CHIRON CORPORATION EXPECTS TO RESOLVE ITS MANUFACTURING SHORTAGE OF THE DRUG BETASERON CURRENTLY SUPPLIED TO MULTIPLE SCLEROSIS PATIENTS BY LOTTERY IN THE FOURTH QUARTER OF NINETEEN NINETY FOUR EDWARD PENHOET PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE BIOTECHNOLOGY COMPANY SAID CHIRON HOPES FOR FOOD AND DRUG ADMINISTRATION APPROVAL OF ITS CURRENT PLANT EXPANSIONS BY YEAR END SO THAT ALL M. S. PATIENTS CAN BE SUPPLIED NO LATER THAN THE NINETEEN NINETY FIVE FIRST QUARTER BETASERON A GENE SPLICED VERSION OF THE NATURAL PROTEIN BETA INTERFERON IS MANUFACTURED BY CHIRON AND MARKETED BY THE BERLEX LABORATORIES UNIT OF GERMANY'S SCHERING A. G. LAST FALL ABOUT SEVENTY THOUSAND M. S. PATIENTS SIGNED UP FOR BETASERON THROUGH A BERLEX SPONSORED LOTTERY SO FAR CHIRON HAS BEEN ABLE TO SUPPLY DRUGS FOR FIFTEEN THOUSAND TO TWENTY THOUSAND OF THEM MORE THAN ONE HUNDRED THOUSAND SUCH PATIENTS ARE DEEMED ELIGIBLE TO RECEIVE THE DRUG UNDER CURRENT F. D. A. LABELING INCREASING BETASERON CAPACITY SHOULD HELP CHIRON ACHIEVE A QUOTE SUSTAINABLE QUOTE PROFIT GROWTH CURVE IN NINETEEN NINETY FOUR DOCTOR PENHOET SAID ANALYSTS EXPECT CHIRON TO POST NINETEEN NINETY THREE PROFIT IN THE RANGE OF THIRTY CENTS A SHARE TO SIXTY CENTS A SHARE BUT DOCTOR PENHOET DECLINED ANY PRECISE FORECAST FOR NINETEEN NINETY FOUR HE MADE HIS REMARKS AT THE HAMBRECHT AND QUIST LIFE SCIENCES CONFERENCE HERE SEPARATELY CHIRON YESTERDAY SAID IT ACQUIRED A FIFTEEN MILLION DOLLAR EQUITY STAKE IN CEPHALON INCORPORATED IN WEST CHESTER PENNSYLVANIA CEPHALON A DEVELOPER OF TREATMENTS FOR NEUROLOGICAL DISORDERS WILL COLLABORATE WITH CHIRON ON DEVELOPMENT OF TREATMENTS INCLUDING INSULIN LIKE GROWTH FACTOR FOR LOU GEHRIG'S DISEASE TECHNICALLY KNOWN AS AMYOTROPHIC LATERAL SCLEROSIS ALS CHIRON'S INVESTMENT COVERS PURCHASE OF SEVEN HUNDRED FIFTY THOUSAND COMMON SHARES OF CEPHALON AND WARRANTS FOR THE PURCHASE OF AN EQUAL NUMBER OF ADDITIONAL SHARES F. H. P. INTERNATIONAL CORPORATION SEEKING TO DOUBLE THE NUMBER OF PERSONS SERVED BY ITS HEALTH MAINTENANCE ORGANIZATIONS SIGNED A PRELIMINARY AGREEMENT TO ACQUIRE TAKECARE INCORPORATED FOR EIGHT HUNDRED TWENTY NINE MILLION DOLLARS IN CASH AND SECURITIES THE PROPOSED ACQUISITION WOULD CREATE ONE OF THE NATION'S TOP THREE PUBLICLY TRADED H. M. O.S WITH MORE THAN ONE POINT SIX MILLION MEMBERS IN EIGHT STATES AND ANNUAL REVENUE EXCEEDING THREE POINT TWO FIVE BILLION DOLLARS IN COLORADO AND UTAH THE NEW ENTITY WOULD BE THE INDUSTRY LEADER AND IN THE IMPORTANT CALIFORNIA MARKET WHERE THE COMBINED OPERATION WOULD RANK NUMBER THREE AMONG H. M. O.S AND GIVE F. H. P. A BIGGER PRESENCE IN THE NORTHERN PART OF THE STATE THE MERGED CONCERN WOULD BE ABLE TO MORE AGGRESSIVELY OFFER SERVICES TO MEDICARE BENEFICIARIES STATEWIDE THE COMPANIES SAID TAKECARE SHAREHOLDERS WOULD RECEIVE SIXTY TWO DOLLARS IN CASH AND SECURITIES FOR EACH SHARE REACTING TO THE NEWS TAKECARE SHARES CLOSED YESTERDAY AT FIFTY EIGHT DOLLARS AND TWENTY FIVE CENTS UP SIX DOLLARS AND FIFTY CENTS AND F. H. P. AT TWENTY SIX DOLLARS AND FIFTY CENTS UNCHANGED BOTH IN NASDAQ STOCK MARKET TRADING WITH CONSOLIDATION IN THE HEALTH CARE INDUSTRY EXECUTIVES FROM BOTH COMPANIES STRESSED THAT THE NEW ENTITY WOULD BE BETTER ABLE TO RESPOND TO CHANGES IN THE MANAGED CARE FIELD AND OTHER PROPOSALS TO OVERHAUL THE HEALTH CARE SYSTEM F. H. P. IS BASED IN FOUNTAIN VALLEY CALIFORNIA AND TAKECARE IN CONCORD CALIFORNIA QUOTE THIS WILL POSITION US AS A WESTERN BASED QUOTE OPERATION SAID JACK MASSIMINO F. H. P.'S CHIEF OPERATING OFFICER WHILE ALSO PROVIDING NEW OPPORTUNITIES FOR GROWTH IN MIDWESTERN MARKETS ABOUT TWO YEARS AGO F. H. P. MADE AN UNSUCCESSFUL BID TO INCREASE ITS POSITION IN NORTHERN CALIFORNIA BY PROPOSING TO ACQUIRE A MUCH SMALLER H. M. O. AFFILIATED WITH CHILDRENS HOSPITAL OF SAN FRANCISCO BUT THAT PROPOSED ACQUISITION FELL APART AND IN RECENT MONTHS ANALYSTS HAVE SPECULATED THAT F. H. P. WOULD TRY TO GROW BY TAKING OVER SOME OF ITS COMPETITORS TAKECARE SERVES SEVEN HUNDRED FIFTY FIVE THOUSAND MEMBERS IN CALIFORNIA AND THREE OTHER STATES THOUGH IT HAS A MUCH SMALLER MEDICARE OPERATION AND HAD BEEN SEEKING A PARTNER TO STRENGTHEN ITS COMPETITIVE POSITION IN THAT SEGMENT OF THE MARKET THE AGREEMENT IN PRINCIPLE WITH TAKECARE CALLS FOR PAYMENT OF THIRTY FIVE PERCENT CASH FIFTEEN PERCENT COMMON STOCK AND FIFTY PERCENT CONVERTIBLE PREFERRED STOCK MR. MASSIMINO F. H. P.'S CHIEF OPERATING OFFICER SAID THE PRICE TAG AMOUNTING TO ABOUT ONE THOUSAND DOLLARS FOR EACH ADDITIONAL MEMBER IS IN LINE WITH TRENDS IN THE RAPIDLY CONSOLIDATING HEALTH CARE INDUSTRY IN A STATEMENT F. H. P. CHAIRMAN ROBERT GUMBINER SAID THE ACQUISITION IS EXPECTED TO HAVE A POSITIVE EFFECT ON THE COMPANY'S EARNINGS IN THE NEXT FISCAL YEAR ENDING JUNE THIRTIETH NINETEEN NINETY FIVE IN ADDITION TO GAINING MORE THAN THREE HUNDRED SIXTY THOUSAND PATIENTS IN THREE STATES WHERE F. H. P. DOESN'T CURRENTLY HAVE ANY MEMBERS THE COMPANY SAID IT ANTICIPATES ADMINISTRATIVE ECONOMIES AND OTHER COST REDUCTIONS ONCE THE ACQUISITION IS COMPLETED THE BOARDS OF BOTH CONCERNS HAVE APPROVED THE TRANSACTION AND A JOINT RELEASE BY THE FIRMS SAID THAT HOLDERS REPRESENTING MORE THAN TWENTY FIVE PERCENT OF TAKECARE'S SHARES OUTSTANDING HAVE INDICATED THEIR SUPPORT BUT A TAKECARE SHAREHOLDER REPRESENTING ANOTHER SIXTEEN PERCENT OF SHARES OUTSTANDING HAS INDICATED OPPOSITION ACCORDING TO THE RELEASE AS THE EIGHTH LARGEST H. M. O. IN CALIFORNIA TAKECARE BEGAN THE MERGER DISCUSSIONS SEVERAL MONTHS AGO BECAUSE THAT SEEMED TO BE THE BEST WAY TO SOLIDIFY OUR MARKET POSITION IN THE STATE R. JUDD JESSUP PRESIDENT SAID GIVEN F. H. P.'S EXPERTISE AS THE NATION'S LARGEST MEDICARE RISK CONTRACTOR MR. JESSUP SAID THE COMBINED COMPANY WOULD BE MORE COMPETITIVE IN PROVIDING SERVICES TO MEDICARE PATIENTS A DEFINITIVE PURCHASE AGREEMENT FOR BOTH COMPANIES IS EXPECTED TO BE SIGNED BY THE SUMMER PENDING REGULATORY APPROVALS AND OTHER FORMALITIES ANNE BINGAMAN THE ASSISTANT ATTORNEY GENERAL FOR ANTITRUST SAID SOME MERGERS THAT GENERALLY WOULD VIOLATE FEDERAL ANTITRUST GUIDELINES MAY BE ALLOWED IF THEY FOSTER INNOVATION IN REMARKS PREPARED FOR DELIVERY TO A SYMPOSIUM MARKING THE SIXTIETH ANNIVERSARY OF THE JUSTICE DEPARTMENT'S ANTITRUST DIVISION MS. BINGAMAN SAID THAT QUOTE IN A PARTICULAR CASE IT IS CONCEIVABLE THAT ECONOMIES OF SCALE OR SCOPE MAY JUSTIFY ALLOWING A MERGER THAT CREATES MARKET POWER BECAUSE THE MERGER IS DEMONSTRABLY NECESSARY TO SUSTAIN INCENTIVES FOR INNOVATION OR TO BRING THE BENEFITS OF SIGNIFICANT INNOVATION TO MARKET MORE QUICKLY QUOTE BUT MS. BINGAMAN WHO IS KNOWN FOR HER AGGRESSIVE ATTITUDE TOWARD ANTITRUST ENFORCEMENT POINTEDLY NOTED THAT SHE REJECTS AS A GENERAL PROPOSITION APPROVING TRANSACTIONS THAT CONTRAVENE NORMAL ANTITRUST STANDARDS SIMPLY BECAUSE THEY ARE IN HIGH TECHNOLOGY INDUSTRIES SHE POINTED TO THE DIVISION'S CHALLENGE OF THE PROPOSED FIVE HUNDRED TWENTY FIVE MILLION DOLLAR SALE BY GENERAL MOTORS CORPORATION OF ITS ALLISON TRANSMISSION DIVISION TO ZF FRIEDRICHSHAFEN A. G. OF GERMANY G. M. DROPPED THE DEAL IN NOVEMBER AFTER MS. BINGAMAN FILED A LAWSUIT ALLEGING THE TRANSACTION WOULD BLUNT INNOVATION IN AUTOMATIC TRANSMISSIONS FOR HEAVY TRUCKS AND BUSES CONSISTENT WITH OUR ALLEGATION IN THE G. M. SLASH ZF COMPLAINT WE BELIEVE THAT CONSUMER WELFARE IS ENHANCED WHEN INNOVATIVE DIVERSITY AND COMPETITION IS PRESERVED SHE SAID MS. BINGAMAN'S DECISION TO DISCUSS THE RELATIONSHIP BETWEEN ANTITRUST AND HIGH TECHNOLOGY BEFORE AN AUDIENCE THAT INCLUDED MANY OF HER PREDECESSORS AND OTHER ANTITRUST EXPERTS UNDERSCORED THE EVER INCREASING IMPORTANCE OF THE SUBJECT SHE DID NOT HOWEVER GIVE ANY INDICATION WHAT THE DIVISION MIGHT CONCLUDE ABOUT SPECIFIC ISSUES CURRENTLY BEFORE IT HER STAFF FOR EXAMPLE IS PROBING CHARGES THAT COMPUTER SOFTWARE CONCERN MICROSOFT CORPORATION USES UNFAIR BUSINESS PRACTICES TO MAINTAIN ITS MARKET DOMINANCE ALSO BEING REVIEWED BY DEPARTMENT TRUSTBUSTERS IS THE PLANNED ACQUISITION OF TELECOMMUNICATIONS INCORPORATED BY BELL ATLANTIC CORPORATION AND THE PROPOSED PURCHASE OF MCCAW CELLULAR COMMUNICATIONS COMPANY BY AMERICAN TELEPHONE AND TELEGRAPH COMPANY BOTH ACQUISITIONS COULD PLAY IMPORTANT ROLES IN DEVELOPING A NATIONAL INFORMATION SUPERHIGHWAY WHICH IS HIGHLY TOUTED BY VICE PRESIDENT GORE THE CLINTON ADMINISTRATION ANNOUNCED SEVEN JOINT RESEARCH PROJECTS WITH THE BIG THREE AUTO MAKERS TOTALING TWENTY MILLION DOLLARS OVER THREE YEARS IN AN EFFORT TO SHED MORE LIGHT ON ITS HERALDED QUOTE SUPER CAR QUOTE PROGRAM THE FUNDING ALTHOUGH SMALL BY AUTO INDUSTRY STANDARDS REFLECTS THE ADMINISTRATION'S WILLINGNESS TO BEAR PART OF THE U. S. AUTO INDUSTRY'S COSTS ASSOCIATED WITH EXPLORING NEW TECHNOLOGIES THE GOVERNMENT'S NATIONAL LABS AND RESEARCH CONSORTIA FORMED BY THE BIG THREE'S JOINT RESEARCH ARM USCAR WILL SHARE THE FUNDS THE WORK IS EXPECTED TO LEAD TO THE DEVELOPMENT OF A FAMILY SEDAN THAT CAN ACHIEVE THREE TIMES THE FUEL EFFICIENCY OF TODAY'S AVERAGE VEHICLE THE DOLLAR BOUNCED BACK AGAINST THE MARK AND YEN AS INVESTORS DECIDED THAT A SELL OFF ON FRIDAY HAD LEFT THE U. S. CURRENCY AT ATTRACTIVE BUYING LEVELS STERLING CONTINUED TO GAIN AGAINST THE MARK MEANWHILE AFTER A NEW BATCH OF U. K. ECONOMIC STATISTICS CONFIRMED THAT THE BRITISH ECONOMIC PROSPECTS REMAIN AMONG THE BEST IN EUROPE LATE IN NEW YORK THE DOLLAR WAS QUOTED AT ONE POINT SEVEN THREE FOUR SIX MARKS UP FROM ONE POINT SEVEN TWO SEVEN THREE MARKS FRIDAY IN NEW YORK THE U. S. CURRENCY ALSO WAS CHANGING HANDS AT ONE HUNDRED TWELVE POINT TWO FIVE YEN UP FROM ONE HUNDRED ELEVEN POINT NINE OH YEN STERLING WAS TRADING AT ONE POINT FOUR NINE THREE OH DOLLARS A TOUCH ABOVE ONE POINT FOUR NINE TWO EIGHT DOLLARS ABOUT MIDDAY TUESDAY IN TOKYO THE DOLLAR WAS TRADING AT ONE HUNDRED TWELVE POINT THREE SEVEN YEN AND AT ONE POINT SEVEN THREE FOUR ONE MARKS ON FRIDAY THE DOLLAR FELL SHARPLY AGAINST MOST MAJOR CURRENCIES AFTER SOME CLOSELY WATCHED DATA ON THE U. S. JOB MARKET IN DECEMBER DISAPPOINTED MANY OF THE DOLLAR BULLS WHO HAD BOOSTED THE CURRENCY IN THE RUN UP TO THE REPORT BUT DOLLAR BULLS WERE RELIEVED THAT FRIDAY'S LOSSES DIDN'T CARRY OVER INTO YESTERDAY'S EARLY ACTION HELPING THE DOLLAR TO REMAIN ABOVE KEY TECHNICAL LEVELS AT ONE POINT SEVEN TWO FOUR OH MARKS AND ONE HUNDRED ELEVEN POINT FIVE OH YEN QUOTE THOSE LEVELS HELD UP WELL IN THE ASIAN AND EUROPEAN MARKETS QUOTE ALLOWING NORTH AMERICAN TRADERS TO BEGIN THEIR DAY ON A POSITIVE NOTE SAID STEPHEN FLANAGAN A VICE PRESIDENT AT PAINEWEBBER INCORPORATED IN NEW YORK AND FROM THOSE LEVELS THE DOLLAR MOVED STEADILY HIGHER AS INVESTORS BETTING ON A DOLLAR RALLY LATER IN THE YEAR SENSED A BUYING OPPORTUNITY AND SWOOPED IN TO LOAD UP ON RELATIVELY CHEAP DOLLARS FRIDAY'S DECLINE DIDN'T BREAK THE BACK OF THE BULL MOVE SAID DAVID DURST A VICE PRESIDENT AT BEAR STEARNS AND COMPANY IN NEW YORK THE PATH OF LEAST RESISTANCE IS STILL HIGHER STERLING MEANWHILE HELD STEADY AGAINST THE DOLLAR BUT PULLED AHEAD AGAINST THE MARK AFTER A NEW ROUND OF DATA CONFIRMED THE MARKET'S VIEW THAT THE BRITISH ECONOMY IS LIKELY TO OUTPERFORM MOST OTHERS IN EUROPE LED BY A SHARP RISE IN EXPORTS BRITAIN'S MERCHANDISE TRADE GAP NARROWED TO A SEASONALLY ADJUSTED FIVE HUNDRED SEVENTY EIGHT MILLION EIGHT HUNDRED SIXTY THREE POINT TWO MILLION DOLLARS IN OCTOBER NET CONSUMER LENDING MEANWHILE CONTINUED AT A STRONG PACE TOTALING TWO HUNDRED NINETY MILLION IN NOVEMBER A BIT BELOW THREE HUNDRED TWELVE MILLION IN OCTOBER TRADERS ALSO NOTED THAT THE U. K. DATA CONTRASTED SHARPLY WITH A REPORT SHOWING THAT WESTERN GERMANY'S GROSS DOMESTIC PRODUCT SHRUNK BY ONE POINT NINE PERCENT IN NINETEEN NINETY THREE THE STEEPEST DECLINE THERE SINCE WORLD WAR TWO LATE IN NEW YORK STERLING TRADED AT TWO POINT FIVE EIGHT NINE SIX MARKS UP FROM TWO POINT FIVE SEVEN NINE TWO MARKS FRIDAY ELSEWHERE THE MARK GAINED SOME GROUND AGAINST THE LIRA WHICH CONTINUED TO BE DRAGGED BY WORRIES OVER THE ITALIAN POLITICAL SCENE TRADERS NOTED THAT THE POLITICAL JITTERS HAVE INCREASED AHEAD OF WEDNESDAY'S VOTE OF CONFIDENCE IN PRIME MINISTER CARLO CIAMPI AS SOME INVESTORS FEAR THAT THE DOWNFALL OF THE GOVERNMENT COULD LEAVE ECONOMIC POLICY HANGING AND ALSO WEIGHING ON THE CURRENCY THEY ADDED IS THE INTERROGATION OF SOME RECENTLY EXTRADITED OFFICIALS WHO HAVE IMPLICATED PRESIDENT OSCAR LUIGI SCALFARO IN THE ONGOING CORRUPTION SCANDAL JEROME H. LEMELSON PERHAPS AMERICA'S MOST PROLIFIC LIVING INVENTOR BELIEVES THAT THE COUNTRY IS FACING AN QUOTE INNOVATION CRISIS QUOTE AND IS PUTTING UP HALF A MILLION DOLLARS IN PRIZE MONEY TO HELP RECTIFY IT MR. LEMELSON WHO HOLDS MORE THAN FIVE HUNDRED PATENTS HAS ESTABLISHED THE PRIZE AS PART OF A SIX POINT FIVE MILLION DOLLAR PROGRAM HE HAS FUNDED AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY DESIGNED TO SINGLE OUT THE MOST IMPORTANT AMERICAN INVENTION OVER THE PAST SEVERAL YEARS THE PRIZE IS OPEN TO U. S. CITIZENS AND WILL BE CONFERRED FOR THE FIRST TIME IN EARLY NINETEEN NINETY FIVE THE PROGRAM SEEKS TO RESTORE STATUS TO INVENTING TELEVISION HAS DRIVEN OUT THE INVENTOR AS A FIGURE OF POPULAR MYTHOLOGY SAID LESTER C. THUROW M. I. T. ECONOMIST WHO WILL ADMINISTER THE PROGRAM INVENTING SHOULD SEEM FUN PROFESSOR THUROW WHO HAS BEEN OUTSPOKEN ABOUT THE NEED TO RESTORE AMERICA'S PLACE AS A TECHNOLOGY LEADER NOTED THAT ECONOMISTS CAN NO LONGER TAKE STOCK OF A NATION'S STRENGTH SIMPLY BY MEASURING ITS NATURAL RESOURCES ALL THAT ANALYSIS IS IRRELEVANT TODAY HE SAID NOW YOU NEED SKILLED AND INVENTIVE PEOPLE BUT GETTING THE NEXT GENERATION AMERICAN STUDENTS EXCITED ABOUT THEIR ROLE IN A HIGH TECH FUTURE MAY BE EASIER SAID THAN DONE M. I. T. SAID A NEW SURVEY REVEALS THAT NEARLY THREE FOURTHS OF HIGH SCHOOL STUDENTS WOULD RATHER BE IN SHOW BUSINESS THAN BE AN INVENTOR WHILE MORE THAN SIXTY PERCENT PREFERRED A CAREER IN SPORTS IT'S VERY DISTURBING TO ME TO LEARN THAT AMERICAN STUDENTS TODAY THINK THE PATH TO A LUCRATIVE FUTURE IS THROUGH ENTERTAINMENT OR SPORTS ESPECIALLY WHEN SEVENTY PERCENT OF HIGH SCHOOL STUDENTS FEEL THAT AMERICA IS LOSING ITS COMPETITIVE EDGE IN INVENTION AND INNOVATION MR. LEMELSON SEVENTY YEARS OLD SAID MR. LEMELSON WHO LIVES IN RENO NEVADA WAS DRAWN TO INVENTING AFTER SPENDING HOURS TINKERING WITH MODEL AIRPLANES AS A CHILD BUT HIS INTERESTS SOON GREW MORE ECLECTIC HIS FIVE HUNDRED PATENTS INCLUDE THE FIRST VELCRO DARTBOARD GAME AS WELL AS INDUSTRIAL ROBOTS BAR CODE SCANNING SYSTEMS VIDEOCASSETTE RECORDERS FAX MACHINES AND THE MAGNETIC TAPE DRIVE USED IN SONY CORPORATION'S WALKMAN PRODUCT MR. LEMELSON CONSIDERS HIS PROUDEST ACCOMPLISHMENT TO BE A SERIES OF PATENTS FOR QUOTE MACHINE VISION QUOTE TECHNOLOGY THAT ENABLES A VIEWER TO SCAN THE TINY ARCHITECTURE OF MICROCHIPS AS WELL AS LARGER PARTS SUCH AS THOSE USED IN AUTOMOBILES WE'VE JUST SCRATCHED THE SURFACE OF APPLICATIONS HE ASSERTED ACCORDING TO M. I. T. MR. LEMELSON HOLDS THE FOURTH HIGHEST NUMBER OF PATENTS IN U. S. HISTORY FOLLOWING THOMAS EDISON ELIHU THOMSON A FORMER M. I. T. PRESIDENT AND EDWIN LAND THE INVENTOR OF THE POLARIZING LENS USED IN POLAROID CAMERAS AND FOUNDER OF POLAROID COMPANY I LOOK FOR PROBLEMS TO SOLVE MR. LEMELSON SAID I LOOK AT A NEW TECHNOLOGY AND ASK HOW CAN IT BE IMPROVED DESPITE THE BREADTH OF HIS INTERESTS AS AN INVENTOR MR. LEMELSON SAID HE WILL NOW CONCENTRATE ON DREAMING UP NEW MEDICAL DEVICES INCLUDING THOSE FOR CANCER DETECTION HE THEN HOPES TO INTEREST LARGE DRUG COMPANIES AND OTHER MANUFACTURERS TO LICENSE THE EVENTUAL DESIGNS THE SIX POINT FIVE MILLION DOLLAR LEMELSON M. I. T. PROGRAM INCLUDES A TWO MILLION DOLLAR ENDOWMENT FOR A PROFESSORSHIP TEN RESEARCH FELLOWSHIPS AND EIGHT UNDERGRADUATE AWARDS PROFESSOR THUROW WAS NAMED AS THE FIRST PROFESSOR TO HOLD THE PROFESSORSHIP ATLANTIC RICHFIELD COMPANY SAID IT PLANS TO TAKE A LARGER THAN EXPECTED FOUR HUNDRED FIFTY MILLION DOLLAR CHARGE RELATED TO A PREVIOUSLY ANNOUNCED REORGANIZATION OF ITS DOMESTIC OIL AND GAS OPERATIONS THE OVERALL CHARGE IN THE FOURTH QUARTER COUPLED WITH THE COMPANY'S DISCLOSURE THAT IT INCLUDES A MUCH DEEPER PERSONNEL CUT THAN PROJECTED BARELY THREE MONTHS AGO REFLECT THE ESCALATING PRESSURE FOR COST CUTTING AFFLICTING ALL OF BIG OIL ARCO SAID ABOUT SIXTY MILLION DOLLARS OF THE CHARGE IS ASSOCIATED WITH THE DISMISSAL OF ABOUT ONE THOUSAND THREE HUNDRED EMPLOYEES BUT THE COMPANY DECLINED TO BREAK OUT THE REST OF THE WRITE DOWN AT THE END OF OCTOBER WHEN ARCO ANNOUNCED THE RESTRUCTURING WITHOUT INDICATING THE EXTENT OF ITS IMPACT ON FOURTH QUARTER RESULTS THE COMPANY SAID THAT BETWEEN NINE HUNDRED AND ONE THOUSAND EMPLOYEES WOULD BE LET GO IN THE FOURTH QUARTER OF NINETEEN NINETY TWO ARCO EARNED THREE HUNDRED SEVENTY TWO MILLION DOLLARS OR TWO DOLLARS AND THIRTY CENTS A SHARE WHILE ACKNOWLEDGING THAT THE FIGURE ANNOUNCED YESTERDAY EXCEEDS SOME OUTSIDE PROJECTIONS EUGENE NOWAK A SENIOR ANALYST AT DEAN WITTER REYNOLDS INCORPORATED SAID THAT QUOTE CHARGES OF THIS MAGNITUDE GO WITH THE TERRITORY QUOTE IN MAJOR RESTRUCTURING MOVES AS PREVIOUSLY REPORTED THE COMPANY PLANS TO CURTAIL OIL EXPLORATION IN THE LOWER FORTY EIGHT STATES AND REFOCUS EXPLORATION FOR NATURAL GAS A BIG CHUNK OF THE CHARGE IS EXPECTED TO INVOLVE THE PROPOSED SALE OF THE COMPANY'S TWELVE YEAR OLD LANDMARK OFFICE TOWER IN DOWNTOWN DALLAS A MOVE THAT HAS PROVOKED CONTROVERSY AMONG THE CITY'S REAL ESTATE AND OTHER BUSINESS INTERESTS ARCO IS NEGOTIATING TO SELL THE FORTY NINE STORY BUILDING WHICH COST AROUND ONE HUNDRED NINETY MILLION DOLLARS TO BUILD AND WAS DESIGNED BY THE INTERNATIONALLY ACCLAIMED ARCHITECT I. M. PEI TO PARTIES ASSOCIATED WITH TEXAS UTILITIES COMPANY AN AGENT FOR THE UTILITY DECLINED TO DISCUSS THE PENDING OFFER BUT OTHER PEOPLE FAMILIAR WITH THE TALKS SAID THE PRICE UNDER DISCUSSION IS APPROXIMATELY THIRTY MILLION DOLLARS OTHER PROSPECTIVE PURCHASERS HOWEVER HAVE COMPLAINED THAT ARCO HAS SPURNED HIGHER OFFERS THEY SUBMITTED FOR THE ONE POINT THREE MILLION SQUARE FOOT BUILDING THESE CRITICS WHO WANT TO DERAIL THE TALKS BETWEEN ARCO AND A TEXAS UTILITIES UNIT ALLEGED THAT THE UTILITY IS TRYING TO NEGOTIATE A CUT RATE PRICE FOR THE PROPERTY BECAUSE IT IS A MAJOR ARCO CUSTOMER WAYNE SWEARINGEN AN AGENT WHO SAID HE IS CERTAIN HE SUBMITTED A HIGHER BID TO ARCO ON BEHALF OF AN INTERNATIONAL GROUP LAST YEAR COMPLAINED IN AN INTERVIEW THAT HE NEVER RECEIVED ANY RESPONSE IN LOS ANGELES AN ARCO SPOKESMAN DECLINED TO COMMENT ON THE NEGOTIATIONS WITHOUT GOING INTO DETAILS CARL EWERT A DALLAS REAL ESTATE AGENT WORKING FOR THE UTILITY CONFIRMED THAT ARCO IS NOT ENTERTAINING ANY OTHER OFFERS FOR THE BUILDING UNTIL THE UTILITY MAKES UP ITS MIND ABOUT CONSOLIDATING ITS OFFICES IN THE DALLAS AREA ARCO SHARES CLOSED YESTERDAY AT ONE HUNDRED SEVEN POINT SIX TWO FIVE DOLLARS OFF THIRTY SEVEN POINT FIVE CENTS IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING DETROIT DIESEL CORPORATION MAKER OF HEAVY DUTY DIESEL ENGINES AND ENGINE PARTS SAID IT HAS ARRANGED A TWO HUNDRED FIFTY MILLION DOLLAR FIVE YEAR UNSECURED SYNDICATED BANK CREDIT FACILITY THAT REPLACES A ONE HUNDRED SEVENTY MILLION DOLLAR SECURED CREDIT LINE CHEMICAL BANK IS ACTING AS AGENT FOR THE PARTICIPATING BANKS PROCEEDS WILL BE USED TO CONSOLIDATE THE CURRENT BANK DEBT OF DETROIT DIESEL'S SUBSIDIARIES AND FOR GENERAL CORPORATE PURPOSES PENSKE CORPORATION OWNS ABOUT FIFTY EIGHT PERCENT OF DETROIT DIESEL WHILE GENERAL MOTORS CORPORATION OWNS ABOUT FIFTEEN PERCENT THE FOLLOWING WERE AMONG YESTERDAY'S OFFERINGS AND PRICINGS IN U. S. AND NON U. S. CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY DOW JONES CAPITAL MARKETS REPORT ASSOCIATES CORPORATION OF NORTH AMERICA THREE HUNDRED MILLION DOLLARS OF NOTES DUE NOVEMBER THIRTIETH NINETEEN NINETY SIX PRICED AS FOUR POINT SIX TWO FIVES AT NINETY NINE POINT NINE FIVE FOUR TO YIELD FOUR POINT SIX FOUR FOUR PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF TWENTY SEVEN BASIS POINTS ABOVE TREASURYS RATED SINGLE A ONE BY MOODY'S INVESTORS SERVICE INCORPORATED AND DOUBLE A MINUS BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY AND COMPANY ASSOCIATES IS A UNIT OF FORD MOTOR COMPANY BAYERISCHE LANDESBANK NEW YORK ONE HUNDRED MILLION DOLLARS OF MEDIUM TERM NOTES DUE JANUARY EIGHTEENTH NINETEEN NINETY FIVE PRICED AT PAR TO YIELD THREE POINT FIVE FIVE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF THREE BASIS POINTS ABOVE THE TREASURY BILL EQUIVALENT RATED TRIPLE A BY MOODY'S AND TRIPLE A BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY AND COMPANY CHRYSLER FINANCIAL CORPORATION TWO HUNDRED FIFTY MILLION DOLLARS OF NOTES DUE JANUARY FIFTEENTH NINETEEN NINETY NINE PRICED AS FIVE POINT SIX TWO FIVES AT NINETY NINE POINT SEVEN OH SEVEN TO YIELD FIVE POINT SIX NINE THREE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF SIXTY EIGHT BASIS POINTS ABOVE TREASURYS RATED B. A. A. TWO BY MOODY'S AND TRIPLE B. BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY BEAR STEARNS AND COMPANY CHRYSLER FINANCIAL IS A UNIT OF CHRYSLER CORPORATION FEDERAL FARM CREDIT BANKS FUNDING CORPORATION ONE HUNDRED MILLION DOLLARS OF MEDIUM TERM NOTES NOTES DUE JANUARY EIGHTEENTH NINETEEN NINETY SIX PRICED INITIALLY AT PAR TO YIELD FOUR POINT OH NINE FIVE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NOTES NONCALLABLE FOR ONE YEAR WERE PRICED AT A SPREAD OF THREE BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS AND COMPANY FEDERAL HOME LOAN MORTGAGE CORPORATION ONE POINT TWO FIVE BILLION DOLLARS OF MODIFIABLE AND COMBINABLE SECURITIES SERIES ONE HUNDRED SIXTY TWO BACKED BY THIRTY YEAR SEVEN POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT NINE SIX PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF TWENTY NINE POINT EIGHT YEARS UNDERWRITERS INCLUDE NOMURA SECURITIES INTERNATIONAL INCORPORATED SALOMON BROTHERS INCORPORATED PRUDENTIAL SECURITIES INCORPORATED J. P. MORGAN SECURITIES INCORPORATED GOLDMAN SACHS AND COMPANY AND LEHMAN BROTHERS INCORPORATED FIRST UNION CORPORATION ONE HUNDRED FIFTY MILLION DOLLARS OF SUBORDINATED NOTES DUE JANUARY FIFTEENTH TWO THOUSAND NINE PRICED AS SIX POINT THREE SEVEN FIVES AT NINETY EIGHT POINT NINE NINE ONE TO YIELD SIX POINT FOUR EIGHT ONE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF EIGHTY FIVE BASIS POINTS ABOVE TREASURYS RATED SINGLE A THREE BY MOODY'S AND SINGLE A MINUS BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS AND COMPANY FFLC BANCORP INCORPORATED TWO POINT EIGHT MILLION COMMON SHARES PRICED AT TEN DOLLARS EACH THROUGH BAIRD SLASH MARK CAPITAL GROUP INCORPORATED G. T. GLOBAL DEVELOPING MARKETS FUND INCORPORATED INITIAL OFFERING OF THIRTY TWO MILLION COMMON SHARES PRICED AT FIFTEEN DOLLARS EACH THROUGH UNDERWRITERS LED BY SMITH BARNEY SHEARSON INCORPORATED HARRIS COUNTY TEXAS FIVE HUNDRED NINETY FIVE POINT THREE MILLION DOLLARS OF SERIES NINETEEN NINETY FOUR TOLL ROAD SENIOR LIEN REVENUE REFUNDING BONDS PRICED BY A LEHMAN BROTHERS INCORPORATED GROUP YIELDS RANGE FROM FOUR PERCENT IN NINETEEN NINETY EIGHT TO FIVE POINT FIVE THREE PERCENT IN TWO THOUSAND TWENTY ONE BONDS DUE IN NINETEEN NINETY EIGHT TO TWO THOUSAND NINE AND TWO THOUSAND THIRTEEN ARE INSURED BY AMBAC INDEMNITY CORPORATION AND CARRY TRIPLE A RATINGS FROM MOODY'S AND S. AND P. BONDS DUE IN TWO THOUSAND SIXTEEN AND TWO THOUSAND TWENTY ONE ARE INSURED BY THE FINANCIAL GUARANTY INSURANCE COMPANY AND CARRY TRIPLE A RATINGS FROM MOODY'S AND S. AND P. KANSAS DEPARTMENT OF TRANSPORTATION ONE HUNDRED TWENTY FIVE MILLION DOLLARS OF SERIES NINETEEN NINETY FOUR HIGHWAY REVENUE BONDS PRICED BY A SMITH BARNEY SHEARSON INCORPORATED GROUP YIELDS RANGE FROM THREE POINT NINE PERCENT IN NINETEEN NINETY NINE TO FIVE POINT ONE SEVEN PERCENT IN TWO THOUSAND THIRTEEN THE BONDS HAVE BEEN RATED DOUBLE A BY MOODY'S S. AND P. AND FITCH INVESTORS SERVICE INCORPORATED BANCO BAMERINDUS DO BRASIL S. A. BRAZIL ONE HUNDRED MILLION MARKS OF NINE POINT TWO FIVE PERCENT EUROBONDS DUE JANUARY TWENTY SEVENTH NINETEEN NINETY NINE AT ISSUE PRICE ONE HUNDRED ONE POINT THREE VIA BERLINER HANDELS UND FRANKFURTER BANK RECOMMENDED REOFFER ONE HUNDRED POINT OH FIVE TO YIELD NINE POINT TWO FOUR PERCENT FEES TWO POINT FIVE LESS ZERO POINT TWO FOR LEAD MANAGER BAYERISCHE HYPOTHEKEN UND WECHSEL BANK A. G. GERMANY ONE HUNDRED MILLION OF SIX PERCENT EUROBONDS DUE OCTOBER TWENTY EIGHTH NINETEEN NINETY NINE AT ISSUE PRICE ONE HUNDRED ONE POINT TWO FIVE VIA HAMBROS BANK LIMITED REOFFERED AT NINETY NINE POINT SIX SEVEN FIVE TO YIELD SIX POINT OH SIX PERCENT A SPREAD OF TWENTY FOUR BASIS POINTS ABOVE COMPARABLE U. K. GILT FEES ONE POINT EIGHT SEVEN FIVE BAYERISCHE VEREINSBANK A. G. GERMANY TWO HUNDRED FIFTY BILLION ITALIAN LIRE OF SEVEN POINT NINE PERCENT EUROBONDS DUE FEBRUARY ELEVENTH TWO THOUSAND FOUR AT ISSUE PRICE ONE HUNDRED ONE POINT SEVEN VIA CREDITO ITALIANO BONDS YIELD SEVEN POINT NINE FIVE PERCENT AFTER FEES OF TWO B. T. SECURITIES CORPORATION DELAWARE U. S. PARENT TWO HUNDRED MILLION DOLLARS OF SUBORDINATED FLOATING RATE EURONOTES DUE FEBRUARY THIRD NINETEEN NINETY SEVEN AT ISSUE AND REOFFER PRICE NINETY NINE POINT EIGHT ONE TWO FIVE VIA KIDDER PEABODY SECURITIES COMPANY PAYABLE QUARTERLY AT ZERO POINT TWO FIVE POINT ABOVE THREE MONTH DOLLAR LONDON INTERBANK OFFERED RATE FEES ZERO POINT TWO FIVE DEUTSCHE PFANDBRIEF UND HYPOTHEKENBANK A. G. GERMANY TWO BILLION MARKS OF FLOATING RATE NOTES DUE FEBRUARY TWENTY THIRD TWO THOUSAND THREE VIA DEUTSCHE GENOSSENSCHAFTSBANK FIRST ONE BILLION MARK SERIES ISSUED AT NINETY NINE POINT EIGHT EIGHT PAYABLE QUARTERLY AT THREE MONTH MARK LIBOR SECOND ONE BILLION MARK SERIES ISSUED AT NINETY NINE POINT EIGHT ONE PAYABLE SEMIANNUALLY AT SIX MONTH MARK LIBOR FEES ZERO POINT TWO LESS ZERO POINT ZERO TWO FOR LEAD MANAGER EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT SUPRANATIONAL TWENTY BILLION YEN OF FLOATING RATE EURONOTES DUE JANUARY TWENTY FIFTH NINETEEN NINETY NINE AT ISSUE PRICE ONE HUNDRED FIVE POINT SEVEN VIA NIKKO EUROPE P. L. C. PAYABLE SEMIANNUALLY AT ZERO POINT FIVE POINT ABOVE SIX MONTH YEN LIBOR FEES UNDISCLOSED G. M. A. C. AUSTRALIA FINANCE LIMITED U. S. PARENT SIXTY MILLION AUSTRALIAN DOLLARS OF SIX POINT THREE SEVEN FIVE PERCENT EUROBONDS DUE FEBRUARY TWENTY FOURTH NINETEEN NINETY SEVEN AT ISSUE PRICE ONE HUNDRED ONE POINT TWO TWO FIVE VIA HAMBROS BANK LIMITED BONDS YIELD SIX POINT FOUR THREE PERCENT AT NINETY NINE POINT EIGHT FIVE CO MANAGERS' BREAK EVEN PRICE GUARANTOR GENERAL MOTORS ACCEPTANCE CORPORATION FEES ONE POINT FIVE LESS ZERO POINT ONE TWO FIVE FOR LEAD MANAGER HALIFAX BUILDING SOCIETY U. K. FIVE HUNDRED MILLION POUNDS OF SIX POINT FIVE PERCENT EUROBONDS DUE FEBRUARY SIXTEENTH TWO THOUSAND FOUR AT ISSUE PRICE ONE HUNDRED POINT EIGHT THREE FIVE VIA DEUTSCHE BANK A. G. LONDON AND U. B. S. LIMITED REOFFERED AT NINETY NINE POINT ONE EIGHT FIVE TO YIELD SIX POINT SIX ONE PERCENT A SPREAD OF THIRTY TWO BASIS POINTS ABOVE COMPARABLE U. K. GILT FEES TWO HONG KONG LAND HOLDINGS LIMITED HONG KONG THREE HUNDRED SIXTY MILLION DOLLARS OF FOUR PERCENT CONVERTIBLE EUROBONDS DUE FEBRUARY TWENTY THIRD TWO THOUSAND ONE AT ISSUE PRICE PAR VIA ROBERT FLEMING AND COMPANY BONDS CONVERTIBLE INTO ORDINARY COMPANY SHARES AT CONVERSION PRICE THIRTY ONE POINT OH FIVE HONG KONG DOLLARS A FIFTEEN PERCENT PREMIUM OVER MONDAY'S CLOSING SHARE PRICE CONVERTIBLE FROM APRIL TWENTY SECOND TO FEBRUARY SIXTEENTH TWO THOUSAND ONE FOREIGN EXCHANGE RATE H. K. SEVEN POINT SEVEN TWO FOUR DOLLARS PER U. S. DOLLAR BONDS CALLABLE FROM APRIL TWENTY SECOND SUBJECT TO SHARE PRICE BEING AT LEAST ONE HUNDRED FORTY PERCENT OF CONVERSION PRICE FEES UNDISCLOSED HYDRO QUEBEC CANADA ONE BILLION CANADIAN DOLLARS OF SEVEN PERCENT GLOBAL BONDS DUE JUNE FIRST TWO THOUSAND FOUR AT ISSUE AND REOFFER PRICE NINETY EIGHT POINT THREE THREE EIGHT VIA MERRILL LYNCH INTERNATIONAL LIMITED AND SCOTIA MCLEOD INCORPORATED BONDS YIELD MARGIN OF SEVENTY ONE BASIS POINTS OVER COMPARABLE CANADIAN GOVERNMENT BOND GUARANTOR QUEBEC FEES ZERO POINT THREE FIVE PAYABLE SEMIANNUALLY LKB FINANCE B. V. GERMAN PARENT THREE HUNDRED MILLION DUTCH GUILDERS OF FIVE POINT SEVEN FIVE PERCENT EUROBONDS DUE FEBRUARY TENTH TWO THOUSAND FOUR AT ISSUE PRICE ONE HUNDRED POINT THREE FIVE VIA A. B. N. AMRO BANK N. V. REOFFERED AT NINETY NINE POINT SIX TO YIELD FIVE POINT EIGHT PERCENT A MARGIN OF TWENTY BASIS POINTS ABOVE COMPARABLE DUTCH STATE LOAN GUARANTOR LANDESKREDITBANK BADEN WUERTTEMBERG FEES ONE MORGAN STANLEY GROUP INCORPORATED U. S. TWO HUNDRED FIFTY MILLION DOLLARS OF FLOATINGRATE EURONOTES DUE JANUARY NINETEEN NINETY SEVEN AT ISSUE AND REOFFER PRICE NINETY NINE POINT SEVEN EIGHT VIA MORGAN STANLEY INTERNATIONAL PAYABLE QUARTERLY AT THREE MONTH DOLLAR LIBOR PLUS ZERO POINT ONE TWO FIVE POINT FEES ZERO POINT TWO FIVE OESTERREICHISCHE KONTROLLBANK A. G. AUSTRIA ONE HUNDRED FIFTY MILLION SWISS FRANCS OF THREE POINT SEVEN FIVE PERCENT PUBLIC BONDS DUE FEBRUARY FIFTEENTH NINETEEN NINETY NINE PRICED AT ONE HUNDRED TWO VIA BANK VON ERNST AND COMPANY FEES ONE POINT SIX TWO FIVE PRUDENTIAL FUNDING CORPORATION U. S. PARENT ONE HUNDRED FIFTY MILLION SWISS FRANCS OF THREE POINT EIGHT SEVEN FIVE PERCENT PRIVATELY PLACED NOTES DUE JANUARY TWENTY SIXTH NINETEEN NINETY EIGHT PRICED AT ONE HUNDRED TWO VIA UNION BANK OF SWITZERLAND FEES ONE POINT THREE SEVEN FIVE SUDWESTDEUTSCHE LANDESBANK CAPITAL MARKETS P. L. C. GERMAN PARENT TWO HUNDRED FIFTY MILLION MARKS OF FIVE PERCENT EUROBONDS DUE FEBRUARY EIGHTH NINETEEN NINETY NINE VIA GOLDMAN SACHS AND COMPANY RECOMMENDED REOFFER NINETY NINE POINT FIVE ONE SEVEN TO YIELD FIVE POINT ONE ONE PERCENT A SPREAD OF ZERO POINT ONE TWO FIVE POINT ABOVE COMPARABLE GERMAN GOVERNMENT NOTE GUARANTOR SUDWESTDEUTSCHE LANDESBANK FEES TWO DEMATTEIS ORGANIZATIONS SAID IT SIGNED AN AGREEMENT WITH TWO CHINESE CONCERNS TO JOINTLY DEVELOP MAJOR OFFICE PROPERTIES IN CHINA THE LONG ISLAND N. Y. BASED CONSTRUCTION AND DEVELOPMENT COMPANY SAID THE INITIAL PROJECTS WILL INCLUDE TWO MILLION SQUARE FEET MIXED USE DEVELOPMENTS IN BOTH SHENZHEN AND SHANGHAI TOTAL BUILDING COSTS WILL EXCEED FIVE HUNDRED MILLION DOLLARS DEMATTEIS WILL BE WORKING WITH CHINA NORTH INDUSTRIES SHENZHEN CORPORATION AND SHENZHEN CHINA STATE CONSTRUCTION INDUSTRIAL COMPANY HEALTHTRUST INCORPORATED JUMPING ON THE ACQUISITION BANDWAGON IN THE HOSPITAL INDUSTRY SAID IT WILL ACQUIRE CLOSELY HELD EPIC HOLDINGS INCORPORATED FOR TWO HUNDRED SEVENTY SEVEN MILLION DOLLARS AND THE ASSUMPTION OF SEVEN HUNDRED TWENTY SEVEN MILLION DOLLARS IN DEBT THE TRANSACTION WILL GIVE HEALTHTRUST NASHVILLE TENNESSEE A TOTAL OF ONE HUNDRED FIFTEEN HOSPITALS UP FROM EIGHTY ONE CURRENTLY IN TWENTY TWO STATES MOREOVER IT WILL PROVIDE HEALTHTRUST WITH A NUMBER OF ANCILLARY SERVICES INCLUDING HOME CARE REHABILITATION AND PHYSICAL THERAPY THAT THE COMPANY LACKS AND WHICH ARE INCREASINGLY CRITICAL TO HOSPITALS' FORTUNES QUOTE THE BREADTH OF YOUR OPERATIONS NOT JUST THE SIZE IS WHAT'S IMPORTANT TODAY QUOTE SAID MARGO VIGNOLA A HEALTH CARE ANALYST AT SALOMON BROTHERS INCORPORATED WITH HOSPITAL COMPANIES LOOKING FOR WAYS TO DEVELOP NETWORKS OF CLINICS PHYSICIANS AND SERVICES SHE ADDED THIS DEAL GIVES HEALTHTRUST FODDER FOR GROWTH INDEED WHILE HEALTHTRUST HAS MADE SELECTIVE ACQUISITIONS IN THE PAST YEAR BUYING EIGHT HOSPITALS IN THREE STATES ITS RIVALS HAVE BEEN GOBBLING UP LARGE GROUPS OF FACILITIES YESTERDAY HEALTHTRUST'S CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE R. CLAYTON MCWHORTER SAID HE FIRST APPROACHED DALLAS BASED EPIC IN SEPTEMBER ADDING THAT THE TRANSACTION WASN'T PROMPTED BY COMPETITORS' MOVES WE HAD LOOKED AT A NUMBER OF OPPORTUNITIES MR. MCWHORTER SAID AND FELT EPIC MADE A GOOD MATCH BECAUSE OF THEIR ASSET MIX THAT MIX REFLECTS EPIC'S LARGE DEBT AND ITS DIFFICULTIES IN PURSUING ITS OWN ACQUISITIONS INSTEAD THE COMPANY HAS CONCENTRATED ON EXPANDING INTO OUTPATIENT SERVICES ITS HOME HEALTH CARE UNIT INCREASED ITS NUMBER OF PATIENT VISITS TO ONE POINT FOUR MILLION IN NINETEEN NINETY THREE FROM ABOUT SIXTY SEVEN THOUSAND IN NINETEEN NINETY OTHER EPIC UNITS PROVIDE REHABILITATION SKILLED NURSING AND GERIATRIC SERVICES TO OTHER HOSPITALS WHILE MANY INDUSTRY OBSERVERS APPLAUD THE HEALTHTRUST EPIC MARRIAGE MOST NOTE THAT HEALTHTRUST HAS ITS WORK CUT OUT THE TWO COMPANIES HAVE REMARKABLY SIMILAR ROOTS BOTH WERE SPUN OFF FROM LARGER HOSPITAL COMPANIES IN THE LATE NINETEEN EIGHTIES AS EMPLOYEE OWNED OPERATIONS AND BOTH CATER PRIMARILY TO RURAL MARKETS IN THE SOUTH AND WEST HEALTHTRUST THOUGH WAS ABLE TO DRAW ON H. C. A. HOSPITAL CORPORATION OF AMERICA ITS ORIGINAL PARENT TO FILL KEY MANAGEMENT SLOTS AND FOR LOGISTICAL SUPPORT ITS EARNINGS AND SHARE PRICE HAVE BENEFITED ACCORDINGLY EPIC BY CONTRAST WAS ALL BUT ORPHANED BY AMERICAN MEDICAL HOLDINGS INCORPORATED AND HAS BEEN WRESTLING WITH A SERIES OF ANNUAL LOSSES HEALTHTRUST'S MR. MCWHORTER SAID THE TWO COMPANIES SHOULD BE ABLE TO REALIZE SYNERGIES OF ABOUT FIFTY MILLION DOLLARS IN THE FISCAL YEAR ENDING AUGUST THIRTY FIRST NINETEEN NINETY FIVE THROUGH SAVINGS IN LABOR COSTS AND BAD DEBT COSTS WHILE THE ACQUISITION WHICH IS EXPECTED TO BE COMPLETED IN APRIL OR MAY WILL LIKELY HAVE NO EFFECT ON PROFIT THIS FISCAL YEAR EARNINGS THE FOLLOWING YEAR COULD RECEIVE A BOOST OF AS MUCH AS TWELVE CENTS A SHARE THE COMPANY SAID MEANWHILE THE HEALTHTRUST EPIC TRANSACTION COULD FUEL THE ACQUISITION PLANS OF DALLAS BASED AMERICAN MEDICAL WHICH HOLDS A TWENTY SIX PERCENT STAKE IN EPIC AMERICAN MEDICAL WHICH HAS BEEN SEEKING TO EXPAND ITS THIRTY FIVE HOSPITAL CHAIN ESTIMATED THAT AFTER TAXES IT WOULD WALK AWAY FROM THE EPIC DEAL WITH FORTY THREE MILLION DOLLARS IN CASH A SPOKESWOMAN SAID THE PROCEEDS WOULD BE USED FOR GENERAL CORPORATE PURPOSES INCLUDING INCREASING OUR FLEXIBILITY FOR PURSUING EXTERNAL AND INTERNAL GROWTH IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE HEALTHTRUST CLOSED AT TWENTY SIX DOLLARS A SHARE UP TWELVE POINT FIVE CENTS ANNUALIZED INTEREST RATES ON CERTAIN INVESTMENTS AS REPORTED BY THE FEDERAL RESERVE BOARD ON A WEEKLY AVERAGE BASIS WEDNESDAY DECEMBER TWENTY NINTH NINETEEN NINETY THREE PAUL JOHNSON'S JANUARY FOURTH EDITORIAL PAGE ARTICLE QUOTE CRIME THE PEOPLE WANT REVENGE QUOTE DESCRIBING THE GENUINE DIFFICULTIES OF MODERN DEMOCRACIES IN CONTROLLING CRIME COMES TO AN UNSATISFACTORY CONCLUSION LAPSING INTO DEMAGOGUERY ABOUT THE MANIFEST EVILS OF LIBERALISM MR. JOHNSON NOTES THAT A MAJORITY OF CITIZENS MAY WANT MORE SEVERE AND PERHAPS EVEN VINDICTIVE PUNISHMENTS FOR CRIMINALS DOES HE BELIEVE LEGISLATURES SHOULD ENACT PENAL LAWS THAT REFLECT THIS VINDICTIVENESS IS THIS RETALIATORY IMPULSE SYMPTOMATIC OF A PROBLEM THAT SOME SPECIFIC CONSERVATIVE MEASURES COULD ALLEVIATE MR. JOHNSON NEVER MAKES THE ANSWER CLEAR STRINGENT PUNISHMENTS RAISE PRACTICAL QUESTIONS REGARDING PRISON OVERCROWDING AND THE CULTURE OF CRIME EXISTING IN THOSE PRISONS THAT CANNOT BE RESOLVED MERELY BY IDENTIFYING AND REJECTING THE LIBERAL POINT OF VIEW SURELY MR. JOHNSON IS NOT SERIOUSLY PROMOTING A RETURN TO A TIME WHEN LARGE NUMBERS OF CRIMES WERE PUNISHABLE BY PUBLIC HANGING IT HAS NEVER BEEN POSSIBLE TO RESOLVE PROBLEMS MERELY BY LABELING THEM AS PRODUCTS OF LIBERAL OR CONSERVATIVE PHILOSOPHY IN AMERICA IN THE NINETIES ONE MAY NOT EVEN ASSUME THAT THE CONSERVATIVE POSITION IS OBVIOUS IT MAY BE SATISFYING FOR MR. JOHNSON TO RAIL AGAINST LIBERALISM AS THE SOURCE OF SOCIETY'S PROBLEMS UNFORTUNATELY IT IS NEITHER ILLUMINATING NOR HELPFUL TO DO SO MR. JOHNSON IS RIGHT ON THE MARK IT IS FAIR TO SAY THAT THE AVERAGE PERSON HAS NO USE FOR THE ENDLESS APPEALS AND PSYCHOLOGICAL EVALUATIONS THAT SEEM TO CHARACTERIZE OUR JUSTICE SYSTEM THEY ARE COSTLY AND IN NO WAY HAS THIS APPROACH TO CRIMINAL JUSTICE MADE OUR STREETS SAFER WHAT THE AMERICAN PEOPLE WANT IS ACTION AND IN MANY CASES REVENGE IN REALITY HOWEVER IT WILL BE DIFFICULT TO REFORM OUR CRIMINAL JUSTICE SYSTEM WITHOUT TAKING A HARD LOOK AT OUR LEGAL SYSTEM THIS IS THE ONE INDUSTRY IN AMERICA THAT PROFITS FROM ALL THE ENDLESS APPEALS AND WORD PLAY THE SOPHISTS ARE CARRYING THE DAY AND UNTIL WE CONFRONT THIS REALITY CRIME WILL CONTINUE TO PAY THERE WERE MORE THAN TWO HUNDRED THOUSAND MURDERS IN THE U. S. DURING THE PAST TEN YEARS AND NEARLY ONE HUNDRED THOUSAND PEOPLE WERE CONVICTED OF MURDER LIBERALS BLAME GUNS CONSERVATIVES BLAME DRUGS AND EVERYBODY BLAMES TELEVISION BUT NOBODY SEEMS TO BLAME THE MURDERERS I DO WANT REVENGE WE NEED A MANDATORY AND SPEEDILY APPLIED DEATH PENALTY FOR MURDER WITH NO EXCULPATION FOR YOUTH INSANITY ALL MURDER IS INSANE PARENTAL OR SPOUSAL ABUSE OR OVERCONSUMPTION OF TWINKIES LIBERALS CLAIM THAT THE DEATH PENALTY IS NOT A DETERRENT TO CRIME HOW CAN THEY KNOW NOT ONE STATE HAS EXECUTED EVEN ONE PERCENT OF CONVICTED MURDERERS IN ANY YEAR WHY NOT EXECUTE EVERY SINGLE PERSON CONVICTED OF MURDER DURING THE NEXT TEN YEARS AND FIND OUT WHETHER OR NOT IT WORKS I'M JUST A BEAN COUNTER NOT A CRIMINOLOGIST BUT I SUSPECT THE DETERRENT EFFECT OF ONE HUNDRED THOUSAND EXECUTIONS WOULD BE CONSIDERABLE IF THE WHITE HOUSE WANTS TO EMPHASIZE WORKER TRAINING AS PART OF ITS NEW QUOTE INVESTMENT QUOTE BUDGET IT OUGHT TO GRAPPLE WITH A POLITICAL PROBLEM THAT HAS NOTHING TO DO WITH REVENUE TRADE UNION OPPOSITION BUT THIS IT APPARENTLY WILL NOT DO IN SEVERAL STATES JOBS AWAIT THOSE TAUGHT TO BE ELECTRICIANS HEATING AND AIR CONDITIONING INSTALLERS WELDERS AND PLUMBERS THAT'S THE EARLY EVIDENCE FROM PARALLEL APPRENTICESHIP PROGRAMS OFFERED OUTSIDE THE UNIONS AND OVER THEIR OBJECTIONS IN PLACES WHERE ORGANIZED LABOR PREVIOUSLY CONTROLLED ENTRY TO FORMAL CONSTRUCTION TRAINING THESE LOCATIONS INCLUDE CALIFORNIA AND WASHINGTON AS WELL AS MAJOR MIDWESTERN AND EASTERN STATES HOW MUCH OF A DIFFERENCE WOULD EXPANSION OF THESE EFFORTS MAKE A BIG ONE SAYS HERBERT NORTHRUP AN EMERITUS PROFESSOR AT THE WHARTON SCHOOL HE ESTIMATES THAT IF THESE TRADES COULD TRULY BE OPENED UP NOT JUST TO FULL APPRENTICES BUT TO HELPERS CURRENTLY STYMIED BY UNION RULES FIVE HUNDRED THOUSAND TO SEVEN HUNDRED FIFTY THOUSAND PEOPLE MANY OF THEM CURRENTLY UNEMPLOYABLE ABOVE THE MINIMUM WAGE COULD BE ADDED TO THE THREE POINT EIGHT MILLION NOW IN CONSTRUCTION CRAFTS DAVID TURNER A FEDERAL TRAINING OFFICIAL IN SAN FRANCISCO IS MORE GUARDED BUT SAYS NONUNION CONTRACTORS COULD BE ABLE TO DOUBLE THE APPROXIMATELY ONE HUNDRED EIGHTY THOUSAND APPRENTICES IN THE INDUSTRY NOW THE ISSUE IS HOT IN SOME OF THE TWENTY SEVEN STATES THAT REGULATE APPRENTICES THERE THE UNIONIZED SECTOR EVEN THOUGH ITS CONSTRUCTION MARKET SHARE HAS DWINDLED TO PERHAPS TWENTY FIVE PERCENT HAS DOMINATED THE LICENSING PROCESS HOWEVER A SERIES OF COURT INTERPRETATIONS OF THE FEDERAL LAW KNOWN AS ERISA PRIMARILY CONCERNED WITH PENSIONS ARE FORCING THOSE STATES TO OPEN UP BUT JUST AS RESULTS FROM THE NEW PROGRAMS BEGIN TO SHOW WITH PERHAPS ONE THOUSAND ALREADY TAKING PART IN CALIFORNIA A POLITICAL REACTION HAS SET IN REPRESENTATIVE HOWARD BERMAN A LOS ANGELES DEMOCRAT AND ONETIME LABOR LAWYER HAS GUIDED A MEASURE THROUGH THE HOUSE TO RETURN RESTRICTIVE POWERS TO THE STATES SENATOR ARLEN SPECTER R. PENNSYLVANIA WHOM THE A. F. L. C. I. O. GRANTED A THIRD TERM HAS PICKED UP THE LEGISLATION IN THAT CHAMBER EVEN WITHOUT THE BERMAN BILL IT ISN'T EASY TO GET A VIABLE OPEN SHOP APPRENTICESHIP PROGRAM TAKE THE CASE OF LEONARD EDH OWNER OF WALTHER ELECTRIC IN CERES CALIFORNIA NEAR MODESTO A SWEDISH IMMIGRANT RAISED IN A WORLD OF WIDESPREAD CRAFT TRAINING HE'S CREATED A MODERN TEACHING FACILITY AT HIS COMPANY OFFICES MORE THAN TWENTY FIVE HIGH SCHOOL GRADUATE HIRES ARE LEARNING THE TRADE THERE BUT MR. EDH CANNOT BE SURE A DECADE INTO THE QUEST WHETHER HIS PROGRAM WILL BE ALLOWED TO YIELD MANY JOURNEYMEN ELECTRICIANS HE'S BEEN THROUGH YEARS OF UNION RESISTANCE IN THE BUREAUCRACY AND THE COURTS AND HIS FOES ARE STILL TRYING TO CATCH HIM IN SOME TECHNICAL VIOLATION OF PAYROLL PROCEDURES THAT COULD VOID HIS EFFORTS UNIONS SHROUD ACCESS TO THEIR OWN APPRENTICESHIPS MR. EDH COMPLAINS AT ONE TIME RACIAL DISCRIMINATION MOTIVATED THEIR ACTIONS BUT INCREASINGLY THEY ARE DRIVEN BY THE DESIRE TO PROTECT THE ARTIFICIALLY HIGH WAGES OF EXISTING MEMBERS BECAUSE THE BURDEN OF SETTING UP APPRENTICE TRAINING IS SO GREAT OTHER NONUNION FIRMS ARE RELYING ON PROGRAMS RUN BY THE ASSOCIATED BUILDERS AND CONTRACTORS A. B. C. THEIR TRADE GROUP BUT IN THE LOS ANGELES METROPOLITAN AREA THESE EFFORTS TOO HAVE TAKEN YEARS TO GAIN APPROVAL AND SOME STILL ARE BEING STALLED A NONUNION ROOFING APPRENTICESHIP IN NORTHERN CALIFORNIA GOT GOING IN NINETEEN NINETY ONE AFTER A FIVE YEAR DELAY AND HAS ABOUT TWO HUNDRED PARTICIPANTS IN THAT CASE AS IN CARPENTRY THE CORE ISSUE IS NOT SO MUCH RESTRICTED ENTRY TO THE FIELD AS SIMPLY AN INTENSE DESIRE BY UNION SHOPS TO DEFEND THEIR MARKET SHARE THE BACKDROP OF THIS WHOLE FIGHT IS THE DRAMATIC DECLINE OF THE UNIONIZED CONSTRUCTION INDUSTRY ALTHOUGH NONUNION CONTRACTORS CAN GET IDLE HANDS TO SLIP OVER FROM THE OTHER SIDE OR CAN RELY ON LABORERS TO DO SOME OF THE LESS SKILLED CRAFT WORK THEY OFTEN HUNGER FOR SANCTIONED APPRENTICES THE REASON IS PUBLIC WORKS IN A SLACK CONSTRUCTION PERIOD PROJECTS INVOLVING THE GOVERNMENT MAY ACCOUNT FOR A THIRD OF ALL BUSINESS UNDER THE FEDERAL DAVIS BACON ACT AND SIMILAR STATE STATUTES A PREVAILING UNION WAGE MUST BE PAID ON THESE JOBS BUT APPRENTICES MAY BE USED FOR AS LITTLE AS HALF THE JOURNEYMAN PAY BECAUSE THESE APPRENTICES MUST BE OFFICIALLY SANCTIONED NONUNION CONTRACTORS IN SOME STATES CAN'T COMPETE FOR SOME PUBLIC WORKS BECAUSE THEY LACK A SUPPLY OF THIS CUT RATE PERSONNEL FOR ELECTRICIANS IN CALIFORNIA THE MARKET RATE FOR PRIVATE JOBS MAY BE FORTY PERCENT BELOW THE APPROXIMATELY THIRTY FIVE DOLLAR AN HOUR JOURNEYMAN SCALE WITH HELPERS WHO ARE ABLE TO DO MANY OF THE CONDUIT AND SIMPLE OUTLET TASKS WHEN ALLOWED SAVINGS MAY BE EVEN GREATER THE RESULT IS MORE WORKERS ON MORE JOBS BUT FOR LESS MONEY THE UNIONS DON'T BUY THAT TRADEOFF SO THEY TRY TO PROTECT THEIR SCALE AND BY LIMITING SUPPLY FROM NONUNION TRAINING PROGRAMS MINIMIZE THE OUT OF WORK TIME FOR THEIR MEMBERS THE PUBLIC POLICY CHOICE THEN MIGHT BE REFLECTED IN THIS ROUGH EXAMPLE ONE HUNDRED CRAFTSMEN AT TWENTY DOLLARS TO THIRTY FIVE DOLLARS AN HOUR VERSUS TWO HUNDRED AT TEN DOLLARS TO TWENTY FIVE DOLLARS AN HOUR IF THE SKILL LEVELS ARE ADEQUATE IN BOTH CASES A STATE AND NATION WITH A BLUE COLLAR EMPLOYMENT PROBLEM SHOULD PROBABLY CHOOSE THE LATTER IT WOULD ALSO ENJOY LOWER CONSTRUCTION AND REPAIR COSTS AND ALL THE SOCIAL BENEFITS THAT FOLLOW YET THIS HAS NOT BEEN THE THRUST IN REGULATED STATES EVEN ONES SUCH AS CALIFORNIA WITH A REPUBLICAN GOVERNOR HOLDING MOST OF THE LEVERS OF POWER THE A. B. C. TRADE GROUP DESPITE ITS NOW OVERWHELMING EDGE WITHIN THE BUILDING INDUSTRY HAS BEEN BARELY ABLE TO BUDGE SACRAMENTO IN SOME OTHER MAJOR STATES ORGANIZED LABOR IS EVEN MORE ENTRENCHED ITS CONTROL IN THE NEW YORK METROPOLITAN AREA IS SO TIGHT THAT DURING THE GREAT NINETEEN EIGHTIES HIGH RISE BOOM UNION WORK CREWS WERE BROUGHT FROM DISTANT CITIES WHILE LOCALS WANTED FOR JOBS UNFORTUNATELY BECAUSE TRAINING SUCH AS THE CLINTON ADMINISTRATION'S PLANNED QUOTE SCHOOL TO WORK QUOTE PROGRAM ENTAILS MAJOR STATE PARTICIPATION THE POLITICAL GRIP EXERCISED BY THE CONSTRUCTION TRADE UNIONS IS LIKELY TO LIMIT THE ABILITY TO PUT PEOPLE TO WORK IN SEVERAL KEY VOCATIONS YET THE WHITE HOUSE BACKS THE BERMAN BILL EXPANDED JOB OPPORTUNITIES IT APPEARS AREN'T WORTH RISKING ANOTHER TIFF WITH THE BIG LABOR BASE SAN FRANCISCO ATTORNEY MARK THIERMAN WHO HAS LITIGATED ON BEHALF OF NONUNION LABOR SAYS HE BELIEVES THAT EVEN IF BERMAN PASSES GROUNDS CAN BE FOUND TO SECURE THE OPENING OF NEW APPRENTICESHIP PROGRAMS IN THE BATTLEGROUND STATES BUT OTHERS DISAGREE TECHNOLOGY SHOULD SLOWLY DIMINISH THE IMPORTANCE OF THE CONSTRUCTION TRADES AS MORE STRUCTURES ARE COMPOSED OF MODULAR ARRANGEMENTS STRAIGHT FROM THE FACTORY BUT FOR SOME TIME TO COME THIS LINE OF WORK CAN BE THE TICKET TO A DECENT LIVING FOR MANY MORE IF ONLY ALL THE STATES CAN BE ENJOINED TO MAKE IT POSSIBLE THE VENEZUELAN GOVERNMENT IMPOSED PRICE CONTROLS EFFECTIVE THROUGH FEBRUARY ON SOME BASIC ITEMS TO COMBAT PROFITEERING FROM A NEW VALUE ADDED TAX OPPOSITION TO THE VAT WHICH TOOK EFFECT AT THE RETAIL LEVEL ON JANUARY FIRST HAS BEEN INTENSE SHOPKEEPERS HAVE BEEN ACCUSED OF JACKING PRICES UP TO TAKE ADVANTAGE OF CONFUSION ABOUT THE TAX IMPOSED AT VARIOUS STAGES OF PRODUCTION THE EMERGENCY CONTROLS FOLLOWED A COURT'S SUSPENSION OF THE VAT AS UNCONSTITUTIONAL A RULING THE SUPREME COURT OVERTURNED LAST WEEK THE PRICE CONTROLS APPLY TO ITEMS EXEMPT FROM THE VAT SUCH AS FLOUR BREAD PASTA RICE SOAP AND SOME MEDICINES OFFICIALS SAID THE MEASURE DIDN'T SHIFT ECONOMIC POLICY VENEZUELA IN RECENT YEARS HAS MOVED TOWARD A FREER MARKET BUT WITH OIL REVENUE FALLING IT CONSIDERS THE VAT CRUCIAL TO BROADEN THE TAX BASE AND TACKLE A GROWING BUDGET DEFICIT JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY SAID IT WOULD NO LONGER PROMOTE OFFICIALS TO LET THEM RESIGN WITH INFLATED RESUMES TO RUN FOR ELECTIVE OFFICE LAST MONTH AFTER BEING ACCUSED OF FAVORITISM IN PROMOTING A JUNIOR OFFICIAL M. I. T. I.'S INDUSTRIAL POLICY BUREAU CHIEF QUIT UNDER PROTEST SAYING THE PROMOTION QUOTE FOLLOWED M. I. T. I.'S CONVENTIONAL PRACTICE QUOTE TO ENHANCE POLITICAL PROSPECTS M. I. T. I. SAID IT NOW WOULD MAKE PERSONNEL CHANGES IMPARTIALLY AND REFRAIN FROM CREATING HIGHER POSTS FOR BUREAUCRATS INTENDING TO ENTER POLITICS HONG KONG WANTS TO SPEND TWO HUNDRED TWENTY MILLION DOLLARS TO KEEP CONSTRUCTION OF ITS NEW AIRPORT ON TRACK THE BRITISH COLONY'S LEGISLATURE MAY DECIDE THIS MONTH WHETHER TO COMMIT MORE FUNDS OR STOP THE WORK PENDING A FINANCING PACT WITH CHINA WHICH TAKES CONTROL OF THE COLONY IN NINETEEN NINETY SEVEN THE AIRPORT HAS BEEN TAKING SHAPE WHILE SINO BRITISH TALKS ON OVERALL FINANCING HAVE STALLED HONG KONG SAID THAT WITHOUT ADDITIONAL FUNDS THE MID NINETEEN NINETY SEVEN COMPLETION DATE CAN'T BE MET AND THAT COSTS WILL INCREASE AT LEAST TWO HUNDRED SIXTY MILLION DOLLARS FOR EVERY SIX MONTHS OF DELAYS BUT THE TOTAL PROJECTED COST HAS SHRUNK THREE POINT FOUR PERCENT TO TWENTY POINT FOUR SEVEN BILLION DOLLARS BECAUSE OF COMPETITIVE BIDDING OPENING A SESSION OF PARLIAMENT THE SINGAPORE GOVERNMENT SAID IT INTENDED TO RAISE THE LEGAL RETIREMENT AGE GRADUALLY TO SIXTY SEVEN FROM SIXTY TO HELP THE ISLAND REPUBLIC COPE WITH A RAPIDLY GRAYING POPULATION THE NUMBER OF SINGAPOREANS AT LEAST SIXTY FIVE YEARS OLD IS FORECAST TO SWELL MORE THAN FOUR FOLD TO SIX HUNDRED SIXTY TWO THOUSAND FROM ONE HUNDRED SIXTY FOUR THOUSAND OVER THE NEXT FORTY YEARS DWARFING THIRTY PERCENT GROWTH IN THE POPULATION TO THREE POINT FIVE MILLION THE GOVERNMENT SAID THAT LONGER LIFE SPANS MEAN THAT PEOPLE NEED TO STAY ECONOMICALLY ACTIVE LONGER INCREASING THE RETIREMENT AGE MAY HELP EASE CONCERNS THAT SINGAPORE'S PERSISTENT LABOR SHORTAGE WILL WORSEN AS THE POPULATION AGES BENEDICTINE MONKS HAVE UNEXPECTEDLY TOPPED SPAIN'S POP CHART WITH THEIR DOUBLE COMPACT DISK THE BEST OF GREGORIAN CHANTS WHICH HAS SOLD TWO HUNDRED THIRTY THOUSAND COPIES SINCE IT CAME OUT TWO WEEKS BEFORE CHRISTMAS PRODUCED BY E. M. I. ODEON THE THIRTY EIGHT SELECTIONS SOME DATE BACK ONE THOUSAND THREE HUNDRED YEARS WERE RECORDED SINCE NINETEEN SEVENTY THREE BY CLOISTERED MONKS OF SANTO DOMINGO DE SILOS AN ELEVENTH CENTURY MONASTERY IN NORTHERN SPAIN A GREGORIAN CHANT IS THE MONOPHONIC LITURGICAL MUSIC OF THE ROMAN CATHOLIC CHURCH TO ACCOMPANY MASS AND NAMED AFTER POPE GREGORY I UNDER WHOSE REIGN FROM FIVE HUNDRED NINETY TO SIX HUNDRED FOUR THE MUSIC WAS FIRST COLLECTED BRAZIL'S CONGRESS THIS MONTH WILL REVIVE A CONSTITUTIONAL REVISION EFFORT TO RESTRUCTURE THE FEDERAL SYSTEM SIMPLIFY TAXES AND ELIMINATE SOME STATE MONOPOLIES SUCH AS IN OIL AND TELECOMMUNICATIONS OR OPEN THEM TO THE PRIVATE SECTOR VOTING ON ABOUT SEVENTEEN THOUSAND PROPOSED AMENDMENTS COULD BE COMPLETED BY MID MARCH ACCORDING TO AN OFFICIAL IN CHARGE OF SCHEDULING THE GOVERNMENT HAS DECLARED CONSTITUTIONAL REFORM ESSENTIAL FOR MODERNIZING THE ECONOMY THE PROCESS FACES SOME POLITICAL OPPOSITION AND SOME HURDLES BECAUSE OF A LEGISLATIVE CORRUPTION SCANDAL AND THIS YEAR'S ELECTIONS THE EUROPEAN UNION COMMISSION PROPOSED THAT MEMBER STATES RECOGNIZE ONE ANOTHER'S LICENSES FOR GROUND SATELLITE EQUIPMENT MAKING IT EASIER FOR SERVICE PROVIDERS TO OPERATE THROUGHOUT THE E. U. PROVIDERS NOW NEED EQUIPMENT AUTHORIZATIONS IN EACH OF THE FORMER EUROPEAN COMMUNITY COUNTRIES THUS LARGE OPERATORS SUCH AS IN THE AUTO INDUSTRY MUST APPLY FOR THOUSANDS OF LICENSES TO LINK PLANTS AND DEALERSHIPS THE PROPOSAL WOULD REQUIRE JUST ONE LICENSE ALL E. U. MEMBERS MUST GO ALONG WITH THE NEW RULES WHICH WOULD BENEFIT CORPORATIONS THAT LINK THEIR OUTLETS OPERATORS OF MOBILE COMMUNICATIONS SYSTEMS AND SATELLITE NEWS GATHERING TEAMS THE PROPOSAL FOLLOWS E. U. LEGISLATION PASSED LAST OCTOBER THAT GRANTS SATELLITE EQUIPMENT MAKERS ACCESS TO ALL TWELVE MEMBER STATES' MARKETS ON THE BASIS OF ONE E. U. NATION'S APPROVAL OF THE EQUIPMENT CANADA POST GOOFED ROYALLY ON ITS BRITISH HERITAGE A SOUVENIR STAMP BOOK PUBLISHED BY THE POSTAL SERVICE DESCRIBES A VISIT TO THE COUNTRY IN ONE THOUSAND EIGHT HUNDRED SIXTY BY THE PRINCE OF WHALES BOJNICE A VILLAGE IN WESTERN SLOVAKIA THAT CLAIMS A HAUNTED CASTLE WILL HOST WHAT IS BILLED AS THE FIRST INTERNATIONAL GHOST FESTIVAL ON APRIL THIRTIETH THE TOWN HOPES TO ATTRACT TOURISTS OCCULTISTS AND DISEMBODIED SPIRITS FROM AROUND THE WORLD ROBERT BARTLEY'S JANUARY SIXTH EDITORIAL PAGE ARTICLE QUOTE ON ARKANSAS SEX NOT INHALING AND WHITEWATER QUOTE JUSTIFYING CONTINUED PRESS COVERAGE OF THE CURRENT SCANDALS INVOLVING BILL AND HILLARY CLINTON ANSWERS THE CRITICS OF PRESS COVERAGE INCLUDING YOUR OWN ALBERT HUNT CLEARLY AND FORTHRIGHTLY IN FACT TROOPER DANNY FERGUSON DID NOT SIGN AN AFFIDAVIT AND MADE NO SUCH STATEMENT UNDER OATH I AM ENCLOSING A PHOTOSTATIC COPY OF THE ACTUAL AFFIDAVIT IN QUESTION AS IT WAS PUBLISHED IN THE ARKANSAS DEMOCRAT GAZETTE OF DECEMBER THIRTIETH AS YOU MAY SEE THE AFFIDAVIT WAS NOT SIGNED BY TROOPER FERGUSON BUT WAS SIGNED BY ROBERT BATTON WHO STATED HE WAS SIGNING ON BEHALF OF HIS CLIENT IN A NEWSPAPER ARTICLE ACCOMPANYING THE DEPICTION OF THE AFFIDAVIT THE ARKANSAS DEMOCRAT GAZETTE REPORT REVEALED THAT BETSEY WRIGHT HAD ATTEMPTED TO OBTAIN SUCH AN AFFIDAVIT DIRECTLY FROM MR. FERGUSON BUT WAS ONLY ABLE TO OBTAIN AN AFFIDAVIT SIGNED BY HIS ATTORNEY THE REPORT FURTHER REVEALED THAT BRUCE LINDSEY LAWYER AND WHITE HOUSE AIDE TO PRESIDENT CLINTON SOLICITED AND OBTAINED THE ASSISTANCE OF LITTLE ROCK LAWYER STEPHEN ENGSTROM IN PREPARING THE ENCLOSED AFFIDAVIT THAT IS THE FACTS SURROUNDING THE AFFIDAVIT ARE AS FOLLOWS BETSEY WRIGHT CLINTON'S LONGTIME HENCHMAN AND FIXER CAME TO LITTLE ROCK LAWYER STEPHEN ENGSTROM AT THE REQUEST OF BILL CLINTON IN AN ATTEMPT TO PERSUADE TROOPER FERGUSON TO RECANT HIS EARLIER CLAIMS MADE TO THE LOS ANGELES TIMES THAT HE HAD BEEN OFFERED A JOB AS A UNITED STATES MARSHAL OR WITH THE FEDERAL EMERGENCY MANAGEMENT AGENCY IN EXCHANGE FOR HIS SILENCE ABOUT MR. CLINTON'S CRIMINAL ABUSE OF POWER WHILE GOVERNOR OF ARKANSAS TROOPER FERGUSON REFUSED TO RECANT HIS STORY UNDER OATH WHICH COULD HAVE SUBJECTED HIM TO CRIMINAL PENALTIES IF THE STATEMENT UNDER OATH PROVED TO BE FALSE THEREUPON THE FIXER AND THE TWO LAWYERS HIT UPON THE IDEA OF HAVING MR. FERGUSON'S LAWYER EXECUTE AN AFFIDAVIT UNDER OATH WHICH AS YOU MAY SEE ONLY STATES THAT MR. FERGUSON TOLD THE LAWYER THE CONTENTS OF THE AFFIDAVIT THEREFORE NEITHER MR. FERGUSON NOR HIS LAWYER HAS STATED UNDER OATH THAT PRESIDENT CLINTON NEVER OFFERED OR INDICATED A WILLINGNESS TO OFFER ANY TROOPER A JOB IN EXCHANGE FOR SILENCE OR HELP IN SHAPING THEIR STORIES NO ONE HAS SWORN TO THIS STATEMENT MR. BARTLEY COULD ALSO HAVE NOTED THAT THE STATEMENT I HAVE JUST QUOTED IS NOT AS A MATTER OF LOGIC ONE THAT ANYONE CAN SWEAR TO OTHER THAN PRESIDENT CLINTON HIMSELF NEITHER TROOPER FERGUSON LAWYER BATTON STEPHEN ENGSTROM NOR BETSEY WRIGHT COULD POSSIBLY SWEAR THAT PRESIDENT CLINTON NEVER OFFERED A JOB TO ANY TROOPER BILL CLINTON ACTING THROUGH WRIGHT ENGSTROM AND BATTON HAS ENGAGED IN TRICKERY AND DECEPTION IN THE MATTER OF THE AFFIDAVIT OF DANNY FERGUSON BILL CLINTON IS NOT KNOWN AS SLICK WILLIE FOR NOTHING THE AFFIDAVIT IS A FARCE AND WAS EVIDENTLY EXECUTED FOR THE SOLE PURPOSE OF DECEIVING THE PUBLIC AND THE PRESS YOUR READERS MIGHT WANT TO KNOW WHY THIS WAS DONE CHARTER FINANCIAL INCORPORATED A MERCHANT BANK SPECIALIZING IN EQUIPMENT LEASING AND FINANCING SAID E. M. WARBURG PINCUS AND COMPANY A VENTURE BANKING FIRM MADE AN EQUITY INVESTMENT OF TWENTY MILLION DOLLARS IN THE COMPANY CHARTER FINANCIAL A PRIVATE CONCERN SERVING COMPANIES WITH SALES BETWEEN FIVE MILLION DOLLARS AND TWO HUNDRED MILLION DOLLARS SAID THE FUNDS WOULD ALLOW IT TO INCREASE ITS VOLUME OF BUSINESS NEW YORK BASED WARBURG PINCUS WHICH IS PRIVATELY HELD HAS ABOUT FOUR BILLION DOLLARS OF ASSETS UNDER MANAGEMENT CUAUHTEMOC CARDENAS HAS TROUBLE GETTING NOTICED THE LEFTIST CANDIDATE IN THE PRESIDENTIAL ELECTIONS THIS AUGUST SHOULD BE ONE OF THE BEST KNOWN MOST POWERFUL FIGURES IN MEXICO AFTER ALL HE CAME CLOSE TO WINNING THE PRESIDENCY SIX YEARS AGO HE IS ALSO THE SON OF ONE OF MEXICO'S MOST POPULAR PRESIDENTS LAZARO CARDENAS BUT TWO WELL DRESSED WOMEN WALKING OUT OF A HOUSE RIGHT NEXT TO MR. CARDENAS'S CAMPAIGN HEADQUARTERS COULDN'T QUITE PLACE THE NAME NEVERMIND THAT THERE WAS A HUGE BUS PARKED RIGHT IN FRONT OF THEM WITH MR. CARDENAS'S NAME PAINTED ON THE SIDE THE WOMEN REPEATED THE NAME QUOTE CUAUHTEMOC CARDENAS QUOTE SEVERAL TIMES THEN SAID QUOTE SORRY NEVER HEARD OF HIM NOW HOWEVER THE UPRISING IN THE STATE OF CHIAPAS MAY BE GIVING MR. CARDENAS HIS MOMENT IN THE HARSH MEXICAN SUN PREVIOUSLY HE WAS A ONE ISSUE CANDIDATE COMPLAINING ABOUT THE LACK OF DEMOCRACY IN MEXICO THAT ISSUE HARDLY SEEMED LIKELY TO STAND UP TO THE CLAIMS THE RULING PARTY'S CANDIDATE LUIS DONALDO COLOSIO COULD MAKE ABOUT HOW HIS PARTY HAD TURNED AROUND MEXICO'S ECONOMY BUT AFTER CHIAPAS MR. CARDENAS HAS BEEN HANDED A SECOND ISSUE THE POVERTY THAT AFFLICTS MUCH OF MEXICO THE RULING PARTY HAS ALSO CREATED AN OPENING FOR MR. CARDENAS BY SEEMING TO BE INSENSITIVE TO THE CHIAPAS CRISIS ALTHOUGH REPORTS HAVE OCCASIONALLY SURFACED FOR ALMOST TWO YEARS THAT REBELS MIGHT BE TRAINING IN CHIAPAS THE GOVERNMENT DISMISSED THE TALK OUT OF HAND NOW THAT AN UPRISING HAS OCCURRED THE GOVERNMENT HAS SEEMED TO BE WILLING TO BELIEVE THE FIGHTING STEMMED FROM ANYTHING BUT FRUSTRATION AMONG INDIANS FED UP WITH THEIR POVERTY AND SEIZURES OF THEIR LAND FIRST THE GOVERNMENT BLAMED THE UPRISING ON THE INFLUENCE OF REBELS ACROSS THE BORDER IN GUATEMALA THEN ON THE CATHOLIC CHURCH THEN ON DRUG DEALERS PRESIDENT CARLOS SALINAS TRIED TO REGAIN THE INITIATIVE ON CHIAPAS YESTERDAY BY ANNOUNCING THE RESIGNATION OF INTERIOR MINISTER PATROCINIO GONZALEZ WHO HAS BEEN ACCUSED OF HUMAN RIGHTS VIOLATIONS PRESIDENT SALINAS REPLACED MR. GONZALEZ WITH ATTORNEY GENERAL JORGE CARPIZO WHO WAS ONCE THE HEAD OF THE NATIONAL HUMAN RIGHTS COMMISSION AND WHO HAS A REPUTATION FOR RECTITUDE IN ADDITION PRESIDENT SALINAS ANNOUNCED THAT FOREIGN MINISTER MANUEL CAMACHO SOLIS HAD RESIGNED TO FILL A SPECIAL POST SEEKING PEACE AND RECONCILIATION IN CHIAPAS MR. CAMACHO IS A HIGH PROFILE POLITICIAN KNOWN AS AN ABLE CONCILIATOR THE MORE THE GOVERNMENT SMASHES THE REVOLUTION THE WAY THEY'RE DOING NOW THE BETTER IT IS FOR CARDENAS SAID PRIMITIVO RODRIGUEZ A SOCIAL ACTIVIST BEFORE THE CABINET CHANGES IF MR. CARDENAS WERE TO SOMEHOW WIN AND THE ODDS ARE STILL HEAVILY AGAINST HIM HIS PRESIDENCY WOULD MARK A MOVE BACK TOWARD THE MEXICO OF THE NINETEEN SEVENTIES AND EARLY NINETEEN EIGHTIES ANALYSTS SAY RELATIONS WITH THE U. S. WOULD BECOME MORE STRAINED AND MR. CARDENAS WOULD FOCUS MUCH MORE ON SPENDING TO SOLVE SOCIAL PROBLEMS THAN ON THE KINDS OF ECONOMIC REFORMS THAT HAVE LET PRESIDENT SALINAS BALANCE THE BUDGET AND CUT INFLATION FROM TRIPLE DIGITS TO SINGLE DIGITS IN AN INTERVIEW MR. CARDENAS SAYS THAT ONE OF THE FIRST THINGS HE WOULD DO AS PRESIDENT IS AGAIN RENEGOTIATE MEXICO'S FOREIGN DEBT TO REDUCE MEXICO'S BURDEN IF WE COULD RENEGOTIATE IN NINETEEN EIGHTY SEVEN WE CAN RENEGOTIATE IN NINETEEN NINETY FIVE HE SAYS MR. CARDENAS SAYS HE WOULD TRY TO KEEP INFLATION LOW AND CONTROL ANY BUDGET DEFICIT HE ALSO WOULD AIM TO KEEP THE PESO FROM WEAKENING BUT HE ADDS WE DON'T WANT TO PUT THE WEIGHT OF THIS STABILITY ON THE MAJORITY OF THE WORKERS IN MEXICO HE SAYS HE WANTS TO MAINTAIN GOOD RELATIONS WITH THE U. S. BUT MR. CARDENAS WHO HAS BEEN CRITICAL OF THE NORTH AMERICAN FREE TRADE AGREEMENT ALSO SAYS HE MIGHT SEEK TO RENEGOTIATE PARTS OF IT DEPENDING ON HOW IT WORKS OVER THE NEXT SEVERAL MONTHS FOR INSTANCE HE SAYS THAT IF MEXICAN GRAIN FARMERS ARE HURT TOO MUCH BY EFFICIENT U. S. PRODUCERS HE MIGHT TURN AGAINST THE AGRICULTURAL PART IN THE INTERVIEW MR. CARDENAS SOFTENS THE RHETORIC THAT FILLS HIS SPEECHES AND COMES ACROSS LESS AS A LEFTIST THAN SOMETHING AKIN TO A LIBERAL DEMOCRAT IN THE U. S. THE FIFTY NINE YEAR OLD MR. CARDENAS COMES FROM A WEALTHY FAMILY HE NOT ONLY HAS A DEGREE IN CIVIL ENGINEERING FROM ONE OF MEXICO'S BEST SCHOOLS BUT ALSO DID GRADUATE WORK IN EUROPE HE SPEAKS VERY GOOD ENGLISH AND FRENCH MR. CARDENAS HAD A LONG CAREER WITH THE RULING PARTY BEFORE SPLITTING AWAY IN NINETEEN EIGHTY EIGHT HE HAD MOVED STEADILY UP THROUGH THE RANKS BUT MR. CARDENAS WHO WANTED THE RULING PARTY'S NOMINATION FOR PRESIDENT IN NINETEEN EIGHTY EIGHT DECIDED THE PARTY WAS INSUFFICIENTLY DEMOCRATIC TO AFFORD HIM A CHANCE AND FORMED HIS OWN PARTY SOME ANALYSTS THINK HE WOULD HAVE WON THE ELECTION IF NOT FOR VOTE FRAUD BY THE RULING PARTY MR. CARDENAS NEEDS TO BE CAREFUL ABOUT TRYING TO ROUSE THE LEFT TOO MUCH WITH INFLAMMATORY TALK ABOUT CHIAPAS BECAUSE THE BLOODY MEXICAN REVOLUTION OF EARLY THIS CENTURY MAKES REVOLT A SCARY PROSPECT IN MEXICO BUT HE CLEARLY SEES AN OPENING AND INTENDS TO EXPLOIT IT EVEN IF IT MEANS SOMETIMES BEING INCENDIARY WE AREN'T GOING TO ALLOW THE IMPOSITION OF FRAUD IN THIS YEAR'S PRESIDENTIAL ELECTIONS HE SAID IN A STATEMENT LAST WEEK BECAUSE THE PRICE OF FRAUD AS WE ARE SEEING IS THAT OUR COUNTRY COULD BE COVERED WITH BLOOD GENERAL MOTORS CORPORATION WHICH HAS ONE OF THE NATION'S LARGEST CORPORATE PENSION SYSTEMS IS LOOKING FOR A SUCCESSOR TO ITS LONGTIME PENSION CHIEF W. GORDON BINNS JUNIOR WHO IS RETIRING IN JUNE THE AUTO MAKER HAS HIRED A RECRUITING FIRM TO HELP FIND A SUCCESSOR TO MR. BINNS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF GENERAL MOTORS INVESTMENT MANAGEMENT CORPORATION MR. BINNS REACHES G. M.'S MANDATORY RETIREMENT AGE OF SIXTY FIVE ON JUNE EIGHTH MR. BINNS'S JOB IS ONE OF THE MOST COVETED IN THE PENSION WORLD HE OVERSEES FORTY BILLION DOLLARS IN ASSETS FOR G. M.'S U. S. PENSION PLANS AND AN ADDITIONAL TEN BILLION DOLLARS IN OTHER ASSETS AT THE AUTO MAKER MUCH OF WHICH IS ACTIVELY MANAGED EAGER TO GET A PIECE OF THE ACTION VIRTUALLY EVERY INVESTMENT MANAGER IN THE U. S. CURRIES HIS FAVOR AND THE STOCKHOLDINGS ARE SO HUGE THAT G. M.'S PENSION BOSS HAS THE POWER TO MOVE MARKETS DURING THE OCTOBER NINETEEN EIGHTY SEVEN CRASH THE G. M. PLANS HELPED PUSH THE U. S. STOCK MARKET TO A FIVE HUNDRED EIGHT POINT LOSS WITH WAVES OF SELLING TOTALING ONE POINT ONE BILLION DOLLARS IN CONTRAST FIDELITY INVESTMENTS THE GIANT MUTUAL FUND UNLOADED JUST EIGHT HUNDRED MILLION DOLLARS FOR PANICKY INDIVIDUAL INVESTORS ALL TOLD THE NEW YORK STOCK EXCHANGE SAW TWENTY POINT EIGHT BILLION DOLLARS IN VOLUME THAT DAY BUT FOR ALL ITS BULK IN ASSETS THE AUTO MAKER'S PENSION SYSTEM IS ALSO SADDLED WITH THE NATION'S BIGGEST UNFUNDED PENSION LIABILITY G. M. OFFICIALS ESTIMATED LAST YEAR THAT THE GAP WOULD TOTAL TWENTY FOUR BILLION DOLLARS AT THE END OF NINETEEN NINETY THREE WHEN THE LIABILITY WOULD BE RECALCULATED TO REFLECT LOWER INTEREST RATES AND INCREASED PENSION BENEFITS ALTHOUGH THE COMPANY IS SEEKING REGULATORY APPROVAL TO CONTRIBUTE MORE THAN FIVE POINT THREE TWO BILLION DOLLARS OF ITS E. SHARES TO THE PLANS THE DONATION WILL LEAVE A HOLE THAT G. M. EXPECTS ITS TOP PENSION EXECUTIVE TO PLUG PARTLY WITH SUPERLATIVE INVESTMENT RETURNS THE CHALLENGE WILL BE DELIVERING THOSE RETURNS AT A TIME WHEN MANY EXPERTS FORECAST A TOUGHENING INVESTMENT CLIMATE MR. BINNS IS TRAVELING IN ASIA THIS WEEK ON BUSINESS AND COULDN'T BE REACHED FOR COMMENT CONSIDERED THE DEAN OF CORPORATE PENSION EXECUTIVES AND A FREQUENT SPOKESMAN FOR THEM IN WASHINGTON THE COURTLY SOFTSPOKEN SOUTHERNER JOINED G. M. AS A FINANCIAL ANALYST IN NINETEEN FIFTY FOUR THE PHI BETA KAPPA GRADUATE OF WILLIAM AND MARY ALSO HAS MASTER'S DEGREES FROM TWO OTHER SCHOOLS MOVED THROUGH FINANCE AND TREASURY JOBS TO HEAD PENSION INVESTMENTS IN NINETEEN EIGHTY ONE AT THE TIME THE THEN TWENTY BILLION DOLLAR FUND WAS MANAGED BY SEVENTEEN BANKS AND INSURANCE COMPANIES MR. BINNS ADDED NEW MANAGERS AND ASSET CLASSES TO THE POINT WHERE HE NOW EMPLOYS MORE THAN SEVENTY OUTSIDE MONEY MANAGERS HIS STAFF HAS SWELLED TO SEVENTY FROM TWENTY FIVE THEY OVERSEE ONE OF THE BROADEST ARRAYS OF INVESTMENTS OF ANY U. S. PENSION SYSTEM DOMESTIC AND FOREIGN STOCKS AND BONDS EMERGING MARKETS' EQUITIES REAL ESTATE CORPORATE RESTRUCTURING FUNDS VENTURE CAPITAL AND JUNK BONDS IN A RECENT INTERVIEW MR. BINNS SAID THAT HE'D TRIED TO QUOTE POSITION OURSELVES SO THAT INVESTMENTS WILL WORK OUT OVER THE LONG TERM QUOTE PENSION PLAN MANAGERS AT SOME OTHER COMPANIES ARE NOW SCRAMBLING TO GAIN EXPERIENCE WITH THE RISKIER ASSET CLASSES NEEDED TO BOOST INVESTMENT PERFORMANCE BUT MR. BINNS SAID G. M.'S SYSTEM REQUIRES ONLY MINOR TINKERING OF ASSET CLASS WEIGHTINGS AS CERTAIN MARKETS BECOME OVER OR UNDERVALUED THEY WERE ONE OF THE EARLY SIGNIFICANT INVESTORS INTERNATIONALLY AND THEY ARE ONE OF THE LEADING INVESTORS IN THE NONTRADITIONAL ASSET CLASS SAYS GEORGE F. RUSSELL JUNIOR CHAIRMAN OF FRANK RUSSELL COMPANY A PENSION CONSULTING FIRM THAT ADVISES G. M. OVERALL G. M. SAYS THAT ITS PENSION PLANS HAVE AVERAGED A THIRTEEN POINT FIVE PERCENT RETURN OVER THE PAST DECADE INCLUDING DIVIDENDS AND PRICE APPRECIATION BUT BEFORE MANAGEMENT FEES SUCH AN AVERAGE RETURN BEATS G. M.'S ASSUMED RATE OF RETURN OF TEN PERCENT THE TEN YEAR RETURN PERFORMANCE ALSO NUDGES G. M. INTO THE TOP QUARTILE OF CORPORATE PLANS ACCORDING TO WILSHIRE ASSOCIATES INCORPORATED A PENSION CONSULTING FIRM BUT SOME CRITICS SAY SUCH A LARGE STABLE OF MANAGERS MAY BOOST A FUND'S ANNUAL FEES WITHOUT NECESSARILY IMPROVING PERFORMANCE AND THE DIVERSIFICATION OFTEN TOUTED BY INVESTMENT ADVISERS AS A WAY TO SMOOTH OUT THE RISKS ASSOCIATED WITH DIFFERENT ASSET CLASSES HASN'T SPARED THE AUTO MAKER FROM ERRATIC RETURNS G. M.'S PENSION SYSTEM HAD A DISMAL TWO PERCENT LOSS IN NINETEEN NINETY AND AN ANEMIC SIX POINT FOUR PERCENT RETURN IN NINETEEN NINETY TWO BUT LAST YEAR IT SAW A HEALTHY TWENTY PERCENT GAIN G. M. SAYS BECAUSE THE JOB IS EXPECTED TO PAY SOMETHING SHORT OF ONE MILLION DOLLARS IN ANNUAL SALARY AND BONUS G. M. MAY HAVE TROUBLE LANDING A PENSION CHIEF FROM THE INVESTMENT MANAGEMENT WORLD WHERE TOP RANKED PROFESSIONALS CAN EARN SIGNIFICANTLY MORE BUT RICHARD LANNAMANN A MANAGING DIRECTOR WITH RUSSELL REYNOLDS ASSOCIATES INCORPORATED A RECRUITING FIRM THAT ISN'T INVOLVED IN THE G. M. SEARCH SAYS THE TRADE OFF IS THE PRESTIGE AND THE POWER A LEADING INTERNAL CANDIDATE IS W. ALLEN REED FORTY FIVE YEARS OLD TREASURER OF G. M. HUGHES ELECTRONICS CORPORATION ACCORDING TO THREE PEOPLE FAMILIAR WITH G. M.'S PENSION SYSTEM MR. REED HAS RESPONSIBILITY FOR HUGHES'S PENSION FUND LEADING PENSION EXECUTIVES EXPECTED TO BE CONSIDERED INCLUDE ROBERT ANGELICA WHO RUNS THE PENSION PLANS OF AMERICAN TELEPHONE AND TELEGRAPH COMPANY JOHN B. CARROLL WHO OVERSEES G. T. E. CORPORATION'S PENSION FUNDS AND BEVERLY HAMILTON WHO RUNS THE PLANS OF ATLANTIC RICHFIELD COMPANY MESSRS ANGELICA AND CARROLL DECLINED TO COMMENT AND MR. REED AND MS. HAMILTON COULDN'T BE REACHED FOR COMMENT G. M. WOULDN'T CONFIRM OR DENY INDIVIDUAL CANDIDACIES DALE HANSON THE SHAREHOLDER ACTIVIST WHO HEADS THE CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM HAS EXPRESSED INTEREST IN THE JOB AND SOME G. M. EXECUTIVES HAVE URGED HIS CONSIDERATION ACCORDING TO ONE PENSION EXECUTIVE MR. HANSON COULDN'T BE REACHED FOR COMMENT MR. BINNS HAS TAKEN SOME CAUTIOUS STEPS TO SUPPORT THE CORPORATE GOVERNANCE MOVEMENT PLEDGING ONE HUNDRED MILLION DOLLARS LAST YEAR TO A TURNAROUND FUND COMMITTED TO SHAREHOLDER RIGHTS PRINCIPLES AND BECOMING ONE OF THE FIRST HALF DOZEN CORPORATE MEMBERS OF THE ACTIVIST COUNCIL OF INSTITUTIONAL INVESTORS BUT SHAREHOLDER ACTIVISTS AND OTHERS DON'T REGARD MR. BINNS AS A BOLD PIONEER IN CORPORATE GOVERNANCE AND G. M. MIGHT HAVE A HARD TIME EMBRACING SUCH ACTIVISM SINCE ANGRY SHAREHOLDERS CONTRIBUTED TO PRESSURE ON THE AUTO MAKER TO REPLACE ITS OWN CHIEF EXECUTIVE IN LATE NINETEEN NINETY TWO STRONGSVILLE SAVINGS BANK SAID SHAREHOLDERS APPROVED INCREASING THE COMPANY'S AUTHORIZED CAPITAL STOCK TO TEN MILLION SHARES FROM TWO MILLION IN A NEWS RELEASE THE COMPANY SAID THE INCREASE IS AIMED AT PROVIDING QUOTE FLEXIBILITY TO THE BOARD TO CONSIDER A POSSIBLE STOCK SPLIT QUOTE AS WELL AS FOR CORPORATE PLANNING CURRENTLY THE COMPANY HAS ONE MILLION TWO HUNDRED SIXTY FIVE THOUSAND FOUR HUNDRED COMMON SHARES OUTSTANDING A SPOKESMAN SAID M. T. V. LATINO SAID IT WILL LAUNCH ITS TWENTY FOUR HOUR SPANISH LANGUAGE CABLE NETWORK IN THE DOMINICAN REPUBLIC VENEZUELA AND PUERTO RICO BY FEBRUARY FIRST M. T. V. LATINO A UNIT OF VIACOM INCORPORATED SAID ITS ENTRANCE INTO THE THREE NEW CARIBBEAN MARKETS WILL ADD THIRTY THOUSAND NEW VIEWERS TO ITS AUDIENCE THE NETWORK SAID IT ALREADY REACHES MORE THAN TWO MILLION PEOPLE IN SEVENTEEN COUNTRIES IN THE CARIBBEAN AND LATIN AMERICA STUNG BY CRITICISM OF THE HIGH COST OF PRESCRIPTION MEDICINES THE PHARMACEUTICAL INDUSTRY WILL TRY TO IMPROVE ITS IMAGE WITH ITS FIRST EVER NATIONAL T. V. AD CAMPAIGN BEGINNING NEXT WEEK MONDAY MAJOR DRUG MAKERS WILL BEGIN AIRING DAILY A SET OF COMMERCIALS TO RUN DURING THE NETWORKS' HIGHLY VISIBLE MORNING NEWS SHOWS AND EVENING NEWSCASTS THE ADS ARE PART OF AN ESTIMATED TWELVE MILLION DOLLARS TO FIFTEEN MILLION DOLLAR YEAR LONG PUBLIC RELATIONS PROGRAM TO REHABILITATE A REPUTATION THAT MANY INDUSTRY PEOPLE COMPLAIN HAS BEEN MALIGNED FOR EXCESSIVE PRICING POLICIES BY THE WHITE HOUSE OTHER ELECTED OFFICIALS AND CONSUMER ADVOCATES THE COMMERCIALS AND A COMPANION SET OF PRINT ADS TO RUN IN NATIONAL MAGAZINES ARE AIMED AT QUOTE POLICY MAKERS QUOTE AND QUOTE OPINION LEADERS QUOTE INDUSTRY OFFICIALS SAID BUT ONE LONGTIME INDUSTRY CRITIC SENATOR DAVID PRYOR D. ALABAMA SAID THE CAMPAIGN WILL BACKFIRE BECAUSE IT WILL SEND THE MESSAGE THAT DRUG MAKERS HAVE MORE MONEY THAN THEY KNOW WHAT TO DO WITH INDUSTRY OFFICIALS SAID THE CAMPAIGN WASN'T DESIGNED TO CRITICIZE THE WHITE HOUSE'S HEALTH PLAN COMMERCIALS BY THE HEALTH INSURANCE INDUSTRY LAST FALL DREW THE IRE OF HILLARY RODHAM CLINTON AND OTHERS IN THE ADMINISTRATION THE DRUG MAKERS' OBJECTIVE AN INDUSTRY SPOKESMAN SAID WAS TO INCREASE PUBLIC AWARENESS OF THE COMPANIES' PRIMARY ROLE IN DISCOVERING MEDICINES IN ITS POLLING THE INDUSTRY HAS LEARNED THAT MOST PEOPLE HAVE NEGATIVE FEELINGS ABOUT IT MOREOVER TWO THIRDS OF THE PUBLIC BELIEVE MOST NEW DRUGS COME FROM GOVERNMENT OR ACADEMIC RESEARCH THE INDUSTRY SAYS NINETY PERCENT OF MEDICINES COME FROM CORPORATE RESEARCH MANY DRUG COMPANY EXECUTIVES SAY UNFAVORABLE PUBLIC OPINION HAS ENCOURAGED THE WHITE HOUSE AND SOME IN CONGRESS TO HIT THE INDUSTRY WITH PRICE CONTROLS IN PROPOSED HEALTH LEGISLATION A DEBATE HAS FLARED IN MEETINGS OF THE PHARMACEUTICAL MANUFACTURERS ASSOCIATION THE INDUSTRY'S WASHINGTON TRADE GROUP OVER HOW BEST TO MEND THE COMPANIES' TATTERED IMAGE CONSULTANTS HAVE TOLD INDUSTRY OFFICIALS THAT WITHOUT IMPROVING PUBLIC RELATIONS THEIR EFFORTS TO SWAY CONGRESS ARE DOOMED THE INDUSTRY DOESN'T HAVE MUCH EQUITY WITH THE PUBLIC RIGHT NOW SAID ANTHONY FISKETT A PUBLIC RELATIONS SPECIALIST AT MERCK AND COMPANY WHO HELPED FASHION THE CAMPAIGN AS PART OF A P. M. A. COMMITTEE WE AGREED THAT THE INDUSTRY NEEDED TO DO SOMETHING VISIBLE TO EDUCATE PEOPLE ESPECIALLY IMPORTANT OPINION MAKERS THAT IT IS THE DRUG INDUSTRY THAT IS PRINCIPALLY RESPONSIBLE FOR SEEKING NEW BREAKTHROUGH MEDICINES THE PRINCIPAL T. V. COMMERCIAL WILL FEATURE PEOPLE TOUCHED BY DISEASE WE DON'T HAVE TEN OR FIFTEEN YEARS TO WAIT FOR A CURE SAYS A WOMAN WHOSE BROTHER HAS AIDS A VOICE OVER SAYS QUOTE AMERICA WE HEAR YOU AND WE SHARE YOUR URGENCY IT ALSO SAYS THE INDUSTRY HAS FIFTY FIVE THOUSAND PEOPLE SEARCHING FOR CURES THAT IT IS WORKING ON ONE HUNDRED SEVENTY FOUR EXPERIMENTAL MEDICINES FOR AIDS BREAST CANCER OR ALZHEIMER'S DISEASE AND THAT NINETY PERCENT OF ALL DRUG DISCOVERIES COME FROM OUR RESEARCH THE INDUSTRY HAS ARGUED THAT HEALTH REFORM PLANS TO RESTRICT NEW DRUG PRICES WILL REDUCE THE ABILITY TO FUND FURTHER RESEARCH IT ALSO HAS ARGUED THAT PRICE CONTROLS ARE UNNECESSARY BECAUSE COMPETITION HAS STUNTED THE RISE IN PRICES BUT SENATOR PRYOR SAID THE AD MIGHT BE MISLEADING SINCE MANY OF OUR MOST IMPORTANT DRUGS FOR CANCER AND AIDS HAVE COME FROM RESEARCH SUPPORTED BY THE FEDERAL GOVERNMENT KEYSTONE FINANCIAL INCORPORATED SAID IT COMPLETED THE ACQUISITION OF W. M. BANCORP A CUMBERLAND MARYLAND BANK HOLDING COMPANY W. M. SHAREHOLDERS WILL RECEIVE ONE POINT SIX SEVEN SHARES OF KEYSTONE COMMON STOCK FOR EACH OF THE ONE POINT THREE MILLION W. M. SHARES OUTSTANDING FOR A DEAL VALUED AT ABOUT SEVENTY FOUR MILLION DOLLARS IN RETURN KEYSTONE GETS W. M.'S TWENTY ONE OFFICES IN MARYLAND AND WEST VIRGINIA AND ITS THREE HUNDRED FIFTY MILLION DOLLARS IN ASSETS KEYSTONE THE NINTH LARGEST BANK HOLDING COMPANY IN PENNSYLVANIA WITH ASSETS OF MORE THAN THREE BILLION DOLLARS HAS ABOUT EIGHTEEN MILLION SHARES OUTSTANDING IN TRADING ON THE NASDAQ STOCK MARKET KEYSTONE CLOSED AT THIRTY ONE POINT SIX TWO FIVE DOLLARS A SHARE DOWN THIRTY SEVEN POINT FIVE OH CENTS BIG THREE AUTO STOCKS SURGED YESTERDAY ON EXPECTATIONS OF STRONG FOURTH QUARTER PROFITS AND AN EVEN BETTER NINETEEN NINETY FOUR OPTIMISM IS RUNNING SO HIGH THAT SEVERAL AUTO ANALYSTS SPECULATE THAT GENERAL MOTORS CORPORATION MADE MONEY ON ITS CORE NORTH AMERICAN AUTOMOTIVE OPERATIONS AFTER EXPENSES TAXES AND INTEREST FOR THE FIRST TIME IN MORE THAN THREE YEARS QUOTE IN CLEAN ACCOUNTING THEIR NORTH AMERICAN OPERATIONS SHOULD BE IN THE BLACK QUOTE SAID DAVID HEALY S. G. WARBURG'S AUTO ANALYST UPBEAT MEETINGS WITH INDUSTRY EXECUTIVES DURING THE PREVIEW DAYS FOR THE DETROIT AUTO SHOW LAST WEEK LED SOME ANALYSTS TO RETURN TO THEIR OFFICES YESTERDAY AND START RAISING THEIR EARNINGS FORECASTS AS A RESULT G. M. CLOSED AT FIFTY NINE DOLLARS AND TWENTY FIVE CENTS UP ONE POINT THREE SEVEN FIVE DOLLARS IN HEAVY TRADING ON THE NEW YORK STOCK EXCHANGE FORD MOTOR COMPANY'S SHARES JUMPED TWO POINT SIX TWO FIVE DOLLARS TO SIXTY SEVEN DOLLARS AND TWENTY FIVE CENTS AND CHRYSLER CORPORATION ROSE ONE POINT SIX TWO FIVE DOLLARS TO FIFTY EIGHT DOLLARS AND SEVENTY FIVE CENTS LAST YEAR WAS A LITTLE BIT BETTER THAN WHAT PEOPLE WERE LOOKING FOR SAID WENDY BEALE NEEDHAM SMITH BARNEY SHEARSON'S AUTO ANALYST THE BIG THREE'S PRICING WAS BETTER AND THE PRODUCT MIX WAS BETTER OUTPUT FOR THE FOURTH QUARTER WAS THE STRONGEST SINCE THE FOURTH QUARTER OF NINETEEN EIGHTY EIGHT WITH THE BIG THREE WRAPPING UP NINETEEN NINETY THREE WITH HEALTHY GAINS IN SALES OF CARS AND LIGHT TRUCKS AS WELL AS MARKET SHARE IN THE U. S. G. M.'S ROBUST FOURTH QUARTER PRODUCTION AND PROGRESS ON COST CUTTING HAVE LED ANALYSTS TO FORECAST FOURTH QUARTER EARNINGS RANGING BETWEEN FOUR HUNDRED SIXTY EIGHT MILLION DOLLARS AND ONE POINT ONE BILLION DOLLARS OR FIFTY SIX CENTS TO ONE DOLLAR AND THIRTY CENTS A SHARE THAT WOULD COMPARE WITH A YEAR EARLIER FOURTH QUARTER LOSS OF SIX HUNDRED FIFTY ONE POINT EIGHT MILLION DOLLARS OR ONE DOLLAR AND TWENTY FIVE CENTS A SHARE AFTER CHARGES FORD EXECUTIVES APPARENTLY CONVINCED ANALYSTS THAT THEY ARE SLASHING HIGH MARKETING COSTS AND BOOSTING PROFITS PER VEHICLE IN CORE AUTOMOTIVE OPERATIONS WE BELIEVE THAT THEY BROUGHT MARKETING COSTS DOWN AS MUCH AS THREE HUNDRED DOLLARS A UNIT TO SIX HUNDRED DOLLARS A CAR SAID JACK KIRNAN THE SALOMON BROTHERS' AUTO ANALYST AUTO ANALYSTS NOW ESTIMATE FORD EARNED BETWEEN FOUR HUNDRED MILLION DOLLARS AND EIGHT HUNDRED THIRTY MILLION DOLLARS OR SIXTY EIGHT CENTS TO ONE DOLLAR AND FORTY FIVE CENTS A SHARE IN THE FOURTH QUARTER THAT COMPARES WITH A LOSS OF EIGHT HUNDRED FORTY MILLION DOLLARS OR ONE DOLLAR AND EIGHTY FIVE CENTS A SHARE A YEAR EARLIER CHRYSLER WHICH DAZZLED AUTO SHOW AUDIENCES WITH ITS NEW JA AND NEON SMALL CARS WAS EXPECTED TO REPORT EARNINGS BETWEEN SIX HUNDRED THIRTY SEVEN MILLION DOLLARS AND SEVEN HUNDRED FIFTY MILLION DOLLARS OR ONE DOLLAR AND SIXTY CENTS AND ONE DOLLAR AND EIGHTY FIVE CENTS A SHARE COMPARED WITH PROFIT OF THREE HUNDRED FIFTY SIX MILLION DOLLARS OR ONE DOLLAR AND TWELVE CENTS A SHARE A YEAR EARLIER SMALL COMPANY STOCK PRICES STOPPED JUST SHORT OF THEIR CLOSING HIGHS AS THE DOW JONES INDUSTRIAL AVERAGE SURGED TO A FOURTH STRAIGHT RECORD CLOSE BUT SMALLER STOCKS WILL LIKELY PLAY CATCH UP THIS WEEK ANALYSTS SAY TO REACH NEW HIGHS OF THEIR OWN JANUARY IS TYPICALLY A STRONG MONTH FOR EQUITIES AND SMALL ISSUES HISTORICALLY HAVE LED THE SURGE THE RUSSELL TWO THOUSAND INDEX A MEASURE OF SMALL CAPITALIZATION STOCKS TRADED ON THE NASDAQ STOCK MARKET AND THE MAJOR EXCHANGES ROSE ZERO POINT FIVE SEVEN POINT OR ZERO POINT TWO TWO PERCENT TO END AT TWO HUNDRED FIFTY NINE POINT SEVEN FIVE JUST OFF ITS ALL TIME HIGH OF TWO HUNDRED SIXTY POINT ONE SEVEN SET NOVEMBER SECOND NINETEEN NINETY THREE SOARING HEALTH MAINTENANCE ORGANIZATION ISSUES AND TRANSPORTS CARRIED THE NASDAQ COMPOSITE INDEX UP THREE POINT SEVEN FIVE POINTS OR ZERO POINT FOUR EIGHT PERCENT TO SEVEN HUNDRED EIGHTY SIX POINT SIX NINE IN THE MIDAFTERNOON THE INDEX TRADED SLIGHTLY ABOVE ITS OCTOBER FIFTEENTH NINETEEN NINETY THREE CLOSING HIGH OF SEVEN HUNDRED EIGHTY SEVEN POINT FOUR TWO ADVANCING NASDAQ ISSUES RAN AHEAD OF DECLINERS ONE THOUSAND FIVE HUNDRED SEVENTY NINE TO ONE THOUSAND FIVE HUNDRED TWENTY ONE ON NASDAQ NATIONAL MARKET VOLUME OF TWO HUNDRED SIXTY POINT ONE MILLION SHARES DOWN FROM FRIDAY'S TWO HUNDRED SEVENTY SEVEN POINT FOUR MILLION SHARES OVERALL VOLUME DIPPED TO THREE HUNDRED THIRTEEN POINT FOUR MILLION SHARES FROM THREE HUNDRED THIRTY POINT ONE MILLION SHARES MEANWHILE ON THE NEW YORK STOCK EXCHANGE INVESTORS' CONTINUING LOVE AFFAIR WITH LARGE CYCLICAL ISSUES TOOK THE INDUSTRIAL AVERAGE UP FORTY FOUR POINT SEVEN FOUR POINTS OR ONE POINT ONE SEVEN PERCENT TO THREE THOUSAND EIGHT HUNDRED SIXTY FIVE POINT FIVE ONE PAST FRIDAY'S RECORD BUT THE ROMANCE ISN'T EXPECTED TO LAST INDEFINITELY QUOTE I WOULDN'T READ TOO MUCH INTO THIS QUOTE SAID MARY FARRELL A MARKET STRATEGIST AT PAINEWEBBER INCORPORATED SMALL CAP STOCKS ARE MORE LIKELY TO SEE A PRICE TO EARNINGS RATIO EXPANSION SO I WOULDN'T CONCLUDE THAT THEY WILL MISS OUT IN TERMS OF PERFORMANCE ORNDA HEALTHCORP NASHVILLE TENNESSEE ADDED ONE AND FIVE EIGHTHS TO NINETEEN AND ONE EIGHTH ON A REPORT IN BARRON'S THAT THE OWNER AND OPERATOR OF ACUTE CARE HOSPITALS IS AMONG THOSE IN THE INDUSTRY THAT REALIZE THEY MUST CUT COSTS AND INCREASE MARKET SHARE AS WELL AS SHARE RISK ONCE CARRIED BY TRADITIONAL INDEMNITY INSURERS SHARES OF CAMBRIDGE BIOTECH SOARED FIVE EIGHTHS TO TWO AND SEVEN EIGHTHS THE WORCESTER MASSACHUSETTS CONCERN SAID IT RECEIVED A PATENT FOR A NEW DRUG DELIVERY SYSTEM THAT COULD ELIMINATE THE NEED FOR CERTAIN KINDS OF INJECTIONS THE SYSTEM PERMITS THE DELIVERY OF CERTAIN MEDICATIONS BY NASAL SPRAY AND EYEDROPS LOWER FISCAL THIRD QUARTER EARNINGS PUSHED SHARES OF PHYSICIANS CLINICAL LABORATORY SACRAMENTO CALIFORNIA TWO AND ONE QUARTER LOWER TO TEN THE COMPANY SAID IT EARNED SIX CENTS A SHARE IN THE THIRD QUARTER DOWN FROM A YEAR EARLIER TWENTY ONE CENTS CARL KARCHER ENTERPRISES IMPROVED TWO TO THIRTEEN AND FIVE EIGHTHS THE ANAHEIM CALIFORNIA DEVELOPER OF QUICK SERVICE RESTAURANTS SAID IT SIGNED A DEFINITIVE LETTER OF INTENT WITH BOSTON CHICKEN TO DEVELOP AND OPERATE UP TO THREE HUNDRED BOSTON CHICKEN STORES IN SOUTHERN CALIFORNIA AND SACRAMENTO CALIFORNIA TERMS WEREN'T DISCLOSED ON THE AMERICAN STOCK EXCHANGE CITADEL HOLDING TUMBLED TWO TO EIGHT THE GLENDALE CALIFORNIA SAVINGS AND LOAN HOLDING COMPANY AND ITS FIDELITY FEDERAL BANK SUBSIDIARY SAID THEY ARE FORMING A RESTRUCTURING PLAN THAT MIGHT INCLUDE THE SALE OF CITADEL'S CONTROLLING INTEREST IN THE BANK NASDAQ NATIONAL MARKET STOCKS THAT HIT NEW HIGHS FOR THE YEAR TO DATE TOTALED ONE HUNDRED THIRTY NINE WHILE SEVENTEEN HIT NEW LOWS INVESTORS POURED INTO THE STOCK MARKETS ENTICED BY THE STRING OF THREE STRAIGHT RECORDS IN BLUE CHIPS LAST WEEK THE DOW JONES INDUSTRIAL AVERAGE SURGED FORTY FOUR POINT SEVEN FOUR OR ONE POINT ONE SEVEN PERCENT TO THREE THOUSAND EIGHT HUNDRED SIXTY FIVE POINT FIVE ONE A FOURTH CONSECUTIVE RECORD WHILE MANY BROADBASED INDEXES TOPPED HIGHS THAT WERE SET DECEMBER TWENTY EIGHTH BIG BOARD VOLUME TOTALED THREE HUNDRED SEVENTEEN MILLION FIVE HUNDRED NINETY EIGHT THOUSAND TWO HUNDRED SHARES COMPARED WITH THREE HUNDRED TWENTY THREE MILLION THREE HUNDRED SIXTY SIX THOUSAND NINE HUNDRED SEVENTY SHARES FRIDAY ADVANCING ISSUES TOPPED DECLINERS ONE THOUSAND THREE HUNDRED TWENTY SIX TO EIGHT HUNDRED FIFTY TWO ANALYSTS SAID THERE WEREN'T ANY FRESH NEWS DEVELOPMENTS TO SPUR THE BUYING JUST A FEAR AMONG INVESTORS THAT THEY WOULD MISS OUT ON A STRONG NEW RALLY QUOTE A LOT OF PEOPLE HAVE BEEN SITTING AROUND WATCHING THE DOW RISE AND IT BECAME TOO MUCH TO IGNORE QUOTE SAID PHILIP ROTH A TECHNICAL ANALYST AT DEAN WITTER REYNOLDS SOME PEOPLE WHO WERE EXPECTING AN EARLY PULLBACK IN NINETEEN NINETY FOUR ARE GIVING UP AND BUYING SHARES ECONOMICALLY SENSITIVE STOCKS LED THE ADVANCE AS THEY HAD DONE IN THE PRIOR THREE SESSIONS AUTO MAKERS' SHARES WERE AMONG THE STRONGEST WITH GENERAL MOTORS UP ONE AND THREE EIGHTHS TO FIFTY NINE AND ONE QUARTER FORD MOTOR UP TWO AND FIVE EIGHTHS TO SIXTY SEVEN AND ONE QUARTER AND CHRYSLER UP ONE AND FIVE EIGHTHS TO FIFTY EIGHT AND FIVE EIGHTHS PETER ANDERSON CHIEF INVESTMENT OFFICER AT I. D. S. ADVISORY GROUP SAID STOCKS ARE BENEFITING FROM RECENT STATISTICS SHOWING GROWTH AND THE CONTINUED LOW LEVEL OF INTEREST RATES THE ECONOMIC BACKDROP COULDN'T BE BETTER HE SAID THE STANDARD AND POOR'S FIVE HUNDRED STOCK INDEX RALLIED FIVE POINT THREE SEVEN OR ONE POINT ONE FOUR PERCENT TO FOUR HUNDRED SEVENTY FIVE POINT TWO SEVEN THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX JUMPED TWO POINT FOUR TWO OR ZERO POINT NINE THREE PERCENT TO TWO HUNDRED SIXTY TWO POINT SEVEN SIX AND THE DOW JONES EQUITY MARKET INDEX CLIMBED FOUR POINT EIGHT ONE OR ONE POINT OH EIGHT PERCENT TO FOUR HUNDRED FORTY NINE POINT SIX SEVEN EACH FINISHED WELL ABOVE THE RECORDS SET LATE LAST MONTH IN INTRADAY TRADING THE NASDAQ COMPOSITE INDEX RALLIED ABOVE ITS RECORD CLOSING LEVEL BUT FINISHED BELOW THAT MARK UP THREE POINT SEVEN FIVE OR ZERO POINT FOUR EIGHT PERCENT AT SEVEN HUNDRED EIGHTY SIX POINT SIX NINE ITS CLOSING HIGH OF SEVEN HUNDRED EIGHTY SEVEN POINT FOUR TWO WAS SET OCTOBER FIFTEENTH COMPUTER TECHNOLOGY AND BIOTECHNOLOGY SHARES HELPED TO LEAD YESTERDAY'S ADVANCE THE AMERICAN STOCK EXCHANGE MARKET VALUE INDEX MEANWHILE DROPPED ZERO POINT SEVEN ONE OR ZERO POINT ONE FIVE PERCENT TO FOUR HUNDRED SEVENTY EIGHT POINT SEVEN EIGHT ENDING A TWELVE SESSION WINNING STREAK ECONOMICALLY SENSITIVE TRUCKING RAILROAD AND AIRLINES STOCKS SURGED LIFTING THE DOW JONES TRANSPORTATION AVERAGE TWENTY POINT THREE SEVEN OR ONE POINT ONE THREE PERCENT TO ONE THOUSAND EIGHT HUNDRED NINETEEN POINT FIVE EIGHT TOPPING A RECORD THAT WAS SET THURSDAY C. S. X. ROSE ONE AND ONE QUARTER TO EIGHTY SIX AND ONE HALF AND DELTA AIR LINES ADDED ONE AND ONE QUARTER TO FIFTY SIX AND ONE QUARTER ROADWAY SERVICES GAINED ONE AND FIVE EIGHTHS TO SIXTY FOUR ON THE NASDAQ STOCK MARKET MANY GROWTH STOCKS ALSO JUMPED SUCH AS PROCTER AND GAMBLE UP TWO AND ONE EIGHTH TO FIFTY EIGHT AND SEVEN EIGHTHS BUT MR. ROTH THE DEAN WITTER ANALYST NOTED THAT MANY OF THE GROWTH STOCK GAINERS WERE CYCLICAL CONSUMER ISSUES WALT DISNEY COMPANY JUMPED ONE AND ONE QUARTER TO FORTY SEVEN AND THREE QUARTERS MCDONALD'S RALLIED ONE AND ONE EIGHTH TO FIFTY EIGHT AND ONE QUARTER AND MAYTAG ADDED ONE HALF TO EIGHTEEN AND ONE EIGHTH THE PLAYERS IN THE PARAMOUNT COMMUNICATIONS TAKEOVER DRAMA THOUGH MOVED AGAINST THE UPWARD TREND ALTHOUGH A MERGER AGREEMENT WITH BLOCKBUSTER ENTERTAINMENT ALLOWED VIACOM TO INCREASE ITS BID THE WALL STREET JOURNAL REPORTED THAT THE VALUE OF THE VIACOM OFFER STILL APPEARED TO LAG BEHIND THAT OF A BID FROM Q. V. C. NETWORK BLOCKBUSTER EASED ONE QUARTER TO TWENTY EIGHT IN BIG BOARD LEADING VOLUME OF NINE POINT ONE MILLION SHARES PARAMOUNT LOST ONE AND SEVEN EIGHTHS TO SEVENTY SEVEN AND THREE EIGHTHS VIACOM CLASS B. FELL TWO AND THREE QUARTERS TO THIRTY EIGHT AND ONE QUARTER ON THE AMEX AND Q. V. C. SLIPPED ONE AND THREE EIGHTHS TO THIRTY NINE AND ONE QUARTER ON NASDAQ ORACLE GAINED ONE AND THREE EIGHTHS TO THIRTY THREE AND ONE EIGHTH THE WALL STREET JOURNAL REPORTED THE COMPANY WON A COVETED CONTRACT TO SUPPLY MULTIMEDIA GEAR AND SOFTWARE TO BELL ATLANTIC CORPORATION GAINING WHAT COULD BE A KEY ALLY IN THE PROMISING MARKET FOR NEXT GENERATION COMMUNICATIONS NETWORKS TELEFONOS DE MEXICO A. D. R.S SLIPPED ONE AND ONE EIGHTH TO SIXTY FIVE AND ONE HALF AFTER REPORTS SURFACED THAT THE MEXICAN GOVERNMENT SAID IT PLANS TO SELL ITS FOUR POINT SIX PERCENT STAKE IN THE FIRM THROUGH A CONVERTIBLE BOND OFFERING VIA MERRILL LYNCH TELMEX AND OTHER MEXICAN A. D. R.S ALSO WERE HURT BY CONTINUING FEARS ABOUT THE REBEL UPRISING IN MEXICO GRUPO TRIBASA SHED TWO TO THIRTY TWO GRUPO FINANCIERO SERFIN FELL TWO AND THREE EIGHTHS TO TWENTY SEVEN AND THREE EIGHTHS AND GRUPO MEXICANO DE DESARROLLO LOST ONE AND FIVE EIGHTHS TO TWENTY THREE AND ONE EIGHTH LOWE'S COMPANIES JUMPED FOUR OR SEVEN POINT THREE PERCENT TO FIFTY NINE THE BUILDING MATERIALS RETAILER SAID ESTIMATES AT THE HIGH END OF ANALYSTS' VIEWS FOR THE FOURTH QUARTER ARE REASONABLE WELL ABOVE THE MEAN ESTIMATE OF TWENTY TWO CENTS A SHARE LOWE'S SAID THE RANGE IS FROM EIGHTEEN CENTS TO THIRTY ONE CENTS A SHARE U. S. SURGICAL IMPROVED TWO OR EIGHT POINT FOUR PERCENT TO TWENTY FIVE AND SEVEN EIGHTHS THE COMPANY SAID ITS PATENT SUIT AGAINST JOHNSON AND JOHNSON'S ETHICON UNIT WILL GO TO A JURY TRIAL TOMORROW THE SUIT ALLEGES THAT ETHICON'S LIGACLIP APPLIER INFRINGES U. S. SURGICAL'S PATENT ON ITS ENDOCLIP APPLIER RITE AID GAINED SEVEN EIGHTHS TO NINETEEN AND ONE QUARTER ON HEAVY BIG BOARD COMPOSITE VOLUME AFTER GOLDMAN SACHS AND COMPANY UPGRADED THE SHARES TO TRADING BUY FROM MARKET PERFORMER THE CAMP HILL PENNSYLVANIA COMPANY SAID FRIDAY THAT IT PLANS TO SELL FOUR OF ITS NONDRUGSTORE BUSINESSES CLOSE TWO HUNDRED UNDERPERFORMING DRUGSTORES AND BEGIN A DUTCH AUCTION CASH SELF TENDER ENOUGH OF CHOCOLATE MUSTACHES AND TINY MARSHMALLOWS SAY HOT CHOCOLATE MAKERS THINK INSTEAD ORANGE CAPPUCCINO AND SUISSE CHOCOLATE TRUFFLE TO TEMPT THE MATURE PALATE NESTLE S. A. HERSHEY FOODS CORPORATION AND CONAGRA INCORPORATED'S SWISS MISS UNVEILED NEW LINES OF HOT CHOCOLATE LAST YEAR WITH NAMES REDOLENT OF FINE CONFECTIONS AND LIQUEURS AND COMPANIES THAT HAVE PRODUCED GOURMET AND FLAVORED COCOA FOR YEARS ARE NOW AGGRESSIVELY PUSHING INTO SUPERMARKETS AND OTHER MASS MARKET CHANNELS EXOTIC HOT COCOAS HOPE TO CASH IN ON AMERICA'S NEWFOUND THIRST FOR FUNKY BEVERAGE FLAVORS SNAPPLE BEVERAGE CORPORATION'S NET INCOME TRIPLED IN THIRD QUARTER NINETEEN NINETY THREE AS MORE PEOPLE GULPED DOWN ITS PEACH ICED TEA AND KIWI STRAWBERRY JUICE DRINK WHILE SALES OF MASS MARKET COFFEES HAVE TUMBLED KRAFT GENERAL FOODS' INTERNATIONAL COFFEES HAVE FLOURISHED LARGELY ON THE STRENGTH OF A FRENCH VANILLA CAFE FLAVOR THE GOURMET COCOA OFFERINGS ARE GENERALLY LESS SWEET AND DARKER THAN TRADITIONAL INSTANT HOT CHOCOLATE NESTLE'S EUROPEAN STYLE HOT CHOCOLATES COME IN CHOCOLATE IRISH CREME FLAVOR FOR EXAMPLE AND SWISS MISS OFFERS A PRALINES AND CREAM HOT CHOCOLATE IN ITS PREMIERE COCOAS LINE RELATIVE NEWCOMER LAND O'LAKES INCORPORATED MAKES INSTANT AMARETTO AND CHOCOLATE MINT COCOAS QUOTE PEOPLE WANT BASIC TRUSTED FLAVORS IN A NEW GUISE SOMETHING MORE EXCITING QUOTE SAYS TOM PIRKO A MANAGEMENT CONSULTANT WITH BEVMARK INCORPORATED IT'S LIKE THEY WANT THEIR EXISTING BOYFRIEND BUT THEY WANT HIM TO LOOK LIKE FABIO PARTLY BECAUSE OF THE NEW PRODUCTS THE NEARLY TWO HUNDRED MILLION DOLLARS COCOA MARKET GREW TEN POINT SIX PERCENT IN THE FIFTY TWO WEEKS ENDED NOVEMBER SEVENTH MAINSTAYS SUCH AS NESTLE'S CARNATION HOT COCOA MIX AND SWISS MISS WITH AND WITHOUT MARSHMALLOWS STILL LEAD THE PACK ACCOUNTING FOR ABOUT SEVENTY EIGHT PERCENT OR ONE HUNDRED FIFTY THREE POINT SIX MILLION DOLLARS OF SUPERMARKET SALES ACCORDING TO INFORMATION RESOURCES INCORPORATED'S INFOSCAN SERVICE BUT LAND O'LAKES' EIGHT COCOA CLASSICS FLAVORS INCREASED THEIR MARKET SHARE TO ONE PERCENT FROM ZERO POINT THREE PERCENT THE YEAR BEFORE OR TO TWO POINT ONE MILLION DOLLARS FROM FIVE HUNDRED EIGHTY THREE THOUSAND DOLLARS LAND O'LAKES BEGAN SELLING COCOA TO HOTELS AND CAFETERIAS EIGHT YEARS AGO AND INTRODUCED IT IN SUPERMARKETS IN NINETEEN NINETY ONE GHIRARDELLI CHOCOLATE COMPANY SAYS IT HAS WITNESSED AN INCREDIBLE INCREASE IN SALES IN THE LAST TWO OR THREE YEARS OF ITS SWEET GROUND CHOCOLATE ONCE VIEWED ONLY AS A BAKING COCOA SINCE IT EXPANDED DISTRIBUTION TO SUPERMARKETS MOST COCOA MAKERS TARGET PEOPLE WHO ABANDONED HOT CHOCOLATE ONCE THEY HIT PUBERTY AND NOW PREFER PREMIUM COFFEES WE WANT TO APPEAL TO A GENERATION THAT HASN'T DRUNK HOT CHOCOLATE IN A WHILE SAYS KAY CARPENTER A SPOKESWOMAN FOR CONAGRA'S HUNT WESSON INCORPORATED UNIT MAKERS OF SWISS MISS AND ITS NEW PREMIERE COCOAS THEY'VE BEEN EXPOSED TO A VARIETY OF TASTES AND ARE MORE EXPERIMENTAL WITH WHAT THEY EAT AND DRINK COCOA MERCHANTS ARE WOOING WOMEN IN PARTICULAR PITCHING THEIR NEW BEVERAGES AS A LESS FATTENING ALTERNATIVE TO OTHER CHOCOLATE TREATS SWISS MISS'S DARK CHOCOLATE TRUFFLE PREMIERE COCOA HAS ONE HUNDRED FORTY CALORIES AND FOUR GRAMS OF FAT WHILE LAND O'LAKES COCOAS HAVE ONE HUNDRED SIXTY CALORIES AND FIVE GRAMS OF FAT IN COMPARISON A SNICKERS BAR HAS TWO HUNDRED EIGHTY CALORIES AND THIRTEEN GRAMS OF FAT ONLY A FEW OF THE COCOA BRANDS ARE DOING MEDIA ADVERTISING GHIRARDELLI HAS LAUNCHED A LIMITED PRINT AND RADIO CAMPAIGN WITH THE SLOGAN DRINK A CHOCOLATE BAR NESTLE'S T. V. COMMERCIALS SHOW WOMEN RELAXING WITH A CUP OF ITS EUROPEAN STYLE HOT CHOCOLATES QUOTE WOMEN AND BUSINESSPEOPLE WOULD BE INTERESTED IN THE COCOAS AS AN AFFORDABLE DAILY LUXURY QUOTE SAYS ANDREA COOK A NESTLE SPOKESWOMAN BUT MOST COCOA MARKETERS OPT FOR INSTORE PROMOTIONS COUPONS AND AISLE DISPLAYS TO ATTRACT CUSTOMERS NESTLE SWISS MISS AND LAND O'LAKES SELL INDIVIDUAL TRIAL SIZED PACKETS OF THE COCOAS ENABLING CUSTOMERS TO SAMPLE THE UNUSUAL FLAVORS WITHOUT COMMITTING TO A MORE EXPENSIVE TIN PEOPLE TRUST THINGS THEY CAN TOUCH SAYS MR. PIRKO OF BEVMARK THEY HAVE TO SAMPLE FIRST THEY MAY BE ENTICED WITH ADVERTISING BUT TASTING IS BELIEVING MORE THAN TWO BILLION DOLLARS OF NEW CORPORATE BONDS WERE PRICED YESTERDAY AS COMPANIES RETURNED IN FORCE TO THE CREDIT MARKETS AFTER A HOLIDAY HIATUS THE LARGEST ISSUE OF THE DAY CAME FROM EASTMAN CHEMICAL COMPANY RECENTLY SPUN OFF BY EASTMAN KODAK COMPANY THE COMPANY SOLD ONE BILLION DOLLARS OF TEN YEAR NOTES AND THIRTY YEAR BONDS BOTH NONCALLABLE INVESTORS DEMAND WAS STRONG ENOUGH TO INCREASE THE SIZE OF THE DEAL FROM SIX HUNDRED MILLION DOLLARS MEANWHILE TREASURY ISSUES COOLED OFF AFTER RISING MORE THAN ONE AND ONE HALF POINTS ON FRIDAY IN RESPONSE TO A WEAKER THAN EXPECTED EMPLOYMENT REPORT THE BENCHMARK THIRTY YEAR TREASURY BOND DROPPED A BIT MORE THAN ONE QUARTER POINT OR MORE THAN TWO DOLLARS AND FIFTY CENTS FOR A BOND WITH ONE THOUSAND DOLLAR FACE VALUE TO ONE HUNDRED ITS YIELD WHICH MOVES IN THE OPPOSITE DIRECTION OF ITS PRICE ROSE TO SIX POINT TWO FOUR PERCENT FROM SIX POINT TWO TWO PERCENT ON FRIDAY HYDRO QUEBEC A CANADIAN PUBLIC SECTOR POWER GENERATOR PRICED A ONE BILLION DOLLAR CANADIAN GLOBAL BOND OFFERING KICKING OFF WHAT IS EXPECTED TO BE AN ACTIVE YEAR IN NONDOLLAR DENOMINATED GLOBAL BONDS SYNDICATE OFFICIALS SAID IN THE INVESTMENT GRADE MARKET PRICES WERE MIXED IN MODERATE TRADING AS THEY FOLLOWED TREASURYS AND SPREADS REMAINED CONSTANT EASTMAN CHEMICAL A KINGSPORT TENNESSEE CHEMICAL COMPANY SOLD FIVE HUNDRED MILLION DOLLARS OF TEN YEAR NOTES AND FIVE HUNDRED MILLION DOLLARS OF THIRTY YEAR DEBENTURES AFTER INCREASING THE SIZE OF THE DEAL IN REACTION TO OVERWHELMING INVESTOR DEMAND SAID LARRY MUNSEY EASTMAN CHEMICAL'S TREASURER QUOTE WE'RE A NEW NAME AND INVESTORS ARE LOOKING FOR NEW NAMES QUOTE HE SAID THE DEAL WAS REPORTED TO BE HEAVILY OVERSUBSCRIBED EASTMAN CHEMICAL WAS SPUN OFF FROM EASTMAN KODAK IN LATE NINETEEN NINETY THREE AND THE PROCEEDS FROM MONDAY'S OFFERING WILL PAY OFF ONE POINT EIGHT BILLION DOLLARS OF BANK DEBT INCURRED FROM THE SPINOFF THE TEN YEAR NOTES WERE PRICED AT NINETY NINE POINT EIGHT NINE SEVEN TO YIELD SIX POINT THREE EIGHT NINE PERCENT AND THE THIRTY YEAR DEBENTURES WERE PRICED AT NINETY EIGHT POINT NINE SEVEN FOUR TO YIELD SEVEN POINT THREE THREE FIVE PERCENT BOTH PARTS ARE NONCALLABLE AND RATED B. A. A. ONE BY MOODY'S INVESTORS SERVICE INCORPORATED AND TRIPLE B. BY STANDARD AND POOR'S CORPORATION MIKE KNEBEL A PORTFOLIO MANAGER AT SAFECO INSURANCE COMPANY IN SEATTLE WASHINGTON SAID THE LACK OF NEW ISSUES THIS YEAR AND A STRONG DEMAND FOR HIGH YIELDING PAPER MADE THE EASTMAN'S OFFERING ATTRACTIVE TO INVESTORS INTEREST IN THE DEAL CROSSED ALL SECTORS OF THE INSTITUTIONAL MARKETPLACE SAID KEVIN KELLY HEAD OF NEW ISSUANCE AT GOLDMAN SACHS AND COMPANY WHICH WAS LEAD MANAGER FOR THE OFFERING INVESTORS INCLUDED INSURANCE COMPANIES INSTITUTIONAL INVESTMENT ADVISORS SOME MUTUAL FUNDS AND STATE PENSION FUNDS HE SAID THE MARKET HAS BEEN DISAPPOINTED TO DATE ABOUT THE AMOUNT OF SUPPLY IT HAS SEEN MR. KELLY SAID THE TIMING OF THE OFFER WAS PERFECT HE ADDED EASTMAN'S DEBT PAPER WILL BECOME A MUSEUM PIECE FOR MOST INVESTORS PREDICTED MR. KNEBEL OF SAFECO I DON'T THINK THE MAJORITY OF INVESTORS ARE IN THIS DEAL FOR A QUICK PROFIT MOST OF THE PAPER WILL BE PUT AWAY BY INVESTORS WHO BELIEVE THE VALUE OF THE PAPER WILL INCREASE AS THE COMPANY'S CREDIT RATING IMPROVES HE SAID MR. KELLY OF GOLDMAN NOTED THAT WHILE SOME INVESTORS WILL STORE DEBT IN THEIR PORTFOLIOS AN OFFERING OF EASTMAN'S SIZE GUARANTEES LIQUIDITY NOT EVERY INVESTOR CLAMORED TO BE IN THE DEAL HOWEVER ONE INSTITUTIONAL INVESTOR DECIDED AGAINST BUYING EASTMAN'S PAPER BECAUSE THE PRICE TALK WAS A BIT TOO RICH FOR THE RATING THE PAPER IN HIS VIEW SHOULD HAVE BEEN PRICED WITH A YIELD THAT WAS ZERO POINT TWO ZERO TO ZERO POINT TWO FIVE PERCENTAGE POINT HIGHER MEANWHILE EPIC HEALTHCARE GROUP INCORPORATED'S TEN AND SEVEN EIGHTHS PERCENT COUPON SENIOR SUBORDINATED NOTES MATURING IN TWO THOUSAND THREE HAVE RISEN FOUR POINTS SINCE THURSDAY OR FORTY DOLLARS FOR A BOND WITH ONE THOUSAND DOLLAR FACE VALUE TO ONE HUNDRED SEVENTEEN THE YIELD DROPPED TO EIGHT POINT TWO THREE PERCENT FROM EIGHT POINT EIGHT PERCENT THE BONDS MOVED IN REACTION TO NEWS THAT HEALTHCARE TRUST INCORPORATED IS NEGOTIATING TO ACQUIRE EPIC HOLDINGS INCORPORATED THE PARENT OF EPIC HEALTHCARE GROUP WALL STREET PLAYERS FOUND THAT TREASURY PRICES HAD FALLEN IN OVERNIGHT TRADING AS OVERSEAS INVESTORS BOOKED PROFITS A LARGE JAPANESE ACCOUNT IN PARTICULAR WAS SAID TO BE A BIG SELLER SOME U. S. ANALYSTS WERE SURPRISED THAT FRIDAY'S LARGE GAINS HADN'T CARRIED OVER INTO THIS WEEK THE THIRTY YEAR BOND'S PRICE ZOOMED MORE THAN ONE AND ONE HALF POINTS FRIDAY AFTER RELEASE OF U. S. JOBS DATA SHOWED NONFARM PAYROLL RANKS GROWING WELL BELOW EXPECTATIONS IN DECEMBER YESTERDAY THE TEN YEAR NOTE ROSE LESS THAN ONE EIGHTH POINT OR LESS THAN ONE DOLLAR AND TWENTY FIVE CENTS FOR A BOND WITH ONE THOUSAND DOLLAR FACE VALUE TO ONE HUNDRED AND TWENTY THREE THIRTY SECONDS ITS YIELD WAS VIRTUALLY UNCHANGED AT FIVE POINT SIX THREE PERCENT AS TRADING GOT UNDER WAY IN NEW YORK YESTERDAY THE PRICE OF THE THIRTY YEAR ISSUE FELL AS MUCH AS TWENTY SIX THIRTY SECONDS DRAGGING THE ENTIRE MARKET DOWN BUT THE DECLINES TEMPTED TRADERS AND INVESTORS TO STEP IN AND BUY THE LONG ISSUE IN PARTICULAR PULLING THE WHOLE MARKET BACK UP ALTHOUGH MANY INVESTORS REMAIN BULLISH ON U. S. BONDS THEY DON'T BELIEVE THAT NINETEEN NINETY FOUR CAN OFFER THE SAME PERFORMANCE AS LAST YEAR SO IN ADDITION TO WHATEVER MOVES THEY MIGHT BE MAKING IN OTHER DEBT MARKETS THEY'RE APT TO MOVE MONEY INTO SHORTER DATED TREASURYS FRIDAY'S REPORT ON JOBS CAUSED THE LONG END OF THE TREASURY CURVE TO RALLY AND LIKELY STYMIED THOSE TRYING TO REALLOCATE FUNDS MICHAEL MORAN MANAGING DIRECTOR OF GOVERNMENT SECURITIES TRADING AT DONALDSON LUFKIN AND JENRETTE SAID THE DECEMBER EMPLOYMENT REPORT CONVINCED MANY THAT THE FEDERAL RESERVE WOULDN'T CHANGE ITS POLICIES ANYTIME SOON BEFORE THE REPORT THERE HAD BEEN CONCERN THAT THE FED MIGHT RAISE SHORT TERM RATES THUS MAKING MONEY AND CREDIT MORE EXPENSIVE IN AN EFFORT TO CHOKE OFF ANY CHANCES INFLATION MIGHT HAVE IN THE NEW YEAR BUT SINCE THE ECONOMY'S EXPANSION STILL SEEMS MODERATE AT BEST THE FED IS SEEN AS NOT HAVING TO RAISE RATES SO SHORT RATES STILL HAVE ROOM TO MOVE LOWER TRADERS REASON AND INVESTORS WILL BE LOOKING FOR PRICE APPRECIATION IN SHORTER MATURITIES BOND INVESTORS WILL BE CLOSELY WATCHING TWO REPORTS ON INFLATION DUE OUT TOMORROW AND THURSDAY THE LABOR DEPARTMENT IS SLATED TO RELEASE THE DECEMBER PRODUCER PRICE INDEX TOMORROW AND THE CONSUMER PRICE INDEX ON THURSDAY THESE REPORTS MEASURE INFLATION PRESSURES AT THE WHOLESALE AND CONSUMER LEVEL RESPECTIVELY RATES ARE DETERMINED BY THE DIFFERENCE BETWEEN THE PURCHASE PRICE AND FACE VALUE THUS HIGHER BIDDING NARROWS THE INVESTOR'S RETURN WHILE LOWER BIDDING WIDENS IT THE PERCENTAGE RATES ARE CALCULATED ON A THREE HUNDRED SIXTY DAY YEAR WHILE THE COUPON EQUIVALENT YIELD IS BASED ON A THREE HUNDRED SIXTY FIVE DAY YEAR BOTH ISSUES ARE DATED JANUARY THIRTEENTH THE THIRTEEN WEEK BILLS MATURE APRIL FOURTEENTH NINETEEN NINETY FOUR AND THE TWENTY SIX WEEK BILLS MATURE JULY FOURTEENTH NINETEEN NINETY FOUR THE MUNICIPAL BOND MARKET GAVE A WARM RECEPTION TO THE YEAR'S FIRST BIG OFFERING HARRIS COUNTY TEXAS'S FIVE HUNDRED NINETY FIVE POINT THREE MILLION DOLLARS SERIES NINETEEN NINETY FOUR TOLL ROAD SENIOR LIEN REVENUE REFUNDING BONDS THE LEHMAN BROTHERS GROUP THAT BROUGHT THE OFFERING TO THE MARKET WAS ABLE TO LOWER YIELDS FOR A NUMBER OF THE BONDS YIELDS RANGED FROM FOUR PERCENT IN NINETEEN NINETY EIGHT TO FIVE POINT FIVE THREE PERCENT IN TWO THOUSAND TWENTY ONE ALL THE BONDS WERE SOLD BUYERS OF THE HARRIS COUNTY ISSUE INCLUDED BOND FUNDS AND PROPERTY AND CASUALTY FIRMS SAID STANLEY CIEMNIECKI LEHMAN'S NATIONAL UNDERWRITING MANAGER JUDGING FROM THE RESPONSE TO THE HARRIS COUNTY ISSUE QUOTE YOU COULD HAVE GOOD DEMAND QUOTE FOR OTHER OFFERINGS DUE TO BE PRICED THIS WEEK HE SAID THIS WEEK'S LIST WHICH INCLUDES MORE THAN THREE BILLION DOLLARS OF BOND ISSUES IS THE HEAVIEST IN OVER A MONTH PRICES OF MORTGAGE BACKED SECURITIES FINISHED MODESTLY HIGHER BUYING REMAINED STEADY FOR CURRENT COUPON SECURITIES MOSTLY BY DEALERS SEEKING COLLATERAL FOR REAL ESTATE MORTGAGE INVESTMENT CONDUITS REMIC ISSUANCE TOTALED MORE THAN TEN BILLION DOLLARS IN THE FIRST WEEK OF THE YEAR BUYERS YESTERDAY INCLUDED MORTGAGE BANKERS WHO WERE UNABLE TO DELIVER MORTGAGES PROMISED TO WALL STREET ONE TRADER SAID BUT PRICES OF MORTGAGES WERE UNDER SOME PRESSURE AS THE TREASURY MARKET RECOVERED FROM EARLIER SELLING GENE COLTER CONTRIBUTED TO THIS ARTICLE PHILLIPS PETROLEUM COMPANY SAID ITS BOARD APPROVED ONE POINT ONE NINE BILLION DOLLARS IN CAPITAL PROJECTS THIS YEAR ESSENTIALLY THE SAME AMOUNT AS YEAR EARLIER SPENDING THE OIL COMPANY SAID FUNDS FOR ITS CAPITAL BUDGET WILL BE PROVIDED BY CASH GENERATED FROM CONTINUING OPERATIONS DISPOSITION OF ASSETS AND FINANCING PHILLIPS SAID THE EXPENDITURES WOULD BE TARGETED TO MEET SAFETY AND ENVIRONMENTAL NEEDS TO REPLACE OIL AND NATURAL GAS RESERVES TO INCREASE NATURAL LIQUEFIED GAS FLOWS AND TO IMPROVE SUCH OPERATIONS AS PETROLEUM REFINING AND MARKETING IF ONLY GOD CAN MAKE A TREE RICHARD HENSZ IS CLOSE COMPETITION IN THE GRAPEFRUIT CATEGORY IN HIS SIXTY ACRE EDEN DOCTOR HENSZ A CITRUS GENETICIST PLUCKS ONE OF THE FAT HANGING FRUITS OF HIS LIFE'S WORK A SUCCULENT RIO RED ACTUALLY THIS PARTICULAR FREAK GRAPEFRUIT IS YELLOW ON THE OUTSIDE EXCEPT FOR ONE PINK CRESCENT SHAPED SECTION SO NEATLY SHADED THAT IT LOOKS AS IF THE COLOR WERE DRAWN ON THE PEEL HE UNFOLDS A LONG POCKETKNIFE TO SLICE INTO HIS CREATION QUOTE I FIGURED IF NATURE CAN MAKE A MUTATION WHY NOT MAKE A MUTATION OURSELVES QUOTE SAYS DOCTOR HENSZ THE DIRECTOR OF TEXAS A AND M. UNIVERSITY'S KINGSVILLE CITRUS CENTER HERE NEAR THE MEXICAN BORDER THE TALL BESPECTACLED DOCTOR HENSZ WHO IS SIXTY FOUR HAS LONG BEEN TRYING TO PERFECT A GRAPEFRUIT THAT PEOPLE TRULY LIKE THE COMMON HARD TO PEEL SEEDY SOUR FRUIT THAT SQUIRTS EYE STINGING SPRAY AT THE TOUCH OF A SPOON IS TOO DAUNTING FOR MANY PEOPLE TO BOTHER WITH HE SAYS IT WASN'T EXACTLY HIS INTENTION TO GRAB UP THIS SWORD AND SLAY THE GRAPEFRUIT DRAGON BUT I DO HAVE A THING FOR IT GRAPEFRUIT IS DOCTOR HENSZ'S PASSION WHILE TO MANY IT IS STILL MAINLY THE OBJECT OF FAD DIETS AND WHAT JAMES CAGNEY PUSHED IN MAE CLARKE'S FACE IN THE NINETEEN THIRTY ONE MOVIE THE PUBLIC ENEMY BUT DOCTOR HENSZ'S SWEETER AND BRIGHTER VARIETIES ACTUALLY DO HAVE PEOPLE LIKING THE STUFF THEY ARE SEEDLESS IN THE TECHNICAL SENSE THAT THEY CONTAIN NO MORE THAN NINE SEEDS THEY ARE THIN SKINNED THE RIO RED AND ITS COUSIN THE STAR RUBY HAVE BEEN PLANTED ON THOUSANDS OF ACRES OF THE RIO GRANDE VALLEY WHERE ABOUT ONE THOUSAND FIVE HUNDRED GROWERS BENEFIT FROM DOCTOR HENSZ'S RESEARCH TREASURY SECRETARY LLOYD BENTSEN'S BROTHER DON FOR EXAMPLE JUST PLANTED SEVEN HUNDRED ACRES OF RIO REDS NEAR MISSION TEXAS THIS WINTER'S GRAPEFRUIT CROP WILL BE THE FIRST OF ANY SIGNIFICANCE IN TEXAS SINCE A FREEZE KILLED OFF MOST TREES HERE IN NINETEEN EIGHTY NINE WHAT'S MORE THE TEXAS CROP FULLY EIGHTY PERCENT OF IT DEVELOPED BY DOCTOR HENSZ IS EXPECTED TO SELL AT A PREMIUM OVER ITS BETTER KNOWN FLORIDA AND CALIFORNIA COMPETITION THAT IS MAINLY BECAUSE OF DOCTOR HENSZ'S SECRET INGREDIENT SUGAR BY REARRANGING GRAPEFRUIT GENES HE HAS PLAYED DOWN THE ACID TASTE PEOPLE OBJECT TO THE REDNESS OF THE FRUIT APPEALS TO CONSUMERS WHO IN SURVEYS MISTAKENLY ASSOCIATE IT WITH SWEETNESS IN REALITY TASTE HAS MORE TO DO WITH GROWING CONDITIONS DOCTOR HENSZ'S EXPERTISE IS IN DEMAND ALL OVER THE GLOBE THE WORLD BANK ASKED HIM TO GO TO VALENCIA FOR EIGHTEEN MONTHS AS A CONDITION OF A CITRUS DEVELOPMENT LOAN TO THE SPANISH GOVERNMENT HE LED AN AGRICULTURE DEPARTMENT MISSION TO CHINA TO ADVISE CITRUS GROWERS THERE HIS PAPERS HAVE BEEN READ ON TELEVISION IN JAPAN BESIDES DEVELOPING BETTER GRAPEFRUIT HE HAS HELPED GROWERS SAVE TREES FROM PLAGUES OF BLACK FLIES A MAJOR THREAT TO CITRUS BY SETTING LOOSE A PARASITE THAT KILLS THE INSECT PREDATORS AFTER THE NINETEEN EIGHTY THREE HUNDRED YEAR FREEZE OF WHICH THERE HAVE BEEN THREE SINCE NINETEEN SIXTY TWO HE HELPED SET UP THE NATION'S FIRST TREE INSURANCE PROGRAM FOR CITRUS GROWERS RADIO FREEZE ALERTS WERE BROADCAST LIVE FROM DOCTOR HENSZ'S LAB UNTIL CHARLIE RANKIN'S DAILY FARM RADIO SHOW ON STATION KURV IN EDINBURG WAS REPLACED BY RUSH LIMBAUGH CLAY EVERHARD A GRAPEFRUIT FARMER FENDS OFF PUSHY HERBICIDE SALESMEN BY TELLING THEM QUOTE IF DOCTOR HENSZ TRIED IT AND SAID IT WORKED I MIGHT BE TEMPTED QUOTE THE OBJECT OF MR. HENSZ'S AFFECTIONS OTHERWISE KNOWN AS CITRUS PARADISI WAS FIRST FOUND IN BARBADOS IN ONE THOUSAND SEVEN HUNDRED FIFTY THE TERM GRAPEFRUIT WAS COINED IN ONE THOUSAND EIGHT HUNDRED FOURTEEN BY JAMAICAN FARMERS BECAUSE THE FRUIT GROWS IN CLUSTERS IT WAS BROUGHT TO TAMPA BY FRENCH SETTLERS IN THE ONE THOUSAND EIGHT HUNDRED TWENTIES THUS PLANTING THE SEEDS FOR THE COLOSSAL FLORIDA CITRUS INDUSTRY AND A SMALLER ONE IN TEXAS IN THE EARLY PART OF THIS CENTURY HERE IN THE RIO GRANDE VALLEY THE COMBINATION OF A RICH ALKALINE BASE WITH A SANDY LOAM IN THE SOIL TENDS TO MAKE TEXAS GRAPEFRUIT SWEETER AND RUDDIER THAN ITS FLORIDA AND CALIFORNIA COMPETITORS RED GRAPEFRUIT WERE FIRST SPOTTED HERE DURING THE NINETEEN TWENTIES AND THEY HAVE SINCE BEEN TRANSPLANTED TO OTHER PARTS OF THE WORLD DOCTOR HENSZ WHO EATS AT LEAST ONE GRAPEFRUIT EVERY DAY LEARNED SOME HARD LESSONS AS A YOUNG MAN WHEN HIS FATHER A GROWER LOST HIS CROP IN NINETEEN FORTY NINE IN THE VALLEY'S FIRST FREEZE OF THE CENTURY IN NINETEEN FIFTY ONE ANOTHER FREEZE FORCED ENOUGH GROWERS OUT OF THE BUSINESS THAT CITRUS ACREAGE PLUMMETED TO TWENTY THOUSAND FROM ONE HUNDRED TWO THOUSAND IT IS NOW BACK UP TO ABOUT TWENTY SEVEN THOUSAND DOCTOR HENSZ BLENDED HIS LOVE OF SCIENCE AND AGRICULTURE BY STUDYING PLANT SCIENCE AT TEXAS A AND M. AND RECEIVED A P. H. D. AT THE UNIVERSITY OF FLORIDA AT GAINESVILLE WITH A DISSERTATION ON THE SEXUAL INCOMPATIBILITY OF THE ORLANDO TANGELO THAT FRUIT HALF GRAPEFRUIT HALF TANGERINE DOESN'T SELF POLLINATE AND THUS TENDS TO DIE OUT DOCTOR HENSZ SAYS HE SOLVED THE MYSTERY BUT NOT THE PROBLEM BY NINETEEN SIXTY THREE WHEN HE RETURNED TO THE VALLEY AS DIRECTOR OF THE CITRUS CENTER HE WAS ALREADY MAKING A NAME FOR HIMSELF IN CITRUS CIRCLES HE HAD SENT A PACKAGE OF FORTY THOUSAND SEEDS AND CUTTINGS FROM RED GRAPEFRUIT TREES TO THE BROOKHAVEN LABORATORY IN NEW YORK SAMPLES WERE BOMBARDED WITH RADIATION SOMETHING THAT HAD BEEN DONE WITH GRAIN BUT NOT WITH CITRUS FOR THREE TO FIFTEEN HOURS AND THE RESULTING BUDS WERE GRAFTED MOST SUCCESSFULLY ONTO SOUR ORANGE ROOT STOCK BACK IN TEXAS AFTER SEVERAL YEARS A PARTICULAR STRAIN STARTED BEARING TASTIER REDDER FRUIT AND IN NINETEEN SEVENTY HE RELEASED THE STAR RUBY TO VALLEY GROWERS IN NINETEEN EIGHTY FOUR DOCTOR HENSZ PUT OUT THE RIO RED A HARDIER BLOOMER WE'VE GOT TWO AND ONE HALF YEAR OLD TREES PRODUCING SEVENTEEN TONS AN ACRE SAYS ALLAN BUD SHIVERS JUNIOR THE SON OF THE FORMER TEXAS GOVERNOR WHOSE FAMILY OWNS BIG CITRUS ACREAGE IN THE VALLEY TIME WAS A NEW PLANTING TOOK THREE TO FIVE YEARS TO BEAR FRUIT DOCTOR HENSZ GOT NO ROYALTIES FROM THE VARIETIES HE CREATED AS AN EMPLOYEE OF THE UNIVERSITY JUST ACCOLADES HIS RED GRAPEFRUIT WON THE CHEFS IN AMERICA GOLD MEDAL AWARD IN NINETEEN NINETY THREE THE RESULT OF A TASTE TEST AMONG WHITE TABLECLOTH CHEFS HE ONCE PRESENTED HIS FRUIT TO A BEAUTY QUEEN DUBBED THE DUCHESS OF RIO RED WHO WAS WEARING A PLAUSIBLE MUSLIN LINED GOWN MADE OF CRUSHED DEHYDRATED GRAPEFRUIT PULP MUCH MORE COMFORTABLE TO WEAR THEY SAY THAN THE CABBAGE QUEEN'S DRESS WHICH MUST BE REFRIGERATED OVERNIGHT HE HIMSELF WAS NAMED THE RIO GRANDE VALLEY'S CITRUS KING THREE YEARS AGO LAST YEAR TEXAS DESIGNATED RED GRAPEFRUIT THE STATE FRUIT YET ANOTHER CROWNING ACHIEVEMENT FOR DOCTOR HENSZ DOCTOR HENSZ ALAS IS RETIRING AT THE END OF THIS MONTH AND TEXAS A AND M. HAS BEGUN A WORLD WIDE SEARCH FOR A SUCCESSOR WITHOUT EXPECTING TO FIND ONE SOON HE IS MOVING BACK TO THE FAMILY SPREAD FIFTEEN MILES AWAY IN HARLINGEN WHERE HE PLANS TO BUILD A HOUSE IN THE MIDDLE OF A GRAPEFRUIT ORCHARD BARCLAYS P. L. C. BRITAIN'S LARGEST BANK CONFIRMED IT WILL CUT A FURTHER THREE THOUSAND JOBS OVER THE NEXT TWO YEARS TO PURSUE ITS LONG TERM STRATEGY OF REDUCING LABOR COSTS AND IMPROVING PROFITABILITY THE LATEST CUTS WILL REDUCE OVERALL EMPLOYMENT TO SIXTY THREE THOUSAND FIVE HUNDRED AT THE END OF NINETEEN NINETY FIVE A SPOKESWOMAN SAID THE CUTS COME ON TOP OF REDUCTIONS OF EIGHTEEN THOUSAND POSTS OVER A FIVE YEAR PERIOD BEGINNING IN NINETEEN NINETY ONE SHE SAID THE BANK HAS ALREADY ELIMINATED SIXTEEN THOUSAND OF THOSE JOBS BARCLAYS EMPLOYED SIXTY EIGHT THOUSAND FIVE HUNDRED PEOPLE IN THE UNITED KINGDOM AT THE END OF NINETEEN NINETY THREE COMPARED WITH EIGHTY FOUR THOUSAND FIVE HUNDRED AT THE END OF NINETEEN NINETY A YEAR AFTER ANNOUNCING PLANS TO CLOSE ITS FAMOUS QUOTE BIG BOOK QUOTE CATALOG OPERATION SEARS ROEBUCK AND COMPANY IS EXPANDING ITS PRESENCE IN SPECIALTY CATALOGS THE NATION'S NUMBER THREE RETAILER SAID YESTERDAY THAT IT WILL BEGIN MAILING THREE NARROWLY FOCUSED CATALOGS THIS MONTH AND IS TESTING SIX OTHERS THE THREE NEW CATALOGS ARE A PRODUCT OF SEARS'S RECENT JOINT VENTURE WITH HANOVER DIRECT INCORPORATED A WEEHAWKEN N. J. CATALOG CONCERN IN THE VENTURE SEARS IS LENDING ITS NAME ITS FORMER CATALOG'S CUSTOMER LIST AND DATA ABOUT CUSTOMERS' BUYING HABITS HANOVER IS RESPONSIBLE FOR TAKING CUSTOMER ORDERS SOURCING AND SHIPPING THE GOODS AND MAINTAINING INVENTORY UNDER THE AGREEMENT WITH HANOVER SEARS MAY PURCHASE AS MANY AS SEVEN MILLION HANOVER COMMON SHARES OR ABOUT TEN PERCENT OF ITS CURRENT SHARES OUTSTANDING IN NINETEEN NINETY NINE FOR TEN DOLLARS AND FIFTY SEVEN CENTS A SHARE IN AMERICAN STOCK EXCHANGE COMPOSITE TRADING YESTERDAY HANOVER SHARES CLOSED AT SEVEN POINT THREE SEVEN FIVE DOLLARS UP SEVENTY FIVE CENTS OR ELEVEN PERCENT SEARS SHARES CLOSED AT FIFTY THREE POINT THREE SEVEN FIVE DOLLARS UP SEVENTY FIVE CENTS IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE THE NEW CATALOGS SEARS WILL MAIL ARE SHOW PLACE WHICH OFFERS BED AND BATHROOM MERCHANDISE GREAT KITCHENS WHICH SELLS KITCHEN ACCESSORIES AND BEAUTIFUL STYLE AN EVENING WEAR CATALOG FOR LARGER WOMEN SEARS DECLINED TO REVEAL ITS SALES GOALS OF THE SIX CATALOGS IN TEST TWO ARE BEING DONE WITH HANOVER THE REST ARE BEING DONE WITH OTHER COMPANIES SEARS SAID THE NEW CATALOGS CARRY MANY OF THE SAME PRODUCTS THAT HANOVER ALREADY SELLS HANOVER PUBLISHES AND DISTRIBUTES FOURTEEN CATALOGS THAT OFFER APPAREL HOME FURNISHINGS AND GIFTS SOME OF THE CATALOGS ARE HANOVER HOUSE GUMP'S AND THE COMPANY STORE HANOVER COMPLETED A BROAD FINANCIAL RESTRUCTURING IN NINETEEN NINETY TWO CHANGING ITS NAME FROM HORN AND HARDART COMPANY AND HAS PURCHASED THREE SMALLER CATALOG COMPANIES IN THE LAST SIX MONTHS THE RESTRUCTURING AND THE NEW SEARS BUSINESS WILL PUT THEM IN A POSITION TO GROW ALONG WITH SEARS SAID JANET MANGANO AN ANALYST FOR BURNHAM SECURITIES INCORPORATED THE NEW ARRANGEMENT IS LIKELY TO HELP HANOVER MORE THAN SEARS MS. MANGANO ADDED THE DOLLAR VOLUME WILL BE SMALL FOR SEARS BUT