T. Rowe Price names two to board, declares dividendT. Rowe...

BUSINESS DIGEST

September 19, 1995

T. Rowe Price names two to board, declares dividend

T. Rowe Price Associates, Inc. said yesterday that it elected Richard L. Menschel and Anne Marie Whittemore to its board of directors. The firm's directors also declared a quarterly dividend of 16 cents a share payable Oct. 13 to stockholders of record on Sept. 29.

Mr. Menschel is a limited partner of the Goldman Sachs Group, L.P., and a director of the Horace W. Goldsmith Foundation and Kieckhefer Associates, Inc.

Ms. Whittemore is a partner with McGuire, Woods, Battle & Boothe, a Richmond, Va.-based law firm. She is also a director of Owens & Minor Inc.; USF&G Corp.; James River Corp.; and Old Dominion University, and a former chairman of the Federal Reserve Bank of Richmond.

Balto. County bonds given 'AAA' rating

Baltimore County's $70.825 million general obligation pension funding bonds, 1995 Refunding Series, have been rated "AAA" by Fitch Investors Service.

Fitch said the county's "overall diversity lends long-term credit strength," and noted that the county has a sizable and diverse tax base that continues to grow at a moderate pace. In addition, the county's financial operations "have remained satisfactory," the raters said.

The bonds are scheduled to be offered Sept. 20.

Fairfield Group to expand Navigator shares

The Fairfield Group Inc. said yesterday it is expanding the availability of the Navigator Class of shares for the Legg Mason Family of Funds.

Navigator, designed principally for use by institutional investors, now offered for eight Legg Mason Funds and will be available for four additional funds by the fourth quarter. This class will be principally distributed by the Fairfield Group, a subsidiary of Baltimore-based Legg Mason, Inc.

The Fairfield Group, in Horsham, Pa., distributes cash management products, including Navigator Money Market, Navigator Tax-Free Money Market, and RepoLine overnight repurchase agreements.

AmeriGas purchases Gas Oil propane unit

AmeriGas Partners, L.P., the nation's largest retail marketer of propane, announced yesterday it had bought the propane business of Gas Oil Products of Glasgow, Del.

Terms of the purchase of Gas Oil, a division of Penn Fuel Gas Inc., were not released. But Vince Testa, spokesman for UGI Corp., which owns 58 percent of AmeriGas, said the purchase doubled the customer base of the company's Elkton office to about 4,000 customers.

He said the company increased the staff in its Maryland office to 12 workers to handle the increase.

Legg Mason to hold investing seminar

A seminar on tax-advantaged investing will be held Saturday by Legg Mason Wood Walker at 10 a.m. in Suite 200, 600 Washington Ave., Towson.

Reservations are mandatory. Call Melanie Lawrence at (410) 821-7700.

Trade official says talks are planned on Japan film market

U.S. Trade Representative Mickey Kantor said yesterday that U.S. and Japanese trade officials will hold a round of discussions this month on an Eastman Kodak Co. complaint that Japan's film markets are closed.

Mr. Kantor said in an interview that he would like to settle the film dispute with Japan through negotiation, but that Washington would use U.S. trade laws or take its complaint to the World Trade Organization in Geneva.

Kodak is locked in a battle for market share against Fuji Photo Film Co., which has about 70 percent of the Japanese market. Rochester, N.Y.-based Kodak has accused Fuji of unfairly stifling competition in Japan.

Nike reports 55% profits increase

Nike Inc.'s profits climbed 55 percent in its first fiscal quarter, reflecting improved sales of sports footwear and apparel, the company said yesterday.

Net income for the quarter ending Aug. 31 was $164.8 million, or $2.26 per share, compared with $106 million, or $1.43 per share, last year. Revenue jumped 38 percent to $1.61 billion from $1.17 billion in 1994.

The company's board of directors has approved a two-for-one stock split, to take effect at the end of October.

CompuServe may buy stake in Prodigy

CompuServe, the on-line service owned by H&R Block Inc., is exploring buying a stake in rival Prodigy Services Co. owned by Sears, Roebuck & Co., a report in Advertising Age said yesterday.

Executives close to CompuServe told the advertising trade publication that the on-line service in recent weeks had made overtures to Sears, which last month acknowledged it was assessing its 50 percent stake in Prodigy, one of the nation's largest on-line data services.

No formal offer was made, the report said.

Detroit papers publish separate editions

The Detroit Free Press and The Detroit News published

separate editions yesterday for the first time since a strike against the newspapers began July 13.

The News, owned by Gannett Co. Inc., and the Knight-Ridder Inc.-owned Free Press have not published separate weekday editions since the morning after the strike began. Weekend editions were combined before the strike.

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