The Galveston Daily News from Galveston, Texas · Page 13 Click to view larger version
February 3, 1994

The Galveston Daily News from Galveston, Texas · Page 13

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The Galveston Daily News i
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Galveston, Texas
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Thursday, February 3, 1994
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GALVESTON COUNTY, TEXAS BUSINESS THURSDAY, FEB. 3, 1994 THE DAILY NEWS Market Stocks rally in late advance Market in brief February 2, 1994 DOW(Induslrials) NYSE S&P500 SSPMidCap AM EX NASDAQ The Associated Press NEW YORK — Stocks rallied in a late advance Wednesday, with fears about interest rates and inflation easing amid some more good news on the economy. Several major market indicators, including the Standard & Poors index of 500 stocks and the NYSE composite index, set all-time highs for the second time this week. The Dow Jones industrial average rose 11.53 points to 3,975.54, just three points shy of its record close on Monday. Advancing issues outnumbered declines by about 3 to 2 to on the New York Stock Exchange. Volume on the floor of the Big Board came to 328.77 million shares as of 4 p.m., up from 322.44 million in the previous session. Stocks dragged for much of the day before assimilating the day's good news and shooting higher. Bond prices moved higher again, pushing down interest rates. On Tuesday, bonds had fallen off amid worry any rise in inflation might spur the Federal Reserve to tighten credit sooner rather than later. That had halted successive days of stock market record highs. NYSE Diary Advances: 1,279 Declines: 851 Unchanged? 620 Total issues: 2,750 New highs 159 • New lows 15 Composite volume: 399,299,610 1993 avg. comp. vol.: 323,714,610 AP Local stocks (The following quotations are supplied through courtesy of Merrill Lynch Pierce Fenner & Smith of Galveston. For information, call 762-7616.) AlliedCorp 79'/« Alum Co Am 79V< Amer Air 71 5 /t Am Cyan 49V< AT&T 56V. Amerilech 41 Vs Amoco 54=/< Armco Inc 6*/» All Rich 111V, BellSouth 59 Boeing co 43'/ z Borden 15Ve Campbl Sp 38>/« Chevron 93'/s Chrysler 61V. Coca Cola 41'/a ColgPol 60V. COMPAQ 87V. CBS/CBS 308 Cnlrtdala 23 Delia Air 56Vi DowChem 63V« Dillards 3SV, DuPont 56 East Kodak 44V« Ene 33V. Ensearch 1S £ /B Entergy 37</» Exxon 67'/. Ford 67V. FrplMor 20V. Gen Dyn 93V, GenElec 109 Gen Motors 61V, GTE 34V, Gillette 61 Gold 384.50 Goodrich 42V. Goodyear 48 Gmmman 41 Halliburton 34 HarkenEn 1V, HewlPckcJ 85=7. Honeywell 33'/z Hous Ind 6V» Hughes tool 21V. IBM SB'/. Imp Hoi! 10V. Inco Ltd 28 Int Paper 77 IntlSpec 7 IntT&T 99V, Kmart 193/0 Kroger 21 V» Litton Ind 69V. Lockheed 66 LTV 17V, Lyondell 22'/» McDon Doug..114V2 Minn Mnn 106Vz Monsanto 79V» Motorola 101 Mobil Oil 811/t NatMedEnt 16 Navistar 25 Nynex 39Va PacGasEI 33'/ 2 PacTe! 57V. Panhdi Est 25V. Penney 53Vz PZL 55V. Pepsico 39V, Phil Morris 59V. Phil Pet 30V. (The following quotations, supplied by Merrill Lynch Pierce Fenner & Smith, are of interest because of the nature of the organization, holdings or operations in this area.) Am Ind Fnc 12V. 13V. Am Ntl Ins Co 51'/2 53V. Anheuser Busch 49V. Anico Growth 4.30 4.56 Anico Income 22.16 23.51 Anico Triftex 15.81 16.77 CFBl/Cullen Frost 34-/2 35V. Hombeck 16V. 17 Ldry 25 25V* Mitch Energy-A 22V. NB 50'/2 Stewart Inc 29Vj 31V. Stewart Stev 48V. 49 Stci 20 20V. TCI 273/, 27'h PermnBas 5V« Polaroid 33V, Ralston Pur 44V» Raytheon 66V, Ftnlds Mil 53V, RoylDPet 109 Santa Fe 25V. Sears 51V. SrvClntl 26V» ShrwnWIms 34V, Silver 5.30 Sony 58'/2 So Un Gas 34Vs Southern Co 42'/a SW Bell 40V. Sterling 4V, Syntex 15V. Sysco 27Vj Tenneco 57V. TexNMPwr 17',', Texaco 67V. Txlnstr 72V. Textron 59V'. TexUtil 38>/2 Time Warner ...y.OVo Todd Shpyd 4'/» Transco 15V» RW 76V, Union Carb 26 Unisys 14V. Unocal 29'/a UnElecPwr 37V, US West 42V. USX Corp 42V2 Walgreens 38 7 /« Wal-Mart ...27V, WestmCo 15'/. Wstnghse 14 Woolworth 25V. Xerox 96V, Zapata 1V, Zenith 8'/, Marine log Marine Log is a column devoted to matters of interest to the Galveston area maritime community. Please send marine-related news to Marine Log, The Galveston County Daily News, P.O. Box 628, Galveston 77553, or phone 744-3611, Ext. 230. Galveston Sedco 472, Sedco Forex, lay, Pier 14 east. Star of Texas, Biehl & Co., passengers, Pier 25/26. Geco Sigma, Strachan, repairs, Pier 36 south. Tor Viking, Ocean Drill, repairs, Money rates Pier 39/40. M.G. Hulme, Jr., Reading & Bates, repairs, Pier 39/40. Discoverer No. 534, Inchcape Southern, lay, Pier 40 south. USNS Algol, Strachan. lay, Pier 33. Texas City Formosa Five, Biehl & Co., loading, Pier 1. Parrot Lake, Cangea, discharging, Pier 11. Fredricksburg, Sea Gulf, loading, Pier 16. Maralunga, Biehl & Co., discharging, Pier 19. NEW YORK (AP) — Money rales (or Wednesday as reported byTelerate Systems Inc: Telsrate interest rate index: 3.250 Prime Rale: 6.00 Discount Rale: 3.00 Broker call loan ra;e: 5.00 Federal funds mantel rale: High 350 Low 3.125 Last 3.125 Dealers commercial paper: 30-180 days: 3 H-3,32 Commercial paper byfr.ance company. 