SIGNIFICANT FOR HANOVER INDUSTRY WATCHERS SAID THE ARRANGEMENT ALLOWS SEARS TO WRING REVENUE FROM ITS TWENTY FOUR MILLION NAME CUSTOMER LIST WHICH IT KEPT AFTER CLOSING ITS UNPROFITABLE NINETY SEVEN YEAR OLD GENERAL MERCHANDISE CATALOG OPERATION LAST MAY THE NEW CATALOGS ALSO OFFER SEARS THE OPPORTUNITY TO TAKE ADVANTAGE OF CONSUMERS' GROWING PREFERENCE FOR SHOPPING AT HOME CATALOG SALES ARE GROWING FASTER THAN STORE RETAIL SALES WE'RE GOING TO CONTINUE TO SERVE THE SHOP AT HOME CUSTOMER SAID VACHEL PENNEBAKER SEARS'S VICE PRESIDENT FOR DIRECT MARKETING BUT HE SAID SEARS ISN'T CONSIDERING REBUILDING ITS CATALOG OPERATIONS THE COMPANY DOES HOWEVER PUBLISH TWO SMALL CATALOGS OFFERING TOOLS AND HOME HEALTH CARE SUPPLIES IPSCO INCORPORATED SAID IT AWARDED A CONTRACT TO MANNESMANN DEMAG CORPORATION OF GERMANY TO SUPPLY EQUIPMENT AND CONSTRUCT BUILDINGS FOR IPSCO'S PLANNED STEEL MINIMILL TERMS WEREN'T DISCLOSED BUT MANNESMANN WILL HANDLE THE BULK OF THE THREE HUNDRED SIXTY MILLION DOLLAR PROJECT AN IPSCO SPOKESWOMAN SAID IPSCO ANNOUNCED PLANS LAST YEAR TO BUILD A MINIMILL IN THE U. S. BUT A SITE HASN'T BEEN CHOSEN THE STEEL CONCERN ALSO SAID IT RECEIVED AN ORDER FROM INTERPROVINCIAL PIPE LINE INCORPORATED OF EDMONTON ALBERTA FOR FORTY THREE THOUSAND TONS OF PIPE TERMS WEREN'T DISCLOSED WORDPERFECT CORPORATION THE LONGTIME LEADER IN PROVIDING FREE TELEPHONE SUPPORT FOR BUYERS OF ITS PERSONAL COMPUTER SOFTWARE HAS DECIDED TO START CHARGING FOR THE SERVICE THE MOVE BY WORDPERFECT A CLOSELY HELD OREM UTAH MAKER OF WORD PROCESSING AND OTHER PROGRAMS REFLECTS A GROWING DRIVE BY MAKERS OF P. C. SOFTWARE TO RECOUP REVENUES THROUGH SERVICES AS PROFIT MARGINS TIGHTEN BECAUSE OF LOWER PRICES MICROSOFT CORPORATION WORDPERFECT'S CHIEF RIVAL IN WORD PROCESSING SAID IT WILL CONTINUE TO OFFER FREE TELEPHONE ADVICE TO BUYERS OF ITS APPLICATIONS HOWEVER MICROSOFT'S CUSTOMERS MUST PAY THE TELEPHONE CHARGES FOR SERVICE WHILE WORDPERFECT WILL CONTINUE TO PROVIDE TOLL FREE NUMBERS FOR ITS CUSTOMERS WORDPERFECT SAID IT WILL OFFER DETAILS ON SUPPORT PRICING LATER THIS WEEK IN ADDITION TO BABY BOOMERS DINKS EMPTY NESTERS AND GENERATION XERS MADISON AVENUE HAS ISOLATED A NEW CONSUMER SPECIES TO BOMBARD WITH ADVERTISING TECHNO SAVVIES OR TECHNOLOGY SAVVY CONSUMERS THE NAME WAS COINED BY W. P. P. GROUP'S OGILVY AND MATHER DIRECT TO DESCRIBE THE ROUGHLY THIRTY MILLION ELECTRONICALLY ADVANCED CONSUMERS IN ITS DATABASE THE AVERAGE TECHNO SAVVY IS FORTY TWO YEARS OLD MARRIED AND LIVING IN A SUBURB OF LOS ANGELES NEW YORK OR SAN JOSE FORTY EIGHT PERCENT OF TECHNO SAVVIES USE THEIR COMPUTER EVERY DAY FIFTY FOUR PERCENT EARN MORE THAN ONE HUNDRED THOUSAND DOLLARS A YEAR WHAT WELL HEELED URBAN PROFESSIONALS WITH THEIR IMPORTED VODKAS AND DESIGNER LABELS DID FOR ADVERTISING IN THE NINETEEN EIGHTIES TECHNO SAVVIES WILL DO IN THE NEXT DECADE MADISON AVENUE PREDICTS A DECADE AGO ADS FOR ALL KINDS OF PRODUCTS FLATTERED YUPPIES BY REFLECTING AN IMAGE CONSCIOUS AND FREE SPENDING LIFESTYLE TECHNO SAVVIES COULD BE AS SIGNIFICANT IN THE NINETEEN NINETIES SO AGENCIES ARE WARNING CLIENTS TO GET TO KNOW THEM NOW ELECTRONICALLY ADVANCED CONSUMERS ARE QUOTE VERY UPSCALE AND FROM A CONSUMER MARKETING POINT OF VIEW INNOVATORS QUOTE SAYS RON PULLEM SENIOR VICE PRESIDENT AND MANAGING DIRECTOR OF MCCANN INTERACTIVE A UNIT OF INTERPUBLIC GROUP'S MCCANN ERICKSON TECHNO SAVVIES NOT ONLY GET NEW ADS ON LINE BUT ARE ALSO EXCELLENT TARGETS FOR OTHER FORMS OF INTERACTIVE ADVERTISING SUCH AS DIRECT MAIL AND OUT OF HOME ELECTRONIC KIOSKS ADVERTISERS SAY TECHNO SAVVIES IT SEEMS AREN'T JUST AFFLUENT AND WELL EDUCATED THEY'RE ALSO REMARKABLY EASY TO FIND TIME WARNER'S BOOK OF THE MONTH CLUB FOR EXAMPLE SIGNED UP LATE LAST YEAR TO MAKE ITS FAMILIAR FOUR BOOKS FOR FOUR BUCKS MEMBERSHIP PITCH TO THE ONE POINT SIX MILLION SUBSCRIBERS CLAIMED BY H. AND R. BLOCK'S COMPUSERVE NETWORK THE NUMBERS AREN'T BIG BUT THE DEMOGRAPHICS ARE VERY ATTRACTIVE SAYS A CLUB SPOKESWOMAN YOU'RE TALKING ABOUT HIGH INCOME BOOK BUYERS AND BOOK READERS OGILVY SAYS TECHNO SAVVIES FALL INTO THREE SUBGROUPS THE PERPETUAL MOTION CONSUMER IS A BUSINESS EXECUTIVE WHOSE ACTIVITIES REVOLVE AROUND THE COMPUTER AND TRAVEL THIS CONSUMER IS TYPICALLY MALE MARRIED AND AROUND FORTY TWO YEARS OLD AND ALWAYS TRAVELS WITH A COMPUTER NOTEBOOK AND A MOBILE PHONE THEN THERE ARE NETWORKED CONSUMERS WHO FREQUENTLY WORK IN TECHNICAL FIELDS SUCH AS COMPUTER PROGRAMMING ALSO MOSTLY MEN THESE CONSUMERS ARE GENERALLY IN THEIR EARLY THIRTIES THEY ARE THE SO CALLED EARLY ADOPTERS OF NEW GADGETS LIKE THE APPLE COMPUTER NEWTON MESSAGEPAD OR THE THREE D. O. VIDEOGAME SYSTEM AND THEY SPEND MUCH OF THEIR LEISURE TIME ON LINE FINALLY THERE ARE CONSUMERS WITH HOME OFFICES THEY ARE AS LIKELY TO BE WOMEN AS MEN AND THEY ARE EITHER SELF EMPLOYED ENTREPRENEURS OR SATELLITE EMPLOYEES OF A CORPORATION THEY ARE USUALLY MARRIED AND AVERAGE ABOUT FORTY TWO YEARS IN AGE OGILVY WHOSE CLIENTS INCLUDE AMERICAN EXPRESS COMPANY CIBA GEIGY PHARMACEUTICALS AND MICROSOFT CORPORATION COMPILES THE NAMES OF TECHNO SAVVIES FROM LISTS OF PURCHASERS OF PERSONAL COMPUTERS AND SOFTWARE USERS OF C. D. ROMS AND COMPUTER NOTEBOOKS SUBSCRIBERS TO ON LINE INFORMATION NETWORKS AND COMPUTER MAGAZINES AND MEMBERS OF COMPUTER ASSOCIATIONS THEN IT MATCHES ITS NAMES WITH THOSE IN ITS CLIENTS' DATABASES QUOTE THE OVERLAP IS PROFOUND QUOTE SAYS MARTIN NISENHOLTZ SENIOR VICE PRESIDENT AND DIRECTOR OF OGILVY AND MATHER DIRECT FOR HIGH END PRODUCTS IN SOME CASES IT CAN BE FIFTY PERCENT AND IN BUSINESS TO BUSINESS AREAS IT CAN BE MORE LIKE NINETY PERCENT OGILVY'S ANALYSIS IS A REFINEMENT OF REAMS OF DATA THAT RESEARCHERS SUCH AS LINK RESOURCES NEW YORK AND THE YANKEE GROUP BOSTON HAVE BEEN COLLECTING ON AMERICANS' ELECTRONIC COMMUNICATIONS INFORMATION AND ENTERTAINMENT HABITS IN ASSESSING THE MARKET FOR INTERACTIVE TELEVISION THE YANKEE GROUP HAS IDENTIFIED FIFTEEN POINT FOUR MILLION TECHNOLOGICALLY ADVANCED FAMILIES OR TAFS WHO MAKE UP SIXTEEN PERCENT OF THE NINETY SIX POINT FOUR MILLION U. S. AND CANADIAN HOUSEHOLDS THE COMPANY CLASSIFIES AN ADDITIONAL THIRTY POINT EIGHT MILLION HOUSEHOLDS AS NEAR TAFS THESE HOUSEHOLDS HAVE THE HIGHEST OWNERSHIP AND USAGE RATES OF THIRTY FIVE TECHNOLOGY BASED PRODUCTS AND SERVICES IN ADDITION TO HIGHER THAN AVERAGE HOUSEHOLD INCOME THEY ARE ALSO LIKELY TO HAVE CHILDREN CHILDREN PULL PRODUCTS INTO THE HOME AFTER EXPOSURE TO THEM AT SCHOOL NOTES PETER HAMPTON DIRECTOR OF CONSUMER COMMUNICATIONS AT THE YANKEE GROUP THE FIFTY POINT TWO MILLION NON TAFS ARE TYPICALLY OLDER AND POORER THAN ELECTRONICALLY ADVANCED FAMILIES AND MUCH LESS LIKELY TO HAVE CHILDREN LIVING AT HOME MR. NISENHOLTZ LIKENS THE TECHNO SAVVIES TO THE FIRST CONSUMERS TO BUY AN AUTOMOBILE AS A MEANS OF TRANSPORTATION RATHER THAN A HIGH TECH HOBBY QUOTE BY TWO THOUSAND THREE GREAT SEGMENTS OF THE POPULATION WILL HAVE NETWORKED DIGITAL DEVICES QUOTE MR. NISENHOLTZ SAID THE PURPOSE OF ADVERTISING TO THE TECHNO SAVVY ISN'T TO HAMMER A MESSAGE INTO HIS HEAD IT'S TO PROVIDE HIM WITH A SERVICE SUCH SERVICES ARE LIKELY TO COME IN THE CATEGORIES IN WHICH TIME PRESSED TECHNO SAVVIES HAVE THE GREATEST NEEDS TRAVEL COMPUTERS AND SOFTWARE ENTERTAINMENT CONSUMERS FOR EXAMPLE COULD USE AN AIRLINE'S ADS TO PLAN THEIR TRAVEL ITINERARIES THESE CONSUMERS NEED TO KNOW HOW DO I USE A PIECE OF SOFTWARE HOW DO I HOOK UP MY COMPUTER IN A HOTEL ROOM HOW DO I GET FROM THE AIRPORT TO MY MEETING MR. NISENHOLTZ SAYS MICROSOFT FOR EXAMPLE OFFERS TECHNO SAVVIES MORE THAN JUST A SALES PITCH THE SOFTWARE COMPANY SPONSORS THE MICROSOFT SMALL BUSINESS CENTER ON THE AMERICA ON LINE NETWORK OFFERING SUBSCRIBERS TECHNICAL INFORMATION ACCESS TO MESSAGE BOARDS REAL TIME PERSONAL ASSISTANCE AND ACCESS TO SOFTWARE TEMPLATES AND PROGRAMS ALSO INCLUDED IS INFORMATION ON BROADER TOPICS SUCH AS EXPORTING AND INCOME TAX FILINGS IT'S NOT ADVERTISING AN AMERICA ON LINE SPOKESWOMAN SAYS QUOTE IT WOULDN'T FIT INTO THAT CATEGORY AT ALL QUOTE THE INFORMATION HAS TO BE USEFUL RELEVANT AND MEANINGFUL AND DELIVERED IN A CREATIVE WAY SAYS PAMELA LARRICK THE MANAGING DIRECTOR OF OGILVY AND MATHER DIRECT IT SOUNDS TRITE BUT THE MEDIUM BECOMES THE MESSAGE THE MESSAGE BECOMES A REAL SERVICE ACQUISITION EURO R. S. C. G. THE PARIS AGENCY HOLDING COMPANY ACQUIRED THE HADLEY GROUP A STAMFORD CONNECTICUT PROMOTION AGENCY VICTOR IMBIMBO HADLEY GROUP CHIEF EXECUTIVE AND PRESIDENT DECLINED TO DISCUSS THE TERMS EURO R. S. C. G. WILL MERGE THE COMPANY WITH NEW YORK PROMOTION COMPANY COMART CREATING A THIRTY MILLION DOLLAR AGENCY WITH CLIENTS INCLUDING PHILIP MORRIS NUTRASWEET E. AND J. GALLO WINERY AND BORDEN WHO'S NEWS K. P. M. G. PEAT MARWICK NAMED MARK LINDER A FORTY YEAR OLD SENIOR VICE PRESIDENT AND EXECUTIVE GROUP DIRECTOR AT W. P. P. GROUP'S OGILVY AND MATHER TO THE POST OF NATIONAL MARKETING DIRECTOR A NEW POSITION TIME WARNER CABLE AND SHOPPERVISION INCORPORATED SAID THEY WOULD JOINTLY PROVIDE AN INTERACTIVE SUPERMARKET AND DRUGSTORE HOME SHOPPING NETWORK TO SUBSCRIBERS OF ITS FULL SERVICE NETWORK ABOUT TO BEGIN SERVICE IN ORLANDO FLORIDA THE SHOPPING SERVICE SCHEDULED TO BEGIN IN THE FALL WOULD ALLOW SUBSCRIBERS TO VIEW SHELF SPACE AND DISPLAYS AT DRUGSTORES AND SUPERMARKETS ON SPECIALLY EQUIPPED TELEVISION SETS THE PROGRAM ALSO WILL ENABLE VIEWERS TO ROTATE PRODUCTS THREE HUNDRED SIXTY DEGREES AND VIEW THEM UP CLOSE IN ORDER TO READ DIRECTIONS OR IDENTIFY INGREDIENTS PURCHASED PRODUCTS WOULD BE DELIVERED TO CUSTOMERS' HOMES ACCORDING TO TIME WARNER CABLE A UNIT OF NEW YORK BASED TIME WARNER INCORPORATED A SMALL DELIVERY CHARGE WOULD BE ADDED TO GROCERY PURCHASES BUT NOT TO DRUGSTORE ITEMS SHOPPERVISION IS BASED IN NORCROSS GEORGIA SMITHKLINE BEECHAM P. L. C. SAID IT RENAMED ITS CONSUMER BRANDS UNIT AS PART OF ITS STRATEGY TO TAP FURTHER INTO THE HEALTH CARE PRODUCTS MARKET THE RENAMED UNIT TO BE CALLED SMITHKLINE BEECHAM CONSUMER HEALTHCARE WILL CONCENTRATE ON ORAL AND NUTRITIONAL HEALTH CARE PRODUCTS AND OVER THE COUNTER MEDICINES OVER THE PAST FEW YEARS LONDON BASED SMITHKLINE HAS SOLD OFF PRODUCTS THAT DON'T DIRECTLY RELATE TO HEALTH CARE SUCH AS BRILL CREEM AND AQUA VELVA AFTERSHAVE THE PITTSBURGH BASED UNIT WILL DRAW ON ITS RELATIONSHIP TO SMITHKLINE'S PHARMACEUTICAL UNIT TO MAKE CERTAIN PRESCRIPTION MEDICINES AVAILABLE FOR OVER THE COUNTER SALES SUCH PRODUCTS INCLUDE TAGAMET FOR GASTROINTESTINAL DISORDERS AND NICORETTE GUM TO HELP PEOPLE QUIT SMOKING FOR THE FIRST NINE MONTHS OF NINETEEN NINETY THREE THE CONSUMER BRANDS DIVISION HAD ONE POINT FOUR SIX BILLION DOLLARS IN SALES WORLD WIDE COMAIR HOLDINGS INCORPORATED SAID TWO HUNDRED TWENTY NINE THOUSAND THREE HUNDRED SEVENTY FOUR PASSENGERS BOARDED ITS REGIONAL AIRLINE IN DECEMBER UP NINETEEN POINT FIVE PERCENT FROM ONE HUNDRED NINETY ONE THOUSAND NINE HUNDRED TEN PASSENGERS A YEAR EARLIER FOR THE MONTH REVENUE PASSENGER MILES INCREASED THIRTY SEVEN POINT SIX PERCENT TO FIFTY NINE THOUSAND NINE HUNDRED NINETY EIGHT FROM FORTY THREE THOUSAND SIX HUNDRED SEVEN IN DECEMBER NINETEEN NINETY TWO A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER CARRIED ONE MILE THE TOLEDO SYMPHONY COULDN'T HAVE COME UP WITH A MORE DIABOLICAL WAY TO TORTURE CHARLES WUORINEN IN EARLY NOVEMBER THE ORCHESTRA PRESENTED A QUOTE PREVIEW PERFORMANCE QUOTE OF HIS BALLET SCORE QUOTE THE MISSION OF VIRGIL QUOTE WHICH PETER MARTINS WILL CHOREOGRAPH FOR THE NEW YORK CITY BALLET IN THE SPRING THAT PART WAS FINE BUT TOLEDO KNOWING THAT A WUORINEN SCORE WAS UNLIKELY TO PACK THE HOUSE PAIRED HIS WORK WITH HENRYK GORECKI'S SYMPHONY NUMBER THREE THAT LONG WINDED INCANTATIONAL SURPRISE HIT ON THE BILLBOARD CHARTS AND AN OUTSTANDING EXAMPLE OF ALL MR. WUORINEN HOLDS IN CONTEMPT MR. WUORINEN WAS FOR HIM FAIRLY POLITE ABOUT THE JUXTAPOSITION COMMENTING THAT FANCIERS OF GORECKI'S THIRD PROBABLY AREN'T REALLY LISTENING AND JUST LIKE TO HAVE SOMETHING MOANING AND GROANING IN THE BACKGROUND AN UNRECONSTRUCTED RATIONALIST WHO GETS IRATE WHEN SCHOENBERG IS INSULTED HE LOATHES TODAY'S POPULAR COMPOSING STYLES MINIMALISM IS SIMPLE MINDED NEOROMANTICISM IS REPELLENT AND THE DEMISE OF STANDARDS IN COMPOSITION IS AN EVENT AKIN TO THE BREAKDOWN OF WESTERN CIVILIZATION HIS KIND OF MUSIC IS NOT IN FASHION NOW IF IT EVER WAS THERE'S PRACTICALLY ALWAYS A TWELVE TONE ROW IN THE BACKGROUND OF MY PIECES SO THAT QUALIFIES ME AS A TWELVE TONE COMPOSER AND THAT'S OF COURSE BAD YOU'RE NOT SUPPOSED TO BE THAT ANYMORE MR. WUORINEN SAYS IT'S SOCIALLY UNACCEPTABLE WHAT PEOPLE DON'T REALIZE IS THAT IT WAS ALWAYS SOCIALLY UNACCEPTABLE FOR TEN MINUTES WHEN STRAVINSKY DID IT IT GOT A SOUPCON OF RESPECTABILITY THEN HE DIED AND THAT WAS THE END OF THAT THERE'S A LOT OF HISTORY THAT NEEDS TO BE CLEANED UP ONE OF THE MOST ENTERTAINING BITS OF FANTASY HISTORY IS THAT MILTON BABBITT AND I CONTROLLED THE MUSICAL WORLD IN THE NINETEEN FIFTIES I MUST HAVE BEEN VERY PRECOCIOUS TO BE CONTROLLING THE MUSICAL WORLD AT EIGHTEEN MILTON ALWAYS SAYS IF ONLY HE'D KNOWN HOW POWERFUL HE WAS HE WOULD HAVE HAD A LOT MORE FUN SOCIALLY UNACCEPTABLE OR NOT MR. WUORINEN HAS WRITTEN CLOSE TO TWO HUNDRED PIECES AND HAS NO COMPLAINTS ABOUT HIS CAREER TRAJECTORY THIS SEASON IN NEW YORK THE CHAMBER MUSIC SOCIETY OF LINCOLN CENTER PERFORMED HIS CHAMBER WORK WITH SOPRANO A WINTER'S TALE IN MARCH THE GERMAN BASED RASCHER QUARTET WILL BE IN NEW YORK FOR PERFORMANCES OF TWO WUORINEN WORKS FOR SAXOPHONE QUARTET ONE OF THEM WITH ORCHESTRA AND LATER IN THE SPRING THE MARTINS BALLET IS DUE SEVERAL NEW C. D.S OF HIS MUSIC ARE OUT AND THE COMPOSER IS SIMULTANEOUSLY AT WORK ON A PIANO QUINTET FOR THE ARDITTI QUARTET AND URSULA OPPENS AS WELL AS A PERCUSSION QUARTET HIS RECENT PAST INCLUDED A RESIDENCY WITH THE SAN FRANCISCO SYMPHONY AND A MACARTHUR QUOTE GENIUS QUOTE AWARD THE MISSION OF VIRGIL FINDS MR. WUORINEN IN A RELATIVELY MELLOW MOOD UNUSUALLY FOR HIM THE PIECE HAS AN EXTRAMUSICAL STIMULUS THE INFERNO SECTION OF THE DIVINE COMEDY ITS EIGHT SECTIONS FOR EASIER CHOREOGRAPHY INCLUDE PAOLO AND FRANCESCA AND MONSTERS OF THE PRIME FOR EXAMPLE BUT MR. WUORINEN SAYS THEY ARE NOT INTENDED TO BE PROGRAMMATIC HE DOTH PROTEST TOO MUCH LIMBO IS FLOATING AND LIMBOESQUE AND THE MONSTERS GROWL FROM THE DEEP AS TROMBONES BASSOONS AND TUBA SATAN'S SECTION IS ALSO LOW AND JAUNTY MAYBE HELL IS KIND OF FUN THE MISSION OF VIRGIL SECTION STARTS WITH AN ENQUIRING OBOE AND DEVELOPS INTO A COMPLEX CONCERTANTE FOR SEVERAL SOLO INSTRUMENTS WITH ITS MANY EXPOSED LINES AND CROSS RHYTHMS THE PIECE STRETCHED THE TOLEDO SYMPHONY TO ITS LIMITS AND UNDER ANDREW MASSEY'S DIRECTION THE PLAYERS ROSE TO THE OCCASION AFTER THAT THE GORECKI WHICH GOT A FAR LESS POLISHED PERFORMANCE DID INDEED SOUND LIKE A LOT OF MOANING AND GROANING TO NO PARTICULAR PURPOSE QUOTE A WINTER'S TALE QUOTE FOR SOPRANO CLARINET HORN STRING TRIO AND PIANO WAS A FAR MORE FRUSTRATING EXERCISE FOR THE WUORINEN LISTENER THE TEXT A LONG AND EXCEEDINGLY BAROQUE POEM BY DYLAN THOMAS HAS SENSUAL LANGUAGE THAT BORDERS ON THE INCOMPREHENSIBLE AND MR. WUORINEN'S MUSIC DIDN'T SO MUCH ILLUMINATE IT AS CREATE A SEPARATE UNIVERSE OF ICE AND GLITTER LITTLE GESTURES WERE TOSSED AMONG THE INSTRUMENTS AND FUSED INTO THE OCCASIONAL EXCITED INTERMEZZO BETWEEN STANZAS THE VOCAL LINE DELIVERED VALIANTLY BY PHYLLIS BRYN JULSON JOGGED ALONG AT TOP SPEED PRACTICALLY WITHOUT REFERENCE TO MEANING UNTIL IT OPENED OUT IN AN EXTENDED VOCALISE ON THE WORD FLOWERING IN THE POEM'S FINAL LINE IN HIS PURELY INSTRUMENTAL WORKS MR. WUORINEN SOMETIMES ALLOWS HIMSELF A SENSE OF MYSTERY BUT GIVE HIM A POEM FILLED WITH OBSCURITY AND HE STRIPS IT CLEAN AND CLARIFIES IT SO THAT IT HAS NO MEANING AT ALL THE GESTURES WERE SO ORNAMENTED AND DETAILED THAT THE EFFECT WAS ONE OF RANDOMNESS EVEN CHAOS THIS IS HIGHLY IRONIC SINCE MR. WUORINEN'S COMPOSITIONAL TECHNIQUE IS BUILT ON TIGHT CONTROL AS HE EXPLAINS IT THE INITIAL NOTE OF THE TWELVE TONE ROW IS A CENTER NUMBERS AND SETS CREATE AN UNDERLYING ORDER ONE OF MY TWO MAIN APPROACHES IS THAT ONCE AN INITIAL SHORT SEGMENT IS WRITTEN THE ENTIRE SECTION OF WHICH IT IS A PART AND LATER THE WHOLE COMPOSITION ARE THE RESULT OF A KIND OF FEEDBACK PROCESS IN WHICH THE FIRST LITTLE BLOB OF STUFF IS TRANSFORMED INTO AN ADJACENT BLOB BY SOME SIMPLE MUSICAL PROCESS SUCH AS PITCH CLASS TRANSPOSITION OR A TIME OPERATION TO SPEAK IN MODERN LINGO THIS OUTPUT IS ESSENTIALLY FED BACK INTO THE SAME KIND OR SOMETIMES EXACTLY THE SAME TRANSFORMATION TO PRODUCE MORE TECHNIQUE FOR MR. WUORINEN GIVES FREEDOM RIGOR OFFERS HIM EXPRESSIVE POSSIBILITIES HE SAYS HE FOUND THE PASSIONATE LANGUAGE OF THE THOMAS POEM APPEALING YET HIS CHILLY INTERPRETATION OF THAT PASSION RESEMBLED A LITERARY EXERCISE AND ULTIMATELY WAS NO MORE ENGAGING OR STIMULATING THAN THE OVERFLOWING BATHOS OF GORECKI'S SIMPLE MINDED ONE IDEA SYMPHONY MR. WUORINEN IS FRUSTRATED BY THE FACT THAT COMPOSERS TODAY CAN'T AGREE ON ANYTHING THEREBY FORESTALLING THE DEVELOPMENT OF A GREAT MUSICAL CULTURE PERHAPS THE PROBLEM IS WORSE THAN HE THINKS MS. WALESON IS A MUSIC WRITER IN NEW YORK CONGRESS'S LABOR AGENDA IS BROAD BUT LITTLE IS LIKELY TO PASS THE WHITE HOUSE WILL PUSH ITS TWO BILLION DOLLAR PLAN FOR RETRAINING LAID OFF WORKERS LINKED TO REVAMPING UNEMPLOYMENT INSURANCE CONGRESSIONAL LEADERS SEEK TO REQUIRE WORKER SAFETY TEAMS FOR COMPANIES WITH ELEVEN OR MORE EMPLOYEES AND TO BEEF UP PENALTIES FOR WORKPLACE SAFETY VIOLATORS BUT BOTH MEASURES FACE A RECALCITRANT AND BUSY MEMBERSHIP A MINIMUM WAGE INCREASE IS LIKELY TO FALL VICTIM TO THE FOCUS ON HEALTH CARE REFORM HOUSE LEADERS HOPE TALKS WITH BUSINESS GROUPS WILL LIFT THE CHANCES FOR LEGISLATION TO INCREASE WORKERS' PRIVACY SENATE REPUBLICANS ARE EXPECTED TO AGREE TO PRESIDENT CLINTON'S NATIONAL LABOR RELATIONS BOARD SLATE IN THE NEXT MONTH OR TWO CLEARING THE CONFIRMATION OF CHAIRMAN DESIGNATE WILLIAM GOULD THE FIVE MEMBER BOARD IS PARALYZED BECAUSE IT'S DOWN TO TWO MEMBERS TWO HOLDOVER BILLS FROM LAST YEAR WILL PROBABLY PASS ONE TO CREATE A NATIONAL SKILL STANDARDS SYSTEM AND ANOTHER TO HELP HIGH SCHOOLERS GET JOBS HEALTH CARE REFORM SHOULD BODE WELL FOR NURSES AS HOSPITALS CUT BACK TO CONTROL COSTS THEY WILL HANDLE FEWER PATIENTS SO MORE CARE WILL BE PROVIDED AT LONG TERM NURSING FACILITIES HOMES AND COMMUNITY NURSING CENTERS SAYS JO A. BROOKS HEAD OF PURDUE UNIVERSITY'S SCHOOL OF NURSING THE COMMUNITY CENTERS WILL BE STAFFED MAINLY BY NURSES ASSISTED BY PHARMACISTS SOCIAL WORKERS PHYSICAL THERAPISTS AND NUTRITIONISTS NURSES WILL HAVE TO BONE UP ON TECHNOLOGY SKILLS COMPUTERS AND OTHER TECHNOLOGY WILL BE USED MORE FREQUENTLY IN TREATING PATIENTS ON THE SPOT MS. BROOKS SAYS SHE FORESEES EACH PATIENT BED BEING EQUIPPED WITH A LAPTOP COMPUTER SO THAT A NURSE CAN ENTER INFORMATION SUCH AS BODY TEMPERATURE AND MEDICATION AND GET ON THE SPOT READOUTS ON HOW THE PATIENT IS RESPONDING TO TREATMENT HIGHLY SKILLED WORKERS FIND FACTORY JOBS BUT LESS SKILLED FACE HARD TIMES DOW CHEMICAL QUOTE WILL BE PREDOMINANTLY HIRING FOLKS WHO OFFER A SPECIALIZED SKILL QUOTE SUCH AS P. H. D. CHEMISTS SAYS SPOKESMAN DAN FELLNER BALL BEARING MANUFACTURER KAYDON CORPORATION IN CLEARWATER FLORIDA IS LOOKING ONLY FOR PEOPLE VERSED IN GEOMETRY AND COMPLEX MATH DEERE AND COMPANY IS STILL REFRAINING FROM HIRING ALL TYPES OF EMPLOYEES BUT SAYS IT OCCASIONALLY WILL ADD WORKERS IN SPECIALTY AREAS BUT FACTORIES STILL LEAN HEAVILY TOWARD OVERTIME AND TEMPORARY POSITIONS ON THE ASSEMBLY LINE LADD FURNITURE INCORPORATED OF HIGH POINT N. C. HAS ITS WORKERS PUT IN MORE SATURDAY HOURS DESPITE A BIG PICKUP IN ITS UPHOLSTERY BUSINESS BUCKING THE TREND COACHMAN INDUSTRIES INCORPORATED IS PLANNING TO HIRE ONLY ON LINE WORKERS THIS YEAR AVOIDING HIGH WAGE HIRES MEANS OUR OPPORTUNITY TO BECOME MORE PROFITABLE IS CERTAINLY ENHANCED SAYS COACHMAN'S CHIEF FINANCIAL OFFICER GARY GROOM IMAGE PROBLEMS CONTINUE FOR LABOR UNIONS FORTY EIGHT PERCENT OF PEOPLE RESPONDING TO A WALL STREET JOURNAL SLASH N. B. C. NEWS POLL SAY UNIONS HURT THE CAUSE OF WORKING AMERICANS WHILE THIRTY FOUR PERCENT SAY THEY HELP ANOTHER NINE PERCENT SAY SOME OF BOTH THE REST HAVEN'T ANY OPINION IF YOU'RE SAD DON'T GO TO WORK CATHOLIC UNIVERSITY PSYCHOLOGIST PATRICIA MULLINS FOUND THAT SAD PEOPLE HAVE SLOWER MOTOR SKILLS THAN THOSE WHO ARE HAPPY OR NEUTRAL ANGRY SUBJECTS FALL IN THE MIDDLE SHE ALSO NOTED THAT RIGHT AND LEFT HANDS PERFORM DIFFERENTLY IN VARIOUS MOODS SUGGESTING EMOTIONS ARE INFLUENCED BY SEPARATE HEMISPHERES OF THE BRAIN DON'T SEND COLD LETTERS TO FORTUNE FIVE HUNDRED COMPANIES NEW YORK OUTPLACEMENT CONSULTANT ADELA OLIVER ADVISES EXECUTIVE JOB SEARCHERS MS. OLIVER SAYS SHE IS CONVINCED UNSOLICITED LETTERS JUST GO IN THE CIRCULAR FILE OR BEGET ONLY TEMPORARY EMPLOYMENT OPPORTUNITIES TEMP WORK TAKES TIME AND EFFORT AWAY FROM A PERMANENT JOB SEARCH AND PEOPLE GET LULLED INTO BELIEVING THEY'LL EVENTUALLY GET A PERMANENT JOB OUT OF IT SHE SAYS FAMILY FRIENDLY MANY COMPANIES GO FARTHER THAN THE LAW REQUIRES NONMANDATED WORK AND FAMILY POLICIES ABOUND JOHNSON AND JOHNSON ALLOWS EMPLOYEES TO BRING CHILDREN TO WORK TO GET PICKED UP AND DROPPED OFF FOR CAMP DURING THE SUMMER MATTEL INCORPORATED IN SEGUNDO CALIFORNIA CLOSES DOWN EVERY FRIDAY AFTERNOON TO GIVE EMPLOYEES MORE TIME TO SPEND WITH CHILDREN THAT HELPS GET PEOPLE TO BE MORE PRODUCTIVE DURING THE REST OF THE WEEK SAYS A MATTEL SPOKESWOMAN CLOSER ATTENTION IS BEING PAID TO ELDER CARE TOO ATLANTIC RICHFIELD COMPANY HAS SET UP A TOLL FREE LINE AND STAFFED IT WITH COUNSELORS PROVIDING NATIONWIDE REFERRALS TO EMPLOYEES SEEKING CARE FOR OLDER RELATIVES MATTEL SAYS TWENTY PERCENT OF DEMAND FOR FAMILY SERVICES INVOLVES CARE FOR OLDER RELATIVES YET A SURVEY BY THE ALEXANDER CONSULTING GROUP FOUND ONLY FOURTEEN PERCENT OF RESPONDENTS HAVE WORK FAMILY MANAGERS AND MORE THAN FIFTY FOUR PERCENT HAVE NO FORMAL WORK FAMILY GUIDELINES BEYOND WHAT IS REQUIRED THE CHECKOFF AMONG THE ONE HUNDRED QUESTIONS ANSWERED IN THE NEW BOOK QUOTE PITFALLS FOR JAPANESE EMPLOYERS IN THE UNITED STATES QUOTE IS HAS THERE BEEN A CASE WHERE A MALE EMPLOYEE WAS HARASSED BY A FEMALE SUPERIOR THE ANSWER IS YES CHARGES FILED UNDER THE AMERICAN WITH DISABILITIES ACT AVERAGED ONE THOUSAND SIX HUNDRED NINETY TWO IN AUGUST AND SEPTEMBER COMPARED WITH A ONE THOUSAND TWO HUNDRED MONTHLY AVERAGE IN THE PREVIOUS SEVEN MONTHS THE E. E. O. C. SAYS HARTFORD STEAM BOILER INSPECTION AND INSURANCE HAS RECENTLY HAD NOTHING BUT BAD NEWS TO REPORT THAT'S A GREAT COMFORT TO SOME INVESTORS QUOTE MOST OF THE BAD NEWS IS OUT OF THE WAY QUOTE RECKONS NATALIE KUCHARSKI AN INSURANCE ANALYST WITH THE EVERGREEN FUNDS A PURCHASE N. Y. MUTUAL FUND COMPANY SHE FIGURES THE HARTFORD CONNECTICUT INSURER PACKED ALL THE BAD NEWS INTO NINETEEN NINETY THREE SO IT CAN GET EARNINGS BACK ON TRACK IN NINETEEN NINETY FOUR THE COMPANY HAD A TWO POINT NINE MILLION DOLLAR LOSS FOR THE NINE MONTHS HOBBLED BY A TWENTY MILLION DOLLAR PRETAX RESTRUCTURING CHARGE A THREE POINT SIX MILLION DOLLAR NET CHARGE RELATED TO AN ACCOUNTING CHANGE AND A PRETAX TWENTY SEVEN POINT TWO MILLION DOLLAR ADDITION TO RESERVES HELD TO MEET PRIOR YEARS' INSURANCE CLAIMS THE INTENT WAS TO MAKE SURE THAT OUR RESERVES WERE ADEQUATE SAYS JOHN KELLEY THE SENIOR OFFICER RESPONSIBLE FOR HARTFORD'S COMMERCIAL INSURANCE DIVISION WE BELIEVE THAT THIS RESTRUCTURING CHARGE TAKES CARE OF THE THINGS WE NEED TO ADDRESS THE COMPANY DOESN'T EXPECT TO REPORT ANY UNPLEASANT SURPRISES IN ITS FOURTH QUARTER RESULTS WHICH WILL BE RELEASED JANUARY TWENTY FOURTH THE INSURER'S STOCK TUMBLED ALMOST TWENTY FOUR PERCENT LAST YEAR IT CLOSED YESTERDAY AT FORTY SIX AND ONE HALF UP ONE ONLY SLIGHTLY ABOVE THE FIFTY TWO WEEK LOW OF FORTY TWO AND FIVE EIGHTHS AND FAR BELOW THE HIGH OF FIFTY NINE AND SEVEN EIGHTHS PROFITS AT HARTFORD STEAM BOILER THE WORLD'S LARGEST BOILER AND MACHINERY INSURER HAVE BEEN DERAILED BY WEATHER RELATED INSURANCE CLAIMS AND BY UNDERPRICING OF SOME POLICIES IT SOLD THE LOSSES HAVE SOWN DOUBTS IN THE MINDS OF SOME LONGTERM HOLDERS WHO HAD BECOME ACCUSTOMED TO STEADY EARNINGS GROWTH THROUGH MUCH OF THE NINETEEN EIGHTIES WE'RE TRYING TO FIGURE OUT WHAT'S HAPPENING JUST LIKE EVERYBODY ELSE SAYS DANIEL EFROYMSON PRESIDENT OF REAL SILK INVESTMENTS AN INDIANAPOLIS INVESTMENT FUND WITH A LARGE POSITION IN HARTFORD STEAM BOILER AT THIS POINT YOU CAN LET OUR ACTIONS SPEAK FOR US WHICH IS WE HAVEN'T SOLD ANY SHARES NOR HAVE WE BOUGHT ANY BUT OTHERS PERCEIVE A BUYING OPPORTUNITY I LIKE THE STOCK IN THE MID FORTIES SAYS ALLAN FULKERSON MANAGER OF CENTURY SHARES TRUST A MUTUAL FUND THAT SPECIALIZES IN INSURANCE STOCKS QUOTE THERE IS A QUESTION OF WHETHER THEY HAVE ALL OF THE BAD NEWS OUT OF THE WAY AND I THINK THAT'S WHAT'S KEEPING THE STOCK BACK MY GUT FEELING IS THAT THEY'VE GOT MOST OF THE BAD NEWS OUT MR. FULKERSON NOTES THAT HISTORICALLY HARTFORD STEAM BOILER HAS BEEN AMONG THE BETTER RUN INSURANCE COMPANIES MANY INSURERS LOSE MONEY ON THEIR INSURANCE POLICIES BUT MANAGE TO TURN A PROFIT BECAUSE OF INVESTMENT GAINS HARTFORD STEAM BOILER BY CONTRAST HAS NOT ONLY HAD FINE INVESTMENT RETURNS IT ALSO HAS TYPICALLY MADE MONEY ON ITS INSURANCE UNDERWRITING A KEY REASON FOR HARTFORD'S UNDERWRITING SUCCESS HAS BEEN ITS IN HOUSE TEAM OF ENGINEERS WHO INSPECT EQUIPMENT BEFORE THE COMPANY AGREES TO INSURE IT BUT IN NINETEEN NINETY TWO AFTER SEVEN YEARS OF UNDERWRITING PROFITABILITY HARTFORD STEAM BOILER HAD A MODEST LOSS ON ITS UNDERWRITING THE SITUATION WORSENED IN THE FIRST NINE MONTHS OF NINETEEN NINETY THREE WITH THE COMPANY PAYING OUT ONE DOLLAR AND ELEVEN CENTS IN CLAIMS AND EXPENSES FOR EVERY ONE DOLLAR OF INSURANCE PREMIUMS IT COLLECTED HISTORICALLY THEY'VE DONE A VERY GOOD JOB OF UNDERWRITING SAYS MR. FULKERSON MY EXPECTATION WOULD BE THAT THEY'LL RETURN TO UNDERWRITING PROFITABILITY THE COMPANY NOW IS DEMANDING BETTER TERMS WHEN INSURANCE POLICIES COME UP FOR RENEWAL IT'S ALSO CUTTING COSTS BY TRIMMING THREE HUNDRED EMPLOYEES AND CLOSING OFFICES WHEN THERE IS A FIRMING IN COMMERCIAL PRICES THEY STAND TO BE A REAL BENEFICIARY MR. FULKERSON SAYS UNLESS THERE'S A CATASTROPHE THAT PROMPTS A WAVE OF INSURANCE CLAIMS HE BELIEVES HARTFORD'S EARNINGS WILL RECOVER THIS YEAR FANS OF THE STOCK ALSO LIKE HARTFORD'S DIVIDEND YIELD NOW FOUR POINT FIVE PERCENT IT'S GOT GREAT DOWNSIDE PROTECTION BECAUSE OF THE YIELD SAYS NOLA FALCONE MANAGER OF THE EVERGREEN TOTAL RETURN FUND QUOTE I'VE FOUND THAT WHEN THIS COMPANY GETS TO THIS TYPE OF YIELD IT'S A BUY I THINK IT'S A SEVENTY FIVE DOLLAR STOCK ANALYSTS ARE LOOKING FOR THE COMPANY TO EARN TWO DOLLARS AND SIXTEEN CENTS A SHARE IN NINETEEN NINETY FOUR FURTHER GAINS SHOULD COME IN NINETEEN NINETY FIVE AS THE COMPANY CONTINUES TO RENEW INSURANCE POLICIES ON MORE FAVORABLE TERMS HOW MUCH ROOM FOR IMPROVEMENT IS THERE IN NINETEEN NINETY WHEN HARTFORD'S PROFITS PEAKED THE COMPANY EARNED THREE DOLLARS AND EIGHTY CENTS A SHARE KEITH HYNES CHIEF FINANCIAL OFFICER BELIEVES HARTFORD STEAM BOILER IS ON THE WAY BACK TO THE NINETEEN NINETY EARNINGS LEVEL WE THINK THAT'S ACHIEVABLE IN NINETEEN NINETY FIVE HE SAYS IN RECENT MONTHS WE'VE BEEN BUYING BACK STOCK FOR THE COMPANY BECAUSE WE FEEL THAT THE STOCK IS A GOOD INVESTMENT AFTER A WHILE ALL THIRD WORLD AIRPORTS SEEM THE SAME FIRST THERE IS THE MAN WHO GRABS YOUR LUGGAGE SAYING YOU'LL NEED HIS HELP TO GET THROUGH CUSTOMS OR INTO A TAXI OR TO THE FRONT OF ONE OF THE QUOTE LINES QUOTE WHICH TURNS OUT TO BE A EUPHEMISM FOR A CIRCLE OF PEOPLE SURROUNDING A TICKET COUNTER LIKE AMOEBAS DOING A SLAM DANCE AND THEN THERE IS THE OTHER MAN THE ONE WHO WARNS YOU THAT THE MAN WHO HAS GONE OFF WITH YOUR LUGGAGE IS A THIEF BUT NO PROBLEM WITH YOUR PERMISSION HE'LL GET BACK YOUR LUGGAGE AND FINALLY WHILE THE MAN WHO HAS YOUR LUGGAGE AND THE MAN WHO WANTS YOUR LUGGAGE ARE YELLING AT EACH OTHER AND RAISING THEIR FISTS LIKE CARTOON CHARACTERS WITH S. OVER THEIR HEADS THE OTHER OTHER MAN POPS UP HE IS WELL SPOKEN AND WELL DRESSED AND OFFERS TO LET YOU IN ON A MONEY CHANGING SCHEME EVENTUALLY YOU LEARN YOU CAN'T TRUST HIM BUT EVENTUALLY IS A LONG LONG TIME THIS IS TO SAY THAT I THOUGHT I HAD MY AIRPORT CHOPS UNTIL A FRIEND I WAS PLANNING TO VISIT IN NIGERIA WROTE ME TO AVOID THE AIRPORT IN LAGOS THE CAPITAL AT ALL COSTS I DISMISSED HIS WARNING FIGURING THAT BECAUSE HE WAS A MUSLIM HE BELIEVED I NEEDED SPECIAL PROTECTION BUT THEN THE LAGOS AIRPORT STORIES STARTED POPPING UP I HEARD ONE FROM A MUSEUM CURATOR WHO TRAVELS EXTENSIVELY IN AFRICA I DON'T GO TO LAGOS UNLESS SOMEONE CAN MEET ME AT THE AIRPORT SHE SAID THERE WAS ONE WOMAN WHO WAS GOING TO FLY INTO LAGOS FROM I'M NOT SURE SOMEWHERE IN AFRICA I WAS IN LAGOS AT THE TIME AND WE TALKED ON THE PHONE I WARNED HER ABOUT THE AIRPORT BUT SHE JUST BRUSHED ME OFF THEN WHEN SHE DIDN'T SHOW UP I HEARD THAT SHE HAD INDEED FLOWN INTO LAGOS BUT NEVER MADE IT OUT OF THE AIRPORT SOMETHING HAPPENED TO HER THERE THAT MADE HER TURN AROUND AND GET ON THE NEXT PLANE OUT I WAS GOING TO NIGERIA TO RESEARCH A BOOK ON POLYGAMOUS MARRIAGE AND REALLY HAD NO GOOD REASON TO TRAVEL OUTSIDE NORTHERN NIGERIA WHICH IS A MIRACULOUSLY PEACEFUL AREA POPULATED BY HAUSA MUSLIMS BUT SOMETHING MADE ME BOOK MY RETURN TICKET FROM LAGOS I KNEW IT MIGHT BE A GOOD STORY I GUESS AND I HAD A REPUTATION AS A THRILL SEEKING ADVENTURER TO UPHOLD ALSO I JUST COULDN'T BELIEVE IT WOULD BE THAT HARD TO GET THROUGH A MAJOR INTERNATIONAL AIRPORT THE PLAN SEEMED DUMBER AND DUMBER HOWEVER ONCE I REACHED NIGERIA THERE WAS A GAS CRISIS WHICH MADE IT CHANCY TO DRIVE TO LAGOS FROM KANO WHERE I WAS BASED A JOURNEY OF THIRTEEN HOURS AND THERE WAS RIOTING AROUND LAGOS AFTER THE MILITARY GOVERNMENT CANCELED THE NATIONAL ELECTION FINALLY I DECIDED TO FLY TO LAGOS CHANGE PLANES AND GET THE MEREST WHIFF OF THE INFAMOUS AIRPORT THERE WERE DELAYS BEYOND NUMBER OR REASON AT THE START OF MY JOURNEY IN KANO BUT EVENTUALLY I WAS STANDING ON THE TARMAC IN ONE OF THE THREE LINES OF PEOPLE SNAKING UP TO D. C. SEVENS THAT WERE MAKING THE MORNING RUN TO LAGOS SINCE ONE OF MY NIGERIAN FRIENDS HAD PUSHED HIS WAY TO THE MIDDLE OF ONE OF THE LINES FOR ME AND I HAD A CONFIRMED SEAT I FELT CONFIDENT BUT THAT WAS BEFORE A POLICEMAN APPEARED AND ANNOUNCED THAT THE PLANES WERE FULL AND ALL MORNING FLIGHTS QUOTE FINISHED QUOTE MY FRIEND WHO KNEW I HAD TO BE HOME IN TIME FOR MY STEPDAUGHTER'S WEDDING IMMEDIATELY MOVED INTO ACTION GIVE ME YOUR WALLET HE SAID I'M GOING TO BRIBE THE PILOT TO LET YOU SIT IN THE CO PILOT'S SEAT HE RETURNED TWENTY MINUTES LATER SAYING HE HAD ACTUALLY GOTTEN INTO THE COCKPIT ONLY TO SEE SOMEONE ALREADY IN THE CO PILOT'S SEAT SOME MAN HE SAID WAS SITTING THERE WITH HIS MONEY STILL SPREAD OUT ALL OVER HIS LAP I COULDN'T BELIEVE IT IT WAS SO OBVIOUS AND SO I HAD THE LOVELY EXPERIENCE OF FAXING MY HUSBAND THAT I MIGHT BE JUST A LITTLE LATE TO GREET SOME OF THE RELATIVES WHO WERE FLYING IN FOR THE WEDDING THREE DAYS LATER I WAS AT KANO AIRPORT AGAIN THIS TIME THREE HOURS EARLY FOR A FLIGHT TO SAN FRANCISCO WITH NO CONNECTION TO LAGOS ALL WENT WELL UNTIL A PASSPORT CONTROL OFFICER POINTED OUT THAT MY VISA HAD EXPIRED THREE DAYS AGO THE DAY I WAS SUPPOSED TO LEAVE NIGERIA YOU HAVE BEEN HERE ILLEGALLY HE SAID AND WE TAKE OUR IMMIGRATION LAWS VERY SERIOUSLY I KNEW HE WASN'T KIDDING THE BROTHER OF A GERMAN GIRL I'D MET HAD BEEN THROWN IN JAIL FOR OVERSTAYING HIS VISA BY A WEEK BUT THE POSSIBILITY OF MISSING MY STEPDAUGHTER'S WEDDING WAS UNTHINKABLE I REACHED INTO MY PURSE AND BROUGHT OUT MY WALLET BUT TO MY DISMAY THE OFFICER SEEMED OFFENDED WHERE WERE ALL THE CORRUPT OFFICERS NOW THAT I NEEDED THEM THE CUSTOMS OFFICER BEGAN TALKING FEVERISHLY IN HAUSA TO THE FRIENDS WHO HAD COME TO SEE ME OFF AND I LISTENED TO TRY TO CATCH THE ENGLISH WORDS EDUCATED HAUSA PEOPLE SPRINKLE INTO THEIR CONVERSATIONS I HEARD QUOTE VISITING PROFESSOR QUOTE AND QUOTE RESEARCH QUOTE AND QUOTE WELL CONNECTED QUOTE AND QUOTE PUBLIC IMAGE QUOTE THIS WAS A GOOD SIGN ALL THE NIGERIANS I'D MET COULD IMPROVISE FANTASTICAL STORIES IF THEY NEEDED TO FINALLY I HEARD THE PASSPORT OFFICER SAY INCREDULOUSLY PRESIDENT CLINTON THE EXCHANGE WENT OTHER FRIEND GOOD FRIEND CLASSMATES U. S. PRESIDENT THE OFFICER WAS STILL UNWILLING TO GIVE UP MY PASSPORT IT SEEMED AND I WAS CONSIDERING BURSTING INTO TEARS WHEN SUDDENLY A VERY LARGE MAN WEARING A GREAT BILLOWING PASTEL BLUE MUSLIM GOWN CAME UP TO US WITH OUTSTRETCHED ARMS HE HAD BEEN A CLASSMATE OF ONE OF MY FRIENDS AND THEY GREETED EACH OTHER EFFUSIVELY TRACY OUR PROBLEMS ARE OVER MY FRIEND TURNED TO ME AND SAID THIS MAN IS THE MANAGER OF THE ENTIRE KANO AIRPORT WHEN WE WERE INTRODUCED THE MAN SHOOK MY HAND AND SAID HE WAS SORRY TO HEAR THERE HAD BEEN TROUBLE WITH MY VISA THEN HE SMILED AND SAID HE HAD JUST ONE QUESTION QUOTE WHAT IT IS QUOTE I ASKED IT'S ABOUT OUR MUTUAL FRIEND HE REPLIED YOU MEAN AUWALU I ASKED YOU MEAN ABDALLA NO TRACY I'M TALKING ABOUT YOUR PRESIDENT YES HOW IS HE HOW IS PRESIDENT BILL QUOTE HE'S JUST FINE THANKS I'LL GIVE HIM YOUR BEST BACK HOME AFTER THE WEDDING NIGERIA RECEDED TO THAT PLACE IN THE MIND WHERE EXPERIENCE BECOMES MEMORY BUT THE IMAGE OF THE LAGOS AIRPORT AS A TWENTIETH CENTURY URBAN NIGHTMARE STILL SURFACES NOW AND THEN IN AUGUST WHEN THE U. S. DEPARTMENT OF TRANSPORTATION SUSPENDED ALL FLIGHTS TO THE LAGOS AIRPORT FROM AMERICAN SOIL I CALLED WASHINGTON TO FIND OUT WHY IN NINETEEN EIGHTY FIVE IT TURNS OUT AFTER A RASH OF HIJACKINGS CONGRESS PASSED A LAW REQUIRING THE FEDERAL AVIATION ADMINISTRATION TO MONITOR THE SECURITY OF ALL FOREIGN AIRPORTS LAGOS IS THE FIRST AIRPORT TO MAKE THE SUSPENDED LIST BUT THE REASONS HAVE NOTHING TO DO WITH ARMED ROBBERY STOLEN LUGGAGE AND EXTORTION IT'S BECAUSE AFTER A WARNING BY THE F. A. A. THE AIRPORT WASN'T ABLE TO MEET SOME VERY SECRET INTERNATIONAL AVIATION SECURITY STANDARDS I THINK OF GOING TO LAGOS NOW TO TEST MY NEW SURVIVAL TOOL STORYTELLING AS A TWENTY THCENTURY URBAN LIFE RAFT I'VE GOT A STORY WORKED UP ABOUT HOW BILL CLINTON'S MOM AND MY MOM WERE HIGH SCHOOL CLASSMATES AND ROGER AND BILL AND I USED TO SING TOGETHER THERE'S MORE BUT I'LL SAVE IT FOR MY NEXT TRIP TO AFRICA OR MAYBE I'LL OFFER IT TO THAT WOMAN WHO TURNED AROUND AND GOT BACK ON THE PLANE IN LAGOS MS. JOHNSTON IS AUTHOR OF SHOOTING THE BOH A WOMAN'S VOYAGE DOWN THE WILDEST RIVER IN BORNEO VINTAGE AMERICAN TELEPHONE AND TELEGRAPH COMPANY NEW YORK UNVEILED A MULTIMEDIA MESSAGING SYSTEM FOR CORPORATIONS THAT LETS WORKERS EXCHANGE VOICE TEXT AND VISUAL MESSAGES CALLED INTUITY THE SYSTEM COMBINES FEATURES OF A. T. AND T.'S VOICE MAIL AND VOICE RECOGNITION SYSTEMS INTO A BOX ABOUT THE SIZE OF A PERSONAL COMPUTER'S BASE UNIT THE SYSTEM CAN BE CONNECTED TO AN OFFICE PHONE SWITCH AND WOULD ALLOW WORKERS IN NUMEROUS LOCATIONS TO GAIN ACCESS TO THE SAME FUNCTIONS A. T. AND T. SAID VOICE DATA AND VIDEO TECHNOLOGIES HAVE BEEN CONVERGING A. T. AND T. NORTHERN TELECOM LIMITED AND OTHER MAKERS OF COMMUNICATIONS GEAR ARE INCREASINGLY MELDING THESE FUNCTIONS INTO SINGLE SYSTEMS THE INTUITY SYSTEM LETS A WORKER AT A P. C. CHECK A VOICE OR TEXT MESSAGE CONVERT TEXT FROM A FAX INTO VOICE AND READ IT ALOUD AND DO OTHER TASKS PRICES RANGE FROM TWENTY ONE THOUSAND DOLLARS FOR A UNIT THAT WILL HANDLE UP TO THREE HUNDRED USERS TO TWO HUNDRED SIXTY NINE THOUSAND DOLLARS FOR ONE THAT WILL LINK UP TO TWENTY THOUSAND OFFICE WORKERS A. T. AND T. SAID VISUAL COMMUNICATIONS MESSAGE SOFTWARE WILL BE AVAILABLE BY EARLY NINETEEN NINETY FIVE TODAY SPEAKER THOMAS FOLEY'S LAWYERS WILL BE IN COURT SUING THE VOTERS OF HIS HOME STATE THEY WILL ARGUE IN FEDERAL COURT IN SEATTLE THAT WASHINGTON STATE VOTERS HAD NO RIGHT TO IMPOSE TERM LIMITS ON HIM IN NINETEEN NINETY TWO BUT THE COURTROOM SHOWDOWN ALSO INVOLVES A BROADER ISSUE WHETHER THE AMERICAN PEOPLE CAN RE ESTABLISH CONTROL OVER AN ENTRENCHED POLITICAL CLASS IN WASHINGTON D. C. LLOYD CUTLER WHO SERVED AS PRESIDENT JIMMY CARTER'S LEGAL COUNSEL NOW REPRESENTS SPEAKER FOLEY HE NOTES THAT THE CONSTITUTION LISTS THREE QUALIFICATIONS FOR SERVING IN CONGRESS AGE STATE RESIDENCY AND CITIZENSHIP MR. CUTLER WILL ARGUE THAT THIS MEANS THE STATES CANNOT IN ANY WAY FURTHER REGULATE WHO SERVES IN CONGRESS GRIFFIN BELL WHO WAS PRESIDENT CARTER'S ATTORNEY GENERAL DISAGREES HE WILL ARGUE ON BEHALF OF THE TERM LIMITS LEGAL INSTITUTE THAT THE STATES WERE SPECIFICALLY GIVEN POWER IN THE CONSTITUTION TO REGULATE ACCESS TO THEIR BALLOTS AND THAT THE SUPREME COURT HAS UPHELD MOST OF THE RESTRICTIONS IMPOSED BY STATES BUT MR. BELL WILL ALSO CONTEND THAT THE TENTH AMENDMENT WHICH RESERVES POWERS NOT SPECIFICALLY GRANTED THE FEDERAL GOVERNMENT TO THE STATES OR THE PEOPLE CLINCHES THE CONSTITUTIONAL RIGHT OF A STATE TO IMPOSE TERM LIMITS ON ITS OWN MEMBERS OF CONGRESS SPEAKER FOLEY'S LAWYERS TAKE DIRECT ISSUE WITH THAT VIEW IN A LEGAL BRIEF FILED LAST MONTH THEY ARGUE THAT NONE OF THE CONTEMPORARY INTERPRETATIONS OF QUOTE THE TENTH AMENDMENT LEND EVEN REMOTE SUPPORT TO THE PROPOSITION THAT A STATE OR ITS PEOPLE CAN CONTROL ANY ASPECT OF THE FEDERAL GOVERNMENT QUOTE WELL THERE YOU HAVE IT SOME TWO HUNDRED YEARS AFTER THE FOUNDING FATHERS DRAFTED WHAT THEY BELIEVED WAS A DOCUMENT THAT PLACED THE PEOPLE IN CHARGE OF A LIMITED FEDERAL GOVERNMENT THE FEDERAL OFFICIAL SECOND IN LINE FOR THE PRESIDENCY NOW CONTENDS IN SWEEPING LANGUAGE THAT THE FEDERAL GOVERNMENT IS BEYOND WHATEVER ATTEMPTS AT CONTROL MAY BE DIRECTED AT IT SPEAKER FOLEY CAN BE EXCUSED FOR HOLDING THAT BELIEF RECENT CONSTITUTIONAL HISTORY CONSISTS OF A LONG SERIES OF COURT RULINGS THAT HAVE CHIPPED AWAY AT THE SYSTEM OF FEDERALISM DESIGNED BY THE FOUNDING FATHERS IN RECENT YEARS CONGRESS HAS HANDED OVER ENORMOUSLY POWERFUL BUT TERRIBLY VAGUE LAWS TO THE FEDERAL BUREAUCRACY WHOSE AUTHORITY TO INTERPRET AND ENFORCE THESE LAWS AS IT SEES FIT IS ROUTINELY SUPPORTED BY THE COURTS THE TERM LIMITS MOVEMENT REPRESENTS IN PART AN ATTEMPT BY THE PEOPLE TO REGAIN CONTROL OVER THEIR LEGISLATURES TO RESTORE THE PROPER BALANCE BETWEEN THE PEOPLE AND THEIR ELECTED OFFICIALS IN OUR REPUBLICAN FORM OF GOVERNMENT MR. BELL WHO HAS ALSO SERVED AS A FEDERAL JUDGE BELIEVES THAT THE BATTLE TO ESTABLISH THE CONSTITUTIONALITY OF STATE TERM LIMITS WILL BE THE MOST IMPORTANT CONSTITUTIONAL ISSUE BEFORE THE COURTS IN THIS DECADE THE CONTROVERSY IS SIMPLE DO THE PEOPLE HAVE SOVEREIGNTY OVER THEIR FEDERAL GOVERNMENT OR DOES WASHINGTON ULTIMATELY CALL THE TUNE HE TOLD US THE OPENING ROUND OF THAT ARGUMENT WHICH WILL EVENTUALLY BE SETTLED BY THE SUPREME COURT BEGINS TODAY OKUMA CORPORATION DECIDED TO LOWER ITS MANDATORY RETIREMENT AGE TO FIFTY SIX FROM SIXTY THE FIRST JAPANESE COMPANY IN RECENT YEARS TO SHORTEN WORKERS' CAREERS THE MOVE BY THE MACHINE TOOL MAKER WILL SQUEEZE ONE HUNDRED FIFTY OF ITS TWO THOUSAND TWO HUNDRED EMPLOYEES OUT OF A JOB ON FEBRUARY FIFTEENTH A COMPANY OFFICIAL SAID WITH JAPAN MIRED IN A SEVERE RECESSION MANY CORPORATIONS ARE SEEKING TO MAKE CUTBACKS IN A WORK FORCE FOR WHICH CUSTOM GUARANTEES LIFETIME EMPLOYMENT IRIS MURDOCH'S TWENTY FIFTH NOVEL QUOTE THE GREEN KNIGHT QUOTE VIKING FOUR HUNDRED SEVENTY TWO PAGES TWENTY THREE DOLLARS AND NINETY FIVE CENTS TAKES ITS NAME AND SOMETHING OF ITS THEME FROM THE CLASSIC RATHER CHARMING FOURTEENTH CENTURY VERSE ROMANCE QUOTE SIR GAWAIN AND THE GREEN KNIGHT QUOTE IN WHICH GAWAIN A KNIGHT OF THE LEGENDARY ROUND TABLE TAKES ON THE CHALLENGE OF A MYSTERIOUS OUTSIZE GREEN STRANGER IN RETURN FOR THE PRIVILEGE OF STRIKING THE FIRST BLOW AGAINST THE GIANT WITH AN AX GAWAIN AGREES TO LET THE GIANT TAKE A SWIPE AT HIM WHEN GAWAIN NEATLY DECAPITATES THE INTRUDER IN ONE FELL SWOOP HOWEVER THE LATTER BLITHELY TUCKS HIS HEAD UNDER HIS ARM AND RIDES OFF REMINDING GAWAIN OF HIS PROMISE TO SUBMIT TO A REMATCH A NERVOUS GAWAIN EVENTUALLY DOES SO AFTER A MINOR ATTEMPT AT CHEATING THE GREEN GIANT WHOSE UNCANNY HUE AND REGENERATIVE POWERS LED HIM TO BE CLASSED AS A VEGETATIVE DEITY LONG BEFORE HIS TWENTIETH CENTURY DEBUT AS THE JOLLY FROZEN VEGETABLE KING SPARES GAWAIN'S LIFE BUT LEAVES HIM WITH A TINY NICK ON THE NECK AS A MEMENTO OF HIS SLIGHT LAPSE FROM KNIGHTLY STANDARDS MS. MURDOCH'S VARIATION ON THIS TIME HONORED ENGLISH MYTH COMBINES ITS DUELING KNIGHTS MOTIF WITH THE LETHAL GRAPPLINGS OF CAIN AND ABEL LUCAS GRAFFE A DISAGREEABLY COLD FAMOUSLY BRILLIANT HISTORIAN IS IN SECLUSION FOLLOWING A MUCH PUBLICIZED INCIDENT IN WHICH HE FOUGHT OFF AND UNINTENTIONALLY KILLED A MUGGER LUCAS'S WORSHIPFUL AND SOMEWHAT OVERAWED CIRCLE OF FRIENDS AND FAMILY RESPECT HIS RELUCTANCE TO PLAY THE PART OF VIGILANTE HERO BUT THEY ARE WORRIED AT NOT KNOWING WHERE HE IS HIDING MOST WORRIED OF ALL IS LUCAS'S YOUNGER BROTHER CLEMENT A HANDSOME LIKABLE ETERNALLY BOYISH FORTY YEAR OLD ACTOR WHO'S LOOKED UP TO LUCAS ALL HIS LIFE THE INTENSITY OF CLEMENT'S BROTHERLY CONCERN BECOMES A LOT HARDER TO UNDERSTAND WHEN IT IS REVEALED THAT FAR FROM BEING AN INNOCENT LONDON PEDESTRIAN SURPRISED BY A MUGGER LUCAS WAS ACTUALLY ON THE POINT OF COMMITTING FRATRICIDE WHEN AN UNKNOWN GOOD SAMARITAN HAPPENED BY AND ACCIDENTALLY RECEIVED THE FATAL BLOW INTENDED FOR CLEMENT THE HARDY STRANGER ONE PETER MIR WHOSE LAST NAME AS HE OBLIGINGLY EXPLAINS MEANS WORLD AND PEACE IN RUSSIAN MIRACULOUSLY TURNS OUT TO HAVE SURVIVED AFTER ALL HE COMES BACK TO CONFRONT LUCAS AND CLEMENT DEMANDING RETRIBUTION FIRST FOR THE HARM INFLICTED ON HIM A MEMORY LAPSE THAT MAKES IT IMPOSSIBLE TO FOR HIM TO CONTINUE HIS CAREER AS A PSYCHOANALYST SECOND FOR THE HARM INTENDED TOWARD CLEMENT LUCAS CLAIMS HE SIMPLY CANNOT UNDERSTAND MIR'S UNREASONABLE OBSESSION WITH REVENGE EVEN MORE AMAZINGLY CLEMENT IS ANGRIER AT MIR FOR TURNING UP AND MAKING TROUBLE THAN AT HIS BROTHER FOR HAVING TRIED TO KILL HIM MIR AN ENGAGING PLUMPISH FELLOW WITH A PENCHANT FOR GREEN NECKTIES SEEMS INTERESTED IN SOME KIND OF SYMBOLIC REENACTMENT OF THE ACCIDENT SLASH CRIME BUT WHAT HE'S EVEN MORE ANXIOUS TO DO IS TO BE INTRODUCED TO THE GRAFFE BROTHERS' SOCIAL CIRCLE THIS CONTEMPORARY ROUND TABLE IS A SET OF THE USUAL IRIS MURDOCH TYPES BELLAMY A TORMENTED INACTIVE RELIGIOUSLY OBSESSED HOMOSEXUAL PLANNING TO JOIN A MONASTERY JOAN A RAVENOUS RADDLED DIVORCEE WITH A TEENAGE SON HARVEY JOAN'S FRIEND AND UNWITTING RIVAL LOUISE A WISE GENTLE WIDOW WITH THREE FAIRY TALE WONDERFUL NUBILE DAUGHTERS BEARING THE INSUFFERABLE NAMES ALEPH SEFTON AND MOY A TOUGH SOCIAL WORKER NAMED TESSA AND A PAIR OF UNTORMENTED HOMOSEXUALS WHO HOVER TACTFULLY AND PROBABLY WISELY OFFSTAGE MOST OF THE BOOK A WISE AND WINSOME DOG SOULFUL ANIMALS ARE A MURDOCH SPECIALTY IS ALSO IN ATTENDANCE JOAN IS KEEN ON CLEMENT WHOM SHE'S BEDDED ONCE MUCH TO HIS CHAGRIN HE'S TERRIFIED THAT LOUISE WITH WHOM HE IS SECRETLY IN LOVE WILL FIND OUT AND GET THE WRONG IDEA YOUNG HARVEY LOVES ALEPH BUT PERHAPS ONLY AS A SISTER SEFTON A BUDDING STUDENT OF HISTORY WORSHIPS THE CHILLY LUCAS LUCAS LOVES NO ONE FIFTEEN YEAR OLD MOY LOVES EVERYTHING DOGS SPIDERS BEETLES AND SPENDS A LOT OF TIME TRYING TO FIGURE OUT WHETHER THE ROCKS IN HER COLLECTION MIGHTN'T BE HAPPIER BACK WHERE SHE TOOK THEM FROM IN THE FIRST PLACE DOES THIS SOUND A BIT STRAINED IT ONLY BECOMES MORE SO AS MS. MURDOCH FAILS TO ACCOUNT FOR LUCAS'S MURDEROUS RAGE OR HIS BROTHER'S STEADFAST ATTACHMENT HUMAN BEINGS PERCEIVE AND BEHAVE IN MYSTERIOUS WAYS AND FOR THE PAST FOUR DECADES MS. MURDOCH HAS BEEN TACKLING SOME OF THESE MYSTERIES WITH SENSITIVITY TACT AND INSIGHT BUT THERE ARE TIMES WHEN IT SEEMS THAT INSTEAD OF REALLY EXPLORING HER CHOSEN THEMES SHE IS CONTENT MERELY TO CONJURE UP A CAST OF SELF IMPORTANT SELF INVOLVED CHARACTERS WHO TALK ABOUT IDEAS WITHOUT DEMONSTRATING ANY APTITUDE FOR SUSTAINED THOUGHT AND WALLOW IN EMOTIONS THAT BEAR LITTLE RELATION TO THE STORY LINE THIS UNFORTUNATELY IS THE CASE IN THE GREEN KNIGHT MAKING IT EQUALLY UNCONVINCING AS MYTH AND AS REALISM THE THESIS IS MUDDLED THE CHARACTERS EXASPERATING THE EMOTIONS BOGUS THE SCENES INTERMINABLE AND THE WRITING ASTONISHINGLY BAD CONSIDER THIS QUOTE CLEMENT AND LOUISE RISING TO MEET THEM WERE WEARING RESPECTIVELY LOUISE A PALE BLUE VELVET DRESS WITH A LACE COLLAR AND A DARK BLUE CARDIGAN AND CLEMENT A LIGHT GOLDEN BROWN SUIT WITH A DARK RED SHIRT AND A LIGHT RED BOW TIE QUOTE WHEN A WRITER AS GIFTED AS MS. MURDOCH CAN PRODUCE A SENTENCE LIKE THAT SOMETHING HAS GONE TERRIBLY WRONG AND NOT JUST WITH THE PROSE STYLE MCCORMICK AND COMPANY SPARKS MARYLAND SAID FOURTH QUARTER NET INCOME ROSE SIXTEEN PERCENT DUE TO STRENGTH IN ITS INTERNATIONAL INDUSTRIAL AND PACKAGING OPERATIONS NET FOR THE QUARTER ENDED NOVEMBER THIRTIETH ROSE TO FORTY POINT FIVE MILLION DOLLARS OR FIFTY CENTS A SHARE FROM THE YEAR EARLIER THIRTY FIVE MILLION DOLLARS OR FORTY THREE CENTS A SHARE SALES ROSE ONE POINT NINE PERCENT TO FOUR HUNDRED SIXTY POINT EIGHT MILLION DOLLARS FROM FOUR HUNDRED FIFTY TWO POINT TWO MILLION DOLLARS FOURTH QUARTER RESULTS INCLUDE A CHARGE OF TWO CENTS A SHARE OR ONE POINT TWO MILLION DOLLARS DUE TO AN INCREASE IN THE FEDERAL CORPORATE TAX RATE AND POST RETIREMENT BENEFITS BAILEY THOMAS THE SPICE COMPANY'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID THE COMPANY HAD A SUCCESSFUL YEAR DESPITE ONION COSTS UNFAVORABLE FOREIGN EXCHANGE RATES AND WEAK ECONOMIC CONDITIONS IN MANY MARKETS QUOTE WE EXPECT NINETEEN NINETY FOUR TO BE ANOTHER GOOD YEAR QUOTE HE SAID FOR THE FULL YEAR NET INCOME FELL TWENTY THREE PERCENT TO SEVENTY THREE MILLION DOLLARS OR EIGHTY NINE CENTS A SHARE FROM THE YEAR EARLIER NINETY FIVE POINT TWO MILLION DOLLARS OR ONE DOLLAR AND SIXTEEN CENTS A SHARE THE LATEST YEAR INCLUDES A TWENTY SIX POINT SIX MILLION DOLLAR OR THIRTY THREE CENT A SHARE CHARGE FOR CUMULATIVE EFFECTS OF ACCOUNTING CHANGES SALES ROSE FIVE POINT SEVEN PERCENT TO ONE POINT FIVE SIX BILLION DOLLARS FROM ONE POINT FOUR SEVEN BILLION DOLLARS JUDGING FROM THIS MOVIE CLINT EASTWOOD IS THE PERFECT DIRECTOR FOR KEVIN COSTNER PLAYING A PRISON ESCAPEE ON THE LAM WITH A YOUNG BOY AS HOSTAGE MR. COSTNER IS QUITE MOVING AND QUITE CREDIBLE AS A TROUBLED MAN WHO HAS ONLY A LOOSE LID CAPPING HIS TROUBLES MR. EASTWOOD NO SLOUCH HIMSELF WHEN IT COMES TO PLAYING IMPASSIVE MEN IS THE AGING LAWMAN TRACKING THE CONVICT WITH THE WORLD WEARINESS HE'S BEEN PERFECTING IN HIS PAST FEW FILMS IT'S AN INTELLIGENT PICTURE WRITTEN BY SCREENWRITER JOHN LEE HANCOCK WITH AUTHENTIC FEELING FOR THE SMALL TOWNS AND BACK ROADS OF TEXAS WITH QUOTE SCHINDLER'S LIST QUOTE STEVEN SPIELBERG HAS CREATED A MOVIE THAT FALLS OUTSIDE THE ORDINARY OR EVEN EXTRAORDINARY THERE IS ENORMOUS PASSION AND ARTISTIC INTEGRITY THROUGHOUT THIS FILM ABOUT A HEDONISTIC GERMAN INDUSTRIALIST WHO FOUND A MOMENT OF GRACE BY SAVING MORE THAN A THOUSAND JEWS FROM THE NAZIS SCHINDLER'S LIST EMPHASIZES MR. SPIELBERG'S REAL GENIUS HIS POETIC VISUAL IMAGINATION HIS INTELLIGENCE AND HIS SENSE OF HUMANITY THIS FILM ABOUT THE WRITER C. S. LEWIS AND HIS LATE IN LIFE MARRIAGE TO A FEISTY AMERICAN POET HAS TREMENDOUS IMPACT ESPECIALLY FOR THOSE SUSCEPTIBLE TO THIS KIND OF LITERATE TEARJERKER AS ELOQUENTLY IMAGINED BY WILLIAM NICHOLSON WHO ADAPTED HIS PLAY FOR THE MOVIE THEIR RELATIONSHIP WAS AN IDEALIZED ROMANTIC FANTASY MORE SPIRITUAL THAN SEXUAL THE FILM CAPTURES THE SAFETY AND GRANDEUR OF C. S. LEWIS'S OXFORD AND SHOWS A DEEP APPRECIATION OF MR. NICHOLSON'S ELEGANT LANGUAGE WHICH IS DELIVERED MASTERFULLY BY ANTHONY HOPKINS AND DEBRA WINGER A HARROWING FASCINATING ACCOUNT OF A TRUE STORY A YOUNG IRISHMAN AND HIS FAMILY ARE WRONGLY CONVICTED OF TERRORISM AND MURDER BY THE BRITISH AUTHORITIES THE YOUNG MAN GERRY CONLON SPENDS YEARS IN PRISON BEFORE A LAWYER BELIEVING HE WAS WRONGED GETS THE CASE REOPENED DANIEL DAY LEWIS GIVES GERRY'S CONFUSION AND POLITICAL AWAKENING AND HIS DISILLUSIONMENT GRITTY AUTHENTICITY THOUGH THE SUBJECT IS POLITICS THE FILM'S HEART LIES WITH ITS EXPLORATION OF THE RELATIONSHIP BETWEEN GERRY AND HIS FATHER A MORAL MAN GIVEN THE STRENGTH OF SAINTS BY THE MAN WHO PLAYS HIM PETE POSTLETHWAITE UNLIKE MOST CONVENTIONAL FILMS THIS MOVIE ISN'T SO MUCH ABOUT WHAT HAPPENS TO WHOM AND HOW DESPITE THE MELODRAMATIC FRAME OF ITS STORY IT'S ABOUT A NINETEENTH CENTURY SCOTTISH WOMAN WHOSE FATHER HAS ARRANGED FOR HER TO MARRY A MAN IN NEW ZEALAND SHE TRAVELS TO THIS REMOTE PLACE WITH HER YOUNG DAUGHTER AND MEETS A MAN NOT HER BETROTHED WHO KNOWS SEXUAL REPRESSION WHEN HE SEES IT AND DECIDES TO SET HER FREE WITH ITS BREATHTAKING VISUAL STYLE AND CAREFUL ATTENTION TO SOUND AND MOVEMENT THE MOVIE PROVOKES CONTEMPLATION ABOUT THE WAYS PEOPLE COMMUNICATE THROUGH WORDS THROUGH MUSIC THROUGH SEX AND MOST SIGNIFICANTLY THROUGH TOUCH THIS CLEVER ADAPTATION OF JOHN GUARE'S BRILLIANTLY FUNNY PLAY GIVES A CINEMATIC THEATRICALITY TO THE WRITER'S SHREWD BITING OBSERVATIONS ON UPSCALE LIFE IN MANHATTAN AS WELL AS ART RACE CLASS AND FAMILY BOTH PLAY AND MOVIE WERE BASED ON A REAL LIFE HUSTLE PULLED OFF BY A YOUNG BLACK MAN WHO CONNED WEALTHY NEW YORKERS INTO BELIEVING THAT HE WAS AN IVY LEAGUE SCHOOL CHUM OF THEIR CHILDREN AND ALSO SIDNEY POITIER'S SON MR. GUARE'S SATIRE DOES JUSTICE TO THIS REAL LIFE ABSURDITY FREEPORT MCMORAN RESOURCE PARTNERS L. P. A UNIT OF NEW ORLEANS BASED FREEPORT MCMORAN INCORPORATED SAID ITS MAIN PASS SULFUR MINE ACHIEVED FULL OUTPUT OF FIVE THOUSAND FIVE HUNDRED TONS A DAY IN DECEMBER ANALYSTS HAD EXPRESSED CONCERN THAT FREEPORT MCMORAN RESOURCE WOULDN'T BE ABLE TO BRING THE MINE UP TO FULL OUTPUT BY THE END OF NINETEEN NINETY THREE AS INITIALLY PROJECTED BY THE COMPANY FREEPORT MCMORAN RESOURCE WHICH MAKES PHOSPHATE FERTILIZER AND MINES SULPHUR AND PHOSPHATE USED IN RAW MATERIALS OWNS FIFTY EIGHT POINT THREE PERCENT OF THE MAIN PASS MINE AND IS THE PROJECT'S OPERATOR THE MINE'S MINORITY OWNERS ARE I. M. C. FERTILIZER GROUP NORTHBROOK ILLINOIS AND HOMESTAKE MINING COMPANY SAN FRANCISCO REGAL COMMUNICATIONS CORPORATION FORT WASHINGTON PENNSYLVANIA SAID ITS CHIEF FINANCIAL OFFICER AND INDEPENDENT AUDITOR ACCOUNTING FIRM COOPERS AND LYBRAND RESIGNED REGAL WHICH PRODUCES PROGRAM LENGTH COMMERCIALS SAID IN A STATEMENT THAT QUOTE INTERNAL FINANCIAL CONTROL DEFICIENCIES AND OTHER ACCOUNTING ISSUES QUOTE MAY AFFECT A PREVIOUSLY ESTIMATED LOSS OF NINETEEN POINT FIVE MILLION DOLLARS IN THE NINETEEN NINETY THREE FISCAL YEAR ENDED SEPTEMBER THIRTIETH REGAL DOESN'T BELIEVE LOSSES WILL EXCEED THAT ESTIMATE THE COMPANY PREDICTED THAT IT WOULD POST NET INCOME OF FOUR MILLION DOLLARS IN THE FIRST QUARTER OF FISCAL NINETEEN NINETY FOUR CHIEF FINANCIAL OFFICER BRUCE EDMONDSON RESIGNED AND REGAL NAMED IVAN INERFELD A FORMER PARTNER AT COOPERS AND LYBRAND AS CHIEF OPERATING OFFICER AND INTERIM CHIEF FINANCIAL OFFICER A SPOKESMAN FOR COOPERS DECLINED TO COMMENT A REGAL SPOKESWOMAN SAID THE COMPANY HASN'T YET FILED DOCUMENTS REQUIRED BY THE SECURITIES AND EXCHANGE COMMISSION TO EXPLAIN THE RESIGNATION LISA A. RICKARD THIRTY EIGHT WAS NAMED TO THE NEW POST OF VICE PRESIDENT OF FEDERAL AFFAIRS OF THIS TRANSPORTATION SERVICES COMPANY SHE WILL RUN RYDER'S FEDERAL AFFAIRS OFFICE IN WASHINGTON PREVIOUSLY MS. RICKARD WAS A PARTNER IN THE WASHINGTON LAW FIRM OF AKIN GUMP STRAUSS HAUER AND FELD MARTIN MARIETTA CORPORATION ACCEPTING RESPONSIBILITY FOR THE FAILED MARS OBSERVER SPACECRAFT MISSION SAID IT PLANS TO RETURN AN QUOTE ON ORBIT QUOTE PERFORMANCE FEE OF SEVENTEEN POINT THREE MILLION DOLLARS TO THE NATIONAL AERONAUTICS AND SPACE ADMINISTRATION THE SPACECRAFT WAS BUILT BY GENERAL ELECTRIC COMPANY'S FORMER ASTRO SPACE DIVISION WHICH WAS BOUGHT BY MARTIN MARIETTA LAST APRIL ULTIMATELY WE WERE THE ONES RESPONSIBLE FOR THE SPACECRAFT A MARTIN MARIETTA SPOKESMAN SAID THE SPOKESMAN SAID THAT MARTIN MARIETTA BETHESDA MARYLAND HAD BEEN ELIGIBLE FOR A PERFORMANCE FEE OF MORE THAN TWENTY ONE MILLION DOLLARS BUT HAD ONLY RECEIVED SEVENTEEN POINT THREE MILLION DOLLARS THE MONEY WILL BE RETURNED TO NASA'S JET PROPULSION LABORATORY IN CALIFORNIA THE DISAPPEARANCE OF THE SPACECRAFT LAST AUGUST WAS MOST LIKELY CAUSED BY A FUEL LINE LEAK THAT SENT THE SPACECRAFT SPINNING OUT OF CONTROL ACCORDING TO A NASA REPORT RELEASED LAST WEEK THE MARS MISSION IS ESTIMATED TO HAVE COST NEARLY ONE BILLION DOLLARS INVESTIGATORS LAST WEEK FAILED TO PINPOINT BLAME FOR THE LOSS OF THE SPACECRAFT THE REPORT DID IDENTIFY DESIGN TECHNICAL AND MANAGEMENT PROBLEMS WITHIN NASA THAT COULD HAVE CONTRIBUTED TO ITS LOSS CYRIX CORPORATION SAID IT AGREED TO STOP USING AN ADVERTISING LOGO THAT PARODIES A CORPORATE LOGO OF INTEL CORPORATION CYRIX'S MAIN RIVAL INTEL SUED THE RICHARDSON TEXAS CHIP MAKER IN DECEMBER AFTER CYRIX BEGAN USING ITS LOGO AN OVAL SWIRL WITH THE WORD QUOTE DITTO QUOTE PRINTED INSIDE THE LOGO MIMICKED AN INTEL LOGO A SIMILAR SWIRL WITH THE WORDS INTEL INSIDE INSIDE WHICH IS PART OF INTEL'S HUGE MARKETING CAMPAIGN THAT URGES PERSONAL COMPUTER BUYERS TO SPECIFY INTEL CHIPS CYRIX WHICH MAKES CHIPS THAT RUN THE SAME SOFTWARE AS INTEL'S MICROPROCESSORS BEGAN USING ITS LOGO AS PART OF A BROADER CYRIX INSTEAD CAMPAIGN THAT SEEKS TO WOO BUYERS AWAY FROM INTEL BUT INTEL ARGUED IN A LAWSUIT IN FEDERAL COURT IN SAN FRANCISCO THAT THE CYRIX LOGO VIOLATES INTEL TRADEMARKS CYRIX SAID IT AGREED NOT TO USE THE LOGO OR ANY OTHERS THAT ARE CONFUSINGLY SIMILAR TO INTEL TRADEMARKS AND TO USE INTEL'S OWN LOGO ONLY IN COMPARATIVE ADVERTISING WE AGREED BASICALLY TO NOT MAKE FUN OF THEM SAID A CYRIX SPOKESWOMAN AN INTEL SPOKESMAN SAID THE SANTA CLARA CALIFORNIA COMPANY HAS ASKED THE COURT TO DISMISS THE CASE PACIFIC NUCLEAR SYSTEMS INCORPORATED FEDERAL WAY WASHINGTON SAID IT COMPLETED ITS THIRTY ONE POINT SEVEN MILLION DOLLAR PURCHASE OF THREE UNITS OF U. S. AND BRITISH SUBSIDIARIES OF A. B. B. ASEA BROWN BOVERI LIMITED OF ZURICH SWITZERLAND THE COMPANY SAID IT WILL RECORD A RESTRUCTURING CHARGE IN THE FOURTH QUARTER OF NINETEEN NINETY THREE TO COVER THE ACQUISITION OF THE UNITS A. B. B. IMPELL CORPORATION A. B. B. GOVERNMENT SERVICES INCORPORATED AND A. B. B. IMPELL LIMITED BUT THAT THE AMOUNT OF THE CHARGE HASN'T BEEN FINALIZED PACIFIC ACQUIRED THE A. B. B. UNITS WHICH PROVIDE ENGINEERING SUPPORT FOR THE UTILITY INDUSTRY AND CERTAIN GOVERNMENT AGENCIES IN EXCHANGE FOR ONE POINT SEVEN MILLION SHARES OF PACIFIC STOCK VALUED AT FOURTEEN MILLION DOLLARS AND SEVENTEEN POINT SEVEN MILLION DOLLARS IN CASH SEPARATELY PACIFIC SAID IT HAS CHANGED ITS NAME TO VECTRA TECHNOLOGIES INCORPORATED R. H. MACY AND COMPANY THE RETAILER OPERATING UNDER FEDERAL BANKRUPTCY LAW PROTECTION SAID SALES IN THE KEY DECEMBER SHOPPING PERIOD FELL ONE POINT FIVE PERCENT BUT OPERATING EARNINGS ROSE THIRTY PERCENT MACY SAID ON A PRELIMINARY BASIS DECEMBER EARNINGS BEFORE INTEREST TAXES DEPRECIATION AND AMORTIZATION TOTALED TWO HUNDRED SIXTY SIX POINT ONE MILLION DOLLARS COMPARED WITH TWO HUNDRED FIVE POINT ONE MILLION DOLLARS IN DECEMBER NINETEEN NINETY TWO TOTAL SALES FOR MACY WHICH OPERATES ONE HUNDRED ELEVEN MACY'S AND BULLOCK'S DEPARTMENT STORES AMONG OTHERS REACHED ONE POINT ONE EIGHT BILLION DOLLARS FOR THE MONTH COMPARED WITH ONE POINT TWO OH BILLION DOLLARS FOR DECEMBER NINETEEN NINETY TWO MACY'S EARNINGS HAVE EXCEEDED THE PROJECTIONS IN ITS BUSINESS PLAN IN ELEVEN OF THE PAST TWELVE MONTHS AND MACY SAID THE IMPROVEMENT WAS DUE TO FURTHER CUTS IN OPERATING COSTS FEWER MARKDOWNS AND MORE TARGETED INVENTORY IN THE CHAIN STORES MACY SAID IT ENDED THE MONTH WITH TWO HUNDRED SEVENTY NINE MILLION DOLLARS IN CASH IN BANK RESERVES FORTY MILLION DOLLARS AHEAD OF INTERNAL PROJECTIONS THE COMPANY ALSO SAID IT HAD FOUR HUNDRED SEVENTY FIVE MILLION DOLLARS OF AVAILABLE BANK CREDIT WHICH IT WILL DRAW ON TO BUILD MERCHANDISE INVENTORIES AS EXPECTED MACY'S REPORTED THAT DECEMBER SALES IN STORES OPEN MORE THAN ONE YEAR A KEY RETAILING INDICATOR WERE FLAT WITH THE PERIOD A YEAR EARLIER MACY SAID THAT ADJUSTED FOR THE QUOTE RESTRUCTURING QUOTE OF MACY'S ELECTRONICS BUSINESS SAME STORE SALES ROSE ONE POINT SEVEN PERCENT THE COMPANY IS ELIMINATING OR REORGANIZING ELECTRONICS DEPARTMENTS IN SOME STORES THE COMMERCE DEPARTMENT CLEARED THE WAY FOR AMERICAN TELEPHONE AND TELEGRAPH COMPANY TO SELL HIGH SPEED OPTICAL FIBER TRANSMISSION EQUIPMENT TO CHINA AND THE FORMER SOVIET REPUBLICS BUT A. T. AND T. WON'T BE ABLE TO MAKE ANY SALES TO THOSE COUNTRIES UNTIL AT LEAST MAY NINTH THAT'S BECAUSE UNDER EXPORT CONTROL RULES THE U. S. NOW MUST NEGOTIATE THE EASING OF EXPORT RESTRICTIONS WITH OTHER MEMBERS OF THE COORDINATING COMMITTEE FOR MULTILATERAL EXPORT CONTROLS THE COMMERCE DEPARTMENT FOUND THAT FIBER OPTIC EQUIPMENT SIMILAR TO THAT IN A. T. AND T.'S PROPOSAL IS QUOTE AVAILABLE QUOTE ALREADY TO CHINA AND RUSSIA FROM OTHER SUPPLIERS UNDER EXPORT CONTROL LAWS THAT FINDING IS NECESSARY BEFORE SALES OF FORMERLY RESTRICTED ITEMS CAN TAKE PLACE ON DECEMBER NINTH THE DEPARTMENT MADE A PRELIMINARY FINDING IN FAVOR OF A. T. AND T. SINCE THEN THAT DECISION HAS BEEN UNDER REVIEW IN INTERAGENCY MEETINGS INTELLIGENCE AND OTHER NATIONAL SECURITY AGENCIES HAVE OPPOSED LIFTING THE BAN ON THE SALES A. T. AND T. COMMENDED THE CLINTON ADMINISTRATION FOR ITS COMMITMENT TO LIBERALIZE OUTMODED EXPORT CONTROLS MOODY'S INVESTORS SERVICE INCORPORATED SAID IT DOWNGRADED ITS RATING ON SENIOR NOTES OF THIS CHEMICAL CONCERN TO B. A. A. THREE FROM SINGLE A THREE AFTER A SIX MONTH REVIEW THE ACTION AFFECTS ABOUT TWO HUNDRED MILLION DOLLARS IN LONG TERM DEBT THE RATINGS AGENCY SAID THE DOWNGRADE REFLECTS ITS EXPECTATION THAT THE IMPENDING SPINOFF OF ETHYL'S CHEMICALS GROUP WILL HAVE A NEGATIVE IMPACT ON THE COMPANY'S DEBT PROTECTION CAPABILITIES MOODY'S SAID THE CHEMICAL GROUP ACCOUNTS FOR NEARLY HALF OF ETHYL'S SALES AND THE SPINOFF IS EXPECTED TO BE COMPLETED IN THE FIRST HALF OF THIS YEAR RITE AID CORPORATION HARRISBURG PENNSYLVANIA MOODY'S INVESTORS SERVICE INCORPORATED SAID IT PLACED THE LONG TERM RATINGS OF THIS DRUGSTORE CHAIN UNDER REVIEW FOR POSSIBLE DOWNGRADE MOODY'S SAID THE DECISION COULD AFFECT ABOUT EIGHT HUNDRED NINETY MILLION DOLLARS IN LONG TERM DEBT THE RATINGS AGENCY SAID THE ACTION IS PROMPTED BY THE COMPANY'S ANNOUNCEMENT OF A BUYBACK OF AS MANY AS TWENTY TWO MILLION SHARES THROUGH A DUTCH AUCTION MOODY'S ALSO CITED RITE AID'S DECISION TO SELL FOUR NONCORE BUSINESSES AND CLOSE TWO HUNDRED UNPROFITABLE STORES WHICH IT SAID WOULD RESULT IN PRETAX NONCASH CHARGES OF ABOUT ONE HUNDRED NINETY ONE MILLION DOLLARS MOODY'S SAID THE COMBINED EFFECT OF THE DECISION WOULD WIPE OUT ABOUT HALF OF RITE AID'S EQUITY BASE THE DOW JONES INDUSTRIAL AVERAGE SOARED FORTY FOUR POINT SEVEN FOUR POINTS TO THREE THOUSAND EIGHT HUNDRED SIXTY FIVE POINT FIVE ONE ITS FOURTH STRAIGHT RECORD AS INVESTORS GREW CONVINCED THAT SHORT TERM INTEREST RATES WILL REMAIN LOW ECONOMICALLY SENSITIVE STOCKS LED THE ADVANCE AS THEY HAD DONE IN THE PRIOR THREE SESSIONS BOND PRICES ENDED MODERATELY LOWER WITH THE TREASURY'S BENCHMARK THIRTY YEAR ISSUE LOSING OVER ONE QUARTER POINT ITS YIELD INCREASED TO SIX POINT TWO FOUR PERCENT WESTINGHOUSE IS SET TO ANNOUNCE A RESTRUCTURING PLAN THAT INCLUDES WRITEDOWNS LAYOFFS AND A CHARGE OF ABOUT ONE POINT FIVE BILLION DOLLARS IN THE FIRST MAJOR ACTION BY ITS NEW CHAIRMAN MICHAEL JORDAN FIRST FIDELITY WON PERMISSION TO CONSOLIDATE ITS BRANCHES IN NEW JERSEY AND PENNSYLVANIA INTO ONE SYSTEM FROM THE COMPTROLLER OF THE CURRENCY THE DECISION IS THE FIRST OF ITS KIND VIACOM SHARES PLUNGED SIX POINT SEVEN PERCENT ON NEWS OF ITS PROPOSED TAKEOVER OF BLOCKBUSTER A MOVE AIMED AT ALLOWING VIACOM TO TOP RIVAL Q. V. C.'S NINE POINT EIGHT BILLION DOLLAR BID FOR PARAMOUNT BUT THE TWO DOLLAR AND SEVENTY FIVE CENT DECLINE IN VIACOM NONVOTING CLASS B. SHARES TO THIRTY EIGHT DOLLARS AND TWENTY FIVE CENTS REDUCED THE VALUE OF VIACOM'S OFFER BY ONE HUNDRED FIFTY THREE MILLION DOLLARS TO NINE POINT THREE BILLION DOLLARS F. H. P. INTERNATIONAL SIGNED A PRELIMINARY ACCORD TO BUY TAKECARE FOR EIGHT HUNDRED TWENTY NINE MILLION DOLLARS IN CASH AND STOCK SEEKING TO DOUBLE THE NUMBER OF MEMBERS SERVED BY ITS H. M. O.S TO OVER ONE POINT SIX MILLION HEALTHTRUST WILL BUY CLOSELY HELD EPIC HOLDINGS FOR TWO HUNDRED SEVENTY SEVEN MILLION DOLLARS AND THE ASSUMPTION OF SEVEN HUNDRED TWENTY SEVEN MILLION DOLLARS IN DEBT ATLANTIC RICHFIELD PLANS TO TAKE A LARGER THAN EXPECTED FOUR HUNDRED FIFTY MILLION DOLLAR CHARGE RELATED TO THE REORGANIZATION OF ITS DOMESTIC OIL AND GAS OPERATIONS SOME MERGERS THAT GENERALLY WOULD VIOLATE FEDERAL ANTITRUST GUIDELINES MAY BE ALLOWED IF THEY FOSTER INNOVATION SAID ANNE BINGAMAN ASSISTANT ATTORNEY GENERAL FOR ANTITRUST BIG THREE AUTO STOCKS SURGED ON EXPECTATIONS OF STRONG FOURTH QUARTER PROFITS AND AN EVEN BETTER NINETEEN NINETY FOUR G. M. ROSE ONE POINT THREE SEVEN FIVE DOLLARS TO FIFTY NINE DOLLARS AND TWENTY FIVE CENTS FORD TWO POINT SIX TWO FIVE DOLLARS TO SIXTY SEVEN DOLLARS AND TWENTY FIVE CENTS AND CHRYSLER ONE POINT SIX TWO FIVE DOLLARS TO FIFTY EIGHT DOLLARS AND SEVENTY FIVE CENTS AS MANY ANALYSTS RAISED THEIR EARNINGS FORECASTS UPON RETURNING FROM LAST WEEK'S UPBEAT DETROIT AUTO SHOW THE PHARMACEUTICAL INDUSTRY PLANS TO LAUNCH ITS FIRST NATIONAL T. V. AD CAMPAIGN NEXT WEEK THE ADS ARE DESIGNED TO IMPROVE A REPUTATION BRUISED BY CHARGES OF EXCESSIVE PRICING POLICIES TIME WARNER'S ATLANTIC RECORDS DIVISION SAID IT WILL NAME DANNY GOLDBERG TO THE VACANT PRESIDENT'S POST CRUDE OIL PRICES PLUNGED BELOW FIFTEEN DOLLARS A BARREL AMID THE GROWING BELIEF THAT OPEC MINISTERS WON'T MEET ANYTIME SOON TO HAMMER OUT PRODUCTION CUTS SEARS IS EXPANDING ITS PRESENCE IN NARROW SPECIALTY CATALOGS ONE YEAR AFTER ANNOUNCING PLANS TO STOP SELLING VIA ITS FAMOUS QUOTE BIG BOOK QUOTE CATALOG THE SUPREME COURT AGREED TO CONSIDER WHETHER CONGRESS CAN REINSTATE CERTAIN SECURITIES FRAUD SUITS DISMISSED IN RESPONSE TO A NINETEEN NINETY ONE RULING THE CASE WON'T AFFECT MANY DISPUTES BUT COULD DECIDE THE BASIC CONSTITUTIONAL QUESTION OF HOW FAR CONGRESS MAY GO IN CHANGING FINAL JUDGMENTS THE I. R. S. AND S. E. C. DECIDED TO COORDINATE THEIR EFFORTS TO POLICE THE TAX EXEMPT BOND INDUSTRY THE AGREEMENT TO JOIN FORCES COMES AT A TIME WHEN BOTH AGENCIES HAVE STEPPED UP SCRUTINY OF THE MUNICIPAL BOND MARKET BONDS LEHMAN BROTHERS TREASURY INDEX FIVE THOUSAND SIX HUNDRED ONE POINT FIVE THREE OFF FIVE POINT OH FOUR COMMODITIES OIL FOURTEEN DOLLARS AND SIXTY SEVEN CENTS A BARREL OFF SIXTY FIVE CENTS DOW JONES FUTURES INDEX ONE HUNDRED FORTY POINT SIX FOUR OFF ZERO POINT FIVE FIVE SPOT INDEX ONE HUNDRED TWENTY SEVEN POINT FOUR FOUR OFF ONE POINT OH FOUR DOLLAR ONE HUNDRED TWELVE POINT TWO FIVE YEN UP ZERO POINT THREE FIVE ONE POINT SEVEN THREE FOUR SIX MARKS UP ZERO POINT ZERO ZERO SEVEN THREE HAIL TO THE REDSKINS TWENTY SIX WASHINGTON REDSKINS HAVE EARNED THAT CHEER BY EXERCISING THEIR RIGHT TO WORK WITHOUT PAYING FORCED UNION DUES TO THE NATIONAL FOOTBALL LEAGUE PLAYERS ASSOCIATION EVEN MORE IMPORTANT THESE PLAYERS EXPOSED THE SCANDAL OF UNION OFFICIALS IMPOSING CONTRACTS ON EMPLOYEES DETRIMENTAL TO THEIR OWN INTERESTS AND CALLING IT QUOTE EXCLUSIVE REPRESENTATION QUOTE AS THE READER MAY KNOW THE REDSKINS PLAYERS REFUSED TO PAY THEIR NFLPA DUES TO PROTEST THE RECENT BARGAIN BETWEEN THE N. F. L. OWNERS AND THE UNION WHICH HAS MONOPOLY BARGAINING POWERS OR EXCLUSIVE REPRESENTATION OVER ALL PROFESSIONAL FOOTBALL PLAYERS WHILE THEY PLAY THEIR HOME GAMES IN WASHINGTON D. C. THE REDSKINS ACTUALLY SPEND MOST OF THEIR TIME PRACTICING AT REDSKINS PARK IN ASHBURN VIRGINIA AND SINCE ASHBURN IS THEIR PREDOMINANT JOB SITE THE REDSKINS PLAYERS ARE FREE TO DECIDE FOR THEMSELVES WHETHER THE UNION DESERVES THEIR FINANCIAL SUPPORT THANKS TO VIRGINIA'S RIGHT TO WORK LAW FOR EXERCISING THEIR RIGHTS UNION LAWYERS DRAGGED THE PLAYERS BEFORE THEIR HAND PICKED ARBITRATOR THE WEEK AFTER CHRISTMAS AND WHEN THAT ARBITRATOR DUTIFULLY GRANTED THE UNION LAWYERS' CLAIMS THE PLAYERS FACED THE SAME DEMAND BIG LABOR MAKES OF MILLIONS OF EMPLOYEES IN THE TWENTY NINE NON RIGHT TO WORK STATES YOUR MONEY OR YOUR JOB THAT'S RIGHT MOST OF THE REDSKINS' FORTY SEVEN MAN ROSTER COULD HAVE BEEN SUSPENDED FOR THEIR FINAL GAME WITH THE MINNESOTA VIKINGS ON NEW YEAR'S EVE FORTUNATELY REDSKINS TIGHT END TERRY ORR CALLED THE NATIONAL RIGHT TO WORK LEGAL DEFENSE FOUNDATION AND THE DAY BEFORE THE GAME FOUNDATION ATTORNEYS WON AN INJUNCTION IN A LOUDOUN COUNTY VIRGINIA COURT THAT FOUND THAT THE REDSKINS PLAYERS WORKED PRIMARILY IN VIRGINIA AND WERE PROTECTED BY VIRGINIA'S RIGHT TO WORK LAW FROM PAYING TRIBUTE TO THE NFLPA LATER THAT EVENING FEDERAL DISTRICT JUDGE JOYCE HENS GREEN AGREED WITH THE FOUNDATION ATTORNEYS' ARGUMENT THAT THE REDSKINS PLAYERS' PRIMARY EMPLOYMENT SITUS IS AT REDSKINS PARK IN VIRGINIA AND INTERCEPTED A LAST SECOND ATTEMPT BY UNION LAWYERS TO GUT THE VIRGINIA COURT'S RULING THE NEXT DAY THE WASHINGTON REDSKINS TOOK THE FIELD WITH THEIR FULL FORTY SEVEN MAN ROSTER AND THE RIGHT TO WORK WITHOUT BEING FORCED TO PAY UNION DUES WITH THE NATIONAL RIGHT TO WORK LEGAL DEFENSE FOUNDATION'S HELP TERRY ORR AND HIS FELLOW PLAYERS WON THE FIRST ROUND BUT TO DISCOVER THE ROOT OF THIS INJUSTICE YOU MUST GO ALL THE WAY BACK TO NINETEEN THIRTY FIVE WHEN THE NEW DEAL CONGRESS AND FRANKLIN D. ROOSEVELT WROTE THE NATIONAL LABOR RELATIONS ACT ACCEDING TO THE DEMANDS OF AMERICAN FEDERATION OF LABOR PRESIDENT WILLIAM GREEN AND OTHER UNION OFFICIALS F. D. R. AND THE CONGRESS GAVE UNION OFFICIALS THE POWER TO FORCE EMPLOYEES TO ACCEPT THE UNION'S BARGAINING AUTHORITY EVEN IF THE EMPLOYEES VOTED AGAINST THE UNION AND WITH THIS MONOPOLY BARGAINING PRIVILEGE UNION OFFICIALS CAN CONTROL THE TERMS AND CONDITIONS OF EMPLOYMENT IN AN ENTIRE INDUSTRY SUCH AS AUTO MANUFACTURING OR PRO FOOTBALL SO WHEN THE NFLPA AGREED TO A CAP ON A TEAM'S PAYROLL IN EXCHANGE FOR FREE AGENCY LAST WINTER THE REDSKINS BECAME THE FIRST VICTIM OF THE SALARY CAP ACCORDING TO GENERAL MANAGER CHARLEY CASSERLY THAT WAS BECAUSE THE REDSKINS' PAYROLL WAS AMONG THE HIGHEST IN THE N. F. L. AND WOULD HAVE TO BE SLASHED TO GET THE TEAM UNDER THE CAP THAT MEANT A LOT OF REDSKINS PLAYERS WOULD HAVE TO EITHER ACCEPT LARGE PAY REDUCTIONS OR LEAVE THE REDSKINS AND TAKE THEIR CHANCES WITH OTHER CLUBS TRYING TO KEEP THEIR OWN PAYROLLS UNDER THE SALARY CAP SO IT'S NOT AT ALL SURPRISING THAT MANY OF THE REDSKINS HAVE NO WISH TO PAY THE NFLPA FOR A CONTRACT LIKELY TO LEAVE THEM WITH LESS MONEY AND LESS JOB SECURITY SUCH IS THE RESULT OF UNION OFFICIALS' FOOLISH ASSUMPTION THAT THEY CAN ACT AS MONOPOLY BARGAINING AGENTS BECAUSE ALL WORKERS DESIRE ESSENTIALLY THE SAME BENEFITS IT'S EASY TO SEE HOW WRONG THIS IS IN ANY GIVEN WORKPLACE YOU MAY HAVE YOUNGER WORKERS SEEKING TO MAXIMIZE THEIR IMMEDIATE PAY COMPETING WITH OLDER EMPLOYEES SEEKING MAXIMUM PENSION BENEFITS THE LIST OF OTHER SUCH CONFLICTS IS AS LONG AS THE MUTUALLY EXCLUSIVE INTERESTS OF INDIVIDUAL WORKERS FROM THE BUYING OF PROPERTY TO LEGAL ACTION THERE IS A TIME HONORED RESPECT STRETCHING BACK TO ENGLISH COMMON LAW FOR THE INDIVIDUAL'S RIGHT TO CHOOSE HIS OWN AGENT TO REPRESENT HIM ONLY IN THIS CENTURY HAVE UNION OFFICIALS MANAGED TO CARVE OUT A LICENSE TO ACT AS QUOTE AGENT QUOTE FOR MILLIONS OF WORKING AMERICANS AGAINST THEIR EXPRESS WISHES FOR THE WASHINGTON REDSKINS THESE AGENTS NEGOTIATED A CONTRACT THAT WILL REDUCE THEIR SALARIES AND MAKE THEIR JOBS LESS SECURE AND THE NFLPA THREATENED TO KEEP THEM FROM WORKING AT ALL IF THEY REFUSED TO PAY FOR THE LOUSY BARGAINING THAT'S SOME DEAL UNION OFFICIALS WORKED OUT FOR THE PLAYERS THEY CLAIM TO REPRESENT MR. LARSON IS PRESIDENT OF THE NATIONAL RIGHT TO WORK LEGAL DEFENSE FOUNDATION A CHARITABLE ORGANIZATION PROVIDING FREE LEGAL AID TO EMPLOYEES SUFFERING FROM THE ABUSES OF COMPULSORY UNIONISM CLINTON ANNOUNCED A UKRAINE NUCLEAR PACT AND NATO PLAN FOR EAST EUROPE THE PRESIDENT SAID THAT THE WEST HAD TAKEN QUOTE TWO GIANT STEPS QUOTE TOWARD GLOBAL SECURITY UNDER THE UKRAINE ACCORD THE U. S. WILL BUY URANIUM FROM UKRAINE AND PROVIDE THAT COUNTRY WITH AID WHILE THE WEAPONS WILL BE SHIPPED TO RUSSIA FOR DESTRUCTION THE U. S. INSPIRED PARTNERSHIP FOR PEACE PROPOSAL OFFERS MILITARY COOPERATION TO EASTERN EUROPEAN NATIONS BUT STOPS SHORT OF LETTING THEM JOIN NATO IN THE NEAR FUTURE NATO WAS POISED TO ADOPT TWO INITIATIVES TODAY SIGNALING A SHIFT IN THE ALLIANCE'S STRUCTURE FIRST THE U. S. IS READY TO ALLOW EUROPEANS TO USE NATO EQUIPMENT FOR THEIR OWN MILITARY OPERATIONS NATO ALSO WILL ESTABLISH AN ENTITY TO CONDUCT PEACEKEEPING HUMANITARIAN AND OTHER MILITARY ACTIVITIES THE UPBEAT MOOD AT THE BRUSSELS SUMMIT WAS CLOUDED BY LINGERING DIVISION OVER HOW FAR THE WEST SHOULD GO TO STOP THE WAR IN BOSNIA SHELLS CRASHED INTO THE CENTER OF SARAJEVO WOUNDING TWELVE PEOPLE BUT RELIEF AGENCIES RECEIVED SERB PROMISES TO STOP SHELLING THE CITY'S AIRPORT PAVING THE WAY FOR RESUMPTION OF A CRUCIAL AIRLIFT OF SUPPLIES IN CENTRAL BOSNIA OUTGUNNED CROAT FORCES TRIED TO HOLD OFF AN OFFENSIVE BY MUSLIM LED TROOPS THE SUPREME COURT LET STAND A RULING THAT ALLOWED THE NORTH AMERICAN FREE TRADE AGREEMENT TO WIN CONGRESSIONAL APPROVAL WITHOUT A FORMAL STATEMENT ON ITS LIKELY ENVIRONMENTAL EFFECTS THE COURT REJECTED ARGUMENTS BY TWO CITIZENS' GROUPS CONTENDING THAT THE WHITE HOUSE SHOULD HAVE PREPARED AN ENVIRONMENTAL ASSESSMENT THE HIGH COURT REFUSED TO REVIVE A CHALLENGE TO THE WAY OHIO COURTS ENFORCE A LAW THAT ALLOWS TEENS SEEKING ABORTIONS TO NOTIFY A JUDGE AS AN ALTERNATIVE TO NOTIFYING AT LEAST ONE PARENT A LAWSUIT HAD CHARGED THAT STATE COURT JUDGES WRONGLY DENIED WAIVERS OF THE PARENT NOTIFICATION REQUIREMENT FOR ARBITRARY AND IRRATIONAL REASONS PRESIDENT YELTSIN'S BACKERS THREATENED TO PROSECUTE NATIONALIST POLITICIAN ZHIRINOVSKY FOR MAKING INFLAMMATORY STATEMENTS ON THE EVE OF THE OPENING OF RUSSIA'S FIRST POST SOVIET PARLIAMENT THE PRO YELTSIN RUSSIA'S CHOICE PARTY SAID IT WOULD TRY TO MAKE LAWMAKERS FACE CHARGES FOR STATEMENTS INCITING VIOLENCE MEXICO'S INTERIOR MINISTER RESIGNED IN THE WAKE OF A PEASANT UPRISING IN THE SOUTHERN STATE OF CHIAPAS PATROCINIO GONZALEZ A FORMER GOVERNOR OF CHIAPAS HAD BEEN CITED IN REPORTS ON RIGHTS ABUSES SEPARATELY MEXICO'S STOCK MARKET SUFFERED ITS WORST DROP IN MORE THAN FOUR YEARS ISRAELI P. L. O. NEGOTIATIONS RESUMED IN EGYPT AND ISRAEL'S FOREIGN MINISTER SAID THE TWO SIDES MAY NOT MEET AN APRIL THIRTEENTH DEADLINE SET FOR THE FULL WITHDRAWAL OF ISRAELI TROOPS FROM GAZA AND JERICHO THE CHIEF PALESTINIAN DELEGATE WAS MORE OPTIMISTIC HOWEVER SAYING AN ACCORD COULD BE REACHED WITHIN TWO TO THREE WEEKS CLINTON ACCEPTED MORTON HALPERIN'S REQUEST TO WITHDRAW HIS NAME FROM CONSIDERATION FOR A TOP PENTAGON POST THE PRESIDENT SAID HE ACCEDED TO THE REQUEST WITH REAL REGRET THE NOMINATION OF HALPERIN TO HEAD PEACEKEEPING INITIATIVES AT THE DEFENSE DEPARTMENT HAD COME UNDER FIRE FROM MANY SENATE CONSERVATIVES JAUNDICE CAN BE PREVENTED IN NEWBORNS WITH A SINGLE INJECTION OF AN EXPERIMENTAL DRUG DEVELOPED AT ROCKEFELLER UNIVERSITY IN NEW YORK A TEAM OF U. S. AND GREEK RESEARCHERS SAID THEIR REPORT APPEARS IN THE CURRENT ISSUE OF THE JOURNAL PEDIATRICS VIETNAM WILL BEGIN TALKS WITH THE U. S. THIS MONTH ON ALLEGED HUMAN RIGHTS ABUSES U. S. AND VIETNAMESE OFFICIALS SAID THE RIGHTS ISSUE IS EXPECTED TO BE A FACTOR IN ANY LONG TERM NORMALIZATION OF RELATIONS BETWEEN THE TWO NATIONS THOUGH IT HAS BEEN OVERSHADOWED BY U. S. PRESSURE TO OBTAIN A FULL ACCOUNTING OF MISSING SERVICEMEN CAMBODIAN SOLDIERS HAVE SURROUNDED THE KHMER ROUGE'S SECOND LARGEST BASE BUT ARE HOLDING OFF FROM A THREATENED ATTACK A SENIOR GOVERNMENT OFFICIAL SAID BUT A KHMER ROUGE OFFICIAL DISPUTED THAT ACCOUNT SAYING THE GUERRILLA GROUP DROVE BACK TROOPS TRYING TO ADVANCE ON THE BASE AZERBAIJANI UNITS RESUMED THEIR OFFENSIVE IN THE ENCLAVE OF NAGORNO KARABAKH WITH HUNDREDS OF SOLDIERS KILLED AS THEY ADVANCED ON ARMENIAN STRONGHOLDS ARMENIAN REPORTS SAID AMERICAN TELECASTING INCORPORATED SAID IT HAS SIGNED LETTERS OF UNDERSTANDING TO BUY A SERIES OF WIRELESS TELEVISION SYSTEMS AND CHANNEL RIGHTS FOR TWENTY POINT EIGHT MILLION DOLLARS IN CASH AND STOCK THE PURCHASE FROM FAMILY ENTERTAINMENT NETWORK INCORPORATED OF MITCHELL S. D. AND WIRELESS ENTERTAINMENT NETWORK INCORPORATED OF SCOTTSBLUFF NEBRASKA INCLUDES SEVEN WIRELESS OPERATING SYSTEMS SERVING ABOUT THIRTEEN THOUSAND CUSTOMERS FAMILY ENTERTAINMENT AND WIRELESS ENTERTAINMENT BOTH CLOSELY HELD JOINTLY OWN THE SYSTEMS THROUGH A PARTNERSHIP AMERICAN TELECASTING A COLORADO SPRINGS COLORADO COMPANY THAT WENT PUBLIC LAST MONTH IN A FIFTY FOUR MILLION DOLLAR INITIAL OFFERING SAID IT WILL PAY ABOUT HALF THE PURCHASE PRICE IN STOCK WITH THE BALANCE EXPECTED TO BE FINANCED THROUGH BANK BORROWINGS COMPLETION OF THE DEALS IS SUBJECT TO SHAREHOLDER APPROVAL BANK FINANCING AND A DEFINITIVE AGREEMENT KERR MCGEE CORPORATION SAID A UNIT ACQUIRED A TWENTY FOUR POINT FIVE PERCENT INTEREST IN A SOUTH CHINA SEA OIL FIELD SUBJECT TO APPROVAL BY THE CHINA NATIONAL OFFSHORE OIL CORPORATION KERR MCGEE AN OKLAHOMA CITY ENERGY AND CHEMICAL CONCERN SAID KERR MCGEE LIUHUA LIMITED BOUGHT THE INTEREST IN THE LIUHUA ELEVEN TO ONE FIELD FROM AMOCO CORPORATION FOR AN UNDISCLOSED AMOUNT AMOCO RETAINS A TWENTY FOUR POINT FIVE PERCENT INTEREST IN THE FIELD AND CHINA NATIONAL OWNS FIFTY ONE PERCENT THE FIELD ONE HUNDRED THIRTY FIVE MILES SOUTHEAST OF HONG KONG IS ESTIMATED TO HAVE MORE THAN ONE BILLION BARRELS OF OIL MAKING IT THE LARGEST RESERVOIR YET DISCOVERED IN THE SOUTH CHINA SEA KERR MCGEE SAID IT EXPECTS PRODUCTION OF THE FIELD TO COMMENCE IN NINETEEN NINETY SIX AND ADD SIXTEEN THOUSAND BARRELS OF OIL A DAY TO THE COMPANY'S PRODUCTION BY NINETEEN NINETY SEVEN LUKENS INCORPORATED SAID IT WOULD TAKE A CHARGE OF ABOUT TWELVE MILLION DOLLARS OR EIGHTY CENTS A SHARE FOR THE NINETEEN NINETY THREE FOURTH QUARTER WHICH WILL CAUSE A LOSS FOR THE PERIOD WITHOUT THE CHARGE TO COVER A PREVIOUSLY ANNOUNCED WORK FORCE REDUCTION THE STEELMAKER SAID EARNINGS WOULD BE IN THE RANGE OF TWENTY FIVE CENTS TO THIRTY CENTS A SHARE THAT COMPARES WITH NET INCOME OF EIGHT POINT FIVE MILLION DOLLARS OR FIFTY FIVE CENTS A SHARE FOR THE YEAR AGO PERIOD THE COMPANY EXPECTS TO REPORT A PROFIT FOR THE YEAR BEFORE THE CUMULATIVE EFFECT OF ACCOUNTING CHANGES SAID R. W. VAN SANT LUKENS CHAIRMAN AND CHIEF EXECUTIVE BASED IN COATESVILLE PENNSYLVANIA THE COMPANY SAID MARKET CONDITIONS SIGNFICANTLY WEAKENED FOURTH QUARTER OPERATING RESULTS HIGHER SCRAP COSTS LAGGING PRICES AND A LESS FAVORABLE PRODUCT MIX CONTINUED TO ERODE MARGINS AT LUKENS STEEL WHILE THE WASHINGTON STEEL UNIT ALSO FACED SOME PRICE SOFTENING IN THE FACE OF HIGHER STAINLESS IMPORTS ON THE POSITIVE SIDE HOWEVER THE COMPANY SAID THAT QUOTE ORDER RATES PRODUCTIVITY AND CUSTOMER SERVICE LEVELS QUOTE REMAINED STRONG VIE DE FRANCE CORPORATION SAID IT IS IN TALKS TO SELL ITS RESTAURANT DIVISION TO A THIRD PARTY IT DECLINED TO IDENTIFY THE MCLEAN VIRGINIA RESTAURANT AND CULINARY PRODUCTS COMPANY SAID THE RESTAURANT DIVISION HAD ABOUT TWENTY EIGHT MILLION DOLLARS IN SALES IN FISCAL NINETEEN NINETY THREE COMPARED WITH TOTAL COMPANY REVENUE OF THIRTY EIGHT MILLION DOLLARS OTHER THAN THE RESTAURANT BUSINESS VIE DE FRANCE HAS A CULINARY PRODUCTS DIVISION THAT CONCENTRATES ON THE WHOLESALE MARKET A SPOKESMAN SAID SALES AT ITS THIRTY ONE RESTAURANTS HAVE BEEN QUOTE SLUGGISH QUOTE WHILE THE CULINARY PRODUCTS UNIT HAS BEEN RECORDING STRONG ANNUAL SALES GAINS IN THE FIRST QUARTER ENDED SEPTEMBER EIGHTEENTH THE COMPANY HAD A NET LOSS OF THREE HUNDRED TEN THOUSAND DOLLARS OR TWO CENTS A SHARE ON SALES OF SEVEN POINT EIGHT MILLION DOLLARS IN NASDAQ STOCK MARKET TRADING YESTERDAY VIE DE FRANCE FELL TWENTY FIVE CENTS TO FIVE DOLLARS AND TWENTY FIVE CENTS MOST ECONOMISTS NOW SEEM TO AGREE THAT THE FEDERAL RESERVE SYSTEM IS GETTING SET TO TIGHTEN MONEY PRESUMABLY BY SLOWING THE GROWTH OF THE MONEY SUPPLY AND RAISING THE FEDERAL FUNDS RATE THE FEE CHARGED ON SHORT TERM LOANS OF BANK RESERVES THE MOVE WOULD BE DESIGNED TO SEND A MESSAGE THE ECONOMY IS MOVING FAST ENOUGH THAT AN UPTURN IN INFLATION HAS BECOME A POSSIBILITY NOT EVERYONE AGREES WITH THAT MESSAGE OF COURSE THE CLINTON ADMINISTRATION SCOFFS AT THE TALK OF HIGHER INFLATION AND ARGUES THAT THE ECONOMY NEEDS LOWER NOT HIGHER INTEREST RATES THOSE WHO FEAR INFLATION WOULD LIKE TO SEE THE FED ACT BUT SOME OF THEM WONDER WHETHER THE CENTRAL BANK IS LOSING CONTROL THEY ARGUE THAT MUTUAL FUNDS HAVE REPLACED BANK DEPOSITS AS THE MAIN CHANNEL FOR SAVINGS WHILE BORROWERS ARE LIKELY TO SHUN THEIR FRIENDLY LOCAL BANK AND SEEK CREDIT FROM A MORTGAGE COMPANY OR THE COMMERCIAL PAPER MARKET THEY FEAR THAT THE DIMINISHED ROLE OF BANKS MAY HAVE REDUCED THE FED'S ABILITY TO CONTROL THE ECONOMY IN A NATIONAL BUREAU OF ECONOMIC RESEARCH WORKING PAPER DISCUSSED IN THE N. B. E. R. DIGEST A COUPLE OF UNIVERSITY OF CALIFORNIA ECONOMISTS SAY IT JUST ISN'T SO CHRISTINA AND DAVID ROMER NOTE THAT THE FEDERAL RESERVE FIGHTS INFLATION BY TRYING TO REDUCE AGGREGATE DEMAND ON SEVERAL OCCASIONS SINCE WORLD WAR TWO THE FED FELT THAT IT WASN'T ENOUGH MERELY TO RAISE THE FUNDS RATE AND SLOW THE GROWTH OF THE MONEY SUPPLY THROUGH OPEN MARKET OPERATIONS SO IT RAISED RESERVE REQUIREMENTS OR IMPOSED CREDIT CONTROLS IN NINETEEN FORTY SEVEN THE CENTRAL BANK RESORTED TO AN OPEN MOUTH POLICY IT URGED BANKERS TO QUOTE EXERCISE EXTREME CAUTION IN THEIR LENDING POLICIES QUOTE AND IN COOPERATION WITH OTHER REGULATORS SUCCESSFULLY PRESSED CONGRESS TO IMPOSE LEGAL RESTRICTIONS ON CONSUMER LOANS PEOPLE WHO WORRY ABOUT SO MUCH LENDING GOING ON OUTSIDE THE BANKING SYSTEM TEND TO FORGET THAT MORTGAGE FIRMS AND THE COMMERCIAL PAPER MARKET UNLIKE THE BANKING SYSTEM CAN'T CREATE MONEY NONBANK LENDERS ARE STIFF COMPETITION FOR THE BANKS BUT AT SOME POINT THEY MAY HAVE TO TURN TO THE BANKS FOR FUNDS THE BANKS STILL PLAY A CENTRAL ROLE IN LENDING THE GREATER COMPETITION FOR CONSUMER DEPOSITS FROM MUTUAL FUNDS AND OTHERS MAY HAVE INCREASED THE IMPORTANCE OF RESERVE REQUIREMENTS THESE REQUIREMENTS AFFECT THE PROFIT THE BANKS CAN MAKE WITH ANY FUNDS OBTAINED AT A GIVEN RATE OF INTEREST IN THE CURRENT COMPETITIVE SITUATION THE RESERVE REQUIREMENTS MAY HAVE AN EVEN LARGER IMPACT ON THE BANKS' COST OF FUNDS THAN THEY HAD IN EARLIER TIMES SO THE FEDERAL RESERVE IS ARMED AND READY TO FIGHT INFLATION WHAT WEAPONS IS IT LIKELY TO USE AS THE UNIVERSITY OF CALIFORNIA ECONOMISTS SAY THE FEDERAL RESERVE IN RECENT YEARS HAS BECOME MORE WILLING TO LET HIGH INTEREST RATES ALONE RATION BANK CREDIT AND HAS STOPPED TAKING ACTIONS TO DIRECTLY RESTRICT CREDIT IN NINETEEN EIGHTY ONE TO EIGHTY TWO AND NINETEEN EIGHTY EIGHT THE FED ACHIEVED THE ANTI INFLATION RESULTS IT SOUGHT WITH MONETARY TIGHTENING ALONE IT'S NOT THAT THE FED DOUBTS THAT DIRECT CREDIT RESTRAINTS ARE POWERFUL IT'S JUST THAT RESEARCH HAS INDICATED THAT THE INTEREST RATE IMPACT OF MONETARY POLICY IS MORE POWERFUL BEYOND THAT IT'S DIFFICULT TO LAUNCH A MODERATE DIRECT ATTACK ON CREDIT IF THE FED TAKES THE OPEN MOUTH ROUTE CAREFULLY PUTTING CALM WORDS IN ITS ANTI CREDIT STATEMENT FEW PEOPLE WILL PAY ATTENTION TO THE MODERATION WHAT WILL COME THROUGH IS THE FACT THAT THE FEDERAL RESERVE IS SO WORRIED THAT IT HAS GONE PUBLIC WHAT WILL IT DO NEXT IF THE FED FOR SOME REASON SHOULD DECIDE THAT CREDIT CONTROLS WOULD BE A DANDY IDEA IT WOULD HAVE TO GET CONGRESS TO BACK THE NOTION THAT'S ABOUT AS LIKELY AS GETTING HOUSE BANKING COMMITTEE CHAIRMAN HENRY GONZALEZ TO AGREE THAT THE FED IS BEAUTIFULLY RUN AND NEEDS NO HELP AT ALL FROM HIS COMMITTEE GIVEN THE WHITE HOUSE BELIEF THAT INFLATION IS A NONEXISTENT PROBLEM THE FEDERAL RESERVE WILL HAVE TO GO IT ALONE IN WASHINGTON THAT'S A SITUATION FOR WHICH THE FED IS IDEALLY PREPARED IN THE PAST YEAR EVEN MONEY WATCHING ECONOMISTS HAVEN'T BEEN ABLE TO AGREE ON WHETHER THE FED HAS BEEN TIGHT OR EASY IF NO ONE KNOWS WHAT YOU'RE DOING IT'S A LITTLE EASIER TO DO WHAT YOU PLEASE WHAT IS LIKELY TO PLEASE THE FEDERAL RESERVE THIS SPRING WILL BE A SLOW MOVE TOWARD TIGHTER MONEY THE FED HAS BEEN PERMITTING A SLOWER GROWTH OF BANK RESERVES AND THE MONEY MARKETS HAVE REFLECTED THIS WITH A MODEST RISE IN INTEREST RATES THE CENTRAL BANK AT SOME POINT WILL RECOGNIZE THE UPWARD TREND WITH A SMALL RISE IN THE FUNDS RATE IN PREVIOUS ANTI INFLATION ATTACKS SINCE WORLD WAR TWO THE FED HAS APPEARED WILLING TO ACCEPT A RECESSION IT PRESUMABLY DOESN'T WANT ONE NOW BUT THAT MAY DEPEND ON HOW EFFECTIVE ITS SLOW AND EASY APPROACH TURNS OUT TO BE TIME WARNER ENTERTAINMENT'S TIME WARNER CABLE GROUP IS CONSIDERING USING DEFENSE TECHNOLOGY DEVELOPED BY UNISYS CORPORATION FOR INTERACTIVE CABLE TELEVISION NETWORKS UNISYS SAID THE UNISYS TECHNOLOGY WOULD MAKE MORE EFFICIENT USE OF CABLE WIRING AND PROVIDE GREATER SECURITY SOLVING TWO KEY ISSUES CHALLENGING THE INTERACTIVE TELEVISION INDUSTRY A UNISYS SPOKESMAN SAID TIME WARNER INCORPORATED UNIT IS WEIGHING POSSIBILITIES FOR BOTH WIRELESS AND CABLE NETWORK TRANSMISSIONS OF SPREAD SPECTRUM AS THE TECHNOLOGY IS KNOWN SPREAD SPECTRUM TAKES DIGITAL INFORMATION AND SCATTERS IT IN A SEEMINGLY RANDOM PATTERN USING LOW POWER SIGNALS IT WORKS OVER A RANGE OF FREQUENCIES MAKING IT MORE SECURE AND LESS SUSCEPTIBLE TO BACKGROUND INTERFERENCE THAN OTHER SYSTEMS CABLE TELEVISION LABORATORIES INCORPORATED A CABLE INDUSTRY RESEARCH AND DEVELOPMENT CONSORTIUM IS DOING THE TESTING CAROLINA FREIGHT CORPORATION CHERRYVILLE N. C. SAID ITS EXPECTS TO REPORT A WIDER THAN ANTICIPATED FOURTH QUARTER LOSS AND SUSPENDED THE DIVIDEND ON ITS COMMON STOCK ANALYSTS HAD BEEN PROJECTING A LOSS OF ABOUT TEN CENTS A SHARE FOR THE FINAL QUARTER OF NINETEEN NINETY THREE THE TRUCKING COMPANY DECLINED TO SAY HOW MUCH LARGER THE LOSS WOULD BE BUT IT SAID THE DEFICIT WOULD BE NARROWER THAN THE YEAR EARLIER LOSS OF NINETY ONE CENTS A SHARE IN THE FOURTH QUARTER OF NINETEEN NINETY TWO CAROLINA FREIGHT REPORTED A LOSS OF SIX MILLION DOLLARS ON REVENUE OF TWO HUNDRED FIFTY NINE POINT THREE MILLION DOLLARS THE QUARTERLY DIVIDEND HAD BEEN FIVE CENTS A SHARE WESTINGHOUSE ELECTRIC CORPORATION IS EXPECTED TO ANNOUNCE A RESTRUCTURING PLAN THAT INCLUDES WRITE DOWNS LAYOFFS AND A CHARGE OF ABOUT ONE POINT FIVE BILLION DOLLARS IN ITS NEW CHAIRMAN'S FIRST MAJOR ACTION THE COMPANY IS EXPECTED TO DISCLOSE THE CHARGE TODAY WHEN IT HAS SCHEDULED A MEETING WITH SECURITIES ANALYSTS IN NEW YORK MICHAEL H. JORDAN'S PRESENTATION WILL BE HIS FIRST BEFORE ANALYSTS SINCE TAKING OVER AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF WESTINGHOUSE JUNE THIRTIETH HE SUCCEEDED PAUL E. LEGO WHO RESIGNED A YEAR AGO UNDER PRESSURE AFTER WESTINGHOUSE WAS FORCED TO TAKE FIVE BILLION DOLLARS IN CHARGES LARGELY FOR BAD LOANS IN ITS FINANCIAL SERVICES ARM MR. JORDAN'S RESTRUCTURING PLAN IS THE PRODUCT OF SIX MONTHS OF INTENSE SCRUTINY OF THE COMPANY INCLUDING VISITS TO MOST OF ITS UNITS WHICH RANGE FROM POWER GENERATION TO DEFENSE AND BROADCASTING THE RESTRUCTURING PLAN IS BELIEVED TO INCLUDE ASSET WRITE DOWNS INCLUDING WESTINGHOUSE'S STRUGGLING ENVIRONMENTAL CLEANUP BUSINESS ACCORDING TO PEOPLE CLOSE TO THE COMPANY OTHER ASSET WRITE DOWNS COULD INCLUDE PORTIONS OF WESTINGHOUSE'S ELECTRONICS DEFENSE BUSINESS IN ADDITION ABOUT FIVE HUNDRED MILLION DOLLARS OF THE EXPECTED ONE POINT FIVE BILLION DOLLAR CHARGE IS SAID TO BE RELATED TO THE COMPANY'S UNDERFUNDED PENSION PLAN THE RESTRUCTURING IS ALSO EXPECTED TO INCLUDE SOME LAYOFFS AND IS WIDELY VIEWED AS AN ATTEMPT BY MR. JORDAN TO CLEAR THE DECKS FOR GOING FORWARD THE FIFTY SEVEN YEAR OLD FORMER PEPSICO INCORPORATED EXECUTIVE VOWED WHEN HE TOOK OVER TO QUOTE CUT OUT THE LOSERS AND ADJUST THE COST STRUCTURE QUOTE A WESTINGHOUSE SPOKESMAN DECLINED TO COMMENT ON THE COMPANY'S RESTRUCTURING PLANS IF ANY SAYING IT'S CORPORATE POLICY THAT WE DON'T COMMENT ON RUMORS THE DANGER IS THAT MR. JORDAN'S PLAN MAY FALL SHORT OF WALL STREET EXPECTATIONS AND WHAT WESTINGHOUSE NEEDS FOR INSTANCE ANALYSTS ONCE EXPECTED AS MANY AS TEN THOUSAND LAYOFFS BUT AFTER TALKING WITH WESTINGHOUSE OFFICIALS RECENTLY NICHOLAS P. HEYMANN AN ANALYST WITH NATWEST SECURITIES CORPORATION SAID THE WORK FORCE AT CONTINUING OPERATIONS WHICH HE DEFINES AS UNITS NOT TARGETED FOR EVENTUAL SALE COULD BE CUT TO FIFTY THOUSAND FROM FIFTY FOUR THOUSAND BUT MR. JORDAN MAY BE HAMSTRUNG IN ANY EFFORTS TO MAKE MORE RADICAL CHANGES INVOLVING EVEN LARGER CHARGES PAST CHARGES HAVE ERODED THE COMPANY'S EQUITY BASE SAID UNA KEARNS AN ANALYST WITH MOODY'S INVESTOR SERVICE INCORPORATED THERE'S NOT A LOT OF ROOM LEFT FOR WESTINGHOUSE TO TAKE FURTHER CHARGES MS. KEARNS SAID WESTINGHOUSE POSTED A LOSS OF ONE POINT ONE EIGHT BILLION DOLLARS OR THREE DOLLARS AND FORTY FOUR CENTS A SHARE IN NINETEEN NINETY TWO'S FOURTH QUARTER ON REVENUE OF TWO POINT THREE FIVE BILLION DOLLARS IN NINETEEN NINETY THREE'S FIRST QUARTER THE COMPANY EARNED SIXTY FOUR MILLION DOLLARS OR FIFTEEN CENTS A SHARE ON REVENUE OF ONE POINT EIGHT SIX BILLION DOLLARS SIGNS OF PROBLEMS IN WESTINGHOUSE'S ENVIRONMENTAL CLEANUP BUSINESS BECAME APPARENT IN THE THIRD QUARTER OF NINETEEN NINETY THREE WHEN THE COMPANY SAID POOR RESULTS THERE REDUCED EARNINGS FOR THE PERIOD WESTINGHOUSE POSTED A TWENTY NINE PERCENT DROP IN OPERATING PROFIT TO SIXTY FIVE MILLION DOLLARS WESTINGHOUSE'S TWO INCINERATORS WERE OPERATING AT FAR LESS THAN CAPACITY WHILE THE TWO FACILITIES HAVE MADE A COMEBACK MR. HEYMANN SAID THEY OPERATED AT CAPACITY IN NOVEMBER AND DECEMBER PRICING IS STILL SUBSTANDARD HE SAID MEANWHILE THE COMPANY STILL IS STRUGGLING WITH AN UNDERFUNDED PENSION PLAN ANALYSTS EXPECT THAT WESTINGHOUSE WILL LOWER ITS DISCOUNT RATE ASSUMPTION USED BY ITS PENSION FUND TO SEVEN PERCENT FROM EIGHT PERCENT INCREASING THE COMPANY'S CONTRIBUTIONS MR. HEYMANN THE NATWEST ANALYST SAID HIGHER PENSION FUND CONTRIBUTIONS WILL LARGELY EAT UP FREE CASH FLOW FROM OPERATIONS THIS YEAR FUNDS THAT HE ONCE BELIEVED WOULD BE USED TO PAY DOWN DEBT STILL WALL STREET IS LOOKING FOR MORE THAN A CLEANUP OF PAST PROBLEMS AT WESTINGHOUSE IT ALSO WANTS MR. JORDAN TO SPELL OUT HIS PLANS TO GET ANY LONG TERM GROWTH IN THE STOCK PRICE YOU HAVE TO HAVE LONG TERM GROWTH OPPORTUNITIES SAID ONE PERSON FAMILIAR WITH THE COMPANY WITH THE PRESENT BUSINESSES THERE AREN'T TOO MANY AND OBSERVERS STILL ARE WAITING FOR MR. JORDAN TO PUT TOGETHER A NEW MANAGEMENT TEAM FOR INSTANCE HE HAS YET TO PICK A NEW CHIEF FINANCIAL OFFICER AFTER WARREN H. HOLLINSHEAD ANNOUNCED IN SEPTEMBER THAT HE WOULD RETIRE WESTINGHOUSE STOCK ROSE FIFTY CENTS OR THREE POINT SEVEN PERCENT TO CLOSE AT FOURTEEN POINT ONE TWO FIVE DOLLARS A SHARE IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY BEHIND AN IRON FENCE AT A TRUCK DISTRIBUTORSHIP HERE A DIRTY NEW S. TEN PICKUP WITH THE BOLD GENERAL MOTORS CORPORATION LOGO ON THE GRILL LANGUISHES UNSOLD AFTER FOUR MONTHS IT SAYS A LOT ABOUT WHY G. M.'S YEAR OLD INVESTMENT IN CHINESE TRUCK MAKING IS OFF TO A BUMPY START QUOTE MANY PEOPLE HAVE COME TO LOOK BUT NOBODY WILL BUY QUOTE SAYS LI SHU BO THE DISTRIBUTORSHIP'S GENERAL MANAGER IT IS NOT SUITABLE TO THE CHINESE MARKET BECAUSE CHINA NEEDS A TRUCK WITH DOUBLE SEATING AND SPACE FOR FIVE OR SIX PEOPLE THE S. TEN HAS ONLY A SINGLE BENCH SEAT AND THEN THERE'S THE S. TEN'S PRICE AROUND THIRTY THOUSAND DOLLARS A HUGE FIGURE FOR CHINA AND ROUGHLY DOUBLE THE PRICE IN THE U. S. THE WORLD'S BIGGEST AUTO MAKER SAYS IT KNEW ABOUT THE PROBLEMS AND IS FIXING THEM BUT G. M. FIGURED IT COULDN'T AFFORD TO DELAY GETTING INTO THE WORLD'S BIGGEST POTENTIAL MARKET SO IT JUMPED IN INTENDING TO BUILD A LESS EXPENSIVE MORE SUITABLE PRODUCT LATER G. M.'S PARTS MAKING UNIT MEANTIME IS SETTING UP A JOINT VENTURE TO SELL ENGINE MANAGEMENT SYSTEMS THERE G. M.'S DETERMINATION SHOWS HOW KEENLY THE WORLD'S AUTO INDUSTRY WANTS TO BE HERE FROM EUROPE VOLKSWAGEN A. G. AND P. S. A. PEUGEOT CITROEN S. A. HAVE ZOOMED AHEAD IN CHINA WITH THE MOST EXTENSIVE CAR OPERATIONS FROM THE U. S. CHRYSLER CORPORATION HAS THE OLDEST WESTERN JOINT VENTURE BEIJING JEEP AND FORD MOTOR COMPANY IS KNOCKING ON THE DOOR AS FOR THE CAUTIOUS JAPANESE THEY ARE MAKING A FEW INVESTMENTS BUT ARE CHIEFLY IMPORTING CARS FOR THE TIME BEING THE WORLD AUTO INDUSTRY VIEWS THIS AS THE LAST GREAT OPPORTUNITY TO INVEST IN A DEVELOPING MARKET WE HAVE AUTO COMPANIES FROM ALL OVER THE WORLD CONTACTING US ALMOST DAILY SAYS DONG YI RU DEPUTY CHIEF OF THE JOINT VENTURE DEPARTMENT OF THE CHINA NATIONAL AUTOMOTIVE INDUSTRY CORPORATION JUST NOW SHE SAYS G. M. IS COMPETING WITH FORD CHRYSLER DAIMLER BENZ A. G.'S MERCEDES BENZ AND MAZDA MOTOR CORPORATION FOR A PLANNED JOINT VENTURE TO BUILD MULTIPURPOSE VEHICLES FOR CHINA AS FOR EVERY OTHER DEVELOPING ECONOMY A CAR INDUSTRY HOLDS GREAT ALLURE EVERY JOB IN A VEHICLE ASSEMBLY PLANT TYPICALLY CREATES AT LEAST TEN ADDITIONAL JOBS IN PARTS MANUFACTURING AND AUTO DISTRIBUTION SALES AND SERVICING AT CHINA'S CURRENT ANEMIC PRODUCTION OF SLIGHTLY MORE THAN ONE MILLION CARS AND TRUCKS A YEAR THE SECTOR ALREADY ACCOUNTS FOR THREE POINT THREE PERCENT OF MANUFACTURING OUTPUT AND EMPLOYS SOME ONE POINT SIX MILLION PEOPLE THE CHINESE GOVERNMENT IS DOING ITS BIT TO PROTECT AND ENCOURAGE THE NASCENT DOMESTIC INDUSTRY OVER THE WEEKEND AN OFFICIAL CHINESE NEWSPAPER REPORTED THAT THE GOVERNMENT PLANS TO HALT THE DUTY FREE SALE OF IMPORTED VEHICLES TO FOREIGN FUNDED COMPANIES AT THE SAME TIME THE GOVERNMENT PLANS TO EASE RESTRICTIONS ON CAR PURCHASES AND TAKE UNSPECIFIED STEPS TO REDUCE THE PRICES OF CHINESE MADE CARS IN THE LONG RUN IT'S HARD TO OVERESTIMATE THE MARKET POTENTIAL OF COURSE NOBODY THINKS THE CHINESE CAR MARKET WILL EXPLODE OVERNIGHT THE AVERAGE INCOME IS ESTIMATED AT AROUND THREE HUNDRED FIFTY DOLLARS A YEAR INDUSTRY EXPERTS SAY THE AVERAGE HAS TO HIT ONE THOUSAND DOLLARS TO SUPPORT A CONSUMER AUTO MARKET THE GOVERNMENT ESTIMATES THAT OF EIGHT MILLION CARS AND TRUCKS IN CHINA MAYBE ONLY ONE HUNDRED THOUSAND ARE IN THE HANDS OF INDIVIDUALS THE OBSTACLES TO BUILDING UP THE AUTO INDUSTRY HERE ARE SOBERING CHINA'S PROTECTIONISM RAISES TO PROHIBITIVE LEVELS THE COSTS OF IMPORTING PARTS NEEDED TO START CAR PRODUCTION LOW VOLUMES AT THE BEGINNING DICTATE HIGH PRICES CITY STREETS ALREADY ARE CHOKED BY ALL THOSE BICYCLES WHICH MINGLE WITH PEDESTRIANS AND VEHICLES IN A NIGHTMARISH TRAFFIC JUMBLE HIGHWAYS TEND TO BE INTERRUPTED BY BUMPY STRETCHES OF DIRT ROAD SERVICE STATIONS ARE FEW AND FAR BETWEEN AND AUTO DEALERSHIPS ARE NEARLY NONEXISTENT AND THEN THERE ARE THE GROWING PAINS FUELED BY CHINA'S ECONOMIC BOOM THE CAR MARKET WAS SURGING IN THE FIRST HALF OF NINETEEN NINETY THREE THEN IN JUNE THE GOVERNMENT IMPOSED AUSTERITY MEASURES TO FIGHT INFLATION AND THE VEHICLE MARKET DRIED UP FOR CHRYSLER'S FORTY TWO PERCENT OWNED BEIJING JEEP WHICH IS NINE YEARS OLD THERE HAS BEEN NOTHING BENIGN ABOUT THE GOVERNMENT'S ECONOMIC REFORMS FOR A BUSINESS INVESTOR TODAY IT'S PURE CHAOS AND THAT'S NOT TOO STRONG A WORD SAYS PETER BADORE THE GENERAL MANAGER OF CHRYSLER'S ASIA PACIFIC REGION MOREOVER HE CITES CONFLICTING RULES IMPOSED BY NATIONAL AND LOCAL AUTHORITIES SOMETIMES INTERPRETED DIFFERENTLY BY INDIVIDUAL OFFICIALS V. W. HAS BEEN OPERATING IN CHINA SINCE NINETEEN EIGHTY FIVE WITH ITS FIFTY PERCENT OWNED SHANGHAI VENTURE SHANGHAI V. W. BUILDS ENGINES AND THE SANTANA MODEL A MIDSIZE FOUR DOOR SEDAN THAT V. W. USED TO SELL IN EUROPE NOW THEY'RE EVERYWHERE IN CHINA AND THE OPERATION IS CRANKING OUT ONE HUNDRED THOUSAND CARS AND ENGINES A YEAR MARTIN POSTH CHAIRMAN AND PRESIDENT OF V. W. ASIA PACIFIC LIMITED BELIEVES THE OPTION OF CHOICE TYPICALLY USED IN SUCH UNDERDEVELOPED PLACES AS EAST GERMANY BUILDING A NEW CAR PLANT ON AN UNDEVELOPED SITE WON'T WORK HERE IT WOULD SIMPLY COST TOO MUCH AND THERE WOULD BE NO TRAINED STAFF AND NO NETWORK OF SUPPLIERS MOREOVER HE SAYS BY JOINING FORCES WITH ONE OF CHINA'S EXISTING STATE RUN VEHICLE PLANTS AN OUTSIDE INVESTOR CAN TAP THE PARTNER'S EXPERTISE IN OBTAINING RAW MATERIALS AND LINING UP PARTS MAKERS IN SHENYANG A CONGESTED NORTHERN INDUSTRIAL CITY WHERE HALF THE BUILDINGS SEEM TO BE EITHER UNDER CONSTRUCTION OR DEMOLITION G. M. HAS HOOKED UP WITH JIN BEI AN EXPERIMENTAL PRIVATELY OWNED CONCERN WHOSE NAME MEANS GOLDEN CUP THE G. M. JIN BEI PLAN CALLS FOR THE VENTURE TO SUPPORT ITSELF FOR THE FIRST TWO YEARS PRINCIPALLY BY CONTINUING TO PRODUCE JIN BEI'S LINE OF TWO TON SIX PASSENGER TRUCKS THEN THE VENTURE PLANS TO BUILD A MORE MODERN PRODUCTION LINE ON WHICH IT WILL STEP UP S. TEN PRODUCTION SO FAR THOUGH THE S. TEN CLEARLY HASN'T IMPRESSED CHINESE BUYERS THE GOVERNMENT AUTO AGENCY SAYS IT HAS REMINDED THE JOINT VENTURE PARTNERS THAT THE S. TEN IS THE WRONG TYPE OF PRODUCT WE KNEW ABOUT THAT DEFICIENCY GOING IN SAYS A SOMEWHAT EXASPERATED THOMAS MCDANIEL THE PRESIDENT OF G. M.'S ASIAN PACIFIC OPERATIONS WHO IS BASED IN SINGAPORE HE SAYS THE JOINT VENTURE PLANS TO START BUILDING CREW CAB AND JEEP LIKE SPORT UTILITY VERSIONS OF THE S. TEN WHILE MR. MCDANIEL WON'T CONFIRM THE TIMING JIN BEI AND GOVERNMENT OFFICIALS SAY START UP IS PLANNED FOR FEBRUARY NINETEEN NINETY FIVE THE JOINT VENTURE AIMS TO DEVELOP AS MUCH LOCAL PARTS PRODUCTION AS IT CAN TO AVOID THE STIFF DUTIES CHINA SLAPS ON IMPORTED CARS AND PARTS THAT DOCTOR POSTH SAYS HAS BEEN A KEY TO SHANGHAI V. W.'S AGGRESSIVE EXPANSION IN ITS EIGHT YEARS SHANGHAI V. W. HAS PUSHED THE DOMESTIC CONTENT OF ITS SANTANAS ABOVE EIGHTY PERCENT HE SAYS THE VENTURE HAS DEVELOPED RELATIONS WITH THREE HUNDRED PARTS SUPPLIERS IN CHINA STERLING WINTHROP INCORPORATED A DIVISION OF EASTMAN KODAK COMPANY ROCHESTER N. Y. SAID IT WILL EXPAND DISTRIBUTION OF ITS CONSUMER HEALTH PRODUCTS IN RUSSIA AND CENTRAL AND EASTERN EUROPE PRODUCTS WILL BE MARKETED THROUGH STERLING WINTHROP'S ALLIANCE WITH FRANCE'S ELF SANOFI AND UNDER THE STERLING HEALTH NAME INCLUDED IN THE EXPANSION ARE PANADOL BRAND OF ANALGESICS AND SEVERAL OTHER CONSUMER HEALTH PRODUCTS FROM A PRIOR JOINT VENTURE WITH CHINOIN A HUNGARIAN PHARMACEUTICAL COMPANY STERLING HEALTH'S PHILLIP'S MILK OF MAGNESIA WILL BE OFFERED SOON A COMPANY SPOKESWOMAN SAID IN ADDITION TO RUSSIA EXPANSION WILL OCCUR IN ROMANIA HUNGARY POLAND AND THE CZECH AND SLOVAK REPUBLICS SHE SAID STERLING WINTHROP DEVELOPS MAKES AND MARKETS PHARMACEUTICALS AND CONSUMER HEALTH PRODUCTS NIKE INCORPORATED SUED SHOE MAKING NEWCOMER APEX ONE INCORPORATED CHARGING THAT SOME PROFESSIONAL FOOTBALL PLAYERS UNDER CONTRACT WITH APEX ARE DISGUISING THEIR NIKES WITH APEX LABELS NIKE BEAVERTON OREGON SAID IT FILED A COMPLAINT AGAINST THE CLOSELY HELD PISCATAWAY N. J. COMPANY IN U. S. DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY ALLEGING TRADEMARK INFRINGEMENT AND FALSE ADVERTISING THE PROBLEM NIKE SAID IS THAT SOME PLAYERS IN THE NATIONAL FOOTBALL LEAGUE ARE AFFIXING APEX STICKERS ON SPATS THEY WEAR OVER THEIR SHOES WHILE ACTUALLY WEARING NIKES THE SPATS COVER THE LACES AND SIDES OF SHOES AND THUS COVER LOGOS APEX SENDS LOGO DECALS TO PLAYERS WHO WEAR SPATS BUT INSTRUCTS THEM NOT TO USE THE DECALS IF THEY AREN'T WEARING APEX SHOES SAID JOSEPH KIRCHNER APEX'S CHIEF EXECUTIVE OFFICER QUOTE WE HAVE CLEARLY ADVISED EVERYBODY NOT TO DO THAT QUOTE HE SAID MR. KIRCHNER SAID HE HADN'T YET EVALUATED THE NIKE SUIT MORGAN STANLEY GROUP INCORPORATED SAID IT FORMED A NEW SUBSIDIARY TO TRADE DERIVATIVE PRODUCTS THE UNIT TO BE CALLED MORGAN STANLEY DERIVATIVE PRODUCTS INCORPORATED WILL HAVE AN INITIAL CAPITALIZATION OF ONE HUNDRED FIFTY MILLION DOLLARS AND CARRY TRIPLE A RATINGS FROM MOODY'S INVESTORS SERVICE INCORPORATED AND STANDARD AND POOR'S CORPORATION THE NEW YORK COMPANY SAID INVESTMENT FIRMS HAVE BEEN SCRAMBLING IN THE PAST YEAR TO SET UP DERIVATIVE SUBSIDIARIES TO PROFIT FROM THE TRADE OF SWAPS OPTIONS AND OTHER DERIVATIVE PRODUCTS BY SETTING UP SEPARATE SUBSIDIARIES THE FIRMS ARE MORE LIKELY TO GET THE TRIPLE A CREDIT RATINGS THAT INVESTORS LOOK FOR ALTHOUGH THE NEW UNIT IS A WHOLLY OWNED SUBSIDIARY OF MORGAN THE COMPANY SAID IT IS LEGALLY SEPARATE AND QUOTE BANKRUPTCY REMOTE QUOTE FROM ITS PARENT AND AFFILIATES MORGAN SAID THE NEW SUBSIDIARY'S MARKET RISK WILL BE HEDGED USING EXACTLY OFFSETTING TRANSACTIONS WHICH WILL BE EXECUTED WITH AFFILIATES OF MORGAN STANLEY BEST AND WORST PERFORMING STOCK FUNDS FOR THE PERIODS ENDED DECEMBER THIRTY FIRST NINETEEN NINETY THREE ASSETS ARE FIGURED AS OF SEPTEMBER THIRTIETH NINETEEN NINETY THREE PERFORMANCE DATA ARE TOTAL RETURNS WHICH INCLUDE BOTH SHARE PRICE CHANGES AND REINVESTED DIVIDENDS CORPORATE MANAGEMENT GROUP INCORPORATED SAID IT BROKE OFF TALKS TO PURCHASE SIX OF F. N. WOLF AND COMPANY'S TWELVE BROKERAGE BRANCHES BECAUSE THE TWO COMPANIES COULDN'T AGREE ON TERMS A SPOKESWOMAN FOR CORPORATE MANAGEMENT GROUP A BROKERAGE FIRM IN BOCA RATON FLORIDA SAID THE TWO COMPANIES HAD REACHED AN AGREEMENT ON PRICE BUT NOT ON OTHER RELATED ISSUES SHE DECLINED TO OUTLINE THE NATURE OF THE DISPUTED TERMS THE ANTICIPATED ACQUISITION HAD RAISED EYEBROWS ON WALL STREET BECAUSE WOLF FACES TWO POINT TWO MILLION DOLLARS IN FINES FROM SECURITIES REGULATORS AND HAS TIES TO THE NOW DEFUNCT FIRST JERSEY SECURITIES INCORPORATED A BROKERAGE HOUSE THAT CAME UNDER REGULATORY SCRUTINY FOR ITS STOCK SELLING PRACTICES OFFICIALS AT F. N. WOLF AND COMPANY A UNIT OF WOLF FINANCIAL GROUP INCORPORATED IN NEW YORK COULD NOT BE REACHED FOR COMMENT THE PLANNED ACQUISITION WOULD HAVE INCLUDED SELECTED WOLF BROKERS OFFICE LEASES EQUIPMENT AND FURNISHINGS AND OTHER BRANCH ASSETS ZURICH INSURANCE COMPANY A MAJOR SWISS INSURER SAID IT INCREASED ITS STAKE IN CENTRE REINSURANCE HOLDINGS LIMITED IN BERMUDA TO ONE HUNDRED PERCENT FROM MORE THAN SEVENTY PERCENT A COMPANY SPOKESMAN WASN'T IMMEDIATELY AVAILABLE TO COMMENT ON TERMS OF THE TRANSACTION ZURICH INSURANCE SAID THAT CENTRE'S REMAINING MINORITY SHAREHOLDERS KEMPER CORPORATION ACE LIMITED NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY AND MARSH AND MCLENNAN RISK CAPITAL HOLDINGS LIMITED HAVE AGREED THAT ZURICH INSURANCE WILL ASSUME ONE HUNDRED PERCENT OF CENTRE'S SHARE CAPITAL QUOTE THE TRANSACTION WILL ENABLE ZURICH TO STREAMLINE THE ORGANIZATIONAL STRUCTURE OF THE CENTRE GROUP AND THEREBY ENABLE IT TO STRENGTHEN ITS LEADERSHIP IN THE FINITE RISK MARKET AND TO OPEN UP OPPORTUNITIES IN RELATED MARKET SEGMENTS QUOTE ZURICH SAID CENTRE REINSURANCE HAD NINETEEN NINETY TWO GROSS PREMIUM VOLUME OF FOUR HUNDRED SEVENTY NINE MILLION DOLLARS WHILE THE ZURICH GROUP HAD TOTAL PREMIUM VOLUME OF TWENTY ONE POINT FIVE BILLION SWISS FRANCS FOURTEEN POINT SIX SEVEN BILLION DOLLARS GOVERNMENT SCIENTISTS HAVE MAPPED THE GENETIC SEQUENCE OF CATTLE AND PIGS A DEVELOPMENT THAT THEY SAY WILL LEAD TO DISEASE RESISTANT LIVESTOCK GIVING LEANER AND MORE TENDER MEAT AGRICULTURE SECRETARY MIKE ESPY SAID CONSUMERS WILL BEGIN BENEFITING DIRECTLY IN THREE TO FIVE YEARS GENETIC MAPPING MARKS GENE GROUPS THAT ARE WORTH MULTIPLYING SAID DAN LASTER DIRECTOR OF THE DEPARTMENT'S MEAT AGRICULTURAL RESEARCH CENTER IN CLAY CENTER NEBRASKA THERE ARE STILL GAPS IN THE GENETIC MAP BUT SCIENTISTS HAVE ENOUGH PIECES TO BEGIN IDENTIFYING CERTAIN GENES THE DEPARTMENT STILL MUST FIGURE OUT HOW THE MARKED GENE GROUPS ARE LINKED TO SPECIFIC TRAITS THIS WILL ALLOW FARMERS TO IDENTIFY THESE TRAITS MORE QUICKLY AND BREED CATTLE MORE EFFICIENTLY IT CURRENTLY TAKES A DAIRY FARMER ABOUT FIVE YEARS TO DETERMINE WHETHER A BULL WILL BE A GOOD BREEDER FOR FARMERS THIS BREAKTHROUGH MEANS MORE COMPETITIVE COWS QUOTE THESE GENETIC MAPS WILL PROVIDE A BASIS SO THE LIVESTOCK INDUSTRY CAN PRODUCE ANIMALS THAT ARE GENETICALLY RESISTANT TO CERTAIN DISEASES AND ON A LONGER TERM BASIS TO FOOD BORNE QUOTE BACTERIA MR. ESPY SAID CONSUMERS VIRTUALLY CAN BE GUARANTEED TENDER MEAT SAID DEAN PLOWMAN ASSISTANT SECRETARY FOR SCIENCE AND EDUCATION THE BUTCHER WON'T HAVE TO CHOP AWAY EXTRA FAT HE SAID CONSUMERS ALSO WILL SAVE MONEY IN THE LONG RUN BECAUSE OF THE HIGHER EFFICIENCY AND PRODUCTIVITY OF BREEDERS MR. PLOWMAN SAID DEUTSCHE BANK A. G. WHICH SHARES A TWENTY THREE PERCENT STAKE IN METALLGESELLSCHAFT A. G. WITH DRESDNER BANK A. G. SAID IT AND OTHER BANKS WOULD ABSORB ANY UNCLAIMED SHARES IF SMALLER SHAREHOLDERS DECLINE TO EXERCISE THEIR RIGHTS TO THE FIVE POINT SIX MILLION NEW SHARES IN THE FINANCIALLY STRICKEN COMPANY THE SUPPORT OFFERS WERE SEEN GIVING BACKING TO A PLAN BY METALLGESELLSCHAFT'S NEW CHAIRMAN KAJO NEUKIRCHEN TO SELL NONCORE OPERATIONS AND FINANCIALLY RESTRUCTURE THE METALS ENGINEERING AND TRADING COMPANY THE FINANCIAL PACKAGE WOULD RAISE ONE POINT FOUR BILLION MARKS EIGHT HUNDRED TEN POINT FIVE MILLION DOLLARS THROUGH A NEW SHARE OFFERING AND ANOTHER ONE POINT THREE BILLION MARKS IN DEBT FOR EQUITY SWAPS BY BANK CREDITORS BANKS ALSO ARE BEING ASKED FOR A NEW FIVE HUNDRED MILLION MARK CREDIT LINE MR. NEUKIRCHEN HAS SAID THE COMPANY FACES BANKRUPTCY IF THE PACKAGE ISN'T ACCEPTED BY TOMORROW BANKING SOURCES SAID METALLGESELLSCHAFT'S BIGGER SHAREHOLDERS WHO HOLD A COMBINED SIXTY TWO PERCENT OF ITS EQUITY PLAN TO PARTICIPATE IN THE NEW SHARE OFFERING THEY ARE DEUTSCHE BANK DRESDNER BANK THE KUWAIT GOVERNMENT DAIMLER BENZ A. G. AND INSURER ALLIANZ A. G. PAM CARLTON WILL JOIN PATRICIA NEWMAN AS CO DIRECTOR OF EQUITY RESEARCH EFFECTIVE MARCH FIRST MS. CARLTON THIRTY NINE YEARS OLD CURRENTLY A PRINCIPAL IN THE FIRM'S DEBT CAPITAL MARKETS SERVICES AREA WILL SUCCEED ALLERTON CUSHMAN JUNIOR MR. CUSHMAN IS STEPPING DOWN AS DIRECTOR TO BECOME AN ADVISORY DIRECTOR TO THE DEPARTMENT MS. NEWMAN THE ASSISTANT DIRECTOR OF RESEARCH UNDER MR. CUSHMAN WAS NAMED CO DIRECTOR OF THE GROUP LAST MONTH MS. CARLTON AND MS. NEWMAN WILL OVERSEE A STAFF OF ABOUT FIFTY FIVE ANALYSTS MORGAN STANLEY AND COMPANY IS A UNIT OF MORGAN STANLEY GROUP INCORPORATED ROBERT DELAURENTIS FIFTY THREE YEARS OLD RESIGNED AS TREASURER AND CHIEF FINANCIAL OFFICER OF THE ELECTRONIC PRODUCTS AND SYSTEMS MANUFACTURER MR. DELAURENTIS SAID THAT THE RESIGNATION WAS AN QUOTE AMICABLE QUOTE PARTING AND THAT HE WANTED TO MOVE BACK TO CALIFORNIA TO PURSUE OTHER INTERESTS S. C. I. SYSTEMS HASN'T APPOINTED A SUCCESSOR DIEBOLD INCORPORATED CANTON OHIO SAID IT FINALIZED ITS PURCHASE OF ONE HUNDRED PERCENT OF THE AUTOMATED TELLER MACHINE DISTRIBUTION AND CERTAIN RELATED BUSINESSES OF HIDROMEX S. A. DE CV FOR UNDISCLOSED TERMS THIS IS AN INCREASE FROM THE EIGHTY PERCENT INTEREST DIEBOLD ANNOUNCED IT INTENDED TO PURCHASE IN JUNE IN ADDITION TO A. T. M.S DIEBOLD WILL DISTRIBUTE AND SERVICE PHYSICAL AND ELECTRONIC SECURITY EQUIPMENT AS WELL AS THE GILBARCO CORPORATION'S LINE OF GAS PUMPS THE NEW SUBSIDIARY BASED IN MEXICO CITY AND EMPLOYING ONE HUNDRED EIGHTY WILL BE KNOWN AS DIEBOLD MEXICO S. A. DE CV HIDROMEX DIEBOLD'S A. T. M. DISTRIBUTOR SINCE NINETEEN EIGHTY SEVEN SOLD ABOUT FOUR THOUSAND DIEBOLD A. T. M.S CAPTURING ABOUT EIGHTY PERCENT OF THE MARKET DIEBOLD SAID DAVID H. WATKINS FORTY NINE YEARS OLD WAS NAMED SENIOR VICE PRESIDENT OF EXPLORATION OF THIS MINING COMPANY HE SUCCEEDS FRED PARK FIFTY SEVEN WHO ELECTED TO TAKE RETIREMENT UNDER A SEVERANCE OPTION TRIGGERED BY CYPRUS MINERAL'S ACQUISITION OF AMAX IN DECEMBER MR. WATKINS WAS A VICE PRESIDENT AND DIRECTOR OF METALL MINING CORPORATION TORONTO A UNIT OF METALLGESELLSCHAFT A. G. OF FRANKFURT GERMANY JAUNDICE THAT DEVELOPS IN MANY NEWBORN INFANTS CAN BE PREVENTED WITH A SINGLE INJECTION OF AN EXPERIMENTAL DRUG DEVELOPED AT ROCKEFELLER UNIVERSITY A RESEARCH TEAM REPORTED JAUNDICE A CONDITION IN WHICH THE SKIN ASSUMES A YELLOW OR BROWN TINGE IS CAUSED BY BUILDUP IN THE BLOODSTREAM OF A BILE SUBSTANCE CALLED BILIRUBIN IT DEVELOPS WITHIN TWENTY FOUR HOURS OF BIRTH IN OVER HALF OF FULL TERM INFANTS AND AN EVEN HIGHER PROPORTION OF PREMATURE ONES IN THE MAJORITY THE JAUNDICE DISAPPEARS WITHIN A FEW DAYS HOWEVER IN ABOUT TEN PERCENT OF THE INFANTS ABOUT TWO HUNDRED FIFTY THOUSAND A YEAR IN THE U. S. THE BILIRUBIN LEVELS BECOME SO HIGH THEY THREATEN TO DAMAGE THE INFANT'S NERVOUS SYSTEM IN SUCH CASES THE INFANT IS EXPOSED FOR SEVERAL HOURS TO SPECIAL BLUE OR WHITE LIGHTS WHICH CAUSE THE BILIRUBIN TO UNDERGO A CHEMICAL CHANGE THAT ALLOWS THE BODY TO GET RID OF IT DEVELOPED BY ATTALLAH KAPPAS AND GEORGE S. DRUMMOND AT ROCKEFELLER UNIVERSITY THE NEW DRUG TIN MESOPORPHYRIN OR SNMP INTERRUPTS PRODUCTION OF BILIRUBIN AND THUS PREVENTS ITS BUILDUP IN THE BLOODSTREAM THE UNIVERSITY IS CURRENTLY NEGOTIATING A LICENSING ARRANGEMENT WITH AN UNNAMED NEW YORK QUOTE BIOPHARMACEUTICAL QUOTE COMPANY A UNIVERSITY SPOKESMAN SAID IN A REPORT PUBLISHED IN THE CURRENT ISSUE OF THE JOURNAL PEDIATRICS THE AMERICAN AND GREEK RESEARCH TEAM DESCRIBED RESULTS OF TREATING TWO HUNDRED THIRTY ONE PREMATURE INFANTS WITH THE NEW DRUG THE INFANTS BORN OVER THE PAST FOUR YEARS AT METERA MATERNITY HOSPITAL IN ATHENS GREECE RECEIVED THE DRUG SHORTLY AFTER BIRTH PREMATURE INFANTS WERE GIVEN SHOTS OF THE DRUG WHETHER THEY HAD JAUNDICE OR NOT THEIR BILIRUBIN LEVELS WERE CAREFULLY MONITORED FOR SEVERAL DAYS WHEN THE BILIRUBIN LEVEL ROSE ABOVE A CERTAIN THRESHOLD THE INFANT WAS GIVEN PHOTOTHERAPY VARIOUS DOSAGES OF THE NEW DRUG WERE TRIED AMONG THE FIFTY FIVE INFANTS RECEIVING THE MOST EFFECTIVE DOSE ONLY THIRTEEN OR TWENTY FOUR PERCENT REQUIRED PHOTOTHERAPY RESEARCHERS REPORTED AND THE INFANTS REQUIRED AN AVERAGE OF ONLY FORTY EIGHT HOURS OF LIGHT EXPOSURE IN CONTRAST AMONG ONE HUNDRED EIGHTY TWO CONTROL INFANTS WHO RECEIVED SHOTS OF SALINE PLACEBO ONE HUNDRED THIRTEEN OR SIXTY TWO PERCENT NEEDED AN AVERAGE OF SEVENTY SEVEN HOURS OF PHOTOTHERAPY TO CLEAR THEIR JAUNDICE THE NEW DRUG APPEARED FREE OF ADVERSE EFFECTS EXCEPT FOR A SLIGHT TEMPORARY REDDENING OF THE SKIN IN A FEW INFANTS IN A SETBACK TO VIACOM INCORPORATED'S BID FOR PARAMOUNT COMMUNICATIONS INCORPORATED SHARES OF VIACOM PLUNGED SIX POINT SEVEN PERCENT YESTERDAY ON NEWS OF THE CABLE T. V. PROGRAMMER'S PROPOSED TAKEOVER OF BLOCKBUSTER ENTERTAINMENT CORPORATION IN A DRAMATIC MOVE TO RAISE MORE CASH TO COMPETE AGAINST RIVAL Q. V. C. NETWORK INCORPORATED'S OFFER FOR PARAMOUNT VIACOM LATE FRIDAY ANNOUNCED PLANS TO ACQUIRE BLOCKBUSTER A VIDEO AND MUSIC RETAILER FOR STOCK AND OTHER SECURITIES VALUED AT EIGHT POINT FOUR BILLION DOLLARS BLOCKBUSTER ALSO AGREED TO PAY VIACOM ONE POINT TWO FIVE BILLION DOLLARS FOR TWENTY THREE MILLION SHARES OF VIACOM CLASS B. STOCK IN ORDER TO ENABLE VIACOM TO RAISE THE CASH PORTION OF ITS CASH AND STOCK BID FOR PARAMOUNT BUT THE TWO DOLLAR AND SEVENTY FIVE CENT DROP IN VIACOM NONVOTING CLASS B. SHARES WHICH CLOSED AT THIRTY EIGHT DOLLARS AND TWENTY FIVE CENTS APIECE ON THE AMERICAN STOCK EXCHANGE CUT THE VALUE OF VIACOM'S BID FOR PARAMOUNT