Factory orders decline 1.9%New orders to U.S. factories in...


October 03, 1992

Factory orders decline 1.9%

New orders to U.S. factories in August posted their largest decline in eight months, according to a government report that analysts said was fresh evidence that the manufacturing economy has stalled.

Orders for both durable and non-durable goods fell 1.9 percent to $237.6 billion at a seasonally adjusted rate, down from $242.3 billion a month earlier, the Commerce Department said yesterday.

The drop, the second in a row, was the largest since a 3.7 percent decline last December.

Newell settles in Stanley suits

Hardware manufacturer Newell Co. settled two lawsuits against it yesterday by agreeing to sell its stake in Stanley Works, ending a potential takeover threat against the toolmaker. Under the court-approved settlement, Newell will sell its stake -- which amounts to less than 1 percent of Stanley -- within a year.

Newell also agreed not to purchase any additional Stanley shares or seek to influence or control the New Britain, Conn.-based company for 10 years.

The deal ends litigation filed against Newell in federal court by Stanley and by the state of Connecticut, which had charged that a takeover would violate antitrust laws and reduce competition in the hardware and houseware markets.

Pittsburgh Press for sale

The E. W. Scripps Co. announced plans yesterday to sell the Pittsburgh Press, citing mounting losses from a 4 1/2 -month-old strike by delivery drivers. The announcement came a day after talks between the company and the Teamsters union collapsed.

About 600 Teamsters drivers went on strike May 17 after the company tried to establish a new distribution plan that would have eliminated 75 percent of the bargaining unit's jobs. The company has since reduced the number of proposed cuts to 45 percent.

The strike shut down the afternoon Press and morning Post-Gazette, which is owned by Blade Communications Inc. of Toledo, Ohio, but is printed and published by the Press Co. under a joint operating agreement.

Yeltsin approves land sale

President Boris N. Yeltsin gave the green light to an experimental land sale that could help determine property values in Russia, an official said.

Mr. Yeltsin's decree yesterday came one day after the government began distributing privatization vouchers to Russia's 148 million people, giving citizens the chance to own stock in companies for the first time in seven decades.

The vouchers, worth 10,000 rubles or about $40, can be used to buy shares in shops, restaurants and factories.

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