Into Reverse Twice in the Next Few Weeks
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24 THE MERAU). Tnes., Jahf »W1 Conoco into reverse twice in the next few weeks. policy issues.” ' ■ ■ ' . guideUn^ percent. In the second quarter of cond quarter dropped t)y investment, measured alone, $3.8 billion offer from Joseph E. legal action to block the purchase, Conoco, which competes vigorousls^ IS uncertandies WASHINGTON (UPI) -N fh e Revisions of first quarter figures STAMFORD (UPI) - Conoco and hrmnlly-with Mobil in all phases Mobil had no ImmoiBate coni^ economy abruptly shifted into 1978, prices went up 5.8 pwcent. billion. accelerated downward by 20.8 per Inc.'s directors, warning a takeover Seagram & Sons, the U,S. sub which would be the largest in U.S. surrounding the Mobil offer,” cent. sent GNP up an additional 2 percent. of the petroleum business, a major ment. When Mobil made its $$0-a- reverse from April through June The GNP, after seasonal adjust But the drop was mostly wiped out After adjustment for inflation as by Mobil Oil Corp. could trigger a sidiary of the Canada-based corporate history. share cash and 'stock bid'' laat • Bailey said, “it w u clear to our ment, was $2881 biUion - $2.88 in the final figure because the Exportp decreased by 5.3 percent Seagram liquor concern. Mohil is the nation’s second ridtructuring of the U.S. indust^ is GNP down and the gross national product well as seasonal factors, second “ntajor restructuring” of the U.S. likely to result with substantial Friday, Mobil OiahlHni Ra«Wld> board that cbntimied strong suptot declined 1.9 percent on an annual trillion— the first decline since last ovendnent counted cars held by on an annual basis and government petroleum industry, say the com Following the board meeting, largest oR company hdiind Exxon. Warner Jr. insisted that a merger of the Du Pont transaction is in the year’s recession-struck, second Sealers, an inventory buildup of $11 output was down by 4.7 percent. quarter.GNP decreased by only half Conoco Chairman Ralph E. Bailey Conoco ranks ninth. energy enterprises like Conoco dis basis — tlie first drop since last a percent. pany will go to court to block the appearing as vigorous competitors with Conoco should fit “squarely best interests of Conoco’s year’s recession, the government quarter, when GNP plummeted 9,9 billion over the first quarter. In dollar terms, peronal consump issued a statement saying the board “It is clear,” Bailey said, “that tion expenditures were down $4.5 After-tax corporate profits for the record $7.74 billion bid. from the market,” he said. within the Justice Department shareholders.” reported today. percent. The decline in GNP was 'ilie board, meanwhile, voted concluded the Mobil bid violates the Mohil offer raises major, an guideliines and should not violate the Du Pont bas Offered $88-asbare in but prices widespread throughout the billion, residential housing invest first quarter rose 2.3 percent, titrust and other public policy issues “It would be irresponsible to per The surprising drop was matched From January throuf^k March, the recovering to slightly above the Monday to accept a $7.S billion offer federal antitrust laws and could antitrust laws:" cash for 40 percent of Conoco stock economy amazed analysts by expan- economy, led by an $18.5 billion drop ment was down $3 billion and net start a rasb of similar takeovers in which makes the succe^ul comple mit such a restructuring to proceed ; by some good ne'ws, the smallest in- level before the recession. from DuPont Co., the nation’s without a stringent test of its legali But Bailey contended that com and a stock swap for the remaining flatibn surge in three years. :ding at a rate of 8.6 percent. in fimi sales and a badly slumping exports were down $5 billion. largest chemicdl manufacturer. the oil Industry if it is allowed to go tion of the Mobil offer highly ^ r e s . Seagram bid $88-a-share Tbe Commerce Department does Prices, measured within the GNP ty under the antitrust laws and am petition between MObil and Conoco As mehsured w itto the gross Auto sales that did not take place housing industry. figure, were up 9.8 percent at an an It urged stockholders to reject through. He said the directors had problematical. in various regional markets exceeds cash for 51 percent of Conoco. were the most prominent feature of Fixed investment showed a 9.7 not compute corporate profits as authorized the company to take “If Mobil is permitted to acquire ple time for debating the public not all bad Uational product, prices during the nual rate for that first 'three-month both the Mobil bid and a competing second quarter— April through June tlie preliminary measure of