BY ONE HUNDRED FIFTY THREE MILLION DOLLARS TO ABOUT NINE POINT THREE BILLION DOLLARS OR SEVENTY SEVEN DOLLARS AND FIFTEEN CENTS A SHARE THE REDUCED SHARE PRICE MADE IT MORE DIFFICULT FOR VIACOM TO RAISE THE STOCK PORTION OF ITS BID IN ORDER TO COMPETE WITH Q. V. C.'S HIGHER OFFER VALUED AT ABOUT NINE POINT EIGHT BILLION DOLLARS OR EIGHTY ONE DOLLARS AND FIFTY THREE CENTS A SHARE AND IT STUNNED VIACOM ADVISERS WHO HAD PREDICTED THAT SHAREHOLDERS WOULD APPLAUD THE PROPOSED VIACOM BLOCKBUSTER MARRIAGE THE MARKET ACTION FLEW IN THE FACE OF PERSONAL APPEALS YESTERDAY BY VIACOM CHAIRMAN SUMNER REDSTONE AND BLOCKBUSTER CHAIRMAN WAYNE HUIZENGA WHO BOTH TRIED TO PROMOTE THE MERGER AND IT RAISED SPECULATION THAT DIRECTORS AT PARAMOUNT WHOSE STOCK SAGGED ONE POINT EIGHT SEVEN FIVE DOLLARS A SHARE TO SEVENTY SEVEN POINT THREE SEVEN FIVE DOLLARS ON THE NEW YORK STOCK EXCHANGE ON DISAPPOINTMENT THAT VIACOM DIDN'T ATTEMPT TO TOP THE Q. V. C. OFFER MAY ATTEMPT TO ACCELERATE THE SO FAR DESULTORY BIDDING PROCESS AT A BOARD MEETING SCHEDULED FOR TOMORROW SOME PARAMOUNT DIRECTORS WERE DESCRIBED AS IMPATIENT TO GET THE FOUR MONTH OLD CONTEST OVER WITH AND CONCERNED ABOUT VIACOM'S HAVING ADDED TWO WEEKS TO THE PROCEEDINGS WITHOUT SUBSTANTIALLY RAISING THE TOTAL VALUE OF ITS OFFER UNDER THE BIDDING RULES EACH SIDE MUST KEEP ITS OFFER OPEN AN EXTRA TEN BUSINESS DAYS EACH TIME THE OTHER SIDE RAISES ITS BID BUT THE LAST DAY THAT RULE APPLIES IS FEBRUARY FIRST TWO WEEKS BEFORE THE BIDDING TIMETABLE IS SUPPOSED TO END SOME PEOPLE SAID THE BOARD MAY TRY TO REINFORCE OR EVEN MOVE UP THE FEBRUARY FIRST DEADLINE FOR THE BIDDERS TO SUBMIT THEIR BEST BIDS THE BIDDING PROCESS WAS DESIGNED IN RESPONSE TO TWO DELAWARE COURT DECISIONS THAT CRITICIZED PARAMOUNT'S BOARD FOR NOT FAIRLY EVALUATING THE BID BY Q. V. C. WHOSE CHAIRMAN BARRY DILLER IS A LONGTIME RIVAL OF PARAMOUNT CHAIRMAN MARTIN DAVIS IN A STATEMENT YESTERDAY Q. V. C. SAID VIACOM QUOTE VIOLATED THE BIDDING PROCEDURES QUOTE BY NOT RAISING THE TOTAL VALUE OF ITS OFFER AND ASKED THE PARAMOUNT BOARD TO TAKE QUOTE APPROPRIATE ACTION QUOTE IT SAID THAT TWENTY SIX POINT EIGHT MILLION PARAMOUNT SHARES OR TWENTY TWO PERCENT WERE TENDERED TO Q. V. C. AS OF MIDNIGHT FRIDAY SHORT OF THE FIFTY ONE PERCENT NEEDED TO WIN THE CONTEST PARTLY BECAUSE INVESTORS HAD HEARD RUMORS VIACOM WOULD MAKE A BIG INCREASE IN ITS OFFER AND BECAUSE THE ONE HUNDRED FIVE DOLLAR A SHARE CASH COMPONENT BECAME KNOWN WELL BEFORE TRADERS REALIZED THAT VIACOM HAD REDUCED THE SECURITIES IN THE BACK END BECAUSE VIACOM'S NEW BID DIDN'T APPROACH Q. V. C.'S IN TOTAL VALUE SOME TRADERS SPECULATED THAT MR. REDSTONE MAY HAVE MERELY BEEN ATTEMPTING TO BUY TWO WEEKS OF EXTRA TIME IN ORDER TO OBTAIN FINANCING TO BOOST HIS OFFER CRAIG BIBB WHO FOLLOWS BLOCKBUSTER FOR PAINEWEBBER INCORPORATED SAID HE BELIEVES VIACOM'S STOCK DECLINE REFLECTS INVESTORS' BELIEF THAT THE MAGNITUDE OF THE VIACOM BLOCKBUSTER COMBINATION IMPLIES THAT VIACOM IS LIKELY TO RAISE ITS PARAMOUNT BID THE STOCK OF THE BIDDER THAT APPEARS TO BE GAINING IN THE PARAMOUNT BATTLE USUALLY GETS HIT BUT YESTERDAY BOTH BIDDERS' STOCKS DECLINED Q. V. C.'S FELL ONE POINT THREE SEVEN FIVE DOLLARS A SHARE TO THIRTY NINE DOLLARS AND TWENTY FIVE CENTS ON THE NASDAQ STOCK MARKET MR. BIBB SAID MANY BLOCKBUSTER SHAREHOLDERS WERE DISAPPOINTED THAT THEY DIDN'T GET A PREMIUM FOR THEIR STOCK BUT HE NOTED THAT BLOCKBUSTER ONLY FELL TWENTY FIVE CENTS A SHARE TO TWENTY EIGHT DOLLARS ON THE BIG BOARD WHICH COULD IMPLY THAT TRADERS BELIEVE HIGHER BIDS FROM OTHER PARTIES COULD EMERGE FOR VIACOM TO RAISE ITS BID AGAIN MAY BE EVEN MORE CUMBERSOME THE NEXT TIME BECAUSE UNDER THE TERMS OF THE BLOCKBUSTER VIACOM AGREEMENT BLOCKBUSTER MANAGEMENT HAS AN EFFECTIVE VETO POWER OVER ANY CHANGES IN THE VIACOM OFFER FOR PARAMOUNT ACCORDING TO PUBLIC FILINGS MADE YESTERDAY MR. HUIZENGA CITED THAT VETO POWER IN A CONFERENCE CALL WITH ANALYSTS AND SHAREHOLDERS LATE YESTERDAY HE WAS RESPONDING TO A SHAREHOLDER WHO SAID HE WAS CONCERNED THAT BLOCKBUSTER WOULD BE SWEPT UP IN AN EGO DRIVEN BIDDING WAR FOR PARAMOUNT AT EVER INCREASING PRICE LEVELS MR. HUIZENGA WAS THE FIRST TO HIT THE HUSTINGS TO DRUM UP SUPPORT FOR HIS DEAL YESTERDAY IN AN APPEARANCE ON PUBLIC T. V.'S MORNING BUSINESS REPORT HE SAID HE BELIEVES THAT IF VIACOM DOESN'T SUCCEED IN ACQUIRING PARAMOUNT VIACOM'S STOCK WILL BOUNCE RIGHT BACK TO FIFTY FIVE DOLLARS TO SIXTY DOLLARS HE ALSO SAID THE PICTURE WOULD BECOME CLEARER BY FEBRUARY FOURTEENTH WHICH HE DESCRIBED AS THE DROP DEAD DATE VIACOM'S MR. REDSTONE IN AN APPEARANCE AT A PALM SPRINGS CALIFORNIA MEDIA CONFERENCE HELD BY HIS INVESTMENT BANKER SMITH BARNEY SHEARSON INCORPORATED SAID TOGETHER VIACOM AND BLOCKBUSTER WILL BE THE LARGEST CUSTOMER OF HOLLYWOOD AND RECORD COMPANIES WITH OBVIOUS ADVANTAGES IN PRICE PROMOTION AND OTHERWISE AND WITH VIACOM'S FILM AND TELEVISION LIBRARY OF EIGHT THOUSAND FIVE HUNDRED TITLES BLOCKBUSTER AND VIACOM TOGETHER WILL CONTROL NEARLY THIRTY THOUSAND HOURS OF MOVIES AND TELEVISION SERIES AND MR. REDSTONE SAID VIACOM BOOSTED THE CASH IN ITS BID IN ORDER TO TOP THE BID BY Q. V. C. WHICH IS OFFERING NINETY TWO DOLLARS A SHARE IN CASH FOR FIFTY ONE PERCENT OF PARAMOUNT QUOTE WITHOUT COMPROMISING OUR BALANCE SHEET WITH LESS LEVERAGE AND WITHOUT DILUTION OF SHARE VALUE QUOTE AS FOR THE SECURITIES BEING OFFERED FOR PARAMOUNT'S REMAINING SHARES HE SAID WHAT PARAMOUNT SHAREHOLDERS SHOULD BE ASKING THEMSELVES IS WHERE SIX MONTHS FROM NOW Q. V. C. PARAMOUNT STOCK WOULD TRADE AS OPPOSED TO WHERE VIACOM PARAMOUNT INDEED VIACOM PARAMOUNT BLOCKBUSTER WOULD TRADE ADD THIS ONE TO THE LIST OF BAFFLING QUESTIONS ABOUT BILL CLINTON'S DEALINGS WITH WHITEWATER DEVELOPMENT COMPANY JUST WHAT IN THE WORLD HAS GOTTEN INTO JIM LEACH THE SCHOLARLY SOFT SPOKEN IOWA REPUBLICAN HAS FOR YEARS BEEN CONSIDERED ONE OF THE LEAST PARTISAN MEMBERS OF THE HOUSE A VESTIGIAL MODERATE IN A PARTY THAT HAS MOVED STEADILY RIGHTWARD YET IN THE CONTROVERSY OVER MR. CLINTON'S TIES WITH THE REAL ESTATE DEVELOPMENT AND A FAILED ARKANSAS THRIFT THE FIFTY ONE YEAR OLD CONGRESSMAN HAS SUDDENLY TURNED INTO HIS PARTY'S PIT BULL SNAPPING AT THE PRESIDENT'S ETHICS WITH A FEROCITY THAT WOULD DO NEWT GINGRICH PROUD MR. LEACH HAS BEEN AT THE FOREFRONT OF G. O. P. CALLS FOR AN INDEPENDENT COUNSEL AND A THOROUGH CONGRESSIONAL INVESTIGATION INTO THE ALLEGATIONS ABOUT MR. CLINTON LAST WEEK HE SUGGESTED THE PRESIDENT MIGHT BE GUILTY OF CRIMINAL VIOLATIONS WHILE HE WAS GOVERNOR OF ARKANSAS FOR GOING EASY ON THE FAILED THRIFT MADISON GUARANTY SAVINGS AND LOAN IN RETURN FOR FAVORS HIS G. O. P. COLLEAGUES ARE CLEARLY THRILLED TO HAVE HIM RATHER THAN SOME MORE SHARP EDGED AND IDEOLOGICAL FIGURE LEADING THE CHARGE QUOTE WE IN THE REPUBLICAN PARTY HAVE BEEN LOOKING FOR A LONG TIME TO FIND A PARTISAN BONE IN HIS BODY WE HAVEN'T FOUND ONE SAYS CONSERVATIVE REPRESENTATIVE RICHARD ARMEY OF TEXAS THE CHAIRMAN OF THE HOUSE REPUBLICAN CONFERENCE IF MR. LEACH WHO IS RESPECTED BY EVERYBODY FOR HIS INTELLECT AND PROFESSIONAL WORK HAS SAID THERE ARE SOME SERIOUS PROBLEMS HERE WE NEED TO HAVE AN INVESTIGATION ALL THIS IS PRETTY HEADY STUFF FOR A MAN WHO HAS SPENT MUCH OF HIS POLITICAL CAREER AT ODDS WITH HIS PARTY'S LEADERSHIP AS THE G. O. P. BECAME MORE AND MORE CONSERVATIVE AFTER HIS NINETEEN SEVENTY SIX ELECTION TO CONGRESS MR. LEACH FOUND HIMSELF INCREASINGLY ISOLATED A FORMER CHAIRMAN OF THE RIPON SOCIETY A REPUBLICAN PROGRESSIVE GROUP HE INFURIATED THE REAGAN TEAM A DECADE AGO BY CREATING AN ORGANIZATION CALLED REPUBLICAN MAINSTREAM COMMITTEE TO COMBAT THE PARTY'S RIGHTWARD DRIFT SO HOW DID GENTLEMAN JIM LEACH BECOME THE G. O. P.'S CHIEF BOMB THROWER ON WHITEWATER AS THE TOP REPUBLICAN ON THE BANKING PANEL HE SAYS HE'S FIGHTING TO PROTECT THE RIGHT OF THE MINORITY PARTY TO CARRY OUT INVESTIGATIONS OF POSSIBLE WRONGDOING BY THE MAJORITY IT'S IMPORTANT TO SET A PRECEDENT THAT SAYS WHEN THE MAJORITY PARTY IN CONGRESS IS OF THE SAME PARTY OF THE WHITE HOUSE THAT THE MINORITY SHOULD BE EMPOWERED WHEN IT COMES TO INFORMATION GATHERING DEMOCRATS THOUGH SAY IT'S ALL POLITICS THERE HAS BEEN NO SPECIFIC ALLEGATION OF CRIMINAL WRONGDOING WHAT THERE HAS BEEN IS A SERIES OF POLITICAL ATTACKS VICE PRESIDENT AL GORE SAID ON THE C. B. S. NEWS PROGRAM FACE THE NATION LAST WEEKEND THE EXTREMIST WING OF THE REPUBLICAN PARTY HAS PUSHED PRETTY HARD TO FORCE MR. LEACH TO ATTACK THE PRESIDENT CHARGES HOUSE BANKING COMMITTEE CHAIRMAN HENRY GONZALEZ OF TEXAS WHO HAS REFUSED THE G. O. P.'S DEMAND FOR HEARINGS INTO MADISON GUARANTY ON GROUNDS THAT THE CASE PRESENTS NO NEW LEGISLATIVE ISSUES MR. LEACH'S QUOTE EXCESSIVE PARTISANSHIP IS EASY TO EXPLAIN ADDS DEMOCRATIC REPRESENTATIVE BARNEY FRANK OF MASSACHUSETTS HE'S HAD A CHANGE OF LIFE SITUATION MR. FRANK SAYS HE'S NOW THE RANKING REPUBLICAN ON THE HOUSE BANKING COMMITTEE ELECTED BY THE CAUCUS IF HE HADN'T DONE THIS THEY WOULD HAVE BEEN AFTER HIM AND HE MIGHT HAVE RISKED LOSING HIS POST TO A MORE CONSERVATIVE COLLEAGUE MR. LEACH ADMITS THAT THE HAPPENSTANCE OF POSITION HAS PUT HIM INTO THE FRAY BUT HE SAYS HE IS BOTHERED BY CHARGES THAT HE'S CONDUCTING A POLITICAL ATTACK AS IF THERE'S SOMETHING DIRTY ABOUT PARTISANSHIP I FEEL QUITE SENSITIVE ON THIS SUBJECT HE SAYS WHITEWATER IT APPEARS OFFENDS HIS SQUEAKY CLEAN GOOD GOVERNMENT SENSIBILITIES THIS AFTER ALL IS A MAN WHO DOESN'T ACCEPT CAMPAIGN CONTRIBUTIONS FROM POLITICAL ACTION COMMITTEES OR NON IOWANS AND ONLY ACCEPTS INDIVIDUAL CONTRIBUTIONS UP TO FIVE HUNDRED DOLLARS HALF THE LEGAL LIMIT MR. LEACH SEEMS GENUINELY ANGRY OVER THE POSSIBILITY THAT MR. CLINTON MAY HAVE VIOLATED WHAT HE CALLS ONE OF THE MORAL LAWS OF HIGH OFFICE QUOTE THAT YOU DON'T SEEK TO ACHIEVE PRIVATE GAIN THROUGH PUBLIC SERVICE QUOTE THERE ARE PERHAPS PERSONAL CONSIDERATIONS AS WELL ONE IS MR. LEACH'S CLOSENESS TO FORMER PRESIDENT GEORGE BUSH THE TWO MET MORE THAN TWO DECADES AGO WHEN MR. LEACH THEN A YOUNG FOREIGN SERVICE OFFICER WAS ASSIGNED TO WORK FOR UNITED NATIONS AMBASSADOR BUSH WITH BITTERNESS MR. LEACH NOTES THAT THE SAME LAWMAKERS WHO WON'T INVESTIGATE BILL CLINTON NOW HAD NO RESERVATIONS ABOUT GOING AFTER NEIL BUSH THE FORMER PRESIDENT'S SON IN THE FAILURE OF A DENVER THRIFT THERE IS A SENSE OF INEQUITABLE APPLICATION OF THE RULES OF CONGRESS WHEN IT COMES TO OVERSIGHT HE SAYS AS MR. LEACH SEES IT THE CHARGES AGAINST MR. CLINTON ARE POTENTIALLY FAR MORE SERIOUS THAN THOSE AGAINST NEIL BUSH IN ARKANSAS IT APPEARS THAT CONFLICTS OF INTEREST WERE DEVELOPED WITH THE GOVERNOR WITH NOVEL TECHNIQUES NOT ONLY OF CONTRIBUTING TO A CAMPAIGN BUT FOR REWARDING THE GOVERNOR THROUGH A REAL ESTATE VENTURE CALLED WHITEWATER HE CHARGED IN AN INTERVIEW ON NATIONAL PUBLIC RADIO LAST WEEK THE IMPROPRIETY IS EXTRAORDINARY WHETHER IT GOES BEYOND THE KIND OF CIVIL REMEDY TO THE CRIMINAL DIMENSION IS ONE OF THE GREAT QUESTIONS MR. LEACH SAYS THAT HIS REFERENCE TO POSSIBLE CRIMINAL ACTIVITY STEMS FROM A REFERRAL THAT THE RESOLUTION TRUST CORPORATION THE AGENCY THAT CLEANS UP FAILED S. AND L.S MADE TO THE JUSTICE DEPARTMENT IN SEEKING A CRIMINAL PROBE OF ACTIVITIES BY MADISON GUARANTY THE R. T. C. MENTIONED DEALINGS BETWEEN THE THRIFT AND BILL AND HILLARY RODHAM CLINTON ACCORDING TO REPORTS MR. LEACH CALLS THE MENTION OF A PRESIDENT IN A CRIMINAL REFERRAL CLOSE TO UNPRECEDENTED BUT IMMEDIATELY AFTER RAISING THE POSSIBILITY OF CRIMINALITY BY THE PRESIDENT HE RETREATS BEHIND A CURTAIN OF RESPECT QUOTE EVEN IF THERE IS A BREACH IN THE LAW CIVIL REMEDIES SHOULD BE PURSUED QUOTE HE SAYS THIS IS AN ISSUE THAT COULD EMBARRASS A SIGNIFICANT POLITICAL PLAYER BUT THE PRESIDENCY ITSELF ISN'T IN JEOPARDY THE LAST TIME MR. LEACH ACHIEVED SUCH NATIONAL PROMINENCE WAS IN THE LATE NINETEEN EIGHTIES WHEN HE WARNED OF THE PENDING COLLAPSE OF THE SAVINGS AND LOAN INDUSTRY A DEBACLE HE BLAMES PARTLY ON THE POLITICAL CONTROL OF THE REGULATORY SYSTEM NOW HE WORRIES THAT A CLINTON ADMINISTRATION PROPOSAL TO CONSOLIDATE BANK REGULATORS WOULD ALLOW THE WHITE HOUSE TO CONTROL BANK SUPERVISION THUS IT'S APPROPRIATE TO LOOK AT HOW GOVERNOR CLINTON DEALT WITH BANK REGULATORS IN ARKANSAS HE SAYS THE PRESIDENT HAS STEADFASTLY MAINTAINED HIS INNOCENCE OF ANY WRONGDOING AND JAMES MCDOUGAL THE FORMER OWNER OF MADISON GUARANTY AND THE CLINTONS' PARTNER IN WHITEWATER WAS ACQUITTED IN NINETEEN NINETY OF FEDERAL CHARGES OF VIOLATING BANKING LAW THERE HAS BEEN NO EVIDENCE OF CRIMINALITY AND IF THERE WERE ANY CRIMINAL ACTS COMMITTED THEY WERE COMMITTED DURING THE PRESIDENCIES OF RONALD REAGAN AND GEORGE BUSH AND LEFT UNPROSECUTED SAYS REPRESENTATIVE FRANK HE PREDICTS THAT THE MADISON GUARANTY AFFAIR WILL FADE AWAY SHORTLY AFTER CONGRESS RE ENACTS AN EXPIRED LAW ALLOWING THE COURTS TO APPOINT SPECIAL PROSECUTORS HE EXPRESSES CONFIDENCE THAT AN INVESTIGATION BY A COURT APPOINTED OFFICIAL WOULD QUICKLY EXONERATE MR. AND MRS. CLINTON OF ANY CHARGES MR. LEACH THOUGH INSISTS THERE'S NO WAY OF KNOWING THAT NOW WE HAVE AN INFORMATIONAL GAP HERE HE SAYS IF THE OTHER SIDE WANTS TO SAY THAT ANY SUGGESTION OF IMPROPRIETY IS UNFAIR ALL IT HAS TO DO IS MAKE ALL RECORDS AVAILABLE TO DISPROVE THE CHARGE AND THEY'RE REFUSING TO DO THIS IF THERE IS NOTHING WRONG WHY ARE THEY HIDING WEIRTON STEEL CORPORATION AND THE INDEPENDENT STEELWORKERS UNION AGREED TO A TENTATIVE THREE YEAR CONTRACT FOR FOUR THOUSAND FIVE HUNDRED WORKERS AT THE EMPLOYEE OWNED COMPANY'S STEEL MILL BOTH PARTIES SAID DETAILS WERE NOT RELEASED PENDING RATIFICATION BY THE UNION BOTH SIDES INDICATED THAT THEY WERE SATISFIED WITH THE AGREEMENT IN A BID TO BRING ITS NEWSPAPERS INTO THE BROADCAST ARENA KNIGHT RIDDER INCORPORATED IS LAUNCHING A NIGHTLY TELEVISION REPORT IN PHILADELPHIA BASED ON STORIES AND INTERVIEWS FROM ITS PHILADELPHIA INQUIRER THE PROGRAM CALLED QUOTE THE INQUIRER NEWS HOUR QUOTE WILL AIR SEVEN NIGHTS A WEEK STARTING THIS SUMMER ON A TRIBUNE COMPANY STATION THE NEWSPAPER STATION IS PERHAPS ONE OF THE MOST AMBITIOUS ATTEMPTS TO CARRY THE NEWSPAPER INDUSTRY INTO TELEVISION IF THE STATION IS SUCCESSFUL KNIGHT RIDDER SAID IT WILL START SIMILAR VENTURES IN ITS OTHER NEWSPAPER MARKETS AND PERHAPS EVEN A TWENTY FOUR HOUR NEWS STATION KNIGHT RIDDER DECLINED TO DISCUSS START UP COSTS OR WHAT EFFECT THE OPERATION MIGHT HAVE ON EARNINGS BUT THE STATION WHICH WILL BE RUN BY A NEW SUBSIDIARY KR VIDEO INCORPORATED IS EXPECTED TO BE PROFITABLE WITHIN A REASONABLE AMOUNT OF TIME SAID CLARK HOYT VICE PRESIDENT NEWS ANALYSTS ESTIMATED THE LOSS THIS YEAR COULD BE AT LEAST TWO MILLION DOLLARS IN NINETEEN NINETY TWO KNIGHT RIDDER REPORTED EARNINGS OF FORTY POINT NINE MILLION DOLLARS OR SEVENTY FOUR CENTS A SHARE ON REVENUE OF TWO POINT THREE THREE BILLION DOLLARS IT WILL COST A FEW PENNIES A SHARE IN NINETEEN NINETY FOUR SAID ERIC PHILO OF GOLDMAN SACHS AND THEY MAY NOT NEED THAT VIDEO PROGRAMMING EXPERIENCE FOR A COUPLE OF YEARS BUT WHEN THEY DO THIS WILL GIVE THEM A HEAD START THE AIM OF THE PROJECT IS TO PROVIDE A WIDER AUDIENCE FOR INQUIRER NEWS AND TO GIVE KNIGHT RIDDER A FOOTHOLD IN THE VIDEOPRODUCTION BUSINESS WHICH WILL PLAY A LEADING ROLE IN THE EMERGING MULTIMEDIA THEATER THERE ARE A LOT OF PEOPLE OUT THERE WHO ARE VIEWERS NOT READERS SAID ROBERT J. HALL PUBLISHER AND CHAIRMAN OF THE PHILADELPHIA NEWSPAPERS INCORPORATED AN ARBITRATION PANEL FOUND C. S. FIRST BOSTON INCORPORATED LIABLE FOR MISREPRESENTING THE STABILITY AND LIQUIDITY OF RATNERS GROUP P. L. C. PREFERRED STOCK TO U. S. INVESTORS BUT A THREE MEMBER PANEL OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS REFUSED TO GRANT THE INVESTORS' REQUEST THAT THE C. S. HOLDING UNIT VOID THE RATNERS TRADES AND RETURN INVESTORS' MONEY THE MIXED DECISION IS THE FIRST FINDING OF SEVERAL ARBITRATION AND COURT CASES FILED AGAINST C. S. FIRST BOSTON AND GOLDMAN SACHS AND COMPANY ALLEGING MISREPRESENTATIONS IN THE SALES OF ROUGHLY TWO HUNDRED MILLION DOLLARS IN VARIABLE TERM PREFERENCE SHARES OF RATNERS A BRITISH JEWELRY CONCERN NOW KNOWN AS SIGNET GROUP P. L. C. C. S. FIRST BOSTON AND GOLDMAN HAVE CONTESTED THE ALLEGATIONS WHICH WERE FILED PRIMARILY BY WELL HEELED INVESTORS ALLEGING LOSSES TOTALING FORTY SIX MILLION DOLLARS IN THE AUCTION PREFERRED MARKET IN THE FIRST BOSTON CASE C. M. B. REALTY TRUST AND ITS TRUSTEES ALLEGED THAT THE FIRM MISREPRESENTED THE SHARES AS A QUOTE SAFE AND SECURE INVESTMENT WITH A VERY DECENT YIELD QUOTE AND THAT THE SHARES WOULD BE AUCTIONED EVERY TWENTY EIGHT DAYS FOLLOWING THE TRUST'S PURCHASE OF TWO HUNDRED THOUSAND DOLLARS OF RATNERS SHARES IN JULY NINETEEN NINETY ONE HOWEVER AN OCTOBER NINETEEN NINETY ONE AUCTION WAS CANCELED AND RATNERS'S INVESTMENT RATING WAS DOWNGRADED THE TRUST HAD ASKED FOR TWO HUNDRED THOUSAND DOLLARS IN DAMAGES INCLUDING A REQUEST THAT THE TRADES BE RESCINDED BUT THE ARBITRATORS WITHOUT COMMENT GRANTED THIRTY SEVEN THOUSAND FIVE HUNDRED DOLLARS IN DAMAGES AND NO RECISION THEY DID FIND LIABILITY AGAINST FIRST BOSTON BUT IT'S A MYSTERY AS TO HOW THEY GOT TO THE NUMBER FOR DAMAGES SAID RICHARD GELB A LAWYER IN BOSTON WHO FILED THE CASE ON BEHALF OF THE TRUST C. S. FIRST BOSTON OFFICIALS WEREN'T AVAILABLE TO COMMENT TWO LARGE RATINGS SERVICES SAID THE NUMBER OF DEBT RATING UPGRADES EXCEEDED DOWNGRADES IN NINETEEN NINETY THREE FOR THE FIRST TIME IN ALMOST A DECADE WITH THE BANKING SECTOR SHOWING PARTICULARLY STRONG CREDIT QUALITY IMPROVEMENT STANDARD AND POOR'S CORPORATION ATTRIBUTED THE GAINS TO LOWER INTEREST RATES AND CORPORATE BELT TIGHTENING MOODY'S INVESTORS SERVICE INCORPORATED SAID IT EXPECTS SPECULATIVE GRADE RATINGS TO LEAD THE POSITIVE TREND IN NINETEEN NINETY FOUR S. AND P. SAID THAT FOR THE FIRST TIME SINCE NINETEEN EIGHTY THE NUMBER OF CORPORATE UPGRADES OUTPACED DOWNGRADES UPGRADES THE AGENCY REPORTED TOTALED THREE HUNDRED FORTY THREE COMPARED WITH TWO HUNDRED SIXTY THREE DOWNGRADES IN DOLLAR VOLUME HOWEVER RATINGS WERE LOWERED ON TWO HUNDRED FORTY THREE BILLION DOLLARS OF DEBT AND RAISED ON ONE HUNDRED THIRTY BILLION DOLLARS BECAUSE THE RATINGS OF SEVERAL LARGE ISSUERS WERE LOWERED S. AND P. SAID COMPANIES THAT SAW THEIR RATINGS LOWERED INCLUDE GENERAL MOTORS CORPORATION INTERNATIONAL BUSINESS MACHINES CORPORATION AND AMERICAN EXPRESS COMPANY S. AND P. NOTED MOODY'S ALSO REPORTED A HIGHER VOLUME OF UPGRADES FOR THE FIRST TIME IN NINE YEARS IN NINETEEN NINETY THREE MOODY'S RAISED RATINGS OF ONE HUNDRED SIXTY THREE COMPANIES WHILE LOWERING RATINGS OF ONE HUNDRED FIFTY FOUR CORPORATIONS THIS COMPARED WITH TWO HUNDRED TWENTY SEVEN DOWNGRADES IN NINETEEN NINETY TWO AND ONE HUNDRED THIRTY SIX UPGRADES THE CREDIT QUALITY OF FINANCIAL INSTITUTIONS SHOWED THE MOST IMPROVEMENT LAST YEAR BOTH COMPANIES REPORTED MOODY'S SAID BANKS REPRESENTED FIFTY UPGRADES THE HIGHEST AMOUNT IN THE FINANCIAL SECTOR AS BANK CAPITAL GREW AMONG INSURERS THE RATINGS OF FIFTEEN ISSUERS WERE RAISED AFFECTING EIGHT POINT TWO BILLION DOLLARS IN DEBT WHILE RATINGS OF TWELVE WERE LOWERED AFFECTING THREE POINT FOUR BILLION DOLLARS MOODY'S SAID BOTH CREDIT SERVICES FORECAST POSITIVE RATING TRENDS FOR NINETEEN NINETY FOUR SHOULD OPERATORS OF CABLE TELEVISION SYSTEMS BE REQUIRED TO OFFER LOCAL BROADCASTING FARE SUCH AS FOREIGN LANGUAGE NEWS COOKING SHOWS AND OLD MOVIES OR DO SUCH REQUIREMENTS VIOLATE CABLE COMPANIES' FREE SPEECH RIGHTS THE SUPREME COURT IS POISED TO DECIDE WHETHER CONGRESS INFRINGED THE FIRST AMENDMENT WHEN IT PASSED LEGISLATION TWO YEARS AGO THAT FORCES CABLE OPERATORS TO DEVOTE UP TO ONE THIRD OF THEIR CHANNEL CAPACITY TO LOCAL COMMERCIAL BROADCAST STATIONS AND ADDITIONAL SLOTS TO NONPROFIT EDUCATIONAL PROGRAMS THE CASE WHICH WILL BE ARGUED TOMORROW COULD HAVE RAMIFICATIONS FAR BEYOND THE SO CALLED MUST CARRY DISPUTE THE JUSTICES' DECISION MAY GIVE REGULATORS GUIDELINES FOR IMPOSING TRAFFIC RULES ON THE MUCH ANTICIPATED INFORMATION SUPERHIGHWAY LESS THAN ONE HOUR AFTER THE NINETEEN NINETY TWO CONGRESSIONAL VOTE CABLE GIANT TURNER BROADCASTING SYSTEM INCORPORATED WAS IN FEDERAL COURT HERE CHALLENGING THE MUST CARRY REQUIREMENT NOW TURNER BROADCASTING AND A PLATOON OF CABLE'S MAJOR PLAYERS HAVE TAKEN THE CHALLENGE TO THE SUPREME COURT CONSUMER ADVOCATES CONTEND THAT THE MUST CARRY RULES PROTECT MINORITY ORIENTED AND PUBLIC INTEREST PROGRAMMING THAT OTHERWISE COULD DISAPPEAR BUT FLEDGLING CABLE PROGRAMMERS LIKE THE COURTROOM TELEVISION NETWORK A TWO YEAR OLD JOINT VENTURE OF AMERICAN LAWYER MEDIA L. P. TIME WARNER AND OTHERS OBJECT THAT THE RULES BAR THEM ACCESS TO SOME CABLE SYSTEMS THE CHANNELS THEY SAY ARE CLOGGED WITH MARGINAL LOCALLY BROADCAST SHOWS WHICH CAN RANGE FROM FARM REPORTS TO SITCOM RERUNS THE NEW TELECOMMUNICATIONS HYBRIDS COMPANIES THAT PLAN TO COMBINE TELEPHONE SERVICE WITH ENTERTAINMENT NEWS SHOPPING AND OTHER VIDEO OFFERINGS ARE WATCHING THE CASE AVIDLY IN A BRIEF SUPPORTING THE CABLE INDUSTRY A GROUP OF REGIONAL PHONE COMPANIES SOME OF WHICH ARE MERGING WITH OR INVESTING IN CABLE FIRMS URGE THE JUSTICES NOT TO STIFLE INNOVATION BY GIVING QUOTE LESS FREEDOM TO SPEECH THAT IS DELIVERED OVER ELECTRONIC INFORMATION HIGHWAYS RATHER THAN OVER ASPHALT AND CONCRETE RIGHTS OF WAY QUOTE BUT INDEPENDENT BROADCASTERS WARN IN AN OPPOSING BRIEF THAT A RULING GRANTING THE CABLE INDUSTRY BROAD FIRST AMENDMENT PROTECTION COULD HINDER GOVERNMENT EFFORTS TO OVERSEE THE UNPREDICTABLE EVOLUTION OF INFORMATION TECHNOLOGY PHONE COMPANIES FOR EXAMPLE MIGHT BE ABLE TO DUCK SOME OF THEIR NOW STRINGENT REGULATIONS BY ACQUIRING CABLE INTERESTS ALTHOUGH NEARLY TWO THIRDS OF T. V. WATCHING HOUSEHOLDS ARE WIRED FOR CABLE THE SUPREME COURT HASN'T YET DEFINED THE BURGEONING INDUSTRY'S STATUS UNDER THE FIRST AMENDMENT SHOULD IT ENJOY THE EXTENSIVE PROTECTION ACCORDED THE PRINT PRESS OR THE MORE LIMITED SHIELD GRANTED BROADCAST TELEVISION THE SUPREME COURT ALLOWS GREATER REGULATION OF TELEVISION BECAUSE THE BROADCAST SPECTRUM IS A FINITE PUBLIC ASSET THAT THE FEDERAL GOVERNMENT MUST DIVIDE UP AND SUPERVISE TO PREVENT CHAOS CABLE TELEVISION DELIVERED VIA WIRES HAS HUGE POTENTIAL TO EXPAND BUT CONGRESS FOUND ANOTHER RATIONALE FOR PASSING THE MUST CARRY RULES WHICH WERE INCLUDED IN THE CABLE TELEVISION CONSUMER PROTECTION AND COMPETITION ACT OF NINETEEN NINETY TWO CONGRESS STRESSED THAT AS A RESULT OF CABLE OPERATORS BEING GRANTED EXCLUSIVE LOCAL FRANCHISES AND THE HUGE EXPENSE OF BUILDING MORE THAN ONE SYSTEM IN A COMMUNITY FEW CONSUMERS ARE ABLE TO CHOOSE AMONG COMPETING CABLE COMPANIES AS MORE PEOPLE HAVE SWITCHED TO CABLE FROM OVER THE AIR SERVICE THE CABLE INDUSTRY HAS GAINED AN ADVANTAGE OVER SOME LOCAL BROADCASTERS IN THE COMPETITION FOR ADVERTISING DOLLARS LAWMAKERS ALSO CONCLUDED THAT CABLE SYSTEM OPERATORS HAD GROWING INCENTIVES INCLUDING INVESTMENT IN THEIR OWN CABLE PROGRAMMING TO DROP CERTAIN LOCAL STATIONS FROM THE PACKAGES OFFERED TO CUSTOMERS IN PRACTICE THE MUST CARRY RULES AID A MINORITY OF STATIONS TWENTY PERCENT BY SOME ESTIMATES THAT TEND NOT TO BE AFFILIATED WITH THE MAJOR BROADCAST NETWORKS CABLE OPERATORS ARE EAGER TO CARRY POPULAR PROGRAMMING FROM LOCAL NETWORK AFFILIATES IN FACT A SEPARATE PROVISION OF THE NINETEEN NINETY TWO CABLE ACT WHICH ISN'T AT ISSUE BEFORE THE SUPREME COURT ALLOWS LOCAL STATIONS WITH POPULAR PROGRAMMING TO DEMAND PAYMENT FOR USE OF THEIR SHOWS THE CABLE INDUSTRY'S ATTACK ON THE REGULATIONS WAS REBUFFED BY A SPECIAL FEDERAL COURT IN WASHINGTON THE LOWER COURT SAID THAT CONGRESS LEGITIMATELY WANTED TO PRESERVE DIVERSITY IN PROGRAMMING WITHOUT DICTATING ITS SPECIFIC CONTENT IN ITS APPEAL TO THE SUPREME COURT THE CABLE INDUSTRY DEMANDS THAT IT BE TREATED LIKE THE TRADITIONAL PRESS THE INDUSTRY ARGUES THAT THE MUST CARRY RULES ARE AN UNCONSTITUTIONAL ATTEMPT TO CONTROL EDITORIAL CHOICES MADE BY SYSTEM OPERATORS THE RULES ALSO DISCRIMINATE AGAINST CABLE PROGRAMMERS BY FAVORING WEAK AND LITTLE WATCHED LOCAL BROADCASTERS THE CABLE INDUSTRY CONTENDS WHILE SOME STATIONS MIGHT PERISH WITHOUT THE MUST CARRY CRUTCH CABLE COMPANIES ADD THERE ISN'T HARD EVIDENCE THAT LOCAL BROADCASTING IN GENERAL WOULD SUFFER TO DRAMATIZE THEIR UNHAPPINESS SOME CABLE OPERATORS HAVE BUMPED C. SPAN THE HIGHLY REGARDED CABLE PUBLIC AFFAIRS PROGRAMMER TO MAKE ROOM FOR LOCAL STATIONS AS A RESULT OF THE MUST CARRY RULES IT IS SIGNIFICANTLY MORE DIFFICULT FOR NATIONAL CABLE PROGRAMMERS PARTICULARLY NEW ONES TO REACH THE PUBLIC ASSERTS COURT T. V. IN A FRIEND OF THE COURT BRIEF DESPITE TALK OF FUTURE CABLE SYSTEMS WITH HUNDREDS OF CHANNELS EXISTING SYSTEMS TYPICALLY HAVE THREE OR FOUR DOZEN AND FEW OPENINGS COURT T. V. SAYS THAT MUST CARRY OBLIGATIONS HAVE CAUSED CABLE SYSTEMS IN ILLINOIS AND CALIFORNIA TO SPURN ITS PROGRAMS WHILE SYSTEMS IN NEW JERSEY AND CONNECTICUT HAVE REDUCED ITS HOURS ON THE OTHER SIDE OF THE MUST CARRY COIN IS TELEMUNDO GROUP THE COUNTRY'S SECOND LARGEST SPANISH LANGUAGE T. V. COMPANY WHICH PRODUCES SHOWS AND OWNS STATIONS IN FIFTY THREE LOCAL MARKETS MANY OF THOSE AREAS HAVE BIG HISPANIC POPULATIONS BUT UNTIL RECENTLY MOST CABLE OPERATORS IN TELEMUNDO'S MARKETS EXCLUDED ITS STATIONS AND CARRIED NO SPANISH LANGUAGE PROGRAMMING WHATSOEVER CLAIMS TELEMUNDO NOW TELEMUNDO SAYS ITS STATIONS HAVE BEEN ADDED TO ONE HUNDRED FORTY CABLE SYSTEMS NATIONWIDE THEREBY REACHING AN ADDITIONAL FOUR HUNDRED THOUSAND HISPANIC VIEWERS THE CONSUMER FEDERATION OF AMERICA WHICH IS PARTICIPATING IN THE SUPREME COURT CASE ON BEHALF OF VIEWERS SAYS THAT WITHOUT THE MUST CARRY RULES MANY SMALL STATIONS WILL FAIL IN ITS BRIEF THE CONSUMERS' GROUP PREDICTS THAT VIEWERS WOULD LOSE WHAT HAS BEEN THEIRS FOR DECADES ACCESS TO FREE OVER THE AIR TELEVISION AND THE QUALITY LOCAL PROGRAMMING IT OFTEN PROVIDES HURT MOST SEVERELY AMONG VIEWERS ACCORDING TO THE CONSUMERS' GROUP WOULD BE THE NEARLY FORTY PERCENT OF T. V. OWNING HOUSEHOLDS THAT DON'T RECEIVE CABLE DISPROPORTIONATELY THE YOUNG THE OLD AND THE POOR SMALL NEWSPAPER CHAINS THAT PUBLISH SIMILAR EDITIONS UNDER DIFFERENT MASTHEADS AREN'T ENTITLED TO A LABOR LAW EXEMPTION FROM PAYING OVERTIME TO REPORTERS A FEDERAL APPEALS COURT RULED THE U. S. APPEALS COURT IN PHILADELPHIA SAID NEWSPAPERS THAT SHARE STAFF MANAGEMENT AND CONTENT MUST COMBINE THEIR CIRCULATIONS IN ORDER TO DETERMINE WHETHER THEY QUALIFY FOR THE SMALL NEWSPAPER EXEMPTION THE EXEMPTION APPLIES TO NEWSPAPERS WITH CIRCULATIONS UNDER FOUR THOUSAND OF WHICH THERE ARE ABOUT FOUR THOUSAND THE DECISION CAME IN A LAWSUIT BY THE DEPARTMENT OF LABOR AGAINST GATEWAY PRESS INCORPORATED THE PUBLISHER OF NINETEEN PITTSBURGH AREA SUBURBAN NEWSPAPERS ALLEGING THAT IT OWED ITS REPORTERS AND PHOTOGRAPHERS BACK PAY AND OVERTIME THE LABOR DEPARTMENT SAID GATEWAY'S JOURNALISTS ROUTINELY WORKED MORE THAN FORTY HOURS A WEEK BUT WERE INSTRUCTED NOT TO REPORT MORE THAN FORTY HOURS ON THEIR TIME SHEETS IN RULING AGAINST GATEWAY THE COURT SAID THE PAPERS WEREN'T SEPARATE ENOUGH FROM EACH OTHER TO BE CONSIDERED INDEPENDENT FOR PURPOSES OF THE SMALL NEWSPAPER EXEMPTION AT THE GATEWAY CHAIN AS AT MANY SMALL NEWSPAPER GROUPS RELATED PAPERS SHARE SOME OF THE SAME REPORTERS AND OFFICE SPACE AND PRINT MANY OF THE SAME ADVERTISEMENTS AND STORIES QUOTE BASICALLY IT WIPES OUT THE SMALL NEWSPAPER EXEMPTION EXCEPT FOR INDEPENDENTLY OWNED PAPERS QUOTE SAID MARY SEPUCHA DIRECTOR OF LABOR RELATIONS AT THE NEWSPAPER ASSOCIATION OF AMERICA IT WILL HAVE A SIGNIFICANT IMPACT BECAUSE MANY OF THE SMALL PAPERS THAT DO EXIST TEND TO BE PART OF SUBURBAN CHAINS THE COURT SAID ITS DECISION LAST WEEK WAS THE FIRST TIME A FEDERAL APPEALS COURT HAS RULED ON THE EXEMPTION JAMES A. PROZZI AN ATTORNEY FOR GATEWAY AT THE PITTSBURGH OFFICE OF JACKSON LEWIS SCHNITZLER AND KRUPMAN SAID HE WILL ASK THE ENTIRE APPEALS COURT TO RECONSIDER THE THREE JUDGE PANEL'S DECISION THE COURT ALSO REJECTED GATEWAY'S CLAIM THAT ITS REPORTERS AND PHOTOGRAPHERS WERE ARTISTIC PROFESSIONALS UNDER FEDERAL LABOR LAW WHICH ALSO WOULD HAVE EXEMPTED THEM FROM OVERTIME OTHER COURTS HAVE RULED SIMILARLY ON THIS ISSUE BUT NEWSPAPER ATTORNEYS SAID THE GATEWAY DECISION SET SOME NEW GUIDELINES FOR DETERMINING WHETHER A JOURNALIST'S WORK SHOULD BE DEFINED AS PROFESSIONAL LAWYERS SAID THAT THESE GUIDELINES MIGHT ACTUALLY MAKE IT EASIER FOR LARGE NEWSPAPERS TO DEMONSTRATE THAT ITS JOURNALISTS DO INDEED QUALIFY AS PROFESSIONALS WHO ARE NOT ENTITLED TO OVERTIME PAY JOHN KESTER AN ATTORNEY FOR THE WASHINGTON POST AT THE LAW FIRM WILLIAMS AND CONNOLLY SAID HE WILL CITE THE COURT'S DECISION IN A SEPARATE CASE PENDING AGAINST THE POST IN THAT CASE REPORTERS SEEKING OVERTIME PAY HAVE ARGUED THAT THEIR WORK INVOLVES MORE FACT GATHERING THAN CREATIVITY BUT THE COURT IN THE GATEWAY CASE SAID FACT GATHERING ITSELF CAN BE A PROFESSIONAL SKILL FOR SOME JOURNALISTS SUCH AS INVESTIGATIVE REPORTERS AT MAJOR NEWSPAPERS THE EUROPEAN COURT OF JUSTICE SAID COMPANIES CAN CONTINUE TO CALCULATE CERTAIN PENSION BENEFITS ON THE BASIS OF SEX BASED ACTUARIAL TABLES THE RECENT RULING WAS A VICTORY FOR BRITISH COMPANIES AND THEIR INSURERS WHICH HAVE TRADITIONALLY USED THE TABLES TO GRANT DIFFERENT LUMP SUM BENEFITS TO MEN AND WOMEN ON GROUNDS THAT WOMEN ON AVERAGE LIVE FIVE YEARS LONGER THAN MEN THE DECISION WAS A SETBACK FOR THE EUROPEAN COMMISSION WHICH ARGUED THAT SEX BASED TABLES CAN BE DISCRIMINATORY BECAUSE WOMEN TEND TO LIVE LONGER ANNUITY BASED PENSION SCHEMES HAVE TRADITIONALLY GRANTED THEM LARGER LUMP SUM RETIREMENT PAYMENTS IT'S IN THE PENSION SCHEME'S INTEREST TO GET WOMEN OFF THE ROLLS SOONER BECAUSE OTHERWISE THEY WOULD LIKELY BE PAID OVER A LONGER PERIOD IN A SERIES OF DECISIONS IN THE NINETEEN SEVENTIES AND NINETEEN EIGHTIES THE U. S. SUPREME COURT RULED THAT ANNUITY BASED SCHEMES MUST BE GENDERBLIND ALTHOUGH WOMEN DO INDEED LIVE LONGER THAN MEN ON AVERAGE THE U. S. COURT SAID THAT ISN'T NECESSARILY THE CASE FOR A PARTICULAR MAN AND A PARTICULAR WOMAN WHO ARE PART OF THE SAME SCHEME THUS SUCH A GENDER BASED SYSTEM CAN BE DISCRIMINATORY WADE LAMBERT CONTRIBUTED TO THIS ARTICLE SCORE A BIG ONE FOR THE DARTS IN THE LATEST INVESTMENT DARTBOARD CONTEST FOUR STOCKS CHOSEN BY A RANDOM THROW OF DARTS SURGED FAR AHEAD OF THE PICKS OF FOUR INVESTMENT PROFESSIONALS AND OUTDID THE DOW JONES INDUSTRIAL AVERAGE LED BY COREL CORPORATION A GRAPHICS SOFTWARE MAKER WHOSE STOCK MORE THAN DOUBLED THE DARTS AVERAGED A FORTY TWO PERCENT GAIN IN THE PERIOD FROM JULY SEVENTH TO DECEMBER THIRTY FIRST MEANWHILE THE DOW JONES INDUSTRIALS ROSE EIGHT PERCENT BRINGING UP THE REAR FOUR STOCKS CHOSEN BY THE PROS WHICH AVERAGED A MEAGER TWO POINT TWO PERCENT GAIN THE PROS REMAIN COMFORTABLY AHEAD OF THE DARTS IN A SERIES OF OVERLAPPING SIX MONTH BOUTS BY A MARGIN OF TWENTY FIVE TO EIGHTEEN THEIR RECORD AGAINST THE DOW JONES INDUSTRIALS IS PERILOUSLY CLOSE HOWEVER AT TWENTY TWO TO TWENTY ONE THE PROS LOOK BETTER WHEN AVERAGE GAINS ARE COMPARED IN FORTY THREE CONTESTS OVER THE PAST FOUR YEARS THE INVESTMENT PROFESSIONALS HAVE TURNED IN AN AVERAGE SIX MONTH GAIN OF SEVEN POINT EIGHT PERCENT COMPARED WITH FOUR POINT FOUR PERCENT FOR THE INDUSTRIAL AVERAGE AND THREE POINT FIVE PERCENT FOR THE FORCES OF CHANCE DARTS THROWN AT THE STOCK TABLES BY WALL STREET JOURNAL STAFFERS IN THE LATEST COMPETITION THE DARTS HAD TWO LUCKY PICKS BESIDES COREL'S OUTSTANDING PERFORMANCE SCANDINAVIAN BROADCASTING SYSTEMS S. A.'S STOCK PRICE GAINED FIFTY FOUR PERCENT CAPITAL CITIES SLASH A. B. C. INCORPORATED BOUGHT A TWENTY ONE PERCENT STAKE IN THE FOREIGN BROADCASTER IN NOVEMBER WITH THE RIGHT TO INCREASE ITS HOLDINGS TO TWENTY FIVE PERCENT THE TOP PERFORMING SELECTION AMONG THE PROS WAS GENERAL ELECTRIC COMPANY CHOSEN BY DAVID MORSE PRESIDENT OF FORD INVESTOR SERVICES INCORPORATED IN SAN DIEGO ITS PRICE ROSE ELEVEN PERCENT CLOSE BEHIND WAS ENERGY CONVERSION DEVICES INCORPORATED WITH A TEN PERCENT GAIN IT WAS THE PICK OF STEVE NEWBY PRESIDENT OF NEWBY AND COMPANY A BROKERAGE HOUSE IN ROCKVILLE MARYLAND AS IS THE CUSTOM IN THIS CONTEST THE TWO TOP FINISHERS HAVE BEEN INVITED BACK THEY WILL BE JOINED THIS TIME BY JOHN P. BYE VICE PRESIDENT AND PORTFOLIO MANAGER AT P. N. C. BANK CORPORATION IN PHILADELPHIA AND RICHARD SCHMIDT PRESIDENT OF STELLAR MANAGEMENT INCORPORATED A MONEY MANAGEMENT FIRM IN NAPLES FLORIDA AND EDITOR AND PUBLISHER OF RISK REPORT AN INVESTMENT NEWSLETTER FOR THE COMING SIX MONTHS MR. MORSE IS GOING WITH TOYS QUOTE R. QUOTE US INCORPORATED THE BIG DISCOUNT RETAILER OF TOYS AND CHILDREN'S WEAR I'M A GRANDFATHER OF FOUR HE SAYS AND I SHOPPED AT ONLY ONE CHILDREN'S STORE THIS CHRISTMAS TOYS R. US HE BOUGHT MINICOMPUTERS AND RADIO CONTROLLED CARS FOR HIS GRANDSONS AND A KITCHEN SET FOR AN EIGHTEEN MONTH OLD GRANDDAUGHTER MR. MORSE THINKS THE CHAIN HAS BIG POTENTIAL INTERNATIONALLY DESPITE RECENT DISAPPOINTMENTS WHEN TOYS R. US OPENS OVERSEAS IT'S LIKE WAL MART GOING INTO A SMALL MIDWESTERN TOWN HE SAYS THEY JUST DEMOLISH THE COMPETITION ALTHOUGH INTERNATIONAL SALES DECLINED IN THE LATEST CHRISTMAS SEASON MR. MORSE PREDICTS A TURNAROUND AS ECONOMIC CONDITIONS IMPROVE IN THE U. S. TOYS R. US CONTROLS ABOUT A FIFTH OF THE FOURTEEN BILLION DOLLARS TOY MARKET MR. MORSE CALCULATES THE FAIR VALUE OF TOYS R. US STOCK AT FIFTY EIGHT DOLLARS A SHARE IT TRADED LATE YESTERDAY AT THIRTY EIGHT DOLLARS AND TWENTY FIVE CENTS UP FIFTY CENTS ON THE NEW YORK STOCK EXCHANGE HIS THREE COMPETITORS ALL CHOSE TECHNOLOGY STOCKS MR. NEWBY'S PICK IS HUTCHINSON TECHNOLOGY INCORPORATED A MAKER OF SUSPENSION ASSEMBLIES FOR COMPUTER DISK DRIVES BASED IN HUTCHINSON MINNESOTA MR. BYE LIKES INTEL CORPORATION THE SANTA ANA CALIFORNIA MANUFACTURER OF INTEGRATED CIRCUITS OR COMPUTER CHIPS MR. SCHMIDT IS PINNING HIS HOPES ON BOSTON TECHNOLOGY INCORPORATED OF BOSTON WHICH MAKES HARDWARE AND SOFTWARE FOR VOICE PROCESSING OR VOICE MAIL SYSTEMS HUTCHINSON TECHNOLOGY MAKES ABOUT FIVE MILLION ASSEMBLIES A WEEK MR. NEWBY SAYS AND HAS A SEVENTY PERCENT MARKET SHARE IT HAD A WEAK SECOND HALF AS IT MADE A MANUFACTURING TRANSITION TO MORE PRECISE ASSEMBLIES FOR SMALLER DISK DRIVES HE SAYS AND RIGHT NOW CAN'T MEET DEMAND THAT WILL CHANGE BY THE END OF THE YEAR MR. NEWBY PREDICTS QUOTE IT'S A GOOD POSITION TO BE IN NOT BEING ABLE TO MEET DEMAND QUOTE HE SAYS ADDING THAT THE COMPANY LICENSED ITS TECHNOLOGY TO COMPETITORS MR. NEWBY PREDICTS THAT HUTCHINSON TECHNOLOGY WILL EARN TWO DOLLARS AND FIFTY CENTS A SHARE IN THE CURRENT FISCAL YEAR ENDING SEPTEMBER THIRTIETH COMPARED WITH ONE DOLLAR AND FIFTY EIGHT CENTS LAST YEAR HE THINKS SALES WILL BE ABOUT TWO HUNDRED FIFTY MILLION DOLLARS COMPARED WITH ONE HUNDRED NINETY EIGHT MILLION DOLLARS IN FISCAL NINETEEN NINETY THREE HE THINKS THE STOCK CAN TRADE AT FIFTEEN TIMES EARNINGS WHICH WOULD PUT IT IN THE HIGH THIRTIES BY THE END OF THIS SIX MONTH CONTEST IT TRADED LATE YESTERDAY AT THIRTY TWO DOLLARS AND SEVENTY FIVE CENTS UP TWO DOLLARS AND FIFTY CENTS ON THE NASDAQ STOCK MARKET HUTCHINSON OFFICIALS COULDN'T BE REACHED LATE YESTERDAY TO COMMENT ON THE RISE IN THE STOCK THE STOCK HIT A HIGH OF FIFTY ONE DOLLARS AND TWENTY FIVE CENTS IN NINETEEN NINETY THREE MR. BYE SAYS ONE OF THE THINGS INTEL HAS GOING FOR IT IS THAT IT DOES HAVE CAPACITY TO MEET DEMAND HE EXPECTS DEMAND TO CONTINUE FOR INTEL'S FOUR EIGHT SIX CHIP AND TO BUILD FOR THE NEWER PENTIUM CHIP SHIPMENTS OF THE FOUR EIGHT SIX WHICH SOARED EIGHTY FIVE PERCENT LAST YEAR WILL RISE THIRTY PERCENT TO THIRTY FIVE PERCENT THIS YEAR HE SAYS CALLING THAT A PRETTY GOOD RATE HE THINKS INTEL CAN SHIP SIX MILLION TO SEVEN MILLION PENTIUM CHIPS THIS YEAR THE RESULT WILL BE TWENTY PERCENT EARNINGS GROWTH HE PREDICTS NOTING THAT'S DOUBLE THE GROWTH RATE MANY OTHERS ARE PREDICTING THE STOCK COULD BE TRADING IN THE EIGHTY DOLLARS TO EIGHTY FIVE DOLLAR RANGE IN THE NEXT SIX MONTHS SAYS MR. BYE IT TRADED LATE YESTERDAY ON THE NASDAQ STOCK MARKET AT SIXTY SEVEN DOLLARS UP ONE POINT ONE TWO FIVE DOLLARS IT'S THE KIND OF NAME THAT ONCE IT STARTS TO MOVE IT COULD EASILY EXCEED OUR TARGET MR. BYE SAYS MR. SCHMIDT SEES BOSTON TECHNOLOGY AS A COMMUNICATIONS PLAY A TECHNOLOGY PLAY AND AN EXPORT PLAY OVER THE NEXT SIX MONTHS HE SAYS THERE'S A CHANCE OF EIGHTY PERCENT TO ONE HUNDRED PERCENT PRICE APPRECIATION THE STOCK TRADED LATE YESTERDAY ON THE NASDAQ STOCK MARKET AT NINE POINT SIX TWO FIVE DOLLARS UP TWELVE POINT FIVE CENTS THAT WAS DOWN FROM A HIGH OF TEN POINT EIGHT SEVEN FIVE DOLLARS LAST SUMMER THE COMPANY SELLS ITS VOICE MAIL SYSTEMS TO PHONE COMPANIES AND DIRECTLY TO BIG CORPORATIONS HE SAYS AND ALREADY HAS A LARGE SHARE OF THE EXPORT MARKET QUOTE THEY HAVE ONE HUNDRED PERCENT OF HONG KONG HALF OF JAPAN AND ALL OF BRAZIL QUOTE MR. SCHMIDT SAYS THEY'RE IN A GOOD POSITION TO TAKE ADVANTAGE OF THE OPENING UP OF THE WORLD AND THE TECHNOLOGY REVOLUTION BOSTON TECHNOLOGY ALSO MAKES VOICE MAIL SYSTEMS FOR CELLULAR PHONES FOR THE SIX MONTHS THROUGH JUNE THIRTIETH THE PROS' SELECTIONS WILL COMPETE AGAINST A DARTBOARD PORTFOLIO CONSISTING OF A. L. LABORATORIES INCORPORATED CAGLE'S INCORPORATED CAMCO INTERNATIONAL INCORPORATED AND WATERHOUSE INVESTOR SERVICES INCORPORATED SERVICES SLASH TRADELINE SCANDINAVIAN BROADCASTING UP FIFTY FOUR POINT ONE PERCENT VALASSIS COMMUNICATIONS UP FIVE POINT NINE PERCENT BLAIR CORPORATION DOWN FOURTEEN POINT ONE PERCENT RUSSIAN DEMOCRACY IS DUE TO MAKE A FRESH START TODAY WITH THE OPENING OF THE COUNTRY'S FIRST FREELY ELECTED PARLIAMENT SINCE BEFORE THE NINETEEN SEVENTEEN BOLSHEVIK REVOLUTION PRESIDENT BORIS YELTSIN IS TO GIVE THE KEYNOTE ADDRESS TO THE UPPER HOUSE PRIME MINISTER VIKTOR CHERNOMYRDIN WILL SUPPLY THE OPENING SPEECH TO THE LOWER HOUSE ANTIGOVERNMENT DEMONSTRATORS PLAN TO GATHER NEARBY TO PROTEST THESE EVENTS THEN THE LAWMAKERS WILL GET DOWN TO THE BUSINESS OF CHOOSING SPEAKERS FOR EACH HOUSE AND ORGANIZING A DEMOCRATIC LEGISLATURE'S USUAL PANOPLY OF COMMITTEES AND ORDERS OF BUSINESS WITH RADICAL DIFFERENCES ALREADY BUBBLING UP AMONG THE NEW LAWMAKERS THE FEELING IS THAT RUSSIA'S TODDLING LEGISLATURE HAD BETTER WATCH WHERE IT STEPS UNCERTAIN FUTURE CONFUSION AND DOUBT HANG OVER THE FUTURE OF THE PARLIAMENT A POLITICAL PARFAIT THAT CONTAINS NOT ONLY ADVOCATES OF REFORM BUT ALSO RUSSIA'S RESURGENT COMMUNISTS AND ASCENDANT FASCISTS IN A COALITION BASTED TOGETHER LAST WEEK COMMUNIST FASCIST AND OLD STYLE SOCIALIST DEPUTIES COULD WIELD ABOUT FORTY EIGHT PERCENT OF THE VOTE IN THE POWERFUL LOWER HOUSE OR STATE DUMA GIVEN THE POTENTIAL RIFTS WITHIN THIS COALITION THAT MAY NOT BE ENOUGH TO SHAPE STATE POLICY BUT IT PROBABLY WILL BE ENOUGH TO OBSTRUCT FORWARD MOTION BY PRESIDENT YELTSIN AND THE VARIOUS REFORM FACTIONS THAT MAKE UP ABOUT ONE THIRD OF THE DUMA ASKED IF THERE'S CAUSE TO FEAR THAT RUSSIA'S NEW PARLIAMENT MIGHT END UP AS BIG AN OBSTACLE TO PROGRESS AS ITS PREDECESSOR DEPUTY SERGEI KOVALYOV A VETERAN OF THE PREVIOUS PARLIAMENT SAYS QUOTE THERE IS SUCH A DANGER BUT WE HAVE TO TRY RUSSIA IS ABOUT TO REAP THE FRUITS OF A BIG HASTY AND RATHER SLOPPY POLITICAL MAKEOVER WHICH STARTED WITH EIGHT POLITICAL PARTIES FORMED HURRIEDLY IN THE TWO MONTHS BETWEEN OCTOBER FOURTH WHEN MR. YELTSIN ORDERED TROOPS TO STORM THE OLD PARLIAMENT'S HEADQUARTERS AND THE DECEMBER TWELFTH ELECTIONS THERE IS A NEW CONSTITUTION THAT HANDS MUCH STRONGER POWERS TO THE PRESIDENCY IT ALSO DEFINES THE ROLES OF THE LEGISLATURE'S WEAK UPPER HOUSE THE FEDERATION COUNCIL AND ITS STRONGER LOWER HOUSE THE STATE DUMA THE NAME DUMA IS TAKEN FROM THE LEGISLATURES OF LATE CZARIST DAYS THERE ARE EVEN NEW QUARTERS FOR THE TWO CHAMBER LEGISLATURE WHICH UNDER MR. YELTSIN'S ORDERS WILL BE HOUSED IN TWO SEPARATE BUILDINGS THIS SETUP IS SEEN BY MANY HERE AS AN ATTEMPT BY MR. YELTSIN TO FURTHER DILUTE THE STRENGTH OF THE LEGISLATURE THE DECISION TO RELOCATE THE PARLIAMENT WAS INCORRECT AND EVEN DANGEROUS SAYS MR. KOVALYOV WHO EXPLAINS THAT THE SITUATION IS FRAUGHT WITH POTENTIAL FOR NEW CONFRONTATIONS BETWEEN PRESIDENT AND PARLIAMENT EVEN OVER SMALL ISSUES FOR ALL THAT IS NEW RUSSIA'S LAWMAKERS WILL BE FACING THE SAME OLD PROBLEMS THAT PRODUCED LAST YEAR'S POWER STRUGGLES RUSSIA'S ECONOMY IS STILL SUFFERING FROM DECLINING PRODUCTION FOUR DIGIT ANNUAL INFLATION THE DECAY OF AN ALREADY SHODDY INFRASTRUCTURE RISING CRIME AND CORRUPTION AND A GOVERNMENT THAT KEEPS REWRITING THE RULES BY WHICH IT WILL GOVERN ALL THIS IS SETTING THE SCENE FOR NEW SHOWDOWNS I WOULD LIKE TO SEE NO MORE CONFRONTATION BETWEEN DIFFERENT FACTIONS SAYS DEPUTY MICHAEL LEMESHEV A FIRST TIME PARLIAMENTARIAN WHO IS BROWSING AMONG THE REGISTRATION TABLES IN THE DUMA LOBBY BUT MR. LEMESHEV FURTHER IDENTIFIES HIMSELF AS A MEMBER OF THE LIBERAL DEMOCRATIC PARTY WHOSE LEADER VLADIMIR ZHIRINOVSKY HAS BEEN COURTING SHOWDOWNS FOR YEARS CURRENTLY INFAMOUS IN THE WEST FOR HIS PROPOSALS TO RESTORE RUSSIAN DIGNITY BY INVADING FINLAND ALASKA AND THE BALTIC COUNTRIES MR. ZHIRINOVSKY HAS BEEN PROMISING THAT HE WILL USE HIS RELATIVELY LARGE BLOCK OF SIXTY FOUR SEATS IN THE FOUR HUNDRED FIFTY SEAT DUMA TO LEVER HIMSELF INTO THE JOB AS HEAD OF THE FOREIGN RELATIONS COMMITTEE OR MAYBE FOREIGN MINISTER MR. ZHIRINOVSKY'S CHIEF OPPONENTS IN THE DUMA THE REFORM PARTY RUSSIA'S CHOICE HAVE BEEN FIGHTING BACK TALKS BREAK DOWN THIS WEEKEND RUSSIA'S CHOICE LEADERS WALKED OUT ON TALKS AIMED AT CHOOSING HOUSE LEADERS TOGETHER WITH THE COMMUNIST LIBERAL DEMOCRATIC AND AGRARIAN PARTIES IN A NEWS BRIEFING YESTERDAY RUSSIA'S CHOICE LEADER YEGOR GAIDAR WHO IS ALSO ONE OF MR. YELTSIN'S FIRST DEPUTY PRIME MINISTERS EXPLAINED THAT HIS PARTY HAD BROKEN OFF NEGOTIATIONS BECAUSE THEY WERE INCREASINGLY TURNING INTO SESSIONS WHERE A DISTINCTLY OUTLINED BLOC OF COMMUNISTS AGRARIANS AND L. D. P. REPRESENTATIVES SO TO SAY WERE TRYING TO PUSH FORWARD THEIR OWN PRIORITIES ENDORSING THEM WITH THE MORAL SUPPORT OF RUSSIA'S CHOICE MR. GAIDAR LABELED MR. ZHIRINOVSKY'S NATIONALIST PROPOSALS QUOTE A CALL FOR WAGING WAR QUOTE AND SUGGESTED THAT QUOTE LAW ENFORCEMENT BODIES SHOULD IMMEDIATELY TAKE LEGAL MEASURES TO ASSESS THIS PROPAGANDA OF WAR IN CRIMINAL TERMS QUOTE FAR MORE PRONOUNCED SHOWDOWNS MAY BE IN THE CARDS THE COMMUNIST PARTY HAS BEEN PUSHING FOR THE PARLIAMENT AS ONE OF ITS FIRST ORDERS OF BUSINESS TO HOLD A NO CONFIDENCE VOTE IN MR. YELTSIN'S GOVERNMENT MR. YELTSIN HOWEVER HOLDS THE POWER UNDER CERTAIN CONDITIONS IN THE NEW CONSTITUTION TO DISSOLVE PARLIAMENT HOW THESE PROSPECTS MIGHT PLAY OUT IS HIGHLY UNPREDICTABLE BECAUSE MUCH DEPENDS ON WHAT KIND OF COALITIONS THE LAWMAKERS CONCOCT THE UPPER HOUSE REPRESENTS MAINLY REGIONAL INTERESTS AND DOES NOT LEND ITSELF TO ANY CLEAR PARTY BLOCK IN THE LOWER HOUSE ALONG WITH EIGHT PARTIES ACCOUNTING FOR AT LEAST HALF THE SEATS IN THE DUMA THERE ARE ALSO A SUBSTANTIAL NUMBER OF INDEPENDENTS WHO COULD BE WOOED BY DIFFERENT PARTIES EVEN WITHIN THE PARTIES SAYS ONE WESTERN DIPLOMAT HERE I DON'T THINK THEY'LL GET DISCIPLINE THIS IS RUSSIA HE CALLS HER QUOTE MIRIAM QUOTE SHE CALLS HIM MY GENERAL SHE'S A WEALTHY NEW YORKER WHOSE FORMER FIFTH AVENUE OBJETS D'ART BOUTIQUES BLOSSOMED INTO BURMESE BUSINESS DEALS HE'S A DEVOUT BUDDHIST WHOSE JET FLYING LESSONS AT NEVADA'S NELLIS AIR FORCE BASE EVENTUALLY PROPELLED HIM TO NUMBER TWO IN BURMA'S AIR FORCE AND THEN INTO THE UNLIKELY JOB OF MINISTER OF LIVESTOCK BREEDING AND FISHERIES THEIR LIAISON HAS ALL THE MAKINGS OF A CONVOLUTED BURMESE CINEMA CLASSIC EXCEPT ONE WHAT BRINGS MIRIAM MARSHALL SEGAL AND BRIGADEER GENERAL MAUNG MAUNG TOGETHER ISN'T LOVE IT'S SHRIMP A TINY JOINT VENTURE PROCESSING THEM FOR EXPORT THE SETTING IS A LUSH TEXAS SIZED NATION OF FORTY TWO MILLION PEOPLE THAT WAS SEALED OFF FROM THE MODERN WORLD FOR NEARLY THREE DECADES WRACKED BY SPUTTERING CIVIL WARS FOUGHT BY COMMUNIST INSURGENTS AND SECESSIONIST HILL TRIBES MISRULED SINCE NINETEEN SIXTY TWO BY A MILITARY DICTATOR AND ECONOMICALLY RUINED BY HIS SO CALLED BURMESE WAY OF SOCIALISM ONCE THE WORLD'S BIGGEST RICE EXPORTER BURMA SANK INTO NEAR BANKRUPTCY A RESOURCE RICH BUT UNDEVELOPED SOUTHEAST ASIAN AFTERTHOUGHT WHERE TIME STOOD STILL WATER BUFFALO STILL PLOW FIELDS AND ELEPHANTS HAUL LOGS RANGOON A COMMERCIAL AND SOCIAL MECCA WHEN SINGAPORE AND BANGKOK WERE MALARIAL SWAMPS AND OPIUM DENS SANK INTO MOLDY DECAY NOW LIKE CHINA AND VIETNAM BURMA HAS BEGUN TO OPEN UP AND STIR MARKET ORIENTED REFORMS HAVE BEGUN TO MOVE A MORIBUND ECONOMY SPROUT PRIVATE BURMESE ENTREPRENEURS AND LURE FOREIGN INVESTORS AND BURMESE EXPATRIATES THE U. S. EMBASSY CALLED LAST YEAR'S REPORTED TEN POINT NINE PERCENT GROWTH IN GROSS DOMESTIC PRODUCT A STUNNING RECOVERY FROM YEARS OF SLOW OR NEGATIVE GROWTH AUTHORITIES HAVE STRUCK CEASE FIRE DEALS WITH NINE OF ELEVEN MAJOR ETHNIC INSURGENT GROUPS IT HAS BEEN FIGHTING SINCE THE END OF WORLD WAR TWO THEREBY OPENING ASIA'S LAST FRONTIER WILDERNESS AREA FOR DEVELOPMENT REGIONAL INVESTORS AND GOVERNMENTS ARE ACTIVELY PLANNING A GOLDEN RECTANGLE OF ECONOMIC BOOM WHERE BURMA CHINA LAOS AND THAILAND COME TOGETHER AN AREA LONG KNOWN AS THE OPIUM GROWING GOLDEN TRIANGLE A HUGE THAI FINANCED CASINO IS UNDER CONSTRUCTION THERE NOW THERE'S ONLY ONE PROBLEM HERE BURMA IS RULED BY ONE OF THE WORLD'S MOST LOATHED MILITARY JUNTAS A GROUP OF TWENTY TWO GENERALS WHO SEIZED POWER IN NINETEEN EIGHTY EIGHT UNDER THE BANNER OF THE STATE LAW AND ORDER RESTORATION COUNCIL OR SLORC AND PROCEEDED TO MOW DOWN HUNDREDS OF UNARMED STUDENTS AND OTHER PRO DEMOCRACY DEMONSTRATORS IMPRISON THOUSANDS MORE AND SEND TENS OF THOUSANDS FLEEING INTO EXILE WHICH BRINGS US BACK TO OUR MAIN CHARACTERS GENERAL MAUNG MAUNG A GENTLE MAN WITH A READY SMILE ISN'T A MEMBER OF SLORC BUT AS A CABINET MINISTER HE WORKS FOR SLORC WHICH IS DESPERATE TO EARN HARD CURRENCY SEAFOOD EXPORTS HE SAYS COULD QUICKLY BECOME THE COUNTRY'S BIGGEST HARD CURRENCY EARNER MEANWHILE HIS PARTNER MRS. SEGAL HAS BECOME SLORC'S MOST PASSIONATE AMERICAN DEFENDER EVEN THOUGH SHE DESCRIBES HERSELF AS NOT A POLITICAL PERSON AT ALL SHE HAS ALSO BECOME ONE OF THE MOST VISIBLE AMERICAN INVESTORS IN BURMA WHILE OTHERS FILE SHAREHOLDER RESOLUTIONS CALLING FOR CORPORATE WITHDRAWAL FROM BURMA OF ITS BIGGEST AMERICAN INVESTORS INCLUDING TEXACO INCORPORATED UNOCAL CORPORATION AND AMOCO CORPORATION MRS. SEGAL IS RUNNING A ONE WOMAN CRUSADE TO GET AMERICANS MORE INVOLVED SHE HAS TESTIFIED BEFORE CONGRESS ON SLORC'S BEHALF FETED BURMESE GOVERNMENT DELEGATIONS AT HER CENTRAL PARK WEST APARTMENT IN MANHATTAN BUTTONHOLED POLITICIANS PENNED POSITION PAPERS AND LETTERS TO EDITORS AND BENT TELEPHONE EARS ARGUING THAT SLORC IS THE MUCHMALIGNED VICTIM OF BAD DIPLOMACY AND BIASED JOURNALISM SHE WANTS THE U. S. TO GRANT BURMA MOST FAVORED NATION TRADING STATUS AND ADOPT THE KIND OF QUOTE CONSTRUCTIVE ENGAGEMENT QUOTE THAT SINGAPORE THAILAND AND CHINA HAVE FOLLOWED TROUBLE IS THIS IS THE SAME SLORC THAT PRESIDENT CLINTON ACCUSED IN MAY OF CREATING A TRAGIC HUMAN RIGHTS SITUATION HE ORDERED A POLICY REVIEW WITH A VIEW TOWARD IMPOSING ECONOMIC OR OTHER SANCTIONS SLORC SAYS REPRESENTATIVE JIM LEACH A REPUBLICAN FROM INDIANA IS AS ODIOUS AS ITS NAME SOUNDS REPUBLICAN REPRESENTATIVE DANA ROHRABACHER OF CALIFORNIA SAYS IT DESERVES GANGSTER STATUS AND THE LAST U. S. AMBASSADOR TO BURMA BURTON LEVIN CALLS SLORC A COLLECTION OF THUGS AND DOPES THE U. S. AND OTHER GOVERNMENTS EXCORIATE SLORC FOR CONTINUING HUMAN RIGHTS ABUSES AND EMBARGO FOREIGN AID HUMAN RIGHTS WATCH CALLS IT A HUMAN RIGHTS PARIAH NOTING THAT IT HAS KEPT AUNG SAN SUU KYI A NOBEL PEACE PRIZE WINNING POLITICAL OPPONENT UNDER HOUSE ARREST FOR FOUR AND ONE HALF YEARS SLORC SAYS SHE'S FREE TO LEAVE THE COUNTRY ANYTIME CRITICS OF SLORC DISMISS THE FIFTY THREE YEAR OLD MRS. SEGAL AS A MISLED MANHATTAN BAUBLEHEAD WHO IS EITHER BEING USED BY A CYNICAL REGIME OR IS A CYNIC HERSELF WHO IS COYLY EMBRACING SLORC TO MAKE MONEY SHE CALLS HERSELF AN ALTRUISTIC MONEYMAKER INTERESTED IN BOTH PROFITING AND HELPING LAST JUNE SHE SET UP A ONE HUNDRED THOUSAND DOLLAR SCHOLARSHIP FUND FOR BURMESE STUDENTS AT BROWN UNIVERSITY MEANWHILE THE COMPANY SHE HEADS MMAI HOLDINGS LIMITED HAS INVESTED MORE THAN FOUR MILLION DOLLARS IN BURMESE VENTURES INCLUDING THE SHRIMP PLANT A FISHING VENTURE AND A CEMENT BAGGING FACILITY THE FIRM REGISTERED IN THE BRITISH WEST INDIES INCLUDES AS A PARTNER THE PEREGRINE MERCHANT BANKING GROUP OF HONG KONG AND TEN FRIENDS OF MRS. SEGAL IT IS ALSO NEGOTIATING HOTEL TIMBER DUTY FREE CELLULAR PHONE AIRCRAFT REPAIR EXPATRIATE HOUSING CONSTRUCTION CAR DEALERSHIP AND PHARMACEUTICAL IMPORT VENTURES SHE SAYS SHE ALSO HOPES TO SET UP A CONSULTING COMPANY TO HELP OTHER FOREIGNERS INVEST QUOTE DON'T SELL HER SHORT QUOTE SAYS GERALDINE STUTZ FORMER PRESIDENT OF HENRI BENDEL THE NEW YORK FASHION STORE IN WHICH MRS. SEGAL OPENED THE SUCCESSFUL QUOTE PORTS OF CALL QUOTE BOUTIQUE IN THE MID NINETEEN SIXTIES ANOTHER FRIEND STANLEY MARCUS OF NEIMAN MARCUS SAYS HOWEVER SHE'S SMART AS THE DEVIL ON MATTERS OF FASHION AND TASTE BUT I WOULDN'T APPOINT HER SECRETARY OF STATE NEVERTHELESS MRS. SEGAL ARGUES THAT THE U. S. PUNISHES SLORC BY WITHHOLDING AN AMBASSADOR DENYING AID AND TRYING TO ISOLATE THE REGIME BUT NOT THE MASTERMINDS OF CHINA'S TIANANMEN SQUARE MASSACRE IF THE U. S. THINKS DIPLOMATIC AND ECONOMIC ENGAGEMENT IN CHINA WILL HELP THE CAUSES OF DEMOCRACY AND HUMAN RIGHTS WHY NOT IN BURMA TOO SHE ASKS UNLIKE WITH VIETNAM THE U. S. HASN'T IMPOSED A TRADE EMBARGO ON BURMA MRS. SEGAL WHO BEGAN IMPORTING BURMESE HANDICRAFTS IN NINETEEN SEVENTY EIGHT SAYS SHE DIDN'T START DOING BATTLE FOR THEM UNTIL NINETEEN NINETY ONE WHEN SHE BEGAN TO SEE POSITIVE CHANGES AND BECAME CONVINCED THAT THE NEW GENERATION OF GENERALS RUNNING SLORC WAS SINCERE WITHOUT FOREIGN AID SHE SAYS THEY HAVE DONE MORE TO OPEN UP AND IMPROVE BURMA IN THE PAST THREE YEARS THAN THEIR PREDECESSORS DID IN THE PREVIOUS THIRTY SHE HAS A POINT THEIR PREDECESSOR AND MENTOR GENERAL NE WIN SEIZED POWER IN NINETEEN SIXTY TWO AND LAUNCHED THE DISASTROUS BURMESE WAY OF SOCIALISM AND OTHER POLICIES WITH WHAT HISTORIANS CALL EXTRAORDINARY INEPTITUDE NOT TO MENTION KEEN ATTENTION TO HIS ASTROLOGER NE WIN'S NINETEEN EIGHTY SEVEN DEMONETIZATION OF LARGE BANKNOTES WHICH WIPED OUT THE SAVINGS OF MANY THERETOFORE NONPOLITICAL BURMESE TRIGGERED THE NINETEEN EIGHTY EIGHT PRO DEMOCRACY DEMONSTRATIONS HIS RETIREMENT SLORC'S TAKEOVER AND ITS CRACKDOWN COMPARED TO NE WIN THE MEN OF SLORC COME ON LIKE PROGRESSIVE REFORMERS HOWEVER SLORC BESMIRCHED ITSELF NOT ONLY BY ITS BRUTAL NINETEEN EIGHTY EIGHT CRACKDOWN LIKE CHINA IT ARGUED THE NATION WAS HEADED FOR CHAOS AND ANARCHY BUT ALSO FOR ITS HANDLING OF ELECTIONS IN NINETEEN NINETY SLORC'S PARTY GOT TROUNCED BY A PRO DEMOCRACY COALITION INSTEAD OF STEPPING DOWN SLORC VOIDED THE VOTE DECLARING IT WOULD CONTINUE RULING BY DECREE UNTIL A NEW CONSTITUTION WAS DRAFTED BY A SLORC CONTROLLED CONVENTION AT WHICH CRITICISM OF THE GOVERNMENT IS OFFICIALLY OUTLAWED INDEED IN OCTOBER A CONVENTION DELEGATE AND TEN OF HIS NONDELEGATE SUPPORTERS WERE SENTENCED TO TWENTY YEARS IN PRISON FOR DISTRIBUTING SUPPOSEDLY SUBVERSIVE LEAFLETS AMONG OTHER DELEGATES SLORC SAYS THEY WERE THREATS MRS. SEGAL WHO WASN'T IN BURMA DURING EITHER THE NINETEEN EIGHTY EIGHT CRACKDOWN OR THE NINETEEN NINETY ELECTION DOESN'T DEEM SLORC FAULTLESS UNFORTUNATELY ONE OUTDATED PICTURE ONE STILL SHOT FROZEN IN TIME SEEMS TO RIVET EVERYONE'S ATTENTION SHE WRITES WHILE SLORC'S POSITIVE STEPS SINCE THEN GO UNHEEDED SOME DIPLOMATS IN RANGOON AGREE AND HAVE BEGUN TO MUTE PREVIOUSLY HARSH CRITICISM THESE PEOPLE AREN'T SYRIA NORTH KOREA OR IRAQ SAYS ONE QUOTE IT'S MORE PINOCHET THAN POL POT QUOTE SAYS ANOTHER OTHERS EVEN PRAISE SLORC'S ENERGY AND HARD WORK ITS REPORTED RELEASE OF MORE THAN TWO THOUSAND POLITICAL PRISONERS ITS EFFORTS AT NARCOTICS SUPPRESSION BURMA IS THE WORLD'S BIGGEST OPIUM PRODUCER EVEN ITS ENLIGHTENED POLICIES IN PRESERVING ITS TEAK FORESTS BURMA HAS ABOUT SEVENTY FIVE PERCENT OF THE WORLD'S TEAK RESERVES SLORC'S LEAST BELIEVED ASSERTION IS THAT IT WILL RESTORE DEMOCRACY ALBEIT WITH THE MILITARY PLAYING A LEADING ROLE IN FUTURE GOVERNMENTS THE OBVIOUS MODEL IS INDONESIA INDEED SLORC'S POWERFUL FIRST SECRETARY THE FIFTY FIVE YEAR OLD LIEUTENANT GENERAL KHIN NYUNT LED A FIVE MAN DELEGATION TO INDONESIA JUST BEFORE CHRISTMAS AND AFTER A MEETING WITH PRESIDENT SUHARTO A FORMER REVOLUTIONARY GENERAL HIMSELF CALLED INDONESIA A MODEL OF STABILITY FOR BURMA ACTUALLY BURMA TODAY MORE RESEMBLES INDONESIA TWENTY FIVE YEARS AGO WHEN SUHARTO AND HIS FELLOW GENERALS BROOKED NO OPPOSITION IN THE WAKE OF A BLOODBATH AGAINST SUSPECTED COMMUNISTS THAT LEFT HUNDREDS OF THOUSANDS DEAD AND TENS OF THOUSANDS MORE IN PRISON INDONESIA'S RULERS IN THOSE DAYS HOWEVER HAD TWO THINGS GOING FOR THEM THAT SLORC DOESN'T FIRST THE COLD WAR ALLOWED WESTERN AID TO POUR IN WITH ONLY TOKEN ATTENTION TO HUMAN RIGHTS SECOND INDONESIA HAD A TEAM OF ENLIGHTENED ECONOMIC PLANNERS EDUCATED IN THE WEST AND DEDICATED TO SUHARTO'S COMMITMENT TO NATIONAL DEVELOPMENT NO SUCH COMPETENCE APPEARS TO EXIST IN BURMA FEEDING CRITICS WHO CONTEND THE ANNOUNCED POLICIES ARE MERE WINDOW DRESSING MEANWHILE SLORC TOLERATES NO POLITICAL DISSENSION THEY'VE RELEASED SOME POLITICAL PRISONERS BUT ONLY THE PEOPLE THEY DON'T FEAR SAYS A DIPLOMAT ORGANIZED OPPOSITION HAS BEEN DECIMATED AT LEAST TWENTY SEVEN OPPOSITION POLITICIANS ELECTED IN NINETEEN NINETY REMAIN IN PRISON DIPLOMATS AND BURMESE IN RANGOON SAY SLORC FEARS SOME SORT OF SPONTANEOUS UPRISING AND THEREFORE RULES THROUGH INTIMIDATION ITS NETWORK OF INFORMANTS REPORTING TO THE MILITARY'S VAST INTELLIGENCE APPARATUS WHILE OFFICIALS SAY BURMESE CAN TALK FREELY SEVERAL SLORC OPPONENTS DECLINED TO SPEAK TO OR EVEN BE SEEN WITH A VISITING REPORTER SAYING THROUGH FAMILY MEMBERS OR FRIENDS THAT THEY FEARED REPRISALS THOSE WILLING TO TALK DID SO AT MEETINGS AT OTHER PEOPLES' HOUSES OR OFFICES MUCH THE SAME WAY DISSIDENTS MET JOURNALISTS IN BEIJING SEOUL TAIPEI JAKARTA AND SINGAPORE IN THE PAST ALL THOSE PLACES HOWEVER MANAGED TO BLUNT HUMAN RIGHTS CRITICISM WITH STEADY IMPROVEMENTS IN LIVING STANDARDS ECONOMIC RESULTS IN BURMA CONTINUE TO BE MOSTLY THEORETICAL FOR ALL BUT A TINY CLASS OF BUDDING ENTREPRENEURS WHEN SLORC ABANDONED SOCIALISM AND OPENED THE COUNTRY TO FOREIGN INVESTORS IN NINETEEN EIGHTY EIGHT INVESTORS WERE SLOW TO ARRIVE THIS WAS POSSIBLY BECAUSE IN A MOVE OF EXTRAORDINARY INEPTITUDE SLORC RENAMED THE COUNTRY MYANMAR BURMA WAS THE NAME BRITISH COLONIALISTS CHOSE THEREBY LOWERING ITS PROFILE CONSIDERABLY NEVERTHELESS SLORC SAYS NEARLY TWO BILLION DOLLARS IN INVESTMENTS MOST OF THEM IN OIL AND GAS PROJECTS AND TOURIST HOTELS HAS BEEN PLEDGED MUCH OF IT IN THE PAST TWO YEARS THE GOVERNMENT SAYS IT WANTS TO BUILD A SKI RESORT IN THE BURMESE HIMALAYAS THUS FAR SLORC HAS CONCENTRATED ITS EFFORTS ON UNIFYING A NATION THAT BRITISH COLONIALISTS IN NINETEEN FORTY EIGHT LEFT DEEPLY DIVIDED INTO ETHNIC ENCLAVES STARTING WITH THE WA GROUP WHICH TURNED AGAINST ITS BURMESE COMMUNIST PARTY OVERLORDS IN NINETEEN EIGHTY NINE SLORC HAS OFFERED LIMITED REGIONAL AUTONOMY AND DEVELOPMENT AID IN EXCHANGE FOR PEACE THE POWERFUL KACHINS ARE THE LATEST TO MAKE A DEAL THE TWO HOLDOUTS THE KARENS AND MONS ARE WAVERING IN RANGOON OVER THE CHRISTMAS HOLIDAYS MEANWHILE MRS. SEGAL HAS BEEN BUSILY PURSUING HER BUSINESS INTERESTS IN HER YEARS OF BUYING BURMESE HANDICRAFTS SHE GOT TO KNOW MANY OF THE MEN WHO NOW RUN THE COUNTRY IN NINETEEN NINETY WITH SLORC EAGER TO DEMONSTRATE ITS OPENNESS TO FOREIGN INVESTORS BUT OUTSIDERS STILL LEERY MRS. SEGAL SIGNED A JOINT VENTURE WITH GENERAL MAUNG MAUNG'S FISHERIES MINISTRY FOR EXCLUSIVE FISHING RIGHTS TO SOME FOUR HUNDRED THOUSAND SQUARE MILES OF DEEP WATER OFFSHORE TERRITORY THE COMPANY NAMED THE MYANMAR AMERICAN FISHERIES COMPANY MAFCO SUBSEQUENTLY SUBLET THE RIGHTS TO A CHINESE TRAWLING COMPANY BASED IN SPAIN WANG KAI DI CHINA'S ECONOMIC AND COMMERCIAL ATTACHE IN RANGOON SAYS HE HELPED PERSUADE THE CHINESE COMPANY TO JOIN MAFCO BECAUSE AROUND RANGOON MRS. SEGAL HAD A LOT OF GANXI THE CHINESE WORD FOR CONNECTIONS AND PULL THE CHINESE BEGAN FISHING IN OCTOBER MRS. SEGAL'S SIXTEEN PAGE PRESS KIT WHICH SHE PROFFERS IN LIEU OF A RESUME INCLUDES PHOTOS AND NEWSPAPER CLIPS OF HER MEETINGS WITH TOP BURMESE OFFICIALS INCLUDING GENERAL KHIN NYUNT AND U. KO LAY RANGOON'S MAYOR THE BIOGRAPHICAL SECTION DESCRIBES HER AS BEING QUOTE AN ACCOMPLISHED PERSON WHO RODE AT THE FRONTIERS OF AND EXEMPLIFIED THE TRENDS OF HER TIMES QUOTE THE MONTREAL GAZETTE IS QUOTED AS ATTRIBUTING HER BUSINESS SUCCESS TO HER ABILITY TO ADAPT MYSTERIOUS EASTERN OBJECTS TO THE WAY OF LIFE OF UPPER CRUST NORTH AMERICANS GENERAL MAUNG MAUNG MET SOME OF THE LATTER IN A VISIT TO THE U. S. IN APRIL THAT MRS. SEGAL ARRANGED THE FIRST BY A BURMESE OF CABINET RANK IN THIRTY THREE YEARS SHE HAS ALSO DEVELOPED AN ABILITY TO EXPLAIN EASTERN WAYS WHEN AN ASIAN MAGAZINE PUBLISHED PHOTOS RECENTLY OF BURMESE CHAIN GANGS BUILDING ROADS SHE TELEPHONED A REPORTER FROM HONG KONG TO SAY THOSE ARE MURDERERS AND DRUG ADDICTS NOT POLITICAL PRISONERS SHAKEN BY THE UPRISING IN THE STATE OF CHIAPAS AND INCIDENTS OF TERRORISM IN THE CAPITAL INVESTORS FLED MEXICAN STOCKS YESTERDAY SENDING THE MARKET INTO ITS WORST DROP IN MORE THAN FOUR YEARS THE MEXICAN MARKET'S KEY I. P. C. INDEX WAS OFF ONE HUNDRED SIXTY FIVE POINT NINE TWO POINTS AT TWO THOUSAND FOUR HUNDRED FIFTY NINE POINT ONE ONE A LOSS OF SIX POINT THREE PERCENT VOLUME WAS A MODERATELY HEAVY ONE HUNDRED THIRTY THREE POINT NINE MILLION SHARES THE DOW JONES MEXICO INDEX LOST ELEVEN POINT FIVE SIX POINTS OR SIX POINT TWO PERCENT TO ONE HUNDRED SEVENTY SIX POINT OH NINE A SERIES OF TERRORIST BOMBINGS IN THE CAPITAL AND IN OTHER LOCALES OVER THE WEEKEND SEEMED TO HEIGHTEN INVESTORS' FEARS THAT SOCIAL UNREST IS SPREADING IN MEXICO AND LATE YESTERDAY PRESIDENT CARLOS SALINAS DE GORTARI ANNOUNCED A DRAMATIC SHAKE UP OF HIS CABINET REPLACING HIS MINISTER OF THE INTERIOR PATROCINIO GONZALEZ A FORMER GOVERNOR OF CHIAPAS QUOTE THE PROBLEM IS DEFINITELY BIGGER THAN PEOPLE THOUGHT QUOTE SAID SERGIO SANCHEZ GARCIA HEAD OF RESEARCH AT MEXICAN BROKER INVERLAT WITH TERRORIST GROUPS NOW ALIGNING WITH THE CHIAPAS GUERRILLAS THE UPHEAVAL HAS TURNED INTO SOMETHING THAT IS GOING TO LAST FOR MONTHS HE SAID THE QUESTION NOW IS WHAT WILL BE THE ECONOMIC IMPACT ON MEXICO CERTAINLY MEXICO WON'T ESCAPE THE EVENTS OF JANUARY WITHOUT SOME ECONOMIC EFFECT IF FOREIGN INVESTORS START AN EXODUS OUT OF MEXICAN ASSETS THEN SHORT TERM INTEREST RATES WHICH HIT THEIR LOWEST LEVELS EVER LAST MONTH WOULD CERTAINLY HAVE TO CLIMB TO ATTRACT THEM BACK A RISE IN INTEREST RATES COULD SLOW A MUCH NEEDED RECOVERY IN THE ECONOMY HERE PROMPTING MORE SELLING IN THE STOCK MARKET MR. SANCHEZ GARCIA SAID THAT AT THE LEAST THE GOVERNMENT WILL RESORT TO HIGHER SPENDING IN NINETEEN NINETY FOUR THAT WILL PUSH THE COUNTRY INTO A FISCAL BUDGET DEFICIT OF ONE PERCENT TO TWO PERCENT OF GROSS DOMESTIC PRODUCT THAT WILL KEEP MEXICAN INFLATION FROM FALLING LOWER THAN ITS CURRENT LEVEL OF ABOUT EIGHT PERCENT HE SAID DOMESTIC INVESTORS TRADERS SAID WERE HEAVIER SELLERS THAN FOREIGNERS YESTERDAY IF YOU LOOK AT THE STOCKS THAT REALLY GOT HIT IT WAS THOSE HELD BY LOCAL INVESTORS SAID JONATHAN BEATSON HIRD DIRECTOR OF LATIN AMERICAN EQUITIES AT BARING SECURITIES MEXICAN INVESTORS TYPICALLY HOLD A DIFFERENT CLASS OF SHARES THAN FOREIGN INVESTORS A SIGN THAT THERE WAS NO LARGE FLIGHT OF FOREIGN CAPITAL OUT OF MEXICO WAS SEEN IN THE MODERATE DROP IN THE PESO THE CURRENCY DECLINED SLIGHTLY MORE THAN ONE CENTAVO TO THREE POINT ONE ONE FOUR FIVE PESOS AGAINST THE DOLLAR COMPARED WITH THREE POINT ONE OH FOUR OH PESOS FRIDAY IT IS A VERY NERVOUS PESO MARKET BUT THERE HASN'T BEEN LARGE SELLING SAID JOHN LIEGEY PRESIDENT OF WESTIN GROUP IN NEW YORK MEXICAN GOVERNMENT BANK DEBT REPACKAGED INTO BRADY BONDS ALSO FELL YESTERDAY THE BENCHMARK THIRTY YEAR MEXICAN QUOTE PAR QUOTE BOND FELL TO EIGHTY THREE AND ONE EIGHTH DOWN ABOUT ONE HALF POINT OR FIVE DOLLARS FOR EACH ONE THOUSAND DOLLAR FACE AMOUNT MEXICAN STOCK INVESTORS HAVE A BIG INCENTIVE TO TAKE PROFITS MANY ISSUES SUCH AS CEMENT MAKER APASCO WERE UP MORE THAN ONE HUNDRED PERCENT LAST YEAR MOST OF US HAVE HUGE GAINS SAID PABLO MANCERA DE A. TREASURER OF GRUPO SANTANDER MEXICO AND MANAGER OF THE EMERGING MEXICO FUND THE STOCK MARKET WAS OVERVALUED A CORRECTION WOULD HAVE COME ANYWAY HE SAID ADDING THAT MANY MEXICAN COMPANIES WILL REPORT WEAK FOURTH QUARTER EARNINGS IN COMING DAYS AMONG SPECIFIC MEXICAN SHARES TELEFONOS DE MEXICO FELL ONE AND ONE EIGHTH TO SIXTY FIVE AND ONE HALF ON THE NEW YORK STOCK EXCHANGE ON REPORTS THAT THE MEXICAN GOVERNMENT IS PLANNING THE SALE OF ITS REMAINING STAKE IN THE COMPANY GLASS MAKER VITRO TUMBLED THREE QUARTERS TO TWENTY ONE AND ONE HALF ON THE BIG BOARD ON THE MEXICAN BOLSA CONGLOMERATE GRUPO CARSO FELL ONE PESO TO THIRTY ONE POINT FIVE OH PESOS TEN DOLLARS AND THIRTY CENTS CLASS C. SHARES OF RETAILER CIFRA FELL FOURTEEN CENTAVOS TO EIGHT POINT SEVEN TWO PESOS BANACCI CLASS C. SHARES FELL FIFTY CENTAVOS TO TWENTY EIGHT POINT FIVE OH PESOS MEXICAN STOCKS FELL ON MONDAY BY THE BIGGEST AMOUNT IN MORE THAN FOUR YEARS VOLUME WAS ONE HUNDRED THIRTY THREE POINT NINE MILLION SHARES AN ARTICLE YESTERDAY SAID INCORRECTLY THAT THE DECLINE WAS THE MARKET'S BIGGEST EVER AND IT MISSTATED VOLUME AT TWO POINT SIX MILLION SHARES U. K. HOTELS AND LEISURE COMPANY LADBROKE GROUP P. L. C. AND FINANCIAL INVESTMENT GROUP M. A. I. P. L. C. ANNOUNCED THEIR ANTICIPATED BID TO OPERATE BRITAIN'S EMBRYONIC NATIONAL LOTTERY THE TWO GROUPS HAVE STARTED A JOINT VENTURE GAMES FOR GOOD CAUSES P. L. C. SUPPORTED BY FINANCIAL ADVISER KLEINWORT BENSON AND A JOINT VENTURE BETWEEN AMERICAN TELEPHONE AND TELEGRAPH COMPANY AND A. T. AND T.'S N. C. R. CORPORATION LADBROKE SAID IT EXPECTS ONE BILLION POUNDS ONE POINT FOUR NINE BILLION DOLLARS A YEAR COULD BE GENERATED FOR CHARITY AND FIVE HUNDRED MILLION POUNDS SEVEN HUNDRED FORTY SIX POINT EIGHT MILLION DOLLARS FOR TAXPAYERS THE LOTTERY IS EXPECTED TO BECOME THE WORLD'S LARGEST SIXTY PERCENT OF BRITISH ADULTS ARE EXPECTED TO PLAY EVERY WEEK LADBROKE AND M. A. I. WOULD OWN ONE THIRD OF THE EQUITY IN THE VENTURE WITH INSTITUTIONAL INVESTORS HOLDING THE REMAINDER LADBROKE SAID THE CHIEF EXECUTIVE OF GAMES FOR GOOD CAUSES WOULD BE MALCOLM HUGHES MANAGING DIRECTOR OF ITS VERNONS POOL UNIT FOR THE PAST FOUR YEARS IN LONDON STOCK EXCHANGE TRADING LADBROKE CLOSED AT TWO HUNDRED PENCE TWO POINT NINE EIGHT SEVEN DOLLARS UP SIX PENCE A SUIT IN BRITAIN'S HIGH COURT ALLEGES THAT BRITISH CONGLOMERATE LONRHO P. L. C. PAID ABOUT FIVE HUNDRED FIFTY THOUSAND POUNDS EIGHT HUNDRED TWENTY ONE THOUSAND FOUR HUNDRED TWENTY FIVE DOLLARS TO A SENIOR EXECUTIVE OF HOUSE OF FRASER HOLDING P. L. C. TO SUPPLY DAMAGING INFORMATION TO GOVERNMENT REGULATORS ABOUT HIS OWN COMPANY THE SUIT CLAIMS LONRHO PAID THE MONEY TO GRAHAM JONES FORMERLY CHIEF FINANCIAL OFFICER OF HOUSE OF FRASER TO HELP LONRHO CHALLENGE THE NINETEEN EIGHTY FIVE ACQUISITION OF HOUSE OF FRASER BY THE FAYED BROTHERS LONRHO'S FAILED BID TO BUY THE RETAILING GROUP WHICH INCLUDES THE FAMOUS HARRODS DEPARTMENT STORE LED TO A NASTY EIGHT YEAR STRUGGLE AGAINST THE FAYEDS ACCORDING TO THE SUIT FILED BY HOUSE OF FRASER AGAINST ITS FORMER OFFICER MR. JONES WROTE TO THE BANK OF ENGLAND SAYING THAT THE FAYEDS HAD TRIED TO CIRCUMVENT BANKING REGULATIONS LATER A GOVERNMENT INVESTIGATION FOUND THAT THE FAYEDS HAD MISREPRESENTED THEIR ORIGINS WEALTH AND BUSINESS INTERESTS THE BANK OF ENGLAND IN JUNE NINETEEN NINETY ONE FORCED THE FAYEDS TO SURRENDER MANAGEMENT CONTROL OF HARRODS BANK A SMALL BANKING SUBSIDIARY OF HOUSE OF FRASER ALTHOUGH THE BROTHERS RETAIN CONTROL OF ITS NONVOTING SHARES A SPOKESMAN FOR THE FAYEDS SAID THE SUIT SEEKS TO QUOTE RECOVER SUBSTANTIAL DAMAGES FOR THIS BREACH OF CONTRACT QUOTE MR. JONES COULDN'T BE REACHED FOR COMMENT OFFICIALS OF LONRHO WHICH ISN'T A PARTY TO THE SUIT DIDN'T RETURN PHONE CALLS SEEKING COMMENT BRUCE B. CHURCHILL WAS NAMED SENIOR VICE PRESIDENT OF FINANCE AT FOX THE ENTERTAINMENT PROGRAMMING AND BROADCASTING SUBSIDIARY OF NEWS CORPORATION BASED IN AUSTRALIA HE SUCCEEDS LAWRENCE JACOBSON THIRTY FOUR YEARS OLD WHO WAS NAMED SENIOR VICE PRESIDENT OF FINANCE AND ADMINISTRATION OF FOX BROADCASTING COMPANY IN SEPTEMBER MR. CHURCHILL THIRTY SIX PREVIOUSLY WAS WITH PARAMOUNT TECHNOLOGY GROUP A UNIT OF PARAMOUNT PICTURES WHERE HE MANAGED THE GROUP'S STRATEGIC INVESTMENT UNIT HELP WANTED BANK TELLERS IN RALEIGH N. C. COMPUTER SALESPEOPLE IN NORTH SIOUX CITY S. D. AND TRUCK DRIVERS EVERYWHERE ON FRIDAY THE LABOR DEPARTMENT REPORTED THAT NATIONAL UNEMPLOYMENT REMAINS RELATIVELY HIGH AT SIX POINT FOUR PERCENT OF THE WORK FORCE IN DECEMBER BUT IN SOME SCATTERED INDUSTRY SECTORS AND REGIONS THERE ARE LABOR SHORTAGES AND JUST AS HIGH UNEMPLOYMENT CAN DAMAGE A REGION'S ECONOMY A TIGHT LABOR POOL CAN HAMPER GROWTH JUST ASK DEL WEBB CORPORATION THE HOME BUILDER SAID ITS BUSINESS IS OFF IN THE PHOENIX AREA BUT ONLY BECAUSE IT LACKS ENOUGH WORKERS TO FILL ALL OF ITS ORDERS QUOTE WITH THE RESURGENCE OF HOME BUILDING THROUGHOUT THE SOUTHWEST EXCEPT FOR CALIFORNIA WE'RE SEEING EVERYTHING FROM MINOR LABOR SHORTAGES TO SIGNIFICANT ONES QUOTE SAID PHIL DION THE COMPANY'S CHAIRMAN IT'S DRIVING UP COSTS AND PRICES AND IN SOME CASES SKILLED LABORERS ARE MAKING A THIRD TO FIFTY PERCENT MORE THAN TWO YEARS AGO REEVES NEBLETT CHAIRMAN OF SHELBY DIE CASTING COMPANY IN SHELBY MISSISSIPPI SAID THAT ALTHOUGH THE UNEMPLOYMENT RATE IN HIS COUNTY EXCEEDS THE NATIONAL AVERAGE HE CAN'T FIND ENOUGH MACHINISTS AND TECHNICIANS WE'VE ADVERTISED AND WE'RE WILLING TO PAY PEOPLE MORE THAN SHELBY'S CURRENT EIGHT DOLLARS TO TWELVE DOLLAR HOURLY RATE HE SAID BUT IT'S TOUGH TO GET TRAINED WORKERS TO MOVE TO SHELBY ECONOMISTS SAY THAT WITH THE EXCEPTION OF THE TRUCKING INDUSTRY WHERE DEMAND FOR DRIVERS FAR EXCEEDS SUPPLY THE U. S. AS A WHOLE WON'T FACE LABOR SHORTAGES ANYTIME SOON BUT IN SCATTERED SECTIONS OF THE COUNTRY AND IN SEGMENTED MARKETS FOR CERTAIN KINDS OF SKILLS THERE ARE LABOR BOTTLENECKS SAID ALLEN SINAI CHIEF ECONOMIST AT LEHMAN BROTHERS INCORPORATED MR. SINAI ATTRIBUTES THESE BOTTLENECKS PARTLY TO A WIDER VARIETY OF JOB ALTERNATIVES FOR PEOPLE IN THE LABOR FORCE AND TO SKILLED PEOPLE WHO THOUGH LAID OFF CAN AFFORD TO BE SELECTIVE ABOUT THE JOBS THEY TAKE BECAUSE THEY'RE CURRENTLY LIVING OFF SEVERANCE PACKAGES THE U. S. EMPLOYMENT SERVICE HAS IDENTIFIED TEN OCCUPATIONS WHERE LABOR IS IN PARTICULARLY SHORT SUPPLY PRIMARY CARE PHYSICIANS FOR EXAMPLE ARE NEEDED IN WEST VIRGINIA CHEMISTS ARE IN DEMAND IN CALIFORNIA MASSACHUSETTS MISSOURI NEW JERSEY NEW YORK AND TEXAS AND CHINESE AND JAPANESE FOOD COOKS SHOULDN'T HAVE TROUBLE FINDING WORK IN PENNSYLVANIA TEXAS AND SEVERAL OTHER STATES BUT THAT JOB ROSTER IS FAR FROM COMPLETE FOR IT DOESN'T TAKE INTO ACCOUNT EMPLOYMENT NEEDS IN SPECIALIZED PROFESSIONS OR SPECIFIC LOCALES WORKERS ARE SO HARD TO COME BY IN SPRINGDALE ARKANSAS THAT TYSON FOODS INCORPORATED A FOOD PROCESSOR BASED THERE SAID IT WILL HAVE TO GO ELSEWHERE TO BUILD FOUR POULTRY PLANTS THAT WILL EMPLOY MORE THAN EIGHT THOUSAND PEOPLE WE'RE HAVING SO MUCH TROUBLE STAFFING THAT WE'RE NOT ABLE TO RUN SOME OF OUR OPERATIONS AT FULL CAPACITY SAID A SPOKESMAN FOR THE COMPANY THE REASON TYSON HAS BIG COMPETITION FOR WORKERS FROM THE NEARBY HEADQUARTERS OF WAL MART STORES INCORPORATED BASED IN BENTONVILLE ARKANSAS AND J. B. HUNT TRANSPORT SERVICES INCORPORATED BASED IN LOWELL ARKANSAS ABOUT TWO HUNDRED THOUSAND PEOPLE OR NEARLY A TENTH OF THE STATE'S POPULATION RESIDE IN THE TWO COUNTIES WHERE THE THREE COMPANIES ARE BASED UNEMPLOYMENT IN THE AREA IS AT A PALTRY TWO POINT SIX PERCENT AND LABOR SHORTAGES OF ALL SORTS QUOTE SEEM TO BE INTENSIFYING QUOTE SAID STEVEN WARD PRESIDENT OF THE LOCAL CHAMBER OF COMMERCE SO TOO IN NORTH SIOUX CITY S. D. SOUTH SIOUX CITY NEBRASKA AND SIOUX CITY IOWA WHERE UNEMPLOYMENT FOR THIS AREA WITH A POPULATION A LITTLE OVER ONE HUNDRED THOUSAND HOVERS AROUND TWO PERCENT TED WAITT CHIEF EXECUTIVE OF GATEWAY TWO THOUSAND A FAST GROWING MARKETER OF PERSONAL COMPUTERS SAID IT'S SO HARD TO FIND WORKERS IN THE SIOUX CITY AREA THAT GATEWAY RECENTLY WENT SEVENTY MILES NORTH TO SIOUX FALLS S. D. TO EXPAND A PROBLEM YES BUT IT BEATS THE OLD DAYS SAID MR. WAITT A NATIVE OF SIOUX CITY SEVERAL YEARS AGO HIS HOMETOWN DEPENDED CHIEFLY ON FARMING AND A BILLBOARD HERALDED THE VIRTUAL DEPRESSION AND LABOR GLUT AT HAND IT READ WILL THE LAST PERSON TO LEAVE SIOUX CITY PLEASE TURN OUT THE LIGHTS CONVINCED THAT SHORT TERM INTEREST RATES WILL REMAIN LOW INVESTORS BULLDOZED STOCK PRICES TO HIGHS DRIVING THE DOW JONES INDUSTRIAL AVERAGE TO ITS FOURTH STRAIGHT RECORD BOND PRICES ENDED MODESTLY LOWER AND THE DOLLAR ROSE IN THE BIGGEST ONE DAY RALLY OF THE NEW YEAR THE DOW JONES INDUSTRIALS ROCKETED FORTY FOUR POINT SEVEN FOUR POINTS TO THREE THOUSAND EIGHT HUNDRED SIXTY FIVE POINT FIVE ONE CLOSING AT ITS HIGH OF THE DAY IN VERY HEAVY TRADING STANDARD AND POOR'S FIVE HUNDRED STOCK INDEX SOARED FIVE POINT THREE SEVEN TO FOUR HUNDRED SEVENTY FIVE POINT TWO SEVEN ALSO A HIGH AND THE NASDAQ COMPOSITE INDEX GAINED THREE POINT SEVEN FIVE TO SEVEN HUNDRED EIGHTY SIX POINT SIX NINE FINISHING JUST SHY OF A RECORD SOME SPECIALIZED STOCK MARKET INDEXES ALSO TURNED IN RECORD BREAKING PERFORMANCES BENEFITTING FROM A DROP IN OIL PRICES TRANSPORTATION STOCKS RALLIED DRIVING THE DOW JONES TRANSPORTATION INDEX UP TWENTY POINT THREE SEVEN POINTS TO ONE THOUSAND EIGHT HUNDRED NINETEEN POINT FIVE EIGHT A HIGH QUOTE THIS IS NOT A BAD MOVIE TO WATCH QUOTE SAID JEFFREY APPLEGATE DIRECTOR OF EQUITY RESEARCH AT C. S. FIRST BOSTON DESPITE FEARS LOW INFLATION WOULD ROB COMPANIES OF THEIR PRICING POWER AND STUNT CORPORATE PROFITS THAT HASN'T BEEN THE CASE INSTEAD HE NOTED THAT A RAFT OF ECONOMIC REPORTS LAST WEEK INDICATED THAT WHILE JOB AND INCOME GROWTH AREN'T RIPROARINGLY STRONG CORPORATE PROFITS ARE LIKELY TO CONTINUE RISING THANKS TO VERY ROBUST WORKER PRODUCTIVITY THAT IS KEEPING A LID ON LABOR COSTS WHAT'S MORE SHORT TERM INTEREST RATES WHICH ARE THE LIFELINE OF THE STOCK MARKET ARE LIKELY TO REMAIN LOW I THINK INVESTORS ARE RECOGNIZING THAT THE ECONOMY IS NOT RUNNING AWAY SO THE RISK OF AN IMMINENT FED TIGHTENING AND LIFT IN INTEREST RATES IS NOT THE THREAT THAT MANY THOUGHT IT WAS A FEW WEEKS AGO SAID STEVEN EINHORN INVESTMENT STRATEGIST AT GOLDMAN SACHS INDEED ANALYSTS SAID THE LATEST EVIDENCE THAT RATES AREN'T DESTINED TO RISE SHARPLY CAME FRIDAY WITH THE WEAKER THAN EXPECTED EMPLOYMENT REPORT THAT ALLAYED WIDESPREAD WORRIES THAT THE FEDERAL RESERVE WOULD MOVE TO RAISE INTEREST RATES SOON RISING INTEREST RATES WOULD LIKELY CHOKE A RALLY IN STOCKS BY DRAWING MONEY OUT OF THE EQUITY MARKET AND INTO FIXED INCOME INVESTMENTS ELAINE GARZARELLI STOCK STRATEGIST AT LEHMAN BROTHERS SAID SHE THINKS THE DOW JONES INDUSTRIALS COULD CLIMB AS HIGH AS FOUR THOUSAND FIVE HUNDRED THIS YEAR AS LONG AS SHORT TERM INTEREST RATES STAY LOW AS SHE IS BETTING IF THAT'S THE CASE SOME OF THE MOST ATTRACTIVE AREAS OF THE STOCK MARKET WILL BE TRUCKING STOCKS REGIONAL BANKS AND SEMICONDUCTOR SHARES SHE SAYS NO DOUBT GAINS IN SOME IMPORTANT OVERSEAS MARKETS HELPED TO SET THE STAGE YESTERDAY FOR A RALLY IN U. S. STOCKS IN ASIA HONG KONG STOCKS REBOUNDED THREE POINT THREE PERCENT AFTER FALLING FOR THREE STRAIGHT DAYS THE SINGAPORE STOCK MARKET ROSE TWO POINT FIVE PERCENT AND MALAYSIA CLIMBED ONE POINT THREE PERCENT MEANWHILE FOREIGN BUYING HELPED TO PUSH THE JAPANESE STOCK MARKET UP ONE POINT EIGHT PERCENT BRINGING ITS CLIMB THIS YEAR TO FIVE POINT EIGHT PERCENT VOLATILITY IS GOING TO REMAIN IN THE REGION IN THE SHORT TERM SAID MICHAEL LAI AN INVESTMENT MANAGER AT LEHMAN GLOBAL ASSET MANAGEMENT LIMITED IN LONDON IN LIGHT OF THE STELLAR PERFORMANCES WE'VE SEEN OVER NINETEEN NINETY THREE THERE IS THE TEMPTATION FOR FUND MANAGERS TO REALIZE SOME OF THE PAPER PROFITS THEY HAVE MADE IN ASIA'S SMALLER STOCK MARKETS WORLD WIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX GAINED ZERO POINT SEVEN SIX TO ONE HUNDRED THIRTEEN POINT TWO FIVE STOCK PRICES ROSE VOLUME TOTALED THREE HUNDRED SEVENTEEN POINT SIX MILLION SHARES ON THE NEW YORK STOCK EXCHANGE WHERE ONE THOUSAND THREE HUNDRED TWENTY SIX ISSUES ROSE AND EIGHT HUNDRED FIFTY TWO FELL BOND PRICES FELL THE TREASURY'S BENCHMARK THIRTY YEAR ISSUE LOST MORE THAN ONE QUARTER POINT OR OVER TWO DOLLARS AND FIFTY CENTS FOR EACH ONE THOUSAND DOLLAR FACE AMOUNT TO YIELD SIX POINT TWO FOUR PERCENT THE DOLLAR STRENGTHENED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT ONE POINT SEVEN THREE FOUR SIX MARKS AND ONE HUNDRED TWELVE POINT TWO FIVE YEN COMPARED WITH ONE POINT SEVEN TWO SEVEN THREE MARKS AND ONE HUNDRED ELEVEN POINT NINE OH YEN FRIDAY THE NIKKEI TWO HUNDRED TWENTY FIVE STOCK AVERAGE FINISHED THREE HUNDRED NINETEEN POINT FOUR THREE POINTS HIGHER AT EIGHTEEN THOUSAND FOUR HUNDRED FORTY THREE POINT FOUR FOUR ALSO REPRESENTING A FIVE POINT EIGHT PERCENT GAIN FOR THE FIRST WEEK OF TRADING THIS YEAR IN TRADING TUESDAY IN TOKYO THE NIKKEI ROSE FORTY ONE POINT NINE ONE POINTS TO CLOSE THE MORNING SESSION AT EIGHTEEN THOUSAND FOUR HUNDRED EIGHTY FIVE POINT THREE FIVE MONDAY'S VOLUME WAS ESTIMATED AT FOUR HUNDRED SEVENTY MILLION SHARES UP FROM THREE HUNDRED TWENTY TWO POINT NINE MILLION SHARES IN THE PREVIOUS SESSION AND THE HIGHEST IN A MONTH GAINERS SWAMPED LOSERS NINE HUNDRED FORTY SEVEN TO ONE HUNDRED TWENTY FOUR THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRST SECTION ISSUES JUMPED TWENTY POINT TWO SEVEN POINTS OR ONE POINT FOUR PERCENT TO ONE THOUSAND FIVE HUNDRED ONE POINT TWO NINE ITS FIRST FINISH ABOVE FIFTEEN HUNDRED SINCE LAST NOVEMBER NINETEENTH IN SOME OTHER ASIAN PACIFIC MARKETS MONDAY INVESTORS WENT SHOPPING IN THE WAKE OF LAST WEEK'S SHARP DECLINES IN THE REGION'S BOURSES SHARE PRICES IN HONG KONG SINGAPORE AND KUALA LUMPUR ALL OF WHICH TOOK BIG HITS LAST WEEK CLIMBED THREE POINT THREE PERCENT TWO POINT FIVE PERCENT AND ONE POINT THREE PERCENT RESPECTIVELY STOCKS ALSO ADVANCED IN SYDNEY AND WELLINGTON WITH NEW ZEALAND SHARES MARKING A FOURYEAR HIGH BUT THE SLIDES CONTINUED IN MANILA WHERE THE MARKET LOST TWO POINT TWO PERCENT AND IN BANGKOK WHICH SANK ONE POINT NINE PERCENT SEOUL AND TAIPEI EQUITIES ALSO FINISHED LOWER JAKARTA WAS CLOSED MONDAY FOR A HOLIDAY DESPITE THE GAINS IN SOME PACIFIC RIM EXCHANGES WORRIES ABOUT OVERHEATING REMAINED A POWERFUL SUBTEXT IN KUALA LUMPUR TUN DAIM ZAINUDDIN AN ECONOMIC ADVISER TO THE MALAYSIAN GOVERNMENT AND A FORMER FINANCE MINISTER WHO IS REPUTED TO BE ONE OF THE COUNTRY'S SAVVIEST AND MOST AGGRESSIVE STOCK MARKET PLAYERS SAID THE KUALA LUMPUR EXCHANGE'S YEARLONG ASCENT HAS QUOTE REACHED A DANGEROUS STAGE QUOTE AND COULD BE RIPE FOR A CRASH WITHIN THE NEXT COUPLE OF MONTHS IN TOKYO TRADERS SAID A STEADY STREAM OF BUY ORDERS FROM ABROAD PARTICULARLY FROM EUROPE CREATED A TRADING FRENZY BY EARLY AFTERNOON AS JAPAN BASED DEALERS RUSHED TO GET A PIECE OF THE ACTION THEY SAID INVESTORS SEEMED TO BE ADDING TO ASSETS ALLOCATED TO JAPAN AFTER SEVERAL MONTHS OF BEING UNDEREXPOSED TO THE TOKYO MARKET WHICH STILL IS TRADING MORE THAN FIFTY PERCENT BELOW RECORD LEVELS SET IN NINETEEN EIGHTY NINE THERE STILL ISN'T ANY CLEAR SCENARIO FOR AN ECONOMIC RECOVERY IN JAPAN YUICHI MATSUSHITA A STRATEGIST AT NIKKO SECURITIES COMPANY SAID BUT THERE SEEMS TO BE A VAGUE FEELING AMONG FOREIGN INVESTORS THAT JAPAN'S MARKET IS LAGGING TOO FAR BEHIND THE GAINS MADE IN OTHER ASIAN MARKETS LAST YEAR STOCK PRICES ROSE THROUGH MOST OF THE MORNING AND GAINED FURTHER MOMENTUM IN THE AFTERNOON BUT LARGE DOMESTIC INVESTORS WERE WAITING TO SELL WHEN THE NIKKEI CLEARED EIGHTEEN THOUSAND FIVE HUNDRED LIMITING THE RALLY MR. MATSUSHITA SAID MONDAY'S TRADING ALSO REFLECTED THE JAPANESE YEN'S REBOUND FROM RECENT WEAKNESS AGAINST THE U. S. DOLLAR INTERNATIONAL INVESTORS WERE BUOYED BY THE YEN'S STRENGTH WHICH BOOSTS THE VALUE OF THE YEN DENOMINATED SHARES THEY OWN MARKET PARTICIPANTS WERE DIVIDED ABOUT WHETHER THE RALLY CAN SUSTAIN ITS MOMENTUM AND PUSH THE NIKKEI ABOVE EIGHTEEN THOUSAND FIVE HUNDRED YUKIO ANDO MANAGER OF INVESTMENT INFORMATION AT YAMAICHI SECURITIES COMPANY SAID EIGHTEEN THOUSAND FIVE HUNDRED WILL BE THE RESISTANCE LINE FOR NOW NOTING A LACK OF NEWS TO MOVE THE BROAD MARKET MONDAY HE ALSO SAID CORPORATE AND INSTITUTIONAL INVESTORS WILL BEGIN SELLING SHARES TO BOOK PROFITS AHEAD OF THE MARCH THIRTY FIRST END OF JAPAN'S FISCAL YEAR BUT CHRISTIAN HOWES A SALESMAN AT SMITH NEW COURT NOTED THAT JAPANESE SELLING TENDS TO THIN DURING PERIODS WHEN THE NIKKEI RISES SHARPLY THAT HE SAID COULD ALLOW THE INDEX TO PUSH THROUGH EIGHTEEN THOUSAND FIVE HUNDRED LATER IN THE WEEK LONDON SHARES DECLINED AFTER SWINGING WITHIN A WIDE RANGE BUT FRANKFURT STOCKS ROSE ONE PERCENT HALTING LAST WEEK'S CONSOLIDATION AND STOCKHOLM PRICES ROSE TO A THIRD CONSECUTIVE RECORD WORLD WIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT ONE HUNDRED THIRTEEN POINT TWO FIVE UP ZERO POINT SEVEN SIX REFLECTING INCREASES IN MARKETS IN THE AMERICAS AND ASIA SLASH PACIFIC AND A DROP IN EUROPEAN MARKETS SHIPBUILDING STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT ONE HUNDRED NINETEEN POINT FIVE SEVEN UP THREE POINT EIGHT FOUR OR THREE POINT THREE PERCENT WITH SEMBAWAN SHIPYARD OF SINGAPORE POSTING A FOURTEEN PERCENT GAIN IN ITS LOCAL CURRENCY CASINO STOCKS TRAILED AT TWO HUNDRED SEVENTEEN POINT SEVEN FIVE DOWN THREE POINT EIGHT SEVEN OR ONE POINT EIGHT PERCENT WITH CASINO MUNICIPAL DE CANNES OF FRANCE SLIDING ELEVEN PERCENT IN LOCAL CURRENCY IN LONDON THE FINANCIAL TIMES STOCK EXCHANGE ONE HUNDRED SHARE INDEX DROPPED FIVE POINT FOUR POINTS TO THREE THOUSAND FOUR HUNDRED FORTY POINT SIX THE F. T. THIRTY STOCK INDEX EASED TWO POINT FIVE POINTS TO TWO THOUSAND SIX HUNDRED FOURTEEN POINT NINE VOLUME WAS EIGHT HUNDRED FORTY NINE POINT ONE MILLION SHARES COMPARED WITH ONE POINT OH FIVE BILLION SHARES IN THE PREVIOUS SESSION THE F. T. ONE HUNDRED QUICKLY JUMPED TWENTY TWO POINTS FOLLOWING RALLIES FRIDAY ON WALL STREET AND EARLIER YESTERDAY IN SOME ASIAN ARENAS BUT DIVED BY MID AFTERNOON TO A SIXTEEN POINT LOSS DRIVEN DOWN BY FUTURES DEALINGS THE FUTURES MARKET HEADED LOWER BECAUSE OF PESSIMISM ABOUT THE SHORT TERM OUTLOOK FOR A REDUCTION IN BRITAIN'S INTEREST RATES BUT IN THE FINAL HOUR OF TRADING AN EARLY WALL STREET RALLY HELPED IMPROVE LONDON PRICES THOUGH THE STOCK MARKET'S PACE WAS BEING SET BY THE FUTURES PIT SOME DEALERS SAID DEMAND FOR STOCK EXCEEDS SUPPLY WHILE SELLERS ARE SCARCE PROVIDING A FLOOR FOR PRICES IN FRANKFURT THE D. A. X. THIRTY STOCK INDEX WHICH FELL TWO POINT FOUR PERCENT LAST WEEK CLIMBED TWENTY TWO POINT ONE FIVE POINTS TO TWO THOUSAND TWO HUNDRED THIRTY THREE POINT SEVEN NINE BUYING BY GERMAN MUTUAL FUNDS ALSO STEERED PRICES HIGHER AS PRIVATE INVESTORS CONTINUED TO SWITCH CASH OUT OF LOWER YIELDING FIXED INCOME INSTRUMENTS DOLLAR SENSITIVE SHARES ESPECIALLY IN THE SPECIALTY CHEMICAL SECTOR GAINED ON THE FIRM DOLLAR IN PARIS EQUITIES REBOUNDED FROM SLIGHT LOSSES AND THE MARKET POSTED ITS THIRD NINETEEN NINETY FOUR HIGH IN A ROW LED BY MONEY MARKET MUTUAL FUNDS WHICH HAVE LOST SOME TAX ADVANTAGES AND HIGH RATES THAT MADE THEM A PREFERRED SAVINGS VEHICLE IN RECENT YEARS IN STOCKHOLM SHARES RECORDED THEIR THIRD RECORD HIGH IN A ROW AS THE MARKET GOT SUPPORT FROM DECLINING MONEY MARKET RATES AND FAVORABLE ECONOMIC FORECASTS IN THE SWEDISH GOVERNMENT'S BUDGET BILL FOR FISCAL NINETEEN NINETY FIVE WHICH PROMISED A RETURN TO GROWTH AND A NARROWER DEFICIT INTEREST RATE SENSITIVE STOCKS GAINED WITH THE BANKING AND INSURANCE SUBINDEX SOARING FOUR POINT SIX PERCENT WHILE REAL ESTATE AND CONSTRUCTION SHARES JUMPED THREE POINT ONE PERCENT IN MILAN STOCKS ENDED LOWER BUT ONLY AFTER A LATE RECOVERY FROM LOWS ON BLUE CHIP BARGAIN HUNTING LED BY INSTITUTIONAL INVESTORS SENTIMENT WAS HURT EARLIER ON WORRIES ABOUT AN ITALIAN PARLIAMENTARY VOTE THIS WEEK ON THE COALITION GOVERNMENT'S FUTURE HERE ARE PRICE TRENDS ON THE WORLD'S MAJOR STOCK MARKETS AS CALCULATED BY MORGAN STANLEY CAPITAL INTERNATIONAL PERSPECTIVE GENEVA TO MAKE THEM DIRECTLY COMPARABLE EACH INDEX CALCULATED IN LOCAL CURRENCIES IS BASED ON THE CLOSE OF NINETEEN SIXTY NINE EQUALING ONE HUNDRED THE PERCENTAGE CHANGE IS SINCE YEAR END DAVID ENGLISH NEVER SAW A UNION ORGANIZER HANGING AROUND THE TYLER TEXAS OFFICES OF THE TWO WAY RADIO COMPANY WHERE HE WORKED SO HE WAS SURPRISED WHEN HE FOUND TUCKED INSIDE THE FORMS FOR THE COMPANY'S NEW HEALTH PLAN AN APPLICATION TO JOIN THE CONTRACT SERVICES UNION LOCAL TWO HUNDRED ELEVEN LONG OPPOSED TO UNIONS HE BALKED AT JOINING THAT LED TO AN EVEN BIGGER SURPRISE HIS BOSS URGED HIM TO SIGN UP QUOTE WHAT EMPLOYER IN HIS RIGHT MIND WOULD ASK A UNION TO COME IN AND REPRESENT HIS EMPLOYEES QUOTE THE REEDY THIRTY NINE YEAR OLD OFFICE MANAGER WONDERS BUT LOCAL TWO HUNDRED ELEVEN WASN'T THE KIND OF UNION THAT STRIKES FEAR INTO AN EMPLOYER'S HEART ON THE CONTRARY IT HAD NEVER CALLED A STRIKE OR ENGAGED IN BARE KNUCKLES BARGAINING WHAT IT DID DO WAS OFFER A LOW COST HEALTH BENEFITS PLAN TO INDIVIDUALS SMALL BUSINESSES AND GOVERNMENT ENTITIES DESPERATE FOR AFFORDABLE COVERAGE INSTEAD OF A SAFE HARBOR HOWEVER LOCAL TWO HUNDRED ELEVEN'S PLAN HAS TURNED INTO A WHIRLPOOL OF UNPAID CLAIMS AND PERSONAL UNCERTAINTY IN AUGUST TEXAS INSURANCE REGULATORS FILED A COMPLAINT IN A STATE COURT IN AUSTIN SEEKING TO HALT ITS OPERATIONS IN THE STATE ACCUSING IT OF BEING AT THE CENTER OF AN ELABORATE SCHEME TO MARKET UNAUTHORIZED INSURANCE CALIFORNIA OKLAHOMA AND NEVADA HAVE ALSO TAKEN ACTION AGAINST THE ORGANIZATION LOCAL TWO HUNDRED ELEVEN SAYS THAT IT IS A BONA FIDE UNION TARGETED BY OVERZEALOUS STATE REGULATORS SEEKING INSURANCE PREMIUM TAXES MAYBE THEY THINK THAT THE ONLY WAY YOU CAN PROVE THAT YOU ARE A LEGITIMATE UNION IS TO GO OUT AND BLOW UP HOUSES AND CARS SAYS UNION ATTORNEY JOHN CLARO BUT AUTHORITIES QUESTION THE LEGITIMACY OF LOCAL TWO HUNDRED ELEVEN AND OTHER UNIONS LIKE IT WHICH HAVE SIGNED UP TENS OF THOUSANDS OF WORKERS NATIONWIDE THANKS TO A SERIES OF PARALLEL LEGAL QUIRKS THAT ALLOW UNIONS TO OPERATE SELF FUNDED HEALTH PLANS VIRTUALLY BAR STATES FROM REGULATING THEM AND MAKE LAUNCHING A UNION ALMOST AS EASY AS STARTING A FAN CLUB AMID A CRISIS OVER HEALTH INSURANCE COST AND AVAILABILITY DROVES OF PROMOTERS HAVE POURED THROUGH THE GAP CONFOUNDING STATE INSURANCE REGULATORS WITH TANGLED MULTISTATE ORGANIZATIONAL STRUCTURES AND IN A CRUEL NEW TWIST ON UNION CORRUPTION FREQUENTLY SADDLING THEIR OWN DUES PAYING MEMBERS WITH UNPAID MEDICAL BILLS WHEN THEIR JERRY BUILT SYSTEMS COLLAPSE IN THEORY THE CLINTON HEALTH CARE REFORMS WILL SMOTHER SUCH SCAMS BY MAKING AFFORDABLE INSURANCE UNIVERSAL REQUIRING GOVERNMENT PRECERTIFICATION OF UNION HEALTH PLANS AND MAKING SMALL EMPLOYERS PURCHASE COVERAGE THROUGH STATE REGULATED ALLIANCES BUT THE PROPOSED REFORMS FACE A CONGRESSIONAL BATTLE THAT COULD GRIND ON FOR MANY MONTHS A VERITABLE LIFETIME IN AN ARENA WHERE SUCH OPERATIONS CAN SPRING UP COLLECT MILLIONS OF DOLLARS IN PREMIUMS AND DISAPPEAR IN LESS THAN A YEAR EVEN IF THE CLINTON PROPOSALS SURVIVE INTACT INVESTIGATORS WORRY THAT STATE REGULATORY AGENCIES WILL STILL BE HARD PRESSED TO CATCH UP WITH SUCH OPERATORS AS THEY PITCH LOW COST COVERAGE AND AN INSURANCE LIKE STRUCTURE TO EMPLOYERS AND CONSUMERS SCRAMBLING TO SIGN UP WITH A HEALTH CARE NETWORK MOREOVER THE ENTREPRENEURS BEHIND SUCH OPERATIONS HAVE ALREADY EXHIBITED A REMARKABLE CAPACITY TO ADAPT TO CHANGING SURROUNDINGS WHEN CORNERED BY AUTHORITIES SOME UNIONS HAVE SIMPLY CHANGED NAMES OR SHIFTED OPERATIONS INTO OTHER STATES OR NEW LINES OF BUSINESS FACING GROWING SCRUTINY OVER THEIR HEALTH PLANS A FEW SUCH UNIONS HAVE ALREADY DIVERSIFIED INTO PENSION INVESTMENT FUNDS WORKERS' COMPENSATION PLANS LEGAL BENEFITS PLANS AND OTHER FORMS OF COVERAGE IN THE BEST OF WORLDS YOU WOULD SAY THAT THERE WOULDN'T BE A NEED FOR THEM AFTER THE CLINTON REFORMS SAYS AGENT STEPHEN COSSU OF THE FEDERAL OFFICE OF LABOR RACKETEERING'S NEW YORK OFFICE BUT THESE GUYS ARE NOT GOING TO GO AWAY ATTORNEY JIM FISHER OF THE CALIFORNIA DEPARTMENT OF INDUSTRIAL RELATIONS ADDS THE WHOLE POINT OF THIS IS FOR THEM TO COME IN AND OPERATE UNDER THE RADAR THE EMPLOYEE RETIREMENT INCOME SECURITY ACT ERISA OF NINETEEN SEVENTY FOUR ALLOWS LARGE EMPLOYERS CERTAIN SMALL EMPLOYER GROUPS AND LABOR UNIONS TO OFFER HEALTH BENEFITS PLANS WITHOUT GENERALLY HAVING TO PAY PREMIUM TAXES MAINTAIN MINIMUM RESERVE LEVELS OR MAKE MANY OF THE STATE FILINGS REQUIRED OF TRADITIONAL INSURANCE COMPANIES THE INTENT WAS TO GIVE THESE GROUPS GREATER LATITUDE IN PROVIDING EMPLOYEE BENEFITS WITHOUT FORCING THEM TO COMPLY WITH THE LAWS IN EACH INDIVIDUAL STATE WHERE THEY MIGHT HAVE OPERATIONS ALTHOUGH SUCH PLANS FREE OF STATE OVERSIGHT ARE SUPPOSED TO BE REGULATED BY THE FEDERAL GOVERNMENT IT HAS NEVER PROVIDED EFFECTIVE OVERSIGHT ERISA LET MANY UNIONS AND EMPLOYERS OFFER MORE AFFORDABLE COVERAGE BUT AS HEALTH INSURANCE BECAME MORE EXPENSIVE AND LESS AVAILABLE DURING THE NINETEEN EIGHTIES IT ALSO PROVIDED COVER FOR ENTREPRENEURS WHO AIMING TO EXPLOIT THE REGULATORY EXEMPTION BEGAN OFFERING PLANS THROUGH A VARIETY OF ORGANIZATIONAL FORMS RANGING FROM WOULD BE BENEFITS QUOTE SOCIETIES QUOTE AND LABOR UNIONS TO HASTILY KNIT EMPLOYER ASSOCIATIONS AND EMPLOYEE LEASING OPERATIONS SOME OF THESE OPERATIONS LIKE THE TEXAS BASED MINISTERS BENEFIT TRUST AIMED AT SPECIFIC GROUPS THAT TRUST WAS CLOSED BY TEXAS REGULATORS IN NINETEEN EIGHTY ONE TWO YEARS LATER ITS FOUNDER OPENED A SIMILAR OPERATION CALLED THE CHRISTIAN ORGANIZATIONS MEDICAL SOCIETY WHOSE EVENTUAL DEMISE LEFT BEHIND MORE THAN FIVE MILLION DOLLARS IN UNPAID CLAIMS BY EMPLOYEES OF CHURCHES AND RELIGIOUS ORGANIZATIONS WHILE SOME PROMOTED THEIR CONNECTIONS WITH OFF SHORE INSURERS OF UNCERTAIN OWNERSHIP AND RESOURCES OTHERS SOUGHT LEGITIMACY BY CLAIMING CONNECTIONS WITH WELL KNOWN INSURERS IN NINETEEN NINETY ONE A FEDERAL JUDGE IN PHOENIX ORDERED ONE ARIZONA BASED UNION TO STOP CLAIMING THAT ITS BENEFITS PLAN HAD THE BACKING OF COMMONWEALTH LIFE INSURANCE COMPANY IN LOUISVILLE KENTUCKY WHICH HAD FILED A SUIT SEEKING SUCH ACTION MEANWHILE MANY HEALTH BENEFITS MARKETERS LASHED TOGETHER VAST EMPLOYEE LEASING OPERATIONS THAT FOR A FEE HIRED WORKERS WHO HAD BEEN FIRED EN MASSE BY SMALLER CLIENT COMPANIES AND THEN LEASED THEM BACK TO THEIR EMPLOYERS BY POOLING LARGE NUMBERS OF WORKERS THEY PROVIDED HEALTH AND WORKERS' COMPENSATION COVERAGE THAT WAS CHEAPER ALBEIT FREQUENTLY SELF FUNDED AND UNREGULATED THE NINETEEN NINETY COLLAPSE OF ATLANTA BASED SYNESIS INCORPORATED WHICH AT ONE TIME PROVIDED COVERAGE FOR ABOUT EIGHT HUNDRED COMPANIES IN TWENTY THREE STATES SADDLED CLIENTS WITH AN ESTIMATED FOUR MILLION DOLLARS IN UNPAID CLAIMS STILL SUCH OPERATIONS CONTINUED TO SPRING UP AND UNFETTERED BY ACTUARIAL CONCERNS UNDERSELL THE COMPETITION SO LONG AS THEY CONTINUED TO SIGN UP NEW PREMIUM PAYING MEMBERS MOST PAID OFF SMALL CLAIMS AND MADE A PROFIT FOR THEIR OPERATORS BUT MAJOR MEDICAL BILLS SUCH AS THOSE RESULTING FROM OPEN HEART SURGERIES COULD BRING SUCH SCHEMES CRASHING TO THE GROUND ONLY THEN DID MANY COME TO THE ATTENTION OF STATE REGULATORS UNTIL YOU GET COMPLAINTS ABOUT UNPAID CLAIMS THEY DON'T REGISTER YOU DON'T KNOW THEY ARE OUT THERE SAYS EDNA RAMON BUTTS SENIOR ASSOCIATE COMMISSIONER OF THE TEXAS DEPARTMENT OF INSURANCE ONCE WE FIGURE IT OUT THEY MOVE ON TO SOMETHING ELSE THAT IS A LITTLE BIT MORE COMPLICATED AND THE SHIFT TOWARD WOULD BE UNIONS HAS PROVED TO BE ONE OF THE MOST TROUBLESOME MOVES AS WELL AS AN INDICATION OF THE HURDLES FACED IN ROOTING THEM OUT STARTING A UNION IS SURPRISINGLY EASY FEDERAL STATUTES FAIRLY STRICT ON ORGANIZING AND BARGAINING REQUIRE ONLY THE FILING OF A FEW FORMS IN THE FACE OF STATE REGULATORY INVESTIGATIONS SOME SUCH UNIONS HAVE SIMPLY FOUNDED NEW LABOR ORGANIZATIONS IN OTHER STATES AND TRANSFERRED THEIR MEMBERSHIPS ALL THAT IS NECESSARY TO BE A LABOR UNION IS TO CALL YOURSELF ONE SAYS SHERWIN KAPLAN A LABOR DEPARTMENT ATTORNEY INVOLVED IN INVESTIGATING THESE OPERATIONS MEANWHILE THE USE OF THE UNION STRUCTURE CREATES AN ADDITIONAL RING OF LEGAL DEFENSES FOR PROMOTERS INSTEAD OF MERELY INVESTIGATING HEALTH BENEFITS PLANS STATE REGULATORS BECOME EMBROILED IN LONG JURISDICTIONAL BATTLES BETWEEN STATE COURTS THAT GENERALLY DEAL WITH INSURANCE ISSUES AND FEDERAL COURTS INVOLVED WITH LABOR ISSUES MOREOVER THEY MUST ALSO UNTANGLE HEALTH BENEFITS ARRANGEMENTS FROM COMPLEX COLLECTIVE BARGAINING ARRANGEMENTS THAT DEFY TRADITIONAL FORMS LOCAL TWO HUNDRED ELEVEN FOR INSTANCE SPRANG FROM THE FAR FLUNG EMPLOYEE LEASING OPERATION FOUNDED BY OKLAHOMA CITY BUSINESSMAN GARY NEWSOM WHO DIDN'T RETURN CALLS SEEKING COMMENT HIS COMPANY ALLIANCE TEMPORARY SERVICES INCORPORATED WAS SERVICING THIRTEEN THOUSAND EMPLOYEES AND AFFORDING HIM A TEN THOUSAND SQUARE FOOT MANSION AND A FLEET OF LUXURY CARS BEFORE OKLAHOMA AUTHORITIES FROZE ITS ASSETS IN NINETEEN NINETY IN A LAWSUIT FILED IN AN OKLAHOMA STATE COURT THE OFFICES OF THAT STATE'S ATTORNEY GENERAL INSURANCE COMMISSIONER AND LABOR COMMISSIONER ALLEGED THAT ALLIANCE OBTAINED WORKERS' COMPENSATION COVERAGE FROM UNREGISTERED OFFSHORE INSURERS IN A TEXAS STATE COURT LAWSUIT THE TEXAS WORKERS' COMPENSATION ASSIGNED RISK POOL CLAIMED ALLIANCE HAD FRAUDULENTLY UNDERCOUNTED AND MISREPRESENTED WORKERS TO OBTAIN STATE SPONSORED COVERAGE AND AN AUSTIN GRAND JURY INDICTED MR. NEWSOM AND HIS BUSINESS PARTNER ACCOUNTANT JEROME WOLF ON FELONY FRAUD CHARGES RELATED TO THE LEASING OPERATION BOTH WERE CONVICTED AND SENTENCED TO PRISON TERMS IN A TEXAS STATE COURT IN SEPTEMBER AND ARE FREE ON BAIL PENDING APPEALS ALLIANCE'S SUBSEQUENT FILING FOR BANKRUPTCY LAW PROTECTION EFFECTIVELY PULLED THE PLUG ON HEALTH AND DISABILITY COVERAGE FOR HUNDREDS OF INJURED WORKERS BUT MR. NEWSOM AND HIS PARTNERS SOON REVVED UP A PACK OF NEW EMPLOYEE LEASING COMPANIES OBTAINING THEIR INSURANCE FROM A PHOENIX LABOR ORGANIZATION THAT EVENTUALLY BECAME KNOWN AS LOCAL UNION SIX HUNDRED FIFTEEN IN NINETEEN NINETY TWO A FEDERAL JUDGE IN PHOENIX BARRED LOCAL SIX HUNDRED FIFTEEN FROM SIGNING UP NEW MEMBERS AND PUT ITS AFFAIRS IN THE HANDS OF A COURT APPOINTED FIDUCIARY WHO FOUND ABOUT THIRTY THOUSAND DOLLARS IN ITS HEALTH BENEFITS FUND TO COVER AN ESTIMATED FOUR MILLION DOLLARS IN OUTSTANDING CLAIMS THE DEMISE OF LOCAL SIX HUNDRED FIFTEEN PROMPTED AN UNUSUAL LABOR RELATIONS MOVE BY THE NEWSOM ORGANIZATION IT STARTED LOOKING FOR ANOTHER UNION FOR ITS EMPLOYEES THE QUEST LED TO THE MELVILLE N. Y. OFFICES OF ATTORNEYS ALLEN BREZLOW AND NEIL FRANK IN LATE NINETEEN NINETY ONE THEY HAD INCORPORATED THE FINANCIAL CONSULTANTS GUILD WHICH DESCRIBED ITSELF AS A UNION FOR THE TWENTY FIRST CENTURY IT WAS NOT MR. FRANK'S FIRST EXPERIENCE WITH SUCH UNIONS WHOSE HEALTH BENEFITS PLANS ARE FREQUENTLY MARKETED THROUGH INDEPENDENT INSURANCE AGENTS SELLING A VARIETY OF PLANS ONE MONTH BEFORE THE GUILD'S FOUNDING MR. FRANK WROTE TO A DALLAS INSURANCE AGENCY OWNER AND IDENTIFIED HIMSELF AS PRESIDENT OF AN EMPLOYER ASSOCIATION THAT HAD AN QUOTE EXCLUSIVE RELATIONSHIP QUOTE WITH A NEW YORK UNION CALLED THE INTERNATIONAL EMPLOYEES BENEFIT ASSOCIATION IEBA MR. FRANK WROTE THAT THE AGENCY'S CLIENT COMPANIES NEEDN'T WORRY ABOUT THEIR EMPLOYEES HAVING TO BECOME UNION MEMBERS TO ENROLL IN THE IEBA'S HEALTH PLAN THE IEBA'S COLLECTIVE BARGAINING AGREEMENT HE WROTE COULD BE REVISED TO FIT THEIR NEEDS CONTAINED NO ARBITRATION CLAUSE AND WAS UNENFORCEABLE HE ADDED THAT THE UNION HAD ONLY ONE EMPLOYEE WHO HAD NEVER BEEN ON A PLANE OR HANDLED A GRIEVANCE THAT'S A DIFFERENT UNION A DIFFERENT SITUATION MR. FRANK SAYS IN AN INTERVIEW ADDING HOWEVER THAT WHEN IT COMES TO UNIONS FIGHTING WITH THE COMPANY IS NOT THE WAVE OF THE FUTURE INDEED MR. FRANK REPRESENTED THE UNION WHEN THE GUILD'S OKLAHOMA CITY AFFILIATE LOCAL TWO HUNDRED ELEVEN WAS CREATED IN EARLY NINETEEN NINETY TWO HE ALSO FILED THE PAPERS INCORPORATING THE EMPLOYERS' BARGAINING ASSOCIATION THEN HEADED BY MR. NEWSOM AND THE NEW LOCAL'S COLLECTIVE BARGAINING AGREEMENT WASN'T EXACTLY A MODEL OF LABOR TOUGHNESS WORKERS COULD BE DISCHARGED WITHOUT NOTICE AND EMPLOYERS ONLY AGREED TO ABIDE BY FEDERAL WORKER SAFETY LAWS LOCAL FIRE CODES AND STATE OR FEDERAL MINIMUM WAGE LAWS WHERE APPLICABLE LOCAL TWO HUNDRED ELEVEN'S INITIAL MEMBERS WERE ABOUT SEVEN HUNDRED WORKERS EMPLOYED BY MR. NEWSOM'S LEASING COMPANIES RAY SHAW A ROOFING CONTRACTOR IN MANOR TEXAS RECALLS THAT WHEN THE EMPLOYEE LEASING COMPANY HE USED BECAME PART OF THE NEWSOM ORGANIZATION HE WAS ADVISED THAT HIS EIGHT EMPLOYEES WOULD HAVE TO JOIN LOCAL TWO HUNDRED ELEVEN TO GET HEALTH COVERAGE BUT HE SAYS WE WERE TOLD THAT NOBODY WOULD COME AROUND THERE WOULD BE NO STEWARDS THERE WOULD BE NO MEETINGS LOCAL TWO HUNDRED ELEVEN SAYS ITS REPRESENTATIVES DID MEET WITH MR. SHAW'S WORKERS BUT THE ROOFER DOESN'T RECALL THEIR VISITS HE SAYS HE SEVERED ALL TIES WITH THE CONTRACT SERVICES NETWORK AFTER EMPLOYEES HAD TROUBLE GETTING THEIR MEDICAL BILLS PAID MEANWHILE WITH LOW COST HEALTH COVERAGE AS THE PRIMARY ATTRACTION LOCAL TWO HUNDRED ELEVEN AND ITS AFFILIATED EMPLOYER GROUP SOON BEGAN TRYING TO ENROLL NEW MEMBERS IN THE SPRING OF NINETEEN NINETY TWO MR. FRANK CAME TO DALLAS TO TALK TO AREA SALESMEN ABOUT PITCHING THE PLAN TO INDIVIDUAL TEXAS EMPLOYERS TO WALT CHILDERS WHO HAD BEEN SELLING EXTENDED NEW CAR WARRANTIES IT SEEMED LIKE AN OPPORTUNITY TO GET IN ON THE GROUND FLOOR OF SOMETHING BIG LARRY CLENDENNEN AN ENERGETIC EX EVANGELIST WHO WAS SELLING PREPAID FUNERAL PLANS AT THE TIME SAYS WE WERE JUST SALESMEN LOOKING FOR A PORT TOGETHER THEY FORMED CONTRACT SERVICES NETWORK MARKETING WHICH RENTED A CRAMPED OFFICE IN GRAND PRAIRIE A BLUE COLLAR DALLAS SUBURB WITHOUT A SECRETARY OR FURNITURE THEY BEGAN COLD CALLING LOCAL EMPLOYERS ABOUT JOINING THE CONTRACT SERVICES EMPLOYERS NETWORK AND HAVING THEIR EMPLOYEES SIGN UP FOR THE UNION THEY STRUCK GOLD AFTER HEARING ABOUT A NEWLY ENACTED LAW REQUIRING TEXAS SCHOOL DISTRICTS TO OFFER THEIR EMPLOYEES HEALTH INSURANCE WITH THE COST OF SUCH COVERAGE SOARING SOME SMALL DISTRICTS COULDN'T EVEN GET A CONVENTIONAL INSURER TO BID ON THEIR BUSINESS QUOTE WE WERE JUST GROWN MEN SITTING AROUND ON LAWN CHAIRS MAKING PHONE CALLS QUOTE SAYS MR. CLENDENNEN MAN WE JUST SMILED AND DIALED HEALTH PLAN MEMBERS PAID ABOUT ONE HUNDRED THIRTY DOLLARS MONTHLY FOR INDIVIDUAL HEALTH BENEFITS ALONG WITH FIFTEEN DOLLARS MONTHLY DUES TO LOCAL TWO HUNDRED ELEVEN THREE DOLLARS OF WHICH WENT TO THE GUILD INVESTIGATORS SAY THAT LOCAL TWO HUNDRED ELEVEN HAD REINSURANCE FOR BIG CLAIMS BUT WAS LARGELY SELF INSURED ALTHOUGH LOCAL TWO HUNDRED ELEVEN REPRESENTATIVES HAVE TESTIFIED THAT IT PAID MORE THAN ONE POINT EIGHT MILLION DOLLARS IN CLAIMS INVESTIGATORS AREN'T CERTAIN HOW MUCH MONEY IT TOOK IN EVENTUALLY SEVENTEEN DESPERATE DISTRICTS SIGNED UP DESPITE A TEXAS LAW PROHIBITING TEACHERS FROM ENGAGING IN COLLECTIVE BARGAINING THE PREMIUMS WERE JUST UNGODLY SAYS MARK WEISNER SUPERINTENDENT OF THE FOUR HUNDRED THIRTY FIVE STUDENT BLUE RIDGE SCHOOL DISTRICT AN HOUR NORTH OF DALLAS WITH STARTING TEACHERS THERE EARNING SEVENTEEN THOUSAND FOUR HUNDRED DOLLARS A YEAR MONTHLY HEALTH INSURANCE PREMIUMS WERE RUNNING SIX HUNDRED DOLLARS AND MORE FOR A FAMILY WHEN THE CONTRACT SERVICES MARKETERS CALLED OFFERING FAMILY COVERAGE FOR THREE HUNDRED DOLLARS IT LOOKED GREAT HE SAYS IN MANY DISTRICTS THE PROBLEMS BEGAN ALMOST IMMEDIATELY SOME EMPLOYEES NEVER GOT BENEFITS BOOKLETS AND OTHERS NEVER KNEW WHEN THEIR PRESCRIPTION DRUG CARDS WOULD WORK AT THE LOCAL PHARMACY MEANWHILE ALTHOUGH SMALL CLAIMS WERE HANDLED QUICKLY AT FIRST MANY LARGER ONES WEREN'T PAID FOR MONTHS IF AT ALL WHEN THEY RESPONDED TO COMPLAINTS PLAN ADMINISTRATORS FREQUENTLY SAID THEY HAD NEVER RECEIVED A CLAIM YOU CALLED THEM AND YOU COULD NOT GET AN ANSWER SAYS SUSAN BUCHANAN CITY SECRETARY IN TINY TRINIDAD TEXAS WHOSE EMPLOYEES ALSO JOINED THE UNION UNABLE TO GET PLAN OFFICIALS TO RESPOND TO TELEPHONE COMPLAINTS FROM BLUE RIDGE STAFFERS MR. WEISNER GATHERED UP A THICK STACK OF UNPAID CLAIMS AND MEDICAL RECORDS DROVE SEVENTY FIVE MILES TO GRAND PRAIRIE AND HAND DELIVERED THEM TO MR. CLENDENNEN THE SALESMAN SAYS HE MAILED THE RECORDS OVERNIGHT TO CONTRACT SERVICES NETWORK THE EMPLOYERS' ASSOCIATION IN OKLAHOMA CITY BUT WAS LATER TOLD THEY HAD BEEN LOST SWAMPED WITH CALLS FROM AIDS PATIENTS WITH UNPAID DOCTOR BILLS AND CANCER VICTIMS WHO COULDN'T AFFORD CHEMOTHERAPY MESSRS CHILDERS AND CLENDENNEN BROKE WITH THE NEWSOM ORGANIZATION EARLY LAST AUGUST AND BEGAN STEERING THEIR CUSTOMERS TOWARD A PLAN BEING OFFERED BY THE NEWLY CHARTERED SELF RELIANT NETWORK GUILD LOCAL FIVE HUNDRED FIFTY SEVEN A MISSOURI DIVISION OF THE FINANCIAL CONSULTANTS GUILD BUT ON AUGUST SEVENTEENTH THE TEXAS ATTORNEY GENERAL'S OFFICE STEPPED IN AND OBTAINED A RESTRAINING ORDER EFFECTIVELY FREEZING THE BANK ACCOUNTS OF LOCAL TWO HUNDRED ELEVEN AND LOCAL FIVE HUNDRED FIFTY SEVEN AS WELL AS THE GUILD ALTHOUGH THAT RESTRAINING ORDER HAS SINCE BEEN LIFTED A RELATED LAWSUIT FILED IN A STATE COURT IN AUSTIN IS PENDING ALTHOUGH IT IS NAMED AS A CO DEFENDANT THE FINANCIAL CONSULTANTS GUILD WHICH NOW HAS EIGHT THOUSAND MEMBERS AND LOCALS IN SIX STATES HAS SEVERED ITS TIES WITH LOCAL TWO HUNDRED ELEVEN IT CONTENDS THAT EXCEPT FOR COLLECTING A PORTION OF THE LOCAL'S DUES IT HAS NO CONNECTION WITH THE CASE AND HAS DONE NOTHING ILLEGAL THE SHAME OF IT IS THAT SOMETHING LIKE THE LITIGATION IN TEXAS GIVES A BAD NAME TO SOMETHING THAT IS PROVIDING A VERY SUBSTANTIAL BENEFIT TO THE EMPLOYEES WHO ARE COVERED SAYS MR. FRANK THE ATTORNEY WHO MAINTAINS THAT THE GUILD'S HEALTH BENEFITS PLAN IS GOING TO DO GREAT UNDER THE CLINTON REFORMS NICK VON KREISLER AN AUSTIN ATTORNEY REPRESENTING MR. NEWSOM AND THE CONTRACT SERVICES EMPLOYERS SAYS THERE IS MORE THAN ENOUGH MONEY TO PAY LEGITIMATE OUTSTANDING MEDICAL CLAIMS QUOTE TO ME THIS IS TOTALLY ABUSIVE BEHAVIOR QUOTE HE SAYS NOT TO SOME OF THE UNION'S OLD MEMBERS WHO HAVE BEEN UNABLE TO FIND A NEW HEALTH POLICY BECAUSE OF MEDICAL CONDITIONS THAT CROPPED UP WHILE THEY WERE UNDER THE LOCAL TWO HUNDRED ELEVEN HEALTH PLAN THE BLUE RIDGE SCHOOL DISTRICT DID LAND A NEW POLICY ALTHOUGH TO DO SO IT HAD TO EXCLUDE THE FAMILY OF KERRIE AND STEVE BOHANON ON DECEMBER SEVENTEENTH NINETEEN NINETY TWO MR. BOHANON A THIRTY FOUR YEAR OLD CARPENTER WAS HOSPITALIZED WITH CHEST PAINS COVERED BY HIS WIFE'S BLUE RIDGE HEALTH PLAN HE UNDERWENT OPEN HEART SURGERY AND RAN UP A SIXTY FIVE THOUSAND DOLLAR HOSPITAL BILL BUT THAT WAS JUST THE BEGINNING OF THE FAMILY'S PROBLEMS MR. BOHANON WAS DIAGNOSED WITH A HEREDITARY AND POTENTIALLY FATAL HEART DISEASE TWO OF THE COUPLE'S FOUR YOUNG CHILDREN WERE SIMILARLY AFFLICTED IT TURNED OUT A FEW MONTHS LATER TEACHER KERRIE BOHANON LEARNED THAT SHE HAD MULTIPLE SCLEROSIS LOCAL HOSPITALS DOCTOR'S OFFICES AND COLLECTION AGENCIES BEGAN CALLING ABOUT MEDICAL BILLS THAT THE CONTRACT SERVICES PLAN WAS PAYING INFREQUENTLY PARTIALLY OR NOT AT ALL EXCEPT FOR MONTHLY STATEMENTS FROM MEDICAL PROVIDERS THE BOHANONS SAY THEY NEVER GOT ANY EXPLANATION OF BENEFITS FROM THE UNION SPONSORED HEALTH PLAN MEANWHILE THE OFFICES OF THE PLAN'S CLAIMS ADMINISTRATOR MOVED FROM NEW YORK TO TEXAS AND ULTIMATELY TO MISSOURI WITH MR. BOHANON UNABLE TO WORK THE FAMILY SOLD ITS BLUE RIDGE HOME AND MOVED NORTH TO A SMALL OKLAHOMA TOWN CLOSER TO A NATIVE AMERICAN TRIBAL HOSPITAL BECAUSE MR. BOHANON IS A CHOCTAW HE AND HIS CHILDREN CAN GET FREE TREATMENT THERE ALTHOUGH MRS. BOHANON CANNOT LARRY CLENDENNEN CALLED AND SAID HE WAS SORRY SHE SAYS SITTING IN THE TINY LIVING ROOM OF THEIR ROACH INFESTED RENTAL HOUSE I'M TWICE AS SORRY THAT WE EVER HEARD OF THEM BUT THE BOHANONS MAY NOT HAVE SEEN THE LAST OF THE LIKES OF LOCAL TWO HUNDRED ELEVEN EVEN AS THEY SEEK CARE AT THE NEAREST INDIAN HOSPITAL ABOUT EIGHTY MILES AWAY OKLAHOMA AUTHORITIES ARE INVESTIGATING REPORTS THAT SOME PROMOTERS HAVE MOVED OUT OF THE UNION BUSINESS AND HAVE QUIETLY BEGUN SETTING UP INSURANCE OPERATIONS CHARTERED BY SOVEREIGN INDIAN NATIONS CONSECO INCORPORATED DRAWING ON STRONG INVESTOR INTEREST FORMED A SUBSTANTIALLY BIGGER SUCCESSOR TO ITS EARLIER AND HIGHLY PROFITABLE INSURANCE INDUSTRY BUYOUT FUND THE RAPIDLY GROWING INSURANCE HOLDING CONCERN SAID IT EXPECTS CONSECO CAPITAL PARTNERS TWO L. P. TO HAVE TOTAL FUNDING OF ABOUT SIX HUNDRED FIFTEEN MILLION DOLLARS IT SAID IT WAS QUOTE EXTREMELY PLEASED QUOTE TO HAVE EXCEEDED THE FIVE HUNDRED MILLION DOLLARS ORIGINALLY ENVISIONED FOR THE PARTNERSHIP WHEN IT BEGAN SEEKING FUNDING IN MAY THROUGH LEVERAGING THE NEW FUND'S ACTUAL PURCHASING POWER IS LIKELY TO EXCEED FIVE BILLION DOLLARS MAKING IT A FORCE TO BE RECKONED WITH AS THE INDUSTRY'S CONSOLIDATION CONTINUES A CONSECO OFFICIAL CONFIRMED THAT THE ORIGINAL FUND MADE ACQUISITIONS TOTALING ABOUT ONE BILLION DOLLARS WITH JUST ONE TENTH THAT AMOUNT OF INITIAL FUNDING THE EARLIER ONE HUNDRED MILLION DOLLAR FUND IN WHICH G. E. CAPITAL CORPORATION WAS A BIG STAKEHOLDER WAS WOUND UP EARLY IN NINETEEN NINETY THREE AT THE TIME OF THE DISTRIBUTION INVESTORS RECEIVED A ONE HUNDRED TWENTY FIVE PERCENT TOTAL RETURN ON THEIR INITIAL NINETEEN NINETY INVESTMENT AS BEFORE CONSECO INCORPORATED WILL SERVE AS GENERAL PARTNER OF THE NEW PARTNERSHIP WHICH IT SAID WILL FOCUS ON ACQUIRING LARGER COMPANIES WITH VALUES RANGING FROM THREE HUNDRED FIFTY MILLION DOLLARS TO ONE POINT FIVE BILLION DOLLARS BY TARGETING COMPANIES OF THAT SIZE THEY'LL OBVIOUSLY BE FISHING IN WATERS WHERE FEW FISHERMEN CAN GO SAID DEAN WITTER ANALYST MICHAEL A. LEWIS THE PARTNERSHIP CONSECO SAID WILL SEEK TO CLOSE SIX TO EIGHT TRANSACTIONS WITHIN THREE TO FOUR YEARS CONCENTRATING ON SPECIALIZED ANNUITY LIFE AND ACCIDENT AND HEALTH INSURANCE COMPANIES STEPHEN C. HILBERT CONSECO'S CHAIRMAN SAID THE INDUSTRY IS UNDERGOING A DRAMATIC STRUCTURAL TRANSITION CAPITAL CONSTRAINTS ASSET QUALITY PROBLEMS AND THE NEED FOR ECONOMIES OF SCALE ARE INCREASING THE PRESSURE FOR INDUSTRY CONSOLIDATION CONSECO SAID TWENTY FIVE INVESTORS HAVE ALREADY COMMITTED A TOTAL OF FOUR HUNDRED FIFTY MILLION DOLLARS IN CONSECO CAPITAL PARTNERS TWO L. P. THE COMPANY ANTICIPATES ONE HUNDRED SIXTY FIVE MILLION DOLLARS IN ADDITIONAL COMMITMENTS BY JANUARY THIRTY FIRST WHEN THE PARTNERSHIP WILL BE CLOSED MERRILL LYNCH AND COMPANY ACTED AS ADVISER AND PLACEMENT AGENT FOR THE PARTNERSHIP ADVANCED MICRO DEVICES INCORPORATED HURT BY ERODING MARGINS ON ITS OUTMODED THREE EIGHTY SIX CHIPS AND HIGHER COSTS FROM ITS LEGAL BATTLE WITH INTEL CORPORATION REPORTED A FORTY PERCENT DROP IN FOURTH QUARTER NET INCOME DESPITE HIGHER SALES THE CLONE CHIP MAKER'S NET FOR THE QUARTER ENDED DECEMBER TWENTY SIXTH WAS FORTY ONE POINT SIX MILLION DOLLARS OR FORTY ONE CENTS A SHARE ON SALES OF FOUR HUNDRED THIRTEEN POINT FOUR MILLION DOLLARS UP THREE POINT TWO PERCENT FROM FOUR HUNDRED POINT TWO MILLION DOLLARS IN THE YEAR AGO PERIOD NET WAS SIXTY NINE POINT SIX MILLION DOLLARS OR SEVENTY THREE CENTS A SHARE IN THE YEAR AGO PERIOD FOR THE YEAR NET WAS TWO HUNDRED TWENTY EIGHT POINT EIGHT MILLION DOLLARS OR TWO DOLLARS AND THIRTY CENTS A SHARE DOWN SIX POINT SIX PERCENT FROM THE YEAR EARLIER NET OF TWO HUNDRED FORTY FIVE MILLION DOLLARS OR TWO DOLLARS AND FIFTY SEVEN CENTS A SHARE SALES WERE ONE POINT SIX BILLION DOLLARS UP NINE PERCENT FROM ONE POINT FIVE BILLION DOLLARS IN NINETEEN NINETY TWO ALTHOUGH THE QUARTERLY RESULTS FELL SHORT OF ANALYSTS' EXPECTATIONS SHARES OF ADVANCED MICRO EDGED UP IN COMPOSITE TRADING FRIDAY ON THE NEW YORK STOCK EXCHANGE TO EIGHTEEN POINT THREE SEVEN FIVE DOLLARS THE CHIP MAKER'S LEGAL COSTS FOR THE FOURTH QUARTER SPIRALED AS IT PREPARES TO DEFEND ITSELF IN A RETRIAL OF A PATENT INFRINGEMENT LAWSUIT FILED BY INTEL THE SUIT ALLEGES THAT ADVANCED MICRO ILLEGALLY COPIED INTEL CHIPS COSTS FOR THE INTEL RELATED LITIGATION WERE NINE MILLION DOLLARS HIGHER IN THE FOURTH QUARTER THAN THEY WERE IN THE THIRD QUARTER ANALYSTS SAID CHAIRMAN W. J. JERRY SANDERS TOLD THEM IN A CONFERENCE CALL FRIDAY A COMPANY SPOKESMAN SAID HE COULDN'T CONFIRM THAT NUMBER IN A SIGN THAT ADVANCED MICRO IS PREPARING FOR THE WORST MR. SANDERS TOLD ANALYSTS THAT IF IT LOSES THE RETRIAL IT WOULD NOT BE ALLOWED TO SHIP CHIPS THAT USE A CERTAIN INTEL CODE STARTING IN THE SECOND QUARTER QUOTE THAT'S THE FIRST TIME I HEARD HIM TALK ABOUT LOSING QUOTE SAID MONTGOMERY SECURITIES ANALYST TOM THORNHILL MARKETING GENERAL AND ADMINISTRATIVE COSTS FOR THE QUARTER CLIMBED TWENTY PERCENT TO EIGHTY THREE POINT ONE MILLION DOLLARS FROM SIXTY NINE POINT FIVE MILLION DOLLARS FOR THE YEAR EARLIER QUARTER ABOUT FOUR MILLION DOLLARS OF THE INCREASE IS RELATED TO THE INTEL LITIGATION MARGINS ON ADVANCED MICRO'S THREE EIGHTY SIX CHIPS HAVE SUNK SINCE LAST YEAR WITH FOURTH QUARTER PRICES AVERAGING TWENTY TWO DOLLARS EACH DOWN FROM FORTY DOLLARS A YEAR EARLIER UNIT SALES ALSO PLUNGED AS MORE CONSUMERS TURNED TO THE FASTER FOUR EIGHT SIX CHIP THE CURRENT INDUSTRY STANDARD GENERAL MOTORS CORPORATION WILL REDUCE ITS NORTH AMERICAN SALARIED RANKS FURTHER THIS YEAR EVEN AS IT ADDS SOME TWO THOUSAND ENGINEERS TO HANDLE AN INCREASED NUMBER OF NEW PRODUCT PROGRAMS G. M.'S PRESIDENT AND CHIEF EXECUTIVE OFFICER JOHN F. SMITH JUNIOR SAID LAST NIGHT MR. SMITH SPEAKING WITH REPORTERS AFTER ADDRESSING AN AUTO INDUSTRY CONFERENCE ALSO INDICATED AS HE HAS PREVIOUSLY THAT G. M. WILL EARN A PROFIT FOR NINETEEN NINETY THREE G. M.'S NORTH AMERICAN SALARIED WORK FORCE WAS ABOUT SEVENTY ONE THOUSAND PEOPLE AT THE END OF NINETEEN NINETY THREE MR. SMITH SAID QUOTE WE'RE AIMING AT THE HIGH SIXTY THOUSANDS QUOTE HE SAID MR. SMITH SAID THAT NET REDUCTION WILL COME EVEN THOUGH G. M. WILL ADD ENGINEERS IN AN AGGRESSIVE NEW HIRING PROGRAM WE'RE DRIVING DOWN ADMINISTRATIVE SUPPORT STAFF HE SAID MR. SMITH DECLINED TO BE AS SPECIFIC IN SETTING A TARGET FOR G. M.'S DOMESTIC HOURLY WORK FORCE NOW ABOUT TWO HUNDRED FIFTY THOUSAND PEOPLE BUT HE INDICATED THAT NEW EARLY RETIREMENT DEALS FOR HOURLY WORKERS ARE UNDER CONSIDERATION THE UNITED AUTO WORKERS UNION IS FIGHTING TO SLOW THE DECLINE OF ITS G. M. MEMBERSHIP LATE LAST WEEK A U. A. W. LOCAL IN SHREVEPORT LOUISIANA THREATENED TO STRIKE A KEY TRUCK ASSEMBLY PLANT THERE AS EARLY AS TOMORROW APPARENTLY IN PROTEST OF G. M.'S EFFORTS TO REDUCE THE WORK FORCE EVEN AS IT INCREASES PRODUCTION MR. SMITH SAID HE'S