Ford 3rd-quarter profit $1.1 billionFord Motor Co. said...

BUSINESS DIGEST

October 27, 1994

Ford 3rd-quarter profit $1.1 billion

Ford Motor Co. said yesterday that it more than doubled third-quarter earnings, setting a company record and bringing the Big Three automakers' profits to more than $2.3 billion for July through September.

Ford's $1.1 billion third-quarter profit was 143 percent above the 1993 period, breaking an $856 million third-quarter record set in 1988. Earnings per share were $1.04 vs. 40 cents a year ago, when Ford earned $463 million.

Lehman fires Elaine Garzarelli

Lehman Bros. Holdings Inc. fired stock strategist Elaine Garzarelli, best known for correctly predicting the 1987 stock market crash, a company official said yesterday.

The 47-year-old analyst, a 10-year veteran of the firm, was dismissed because she and the operation she led, called sector analysis, were too expensive, the official said.

Ms. Garzarelli reaped a "seven-figure salary," and her team of analysts required expensive computers, the official said.

Historic Savage Mill in bankruptcy

Historic Savage Mill mall has been forced into bankruptcy after failing to gain an extension on outstanding loans.

The company, with assets of $6.2 million, was forced to seek reorganization Tuesday after Allied Capital Corp. and Allied Capital Corp. II of Washington refused to extend an Oct. 1 deadline. Allied wanted full payment at $4 million for the notes.

Savage Mill was a working textile mill before it was turned into specialty mall for antique stores, galleries and a banquet hall in 1983.

Durable-goods orders continue rise

Orders for durable goods rose for the second straight month in September, the Commerce Department said yesterday, signaling slow but steady growth for the nation's booming manufacturers.

Orders rose a slim 0.1 percent last month, to a seasonally adjusted $154.7 billion. The increase followed a revised 6.4 percent jump in August.

NationsBank raises dividend to 50

NationsBank Corp.'s board yesterday approved a 4-cent increase, to 50 cents per share, in the company's quarterly common stock dividend. The dividend is payable Dec. 22 to shareholders of record Dec. 2.

Natural gas fueling station to open

Shell Oil Co. and Washington Gas Light Co. have teamed in a joint venture to open the oil company's first public fueling station for natural-gas-powered vehicles in Maryland. The outlet, which opens today, is at 10211 Baltimore Blvd. (U.S. 1) in Beltsville.

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