On the day after, stocks fallStock prices fell in early...

BUSINESS DIGEST

September 15, 1992

On the day after, stocks fall

Stock prices fell in early trading today, as weak economic reports left the market unable to further a rally yesterday that saw prices score their biggest one-day gain this year.

The Dow Jones average of 30 industrial stocks was down 18.10 points at 3,358.12 after the first half-hour of trading.

Declining issues outnumbered advancing ones by nearly 3 to 1 in trading of New York Stock Exchange-listed shares, with 347 issues up, 968 down and 594 unchanged.

Volume on the Big Board came to 28.64 million shares as of 10 a.m. on Wall Street.

U.S. offers aid to Russia

The United States yesterday offered Russia $1.15 billion in loan guarantees and other assistance to buy food, and held out hope it would offer more despite concern that Russia will have difficulty repaying the loans. The Agriculture Department announced the package consisting of $900 million in U.S.-backed loan guarantees and $250 million in food aid and other kinds of assistance.

About $100 million of credit guarantees will be made available this month to buy grains and livestock feed, $500 million for October-December use and $300 million for January-February.

GM hit by strike in Ontario

General Motors Corp., still recovering from an Ohio parts plant strike that idled workers across North America, suffered another blow yesterday when workers at its joint venture plant with Suzuki Motor Corp. went on strike.

About 2,100 workers at the CAMI assembly plant in Ingersoll, Ontario, walked out, complaining that their wages and working conditions trail those of other Canadian employees of the Big Three North American automakers. The union said the strike could continue at least a week.

Celtrix buys Baltimore company

Baltimore Biotechnology Inc., a tiny research and development company headed by a well-known retinal surgeon at St. Joseph Hospital, was acquired by a California company yesterday in exchange for about $742,500 in stock.

With the purchase, Celtrix Pharmaceuticals Inc. of Santa Clara will be tapping into the work of the six Baltimore Biotech researchers who have developed new technology that uses biotechnology to treat eye diseases.

$38 million bond issue available

A new bond issue worth $38 million goes on sale today to finance the American Institute of Physics' new headquarters in College Park.

The bonds are issued by the Maryland Industrial Development Financing Authority to pay for the institute's new home when it moves from New York City to College Park, which should take place when the building is completed in 1993.

AIP, a non-profit organization founded in 1932, is a world leader in publishing physics journals.

@

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.