CONCERNED ABOUT THE SHREVEPORT SITUATION BUT DECLINED TO COMMENT SPECIFICALLY IN OTHER REMARKS MR. SMITH SAID G. M. PLANS TO REDUCE SALES OF VEHICLES TO DAILY RENTAL FLEETS TO FOUR HUNDRED FIFTY THOUSAND VEHICLES THIS YEAR FROM FIVE HUNDRED FIFTY THOUSAND VEHICLES LAST YEAR AND EIGHT HUNDRED THOUSAND IN NINETEEN NINETY ONE HE SEES NO REASON FOR JAPAN TO CONTINUE VOLUNTARY EXPORT RESTRAINTS AND SAID INSTEAD THAT THE U. S. GOVERNMENT'S EFFORTS TO TALK DOWN THE VALUE OF THE DOLLAR AGAINST THE YEN ARE A BETTER APPROACH TO MANAGING AUTOMOTIVE TRADE I DON'T THINK THE PLAYING FIELD IS LEVEL MR. SMITH SAID BUT RESTRICTING JAPANESE EXPORTS DIDN'T HELP THIS INDUSTRY OVER TIME HE ALSO SAID IN RESPONSE TO A QUESTION THAT HE NOW WEARS HIS WRISTWATCH ON HIS LEFT ARM ADDING ABOUT MARCH I'LL EXPLAIN THAT LAST YEAR HE WORE IT ON HIS RIGHT WRIST AS A SYMBOL OF CHANGE AND OF HIS RESOLVE TO MAKE G. M. PROFITABLE AGAIN HE SPOKE AT A CONFERENCE SPONSORED BY THE TRADE PUBLICATION AUTOMOTIVE NEWS AS THE MILITARY CLEARED THE LAST CORPSES FROM A BLOODY MARKETPLACE IN THE MAYAN HIGHLANDS HERE THE WEIGHT OF LAST WEEK'S INDIAN UPRISING BORE DOWN ON NINETEEN YEAR OLD NELY CABALLERO QUOTE THERE WERE MANY HERE WHO SYMPATHIZED WITH THE GUERRILLAS QUOTE SHE SAYS IN A TEARFUL OUTBURST I DON'T THINK THIS IS GOING TO END ONE QUESTION WHEN WILL IT END IS BEING ASKED THROUGHOUT MEXICO A NATION THAT COMBINES CRUSHING POVERTY WITH JET SET OPULENCE AND PRELIMINARY SIGNS ARE THAT SPORADIC ACTS OF VIOLENCE ARE SPREADING TO OTHER PARTS OF THE COUNTRY AS A RESULT SOME INVESTORS HAVE BEGUN TO WORRY THAT THE GOVERNMENT MAY NEED TO SLOW SOME OF ITS ECONOMIC PROGRESS IN ORDER TO DIVERT MONEY TO POOR AREAS OF MEXICO AND TO TRY TO ADDRESS THE PROBLEMS THAT SPARKED THE REBELLION SINCE FRIDAY REBEL LEADERS OF THE GROUP CALLING ITSELF THE EMILIANO ZAPATA NATIONAL LIBERATION ARMY OR EZLN HAVE MANAGED TO HEIGHTEN FEAR AROUND THE COUNTRY THEY CLAIMED CREDIT FOR TOPPLING ELECTRICAL PYLONS IN THE CENTRAL STATES OF PUEBLA AND MICHOACAN TRYING TO SHOW THEY AREN'T JUST OPERATING IN THE SOUTHERN STATE OF CHIAPAS SIGNS LEFT BY THE TOWERS READ MISSION ACCOMPLISHED ON TO MEXICO CITY OVER THE WEEKEND THREE CAR BOMBS EXPLODED IN MEXICO CITY PEOPLE RUSHING INTO THE STREET WERE GREETED BY SIGNS READING WE'VE ARRIVED EZLN INCREASING THE FEAR IS THE FACT THAT REBELS STOLE NEARLY THREE THOUSAND POUNDS OF DYNAMITE FROM THE STATE OWNED OIL MONOPOLY PETROLEOS MEXICANOS OR PEMEX IN CHIAPAS THAT DYNAMITE IS SUSPECTED IN SOME OF THE BOMBINGS A GOVERNMENT OFFICIAL SAID QUOTE THIS IS THE KIND OF SCENARIO YOU SEE IN A MOVIE QUOTE SAYS MANUEL DE JESUS CASTANEDA AQUILAR HERE IN OCOSINGO A TOWN OF TWELVE THOUSAND IN CHIAPAS AND NOW WE ARE LIVING IT IT'S UNLIKELY THAT VIOLENCE WILL SPREAD ON ANYTHING LIKE THE SCALE GOING ON IN CHIAPAS WHERE A FULL SCALE REBELLION CONVULSED MEXICO'S IMPOVERISHED SOUTHERN BORDER ON NEW YEAR'S DAY JUST AS MEXICO OPENED UP ITS NORTHERN BORDER TO FREE TRADE WITH THE U. S. AND CANADA CHIAPAS SEEMS TO BE A SPECIAL CASE NOT ONLY BECAUSE OF THE EXTREME POVERTY BUT ALSO BECAUSE REBELS THERE COULD STAY HIDDEN IN THE DENSE RAIN FOREST WHILE THEY TRAINED FOR TWO YEARS THERE HAS BEEN SOME SPECULATION THAT THE GUERRILLAS MAY ALSO HAVE BEEN ABLE TO TAKE ADVANTAGE OF THE EXPERIENCE OF REBEL GROUPS THAT ARE STILL ACTIVE ACROSS THE BORDER IN GUATEMALA WHAT'S MOST LIKELY IS THAT WE'LL SEE SOME HIGH PROFILE SPLASHY HIT AND RUN ACTIONS BY GUERRILLAS SAYS M. DELAL BAER A SENIOR FELLOW AT THE CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES IN WASHINGTON STILL ELECTION YEARS TEND TO BE TENSE IN MEXICO AND SOME MEXICAN COLUMNISTS HAVE BEEN ASKING IF THINGS ARE THIS BAD IN JANUARY HOW BAD WILL THE VIOLENCE BE BY AUGUST WHEN THE PRESIDENTIAL ELECTIONS TAKE PLACE THE HISTORY OF ARMED CLASHES OVER LAND THAT HAS PLAGUED CHIAPAS ALSO EXISTS IN SEVERAL OTHER STATES INCLUDING A COUPLE THAT ARE CLOSE TO MEXICO CITY AT THE HEART OF THE COUNTRY AND ARMS ARE PLENTIFUL THROUGHOUT THE COUNTRY WITH PEOPLE CARRYING EVERYTHING FROM NINETEEN EIGHTEEN REVOLUTION ERA RIFLES TO MODERN GUNS PRESIDENT CARLOS SALINAS HAS INDICATED HE'LL ATTACK THE CHIAPAS PROBLEM WITH MORE MONEY FROM HIS ANTI POVERTY PROGRAM SOLIDARITY BUT TO MANY HERE HE HAS APPEARED INSENSITIVE LAST WEEK HE DENIED THAT THE REBELLION WAS AN INDIAN UPRISING CAUSED BY ABJECT POVERTY BLAMING THE REVOLT ON THE WORK OF OUTSIDE FORCES FROM CENTRAL AMERICA BISHOP SAMUEL RUIZ A LIBERATION THEOLOGIST WIDELY FOLLOWED BY THE INDIANS IN CHIAPAS INDICATES THAT THE GOVERNMENT APPROACH IS TOO SUPERFICIAL BISHOP RUIZ SAYS THAT THE ANSWER CAN'T BE MONEY MONEY ISN'T THE SAME AS JUSTICE THERE HAS TO BE A DEEP REFLECTION ON THE REAL CAUSES OF THIS MOVEMENT DESCENDANTS OF THE MAYANS ARE NOW DIRT POOR WITH HIGH ILLITERACY RATES AND LIE AT THE BOTTOM OF AN UGLY CASTE SYSTEM IN WHICH ASCENDANCE DEPENDS ON THE PERCENTAGE OF EUROPEAN BLOOD ASSUMING THE VIOLENCE WILL CONTINUE MANY INVESTORS WORRY THAT SPENDING ON SOCIAL PROBLEMS COULD SIPHON MONEY AWAY FROM MUCH NEEDED MODERNIZATION PROBLEMS THE MONEY COULD HELP THE ECONOMY BY IMPROVING ROADS AND PROVIDING MORE ELECTRICITY IN ADDITION LAVISH GOVERNMENT SPENDING IN MEXICO IS HISTORICALLY ASSOCIATED WITH HIGH INFLATION I THINK WE ARE GOING TO HAVE A FISCAL DEFICIT THIS YEAR FOR THE FIRST TIME SINCE NINETEEN EIGHTY NINE SAYS SERGIO SANCHEZ GARCIA HEAD OF RESEARCH AT MEXICAN BROKER INVERLAT AND MANY MEXICANS AND INVESTORS REMEMBER NINETEEN EIGHTY SEVEN THAT WAS WHEN THE FEDERAL DEFICIT STOOD AT SIXTEEN POINT ONE PERCENT OF G. D. P. FUELING AN ANNUAL INFLATION RATE OF ONE HUNDRED FIFTY NINE PERCENT THE VIOLENCE IN CHIAPAS MAY ALSO COME TO WORRY INVESTORS BECAUSE IT HAS CREATED A SMALL OPENING FOR THE LEFTIST PRESIDENTIAL CANDIDATE CUAUHTEMOC CARDENAS MR. CARDENAS HAS BEEN TRYING NOT TO PLAY TOO BLATANTLY ON EVENTS IN CHIAPAS BUT BY FOCUSING THE COUNTRY ON THE ISSUE OF POVERTY CHIAPAS MAY BOOST HIS LACKLUSTER CAMPAIGN HIS CHANCES HAVE ALSO IMPROVED SIMPLY BECAUSE THE AUGUST ELECTIONS ARE LIKELY TO BE FAIRER THAN THEY'VE BEEN IN THE PAST THIS IS BECAUSE INTERNATIONAL ATTENTION WILL BE FOCUSED ON THE VOTE GIVEN THE EVENTS IN CHIAPAS AND THE RECENTLY IMPLEMENTED NORTH AMERICAN FREE TRADE AGREEMENT IN ANY CASE CHIAPAS EMBARRASSES THE RULING PARTY WHOSE CANDIDATE LUIS DONALDO COLOSIO HAS PLEDGED TO CONTINUE THE SALINAS ECONOMIC REFORMS THAT INVESTORS FIND SO ENCOURAGING THE MEXICAN GOVERNMENT DOES HOWEVER RETAIN CONSIDERABLE FINANCING FLEXIBILITY MODERATE DEFICIT SPENDING COULD EASILY BE FINANCED IN THE CAPITAL MARKETS THROUGH SALES OF MEXICAN TREASURY BILLS ALSO THE MEXICAN GOVERNMENT STILL OWNS RESIDUAL STAKES IN MANY OF THE BUSINESSES IT SOLD OVER THE PAST THREE YEARS OVER THE WEEKEND REPORTS CIRCULATED IN MEXICO THAT THE GOVERNMENT WILL SOON SELL ITS REMAINING FOUR POINT SIX PERCENT HOLDING IN THE TELEPHONE MONOPOLY TELEFONOS DE MEXICO S. A. RAISING ABOUT ONE POINT SIX BILLION DOLLARS POWER COMPANIES PORTS AND AIRPORTS COULD ALSO STILL BE SOLD OFF QUOTE I THINK WE WILL END UP WITH A SMALL DEFICIT QUOTE AT THE END OF NINETEEN NINETY FOUR PREDICTS JONATHAN HEATH CHIEF ECONOMIST AT MACRO ASESORIA ECONOMICA A MEXICAN ECONOMIC RESEARCH FIRM BUT THE GOVERNMENT HAS DEGREES OF LIBERTY TO DO IT WITHOUT CAUSING A PANIC IN THE MARKETS EDWARD L. MORGAN JUNIOR FIFTY YEARS OLD WAS ELECTED A SENIOR VICE PRESIDENT AT THE I. T. T. HARTFORD INSURANCE GROUP UNIT OF THIS INDUSTRIAL AND FINANCIAL SERVICES CONGLOMERATE MR. MORGAN WAS FORMERLY VICE PRESIDENT CORPORATE RELATIONS TIMOTHY E. MURNANE FORTY FOUR YEARS OLD FORMER PRESIDENT OF THE MEDSTAT SYSTEMS UNIT WAS NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF THIS COMPUTERIZED HEALTH CARE INFORMATION PROVIDER EFFECTIVE IMMEDIATELY JEFFREY M. LEVY FORTY ONE YEARS OLD WAS NAMED A SENIOR VICE PRESIDENT OF THIS TECHNICAL SERVICES PROVIDER MR. LEVY WAS PREVIOUSLY CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF THE COMPANY'S MECHANICAL SLASH ELECTRICAL SERVICES UNIT EASTERN REGION ALUMINUM COMPANY VINCENT R. SCORSONE FIFTY EIGHT YEARS OLD WILL RETIRE AS EXECUTIVE VICE PRESIDENT CHAIRMAN'S COUNSEL ON JANUARY THIRTY FIRST MR. SCORSONE'S SUCCESSOR HASN'T BEEN NAMED CALIFORNIA FEDERAL BANK'S KEY SHAREHOLDERS PLAN TO ASK THEIR BOARD TO CONSIDER SELLING THE TROUBLED THRIFT TO BIDDER GOLDEN WEST FINANCIAL CORPORATION PEOPLE CLOSE TO THE TALKS SAID IF CALFED'S BOARD BALKS THE SHAREHOLDERS MAY NOMINATE THEIR OWN SLATE OF DIRECTORS FOR THE THRIFT'S APRIL ANNUAL MEETING WHEN THREE DIRECTORS COME UP FOR RE ELECTION SAID ONE PERSON CLOSE TO THE TALKS THE SHAREHOLDERS' DECISIONS TO INDIVIDUALLY APPROACH THE BOARD CAME AFTER AN INVITATION ONLY MEETING LATE THURSDAY WITH GOLDEN WEST CHAIRMAN HERBERT M. SANDLER GOLDEN WEST HAS OFFERED TO BUY CALFED FOR ABOUT SIX HUNDRED THIRTY MILLION DOLLARS THAT INCLUDES TWENTY ONE DOLLARS AND FIFTY CENTS A SHARE FOR CALFED'S TWENTY FIVE MILLION SHARES OUTSTANDING EQUAL TO CALFED'S BOOK VALUE AS OF SEPTEMBER THIRTIETH PLUS NINETY MILLION DOLLARS FOR A PREFERRED STOCK ISSUE WITH A MARKET VALUE OF ONLY THREE HUNDRED EIGHTY FOUR MILLION DOLLARS COMPARED WITH TWO POINT FIVE BILLION DOLLARS FOR GOLDEN WEST CALFED WOULDN'T BE A BIG SWALLOW BUT CALFED BASED IN LOS ANGELES COULD BE AN ENGINE FOR OAKLAND BASED GOLDEN WEST WHOSE GROWTH HAS STALLED IN RECENT YEARS IN COMPOSITE TRADING FRIDAY ON THE NEW YORK STOCK EXCHANGE GOLDEN WEST'S STOCK CLOSED AT FORTY THREE DOLLARS AND SEVENTY FIVE CENTS UP FOUR DOLLARS AND FIFTY CENTS OR ELEVEN PERCENT THAT PUTS IT THIRTEEN PERCENT BELOW ITS FIFTY TWO WEEK HIGH OF FIFTY POINT THREE SEVEN FIVE DOLLARS CALFED'S STOCK CLOSED AT SIXTEEN POINT THREE SEVEN FIVE DOLLARS UP TWENTY FIVE CENTS ON THE BIG BOARD CALFED'S NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER EDWARD G. HARSHFIELD HAS PLAYED DOWN MR. SANDLER'S WRITTEN OFFER AS A QUOTE STARTING POINT TO MARK DOWN QUOTE MR. SANDLER DECLINED COMMENT SOME HOLDERS WOULD PREFER A STOCK DEAL BUT ARE WILLING TO SELL FOR CASH ONE PERSON CLOSE TO THE TALKS SAID MOST SEEMED WILLING TO SETTLE FOR MR. SANDLER'S BID BUT ONE LARGE HOLDER ALAN SNYDER OF SNYDER CAPITAL MANAGEMENT SAN FRANCISCO SAYS HE WANTS MORE A PRICE OF TWENTY ONE DOLLARS AND FIFTY CENTS A SHARE WOULD BE VERY POSITIVE FOR GOLDEN WEST MR. SNYDER SAID THAT WOULD IMPLY YOU HAVE ROOM TO RAISE THE PRICE MR. SNYDER WASN'T AT THURSDAY NIGHT'S MEETING FRENCH STATE CONTROLLED AUTO MAKER RENAULT S. A. SAID IT HOPES TO POST A SMALL PROFIT FOR NINETEEN NINETY THREE DESPITE THE COLLAPSE OF THE FRENCH AND EUROPEAN CAR MARKETS IN NINETEEN NINETY TWO RENAULT POSTED AN EIGHTY FIVE PERCENT RISE IN NET INCOME TO FIVE POINT SIX EIGHT BILLION FRANCS NINE HUNDRED FIFTY EIGHT POINT SIX MILLION DOLLARS PATRICK FAURE RENAULT'S DEPUTY GENERAL MANAGER SAID THE RENAULT NINETEEN NINETY THREE SALES PERFORMANCE WAS QUOTE ACCEPTABLE QUOTE GIVEN THE MARKET'S WEAKNESS NOTING THAT RENAULT HAD MAINTAINED ITS SHARE OF THE EUROPEAN CAR MARKET AT TEN POINT SIX PERCENT HELPED BY THE LAUNCH OF ITS NEW MINICAR THE TWINGO RENAULT IMPROVED ITS SHARE OF THE FRENCH CAR MARKET TO THIRTY POINT SIX PERCENT IN NINETEEN NINETY THREE FROM TWENTY NINE POINT FIVE PERCENT A YEAR EARLIER WRESTING THE NUMBER ONE POSITION FROM RIVAL P. S. A. PEUGEOT CITROEN S. A. RENAULT DID SUBSTANTIALLY BETTER IN NORTHERN EUROPE WHERE IT GAINED MORE THAN A PERCENTAGE POINT IN MARKET SHARE THAN IN THE SOUTH WHERE IT WAS HIT BY THE DEVALUATIONS IN SPAIN AND ITALY AND AN ENSUING PRICE WAR THAT CAUSED RENAULT TO LOSE SOME MARKET SHARE MR. FAURE REMARKED THAT A PRICE WAR IN COUNTRIES WHERE PROFIT MARGINS WERE ALREADY SLIM IF NOT NONEXISTENT WAS INCOMPREHENSIBLE THE UNITED KINGDOM WAS ONE OF THE FRENCH CAR MAKER'S MOST BUOYANT MARKETS IN NINETEEN NINETY THREE WITH SALES SURGING TWENTY SEVEN POINT FOUR PERCENT TO NINETY THREE THOUSAND ONE HUNDRED EIGHTY FOUR MAKING RENAULT THE NUMBER ONE IMPORTER IN BRITAIN WITH A MARKET SHARE OF FIVE POINT TWO PERCENT UP FROM FOUR POINT SIX PERCENT IN NINETEEN NINETY TWO OUTSIDE EUROPE RENAULT HAD A REMARKABLY GOOD PERFORMANCE IN TURKEY WITH SALES GROWING TWENTY ONE POINT SIX PERCENT TO ONE HUNDRED THIRTY ONE THOUSAND EIGHT HUNDRED UNITS MAKING THIS MARKET RENAULT'S THIRD BIGGEST NATIONAL MARKET IN VIEW OF THE WEAKNESS OF THE EUROPEAN MARKET IN NINETEEN NINETY THREE AND AN EXPECTED SLOW RECOVERY IN NINETEEN NINETY FOUR RENAULT PLANS TO FOCUS MORE OF ITS ENERGY ON DEVELOPING SALES IN MARKETS WHERE THE COMPANY'S PRESENCE IS RELATIVELY LIMITED AT PRESENT MR. FAURE SAID SUFFERING FROM WEAK SALES CONRAN STORES INCORPORATED THE ONCE TRENDSETTING HOME FURNISHINGS RETAILER FILED LATE FRIDAY FOR PROTECTION FROM CREDITORS UNDER CHAPTER ELEVEN OF THE FEDERAL BANKRUPTCY CODE CONRAN STORES WHICH OPERATES RETAIL OUTLETS IN SEVEN STATES UNDER THE NAME CONRAN'S HABITAT WAS SOLD BY LONDON BASED STOREHOUSE P. L. C. IN LATE NINETEEN NINETY TWO TO A GROUP OF AMERICAN INVESTORS LED BY RETAILER MARVIN TRAUB FORMER CHAIRMAN OF BLOOMINGDALE'S A UNIT OF FEDERATED DEPARTMENT STORES INCORPORATED THE U. S. GROUP AT THE TIME HAD BOLD PLANS TO RESUSCITATE THE FLAGGING CHAIN BY INTRODUCING A NEW ASSORTMENT OF DESIGNER MERCHANDISE AND BY REVIVING THE COMPANY'S DORMANT CATALOG BUT IN A STATEMENT ISSUED SATURDAY THE CHAIN OF FOURTEEN SPECIALTY STORES SAID THAT WHILE IT HAD QUOTE IMPROVED OPERATIONS QUOTE IN NINETEEN NINETY THREE QUOTE THE DIFFICULT AND VERY COMPETITIVE RETAIL ENVIRONMENT AND THE CONTINUING GENERAL ECONOMIC DECLINE WHICH HAD SEVERELY AFFECTED CONRAN'S DURING PRIOR YEARS PROVED TOO HIGH A HURDLE TO OVERCOME QUOTE IN AN INTERVIEW MR. TRAUB SAID SALES DURING THE CHRISTMAS SEASON AT CONRAN STORES OPEN AT LEAST A YEAR WERE UP TEN PERCENT FROM THE PERIOD IN NINETEEN NINETY TWO BUT WE NEEDED TO BE UP MORE THAN THAT MR. TRAUB SERVED AS CHAIRMAN OF CONRAN'S EXECUTIVE COMMITTEE AND WAS ONE OF THE PARTNERS IN MTLG ACQUISITION CORPORATION THE GROUP THAT ACQUIRED CONRAN STORES ITS OTHER PARTNERS INCLUDE LESTER GRIBETZ FORMER VICE CHAIRMAN OF BLOOMINGDALE'S AND KENNETH LAZAR A FINANCIAL AND MANAGEMENT CONSULTANT CONRAN STORES SAID ALL STORES REMAINED OPENED AND THAT THE COMPANY HOPED TO CONTINUE IN SOME FORM THE COMPANY SAID IT IS IN DISCUSSIONS WITH SEVERAL PARTIES INCLUDING ETHAN ALLEN INTERIORS INCORPORATED THE DANBURY CONNECTICUT BASED FURNITURE MAKER AND RETAILER THOUGH IT DIDN'T CHARACTERIZE THOSE TALKS IF THE DISCUSSIONS ARE ENCOURAGING OVER THE NEXT SEVERAL DAYS CONRAN'S PLANS TO FORM A REORGANIZED COMPANY SHOULD THE TALKS FAIL THE COMPANY SAID IT WILL TAKE APPROPRIATE ACTION TO MAXIMIZE RECOVERIES FROM A PROMPT SALE OF ITS ASSETS ETHAN ALLEN EXECUTIVES COULDN'T BE REACHED FOR COMMENT MR. TRAUB SAID YESTERDAY THAT HIS GROUP BOUGHT A VERY SICK COMPANY THAT HAD LOST FIFTY MILLION DOLLARS IN THE THREE YEARS PRIOR TO HIS GROUP'S ACQUISITION THE MINDLESS VIOLENCE THAT HAS COME TO BE ACCEPTED AS PART OF THE QUOTE REAL QUOTE WORLD REVISITED SPORTS LAST WEEK IT WAS ALL THE MORE SHOCKING BECAUSE THE ACTIVITY INVOLVED WAS FIGURE SKATING A MILIEU OF SMILES SEQUINS AND FLORAL BOUQUETS THAT IS A SPORT ONLY BY TORTURED DEFINITION THE TARGET WAS SLIM DARK HAIRED NANCY KERRIGAN THE DEFENDING NATIONAL WOMEN'S SINGLES CHAMPION AND BRONZE MEDALIST AT THE NINETEEN NINETY TWO OLYMPICS ON THURSDAY AFTERNOON HERE STEPPING OFF THE ICE AFTER A PRACTICE SESSION AT COBO ARENA NEXT DOOR TO THE JOE LOUIS ARENA THE VENUE OF THE NINETEEN NINETY FOUR U. S. CHAMPIONSHIPS KERRIGAN WAS ATTACKED BY A MAN WHO STRUCK HER RIGHT KNEE WITH A PIPE OR CROWBAR AND FLED THE RESULTING INJURY FORCED HER TO WITHDRAW FROM THE COMPETITION THE QUALIFYING EVENT FOR NEXT MONTH'S WINTER GAMES IN LILLEHAMMER NORWAY THE NATIONALS WENT ON AS SCHEDULED BUT THE DOINGS ON THE ICE BECAME SECONDARY HOW WAS NANCY BADLY BRUISED BUT NOT HURT AS SERIOUSLY AS SHE MIGHT HAVE BEEN WHO DID IT AND WHY STILL NO ANSWERS AS OF MIDDAY YESTERDAY ALTHOUGH THERE WERE SEVERAL WITNESSES TO THE ATTACK WOULD HER OLYMPIC HOPES BE SNUFFED NO AS IT TURNED OUT ON SATURDAY NIGHT AFTER THE OTHER WOMEN HAD PERFORMED U. S. FIGURE SKATING ASSOCIATION USFSA ANNOUNCED THAT A RULE APPARENTLY TO THE CONTRARY NOTWITHSTANDING SHE WOULD BE GIVEN ONE OF THE TWO O. GAMES WOMEN'S SINGLES SPOTS ALLOTTED TO THIS LAND IF SHE HEALS IN TIME ANSWERS TO THE DEEPER QUESTIONS RAISED BY THE INCIDENT WERE BEYOND THE KEN OF THE FIGURE SKATING CROWD THEY HAVE TO DO WITH THE NATURE OF PRESENTDAY CELEBRITY AND RECENT DECISIONS BY POLITICIANS AND THE MEDICAL PROFESSION ABOUT THE TREATMENT OF THE MENTALLY ILL THE AREA IN WHICH KERRIGAN WAS ATTACKED WAS SUPPOSEDLY CLOSED TO THE GENERAL PUBLIC PROMPTING SOME FINGERPOINTING ABOUT SECURITY BETWEEN LOCAL POLICE AND THE MEET'S ORGANIZERS THAT PROVOKED ONLY KNOWING SHRUGS AMONG PEOPLE WHO'VE BEEN BACKSTAGE AT MAJOR SPORTING EVENTS THOSE PRECINCTS TYPICALLY TEEM WITH JOURNALISTS MAINTENANCE MEN PEOPLE LUGGING ELECTRICAL GEAR VOLUNTEER WORKERS OF VARIOUS STRIPE FOOD SERVICE EMPLOYEES AGENTS OFFICIALS AND PROMOTERS AND THEIR FRIENDS THIS GROUP WAS AS LARGE HERE AFTER THE ASSAULT AS BEFORE AND THAT DOESN'T INCLUDE TICKET HOLDERS ONE OF WHOM SPRANG FROM THE STANDS TO STAB MONICA SELES DURING A TENNIS TOURNAMENT IN GERMANY LAST SPRING AT A TIME WHEN IT SEEMS EVERYONE WHO'S DANGEROUS ALSO IS ARMED ONE CAN ONLY BE GRATEFUL THAT THE NUT WHO ATTACKED KERRIGAN HAD ONLY A CLUB IN HIS HAND AND AIMED LOW IF THERE WAS A BRIGHT SPOT TO THE KERRIGAN AFFAIR IT WAS THE SPIRIT IN WHICH HER COMPETITORS ACCEPTED THE USFSA DECISION TO GIVE HER AN OLYMPIC BERTH WITHOUT COMPETING HERE DESPITE A RULE GRANTING SUCH LEEWAY ONLY TO SKATERS WHO HAD MEDALED IN THE PREVIOUS WORLD CHAMPIONSHIPS KERRIGAN FINISHED FIFTH THERE IT'S FINE SHE DESERVES IT SAID THIRTEEN YEAR OLD MICHELLE KWAN WHO AS THE WOMEN'S SINGLES RUNNERUP WOULD HAVE GONE TO LILLEHAMMER WITHOUT THE GROUP'S RULING NANCY'S BEEN IN IT A LONG TIME IT'S GREAT THAT SHE'S GOING SAID THIRD PLACE FINISHER NICOLE BOBEK GOING TO NORWAY WITH KERRIGAN WILL BE TONYA HARDING WHO FINISHED FIRST HERE A CONSIDERABLE ATHLETE BUT EASILY DISTRACTED SHE CAPTURED ONE PREVIOUS IMPORTANT CROWN THE NINETEEN NINETY ONE NATIONALS BUT HAD FLOUNDERED SINCE SOMETIMES BLAMING THINGS LIKE SKEWED SKATE BLADES AND SNAPPED SHOULDER STRAPS FOR HER DIFFICULTIES BUT ON SATURDAY NIGHT BEFORE THE EVENT'S LARGEST CROWD THE TWENTY THREE YEAR OLD BLONDE FROM PORTLAND OREGON A BLUE COLLAR GIRL IN A WHITE COLLAR SPORT WAS THE STAR COMPLETING FOUR TRIPLE SPIN JUMPS AND ERRING ONLY IN NOT COMPLETING A DOUBLE OF THE SIX TOP FINISHERS AFTER FRIDAY'S SO CALLED TECHNICAL PROGRAM ONLY SHE DID NOT FALL OR STUMBLE BADLY IN THE FREE SKATE I'M GOING TO LILLEHAMMER TO WIN SHE DECLARED QUOTE I SEE MYSELF AS MY TOP COMPETITION I'M THE PERSON I HAVE TO BEAT QUOTE FROM A COMPETITIVE STANDPOINT THE MEN'S SIDE WAS MORE INTERESTING IT CENTERED ON THE COMEBACK OF BRIAN BOITANO WHO EMBARKED UPON THE ICE SHOW CIRCUIT AFTER WINNING TWO WORLD'S TITLES AND THE NINETEEN EIGHTY EIGHT OLYMPIC GOLD MEDAL HE WAS ONE OF SEVERAL AMERICANS WHO TOOK ADVANTAGE OF A RECENT INTERNATIONAL RULE CHANGE PERMITTING A ONE TIME OLYMPIC REINSTATEMENT FOR PROFESSIONALS BUT THE ONLY ONE OF THEM TO MAKE A SERIOUS SPLASH HERE NOW THIRTY YEARS OLD AND POSSESSING SEVERAL SOMETIMES BALKY BODY PARTS BOITANO STILL PROVED SUBTLE ENOUGH TO REEL OFF A POLISHED PERFORMANCE IN HIS TECHNICAL PROGRAM AND TAKE FIRST PLACE GOING INTO THURSDAY NIGHT'S FREE SKATE FINAL HE WAS SMOOTH IN THAT ONE TOO BUT HIS ROUTINE TO THE SUBDUED STRAINS OF AARON COPLAND THEMES DIDN'T MEASURE UP TO THAT OF TWENTY ONE YEAR OLD SCOTT DAVIS THE DEFENDING NATIONAL TITLIST DAVIS'S MUSICAL ACCOMPANIMENT FROM WEST SIDE STORY WAS SNAPPIER STUFF AND HE PUNCTUATED HIS SEVEN SUCCESSFUL TRIPLES WITH UN FIGSLIKE FIST PUMPING SIX OF THE NINE JUDGES RATED THE MONTANA NATIVE'S PERFORMANCE AS BEST THE SAME NUMBER THAT HAD FAVORED BOITANO'S TECHNICAL PROGRAM BUT THE FREE SKATE SCORE COUNTED FOR TWICE AS MUCH ALLOWING DAVIS TO PREVAIL DESPITE HIS DEFENDING CHAMP STATUS DAVIS CAME HERE AS UNDERDOG TO THE MORE ACCOMPLISHED BOITANO THANKS IN PART TO THE TENDENCY OF THE SPORT'S JUDGES TO GRADE FACES RATHER THAN SHOWS DAVIS'S COACH KATHY CASEY REFERRED TO THIS AFTERWARD SAYING WHEN WE OPENED THE NEWSPAPER YESTERDAY THE HEADLINE SAID WHO'S NUMBER TWO TO BOITANO SO I WAS A LITTLE SURPRISED AT THE JUDGING BUT BOTH MEN QUALIFIED FOR THE OLYMPICS AND MAYBE DAVIS'S TWO U. S. CROWNS WILL IMPROVE HIS APPEAL IN THAT GO AROUND WHAT LINGERED HERE THOUGH WASN'T HIS OR ANY OTHER PERFORMANCE BUT ONE OF KERRIGAN'S ANSWERS AT THE PRESS CONFERENCE AT WHICH SHE ANNOUNCED HER WITHDRAWAL REMINDED THAT SHE'D BEEN HEARD SOBBING WHY ME AS HER ATTACKER FLED SHE WAS ASKED IF SHE'D THOUGHT ABOUT THAT QUESTION FURTHER JAMES S. DISTASIO FORTY SIX YEARS OLD WAS NAMED MANAGING PARTNER OF THIS ACCOUNTING TAX AND CONSULTING FIRM'S NEW ENGLAND TERRITORY BASED IN BOSTON HE SUCCEEDS TOM P. MCDERMOTT FIFTY EIGHT WHO IS RETIRING MR. DISTASIO MOST RECENTLY WAS MANAGING DIRECTOR FOR THE COMPANY'S GREAT LAKES MANAGEMENT CONSULTING GROUP THEODORE J. O'DELL FORTY NINE YEARS OLD WAS NAMED SENIOR VICE PRESIDENT AND CONTROLLER OF THIS LIFE INSURANCE COMPANY THE POSITION IS NEW MR. O'DELL WAS FORMERLY VICE PRESIDENT AND DEPUTY CONTROLLER OF EQUITABLE COMPANIES EQUITABLE LIFE ASSURANCE SOCIETY UNIT AN INSURANCE AND INVESTMENT MANAGEMENT COMPANY IN NEW YORK VICE CHAIRMAN LOUIS J. RUTIGLIANO FIFTY FIVE YEARS OLD WILL RETIRE FROM THIS REGIONAL BELL TELEPHONE COMPANY AT THE END OF JUNE THE COMPANY WILL REORGANIZE HIS FUNCTIONS INTO A UNIT FOCUSING ON INTERNATIONAL ACTIVITIES MR. RUTIGLIANO WILL OVERSEE THE UNIT'S TRANSITION AFTER WHICH THE UNIT WILL REPORT TO RICHARD C. NOTEBAERT PRESIDENT AND CHIEF EXECUTIVE OFFICER A SPOKESMAN SAID IT IS UNCERTAIN WHETHER THE COMPANY WILL NAME A NEW VICE CHAIRMAN HOUGHTON MIFFLIN COMPANY SAID ITS SECONDARY SCHOOL TEXTBOOK SALES WILL DOUBLE AS A RESULT OF ITS PROPOSED ACQUISITION OF MCDOUGAL LITTELL AND COMPANY WHILE NEW OPPORTUNITIES WILL BE OPENED TO SELL MORE COLLEGE TEXTS AND TO DEVELOP ADDITIONAL C. D. ROM PRODUCTS NADER F. DAREHSHORI CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID IN AN INTERVIEW THAT HOUGHTON HAS BEEN STRUGGLING TO DEVELOP MORE SECONDARY SCHOOL SALES INTERNALLY AND HAD BEEN COURTING MCDOUGAL FOR THREE YEARS HOUGHTON SAID ON FRIDAY THAT IT WOULD PAY ONE HUNDRED THIRTY EIGHT MILLION DOLLARS FOR THE EVANSTON ILLINOIS COMPANY WHICH IS BEST KNOWN FOR ITS LITERATURE SERIES FOR SIXTH TO TWELFTH GRADES MR. DAREHSHORI SAID MCDOUGAL HAS ABOUT SIXTY TWO MILLION DOLLARS IN ANNUAL SALES ABOUT FORTY MILLION DOLLARS OF IT IN SECONDARY SCHOOLS THE ADDITIONAL REVENUE WILL BRING HOUGHTON'S SECONDARY SCHOOL SALES TO ABOUT EIGHTY MILLION DOLLARS HE ADDED QUOTE IT HAS BEEN HOUGHTON MIFFLIN'S STRATEGY FOR MANY YEARS TO DEVELOP OUR SECONDARY SCHOOL PUBLISHING LIST BUT WE HAD NOT BEEN ABLE TO FIND A SUITABLE COMPANY TO BUY AND INTERNAL DEVELOPMENT HAS TAKEN A LONG TIME QUOTE MR. DAREHSHORI SAID THIS MAKES IT POSSIBLE TO HAVE AN OUTSTANDING SECONDARY SCHOOL DIVISION MR. DAREHSHORI SAID THAT FURTHER ACQUISITIONS WILL BE PUT ON HOLD FOR A WHILE BUT THAT HOUGHTON HAS A LONG TERM INTEREST IN ADDING TO ITS SUPPLEMENTAL PUBLISHING OPERATIONS MAINLY IN THE TEST PUBLISHING AREA THE HOUGHTON CHAIRMAN WHO HAS PROMPTED A SERIES OF ACQUISITIONS AND DIVESTITURES DURING HIS TENURE ALSO SAID MCDOUGAL WAS LARGELY COMPLEMENTARY TO HOUGHTON'S OPERATIONS SO THAT THE MERGER WOULD GENERATE LITTLE FRICTION OR OVERLAP IN EDITORIAL OPERATIONS BUT HE SAID ABOUT EIGHTY TO ONE HUNDRED OF MCDOUGAL'S THREE HUNDRED EMPLOYEE POSITIONS IN ADMINISTRATION SERVICES AND MANUFACTURING WOULD BE CUT IN LESS THAN A YEAR GENERATING COST SAVINGS MR. DAREHSHORI AND STEPHEN JAEGER CHIEF FINANCIAL OFFICER DECLINED TO DISCLOSE MCDOUGAL'S EARNINGS BUT HOUGHTON SAID THAT ITS EARNINGS WOULD BE DILUTED IN NINETEEN NINETY FOUR AND ENHANCED IN NINETEEN NINETY FIVE AS A RESULT OF THE TAKEOVER MR. JAEGER SAID HE ISN'T GIVING SPECIFIC GUIDANCE TO ANALYSTS ON DILUTION BUT ADDED THAT HE WOULDN'T TAKE STRONG ISSUE WITH ONE ANALYST'S PRELIMINARY ESTIMATE THAT THIS YEAR'S NET WILL BE TWENTY FIVE CENTS A SHARE LOWER AS A RESULT OF THE TAKEOVER THE AVERAGE ESTIMATE OF TEN ANALYSTS FOR HOUGHTON FOR NINETEEN NINETY FOUR WAS TWO DOLLARS AND NINETY TWO CENTS A SHARE PRIOR TO FRIDAY'S ANNOUNCEMENT ACCORDING TO ZACKS INVESTMENT RESEARCH INCORPORATED HOUGHTON HAD NET INCOME OF THIRTY POINT ONE MILLION DOLLARS OR TWO DOLLARS AND EIGHTEEN CENTS A SHARE FOR THE FIRST NINE MONTHS OF NINETEEN NINETY THREE ON SALES OF THREE HUNDRED ONE POINT SIX MILLION DOLLARS MR. DAREHSHORI SAID THAT THE ACQUISITION OF MCDOUGAL'S SALES FORCE IN SECONDARY SCHOOLS IS ONE OF ITS BIGGEST STRATEGIC ADVANTAGES TO THE TAKEOVER THIS HE SAID WILL GIVE HOUGHTON BETTER OPENINGS TO SELL COLLEGE TEXTS TO HIGH SCHOOLS WITH ADVANCED PLACEMENT CLASSES A GROWING MARKET THAT HAS BEEN DIFFICULT FOR HOUGHTON TO PENETRATE MCDOUGAL ALSO PUBLISHES ECONOMICS FOREIGN LANGUAGE AND MATHEMATICS TEXTBOOKS AND HAS C. D. ROM OFFERINGS IN ELEMENTARY SPELLING FOREIGN LANGUAGE AND ECONOMICS MR. DAREHSHORI SAID C. D. ROM REFERS TO VIDEODISKS THAT CAN BE READ BY LASERS ALTHOUGH OTHER PUBLISHING COMPANIES ARE DEVOTING MORE CAPITAL TO THE DEVELOPMENT OF ELECTRONIC ALTERNATIVES MR. DARESHORI SAID SCHOOL PUBLISHING RETAINS HIGH PROFITABILITY WE HAVE BEEN MOVING IN THE DIRECTION OF MORE ELECTRONIC PRODUCTS BUT TO MOVE IN THAT AREA YOU NEED TO HAVE AN INTELLECUTUAL PROPERTY AND THEN DECIDE HOW YOU WILL DEVELOP IT MR. DAREHSHORI SAID MCDOUGAL LITTELL WILL NOT ONLY GIVE US THE CONTENT BUT THEY ALREADY HAVE EXPERTISE IN DEVELOPING C. D. ROM PROGRAMS DONALD GRINTER WAS NAMED CHAIRMAN OF THIS RAILROAD ENGINEERING AND MANUFACTURING CONCERN THAT BECAME A PUBLICLY HELD COMPANY EARLIER THIS MONTH MR. GRINTER FIFTY SEVEN YEARS OLD CONTINUES AS CHIEF EXECUTIVE OFFICER A. B. C. RAIL ALSO NAMED BEN R. YORKS PRESIDENT AND CHIEF OPERATING OFFICER MR. YORKS FIFTY TWO WAS FORMERLY PRESIDENT OF THE FORESTRY AND INDUSTRIAL EQUIPMENT UNIT OF BLOUNT INCORPORATED MONTGOMERY ALABAMA NEWS THAT THE CENTRAL GOVERNMENT PLANS TO LEVY A STEEP TARIFF ON IMPORTED CARS BEGINNING THIS MONTH REACHED SU ZHIMING AS THE LOCAL LEADER WAS DINING WITH HIS STAFF AND A VISITOR MR. SU WHO IS THE COMMUNIST PARTY BOSS AND MAYOR OF THIS TOWN SOUTHEAST OF GUANGZHOU PUTS DOWN HIS CHOPSTICKS AND GRABS HIS PORTABLE TELEPHONE QUOTE I WANT YOU TO CLEAN OUT THE DEALERS' STOCK OF IMPORTED CARS QUOTE HE SHOUTS INTO THE PHONE THEN THE FORTY FIVE YEAR OLD MAYOR WHO USUALLY RIDES AROUND IN A MERCEDES THREE HUNDRED TURNS TO THE GUEST AND CONFIDES I WANT TO GET A SIX HUNDRED AS IN MUCH OF COASTAL CHINA THERE IS LITTLE SIGN OF AUSTERITY HERE DESPITE AN EDICT FROM BEIJING LAST YEAR BARRING GOVERNMENT AGENCIES FROM BUYING IMPORTED CARS SHIJI IS IN THE PROCESS OF ACQUIRING FORTY TWO OF THEM TO ADD TO ITS FLEET OF MORE THAN ONE HUNDRED INCLUDING A ROLLS ROYCE THE TOWN IS MUSHROOMING IT HAS MANY BUILDING PROJECTS UNDER WAY INCLUDING A LUXURY HOTEL A RESIDENTIAL DEVELOPMENT AND A PRIMARY SCHOOL EQUIPPED WITH AN OLYMPIC SIZE SWIMMING POOL SHIJI'S NEW CARS AND PUBLIC FACILITIES ARE FINANCED LARGELY BY INCOME GENERATED FROM SALES OF LAND OR NEW APARTMENTS MOSTLY TO BUYERS FROM HONG KONG OR ELSEWHERE IN CHINA THE TOWN'S SIXTY FIVE THOUSAND RESIDENTS HAVE HUNG UP THEIR SICKLES AND SURRENDERED THEIR FARMLAND TO LOCAL AUTHORITIES IN RETURN FOR ANNUAL BONUSES AND A LIFESTYLE OF THE NOUVEAU RICHE FEATURING MOTORBIKES MOBILE PHONES AND VILLAS MUCH OF THIS FUN WOULD BE SPOILED IF VICE PREMIER ZHU RONGJI HAD HIS WAY MR. ZHU CHINA'S TOP ECONOMIC OFFICIAL IS STRUGGLING TO REDUCE INFLATION WITH HIS SIX MONTH OLD AUSTERITY PROGRAM WHICH WAS DESIGNED TO HALT SPECULATION IN PROPERTY AND SHARES HE AND OTHER CENTRAL GOVERNMENT OFFICIALS ALSO INTEND TO RAKE IN A BIGGER SHARE OF THE TAX REVENUE GENERATED IN THE PROVINCES BUT A TOUR OF SHIJI SUGGESTS THAT BEIJING HAS NEITHER THE ABILITY NOR THE POLITICAL WILL TO ENFORCE THE AUSTERITY PROGRAM WHICH IS ALREADY FIZZLING OUT SHOULD BEIJING FAIL TO BRING LOCAL OFFICIALS TO HEEL THE RISK IS THAT CHINA'S ECONOMY WILL OVERHEAT AGAIN IGNITING A NEW BURST OF INFLATION THAT IN TURN COULD FORCE THE GOVERNMENT TO TIGHTEN CREDIT AND RESTRICT IMPORTS SO SEVERELY THAT THE ECONOMY WOULD LURCH INTO RECESSION PERPETUATING CHINA'S TRADITION OF SWINGING FROM BOOM TO BUST HERE IN SHIJI HOWEVER PARTY CADRES SEE LITTLE TO GAIN FROM AUSTERITY THEIR INCOMES DEPEND ON ANNUAL BONUSES TIED TO THE PROFITS CHALKED UP BY THREE DOZEN LOCAL COMPANIES OPERATED BY THE TOWN COUNCIL AND ENGAGED IN SUCH BUSINESSES AS PROPERTY DEVELOPMENT IMPORT EXPORT TRADING AND LIGHT INDUSTRY AIDES TO MR. SU THE NUMBER ONE BUREAUCRAT IN SHIJI SAY HIS NINETEEN NINETY THREE TAKE HOME PAY TOTALED ABOUT EIGHTEEN THOUSAND YUAN THREE THOUSAND ONE HUNDRED DOLLARS AT THE OFFICIAL RATE THAT'S FAR MORE THAN THE SALARY OF CHINA'S NUMBER ONE PARTY SECRETARY JIANG ZEMIN STILL THE SWAGGERING MAYOR DOESN'T SEEM SATISFIED A BUSINESS TALENT LIKE MINE IS WORTH MORE THAN ONE MILLION YUAN ONE HUNDRED SEVENTY THOUSAND DOLLARS IN HONG KONG BOASTS MR. SU WHOSE NAME CARD LISTS FIVE BUSINESS TITLES IN ADDITION TO HIS PARTY AND GOVERNMENT ROLES MY BRAINS ARE ONE HUNDRED PERCENT OCCUPIED BY IDEAS FOR MAKING MONEY A NATIVE OF SHIJI THE MAYOR IS TYPICAL OF THE LOCAL LEADERS WHOSE INDEPENDENT WAYS AND BOLD INITIATIVES HAVE LED THE COUNTRY'S LONG MARCH TO CAPITALISM SINCE HE BECAME MAYOR IN NINETEEN EIGHTY SEVEN MR. SU HAS TRANSFORMED AN IMPOVERISHED FARM TOWN INTO A GLEAMING NEW CENTER OF LIGHT INDUSTRY AND PROPERTY DEVELOPMENT RICE FIELDS HAVE GIVEN WAY TO A BRIGHTLY COLORED CASTLE SHAPED KINDERGARTEN A STATE OF THE ART SPORTS STADIUM AND A SPACIOUS OLD AGE HOME FACILITIES THAT COULD NEVER HAVE BEEN BUILT HAD THE TOWN CONTINUED TO DEPEND ON CENTRAL GOVERNMENT HANDOUTS DENG XIAOPING CALLS FOR ECONOMIC REFORMS MR. SU SAYS OF CHINA'S PARAMOUNT LEADER BUT IF NOT FOR PEOPLE LIKE ME WHO HAVE THE VISION AND BOLDNESS TO EXPERIMENT WITH HIS POLICIES YOU WOULDN'T SEE THIS KIND OF PROGRESS TODAY AS MR. SU SEES IT HE IS ONLY NOW BEING REWARDED FOR HIS FORESIGHT IN THE LATE NINETEEN EIGHTIES RISKING THE IRE OF PEASANTS HE EXPROPRIATED HUGE TRACTS OF FARM LAND TO MAKE WAY FOR FACTORY BUILDINGS IN NINETEEN EIGHTY EIGHT JUST BEFORE BEIJING BEGAN A CRACKDOWN ON BANK LENDING THE CRACKDOWN DRIED UP BOTH CREDIT AND DEMAND FOR FACTORY SPACE FORCING MR. SU TO POSTPONE HIS GRAND VISION FOR DEVELOPMENT AS PEASANTS CLAMORED FOR THE RETURN OF THEIR LAND MR. SU WAS INVESTIGATED FOR MONTHS ON A CORRUPTION CHARGE HE WAS FINALLY CLEARED IN NINETEEN NINETY IT WAS THE DARKEST PERIOD OF MY LIFE RECALLS THE MAYOR BUT HE CARRIED ON WITH HIS PLAN AND WAS FINALLY VINDICATED WHEN THE PROPERTY MARKET TOOK OFF IN NINETEEN NINETY TWO PRODUCING HANDSOME PROFITS FOR THE TOWN IN NINETEEN NINETY THREE HE WAS PROMOTED TO PARTY SECRETARY SHIGANG EAST VILLAGE ONE OF TWENTY NINE GOVERNED BY SHIJI'S TOWN COUNCIL IS TOUTED BY LOCAL OFFICIALS AS A MODEL OF FAIR DISTRIBUTION OF WEALTH IN RETURN FOR TURNING THEIR LAND OVER TO THE VILLAGE EVERY HOUSEHOLD IS GUARANTEED A FIXED ANNUAL CASH INCOME PLUS AN ALLOTMENT OF GRAIN OF THE VILLAGE'S FIVE HUNDRED HOUSEHOLDS EIGHTY ARE MILLIONAIRES IN YUAN TERMS OFFICIALS SAY SUCH SCHEMES DON'T ALWAYS PLEASE EVERYONE IN A NEIGHBORING VILLAGE PEASANTS IN NINETEEN NINETY TWO RANSACKED A SHOP SAID TO BE OWNED BY THE VILLAGE PARTY BOSS WHOM THEY ACCUSED OF TAKING LAND WITHOUT GIVING ADEQUATE COMPENSATION STILL LOCAL OFFICIALS EXPRESS DISDAIN FOR VICE PREMIER ZHU'S EFFORTS TO CLAMP DOWN ON PROPERTY SPECULATION RECOVER LOANS FROM PROPERTY DEVELOPERS AND SCRAP ILL CONCEIVED INDUSTRIAL DEVELOPMENT ZONES AS HE DRIVES A VISITOR AROUND SHIJI IN A NEW LEXUS CAR TAN PEINAN MANAGER OF SHIJI REAL ESTATE COMPANY DISMISSES THE AUSTERITY DRIVE WITH AN OBSCENITY HE SAYS HE KNOWS OF NO PROPERTY VENTURES OR INDUSTRIAL ZONES THAT HAVE BEEN SCRAPPED AS A RESULT OF MR. ZHU'S ORDERS BUT DON'T MAYOR SU'S MANY BUSINESS ROLES CONTRAVENE NEW RULES PROHIBITING CADRES FROM DOUBLING AS BUSINESS EXECUTIVES QUOTE NO PROBLEM QUOTE MR. TAN REPLIES IT'S AGAINST THE RULES IF THE MAYOR HEADS MY COMPANY AND DEALS IN DAY TO DAY BUSINESS BUT IT'S ALL RIGHT FOR HIM TO HEAD THE ADMINISTRATIVE HOLDING COMPANY FOR THOSE BUSINESSES SHIJI RECENTLY WAS REQUIRED TO REPAY TEN MILLION YUAN IN LOANS FROM A STATE BANK BUT MAYOR SU SAYS THAT SUM IS TOO INSIGNIFICANT TO AFFECT THE TOWN'S PROJECTS DEMAND FOR FACTORY SPACE AND APARTMENTS HAS COOLED AND PRICES OF LAND ARE DOWN ABOUT TWENTY PERCENT FROM THE PEAKS HIT JUST BEFORE THE AUSTERITY PROGRAM WAS ANNOUNCED IN JUNE BUT BECAUSE THE AUSTERITY PLAN HAS HURT STATE FACTORIES MORE THAN THE PROPERTY MARKET BEIJING ALREADY IS RELAXING CURBS ON LENDING PROMPTING WIDESPREAD EXPECTATIONS THAT THE PROPERTY MARKET WILL SOON REBOUND RESTAURANTS SEEM TO BE AMONG THE ONLY BUSINESSES IN SHIJI SERIOUSLY HURT BY THE AUSTERITY PROGRAM OPERATORS SAY BUSINESS HAS SHRUNK FIFTY PERCENT SINCE BEIJING BEGAN A CAMPAIGN TO CRACK DOWN ON SQUANDERING OF PUBLIC FUNDS IN AUGUST THE MAYOR IS UNFAZED BY TAX MEASURES ANNOUNCED DURING THE PARTY PLENUM IN NOVEMBER HE AND HIS COLLEAGUES SCOFF AT THE NOTION THAT BEIJING WILL END UP GRABBING A BIGGER SHARE OF TAX REVENUE GENERATED IN THE PROVINCES UNDER THE MEASURES EFFECTIVE JANUARY FIRST STEEPER CENTRAL GOVERNMENT TAXES ARE TO BE LEVIED ON LOCAL GOVERNMENTS AND TOWNSHIP COMPANIES BEIJING HOPES TO EXPAND ITS SHARE OF TAXES COLLECTED IN THE PROVINCES TO SIXTY PERCENT FROM THE CURRENT THIRTY PERCENT TO CIRCUMVENT A NEW CAPITAL GAINS TAX ON PROPERTY TRANSACTIONS SAYS MR. TAN THE PROPERTY COMPANY OFFICIAL PROPERTY DEVELOPERS WILL CONCEAL THEIR TRUE COSTS LOCAL GOVERNMENTS MEANWHILE MAY SIMPLY UNDERSTATE THEIR REVENUE TO REDUCE TAX LIABILITIES INDEED SHIGANG OFFICIALS PROUDLY CONFIDE THAT THE VILLAGE PRODUCED THREE POINT SIX MILLION YUAN IN PROFIT IN NINETEEN NINETY TWO NEARLY DOUBLE THE ONE POINT NINE MILLION YUAN REPORTED TO THE TOWN COUNCIL BUT WON'T TAX COLLECTORS BEING SENT FROM BEIJING PREVENT SUCH CHEATING SO YOU THINK THOSE TAX OFFICIALS WOULD BE INCORRUPTIBLE RETORTS A SHIJI OFFICIAL FIRST BANK SYSTEM INCORPORATED REACHED A DEFINITIVE AGREEMENT TO SELL ITS BANK IN WASHINGTON STATE TO CENTRAL BANCORP WENATCHEE WASHINGTON TERMS WEREN'T DISCLOSED THE BANK TO BE SOLD FIRST BANK WASHINGTON HAD ASSETS OF FIFTY NINE MILLION DOLLARS AT DECEMBER THIRTY FIRST FIRST BANK SYSTEM SAID THE ACQUISITION IS EXPECTED TO CLOSE DURING THE FIRST HALF AND IS SUBJECT TO APPROVAL BY BANK REGULATORY AUTHORITIES THE COMPANY SAID THE U. S. AND CHINA ARE LIKELY SOON TO REACH AN AGREEMENT THAT WOULD TAKE BACK AT LEAST SOME OF THE CUTS IN CHINA'S TEXTILE QUOTAS THAT WERE ANNOUNCED BY WASHINGTON LAST WEEK EVEN AS THE TWO SIDES WERE TRADING PUBLIC BARBS FRIDAY CHINESE AND U. S. REPRESENTATIVES MET IN BEIJING TO ARRANGE A NEW ROUND OF NEGOTIATIONS ON AN ACCORD TO REPLACE THE BILATERAL TEXTILE AGREEMENT THAT EXPIRED DECEMBER THIRTY FIRST TALKS COULD RESUME AS EARLY AS THIS WEEK PEOPLE CLOSE TO BOTH NEGOTIATING TEAMS SAY IF THEY DO A COMPROMISE COULD BE REACHED BEFORE JANUARY SEVENTEENTH THE DATE WASHINGTON HAS SET TO IMPLEMENT THE QUOTA CUTS BUT EVEN IF THE NEGOTIATIONS RESUME AFTER THAT DATE OFFICIALS AND BUSINESS EXECUTIVES SAY THE UNILATERAL TWENTY FIVE PERCENT TO THIRTY FIVE PERCENT REDUCTIONS IN CHINA'S ANNUAL EXPORT QUOTAS WILL HAVE LITTLE IMPACT SO LONG AS A DEAL IS STRUCK QUICKLY THAT IS BECAUSE IT WILL TAKE SEVERAL MONTHS FOR TRADERS TO FILL THE DIMINISHED QUOTA LEVELS AND FEW WILL ALTER THEIR SOURCING PLANS IF A SETTLEMENT APPEARS IMMINENT DESPITE LAST WEEK'S TOUGH TALK THE DIFFERENCES BETWEEN THE TWO SIDES ARE NARROW WASHINGTON WANTS BEIJING TO DO MORE TO CRACK DOWN ON THE ILLEGAL TRANSSHIPMENT OF CHINESE APPAREL TO THE U. S. THROUGH THIRD COUNTRIES U. S. TRADE OFFICIALS CLAIM SUCH TRADE TOTALED TWO BILLION DOLLARS ABOVE BEIJING'S LEGAL QUOTA OF FOUR POINT SEVEN BILLION DOLLARS IN THE FISCAL YEAR ENDED OCTOBER THIRTY FIRST U. S. OFFICIALS WANT THEIR CHINESE COUNTERPARTS TO AGREE TO HELP THEM GATHER EVIDENCE AGAINST EXPORTERS ENGAGING IN THIS ILLICIT TRADE BUT IN CASE BEIJING REFUSES TO COOPERATE IN THE INVESTIGATION OF A CHINESE COMPANY THAT THE U. S. SUSPECTS IS GUILTY WASHINGTON WANTS TO BE ABLE TO DEDUCT AS MUCH AS THREE TIMES THE AMOUNT TRANSSHIPPED FROM CHINA'S ANNUAL EXPORT QUOTA SUCH A CLAUSE HAS BEEN WRITTEN INTO U. S. TEXTILE AGREEMENTS WITH SIXTEEN OTHER COUNTRIES INCLUDING SOUTH KOREA NEPAL AND TURKEY U. S. OFFICIALS SAY BUT BEIJING OBJECTS TO ALLOWING ITSELF TO BE PENALIZED SO SEVERELY IT IS QUOTE UNFAIR QUOTE FOR THE U. S. TO INSIST ON THE RIGHT TO DEDUCT FROM THE QUOTAS QUOTE UPON SUSPICIONS THAT THE GOODS ARE ILLEGAL WITHOUT PRODUCING CLEAR EVIDENCE QUOTE A CHINESE OFFICIAL SAID NEVERTHELESS THE OFFICIAL REVEALED THAT THE CHINESE ARE NOW READY TO ACCEPT SOME FORM OF PENALTY BUT NOT AS HEAVY AS THAT DEMANDED BY THE U. S. U. S. NEGOTIATORS ALSO ARE WILLING TO COMPROMISE WE NEED A PROCESS THAT CREATES SOME INCENTIVES FOR THEM TO ADDRESS THE PROBLEM SAID A SENIOR U. S. TRADE OFFICIAL THE EXACT LANGUAGE WE ARE WILLING TO NEGOTIATE U. S. OFFICIALS HAVE ALSO SAID THAT AS PART OF A BROADER DEAL THEY WOULD BE WILLING TO REDUCE THE TWENTY FIVE PERCENT TO THIRTY FIVE PERCENT CUTS IN CHINA'S NINETEEN NINETY FOUR QUOTAS BRIDGESTONE SLASH FIRESTONE INCORPORATED SAID IT WOULD REDUCE ITS AKRON BASED WORK FORCE BY ONE HUNDRED FIFTY NINE PEOPLE OFFERING ABOUT ONE HUNDRED EMPLOYEES THE OPPORTUNITY TO RELOCATE AND ELIMINATING FIFTY NINE POSITIONS THE TIRE MAKER BASED IN NASHVILLE TENNESSEE IS A SUBSIDIARY OF BRIDGESTONE CORPORATION OF JAPAN IT HAS ONE THOUSAND ONE HUNDRED EMPLOYEES IN AKRON AND SAID IT WOULD KEEP ITS TECHNICAL CENTER IN THE CITY THE COMPANY ALSO INDICATED IT'S REVIEWING THE STATUS OF AN ADDITIONAL SEVENTY AKRON BASED EMPLOYEES BUT EMPHASIZED IT HASN'T YET DETERMINED WHAT ACTION IT WILL TAKE LIKE MANY EMPLOYEES THESE DAYS ERICA SWERDLOW FOUND THAT EVEN THE SWEETEST WORK AT HOME DEAL CAN LEAD TO NASTY CONFLICTS WITH THE BOSS HER SOLUTION START HER OWN COMPANY AND COMPETE WITH THE BOSS NOT SO LONG AGO MS. SWERDLOW THOUGHT SHE HAD FOUND THE PERFECT WAY TO JUGGLE KIDS AND A CAREER WHEN SHE BECAME PREGNANT FOR THE FIRST TIME IN LATE NINETEEN NINETY ONE SHE CUT A DEAL WITH HER EMPLOYER THAT MOST WOMEN COULD ONLY ENVY HER BOSS STEVEN SIMON FOUNDER AND CHIEF EXECUTIVE OFFICER AT S. AND S. PUBLIC RELATIONS INCORPORATED NORTHBROOK ILLINOIS GAVE HER THREE MONTHS OF PAID MATERNITY LEAVE FROM HER JOB WHICH SHE SAYS PAID NEARLY NINETY THOUSAND DOLLARS A YEAR HE ALSO AGREED AFTER THE LEAVE TO LET MS. SWERDLOW WORK THREE DAYS A WEEK AT HOME AND BRING THE BABY TO WORK THE OTHER TWO FOR A SELF DESCRIBED WORKAHOLIC WHO ALSO SAYS SHE WANTS TO HAVE QUOTE TONS OF KIDS QUOTE THE ARRANGEMENT SEEMED IDEAL BUT EVEN BEFORE THE BABY WAS BORN SHE SAYS MR. SIMON WAS MAKING UNUSUAL DEMANDS ON HER EVEN QUIZZING HER ABOUT CLIENTS BY PHONE AS SHE WENT INTO LABOR BEFORE LONG SHE SAYS SHE WAS HAVING SCREAMING MATCHES WITH MR. SIMON AND CRYING AT HER DESK SHE BEGAN LAYING PLANS TO START HER OWN FIRM IN HER HOME LAST JUNE SHE QUIT SEVERAL S. AND S. CLIENTS FOLLOWED HER TODAY SHE SAYS SHE EMPLOYS TWO PEOPLE FULL TIME AT HER E. B. S. PUBLIC RELATIONS INCORPORATED PLANS TO HIRE A THIRD AND HAS BILLINGS OF THIRTY THOUSAND DOLLARS A MONTH MR. SIMON DISPUTES MS. SWERDLOW'S VERSION OF THE EVENTS LEADING TO HER DEPARTURE HE SAYS HE DOESN'T REMEMBER MAKING UNFRIENDLY REMARKS AND SAYS THE SCREAMING MATCHES SHE DESCRIBES TOOK PLACE MOSTLY BETWEEN HER AND HER COLLEAGUES WITH HIMSELF OFTEN ACTING AS REFEREE SHE HAS A VERY AGGRESSIVE PERSONALITY HE SAYS I WAS INCREDIBLY NICE TO HER HE ADDS BECAUSE SHE ENDED UP WITH SOME OF HIS CLIENTS HE SAYS I SORT OF FINANCED HER COMPANY HOW DO YOU THINK I FEEL THE FALLING OUT DOESN'T SURPRISE AARON NURICK A PROFESSOR OF MANAGEMENT AT BENTLEY COLLEGE IN WALTHAM MASSACHUSETTS WHO SPECIALIZES IN INTERPERSONAL RELATIONS IN THE WORKPLACE AS MORE EMPLOYEES WORK AT LEAST PART OF THE TIME AT HOME HE SAYS THE RISK OF MISUNDERSTANDINGS BETWEEN THEM AND THEIR BOSSES IS PROLIFERATING THEY MAY PERFORM THEIR FORMAL TASKS WELL MR. NURICK SAYS QUOTE BUT THERE IS ALSO AN IMPLICIT CONTRACT THAT HAS TO DO WITH RELATIONSHIPS QUOTE AND INVOLVES SUCH THINGS AS QUOTE SHARING STORIES AND JOKING AROUND QUOTE MOST BOSSES SIMPLY LIKE TO HAVE THEIR EMPLOYEES AROUND TO RESPOND TO THE DEMANDS OF THE MOMENT ADDS THOMAS MAHONEY A PROFESSOR OF HUMAN RESOURCES AT OWEN GRADUATE SCHOOL SETTING UP A SCHEDULE FOR WORKING AT HOME IS A DICEY THING THAT POSES ALL KINDS OF ISSUES HE SAYS OF COURSE MANY PEOPLE MANAGE THE TRANSITION WELL CINDY GOLISCH ONE OF THREE S. AND S. WORKING MOTHERS WHO PUT IN A FEW DAYS EACH WEEK AT HOME SAYS THAT THE ARRANGEMENT HAS WORKED WELL FOR HER SHE PRAISES HER BOSS AS VERY FLEXIBLE VERY ACCOMMODATING MS. SWERDLOW CONCEDES THAT SHE MAY HAVE BEEN MISCAST AS A SALARIED EMPLOYEE HER FATHER FREQUENTLY TOLD HIS CHILDREN THAT SETTING UP THEIR OWN BUSINESSES WAS THE ONLY WAY TO GO SHE SAYS AND TWO OF HER THREE BROTHERS FOLLOWED HIS ADVICE SHE SAYS SHE HAS ALWAYS HAD AN ENTREPRENEURIAL STREAK EVEN IN HER FIRST JOB OUT OF COLLEGE AT A BANK SHE DID FREE LANCE PUBLIC RELATIONS JOBS ON THE SIDE SHE ONCE HANDLED A BEAUTY SALON ACCOUNT IN RETURN FOR NAIL MANICURES AT S. AND S. SHE FOCUSED ON HIGH TECHNOLOGY FIRMS SHE SAYS SHE BROUGHT IN SO MANY NEW CLIENTS THAT SHE MADE TWICE AS MUCH IN COMMISSIONS AS IN SALARY SHE WENT TO GREAT LENGTHS TO KNOW OUR PRODUCTS SAYS TONY CAINE GENERAL MANAGER OF SOFTWARE MAKER ZYLAB CORPORATION ONE OF THE S. AND S. CLIENTS THAT SIGNED UP WITH MS. SWERDLOW'S NEW FIRM MS. SWERDLOW AND HER HUSBAND BRIAN HAD ONLY TEN THOUSAND DOLLARS IN THE BANK WHEN SHE DECIDED TO MAKE HER BREAK WITH S. AND S. BUT SHE DID HAVE A ROOMY BASEMENT AND A COUPLE OF INTANGIBLE ASSETS HER HUSBAND'S FINANCIAL EXPERTISE AS A FORMER STOCKBROKER AND CURRENCY TRADER AND HER BROTHER'S COMPUTER SKILLS SO MR. SWERDLOW BECAME E. B. S.'S CHIEF FINANCIAL OFFICER SPARING THE COMPANY THE FINANCIAL STRAITS THAT PLAGUE MOST STARTUPS MS. SWERDLOW SAYS AND HER BROTHER HELPED THE COUPLE SET UP A HIGHLY COMPUTERIZED UNDERGROUND OFFICE AT A NOMINAL FEE MS. SWERDLOW SAYS SHE AIMS FOR ANNUAL REVENUE OF ONE MILLION DOLLARS WITHIN TWO AND ONE HALF YEARS NEARLY TRIPLE THE CURRENT FIGURE THAT WOULD STILL BE A FAR CRY FROM THE FOUR DOLLARS MILLLION IN ANNUAL REVENUE THAT S. AND S. SAYS IT BOOKS BUT MS. SWERDLOW DOESN'T MIND AFTER ALL SHE HAS ACHIEVED HER MAIN GOAL SETTING HER OWN WORK SCHEDULE EVEN AFTER HER FIRM MOVES INTO SEPARATE QUARTERS LATER THIS YEAR SHE SAYS SHE WILL DO WHAT SHE ORIGINALLY PLANNED TO DO AT S. AND S. STAY HOME THREE DAYS A WEEK TO BE WITH HER EIGHTEEN MONTH OLD SON KYLE AND ANY OF HIS FUTURE SIBLINGS SHE IS CURRENTLY PREGNANT AND PLANS TO HAVE FOUR CHILDREN ALTOGETHER AND SHE SAYS I NEVER FEEL STRESSED DONALD KARTIGANER HOWRY PROFESSOR OF FAULKNER STUDIES AT THE UNIVERSITY OF MISSISSIPPI WAS CORRECT IN SUSPECTING WILLIAM FAULKNER WOULD QUOTE LEAVE TOWN QUOTE IN RESPONSE TO QUOTE FAULKNERMANIA IN OLE MISS QUOTE THE TWENTY YEARS' OF CONFERENCES HELD IN OXFORD MISSISSIPPI AS DESCRIBED IN BARBARA ENSRUD'S DECEMBER TWENTY NINTH LEISURE AND ARTS PIECE FAULKNER MOST LIKELY WOULD BE LESS THAN ENTHUSIASTIC ABOUT THREE HUNDRED FAULKNER CULTISTS TAKING A WEEK FROM THEIR LIVES TO DISSECT HIM I SAY THIS BECAUSE MORE THAN FIFTY YEARS AGO ON APRIL TWENTY SIXTH NINETEEN THIRTY NINE I WAS PARTY TO OR VICTIM OF SUCH A HAPPENING AS A STUDENT AT OLE MISS WORKING AS A STRINGER FOR THE COMMERCIAL APPEAL MEMPHIS I ACHIEVED BRIEFLY A MILD DEGREE OF PROMINENCE AS ONE OF THE FEW AT OLE MISS TO WHOM FAULKNER WOULD TALK HAVING BEEN FIRED TWICE FROM THE UNIVERSITY ONCE AS BOILER TENDER SLASH STOKER AND NEXT AS POSTMASTER BECAUSE OF CAMPUS GENERATED COMPLAINTS FAULKNER DIDN'T TAKE KINDLY TO CAMPUS GOINGS ON IN LATER YEARS THERE WAS SOMEWHAT OF A DETENTE BETWEEN THE TWO AS THE RESULT OF A MISUNDERSTANDING I HAD THE OPPORTUNITY TO INTERVIEW FAULKNER IN THE FALL OF NINETEEN THIRTY EIGHT ON HIS RETURN TO ROWAN OAKS FOLLOWING HIS SEVERAL YEARS AS A HOLLYWOOD SCREENWRITER IT WAS FAULKNER'S FIRST INTERVIEW IN A NUMBER OF YEARS I GOT WORD FROM A FAULKNER FAMILY MEMBER THAT MY ARTICLE HAD CAUSED HIM NO ANGUISH ABOUT THAT TIME THE ENGLISH DEPARTMENT AT OLE MISS WAS PLANNING A SPRING LITERARY FESTIVAL THAT WOULD BRING TOGETHER SOME OF THE STATE'S BETTER KNOWN AUTHORS FAULKNER'S PARTICIPATION WAS CONSIDERED AN IMPOSSIBLE DREAM UNWORTHY OF EVEN DISCUSSING NONETHELESS I OFFERED TO EXTEND HIM AN INVITATION I WROTE TO HIM A COUPLE OF WEEKS PASSED WITHOUT RESPONSE THEN I CALLED SEVERAL TIMES AND WAS ASSURED BY A WOMAN THERE PERHAPS HIS HOUSEKEEPER THAT MY MESSAGE HAD BEEN DELIVERED ABOUT A MONTH LATER AND SIX WEEKS OR SO BEFORE THE EVENT I RECEIVED A LATE NIGHT CALL FROM FAULKNER HIMSELF HE WOULD ATTEND AN AFTERNOON DISCUSSION SESSION HE WOULD NEITHER DELIVER A SPEECH NOR BE PART OF A PANEL DISCUSSION BUT HE WOULD BE IN THE AUDIENCE AND DEPENDING ON WHAT THE PANELISTS SAID HE MIGHT HAVE A COMMENT BUT THAT WAS NOT A PROMISE THE PROSPECT OF FAULKNER'S ATTENDANCE IMMEDIATELY HYPED INTEREST IN WHAT WAS TO HAVE BEEN SIMPLY ANOTHER CAMPUS ACADEMIC TALKFEST LITERATI FROM ACROSS THE STATE INQUIRED ABOUT TICKETS ORIGINALLY SCHEDULED FOR AN AUDITORIUM IN THE GRADUATE SCHOOL BUILDING THE EVENT WAS MOVED TO THE MUCH LARGER FULTON CHAPEL THE BIG DAY FINALLY ARRIVED FAULKNER WHO WASN'T THERE TAKES SPOTLIGHT AT FESTIVAL IN THOSE DAYS THE LATE THIRTIES WHEN JOURNALISM WAS GENTLER AND KINDER THAN TODAY I REFRAINED FROM REPORTING THAT HE FAILED TO SHOW FOR THE VERY SIMPLE REASON HE WAS OFF ON ONE OF HIS TOOTS AND SIMPLY FORGOT ALL ABOUT THE DATE IT'S WITHIN FOUR HUNDRED MILES OF ATLANTA AND IT HAS A COMMERCIAL AIRPORT FOR THOSE REASONS AND BECAUSE IT GOT MORE VOTES FROM ATLANTANS THAN ANY OTHER ELIGIBLE CITY SAVANNAH GEORGIA WILL BE THE NEXT DESTINATION SERVED BY VALUJET AIRLINES THE STARTUP SHORT HAUL CARRIER HAD PUT THE CHOICE OF ITS TWELFTH DESTINATION UP FOR POPULAR VOTE BY ATLANTANS AS LONG AS THE HIGHEST VOTE GETTER WAS WITHIN FOUR HUNDRED MILES OF VALUJET'S ATLANTA HEADQUARTERS ABOUT HALF THE SEVEN THOUSAND FIVE HUNDRED ENTRIES WERE FOR CITIES WELL BEYOND THE FOUR HUNDRED MILE LIMIT THE FLIGHTS TO SAVANNAH BEGIN FEBRUARY SEVENTEENTH LOWELL E. SEARS SENIOR VICE PRESIDENT OF ASIA PACIFIC OPERATIONS AND ACTING CHIEF FINANCIAL OFFICER OF THIS DEVELOPER OF BIOLOGICAL PRODUCTS RESIGNED EFFECTIVE MARCH THIRTY FIRST MR. SEARS FORTY TWO YEARS OLD WILL BE SUCCEEDED IN THE ASIA PACIFIC POST BY DARYL HILL FORTY EIGHT MR. SEARS WHO HAD BEEN CHIEF FINANCIAL OFFICER FROM NINETEEN EIGHTY EIGHT TO NINETEEN NINETY TWO BEFORE BEING NAMED TO HEAD AMGEN'S ASIA PACIFIC BUSINESS SAID HE RESIGNED BECAUSE HE WAS INTERESTED IN QUOTE GREATER RESPONSIBILITIES QUOTE THAT WEREN'T AVAILABLE QUOTE GIVEN AMGEN'S MANAGEMENT STRUCTURE AND COMPOSITION QUOTE AMGEN EXPECTS TO NAME A NEW CHIEF FINANCIAL OFFICER IN THE NEXT FEW MONTHS FORMER CRAY RESEARCH INCORPORATED CHAIRMAN JOHN A. ROLLWAGEN WHO WITHDREW HIS NOMINATION AS DEPUTY SECRETARY OF COMMERCE LAST SPRING AMID A GOVERNMENT PROBE WAS NAMED CHAIRMAN OF PLASMA AND MATERIALS TECHNOLOGIES INCORPORATED A SMALL CLOSELY HELD COMPANY MR. ROLLWAGEN WHO WAS CHAIRMAN AND CHIEF EXECUTIVE OF CRAY RESEARCH FROM NINETEEN EIGHTY ONE UNTIL JANUARY NINETEEN NINETY THREE SAID HE CONSIDERED MANY OPTIONS BEFORE SETTLING ON P. M. T. QUOTE WHEN I SHOWED UP AT P. M. T. I WAS FLOORED QUOTE SAID THE FIFTY THREE YEAR OLD EXECUTIVE IT FELT LIKE CRAY IN THE MIDDLE NINETEEN SEVENTIES HE SAID NOTING THAT P. M. T.'S ENTREPRENEURIAL CULTURE SEEMED FAMILIAR MR. ROLLWAGEN SUCCEEDS ROBERT W. CONN WHO LEFT THE COMPANY TO BECOME DEAN OF ENGINEERING FOR THE UNIVERSITY OF CALIFORNIA AT SAN DIEGO SHORTLY AFTER MR. ROLLWAGEN LEFT CRAY RESEARCH PRESIDENT CLINTON NOMINATED HIM AS DEPUTY SECRETARY OF COMMERCE BUT THE EXECUTIVE WITHDREW IN MAY AFTER SERVING FIVE MONTHS AS ACTING DEPUTY SECRETARY AMID A SECURITIES AND EXCHANGE COMMISSION PROBE INTO INSIDER TRADING IN THE STOCK OF CRAY COMPUTER CORPORATION A COLORADO SPRINGS COLORADO SPINOFF OF CRAY RESEARCH A SUPERCOMPUTER MAKER PEOPLE FAMILIAR WITH THE INVESTIGATION SAID AT THE TIME THAT MR. ROLLWAGEN WAS AMONG THE TARGETS OF THE S. E. C. INVESTIGATION MR. ROLLWAGEN'S ATTORNEY SAID THEN THAT HIS CLIENT HADN'T DONE ANYTHING WRONG MR. ROLLWAGEN SAID ON FRIDAY THAT HIS PART IN THE INVESTIGATION IS OVER BUT HE DECLINED TO GIVE ANY DETAILS OR TO SAY WHETHER HE HAD BEEN A TARGET OF THE S. E. C. PROBE IN HIS WITHDRAWAL LETTER LAST MAY MR. ROLLWAGEN SAID HIS DECISION WASN'T PROMPTED BY THE S. E. C. INVESTIGATION BUT SAID THE DELAY CAUSED BY THE INVESTIGATION GAVE HIM TIME TO DECIDE THAT HE WOULD BE MORE EFFECTIVE OUTSIDE THE BUREAUCRACY OF THE COMMERCE DEPARTMENT I DO BELIEVE THAT I CAN MAKE A STRONGER CONTRIBUTION TO THE COUNTRY AND THE ECONOMY BY OPERATING DIRECTLY IN THE BUSINESS ENVIRONMENT RATHER THAN IN GOVERNMENT MR. ROLLWAGEN SAID FRIDAY THE EXECUTIVE WILL NOT HAVE AN OPERATIONAL ROLE AT THE COMPANY THE COMPANY DECLINED TO RELEASE ANY DETAILS OF MR. ROLLWAGEN'S COMPENSATION BUT ATTRACTING HIM SEEMS TO BE PART OF ITS PLAN TO GO PUBLIC AN EVENT THAT COULD HAPPEN LATER THIS YEAR ACCORDING TO A SPOKESMAN PLASMA AND MATERIALS TECHNOLOGY IS BACKED BY VENTURE CAPITAL AND DESIGNS DEVELOPS MAKES AND SELLS ADVANCED PLASMA PROCESSING EQUIPMENT FOR THE SEMICONDUCTOR INDUSTRY J. A. REXRODE FIFTY NINE YEARS OLD WAS NAMED PRESIDENT OF TENNECO GAS MARKETING COMPANY FOLLOWING REORGANIZATION OF TENNECO GAS'S MARKETING UNIT MR. REXRODE WAS PRESIDENT OF SHELL GAS TRADING COMPANY DAVID A. DOCTOR FORTY TWO FORMER PRESIDENT OF TENNECO GAS MARKETING WAS NAMED PRESIDENT OF TENNECO ENERGY RESOURCES AN UMBRELLA ORGANIZATION THAT INCLUDES TENNECO GAS MARKETING RANDY THOMPSON THIRTY FIVE WAS NAMED VICE PRESIDENT STRATEGIC PLANNING AT TENNECO GAS MR. THOMPSON HAD BEEN A MANAGER AT ARCO OIL AND GAS A UNIT OF ATLANTIC RICHFIELD COMPANY AEROSPACE COMPANY SHORT BROTHERS P. L. C. NORTHERN IRELAND'S LARGEST MANUFACTURING EMPLOYER SAID IT WOULD ELIMINATE FOUR HUNDRED TWENTY NINE JOBS OVER THE NEXT THREE MONTHS THE CUTS WILL LEAVE THE PAYROLL AT NINE THOUSAND SEVEN HUNDRED AS SHORT BROTHERS RESPONDS TO A DECLINE IN COMMERCIAL AIRCRAFT ORDERS AND A REDUCTION IN DEFENSE SPENDING THE COMPANY SAID IT HOPES TO ACHIEVE MOST OF THE JOB CUTS THROUGH VOLUNTARY RETIREMENTS AND REASSIGNMENTS OF WORKERS TO OTHER JOBS NINTENDO OF AMERICA INCORPORATED AND LIFE FITNESS INCORPORATED AGREED TO DEVELOP A STATIONARY LIFECYCLE BICYCLE THAT COMES EQUIPPED WITH A NINTENDO VIDEO GAME THE MACHINES WILL ALLOW PEOPLE TO PLAY VIDEO GAMES WHILE THEY CYCLE THE MACHINE WILL BE INTRODUCED AT THE CONSUMER ELECTRONICS SHOW IN JUNE IN CHICAGO NINTENDO A GAME MAKER IS A UNIT OF JAPANESE OWNED NINTENDO LIFE FITNESS IS A GENERAL PARTNERSHIP BASED IN FRANKLIN PARK ILLINOIS RITE AID CORPORATION PLANS TO SELL FOUR NONCORE BUSINESSES BUY BACK TWENTY FIVE PERCENT OF ITS COMMON SHARES AND CLOSE TWO HUNDRED QUOTE UNDERPERFORMING QUOTE DRUGSTORES RESULTING IN A NINETY ONE MILLION DOLLAR CHARGE ALTHOUGH RITE AID HAS BEEN PROFITABLE EARNINGS IN RECENT QUARTERS HAVE SLIPPED AND THE COMPANY'S SHARE PRICE HAS BEEN FLAGGING THE PHARMACY INDUSTRY HAS COME UNDER PRESSURE FROM A RISE IN PRESCRIPTION DRUG INSURANCE PLANS THAT USE THEIR CLOUT TO GET DISCOUNTS AND INCREASED COMPETITION FROM RETAILERS SUCH AS SUPERMARKETS SELLING HEALTH AND BEAUTY PRODUCTS WE DECIDED TO FOCUS ON THE CORE DRUGSTORE BUSINESS WHICH ACCOUNTS FOR OVER NINETY PERCENT OF OUR SALES AND PROFITS SAID MARTIN GRASS PRESIDENT OF THE CAMP HILL PENNSYLVANIA COMPANY THE BIG FUTURE FOR US IS MOVING INTO THE MANAGED CARE END OF THE PHARMACY BUSINESS ANALYSTS GENERALLY PRAISED THE MOVES THEY'RE BIG THEY'RE PROFITABLE AND THEY HAVE A GOOD BALANCE SHEET SAID JOSEPH RONNING A RETAIL ANALYST WITH BROWN BROTHERS HARRIMAN AND COMPANY RITE AID REPORTED FISCAL NINETEEN NINETY THREE SALES OF FOUR POINT ONE BILLION DOLLARS RANKING IT AMONG THE TOP FOUR DRUGSTORE RETAILERS IN THE COUNTRY THE RITE AID RESTRUCTURING SOUNDS LIKE PRUDENT BALANCE SHEET HOUSEKEEPING SAID FRANK A. NEWMAN PRESIDENT OF COMPETITOR ECKERD CORPORATION A DRUGSTORE CHAIN BASED IN CLEARWATER FLORIDA RITE AID SHARES ROSE ONE DOLLAR AND FIFTY CENTS ON THE NEWS CLOSING AT EIGHTEEN POINT SIX TWO FIVE DOLLARS IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE FRIDAY BUT DOWN FROM A HIGH OF TWENTY ONE DOLLARS AND FIFTY CENTS A YEAR AGO AS PART OF THE RESTRUCTURING RITE AID SAID IT WOULD SELL ADAP AN AUTO PARTS RETAILER WITH NINETY FIVE STORES ENCORE BOOKS WHICH OPERATES ONE HUNDRED THREE STORES CONCORD CUSTOM CLEANERS WITH ONE HUNDRED SEVENTY OUTLETS AND SERA TEC BIOLOGICALS WITH THIRTY THREE PLASMA COLLECTION CENTERS MR. GRASS SAID RITE AID EXPECTS TO FETCH ABOUT ONE HUNDRED TWENTY FIVE MILLION DOLLARS FROM THE SALE OF THE NONCORE BUSINESSES WHICH ALL ARE PROFITABLE EXCEPT FOR ENCORE BOOKS AND HOPES TO DISPOSE OF THEM WITHIN SIX MONTHS THE COMPANY WILL TAKE AN AFTER TAX RESERVE OF TWENTY FIVE POINT SIX MILLION DOLLARS FOR THE FISCAL FOURTH QUARTER ENDING FEBRUARY TWENTY EIGHTH FOR THE LOSS ON THE DISPOSAL OF THE DISCONTINUED OPERATIONS IN ADDITION RITE AID SAID IT WILL CLOSE TWO HUNDRED UNDERPERFORMING DRUGSTORES IN VARIOUS LOCATIONS THAT HAVEN'T BEEN DISCLOSED THROUGHOUT THE TWENTY THREE STATES WHERE RITE AID OPERATES THE COMPANY WITH A TOTAL OF ABOUT TWO THOUSAND SEVEN HUNDRED DRUGSTORES WILL TAKE THE NINETY ONE MILLION DOLLAR CHARGE IN THE FOURTH QUARTER BOTH THE RESERVE AND THE CHARGE WILL RESULT IN AN UNSPECIFIED NET LOSS FOR THE QUARTER THE COMPANY ALSO SAID IT PLANS TO BEGIN TODAY A SO CALLED DUTCH AUCTION FOR AS MANY AS TWENTY TWO MILLION OR TWENTY FIVE PERCENT OF ITS SHARES OUTSTANDING UNDER A DUTCH AUCTION A COMPANY STATES THE NUMBER OF SHARES IT WILL BUY DURING A STIPULATED PERIOD BUT DOESN'T SET A SINGLE PURCHASE PRICE INSTEAD A RANGE OF PRICES IS GIVEN THE HIGHEST PRICE WITHIN THAT RANGE NECESSARY TO ACQUIRE ALL THE SHARES DESIRED BECOMES THE PURCHASE PRICE FOR ALL THE SHARES IN THIS CASE RITE AID SET A RANGE OF BETWEEN SIXTEEN DOLLARS A SHARE AND EIGHTEEN DOLLARS AND FIFTY CENTS A SHARE MR. GRASS SAID HE EXPECTS THAT ELIMINATING THE UNDERPERFORMING STORES WILL ADD EIGHTEEN CENTS A SHARE TO FISCAL NINETEEN NINETY FIVE EARNINGS WHILE THE STOCK BUYBACK HAS A POTENTIAL TO ADD TWENTY FIVE CENTS A SHARE FOLLOWING THE RESTRUCTURING ANNOUNCEMENT STANDARD AND POOR'S CORPORATION SAID IT PLACED THE RATINGS OF ABOUT EIGHT HUNDRED EIGHTY SIX MILLION DOLLARS OF RITE AID DEBT ON CREDITWATCH WITH NEGATIVE IMPLICATIONS ON APRIL FIFTEENTH TRADE MINISTERS FROM AROUND THE WORLD WILL GATHER IN MARRAKECH MOROCCO TO SIGN A WORLD TRADE PACT IF THE U. S. HAS ITS WAY THEY'LL CREATE A WORLD ENVIRONMENTAL ORGANIZATION TOO U. S. MOTIVES ARE SIMPLE CREATING AN INTERNATIONAL QUOTE COMMITTEE ON TRADE AND THE ENVIRONMENT QUOTE WOULD EASE THE TRADE PACT'S PASSAGE BY CALMING CONCERNS IN CONGRESS THAT IT WOULD UNDERMINE U. S. ENVIRONMENTAL LAWS BUT THE POLITICS ARE COMPLEX AND IT'S FAR FROM CLEAR WHETHER THE ORGANIZATION WILL BE LAUNCHED AND WHETHER IT WOULD ACCOMPLISH ANYTHING USEFUL TRADE OFFICIALS AND ENVIRONMENTALISTS VIEW EACH OTHER ROUGHLY AS ANTI CHRISTS ENVIRONMENTALISTS ACCUSE TRADE TYPES OF TRYING TO CRIPPLE POLLUTION AND CONSERVATION LAWS TRADE OFFICIALS DISMISS ENVIROMENTALISTS AS PROTECTIONISTS AND POOR NATIONS DISTRUST BOTH TRADE AND ENVIRONMENTAL OFFICIALS FROM RICH NATIONS AS CLOSET COLONIALISTS THE U. S. SHOULDN'T TRY TO DECIDE WHAT ARE THE BEST STANDARDS FOR OTHERS TO FOLLOW SAYS B. K. ZUTSHI INDIA'S DELEGATE TO THE GENERAL AGREEMENT ON TARIFFS AND TRADE IN GENEVA SOMETIMES IT IS HARD TO SORT OUT LEGITIMATE ENVIRONMENTAL MEASURES FROM PROTECTIONIST ONES WHEN THAILAND BLOCKED TOBACCO IMPORTS IT CLAIMED IT WAS PROTECTING THE HEALTH OF THAIS BUT IT PERMITTED A STATE OWNED COMPANY TO KEEP CHURNING OUT CIGARETTES ANYWAY AFTER A G. A. T. T. ARBITRATION PANEL RULED IN NINETEEN NINETY THAT THE IMPORT RESTRICTIONS WERE IMPROPER THAILAND DROPPED THEM ALTHOUGH U. S. CIGARETTE MAKERS SAY THAILAND NOW USES IMPORT TAXES TO KEEP THEM OUT OF THE MARKET NOW A G. A. T. T. PANEL IS LOOKING AT WHETHER U. S. FUEL EFFICIENCY STANDARDS SHOULD BE OVERTURNED BECAUSE THEY PUT EUROPEAN CAR MAKERS SUCH AS VOLVO AND B. M. W. WHICH MAKE HEAVIER LOW GAS MILEAGE CARS AT A DISADVANTAGE DANIEL ESTY A SPECIALIST ON TRADE AND ENVIRONMENTAL ISSUES AT THE INSTITUTE FOR INTERNATIONAL ECONOMICS SAYS THE CASE IS A CLOSE CALL BECAUSE THE U. S. COULD HAVE REDUCED GASOLINE CONSUMPTION SIMPLY BY RAISING GAS TAXES THAT WOULD HAVE HINDERED EUROPEAN IMPORTS LESS THAN THE FUEL EFFICIENCY RULES NEVERTHELESS HE SAYS ENVIRONMENTALISTS WILL CONSIDER G. A. T. T. HOPELESS IF IT RULES IN FAVOR OF THE EUROPEANS LAST MONTH THE U. S. AND ONE HUNDRED SIXTEEN OTHER NATIONS NEGOTIATED A G. A. T. T. DEAL THAT STRENGTHENED THE POWER OF G. A. T. T. PANELS TO DECIDE SUCH ISSUES CURRENTLY THE LOSING PARTY IN A G. A. T. T. DISPUTE CAN BLOCK THE DECISION FROM TAKING EFFECT UNDER NEW G. A. T. T. RULES THE LOSER HAS NO VETO THE U. S. TRIED TO MAKE G. A. T. T. MORE ENVIRONMENTALLY FRIENDLY BY SETTING UP A PERMANENT COMMITTEE TO EXAMINE WHETHER TRADE RULES SHOULD BE CHANGED TO ACCOMMODATE ENVIRONMENTAL OBJECTIVES BUT INDIA BRAZIL AND OTHER DEVELOPING COUNTRIES BLOCKED THE U. S. PROPOSAL U. S. TRADE REPRESENTATIVE MICKEY KANTOR SAYS HE IS CONFIDENT AN AGREEMENT WILL BE REACHED IN MARRAKECH AND BRAZIL SAYS IT HAS DROPPED ITS OBJECTIONS THE U. S. WANTS THE COMMITTEE TO HAVE A BROAD AGENDA THE COMMITTEE WOULD ASSURE THAT TRADE LAWS DON'T IMPINGE ON ENVIRONMENTAL TREATIES GOVERNING OZONE DEPLETING CHEMICALS AND ENDANGERED SPECIES AND THE COMMITTEE WOULD TRY TO RESOLVE HOW NATIONS COULD USE DOMESTIC LAWS TO REGULATE THE WAY GOODS ARE PRODUCED ABROAD FOR INSTANCE ENVIRONMENTALISTS IN THE U. S. AND EUROPE WANT TO BAR IMPORTS OF TROPICAL WOOD UNLESS LOGGING IS CONDUCTED IN A WAY THAT PRESERVES THE RAIN FORESTS MALAYSIA AND OTHERS SEE THAT AS INFRINGING ON THEIR SOVEREIGNTY INTERNATIONAL AGREEMENT ON ENVIRONMENTAL STANDARDS IS CRITICAL SAYS MR. KANTOR BECAUSE U. S. COMPANIES MUST COMPLY WITH TOUGH POLLUTION LAWS ADDING TO THEIR EXPENSES FOR THEM TO REMAIN COMPETITIVE OTHERS MUST MEET THESE STANDARDS TOO HE SAYS STILL EVEN IF THE U. S. PERSUADES G. A. T. T. PARTIES TO CREATE AN ENVIRONMENTAL COMMITTEE ITS POWERS WILL BE SHARPLY CIRCUMSCRIBED UNLIKE THE ENVIRONMENTAL COMMISSION CREATED AS PART OF THE NORTH AMERICAN FREE TRADE AGREEMENT THE PROPOSED G. A. T. T. COMMITTEE WOULDN'T BE AUTHORIZED TO INVESTIGATE ENVIRONMENTAL WRONGDOING IN INDIVIDUAL COUNTRIES NOR COULD IT LEVY FINES AN ENVIRONMENTAL COMMITTEE DOESN'T REALLY DO ANYTHING COMPLAINS LARRY WILLIAMS DIRECTOR OF INTERNATIONAL PROGRAMS AT THE SIERRA CLUB WHICH OPPOSES NAFTA AND G. A. T. T. HE NOTES THAT G. A. T. T. SET UP A WORKING GROUP ON ENVIRONMENTAL ISSUES IN NINETEEN SEVENTY ONE IT DIDN'T MEET FOR TWENTY YEARS AND WHEN IT FINALLY DID IT DIDN'T DO ANYTHING OF NOTE BUT RODRIGO PRUDENCIO A TRADE ANALYST AT THE NATIONAL WILDLIFE FEDERATION SAYS THAT CREATING A PERMANENT COMMITTEE WOULD REPRESENT A QUOTE COMMITMENT QUOTE BY NATIONS TO LOOK AT THE ENVIRONMENTAL EFFECTS OF TRADE IT WOULD SHOW THE DEBATE IS MOVING IN THE RIGHT DIRECTION HE SAYS AND THAT MIGHT BE ENOUGH TO CONVINCE HIS ENVIRONMENTAL GROUP AND OTHERS THAT BACKED NAFTA TO BACK G. A. T. T. AS WELL LESS WINE IS FLOWING ON AUSTRALIAN TABLES THESE DAYS AND THAT'S FORCING AUSTRALIA'S GRAPE GROWERS TO SET THEIR SIGHTS OVERSEAS BY THE TURN OF THE CENTURY THE INDUSTRY PLANS TO BE EXPORTING ONE BILLION AUSTRALIAN DOLLARS SIX HUNDRED EIGHTY FIVE POINT SIX MILLION U. S. DOLLARS OF WINE ANNUALLY ABOUT THREE TIMES WHAT IT EXPORTS CURRENTLY TO REACH THAT GOAL IT MAPPED A FIVE YEAR PLAN THAT TARGETS FIVE POTENTIAL MARKETS BRITAIN SWEDEN CONTINENTAL EUROPE JAPAN AND NORTH AMERICA PARTICULARLY THE U. S. AUSTRALIAN WINES ACCOUNT FOR LESS THAN TWO PERCENT OF WORLD WINE EXPORTS ACCORDING TO A WINE INDUSTRY SPOKESMAN AUSTRALIA EXPORTED ITS FIRST SHIPMENT OF WINE MORE THAN A CENTURY AGO AND ALMOST ALL OF IT WENT TO ITS FORMER MOTHER COUNTRY BRITAIN BUT THE EXPORT EFFORT REALLY GOT SERIOUS ONLY A FEW YEARS AGO AFTER THE DOMESTIC MARKET LOST ITS EFFERVESCENCE HAVING CAPTURED NINETY EIGHT PERCENT OF LOCAL WINE SALES DOMESTIC PRODUCERS FACED A SATURATED MARKET THEN CONSUMPTION WANED IN NINETEEN EIGHTY FIVE AUSTRALIANS DRANK AN AVERAGE OF TWENTY ONE POINT SIX LITERS EACH LAST YEAR THE AVERAGE FELL TO JUST EIGHTEEN POINT TWO LITERS THE INDUSTRY BLAMES HIGHER TAXES AND THE RECESSION OF THE LATE NINETEEN EIGHTIES AMONG OTHER FACTORS LAST YEAR AUSTRALIA EXPORTED ONE HUNDRED THREE MILLION LITERS OF WINE VALUED AT TWO HUNDRED EIGHTY NINE MILLION AUSTRALIAN DOLLARS ONE HUNDRED NINETY EIGHT POINT ONE MILLION U. S. DOLLARS THAT'S UP FROM JUST EIGHT POINT SEVEN MILLION LITERS VALUED AT SEVENTEEN MILLION AUSTRALIAN DOLLARS IN NINETEEN EIGHTY FIVE WHITE WINES OUTSELL REDS NEARLY TWO TO ONE BRITAIN REMAINS AUSTRALIA'S BIGGEST OVERSEAS MARKET FOLLOWED BY NEW ZEALAND SWEDEN THE U. S. AND CANADA IT IS IN BRITAIN A NATION OF DISCERNING WINE DRINKERS WITH ACCESS TO A HUGE VARIETY OF EUROPEAN VINTAGES THAT THE AUSTRALIAN INDUSTRY CONSIDERS IT HAS HAD ITS BIGGEST SUCCESS QUOTE IT'S A GREAT LITMUS TEST FOR WINE QUOTE THE INDUSTRY SPOKESMAN SAYS OF THE BRITISH MARKET WHERE AUSTRALIAN WINES HAVE CAPTURED A FIVE PERCENT TO SIX PERCENT SHARE IN THE U. S. AUSTRALIAN WINE SALES HAVE PIGGYBACKED ON WHAT THE INDUSTRY SPOKESMAN CALLS A DEGREE OF THE CROCODILE DUNDEE SYNDROME BUT THE REAL SELLING POINT HE SAYS IS THE GOOD VALUE THAT AUSTRALIAN WINES REPRESENT IN THE SEVEN AUSTRALIAN DOLLARS TO TWELVE AUSTRALIAN DOLLAR PRICE RANGE WHERE AUSTRALIAN WINE PRODUCERS REALLY HAVE THEIR WORK CUT OUT IS IN JAPAN THERE ANNUAL CONSUMPTION AVERAGES A PALTRY ONE LITER PER PERSON AND EXPORTS FROM AUSTRALIA TOTAL JUST TWO MILLION LITERS A YEAR STILL IT'S RIPE FOR THE PICKING SAYS THE INDUSTRY SPOKESMAN WHAT AUSTRALIA HAS TO DO IS CREATE AN IMAGE WHERE IT DOESN'T REALLY HAVE MUCH OF ONE MOREOVER AUSTRALIAN WINES SUFFERED WHEN THEY WERE CONFUSED WITH THOSE FROM AUSTRIA SEVERAL YEARS AGO WHEN THAT COUNTRY'S INDUSTRY WAS EMBROILED IN A SCANDAL OVER TAINTED WINE HOPEFULLY WE'VE BEEN ABLE TO RECOVER FROM THAT THE SPOKESMAN ADDS ADELPHIA COMMUNICATIONS CORPORATION COUDERSPORT PENNSYLVANIA SAID ITS REGISTRATION STATEMENT COVERING EIGHT MILLION EIGHT HUNDRED THIRTY TWO THOUSAND SIX HUNDRED FOUR SHARES OF CLASS A COMMON STOCK WAS DECLARED EFFECTIVE BY THE SECURITIES AND EXCHANGE COMMISSION AND ALL THE SHARES HAVE BEEN SOLD THE COMPANY WHICH OWNS OR MANAGES CABLE TELEVISION SYSTEMS IN ELEVEN STATES SAID THREE MILLION OF THE NEW SHARES WERE OFFERED TO THE PUBLIC AND WERE PURCHASED MAINLY BY A GROUP OF INSTITUTIONAL INVESTORS PARTNERSHIPS CONTROLLED BY THE FAMILY OF JOHN J. RIGAS ADELPHIA'S CHIEF EXECUTIVE OFFICER AND PRESIDENT HAVE AGREED TO BUY THE REMAINING FIVE MILLION EIGHT HUNDRED THIRTY TWO THOUSAND SIX HUNDRED FOUR SHARES AT THE PUBLIC OFFERING PRICE LESS THE UNDERWRITING DISCOUNT NET PROCEEDS FROM THE SALE WILL BE ONE HUNDRED FIFTY ONE MILLION FOUR HUNDRED THIRTY FIVE THOUSAND DOLLARS OR SEVENTEEN DOLLARS AND FIFTEEN CENTS A SHARE THE COMPANY SAID IT WILL USE THE MONEY TO REDEEM ADELPHIA'S ONE HUNDRED MILLION DOLLARS AGGREGATE PRINCIPAL AMOUNT OUTSTANDING THIRTEEN PERCENT SENIOR SUBORDINATED NOTES DUE NINETEEN NINETY SIX AND TO REDUCE EXISTING BANK DEBT PROCYTE CORPORATION KIRKLAND WASH SAID IT IS PROCEEDING WITH ITS PROPOSED ISSUE OF TWO POINT FIVE MILLION COMMON SHARES THE PROPOSED OFFER WAS DROPPED AFTER THE PHARMACEUTICAL FIRM'S STOCK PLUNGED DECEMBER THIRTEENTH ON NEWS THAT THE FOOD AND DRUG ADMINISTRATION HAD ORDERED IT TO SUSPEND CLINCIAL TRIALS OF IAMAIN A GEL TO TREAT FOOT ULCERS IN DIABETICS THE TRIAL WAS SUSPENDED BECAUSE SEVEN OF THREE HUNDRED THIRTY NINE PEOPLE IN THE TEST HAD DIED FROM HEART PROBLEMS AND ANOTHER TWENTY ONE HAD SUFFERED HEART PROBLEMS DIABETICS HAVE A HIGHER INCIDENCE OF HEART PROBLEMS THAN THE GENERAL POPULATION THE F. D. A. GAVE PROCYTE CLEARANCE TO CONTINUE WITH ITS IAMIN TESTING DECEMBER SIXTEENTH THE OFFERING WILL BE CO MANAGED BY WERTHEIM SCHRODER AND COMPANY AND DAIN BOSWORTH INCORPORATED PROVIDENT BANCORP INCORPORATED SAID IT HAS BEEN APPROACHED BY SEVERAL BANKS ABOUT A POSSIBLE MERGER HOWEVER THE BANK HOLDING COMPANY SAID IT IS NOT INVOLVED IN ANY MERGER TALKS QUOTE THERE ARE NO AGREEMENTS OR NEGOTIATIONS CURRENTLY TAKING PLACE IN THIS REGARD QUOTE THE COMPANY SAID ON FRIDAY PROVIDENT BANCORP SHARES CLOSED AT THIRTY THREE POINT EIGHT SEVEN FIVE DOLLARS A SHARE DOWN ONE POINT SIX TWO FIVE DOLLARS IN TRADING ON THE NASDAQ STOCK MARKET PROVIDENT REPORTED NET INCOME OF THIRTY EIGHT MILLION DOLLARS OR TWO DOLLARS AND ELEVEN CENTS A FULLY DILUTED SHARE FOR THE NINE MONTHS ENDING SEPTEMBER THIRTIETH COMPARED WITH THIRTY MILLION DOLLARS OR ONE DOLLAR AND EIGHTY FIVE CENTS A SHARE ON A PRO FORMA BASIS FOR THE COMPARABLE NINETEEN NINETY TWO PERIOD PROVIDENT'S NINETEEN NINETY TWO NINE MONTH FIGURES WERE MADE ON A PRO FORMA BASIS TO REFLECT THE ACQUISITION OF FOUR MUTUAL SAVINGS AND LOANS AND ADJUSTED FOR A THREE FOR TWO STOCK SPLIT WITH MORE THAN FOUR POINT ONE BILLION DOLLARS IN ASSETS PROVIDENT IS CONSIDERED ONE OF OHIO'S STRONGEST REGIONAL BANKS MAKING IT AN ATTRACTIVE TARGET BUT CINCINNATI FINANCIER CARL H. LINDNER AND HIS FAMILY CONTROL OVER HALF THE BANK'S OUTSTANDING STOCK AND SOURCES CLOSE TO THE BANK SAY MR. LINDNER HAS SHOWN LITTLE INTEREST IN THE PAST IN SELLING R. J. VENTRES A FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF EMBATTLED BORDEN INCORPORATED RESIGNED FROM THE COMPANY'S BOARD AMID GROWING CRITICISM OF THE STRATEGY HE SET FOR BORDEN PEOPLE CLOSE TO THE BOARD SAID THAT MR. VENTRES SIXTY NINE YEARS OLD HAD FACED INCREASING PRESSURE FROM INSTITUTIONAL SHAREHOLDERS AND DIRECTORS RECENTLY TO END HIS EIGHT YEAR TENURE ON THE BOARD FROM NINETEEN EIGHTY SIX TO NINETEEN NINETY ONE WHEN HE SERVED AS CHIEF EXECUTIVE OF THIS NOW TROUBLED FOOD AND CHEMICALS CONGLOMERATE MR. VENTRES PRESIDED OVER AN AMBITIOUS EFFORT TO EXPAND BORDEN'S PRESENCE IN SIX STRATEGIC AREAS GOBBLING UP MORE THAN NINETY COMPANIES FOR AN ESTIMATED TWO BILLION DOLLARS BUT BORDEN LATER STRUGGLED WHEN IT TRIED TO CONSOLIDATE ITS PURCHASES MR. VENTRES'S DEPARTURE COMES AT A TURBULENT TIME HIS HANDPICKED SUCCESSOR ANTHONY S. D'AMATO WAS FORCED OUT LAST MONTH AFTER THE COMPANY POSTED ANOTHER QUARTER OF POOR EARNINGS LAST WEEK AFTER ATTEMPTS TO SELL THE COMPANY BORDEN UNVEILED A RESTRUCTURING PLAN THAT INCLUDES SELLING ITS STRUGGLING SNACKFOOD UNIT AND REQUIRES A SIX HUNDRED FIFTY MILLION DOLLAR AFTER TAX CHARGE FOR THE FOURTH QUARTER MR. VENTRES WHOSE RESIGNATION WAS EFFECTIVE AS OF DECEMBER THIRTY FIRST COULDN'T BE REACHED FOR COMMENT A GROUP LED BY HOLLYWOOD SPECIAL EFFECTS WIZARD DOUGLAS TRUMBULL AND A FUND ASSOCIATED WITH WASSERSTEIN PERELLA AND COMPANY AGREED TO ACQUIRE CLOSELY HELD IMAX CORPORATION THE PIONEER OF GIANT SCREEN FILM TECHNOLOGY AND OPERATOR OF THEATERS AT MUSEUMS AND SCIENCE CENTERS TERMS WEREN'T DISCLOSED BUT PEOPLE FAMILIAR WITH THE DEAL SAID THE INVESTORS SIGNED A SHARE PURCHASE AGREEMENT TOTALING MORE THAN ONE HUNDRED MILLION DOLLARS THE CURRENT IMAX EXECUTIVES WHO ARE ALSO ITS FOUNDERS AND MAJORITY SHAREHOLDERS WILL STAY ON AS CONSULTANTS AND MINORITY INVESTORS THE GROUP SAID IMAX'S NEW OWNERS SAID THEY HOPE TO MAKE IMAX QUOTE THE PRE EMINENT COMPANY WORLD WIDE PROVIDING THE MOST TECHNOLOGICALLY SOPHISTICATED AND ENTERTAINING OUT OF HOME ATTRACTIONS QUOTE THEY SEE A BIG MARKET FOR HIGH TECHNOLOGY ENTERTAINMENT CENTERS ARENAS THAT MAY INCLUDE AN IMAX THEATER A MOTION SIMULATED RIDE AND OTHER INTERACTIVE AND VIRTUAL REALITY ATTRACTIONS MR. TRUMBULL'S MOTION SIMULATOR COMPANY WHICH CREATED BACK TO THE FUTURE THE RIDE FOR THE UNIVERSAL STUDIOS THEME PARKS WILL BECOME PART OF IMAX THE MOVE CERTAINLY WILL INTENSIFY THE BATTLE AMONG THE FEW COMPANIES INVOLVED IN CREATING SUCH ATTRACTIONS INCLUDING IWERKS ENTERTAINMENT AND SHOWSCAN CORPORATION BOTH OF THOSE COMPANIES HAVE BEEN SHOWING OFF NEW RIDES AND HAVE PLANS TO PUT ENTERTAINMENT CENTERS IN PLACES LIKE SHOPPING MALLS AND CASINOS CURRENTLY THE ONE HUNDRED IMAX THEATERS IN NINETEEN COUNTRIES ARE IN MUSEUMS AND SCIENCE CENTERS MR. TRUMBULL THE DESIGNER OF EFFECTS IN MOVIES LIKE BLADE RUNNER AND TWO THOUSAND ONE A SPACE ODYSSEY CRITICIZED HOLLYWOOD FOR FOCUSING TOO MUCH ON HOW ENTERTAINMENT IN THE HOME MAY CHANGE IN THE SO CALLED FIVE HUNDRED CHANNEL UNIVERSE OF THE FUTURE NO ONE'S ASKED THE QUESTION WHAT HAPPENS TO OUT OF HOME ENTERTAINMENT HE SAID AMONG OTHER THINGS MR. TRUMBULL SAID HE HOPES TO LURE TOP HOLLYWOOD TALENT TO HELP MAKE FILMS THAT COULD BE SHOWN AT IMAX'S THEATERS UP TO THIS POINT HE NOTES THERE'S BEEN VERY LITTLE INVOLVEMENT BY TOP DIRECTORS AND STARS IN IMAX FILMS THESE MARKETS ARE GOING TO EXPLODE AS A RESULT OF PEOPLE BEING ABLE TO WATCH THE MOVIE BE IN THE MOVIE RIDE THE MOVIE INTERACT WITH THE MOVIE HE SAID MR. TRUMBULL WILL SHARE THE TITLE OF VICE CHAIRMAN OF IMAX WITH RICHARD GELFOND A PRINCIPAL WITH ONE OF THE OTHER INVESTORS CHEVIOT CAPITAL ADVISORS BRADLEY WECHSLER ANOTHER CHEVIOT PRINCIPAL WILL SERVE AS INTERIM CHIEF EXECUTIVE OFFICER UNTIL A PERMANENT CHIEF EXECUTIVE IS FOUND WASSERSTEIN PERELLA PARTNERS'S MERCHANT BANKING FUND PUT UP THE MAJORITY OF MONEY FOR THE TRANSACTION THE NEW OWNERS SAID THEY ARE LOOKING FOR JOINT VENTURE PARTNERS TO HELP WITH THE EXPANSION AND CONFIRMED REPORTS THAT THE GROUP IS STRONGLY CONSIDERING A PUBLIC OFFERING AT SOME POINT THE ENVIRONMENTAL PROTECTION AGENCY SAID THE FEDERAL GOVERNMENT WILL WITHHOLD HIGHWAY FUNDS FROM CALIFORNIA ILLINOIS AND INDIANA IF THOSE STATES DON'T COMPLY WITH CERTAIN AUTOMOBILE EXHAUST RULES BY JUNE FIFTEENTH ALL THREE STATES FAILED TO MEET A DEADLINE LAST NOVEMBER FIFTEENTH UNDER THE NINETEEN NINETY CLEAN AIR ACT TO ESTABLISH FOR HEAVILY POLLUTED AREAS A SYSTEM OF AUTO EMISSIONS CONTROL INSPECTION IN WHICH CARS ARE INSPECTED AT A SITE SEPARATE FROM WHERE NECESSARY REPAIRS ARE MADE IF THE STATES FAIL TO ACT THE E. P. A. COULD WITHHOLD AS MUCH AS EIGHT HUNDRED MILLION DOLLARS FROM CALIFORNIA SEVEN HUNDRED MILLION DOLLARS FROM ILLINOIS AND TWO HUNDRED EIGHTY MILLION DOLLARS FROM INDIANA THE E. P. A. COULD ALSO MOVE TO SEVERELY RESTRICT INDUSTRIAL DEVELOPMENT IN CERTAIN AREAS THE CLINTON ADMINISTRATION IS RELUCTANT TO IMPOSE THE SANCTIONS ESPECIALLY ON FINANCIALLY STRAPPED AND POLITICALLY IMPORTANT CALIFORNIA THE E. P. A. HAS ALREADY DEFERRED ACTION ON CALIFORNIA ONCE WHILE NEGOTIATING WITH STATE OFFICIALS DESPITE A MODEST MIDQUARTER RISE IN CIGARETTE PRICES THE EFFECTS OF LAST YEAR'S BRUISING DOMESTIC PRICE WAR CONTINUED TO PUMMEL TOBACCO COMPANIES IN THE FOURTH QUARTER ANALYSTS ARE EXPECTING FOURTH QUARTER EARNINGS EXCLUDING NONRECURRING ITEMS TO FALL SIGNIFICANTLY FROM YEAR AGO LEVELS ABOUT THIRTY PERCENT FOR PHILIP MORRIS COMPANIES AND AMERICAN BRANDS INCORPORATED AND ABOUT EIGHTY PERCENT FOR R. J. R. NABISCO HOLDINGS CORPORATION BUT AFTER FACING THE HARSH REALITY OF NINETEEN NINETY THREE AND ITS FINAL QUARTER TOBACCO COMPANIES CAN RELISH THE PROSPECT OF IMPROVING FUNDAMENTALS IN NINETEEN NINETY FOUR ACCORDING TO SOME ANALYSTS RESTRUCTURING MOVES TAKEN IN NINETEEN NINETY THREE WILL LEAD TO LOWER OPERATING COSTS THIS YEAR AND YEAR OVER YEAR EARNINGS WILL APPEAR STRONGER AS RESULTS ARE COMPARED WITH THE WAR TORN LATTER HALF OF NINETEEN NINETY THREE THEY NOTED THEY ALSO CONTEND THAT THE PRICE WAR IS OVER AND THAT ITS SOUGHT AFTER SPOIL A SHIFT AWAY FROM LOW MARGIN DISCOUNT CIGARETTES BACK TO PREMIUM BRANDS WILL CONTINUE FURTHERMORE A DIVIDEND INCREASE ANNOUNCEMENT BY PHILIP MORRIS WHICH SHUNNED A BOOST IN NINETEEN NINETY THREE IS EXPECTED AT ITS FEBRUARY BOARD MEETING AND SOME INDUSTRY WATCHERS SAY THE CIGARETTE EXCISE TAX INCREASE PROPOSAL PROBABLY WILL BE LESS DAMAGING THAN FIRST EXPECTED WHAT WILL BE SEEN WHEN TOBACCO COMPANIES REPORT FOURTH QUARTER EARNINGS IN THE NEXT FEW WEEKS ARE DECLINING DOMESTIC TOBACCO SHIPMENT VOLUMES DEVASTATED CIGARETTE PRICES AND EXTENSIVE RESTRUCTURING CHARGES ALL OF WHICH WILL OVERPOWER STRENGTH IN INTERNATIONAL TOBACCO AND FOOD OPERATIONS PHILIP MORRIS FOR EXAMPLE WILL REPORT INTERNATIONAL TOBACCO OPERATING PROFIT THAT IS FIFTEEN PERCENT HIGHER THAN IN THE YEAR AGO QUARTER MERRILL LYNCH AND COMPANY ANALYST ALLAN KAPLAN SAID OPERATING EARNINGS FOR R. J. R. NABISCO'S FOOD UNIT SHOULD BE UP THIRTEEN PERCENT IN THE QUARTER HE SAID THE CONSENSUS EARNINGS ESTIMATE FOR PHILIP MORRIS IS NINETY THREE CENTS A SHARE TWENTY SEVEN PERCENT BELOW EARNINGS OF ONE DOLLAR AND THIRTY THREE CENTS A YEAR AGO FOR R. J. R. NABISCO THE ESTIMATE IS THREE CENTS A SHARE COMPARED WITH THIRTEEN CENTS EARNED FROM OPERATIONS ON A FULLY DILUTED BASIS LAST YEAR AMERICAN BRANDS IS SEEN DROPPING THIRTY TWO PERCENT TO SEVENTY EIGHT CENTS A SHARE FROM LAST YEAR'S ONE DOLLAR AND FIFTEEN CENTS ONLY SNUFF AND CHEWING TOBACCO MAKER U. S. T. INCORPORATED IS EXPECTED TO SHOW EARNINGS GROWTH BASED ON HIGHER PRICES FOR MOIST SMOKELESS TOBACCO AND HIGHER UNIT VOLUMES ANALYSTS SAID CONSENSUS ESTIMATES INDICATE A FOURTEEN PERCENT JUMP TO FORTY ONE CENTS A SHARE FROM THIRTY SIX CENTS THE ESTIMATES WHICH EXCLUDE NONRECURRING ITEMS ARE FROM FIRST CALL A UNIT OF THOMSON FINANCIAL NETWORKS DOMESTIC CIGARETTE SHIPMENTS ARE ESTIMATED TO HAVE FALLEN EIGHT PERCENT TO NINE PERCENT IN THE FOURTH QUARTER BECAUSE OF THE ABSENCE OF THE TRADITIONAL YEAR END BUILDUP OF WHOLESALER INVENTORIES SAID GOLDMAN SACHS AND COMPANY ANALYST MARC COHEN HE EXPECTS THAT TREND TO REVERSE IN NINETEEN NINETY FOUR WITH SHIPMENTS INCREASING IN LINE WITH CONSUMER DEMAND QUOTE ON THE ORDER OF TWO PERCENT QUOTE IN AN EFFORT TO ADJUST TO LOWER U. S. TOBACCO PROFITS BOTH PHILIP MORRIS AND R. J. R. NABISCO ANNOUNCED HUGE WRITE OFFS IN THE FOURTH QUARTER PHILIP MORRIS WILL TAKE A CHARGE OF FOUR HUNDRED FIFTY SEVEN MILLION DOLLARS OR ABOUT ONE DOLLAR AND EIGHT CENTS A SHARE FOR ITS PLAN TO AXE EIGHT PERCENT OF ITS WORK FORCE R. J. R. NABISCO SAID IT WILL TAKE A CHARGE OF FOUR HUNDRED FORTY FIVE MILLION DOLLARS OR THIRTY TWO CENTS A SHARE FOR THE ELIMINATION OF NEARLY TEN PERCENT OF ITS WORK FORCE AMERICAN BRANDS ANNOUNCED CHARGES RELATED TO THE PRICE WAR IN ITS OCTOBER THIRD QUARTER EARNINGS REPORT DESPITE A PRICE INCREASE IN NOVEMBER PRICES OF PREMIUM AND MIDLEVEL CIGARETTES IN THE FOURTH QUARTER WERE ABOUT TWENTY PERCENT TO THIRTY PERCENT LOWER THAN YEAR AGO LEVELS PRICES FELL AFTER PHILIP MORRIS LAST SPRING SLASHED ITS MARLBORO BRAND BY FORTY CENTS A PACK TO DIMINISH THE GROWING POPULARITY OF DISCOUNT CIGARETTES THAT SET OFF A WAR THAT MANY SAY ENDED IN THE FALL AFTER R. J. R. NABISCO INCREASED PRICES BY FOUR PERCENT A MOVE PHILIP MORRIS AND OTHERS FOLLOWED PRICES HAVE REMAINED STEADY AND SOME ANALYSTS EXPECT FURTHER INCREASES AT THE DISCOUNT LEVEL AS EARLY AS THE CURRENT QUARTER SANFORD BERNSTEIN AND COMPANY ANALYST GARY BLACK IS BULLISH ON PROSPECTS FOR TOBACCO COMPANIES IN NINETEEN NINETY FOUR CITING IN PART DECLINING MARKET SHARE FOR DISCOUNT BRANDS THE OLIGOPOLY WHICH FOR MOST OF THE NINETEEN EIGHTIES AVERAGED ELEVEN PERCENT ANNUAL PRICE INCREASES IS BACK MR. BLACK SAID I THINK IT'S GOING TO BE A VERY GOOD YEAR FROM AN EARNINGS AND PRICING STANDPOINT IN DOMESTIC TOBACCO OTHERS AREN'T AS OPTMISTIC ON THE PRICING FRONT MERRILL LYNCH ANALYST KAPLAN SAID HIS TALKS WITH TOBACCO COMPANY REPRESENTATIVES LEAD HIM TO THINK THE PRICE WAR MIGHT NOT BE OVER SALES CURVES DON'T GO STRAIGHT UP AND DOWN AND PRICE CURVES DON'T GO STRAIGHT UP AND DOWN HE SAID MAJOR INTERNATIONAL DRUG MAKERS ARE SCRAMBLING TO ASSESS THE EFFECTS OF EUROPE'S LATEST CRACKDOWN ON HEALTH CARE COSTS CUTBACKS IN ITALY'S SYSTEM OF STATE REIMBURSED DRUG PURCHASES THAT ARE AIMED AT SLASHING THE NATIONAL MEDICINE BILL BY A HUGE THIRTY PERCENT THIS YEAR ALTHOUGH DEBATED BY POLITICIANS FOR MONTHS THE OVERHAUL OF ITALY'S DRUG REIMBURSEMENT SYSTEM WAS PUSHED THROUGH WITHOUT MUCH FANFARE LATE LAST MONTH MANY ITALIAN PATIENTS VISITING THEIR LOCAL PHARMACIES THIS MONTH HAVE BEEN SURPRISED TO FIND THAT DOZENS OF FORMER OVER THE COUNTER MEDICINES NOW REQUIRE A DOCTOR'S PRESCRIPTION THE CONVERSION OF ROUGHLY SIX HUNDRED OVER THE COUNTER DRUGS TO PRESCRIPTION ONLY STATUS BRINGS ITALIAN PRACTICE INTO LINE WITH STANDARDS PREVAILING IN MOST OTHER EUROPEAN COUNTRIES ACCORDING TO INDUSTRY ANALYSTS THE WIDE AVAILABILITY OF POTENT PHARMACEUTICALS OPENED THE POSSIBILITY OF ABUSE AND PROBABLY FOSTERED EXCESS CONSUMPTION OF MANY MEDICINES IN ITALY SILVIO GARATTINI A MEMBER OF THE GOVERNMENT PANEL THAT DEVISED THE NEW RULES TOLD ITALIAN TELEVISION QUOTE PEOPLE HAVE TO UNDERSTAND THAT A MEDICAL PRESCRIPTION IS NECESSARY WHEN PEOPLE BUY ANTIBIOTICS TRANQUILIZERS OR ANTIVIRAL MEDICINES THEY ARE BUYING THINGS THAT CAN DEEPLY AFFECT THEIR BODIES AND IT'S LOGICAL THAT THE SALE NOT BE DECIDED ARBITRARILY MR. GARATTINI INSISTED THAT A SHAKEUP OF THE SO CALLED PRONTUARIO OR OFFICIAL LIST OF MEDICINES ENTITLED TO REIMBURSEMENT FROM GOVERNMENT COFFERS WAS A CONSEQUENCE OF THE CEILING OF TEN TRILLION LIRE FIVE POINT EIGHT FIVE BILLION DOLLARS SLAPPED ON NINETEEN NINETY FOUR DRUG OUTLAYS BY THE ITALIAN PARLIAMENT IF SUCCESSFUL THE AUSTERITY DRIVE WOULD SHAVE THREE TRILLION LIRE OR ABOUT THIRTY PERCENT FROM THE MEDICINE BUDGET THE RECLASSIFICATION OF DRUGS WASN'T MADE IN AN ARBITRARY WAY MR. GARATTINI ADDED AND THE PHARMACEUTICAL INDUSTRY KNEW SINCE JULY THAT THIS WAS COMING AND SHOULDN'T BE SURPRISED THAT THE COMMITTEE RESPECTED THE LAW INDUSTRY EXECUTIVES GAVE A SLIGHTLY DIFFERENT ACCOUNT ACKNOWLEDGING THAT ITALIAN POLITICIANS HAD INDEED VOWED TO PRUNE THE DRUG BILL SEVERAL MONTHS AGO BUT UNTIL VIRTUALLY THE LAST MINUTE THEY SAID THERE REMAINED DISAGREEMENT ABOUT EXACTLY HOW TO DO SO AND SKEPTICISM PREVAILED AMONG OUTSIDERS ABOUT CHANCES OF REACHING THE COST CUTTING TARGET AFTER ALL GERMANY'S DECISION TO TRIM A MERE TEN PERCENT FROM ANNUAL STATE DRUG OUTLAYS LAST YEAR LED TO MONTHS OF HAVOC THROUGHOUT ITS HEALTH CARE SYSTEM AND ITALY ITSELF HAD SLAPPED STINGING PRICE CUTS ON PRESCRIPTION MEDICINES AS RECENTLY AS LAST SPRING THE AUSTERITY PROGRAM THAT WAS FINALLY ADOPTED GROUPS DRUGS INTO THREE CATEGORIES ONE FOR LIFE SAVING THERAPIES THAT WILL BE PAID FOR COMPLETELY BY THE STATE A SECOND CLASS OF SO CALLED HIGH VALUE THERAPEUTIC DRUGS FOR WHICH THE PATIENT WILL PAY FIFTY PERCENT OF THE PRICE AND ALL OTHER MEDICINES FOR WHICH THE PATIENT WILL PAY THE ENTIRE BILL EXEMPTIONS WILL BE ALLOWED FOR CHILDREN UNDER THE AGE OF TEN AND PEOPLE OVER SIXTY WHO WILL RECEIVE LIFE SAVING AND HIGH VALUE DRUGS FOR FREE POOR ITALIANS ALSO WILL RECEIVE MOST MEDICINES WITHOUT CHARGE HOWEVER MANY PHARMACEUTICAL COMPANIES WERE SHOCKED WHEN DRUGS OF PROVEN THERAPEUTIC EFFICACY WERE CONSIGNED TO THE ZERO REIMBURSEMENT CATEGORY SMITHKLINE BEECHAM P. L. C. SAW ITS BIG SELLING ANTIBIOTIC AUGMENTIN NEW ANTIARTHRITIS DRUG RELAFEX AND ANTIDEPRESSANT SEROXAT ALL WIND UP IN THE LOWEST REIMBURSEMENT CLASS BRAD WILSON CHAIRMAN OF EUROPEAN PHARMACEUTICALS AT SMITHKLINE ESTIMATED THAT THE ANGLO AMERICAN COMPANY COULD LOSE SEVENTY MILLION ONE HUNDRED THREE POINT THREE DOLLARS MILLON OF ITALIAN SALES PREVIOUSLY EXPECTED TO REACH TWO HUNDRED FIFTY MILLION THIS YEAR I DON'T UNDERSTAND THE RATIONALE DRUGS LIKE AUGMENTIN AND SEROXAT CAN'T BE DOWN THERE AT ZERO PERCENT THERE'S NO WAY THE INDUSTRY CAN SURVIVE THAT IN ITALY MR. WILSON SAID FALLOUT FROM THE REIMBURSEMENT SHUFFLE APPARENTLY WILL VARY FROM COMPANY TO COMPANY THOUGH AN ACCURATE OVERVIEW WAS VIRTUALLY IMPOSSIBLE TO PIECE TOGETHER IMMEDIATELY THE ITALIAN PRESS ESTIMATES THAT SOME INTERNATIONAL CONCERNS STAND TO LOSE BETWEEN FORTY PERCENT AND FIFTY PERCENT OF THEIR ANNUAL ITALIAN SALES RHONE POULENC RORER INCORPORATED AND SANDOZ A. G. TWO COMPANIES CITED BY THE ITALIAN PRESS AS BIG POTENTIAL LOSERS DECLINED TO COMMENT MEANWHILE A SPOKESMAN FOR MERCK AND COMPANY SAID THE U. S. DRUG GIANT'S MAJOR PRODUCTS SUCH AS CHOLESTEROL LOWERING AGENT ZOCOR PROSTATE MEDICINE PROSCAR AND BIG SELLING HEART DRUG VASOTEC SOLD IN EUROPE UNDER THE BRAND NAME RENITEC HAD ALL RETAINED ONE HUNDRED PERCENT REIMBURSEMENT STATUS WHILE PROSCAR RETAINED ITS FULL REIMBURSEMENT STATUS THE MERCK SPOKESMAN NOTED SEVERAL OLDER PLANT EXTRACT MEDICATIONS USED TO TREAT ENLARGED PROSTRATE CONDITIONS WERE REMOVED FROM THE PRONTUARIO BY ITALIAN AUTHORITIES LOBBYING EFFORTS DIDN'T APPEAR TO AFFECT THE RECLASSIFICATIONS SMITHKLINE'S MR. WILSON MADE TWO TRIPS TO MILAN DURING DECEMBER AND HEADED A PRESENTATION OF THE LATEST CLINICAL DATA ON RELAFEX WHICH WAS THOUGHT TO BE IN JEOPARDY OF BEING RELEGATED TO A LOWER CATEGORY REACTION TO THAT PRESENTATION APPEARED FAVORABLE QUOTE AND WE WENT TO THE CHRISTMAS BREAK REASONABLY OPTIMISTIC THAT AT LEAST OUR PRIMARY PRODUCTS WOULDN'T FALL INTO THE WRONG CLASS QUOTE MR. WILSON FUMED WE CAME BACK TO FIND THAT'S EXACTLY WHAT HAPPENED DRUG COMPANIES HAVE UNTIL THE END OF JANUARY TO APPEAL THE RECLASSIFICATIONS FOLLOWING WHICH THE GOVERNMENT WILL HAVE A FURTHER SIXTY DAYS TO RECONSIDER BUT THE RECLASSIFICATIONS REMAIN IN FORCE DURING THE APPEAL PROCESS SO FOR THE FIRST QUARTER WE'RE GOING TO BE DEVASTATED SMITHKLINE'S MR. WILSON SAID IT'S SO CATASTROPHIC THAT I CAN'T BELIEVE THE REFORM PROGRAM WILL SUSTAIN ITSELF IN THIS FORM BUT I DON'T KNOW WHAT THE SWING BACK WILL BE OR WHAT THE MIDDLE GROUND WE MIGHT FIND WORKING WITH THE GOVERNMENT HE ADDED OFFICIALS AT FARMINDUSTRIA A NATIONAL DRUG INDUSTRY GROUP RAISED THE POSSIBILITY OF LEGAL ACTION HOWEVER NOTING THAT ITALIAN POLITICIANS FREQUENTLY MODIFY OR WITHDRAW CONTROVERSIAL LEGISLATION SOME INDUSTRY OFFICIALS URGED BEHIND THE SCENES ACTION INSTEAD OF A COURT CHALLENGE BUT THE INVOLVEMENT OF SEVERAL BIG DRUG COMPANIES IN ITALY'S TWENTY TWO MONTH CORRUPTION SCANDAL PRESENTS A DILEMMA IN THE CHOICE OF TACTICS THE PHARMACEUTICAL INDUSTRY IN MANY WAYS HAS LOST ALL ITS CREDIBILITY AND THE INTERLOCUTORS WE PREVIOUSLY TALKED TO HAVE DISAPPEARED IN THE WAKE OF THE SCANDAL THERE'S BEEN A COMPLETE BREAKDOWN OF CONTACTS WITH AUTHORITIES QUOTE ONE INDUSTRY OFFICIAL CONCEDED MR. GARATTINI THE PANEL MEMBER UNDERSCORED THE PROBLEM ASSERTING THAT THE REVISION OF DRUG COVERAGE WAS DONE BECAUSE THE PEOPLE WANTED TO GET THEIR HANDS ON A SYSTEM THAT WAS THE FRUIT OF CORRUPTION BRIBES AND DISHONESTY THE SECURITIES AND EXCHANGE COMMISSION WANTS CHANGES MADE IN A PROPOSED PACT WITH GOLDMAN SACHS AND COMPANY TO SETTLE AN EXPECTED ADMINISTRATIVE COMPLAINT INVOLVING GOVERNMENT SECURITIES QUOTE TAX TRADES QUOTE IN THE NINETEEN EIGHTIES PEOPLE FAMILIAR WITH THE MATTER SAID THE S. E. C. DECIDED AT A RECENT CLOSED DOOR ENFORCEMENT MEETING TO SEEK MORE MONEY FROM GOLDMAN SACHS THAN WAS INITIALLY PROPOSED AS WELL AS SOME CHANGES IN THE LANGUAGE OF THE PROPOSED ACCORD DETAILS WEREN'T AVAILABLE THE CHANGES ARE EXPECTED TO BE ACCEPTABLE TO GOLDMAN SACHS AND THE SETTLEMENT SHOULD BE MADE FINAL WITHOUT MUCH FURTHER DELAY THESE PEOPLE SAID S. E. C. ENFORCEMENT DIRECTOR WILLIAM MCLUCAS DECLINED TO COMMENT ON THE MATTER AS DID A SPOKESMAN FOR GOLDMAN SACHS AS REPORTED THE CASE CENTERS ON ALLEGEDLY PREARRANGED GOVERNMENT SECURITIES TRADES DESIGNED TO CREATE THE FALSE APPEARANCE OF TRADING LOSSES FOR TAX PURPOSES SUCH TRADES FIRST CAME TO LIGHT IN THE S. E. C.'S NINETEEN NINETY TWO COMPLAINT AGAINST SALOMON BROTHERS INCORPORATED A UNIT OF SALOMON INCORPORATED THAT COMPLAINT WHICH FOCUSED CHIEFLY ON SALOMON'S TREASURY AUCTION SCANDAL ALLEGED THAT SALOMON ENGAGED IN PREARRANGED TRADES IN NINETEEN EIGHTY SIX TO CREATE THE FALSE APPEARANCE THAT IT HAD REALIZED BONA FIDE TRADING LOSSES FOR TAX PURPOSES THE S. E. C.'S ANTICIPATED ADMINISTRATIVE COMPLAINT IS EXPECTED TO ALLEGE THAT GOLDMAN SACHS VIOLATED RECORD KEEPING LAWS IN CONNECTION WITH TAX TRADES INITIATED BY SALOMON IN NINETEEN EIGHTY SIX AS WELL AS IN SIMILAR TRADES UNDERTAKEN BY GOLDMAN SACHS ON ITS OWN INITIATIVE NO INDIVIDUALS ARE EXPECTED TO BE CITED IN THE S. E. C.'S GOLDMAN SACHS ACTION THE ADMINISTRATIVE COMPLAINT AGAINST GOLDMAN SACHS ALSO IS EXPECTED TO CITE SOME UNRELATED RELATIVELY MINOR ALLEGED VIOLATIONS OF MORE RECENT VINTAGE THE PROPOSED SETTLEMENT AMOUNT IS DESCRIBED BY PEOPLE FAMILIAR WITH THE MATTER AS BEING IN THE LOW SIX FIGURE RANGE EVEN ASSUMING THE INCREASE SOUGHT BY THE S. E. C. IS ACCEPTED BY GOLDMAN THE TAX TRADES OCCURRED BEFORE CONGRESS PASSED LEGISLATION THAT GREATLY ENHANCED THE S. E. C.'S ABILITY TO EXACT MONEY FROM ALLEGED PERPETRATORS OF SECURITIES LAW VIOLATIONS LAWYERS FOR PAUL MOZER WHO RAN SALOMON'S GOVERNMENT BOND DESK WHEN THE TREASURY SCANDAL OCCURRED SAID IN A PRESENTENCING MEMORANDUM FILED WITH A FEDERAL JUDGE IN NEW YORK LAST MONTH THAT MR. MOZER TOLD AUTHORITIES ABOUT GOLDMAN SACHS'S ALLEGED INVOLVEMENT IN THE TAX TRADES AND PROVIDED A DETAILED DESCRIPTION OF HOW AND WHY THESE TRADES WERE CONDUCTED MR. MOZER LAST YEAR WAS SENTENCED TO FOUR MONTHS IN JAIL AND FINED THIRTY THOUSAND DOLLARS AFTER PLEADING GUILTY TO TWO COUNTS OF LYING TO A FEDERAL AGENCY IN CONNECTION WITH THE TREASURY BOND SCANDAL HE IS CONTESTING S. E. C. CIVIL CHARGES RELATED TO THE SCANDAL PEPSICO INCORPORATED IS COMING OUT WITH BOLDER PACKAGING FOR SOME OF ITS SOFT DRINK PRODUCTS THIS MONTH THE PEPSI COLA BEVERAGE UNIT IN SOMERS N. Y. IS ROLLING OUT SLIGHT CHANGES TO ITS DIET PEPSI LABEL AND A NEW DESIGN FOR ITS MULTIPACK CARDBOARD BOXES FOR OTHER BIG BRANDS THE NEW DIET PEPSI CANS FEATURE A DIAGONAL LOGO PREVIOUSLY IT HAD BEEN VERTICAL AND THICKER RED STRIPES THE NEW BOXES HAVE MORE PROMINENT PHOTOS OF SOFT DRINK CANS IN A SPEECH LAST FALL ROBERTO GOIZUETA COCA COLA COMPANY CHIEF EXECUTIVE OFFICER AND CHAIRMAN INDICATED THAT COKE WILL UNLEASH QUOTE POWERFUL PACKAGING INITIATIVES QUOTE OF ITS OWN THIS YEAR A COMPANY SPOKESWOMAN WOULDN'T COMMENT ON CURRENT PLANS A THREE JUDGE PANEL REJECTING ARGUMENTS OF FORMER REAGAN ADMINISTRATION OFFICIALS ORDERED THE RELEASE OF THE SPECIAL PROSECUTOR'S REPORT ON THE IRAN CONTRA AFFAIR PROVIDED THE SUPREME COURT DOESN'T INTERVENE THE FEDERAL PANEL LEFT A TEN DAY WAITING PERIOD TO ALLOW APPEALS TO THE HIGH COURT BUT UNLESS THE JUSTICES INTERVENE FRIDAY'S RULING CLEARS THE WAY FOR THE REPORT FINALLY TO BE MADE PUBLIC THIS MONTH THAT WOULD BE A LONG SOUGHT VICTORY FOR THE PROSECUTOR LAWRENCE WALSH STILL THE PANEL MADE NO SECRET OF ITS DISCOMFORT WITH THE ACCUSATORY TONE OF THE REPORT AND ITS USE OF MATERIAL DRAWN FROM SECRET GRAND JURY TESTIMONY GIVEN THE INTENSITY OF THE ISSUE IT SEEMS LIKELY SOME PARTY WILL ASK FOR A STAY ATTORNEYS FOR PRESIDENT REAGAN AND FORMER ATTORNEY GENERAL EDWIN MEESE INDICATED LAST WEEK THAT AN APPEAL TO THE SUPREME COURT WAS POSSIBLE IN A SURPRISE MOVE TOP EXECUTIVES OF SEVERAL CABLE NETWORKS TENTATIVELY AGREED TO HAVE THEIR NETWORKS MONITORED FOR VIOLENT CONTENT AS A RESULT SENATOR PAUL SIMON D. ILLINOIS A LONGTIME LEADER OF CONGRESSIONAL EFFORTS TO LIMIT VIOLENT CONTENT ON TELEVISION INDICATED TO SOME INDUSTRY LEADERS THAT FEDERAL LEGISLATION ON THE ISSUE MAY NOT BE NECESSARY SENATOR SIMON COULDN'T BE REACHED FOR COMMENT EXECUTIVES FROM TIME WARNER INCORPORATED'S HOME BOX OFFICE VIACOM INCORPORATED'S SHOWTIME AND TURNER BROADCASTING SYSTEM INCORPORATED MET FRIDAY WITH SENATOR SIMON'S OFFICE TO DISCUSS WAYS TO CURB VIOLENCE ON TELEVISION ONE OUTCOME OF THE MEETING A SPOKESWOMAN FOR THE NATIONAL CABLE TELEVISION ASSOCIATION CONFIRMED WAS AN AGREEMENT QUOTE TO LOOK MORE CLOSELY AT HOW TO IMPLEMENT AN OUTSIDE MONITOR QUOTE THE MOVE UPSET EXECUTIVES AT THE RIVAL BROADCAST NETWORKS WHO HAVE OPPOSED ANY PLAN TO MONITOR VIOLENT ACTS OR IN ANY WAY LEGISLATE THE CONTENT OF WHAT THEY PUT ON THE AIR EXECUTIVES AT CAPITAL CITIES SLASH A. B. C. INCORPORATED C. B. S. INCORPORATED AND GENERAL ELECTRIC COMPANY'S N. B. C. WHO HAD A SEPARATE MEETING WITH SENATOR SIMON FRIDAY CONTEND THAT IT IS CABLE THAT AIRS THE MOST VIOLENT PROGRAMMING AND THAT THE BROADCAST NETWORKS HAVE CUT WAY BACK ON VIOLENT FARE AND THUS DON'T NEED MONITORING DESPITE BEING OPPOSED TO MONITORING ONE BROADCAST NETWORK EXECUTIVE WHO ASKED NOT TO BE IDENTIFIED SAID HIS NETWORK WAS VERY ENCOURAGED THAT SENATOR SIMON FEELS THAT LEGISLATION MAY NOT BE NECESSARY HE ADDED WE APPLAUD THE VOLUNTARY STEPS BY CABLE AND THEY HAVE MORE TO TAKE INCLUDING RESTRICTING VIOLENCE TO LATER HOURS WHEN CHILDREN AREN'T LIKELY TO BE IN THE AUDIENCE AND EDITING SOME VIOLENT ACTS OUT OF THEATRICAL MOVIES THE NUMBER OF COMPETITIVE MUNICIPAL BOND SALES IS LIKELY TO INCREASE PARTLY BECAUSE THE FAR MORE PREVALENT NEGOTIATED SALE METHOD HAS COME UNDER A CLOUD OF SUSPICION FOR ALLEGED POLITICAL FAVORITISM QUOTE I THINK WE'LL SEE MORE COMPETITIVE BIDDING THIS YEAR QUOTE SAID FENN PUTMAN OF LEHMAN BROTHERS CHAIRMAN OF THE PUBLIC SECURITIES ASSOCIATION THAT WOULD COME AS GOOD NEWS TO SECURITIES AND EXCHANGE COMMISSION CHAIRMAN ARTHUR LEVITT WHO HAS ENCOURAGED MUNICIPAL BOND ISSUERS TO TAKE A HARD LOOK AT COMPETITIVE BIDDING BEFORE DOING A NEGOTIATED OFFERING JEFFREY ESSER EXECUTIVE DIRECTOR OF THE GOVERNMENT FINANCE OFFICERS ASSOCIATION REPORTS INCREASED SENSITIVITY BY STATE AND LOCAL OFFICIALS TO THE NEED TO ASSESS THE PROS AND CONS OF COMPETITIVE AS OPPOSED TO NEGOTIATED BOND SALES J. CHESTER JOHNSON HEAD OF GOVERNMENT FINANCE ASSOCIATES INCORPORATED A FINANCIAL ADVISORY FIRM SAID WE'VE GOT SEVERAL CLIENTS WHO HISTORICALLY HAVE SOLD BONDS ON A NEGOTIATED BASIS WHO HAVE MOVED FOR PUBLIC POLICY CONSIDERATIONS TO A COMPETITIVE APPROACH TO THE CHIEF EXECUTIVE OF OWENS AND MINOR INCORPORATED WHICH RECENTLY ANNOUNCED A PLAN TO PURCHASE RIVAL STUART MEDICAL INCORPORATED THE WHOLE CAN SOMETIMES BE GREATER THAN THE SUM OF ITS PARTS G. GILMER MINOR THE THIRD IS OPTIMISTIC THAT ONCE THE NATION'S SECOND LARGEST DISTRIBUTOR OF MEDICAL AND SURGICAL SUPPLIES COMPLETES ITS ACQUISITION OF CLOSELY HELD STUART MEDICAL IN APRIL THE COMBINED COMPANY QUOTE CAN HAVE A GREATER GROWTH RATE THAN WE'VE ENJOYED IN THE PAST QUOTE FOR THE PAST TWENTY YEARS SALES GROWTH AT OWENS AND MINOR HAS AVERAGED ABOUT EIGHTEEN PERCENT TO TWENTY PERCENT A YEAR WHEN THE PROPOSED PURCHASE OF STUART MEDICAL FOR FORTY POINT TWO MILLION DOLLARS IN CASH AND ONE HUNDRED FIFTEEN MILLION DOLLARS OF CONVERTIBLE PREFERRED STOCK WAS ANNOUNCED LATE LAST MONTH THE COMPANIES SAID THEY EXPECTED PRO FORMA SALES FOR NINETEEN NINETY THREE TO EXCEED TWO POINT TWO BILLION DOLLARS OWENS AND MINOR ALSO PLANS TO REFINANCE STUART MEDICAL DEBT TOTALING ABOUT ONE HUNDRED FORTY MILLION DOLLARS THE COMPANIES DISTRIBUTE SUCH ITEMS AS DRESSINGS NEEDLES SYRINGES AND SURGICAL PACKS AND GOWNS MOSTLY TO HOSPITALS IN AN INTERVIEW MR. MINOR THE PRESIDENT AND CHIEF EXECUTIVE DECLINED TO SPECULATE ON OWENS AND MINOR'S FOURTH QUARTER PERFORMANCE HOWEVER HE SAID THE COMPANY HAS BEEN ON TARGET FOR THE FIRST THREE QUARTERS AND HOPEFULLY THAT WILL BE TRUE IN THE FOURTH QUARTER WALL STREET ANALYSTS ARE LOOKING FOR THE COMPANY TO REPORT EARNINGS OF EIGHTY SEVEN CENTS TO NINETY CENTS A SHARE FROM CONTINUING OPERATIONS FOR THE FULL YEAR OR A TOTAL OF ABOUT SEVENTEEN POINT EIGHT MILLION DOLLARS TO EIGHTEEN POINT FIVE MILLION DOLLARS IN NINETEEN NINETY TWO OWENS AND MINOR HAD EARNINGS FROM CONTINUING OPERATIONS OF FIFTEEN POINT FOUR MILLION DOLLARS OR SEVENTY EIGHT CENTS A SHARE ADJUSTED FOR A THREE FOR TWO STOCK SPLIT IN FEBRUARY NINETEEN NINETY TWO OWENS AND MINOR SOLD ITS DRUG DISTRIBUTION BUSINESS AND RECORDED A ONE TIME GAIN OF FIVE POINT SIX MILLION DOLLARS OR TWENTY NINE CENTS A SHARE BASED ON THE COMPANY'S NINE MONTH EARNINGS FROM CONTINUING OPERATIONS OF SIXTY THREE CENTS A SHARE AND ANALYSTS' FULL YEAR ESTIMATES FORECASTS CALL FOR OWENS AND MINOR TO REPORT FOURTH QUARTER EARNINGS OF TWENTY FOUR CENTS TO TWENTY SEVEN CENTS A SHARE OR FOUR POINT NINE MILLION DOLLARS TO FIVE POINT FIVE MILLION DOLLARS FROM CONTINUING OPERATIONS MR. MINOR SAID HE EXPECTS SALES GROWTH FOR THE QUARTER TO PICK UP A LITTLE BIT FROM THE SIXTEEN PERCENT TO SEVENTEEN PERCENT AVERAGE FOR THE FIRST THREE QUARTERS OF NINETEEN NINETY THREE IN THE NINETEEN NINETY TWO FOURTH QUARTER OWENS AND MINOR HAD EARNINGS FROM CONTINUING OPERATIONS OF TWENTY FOUR CENTS A SHARE OR FOUR POINT EIGHT MILLION DOLLARS ADJUSTED FOR A THREE FOR TWO STOCK SPLIT IN MARCH SALES TOTALED THREE HUNDRED FIVE POINT ONE MILLION DOLLARS THE WAY MR. MINOR SEES IT UNLIKE NUMBER ONE MEDICAL DISTRIBUTOR BAXTER INTERNATIONAL INCORPORATED WHICH ALSO MANUFACTURES MEDICAL SUPPLIES BOTH OWENS AND MINOR AND STUART MEDICAL HAVE A PURE DISTRIBUTION MENTALITY BUT IN THE PAST UNLIKE BAXTER NEITHER COMPANY COULD COVER THE WHOLE COUNTRY NOW WITH THE COMBINED DISTRIBUTION NETWORK WE CAN REALLY CREATE A MORE SERIOUS ALTERNATIVE TO BAXTER'S DISTRIBUTION MR. MINOR SAID OWENS AND MINOR BASED IN RICHMOND VIRGINIA HAS A STRONG PRESENCE IN THE SOUTH SOUTHWEST AND WEST WHILE STUART MEDICAL IS TRADITIONALLY STRONG IN THE MIDWEST AND THE EAST BOTH COMPANIES EMPHASIZE LOW COST DISTRIBUTION MR. MINOR SAID WE BOTH UNDERSTAND WE ARE IN A PENNIES BUSINESS HE SAID REFERRING TO THIN PROFIT MARGINS WE DON'T HAVE ANY MARGIN FOR ERROR IN OUR BUSINESS DEALINGS HE SAID HE ADDED THAT BECAUSE OF THE EXPECTED INCREASE IN SALES VOLUME BOTH THE COMPANY AND ITS SUPPLIERS SHOULD BENEFIT FROM ECONOMIES OF SCALE WITH THIS IN MIND MR. MINOR'S STRATEGY WILL BE TO CONTINUE TO FOCUS ON THE NEEDS OF ITS HOSPITAL CUSTOMERS WHICH ARE UNDER INCREASING PRESSURE TO REDUCE COSTS QUOTE THEY'RE STARTING TO FEEL THEY DON'T NEED TO OWN ANY INVENTORY BECAUSE IT'S A CAPITAL INVESTMENT THAT'S TAKING AWAY FROM OTHER SERVICES QUOTE MR. MINOR SAID ONE STRATEGY OWENS AND MINOR HAS BEGUN IS TO SEND ITS PEOPLE TO THE HOSPITALS TO MANAGE INVENTORY WE'VE TAKEN OVER THE WHOLE MATERIALS FUNCTION AT THE UNIVERSITY OF CALIFORNIA AT LOS ANGELES HE SAID WITH OWENS AND MINOR EMPLOYEES IN THE HOSPITAL DISTRIBUTING PRODUCTS TO THE FLOOR MR. MINOR SEES TECHNOLOGY AS THE KEY TO WINNING IN THIS MARKET THE PRODUCTS ARE PRETTY BOILERPLATE WE'RE SELLING SYSTEMS AND INFORMATION HE SAID HE BELIEVES THE COMBINATION OF OWENS AND MINOR AND STUART MEDICAL WILL HELP PROPEL US ALONG THAT LINE FASTER THAN EITHER ONE OF US COULD ALONE BOTH COMPANIES ARE IN THE PROCESS OF RE ENGINEERING THEIR COMPUTER SYSTEMS HELPING TO PUT INVENTORY INFORMATION DIRECTLY IN THE HANDS OF SALES REPRESENTATIVES CUSTOMERS AND EVEN SUPPLIERS MR. MINOR EXPECTS THAT THERE WILL BE SOME STAFF CUTS AS THE TWO COMPANIES CONSOLIDATE BUT HE EMPHASIZES THAT THE NEW COMPANY WILL BE LOOKING TO RETAIN THE BEST PEOPLE FROM BOTH COMPANIES AND THAT IT WILL GO THE EXTRA MILE TO TAKE CARE OF THOSE BEING LAID OFF HE HOPES THAT THE CONSOLIDATION WILL BE ACCOMPLISHED IN LESS THAN A YEAR THE PURCHASE WILL BE FINANCED EITHER THROUGH REVOLVING BANK CREDITS OR PUBLIC DEBT BOEING COMPANY AND FOUR EUROPEAN PARTNERS TENTATIVELY AGREED TO PROCEED WITH A CRUCIAL NEXT PHASE IN THEIR PROPOSED JOINT EFFORT TO BUILD THE WORLD'S LARGEST JETLINER CAPABLE OF CARRYING FIVE HUNDRED FIFTY TO EIGHT HUNDRED PASSENGERS THE MOVE COMES DESPITE THE GROWING REALIZATION THAT THE COST OF DEVELOPING THE SUPER JUMBO JET MAY BE FAR GREATER THAN EXPECTED PROBABLY AT LEAST FIFTY PERCENT HIGHER THAN THE TEN BILLION DOLLARS ESTIMATED JUST A YEAR AGO SAY PEOPLE FAMILIAR WITH TALKS INVOLVING THE FIVE COMPANIES THE TOP EXECUTIVES OF ALL THE COMPANIES INCLUDING BOEING CHAIRMAN FRANK SHRONTZ ARE EXPECTED TO MEET IN MARCH TO APPROVE PRESSING AHEAD WITH THE ALLIANCE ACCORDING TO PEOPLE FAMILIAR WITH THE TWO DAYS OF TALKS THAT CONCLUDED OVER THE WEEKEND IN NEW YORK THE OTHER COMPANIES INCLUDE LEAD EUROPEAN PARTNER DEUTSCHE AEROSPACE A UNIT OF GERMAN INDUSTRIAL GIANT DAIMLER BENZ A. G. BRITISH AEROSPACE P. L. C. AEROSPATIALE S. A. OF FRANCE AND CONSTRUCCIONES AERONAUTICAS OF SPAIN THE FOUR COMPANIES CONTROL AIRBUS INDUSTRIE THE EUROPEAN CONSORTIUM THAT IS THE MAJOR RIVAL OF SEATTLE BASED BOEING THE PROJECT IS PRESSING AHEAD DESPITE SEVERAL OBSTACLES THE COST OF BRINGING THE GIGANTIC JET TO THE POINT OF PRODUCTION SOMETIME AROUND THE YEAR TWO THOUSAND NOW APPEARS LIKELY TO REACH FIFTEEN BILLION DOLLARS TO TWENTY BILLION DOLLARS SAY PEOPLE FAMILIAR WITH THE NEW ESTIMATES AND OFFICIALS OF AIRBUS ITSELF WHO AREN'T PART OF THE CURRENT TALKS ARE CONTINUING TO PUSH FOR A ROLE IN THE BOEING LED VENTURE AND TO ALTER IT SO THAT THE AIRBUS ENTITY WOULD REPRESENT ALL OF THE EUROPEAN INTERESTS IN THE VENTURE ACCORDING TO THESE PEOPLE FOLLOWING THE WEEKEND TALKS A BOEING SPOKESMAN DECLINED TO COMMENT BEYOND READING A STATEMENT PREPARED BY THE COMPANIES THE PARTICIPANTS SAID THEY EXTENDED THE YEAR LONG FIRST PHASE OF THEIR JET STUDY BY TWO MORE MONTHS THROUGH MARCH QUOTE TO FINISH UNCOMPLETED WORK QUOTE IN THE STATEMENT BOEING PROJECT LEADER JOHN HAYHURST AND DEUTSCHE AEROSPACE REPRESENTATIVE JUERGEN THOMAS CITED PROGRESS IN FIRST YEAR FEASIBILITY STUDIES AND SAID THEY WILL MEET IN MARCH TO REVIEW PROGRESS AN AIRBUS SPOKESMAN HAD NO COMMENT BUT THOSE FAMILIAR WITH THE TALKS SAID THE OFFICIALS AGREED IN NEW YORK TO RECOMMEND TO THE COMPANIES' CHAIRMEN THAT THE NEXT PHASE OF THE STUDIES BE IMPLEMENTED TAKING THE PROJECT INTO NINETEEN NINETY FIVE A FORMAL DECISION WOULD FOLLOW IN A YEAR OR TWO ON WHETHER THE COMPANIES WOULD BEGIN PRODUCING THE JETLINER THE FIVE COMPANIES HAVE BANDED TOGETHER BECAUSE THEY BELIEVE UPFRONT COSTS ARE TOO HIGH AND DEMAND FOR THE JETS IS TOO LIMITED TO SUPPORT COMPETING PRODUCERS THE COMPANIES ESTIMATE THAT DEMAND WILL EXIST FOR FOUR HUNDRED TO FIVE HUNDRED OF THE AIRCRAFT ALTHOUGH THE EXTENT OF DEMAND DEPENDS ON PRECISELY HOW LARGE THE AIRCRAFT IS AND WHEN PRODUCTION BEGINS THERE ARE OTHER UNCERTAINTIES ON THE HORIZON THE WORLD'S LARGEST CARRIERS WHICH ARE THE MOST LIKELY BUYERS FOR THE PLANE ARE HAVING TROUBLE GETTING EXCITED ABOUT NEW AIRCRAFT DEVELOPMENT AS THEY STRUGGLE TO RETURN TO PROFITABILITY AND PAY FOR THE NEW JETS THEY ALREADY HAVE ON ORDER ONLY BRITISH AIRWAYS HAS FREQUENTLY MENTIONED ITS INTEREST IN A SUPER JUMBO JETLINER FOR BOEING AND THE EUROPEAN PARTNERS THE PROJECT ALSO INVOLVES SETTING UP A FREE STANDING ENTERPRISE WITH LONG STANDING RIVALS AS THEY STUDY WHAT SIZE JET TO PRODUCE THE COMPANIES WANT TO MAKE SURE THEY DON'T SLOW SALES FOR CURRENT AND FUTURE LARGE PLANES THEY PRODUCE BOEING CURRENTLY MAKES THE WORLD'S LARGEST COMMERCIAL JETLINER THE FOUR HUNDRED FORTY PASSENGER SEVEN FORTY SEVEN FOUR HUNDRED AN AIRCRAFT IT HAS CONSIDERED STRETCHING OR MODIFYING THE WINGS OF TO CARRY MORE PASSENGERS GREATER DISTANCES AIRBUS AS A CONSORTIUM HAS CONTEMPLATED BUILDING ITS OWN SEVEN HUNDRED FORTY SEVEN SIZE AIRPLANE AND ITS OWN SUPER JUMBO JET TO COMPLICATE MATTERS ANY NEW CONSORTIUM FORMED TO BUILD A SUPER JUMBO JET MUST BE STRUCTURED IN A WAY THAT WILL PASS MUSTER WITH ANTITRUST REGULATORS ON BOTH SIDES OF THE ATLANTIC ASSUMING THE COMPANIES' CHAIRMEN APPROVE THE TENTATIVE AGREEMENT AND THE INCREASING EXPENSES FOR THE NEXT PHASE OF STUDIES MUCH OF THE NEXT YEAR IS LIKELY TO BE SPENT SETTLING ON A SIZE FOR THE JET AND DEFINING THE STRUCTURE OF THE CONSORTIUM IN ADDITION TO CARVING OUT OWNERSHIP STAKES FOR EACH OF THE MEMBERS THE COMPANIES MUST SETTLE ON AN EFFICIENT MEANS FOR DESIGNING THE JET AND FOR PRODUCING IT USING FACTORIES ON SEVERAL CONTINENTS THEY MUST ALSO CONSIDER OFFERING A ROLE IN PRODUCTION TO COMPANIES IN COUNTRIES SUCH AS RUSSIA AND JAPAN WHOSE AIRLINES WILL BE IMPORTANT CUSTOMERS FOR THE BIG PLANE MOODY'S INVESTORS SERVICE INCORPORATED CITING WEAKNESS IN WESTINGHOUSE ELECTRIC CORPORATION'S CORE BUSINESSES LOWERED ITS RATINGS ON FOUR BILLION DOLLARS OF THE COMPANY'S LONG AND SHORT TERM DEBT MOODY'S SAID QUOTE WESTINGHOUSE'S EFFORTS TO REBUILD ITS DEPLETED CAPITAL STRUCTURE WILL TAKE LONGER THAN PREVIOUSLY BELIEVED AS A RESULT OF THE PERSISTENT WEAKNESS IN OPERATING EARNINGS AND OPERATING CASH FLOW DUE TO WEAK GLOBAL DEMAND QUOTE MOODY'S ADDED THAT WESTINGHOUSE HAS A LARGE UNFUNDED PENSION LIABILITY AS WELL AS A POTENTIAL CALL ON FUTURE CASH TO STRENGTHEN WESTINGHOUSE'S CORE BUSINESSES IN A STATEMENT WESTINGHOUSE'S CHIEF EXECUTIVE MICHAEL H. JORDAN EXPRESSED DISAPPOINTMENT IN MOODY'S DECISION AND SAID MOST OF WESTINGHOUSE'S CORE BUSINESSES HOLD KEY STRATEGIC POSITIONS IN THEIR INDUSTRIES AND ARE EXPECTED TO GENERATE PROFITS AND CASH FLOW NECESSARY TO IMPROVE THE COMPANY'S EQUITY POSITION RATINGS DOWNGRADED INCLUDE THE PITTSBURGH COMPANY'S SENIOR NOTES AND DEBENTURES MEDIUM TERM NOTES INDUSTRIAL REVENUE BONDS AND SHELF REGISTRATION ALL OF WHICH WERE LOWERED TO B. A ONE FROM B. A A THREE MOODY'S ALSO LOWERED WESTINGHOUSE'S PREFERRED STOCK TO B. A THREE FROM B. A ONE AND ITS COMMERCIAL PAPER TO NOT PRIME FROM PRIME THREE WESTINGHOUSE CREDIT CORPORATION'S DEBENTURES EUROBONDS FLOATING RATE NOTES MEDIUM TERM NOTES AND SENIOR NOTES WERE DOWNGRADED TO B. A ONE FROM B. A A THREE I. T. T. CORPORATION NEW YORK STANDARD AND POOR'S CORPORATION DOWNGRADED THE SENIOR DEBT RATING OF I. T. T. RAYONIER INCORPORATED TO TRIPLE B. FROM SINGLE A PLUS CITING I. T. T. CORPORATION'S PLAN TO SPIN OFF THE FOREST PRODUCTS UNIT ABOUT FIVE HUNDRED MILLION DOLLARS IN DEBT IS AFFECTED S. AND P. SAID THE DOWNGRADE WAS NECESSARY BECAUSE THE PARENTAL RELATIONSHIP HAD BEEN A KEY ELEMENT OF RAYONIER'S DEBT RATING I. T. T. OFFICIALS CHARACTERIZED THE DOWNGRADE AS ESSENTIALLY A NEW RATING FOR A NEW COMPANY THE RATINGS AGENCY'S ANNOUNCEMENT HAD BEEN WIDELY EXPECTED SINCE I. T. T. FIRST ANNOUNCED ITS PLANS TO SPIN OFF RAYONIER ABOUT TWO MONTHS AGO THE COMPANY IS EXPECTED TO ENACT THE SPINOFF IN FEBRUARY AT THE TIME OF THE SPINOFF ANNOUNCEMENT I. T. T. EXECUTIVES NOTED THAT RAYONIER HAD ALWAYS RECEIVED A SEPARATE DEBT RATING FROM MOODY'S INVESTORS SERVICE INCORPORATED CURRENTLY B. A. A. TWO AND IT EXPECTED S. AND P. TO ISSUE AN EQUIVALENT RATING FOR RAYONIER PRIOR TO THE SPINOFF I. T. T. CORPORATION WHICH HAS INTERESTS IN HOTELS MANUFACTURING FINANCIAL SERVICES AND INSURANCE MAINTAINS ITS SINGLE A PLUS RATING SATELLITE TECHNOLOGY MANAGEMENT INCORPORATED WHICH HAS BEEN THE FOCUS OF A GOVERNMENT INVESTIGATION INTO A SHIPMENT TO IRAN SAID THE U. S. DEPARTMENT OF JUSTICE CLOSED ITS CRIMINAL INVESTIGATION THE COMPANY SAID THE DEPARTMENT DETERMINED NOT TO TAKE ANY ACTION AGAINST IT HOWEVER SATELLITE TECHNOLOGY IN COSTA MESA CALIFORNIA SAID THAT A SEPARATE INVESTIGATION BY THE COMMERCE DEPARTMENT IS CONTINUING THAT AGENCY HASN'T YET DETERMINED WHETHER IT WILL UNDERTAKE ANY CIVIL PROCEEDING AGAINST THE COMPANY THE COMPANY SAID IN MAY FEDERAL OFFICIALS ALLEGED IN AFFIDAVITS FILED IN FEDERAL COURT IN LOS ANGELES THAT THE MAKER AND MARKETER OF SATELLITE COMMUNICATIONS SYSTEMS ATTEMPTED TO SHIP A ONE POINT FOUR MILLION DOLLAR SYSTEM AND RELATED COMPUTER TO IRAN BY QUOTE FALSELY DECLARING QUOTE THAT THE SHIPMENT WAS LEGAL UNDER RULES RESTRICTING NUCLEAR PROLIFERATION THE COMPANY HAS SAID THAT THE SHIPMENT SHOULD HAVE BEEN ALLOWED UNDER THE PARTICULAR CIRCUMSTANCES SPAIN'S BANCO ESPANOL DE CREDITO SAID IT WILL BEGIN TO MAKE PAYMENTS ON ITS SUBORDINATED DEBT WITH THE APPROVAL OF THE BANK OF SPAIN IT HAD BEEN THOUGHT THAT THE TROUBLED BANK KNOWN AS BANESTO WOULDN'T BE ALLOWED TO MAKE PAYMENTS ON ITS SUBORDINATED DEBT THE BANK'S BOARD WAS DISMISSED RECENTLY BY THE CENTRAL BANK AFTER IT UNCOVERED A FIVE HUNDRED BILLION PESETA THREE POINT FOUR BILLION DOLLARS SHORTFALL ON ITS BOOKS UNDER SPANISH LAW BANKS POSTING LOSSES ARE NORMALLY BLOCKED FROM MAKING PAYMENTS ON SUBORDINATED DEBT BANESTO SAID IT WILL BEGIN JANUARY SIXTEENTH TO PAY THE COUPON ON ITS NINETEEN NINETY THREE ISSUE OF TEN POINT FIVE OH BILLION PESETAS IN SUBORDINATED BONDS DUE IN NINETEEN NINETY EIGHT THE TOTAL AMOUNT TO BE PAID WILL REACH ONE POINT THREE FOUR BILLION PESETAS BANESTO SAID QUOTE THE PAYMENT OF THIS ISSUE HAS THE BANK OF SPAIN'S APPROVAL AN APPROVAL WHICH IS EXTENDED TO THE REST QUOTE OF BANESTO'S BOND ISSUES THE BANK SAID MEANWHILE BANESTO FORMER CHAIRMAN MARIO CONDE SAID HE WILL FINALLY BREAK HIS SILENCE THIS WEEK ABOUT THE EVENTS LEADING UP TO THE CENTRAL BANK'S DECISION TO TAKE OVER BANESTO MR. CONDE IS EXPECTED TO APPEAR IN PUBLIC EITHER TOMORROW OR WEDNESDAY TO CHALLENGE ASSERTIONS BY THE CENTRAL BANK SEPARATELY IN A LETTER TO BRANCH MANAGERS ALFREDO SAENZ THE BANK'S CARETAKER CHAIRMAN TRIED TO REASSURE EMPLOYEES THAT HE AIMS TO RELAUNCH BANESTO AS ONE OF SPAIN'S BIGGEST BANKS MR. SAENZ STRESSED THAT AFTER THE INITIAL LARGE SCALE WITHDRAWAL OF DEPOSITS FROM BANESTO CONFIDENCE HAS BEGUN TO RETURN TO THE BANK AILEEN INCORPORATED REPORTED A WIDER LOSS FOR THE FISCAL FOURTH QUARTER AND SAID IT MAY NEED TO SEEK FEDERAL BANKRUPTCY LAW PROTECTION IF IT CAN'T RESOLVE CREDIT RENEGOTIATIONS WITH ITS LENDERS IN THE QUOTE NEAR TERM QUOTE FOR THE QUARTER ENDED OCTOBER THIRTIETH THE RETAILER OF WOMEN'S SPORTSWEAR REPORTED A LOSS OF ONE POINT TWO MILLION DOLLARS OR TWENTY TWO CENTS A SHARE COMPARED WITH A LOSS OF THREE HUNDRED SIXTY FOUR THOUSAND DOLLARS OR SEVEN CENTS A SHARE A YEAR EARLIER SALES FELL TWELVE PERCENT TO FOURTEEN POINT THREE MILLION DOLLARS FROM SIXTEEN POINT THREE MILLION DOLLARS ANALYSTS SAID THE COMPANY SUFFERED FROM WEAK MERCHANDISING AILEEN SAID IT HIRED A NEW DESIGNER FORMERLY OF LIZ CLAIBORNE INCORPORATED TO IMPROVE STYLE SELECTIONS IN NINETEEN NINETY AILEEN ABANDONED PLANS TO SELL THE COMPANY SAYING IT SAW IMPROVED PROSPECTS FOR GROWTH AND PROFITABILITY A SPOKESMAN FOR THE COMPANY SAID THE COMPANY HAD NO IMMEDIATE PLANS TO SELL AILEEN'S PRIMARY CREDIT PROBLEM STEMS FROM A FAILURE TO RENEGOTIATE A FOUR MILLION DOLLAR UNSECURED REVOLVING CREDIT AGREEMENT WITH LENDERS THE LENDERS WANT COLLATERAL FOR THE DEBT THE COMPANY SAID BUT AN AGREEMENT HASN'T BEEN REACHED A SPOKESMAN SAID TALKS CONTINUE AND THE COMPANY HOPES TO REACH SOME AGREEMENT THIS MONTH WITH ITS CREDIT LINE UNDER NEGOTIATION THE COMPANY SAID DECLINES IN SALES HAVE LED TO A CASH SHORTFALL A SUBSTANTIAL PORTION OF TRADE PAYABLES ARE AT LEAST SIXTY DAYS PAST DUE RENT PAYMENTS ALSO HAVE BEEN DELAYED