June 3, 1981

An article in Business Day on May 21 about the day's stock trading incorrectly described the ownership of a videotex system known as Telidon. It is a Canadian operation not associated with Teledyne Industries.

The Federal Trade Commission decided yesterday not to block the $1.8 billion takeover of the Kennecott Corporation by the Standard Oil Company (Ohio). In doing so, sources close to the Government agency said, the four-member panel rejected, by a 3-to-1 vote, a staff recommendation to sue Sohio on antitrust grounds. Sohio, applauding the decision, said it would close the deal tomorrow, buying Kennecott's shares from stockholders for $62 each. Responding to the favorable news, Kennecott shares rose 1 5/8 points, to 61 1/2, on a volume of more than a million shares. It was the most actively traded issue on the New York Stock Exchange.

''It's taken nearly 25 years to right one of history's great wrongs, and we're not going to stop until we have our Dodgers back. What's Romeo without Juliet? What's Niagara without the Falls? What's Hershey without chocolate? What's Brooklyn without the Dodgers?'' - State Senator Thomas J. Bartosiewicz, Democrat of Greenpoint. (B1:3.)

In a challenge to the Reagan Administration, Democrats on the House Ways and Means Committee began drawing up a new two-year tax relief bill today that the committee's chairman, Dan Rostenkowski, said he hoped ''all Democrats'' would support on the House floor. This statement by Mr. Rostenkowski, at the end of a two-hour, closed-door caucus of Ways and Means Democrats, indicated that the Democrats were preparing for a test of strength with the Administration on the House floor over the tax cuts. One Democratic member of the committee reported that there was an informal committee agreement on a first-year cut of 5 percent and a further 10 percent reduction in 1982. Reagan Backs Three-Year Bill President Reagan has insisted on a three-year bill with 10 percent annual cuts, although he said yesterday that he would accept a 5 percent cut in the first year.

New orders for the nation's manufactured goods fell eighth-tenths of 1 percent in April to a seasonally adjusted $163.3 billion, the steepest decline since last May, the Commerce Department reported today. The report said manufacturers' shipments also declined slightly in April, raising factory inventories and providing new evidence that the national economy is slowing. ''It's a picture of continuing softness,'' said Ago Ambre, a Commerce Department analyst. ''It's a fairly sizeable downturn. It's in line with expectations that the second quarter is a slower quarter than the first.''