Thompson's set for auction July 29One of North Baltimore's...

BUSINESS DIGEST

July 14, 1994

Thompson's set for auction July 29

One of North Baltimore's oldest and best-known restaurants will go to auction July 29, when Harvey West Auctioneers of Towson attempts to sell Thompson's Sea Girt House.

The restaurant was founded as a liquor store in 1936 and became a restaurant when George W. Thompson took over a tavern at the 5919 York Road site in 1950.

The auction will be held at the city courthouse. John Burson, a lawyer working on the foreclosure, said the partnership that owns the restaurant defaulted on a mortgage.

Woolworth to cut its dividend

Woolworth Corp. said yesterday that it would cut its dividend almost in half to put more money into its retail chains.

By cutting its quarterly payout to 15 cents a share from 29 cents, Woolworth will save about $74 million a year.

The cut brings Woolworth's dividend to its lowest level since 1987 and brings it more in line with the dividend yields of other retailers, analysts said.

F&M Bancorp earnings down

F&M Bancorp, the Frederick-based parent of Farmers and Mechanics National Bank, said yesterday that it earned $1.85 million, or 47 cents a share, in the second quarter, which ended June 30. That was down about 2 percent from earnings of $1.89 million, or 48 cents a share, a year ago. Earnings for the first six months fell about 4.7 percent compared with a year ago to $3.7 million, or 93 cents a share.

Wal-Mart store to open in '95

Wal-Mart Stores Inc. confirmed yesterday that its store at U.S. 40 and Rolling Road in Catonsville will open early next year. The Wal-Mart store will have approximately 125,000 square feet of selling space and will employ about 250, mostly part-timers.

Baltimore County officials disclosed plans for the store last year.

When it opens, the Catonsville location will be the company's 17th Wal-Mart store in Maryland. The retailer expects to open Wal-Mart stores in Glen Burnie, Laurel and White Marsh this year.

State OKs $4.6 million contract

The state Board of Public Works yesterday approved giving Oak Contracting Co. of Baltimore a $4.6 million contract to build an expansion to the Kennedy Krieger Institute in Baltimore.

The 29,500-square-foot, seven-level addition will include offices, conference rooms and a new entrance to the existing building at 707 N. Broadway in East Baltimore. The state will give the institute a $2 million grant to help pay for the work.

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