Financial Markets

Because financial markets were closed yesterday for the Memorial Day observance, no tables appear in today's editions.Pub Date: 6/01/99

Because U.S. financial markets were closed for the Memorial Day holiday, no stock or mutual fund listings appear in today's edition of The Sun. Today's Business section includes features that normally appear Monday's, including the Maryland interest rates chart.! Pub date: 5/26/98

T. Rowe Price Associates Inc.'s net income rose 4 percent in the third quarter, but assets that it manages fell in recent months because of volatile markets here and overseas.The Baltimore-based mutual fund company made $43 million in the quarter that ended Sept. 30, or 33 cents per diluted share, compared with $41.3 million, or 32 cents per diluted share, for the same period a year earlier.Revenue rose 9 percent in the third quarter to $218.6 million, up from $199.8 million for the same period a year earlier.

No Business section will be published tomorrow, Labor Day. Financial markets will be closed. Features that normally appear on Monday will be published Tuesday.

Because financial markets were closed yesterday for Labor Day, no financial tables appear in today's editions. In addition, because no Business section was published yesterday, features that normally appear on Monday are printed today.Pub Date: 9/08/98

Because the financial markets were closed yesterday for Thanksgiving, no financial tables appear in today's editions.Pub Date: 11/28/97

Large inflows of money from investors and a robust stock market pushed T. Rowe Price Associates Inc.'s revenues and net income to record levels in the fourth quarter and the year, the Baltimore-based mutual fund company said yesterday.Price's net income grew 27 percent to $27.6 million, or 44 cents a share, in the quarter ended Dec. 30, compared with $21.7 million, or 35 cents a share, in 1995.Revenues jumped 29.5 percent to $159.8 million during the fourth quarter of 1996, compared with $123.

WASHINGTON -- Financier-philanthropist George Soros can shake things up around the world.Wielding vast amounts of money, he can send ripples -- even shock waves -- through global markets and societies. When he announced last week, for instance, that he would raise his investment stake in Russia to $2.5 billion, it was headline news in global financial markets.Five years ago, he gambled $10 billion of his own and others' money against the British pound and won, earning a profit variously reported to be between $1 billion and $2 billion when the pound was devalued and burnishing a reputation that has grown to epic proportions.

LONDON -- All the old jokes have been wheeled out here, the ones that start with skyscrapers and end with the punch line: ''It's raining brokers again tonight.''A financial crisis is always great drama, complete with pictures of panicking, shouting traders and a grave chorus of dark-suited experts punctuating the news bulletins.But the fact that the reaction to this week's stock market crash has slipped into the familiar routine of criticizing the financial markets as irrational and destructive should not obscure the fact that they play an ever more essential role.

U.S. financial markets are closed today for Thanksgiving. Tomorrow, some commodity exchanges will be closed, the stock market will close at 1 p.m. and the bond market will close at 2 p.m.Pub Date: 11/27/97

WASHINGTON -The White House raised the prospect yesterday that the price tag for bailing out the nation's financial system could more than double to nearly $1.5 trillion. President Barack Obama's 2010 budget outline, released yesterday, warns that, should economic conditions worsen, an additional $750 billion could be required on top of the $700 billion financial rescue fund authorized by Congress last fall. "We hope that it will not be necessary," Peter R. Orszag, director of the Office of Management and Budget, said of doubling the fund.

For stressed-out investors, this is not a time for the faint of heart. The Federal Reserve's plan to buy massive amounts of short-term commercial paper is just the latest extraordinary response to jittery investors who have left the financial markets high and dry as Wall Street's woes spill onto Main Street. Such bold government intervention is meant to allay fears and make it easier for businesses to borrow money. But the negative fallout from the credit crisis seems to have lost little momentum worldwide despite recent government bailouts and the Fed's stabilizing action yesterday.

Despite a tumultuous weekend of bipartisan negotiations to rework the Bush administration's $700 billion proposal to resolve the U.S. financial crisis, House Republicans revolted yesterday and led a stunning rout of the president's plan. They blamed partisan politics for their vote against the package, but that was pure political grandstanding. And it won't help the country overcome the grave financial crisis threatening it. These are many of the same Republicans who supported an unfettered free market economy with few regulations and limited government oversight - the very scenario that experts say led to the kind of creative financing in the mortgage industry underlying the current financial meltdown.

T. Rowe Price, the Baltimore-based global investment management company, offered its view on the financial market crisis in a perspective issued last week. Here is an excerpt: Investors have been rattled by the extraordinarily rapid chain of events rocking U.S. financial markets and reverberating through world markets. This financial crisis mirrors familiar elements of past crises in which credit stopped flowing. At the same time, U.S. government intervention in financial markets is at its highest since the 1930s.

Americans don't have to have a 401(k) to be worried about the havoc on Wall Street. They don't have to be fiscal conservatives to cringe at the billions the federal government has added to its balance sheet to bail out international insurance giant AIG, mortgage lenders Fannie Mae and Freddie Mac, and investment house Bear Stearns. Their anxiety over joblessness, diminished buying power and a depressed housing market have intensified with the wild fluctuations in the stock market and the accompanying credit crunch.

WASHINGTON - The Bush administration formally asked Congress yesterday to grant sweeping new powers to the Treasury secretary to buy as much as $700 billion in deeply troubled mortgage-related assets as part of a Herculean effort to clean up Wall Street's financial crisis. A draft of the plan was delivered to Congress early yesterday, and lawmakers will spend the weekend poring over it. As written, Treasury Secretary Henry M. Paulson Jr. and his successor would be handed expansive authority, beyond the reach of U.S. courts, to attempt to rescue staggering financial markets.

Wall Street's meltdown sent the stock market reeling and left Main Street with one sobering thought: It isn't over yet. The record bankruptcy filing of Lehman Brothers yesterday and fire sale of Merrill Lynch to Bank of America raised the specter of further blowouts threatening the stability of an already-battered financial system in the months ahead. Unlike a stock market crash that hits all at once, the "agonizing and deep-seated" drumbeat of trouble seems certain to drag on, said market veteran Phil Hummer of Chicago's Wayne Hummer Investments.

Legg Mason Inc. said yesterday that it will take a $195 million after-tax charge to earnings this quarter to shore up money market funds containing mortgage-backed debt, bringing its total losses on the funds to $279 million for the three months ended March 31. The Baltimore-based money manager said it will provide as much as $400 million over the next year to cover potential losses, which have grown steadily as the credit crisis has rippled through financial...

WASHINGTON -- The Treasury Department will propose Monday that Congress give the Federal Reserve broad new authority to oversee the stability of the financial markets, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system. The proposal is part of a sweeping blueprint to overhaul the nation's hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.

Wendy's International Inc. Shares declined $1.34, or 5.3 percent, to $23.92. The U.S. hamburger chain, which put itself up for sale last year, said turmoil in the financial markets has delayed the sale process.