30-270 days: 3.11-3 25 Bankers acceptances dealer indications: 30 days. 3.12 60 days. 3.15 90 days. 3.16 120 days. 324 150 days. 3.23 180 days. 3,32 Certificates of Deposit Primary. 30 days. 2.50 90 days. 2.54 160 days. 2.66 Certificates ol Deposit by dealer: 30 days. 3 17 63 days. 3 20 90 days. 323 120 days. 3,30 150 days. 3.35 180 days. 3.40 Eurodollar rates: Overnight. 3.4375-3 5625 1 month. 3.0625-3.1875 3 months. 3.1375-33125 6 months. 3.375-3.50 1 year. 3.6875-3.8125 London Inierbk Offered Rate: 3 mor.'hs, 3,25 6 morons. 350 1 year. 3,8125 Treasury Bill auction results: average discount rale: 3-month as of Jan. 31: 2.99 6-month as of Jan. 31: 3.16 Treasury Bin. annualized rale on weekly average basis, yield adjusted for constant maturty. 1- year, as of Jan. 31: 3.51 Treas. Bill market rale. 1-year: 3.45-3.43 Treas. Bond martet rate. 30-year: 6,28 Fannie Mae 30 year mortgage commitment: 30 days. 6,57 60 days. 6.97 Merriii Lynch Ready Assets: 30 day average yield: 2.72 Cash petroleum Study: Many brand-name drugs far cheaper in Britain The Associated Press WASHINGTON — Drug manufacturers charge 60 percent more for many brand- name drugs in the United States than for the identical medicines in the United Kingdom, a government study finds. The comparison of wholesale prices found one contraceptive pill, Nordette, cost 17 times more here than in the United Kingdom. Valium cost 10 times as much and the heart drug Inderal cost nearly nine times as much. Rep. Henry Waxman, D-Calif., said the General Accounting Office study demonstrates that Americans are being forced to pay high prices to subsidize "low drug prices in the rest of the world." NEW YORK (AP) — Petroleum cash prices Wednesday as cooipared witu Tuesday prices. Wed. Tue. ReHned Products Fuel oi! No. 2 NY hbr bg gl fob .6025 .5570 Gs!n un! prem RVP NY hbr bg gt lob .5315 .5218 Gsln unl RVP NY hbr bg gl lob .4615 .4495 Prices provided by Oil Buyers Gukie x- prices are lor RVP grate of gasoline Petroleum — Crude Grades Saudi Arabian light S per Lbl fob 13.60 13.20 North Sea Brent S per bW !ob 15.30 1490 West Texas Interned t per bbl fob 16.05 1590 Alas* No. Slops del. US Gull Coast 14.90 14,65 Aiask No. Stope ciel. West Coast 13.69 13.42 n a.-not avai!ab!e-n.q. rol quoted, r-revised. b-bid a-asVed. Waxman said Congress, as part of health reform, "must find a way to balance profits and price in a way ... fairer to the American consumer." The British market is heavily regulated, with the government buying most drugs through the National Health Service. The pharmaceutical industry said the study exaggerated the actual price gap by ignoring generic drugs and widespread discounting and rebates in the U.S. market. Americans would never settle for the health care "rationing" that Britons live with, said Pharmaceutical Manufacturers Association vice president Robert F. Allnutt. The Warner Lambert Co. released a study by a Harvard Medical School researcher, Thomas McLaughlin, who found only slight variations in prices of new drugs introduced in 1990-91 in the United States, Britain, Canada and Germany. The study found the price gap is widest — 120 percent — for older drugs brought to market before 1980 and smallest — 17 percent— for those introduced since 1986. A previous GAO study in 1992 found a 32 percent price gap between the same drugs in the United States and Canada. The industry noted then that Canadian firms develop few new drugs. The new GAO report said the British pharmaceutical industry remains "one of the world's leaders" in research and development, ranking third behind the United States and Japan in developing major new drugs since 1970. Good economic news just keeps on coming Home sales hit eight-year high; leading index best since recession The Associated Press WASHINGTON — Fresh reports reinforced rosy predictions for the reviving economy Wednesday. Home sales surged to an eight-year high and the government's forecasting gauge turned in its best five-month showing since the nation was pulling out of recession a decade ago. Noting the reports came on Groundhog Day, Robert Beder- ick of the Northern Trust Co. in Chicago said: "These statistics suggest that when