In reference to The Times' July 31 article on Orange County savings and loans' first-quarter performance, your headline, "S&Ls in County Post $92-Million 1st Quarter Loss," was very misleading and damaging to the healthy, privately owned and operated institutions.
The government officially releases separate numbers for privately run savings institutions and for those that are run by the government. Your headline led the reader to conclude that, as a whole, the Orange County S&L industry is in dire shape. In fact, privately run S&Ls--24 in total--in Orange County reported a $43-million profit for the quarter. Government-run institutions--four in total--lost $135 million.
We are concerned that your headlines create a false and harmful impression about the vast majority of savings institutions in Orange County.
W. DEAN CANNON
President, California League
of Savings Institutions