Stock prices move higher
The stock market headed higher in early trading today, following through on yesterday's modest rally.
The Dow Jones average of 30 industrials climbed 9.19 points to 3280.58 in the first half hour of trading.
Analysts said stocks drew some support from expectations of favorable inflation news. The Labor Department reports tomorrow on the producer price index of finished goods and next week on the consumer price index for August.
Grocery stores, union in talks
The Washington-area local union that represents about 20,000 workers at the Giant Food, Safeway and Super Fresh grocery chains said yesterday that it has requested permission from its parent union to call a strike if negotiations do not produce an agreement.
The request from United Food and Commercial Workers Local 400 is a routine move as contract talks near a deadline. The contracts between the union, which represents employees at more than 250 Washington-area stores, expires Sept. 12.
Nursing home site auctioned off
The building that houses the Baltimore Nursing and Convalescent Center at 140 W. Lafayette Ave. in Bolton Hill was sold at auction yesterday for $825,000 to a local company, Mortgage Servicing Group, which had foreclosed on the property. Mortgage Servicing initiated foreclosure proceedings last year against the previous owner, Bolton Hill Limited Partnership.
In court documents, Mortgage Servicing Group said the debtor owed more than $2.5 million as of June 30, 1991. Bolton Hill Limited Partnership subsequently filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. A spokesman said the nursing home would remain.
Cable regulation bill advances
In a big step toward re-regulation of the cable television industry, House and Senate negotiators agreed yesterday on a measure that would require local cable systems to negotiate licenses from local broadcast stations to retransmit their signals. The change could provide broadcasters with hundreds of millions of dollars in royalties.
Agreement on the provision set the stage for final passage of the legislation.
GM unveils its credit card
After considerable hype, General Motors unveiled its credit card to generally favorable reviews from industry analysts, some of whom say it is the most important new national card since AT&T; introduced its Universal card in March 1990.
The GM Card, unveiled yesterday, has no annual fee and carries a 16.4 percent adjustable interest rate, which is below the industry average of about 18 percent. The card's key feature is a rebate program. Consumers can receive a 5 percent rebate, up to $500 a year, to be used toward purchase or lease of any GM car or truck -- except the company's popular Saturn cars.