Stocks drop on openingStock prices fell today, faced with...


September 25, 1992

Stocks drop on opening

Stock prices fell today, faced with fresh evidence that the economy is struggling.

The Dow Jones average of 30 industrials dropped 17.83 points to 3,270.04 in the first half-hour of trading. Losers outnumbered gainers by more than 3 to 2 in nationwide trading of New York Stock Exchange-listed issues, with 453 up, 700 down and 612 unchanged. Volume on the Big Board came to 29.54 million shares as of 10 a.m. on Wall Street.

Recent evidence of continued economic weakness has prompted talk that the Federal Reserve might soon relax its credit policy further.

Genetic Therapy signs pact

Genetic Therapy Inc., a Gaithersburg biotechnology company, said yesterday that it signed a collaborative agreement with a Cambridge, Mass., company to develop gene therapy products for hemophilia. GTI and Genetics Institute Inc. will work to produce two proteins essential to blood clotting, absent in patients with two different forms of hemophilia.

Under the agreement, Genetic Therapy will have the exclusive right to market the product in North America, and manufacturing rights worldwide. Genetics Institute will have marketing rights outside North America.

Rouse elects two board members

The Rouse Co. of Columbia said yesterday that it elected Roger W. Schipke and Hanne W. Merriman to its board, replacing two of the four directors who left when Rouse's biggest shareholder, Trizec Corp. Ltd. of Canada, sold most of its stake last week.

Mr. Schipke is chairman and chief executive of the Ryland Group Inc. in Columbia, one of the nation's biggest home building companies. Ms. Merriman is a retailing consultant who has been president of Nan Duskin Inc. and the Washington-based department store chain Garfinckel's.

Rouse investor relations director David L. Tripp said Rouse nohas 11 directors.

House OKs Cuba trading ban

The House approved yesterday a bill banning foreign subsidiaries of U.S. companies from trading with Cuba and barring ships engaging in trade with Cuba from U.S. ports for six months. The Senate attached similar legislation to a defense authorization bill last week.


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