Stocks continuing to slideThe stock market declined...


September 16, 1992

Stocks continuing to slide

The stock market declined broadly today, extending yesterday's slide as traders reappraised the outlook for interest rates worldwide.

The Dow Jones average of 30 industrials dropped 5.14 points to 3,322.18 in the first half hour of trading. Losers outpaced gainers by more than 3 to 1 in nationwide trading of New York Stock Exchange-listed issues. Volume on the Big Board came to 28.91 million shares as of 10 a.m.

Production off in August

Industrial production fell 0.5 percent in August, the government said today, due in part to the effects of Hurricane Andrew and a strike at a General Motors parts plant.

But excluding the storm and the strike, output at the nation's factories, mines and utilities still dropped, the Federal Reserve said in the latest report, suggesting the manufacturing engine that once drove the economy had lost its steam.

"Hurricane Andrew . . . disrupted output of several major industries, particularly oil and gas extraction, petroleum refining and petrochemicals," the Fed report said. "Effects of the storm reduced industrial production by a little more than 0.1 percent in August."

The Fed also said the GM strike, which forced the closing of production lines in several states, lowered automobile output by about 1 percent. Nevertheless, overall motor vehicle output still posted a 1 percent gain last month because of increased truck production, it added.

Merger pleases AT&T and NCR

The chief executives of AT&T and NCR said yesterday that the two companies' $7.5 billion merger a year ago this month had been successful and that AT&T's computer operations, troubled in the 1980s, would be profitable in 1992.

Robert E. Allen, chairman and chief executive of American Telephone and Telegraph Co., said at a news conference, however, that because the company's computer business now comprises NCR, AT&T's old computer operations and the recently acquired Teradata, comparing this year's financial performance with last year's was mixing "apples, oranges and ++ peaches."

MasterCard targets health costs

MasterCard International has announced a new marketing pitch designed to persuade doctors, dentists and other health care providers that they can improve the finances of their practices by letting patients charge services on the card.

Xerox unveils new copiers

Xerox Corp. yesterday unveiled a series of new printers and copiers, some of which use high-quality digital reproduction technology and others that reproduce in color. Digital technology allows customers to make exact reproductions of paper or computer-generated documents, and there is no degradation from the first copy made to the 100th.

Benetton shows shocking ads

Benetton, the Italian fashion group that loves to shock as well as sell sweaters, broke new frontiers yesterday by unveiling its latest provocative advertising campaign in Moscow.

Vice Chairman Luciano Benetton and advertising guru Oliviero Toscani presented seven posters, ranging from an empty electric chair to an albino girl surrounded by black South African tribeswomen, from the firm's fall and winter campaign.

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