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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jul 25, 1987
Page
4
The Dow rises 13.39 to 2485.34 as advancers lead 837 to 707 with 450 unchanged on the NYSE. Volume comes in at 158.39 million shares amid a week marked by a mild rebound after earlier losses and cautious sentiment from analysts.
In London gold prices slipped to 453.20 dollars per ounce with minor midmorning reductions, while U S dollar trades narrow ahead of U S GNP figures. In Maryland the auto insurance fund MAIF seeks up to 50 percent rate hikes, hitting Baltimore drivers hardest as cancellations rise.
Comair, based in Hebron, Kentucky, will launch six daily Florida routes starting November 1, linking five Florida cities with Orlando and Fort Lauderdale. The flights feed Delta Air Lines and mark Comair’s first feeder service outside Cincinnati. Delta became Disney World's official airline, prompting the expansion.
Annapolis AP report states William M. Griffin, Maryland’s top savings and loan regulator after the industry collapse, resigns to become president of the State Employees Credit Union of Maryland. He cites higher pay and shrinking state thrift activity as reasons, succeeding retiree George Reichenberg at the 20th largest U S credit union on Monday.
Kidde Consultants, a civil engineering firm at 270 Technology Park, hosted an open house to showcase its surveying, land development and public works capabilities. Attendees included County Commissioner J Anita Stup, vice president Chuck Gilmore, senior associate William Brennan, and Wilbur Ford from the county planning commission.
Mack Trucks Inc plans about 26 000 square feet in Greenville to support inventory and purchasing needs if the UAW strikes its Allentown headquarters. The move accompanies a plant expansion in Winnsboro and ongoing labor disputes, with stockpiles of engines and components built at Hagerstown. A company statement says the Greenville office would run training for inventory staff and purchasing functions.
The Commerce Department reports the 1987 spring GNP rose 2.6 percent annual rate, aided by smaller trade deficit and stronger consumer and business spending. Growth for the first half of 1987 averages 3.5 percent, with inflation nudging higher at 4.3 percent.
Senator Edward M. Kennedy announces a plan to raise the federal minimum wage by 1.30 to 4.65 dollars an hour over three years, tying it to half the average wage. AFL-CIO president Lane Kirkland supports the move as essential to prevent poverty and exploitation, while industry groups and lawmakers voice opposition citing economic disruption.
About 3,000 former Old Court Savings and Loan depositors will be paid next month under a third payoff plan approved by Baltimore Circuit Judge Joseph H. H. Kaplan. The payout, about 41 million total, targets 15,500 depositors with 10 percent of balances over 2000 dollars and full amounts for smaller accounts.
Oil prices slid sharply on the New York Mercantile Exchange as investors booked profits after last week’s surge. September light sweet crude traded around 20.70 a barrel, down 53 cents, with reports of a reflagged Kuwaiti tanker striking a mine in the Persian Gulf while escorted by three U.S. Navy ships.
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