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.
Staffers on loan from other papers -- 320 strikers who crossed picket lines and more than 1,100 new employees -- are producing the papers, management said.
Six unions representing 2,500 workers at the two papers went on strike July 13, mostly over wages and work rules. Talks are scheduled to resume tomorrow.
General Mills reports drop in earnings
General Mills Inc. reported yesterday that earnings in its fiscal first quarter fell 9 percent to $136.9 million, compared with the same period a year ago.
The nation's No. 2 cereal maker's profits came to 86 cents per share for the quarter ended Aug. 27, compared with profits of $150.8 million, or 95 cents per share, a year ago. Sales rose to $1.28 billion from $1.16 billion.
First-quarter 1995 profits reflected expenses incurred when General Mills had to throw away 50 million boxes of cereals that contained oats sprayed with an improper pesticide, the company said.
Bally's Health plans to spin off
Bally Entertainment Corp., operator of casinos and casino hotel resorts, said yesterday its subsidiary, Bally's Health & Tennis Corp., plans to spin off and list its shares on the Nasdaq market.
Bally's Health, which operates 355 fitness centers in the United States and Canada, said in a filing with the Securities and Exchange Commission it expects to distribute as a dividend to its stockholders one share of the spun-off company for every five shares of Bally Entertainment held.
Bally Entertainment owns three casino hotel resorts in Atlantic .. City, N.J., and Las Vegas, Nev., and a riverboat casino in New Orleans, La.
Harrah's, Indian tribe sign casino deal
Harrah's Entertainment Inc. said yesterday it signed agreements with the Pokagon Band of Potawatomi Indians to develop and manage future casinos in Michigan and Indiana.
The Pokagon Band, based in Dowagiac, Mich., received federal recognition in the fall of 1994. The tribe has not yet selected casino sites, but is considering locations in Southwestern Michigan and Northern Indiana.
Before development, sites must be selected and taken into trust, state compacts completed and all development and management agreements approved by the National Indian Gaming Commission. The agreements were approved by the Tribal Council of the Pokagon Band of Potawatomi Indians and executed by Tribal Council Chairman Joe Winchester, Harrah's said.