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Newspaper
The Gaston Gazette
Location
Gastonia, North Carolina, United States of America
Date
Jun 23, 1992
Page
10
The market extended a two week slide with the Dow closing down 4.55 at 3,280.80. NYSE breadth favored decliners 1,143 to 603, with 525 unchanged, and the composite slipped 0.40 to 221.56. Tokyo and Nikkei tumbled to a 54 year low, while analysts cited election jitters and hopes of Fed rate relief fading.
The Treasury Department said the May federal budget deficit rose to 46.9 billion dollars, erasing April's small surplus from income tax receipts. For the first eight months of fiscal 1992, the deficit totaled 231.7 billion, up 32 percent from the prior year.
Advisors to the Food and Drug Administration urged approval of Upjohn Co’s Depo-Provera, a three month birth control injection. The Fertility and Maternal Health Drugs Advisory Committee voted unanimously after a day of testimony and recommended its use for contraception in the United States along with existing cancer indications.
The Federal Reserve announced the Russian American Bankers Forum to assist Russia’s aging financial system. New York Fed President Gerald Corrigan said the group will provide nuts and bolts guidance to help Russia join the global economy more quickly.
American Express Corp warned it might scrub plans to move into the office project unless Olympia & York meets conditions. A lease break at Canary Wharf could jeopardize the development’s financial prospects, according to staff and wire reports.
New York based Stanley Queens Group Inc plans a $5 million addition to its plant on N C 27 to add a second press, dye cutter and gluer, boosting total space to about 110 000 square feet and creating about 25 new highly skilled jobs. Construction starts July 1 and should finish by late October or early November. The Gastonia contractor Pinnix Inc will build the addition. The plant, which opened in 1989 with seven employees, now has 71 and will hire up to 25 more over six months as sales grow. Workers will be paid 8 to 18 dollars per hour and receive on the job training. Queens operates plants in Indianapolis Louisville and Edison employing more than 850 people. The company makes folding cartons for drugs electronics and other goods. The plant uses advanced web offset printing and is one of the group’s more modern facilities. Brown notes the expansion will boost production and profitability.
Tim Phillips, Hungry Howie's Gastonia franchisee, reports a 200 percent sales increase after buying the two-store operation in June 1991. He markets with price matches plus 50 cents, sources fresh ingredients daily, and has secured a district school lunch contract to boost visibility.
Reverend Joel Long, formerly chaplain at Carolina Freight Carriers in Cherryville, is named associate director at Holy Angels Inc. in Belmont, overseeing outreach services including development and volunteers. Martha Melenda, a Gaston County Schools teacher for 19 years, becomes director of support services. Holy Angels serves 96 children and adults with developmental disabilities.
Claude Clark of Gastonia and his wife Anne have acquired Piedmont Restaurant Equipment Inc. from Titus Greene for an undisclosed price. The firm serves North and South Carolina with showrooms in Gastonia and Spartanburg, plus staff of seven handling equipment sales, design work, and turn-key installations for restaurants, hospitals, and schools.
Raleigh AP reports the North Carolina attorney general accuses J C Penney of advertising phony discounts by inflating regular jewelry prices prior to sales. The suit targets about 40 stores. JCPenney denies the claims and seeks private hearing for sensitive testimony.
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