TCPreston in solo talks with unionPreston Trucking Co...

BUSINESS DIGEST

April 12, 1994

TC

Preston in solo talks with union

Preston Trucking Co. Inc., the Eastern Shore trucking company bought by Yellow Corp. last year, said it would bargain separately with the striking Teamsters union, which will allow the company to return to work.

Also yesterday, Churchill Truck Lines Inc., a family-owned firm in Chillicothe, Mo., said it had stopped all shipments, ending the company's 68-year history and laying off 1,561 Teamster members.

Preston and Churchill had been two of 22 trucking companies negotiating as a unit with the Teamsters, who walked off the job last week after contract talks broke down.

The Teamsters said the nationwide strike would continue against 20 companies in the "less-than-truckload" market.

Citizens Bancorp earnings up 4.7%

Laurel-based Citizens Bancorp yesterday reported earnings of $7.17 million, or 48 cents a share, in the three months ended March 31, up 4.7 percent from first-quarter 1993 earnings. The gain largely was due to a drop of $2.4 million, or nearly 62 percent, in the amount set aside to cover future loan losses since last year.

Citizens, with $3.3 billion in assets and $2.9 billion in deposits as of March 31, is the parent of Citizens Bank subsidiaries in Maryland, Virginia and Washington. The company reported a return on assets of 0.89 percent during the first quarter, up from 0.85 percent a year ago.

Gold, platinum prices tumble

Gold prices tumbled to their lowest levels in a month yesterday, and platinum also lost heavily, as traders dumped precious metals.

Dealers said reduced tensions in South Africa ahead of the first all-race elections this month had persuaded some traders to look elsewhere for profits. Fears of violence disrupting supplies from the country had boosted prices recently.

On New York's Commodity Exchange, June gold sank $6.40, to close at $379.90 an ounce, its lowest since March 10. On the New York Mercantile Exchange, October platinum lost $9.40, to end at $398.50 an ounce.

B&D executive joins Rubbermaid

Black & Decker Corp. executive Fred S. Grunewald has been named president and general manager of Rubbermaid Inc.'s Home Products division, its largest unit, Rubbermaid said yesterday.

Mr. Grunewald has been vice president of marketing and engineering for Black & Decker's household products group since 1992.

Angell joins Bear, Stearns

Bear, Stearns & Co., the Wall Street investment bank, said yesterday that it was appointing Wayne D. Angell, a former Federal Reserve governor and inflation hawk, as its chief economist.

Mr. Angell, 63, resigned from the Fed in early February after completing an eight-year term that included the stock market crash of 1987.

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