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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jul 08, 1988
Page
26
U S markets tumbled second straight session with the Dow closing down 7.47 at 2122.69 after sliding more than 20 points intraday. NYSE volume reached 158.10 million shares as declines outpaced advances about 3 to 2 while major indices edged lower.
The SEC approved a 4-1 rule limiting how companies can dilute voting power to fend off hostile takeovers. It does not ban dual class stocks but restricts reduced voting power shares. Prohibits one time dividends to buy voting rights and long waiting periods for new voting rights. Compliance required for exchange trading or NASDAQ/NasD automated quotation.
Stocks of area interest over the counter are quoted courtesy of Baker Watts and Co Frederick office. No trading activity reported.
The Board of Directors of Farmers and Mechanics National Bank appointed five area residents to advisory boards. Jacob F. Altwater Jr. was named to the Union Bridge and Libertytown office board. Emmitsburg appointments went to Dr. Alan L. Carroll James E. Fitzgerald Sr Horace H. Waybright and Dr. Robert J. Wickenheiser.
Joint Economic Committee Chair Paul Sarbanes cites Japan as the world second largest economy with GNP about half US size. He urges structural reforms to liberalize imports, reduce yen gains, and boost external balance while aiding debt relief for developing nations.
Noland Co has approved a dividend of 44 cents per share payable July 22 to stockholders of record July 12. The Maryland Society of Surveyors plans a July 26 meeting at 7 p.m. at the Holiday Inn Columbia. Reservations can be made by calling 939-4254.
CBOT futures for wheat corn and soybeans traded unevenly as open highs and lows appeared across contracts. Prices showed mixed moves with some losses and gains, while open interest rose and Wednesday’s sales and open interest figures were reported.
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