GNP. Mrcent plunge, computed on an an part of this first preliminary, reading of GNP. It will be revised . period. Economy — rose at an annoal rate of only 8 The value of cars sold during these- nual basis, and residential housing Protest ship land sale Manchester, Conn. Serving the approved Wednesday, July 22, 1981 headed for oil Manchester atea MANOIESTER — Hie Planning ’ 25 Cents and Zonittg Commission Monday for 100 years Umlh night gave its apfiroval to a sale of 10 acres of town-owned land near drilling site Union Pond to Economy Electric Supply Inc. Previous approval for the land BOSTON (UPI) — An en speak with reporters who have been sale was granted by the Economic vironmental group planned to send a invited to visit the rig, and any other DeveUvment Cominiasion. actions at sea will depend on wind The Board of Directors postponed .km Israel says 146-foot converted trawler to the deciding the Issue until it got a deci site of a Shell Oil Co. rig off the New and weather. England coast today to protest the Elmer Danenberger, a spokesman sion from the. PZC. The issue now search for oil which is about to begin for the U.S. Geological Survey, has goes back to' the Board of Directors in the rich Georges Bank fishing said he doesn’t expect the for final approval. exploratory drilling to have any Economy wants to boy the land PLO wrong grounds. A Shell spokesman said due to major effects on the fishing in and combine it with an adjacent ptot delays ii) the arrival of more dustry. of privately-owned land it is The construction of a 20,000 square foot addition at Carlyle* negotiating to buy. The company anchors, the earliest possible time Shell Is seeking to become the Johnson Machine Co. at 52 Main St. should be completed In that drilling could begin would be Adding Jobs pkuu to construct a wardiouse- first firm to explore for oil and gas September. The addition will mean 25 new Jobs at the plant. office showroom complex. late today. off the New England coast. (Herald photo by Rosenberg) The company initially plans to on assault Greenpeace New England direc Company officials originally had r construct an 80,000 to 90,000«|nara tor David Bigley said Monday the hoped the rig, the Zapata Saratoga, foot facility and later expand it to environmental group is concerned could Start drilling July 16 in the By United Press International that muds and cuttings from the 225,000 square feet. rich fishing grounds. ’The area is Addition at Carlyle-Johnson Ekwnomy claimk it' desperately The PLO accused Israel of sending tanks four miles drilling will be discharged into the located about 120 miles southeast of water instead of being barged away. needs the additional space. The into Lebanon today and of trying to land seaborne com the island of Nantucket, the famous company aays it is not practical to mandos 17 miles beyond the border in Israel’s deepest "We believe that there’s just too 19th century whaling port. much at stake for the safeguards e i ^ ^ at its present site. assault of the 13-day Palestinian-Israeli fighting. that have been put into place,” he Economy has been growing, Palestinian artillery pounded much of northern Israel. to be finished in September despite the rodry economic times. said. In Tel Aviv, an Israeli military spokesman denied that A Shell spokesman, Norman Rotary U st wedc, the company bought any tank assault on Palestinian positions in south Altstedter, responded to the planned out the ^Uins Electric Supply Co. Lebanon took place as reported by the Palestinian news protest with a^epared statement: MANCHESTER - A $1.2 million space the company will increase clude, building ramps at the en of GroUgL agency WAFA. MANCHESTER — The Rotary 'construction project at Carlyle- output and eventually add 2S people trances for the handicapped, expan Economy President Robert The PLO and WAFA said the Israeli tank assault was “Shell has obtained ali the required Club of Manchester will hold Its government permits and we are Joluison Machine Co. is well under' to its current work force of 12S, ding the engineering section, con Weinberg said earlier this month repulsed near an old Crusader castle in the biggest regular weekly dinner meeting on way and scheduled for completion in Armstrong said. structing a cafeteria in an old that the company has reached an un ground battle of what PLO chief Yasser Araft called the meeting all regulations of the Tuesday at 6:30 p.m. at the federal'and state governments. September, company president According to ' Donald Kennett, manufacturing area and building derstanding with the owner of the first "Palestinian-Israeli war.” Manchester Country Club. Speaker manager of engineering and sales at several new offices.