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7th of August 1993 News
Nyheter som framträdde på New York Times framsida den 7 augusti 1993
JERSEYANA
Date: 08 August 1993
By Marc Mappen
Marc Mappen
ON Aug. 17, 1892, the New Jersey chapters of the Junior Order of United American Mechanics, a workingmen's organization, held their annual parade in Asbury Park. What makes this parade of interest 101 years later is that among the spectators was Stephen Crane.
Crane, who was born in Newark, is remembered as the author of a classic American novel, "The Red Badge of Courage." But on that day in Asbury Park he was a skinny 20-year-old, trying to break into the newspaper business.
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SOUTHERN NATIONAL SIGNS TAKEOVER AGREEMENT
Date: 07 August 1993
By Bloomberg News
Bloomberg News
The Southern National Corporation signed a definitive agreement yesterday to buy First Savings Bank of Greenville, S.C., in a stock swap valued at $181 million. After the merger, Southern National, based in Lumberton, N.C., will be the fifth-largest bank in North Carolina and the third-largest bank in South Carolina, with $7.2 billion in assets and 215 offices. Southern National will issue 0.855 share for each First Savings share and option outstanding. The transaction values First Savings shares at $17.74 each, based on Southern National's closing price. Southern National's shares closed down $1 at $20.75 on the New York Stock Exchange. First Savings' shares closed down 12.5 cents at $15.875 in Nasdaq trading. First Savings Bank, which said on June 10 that it was in talks to be acquired, is the largest financial institution based in South Carolina.
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PRICES OF DISCOUNT CIGARETTES TO RISE, AFTER ALL
Date: 07 August 1993
By Bloomberg News
Bloomberg News
The Philip Morris Companies, which earlier this week reversed plans to raise prices on its cheapest cigarettes, will raise them, after all, a spokesman said yesterday. Effective on Monday, Philip Morris will raise the price of its deep-discount brands like Basic and Famous Value by $3 per thousand cigarettes, or about 6 cents a pack, to $40.45 per thousand. Discount cigarettes, including Alpine and Cambridge, will also be set at this new level. Philip Morris scrapped the planned price increase earlier this week and said it would cut prices instead. But its rival, the R. J. Reynolds Tobacco Company, subsequently said it would raise the price of its own private labels. As part of its pricing changes, Philip Morris will set its discount and deep-discount cigarettes at the same price.
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AMERICAN POWER CONVERSION STOCK IS UP 7.7%
Date: 07 August 1993
By Bloomberg News
Bloomberg News
The stock of the American Power Conversion Corporation rose 7.7 percent yesterday after the company announced a 2-for-1 stock split that will be paid on Sept. 24 to shareholders of record on Aug. 20. American Power currently has about 44.5 million shares outstanding. The company, based in West Kingston, R.I., makes uninterruptible power equipment, which protects computers and electronic equipment from electrical surges and blackouts. Its stock rose $3.25, to $45.50, in Nasdaq trading.
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NEWS SUMMARY
Date: 08 August 1993
International 3-17 IN WESTERN EUROPE, GLOOM
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NEWS SUMMARY
Date: 07 August 1993
International 2-4 SERBIAN PLEDGE IS DOUBTED Serbian forces appeared to hedge on a pledge to relax the siege of Sarajevo, raising doubts among United Nations officers on whether the withdrawals would be made. 1
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COMPANY NEWS;
Ipalco Raises The Stakes In PSI Battle
Date: 07 August 1993
By Richard Ringer
Richard Ringer
Ipalco Enterprises Inc. has escalated its takeover battle for PSI Resources Inc. by raising its unsolicited tender offer for the Indiana utility.
On Thursday Ipalco offered $28 in cash and stock for each PSI share, or nearly $1.6 billion. That is $1.50 more a share than its original offer last March, which totaled $1.5 billion.
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COMPANY NEWS;
VW Board Backs Lopez in Dispute With G.M.
Date: 07 August 1993
By Ferdinand Protzman
Ferdinand Protzman
After hours of intense discussion, Volkswagen A.G.'s supervisory board and top management closed ranks late tonight in support of Jose Ignacio Lopez de Arriortua, the auto maker's production chief, who is accused of industrial espionage by his former employer, the General Motors Corporation.
At an extraordinary meeting of Volkswagen's supervisory board, Mr. Lopez reiterated his version of the trade-secrets dispute, saying that he did not steal or take trade secrets with him when he jumped from G.M. to Volkswagen in March.
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Turner Move To Purchase Movie Studio
Date: 07 August 1993
By Geraldine Fabrikant
Geraldine Fabrikant
Turner Broadcasting System, which has been eager to expand into film production, is in talks to acquire New Line Cinema, the studio confirmed yesterday. Turner is also talking to Castle Rock Entertainment, the boutique production company. No price tag was put on New Line. The stock closed yesterday at $16.25, giving it a market capitalization of about $285 million.
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Gap Tests Low-Price Clothing Line
Date: 07 August 1993
By Stephanie Strom
Stephanie Strom
The Gap Inc. is testing a new line of lower-priced basic clothing in an attempt to attract more cost-conscious customers and improve the performance of some of its stores. The move, which was first reported in The San Francisco Chronicle, should also stanch some of the price-cutting that has sliced profit margins in its Gap stores.
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