Consumer income, spending upAmericans' incomes are...


December 03, 1993

Consumer income, spending up

Americans' incomes are increasing in response to a gradually improving job market, just in time for holiday shopping.

Personal income rose 0.6 percent, the third increase in a row, to a seasonally adjusted annual rate of $5.47 trillion, the Commerce Department said yesterday. Consumer spending, meanwhile, advanced for the seventh consecutive month, rising 0.8 percent, to a $4.47 trillion annual rate.

In other economic reports yesterday: New-home sales fell 6.5 percent, to a seasonally adjusted annual rate of 679,000. The number of Americans applying for unemployment benefits unexpectedly dived by 17,000 last week, to 321,000, the lowest level in two months.

Human Genome's stock soars

Human Genome Sciences Inc.'s stock rose 69 percent yesterday in the biotechnology company's first day of trading.

The Rockville-based company's shares closed trading yesterday at $20.25, on Nasdaq volume of 1.89 million shares. The company sold 2.25 million shares at $12 through an underwriting group led by Lehman Bros. Human Genome is a gene research and development company that is seeking to commercialize products.

Marriott unit issues its first bonds

Marriott International Inc. sold its first debt issue as a separate company yesterday, although it needed to provide some extra yield and more protection to attract bond investors. The $150 million in 10-year notes were priced to yield 6.85 percent, 105 basis points more than comparable Treasury securities. They are rated "A-" by Standard & Poor's Corp. and "Baa1" by Moody's Investors Service Inc.

Carrollton Bancorp to split stock

Carrollton Bancorp announced a 3-for-2 stock split yesterday in the form of a 50 percent stock dividend to be paid Feb. 1 to stockholders of record as of Jan. 4.

The dividend would increase the number of shares outstanding to 1.1 million, which is above the Nasdaq National Market System's minimum requirement for listing. Carrollton, the parent of the Carrollton Bank, said it would apply to be included on the National Market by year-end.

Survival Technology's defense pact

Survival Technology Inc. in Rockville said it has reached an agreement with the Defense Department to renew for a second year a maintenance contract for nerve-gas antidotes using the company's auto-injector delivery system.

The agreement is expected to add $5.6 million to Survival Technology's revenue.

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