The Galveston Daily News from Galveston, Texas on October 13, 1993 · Page 6
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The Galveston Daily News from Galveston, Texas · Page 6

Galveston, Texas
Issue Date:
Wednesday, October 13, 1993
Page 6
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6-A THE GALVESTQN DAILY NEWS WEDNESDAY MORNING, OCTOBER 13,1993 pBriefly Stock market mixed Market in brief October 12, 1993 DOW(IndustriaJs) NYSE S&P500 S&P MidCap AMEX NASDAQ NEW YORK (AP) — The stock market ended mixed Tuesday, with investors encouraged by some strong corporate earnings reports but still concerned about the economy. For a second day, the Nasdaq and American indexes set new closing highs. The Dow Jones industrial average fell 0.28 point to 3,593.13. Advancing issues outnumbered declines by about 8 to 7 on the New York Stock Exchange. Volume on the floor of the Big Board came to 263.94 million shares as of 4 p.m., up from 182.71 million in the previous session. Quarterly profit reports from Merrill Lynch, Motorola and Nasdaq-listed Wellfleet Communications were better than many private economists had expected, and each lifted other stocks in its industry group. Merrill Lynch rose 2^ to 101%, pulling up other brokerage issues. Morgan Stanley rose 3% to88& Motorola jumped 5 to 103K, giving a much-needed boost to computer-chip stocks, which retreated on Monday with Intel's slightly-worse-than-expected earnings report. NYSE Diary Advances: 1,081 Declines: 937 Unchanged: 628 Total issues: 2,646 New highs 145 • New lows 24 Compositevolume: 327,326,890 1992 avg. comp. vol.: 250,157,090 AP LOCAL STOCKS (The following quotations aro supplied through courtasy of Merrill Lynch Piecca Fanner & Smith of GalvGston. For information, call 762-7616.) AlliedCorp 71 Vs Alum Co Am ....67V» Amer Air 64<h Am Cyan 55</i AT&T 57V. Ameri!ech B4'/2 Amoco 57'/i Armco Inc 5'/< All Rich 113Vi Bell South 58 Boeing co 37V 9 Bordsn 16'/« CampbISp 38 Chevron 95 7 /i Chrysler 48'/2 Coca Cola 42'/i Colg Pol 55'A COMPAQ 61'/< CBS/CBS 276V. Cntrldata 19V. Delia Air 53Vi DowChem S9V; Qillards 3S'/> DuPont 46'/» East Kodak 59 V« Ene 36'A Ensearch 2GWi Entergy 38Vi Exxon 65'/> Ford 54'/i FrpIMor 17V« Gen Dyn 96'/ 8 Gen Else .95Vj Gen Motors 43V< GTE 38 Gilletle 58V< Gold 361.60 Good/ich 43>/i Goodyear 46'/i Grumman 34'/z Haflibunon 36'/< HsrkenEn 1V, S HewlPcfcd 70 Honeywell 35'/. Hous Ind 45Vz Hughes tool 22'/z IBM 43V, Imp Holt 11 IncoLtd 19'A Inl Paper 5BV< Inil Spec 6Vi InlT&T gov« Kmart 23 V> Kroger 20'/ 2 Litton Ind 6AV> Lockheed 64Y« LTV iiv, Lyondell 19V« McDonOo'jg 92 Minn Mnn 103V< Monsanto.: 6B'/< Motorola .103'/j Mobil Oil 84'A NatMedEnt 11Vs Navistar 22V* Nynex 44 PacGas El 35V, PacTel 53V« Panhdl Est 24'/< Penney 47 PZL 61'/, Pepsico 39^/4 Phil Morris 48V. Phil Pet 35Vi Permn Bas 4V» Tx Instr 66</i Polaroid 32 Textron 56V. Qua CH Tex Util 45V. Ralston Pur 40 Time Warner 43 Raylheon 63V, ToddShpyd 4V. RnldsM « «V. Transco... . 17* RQ >" DrPet 10W ' RW 66 £±:::S UM «* SrvClntl 25V. Shrwn Wlms ....35'/> Silver 4.34 Sony 42Vi Unisys 117/, Uncial 2BV» Un ElecPwr 43 US West 48'A So UnGas 25vi USX Corp 31V, Southern Co ....44</ 2 Walgreens 40V B SW Bell 41 Wai-Marl 25V« Sterling ..3V« Weslrn Co 18'/a Syntax 17'/» Wstnghse 13-A Sysco 285/1 Woolworth 25Vi Tenneco 52>/« Xerox 72 TexNMPwr 17 Zapata v/. Texaco 69'A Zeniih 6¥< (The following quotations, supplied by Merrill Lynch Pierce Fanner i Smith, are of irrtarest bscausa of tha nature of tha organization, holdings or operations in this area.) Am I/id Fnc .' 14'A 15 Am Nil Ins Co ". ssi/, 593/4 Anheuser Busch 46V< Anico Growth 4.55 4.33 Anico Income 23.13 24.54 Anico Triflex 16.27 17.26 CFB!