Factory orders slumped in June for the third time this year, the Commerce Department said, reporting a 1.5 percent drop in orders for both durable and nondurable factory goods.

The Treasury auctioned $4 billion in 44-day cash management bills at an average discount rate of 7.6 percent and an average investment rate of 7.78 percent. The average price on the bills, which will be issued Aug. 7 and mature Sept. 20, was $99.071.


Pratt & Whitney will eliminate 4,000 jobs by 1993, mostly in Connecticut and Florida, because of the leaner U.S defense budget. Pratt & Whitney has a worldwide work force of about 45,000.

Danaher Corp. issued 1.35 million common shares priced at $20.50 a share through underwriters led by Merrill Lynch Capital Markets.

Delta Air Lines pilots reached agreement with the company on a new contract, which, if ratified, will provide the pilots with an industry-leading contract in terms of wages, benefits and working conditions and will be cost-effective for the airline, the Air Line Pilots Association said.

American Airlines filed a complaint with the Department of Transportation against BAA PLC, the former British Airports Authority, for its refusal to let American handle its own passengers at British airports.

McDonnell Douglas adopted a anti-takeover measure that entitles shareholders of record on Aug. 13 to receive a dividend of the right to acquire $400 worth of shares for $200. The plan goes into effect if a person or group acquires more than 20 percent of the company's outstanding stock.

EMI Music Worldwide has acquired a partnership interest in IRS Records, one of the most successful small independent labels of recent years. Terms of the deal, under which IRS Records will remain autonomous, were not disclosed. IRS founders Miles Copeland and Jay Boberg will remain as principals.

E.J. Brach & Sons reached agreement with Teamsters union members on a four-year contract, apparently heading off the candy company's earlier threat to close its West Side Chicago operation. The company said the pact includes $23.5 million in increased wages and benefits.

Polaroid had a class action suit against it dismissed in a U.S. Court of Appeals. The suit was brought on behalf of investors who purchased stock and options in early 1979.


Allied-Signal announced it will build a $160 million plant in Longwy, France, to manufacture polyester fiber for passenger car tires, seat belts and other products. It is expected to begin operating by 1993 and to employ about 300 workers.

Toyota and Fujitsu agreed to form a joint venture to develop and market engineering software. The new company will initially focus on developing and marketing software for use in the automotive field, chiefly computer-aided engineering applications, but is expected to expand into the market for general-purpose software.

Campeau Corp. said that Ohio real estate developer Edward J. DeBartolo Corp. plans to end their partnership.


The SEC censured Thomas McKinnon Asset Management L.P., an investment company, for overcharging clients and failing to provide required investment information to them. The firm agreed to an SEC order to cease the improper practices and to submit to an SEC review.

The General Accounting Office urged Congress to adopt legislation that would require accountants to notify regulators if their audits of public companies uncover illegal activities.

The National Transportation Safety Board recommended that the FAA call for inspection of wiring on all Boeing 737-300, -400 and -500 planes as a result of an investigation of an explosion aboard a Philippine Air Lines jet in May.


McDonnell Douglas won a $303.4 million Army contract for 66 AH-64 attack helicopters.

Avondale Industries received a $63.6 million Navy contract for a mine warfare ship.


Bear Stearns said earnings tumbled about 30 percent in its fourth quarter and fiscal year.


J.P. Bolduc of Clarksville, Md., was elected president and chief operating officer of W.R. Grace & Co. by the company's board of directors. Bolduc was one of three Grace vice chairmen.

James L. Arnold, chairman of Hadron in Fairfax County, has been named president and has assumed the responsibilities of chief executive.