Shoppers Return as Heat Wave Boosts May Retail Sales
A spring heat wave drove May shopping as major retailers posted healthy sales. Economists remained cautious about a potential end to the recession while analysts noted emerging signs of stronger consumer activity. Thomas J. Tashjian of First Manhattan Co. said small signals point to improvement.
MENTIONED IN THIS ARTICLE
Thomas J. Tashjian
First Manhattan Co
New York
Retailers report higher sales and strong discounts
May retailer data show rising average purchase sizes and improved traffic. Prudential analyst Wayne Hood notes better showing last month due to favorable weather. Wal-Mart and Kmart again lead as shoppers stay frugal, with moderate apparel gains as warm weather spurs summer wear. Shenavan’s biggest retailer reports 13 percent sales in stores open one year from May 1990.
MENTIONED IN THIS ARTICLE
Tashjian
Wayne Hood
Prudential Securities Inc
Wal-Mart Stores Inc
Kmart Corp
Moder
Fummer
Kmart
Joseph
Antonini saidal-Mart
Shenavan
Bridgeport Files Largest Chapter 9 Case in U S History
Bridgeport Connecticut filed a Chapter 9 petition in U S Bankruptcy Court becoming the largest city to seek protection. Mayor Mary Moran said the move aimed to close a 312 million budget gap with no disruption to daily services and vowed a careful reorganization.
MENTIONED IN THIS ARTICLE
Bridgeport
Conn
U.S. Bankruptcy Court
Mary Moran
Tha Begad
Carrier parent takes 148 million writeoff
United Technologies Corp announced a 148 million charge against second quarter earnings partly from settling a long dispute with Israel over a 1984 350 million contract for a Multi-Mode Radar System. Norden Systems built the system to Israeli standards, unveiling buyer details for the first time. Kraft to drop fat percentage claims on some products following FDA hints.
MENTIONED IN THIS ARTICLE
United Technologies Corp
Israel
UTC
Martin Moore
Norden Systems Inc
Carrier Corp
Syracuse
Iimed Press
Kraft
Kraft General Foods
Philip Morris Cos
Food and Drug Administration
David A. Kessler
FDA
Michael Mudd
New law targets grocery price gouging on milk
New York state will inspect stores weekly to enforce a new law banning price gouging on retail milk sales. Officials say some grocers charged more than double what farmers received, with average markups varying by region and store. authorities aim to curb excessive profits while noting price adjustments in response to the law.
MENTIONED IN THIS ARTICLE
New York Stat
Consum
Particilure
Marsers
New York City
Citicorp Suit Alleges ARM Overcharges on Home Loans
Consumer Loan Advocates says Citicorp Mortgage and Citicorp overcharged adjustable rate mortgage customers. The suit seeks class action status for up to 47,000 borrowers, claiming up to 50 million dollars in errors before 1989 corrections. Geddes notes no reimbursement was made.
MENTIONED IN THIS ARTICLE
Citicorp
Citicorp Mortgage Inc
Consumer Loan Advocates
Lake Bluff
John Geddes
Geddes
Savings and Loan Regulator
Gerldes
St. Louis
New York
Geddas
Skaneateles bank chief quits two posts
Alec C. Davis steps down as president and CEO of Skaneateles Savings Bank and Center Banks Inc. saying personal reasons and no board pressure. William J. Welch to run daily operations. bank in transition amid rising loan losses and larger reserve increases. Center Banks holds over $209 million in assets.
MENTIONED IN THIS ARTICLE
Alec C. Davis
Center Banks Inc
Davis
Center Banks
Marian B. Schoenheit
William J. Welch
Kathleen Piper
Skaneateles Savings
Syracuse
Camillus
Skaneateles
Chief woos minorities cuts S&L asset packages
The Resolution Trust Corp chairman L William Seidman said the agency will break up the assets taken from failed savings associations into smaller parcels next month. The move aims to help smaller and minority firms win government contracts to manage about 200 million dollars in assets until sale.
MENTIONED IN THIS ARTICLE
L. William Seidman
Resolution Trust Corp
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