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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jun 07, 1991
Page
128
A May surge in summer wear purchases by shoppers across stores and malls signals healthy retail gains yet economists question if consumer demand hints at an end to the recession. Analysts like Thomas J. Tashjian of First Manhattan Co. see early line signals of improvement.
1990 data indicate higher apparel sales and larger average purchases. Wayne Hoo of Prudential Securities cited favorable weather patterns last month. Discount retailers led by Wal-Mart and Kmart continued to attract shoppers amid mid-priced apparel demand and above average temperatures.
New York state moves to police grocery stores and supermarkets to curb milk price gouging. Mary Waters of the Agriculture and Markets office says the law aims to stop retailers from charging more than double farmers’ prices, with NYC area milk averaging 2.60 per gallon in April while farmers earned 1.15. Upstate stores averaged 2.00 per gallon against 1.09 to farmers, a $1.26 gap, and enforcement begins next week to protect consumers and ensure reasonable markups.
Bridgeport, Connecticut filed for Chapter 9 protection becoming the largest U.S. city to seek bankruptcy. Mayor Mary Moran said services would continue as officials work to close a 312 million budget gap without drastic cuts.
United Technologies Corp, UTC, will take a 148 million charge against its second quarter earnings. The writeoff stems from settlement of a long running contract dispute with Israel over the 2350 million Multi-Mode Radar System for Israel’s F4 Phantom jets. Norden Systems, a UTC subsidiary, had developed the system for Israel, investing heavily in research and development. UTC confirmed Carrier Corp of Syracuse is its subsidiary.
Kraft General Foods plans to drop fat-percentage claims on collage cheese and other items as it awaits an FDA position. Kraft told the FDA last summer it might change labels and learned chairman David A. Kessler would cite Kraft's offer in a nutrition conference speech.
A Chicago area consumer group accuses Citicorp Mortgage Inc and Citicorp of systemic errors in ARM payment calculations through 1989, claiming borrowers were overcharged up to 50 million dollars. The suit in St Louis seeks class action status for up to 47,000 affected homeowners nationwide.
Alec C. Davis resigns as president and CEO of Center Banks Inc. and Skaneateles Savings Bank for personal reasons after a long tenure since 1985. He stays on the bank board as William J. Welch takes interim duties. the lender faces loan losses and reserve increases.
The top regulator in the S&L bailout vows more business for minority firms and a changed government bidding process for assets seized from failed Savings associations. The Resolution Trust Corp will break asset packages into smaller parcels next month to boost small and minority firms’ chances to manage the assets until sale. Average contracts run about $200 million.
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