THE COMPANY SAID IT IS CUTTING COSTS THROUGHOUT OPERATIONS IN NEW YORK STOCK EXCHANGE TRADING AILEEN GAINED TWENTY FIVE CENTS TO CLOSE AT THREE POINT EIGHT SEVEN FIVE DOLLARS FRIDAY BUT THE COMPANY'S STOCK DIDN'T TRADE FOLLOWING ITS MIDAFTERNOON ANNOUNCEMENT ROCHE HOLDING A. G. A SWISS DRUG MAKER AND SHANGHAI SUNVE PHARMACEUTICAL CORPORATION SIGNED A JOINT VENTURE AGREEMENT TO SET UP A PHARMACEUTICAL PLANT IN SHANGHAI CHINA ROCHE WILL HOLD A SEVENTY PERCENT STAKE IN THE VENTURE WITH THE REST HELD BY SUNVE WHICH HAS SHANGHAI'S LARGEST DRUG PLANT A THIRTY MILLION DOLLAR INVESTMENT QUOTE REPRESENTS AN INITIAL OUTLAY FOR THE FIRST PHASE OF A NEW FIFTY THOUSAND SQUARE METER PLANT QUOTE ROCHE SAID THE PLANT IS SCHEDULED TO ASSUME FULL OPERATION BY LATE NINETEEN NINETY SIX THE FACTORY WILL MAKE ROCHE DRUG PRODUCTS RANGING FROM CANCER AND CARDIOVASCULAR TREATMENTS TO ANTIBIOTICS ANALGESICS AND MULTIVITAMINS THE PLANT WILL EMPLOY ADVANCED TECHNOLOGY SOME OF IT USED FOR THE FIRST TIME IN CHINA ROCHE SAID ROCHE SET UP OFFICES EARLY LAST YEAR IN BEIJING SHANGHAI AND GUANGZHOU IN CHINA IT HAS ACTIVITIES IN ITS FOUR MAIN BUSINESSES DRUGS VITAMINS FINE CHEMICALS DIAGNOSTICS AND FRAGRANCES AND FLAVORS ROCHE'S NINETEEN NINETY THREE CHINA SALES WERE ROUGHLY ONE HUNDRED MILLION FRANCS SIXTY SEVEN POINT FOUR EIGHT MILLION DOLLARS SHANGHAI SUNVE MAKES ABOUT ONE HUNDRED DRUG PRODUCTS EMBATTLED PERSONAL COMPUTER MAKER N. E. C. CORPORATION WHICH LAST WEEK OPENED THE DOOR TO A LINKUP WITH DELL COMPUTER CORPORATION AIMED AT PRESERVING N. E. C.'S NEAR MONOPOLY IN THE JAPANESE P. C. MARKET HAS INSTEAD REVEALED ITS OWN CONFUSION OVER DEALING WITH A STILL SIZZLING PRICE WAR ANALYSTS SAID N. E. C. SAID FRIDAY THAT IT WAS NEGOTIATING TO SUPPLY ITS NINETY EIGHT SERIES P. C.S TO DELL FOR SALE IN THE JAPANESE MARKET UNDER THE AUSTIN TEXAS COMPANY'S LABEL SUCH A DEAL WOULD BE THE FIRST TIME N. E. C. HAS ALLOWED ANOTHER COMPANY TO SELL ITS P. C.S IN JAPAN N. E. C.'S NINETY EIGHT SERIES P. C.S AREN'T COMPATIBLE WITH MACHINES THAT CONFORM TO THE DE FACTO INTERNATIONAL STANDARD SET BY INTERNATIONAL BUSINESS MACHINES CORPORATION THAT STRATEGY REFLECTS N. E. C.'S DESIRE TO PRESERVE ITS HOME GROWN P. C. STANDARD AGAINST EROSION BY THE I. B. M. STANDARD P. C.S NOW SOLD NOT JUST BY U. S. VENDORS BUT BY ALL MAJOR JAPANESE P. C. MAKERS EXCEPT N. E. C. THE COMPANY CLEARLY HOPES TO CEMENT ITS HOLD ON THE DOMESTIC MARKET BY GAINING ACCESS TO DELL'S MUCH VAUNTED SKILL AT SELLING P. C.S THROUGH QUOTE DIRECT SALES QUOTE OR MAIL ORDER BUT ANALYSTS SAID THE NEW DEAL IS PROBABLY MORE LIKELY TO CANNIBALIZE N. E. C.'S OWN MARKET WITHOUT IMPROVING ITS OVERALL POSITION MUCH N. E. C. HAS BEEN ON THE DEFENSIVE IN JAPAN'S P. C. WARS EVER SINCE DELL I. B. M. AND COMPAQ COMPUTER CORPORATION INVADED JAPAN WITH INEXPENSIVE P. C.S MORE THAN A YEAR AGO N. E. C. WHICH HOLDS FIFTY THREE PERCENT OF THE JAPANESE P. C. MARKET THE WORLD'S SECOND LARGEST TRIED TO IGNORE ITS RIVALS AT FIRST BUT SOON WAS FORCED TO SLASH ITS PRICES BY MORE THAN HALF SINCE THEN THE U. S. COALITION HAS KEPT UP A STEADY DRUMBEAT OF PRICE REDUCTIONS AND AGGRESSIVE ADVERTISING AIMED AT UNDERMINING N. E. C.'S MARKET DOMINANCE WHILE N. E. C.'S SHARE HAS YET TO SLIP UNDER THE ASSAULT THE WAR OF NERVES IS HAVING AN IMPACT N. E. C.'S MANAGEMENT HAS EVEN RESORTED TO ATTACKING ANALYSTS WHO CRITICIZE THE COMPANY'S STRATEGY N. E. C. CLEARLY THINKS THE NEW ARRANGEMENT IF IT BECOMES A REALITY COULD GIVE THE COMPANY A RARE CHANCE TO SEIZE THE OFFENSIVE WE CAN EXTEND OUR SALES CHANNEL TO DIRECT SALES WHICH N. E. C. DOESN'T HAVE FOR THE MOMENT SAID KATSUICHI TOMITA N. E. C.'S GENERAL MANAGER FOR P. C. MARKETING PEOPLE WOULD START TO SEE THAT THE P. C. NINETY EIGHT IS THE STANDARD FOR THE DOMESTIC MARKET N. E. C.'S SHARES SHOT UP ON THE NEWS RISING FIFTY SIX YEN FIFTY CENTS OR JUST OVER SIX PERCENT TO CLOSE FRIDAY AT NINE HUNDRED SIXTY TWO YEN ON THE TOKYO STOCK EXCHANGE DELL OFFICIALS HAVE SO FAR HAD NO COMMENT ON N. E. C.'S ANNOUNCEMENT SAYING THE COMPANY DOES NOT COMMENT ON NEGOTIATIONS UNLESS A DEAL IS APPROVED ON FRIDAY HOWEVER A DELL SPOKESWOMAN IN TOKYO SAID THERE WAS MUCH POSSIBILITY THE COMPANY MIGHT OFFER P. C.S OTHER THAN THOSE HEWING TO THE I. B. M. STANDARD BECAUSE IT IS DELL POLICY TO SUPPLY WHAT THE CUSTOMER NEEDS N. E. C. HOWEVER MAY HAVE MADE SOME MAJOR MISCALCULATIONS STARTING WITH DELL'S REPUTATION AS A FIERCE LOW COST COMPETITOR WHAT HAPPENS TO N. E. C.'S PRICING WHEN DELL STARTS SELLING ASKED PETER WOLFF AN ANALYST WITH C. S. FIRST BOSTON JAPAN LIMITED WHO EXPECTS DELL'S PRICES TO UNDERCUT N. E. C. SUBSTANTIALLY HAS N. E. C. REALLY THOUGHT THIS THROUGH OTHER ANALYSTS SUCH AS CHUCK GOTO OF S. G. WARBURG JAPAN INCORPORATED SAID N. E. C.'S NINETY EIGHT SERIES P. C.S AREN'T LIKELY TO APPEAL TO CONSUMERS OUTSIDE OF THE COMPANY'S TRADITIONAL BASE OF CORPORATE USERS AND PEOPLE WHO ARE UNCOMFORTABLE BUYING COMPUTERS I. B. M. STYLE COMPUTERS WHICH CAN USE A MUCH BROADER RANGE OF HARDWARE AND SOFTWARE APPLICATIONS MANY FROM OVERSEAS VENDORS TEND TO APPEAL TO THE GROWING POPULATION OF MORE COMPUTER LITERATE USERS QUOTE IT PROBABLY BUYS N. E. C. SOME TIME BUT IT WON'T IMPACT THEIR MARKET SHARE MUCH QUOTE MR. GOTO SAID OF THE PLAN THEY'RE GOING TO CANNIBALIZE THEIR OWN CUSTOMER BASE RATHER THAN I. B. M. STYLE USERS IF HISTORY IS ANY GUIDE N. E. C. ISN'T LIKELY TO REACT WELL TO SUCH CRITICISM OF ITS CURRENT STRATEGY AFTER THE JAPAN UNIT OF U. S. MARKET RESEARCH FIRM INTERNATIONAL DATA CORPORATION RELEASED A FORECAST IN OCTOBER THAT PREDICTED N. E. C.'S MARKET SHARE WILL FALL TO FORTY PERCENT BY NINETEEN NINETY FIVE N. E. C. PUBLIC RELATIONS MANAGER KAZUHIKO MANDA WROTE TO I. D. C. TO ASK FOR AN APOLOGY WE MUST SAY YOUR REPORT HAS CAUSED US MORE THAN A LITTLE DAMAGE MR. MANDA SAID IN HIS DECEMBER EIGHTH LETTER AFTER ASKING I. D. C. TO CONSIDER A LIST OF FACTS THAT PURPORTED TO REFUTE THE I. D. C. REPORT MR. MANDA CONTINUED WE WOULD THEN LIKE TO HEAR YOU EXPLAIN THE REPORT TO OUR SATISFACTION AFTER THAT WE WILL CONSIDER HOW TO DEAL WITH YOU AND YOUR COMPANY WE WERE TRYING TO CLARIFY HOW THEY CAME OUT WITH THAT DATA SAID AN N. E. C. SPOKESMAN QUOTE THEIR RESULTS WERE REALLY RADICAL QUOTE IT WAS A VERY STRANGE AND UNUSUAL COMPLAINT I. D. C. JAPAN P. C. ANALYST ATSUO OCHI REPLIED OF COURSE THERE WAS NO NEED FOR US TO APOLOGIZE OUR REPORT WAS THE TRUTH LONGHORN STEAKS INCORPORATED WRESTLING WITH A DOWNTURN IN EARNINGS NAMED RICHARD E. RIVERA PRESIDENT AND CHIEF EXECUTIVE OFFICER MR. RIVERA FORTY SEVEN YEARS OLD HAD BEEN CHIEF EXECUTIVE OF T. G. I. FRIDAY'S INCORPORATED THE RESTAURANT CHAIN HE SUCCEEDS GEORGE MCKERROW JUNIOR FORTY THREE LONGHORN'S FOUNDER MR. MCKERROW BECOMES CHAIRMAN OF THE BOARD SUCCEEDING HIS FATHER GEORGE MCKERROW SENIOR SIXTY EIGHT WHO REMAINS A DIRECTOR IN A STATEMENT THE YOUNGER MR. MCKERROW SAID THE MOVE WAS PART OF AN EFFORT TO QUOTE RETURN THE COMPANY TO A HIGHER LEVEL OF PROFITABILITY AND INCREASE STOCKHOLDER VALUE QUOTE IN THE THIRD QUARTER OF NINETEEN NINETY THREE LONGHORN WHICH OPERATES FORTY FIVE RESTAURANTS PRIMARILY IN THE SOUTHEAST REPORTED THAT EARNINGS HAD SLUMPED TO SIX HUNDRED THIRTY EIGHT THOUSAND DOLLARS OR TEN CENTS A SHARE FROM SEVEN HUNDRED NINETY NINE THOUSAND DOLLARS OR FIFTEEN CENTS A SHARE A YEAR EARLIER AT THE TIME MR. MCKERROW SAID HE WAS DISAPPOINTED WITH THE RESULTS NOTING THAT REVENUE LEVELS IN SEVERAL OF THE COMPANY'S NEWEST OUTLETS HAD NOT MET EXPECTATIONS BRADLEY K. ALFORD THIRTY SEVEN YEARS OLD WAS NAMED TO THE NEWLY CREATED POSITION OF SENIOR VICE PRESIDENT RISK MANAGEMENT AND CORPORATE PLANNING OF THIS NATURAL GAS COMPANY HE HAD BEEN VICE PRESIDENT FINANCE THE NEW YEAR'S CELEBRATION AMONG DOLLAR BULLS MAY LAST A LOT LONGER THAN SOME EXPECTED MORE THAN A WEEK INTO NINETEEN NINETY FOUR MANY DOLLAR BUYERS ARE STILL CHEERFUL CITING SIGNS THAT THE U. S. ECONOMY'S LATE NINETEEN NINETY THREE BOOM MAY NOT END AS SOON AS MANY ECONOMISTS HAD FORECAST THEY'RE ALSO HEADY OVER CONTINUED ECONOMIC WEAKNESS IN EUROPE AND JAPAN WHICH FURTHER BOLSTERS THE DOLLAR FRIDAY'S NEWS THAT U. S. NONFARM PAYROLLS GREW BY ONE HUNDRED EIGHTY THREE THOUSAND IN DECEMBER COMPARED WITH AN EXPECTED TWO HUNDRED TWENTY FIVE THOUSAND OR MORE CAST A SOBERING MOOD OVER THE DOLLAR CAUSING IT TO DROP LATE FRIDAY IN NEW YORK THE DOLLAR TRADED AT ONE POINT SEVEN TWO SEVEN THREE MARKS AND ONE HUNDRED ELEVEN POINT NINE OH YEN DOWN FROM ONE POINT SEVEN FOUR FOUR FIVE MARKS AND LITTLE CHANGED FROM ONE HUNDRED TWELVE POINT SIX FIVE YEN AT THE END OF THE PREVIOUS WEEK'S TRADE ABOUT MIDDAY MONDAY IN TOKYO THE DOLLAR WAS TRADING AT ONE HUNDRED ELEVEN POINT SIX FIVE YEN AND AT ONE POINT SEVEN TWO SIX OH MARKS BUT ELEMENTS OF THE JOBS REPORT SUGGEST THAT THE ECONOMY'S UPTURN IS QUOTE LESS A FLASH IN THE PAN AND MORE SOMETHING THAT CAN BE CARRIED FORWARD QUOTE SAID SANDY BATTEN SENIOR ECONOMIST AT CITIBANK ONE EXAMPLE HE SAID IS THAT EARNINGS FOR EMPLOYEES OF ALL TYPES SHOWED GAINS LAST YEAR CONSUMERS WERE SPENDING FASTER THAN THEIR INCOMES WERE GROWING AND ECONOMISTS ASSUMED CONSUMPTION WOULD EVENTUALLY HAVE TO FALL OFF THIS WAS AMONG REASONS FORECASTERS HAD EXPECTED A SLOWING IN THE RECOVERY DURING THE FIRST QUARTER OF NINETEEN NINETY FOUR ECONOMISTS LIKE MR. BATTEN ALSO LIKE RECENT CONSUMER CONFIDENCE AND DURABLE GOODS REPORTS THEY THINK SUCH DATA HELP BALANCE THE POSSIBLE DRAGS OF HIGHER TAXES AND THE COSTS OF A NATIONAL HEALTH CARE PLAN SO WHILE IT'S NOT LIKELY THE FIRST QUARTER WILL PRODUCE THE BETTER THAN FOUR PERCENT GAINS IN GROSS DOMESTIC PRODUCT EXPECTED FOR THE FOURTH QUARTER THERE'S ALSO A FEELING THAT THE TWO PERCENT OR LESS GROWTH SCENARIO DEPICTED BY MANY ANALYSTS FOR THIS QUARTER ISN'T GOING TO COME TO PASS THUS THE DOLLAR WILL HOLD IN CURRENCY PLAYERS SAY THE DOLLAR MAY TAKE SOME MORE DIPS BUT IT'S PROBABLY UPWARD BOUND SAID DAVID DE ROSA DIRECTOR FOREIGN EXCHANGE TRADING AT SWISS BANK CORPORATION MANY OF THOSE WHO STILL LIKE THE DOLLAR'S CHANCES FAR INTO THE NEW YEAR DON'T BOTHER WITH MANY OF THE DETAILS IN U. S. ECONOMIC NEWS THEY FIGURE ANY NUMBER OF EUROPEAN ECONOMIC REPORTS IS ENOUGH REASON TO MAINTAIN DOLLAR BULLISHNESS PEOPLE START MOANING ABOUT THREE PERCENT U. S. GROWTH BUT RELATIVE TO EUROPE THAT'S PRETTY GOOD GROWTH SAID STEVEN GEOVANIS MANAGING DIRECTOR OF FOREIGN EXCHANGE AT MERRILL LYNCH DEBT MARKETS GROUP EVEN AS THE DOLLAR FELL LAST FRIDAY A COUPLE OF OUR BIG FUNDAMENTAL PLAYERS WERE IN BUYING EARLY MR. GEOVANIS SAID HE ADDED THAT THESE BUYERS WERE THE KIND THAT TEND TO TRADE A LONG TERM OUTLOOK EARL JOHNSON VICE PRESIDENT AT HARRIS TRUST AND SAVINGS BANK IS A MORE AMBIVALENT DOLLAR SUPPORTER BECAUSE HE LOOKS FOR FLOWS OUT OF THE U. S. CAPITAL MARKETS INTO EUROPEAN BONDS TO PUT A CAP ON THE U. S. CURRENCY SOMETIME BY MIDYEAR BUT EVEN HE LOOKS FOR THE DOLLAR TO HOLD AROUND ONE POINT SEVEN FIVE MARKS IN THE FIRST QUARTER AND HIS ESTIMATE HINGES ON A FIRST QUARTER G. D. P. PREDICTION AT A RESPECTABLE THREE POINT EIGHT PERCENT ONE HURDLE TO A CONTINUED DOLLAR RALLY MAY BE THAT SOME MARKET PARTICIPANTS JUMPED TO BUY THE CURRENCY BEFORE IT DROPPED LATE LAST WEEK PRESIDENT CLINTON'S VISIT TO BELARUS ON HIS CURRENT EUROPEAN TOUR WILL FOCUS ON AMONG OTHER THINGS NUCLEAR NON PROLIFERATION JUDGING FROM AL GORE'S SPEECH IN MILWAUKEE LAST THURSDAY BELARUS WILL GET PRAISE ON THAT ISSUE AND UKRAINE WILL GET PRESSURE BELARUS AGREED LAST FEBRUARY TO BECOME A NON NUCLEAR STATE UKRAINE AND KAZAKHSTAN ARE DRAGGING THEIR FEET ON THE JOINT U. S. RUSSIAN DEMAND THAT THEY TURN THEIR NUKES OVER TO MOTHER RUSSIA CLINTON ADMINISTRATION NON PROLIFERATION POLICY IS BEING CONFOUNDED BY NORTH KOREAN DEFIANCE IRAQI SLEIGHT OF HAND AND IRANIAN DISSEMBLANCE THE PRESIDENT CLEARLY HOPES THAT HE AND BORIS YELTSIN TOGETHER CAN WIN AT LEAST ONE BATTLE THE ASSAULT ON UKRAINE EVEN HAS A CERTAIN SURFACE PLAUSIBILITY IF YOU HAVE THE MUSCLE TO FORCE A STATE TO GIVE UP NUKES WHY NOT DO IT YOU GET ONE LESS NUCLEAR POWER IN THE WORLD BUT WITH HIS TIMID APPROACH TOWARD THE EASTWARD EXPANSION OF NATO MR. CLINTON ALREADY IS BEING CALLED OVERLY SENSITIVE TO THE SECURITY CONCERNS OF BORIS YELTSIN AND NOT SENSITIVE ENOUGH TO THOSE OF FORMER SOVIET DOMINIONS HIS POSITION ON THE UKRAINIAN NUKES EVEN THOUGH INHERITED FROM THE BUSH ADMINISTRATION EXPOSES HIM TO A KEY QUESTION IS THE PRESIDENT ON HIS EUROPEAN TOUR RESISTING OR UNCONSCIOUSLY ABETTING THE REBIRTH OF RUSSIAN IMPERIALISM CONSIDER THE UKRAINIAN POINT OF VIEW THEY ONLY HAVE TO LOOK A FEW HUNDRED MILES TO THE SOUTHWEST TO SEE THAT BOSNIA GOT NO HELP FROM THE WEST IN COUNTERING SERBIAN IMPERIALISM WHEN THEY LOOK IN THE OPPOSITE DIRECTION THEY SEE THE RESULTS OF DECEMBER'S RUSSIAN ELECTIONS AND KNOW THAT THE SPIRIT OF REVANCHISM IS ALIVE AND WELL IN RUSSIA THEY ASK THEMSELVES QUITE LEGITIMATELY WHETHER THEY WANT TO BESTOW THEIR ONE THOUSAND SIX HUNDRED FIFTY SIX NUCLEAR WARHEADS ON THE COUNTRY THAT MOST THREATENS THEM IMPERIALISM IS NOT ONLY THE THEME SONG OF NUT CASE VLADIMIR ZHIRINOVSKY BUT ALSO IS INCREASINGLY EVIDENT IN RUSSIAN FOREIGN POLICY LAST WEEK THE NEWS FROM THE REPUBLIC OF GEORGIA WAS THAT ITS DEPOSED PRESIDENT ZVIAD GAMSAKHURDIA HAD COMMITTED SUICIDE ON DECEMBER THIRTY FIRST AFTER MANY MONTHS ON THE RUN GEORGIAN INTRIGUES ARE COMPLEX BUT THE WAR IN THAT LITTLE COUNTRY BEARS ALL THE FINGERPRINTS OF AN OLD SOVIET K. G. B. TECHNIQUE FOR KEEPING THE REPUBLICS IN LINE WHEN A REGIONAL LEADER DIDN'T BEHAVE YOU CAUSED TROUBLE ON HIS PATCH AND ENDED IT ONLY WHEN THE VICTIM REPENTED GEORGIA'S CURRENT PRESIDENT FORMER SOVIET FOREIGN MINISTER EDUARD SHEVARDNADZE REPENTED BY BRINGING GEORGIA BACK INTO THE COMMONWEALTH OF INDEPENDENT STATES C. I. S. LO AND BEHOLD THE ABKHAZIAN GUNNERY SUBSIDED ALSO LAST WEEK BELARUS DREW ITSELF CLOSER TO RUSSIA BY SIGNING A DECLARATION OF INTENT TO UNIFY ITS ECONOMY WITH RUSSIA'S THROUGH THE JOINT EMISSION OF RUBLES A DEAL THAT AMONG OTHER THINGS FLUMMOXED RUSSIA'S ECONOMIC REFORMERS MR. CLINTON'S STOP IN THE BELARUS CAPITAL OF MINSK ALSO THE HEADQUARTERS CITY OF THE C. I. S. WILL HAVE UNINTENDED SYMBOLISM MR. YELTSIN CREATED THE C. I. S. AS HIS SUBSTITUTE FOR THE OLD SOVIET EMPIRE HE BROUGHT DOWN HE WANTS IT TO FUNCTION AS THE FRAMEWORK FOR A LESS FORMALIZED NEW EMPIRE IN WHICH MOSCOW AS ALWAYS WILL BE THE REAL CENTER DID MR. CLINTON AND HIS MENTOR ON THINGS RUSSIAN STROBE TALBOTT KNOW THAT THEY SEEM TO BE LENDING U. S. PRESTIGE TO THIS ENTERPRISE UKRAINE IS BEING PRESSED HARD TO BECOME A COMPLIANT C. I. S. PLAYER UKRAINIAN PRESIDENT LEONID I. KRAVCHUK STEEPED IN OLD COMMUNIST COMMAND AND CONTROL LORE HAS HOPELESSLY MUDDLED WHAT LITTLE ATTEMPT HE HAS MADE AT ECONOMIC REFORM TAKING ADVANTAGE OF HIS INEPTITUDE THE RUSSIANS HAVE SQUEEZED HIM HARD ON THE PRICE OF OIL ALTHOUGH UKRAINE INHERITED LARGE NUMBERS OF PLANES AND TANKS FROM THE OLD RED ARMY IT IS SHORT ON FUEL ITS PRIMARY SOURCE OF LEVERAGE WITH THE RUSSIANS IS TO HOLD ITS NUCLEAR WARHEADS HOSTAGE IT IS NOT CLEAR THAT MR. YELTSIN IN HIS HEART OF HEARTS PARTICULARLY WANTED TO EMBARK ON EMPIRE REBUILDING AT THIS STAGE HE HAS PLENTY OF PROBLEMS IN RUSSIA ITSELF HIS INITIAL REACTION TO THE EASTWARD EXPANSION OF NATO WAS BENIGN PRESUMABLY BECAUSE HE THOUGHT IT WOULD ADD STABILITY TO A POTENTIALLY VOLATILE REGION BUT MR. YELTSIN IS NOTHING IF NOT A POLITICIAN AND HE SINCE HAS FOUND IT UNWISE TO STRONGLY RESIST THE DOMESTIC FORCES OF NATIONALISM IMPERIALISM AND REVANCHISM AND HE IS GETTING SO LITTLE COUNTER PRESSURE FROM THE WEST THE SHREWD OPERATIVES OF THE FORMER K. G. B. STILL HAVE MANY LINKS TO BEHIND THE SCENES POWER BROKERS IN THE FORMER SOVIET REPUBLICS AND FORMER WARSAW PACT NATIONS THEY ARE MOST LIKELY NOT YET UNDER EFFECTIVE PRESIDENTIAL CONTROL IT IS PRIMARILY FOR THIS REASON THAT POLAND THE CZECH AND SLOVAK REPUBLICS HUNGARY AND BULGARIA HAVE PLEADED WITH MR. CLINTON TO GRANT THEM NATO ADMISSION THEY KNOW FROM LONG EXPERIENCE THAT THE PRINCIPLE TOOL OF RUSSIAN IMPERIALISM WAS SUBVERSION THEY ARE MORE CONCERNED ABOUT INTERNAL STABILITY THAN ANY EXTERNAL THREAT MR. CLINTON'S RESPONSE HAS BEEN TO OFFER THEM A HALF MEASURE HIS SO CALLED QUOTE PARTNERSHIP FOR PEACE QUOTE CENTRAL EUROPEAN MILITARY PEOPLE WILL BE ABLE TO WORK WITH NATO BUT THEY WILL NOT BE MEMBERS THAT DOES NOTHING TO QUIET FEARS OF BEING DRAWN BACK INTO THE RUSSIAN ORBIT BY FORMER COMMUNISTS WITH POLITICAL CONNECTIONS TO MOSCOW THE NEAREST MR. CLINTON AND MR. TALBOTT HAVE COME TO AN ANTI IMPERIALIST POLICY FOR THE FORMER SOVIET UNION WAS TO DRAFT PRESIDENTIAL DIRECTIVE THIRTEEN IT CALLED FOR U. N. PEACEKEEPING IN SUCH TROUBLE SPOTS AS GEORGIA NAGORNO KARABAKH AND MOLDOVA BUT THIS POLICY WAS QUICKLY OVERWHELMED BY A REALIZATION THAT THE UNITED NATIONS IS A WEAK REED FOR EITHER PEACEKEEPING OR IMPLEMENTING U. S. POLICY IT WENT BACK TO THE DRAWING BOARDS THE CLINTONITES TURNED TO PARTNERSHIP FOR PEACE TO GIVE FORMER COMMUNIST SATELLITES SOME COMFORT WITHOUT DRAWING A LINE IN THE SAND THE U. S. CONTINUES ECONOMIC AID TO RUSSIA TO THE GENERAL NEGLECT OF OTHER FORMER SOVIET REPUBLICS OF COURSE SOME THINGS NEED TO BE CONSIDERED FOR ONE MR. YELTSIN IS OBVIOUSLY NOT AS WEAK AND VULNERABLE AS HE IS SO OFTEN PORTRAYED HE HAS JUST WON HIMSELF A NEW CONSTITUTION WITH VERY STRONG PRESIDENTIAL POWERS MOREOVER U. S. TIMIDITY HAS NOT QUIETED THE IMPERIALISTS OR DISCOURAGED THE K. G. B. THEY SEEM TO BE FEELING THEIR OATS FINALLY HISTORY SUGGESTS THAT THE U. S. FARES BETTER WITH THE RUSSIANS WITH A FIRM LINE THAN BY TIPTOEING AROUND THEIR SUPPOSED ACUTE SENSITIVITIES THE POINT OF IT ALL EASE UP ON UKRAINE AND TAKE A HARDER LOOK AT THE NEO IMPERIALISM OF RUSSIA IT IS THERE THAT THE REAL THREAT TO THE STABILITY OF EUROPE LIES INTERNATIONAL BUSINESS MACHINES CORPORATION IS WEIGHING THE SALE OF THE SIX HUNDRED EIGHTY MILLION DOLLAR MUTUAL FUND GROUP IT RUNS FOR EMPLOYEES AS IT CONTINUES A DRIVE TO SHED OPERATIONS THAT DON'T RELATE TO ITS CORE TECHNOLOGY BUSINESSES FREDERICK ZUCKERMAN I. B. M.'S TREASURER SAID IN AN INTERVIEW THAT THE COMPUTER MAKER IS TRYING TO GET OUT OF NONSTRATEGIC BUSINESSES AND THAT THE MUTUAL FUND IS ONE OF THEM QUOTE I. B. M. SHOULDN'T BE IN THE MUTUAL FUND BUSINESS QUOTE HE SAID ALTHOUGH HE DECLINED TO SPECULATE ON OTHER CANDIDATES FOR DIVESTMENT I. B. M. WOULDN'T COMMENT ON HOW MUCH IT EXPECTED THE SALE TO GENERATE ALTHOUGH EXECUTIVES SAID BANKS ARE THE PRIMARY SUITORS ANALYSTS SPECULATED THAT THE BUSINESS COULD FETCH ABOUT TEN MILLION DOLLARS ROBERT TALBOT AN I. B. M. CREDIT CORPORATION VICE PRESIDENT WHO OVERSEES THE MUTUAL FUND SAID THE SALE WON'T GO THROUGH UNLESS I. B. M. GETS AN ATTRACTIVE OFFER LEHMAN BROTHERS IS HANDLING THE BIDS I. B. M. STARTED THE FUND IN NINETEEN NINETY AS A BENEFIT FOR EMPLOYEES TO HELP THEM INVEST FOR RETIREMENT IT HAS GROWN TO SIX HUNDRED EIGHTY MILLION DOLLARS IN ASSETS FROM EIGHT MILLION DOLLARS IN THE FIRST YEAR AS TENS OF THOUSANDS OF EMPLOYEES TOOK EARLY RETIREMENT OFFERS UNDER I. B. M.'S MASSIVE RESTRUCTURING IT HAS FIVE INDEX FUNDS PEGGED TO VARIOUS FINANCIAL BENCHMARKS SUCH AS THE STANDARD AND POOR'S FIVE HUNDRED SUCH FUNDS HAVE BECOME POPULAR BECAUSE THEY ARE INEXPENSIVE TO MANAGE AND HAVE SHOWN DECENT RESULTS COMPARED WITH FUNDS MANAGED BY SPECIAL STOCK PICKERS MR. TALBOT SAID THAT WHEN THE FUND WAS STARTED I. B. M. BELIEVED IT COULD RUN THE FUND MORE EFFICIENTLY BY LEVERAGING THE SKILLS OF ITS RETIREMENT FUND ADMINISTRATORS ONLY TEN PEOPLE OUT OF I. B. M. CREDIT CORPORATION'S ONE THOUSAND EMPLOYEES ARE INVOLVED WITH THE MUTUAL FUND CUSTOMER SERVICING AND CUSTODIAL WORK IS CONTRACTED OUT I. B. M. CREDIT CORPORATION HAS TEN BILLION DOLLARS IN TOTAL ASSETS MOSTLY DERIVED FROM CUSTOMER FINANCING OF I. B. M. PRODUCTS AND OTHER BRANDS I. B. M. STRESSED THAT NO OTHER PART OF I. B. M. CREDIT CORPORATION IS FOR SALE AT THIS TIME GERMAN COMPUTER MAKER SIEMENS NIXDORF INFORMATIONSSYSTEME A. G. IS FINE TUNING TOP MANAGEMENT IN AN EFFORT TO PULL ITSELF OUT OF FINANCIAL TROUBLE SIEMENS NIXDORF A UNIT OF GERMAN INDUSTRIAL GIANT SIEMENS A. G. SAID IT PLANS TO HIRE A NEW SENIOR EXECUTIVE GERHARD SCHULMEYER FROM SWISS SWEDISH HEAVY EQUIPMENT MAKER A. B. B. ASEA BROWN BOVERI LIMITED SOME INDUSTRY OBSERVERS SAID MR. SCHULMEYER'S ARRIVAL COULD PRESAGE A MANAGEMENT SHAKEUP AT SIEMENS NIXDORF LEAVING HIM AS THE EFFECTIVE BOSS CHARGED WITH TURNING THE COMPANY AROUND SIEMENS AND MR. SCHULMEYER REFUSED TO COMMENT ON HIS PRECISE NEW ROLE QUOTE I WON'T GO THERE TO WASH THEIR CARS AS YOU CAN IMAGINE QUOTE THE FIFTY FIVE YEAR OLD MR. SCHULMEYER SAID IN A TELEPHONE INTERVIEW SIEMENS WILL ANNOUNCE MORE DETAILS NEXT WEEK AND I DON'T WANT TO PRE EMPT THEM SOME ANALYSTS SAID THAT ANY CHANGE AT SIEMENS NIXDORF WAS LIKELY TO BE GRADUAL FIRING ANYONE WOULD BE TOO DISRUPTIVE AT A CONSERVATIVE GERMAN MANAGEMENT BY CONSENSUS COMPANY LIKE SIEMENS SAID ANALYST GEORGE VERGHESE OF DEUTSCHE BANK SIEMENS'S STYLE WOULD BE TO BRING HIM IN JUST BELOW THE TOP LEVEL AND THEN PROMOTE HIM LATER ON IF NEEDED HE SAID YET UNDER THE PARENT COMPANY'S NEW CHIEF EXECUTIVE HEINRICH VON PIERER THAT MANAGEMENT MOLD HAS BEEN BROKEN APPOINTED IN NINETEEN NINETY TWO THE TOUGH MINDED LAWYER LAST YEAR SURPRISED ANALYSTS BY CUTTING TWELVE THOUSAND JOBS ONE OF THE LARGEST REDUCTIONS EVER AT THE MUNICH BASED ELECTRONICS AND ELECTRICAL PRODUCTS COMPANY AND HE SET A NINETEEN NINETY FIVE DEADLINE FOR THE SICK COMPUTER SUBSIDIARY TO START BREAKING EVEN INDEED BUSINESS HAS IMPROVED SOMEWHAT AT SIEMENS NIXDORF THE UNIT'S LOSS OF FOUR HUNDRED NINETEEN MILLION MARKS TWO HUNDRED FORTY TWO POINT SIX MILLION DOLLARS IN THE LATEST FISCAL YEAR WAS NINETY FOUR MILLION MARKS NARROWER THAN IN THE PREVIOUS YEAR AFTER INTERNATIONAL BUSINESS MACHINES CORPORATION SIEMENS'S COMPUTER SUBSIDIARY IS TIED WITH DIGITAL EQUIPMENT CORPORATION AS EUROPE'S SECOND BIGGEST IT'S ALSO ONE OF THE SICKEST TO TRIM LOSSES SIEMENS NIXDORF BY LAST SEPTEMBER HAD CUT NINE THOUSAND TWO HUNDRED JOBS FROM ITS NINETEEN NINETY PEAK WORK FORCE OF FIFTY TWO THOUSAND FIVE HUNDRED AND HAS SLATED ANOTHER FIVE THOUSAND ONE HUNDRED CUTS FOR THIS YEAR THE COMPANY'S PROBLEMS BECAME ACUTE IN NINETEEN NINETY WHEN SIEMENS'S THEN MARGINALLY PROFITABLE COMPUTER BUSINESS ACQUIRED ITS MAIN GERMAN RIVAL NIXDORF COMPUTER A. G. BUT THE MERGER WAS A MANAGEMENT NIGHTMARE WITH NIXDORF'S ENTREPRENEURIAL COMPANY CULTURE CLASHING WITH SIEMENS'S BUREAUCRACY ASKED IF MR. SCHULMEYER WILL REPLACE THE COMPUTER UNIT'S TOP EXECUTIVE MANAGEMENT BOARD CHAIRMAN HANS DIETER WIEDIG A SIEMENS SPOKESMAN REFUSED TO COMMENT MR. WIEDIG COULDN'T BE REACHED FOR COMMENT MR. SCHULMEYER HAS BEEN CHIEF EXECUTIVE OF A. B. B.'S U. S. UNIT A. B. B. INCORPORATED WHICH MAKES AND SELLS HEAVY POWER GENERATION EQUIPMENT RAILROAD TRAINS AND INDUSTRIAL SYSTEMS SUCH AS ROBOTICS HE WILL BE SUCCEEDED AT A. B. B. INCORPORATED BY ROBERT DONOVAN FIFTY TWO WHO HAS BEEN WITH A. B. B. ONLY ABOUT EIGHTEEN MONTHS MR. DONOVAN WHO WORKED PREVIOUSLY FOR U. S. POWER EQUIPMENT MAKERS HAS HEADED A. B. B. INCORPORATED'S POWER PLANT SYSTEMS BUSINESS MR. DONOVAN SAID A. B. B. INCORPORATED'S REVENUES STAGNATED AT ABOUT FIVE BILLION DOLLARS LAST YEAR AND ORDERS DECLINED HE PROJECTED A BIG PICKUP IN ORDERS AND A MORE MODERATE BOOST IN REVENUES IN THE CURRENT YEAR THE FOLLOWING U. S. TREASURY CORPORATE AND MUNICIPAL OFFERINGS ARE TENTATIVELY SCHEDULED FOR SALE THIS WEEK ACCORDING TO DOW JONES CAPITAL MARKETS REPORT ESMOR CORRECTIONAL SERVICES INITIAL EIGHT HUNDRED THIRTY THREE THOUSAND THREE HUNDRED THIRTY THREE SHARES VIA JANNEY MONTGOMERY SCOTT INCORPORATED HEILEMAN ACQUISITION COMPANY ONE HUNDRED FIFTY MILLION DOLLARS OF TEN YEAR SENIOR SUBORDINATED NOTES VIA B. T. SECURITIES CORPORATION J. P. REALTY INCORPORATED INITIAL ELEVEN POINT THREE MILLION SHARES UP FROM NINE POINT SIX MILLION VIA MERRILL LYNCH AND COMPANY PAPA JOHN'S INTERNATIONAL INCORPORATED ONE POINT TWO MILLION SHARES VIA MONTGOMERY SECURITIES ROGERS CABLESYSTEMS LIMITED TWO HUNDRED FIFTY MILLION CANADIAN DOLLARS OF SENIOR SECURED NOTES VIA MERRILL LYNCH SCICLONE PHARMACEUTICALS INCORPORATED TWO MILLION SHARES VIA MONTGOMERY STANFORD TELECOMMUNICATIONS INCORPORATED ONE POINT THREE MILLION SHARES VIA OPPENHEIMER AND COMPANY STEWART ENTERPRISES INCORPORATED TWO POINT FOUR MILLION OF CLASS A COMMON SHARES VIA BEAR STEARNS AND COMPANY WONDERWARE CORPORATION TWO MILLION SHARES VIA MONTGOMERY AND HAMBRECHT AND QUIST INCORPORATED UNIVERSITY OF CALIFORNIA TWO HUNDRED NINETY SIX POINT EIGHT MILLION DOLLARS OF REFUNDING REVENUE BONDS VIA COMPETITIVE BID WAKE COUNTY N. C. ONE HUNDRED FIFTY SIX MILLION DOLLARS OF IMPROVEMENT BONDS VIA COMPETITIVE BID ALBUQUERQUE N. M. ONE HUNDRED THIRTY MILLION DOLLARS OF JOINT WATER AND SEWER SYSTEM REVENUE AND REFUNDING BONDS VIA A SMITH BARNEY SHEARSON INCORPORATED GROUP ANCHORAGE ALASKA ONE HUNDRED THIRTY FOUR MILLION DOLLARS OF TELEPHONE REVENUE REFUNDING BONDS VIA A LEHMAN BROTHERS GROUP CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY ONE HUNDRED EIGHT MILLION DOLLARS OF CERTIFICATES OF PARTICIPATION VIA A GOLDMAN SACHS AND COMPANY GROUP HARRIS COUNTY TEXAS FIVE HUNDRED FIFTY MILLION DOLLARS OF TOLL ROAD SENIOR LIEN REVENUE BONDS VIA A LEHMAN BROTHERS GROUP KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY ONE HUNDRED TWENTY FIVE MILLION DOLLARS OF HOSPITAL REVENUE BONDS VIA A GOLDMAN SACHS GROUP NEW YORK STATE MEDICAL CARE FACILITIES FINANCE AGENCY THREE HUNDRED EIGHTY MILLION DOLLARS OF REVENUE BONDS VIA A J. P. MORGAN SECURITIES INCORPORATED GROUP NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER ONE ONE HUNDRED FIVE POINT FOUR MILLION DOLLARS OF ELECTRIC REVENUE BONDS VIA A GOLDMAN SACHS GROUP OHIO BUILDING AUTHORITY THREE HUNDRED SIXTEEN MILLION DOLLARS OF REFUNDING REVENUE BONDS VIA AN A. G. EDWARDS AND SONS INCORPORATED GROUP REEDY CREEK IMPROVEMENT DISTRICT FLORIDA TWO HUNDRED FORTY ONE MILLION DOLLARS OF REVENUE REFUNDING BONDS VIA A MERRILL LYNCH GROUP TEXAS MUNICIPAL POWER AGENCY ONE HUNDRED SEVENTY FIVE MILLION DOLLARS OF SERIES NINETEEN NINETY FOUR REFUNDING REVENUE BONDS VIA A MERRILL LYNCH GROUP LIKE MANY INVESTMENT STRATEGISTS HUGH JOHNSON OF FIRST ALBANY MAKES A STRONG CASE FOR A CONTINUED CLIMB IN STOCK PRICES ALL THE INGREDIENTS ARE THERE STEADY ECONOMIC GROWTH IMPROVING CORPORATE EARNINGS LOW INTEREST RATES AND SUBDUED INFLATION JUST LOOK AT THE RECORD ADVANCES CHALKED UP LAST WEEK THEN WHY IS MR. JOHNSON SO UNEASY THE POSSIBILITIES ARE NEARLY ENDLESS AND IT'S LIKELY THAT WHATEVER UPSETS THE APPLE CART WILL BE SOMETHING NO ONE EVEN THOUGHT ABOUT NEVERTHELESS ANALYSTS SUCH AS MR. JOHNSON ARE CONSTANTLY SCANNING THE ECONOMIC AND POLITICAL HORIZONS FOR SIGNS OF DANGER QUOTE THE REASON WE'VE HAD THIS BULL MARKET IS BECAUSE SAVERS HAVE BEEN WILLING TO INCREASE THEIR RISK AND SHIFT FROM CASH TO STOCKS BONDS AND MUTUAL FUNDS QUOTE MR. JOHNSON SAYS IF AN EVENT OCCURS THAT UNDERMINES THEIR CONFIDENCE IN THE ECONOMY THE FINANCIAL MARKETS OR THE POLITICAL SYSTEM THEY MAY STOP MAKING THE SHIFT AT THE TOP OF MR. JOHNSON'S LIST OF POTENTIAL SHOCKS IS A POLITICAL POTHOLE RIGHT AT HOME HE WORRIES ABOUT FURTHER DEVELOPMENTS IN THE WHITEWATER CONTROVERSY PLAGUING PRESIDENT CLINTON HE THINKS A DEEPER INVESTIGATION IS WARRANTED AND MAY YIELD TROUBLING REVELATIONS THAT COULD TURN THE ISSUE INTO A WHITEWATERGATE I DON'T BELIEVE THE REPUBLICAN LEADERSHIP WILL LET THIS ONE GO WITHOUT A FULL EXPLANATION MR. JOHNSON SAYS WHAT REALLY WORRIES ME IS IT COULD BE A POLITICAL EVENT OF THE SORT THAT COULD DISRUPT THIS BULL MARKET MR. JOHNSON STOPS SHORT OF PREDICTING THAT THE BULL MARKET WOULD END IF THE PRESIDENT FINDS HIMSELF IN A DEEP POLITICAL HOLE BUT A DOWNTURN OF EIGHT PERCENT TO TWELVE PERCENT IS EASILY POSSIBLE HE SAYS I BELIEVE IT WILL BE JUST A CORRECTION AND NOT THE START OF A BEAR MARKET BECAUSE I DON'T BELIEVE IT WOULD DERAIL THE RECOVERY IN THE ECONOMY OVERSEAS MR. JOHNSON SEES A POSSIBLE JOLT FROM THE FORMER SOVIET UNION QUOTE IF THE NEW RIGHT WING WINS MORE SUPPORT IN RUSSIA THAN IT ALREADY HAS THAT COULD BE VERY FRIGHTENING AND DESTABILIZING QUOTE HE SAYS FURTHER TURMOIL IN RUSSIA COULD LAY WASTE TO PARTS OF THE CLINTON ADMINISTRATION'S PLANNED DEFENSE CUTS AND THAT WOULD UNDERMINE DEFICIT REDUCTION EFFORTS BATTERING THE BOND MARKET AND IN TURN THE STOCK MARKET MR. JOHNSON ARGUES HE SAYS THAT PHASED OUT CUTS IN DEFENSE SPENDING ACCOUNT FOR MORE THAN TWENTY PERCENT OF THE CLINTON DEFICIT REDUCTION PACKAGE SO A PROBLEM IN RUSSIA MEANS WE'D HAVE TO RETHINK REDUCTIONS IN DEFENSE SPENDING AND THEREFORE RAISE QUESTIONS ABOUT THE DURABILITY OF THE CLINTON ECONOMIC PLAN HE SAYS MICHAEL METZ CHIEF INVESTMENT STRATEGIST AT OPPENHEIMER BELIEVES IT'S TIME TO START THINKING ABOUT POTENTIAL SHOCKS PRECISELY BECAUSE MARKET AND ECONOMIC CONDITIONS LOOK SO GOOD THERE'S NO QUESTION IT'LL BE A GOOD YEAR FOR CORPORATE PROFITS MR. METZ SAYS BUT ALL THAT IS ALREADY IN THE MARKET NONE OF THE POSSIBLE NEGATIVES HAVE BEEN FACTORED IN THAT'S THE REASON THE MARKET IS SO VULNERABLE CHIEF AMONG MR. METZ'S WORRIES IS AN INFLATION SCARE HE SEES COMMODITIES PRICES RISING PARTLY BECAUSE OF AN EXPECTED SLOWDOWN IN EXPORTS FROM THE FORMER SOVIET UNION EXPORTS FROM THE AREA HAD SURGED BECAUSE OF A NEED FOR FOREIGN CURRENCY AND BECAUSE OF SHRINKING DOMESTIC DEMAND AMID AN ECONOMIC SLOWDOWN RISING OIL PRICES ALSO COULD CONTRIBUTE TO A JUMP IN INFLATION MR. METZ ARGUES THE GOOD NEWS IS OUT ON OIL HE SAYS QUOTE IT ONLY GOES UP FROM HERE QUOTE MR. METZ GOES SO FAR AS TO SAY HE CAN SEE EXTREME MUSLIM FUNDAMENTALISTS SEIZING POWER IN EGYPT THIS YEAR THAT BRINGS INTO RISK ALL OF THE PERSIAN GULF AND THE SECURITY OF OIL SUPPLIES FROM OPEC HE ASSERTS AN INFLATION SCARE ALONG WITH A LESS ATTRACTIVE BOND MARKET COULD CAUSE LONGTERM INTEREST RATES TO SPIKE UP AND THAT COULD ROIL STOCK PRICES MR. METZ CONTENDS IN HIS SCENARIO THE RESULT WILL BE A MAJOR STOCK MARKET CORRECTION OF FIFTEEN PERCENT TO THIRTY PERCENT IN THE FIRST QUARTER A FAR MORE SANGUINE VIEW IN THE DISCUSSION COMES FROM JEFFREY M. APPLEGATE DIRECTOR OF EQUITY RESEARCH AT C. S. FIRST BOSTON HE CONCEDES THAT AWFUL SHOCKS ALWAYS ARE LURKING BUT HE ARGUES THAT THOSE SHOCKS ALONE WOULD NOT BE THOROUGHLY DETRIMENTAL TO THE STOCK MARKET A BEAR MARKET IS LIKELY ONLY IF A JOLT IS OF SUCH MAGNITUDE THAT IT PLUNGES THE ECONOMY INTO RECESSION MR. APPLEGATE SAYS THE ONLY WAY TO GET TO A RECESSION IS IF WE GET A DOUBLING IN OIL PRICES HE SAYS ADDING THAT CHANCES OF THAT ARE REMOTE AND FOR A SEVERE CORRECTION STOPPING SHORT OF A BEAR MARKET AN UNFAVORABLE CHANGE IN THE TREND OF GLOBAL ECONOMIC POLICY IS NEEDED THAT MIGHT BE ANYTHING FROM THE GERMAN BUNDESBANK SUDDENLY DECIDING THAT IT WON'T CUT INTEREST RATES FURTHER TO THE JAPANESE GOVERNMENT REFUSING TO TAKE STEPS TO BOLSTER THE ECONOMY BOTH OF WHICH MR. APPLEGATE DEEMS UNLIKELY HE CONCEDES THAT SOME OVERSEAS MARKETS PARTICULARLY EMERGING MARKETS ARE RIPE FOR SHARP DECLINES AFTER SKYROCKETING LAST YEAR BUT EVEN A PLUNGE IN MEXICAN STOCK PRICES AMID THE COUNTRY'S PEASANT INSURRECTION OR A COLLAPSE OF HONG KONG'S ROARING STOCK MARKET ISN'T LIKELY TO RATTLE U. S. INVESTORS MR. APPLEGATE SAYS TO SAY HONG KONG'S INTEGRATION INTO THE CHINESE POLITICAL ECONOMY COMING IN NINETEEN NINETY SEVEN WILL BE A PIECE OF CAKE IS INCORRECT HE SAYS BUT DOES THAT MEAN IT WILL REVERBERATE IN A HIGHLY NEGATIVE WAY FOR U. S. STOCKS I DON'T THINK SO THE DOW JONES INDUSTRIAL AVERAGE SHOT TO ITS THIRD STRAIGHT RECORD AMID SOARING BOND PRICES FOR THE WEEK THE DOW JONES INDUSTRIALS WERE UP SIXTY SIX POINT SIX EIGHT OR ONE POINT EIGHT PERCENT THE S. AND P. FIVE HUNDRED INCREASED THREE POINT FOUR FIVE OR ZERO POINT SEVEN PERCENT AND THE NASDAQ COMPOSITE ADDED SIX POINT ONE FOUR OR ZERO POINT EIGHT PERCENT WORLD WIDE STOCK PRICES ROSE FRIDAY IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX GAINED ZERO POINT EIGHT FOUR TO ONE HUNDRED TWELVE POINT FOUR NINE NEWS OF A SMALLER THAN EXPECTED JUMP IN NONFARM PAYROLLS IN DECEMBER SET OFF A BUYING SPREE IN THE BOND MARKET WHICH CARRIED OVER TO STOCKS THE TREASURY'S BENCHMARK THIRTY YEAR BOND SURGED MORE THAN ONE AND FIVE EIGHTHS POINTS OR MORE THAN SIXTEEN DOLLARS AND TWENTY FIVE CENTS FOR A BOND WITH A ONE THOUSAND DOLLAR FACE VALUE WITH THE YIELD TUMBLING TO SIX POINT TWO TWO PERCENT STOCK INVESTORS PILED INTO THE MARKET IN ANOTHER DAY OF HEAVY TRADING LAST WEEK'S VOLUME ON THE NEW YORK STOCK EXCHANGE WAS THE SECOND HIGHEST IN HISTORY AT ONE POINT SEVEN BILLION SHARES THE HEAVIEST VOLUME WAS DURING THE WEEK OF THE OCTOBER NINETEENTH NINETEEN EIGHTY SEVEN CRASH WHEN TWO POINT THREE BILLION SHARES CHANGED HANDS BLOCKBUSTER ENTERTAINMENT SLUMPED ONE AND FIVE EIGHTHS TO TWENTY EIGHT AND ONE QUARTER BEFORE ITS TRADING WAS HALTED ON NEWS THAT IT AGREED TO AN EIGHT POINT FOUR BILLION DOLLAR MERGER WITH VIACOM THE COMBINATION CLEARED THE WAY FOR VIACOM TO SWEETEN ITS BID FOR PARAMOUNT COMMUNICATIONS AND RAISE THE CASH PORTION OF ITS OFFER TO ONE HUNDRED FIVE DOLLARS A SHARE BLOCKBUSTER DIDN'T RESUME TRADING ON THE BIG BOARD IT TRADED AT TWENTY EIGHT AND ONE HALF AFTER HOURS ON REUTERS'S INSTINET SYSTEM EVEN WITH THE HALT BLOCKBUSTER WAS THE MOST ACTIVE BIG BOARD ISSUE WITH VOLUME OF SEVEN MILLION SHARES PARAMOUNT WAS DOWN THREE QUARTERS TO SEVENTY NINE AND ONE QUARTER ON THE BIG BOARD BEFORE THE HALT IT LAST TRADED ON INSTINET AFTER HOURS AT ABOUT SEVENTY EIGHT AND SEVEN EIGHTHS Q. V. C. NETWORK NASDAQ A RIVAL BIDDER FOR PARAMOUNT FINISHED BEFORE THE HALT AT FORTY AND FIVE EIGHTHS UP ONE AND ONE EIGHTH IT TRADED AT FORTY AND ONE QUARTER ON INSTINET AFTER THE MARKET CLOSED VIACOM CLASS B. AMEX ENDED AT FORTY ONE DOWN ONE AND THREE QUARTERS VIACOM DIDN'T TRADE ON INSTINET IN INITIAL AFTER HOURS DEALINGS MANY INTEREST RATE SENSITIVE FINANCIAL STOCKS REBOUNDED AFTER SLUMPING EARLIER IN THE WEEK IN REACTION TO THE BOND MARKET'S SLIDE AMONG BANKS AND INSURERS WELLS FARGO JUMPED THREE AND ONE EIGHTH TO ONE HUNDRED THIRTY AND THREE QUARTERS CITICORP WAS UP ONE TO THIRTY SEVEN AND SEVEN EIGHTHS BANKAMERICA ADDED ONE AND THREE EIGHTHS TO FORTY SEVEN AND THREE QUARTERS AND GENERAL RE CLIMBED TWO AND ONE HALF TO ONE HUNDRED FIVE SHARES OF BROKERAGE FIRMS SURGED MORGAN STANLEY WAS UP THREE AND THREE EIGHTHS TO SEVENTY TWO AND FIVE EIGHTHS MERRILL LYNCH GAINED TWO TO FORTY TWO AND ONE EIGHTH AND CHARLES SCHWAB ROSE ONE AND THREE QUARTERS TO THIRTY TWO AND ONE EIGHTH THE DOW JONES UTILITIES AVERAGE ALSO SENSITIVE TO INTEREST RATES REBOUNDED ONE POINT SEVEN EIGHT TO END AT TWO HUNDRED TWENTY TWO POINT NINE EIGHT AFTER SKIDDING EARLY IN THE WEEK TO ITS LOWEST LEVEL IN MORE THAN A YEAR GOLDEN WEST FINANCIAL SURGED FOUR AND ONE HALF TO FORTY THREE AND THREE QUARTERS ITS PRESIDENT HERBERT M. SANDLER TOOK A SIX HUNDRED THIRTY MILLION DOLLAR OFFER TO ACQUIRE CALIFORNIA FEDERAL BANK DIRECTLY TO KEY SHAREHOLDERS OF THAT COMPANY AFTER AN OVERTURE TO THE BOARD OF THE TROUBLED OAKLAND CALIFORNIA THRIFT WAS REBUFFED CALFED ROSE ONE QUARTER TO SIXTEEN AND THREE EIGHTHS RITE AID JUMPED ONE AND ONE HALF TO EIGHTEEN AND FIVE EIGHTHS AFTER THE CAMP HILL PENNSYLVANIA COMPANY DISCLOSED A RESTRUCTURING PLAN AND SAID IT WILL BUY BACK AS MANY AS TWENTY TWO MILLION SHARES OF ITS COMMON STOCK RITE AID WILL SELL TWO HUNDRED OF ITS DRUGSTORES AND SHED ITS NONCORE BUSINESSES THE COMPANY'S BUYBACK WILL BE MADE THROUGH A DUTCH AUCTION TENDER OFFER IT WILL ACCEPT OFFERS AT PRICES RANGING FROM SIXTEEN DOLLARS TO EIGHTEEN DOLLARS AND FIFTY CENTS VICE PRESIDENT AL GORE ASSERTED THAT PRESIDENT CLINTON HAS BEEN UNFAIRLY ATTACKED FOR AN ALLEGED COVERUP REGARDING AN INVESTMENT IN A FAILED ARKANSAS REAL ESTATE VENTURE ON C. B. S. NEWS' QUOTE FACE THE NATION QUOTE MR. GORE SEVERAL TIMES LASHED OUT AT REPUBLICANS FOR CRITICIZING THE PRESIDENT EVEN AS MR. CLINTON WAS ATTENDING HIS MOTHER'S FUNERAL SERVICE BUT THE G. O. P. CRITICS WERE JOINED YESTERDAY BY SENATOR DANIEL MOYNIHAN OF NEW YORK A LEADING CONGRESSIONAL DEMOCRAT WHO SAID ON N. B. C. NEWS' MEET THE PRESS THAT MR. CLINTON IS GIVING THE APPEARANCE OF A STONEWALL THE PRESIDENT HAS NOTHING TO HIDE THE SENATOR SAID AND NOTHING SHOULD BE HIDDEN MR. CLINTON SHOULD RELEASE ALL THE RELATED PAPERS AND HAVE ATTORNEY GENERAL JANET RENO NAME A SPECIAL PROSECUTOR TO INVESTIGATE THE MATTER HE SAID GET SOME GOOD LAWYER WORKING ON THAT ISSUE WHILE WE GO AHEAD ON OTHER THINGS SENATOR MOYNIHAN SAID MR. GORE SAID HOWEVER THAT ANY EVIDENCE OF WRONGDOING IN ORDER TO JUSTIFY THE NAMING OF A SPECIAL PROSECUTOR IS LACKING HE ALSO CONTENDED THAT REPUBLICANS FINDING IT DIFFICULT TO CRITICIZE THE PRESIDENT'S POLICIES ESPECIALLY AS THE ECONOMY IMPROVES HAVE SEIZED ON THE WHITEWATER ISSUE FOR POLITICAL REASONS THE DAY THAT PRESIDENT CLINTON WAS BURYING HIS MOTHER IN ARKANSAS THE OPPOSITION WAS ON THE AIRWAVES ATTACKING FEROCIOUSLY EVEN THOUGH THEY ACKNOWLEDGE THERE IS NO CREDIBLE EVIDENCE OF WRONGDOING THE VICE PRESIDENT SAID WHITE HOUSE ADVISER DAVID GERGEN HAD PREVIOUSLY MADE A SIMILAR CHARGE OF G. O. P. INSENSITIVITY TO THE DEATH OF MR. CLINTON'S MOTHER FOLLOWING MR. GORE'S REMARKS SENATE REPUBLICAN LEADER ROBERT DOLE ONE OF THOSE CRITICIZING MR. CLINTON LAST WEEK SAID G. O. P. CALLS FOR A SPECIAL COUNSEL WEREN'T UNSEEMLY NOTING THAT HE SENATOR DOLE PRAISED THE PRESIDENT'S MOTHER ON THURSDAY BUT THE KANSAS SENATOR ALSO SAID MUCH OF THE WHITEWATER CONTROVERSY HAS BEEN CAUSED BY WHITE HOUSE MISSTATEMENTS OMISSIONS OF FACT AND CONTRADICTORY PUBLIC ANNOUNCEMENTS THE REPUBLICANS HAVE CHARGED THAT MR. CLINTON IS HOLDING BACK ON PAPERS CONCERNING HIS AND HILLARY RODHAM CLINTON'S INVESTMENT IN THE VENTURE WHITEWATER DEVELOPMENT CORPORATION WHILE HE WAS GOVERNOR OF ARKANSAS THE JUSTICE DEPARTMENT IS LOOKING AT WHITEWATER AS PART OF A BROADER CRIMINAL AND CIVIL INVESTIGATION OF MADISON GUARANTY SAVINGS AND LOAN A FAILED LITTLE ROCK THRIFT OWNED BY JAMES MCDOUGAL WHO WAS THE CLINTONS' BUSINESS PARTNER IN WHITEWATER AND A POLITICAL SUPPORTER OF THEN GOVERNOR CLINTON MR. MCDOUGAL IN AN INTERVIEW FRIDAY WITH THE ASSOCIATED PRESS SAID THAT HIS BUSINESS DEALINGS QUOTE IN NO WAY BENEFITED QUOTE THE CLINTONS NOR DID HE BENEFIT FROM HIS ASSOCIATION WITH THEM HE SUPPORTED THE CLINTONS' POSITION THAT THEY DID NOTHING WRONG BUT HE TOLD A. P. THAT HE BELIEVES THE CLINTONS MAY HAVE LOST FAR LESS ON THE WHITEWATER PARTNERSHIP WITH HIM THAN THE SIXTY EIGHT THOUSAND NINE HUNDRED DOLLARS THE PRESIDENTIAL CAMPAIGN CLAIMED IN NINETEEN NINETY TWO FEDERAL INVESTIGATORS ARE REPORTEDLY TRYING TO DETERMINE WHETHER MADISON FUNDS WERE USED DURING A FUND RAISER TO PAY OFF CLINTON'S GUBERNATORIAL CAMPAIGN DEBTS AND WHETHER WHITEWATER FUNDS WERE USED TO PAY OFF PERSONAL DEBTS OF THE CLINTONS MR. MCDOUGAL SAID NO WHITEWATER FUNDS WERE USED FOR THAT PURPOSE HE SAID IT WOULD HAVE BEEN IMPOSSIBLE TO DIVERT S. AND L. FUNDS TO PAY OFF THE CAMPAIGN DEBTS WITHOUT HAVING THEM SHOWING UP ON THE BOOKS SEPARATELY JUSTICE DEPARTMENT OFFICIALS SAID THAT THE STATUTE OF LIMITATIONS ON PROSECUTING CRIMES THAT MAY BE RELATED TO MADISON GUARANTY WON'T EXPIRE FOR MORE THAN FIVE YEARS ILLINOIS REPRESENTATIVE BOB MICHEL WROTE TO ATTORNEY GENERAL JANET RENO FRIDAY ASKING THE DEPARTMENT TO SEEK A WAIVER OF THE STATUTE OF LIMITATIONS FROM PRESIDENT CLINTON SO THAT AN INVESTIGATION CAN BE FULLY AND PROPERLY CONDUCTED MR. MICHEL THE HOUSE G. O. P. LEADER SAID THE STATUTE OF LIMITATIONS WOULD EXPIRE IN MARCH FIVE YEARS AFTER THE RESOLUTION TRUST CORPORATION TOOK OVER THE LITTLE ROCK THRIFT BUT JUSTICE DEPARTMENT SPOKESMAN CARL STERN SAID THERE IS NO STATUTE OF LIMITATIONS PROBLEM BECAUSE THERE IS A TEN YEAR PROSECUTION PERIOD FOR BANKING RELATED CRIMES TWICE THE LENGTH FOR OTHER FEDERAL OFFENSES WITH GOLD PRICES ONCE AGAIN FLIRTING WITH FOUR HUNDRED DOLLARS AN OUNCE SOME SAVVY INVESTORS ARE BEGINNING TO FOCUS ON SMALL CAPITALIZATION GOLD STOCKS AS AN ALTERNATIVE TO THE BIG GOLD SHARES THAT LAST YEAR POSTED RADIANT RETURNS BUT EVEN FANS OF SOME SMALL GOLD ISSUES ADVISE CAUTION THE STOCKS CAN BE EXTREMELY VOLATILE CAPABLE OF QUOTE IMPLODING QUOTE AT ANY SIGN OF TROUBLE SUCH AS EXPLORATION ACREAGE'S TURNING UP DEVOID OF ECONOMICALLY ACCESSIBLE ORE AND SHOULD GOLD PRICES ONCE AGAIN HEAD SOUTH SECOND TIER GOLD STOCKS WILL TAKE A BEATING BUT AS LONG AS GOLD PRICES ARE FIRMING SMALL CAP GOLD COMPANIES WHICH GENERALLY LABOR UNDER HIGHER COSTS OF PRODUCTION THAN THE INDUSTRY'S BIG STALWARTS BECOME MORE ATTRACTIVE A SUSTAINED RISE IN PRICES ABOVE FOUR HUNDRED DOLLARS AN OUNCE COULD TRIGGER SOME EXPLOSIVE UPWARD MOVES AS A RESULT OF LEVERAGE COMPANIES WITH THE HIGHEST COST STRUCTURE GENERALLY WILL SEE THEIR EARNINGS GO UP BY A HIGHER PERCENTAGE FOR EACH UPWARD MOVE IN THE GOLD PRICE SAYS LEANNE BAKER A GOLD EQUITY ANALYST WITH SALOMON BROTHERS HER ADVICE FOR THOSE WILLING TO BET ON THE HIGH RISK SECTOR IS TO STICK WITH SMALL CAP GOLD COMPANIES THAT BOAST PROVEN RESERVES AND MANAGEMENT WITH TRACK RECORDS ESTABLISHED GOLD MINING COMPANIES HAVE HAD TO WEATHER A LONG PERIOD OF LOW GOLD PRICES AND HAVE BECOME BETTER MANAGED OVER THE YEARS SHE SAYS INVESTORS CAN HAVE MORE CONFIDENCE IN ESTABLISHED COMPANIES BUT NEED TO BE WARY OF THOSE THAT HAVE JUST COME INTO EXISTENCE VAHID FATHI A KEMPER SECURITIES METALS AND MINING ANALYST IN CHICAGO IS WARMING TO SMALL CAP GOLD ISSUES ALBEIT SLOWLY I DON'T WANT TO MOVE INTO SECONDARY GOLDS IN FORCE JUST YET BUT NIBBLING AT THEM MAKES SENSE HE SAYS I LOOK FOR GOLD AT FOUR HUNDRED TWENTY FIVE DOLLARS AN OUNCE BEFORE I GO INTO SECONDARIES MORE AGGRESSIVELY THE KEMPER GOLD WATCHER SEES BULLION RISING FROM LOWS OF AROUND THREE HUNDRED EIGHTY DOLLARS AN OUNCE IN THE FIRST QUARTER TO A HIGH IN THE FOURTH QUARTER OF FIVE HUNDRED FIFTY DOLLARS FOR AN AVERAGE FOUR HUNDRED SIXTY FIVE DOLLARS FOR THE YEAR OTHERS SEE GOLD AVERAGING IN THE LOW FOUR HUNDRED DOLLARS THIS YEAR LAST YEAR GOLD CLOSED SEVENTEEN POINT FOUR PERCENT HIGHER FOR THE YEAR AND AVERAGED THREE HUNDRED SIXTY DOLLARS SPOT GOLD CLOSED FRIDAY IN NEW YORK AT THREE HUNDRED EIGHTY SIX DOLLARS AND FIFTY FIVE CENTS THE ONE SMALL CAP GOLD COMPANY MR. FATHI IS WILLING TO RATE AS A STRONG QUOTE BUY QUOTE RIGHT NOW IS GLAMIS GOLD BASED IN VANCOUVER BRITISH COLUMBIA THE COMPANY WITH A MARKET CAPITALIZATION OF ONE HUNDRED EIGHTY MILLION DOLLARS SAW ITS SHARE PRICE JUMP SEVENTY EIGHT PERCENT LAST YEAR TO SEVEN DOLLARS AND TWENTY FIVE CENTS ONE OF THE BETTER SMALL CAP PERFORMANCES IT CLOSED FRIDAY AT SEVEN DOLLARS AND FIFTY CENTS DOWN TWENTY FIVE CENTS ON THE NEW YORK STOCK EXCHANGE WHEN GOLD REACHES FOUR HUNDRED TWENTY FIVE DOLLARS THIS STOCK WILL MOVE SUBSTANTIALLY HIGHER FROM CURRENT LEVELS BECAUSE OF ITS EARNINGS LEVERAGE SAYS MR. FATHI HIS OWN ESTIMATE OF THE COMPANY'S BREAK EVEN COST IS TWO HUNDRED FIFTY FIVE DOLLARS AN OUNCE A NUMBER OF SMALL CAP GOLD COMPANIES ARE MOVING INTO SOUTH AMERICA AND OTHER AREAS OVERSEAS TAKING ADVANTAGE OF LOWER REGULATORY BARRIERS ACCOMMODATING LOCAL GOVERNMENTS AND EAGER INVESTORS A LOT OF THE HOT ACTION IS GOING TO COME OUTSIDE OF NORTH AMERICA PREDICTS BRUCE REID WHO TRACKS SMALL CAP GOLD PRODUCERS FOR YORKTON SECURITIES INCORPORATED IN TORONTO MR. REID LIKES AGNICO EAGLE MINES OF TORONTO LOWER PRODUCTION COSTS AND RESULTS FROM LAST YEAR'S DISCOVERY NEAR THE LARONDE MINE IN QUEBEC WILL CONTINUE TO BOOST THE COMPANY'S STOCK HE SAYS THE NEW LARONDE DEPOSIT WILL PROBABLY TURN OUT TO BE TWICE MAYBE THREE TIMES AS BIG AS THE ORIGINAL LARONDE MINE HE SAYS THE YORKTON ANALYST SAYS AGNICO EAGLE'S STOCK WHICH CLOSED FRIDAY AT SEVENTEEN POINT TWO FIVE CANADIAN DOLLARS THIRTEEN U. S. DOLLARS AND FIVE CENTS DOWN SEVENTY FIVE CENTS ON THE TORONTO STOCK EXCHANGE COULD CLIMB TO TWENTY FIVE CANADIAN DOLLARS OR THIRTY CANADIAN DOLLARS THIS YEAR THE STOCK ALSO TRADES ON THE NASDAQ STOCK MARKET WHERE IT CLOSED FRIDAY AT THIRTEEN DOLLARS DOWN SIXTY TWO POINT FIVE CENTS MR. REID ALSO RECOMMENDS BEMA GOLD OF VANCOUVER THE COMPANY HAS A MAJORITY STAKE IN A GOLD PROJECT IN VENEZUELA AND A JOINT VENTURE WITH AMAX GOLD INCORPORATED FOR A GOLD PROJECT IN CHILE THEY'VE HAD DIFFICULTY GETTING THE FINANCING FOR THE CHILEAN PROJECT BUT ARE NOW IN THE FINAL STAGES HE SAYS THE STOCK IS LIKELY TO JUMP FROM ITS FRIDAY CLOSE OF THREE CANADIAN DOLLARS AND FIFTEEN CENTS ON THE TORONTO STOCK EXCHANGE IF THE FINANCING IS COMPLETED MR. REID SAYS NORMAND LAMARCHE A FUND MANAGER WITH ALTAMIRA MANAGEMENT LIMITED IN TORONTO FAVORS A NUMBER OF RISKIER BETS AMONG SMALL EXPLORATION COMPANIES SUCH AS CANARC RESOURCES OF VANCOUVER THAT ARE EXPLORING IN THE KILOMETER EIGHTY EIGHT REGION OF VENEZUELA WHERE A VERITABLE GOLD RUSH IS UNDER WAY ALTAMIRA IS ALSO BULLISH ON VENEZUELAN GOLDFIELDS OF VANCOUVER THE PREDOMINANT JUNIOR PLAYER AT KILOMETER EIGHTY EIGHT THE STOCK WHICH TRADES ON THE TORONTO STOCK EXCHANGE CLOSED FRIDAY AT TWELVE POINT ONE TWO FIVE CANADIAN DOLLARS DOWN THIRTY SEVEN POINT FIVE CENTS MR. LAMARCHE ALSO LIKES TWO COMPANIES THAT OPERATE THE OMAI MINE IN GUYANA SOUTH AMERICA'S LARGEST GOLD MINE GOLDEN STAR RESOURCES BASED IN DENVER OWNS THIRTY PERCENT OF THE MINE AND CAMBIOR OF MONTREAL OWNS SIXTY FIVE PERCENT THE STOCKS CLOSED AT NINETEEN POINT THREE SEVEN FIVE CANADIAN DOLLARS DOWN TWELVE POINT FIVE CENTS AND AT TWENTY ONE POINT SIX TWO FIVE CANADIAN DOLLARS DOWN TWELVE POINT FIVE CENTS RESPECTIVELY ON THE TORONTO EXCHANGE THE RUSSELL TWO THOUSAND INDEX A MEASURE OF SMALL CAPITALIZATION STOCKS TRADED ON THE NASDAQ STOCK MARKET AND THE MAJOR EXCHANGES FINISHED AT TWO HUNDRED FIFTY NINE POINT ONE EIGHT UP ZERO POINT EIGHT FIVE POINT OR ZERO POINT THREE THREE PERCENT THE BAROMETER SPENT THE WEEK MOVING STEADILY TOWARD THE RECORD OF TWO HUNDRED SIXTY POINT ONE SEVEN SET ON NOVEMBER SECOND TRADERS SAID SMALL ISSUES IN TANDEM WITH THE REST OF THE MARKET WERE AIDED BY A BOND RALLY THE TREASURY'S THIRTY YEAR BOND SHOT UP NEARLY ONE AND FIVE EIGHTHS POINTS DEPRESSING ITS YIELD TO SIX POINT TWO TWO PERCENT FOLLOWING THE RELEASE OF A STRONG DECEMBER EMPLOYMENT REPORT ON NASDAQ ITS COMPOSITE INDEX GAINED TWO POINT FIVE THREE POINTS OR ZERO POINT THREE TWO PERCENT TO END AT SEVEN HUNDRED EIGHTY TWO POINT NINE FOUR THE MEASUREMENT HAD BEEN ABOUT TWO POINTS OFF THURSDAY'S CLOSE IN EARLY GOING ADVANCING NASDAQ ISSUES WERE AT ONE THOUSAND SIX HUNDRED THIRTY TWO COMPARED WITH ONE THOUSAND THREE HUNDRED SIXTY FOUR DECLINERS NASDAQ NATIONAL MARKET VOLUME WAS TWO HUNDRED SEVENTY SIX MILLION SEVEN HUNDRED NINETY THOUSAND EIGHT HUNDRED SHARES DOWN FROM TWO HUNDRED NINETY SEVEN MILLION THREE HUNDRED EIGHTY NINE THOUSAND EIGHT HUNDRED THURSDAY AND TOTAL VOLUME SLIPPED TO THREE HUNDRED THIRTY MILLION FIFTY EIGHT THOUSAND SHARES FROM THREE HUNDRED FORTY NINE MILLION TWO HUNDRED FIVE THOUSAND FIVE HUNDRED AMONG TECHNOLOGY STOCKS INVESTORS TOOK A SHINE TO DISK DRIVE MAKERS NEW YORK STOCK EXCHANGE LISTED WESTERN DIGITAL GAINED ONE AND FIVE EIGHTHS TO ELEVEN AND FIVE EIGHTHS QUANTUM CORPORATION MOVED UP THREE QUARTERS TO SIXTEEN AND THREE QUARTERS AND ZEOS INTERNATIONAL ADDED FIVE EIGHTHS TO FOUR ZEOS HAS EXECUTED A NONBINDING LETTER OF INTENT TO ACQUIRE COMPUADD A MAKER AND MARKETER OF P. C. COMPATIBLE COMPUTERS IN MERGER NEWS LINCOLN SAVINGS BANK SURGED TWELVE AND ONE QUARTER TO FIFTY THREE AND ONE HALF FOLLOWING AN ANNOUNCEMENT THAT IT HAS AGREED TO MERGE WITH CITY HOLDING IN A STOCK SWAP VALUED AT ABOUT SIXTY EIGHT MILLION DOLLARS CITY HOLDING OF CHARLESTON WEST VIRGINIA PLUNGED SEVEN AND ONE QUARTER TO TWENTY SEVEN AND THREE QUARTERS OTHER RATE SENSITIVE ISSUES TOOK THEIR CUES FROM THE BOND RALLY TO POST GAINS B. S. B. BANCORP GAINED SEVEN EIGHTHS TO TWENTY THREE AND THREE QUARTERS PEOPLES BANCORP OF WORCESTER ROSE ONE HALF TO FORTY EIGHT AND THREE QUARTERS AND MIAMI HEADQUARTERED INTERCONTINENTAL BANK ROSE THREE QUARTERS TO TWENTY CHRONIMED JUMPED TWO AND ONE QUARTER TO TWENTY THE COMPANY SAID IT HAS SIGNED AN EXCLUSIVE WORLD WIDE LICENSE TO DEVELOP AND MARKET L. CYCLOSERINE FOR GAUCHER'S DISEASE CLINICAL TRIALS WILL BE INITIATED BY THE MIDDLE OF THIS YEAR CHRONIMED ADDED CAITLIN MOLLISON CONTRIBUTED TO THIS ARTICLE BIG OIL COMPANIES ARE EXPECTED TO SHOW FOURTH QUARTER RESULTS MUTED BY LOW CRUDE PRICES IN A HANDFUL OF CASES FIRM RETAIL GASOLINE AND NATURAL GAS PRICES HELPED BUTTRESS BALANCE SHEETS AGAINST A SHARP DROP IN CRUDE OIL PRICES BUT OIL COMPANIES WITH LESS EXPOSURE TO RETAILING OR TO INTERNATIONAL MARKETS EMERGED FROM THE QUARTER WITH PROBLEMS IN THEIR UPSTREAM OR EXPLORATION AND DEVELOPMENT OPERATIONS THAT FORCED OPERATING EARNINGS LOWER QUOTE THE REAL STRENGTH IN THE QUARTER WAS FOREIGN REFINING AND MARKETING QUOTE SAID MICHAEL YOUNG AN ANALYST AT SMITH BARNEY SHEARSON INCORPORATED JAMES CLARK AN ANALYST AT C. S. FIRST BOSTON AGREED THAT FOREIGN OPERATIONS WILL SHOW A MUCH STURDIER PERFORMANCE BOTH IN UPSTREAM AND DOWNSTREAM OR REFINING AND MARKETING OPERATIONS INTERNATIONAL PETROLEUM PRODUCERS WILL BE ENJOYING DECENT PRICES AND HIGHER VOLUMES ESPECIALLY IN THE NORTH SEA HE SAID PAUL TING AN ANALYST AT OPPENHEIMER AND COMPANY SAID DEMAND FOR HEATING OIL AND NATURAL GAS IN THE FOURTH QUARTER AND FIRST QUARTER PEAKS MORE SHARPLY IN EUROPE THAN IN THE U. S. AND HE SAID THE FIXED COST CONTRACTS MORE COMMONLY FOUND OUTSIDE THE U. S. MAKE FOREIGN OPERATIONS LESS VULNERABLE TO DIPS IN OIL PRICES SO IT ISN'T SURPRISING THAT ROYAL DUTCH SLASH SHELL GROUP WHICH MR. YOUNG SAID HAS THE LARGEST NON U. S. REFINING AND MARKETING ACTIVITIES OF ALL THE MAJOR OIL COMPANIES HAS BEEN CROWNED KING OF THE FOURTH QUARTER AN ANALYSTS' CONSENSUS FROM FIRST CALL A UNIT OF THOMPSON'S FINANCIAL SERVICES SEES OPERATING EARNINGS OF THE NETHERLANDS BASED GROUP RISING TO ONE DOLLAR AND SIXTY FOUR CENTS A SHARE FROM ABOUT ONE DOLLAR AND THIRTY FIVE CENTS A YEAR EARLIER MR. YOUNG SAID ROYAL DUTCH SLASH SHELL HAS LOTS OF EXPOSURE TO THE FAR EAST WHERE REFINING AND MARKETING ESPECIALLY MARKETING WAS PARTICULARLY GOOD IN THE FOURTH QUARTER THEN COMES MOBIL CORPORATION WHICH ALSO HAS A SIGNIFICANT PRESENCE IN THE FAR EAST FLANKED BY CHEVRON CORPORATION AND EXXON CORPORATION ANALYSTS SAY THESE THREE ARE ALL STRONG IN INTERNATIONAL PETROLEUM PRODUCTION AND CONTINUE TO REAP THE BENEFITS OF THEIR COST CUTTING PROGRAMS FIRST CALL'S CONSENSUS SEES MOBIL'S OPERATING NET RISING TO ONE DOLLAR AND THIRTY TWO CENTS A SHARE FROM ONE DOLLAR AND TWENTY FIVE CENTS IN THE NINETEEN NINETY TWO FOURTH QUARTER ESTIMATES FOR CHEVRON RANGE FROM ONE DOLLAR AND FORTY FIVE CENTS TO ONE DOLLAR AND SIXTY CENTS A SHARE COMPARED WITH ONE DOLLAR AND FIFTY THREE CENTS THE YEAR BEFORE WHILE EXXON'S EARNINGS ARE EXPECTED TO EASE TO NINETY THREE CENTS A SHARE FROM ONE DOLLAR AND TEN CENTS BUT SEVERAL ANALYSTS SAID IT'S POSSIBLE THE THREE COMPANIES COULD SHOW SOME SURPRISES ON THE UPSIDE AMONG OTHER INTERNATIONAL COMPANIES THE CONSENSUS VIEW ON BRITISH PETROLEUM COMPANY HAS IT EARNING EIGHTY ONE CENTS A SHARE FROM OPERATIONS COMPARED WITH SEVENTY FOUR CENTS IN THE YEAR AGO FOURTH QUARTER ALTHOUGH BERNARD PICCHI AN ANALYST AT KIDDER PEABODY AND COMPANY WARNS THAT WITH THEIR HIGH LEVERAGE TO OIL PRICES THEY COULD BE HURTING AND HE THINKS MOST OF THE GOOD NEWS FROM B. P.'S MAMMOTH RESTRUCTURING TO CUT COSTS AND DEBT HAS ALREADY BEEN REFLECTED IN EARNINGS MR. PICCHI SEES B. P.'S OPERATING NET FALLING TO SEVENTY CENTS A SHARE BUT OPPENHEIMER'S MR. TING SAID THE COST CUTTING A REDUCED TAX BURDEN AND INCREASED VOLUME AS NEW PETROLEUM FIELDS COME INTO PRODUCTION WILL ADD UP TO AN ATTRACTIVE FOURTH QUARTER FOR THE BRITISH COMPANY HE SEES B. P. EARNING NINETY CENTS A SHARE FROM OPERATIONS U. S. X. MARATHON GROUP LOOKS SET TO SWING OUT OF THE RED WITH FIRST CALL PREDICTING OPERATING EARNINGS OF NINE CENTS A SHARE COMPARED WITH A YEAR EARLIER LOSS OF SEVENTEEN CENTS MR. PICCHI ATTRIBUTES THE CHANGE TO IMPROVED OIL PRODUCTION IN THE NORTH SEA AND HE NOTED THAT U. S. X. MARATHON'S EXPLORATION EXPENSES QUOTE ARE DOWN PRACTICALLY TO NOTHING QUOTE ON A GLOOMIER NOTE TEXACO INCORPORATED'S EARNINGS ARE SEEN DROPPING TO EIGHTY NINE CENTS A SHARE FROM ONE DOLLAR AND ELEVEN CENTS A SHARE AND AMOCO CORPORATION'S EARNINGS ARE SEEN FALLING TO EIGHTY CENTS FROM ONE DOLLAR AND TEN CENTS ACCORDING TO FIRST CALL ALSO PHILLIPS PETROLEUM CORPORATION IS EXPECTED TO EARN TWENTY CENTS A SHARE COMPARED WITH THIRTY FIVE CENTS IN THE YEAR EARLIER QUARTER AND THE CONSENSUS ON UNOCAL CORPORATION HAS EARNINGS DROPPING TO TWENTY TWO CENTS A SHARE FROM THIRTY NINE CENTS THESE COMPANIES COULD YIELD SOME SURPRISES ON THE DOWNSIDE SEVERAL ANALYSTS SAID SMITH BARNEY SHEARSON'S MR. YOUNG PREDICTS SOME PROFIT TAKING IN DOMESTIC OIL COMPANIES' STOCKS WHEN FOURTH QUARTER RESULTS ARE RELEASED AND INVESTORS REFOCUS THEIR ATTENTION ON WHAT A LOW EARNINGS BASE THESE COMPANIES HAVE OPERATING NET FOR ATLANTIC RICHFIELD COMPANY ONE OF THE COMPANIES MOST EXPOSED TO CRUDE OIL PRICES IS SEEN DROPPING TO ONE DOLLAR AND TEN CENTS A SHARE FROM ONE DOLLAR AND EIGHTY THREE CENTS ANALYSTS NOTED THAT ARCO'S STRONG RETURNS FROM GASOLINE MARKETING PARTICULARLY IN ITS CALIFORNIA STRONGHOLD HELPED COUNTER ITS PINCHED UPSTREAM OPERATIONS BUT THEY SAID ARCO SUFFERED FROM HIGH EXPLORATION COSTS AND FROM TROUBLES IN ALASKA KIDDER PEABODY'S MR. PICCHI DESCRIBED OCCIDENTAL PETROLEUM CORPORATION'S FOURTH QUARTER AS NOT A HAPPY STORY A FIRST CALL CONSENSUS HAS OCCIDENTAL LOSING FIVE CENTS A SHARE COMPARED WITH A PROFIT OF FIVE CENTS A YEAR EARLIER BUT MR. PICCHI THINKS THE COMPANY COULD LOSE UP TO FIFTEEN CENTS A SHARE AS IT IS DRAGGED DOWN BY A LESS THAN LUCRATIVE PETROCHEMICAL UNIT HE AND OTHERS ALSO NOTED THAT OCCIDENTAL HAS NO REAL REFINING OR MARKETING OPERATIONS TO COUNTERBALANCE UPSTREAM LOSSES FROM LOW OIL PRICES AMERADA HESS CORPORATION IS SEEN REPORTING A LOSS OF SIXTY CENTS A SHARE COMPARED WITH A PROFIT OF TWENTY ONE CENTS IN THE YEAR EARLIER QUARTER AFTER BEING HURT BY CHARGES RELATING TO ITS FIFO ACCOUNTING SYSTEM UNIQUE AMONG MAJOR OIL COMPANIES FIFO OR FIRST IN FIRST OUT OBLIGATES AMERADA HESS TO SELL ITS OLDEST INVENTORIED OIL FIRST IT RECORDS CRUDE OIL SALES ON ITS BOOKS AT CURRENT PRICES BUT CALCULATES THE COST OF THE OIL TO ITSELF AT PRICES THAT ARE SEVERAL MONTHS OLD AND IN THIS CASE SIGNIFICANTLY HIGHER ON THE FLIP SIDE ANALYSTS SAID FIFO IS A BOON IF OIL PRICES RISE RAPIDLY AND THAT THE LOSSES COULD BE ERASED BY GAINS LATER IF OIL PRICES RISE BY SEVERAL DOLLARS A BARREL IN THE CURRENT QUARTER AS SOME PREDICT THE BABY BELL TELEPHONE COMPANIES GRABBED HEADLINES IN NINETEEN NINETY THREE BY STRIKING ALLIANCES WITH THEIR FORMER ARCH ENEMIES IN THE CABLE BUSINESS CAPPED BY BELL ATLANTIC CORPORATION'S PROPOSAL TO BUY CABLE GIANT TELE COMMUNICATIONS INCORPORATED THE FINANCIAL PERFORMANCE OF THE GROUP BY COMPARISON IS EXPECTED TO BE RELATIVELY UNEXCITING FOR THE FOURTH QUARTER WITH ONLY A FEW OF THE SEVEN BABY BELLS MANAGING TO ACHIEVE DOUBLE DIGIT GROWTH THE CULPRITS ARE A CONSISTENTLY PLODDING U. S. ECONOMY AND INCREASING COMPETITION IN NEARLY EVERY FACET OF THE BELLS' BREAD AND BUTTER BUSINESS OF LOCAL SERVICE THE GROUP'S EARNINGS GROWTH THROUGHOUT NINETEEN NINETY FOUR MOREOVER WILL REMAIN IN THE SIX PERCENT TO SEVEN PERCENT RANGE PREDICTS ANALYST JACK GRUBMAN OF PAINEWEBBER QUOTE IT'S GOING TO BE ANOTHER TOUGH YEAR OF EARNINGS PERFORMANCE QUOTE HE SAID SOME BELLS HOWEVER ARE STANDOUTS AT THE TOP OF MANY ANALYSTS' LISTS IS SAN ANTONIO BASED SOUTHWESTERN BELL CORPORATION MR. GRUBMAN EXPECTS THE COMPANY TO POST HIGHER EARNINGS OF SEVENTY CENTS A SHARE FOR THE QUARTER AND ABOUT TWO DOLLARS AND FIFTY CENTS A SHARE FOR THE YEAR A THIRTEEN PERCENT INCREASE FOR THE YEAR SOUTHWESTERN BELL HAS ANNOUNCED PLANS TO TEAM UP WITH COX ENTERPRISES INCORPORATED IN A FIVE BILLION DOLLAR CABLE DEAL IT CONTINUES TO WIN KUDOS FROM WALL STREET FOR ITS AGGRESSIVE COST CUTTING WINNING MARKETING STRATEGIES AND SAVVY INVESTMENTS AN EARLY ENTRANT INTO THE CELLULAR BUSINESS THE BELL COMPANY CONTINUES TO SIGN UP CUSTOMERS IN RECORD NUMBERS ADDING ABOUT TWO HUNDRED THOUSAND IN THE FOURTH QUARTER ALONE SAYS STEVEN YANIS A TELECOMMUNICATIONS ANALYST AT KIDDER PEABODY AND COMPANY SOUTHWESTERN BELL IS A GOOD EXAMPLE OF WHAT PRUDENT INVESTMENTS BY THE COMPANY EARLY ON CAN DO FOR YOU DOWNSTREAM MR. GRUBMAN SAID ANALYSTS ALSO FAVOR U. S. WEST INCORPORATED WHICH CONTINUES TO BENEFIT FROM AN IMPROVING ECONOMY IN ITS FOURTEEN STATE SERVICE TERRITORY THAT STRETCHES ACROSS THE COLORADO ROCKIES ACCESS LINE GROWTH ONE BENCHMARK OF ECONOMIC HEALTH HAS HOVERED IN THE THREE POINT FIVE PERCENT RANGE A RESPECTABLE RATE MR. GRUBMAN EXPECTS U. S. WEST TO POST FOURTH QUARTER EARNINGS OF SIXTY NINE CENTS A SHARE EXCLUDING COSTS ASSOCIATED WITH DISCONTINUING ITS FINANCIAL SERVICES OPERATIONS LAST YEAR FOR THE YEAR HE EXPECTS EARNINGS OF TWO DOLLARS AND EIGHTY CENTS A SHARE UP EIGHT PERCENT AMERITECH CORPORATION CHICAGO AND BELL ATLANTIC PHILADELPHIA ARE ALSO BENEFITING FROM REGIONAL ECONOMIES THAT ARE BEGINNING TO PERK UP MR. YANIS EXPECTS AMERITECH TO POST QUARTERLY EARNINGS OF ONE DOLLAR AND THIRTY FIVE CENTS A SHARE UP SEVEN POINT SEVEN PERCENT AND FIVE DOLLARS AND THIRTY CENTS FOR THE YEAR ALSO UP SEVEN POINT SEVEN PERCENT HE FORECASTS THAT BELL ATLANTIC WILL REPORT A QUARTERLY PROFIT OF EIGHTY CENTS A SHARE UP SIX PERCENT AND EXCLUDING ONE TIME CHARGES THREE DOLLARS AND FORTY FIVE CENTS FOR THE YEAR UP NINE PERCENT PACIFIC TELESIS GROUP BASED IN SAN FRANCISCO CONTINUES TO FEEL THE EFFECTS OF THE MORIBUND CALIFORNIA ECONOMY ANALYSTS GENERALLY EXPECT PACTEL EARNINGS FOR THE QUARTER AND THE YEAR TO BE FLAT AT AROUND SEVENTY TWO CENTS AND TWO DOLLARS AND EIGHTY CENTS RESPECTIVELY THE BABY BELL IS EXPECTED TO COMPLETE THE SPINOFF OF ITS CELLULAR UNIT THIS YEAR AND MOST ANALYSTS SAY THEY EXPECT THE NEW VENTURE TO BE TREMENDOUSLY SUCCESSFUL ON FRIDAY PACTEL SAID IT PLANS TO CUT TEN THOUSAND JOBS AND TAKE A SIX HUNDRED SIXTY FIVE MILLION DOLLAR FOURTH QUARTER CHARGE AS IT GIRDS FOR FIERCE COMPETITION IN ITS LOCAL PHONE MARKET LIKEWISE NYNEX CORPORATION BASED IN WHITE PLAINS N. Y. HAS CONTINUED TO FEEL THE HEAT OF INTENSE COMPETITION IN ITS NEW YORK MARKET AND A TOUGH REGULATORY CLIMATE THE COMPANY HAS YET TO DEMONSTRATE IT CAN CONTAIN COSTS THOUGH THE NEW YORK ECONOMY IS SHOWING SOME SIGNS OF RECOVERY MR. YANIS EXPECTS NYNEX TO POST PER SHARE EARNINGS OF SEVENTY SEVEN CENTS FOR THE QUARTER A SLIGHT RISE AND THREE DOLLARS AND TWENTY CENTS A SHARE FOR THE YEAR ALSO A SLIGHT INCREASE SOME WALL STREET ANALYSTS SAY BELLSOUTH A SLOW COMER IN THE MERGER MANIA SWEEPING THE INDUSTRY IS RIPE TO MAKE A MAJOR ACQUISITION THIS YEAR THE CASH RICH BABY BELL HAS PROPOSED INVESTING ONE POINT FIVE BILLION DOLLARS IN Q. V. C. NETWORK INCORPORATED IN HELPING THE LATTER'S EFFORTS TO ACQUIRE PARAMOUNT COMMUNICATIONS INCORPORATED ALBEIT THE BATTLE IS FAR FROM OVER MR. YANIS PREDICTS BELLSOUTH BASED IN ATLANTA WILL REPORT EARNINGS OF AROUND EIGHTY EIGHT CENTS FOR THE QUARTER UP SEVEN POINT FIVE PERCENT AND THREE DOLLARS AND SIXTY CENTS FOR THE YEAR UP ABOUT SEVEN POINT THREE PERCENT HE SAID BELLSOUTH HAS THE POTENTIAL TO SURPRISE ON THE UPSIDE BECAUSE OF THE COMPANY'S REDUCED INTEREST EXPENSE AND IMPROVING COST CONTROLS THE DISTRICT OF COLUMBIA DROPPED LAZARD FRERES AND COMPANY AS ITS FINANCIAL ADVISER CITING QUOTE A CONTINUING CLOUD QUOTE OVER THE FIRM AMID PROBES INTO LAZARD'S MUNICIPAL BOND RELATED DEALINGS WITH MERRILL LYNCH AND COMPANY DISTRICT MAYOR SHARON PRATT KELLY ANNOUNCED THE DECISION FRIDAY SAYING SHE TOLD LAZARD IT WOULD BE IN THE BEST INTERESTS OF THE DISTRICT OF COLUMBIA TO SEVER ITS RELATIONSHIP WITH THE FIRM EFFECTIVE IMMEDIATELY MAYOR KELLY SAID A CONTINUING CLOUD OVER THE ACTIONS OF OUR FINANCIAL ADVISER IS AN UNNECESSARY DISTRACTION WASHINGTON IS ONE OF A SUBSTANTIAL NUMBER OF MUNICIPAL BOND ISSUING JURISDICTIONS THAT HAVE PROVIDED INFORMATION TO FEDERAL AUTHORITIES LOOKING INTO WHETHER LAZARD FRERES AND MERRILL LYNCH VIOLATED ANY CONFLICT OF INTEREST DISCLOSURE OR OTHER RULES IN THEIR DEALINGS WITH MUNICIPAL BOND ISSUERS BOTH FIRMS HAVE DENIED ANY WRONGDOING ELLEN O'CONNOR WASHINGTON'S FINANCE DIRECTOR SAID THE SECURITIES AND EXCHANGE COMMISSION SUBPOENAED THE CITY IN DECEMBER AND THAT THE FEDERAL BUREAU OF INVESTIGATION ACTING ON BEHALF OF THE U. S. ATTORNEY IN BOSTON REQUESTED INFORMATION ON THE CITY'S DEALINGS WITH LAZARD AND MERRILL LYNCH BOTH FIRMS ARE BASED IN NEW YORK LAZARD EARNED A FEE OF FIVE HUNDRED THOUSAND DOLLARS A YEAR FOR PROVIDING FINANCIAL ADVICE TO WASHINGTON A SPOKESWOMAN FOR THE FIRM SAID SHE SAID PUBLICITY SURROUNDING PROBES CENTERING ON THE RELATIONSHIP BETWEEN MARK FERBER THE FORMER HEAD OF LAZARD'S BOSTON OFFICE AND MERRILL LYNCH HAS COST LAZARD OTHER BUSINESS OPPORTUNITIES BUT HAD NO SPECIFICS LAZARD SAID IN A STATEMENT THAT IT HAD PREVIOUSLY OFFERED TO TERMINATE ITS RELATIONSHIP WITH THE DISTRICT AND THAT THE DECISION TO DO SO WAS MUTUALLY AGREED UPON LAZARD SAID D. C. OFFICIALS WERE CONCERNED ABOUT ALLEGATIONS CONTAINED IN A MASSACHUSETTS INSPECTOR GENERAL'S REPORT OF MISCONDUCT BY THE FORMER LAZARD PARTNER MR. FERBER WHO COORDINATED THE FIRM'S RELATIONSHIP WITH THE DISTRICT FROM NINETEEN NINETY THROUGH NINETEEN NINETY TWO THAT REPORT AND RELATED DOCUMENTS ALLEGED THAT MR. FERBER TRADED CONFIDENTIAL INFORMATION ABOUT MUNI ISSUERS HE WAS ADVISING TO MERRILL LYNCH TO GAIN BUSINESS FROM MERRILL AND THAT HE HAD AN UNDISCLOSED CONTRACT WITH MERRILL LYNCH TO HELP IT SELL SO CALLED INTEREST RATE SWAPS TO PUBLIC AGENCIES INCLUDING THE DISTRICT THOMAS DWYER MR. FERBER'S LAWYER STRONGLY DENIED ANY WRONGDOING BY HIS CLIENT DARLINGS TO DOGS IT TOOK ONLY THREE DAYS FOR SOUTHEAST ASIAN STOCK MARKETS TO CHANGE THEIR COMPLEXION COMPLETELY AND AFTER FRIDAY'S HAMMERING MONEY MANAGERS PREDICT EVEN MORE DECLINES QUOTE HONG KONG COULD FALL ANOTHER FORTY PERCENT AND I DON'T SEE WHY MALAYSIA AND THAILAND COULDN'T FALL AS FAR AS HONG KONG QUOTE SAYS ANDREW BAKER HEAD OF FAR EAST INVESTMENTS FOR PDFM LIMITED A UNIT OF THE UNION BANK OF SWITZERLAND IN LONDON VALUATION LEVELS APPEAR TO HAVE DETACHED THEMSELVES FROM WHAT WE REGARD AS THE UNDERLYING FUNDAMENTALS LAST YEAR THOSE STOCKS AVAILABLE TO FOREIGN INVESTORS IN SEVEN KEY ASIAN MARKETS INDONESIA MALAYSIA THE PHILIPPINES SINGAPORE THAILAND HONG KONG AND SOUTH KOREA SOARED AN AGGREGATE NINETY EIGHT POINT EIGHT PERCENT IN DOLLARS ACCORDING TO MORGAN STANLEY CAPITAL INTERNATIONAL AND AT THE END OF DECEMBER STOCKS IN THE FIRST FIVE OF THESE MARKETS WERE SELLING AT AN EXTRAORDINARILY HIGH TWENTY EIGHT TO FORTY ONE TIMES EARNINGS MEANWHILE HONG KONG'S PRICE EARNINGS RATIO STOOD AT TWENTY TWO POINT SIX ABOUT FIFTY PERCENT ABOVE ITS NORM NOTING THE MANY MUTUAL FUNDS SET UP SPECIFICALLY TO INVEST IN EMERGING ASIA THE HUGE INVESTMENT THAT BROKERAGE HOUSES MADE IN PROMOTING THE THEME AND PENSION FUNDS' GROWING APPETITE FOR ASIAN STOCKS MR. BAKER SAYS CONDITIONS ARE ABSOLUTELY RIGHT FOR THIS THING TO GET HIDEOUSLY OVERCOOKED WHAT'S MORE HE WARNS UNWARY INVESTORS THAT THERE ARE FEW IF ANY PLACES TO HIDE WHEN THESE MARKETS SELL OFF THEY GO WITH AN ALMIGHTY CRASH SAYS MR. BAKER YOU CAN'T BE CLEVER WITH YOUR STOCK SELECTION ANDREW GARTHWAITE A GLOBAL STRATEGIST AT S. G. WARBURG AND COMPANY IN LONDON IS LESS PESSIMISTIC NONETHLESS HE SAYS ASIA'S SMALLER STOCK MARKETS COULD TUMBLE TWENTY PERCENT FROM THEIR RECENT PEAKS THAT TRANSLATES ROUGHLY INTO ADDITIONAL TEN PERCENT DECLINES IN HONG KONG MALAYSIA AND THAILAND FIFTEEN PERCENT FURTHER DOWNTURNS IN THE PHILIPPINES SINGAPORE AND TAIWAN AND EVEN MORE IN INDONESIA THAT KIND OF FALL IN MOST MARKETS WOULD BE CONSIDERED THE START OF A BEAR MARKET SAYS MR. GARTHWAITE QUOTE BUT IN SOUTHEAST ASIA BECAUSE HISTORICAL VOLATILITY IS SO MUCH HIGHER THAT KIND OF A FALL IS MERELY A TRADING SELL OFF ASSOCIATED WITH PROFIT TAKING OR TECHNICAL FACTORS QUOTE HE AND OTHER ANALYSTS REMAIN UPBEAT ON THE LONG TERM PROSPECTS FOR ASIA'S SMALLER STOCK MARKETS MAINLY BECAUSE COUNTRIES IN THE REGION ARE EXPECTED TO GROW MUCH FASTER THAN THE WORLD'S MAJOR INDUSTRIAL POWERS IN ADDITION MR. GARTHWAITE ARGUES THAT MARKETS IN SINGAPORE TAIWAN AND KOREA STILL APPEAR TO OFFER GOOD VALUE ON A TWELVE MONTH VIEW WE WOULD STILL HAVE A SMALL OVERWEIGHT POSITION IN THE REGION EXCLUDING HONG KONG HE SAYS BUT ON A THREE MONTH VIEW WE WOULD BE SIGNIFICANTLY MORE CAUTIOUS INDEED ON FRIDAY THE HONG KONG STOCK MARKET FELL THREE POINT THREE PERCENT BRINGING THE THREE DAY PLUNGE FROM ITS RECORD HIGH LAST TUESDAY TO NINE POINT EIGHT PERCENT AT ONE POINT ON FRIDAY THE MARKET WAS OFF SIX POINT SEVEN PERCENT BEFORE BARGAIN HUNTING INVESTORS STEPPED IN TO GIVE IT A LIFT THE KEY HANG SENG INDEX CLOSED AT ELEVEN THOUSAND ONE POINT FOUR EIGHT OFF THREE HUNDRED SEVENTY THREE POINT OH TWO POINTS HONG KONG WASN'T ALONE EXCEPT FOR SOUTH KOREA AND INDONESIA ALL OTHER STOCK MARKETS IN THE REGION FELL BETWEEN ZERO POINT NINE PERCENT AND FIVE POINT FIVE PERCENT FROM THEIR RECORD HIGHS SET LAST TUESDAY THAILAND IS OFF TEN POINT TWO PERCENT MALAYSIA NINE POINT THREE PERCENT THE PHILIPPINES FOUR POINT FIVE PERCENT AND SINGAPORE FOUR POINT THREE PERCENT LINKING ALL THESE MARKETS IS THE FLOOD OF MONEY PUMPED INTO THEM BY U. S. JAPANESE AND EUROPEAN INVESTORS SEEKING A PLAY ON THE REGION'S FAST GROWTH AND CHINA'S EMERGENCE AS A POTENTIAL ECONOMIC SUPERPOWER THEY HAVE ALL GONE UP ON THE ASIAN FEEL GOOD FACTOR SAYS MR. BAKER OF PDFM THESE MARKETS HAVE BEEN BOOMING BECAUSE LOOSE MONEY AROUND THE WORLD HAS BEEN LOOKING FOR A HOME AND IT'S BEEN GOING TO THOSE ECONOMIES SHOWING GROWTH SAYS PETER LYONS GLOBAL STRATEGIST FOR SMITH NEW COURT SECURITIES LIMITED IN LONDON BUT WHEN THAT TAP IS TURNED OFF IT ISN'T SURPRISING TO SEE ALL THE MARKETS INFLUENCED SIMILARLY SAYS NICHOLAS KNIGHT CHIEF EQUITY STRATEGIST AT NOMURA RESEARCH INSTITUTE IN LONDON MR. LYONS SAYS THAT LAST WEEK'S DECLINES QUOTE REFLECT THE FEAR THAT U. S. INTEREST RATES ARE GOING TO GO UP QUOTE AND ALTHOUGH HE DOESN'T BELIEVE HIGHER U. S. RATES ARE IMMINENT HE SAYS THE FORTUNES OF THE PACIFIC RIM'S STOCK MARKETS MAY DEPEND ON HOW INDIVIDUAL U. S. INVESTORS WHO THROUGH MUTUAL FUNDS HAVE POURED BILLIONS OF DOLLARS INTO THEM REACT WHEN RATES EVENTUALLY DO RISE HE ISN'T OPTIMISTIC MEANWHILE JAPAN'S STOCK MARKET ONLY DAYS AGO THE REGION'S UGLY DUCKLING IS EMERGING AS ASIA'S BRIGHT SPOT AND AS A BENEFICIARY OF THE CARNAGE ELSEWHERE IN THE REGION ON FRIDAY TOKYO'S NIKKEI TWO HUNDRED TWENTY FIVE STOCK INDEX WHICH CLIMBED NINETY EIGHT POINT FIVE ONE POINTS THURSDAY JUMPED TWO HUNDRED FORTY TWO POINT OH TWO OR ONE POINT FOUR PERCENT TO EIGHTEEN THOUSAND ONE HUNDRED TWENTY FOUR POINT OH ONE ITS HIGHEST LEVEL SINCE DECEMBER SEVENTEENTH IN TRADING MONDAY IN TOKYO THE NIKKEI INDEX SURGED THREE HUNDRED TWENTY THREE POINT FIVE THREE POINTS TO CLOSE THE MORNING SESSION AT EIGHTEEN THOUSAND FOUR HUNDRED FORTY SEVEN POINT FIVE FOUR FRIDAY'S FIRST SECTION VOLUME WAS ESTIMATED AT THREE HUNDRED MILLION SHARES DOWN FROM THREE HUNDRED SIXTY TWO POINT TWO MILLION SHARES ON THURSDAY GAINERS OUTNUMBERED LOSERS SIX HUNDRED FORTY TO THREE HUNDRED EIGHTY ONE THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRST SECTION ISSUES WHICH ADDED SIX POINT FOUR TWO POINTS THURSDAY GAINED ELEVEN POINT SEVEN FIVE TO ONE THOUSAND FOUR HUNDRED EIGHTY ONE POINT OH TWO IN THE PAST WEEK JAPANESE SHARES HAVE CLIMBED FIVE POINT SEVEN PERCENT AND NOMURA'S MR. KNIGHT PREDICTS THEY COULD CLIMB ANOTHER FIVE PERCENT TO SIXTEEN PERCENT LAST WEEK HE ADVISED CLIENTS TO UNLOAD MALAYSIAN AND PHILIPPINE STOCKS TAKE SOME PROFITS IN HONG KONG AND SIGNIFICANTLY INCREASE THEIR JAPANESE STOCK PORTFOLIOS FOR THE FIRST HALF OF NINETEEN NINETY THREE THE NOBRAINER ASSET ALLOCATION DECISION WAS TO ALLOCATE NEW MONEY TOWARD THE PACIFIC RIM SAYS MR. GARTHWAITE OF S. G. WARBURG BUT NOW YOU ARE IN AN ENVIRONMENT WHERE CONTINENTAL EUROPE LOOKS EXPENSIVE THE MOMENTUM IN THE PACIFIC RIM HAS BROKEN DOWN AND INVESTORS ARE AFRAID OF THE EFFECT OF A RISE IN U. S. RATES THEN BY DEFAULT MORE MONEY WILL BE GOING TO JAPAN MR. GARTHWAITE ALSO SAYS THE FALL IN JAPANESE BOND YIELDS TO THREE PERCENT FROM SIX PERCENT LAST APRIL MAKES TOKYO STOCKS LOOK MORE ATTRACTIVE CONTENDING THAT THE PREVAILING PESSIMISM OVER JAPAN'S ECONOMIC PLIGHT IS OVERDONE HE ADDS THAT S. G. WARBURG ANALYSTS FEEL THERE CAN BE A SIGNIFICANT PROFITS RECOVERY IN THE FISCAL YEARS BEGINNING APRIL FIRST NINETEEN NINETY FOUR AND APRIL FIRST NINETEEN NINETY FIVE MOREOVER MR. LYONS OF SMITH NEW COURT SAYS ANY RISE IN U. S. INTEREST RATES WOULD BE A NEGATIVE FOR MARKETS IN THE PACIFIC BASIN BECAUSE IT PRODUCES TIGHTER MONEY THERE WHEREAS IT IS POSITIVE FOR JAPAN BECAUSE IT PRODUCES A WEAKER YEN WHICH WOULD BOOST JAPANESE EXPORTS ECONOMIC GROWTH AND CORPORATE PROFITS LONDON STOCKS JUMPED ONE POINT THREE PERCENT FRIDAY DRIVEN UP BY A RALLY IN THE FUTURES MARKET AND BY FUNDS THAT SOME INVESTORS SWITCHED OUT OF SOUTHEAST ASIAN EQUITIES SHARES SLIPPED FURTHER IN FRANKFURT BUT RALLIED ONE POINT FOUR PERCENT IN PARIS AND MARKED NEW HIGHS IN STOCKHOLM AND BRUSSELS WORLD WIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT ONE HUNDRED TWELVE POINT FOUR NINE UP ZERO POINT EIGHT FOUR REFLECTING INCREASES IN AMERICAN AND EUROPEAN MARKETS AND A DROP IN ASIAN AND PACIFIC MARKETS EXCLUDING JAPAN FOOTWEAR STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT EIGHTY THREE POINT SEVEN SIX UP TWO POINT NINE OH OR THREE POINT SIX PERCENT WITH OKAMOTO INDUSTRIES OF JAPAN POSTING A THIRTEEN POINT NINE PERCENT GAIN IN ITS LOCAL CURRENCY CASINO STOCKS TRAILED AT TWO HUNDRED TWENTY ONE POINT SIX TWO DOWN SIX POINT THREE SIX OR TWO POINT EIGHT PERCENT WITH GENTING OF MALAYSIA SLIDING SEVEN POINT FOUR PERCENT IN LOCAL CURRENCY IN LONDON THE FINANCIAL TIMES STOCK EXCHANGE ONE HUNDRED SHARE INDEX SOARED FORTY THREE POINT OH POINTS TO THREE THOUSAND FOUR HUNDRED FORTY SIX POINT OH THE F. T. THIRTY STOCK INDEX CLIMBED THIRTY SIX POINT NINE POINTS OR ONE POINT FOUR PERCENT TO TWO THOUSAND SIX HUNDRED SEVENTEEN POINT FOUR VOLUME WAS ONE POINT OH FIVE BILLION SHARES COMPARED WITH ONE POINT OH THREE BILLION SHARES A DAY EARLIER BOTH BLUE CHIPS AND SMALLER STOCKS WERE FUELED BY STRONG BUYING BY BRITISH AND INTERNATIONAL INVESTORS LOWER THAN EXPECTED EMPLOYMENT FIGURES IN THE U. S. SPURRED HOPES THAT THE FEDERAL RESERVE WON'T RAISE INTEREST RATES DRIVING UP BOND PRICES ON BOTH SIDES OF THE ATLANTIC AND STOCKS IN LONDON THE BOURSE LAST WEEK WAS DRIVEN BY THE FUTURES PIT WHERE THE MARCH STOCK INDEX CONTRACT SURGED AND SET OFF A BUYING SCRAMBLE TO COVER SHORT OR OVERSOLD POSITIONS SENDING PRICES HIGHER BUYING ALSO WAS ATTRIBUTED TO OVERSEAS INVESTORS ESPECIALLY U. S. MUTUAL FUNDS IN COMPUTER GUIDED PROGRAM DEALINGS AND THE MARKET ATTRACTED SOME MONEY PULLED OUT OF SOME OVERHEATING ASIAN BOURSES IN FRANKFURT STOCKS FELL AS SOME CORPORATE PROBLEMS DISTRACTED THE MARKET THE D. A. X. THIRTY STOCK INDEX DECLINED EIGHT POINT FIVE EIGHT POINTS TO TWO THOUSAND TWO HUNDRED ELEVEN POINT SIX FOUR MAKING LAST WEEK'S TOTAL LOSS TWO POINT FOUR PERCENT EVEN AFTER THE PRESIDENT OF THE GERMAN BUNDESBANK THE CENTRAL BANK SAID INTEREST RATES COULD BE REDUCED IF INFLATION INDICATORS BECAME MORE FAVORABLE IN PARIS PRICES SCORED SUBSTANTIAL GAINS FROM A FRENCH OFFICIAL'S PLANNED TRIP TO SAUDI ARABIA EXPECTED TO RESULT IN LUCRATIVE CONTRACTS FOR FRENCH DEFENSE COMPANIES AN UNEXPECTED RECOVERY BY AUTO STOCKS STRONG WHOLESALE SALES IN THE U. S. IN NOVEMBER AND FAVORABLE FRENCH MONEY SUPPLY DATA THAT SUPPORTED THE OUTLOOK FOR A MONETARY EASING IN STOCKHOLM EQUITIES LOGGED A NEW HIGH FOR THE SECOND CONSECUTIVE SESSION WITH THE MAIN INDEX SURGING TWO POINT FIVE PERCENT THE BROAD RALLY WAS SPARKED BY A FIRMER SWEDISH CURRENCY DECLINING INTEREST RATES AND IMPROVING PROSPECTS FOR SWEDISH COMPANIES AND IN BRUSSELS STOCKS GAINED FOR A FOURTH CONSECUTIVE DAY PARTLY HELPED BY AN INTEREST RATE CUT THURSDAY BY BELGIUM'S CENTRAL BANK IN MILAN STOCKS FELL BECAUSE OF TECHNICAL DEADLINES AN ITALIAN SECRET SERVICE SCANDAL INVOLVING SLUSH FUNDS AND GOVERNMENT OFFICIALS AND A NEGATIVE REACTION TO CORPORATE STOCK RIGHTS ISSUES IN SYDNEY STOCKS FELL FOR THE FIRST TIME IN EIGHT SESSIONS TRADING WAS ACTIVE AND VOLATILE SOFTER GOLD AND METALS PRICES HIT MANY MINING STOCKS AND THE HONG KONG MARKET'S SLUMP ALSO ERODED SOME OF THE CONFIDENCE THAT HAD BOOSTED THE AUSTRALIA MARKET IN RECENT WEEKS BUT IN WELLINGTON SHARES SURGED ONE POINT TWO PERCENT IN HECTIC LATE TRADING TO END AT A FOUR YEAR HIGH LED BY STRONG OVERSEAS BUYING OF FORESTRY AND RESOURCES ISSUES HERE ARE PRICE TRENDS ON THE WORLD'S MAJOR STOCK MARKETS AS CALCULATED BY MORGAN STANLEY CAPITAL INTERNATIONAL PERSPECTIVE GENEVA TO MAKE THEM DIRECTLY COMPARABLE EACH INDEX CALCULATED IN LOCAL CURRENCIES IS BASED ON THE CLOSE OF NINETEEN SIXTY NINE EQUALING ONE HUNDRED THE PERCENTAGE CHANGE IS SINCE YEAR END FOOD LION INCORPORATED IN A BID TO CURE A LINGERING HEADACHE SAID IT WILL CLOSE EIGHTY EIGHT STORES THIS YEAR MANY OF THEM IN THE SOUTHWEST AND TAKE A ONE HUNDRED SEVENTY POINT FIVE MILLION DOLLAR PRETAX CHARGE AGAINST NINETEEN NINETY THREE EARNINGS TO COVER THE RESTRUCTURING COSTS THE MOVES FOLLOW A DIFFICULT YEAR FOR THE SALISBURY N. C. SUPERMARKET CHAIN WHICH SPENT MUCH OF ITS TIME GRAPPLING WITH A TROUBLED EXPANSION INTO THE SOUTHWEST AND FALLOUT FROM A DAMAGING TELEVISION REPORT ALTHOUGH WALL STREET ANALYSTS GENERALLY APPLAUDED FOOD LION'S DECISION SAYING THE COMPANY WAS PUTTING A GOOD CHUNK OF ITS PROBLEMS BEHIND IT INVESTORS REACTED COOLLY IN NASDAQ STOCK MARKET TRADING FRIDAY FOOD LION'S CLASS B. OR VOTING SHARES CLOSED AT SEVEN DOLLARS DOWN TWENTY FIVE CENTS WHILE ITS CLASS A SHARES CLOSED AT SIX POINT EIGHT SEVEN FIVE DOLLARS DOWN TWENTY FIVE CENTS THE COMPANY'S PROBLEMS DATE BACK TO NOVEMBER NINETEEN NINETY TWO WHEN AN A. B. C. NEWS SHOW QUOTE PRIME TIME LIVE QUOTE ALLEGED THAT FOOD LION REPACKAGED AND SOLD OUT OF DATE MEAT ALTHOUGH THE COMPANY DISPUTED THE STORY SALES SUFFERED THE IMPACT WAS PARTICULARLY NOTICEABLE IN THE SOUTHWEST A NEW MARKET WHERE FOOD LION HAD ALREADY MET STIFF COMPETITION IN RECENT MONTHS SALES AT STORES OPEN AT LEAST A YEAR HAVE STARTED TO INCREASE BUT IN FIGURES RELEASED FRIDAY FOOD LION NOTED THAT SAME STORE SALES FOR ALL OF NINETEEN NINETY THREE HAD FALLEN TWO POINT SIX PERCENT ACCORDINGLY THE COMPANY SAID FRIDAY THAT IT WOULD SHUTTER A NUMBER OF UNPROFITABLE STORES OF THE EIGHTY EIGHT CLOSINGS FORTY SEVEN WILL BE IN THE SOUTHWEST THIRTY SIX IN TEXAS AND ELEVEN IN OKLAHOMA THE REMAINING FORTY ONE STORES ARE IN FLORIDA GEORGIA TENNESSEE KENTUCKY PENNSYLVANIA SOUTH CAROLINA VIRGINIA AND WEST VIRGINIA ROUGHLY ONE THOUSAND THREE HUNDRED FULL TIME AND TWO THOUSAND TWO HUNDRED PART TIME WORKERS WILL BE AFFECTED BY THE CLOSINGS FOOD LION SAID IT WOULD OFFER MOST OF THEM JOBS ELSEWHERE IN THE COMPANY FOOD LION A UNIT OF DELHAIZE LE LION S. A. OF BELGIUM ADDED THAT IT WOULD OPEN FORTY TO FIFTY NEW STORES IN NINETEEN NINETY FOUR AND RENOVATE SIXTY TO SEVENTY OTHERS THE NUMBER OF OPENINGS HOWEVER IS ROUGHLY HALF THE NUMBER OF PREVIOUS YEARS THE CHARGE WILL TRANSLATE TO ONE HUNDRED THREE MILLION DOLLARS AFTER TAXES FOR NINETEEN NINETY TWO FOOD LION REPORTED EARNINGS OF ONE HUNDRED SEVENTY EIGHT MILLION DOLLARS OR THIRTY SEVEN CENTS A SHARE ON SALES OF SEVEN POINT TWO OH BILLION DOLLARS ANALYSTS SAID THE MOVES SHOULD ALLOW THE COMPANY TO FOCUS ON ITS PROFITABLE STORES BUT MANY WERE SURPRISED BY THE SEVERITY OF THE CUTS AS WELL AS THE COMPANY'S DECISION TO SHUT DOWN STORES IN ITS CORE SOUTHEAST MARKET THEY SAW THIS AS A GOOD OPPORTUNITY TO SWEEP THINGS CLEAN AND START OUT THE YEAR FRESH SAID EDWARD COMEAU AN ANALYST WITH LEHMAN BROTHERS BUT I GUESS THEY HAD A WORSE YEAR THAN I THOUGHT FOOD LION STRESSED THAT IT IS STILL COMMITTED TO THE SOUTHWEST MARKET WITH FIFTY EIGHT REMAINING STORES THE COMPANY NOTED THAT IT HAS ADDED MORE REGIONAL FOODS TO ITS STORES TO CATER TO LOCAL TASTES AND HAS HIRED A CONSULTANT TO HELP DEVELOP A MARKETING PLAN DIANA ROSS HAS A POWERFUL NEW ADDITION TO HER LEGIONS OF FANS AROUND THE WORLD THE SWISS PHARMACEUTICAL GIANT SANDOZ A. G. SANDOZ IS BLANKETING THE U. S. WITH POSTERS AND PUBLICITY TOUTING THE MOTOWN SUPERSTAR'S COMING A. B. C. TELEVISION MOVIE QUOTE OUT OF DARKNESS QUOTE MS. ROSS PLAYS AN ATLANTA MOTHER WHO STRUGGLES WITH SCHIZOPHRENIA FOR EIGHTEEN YEARS UNTIL A MEDICAL BREAKTHROUGH RELEASES HER FROM THE DEVASTATING MENTAL ILLNESS THE MOVIE IS EXPLICIT ABOUT PRECISELY WHAT BREAKTHROUGH TRANSFORMS MS. ROSS'S CHARACTER SANDOZ'S ANTIPSYCHOTIC DRUG CLOZAPINE SEVERAL CHARACTERS REFER TO THE DRUG BY NAME THROUGHOUT THE MOVIE WHOSE WORKING TITLE INSIDE A. B. C. WAS CLOZAPINE PROJECT SANDOZ DIDN'T PAY FOR THE PLUG AND HAD ONLY A NEGLIGIBLE ROLE IN MAKING THE MOVIE BUT NOW THE DRUG COMPANY IS MAKING THE MOST OF ITS SUDDEN PUBLIC RELATIONS WINDFALL LAST WEEK IT SENT PRESS RELEASES ABOUT THE MOVIE TO NEWSPAPERS ACROSS THE COUNTRY DESCRIBING IT AS THE STORY OF ONE WOMAN'S HARD WON TRIUMPH OVER THE DISEASE WITH THE HELP OF HER FAMILY A COMPREHENSIVE TREATMENT PROGRAM STAFFED BY DEDICATED PROFESSIONALS AND A BREAKTHROUGH DRUG CALLED CLOZARIL CLOZARIL IS SANDOZ'S BRAND NAME FOR THE DRUG WHICH NO OTHER COMPANY MAKES SANDOZ ALSO SENT SCHIZOPHRENIA PATIENT GROUPS TEN THOUSAND POSTERS FOR THE MOVIE WHICH AIRS JANUARY SIXTEENTH AND THIS THURSDAY SANDOZ WILL FLY THE MOVIE'S TECHNICAL ADVISER THE DIRECTOR OF A GEORGIA SCHIZOPHRENIA CLINIC AND THREE OF HER CLOZAPINE PATIENTS TO NEW YORK FOR INTERVIEWS WITH A DOZEN T. V. STATIONS SANDOZ OFFICIALS ARE PLAYING DOWN THEIR EFFORTS TO PROMOTE THE MOVIE WE CONSIDER THIS STUFF MODEST SAYS SPOKESMAN WILLIAM O'DONNELL I DON'T WANT TO MAKE IT SEEM LIKE WE'RE TRYING TO EXPLOIT THIS HE SAYS THE MOVIE MAKES A STRONG STATEMENT THAT MENTAL HEALTH IS NOT THE PATIENT'S FAULT AND ADDS SANDOZ SUPPORTS GETTING THAT MESSAGE OUT TO PEOPLE THE COMPANY'S PRESS RELEASE CAME FROM SANDOZ'S OUTSIDE PUBLIC RELATIONS FIRM ROWLAND COMPANY AND DOESN'T IDENTIFY ITSELF AS A SANDOZ MAILING MR. O'DONNELL SAYS ROWLAND PREPARED THE MAILING DURING THE HOLIDAYS AND QUOTE RAN OUT OF OUR LETTERHEAD QUOTE SANDOZ OWES ITS GLAMOROUS ENDORSEMENT TO CLOZAPINE'S EXTRAORDINARY PLACE IN THE HISTORY OF MENTAL HEALTH SINCE ITS INTRODUCTION IN NINETEEN NINETY ONE DOCTORS HAVE ACCLAIMED ITS POWERS TO FREE PATIENTS FROM SCHIZOPHRENIA'S PRISON OF PARANOIA AND PSYCHOSIS SANDOZ HAS ALSO DRAWN A FIRESTORM OF CRITICISM FOR CLOZAPINE'S STEEP PRICE CURRENTLY MORE THAN FOUR THOUSAND DOLLARS FOR A TYPICAL YEAR'S DOSE DURING RESEARCH FOR THE A. B. C. MOVIE THE PRODUCERS QUICKLY SAW A STRONG ROLE FOR CLOZAPINE IN THEIR SCRIPT IT'S THE ONLY DRUG THAT HAS THE ABILITY TO BRING A PERSON WITH SCHIZOPHRENIA TO THE POINT OUR CHARACTER REACHES THAT OFFERS THE KIND OF HOPE THAT THIS STORY DEMANDED SAYS EXECUTIVE PRODUCER ANDREW ADELSON MR. ADELSON SAYS SANDOZ REVIEWED A COPY OF THE SCRIPT BUT DIDN'T HAVE ANY OTHER PART IN CREATING THE MOVIE BOTH HE AND MR. O'DONNELL SAY SANDOZ DIDN'T MAKE ANY COMMENTS THAT SIGNIFICANTLY ALTERED THE SCRIPT ONE SUGGESTION SANDOZ DID MAKE ACCORDING TO MR. O'DONNELL HAVE MS. ROSS AND HER CO STARS REFER TO THE DRUG BY ITS BRAND NAME CLOZARIL A. B. C. REFUSED CITING ITS POLICY FORBIDDING THE USE OF BRAND NAMES THE MOVIE ALSO SPOTLIGHTS CLOZAPINE'S MOST SERIOUS SHORTCOMING IT REQUIRES A WEEKLY BLOOD TEST TO SPOT A POTENTIALLY FATAL BLOOD CONDITION THAT CROPS UP IN ONE PERCENT OR TWO PERCENT OF PATIENTS ON THE DRUG IN THE MOVIE A FRIEND OF DIANA ROSS'S CHARACTER DEVELOPS THE CONDITION AND HAS TO SWITCH TO ANOTHER DRUG IN AN ORIGINAL DRAFT OF THE SCRIPT THE FRIEND GOES ON TO KILL HERSELF BUT MR. ADELSON SAYS PATIENT GROUPS WHO REVIEWED THE SCRIPT LOBBIED FOR A REWRITE ARGUING THAT THE MOVIE UNFAIRLY IMPLIED THAT SCHIZOPHRENICS WHO CAN'T TOLERATE CLOZAPINE HAVE NO OTHER CHOICE BUT SUICIDE SANDOZ SAYS IT ISN'T RUNNING CLOZARIL ADS DURING THE MOVIE THOUGH IT ALERTED ITS SALES FORCE ABOUT THE BROADCAST MR. O'DONNELL SAYS THE COMPANY IS CONSIDERING PUBLICIZING THE MOVIE TO GOVERNMENT OFFICIALS IN WASHINGTON WHERE THE ENTIRE DRUG INDUSTRY IS UNDER MOUNTING PRESSURE TO CUT PRICES SANDOZ ALSO MADE A GRANT TO THE NATIONAL ALLIANCE FOR THE MENTALLY ILL A PATIENT GROUP TO EXPAND ITS TOLL FREE HOTLINE FOR THREE DAYS AFTER THE MOVIE THE MOVIE ENDS WITH A PUBLIC SERVICE ANNOUNCEMENT BY DIANA ROSS THAT MENTIONS THE HOTLINE'S NUMBER JUST WHEN YOU THOUGHT THE HOLIDAYS WERE OVER COMES A DAY DREADED BY THOSE OF US WHO CAN'T EVEN FIND THE CALENDAR TODAY IS NATIONAL QUOTE CLEAN OFF YOUR DESK DAY QUOTE IT WAS CREATED IN THE NINETEEN FIFTIES BY A SLOVENLY JOURNALIST WHO FIGURED STARTING THE YEAR WITH A CLEAN SLATE MIGHT BOOST PRODUCTIVITY AND REDUCE HER ERRORS AS A REMINDER PRIORITY MANAGEMENT SYSTEMS INCORPORATED A MANAGEMENT TRAINING COMPANY MAILED A TEN QUESTION TEST TO CLIENTS FAIL AND YOU'RE A VICTIM OF DESK STRESS AND A DETRIMENT TO YOUR OFFICE IT'S LIKE LOOKING DEATH IN THE FACE TO HAVE A MESSY DESK SWEARS TEE HOUSTON ALDRIDGE A PRIORITY VICE PRESIDENT BUT REFORM WON'T HAPPEN IN ONE CLEAN SWEEP SHE SAYS THE MESSY ARE A PROUD LOT DEFENSIVE OF THEIR DISORDER YOU CLEAN THINGS UP AND THEN WHERE ARE YOU DEMANDS LAURA BLANCHARD OF WENDY'S INTERNATIONAL INCORPORATED LOOK THE BUSIEST PEOPLE I KNOW ARE THE ONES WITH THE STUFF SCATTERED AROUND AMONG THE CLUTTER ON MS. BLANCHARD'S DESK ARE FOUR HERSHEY KISSES A CHAPSTICK OLD YOGURT AND USED TISSUES YOU SHOULD SEE MY CAR SHE SAYS MS. HOUSTON ALDRIDGE SIGHS IT'S PRIORITY'S MISSION TO RESCUE WORKERS FROM THEIR OWN CLUTTER QUOTE CAN OTHERS FIND ITEMS ON YOUR DESK IF YOU AREN'T THERE QUOTE ASKS QUESTION NINE ANSWERS LIKE STAY THE HELL AWAY FROM MY DESK ARE INADEQUATE OTHER QUESTIONS CAN BE UNCOMFORTABLY SPECIFIC FOR EXAMPLE ARE THERE MORE THAN TEN ITEMS ON YOUR DESK RIGHT NOW THOSE HALF EMPTY COFFEE CUPS COUNT AND THERE'S NUMBER SEVEN HAVE YOU BEEN UNABLE TO FIND SOMETHING ON YOUR DESK IN THE PAST WEEK EVERY YES SCORES A POINT RACK UP SEVEN AND IF DESK STRESS' WAS A MEDICAL CASE YOU'D BE IN INTENSIVE CARE TOP EXECUTIVES WORK FROM VERY CLEAN DESKS NOTES MS. HOUSTON ALDRIDGE ALTHOUGH IT ISN'T CLEAR WHETHER THEY OR THEIR ASSISTANTS DESERVE THE CREDIT FOR THOSE UNABLE TO TACKLE THEIR DISARRAY THERE ARE SAVIORS LIKE BETTY TARR OWNER OF THE SECRETARIETTE ORGANIZATIONAL SERVICE IN BETHEL PARK PENNSYLVANIA ALL THESE PEOPLE'S WORK JUST SITS GATHERING DUST AND THEN THEY BRING IT TO US MS. TARR SAYS QUOTE ALL THEIR I'M GOING TO DO IT PILES WE END UP DOING QUOTE BUT DON'T CHASTISE THE DISORDER DELEGATORS TOO SOON MS. HOUSTON ALDRIDGE WARNS IT'S LIKE BEING AN ALCOHOLIC AT LEAST THEY ADMITTED THE PROBLEM AND ARE GETTING SOME HELP GERMANY'S PREUSSAG A. G. SAID IT WOULD INJECT FOUR HUNDRED MILLION FRANCS SIXTY SEVEN POINT FIVE MILLION DOLLARS TO FIVE HUNDRED MILLION FRANCS INTO ITS UNPROFITABLE FRENCH UNIT METALEUROP S. A. THROUGH A LOAN AND BUYING A FORTY NINE PERCENT STAKE IN SOME OF THE UNIT'S GERMAN ACTIVITIES PREUSSAG SAID IT AGREED TO BUY FORTY NINE PERCENT OF THE HIGH PRESSURE FOUNDERIES AND GALVANIZATION ACTIVITIES THAT METALEUROP HAS IN GERMANY AT A PRICE DETERMINED BY AN OUTSIDE AUDITOR THE GERMAN COMPANY ALSO WILL GIVE METALEUROP WHICH IS PUBLICLY TRADED AN INDEFINITE SUBORDINATED LOAN OF AN UNSPECIFIED AMOUNT THE COMPANY SAID IT WOULD PUBLISH DETAILS AFTER ITS BOARD MEETING WEDNESDAY NOW THE TAX MAN IS GOING AFTER ONE OF THE MOST BELOVED CORPORATE PERKS FREE PARKING SPACES BY AND LARGE THE PLAN WOULDN'T TAX PARKING PLACES VALUED UP TO ONE HUNDRED FIFTY FIVE DOLLARS A MONTH OR SEVEN DOLLARS AND SEVENTY FIVE CENTS A DAY BUT ANY VALUE OVER THAT WOULD BE TAXED AS ORDINARY INCOME AT THAT RATE ANYONE WITH A COMPANY PARKING SPACE IN A BIG CITY IS LIKELY TO GET SOCKED THE RULES WHICH ARE NOW BEING PHASED IN ARE TOUGH WHETHER OR NOT YOU USE THE SPACE YOU PAY THE TAX WORKERS WHO SHARE A SPACE WILL BE TAXED AS IF THEY HAD SPACES ALL TO THEMSELVES MOREOVER CORPORATE PARTNERS SUCH AS MANY LAWYERS CONSULTANTS AND ACCOUNTANTS AS WELL AS INDEPENDENT CONTRACTORS WON'T EVEN BENEFIT FROM THE ONE HUNDRED FIFTY FIVE DOLLARS EXCLUSION THEY MUST PAY TAXES ON THE FIRST DIME OF FREE PARKING BENEFITS THEY GET WORKERS WHO USE CARS FOR BUSINESS PURPOSES WILL CONTINUE TO BE EXEMPT FROM THE TAX QUOTE WHAT'S NEXT QUOTE ASKS JOSEPH MULDOON A FINANCIAL INSTITUTION LAWYER IN WASHINGTON WHERE PARKING CAN RUN TEN DOLLARS OR TWELVE DOLLARS A DAY ARE THEY GOING TO START TAXING OUR DESKS AND CHAIRS THE NEW RULES SPRING FROM A NINETEEN NINETY TWO ENERGY LAW INTENDED TO GET WORKERS OUT OF THEIR AIR POLLUTING CARS AND ONTO PUBLIC TRANSIT PREVIOUSLY PARKING BENEFITS WEREN'T TAXED BUT IF A COMPANY SUPPLIED EMPLOYEES WITH SAY BUS OR SUBWAY FARES THEY WERE TAXABLE INCOME CONGRESS INTENDED THE LAW TO TIP THE SCALES TOWARD MASS TRANSIT HARRIET MIERS A DALLAS ATTORNEY SAYS THAT IT WOULD TAKE A MIGHTY BIG TAX TO GET TEXAS EXECUTIVES OUT OF THE AIR CONDITIONED CARS THEY DRIVE ACROSS THEIR SPRAWLING CITIES HER DOWNTOWN OFFICE PARKING SPACE HAS BEEN PAID FOR BY HER FIRM FOR SO LONG THAT SHE DOESN'T KNOW WHAT IT'S WORTH PREDICTABLY THE I. R. S. RULES ARE COMPLEX AS SPELLED OUT IN A THIRTEEN PAGE NOTICE THAT WILL APPEAR IN AN I. R. S. PUBLICATION JANUARY EIGHTEENTH THE NOTICE IS LIKELY TO SEND LARGE AND SMALL COMPANIES RUSHING TO PUT A VALUE ON THEIR PARKING SPACES THE AMERICAN PAYROLL ASSOCIATION JUST SENT OUT A MEMO TO ITS MEMBERS THIS MONTH WARNING COMPANIES TO GET TO WORK VALUING PARKING BENEFITS SOME COMPANIES MAY EVEN WANT TO REPAINT THEIR PARKING SPACE LINES FOR EXAMPLE IF A COMPANY PROVIDES PARKING SPACES TO BE USED BY CUSTOMERS AND EMPLOYEES ALIKE THE EMPLOYEES WON'T BE TAXED FOR THEIR FREE PARKING BUT IF EMPLOYEES HAVE BETTER SPACES SET ASIDE THAN CUSTOMERS MAY USE THE COMPANY MUST FIGURE OUT WHAT THE EMPLOYEE SPACES ARE WORTH SO THE EMPLOYEES CAN BE TAXED FOR THAT AMOUNT IT'S VERY INTRICATE AND CONFUSING SAYS MARY HEVENER A FRINGE BENEFITS ATTORNEY IN WASHINGTON IF YOU DON'T HAVE A LOT OF PAYROLL PEOPLE AND HIGH PRICED TAX LAWYERS THIS IS ESPECIALLY DISTRESSING HER FIRM FOR EXAMPLE MCDERMOTT WILL AND EMERY USED TO BE A PARTNERSHIP THAT GAVE ITS PARTNERS FREE PARKING THEN STARTING IN NINETEEN NINETY THREE SHE LEARNED THAT THE FREE PARKING WOULD BE TAXED MS. HEVENER AS A BENEFITS EXPERT KEPT HER EYE ON IT I WAS HOPING THAT CONGRESS WOULD PASS A TECHNICAL CORRECTION SHE SAYS TO REINSTATE TAX FREE PARKING FOR PARTNERSHIPS IT DIDN'T SO LAST MONTH THE LAW FIRM DECLARED ITSELF A CORPORATION INSTEAD OF A PARTNERSHIP WHICH ENTITLES ITS EMPLOYEES TO THE ONE HUNDRED FIFTY FIVE DOLLAR MONTHLY EXEMPTION ALTHOUGH COMING HEALTH RULES WERE ALSO A FACTOR IT WAS THE PARKING THAT PUSHED THEM INTO INCORPORATION QUOTE IT WAS THE LAST STRAW QUOTE SHE SAYS TO MAKE EVERYTHING EVEN MORE COMPLICATED THE LAW TAXES PARKING MASS TRANSIT AND VAN POOLING DIFFERENTLY BENEFITS FOR VAN POOLS AND OTHER MASS TRANSIT ARE TAXABLE AFTER SIXTY DOLLARS A MONTH IT'S IN THE LAW SO WE HAVE TO DEAL WITH IT SAYS AN I. R. S. SPOKESMAN WE CAN'T JUST LUMP IT ALL TOGETHER MS. HEVENER SAYS THAT CORPORATE AMERICA SHOULD BE GRATEFUL THAT THE I. R. S. IS PHASING IN THE RULES AND IS BEING ESPECIALLY FLEXIBLE UNTIL APRIL FIRST UNTIL THAT DATE COMPANIES MAY USE ANY REASONABLE METHOD TO DETERMINE IF THEIR PARKING OR OTHER TRANSPORTATION BENEFITS ARE TAXABLE AFTER THAT THEY MUST VALUE THE BENEFITS ACCORDING TO WHAT ANY INDIVIDUAL WOULD PAY IN AN ARM'S LENGTH TRANSACTION THE TAX SAY SOME WILL BECOME JUST ANOTHER REASON TO AVOID DOING BUSINESS IN EXPENSIVE URBAN AREAS THE PROBLEM IS AS YOU NICKEL AND DIME PEOPLE WHO WORK IN A DOWNTOWN ENVIRONMENT YOU ARE KILLING THE INNER CITIES SAYS WILLIAM BREWER OF THE LAW FIRM BICKEL AND BREWER I'M AS REFORM MINDED AS THE NEXT PERSON HE SAYS BUT THE LEGACY OF THIS TYPE OF LEGISLATION IS ONE DOWNTOWN AREA AFTER ANOTHER GETS SHOT TO HELL QUALITY SEMICONDUCTOR INCORPORATED SAID IT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FOR AN INITIAL PUBLIC OFFERING OF ONE POINT EIGHT MILLION COMMON SHARES THE OFFERING IS EXPECTED TO BE PRICED AT EIGHT DOLLARS AND FIFTY CENTS TO NINE DOLLARS AND FIFTY CENTS A SHARE AND WILL BE MANAGED BY ROBERTSON STEPHENS AND COMPANY AND NEEDHAM AND COMPANY ALL SHARES WILL BE OFFERED BY THE COMPANY WITH PROCEEDS TO BE USED FOR GENERAL CORPORATE PURPOSES THE COMPANY DESIGNS AND SELLS LOGIC AND SPECIALTY MEMORY SEMICONDUCTOR PRODUCTS USED IN NETWORKING PERSONAL COMPUTER WORKSTATION AND TELECOMMUNICATIONS MARKETS RISING FACTORY ORDERS AND HOMEBUILDING DON'T SEEM TO BE THE PANACEA FOR EMPLOYMENT IN THE MANUFACTURING AND CONSTRUCTION INDUSTRIES U. S. BUSINESSES CONTINUED TO ADD A MODEST NUMBER OF WORKERS TO THEIR PAYROLLS IN DECEMBER BUT THE MANUFACTURING AND CONSTRUCTION SECTORS WHICH HAD OFFERED ENCOURAGING SIGNS OF EMPLOYMENT GROWTH IN RECENT MONTHS ADDED VIRTUALLY NO NEW WORKERS QUOTE DOWNSIZING MAY STILL NOT BE COMPLETE AND AT BEST FEW NEW JOBS ARE EXPECTED TO BE ADDED QUOTE SAID GORDON RICHARDS ECONOMIST FOR THE NATIONAL ASSOCIATION OF MANUFACTURERS ANALYSTS SAY THE PICKUP IN CONSTRUCTION ACTIVITY MAY NOT YET BE PERVASIVE ENOUGH TO SEE STEADY RISES IN EMPLOYMENT ESPECIALLY IN THE WINTER THE LABOR DEPARTMENT SAID ONE HUNDRED EIGHTY THREE THOUSAND JOBS WERE CREATED IN THE ECONOMY LAST MONTH DOWN FROM TWO HUNDRED TWO THOUSAND NEW JOBS IN NOVEMBER THE UNEMPLOYMENT RATE DROPPED SLIGHTLY TO SIX POINT FOUR PERCENT OF THE WORK FORCE IN DECEMBER FROM SIX POINT FIVE PERCENT IN NOVEMBER AND WAS NEARLY A FULL POINT BELOW THE SEVEN POINT THREE PERCENT OF DECEMBER NINETEEN NINETY TWO ANALYSTS SAID DECEMBER'S JOB FIGURES HIGHLIGHT HOW FAR THE ECONOMY HAS COME IN TERMS OF JOB GROWTH SINCE NINETEEN NINETY TWO WHEN ONLY ONE MILLION JOBS WERE GENERATED HALF THE PACE OF NINETEEN NINETY THREE BUT THEY NOTE THAT JOB GAINS ARE STILL ONLY MODEST AND AREN'T ENOUGH TO THROW THE ECONOMY INTO A MUCH HIGHER GEAR KATHERINE ABRAHAM COMMISSIONER OF THE DEPARTMENT'S BUREAU OF LABOR STATISTICS SAID THAT ALTHOUGH THE LABOR MARKET HAS IMPROVED OVER THE PAST YEAR THERE ARE STILL SOME BIG PROBLEMS MANY JOBS CREATED LAST YEAR WERE ONLY TEMPORARY POSITIONS SHE TOLD CONGRESS'S JOINT ECONOMIC COMMITTEE ALSO THE NUMBER OF AMERICANS WHO HAVE BECOME DISCOURAGED AND STOPPED LOOKING FOR WORK AND THE NUMBER WHO ARE EMPLOYED PART TIME BUT WANT A FULL TIME POSITION BARELY CHANGED AT ALL DURING THE YEAR OVERALL HOWEVER THE LABOR MARKET IS CLEARLY STRONGER THAN IT WAS A YEAR AGO MS. ABRAHAM SAID MS. ABRAHAM ALSO MOVED TO ALLAY FEARS ABOUT THE NEW SURVEY THAT WILL BE USED TO CALCULATE THE UNEMPLOYMENT RATE STARTING WITH THE JANUARY EMPLOYMENT REPORT IT'S EXPECTED TO BOOST THE UNEMPLOYMENT RATE ZERO POINT FOUR PERCENTAGE POINTS AND ANALYSTS HAVE EXPRESSED CONCERN ABOUT THE LACK OF HISTORICAL COMPARISONS FOR THE NEW FIGURES MS. ABRAHAM SAID THAT ALONG WITH OTHER MOVES THE DEPARTMENT THIS SUMMER WILL BEGIN RELEASING A PARALLEL SURVEY BY THE OLD SYSTEM ON THE BASIS OF A THREE MONTH AVERAGE TO PUT THE NUMBERS IN CONTEXT MUCH OF THE INCREASE IN JOBS DURING DECEMBER CAME IN SERVICE INDUSTRIES WHICH ADDED SIXTY EIGHT THOUSAND WORKERS MOSTLY AT TEMPORARY HELP AGENCIES AND RESTAURANTS THERE WERE GAINS IN THE FINANCE INDUSTRY AND IN TRANSPORTATION AS WELL MANUFACTURING AND CONSTRUCTION EMPLOYMENT STAGNATED HOWEVER AFTER TWO STRAIGHT MONTHS OF GROWTH ALTHOUGH FACTORY OVERTIME STAYED AT HISTORICALLY HIGH LEVELS CONSIDERING WHERE WE WERE IN HOURS IT'S DISCONCERTING THAT WE ARE NOT CONVERTING THOSE HOURS INTO MORE PEOPLE SAID DONALD RATAJCZAK HEAD OF THE ECONOMIC FORECASTING CENTER AT GEORGIA STATE UNIVERSITY THERE WERE A FEW BRIGHT SPOTS IN MANUFACTURING EMPLOYMENT AUTO MAKERS AND ELECTRONICS COMPANIES ADDED WORKERS THERE WERE ALSO GAINS IN THE CONSTRUCTION RELATED LUMBER AND FURNITURE INDUSTRIES THE REPORT SHOWED THAT WAGE INFLATION REMAINS VERY LOW AVERAGE HOURLY EARNINGS CREPT UP ZERO POINT TWO PERCENT IN DECEMBER AND WERE UP TWO POINT FIVE PERCENT FOR THE YEAR LABOR SECRETARY ROBERT REICH WAS VERY ACCURATE IN HIS FORECAST THURSDAY THAT PAYROLL JOBS ROSE BETWEEN ONE HUNDRED SIXTY THOUSAND AND TWO HUNDRED THOUSAND IN DECEMBER HIS STATEMENT SPOKEN SO CLOSE TO THE RELEASE DATE MADE BOND TRADERS THINK THE SECRETARY WAS GIVING THE MARKETS A HEADS UP BUT THE DEPARTMENT MAINTAINS THAT MR. REICH WAS ONLY MAKING AN EDUCATED GUESS AND FOR SECURITY PURPOSES NEVER SEES THE UNEMPLOYMENT NUMBERS UNTIL THE MORNING OF THE RELEASE DATE SEPARATELY THE FEDERAL RESERVE SAID AMERICANS EXPANDED THEIR DEBT LOADS BY SIX POINT EIGHT EIGHT BILLION DOLLARS IN NOVEMBER OR AT AN ANNUAL RATE OF TEN POINT SIX PERCENT IT WAS THE SIXTH INCREASE IN A ROW ALL FIGURES HAVE BEEN ADJUSTED FOR NORMAL SEASONAL VARIATIONS HERE ARE EXCERPTS FROM THE LABOR DEPARTMENT'S EMPLOYMENT REPORT THE FIGURES ARE SEASONALLY ADJUSTED THE KEY U. S. AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS PRIME RATE SIX PERCENT THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST SEVENTY FIVE PERCENT OF THE NATION'S THIRTY LARGEST BANKS FEDERAL FUNDS THREE PERCENT HIGH TWO AND THIRTEEN SIXTEENTHS PERCENT LOW TWO AND SEVEN EIGHTHS PERCENT NEAR CLOSING BID THREE PERCENT OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS OF ONE MILLION DOLLARS OR MORE SOURCE PREBON YAMANE U. S. A. INCORPORATED DISCOUNT RATE THREE PERCENT THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE FEDERAL RESERVE BANKS CALL MONEY FIVE PERCENT THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL SOURCE TELERATE SYSTEMS INCORPORATED COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORPORATION THREE POINT ONE OH PERCENT THIRTY TO FIFTY NINE DAYS THREE POINT ONE TWO PERCENT SIXTY TO EIGHTY NINE DAYS THREE POINT ONE SIX PERCENT NINETY TO ONE HUNDRED NINETEEN DAYS THREE POINT TWO OH PERCENT ONE HUNDRED TWENTY TO ONE HUNDRED SEVENTY NINE DAYS THREE POINT THREE OH PERCENT ONE HUNDRED EIGHTY TO TWO HUNDRED THIRTY NINE DAYS THREE POINT FOUR OH PERCENT TWO HUNDRED FORTY TO TWO HUNDRED SEVENTY DAYS COMMERCIAL PAPER HIGH GRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR CORPORATIONS THREE POINT ONE SIX PERCENT THIRTY DAYS THREE POINT ONE EIGHT PERCENT SIXTY DAYS THREE POINT TWO TWO PERCENT NINETY DAYS CERTIFICATES OF DEPOSIT TWO POINT FIVE FIVE PERCENT ONE MONTH TWO POINT FIVE SEVEN PERCENT TWO MONTHS TWO POINT SIX FOUR PERCENT THREE MONTHS TWO POINT SEVEN NINE PERCENT SIX MONTHS THREE POINT OH THREE PERCENT ONE YEAR AVERAGE OF TOP RATES PAID BY MAJOR NEW YORK BANKS ON PRIMARY NEW ISSUES OF NEGOTIABLE C. D.S USUALLY ON AMOUNTS OF ONE MILLION DOLLARS AND MORE THE MINIMUM UNIT IS ONE HUNDRED THOUSAND DOLLARS TYPICAL RATES IN THE SECONDARY MARKET THREE POINT ONE THREE PERCENT ONE MONTH THREE POINT TWO THREE PERCENT THREE MONTHS THREE POINT THREE SEVEN PERCENT SIX MONTHS BANKERS ACCEPTANCES THREE POINT OH FOUR PERCENT THIRTY DAYS THREE POINT OH FIVE PERCENT SIXTY DAYS THREE POINT OH SEVEN PERCENT NINETY DAYS THREE POINT ONE OH PERCENT ONE HUNDRED TWENTY DAYS THREE POINT ONE SIX PERCENT ONE HUNDRED FIFTY DAYS THREE POINT TWO OH PERCENT ONE HUNDRED EIGHTY DAYS OFFERED RATES OF NEGOTIABLE BANK BACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER LONDON LATE EURODOLLARS THREE AND THREE SIXTEENTHS PERCENT THREE AND ONE SIXTEENTH PERCENT ONE MONTH THREE AND ONE QUARTER PERCENT THREE AND ONE EIGHTH PERCENT TWO MONTHS THREE AND FIVE SIXTEENTHS PERCENT THREE AND THREE SIXTEENTHS PERCENT THREE MONTHS THREE AND FIVE SIXTEENTHS PERCENT THREE AND THREE SIXTEENTHS PERCENT FOUR MONTHS THREE AND THREE EIGHTHS PERCENT THREE AND ONE QUARTER PERCENT FIVE MONTHS THREE AND SEVEN SIXTEENTHS PERCENT THREE AND FIVE SIXTEENTHS PERCENT SIX MONTHS LONDON INTERBANK OFFERED RATES LIBOR THREE AND THREE SIXTEENTHS PERCENT ONE MONTH THREE AND FIVE SIXTEENTHS PERCENT THREE MONTHS THREE AND ONE HALF PERCENT SIX MONTHS THREE AND SEVEN EIGHTHS PERCENT ONE YEAR THE AVERAGE OF INTERBANK OFFERED RATES FOR DOLLAR DEPOSITS IN THE LONDON MARKET BASED ON QUOTATIONS AT FIVE MAJOR BANKS EFFECTIVE RATE FOR CONTRACTS ENTERED INTO TWO DAYS FROM DATE APPEARING AT TOP OF THIS COLUMN FOREIGN PRIME RATES CANADA FIVE POINT FIVE OH PERCENT GERMANY FIVE POINT EIGHT SEVEN PERCENT JAPAN THREE PERCENT SWITZERLAND SEVEN POINT FIVE OH PERCENT BRITAIN FIVE POINT FIVE OH PERCENT THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE LENDING PRACTICES VARY WIDELY BY LOCATION TREASURY BILLS RESULTS OF THE MONDAY JANUARY THIRD NINETEEN NINETY FOUR AUCTION OF SHORT TERM U. S. GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF TEN THOUSAND DOLLARS TO ONE MILLION DOLLARS THREE POINT ONE OH PERCENT THIRTEEN WEEKS THREE POINT TWO NINE PERCENT TWENTY SIX WEEKS FEDERAL HOME LOAN MORTGAGE CORPORATION FREDDIE MAC POSTED YIELDS ON THIRTY YEAR MORTGAGE COMMITMENTS DELIVERY WITHIN THIRTY DAYS SIX POINT EIGHT SIX PERCENT SIXTY DAYS SIX POINT NINE FOUR PERCENT STANDARD CONVENTIONAL FIXED RATE MORTGAGES THREE POINT EIGHT SEVEN FIVE PERCENT TWO PERCENT RATE CAPPED ONE YEAR ADJUSTABLE RATE MORTGAGES SOURCE TELERATE SYSTEMS INCORPORATED FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE POSTED YIELDS ON THIRTY YEAR MORTGAGE COMMITMENTS PRICED AT PAR FOR DELIVERY WITHIN THIRTY DAYS SIX POINT EIGHT FOUR PERCENT SIXTY DAYS SIX POINT NINE FOUR PERCENT STANDARD CONVENTIONAL FIXED RATE MORTGAGES FIVE POINT ONE OH PERCENT SIX HALVES RATE CAPPED ONE YEAR ADJUSTABLE RATE MORTGAGES SOURCE TELERATE SYSTEMS INCORPORATED MERRILL LYNCH READY ASSETS TRUST TWO POINT SEVEN FOUR PERCENT ANNUALIZED AVERAGE RATE OF RETURN AFTER EXPENSES FOR THE PAST THIRTY DAYS NOT A FORECAST OF FUTURE RETURNS IRELAND'S UNEMPLOYMENT RATE ROSE TO A SEASONALLY UNADJUSTED EIGHTEEN PERCENT IN DECEMBER FROM SEVENTEEN POINT THREE PERCENT IN NOVEMBER THE CENTRAL STATISTICS OFFICE SAID WITH SEASONAL ADJUSTMENT IRELAND'S UNEMPLOYMENT RATE ROSE TO SEVENTEEN POINT NINE PERCENT IN DECEMBER FROM SEVENTEEN POINT SEVEN PERCENT IN NOVEMBER THE FIGURES REFLECT THE NAMES OF PEOPLE IN IRELAND'S WORK FORCE APPEARING ON THE QUOTE LIVE REGISTER QUOTE A LIST OF THOSE IN RECEIPT OF UNEMPLOYMENT BENEFITS OR UNEMPLOYMENT ASSISTANCE AS WELL AS JOBLESS WORKERS WHO AREN'T CURRENTLY ENTITLED TO BENEFITS THE NUMBER OF PEOPLE CONSIDERED UNEMPLOYED ON THIS BASIS IN THE LATEST MONTH WAS UP TWO THOUSAND EIGHT HUNDRED FROM NOVEMBER AND UP THREE THOUSAND FIVE HUNDRED FROM A YEAR EARLIER SOFTWARE TOOLWORKS INCORPORATED HAS CREATED A VIDEO GAME CHARACTER NAMED ALFRED CHICKEN AN ARTICLE WEDNESDAY ABOUT THE ANNUAL CONSUMER ELECTRONICS SHOW MISTAKENLY IDENTIFIED VIACOM NEW MEDIA AS THE CHARACTER'S CREATOR OLYMPIA AND YORK DEVELOPMENTS LIMITED WAS REORGANIZED LAST YEAR UNDER PROTECTION OF A CANADIAN LAW SIMILAR TO CHAPTER ELEVEN OF THE U. S. BANKRUPTCY CODE AN ITEM IN THE FINANCING BUSINESS COLUMN FRIDAY INCORRECTLY DESCRIBED THE COMPANY AS BANKRUPT NATIONAL MEDICAL ENTERPRISES INCORPORATED HAS RESOLVED ALL MAJOR LITIGATION WITH INSURERS AND WITH MORE THAN HALF OF PSYCHIATRIC PATIENTS IN DISPUTES INVOLVING THE COMPANY'S PSYCHIATRIC HOSPITALS THE COMPANY ALSO HAS ESTABLISHED RESERVES FOR ALL REMAINING CIVIL LITIGATION AN ARTICLE FRIDAY REPORTED INCORRECTLY THAT NATIONAL MEDICAL IS UNDER SERIOUS FINANCIAL STRAIN BECAUSE MUCH OF THE LITIGATION WAS STILL PENDING CANADA'S UNEMPLOYMENT RATE ROSE TO ELEVEN POINT TWO PERCENT OF THE CIVILIAN LABOR FORCE IN DECEMBER FROM ELEVEN PERCENT IN NOVEMBER STATISTICS CANADA A GOVERNMENT AGENCY SAID THE INCREASE RESULTED FROM A ZERO POINT THREE PERCENT EXPANSION OF THE LABOR FORCE IN DECEMBER IN A MANAGEMENT RESTRUCTURING AT SONY PICTURES ENTERTAINMENT TRISTAR PICTURES CHAIRMAN MIKE MEDAVOY IS LEAVING AND HIS DUTIES WILL BE ASSUMED BY COLUMBIA PICTURES CHAIRMAN MARK CANTON MR. CANTON WAS GIVEN THE NEW TITLE OF CHAIRMAN OF THE COLUMBIA TRISTAR MOTION PICTURES COMPANIES THOUGH SONY PICTURES SAID THE COLUMBIA AND TRISTAR UNITS WILL CONTINUE TO OPERATE SEPARATELY UNDER ITS MOTION PICTURE GROUP MR. CANTON FORTY FOUR YEARS OLD WILL BE RESPONSIBLE FOR ALL CREATIVE ASPECTS OF BOTH STUDIOS WHILE JONATHAN DOLGEN FORTY SEVEN PRESIDENT OF THE MOTION PICTURE GROUP WILL BE RESPONSIBLE FOR BUSINESS OPERATIONS THE MOVES COME AS TOKYO BASED PARENT SONY CORPORATION IS EXPLORING THE SALE OF AN APPROXIMATELY TWENTY FIVE PERCENT INTEREST IN ITS MOTION PICTURE AND RECORD OPERATIONS TO A STRATEGIC INVESTOR SUCH AS A COMMUNICATIONS COMPANY ALTHOUGH THERE ARE COST SAVING INCENTIVES TO MERGING COLUMBIA AND TRISTAR IN ITS PITCH TO PROSPECTIVE INVESTORS SONY'S VALUATION ON THE ASSETS INCLUDES TWO FULL FLEDGED STUDIOS MERGING COLUMBIA AND TRISTAR ALSO WOULD PRESENT ACCOUNTING DIFFICULTIES FOR SONY WHICH ACQUIRED THE OPERATIONS FOR THREE POINT FOUR BILLION DOLLARS IN NINETEEN EIGHTY NINE SONY'S ELEVATION OF MR. CANTON GIVES HIM CREATIVE AUTHORITY OVER THE OUTPUT OF AS MANY AS THIRTY FILMS A YEAR WITH TOP PRODUCTION EXECUTIVES AT SONY AND TRISTAR NOW REPORTING TO HIM MR. CANTON WHO WAS A TOP EXECUTIVE AT TIME WARNER INCORPORATED'S WARNER BROTHERS BEFORE JOINING SONY IS A LONG TIME ASSOCIATE AND FRIEND OF SONY PICTURES CHAIRMAN PETER GUBER THOUGH MR. CANTON IS AN ENERGETIC AND FLAMBOYANT EXECUTIVE WITH CLOSE TIES TO HOLLYWOOD HEAVYWEIGHTS SUCH AS ARNOLD SCHWARZENEGGER AND CLINT EASTWOOD HE IS BEING REWARDED WITH THE BIG NEW JOB AFTER A PARTICULARLY INAUSPICIOUS YEAR UNDER MR. CANTON COLUMBIA PRODUCED THE DISASTROUS QUOTE LAST ACTION HERO QUOTE STARRING MR. SCHWARZENEGGER LAST SUMMER AND ITS ONLY CHRISTMAS MOVIE QUOTE GERONIMO QUOTE IS A DISAPPOINTMENT ALTHOUGH COLUMBIA'S THE AGE OF INNOCENCE WON CRITICAL RAVES THE EXPENSIVE PICTURE HASN'T MADE A RETURN ON ITS INVESTMENT COLUMBIA'S SHARE OF THE BOX OFFICE LAST YEAR WAS ELEVEN POINT THREE PERCENT MR. CANTON FOR HIS PART SAID HE IS GRATIFIED IN THE FACE OF A LESS THAN GREAT YEAR THAT SONY HAD THE CONFIDENCE IN MY ABILITY TO RUN BOTH COMPANIES SONY PICTURES SAID NO OTHER MANAGEMENT CHANGES AT EITHER STUDIO ARE CONTEMPLATED AT THIS TIME ALTHOUGH THERE IS SPECULATION THAT SIDNEY GANIS AN EXECUTIVE VICE PRESIDENT AT COLUMBIA WILL SOON BE NAMED PRESIDENT OF THAT STUDIO MR. CANTON AND MR. DOLGEN WILL OPERATE AS A TEAM THE COMPANY SAID BOTH REPORTING TO ALAN LEVINE PRESIDENT AND CHIEF OPERATING OFFICER OF SONY PICTURES ENTERTAINMENT MR. DOLGEN WHO HELD TOP POSTS AT NEWS CORPORATION'S FOX INCORPORATED AND WORKED AT COLUMBIA BEFORE ITS ACQUISITION BY SONY IS REGARDED AS A SHREWD DEAL MAKER AND TOUGH NEGOTIATOR MR. MEDAVOY'S DEPARTURE MEANWHILE HAD BEEN EXPECTED FOR ALMOST A YEAR THOUGH HIS FIVE YEAR CONTRACT HAS A YEAR REMAINING MR. MEDAVOY HAD NEVER BEEN IN MR. GUBER'S INNER CIRCLE AND IT HAS BEEN AN OPEN SECRET IN HOLLYWOOD THAT MR. MEDAVOY PROBABLY WOULD LEAVE BEFORE HIS CONTRACT EXPIRED INDUSTRY EXECUTIVES SAID MR. GUBER FREQUENTLY PREFERRED TO HAVE DIRECT CONVERSATIONS WITH MR. MEDAVOY'S LIEUTENANTS OVER SUCH MATTERS SUCH AS FILM PROJECTS AND PRODUCTION BUDGETS SOME COMPANY INSIDERS SAID MR. MEDAVOY DIDN'T LEAVE SOONER IN PART BECAUSE THERE HAD BEEN HEAVY MANAGEMENT TURNOVER FOR TWO YEARS UNDER MR. GUBER AND SONY WAS CONCERNED ABOUT STABILITY AND RELUCTANT TO LOSE ANOTHER TOP EXECUTIVE JON PETERS WHO WAS MR. GUBER'S PARTNER IN FORMING THE NEW MANAGEMENT TEAM AT SONY PICTURES AND FRANK PRICE WHO PRECEDED MR. CANTON IN THE COLUMBIA POST WERE BOTH FORCED OUT IN BOTH CASES SONY WAS FORCED TO PAY HEFTY SETTLEMENTS BECAUSE THE EXECUTIVES WERE PART OF A BONUS POOL AND PROFIT SHARING ARRANGEMENT SONY PICTURES AND MR. MEDAVOY DECLINED TO DISCUSS THE TERMS OF HIS DEPARTURE BUT PEOPLE FAMILIAR WITH THE SITUATION SAID MR. MEDAVOY WAS ALSO PART OF THE BONUS ARRANGEMENT AND AS A RESULT WOULD LEAVE THE COMPANY WITH A COMFORTABLE SETTLEMENT ALTHOUGH SOME IN THE INDUSTRY SAID THE SUM WAS LIKELY TO EXCEED FIVE MILLION DOLLARS PEOPLE CLOSE TO SONY SAID THAT FIGURE WAS TOO HIGH IN AN INTERVIEW MR. MEDAVOY SAID THE DECISION TO LEAVE WAS HIS OWN IT'S TIME TO START ANEW AND I'LL SEE WHERE LIFE TAKES ME HE SAID I HAVE THE LUXURY OF TIME AND I'M GOING TO TAKE IT MR. MEDAVOY FIFTY TWO FORMERLY RAN THE MOVIE OPERATIONS OF ORION PICTURES CORPORATION PRESIDENT CLINTON WILL BE UNDER FIRE AT THE NATO SUMMIT FOR THE ALLIES' FAILURE TO CURB FIGHTING IN BOSNIA EVEN AS HE WAS INCHING CLOSER TO DISARMING UKRAINE'S NUCLEAR ARSENAL WHITE HOUSE COUNSELOR DAVID GERGEN CALLED AIR STRIKES IN BOSNIA QUOTE A LIVE OPTION QUOTE IN LARGE PART BECAUSE THE FRENCH ARE PRESSURING FOR MORE ACTION TO END THE CONFLICT BUT A SENIOR ADMINISTRATION OFFICIAL SAID THERE WOULDN'T BE ANY AIR STRIKES DURING THE NEXT COUPLE OF DAYS IN A WAY THE PRESIDENT NOW FACES HIS WORST CASE SCENARIO AT THE SUMMIT JUST AS HE TRIES TO BOOST THE IMAGE OF THE NORTH ATLANTIC TREATY ORGANIZATION A SURGE OF SHELLING IN BOSNIA REMINDS THE WORLD OF THE ALLIANCE'S BIGGEST FAILURE AND IF A PEACE AGREEMENT IS REACHED AMONG THE WARRING PARTIES THE SIDES SEEMED TO DRAW CLOSER YESTERDAY AT TALKS IN GERMANY MR. CLINTON WOULD BE PUT ON THE SPOT TO LIVE UP TO HIS COMMITMENT TO USE U. S. FORCES AS PEACEKEEPERS SUCH A MOVE PROBABLY WOULD MEET WITH STRONG OPPOSITION ON CAPITOL HILL WHICH HAS FRESH MEMORIES OF THE MESS IN SOMALIA THE SENIOR ADMINISTRATION OFFICIAL WHO BRIEFED REPORTERS CALLED THE CONFLICT A VERY SERIOUS SITUATION AND ACKNOWLEDGED THAT THE U. S. HAS WARNED THE SERBS FOR THE RENEWED SHELLING HE ALSO SIDESTEPPED QUESTIONS ON WHETHER ALLIES SUCH AS THE FRENCH AND DUTCH HAVE ASKED THE U. S. TO CONDUCT BOMBING RAIDS HE SAID A REQUEST WASN'T MADE IN CONNECTION WITH THE SUMMIT LEAVING OPEN THE POSSIBILITY THAT IT COULD HAVE BEEN MADE INFORMALLY IN RECENT WEEKS IN A SPEECH YESTERDAY ON HIS VISION OF A NEW EUROPE PRESIDENT CLINTON CITED THE MURDEROUS CONFLICT THAT REMINDS EUROPEANS THAT WAR HASN'T ENDED ON THEIR SOIL THE CLASH SAID THE PRESIDENT ALSO REVEALS THE DIFFICULTIES OF APPLYING MILITARY FORCE TO CONFLICTS WITHIN AS WELL AS AMONG STATES AND IT TEACHES US THAT IT IS BEST TO ACT EARLY TO PREVENT CONFLICTS THAT WE MAY LATER NOT BE ABLE TO CONTROL ON A BRIGHTER SIDE ADMINISTRATION OFFICIALS SAID THEY ARE CLOSE TO AN AGREEMENT WITH UKRAINE ON THE DESTRUCTION OF THEIR NUCLEAR WEAPONS A DEAL THAT COULD SEE ABOUT TWELVE BILLION DOLLARS GOING TO THE UKRAINE THE NUCLEAR MATERIAL SHIPPED TO AMERICA AND THE WEAPONS DESTROYED IN RUSSIA WHILE INSISTING THE DEAL WASN'T COMPLETE THE ADMINISTRATION WAS MAKING PRELIMINARY PLANS FOR THE PRESIDENT TO STOP IN KIEV ON WEDNESDAY