/Cullen Frost 38V. 38V* Hornbeck 22V» 22Vi Ldry i 9 ,/ 4 19 ,/ 2 Mitch Energy-A 26'A NB 51 s/ B Stewart Inc 27^ 28V» Siewart Stev 47 47^, s 'ci 19V. 19'/ ; TCI 28'A 2SV. MARINE LOG Marine Log ;s a column devoted to matters of interest to the Galveston area maritime community. Please sand marine-related news to Marine Log, The GaJveston Daily News, P.O. Box 628, Galveston, 77553, or phone 744-3611 Ext. 230. Qaivaston Port Seavjing 1, Seawing Corp., lay, Pier 9 slip. Sea-Ming 4, Seawing Ccxp., lay, Ptef 9 slip. Sedco 472, Sedco Forex, lay. Pier 14easL Mission Buenaventura, G&M Welding, repairs, Pier 14 west. Ocean Trader, Del Monte, discharge bananas, Pier 18 slip. Star of Texas, Biehl and Co., passengers, Pier 21 slip. Sugar Barges, Imperial Holly, discharge sugar, Sugar Docks 35-36 T- head. Barge 407, Jo Maris, unload railcars, Pier 38 south. Tajin, Jo Maris, lay, Pier 39 north. Tor Viking, Ocean Drill, repairs, Piers 39-40 T-head. Waterman Barges, Waterman Corp., sacked goods, Pier 41 north. Texas City Port Igloo Norse, Barwil, discharge. Pier 16 slip. Virginia Bay, Amoco, load. Pier 37 slip. DXE1640 Dixie Commander, Sabine, load, Pier 38 slip. Ocean Leader, Jo Maris, discharge, Pier 40 slip. Neptune Carina, Paige, discharge, Pier 41 slip. Yoeman Bum, Gulf Ocean, load, Pier 45 slip. MONEY RATES NEW YOflK (AP) - Money rates for Tuesday as repotted by Teterata Systems Inc: Tolerate Interest rate indei: 3.200 Prime R3ta: 6.00 Obcounl Hate: 3.00 Broter cai loan rate: 5.00 Federal funds market rale' High 3.1875 Low 3.125 Last 3.125 Dealers commercial paper: 30-160 days: 3.14-3.30 Commer tial paper by finance company: 30-270 (Jays: 3.12-3.17 Banters acceptances daaier ind-cations- 30 days, 3.09 60 days, 3.09 90 days, 3.19 120 days, 3.18 150 days. 3.13 ISO days, 3.18 Certificates of Deposit Primary- 30 days, 2.51 90 days, Z53 180 days. 2.63 Certificates of DepcsS by d»a!"r 30 days, 3.15 60 days, 3.15 90 days, 3.27 120 days, 3.27 150 days, 327 )80 days, 3L27 Eurodollar rates: Ovem font, 3.0S25-3.1875 1 month, 3.0625-3.1875 3 months, 3.25-3.375 6 months, 3.25-3.375 1 yaar, 1375-3.50 London Intert* Offered Ra!e: 3 months, 3.375 6 months. 3.375 1 year, 3.50 Treasury Bill auction resuits: average discount rate: 3-momh as of Oct. 12:3.04 6-monlh as of Oct. 12:3.12 Treasury BiJ, annualizsd rate on weeWy avarage basis, yield adjusted for constant maturity 1-year as of Oct. 4:335 Treas. Bil market rate, 1-year: 3.22-3.20 Treas. Bond market rate, 30-year:5.92 Fannie Mae 30 yaar mortgage commitments: x-30 days, S.S6 x-60 days, 6.66 MerrSILyncn Ready Assets: 30 day average yield: 2.69 x-quore change. CASH PETROLEUM NEW YORK (AP) — Petroleum cash prices Tuesday as compared wDh Monday prices. Tue. Men. Fuol oJ No. 2 NY hbr bg gl fob .5520 .5597 GsfnunlpremRVPNYhtxbggffob .5800 5825 Gs)n unl flVP NY MX bg gl fob .5200 .5190 Prices pf ovkjed by Oil Buyer's GuW» x- prfcw are for RVP grade of gasoline P*frc4«un - Crud* Grade* Saudi Arabian ightj per bWfcb H.90 H.70 North Sea Brent $ per btrt fob 17.10 17.10 West Texas Wermed tperbbtlcb 18.70 18.75 Aiask No. Slope del. US Gul Coast 1670 16.75 Alask No. Slope del. West Coast 15.96 15.99 n_a.-not avaiatfe-n.q. not quoted. r-revfsed. Business Report Judge: Wal-Mart priced to destroy competition Chain ordered to stop predatory practice, pay plaintiff pharmacies Associated Press CONWAY, Ark. — Wal-Mart Stores Inc. illegally tried to force competitors out of business with the same policy that made it the nation's largest retailer — low prices — a judge ruled Tuesday. Judge David Reynolds said Wal-Mart violated state law by selling some drugs and health and beauty aids below cost at its store in Conway. He ordered an end to the practice and awarded the plaintiffs, three independent Arkansas pharmacies, nearly $300,000 in damages. The decision was the first predatory pricing ruling against Wal-Mart, which critics have blamed for the demise of many long-established merchants in small towns and cities nationwide. But it was unclear whether the decision, which applied only to Arkansas, might