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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Dec 30, 1992
Page
8
The Conference Board reports consumer confidence rose again in December to 78.3, the highest since April 1991, with Americans more willing to borrow and spend. Dow Jones rose nearly 20 points and long term Treasurys gained, signaling renewed optimism about jobs and growth.
Le Park Communications announced the purchase of Effingham Daily News and The Weekly Advertiser, both based in Effingham Illinois, from Joseph E McNaughton and family. The sale price was not disclosed. Effingham Daily News has a 13,000 circulation with a weekday afternoon and Saturday morning edition. Park, based in Ithaca, already owns 41 daily newspapers and 143 publications, plus 22 radio and eight TV stations.
The Progress edition will be published Jan 31 in the Herald American, examining business in 1992 and looking ahead to 1993. Readers are invited to submit company details by Jan 4, 1993, to Ellen Miller, Herald-Journal Business section, Syracuse NY. Stock markets closed mixed after a volatile session, Dow Jones 30 industrials around 3,311, with gains in advancers and notable blue chip pressure on fears of unsustainable demand.
Johnson Redbook reports a 10.4 percent rise in sales from Nov 29 to Christmas Day versus a year earlier, with holiday season gains expected between 8 and 9 percent after final results. TeleCheck notes only a 1.3 percent rise in check payments, while analysts warn of a possible early 1993 cooling as consumers pay off bills.
American Airlines parent AMR to acquire one third of Canadian Airlines International and handle its administrative work in exchange for about 24 million Canadian dollars. The arrangement aims to cut costs and raise revenue, with AMR already providing services for 20 to 30 airlines. Canadian will move accounting and data processing to AMR, cutting thousands of Canadian jobs and costing hundreds of millions in savings.
Troma Inc sues New Line Cinema in New York court claiming New Line reneged on a plan to film a Toxic Crusaders environmental movie. Troma seeks 50 million in damages, alleging the project stalled to avoid competing with Teenage Mutant Ninja Turtles II.
Wall Street firms posted a record 838 billion in underwriting in 1992, up 42 percent from 1991 as low interest rates spurred stock and bond fundraising. Fees earned rose nearly 45 percent to over 6.7 billion. Securities Data Co. noted dramatic market strength and end of year records across many categories.
Malcolm Berko warns readers about a large brokerage sponsored Real Estate Limited Partnership after past energy LP losses. He notes high minimums, potential conflicts of interest, and lawsuits from investors. He urges independent verification and research before investing despite promoter confidence.
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