TO INITIAL THE ACCORD BEFORE GOING ON TO MOSCOW BUT YESTERDAY'S HOPEFUL SIGNS SEEMED TO BE OVERSHADOWED BY BOSNIA THE ADMINISTRATION ORIGINALLY HAD HOPED TO PLAY DOWN THE ETHNIC STRUGGLE IN THE FORMER YUGOSLAVIA WHILE FOCUSING ON REFORMING NATO AND INITIATING THE PROCESS OF BRINGING THE EASTERN EUROPEAN COUNTRIES UNDER THE ORGANIZATION'S SECURITY UMBRELLA BUT THE SERBS WRECKED THAT APPROACH ON SATURDAY BOMBS KILLED TWELVE PEOPLE INCLUDING A CHILD AND WOUNDED THIRTY SIX OTHERS YESTERDAY MORNING A SHELL HIT THE SARAJEVO AIRPORT BRIEFLY CLOSING IT AND MORE EMBARRASSINGLY DELAYING BOSNIAN PRESIDENT ALIJA IZETBEGOVIC'S DEPARTURE FOR PEACE TALKS IN BONN WITH CROATIAN PRESIDENT FRANJO TUDJMAN WHEN THE TALKS BEGAN LATER IN THE DAY THE TWO SIDES FOCUSED ON A PROPOSAL TO GIVE BOSNIA'S MUSLIMS ABOUT ONE THIRD OF THE FORMER YUGOSLAVIA WHITE HOUSE AIDES INSISTED THAT BOSNIA WAS ALWAYS GOING TO BE ON THE SUMMIT AGENDA BUT NOW IT IS IN THE FOREFRONT NOBODY IS TURNING A BLIND A EYE TO BOSNIA SAID MICHAEL MCCURRY THE PRESS SECRETARY FOR SECRETARY OF STATE WARREN CHRISTOPHER MOREOVER MR. GERGEN SAID THERE IS QUOTE A LOT OF PRESSURE FROM THE FRENCH TO DO SOMETHING MORE QUOTE AND THAT THE ISSUE OF FINDING A BETTER SOLUTION HAS BEEN QUOTE RAISED TO A PEAK QUOTE STILL IT WAS CLEARER THAN EVER THAT THE ALLIES AREN'T IN AGREEMENT ON WHAT THE NEXT MOVE SHOULD BE MR. GERGEN LISTED AIR STRIKES AS AN OPTION BUT HE ALSO CONCEDED THERE ISN'T YET AN AGREEMENT ON ISSUES SUCH AS WHAT THE TARGETS WOULD BE THE FRENCH WHO HAVE TROOPS ON THE GROUND IN BOSNIA AREN'T BASHFUL ABOUT DECLARING THEY WANT THE U. S. MORE INVOLVED A CHIEF AIDE TO FRENCH PRESIDENT FRANCOIS MITTERRAND SAID OF THE PROSPECTS FOR PEACE EUROPEANS HAVE NOT GOT THE MEANS TO DO IT THEMSELVES WITHOUT THE UNITED STATES THE AIDE ADDED THAT MANY QUESTIONS MUST BE ANSWERED BEFORE ANY AIR RAIDS AND SUGGESTED A MAJOR ONE IS WHETHER THE ALLIES CAN EVEN IMPOSE A SETTLEMENT ON THE WARRING PARTIES THE AIDE PORTRAYED THE HELPLESSNESS THAT THE EUROPEANS FEEL TOWARD THE BLOODY CONFLICT TODAY HE SAID THERE IS AN INCAPACITY OF THE INTERNATIONAL COMMUNITY TO IMPOSE AN ORDER THAT IS JUST AS OF LAST NIGHT IT WAS UNCLEAR WHAT DIRECTION THE NATO TALKS WOULD EVEN GO THE ORIGINAL PLAN WAS FOR THE ALLIES TO ISSUE A COMMUNIQUE REITERATING THEY WOULD USE AIR STRIKES TO PROTECT THE PEACEKEEPING FORCES ON THE GROUND OR IF SARAJEVO WAS STRANGLED THE SAME THREATS MADE PREVIOUSLY IN RESPONSE TO SERB AGGRESSION THE SENIOR ADMINISTRATION OFFICIAL SAID THE COMMUNIQUE WILL INCLUDE A STRONG SERIOUS STATEMENT ABOUT BOSNIA AND MR. GERGEN IN AN INTERVIEW YESTERDAY SAID THAT IT IS POSSIBLE THAT THE COMMUNIQUE COULD CHANGE FROM THE ORIGINAL PLAN HE CITED THE PRESSURE FROM THE FRENCH WHICH IN HIS VIEW MAKES THE AIR STRIKE OPTION MORE LIKELY THE CLINTON ADMINISTRATION HE SAID HAS DISCUSSED THE ISSUE INTERNALLY AND WE ARE PREPARED TO TALK ABOUT IT WITH THE ALLIES THE PRESIDENT'S SPEECH TOOK A GIANT STEP TOWARD REASSURING THE EUROPEANS THAT AMERICA ISN'T ABOUT TO ABANDON THEM CLINTON AIDES ACKNOWLEDGED FOR THE FIRST TIME THAT THIS FAULTY IMPRESSION HAD BEEN LEFT ON PURPOSE TO ENSURE THAT THE EUROPEANS RECOGNIZED THE IMPORTANCE OF COMPLETING THE RECENT WORLD TRADE AGREEMENT QUOTE WE WANTED TO PUT SOME PRESSURE ON THE EUROPEANS QUOTE SAID MR. GERGEN WHO QUICKLY ADDED THAT THE PRESIDENT'S COMMITMENT TO KEEP ABOUT ONE HUNDRED THOUSAND TROOPS IN EUROPE SHOULD CONVINCE THEM THE U. S. ISN'T BACKING OFF THEY SHOULD FEEL AT THE END OF THE DAY HE SAID THAT WE ARE HERE FOR THE LONG HAUL THE ONLY DOWNSIDE TO THE SPEECH WAS THAT SECRETARY CHRISTOPHER WAS CAPTURED DOZING OFF BY TELEVISION CAMERAS IN HIS ADDRESS TO THE YOUNG LEADERS OF EUROPE THE PRESIDENT DECLARED I BELIEVE THAT IT IS TIME FOR US TOGETHER TO REVITALIZE OUR PARTNERSHIP AND TO DEFINE A NEW SECURITY AT A TIME OF HISTORIC CHANGE FURTHER MR. CLINTON CHEERED ON THE COUNTRIES OF THE FORMER SOVIET BLOC IN THEIR EFFORTS TO CONVERT TO DEMOCRACY ISSUING A VEILED WARNING TO ULTRANATIONALIST RUSSIAN POLITICIAN VLADIMIR ZHIRINOVSKY PITTED AGAINST THEM HE SAYS ARE THE GRIM PRETENDERS TO TYRANNY'S DARK THRONE THE MILITANT NATIONALISTS AND DEMAGOGUES WHO FAN SUSPICIONS THAT ARE ANCIENT AND PARADE THE PAIN OF RENEWAL IN ORDER TO OBSCURE THE PROMISE OF REFORM BLOCKBUSTER ENTERTAINMENT CORPORATION'S AGREEMENT TO MERGE WITH VIACOM INCORPORATED IS A CLEVER EXIT STRATEGY FOR ITS CHAIRMAN AND CHIEF EXECUTIVE OFFICER H. WAYNE HUIZENGA FROM WHAT MAY BE A DYING BUSINESS MANY ENTERTAINMENT EXECUTIVES SAY IT IS A QUOTE BEAUTIFUL BAILOUT QUOTE SAID ONE EXECUTIVE WHO KNOWS THE COMPANY AND MR. HUIZENGA WELL SAYS ANOTHER PERSON WITH CLOSE TIES TO THE BLOCKBUSTER EXECUTIVE MAYBE HE KNOWS HE'S HIT A PLATEAU BLOCKBUSTER HAS TREMENDOUS MOMENTUM LARGELY THROUGH ITS THREE THOUSAND FIVE HUNDRED NINETY THREE STORE VIDEO CHAIN IT GENERATES CASH FLOW OF NEARLY FIVE HUNDRED MILLION DOLLARS A YEAR ITS BALANCE SHEET IS NEARLY DEBT FREE ITS EARNINGS GROWTH IS STUNNING IT HAS POSTED QUARTERLY INCREASES RANGING FROM FORTY PERCENT TO SIXTY FOUR PERCENT IN THE LAST TWO YEARS AND ITS MANAGEMENT HAS REMAINED STEADFASTLY UPBEAT ABOUT THE COMPANY'S FUTURE MR. HUIZENGA DENIES THAT THE MERGER WITH VIACOM IS RELATED TO CONCERNS ABOUT HOW TO KEEP THE GROWTH GOING DISMISSING THE IDEA WITH AN EXPLETIVE THIS GIVES OUR SHAREHOLDERS A MUCH BETTER STOCK TO HOLD HE SAYS OF THE DEAL WHICH WOULD COMBINE BLOCKBUSTER'S VIDEO AND MUSIC CHAINS AND STAKES IN TWO SMALL MOVIE STUDIOS WITH VIACOM'S M. T. V. V. H. ONE NICKELODEON AND SHOWTIME CABLE NETWORKS BUT A LOT OF COMMUNICATIONS EXPERTS DON'T SEE HOW BLOCKBUSTER CAN PRESERVE ITS EARNINGS RECORD IN THE FACE OF THE IMMINENT THREAT FROM PAY PER VIEW TELEVISION UNTIL RECENTLY MANY MEDIA EXECUTIVES BELIEVED THAT IN HOME VIDEO SERVICE WAS AT LEAST A DECADE AWAY WITH TECHNOLOGICAL ADVANCES AND INDUSTRY CONSOLIDATION THE PROSPECT IS A LOT CLOSER TIME WARNER INCORPORATED IS PLANNING A SPRING ROLLOUT OF A PROTOTYPE CABLE SYSTEM IN ORLANDO FLORIDA THAT WILL FEATURE VIDEO ON DEMAND AND THE PHONE COMPANIES LIKE BELL ATLANTIC CORPORATION ARE RACING TO IMPLEMENT TECHNOLOGY TO DELIVER MOVIES ON DEMAND OVER PHONE LINES DESPITE DIVERSIFICATION ATTEMPTS THE MAJORITY OF BLOCKBUSTER'S REVENUE COMES FROM VIDEO RENTAL MR. HUIZENGA INSISTS THAT'S NOTHING TO WORRY ABOUT BLOCKBUSTER'S SHARE OF THE U. S. VIDEO RENTAL MARKET IS ONLY FIFTEEN PERCENT HE SAYS AND WILL BE BOLSTERED BY GOBBLING UP MOM AND POP OUTLETS EVEN AFTER INTERACTIVE PAY PER VIEW COMES ON LINE WE WILL STILL BE IN A BETTER POSITION IN VIDEO RENTAL REVENUE IN THE YEAR TWO THOUSAND THAN WE ARE TODAY HE SAYS BUT IT WILL BE A SHRINKING MARKET AS EARLY AS NINETEEN NINETY SIX THE VIDEO RENTAL BUSINESS WILL BE ERODING AT A RATE OF ABOUT TEN PERCENT A YEAR ACCORDING TO ROGER SIBONI MANAGING PARTNER OF K. P. M. G. PEAT MARWICK'S COMMUNICATIONS PRACTICE INDEED BLOCKBUSTER HAS BEEN AGGRESSIVELY PURSUING DIVERSIFICATION STRATEGIES FOR THREE YEARS IN LATE NINETEEN NINETY TWO IT BEGAN BUYING MUSIC RETAILERS IT HAS SINCE ACQUIRED SOUND WAREHOUSE MUSIC PLUS TURTLE'S AND RECORD BAR A YEAR AGO BLOCKBUSTER AGREED TO BUY A MINORITY INTEREST IN REPUBLIC PICTURES KNOWN FOR HAVING PRODUCED JOHN WAYNE MOVIES AND OTHER CLASSIC WESTERNS IN MARCH IT BOUGHT A CONTROLLING STAKE IN SPELLING ENTERTAINMENT GROUP INCORPORATED WHICH PRODUCES THE HIT T. V. SHOW BEVERLY HILLS NINETY THOUSAND TWO HUNDRED TEN AND OWNS THE RIGHTS TO SUCH SHOWS AS DYNASTY AND THE LOVE BOAT IN THE LAST YEAR MR. HUIZENGA HAS TALKED ABOUT BUILDING A VERTICALLY INTEGRATED FAMILY ENTERTAINMENT COMPANY WITH THEME PARKS AND MEGASTORES MARKETING C. D.S VIDEOS AND INTERACTIVE GAMES AND BEGINNING IN APRIL HE HAD SECRETLY BEGUN TALKING TO VIACOM ABOUT JOINT VENTURES AND ABOUT MERGING THE COMPANIES BEGINNING LAST FALL FOR BLOCKBUSTER GOING IT ALONE WOULD BE COSTLY AND TIME CONSUMING EVEN IN THE SHORTER TERM THE NEW RECORD AND MOVIE PRODUCTION BUSINESSES COULDN'T MATCH THE GROSS PROFIT MARGINS OF VIDEO RENTALS WHICH CAN BE AS HIGH AS SEVENTY PERCENT COMPARED WITH ABOUT TEN PERCENT FOR RECORD STORES ACCORDING TO ANALYSTS SOME INDUSTRY EXECUTIVES BELIEVED THAT BLOCKBUSTER'S MOVE INTO NONRENTAL AREAS WOULD EVENTUALLY HURT BOTH THE COMPANY'S EARNINGS AND ITS CACHET AS A HIGH GROWTH STOCK WHICH IS WHY SOME BLOCKBUSTER SHAREHOLDERS WHO WERE INITIALLY PUT OFF BY THE VIACOM DEAL APPEARED TO BE WARMING TO IT BY LATE YESTERDAY THIS IS AN INSURANCE POLICY AGAINST BLOCKBUSTER GOING EXTINCT SAYS LARRY HAVERTY A MONEY MANAGER FOR STATE STREET RESEARCH IN BOSTON ONE OF BLOCKBUSTER'S LARGEST SHAREHOLDERS AND BLOCKBUSTER HAS BEEN SUCH A GROWTH STOCK CLEVERLY USING ITS HIGH STOCK PRICE TO FURTHER EXPANSION THROUGH ACQUISITIONS PARTIALLY PAID FOR WITH STOCK THAT ALMOST ANY SLOWDOWN IN ITS MAIN BUSINESS COULD CAUSE BIG PROBLEMS FOR ITS SHARES ITS STOCK PRICE SOARED LAST YEAR FROM ABOUT EIGHTEEN DOLLARS A SHARE IN JANUARY TO ABOUT THIRTY DOLLARS BY YEAR'S END AS THE COMPANY REPORTED EARNINGS GAINS OF MORE THAN FIFTY PERCENT IN EACH OF THE FIRST THREE QUARTERS EARNINGS MOMENTUM QUOTE IS HOW THAT COMPANY HAS BEEN SOLD TO THE STREET QUOTE SAYS PAUL MARSH A SECURITIES ANALYST WITH NATWEST SECURITIES CORPORATION MR. HUIZENGA IS A MASTER AT KEEPING HIS STOCK PRICE PROPPED UP SAYS AN ENTERTAINMENT INDUSTRY EXECUTIVE THAT THE STOCK DIDN'T TAKE A LONG TERM HIT ON THE BASIS OF TECHNOLOGICAL OBSOLESENCE IS A WONDER IN ITSELF STILL MANY BLOCKBUSTER SHAREHOLDERS SHARED MR. HUIZENGA'S OPTIMISM ABOUT BLOCKBUSTER'S PROSPECTS AS A STAND ALONE COMPANY SO MUCH SO THAT INITIALLY MANY WERE ANGRY ABOUT THE MERGER I'M SHOCKED JUST TOTALLY SHOCKED SAID ONE LARGE SHAREHOLDER WHO BELIEVED BLOCKBUSTER'S STOCK WOULD REACH FIFTY DOLLARS A SHARE ON ITS OWN THE MERGER PROPOSAL VALUES BLOCKBUSTER STOCK AT ABOUT THIRTY ONE DOLLARS A SHARE A MODEST TEN PERCENT PREMIUM TO ITS FRIDAY CLOSE OF TWENTY EIGHT POINT THREE SEVEN FIVE DOLLARS SOME SHAREHOLDERS BELIEVED THE DEAL MAY ATTRACT RIVAL BIDDERS FOR BLOCKBUSTER THE PLAN HAS BEEN APPROVED BY BOTH COMPANIES' BOARDS AND IS SUBJECT TO SHAREHOLDER APPROVAL MR. HUIZENGA DEFENDS THE MERGER'S TERMS BY ARGUING THAT BLOCKBUSTER'S SHARES HAVE BEEN TRADING NEAR AN ALL TIME HIGH WHILE VIACOM'S STOCK IS DEPRESSED BECAUSE OF ITS BID FOR PARAMOUNT COMMUNICATIONS INCORPORATED IF VIACOM'S CLASS A AND B. SHARES RETURN TO THEIR PRE PARAMOUNT LEVELS BLOCKBUSTER'S STOCK VALUE COULD BE MORE THAN FORTY DOLLARS MR. HUIZENGA SAYS THAT IS A BIG BIG PREMIUM HE ADDS HE SAYS THAT DURING THE LATEST ROUND OF DISCUSSIONS THE TWO COMPANIES EXAMINED FIFTEEN TO TWENTY SCENARIOS INCLUDING MAKING VIACOM A LOAN BUYING STOCK CONVERTIBLES BUYING SELECTED VIACOM ASSETS AND MAKING A JOINT BID FOR PARAMOUNT QUOTE EVERYTHING LED BACK TO THE STRENGTHS OF THE COMPANIES TOGETHER QUOTE MR. HUIZENGA SAYS EVEN IF IT DOESN'T GET PARAMOUNT MR. HUIZENGA SEES VIACOM BLOCKBUSTER ONE DAY PRODUCING FEATURE FILMS THAT WILL BE DISTRIBUTED FIRST THROUGH MOVIE THEATERS OWNED BY VIACOM CHAIRMAN SUMNER REDSTONE THEN THROUGH BLOCKBUSTER'S VIDEO STORES AND THEN ON VIACOM'S SHOWTIME CABLE NETWORK ONE OF BLOCKBUSTER'S BIGGEST ASSETS IS A DATABASE FILLED WITH MORE THAN THIRTY MILLION CUSTOMER NAMES AND INFORMATION ABOUT THEIR PREFERENCES IN ACTORS DIRECTORS AND MOVIE GENRES THAT WOULD BE HELPFUL IN MARKETING FILMS BLOCKBUSTER ALSO COULD PROMOTE ITS MUSIC CHAIN ON VIACOM'S M. T. V. AND V. H. ONE NETWORKS IN ADDITION MR. HUIZENGA SAYS VIACOM BLOCKBUSTER CAN SHED REDUNDANT OPERATIONS AND SAVE ABOUT TWO HUNDRED MILLION DOLLARS A YEAR IN ADDITION TO HIS NEW POSITION AS VICE CHAIRMAN OF VIACOM BLOCKBUSTER MR. HUIZENGA SAYS HE WILL REMAIN C. E. O. AT THE BLOCKBUSTER SUBSIDARY HE HAS NO EMPLOYMENT CONTRACT HOWEVER HE SAYS HE EXPECTS TO HAVE A MUCH BIGGER MANAGEMENT ROLE IF THE COMPANY WINS PARAMOUNT THE COMPUTER INDUSTRY'S PAINFUL EFFORTS TO CUT COSTS AND LIVE WITH TIGHTER PROFIT MARGINS ARE STARTING TO BEAR FRUIT WITH MOST BIG HARDWARE MAKERS EXPECTED TO REPORT PROFITS FOR THE FOURTH QUARTER DEMAND FOR MAINFRAME AND MIDRANGE COMPUTERS REMAINED WEAK PARTICULARLY IN EUROPE BUT PERSONAL COMPUTER SALES SURGED AMID CONTINUED PRICE CUTTING AND A GROWING HOME MARKET QUOTE A NUMBER OF COMPANIES HAVE THEIR COSTS UNDER PRETTY DECENT CONTROL QUOTE SAID BARRY BOSAK AN ANALYST WITH SMITH BARNEY SHEARSON INCORPORATED ALL THIS DOWNSIZING FOR BOTH MAINFRAMES AND P. C. COMPANIES IS TAKING HOLD INDUSTRY ANCHOR INTERNATIONAL BUSINESS MACHINES CORPORATION IS EXPECTED TO REPORT A PROFIT AFTER FOUR QUARTERS OF LOSSES THINGS ARE DEFINITELY IMPROVING THE EXPENSE CUTS ARE NOW GOING TO FALL TO THE BOTTOM LINE SAID STEVEN MILUNOVICH AN ANALYST WITH MORGAN STANLEY AND COMPANY HE PREDICTS FOURTH QUARTER NET INCOME OF SEVENTY THREE CENTS A SHARE COMPARED WITH A LOSS OF FIVE POINT FOUR SIX BILLION DOLLARS AFTER SEVEN POINT FOUR BILLION DOLLARS IN CHARGES IN THE NINETEEN NINETY TWO FOURTH QUARTER IN THAT PERIOD I. B. M. REPORTED ITS FIRST OPERATING LOSS FORTY FIVE MILLION DOLLARS OR EIGHT CENTS A SHARE MR. MILUNOVICH THINKS REVENUE FOR THE QUARTER ROSE TWO PERCENT TO TWENTY BILLION DOLLARS FROM NINETEEN POINT FIVE SIX BILLION DOLLARS BECAUSE OF FORTY PERCENT GROWTH IN PERSONAL COMPUTERS WHICH ARE NOW I. B. M.'S BIGGEST BUSINESS AND TWENTY FIVE PERCENT GROWTH IN THE SERVICE BUSINESS MR. BOSAK OF SMITH BARNEY SEES I. B. M. REPORTING A PROFIT OF ABOUT FIFTY CENTS A SHARE FOR THE QUARTER THE ISSUE WITH I. B. M. IS CAN IT STAY IN THE BLACK MR. BOSAK THINKS I. B. M. WILL EARN TWO DOLLARS AND TWENTY FIVE CENTS A SHARE FOR NINETEEN NINETY FOUR NEARLY AS MUCH AS IT DID IN NINETEEN NINETY TWO HEWLETT PACKARD COMPANY WHICH APPEARS TO HAVE SURPASSED DIGITAL EQUIPMENT CORPORATION AS THE NUMBER TWO U. S. COMPUTER MAKER CONTINUES TO GROW QUICKLY ANALYSTS SAY H. P. WHOSE FIRST QUARTER ENDS JANUARY THIRTY FIRST IS RAPIDLY EXPANDING BOTH ITS LASER PRINTER BUSINESS AND ITS UNIX BASED MIDRANGE COMPUTER BUSINESS THE TRENDS ARE ALL FRIENDLY TO THEM SAYS LAURA CONIGLIARO AN ANALYST WITH PRUDENTIAL WHO PREDICTS NET INCOME WILL RISE TO ONE DOLLAR AND TWENTY ONE CENTS A SHARE FROM TWO HUNDRED SIXTY ONE MILLION DOLLARS OR ONE DOLLAR AND THREE CENTS A SHARE SHE SEES REVENUE RISING AT THE SAME RATE TO FIVE POINT FIVE BILLION DOLLARS FROM FOUR POINT SIX BILLION DOLLARS SHAO WANG AN ANALYST WITH SMITH BARNEY THINKS HEWLETT'S GROWTH MAY BE SLOWING DOWN HOWEVER AND SEES NET OF ONLY ONE DOLLAR AND TEN CENTS A SHARE QUOTE THE COMPANY CAN'T CONTINUE TO GROW TWENTY PERCENT A YEAR OFF TWENTY BILLION DOLLAR ANNUAL SALES WHAT HAPPENS WHEN THAT GROWTH RATE SLOWS HIS IS AT THE LOW END OF WALL STREET ESTIMATES WHICH RANGE AS HIGH AS ONE DOLLAR AND FORTY CENTS FOR THE QUARTER DIGITAL WHICH HAS HAD JUST ONE PROFITABLE QUARTER IN THE PAST TWO YEARS MAY BE IN THE BLACK FOR ITS SECOND QUARTER ENDED DECEMBER THIRTY FIRST ANALYSTS SAY ALTHOUGH SOME OF THEM HAVE RECENTLY ADJUSTED ESTIMATES TO PREDICT LOSSES I THINK THEY'LL DO A VERY MODEST LEVEL OF PROFIT BUT IF THEY LOSE A MODEST AMOUNT OF MONEY IT WOULDN'T BE A SURPRISE SAID MR. WANG OF SMITH BARNEY HE SEES NET OF TEN CENTS A SHARE COMPARED WITH A LOSS OF SEVENTY THREE POINT NINE MILLION DOLLARS OR FIFTY SEVEN CENTS A SHARE A YEAR EARLIER THE YEAR ON YEAR DECLINE IN REVENUE AT DIGITAL IS EXPECTED TO CONTINUE AS SALES OF PROPRIETARY SYSTEMS REMAIN WEAK ESPECIALLY IN EUROPE WHERE DIGITAL DOES HALF ITS BUSINESS MR. WANG LOOKS FOR REVENUE OF THREE POINT FOUR BILLION DOLLARS DOWN EIGHT PERCENT FROM THREE POINT SIX NINE BILLION DOLLARS A YEAR EARLIER BUT DIGITAL HAS BEEN SLASHING COSTS AND PUSHING ITS SALES FORCE SO MR. WANG THINKS IT WILL REMAIN PROFITABLE IN COMING QUARTERS APPLE COMPUTER INCORPORATED AFTER NARROWLY AVERTING A LOSS IN ITS PREVIOUS QUARTER IS EXPECTED TO BE SOLIDLY PROFITABLE IN ITS FIRST QUARTER ENDED DECEMBER THIRTY FIRST MARY MEEKER AN ANALYST WITH MORGAN STANLEY AND COMPANY IS AMONG THE MOST OPTIMISTIC ABOUT APPLE PREDICTING IT WILL REPORT NET INCOME OF FIFTY CENTS A SHARE DOWN FROM NET OF ONE DOLLAR AND THIRTY THREE CENTS A SHARE A YEAR EARLIER OTHER PREDICTIONS ARE CLOSER TO THIRTY FIVE CENTS MS. MEEKER SAYS APPLE REVENUE ROSE TWENTY THREE PERCENT TO ABOUT TWO POINT FOUR SIX BILLION DOLLARS FROM TWO BILLION DOLLARS A YEAR EARLIER COMPAQ COMPUTER INCORPORATED IS EXPECTED TO CONTINUE ITS PATTERN OF STRONG GROWTH IN SALES AND EARNINGS FOR THE FOURTH QUARTER BILL GURLEY AN ANALYST WITH FIRST BOSTON SAYS THEY HAVE A STRONG PRODUCT CYCLE THEY'VE INCREASED ADVERTISING TO A RECORD LEVEL AND THEY'RE IN THE HOME MARKET FOR THE FIRST TIME HE PREDICTS NET INCOME WILL RISE TO ONE DOLLAR AND SIXTY SIX CENTS A SHARE FROM NINETY MILLION DOLLARS OR ONE DOLLAR AND TEN CENTS A SHARE A YEAR EARLIER HE SAYS REVENUE ROSE ABOUT FORTY SIX PERCENT TO TWO POINT OH EIGHT BILLION DOLLARS FROM ONE POINT FOUR TWO BILLION DOLLARS MS. MEEKER OF MORGAN STANLEY IS MORE CONSERVATIVE PREDICTING NET OF ONE HUNDRED THIRTY ONE MILLION DOLLARS OR ONE DOLLAR AND FIFTY FOUR CENTS A SHARE CHINA IS EXPECTED TO ANNOUNCE SOON A SECOND BATCH OF COMPANIES FOR OVERSEAS LISTINGS INCLUDING A HANDFUL OF LARGE STATE RUN COMPANIES SEEKING DIRECT LISTING ON THE NEW YORK STOCK EXCHANGE CHINESE SOURCES AND FOREIGN INVESTMENT BANKERS SAY THE ROUGHLY TWENTY COMPANIES WHICH ARE AWAITING FINAL APPROVAL FROM THE STATE COUNCIL CONSIST MOSTLY OF LARGE INFRASTRUCTURE COMPANIES SEEKING TO MAKE SIZABLE SHARE PLACEMENTS THEY HAVE EVEN GREATER APPEAL TO FOREIGN INVESTMENT BANKERS THAN THE FIRST NINE COMPANIES THAT WERE CHOSEN FOR LISTINGS IN HONG KONG LAST YEAR QUOTE THESE COMPANIES ARE MORE ATTRACTIVE AND BIGGER THAN THE FIRST BATCH WE'RE TALKING REAL BIG MONEY SAYS ONE EXECUTIVE AT A WESTERN ACCOUNTING COMPANY IN HONG KONG CHINESE SOURCES SAY A LIST OF NINETEEN OR TWENTY COMPANIES DRAWN UP BY THE CHINA SECURITIES REGULATORY COMMISSION AND THREE OTHER GOVERNMENT DEPARTMENTS WAS HANDED OVER TO THE STATE COUNCIL LAST MONTH THEY SAY PREMIER LI PENG AND OTHER TOP OFFICIALS ARE EXPECTED TO APPROVE THE LIST VERY SOON MOST LIKELY THIS MONTH ALTHOUGH THE COMPANIES HAVE YET TO BE ANNOUNCED THOSE FAMILIAR WITH THE LIST SAY IT INCLUDES POWER PLANTS AIRLINES TRANSPORT COMPANIES AND AIRCRAFT AND AUTOMOBILE MANUFACTURING PLANTS OTHER ENTERPRISES ON THE LIST ENGAGE IN PHARMACEUTICAL COMPUTER CERAMICS AND ELECTRICAL APPLIANCE PRODUCTION THEY SAY WHILE THE MAJORITY WOULD SEEK LISTINGS IN HONG KONG FOUR OR FIVE ARE EXPECTED TO SEEK LISTINGS IN THE U. S. IN WHAT WOULD BE THE FIRST DIRECT LISTINGS OF CHINESE COMPANIES THERE THE THREE CHINA RELATED COMPANIES NOW LISTED ON THE NEW YORK STOCK EXCHANGE ARE EITHER OVERSEAS BASED HOLDING COMPANIES OR JOINT VENTURES TWO OTHER CHINESE COMPANIES HAVE ISSUED AMERICAN DEPOSITARY RECEIPTS WHILE TAKING PRIMARY LISTING IN HONG KONG LIU HONGRU CHAIRMAN OF CHINA'S SECURITIES COMMISSION SAID RECENTLY THAT HONG KONG WOULD REMAIN THE MAIN DESTINATION FOR CHINESE COMPANIES SEEKING TO RAISE FUNDS ABROAD INDIVIDUAL ENTERPRISES HOWEVER COULD SEEK PRIMARY LISTINGS IN THE U. S. OR IN EUROPE AS EXPERIMENTS HE SAYS STILL SAYS ONE U. S. INVESTMENT BANKER SUCH EXPERIMENTS WILL HAVE A TREMENDOUS IMPACT FOR CHINA HE ADDS THE SIZE OF THE MARKET IN HONG KONG IS MUCH SMALLER AND LIMITS THE UPSIDE FOR CHINESE COMPANIES THE NEW YORK MARKET WILL GIVE CHINESE COMPANIES THE HIGHEST VALUATIONS AND THE HIGHEST PRICES AMONG THE HANDFUL OF CHINESE COMPANIES EXPECTED TO SEEK LISTINGS IN THE U. S. SHANDONG DEZHOU POWER PLANT COULD BE THE FIRST AN OFFICIAL AT CHINA HUANENG GROUP THE PARENT COMPANY OF SHANDONG DEZHOU AND THE COUNTRY'S LARGEST ENERGY GROUP SAYS SHANDONG DEZHOU IS PLANNING TO RAISE SOME FOUR HUNDRED MILLION DOLLARS IN THE U. S. HE SAYS THE STATE COUNCIL HAS APPROVED THE OFFERING WHICH WOULD REPRESENT THIRTY PERCENT OF SHANDONG DEZHOU'S TOTAL SHARES THE DEAL WHICH IS BEING LED BY C. S. FIRST BOSTON IS LIKELY TO GO FORWARD IN THE FIRST HALF OF THE YEAR SHANDONG DEZHOU'S SISTER COMPANY HUANENG INTERNATIONAL POWER DEVELOPMENT CORPORATION IS ALSO EXPECTED TO SEEK A LISTING IN THE U. S. BUT PREPARATIONS STILL HAVE A LONG WAY TO GO OF THE TWO AIRLINES ON THE LIST CHINA SOUTHERN AIRLINE GROUP AND CHINA EASTERN AIR GROUP BOTH ARE EXPECTED TO APPLY TO LIST IN THE U. S. INVESTMENT BANKERS AND PROFESSIONALS SAY A CHINA SOUTHERN OFFICIAL SAYS GOLDMAN SACHS HELPED THE AIRLINE WITH A FEASIBILITY STUDY FOR INTERNATIONAL LISTING LAST YEAR BUT IT PROBABLY WON'T BE READY TO LIST FOR ANOTHER SIX TO NINE MONTHS A POSSIBLE BUT LESS LIKELY CANDIDATE FOR A U. S. LISTING IS WUHAN IRON AND STEEL COMPANY ONE OF CHINA'S LARGEST STEELWORKS A COMPANY OFFICIAL CONFIRMS IT HAS GOTTEN THE GO AHEAD FROM BEIJING TO PROCEED WITH A FORMAL APPLICATION TO LIST ABROAD HE SAYS THE COMPANY WHICH PRODUCES SOME FIVE MILLION METRIC TONS OF STEEL EACH YEAR PLANS TO RAISE THREE HUNDRED MILLION DOLLARS TO FOUR HUNDRED MILLION DOLLARS A METRIC TON IS TWO THOUSAND TWO HUNDRED FOUR POINT SIX TWO POUNDS INVESTMENT BANKERS HAVE BEEN FLOCKING TO SIGN UP COMPANIES SEEKING LISTINGS NANJING'S PANDA ELECTRONICS GROUP WHICH PRODUCES TELEVISIONS AND SATELLITE DISHES TOLD ONE INVESTMENT BANKER THAT REPRESENTATIVES FROM A DOZEN MERCHANT BANKS HAVE VISITED THE COMPANY SO FAR QUOTE THE PITCHING WAR HAS BEGUN QUOTE SAYS A HONG KONG BASED EXECUTIVE OF A U. S. INVESTMENT COMPANY ONE REASON FOR THE HEATED COMPETITION IS THE SUCCESS OF THE FIRST GROUP OF OVERSEAS LISTINGS ALL OF THE SIX COMPANIES LISTED SO FAR AMONG THE NINE HAVE PERFORMED WELL BESIDES THE COMPANIES ALREADY MENTIONED OTHERS BELIEVED TO BE ON THE LIST HANDED TO THE STATE COUNCIL INCLUDE GUANGDONG SHENZHEN RAILWAY LEGEND COMPUTER GROUP COMPANY XIAN AIRCRAFT COMPANY IN SHAANXI PROVINCE CHINA NUMBER TWO AUTOMOBILE WORKS IN HUBEI PROVINCE HUABEI PHARMACEUTICAL COMPANY FOSHAN CERAMIC INDUSTRY AND TRADE GROUP COMPANY IN GUANGDONG PROVINCE AND SHANGHAI BASED CHINA SHIPPING LINES PACIFIC TELESIS GROUP PLANS TO SLASH TEN THOUSAND JOBS AND TAKE A SIX HUNDRED SIXTY FIVE MILLION DOLLAR FOURTH QUARTER CHARGE AS IT GIRDS FOR FIERCE COMPETITION IN ITS LOCAL PHONE MARKET THE SAN FRANCISCO TELECOMMUNICATIONS COMPANY CONSIDERED BY SOME TO BE LESS NIMBLE THAN MANY OF ITS BABY BELL SIBLINGS SAID THE CUTS IN ITS PACIFIC BELL TELEPHONE UNIT ARE PART OF A LARGER PLAN TO QUOTE RE ENGINEER QUOTE THE UNIT'S OPERATIONS PACIFIC TELESIS RECENTLY UNVEILED AN AMBITIOUS SIXTEEN BILLION DOLLAR PLAN TO UPGRADE ITS PHONE NETWORK TO BUILD A HUGE VIDEO SUPERHIGHWAY TO HOMES IN ITS TERRITORY THE CUTS AND RE ENGINEERING ARE PART OF A PLAN TO REDUCE COSTS AND BE BETTER POSITIONED AS COMPETITION GETS MORE INTENSE AND MORE REAL SAID WILLIAM DOWNING PACIFIC BELL'S CHIEF FINANCIAL OFFICER THE UNIT HAS ALREADY REDUCED ITS WORK FORCE BY NINE THOUSAND FIVE HUNDRED SINCE JANUARY NINETEEN NINETY UNDER ITS LATEST PLAN PACIFIC BELL WILL CUT THREE THOUSAND POSITIONS IN NINETEEN NINETY FOUR AND SEVEN THOUSAND MORE BY THE END OF NINETEEN NINETY SEVEN OR NINETEEN PERCENT OF ITS STAFF OF ABOUT FIFTY TWO THOUSAND IN DECEMBER PACIFIC BELL IMPOSED A SALARY FREEZE ON THIRTEEN THOUSAND SEVEN HUNDRED MANAGERS PACIFIC BELL'S MOVE MIRRORS THAT OF OTHER BABY BELLS AS THEY STRUGGLE TO BECOME LEANER TO DIVERSIFY INTO WIRELESS CABLE AND ENTERTAINMENT BUSINESSES SOPHISTICATED NETWORKS THAT PACIFIC TELESIS BELL ATLANTIC CORPORATION NYNEX CORPORATION AND OTHERS HAVE BEGUN ARE DRIVEN BY TECHNOLOGY AND NEED LESS LABOR SAID STEVEN YANIS OF KIDDER PEABODY AND COMPANY THE LOCAL OFFICE OF THE COMMUNICATIONS WORKERS OF AMERICA THE UNION THAT REPRESENTS ABOUT FORTY THOUSAND PACIFIC BELL EMPLOYEES WASN'T PLEASED WITH THE ANNOUNCEMENT JOB CUTS OF TEN THOUSAND SEEMS LIKE A LOT GIVEN WHAT THEY'VE ALREADY CUT A SPOKESWOMAN SAID PACIFIC TELESIS SAID IT WILL TAKE A FOURTH QUARTER RESERVE OF FIVE HUNDRED SEVENTY SIX MILLION DOLLARS MAINLY TO REFLECT THE JOB CUTS AS WELL AS ADDITIONAL CHARGES OF EIGHTY NINE MILLION DOLLARS THE ADDITIONAL CHARGES INCLUDE TWENTY NINE MILLION DOLLARS RELATED TO REFUNDS PAID TO PACIFIC BELL CUSTOMERS SOME RESEARCH FOR THE COMPANY'S WIRELESS OPERATIONS WAS PAID FOR OUT OF TELEPHONE REVENUE ALSO INCLUDED IN THE EIGHTY NINE MILLION DOLLARS IS TWENTY FOUR MILLION DOLLARS IN CHARGES RELATED TO THE PENDING SPINOFF OF PACIFIC TELESIS'S CELLULAR AND PAGING OPERATIONS IN ALL THE CHARGES WILL REDUCE FOURTH QUARTER EARNINGS BY SIX HUNDRED SIXTY FIVE MILLION DOLLARS OR ONE DOLLAR AND FIFTY EIGHT CENTS A SHARE WHICH WILL RESULT IN A LOSS FOR THE YEAR PACIFIC TELESIS SAID IN THE YEAR AGO PERIOD THE COMPANY EARNED TWO HUNDRED EIGHTY SEVEN MILLION DOLLARS OR SEVENTY ONE CENTS A SHARE ANALYSTS HOWEVER EXPECT THE JOB CUTS TO HELP PACIFIC BELL IN THE LONG RUN KENNETH LEON OF LEHMAN BROTHERS ESTIMATES THAT ALTHOUGH PACIFIC BELL EXPECTS FLAT EARNINGS IN NINETEEN NINETY FOUR COMPARED WITH NINETEEN NINETY THREE THE CUTS COULD BOOST ANNUAL PRETAX EARNINGS BY ABOUT ONE HUNDRED FIFTY MILLION DOLLARS THE COMPANY'S SHARES CLOSED AT FIFTY FOUR DOLLARS AND TWENTY FIVE CENTS UP SIXTY TWO POINT FIVE CENTS IN BIG BOARD TRADING FRIDAY IN ITS PLAN TO BUILD AN ADVANCED VIDEO SERVICES NETWORK PACIFIC TELESIS FACES A LETHARGIC CALIFORNIA ECONOMY A HARSH REGULATORY CLIMATE AND COMPETITION FROM UPSTART FIBER OPTIC PHONE SERVICE PROVIDERS THE BATTLE FOR CALIFORNIA'S LUCRATIVE TELEPHONE MARKETS IS EXPECTED TO INTENSIFY LATER THIS YEAR WHEN REGULATORS CLEAR THE WAY FOR OUTSIDE COMPETITORS TO VIE FOR THE STATE'S TWO BILLION DOLLAR MARKET IN TOLL CALLS THEY ARE LONG DISTANCE CALLS MADE OUTSIDE THE TWELVE MILE LOCAL CALLING AREA BUT WITHIN THE STATE THE PLAN TO OPEN THE TOLL CALL MARKET TO ABOUT NINETY THREE COMPANIES INCLUDING AMERICAN TELEPHONE AND TELEGRAPH COMPANY AND M. C. I. COMMUNICATIONS CORPORATION HAS BEEN TEMPORARILY DELAYED BY REGULATORS ATTENTION SHOPPERS COULD IT BE THAT KMART STOCK IS HEADED ALONG THE SAME UPWARD PATH PAVED BY SEARS ROEBUCK LAST YEAR DON'T COUNT ON IT ANALYSTS SAY SURE THE STREET APPLAUDED WHEN SEARS DITCHED ITS UNPROFITABLE CATALOG OPERATION AND SOME FINANCIAL SERVICES BUSINESSES TO FOCUS ON TURNING AROUND ITS FALTERING STORES SNAZZIER STORES AND MORE ENTICING APPAREL LED TO SUPERIOR SALES AND RECORD QUARTERLY EARNINGS SEARS'S STOCK TRADING IN THE LOW FORTIES AT THE END OF NINETEEN NINETY TWO CLOSED FRIDAY AT FIFTY TWO AND FIVE EIGHTHS BUT ALTHOUGH KMART APPEARS TO BE READING THE SAME BOOK THE STREET DOESN'T EXPECT THE SAME RESULTS NOT ONLY IS WAL MART STORES NIBBLING AWAY AT KMART'S MARKET SHARE BUT A REINVIGORATED SEARS IS AHEAD OF KMART IN THE TURNAROUND GAME KMART PLANS TO SELL TWO NONCORE BUSINESSES AND LAST WEEK ANNOUNCED PLANS TO SELL TWENTY PERCENT TO THIRTY PERCENT STAKES IN ITS FOUR REMAINING SPECIALTY OPERATIONS KMART ALSO SAID IT WILL TAKE A ONE POINT THREE BILLION DOLLAR PRETAX CHARGE IN THE CURRENT QUARTER TO ALTER ITS COSTLY FIVE YEAR DISCOUNT STORE RENOVATION PLAN IT NOW WILL CLOSE FIVE HUNDRED MORE STORES THAN PLANNED AND REPLACE THEM WITH BIGGER OUTLETS WALL STREET WAS UNMOVED ON THURSDAY THE DAY AFTER KMART'S ANNOUNCEMENT THE STOCK DROPPED ONE AND ONE HALF ON BIG VOLUME TO NINETEEN AND ONE HALF EQUAL TO ITS FIFTY TWO WEEK LOW FRIDAY IT ENDED AT TWENTY KMART'S DEBT IS BEING CONSIDERED FOR POSSIBLE DOWNGRADING BY SEVERAL CREDIT RATING AGENCIES INCLUDING STANDARD AND POOR'S WHICH RATES THE SENIOR DEBT SINGLE A KMART QUOTE NEEDS TO IMPROVE ON WELL EVERYTHING QUOTE SAYS ANALYST JEFFREY EDELMAN OF C. J. LAWRENCE PER SHARE EARNINGS HAVE STAGNATED FOR FIVE YEARS AND ARE LIKELY TO SHRIVEL IN THE FISCAL YEAR ENDING THIS MONTH KMART IS LOSING MARKET SHARE TO COMPETITORS PARTICULARLY INDUSTRY LEADER WAL MART IN SELLING MINORITY STAKES IN FOUR UNITS BY CREATING FOUR SEPARATE SERIES OF STOCK TIED TO THE EARNINGS OF EACH GROUP KMART STILL WILL CONTROL THOSE BUSINESSES BUT WILL LET THEM TRADE ON THEIR OWN THE UNITS ARE BORDERS WALDEN BOOKSTORE GROUP BUILDERS SQUARE HOME IMPROVEMENT STORES THE OFFICEMAX OFFICE SUPPLY CHAIN AND SPORTS AUTHORITY SPORTING GOODS STORES ANALYSTS CAN'T FIGURE YET HOW MUCH THE UNITS ARE WORTH SINCE KMART HASN'T PROVIDED MUCH DETAIL THE COMPANY WILL SAY ONLY THAT ITS TOTAL RESULTS FOR THE CURRENT FOURTH QUARTER AND YEAR WILL BE WELL BELOW YEAR AGO LEVELS WHEN SHARE EARNINGS WERE ONE DOLLAR AND FIFTEEN CENTS FOR THE QUARTER TWO DOLLARS AND SIX CENTS FOR THE YEAR MR. EDELMAN ESTIMATES THAT THE NONSPECIALTY KMART DISCOUNT STORES ALONE WILL EARN ABOUT ONE DOLLAR AND SEVENTY CENTS A SHARE IN THE YEAR THROUGH JANUARY NINETEEN NINETY FIVE IF SOME INVESTMENT BANKERS' ESTIMATES ARE CORRECT AND THE FOUR SPECIALTY UNITS TOGETHER HAVE A VALUE OF ROUGHLY THREE BILLION DOLLARS THEN KMART'S CORE BUSINESS THE DISCOUNT STORES CURRENTLY ARE VALUED BY THE STOCK MARKET AT ABOUT TWELVE DOLLARS AND SEVENTY FIVE CENTS A SHARE MR. EDELMAN SAYS THAT MEANS THE BUSINESS KMART PLANS TO KEEP SOLELY FOR ITSELF IS TRADING AT A SEEMINGLY CHEAP MULTIPLE OF AROUND SEVEN POINT FIVE TIMES HIS PROFIT ESTIMATE FOR THIS YEAR EVEN WITH ALL THE DISAPPOINTMENTS WE'VE SEEN FROM THIS COMPANY TWELVE DOLLARS AND SEVENTY FIVE CENTS IS A VERY VERY LOW PER SHARE VALUE SAYS MR. EDELMAN FUNDAMENTALLY GLEAMING NEW STORES WON'T GUARANTEE THAT KMART CAN GENERATE PROFITS THAT IT AND OTHERS EXPECT THE BIGGEST STICKING POINT POOR SALES OF APPAREL WHICH CARRIES A HIGH PROFIT MARGIN AND IS KEY TO BOTH EARNINGS GROWTH AND DIFFERENTIATING KMART FROM WAL MART KMART'S CLOTHING SALES WERE FLAT DURING THE CRITICAL HOLIDAY SEASON I DON'T THINK THE CONSUMER IS CLEAR ON WHAT KMART IS SAYS RICHARD MERCIER OF MOODY'S INVESTORS SERVICE THEY'RE NOT RESPONDING TO KMART'S APPAREL OFFERINGS WHICH LEADS ONE TO CONCLUDE THEY EITHER DO NOT LIKE WHAT IS THERE OR THEY'RE JUST NOT CONSIDERING IT ONE PROBLEM HAS BEEN MIXED SIGNALS SENT BY KMART COMMERCIALS THOSE BROADCAST EARLY LAST YEAR HAD AN UPSCALE FEEL AND FEATURED ATTRACTIVE PROFESSIONAL WOMEN EXCITED ABOUT BUYING KMART CLOTHES THOSE AIRING NOW APPEAR TO TARGET BARGAINHUNTERS THEY FEATURE CHAIRMAN JOSEPH ANTONINI PROMISING LOW LOW PRICES ANOTHER UNKNOWN LIES IN A NEW CONCEPT KMART IS TRYING SOME OF THE LARGER STORES IT WILL BUILD WILL BE SO CALLED SUPER KMARTS COMBINATION GROCERY AND GENERAL MERCHANDISE STORES WHILE KMART SAYS THE EIGHTEEN STORES BUILT SO FAR ARE PERFORMING BETTER THAN PLANNED ANALYSTS SAY THE STRATEGY REMAINS UNPROVEN QUOTE YOU CAN HAVE THESE BIG GLAMOROUS STORES QUOTE SAYS JANIS C. RICHARDS OF S. AND P. QUOTE BUT YOU HAVE TO MAKE SURE THE PRODUCE TURNS AND THE DAIRY PRODUCTS STAY FRESH QUOTE MANAGEMENT AND EXECUTION IN THE END ARE MORE IMPORTANT THAN NICE HARDWARE SAYS ANALYST MARGO MCGLADE OF PAINEWEBBER AMERICAN OFFICIALS HAVE REACHED AN AGREEMENT WITH ABU DHABI AUTHORITIES THAT PERMITS THE U. S. ARREST OF A PRIME SUSPECT IN THE BANK OF CREDIT AND COMMERCE INTERNATIONAL SCANDAL SWALEH NAQVI A FORMER OFFICIAL OF THE NOW DEFUNCT B. C. C. I. WAS INDICTED ON FRAUD CHARGES RELATING TO THE ILLEGAL ACQUISITION OF FIRST AMERICAN BANKSHARES INCORPORATED IN NINETEEN NINETY ONE THE AGREEMENT CALLS FOR HIM TO BE TURNED OVER TO PROSECUTORS WITHIN ONE HUNDRED TWENTY DAYS OF LAST SATURDAY QUOTE THIS IS VERY SIGNIFICANT QUOTE SAID GERALD STERN WHOM PRESIDENT CLINTON APPOINTED SPECIAL COUNSEL FOR FINANCIAL INSTITUTION FRAUD NOW WE CAN GET HIM HERE TO FACE THESE CHARGES MR. NAQVI ALREADY IS UNDER ARREST IN ABU DHABI ON B. C. C. I. RELATED CHARGES THE NEGOTIATED DOCUMENT SAYS THE JUSTICE DEPARTMENT THE FEDERAL RESERVE BOARD AND THE DISTRICT ATTORNEY'S OFFICE OF NEW YORK WON'T SEEK OR PURSUE ANY PROSECUTION OF OR INITIATE ANY CIVIL OR ADMINISTRATIVE PROCEEDING AGAINST ANY OF THE ABU DHABI PARTIES TO THE AGREEMENT ARISING FROM THE FACTS AND CIRCUMSTANCES OF THE B. C. C. I. AFFAIR UNLESS THIS AGREEMENT IS BREACHED BY THE ABU DHABI PARTIES AS PART OF THE DEAL WORKED OUT LAST WEEK A ONE POINT FIVE BILLION DOLLAR LAWSUIT BROUGHT BY THE TRUSTEE FOR FIRST AMERICAN AGAINST SHEIK ZAYED AL NAHYAN WILL BE DROPPED SHEIK ZAYED IS RULER OF ABU DHABI AND HIS GOVERNMENT CONTROLLED A MAJORITY STAKE IN B. C. C. I. HOLDINGS LUXEMBOURG S. A. B. C. C. I.'S PARENT COMPANY WASHINGTON BASED FIRST AMERICAN WAS SOLD LAST YEAR TO FIRST UNION CORPORATION OF CHARLOTTE N. C. MIDDLETON MARTIN A WASHINGTON LAWYER FOR THE ABU DHABI PARTIES ISSUED A STATEMENT SAYING THE AGREEMENT SHOWS MY CLIENTS' CONFIDENCE THAT THE COOPERATION WHICH WILL RESULT WILL ASSIST IN IDENTIFYING AND BRINGING WRONGDOERS TO JUSTICE AND WILL DEMONSTRATE ONCE AND FOR ALL THAT THEY WERE INDEED THE LARGEST VICTIM OF THE FRAUD PERPETRATED BY THE WRONGDOERS ABU DHABI AUTHORITIES HAVE PREVIOUSLY PROMISED TO PROVIDE DOCUMENTS AND ACCESS TO OFFICIALS INVOLVED IN THE B. C. C. I. CASE BUT HAVEN'T DELIVERED FORMER MARYLAND SENATOR CHARLES MATHIAS WHO IS CHAIRMAN OF FIRST AMERICAN SAID HE EXPECTS THE ABU DHABI AUTHORITIES TO ACCEDE TO A POSITIVE WRITTEN SOLEMN CONTRACT TO DELIVER PARTICIPATING IN THE NEGOTIATIONS AT LE RICHEMONDE HOTEL IN GENEVA WAS A NINE MEMBER AMERICAN TEAM LED BY MR. STERN AND INCLUDING FIVE JUSTICE DEPARTMENT OFFICIALS TWO FROM THE DISTRICT ATTORNEY'S OFFICE AND TWO FROM THE FED A REPRESENTATIVE OF FIRST AMERICAN AND ITS TRUSTEE ALSO WERE PRESENT ABU DHABI WAS REPRESENTED BY THE CHAIRMAN OF THE DEPARTMENT OF PRIVATE AFFAIRS FOR SHEIK ZAYED AND SIX DIRECTORS OF THE ABU DHABI INVESTMENT AUTHORITY PLUS THEIR COUNSEL THE DEAL ALSO PROVIDES THAT SHEIK ZAYED WILL DROP CLAIMS TO FOUR HUNDRED MILLION DOLLARS THAT HIS GOVERNMENT INVESTED IN FIRST AMERICAN AND THE TWENTY EIGHT PERCENT SHARE OF THE COMPANY'S STOCK HE OWNED WITH HIS SON AND THE INVESTMENT AUTHORITY MR. NAQVI WAS THE TOP ASSISTANT OF AGA HASAN ABEDI THE B. C. C. I. FOUNDER WHOM MR. STERN DESCRIBED AS THE NUMBER ONE MAN IN THE INTERNATIONAL BANKING RACKET MR. ABEDI WHO IS IN PAKISTAN ALSO WAS INDICTED IN NINETEEN NINETY ONE ALONG WITH GHAITH PHARAON MR. PHARAON WHOSE WHEREABOUTS ARE UNKNOWN ALLEGEDLY PARTICIPATED IN THE ILLEGAL ACQUISITION OF NATIONAL BANK OF GEORGIA BY B. C. C. I. ACCORDING TO THE INDICTMENT B. C. C. I. PLEADED GUILTY IN JANUARY NINETEEN NINETY TWO TO FRAUD CHARGES AND FORFEITED ALL OF ITS AMERICAN ASSETS THE BANK CLOSED IN NINETEEN NINETY ONE AMID CHARGES BY FEDERAL OFFICIALS NEW YORK DISTRICT ATTORNEY ROBERT MORGENTHAU BRITAIN AND OTHER COUNTRIES THAT THE BANK WAS INVOLVED IN CRIMINAL ACTIVITIES THAT INCLUDED ARMS TRAFFICKING QUOTE THE UNITED STATES FROM THE OUTSET HAS BEEN TRYING TO GET TO THE BOTTOM OF U. S. LAWS VIOLATED BY B. C. C. I. QUOTE MR. STERN SAID IN ADDITION TO SECURING MR. NAQVI'S ARREST THE AGREEMENT WILL GREATLY HELP U. S. PROSECUTORS BY PROVIDING THEM WITH FULL ACCESS TO ALL B. C. C. I. DOCUMENTS THAT WE'VE BEEN TRYING TO OBTAIN FROM THE OUTSET AS WELL MR. STERN ADDED ALSO TEN FORMER B. C. C. I. EMPLOYEES NOW DETAINED IN ABU DHABI WILL BE INTERVIEWED BY A TEAM OF INVESTIGATORS FROM THE JUSTICE DEPARTMENT THE FED AND THE DISTRICT ATTORNEY'S OFFICE NEXT WEEK OR SHORTLY THEREAFTER MR. STERN SAID DEPUTY ATTORNEY GENERAL PHILIP HEYMANN SAID THAT THIS IS A REMARKABLE AGREEMENT IN TERMS OF WHAT WE'VE SUCCEEDED IN GETTING AND THE LEVEL OF COOPERATION AMONG GOVERNMENT AGENCIES THE DOCUMENTS AND MR. NAQVI'S POTENTIAL COOPERATION WITH U. S. LAW ENFORCEMENT OFFICIALS COULD HAVE IMPLICATIONS FOR CLARK CLIFFORD AND ROBERT ALTMAN WASHINGTON LAW PARTNERS ACCUSED BY NEW YORK AND FEDERAL AUTHORITIES OF AIDING B. C. C. I.'S TAKEOVER OF FIRST AMERICAN MR. ALTMAN WAS ACQUITTED OF STATE CHARGES LAST AUGUST AND SIMILAR CHARGES AGAINST MR. CLIFFORD WHO WAS SECRETARY OF DEFENSE UNDER PRESIDENT JOHNSON WERE DISMISSED BY A NEW YORK JUDGE BECAUSE OF MR. CLIFFORD'S AGE HE IS EIGHTY SIX YEARS OLD AND POOR HEALTH THE JUSTICE DEPARTMENT DROPPED ITS CHARGES AGAINST THE TWO TO ALLOW THE STATE'S CASE TO PROCEED FEDERAL OFFICIALS HOWEVER RESERVED THE RIGHT TO REFILE THE CHARGES THE NEW INFORMATION COULD HAVE AN EFFECT ON THAT DECISION ORACLE CORPORATION HAS WON A COVETED CONTRACT TO SUPPLY MULTIMEDIA GEAR AND SOFTWARE TO BELL ATLANTIC CORPORATION GAINING WHAT COULD BE AN IMPORTANT ALLY IN THE PROMISING MARKET FOR NEXT GENERATION COMMUNICATIONS NETWORKS BELL ATLANTIC IS EXPECTED TO ANNOUNCE WEDNESDAY THAT IT HAS PICKED ORACLE'S NEW MULTIMEDIA DATABASE SOFTWARE RUNNING ON UNUSUAL PARALLEL SUPERCOMPUTERS TO DELIVER MOVIES ON DEMAND AND INTERACTIVE SHOPPING SERVICES OVER ITS PHONE LINE NETWORK THE BELL ATLANTIC CONTRACT ATTRACTING SUCH BIDDERS AS INTERNATIONAL BUSINESS MACHINES CORPORATION GENERATED ATTENTION BECAUSE OF THE LEAD ROLE THE BABY BELL HAS TAKEN IN PUSHING THE MUCH HYPED INFORMATION HIGHWAY THE REGIONAL PHONE COMPANY IS ACQUIRING TELE COMMUNICATIONS INCORPORATED THE NATION'S LARGEST CABLE COMPANY GIVING IT ACCESS TO TWENTY MILLION HOMES IT HAS SET THE MOST AGGRESSIVE PLANS SO FAR IN THE MULTIMEDIA RACE AIMING TO PROVIDE SERVICES TO TWO HUNDRED FIFTY THOUSAND HOMES THIS YEAR A FURTHER ONE MILLION IN NINETEEN NINETY FIVE AND ALMOST NINE MILLION BY THE END OF THE DECADE ORACLE HOPES TO LINK WITH BELL ATLANTIC TO DESIGN MYRIAD SOFTWARE APPLICATIONS SUCH AS INTERACTIVE SHOPPING SERVICES THAT THE TWO FIRMS CAN JOINTLY MARKET TO OTHER TELECOMMUNICATIONS AND CABLE COMPANIES BUT THE SOFTWARE COMPANY IS FAR FROM ASSURED OF GAINING THE EDGE IT SEEKS WITH THE BELL ATLANTIC TIE SEVERAL OTHER BABY BELLS HAVE CHOSEN RIVAL VENDORS FOR INTERACTIVE GEAR SOME ANALYSTS MOREOVER DOWNPLAYED THE SIGNIFICANCE OF THE CONTRACT FOR ORACLE IN THE SHORT TERM WHILE LAWRENCE ELLISON ORACLE FOUNDER AND CHIEF EXECUTIVE OFFICER HAS CHARACTERIZED BELL ATLANTIC'S PLANS AS A QUOTE MASSIVE ROLLOUT QUOTE AND HAS COMPARED THE AWARD TO I. B. M.'S DECISION TO ANNOINT MICROSOFT CORPORATION IN PERSONAL COMPUTER OPERATING SYSTEMS OTHERS SUSPECT ORACLE IS OVERSTATING HOW RAPIDLY THE TECHNOLOGY WILL BE DEPLOYED THIS IS JUST A TRIAL CONTENDED WILLIAM BLUESTEIN AN ANALYST AT FORRESTER RESEARCH INCORPORATED IN CAMBRIDGE MASSACHUSETTS STEPHEN MCCLELLAN AN ANALYST AT MERRILL LYNCH THINKS THE MULTIMEDIA BUSINESS WON'T MAKE A MAJOR CONTRIBUTION IN THE NEXT TWO YEARS TO ORACLE'S REVENUE WHICH HE EXPECTS TO GROW THIRTY PERCENT TO TWO BILLION DOLLARS FOR THE YEAR ENDING IN MAY BUT ONE KNOWLEDGEABLE EXECUTIVE SAID BELL ATLANTIC'S INITIAL ORDER COULD MEAN THIRTY FIVE MILLION DOLLARS TO FIFTY MILLION DOLLARS IN REVENUE THIS YEAR AND MR. ELLISON SAID IN AN INTERVIEW FRIDAY WITH DOW JONES INVESTOR NETWORK THAT MULTIMEDIA ORDERS COULD PROVIDE HUNDREDS OF MILLIONS OF DOLLARS AND RISE TO FORTY PERCENT OR FIFTY PERCENT OF TOTAL REVENUE FIVE YEARS OUT BELL ATLANTIC DECLINED TO COMMENT ON THE PACT AS DID A SPOKESWOMAN AT ORACLE BASED IN REDWOOD CITY CALIFORNIA THE CONTRACT MEANTIME COULD POLISH THE IMAGE OF ORACLE AND MR. ELLISON WHO HAS A REPUTATION FOR PROMISING MORE THAN HIS COMPANY CAN DELIVER A COLLEGE DROPOUT FROM CHICAGO'S SOUTH SIDE HE IS SUDDENLY BEING REGARDED AS A MULTIMEDIA GURU TOMORROW HE IS A HEADLINER AT A LOS ANGELES CONFERENCE DISCUSSING INFORMATION HIGHWAY POLICIES ALONG WITH VICE PRESIDENT AL GORE Q. V. C. NETWORK INCORPORATED'S CHAIRMAN BARRY DILLER BELL ATLANTIC'S CHIEF EXECUTIVE RAY SMITH AND JOHN MALONE CHIEF EXECUTIVE OF T. C. I. ORACLE MEANWHILE HAS SCHEDULED A BIG TO DO JANUARY EIGHTEENTH THAT WILL FEATURE AMONG OTHER LUMINARIES MR. ELLISON AND FORMER NEWS ANCHORMAN WALTER CRONKITE THE PACT WOULD SEEM TO BE A DEFEAT FOR I. B. M. WHICH HAD BEEN CONTENDING FOR THE MAJOR PART OF THE CONTRACT I. B. M. HOWEVER IS EXPECTED TO LAND BELL ATLANTIC ORDERS FOR T. V. SET TOP DECODER DEVICES BASED ON A MOTOROLA INCORPORATED CHIP PEOPLE FAMILIAR WITH THE PROJECT SAID I. B. M. IS WINNING PRAISE FOR ITS BOXES WHICH WILL EVENTUALLY RUN ON THE NEW POWERPC CHIP IT DEVELOPED WITH MOTOROLA AND APPLE COMPUTER INCORPORATED THE BIG BLUE BOX IS PRICED SURPRISINGLY AGGRESSIVELY AT ABOUT TWO HUNDRED FIFTY DOLLARS A UNIT IN LARGE VOLUMES THE SET TOP MARKET HAS HUGE POTENTIAL FOR I. B. M. AND OTHERS NINETY EIGHT PERCENT OF THE NATION'S HOMES HAVE T. V. SETS SOME FIFTY EIGHT MILLION HOMES NOW RENT SET TOP BOXES FOR REGULAR CABLE SERVICE BELL ATLANTIC'S INITIAL ORDER WITH ORACLE COVERS FOUR SYSTEMS THAT CAN EACH DELIVER AS MANY AS TWENTY FIVE THOUSAND VIDEO STREAMS BASED ON THE PARALLEL COMPUTERS OF NCUBE CORPORATION THE CLOSELY HELD COMPANY IN WHICH ORACLE'S MR. ELLISON HOLDS ABOUT A NINETY FIVE PERCENT STAKE ONE EXECUTIVE SAID THAT WOULD MEAN THE EQUIPMENT COULD SERVE ON DEMAND VIDEO TO ONE HUNDRED THOUSAND HOMES IF ALL PLACED ORDERS SIMULTANEOUSLY AN UNLIKELY EVENT OR TWO HUNDRED THOUSAND HOMES OR MORE IF ORDERS WERE STAGGERED ORACLE ALSO MAY ANNOUNCE OTHER ALLIANCES THIS WEEK AMONG THEM ORACLE HAS BEEN PICKED BY BRITISH TELECOMMUNICATIONS P. L. C. FOR A VIDEO ON DEMAND TRIAL IN THE LONDON AREA EXECUTIVES SAID THE SOFTWARE FIRM IS IN TALKS WITH CAPITAL CITIES SLASH A. B. C. INCORPORATED ABOUT TEAMING UP TO BUILD A VIDEO SERVER THAT WOULD DELIVER T. V. NEWS STORIES WHICH ORACLE WOULD THEN TRY TO SELL TO OTHER T. V. NEWS DIVISIONS ORACLE ALSO HAS REACHED A TENTATIVE DEAL WITH THE CAPITOL RECORDS UNIT OF THORN E. M. I. P. L. C. TO DEVELOP ANOTHER SERVER THAT WOULD DELIVER MUSIC ON DEMAND LAURIE HAYS CONTRIBUTED TO THIS ARTICLE JAMES BOVARD WRITING ON YOUR DECEMBER NINTH EDITORIAL PAGE QUOTE CLINTON'S DUMPING COULD SINK G. A. T. T. QUOTE SAYS THAT ELIMINATION OF THE U. S. LAWS AGAINST AN ILLEGAL TRADING PRACTICE KNOWN AS QUOTE DUMPING QUOTE IS IN THE BEST LONG TERM INTERESTS OF THE NATION ITS CITIZENS AND THE WORLD THIS IS A FALSE AND DANGEROUS ASSERTION MR. BOVARD'S ESSAY PROMPTS A FEW OBVIOUS QUESTIONS QUESTION WHY WOULD A FOREIGN COMPANY CHOOSE TO SELL PRODUCTS IN THE U. S. AT PRICES BELOW ITS COST OF PRODUCTION WHY WOULD IT SELL AT PRICES BELOW THOSE CHARGED IN ITS HOME MARKET ANSWER TO HELP PAY FOR ITS FIXED COSTS AND THUS AVOID SHUTTING DOWN PLANTS AND TERMINATING WORKERS IN ITS OWN COUNTRY IT MATTERS NOT AT ALL TO THEM THAT AMERICAN WORKERS LOSE THEIR JOBS AND BENEFITS QUESTION WHY DON'T U. S. COMPANIES SIMPLY RETALIATE BY SHIPPING MORE PRODUCTS INTO FOREIGN MARKETS INSTEAD OF EXPECTING THE GOVERNMENT TO ENFORCE LONG STANDING TRADE LAWS ANSWER THE FOREIGN COMPANIES AND THEIR GOVERNMENTS HAVE ERECTED BARRIERS TO PREVENT U. S. COMPANIES FROM SELLING IN THE FOREIGN COMPANIES' HOME MARKETS QUESTION WON'T FOREIGN NATIONS DROP THESE BARRIERS IF THE U. S. ELIMINATES ITS LAWS AGAINST DUMPING ANSWER NUMBER THE PRIMARY OBJECTIVE OF FOREIGN GOVERNMENTS DURING THE G. A. T. T. NEGOTIATIONS IS TO DISMANTLE U. S. TRADE LAWS NOT TO OPEN THEIR MARKETS MR. BOVARD REPEATEDLY ASSERTS THAT THE AMERICAN CONSUMER WILL BENEFIT THROUGH LOWER PRICES FOR FOREIGN MADE GOODS IF THE CLINTON ADMINISTRATION LEGALIZES DUMPING THAT MAY BE THE MOST DANGEROUS MISCONCEPTION OF ALL DUMPING AND OTHER ILLEGAL FOREIGN TRADING PRACTICES HAVE DRIVEN U. S. COMPANIES OUT OF BUSINESS AND FORCED MILLIONS OF WORKERS INTO THE UNEMPLOYMENT LINE OR LOW WAGE JOBS SHOES TEXTILES AUTOS STEEL WATCHES T. V.S RADIOS AND MUCH OF HOME ELECTRONICS HAVE BEEN SEVERELY SHATTERED BY VIOLATIONS OF U. S. TRADE LAWS FREE TRADE MUST BE FAIR TRADE TRADING PARTNERS MUST TREAT EACH OTHER'S MARKETS WITH RESPECT WHILE COMPETING ON THE BASIS OF VALUE THAT IS QUALITY SERVICE AND EFFICIENCY NOT BY DROPPING THE PRICE UNTIL THE COMPETITOR IS DRIVEN OUT OF BUSINESS THE TREASURY REJECTED OGLETHORPE POWER CORPORATION'S PROPOSAL TO REFINANCE IN THE BOND MARKET THE THREE BILLION DOLLARS IN DEBT IT HAS OUTSTANDING WITH THE DEPARTMENT'S FEDERAL FINANCING BANK AFTER REVIEWING OGLETHORPE'S PROPOSAL FOR SIX MONTHS TREASURY CONCLUDED THAT THE ELECTRIC COOPERATIVE'S REQUEST FOR A PARTIAL WAIVER OF PREPAYMENT PENALTIES ON WHICH ITS REFUNDING PLAN HINGED QUOTE WOULD RESULT IN A SUBSTANTIAL COST TO TAXPAYERS APPROXIMATELY TWO HUNDRED EIGHTY SIX MILLION DOLLARS AT A TIME OF SEVERE BUDGETARY CONSTRAINT QUOTE THE TREASURY WHICH NOTIFIED OGLETHORPE OF ITS DECISION FRIDAY SAID GRANTING THE REQUESTED RELIEF WOULD BENEFIT ONLY ONE GROUP TO THE DETRIMENT OF ALL TAXPAYERS AND WOULD SET AN EXPENSIVE PRECEDENT SEVERAL OTHER ELECTRIC COOPERATIVES AND INVESTMENT BANKERS HAVE BEEN FOLLOWING THE OGLETHORPE MATTER IN HOPES OF GETTING PREPAYMENT RELIEF AND REFINANCING THEIR FEDERAL FINANCING BANK DEBT IN THE MARKET IF OGLETHORPE GOT THE APPROVAL OGLETHORPE AN ATLANTA BASED ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE THAT DISTRIBUTES WHOLESALE POWER TO LOCAL ELECTRIC COOPERATIVES IS EXTREMELY DISAPPOINTED BY THE TREASURY'S DECISION SAID G. STANLEY HILL AN OGLETHORPE SENIOR VICE PRESIDENT WHO FOUND IT STRANGE THAT A PROPOSAL TO TAKE THE COOPERATIVE OFF THE FEDERAL GOVERNMENT'S BOOKS WOULD BE REJECTED AT A TIME WHEN THE ADMINISTRATION IS TALKING ABOUT REINVENTING GOVERNMENT THE PURPOSE OF THE PROPOSED REFINANCING IS TO LOWER OGLETHORPE'S INTEREST COSTS OGLETHORPE'S DEBT IS GUARANTEED BY THE RURAL ELECTRIFICATION ADMINISTRATION AN ARM OF THE AGRICULTURE DEPARTMENT WHICH CONSIDERED THE MATTER TOGETHER WITH THE WHITE HOUSE OFFICE OF MANAGEMENT AND BUDGET AND THE TREASURY DEPARTMENT THE F. F. B. IS A FINANCING ARM WITHIN TREASURY IT WAS CREATED NEARLY TWENTY YEARS AGO TO COORDINATE FEDERALLY ASSISTED BORROWING AND TO PROVIDE THE LOWEST FUNDING COSTS FOR FEDERAL AGENCIES AND FEDERALLY GUARANTEED BORROWERS THE FEDERAL FINANCING BANK HOLDS ABOUT EIGHTEEN BILLION DOLLARS OF REA BACKED DEBT WITH OGLETHORPE ITS LARGEST REA ASSISTED BORROWER WHILE TURNING THUMBS DOWN ON OGLETHORPE'S REFINANCING PROPOSAL THE TREASURY SAID THERE MAY BE SOME VALUE IN ENCOURAGING FINANCIALLY STRONG RURAL ELECTRIC COOPERATIVES LIKE OGLETHORPE TO LEAVE THE REA LOAN PROGRAM AND THE F. F. B. IT FLOATED A CONCEPT FOR A PROPOSAL TO ALLOW OGLETHORPE TO REFINANCE SOME NINE HUNDRED MILLION DOLLARS OF NEWER DEBT HELD BY THE F. F. B. BUT OGLETHORPE'S MR. HILL CALLED THIS CONCEPT CONFUSING AND SAID IT WOULD APPEAR TO LEAVE OGLETHORPE WITH MORE THAN TWO BILLION DOLLARS OF RELATIVELY HIGH COST DEBT IN THE FEDERAL FINANCING BANK THE TREASURY IDEA WOULD HAVE THE BANK SELLING THE NINE HUNDRED MILLION DOLLARS IN DEBT TO A TRUSTEE WITHOUT AN REA GUARANTEE AND THE TRUSTEE SECURITIZING THE DEBT AND RESELLING IT IN THE MARKET AND GETTING ABOUT FIFTY MILLION DOLLARS LESS THAN THE SALES PRICE CHARGED BY THE BANK HOWEVER SOME INVESTMENT BANKERS WHO HAVE BEEN FOLLOWING THE OGLETHORPE MATTER CLOSELY WEREN'T AS GRIM SEEING THE GLIMMERINGS OF BUSINESS OPPORTUNITIES IN THE TREASURY'S STATEMENT THAT IT THE O. M. B. AND THE AGRICULTURE DEPARTMENT ARE INTERESTED IN MAKING THE REA PROGRAM MORE RESPONSIVE TO THE MOST FINANCIALLY NEEDY BORROWINGS AND ENCOURAGING FINANCIALLY STRONGER BORROWERS LIKE OGLETHORPE TO STAND ON THEIR OWN A FEDERAL OFFICIAL INVOLVED IN THE DECISION MAKING PROCESS SAID WE ARE OPEN TO THE IDEA OF AN EXIT FOR HEALTHY BORROWERS BUT STRESSED THAT THE TAXPAYER MUST REMAIN WHOLE CLOSED END FUNDS SELL A LIMITED NUMBER OF SHARES AND INVEST THE PROCEEDS IN SECURITIES UNLIKE OPEN ENDED FUNDS CLOSED ENDS GENERALLY DO NOT BUY THEIR SHARES BACK FROM INVESTORS WHO WISH TO CASH IN THEIR HOLDINGS INSTEAD FUND SHARES TRADE ON A STOCK EXCHANGE THE FOLLOWING LIST PROVIDED BY LIPPER ANALYTICAL SERVICES SHOWS THE EXCHANGE WHERE EACH FUND TRADES A AMERICAN C. CHICAGO N. NYSE O. NASDAQ T. TORONTO Z. DOES NOT TRADE ON AN EXCHANGE THE DATA ALSO INCLUDE THE FUND'S MOST RECENT NET ASSET VALUE ITS CLOSING SHARE PRICE ON THE DAY N. A. V. WAS CALCULATED AND THE PERCENTAGE DIFFERENCE BETWEEN THE MARKET PRICE AND THE N. A. V. OFTEN CALLED THE PREMIUM OR DISCOUNT FOR EQUITY FUNDS THE FINAL COLUMN PROVIDES FIFTY TWO WEEK RETURNS BASED ON MARKET PRICES PLUS DIVIDENDS FOR BOND FUNDS THE FINAL COLUMN SHOWS THE PAST TWELVE MONTHS' INCOME DISTRIBUTIONS AS A PERCENTAGE OF THE CURRENT MARKET PRICE FOOTNOTES APPEAR AFTER A FUND'S NAME. A THE N. A. V. AND MARKET PRICE ARE EX DIVIDEND B. THE N. A. V. IS FULLY DILUTED.C N. A. V. MARKET PRICE AND PREMIUM OR DISCOUNT ARE AS OF THURSDAY'S CLOSE D. N. A. V. MARKET PRICE AND PREMIUM OR DISCOUNT ARE AS OF WEDNESDAY'S CLOSE E. N. A. V. ASSUMES RIGHTS OFFERING IS FULLY SUBSCRIBED V. N. A. V. IS CONVERTED AT THE COMMERCIAL RAND RATE. Y. N. A. V. AND MARKET PRICE ARE IN CANADIAN DOLLARS ALL OTHER FOOTNOTES REFER TO UNUSUAL CIRCUMSTANCES EXPLANATIONS FOR THOSE THAT APPEAR CAN BE FOUND AT THE BOTTOM OF THIS LIST N. SLASH A SIGNIFIES THAT THE INFORMATION IS NOT AVAILABLE OR NOT APPLICABLE FREEPORT MCMORAN INCORPORATED NEW ORLEANS SAID IT EXPECTS TO REPORT A FOURTH QUARTER CHARGE OF TWENTY MILLION DOLLARS RELATED TO THE DEVALUATION OF OIL RESERVES FOLLOWING THE RECENT SKID IN ENERGY PRICES IN THE FOURTH QUARTER OF NINETEEN NINETY TWO THE ENERGY AND NATURAL RESOURCES COMPANY HAD NET INCOME OF NINETEEN POINT TWO MILLION DOLLARS OR FOURTEEN CENTS A SHARE ON REVENUE OF FOUR HUNDRED TWELVE POINT SIX MILLION DOLLARS ALSO FREEPORT MCMORAN RESOURCE PARTNERS A PHOSPHATE MANUFACTURER AND OIL PRODUCER THAT IS FIFTY ONE PERCENT OWNED BY FREEPORT MCMORAN INCORPORATED EXPECTS TO REPORT A NONCASH CHARGE OF SIXTY MILLION DOLLARS IN THE QUARTER BECAUSE OF THE TWENTY FIVE PERCENT DECLINE IN OIL PRICES IN THE FOURTH QUARTER OF NINETEEN NINETY TWO FREEPORT MCMORAN RESOURCE HAD A NET LOSS OF EIGHT MILLION DOLLARS OR EIGHT CENTS A UNIT ON REVENUE OF ONE HUNDRED NINETY NINE MILLION DOLLARS IN YOUR DECEMBER TWENTY SECOND STORY ON CAMPUS SPEECH CODES QUOTE JUDICIALLY SUSPECT QUOTE SOME OF THOSE INTERVIEWED CONTENDED SUCH CODES ARE AN OVERREACTION THAT THREATENS FREE SPEECH AS A MEMBER OF A MINORITY ATTENDING COLLEGE GRAD SCHOOL AND LAW SCHOOL DURING THE NINETEEN SEVENTIES AND EARLY EIGHTIES I WOULD WAKE UP IN THE MORNING AND KNOW FOR A FACT THAT I WOULD BE THE TARGET OF BIGOTRY BEFORE THE DAY WAS OVER ALTHOUGH I WAS FORTUNATE IN NOT BEING THE OBJECT OF PHYSICAL ABUSE UNLIKE SOME ACQUAINTANCES I KNEW HOW POWERFUL VERBAL AND EVEN NONVERBAL HARASSMENT COULD BE OVER TIME SUCH CONSTANT BELITTLEMENT CAN AFFECT A STUDENT'S SELF IMAGE AND THE QUALITY OF HIS WORK IT'S NAIVE TO THINK THAT THREATS TO A STUDENT'S WELL BEING ARE MINOR IF THEY ARE NOT PHYSICAL SOME CAMPUS SPEECH CODES MAY BE AN OVERREACTION BUT THE FACT IS THERE IS SOMETHING TO REACT TO NO ONE SHOULD HAVE TO FACE HARASSMENT AS THE PRICE OF AN EDUCATION STUDENTS WHO HAVE BEEN SUBJECTED TO RIDICULE AND HAVE OBJECTED MAY BE LEARNING THAT GOING THROUGH CHANNELS IS INEFFECTIVE THERE'S NO REASON TO THINK THE MATTER WILL END THERE AFTER ALL BEING THE TARGET OF BIGOTRY ALSO PRODUCES INTENSE ANGER IN A MOVE TO AVOID ALIENATING MANAGEMENT OF R. H. MACY AND COMPANY FEDERATED DEPARTMENT STORES INCORPORATED HAS INFORMALLY AGREED TO REFRAIN FROM TAKING ANY FURTHER ACTION FOR NOW ON ITS PROPOSAL TO MERGE WITH MACY ACCORDING TO THOSE FAMILIAR WITH THE SITUATION AS A RESULT FEDERATED WILL LIKELY WAIT UNTIL SEPTEMBER FIFTEENTH FOR MACY TO FILE ITS OWN PLAN OF REORGANIZATION BEFORE FEDERATED SUGGESTS AN ALTERNATIVE FEDERATED IS EXPECTED TO CONTINUE MEETING WITH VARIOUS MACY CREDITOR GROUPS TO EXPLAIN ITS INTEREST IN MERGING WITH ITS DEPARTMENT STORE RIVAL INCREASING PRESSURE ON MACY TO PRODUCE A PLAN THE ADVANTAGE OF THIS STRATEGY FOR FEDERATED IS THAT IT WILL LIKELY SEE MACY'S HAND AND THEN GET A CHANCE TO BETTER IT THE INFORMAL AGREEMENT COMES A WEEK AFTER FEDERATED ACQUIRED A SIGNIFICANT PORTION OF MACY'S SENIOR SECURED DEBT AND SAID IT WANTED TO MERGE WITH MACY WHICH IS OPERATING UNDER PROTECTION OF CHAPTER ELEVEN OF THE U. S. BANKRUPTCY CODE THE FEDERATED MOVE WAS GREETED FROSTILY BY MACY MANAGEMENT WHICH REASSERTED ITS DETERMINATION TO REMAIN INDEPENDENT FEDERATED AND MACY DECLINED TO COMMENT BUT THE PEOPLE CLOSE TO THE SITUATION SAID THE AGREEMENT FOLLOWED TALKS BETWEEN MACY CHAIRMAN MYRON ULLMAN THE THIRD AND FEDERATED CHAIRMAN ALLEN QUESTROM THE DETENTE IS NOT COMPLETELY UNEXPECTED WHEN FEDERATED DISCLOSED EARLIER THIS MONTH THAT IT HAD ACQUIRED A SIGNIFICANT PORTION OF MACY'S SENIOR SECURED DEBT IT SAID THAT IT WAS INTERESTED IN WORKING WITH MACY'S MANAGEMENT QUOTE THERE'S NOTHING TO BE GAINED BY WHIPPING PEOPLE INTO A FRENZY QUOTE SAID ONE EXECUTIVE CLOSE TO THE SITUATION MACY STILL HAS AN EXCLUSIVE RIGHT TO FILE ITS OWN PLAN AND FEDERATED REALIZES THAT A HOSTILE CAMPAIGN WON'T HELP WITH ITS STRATEGY OF WORKING WITH MACY'S ON A CONSENSUAL PLAN A PLAN OF REORGANIZATION INVOLVES A DETAILED PAYOUT FOR EACH CREDITOR GROUP AND A TARGET DATE TO EMERGE FROM BANKRUPTCY COURT PROTECTION MACY CURRENTLY OWES ITS CREDITORS ABOUT SIX BILLION DOLLARS BY SOME ESTIMATES THE DEPARTMENT STORE COMPANY HAS A CURRENT VALUE OF ABOUT HALF THAT AMOUNT IN A CLOSED CIRCUIT SATELLITE DELIVERED ADDRESS TO EMPLOYEES LAST FRIDAY MR. ULLMAN SAID THAT THE BOARD IS VERY SATISFIED THAT OUR POSITION OF PREPARING OUR OWN PLAN IS THE APPROPRIATE DIRECTION FOR THIS COMPANY MR. ULLMAN ALSO EMPHASIZED HIS POSITION THAT MACY IS NOT FOR SALE AND WILL NOT BE BROKEN UP SEPARATELY MACY IS EXPECTED TO REPORT TODAY THAT SALES AT STORES OPENED FOR AT LEAST ONE YEAR ROSE ONLY ONE POINT SEVEN PERCENT IN DECEMBER ON AN ADJUSTED BASIS THE RETAILER IS IN THE PROCESS OF CLOSING SOME OF ITS ELECTRONICS DEPARTMENTS COMPARED WITH THE SAME PERIOD A YEAR AGO MACY OPERATES MANY OF ITS STORES IN CALIFORNIA AND THE NORTHEAST WHERE REGIONAL ECONOMIES REMAIN SLUGGISH MACY WILL ALSO DISCLOSE THAT ITS EARNINGS BEFORE INTEREST TAXES DEPRECIATION AND AMORTIZATION FOR DECEMBER ROSE SIXTY ONE MILLION DOLLARS TO TWO HUNDRED SIXTY SIX MILLION DOLLARS FROM TWO HUNDRED FIVE MILLION DOLLARS IN THE YEAR EARLIER PERIOD THOSE GAINS WERE ACHIEVED BY FURTHER COST CUTTING AND FEWER MERCHANDISE MARKDOWNS ON FRIDAY MEMBERS OF THE MACY BOARD HAD AN INFORMAL MEETING TO REVIEW THE COMPANY'S DECEMBER SALES PERFORMANCE AND PROGRESS ON THE COMPANY'S PLAN OF REORGANIZATION BOARD MEMBERS ALSO QUESTIONED MR. ULLMAN ON THE FEDERATED PURCHASE OF MACY DEBT BUT MACY DECLINED TO DISCUSS THE MATTER THE MEETING WAS ATTENDED BY DIRECTORS INCLUDING PAUL W. VAN ORDEN A FORMER GENERAL ELECTRIC COMPANY EXECUTIVE NOW ASSOCIATED WITH THE COLUMBIA UNIVERSITY GRADUATE SCHOOL OF BUSINESS AND BEVERLY SILLS GREENOUGH THE FORMER OPERA SINGER AND MANAGING DIRECTOR OF THE METROPOLITAN OPERA BOTH DECLINED TO COMMENT LAURENCE A. TISCH CHAIRMAN OF LOEWS CORPORATION AND A MAJOR SHAREHOLDER IN MACY WAS OUT OF THE COUNTRY AND ACCORDING TO A MACY SPOKESWOMAN DIDN'T LISTEN IN ON THE MEETING BY TELEPHONE ON MARCH FIFTEENTH MACY'S MANAGEMENT IS EXPECTED TO RETURN TO U. S. BANKRUPTCY COURT IN LOWER MANHATTAN AND ASK THAT ITS EXCLUSIVE RIGHT TO FILE A PLAN OF REORGANIZATION BE EXTENDED FOR ANOTHER THREE TO SIX MONTHS FEDERATED WON'T CHALLENGE THAT REQUEST SAY THOSE FAMILIAR WITH THE RETAILER'S THINKING DESPITE THIS MACY'S SENIOR MANAGEMENT FACES GROWING PRESSURE TO FILE A PLAN OF REORGANIZATION MACY WILL CERTAINLY STILL FEEL THE PRESSURE TO ACCELERATE THE PLANNING PROCESS IT HAD ORIGINALLY INTENDED SAID WALTER LOEB A RETAIL CONSULTANT AND PUBLISHER OF THE LOEB RETAIL LETTER FEDERATED WHICH OPERATED UNDER BANKRUPTCY COURT PROTECTION FROM JANUARY NINETEEN NINETY TO FEBRUARY NINETEEN NINETY TWO TOOK ABOUT FOURTEEN MONTHS TO CRAFT A PLAN OF REORGANIZATION THAT WAS ACCEPTABLE TO CREDITORS MACY BY CONTRAST HAS WORKED ON ITS PLAN FOR ONLY FOUR MONTHS MACY FILED FOR BANKRUPTCY COURT PROTECTION IN JANUARY NINETEEN NINETY TWO FEDERATED WHICH OPERATES SUCH DEPARTMENT STORE DIVISIONS AS BLOOMINGDALE'S AND RICH'S PAID FOUR HUNDRED FORTY NINE POINT THREE MILLION DOLLARS TO ACQUIRE HALF OF PRUDENTIAL INSURANCE COMPANY OF AMERICA'S CLAIM IN MACY'S CHAPTER ELEVEN BANKRUPTCY REORGANIZATION AND HAS AN OPTION TO ACQUIRE THE OTHER HALF THE FACT THAT FEDERATED WILL LIKELY HAVE CLAIMS TOTALING A HALF BILLION DOLLARS OR MORE MAY HELP IT IN ITS EFFORTS TO PERSUADE MACY TO ACCEPT A CONSENSUAL PLAN ESPECIALLY IF MACY IS FORCED TO REDEEM THAT INTEREST IN CASH LIKE SHAWN SULLIVAN AUTHOR OF THE DECEMBER TWENTY NINTH RULE OF LAW COLUMN QUOTE DOUBTS ABOUT A HEAD START IN THE PAPER CHASE QUOTE AFFIRMATIVE ACTION HAS CAUSED ME A CERTAIN AMOUNT OF UNEASE A FEW YEARS AGO WHILE A REPORTER AT A DIFFERENT NEWSPAPER I SIGNED UP FOR A MONTH LONG FELLOWSHIP PROGRAM AT A RENOWNED SCHOOL OF JOURNALISM THE APPLICATION ASKED ABOUT MY RACE I LEFT THAT PART BLANK NONE OF THEIR BUSINESS I FIGURED THE NEXT WEEK I GOT A PHONE CALL FROM THE PROFESSOR WHO RAN THE FELLOWSHIP WE NEED TO KNOW YOUR RACE HE SAID BECAUSE WE MUST ENSURE DIVERSITY IN THE PROGRAM IF YOU WON'T TELL US YOU'RE OUT OF THE RUNNING I TOLD HIM AND I GOT IN WHAT THE HECK AFTER ALL THESE CENTURIES BEING BLACK IS FINALLY PAYING OFF MY DADDY REST HIS SOUL WOULD HAVE BEEN PROUD AND YET THE WHOLE EXPERIENCE LEFT ME FEELING EVER SO SLIGHTLY SOILED THE WAY MY DADDY PROBABLY FELT WHEN HE HAD TO SEEK OUT A WATER FOUNTAIN WITH A COLORED SIGN HANGING OVER IT OF TALK SHOW HOST E. B. DE VITO GENERAL MOTORS CORPORATION SAID IT TEMPORARILY CLOSED ITS WENTZVILLE MISSOURI ASSEMBLY PLANT AND TRANSFERRED PRODUCTION OF ITS BUICK PARK AVENUE MODEL TO ANOTHER PLANT IN FLINT MICHIGAN A G. M. SPOKESWOMAN SAID THE WENTZVILLE LOCATION PRODUCED ITS LAST PARK AVENUE ON DECEMBER SIXTEENTH IT WILL REMAIN IDLE UNTIL FALL NINETEEN NINETY FIVE WHEN IT WILL BEGIN PRODUCTION OF A NEW FULL SIZE VAN SEPARATELY G. M. SAID ITS SATURN ASSEMBLY PLANT IN SPRING HILL TENNESSEE WILL RESUME PRODUCTION TODAY AFTER BEING IDLED LAST WEEK AS PREVIOUSLY REPORTED THE ASSEMBLY PLANT WAS SCHEDULED FOR A ONE WEEK EXTENDED CHRISTMAS HOLIDAY TO REDUCE BLOATED INVENTORIES AND FOR SOME RETOOLING FOR THE NINETEEN NINETY FIVE MODEL YEAR FORD MOTOR COMPANY SAID ITS DEARBORN MICHIGAN ASSEMBLY PLANT WHICH BUILDS THE REDESIGNED MUSTANG MODEL WAS TO WORK OVERTIME ON SATURDAY SEVERAL OTHER FORD ASSEMBLY PLANTS WORKED DAILY OVERTIME LAST WEEK CHRYSLER CORPORATION SAID ITS ASSEMBLY PLANTS IN SAINT LOUIS DETROIT WARREN AND STERLING HEIGHTS MICHIGAN NEWARK N. J. TOLEDO OHIO AND BRAMALEA AND WINDSOR ONTARIO WERE TO WORK OVERTIME ON SATURDAY CHRYSLER SAID IT PLANS OVERTIME THIS WEEK AT THE PLANTS IN DETROIT STERLING HEIGHTS WARREN NEWARK AND WINDSOR ALTOGETHER THE DOMESTIC AUTO MAKERS SAID THEY PLANNED TO BUILD TWO HUNDRED FORTY FOUR THOUSAND SIX HUNDRED FIFTY NINE CARS AND TRUCKS LAST WEEK IN THE WEEK A YEAR EARLIER THE AUTO MAKERS WERE SHUT DOWN FOR THE CHRISTMAS HOLIDAY CANDICE M. CARPENTER STOPPED SCALING SHEER ROCK FACES AND SLEEPING ON FOOT WIDE LEDGES YEARS AGO BECAUSE SHE SAYS SHE HAD QUOTE GOTTEN AS GOOD AS I WAS GOING TO GET QUOTE AT MOUNTAIN CLIMBING TODAY THE FORTY ONE YEAR OLD HAS A DIFFERENT KIND OF PEAK TO SCALE IN JULY MS. CARPENTER WAS HIRED BY Q. V. C. NETWORK INCORPORATED'S CHAIRMAN BARRY DILLER TO DEVELOP HIS LATEST BRAINCHILD A T. V. SHOPPING SERVICE CALLED Q. TWO THE SERVICE IS SCHEDULED TO LAUNCH IN MAY ON CABLE SYSTEMS Q. TWO SAYS MS. CARPENTER WILL BE AN ELECTRONIC SPECIALTY STORE THAT PROVIDES SIMPLE CLEAN SHOPPING SOLUTIONS FOR PEOPLE FACING TOO MANY CHOICES AND TOO LITTLE TIME PROGRAMMING WILL COVER SEVEN CATEGORIES SPORTS AND FITNESS HEALTH AND BEAUTY FAMILY HOME ENTERTAINMENT STYLE AND TRAVEL Q. TWO WILL TEST MR. DILLER'S PROPOSITION THAT THE HOME SHOPPING MARKET CAN BE VASTLY EXPANDED BY ATTRACTING MORE AFFLUENT SOPHISTICATED CONSUMERS LESS THAN TEN PERCENT OF THE FORTY FOUR MILLION VIEWERS WHO SUBSCRIBE TO Q. V. C. BUY ANYTHING TYPICAL FOR THE INDUSTRY SO EVEN A TINY PERCENTAGE GAIN COULD TRANSLATE INTO MILLIONS OF INCREMENTAL DOLLARS IN SALES BUT TO ATTRACT NEW VIEWERS PARTICULARLY MEN WHO MAKE UP ABOUT THIRTY PERCENT OF HOME SHOPPERS MS. CARPENTER MUST ERASE THE STIGMA OF T. V. SHOPPING SERVICES WHICH ARE SEEN AS HAWKERS OF JEWELRY AND CLOTHES TO HOUSEWIVES AND SHE MUST CONVINCE CABLE OPERATORS MANY OF WHICH HAVE LIMITED CHANNEL CAPACITY THAT Q. TWO WILL BE A MONEYMAKER NOT A DUPLICATE SERVICE CABLE OPERATORS USUALLY GET A FIVE PERCENT COMMISSION ON THE SALES IN MANY WAYS MS. CARPENTER PERSONIFIES THE EDUCATED ACTIVE CONSUMER SHE IS TARGETING BEFORE GETTING AN M. B. A. AT HARVARD BUSINESS SCHOOL SHE BECAME A MOUNTAIN CLIMBING INSTRUCTOR FOR OUTWARD BOUND AN OUTDOOR PROGRAM DESIGNED TO INSPIRE TEAMWORK AND HONE SURVIVAL SKILLS SHE LATER SPENT SIX YEARS AS VICE PRESIDENT OF CONSUMER MARKETING FOR AMERICAN EXPRESS COMPANY WHERE SHE WORKED IN TRAVEL RELATED SERVICES AND REPOSITIONED HIGH END MEMBERSHIP SERVICES MS. CARPENTER JOINED TIME WARNER INCORPORATED IN NINETEEN EIGHTY NINE AND HELPED LAUNCH ITS TIME LIFE TELEVISION AND VIDEO OPERATIONS IN WASHINGTON D. C. AS PRESIDENT OF THE TIME LIFE TELEVISION AND VIDEO UNIT NOW PART OF TIME WARNER SHE ORCHESTRATED A RUNAWAY HIT OUT OF TRIALS OF LIFE A NATURE VIDEO COLLECTION THAT PORTRAYED GRAPHICALLY VIOLENT ENCOUNTERS IN THE WILD NORMALLY NATURE PRODUCTIONS WHICH SELL SOME ONE HUNDRED THOUSAND SUBSCRIPTIONS APPEAL PRIMARILY TO WOMEN BUT MS. CARPENTER MARKETED THE VIDEOS MAINLY TO MEN DURING FOOTBALL GAMES AND SPORTING EVENTS SELLING MORE THAN A MILLION SUBSCRIPTIONS INTRIGUED BY INTERACTIVITY MS. CARPENTER BEGAN TO EXPLORE THE FUTURE OF TELEVISION IN HER LAST SEVERAL MONTHS AT TIME LIFE TROLLING FOR IDEAS IN LOS ANGELES AND NEW YORK BEFORE RESIGNING IN JUNE SHE WROTE TO MR. DILLER EXPRESSING HER THOUGHTS ON THE FUTURE OF T. V. PROGRAMMING HE SAYS HE WAS IMPRESSED BY HER IDEAS AND ANSWERED IMMEDIATELY OFFERING HER A JOB SOON AFTERWARD MR. DILLER EXTOLS MS. CARPENTER'S ORGANIZING SKILLS WHICH WILL BE A CRITICAL FACTOR AS THE VISION FOR Q. TWO UNFOLDS THE CONCEPT FOR THIS THING WILL EVOLVE AND CHANGE UP UNTIL THE TIME WE LAUNCH MR. DILLER SAYS CANDICE IS HIGHLY ORGANIZED AND FROM A STANDING START SHE CAN FORM A TEAM OF PEOPLE WHO AT FIRST CUT ARE QUITE GOOD AT WHAT THEY DO Q. V. C. HAS BEEN VAGUE ABOUT PLANS FOR THE NETWORK AND HASN'T PRODUCED ANY SIGNIFICANT PILOT PROGRAMS TO SHOW CABLE OPERATORS AND IT HAS CHANGED THE FORMAT SINCE ANNOUNCING Q. TWO LAST YEAR LAST MONTH FOR EXAMPLE THE COMPANY SAID Q. TWO WOULD RUN ON WEEKENDS WHILE DURING THE WEEK A SISTER SERVICE ON Q. WOULD OFFER APPAREL AND ACCESSORIES FOR A TREND CONSCIOUS AUDIENCE IN THEIR TWENTIES THE SO CALLED GENERATION X. MS. CARPENTER AND MR. DILLER SAY EVERYTHING IS ON TRACK MR. DILLER SAYS MS. CARPENTER HAS HIS FULL CONFIDENCE MS. CARPENTER SAYS MR. DILLER HAS FOUND THE TIME TO DEAL WITH Q. TWO ISSUES DESPITE THE TAKEOVER BATTLE AGAINST VIACOM INCORPORATED FOR CONTROL OF PARAMOUNT COMMUNICATIONS WHICH HAS BEEN RAGING SINCE SEPTEMBER Q. TWO ALSO FACES NEW COMPETITION FROM SEASONED RETAILERS DEVELOPING THEIR OWN SHOPPING SERVICES SUCH AS R. H. MACY AND CATALOGER SPIEGEL INCORPORATED AND HOME SHOPPING NETWORK INCORPORATED THE OTHER DOMINANT HOMESHOPPING SERVICE WHICH HAD PLANNED TO MERGE WITH Q. V. C. REMAINS Q. V. C.'S TOUGHEST COMPETITOR EVERY IDEA FOR A SHOPPING CHANNEL SOUNDS GREAT UNTIL IT'S UP AND RUNNING SAYS CRAIG BIBB AN ANALYST WITH PAINEWEBBER QUOTE THE BOTTOM LINE IS THEY NEED TO PULL IN NEW VIEWERS QUOTE UNDAUNTED MS. CARPENTER PREDICTS A PROSPEROUS FUTURE FOR Q. TWO THERE'S NO REASON WHY Q. TWO CAN'T BE AS BIG AS Q. V. C. SHE SAYS THAT'S A TALL ORDER HOWEVER Q. V. C. LAST YEAR HAD PROFIT OF FIFTY FIVE POINT ONE MILLION DOLLARS ON REVENUE OF ONE POINT OH SEVEN BILLION DOLLARS Q. TWO IS STARTING OUT AS A REPLACEMENT FOR THE Q. V. C. FASHION CHANNEL WHICH REACHED ONLY SEVEN MILLION SUBSCRIBERS AND GENERATED LESS THAN TEN PERCENT OF Q. V. C.'S SALES BEFORE IT WAS SCRAPPED LAST YEAR THE NEW SERVICE HOPES TO REACH TWELVE MILLION SUBSCRIBERS BY YEAR'S END AND WILL EVOLVE INTO AN ELECTRONIC GREENHOUSE THAT WILL SPIN OFF NEW SERVICES MS. CARPENTER SAYS AT Q. TWO MS. CARPENTER PLANS TO MIX INFORMATIONAL PROGRAMMING HOSTED BY EXPERTS OR CELEBRITIES WITH PRODUCT HARDSELL IN THE HOME CATEGORY FOR EXAMPLE CELEBRITY RESTAURATEUR PINO LUONGO IS EXPECTED TO EXPLAIN WHAT POTS AND PANS ARE NEEDED FOR A BACHELOR'S KITCHEN OR WHAT TOOLS AND FOODS ARE NEEDED FOR THE PERFECT DINNER PARTY THE NETWORK PLANS TO SELL POTS AND PANS OR PLATES AND EVEN PASTA IN THE SAME HOUR OTHER SEGMENTS COULD COVER ANYTHING FROM REDECORATING AN APARTMENT IN A WEEKEND TO STARTING A SPRING GARDEN MS. CARPENTER SAYS JEWELRY WHICH ACCOUNTS FOR NEARLY HALF OF Q. V. C.'S SALES WILL ACCOUNT FOR ONLY A SMALL PORTION OF Q. TWO'S OFFERINGS BY PRESENTING A WELL EDITED RANGE OF BRAND SPECIFIC PRODUCTS MS. CARPENTER HOPES TO REACH VIEWERS EIGHTEEN TO FORTY FOUR YEARS OLD WITH INCOMES OF AT LEAST FORTY THOUSAND DOLLARS BUT LITTLE TIME TO SHOP THEY'RE NOT AFFLUENT BUT THEY HAVE ENOUGH MONEY TO ENJOY WHAT THEY'RE DOING MS. CARPENTER SAYS OF Q. TWO'S TARGET AUDIENCE THEY'RE PAST THE CRATE STAGE FOR FURNITURE THOUGH Q. V. C. IS BASED IN WEST CHESTER PENNSYLVANIA MS. CARPENTER WORKS OUT OF A SMALL NEW YORK OFFICE ON THE SAME FLOOR AS DESIGNER DIANE VON FURSTENBURG WHO INTRODUCED MR. DILLER TO Q. V. C. AND IS HIS COMPANION AND PARTNER MS. CARPENTER HAS ASSEMBLED HER OWN TEAM OF BUYERS AND MARKETERS INCLUDING FORMER EXECUTIVES OF RETAILER BARNEY'S AND ATHLETIC SHOE MAKER REEBOK INTERNATIONAL INCORPORATED THESE DAYS MS. CARPENTER IS LISTENING TO PRODUCT PRESENTATIONS BY OUTSIDE VENDORS HER OWN MERCHANTS AND JUST ABOUT ANYONE WITH AN INTUITION OF WHAT MIGHT SELL RECENTLY SHE HEARD A PITCH FROM A Q. TWO RECEPTIONIST THE WOMAN PRESENTED CHILDREN'S BOOKS AND STATIONARY WHICH THE NETWORK IS PLANNING TO OFFER IN MAY QUOTE I'LL LISTEN TO ANYONE WITH A GOOD IDEA QUOTE SAYS MS. CARPENTER SAUDI ARABIA IS CLOSE TO AGREEING ON A PLAN TO RESTRUCTURE TEN BILLION DOLLARS IN PAYMENTS DUE OVER THE NEXT TWO YEARS TO FIVE OF THE BIGGEST U. S. DEFENSE CONTRACTORS THE SAUDI AMBASSADOR TO THE U. S. SAID PRINCE BANDAR BIN SULTAN SAID THAT ON SATURDAY TOP EXECUTIVES OF MCDONNELL DOUGLAS CORPORATION GENERAL DYNAMICS CORPORATION F. M. C. CORPORATION RAYTHEON COMPANY AND THE HUGHES AIRCRAFT UNIT OF GENERAL MOTORS CORPORATION PRESENTED SAUDI OFFICIALS WITH SEVERAL OPTIONS FOR RESTRUCTURING THE PAYMENTS QUOTE I THINK SATURDAY WE REACHED AN AGREEMENT IN PRINCIPLE QUOTE PRINCE BANDAR SAID IN AN INTERVIEW AT HIS HOME YESTERDAY WE WOULD LIKE TO DO THREE THINGS MAINTAIN THE OVERALL NUMBER OF EQUIPMENT PURCHASED MAINTAIN THE OVERALL DOLLAR VALUE AND WORK ON A SCHEDULE OF PAYMENTS THAT DOESN'T HURT OUR PARTNERS AND FRIENDS IN THE U. S. DEFENSE INDUSTRIAL COMPLEX AND IN THE LABOR FORCE TODAY HE ADDED THE TENTATIVE PLAN WILL BE PRESENTED TO TREASURY SECRETARY LLOYD BENTSEN COMMERCE SECRETARY RON BROWN DEPUTY DEFENSE SECRETARY WILLIAM PERRY AND OFFICIALS IN THE PENTAGON'S FOREIGN MILITARY SALES PROGRAM WHO ACT AS MIDDLEMEN ON ARMS SALES TO THE SAUDIS HE SAID HE EXPECTS THE PLAN TO BE MADE FINAL BY THE END OF THE MONTH THE SAUDI DISCUSSIONS REFLECT THE CASH FLOW PROBLEMS OF THE OIL RICH KINGDOM BUT ALSO CONTAIN A POLITICAL ELEMENT WITH OIL PRICES LOW THE SAUDIS ARE WORRIED BY MOVEMENT AT THE UNITED NATIONS TOWARD PARTIALLY LIFTING ECONOMIC SANCTIONS ON IRAQ AND ALLOWING SADDAM HUSSEIN TO SELL OIL ON THE WORLD MARKET THE OPENNESS WITH WHICH THE SAUDIS ARE ACTING IS A WAY OF WARNING AGAINST LIFTING SANCTIONS THE OPENING ROUND OF SAUDI DISCUSSIONS WITH THE DEFENSE CONTRACTORS WAS REPORTED IN FRIDAY'S EDITIONS OF THE WASHINGTON POST IN ADDITION THE SAUDIS ARE DELIVERING A POINTED MESSAGE TO THE CLINTON ADMINISTRATION IMPLICIT IN THE SAUDI DISCUSSIONS IS THE WARNING THAT IF OIL PRICES SAG FURTHER CANCELLATION OF SOME ARMS ORDERS WOULD BE CONSIDERED LARGE SCALE CANCELLATIONS WOULD DEAL A SEVERE BLOW TO THE U. S. AEROSPACE INDUSTRY WHICH IS CONCENTRATED IN SOUTHERN CALIFORNIA AND THREATEN THAT REGION'S ECONOMIC RECOVERY UNDERCUTTING THE CALIFORNIA RECOVERY WOULD HURT BILL CLINTON'S CHANCES OF CARRYING THE STATE IN NINETEEN NINETY SIX WHICH IS CONSIDERED CRUCIAL TO HIS RE ELECTION THUS THE U. S. AND PRESIDENT CLINTON IN PARTICULAR WOULD BE MADE TO FEEL THE SAUDI ECONOMIC PAIN WHILE SUCH A CALCULATION MAY SEEM UNUSUAL THE SAUDIS ARE ACCUSTOMED TO MIXING THEIR PURCHASES WITH POLITICS ONE REASON THEY FAVOR BUYING U. S. MADE AIRLINERS OVER THOSE FROM AIRBUS INDUSTRIE IS THEIR UNHAPPINESS WITH EUROPEAN RELUCTANCE TO PROVIDE MILITARY AID TO THE BOSNIAN MUSLIMS THEY THE COMPANIES TOLD US IF WE CANCEL THAT WILL AFFECT THEM DRAMATICALLY SAID PRINCE BANDAR WE ARE TRYING VERY HARD TO DO IT SO THERE WILL BE NO EFFECT ON THE AMERICAN WORKER UNDER THE TENTATIVE PLAN SAUDI ARABIA WOULD AGREE TO PAY ONE POINT FIVE BILLION DOLLARS IN CASH THIS YEAR AND NEXT IT WOULD COVER ITS REMAINING OBLIGATION BY HAVING THE COMPANIES TAKE OUT LOANS THAT WOULD BE GUARANTEED BY THE SAUDI GOVERNMENT THE SAUDIS HAVE UNDERSCORED THAT THEY WILL PAY THE INTEREST ON THE LOANS THE TOTAL AMOUNT OF SCHEDULED SAUDI ARMS PURCHASES IS ABOUT FOUR POINT ONE BILLION DOLLARS THIS YEAR AND SIX BILLION DOLLARS IN NINETEEN NINETY FIVE MEANING THAT THE COMPANIES WILL BE PAID ABOUT SEVEN BILLION DOLLARS IN LOANS UNLESS SOME ARMS DELIVERIES ARE RESCHEDULED SOME RESCHEDULING OF DELIVERIES IS POSSIBLE BUT THE SAUDIS AND THEIR REPRESENTATIVES HAVE BEEN EMPHATIC IN RECENT DAYS THAT THEY AREN'T CURRENTLY CONTEMPLATING CANCELING ANY ORDERS ESSENTIALLY THE FIVE U. S. DEFENSE COMPANIES WOULD DIVVY UP THE ONE POINT FIVE BILLION DOLLARS IN CASH AND THEN TAKE AS MUCH IN LOANS AS THEY NEEDED TO MAINTAIN MINIMUM PRODUCTION LEVELS REQUIRED TO AVOID LAYOFFS AND FINANCIAL DISRUPTION ANALYSTS EXPECT THE COMPANIES TO REDUCE THE IMPACT OF THE NEW DEBT ON THEIR BALANCE SHEETS BY SELLING THE DEBT OFF TO THIRD PARTIES AS RECEIVABLES SCHEDULED SAUDI ARMS PURCHASES FROM THE U. S. THROUGH THE END OF THE DECADE TOTAL ABOUT TWENTY BILLION DOLLARS PRINCE BANDAR SAID IN ADDITION TO ARMS PURCHASES THE SAUDIS HAVE BEEN DISCUSSING PLACING AS MUCH AS SIX BILLION DOLLARS IN ORDERS FOR COMMERCIAL AIRLINERS FROM BOEING COMPANY AND MCDONNELL DOUGLAS WHILE BOEING HASN'T YET SUBMITTED ITS FINAL OFFER THE COMMERCIAL THING IS A DONE DEAL SAID A PERSON FAMILIAR WITH THE DISCUSSIONS AT THE SATURDAY MEETING IN WASHINGTON WHICH ALSO WAS ATTENDED BY THE SAUDI DEPUTY FINANCE MINISTER AND THE HEAD OF THE SAUDI MONETARY AGENCY WHICH ACTS AS THE NATION'S CENTRAL BANK THE SAUDIS EMPHASIZED THAT THEY DON'T INTEND TO CANCEL ANY ORDERS BUT TOLD THE COMPANIES THEY WON'T OBJECT IF OTHER ORDERS ARE MOVED UP IN FRONT OF THEIRS INDEED THE SAUDIS WOULD REGARD IT AS A MIDEAST PEACE DIVIDEND IF ISRAEL DECIDES TO PURCHASE F. FIFTEEN FIGHTERS AND TAKES DELIVERY OF SOME AHEAD OF THE SAUDIS DELIVERIES TO THE SAUDIS HAD BEEN SCHEDULED TO BEGIN NEXT YEAR OF THE FIVE COMPANIES INVOLVED IN THE DISCUSSIONS MCDONNELL DOUGLAS WHICH MAKES THE F. FIFTEEN HAS THE MOST AT STAKE THE SAUDIS HAVE ORDERED SEVENTY TWO OF THE STATE OF THE ART FIGHTERS FOR A TOTAL PRICE OF NINE BILLION DOLLARS SO FAR THE COMPANY HAS RECEIVED ONLY ABOUT SEVEN HUNDRED FIFTY MILLION DOLLARS IN LONG LEAD MONEY CONFRONTING SERIOUS PROBLEMS IN BOTH ITS COMMERCIAL AND DEFENSE OPERATIONS MCDONNELL DOUGLAS MAY BE IN THE WEAKEST POSITION TO ACCEPT TEMPORARY FINANCING ON THE OTHER HAND THE COMPANY BATTLED HARD TO SNARE THE SAUDI SALE TELLING CONGRESS AND THE WHITE HOUSE AT THE TIME THAT THERE WAS NO OTHER WAY TO KEEP THE F. FIFTEEN LINE OPEN AND IN THE PAST FEW DAYS INDUSTRY OFFICIALS SAID THE LARGEST U. S. DEFENSE FIRM HASN'T BALKED AT THE SAUDI REQUEST MCDONNELL DOUGLAS HAS PROJECTED AS MUCH AS SIX HUNDRED MILLION DOLLARS IN SAUDI F. FIFTEEN REVENUE THIS YEAR PRIOR TO THE WEEKEND SESSION ACCORDING TO INDUSTRY OFFICIALS THE COMPANY DRAFTED A SERIES OF PROPOSALS TO ASSIST THE SAUDIS RANGING FROM REDUCED SPARE PARTS PURCHASES TO STRETCHING OUT DELIVERIES OF CERTAIN MISSILES AND SUPPORT EQUIPMENT DESIGNED FOR THE KINGDOM'S F. FIFTEENS IN SAINT LOUIS A SPOKESMAN FOR THE COMPANY SAID ON FRIDAY THAT NO OUTRIGHT CANCELLATIONS WERE BEING DISCUSSED ADDING THAT THE COMPANY HAS QUOTE EVERY INDICATION THAT THE PROGRAM IS GOING TO MOVE FORWARD ON THE SCHEDULE THAT HAS BEEN LAID OUT QUOTE HUGHES AIRCRAFT HAS ABOUT TWO POINT FIVE BILLION DOLLARS IN SAUDI ORDERS PENDING INCLUDING SOME ONE POINT FIVE BILLION DOLLARS FOR RADAR GEAR AND OTHER WORK ON F. FIFTEENS AND NINE HUNDRED MILLION DOLLARS FOR THE PEACE SHIELD AIR DEFENSE SYSTEM HUGHES SPOKESMEN DECLINED TO COMMENT ON THE DISCUSSIONS WITH THE SAUDIS BUT INSIDERS SAID THAT SAUDI MILITARY OFFICIALS HAVE INDICATED THAT THE AIR DEFENSE PROGRAM WON'T BE SIGNIFICANTLY IMPACTED BY THE PENDING FINANCING PLANS GENERAL DYNAMICS IS EXPECTING ABOUT THREE HUNDRED MILLION DOLLARS IN REVENUE THIS YEAR FROM TANK SALES TO SAUDI ARABIA COMPLETING AN ORDER OF THREE HUNDRED FIFTEEN M. ONE A TWOS THAT SALE ALMOST CERTAINLY WON'T BE AFFECTED AND A COMPANY SPOKESMAN SAID FRIDAY THAT THE SAUDI CASH PROBLEM ISN'T EXPECTED TO HAVE ANY MATERIAL IMPACT ON GENERAL DYNAMICS BUT THE COMPANY'S HOPES FOR ADDITIONAL SAUDI SALES ARE LIKELY TO BE AFFECTED A RAYTHEON SPOKESMAN SAID FRIDAY THAT THE COMPANY'S SALES OF THE PATRIOT MISSILE SYSTEM ARE STILL ON TRACK F. M. C.'S SALES TO SAUDI ARABIA OF BRADLEY FIGHTING VEHICLES ARE ALMOST COMPLETED WITH TWO HUNDRED EIGHTY EIGHT OF FOUR HUNDRED DELIVERED I. M. C. FERTILIZER GROUP INCORPORATED SAID IT WILL TAKE A PRETAX CHARGE OF ABOUT NINETEEN MILLION DOLLARS FOR THE SECOND QUARTER ENDED DECEMBER THIRTY FIRST RELATED TO ITS INVESTMENT IN AN OIL AND GAS PARTNERSHIP THE MAKER OF FERTILIZERS EARNED THREE POINT NINE MILLION DOLLARS OR EIGHTEEN CENTS A SHARE ON SALES OF ONE HUNDRED NINETY SEVEN POINT FIVE MILLION DOLLARS A YEAR EARLIER THE NORTHBROOK ILLINOIS COMPANY SAID THAT DUE TO THE RECENT DECLINE IN OIL PRICES THE VALUE OF ITS OIL AND GAS INVESTMENT IN A PARTNERSHIP WITH FREEPORT MCMORAN RESOURCES L. P. AND HOMESTAKE MINING COMPANY IS LESS THAN THE CARRYING VALUE OF ITS INVESTMENT IN THE PARTNERSHIP I. M. C. HAS A TWENTY FIVE PERCENT INVESTMENT IN THE PARTNERSHIP I. M. C. SAID THE AMOUNT OF THE CHARGE WILL BE ADJUSTED BASED ON THE PRICE OF OIL AT THE TIME IT CLOSES ITS FISCAL SECOND QUARTER BOOKS FIVE MOUNDS OF STEAMING WHITE RICE LOOM IN FRONT OF YOSHITARO YAMANE FOUR ARE FOREIGN AND ONE IS JAPANESE CAN HE TELL WHICH IS WHICH THE SIXTY SEVEN YEAR OLD RICE FARMER BRIMS WITH CONFIDENCE ALL HIS LIFE IN THIS PROVINCIAL SOUTHERN TOWN HE HAS CULTIVATED JAPANESE RICE AND SAVORED ITS SUBTLE FLAVOR HE KNOWS HIS RICE BY HEART MR. YAMANE TASTES MASTICATES SELECTS A VARIETY THAT HAS QUOTE JUST THE RIGHT STICKINESS QUOTE AND PROCLAIMS IT JAPANESE HE IS SURPRISED TO LEARN THAT IT'S A VARIETY CALLED CALROSE FROM CALIFORNIA HE TASTES A DIFFERENT SAMPLE FROWNS AND DESCRIBES IT AS SOGGY AND SMELLY THAT TURNS OUT TO BE JAPANESE KOSHIHIKARI THE VERY RICE MR. YAMANE GROWS HIMSELF MORTIFIED MR. YAMANE SNEAKS FROM THE ROOM JAPAN'S DECISION TO END ITS PROHIBITION ON THE SALE AND POSSESSION OF FOREIGN RICE HAS OPENED AN ANXIOUS NEW PHASE IN THE INTERNATIONAL CULTURAL SUPERIORITY SWEEPSTAKES THINGS AREN'T YET AS OVERHEATED IN JAPAN AS THEY ARE IN SOUTH KOREA WHICH RECENTLY LOST ITS PRIME MINISTER IN A DISPUTE OVER FOREIGN RICE OR IN FRANCE WHICH RISKED SCUTTLING THE WORLD TRADE AGREEMENT LAST MONTH OVER IMPORTED MOVIES BUT IT HAS BEEN AN ARTICLE OF FAITH HERE FOR GENERATIONS THAT JAPANESE RICE IS SIMPLY THE BEST IN THE WORLD THE NATION WATCHES GRAVELY AS THAT PRESUMPTION IS TESTED JAPAN HAS AGREED AS PART OF THE GENERAL AGREEMENT ON TARIFFS AND TRADE TO OPEN ITS MARKET TO SOME RICE IMPORTS BY NINETEEN NINETY FIVE EVEN AS IT WAS NEGOTIATING THE FINAL DETAILS OF THAT AGREEMENT THE COUNTRY EXPERIENCED A DISASTROUS RICE HARVEST LAST FALL EMERGENCY SHIPMENTS OF FOREIGN RICE ALREADY ARE ARRIVING HERE BUT THE JAPANESE GOVERNMENT IS KEEPING THEM UNDER LOCK AND KEY IN WAREHOUSES PLANNING EVENTUALLY TO BLEND THE IMPORTS WITH STOCKS OF JAPANESE RICE IN THE HOPE THAT CONSUMERS WON'T NOTICE TECHNICALLY IT REMAINS ILLEGAL TO BUY SELL OR SERVE FOREIGN RICE HERE WHICH IS WHY THE PRODUCERS OF A VARIETY TELEVISION SHOW FLEW A GROUP OF JAPANESE CELEBRITIES TO HAWAII RECENTLY TO HOLD A TELEVISED NAME THAT RICE COMPETITION THEY NIBBLED RICE BALLS MADE OF FOREIGN AND JAPANESE RICE ALL BUT ONE CONTESTANT CORRECTLY PICKED OUT THE JAPANESE RICE THE PANELISTS MADE FUN OF THE ONE WHO GUESSED WRONG NIKKEI TRENDY A MONTHLY MAGAZINE SURREPTITIOUSLY IMPORTED RICE FROM ALL OVER THE WORLD LAST OCTOBER TO CONDUCT A TASTETEST OF ITS OWN IT FOUND THAT SOME THAI RICE CRACKED WHEN IMMERSED IN WATER WHICH MAKES RICE SOGGY TESTERS ALSO FOUND THAT BOTH THAI AND CALIFORNIAN RICE SMELLED FUNNY THE JAPANESE RICE WAS RANKED FIRST FOLLOWED BY BLENDS OF CALIFORNIAN AND JAPANESE RICE ONE OUTSPOKEN NEWSCASTER DID HIS OWN TASTE TEST IN THE MIDDLE OF A RECENT TELEVISION NEWS SHOW HE SAID HE LIKED CALIFORNIAN RICE BETTER THAN JAPANESE RICE AND THEN QUICKLY ADDED MAYBE I'M NOT SUPPOSED TO SAY THINGS LIKE THIS EVEN THE JAPANESE GOVERNMENT RECENTLY HELD A TASTE TEST SORT OF IT ASSEMBLED A GROUP OF SEVENTEEN PEOPLE INCLUDING AGRICULTURE MINISTER EIJIRO HATA AND GAVE THEM SAMPLES OF DOMESTIC AND FOREIGN RICE TO EAT BEFORE TELEVISION CAMERAS QUESTIONS WERE NOT PERMITTED PREFERENCES WERE TALLIED BUT NOT DISCLOSED AN OFFICIAL GOVERNMENT STATEMENT AFTERWARD DECLARED THAT THE PANELISTS HAD FOUND FOREIGN RICE MORE TASTY THAN THEY HAD EXPECTED WITH THE EXCEPTION OF LONG GRAIN THAI RICE JAPANESE TELEVISION TRACKS THE PROGRESS OF SHIPS BEARING FOREIGN RICE EACH TIME A SHIP LOADED WITH FOREIGN RICE HAS ENTERED THE DOCKS THAT HAS BECOME THE LEAD ITEM ON THE TELEVISION NEWS ON ONE RECENT BROADCAST THE CAMERA ZOOMED IN ON THE BAGS OF RICE AS THEY ROLLED OUT A GROUP OF UNIFORMED INSPECTION OFFICERS STUCK A SPECIAL RICE EXTRACTING TOOL INTO A FEW SELECTED BAGS AND SUCKED OUT A FEW GRAINS OF RICE THE INSPECTORS PLACED THE GRAINS ON THEIR GLOVED HANDS TOOK A LONG HARD LOOK AND FINGERED THEM TO CHECK FOR CRACKED GRAINS ALL THIS IS A BIT MUCH FOR JUNZO ITO A RICE WHOLESALER NEAR TOKYO MOST CONSUMERS DON'T KNOW WHAT THEY'RE TALKING ABOUT HE CHUCKLES IN A RECENT BLIND TASTE TEST FOR SIX KINDS OF RICE INCLUDING AMERICAN AND AUSTRALIAN RICE SOME THIRTY HOUSEWIVES RATED JAPANESE RICE FIRST AND LAST HE SAYS MOST WHITE RICE FALLS INTO ONE OF THREE DIFFERENT TASTING CATEGORIES LONG GRAIN MEDIUM GRAIN AND THE SHORT ROUND GRAIN GENERICALLY REFERRED TO AS JAPONICA THE HIGHLY PRIZED JAPONICA IS ONE OF THE MOST DIFFICULT TO GROW BUT IT IS USED AROUND THE GLOBE FROM TOKYO SUSHI SHOPS TO NEW ORLEANS GUMBO RESTAURANTS JAPAN GROWS ABOUT FIFTY SPECIES OF JAPONICA RICE WITH NAMES LIKE LOVE AT FIRST SIGHT HEART OF THE MAIDEN AND LIGHT OF SNOW NATURALLY MANY PEOPLE HERE SAY JAPANESE JAPONICA IS DIFFERENT FROM ITS FOREIGN VERSIONS GOOD RICE WHEN PLUCKED GENTLY WITH A PAIR OF CHOPSTICKS QUOTE SHOULD BE STICKY ENOUGH TO STAY IN A LUMP BUT SHOULD NOT CLOT QUOTE SAYS KAZUO AMANO VICE PRESIDENT OF THE JAPAN RICE MILLERS ASSOCIATION CALIFORNIA'S CALROSE RICE WHICH IS A KIND OF JAPONICA IS QUITE STICKY BUT HAS AN UNFORTUNATE PUNGENT SMELL HE SAYS THERE IS A WAY TECHNICALLY TO FACTOR OUT CULTURAL DIFFERENCES AND ARRIVE AT A COMPLETELY OBJECTIVE COMPARISON OF JAPANESE AND FOREIGN RICE USE THE NEUROFUZZY TASTE DETECTOR MANUFACTURED BY SATAKE CORPORATION A COMPANY BASED IN HIROSHIMA THIS DEVICE WHICH LOOKS LIKE A MICROWAVE OVEN PIERCES THE GRAIN WITH INFRARED RAYS TO MEASURE THE PRECISE AMOUNT OF A STARCH CALLED AMYLOSE IN JUST THIRTY SECONDS THE TASTE DETECTOR PRODUCES A NUMERICAL RATING OF THE GRAIN'S GOODNESS BUT THERE ARE TWO PROBLEMS WITH THIS IDEA THE MACHINE WHICH IS USED BY RICE MILLERS WHOLESALERS AND A FEW RESTAURANTS COSTS EIGHT MILLION YEN ABOUT SEVENTY ONE THOUSAND DOLLARS ALSO FOR THE AVERAGE CITIZEN FOREIGN RICE IS STILL INCREDIBLY DIFFICULT TO COME BY IMPORTING SMALL QUANTITIES IS LAWFUL FOR PERSONAL USE BUT IT CAN BE ILLEGAL TO SERVE IT TO OTHERS AND ANYONE ATTEMPTING A RICE TASTING IMMEDIATELY RAISES EYEBROWS THE RICE MUST ABSOLUTELY BE FOR PERSONAL CONSUMPTION ONLY SAYS A SUSPICIOUS CUSTOMS OFFICER IN THE TOKYO CENTRAL POST OFFICE DON'T BE SURPRISED IF A CUSTOMS OFFICER CALLS LATER TO QUESTION YOU STILL THERE ARE LOOPHOLES AND PEOPLE WHO LEAP THROUGH THEM THAT EXPLAINS THE PRESENCE OF ONE HUNDRED TEN EAGER JAPANESE TASTERSSOME WHO HAVE FLOWN HUNDREDS OF MILESAT A RECENT RICE TASTING IN TOTTORI A GROUP OF AGRONOMISTS AT THE LOCAL UNIVERSITY IS HOSTING THE SYMPOSIUM OF INTERNATIONAL ACADEMIC RESEARCH ON THE POTENTIALS OF JAPONICA RICE EACH TIME THE AGRONOMISTS HAVE GONE OVERSEAS IN THE PAST FEW YEARS THEY HAVE LUGGED BACK BAGFULS OF FOREIGN RICE AS SOUVENIRS AN EXCEPTION THAT IS ALLOWED UNDER JAPANESE LAW AROUND STARK WOODEN TABLES IN THE UNIVERSITY DINING ROOM GROUPS OF RICE WHOLESALERS RESTAURATEURS AND HOUSEWIVES EAGERLY WAIT AS TROLLEYS FULL OF STEAMING RICE COOKERS COME ROLLING IN ALL THEY ARE TOLD IS THAT ONE IS JAPANESE KOSHIHIKARI A PARTICULARLY STICKY BRAND THAT IS JAPAN'S MOST POPULAR THE OTHERS ARE CHINESE AND AMERICAN VERSIONS OF JAPONICA THE CHALLENGE IS TO GUESS WHICH RICE IS WHICH AND TO RATE EACH FOR FLAVOR FRAGRANCE APPEARANCE AND STICKINESS SILENCE FALLS UPON THE DINING ROOM AS THE TASTERS LOWER THEIR NOSES TO SNIFF LONG AND HARD AT EACH MOUND OF RICE WRINKLING HIS BROW IN CONCENTRATION KAZUHIKO IWATA POINTS TO WHAT HE BELIEVES TO BE A PARTICULARLY FRAGRANT AND GLOSSY MOUND OF RICE QUOTE THAT'S GOT TO BE THE JAPANESE RICE QUOTE SAYS THE TWENTY NINE YEAR OLD AGRICULTURAL COOPERATIVE WORKER NODDING CONFIDENTLY WRONG IT'S HE JING RICE FROM NORTHERN CHINA YOSHINOBU AMAMORI A FORTY THREE YEAR OLD FOOD IMPORTER SAYS HE PREFERS THE RICE THAT DOESN'T SMELL OR TASTE LIKE MUCH HE SIGHS IN CONTENTMENT DISCOVERING THAT ONE'S THE JAPANESE BRAND CHRIS ISBELL A RICE FARMER WHO GROWS KOSHIHIKARI BRAND RICE IN ENGLAND ARKANSAS HOPES THE JAPANESE GOVERNMENT WILL PICK HIS RICE AS ONE OF THE SANCTIONED IMPORTS HE HAS SUBMITTED HIS RICE HERE IN TOTTORI AS ONE OF THE FIVE TO BE TESTED AFTER NERVOUSLY WATCHING THE CROWD SNIFF AND SWALLOW HE ATTEMPTS TO IDENTIFY HIS OWN RICE USING HIS PERSONAL METHOD DETECTING THE AMOUNT OF LINGERING SWEETNESS AFTER YOU'VE SWALLOWED THE RICE AFTER MUCH HESITATION HE GUESSES CORRECTLY WHEN THE RESULTS ARE ANNOUNCED THE JAPANESE RICE COMES IN FIRST PLACE FOLLOWED CLOSELY BY THE TWO CHINESE RICES MR. ISBELL'S RICE COMES IN FOURTH PLACE AND CALROSE FROM CALIFORNIA IS THE LEAST POPULAR EVEN THOUGH MR. YAMANE THE FARMER LIKED IT THE RESULTS DON'T DISCOURAGE MR. ISBELL IMMEDIATELY AFTER THE SYMPOSIUM SEVERAL PEOPLE GATHER AROUND THE ARKANSAS FARMER TELLING HIM HIS RICE WASN'T SO BAD IN FACT SOME SAY THEY NEARLY MISTOOK IT FOR JAPANESE RICE WE FRIENDS SAYS TOSHIO KISHI A FIFTY FIVE YEAR OLD RICE WHOLESALER WHO SHAKES MR. ISBELL'S HAND AND ASKS FOR HIS ADDRESS I'D LIKE TO BUY YOUR RICE IT APPEARS THAT SOMETHING HAS COME BETWEEN BROOKE SHIELDS AND HER CALVINS AFTER ALL AN EXTRA TWELVE POUNDS THE MODEL AND SOMETIME ACTRESS IS THE LATEST CELEBRITY TO TAKE IT OFF FOR ULTRA SLIM FAST MS. SHIELDS IS APPEARING IN TWO NEW ULTRA SLIM FAST COMMERCIALS SCHEDULED TO BEGIN AIRING THIS WEEK THE USE OF MS. SHIELDS IS SOMETHING OF A DEPARTURE FOR THE DIET BRAND WHICH USUALLY USES OLDER CHUBBIER STARS SUCH AS TOMMY LASORDA MANAGER OF THE LOS ANGELES DODGERS EDWARD I. KOCH FORMER MAYOR OF NEW YORK AND WILLARD SCOTT THE JOCULAR WEATHERMAN ON N. B. C.'S QUOTE TODAY QUOTE SHOW ONE WOULD HARDLY THINK OF MS. SHIELDS AS SOMEONE WHO NEEDS TO DIET AND THAT'S PRECISELY THE POINT BY USING MS. SHIELDS WHO SHED A DOZEN POUNDS IN EIGHT WEEKS SLIM FAST IS HOPING TO TAP INTO A NEW SEGMENT FOR THE DIET INDUSTRY THOSE WHO DON'T NEED TO DROP THIRTY TO FIFTY POUNDS WE BELIEVE THERE ARE MILLIONS OF AMERICANS WHO WOULD LOVE TO WEIGH TEN POUNDS LESS THAN THEY DO NOW SAYS DAN ABRAHAM CHAIRMAN OF SLIM FAST FOOD THE MARKETER OF ULTRA SLIM FAST BROOKE IS THE PERFECT PERSON TO DELIVER THAT STORY SHE EVEN WORKS OUT PHYSICALLY BUT THAT'S NOT ENOUGH TO KEEP UNWANTED WEIGHT OFF IN ONE SPOT DIRECTED BY FRENCH FILM DIRECTOR ROGER VADIM MS. SHIELDS DANCES TO PULSATING HIP HOP AND JAZZ MUSIC IN ANOTHER ONE SHE SAYS I DON'T HAVE TO GET ON A SCALE TO KNOW WHEN I'VE GAINED WEIGHT MY CLOTHES LET ME KNOW RIGHT AWAY OTHER CELEBRITIES NOT USUALLY THOUGHT OF AS OBESE HAVE BEEN USED BY SLIM FAST BEFORE BUT USUALLY THEIR WEIGHT GAIN WASN'T A RESULT OF OVEREATING INSTEAD THE COMMERCIALS INCLUDED DIETERS SUCH AS KATHIE LEE GIFFORD WHO GAINED WEIGHT BECAUSE OF A PREGNANCY THE ADVANTAGE OF USING MS. SHIELDS MARKETING EXPERTS SAY IS THAT MANY CONSUMERS CAN IDENTIFY WITH HER PREDICAMENT SHE GAINED A MODEST AMOUNT OF WEIGHT BY NIBBLING TOO MUCH MR. ABRAHAM SAYS THAT THIS YEAR CONSUMERS WILL SEE A CHANGE IN OUR ADVERTISING WE'RE GOING TO PRESENT ULTRA SLIM FAST NOT ONLY AS A DIET PRODUCT BUT AS A PRODUCT THAT CAN BE CONSUMED AS A HEALTHY BREAKFAST LUNCH OR SNACK FOR THOSE NOT GREATLY OVERWEIGHT QUOTE WHILE THE ENTIRE DIET AID CATEGORY IS EXPERIENCING GROWTH ULTRA SLIM FAST IS IN UNPRECEDENTED COMPETITION WITH HEFTY RIVALS SUCH AS THE NEW SWEET SUCCESS LINE FROM NESTLE THE CORE ULTRA SLIM FAST BRAND HAD SALES OF TWO HUNDRED EIGHTEEN POINT SEVEN MILLION DOLLARS IN THE FORTY FOUR WEEKS ENDED NOVEMBER SEVENTH NINETEEN NINETY THREE UP TEN PERCENT FROM A YEAR EARLIER ACCORDING TO INFORMATION RESOURCES' INFOSCAN SERVICE THE FIGURES REFLECT SALES IN SUPERMARKETS DRUGSTORES AND MASS MERCHANDISE OUTLETS HOWEVER ULTRA SLIM FAST'S SALES DIDN'T KEEP PACE WITH THE CATEGORY WHICH GREW EIGHTEEN PERCENT TO FIVE HUNDRED FORTY FIVE POINT EIGHT MILLION DOLLARS MUCH OF THE GROWTH APPEARS TO HAVE COME FROM SWEET SUCCESS WHICH PITCHES ITSELF AS A GUILT FREE CHOCOLATE INDULGENCE IT BOASTED SALES OF FORTY FIVE POINT FIVE MILLION DOLLARS TO CAPTURE EIGHT PERCENT OF THE MARKET COMPETITION IS HEATING UP IN THE SEGMENT OF THE DIET BUSINESS THAT TARGETS PEOPLE WHO WANT JUST A FINE TUNING AS OPPOSED TO A TOTAL OVERHAUL LAST WEEK WEIGHT WATCHERS A UNIT OF H. J. HEINZ BEGAN RUNNING ADS WITH FORMER NETWORK ANCHORWOMAN KATHLEEN SULLIVAN HAWKING A NEW RAPID WEIGHT LOSS PROGRAM IN ONE COMMERCIAL MS. SULLIVAN STEPS ON A SCALE AND GIGGLES WITH DELIGHT WHEN SHE DISCOVERS SHE LOST EIGHT AND ONE HALF POUNDS IN ABOUT TWO WEEKS MS. SHIELDS CAME TO MIND FOR SLIM FAST AND GREY ADVERTISING LAST YEAR SHORTLY AFTER THEY USED MODEL SHARI BELAFONTE IT MADE US REALIZE THAT THERE ARE PEOPLE WHO DON'T NEED DRAMATIC WEIGHT LOSS TO BE INTERESTED IN THE PRODUCT SAYS JERRY SAVIOLA VICE PRESIDENT OF CELEBRITY TALENT NEGOTIATIONS AT GREY MARKETING EXPERTS FEEL THE CASTING OF MS. SHIELDS IS AN INSPIRED CHOICE EVEN THOUGH HER MOVIE CAREER HAS BEEN AT BEST SLUGGISH SHE RECENTLY FILMED A MOVIE BASED IN AFRICA RUNNING WILD THINK OF USING BROOKE SHIELDS IN TERMS OF MARKET SEGMENTATION SAYS STEVEN E. PERMUT PRESIDENT OF MARKETING SCIENCES A MARKETING AND ADVERTISING CONSULTING FIRM IN GUILFORD CONNECTICUT THE FIRST TIER OF PEOPLE YOU HAVE TO SELL THE SLIM FAST PROGRAM TO IS OBVIOUS THAT'S THE EASY PART THEN AFTER THAT GROUP IS SATURATED YOU LOOK FOR OTHER HIGH POTENTIAL TARGETS THAT SEGMENT MAY BE SMALLER IN NUMBER PERHAPS BUT THERE HASN'T BEEN THAT PROMOTION TO THIS NEW GROUP AND MR. PERMUT ADDS MS. SHIELDS REPRESENTS SOMEONE WHO IS QUOTE YOUTHFUL ATTRACTIVE AND IN EXCELLENT HEALTH QUOTE MR. ABRAHAM SAYS MORE CHANGES ARE IN STORE FOR ULTRA SLIM FAST INCLUDING NEW FRUIT COMBINATION READY TO DRINK SHAKES THAT WILL BE INTRODUCED NATIONALLY IN MARCH NEW ADVERTISING FROM GREY WILL ACCOMPANY THE PRODUCTS WHICH INCLUDE ORANGE PINEAPPLE SHAKES BUT MR. ABRAHAM DECLINES TO BE SPECIFIC AND ADDITIONAL STARS PERHAPS NOT UNLIKE MS. SHIELDS WILL BE SEEN IN SUBSEQUENT ADS BUT HE SAYS WE CAN'T TIP OFF ANY COMPETITORS A NEW COMMERCIAL FOR ROY ROGERS TAKES A POKE AT RIVAL BURGER KING CORPORATION AND ITS B. K. TEEVEE CAMPAIGN THE LAST ONE THAT AD AGENCY D'ARCY MASIUS BENTON AND BOWLES CREATED FOR BURGER KING BEFORE THE BURGER CHAIN PUT ITS ONE HUNDRED MILLION DOLLAR PLUS ACCOUNT UP FOR REVIEW IN THE SPOT FROM BETHESDA MARYLAND AGENCY EARLE PALMER BROWN A YOUNG MAN MEETS A MODERN DAY SAINT PETER AT THE GATES OF HEAVEN AND ASKS WHAT THERE IS TO EAT GREAT FOOD FROM ROY'S THE SAINT PETER CHARACTER TELLS HIM THIS IS HEAVEN THE NEW ARRIVAL FINDS THAT HARD TO BELIEVE BUT YOU DON'T ACTUALLY COOK ANYTHING HE SAYS THE SAINT PETER CHARACTER SMILES AND TURNS TO A NEARBY CHIMNEY QUOTE YOU MUST BE THINKING OF THE OTHER PLACE QUOTE HE SAYS FLAMES AND SMOKE PUFF OUT AND A VOICE YELPS I HATE THIS PLACE THE ILL FATED D. M. B. AND B. CAMPAIGN FEATURED A LOUD MOUTHED NARRATOR EXCLAIMING I LOVE THIS PLACE A BURGER KING SPOKESWOMAN AND A D. M. B. AND B. SPOKESMAN DECLINED TO COMMENT BURGER KING A UNIT OF GRAND METROPOLITAN FIRED D. M. B. AND B. FROM THE CREATIVE PART OF THE ACCOUNT IN THE U. S. IN OCTOBER D. M. B. AND B. IS PITCHING TO RETAIN THE MEDIA PORTION OF THE ACCOUNT AND OTHER DUTIES THE REVIEW IS EXPECTED TO END IN MARCH OFFICIALS OF ROY ROGERS A UNIT OF HARDEE'S FOOD SYSTEMS COULDN'T BE REACHED TO COMMENT SUBARU SUBARU OF AMERICA A UNIT OF FUJI HEAVY INDUSTRIES LIMITED SIGNED A CONTRACT WITH DALLAS AGENCY TEMERLIN MCCLAIN MAKING IT THE OFFICIAL SUBARU AD AGENCY FOLLOWING A THREE MONTH TRIAL PERIOD BETWEEN THE TWO PARTIES TEMERLIN'S APPOINTMENT TO THE SEVENTY MILLION DOLLAR ACCOUNT WAS EXPECTED A NEW CAMPAIGN IS EXPECTED IN THE SPRING TEMERLIN IS A UNIT OF BOZELL JACOBS KENYON AND ECKHARDT FOX NEWS CORPORATION'S FOX NETWORK SAID ITS AFFILIATES WILL TEMPORARILY AIR LOCAL PROGRAMMING DURING THE LATE NIGHT PERIOD FROM ELEVEN P. M. TO MIDNIGHT EASTERN TIME EFFECTIVE JANUARY THIRTY FIRST THE TIME PERIOD WAS OCCUPIED FOR SIX WEEKS LAST FALL BY CHEVY CHASE'S CRITICALLY REVILED TALK SHOW AND MORE RECENTLY BY REPEATS OF IN LIVING COLOR AND CODE THREE THE STATIONS MAY RESUME NETWORK BROADCASTS WHEN FOX LAUNCHES A NEW LATE NIGHT SHOW Y. AND R. YOUNG AND RUBICAM SAID IT HAS REDUCED ITS CONTROLLING STAKES IN TWO MIDWEST AGENCIES SIVE SLASH YOUNG AND RUBICAM OF CINCINNATI AND CRESWELL MUNSELL FULTZ AND ZIRBEL OF CEDAR RAPIDS IOWA YOUNG AND RUBICAM SAID IT RETAINS MINORITY INTERESTS IN THE AGENCIES WHICH ARE NOW CONTROLLED BY MANAGEMENT AT THE TWO SHOPS AMERICAN AIRLINES SAID IT SENT LAYOFF NOTICES TO SEVEN HUNDRED SEVENTY FIVE EMPLOYEES LAST WEEK PART OF ITS PLAN TO SHRINK THE A. M. R. CORPORATION UNIT BY FIVE THOUSAND JOBS DURING NINETEEN NINETY FOUR AND NINETEEN NINETY FIVE THE EMPLOYEES AFFECTED ARE THOSE WHO WORK IN AIRPORT OPERATIONS INCLUDING TICKET AND GATE AGENTS BAGGAGE HANDLERS AND FLEET SERVICE THE LAYOFFS TAKE EFFECT FEBRUARY FOURTH WHILE THEIR POSITIONS WILL BE ELIMINATED NOT ALL OF THE WORKERS WILL LOSE THEIR JOBS IN SOME CASES EMPLOYEES CAN WORK PART TIME AND DEPENDING ON UNION RULES SOME HIGH SENIORITY WORKERS CAN BUMP THOSE WITH LESS SENIORITY AS PART OF THE MOVE AMERICAN SAID IT PLANS TO ANNOUNCE MANAGEMENT LAYOFFS AT MONTH'S END PILOT FURLOUGHS WHICH STAND AT TWO HUNDRED SEVENTY FIVE NOW WILL BE FOUR HUNDRED TO FOUR HUNDRED FIFTY BY SPRING THE COMPANY SAID AMERICAN WHICH HAS LOST HUNDREDS OF MILLIONS OF DOLLARS SINCE NINETEEN NINETY SAID LAST YEAR THAT IT WOULD SHRINK MONEY LOSING AIRLINE OPERATIONS AND BEEF UP ITS NON AIRLINE TECHNOLOGY UNITS JOHN FELLOWS KNOWN AS QUOTE MISTER RADIO QUOTE IN THE STATE OF MAINE IS WITHOUT DOUBT ONE OF THE BEST RADIO TIME SALESMEN ANYWHERE I WORKED A DAY WITH HIM WHEN HE LED THE SALES TEAM AT WOKQ IN PORTSMOUTH N. H. WHICH IS RATED NUMBER ONE IN ITS MARKET AREA ON ONE CALL AT A LAWN AND GARDEN SUPPLY STORE HIS PRESENTATION TO THE OWNER WAS INTERRUPTED BY A CUSTOMER HE WAITED THREE MINUTES CALLED OUT SEE YA OVER HIS SHOULDER AND LEFT EXACTLY THIRTY MINUTES LATER AFTER A COLD CALL A MILE AWAY RESULTED IN A CONFIRMED FUTURE APPOINTMENT AT AN AUTOMOBILE DEALER WE WERE BACK AT THE LAWN AND GARDEN STORE TO CLOSE A MAJOR ADVERTISING SCHEDULE DESPITE THIS REMARKABLE DISPLAY OF SALES ACUMEN AT THE END OF THE DAY MR. FELLOWS APOLOGIZED IN EMBARRASSMENT WHEN WE HAD SCHEDULED THE FIELD SALES DAY HE TOLD ME HE DID EVERYTHING ON HIS LAPTOP COMPUTER AND EVEN THOUGH I DIDN'T THINK MUCH OF THE TECHNOLOGY HE THOUGHT THE WORLD OF IT HE HAD PLANNED TO SHOW ME HOW HIS COMPUTER WORKED ON OUR TRIP BUT ITS BATTERIES HAD DIED OVERNIGHT I COULDN'T HELP RECALLING THE ORBITER FOUR THOUSAND IT WAS INTRODUCED AS THE LATEST IN SHAVING TECHNOLOGY BY GILLETTE IN THE EARLY NINETEEN SEVENTIES ELECTRICAL APPLIANCES WERE TAKING ADVANTAGE OF NEW ADVANCES IN BATTERIES AND THE ELECTRIC CARVING KNIFE LED ALL SALES GILLETTE'S ORBITER FOUR THOUSAND WAS A BATTERY OPERATED TECHMATIC BAND RAZOR THAT SORT OF VIBRATED AFTER A HOT PRODUCT LAUNCH IT WAS LATER QUIETLY RECALLED WHEN IT WAS DISCOVERED THAT IT SHAVED JUST AS WELL WHEN THE BATTERIES RAN DOWN IT BECAME KNOWN IN THE TRADE AS THE ELECTRIC FORK WOULD THAT THE LATEST IN SALES FORCE AUTOMATION WERE AS BENIGN YEARS AGO MOST ENLIGHTENED SALES MANAGERS DID AWAY WITH CALL REPORTS AS A WASTE OF TIME WHAT WAS ACCOMPLISHED WAS CRITICAL NOT A RECORD OF HOW IT WAS DONE SALES MANAGERS WERE REQUIRED TO TRAVEL WITH THEIR TOP PRODUCERS TO KEEP THEIR EXPERIENCED EYE ON THE MARKETPLACE AND TO IMPROVE THE TECHNIQUE OF THEIR FIELD SALES PROFESSIONALS WITH THOUSANDS OF SOFTWARE PROGRAMS NOW AVAILABLE SALES FORCE AFTER SALES FORCE IS BEING EQUIPPED IN THE NAME OF ELECTRONIC PROGRESS WITH AUTOMATION SYSTEMS ALL OF WHICH INCLUDE DETAILED ELECTRONIC CALL REPORTING FEATURES THESE PROGRAMS PUMP OUT SALES MANAGEMENT REPORTS INDICATING IN MULTICOLORED BAR CHARTS AND PIE GRAPHS OR WITH LONG COLUMNS OF FIGURES EXACTLY WHAT IS HAPPENING IN THE FIELD NO NEED TO BE THERE IT'S ALL IN THE SYSTEM A FIELD DISTRICT MANAGER FOR DATA GENERAL CORPORATION TOLD ME HE HAD NO NEED TO GO INTO THE FIELD HE MONITORED HIS PEOPLE ON THE SYSTEM HIS JOB AS HE SAW IT WAS TO BE SURE ORDERS WERE CORRECTLY PROCESSED TRADITIONALLY COMPUTER SALESPEOPLE MAKE FEWER SALES CALLS THAN IN ANY OTHER INDUSTRY IS IT ANY WONDER THEY LOSE CONTROL OF THEIR MARKETS AND CUSTOMERS WITH GREATER SPEED THAN ANY OTHER INDUSTRY THERE IS NOT A SINGLE FUNCTION ON ANY SALES AUTOMATION SYSTEM THAT CANNOT BE DONE MANUALLY WITH EQUAL EFFICIENCY WITH THE EXCEPTION OF SUMMARY ACTIVITY REPORTS GEORGE GILDER WAS ONCE QUOTED AS SAYING THAT ONE PAIR OF HUMAN EYES PROCESSED MORE VISUAL DATA IN ONE DAY THAN ALL THE WORLD'S COMPUTERS COMBINED WHAT A SHAME IF THOSE EYES ARE GLUED TO THE SCREEN OF A SALES FORCE AUTOMATION SYSTEM SALES FORCE AUTOMATION FUNCTIONS PRIMARILY TO MARKET THE HARDWARE AND SOFTWARE IT WAS DESIGNED TO REQUIRE TOO OFTEN IT IS USED TO JUSTIFY THE DERELICTION OF DUTY OF DESK HUGGING SALES MANAGERS WHO DON'T WANT TO DO THE HARD JOB OF GETTING ON PLANES TO FIND OUT WHAT IS REALLY GOING ON WARNER LAMBERT FOR EXAMPLE ACTUALLY REQUIRES ITS FIELD MERCHANDISERS TO RECORD IN ITS DATABASE THE RESULTS OF EVERY CALL ON EVERY DRUGSTORE AND SUPERMARKET MADE EVERY DAY TO REPLACE DAMAGED GOODS AND DRESS DISPLAYS AND TO TALK TO STORE PERSONNEL ABOUT GOOD MERCHANDISING PRACTICES THIS IS BECOMING STANDARD COMPUTER PRACTICE IN THE INDUSTRY WHY TURNING FIELD PEOPLE INTO DATA ENTRY CLERKS ONLY SERVES THE PURPOSE OF ALLOWING MANAGERS TO POLICE WHERE THEIR PEOPLE SAY THEY HAVE BEEN OFFICE MACHINES BELONG IN AN OFFICE NOT ON THE FRONT SEAT OR LAP OF SALES PROFESSIONALS DO THE ADMINISTRATION FOR YOUR SALESPEOPLE DON'T OFFLOAD IT ON THEM DURING THE GROWTH AGE OF ELECTRONICS SPANNING THE PAST FIFTEEN YEARS ACROSS ALL INDUSTRIES IN ALL MARKETS IMAGINABLE I HAVE NEVER SEEN EVEN ONE TOP SALES PROFESSIONAL DRAG ONE OF THESE ELECTRONIC MARVELS IN ON A SALES CALL THEY ALL UNDERSTAND INSTINCTIVELY THAT TECHNOLOGY DOES NOT BELONG IN THE EQUATION THEY KNOW WHY PEOPLE BUY THEY KEEP TRACK OF FOUR HUNDRED OR FIVE HUNDRED NAMES IN THEIR HEADS WITHOUT DIFFICULTY AND NO DATABASE EXISTS THAT CAN OR SHOULD CATALOG WHAT THEY KNOW ABOUT HOW AND WHY THOSE PEOPLE BUY ARE THERE EXCEPTIONS TO THIS RULE YES COMPUTERS DEFINITELY BELONG IN SALES IN A BIG WAY FOR EXAMPLE RICK KELLY OF BRISTOL MYERS DOES MILLIONS IN SALES WITH JUST THREE CUSTOMERS HE SPENDS THREE DAYS A MONTH IN CLEARWATER FLORIDA HARRISBURG PENNSYLVANIA AND PROVIDENCE R. I. HE KNOWS ALMOST AS MUCH ABOUT THE STORE TO STORE OPERATIONS OF ECKERD DRUG RITE AID AND C. V. S. AS THEY DO THEMSELVES HE KNOWS BY BEING ABLE TO COMPUTER MODEL DISTRIBUTION AND PROMOTIONAL PLANS WITH HIS BUYERS THEY SHARE DATA TO INCREASE RESULTS RICK IS A NATIONAL ACCOUNTS MANAGER AND USES HIS COMPUTER DIFFERENTLY FROM THE WAY ANY OF THE SALES FORCE AUTOMATION SYSTEMS ON THE MARKET NOW OPERATE KNOWING WHAT A WEEKEND COUPON DROP IN A SUNDAY SUPPLEMENT WILL DO IN AREA OUTLETS AT WHAT PRICE POINT AND IN WHAT VOLUME BY PACKAGE SIZE IS WHAT HE AND HIS COMPUTER WORK ON HE GETS ELECTRONIC MAIL AND HAS IN DEPTH MARKET INFORMATION BUT HE DOESN'T HAVE TO FOLLOW UP LEADS OR UPDATE THE NAMES OF BUYERS WITH ONLY THREE CUSTOMERS HIS RESULTS ARE TABULATED QUARTERLY NO NEED TO CHECK NUMBERS OF CALLS PER DAY TAKE A LONG HARD LOOK AT HOW YOU EMPLOY COMPUTERS IN FIELD SALES DO YOUR BEST SALESPEOPLE WORK JUST AS WELL WITH THE BATTERIES DISCONNECTED THAT OUGHT TO TELL YOU SOMETHING ABOUT SALES FORCE AUTOMATION AND ITS PLACE IN THE HALL OF SHAME WITH THE OVER PROMISED AND UNDER DELIVERED COMPUTERIZED PREDECESSORS THAT HAVE FALLEN BY THE WAYSIDE ALONG THE ELECTRONIC HIGHWAY DO YOU REQUIRE YOUR SALES PROFESSIONALS TO USE AN ELECTRONIC FORK TRADE NEGOTIATIONS BETWEEN THE U. S. AND CHINA HAVE REACHED A BITTER IMPASSE OVER THE ISSUE OF ALLEGED TRANS SHIPMENTS OF CHINESE CLOTHING U. S. TRADE REPRESENTATIVE MICKEY KANTOR ANNOUNCED ON THURSDAY THAT THE U. S. WILL SLASH CHINA'S PERMITTED TEXTILE EXPORTS TO THE U. S. BY TWENTY FIVE PERCENT TO THIRTY FIVE PERCENT MORE THAN ONE BILLION DOLLARS UNLESS CHINA SUBMITS TO U. S. DEMANDS FOR INCREASED CONTROLS ON ITS TEXTILE PRODUCTION UNFORTUNATELY THIS APPEARS TO BE A CONFLICT LARGELY SPURRED BY THE FANATICISM OF PROTECTIONIST U. S. BUREAUCRATS NOT THE MISDEEDS OF THE GOVERNMENT OF CHINA UNDER THE U. S. TEXTILE IMPORT QUOTA SYSTEM FORTY ONE NATIONS ARE ASSIGNED QUOTAS THAT SPECIFY HOW MUCH OF EACH TYPE OF TEXTILE AND APPAREL PRODUCT A GIVEN NATION MAY SELL TO AMERICAN CONSUMERS SOME NATIONS HAVE ALLEGEDLY EVADED THE RESTRAINTS BY QUOTE TRANS SHIPPING QUOTE CLOTHING TO A THIRD COUNTRY WHERE LABELS ARE ATTACHED STATING QUOTE MADE IN QUOTE BEFORE IT IS EXPORTED TO THE U. S. THOUGH SUCH TRANS SHIPMENTS CAN BENEFIT AMERICAN CONSUMERS IN THE FORM OF GREATER SELECTION AND LOWER PRICES THE U. S. TEXTILE INDUSTRY IS DEMANDING THAT THE GOVERNMENT TAKE ANY AND ALL STEPS TO BLOCK THE IMPORTS THE U. S. CLAIMS THAT CHINA IS TRANS SHIPPING TWO BILLION DOLLARS OF TEXTILE PRODUCTS TO THE U. S. EACH YEAR THE TWO BILLION DOLLAR FIGURE REPEATED AD INFINITUM BY U. S. TRADE OFFICIALS HAS REACHED THE STATUS OF DIVINE REVELATION IN AMERICAN TRADE POLICY ALTHOUGH THE CHINESE GOVERNMENT AND U. S. IMPORTERS AGREE THAT SOME TRANS SHIPPING IS GOING ON THE U. S. GOVERNMENT HAS NO EVIDENCE TO SUPPORT ITS CLAIM OF MULTIBILLION DOLLAR TRANS SHIPMENTS THE HEART OF THE U. S. CHINA CONFLICT TWO BILLION DOLLARS OF APPAREL IMPORTS IS THE EQUIVALENT OF A FLOTILLA OF CARGO SHIPS YET THE U. S. GOVERNMENT HAS OFFERED NO EVIDENCE OF THE FLOTILLA'S EXISTENCE AT A PRESS CONFERENCE IN WASHINGTON ON THURSDAY MR. KANTOR OFFERED A HANDFUL OF ALLEGED EXAMPLES OF TRANS SHIPMENTS ONE EXAMPLE WAS THE CASE OF SIX HUNDRED TWENTY FIVE MILLION KILOGRAMS OF SHOP TOWELS SMALL COTTON TOWELS USED TO WIPE GREASE AND OIL OFF MACHINERY THAT WERE EITHER COMPLETED OR SUBSTANTIALLY COMPLETED IN CHINA SHIPPED TO HONDURAS AND LATER ROUTED TO THE U. S. IN REALITY FOR MANY IF NOT MOST OF THE SHIPMENTS CHINA EXPORTED FABRIC TO HONDURAS WHICH WAS THEN CUT INTO SHOP TOWELS AND EXPORTED TO THE U. S. UNDER THE LAW OF SOME COUNTRIES SUCH A TRANSFORMATION WOULD BE CONSIDERED TO CHANGE THE COUNTRY OF ORIGIN BUT NOT UNDER U. S. CUSTOMS LAW ACCORDING TO TEXTILE TRADE EXPERT CLINT STACK THE TWO BILLION DOLLAR ESTIMATE OF ANNUAL ILLEGAL TRANS SHIPMENTS HAS BEEN DEDUCED IN PART FROM A CONTINUING CUSTOMS SERVICE INVESTIGATION BEGUN IN NINETEEN NINETY ONE AND KNOWN AS OPERATION Q. TIP IN THAT CASE CUSTOMS BROUGHT IN TWO BUSLOADS OF AGENTS TO RAID IMPORTERS' OFFICES IN THE EMPIRE STATE BUILDING IN NINETEEN NINETY ONE HUNDREDS OF THOUSANDS OF DOCUMENTS WERE SEIZED FILE CLERKS WERE HELD AT GUNPOINT AND MANY COMPANIES' OPERATIONS WERE SEVERELY DISRUPTED YET AFTER YEARS OF INVESTIGATIONS THE CUSTOMS SERVICE HAS SECURED GUILTY PLEAS REGARDING THE IMPORT OF ONLY TWO POINT SEVEN MILLION DOLLARS NOWHERE NEAR THE TWO BILLION DOLLARS A YEAR FIGURE CLAIMED BY THE CUSTOMS SERVICE CUSTOMS DOESN'T SEEM MUCH INTERESTED IN RESOLVING THE CURRENT DISPUTE WITH CHINA BY ANY BUT THE MOST HEAVY HANDED MEANS LAURA JONES DIRECTOR OF THE U. S. ASSOCIATION OF IMPORTERS OF TEXTILE AND APPAREL OBSERVES WE HAVE REPEATEDLY ASKED THE CUSTOMS SERVICE TO GIVE US THE NAMES OF FOREIGN FACTORIES THAT ARE SUSPECTED OF TRANS SHIPPING SO THAT WE CAN ADVISE OUR MEMBERS TO STOP DEALING WITH THEM BUT CUSTOMS WILL TELL US NOTHING IN RECENT MONTHS CHINA HAS CRACKED DOWN ON COMPANIES EVADING U. S. TEXTILE IMPORT REGULATIONS YET THE U. S. GOVERNMENT DEMANDS THAT CHINA DO FAR MORE AND ALLOW U. S. GOVERNMENT INSPECTORS PRACTICALLY FREE REIN THROUGHOUT THE COUNTRY THE U. S. GOVERNMENT IS DEMANDING THAT FOREIGN NATIONS PERMIT U. S. CUSTOMS SERVICE INSPECTION SQUADS TO DESCEND UNANNOUNCED ON CHINESE CLOTHING FACTORIES NO U. S. AGENCY HAS THE RIGHT TO CONDUCT SURPRISE VISITS ON AMERICAN FACTORIES TO COUNT THEIR UNDERWEAR INVENTORY YET THIS IS WHAT THE U. S. GOVERNMENT WANTS TO DO IN CHINA AND OTHER COUNTRIES THE CUSTOMS SERVICE HAS ESTABLISHED JUMP TEAMS TO JUMP ON FOREIGN TEXTILE FACTORIES TO DETERMINE WHETHER THEY ACTUALLY POSSESS THE PRODUCTION CAPACITY TO EXPORT THE AMOUNT THEIR NATIONS ARE SHIPPING TO THE U. S. THESE TEAMS HAVE VISITED THIRTY FOUR NATIONS TO SEARCH FOR VIOLATORS OF U. S. TEXTILE IMPORT REGULATIONS THE JUMP TEAMS HAVE BEEN TRAINED IN PART BY THE AMERICAN TEXTILE MANUFACTURERS INSTITUTE TEN NATIONS INCLUDING CHINA HAVE REFUSED TO SIGN AGREEMENTS WITH THE U. S. CLAIMING THAT PERMITTING U. S. JUMP TEAMS TO INTRUDE ON THEIR COUNTRY WOULD BE A VIOLATION OF NATIONAL SOVEREIGNTY AN INDICATION OF THE BEHIND THE SCENES WRANGLING BETWEEN THE U. S. AND CHINA CAN BE GARNERED FROM CONFIDENTIAL DOCUMENTS ON SIMILAR NEGOTIATIONS BETWEEN THE U. S. AND COSTA RICA LAST MONTH U. S. TEXTILE NEGOTIATORS INSISTED THAT COSTA RICA ACCEPT THE U. S. GOVERNMENT'S RIGHT TO LAUNCH SURPRISE INSPECTIONS ON COSTA RICAN FACTORIES FOR VIOLATIONS OF U. S. IMPORT QUOTAS OCCURRING FROM TRANS SHIPPING OR ANY OTHER MEANS WHEN COSTA RICA OBJECTED TO THE OR ANY OTHER MEANS PHRASE THE U. S. GOVERNMENT RESPONDED IN A CONFIDENTIAL LETTER ON DECEMBER SEVENTH NINETEEN NINETY THREE IT SAID THAT THE ALL INCLUSIVE PHRASE WAS NECESSARY IN THE AGREEMENT BECAUSE IT WAS INTENDED QUOTE TO COVER ALL FORMS OF CIRCUMVENTION EVEN THOSE NOT YET DEVISED BY INDUSTRIOUS EXPORTERS SLASH IMPORTERS QUOTE IN OTHER WORDS THE U. S. IS SEEKING PRACTICALLY UNLIMITED POWER TO INVESTIGATE AND PUNISH FOREIGN COMPANIES FOR ABUSES THAT HAVE NOT YET EVEN BEEN INVENTED U. S. GOVERNMENT OFFICIALS ARE WORKING OVERTIME TO TRY TO PORTRAY TEXTILE TRANS SHIPPING AS THE ECONOMIC EQUIVALENT OF PEARL HARBOR BUT IN REALITY THIS IS A CRIME CREATED LARGELY BY THE MINDLESS COMPLEXITY OF U. S. TEXTILE IMPORT REGULATIONS WHICH DICTATE COUNTRY LIMITS ON THE IMPORT OF MORE THAN THREE THOUSAND DIFFERENT APPAREL AND TEXTILE PRODUCTS IN MOST ALLEGED TRANS SHIPPING CASES THE IMPORTERS HAVE PAID IN FULL THE HIGH U. S. TARIFFS ON CLOTHING SUCH AS THE THIRTY FOUR PERCENT TARIFF ON POLYESTER SWEATERS OR THE TWENTY SIX PERCENT TARIFF ON WOMEN'S SWIMSUITS EVEN IF TRANS SHIPPING IS OCCURRING IT IS PROBABLY PROVIDING A WINDFALL TO THE U. S. TREASURY THAT'S NOT ENOUGH FOR U. S. TEXTILE OFFICIALS WHO ARE OBSESSED WITH SEEKING TO ACHIEVE TOTAL CONTROL OF CLOTHING SUPPLIES ENTERING THE U. S. INDEED SOME IMPORTERS BELIEVE THAT THE U. S. GOVERNMENT MAY BE TRYING TO USE THE TRANS SHIPMENT ISSUE TO SLASH THE AMOUNT OF TEXTILE IMPORTS OVERALL IN ORDER TO BUY SUPPORT FOR THE NORTH AMERICAN FREE TRADE AGREEMENT LAST FALL THE CLINTON ADMINISTRATION PROMISED CONGRESS TO SPEND AT LEAST AN ADDITIONAL FIFTEEN MILLION DOLLARS TO HIRE ANOTHER ONE HUNDRED THIRTY SIX CUSTOMS INSPECTORS TO CRACK DOWN ON TRANS SHIPPING AND OTHER VIOLATIONS MR. KANTOR WHEN ASKED ABOUT THE IMPACT ON AMERICAN CONSUMERS OF SLASHING CHINESE EXPORTS DENIED THAT IT WOULD HAVE ANY IMPACT STATING I THINK THE AMERICAN CONSUMER WILL BE FULLY ABLE TO BUY QUALITY PRODUCTS MADE IN THE U. S. MADE BY U. S. WORKERS THIS IS HARDLY THE CASE QUOTAS AND TARIFFS ADD UP TO AN EFFECTIVE SURTAX OF FIFTY PERCENT ON TEXTILE IMPORTS A COST THAT IS PASSED ALONG TO AMERICAN CONSUMERS THE DRACONIAN CRACKDOWN ON FOREIGN NATIONS AND THE DEMAND THAT THEY WAIVE SOME OF THEIR NATIONAL SOVEREIGNTY IS SPARKED IN PART BECAUSE OF THE GRIEVOUS HARM THAT TEXTILE IMPORTS HAVE SUPPOSEDLY WREAKED ON THE U. S. INDUSTRY BUT IN NINETEEN NINETY TWO U. S. TEXTILE MAKERS HAD RECORD PROFITS FIVE TIMES HIGHER THAN THE AVERAGE U. S. MANUFACTURER'S EARNINGS ON SALES THAT YEAR ACCORDING TO THE AMERICAN TEXTILE MANUFACTURERS INSTITUTE FRIDAY IN BEIJING THE GOVERNMENT VOWED RETALIATION AGAINST THE AMERICAN DECISION THE OFFICIAL XINHUA NEWS AGENCY QUOTED A TRADE MINISTRY SPOKESMAN AS SAYING THE U. S. ACTION WILL SERIOUSLY AFFECT U. S. CHINESE ECONOMIC AND TRADE RELATIONS THERE ARE SEVERAL LEGITIMATE REASONS TO IMPOSE SANCTIONS ON CHINA SUCH AS VIOLATIONS OF INTELLECTUAL PROPERTY RIGHTS BUT TEXTILE TRADE IS NOT ONE OF THEM PROTECTIONIST AMERICAN BUREAUCRATS MUST NOT BE ALLOWED TO SPARK A MAJOR TRADE WAR MR. BOVARD WRITES OFTEN ON TRADE HAVING READ THE OPINION POLLS PRESIDENT CLINTON IS TALKING TOUGH ABOUT CRIME WE WISH HE'D ALSO READ THE OPINIONS OF ONE OF HIS OWN NOMINEES TO THE FEDERAL BENCH ROSEMARY BARKETT OF FLORIDA HE'D DISCOVER THE LANI GUINIER OF HIS ANTI CRIME POLICY JUST LAST MONTH MR. CLINTON TOLD REPORTERS HE'D OBSERVED A QUOTE SEA CHANGE IN PUBLIC ATTITUDE QUOTE ON CRIME AND THUS MIGHT FAVOR WIDER POLICE AUTHORITY TO STOP AND SEARCH PEOPLE SUSPECTED OF CARRYING ILLEGAL FIREARMS HE SAID HE WOULDN'T TAKE THAT OFF THE TABLE ACCORDING TO A REPORT IN THE LOS ANGELES TIMES HE WOULDN'T HAVE TO BECAUSE MS. BARKETT WOULD TAKE IT OFF THE TABLE FOR HIM WE REACH THIS CONCLUSION HAVING READ HER DISSENT IN PEREZ V. FLORIDA A CASE BEFORE THE FLORIDA SUPREME COURT LAST YEAR MIAMI POLICE SPOTTED PEREZ AND ANOTHER MAN PASSING SOMETHING BETWEEN THEM IN A NOTORIOUS DRUG NEIGHBORHOOD WHEN AN OFFICER APPROACHED THE PAIR THEY FLED AND WHILE RUNNING PEREZ PULLED