Housing starts fell 4.6% in MarchU.S. housing starts...


April 21, 1993

Housing starts fell 4.6% in March

U.S. housing starts declined 4.6 percent in March, to a seasonally adjusted rate of 1.134 million units, and were down 26.8 percent in the Northeast.

The weakness reported yesterday was mostly weather-related, analysts said, adding that current low mortgage rates bode well for a rebound in coming months.

CBOT withdraws merger offer

The Chicago Board of Trade withdrew its offer to merge with the Commodity Exchange yesterday, the CBOT said in a release.

The CBOT announced its bid for Comex Jan. 25, saying such a merger could help the two exchanges cut costs. In exchange for the CBOT paying a low price for the exchange, some Comex members demanded access to the Chicago exchange's products.

Giant Food increases dividend

The board of Giant Food Inc. voted yesterday to increase its quarterly cash dividend from 17 cents to 17.5 cents per share on all classes of common stock to holders of record on May 7. The dividend will be paid June 4.

Ottinger to direct GBC council

A former manager of the operational consulting group at Arthur Andersen & Co. has become staff director of the Greater Baltimore Committee's technology council. Marc Wilson Ottinger took over the position for Kathryn Lindquist, who left the GBC to work full time at her own business. Mr. Ottinger will work on the GBC's effort to help make life sciences companies the economic backbone of the region.

Tentative pact in Greyhound strike

Greyhound Lines Inc. and its drivers tentatively agreed yesterday to end a three-year strike against the nation's only intercity bus company.

The proposed contract provides about $22 million in striker back pay and annual wage increases that will boost driver pay nearly 20 percent over the life of the contract, from $13.83 an hour currently to $16.55 an hour March 1, 1998.

State bans N.C. insurance firm

The Maryland Insurance Division said yesterday that it revoked the Investment Life Insurance Company of America's permission to sell policies in the state. The Winston-Salem, N.C.,-based company, which has sold $12.7 million of insurance in Maryland since November 1990, was ordered liquidated by the Superior Court of Wake County, N.C., April 2.

Policyholders may call the Maryland Life and Health Guarantee Corp. for more information at 296-1620.

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