Net worth of typical family fallsThe net worth of the...

BUSINESS DIGEST

January 26, 1994

Net worth of typical family falls

The net worth of the typical American family fell 12 percent between 1988 and 1991, the U.S. Census Bureau reported yesterday, reflecting declines in home values, savings and checking account balances, rental property and business assets. The typical family's net worth was $36,623 in 1991, compared with $41,472 in 1988, the bureau said.

U.S.-Japan trade talks fail

The United States and Japan ended two days of trade talks yesterday without agreement and facing "substantial stumbling blocks" in their race to rewrite the rules of trans-Pacific commerce, U.S. officials said.

The two sides are scrambling to come up with a new economic agenda before a Feb. 11 summit between President Clinton and Japanese Prime Minister Morihiro Hosokawa.

Steelworkers want in at USAir

The United Steelworkers of America has written to USAir President Seth E. Schofield asking the airline to recognize the USWA as the official representative of the airline's 8,000 fleet service workers who load and unload planes.

The workers vowed to unionize after being the hardest hit by USAir's recent layoff of 2,500 workers. In a letter this week, George Becker, a USWA vice president, told Mr. Schofield that USAir should waive the normal representation election since 60 percent had signed cards authorizing the USWA to be their bargaining agent.

B&D to close German plant

Black & Decker Corp., the Towson-based power tool and appliance manufacturer, said yesterday that it plans to close this year its Limburg, Germany, power tool plant, which has 480 workers. The company will consolidate its European production of consumer power tools at its plant in Spennymoor, England.

Also, the company has completed a $250 million public offering of 7 percent notes due Feb. 1, 2006. The new notes complete a $1 billion offering of medium- and long-term notes, which will replace shorter-term borrowings.

Insurance agency to hold forum

The Maryland Insurance Administration will hold a public forum this evening to discuss a range of insurance issues, including automobile, health and homeowners policies.

The open forum, which is to include the state's insurance commissioner and his staff, is scheduled from 7 p.m. to 9 p.m. at the library of Western High School, 4600 Falls Road in Baltimore. For more information, contact the Consumer Services Office of the Maryland Insurance Administration at 333-3288.

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