SOMETHING FROM HIS WAIST AND DROPPED IT IN AN ALLEY POLICE FOUND A FIREARM AND CHARGED PEREZ A CONVICTED FELON WITH CARRYING A CONCEALED WEAPON THE TRIAL JUDGE SUPPRESSED THE GUN AS EVIDENCE AGAINST PEREZ AS AN ILLEGAL SEARCH AND SEIZURE UNDER THE FOURTH AMENDMENT BUT AFTER VARIOUS APPEALS A MAJORITY OF THE FLORIDA SUPREME COURT RULED THE GUN WAS ADMISSIBLE AS EVIDENCE BECAUSE PEREZ HAD ABANDONED IT PRIOR TO ANY SEARCH THE MAJORITY CITED A U. S. SUPREME COURT PRECEDENT FROM NINETEEN NINETY ONE CALIFORNIA V. HODARI D. IN WHICH A SUSPECT HAD THROWN AWAY COCAINE WHILE BEING PURSUED THE COURT RULED THAT HODARI'S COCAINE HADN'T BEEN ILLEGALLY SEIZED NONE OF THIS WAS GOOD ENOUGH FOR JUDGE BARKETT WHO DISSENTED IN THE PEREZ CASE HER JUDGMENT WOULD HAVE EXCLUDED THE GUN FROM BEING USED AS EVIDENCE THUS ALLOWING PEREZ TO GO FREE EVEN THOUGH HE WAS CLEARLY GUILTY MS. BARKETT THEREBY ENDORSED A MORE EXTREME VERSION OF THE EXCLUSIONARY RULE THAN EVEN THE U. S. SUPREME COURT HAS ENDORSED THIS IS THE LOOPY RULE THAT AS THE SAYING HAS IT ALLOWS THE CRIMINAL TO GO FREE EVEN WHEN IT'S THE CONSTABLE WHO BLUNDERS MS. BARKETT'S DISSENT IS ALL THE MORE REMARKABLE GIVEN THAT IN NINETEEN EIGHTY TWO FLORIDA PASSED AN AMENDMENT TO ITS STATE CONSTITUTION THAT MADE U. S. SUPREME COURT INTERPRETATIONS OF THE FOURTH AMENDMENT BINDING ON THE FLORIDA SUPREME COURT YET MS. BARKETT NOW BELIEVES THAT THIS AMENDMENT DOESN'T APPLY BECAUSE THE U. S. SUPREME COURT HAS BECOME MORE STRICT IN ITS INTERPRETATIONS SINCE NINETEEN EIGHTY TWO HOW CONVENIENT AND OF COURSE THE LOGIC OF HER DISSENT IN PEREZ WOULD PROHIBIT THE STOP AND FRISK AUTHORITY THAT PRESIDENT CLINTON SAYS POLICE OUGHT TO HAVE WE DON'T REPORT ALL OF THIS TO EMBARRASS MR. CLINTON BUT TO SUGGEST THAT MS. BARKETT'S BRAND OF LIBERAL JURISPRUDENCE IS MUCH TO BLAME FOR AMERICA'S CRIME PROBLEM THE U. S. LEGAL SYSTEM HAS CONSTRUCTED ELABORATE PROTECTIONS FOR DEFENDANTS THAT MAKE IT ALL BUT IMPOSSIBLE FOR CRIMINALS TO SEE A CONNECTION BETWEEN CRIME AND PUNISHMENT THE REHNQUIST SUPREME COURT HAS PULLED BACK ON SOME OF THE WORST WARREN COURT PRECEDENTS BUT THE BARKETTS OF THE WORLD WOULD SHIFT IT BACK AGAIN REPUBLICANS WE SHOULD ADD CAN BE JUST AS AGILE AT ANTI CRIME POSTURING FLORIDA REPUBLICAN SENATOR CONNIE MACK HAS ENDORSED MS. BARKETT WHO IS POPULAR WITH G. O. P. ELITES IN THAT STATE EVEN AS HE RAILS ABOUT SENDING CRIMINALS TO JAIL SO THE SENATE IS LIKELY TO CONFIRM MS. BARKETT TO HER SEAT ON THE ELEVENTH CIRCUIT NO ONE LATER SHOULD CLAIM TO BE SURPRISED BY JUDGE BARKETT'S OPINIONS PRESIDENT CLINTON'S ECONOMIC ADVISERS HAVE AGREED TO RECOMMEND THAT HE NAME BROOKINGS INSTITUTION ECONOMIST GEORGE PERRY TO THE FEDERAL RESERVE BOARD ADMINISTRATION OFFICIALS SAID MR. CLINTON HAS YET TO INTERVIEW MR. PERRY AIDES SAY THE PRESIDENT WON'T ACT ON THE RECOMMENDATION UNTIL AFTER HIS TRIP TO EUROPE AND AFTER MR. PERRY HAS UNDERGONE THE USUAL BACKGROUND INVESTIGATION MR. PERRY FIFTY NINE YEARS OLD INITIALLY SAID HE WASN'T INTERESTED IN THE FED JOB BUT LATER CHANGED HIS MIND IF NOMINATED BY THE PRESIDENT AND CONFIRMED BY THE SENATE HE WOULD BRING VIEWS DIFFERENT FROM THOSE OF THE FED GOVERNOR HE WOULD SUCCEED WAYNE ANGELL THE BANKER AND ECONOMIST WHO WAS NAMED TO THE SEVEN MEMBER BOARD BY PRESIDENT REAGAN MR. ANGELL A HARD LINE ADVOCATE OF ELIMINATING INFLATION SEES THE PRICE OF GOLD AND OTHER COMMODITIES AS THE BEST GUIDE TO MAKING MONETARY POLICY MR. PERRY IS IN THE MAINSTREAM OF MACROECONOMICS AND IS LIKELY TO ADVOCATE A BALANCED MONETARY POLICY THAT BOTH CONTAINS INFLATION AND MAINTAINS ECONOMIC GROWTH HE DOESN'T TALK ABOUT THE NEED TO REACH QUOTE ZERO INFLATION QUOTE AND HAS DISCOUNTED THE IMPORTANCE OF GOLD PRICES IN A COLUMN PUBLISHED IN THE LOS ANGELES TIMES IN OCTOBER MR. PERRY WROTE THAT THE POLICY SURPRISE THAT WOULD MOST UPSET MARKETS TODAY WOULD BE A PREMATURE INCREASE IN INTEREST RATES THAT DISRUPTED THE RECOVERY LONG BEFORE WE HAD ACHIEVED A HEALTHY ECONOMY WITH GOOD JOB MARKETS FOR WORKERS AND RESTORED PROFITABILITY FOR FIRMS BACK IN JUNE HE WROTE THAT THE FED IS CONCERNED WITH INFLATION ALL THE TIME IT WOULD BE THE FIRST TO DETECT A GENUINE PROBLEM IF ONE SHOULD EMERGE ON THE OTHER HAND WE ARE FORTUNATE THAT OUR OWN FED DOESN'T HAVE THE TUNNEL VISION OF THE PRESENT POLICY MAKERS AT THE BUNDESBANK WHICH AT THE TIME WAS HOLDING GERMAN INTEREST RATES HIGH TO SQUASH AN INFLATION THREAT EVEN THOUGH IT WAS CONTRIBUTING TO A RECESSION ACROSS EUROPE IN THAT SAME ESSAY MR. PERRY SAID THERE'S NO REASON TO BELIEVE THAT GOLD PRICES HAVE ANY NOTICEABLE EFFECT ON FINISHED GOODS' PRICES OR THAT THEY PREDICT INFLATION MORE BROADLY THE OTHER FINALISTS FOR THE FED POST WERE PRINCETON UNIVERSITY ECONOMIST PETER KENEN AND VAN DOORN OOMS CHIEF ECONOMIST FOR THE PRIVATE COMMITTEE FOR ECONOMIC DEVELOPMENT ALTHOUGH MR. CLINTON'S ADVISERS CONSIDERED ALL THREE TO BE WELL QUALIFIED THEY WERE EAGER TO SELECT AN ECONOMIST WHOSE STATURE AND PERSONALITY WOULD EQUIP HIM TO INFLUENCE FED CHAIRMAN ALAN GREENSPAN AND OTHER FED OFFICIALS MR. PERRY HAS BEEN AT THE BROOKINGS THINK TANK IN WASHINGTON SINCE NINETEEN SIXTY NINE AFTER EARNING A DOCTORATE IN ECONOMICS AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY MR. PERRY SERVED ON THE STAFF OF PRESIDENT KENNEDY'S COUNCIL OF ECONOMIC ADVISERS AND LATER TAUGHT AT THE UNIVERSITY OF MINNESOTA NAOMI WOLF SAYS SHE IS CAPABLE OF PUTTING EGGS IN THE STEREO CABINET AND OF FORGETTING HER OWN BIRTHDAY QUOTE FIRE WITH FIRE THE NEW FEMALE POWER AND HOW IT WILL CHANGE THE TWENTY FIRST CENTURY QUOTE RANDOM HOUSE FOUR HUNDRED PAGES TWENTY ONE DOLLARS HER FRENETIC CRY FOR A NEW QUOTE POWER FEMINISM QUOTE IS NO MODEL OF ORGANIZATION EITHER IDEAS RICOCHET OFF THE PAGES FREQUENTLY COLLIDING WITH ONE ANOTHER WHERE WAS THIS WOMAN'S EDITOR MS. WOLF'S THESIS IS THAT THE TIME HAS COME FOR WOMEN TO TAKE THE POWER THAT SHOULD BE THEIRS AS A MAJORITY OF THE POPULATION AND THE ELECTORATE ALTHOUGH WOMEN HAVE BEEN A MAJORITY OF VOTERS SINCE NINETEEN EIGHTY IT TOOK ANITA HILL'S TESTIMONY DURING CLARENCE THOMAS'S CONFIRMATION HEARINGS TO SHATTER THE ILLUSION OF MALE POWER THAT EVENT AND THE NINETEEN NINETY TWO ELECTION GENDERQUAKE HAVE CHANGED THE LANDSCAPE PERMANENTLY ENABLING WOMEN TO WIELD POWER SHE ARGUES WHILE WONDERING WHAT'S HOLDING THEM BACK NOT JUST CONTINUING OPPRESSION BY MEN AND MEDIA DISTORTION AND NEGLECT OF WOMEN'S CONCERNS SHE THINKS BUT ALSO WOMEN THEMSELVES FEMINISM HAS BECOME RIGIDLY IDEOLOGICAL AND REFLEXIVELY ANTICAPITALIST WOMEN ARE AMBIVALENT ABOUT POWER TOO HAVING REPRESSED THE WILL TO HAVE IT AND USE IT SINCE CHILDHOOD THE IDEAS OF THE DIFFERENCE FEMINISTS DEBORAH TANNEN CAROL GILLIGAN ET AL. HAVE ALSO HELD WOMEN BACK BY FOCUSING ON FEMALE QUALITIES SUCH AS NURTURING THAT ARE PERCEIVED AS BEING IN CONFLICT WITH HOLDING POWER WOMEN MUST MAKE A PSYCHOLOGICAL PASSAGE TO POWER FEMINISM MS. WOLF CONTINUES BY SHEDDING IDEOLOGICAL PURITY TESTS RECOGNIZING THAT WOMEN ARE CAPABLE OF BAD BEHAVIOR JUST AS MEN ARE AND DEVELOPING A PRAGMATIC AND UNSENTIMENTAL CULTURE OF FEMINISM THEY MUST USE THE TECHNIQUES MEN USE TO HELP EACH OTHER POLISH FEMINISM'S IMAGE CREATE AWARDS FOR THEMSELVES AND STRATEGICALLY DEPLOY THEIR CONSIDERABLE MONETARY AND EDUCATIONAL RESOURCES SHE BELIEVES THAT WOMEN WILL FIND USING POWER SATISFYING AND SEXY AND INDEED THERE IS A LOT OF CHATTER ABOUT SEX IN HER BOOK BEFORE SHE SURGES AHEAD INTO THE FUTURE SOMEWHERE DOWN THE ROAD WHO KNOWS WHEN WOMEN WILL ACHIEVE POWER PARITY SHE HOPES THEN WAR WON'T BE SO REFLEXIVE AND SADISM SO RAMPANT BUT THEN AGAIN SHE SAYS THEY MAY BE IF WOMEN SHED THEIR PASSIVE INCLINATIONS SOCIETY MAY BE FAIRER BUT SHE SAYS IT MAY NOT SOME OF THE ARGUMENTS IN THIS BOOK ARE TIRED AND WRONG OTHERS ARE ON THE MARK BUT MANY MORE ARE CONFUSED MS. WOLF SWALLOWS WHOLE THE NOTION THAT THE NINETEEN EIGHTIES WERE A BACKLASH AGAINST WOMEN DESPITE THEIR PHENOMENAL GAINS DURING THAT DECADE MS. WOLF PERSISTS IN SAYING THAT WOMEN EARN SIXTY SIX PERCENT OF WHAT MEN EARN THOUGH THE CORRECT FIGURE IS SEVENTY ONE PERCENT AND THE DISPARITY IS MUCH SMALLER FOR YOUNGER WOMEN HER INTERPRETATION OF CHILD MOLESTING AND WIFE BEATING STATISTICS IS EXAGGERATED AND SLOPPY MS. WOLF'S VIEW OF THE MEDIA IS A JUMBLE SHE DESCRIBES THE MEDIA'S PORTRAYAL OF FEMINISM AS ONE OF OMISSION AND RIDICULE YET SHE SAYS THAT WITHOUT THE WOMEN IN THE MEDIA THE GENDERQUAKE COULD NOT HAVE HAPPENED SHE TELLS US THAT T. V. AND NEWS MAGAZINES IGNORED THE SIGNIFICANCE OF THE NINETEEN NINETY TWO VOTE BUT THOUSANDS OF COLUMN INCHES AND SIGNIFICANT AIR TIME HAVE BEEN DEVOTED TO EMERGING GENDER DIFFERENCES IN POLITICS SHE SAYS THAT NEWSPAPERS ASSIGNED CREDIT FOR RUTH BADER GINSBURG'S RISE TO HER HUSBAND YES HER HUSBAND WAS MENTIONED IN MANY STORIES AND HE IS BY JUSTICE GINSBURG'S OWN ADMISSION A GREAT BOOSTER BUT NO ONE CREDITS HER DISTINCTION AS A JURIST TO HIM AND SHE DOES NOT RECOGNIZE THE INCONSISTENCY OF TELLING US ON ONE PAGE THAT SIXTEEN YEAR OLDS WHO DO NOT HAVE ACCESS TO ABORTION ARE SILENCED WHILE SAYING ON ANOTHER THAT CHILDREN SHOULD NOT HAVE ACCESS TO SEXUALLY VIOLENT IMAGERY LIKE CIGARETTES ALONGSIDE THE LITANY OF COMPLAINTS MS. WOLF FINDS DEVELOPMENTS TO APPLAUD THE TWELVE MILLION WOMEN WHO BOUGHT GUNS DURING THE EIGHTIES QUOTE THE ARMED SISTERHOOD QUOTE USE THE POSITIVE LANGUAGE OF FEMINISM INDEPENDENCE AUTONOMY SELF RESPECT THAT SHE ADMIRES THIS MAKES HER AN AMUSINGLY UNLIKELY FRIEND OF THE GUN LOBBY MS. WOLF IS MOST INTERESTING WHEN SHE CHALLENGES FEMINISTS ON ISSUES SUCH AS ABORTION ARGUING THAT DIFFERENCES OF OPINION MUST BE RESPECTED SHE EXCORIATES FEMINISM FOR IGNORING WOMEN'S DARKER SIDE REVEALING THAT BETWEEN THIRTY TWO PERCENT AND FORTY ONE PERCENT OF THE WOMEN IN PRISON ARE THERE FOR VIOLENT CRIME AND THAT WOMEN ACCOUNT FOR NEARLY FIFTY PERCENT OF THE PHYSICAL ABUSE OF CHILDREN HER DISCUSSION OF HER WORK IN A RAPE CRISIS CENTER THAT HAD TO CLOSE ITS DOORS BECAUSE OF THE RIGIDITY OF SOME OF THE FEMALE VOLUNTEERS IS ESPECIALLY POIGNANT MS. WOLF WANTS TO RECLAIM FEMINISM FOR ALL WOMEN BUT THERE ARE SO MANY OF US AND TIMES HAVE CHANGED IN THE EARLY SIXTIES THE IDEA THAT WOMEN SHOULD HAVE EQUAL OPPORTUNITY IN THE WORKPLACE WAS NOT SHARED IT IS TODAY EVEN IF WE HAVEN'T LIVED UP TO THE IDEAL PERFECTLY NOW THAT THE ENDS ARE AGREED ON WE DIFFER ABOUT MEANS THAT'S WHY ONLY A THIRD OF WOMEN CALL THEMSELVES FEMINISTS BUT HUGE MAJORITIES OF THEM ENDORSE THE GOALS OF THE WOMEN'S MOVEMENT MS. BOWMAN IS A RESIDENT FELLOW AT THE AMERICAN ENTERPRISE INSTITUTE IN WASHINGTON FOOD RETAILER AHOLD N. V. SAID TOTAL SALES FOR NINETEEN NINETY THREE INCLUDING TWO NEWLY CONSOLIDATED DUTCH UNITS ROSE NEARLY TWENTY SIX PERCENT TO TWENTY SEVEN POINT ONE BILLION GUILDERS THIRTEEN POINT EIGHT EIGHT BILLION DOLLARS FROM NINETEEN NINETY TWO'S TWENTY ONE POINT SIX BILLION GUILDERS BOOSTED IN PART BY THE DOLLAR'S STRENGTHENING AGAINST THE GUILDER AHOLD WHICH IS BASED IN THE NETHERLANDS BUT HAS EXTENSIVE U. S. OPERATIONS SAID THAT ACCOUNTING FOR THE FACT THAT NINETEEN NINETY TWO HAD FIFTY THREE RETAILING WEEKS WHILE NINETEEN NINETY THREE HAD ONLY FIFTY TWO WEEKS THE INCREASE IN SALES WAS TWENTY EIGHT PERCENT AHOLD SAID RETAILERS TYPICALLY END THEIR CALENDAR YEARS ON THE SATURDAY CLOSEST TO JANUARY FIRST AHOLD IS SCHEDULED TO REPORT OFFICIAL FOURTH QUARTER AND FULL YEAR RESULTS ON MARCH SEVENTEENTH AHOLD'S SALES IN THE NETHERLANDS GREW ROUGHLY THIRTY ONE PERCENT TO TEN POINT NINE BILLION GUILDERS BOOSTED BY THE FIRST TIME CONSOLIDATION OF ITS WHOLLY OWNED JAMIN CONFECTIONARY CHAIN AND OF ITS SEVENTY THREE PERCENT OWNED FOOD WHOLESALE AND RETAIL GROUP SCHUITEMA SALES IN THE U. S. WHERE AHOLD IS AMONG THE TOP TEN FOOD RETAILING GROUPS ROSE TO TWELVE POINT THREE ONE BILLION GUILDERS FROM ELEVEN POINT ONE TWO BILLION GUILDERS A YEAR EARLIER THE RISE WAS BUOYED BY A SIX POINT THREE PERCENT STRONGER DOLLAR SALES IN THE REST OF EUROPE ROSE SHARPLY TO ONE POINT FOUR BILLION GUILDERS FROM TWO HUNDRED MILLION GUILDERS A YEAR EARLIER LARGELY BECAUSE OF ACTIVITIES IN PORTUGAL WHERE IT OWNS OR HOLDS STAKES IN SEVERAL FOOD RETAILERS BROKEN HILL PROPRIETARY COMPANY THE AUSTRALIAN STEEL MINING AND PETROLEUM COMPANY SAID THE JABIRU OIL AND GAS FIELD OFF THE NORTHWESTERN COAST OF AUSTRALIA RE ENTERED PRODUCTION ENDING A ONE HUNDRED FOUR DAY SHUTDOWN THE JABIRU FIELD CEASED OUTPUT IN EARLY OCTOBER FOR ROUTINE MAINTENANCE OF FLOATING PRODUCTION STORAGE AND OFF LOADING VESSEL JABIRU VENTURE PRODUCTION ON THE CONVERTED TANKER WAS TWENTY THOUSAND BARRELS OF OIL A DAY BEFORE THE SHIP WAS DISCONNECTED B. H. P. OWNS FIFTY PERCENT OF THE JABIRU FIELD WITH THE REMAINING EQUITY HELD BY AUSTRALIA'S AMPOLEX LIMITED CULTUS PETROLEUM N. L. SANTOS LIMITED NORCEN INTERNATIONAL LIMITED AND NORPAC SECURITIES AUSTRALIA LIMITED NIPPONDENSO COMPANY ONE OF JAPAN'S BIG MAKERS OF AUTOMOBILE PARTS AND AN AFFILIATE OF AUTOMOBILE MAKING GIANT TOYOTA MOTOR CORPORATION SAID IT WILL SUPPLY PARTS OF AIR CONDITIONERS FOR USE IN CHRYSLER CORPORATION'S NEON CARS SHIPMENTS OF THE PARTS FOR NEON A SMALL LOW PRICED PASSENGER CAR THAT CHRYSLER HAS DEVELOPED TO COMPETE AGAINST JAPANESE CARS ARE PART OF NIPPONDENSO'S LONGSTANDING BUSINESS RELATION WITH CHRYSLER A NIPPONDENSO SPOKESMAN SAID THE PARTS MAKER HAS BEEN SUPPLYING PRODUCTS TO ALL BIG THREE CAR MAKERS IN THE U. S. BY SHIPMENTS FROM JAPAN AND FROM ITS U. S. PLANT COMPRESSORS AND CAPACITORS FOR NEON'S AIR CONDITIONERS WILL BE SHIPPED BY NIPPONDENSO'S U. S. PLANT HE SAID DRACONIAN STEPS ORDERED BY THE ITALIAN GOVERNMENT TO SLASH ITS NINETEEN NINETY FOUR DRUG BILL HAVEN'T DERAILED EXPANSION PLANS OF SOME EUROPEAN PHARMACEUTICAL COMPANIES ON FRIDAY PRIVATELY OWNED FRENCH DRUG MAKER GROUPE FOURNIER ANNOUNCED IT HAS REACHED AN ADVANCED STAGE OF NEGOTIATIONS TO ACQUIRE THE PHARMACEUTICAL DIVISION OF MILAN BASED PIERREL COMPANY A UNIT OF SWEDEN'S PHARMACIA A. B. PIERREL'S DRUG OPERATIONS HAVE ESTIMATED ANNUAL SALES OF ROUGHLY TWO HUNDRED MILLION SWEDISH KRONOR TWENTY FOUR POINT THREE MILLION DOLLARS MAINLY OF ANTIBIOTICS AND MEDICINES USED TO TREAT DISEASES OF THE CENTRAL NERVOUS SYSTEM A PHARMACIA SPOKESMAN SAID ACCORDING TO THE SPOKESMAN PIERREL'S DRUGS NO LONGER FIT WITH THE PARENT'S PORTFOLIO OF CORE PRODUCTS BOTH SIDES STRESSED THAT NO AGREEMENT HAS YET BEEN SIGNED AND THAT THE TALKS COULD STILL END UNSUCCESSFULLY BY VIRTUALLY ANY MEASURE THE U. S. ECONOMY OUTSHINES THOSE OF JAPAN AND GERMANY WHILE THE U. S. JOBLESS RATE FELL LAST MONTH TO A THREE YEAR LOW OF SIX POINT FOUR PERCENT GERMANY'S CLIMBED TO EIGHT POINT ONE PERCENT THE U. S. ECONOMY PROBABLY EXPANDED AT BETTER THAN A FOUR POINT FIVE PERCENT PACE IN THE FOURTH QUARTER JAPAN'S PROBABLY SHRANK DURING THE PERIOD WITH SOME REASON TREASURY SECRETARY LLOYD BENTSEN BOASTED LAST WEEK THAT THE U. S. IS QUOTE THE WORLD'S ECONOMIC LEADER THE ENGINE OF GROWTH QUOTE CAN THIS LAST ONCE GERMANY AND JAPAN EMERGE FROM RECESSION AFTER ALL THE HANDWRINGING OVER AMERICA'S DEFICIT INADEQUATE INVESTMENT SHORTSIGHTED CORPORATIONS AND SOCIAL ILLS IS IT CONCEIVABLE THE U. S. WILL BE THE ECONOMIC ENVY OF THE INDUSTRIALIZED WORLD FIVE YEARS FROM NOW LIKE A ONCE FLABBY ATHLETE THE U. S. HAS BEEN WORKING OUT AT THE HEALTH CLUB FOR THE PAST COUPLE OF YEARS AND IT HAS PAID OFF GERMANY AND JAPAN HAVE JUST FINISHED A BIG LUNCH AND ARE ONLY NOW SIGNING UP AT THE LOCAL ECONOMIC GYM IN THE U. S. A BANKING SYSTEM THAT SEEMED SO TROUBLED JUST A COUPLE OF YEARS BACK IS FLUSH WITH PROFIT AND CAPITAL INTEREST RATES ARE AT THE LOWEST LEVEL IN DECADES THE PRODUCT OF DEFICIT REDUCTION AND AN IMPROVED INFLATION OUTLOOK CORPORATE DINOSAURS ARE SHOWING SURPRISING WILLINGNESS TO CHANGE BOTH BECAUSE OF PRODUCTIVITY GAINS AND SLOW WAGE GROWTH U. S. MANUFACTURERS HAVE AN EDGE MORGAN STANLEY FIGURES U. S. WORKERS COST SIXTEEN DOLLARS AND SEVENTY CENTS AN HOUR AT CURRENT EXCHANGE RATES JAPANESE LABOR COSTS NINETEEN DOLLARS AND THIRTY CENTS AND GERMAN TWENTY FIVE DOLLARS AND FIFTY CENTS THE GAP WILL NARROW BUT THE U. S. ADVANTAGE IS LIKELY TO PERSIST JAPAN'S PREDICAMENT IS STARTLING BECAUSE THE COUNTRY WAS SEEN AS AN ECONOMIC SUPERSTAR BUT WHILE THE U. S. WAS ERECTING OFFICE BUILDINGS THAT IT DIDN'T NEED JAPAN WAS DOING THE SAME WITH FACTORIES IT SOUNDS FLABBERGASTING BUT JAPAN'S EXPERIENCE SUGGESTS A COUNTRY CAN INVEST TOO MUCH ITS DEPENDENCE ON EXPORTS HAS RUN INTO INCREASINGLY TOUGH POLITICAL CHALLENGE FROM THE U. S. AND ECONOMIC COMPETITION FROM THE REST OF ASIA FORCING WRENCHING CHANGE AT JAPANESE MANUFACTURING GIANTS WHAT'S MORE JAPAN'S POLITICAL SYSTEM WHICH HOLDS SWAY OVER THE ECONOMY HAS CRACKED AND RENOVATIONS HAVE ONLY JUST BEGUN JAPAN ALSO IS DISCOVERING MUCH AS THE U. S. DID THAT IT'S HARD TO STIMULATE AN ECONOMY WITH LOWER INTEREST RATES WHEN BANKS DON'T MUCH WANT TO LEND AND BUSINESSES DON'T MUCH WANT TO BORROW CUTTING TAXES TO STIMULATE CONSUMER DEMAND IS ONE OPTION THOUGH AN UNAPPETIZING ONE TO THE CONSERVATIVE MINISTRY OF FINANCE SIGNS ARE THAT THE TAX CUT WILL BE TOO LITTLE TOO LATE PROLONGING THE ECONOMIC TORPOR THE GERMANS ARE A MUCH BIGGER QUESTION SAYS STANLEY FISCHER FORMER CHIEF ECONOMIST FOR THE WORLD BANK THEIR SOCIAL WELFARE STATE HAS GOTTEN OUT OF HAND DEALING WITH EAST GERMANY IS A MUCH BIGGER DEAL THAN THEY OR WE HAD ANY IDEA AS A RESULT GERMANY FACES YEARS OF DISCOMFORT AS ITS GOVERNMENT CUTS ITS BUDGET DEFICIT AND ITS COMPANIES RESTRUCTURE SOUND FAMILIAR GERMANY IS OVERWEIGHT AND OVERPAID SAYS MASSACHUSETTS INSTITUTE OF TECHNOLOGY ECONOMIST RUDIGER DORNBUSCH THE UNPLEASANT PRESCRIPTION GERMAN WORKERS MUST WORK HARDER EARN LESS AND PAY MORE TAXES NOT THE KIND OF CHANGE THAT COMES EASILY IN CONTRAST TO JAPAN WHERE CORPORATIONS ARE SLOW TO LAY OFF WORKERS BUT QUICK TO SHIFT THEM AROUND INTERNALLY GERMAN WORKERS HAVE BEEN BROUGHT UP TO BELIEVE THEY DESERVE A SPECIFIC JOB AT A SPECIFIC PLANT FOREVER WITH SIX WEEKS VACATION AND THE HIGHEST WAGES IN THE INDUSTRIALIZED WORLD CHANGES IN THE WORLD ECONOMY ALSO PLAY TO U. S. STRENGTHS IF THE NINETEEN EIGHTIES WAS THE DECADE OF V. C. R.S AND PERSONAL COMPUTERS THE NINETEEN NINETIES IS THE DECADE OF VIDEOCASSETTES AND SOFTWARE IN THE FIRST GAME JAPAN WAS TOUGH BUT THE U. S. LEAD IN SOFTWARE BE IT MOVIES OR SPREADSHEETS IS UNQUESTIONED THE U. S. IS ALSO MUCH FARTHER ALONG IN THE INEVITABLE AND OFTEN UNPLEASANT SHIFT OF WORKERS FROM MANUFACTURING TO SERVICES THAN JAPAN AND ESPECIALLY GERMANY WHERE FACTORIES EMPLOY NEARLY THREE TIMES AS MANY WORKERS PROPORTIONATELY AS IN THE U. S. IT IS FOLLY TO BE TOO CONFIDENT ABOUT ANY FORECAST OF THE ECONOMY FIVE YEARS OUT MR. FISCHER SAYS THAT THE U. S. LIKELY WILL DO BETTER IN THE NEXT TEN YEARS THAN IT DID IN THE PREVIOUS FIFTEEN YEARS AND THAT JAPAN AND GERMANY LIKELY WILL DO WORSE BUT I SUSPECT THAT FOUR YEARS FROM NOW WE'LL BE GROWING A LITTLE SLOWER PER CAPITA THAN THEY HE SAYS SO DOES MORGAN GUARANTY ECONOMIST WALTER CADETTE WHO PREDICTS THAT JAPAN AND GERMANY WILL BOUNCE BACK FROM RECESSION WITH VIGOR JUST AS THE U. S. DID IN NINETEEN EIGHTY TWO THE U. S. WILL HAVE PLENTY OF CHANCES TO STUMBLE THE STOCK MARKET COULD CRASH THE FEDERAL RESERVE COULD PREMATURELY CHOKE OFF THE EXPANSION CONGRESS AND THE PRESIDENT COULD ENACT A HEALTH CARE PLAN THAT BACKFIRES THE PRODUCTIVITY BOOMLET COULD PROVE TEMPORARY THAT SAID GIVEN THE CURRENT HORIZON THE PROSPECTS FOR THE U. S. ARE BETTER THAN THEY HAVE BEEN IN YEARS AND FAR BETTER THAN THOSE FACING ITS MAIN RIVALS MARUBENI CORPORATION TOKYO ONE OF JAPAN'S GENERAL TRADING COMPANIES SAID IT IS SPEEDING UP AND EXPANDING ITS CUTBACKS IN MANAGEMENT PERSONNEL MARUBENI NOW PLANS TO REDUCE ITS ADMINISTRATIVE PERSONNEL TO ABOUT FIVE HUNDRED EIGHTY BY THE END OF MAY A FIFTEEN PERCENT CUT FROM SIX HUNDRED EIGHTY EIGHT IN MARCH NINETEEN NINETY THREE A SPOKESMAN SAID MARUBENI EARLIER HAD SAID IT PLANNED A TEN PERCENT CUT IN MANAGEMENT PERSONNEL OVER TWO YEARS MARUBENI ALSO WILL RESTRUCTURE ITS ADMINISTRATIVE DIVISIONS COMBINING SOME INTO TIGHTER GROUPS AND ABOLISHING OTHERS TO FOCUS THE FUNCTIONS WITHIN MANAGEMENT THE MOVES ARE PART OF MARUBENI'S PLAN TO EMPHASIZE ITS SALES DIVISIONS THE EXPECTED REVAMPING OF THE SALES SECTORS LIKELY WILL MEAN LARGER MORE GENERALIZED DIVISIONS RATHER THAN THE PRESENT COLLECTION OF SMALL SPECIALIZED ONES MARUBENI'S SPOKESMAN ADDED THAT IT PLANS QUOTE IN THE FUTURE QUOTE TO MOVE IN THE DIRECTION OF BECOMING MORE OF A HOLDING COMPANY THAN A GENERAL TRADING HOUSE HOWEVER HE SAID THERE ARE NO SPECIFIC PLANS FOR SUCH A RESHAPING OF MARUBENI WHICH IS ACTIVE IN ENERGY MACHINERY CONSTRUCTION METALS AND FOODS M. I. M. HOLDINGS LIMITED AN AUSTRALIAN METALS COMPANY SOLD ITS FOUR PERCENT STAKE IN RENISON GOLDFIELDS CONSOLIDATED LIMITED FOR FORTY THREE POINT FIVE MILLION AUSTRALIAN DOLLARS TWENTY NINE POINT EIGHT MILLION U. S. DOLLARS M. I. M. SAID IT SOLD SEVEN POINT NINE MILLION COMMON SHARES IN RENISON FOR FIVE AUSTRALIAN DOLLARS AND FIFTY CENTS THREE U. S. DOLLARS AND SEVENTY SEVEN CENTS EACH THE COMPANY DIDN'T ANNOUNCE WHO BOUGHT THE SHARES THE COMPANY SAID THE DECISION TO SELL THE STAKE WAS PART OF A QUOTE CONTINUING REVIEW OF ASSETS QUOTE IN ITS ANNUAL REPORT FOR THE YEAR ENDED JUNE TWENTY SEVENTH M. I. M. SAID ITS STAKE IN RENISON WAS VALUED AT FIFTY SIX POINT FIVE MILLION AUSTRALIAN DOLLARS INDICATING THE COMPANY SOLD THE STAKE FOR A LOSS ON BOOK VALUE OF THIRTEEN MILLION AUSTRALIAN DOLLARS RENISON IS A MINERALS AND GOLD MINING COMPANY THAT IS FORTY PERCENT OWNED BY HANSON P. L. C. OF BRITAIN AN M. I. M. SPOKESMAN SAID THE COMPANY WON'T INDICATE WHAT OTHER ASSETS MIGHT BE SOLD SAYING ONLY THAT IT IS CONTINUING ITS ASSET REVIEW LOW WORLD METALS PRICES PARTICULARLY OF ZINC COPPER AND LEAD HAVE PUT PRESSURE ON M. I. M. TO CUT OPERATING COSTS AND SELL ASSETS TO BOOST REVENUE THE COMPANY HAS REACTED BY CUTTING LEAD PRODUCTION AT MOUNT ISA THE LARGEST SINGLE MINE LEAD OPERATION IN THE WORLD AND BY REARRANGING THE OWNERSHIP OF EUROPEAN ASSETS THAT WERE JOINTLY HELD WITH GERMANY'S METALLGESELLSCHAFT A. G. IN DECEMBER M. I. M. COMPLETED A PRIVATE PLACEMENT OF ONE HUNDRED FORTY MILLION U. S. DOLLARS OF GUARANTEED SENIOR UNSECURED NOTES IN THE U. S. THE FUNDS ARE TO BE USED FOR GENERAL WORKING PURPOSES AND THE REPAYMENT OF SOME MATURING EUROBOND ISSUES DATA SWITCH CORPORATION SAID IT WILL DISMISS FIFTY EMPLOYEES OR ABOUT TEN PERCENT OF ITS TOTAL WORK FORCE AS A RESULT OF INTENSE PRICE COMPETITION IN THE U. S. AND POOR REVENUE PERFORMANCE OVERSEAS WILLIAM J. LIFKA THE COMPANY'S RECENTLY NAMED CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID THE CUTBACKS WERE NEEDED QUOTE TO RESTRUCTURE THE COMPANY TO OPERATE PROFITABLY AT CURRENT REVENUE LEVELS QUOTE THE SHELTON CONNECTICUT COMPANY MAKES DATA CENTER NETWORKING PRODUCTS DESPITE REVENUE GROWTH IN NINETEEN NINETY THREE THE COMPANY'S FINANCIAL PERFORMANCE HAS BEEN WELL BELOW REASONABLE EXPECTATIONS AND THIS SITUATION IS UNACCEPTABLE MR. LIFKA SAID FOR THE NINE MONTHS ENDED SEPTEMBER THIRTIETH DATA SWITCH REPORTED REVENUE OF FIFTY EIGHT POINT TWO MILLION DOLLARS COMPARED WITH FIFTY TWO POINT TWO MILLION DOLLARS FOR THE COMPARABLE PERIOD A YEAR EARLIER AIRGAS INCORPORATED RADNOR PENNSYLVANIA SAID IMPROVING ECONOMIC CONDITIONS COUPLED WITH ACQUISITIONS WILL CONTINUE TO DRIVE ITS GROWTH IN THE NEXT SEVERAL YEARS IN JULY SALES AT STORES OPEN MORE THAN ONE YEAR INCREASED FOR THE FIRST TIME IN ALMOST THREE YEARS RISING ABOUT THREE PERCENT SAME STORE SALES ROSE ABOUT FIVE PERCENT IN DECEMBER CHAIRMAN AND CHIEF EXECUTIVE PETER MCCAUSLAND SAID HE IS COMFORTABLE WITH EARNINGS ESTIMATES FOR THE FISCAL THIRD QUARTER ENDED DECEMBER THIRTY FIRST OF FOURTEEN CENTS A SHARE AND FEELS THE COMPANY SHOULD ACHIEVE YEAR END EARNINGS ESTIMATES OF FIFTY SEVEN CENTS A SHARE RESULTS SHOULD BE REPORTED IN EARLY FEBRUARY FOR THE YEAR EARLIER THIRD QUARTER THE SPECIALTY GAS AND RELATED EQUIPMENT COMPANY REPORTED NET INCOME OF TWO POINT NINE MILLION DOLLARS OR NINETEEN CENTS A SHARE ON SALES OF ONE HUNDRED ONE POINT FOUR MILLION DOLLARS FOR THE YEAR ENDED MARCH THIRTY FIRST NET INCOME TOTALED TWELVE POINT FIVE MILLION DOLLARS OR EIGHTY ONE CENTS A SHARE ON SALES OF FOUR HUNDRED TEN POINT EIGHT MILLION DOLLARS YEAR EARLIER FIGURES DON'T REFLECT A TWO FOR ONE STOCK SPLIT NOVEMBER TWENTY FOURTH THE CONSERVATIVE MAJORITY OF A FEDERAL APPEALS COURT HERE SET ASIDE A RULING BY THE COURT'S THREE LIBERALS THAT STRUCK DOWN THE MILITARY'S NOW MODIFIED BAN ON HOMOSEXUALS THE FULL U. S. APPEALS COURT FOR THE DISTRICT OF COLUMBIA CIRCUIT SAID FRIDAY THAT IT WOULD RECONSIDER THE CASE OF A FORMER MIDSHIPMAN WHO WAS FORCED OUT OF THE NAVAL ACADEMY AND WASN'T COMMISSIONED AS AN OFFICER BECAUSE HE ADMITTED UNDER QUESTIONING THAT HE WAS GAY IN NOVEMBER A PANEL OF THREE JUDGES RULED THAT THE MILITARY'S FORMER POLICY UNDER WHICH SERVICE MEMBERS COULD BE DISMISSED SOLELY FOR THEIR HOMOSEXUAL ORIENTATION VIOLATED THE CONSTITUTION'S GUARANTEE OF QUOTE EQUAL PROTECTION QUOTE OF THE LAWS THE THREE JUDGES ALL WERE APPOINTED BY DEMOCRAT JIMMY CARTER THE CLINTON ADMINISTRATION TRYING TO SHIFT ATTENTION TO ITS NEW SLIGHTLY MORE LENIENT POLICY ASKED THE FULL TEN MEMBER COURT TO RECONSIDER ONLY ONE NARROW PART OF THE PANEL'S RULING IN WHICH THE THREE JUDGES ORDERED THE NAVY TO REINSTATE THE PLAINTIFF AS AN OFFICER BUT ON THEIR OWN INITIATIVE AT LEAST SIX OF THE SEVEN MEMBERS OF THE COURT APPOINTED BY PRESIDENTS RONALD REAGAN AND GEORGE BUSH DECIDED TO RETHINK THE PANEL'S ENTIRE RULING THE FULL COURT'S BRIEF ANNOUNCEMENT FRIDAY DIDN'T INDICATE WHAT THE VOTE HAD BEEN TO RECONSIDER THE CASE ADMINISTRATION LAWYERS SPECULATED THAT THE CONSERVATIVE JUDGES PROBABLY WOULD REJECT THE PANEL'S CONSTITUTIONAL REASONING AND WOULD GIVE THE MILITARY MORE LEEWAY TO EXCLUDE HOMOSEXUALS IT IS RELATIVELY UNUSUAL FOR FEDERAL COURTS OF APPEALS TO THROW OUT PANEL DECISIONS AND RETHINK CASES IN THIS MANNER THE FULL COURT'S ACTION CHEERED PENTAGON OFFICIALS WHO HAD WORRIED THAT THE PANEL'S REASONING COULD BE USED BY GAYRIGHTS GROUPS TO FIGHT THE CLINTON ADMINISTRATION'S POLICY UNDER THE NEW RULES GAYS ARE PERMITTED TO SERVE IN THE MILITARY BUT ONLY IF THEY KEEP THEIR SEXUAL ORIENTATION A SECRET THE DECISION TO RECONSIDER THE CASE COULD PUT THE WHITE HOUSE IN A DIFFICULT POLITICAL POSITION BY APPEALING THE PANEL'S RULING ON NARROW GROUNDS THE ADMINISTRATION HOPED TO APPEAR TO BE DEFENDING THE VIEWS OF THE UNIFORMED MILITARY LEADERSHIP WHICH FAVORED THE OLD BAN WHILE ALSO APPEASING LIBERALS AND GAY RIGHTS ACTIVISTS LIBERALS AND HOMOSEXUALS HAVE CRITICIZED MR. CLINTON FOR BACKING THE NEW SO CALLED DON'T ASK DON'T TELL POLICY BECAUSE HE ONCE VOWED TO ABOLISH THE GAY BAN ALTOGETHER NOW IT IS EXPECTED THAT THE ADMINISTRATION WILL BE FORCED TO GO ONCE MORE BEFORE THE APPEALS COURT HERE AND STATE ITS VIEWS ON THE CONSTITUTIONALITY OF THE OLD MORE RESTRICTIVE POLICY IN ITS APPEAL OF THE THREE JUDGE PANEL'S RULING THE ADMINISTRATION SAID THAT THE PANEL WAS WRONG AND THAT THE OLD BAN WAS CONSTITUTIONAL BUT THE ADMINISTRATION DECIDED IT WOULDN'T CHALLENGE THAT MAIN PART OF THE PANEL'S DECISION IF THE ADMINISTRATION IS ASKED BY THE COURT TO REARGUE THE CASE AS WOULD BE THE STANDARD PROCEDURE ADMINISTRATION LAWYERS SAID THEY EXPECTED TO REITERATE THEIR VIEW THAT THE OLD POLICY IS CONSTITUTIONAL THE ADMINISTRATION ASSERTED THAT POSITION LAST MONTH IN A SEPARATE CASE PENDING BEFORE THE FEDERAL APPEALS COURT IN SAN FRANCISCO THE APPEALS COURT DIDN'T SET A SCHEDULE FOR BRIEFING OR ORAL ARGUMENT IT COULD ISSUE A NEW RULING WITHOUT FURTHER STATEMENTS FROM THE PARTIES THE THREE MEMBERS OF THE PANEL WERE CHIEF JUDGE ABNER MIKVA AND JUDGES HARRY EDWARDS AND PATRICIA WALD UNDER THE COURT'S STANDARD POLICY THEY HAD BEEN RANDOMLY SELECTED TO HEAR THE CASE THE LAW FIRM BAKER AND MCKENZIE DISCRIMINATED AGAINST A FORMER LAWYER BY FIRING HIM BECAUSE HE HAD AIDS A NEW YORK HUMAN RIGHTS OFFICIAL HAS RULED LYNNE WEIKART THE STATE'S EXECUTIVE DEPUTY COMMISSIONER OF HUMAN RIGHTS ORDERED THE CHICAGO BASED FIRM TO PAY THE MAN'S ESTATE FIVE HUNDRED THOUSAND DOLLARS FOR WHAT SHE CALLED HIS MENTAL ANGUISH AND HUMILIATION AS WELL AS BACK PAY FROM THE TIME HE WAS FIRED IN NINETEEN EIGHTY SIX UNTIL HIS DEATH IN NINETEEN EIGHTY SEVEN IN A WRITTEN ORDER MS. WEIKART DESCRIBED THE FIRM'S BEHAVIOR TOWARD THE LAWYER GEOFFREY BOWERS AS DEVASTATINGLY CRUEL MS. WEIKART NOTED THAT MR. BOWERS HAD RECEIVED FAVORABLE JOB EVALUATIONS AND THAT THERE WAS NO EVIDENCE THAT HIS WORK PERFORMANCE DETERIORATED BETWEEN HIS MAY NINETEEN EIGHTY SIX EVALUATION AND HIS FIRING LATER THAT YEAR MR. BOWERS WORKED AS AN ASSOCIATE IN BAKER AND MCKENZIE'S NEW YORK OFFICE BY FIRING MR. BOWERS THE FIRM TOOK FROM HIM THE ONE THING WHICH KEPT HIS SPIRITS HIGH IN SPITE OF IMPENDING DEATH SHE WROTE HIS PSYCHE WAS PUNCTURED HIS SELF RELIANCE WAS SMASHED AND HIS WELL BEING WAS ERASED THE LAW FIRM HAD MAINTAINED THAT MR. BOWERS WAS DISMISSED BECAUSE HIS WORK WASN'T SATISFACTORY THE LAW FIRM'S PARTNERS ALSO SAID THAT WHEN THEY FIRED MR. BOWERS THEY DIDN'T REALIZE HE HAD AIDS MS. WEIKART HOWEVER SAID THAT IT WASN'T CREDIBLE THAT THE PARTNERS DIDN'T KNOW ABOUT MR. BOWERS'S CONDITION OR THAT THEY DIDN'T NOTICE HIS FACIAL LESIONS WHICH ARE SYMPTOMS OF THE DISEASE ADD YOUR LOCAL POLICE DEPARTMENT TO THE LIST OF DEFENDANTS WITH DEEP POCKETS PAYING OUT MULTIMILLION DOLLAR DAMAGE AWARDS IN PERSONAL INJURY CASES AN INFORMAL ROUNDUP OF THE BIGGEST DAMAGE AWARDS OF NINETEEN NINETY THREE BY THE NATIONAL LAW JOURNAL REPORTS A SUBSTANTIAL NUMBER OF AWARDS AGAINST POLICE WITH TWO OF THE LARGEST INVOLVING NEW YORK CITY POLICE MULTIMILLION DOLLAR AWARDS ALSO WERE REPORTED IN PENNSYLVANIA MICHIGAN WASHINGTON D. C. CALIFORNIA AND NEW MEXICO BIG OUT OF COURT SETTLEMENTS WERE NOTED IN FLORIDA GEORGIA AND OTHER STATES ACCORDING TO THE SURVEY THE SUITS ALL INVOLVED EITHER BRUTALITY OR THE INJURY OR DEATH OF INNOCENT BYSTANDERS AS A RESULT HIGH SPEED CAR CHASES THE APPARENT INCREASE IN THE NUMBER AND SIZE OF AWARDS SEEMS TO REFLECT JURIES' GROWING INTOLERANCE OF POLICE MISCONDUCT RATHER THAN ANY INCREASE IN SUCH MISBEHAVIOR SAYS MIAMI PLAINTIFFS LAWYER STUART Z. GROSSMAN WHAT'S GENERALLY HAPPENING IS THAT PEOPLE NOW VIEW THE POLICE DIFFERENTLY THAN THEY DID BEFORE SAYS MR. GROSSMAN QUOTE PEOPLE ARE NOW ACQUAINTED WITH THE FACT THAT THERE ARE APPROPRIATE POLICE PROCEDURES FOR OFFICERS JUST LIKE THERE ARE FOR PHYSICIANS QUOTE MR. GROSSMAN OBTAINED A BIG SETTLEMENT WITH MIAMI LAST YEAR INVOLVING A POLICE OFFICER WHO USED A STRANGLEHOLD TO SUBDUE A DISABLED CONSTRUCTION WORKER RENDERING HIM COMATOSE FOR LIFE THE CITY AGREED TO PAY LIFETIME MEDICAL COSTS FOR KEEPING THE MAN ALIVE ON A RESPIRATOR SIX POINT TWO MILLION DOLLARS IN DAMAGES TO THE PLAINTIFF'S FAMILY AND HIS ESTATE AND ATTORNEY'S FEES THE SINGLE LARGEST JURY AWARD AGAINST A POLICE DEPARTMENT ONE HUNDRED POINT SIX MILLION DOLLARS WAS HANDED DOWN IN NEW YORK IN CASES INVOLVING A MOTHER AND CHILD SERIOUSLY INJURED BY A POLICE CAR CHASING A MOTORCYCLIST THAT AWARD WAS LATER REDUCED TO FORTY FIVE MILLION DOLLARS ACCORDING TO THE STORY IN TODAY'S NATIONAL LAW JOURNAL THE BIGGEST DAMAGE AWARD FOR EXCESSIVE FORCE TWENTY TWO POINT FIVE MILLION DOLLARS ALSO WAS DELIVERED IN NEW YORK THAT CASE INVOLVED AN ALTERCATION BETWEEN POLICE AND A NEW YORK RESIDENT WHO WAS SHOT IN THE BACK AND PARALYZED FROM THE CHEST DOWN ACCORDING TO PROFESSIONAL ORGANIZATIONS POLICE DEPARTMENTS ARE RESPONDING TO INCREASED LIABILITY BY PROVIDING BETTER TRAINING LIABILITY IS CERTAINLY AN ISSUE SAYS ROY KIME LEGISLATIVE COUNSEL FOR THE INTERNATIONAL ASSOCIATION OF CHIEFS OF POLICE YOU DON'T WANT TO USE ALL YOUR RESOURCES PAYING OFF HUGE JUDGMENTS BUT THE REAL ACTIVITY HAS BEEN GENERATED BY THE DESIRE TO HEAD OFF THOSE LAWSUITS BY NOT BEING INVOLVED IN THE OFFENDING ACT IN THE FIRST PLACE EDWARD FELSENTHAL AND MILO GEYELIN CONTRIBUTED TO THIS ARTICLE FIGGIE INTERNATIONAL INCORPORATED SAID IT INCURRED A QUOTE SIGNIFICANT QUOTE LOSS FOR THE FOURTH QUARTER AND YEAR AND CONFIRMED THAT IT'S SEEKING TO SELL SOME NON CORE ASSETS TO PAY DOWN DEBT FIGGIE EARNED TEN POINT THREE MILLION DOLLARS OR FIFTY NINE CENTS A SHARE IN THE YEAR EARLIER FOURTH QUARTER AND TWENTY EIGHT POINT THREE MILLION DOLLARS OR ONE DOLLAR AND SIXTY ONE CENTS A SHARE FOR ALL OF NINETEEN NINETY TWO THE WILLOUGHBY OHIO COMPANY SAID ITS EARNINGS SLUMP IS THE RESULT OF HEAVY SPENDING ON CONSOLIDATIONS PLANT CLOSINGS AND CONVERSION TO NEW TECHNOLOGY IN THE FACE OF PROTRACTED RECESSIVE MARKETS ANALYSTS HAD EXPECTED THE COMPANY TO SHOW A SMALL PROFIT IN THE FOURTH QUARTER AND POST A SMALL LOSS FOR THE YEAR HARRY E. FIGGIE JUNIOR CHAIRMAN AND CHIEF EXECUTIVE SAID HE EXPECTS THE COMPANY TO SEE CONSIDERABLE PROFIT IMPROVEMENT IN LATE NINETEEN NINETY FOUR HE ALSO HELD OUT THE PROSPECT OF SUBSTANTIAL INSURANCE RECOVERIES FOR LOSS OF PROPERTY AND BUSINESS INTERRUPTION DUE TO THIRD QUARTER FLOODS CENTRAL AND SOUTH WEST CORPORATION DALLAS SAID IT EXPECTS TO REPORT A PRETAX CHARGE OF ABOUT ONE HUNDRED MILLION DOLLARS FOR THE FOURTH QUARTER DUE TO CERTAIN REORGANIZATION COSTS INCLUDING AN EARLY RETIREMENT PROGRAM IN THE YEAR EARLIER FOURTH QUARTER THE UTILITY HOLDING COMPANY HAD NET INCOME OF EIGHTY TWO MILLION DOLLARS OR FORTY THREE CENTS A SHARE ON REVENUE OF EIGHT HUNDRED FIFTY TWO MILLION DOLLARS THE COMPANY ALSO SAID IT IS QUOTE CONSIDERING QUOTE CERTAIN ACCOUNTING CHANGES INCLUDING THE WAY IT RECORDS UNBILLED REVENUE AND RETIREE BENEFITS WHICH MAY RESULT IN OTHER NONRECURRING CHARGES FOR THE QUARTER STEVE MCDONNELL CENTRAL AND SOUTH WEST'S TREASURER DECLINED TO ELABORATE BUT HE SAID BECAUSE OF THE ONE HUNDRED MILLION DOLLAR CHARGE THE COMPANY EXPECTS TO REPORT NINETEEN NINETY THREE EARNINGS BELOW ANALYSTS' EXPECTATIONS OF ABOUT THREE HUNDRED SEVENTY SIX MILLION DOLLARS OR TWO DOLLARS A SHARE OBVIOUSLY EARNINGS WILL BE LESS THAN THAT HE SAID FOR NINETEEN NINETY TWO THE COMPANY HAD PROFIT OF THREE HUNDRED EIGHTY TWO MILLION DOLLARS OR TWO DOLLARS AND THREE CENTS A SHARE ON REVENUE OF THREE POINT THREE ONE BILLION DOLLARS HAVE YOU EVER CONSIDERED HOW WASTEFUL THE STANDARD PANEL DISCUSSION ON T. V. IS TYPICALLY THE SCENARIO GOES SOMETHING LIKE THIS THERE IS A MODERATOR AND FOUR PANELISTS A LIBERAL CONGRESSMAN A CONSERVATIVE CONGRESSMAN A CONSERVATIVE PUNDIT AND A LIBERAL PUNDIT THE MODERATOR ANNOUNCES THE SUBJECT AND INTRODUCES THE PANELISTS BY NAME AND POSITION IN THE SPECTRUM THEN HE ASKS ONE OF THE PANELISTS A QUESTION AFTER THE ANSWER THE MODERATOR REFERS EITHER THE QUESTION OR THE PREVIOUS ANSWER TO ANOTHER PANELIST AND SO IT GOES ON MODERATOR PANELIST MODERATOR PANELIST UNTIL FIFTEEN MINUTES HAVE PASSED THE MODERATOR THANKS EVERYONE AND THE PERFORMANCE IS OVER NOTHING MUCH HAS BEEN SAID CONTRAST THAT WITH A PERFORMANCE OF A STRING QUARTET THERE IS NO MODERATOR OR CONDUCTOR THE PERFORMERS ARE NOT INTRODUCED EVERYONE IN THE AUDIENCE KNOWS WHO THEY ARE BY WHERE THEY SIT AND BY THE INSTRUMENTS THEY HOLD IN THEIR HANDS THEY START WITHOUT ANY OUTSIDE INTERVENTION AND END IN THE SAME WAY BUT THE KEY THING IS THAT ALMOST ALL THE TIME THEY ARE ALL PLAYING AT ONCE THEY GET A LOT DONE IN FIFTEEN MINUTES MANY TIMES MORE THAN IF THEY HAD ALL PLAYED SERIATIM AS IN A PANEL DISCUSSION THE FOUR PANELISTS ARE SEATED IN A SEMICIRCLE FROM LEFT TO RIGHT LIBERAL CONGRESSMAN LC LIBERAL PUNDIT L. P. CONSERVATIVE PUNDIT C. P. CONSERVATIVE CONGRESSMAN CC AT A NOD OF THE HEAD FROM THE LIBERAL CONGRESSMAN THE RECITATION BEGINS ALL TOGETHER QUOTE IT WILL SOON BE JANUARY TWENTIETH QUOTE YES IT WILL SOON BE NOON OF JANUARY TWENTIETH NOW COMES THE WITCHING HOUR FOR TALKING HEADS IT HAS BEEN A YEAR OF UPS AND DOWNS FOR CLINTONS LC L. P. MORE UPS THAN DOWNS CC C. P. MORE DOWNS THAN UPS ALL TOGETHER QUOTE NAFTA QUOTE LC L. P. NAFTA WAS A GREAT TRIUMPH FOR CLINTON CC C. P. NAFTA WAS A GREAT TRIUMPH FOR GINGRICH ALL TOGETHER THE MAIN THING IS THE ECONOMY WHICH IS RISING LC SOLO IT'S TOO BAD THE REPUBLICANS DEFEATED THE PRESIDENT'S STIMULUS PACKAGE CC SOLO IT'S A GOOD THING WE STOPPED THE PRESIDENT'S STIMULUS PACKAGE C. P. L. P. QUOTE CONSIDER THE BUDGET PACKAGE THAT WAS THE BIG ECONOMIC NEWS IT WAS A LC L. P. TRIUMPH INVESTMENT TO SPUR GROWTH CC C. P. DISASTER TAXES WILL STUNT GROWTH ALL TOGETHER LOOK AT THE SHAPE OF THE WORLD AND WHAT CLINTON HAS DONE ALL TOGETHER QUOTE NEXT YEAR CRITICAL YEAR DEFINING MOMENT TURNING POINT CONGRESSIONAL ELECTIONS LC CC HEALTH CARE WILL BE THE KEY ISSUE ALL TOGETHER BUT FUNDAMENTALLY IT WILL BE VALUES THAT COUNT LC L. P. MEMPHIS SPEECH BITING THE BULLET CC C. P. QUOTE SEX SEX SEX QUOTE IN THIS WAY T. V. COULD COVER IN FIVE MINUTES WHAT NOW TAKES AT LEAST FIFTEEN THE TIME SAVED COULD BE ACCUMULATED AND USED FOR A DAY OF SILENCE AT THE END OF THE YEAR NOW YOU MAY SAY THAT A DRAWBACK OF THIS PROPOSAL IS THAT WHILE IT ECONOMIZES ON THE TIME OF THE PERFORMERS IT DOES REQUIRE A SCRIPTWRITER THERE HAVE BEEN SOME MUSICIANS ESPECIALLY JAZZ PERFORMERS WHO HAVE BEEN ABLE TO PLAY TOGETHER EXTEMPORANEOUSLY WITHOUT A WRITTEN SCRIPT BUT THAT IS A RARE ABILITY AND WE WILL HAVE TO COUNT ON PROVIDING A SCRIPT FOR THE PANELISTS THAT IS NOT A SERIOUS PROBLEM HOWEVER ONE SCRIPT CAN SERVE FOR MANY PANELISTS AND WITH ONLY SLIGHT MODIFICATIONS COULD REMAIN RELEVANT FOR LONG PERIODS OF TIME IN FACT EVEN WITH SUPPOSEDLY SPONTANEOUS AND INDEPENDENT CONTRIBUTIONS BY PANELISTS TODAY THE PERFORMANCES DO NOT CHANGE MUCH FROM YEAR TO YEAR NOW THAT I'VE THOUGHT THIS ALL OUT I THINK THAT I WILL APPLY TO THE NATIONAL ENDOWMENT FOR THE HUMANITIES FOR A GRANT THIS COULD BE A SMALL BUT REAL SERVICE TO HUMANITY MR. STEIN AN AMERICAN ENTERPRISE INSTITUTE FELLOW IS A MEMBER OF THE JOURNAL'S BOARD OF CONTRIBUTORS A NATO SUMMIT OPENS TODAY AMID TALK OF AIR STRIKES IN BOSNIA PRESIDENT CLINTON BEGAN HIS FIRST EUROPEAN TRIP TRYING TO BOOST THE ALLIANCE'S IMAGE AS A SURGE OF SHELLING IN SARAJEVO PUSHED BOSNIA TO THE TOP OF THE SUMMIT AGENDA A SENIOR U. S. OFFICIAL ACKNOWLEDGED THAT WASHINGTON ISSUED A WARNING TO BOSNIAN SERBS AFTER THE RENEWED ATTACKS ON THE CAPITAL HOWEVER THE U. S. OFFICIAL SIDESTEPPED QUESTIONS ON WHETHER ANY OF THE NATO ALLIES HAVE ASKED THE U. S. TO CONDUCT BOMBING RAIDS THE U. S. WAS CLOSE TO AN ACCORD WITH UKRAINE ON THE DESTRUCTION OF THAT COUNTRY'S NUCLEAR WEAPONS CLINTON MADE PRELIMINARY PLANS TO STOP IN KIEV WEDNESDAY TO INITIAL THE PACT PRESIDENT SALINAS NAMED A COMMISSION TO PROMOTE QUOTE DIALOGUE QUOTE WITH MEXICAN REBELS WHO LED A REVOLT IN THE STATE OF CHIAPAS LAST WEEK MEANWHILE SEVERAL ACTS OF VIOLENCE ELSEWHERE IN MEXICO SPARKED CONCERN THAT THE UPRISING COULD BE SPREADING OVER THE WEEKEND THREE CAR BOMBS EXPLODED IN MEXICO CITY VICE PRESIDENT GORE LASHED OUT AT REPUBLICAN LAWMAKERS FOR CRITICIZING CLINTON FOR AN ALLEGED COVER UP REGARDING AN INVESTMENT IN A FAILED ARKANSAS REAL ESTATE VENTURE MEANWHILE SENATOR MOYNIHAN SAID THAT A SPECIAL PROSECUTOR SHOULD BE NAMED TO INVESTIGATE THE MATTER A FEDERAL APPEALS COURT SET ASIDE A RULING BY THE COURT'S THREE LIBERAL MEMBERS THAT STRUCK DOWN THE MILITARY'S NOW MODIFIED BAN ON HOMOSEXUALS THE FULL COURT SAID FRIDAY IT WOULD RECONSIDER THE CASE OF A FORMER MIDSHIPMAN WHO WAS FORCED OUT OF THE NAVAL ACADEMY BECAUSE HE ADMITTED HE WAS GAY SOME CABLE NETWORK EXECUTIVES SAID THEY WOULD PERMIT MONITORING OF THEIR PROGRAMS FOR VIOLENT CONTENT AS A RESULT OF THE TENTATIVE AGREEMENT REACHED FRIDAY WITH THE NETWORK OFFICIALS ILLINOIS SENATOR SIMON INDICATED THAT FEDERAL LEGISLATION LIMITING VIOLENT CONTENT ON T. V. MAY NOT BE NEEDED SAUDI ARABIA IS CLOSE TO RESTRUCTURING TEN BILLION DOLLARS IN PAYMENTS DUE OVER TWO YEARS TO FIVE OF THE BIGGEST U. S. DEFENSE CONTRACTORS THE SAUDI AMBASSADOR TO THE U. S. SAID THE U. S. AND CHINA ARE LIKELY SOON TO CONCLUDE A PACT THAT WOULD TAKE BACK AT LEAST SOME OF THE CUTS IN CHINA'S TEXTILE QUOTAS THAT WERE ANNOUNCED BY WASHINGTON LAST WEEK AS THE TWO SIDES TRADED PUBLIC BARBS CHINESE AND U. S. OFFICIALS MET TO ARRANGE NEW TALKS ON A PACT TO REPLACE AN EXPIRED ACCORD SENATOR MOYNIHAN DECLARED THAT WELFARE REFORM SHOULDN'T HAVE TO WAIT IN LINE BEHIND HEALTH CARE LEGISLATION THE SENATE FINANCE COMMITTEE CHAIRMAN SAID HE WAS TROUBLED BY A MEETING LAST WEEK WITH WHITE HOUSE OFFICIALS WHO SAID REPEATEDLY WE WON'T HAVE TIME FOR WELFARE UNTIL WE GET THIS HEALTH CARE BILL ABU DHABI AND THE U. S. HAVE REACHED AN ACCORD PERMITTING THE U. S. ARREST OF A SUSPECT IN THE BANK OF CREDIT AND COMMERCE INTERNATIONAL SCANDAL THE SUSPECT A FORMER B. C. C. I. OFFICIAL INDICTED ON CHARGES RELATING TO THE ACQUISITION OF FIRST AMERICAN BANKSHARES IS TO BE TURNED OVER TO PROSECUTORS WITHIN FOUR MONTHS AN IRAN CONTRA REPORT WAS ORDERED RELEASED BY A THREE JUDGE PANEL THAT EXPRESSED DISCOMFORT WITH THE REPORT'S ACCUSATORY TONE AND ITS USE OF MATERIAL DRAWN FROM SECRET GRAND JURY TESTIMONY THE PANEL SAID THAT THE SPECIAL PROSECUTOR'S REPORT SHOULD BE MADE PUBLIC PROVIDED THE SUPREME COURT DOESN'T INTERVENE GUNMEN IN SOUTH AFRICA KILLED A JOURNALIST AND WOUNDED TWO OTHER PEOPLE IN AN ATTACK ON A HIGH LEVEL AFRICAN NATIONAL CONGRESS DELEGATION THE SHOOTING BROKE OUT AS THE A. N. C. OFFICIALS INCLUDING GENERAL SECRETARY RAMAPHOSA TOURED KATLEHONG ONE OF THE COUNTRY'S MOST VOLATILE TOWNSHIPS CLEANUP CREWS SIPHONED OIL FROM A LEAKING BARGE OFF PUERTO RICO WHILE WORKERS ON SHORE SCOOPED AND SKIMMED THE OIL FROM SAN JUAN'S BEACHES AND LAGOONS AN ESTIMATED SEVEN HUNDRED FIFTY THOUSAND GALLONS OF OIL SPILLED FROM THE BARGE WHEN IT WENT AGROUND FRIDAY WILDFIRES FLARED AROUND SYDNEY AUSTRALIA AS WINDS INTENSIFIED AND HUNDREDS MORE PEOPLE WERE FORCED TO FLEE THEIR HOMES FOUR PEOPLE HAVE BEEN KILLED AND OVER SIXTY INJURED SINCE THE FIRES BEGAN A WEEK AGO VIACOM'S LAST MINUTE PACT TO MERGE WITH BLOCKBUSTER AND USE CASH FROM THAT DEAL TO SWEETEN ITS OFFER FOR PARAMOUNT STILL APPEARS TO LEAVE RIVAL Q. V. C. NETWORK AHEAD IN THE BIDDING VIACOM SHARPLY INCREASED THE AMOUNT OF CASH IT IS OFFERING BUT THE REMAINING SECURITIES IN THE CASH AND STOCK OFFER BROUGHT THE VALUE OF VIACOM'S BID AS OF FRIDAY TO NINE POINT FOUR BILLION DOLLARS Q. V. C.'S OFFER IS VALUED AT NINE POINT NINE BILLION DOLLARS FEDERATED DEPARTMENT STORES AGREED TO TEMPORARILY REFRAIN FROM TAKING FURTHER STEPS TO MERGE WITH R. H. MACY AND MAY WAIT UNTIL SEPTEMBER FIFTEENTH FOR MACY TO FILE ITS REORGANIZATION PLAN BEFORE ACTING THE TACK ALLOWS FEDERATED TO AVOID ALIENATING MACY WHILE GAINING A CHANCE TO SEE ITS HAND ORACLE WON A BELL ATLANTIC CONTRACT TO SUPPLY MULTIMEDIA GEAR AND SOFTWARE GAINING WHAT COULD BE A VITAL ALLY IN THE PROMISING MARKET FOR NEXT GENERATION COMMUNICATION NETWORKS U. S. WEST IS EXPECTED TO UNVEIL PLANS TO CONSTRUCT MULTIMEDIA NETWORKS IN TWENTY CITIES OVER FIVE YEARS AIMING TO SERVE INTERACTIVE FARE TO OVER SEVEN HUNDRED FIFTY THOUSAND HOMES BY THE END OF NINETEEN NINETY FIVE AND TO ADD HALF A MILLION HOMES ANNUALLY THEREAFTER PACIFIC TELESIS PLANS TO CUT TEN THOUSAND JOBS AT ITS PACIFIC BELL UNIT OVER FOUR YEARS AND TAKE A SIX HUNDRED SIXTY FIVE MILLION DOLLAR FOURTH QUARTER CHARGE AS IT GIRDS FOR COMPETITION IN ITS LOCAL TELEPHONE MARKET CLINTON'S ADVISERS AGREED TO RECOMMEND THAT BROOKINGS INSTITUTION ECONOMIST GEORGE PERRY BE NOMINATED TO A FEDERAL RESERVE BOARD SEAT THE UNEMPLOYMENT RATE FELL TO SIX POINT FOUR PERCENT OF THE WORK FORCE IN DECEMBER FROM SIX POINT FIVE PERCENT IN NOVEMBER AND SEVEN POINT THREE PERCENT A YEAR AGO BUT THE MANUFACTURING AND CONSTRUCTION SECTORS WHICH HAD OFFERED ENCOURAGING SIGNS OF JOB GROWTH RECENTLY ADDED VIRTUALLY NO NEW WORKERS HEALTHTRUST IS NEGOTIATING TO BUY EPIC HEALTHCARE AS THE CONSOLIDATION TREND IN THE HOSPITAL FIELD CONTINUES BOEING AND FOUR EUROPEAN PARTNERS TENTATIVELY AGREED TO GO ON WITH THE NEXT PHASE IN THEIR PROPOSED JOINT EFFORT TO BUILD THE WORLD'S LARGEST JET DESPITE THE REALIZATION THAT THE PROJECT WILL LIKELY COST AT LEAST FIFTY PERCENT MORE THAN THE TEN BILLION DOLLARS ESTIMATED A YEAR AGO PEOPLE FAMILIAR WITH THE TALKS SAY I. B. M. IS CONSIDERING SELLING THE MUTUAL FUND GROUP IT RUNS FOR EMPLOYEES IN ITS BID TO SHED NONCORE BUSINESSES RITE AID PLANS TO SELL FOUR NONCORE UNITS REPURCHASE TWENTY FIVE PERCENT OF ITS COMMON SHARES AND SHUT TWO HUNDRED STORES RESULTING IN A NINETY ONE MILLION DOLLAR FOURTH QUARTER CHARGE FOOD LION PLANS TO CLOSE EIGHTY EIGHT STORES THIS YEAR AND TAKE A ONE HUNDRED SEVENTY POINT FIVE MILLION DOLLAR PRETAX CHARGE AGAINST NINETEEN NINETY THREE EARNINGS CONRAN STORES SAID IT FILED FOR PROTECTION FROM CREDITORS UNDER CHAPTER ELEVEN OF THE U. S. BANKRUPTCY CODE THE S. E. C. DECIDED TO SEEK MORE MONEY FROM GOLDMAN SACHS IN A PROPOSED SETTLEMENT OF AN ANTICIPATED ADMINISTRATIVE COMPLAINT ALLEGING GOVERNMENT SECURITIES QUOTE TAX TRADES QUOTE CALFED'S KEY SHAREHOLDERS PLAN TO ASK THEIR BOARD TO CONSIDER SELLING THE THRIFT TO GOLDEN WEST FINANCIAL WHICH HAS OFFERED ABOUT SIX HUNDRED THIRTY MILLION DOLLARS FOR IT BONDS LEHMAN BROTHERS TREASURY INDEX FIVE THOUSAND SIX HUNDRED SIX POINT FIVE SEVEN UP EIGHTY POINT ONE THREE COMMODITIES OIL FIFTEEN DOLLARS AND THIRTY TWO CENTS A BARREL OFF TEN CENTS DOW JONES FUTURES INDEX ONE HUNDRED FORTY ONE POINT ONE NINE UP ZERO POINT ONE TWO SPOT INDEX ONE HUNDRED TWENTY EIGHT POINT FOUR EIGHT OFF ZERO POINT ZERO NINE DOLLAR ONE HUNDRED ELEVEN POINT NINE OH YEN OFF ZERO POINT SEVEN FIVE ONE POINT SEVEN TWO SEVEN THREE MARKS OFF ZERO POINT ZERO ONE SEVEN TWO LAWTER INTERNATIONAL INCORPORATED SAID IT WILL TAKE A ONE TIME CHARGE OF TWENTY TWO MILLION DOLLARS IN THE FOURTH QUARTER FROM THE ADOPTION OF AN ACCOUNTING CHANGE REGARDING PAST UNDISTRIBUTED EARNINGS OF ITS FOREIGN SUBSIDIARIES IN ADDITION LAWTER BASED IN NORTHBROOK ILLINOIS SAID IT WILL RECORD ADDITIONAL CHARGES OF SIX MILLION DOLLARS IN THE QUARTER TO COVER SUCH MATTERS AS VOLUNTARY WASTE DISPOSAL REFURBISHING AND CLEANING WASTE WATER TREATMENT FACILITIES IN THE YEAR EARLIER FOURTH QUARTER LAWTER EARNED SIX POINT SIX MILLION DOLLARS OR FIFTEEN CENTS A SHARE ON SALES OF FORTY TWO POINT FIVE MILLION DOLLARS THE MAKER OF PRINTING INK CHEMICALS SAID THAT THROUGH THE END OF NINETEEN NINETY THREE IT HAS ACCUMULATED SEVENTY ONE MILLION DOLLARS OF FOREIGN EARNINGS WHICH HAD BEEN DEEMED TO BE PERMANENTLY REINVESTED ABROAD BUT LAWTER WILL NOW MAKE THESE FUNDS AVAILABLE TO THE U. S. PARENT FOR WORKING CAPITAL CAPITAL EXPENDITURES AND POTENTIAL U. S. ACQUISITIONS THE CHINESE GOVERNMENT ORDERED CITIES AND PROVINCES TO SET MINIMUM WAGES BY JULY TO PROTECT WORKERS FROM EXPLOITATION BY PRIVATE AND FOREIGN EMPLOYERS THE CHINA DAILY SAID PAY LEVELS MUST BE AT LEAST HALF THE LOCAL AVERAGE WAGE AS TENS OF THOUSANDS OF CHINESE HAVE FLOCKED TO BOOMING COASTAL CITIES FOR FACTORY JOBS OFFICIAL MEDIA RECENTLY HAVE REPORTED ABOUT LONG HOURS LOW PAY HARSH DISCIPLINE AND UNSAFE CONDITIONS IN VENTURES WITH FOREIGN PARTICIPATION SHANGHAI ALREADY HAS SET ITS MINIMUM WAGE AT TWENTY FOUR DOLLARS A MONTH REFLECTING HIGHER LIVING COSTS IN SOUTHERN CHINA NEAR HONG KONG THE SHENZHEN AND ZHUHAI SPECIAL ECONOMIC ZONES SET THEIR MONTHLY MINIMUMS AT THIRTY TWO DOLLARS AND THIRTY SEVEN DOLLARS RESPECTIVELY THESE ARE SUBSISTENCE SUMS AS PRICES ARE RISING SHARPLY SHENZHEN WORKERS' WAGES LAST YEAR AVERAGED SEVENTY FOUR DOLLARS A MONTH COMPANIES THAT DELAY PAYING WAGES WILL BE PENALIZED THE LABOR MINISTRY SAID CITING A FACTORY IN ZHUHAI THAT OWED ITS WORKERS BACK WAGES DATING TO NINETEEN EIGHTY NINE POLISH LEGISLATORS PASSED AND SENT TO THE SENATE A COPYRIGHT MEASURE TO COMBAT PIRACY AND RAISE INTELLECTUAL PROPERTY PROTECTION TO WESTERN STANDARDS THE LEGISLATION WOULD REPLACE A DECADES OLD COPYRIGHT LAW THAT MAINLY PROTECTED AUTHORS THE UPDATE COVERS ALL FORMS OF ARTISTIC AND INTELLECTUAL PROPERTY RANGING FROM BOOKS AND FILMS TO COMPUTER SOFTWARE AND APPLIES TO ALL STAGES OF CREATION PRODUCTION AND DISTRIBUTION IT ALSO EXTENDS AUTHORS' RIGHTS TO FIFTY FROM TWENTY FIVE YEARS AFTER DEATH VIOLATORS COULD BE JAILED FOR FIVE YEARS PIRACY IS RAMPANT IN POLAND AS FEW AS ONE IN TWENTY MUSIC CASSETTES ARE LEGALLY MADE HAKUI JAPAN AIMS TO BECOME THE WORLD'S SOURCE FOR THE STUDY OF UNIDENTIFIED FLYING OBJECTS AND OTHER SPACE PHENOMENA THE MAIN ATTRACTION OF A CENTER TO BE BUILT BY THE COASTAL CITY ON THE SEA OF JAPAN WILL BE A LIBRARY WITH MORE THAN TEN THOUSAND OFFICIAL DOCUMENTS ON U. F. O. PHENOMENA IN JAPANESE AND ENGLISH THE CITY SAID IT HAS ACQUIRED THE DOCUMENTS OVER THE PAST DECADE FROM SOURCES SUCH AS THE U. S. CENTRAL INTELLIGENCE AGENCY FOREIGN INVESTMENT IN ROMANIAN COMPANIES TOTALED SEVEN HUNDRED FIFTY POINT SIX MILLION DOLLARS AS OF LAST MONDAY UP FORTY THREE PERCENT FROM THE BEGINNING OF NINETEEN NINETY THREE THE NUMBER OF FIRMS WITH FOREIGN PARTICIPATION CONCENTRATED IN THE INDUSTRIAL SECTOR INCREASED FORTY ONE PERCENT TO TWENTY NINE THOUSAND ONE HUNDRED THIRTY FOUR ALMOST TWO THIRDS OF THESE ENTERPRISES ARE IN BUCHAREST ATTRACTING MORE THAN HALF THE FUNDS FROM ABROAD WESTERN EUROPE ACCOUNTED FOR SIXTY SEVEN PERCENT OF THE TOTAL SUM INVESTED FOLLOWED BY NORTH AMERICA AT EIGHTEEN PERCENT COFFEE SHOPS IN THE NETHERLANDS THAT OPENLY SELL MARIJUANA FORMED A UNION TO IMPROVE THEIR IMAGE AND DISTANCE THEMSELVES FROM THE CRIMINAL DRUG SCENE THE CANNABIS DEALERS UNION INVOLVING ABOUT FORTY OF THE COUNTRY'S ONE THOUSAND FIVE HUNDRED COFFEE SHOPS AIMS TO NORMALIZE MARIJUANA USE AND PROVIDE A UNITED FRONT FOR TALKS WITH THE GOVERNMENT MARIJUANA IS ILLEGAL IN THE NETHERLANDS BUT TOLERATED FOR PERSONAL CONSUMPTION SOME COFFEE SHOPS EVEN PROVIDE CANNABIS MENUS THE UNION FORBIDS ITS MEMBERS TO SELL MARIJUANA TO ANYONE YOUNGER THAN SIXTEEN OR TO SELL HARD DRUGS VISITORS TO THE PHILIPPINES FROM ABROAD IN LAST YEAR'S FIRST TEN MONTHS SLIGHTLY EXCEEDED ONE MILLION AN EIGHTEEN PERCENT JUMP FROM THE YEAR EARLIER PERIOD IN ALL OF NINETEEN NINETY TWO THE COUNTRY RECORDED ONE POINT ONE MILLION FOREIGN VISITORS IN THE LATEST PERIOD TOURISTS FROM EAST ASIA MAINLY JAPAN AND TAIWAN ACCOUNTED FOR FORTY FOUR PERCENT OF THE TOTAL FOLLOWED BY NORTH AMERICANS AT TWENTY ONE PERCENT THE TOURISM AGENCY ATTRIBUTED THE INCREASE TO AGGRESSIVE MARKETING AND INCREASING CONFIDENCE IN THE PHILIPPINE ECONOMY ANALYSTS SAID THE COUNTRY ALSO IS BENEFITING FROM PENT UP DEMAND FROM TRAVELERS WHO SHUNNED IT IN RECENT YEARS BECAUSE OF POLITICAL TURMOIL AND NATURAL DISASTERS A JAPANESE GOVERNMENT STUDY FOUND THAT IN THE PAST FISCAL YEAR ONE IN EVERY SIX MEN WORKED AT LEAST THREE THOUSAND ONE HUNDRED HOURS A LEVEL THAT PHYSICIANS SAID CAN LEAD TO KAROSHI OR DEATH FROM TOO MUCH WORK FEARED BY FULLY FORTY SIX PERCENT OF THOSE EMPLOYEES QUOTE LONG INTENSIVE WORK IS ONE OF THE MAIN FACTORS CAUSING AN INCREASE IN COMPLAINTS OF HEALTH DISORDERS IN JAPANESE WORKPLACES QUOTE THE ECONOMIC PLANNING AGENCY REPORT SAID THE MOST DRASTIC CASE IS KAROSHI JAPANESE OVERALL CLOCK FAR MORE HOURS A YEAR ON THE JOB THAN EUROPEANS AND AMERICANS THE AVERAGE OF TWO THOUSAND ONE HUNDRED TWENTY FOUR RECORDED HOURS WAS ABOUT TWO HUNDRED MORE THAN IN THE U. S. AND BRITAIN AND BETWEEN FOUR HUNDRED AND FIVE HUNDRED MORE THAN IN FRANCE AND GERMANY BUT THAT OFFICIAL JAPANESE AVERAGE IS CONSIDERED UNDERSTATED BECAUSE MOST WORKERS PUT IN AN AVERAGE OF ONE POINT FIVE HOURS A DAY OF SO CALLED SERVICE OVERTIME EXTRA WORK THAT IS UNRECORDED AND UNPAID IN ISRAEL CHOOSING EPITHETS CARELESSLY WHEN INSULTING CITY EMPLOYEES CAN BE COSTLY A TEL AVIV COURT IMPOSED AN EIGHTY THREE DOLLAR FINE FOR CALLING AN AGENCY CHIEF A LIAR BUT A FIVE HUNDRED DOLLAR PENALTY FOR CALLING A TRAFFIC TICKET AGENT A MANIAC LAST MINUTE PASSENGER BOARDING AT HONG KONG'S KAI TAK AIRPORT DOESN'T WORK ANYMORE AS OF JANUARY FIRST AIRLINE CHECK IN DESKS CLOSE FORTY MINUTES PRIOR TO A FLIGHT'S DEPARTURE TIME AND BOARDING GATES TEN MINUTES BEFORE DEPARTURE WHICH HAS HELPED IMPROVE ON TIME PERFORMANCE THE CHAIRMAN OF METROPOLITAN LIFE INSURANCE COMPANY WHICH IS EMBROILED IN A CONTROVERSY OVER ITS SALES PRACTICES HAS CALLED FOR TIGHTER REGULATIONS OVER THE SALE OF LIFE INSURANCE MET LIFE CHAIRMAN HARRY KAMEN SAID HE SUPPORTS AN INDUSTRY SPONSORED REGULATORY MECHANISM TO LICENSE AND DISCLIPINE THE NATION'S ONE POINT SEVEN MILLION INSURANCE AGENTS HE WOULD LIKE TO SEE IT MODELED AFTER THE NATIONAL ASSOCIATION OF SECURITIES DEALERS WHICH OVERSEES STOCK BROKERS QUOTE THE N. A. S. D. IS FAIRLY STRICT ABOUT DISCIPLINING PEOPLE AND I THINK WE NEED SOMETHING LIKE THAT QUOTE MR. KAMEN SAID THE INDUSTRY SHOULD START LOOKING AT IT SKEPTICS SAID MR. KAMEN'S REMARKS APPEARED SELF SERVING GIVEN THE PROBLEMS SURROUNDING MET LIFE BUT THEY SAID MET LIFE'S SUPPORT COULD GIVE A BOOST TO THE IDEA WHICH OTHER INSURERS SAY THEY OPPOSE FLORIDA AND TWELVE OTHERS STATES ARE INVESTIGATING ALLEGATIONS THAT MET LIFE PERSUADED CUSTOMERS TO BUY LIFE INSURANCE BY DISGUISING IT AS RETIREMENT PLANS THE COMPANY HAS ALREADY AGREED TO REFUND PREMIUMS TO UP TO SIXTY THOUSAND CUSTOMERS WHO MAY HAVE BEEN MISLED A VERSION OF WHAT MR. KAMEN PROPOSES IS INCLUDED IN A BILL SPONSORED BY HOUSE ENERGY AND COMMERCE COMMITTEE CHAIRMAN JOHN DINGELL D. MICH WHICH WOULD IMPOSE FEDERAL REGULATION ON THE INSURANCE INDUSTRY IT'S UNLIKELY THE DINGELL BILL WILL PASS THIS YEAR BUT THE PROPOSAL FOR CREATING AN OVERSIGHT AUTHORITY FOR AGENTS COULD BE CARVED OUT AND PASSED SEPARATELY THE NATIONAL ASSOCIATION OF SECURITIES DEALERS FOUNDED IN NINETEEN THIRTY NINE ESTABLISHES CONDUCT RULES FOR SECURITIES BROKERS AND HAS A STAFF OF FIELD EXAMINERS TO MAKE SURE AGENTS ARE FOLLOWING ITS GUIDELINES THE ASSOCIATION HAS THE POWER TO FINE BROKERS AND COMPANIES THE N. A. S. D. ALSO COVERS INSURANCE AGENTS WHO SELL VARIABLE LIFE INSURANCE AND ANNUITIES BECAUSE THOSE PRODUCTS RESEMBLE SECURITIES CONSUMER ADVOCATES SAY MR. KAMEN RATHER THAN TRYING TO HELP CONSUMERS APPEARS TO BE TRYING TO WARD OFF MORE SEVERE REGULATION ON THE INDUSTRY THE REAL PROBLEM ISN'T A LACK OF ENFORCEMENT MECHANISMS BUT THE CONFUSING NATURE OF INSURANCE PRODUCTS AND THE HIGH COMMISSIONS PAID TO AGENTS WHO SELL THEM SAID MARY GRIFFEN AN INSURANCE SPECIALIST WITH CONSUMERS UNION THE PUBLISHER OF CONSUMER REPORTS SHE SAID THE INDUSTRY NEEDS A COMPLETE OVERHAUL IT SOUNDS LIKE MET IS SAYING REGULATE THE SELLERS IT'S NOT OUR FAULT SAID JAMES HUNT AN ACTUARY WITH THE NATIONAL INSURANCE CONSUMER ORGANIZATION BUT IT APPEARS THE COMPANY WAS CULPABLE TO A SIGNIFICANT DEGREE METROPOLITAN BANCORP SAID ITS BOARD AUTHORIZED THE BUYBACK OF UP TO THREE HUNDRED TWENTY SEVEN THOUSAND THREE HUNDRED SEVENTEEN SHARES OR ABOUT TEN PERCENT OF THE COMPANY'S COMMON STOCK OUTSTANDING THE REPURCHASE WILL TAKE PLACE FROM TIME TO TIME IN OPEN MARKET TRANSACTIONS DURING THE NEXT TWELVE MONTHS THE SHARES WILL BE HELD AS TREASURY STOCK AND CAN BE USED FOR GENERAL CORPORATE PURPOSES METROPOLITAN IS A SAVINGS AND LOAN HOLDING COMPANY THE FOLLOWING WERE AMONG FRIDAY'S OFFERINGS AND PRICINGS IN U. S. AND NON U. S. CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY DOW JONES CAPITAL MARKETS REPORT A. B. N. AMRO BANK N. V. ONE HUNDRED MILLION DOLLARS OF MEDIUM TERM NOTES DUE JANUARY TWELFTH NINETEEN NINETY SIX PRICED AS FOUR POINT ONE FIVES AT NINETY NINE POINT EIGHT SEVEN THREE TO YIELD FOUR POINT TWO ONE SEVEN PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF TWELVE BASIS POINTS ABOVE TREASURYS RATED DOUBLE A ONE BY MOODY'S INVESTORS SERVICE INCORPORATED AND DOUBLE A MINUS BY STANDARD AND POOR'S CORPORATION THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS AND COMPANY CIGNA CORPORATION ONE HUNDRED MILLION DOLLARS OF SENIOR NOTES DUE JANUARY FIFTEENTH TWO THOUSAND SIX PRICED AS SIX POINT THREE SEVEN FIVES AT NINETY NINE POINT THREE TWO FIVE TO YIELD SIX POINT FOUR FIVE SEVEN PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF SEVENTY SEVEN BASIS POINTS ABOVE TREASURYS RATED SINGLE A TWO BY MOODY'S AND SINGLE A BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY C. S. FIRST BOSTON INCORPORATED FEDERAL FARM CREDIT BANKS FUNDING CORPORATION SEVENTY FIVE MILLION DOLLARS OF MEDIUM TERM NOTES DUE JANUARY SIXTEENTH NINETEEN NINETY SIX PRICED AT PAR TO YIELD FOUR POINT ONE TWO FIVE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF ONE BASIS POINT ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH AND COMPANY FEDERAL HOME LOAN BANK SYSTEM THREE HUNDRED FIFTY MILLION DOLLARS OF BONDS DUE JANUARY FOURTEENTH TWO THOUSAND FOUR PRICED AT PAR TO YIELD SIX POINT TWO SEVEN PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE BONDS NONCALLABLE FOR THREE YEARS WERE PRICED AT A SPREAD OF FIFTY EIGHT BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS INCORPORATED FEDERAL NATIONAL MORTGAGE ASSOCIATION ONE HUNDRED FIFTY MILLION DOLLARS OF MEDIUM TERM NOTES DUE JANUARY FOURTEENTH TWO THOUSAND FOUR PRICED AS SIX POINT TWO FIVES AT NINETY NINE POINT EIGHT EIGHT NINE TO YIELD SIX POINT TWO SIX FIVE PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NOTES NONCALLABLE FOR THREE YEARS WERE PRICED AT A SPREAD OF FIFTY EIGHT BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH AND COMPANY GREAT ATLANTIC AND PACIFIC TEA COMPANY TWO HUNDRED MILLION DOLLARS OF NOTES DUE JANUARY FIFTEENTH TWO THOUSAND FOUR PRICED AT PAR TO YIELD SEVEN POINT SEVEN PERCENT ACCORDING TO M. C. M. CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF TWO HUNDRED BASIS POINTS ABOVE TREASURYS RATED B. A A THREE BY MOODY'S AND TRIPLE B. MINUS BY S. AND P. THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH AND COMPANY FEDERAL HOME LOAN MORTGAGE CORPORATION FIVE HUNDRED MILLION DOLLARS OF REALESTATE MORTGAGE INVESTMENT CONDUIT SECURITIES OFFERED BY SALOMON BROTHERS INCORPORATED THE OFFERING SERIES ONE THOUSAND SIX HUNDRED SEVENTY TWO IS BACKED BY THE AGENCY'S THIRTY YEAR SEVEN PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT SIX PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THREE HUNDRED FIFTY FOUR MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION ONE POINT SEVEN BILLION DOLLARS OF STRIPPED MORTGAGE BACKED SECURITIES TRUST TWO HUNDRED FIFTY FOUR BACKED BY THE AGENCY'S THIRTY YEAR SEVEN POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT NINE SIX PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF TWENTY POINT SEVEN YEARS UNDERWRITERS INCLUDE BEAR STEARNS AND COMPANY J. P. MORGAN SECURITIES INCORPORATED PRUDENTIAL SECURITIES INCORPORATED U. B. S. SECURITIES INCORPORATED DONALDSON LUFKIN AND JENRETTE SECURITIES CORPORATION GOLDMAN SACHS AND COMPANY GREENWICH CAPITAL MARKETS INCORPORATED KIDDER PEABODY AND COMPANY PAINEWEBBER INCORPORATED AND MERRILL LYNCH AND COMPANY FEDERAL NATIONAL MORTGAGE ASSOCIATION ONE POINT TWO BILLION DOLLARS OF REMIC SECURITIES OFFERED BY DONALDSON LUFKIN AND JENRETTE SECURITIES CORPORATION THE OFFERING SERIES NINETEEN NINETY FOUR TO FIFTEEN IS BACKED BY THE AGENCY'S THIRTY YEAR SEVEN PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT FIVE PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THREE HUNDRED FIFTY SEVEN MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION ONE BILLION DOLLARS OF REMIC SECURITIES OFFERED BY LEHMAN BROTHERS INCORPORATED THE OFFERING SERIES NINETEEN NINETY FOUR TO THIRTEEN IS BACKED BY THE AGENCY'S FIFTEEN YEAR SIX POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT ONE PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF ONE HUNDRED SEVENTY EIGHT MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION FIVE HUNDRED MILLION DOLLARS OF REMIC SECURITIES OFFERED BY SALOMON BROTHERS INCORPORATED THE OFFERING SERIES NINETEEN NINETY FOUR TO SEVENTEEN IS BACKED BY FANNIE MAE FIFTEEN YEAR SIX POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT ONE PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF ONE HUNDRED SEVENTY SIX MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION FIVE HUNDRED MILLION DOLLARS OF REMIC SECURITIES OFFERED BY BEAR STEARNS AND COMPANY THE OFFERING SERIES NINETEEN NINETY FOUR TO NINETEEN IS BACKED BY THE AGENCY'S STRIPS TRUST TWO HUNDRED FIFTY FOUR WHICH IN TURN IS BACKED BY THIRTY YEAR SEVEN POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT NINE SIX PERCENT AND WEIGHTED AVERAGE MATURITY OF THREE HUNDRED FORTY EIGHT MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION THREE HUNDRED MILLION DOLLARS OF REMIC SECURITIES OFFERED BY U. B. S. SECURITIES INCORPORATED THE OFFERING SERIES NINETEEN NINETY FOUR TO FOURTEEN IS BACKED BY FANNIE MAE THIRTY YEAR SEVEN PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT FOUR NINE PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THREE HUNDRED FIFTY FIVE MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION THREE HUNDRED MILLION DOLLARS OF REMIC SECURITIES OFFERED BY J. P. MORGAN SECURITIES INCORPORATED THE OFFERING SERIES NINETEEN NINETY FOUR TO EIGHTEEN IS BACKED BY FANNIE MAE THIRTY YEAR SEVEN PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT SIX PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THREE HUNDRED FIFTY SEVEN MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION TWO HUNDRED MILLION DOLLARS OF REMIC SECURITIES OFFERED BY KIDDER PEABODY AND COMPANY THE OFFERING SERIES NINETEEN NINETY FOUR TO SIXTEEN IS BACKED BY STRIPPED MORTGAGEBACKED SECURITIES TRUST TWO HUNDRED FIFTY TWO PRINCIPAL ONLY SECURITIES WHICH IN TURN ARE BACKED BY FANNIE MAE SEVEN POINT FIVE PERCENT MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF SEVEN POINT NINE PERCENT AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THREE HUNDRED FORTY NINE MONTHS ABBEY NATIONAL TREASURY SERVIES P. L. C. U. K. PARENT ONE HUNDRED FIFTY BILLION LIRE OF SEVEN POINT SEVEN PERCENT EUROBONDS DUE FEBRUARY EIGHTH NINETEEN NINETY NINE AT ISSUE PRICE ONE HUNDRED ONE POINT SEVEN THREE VIA BANCA EUROMOBILIARE COMPANY BONDS YIELD SEVEN POINT SEVEN FOUR PERCENT AFTER FEES OF ONE POINT EIGHT SEVEN FIVE POINTS GUARANTOR ABBEY NATIONAL P. L. C. BARCLAYS BANK P. L. C. U. K. ONE HUNDRED MILLION DOLLARS OF FLOATING RATE EURONOTES DUE FEBRUARY SEVENTH NINETEEN NINETY SIX AT ISSUE AND REOFFER PRICE PAR VIA MERRILL LYNCH INTERNATIONAL LIMITED PAYABLE QUARTERLY AT THREEMONTH DOLLAR LONDON INTERBANK OFFERED RATE PLUS SEVENTY FIVE BASIS POINTS INTEREST ACCRUES ONLY ON DAYS WHEN THREE MONTH DOLLAR LIBOR FALLS WITHIN FOLLOWING RANGES THREE PERCENT TO FOUR PERCENT IN FIRST SIX MONTHS THREE PERCENT TO FOUR AND THREE QUARTERS PERCENT IN SECOND SIX MONTHS THREE PERCENT TO FIVE POINT FIVE PERCENT IN THIRD SIX MONTHS AND THREE PERCENT TO SIX PERCENT IN LAST SIX MONTHS FEES ZERO POINT TWO BRADFORD AND BINGLEY BUILDING SOCIETY U. K. ONE HUNDRED FIFTY MILLION OF FLOATING RATE EURONOTES DUE FEBRUARY NINETEEN NINETY NINE AT ISSUE PRICE PAR VIA SAMUEL MONTAGU AND COMPANY PAYABLE QUARTERLY AT THREE MONTH POUND LIBOR PLUS ZERO POINT ONE TWO FIVE FEES UNDISCLOSED ELECTRICITE DE FRANCE FRANCE TWO HUNDRED FIFTY MILLION DOLLARS OF FOUR POINT SIX TWO FIVE PERCENT EUROBONDS DUE FEBRUARY SEVENTH NINETEEN NINETY SEVEN AT ISSUE PRICE ONE HUNDRED POINT NINE NINE SEVEN FIVE VIA PARIBAS CAPITAL MARKETS LIMITED REOFFERED AT NINETY NINE POINT EIGHT ONE TO YIELD FOUR POINT SIX NINE PERCENT A MARGIN OF TEN BASIS POINTS ABOVE COMPARABLE U. S. TREASURY FEES ONE POINT THREE SEVEN FIVE KOMMUNINVEST I. SVERIGE A. B. SWEDEN SEVENTY FIVE MILLION SWISS FRANCS OF THREE POINT SEVEN FIVE PERCENT PRIVATELY PLACED NOTES DUE MARCH NINTH NINETEEN NINETY SIX PRICED AT ONE HUNDRED POINT NINE VIA CREDIT SUISSE KYOCERA CORPORATION JAPAN FIVE HUNDRED MILLION DOLLARS OF ONE POINT SIX TWO FIVE PERCENT EUROBONDS WITH EQUITY WARRANTS ATTACHED DUE FEBRUARY THIRD NINETEEN NINETY EIGHT AT ISSUE PRICE PAR VIA DAIWA EUROPE LIMITED TERMS FIXED JANUARY THIRTEENTH WARRANTS EXERCISABLE INTO ORDINARY COMPANY SHARES AT INDICATED PREMIUM TWO POINT FIVE PERCENT FROM FEBRUARY TENTH TO JANUARY TWENTY THIRD NINETEEN NINETY EIGHT FEES TWO POINT TWO FIVE LESS ZERO POINT ONE FIVE POINT FOR LEAD MANAGER LANDESBANK SCHLESWIG HOLSTEIN GERMANY ONE HUNDRED MILLION SWISS FRANCS OF PUBLIC BONDS DUE FEBRUARY FIFTEENTH NINETEEN NINETY NINE PRICED AT ONE HUNDRED ONE COUPON THREE POINT SEVEN FIVE PERCENT FIRST TWO YEARS THEREAFTER SIX MONTH SWISS FRANC LONDON INTERBANK OFFERED RATE LESS TWENTY FIVE FEES TWO NORDDEUTSCHE LANDESBANK LONDON BRANCH GERMAN PARENT ONE HUNDRED MILLION DOLLARS OF FLOATING RATE EURONOTES DUE FEBRUARY FIRST NINETEEN NINETY SIX AT ISSUE AND REOFFER PRICE PAR VIA MERRILL LYNCH INTERNATIONAL LIMITED PAYABLE QUARTERLY AT THREE MONTH DOLLAR LIBOR PLUS ONE INTEREST ACCRUES ONLY ON DAYS WHEN THREE MONTH LIBOR FALLS WITHIN FOLLOWING RANGES THREE PERCENT TO FOUR PERCENT IN FIRST SIX MONTHS THREE POINT ONE TWO FIVE PERCENT TO FOUR POINT SEVEN FIVE PERCENT IN SECOND SIX MONTHS THREE POINT TWO FIVE PERCENT TO FIVE POINT FIVE PERCENT IN THIRD SIX MONTHS THREE POINT FIVE PERCENT TO SIX PERCENT IN LAST SIX MONTHS FEES ZERO POINT TWO OSTERREICHISCHE KONTROLBANK A. G. AUSTRIAN AGENCY ONE HUNDRED MILLION MARKS OF NOTES DUE JANUARY THIRTIETH TWO THOUSAND ONE AT ISSUE PRICE ONE HUNDRED ONE POINT SEVEN FIVE VIA MORGAN STANLEY GMBH REOFFERED AT NINETY NINE POINT FIVE FIVE COUPON SIX PERCENT FIRST YEAR THEREAFTER COUPON IS THIRTY POINT SIX TWO FIVE PERCENT MINUS FIVE TIMES FIVE YEAR MARK SWAP RATE GUARANTOR AUSTRIA FEES TWO POINT FIVE RABOBANK NEDERLAND NETHERLANDS ONE HUNDRED MILLION DOLLARS OF EUROBONDS DUE FEBRUARY FIRST NINETEEN NINETY FIVE AT ISSUE AND REOFFER PRICE PAR VIA GOLDMAN SACHS INTERNATIONAL LIMITED IF SPREAD BETWEEN THREE MONTH MARK LIBOR AND DOLLAR LIBOR GREATER THAN ZERO COUPON SEVEN PERCENT IF SPREAD EQUAL TO OR BELOW ZERO COUPON ZERO FEES UNDISCLOSED SOCIETE NATIONALE DES CHEMINS DE FER FRANCE TWO HUNDRED FIFTY MILLION DOLLARS OF FOUR POINT SIX TWO FIVE PERCENT EUROBONDS DUE FEBRUARY EIGHTEENTH NINETEEN NINETY SEVEN AT ISSUE PRICE ONE HUNDRED ONE POINT OH OH SEVEN FIVE VIA DAIWA EUROPE LIMITED REOFFERED AT NINETY NINE POINT EIGHT TWO TO YIELD FOUR POINT SIX NINE PERCENT A MARGIN OF TEN BASIS POINTS ABOVE COMPARABLE U. S. TREASURY FEES ONE POINT THREE SEVEN FIVE TRINKAUS AND BURKHARDT FINANCE N. V. AMSTERDAM GERMANPARENT TWO HUNDRED MILLION MARKS OF FIVE PERCENT EUROBONDS DUE FEBRUARY SECOND NINETEEN NINETY NINE AT ISSUE PRICE ONE HUNDRED POINT SIX FIVE VIA TRINKAUS AND BURKHARDT K. G. A. A. BONDS YIELD FIVE POINT THREE ONE PERCENT AFTER FEES OF TWO GUARANTOR TRINKAUS AND BURKHARDT K. G. A. A. THE MUTUAL FUND SCORECARD IN MONDAY'S EDITION CONSISTED OF GINNIE MAE FUNDS THE TABLE WAS INCORRECTLY IDENTIFIED AS SECTOR FUNDS DUE TO A COMPUTER PROGRAMMING ERROR RETAIL SALES ROSE A NOMINAL THREE POINT SIX PERCENT IN THE NETHERLANDS IN NOVEMBER FROM A YEAR EARLIER WHILE REAL OR PRICE ADJUSTED SALES ROSE A MORE MODEST TWO POINT FOUR PERCENT HELPED BY EXTRA SELLING DAYS IN THE MOST RECENT PERIOD BUT THE HAGUE BASED CENTRAL BUREAU FOR STATISTICS SAID RETAIL SALES SHOWED A DECLINE OF ROUGHLY THREE PERCENT IN NOVEMBER FROM THE PREVIOUS YEAR AFTER ADJUSTMENT FOR ADDITIONAL BUSINESS DAYS IN THE PERIOD MEANWHILE THE PRICE INDEX IN NOVEMBER REMAINED UNCHANGED FROM A MONTH EARLIER AT ONE HUNDRED SEVEN C. M. X. ENERGY CORPORATION'S C. M. X. GENERATION COMPANY UNIT SAID CHASE MANHATTAN BANK CLOSED A TWO TRANCHE TWO HUNDRED SIXTY POINT ONE MILLION DOLLAR LOAN WITH AN ARGENTINIAN HYDROELECTRIC FACILITY IN WHICH C. M. X. GENERATION HAS A FIFTEEN PERCENT OWNERSHIP INTEREST THE COMPANY SAID THE BANK CLOSED THE TEN YEAR LOAN WITH HIDROELECTRICA EL CHOCON A ONE THOUSAND THREE HUNDRED TWENTY MEGAWATT HYDROELECTRIC FACILITY IN ARGENTINA WANT TO TAKE A COMPANY'S TEMPERATURE TO SEE HOW FLUSH IT IS ONE TOOL FOR THE JOB IS TO LOOK AT QUOTE CASH FLOW ADEQUACY QUOTE OR THE AMOUNT OF COMPANY EARNINGS AVAILABLE TO MEET FUTURE DEBT OBLIGATIONS AFTER PAYING TAXES AND INTEREST COSTS AND MAKING CAPITAL EXPENDITURES UNTIL NOW SUCH DETAILS ABOUT CASH FLOW HAVEN'T BEEN READILY AVAILABLE TO INVESTORS ALTHOUGH CREDIT RATING AGENCIES HAVE USED SUCH MEASURES IN THEIR OVERALL ASSESSMENTS OF COMPANIES' FINANCIAL STRENGTH STARTING TODAY HOWEVER INVESTORS CAN BEGIN TO SEE FOR THEMSELVES HOW COMPANIES STACK UP ON THE BASIS OF CASH FLOW FITCH INVESTORS SERVICE INCORPORATED A NEW YORK CREDIT RATING AGENCY IS MAKING PUBLIC A NEW CASH FLOW BASED RATING SYSTEM TO HELP INVESTORS GAUGE THE DEPTH OF COMPANIES' POCKETS THE SERVICE WHICH COMPARES NET FREE CASH FLOW TO THE AVERAGE AMOUNT OF DEBT MATURING OVER THE NEXT FIVE YEARS PROVIDES A USEFUL EARLY WARNING SYSTEM FOR CORPORATE BOND INVESTORS WALL STREET BOND ANALYSTS AND RIVAL RATING AGENCIES CONCEDE BUT THEY CAUTION THAT IT IS ONLY ONE OF MANY FINANCIAL MEASURES THAT INVESTORS SHOULD CONSIDER IT'S A TOOL AN INVESTOR MIGHT USE BUT HARDLY THE MAGIC NUMBER SAYS WILLIAM WETREICH A DIRECTOR OF MCGRAW HILL INCORPORATED'S STANDARD AND POOR'S CORPORATION A COMPETITOR OF FITCH INITIALLY FITCH WILL ONLY OFFER CASH FLOW DATA FOR COMPANIES RANKED SINGLE A IN ITS EXISTING CREDIT RATINGS THE NEW SERVICE IS MOST RELEVANT TO THIS GROUP FITCH SAYS BECAUSE THOSE COMPANIES ARE ON THE DIVIDING LINE BETWEEN INVESTMENT GRADE CREDITS AND JUNK THE CASH FLOW RATINGS SHOULD HELP INVESTORS SEPARATE THE SAFE BETS FROM THE LONG SHOTS AMONG SINGLE A RATED BONDS FITCH SAYS INDEED THE WIDE DISPARITY IN RANKINGS AMONG SINGLE A COMPANIES SHOWS THAT INVESTORS NEED ADDED DATA TO MAKE BETTER JUDGMENTS ABOUT THOSE BONDS SAYS ROBERT J. GROSSMAN AN EXECUTIVE VICE PRESIDENT AT FITCH A RATING OF ONE UNDER FITCH'S NEW RANKING MEANS THAT A COMPANY GENERATES JUST ENOUGH CASH FLOW EACH YEAR TO COVER ITS MATURING DEBTS HIGH POSITIVE RANKINGS INDICATE THE COMPANY WILL HAVE CONTINUING GOOD CREDIT QUALITY AND DEBT COVERAGE AND THE ABILITY TO BOOST CAPITAL SPENDING WITHOUT RAISING DEBT OR EQUITY OUTSIDE SAYS THOMAS W. HOENS A FITCH ANALYST BY CONTRAST A NEGATIVE RATING MEANS A COMPANY MAY HAVE TO RAISE MORE MONEY EITHER THROUGH BORROWING OR ISSUING STOCK TO SERVICE ITS DEBTS A NEGATIVE RATING DOESN'T NECESSARILY MEAN THE COMPANY IS ON THE ROCKS A LOW RANKING MAY MERELY INDICATE THAT THE COMPANY'S INDUSTRY IS AT THE BOTTOM OF A BUSINESS CYCLE OR THAT IT HAS COMPLETED MAJOR FINANCINGS NOTES KEITH B. FOLEY A FITCH ANALYST FOR EXAMPLE CASH RESERVES AT UNION CAMP CORPORATION A PAPER WOOD AND CHEMICALS CONCERN AND THE LOWEST RANKED COMPANY BY FITCH'S NEW RATINGS HAVE BEEN DEPLETED BOTH BY A CYCLICAL SLUMP IN THE PAPER BUSINESS AND BY MAJOR CAPITAL SPENDING IN RECENT YEARS WE SPENT ONE POINT FOUR BILLION DOLLARS TO EXPAND PAPERMAKING CAPACITY TWENTY FIVE PERCENT FROM NINETEEN EIGHTY NINE TO NINETEEN NINETY ONE NOTES TIMOTHY MCKENNA UNION CAMP'S DIRECTOR OF INVESTOR RELATIONS DECREASING SPENDING NEEDS COULD BUOY THE COMPANY'S CASH FLOW IN THE FUTURE WHAT'S MORE PRICES OF LINERBOARD A MAJOR UNION CAMP PRODUCT WILL RISE EFFECTIVE FEBRUARY FIRST HELPING THE COMPANY BUILD UP MORE CASH FOR ITS DEBT COVERAGE MR. MCKENNA SAYS A SPOKESMAN FOR WESTVACO CORPORATION ANOTHER PAPER PRODUCER WITH INADEQUATE CASH FLOW BY FITCH'S MEASURE LIKEWISE SAYS THAT THE COMPANY QUOTE IS AT THE END OF A MAJOR INVESTMENT PROGRAM AND WE DO EXPECT OUR CAPITAL EXPENDITURES TO DECLINE GENERALLY OVER THE NEXT FEW YEARS QUOTE OTHER COMPANIES RANKED LOW BY FITCH'S NEW SERVICE ALSO SEE THEIR CASH FLOW ADEQUACY RISING IN THE FUTURE FOR INSTANCE SAFETY KLEEN CORPORATION SOUGHT TO REDUCE ANNUAL CAPITAL SPENDING TO ABOUT ONE HUNDRED MILLION DOLLARS IN NINETEEN NINETY THREE AND PLANS TO KEEP IT AT THAT LEVEL THIS YEAR TO HELP GENERATE FUNDS FOR DEBT SERVICE SAYS LAURENCE RUDNICK TREASURER OF THE ELGIN ILLINOIS RECYCLER OF AUTO AND INDUSTRIAL FLUIDS SAFETY KLEEN'S ANNUAL CAPITAL SPENDING WAS ONE HUNDRED FORTY THREE MILLION DOLLARS IN NINETEEN NINETY TWO AND ONE HUNDRED SIXTY EIGHT MILLION DOLLARS IN NINETEEN NINETY ONE MEANWHILE SPOKESMEN FOR KERR MCGEE CORPORATION A PETROLEUM PRODUCER AND WILLAMETTE INDUSTRIES INCORPORATED A PAPER MAKER DECLINED TO COMMENT ON THEIR COMPANIES' RANKINGS UNDER THE NEW FITCH RANKINGS BOND ANALYSTS AT MAJOR WALL STREET FIRMS SAY THEY RELY ON SIMILAR CASH FLOW GAUGES IN PICKING BONDS BUT NOT ALL CASH FLOW RATIOS DIG AS DEEP AS FITCH'S SAYS MAX HOLMES A HIGH YIELD STRATEGIST AT SALOMON INCORPORATED FITCH'S RATINGS MAY BRING NEW INFORMATION TO THE MARKET AND HELP IMPROVE DISCRIMINATION WITHIN A RATING CLASS SAYS ROBERT E. PHELAN A MANAGING DIRECTOR AT NOMURA SECURITIES INCORPORATED AND A FORMER FITCH EXECUTIVE BUT SOME ANALYSTS FEEL THAT COMPANIES' CASH FLOW ADEQUACY IS ALREADY REFLECTED IN THE MARKET PRICE OF THEIR BONDS IT'S SIMILAR TO WHAT ANY GOOD CORPORATE BOND ANALYST WOULD ALREADY BE DOING SAYS KATHERINE MONTGOMERY MANAGER OF HIGHYIELD RESEARCH AT DONALDSON LUFKIN AND JENRETTE SECURITIES CORPORATION RELIEVED BY DATA SHOWING THE ECONOMY WASN'T GROWING AS FAST AS SOME HAD FEARED INVESTORS POURED BACK INTO THE U. S. TREASURY DEBT MARKET FRIDAY PRODUCING THE BIGGEST DAILY JUMP IN MONTHS THE BENCHMARK THIRTY YEAR TREASURY BOND ROSE ONE AND FIVE EIGHTHS POINTS OR SIXTEEN DOLLARS AND TWENTY FIVE CENTS FOR A BOND WITH A ONE THOUSAND DOLLAR FACE VALUE TO ONE HUNDRED AND NINE THIRTY SECONDS THE YIELD WHICH MOVES IN THE OPPOSITE DIRECTION FROM THE PRICE FELL TO SIX POINT TWO TWO PERCENT FROM SIX POINT THREE FOUR PERCENT ON THURSDAY OTHER MATURITIES ALSO ROSE SHARPLY IN PRICE THE TEN YEAR NOTE FOR EXAMPLE ROSE MORE THAN A POINT TO ONE HUNDRED AND TWENTY ONE THIRTY SECONDS TO YIELD FIVE POINT SIX FOUR PERCENT DOWN FROM FIVE POINT SEVEN NINE PERCENT THE LABOR DEPARTMENT REPORTED THAT NONFARM PAYROLL EMPLOYMENT ROSE ONE HUNDRED EIGHTY THREE THOUSAND DURING DECEMBER BELOW MOST WALL STREET FORECASTS WHICH HAD CENTERED ON A RISE OF AT LEAST TWO HUNDRED TWENTY FIVE THOUSAND THE MARKET REACTED VERY POSITIVELY TO WHAT WAS CONSIDERED TO BE A WEAKER THAN EXPECTED EMPLOYMENT REPORT THAT SUGGESTED THERE WAS NO ACCELERATION IN THE JOB MARKET SAID CARY LEAHEY SENIOR FINANCIAL ECONOMIST AT LEHMAN GOVERNMENT SECURITIES WHILE THE NONFARM PAYROLLS INCREASE WAS SMALLER THAN FORECASTS BY MOST WALL STREET ECONOMISTS IT WAS RIGHT IN LINE WITH WHAT HAS BECOME A NOTORIOUS ESTIMATE MADE THURSDAY BY SECRETARY OF LABOR ROBERT REICH LABOR DEPARTMENT OFFICIALS STRONGLY DENIED THAT HIS ESTIMATE OF A ONE HUNDRED SIXTY THOUSAND TO TWO HUNDRED THOUSAND INCREASE IN PAYROLLS WAS ANYTHING OTHER THAN AN QUOTE EDUCATED GUESS QUOTE STILL THERE WAS CONTINUED WIDESPREAD SPECULATION ON WALL STREET THAT MR. REICH HAD AT LEAST SOME KNOWLEDGE IN ADVANCE OF WHAT THE DATA WOULD SHOW TRADERS SAID THE TREASURY MARKET ENJOYED A NEARLY NONSTOP STREAM OF BUYING FROM BOTH INVESTORS AND THE DEALER COMMUNITY AFTER THE EMPLOYMENT DATA WERE RELEASED CONTRIBUTING TO THE RALLY WAS A WALL STREET JOURNAL REPORT FRIDAY INDICATING THAT THE FED'S POLICY MAKING OPEN MARKET COMMITTEE HADN'T VOTED TO TILT TOWARD RAISING RATES AT ITS LAST MEETING AS MANY ECONOMISTS HAD BELIEVED WITHOUT THE THREAT OF ACCELERATING GROWTH OR FEARS OF A NEAR TERM FED TIGHTENING INVESTORS FLOCKED TO THE BOND MARKET THEY WERE ESPECIALLY ACTIVE IN SHORT TERM AND INTERMEDIATE TERM SECURITIES A SECTOR OF THE MARKET THEY HAD MOST RECENTLY BEEN AVOIDING INVESCO FUNDS GROUP'S FIRING OF STAR PORTFOLIO MANAGER JOHN KAWESKE IS SHAKING UP THE MUTUAL FUND INDUSTRY FUND COMPANIES ARE ANXIOUS TO MAKE SURE THEIR MANAGERS DON'T WIND UP LIKE MR. KAWESKE WHO WAS OUSTED BY INVESCO LAST WEEK FOR ALLEGEDLY FAILING TO TELL HIS EMPLOYER ABOUT A NUMBER OF PERSONAL STOCK TRADES IN THE WAKE OF THIS UNUSUAL CASE SOME MUTUAL FUND COMPANIES ARE BEEFING UP THEIR INTERNAL TRADING DISCLOSURE RULES OTHERS ARE PRODDING EMPLOYEES TO FOLLOW THE EXISTING RULES STRICTLY BUT WHAT'S ALREADY CLEAR IS THAT MR. KAWESKE WHOSE TRADES NOW ARE BEING SCRUTINIZED BY THE SECURITIES AND EXCHANGE COMMISSION IS FAR FROM THE ONLY FUND MANAGER WHO REGULARLY TRADES FOR HIS OWN ACCOUNT OF EIGHT FUND COMPANIES CONTACTED FRIDAY ONLY ONE SAID THAT IT HAD AN OUTRIGHT BAN ON FUND MANAGERS OWNING INDIVIDUAL STOCKS THEMSELVES THE S. E. C. REQUIRES MUTUAL FUND COMPANIES TO KEEP TRACK OF SUCH PERSONAL TRADES BY FUND MANAGERS CHECKING TO MAKE SURE THAT THE TRADES AREN'T INAPPROPRIATE SOMETIMES COMPANY OFFICIALS SAY THEY HAVE TO KEEP PRODDING THE EMPLOYEES THROUGH MEMOS OR PHONE CALLS TO KEEP ON TURNING IN THE REQUIRED REPORTS QUOTE FIRING DOESN'T HAPPEN IF SOMEBODY JUST FORGETS A COUPLE OF TIMES QUOTE SAYS ONE S. E. C. STAFF OFFICIAL IN WASHINGTON BUT IF SOMEBODY IS BLATANTLY AVOIDING THEIR RESPONSIBILITIES TO REPORT PERSONAL TRANSACTIONS THEN THE COMPANY HAS TO TAKE DRASTIC ACTIONS THE S. E. C. OFFICIAL WOULDN'T DISCUSS THE INVESCO MATTER SPECIFICALLY ALTHOUGH PEOPLE CLOSE TO THE CASE HAVE SAID THE AGENCY'S DENVER OFFICE IS PROBING IT IN THE WAKE OF LAST WEEK'S UPROAR AN UNRELATED FIRM IN DENVER BERGER ASSOCIATES IS PREPARING TO FORBID PORTFOLIO MANAGERS FROM OWNING INDIVIDUAL STOCKS FOR PERSONAL ACCOUNTS THIS HAS BEEN OUR PRACTICE AND NOW WE ARE GOING TO MAKE IT A FORMAL POLICY SAYS RODNEY LINAFELTER VICE PRESIDENT OF PORTFOLIO MANAGMENT AND CO MANAGER OF TWO FUNDS AT BERGER ASSOCIATES IT WOULDN'T SURPRISE ME IF OTHER COMPANIES START TIGHTENING MR. LINAFELTER ADDS I KNOW I DON'T WANT OUR PEOPLE FOCUSING ON OTHER INVESTMENTS THAN THOSE IN THE FUNDS AT BALTIMORE'S T. ROWE PRICE ASSOCIATES EMPLOYEES LAST WEEK RECEIVED COPIES OF NEWSPAPER ARTICLES DESCRIBING MR. KAWESKE'S DISMISSAL ALONG WITH A STATEMENT STRESSING THE IMPORTANCE OF T. ROWE'S CODE OF CONDUCT SAYS HENRY HOPKINS ITS CHIEF LEGAL COUNSEL BASICALLY WHEN SOMETHING LIKE THIS HAPPENS WE REMIND EVERYONE THAT IF YOU ARE BAD THIS WILL HAPPEN TO YOU HE SAYS QUOTE WE AREN'T CHANGING ANY OF OUR PROCEDURES BUT WE REINFORCE THE SERIOUSNESS OF THE SITUATION QUOTE MR. HOPKINS ADDS ON OCCASION PORTFOLIO MANAGERS HAVE RECEIVED A DEFICIENCY MEMO ABOUT THEIR LATENESS IN FILING NO EMPLOYEES HAVE BEEN FINED OR FIRED AS A RESULT OF PERSONAL TRADES HE SAYS EVEN OUR RIGOROUS RULES WON'T ELIMINATE ALL POSSIBILITY OF A BAD APPLE HE SAYS BUT WE'VE BEEN LUCKY SO FAR IN DISMISSING MR. KAWESKE LAST WEEK INVESCO SAID HE HADN'T GOTTEN APPROVAL FOR OR DIDN'T REPORT CONFIRMATION OF SOME TEN TO TWENTY TRADES IN HIS PERSONAL ACCOUNT INVESCO CONTENDS THE FAILURE TO REPORT WAS A VIOLATION OF THE COMPANY'S CODE OF CONDUCT INVESCO CHAIRMAN DAN HESSER SAID LAST WEEK THAT COMPANY OFFICIALS REPEATEDLY ASKED MR. KAWESKE TO FOLLOW THE PROCEDURE AND HAD EVEN CONSIDERED PUTTING HIM ON PROBATION BEFORE DECIDING TO FIRE HIM INVESCO FUNDS GROUP OF DENVER WHICH MANAGES TEN BILLION DOLLARS IS OWNED BY UNITED KINGDOM BASED INVESCO P. L. C. AN INVESTMENT MANAGER WITH SIXTY FOUR BILLION DOLLARS IN ASSETS IN AN INTERVIEW MR. KAWESKE SAID I GOT SOME MEMOS REGARDING PERSONAL TRANSACTIONS BUT HE SAID HE NEVER HAD ANY INDICATION THAT HIS JOB WAS ON THE LINE IF YOU TALK TO ANY PORTFOLIO MANAGER ABOUT THE SITUATION YOU'LL FIND TOTAL DISBELIEF THAT TECHNICAL VIOLATIONS OF THIS SORT LED TO THE SEVERITY OF THE ACTION MR. KAWESKE ADDS IT DOESN'T MAKE ANY SENSE TO THE INVESTMENT COMMUNITY SO WHAT CAN AND CAN'T MUTUAL FUND MANAGERS DO WHEN IT COMES TO PERSONAL TRADING SECURITIES FIRMS INCLUDING FUND ADVISERS ARE REQUIRED BY REGULATORS TO HAVE A CODE OF CONDUCT TO GUARD AGAINST ILLEGAL USE OF INSIDE INFORMATION AND FRAUDULENT PRACTICES INDIVIDUALS ARE REQUIRED TO REPORT WITHIN TEN DAYS AFTER THE QUARTER IN WHICH A PERSONAL TRANSACTION OCCURRED MANY MUTUAL FUND COMPANIES GO FURTHER IMPOSING MONTHLY REQUIREMENTS OR REQUIRING SPECIFIC CLEARANCE BEFORE EACH TRANSACTION IN ADDITION TO THE CONFIRMATION SLIPS THAT FOLLOW LATER CODES OF CONDUCT ARE DESIGNED TO PREVENT ABUSES SUCH AS AN EMPLOYEE QUOTE FRONT RUNNING QUOTE OR BUYING A STOCK BEFORE THE FUND BEGINS ITS OWN BUYING MUTUAL FUNDS OFTEN BUY IN SUCH LARGE QUANTITIES THAT THEY BOOST A STOCK'S PRICE ANY USE OF INFORMATION ABOUT A FUND'S TRADING ACTIVITIES FOR PERSONAL GAIN OR FOR A BENEFICIARY SUCH AS A SPOUSE OR CHILD IS BARRED AS LONG AS THE CODE IS OBEYED IT USUALLY ISN'T CONSIDERED A PROBLEM FOR FUND MANAGERS TO OWN STOCKS INDEED SOME INVESTORS SAY THEY LIKE THE IDEA THAT FUND MANAGERS ARE PUTTING THEIR MONEY WHERE THEIR MOUTHS ARE TAKE RICHARD WEISS A WELL KNOWN MUTUAL FUND MANAGER AT STRONG CORNELIUSON CAPITAL MANAGEMENT IN MILWAUKEE MR. WEISS SAYS HE OWNS ABOUT NINE STOCKS THAT ARE ALSO IN THE TWO FUNDS HE MANAGES AS WELL AS MORE THAN TWENTY STOCKS THAT AREN'T IN HIS FUNDS I FIGURE STICK WITH WHAT YOU KNOW MR. WEISS SAYS I USED TO BUY SEPARATE STOCKS FROM WHAT WAS IN MY FUND AND IT WAS MOSTLY GARBAGE I DECIDED IF I WAS GOOD AT MAKING MONEY FOR OTHER PEOPLE I COULD FOLLOW MY OWN ADVICE AND BUY THE SAME STOCKS MR. WEISS SAYS HE FOLLOWS STRONG'S RULES OF GETTING CLEARANCE BEFORE ALL HIS TRADES THROUGH THE TRADING DESK AND DOESN'T BUY OR SELL A STOCK BEFORE THE FUND DOES THE MUTUAL FUND COMPANY FIDELITY INVESTMENTS IN BOSTON ALSO ALLOWS ITS FUND MANAGERS TO OWN STOCKS THAT ARE IN THEIR FUNDS BUT FIDELITY SAYS IT CLOSELY MONITORS ALL CLIENT AND PERSONAL TRADES MADE BY EMPLOYEES THROUGH A COMPUTER SYSTEM ONE FIDELITY RULE TARGETS PORTFOLIO MANAGERS IF THE FUND THEY MANAGE IS BUYING OR SELLING A CERTAIN STOCK THEY CAN'T BUY OR SELL THAT SAME STOCK FOR THEIR OWN ACCOUNTS WITHIN A CERTAIN NUMBER OF DAYS OF THE FUND'S TRADING SAYS ROBERT POZEN FIDELITY'S GENERAL COUNSEL A MANAGER PLANNING A TRADE WOULD CALL THE FIDELITY TRADING DESK TO SEE IF THE FIRM WAS ACTIVE IN THE STOCK AND GET CLEARANCE FIDELITY SAYS IT PAYS SPECIAL HEED TO TRANSACTIONS INVOLVING PRIVATE PLACEMENTS AND INITIAL PUBLIC OFFERINGS HE SAYS THESE ARE FURTHER SCRUTINIZED THROUGH SPECIAL RULES QUOTE WE USED TO CREATE HEROES QUOTE SIGHS BOB GOODMAN A VETERAN MEDIA CONSULTANT FOR REPUBLICAN POLITICAL CANDIDATES NOT ANY MORE DAD SAYS HIS SON ADAM A SECOND GENERATION MEDIA CONSULTANT NOW WORKING WITH HIS FATHER AND TEACHING THE OLD FELLOW SOME NEW TRICKS WE'RE ALL TECHNOCRATS NOW ADAM GOODMAN SAYS REACTING TO THE OVERNIGHT POLLS FIGHTING AGAINST SHORTER AND SHORTER ATTENTION SPANS OUT THERE AMONG THE VOTERS JUST LIKE SO MANY OTHERS CAMPAIGN HANDLERS ARE TAKING A WILD RIDE DOWN THE INFORMATION HIGHWAY AND IT IS CHANGING THE WAY ELECTIONS ARE WON AND LOST SUCCESSFUL CAMPAIGNS IN THE NEW MEDIA AGE ARE MEANER FASTER LIVELIER AND THEY ARE ALL DRIVEN BY DATA RIGHT NOW THE NATION'S TOP HANDLERS ARE SHOWING OFF THEIR DEMONSTRATION TAPES NEVER A LOSING RACE IN THE LOT AND BOASTING ABOUT KILLER POLLS AS THEY LINE UP TO TAKE THEIR CUT OF THE MILLIONS OF DOLLARS THAT WILL FLOW INTO ABOUT SEVENTY HIGH SPENDING STATEWIDE CAMPAIGNS THIS YEAR LOST IN THE RUSH TO WIN SOMETIMES AT ANY COST IS THE QUAINT NOTION OF A THOUGHTFUL CANDIDATE WILLING TO TAKE TIME TO EXPLAIN SLOWLY AND WISELY HIS OR HER POSITIONS ON MAJOR POLICY ISSUES WHAT COUNTS ARE TRACKING POLLS FOCUS GROUPS DIAL GROUPS WAVE FRONTS AND DIGITAL T. V. EDITING MACHINES AND A CANDIDATE CAPABLE OF RAISING THE HUGE AMOUNTS OF CASH NEEDED TO PAY FOR THE TECHNOLOGY SOME OF THE FIRST GENERATION CONSULTANTS HAVE PULLED OFF THE ROAD UNWILLING TO MAINTAIN THE PACE REPUBLICAN ROGER AILES GEORGE BUSH'S HANDLER HAS RETURNED TO HIS FIRST LOVE ENTERTAINMENT G. O. P. POLLSTER LANCE TARRANCE SEMIRETIRED IS HELPING THE GALLUP ORGANIZATION SET UP A POLL IN CHINA OTHERS MAY BE SLOWLY DISENGAGING CRITICS SAY DEMOCRAT ROBERT SQUIER FIFTY NINE WORKS TOO HARD ON HIS TAN AND SPENDS TOO MUCH TIME THINKING UP SOUND BITES FOR HIS APPEARANCES ON THE TODAY SHOW HIS FIRM HAS LOST SEVERAL RACES RECENTLY MR. SQUIER SAYS HE IS AS INVOLVED AS EVER BUT THESE DAYS IS MORE SELECTIVE ABOUT WHICH RACES TO GET INVOLVED IN A NEW GENERATION IS TAKING OVER MR. SQUIER'S OWN SON MARK THIRTY THREE WHO GOT INTO THE BUSINESS THROUGH HIS FATHER'S FIRM IS A LEADING EXAMPLE HE IS ONE OF THE NEW SELF STYLED BARBARIANS IN THE MEDIA CONSULTING FIELD WORKING WITH PARTNERS JOE TRIPPI THIRTY SIX AND STEVE MCMAHON THIRTY THREE IN A FIRM THAT DRAWS HEAVILY ON THE HIGH TECH ARSENAL QUOTE I BET BOB SQUIER DOESN'T EVEN KNOW WHAT A WAVE FRONT IS QUOTE SAYS MR. MCMAHON FOR THE RECORD IT IS A COMPUTERIZED PROGRAM THE TRIPPI MCMAHON SQUIER FIRM FIRST USED IN A WIDELY ADMIRED T. V. SPOT FOR REPRESENTATIVE SAM GIBBONS IN NINETEEN NINETY TWO IN THE SPOT THE SCREEN FILLS WITH THOUSANDS OF SWOOPING AND SWIRLING MARBLESIZED DOTS AS THE DOTS SWIRL AROUND THE ANNOUNCER'S VOICE TALKS ABOUT WHAT AN IDEAL CONGRESSMAN SHOULD BELIEVE IN AS THE DOTS CONVERGE TO FORM A PORTRAIT OF MR. GIBBONS THE VOICE SAYS THE CLOSER YOU LOOK THE MORE YOU'LL SEE SAM GIBBONS AS YOUR KIND OF CONGRESSMAN PRETTY EYE CATCHING WASN'T IT SAYS THE VETERAN CONGRESSMAN THERE'S AN IRONY HERE BOB SQUIER USED TO PRODUCE REPRESENTATIVE GIBBONS'S ADS BUT THE SEVENTY THREE YEAR OLD FLORIDA DEMOCRAT SWITCHED TO THE YOUNGER SQUIER'S FIRM THE OLDER GUYS IN THE CONSULTING BUSINESS LIKE BEING MEMBERS OF THE CLUB SAYS MR. TRIPPI THEY LIKE TO HANG OUT IN THE SENATE CLOAKROOM CHIMES IN MR. MCMAHON WE DON'T WANT TO BELONG TO ANY CLUBS SAYS MARK SQUIER QUOTE IT'S A YOUNG MAN'S GAME QUOTE AGREES GREG STEVENS A FORTY FIVE YEAR OLD HANDLER TRAINED BY MR. AILES WHO WHOMPED THE ELDER MR. SQUIER'S FIRM IN A CLASSIC STRUGGLE BETWEEN FIRST AND SECOND GENERATION MEDIA CONSULTANTS IN LAST NOVEMBER'S GOVERNOR'S RACE IN VIRGINIA THE GENERATIONAL CHANGE IS PERSONIFIED BY THE TWO GOODMANS THE SIXTY FIVE YEAR OLD BOB GOODMAN BEGAN HIS POLITICAL CAREER AS MEDIA CONSULTANT FOR SPIRO AGNEW'S SUCCESSFUL CAMPAIGN FOR GOVERNOR OF MARYLAND IN NINETEEN SIXTY SIX HE HIRED FORTY FIVE MUSICIANS AND A CHORUS TO BACK UP THE T. V. SPOT WHICH FEATURED THE WORDS MY KIND OF MAN TED AGNEW IS TO THE TUNE OF MY KIND OF TOWN CHICAGO IS IN A FAMOUS COMMERCIAL FOR GEORGE BUSH WHEN HE WAS RUNNING FOR THE REPUBLICAN PRESIDENTIAL NOMINATION IN NINETEEN EIGHTY MR. GOODMAN PICTURED HIS CANDIDATE AS AN EAGLE SWOOPING INTO NEW HAMPSHIRE IN HIS CHARTERED AIRPLANE WITH A FULL BAND BLAZING AWAY ON THE SOUND TRACK MR. BUSH LOST BUT HE LOVED THE AD NOW SAYS MR. GOODMAN THEY'D CALL THOSE COMMERCIALS WARM AND FUZZY AND PEOPLE DON'T WANT THEM ANY MORE AND AS FOR THAT BIG BAND MUSIC THESE DAYS YOU CAN CREATE ALL THAT MUSIC WITH ONE ARRANGER AND A SYNTHESIZER ENTER YOUNG ADAM GOODMAN WHO IS THIRTY EIGHT AND WHO DOESN'T THINK MUCH OF WARM AND FUZZY CAMPAIGNS WHETHER IT IS FOR THE PRESIDENCY OR FOR COUNTY COMMISSIONER LAST FALL THE GOODMANS WERE INVOLVED IN A HIGH PRICED RACE FOR A STATEWIDE COMMONWEALTH COURT JUDGESHIP IN PENNSYLVANIA THEIR CANDIDATE WAS SANDRA SCHULTZ NEWMAN A LAWYER FROM THE PHILADELPHIA SUBURBS WITH NO POLITICAL EXPERIENCE THE DEMOCRATIC CANDIDATE WAS JOSEPH MISTICK A LAWYER FROM PITTSBURGH WHO HAD WORKED IN THE MAYOR'S OFFICE AND HAD BEEN A MEMBER OF BOTH THE ZONING AND PLANNING PANELS THERE ADAM GOODMAN HIRED RESEARCHERS TO DIG INTO MR. MISTICK'S RECORD AND THEY CAME UP WITH A SIX YEAR OLD STORY FROM THE NOW DEFUNCT PITTSBURGH PRESS SUGGESTING THAT MR. MISTICK AS A MEMBER OF THE ZONING BOARD RULED AS MANY AS FORTY TIMES IN FAVOR OF HIS BUSINESS PARTNER'S INTERESTS THEY PREPARED WHAT BOB GOODMAN CALLS THE NUKE A THIRTY SECOND T. V. COMMERCIAL CHARGING MR. MISTICK WITH IMPROPRIETY IN THOSE ZONING CASES THEY HELD ONTO IT UNTIL THE FINAL HOURS OF THE CAMPAIGN WHEN ADAM GOODMAN LEFT TOWN TO ATTEND A WEDDING OF AN OLD FRIEND I TOLD DAD IT'S UP TO YOU HE SAYS ON FRIDAY SAYS BOB GOODMAN QUOTE I MASHED THE BUTTON QUOTE THE NUKE WAS LAUNCHED AND THE MISTICK CAMPAIGN WITH NO TIME TO RESPOND TO THE AD PLUNGED TO THE GROUND IN FLAMES MR. MISTICK IN DEFEAT DENIES HE DID ANYTHING WRONG AS A MEMBER OF THE ZONING PANEL SO MUCH FOR WARM AND FUZZY I NEVER REALLY WANTED TO TARGET ANYONE SAYS BOB GOODMAN A LITTLE WISTFULLY I ALWAYS WANTED EVERYONE TO LOVE MY CANDIDATE BUT HE SMILES AT THE RECOLLECTION OF LAUNCHING THAT ANTI MISTICK MISSILE DAD WOULDN'T HAVE DONE IT TEN YEARS AGO SAYS ADAM GOODMAN WITH FILIAL PRIDE THE VIRGINIA GOVERNOR'S RACE LAST NOVEMBER WHICH PITTED DEMOCRAT MARY SUE TERRY A FORMER ATTORNEY GENERAL AGAINST REPUBLICAN GEORGE ALLEN BRIEFLY A MEMBER OF CONGRESS AND SON OF THE LATE WASHINGTON REDSKINS FOOTBALL COACH WAS JUST AS NASTY AND A LOT MORE DATA DRIVEN BOB SQUIER'S FIRM HANDLED MS. TERRY'S MEDIA WITH PARTNER BILL KNAPP DOING MOST OF THE WORK HARRISON HICKMAN WAS THE POLLSTER THEY BEGAN THE CAMPAIGN WAY AHEAD OF MR. ALLEN IN POINTS AND IN CASH AND MOST OBSERVERS THOUGHT IT WOULD BE A WALKAWAY BUT MR. HICKMAN SENSED SOMETHING WAS WRONG WHEN HE PUT TOGETHER A DIAL GROUP TO ANALYZE VOTERS' REACTION TO THE FIRST DEBATE BETWEEN THE TWO CANDIDATES EACH MEMBER OF THE GROUP WAS GIVEN A DIAL ON WHICH TO REGISTER INSTANT APPROVAL OR DISAPPROVAL OF ANYTHING EITHER CANDIDATE SAID MR. HICKMAN STILL HAS THE TAPE OF THE SESSION WHEN MS. TERRY APPEARS ON THE SCREEN TO EXPLAIN HER VIEWS AND IDEAS THE LINE ON THE CHART THAT OVERLAYS THE PICTURE BARELY MOVES UP OR DOWN BUT WHEN MR. ALLEN GETS HIS TURN THE LINE LEAPS ONE MOMENT ALL THE WAY TO THE TOP OF THE SCREEN PLUNGES THE NEXT ALL THE WAY TO THE BOTTOM QUOTE THESE PEOPLE JUST DIDN'T REACT TO ANYTHING MARY SUE WAS SAYING QUOTE SAYS MR. HICKMAN AND MR. HICKMAN WORRIED QUITE PROPERLY AS IT TURNED OUT THAT GEORGE ALLEN WOULD STOP SAYING THE THINGS THAT SENT THE LINE DOWN THE CHART AND CONCENTRATE ON THE THINGS THAT SENT THE LINE UP THE CHART MEANWHILE REPUBLICAN TRACKING POLLS SHOWED THEM SOMETHING THEY HAD NEVER SEEN BEFORE MS. TERRY'S CAMPAIGN WAS GOING DOWNHILL AT A TIME WHEN HER T. V. SPOTS WERE RUNNING UNOPPOSED ALL OVER VIRGINIA TO MAKE THINGS WORSE MS. TERRY CAME ACROSS AS COLD AND IMPERSONAL IN HER OWN T. V. ADS ALL OF THEM FILMED BY THE LEGENDARY MR. SQUIER WHO HAS ALWAYS PRIDED HIMSELF ON HIS CAMERA WORK THE ADS SHOWED A STIFF MS. TERRY WALKING AND TALKING AND SHE SEEMED UNCOMFORTABLE DOING BOTH MARY SUE TERRY'S HANDLERS DID HER A GREAT INJUSTICE GLOATS MR. STEVENS THEY NEVER DID ANYTHING TO TELL THE VOTERS WHO SHE WAS THEY NEVER TOLD THE VOTERS SHE WAS A SELF MADE WOMAN FROM RURAL PATRICK COUNTY THEY NEVER TOLD ANYONE ABOUT HER RECORD AS ATTORNEY GENERAL THAT WAS OUR BIGGEST MISTAKE MR. HICKMAN ADMITS MR. SQUIER SAYS HE COULDN'T DEVOTE ALL HIS ENERGY AND IT IS UNDIMINISHED HE ADDS TO THE TERRY CAMPAIGN BECAUSE HE WAS WORKING AT THE SAME TIME ON A PARLIAMENTARY ELECTION IN BERMUDA WHERE HIS CLIENT THE UNITED BERMUDA PARTY WON BY FOUR SEATS HE SAYS HIS PARTNER MR. KNAPP WAS CHIEFLY RESPONSIBLE FOR STRATEGY IN THE VIRGINIA RACE MR. KNAPP IS MORE GENEROUS THAN MR. STEVENS THEY DID A GOOD JOB HE SAYS QUOTE WE DID A GOOD JOB TOO UNDER VERY DIFFICULT CIRCUMSTANCES QUOTE HE SAYS IT IS SOPHOMORIC FOR CONSULTANTS TO CRITICIZE EACH OTHER'S WORK MAYBE MR. SQUIER CONCLUDES SARCASTICALLY GREG STEVENS WILL BE A LITTLE MORE MODEST AFTER HE SUFFERS HIS FIRST DEFEAT YET THE UNKIND WHISPERING IN WASHINGTON IS THAT PERHAPS MS. TERRY HIRED THE WRONG SQUIER THE YOUNGER SQUIER WON'T PUBLICLY CRITICIZE HIS FATHER'S WORK BUT HE AND HIS PARTNERS LEAVE NO DOUBT THEY WOULD HAVE TRIED TO MAKE HER ADS TOUGHER AND LIVELIER MARK SQUIER IS A HARD WORKING HANDLER WHO UNDERSTANDS ALL THE NEW TECHNOLOGY AND HE DOESN'T DO ADS THAT SHOW HIS CANDIDATE BEING COLD AND UNCOMFORTABLE HIS FIRM TRIPPI MCMAHON AND SQUIER MADE ITS MARK A FEW YEARS AGO WITH A FEROCIOUS AD THAT ATTACKED ITS CLIENT'S OPPONENT FOR HAVING SAID THAT MAYBE WOMEN SHOULD BE JAILED FOR HAVING ABORTIONS THE SPOT SHOWED UNHAPPY YOUNG WOMEN IN JAIL CELLS AND AS THE CAMERA PANNED DOWN THE ROW THE STATUE OF LIBERTY IN A JAIL CELL EXPLOSIVE ADMITS MR. TRIPPI BUT HE TESTED THE ADS WITH FOCUS GROUPS THE FOCUS FOLKS LIKED IT AND THE FIRM'S CANDIDATE WON THE TRIPPI MCMAHON SQUIER CLIENT IN NEW YORK CITY LAST NOVEMBER WAS CONSUMER ADVOCATE MARK GREEN RUNNING FOR A NEW OFFICE CALLED PUBLIC ADVOCATE TO VETERANS IN THE MEDIA CONSULTING BUSINESS THE SPOTS LOOK ODD AND CONTRIVED BUT THEY ARE PROBABLY THE WAVE OF THE FUTURE GREEN ARROWS KEEP SHOWING UP ON THE SCREEN POINTING AT MR. GREEN'S FACE THERE IS EVEN A LITTLE STAGED DRAMA IN ONE OF THE ADS MR. GREEN STANDING IN A DOORWAY REPORTS TO RALPH NADER SEATED AT A DESK AS THOUGH HE MIGHT BE A PROFESSOR ON WHAT HE'S BEEN DOING TO HELP NEW YORK CONSUMERS YOU'RE READY SAYS MR. NADER AFTER THE REPORT IS RENDERED MR. TRIPPI CONCEDES THE FIRST GENERATION PRACTITIONERS DON'T UNDERSTAND THE GREEN SPOT YET IT WORKED MR. GREEN WON HANDILY THE OLDER GENERATION IS HOPELESSLY OUT OF TOUCH MR. TRIPPI SAYS WE GREW UP WITH M. T. V. THE OLD GUYS LISTENED TO RADIO AND MAYBE WATCHED A LITTLE BLACK AND WHITE T. V. QUOTE THE INFLATION SLOWDOWN THAT BEGAN FOLLOWING THE RECESSION AND CONTINUED THROUGH NINETEEN NINETY THREE IS EXPECTED TO EXTEND INTO NINETEEN NINETY FOUR EVEN AS THE ECONOMY STRENGTHENS A SLIGHT RISE IN THE DECEMBER CONSUMER PRICE INDEX FORECAST BY MANY ECONOMISTS WOULD PUT THE INDEX UP TWO POINT NINE PERCENT FOR THE YEAR EQUALING A SIX YEAR LOW ACHIEVED IN NINETEEN NINETY TWO A LABOR DEPARTMENT REPORT TO BE RELEASED THIS WEEK PROBABLY WILL REVEAL A SCANT ZERO POINT ONE PERCENT INCREASE IN THE DECEMBER INDEX HELPED BY A DECLINE IN ENERGY PRICES FOR THE SECOND MONTH IN A ROW SAID TIM ROGERS AN ECONOMIST AT TECHNICAL DATA IN BOSTON QUOTE ENERGY COSTS HAVE BEEN THE STORY THEY TANKED AGAIN IN DECEMBER MR. ROGERS SAID CONSUMER PRICES MIGHT HAVE BEEN EVEN LOWER IN DECEMBER IF NOT FOR INCREASES IN HEALTH CARE COSTS AND FOOD PRICES HE SAID MEDICAL COSTS CLEARLY HAVE BEEN THE BUGABOO OF CONSUMER PRICES HE ADDED THE INDEX WHICH WAS UP SIX POINT ONE PERCENT IN NINETEEN NINETY SLOWED TO THREE POINT ONE PERCENT IN NINETEEN NINETY ONE AND TWO POINT NINE PERCENT IN NINETEEN NINETY TWO THAT TWO POINT NINE PERCENT FIGURE IN NINETEEN NINETY TWO WAS THE LOWEST SINCE THE ONE POINT ONE PERCENT RATE IN NINETEEN EIGHTY SIX THE FACT THAT PRODUCER PRICES WERE NEARLY FLAT IN NINETEEN NINETY THREE BODES WELL FOR CONSUMER PRICES IN NINETEEN NINETY FOUR ACCORDING TO MR. ROGERS THE OUTLOOK FOR THIS YEAR IS STILL PRETTY BRIGHT HE SAID CANADIAN COAL PRODUCTION ROSE FOUR POINT SIX PERCENT TO SIXTY EIGHT MILLION SIX HUNDRED THOUSAND METRIC TONS IN NINETEEN NINETY THREE FROM SIXTY FIVE MILLION SIX HUNDRED TWELVE THOUSAND TONS IN NINETEEN NINETY TWO STATISTICS CANADA A GOVERNMENT AGENCY ESTIMATED A METRIC TON IS EQUAL TO ABOUT TWO THOUSAND TWO HUNDRED FOUR POINT SIX TWO POUNDS GENENTECH INCORPORATED PRICED ITS NEWLY APPROVED DNASE CYSTIC FIBROSIS DRUG AT A WHOLESALE PRICE OF NINE THOUSAND EIGHT HUNDRED FIFTY FIVE DOLLARS PER PATIENT PER YEAR JUST BELOW WHAT ANALYSTS HAD EXPECTED BUT MARKUP ON THE DRUG WHOSE TRADE NAME IS PULMOZYME WILL PROBABLY BE ABOUT THIRTY THREE PERCENT MAKING THE RETAIL COST MORE THAN THIRTEEN THOUSAND DOLLARS A YEAR FOR EACH PATIENT SAID SAMUEL ISALY AN ANALYST OF MEHTA AND ISALY IN NEW YORK ANALYSTS EXPECT INSURERS WILL COVER THE COST GENENTECH SAID IT WILL ALSO MAKE THE DRUG AVAILABLE TO INDIGENT PATIENTS THAT WILL REDUCE ITS RECEIPTS FOR THE DRUG BY ABOUT FIFTEEN PERCENT FROM THE WHOLESALE PRICE MR. ISALY SAID THAT WORKS OUT TO AN AVERAGE OF ABOUT EIGHT THOUSAND THREE HUNDRED SEVENTY SEVEN DOLLARS A PATIENT BY PRICING THE DRUG JUST BELOW EXPECTATIONS AND ESTABLISHING A PROGRAM FOR INDIGENTS GENENTECH IS TAKING STEPS TO STAVE OFF CRITICISM THAT DRUG COMPANIES CHARGE TOO MUCH FOR THEIR PRODUCTS DNASE THE FIRST NEW THERAPY FOR CYSTIC FIBROSIS PATIENTS IN THIRTY YEARS CLEARS OUT THICK MUCUS THAT DEVELOPS IN PATIENTS' LUNGS MAKING BREATHING EASIER AND CUTTING DOWN ON INFECTIONS CYSTIC FIBROSIS IS AN INHERITED DISORDER WITH NO KNOWN CURE WHICH AFFECTS THE PANCREAS AND THE RESPIRATORY SYSTEM WESTINGHOUSE ELECTRIC CORPORATION PITTSBURGH SAID IT RECEIVED A FIVE POINT FIVE MILLION DOLLAR CONTRACT FROM THE U. S. ENVIRONMENTAL PROTECTION AGENCY TO PROVIDE EMERGENCY REMOVAL CONTRACT SERVICES FOR E. P. A.'S REGION THE SECOND COVERING NEW YORK AND NEW JERSEY UNDER TERMS OF THE EIGHTEEN MONTH CONTRACT WESTINGHOUSE'S REMEDIATION SERVICES UNIT WILL PROVIDE ENVIRONMENTAL CLEANUP SERVICES WITHIN FORTY EIGHT HOURS FOR EMERGENCIES SUCH AS OIL PETROLEUM AND HAZARDOUS SUBSTANCE RELEASES OR POTENTIAL RELEASES THE COMPANY WILL ALSO OFFER CONTAINMENT AND SITE REMEDIATION THE E. P. A. HAS THE OPTION TO BOOST THE CONTRACT FIFTY PERCENT DURING THE NEXT EIGHTEEN MONTHS WHICH COULD POTENTIALLY RAISE THE VALUE OF THE CONTRACT TO EIGHT MILLION DOLLARS WESTINGHOUSE REMEDIATION SERVICES IS A SUBSIDIARY OF WESTINGHOUSE'S ENVIRONMENTAL SERVICES BUSINESS UNIT HEALTHTRUST INCORPORATED IS NEGOTIATING AN ACQUISITION OF CLOSELY HELD EPIC HEALTHCARE INCORPORATED IN WHAT WOULD BE THE LATEST CONSOLIDATION IN THE HOSPITAL INDUSTRY ACCORDING TO PEOPLE FAMILIAR WITH THE TALKS THE PROPOSED PURCHASE OF THE DALLAS COMPANY WHICH WOULD JOIN TWO OF THE NATION'S TEN LARGEST FOR PROFIT CHAINS COULD COST AS MUCH AS FOUR HUNDRED MILLION DOLLARS PLUS THE ASSUMPTION OF EPIC'S NEARLY SIX HUNDRED MILLION DOLLARS IN LONGTERM DEBT INDUSTRY EXPERTS ESTIMATE WHILE NEITHER COMPANY WOULD DISCUSS THE MATTER OR CONFIRM THAT NEGOTIATIONS ARE UNDER WAY PEOPLE FAMILIAR WITH THE TALKS SAID AN AGREEMENT COULD BE ANNOUNCED AS EARLY AS THIS WEEK IN COMPOSITE TRADING FRIDAY ON THE NEW YORK STOCK EXCHANGE HEALTHTRUST CLOSED AT TWENTY FIVE POINT EIGHT SEVEN FIVE DOLLARS UP TWELVE POINT FIVE CENTS THE COMBINATION OF THE TWO CHAINS WOULD REPRESENT ANOTHER STEP IN THE RAPID CONSOLIDATION OF THE HOSPITAL INDUSTRY AMID DECLINING OCCUPANCY RATES AND COST CUTTING PRESSURE FROM THE CLINTON ADMINISTRATION ORNDA HEALTHCORP A NASHVILLE TENNESSEE CHAIN RECENTLY AGREED TO BUY BOTH SUMMIT HEALTH LIMITED AND AMERICAN HEALTHCARE MANAGEMENT INCORPORATED CREATING A COMPANY WITH ONE POINT SIX BILLION DOLLARS IN REVENUE AND FORTY SIX ACUTE CARE HOSPITALS IN SEVENTEEN STATES MEANWHILE COLUMBIA HEALTHCARE CORPORATION LOUISVILLE KENTUCKY HOPES SOON TO COMPLETE ITS ACQUISITION OF NASHVILLE BASED H. C. A. HOSPITAL CORPORATION OF AMERICA THAT PURCHASE WILL CREATE THE NATION'S LARGEST FOR PROFIT HOSPITAL CHAIN WITH ESTIMATED REVENUE OF TEN BILLION DOLLARS AND ONE HUNDRED NINETY HOSPITALS IN TWENTY SIX STATES BASED IN NASHVILLE HEALTHTRUST IS THE NATION'S SECOND LARGEST FOR PROFIT CHAIN WITH EIGHTY ONE HOSPITALS IN TWENTY ONE STATES NONETHELESS THE ACQUISITION OF EPIC WITH ITS THIRTY NINE HOSPITALS IN TEN STATES WOULD LEAVE HEALTHTRUST FAR BEHIND THE COLUMBIA H. C. A. ENTITY IN SIZE THE PURCHASE HOWEVER WOULD CREATE AN OPERATION WITH ONE HUNDRED TWENTY HOSPITALS IN TWENTY TWO STATES AND ESTIMATED THREE POINT FOUR BILLION DOLLARS IN REVENUE BOTH HEALTHTRUST AND EPIC OPERATE PRIMARILY IN THE SOUTH AND WEST WITH TEXAS THE BIGGEST MARKET FOR BOTH STILL OVERLAP IN ANY ONE METROPOLITAN AREA WOULD BE MINIMAL AND EPIC WOULD HELP EXPAND HEALTHTRUST IN CALIFORNIA AND LOUISIANA SOME OBSERVERS QUESTION THE ACQUISITION VALUE OF EPIC WHICH REPORTED A NET LOSS OF TWENTY FIVE POINT ONE MILLION DOLLARS FOR ITS FISCAL YEAR ENDED SEPTEMBER THIRTIETH WIDER THAN THE YEAR EARLIER NET LOSS OF NINETEEN POINT THREE MILLION DOLLARS REVENUE ROSE EIGHT POINT THREE PERCENT TO ONE BILLION DOLLARS FROM NINE HUNDRED FORTY ONE POINT THREE MILLION DOLLARS EPIC'S SYSTEM IS WEIGHTED HEAVILY TOWARD SMALLER MARKET FACILITIES THE LARGER URBAN HOSPITALS THAT IT DOES HAVE SELDOM DOMINATE THEIR MARKETS MOREOVER EPIC WHICH IS CONTROLLED BY AN EMPLOYEE STOCK OWNERSHIP PLAN REMAINS SADDLED WITH DEBT FROM ITS NINETEEN EIGHTY EIGHT SPINOFF BY AMERICAN MEDICAL HOLDINGS INCORPORATED DALLAS WHICH STILL HOLDS A TWENTY TWO PERCENT STAKE SPUN OFF BY H. C. A. IN NINETEEN EIGHTY SEVEN EXPANSION MINDED HEALTHTRUST RECENTLY SET UP JOINT VENTURES WITH COMPETITORS IN CALIFORNIA FLORIDA AND NORTH CAROLINA AND IT PURCHASED FIVE HOSPITALS IN TEXAS AND TENNESSEE FOR NINETY POINT ONE MILLION DOLLARS AND AGREED TO BUY THREE MORE IN UTAH MOREOVER HEALTHTRUST HAS BROAD EXPERIENCE RUNNING FACILITIES LIKE EPIC'S ABOUT FORTY PERCENT OF HEALTHTRUST'S HOSPITALS ARE IN RURAL COMMUNITIES THE COMPANY HAS SLASHED DEBT AND SIGNIFICANTLY BOOSTED REVENUE FROM OUTPATIENT SERVICES TO ONE POINT ONE BILLION DOLLARS IN NINETEEN NINETY THREE FROM FOUR HUNDRED THIRTY SEVEN MILLION DOLLARS IN NINETEEN EIGHTY NINE FOR ITS FISCAL YEAR ENDED AUGUST THIRTY FIRST NINETEEN NINETY THREE HEALTHTRUST REPORTED EARNINGS OF ONE HUNDRED TWENTY ONE POINT SIX MILLION DOLLARS OR ONE DOLLAR AND FORTY SIX CENTS A SHARE COMPARED WITH A YEAR EARLIER LOSS OF FORTY THREE POINT ONE MILLION DOLLARS OR EIGHTY EIGHT CENTS A SHARE REVENUE ROSE ALMOST SIX PERCENT TO TWO POINT FOUR OH BILLION DOLLARS FROM TWO POINT TWO SEVEN BILLION DOLLARS MORTON HALPERIN ONE OF THE CLINTON ADMINISTRATION'S MORE CONTROVERSIAL NOMINEES IS WITHDRAWING HIS NAME FROM CONSIDERATION FOR A PENTAGON POST AN ADMINISTRATION OFFICIAL SAID MR. HALPERIN REACHED AT HIS HOME YESTERDAY DECLINED TO DISCUSS HIS PLANS SAYING ONLY QUOTE I EXPECT TO HAVE SOMETHING TO SAY CONCERNING MY FUTURE SOMETIME THIS WEEK PERHAPS AS EARLY AS TOMORROW QUOTE BUT THE ADMINISTRATION OFFICIAL SAID THAT MR. HALPERIN IS EXPECTED TO SEND A LETTER TO PRESIDENT CLINTON TODAY ASKING THAT HIS NAME BE WITHDRAWN FROM CONSIDERATION MR. HALPERIN HAD BEEN NOMINATED LAST YEAR TO BE THE FIRST EVER ASSISTANT SECRETARY OF DEFENSE FOR PEACEKEEPING AND HUMANITARIAN OPERATIONS THE NOMINATION RAN INTO DEEP HOSTILITY FROM CONSERVATIVES ON THE SENATE ARMED SERVICES COMMITTEE WHO WERE ESPECIALLY CRITICAL OF WHAT THEY CONSIDERED TO BE MR. HALPERIN'S PAST POSITIONS ON INTELLIGENCE GATHERING IN ADDITION THE MILITARY WAS LEERY BOTH OF THE NEW POST AND THE MAN SELECTED TO FILL IT THE ARMED SERVICES PANEL HELD HEARINGS BUT DIDN'T ACT ON THE NOMINATION BEFORE THE SENATE WENT INTO RECESS WHICH MEANT THAT MR. HALPERIN'S NOMINATION NEEDED TO BE RESUBMITTED COMMERZBANK A. G. A GERMAN BANKING GROUP RAISED ITS NINETEEN NINETY THREE DIVIDEND TO TWELVE MARKS SIX DOLLARS AND EIGHTY EIGHT CENTS UP TWO MARKS THE FRANKFURT BASED BANK ALSO ANNOUNCED THE CONDITIONS FOR A SHARE INCREASE THIS MONTH THE DIVIDEND AND CAPITAL INCREASE HAD BEEN WIDELY EXPECTED ALTHOUGH FRIDAY'S ANNOUNCEMENT SPELLS OUT THE DIMENSIONS OF BOTH AFTER A QUOTE SUCCESSFUL BUSINESS YEAR IN NINETEEN NINETY THREE QUOTE THE BANK SAID NINETEEN NINETY FOUR ALSO PRESENTS A POSITIVE OUTLOOK COMMERZBANK WILL OFFER CURRENT SHAREHOLDERS ONE NEW SHARE FOR EVERY TEN THEY ALREADY HOLD THE BANK SAID THE PURCHASE OF ALL THE NEW SHARES WOULD RAISE NINE HUNDRED FORTY FIVE MILLION MARKS FIVE HUNDRED FORTY SIX POINT SEVEN FOUR MILLION DOLLARS IN FRESH CAPITAL THE BANK SAID EACH NEW SHARE WILL BE PRICED AT THREE HUNDRED FIFTEEN MARKS ONE HUNDRED EIGHTY DOLLARS AND FIFTY THREE CENTS A SLIGHT DISCOUNT TO THE MARKET VALUE ON THE FRANKFURT STOCK EXCHANGE WHERE THE SHARES FINISHED AT THREE HUNDRED EIGHTY TWO POINT FIVE OH MARKS UP TWO POINT EIGHT OH MARKS THE NEW SHARES WHICH WILL CARRY THE FULL DIVIDEND FOR NINETEEN NINETY FOUR WILL BE OFFERED IN A SUBSCRIPTION PERIOD FROM JANUARY TWENTY FOURTH TO FEBRUARY THIRD AND WILL BEGIN TRADING ON ALL EIGHT OF GERMANY'S STOCK EXCHANGES FEBRUARY EIGHTH TEXAS UTILITIES COMPANY DALLAS SAID THAT RECENT RATE CASE DECISIONS BY THE PUBLIC UTILITY COMMISSION OF TEXAS HURT ITS PRINCIPAL SUBSIDIARY AND THAT IT WILL ASK FOR ADJUSTMENTS THE UNIT TEXAS UTILITIES ELECTRIC COMPANY SAID THE P. U. C.'S REVENUE REQUIREMENT DECISIONS WILL AFFECT TEXAS UTILITIES ELECTRIC'S ANNUAL REVENUES RESULTING IN AN INCREASE OF ABOUT FOUR HUNDRED THIRTY MILLION DOLLARS OR EIGHT POINT FIVE PERCENT INSTEAD OF THE TEN POINT FIVE PERCENT BOOST RECOMMENDED TO THE P. U. C. BY THE HEARINGS EXAMINERS A SPOKESWOMAN FOR TEXAS UTILITIES ELECTRIC SAID THAT THE P. U. C. WILL MAKE ITS FINAL ORDER JANUARY TWENTY SIXTH AND THAT THE COMPANY HOPES THE P. U. C. WILL ALTER ITS PRELIMINARY ORDER BEFORE MAKING IT FINAL TEXAS UTILITIES STOCK FELL SIXTY TWO POINT FIVE CENTS TO CLOSE AT THIRTY NINE DOLLARS AND SEVENTY FIVE CENTS IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING ON FRIDAY METALLGESELLSCHAFT A. G. THE BIG GERMAN ENGINEERING AND METALS CONGLOMERATE STUNNED ITS SHAREHOLDERS LAST WEEK BY ANNOUNCING POTENTIAL LOSSES IN ENERGY QUOTE DERIVATIVES QUOTE OF NEARLY ONE BILLION DOLLARS LIKE FALLING DOMINOES THE COMPANY'S LOSSES IN THESE COMPLEX RISKY INSTRUMENTS HAVE PRECIPITATED A WIDER FINANCIAL CRISIS THAT HAS PUSHED THE GROUP TO THE EDGE OF INSOLVENCY IN A MATTER OF WEEKS IT WASN'T RECKLESS SPECULATION IN DERIVATIVES TRADING THAT DROVE THE GERMAN GIANT TO THE BRINK PEOPLE FAMILIAR WITH ITS ACTIVITIES SAY INSTEAD THE LOSSES SEEM TO HAVE STEMMED FROM AN ILL STARRED ATTEMPT BY M. G. CORPORATION METALLGESELLSCHAFT'S U. S. TRADING UNIT TO HEDGE ITS BUSINESS RISKS AS A WHOLESALER OF OIL PRODUCTS AN M. G. SPOKESMAN IN NEW YORK DECLINED TO COMMENT DERIVATIVES ARE FINANCIAL CONTRACTS WHOSE VALUES ARE DERIVED FROM THE PRICE OF SOME UNDERLYING ASSET IN THIS CASE CRUDE OIL AND OTHER ENERGY PRODUCTS AT THE NEW YORK MERCANTILE EXCHANGE THE LARGEST U. S. ENERGY MARKET M. G. HELD HEDGING CONTRACTS REPRESENTING BILLIONS OF DOLLARS OF CRUDE OIL AND OIL PRODUCTS ENERGY TRADERS SAY M. G. ARRANGED ADDITIONAL HEDGES IN THE PRIVATELY TRADED OVER THE COUNTER DERIVATIVES MARKET TRADERS ADD BUT LATE LAST YEAR FALLING WORLD ENERGY PRICES HAMMERED THE VALUE OF THESE HUGE DERIVATIVES POSITIONS PRODUCING TOTAL LOSSES FOR M. G. OF ROUGHLY SIX HUNDRED SIXTY MILLION DOLLARS PEOPLE CLOSE TO THE SITUATION SAY DESPITE METALLGESELLSCHAFT'S REPUTATION AS A SOPHISTICATED TRADING OUTFIT WITH MASSIVE FINANCIAL MUSCLE THE RESULTING FINANCIAL CRISIS HAS BEEN DIRE THE COMPANY'S SHARES HAVE PLUMMETED FIFTY PERCENT ON THE FRANKFURT STOCK EXCHANGE FROM THEIR NINETEEN NINETY THREE HIGH IN MID NOVEMBER MOST OF THE COMPANY'S TOP BRASS WAS FIRED ABRUPTLY IN LATE DECEMBER WITH THE GROUP'S FORMER CHAIRMAN HEINZ SCHIMMELBUSCH TARGETED FRIDAY FOR CRIMINAL INVESTIGATION ON THURSDAY KAJO NEUKIRCHEN THE TURNAROUND SPECIALIST NEWLY NAMED AS METALLGESELLSCHAFT'S CHAIRMAN ANNOUNCED A LOSS FOR THE YEAR ENDED SEPTEMBER THIRTIETH OF MORE THAN ONE BILLION DOLLARS AT CURRENT EXCHANGE RATES AND ANOTHER ROUGHLY EIGHT HUNDRED SEVENTY MILLION DOLLARS IN POTENTIAL DERIVATIVE RELATED LOSSES STILL TO COME WITHOUT AN EMERGENCY BAILOUT FROM ITS BANKS BY JANUARY TWELFTH HE SAID METALLGESELLSCHAFT WOULD BE INSOLVENT HOW DID THIS COME TO PASS APPARENTLY THE SAGA BEGAN EIGHTEEN MONTHS AGO WHEN M. G. BEGAN AGGRESSIVELY MARKETING GASOLINE HEATING OIL AND DIESEL FUEL ON A LONG TERM FIXED PRICE BASIS TO OIL DISTRIBUTORS AND MARKETERS TRADERS SAY IN AN UNCONVENTIONAL MOVE TO WIN BUSINESS THE COMPANY EVEN NEGOTIATED CONTRACTS AS LONG AS FIVE TO TEN YEARS WITH