the economists came out and looked at the numbers, they saw springtime. We aren't going to hit a brick wall, weather permitting." The Commerce Department said its Index of Leading Economic Indicators rose for the fifth straight month, including a 0.7 percent advance in December. The cumulative increase for the five months was 2.5 percent, the best showing since a 6 percent rise over seven months in 1983 when the nation was emerging from its worst slump since the Great Depression. Three straight moves by the index in one direction are considered a good — though not foolproof — sign of where the economy will be moving in the next six to nine months. While the latest index figures mched economists' projections, the figures for new home sales exceeded most forecasts. The departments of Commerce and Housing and Urban Development said sales of new homes shot up 9.7 percent in 1993 and ended the year by jumping 11.4 percent in December to a seasonally adjusted annual rate of 862,000. That rate was the best monthly showing since an 880,000 rate in March 1986. Yearly sales totaled 669,000, highest since 676,000 in 1988. Practically all of the economic news lately has been good. Last week, the government reported the economy expanded in the last quarter of 1993 at a brisk 5.9 percent annual rate. Many analysts predict the pace will slacken this year to the 3 percent range. The Gross Domestic Product that measures all goods and services produced in the United States was up 2.9 percent for all of 1993, the strongest performance in five years. There could be a pause in the advance because of the unusually harsh January weather and ^ ^ BjCTjssfcWCT » <* xxsassasitr -**J STAR OF TEXAS 1-8OO-495-2121 NOW YOU CAN ENJOY AT BREAKFAST TOO! We're serving up piping hot biscuits, Logo NOT \ eggs, sausage & bacon. on mac! J ...plus FREE coffee refills! Stop ay on youf way to woek Breakfast served 6:OOam-lO:30am • 2528 Broadway »763-6356 Dear Patients: I regretfully have to inform you that as of Jan. 30, 1994 I will close my office at 1711 6th St. North in Texas City. I will no longer be engaged in the private practice of Family Medicine in Texas City. I have accepted a position that is simply too good to refuse. Your medical records will be available at: Dr. John P. Reeves 1711 6th St. North Texas City, Texas 77590 (409) 948-1777 Your records will be available for transfer to the physician of your choice. However, you can continue to receive excellent care by my friend and associate Dr. John Reeves if you desire. I have truly enjoyed caring for you over the past 131/2 years. The special relationship we have shared will be remembered always. I hope and pray your transition to another physician will proceed smoothly. The support you have shov/n me is greatly appreciated and will forever be a part of me. This new job will afford me opportunities that were not available here. I will sincerely miss all of you. Qod Bless You & Thank You Clarence M. Porter M.D. sales The yearly totals of riaw home sales since 1$82 as complied by the Departments of Commerce and Housing and Urban Affairs. 800 Thousands of units 750 700 650 600 550 500 450 400 ' 750,000 in 1986 '84 Source: U.S. Dept. ol Commerce AP/Cart Fox the California earthquake. "But that shouldn't take away from the fact that the economy seems on much more solid footing now" than it was early in 1993, when growth came to aear standstill, said Laurence H. Meyer, head of a St. Louis economic forecasting service. "We expect consumers to continue to be more upbeat and the labor market to continue to improve," one analyst said. Japanese Prime Minister Hosokawa announces tax cut The Associated Press TOKYO — Prime Minister Morihiro Hosokawa announced a $55 billion tax cut early today, an initiative that could help troubled U.S.-Japan trade talks but shatter his fragile ruling coalition. Debate over the cut threatened the stability of Japan's government iust a week before Hosokawa is to meet with President Clinton in Washington. The turmoil also could undermine the main purpose of the tax cut: reviving Japan's economy. The cut in income and residence taxes is supposed to get consumers back in the stores and help Japan out of a severe recession. But Hosokawa yielded to the Finance Ministry in agreeing to make up for the cut by raising the national sales tax to 7 percent from 3 percent in April 1997. That led the Socialists, the largest but shakiest party in Hosokawa's seven-party governing coalition, to denounce the plan. SALTZ'S BEVERAGE MART MILWAUKEE'S BEST •12PK.120Z. CANS BUD&' BUD LIGHT' 18 PK. CANS SCHLITZ 12 PK. 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