Southland founder's son resignsJoe C. Thompson, a member...

BUSINESS DIGEST

January 01, 1993

Southland founder's son resigns

Joe C. Thompson, a member of the family that started Southland Corp., resigned from its board of directors, the company said yesterday. Mr. Thompson, 52, is the chairman of Sigel Liquor Stores and will pursue other business interests. His brothers Jere and John, who formerly led Southland, remain on its board.

The Thompsons lost controlling interest in Southland, which owns 7-Eleven stores, when it went through a Chapter 11 bankruptcy restructuring in 1990. Their father started the company with a single Dallas store in 1927.

Grace to sell petroleum division

W. R. Grace & Co. announced yesterday a $125 million agreement to sell off Grace Petroleum Corp. as part of the chemical giant's drive to trim down to its core businesses.

The cash deal made with an undisclosed party is expected to be completed in the first quarter of 1993. Grace has been divesting to pay off its debts and focus its business on specialty chemicals and health care products and services.

Psychiatric hospital group settles

Charter Medical Corp. and the attorney general of Texas disclosed a settlement yesterday growing out of a state investigation of practices in the private psychiatric hospital industry.

Under the agreement, the Macon, Ga.-based company will pay $550,000 and provide $1.6 million in charity mental health services to the public.

Campbell advances in Arnotts bid

Campbell Soup Co. moved a step further in its takeover bid for Arnotts Ltd. yesterday when an Australian court decided against limiting Campbell's voting power in that country's largest cookie-maker. Campbell holds a 33 percent stake in Arnotts.

However, Arnotts later announced it had lodged an appeal of the ruling, paving the way for more court action in the new year.

Fed says money supply declined

The two broadest measures of the nation's money supply declined in the week that ended Dec. 21, the Federal Reserve reported yesterday.

The Fed said the measure known as M2 fell to a seasonally adjusted $3,498.6 billion from a revised $3,506.4 billion the previous week. An even broader measure, M3, fell to a seasonally adjusted $4,173.3 billion from a revised $4,186.9 billion. The narrowest measure of the money supply, M1, fell to a seasonally adjusted $1,019.6 billion from $1,021.5 billion.

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