SIGNALS
By

(FORTUNE Magazine) – L. William Seidman, chairman of the Federal Deposit Insurance Corp., told a Senate committee that one or two banks may require substantial government assistance but that the banking industry's worst problems were past. He would not name the banks. Seidman also said that the thrift industry's troubles were far from over. Asked whether the taxpayers would have to bail out America's S& Ls, he said, ''It would so appear, unfortunately.'' -- The average cost of car insurance in New Jersey rose to over $1,000 a year, the highest in the U.S. In California a battle heated up over competing car insurance referendums that would cut premiums. Interest groups are expected to spend $60 million in the campaign, which would be the most spent in any California election. -- General Motors directors defied CEO Roger Smith at a June board meeting, rejecting his proposal to add three GM executive vice presidents to the board. Smith's position has begun to appear tenuous as GM continues to lose market share. -- Britain's economy may be overheating. The Organization for Economic Cooperation and Development recently warned of increased inflation dangers, and when the government released data showing the economy growing faster than expected, stocks fell.