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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jan 29, 1991
Page
9
The Dow fell 4.95 to 2654.45 after a rally run as advancers outnumbered decliners about 4 to 2 on light volume. NYSE composite edged up to 183.47, S&P indices showed small moves, and NASDAQ climbed 2.52 with AMEX up 1.29.
Lotus restaurant debuts in Frederick offering soups, appetizers, vegetarian and children's options. Owners James Lim and Carol Heavner, also of Hot Wok, emphasize a Chinese decor and a carry-out friendly atmosphere. Highlights include salt and pepper pork, scallops in a bird's nest, macadamia shrimp and beef over fried potatoes. Open daily with weekday hours 11 a.m. to 10 p.m. and weekends 11 a.m. to 11 p.m. Call 694-3388.
Chevron reports 1990 fiscal year earnings of 2.157 billion by dollar gains and a 1.8 per share fourth quarter. Exxon records fourth quarter earnings of 1.55 billion with 1989 loss offset by cleanup costs. 1990 annual earnings reach 5.0 billion. Other majors Mobil Texaco Amoco also rise.
Rhode Island officials reported eight closed banks and credit unions would start making partial payments to depositors while a full bailout remains unresolved. Gov Sundlun and lawmakers continued negotiating a plan to free $1.3 billion tied up in 14 institutions. Depositors protested at the Statehouse as hearings on the bailout proposal proceeded.
Moscow officials reported some foreign businesses have canceled or suspended investment plans in the Soviet Union after Baltic crackdowns, though major investors say it is too early to pull out. Deputy Mayor Sergei Stankevich warned that domestic turmoil could curb foreign investment, potentially hindering Gorbachev's reform drive amid republic and national government conflicts.
The Bush administration projects the FDIC insurance fund will run short next year unless banks contribute billions. By Sept. 30, 1992 a $4 billion deficit is forecast, rising to $22.5 billion by 1995 even with a higher premium. A Treasury plan seeks a five‑year, $5 billion annual contribution into a trust for early intervention. Bankers urge industry funding over taxpayer money, but dispute timing and amount.
Washington AP reports that December income rose 0.7 percent while inflation hit 6.1 percent for 1990. Commerce Dept records show incomes up 6.0 percent for the year, with consumer spending matching that gain at 6.0 percent. Total incomes reached $4.65 trillion and consumption $3.66 trillion, amid unemployment and shifting wage totals.
The Senate revived a measure by Sens. Richard Bryan and Slade Gorton to raise auto fuel efficiency 20 percent by 1996 and 40 percent by 2001. Supporters, citing Gulf War concerns and oil imports, say the plan would push mpg from 27.5 to about 34 by 1996 and near 40 by 2001, with expected oil savings of 2.5 million barrels daily.
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