market Summary Mixed as Stocks Fall and Farm Quotations Noted
The day opens with Midland Elevator listings showing grains at 3.76 for wheat 2.65 for corn 4.57 for mile and 6.21 for soybeans. New York trading reveals the Dow down 8.82 to 3361.19 by noon with 584 gainers 786 losers and 637 unchanged. Tuesday’s 34.21 drop fuels inflation fears and higher long term yields near 7.89 percent. Livestock quotations from St Joseph and Omaha reflect feeder cattle and hog price movements with mixed results and steady to lower trends across categories.
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Midland Elevator
Lawrence
New York
Wall Street
Federal Reserve
Treasury
McDonald's
Exxon
Philip Morris
Procter & Gamble
NYSE
American Stock Exchange
Omaha
Neb
USDA
U.S
Air fare wars spill into courts as Continental sues American
Continental Airlines sues American Airlines in Galveston claiming predatory pricing aims to kill rivals. American denies the charge and says recent fare cuts seek to reverse losses. Continental, under bankruptcy protection, argues price cuts will not profit without grounding rivals and notes a half price fare sale ended last Friday.
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New York
Continental Airlines
American Airlines
American
Continental
Galveston
Tex
Profits Seen Rising for First Time Since 1988
A Blue Chip Economic Indicators survey of 50 economists projects pre tax corporate profits to rise 16.5 percent in 1992 and 13.1 percent in 1993. The panel, including banks, forecasting services, universities, and Wall Street firms, notes past declines during recessions and expects GDP growth of 2.1 percent in 1992 and 3.1 percent in 1993 with inflation easing to 3.2 and 3.6 percent respectively.
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Washington
America
Toye
Blue Chip Economic Indicators
Robert J. Eggert
Wall Street
Cutting debt still the trend
Washington reports that consumer borrowing continues to shrink. The Federal Reserve notes April's outstanding consumer credit dropped 6.3 percent to 723.6 billion, the steepest fall in nearly 12 years, with nine declines in 12 months and three straight monthly drops.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
David Wyss
DRI
McGraw Hill
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