Stocks post narrow gainsThe stock market showed a narrow...

BUSINESS DIGEST

September 03, 1992

Stocks post narrow gains

The stock market showed a narrow gain in early trading today as investors waited out the latest news on jobs.

The Dow Jones average of 30 industrials rose 1.62 points to 3,291.93 in the first half hour of trading.

The Labor Department is due to report tomorrow morning on the employment situation in August.

Analysts expect the data to show a strong gain in nonfarm payroll employment, which has been a focal point of worries for months now about the progress of economic recovery.

USF&G pays Andrew's victims

USF&G Corp. will pay about $40 million to hurricane victims in Florida and Louisiana, but the loss could have been much higher if not for lessons learned from past catastrophes, officials of the Baltimore-based insurer said yesterday.

Losses suffered by USF&G clients exceeded $72 million, but "reinsurance" bought in recent years cut USF&G's net payout to about $40 million, said spokeswoman Kerrie Burch-DeLuca. USF&G has 12,000 personal policyholders and 2,000 commercial clients in Florida, she said.

BG&E seeks to cut electric rate

The Baltimore Gas and Electric Co. requested approval from the Maryland Public Service Commission yesterday to reduce its electric fuel rate by 5.3 percent effective Oct. 1.

The proposed reduction would cut 55 cents off the monthly bill for the average customer using 600 kilowatt-hours of electricity. The fuel rate is the portion of a utility bill that allows the company to pass on to customers changes in fuel costs -- which make up about 25 percent of the bill.

This is the fourth fuel rate decrease this year, reducing the average bill by $2.73 per month.

Point Breeze warehouse leased

Bob's Transport & Storage Co. Inc. of Dundalk leased a 200,000-square-foot warehouse at 2200 Broening Highway in Baltimore, which it will use as contract warehouse space, a real estate broker said yesterday.

Terms of the deal for the warehouse, located in the Point Breeze Business Center, were not disclosed, said Skip Case, a broker with Carey Winston Co. in Laurel. The space was vacated last spring by Toscany Imports.

Bankers, Olympia quarreling

Bickering has escalated between Olympia & York Developments Ltd. and its bankers over loan restructuring for its U.S. properties, but officials said yesterday that they doubt it will immediately force the developer into U.S. bankruptcy court. Toronto-based Olympia & York owns 23 million square feet of Manhattan office space.

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