INDIVIDUAL SERVICE STATIONS AROUND THE U. S. INDUSTRY EXPERTS SAY BY AGREEING TO BUY OIL FROM M. G. AT FIXED PRICES OVER THE YEARS THESE COMPANIES LOCKED IN THE SUPPLIES THEY NEEDED AT PREDICTABLE PRICES BUT ENTERING INTO THESE AGREEMENTS SUBJECTED M. G. TO A BIG RISK IF OIL PRICES ROSE M. G. WOULD BE FORCED TO BUY OIL AT THE HIGHER PRICE AND DELIVER IT TO CUSTOMERS AT A LOSS TO HEDGE THAT RISK TRADERS SAY M. G. USED DERIVATIVES FOR EXAMPLE ON THE NYMEX IT BOUGHT FUTURES CONTRACTS COMMITTING ITSELF TO BUY OIL AT FIXED PRICES IN THE FUTURE ON THE PRIVATE DERIVATIVES MARKET IT ENTERED INTO SWAP CONTRACTS ENABLING IT TO RECEIVE PAYMENTS LINKED TO ENERGY PRICE FLUCTUATIONS IN RETURN FOR A MORE STABLE STREAM OF PAYMENTS SUCH AS THOSE LINKED TO SHORT TERM INTEREST RATES THE IDEA WAS THAT ALL THESE DERIVATIVES CONTRACTS WOULD GAIN IN VALUE IF OIL PRICES ROSE THUS OFFSETTING M. G.'S POTENTIAL LOSSES IN SUPPLYING ITS CUSTOMERS WITH OIL AT LOW FIXED PRICES A POTENTIAL GLITCH WAS THE MISMATCH IN TIMING BETWEEN THE PAYMENTS DUE FROM CUSTOMERS MOST OF WHICH M. G. WOULDN'T RECEIVE FOR YEARS AND THE MATURITY OF M. G.'S NYMEX CONTRACTS WHICH EXTENDED ONLY A FEW MONTHS INTO THE FUTURE MARKET PROFESSIONALS SAY IN ORDER TO MAINTAIN ITS HEDGES LONG TERM M. G. WAS OBLIGED TO CONSTANTLY ROLL OVER ITS NYMEX FUTURES INTO NEW CONTRACTS AS THE OLD ONES EXPIRED EVIDENTLY M. G. WAS CONFIDENT THAT THESE ROLLOVERS WOULDN'T BE A PROBLEM AND INDEED THE COMMON BELIEF AMONG DERIVATIVES EXPERTS IS THAT ROLLING OVER ENERGY FUTURES TENDS TO MAKE MONEY BECAUSE PRICES OF THESE CONTRACTS OFTEN EDGE UP AS THEY AGE AS A RESULT A COMPANY LIKE M. G. MIGHT EXPECT TO EKE OUT SMALL PROFITS BY CONSISTENTLY SELLING ITS EXPIRING FUTURES AND BUYING NEW LOWER PRICED FUTURES TO REPLACE THEM TROUBLE STARTED BREWING WHEN OTHER NYMEX TRADERS AWARE THAT M. G. WOULD HAVE TO EXECUTE ITS ROLLOVER MANEUVER EACH MONTH BEGAN TRADING AGAINST THE COMPANY ENERGY EXPERTS SAY THIS HELPED UPSET THE HISTORICAL PRICE RELATIONSHIPS BETWEEN EXPIRING FUTURES AND LONGER TERM FUTURES SO THAT M. G. BEGAN LOSING MONEY RATHER THAN MAKING MONEY WHENEVER IT ROLLED ITS HEDGES PHILIP VERLEGER SENIOR FELLOW AT THE INSTITUTE FOR INTERNATIONAL ECONOMICS IN WASHINGTON D. C. ESTIMATES THAT M. G. MAY HAVE LOST AS MUCH AS THIRTY MILLION DOLLARS EACH TIME IT ROLLED OVER ITS CONTRACTS IN THIS WAY MEANWHILE AS THE NUMBER OF M. G.'S FIXED PRICE ARRANGEMENTS TO SELL OIL INCREASED SO DID THE NUMBER OF DERIVATIVES IT NEEDED FOR HEDGING THOSE OPERATIONS EXCHANGE TRADERS AND OTHERS IN THE ENERGY BUSINESS SAY EVENTUALLY M. G.'S SUPPLY COMMITMENTS GREW SO LARGE THAT ITS HEDGING NEEDS EXCEEDED LIMITS ON THE NUMBER OF CONTRACTS IT WAS ALLOWED TO PURCHASE AT THE NYMEX THEY ADD THE EXCHANGE SOMETIMES EXEMPTS COMPANIES FROM THESE LIMITS IF THEY HAVE SIGNIFICANT RISKS TO HEDGE NACHAMAH JACOBOVITS NYMEX SPOKESWOMAN WON'T SAY WHETHER THE EXCHANGE GRANTED AN EXEMPTION IN M. G.'S CASE BUT SAYS IT ISN'T UNCOMMON FOR A COMPANY WITH SUBSTANTIAL SUPPLY AGREEMENTS AND LEGITIMATE PRICE RISK TO RECEIVE SUCH AN EXEMPTION IN ANY CASE TRADERS SAY M. G.'S NYMEX POSITION WAS FAR BIGGER THAN THE EXCHANGE'S TWENTY FOUR THOUSAND CONTRACT LIMIT M. G.'S HEDGING OPERATION LUMBERED ALONG WITHOUT CLOSE SCRUTINY FROM ITS GERMAN PARENT UNTIL THE PRICE OF OIL STARTED TO DROP LAST SEPTEMBER BANKERS AND TRADERS FAMILIAR WITH THE SITUATION SAY THEN THE PRICE OF WEST TEXAS INTERMEDIATE THE U. S. BENCHMARK CRUDE OIL BEGAN SLIPPING ON BURGEONING GLOBAL OIL SUPPLIES IN NOVEMBER THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES DECIDED NOT TO CUT OUTPUT CAUSING PRICES TO FALL EVEN MORE SHARPLY WITH THE PRICE OF THE BENCHMARK CRUDE TUMBLING BELOW FOURTEEN DOLLARS AND FIFTY CENTS A BARREL THE STEEP PRICE DROP DEVASTATED M. G.'S MASSIVE DERIVATIVES POSITIONS PEOPLE CLOSE TO THOSE ACTIVITIES SAY THE TIMING MISMATCH BETWEEN THE HEDGING COSTS AND M. G.'S OIL WHOLESALING REVENUES THEN SET OFF THE CHAIN OF CASH DIFFICULTIES THAT HAS DRIVEN THE CONGLOMERATE CLOSE TO COLLAPSE THESE PEOPLE ADD AT THE NYMEX A TWENTY PERCENT DROP IN THE VALUE OF M. G.'S FUTURES CONTRACTS PRECIPITATED QUOTE MARGIN CALLS QUOTE OF TWO HUNDRED MILLION DOLLARS IN LATE NINETEEN NINETY THREE ACCORDING TO PEOPLE FAMILIAR WITH THOSE TRADES TO GUARANTEE THAT TRADERS MAKE GOOD ON THEIR OBLIGATIONS THE NYMEX REQUIRES THEM TO SET ASIDE MARGIN MONEY AS COLLATERAL AGAINST THEIR CONTRACTS MARGIN CALLS ARE DEMANDS THAT COLLATERAL BE INCREASED AS POTENTIAL LOSSES MOUNT BESIDES THE NYMEX PROBLEMS M. G. ALSO SUFFERED HEAVY LOSSES IN ITS PRIVATE DERIVATIVES CONTRACTS ENERGY TRADERS SAY WORSENING M. G.'S WOES MEANWHILE WAS THE FACT THAT SOME OF ITS CUSTOMERS BACKED OUT OF THEIR LONG TERM COMMITMENTS TO PURCHASE OIL ACCORDING TO LAWRENCE GOLDSTEIN PRESIDENT OF PETROLEUM INDUSTRY RESEARCH FOUNDATION WHILE NO ONE KNOWS FOR SURE TO WHAT EXTENT THE COMPANY'S BIG POSITIONS HAVE DEPRESSED AND WILL CONTINUE TO DEPRESS OIL PRICES THERE'S NO QUESTION THAT WORRIES ABOUT M. G. HAVE EXACERBATED AN ALREADY BEARISH MARKET MR. GOLDSTEIN SAYS MR. VERLEGER THINKS GASOLINE PRICES MAY IN RECENT WEEKS HAVE BEEN DEPRESSED BY AS MUCH AS FIVE CENTS A GALLON AND BECAUSE GASOLINE PRICES IN THE U. S. ARE LINKED TO FUTURES PRICES U. S. REFINERS MAY HAVE SEEN THEIR PROFITS REDUCED BY AS MUCH AS TWO HUNDRED MILLION DOLLARS HE SAYS WHILE METALLGESELLSCHAFT APPARENTLY HASN'T DEFAULTED ON ITS FINANCIAL OBLIGATIONS TO OTHER BIG ENERGY TRADERS THE TURMOIL HAS FORCED THOSE FIRMS TO RE EVALUATE THEIR APPROACH TO THAT BUSINESS AFTER THIS PEOPLE WILL PROBABLY BE MORE CIRCUMSPECT ABOUT THE WAY THEY MANAGE CREDIT EXPOSURE TO EACH OTHER SAYS JULIAN BARROWCLIFFE DIRECTOR OF GLOBAL COMMODITY SWAPS FOR MERRILL LYNCH TERENCE ROTH IN FRANKFURT CONTRIBUTED TO THIS ARTICLE MERCK AND COMPANY SAID IT WITHDREW ITS NEW DRUG APPLICATION WITH THE FOOD AND DRUG ADMINISTRATION FOR ROXIAM A SCHIZOPHRENIA DRUG UNDER A CLOUD OF SERIOUS SIDE EFFECTS MERCK SUSPENDED U. S. CLINICAL TRIALS OF ROXIAM IN NOVEMBER AFTER EIGHT PATIENTS USING IT IN EUROPE DEVELOPED A SERIOUS BLOOD DISORDER THAT CONTRIBUTED TO ONE PATIENT'S DEATH THE DISORDER APLASTIC ANEMIA IS A RARE CONDITION IN WHICH THE BONE MARROW FAILS TO PRODUCE BLOOD CELLS MERCK BOUGHT THE U. S. MARKETING RIGHTS TO THE DRUG FROM SWEDISH DRUG MAKER ASTRA A. B. IN THE EARLY NINETEEN EIGHTIES AND FILED LAST YEAR FOR REGULATORY APPROVAL TO MARKET IT IN THE U. S. MERCK SAID ASTRA HAD INTRODUCED THE PRODUCT IN FIFTEEN EUROPEAN COUNTRIES AND IS QUOTE CURRENTLY DISCUSSING WITHDRAWAL PROCEDURES QUOTE WITH EUROPEAN REGULATORY AGENCIES THE NEW YORK STOCK EXCHANGE ANNOUNCED THREE NEW LISTINGS AND THE NATIONAL ASSOCIATION OF SECURITIES DEALERS ANNOUNCED EIGHT NEW LISTINGS INCLUDING FIVE INITIAL PUBLIC OFFERINGS THE AMERICAN STOCK EXCHANGE ANNOUNCED ONE NEW LISTING THE BIG BOARD BEGAN TRADING COMMERCIAL NET LEASE REALTY INCORPORATED ORLANDO FLORIDA UNDER NNN A REAL ESTATE INVESTMENT TRUST THE STOCK PREVIOUSLY TRADED ON THE AMEX ALSO KENDALL INTERNATIONAL INCORPORATED MANSFIELD MASSACHUSETTS KEN A MAKER OF MEDICAL SUPPLIES AND STEWART INFORMATION SERVICES CORPORATION HOUSTON S. T. C. AN INSURER BOTH COMPANIES FORMERLY TRADED OVER THE COUNTER THE NATIONAL ASSOCIATION OF SECURITIES DEALERS BEGAN TRADING THE FOLLOWING INITIAL OFFERINGS HALLMARK CAPITAL CORPORATION WEST ALLIS WISCONSIN HALL A SAVINGS BANK CONVERSION FROM MUTUAL TO STOCK FORM FFLC BANCORP INCORPORATED LEESBURG FLORIDA FFLC A ONE BANK HOLDING COMPANY SECURITY CAPITAL CORPORATION MILWAUKEE SECP A BANK CONVERSION FROM MUTUAL TO STOCK FORM FIRST SAVINGS BANK OF MOORE COUNTY INCORPORATED S. S. B. SOUTHERN PINES N. C. SOPN A SAVINGS BANK AND STATEFED FINANCIAL CORPORATION DES MOINES IOWA SFFC A SAVINGS AND LOAN INSTITUTION ALSO ROBOTIC VISION SYSTEMS INCORPORATED NEW YORK ROBV A MAKER OF VISION BASED PRODUCTS PREVIOUSLY TRADED ON THE PINK SHEETS ODETICS INCORPORATED ANAHEIM CALIFORNIA ODETA AND CLASS B. COMMON STOCK UNDER ODETB A SUPPLIER OF AUTOMATION SUBSYSTEMS PREVIOUSLY TRADED ON THE AMEX AND SPRECKELS INDUSTRIES INCORPORATED PLEASANTON CALIFORNIA SPKL A PRODUCER OF INDUSTRIAL AND REFINED SUGAR PRODUCTS RECENTLY EMERGED FROM BANKRUPTCY THE AMEX BEGAN TRADING UNITED MOBILE HOMES INCORPORATED EATONTOWN N. J. UMH A REAL ESTATE INVESTMENT TRUST THE COMPANY PREVIOUSLY TRADED OVER THE COUNTER ON THE NASDAQ SMALL CAP MARKET AMEX AND CHICAGO BOARD OPTIONS EXCHANGE WILL BOTH BEGIN TRADING OPTIONS ON LEWIS GALOOB TOYS INCORPORATED MONDAY JANUARY TENTH AMEX ALSO BEGAN TRADING OPTIONS ON PLUM CREEK TIMBER COMPANY INTRENET INCORPORATED SAID IT OFFERED TO ACQUIRE P. S. T. VANS INCORPORATED A TRUCKING COMPANY IN CHAPTER ELEVEN BANKRUPTCY LAW PROCEEDINGS P. S. T. OPERATES NEARLY ONE THOUSAND TRACTORS MAINLY IN THE WESTERN CENTRAL AND SOUTHEASTERN REGIONS OF THE U. S. THE OFFER WAS SUBMITTED ON JANUARY FOURTH AS PART OF A PROPOSED PLAN TO REORGANIZE P. S. T. AND IS SUBJECT TO APPROVAL BY THE U. S. BANKRUPTCY COURT AND REGULATORY AGENCIES P. S. T. BASED IN SALT LAKE CITY HAS FILED ITS OWN REORGANIZATION PLAN WHICH COULD BLOCK THE DEAL UNDER INTRENET'S PLAN INTRENET BASED IN MILFORD OHIO WOULD ACQUIRE THE STOCK OF THE REORGANIZED P. S. T. PROVIDE MANAGEMENT ASSISTANCE FUND CASH PAYMENTS TO CERTAIN CREDITORS AND PROVIDE WORKING CAPITAL FOR P. S. T. INTRENET A HOLDING COMPANY FOR FIVE TRUCKING UNITS SAID ITS SHORT TERM FUNDING OBLIGATIONS WOULD BE FOUR POINT FIVE MILLION DOLLARS WHICH IT WOULD FINANCE WITH A BRIDGE LOAN FROM ONE OR MORE OF ITS SHAREHOLDERS THIOKOL CORPORATION OGDEN UTAH SEEKING TO BECOME A BIGGER SUPPLIER OF FASTENERS FOR THE COMMERCIAL AIRCRAFT INDUSTRY ACQUIRED CERTAIN ASSETS OF PRIVATELY HELD DEUTSCH FASTENER CORPORATION BASED IN LAKEWOOD CALIFORNIA THE COMPANY DIDN'T DISCLOSE THE TERMS OF THE ACQUISITION BUT THE PURCHASE PRICE IS BELIEVED TO BE MORE THAN TEN MILLION DOLLARS THIOKOL'S HUCK INTERNATIONAL UNIT ALREADY PROVIDES TITANIUM FASTENERS FOR COMMERCIAL AIRCRAFT WHICH THIOKOL PRESIDENT AND C. E. O. JAMES R. WILSON SAID IS QUOTE COMPLEMENTARY TO THE PRODUCT LINE THIOKOL IS ACQUIRING QUOTE AVNET INCORPORATED A SHELF OFFERING FOR UP TO TWO HUNDRED MILLION DOLLARS OF DEBT SECURITIES BENEFICIAL CORPORATION A SHELF OFFERING FOR UP TO THREE BILLION DOLLARS OF DEBT SECURITIES BIOTIME INCORPORATED AN OFFERING OF NINE HUNDRED THOUSAND COMMON SHARES VIA THOMAS JAMES ASSOCIATES WHEATLEY TXT AN OFFERING OF FOUR MILLION THOUSAND COMMON SHARES VIA MERRILL LYNCH AND COMPANY AND C. S. FIRST BOSTON GEORGIA PACIFIC CORPORATION SAID IT SIGNED A DEFINITIVE AGREEMENT TO SELL ITS ROOFING MANUFACTURING BUSINESS TO ATLAS ROOFING CORPORATION MERIDIAN MISSISSIPPI TERMS WEREN'T DISCLOSED A GEORGIA PACIFIC SPOKESWOMAN SAID IN ATLANTA THAT THE DIVISION CONTRIBUTED ROUGHLY ONE HUNDRED THIRTY MILLION DOLLARS IN SALES TO THE COMPANY IN NINETEEN NINETY THREE GEORGIA PACIFIC EXPECTS THE SALE TO RESULT IN PROCEEDS OF BETWEEN THIRTY MILLION DOLLARS AND THIRTY FIVE MILLION DOLLARS THE COMPANY SAID IT IS SELLING THE BUSINESS BECAUSE IT DOESN'T FIT INTO ITS LONG TERM PLANS THE DIVISION'S ASSETS INCLUDE FIVE PLANTS IN OKLAHOMA TEXAS OHIO GEORGIA AND PENNSYLVANIA LAST YEAR GEORGIA PACIFIC SIGNED A DEFINITIVE AGREEMENT TO SELL THE DIVISION TO G. A. F. CORPORATION A SPECIALTY CHEMICAL AND BUILDING MATERIALS CONCERN IN WAYNE N. J. G. A. F. HOWEVER TERMINATED THE AGREEMENT IN JULY DUTCH COPIER AND OFFICE SYSTEMS MAKER OCE VAN DER GRINTEN ESTIMATES THAT ITS NET INCOME IN NINETEEN NINETY THREE FELL NEARLY TWENTY NINE PERCENT FROM THE PREVIOUS YEAR THE COMPANY POINTED HOWEVER TO IMPROVED BUSINESS IN THE FOURTH QUARTER WHEN NET ROSE TWENTY FIVE PERCENT FROM THE YEAR EARLIER PERIOD OCE SAID PRELIMINARY DATA SHOW PROFIT LAST YEAR REACHED AROUND SIXTY TWO MILLION GUILDERS THIRTY ONE POINT SEVEN SEVEN MILLION DOLLARS DOWN FROM EIGHTY SEVEN POINT THREE MILLION GUILDERS IN NINETEEN NINETY TWO OCE ESTIMATED ANNUAL SALES FOR NINETEEN NINETY THREE FELL ABOUT FIVE PERCENT TO TWO POINT FIVE BILLION GUILDERS ONE POINT TWO EIGHT BILLION DOLLARS COMPARED WITH TWO POINT SIX SIX BILLION GUILDERS A YEAR EARLIER IT CITED UNFAVORABLE FOREIGN EXCHANGE INFLUENCES AS A NEGATIVE INFLUENCE ON EARNINGS EXCLUDING THE EFFECTS OF FOREIGN EXCHANGE SALES WOULD HAVE FALLEN TWO PERCENT OCE SAID TRANZONIC COMPANIES SAID IT WOULD INCUR A ONE TIME CHARGE OF APPROXIMATELY ONE MILLION DOLLARS IN THE FOURTH QUARTER ENDING FEBRUARY TWENTY EIGHTH ARISING FROM CONSOLIDATION OF ITS THREE HOUSEWARES DIVISION UNITS THE COMPANY IN CLEVELAND A MAKER OF PAPER CLOTH AND VINYL PRODUCTS SAID MERGING MARKETING AND OPERATIONAL FUNCTIONS OF THE THREE DIVISIONS WOULD QUOTE CAPTURE THE SYNERGISTIC ADVANTAGES OF ITS RECENT PURCHASE OF EVER READY MANUFACTURING COMPANY QUOTE THE MOVE TO SAINT LOUIS WHERE EVER READY IS BASED AFFECTS ABOUT EIGHTY EMPLOYEES IN PHILADELPHIA AND DALLAS TRANZONIC SAID THE ONE MILLION DOLLAR CHARGE WILL ARISE FROM THE RELOCATION CONSOLIDATION AND CLOSING OF THE OPERATIONS THE CONSOLIDATION IS EXPECTED TO BE COMPLETED LATE IN THE FIRST QUARTER OF FISCAL NINETEEN NINETY FIVE CANADIAN PRIMARY STEEL PRODUCTION TOTALED TWO HUNDRED TWENTY ONE THOUSAND FIVE HUNDRED FIFTY EIGHT METRIC TONS IN THE WEEK ENDED JANUARY FIRST AN EIGHT POINT EIGHT PERCENT DECLINE FROM TWO HUNDRED FORTY TWO THOUSAND NINE HUNDRED EIGHTY FOUR TONS THE PREVIOUS WEEK AND A TWELVE PERCENT DECLINE FROM TWO HUNDRED FIFTY ONE THOUSAND NINE HUNDRED EIGHTY SEVEN TONS A YEAR EARLIER STATISTICS CANADA A GOVERNMENT AGENCY SAID A METRIC TON IS EQUAL TO TWO THOUSAND TWO HUNDRED FOUR POINT SIX POUNDS BUDERUS A. G. A GERMAN HEATING AND COOLING TECHNOLOGY COMPANY ON FRIDAY TRIED TO DISTANCE ITSELF FROM THE FINANCIAL TROUBLES PLAGUING PARENT COMPANY METALLGESELLSCHAFT A. G. EIGHTY PERCENT OWNER OF PUBLICLY TRADED BUDERUS SAYING IT WANTS TO QUOTE MINIMIZE MISUNDERSTANDINGS QUOTE BUDERUS RELEASED A STATEMENT SAYING IT HAS QUOTE NO CONTRACTUAL TIES QUOTE TO METALLGESELLSCHAFT THAT COULD INTERFERE WITH THE INDEPENDENCE OF BUDERUS OR ITS MANAGEMENT THE CURRENT PROBLEMS AT METALLGESELLSCHAFT THEREFORE ALSO HAVE NO INFLUENCE ON THE SOUNDNESS LIQUIDITY AND EARNINGS CAPACITY OF BUDERUS BUDERUS POINTED OUT THAT PRETAX PROFIT FOR THE FISCAL YEAR ENDED SEPTEMBER THIRTIETH TOTALED ONE HUNDRED THIRTY TWO MILLION MARKS SEVENTY FIVE POINT SIX MILLION DOLLARS AND THE FIRST QUARTER OF FISCAL NINETEEN NINETY FOUR CONFIRMS THE SUCCESSFUL PATH OF BUDERUS IT ALSO SAID IT HAS AVAILABLE LIQUIDITY OF FOUR HUNDRED MILLION MARKS ALTHOUGH BUDERUS IS CONSIDERED THE GEM OF METALLGESELLSCHAFT SOME ANALYSTS HAVE SPECULATED IT COULD BE PUT UP FOR SALE AS THE PARENT COMPANY SEEKS AN ESCAPE FROM ITS CURRENT FINANCIAL SQUEEZE BEFORE HE WAS OUSTED LAST MONTH AS CHAIRMAN OF METALLGESELLSCHAFT HEINZ SCHIMMELBUSCH ALSO CHAIRED BUDERUS'S SUPERVISORY BOARD REPRESENTATIVES FROM BOTH COMPANIES SAID THEY COULDN'T SAY WHETHER KAJO NEUKIRCHEN MR. SCHIMMELBUSCH'S SUCCESSOR AT METALLGESELLSCHAFT ALSO ASSUMED THE CHAIR OF BUDERUS'S SUPERVISORY BOARD UNDER GERMANY'S TWO TIER MANAGEMENT SYSTEM THE SUPERVISORY BOARD HAS NO DIRECT INFLUENCE IN A COMPANY'S DAY TO DAY OPERATION BUT OVERSEES MANAGEMENT AND CAN HIRE AND FIRE TOP EXECUTIVES MR. SCHIMMELBUSCH AND FIVE OTHER EXECUTIVES WERE DISMISSED FROM METALLGESELLSCHAFT AFTER CHARGES OF MISMANAGEMENT NEW MANAGEMENT DISCLOSED THAT METALLGESELLSCHAFT'S LOSSES COULD REACH THREE POINT THREE BILLION MARKS ONE POINT EIGHT NINE BILLION DOLLARS AND SAID THE COMPANY WOULD BE FORCED INTO INSOLVENCY PROCEEDINGS UNLESS BANK CREDITORS APPROVE A RESCUE PACKAGE LAFARGE CORPORATION SAID ITS LAFARGE CANADA INCORPORATED UNIT WILL LOCK OUT HOURLY EMPLOYEES AT ITS FACILITY IN ALBERTA CANADA TODAY BECAUSE OF STALLED NEGOTIATIONS WITH UNION OFFICIALS THE CONSTRUCTION MATERIALS COMPANY WHICH IS BASED IN RESTON VIRGINIA SAID ABOUT ONE HUNDRED EMPLOYEES MEMBERS OF THE BOILERMAKERS UNION ARE AFFECTED BY THE ACTION OUT OF A COMPANY WIDE WORK FORCE OF SEVEN THOUSAND SIX HUNDRED LAFARGE SAID THE LOCKOUT WON'T RESULT IN A CUTBACK OF THE PLANT'S OPERATIONS LAFARGE SAID THE UNION REJECTED PROPOSED CHANGES TO A LABOR AGREEMENT THAT EXPIRED AT THE END OF DECEMBER REGARDING JOB CLASSIFICATIONS OVERTIME AND ACCESS TO OUTSIDE CONTRACTING THE COMPANY SAID IT HOPES TO RESUME NEGOTIATIONS WITH THE UNION SOON I. C. F. KAISER INTERNATIONAL INCORPORATED SAID A UNIT RECEIVED A ONE POINT NINE MILLION DOLLAR CONTRACT EXTENSION FROM THE SEATTLE WATER DEPARTMENT TO CONTINUE DEVELOPING SEISMIC UPGRADE DESIGNS AND PROVIDING CONSTRUCTION SUPPORT SERVICES FOR THE CITY'S MAJOR WATER SUPPLY STORAGE AND DISTRIBUTION FACILITIES THE UPGRADES ARE SCHEDULED TO BE COMPLETED IN NINETEEN NINETY SEVEN THE COMPANY SAID BARCLAYS BANK LONDON SAID IT HAS ALREADY ELIMINATED THIRTEEN THOUSAND FIVE HUNDRED OF THE EIGHTEEN THOUSAND JOBS IT HAS PLANNED TO CUT IN THE NEXT FIVE YEARS BUT WOULDN'T COMMENT ON WHETHER THE JOB CUT TOTAL WOULD RISE BRITISH NEWSPAPERS ON SUNDAY SAID THE BANK A UNIT OF BARCLAYS P. L. C. WOULD CUT A TOTAL OF TWENTY ONE THOUSAND JOBS OVER THE NEXT FIVE YEARS A BANK SPOKESMAN WOULDN'T CONFIRM THE REPORT BUT SAID THAT QUOTE OBVIOUSLY THOSE FIGURES ARE ALWAYS UNDER REVIEW QUOTE HE SAID THE BANK HADN'T ANY ANNOUNCEMENTS PLANNED FOR THE NEXT COUPLE DAYS AS REPORTED BARCLAYS IN NINETEEN NINETY ONE INITIALLY TARGETED FIFTEEN THOUSAND JOBS FOR CUTS OVER FIVE YEARS IT RAISED THAT TOTAL TO EIGHTEEN THOUSAND A YEAR LATER THE BANK SPOKESMAN SAID THAT EMPLOYEES AFFECTED WOULD BE THE FIRST TO KNOW ABOUT ADDITIONAL CUTS THE CUTS ARE PART OF AN OVERALL PROGRAM TO REDUCE COSTS THE BANK'S BRITISH WORK FORCE TOTALS ABOUT SEVENTY ONE THOUSAND U. S. WEST INCORPORATED IS EXPECTED TO UNVEIL AMBITIOUS PLANS TODAY TO BUILD NEW MULTIMEDIA NETWORKS IN TWENTY CITIES OVER THE NEXT FIVE YEARS STARTING WITH A SEVEN HUNDRED FIFTY MILLION DOLLAR EFFORT IN FOUR MARKETS THE REGIONAL BELL COMPANY PLANS TO ENTER THE RACE FOR THE INTERACTIVE AGE WITH A NEW NETWORK SERVING THREE HUNDRED THOUSAND HOMES AND CUSTOMERS IN DENVER WITHIN ABOUT TWO YEARS BY THE END OF NINETEEN NINETY FOUR U. S. WEST HOPES TO BEGIN CONSTRUCTION ON THAT NETWORK AND ON SIMILAR PROJECTS AIMED AT SERVING TWO HUNDRED NINETY TWO THOUSAND CUSTOMERS IN MINNEAPOLIS SAINT PAUL AN ADDITIONAL ONE HUNDRED THIRTY TWO THOUSAND HOMES IN PORTLAND OREGON AND AS MANY AS SIXTY THOUSAND HOMES IN OMAHA NEBRASKA U. S. WEST PLANS TO SEEK PERMISSION FOR THE DENVER PLAN IN A FILING TODAY WITH THE FEDERAL COMMUNICATIONS COMMISSION ITS OVERALL BLUEPRINT OFFERS THE MOST DETAILED LOOK YET AT ITS OBJECTIVES SINCE INVESTING TWO POINT FIVE BILLION DOLLARS FOR A TWENTY FIVE PERCENT STAKE IN TIME WARNER INCORPORATED'S ENTERTAINMENT UNIT LAST YEAR THE TIME WARNER INVESTMENT WAS SEEN AS THE BOLDEST MOVE EVER MADE BY A BABY BELL WHEN IT WAS FIRST ANNOUNCED LAST MAY AND CLOSED LAST SEPTEMBER A MONTH LATER HOWEVER U. S. WEST WAS UPSTAGED BY THE AUDACIOUS ACQUISITION PLANS OF RIVAL BELL ATLANTIC CORPORATION WHICH SAID IT WOULD ACQUIRE CABLE GIANT TELE COMMUNICATIONS INCORPORATED FOR ABOUT TWENTY SIX BILLION DOLLARS IN STOCK QUOTE IT IS A LITTLE FRUSTRATING QUOTE ONE U. S. WEST EXECUTIVE CONCEDES THE T. C. I. DEAL SET OFF A FRENZY OF TALKS BETWEEN BELL COMPANIES AND CABLE COMPANIES DRIVING UP PRICES EVEN AS U. S. WEST SOUGHT OUT NEW DEALS IT'S TURNED INTO AN ENORMOUS MATING GAME MAKING NEGOTIATIONS A LOT TOUGHER SAYS CHARLES M. LILLIS EXECUTIVE VICE PRESIDENT AND CHIEF PLANNING OFFICER OF U. S. WEST HE ACKNOWLEDGES THAT CABLEVISION SYSTEMS CORPORATION WITH TWO POINT ONE MILLION SUBSCRIBERS AND A PRICE THAT COULD EXCEED FOUR BILLION DOLLARS IS OF GREAT INTEREST TO US WHILE DECLINING TO CITE CABLEVISION SPECIFICALLY HE ALSO SAYS U. S. WEST IS CLOSE TO COMPLETING THE TERMS FOR ANOTHER BIG CABLE DEAL THAT MIGHT PUT U. S. WEST BACK IN THE SADDLE AGAIN ITS AIM TO SERVE UP INTERACTIVE FARE TO MORE THAN SEVEN HUNDRED FIFTY THOUSAND HOMES BY THE END OF NINETEEN NINETY FIVE AND TO ADD HALF A MILLION HOMES ANNUALLY THEREAFTER IS SOMEWHAT LESS AGGRESSIVE THAN THE BELL ATLANTIC PLAN BELL ATLANTIC HAS SAID IT WILL LINK UP TWO HUNDRED FIFTY THOUSAND HOMES THIS YEAR ADD A MILLION MORE NEXT YEAR AND EXPAND TO AN ADDITIONAL ONE POINT FIVE MILLION IN NINETEEN NINETY SIX STILL U. S. WEST'S PLAN MARKS A SIZABLE INVESTMENT AND RISK ESPECIALLY GIVEN THAT THE COMPANY HASN'T YET EVEN TESTED WHETHER TELEPHONE CONSUMERS ARE CLAMORING FOR HOME SHOPPING INTERACTIVE GAMES AND VIDEO ON DEMAND THIS SPRING THE COMPANY WILL START SELLING ITS FIRST MULTIMEDIA SERVICES TO TWO THOUSAND FIVE HUNDRED CUSTOMERS IN A TRIAL IN OMAHA NEBRASKA COMPANY EXECUTIVES HELD OUT THE PROSPECT THAT THEY WOULDN'T PROCEED IF THE OMAHA TEST WERE A DISMAL FLOP BUT THAT COURSE SEEMS UNLIKELY WE ARE ABSOLUTELY CONVINCED THAT THERE IS A MARKET FOR THESE TYPES OF SERVICES AND THAT IT WILL LAST FOREVER MR. LILLIS SAYS U. S. WEST'S STRATEGY HOWEVER ALSO MAKES IT CLEAR THAT IT WILL PROBABLY TAKE MANY YEARS BEFORE INTERACTIVE SERVICES REACH BEYOND THE MOST LUCRATIVE MARKETS AND INTO THE NOOKS AND CRANNIES OF MUCH OF MIDDLE AMERICA ABOUT HALF OF U. S. WEST'S PROFITS ARE CONCENTRATED IN JUST FIVE CITIES DENVER MINNEAPOLIS AND PORTLAND WHICH U. S. WEST IS TARGETING FIRST AND SEATTLE AND SALT LAKE CITY THOSE TWO CITIES ARE EXPECTED TO BE INCLUDED IN THE NEXT MAJOR WAVE OF CONSTRUCTION THAT THE COMPANY PLANS TOGETHER THE FOUR CITIES WHERE U. S. WEST WILL BUILD FIRST REPRESENT ONLY ABOUT SEVENTEEN PERCENT OF U. S. WEST'S TOTAL REACH OF THIRTEEN MILLION ACCESS LINES THAT LEAVES AN AWFULLY LARGE PORTION OF ITS CUSTOMER BASE UNADDRESSED AND IT MAY HAVE TO WAIT A LONG SPELL BECAUSE OF THE HIGH COSTS INVOLVED IT WILL COST ONE THOUSAND FOUR HUNDRED DOLLARS TO ONE THOUSAND EIGHT HUNDRED DOLLARS PER SUBSCRIBER TO HOOK UP CUSTOMERS IN THE NEW MULTIMEDIA NETWORKS IN THE NEXT TWO YEARS COMPARED WITH ABOUT ONE THOUSAND TWO HUNDRED DOLLARS TO HOOK UP A REGULAR PHONE CUSTOMER SAYS WILLIAM B. SMITH PRESIDENT OF U. S. WEST'S RESEARCH ARM WHICH IS OVERSEEING TECHNICAL DEVELOPMENT OF THE OMAHA TRIAL EVEN THOUGH HE EXPECTS THE COST TO DROP TO ONE THOUSAND DOLLARS WITHIN A FEW YEARS THAT WOULD STILL COST THIRTEEN BILLION DOLLARS OR MORE TO ADD INTERACTIVE FEATURES ACROSS U. S. WEST'S ENTIRE BASE EVEN COMPANY INSIDERS CONCEDE THEY WON'T HAVE A FULL SERVICE NETWORK ACROSS U. S. WEST'S ENTIRE FOURTEEN STATE REGION ANYTIME SOON GIVEN ITS EXPANSIVE SERVICE TERRITORY GARY AMES CHAIRMAN OF U. S. WEST COMMUNICATIONS THE COMPANY'S TELEPHONE SERVICE SUBSIDIARY SAYS IT COULD TAKE OVER A DECADE TO GET A UBIQUITOUS FULL SERVICE NETWORK IN PLACE BUT WE WILL GET THERE THE U. S. WEST SYSTEM IN OMAHA WHERE A RIVAL TEST IS PLANNED BY COX COMMUNICATIONS INCORPORATED WHICH HAS TEAMED UP IN A CABLE VENTURE WITH SOUTHWESTERN BELL CORPORATION WILL BE A MODEL FOR U. S. WEST'S FUTURE NETWORKS IT WILL USE FIBER OPTIC LINES THAT CAN CARRY A FULL LOAD OF VIDEO SIGNALS AND INTERACTIVE SERVICES AS WELL AS TRADITIONAL PHONE LINES CUSTOMERS WILL BE ABLE TO BUY BOTH TELEPHONE AND INTERACTIVE SERVICES FROM THE PHONE COMPANY AND MAINSTREAM CABLE OFFERINGS SUCH AS TIME WARNER'S HOME BOX OFFICE AND CINEMAX THE OMAHA SYSTEM WILL USE MAJOR COMPUTER GEAR FROM DIGITAL EQUIPMENT CORPORATION AND SET TOP TECHNOLOGY FROM THREE D. O. CORPORATION IT WILL BE GUIDED BY A U. S. WEST DEVELOPED NAVIGATIONAL TOOL THAT MUST BE EASY TO USE SAYS RICHARD D. MCCORMICK U. S. WEST CHAIRMAN AND CHIEF EXECUTIVE OFFICER QUOTE EVEN IF THERE'S A PILE OF INFORMATION IF IT'S NOT EASY TO GET AT IT WON'T MEAN ANYTHING QUOTE HE SAYS HE ALSO PROMISES THAT U. S. WEST WON'T BE BOMBARDING ITS MULTIMEDIA CUSTOMERS IN OMAHA OR ELSEWHERE WITH FIVE HUNDRED CHANNELS OF ENTERTAINMENT A FIGURE NOW RIDICULED BY LATE NIGHT COMEDIANS AS SYNONMYOUS WITH CABLE OVERKILL WE JUST WANT ONE CHANNEL WITH HUNDREDS OF SOPHISTICATED OFFERINGS MR. MCCORMICK SAYS WE WANT CONSUMERS TO HAVE ACCESS TO ANY PIECE OF INFORMATION IN THE MULTIMEDIA SENSE ANYTIME THEY WANT IT COMPRESSION LABS INCORPORATED AND CHIP MAKER INTEL CORPORATION OF SANTA CLARA CALIFORNIA SIGNED A NONBINDING AGREEMENT TO JOINTLY DEVELOP VIDEOCONFERENCING PRODUCTS UNDER TERMS OF THE AGREEMENT INTEL WILL PROVIDE AN UNDISLCOSED AMOUNT OF FUNDING AND BUY TWO MILLION DOLLARS OF NEWLY ISSUED COMMON STOCK IN COMPRESSION LABS A MAKER OF VIDEOCONFERENCING EQUIPMENT HOLDERBANK FINANCIERE GLARUS A. G. A SWISS CEMENT COMPANY SAID IT PLANS TO INCREASE ITS STAKE IN HOLNAM INCORPORATED A U. S. SUBSIDIARY TO ONE HUNDRED PERCENT FROM NINETY FIVE PERCENT HOLDERBANK SAID IT WILL OFFER HOLNAM SHAREHOLDERS SEVEN DOLLARS AND SIXTY FIVE CENTS A SHARE OR A TOTAL OF ABOUT FIFTY FOUR MILLION DOLLARS IT SAID THE TRANSACTION WILL ALLOW FULLER CONTROL OF CASH FLOW FROM ITS U. S. OPERATIONS BOMBARDIER INCORPORATED SAID LUFTHANSA LEASING OF FRANKFURT GERMANY AGREED TO ACQUIRE TWO CANADAIR REGIONAL JET AIRCRAFT FROM BOMBARDIER FOR ABOUT THIRTY NINE MILLION DOLLARS THE TWO FIFTY PASSENGER JETS SCHEDULED FOR DELIVERY IN MAY AND JUNE WILL BE LEASED BY LUFTHANSA CITYLINE A GERMAN CARRIER THAT NOW OPERATES THIRTEEN OF THE PLANES BOMBARDIER MAKES TRANSPORTATION EQUIPMENT FORD MOTOR COMPANY SAID ALL HOURLY AND CERTAIN SALARIED EMPLOYEES WILL RECEIVE PROFIT SHARING PAYMENTS IN MARCH FOR THE FIRST TIME IN FOUR YEARS RESTORING PROFIT SHARING PAYMENTS IS ANOTHER SIGN THAT THE AUTO INDUSTRY IS ON THE UPSWING FORD HASN'T ANNOUNCED IF IT WILL PAY BONUSES TO ITS EXECUTIVES BUT IT WOULD BE HIGHLY UNUSUAL IF IT EXCLUDED THEM A SPOKESMAN FOR CHRYSLER CORPORATION SAID IT WILL ALSO MAKE PROFIT SHARING PAYMENTS TO ITS HOURLY EMPLOYEES NEXT MONTH AND PROBABLY WILL PAY BONUSES TO ITS EXECUTIVES BUT GENERAL MOTORS CORPORATION IN A BREAK WITH PAST PRACTICE HAS SAID THAT IT WON'T PAY BONUSES OR PROFIT SHARING DISTRIBUTIONS TO ITS EXECUTIVES OR WORKERS EVEN THOUGH IT SHOWED AN OVERALL PROFIT IN NINETEEN NINETY THREE THE ONLY EXCEPTION IS G. M.'S SATURN UNIT WHICH SAID IT WILL PAY BONUSES AVERAGING ONE THOUSAND DOLLARS EACH TO ALL EIGHT THOUSAND SATURN EXECUTIVES AND HOURLY WORKERS THE AMOUNT OF FORD'S PAYOUT WILL BE ANNOUNCED IN FEBRUARY AND THE CHECKS WILL GO OUT IN MARCH FORD SAID AN ESTIMATED ONE HUNDRED FORTY FIVE THOUSAND TO ONE HUNDRED FIFTY THOUSAND FORD EMPLOYEES ARE ELIGIBLE THE LAST TIME THE COMPANY MADE PROFIT SHARING PAYMENTS WAS IN NINETEEN NINETY WHEN ONE HUNDRED FIFTY THOUSAND NINE HUNDRED EMPLOYEES RECEIVED AN AVERAGE PAYMENT OF ONE THOUSAND TWENTY FIVE DOLLARS A FORD SPOKESWOMAN SAID QUOTE OUR U. S. SUCCESSES LAST YEAR WERE ACHIEVED THE OLD FASHIONED WAY WITH HARD WORK AND TEAMWORK THROUGH THE COOPERATION AND STRONG EFFORTS OF THE WHOLE FORD TEAM ALL SALARIED AND HOURLY EMPLOYEES THE UNITED AUTO WORKERS LEADERSHIP AND OUR DEALERS AND SUPPLIERS AS WELL QUOTE ALEXANDER TROTMAN FORD'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID IN A TELEVISED BROADCAST TO FORD EMPLOYEES IN THE U. S. UNITED INSURANCE COMPANIES DALLAS AGREED TO ACQUIRE FIRST LIFE ASSURANCE COMPANY OF OKLAHOMA CITY FROM LANDMARK LAND COMPANY ALSO OF OKLAHOMA CITY TERMS WEREN'T DISCLOSED HICKOK ELECTRICAL INSTRUMENT COMPANY CLEVELAND RECEIVED A ONE POINT TWO MILLION DOLLAR CONTRACT TO SUPPLY AUTOMOTIVE DIAGNOSTIC TEST EQUIPMENT TO JAPAN'S MAZDA AUTO CORPORATION'S MAZDA AUTO DEALERSHIPS THROUGHOUT THE U. S. AND CANADA HICKOK WILL BEGIN SHIPPING ITS QUOTE NEW GENERATION STAR QUOTE DIAGNOSTIC TOOLS TO DEALERS LATER THIS MONTH AMERICAN INLAND DIVERS INCORPORATED LAFAYETTE LOUISIANA A UNIT OF AMERICAN OILFIELD DIVERS INCORPORATED ACQUIRED CLOSELY HELD MIDWEST MARINE CONTRACTING INCORPORATED OF KANSAS CITY KANSAS MIDWEST MARINE AN INLAND DIVING SERVICES COMPANY RECEIVED CASH AND PREVIOUSLY AUTHORIZED BUT UNISSUED SHARES OF COMMON STOCK IN THE TRANSACTION AS PART OF OILFIELD'S EFFORTS TO DIVERSIFY GEOGRAPHICALLY L. G. AND E. ENERGY CORPORATION COMPLETED THE PREVIOUSLY ANNOUNCED SALE OF ITS THIRTY SIX POINT FIVE PERCENT GENERAL PARTNERSHIP INTEREST IN NATURAL GAS CLEARINGHOUSE IN HOUSTON TO NOVA CORPORATION ALBERTA CANADA FOR ONE HUNDRED SEVENTY MILLION DOLLARS L. G. AND E. WHICH OWNS TWENTY THREE POWER PLANTS SAID IT EXPECTS TO REPORT A PRETAX GAIN OF ABOUT EIGHTY SEVEN MILLION DOLLARS IN THE FIRST QUARTER OF NINETEEN NINETY FOUR ON THE SALE CANDIES NEW YORK SAID IT SIGNED AN EXCLUSIVE AGREEMENT WITH ASPEN LICENSING CORPORATION OF WEST PALM BEACH FLORIDA TO PRODUCE AND MARKET FOOTWEAR UNDER THE ASPEN LABEL THE LINE WILL OFFER RUGGED STYLES AND WILL RETAIL FROM TWENTY DOLLARS TO SIXTY DOLLARS SENATE FINANCE COMMITTEE CHAIRMAN DANIEL MOYNIHAN SAID THAT WELFARE REFORM SHOULDN'T HAVE TO WAIT IN LINE BEHIND HEALTH CARE LEGISLATION THE NEW YORK DEMOCRAT SAID HE WAS TROUBLED BY A MEETING WITH WHITE HOUSE OFFICIALS ON HEALTH CARE CHANGES LAST MONDAY WHEN HE RECALLED THAT THOSE OFFICIALS SAID SEVERAL TIMES QUOTE WE WON'T HAVE TIME FOR WELFARE UNTIL WE GET THIS HEALTH CARE BILL QUOTE THAT WON'T WORK SENATOR MOYNIHAN DECLARED YESTERDAY ON N. B. C. NEWS'S MEET THE PRESS WHILE SAYING THAT HEALTH CARE SHOULD BE A HIGH PRIORITY HE TOOK ISSUE WITH PRESIDENT CLINTON'S FREQUENT ASSERTION THAT THERE IS A HEALTH CARE CRISIS WE DON'T HAVE A HEALTH CRISIS IN THIS COUNTRY SENATOR MOYNIHAN SAID WE DO HAVE A WELFARE CRISIS AND WE CAN DO BOTH HE NOTED THAT A YEAR AFTER THE CLINTON INAUGURATION THERE STILL ISN'T ANY WELFARE BILL THOUGH HE NOTED THE PRESIDENT CAMPAIGNED ON THE ISSUE AND FREQUENTLY REFERS TO IT IN SPEECHES MR. MOYNIHAN SAID HE THINKS HE IS MAKING SOME PROGRESS WITH THE WHITE HOUSE IN EMPHASIZING THE NEED TO MOVE AHEAD WITH A BILL TO OVERHAUL THE WELFARE SYSTEM WHICH HAS LONG BEEN A CRUCIAL MOYNIHAN ISSUE AND HE SEEMED TO BACK OFF COMMENTS THAT HE MADE IN A NEW YORK POST ARTICLE LAST FRIDAY WHEN HE WAS QUOTED AS SAYING THAT HE MIGHT JUST HOLD HEALTH CARE HOSTAGE UNTIL THE WHITE HOUSE MAKES GOOD ON PROMISES TO PUSH WELFARE LEGISLATION CLINTON AIDES WORRYING THAT WELFARE REFORM MAY INTERFERE WITH THEIR HEALTHCARE INITIATIVE HAVE SAID THAT AN ADMINISTRATION BILL ON WELFARE WON'T BE READY UNTIL SPRING THE BILL IS EXPECTED TO CALL FOR MORE EXTENSIVE JOB TRAINING FOR WELFARE RECIPIENTS AND REQUIRE THEM TO MOVE INTO JOBS AFTER TWO YEARS ON THE ROLLS QUOTE THE ADMINISTRATION WANTS SWIFT ACTION ON BOTH THESE ISSUES QUOTE HEALTH AND WELFARE REFORM BRUCE REED A WHITE HOUSE DOMESTIC POLICY AIDE WHO IS HELPING CRAFT THE CLINTON WELFARE PACKAGE SAID IN AN INTERVIEW YESTERDAY HE SAID THE ADMINISTRATION IS EAGER TO MOVE FORWARD ON WELFARE REFORM PLANS TO OFFER ITS PROPOSAL THIS YEAR AND HOPES CONGRESS WILL PASS IT SOON ON HEALTH CARE SENATOR MOYNIHAN SUGGESTED THAT THE ADMINISTRATION'S PROPOSAL TO CAP HEALTH INSURANCE PREMIUMS IS TOO SEVERE AND HE SAID HEALTH CARE LEGISLATION WILL NEED REPUBLICAN SUPPORT IN THE SENATE FOR IT TO MOVE TOWARD ENACTMENT SENATOR MOYNIHAN COMPLAINED THAT WHILE PRESIDENT CLINTON IS DEAD SERIOUS ABOUT WELFARE REFORM HE'S APPOINTED A LOT OF PEOPLE WHO AREN'T AS SERIOUS AS HE IS SENATOR MOYNIHAN HAS BEEN MEETING WITH A THIRTY THREE MEMBER ADMINISTRATION WELFARE REFORM TASK FORCE WHOSE MEMBERS ARE UNCERTAIN ABOUT WHETHER HE'LL SUPPORT THE WHITE HOUSE'S SPECIFIC PROPOSALS IN THE NEW YORK POST STORY HE COMPLAINED THAT THE WHITE HOUSE'S DRAFT WELFARE PLAN DOESN'T PROVIDE THE MONEY NEEDED TO FUND THE CHANGES THE SENATOR ALSO SAID ON THE N. B. C. PROGRAM THAT HE HAD A LONG TALK ON WELFARE SATURDAY WITH WHITE HOUSE ADVISER GEORGE STEPHANOPOULOS WHO SAYS THEY'RE COMING ALONG SENATOR MOYNIHAN SAID THAT NOW I THINK WE HAVE THEIR ATTENTION AS FOR HEALTH CARE SENATOR MOYNIHAN DIDN'T AGREE WITH AN EARLIER ASSERTION BY SENATE MINORITY LEADER ROBERT DOLE R. KANSAS THAT THE CLINTON IDEA OF PUTTING CAPS ON HEALTH INSURANCE PREMIUMS TO HOLD DOWN COSTS IS DEAD INSTEAD HE SAID THAT THE QUESTION IS REALLY AT WHAT LEVEL THOSE CAPS SHOULD BE SET THE CLINTON PROPOSAL WOULD LIMIT GROWTH IN PREMIUMS BY THE END OF THE CENTURY TO THE GENERAL RATE OF INFLATION PLUS POPULATION GROWTH QUOTE THAT WOULD BE QUITE AN ACHIEVEMENT QUOTE CONSIDERING THAT HEALTH COSTS HAVE BEEN CLIMBING AS MUCH AS TEN PERCENT A YEAR SENATOR MOYNIHAN SAID JUDGING BY REACTIONS FROM RIVALS THE BELLE OF THE JUST OPENED DETROIT AUTO SHOW CLEARLY IS CHRYSLER CHRYSLER WOWED COMPETITORS BY PRICING ITS SPUNKY NEON SMALL SEDAN WHICH JUST WENT ON SALE AT A BASE OF EIGHT THOUSAND NINE HUNDRED SEVENTY FIVE DOLLARS WHICH WILL ALLOW IT TO CHALLENGE SUCH OLDER MODELS AS FORD MOTOR'S ESCORT AND GENERAL MOTORS'S SATURN FORD ENGINEERS DEVELOPING THE NEXT GENERATION ESCORT SCRAMBLED TO SEE THE NEON TRYING TO FIGURE OUT HOW CHRYSLER COULD CRAM A SPORTY ENGINE DUAL AIR BAGS AND A ROOMY INTERIOR INTO SUCH A SMALL INEXPENSIVE PACKAGE FOR SATURN THE MOST DISCOMFITING QUESTION WAS HOW DO YOU COMPETE WITH A CAR THAT OFFERS MORE FEATURES THAN A SATURN FOR ONE THOUSAND DOLLARS LESS SATURN'S REPLY IT HAS FRIENDLY NO HAGGLE DEALERS AND ITS CARS RETAIN A HIGH RESALE PRICE INDUSTRY EXPERTS DOUBT THAT WILL BE ENOUGH FOR MANY BUYERS AS THE EDITORS OF AUTOMOBILE MAGAZINE SAID WHEN THEY NAMED NEON THEIR CAR OF THE YEAR IT'S THE CAR SATURN SHOULD HAVE BEEN BUT ISN'T JAPANESE AUTO MAKERS WHICH ARE TRYING TO SELL CIVICS AND TERCELS IN NEON'S CLASS FOR MORE THAN ELEVEN THOUSAND DOLLARS AREN'T HAPPY ABOUT THE NEON OR ITS BIG SISTERS THE CHRYSLER CIRRUS AND DODGE STRATUS TWO MIDSIZED COMPACT SEDANS THAT CHRYSLER UNVEILED THE TWO WHICH GO ON SALE THIS FALL HAVE THE SOPHISTICATED ENGINES SLEEK GOOD LOOKS AND THOUGHTFUL INTERIORS THAT ARE COMMON IN THE BEST JAPANESE FAMILY SEDANS THE TOYOTA CAMRY AND THE HONDA ACCORD THE CARS WILL OFFER FOUR OR SIX CYLINDER MULTIVALVE ENGINES AND EVEN LOOK A LOT LIKE THE ACCORD BUT CHRYSLER SAYS THEY ARE SPORTIER ROOMIER AND WILL BE PRICED TWO THOUSAND DOLLARS TO THREE THOUSAND DOLLARS LESS SAID ONE NISSAN EXECUTIVE AFTER SITTING IN THE CIRRUS QUOTE CHRYSLER'S GOT IT QUOTE HONDA USED THE DETROIT SHOW TO REMIND THE WORLD THAT UNTIL RECENTLY ITS SEDANS NOT CHRYSLER'S SET THE STANDARDS WHICH IS WHY HONDA SAYS IT IS NAMING NAMES WHEN IT TAKES SHOTS AT THE COMPETITION WE'RE NOT GOING TO STAND STILL WHILE OUR COMPETITORS COMPARE THEMSELVES TO OUR PRODUCTS BLUSTERED RICHARD COLLIVER EXECUTIVE VICE PRESIDENT OF THE HONDA DIVISION WE INTEND TO CONTROL OUR OWN DESTINY IN THE MARKETPLACE OR AS ONE WAG PUT IT WE'RE TIRED OF PEOPLE SAYING NICE THINGS ABOUT US AND WE'RE NOT GOING TO TAKE IT ANY MORE HONDA'S FIRST TARGET TOYOTA JAPAN'S BIGGEST AUTO MAKER IN A NEW SERIES OF ADS HONDA COMPARES ITS CIVIC D. X. WITH A TOYOTA COROLLA THE KICKER THE CIVIC IS ONE THOUSAND SEVEN HUNDRED DOLLARS LESS LAST YEAR SALES OF HONDA'S ACCORD WHICH USED TO BE THE NUMBER ONE SELLING CAR IN THE U. S. DROPPED SIXTEEN POINT ONE PERCENT MAKING THE CAR NUMBER TWO FOR A SECOND CONSECUTIVE YEAR BEHIND FORD'S TAURUS THE REAL POINT HONDA SAYS IS TO STRESS THAT HONDA CUSTOMERS GET VALUE FOR THEIR MONEY BUT THAT MAY BE A TOUGH SELL HONDA AND THE OTHER JAPANESE AUTO MAKERS HAVE SHARPLY JACKED UP PRICES BECAUSE OF THE SOARING YEN GIVING DETROIT A BIG PRICE ADVANTAGE AT ELEVEN THOUSAND SEVEN HUNDRED FIFTY DOLLARS THE BASE CIVIC COSTS EIGHT HUNDRED TWENTY FIVE DOLLARS MORE THAN A BASE FORD ESCORT ONE THOUSAND SEVEN HUNDRED FIFTY FIVE DOLLARS MORE THAN THE SATURN AND A WHOPPING TWO THOUSAND SEVEN HUNDRED SEVENTY FIVE DOLLARS MORE THAN THE CHRYSLER NEON DON'T EXPECT TO FIND THEIR NAMES IN A HONDA AD SOON NO AUTO SHOW IS COMPLETE WITHOUT CONCEPT CARS THOSE FUTURISTIC VEHICLES THAT CAR COMPANIES USE TO SHOWCASE DESIGNS AND IDEAS THAT MAY OR MAY NOT CLICK WITH CUSTOMERS THE SHOW'S SENTIMENTAL FAVORITE IS A LEMON YELLOW BEETLE LIKE CAR FROM VOLKSWAGEN CALLED THE CONCEPT ONE THE STUBBY DOME SHAPED TWO DOOR COMPACT PROMPTED AUTO WRITERS TO SPECULATE ABOUT THE RETURN OF THE BEETLE THAT SIXTIES CULTURAL ICON AND SYMBOL OF V. W.'S FORMER GLORY V. W. INSISTS IT HAS NO PLANS TO BUILD A BEETLE INSPIRED CAR FOR THE NINETIES CHRYSLER'S PATRIOT FEATURED FUTURISTIC HYBRID POWERTRAINS PACKAGED IN A RACING CAR CHASSIS THE PATRIOT IS POWERED BY A GAS TURBINE ENGINE AND A MECHANICAL BATTERY THAT STORES AND GENERATES ENERGY CHRYSLER PLEDGED IT WOULD BUILD PATRIOTS ON A LIMITED SCALE FOR A PROFESSIONAL RACING CIRCUIT BUT THE DARING CONCEPT ALSO SERVED TO ADDRESS ONE OF CHRYSLER'S PERCEIVED WEAKNESSES TO ME IT PROVES THAT CHRYSLER IS CAPABLE OF PRODUCING BREAKTHROUGH TECHNOLOGIES SAYS JOHN MCELROY EDITOR OF AUTOMOTIVE INDUSTRIES MAGAZINE QUOTE IT WAS THE BEST CONCEPT CAR OF THE SHOW QUOTE FORD MIGHT ARGUE FOR ITS CONTEMPRA LONG AND ANGULAR THE SMOOTH REMAKE OF THE LINCOLN CONTINENTAL HAD PEOPLE MUSING ABOUT A NEW CONTINENTAL THAT MIGHT BREAK OUT OF THE LUXURY SEDAN'S BOXY PERSONA ONE PUZZLING FEATURE THOUGH IS THAT THE CAR HAS NO DOOR HANDLES OR KEYHOLES WHICH LED SOME TO ASSUME CORRECTLY THAT THE CAR OPENS ELECTRONICALLY VIA A REMOTE CONTROL THE DOORS ALSO CAN BE OPENED WITH A LIGHT RAP ON THE TAP SENSITIVE WINDOWS SAYS A FORD SPOKEMAN THIEVES HOWEVER WOULD HAVE TO KNOW EXACTLY WHERE TO TAP A DESIGN STRETCH THAT DIDN'T QUITE WORK WAS FORD'S POWER STROKE AN OUTRAGEOUS FULL SIZED PICKUP THAT SUPPOSEDLY INCLUDED STYLING CUES THAT TRUCK BUYERS WILL RECOGNIZE WHEN FORD INTRODUCES A REPLACEMENT FOR ITS F. ONE HUNDRED FIFTY PICKUP HOWEVER THE POWER STROKE'S BANANA YELLOW SKIN AND ITS WRAP AROUND HEADLAMPS WHICH RESEMBLED SUNGLASSES DIDN'T DRAW CROWDS THERE ARE SOME IDEAS ON DISPLAY THAT AREN'T STRICTLY FOR SHOW AMERICAN SUNROOF A SUPPLIER OF SUNROOFS AND CONVERTIBLE TOPS FOR MOST MAJOR AUTO MAKERS IS SHOWING OFF A FULLY RETRACTABLE ELECTRIC POWERED HARDTOP FOR CONVERTIBLES IT IS TO BE AVAILABLE LATER THIS YEAR ON SOME MITSUBISHI MOTORS'S THREE THOUSAND G. T. CONVERTIBLE SPORT COUPES THE FIRST TIME A RETRACTABLE HARDTOP HAS GONE INTO PRODUCTION SINCE FORD'S SUNLINER CONVERTIBLE IN NINETEEN FIFTY SIX VIACOM INCORPORATED'S LAST MINUTE PACT TO ACQUIRE BLOCKBUSTER ENTERTAINMENT CORPORATION AND USE CASH FROM THAT DEAL TO SWEETEN ITS OFFER FOR PARAMOUNT COMMUNICATIONS INCORPORATED STILL ISN'T ENOUGH TO PUT IT AHEAD OF RIVAL Q. V. C. NETWORK INCORPORATED IN THE BIDDING ACCORDING TO WALL STREET TRADERS VIACOM SHARPLY INCREASED THE AMOUNT OF CASH IT IS OFFERING FOR FIFTY POINT ONE PERCENT OF PARAMOUNT TO ONE HUNDRED FIVE DOLLARS A SHARE FROM EIGHTY FIVE DOLLARS BUT THE REMAINING SECURITIES IN THE CASH AND STOCK OFFER BROUGHT THE TOTAL VALUE OF VIACOM'S BID AS OF FRIDAY TO ONLY AN AVERAGE OF SEVENTY EIGHT DOLLARS AND THIRTY SIX CENTS A SHARE OR NINE POINT FOUR BILLION DOLLARS COMPARED WITH THE Q. V. C. OFFER'S VALUE OF EIGHTY TWO DOLLARS AND FORTY NINE CENTS A SHARE OR NINE POINT NINE BILLION DOLLARS VIACOM'S AGREEMENT TO ACQUIRE VIDEO CHAIN BLOCKBUSTER IN A DEAL VALUED AT EIGHT POINT FOUR BILLION DOLLARS WOULD IMMEDIATELY GIVE VIACOM ONE POINT TWO FIVE BILLION DOLLARS OF BLOCKBUSTER'S CASH BUT THE DEAL STUNNED INVESTORS AND DREW SHARP CRITICISM FROM SOME QUOTE THEY CREATED A MERGER OF TWO COMPANIES TO MAKE AN INFERIOR BID QUOTE SAID GORDON CRAWFORD A MONEY MANAGER AT CAPITAL GROUP INCORPORATED IN LOS ANGELES A BIG SHAREHOLDER OF BLOCKBUSTER PARAMOUNT AND VIACOM THE LATEST TWIST IN THE FOUR MONTH OLD BATTLE FOR ENTERTAINMENT AND PUBLISHING GIANT PARAMOUNT COULD EXTEND THE CONTEST FOR WEEKS UNDER TERMS OF PARAMOUNT'S AUCTION GUIDELINES WHICH REQUIRE BOTH BIDS TO REMAIN OPEN FOR TEN DAYS AFTER EITHER BIDDER REVISES ITS OFFER BUT Q. V. C. SAYS VIACOM FAILED TO MEET THE AUCTION TERMS BECAUSE ITS NEW BID IS IN FACT INFERIOR TO THE BID VIACOM ALREADY HAD ON THE TABLE PEOPLE IN THE Q. V. C. CAMP INSISTED THAT THEY HAVE NO PLANS TO FURTHER SWEETEN THEIR BID AND INDICATED THAT Q. V. C. IS CONSIDERING CLOSING ITS OFFER EARLIER THAN THE END OF THE TEN DAY PERIOD TRIGGERED BY VIACOM'S NEW BID LATE YESTERDAY VIACOM LABELED Q. V. C.'S ASSERTIONS ABOUT ITS OFFER UNFOUNDED IN A STATEMENT IT ALSO DEFENDED ITS LATEST OFFER SAYING THAT IT INCLUDES MORE THAN ONE POINT ONE BILLION DOLLARS MORE CASH THAN ITS PREVIOUS BID AND EIGHT HUNDRED MILLION DOLLARS MORE CASH THAN Q. V. C.'S CURRENT OFFER VIACOM SUGGESTED THAT THE SECURITIES IT IS OFFERING IN THE SECOND STEP BECAUSE THEY WOULD REFLECT THE STRENGTH OF THE THREE COMBINED COMPANIES WOULD BE MORE VALUABLE THAN THOSE Q. V. C. IS OFFERING ON FRIDAY PARAMOUNT SHAREHOLDERS TENDERED AS MUCH AS TWENTY EIGHT PERCENT OF THEIR STOCK TO Q. V. C. BUT MANY OF THE SHARES WERE WITHDRAWN WHEN IT BECAME CLEAR VIACOM WOULD MAKE A NEW OFFER AT SOME POINT SHAREHOLDERS WILL GET A CHANCE TO VOTE WHEN THERE IS NO LAST MINUTE THEATRICS SAID BRIAN ROBERTS CHIEF EXECUTIVE OF COMCAST CORPORATION A MAJOR Q. V. C. SHAREHOLDER AND INVESTOR IN ITS BID I THINK WE CAN WIN WITH THE BID ON THE TABLE PARAMOUNT HAD NO COMMENT AND ITS DIRECTORS ARE SCHEDULED TO MEET WEDNESDAY TO CONSIDER THE NEW VIACOM OFFER BY THEN THE VALUES OF VIACOM'S AND Q. V. C.'S BIDS MAY HAVE SHIFTED ONCE AGAIN DEPENDING ON TRADING IN SECURITIES OF EACH BIDDER'S OFFER TRADERS SPECULATED THAT VIACOM MAY HAVE DECIDED AGAINST RAISING ITS OFFER IN ABSOLUTE TERMS BECAUSE ITS STOCK COULD GET CRUSHED THIS WEEK IF IT IS PERCEIVED AS THE WINNER OF THE PARAMOUNT BIDDING AFTER INITIALLY SECURING A SIX HUNDRED MILLION DOLLAR INVESTMENT FROM BLOCKBUSTER IN SEPTEMBER CABLE COMPANY VIACOM HAD RETURNED TO BLOCKBUSTER CHAIRMAN H. WAYNE HUIZENGA FOR MORE CASH THOSE TALKS WITHIN THE SPACE OF TWO WEEKS TURNED TO AN OUTRIGHT ACQUISITION OF BLOCKBUSTER BY VIACOM UNDER THE AGREEMENT REACHED FRIDAY VIACOM WOULD ACQUIRE BLOCKBUSTER THE VIDEO RENTAL GIANT BASED IN FORT LAUDERDALE FLORIDA FOR ABOUT THIRTY ONE DOLLARS A SHARE IN VIACOM SECURITIES OR EIGHT POINT FOUR BILLION DOLLARS IN ORDER TO GIVE VIACOM THE CASH IT NEEDS TO RAISE THE PARAMOUNT BID BLOCKBUSTER SEPARATELY ALSO AGREED TO PAY THE ONE POINT TWO FIVE BILLION DOLLARS IN RETURN FOR TWENTY THREE MILLION SHARES OF VIACOM'S CLASS B. NONVOTING STOCK AT FIFTY FIVE DOLLARS A SHARE THE COMPANIES SAY THE MERGER WAS MADE FOR STRATEGIC REASONS AND ISN'T CONTINGENT ON A SUCCESSFUL BID FOR PARAMOUNT VIACOM EXECUTIVES SAY THEY HAD CONSIDERED A MERGER WITH BLOCKBUSTER EARLIER THIS YEAR BEFORE THE PARAMOUNT BATTLE THE MERGER WOULD LEAVE VIACOM CHAIRMAN SUMNER REDSTONE WITH SIXTY ONE PERCENT OF A NEW COMPANY THAT WOULD MELD VIACOM'S CABLE AND ENTERTAINMENT BUSINESS WITH BLOCKBUSTER'S FAR FLUNG VIDEO AND MUSIC RETAILING EMPIRE AND TELEVISION PRODUCTION BUSINESS CRITICS OF THE VIACOM BLOCKBUSTER DEAL SAID MR. REDSTONE APPEARS TO BE TYING THE FUTURE OF HIS COMPANY TO THE DYING BUSINESS OF VIDEO RETAILING IN A DESPERATE MOVE TO GET CASH TO BOOST VIACOM'S BID FOR PARAMOUNT MR. REDSTONE A SEVENTY YEAR OLD BILLIONAIRE WHO DOESN'T LIKE TO LOSE IS ACTING PURELY ON EGO WITH LITTLE CONCERN FOR THE LONGER TERM PROSPECTS OF VIACOM'S ENTERTAINMENT AND CABLE BUSINESS SOME IN THE Q. V. C. CAMP CHARGE THOUGH THE VIACOM CAMP SAYS IT BELIEVES IT NOW WILL WIN PARAMOUNT ALL VESTIGES OF VIACOM'S ORIGINAL PLAN FOR A FRIENDLY MERGER WITH PARAMOUNT APPEAR TO BE GONE FRANK BIONDI VIACOM'S CHIEF EXECUTIVE OFFICER WILL BE CHIEF EXECUTIVE OF THE MERGED COMPANIES A POST HE WOULD ALSO HOLD IF THE BID FOR PARAMOUNT SUCCEEDS THAT WOULD LEAVE PARAMOUNT CHIEF EXECUTIVE MARTIN DAVIS TO WHOM MR. REDSTONE HAD PROMISED THE C. E. O. POST IN A COMBINED COMPANY OUT OF A JOB BUT SHAREHOLDERS REMAINED UNDERWHELMED MR. CRAWFORD AND OTHERS SAY THE VIACOM BID IS INFERIOR BECAUSE DESPITE THE HIGHER CASH COMPONENT THE SECURITIES BEING OFFERED ARE WORTH LESS AS OF FRIDAY MORNING THE OLD VIACOM BACK END OFFER FOR FORTY NINE PERCENT OF PARAMOUNT SHARES WAS VALUED AT ABOUT SIXTY NINE DOLLARS AND FORTY CENTS A SHARE TRADERS SAY THE NEW BACK END IS VALUED AT ONLY ABOUT FIFTY ONE DOLLARS AND SIXTY SIX CENTS VIACOM AND BLOCKBUSTER VALUE IT AT ABOUT FIFTY THREE DOLLARS AND THIRTY SIX CENTS BUT DON'T APPLY A DISCOUNT TO THE CONVERTIBLE PREFERRED SHARES IN THE OFFER THE DECLINE IN VALUE STEMS FROM VIACOM'S REMOVAL OF CLASS A SHARES AND REDUCTION OF THE AMOUNT OF CLASS B. SHARES VIACOM ALSO REDUCED SLIGHTLY THE PERCENTAGE OF PARAMOUNT SHARES IT IS SEEKING TO BUY FOR CASH TO FIFTY POINT ONE PERCENT FROM FIFTY ONE PERCENT LONG VIEW URGED VIACOM'S ADVISERS SAID THE VALUATION OF THE NEW VIACOM BID SHOULDN'T BE BASED ON WHERE VIACOM STOCK IS TRADING ON ANY PARTICULAR DAY BUT RATHER OVER A LONGER PERIOD OF TIME ALAN SCHWARTZ HEAD OF INVESTMENT BANKING AT BEAR STEARNS AND COMPANY ONE OF VIACOM'S ADVISERS SAID THAT PARAMOUNT'S SHAREHOLDERS SHOULD CONSIDER THE INTRINSIC VALUES OF VIACOM SHARES AS THEY COMPARE THE BACK ENDS OF THE TWO COMPETING BIDS QUOTE WE'RE CONFIDENT THAT THEY WILL CONCLUDE THAT THE COMBINED ENTITY OFFERS COMPELLING VALUE QUOTE HE SAID SOME TRADERS SAID THERE MAY BE PRESSURE ON PARAMOUNT TO CHANGE ITS BIDDING PROCEDURES TO SPEED UP THE PROCESS BECAUSE IT DOESN'T SEEM TO BE ENCOURAGING EITHER SIDE TO MAKE ITS BEST BID THIS IS A CRAZY BIDDING PROCEDURE SAID ONE TRADER NOBODY'S MAKING THEIR BEST BID AND THE PROCESS NEVER ENDS ONE VIACOM SHAREHOLDER SAID THE BLOCKBUSTER ACQUISITION IS A GOOD MOVE IN ITS OWN RIGHT AND WOULD BE A GOOD CONSOLATION PRIZE FOR MR. REDSTONE IF HE DOESN'T WIN PARAMOUNT COMBINED BLOCKBUSTER AND VIACOM WOULD HAVE CASH FLOW EQUIVALENT TO A COMBINED PARAMOUNT AND VIACOM AND PLENTY OF BORROWING POWER TO BUY OTHER MOTION PICTURE PRODUCTION ASSETS THIS SHAREHOLDER SAID VIACOM EXECUTIVES ALSO SAY THEY SEE PLENTY OF GROWTH OPPORTUNITIES FOR BLOCKBUSTER ESPECIALLY OVERSEAS THEY ALSO EXPECT TO USE BLOCKBUSTER'S RETAILING PROWESS TO SELL MERCHANDISE BASED ON VIACOM CHARACTERS AND TO CROSS PROMOTE EACH OTHER'S OFFERINGS SOME ON WALL STREET SUGGESTED THAT ANOTHER TWIST TO THE PARAMOUNT FIGHT COULD EMERGE IF SOME OTHER SUITOR DECIDES TO TAKE A RUN AT BLOCKBUSTER WHICH BY AGREEING TO BE SOLD TO VIACOM HAS EFFECTIVELY PUT ITSELF UP FOR SALE UNDER THE RULINGS OF THE DELAWARE COURT THAT FORCED THE AUCTION OF PARAMOUNT BLOCKBUSTER WOULD IN THEORY ALSO HAVE TO ENTERTAIN OTHER BIDDERS IN A CONFERENCE CALL FRIDAY WITH ANALYSTS AND SHAREHOLDERS MR. REDSTONE ALLUDED TO THE FACT THAT BLOCKBUSTER MAY NOW BE IN PLAY ACCORDING TO PEOPLE WHO TOOK PART IN THE CALL MR. REDSTONE SAID AND INCIDENTALLY ONE THING I'M NOT GOING TO TELL YOU IS THIS IS A MARRIAGE MADE IN HEAVEN THAT NO ONE WILL TEAR ASUNDER A REFERENCE TO THE PRONOUNCEMENT MR. REDSTONE MADE WHEN VIACOM FIRST ANNOUNCED A PROPOSED MERGER WITH PARAMOUNT IN SEPTEMBER IF THE VIACOM BLOCKBUSTER MERGER DOESN'T GO THROUGH AND IF VIACOM SUCCEEDS IN TAKING OVER PARAMOUNT BLOCKBUSTER WILL HAVE ALREADY PROVIDED THE ONE POINT TWO FIVE BILLION DOLLARS UNDER THE AGREEMENT WITH VIACOM IF VIACOM STOCK TRADES AT LESS THAN THE FIFTY FIVE DOLLAR A SHARE PRICE AT WHICH BLOCKBUSTER IS BUYING THE TWENTY THREE MILLION CLASS B. SHARES THEN VIACOM WILL EITHER PAY BLOCKBUSTER ADDITIONAL COMPENSATION OF AS MUCH AS TWO HUNDRED SEVENTY FIVE MILLION DOLLARS OR BLOCKBUSTER WILL GET AN OPTION TO ACQUIRE PARAMOUNT'S THEME PARKS FOR SEVEN HUNDRED FIFTY MILLION DOLLARS IF BLOCKBUSTER AND VIACOM JOIN AND ACQUIRE PARAMOUNT THAT WOULD GIVE THE COMBINED COMPANIES A STOCK MARKET VALUE OF ABOUT FIFTEEN BILLION DOLLARS PLUS EIGHT BILLION DOLLARS IN DEBT DURING THE CONFERENCE CALL MR. CRAWFORD EXPRESSED CONCERN THAT THE COMPANIES WERE ESTIMATING NINETEEN NINETY THREE CASH FLOW OR EARNINGS BEFORE DEBT INTEREST TAXES DEPRECIATION AND AMORTIZATION AT ONE POINT FOUR FOUR BILLION DOLLARS EVEN IF THE NEXT YEAR'S CASH FLOW IS ONE POINT EIGHT BILLION DOLLARS THAT MEANS THE STOCK IS VALUED AT A RICH FOURTEEN TIMES CASH FLOW THE CLINTON ADMINISTRATION UNVEILED ITS PLAN FOR CREATING A GOVERNMENT CORPORATION TO MANAGE THE NATION'S AIR TRAFFIC CONTROL SYSTEM TRANSPORTATION SECRETARY FEDERICO PENA SAID THE ADMINISTRATION WILL SEND CONGRESS A LEGISLATIVE PROPOSAL THIS SPRING IF APPROVED BY CONGRESS THE CORPORATION WOULD BE FREE FROM GOVERNMENT RESTRICTIONS ON PROCUREMENT PERSONNEL AND FINANCING SUCH A SYSTEM WOULD BE ABLE TO FINANCE ITS LONG TERM DEBT MORE EASILY MR. PENA SAID THE NATION'S SKIES WOULD BE SAFER THE TRANSPORTATION SECRETARY SAID BECAUSE THE AGENCY WOULD BE ABLE TO ADOPT THE LATEST TECHNOLOGY MORE QUICKLY THE AIR TRAFFIC CONTROL SYSTEM NEEDS TO BE QUOTE AS FLEXIBLE AND ENTREPRENEURIAL AS THE INDUSTRY QUOTE MR. PENA SAID ALLOWING FOREIGN CARRIERS TO BUY AS MUCH AS FORTY NINE PERCENT OF U. S. AIRLINES UP FROM THE CURRENT TWENTY FIVE PERCENT BUT ONLY IF U. S. CARRIERS HAVE THE SAME OPPORTUNITIES IN THE FOREIGN CARRIERS' COUNTRIES LIMITING HOW LONG CARRIERS IN BANKRUPTCY PROCEEDINGS CAN HOLD LEASES ON AIRPORT SPACE AND GATES THE SENATE ALREADY HAS A BILL THAT WOULD ENFORCE A SIXTY DAY LIMIT ON SUCH AIRPORT HOLDINGS STUDYING WAYS TO LOOSEN THE SO CALLED HIGH DENSITY RULE THAT LIMITS AIR TRAFFIC INTO FOUR MAJOR AIRPORTS CHICAGO'S O'HARE NEW YORK'S LA GUARDIA AND KENNEDY AND WASHINGTON'S NATIONAL EXAMINING WAYS TO ENCOURAGE MORE EMPLOYEE OWNERSHIP OF AIRLINES ALONG THE LINES OF UNITED AIRLINES' RECENT ACCORD WITH ITS WORKERS THE AIRLINE AND AEROSPACE INDUSTRIES GENERALLY CHEERED THE ADMINISTRATION'S INITIATIVES AIR TRAFFIC DELAYS COST THE AIRLINE INDUSTRY MORE THAN TWO BILLION DOLLARS A YEAR SAID CHIP BARCLAY PRESIDENT OF THE AMERICAN ASSOCIATION OF AIRPORT EXECUTIVES HE WAS A MEMBER OF THE NATIONAL AIRLINE COMMISSION A GROUP ESTABLISHED BY THE CLINTON ADMINISTRATION THAT LAID MUCH OF THE GROUNDWORK FOR YESTERDAY'S PROPOSALS A SPOKESMAN FOR THE AIR TRANSPORT ASSOCIATION SAID THE CURRENT SYSTEM CANNOT MOVE QUICKLY ENOUGH TO IMPLEMENT NEW TECHNOLOGY BEFORE IT BECOMES OBSOLETE INDUSTRY OFFICIALS COMPLAINED THAT THE ADMINISTRATION'S PLAN DIDN'T INCLUDE TAX BREAKS FOR THE AIRLINES THE BURDENSOME LEVEL OF TAXATION AND FEES IMPOSED ON AIRLINES BY THE U. S. GOVERNMENT HAS HAD A SIGNIFICANT IMPACT ON AIR CARRIER COSTS YIELDS AND PROFITABILITY SAID RONALD ALLEN CHIEF EXECUTIVE OF DELTA AIR LINES NEVERTHELESS HE AND OTHER INDUSTRY OFFICIALS SAID THEY WILL PUSH HARD TO GET THE ADMINISTRATION'S PROPOSALS THROUGH CONGRESS A CONCERTED EFFORT MAY BE NECESSARY SENATOR ERNEST HOLLINGS D. S. C. CHAIRMAN OF THE SENATE COMMERCE COMMITTEE SAID HE HAS SERIOUS CONCERNS REGARDING THE PROPOSALS TO SEPARATE THE AIR TRAFFIC CONTROL SYSTEM FROM THE FEDERAL AVIATION ADMINISTRATION PARTICULARLY HOW SUCH A MOVE WOULD IMPACT SAFETY REPRESENTATIVE JAMES OBERSTAR D. MINNESOTA CHAIRMAN OF THE HOUSE AVIATION SUBCOMMITTEE ALSO VOICED CONCERN ABOUT LOSS OF GOVERNMENT CONTROL OVER THE AIR TRAFFIC SYSTEM IF THEY NEED TO CUT COSTS TO IMPROVE THEIR BUDGET BECAUSE LANDING FEES ARE DOWN OR WHATEVER DOES THAT MEAN THEY'RE GOING TO LAY OFF CONTROLLERS OR HAVE CONTROLLERS WATCH LARGER PORTIONS OF AIRSPACE HE ASKED WHAT DOES THAT DO FOR THE SAFETY OF THE TRAVELING PUBLIC BUT ADMINISTRATION OFFICIALS ARGUED THAT THE PLAN WOULD INCREASE SAFETY IN THE SKIES BY GIVING CONTROLLERS BETTER EQUIPMENT THE ADMINISTRATION ALSO IS SEEKING SUGGESTIONS FROM THE AIRLINE INDUSTRY ABOUT REGULATIONS THAT COULD BE REPEALED F. A. A. ADMINISTRATOR DAVID HINSON EARLIER THIS WEEK PUT A GENERAL CALL FOR SUGGESTIONS IN THE FEDERAL REGISTER SAYING THAT QUOTE THE COSTS OF THE REGULATORY BURDEN ARE REAL WE PROBABLY HAVE SOME RULES OUT THERE WE DON'T NEED THE TRANSPORTATION DEPARTMENT ALSO THREATENED TO STEP UP ITS EFFORTS AGAINST AIRLINES THAT USE PREDATORY PRICING TO KEEP COMPETITORS OUT OF KEY CITIES OR IMPORTANT ROUTES THE AGENCY SAID IT WILL ACTIVELY WORK WITH START UP AIRLINES OR ENTREPRENEURS TO HELP THEM COMPETE ATMEL CORPORATION EXPECTS TO REPORT THAT FOURTH QUARTER NET INCOME ROUGHLY DOUBLED TO A RANGE OF NINE POINT EIGHT MILLION DOLLARS TO TEN POINT THREE MILLION DOLLARS CHAIRMAN AND CHIEF EXECUTIVE GEORGE PERLEGOS SAID ATMEL MANUFACTURES SO CALLED FLASH MEMORY SEMICONDUCTORS AND RELATED PRODUCTS WHICH REQUIRE LESS POWER THAN STANDARD CHIPS ATMEL SAYS IT IS THE SOLE MAKER OF FLASH CHIPS THAT REQUIRE ONLY THREE VOLTS OF POWER MOST OTHER CHIPS REQUIRE AT LEAST FIVE VOLTS ATMEL CHIPS ARE USED IN CELLULAR PHONES CONSUMER ELECTRONICS PRODUCTS AND AUTOMOBILES AMONG OTHER THINGS THE PROJECTED NINETEEN NINETY THREE FOURTH QUARTER PROFIT COMES TO FORTY SIX CENTS TO FORTY EIGHT CENTS A SHARE IT EXCEEDS ANALYSTS' ESTIMATES WHICH GENERALLY RANGED FROM FORTY THREE CENTS TO FORTY FIVE CENTS IN THE YEAR EARLIER QUARTER ATMEL EARNED FOUR POINT SEVEN MILLION DOLLARS OR TWENTY FIVE CENTS A SHARE ATMEL HAS ABOUT TWENTY ONE POINT SIX MILLION SHARES OUTSTANDING COMPARED WITH ABOUT EIGHTEEN POINT EIGHT MILLION A YEAR AGO MR. PERLEGOS SAID THAT ATMEL IS BENEFITING FROM THE ACCELERATING TREND TOWARD SMALLER MORE PORTABLE ELECTRONIC AND COMPUTER EQUIPMENT INCREASING PORTABILITY DEPENDS LARGELY ON CHIPS THAT ARE SMALLER HAVE MORE MEMORY AND REQUIRE LESS POWER JUST WHAT ATMEL'S PRODUCTS DELIVER MR. PERLEGOS SAID QUOTE THE MARKETS FOR PORTABLE EQUIPMENT ARE REALLY WORKING FOR US AND IT'S DRIVING OUR GROWTH QUOTE HE SAID MR. PERLEGOS SAID REVENUE FOR THE NINETEEN NINETY THREE FOURTH QUARTER JUMPED ABOUT SIXTY SIX PERCENT TO SIXTY SEVEN MILLION DOLLARS TO SIXTY EIGHT MILLION DOLLARS FROM FORTY POINT NINE MILLION DOLLARS A YEAR EARLIER THE FOURTH QUARTER FORECAST INDICATES FULL YEAR EARNINGS OF AS MUCH AS THIRTY MILLION DOLLARS OR ONE DOLLAR AND FORTY SEVEN CENTS A SHARE ON REVENUE RANGING UP TO ABOUT TWO HUNDRED TWENTY ONE POINT SIX MILLION DOLLARS LAST YEAR ATMEL EARNED THIRTEEN POINT NINE MILLION DOLLARS OR SEVENTY SEVEN CENTS A SHARE ON REVENUE OF ONE HUNDRED THIRTY NINE POINT EIGHT MILLION DOLLARS ON THE NASDAQ STOCK MARKET ATMEL SHARES CLOSED AT THIRTY SEVEN DOLLARS UP ONE DOLLAR AND SEVENTY FIVE CENTS OR FIVE PERCENT ROSS STORES INCORPORATED SAID SALES OF ITS DISCOUNT CLOTHING FOR THE FIVE WEEK PERIOD ENDED SATURDAY CLIMBED SIX PERCENT TO ONE HUNDRED EIGHTY THREE MILLION DOLLARS FROM ONE HUNDRED SEVENTY THREE MILLION DOLLARS A YEAR EARLIER SALES AT STORES OPEN AT LEAST A YEAR DECLINED THREE PERCENT VALUE CITY DEPARTMENT STORES INCORPORATED SAID SALES AT STORES OPEN AT LEAST A YEAR INCREASED FOUR PERCENT FOR THE FIVE WEEKS ENDED SATURDAY WHILE TOTAL SALES ROSE SEVEN PERCENT TO ONE HUNDRED FIFTY THREE POINT SEVEN MILLION DOLLARS THE DISCOUNT DEPARTMENT STORE CHAIN OPERATES SEVENTY FIVE STORES IN THE MIDWEST AND EAST CAMPO ELECTRONICS APPLIANCES AND COMPUTERS INCORPORATED SAID ITS SALES AT STORES OPEN MORE THAN A YEAR ROSE TWENTY TWO PERCENT IN DECEMBER TO FOURTEEN POINT FOUR MILLION DOLLARS FROM ELEVEN POINT EIGHT MILLION DOLLARS A YEAR EARLIER THE RETAILER'S TOTAL SALES MORE THAN DOUBLED TO TWENTY SEVEN POINT ONE MILLION DOLLARS FROM TWELVE POINT THREE MILLION DOLLARS SHEIK KHALID BIN MAHFOUZ A PROMINENT SAUDI ARABIAN FINANCIER WILL FILE SUIT TODAY AGAINST THE ABU DHABI GOVERNMENT IN LONDON'S HIGH COURT ACCORDING TO PEOPLE FAMILIAR WITH THE DOCUMENTS THE SUIT SEEKS BILLIONS OF DOLLARS IN DAMAGES WHILE ALLEGING THE ARAB SHEIKDOM HAS CONSPIRED TO ENMESH SHEIK KHALID IN THE AFFAIRS OF THE SCANDAL PLAGUED AND NOW DEFUNCT BANK OF CREDIT AND COMMERCE INTERNATIONAL THE LEGAL ACTION WOULD FURTHER SOUR THE ALREADY TENSE RELATIONSHIP BETWEEN SAUDI ARABIA AND THE NEIGHBORING SHEIKDOM OF ABU DHABI ABU DHABI IS RULED BY SHEIK ZAYED AL NAHYAN WHOSE GOVERNMENT CONTROLLED A MAJORITY STAKE IN B. C. C. I. HOLDINGS LUXEMBOURG S. A. B. C. C. I.'S PARENT COMPANY REGULATORS FROM BRITAIN THE U. S. AND SEVERAL OTHER COUNTRIES SEIZED AND CLOSED B. C. C. I. A BIG INTERNATIONAL BANK IN JULY NINETEEN NINETY ONE CITING A HISTORY OF FRAUD MONEY LAUNDERING AND ARMS TRAFFICKING IN HIS SUIT SHEIK KHALID IS EXPECTED TO ALLEGE THAT THE ABU DHABI INVESTMENT AUTHORITY AN AGENCY THAT MANAGES MUCH OF THAT PERSIAN GULF COUNTRY'S OIL WEALTH AND ITS SENIOR OFFICER GHANEM AL MAZRUI CONSPIRED TO EMBROIL HIM IN THE AFFAIRS OF B. C. C. I. USING DECEPTION AND FRAUD IN THE LATE NINETEEN EIGHTIES SHEIK KHALID SAT ON B. C. C. I.'S BOARD AFTER HIS FAMILY WHICH RUNS NATIONAL COMMERCIAL BANK OF JIDDAH SAUDI ARABIA'S LARGEST BANK BOUGHT A SUBSTANTIAL STAKE IN B. C. C. I. THE FAMILY SOLD THAT STAKE BACK TO B. C. C. I. PRIOR TO THE SEIZURE AND CLOSURE OF THE LUXEMBOURG BASED BANK LAWYERS FOR SHEIK ZAYED AND THE ABU DHABI GOVERNMENT IN WASHINGTON AND LONDON DIDN'T RETURN TELEPHONE CALLS SEEKING COMMENT IN THE PAST SPOKESMEN FOR SHEIK ZAYED AND THE ABU DHABI GOVERNMENT HAVE MAINTAINED THAT HE AND HIS GOVERNMENT ARE THEMSELVES VICTIMS OF THE B. C. C. I. SCANDAL WHO LOST BILLIONS OF DOLLARS OF DEPOSITS AND INVESTMENTS AND ARE INNOCENT OF ANY WRONGDOING ABU DHABI IS DESPERATELY TRYING TO FIND WAYS OF SETTLING THE B. C. C. I. AFFAIR WHICH HAS INCREASINGLY HAUNTED THE SHEIKDOM THE PAST THREE YEARS THREATENING TO DISCREDIT ITS RULING HIERARCHY AND EXPLODING INTO A WORLD WIDE SPRAWL OF LEGAL CLAIMS A LUXEMBOURG COURT LAST FALL SHOT DOWN A PROPOSED LIQUIDATORS' SETTLEMENT FOR DEALING WITH DEPOSITORS WHO LOST AS MUCH AS TEN BILLION DOLLARS IN THE CLOSURE OF B. C. C. I. A POWERFUL GROUP OF B. C. C. I. DEPOSITORS THIS WEEK DEMANDED THAT ABU DHABI PAY AS MUCH AS FIFTY CENTS FOR EACH DOLLAR OF DEPOSITS LOST IN THE CLOSURE AND THAT IT MAKE THE PAYMENT WITHIN THREE MONTHS THE LONDON SUIT IS EXPECTED TO TRY TO FORCE ABU DHABI TO INDEMNIFY SHEIK KHALID FOR ANY LOSSES HE MAY INCUR AS A RESULT OF A NINETEEN NINETY TWO B. C. C. I. LIQUIDATORS' SUIT AGAINST HIM THAT SUIT ALONE SEEKS AS MUCH AS TEN POINT FIVE BILLION DOLLARS FROM SHEIK KHALID RECENT LEGAL DEVELOPMENTS IN THE U. S. HAVE GIVEN SHEIK KHALID MORE FREEDOM TO TAKE LEGAL ACTION THE MANHATTAN DISTRICT ATTORNEY ROBERT MORGENTHAU AND THE FEDERAL RESERVE BOARD IN DECEMBER SETTLED BANK FRAUD CHARGES AGAINST THE SAUDI SHEIK AS PART OF THE SETTLEMENT SHEIK KHALID PAID THIRTY SEVEN MILLION DOLLARS TO THE AUTHORITIES AND AGREED TO SET UP A ONE HUNDRED EIGHTY EIGHT MILLION DOLLAR SETTLEMENT FUND AT THE FEDERAL RESERVE BANK OF NEW YORK THAT WILL BE AVAILABLE TO SATISFY SETTLEMENTS OR JUDGMENTS RELATING TO PENDING CLAIMS AGAINST THE SHEIK AND HIS BANK IN EXCHANGE THE AUTHORITIES DROPPED CHARGES THAT SHEIK KHALID CONSPIRED TO STEAL MORE THAN THREE HUNDRED MILLION DOLLARS FROM B. C. C. I. DEPOSITORS COMMENTING ON THE SETTLEMENT LAURENCE TRIBE A HARVARD UNIVERSITY LAW PROFESSOR WHO REPRESENTS SHEIK KHALID SAID QUOTE ABU DHABI CONSPIRED TO LURE HIM AND MANY OTHERS QUOTE INTO THE B. C. C. I. AFFAIR ABU DHABI HAS TRIED TO SHIFT RESPONSIBILITY TO MAKE IT APPEAR AS THOUGH HE WAS RESPONSIBLE FOR THINGS THAT ABU DHABI OFFICIALS WERE RESPONSIBLE FOR MANY PEOPLE SHUN BECOMING ENTREPRENEURS BECAUSE THEY DREAD THE ESSENCE OF THE GAME TAKING RISKS ROBERT S. REISS SAYS HE OWES HIS SUCCESS AS A BUSINESS OWNER TO AVOIDING RISK BOB REISS SIXTY THREE YEARS OLD HAS STARTED SIXTEEN SMALL BUSINESS VENTURES IN HIS CAREER SHUNNING RISKS ALL THE WAY HIS COUNTER INTUITIVE STRATEGY REGULARLY ASTONISHES BUSINESS SCHOOL STUDENTS ASSIGNED TO STUDY IT PARADOXICALLY MR. REISS SPECIALIZES IN A HIGH RISK FIELD SELLING VOGUE ITEMS WHOSE TIME QUICKLY COMES AND GOES QUOTE YOU TRY LOTS AND LOTS OF THINGS BECAUSE YOU DON'T KNOW WHAT'S GOING TO WORK QUOTE HE SAYS MR. REISS USUALLY SELLS OR PHASES OUT HIS COMPANIES WHEN THEIR FAD PRODUCTS STOP SELLING TODAY HE OWNS MAINLY VALDAWN INCORPORATED A FOUR YEAR OLD WATCH MARKETER HERE VALDAWN'S SALES OF ASIAN MADE NOVELTY WATCHES MORE THAN DOUBLED TO SEVEN POINT TWO MILLION DOLLARS LAST YEAR FROM THREE POINT THREE MILLION DOLLARS IN NINETEEN NINETY TWO MR. REISS SAYS AT ALL HIS VENTURES MR. REISS SAYS HE KEEPS OVERHEAD TO A BARE MINIMUM AVOIDS OWNING FACTORIES OR WAREHOUSES AND BRINGS IN PARTNERS TO SHARE THE INVESTMENT MY ENERGIES ARE SPENT ON LAYING OFF RISK DIVIDING IT UP WITH OTHER PEOPLE MR. REISS SAYS IT'S AN APPROACH MANY LONG SURVIVING BUSINESS OWNERS TAKE SAYS HOWARD H. STEVENSON A PROFESSOR AT HARVARD BUSINESS SCHOOL MANY PEOPLE THINK OF ENTREPRENEURS AS PLUNGERS AND GAMBLERS PROFESSOR STEVENSON SAYS BUT MOST SUCCESSFUL ENTREPRENEURS IF THEY TAKE ANY RISK AT ALL ARE VERY CALCULATING ABOUT IT AMONG ENTREPRENEURIAL SUCCESSES CAUTIOUS SOULS ARE FAR MORE COMMON THAN PEOPLE LIKE DONALD TRUMP HE ADDS ONE OF THE CASE STUDIES ASSIGNED TO ENTREPRENEURSHIP STUDENTS AT HARVARD'S BUSINESS SCHOOL INVOLVES MR. REISS'S LOW RISK TRIVIA GAME VENTURE FROM THE EARLY NINETEEN EIGHTIES WHEN MR. REISS NOTED THE SUCCESS IN CANADA INITIALLY OF TRIVIAL PURSUIT ELEVEN YEARS AGO HE SHOT OFF A LETTER TO T. V. GUIDE MAGAZINE PROPOSING THE CREATION OF A RIVAL T. V. GUIDE TELEVISION TRIVIA GAME MR. REISS SAYS HE TURNED TO T. V. GUIDE BECAUSE ITS ESTABLISHED NAME WOULD REDUCE THE RISK INVOLVED IN A GAME VENTURE ALSO THE MAGAZINE COULD PROVIDE ADVERTISING SPACE SEEN BY MILLIONS WHEN THE PUBLISHER AGREED MR. REISS CALLED A WEALTHY FRIEND IN CHICAGO THE TWO MEN FORMED TRIVIA INCORPORATED TO CREATE AND MARKET THE GAME MR. REISS HAD NO FUNDS OF HIS OWN AT RISK THE VENTURE USED HIS CHICAGO PARTNER'S LINE OF CREDIT TO ARRANGE FOR MANUFACTURING INSTEAD OF PAYING A FEE IN ADVANCE TO THE SPECIALIST HIRED TO DESIGN THE GAME MR. REISS OFFERED A ROYALTY ON FUTURE SALES THAT WAS MUCH MORE COSTLY IN THE LONG RUN BUT IT REDUCED THE VENTURE'S RISK MR. REISS SAYS THE VENTURE FARED VERY WELL INDEED ABOUT SEVEN MILLION DOLLARS IN SALES ON A FIFTY THOUSAND DOLLAR INVESTMENT ACCORDING TO MR. REISS OF COURSE HE HAD TO SPLIT THE PROFITS WITH HIS PARTNER BUT HE SAYS IT WAS WORTH IT TO REDUCE HIS RISKS MINIMIZING RISKS ALSO LETS MR. REISS FOCUS ON UNGLAMOROUS FUNDAMENTALS SUCH AS SALES THOUGH HE IS A HARVARD M. B. A. HIMSELF MR. REISS RATES SELLING TECHNIQUES LARGELY NEGLECTED IN BUSINESS SCHOOLS AS MORE IMPORTANT THAN ANYTHING ELSE INSTEAD OF MAKING FEVERISH SALES PITCHES MORE SALESPEOPLE SHOULD SIT PATIENTLY WHILE CUSTOMERS TALK ABOUT THEIR NEEDS MR. REISS SAYS THE MOST EFFECTIVE THING IS LEARNING HOW TO LISTEN HE SAYS FOR INSTANCE MR. REISS CHOSE A CAT DESIGN FOR HIS FIRST NOVELTY WATCH AFTER ONE BUYER TOLD HIM THAT SUCH DESIGNS WERE IN STRONG DEMAND THE WATCH THE FIRST OF ABOUT ONE HUNDRED EIGHTY STYLES SOLD WELL BESIDES LISTENING MR. REISS SAYS HE ALSO EXPLICITLY ASKS FOR ORDERS A ROUTINE STEP THAT MANY SALESPEOPLE NEGLECT TO TAKE ALTHOUGH CAUTION ISN'T ALWAYS ENOUGH TO ENSURE SUCCESS IT DOES ALLOW MR. REISS TO AVOID LOSING MUCH MONEY EVEN WHEN HIS IDEAS FLOP AS HE SAYS THEY OFTEN HAVE IN NINETEEN EIGHTY EIGHT FOR INSTANCE MR. REISS'S R. AND R. RECREATION PRODUCTS INCORPORATED INTRODUCED A LINE OF NOVELTY PICTURE FRAMES THAT MADE PORTRAITS RESEMBLE MAGAZINE COVERS SUCH AS MAN OF THE YEAR ISSUES OF TIME THE ENTREPRENEUR PERSUADED TIME AND OTHER MAGAZINES TO GO ALONG AND HE WON ABOUT THREE MILLION DOLLARS IN ORDERS FROM RETAILERS BUT THE FRAMES FAILED WITH CONSUMERS AND THERE WERE ALMOST NO REORDERS IN LESS THAN TWO YEARS THE PRODUCT DIED STILL MR. REISS SAYS HE LOST ONLY TIME AND EFFORT NOT MONEY INDEED HE SAYS THE BUSINESS TURNED A SLIGHT PROFIT WHILE IT LASTED HE SAYS HE HAD SPENT MORE THAN HALF HIS TIME FOR A YEAR SETTING UP THE BUSINESS BUT HE PAID NOTHING IN ADVANCE TO TIME AND THE OTHER MAGAZINES PROMISING ONLY ROYALTIES HE BUILT NO FACTORY TO MAKE PICTURE FRAMES INSTEAD HE BROUGHT IN A FRAME COMPANY IN CHELSEA MASSACHUSETTS AS HIS PARTNER R. AND R. WHICH IS STILL EXTANT MOVED ON TO OTHER PROJECTS QUOTE ALL I COULD LOSE ON A DEAL LIKE THE PICTURE FRAMES IS TIME QUOTE MR. REISS SAYS MR. REISS STARTED HIS CAREER AS A SALES EXECUTIVE FOR A PENCIL COMPANY IN THE NINETEEN FIFTIES HE WENT INTO BUSINESS FOR HIMSELF IN NINETEEN FIFTY NINE STARTING A TINY NEW YORK COMPANY THAT EARNED SALES COMMISSIONS FROM MANUFACTURERS FOR GETTING THEIR PRODUCTS INTO STORES I WANTED TO BE MY OWN BOSS HE SAYS EXCEPT FOR A PERIOD IN THE NINETEEN SEVENTIES AFTER A LARGER COMPANY BOUGHT OUT HIS FIRST VENTURE MR. REISS HAS BEEN HIS OWN BOSS EVER SINCE MAKING THINGS HAPPEN NOT TALKING ABOUT IT GIVES ME A BIG KICK HE SAYS I HAVE NO IDEA WHAT PEOPLE AT BIG COMPANIES DO IN MEETINGS ALL DAY THEY TALK THINGS TO DEATH TODAY MR. REISS IS BUILDING ONE OF HIS BIGGEST VENTURES EVER PROMISING FASTER DELIVERY THAN THE BIGGEST WATCH MAKERS VALDAWN AIMS TO HIT TWENTY MILLION DOLLARS IN SALES FOR NINETEEN NINETY FOUR AND FIFTY MILLION DOLLARS WITHIN A FEW YEARS HE SAYS THE COMPANY HAS FIVE EMPLOYEES INCLUDING THE BOSS AND PLANS TO HIRE ONE OR TWO MORE THIS YEAR VALDAWN MR. REISS SAYS IS MY FIRST CHANCE TO BUILD A LONG TERM LARGE VOLUME COMPANY SOMETHING THAT ISN'T JUST A FAD BUT MR. REISS AS USUAL SAYS HE DOESN'T STAND TO LOSE MUCH IF HIS PROJECTIONS ARE WRONG HE STILL OWNS NO WAREHOUSE OR MANUFACTURING FACILITY VALDAWN INCREASES WATCH ORDERS FROM ITS SUPPLIERS ONLY WHEN IT HAS FIRM ORDERS IN HAND FROM ITS OWN CUSTOMERS HE SAYS MR. REISS SAYS THAT FOR NOW HE WILL CONCENTRATE ON BUILDING VALDAWN BUT FURTHER VENTURES ARE ALWAYS POSSIBLE QUOTE THERE ARE ALWAYS HUGE OPPORTUNITIES QUOTE HE SAYS QUOTE IF YOU JUST SIT BACK AND KEEP LOOKING QUOTE SOLO SERVE CORPORATION SAID SALES FOR THE FIVE WEEKS ENDED SATURDAY INCREASED FIVE POINT FOUR PERCENT TO TWENTY SEVEN MILLION DOLLARS FROM TWENTY FIVE POINT SIX MILLION DOLLARS A YEAR EARLIER SALES AT STORES OPENED AT LEAST A YEAR DROPPED FIVE POINT SIX PERCENT YEAR TO DATE SALES ROSE TEN PERCENT TO ONE HUNDRED SIXTY POINT FIVE MILLION DOLLARS FROM ONE HUNDRED FORTY FIVE POINT EIGHT MILLION DOLLARS A YEAR EARLIER SAME STORE SALES DECLINED FIVE POINT SEVEN PERCENT REX STORES CORPORATION SAID DECEMBER SALES AT STORES OPEN AT LEAST A YEAR ROSE THREE PERCENT FROM A YEAR EARLIER TOTAL SALES ROSE THIRTY PERCENT TO SIXTY ONE POINT FOUR MILLION DOLLARS FROM FORTY SEVEN POINT THREE MILLION DOLLARS THE CONSUMER ELECTRONICS VENDOR'S FISCAL NINETEEN NINETY FOUR YEAR TO DATE SALES ROSE TWENTY EIGHT PERCENT TO TWO HUNDRED SIXTY FIVE MILLION DOLLARS FROM TWO HUNDRED SIX POINT SIX MILLION DOLLARS A YEAR EARLIER WHILE SALES AT STORES OPEN AT LEAST A YEAR ROSE EIGHT PERCENT THE RETAILER'S FISCAL YEAR ENDS JANUARY THIRTY FIRST IN DECEMBER NINETEEN NINETY THREE THE COMPANY OPERATED ONE HUNDRED THIRTY FOUR STORES COMPARED WITH ONE HUNDRED SIX THE YEAR BEFORE CARSON PIRIE SCOTT AND COMPANY SAID ITS SALES FOR THE FIVE WEEKS ENDED JANUARY FIRST INCREASED THREE POINT FOUR PERCENT TO TWO HUNDRED TWENTY ONE POINT FOUR MILLION DOLLARS FROM TWO HUNDRED FOURTEEN POINT TWO MILLION DOLLARS IN THE YEAR AGO PERIOD SALES AT STORES OPEN AT LEAST A YEAR CLIMBED SIX POINT SEVEN PERCENT FOR THE ELEVEN MONTHS CARSON REPORTED SALES OF ONE POINT OH NINE SEVEN BILLION DOLLARS DOWN ZERO POINT FOUR PERCENT FROM SALES OF ONE POINT ONE ZERO TWO BILLION DOLLARS IN THE PRIOR YEAR SALES AT STORES OPEN AT LEAST A YEAR INCREASED TWO POINT EIGHT PERCENT DURING THE PERIOD LOUISE GOESER FORTY YEARS OLD FORMERLY PROJECT DIRECTOR OF THE BLOOMINGTON PROJECT IN CORPORATE ENVIRONMENTAL AFFAIRS AT WESTINGHOUSE ELECTRIC CORPORATION WAS NAMED VICE PRESIDENT CORPORATE QUALITY SHE SUCCEEDS ROBERT BARTLEY WHO IS RETIRING FROM THE APPLIANCE MAKER SWITZERLAND'S UNEMPLOYMENT RATE IN DECEMBER EDGED UP TO FIVE POINT ONE PERCENT OF THE WORK FORCE FROM FIVE PERCENT IN NOVEMBER THE GOVERNMENT ANNOUNCED IN DECEMBER NINETEEN NINETY TWO THE JOBLESS RATE WAS FOUR POINT TWO PERCENT LAST MONTH ONE HUNDRED EIGHTY FOUR THOUSAND THREE HUNDRED EIGHTY EIGHT PEOPLE WERE RECORDED AS JOBLESS COMPARED WITH ONE HUNDRED EIGHTY THOUSAND TWO HUNDRED NINETY THREE IN NOVEMBER AND ONE HUNDRED TWENTY NINE THOUSAND SIX HUNDRED FORTY THREE IN DECEMBER NINETEEN NINETY TWO TORONTO DOMINION BANK SAID IT PLANS TO REDEEM ITS NINE POINT NINE OH PERCENT SUBORDINATED NOTES THE BANK SAID THAT IT WILL REDEEM ON FEBRUARY FIRST THE ONE HUNDRED FIFTY MILLION DOLLARS OF THE NOTES DUE IN NINETEEN NINETY NINE AT ONE HUNDRED PERCENT OF THE PRINCIPAL AMOUNT THE NOTES WERE ISSUED IN NINETEEN EIGHTY NINE TORONTO DOMINION SAID THE NOTES REPRESENT QUOTE VERY EXPENSIVE QUOTE CAPITAL BY TODAY'S STANDARDS IT SAID REDEMPTION OF THE NOTES WON'T AFFECT KEY CAPITAL RATIOS JOE DICKEY FORTY NINE YEARS OLD AND A T. V. A. SENIOR VICE PRESIDENT WAS NAMED TO THE NEW POSITION OF CHIEF OPERATING OFFICER OF THIS FEDERAL UTILITY AS PART OF A MANAGEMENT RESTRUCTURING T. V. A. ALSO NAMED OLIVER D. KINGSLEY JUNIOR FIFTY ONE AND CURRENTLY PRESIDENT OF T. V. A.'S GENERATING GROUP TO THE NEW POSITION OF PRESIDENT OF T. V. A. NUCLEAR AND CHIEF NUCLEAR OFFICER NORMAN ZIGROSSI FIFTY EIGHT AND PRESIDENT OF T. V. A.'S RESOURCE GROUP WAS NAMED TO THE NEW POST OF CHIEF ADMINISTRATIVE OFFICER VALUE HEALTH INCORPORATED SAID IT WON A CLOSELY WATCHED CONTEST TO MANAGE FORD MOTOR COMPANY'S NATIONAL PRESCRIPTION DRUG BENEFITS PROGRAM FOR ITS TWO HUNDRED SEVENTY FIVE THOUSAND UNION EMPLOYEES RETIREES AND DEPENDENTS THE PACT SHOWS HOW MERCK AND COMPANY'S RECENT MOVE INTO THE PHARMACEUTICAL BENEFITS MANAGEMENT BUSINESS BY MERGING WITH MEDCO CONTAINMENT SERVICES INCORPORATED IS ALREADY RESHAPING DRUG MARKETING THE AVON CONNECTICUT PROVIDER OF MANAGED CARE AND HEALTH CARE INFORMATION SERVICES SAID ITS VALUERX UNIT BEAT OUT MERCK MEDCO AND AN ALLIANCE INVOLVING BLUE CROSS AND BLUE SHIELD OF MICHIGAN AND MCKESSON CORPORATION'S P. C. S. HEALTH SYSTEMS INCORPORATED UNIT THE CONTRACT WILL RESULT IN ABOUT NINETY MILLION DOLLARS IN ANNUAL REVENUE FOR VALUE HEALTH OF WHICH FORTY MILLION DOLLARS REPRESENTS NEW BUSINESS SEPARATELY P. C. S. ANNOUNCED IT AND BLUE CROSS AND BLUE SHIELD OF MICHIGAN WERE AWARDED A SIMILAR CONTRACT TO MANAGE PRESCRIPTION DRUG BENEFITS FOR FORD'S ONE HUNDRED TWENTY THOUSAND SALARIED EMPLOYEES RETIREES AND DEPENDENTS THE AMOUNT WASN'T DISCLOSED IN THE ANNOUNCEMENT IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY VALUE HEALTH SHARES CLOSED AT THIRTY FIVE DOLLARS AND FIFTY CENTS UP THREE DOLLARS AND TWENTY FIVE CENTS ROBERT E. PATRICELLI CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF VALUE HEALTH INDICATED THAT THE CONTRACT WILL PLAY AN IMPORTANT ROLE IN HIS COMPANY'S EFFORT TO DEVELOP STRATEGIC ALLIANCES WITH MAJOR DRUG COMPANIES QUOTE WE AREN'T LOOKING TO BE ACQUIRED QUOTE HE SAID QUOTE BUT WE WOULDN'T RULE OUT THE POSSIBILITY OF NON CONTROLLING INVESTMENTS IN VARIOUS FORMS FROM DRUG MANUFACTURERS QUOTE SUCH RELATIONSHIPS HE AND ANALYSTS SAID WOULD BENEFIT BOTH VALUE HEALTH AND THE DRUG MAKERS VALUE HEALTH NEEDS PRICE BREAKS FROM DRUG COMPANIES TO COMPETE WITH MERCK MEDCO AND OTHER MANAGED CARE COMPANIES FOR BUSINESS WITH LARGE ACCOUNTS AND DRUG MAKERS NEED MANAGED CARE PARTNERS TO ASSURE ACCESS TO MARKET FOR THEIR PRODUCTS THE CONTRACT AWARDED JOINTLY BY FORD AND THE UNITED AUTO WORKERS COVERS TWO HUNDRED SEVENTY FIVE THOUSAND HOURLY WORKERS RETIREES AND DEPENDENTS A SIZE THAT MADE IT A DESIRABLE PLUM FOR MANAGED DRUG BENEFIT COMPANIES VALUE HEALTH'S VICTORY STRENGTHENS THEIR HAND WITH PHARMACEUTICAL MANUFACTURERS IN GAINING PRICE CONCESSIONS SAID KEN LAUDAN HEALTH CARE ANALYST WITH EQUITABLE SECURITIES IN NASHVILLE TENNESSEE VALUERX ALREADY ADMINISTERS DRUG BENEFITS FOR ONE HUNDRED FIVE THOUSAND FORD SLASH U. A. W. BENEFICIARIES IN MICHIGAN A CONTRACT THAT RESULTS IN ABOUT FIFTY TWO MILLION DOLLARS IN ANNUAL REVENUE ANALYSTS SAID THAT VALUE HEALTH HAD AN ADVANTAGE IN THE BIDDING BY ALREADY HAVING A MAJOR PORTION OF THE BUSINESS HOWEVER MERCK MEDCO WON AN EVEN BIGGER MANAGED DRUG BENEFIT CONTRACT FROM GENERAL MOTORS COMPANY LATE LAST YEAR A SITUATION WHERE MEDCO WAS THE INCUMBENT BIDDER P. C. S. AND BLUE CROSS AND BLUE SHIELD OF MICHIGAN WERE AWARDED THE CONTRACT FOR G. M.'S SALARIED EMPLOYEES VALUE HEALTH SAID IT WILL ADD THE ONE HUNDRED SEVENTY THOUSAND BENEFICIARIES OUTSIDE OF MICHIGAN ON MARCH FIRST OR AS SOON THEREAFTER AS POSSIBLE IN NINETEEN NINETY TWO VALUE HEALTH REPORTED REVENUE OF TWO HUNDRED SIXTY TWO POINT TWO MILLION DOLLARS BIOCONTROL TECHNOLOGY INCORPORATED SAID IT HAS APPLIED TO THE FOOD AND DRUG ADMINISTRATION TO MARKET A NONINVASIVE GLUCOSE SENSOR FOR DIABETICS THE MACHINE ELIMINATES THE NEED TO DRAW BLOOD TO MONITOR GLUCOSE LEVELS THE COMPANY SAID IT ANTICIPATES THE APPROVAL WITHIN FOUR MONTHS AND IS GETTING ITS INDIANA PENNSYLVANIA PLANT READY TO BEGIN PRODUCING SENSORS BY LATE SPRING BIOCONTROL HAS AN AGREEMENT WITH DIASENSE INCORPORATED OF PITTSBURGH WHICH OWNS THE SENSOR TECHNOLOGY DIASENSE WILL PURCHASE THE SENSORS FROM BIOCONTROL AND MARKET THEM THE PRICE HASN'T BEEN SET HI LO AUTOMOTIVE INCORPORATED SAID SALES IN DECEMBER JUMPED ELEVEN PERCENT TO FIFTEEN POINT SIX MILLION DOLLARS FROM FOURTEEN MILLION DOLLARS A YEAR EARLIER SALES AT STORES OPEN AT LEAST A YEAR ROSE ONE PERCENT FOR THE YEAR SALES INCREASED NINE POINT SIX PERCENT TO TWO HUNDRED FIVE POINT TWO MILLION DOLLARS FROM ONE HUNDRED EIGHTY SEVEN POINT TWO MILLION DOLLARS SAME STORE SALES ROSE ZERO POINT FIVE PERCENT MIDWAY AIRLINES SAID IT WILL BEGIN SERVICE TO PHILADELPHIA AND DENVER FROM CHICAGO'S MIDWAY AIRPORT ON JANUARY EIGHTEENTH THE TWO MONTH OLD AIRLINE SAID IT WILL FLY THREE TIMES DAILY TO PHILADELPHIA AND TWICE A DAY TO DENVER AS A RESULT MIDWAY WILL BE ABLE TO OFFER TWO DAILY FLIGHTS BETWEEN NEW YORK'S LAGUARDIA AIRPORT AND DENVER VIA CHICAGO AND DAILY PHILADELPHIA DENVER SERVICE VIA CHICAGO ONE WAY NONRESTRICTED FARES ARE ONE HUNDRED SEVENTY DOLLARS FOR CHICAGO DENVER AND CHICAGO PHILADELPHIA AND THREE HUNDRED FIFTY DOLLARS FOR NEW YORK DENVER AND PHILADELPHIA DENVER TO PROMOTE THE NEW SERVICES HOWEVER MIDWAY SAID IT IS OFFERING REDUCED ONE WAY FARES OF SEVENTY FIVE DOLLARS FOR CHICAGO PHILADELPHIA NINETY DOLLARS FOR CHICAGO DENVER ONE HUNDRED SIXTY EIGHT DOLLARS FOR LAGUARDIA DENVER AND ONE HUNDRED FORTY NINE DOLLARS FOR PHILADELPHIA DENVER THE NONREFUNDABLE PROMOTIONAL TICKETS MUST BE PURCHASED BY JANUARY FIFTEENTH FOR TRAVEL THROUGH MARCH THIRTY FIRST MERIDIAN DIAGNOSTICS INCORPORATED SAID THE U. S. FOOD AND DRUG ADMINISTRATION HAS GIVEN IT PERMISSION TO BEGIN MARKETING A NEW IMMUNOCARD PRODUCT USED TO DIAGNOSE INFECTIOUS MONONUCLEOSIS THE PRODUCT IS A TINY DEVICE CAPABLE OF DETECTING IN SERUM PLASMA OR WHOLE BLOOD THE ANTIBODIES PRODUCED DURING INFECTION MERIDIAN IS ONE OF THE LEADERS IN THE SIXTEEN MILLION DOLLAR WORLD WIDE ANNUAL MARKET FOR INFECTIOUS MONONUCLEOSIS TESTING HAVING RECENTLY ACQUIRED THE INFECTIOUS MONONUCLEOSIS PRODUCT LINE FROM ORTO DIAGNOSTIC SYSTEMS INCORPORATED A UNIT OF JOHNSON AND JOHNSON COMPANY GANTOS INCORPORATED REPORTED NET SALES OF THIRTY ONE POINT THREE MILLION DOLLARS FOR THE FIVE WEEK PERIOD ENDED JANUARY FIRST DOWN EIGHT PERCENT FROM THE SAME PERIOD A YEAR AGO NET SALES FOR STORES OPEN AT LEAST A YEAR ALSO DROPPED EIGHT PERCENT NET SALES FOR THE FORTY EIGHT WEEKS ENDED JANUARY FIRST WERE ONE HUNDRED NINETY TWO POINT TWO MILLION DOLLARS OFF NINE PERCENT FROM THE SAME PERIOD LAST YEAR NET SALES FOR STORES OPEN THROUGHOUT BOTH PERIODS DECLINED BY THE SAME AMOUNT BROKERAGE FIRMS' FOURTH QUARTER EARNINGS ARE EXPECTED TO FALL JUST SHORT OF THE LOFTY RESULTS POSTED OVER THE PREVIOUS SIX MONTHS BUT ANALYSTS SAY LOW INTEREST RATES AND BRISK DEMAND FOR SECURITIES EARLY THIS YEAR SHOULD CONTINUE TO PROVIDE A TAIL WIND FOR BROKERAGE FIRMS WHOSE PROFITS HAVE SOARED TO RECORD LEVELS FOR TWO STRAIGHT YEARS WALL STREET HAS A TOUGH ACT TO FOLLOW IN NINETEEN NINETY FOUR BUT ALTHOUGH THE BULL MARKET AND UNDERWRITING BOOM ARE A YEAR OLDER ANALYSTS DON'T SEE ANYTHING NEW TO PORTEND AN IMMINENT SLOWDOWN IN FACT THEY SAY INDUSTRY CONDITIONS NOW MIMIC THOSE OF A YEAR AGO UNDERWRITING VOLUME HAS REACHED UNPRECEDENTED LEVELS INVESTORS ARE EAGER TO SINK CASH INTO SECURITIES ISSUERS STILL NEED NEW CAPITAL AND INTEREST RATES ARE AT LOW LEVELS THAT COMBINATION MADE NINETEEN NINETY THREE A RECORD YEAR BY NEARLY EVERY MEASURE AND BIG YEAR OVER YEAR GAINS ACROSS ALL MAJOR BUSINESS LINES CONTINUED THROUGH THE FOURTH QUARTER ANALYSTS SAY QUOTE THE FOURTH QUARTER WAS VERY STRONG QUOTE SANFORD C. BERNSTEIN ANALYST GUY MOSZKOWSKI SAID THE ONLY SIGNIFICANT WEAKNESS WAS IN FIXED INCOME UNDERWRITING WHICH WAS DOWN FROM OTHER NINETEEN NINETY THREE QUARTERS FIRST OF MICHIGAN ANALYST PERRIN LONG ESTIMATES THE INDUSTRY WILL REPORT FOURTH QUARTER NET INCOME OF ONE POINT TWO BILLION DOLLARS TO ONE POINT THREE BILLION DOLLARS SLIGHTLY OFF THE PACE OF THE FIRST NINE MONTHS WHEN HE SAID AGGREGATE EARNINGS WERE FOUR POINT FOUR BILLION DOLLARS MICHAEL FLANAGAN OF LIPPER ANALYTICAL SERVICES SAID THE STRENGTH OF THE FOURTH QUARTER SHOULD CONTINUE TO BE IN UNDERWRITING WITH STRONG CONTRIBUTIONS FROM COMMISSIONS FEES GATHERED FROM UNDERWRITING SURGED BY MORE THAN A THIRD FROM NINETEEN NINETY TWO'S RECORD SIX POINT SEVEN SIX BILLION DOLLARS TO NINE POINT ONE BILLION DOLLARS PROPELLED BY UNPRECEDENTED DEMAND FOR INITIAL PUBLIC OFFERINGS AND OTHER EQUITY ISSUES OF THE SIX BIG NEW YORK BASED FIRMS SET TO REPORT QUARTERLY EARNINGS THIS MONTH ANALYSTS FORECAST MARGINALLY LOWER NET INCOME FOR MERRILL LYNCH AND COMPANY PAINEWEBBER GROUP DEAN WITTER DISCOVER AND COMPANY AND BEAR STEARNS COMPANIES SALOMON INCORPORATED WHICH REPORTED AN ABERRANT ONE CENT A SHARE IN EARNINGS FOR THE THIRD QUARTER BECAUSE OF TRADING LOSSES IS EXPECTED TO REBOUND CHARLES SCHWAB CORPORATION ALSO IS SEEN RUNNING SOMEWHAT AHEAD OF ITS THIRD QUARTER WHEN A ONE TIME CHARGE CLIPPED REPORTED EARNINGS ANALYSTS CITE EVIDENCE THAT THE NATION'S LARGEST DISCOUNT BROKER HAS PULLED IN HEAVY VOLUME FROM ITS ONESOURCE MUTUAL FUND PROGRAM ALTHOUGH HE CITED A FEW CAUTIONARY SIGNS SUCH AS A SPATE OF WITHDRAWN I. P. O.S AND A SLOWING OF REAL ESTATE INVESTMENT TRUST ISSUANCE C. S. FIRST BOSTON ANALYST DAVID HILDER SAID IN A LONGER TERM CONTEXT THE ENVIRONMENT IS VERY POSITIVE BUSINESSES AND GOVERNMENTS STILL NEED TO RAISE LARGE AMOUNTS OF CAPITAL AND IN A LOW INTEREST RATE AND LOW INFLATION ENVIRONMENT FINANCIAL ASSETS ARE CHEAPER TO OWN THAN OTHER ASSET CLASSES LOW INTEREST RATES FORM THE LINCHPIN OF WALL STREET'S THREE YEAR BOOM AND UNCERTAINTY ABOUT THE TRAJECTORY OF INTEREST RATES WHICH HAS UPSET THE BOND MARKET A FEW TIMES LATELY IS ALL THAT TEMPERS ANALYSTS' FORECASTS FOR NINETEEN NINETY FOUR THE SUPPLY OF NEW DEBT AND EQUITY STRETCHES UNBROKEN TO THE HORIZON ANALYSTS SAID BUT QUOTE A SIGN OF CHANGING INTEREST RATES WILL CALL OFF ALL BETS QUOTE MR. FLANAGAN OF LIPPER ANALYTICAL SAID A SIGNIFICANT INCREASE IN INTEREST RATES WOULD BE EXPECTED TO DRAIN INDIVIDUALS' CASH FROM MUTUAL FUNDS AND BROKERAGE ACCOUNTS IN FAVOR OF TRADITIONAL SAVINGS INSTRUMENTS HE ADDED THAT ABOUT ONE THIRD OF BROKERAGE FIRMS' PRETAX PROFIT DERIVES FROM NET INTEREST REVENUE WHICH COULD MAKE BOTTOM LINES QUITE VULNERABLE TO RISING RATES THE FIRMS LIKELY TO BE BEST ABLE TO RESIST THE EFFECTS OF CLIMBING RATES ARE THOSE ADEPT AT CAPTURING AND RETAINING INDIVIDUALS' ASSETS SUCH AS DEAN WITTER DISCOVER AND MERRILL LYNCH ANALYSTS SAID JOAN SOLOTAR OF DONALDSON LUFKIN AND JENRETTE SECURITIES CORPORATION SAID THAT IN THE FIRST HALF OF NINETEEN NINETY FOUR UPSIDE SURPRISES SHOULD COME FROM QUICKENING MERGERS AND ACQUISITIONS BUSINESS AND EUROPEAN SALES AND TRADING AREAS CITED BY SEVERAL OBSERVERS AS POTENTIAL HEDGES AGAINST FLAGGING RETAIL INVESTOR DEMAND IN THE U. S. JAPAN'S MINISTRY OF POSTS AND TELECOMMUNICATIONS ALARMED BY A PERCEIVED U. S. LEAD IN QUOTE MULTIMEDIA QUOTE NETWORKING SAID IT WILL BOOST DEVELOPMENT OF JAPAN'S OWN QUOTE INFORMATION HIGHWAY QUOTE THE MINISTRY UNVEILED A HANDFUL OF MEASURES YESTERDAY INTENDED TO PROMOTE NEW BUSINESSES AND THE EXPANSION OF A JAPANESE DATA NETWORK IN PARTICULAR THE MINISTRY PROMISED TO JUMP START THE CABLE T. V. INDUSTRY BY ALLOWING COMPANIES TO DELIVER BROADCAST ENTERTAINMENT OVER FIBER OPTIC NETWORKS AND TO EASE REGULATIONS ON PROVIDERS OF SUBSCRIPTION BROADCAST SERVICES UNLIKE THE U. S. WHERE COMPANIES SUCH AS M. C. I. COMMUNICATIONS CORPORATION SEEM TO ANNOUNCE EVERY WEEK NEW MULTIBILLION DOLLAR INVESTMENTS IN FIBER OPTIC DATA NETWORKS JAPAN HAS LAGGED IN BUILDING THE NETWORKS NEEDED TO DELIVER INTERACTIVE MULTIMEDIA ENTERTAINMENT AND A VARIETY OF OTHER SERVICES TO HOMES AND BUSINESSES REGULATION HAS DEFINITELY HAMPERED THE INTERNATIONAL COMPETITIVENESS OF THE TELECOMMUNICATIONS INDUSTRY IN JAPAN SAID MASASHI KOJIMA PRESIDENT OF TELECOMMUNICATIONS CONCERN NIPPON TELEGRAPH AND TELEPHONE CORPORATION JAPANESE COMPANIES FOR INSTANCE HAVE BEEN SLOW TO OFFER THE TELECOMMUNICATIONS SERVICES MANY AMERICANS TAKE FOR GRANTED SUCH AS CALLER I. D. AND CALL WAITING SIMILARLY CABLE TELEVISION OFTEN CONSIDERED A LOGICAL PRECURSOR TO MULTIMEDIA NETWORKS REACHES ONLY A SMALL PERCENTAGE OF JAPANESE HOMES THE MINISTRY HINTED IT MIGHT SPEED UP PLANS TO BUILD A NATIONWIDE FIBER OPTIC NETWORK NOW SLATED FOR COMPLETION IN TWO THOUSAND FIFTEEN MINISTRY OFFICIALS YESTERDAY SUGGESTED THEY NOW MAY SHOOT FOR A TARGET DATE FIVE YEARS EARLIER THE MINISTRY PREDICTS THAT THE MULTIMEDIA MARKET IN JAPAN WILL GROW TO ONE HUNDRED TWENTY THREE TRILLION YEN ONE POINT OH EIGHT TRILLION DOLLARS BY TWO THOUSAND TEN GENERATING TWO POINT FOUR MILLION JOBS ALONG THE WAY STILL THE POSTAL MINISTRY INSISTS IT WILL CONTINUE TO PROMOTE DIRECT SATELLITE BROADCASTING WHICH IT HAS FAVORED UNTIL NOW OVER CABLE TELEVISION SYSTEMS IF PEOPLE IN GENERAL GO FOR SATELLITE BROADCASTING THE CABLE INDUSTRY COULD END UP UNDERDOGS SAID MINORU AKIMOTO PRESIDENT OF TIME WARNER ENTERTAINMENT JAPAN INCORPORATED THE COMPANY A JOINT VENTURE OF TIME WARNER INCORPORATED TOSHIBA CORPORATION AND ITOCHU CORPORATION HAS BEEN ACTIVELY EXPLORING CABLE T. V. OPPORTUNITIES IN JAPAN WHILE THE NEW POLICY STILL LACKS CRUCIAL DETAILS SUCH AS WHO WILL PAY AN ESTIMATED FORTY FIVE TRILLION YEN THREE HUNDRED NINETY NINE BILLION DOLLARS NEEDED TO BUILD THE FIBER OPTIC NETWORK MINISTRY OFFICIALS SAID THEY WANTED TO PUT THEIR PLAN ON THE TABLE BEFORE U. S. VICE PRESIDENT AL GORE MAKES A SCHEDULED SPEECH NEXT WEEK OUTLINING U. S. POLICY TOWARD MULTIMEDIA NETWORKING UNITED AIRLINES SAID ITS DECEMBER TRAFFIC ROSE FIVE POINT FOUR PERCENT TO SEVEN POINT NINE EIGHT BILLION REVENUE PASSENGER MILES FROM SEVEN POINT FIVE SEVEN BILLION A YEAR EARLIER A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE LOAD FACTOR OR THE PERCENTAGE OF AVAILABLE SEATS FILLED ROSE TO SIXTY THREE POINT EIGHT PERCENT FROM SIXTY THREE POINT ONE PERCENT FOR ALL NINETEEN NINETY THREE THE U. A. L. CORPORATION UNIT SAID IT FLEW ONE HUNDRED ONE BILLION REVENUE PASSENGER MILES UP NINE POINT TWO PERCENT FROM NINETY TWO POINT FIVE BILLION A YEAR EARLIER LOAD FACTOR WAS SIXTY SEVEN POINT ONE PERCENT DOWN FROM SIXTY SEVEN POINT FOUR PERCENT MERRY GO ROUND ENTERPRISES INCORPORATED AFTER REPORTING WEAK DECEMBER SALES IS ASKING ITS LARGEST SUPPLIERS AND FACTORING COMPANIES FOR A NINE MONTH MORATORIUM ON PAYMENTS OF ITS TRADE DEBTS ACCORDING TO RETAIL CREDIT INDUSTRY EXECUTIVES THE JOPPA MARYLAND APPAREL RETAILER HAS BEEN STAVING OFF A CHAPTER ELEVEN BANKRUPTCY LAW FILING AS IT RENEGOTIATES CREDIT AGREEMENTS WITH ITS LENDERS IN DECEMBER THE COMPANY MISSED PAYMENTS TO SUPPLIERS AND REPORTED A THIRD QUARTER LOSS THAT PLACED IT IN VIOLATION OF CREDIT PACTS YESTERDAY MERRY GO ROUND REPORTED THAT SALES AT STORES OPEN AT LEAST A YEAR WERE DOWN SIXTEEN PERCENT IN DECEMBER FROM A YEAR EARLIER IN AN ATTEMPT TO FURTHER FORESTALL A BANKRUPTCY LAW FILING MERRY GO ROUND HAS ASKED MAJOR VENDORS AND FACTORING COMPANIES TO AGREE TO A MORATORIUM UNDER WHICH THE COMPANY WOULD PAY OFF THE ARREARS WITH INTEREST ON SEPTEMBER FIRST MERRY GO ROUND WHICH HAD PREVIOUSLY SAID IT WAS CONCERNED ABOUT RECEIVING AN ADEQUATE SUPPLY OF SPRING GOODS FOR ITS STORES HAS ALSO SAID IT WILL SET UP A SIXTY MILLION DOLLAR LETTER OF CREDIT TO FINANCE SPRING MERCHANDISE SHIPMENTS ACCORDING TO FACTORING AND RETAIL CREDIT EXECUTIVES FACTORING COMPANIES GUARANTEE PAYMENT FOR SHIPMENTS FROM MANUFACTURERS TO RETAILERS ASKED ABOUT THE MORATORIUM AND LETTER OF CREDIT A COMPANY SPOKESWOMAN HAD NO COMMENT MERRY GO ROUND WHICH SPECIALIZES IN CLOTHING FOR YOUNG MEN AND WOMEN OPERATES STORES MOSTLY UNDER THE NAMES CHESS KING CIGNAL AND MERRY GO ROUND THE COMPANY WAS HURT BY A SLOWDOWN IN APPAREL SALES AND POOR SALES OF SUCH FAD MERCHANDISE AS BELL BOTTOM PANTS ON WHICH THE COMPANY BET HEAVILY LAST YEAR THE COMPANY HAD A NET LOSS OF THIRTY EIGHT POINT FIVE MILLION DOLLARS FOR THE THIRD QUARTER ENDED OCTOBER THIRTIETH FOLLOWING THE NEWS ON DECEMBER SALES MERRY GO ROUND SHARES FELL FIFTY CENTS TO THREE DOLLARS AND FIFTY CENTS IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE YESTERDAY SOME FACTORS WHO DECLINED TO BE IDENTIFIED SAID THEY WEREN'T SHIPPING ORDERS TO MERRY GO ROUND RICHARD POSNER OF CREDIT EXCHANGE INCORPORATED A CREDIT MONITORING AGENCY FOR APPAREL BUSINESSES SAID HE IS NOT APPROVING ORDERS TO MERRY GO ROUND QUOTE THEIR SITUATION ISN'T GETTING ANY BETTER QUOTE HE SAID VENDORS AREN'T SHIPPING THEM SPRING GOODS BOB CARBONELL DIRECTOR OF CREDIT AT DUN AND BRADSTREET'S CREDIT CLEARING HOUSE UNIT SAID HE WAS HOLDING ON WHETHER TO RECOMMEND THAT SUPPLIERS SHIP GOODS TO THE COMPANY HE IS WAITING TO SEE IF THE COMPANY CAN STRIKE A NEW AGREEMENT WITH ITS LENDERS WE NEED TO SEE WHAT THE SUPPLIERS WILL DO ON THE MORATORIUM MR. CARBONELL SAID DILLARD DEPARTMENT STORES INCORPORATED SAID SALES FOR THE MONTH ENDED JANUARY FIRST INCREASED EIGHT PERCENT TO NINE HUNDRED FIFTEEN POINT FIVE MILLION DOLLARS FROM EIGHT HUNDRED FIFTY POINT THREE MILLION DOLLARS A YEAR EARLIER SALES AT STORES OPEN AT LEAST A YEAR ROSE FIVE PERCENT YEAR TO DATE SALES ROSE NINE PERCENT TO FOUR POINT EIGHT FOUR BILLION DOLLARS FROM FOUR POINT FOUR FOUR BILLION DOLLARS WHILE SALES AT STORES OPEN AT LEAST A YEAR ROSE THREE PERCENT IN THAT PERIOD MARINER HEALTH GROUP INCORPORATED SAID IT SIGNED A DEFINITIVE AGREEMENT TO ACQUIRE PINNACLE CARE CORPORATION IN A STOCK SWAP VALUED AT ABOUT ONE HUNDRED FOUR MILLION DOLLARS THE DEAL WOULD EFFECTIVELY DOUBLE MARINER'S REVENUE AND EXTEND ITS GEOGRAPHIC REACH THE COMPANY SAID MARINER WHICH EXPECTS TO POST REVENUE OF ABOUT SEVENTY MILLION DOLLARS FOR NINETEEN NINETY THREE PROVIDES SUBACUTE HEALTH CARE TO PATIENTS WHO NO LONGER REQUIRE THE EXTENSIVE SERVICES OF AN ACUTE CARE HOSPITAL BUT ARE TOO SICK TO GO HOME CLOSELY HELD PINNACLE BASED IN NASHVILLE TENNESSEE OWNS OR MANAGES THIRTEEN SKILLED NURSING CENTERS OPERATES TWENTY SEVEN OUTPATIENT REHABILITATION CLINICS AND CONTRACTS SERVICES TO NURSING HOMES IT'S EXPECTED TO POST REVENUE OF ABOUT SEVENTY MILLION DOLLARS FOR NINETEEN NINETY THREE MARINER SAID THE PACT IS THE LATEST IN A SERIES OF COMBINATIONS IN THE HEALTH CARE INDUSTRY AS PROVIDERS MOVE TO POSITION THEMSELVES FOR THE CLINTON ADMINISTRATION'S PROPOSED REFORMS ON WEDNESDAY SUN HEALTHCARE INCORPORATED A NURSING HOME OPERATOR AGREED TO ACQUIRE MEDIPLEX GROUP INCORPORATED A PROVIDER OF SUBACUTE CARE FOR ABOUT THREE HUNDRED TWELVE MILLION DOLLARS IN CASH AND STOCK ARTHUR W. STRATTON JUNIOR CHIEF EXECUTIVE OFFICER AND PRESIDENT OF MARINER SAID THE ACQUISITION WILL EXTEND MARINER'S OPERATIONS FROM NEW ENGLAND AND MID ATLANTIC STATES TO THE SOUTHEASTERN REGION WHERE PINNACLE HAS A STRONG PRESENCE UNDER THE AGREEMENT MARINER SAID IT WILL ISSUE BETWEEN FOUR POINT NINE MILLION AND FIVE POINT FIVE MILLION SHARES BASED ON THE PRICE OF MARINER'S STOCK BEFORE THE TRANSACTION IS COMPLETED THE ONE HUNDRED FOUR MILLION DOLLAR ACQUISITION PRICE IS BASED ON THE TWENTY ONE DOLLAR AND FIFTY CENT CLOSING PRICE OF MARINER'S SHARES IN NASDAQ TRADING YESTERDAY THE COMPANY SAID IT WOULD ISSUE FOUR POINT NINE MILLION SHARES BASED ON THAT PRICE PINNACLE'S MANAGEMENT TEAM WILL REMAIN WITH THE COMBINED ENTITY WHILE PINNACLE'S PRESIDENT AND CHIEF EXECUTIVE J. GEORGE HARRIS WILL ASSUME THE POSITIONS OF PRESIDENT AND CHIEF OPERATING OFFICER OF THE NEW COMPANY DOCTOR STRATTON WILL REMAIN CHAIRMAN AND CHIEF EXECUTIVE OF MARINER THE ACQUISITION HAS BEEN APPROVED BY THE BOARDS OF EACH COMPANY BUT STILL REQUIRES REGULATORY CLEARANCE AND SHAREHOLDER APPROVALS THE TRANSACTION IS EXPECTED TO BE COMPLETED IN APRIL ANNOUNCEMENT OF THE PLANNED ACQUISITION WAS MADE AFTER THE STOCK MARKET CLOSED YESTERDAY MARINER'S SHARES WERE UNCHANGED AT TWENTY ONE DOLLARS AND FIFTY CENTS VICTOR POSNER RESIGNED AS CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF SALEM CORPORATION PITTSBURGH EFFECTIVE JANUARY FOURTH LAST MONTH A FEDERAL JUDGE BANNED MR. POSNER WHO HAS TANGLED WITH SECURITIES LAW AUTHORITIES FOR TWENTY ONE YEARS FROM SERVING AS AN OFFICER OR DIRECTOR OF ANY PUBLICLY TRADED COMPANY A SALEM SPOKESWOMAN SAID MR. POSNER RESIGNED BECAUSE OF THE JUDGE'S ORDER THE COMPANY HAS NO PLANS TO NAME A SUCCESSOR BECAUSE MR. POSNER IS APPEALING THE ORDER A. A. FORNATARO SALEM'S PRESIDENT FOR FIVE YEARS WILL KEEP HIS TITLE SALEM DESIGNS ENGINEERS AND INSTALLS HEAVY INDUSTRIAL EQUIPMENT PRIMARILY FOR THE COAL AND STEEL INDUSTRIES THE PENALTY ALSO APPLIED TO MR. POSNER'S SON STEVEN POSNER WHO ALONG WITH HIS FATHER HAS BEEN AN OFFICER OF SEVERAL POSNER CONTROLLED COMPANIES OVER THE YEARS INCLUDING SHARON STEEL CORPORATION D. W. G. CORPORATION AND SALEM THE TWO MEN WERE ORDERED TO PAY THE GOVERNMENT THREE POINT NINE MILLION DOLLARS STEVEN POSNER LEFT THE BOARD IN JULY MEANWHILE N. V. F. CORPORATION ALSO SAID THAT VICTOR POSNER AND STEVEN POSNER RESIGNED AS DIRECTORS AND OFFICERS OF THE COMPANY EFFECTIVE JANUARY FOURTH VICTOR POSNER THE LARGEST SHAREHOLDER IN MIAMI BASED N. V. F. WAS CHAIRMAN AND CHIEF EXECUTIVE STEVEN POSNER WAS VICE CHAIRMAN N. V. F. A MAKER OF PLASTICS CIRCUIT BOARDS AND OTHER PRODUCTS NOTED THAT THE RESIGNATIONS WOULDN'T DISRUPT THE COMPANY'S OPERATIONS IN A STERN REPROOF U. S. DISTRICT JUDGE MILTON POLLACK CALLED THE TWO MIAMI BEACH BUSINESSMEN QUOTE RECIDIVIST VIOLATORS OF THE FEDERAL SECURITIES LAWS QUOTE JUDGE POLLACK'S ORDER CAME IN A CIVIL SUIT BROUGHT BY THE SECURITIES AND EXCHANGE COMMISSION AGAINST THE POSNERS IN NINETEEN EIGHTY EIGHT AS PART OF THE AGENCY'S SWEEPING CASE AGAINST DREXEL BURNHAM LAMBERT INCORPORATED MICHAEL MILKEN AND IVAN BOESKY IN LATE TRADING ON THE AMERICAN STOCK EXCHANGE SALEM'S STOCK WAS AT FOURTEEN POINT EIGHT SEVEN FIVE DOLLARS UP SIXTY TWO POINT FIVE CENTS GEORGE G. CAREY SIXTY YEARS OLD WAS NAMED TO THE NEW POSITION OF VICE PRESIDENT ADVERTISING HUMAN RESOURCES AND MARKETING SERVICES P. AND G. WORLDWIDE QUOTE I HAVE EVERYTHING QUOTE SAYS THE YOUNG WOMAN PRACTICING ENGLISH IN HER BEST GARBO VOICE EXCEPT MONEY VIETNAM IS LIKE THAT THESE DAYS YOUNG MONEY HUNGRY A BIT SURREAL THE SUNSET PUB RUN BY A FORMER AID WORKER FROM FINLAND SERVES MEXICAN STYLE PIZZA AMID PHOTOS OF JAMES DEAN CHIANG KAI SHEK'S OLD POLITICAL PARTY IN TAIWAN IS INVESTING IN HO CHI MINH CITY AND RETIRED AIR FORCE MAJOR GENERAL RICHARD SECORD OF IRAN CONTRA FAME COMES HERE ON BEHALF OF AN ENGINEERING COMPANY EVEN HUE WHOSE BUDDHIST MONKS ARE STILL A VOICE OF DISSENT HAS A NEW BEER BREWED WITH DANISH TECHNOLOGY MARX IS OUT AND WHAT IS DRIVING ALL THIS MORE THAN ANYTHING ELSE IS AN EXPLOSION IN THE NUMBER OF YOUNG PEOPLE COMING INTO THE WORK FORCE AND MARKETPLACE JUST AS THE LEADERSHIP HAS MOVED TOWARD A MORE OPEN ECONOMY HALF OF VIETNAM'S WORKERS ARE UNDER THIRTY ACCORDING TO GOVERNMENT OFFICIALS AND AS MORE THAN A MILLION BABY BOOMERS TURN EIGHTEEN EACH YEAR AN OLDER GENERATION AND ITS ORDER ARE BEING PUSHED OUT TO PENSION IN THE PAST WE STUDIED AND FOUGHT FOR THE INDEPENDENCE OF THE NATION SAYS TRAN BUU LAM A GRAY HAIRED TEACHER AND COLLEGE ADMINISTRATOR IN HUE NOW THEY STUDY AND FIGHT FOR THEIR LIVES THE NEW GENERATION HAS LITTLE APPETITE FOR POLITICAL CAUSES AND FOCUSES ALMOST SINGLE MINDEDLY ON ECONOMIC SECURITY THERE IS A CYNICISM BRED BY WHOLESALE TUITION INCREASES AND OBVIOUS CORRUPTION AMONG POLICE AND ELDERS ENGAGED IN BLACK MARKET SMUGGLING BUT WITH THIS HARD BITTEN STREAK COMES A GREAT YOUTHFUL HUNGER FOR ROMANCE WITH THE RELEASE HERE OF THE FILM GONE WITH THE WIND SCARLETT O'HARA ENJOYS A FOLLOWING SHE IS BOTH THE MOST UNLIKELY AND TRUEST OF HEROINES FOR A SOCIETY WHERE WOMEN ARE STRONG AND THE TURMOIL OF RECONSTRUCTION IS GREAT QUOTE WE HAVE TWO RISKS IN VIETNAM ONE IS THE CORRUPTION AND THE OTHER IS THE LACK OF MOTIVATION SAYS DUONG QUYNH HOA THE HEALTH MINISTER FOR THE VIET CONG DURING THE WAR NOW THEY ARE THINKING ONLY IN TERMS OF MONEY SHE SAYS OF THE NEW GENERATION WE MUST ALSO GIVE THE IDEALS TO THEM CAUGHT IN THE TRANSITION ARE VETERANS OF THE WAR WHO EXPRESS A SENSE OF EMPTINESS AND EVEN ANGER ONE LIKENS THE NEW MARKET ECONOMY TO A SWINGING DOOR THAT OPENS TO A BRIGHTER FUTURE BUT CAN COME BACK AND SMASH YOU IN THE FACE AND AS SOCIALISM FRAYS AND THE GAP WIDENS BETWEEN RICH AND POOR THE VIETNAMESE FACE THE SAME SELF DOUBT ABOUT THE WAR THAT HAS LONG TORTURED AMERICANS FANCY HOMES IN HANOI'S WEST LAKE AREA SYMBOLIZE THE CITY'S NEW ELITE WHILE IN OPEN LABOR MARKETS JUST BLOCKS FROM NATIONAL HERO HO CHI MINH'S MAUSOLEUM RURAL VILLAGERS LINE UP BEFORE DAWN LOOKING FOR DAY JOBS FROM CONSTRUCTION CONTRACTORS STATISTICS IN VIETNAM ARE NOTORIOUSLY UNRELIABLE BUT BY ANY STANDARD THE DEMOGRAPHIC SHIFT HERE IS HUGE THE COUNTRY'S POPULATION WHICH HAS BEEN GROWING AT AN ANNUAL RATE OF MORE THAN TWO PERCENT IS ABOUT SEVENTY TWO MILLION TODAY A FEW YEARS AGO IT WAS ESTIMATED THAT ALMOST TWO FIFTHS OF VIETNAM'S POPULATION WAS FIFTEEN YEARS OR YOUNGER THE WORK FORCE IS NOW ABOUT THIRTY TWO MILLION THIS YEAR'S CROP OF EIGHTEEN YEAR OLDS IS ONLY THE FIRST WAVE OF TENS OF MILLIONS OF YOUNG PEOPLE BORN SINCE THE END OF THE WAR IN NINETEEN SEVENTY FIVE WHO WILL BE SWELLING THAT WORK FORCE SUCCESS BELONGS TO THOSE WHO CAN BEST RIDE THIS WAVE AND FOR LE VAN KIEM THE NEW GENERATION IS THE LABOR POOL ON WHICH HE HAS BUILT HIS OWN FUTURE A NATIVE OF THE ANCIENT CITY OF HUE MR. KIEM FIRST MOVED TO THE CAPITAL AS A BOY IN NINETEEN FIFTY FOUR AND THEN RETURNED TO THE SOUTHERN PART OF THE COUNTRY AS A MEMBER OF A NORTH VIETNAMESE ARMY TRANSPORTATION UNIT HE STAYED AFTER THE WAR IN A GOVERNMENT POST WHERE HE LEARNED HE SAYS BY STUDYING BIDDING PRACTICES ON GOVERNMENT CONTRACTS TODAY HE IS THE FORTY EIGHT YEAR OLD PRESIDENT OF HUY HOANG COMPANY A PRIVATE GARMENT AND CONSTRUCTION COMPANY WHOSE SPORTSWEAR EXPORTS WERE THIRTY TWO POINT FIVE MILLION DOLLARS LAST YEAR A BUDDHIST LIKE GARDEN MORE DECORATIVE THAN RELIGIOUS SHIELDS HIS MODERN PLANT OUTSIDE OLD SAIGON THE HANGAR LIKE BUILDING OPEN ON THE SIDES AND COOLED BY CEILING FANS HOUSES HUNDREDS OF WORKSTATIONS WITH WOMEN AT SEWING MACHINES ALMOST ALL ARE IN THEIR TWENTIES AND TWO SHIFTS OF ONE THOUSAND TWO HUNDRED FIFTY WORKERS CUT SEW AND PACKAGE ORDERS FOR PIECEWORK WAGES AVERAGING THE EQUIVALENT OF ABOUT FIFTY DOLLARS A MONTH THE COMPANY MAKES ITS OWN LINE OF CLOTHING AND HAS A GLORY LOGO RESEMBLING A RISING SUN BUT MUCH OF ITS BUSINESS IS WITH JAPANESE AND GERMAN BUYERS WHO PROVIDE HIGH QUALITY CLOTH AND PATTERNS FOR SPORTSWEAR SOLD OVERSEAS UNDER THEIR OWN NAMES THIS COMES AT A TIME WHEN WESTERN DESIGNERS ARE INDULGING IN THEIR OWN QUOTE INDO CHIC QUOTE IMITATIONS OF TRADITIONAL VIETNAMESE STYLES ADVERTISED BY YOUNG VIETNAMESE WOMEN MODELING CHANEL AND RALPH LAUREN CLOTHES THAT SELL FOR SEVERAL YEARS' WAGES TO THE AVERAGE VIETNAMESE WHILE MR. KIEM PROSPERS BY USING THE YOUNG GENERATION AS A WORK FORCE HO TRONG TIET IS DOING NICELY BY CATERING TO ITS TASTES MR. TIET IS A FIFTY ONE YEAR OLD BUSINESSMAN WHO ALSO WAS BORN IN CENTRAL VIETNAM THOUGH HE SIDED WITH THE SOUTH IN THE WAR AS AN ADMINISTRATOR IN THE DANANG AREA HE NOW IS CAPITALIZING ON THE NEW GENERATION'S LOVE AFFAIR WITH BILLIARDS HIS THANH MINH BRAND TABLES AND CUE STICKS ARE MARKETED UNDER A LOGO FEATURING A BUSTY LONG LEGGED EURASIAN WOMAN GIVEN HIS PAST TIES TO THE OLD SAIGON REGIME MR. TIET IS WARY OF CELEBRATING HIS SUCCESS BUT THE BUSINESS WHICH HE RUNS WITH HIS SONS HAS ABOUT THIRTY SHOPS AND EMPLOYS AN ESTIMATED SEVEN HUNDRED WORKERS OR NEARLY SEVEN TIMES THE NUMBER JUST FIVE YEARS AGO GERMANY AND BRITAIN ARE TWO EXPORT MARKETS AND AN INDIANA COMPANY IS INTERESTED IF THE U. S. ECONOMIC EMBARGO ON VIETNAM IS LIFTED BUT THE REAL HEART OF MR. TIET'S SUCCESS SO FAR LIES IN VIETNAM ITSELF WHERE BILLIARD HALLS NOW ARE A COMMON SIGHT AND WHERE A RIVAL COMPANY HAS UNABASHEDLY BEGUN SELLING TABLES WITH ITS OWN WELL ENDOWED MODEL THE OLD PEOPLE ARE CAUTIOUS HE SAYS THE YOUNG PEOPLE WANT TO SEE SOMETHING NEW WHAT YOUNG PEOPLE IN VIETNAM WANT MOST IS A JOB WHICH MANY HOPE WILL COME COURTESY OF FOREIGN INVESTMENT THE WORLD'S OLD COLONIALISTS THE BRITISH AND FRENCH TODAY OFFER LANGUAGE COURSES TO THE VIETNAMESE HOW HIGH IS BIG BEN ASKS ONE ENGLISH TUTORIAL THE NEW GENERATION OF COLONIALISTS THE TAIWANESE TEACH HOW TO MAKE THINGS SUCH AS SHOES TEXTILES AND FUR COATS IN DANANG ALONE SEVEN TAIWANESE ENTERPRISES ARE UNDER WAY THOUGH THE FOREIGN BUSINESS COMMUNITY BELIEVES JAPAN WILL DOMINATE ULTIMATELY TAIPEI'S GOVERNMENT IS ENCOURAGING INVESTMENT IN VIETNAM IN PART TO BALANCE TAIWAN'S HOLDINGS IN NEIGHBORING CHINA GOLD MEDAL FOOTWEAR FOR EXAMPLE EMPLOYS FIVE HUNDRED YOUNG WORKERS IN DANANG AND HOPES TO INCREASE THAT NUMBER TO TWO THOUSAND FIVE HUNDRED AS PART OF A THIRTY MILLION DOLLAR INVESTMENT THAT WILL BENEFIT FROM GOVERNMENT GUARANTEES BY TAIPEI AND MULTIPLE TAX BREAKS FROM VIETNAM WAGES EQUAL TO ABOUT THIRTY FIVE DOLLARS A MONTH ARE COMPETITIVE WITH THE COMPANY'S PLANT IN CHINA WHERE THE VERY SAME SHOES ARE MADE FOR EXPORT TO THE U. S. FOOTWEAR MADE AT THE DANANG PLANT IS NOW TARGETED TO EUROPE BUT THE HOPE IS TO MAKE HIKING AND CASUAL SHOES FOR SALE TO THE STATES IF CURRENT RESTRICTIONS ARE ENDED THE NEW TAN THUAN EXPORT PROCESSING ZONE IN HO CHI MINH CITY IS THE MOST AMBITIOUS UNDERTAKING AND REPRESENTS A JOINT VENTURE BETWEEN VIETNAM AND INVESTORS ALLIED WITH THE OLD RULING KUOMINTANG IN TAIWAN THE BUBBLY VIETNAMESE SPOKESMAN WHO LEARNED HIS ENGLISH WHILE SITTING OUT A BIG CHUNK OF THE WAR AT THE UNIVERSITY OF WISCONSIN FROM NINETEEN SIXTY EIGHT TO NINETEEN SEVENTY TWO CLAIMS THERE ARE BOOKINGS FOR ABOUT ONE HUNDRED TEN ACRES MOSTLY FROM TAIWANESE COMPANIES THE LARGE TAX BREAKS GIVEN TO INVESTORS ARE ALMOST A REAGANESQUE GET THE GOVERNMENT OFF PEOPLE'S BACKS APPROACH TO ECONOMIC AND POLITICAL REFORM NO ONE SPEAKS OF SHARING POWER BUT COMMUNIST LEADERS SEEM TO ENCOURAGE CRITICISM OF THE GOVERNMENT AND EXPOSURE OF CORRUPTION THERE ALSO IS A SUBTLE EFFORT TO IDENTIFY WITH YOUNGER WORKERS A PARTY YOUTH NEWSPAPER FOR EXAMPLE COMBINES TRENDY STORIES OF BEAUTY PAGEANTS WITH A CARTOON CARICATURING MIDDLE AGED BUREAUCRATS WHO PROFIT FROM THEIR OFFICES IN FACT GOVERNMENT IS ON THE DEFENSIVE AND UNCERTAIN OF ITS REDEFINED MISSION GOVERNMENT FACTORIES MUST CUT PAYROLLS AS THEY TRY TO COMPETE UNDER MARKET RULES AND LOW PAID BUREAUCRATS WHO HOLD ONTO THEIR POSTS MUST OFTEN FIND A SECOND JOB TO SUPPLEMENT THEIR SALARIES DOCTORS AND TEACHERS SAVE THEIR ENERGY FOR PRIVATE PATIENTS AND PUPILS VIETNAM'S HEALTH MINISTER WONDERS ALOUD IF NEW GOVERNMENT FEES ALREADY EXPENSIVE SHOULD BE RAISED EVEN HIGHER TO GET PEOPLE TO BUY HEALTH INSURANCE THE GOVERNMENT NEEDS TO BROADEN ITS REVENUE BASE IF IT IS TO CARRY OUT PUBLIC INVESTMENTS AND NARROW THE GAP BETWEEN RICH AND POOR PEOPLE ARE VERY ANGRY AT THE DISPARITIES SAYS LE DANG DOANH A SENIOR ECONOMIC PLANNER WE NEED TO MAKE PEOPLE MORE EFFICIENT BUT ON THE OTHER SIDE THE PROBLEM IS TO FIND THE REVENUES TO HELP THE POOR QUOTE TWO POLITICAL FORCES THAT MAY YET APPEAL TO THE YOUNG ARE THE NATIONAL ASSEMBLY AND THE BUDDHIST MONKS ONCE DISMISSED AS A RUBBER STAMP THE ASSEMBLY HAS BECOME AGGRESSIVE ON SUCH ISSUES AS PROMOTING LAND REFORM AND TAXES AND LIKE U. S. LAWMAKERS ATTUNED TO LOCAL CONCERNS THE MEMBERSHIP RESPONDS LESS TO PARTY STRUCTURE THAN TO PROVINCIAL COUNCILS BACK HOME THE BUDDHIST MOVEMENT POSES ITS OWN CHALLENGE TO CENTRALIZED COMMAND FOUR MONKS IN HUE RECENTLY WERE SENTENCED TO PRISON TERMS OF THREE TO FOUR YEARS ON CHARGES OF INSTIGATING DEMONSTRATIONS LAST MAY AFTER A MONK WAS TAKEN BY POLICE FOR QUESTIONING THE MONKS ARGUE THAT THE PROTESTS WERE A SPONTANEOUS RESPONSE TO CLUMSY POLICE TACTICS THEY SEE THE DISPUTE AS A QUESTION OF THE RIGHTS OF AN INDEPENDENT UNIFIED BUDDHIST CHURCH THE CENTER OF THE FERMENT IS THE HISTORIC LINH MU PAGODA DESPITE THE CRACKDOWN YOUNG MONKS REMAIN OPENLY CRITICAL OF WHAT THEY SEE AS THE GOVERNMENT'S HEAVY HANDED TACTICS FOUR CENTURIES OF HISTORY FOSTER A SENSE OF PLACE AND SELF CONFIDENCE SET UP ON BLOCKS IN A GARAGE IS THE BLUE AUSTIN CAR USED IN NINETEEN SIXTY THREE TO DRIVE ONE MONK THICH QUANG DUC TO SAIGON WHERE HE SET HIMSELF AFIRE TO PROTEST THE THEN U.S.BACKED REGIME A BLACK AND WHITE IMAGE OF THE BURNING CLERIC CAPTURED IN A NEWS SERVICE PHOTOGRAPH IS STILL REMEMBERED AROUND THE WORLD THE ENDURING BEAUTY OF THE PAGODAS WHICH NOW DRAW YOUNG PEOPLE IN LARGE NUMBERS CONTRASTS WITH THE FADING MEMORIES AND MONUMENTS OF THE WAR VIETNAM'S CLIMATE ISN'T KIND TO CONCRETE AND ITS PEOPLE ARE TOO POOR TO PRESERVE PARK LIKE SETTINGS SUCH AS THOSE OF THE CIVIL WAR BATTLEFIELDS ACROSS THE AMERICAN SOUTH THE BRIAR COVERED BURIAL GROUNDS FOR THOSE WHO FOUGHT FOR THE LOSING SAIGON REGIME ARE THE MOST HAUNTING COWS GRAZE AMONG THE DEAD OF BOTH SIDES IN RURAL AREAS ACROSS WHAT ONCE WAS SOUTH VIETNAM VIETNAM'S CHANGE OF GENERATIONS IS PERHAPS BETTER UNDERSTOOD BY LOOKING AT NGUYEN KIM TRAN'S SMALL WALK UP APARTMENT HERE THE FORTY NINE YEAR OLD MATH TEACHER'S FATHER WHO ALSO WAS A TEACHER FOUGHT WITH THE VIET MINH AGAINST THE FRENCH NEVERTHELESS FOLLOWING THAT WAR THE FAMILY HOME WAS CONFISCATED BY THE COMMUNIST REGIME AND SUBDIVIDED INTO FLATS ONE OF WHICH IS RENTED BY MR. TRAN IN THE WAR AGAINST THE U. S. MR. TRAN SERVED AS PART OF AN ANTI AIRCRAFT GUN CREW THAT HELPED SHOOT DOWN AN AMERICAN PLANE TODAY HE HOLDS ONTO HIS TEACHING JOB WHILE HELPING HIS ELDEST SON RUN WHAT THEY JOKINGLY CALL THEIR SMALL FACTORY IN ONE ROOM OF THE APARTMENT THERE OLD JAPANESE HAND LOOMS WEAVE HUNDREDS OF CLOTH PIECES VALUED AT FIVE CENTS EACH THAT WILL BE SEWN BY OTHERS INTO SWEATERS AND SHIRTS FOR EXPORT TO EASTERN EUROPE THE PRIDE IN AND DEPENDENCE ON HIS SON IS EVIDENT AND MR. TRAN WELCOMES THE MARKET REFORMS FOR HIS CHILDREN'S SAKE BUT AS HE APPROACHES FIFTY THERE ALSO IS A SENSE THAT HIS OWN LIFE HAS PASSED HIM BY AND THAT HE WILL EXPEND ALL HIS ENERGY FOR THE GENERATION AHEAD NOW IS THE FREE ECONOMICS HE SAYS IF YOU HAVE IT YOU CAN BUY IF NOT YOU CAN'T AS A FORMER SCHOOL PRINCIPAL I KNOW HOW IMPORTANT IT IS TO TEACH CHILDREN INDIVIDUAL RESPONSIBILITY AND SELF RELIANCE THAT'S WHY I WAS SO DISAPPOINTED LAST MONTH TO MEET SOME GROWNUP FARMERS WHO COULDN'T WAIT TO BE CODDLED BY GOVERNMENT ON DECEMBER SIXTEENTH I ATTENDED A HEARING OF THE CALIFORNIA DEPARTMENT OF FOOD AND AGRICULTURE IN FRESNO THE TOPIC WAS THE CREATION OF A STATE QUOTE PLUM MARKETING ORDER QUOTE AND THE TESTIMONY WAS REVEALING MARKETING ORDERS COVERING MANY FRUITS AND VEGETABLES WERE SET UP IN THE NINETEEN THIRTIES TO TEMPORARILY PROP UP THE INCOME OF DEPRESSION ERA GROWERS SOME ARE STILL THERE THE MARKETING ORDERS APPROVED IN SOME CASES BY THE FEDERAL GOVERNMENT AND IN OTHER CASES BY THE STATES LIMIT THE SALE OF CROPS AND KEEP PRICES ARTIFICIALLY HIGH BY AMONG OTHER METHODS MANDATING THE MINIMUM SIZE AND BEAUTY STANDARDS OF THE PRODUCE ALLOWED TO BE SOLD UNTIL LAST YEAR FOR EXAMPLE NEARLY FORTY PERCENT OF CALIFORNIA'S ORANGE CROP WAS NOT PERMITTED TO REACH GROCER'S SHELVES NOW THE PLUMLORDS WANT THEIR TURN RATHER THAN LIVE BY THE CHALLENGES OF THE FREE MARKET THE GROWERS WANT TO SET UP A GROUP OF THIRTEEN INSIDERS TO MAKE SIZE AND BEAUTY DECISIONS FOR PLUM BUYERS IF GOVERNOR PETE WILSON APPROVES THIS IDEA WHICH NOW SITS ON THE DESK OF CALIFORNIA'S SECRETARY OF THE DEPARTMENT OF FOOD AND AGRICULTURE HENRY VOSS IT WILL BECOME ILLEGAL TO SELL UNDERSIZE OR UGLY CALIFORNIA PLUMS SINCE MOST PLUMS ARE GROWN IN THE STATE LOW INCOME AND FRUGAL AMERICANS WON'T BE ABLE TO BUY BABY PLUMS AT FIFTY NINE CENTS PER POUND INSTEAD OF JUMBOS AT NINETY NINE CENTS THE SMALL FRUIT WILL BE LEFT TO ROT DEBRA SAUNDERS OF THE SAN FRANCISCO CHRONICLE CALLS THIS ATTITUDE WHAT THE POOR CAN'T BUY THE FLIES GET FREE PLUM GROWERS DON'T WANT KIDS TO THINK THAT QUALITY IS ONLY SKIN DEEP BUT THAT'S WHAT THEY TEACH BY EXAMPLE PATRICK SANGUINETTI A PACKER TESTIFIED THAT HE WANTS A MARKETING ORDER SO GROWERS CAN'T SELL COSMETICALLY CHALLENGED FRUIT E. G. A PLUM WITH A TWIG SCAR OR SPOT OF SUNBURN GROWERS TELL ME THAT IF THE PLUM MARKETING ORDER INCLUDES COSMETIC CONTROLS ABOUT TEN PERCENT OF THE CROP THE AMOUNT IN FORTY TWO THOUSAND HALF TON PICKUP TRUCKS WILL BE DESTROYED EVERY YEAR FOR LACK OF LOVELINESS PLUM GROWERS DON'T WANT KIDS TO BECOME MARXISTS BUT THEY TEACH AN ANTIMARKET MENTALITY CLIFFORD SADOIAN SWORE THE MARKETING ORDER WAS NEEDED TO RESTORE STABILITY TO THE MARKETPLACE AND CLIFFORD ANDERSON OFFERED THIS NON SEQUITUR AS ENTREPRENEURS WE HAVE THE RIGHT TO A DECENT RETURN MR. ANDERSON ALSO ASKED FOR GOVERNMENT STANDARDS SO THE FRUIT SHIPPED WOULD ALL BE QUOTE NUTRITIONALLY CORRECT QUOTE BUT OFFERED NO DATA ON THE NUTRITIONAL INFERIORITY OF HOMELY PLUMS PLUM GROWERS KNOW THESE REJECTS ARE THE VERY SAME FRUIT THAT THEY FEED TO THEIR FAMILIES AND BRING TO CHURCH POTLUCK SUPPERS FOOD SELLER ZANE OWENS SPOKE AGAINST THE MARKETING ORDER BECAUSE HE WANTS TO MARKET HIS OWN BRAND OF GOOD ENOUGH PLUMS THAT WILL BE JUST AS TASTY AND NUTRITIOUS AS CALIFORNIA'S BRAND NAME PLUMS PLUM GROWERS DON'T WANT CHILDREN TO BE SELF INDULGENT BUT GROWER PACKER LEROY GIANNINI CLAIMED THAT IT'S DIFFICULT TO HAVE THE SELF DISCIPLINE TO WAIT UNTIL FRUIT IS MATURE HE WANTS THE GOVERNMENT TO FORCE HIM TO BE GOOD BY OUTLAWING IMMATURE UNDERSIZED FRUIT RATHER THAN SETTING UP AN INDEPENDENT STANDARDS ORGANIZATION SUCH AS UNDERWRITERS LABORATORIES I FEEL SAFE AROUND ELECTRIC CORDS GROWER MELVIN ENNS LED THE BEGGING FOR GOVERNMENT INSPECTORS IN EVERY PACKING HOUSE THEY DESERVE ECONOMIST WALTER WILLIAMS'S QUIP THAT THEY WANT AFDA AID TO FARMERS WITH DEPENDENT ATTITUDE IN ALL THEIR SPEECHES NONE OF THESE FARMERS ASKED FOR MARKETING ORDERS FOR THEIR SUPPLIERS NONE WANT PLUM GROWERS TO BE PROTECTED FROM LOW COST BLEMISHED TIRES FOR THEIR TRUCKS OR DISCOUNTED UNDERSIZED COMPUTERS FOR THEIR BOOKKEEPING CHORES FREEDOM IS GOOD THEY SEEM TO SAY UNLESS WE CAN RAISE OUR INCOME BY EXCLUDING PLUMS FROM THE FREE MARKET OF ALL THE TESTIMONY FAVORING THE MARKETING ORDER LET ME PRAISE GROWER MARK LEWIS FOR SPILLING THE BEANS THE BOTTOM LINE AS PLUM GROWERS WE WANT MORE MONEY GOVERNOR WILSON SHOULD TELL SECRETARY VOSS THAT RAISING CONSUMER PRICES THROUGH MARKETING ORDERS IS JUST PLUMB WRONG MR. FRITZ IS PRESIDENT OF PIONEER CHRISTIAN ACADEMY IN FRESNO CALIFORNIA HE OWNS ONE BACKYARD PLUM TREE AND SUPPLEMENTS HIS CROP WITH STORE BOUGHT FRUIT