lead to similar rulings elsewhere. Wal-Mart said it would appeal to the Arkansas Supreme Court. Robert K. Rhoads, Wal-Mart's general counsel, warned of higher prices at stores throughout Arkansas. Wal-Mart officials said during a two-day trial in August that some items were priced below cost to draw customers, not drive local druggists out of business. Reynolds based his ruling in part on Wal- Mart's in-store displays comparing its prices to those of local retailers. The judge also noted Wal-Mart had different prices in different markets, and he pointed out the company's advertised policy of meeting or beating the competition without regard to cost. The lead plaintiff claimed victory for small, independent retailers nationwide. "It's important to beat Wal-Mart. They were literally driving the small people out of business," said druggist Dwayne Goode, who owns American Drugs in Conway. Goode said he got fed up with trying to compete with Wal-Mart's pricing and sued two years ago. "There's no way anyone can keep their prices down with Wal-Mart and survive," he said. Investors apparently shrugged off the decision and the possibility that it might lead to more lawsuits against Wal-Mart by smaller store owners. Wal-Mart stock closed at $25.75 a share on the New York Stock Exchange, down 75 cents. Some retail analysts said the chances of the smaller stores prevailing would be small if the case is appealed outside state courts. Terence McEvoy of the brokerage firm Janney Montgomery Scott Inc. in New York predicted the U.S. Supreme Court would reverse the decision if the case comes before the court. The ruling is "blatant restraint of trade, which at one time was allowed and in the current environment no longer is," McEvoy said. "It's a state law and today's environment is much different than when that law was written. Court decisions tend to go with the times." Without Bush to bash, Democrats struggle to extend jobless benefits Associated Press WASHINGTON — Bickering House Democrats have let lapse extra benefits given to the 60,000 Americans who each week exhaust unemployment compensation even though the problem is worse than when Congress first created the additional coverage. Party leaders say they have resolved an impasse over financing the program and expect to begin moving legislation through Congress this week. But the lapse has caused embarrassment among Democrats and exposed them to ridicule from Republicans, particularly with official figures showing that long-term joblessness has worsened from 1991 and 1992, when Congress and President Bush clashed over paying for extra benefits. With divided Democrats unable to get a bill renewing the benefits to the House floor for more than two weeks, the old version expired Oct 2. That means that since that day, the 60,000 Americans who exhaust the basic 26 weeks of jobless coverage every week have been unable to apply for additional benefits. The program had never lapsed since it was established in November 1991, as the recession was bottoming out and after initial opposition by President Bush. The program was renewed twice in 1992, as Democrats used the bill during the presidential campaign to highlight what they said was Bush's indifference to domestic problems. It was also renewed last March under President Clinton. Top Democrats said Tuesday they believed they have solved their internal impasse and would move a bill this week. But even so, the delay came in the face of an embarrassing statistic for Democrats: there are about 400,000 more long-term unem- Railroad, union at odds over arbitrator Associated Press FORT WORTH — Burlington Northern Railroad and union members tried Tuesday to reach an agreement to enter expedited arbitration in a disagreement about daily living allowances. Talks in a Chicago courtroom will resume Wednesday morning, said union spokesman Steve Fountain. About 350 members of the Brotherhood of Maintenance of Way Employees last week went on strike from Denver to Teague, Texas. The strike ended after 18 hours when Fort Worth-based Burlington Northern obtained a temporary restraining order. The strike stemmed from a dispute over daily living allowances for traveling crew members. A company news release early Tuesday said the union has agreed not to strike when the temporary restraining order expires Thursday. The parties will select an arbitrator and resolve the issue within 30 days, the company said. But Fountain, the spokesman in Southfield, Mich., called the announcement premature. He said the groups had not yet agreed on expedited arbitration. ployed Americans today than there were when the extra benefits were initiated. 'This is a Democratic program and you have to do it," said a frustrated Rep. Barbara Kennelly, D- Conn., a member of the House Ways and Means Committee, which oversees the program. The internal Democratic dispute focused on how the measure would be paid for. In the aftermath of the fight over Clinton's deficit-reduction bill, Democrats leery of raising taxes have found it hard to find palatable ways to pay for extra unemployment coverage. Republicans say the Democrats' failure to quickly renew the program this month shows that during the 1991 and 1992 fights over the bill, Democrats were motivated by politics. "There's no question they were attempting, issue by issue, to embarrass George Bush in an election year," Rep. Bill Archer of Texas, ranking Republican on the House Ways and Means Committee, said Tuesday. "With that situation changed, the emergency nature of it has disappeared into the winds." Democrats deny that politics was involved. Some of them said Monday that it was inconsistent for Republicans, who have often opposed extra jobless benefits, to take Democrats to task for not moving quickly this time. "They should be ashamed to be talking about it," said Kennelly. The bill the House considers this week will retroactively cover people whose basic jobless benefits have expired since Oct. 2. Nonetheless, tens of thousands of long-term jobless Americans will have to make do until they receive their first retroactive checks. The figures make it clear that the problem is worse than it was in 1991. Don't Forget BOSSES WEEK! Send a plant in a twig basket with balloon, fruit, £ f^ f\ QQ nuts, raisins, & candy from "The Fruits & Nuts in the Office!" 29 delivered PLUS OTHER GREAT GIFT IDEAS! Flower Shop, Inc, Delivery Island-Wide 45th&Ave.L Credit Cards by Phone /. This Little Piggy Went To Market... A hog-wild exhibit created by patients at UTMB's Children's Hospital with the help of volunteers from United States National Bank. the Galveston Arts Center and LITMB. On display at the Galveston Arts Center, 22nd @ Strand, during the October 16 Artwalk, 6 to 9 p.m. Sponsored by United States National Bank These unique piggy banks will be available for sale. All proceeds will fund art supplies and educational materials for the Child Life Department at UTMB Special Thanks to artists Chula Ross-Sanchez and David Thibodeaux RESIDENTIAL OR COMMERCIAL STORM BLINDS HELP PROTECT YOUR HOME FROM STORMS AND THIEVES WITH OUR QUALITY MADE, PROFESSIONALLY INSTALLED STORM BLINDS VINYLOR ALUMINUM SIDING SAVE ON PAINTING YOUR HOME AND ON FULL COST WHILE ADDING BEAUTY WITH VINYL OR ALUMINUM SIDING. Since 1947 we've seen many garage-type siding companies come and go. We are bonded, insured and readily supply local \ references. IMPROVEMENTS HOME OWNED « OPERATED-ESTABLISHED IN 1947 809 S. OAK LA MARQUE 935-2474 Hi* — WE ALSO OFFER — PATIO COVERS — SCREEN nOOUS — INSULATED LEISURE BOOVS - WINDOW 1 DOOR WNINGS — REPLACEMENT WINDOWS — SEAMLESS ALUMINUM OUTTEFVNQ - SOLAR SCflEENS — ALUMINUM SCREENS

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